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Semi-Annual Shareholder Report 

DoubleLine Opportunistic Core Bond ETF 

 NYSE Arca: DBND   (Inception Date: March 31, 2022)

March 31, 2026 

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This semi-annual shareholder report contains important information about the DoubleLine Opportunistic Core Bond ETF for the period of 10/1/2025 to 3/31/2026. You can find additional information about the Fund at doubleline.com/doubleline-exchange-traded-funds/. You can also request this information by contacting us at (855) 937-0772.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Table Summary
Fund
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investmentFootnote Reference*
DBND
$21
0.42%
Footnote Description
Footnote*
 Annualized

Key Fund Statistics

  • Net Assets$712,288,162
  • Number of Portfolio Holdings1,168
  • Portfolio Turnover Rate25%

What did the Fund invest in?

Sector Breakdown (% of Net Assets)

Table Summary
U.S. Government and Agency Mortgage-Backed Obligations
21.3
U.S. Government and Agency Obligations
17.5
U.S. Corporate Bonds
13.4
Non-Agency Residential Collateralized Mortgage Obligations
10.7
Foreign Corporate Bonds
8.2
Asset-Backed Obligations
7.6
Non-Agency Commercial Mortgage-Backed Obligations
6.9
Affiliated Mutual Funds
4.9
Collateralized Loan Obligations
3.6
Short-Term Investments
3.2
Bank Loans
2.4
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations
0.6
Common Stocks
0.0
Other
-0.3

Credit Quality Breakdown (% of Net Assets)

Table Summary
Government
20.9
Agency
18.2
AAA
12.7
AA
4.0
A
10.1
BBB
19.0
BB
6.3
B
3.2
CCC and Below
0.7
Unrated Securities
1.1
Other
3.8
Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody’s Ratings, if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

Top Holdings (% of Net Assets)

Table Summary
U.S. Treasury Notes, 0.63%, 08/15/2030
4.8
U.S. Treasury Notes, 0.63%, 05/15/2030
4.6
U.S. Treasury Notes, 0.88%, 11/15/2030
4.5
DoubleLine Emerging Markets Local Currency Bond Fund
2.7
DoubleLine Global Bond Fund
2.2
U.S. Treasury Bonds, 1.38%, 11/15/2040
1.0
U.S. Treasury Bonds, 1.13%, 05/15/2040
0.8
FHLMC UMBS, Pool SD3081, 5.50%, 06/01/2053
0.8
OBX Trust, Series 2026-NQM5-A1, 5.32%, 01/25/2066
0.7
Verus Securitization Trust, Series 2026-R2-M1, 5.53%, 10/25/2067
0.7
An image of a QR code that, when scanned, navigates the user to the following URL: http://www.doubleline.com/fund-documents/

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents.

 

Image

Householding

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at (855) 937-0772, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

 

DoubleLine® is a registered trademark of DoubleLine Capital LP

©2026 DoubleLine Capital LP

 

DBND326

Semi-Annual Shareholder Report 

DoubleLine Shiller CAPE® U.S. Equities ETF 

 NYSE Arca: CAPE   (Inception Date: March 31, 2022)

March 31, 2026 

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This semi-annual shareholder report contains important information about the DoubleLine Shiller CAPE® U.S. Equities ETF for the period of 10/1/2025 to 3/31/2026. You can find additional information about the Fund at doubleline.com/doubleline-exchange-traded-funds/. You can also request this information by contacting us at (855) 937-0772.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Table Summary
Fund
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investmentFootnote Reference*
CAPE
$32
0.65%
Footnote Description
Footnote*
 Annualized

Key Fund Statistics

  • Net Assets$260,731,064
  • Number of Portfolio Holdings194
  • Portfolio Turnover Rate215%

What did the Fund invest in?

Sector Breakdown (% of Net Assets)

Table Summary
Consumer Discretionary
25.0
Communication Services
24.9
Health Care
24.9
Real Estate
24.1
Financials
0.7
Short-Term Investments
0.3
Consumer Staples
0.0
Other
0.1

Portfolio Characteristics

Table Summary
Median Mkt Cap ($B)
$23.74
Average Mkt Cap ($B)
$120.94
Price-to-EarningsFootnote Reference1
20.66%
Price-to-Book
3.95%
Footnote Reference1 Forward 12-Month Price-to-Earnings Ratio.

Top Holdings (% of Net Assets)

Table Summary
Amazon.com, Inc.
5.7
Tesla, Inc.
4.7
Meta Platforms, Inc. - Class A
4.5
Eli Lilly & Co.
3.4
Johnson & Johnson
2.8
Alphabet, Inc. - Class A
2.6
Welltower, Inc.
2.4
Prologis, Inc.
2.3
Alphabet, Inc. - Class C
2.1
AbbVie, Inc.
1.8
An image of a QR code that, when scanned, navigates the user to the following URL: http://www.doubleline.com/fund-documents/

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents.

Image

Householding

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at (855) 937-0772, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

DoubleLine® is a registered trademark of DoubleLine Capital LP

©2026 DoubleLine Capital LP

 

CAPE326

Semi-Annual Shareholder Report 

DoubleLine Commercial Real Estate Debt ETF 

 NYSE Arca: DCRE   (Inception Date: March 31, 2023)

March 31, 2026 

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This semi-annual shareholder report contains important information about the DoubleLine Commercial Real Estate Debt ETF (formerly known as DoubleLine Commercial Real Estate ETF) for the period of 10/1/2025 to 3/31/2026. You can find additional information about the Fund at doubleline.com/doubleline-exchange-traded-funds/. You can also request this information by contacting us at (855) 937-0772.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Table Summary
Fund
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investmentFootnote Reference*
DCRE
$20
0.39%
Footnote Description
Footnote*
 Annualized

Key Fund Statistics

  • Net Assets$405,932,280
  • Number of Portfolio Holdings259
  • Portfolio Turnover Rate44%

What did the Fund invest in?

Sector Breakdown (% of Net Assets)

Table Summary
Non-Agency Commercial Mortgage-Backed Obligations
62.4
Collateralized Loan Obligations
19.9
U.S. Government and Agency Mortgage-Backed Obligations
14.3
Short-Term Investments
5.7
Non-Agency Residential Collateralized Mortgage Obligations
0.4
Other
-2.7

Credit Quality Breakdown (% of Net Assets)

Table Summary
Agency
14.3
AAA
70.8
AA
4.7
A
7.2
Other
3.0
Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody’s Ratings, if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

Top Holdings (% of Net Assets)

Table Summary
FNMA ACES, Series 2024-M5-1A1, 4.45%, 01/25/2034
1.7
FNMA, Pool BZ3936, 4.78%, 05/01/2030
1.6
FNMA, Other, Pool BZ0220, 5.00%, 01/01/2029
1.5
MF1 LLC, Series 2026-FL21-ASFX, 5.12%, 02/18/2041
1.2
FNMA, Pool BZ1029, 4.93%, 06/01/2029
1.1
GPMT Ltd., Series 2021-FL4-A (CME Term SOFR 1 Month + 1.46%, 1.35% Floor), 5.14%, 12/15/2036
1.1
Wells Fargo Commercial Mortgage Trust, Series 2025-5C5-A3, 5.59%, 07/15/2058
1.0
FNMA, Pool BZ0638, 4.82%, 04/01/2029
1.0
Wells Fargo Commercial Mortgage Trust, Series 2026-C66-A1, 4.89%, 04/15/2059
1.0
BANK5, Series 2024-5YR5-A3, 5.70%, 02/15/2029
1.0

How has the Fund changed? 

Effective February 2, 2026, the Fund's name was changed from DoubleLine Commercial Real Estate ETF to DoubleLine Commercial Real Estate Debt ETF. 

An image of a QR code that, when scanned, navigates the user to the following URL: http://www.doubleline.com/fund-documents/

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents.

 

Image

Householding

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at (855) 937-0772, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

 

DoubleLine® is a registered trademark of DoubleLine Capital LP

©2026 DoubleLine Capital LP

 

DCRE326

Semi-Annual Shareholder Report 

DoubleLine Mortgage ETF 

 NYSE Arca: DMBS   (Inception Date: March 31, 2023)

March 31, 2026 

Image

This semi-annual shareholder report contains important information about the DoubleLine Mortgage ETF for the period of 10/1/2025 to 3/31/2026. You can find additional information about the Fund at doubleline.com/doubleline-exchange-traded-funds/. You can also request this information by contacting us at (855) 937-0772.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Table Summary
Fund
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investmentFootnote Reference*
DMBS
$20
0.39%
Footnote Description
Footnote*
 Annualized

Key Fund Statistics

  • Net Assets$694,683,413
  • Number of Portfolio Holdings194
  • Portfolio Turnover Rate184%

What did the Fund invest in?

Sector Breakdown (% of Net Assets)

Table Summary
U.S. Government and Agency Mortgage-Backed Obligations
93.3
Non-Agency Residential Collateralized Mortgage Obligations
19.6
Short-Term Investments
4.1
Other
-17.0

Credit Quality Breakdown (% of Net Assets)

Table Summary
Government
12.8
Agency
80.3
AAA
1.5
AA
0.1
A
2.0
BBB
16.0
Other
-12.7
Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody’s Ratings, if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

Top Holdings (% of Net Assets)

Table Summary
FNMA/FHLMC UMBS, 30 Year, Single Family, Pool, 5.00%, 04/25/2056
8.7
FNMA/FHLMC UMBS, 30 Year, Single Family, Pool, 2.00%, 04/25/2056
4.9
FNMA UMBS, Pool BR0386, 2.00%, 01/01/2051
2.4
FNMA UMBS, Pool FA3421, 2.00%, 11/01/2051
2.4
FNMA UMBS, Pool FA2724, 5.50%, 09/01/2055
2.1
FNMA REMICS, Series 2026-10-FA (SOFR 30 Day Average + 0.95%, 6.00% Cap), 4.61%, 10/25/2054
2.0
FNMA UMBS, Pool FA1705, 2.50%, 03/01/2052
2.0
FHLMC UMBS, Pool SD8492, 5.00%, 01/01/2055
2.0
FHLMC UMBS, Pool QD3879, 2.50%, 12/01/2051
2.0
FNMA UMBS, Pool FM7418, 2.50%, 06/01/2051
1.9
An image of a QR code that, when scanned, navigates the user to the following URL: http://www.doubleline.com/fund-documents/

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents.

 

Image

Householding

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at (855) 937-0772, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

 

DoubleLine® is a registered trademark of DoubleLine Capital LP

©2026 DoubleLine Capital LP

 

DMBS326

Semi-Annual Shareholder Report 

DoubleLine Commodity Strategy ETF 

 NYSE Arca: DCMT   (Inception Date: January 31, 2024)

March 31, 2026 

Image

This semi-annual shareholder report contains important information about the DoubleLine Commodity Strategy ETF for the period of 10/1/2025 to 3/31/2026. You can find additional information about the Fund at doubleline.com/doubleline-exchange-traded-funds/. You can also request this information by contacting us at (855) 937-0772.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Table Summary
Fund
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investmentFootnote Reference*
DCMT
$37
0.65%
Footnote Description
Footnote*
 Annualized

Key Fund Statistics

  • Net Assets$34,677,013
  • Number of Portfolio Holdings14
  • Portfolio Turnover Rate0%

What did the Fund invest in?

Collateral (% of Net Assets)

Table Summary
Treasury Bills
94.2
Cash
5.8

Commodity Exposure (% of Net Assets)

Table Summary
Energy
54.7
Agriculture
18.8
Industrial Metals
10.3
Livestock
8.4
Precious Metals
7.8
The Fund gained exposure to these allocations through the use of swap contracts.

Top Holdings (% of Net Assets)

Table Summary
U.S. Treasury Bills, 0.00%, 06/11/2026
57.6
U.S. Treasury Bills, 0.00%, 07/21/2026
17.1
U.S. Treasury Bills, 0.00%, 04/14/2026
5.8
U.S. Treasury Bills, 0.00%, 04/30/2026
5.8
U.S. Treasury Bills, 0.00%, 06/23/2026
4.6
JPMorgan U.S. Government Money Market Fund - Class IM, 3.60%
3.7
U.S. Treasury Bills, 0.00%, 05/14/2026
3.4
Goldman Sachs plc - USD Treasury Liquid Reserves Fund, 3.53%
0.9
JPMorgan Liquidity Funds - JPM USD Treasury CNAV Fund, 3.49%
0.9
An image of a QR code that, when scanned, navigates the user to the following URL: http://www.doubleline.com/fund-documents/

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents.

 

Image

Householding

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at (855) 937-0772, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

 

DoubleLine® is a registered trademark of DoubleLine Capital LP

©2026 DoubleLine Capital LP

 

DCMT326

Semi-Annual Shareholder Report 

DoubleLine Fortune 500 Equal Weight ETF 

 NYSE Arca: DFVE   (Inception Date: January 31, 2024)

March 31, 2026 

Image

This semi-annual shareholder report contains important information about the DoubleLine Fortune 500 Equal Weight ETF for the period of 10/1/2025 to 3/31/2026. You can find additional information about the Fund at doubleline.com/doubleline-exchange-traded-funds/. You can also request this information by contacting us at (855) 937-0772.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Table Summary
Fund
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investmentFootnote Reference*
DFVE
$10
0.20%
Footnote Description
Footnote*
 Annualized

Key Fund Statistics

  • Net Assets$27,297,127
  • Number of Portfolio Holdings448
  • Portfolio Turnover Rate8%

What did the Fund invest in?

Sector Breakdown (% of Net Assets)

Table Summary
Industrials
17.0
Consumer Discretionary
15.4
Financials
15.3
Health Care
9.7
Information Technology
9.6
Consumer Staples
8.9
Energy
6.6
Materials
6.0
Utilities
5.5
Communication Services
4.4
Real Estate
1.3
Short-Term Investments
0.2
Other
0.1

Portfolio Characteristics

Table Summary
Median Market Cap ($B)
$33.04
Average Mkt Cap ($B)
$118.95
Price-to-EarningsFootnote Reference1
14.96%
Price-to-Book
2.62%
Footnote Reference1 Forward 12-Month Price-to-Earnings Ratio.

Top Holdings (% of Net Assets)

Table Summary
Avis Budget Group, Inc.
0.4
Par Pacific Holdings, Inc.
0.4
APA Corp.
0.4
PBF Energy, Inc. - Class A
0.3
Dell Technologies, Inc. - Class C
0.3
Dow, Inc.
0.3
Delek US Holdings, Inc.
0.3
Caesars Entertainment, Inc.
0.3
Murphy USA, Inc.
0.3
HF Sinclair Corp.
0.3
An image of a QR code that, when scanned, navigates the user to the following URL: http://www.doubleline.com/fund-documents/

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents.

 

Image

Householding

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at (855) 937-0772, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

 

DoubleLine® is a registered trademark of DoubleLine Capital LP

©2026 DoubleLine Capital LP

 

DFVE326

Semi-Annual Shareholder Report 

DoubleLine Multi-Sector Income ETF 

 NYSE Arca: DMX   (Inception Date: November 29, 2024)

March 31, 2026 

Image

This semi-annual shareholder report contains important information about the DoubleLine Multi-Sector Income ETF for the period of 10/1/2025 to 3/31/2026. You can find additional information about the Fund at doubleline.com/doubleline-exchange-traded-funds/. You can also request this information by contacting us at (855) 937-0772.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Table Summary
Fund
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investmentFootnote Reference*
DMX
$25
0.49%
Footnote Description
Footnote*
 Annualized

Key Fund Statistics

  • Net Assets$81,936,923
  • Number of Portfolio Holdings532
  • Portfolio Turnover Rate29%

What did the Fund invest in?

Sector Breakdown (% of Net Assets)

Table Summary
U.S. Corporate Bonds
40.0
Non-Agency Residential Collateralized Mortgage Obligations
18.3
Bank Loans
14.5
Non-Agency Commercial Mortgage-Backed Obligations
9.8
Short-Term Investments
6.2
Collateralized Loan Obligations
5.4
Foreign Corporate Bonds
4.0
Asset-Backed Obligations
2.7
Common Stocks
0.0
Other
-0.9

Credit Quality Breakdown (% of Net Assets)

Table Summary
Investment Grade
33.8
Below Investment Grade
60.9
Unrated
0.1
Other
5.2
Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody’s Ratings, if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

Top Holdings (% of Net Assets)

Table Summary
Bain Capital Credit CLO, Series 2018-2A-DR (CME Term SOFR 3 Month + 2.95%, 2.95% Floor), 6.62%, 07/19/2031
1.2
Verus Securitization Trust, Series 2025-5-B1, 7.06%, 06/25/2070
0.9
MFA Trust, Series 2025-NQM5-M1, 5.89%, 11/25/2070
0.9
Verus Securitization Trust, Series 2025-6-B1, 6.87%, 07/25/2070
0.9
PRPM Trust, Series 2025-NQM3-B1, 6.89%, 05/25/2070
0.9
EFMT, Series 2025-INV2-B2, 7.50%, 05/26/2070
0.9
Verus Securitization Trust, Series 2025-9-B2, 7.38%, 10/27/2070
0.9
Morgan Stanley Residential Mortgage Loan Trust, Series 2025-NQM5-B1, 7.07%, 07/25/2070
0.9
New Residential Mortgage Loan Trust, Series 2026-NQM1-B1, 6.60%, 11/25/2065
0.9
Verus Securitization Trust, Series 2025-11-B1, 6.41%, 11/25/2070
0.8
An image of a QR code that, when scanned, navigates the user to the following URL: http://www.doubleline.com/fund-documents/

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents.

 

Image

Householding

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at (855) 937-0772, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

 

DoubleLine® is a registered trademark of DoubleLine Capital LP

©2026 DoubleLine Capital LP

 

DMX326

Semi-Annual Shareholder Report 

DoubleLine Asset-Backed Securities ETF 

 NYSE Arca: DABS   (Inception Date: February 28, 2025)

March 31, 2026 

Image

This semi-annual shareholder report contains important information about the DoubleLine Asset-Backed Securities ETF for the period of 10/1/2025 to 3/31/2026. You can find additional information about the Fund at doubleline.com/doubleline-exchange-traded-funds/. You can also request this information by contacting us at (855) 937-0772.

What were the Fund's costs for the last six months? 

(based on a hypothetical $10,000 investment) 

Table Summary
Fund
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investmentFootnote Reference*
DABS
$20
0.39%
Footnote Description
Footnote*
 Annualized

Key Fund Statistics

  • Net Assets$116,579,394
  • Number of Portfolio Holdings126
  • Portfolio Turnover Rate15%

What did the Fund invest in?

Sector Breakdown (% of Net Assets)

Table Summary
Consumer Loans
22.35
Aircraft
21.60
Data Infrastructure
17.59
Auto Loans
12.77
Whole Business
9.70
Residential Solar
4.21
Home Improvement
4.01
Timeshare
1.78
Student Loans
1.22
Railcar
0.94
Equipment
0.61
Commercial Solar
0.41
Container
0.17
Other
2.64

Credit Quality Breakdown (% of Net Assets)

Table Summary
AAA
15.2
AA
15.9
A
30.7
BBB
36.0
Not Rated
1.3
Other
0.9
Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody’s Ratings, if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.

Top Holdings (% of Net Assets)

Table Summary
Upstart Securitization Trust, Series 2025-4-A2, 4.56%, 11/20/2035
4.3
SoFi Consumer Loan Program Trust, Series 2026-1-B, 4.44%, 12/26/2035
2.6
RCKT Trust, Series 2025-1A-A, 4.90%, 07/25/2034
2.3
Stellantis Financial Underwritten Enhanced Lease Trust, Series 2025-CA-C, 4.44%, 08/20/2030
2.1
Upstart Securitization Trust, Series 2025-3-A2, 4.60%, 09/20/2035
1.9
EWC Master Issuer LLC, Series 2022-1A-A2, 5.50%, 03/15/2052
1.8
GreenSky Home Improvement Issuer Trust, Series 2025-3A-A3, 4.52%, 12/27/2060
1.8
Bridgecrest Lending Auto Securitization Trust, Series 2025-1-A3, 4.67%, 08/15/2028
1.8
MAPS Trust, Series 2026-1A-B, 6.13%, 01/15/2051
1.7
Hilton Grand Vacations Trust, Series 2025-3EXT-B, 4.90%, 10/25/2044
1.5
An image of a QR code that, when scanned, navigates the user to the following URL: http://www.doubleline.com/fund-documents/

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents.

 

Image

Householding

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at (855) 937-0772, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

 

DoubleLine® is a registered trademark of DoubleLine Capital LP

©2026 DoubleLine Capital LP

 

DABS326

 
(b)           Not applicable.
 
Item 2. Code of Ethics.
 
Disclosure required in Registrant’s annual Form N-CSR filing.
 
Item 3. Audit Committee Financial Expert.
 
Disclosure required in Registrant’s annual Form N-CSR filing.
 
Item 4. Principal Accountant Fees and Services.
 
Disclosure required in Registrant’s annual Form N-CSR filing.
 
Item 5. Audit Committee of Listed Registrants.
 
Disclosure required in Registrant’s annual Form N-CSR filing.
 
Item 6. Investments
 
(a)           The Registrant’s Schedule of Investments is included as part of the Financial Statements filed under Item 7(a) of this Form.
 
(b)           Not applicable.
 
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
 
(a)           Copy of the most recent financial statements:
 
(b)           Included as part of the financial statements filed under Item 7(a) of this Form.
 
Semi-Annual
Financial
Statements
and
Other
Information
March
31,
2026
DoubleLine
Opportunistic
Core
Bond
ETF
NYSE
ARCA:
DBND
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
NYSE
ARCA:
CAPE
DoubleLine
Commercial
Real
Estate
Debt
ETF*
NYSE
ARCA:
DCRE
DoubleLine
Mortgage
ETF
NYSE
ARCA:
DMBS
DoubleLine
Commodity
Strategy
ETF
NYSE
ARCA:
DCMT
DoubleLine
Fortune
500
Equal
Weight
ETF
NYSE
ARCA:
DFVE
DoubleLine
Multi-Sector
Income
ETF
NYSE
ARCA:
DMX
DoubleLine
Asset-Backed
Securities
ETF
NYSE
ARCA:
DABS
*
Form
erly
known
as
the
DoubleLine
Commercial
Real
Estate
ETF
DoubleLine
|
|
2002
North
Tampa
Street,
Suite
200
|
|
Tampa,
FL
33602
|
|
(813)
791-7333
|
|
www.doubleline.com
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
3
Table
of
Contents
Page
Schedules
of
Investments
4
Statements
of
Assets
and
Liabilities
62
Statements
of
Operations
64
Statements
of
Changes
in
Net
Assets
66
Financial
Highlights
70
Notes
to
Financial
Statements
78
Form
N-CSR
–
Items
8-11
101
Schedule
of
Investments
DoubleLine
Opportunistic
Core
Bond
ETF
(Unaudited)
March
31,
2026
4
DoubleLine
ETF
Trust
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
P
RINCIPAL
A
MOUNT
$/S
HARES
S
ECURITY
D
ESCRIPTION
R
ATE
M
ATURITY
V
ALUE
$
COMMON
STOCKS  0.0%
(a)
767
Altice
France
SA
(b)
12,966
Total
Common
Stock
(Cost
$12,263)
12,966
ASSET-BACKED
OBLIGATIONS
7.6%
Aaset
LLC
,
404,102
Series
2022-1A-A
6.00%
(c)
05/16/2047
409,511
Aaset
Ltd.
,
375,536
Series
2024-2A-B
6.61%
(c)
09/16/2049
375,700
Aaset
MT-1
Ltd.
,
490,283
Series
2025-3A-B
5.73%
(c)
02/16/2050
483,999
Aaset
Trust
,
379,567
Series
2021-2A-A
2.80%
(c)
01/15/2047
358,558
243,708
Series
2024-1A-A1
6.26%
(c)
05/16/2049
245,533
402,126
Series
2024-1A-B
6.90%
(c)
05/16/2049
404,895
569,840
Series
2025-1A-A
5.94%
(c)
02/16/2050
565,207
Affirm
Asset
Securitization
Trust
,
975,000
Series
2025-X1-B
5.19%
(c)
04/15/2030
975,999
875,000
Series
2025-X2-D
5.23%
(c)
10/15/2030
872,836
Affirm
Master
Trust
,
1,250,000
Series
2025-1A-C
5.28%
(c)
02/15/2033
1,252,366
AMSR
Trust
,
2,100,000
Series
2023-SFR2-A
3.95%
(c)
06/17/2040
2,066,545
Avant
Loans
Funding
Trust
,
600,000
Series
2024-REV1-B
6.17%
(c)
10/15/2033
600,952
1,300,000
Series
2025-REV1-C
6.06%
(c)
05/15/2034
1,304,999
Business
Jet
Securities
LLC
,
390,055
Series
2024-2A-B
5.75%
(c)
09/15/2039
386,615
Castlelake
Aircraft
Structured
Trust
,
453,544
Series
2025-1A-A
5.78%
(c)
02/15/2050
457,144
1,200,000
Series
2026-1A-B
5.76%
(c)
03/15/2051
1,183,107
Cherry
Securitization
Trust
,
550,000
Series
2025-1A-A
6.13%
(c)
11/15/2032
555,690
Cloud
Capital
Holdco
LP
,
500,000
Series
2024-2A-A2
5.92%
(c)
11/22/2049
501,279
Compass
Datacenters
Issuer
II
LLC
,
250,000
Series
2024-2A-B2
6.00%
(c)
08/25/2049
249,499
DataBank
Issuer
,
500,000
Series
2023-1A-A2
5.12%
(c)
02/25/2053
497,446
DataBank
Issuer
II
LLC
,
1,000,000
Series
2025-1A-A2
5.18%
(c)
09/27/2055
971,990
Dividend
Solar
Loans
LLC
,
350,697
Series
2018-1-B
4.29%
(c)
07/20/2038
331,550
EWC
Master
Issuer
LLC
,
481,250
Series
2022-1A-A2
5.50%
(c)
03/15/2052
477,808
ExteNet
Issuer
LLC
,
500,000
Series
2024-1A-B
6.15%
(c)
07/25/2054
505,292
GoodLeap
Home
Improvement
Solutions
Trust
,
774,389
Series
2025-2A-B
5.98%
(c)
06/20/2049
782,649
GreenSky
Home
Improvement
Issuer
Trust
,
135,000
Series
2025-2A-B
5.07%
(c)
06/25/2060
134,871
700,000
Series
2025-3A-D
5.15%
(c)
12/27/2060
691,037
Hilton
Grand
Vacations
Trust
,
85,406
Series
2022-1D-C
4.69%
(c)
06/20/2034
85,271
989,708
Series
2025-3EXT-B
4.90%
(c)
10/25/2044
984,196
Horizon
Aircraft
Finance
IV
Ltd.
,
462,500
Series
2024-1-A
5.38%
(c)
09/15/2049
459,354
Hyundai
Auto
Receivables
Trust
,
950,000
Series
2024-C-B
4.67%
01/15/2031
958,658
Invitation
Homes
Trust
,
1,167,000
Series
2024-SFR1-D
4.25%
(c)
09/17/2041
1,125,944
Jack
in
the
Box
Funding
LLC
,
230,000
Series
2022-1A-A2II
4.14%
(c)
02/26/2052
197,027
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
Lmrk
Issuer
Co.
LLC
,
1,000,000
Series
2025-1A-A
5.52%
(c)
09/15/2055
999,810
Lunar
Structured
Aircraft
Portfolio
Notes
,
638,260
Series
2021-1-A
2.64%
(c)
10/15/2046
603,967
MAST
Ltd.
,
1,192,857
Series
2026-1A-A
5.13%
(c)
02/15/2051
1,167,719
Mosaic
Solar
Loan
Trust
,
398,688
Series
2018-2GS-A
4.20%
(c)
02/22/2044
372,993
495,587
Series
2024-1A-A
5.50%
(c)
09/20/2049
470,744
Phantom
Aviation
,
996,342
Series
2026-1A-B
6.03%
(c)
01/15/2051
1,005,535
PRET
LLC
,
900,950
Series
2025-NPL7-A1
5.66%
(c)(d)
07/25/2055
903,335
Progress
Residential
Trust
,
2,669,229
Series
2024-SFR2-A
3.30%
(c)
04/17/2041
2,561,219
2,500,000
Series
2024-SFR4-C
3.33%
(c)
07/17/2041
2,361,722
QTS
Issuer
ABS
II
LLC
,
1,000,000
Series
2025-1A-B
5.78%
(c)
10/05/2055
969,803
Redaptive
Eaas
Issuer
LLC
,
708,890
Series
2025-1A-A
5.94%
(c)
03/25/2042
708,562
Retained
Vantage
Data
Centers
Issuer
LLC
,
500,000
Series
2023-1A-B
5.75%
(c)
09/15/2048
493,998
Sabey
Data
Center
Issuer
LLC
,
650,000
Series
2024-1-A2
6.00%
(c)
04/20/2049
654,137
Scalelogix
Abs
Us
Issuer
LLC
,
1,000,000
Series
2025-1A-B
6.16%
(c)
07/25/2055
985,060
SERVPRO
Master
Issuer
LLC
,
490,000
Series
2024-1A-A2
6.17%
(c)
01/25/2054
502,414
SFS
Auto
Receivables
Securitization
Trust
,
2,469,164
Series
2025-3A-A2
4.11%
(c)
03/20/2029
2,469,553
SMB
Private
Education
Loan
Trust
,
238,858
Series
2021-A-B
2.31%
(c)
01/15/2053
233,499
SoFi
Consumer
Loan
Program
Trust
,
500,000
Series
2025-1-C
5.42%
(c)
02/27/2034
506,420
1,500,000
Series
2025-2-B
4.97%
(c)
06/25/2034
1,509,544
500,000
Series
2025-3-C
5.04%
(c)
08/15/2034
496,611
Stellantis
Financial
Underwritten
Enhanced
Lease
Trust
,
1,200,000
Series
2025-CA-C
4.44%
(c)
08/20/2030
1,192,007
Subway
Funding
LLC
,
296,250
Series
2024-1A-A23
6.51%
(c)
07/30/2054
297,237
395,000
Series
2024-3A-A23
5.91%
(c)
07/30/2054
386,131
Switch
ABS
Issuer
LLC
,
500,000
Series
2024-2A-B
6.20%
(c)
06/25/2054
493,156
500,000
Series
2025-2A-B
6.24%
(c)
10/25/2055
489,533
300,000
Series
2026-1A-A21
5.61%
(c)
03/27/2056
300,679
Textainer
Marine
Containers
VII
Ltd.
,
300,679
Series
2024-1A-A
5.25%
(c)
08/20/2049
299,733
Tricon
Residential
Trust
,
2,000,000
Series
2024-SFR3-C
5.25%
(c)
08/17/2041
1,989,305
1,103,714
Series
2025-SFR2-A
5.20%
(c)
08/17/2044
1,101,563
Upstart
Securitization
Trust
,
591,702
Series
2025-2-A2
5.22%
(c)
06/20/2035
593,510
827,845
Series
2025-3-A2
4.60%
(c)
09/20/2035
828,091
1,750,000
Series
2025-4-A2
4.56%
(c)
11/20/2035
1,750,807
USQ
Rail
III
LLC
,
474,717
Series
2024-1A-A
4.99%
(c)
09/28/2054
465,787
VOLT
C
LLC
,
101,462
Series
2021-NPL9-A1
5.99%
(c)(d)
05/25/2051
101,528
Washington
Mutual
WMABS
Trust
,
3,452,570
Series
2007-HE2-2A2
(CME
Term
SOFR
1
Month
+
0.55%,
0.44%
Floor)
4.23%
02/25/2037
1,084,332
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
5
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
Willis
Engine
Structured
Trust
IX
,
988,623
Series
2025-B-A
5.16%
(c)
12/15/2050
982,277
Zayo
Issuer
LLC
,
385,000
Series
2025-1A-B
6.09%
(c)
03/20/2055
389,010
Total
Asset-Backed
Obligations
(Cost
$53,740,091)
54,174,858
BANK
LOANS
2.4%
1261229
BC
Ltd.
,
24,813
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
6.25%)
9.92%
10/08/2030
24,013
Acrisure
LLC
,
292,245
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.00%)
6.67%
11/06/2030
283,697
ADMI
Corp.
,
93,196
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.75%,
0.50%
Floor)
7.53%
12/23/2027
87,651
Alera
Group,
Inc.
,
89,551
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.75%)
6.42%
05/31/2032
87,042
Alkermes,
Inc.
,
105,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.75%)
6.42%
08/12/2031
105,919
Allied
Universal
Holdco
LLC
,
89,550
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.25%)
6.92%
08/20/2032
89,662
Allison
Transmission,
Inc.
,
90,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
1.75%)
5.42%
01/03/2033
90,427
Alterra
Mountain
Co.
,
64,837
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.50%)
6.17%
08/17/2028
64,898
Altice
France
SA
,
138,720
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
6.88%)
10.55%
05/30/2031
139,270
American
Axle
&
Manufacturing,
Inc.
,
79,200
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.25%)
6.91%
02/03/2033
79,002
AmWINS
Group,
Inc.
,
128,623
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.00%)
5.67%
01/30/2032
127,917
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
Applied
Systems,
Inc.
,
10,000
Senior
Secured
Second
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
4.50%)
8.20%
02/23/2032
9,906
Apro
LLC
,
113,547
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.75%)
7.43%
07/09/2031
114,044
Ardonagh
Group
Finco
Pty.
Ltd.
,
124,065
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.75%)
6.45%
02/18/2031
121,352
Ascend
Learning
LLC
,
232,051
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.00%,
0.50%
Floor)
6.67%
12/11/2028
227,062
Aspire
Bakeries
Holdings
LLC
,
59,400
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.00%)
6.67%
12/23/2030
59,548
Asurion
LLC
,
54,675
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
4.25%)
7.92%
09/19/2030
54,128
11,776
Senior
Secured
Second
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
5.25%)
9.03%
01/19/2029
11,718
AthenaHealth
Group,
Inc.
,
64,836
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.75%,
0.50%
Floor)
6.42%
02/15/2029
63,742
Aveanna
Healthcare
LLC
,
134,738
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.75%)
7.42%
09/17/2032
134,830
Bausch
+
Lomb
Corp.
,
258,300
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.75%)
7.42%
01/15/2031
259,189
BCPE
Empire
Holdings,
Inc.
,
127,193
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.25%,
0.50%
Floor)
6.92%
12/11/2030
125,497
25,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.50%)
7.17%
12/29/2032
24,656
6
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Opportunistic
Core
Bond
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
March
31,
2026
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
BioMarin
Pharmaceutical,
Inc.
,
110,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
12
Month
+
1.75%)
5.17%
01/28/2033
109,863
Blackfin
Pipeline
LLC
,
89,775
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.00%)
6.69%
09/29/2032
90,378
Boots
Group
Finco
LP
,
74,813
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.25%)
6.92%
08/30/2032
75,171
Boxer
Parent
Co.,
Inc.
,
158,400
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.00%)
6.67%
07/30/2031
147,295
Caesars
Entertainment,
Inc.
,
238,997
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.25%)
5.92%
02/06/2031
232,723
Camelot
U.S.
Acquisition
LLC
,
55,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.75%)
6.42%
01/31/2031
47,793
Cengage
Learning,
Inc.
,
214,552
Senior
Secured
First
Lien
Term
Loan
(TSFR1M
+
3%;
TSFR3M
+
3%
+
3.00%)
6.67%
03/24/2031
210,618
Chariot
Buyer
LLC
,
144,636
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.75%)
6.42%
09/08/2032
143,486
Clear
Channel
Outdoor
Holdings,
Inc.
,
105,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
4.00%)
7.79%
08/23/2028
105,420
Cloud
Software
Group,
Inc.
,
29,925
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.25%)
6.92%
08/16/2032
27,467
Clydesdale
Acquisition
Holdings,
Inc.
,
33,029
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.18%,
0.50%
Floor)
6.84%
04/13/2029
31,591
19,950
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.25%)
6.92%
04/01/2032
18,686
Colossus
Acquireco
LLC
,
243,775
Senior
Secured
First
Lien
Term
Loan
(TSFR1D
+
1.75%)
5.38%
07/30/2032
243,261
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
Columbus
McKinnon
Corp.
,
141,284
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.50%)
7.20%
02/03/2033
140,931
CompoSecure
Holdings
LLC
,
65,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.25%)
5.93%
01/14/2033
64,960
Construction
Partners,
Inc.
,
69,125
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.50%)
6.17%
11/03/2031
69,201
Corpay
Technologies
Operating
Co.
LLC
,
19,750
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
1.75%)
5.42%
04/28/2028
19,760
Cotiviti,
Inc.
,
53,310
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.75%)
6.42%
05/01/2031
49,245
89,325
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.75%)
6.42%
03/26/2032
82,447
CPI
Holdco
B
LLC
,
19,899
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.00%)
5.67%
05/19/2031
19,793
Crown
Finance
U.S.,
Inc.
,
139,250
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
4.50%)
8.17%
12/02/2031
138,097
CSC
Holdings
LLC
,
19,482
Senior
Secured
First
Lien
Term
Loan
(US
Prime
Rate
+
1.50%)
8.25%
04/15/2027
17,217
Dayforce
Bidco
LLC
,
330,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.00%)
6.66%
02/04/2033
313,041
Delta
2
(Lux)
Sarl
,
355,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
1.75%)
5.45%
09/30/2031
354,778
DG
Investment
Intermediate
Holdings
2,
Inc.
,
245,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.25%)
6.92%
07/09/2032
245,153
Eagle
Parent
Corp.
,
142,893
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
4.25%,
0.50%
Floor)
7.92%
04/02/2029
143,355
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
7
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
Edelman
Financial
Engines
Center
LLC
(The)
,
55,000
Senior
Secured
Second
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
5.25%)
8.92%
10/20/2028
54,601
EG
America
LLC
,
210,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.25%)
6.92%
02/10/2031
210,420
Eisner
Advisory
Group
LLC
,
99,749
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
4.00%)
7.67%
02/28/2031
95,261
EMRLD
Borrower
LP
,
64,029
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
6
Month
+
2.25%)
6.12%
08/04/2031
63,995
Fertitta
Entertainment
LLC
,
179,532
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.25%,
0.50%
Floor)
6.92%
01/29/2029
176,391
First
Advantage
Holdings
LLC
,
54,350
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.75%)
6.45%
10/31/2031
53,036
Focus
Financial
Partners
LLC
,
217,851
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.50%)
6.17%
09/15/2031
211,304
Freeport
LNG
Investments
LLLP
,
175,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.25%)
6.89%
02/11/2033
175,292
Froneri
U.S.,
Inc.
,
314,213
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
6
Month
+
2.25%)
5.88%
09/30/2032
308,736
Gainwell
Acquisition
Corp.
,
203,607
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
4.00%,
0.75%
Floor)
7.80%
10/01/2027
198,094
Garda
World
Security
Corp.
,
157,902
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.75%)
6.42%
02/01/2029
157,112
GBT
U.S.
III
LLC
,
79,399
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.00%)
5.67%
07/25/2031
77,930
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
Gen
Digital,
Inc.
,
99,250
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
1.75%)
5.42%
04/16/2032
97,917
Genmab
A/S
,
73,125
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.00%)
6.73%
12/13/2032
73,485
GIP
Pilot
Acquisition
Partners
LP
,
19,483
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.00%)
5.65%
10/04/2030
19,532
Golden
State
Foods
LLC
,
49,488
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.50%)
7.20%
12/04/2031
49,615
Graham
Packaging
Co.,
Inc.
,
170,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.25%)
5.92%
01/26/2033
168,548
Grant
Thornton
Advisors
LLC
,
328,584
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.75%)
6.42%
06/02/2031
307,568
Great
Outdoors
Group
LLC
,
90,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.25%,
0.75%
Floor)
6.92%
01/23/2032
89,966
Green
Infrastructure
Partners,
Inc.
,
230,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.75%)
6.45%
09/24/2032
230,000
Herc
Holdings,
Inc.
,
29,925
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
1.75%)
5.43%
06/02/2032
30,019
Hexion
Holdings
Corp.
,
58,501
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
4.00%,
0.50%
Floor)
7.67%
03/15/2029
56,100
Hightower
Holding
LLC
,
267,454
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.75%)
6.41%
02/03/2032
265,115
Hologic,
Inc.
,
335,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
12
Month
+
2.25%)
5.75%
01/14/2033
331,421
8
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Opportunistic
Core
Bond
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
March
31,
2026
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
HUB
International
Ltd.
,
63,295
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.25%,
0.75%
Floor)
5.92%
06/20/2030
63,225
INEOS
U.S.
Finance
LLC
,
23,024
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.25%)
6.92%
02/18/2030
20,189
INEOS
U.S.
Petrochem
LLC
,
24,688
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
4.25%)
7.92%
10/07/2031
17,605
ION
Platform
Finance
U.S.,
Inc.
,
170,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.75%)
7.42%
09/30/2032
137,558
Kaman
Corp.
,
2,362
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.50%)
6.15%
02/26/2032
2,366
127,265
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.50%)
6.17%
02/26/2032
127,459
Lavender
Dutch
BorrowerCo
BV
,
69,825
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.25%)
6.94%
12/30/2032
68,952
LBM
Acquisition
LLC
,
32,950
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.75%,
0.75%
Floor)
7.52%
06/06/2031
26,591
LC
Ahab
U.S.
Bidco
LLC
,
163,707
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.50%)
6.17%
05/01/2031
162,377
Life
Time,
Inc.
,
49,501
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.00%)
5.67%
11/05/2031
49,563
LifePoint
Health,
Inc.
,
137,957
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.75%)
7.42%
05/19/2031
138,156
Live
Nation
Entertainment,
Inc.
,
104,738
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.00%)
5.67%
10/21/2032
104,912
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
Madison
IAQ
LLC
,
100,259
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
12
Month
+
2.75%)
6.51%
05/06/2032
100,592
Madison
Safety
&
Flow
LLC
,
26,854
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.50%)
6.18%
09/26/2031
26,899
McAfee
Corp.
,
34,015
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.00%,
0.50%
Floor)
6.67%
03/01/2029
30,486
Meade
Pipeline
Co.
LLC
,
90,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.00%)
5.69%
09/22/2032
90,150
Medline
Borrower
LP
,
49,253
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
1.75%)
5.42%
10/23/2030
49,368
MH
Sub
I
LLC
,
141,346
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
4.25%,
0.50%
Floor)
7.92%
12/31/2031
94,878
Michaels
Cos.,
Inc.
(The)
,
45,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
5.00%)
8.67%
03/15/2033
43,765
Mitchell
International,
Inc.
,
137,715
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.00%)
6.67%
06/17/2031
131,783
25,000
Senior
Secured
Second
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
5.25%,
0.50%
Floor)
8.92%
06/07/2032
22,648
MIWD
Holdco
II
LLC
,
148,912
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.75%)
6.42%
03/28/2031
137,681
Motion
Finco
Sarl
,
99,700
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.50%)
7.20%
11/13/2029
87,701
MX
Holdings
U.S.,
Inc.
,
24,751
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.00%)
5.67%
03/17/2032
24,843
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
9
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
NEP
Group,
Inc.
,
35,126
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
4.50%)
8.17%
10/17/2031
31,912
Neptune
Bidco
US,
Inc.
,
30,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
5.00%)
8.76%
02/03/2033
28,680
Nexstar
Media,
Inc.
,
109,175
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.50%)
6.17%
06/28/2032
108,190
225,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
12
Month
+
2.75%)
6.22%
03/18/2033
222,750
NGL
Energy
Operating
LLC
,
35,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.50%)
7.18%
03/11/2033
35,082
OAK-Eagle
Acquireco,
Inc.
,
280,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
12
Month
+
3.50%)
6.97%
03/23/2033
278,600
OneDigital
Borrower
LLC
,
118,200
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.00%,
0.50%
Floor)
6.67%
07/02/2031
114,580
Ontario
Gaming
GTA
LP
,
64,008
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
4.25%,
0.50%
Floor)
7.95%
08/01/2030
60,139
OPAL
U.S.
LLC
,
199,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.00%)
6.70%
04/28/2032
199,124
OPENLANE,
Inc.
,
99,750
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.50%)
6.14%
10/08/2032
99,875
Osmosis
Buyer
Ltd.
,
226,367
Senior
Secured
First
Lien
Term
Loan
(TSFR1M
+
2.75%;
TSFR3M
+
2.75%
+
2.75%)
6.41%
07/31/2028
226,120
Ovg
Business
Services
LLC
,
248,737
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.00%)
6.67%
06/25/2031
249,048
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
Pacific
Dental
Services,
Inc.
,
64,674
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.50%)
6.18%
03/17/2031
64,795
PetSmart
LLC
,
75,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
4.00%)
7.67%
08/18/2032
74,644
Pinnacle
Buyer
LLC
,
33,465
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.50%)
6.16%
10/01/2032
33,543
Primo
Brands
Corp.
,
115,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
12
Month
+
2.75%)
6.22%
03/19/2031
115,323
Project
Aurora
U.S.
Finco,
Inc.
,
50,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.75%)
6.49%
12/06/2032
50,156
Pye-Barker
Fire
&
Safety
LLC
,
39,150
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.50%)
6.21%
12/16/2032
39,255
Quikrete
Holdings,
Inc.
,
24,314
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.25%)
5.92%
03/19/2029
24,321
79,200
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.25%)
5.92%
02/10/2032
79,150
Radiology
Partners,
Inc.
,
144,275
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
4.50%)
8.17%
06/30/2032
142,394
RealPage,
Inc.
,
64,661
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.00%)
6.96%
04/24/2028
62,093
94,775
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.75%,
0.50%
Floor)
7.45%
04/24/2028
92,300
Sabre
GLBL,
Inc.
,
12,270
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
6.00%,
0.50%
Floor)
9.77%
11/15/2029
9,755
Savor
Acquisition,
Inc.
,
73,621
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.00%)
6.67%
02/19/2032
73,805
10
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Opportunistic
Core
Bond
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
March
31,
2026
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
Sedgwick
Claims
Management
Services,
Inc.
,
109,724
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.50%)
6.17%
07/31/2031
107,882
Select
Medical
Corp.
,
95,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
12
Month
+
3.25%)
6.72%
12/31/2031
94,881
Signia
Aerospace
LLC
,
108,876
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.75%)
6.42%
12/11/2031
109,284
Six
Flags
Entertainment
Corp.
,
39,300
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.00%)
5.67%
05/01/2031
38,760
Southern
Veterinary
Partners
LLC
,
304,236
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.50%)
6.18%
12/04/2031
302,006
Staples,
Inc.
,
34,736
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
5.75%)
9.41%
08/23/2029
31,658
StubHub
Holdco
Sub
LLC
,
33,760
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
4.75%)
8.42%
03/15/2030
33,328
Sunrise
Financing
Partnership
,
235,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
6
Month
+
2.47%)
6.10%
02/16/2032
233,874
Talen
Energy
Supply
LLC
,
99,750
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.00%)
5.67%
11/25/2032
99,946
Team
Health
Holdings,
Inc.
,
79,401
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
4.00%)
7.66%
06/30/2028
79,233
Tecta
America
Corp.
,
79,600
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
12
Month
+
2.75%)
6.25%
02/18/2032
79,407
TKO
Worldwide
Holdings
LLC
,
79,599
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.00%)
5.66%
11/21/2031
79,649
TransDigm,
Inc.
,
283,500
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.50%)
6.17%
08/19/2032
283,814
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
5,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.50%)
6.16%
02/14/2033
5,008
Trident
TPI
Holdings,
Inc.
,
49,673
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.75%,
0.50%
Floor)
7.45%
09/15/2028
47,166
Trucordia
Insurance
Holdings
LLC
,
34,363
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.25%)
6.92%
06/17/2032
31,786
UKG,
Inc.
,
184,536
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.50%)
6.17%
02/10/2031
176,590
Univision
Communications,
Inc.
,
164,165
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.50%)
7.28%
01/23/2029
162,832
Verde
Purchaser
LLC
,
64,435
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
4.00%)
7.67%
11/30/2030
62,778
Vestis
Corp.
,
88,625
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.25%)
5.92%
02/24/2031
85,745
Victory
Capital
Holdings,
Inc.
,
29,850
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.00%)
5.70%
09/23/2032
29,816
Victra
Holdings
LLC
,
299,487
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.75%)
7.45%
03/30/2029
295,743
Virgin
Media
Bristol
LLC
,
120,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.25%)
7.04%
01/31/2029
116,050
105,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
6
Month
+
3.18%)
7.05%
03/31/2031
96,130
Voyager
Parent
LLC
,
169,151
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
4.25%)
7.95%
07/01/2032
168,217
VSE
Corp.
,
65,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
12
Month
+
2.00%)
5.47%
03/17/2033
65,014
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
11
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
Wand
NewCo
3,
Inc.
,
152,553
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.50%)
6.17%
01/30/2031
151,512
White
Cap
Supply
Holdings
LLC
,
53,749
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.25%)
6.92%
10/19/2029
51,821
WhiteWater
Matterhorn
Holdings
LLC
,
49,938
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
1.75%)
5.44%
06/16/2032
49,771
Zayo
Group
Holdings,
Inc.
,
272,530
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.00%
+
0.50%
PIK)
6.79%
03/11/2030
268,086
Zelis
Payments
Buyer,
Inc.
,
123,611
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.25%)
6.92%
11/26/2031
119,918
Total
Bank
Loans
(Cost
$17,082,451)
16,861,444
COLLATERALIZED
LOAN
OBLIGATIONS
3.6%
Anthelion
CLO
Ltd.
,
1,000,000
Series
2025-1A-A1
(CME
Term
SOFR
3
Month
+
1.50%)
5.17%
(c)
07/20/2036
1,000,955
Apidos
CLO
XXXIX
Ltd.
,
500,000
Series
2022-39A-A1R
(CME
Term
SOFR
3
Month
+
1.23%)
4.90%
(c)
10/21/2038
500,119
Apidos
Loan
Fund
Ltd.
,
500,000
Series
2024-1A-A1R
(CME
Term
SOFR
3
Month
+
1.25%)
4.92%
(c)
10/25/2038
499,750
AREIT
Ltd.
,
200,000
Series
2024-CRE9-B
(CME
Term
SOFR
1
Month
+
2.54%,
2.54%
Floor)
6.21%
(c)
05/17/2041
200,187
Bain
Capital
Credit
CLO
Ltd.
,
500,000
Series
2019-4A-A1RR
(CME
Term
SOFR
3
Month
+
0.99%)
4.66%
(c)
04/23/2035
499,099
1,000,000
Series
2021-3A-AR
(CME
Term
SOFR
3
Month
+
1.06%)
4.73%
(c)
07/24/2034
998,661
500,000
Series
2025-4A-D1
(CME
Term
SOFR
3
Month
+
2.60%)
6.46%
(c)
01/17/2039
497,954
Benefit
Street
Partners
CLO
46
Ltd.
,
500,000
Series
2025-46A-A
(CME
Term
SOFR
3
Month
+
1.21%)
4.88%
(c)
01/25/2039
499,731
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
Benefit
Street
Partners
CLO
XXXVI
Ltd.
,
500,000
Series
2024-36A-D1
(CME
Term
SOFR
3
Month
+
2.95%,
2.95%
Floor)
6.62%
(c)
01/25/2038
498,266
BRSP
Ltd.
,
510,000
Series
2026-FL3-D
(CME
Term
SOFR
1
Month
+
2.85%)
6.53%
(c)
08/19/2043
511,896
BSPRT
Issuer
LLC
,
710,000
Series
2026-FL13-A
(CME
Term
SOFR
1
Month
+
1.50%)
0.00%
(c)
10/18/2043
711,775
BSPRT
Issuer
Ltd.
,
270,000
Series
2023-FL10-B
(CME
Term
SOFR
1
Month
+
3.27%,
3.27%
Floor)
6.94%
(c)
09/15/2035
270,857
BXMT
Ltd.
,
750,000
Series
2026-FL6-A
(CME
Term
SOFR
1
Month
+
1.45%)
5.13%
(c)
08/19/2043
750,709
Carlyle
US
CLO
Ltd.
,
500,000
Series
2021-8A-A1R
(CME
Term
SOFR
3
Month
+
1.27%)
4.94%
(c)
10/15/2038
500,184
500,000
Series
2026-1A-D1
(CME
Term
SOFR
3
Month
+
2.60%)
0.00%
(c)
04/25/2039
496,752
CBAM
Ltd.
,
500,000
Series
2017-2A-BR
(CME
Term
SOFR
3
Month
+
2.11%,
1.85%
Floor)
5.78%
(c)
07/17/2034
500,257
Columbia
Cent
CLO
31
Ltd.
,
1,000,000
Series
2021-31A-A1R
(CME
Term
SOFR
3
Month
+
1.10%)
4.77%
(c)
04/20/2034
998,756
Crown
City
CLO
I
,
500,000
Series
2020-1A-A1RR
(CME
Term
SOFR
3
Month
+
1.37%)
5.04%
(c)
07/20/2038
500,535
FS
Rialto
Issuer
LLC
,
300,000
Series
2025-FL10-A
(CME
Term
SOFR
1
Month
+
1.39%,
1.39%
Floor)
5.06%
(c)
08/19/2042
300,722
GoldenTree
Loan
Management
US
CLO
27
Ltd.
,
500,000
Series
2025-27A-D
(CME
Term
SOFR
3
Month
+
2.60%)
6.32%
(c)
01/20/2039
502,107
ICG
US
CLO
I
Ltd.
,
500,000
Series
2023-1A-AR
(CME
Term
SOFR
3
Month
+
1.38%)
5.05%
(c)
07/18/2038
500,558
Invesco
CLO
Ltd.
,
500,000
Series
2021-3A-DR
(CME
Term
SOFR
3
Month
+
3.10%)
6.77%
(c)
10/22/2034
485,223
Jamestown
CLO
XII
Ltd.
,
500,000
Series
2019-1A-ARR
(CME
Term
SOFR
3
Month
+
1.37%)
5.04%
(c)
03/20/2038
500,614
12
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Opportunistic
Core
Bond
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
March
31,
2026
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
Kennedy
Lewis
CLO
12
Ltd.
,
500,000
Series
2023-12A-AR
(CME
Term
SOFR
3
Month
+
1.33%)
5.00%
(c)
07/20/2038
500,555
KREF
Ltd.
,
210,000
Series
2021-FL2-AS
(CME
Term
SOFR
1
Month
+
1.41%,
1.30%
Floor)
5.09%
(c)
02/15/2039
210,367
LoanCore
Issuer
Ltd.
,
31,033
Series
2021-CRE6-A
(CME
Term
SOFR
1
Month
+
1.41%,
1.30%
Floor)
5.09%
(c)
11/15/2038
31,112
Madison
Park
Funding
LXIII
Ltd.
,
500,000
Series
2023-63A-A1R
(CME
Term
SOFR
3
Month
+
1.40%)
5.07%
(c)
07/21/2038
500,503
Magnetite
XXXV
Ltd.
,
500,000
Series
2022-35A-A1RR
(CME
Term
SOFR
3
Month
+
1.20%)
4.92%
(c)
01/25/2039
499,525
Marble
Point
CLO
XIX
Ltd.
,
500,000
Series
2020-3A-AR2
(CME
Term
SOFR
3
Month
+
1.30%)
4.97%
(c)
10/19/2038
500,259
MF1
LLC
,
730,000
Series
2026-FL21-B
(CME
Term
SOFR
1
Month
+
1.75%)
5.43%
(c)
02/18/2041
732,977
MF1
Multifamily
Housing
Mortgage
Loan
Trust
,
27,350
Series
2021-FL7-A
(CME
Term
SOFR
1
Month
+
1.19%,
1.08%
Floor)
4.87%
(c)
10/16/2036
27,380
260,000
Series
2024-FL14-AS
(CME
Term
SOFR
1
Month
+
2.24%,
2.24%
Floor)
5.91%
(c)
03/19/2039
260,594
280,000
Series
2024-FL15-A
(CME
Term
SOFR
1
Month
+
1.69%,
1.69%
Floor)
5.37%
(c)
08/18/2041
280,881
Neuberger
Berman
Loan
Advisers
CLO
44
Ltd.
,
500,000
Series
2021-44A-DR
(CME
Term
SOFR
3
Month
+
2.65%,
2.65%
Floor)
6.32%
(c)
10/16/2035
492,159
Octagon
Investment
Partners
51
Ltd.
,
500,000
Series
2021-1A-AR
(CME
Term
SOFR
3
Month
+
0.99%)
4.66%
(c)
07/20/2034
499,375
Point
Au
Roche
Park
CLO
Ltd.
,
500,000
Series
2021-1A-AR
(CME
Term
SOFR
3
Month
+
1.17%)
4.83%
(c)
01/20/2039
499,503
Sound
Point
CLO
XXXI
Ltd.
,
500,000
Series
2021-3A-D
(CME
Term
SOFR
3
Month
+
3.51%,
3.25%
Floor)
7.18%
(c)
10/25/2034
471,772
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
STWD
Ltd.
,
16,587
Series
2021-FL2-A
(CME
Term
SOFR
1
Month
+
1.31%,
1.20%
Floor)
4.99%
(c)
04/18/2038
16,591
Trestles
CLO
VI
Ltd.
,
1,000,000
Series
2023-6A-A1R
(CME
Term
SOFR
3
Month
+
1.18%,
1.18%
Floor)
4.85%
(c)
04/25/2038
998,705
Trestles
CLO
VIII
Ltd.
,
500,000
Series
2025-8A-A1
(CME
Term
SOFR
3
Month
+
1.33%)
5.00%
(c)
06/11/2035
500,131
TRTX
Issuer
Ltd.
,
650,000
Series
2022-FL5-B
(CME
Term
SOFR
1
Month
+
2.45%)
6.13%
(c)
02/15/2039
651,202
Vibrant
CLO
IV-R
Ltd.
,
500,000
Series
2024-4RA-D1
(CME
Term
SOFR
3
Month
+
3.75%,
3.75%
Floor)
7.42%
(c)
10/20/2037
496,884
Voya
CLO
Ltd.
,
1,000,000
Series
2013-1A-BR
(CME
Term
SOFR
3
Month
+
2.16%)
5.83%
(c)
10/15/2030
1,004,389
500,000
Series
2014-4A-CR2
(CME
Term
SOFR
3
Month
+
3.61%)
7.28%
(c)
07/14/2031
502,521
500,000
Series
2021-1A-DR
(CME
Term
SOFR
3
Month
+
2.80%,
2.80%
Floor)
6.47%
(c)
07/15/2034
491,625
500,000
Series
2023-1A-A1R
(CME
Term
SOFR
3
Month
+
1.21%)
4.88%
(c)
01/20/2039
499,957
Warwick
Capital
CLO
6
Ltd.
,
500,000
Series
2025-6A-A1
(CME
Term
SOFR
3
Month
+
1.43%)
5.10%
(c)
07/20/2038
500,542
Wind
River
CLO
Ltd.
,
1,000,000
Series
2021-1A-D1R
(CME
Term
SOFR
3
Month
+
3.95%,
3.95%
Floor)
7.62%
(c)
07/20/2037
998,639
500,000
Series
2021-3A-D1AR
(CME
Term
SOFR
3
Month
+
3.00%,
3.00%
Floor)
6.67%
(c)
04/20/2038
498,354
Total
Collateralized
Loan
Obligations
(Cost
$25,370,293)
25,392,169
FOREIGN
CORPORATE
BONDS
8.2%
AUSTRALIA
0.1%
700,000
AngloGold
Ashanti
Holdings
plc
3.38%
11/01/2028
673,073
403,000
Glencore
Funding
LLC
5.20%
(c)
07/01/2033
403,663
1,076,736
BERMUDA
0.0%
(a)
385,000
Triton
Container
International
Ltd.
5.15%
02/15/2033
377,221
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
13
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
BRAZIL
0.8%
210,909
Acu
Petroleo
Luxembourg
Sarl
7.50%
01/13/2032
214,480
700,000
Cosan
Overseas
Ltd.
8.25%
(e)
05/05/2026
663,880
600,000
CSN
Resources
SA
5.88%
04/08/2032
368,253
200,000
FS
Luxembourg
Sarl
8.13%
(c)
02/11/2036
183,940
147,330
Guara
Norte
Sarl
5.20%
06/15/2034
142,928
300,000
MARB
BondCo
plc
3.95%
01/29/2031
266,069
624,627
MV24
Capital
BV
6.75%
06/01/2034
623,822
200,000
NBM
US
Holdings,
Inc.
6.63%
08/06/2029
200,285
211,000
Nexa
Resources
SA
6.50%
(c)
01/18/2028
214,824
200,000
Petrobras
Global
Finance
BV
5.13%
09/10/2030
196,220
392,231
Prumo
Participacoes
e
Investimentos
S/A
7.50%
12/31/2031
395,653
600,000
Simpar
Europe
SA
5.20%
01/26/2031
509,100
373,000
Suzano
Netherlands
BV
5.50%
01/15/2036
361,111
200,000
Ultrapar
International
SA
5.25%
10/06/2026
199,918
173,000
Vale
Overseas
Ltd.
6.40%
06/28/2054
175,370
200,000
Vamos
Europe
SA
9.20%
(c)
01/26/2031
189,824
394,680
Yinson
Bergenia
Production
BV
8.50%
01/31/2045
417,776
197,340
Yinson
Bergenia
Production
BV
8.50%
(c)
01/31/2045
208,888
5,532,341
CANADA
0.7%
359,000
Bank
of
Nova
Scotia
(The)
(SOFR
+
1.05%)
4.81%
02/02/2034
354,047
60,000
Bausch
Health
Cos.,
Inc.
5.25%
(c)
01/30/2030
38,829
394,000
Bell
Canada
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.36%)
7.00%
09/15/2055
403,422
624,000
Canadian
Imperial
Bank
of
Commerce
(SOFR
Compounded
Index
+
0.60%)
4.24%
09/08/2028
622,595
281,000
CCL
Industries,
Inc.
3.05%
(c)
06/01/2030
262,339
187,000
Cenovus
Energy,
Inc.
5.40%
03/20/2036
186,136
243,000
Element
Fleet
Management
Corp.
5.04%
(c)
03/25/2030
245,447
165,000
Enbridge,
Inc.
5.45%
03/27/2036
166,484
125,000
Garda
World
Security
Corp.
6.50%
(c)
01/15/2031
126,823
370,000
Garda
World
Security
Corp.
8.25%
(c)
08/01/2032
366,638
375,000
Ontario
Gaming
GTA
LP
8.00%
(c)
08/01/2030
359,691
759,000
Royal
Bank
of
Canada
(SOFR
+
0.98%)
4.31%
11/03/2031
746,482
279,000
TELUS
Corp.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.71%)
7.00%
10/15/2055
284,940
160,000
Toronto-Dominion
Bank
(The)
4.93%
10/15/2035
157,475
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
438,000
Videotron
Ltd.
5.70%
(c)
01/15/2035
442,326
490,000
WSP
Global,
Inc.
5.04%
(c)
09/18/2031
486,115
5,249,789
CAYMAN
ISLANDS
0.1%
530,000
Global
Aircraft
Leasing
Co.
Ltd.
8.75%
(c)
09/01/2027
538,369
CHILE
0.6%
150,000
Agrosuper
SA
4.60%
01/20/2032
142,330
400,000
Antofagasta
plc
5.63%
05/13/2032
405,892
450,000
Banco
Santander
Chile
4.55%
(c)
11/20/2030
444,658
400,000
CAP
SA
3.90%
04/27/2031
334,648
200,000
Cencosud
SA
4.38%
07/17/2027
199,208
388,348
Chile
Electricity
Lux
MPC
II
Sarl
5.67%
10/20/2035
392,452
388,348
Chile
Electricity
Lux
MPC
II
Sarl
5.67%
(c)
10/20/2035
392,452
743,900
Chile
Electricity
Lux
MPC
Sarl
6.01%
01/20/2033
769,460
148,053
Chile
Electricity
PEC
SpA
0.00%
01/25/2028
134,580
400,000
Corp.
Nacional
del
Cobre
de
Chile
3.00%
09/30/2029
375,647
247,200
GNL
Quintero
SA
4.63%
07/31/2029
246,502
200,000
Inversiones
CMPC
SA
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.83%)
6.70%
(c)
12/09/2057
195,470
4,033,299
COLOMBIA
0.4%
147,916
AL
Candelaria
Spain
SA
7.50%
12/15/2028
150,880
750,000
AL
Candelaria
Spain
SA
5.75%
06/15/2033
661,931
200,000
Aris
Mining
Corp.
8.00%
(c)
10/31/2029
207,312
300,000
Banco
Davivienda
SA
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.59%)
8.13%
07/02/2035
304,350
400,000
Banco
Davivienda
SA
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.59%)
8.13%
(c)
07/02/2035
405,800
150,000
Banco
GNB
Sudameris
SA
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
6.66%)
7.50%
04/16/2031
150,012
450,000
Empresas
Publicas
de
Medellin
ESP
4.38%
02/15/2031
408,919
149,020
Fideicomiso
PA
Pacifico
Tres
8.25%
01/15/2035
154,213
400,000
Frontera
Energy
Corp.
7.88%
06/21/2028
391,935
200,000
SURA
Asset
Management
SA
6.35%
(c)
05/13/2032
210,542
3,045,894
FRANCE
0.3%
189,077
Altice
France
SA
6.88%
(c)
07/15/2032
179,327
14
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Opportunistic
Core
Bond
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
March
31,
2026
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
351,000
BPCE
SA
(SOFR
+
1.27%)
4.76%
(c)
01/13/2032
346,288
418,000
Credit
Agricole
SA
(SOFR
+
1.36%)
4.82%
(c)
09/25/2033
409,658
428,000
Electricite
de
France
SA
4.88%
(c)
09/21/2038
396,953
200,000
Opal
Bidco
SAS
6.50%
(c)
03/31/2032
200,314
574,000
Societe
Generale
SA
(SOFR
+
1.73%)
5.44%
(c)
10/03/2036
561,923
2,094,463
GERMANY
0.1%
399,000
Daimler
Truck
Finance
North
America
LLC
4.50%
(c)
04/12/2031
391,804
GUATEMALA
0.1%
200,000
Industrial
Subordinated
Trust
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.86%)
6.55%
(c)
04/15/2036
200,250
450,000
Millicom
International
Cellular
SA
6.25%
03/25/2029
448,621
648,871
HONG
KONG
0.0%
(a)
210,000
Seaspan
Corp.
5.50%
(c)
08/01/2029
196,961
INDIA
0.6%
200,000
Adani
Electricity
Mumbai
Ltd.
3.95%
02/12/2030
183,062
200,000
Adani
Electricity
Mumbai
Ltd.
3.87%
07/22/2031
176,301
306,000
Adani
International
Container
Terminal
Pvt.
Ltd.
3.00%
02/16/2031
279,340
200,000
Adani
Ports
&
Special
Economic
Zone
Ltd.
3.10%
02/02/2031
175,843
164,250
Adani
Renewable
Energy
RJ
Ltd.
4.63%
10/15/2039
132,972
665,000
Adani
Transmission
Step-One
Ltd.
4.25%
05/21/2036
581,405
400,000
BPRL
International
Singapore
Pte.
Ltd.
4.38%
01/18/2027
399,113
695,000
JSW
Hydro
Energy
Ltd.
4.13%
05/18/2031
636,645
400,000
JSW
Infrastructure
Ltd.
4.95%
01/21/2029
389,908
600,000
ONGC
Videsh
Vankorneft
Pte.
Ltd.
3.75%
07/27/2026
598,308
250,000
Reliance
Industries
Ltd.
3.67%
11/30/2027
246,613
200,000
Wipro
IT
Services
LLC
1.50%
06/23/2026
198,678
3,998,188
INDONESIA
0.6%
600,000
Freeport
Indonesia
PT
4.76%
04/14/2027
601,697
600,000
Indofood
CBP
Sukses
Makmur
Tbk.
PT
3.40%
06/09/2031
551,875
778,800
Minejesa
Capital
BV
4.63%
08/10/2030
771,028
600,000
Pertamina
Persero
PT
3.65%
07/30/2029
575,604
200,000
Pertamina
Persero
PT
2.30%
02/09/2031
175,934
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
700,000
Perusahaan
Perseroan
Persero
PT
Perusahaan
Listrik
Negara
4.13%
05/15/2027
695,394
200,000
Perusahaan
Perseroan
Persero
PT
Perusahaan
Listrik
Negara
3.88%
07/17/2029
192,157
446,250
Star
Energy
Geothermal
Wayang
Windu
Ltd.
6.75%
04/24/2033
448,591
4,012,280
IRELAND
0.2%
517,000
AerCap
Ireland
Capital
DAC
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.72%)
6.95%
03/10/2055
529,427
400,000
AIB
Group
plc
(SOFR
Compounded
Index
+
1.91%)
5.87%
(c)
03/28/2035
413,505
580,000
Avolon
Holdings
Funding
Ltd.
5.75%
(c)
03/01/2029
593,250
104,000
Avolon
Holdings
Funding
Ltd.
4.70%
(c)
01/30/2031
101,961
140,000
GGAM
Finance
Ltd.
6.88%
(c)
04/15/2029
143,464
1,781,607
ISRAEL
0.1%
394,000
Teva
Pharmaceutical
Finance
Co.
LLC
6.15%
02/01/2036
406,424
ITALY
0.0%
(a)
315,000
ENEL
Finance
International
NV
4.13%
(c)
09/30/2028
312,470
JAPAN
0.1%
600,000
Mitsubishi
UFJ
Financial
Group,
Inc.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.90%)
5.06%
01/14/2037
589,733
300,000
Renesas
Electronics
Corp.
2.17%
(c)
11/25/2026
295,399
885,132
LUXEMBOURG
0.0%
(a)
169,000
ArcelorMittal
SA
6.00%
06/17/2034
177,839
MALAYSIA
0.1%
400,000
MISC
Capital
Two
Labuan
Ltd.
3.75%
04/06/2027
396,516
MEXICO
0.7%
200,000
Banco
Mercantil
del
Norte
SA
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.07%)
8.38%
(c)(e)
05/20/2031
205,750
200,000
Banco
Nacional
de
Comercio
Exterior
SNC
5.88%
(c)
05/07/2030
204,940
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
15
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
200,000
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand
5.62%
12/10/2029
204,940
200,000
BBVA
Mexico
SA
Institucion
De
Banca
Multiple
Grupo
Financiero
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.65%)
5.13%
01/18/2033
194,513
300,000
BBVA
Mexico
SA
Institucion
De
Banca
Multiple
Grupo
Financiero
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.31%)
5.88%
09/13/2034
294,848
300,000
BBVA
Mexico
SA
Institucion
De
Banca
Multiple
Grupo
Financiero
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.21%)
8.13%
01/08/2039
316,138
198,268
Buffalo
Energy
Mexico
Holdings
7.88%
(c)
02/15/2039
207,693
500,000
Cemex
SAB
de
CV
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.53%)
5.13%
(e)
06/08/2026
498,233
200,000
Cemex
SAB
de
CV
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.52%)
7.20%
(c)(e)
06/10/2030
202,750
220,500
Cometa
Energia
SA
de
CV
6.38%
04/24/2035
224,328
200,000
Comision
Federal
de
Electricidad
4.69%
05/15/2029
196,616
400,000
Comision
Federal
de
Electricidad
3.35%
02/09/2031
358,616
396,203
FIEMEX
Energia
-
Banco
Actinver
SA
Institucion
de
Banca
Multiple
7.25%
(c)
01/31/2041
397,293
198,101
FIEMEX
Energia
-
Banco
Actinver
SA
Institucion
de
Banca
Multiple
7.25%
01/31/2041
198,646
400,000
Mexico
City
Airport
Trust
3.88%
04/30/2028
392,548
415,696
Mexico
Generadora
de
Energia
S
de
rl
5.50%
12/06/2032
416,740
200,000
Orbia
Advance
Corp.
SAB
de
CV
6.75%
09/19/2042
159,903
200,000
Saavi
Energia
Sarl
8.88%
(c)
02/10/2035
210,130
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
506,053
Tierra
Mojada
Luxembourg
II
Sarl
5.75%
12/01/2040
482,015
5,366,640
MOROCCO
0.1%
400,000
OCP
SA
6.75%
05/02/2034
416,527
NETHERLANDS
0.1%
455,000
ING
Groep
NV
(SOFR
Compounded
Index
+
1.61%)
5.42%
03/23/2037
453,853
239,000
NXP
BV
4.85%
08/19/2032
235,848
689,701
PARAGUAY
0.2%
654,642
Bioceanico
Sovereign
Certificate
Ltd.
0.00%
06/05/2034
534,633
792,000
Rutas
2
&
7
Finance
Ltd.
0.00%
09/30/2036
605,879
300,000
Telefonica
Celular
del
Paraguay
SA
5.88%
04/15/2027
299,688
1,440,200
PERU
0.8%
200,000
Banco
BBVA
Peru
SA
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.00%)
6.20%
06/07/2034
202,502
850,000
Banco
de
Credito
del
Peru
SA
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.45%)
3.25%
09/30/2031
836,704
150,000
Banco
Internacional
del
Peru
SAA
Interbank
4.80%
(c)
07/15/2031
147,840
550,000
Banco
Internacional
del
Peru
SAA
Interbank
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.07%)
6.40%
04/30/2035
557,672
150,000
Banco
Internacional
del
Peru
SAA
Interbank
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.07%)
6.40%
(c)
04/30/2035
152,093
150,000
Fondo
MIVIVIENDA
SA
5.40%
(c)
03/31/2031
150,188
700,000
InRetail
Consumer
3.25%
03/22/2028
673,506
400,000
Intercorp
Financial
Services,
Inc.
4.13%
10/19/2027
396,472
372,797
Lima
Metro
Line
2
Finance
Ltd.
5.88%
07/05/2034
381,140
225,080
Lima
Metro
Line
2
Finance
Ltd.
4.35%
04/05/2036
214,110
200,000
Marcobre
SAC
5.75%
(c)
01/22/2036
193,352
1,000,000
Minsur
SA
4.50%
10/28/2031
941,598
400,080
Peru
LNG
Srl
5.38%
03/22/2030
388,631
200,000
Volcan
Cia
Minera
SAA
8.50%
(c)
10/28/2032
203,130
5,438,938
16
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Opportunistic
Core
Bond
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
March
31,
2026
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
SAUDI
ARABIA
0.1%
800,000
Avilease
Capital
Ltd.
4.75%
(c)
11/12/2030
779,312
SINGAPORE
0.3%
900,000
Oversea-Chinese
Banking
Corp.
Ltd.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.58%)
4.60%
06/15/2032
901,124
800,000
United
Overseas
Bank
Ltd.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.23%)
2.00%
10/14/2031
789,329
200,000
United
Overseas
Bank
Ltd.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.45%)
3.86%
10/07/2032
198,166
1,888,619
SOUTH
AFRICA
0.2%
316,000
Anglo
American
Capital
plc
5.25%
(c)
03/19/2036
309,117
600,000
Gold
Fields
Orogen
Holdings
BVI
Ltd.
6.13%
05/15/2029
611,885
200,000
Sasol
Financing
USA
LLC
4.38%
09/18/2026
199,158
1,120,160
SOUTH
KOREA
0.1%
1,015,000
SK
hynix,
Inc.
4.25%
(c)
09/11/2028
1,009,602
SWITZERLAND
0.0%
(a)
400,000
UBS
Group
AG
(SOFR
+
1.34%)
5.01%
(c)
03/23/2037
386,977
UNITED
KINGDOM
0.6%
600,000
180
Medical,
Inc.
5.30%
(c)
10/08/2035
589,682
400,000
Ashtead
Capital,
Inc.
5.55%
(c)
05/30/2033
404,099
293,000
Barclays
plc
(SOFR
+
1.83%)
5.86%
08/11/2046
287,912
242,000
BAT
Capital
Corp.
5.63%
08/15/2035
248,976
472,000
BAT
Capital
Corp.
4.54%
08/15/2047
383,561
200,000
Belron
UK
Finance
plc
5.75%
(c)
10/15/2029
201,393
200,000
Froneri
Lux
FinCo.
Sarl
6.00%
(c)
08/01/2032
195,195
400,000
Lloyds
Banking
Group
plc
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.60%)
6.07%
06/13/2036
406,737
120,000
Macquarie
Airfinance
Holdings
Ltd.
5.20%
(c)
03/27/2028
120,485
254,000
Macquarie
Airfinance
Holdings
Ltd.
5.15%
(c)
03/17/2030
252,822
200,000
Merlin
Entertainments
Group
US
Holdings,
Inc.
7.38%
(c)
02/15/2031
167,066
323,000
Nationwide
Building
Society
(SOFR
+
1.65%)
5.54%
(c)
07/14/2036
324,058
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
340,000
NatWest
Group
plc
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.30%)
5.91%
03/03/2047
331,513
180,000
nVent
Finance
Sarl
5.65%
05/15/2033
184,801
4,098,300
VIETNAM
0.1%
434,536
Mong
Duong
Finance
Holdings
BV
5.13%
05/07/2029
427,837
Total
Foreign
Corporate
Bonds
(Cost
$58,300,656)
58,219,017
FOREIGN
GOVERNMENT
BONDS,
FOREIGN
AGENCIES
AND
FOREIGN
GOVERNMENT
SPONSORED
CORPORATIONS
0.6%
BRAZIL
0.1%
400,000
Brazil
Government
Bond
4.75%
01/14/2050
289,760
CHILE
0.1%
800,000
Chile
Government
Bond
2.45%
01/31/2031
731,396
DOMINICAN
REPUBLIC
0.1%
300,000
Dominican
Republic
Government
Bond
5.95%
01/25/2027
302,295
150,000
Dominican
Republic
Government
Bond
5.50%
02/22/2029
149,092
200,000
Dominican
Republic
Government
Bond
4.50%
01/30/2030
190,560
150,000
Dominican
Republic
Government
Bond
5.75%
(c)
03/17/2034
143,175
785,122
GUATEMALA
0.1%
200,000
Republic
of
Guatemala
4.38%
06/05/2027
198,400
200,000
Republic
of
Guatemala
4.88%
02/13/2028
199,095
397,495
MEXICO
0.1%
900,000
Mexico
Government
Bond
4.50%
04/22/2029
894,357
MOROCCO
0.1%
700,000
Morocco
Government
Bond
2.38%
12/15/2027
672,331
PERU
0.0%
(a)
200,000
Peruvian
Government
Bond
2.84%
06/20/2030
186,270
TRINIDAD
AND
TOBAGO
0.0%
(a)
250,000
Trinidad
&
Tobago
Government
Bond
6.50%
(c)
01/28/2036
249,000
Total
Foreign
Government
Bonds,
Foreign
Agencies
and
Foreign
Government
Sponsored
Corporations
(Cost
$4,228,664)
4,205,731
NON-AGENCY
COMMERCIAL
MORTGAGE-BACKED
OBLIGATIONS
6.9%
1211
Avenue
of
the
Americas
Trust
,
260,000
Series
2015-1211-A1A2
3.90%
(c)
08/10/2035
249,243
280
Park
Avenue
Mortgage
Trust
,
250,000
Series
2017-280P-A
(CME
Term
SOFR
1
Month
+
1.18%,
1.13%
Floor)
4.85%
(c)
09/15/2034
248,813
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
17
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
BANK
,
300,000
Series
2018-BN11-C
4.37%
(f)
03/15/2061
274,214
735,000
Series
2018-BN13-B
4.56%
(f)
08/15/2061
702,390
160,000
Series
2019-BN23-A3
2.92%
12/15/2052
150,917
299,416
Series
2020-BN26-A2
2.04%
03/15/2063
288,684
220,000
Series
2021-BN32-A4
2.35%
04/15/2054
200,483
260,445
Series
2021-BN33-A5
2.56%
05/15/2064
234,666
300,000
Series
2021-BN38-A5
2.52%
12/15/2064
265,187
307,000
Series
2022-BNK43-C
5.23%
(f)
08/15/2055
278,796
5,988,814
Series
2023-BNK46-XA
0.62%
(f)(g)
08/15/2056
192,407
11,726,822
Series
2025-BNK50-XA
0.34%
(f)(g)
05/15/2068
320,978
450,000
Series
2025-BNK51-C
5.95%
(f)
12/25/2067
445,979
Bank
of
America
Merrill
Lynch
Commercial
Mortgage
Trust
,
266,000
Series
2016-UB10-C
4.91%
(f)
07/15/2049
257,927
BANK5
,
10,133,774
Series
2023-5YR1-XA
0.15%
(f)(g)
04/15/2056
46,190
326,000
Series
2024-5YR10-AS
5.64%
10/15/2057
331,860
370,000
Series
2024-5YR10-B
6.14%
(f)
10/15/2057
379,120
248,000
Series
2024-5YR8-A3
5.88%
08/15/2057
257,293
302,000
Series
2024-5YR9-A3
5.61%
08/15/2057
310,647
250,000
Series
2025-5YR15-AS
5.76%
07/15/2058
256,491
517,000
Series
2025-5YR16-AS
5.75%
(f)
08/15/2063
530,114
500,000
Series
2025-5YR17-AS
5.63%
(f)
11/15/2058
510,747
455,000
Series
2025-5YR19-AS
5.61%
12/15/2058
465,751
240,000
Series
2026-5YR20-A3
5.10%
02/15/2059
243,692
564,000
Series
2026-5YR21-A3
5.53%
04/15/2059
581,827
BBCMS
Mortgage
Trust
,
300,000
Series
2021-C11-ASB
2.11%
09/15/2054
283,417
300,000
Series
2021-C12-A5
2.69%
11/15/2054
266,769
180,000
Series
2021-C12-AS
2.90%
11/15/2054
157,590
250,000
Series
2021-C9-A5
2.30%
02/15/2054
223,591
100,000
Series
2022-C16-A5
4.60%
(f)
06/15/2055
98,177
200,000
Series
2022-C17-A5
4.44%
09/15/2055
195,573
869,000
Series
2024-5C27-AS
6.41%
(f)
07/15/2057
903,103
314,000
Series
2024-5C29-A3
5.21%
09/15/2057
319,781
787,000
Series
2024-5C31-A3
5.61%
12/15/2057
812,222
500,000
Series
2025-5C33-A4
5.84%
03/15/2058
520,123
330,000
Series
2025-5C34-A3
5.66%
05/15/2058
341,220
375,000
Series
2025-5C36-A3
5.52%
08/15/2058
386,632
408,000
Series
2025-5C37-AS
5.38%
(f)
09/15/2058
413,605
500,000
Series
2025-5C38-A3
5.15%
11/15/2058
508,259
248,000
Series
2026-5C40-C
5.81%
(f)
02/15/2059
247,511
Benchmark
Mortgage
Trust
,
6,611,782
Series
2018-B2-XA
0.43%
(f)(g)
02/15/2051
37,890
350,000
Series
2019-B13-A3
2.70%
08/15/2057
329,636
500,000
Series
2019-B13-C
3.84%
(f)
08/15/2057
430,028
109,489
Series
2019-B14-ASB
2.96%
12/15/2062
106,874
310,000
Series
2019-B15-A4
2.67%
12/15/2072
288,259
250,000
Series
2021-B31-A5
2.67%
12/15/2054
223,030
250,000
Series
2022-B35-C
4.44%
(f)
05/15/2055
201,868
200,000
Series
2023-B38-A4
5.52%
04/15/2056
206,272
7,088,396
Series
2023-V3-XA
0.81%
(f)(g)
07/15/2056
112,504
343,000
Series
2024-V11-A3
5.91%
(f)
11/15/2057
356,501
434,000
Series
2024-V11-C
6.29%
(f)
11/15/2057
439,171
337,000
Series
2024-V5-C
6.97%
(f)
01/10/2057
344,728
274,000
Series
2024-V8-A2
5.71%
07/15/2057
281,368
342,000
Series
2024-V8-A3
6.19%
(f)
07/15/2057
355,879
278,000
Series
2024-V8-D
4.00%
(c)
07/15/2057
247,722
300,000
Series
2024-V9-A3
5.60%
08/15/2057
307,960
750,000
Series
2024-V9-D
4.50%
08/15/2057
677,579
231,000
Series
2025-V15-AS
6.17%
06/15/2058
240,309
250,000
Series
2025-V16-A3
5.44%
(f)
08/15/2058
256,831
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
434,000
Series
2025-V16-C
5.95%
(f)
08/15/2058
438,632
409,000
Series
2025-V17-AM
5.42%
(f)
09/15/2058
412,965
311,000
Series
2025-V18-AS
5.59%
10/15/2058
316,223
455,000
Series
2025-V19-B
5.90%
(f)
01/15/2058
465,178
635,000
Series
2026-B42-ASB
4.94%
03/15/2059
641,903
90,000
Series
2026-V20-C
5.44%
02/15/2059
89,655
531,000
Series
2026-V21-A3
5.13%
03/15/2031
537,558
8,423,000
Series
2026-V21-XA
1.65%
(f)(g)
11/15/2030
533,344
BMO
Mortgage
Trust
,
250,000
Series
2023-C6-ASB
6.21%
09/15/2056
264,933
225,000
Series
2024-5C3-AS
6.29%
(f)
02/15/2057
232,308
309,000
Series
2024-5C6-A3
5.32%
09/15/2057
314,679
223,000
Series
2024-5C7-AS
5.89%
(f)
11/15/2057
226,914
410,000
Series
2025-5C12-AS
5.56%
10/15/2058
419,067
460,000
Series
2025-5C13-AS
5.58%
12/15/2058
464,706
472,000
Series
2026-C14-B
5.82%
(f)
02/15/2059
475,378
BSTN
Commercial
Mortgage
Trust
,
210,000
Series
2025-HUB-A
4.57%
(c)(f)
04/13/2041
209,973
370,000
Series
2025-HUB-D
5.75%
(c)(f)
04/13/2041
367,556
BX
Commercial
Mortgage
Trust
,
560,000
Series
2026-ALOHA-D
(CME
Term
SOFR
1
Month
+
2.15%)
0.00%
(c)
04/15/2043
561,400
510,000
Series
2026-CSMO-C
(CME
Term
SOFR
1
Month
+
2.00%)
5.67%
(c)
02/15/2043
511,546
380,000
Series
2026-XL6-B
(CME
Term
SOFR
1
Month
+
1.45%)
5.12%
(c)
03/15/2043
377,810
BX
Trust
,
268,704
Series
2025-ARIA-C
5.52%
(c)(f)
12/13/2042
268,187
315,195
Series
2025-LUNR-A
(CME
Term
SOFR
1
Month
+
1.50%)
5.17%
(c)
06/15/2040
315,926
BXP
Trust
,
420,000
Series
2017-GM-C
3.42%
(c)(f)
06/13/2039
410,118
CENT
,
244,000
Series
2025-CITY-A
4.92%
(c)(f)
07/10/2040
245,967
CFCRE
Commercial
Mortgage
Trust
,
300,000
Series
2016-C7-AM
4.16%
12/10/2054
295,794
Citigroup
Commercial
Mortgage
Trust
,
277,405
Series
2018-B2-A3
3.74%
03/10/2051
273,645
100,000
Series
2022-GC48-A5
4.58%
(f)
05/15/2054
99,039
Commercial
Mortgage
Trust
,
205,000
Series
2016-DC2-C
4.73%
(f)
02/10/2049
202,111
244,000
Series
2024-277P-B
7.00%
(c)(f)
08/10/2044
258,567
CSMC
Trust
,
273,000
Series
2021-B33-A2
3.17%
(c)
10/10/2043
242,721
CSTL
Commercial
Mortgage
Trust
,
370,000
Series
2026-GATE3-D
5.52%
(c)(f)
02/10/2043
364,641
DBJPM
Mortgage
Trust
,
218,611
Series
2020-C9-ASB
1.88%
08/15/2053
207,465
Del
Amo
Fashion
Center
Trust
,
250,000
Series
2017-AMO-C
3.64%
(c)(f)
06/05/2035
239,729
ELP
Commercial
Mortgage
Trust
,
370,000
Series
2025-ELP-C
4.80%
(c)(f)
11/13/2042
367,677
250,000
Series
2025-ELP-E
6.02%
(c)(f)
11/13/2042
247,379
Extended
Stay
America
Trust
,
366,551
Series
2026-ESH2-D
(CME
Term
SOFR
1
Month
+
2.25%)
5.92%
(c)
02/15/2043
368,194
FIVE
Mortgage
Trust
,
250,000
Series
2023-V1-D
6.35%
(c)(f)
02/10/2056
239,494
18
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Opportunistic
Core
Bond
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
March
31,
2026
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
GGP
,
380,000
Series
2026-TY-A
4.67%
(c)(f)
03/05/2043
375,834
GS
Mortgage
Securities
Corp.
Trust
,
370,000
Series
2017-375H-A
3.48%
(c)(f)
09/10/2037
360,180
GS
Mortgage
Securities
Trust
,
8,851,632
Series
2017-GS7-XA
1.02%
(f)(g)
08/10/2050
79,985
250,000
Series
2019-GC42-A3
2.75%
09/10/2052
236,436
250,000
Series
2019-GSA1-C
3.80%
(f)
11/10/2052
225,865
GSMS
Trust
,
420,000
Series
2026-DAWN-A
5.82%
(c)(f)
04/10/2043
419,964
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
380,000
Series
2015-JP1-AS
4.12%
(f)
01/15/2049
376,784
281,782
Series
2022-NLP-A
(CME
Term
SOFR
1
Month
+
0.85%,
0.60%
Floor)
4.52%
(c)
04/15/2037
279,092
JPMCC
Commercial
Mortgage
Securities
Trust
,
7,519,359
Series
2017-JP6-XA
0.98%
(f)(g)
07/15/2050
43,844
LBTY
Commercial
Mortgage
Trust
,
140,000
Series
2026-225L-C
5.08%
(c)(f)
02/10/2043
137,856
MAD
Commercial
Mortgage
Trust
,
490,000
Series
2025-11MD-D
5.94%
(c)(f)
10/15/2042
498,391
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
250,000
Series
2016-C31-C
4.24%
(f)
11/15/2049
234,466
375,000
Series
2025-5C1-D
4.00%
(c)
03/15/2058
339,405
422,000
Series
2025-5C2-A3
5.11%
11/15/2058
427,972
500,000
Series
2025-5C2-AS
5.38%
11/15/2058
506,673
Morgan
Stanley
Capital
I
Trust
,
283,000
Series
2018-L1-C
4.78%
(f)
10/15/2051
261,007
Neighborly
Issuer
,
672,000
Series
2022-1A-A2
3.70%
(c)
01/30/2052
634,071
NJ
Trust
,
250,000
Series
2023-GSP-A
6.48%
(c)(f)
01/06/2029
259,298
555,000
Series
2025-WBRK-A
5.87%
(c)(f)
03/05/2035
570,815
NYC
Commercial
Mortgage
Trust
,
250,000
Series
2025-3BP-A
(CME
Term
SOFR
1
Month
+
1.21%,
1.21%
Floor)
4.89%
(c)
02/15/2042
248,540
Oceanview
Mortgage
Trust
,
984,856
Series
2026-1-A
5.10%
(c)(f)
08/25/2055
976,333
PENN
Commercial
Mortgage
Trust
,
490,000
Series
2025-P11-C
6.51%
(c)(f)
08/10/2042
509,121
PLYM
Commercial
Mortgage
Trust
,
390,000
Series
2026-IND-C
(CME
Term
SOFR
1
Month
+
1.65%)
5.32%
(c)
03/15/2043
387,358
RFR
Trust
,
300,000
Series
2025-SGRM-B
5.67%
(c)(f)
03/11/2041
302,632
370,000
Series
2025-SGRM-E
7.27%
(c)(f)
03/11/2041
372,058
ROCK
Trust
,
202,000
Series
2024-CNTR-C
6.47%
(c)
11/13/2041
208,430
SFO
Commercial
Mortgage
Trust
,
500,000
Series
2021-555-B
(CME
Term
SOFR
1
Month
+
1.61%)
5.29%
(c)
05/15/2038
499,264
SLG
Office
Trust
,
420,000
Series
2026-OMA-C
1.00%
(c)(f)
04/15/2041
421,050
UBS
Commercial
Mortgage
Trust
,
273,032
Series
2017-C4-A3
3.30%
10/15/2050
269,297
735,000
Series
2017-C6-B
4.15%
(f)
12/15/2050
676,691
200,000
Series
2018-C8-C
4.68%
(f)
02/15/2051
183,778
VEGAS
Trust
,
120,000
Series
2024-TI-A
5.52%
(c)
11/10/2039
120,321
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
Wells
Fargo
Commercial
Mortgage
Trust
,
735,000
Series
2017-C42-B
4.00%
(f)
12/15/2050
682,614
250,000
Series
2019-C50-C
4.35%
05/15/2052
228,102
210,000
Series
2020-C57-A4
2.12%
08/15/2053
190,398
260,311
Series
2020-C58-A3
1.81%
07/15/2053
235,055
246,000
Series
2021-C60-A3
2.06%
08/15/2054
221,474
250,000
Series
2024-5C1-A3
5.93%
07/15/2057
258,709
250,000
Series
2024-C63-C
6.12%
(f)
08/15/2057
248,580
345,000
Series
2025-5C4-A3
5.67%
05/15/2058
356,552
792,000
Series
2025-5C5-A3
5.59%
07/15/2058
817,537
489,000
Series
2025-5C6-AS
5.58%
(f)
10/15/2058
497,896
410,000
Series
2025-5C6-C
5.83%
(f)
10/15/2058
403,696
452,000
Series
2025-5C7-B
5.86%
(f)
12/15/2058
458,202
463,000
Series
2025-5C7-D
4.25%
(c)
12/15/2058
385,839
200,000
Series
2026-1250B-A
4.83%
(c)(f)
03/10/2041
198,246
774,000
Series
2026-5C8-A3
5.03%
03/15/2059
782,331
387,000
Series
2026-5C8-C
5.55%
03/15/2059
379,314
Total
Non-Agency
Commercial
Mortgage-Backed
Obligations
(Cost
$49,282,702)
49,442,136
NON-AGENCY
RESIDENTIAL
COLLATERALIZED
MORTGAGE
OBLIGATIONS
10.7%
BRAVO
Residential
Funding
Trust
,
905,338
Series
2023-NQM3-A1
4.85%
(c)(d)
09/25/2062
904,633
1,082,949
Series
2023-NQM5-A1
6.50%
(c)(d)
06/25/2063
1,084,666
1,000,000
Series
2026-NQM3-M1
5.63%
(c)(f)
11/25/2065
1,001,000
Citigroup
Mortgage
Loan
Trust
,
416,233
Series
2007-AR8-2A1A
4.97%
(f)
07/25/2037
372,692
COLT
Mortgage
Loan
Trust
,
682,764
Series
2024-5-A2
5.38%
(c)(d)
08/25/2069
682,082
Connecticut
Avenue
Securities
Trust
,
500,936
Series
2024-R03-
2M1
(SOFR
30
Day
Average
+
1.15%)
4.81%
(c)
03/25/2044
500,580
Cross
Mortgage
Trust
,
1,000,000
Series
2024-H1-M1
7.07%
(c)(f)
12/25/2068
1,006,529
Deephaven
Residential
Mortgage
Trust
,
693,680
Series
2022-2-A1
5.30%
(c)(f)
03/25/2067
677,039
2,300,000
Series
2025-INV1-M1
5.73%
(c)(f)
11/25/2060
2,267,361
EFMT
,
1,500,000
Series
2025-INV4-M1
6.00%
(c)(f)
10/25/2070
1,498,101
2,843,000
Series
2026-NQM1-M1
5.64%
(c)(f)
02/25/2071
2,794,420
FHLMC
STACR
REMICS
Trust
,
1,902,597
Series
2025-DNA1-M1
(SOFR
30
Day
Average
+
1.05%)
4.71%
(c)
01/25/2045
1,899,350
GS
Mortgage-Backed
Securities
Corp.
Trust
,
1,795,200
Series
2025-NQM6-A3
5.28%
(c)(d)
02/25/2066
1,789,453
1,070,000
Series
2025-NQM6-M1
5.70%
(c)(f)
02/25/2066
1,058,832
GS
Mortgage-Backed
Securities
Trust
,
1,058,816
Series
2025-NQM2-A1
5.65%
(c)(d)
06/25/2065
1,065,475
453,778
Series
2025-NQM2-A3
5.90%
(c)(d)
06/25/2065
455,922
1,365,000
Series
2025-NQM3-M1
5.93%
(c)(f)
11/25/2065
1,358,678
HOMES
Trust
,
1,497,935
Series
2023-NQM1-A1
6.18%
(c)(d)
01/25/2068
1,492,158
J.P.
Morgan
Mortgage
Trust
,
2,000,000
Series
2026-VIS1-M1
5.50%
(c)(f)
06/25/2066
1,968,636
Legacy
Mortgage
Asset
Trust
,
329,793
Series
2021-GS2-A1
5.75%
(c)(d)
04/25/2061
330,617
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
19
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
New
Residential
Mortgage
Loan
Trust
,
584,219
Series
2019-RPL2-A1
3.25%
(c)(f)
02/25/2059
569,915
539,512
Series
2024-NQM1-A1
6.13%
(c)(d)
03/25/2064
543,457
242,550
Series
2026-NQM1-A1
4.82%
(c)(f)
11/25/2065
240,490
242,550
Series
2026-NQM1-A2
5.08%
(c)(d)
11/25/2065
240,151
242,550
Series
2026-NQM1-A3
5.18%
(c)(d)
11/25/2065
240,189
1,100,000
Series
2026-NQM3-M1
5.42%
(c)(f)
02/25/2066
1,072,737
OBX
Trust
,
896,393
Series
2023-NQM10-A1
6.46%
(c)(d)
10/25/2063
902,820
566,523
Series
2023-NQM3-A3
6.76%
(c)(d)
02/25/2063
564,989
1,513,599
Series
2024-NQM16-A2
5.73%
(c)(d)
10/25/2064
1,521,773
805,708
Series
2024-NQM6-A1
6.45%
(c)(d)
02/25/2064
813,807
1,400,000
Series
2025-NQM23-M1
5.67%
(c)(f)
10/25/2065
1,388,776
984,330
Series
2026-NQM2-A1
4.82%
(c)(f)
12/01/2065
977,455
5,000,000
Series
2026-NQM5-A1
5.32%
(c)(f)
01/25/2066
4,999,981
PRPM
,
798,284
Series
2025-3-A1
6.26%
(c)(d)
05/25/2030
796,633
PRPM
LLC
,
1,802,140
Series
2025-4-A1
6.18%
(c)(d)
06/25/2030
1,800,268
900,540
Series
2025-5-A1
5.73%
(c)(d)
07/25/2030
899,339
1,256,847
Series
2025-6-A1
5.77%
(c)(d)
08/25/2028
1,255,089
PRPM
Trust
,
1,101,793
Series
2024-NQM4-A1
5.67%
(c)(d)
12/26/2069
1,106,502
4,700,000
Series
2025-NQM4-M1
5.83%
(c)(f)
07/25/2070
4,676,779
1,600,000
Series
2026-NQM1-M1
5.72%
(c)(f)
02/25/2071
1,600,566
RFMSI
Trust
,
1,168,141
Series
2006-S4-A7
6.00%
04/25/2036
932,707
Santander
Mortgage
Asset
Receivable
Trust
,
1,500,000
Series
2026-NQM1-M1
5.80%
(c)(f)
11/25/2065
1,485,061
Structured
Asset
Mortgage
Investments
II
Trust
,
973,148
Series
2007-AR3-1A3
(CME
Term
SOFR
1
Month
+
0.53%,
0.42%
Floor)
4.21%
09/25/2047
902,767
Towd
Point
Mortgage
Trust
,
1,180,414
Series
2018-5-A1
3.25%
(c)(f)
07/25/2058
1,139,508
1,708,085
Series
2020-2-A1A
1.64%
(c)(f)
04/25/2060
1,562,912
138,287
Series
2020-3-A1
3.09%
(c)(f)
02/25/2063
134,738
745,615
Series
2022-1-A1
3.75%
(c)(f)
07/25/2062
707,871
Verus
Securitization
Trust
,
376,281
Series
2021-8-A1
2.82%
(c)(f)
11/25/2066
345,197
608,814
Series
2023-4-A1
5.81%
(c)(d)
05/25/2068
607,808
1,530,579
Series
2023-INV3-A1
6.88%
(c)(f)
11/25/2068
1,543,620
600,690
Series
2024-1-A1
5.71%
(c)(d)
01/25/2069
602,408
1,200,000
Series
2025-11-M1
5.66%
(c)(f)
11/25/2070
1,186,903
1,980,600
Series
2025-3-A1
5.62%
(c)(d)
05/25/2070
1,996,449
3,232,236
Series
2025-4-A1
5.45%
(c)(d)
05/25/2070
3,246,344
1,300,000
Series
2025-R2-M1
5.82%
(c)(f)
07/25/2067
1,304,156
2,000,000
Series
2026-1-M1
5.67%
(c)(f)
01/25/2071
1,977,654
244,977
Series
2026-R1-A1
4.83%
(c)(f)
10/25/2067
243,006
244,977
Series
2026-R1-A2
5.03%
(c)(d)
10/25/2067
243,025
248,122
Series
2026-R1-A3
5.19%
(c)(d)
10/25/2067
246,144
5,000,000
Series
2026-R2-M1
5.53%
(c)(f)
10/25/2067
4,925,110
WaMu
Mortgage-Backed
Pass-Through
Certificates
Trust
,
312,160
Series
2006-AR16-2A1
4.12%
(f)
12/25/2036
279,336
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
Wells
Fargo
Mortgage-Backed
Securities
Trust
,
216,847
Series
2006-AR14-2A1
6.49%
(f)
10/25/2036
200,837
Total
Non-Agency
Residential
Collateralized
Mortgage
Obligations
(Cost
$76,239,646)
76,233,501
U.S.
CORPORATE
BONDS
13.4%
400,000
1261229
BC
Ltd.
10.00%
(c)
04/15/2032
409,876
70,000
AAR
Escrow
Issuer
LLC
6.75%
(c)
03/15/2029
71,295
340,000
AbbVie,
Inc.
4.70%
05/14/2045
303,479
165,000
Academy
Ltd.
6.00%
(c)
11/15/2027
165,623
395,000
Acrisure
LLC
6.75%
(c)
07/01/2032
381,014
270,000
Acushnet
Co.
5.63%
(c)
12/01/2033
268,586
60,000
AdaptHealth
LLC
5.13%
(c)
03/01/2030
57,527
80,000
Advanced
Drainage
Systems,
Inc.
5.38%
(c)
03/01/2034
78,050
90,000
AEP
Texas,
Inc.
5.45%
05/15/2029
92,319
137,000
AEP
Texas,
Inc.
5.20%
04/15/2036
134,786
160,000
Aethon
United
BR
LP
7.50%
(c)
10/01/2029
166,968
376,000
Agree
LP
5.63%
06/15/2034
384,136
388,000
Airbnb,
Inc.
5.25%
03/16/2036
388,545
350,000
Aircastle
Ltd.
5.25%
(c)
03/15/2030
353,151
372,000
Alliant
Energy
Corp.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.08%)
5.75%
04/01/2056
361,798
145,000
Alliant
Holdings
Intermediate
LLC
6.50%
(c)
10/01/2031
142,564
320,000
Allied
Universal
Holdco
LLC
7.88%
(c)
02/15/2031
330,203
85,000
Amentum
Holdings,
Inc.
7.25%
(c)
08/01/2032
88,040
120,000
American
Axle
&
Manufacturing,
Inc.
6.38%
(c)
10/15/2032
118,866
85,000
American
Axle
&
Manufacturing,
Inc.
7.75%
(c)
10/15/2033
82,799
445,000
American
Express
Co.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.15%)
5.41%
02/08/2041
442,037
450,000
American
Tower
Corp.
5.55%
07/15/2033
462,646
191,000
American
Tower
Corp.
3.70%
10/15/2049
137,418
400,000
Amgen,
Inc.
5.75%
03/02/2063
385,049
459,000
Amphenol
Corp.
5.30%
11/15/2055
431,386
249,000
Antero
Midstream
Partners
LP
5.75%
(c)
07/01/2034
245,539
125,000
Anywhere
Real
Estate
Group
LLC
5.25%
(c)
04/15/2030
118,203
110,000
Anywhere
Real
Estate
Group
LLC
7.00%
(c)
04/15/2030
110,242
80,000
Anywhere
Real
Estate
Group
LLC
9.75%
(c)
04/15/2030
84,993
182,000
APA
Corp.
6.10%
02/15/2035
186,981
329,000
AppLovin
Corp.
5.38%
12/01/2031
332,347
145,000
Archrock
Partners
LP
6.63%
(c)
09/01/2032
147,932
607,000
Arizona
Public
Service
Co.
5.90%
08/15/2055
597,670
20
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Opportunistic
Core
Bond
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
March
31,
2026
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
262,000
Arrow
Electronics,
Inc.
5.88%
04/10/2034
268,699
120,000
Arthur
J
Gallagher
&
Co.
4.85%
12/15/2029
121,354
659,000
AT&T,
Inc.
3.50%
09/15/2053
432,453
242,000
AT&T,
Inc.
6.05%
08/15/2056
238,510
258,000
AthenaHealth
Group,
Inc.
6.50%
(c)
02/15/2030
242,441
199,000
Athene
Global
Funding
4.72%
(c)
10/08/2029
195,894
158,000
Athene
Global
Funding
5.03%
(c)
07/17/2030
156,432
140,000
Atlassian
Corp.
5.25%
05/15/2029
140,874
163,000
Augusta
SpinCo
Corp.
5.25%
03/23/2036
163,102
374,000
AutoZone,
Inc.
5.13%
06/15/2030
380,581
331,000
Aviation
Capital
Group
LLC
5.38%
(c)
07/15/2029
336,418
90,000
Azorra
Finance
Ltd.
7.75%
(c)
04/15/2030
92,774
195,000
Azorra
Finance
Ltd.
7.25%
(c)
01/15/2031
197,062
307,000
Baker
Hughes
Holdings
LLC
5.00%
06/15/2036
301,532
179,000
Bank
of
America
Corp.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.68%)
6.63%
(e)
05/01/2030
183,637
235,000
Bank
of
America
Corp.
(SOFR
+
1.65%)
5.47%
01/23/2035
239,963
232,000
Bank
of
America
Corp.
(SOFR
+
1.70%)
5.74%
02/12/2036
236,091
360,000
Bank
of
New
York
Mellon
Corp.
(The)
(SOFR
+
1.23%)
5.06%
07/22/2032
367,075
307,000
Bank
of
New
York
Mellon
Corp.
(The)
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.03%)
5.63%
(e)
03/20/2031
300,866
189,000
Bausch
+
Lomb
Corp.
8.38%
(c)
10/01/2028
195,379
317,000
Black
Hills
Corp.
6.00%
01/15/2035
329,231
455,000
Black
Hills
Corp.
3.88%
10/15/2049
332,049
319,000
Block
Financial
LLC
5.38%
09/15/2032
309,741
176,000
Broadcom,
Inc.
4.95%
01/15/2036
173,647
114,000
Brown
&
Brown,
Inc.
6.25%
06/23/2055
113,785
120,000
Buckeye
Partners
LP
6.88%
(c)
07/01/2029
123,574
155,000
Builders
FirstSource,
Inc.
6.38%
(c)
03/01/2034
153,212
130,000
Builders
FirstSource,
Inc.
6.75%
(c)
05/15/2035
130,038
374,000
Bunge
Ltd.
Finance
Corp.
4.65%
09/17/2034
362,500
391,000
Burlington
Northern
Santa
Fe
LLC
5.50%
03/15/2055
377,219
150,000
Caesars
Entertainment,
Inc.
6.00%
(c)
10/15/2032
138,184
292,000
Cardinal
Health,
Inc.
4.60%
03/15/2043
252,768
27,000
Cardinal
Health,
Inc.
4.50%
11/15/2044
22,671
106,000
Carnival
Corp.
5.13%
(c)
05/01/2029
105,280
270,000
Carnival
Corp.
5.75%
(c)
08/01/2032
270,250
148,000
Carnival
Corp.
6.13%
(c)
02/15/2033
149,558
46,000
CCO
Holdings
LLC
5.13%
(c)
05/01/2027
45,979
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
280,000
CCO
Holdings
LLC
4.75%
(c)
03/01/2030
265,861
230,000
CCO
Holdings
LLC
4.75%
(c)
02/01/2032
208,141
90,000
CCO
Holdings
LLC
4.25%
(c)
01/15/2034
77,078
85,000
CCO
Holdings
LLC
7.38%
(c)
02/01/2036
84,723
145,000
Celanese
US
Holdings
LLC
6.50%
04/15/2030
148,069
80,000
Celanese
US
Holdings
LLC
6.75%
04/15/2033
82,128
190,000
Charles
Schwab
Corp.
(The)
(SOFR
+
0.94%)
4.34%
11/14/2031
187,973
50,000
Chemours
Co.
(The)
7.88%
(c)
03/15/2034
50,035
552,000
Cheniere
Energy,
Inc.
4.63%
10/15/2028
550,717
336,000
Cheniere
Energy,
Inc.
5.65%
04/15/2034
346,027
31,000
Cheniere
Energy,
Inc.
6.00%
(c)
07/30/2056
30,911
105,000
Chord
Energy
Corp.
6.00%
(c)
10/01/2030
106,455
172,000
Chord
Energy
Corp.
6.75%
(c)
03/15/2033
177,689
150,000
CHS/Community
Health
Systems,
Inc.
6.00%
(c)
01/15/2029
148,441
120,000
Cipher
Compute
LLC
7.13%
(c)
11/15/2030
124,473
382,000
Citigroup,
Inc.
(SOFR
+
1.46%)
4.95%
05/07/2031
384,608
184,000
Citigroup,
Inc.
(SOFR
+
1.17%)
4.50%
09/11/2031
181,952
481,000
Citigroup,
Inc.
(SOFR
+
1.35%)
3.06%
01/25/2033
435,100
245,000
Citigroup,
Inc.
(5-year
CMT
T-Note
+
2.89%)
6.88%
(e)
08/15/2030
246,888
335,000
Clarios
Global
LP
6.75%
(c)
02/15/2030
342,774
315,000
Clarios
Global
LP
6.75%
(c)
09/15/2032
317,718
25,000
Clear
Channel
Outdoor
Holdings,
Inc.
7.75%
(c)
04/15/2028
25,136
100,000
Clear
Channel
Outdoor
Holdings,
Inc.
7.50%
(c)
06/01/2029
100,480
185,000
Clear
Channel
Outdoor
Holdings,
Inc.
7.13%
(c)
02/15/2031
193,937
80,000
Cloud
Software
Group,
Inc.
9.00%
(c)
09/30/2029
77,250
100,000
Cloud
Software
Group,
Inc.
6.63%
(c)
08/15/2033
88,998
210,000
Clydesdale
Acquisition
Holdings,
Inc.
6.75%
(c)
04/15/2032
198,940
189,000
CMS
Energy
Corp.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.96%)
6.50%
06/01/2055
192,498
191,000
CNH
Industrial
Capital
LLC
4.38%
03/07/2031
186,748
170,000
CNX
Resources
Corp.
5.88%
(c)
03/01/2034
165,680
176,000
Colonial
Enterprises,
Inc.
5.63%
(c)
11/15/2035
175,968
260,000
Columbus
McKinnon
Corp.
7.13%
(c)
02/01/2033
260,123
511,000
Commonwealth
Edison
Co.
5.95%
06/01/2055
518,302
338,000
Constellation
Energy
Generation
LLC
4.40%
01/15/2031
333,733
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
21
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
287,000
Consumers
Energy
Co.
4.50%
01/15/2031
287,617
75,000
CoreWeave,
Inc.
9.25%
(c)
06/01/2030
72,946
65,000
Cougar
JV
Subsidiary
LLC
8.00%
(c)
05/15/2032
67,257
250,000
CQP
Holdco
LP
5.50%
(c)
06/15/2031
243,926
51,000
Crescent
Energy
Finance
LLC
7.88%
(c)
04/15/2032
52,142
371,000
CRH
America
Finance,
Inc.
4.40%
02/09/2031
365,800
660,000
CSX
Corp.
3.80%
11/01/2046
507,478
325,000
Dcli
Bidco
LLC
7.75%
(c)
11/15/2029
328,915
530,000
Dealer
Tire
LLC
8.00%
(c)
02/01/2028
518,543
166,000
Dell,
Inc.
6.50%
04/15/2038
176,516
198,000
Delta
Air
Lines,
Inc.
5.25%
07/10/2030
199,388
60,000
Directv
Financing
LLC
5.88%
(c)
08/15/2027
59,974
270,000
Directv
Financing
LLC
8.88%
(c)
02/01/2030
269,737
145,000
Discovery
Global
Holdings,
Inc.
4.05%
03/15/2029
140,378
60,000
Discovery
Global
Holdings,
Inc.
4.28%
03/15/2032
53,175
105,000
Discovery
Global
Holdings,
Inc.
5.05%
03/15/2042
69,437
275,000
DISH
DBS
Corp.
5.75%
(c)
12/01/2028
266,144
200,000
DISH
DBS
Corp.
5.13%
06/01/2029
178,952
160,000
Dornoch
Debt
Merger
Sub,
Inc.
6.63%
(c)
10/15/2029
142,996
246,000
DTE
Energy
Co.
5.85%
06/01/2034
257,673
105,000
Duke
Energy
Corp.
5.00%
08/15/2052
89,929
384,000
Duke
Energy
Corp.
5.80%
06/15/2054
367,939
258,000
Eastern
Energy
Gas
Holdings
LLC
5.65%
10/15/2054
243,175
300,000
Eaton
Corp.
4.80%
03/06/2036
296,303
70,000
EchoStar
Corp.
10.75%
11/30/2029
75,661
210,000
Elevance
Health,
Inc.
4.55%
05/15/2052
169,309
225,000
Ellucian
Holdings,
Inc.
6.50%
(c)
12/01/2029
220,334
265,000
EMRLD
Borrower
LP
6.63%
(c)
12/15/2030
269,852
260,000
Energizer
Holdings,
Inc.
6.00%
(c)
09/15/2033
243,824
377,000
Energy
Transfer
LP
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.31%)
7.13%
(e)
05/15/2030
384,713
350,000
Entergy
Corp.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.67%)
7.13%
12/01/2054
358,835
439,000
Entergy
Louisiana
LLC
5.80%
03/15/2055
430,795
260,000
Enterprise
Products
Operating
LLC
5.70%
02/15/2042
260,567
170,000
Equinix,
Inc.
3.90%
04/15/2032
160,568
340,000
Equinix,
Inc.
2.95%
09/15/2051
208,275
374,000
Essential
Properties
LP
5.40%
12/01/2035
368,357
203,000
Essential
Utilities,
Inc.
5.13%
03/15/2036
200,246
315,000
Evergy
Kansas
Central,
Inc.
4.13%
03/01/2042
264,205
269,000
Evergy
Kansas
Central,
Inc.
5.70%
03/15/2053
264,872
241,000
Expand
Energy
Corp.
6.75%
(c)
04/15/2029
241,173
188,000
Expand
Energy
Corp.
4.75%
02/01/2032
183,256
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
329,000
Extra
Space
Storage
LP
5.40%
06/15/2035
330,662
59,000
Fedex
Freight
Holding
Co.,
Inc.
4.95%
(c)
03/15/2033
57,564
85,000
Fertitta
Entertainment
LLC
6.75%
(c)
01/15/2030
79,459
327,000
First
Industrial
LP
5.25%
01/15/2031
330,583
299,000
Fiserv,
Inc.
4.55%
02/15/2031
292,908
170,000
Flash
Compute
LLC
7.25%
(c)
12/31/2030
171,367
165,000
Flex
Ltd.
5.38%
11/13/2035
162,216
161,000
Florida
Gas
Transmission
Co.
LLC
5.75%
(c)
07/15/2035
165,265
105,000
Freedom
Mortgage
Holdings
LLC
8.38%
(c)
04/01/2032
103,397
140,000
Full
House
Resorts,
Inc.
8.25%
(c)
02/15/2028
127,750
219,000
Gabx
Leasing
LLC
4.63%
(c)
04/15/2031
215,958
561,000
GATX
Corp.
5.20%
03/15/2044
517,013
554,000
GE
HealthCare
Technologies,
Inc.
4.80%
01/15/2031
557,600
190,000
GE
HealthCare
Technologies,
Inc.
4.95%
12/15/2035
186,408
365,000
GE
Vernova,
Inc.
5.50%
02/04/2056
351,379
355,000
General
Motors
Financial
Co.,
Inc.
4.60%
01/08/2031
350,027
355,000
Genesee
&
Wyoming,
Inc.
6.25%
(c)
04/15/2032
359,686
195,000
Getty
Images,
Inc.
10.50%
(c)
11/15/2030
175,067
350,000
GFL
Environmental
Holdings
US,
Inc.
5.50%
(c)
02/01/2034
343,716
170,000
Global
Payments,
Inc.
4.95%
08/15/2027
170,370
161,000
Global
Payments,
Inc.
5.55%
11/15/2035
155,223
304,000
GLP
Capital
LP
5.63%
03/01/2036
295,951
95,000
Goat
Holdco
LLC
6.75%
(c)
02/01/2032
95,664
131,000
Goldman
Sachs
Group,
Inc.
(The)
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.46%)
6.85%
(e)
02/10/2030
133,612
322,000
Goldman
Sachs
Group,
Inc.
(The)
(SOFR
+
1.06%)
4.37%
10/21/2031
315,794
179,000
Goldman
Sachs
Group,
Inc.
(The)
(SOFR
+
0.96%)
4.52%
01/21/2032
176,324
316,000
Goldman
Sachs
Group,
Inc.
(The)
(SOFR
+
1.33%)
4.94%
10/21/2036
306,134
300,000
Graham
Holdings
Co.
5.63%
(c)
12/01/2033
294,638
220,000
Gray
Media,
Inc.
9.63%
(c)
07/15/2032
220,191
140,000
Gray
Media,
Inc.
7.25%
(c)
08/15/2033
141,181
365,000
Griffon
Corp.
5.75%
03/01/2028
364,507
215,000
Guardian
Life
Global
Funding
4.80%
(c)
04/28/2030
216,370
155,000
Gulfport
Energy
Operating
Corp.
6.75%
(c)
09/01/2029
158,715
160,000
Harvest
Midstream
I
LP
7.50%
(c)
05/15/2032
163,409
130,000
Herc
Holdings,
Inc.
7.00%
(c)
06/15/2030
133,391
50,000
Herc
Holdings,
Inc.
5.75%
(c)
03/15/2031
49,288
50,000
Herc
Holdings,
Inc.
6.00%
(c)
03/15/2034
48,389
140,000
Hightower
Holding
LLC
6.75%
(c)
04/15/2029
137,577
22
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Opportunistic
Core
Bond
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
March
31,
2026
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
170,000
Hilcorp
Energy
I
LP
7.25%
(c)
02/15/2035
169,613
175,000
Hilton
Domestic
Operating
Co.,
Inc.
5.75%
(c)
09/15/2033
174,348
325,000
Honeywell
Aerospace,
Inc.
4.95%
(c)
03/16/2036
322,591
95,000
HUB
International
Ltd.
7.25%
(c)
06/15/2030
97,373
332,000
Hubbell,
Inc.
4.80%
11/15/2035
323,477
213,000
Huntington
Bancshares,
Inc.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.17%)
2.49%
08/15/2036
182,962
410,000
Hyundai
Capital
America
5.30%
(c)
01/08/2029
415,705
327,000
Illumina,
Inc.
4.75%
12/12/2030
325,598
187,000
Jabil,
Inc.
4.75%
02/01/2033
182,165
620,000
Jacobs
Solutions,
Inc.
5.38%
03/03/2036
605,062
125,000
JBS
NV
5.63%
(c)
03/10/2037
125,469
403,000
JBS
NV
6.25%
03/01/2056
395,565
55,000
JetBlue
Airways
Corp.
9.88%
(c)
09/20/2031
52,053
284,000
JPMorgan
Chase
&
Co.
(SOFR
+
1.01%)
5.14%
01/24/2031
289,261
466,000
JPMorgan
Chase
&
Co.
(SOFR
+
1.44%)
5.10%
04/22/2031
474,548
182,000
JPMorgan
Chase
&
Co.
(SOFR
+
1.64%)
5.58%
07/23/2036
184,379
328,000
JPMorgan
Chase
&
Co.
(SOFR
+
1.19%)
4.81%
10/22/2036
318,597
192,000
Kentucky
Utilities
Co.
5.85%
08/15/2055
191,051
167,000
Kinder
Morgan
Energy
Partners
LP
6.95%
01/15/2038
186,548
120,000
Kodiak
Gas
Services
LLC
7.25%
(c)
02/15/2029
124,393
80,000
Kodiak
Gas
Services
LLC
6.50%
(c)
10/01/2033
80,919
80,000
Kodiak
Gas
Services
LLC
6.75%
(c)
10/01/2035
81,333
289,000
Kroger
Co.
(The)
5.65%
09/15/2064
268,158
690,000
Kyndryl
Holdings,
Inc.
4.10%
10/15/2041
481,046
386,000
Laboratory
Corp.
of
America
Holdings
4.55%
04/01/2032
381,411
165,000
Laboratory
Corp.
of
America
Holdings
4.70%
02/01/2045
144,645
270,000
Lamar
Media
Corp.
5.38%
(c)
11/01/2033
264,494
245,000
Level
3
Financing,
Inc.
6.88%
(c)
06/30/2033
249,682
90,000
LFS
Topco
LLC
8.75%
(c)
07/15/2030
86,082
560,000
Life
Time,
Inc.
6.00%
(c)
11/15/2031
564,736
115,000
LifePoint
Health,
Inc.
10.00%
(c)
06/01/2032
117,585
170,000
Light
&
Wonder
International,
Inc.
6.25%
(c)
10/01/2033
166,680
140,000
Lindblad
Expeditions
LLC
7.00%
(c)
09/15/2030
143,023
293,000
Lockheed
Martin
Corp.
5.00%
08/15/2035
295,809
195,000
Lowe's
Cos.,
Inc.
5.63%
04/15/2053
184,509
180,000
Madison
IAQ
LLC
5.88%
(c)
06/30/2029
176,640
300,000
Marriott
International,
Inc.
4.50%
10/15/2031
296,624
320,000
Marriott
International,
Inc.
5.30%
05/15/2034
323,109
335,000
Mars,
Inc.
5.70%
(c)
05/01/2055
326,877
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
180,000
Marsh
&
McLennan
Cos.,
Inc.
4.95%
03/15/2036
178,394
358,000
Marvell
Technology,
Inc.
5.95%
09/15/2033
379,018
549,000
MasTec,
Inc.
5.90%
06/15/2029
567,434
100,000
Matador
Resources
Co.
6.50%
(c)
04/15/2032
101,162
110,000
Matador
Resources
Co.
6.00%
(c)
04/15/2034
109,372
75,000
Match
Group
Holdings
II
LLC
5.00%
(c)
12/15/2027
74,736
90,000
Mativ
Holdings,
Inc.
8.00%
(c)
10/01/2029
83,937
330,000
Mattel,
Inc.
5.00%
11/17/2030
328,087
40,000
Mavis
Tire
Express
Services
Topco
Corp.
6.50%
(c)
05/15/2029
39,715
310,000
McDonald's
Corp.
4.45%
03/01/2047
258,765
255,000
McDonald's
Corp.
5.45%
08/14/2053
242,000
55,000
McGraw-Hill
Education,
Inc.
5.75%
(c)
08/01/2028
54,423
175,000
McGraw-Hill
Education,
Inc.
7.38%
(c)
09/01/2031
178,764
504,000
Medline
Borrower
LP
5.25%
(c)
10/01/2029
499,866
384,000
Merck
&
Co.,
Inc.
5.70%
09/15/2055
381,617
570,000
MetLife,
Inc.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.08%)
6.35%
03/15/2055
578,673
110,000
Michaels
Cos.,
Inc.
(The)
8.50%
(c)
03/15/2033
107,200
135,000
Midwest
Gaming
Borrower
LLC
4.88%
(c)
05/01/2029
131,000
265,000
Miter
Brands
Acquisition
Holdco,
Inc.
6.75%
(c)
04/01/2032
253,970
297,000
Molex
Electronic
Technologies
LLC
5.25%
(c)
04/30/2032
301,381
178,000
Morgan
Stanley
(SOFR
+
0.80%)
4.24%
01/09/2030
176,241
205,000
Morgan
Stanley
(SOFR
+
1.18%)
5.07%
01/30/2037
200,919
107,000
Morgan
Stanley
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.43%)
5.95%
01/19/2038
109,666
209,000
Morgan
Stanley
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.80%)
5.94%
02/07/2039
213,742
159,000
Morgan
Stanley
(SOFR
+
1.07%)
4.36%
10/22/2031
155,855
218,000
Motorola
Solutions,
Inc.
5.20%
08/15/2032
221,196
373,000
Motorola
Solutions,
Inc.
5.50%
09/01/2044
357,715
200,000
MPLX
LP
5.30%
04/01/2036
197,214
110,000
Nabors
Industries,
Inc.
9.13%
(c)
01/31/2030
115,562
105,000
Nabors
Industries,
Inc.
7.63%
(c)
11/15/2032
107,550
89,000
National
Fuel
Gas
Co.
5.95%
03/15/2035
92,126
80,000
NCL
Corp.
Ltd.
5.88%
(c)
01/15/2031
77,773
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
23
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
80,000
NCL
Corp.
Ltd.
6.25%
(c)
09/15/2033
77,683
100,000
Neptune
Bidco
US,
Inc.
10.38%
(c)
05/15/2031
100,991
137,000
New
York
Life
Insurance
Co.
6.75%
(c)
11/15/2039
153,159
95,000
Newell
Brands,
Inc.
6.38%
05/15/2030
91,267
260,000
Nexstar
Media,
Inc.
6.50%
(c)
09/15/2033
262,138
55,000
Nexstar
Media,
Inc.
7.25%
(c)
04/15/2034
55,222
154,000
NextEra
Energy
Capital
Holdings,
Inc.
5.90%
03/15/2055
151,281
60,000
NGL
Energy
Operating
LLC
8.13%
(c)
02/15/2029
61,848
340,000
NiSource,
Inc.
5.35%
04/01/2034
346,085
214,000
NiSource,
Inc.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.45%)
6.95%
11/30/2054
220,209
197,000
NiSource,
Inc.
5.85%
04/01/2055
191,641
140,000
Nissan
Motor
Acceptance
Co.
LLC
6.13%
(c)
09/30/2030
134,667
355,000
Northrop
Grumman
Corp.
5.20%
06/01/2054
327,397
409,000
Novartis
Capital
Corp.
5.70%
03/18/2056
412,211
145,000
Novelis
Corp.
6.88%
(c)
01/30/2030
146,370
140,000
NRG
Energy,
Inc.
6.00%
(c)
02/01/2033
140,125
200,000
NRG
Energy,
Inc.
5.75%
(c)
01/15/2034
197,417
120,000
OAK-Eagle
Acquireco,
Inc.
7.25%
(c)
07/01/2033
124,409
65,000
OAK-Eagle
Acquireco,
Inc.
8.75%
(c)
07/01/2034
68,091
95,000
Olin
Corp.
6.63%
(c)
04/01/2033
93,050
389,000
Omega
Healthcare
Investors,
Inc.
3.38%
02/01/2031
359,886
135,000
OneMain
Finance
Corp.
7.50%
05/15/2031
135,807
200,000
OneMain
Finance
Corp.
6.50%
03/15/2033
191,368
201,000
ONEOK,
Inc.
4.55%
07/15/2028
201,282
176,000
O'Reilly
Automotive,
Inc.
5.00%
08/19/2034
174,132
99,000
Outfront
Media
Capital
LLC
7.38%
(c)
02/15/2031
103,285
160,000
Owens
Corning
5.70%
06/15/2034
165,460
200,000
Panther
Escrow
Issuer
LLC
7.13%
(c)
06/01/2031
200,773
230,000
Park
Intermediate
Holdings
LLC
7.00%
(c)
02/01/2030
232,967
476,000
Paychex,
Inc.
5.35%
04/15/2032
478,615
95,000
Penn
Entertainment,
Inc.
6.75%
(c)
04/01/2031
92,372
155,000
PennyMac
Financial
Services,
Inc.
7.88%
(c)
12/15/2029
158,653
230,000
PennyMac
Financial
Services,
Inc.
6.88%
(c)
05/15/2032
222,184
432,000
Penske
Truck
Leasing
Co.
LP
5.25%
(c)
02/01/2030
438,663
125,000
Performance
Food
Group,
Inc.
5.63%
(c)
03/01/2034
120,700
216,000
Permian
Resources
Operating
LLC
6.25%
(c)
02/01/2033
220,174
250,000
PetSmart
LLC
7.50%
(c)
09/15/2032
251,404
250,000
PetSmart
LLC
10.00%
(c)
09/15/2033
249,707
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
282,000
Philip
Morris
International,
Inc.
5.38%
02/15/2033
289,980
175,000
Philip
Morris
International,
Inc.
5.25%
02/13/2034
178,279
331,000
Phillips
Edison
Grocery
Center
Operating
Partnership
I
LP
5.25%
08/15/2032
332,505
189,000
PNC
Financial
Services
Group,
Inc.
(The)
(SOFR
+
1.42%)
5.37%
07/21/2036
189,909
179,000
PNC
Financial
Services
Group,
Inc.
(The)
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.17%)
5.42%
01/25/2041
175,435
300,000
Post
Holdings,
Inc.
6.38%
(c)
03/01/2033
295,814
395,000
Progressive
Corp.
(The)
5.15%
03/26/2036
395,728
177,000
PSEG
Power
LLC
5.20%
(c)
05/15/2030
179,819
110,000
Qnity
Electronics,
Inc.
6.25%
(c)
08/15/2033
111,363
374,000
Qorvo,
Inc.
3.38%
(c)
04/01/2031
338,521
483,000
Quest
Diagnostics,
Inc.
5.00%
12/15/2034
479,868
390,000
Quikrete
Holdings,
Inc.
6.75%
(c)
03/01/2033
396,402
105,000
QXO
Building
Products,
Inc.
6.75%
(c)
04/30/2032
107,191
265,000
Radiology
Partners,
Inc.
8.50%
(c)
07/15/2032
269,007
400,000
Rentokil
Terminix
Funding
LLC
5.00%
(c)
04/28/2030
401,749
205,000
RHP
Hotel
Properties
LP
6.50%
(c)
06/15/2033
208,892
105,000
RHP
Hotel
Properties
LP
5.75%
(c)
03/15/2034
103,703
270,000
Rivers
Enterprise
Borrower
LLC
6.25%
(c)
10/15/2030
269,477
295,000
Rivers
Enterprise
Borrower
LLC
6.63%
(c)
02/01/2033
293,068
125,000
Rocket
Cos.,
Inc.
6.38%
(c)
08/01/2033
126,499
378,000
Rollins,
Inc.
5.25%
02/24/2035
377,930
304,000
Roper
Technologies,
Inc.
4.25%
09/15/2028
302,140
161,000
Royal
Caribbean
Cruises
Ltd.
5.38%
(c)
07/15/2027
161,626
266,000
Royal
Caribbean
Cruises
Ltd.
5.38%
01/15/2036
261,440
169,000
Royalty
Pharma
plc
5.15%
09/02/2029
172,074
439,000
Royalty
Pharma
plc
3.30%
09/02/2040
333,149
210,000
Sabra
Health
Care
LP
3.90%
10/15/2029
203,955
51,000
Sabre
GLBL,
Inc.
10.75%
(c)
11/15/2029
43,605
71,000
Sabre
GLBL,
Inc.
10.75%
(c)
03/15/2030
60,052
90,000
Select
Medical
Corp.
6.25%
(c)
12/01/2032
85,863
235,000
Sirius
XM
Radio
LLC
5.50%
(c)
07/01/2029
234,366
90,000
Sirius
XM
Radio
LLC
5.88%
(c)
04/15/2032
89,492
145,000
SM
Energy
Co.
7.00%
(c)
08/01/2032
148,168
175,000
Solstice
Advanced
Materials,
Inc.
5.63%
(c)
09/30/2033
172,731
194,000
Solventum
Corp.
5.40%
03/01/2029
198,485
115,000
Sonoco
Products
Co.
4.60%
09/01/2029
114,712
91,000
Sonoco
Products
Co.
5.00%
09/01/2034
89,062
24
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Opportunistic
Core
Bond
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
March
31,
2026
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
161,000
Southern
Co.
(The)
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.07%)
6.38%
03/15/2055
165,659
198,000
Southern
Natural
Gas
Co.
LLC
5.45%
(c)
08/01/2035
201,704
145,000
Spirit
AeroSystems,
Inc.
4.60%
06/15/2028
145,143
265,000
Standard
Building
Solutions,
Inc.
6.50%
(c)
08/15/2032
265,372
105,000
Standard
Building
Solutions,
Inc.
5.88%
(c)
03/15/2034
101,350
160,000
Staples,
Inc.
10.75%
(c)
09/01/2029
148,094
235,000
Starwood
Property
Trust,
Inc.
5.25%
(c)
10/15/2028
232,473
62,000
Store
Capital
LLC
4.95%
(c)
02/11/2031
61,490
240,000
SV
RNO
Property
Owner
1
LLC
5.88%
(c)
03/01/2031
237,381
600,000
Takeda
US
Financing,
Inc.
5.90%
07/07/2055
598,150
120,000
Talen
Energy
Supply
LLC
6.25%
(c)
02/01/2034
118,748
60,000
Tallgrass
Energy
Partners
LP
7.38%
(c)
02/15/2029
61,761
80,000
Tallgrass
Energy
Partners
LP
6.75%
(c)
03/15/2034
80,454
202,000
Targa
Resources
Corp.
4.35%
01/15/2029
201,199
150,000
Taylor
Morrison
Communities,
Inc.
5.75%
(c)
11/15/2032
150,310
25,000
Tenet
Healthcare
Corp.
5.50%
(c)
11/15/2032
24,787
25,000
Tenet
Healthcare
Corp.
6.00%
(c)
11/15/2033
25,316
377,000
Textron,
Inc.
5.50%
05/15/2035
383,706
280,000
T-Mobile
USA,
Inc.
5.50%
01/15/2055
257,122
204,000
T-Mobile
USA,
Inc.
5.25%
06/15/2055
181,594
96,000
T-Mobile
USA,
Inc.
5.88%
11/15/2055
93,679
474,000
Trans-Allegheny
Interstate
Line
Co.
5.00%
(c)
01/15/2031
481,724
100,000
TransDigm,
Inc.
6.88%
(c)
12/15/2030
102,529
235,000
TransDigm,
Inc.
6.38%
(c)
05/31/2033
233,933
70,000
TransDigm,
Inc.
6.25%
(c)
01/31/2034
70,829
70,000
TransDigm,
Inc.
6.75%
(c)
01/31/2034
70,970
309,000
Travelers
Cos.,
Inc.
(The)
4.60%
08/01/2043
273,168
54,000
Truist
Financial
Corp.
(SOFR
+
2.45%)
7.16%
10/30/2029
57,414
359,000
Truist
Financial
Corp.
(SOFR
+
1.57%)
5.15%
08/05/2032
363,853
359,000
Uber
Technologies,
Inc.
4.80%
09/15/2034
351,660
320,000
UKG,
Inc.
6.88%
(c)
02/01/2031
313,015
149,000
United
Airlines
Holdings,
Inc.
4.88%
03/01/2029
146,107
630,000
United
Airlines
Holdings,
Inc.
5.38%
03/01/2031
617,757
355,000
United
Airlines,
Inc.
4.63%
(c)
04/15/2029
348,532
281,000
United
Natural
Foods,
Inc.
6.75%
(c)
10/15/2028
281,481
275,000
United
Rentals
North
America,
Inc.
5.38%
(c)
11/15/2033
267,693
115,000
Uniti
Group
LP
8.63%
(c)
06/15/2032
117,208
105,000
Uniti
Services
LLC
7.50%
(c)
10/15/2033
109,239
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
255,000
Univision
Communications,
Inc.
7.38%
(c)
06/30/2030
250,052
225,000
US
Foods,
Inc.
5.75%
(c)
04/15/2033
224,219
60,000
Vail
Resorts,
Inc.
6.50%
(c)
05/15/2032
60,711
95,000
Venture
Global
LNG,
Inc.
8.13%
(c)
06/01/2028
97,206
155,000
Venture
Global
LNG,
Inc.
8.38%
(c)
06/01/2031
161,277
45,000
Venture
Global
LNG,
Inc.
9.88%
(c)
02/01/2032
48,351
80,000
Venture
Global
Plaquemines
LNG
LLC
6.13%
(c)
12/15/2030
82,318
205,000
Venture
Global
Plaquemines
LNG
LLC
7.50%
(c)
05/01/2033
225,457
145,000
Venture
Global
Plaquemines
LNG
LLC
6.50%
(c)
01/15/2034
151,246
147,000
Veralto
Corp.
5.45%
09/18/2033
150,188
353,000
VeriSign,
Inc.
5.25%
06/01/2032
355,695
405,000
Verisk
Analytics,
Inc.
5.25%
06/05/2034
403,602
210,000
Veritiv
Operating
Co.
10.50%
(c)
11/30/2030
218,505
551,000
Verizon
Communications,
Inc.
5.75%
11/30/2045
536,993
799,000
Vertiv
Group
Corp.
4.13%
(c)
11/15/2028
787,384
135,000
Vertiv
Holdings
Co.
5.80%
03/15/2056
129,868
479,000
VICI
Properties
LP
4.63%
(c)
12/01/2029
471,066
690,000
Victra
Holdings
LLC
8.75%
(c)
09/15/2029
716,684
805,000
Viking
Cruises
Ltd.
5.88%
(c)
10/15/2033
795,362
199,000
Viper
Energy
Partners
LLC
4.90%
08/01/2030
199,241
231,000
Virginia
Electric
and
Power
Co.
5.55%
08/15/2054
218,979
206,000
Virginia
Electric
and
Power
Co.
5.60%
09/15/2055
196,184
353,000
Vistra
Operations
Co.
LLC
4.38%
(c)
05/01/2029
344,820
60,000
Vistra
Operations
Co.
LLC
7.75%
(c)
10/15/2031
62,878
205,000
Voyager
Parent
LLC
9.25%
(c)
07/01/2032
212,962
238,000
VSP
Optical
Group,
Inc.
5.45%
(c)
12/01/2035
233,395
115,000
VT
Topco,
Inc.
8.50%
(c)
08/15/2030
117,021
90,000
Walker
&
Dunlop,
Inc.
6.63%
(c)
04/01/2033
88,064
350,000
Wand
NewCo
3,
Inc.
7.63%
(c)
01/30/2032
358,061
216,000
Waste
Connections,
Inc.
5.25%
09/01/2035
220,662
145,000
Watco
Cos.
LLC
7.13%
(c)
08/01/2032
149,059
105,000
Wayfair
LLC
7.25%
(c)
10/31/2029
107,252
140,000
Wayfair
LLC
6.75%
(c)
11/15/2032
141,175
250,000
WBI
Operating
LLC
6.50%
(c)
10/15/2033
248,264
275,000
Weatherford
International
Ltd.
6.75%
(c)
10/15/2033
281,165
229,000
WEC
Energy
Group,
Inc.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.91%)
5.63%
05/15/2056
224,651
730,000
Wells
Fargo
&
Co.
(SOFR
+
1.50%)
5.15%
04/23/2031
742,608
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
25
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
656,000
Wells
Fargo
&
Co.
(SOFR
+
1.34%)
4.89%
09/15/2036
638,498
263,000
WESCO
Distribution,
Inc.
6.38%
(c)
03/15/2033
268,161
95,000
WESCO
Distribution,
Inc.
5.50%
(c)
04/15/2034
93,798
201,000
Western
Midstream
Operating
LP
5.50%
12/15/2035
197,780
512,000
Westinghouse
Air
Brake
Technologies
Corp.
4.90%
05/29/2030
517,769
125,000
Whirlpool
Corp.
6.50%
06/15/2033
118,579
346,000
Williams
Cos.,
Inc.
(The)
5.95%
03/15/2056
340,780
349,000
Willis
North
America,
Inc.
4.55%
03/15/2031
344,159
100,000
Windstream
Services
LLC
8.25%
(c)
10/01/2031
104,584
231,000
Workday,
Inc.
3.80%
04/01/2032
214,523
185,000
WR
Grace
Holdings
LLC
5.63%
(c)
08/15/2029
170,327
250,000
WRKCo,
Inc.
4.90%
03/15/2029
252,426
210,000
XHR
LP
6.63%
(c)
05/15/2030
212,280
160,000
XPO,
Inc.
7.13%
(c)
06/01/2031
164,915
319,000
Zoetis,
Inc.
4.70%
02/01/2043
284,723
Total
U.S.
Corporate
Bonds
(Cost
$95,704,889)
95,346,856
U.S.
GOVERNMENT
AND
AGENCY
MORTGAGE-BACKED
OBLIGATIONS
21.3%
FHLMC
REMICS
,
1,850,681
Series
5015-CG
1.00%
09/25/2050
1,475,265
FHLMC
UMBS
,
3,573,414
Pool
QY4482
5.50%
06/01/2055
3,610,171
1,556,943
Pool
RA7939
5.00%
09/01/2052
1,546,723
1,078,087
Pool
SD2347
5.50%
02/01/2053
1,101,665
2,756,229
Pool
SD2969
2.50%
05/01/2052
2,372,336
1,391,696
Pool
SD3033
5.50%
05/01/2053
1,433,272
5,367,043
Pool
SD3081
5.50%
06/01/2053
5,448,995
1,355,818
Pool
SD3803
2.00%
02/01/2052
1,119,431
1,239,564
Pool
SD3892
5.50%
09/01/2053
1,263,038
1,001,331
Pool
SD4301
6.00%
11/01/2053
1,041,136
816,548
Pool
SD4888
6.00%
02/01/2054
847,032
2,437,534
Pool
SD5249
5.50%
04/01/2054
2,493,557
3,624,803
Pool
SD5573
3.00%
08/01/2052
3,221,817
1,872,007
Pool
SD5617
6.00%
06/01/2054
1,944,965
2,604,976
Pool
SD6002
5.50%
07/01/2054
2,673,422
2,303,134
Pool
SD6977
4.50%
03/01/2049
2,265,652
1,307,380
Pool
SD7553
3.00%
03/01/2052
1,168,714
1,961,786
Pool
SD7556
3.00%
08/01/2052
1,748,104
1,119,323
Pool
SD8146
2.00%
05/01/2051
910,471
2,327,091
Pool
SD8276
5.00%
12/01/2052
2,307,757
4,028,753
Pool
SL0638
2.50%
02/01/2052
3,450,670
2,160,061
Pool
SL1124
6.00%
04/01/2055
2,217,868
2,015,285
Pool
SL1712
6.00%
12/01/2054
2,075,427
2,899,625
Pool
SL2456
5.50%
08/01/2055
2,934,301
3,569,868
Pool
SL3934
5.00%
02/01/2053
3,540,209
FNMA
,
1,940,000
Pool
BS9945
6.13%
11/01/2033
2,083,864
1,603,000
Pool
BZ0238
5.79%
01/01/2029
1,618,814
2,053,000
Pool
BZ3117
5.06%
03/01/2035
2,114,823
2,010,000
Pool
BZ3627
4.90%
04/01/2030
2,028,997
1,366,000
Pool
BZ4051
5.10%
03/01/2030
1,375,927
FNMA
ACES
,
1,909,000
Series
2022-M2-A2
2.40%
11/25/2031
1,737,321
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
FNMA
REMICS
,
1,298,047
Series
2018-62-B
3.50%
09/25/2048
1,181,330
FNMA
UMBS
,
2,888,010
Pool
CA6032
2.50%
06/01/2050
2,480,037
5,276,451
Pool
CA6275
2.00%
07/01/2050
4,344,769
2,103,789
Pool
CA8494
2.00%
01/01/2051
1,729,659
1,953,729
Pool
CB3240
3.00%
04/01/2052
1,738,867
1,539,523
Pool
CB4573
5.00%
09/01/2052
1,526,312
749,936
Pool
CB7781
5.50%
01/01/2054
756,229
1,373,768
Pool
CB8692
5.50%
06/01/2054
1,409,864
3,316,385
Pool
CB8851
6.00%
07/01/2054
3,439,212
4,389,554
Pool
FA0561
5.00%
01/01/2055
4,385,187
766,806
Pool
FA1142
6.00%
10/01/2054
791,438
2,501,299
Pool
FA1622
2.50%
06/01/2052
2,120,954
627,493
Pool
FA2510
5.50%
08/01/2055
637,268
4,699,874
Pool
FA3443
2.00%
05/01/2052
3,856,377
2,903,489
Pool
FA4225
5.00%
02/01/2053
2,879,515
1,773,536
Pool
FA4457
2.00%
02/01/2052
1,451,964
4,507,039
Pool
FM6660
2.50%
03/01/2051
3,813,226
1,777,534
Pool
FM9785
2.00%
12/01/2051
1,447,716
2,243,472
Pool
FS3708
5.00%
01/01/2053
2,228,400
986,242
Pool
FS5082
5.00%
02/01/2053
989,936
1,539,606
Pool
FS5420
2.50%
03/01/2052
1,322,488
1,587,736
Pool
FS5600
2.50%
06/01/2052
1,366,601
3,912,312
Pool
FS5719
3.00%
05/01/2052
3,501,136
810,655
Pool
FS6309
6.00%
12/01/2053
848,761
2,428,356
Pool
FS6517
2.50%
04/01/2052
2,094,101
2,580,558
Pool
FS7738
6.00%
03/01/2054
2,689,887
1,331,285
Pool
FS8659
5.50%
07/01/2054
1,359,344
3,266,284
Pool
FS9708
3.00%
06/01/2052
2,919,836
890,535
Pool
FS9728
3.00%
03/01/2052
797,080
3,281,097
Pool
MA5553
5.50%
12/01/2054
3,299,444
FNMA,
Other
,
1,204,628
Pool
BS9685
5.63%
10/01/2033
1,265,336
GNMA
,
985,813
Pool
785717
3.00%
11/20/2051
875,173
2,775,219
Pool
785805
2.50%
12/20/2051
2,384,033
2,406,892
Pool
786184
3.00%
02/20/2052
2,129,266
710,995
Pool
786227
3.00%
04/20/2052
629,845
1,468,152
Pool
786726
2.00%
03/20/2051
1,194,830
2,346,116
Pool
787800
2.50%
12/20/2050
1,992,458
3,910,202
Pool
787829
2.50%
03/20/2052
3,371,184
1,561,073
Pool
787830
2.50%
12/20/2050
1,338,184
3,131,204
Pool
787831
2.50%
10/20/2050
2,671,301
2,213,585
Pool
787860
3.00%
05/20/2051
1,985,699
1,605,828
Pool
MA5191
3.50%
05/20/2048
1,506,954
588,129
Series
2013-116-WU
3.00%
12/20/2042
581,983
952,240
Series
2021-58-HP
3.00%
08/20/2050
845,930
860,479
Series
2022-23-BA
3.00%
05/20/2049
797,278
Total
U.S.
Government
and
Agency
Mortgage-
Backed
Obligations
(Cost
$151,227,355)
152,148,136
U.S.
GOVERNMENT
AND
AGENCY
OBLIGATIONS
17.5%
8,700,000
U.S.
Treasury
Bonds
1.13%
05/15/2040
5,483,379
11,000,000
U.S.
Treasury
Bonds
1.38%
11/15/2040
7,089,199
3,000,000
U.S.
Treasury
Bonds
1.88%
02/15/2041
2,079,434
1,315,000
U.S.
Treasury
Inflation
Linked
Notes
0.38%
07/15/2027
1,748,435
1,995,000
U.S.
Treasury
Inflation
Linked
Notes
1.63%
10/15/2027
2,225,166
26
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Opportunistic
Core
Bond
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
March
31,
2026
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
1,335,000
U.S.
Treasury
Inflation
Linked
Notes
0.50%
01/15/2028
1,747,147
4,800,000
U.S.
Treasury
Notes
0.75%
01/31/2028
4,540,781
37,750,000
U.S.
Treasury
Notes
0.63%
05/15/2030
33,072,539
39,500,000
U.S.
Treasury
Notes
0.63%
08/15/2030
34,308,682
37,000,000
U.S.
Treasury
Notes
0.88%
11/15/2030
32,256,484
Total
U.S.
Government
and
Agency
Obligations
(Cost
$124,490,092)
124,551,246
AFFILIATED
MUTUAL
FUNDS  4.9%
2,052,015
DoubleLine
Emerging
Markets
Local
Currency
Bond
Fund
19,124,775
1,853,272
DoubleLine
Global
Bond
Fund
15,956,672
Total
Affiliated
Mutual
Funds
(Cost
$36,152,000)
35,081,447
SHORT
TERM
INVESTMENTS
3.2%
22,988,988
JPMorgan
U.S.
Government
Money
Market
Fund
-
Class
IM
3.60%
(h)
22,988,988
Total
Short
Term
Investments
(Cost
$22,988,988)
22,988,988
Total
Investments
100.3%
(Cost
$714,820,090)
714,658,495
Liabilities
in
Excess
of
Other
Assets
(0.3)%
(2,370,333)
NET
ASSETS
100.0%
$712,288,162
A
INVESTMENT
BREAKDOWN
as
a
%
of
Net
Assets:
US
Government
and
Agency
Mortgage
Backed
Obligations
21.3
%
US
Government
and
Agency
Obligations
17.5
Non-Agency
Residential
Collateralized
Mortgage
Obligations
10.7
Asset
Backed
Obligations
7.6
Non-Agency
Commercial
Mortgage
Backed
Obligations
6.9
Affiliated
Mutual
Funds
4.9
Collateralized
Loan
Obligations
3.6
Short
Term
Investments
3.2
Banks
2.5
Oil,
Gas
&
Consumable
Fuels
1.8
Electric
Utilities
1.7
Hotels,
Restaurants
&
Leisure
1.0
Metals
&
Mining
0.8
Consumer
Finance
0.7
Media
0.7
Insurance
0.7
Ground
Transportation
0.6
Diversified
Telecommunication
Services
0.6
Foreign
Government
Bonds,
Foreign
Agencies
and
Foreign
Government
Sponsored
Corporations
0.6
Specialty
Retail
0.5
Software
0.5
Capital
Markets
0.5
Pharmaceuticals
0.5
Health
Care
Equipment
&
Supplies
0.5
Food
Products
0.5
Commercial
Services
&
Supplies
0.5
Health
Care
Providers
&
Services
0.5
.
INVESTMENT
BREAKDOWN
as
a
%
of
Net
Assets:
(Cont.)
Building
Products
0.4
%
Multi-Utilities
0.4
Aerospace
&
Defense
0.4
Financial
Services
0.4
Construction
&
Engineering
0.4
Semiconductors
&
Semiconductor
Equipment
0.4
Electrical
Equipment
0.3
Transportation
Infrastructure
0.3
Professional
Services
0.3
Trading
Companies
&
Distributors
0.3
Machinery
0.3
Independent
Power
and
Renewable
Electricity
Producers
0.3
Marine
Transportation
0.2
Energy
Equipment
&
Services
0.2
Chemicals
0.2
Diversified
Consumer
Services
0.2
IT
Services
0.2
Entertainment
0.2
Specialized
REITs
0.2
Wireless
Telecommunication
Services
0.2
Containers
&
Packaging
0.2
Consumer
Staples
Distribution
&
Retail
0.2
Automobile
Components
0.2
Electronic
Equipment,
Instruments
&
Components
0.2
Tobacco
0.2
Passenger
Airlines
0.2
Distributors
0.1
Biotechnology
0.1
Construction
Materials
0.1
Electric
0.1
Diversified
REITs
0.1
Hotel
&
Resort
REITs
0.1
Retail
REITs
0.1
Communications
Equipment
0.1
Health
Care
REITs
0.1
Automobiles
0.1
Broadline
Retail
0.1
Leisure
Products
0.1
Household
Durables
0.1
Residential
REITs
0.1
Personal
Care
Products
0.1
Paper
&
Forest
Products
0.1
Airlines
0.1
Industrial
REITs
0.1
Life
Sciences
Tools
&
Services
0.1
Real
Estate
Management
&
Development
0.
0 
(a)
Household
Products
0.0
(a)
Gas
Utilities
0.0
(a)
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.0
(a)
Water
Utilities
0.0
(a)
Banking
0.0
(a)
Technology
Hardware,
Storage
&
Peripherals
0.0
(a)
Food
and
Beverage
0.0
(a)
Beverages
0.0
(a)
Health
Care
Technology
0.0
(a)
Common
Stocks
0.0
(a)
Other
Assets
and
Liabilities
(0.3)
100.0
%
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
27
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(a)
Represents
less
than
0.05%
of
net
assets.
(b)
Value
determined
using
significant
unobservable
inputs.
(c)
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.
At
March
31,
2026,
the
value
of
these
securities
amounted
to
approximately
$225,355,020
or
31.64%
of
net
assets.
(d)
Step
bond;
coupon
rate
changes
based
on
a
predetermined
schedule
or
event.
The
interest
rate
shown
is
the
rate
in
effect
as
of
period
end.
(e)
Perpetual
maturity.
The
date
disclosed
is
the
next
call
date
of
the
security.
(f)
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.
(g)
Interest
only
security.
(h)
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.
Abbreviations:
FHLMC
Federal
Home
Loan
Mortgage
Corporation
FNMA
Federal
National
Mortgage
Association
GNMA
Government
National
Mortgage
Association
SOFR
Secured
Overnight
Financing
Rate
UMBS
Uniform
Mortgage
Backed
Securities
STACR
Structured
Agency
Credit
Risk
REMIC
Real
Estate
Mortgage
Investment
Conduit
ACES
Alternative
Credit
Enhancement
Securities
Futures
Contracts
Description
Long/Short
Contract
Quantity
Expiration
Date
Notional
Amount
(1)
Unrealized
Appreciation
(Depreciation)
/
Value
U.S.
Treasury
Ultra
Bonds
Short
(243)
06/18/2026
$
(28,324,688)
$
776,228
U.S.
Treasury
10
Year
Ultra
Bonds
Short
(45)
06/18/2026
(5,108,203)
93,243
U.S.
Treasury
5
Year
Notes
Long
190
06/30/2026
20,554,141
(201,094)
U.S.
Treasury
Long
Bonds
Long
575
06/18/2026
65,478,125
(1,718,627)
U.S.
Treasury
2
Year
Notes
Long
1,755
06/30/2026
364,066,523
(2,492,962)
$(3,543,212)
(1)
Notional
Amount
is
determined
based
on
the
number
of
contracts
multiplied
by
the
contract
size
and
the
quoted
daily
settlement
price
in
US
dollars.
A
summary
of
the
DoubleLine
Opportunistic
Core
Bond
ETF's
investments
in
affiliated
mutual
funds
for
the
period
ended
March
31,
2026
is
as
follows:
    Fund
Value
at
September
30
,
2025
Gross
Purchases
Gross
Sales
Net
Realized
Gain
(Loss)
for
the
period
Ended
March
31
,
2026
Change
in
Unrealized
for
the
period
Ended
March
31
,
2026
Value
at
March
31
,
2026
Shares
Held
at
March
31
,
2026
Dividend
Income
Earned
for
the
period
Ended
March
31
,
2026
DoubleLine
Global
Bond
Fund
$
13,100,000
$
3,321,000
$
—
$
—
$
(464,328)
$
15,956,672
1,853,272
$
250,544
DoubleLine
Emerging
Markets
Local
Currency
Bond
Fund
5,238,738
14,631,000
—
—
(744,963)
19,124,775
2,052,015
376,626
$
18,338,738
$
17,952,000
$
—
$
—
$(1,209,291)
$35,081,447
3,905,287
$
627,170
Schedule
of
Investments
DoubleLine
Shiller
CAPE
®
U.S.
Equities
ETF
(Unaudited)
March
31,
2026
28
DoubleLine
ETF
Trust
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
SHARES
SECURITY
DESCRIPTION
VALUE
$
COMMON
STOCKS
99.6%
AUTOMOBILE
COMPONENTS
0.1%
3,518
Aptiv
plc
(a)
244,290
AUTOMOBILES
5.4%
64,532
Ford
Motor
Co.
744,699
15,272
General
Motors
Co.
1,137,764
32,984
Tesla,
Inc.
(a)
12,261,802
14,144,265
BIOTECHNOLOGY
4.7%
21,524
AbbVie,
Inc.
4,681,254
6,562
Amgen,
Inc.
2,308,840
1,798
Biogen,
Inc.
(a)
329,627
15,167
Gilead
Sciences,
Inc.
2,113,825
2,024
Incyte
Corp.
(a)
190,499
4,226
Moderna,
Inc.
(a)
214,681
1,233
Regeneron
Pharmaceuticals,
Inc.
952,665
3,102
Vertex
Pharmaceuticals,
Inc.
(a)
1,385,167
12,176,558
BROADLINE
RETAIL
5.9%
70,975
Amazon.com,
Inc.
(a)
14,781,963
7,387
eBay,
Inc.
672,365
15,454,328
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
0.0%
(b)
35,955
Walgreens
Boots
Alliance,
Inc.,
CVR
(a)(c)
19,056
DISTRIBUTORS
0.1%
2,283
Genuine
Parts
Co.
241,427
539
Pool
Corp.
109,056
350,483
DIVERSIFIED
REITS
0.3%
11,357
WP
Carey,
Inc.
771,822
DIVERSIFIED
TELECOMMUNICATION
SERVICES
4.1%
126,344
AT&T,
Inc.
3,662,713
112,327
Comcast
Corp.
-
Class
A
3,224,908
77,197
Verizon
Communications,
Inc.
3,875,289
10,762,910
ENTERTAINMENT
7.0%
15,174
Electronic
Arts,
Inc.
3,093,523
14,053
Live
Nation
Entertainment,
Inc.
(a)
2,143,223
40,236
Netflix,
Inc.
(a)
3,868,692
12,541
Take-Two
Interactive
Software,
Inc.
(a)
2,476,848
5,853
TKO
Group
Holdings,
Inc.
-
Class
A
1,180,257
28,223
Walt
Disney
Co.
(The)
2,720,133
104,442
Warner
Bros
Discovery,
Inc.
(a)
2,867,977
18,350,653
HEALTH
CARE
EQUIPMENT
&
SUPPLIES
4.7%
21,362
Abbott
Laboratories
2,193,238
823
Align
Technology,
Inc.
(a)
141,087
6,318
Baxter
International,
Inc.
106,142
3,525
Becton
Dickinson
&
Co.
554,236
18,128
Boston
Scientific
Corp.
(a)
1,137,532
2,453
Cooper
Cos.,
Inc.
(The)
(a)
175,390
4,785
Dexcom,
Inc.
(a)
300,498
7,122
Edwards
Lifesciences
Corp.
(a)
570,330
5,586
GE
HealthCare
Technologies,
Inc.
397,611
2,735
Hologic,
Inc.
(a)
206,739
982
IDEXX
Laboratories,
Inc.
(a)
551,776
866
Insulet
Corp.
(a)
181,721
4,338
Intuitive
Surgical,
Inc.
(a)
1,999,775
SHARES
SECURITY
DESCRIPTION
VALUE
$
15,699
Medtronic
plc
1,360,318
1,782
ResMed,
Inc.
400,023
1,800
Solventum
Corp.
(a)
117,540
1,194
STERIS
plc
264,029
4,241
Stryker
Corp.
1,393,550
2,439
Zimmer
Biomet
Holdings,
Inc.
220,534
12,272,069
HEALTH
CARE
PROVIDERS
&
SERVICES
4.1%
2,925
Cardinal
Health,
Inc.
618,082
2,365
Cencora,
Inc.
742,941
5,712
Centene
Corp.
(a)
187,011
3,273
Cigna
Group
(The)
873,073
15,597
CVS
Health
Corp.
1,120,177
434
DaVita,
Inc.
(a)
66,701
2,722
Elevance
Health,
Inc.
796,866
1,956
HCA
Healthcare,
Inc.
925,657
1,226
Henry
Schein,
Inc.
(a)
90,356
1,472
Humana,
Inc.
255,230
1,020
Labcorp
Holdings,
Inc.
272,146
1,515
McKesson
Corp.
1,311,020
627
Molina
Healthcare,
Inc.
(a)
83,579
1,365
Quest
Diagnostics,
Inc.
267,513
11,127
UnitedHealth
Group,
Inc.
3,010,855
676
Universal
Health
Services,
Inc.
-
Class
B
120,984
10,742,191
HEALTH
CARE
REITS
4.0%
8,042
Alexandria
Real
Estate
Equities,
Inc.
373,310
18,085
Healthcare
Realty
Trust,
Inc.
-
Class
A
307,264
35,846
Healthpeak
Properties,
Inc.
588,950
15,313
Omega
Healthcare
Investors,
Inc.
671,016
12,938
Sabra
Health
Care
REIT,
Inc.
248,798
24,278
Ventas,
Inc.
1,985,455
32,062
Welltower,
Inc.
6,338,977
10,513,770
HOTEL
&
RESORT
REITS
0.2%
33,235
Host
Hotels
&
Resorts,
Inc.
636,783
HOTELS,
RESTAURANTS
&
LEISURE
6.1%
7,011
Airbnb,
Inc.
-
Class
A
(a)
885,349
531
Booking
Holdings,
Inc.
2,235,680
17,789
Carnival
Corp.
460,379
21,782
Chipotle
Mexican
Grill,
Inc.
-
Class
A
(a)
697,242
1,920
Darden
Restaurants,
Inc.
376,397
513
Domino's
Pizza,
Inc.
184,059
6,177
DoorDash,
Inc.
-
Class
A
(a)
927,477
1,915
Expedia
Group,
Inc.
442,154
3,811
Hilton
Worldwide
Holdings,
Inc.
1,158,849
5,009
Las
Vegas
Sands
Corp.
269,885
3,649
Marriott
International,
Inc.
-
Class
A
1,193,478
10,384
McDonald's
Corp.
3,227,243
3,376
MGM
Resorts
International
(a)
124,946
7,463
Norwegian
Cruise
Line
Holdings
Ltd.
(a)
139,558
4,178
Royal
Caribbean
Cruises
Ltd.
1,149,702
18,685
Starbucks
Corp.
1,673,989
1,384
Wynn
Resorts
Ltd.
140,545
4,574
Yum!
Brands,
Inc.
711,166
15,998,098
HOUSEHOLD
DURABLES
0.9%
4,496
DR
Horton,
Inc.
616,941
2,686
Garmin
Ltd.
623,180
3,548
Lennar
Corp.
-
Class
A
308,108
47
NVR,
Inc.
(a)
309,722
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
29
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
SHARES
SECURITY
DESCRIPTION
VALUE
$
3,212
PulteGroup,
Inc.
377,763
2,235,714
INDUSTRIAL
REITS
3.0%
14,706
Americold
Realty
Trust,
Inc.
168,531
2,758
EastGroup
Properties,
Inc.
510,478
6,850
First
Industrial
Realty
Trust,
Inc.
396,273
2,955
Lineage,
Inc.
96,806
45,076
Prologis,
Inc.
5,958,145
11,910
Rexford
Industrial
Realty,
Inc.
389,814
9,665
STAG
Industrial,
Inc.
348,520
7,868,567
INTERACTIVE
MEDIA
&
SERVICES
9.6%
23,549
Alphabet,
Inc.
-
Class
A
6,771,750
18,830
Alphabet,
Inc.
-
Class
C
5,401,574
21,218
Match
Group,
Inc.
651,605
20,719
Meta
Platforms,
Inc.
-
Class
A
11,853,961
24,678,890
LEISURE
PRODUCTS
0.1%
2,193
Hasbro,
Inc.
205,265
LIFE
SCIENCES
TOOLS
&
SERVICES
2.2%
3,460
Agilent
Technologies,
Inc.
394,371
1,903
Bio-Techne
Corp.
99,451
603
Charles
River
Laboratories
International,
Inc.
(a)
104,018
7,655
Danaher
Corp.
1,451,388
2,096
IQVIA
Holdings,
Inc.
(a)
357,452
250
Mettler-Toledo
International,
Inc.
(a)
315,300
1,384
Revvity,
Inc.
121,252
4,580
Thermo
Fisher
Scientific,
Inc.
2,251,207
1,213
Waters
Corp.
(a)
361,231
886
West
Pharmaceutical
Services,
Inc.
222,067
5,677,737
MEDIA
3.0%
7,897
Charter
Communications,
Inc.
-
Class
A
(a)
1,704,805
18,516
Fox
Corp.
-
Class
A
1,081,334
13,191
Fox
Corp.
-
Class
B
700,442
33,422
News
Corp.
-
Class
A
833,210
11,004
News
Corp.
-
Class
B
313,724
28,528
Omnicom
Group,
Inc.
2,148,445
28,210
Paramount
Skydance
Corp.
-
Class
B
254,454
39,286
Trade
Desk,
Inc.
(The)
-
Class
A
(a)
891,399
7,927,813
MORTGAGE
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
0.7%
55,560
AGNC
Investment
Corp.
557,267
35,324
Annaly
Capital
Management,
Inc.
747,103
28,704
Rithm
Capital
Corp.
272,114
18,060
Starwood
Property
Trust,
Inc.
310,993
1,887,477
OFFICE
REITS
0.4%
7,625
BXP,
Inc.
395,737
8,750
Cousins
Properties,
Inc.
197,488
5,651
Kilroy
Realty
Corp.
159,415
8,393
Vornado
Realty
Trust
218,134
970,774
PHARMACEUTICALS
9.2%
25,015
Bristol-Myers
Squibb
Co.
1,517,160
9,741
Eli
Lilly
&
Co.
8,959,479
29,413
Johnson
&
Johnson
7,189,713
30,395
Merck
&
Co.,
Inc.
3,656,215
69,670
Pfizer,
Inc.
1,956,334
SHARES
SECURITY
DESCRIPTION
VALUE
$
14,096
Viatris,
Inc.
190,437
5,429
Zoetis,
Inc.
-
Class
A
641,762
24,111,100
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
1.6%
15,177
CBRE
Group,
Inc.
-
Class
A
(a)
2,055,876
22,085
CoStar
Group,
Inc.
(a)
890,909
2,464
Jones
Lang
LaSalle,
Inc.
(a)
749,844
2,597
Zillow
Group,
Inc.
-
Class
A
(a)
107,490
9,110
Zillow
Group,
Inc.
-
Class
C
(a)
376,972
4,181,091
RESIDENTIAL
REITS
2.9%
16,884
American
Homes
4
Rent
-
Class
A
471,401
7,331
AvalonBay
Communities,
Inc.
1,197,520
5,534
Camden
Property
Trust
540,450
10,049
Equity
LifeStyle
Properties,
Inc.
627,259
17,922
Equity
Residential
1,060,086
3,337
Essex
Property
Trust,
Inc.
807,554
29,317
Invitation
Homes,
Inc.
728,527
6,060
Mid-America
Apartment
Communities,
Inc.
740,047
6,017
Sun
Communities,
Inc.
757,901
15,546
UDR,
Inc.
525,144
7,455,889
RETAIL
REITS
3.4%
5,948
Agree
Realty
Corp.
448,360
15,869
Brixmor
Property
Group,
Inc.
457,027
4,070
Federal
Realty
Investment
Trust
432,275
35,071
Kimco
Realty
Corp.
788,045
9,840
NNN
REIT,
Inc.
413,575
46,991
Realty
Income
Corp.
2,874,909
8,511
Regency
Centers
Corp.
643,942
15,439
Simon
Property
Group,
Inc.
2,879,838
8,937,971
SPECIALIZED
REITS
8.2%
16,255
American
Tower
Corp.
2,805,288
22,494
Crown
Castle,
Inc.
1,828,987
11,853
CubeSmart
434,412
16,759
Digital
Realty
Trust,
Inc.
3,020,139
3,291
Equinix,
Inc.
3,225,971
11,022
Extra
Space
Storage,
Inc.
1,445,315
14,675
Gaming
and
Leisure
Properties,
Inc.
651,130
15,281
Iron
Mountain,
Inc.
1,560,801
4,494
Lamar
Advertising
Co.
-
Class
A
569,210
8,006
Millrose
Properties,
Inc.
-
Class
A
224,168
8,195
Public
Storage
2,219,862
5,530
SBA
Communications
Corp.
-
Class
A
951,768
55,361
VICI
Properties,
Inc.
-
Class
A
1,512,463
37,643
Weyerhaeuser
Co.
919,618
21,369,132
SPECIALTY
RETAIL
5.5%
271
AutoZone,
Inc.
(a)
915,378
3,236
Best
Buy
Co.,
Inc.
207,751
2,299
Carvana
Co.
-
Class
A
(a)
722,760
11,694
Home
Depot,
Inc.
(The)
3,846,040
9,217
Lowe's
Cos.,
Inc.
2,177,793
13,857
O'Reilly
Automotive,
Inc.
(a)
1,279,140
5,361
Ross
Stores,
Inc.
1,161,353
18,331
TJX
Cos.,
Inc.
(The)
2,927,461
8,707
Tractor
Supply
Co.
394,427
737
Ulta
Beauty,
Inc.
(a)
385,237
1,967
Williams-Sonoma,
Inc.
358,643
14,375,983
30
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Shiller
CAPE
®
U.S.
Equities
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
March
31,
2026
SHARES
SECURITY
DESCRIPTION
VALUE
$
TEXTILES,
APPAREL
&
LUXURY
GOODS
0.9%
2,385
Deckers
Outdoor
Corp.
(a)
238,715
1,765
Lululemon
Athletica,
Inc.
(a)
270,222
19,504
NIKE,
Inc.
-
Class
B
1,030,200
643
Ralph
Lauren
Corp.
-
Class
A
221,186
3,366
Tapestry,
Inc.
474,976
2,235,299
WIRELESS
TELECOMMUNICATION
SERVICES
1.3%
15,796
T-Mobile
US,
Inc.
3,317,634
Total
Common
Stocks
(Cost
$266,801,631)
259,873,612
SHORT
TERM
INVESTMENTS
0.3%
680,605
JPMorgan
U.S.
Government
Money
Market
Fund
-
Class
IM
3.60%
(d)
680,605
Total
Short
Term
Investments
(Cost
$680,605)
680,605
Total
Investments
99.9%
(Cost
$267,482,236)
260,554,217
Other
Assets
in
Excess
of
Liabilities
0.1%
176,847
NET
ASSETS
100.0%
$260,731,064
(a)
Non-income
producing
security.
(b)
Represents
less
than
0.05%
of
net
assets.
(c)
Value
determined
using
significant
unobservable
inputs.
(d)
Seven-day
yield
as
of
period
end.
Abbreviations:
CVR
Contingent
Value
Rights
Schedule
of
Investments
DoubleLine
Commercial
Real
Estate
Debt
ETF
(Unaudited)
March
31,
2026
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
31
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
P
RINCIPAL
A
MOUNT
$/S
HARES
S
ECURITY
D
ESCRIPTION
R
ATE
M
ATURITY
V
ALUE
$
COLLATERALIZED
LOAN
OBLIGATIONS
19.9%
ACRES
LLC
,
2,000,000
Series
2025-FL3-A
(CME
Term
SOFR
1
Month
+
1.62%)
5.30%
(a)
08/18/2040
2,005,082
Arbor
Realty
Collateralized
Loan
Obligation
Ltd.
,
3,100,000
Series
2025-BTR1-A
(CME
Term
SOFR
1
Month
+
1.93%)
5.60%
(a)
01/20/2041
3,105,168
2,000,000
Series
2025-BTR1-AS
(CME
Term
SOFR
1
Month
+
2.64%)
6.31%
(a)
01/20/2041
2,002,966
Arbor
Realty
Commercial
Real
Estate
Notes
LLC
,
1,456,000
Series
2026-FL1-A
(CME
Term
SOFR
1
Month
+
1.50%)
5.17%
(a)
09/20/2043
1,457,816
Arbor
Realty
Commercial
Real
Estate
Notes
Ltd.
,
1,800,538
Series
2021-FL4-A
(CME
Term
SOFR
1
Month
+
1.46%,
1.46%
Floor)
5.14%
(a)
11/15/2036
1,802,806
644,565
Series
2022-FL1-A
(SOFR
30
Day
Average
+
1.45%,
1.45%
Floor)
5.12%
(a)
01/15/2037
645,383
AREIT
LLC
,
360,131
Series
2022-CRE7-A
(CME
Term
SOFR
1
Month
+
2.24%)
5.92%
(a)
06/17/2039
360,778
3,000,000
Series
2025-CRE11-A
(CME
Term
SOFR
1
Month
+
1.55%)
5.23%
(a)
07/25/2043
3,005,379
BDS
LLC
,
2,000,000
Series
2025-FL16-C
(CME
Term
SOFR
1
Month
+
2.10%)
5.78%
(a)
06/19/2043
1,997,018
BDS
Ltd.
,
83,447
Series
2021-FL10-A
(CME
Term
SOFR
1
Month
+
1.46%)
5.14%
(a)
12/16/2036
83,661
BSPDF
Issuer
LLC
,
1,000,000
Series
2025-FL2-A
(CME
Term
SOFR
1
Month
+
1.52%)
5.20%
(a)
12/15/2042
1,003,046
BSPRT
Issuer
LLC
,
2,500,000
Series
2026-FL13-A
(CME
Term
SOFR
1
Month
+
1.50%)
0.00%
(a)
10/18/2043
2,506,250
BSPRT
Issuer
Ltd.
,
1,208,721
Series
2023-FL10-A
(CME
Term
SOFR
1
Month
+
2.26%,
2.26%
Floor)
5.93%
(a)
09/15/2035
1,211,801
BXMT
Ltd.
,
28,404
Series
2020-FL2-A
(CME
Term
SOFR
1
Month
+
1.26%,
1.01%
Floor)
4.94%
(a)
02/15/2038
28,419
1,750,000
Series
2020-FL2-B
(CME
Term
SOFR
1
Month
+
1.76%)
5.44%
(a)
02/15/2038
1,747,251
3,000,000
Series
2026-FL6-A
(CME
Term
SOFR
1
Month
+
1.45%)
5.13%
(a)
08/19/2043
3,002,835
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
FS
Rialto
,
463,549
Series
2021-FL2-A
(CME
Term
SOFR
1
Month
+
1.33%,
1.33%
Floor)
5.01%
(a)
05/16/2038
464,105
1,250,000
Series
2021-FL2-AS
(CME
Term
SOFR
1
Month
+
1.66%)
5.34%
(a)
05/16/2038
1,252,765
837,320
Series
2021-FL3-A
(CME
Term
SOFR
1
Month
+
1.36%,
1.36%
Floor)
5.04%
(a)
11/16/2036
839,102
3,500,000
Series
2021-FL3-AS
(CME
Term
SOFR
1
Month
+
1.66%)
5.34%
(a)
11/16/2036
3,505,155
1,300,000
Series
2021-FL3-C
(CME
Term
SOFR
1
Month
+
2.16%)
5.84%
(a)
11/16/2036
1,304,472
GPMT
Ltd.
,
1,960,423
Series
2021-FL3-AS
(CME
Term
SOFR
1
Month
+
1.96%)
5.64%
(a)
07/16/2035
1,963,838
4,400,250
Series
2021-FL4-A
(CME
Term
SOFR
1
Month
+
1.46%,
1.35%
Floor)
5.14%
(a)
12/15/2036
4,414,027
1,320,000
Series
2021-FL4-AS
(CME
Term
SOFR
1
Month
+
1.81%,
1.70%
Floor)
5.49%
(a)
12/15/2036
1,322,783
1,000,000
Series
2021-FL4-B
(CME
Term
SOFR
1
Month
+
2.06%)
5.74%
(a)
12/15/2036
996,914
GS
REFT
Issuer
Ltd.
,
3,500,000
Series
2026-FL1-A
(CME
Term
SOFR
1
Month
+
1.50%)
5.17%
(a)
04/19/2043
3,508,750
INCREF
LLC
,
2,500,000
Series
2025-FL1-A
(CME
Term
SOFR
1
Month
+
1.73%)
5.41%
(a)
10/19/2042
2,506,585
KREF
Ltd.
,
837,029
Series
2021-FL2-A
(CME
Term
SOFR
1
Month
+
1.18%,
1.07%
Floor)
4.86%
(a)
02/15/2039
839,011
3,000,000
Series
2021-FL2-AS
(CME
Term
SOFR
1
Month
+
1.41%,
1.30%
Floor)
5.09%
(a)
02/15/2039
3,005,241
100,000
Series
2021-FL2-C
(CME
Term
SOFR
1
Month
+
2.11%,
2.00%
Floor)
5.79%
(a)
02/15/2039
99,883
250,000
Series
2022-FL3-AS
(CME
Term
SOFR
1
Month
+
1.90%,
1.90%
Floor)
5.58%
(a)
02/17/2039
250,719
250,000
Series
2022-FL3-B
(CME
Term
SOFR
1
Month
+
2.10%,
2.10%
Floor)
5.78%
(a)
02/17/2039
250,823
LMNT
CRE
LLC
,
3,000,000
Series
2025-FL3-C
(CME
Term
SOFR
1
Month
+
2.75%)
6.42%
(a)
07/21/2043
3,036,948
32
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Commercial
Real
Estate
Debt
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
March
31,
2026
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
LoanCore
Issuer
Ltd.
,
512,126
Series
2021-CRE5-AS
(CME
Term
SOFR
1
Month
+
1.86%,
1.86%
Floor)
5.54%
(a)
07/15/2036
514,730
101,093
Series
2021-CRE6-A
(CME
Term
SOFR
1
Month
+
1.41%,
1.30%
Floor)
5.09%
(a)
11/15/2038
101,349
1,600,000
Series
2021-CRE6-C
(CME
Term
SOFR
1
Month
+
2.41%)
6.09%
(a)
11/15/2038
1,604,839
MF1
LLC
,
5,000,000
Series
2026-FL21-ASFX
5.12%
(a)
02/18/2041
5,002,305
MF1
Ltd.
,
2,530,539
Series
2022-FL8-A
(CME
Term
SOFR
1
Month
+
1.35%)
5.03%
(a)
02/19/2037
2,533,689
1,430,000
Series
2022-FL8-AS
(CME
Term
SOFR
1
Month
+
1.75%)
5.43%
(a)
02/19/2037
1,431,160
MF1
Multifamily
Housing
Mortgage
Loan
Trust
,
230,767
Series
2021-FL7-A
(CME
Term
SOFR
1
Month
+
1.19%,
1.08%
Floor)
4.87%
(a)
10/16/2036
231,016
1,000,000
Series
2021-FL7-B
(CME
Term
SOFR
1
Month
+
1.86%,
1.75%
Floor)
5.54%
(a)
10/16/2036
1,001,277
PFP
Ltd.
,
3,000,000
Series
2026-13-A
(CME
Term
SOFR
1
Month
+
1.50%)
5.18%
(a)
08/18/2043
3,006,195
STWD
Ltd.
,
3,000,000
Series
2021-FL2-AS
(CME
Term
SOFR
1
Month
+
1.56%)
5.24%
(a)
04/18/2038
3,002,877
164,364
Series
2022-FL3-A
(SOFR
30
Day
Average
+
1.35%,
1.35%
Floor)
5.02%
(a)
11/15/2038
164,561
TRTX
Issuer
Ltd.
,
1,488,015
Series
2022-FL5-A
(CME
Term
SOFR
1
Month
+
1.65%,
1.65%
Floor)
5.33%
(a)
02/15/2039
1,489,868
2,100,000
Series
2022-FL5-AS
(CME
Term
SOFR
1
Month
+
2.15%,
2.15%
Floor)
5.83%
(a)
02/15/2039
2,102,612
3,000,000
Series
2022-FL5-B
(CME
Term
SOFR
1
Month
+
2.45%)
6.13%
(a)
02/15/2039
3,005,547
Total
Collateralized
Loan
Obligations
(Cost
$80,302,816)
80,718,805
NON-AGENCY
COMMERCIAL
MORTGAGE-BACKED
OBLIGATIONS
62.4%
1211
Avenue
of
the
Americas
Trust
,
1,600,000
Series
2015-1211-A1A2
3.90%
(a)
08/10/2035
1,533,800
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
280
Park
Avenue
Mortgage
Trust
,
1,500,000
Series
2017-280P-A
(CME
Term
SOFR
1
Month
+
1.18%,
1.13%
Floor)
4.85%
(a)
09/15/2034
1,492,877
Arbor
Multifamily
Mortgage
Securities
Trust
,
1,454,000
Series
2021-MF2-ASB
2.24%
(a)
06/15/2054
1,376,911
ARDN
Mortgage
Trust
,
1,860,000
Series
2025-ARCP-A
(CME
Term
SOFR
1
Month
+
1.75%)
5.42%
(a)
06/15/2035
1,855,654
BAMLL
Commercial
Mortgage
Securities
Trust
,
2,000,000
Series
2015-HAUL-B
4.31%
(a)
07/07/2043
1,954,057
BANK
,
536,360
Series
2017-BNK5-A4
3.13%
06/15/2060
530,495
334,922
Series
2018-BN14-A2
4.13%
09/15/2060
332,841
969,015
Series
2019-BN19-A2
2.93%
08/15/2061
927,711
1,044,735
Series
2021-BN32-ASB
2.33%
04/15/2054
993,931
638,528
Series
2021-BN36-A2
2.13%
09/15/2064
629,418
86,987
Series
2021-BN37-A1
1.19%
11/15/2064
86,349
400,000
Series
2021-BN38-ASB
2.51%
12/15/2064
376,384
312,857
Series
2022-BNK39-A1
1.74%
02/15/2055
309,499
1,130,048
Series
2023-BNK46-A1
6.01%
08/15/2056
1,143,354
1,419,625
Series
2024-BNK47-A1
5.52%
06/15/2057
1,440,030
2,274,453
Series
2025-BNK49-A1
4.77%
03/15/2058
2,280,445
2,599,710
Series
2025-BNK50-A1
4.73%
05/15/2068
2,604,093
BANK5
,
3,000,000
Series
2023-5YR1-A3
6.26%
(b)
04/15/2056
3,081,221
244,671
Series
2023-5YR2-A1
6.20%
07/15/2056
248,076
3,000,000
Series
2023-5YR2-A3
6.66%
(b)
07/15/2056
3,115,584
3,000,000
Series
2023-5YR2-AS
7.14%
(b)
07/15/2056
3,135,711
1,500,000
Series
2024-5YR10-A3
5.30%
10/15/2057
1,529,405
3,500,000
Series
2024-5YR12-A3
5.90%
(b)
12/15/2057
3,637,050
3,880,199
Series
2024-5YR5-A3
5.70%
02/15/2029
3,980,563
608,696
Series
2024-5YR7-A1
5.82%
06/15/2057
616,492
1,351,738
Series
2024-5YR8-A1
5.19%
08/15/2057
1,365,146
1,000,000
Series
2024-5YR9-A3
5.61%
08/15/2057
1,028,631
826,167
Series
2025-5YR14-A1
4.82%
04/15/2058
827,726
19,595,846
Series
2025-5YR17-XA
1.19%
(b)(c)
11/15/2058
914,346
43,582,056
Series
2025-5YR18-XA
1.05%
(b)(c)
12/15/2058
1,897,214
19,957,000
Series
2025-5YR19-XA
1.13%
(b)(c)
12/15/2058
941,352
52,717,058
Series
2026-5YR20-XA
1.31%
(b)(c)
02/15/2059
2,931,638
3,109,000
Series
2026-5YR21-A1
4.78%
04/15/2059
3,114,934
47,490,000
Series
2026-5YR21-XA
1.00%
(b)(c)
04/15/2059
1,668,480
BANK5
Trust
,
1,412,250
Series
2024-5YR6-A1
5.86%
05/15/2057
1,436,285
1,248,000
Series
2024-5YR6-A3
6.23%
05/15/2057
1,298,953
BBCMS
Mortgage
Trust
,
33,975
Series
2017-C1-ASB
3.49%
02/15/2050
33,826
3,250,000
Series
2023-5C23-A3
6.68%
(b)
12/15/2056
3,402,389
674,189
Series
2024-5C25-A1
5.49%
03/15/2057
681,110
2,500,000
Series
2024-5C25-AS
6.36%
(b)
03/15/2057
2,594,356
1,161,282
Series
2024-C24-A1
5.23%
02/15/2057
1,167,838
1,529,273
Series
2024-C28-A1
4.91%
09/15/2057
1,536,274
1,101,622
Series
2025-5C34-A1
4.81%
05/15/2058
1,105,210
19,622,738
Series
2025-5C34-XA
1.17%
(b)(c)
05/15/2058
839,249
21,354,804
Series
2025-5C36-XA
1.07%
(b)(c)
08/15/2058
879,410
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
33
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
14,246,235
Series
2025-5C37-XA
1.66%
(a)
(b)(c)
09/15/2058
900,265
31,690,000
Series
2025-5C38-XA
1.46%
(b)(c)
11/15/2058
1,874,571
2,952,729
Series
2026-5C40-A1
4.43%
02/15/2059
2,933,743
36,226,786
Series
2026-5C40-XA
1.23%
(b)(c)
02/15/2059
1,912,195
Benchmark
Mortgage
Trust
,
500,000
Series
2018-B7-A3
4.24%
05/15/2053
495,680
1,379,000
Series
2019-B13-A3
2.70%
08/15/2057
1,298,765
449,575
Series
2019-B13-ASB
2.89%
08/15/2057
438,435
11,218,021
Series
2019-B14-XA
0.74%
(b)(c)
12/15/2062
206,524
668,274
Series
2019-B15-A2
2.91%
12/15/2072
645,966
288,497
Series
2020-B22-ASB
1.73%
01/15/2054
272,910
2,630,863
Series
2021-B24-ASB
2.26%
03/15/2054
2,501,253
1,230,802
Series
2021-B25-A3
1.91%
04/15/2054
1,134,488
2,500,000
Series
2023-B38-A2
5.63%
04/15/2056
2,528,661
774,878
Series
2023-V2-A2
5.36%
05/15/2055
782,988
167,341
Series
2024-V10-A1
4.48%
09/15/2057
166,955
3,000,000
Series
2024-V11-A3
5.91%
(b)
11/15/2057
3,118,084
157,317
Series
2024-V12-A1
5.05%
12/15/2057
158,598
215,205
Series
2024-V5-A1
5.32%
01/10/2057
217,176
3,000,000
Series
2024-V5-A3
5.81%
01/10/2057
3,085,694
1,618,567
Series
2024-V7-A1
5.63%
05/15/2056
1,640,959
668,965
Series
2024-V8-A1
5.51%
07/15/2057
677,447
1,500,000
Series
2024-V8-A3
6.19%
(b)
07/15/2057
1,560,874
2,000,000
Series
2024-V9-A3
5.60%
08/15/2057
2,053,066
300,000
Series
2025-V13-A1
5.09%
02/15/2058
302,465
300,000
Series
2025-V13-A4
5.82%
(b)
02/15/2058
311,089
1,665,171
Series
2025-V14-A1
4.84%
04/15/2057
1,676,378
876,376
Series
2025-V15-A1
4.91%
06/15/2058
879,144
15,350,000
Series
2025-V17-XA
1.51%
(b)(c)
09/15/2058
901,714
20,633,000
Series
2025-V19-XA
1.10%
(b)(c)
01/15/2058
953,812
4,000,000
Series
2026-B42-A1
4.22%
03/15/2059
3,978,446
55,598,161
Series
2026-V20-XA
1.22%
(b)(c)
02/15/2059
2,937,974
39,727,000
Series
2026-V21-XA
1.65%
(b)(c)
11/15/2030
2,515,514
BMARK
,
434,632
Series
2023-V4-A1
6.45%
11/15/2056
441,869
BMO
Mortgage
Trust
,
88,768
Series
2022-C1-A1
2.20%
02/15/2055
88,290
38,384
Series
2022-C3-A1
5.25%
(b)
09/15/2054
38,422
299,026
Series
2023-5C2-A1
6.80%
11/15/2056
304,822
277,510
Series
2023-C4-A1
5.29%
02/15/2056
278,080
498,528
Series
2023-C5-A2
6.52%
06/15/2056
508,486
74,606
Series
2024-5C3-A1
5.14%
02/15/2057
74,992
1,357,246
Series
2024-5C4-A1
6.02%
05/15/2057
1,382,408
372,760
Series
2024-5C5-A1
5.20%
02/15/2057
372,802
2,000,000
Series
2024-5C6-A3
5.32%
09/15/2057
2,036,761
963,822
Series
2024-5C7-A1
4.83%
11/15/2057
969,275
1,100,133
Series
2024-C9-A1
5.48%
07/15/2057
1,111,727
353,671
Series
2025-5C10-A1
4.74%
05/15/2058
354,177
17,430,332
Series
2025-5C10-XA
1.35%
(b)(c)
05/15/2058
825,678
15,840,769
Series
2025-5C12-XA
1.44%
(b)(c)
10/15/2058
914,066
39,056,995
Series
2025-5C13-XA
1.20%
(b)(c)
12/15/2058
1,905,731
925,020
Series
2025-5C9-A1
4.97%
04/15/2058
929,771
1,707,832
Series
2025-C11-A1
4.97%
02/15/2058
1,724,468
897,214
Series
2025-C12-A1
4.90%
06/15/2058
901,289
BX
Commercial
Mortgage
Trust
,
409,752
Series
2019-IMC-A
(CME
Term
SOFR
1
Month
+
1.05%,
1.00%
Floor)
4.72%
(a)
04/15/2034
407,773
267,766
Series
2021-21M-A
(CME
Term
SOFR
1
Month
+
0.84%,
0.73%
Floor)
4.52%
(a)
10/15/2036
267,633
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
448,231
Series
2021-ACNT-C
(CME
Term
SOFR
1
Month
+
1.61%,
1.50%
Floor)
5.29%
(a)
11/15/2038
448,068
439,200
Series
2022-LP2-C
(CME
Term
SOFR
1
Month
+
1.56%)
5.23%
(a)
02/15/2039
439,387
1,751,847
Series
2024-AIRC-A
(CME
Term
SOFR
1
Month
+
1.69%)
5.36%
(a)
08/15/2041
1,755,722
319,673
Series
2024-XL4-A
(CME
Term
SOFR
1
Month
+
1.44%)
5.11%
(a)
02/15/2039
320,432
89,509
Series
2024-XL4-B
(CME
Term
SOFR
1
Month
+
1.79%)
5.46%
(a)
02/15/2039
89,702
1,500,000
Series
2026-ALOHA-C
(CME
Term
SOFR
1
Month
+
1.70%)
0.00%
(a)
04/15/2043
1,503,750
2,500,000
Series
2026-CSMO-B
(CME
Term
SOFR
1
Month
+
1.70%)
5.37%
(a)
02/15/2043
2,504,531
2,000,000
Series
2026-XL6-C
(CME
Term
SOFR
1
Month
+
1.60%)
5.27%
(a)
03/15/2043
1,986,338
BX
Mortgage
Trust
,
1,500,000
Series
2021-PAC-A
(CME
Term
SOFR
1
Month
+
0.80%)
4.48%
(a)
10/15/2036
1,496,790
BX
Trust
,
2,500,000
Series
2019-OC11-A
3.20%
(a)
12/09/2041
2,362,379
1,790,564
Series
2021-BXMF-B
(CME
Term
SOFR
1
Month
+
1.16%,
1.04%
Floor)
4.83%
(a)
10/15/2026
1,788,655
320,000
Series
2021-LBA-DJV
(CME
Term
SOFR
1
Month
+
1.96%)
5.64%
(a)
02/15/2036
319,903
1,000,000
Series
2021-LGCY-B
(CME
Term
SOFR
1
Month
+
0.97%,
0.86%
Floor)
4.64%
(a)
10/15/2036
999,214
1,267,994
Series
2021-RISE-B
(CME
Term
SOFR
1
Month
+
1.36%,
1.25%
Floor)
5.04%
(a)
11/15/2036
1,267,890
1,960,000
Series
2026-CART-C
(CME
Term
SOFR
1
Month
+
1.55%)
5.22%
(a)
02/15/2036
1,946,911
BXP
Trust
,
1,500,000
Series
2017-GM-C
3.42%
(a)(b)
06/13/2039
1,464,708
Cantor
Commercial
Real
Estate
Lending
,
1,255,997
Series
2019-CF1-A2
3.62%
05/15/2052
1,239,949
200,000
Series
2019-CF3-A4
3.01%
01/15/2053
187,287
CFCRE
Commercial
Mortgage
Trust
,
2,123,831
Series
2016-C4-AHR
3.12%
05/10/2058
2,118,766
Citigroup
Commercial
Mortgage
Trust
,
1,751,000
Series
2016-P4-A4
2.90%
07/10/2049
1,744,270
1,069,340
Series
2019-GC43-AAB
2.96%
11/10/2052
1,040,475
Commercial
Mortgage
Trust
,
2,500,000
Series
2016-COR1-A4
3.09%
10/10/2049
2,483,390
1,606,413
Series
2016-DC2-B
4.73%
(b)
02/10/2049
1,607,892
CSAIL
Commercial
Mortgage
Trust
,
1,962,263
Series
2017-CX9-A4
3.18%
09/15/2050
1,940,636
34
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Commercial
Real
Estate
Debt
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
March
31,
2026
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
19,051
Series
2020-C19-A1
1.30%
03/15/2053
17,379
1,737,266
Series
2020-C19-ASB
2.55%
03/15/2053
1,672,963
CSMC
Trust
,
1,439,472
Series
2016-NXSR-A4
3.79%
(b)
12/15/2049
1,434,166
674,000
Series
2021-B33-A2
3.17%
(a)
10/10/2043
599,246
CSTL
Commercial
Mortgage
Trust
,
2,500,000
Series
2026-GATE3-C
5.13%
(a)(b)
02/10/2043
2,452,348
DBJPM
Mortgage
Trust
,
1,385,000
Series
2016-C3-A5
2.89%
08/10/2049
1,378,885
2,886,677
Series
2020-C9-A3
1.88%
08/15/2053
2,700,733
Del
Amo
Fashion
Center
Trust
,
1,500,000
Series
2017-AMO-A
3.64%
(a)(b)
06/05/2035
1,459,562
DTP
Commercial
Mortgage
Trust
,
2,000,000
Series
2023-STE2-B
5.40%
(a)(b)
01/15/2041
2,004,208
ELP
Commercial
Mortgage
Trust
,
2,000,000
Series
2025-ELP-C
4.80%
(a)(b)
11/13/2042
1,987,440
EQUS
Mortgage
Trust
,
1,510,696
Series
2021-EQAZ-B
(CME
Term
SOFR
1
Month
+
1.36%)
5.04%
(a)
10/15/2038
1,510,532
FS
Trust
,
2,500,000
Series
2026-HULA-A
(CME
Term
SOFR
1
Month
+
1.45%)
5.13%
(a)
03/15/2041
2,503,177
GS
Mortgage
Securities
Trust
,
123,282
Series
2013-GC13-AS
3.86%
(a)(b)
07/10/2046
122,386
3,000,000
Series
2013-GC13-B
3.86%
(a)(b)
07/10/2046
2,943,706
3,117,886
Series
2017-GS5-A3
3.41%
03/10/2050
3,099,058
9
Series
2018-GS10-A2
4.00%
07/10/2051
9
300,000
Series
2019-GC38-A3
3.70%
02/10/2052
294,221
221,646
Series
2019-GC39-A3
3.31%
05/10/2052
215,099
142,574
Series
2019-GSA1-AAB
2.99%
11/10/2052
139,323
Hilton
USA
Trust
,
300,000
Series
2016-HHV-A
3.72%
(a)
11/05/2038
298,474
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
463,091
Series
2016-JP3-A4
2.63%
08/15/2049
460,610
1,331,457
Series
2019-UES-A
3.81%
(a)
05/05/2032
1,328,128
JPMBB
Commercial
Mortgage
Securities
Trust
,
126,642
Series
2015-C27-A4
3.18%
02/15/2048
124,773
JPMCC
Commercial
Mortgage
Securities
Trust
,
137,082
Series
2017-JP5-A4
3.46%
03/15/2050
136,734
1,640,000
Series
2017-JP5-A5
3.72%
03/15/2050
1,630,637
2,000,000
Series
2019-COR5-A3
3.12%
06/13/2052
1,923,138
JPMDB
Commercial
Mortgage
Securities
Trust
,
500,381
Series
2018-C8-A3
3.94%
06/15/2051
494,644
Key
Commercial
Mortgage
Securities
Trust
,
1,156,820
Series
2018-S1-A3
4.50%
(a)
10/15/2053
1,143,905
KIND
Commercial
Mortgage
Trust
,
1,500,000
Series
2024-1-A
(CME
Term
SOFR
1
Month
+
1.89%)
5.56%
(a)
08/15/2041
1,501,247
LCCM
Trust
,
514,483
Series
2017-LC26-A3
3.29%
(a)
07/12/2050
508,072
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
1,260,443
Series
2013-C9-B
3.71%
(b)
05/15/2046
1,204,003
331,019
Series
2025-5C1-A1
4.92%
03/15/2058
332,391
3,000,000
Series
2025-5C2-A3
5.11%
11/15/2058
3,042,450
27,505,000
Series
2025-5C2-XA
1.25%
(b)(c)
11/15/2058
1,402,343
Morgan
Stanley
Capital
I
,
1,608,660
Series
2017-HR2-A3
3.33%
12/15/2050
1,581,035
Morgan
Stanley
Capital
I
Trust
,
2,838,462
Series
2019-H7-ASB
3.17%
07/15/2052
2,789,864
7,759,879
Series
2019-L2-XA
0.97%
(b)(c)
03/15/2052
184,220
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
888,799
Series
2024-NSTB-A
3.90%
(a)(b)
09/24/2057
877,599
MSWF
Commercial
Mortgage
Trust
,
1,224,166
Series
2023-1-A1
5.54%
05/15/2056
1,233,300
1,753,732
Series
2023-2-A2
6.89%
12/15/2056
1,824,886
NJ
Trust
,
2,000,000
Series
2025-WBRK-A
5.87%
(a)(b)
03/05/2035
2,056,992
NXPT
Commercial
Mortgage
Trust
,
1,000,000
Series
2024-STOR-C
4.98%
(a)(b)
11/05/2041
989,640
PLYM
Commercial
Mortgage
Trust
,
2,260,000
Series
2026-IND-C
(CME
Term
SOFR
1
Month
+
1.65%)
5.32%
(a)
03/15/2043
2,244,689
PRM
Trust
,
1,750,000
Series
2025-PRM6-A
4.48%
(a)(b)
07/05/2033
1,737,346
PRM5
Trust
,
1,750,000
Series
2025-PRM5-A
4.17%
(a)(b)
03/10/2033
1,740,057
SMRT
,
1,100,000
Series
2022-MINI-B
(CME
Term
SOFR
1
Month
+
1.35%)
5.02%
(a)
01/15/2039
1,098,944
UBS
Commercial
Mortgage
Trust
,
502,127
Series
2017-C7-A3
3.42%
12/15/2050
496,300
294,424
Series
2018-C13-A3
4.07%
10/15/2051
292,032
537,614
Series
2018-C15-ASB
4.20%
12/15/2051
534,391
1,600,366
Series
2018-C8-A3
3.72%
02/15/2051
1,576,707
Wells
Fargo
Commercial
Mortgage
Trust
,
210,695
Series
2016-BNK1-A2
2.40%
08/15/2049
209,626
91,292
Series
2017-C38-A4
3.19%
07/15/2050
90,199
2,448,048
Series
2019-C50-A4
3.47%
05/15/2052
2,386,765
487,758
Series
2019-C53-A3
2.79%
10/15/2052
462,427
2,178,879
Series
2020-C57-ASB
1.91%
08/15/2053
2,085,726
926,082
Series
2024-5C1-A1
5.23%
07/15/2057
933,449
1,500,000
Series
2024-5C1-A3
5.93%
07/15/2057
1,552,253
1,807,339
Series
2024-C63-A1
4.89%
08/15/2057
1,817,440
20,639,726
Series
2025-5C4-XA
1.12%
(b)(c)
05/15/2058
839,731
4,000,000
Series
2025-5C5-A3
5.59%
07/15/2058
4,128,976
17,124,112
Series
2025-5C6-XA
1.37%
(b)(c)
10/15/2058
907,248
750,000
Series
2025-5C7-A3
5.20%
12/15/2058
762,665
16,135,512
Series
2025-5C7-XA
1.44%
(b)(c)
12/15/2058
951,674
720,745
Series
2025-C64-A1
5.02%
02/15/2058
725,309
1,000,000
Series
2025-VTT-C
5.45%
(a)(b)
03/15/2038
1,002,324
1,000,000
Series
2026-1250B-A
4.83%
(a)(b)
03/10/2041
991,229
42,062,000
Series
2026-5C8-XA
1.58%
(b)(c)
03/15/2059
2,461,994
4,000,000
Series
2026-C66-A1
4.89%
04/15/2059
4,004,916
WFRBS
Commercial
Mortgage
Trust
,
56,299
Series
2013-C14-AS
3.49%
06/15/2046
55,343
1,000,000
Series
2014-C22-B
4.37%
(b)
09/15/2057
936,057
Total
Non-Agency
Commercial
Mortgage-Backed
Obligations
(Cost
$252,087,793)
253,463,059
NON-AGENCY
RESIDENTIAL
COLLATERALIZED
MORTGAGE
OBLIGATIONS
0.4%
AREIT
Trust
,
1,482,478
Series
2022-CRE6-A
(SOFR
30
Day
Average
+
1.25%,
1.25%
Floor)
4.92%
(a)
01/20/2037
1,484,723
PFP
Ltd.
,
87,114
Series
2024-11-A
(CME
Term
SOFR
1
Month
+
1.83%)
5.50%
(a)
09/17/2039
87,465
Total
Non-Agency
Residential
Collateralized
Mortgage
Obligations
(Cost
$1,555,316)
1,572,188
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
35
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
U.S.
GOVERNMENT
AND
AGENCY
MORTGAGE-BACKED
OBLIGATIONS
14.3%
FHLMC
,
2,500,000
Pool
WN1487
4.55%
11/01/2029
2,514,638
FHLMC,
Multifamily
Structured
Pass-Through
Certificates
,
2,987,756
Series
K094-A1
2.70%
04/25/2029
2,923,811
FNMA
,
4,000,000
Pool
BZ0638
4.82%
04/01/2029
4,073,236
4,500,000
Pool
BZ1029
4.93%
06/01/2029
4,593,486
2,500,000
Pool
BZ2695
5.01%
12/01/2029
2,514,548
2,473,368
Pool
BZ3803
4.46%
05/01/2030
2,493,965
6,343,262
Pool
BZ3936
4.78%
05/01/2030
6,393,426
2,500,000
Pool
BZ4251
4.65%
07/01/2030
2,535,224
2,500,000
Pool
BZ4252
4.65%
07/01/2030
2,539,132
2,000,000
Pool
BZ4253
4.65%
07/01/2030
2,034,437
2,500,000
Pool
BZ4565
4.53%
08/01/2030
2,522,620
FNMA
ACES
,
6,798,599
Series
2024-M5-1A1
4.45%
01/25/2034
6,825,892
FNMA,
Other
,
6,149,000
Pool
BZ0220
5.00%
01/01/2029
6,271,465
2,993,441
Pool
BZ2979
4.65%
01/01/2030
3,037,469
3,000,000
Pool
BZ3424
4.63%
03/01/2030
3,021,840
2,290,000
Pool
BZ5879
3.90%
01/01/2031
2,264,545
1,400,000
Pool
BZ6435
5.07%
02/01/2031
1,442,898
Total
U.S.
Government
and
Agency
Mortgage-
Backed
Obligations
(Cost
$58,065,846)
58,002,632
SHORT
TERM
INVESTMENTS
5.7%
23,247,365
JPMorgan
U.S.
Government
Money
Market
Fund
-
Class
IM
3.60%
(d)
23,247,365
Total
Short
Term
Investments
(Cost
$23,247,365)
23,247,365
Total
Investments
102.7%
(Cost
$415,259,136)
417,004,049
Liabilities
in
Excess
of
Other
Assets
(2.7)%
(11,071,769)
NET
ASSETS
100.0%
$405,932,280
(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.
At
March
31,
2026,
the
value
of
these
securities
amounted
to
approximately
$145,875,594
or
35.94%
of
net
assets.
(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)
Interest
only
security.
(d)
Seven-day
yield
as
of
period
end.
Abbreviations:
FHLMC
Federal
Home
Loan
Mortgage
Corporation
FNMA
Federal
National
Mortgage
Association
SOFR
Secured
Overnight
Financing
Rate
ACES
Alternative
Credit
Enhancement
Securities
Schedule
of
Investments
DoubleLine
Mortgage
ETF
(Unaudited)
March
31,
2026
36
DoubleLine
ETF
Trust
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
P
RINCIPAL
A
MOUNT
$/S
HARES
S
ECURITY
D
ESCRIPTION
R
ATE
M
ATURITY
V
ALUE
$
NON-AGENCY
RESIDENTIAL
COLLATERALIZED
MORTGAGE
OBLIGATIONS
19.6%
Angel
Oak
Mortgage
Trust
,
1,300,000
Series
2025-11-M1
5.62%
(a)(b)
10/25/2070
1,288,584
1,000,000
Series
2025-8-M1
6.22%
(a)(c)
07/25/2070
1,003,262
2,176,000
Series
2026-1-M1
5.53%
(a)(c)
02/25/2071
2,140,703
Barclays
Mortgage
Loan
Trust
,
3,000,000
Series
2025-NQM3-M1
6.37%
(a)(c)
05/25/2065
3,023,703
BRAVO
Residential
Funding
Trust
,
1,000,000
Series
2025-NQM6-B1A
6.47%
(a)(c)
06/25/2065
1,001,519
1,450,000
Series
2025-NQM7-M1
6.23%
(a)(c)
07/25/2065
1,455,618
2,300,000
Series
2026-NQM1-M1
5.65%
(a)(c)
12/25/2065
2,286,621
COLT
Mortgage
Loan
Trust
,
2,675,000
Series
2026-1-M1
5.53%
(a)(c)
02/25/2071
2,622,770
Connecticut
Avenue
Securities
Trust
,
265,912
Series
2023-R07-
2M1
(SOFR
30
Day
Average
+
1.95%)
5.61%
(a)
09/25/2043
266,369
2,000,000
Series
2024-R01-
1M2
(SOFR
30
Day
Average
+
1.80%,
1.80%
Floor)
5.46%
(a)
01/25/2044
2,018,033
1,500,000
Series
2024-R02-
1M2
(SOFR
30
Day
Average
+
1.80%,
1.80%
Floor)
5.46%
(a)
02/25/2044
1,502,511
2,871,114
Series
2024-R05-
2M2
(SOFR
30
Day
Average
+
1.70%,
1.90%
Floor)
5.36%
(a)
07/25/2044
2,877,549
Cross
Mortgage
Trust
,
1,861,000
Series
2025-H4-M1
6.45%
(a)(c)
06/25/2070
1,874,796
Deephaven
Residential
Mortgage
Trust
,
635,874
Series
2022-2-A1
5.30%
(a)(c)
03/25/2067
620,619
4,600,000
Series
2026-INV1-M1
5.77%
(a)(c)
12/25/2070
4,556,040
EFMT
,
3,600,000
Series
2025-NQM2-M1B
6.91%
(a)(c)
06/25/2070
3,633,747
1,148,000
Series
2025-NQM3-M1B
6.45%
(a)(c)
08/25/2070
1,151,777
2,000,000
Series
2026-INV2-M1
5.33%
(a)(c)
02/25/2071
1,951,080
3,000,000
Series
2026-NQM1-M1
5.64%
(a)(c)
02/25/2071
2,948,738
FHLMC
STACR
REMICS
Trust
,
1,000,000
Series
2022-DNA3-
M1B
(SOFR
30
Day
Average
+
2.90%)
6.56%
(a)
04/25/2042
1,018,393
230,834
Series
2023-HQA2-
M1A
(SOFR
30
Day
Average
+
2.00%)
5.66%
(a)
06/25/2043
230,935
6,000,000
Series
2024-DNA1-M2
(SOFR
30
Day
Average
+
1.95%)
5.61%
(a)
02/25/2044
6,057,580
2,000,000
Series
2024-HQA1-M2
(SOFR
30
Day
Average
+
2.00%)
5.66%
(a)
03/25/2044
2,021,969
GS
Mortgage-Backed
Securities
Trust
,
8,523,000
Series
2025-NQM2-M1
6.27%
(a)(c)
06/25/2065
8,620,459
2,100,000
Series
2025-NQM3-M1
5.93%
(a)(c)
11/25/2065
2,090,273
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
3,000,000
Series
2026-NQM1-M1
5.74%
(a)(c)
03/25/2066
2,963,846
HOMES
Trust
,
1,000,000
Series
2026-NQM1-M1
5.71%
(a)(c)
09/25/2070
990,837
J.P.
Morgan
Mortgage
Trust
,
3,533,000
Series
2025-NQM2-M1A
6.36%
(a)(c)
09/25/2065
3,553,700
1,300,000
Series
2025-NQM3-M1B
6.42%
(a)(c)
11/25/2065
1,303,187
1,000,000
Series
2025-VIS2-M1
6.20%
(a)(c)
12/25/2055
1,004,050
5,108,000
Series
2026-NQM1-M1
5.68%
(a)(c)
06/25/2066
5,055,397
MFA
Trust
,
1,635,000
Series
2025-NQM5-M1
5.89%
(a)(c)
11/25/2070
1,642,837
Morgan
Stanley
Residential
Mortgage
Loan
Trust
,
3,588,000
Series
2025-NQM3-M1
6.56%
(a)(c)
05/25/2070
3,625,705
682,000
Series
2025-NQM5-M1
6.14%
(a)(c)
07/25/2070
683,903
4,100,000
Series
2025-NQM9-M1
5.91%
(a)(c)
09/25/2070
4,078,180
New
Residential
Mortgage
Loan
Trust
,
3,156,147
Series
2024-NQM1-A1
6.13%
(a)(b)
03/25/2064
3,179,222
3,750,000
Series
2026-NQM1-M1
5.70%
(a)(c)
11/25/2065
3,700,218
NYMT
Loan
Trust
,
3,799,000
Series
2026-INV1-M1
5.77%
(a)(c)
02/25/2061
3,753,120
OBX
Trust
,
790,935
Series
2023-NQM10-A1
6.46%
(a)(b)
10/25/2063
796,606
566,507
Series
2023-NQM3-A1
5.95%
(a)(b)
02/25/2063
565,059
990,371
Series
2023-NQM5-A1A
6.57%
(a)(b)
06/25/2063
991,444
524,412
Series
2024-NQM4-A1
6.07%
(a)(b)
01/25/2064
527,563
1,074,277
Series
2024-NQM6-A1
6.45%
(a)(b)
02/25/2064
1,085,076
2,550,000
Series
2025-NQM13-M1
6.28%
(a)(c)
05/25/2065
2,561,628
5,200,000
Series
2025-NQM8-M1
6.39%
(a)(c)
03/25/2065
5,240,510
3,000,000
Series
2026-NQM2-M1
5.61%
(a)(c)
12/01/2065
2,960,664
PRPM
Trust
,
4,111,000
Series
2025-NQM2-M1A
6.63%
(a)(c)
04/25/2070
4,155,824
4,000,000
Series
2025-NQM5-M1
5.90%
(a)(c)
10/25/2070
3,978,427
Verus
Securitization
Trust
,
810,354
Series
2023-5-A1
6.48%
(a)(b)
06/25/2068
810,662
491,324
Series
2023-7-A1
7.07%
(a)(b)
10/25/2068
495,046
890,458
Series
2023-8-A1
6.26%
(a)(b)
12/25/2068
895,452
612,232
Series
2023-INV3-A1
6.88%
(a)(c)
11/25/2068
617,448
6,800,000
Series
2025-11-M1
5.66%
(a)(c)
11/25/2070
6,725,781
3,272,000
Series
2025-12-M1
5.76%
(a)(c)
12/25/2070
3,242,555
1,450,000
Series
2025-3-M1
6.65%
(a)(c)
05/25/2070
1,467,126
1,089,000
Series
2025-4-M1
6.30%
(a)(c)
05/25/2070
1,096,467
875,000
Series
2026-1-M1
5.67%
(a)(c)
01/25/2071
865,224
3,591,000
Series
2026-R1-M1
5.69%
(a)(c)
10/25/2067
3,578,180
Total
Non-Agency
Residential
Collateralized
Mortgage
Obligations
(Cost
$136,598,389)
136,454,592
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
37
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
U.S.
GOVERNMENT
AND
AGENCY
MORTGAGE-BACKED
OBLIGATIONS
93.3%
FHLMC
REMICS
,
1,091,879
Series
5008-DI
3.00%
(d)
09/25/2050
152,822
6,421,060
Series
5020-IH
3.00%
(d)
08/25/2050
1,103,280
5,401,819
Series
5057-TI
3.00%
(d)
11/25/2050
860,774
13,363,164
Series
5072-MI
3.50%
(d)
01/25/2051
2,556,020
5,706,106
Series
5083-IH
2.50%
(d)
03/25/2051
877,704
3,133,975
Series
5092-FK
(SOFR
30
Day
Average
+
0.70%,
0.70%
Floor,
4.00%
Cap)
4.00%
03/25/2051
2,639,871
9,221,324
Series
5162-CI
3.00%
(d)
11/25/2050
1,481,240
9,273,353
Series
5163-GI
3.00%
(d)
03/25/2050
1,619,175
5,096,933
Series
5188-IA
3.00%
(d)
02/25/2052
819,514
8,059,561
Series
5377-
2.50%
(d)
12/25/2051
981,824
13,540,537
Series
5392-CI
3.50%
(d)
05/25/2051
2,594,952
10,871,742
Series
5531-
3.00%
(d)
06/25/2041
1,191,194
FHLMC
STRIPS
,
6,281,912
Series
389-C19
2.50%
(d)
04/15/2052
1,118,439
11,687,745
Series
399-C28
1.50%
(d)
04/25/2052
1,099,539
FHLMC
UMBS
,
5,079,823
Pool
QA6656
3.00%
02/01/2050
4,518,918
5,433,280
Pool
QC8218
2.00%
10/01/2051
4,464,261
15,979,429
Pool
QD3879
2.50%
12/01/2051
13,537,525
8,929,481
Pool
QD8212
3.00%
03/01/2052
7,933,576
11,099,888
Pool
QE0536
3.00%
04/01/2052
9,904,421
4,692,555
Pool
RA2853
2.50%
06/01/2050
3,991,131
8,792,659
Pool
RJ3490
6.00%
02/01/2055
9,099,721
2,019,625
Pool
SD2912
5.00%
05/01/2053
2,015,359
10,267,406
Pool
SD2988
3.50%
05/01/2052
9,427,004
3,606,828
Pool
SD3354
5.00%
06/01/2053
3,576,808
2,472,960
Pool
SD3489
2.00%
03/01/2052
2,021,347
4,219,157
Pool
SD4296
2.00%
02/01/2052
3,464,050
4,107,948
Pool
SD4650
5.00%
01/01/2054
4,090,156
2,201,063
Pool
SD4888
6.00%
02/01/2054
2,283,236
6,179,333
Pool
SD5525
5.50%
06/01/2054
6,318,365
2,280,544
Pool
SD5617
6.00%
06/01/2054
2,369,424
2,023,892
Pool
SD5726
3.00%
07/01/2052
1,800,043
9,900,907
Pool
SD7535
2.50%
02/01/2051
8,508,171
5,426,110
Pool
SD7550
3.00%
02/01/2052
4,865,300
3,980,377
Pool
SD7565
5.50%
09/01/2053
4,057,675
5,948,911
Pool
SD7567
5.50%
02/01/2054
6,087,126
2,537,878
Pool
SD8288
5.00%
01/01/2053
2,516,792
3,828,788
Pool
SD8329
5.00%
06/01/2053
3,796,189
2,386,043
Pool
SD8469
5.50%
10/01/2054
2,399,749
13,736,759
Pool
SD8492
5.00%
01/01/2055
13,565,167
9,048,728
Pool
SL0810
5.50%
04/01/2055
9,146,234
3,903,154
Pool
SL1460
5.50%
06/01/2055
3,945,978
13,974,448
Pool
SL1637
2.00%
12/01/2051
11,418,434
6,366,931
Pool
SL2062
5.50%
07/01/2055
6,534,235
13,744,141
Pool
SL2311
2.50%
05/01/2052
11,742,459
FNMA
REMICS
,
1,117,222
Series
2017-99-PY
4.00%
12/25/2047
1,048,385
3,180,542
Series
2021-3-NI
2.50%
(d)
02/25/2051
481,051
3,124,628
Series
2021-42-IA
3.00%
(d)
02/25/2051
448,590
7,080,097
Series
2021-43-
2.50%
(d)
06/25/2051
1,093,125
11,597,943
Series
2021-56-WI
2.50%
(d)
09/25/2051
1,336,276
4,882,804
Series
2021-88-KI
3.50%
(d)
03/25/2046
779,821
5,219,426
Series
2021-94-
3.00%
(d)
01/25/2052
868,941
4,471,408
Series
2023-51-BI
3.50%
(d)
04/25/2053
857,289
5,010,154
Series
2024-9-BI
3.00%
(d)
03/25/2051
828,835
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
14,105,590
Series
2026-10-FA
(SOFR
30
Day
Average
+
0.95%,
6.00%
Cap)
4.61%
10/25/2054
14,008,145
FNMA
STRIPS
,
9,572,599
Series
427-C16
2.50%
(d)
06/25/2040
985,209
7,384,545
Series
427-C84
3.50%
(d)
11/25/2040
997,362
6,370,213
Series
437-C8
2.50%
(d)
06/25/2052
967,733
FNMA
UMBS
,
7,366,557
Pool
BQ9004
2.50%
11/01/2050
6,259,303
20,687,463
Pool
BR0386
2.00%
01/01/2051
16,726,606
7,847,128
Pool
BU6901
2.50%
04/01/2052
6,643,027
8,617,117
Pool
BV5391
3.00%
04/01/2047
7,728,667
9,967,944
Pool
BV8526
3.00%
05/01/2052
8,769,068
6,301,113
Pool
CA6032
2.50%
06/01/2050
5,410,990
4,896,089
Pool
CA7028
2.50%
09/01/2050
4,212,457
2,249,808
Pool
CB7781
5.50%
01/01/2054
2,268,688
2,788,871
Pool
CB9654
5.00%
12/01/2054
2,771,133
9,085,499
Pool
FA0950
5.50%
03/01/2055
9,283,906
9,966,051
Pool
FA1285
3.00%
06/01/2052
8,859,373
16,071,376
Pool
FA1705
2.50%
03/01/2052
13,887,326
14,164,418
Pool
FA2724
5.50%
09/01/2055
14,335,157
20,097,428
Pool
FA3421
2.00%
11/01/2051
16,368,491
8,018,346
Pool
FA4843
2.00%
03/01/2052
6,607,297
5,986,428
Pool
FM3302
3.00%
03/01/2050
5,327,248
15,574,729
Pool
FM7418
2.50%
06/01/2051
13,387,904
5,553,796
Pool
FS0717
3.00%
02/01/2052
4,929,273
3,584,009
Pool
FS2040
2.00%
02/01/2052
2,913,002
2,482,577
Pool
FS5704
2.00%
04/01/2052
2,021,953
6,138,329
Pool
FS5793
3.50%
07/01/2050
5,650,899
3,381,675
Pool
FS7114
5.50%
02/01/2054
3,470,520
5,340,954
Pool
FS7252
5.00%
11/01/2053
5,287,459
5,362,510
Pool
FS7819
2.00%
03/01/2052
4,406,992
4,560,834
Pool
FS8652
2.50%
04/01/2052
3,887,887
7,418,087
Pool
FS8660
5.50%
08/01/2054
7,613,002
8,211,782
Pool
FS9026
5.50%
09/01/2053
8,389,369
3,241,166
Pool
MA4733
4.50%
09/01/2052
3,143,627
396,316
Pool
MA5038
5.00%
06/01/2053
392,942
2,167,766
Pool
MA5039
5.50%
06/01/2053
2,186,952
7,154,158
Pool
MA5503
5.50%
10/01/2044
7,223,745
FNMA/FHLMC
UMBS,
30
Year,
Single
Family
,
42,578,000
Pool
2.00%
(e)
04/25/2056
34,305,227
15,509,000
Pool
2.50%
(e)
04/25/2056
13,042,100
6,875,000
Pool
3.00%
(e)
04/25/2056
6,039,632
11,200,000
Pool
3.50%
(e)
04/25/2056
10,269,038
61,290,000
Pool
5.00%
(e)
04/25/2056
60,454,067
GNMA
,
13,719,945
Pool
787697
3.00%
05/20/2052
12,289,851
14,049,445
Pool
787829
2.50%
03/20/2052
12,112,742
9,174,973
Pool
787860
3.00%
05/20/2051
8,230,423
19,170,792
Series
2020-116-HI
3.00%
(d)
08/20/2050
3,236,775
6,680,317
Series
2020-126-KI
2.50%
(d)
08/20/2050
948,639
8,783,856
Series
2020-146-DI
2.50%
(d)
10/20/2050
1,239,462
14,930,503
Series
2020-151-MI
2.50%
(d)
10/20/2050
2,180,503
3,100,832
Series
2020-153-CI
2.50%
(d)
10/20/2050
439,119
5,892,380
Series
2020-160-VI
2.50%
(d)
10/20/2050
865,269
8,497,519
Series
2020-167-WI
4.00%
(d)
08/20/2046
1,188,144
2,409,999
Series
2020-17-IG
3.00%
(d)
02/20/2050
404,839
6,762,958
Series
2020-173-MI
2.50%
(d)
11/20/2050
993,846
3,536,614
Series
2020-183-JI
2.50%
(d)
11/20/2050
497,823
9,330,544
Series
2020-185-MI
2.50%
(d)
12/20/2050
1,367,063
8,832,111
Series
2020-188-BI
2.50%
(d)
12/20/2050
1,365,274
5,075,873
Series
2020-51-ID
3.50%
(d)
04/20/2050
933,145
5,592,063
Series
2021-115-MI
2.50%
(d)
05/20/2051
609,439
38
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Mortgage
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
March
31,
2026
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
27,811,822
Series
2021-121-TI
3.00%
(d)
07/20/2051
3,475,869
25,475,641
Series
2021-136-IE
2.50%
(d)
08/20/2051
2,433,474
7,742,117
Series
2021-140-IH
2.50%
(d)
08/20/2051
1,070,639
1,836,221
Series
2021-142-
3.00%
(d)
08/20/2051
321,335
13,000,783
Series
2021-162-IP
3.00%
(d)
09/20/2051
2,022,189
3,364,814
Series
2021-206-AI
3.50%
(d)
11/20/2051
630,157
21,484,282
Series
2021-46-EI
2.50%
(d)
03/20/2051
2,640,526
5,241,796
Series
2021-57-JI
3.00%
(d)
03/20/2051
880,741
10,335,823
Series
2021-77-IW
2.50%
(d)
12/20/2050
1,374,988
7,342,207
Series
2021-78-TI
3.00%
(d)
05/20/2051
1,141,594
5,903,892
Series
2022-207-
3.00%
(d)
08/20/2051
1,033,398
3,155,888
Series
2022-61-HI
3.00%
(d)
02/20/2052
536,424
6,929,279
Series
2022-83-
2.50%
(d)
11/20/2051
985,802
4,376,895
Series
2023-24-IH
3.50%
(d)
07/20/2051
825,045
5,327,852
Series
2023-79-JI
2.50%
(d)
02/20/2051
729,844
5,152,002
Series
2024-24-BI
3.00%
(d)
12/20/2051
868,130
7,816,635
Series
2024-61-IA
2.50%
(d)
02/20/2051
1,135,787
7,384,467
Series
2024-79-CI
3.50%
(d)
02/20/2052
1,217,678
5,946,613
Series
2025-196-
QF
(SOFR
30
Day
Average
+
1.15%,
6.00%
Cap)
4.82%
11/20/2055
5,955,870
11,923,516
Series
2025-205-
FD
(SOFR
30
Day
Average
+
1.15%,
6.00%
Cap)
4.82%
11/20/2055
11,933,279
Total
U.S.
Government
and
Agency
Mortgage-
Backed
Obligations
(Cost
$647,934,834)
647,785,416
SHORT
TERM
INVESTMENTS
4.1%
28,809,420
JPMorgan
U.S.
Government
Money
Market
Fund
-
Class
IM
3.60%
(f)
28,809,420
Total
Short
Term
Investments
(Cost
$28,809,420)
28,809,420
Total
Investments
117.0%
(Cost
$813,342,644)
813,049,428
Liabilities
in
Excess
of
Other
Assets
(17.0)%
(118,366,015)
NET
ASSETS
100.0%
$694,683,413
(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.
At
March
31,
2026,
the
value
of
these
securities
amounted
to
approximately
$136,454,592
or
19.64%
of
net
assets.
(b)
Step
bond;
coupon
rate
changes
based
on
a
predetermined
schedule
or
event.
The
interest
rate
shown
is
the
rate
in
effect
as
of
period
end.
(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)
Interest
only
security.
(e)
Represents
or
includes
a
TBA
transaction.
(f)
Seven-day
yield
as
of
period
end.
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
39
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Abbreviations:
FHLMC
Federal
Home
Loan
Mortgage
Corporation
FNMA
Federal
National
Mortgage
Association
GNMA
Government
National
Mortgage
Association
SOFR
Secured
Overnight
Financing
Rate
UMBS
Uniform
Mortgage
Backed
Securities
STACR
Structured
Agency
Credit
Risk
STRIPS
Separate
Trading
of
Registered
Interest
and
Principal
of
Securities
REMIC
Real
Estate
Mortgage
Investment
Conduit
Futures
Contracts
Description
Long/Short
Contract
Quantity
Expiration
Date
Notional
Amount
(1)
Unrealized
Appreciation
(Depreciation)
/
Value
U.S.
Treasury
2
Year
Notes
Short
(1,242)
06/30/2026
$
(
257,647,078
)
$
1,552,288
U.S.
Treasury
Ultra
Bonds
Short
(119)
06/18/2026
(
13,870,938
)
358,345
U.S.
Treasury
10
Year
Ultra
Bonds
Long
170
06/18/2026
19,297,656
(
66,853
)
U.S.
Treasury
Long
Bonds
Long
158
06/18/2026
17,992,250
(
513,421
)
U.S.
Treasury
5
Year
Notes
Long
2,200
06/30/2026
237,995,314
(
2,578,742
)
$(1,248,383)
(1)
Notional
Amount
is
determined
based
on
the
number
of
contracts
multiplied
by
the
contract
size
and
the
quoted
daily
settlement
price
in
US
dollars.
Schedule
of
Investments
DoubleLine
Commodity
Strategy
ETF
(Consolidated)
(Unaudited)
March
31,
2026
40
DoubleLine
ETF
Trust
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
P
RINCIPAL
A
MOUNT
$/S
HARES
S
ECURITY
D
ESCRIPTION
R
ATE
M
ATURITY
V
ALUE
$
SHORT
TERM
INVESTMENTS
99.6%
303,381
Goldman
Sachs
plc
-
USD
Treasury
Liquid
Reserves
Fund
3.53%
(a)(b)
303,381
303,381
JPMorgan
Liquidity
Funds
-
JPM
USD
Treasury
CNAV
Fund
3.49%
(a)(b)
303,381
1,275,400
JPMorgan
U.S.
Government
Money
Market
Fund
-
Class
IM
3.60%
(a)(b)
1,275,400
2,000,000
U.S.
Treasury
Bills
0.00%
(b)
04/14/2026
1,997,382
2,000,000
U.S.
Treasury
Bills
0.00%
(b)
04/30/2026
1,994,160
1,200,000
U.S.
Treasury
Bills
0.00%
(b)
05/14/2026
1,194,794
20,100,000
U.S.
Treasury
Bills
0.00%
(b)
06/11/2026
19,957,615
1,600,000
U.S.
Treasury
Bills
0.00%
(b)(c)
06/23/2026
1,586,829
6,000,000
U.S.
Treasury
Bills
0.00%
(b)
07/21/2026
5,933,492
Total
Short
Term
Investments
(Cost
$34,545,417)
34,546,434
Total
Investments
99.6%
(Cost
$34,545,417)
34,546,434
Other
Assets
in
Excess
of
Liabilities
0.4%
130,579
NET
ASSETS
100.0%
$34,677,013
(a)
Seven-day
yield
as
of
period
end.
(b)
All
or
a
portion
of
this
security
is
owned
by
DoubleLine
Commodity
ETF
Ltd.,
which
is
a
wholly-owned
subsidiary
of
the
DoubleLine
Commodity
Strategy
ETF.
(c)
All
or
a
portion
of
this
security
was
pledged
as
collateral.
The
total
value
of
pledged
collateral
was
$282,649,
which
represented
0.82%
of
the
net
assets
of
the
fund.
Excess
Return
Swaps
Reference
Entity
Counterparty
Long/Short
Financing
Rate
Payment
Frequency
Termination
Date
Notional
Amount
Value
Upfront
Premiums
Paid/
(Received)
Unrealized
Appreciation
(Depreciation)
Barclays
Backwardation
Tilt
Multi-Strategy
Index
(1)(2)
Barclays
Bank
Plc
Long
0.25%
At
Maturity
04/15/2026
$
500,000
$
3,421
$
—
$
3,421
Barclays
Backwardation
Tilt
Multi-Strategy
Index
(1)(2)
Barclays
Bank
Plc
Long
0.25%
At
Maturity
04/15/2026
34,000,000
134,030
—
134,030
$137,451
$—
$137,451
(1)
All
or
a
portion
of
this
security
is
owned
by
DoubleLine
Commodity
ETF
Ltd.,
which
is
a
wholly-owned
subsidiary
of
the
DoubleLine
Commodity
Strategy
ETF.
(2)
Barclays
Backwardation
Tilt
Multi-Strategy
Index
(the
"Barclays
Index")
seeks
to
capture
two
sources
of
potential
outperformance
in
commodity
futures
markets.
The
first
source
of
potential
outperformance
comes
through
selecting,
for
each
relevant
commodity,
the
eligible
futures
contract
that
is
expected
to
offer
the
best
outperformance
relative
to
the
front-month
contract
rolling
exposure
used
by
the
Bloomberg
Commodity
Index.
This
is
achieved
through
the
use
of
certain
futures
contract
selection
methodologies
referred
to
together
as
“Multi-Strategy.”
These
Multi-Strategy
methodologies
select
a
futures
contract
for
each
commodity
that
may
differ
from
the
futures
contract
selected
by
the
Bloomberg
Commodity
Index,
based
on
the
factors
described
above
including
carry,
seasonality
and
momentum.
The
second
source
of
potential
outperformance
comes
through
overweighting
(relative
to
the
weightings
in
the
Bloomberg
Commodity
Index)
the
exposure
of
the
Barclays
Index
to
the
futures
contracts
of
commodities
that
exhibit
the
highest
degree
of
backwardation
in
the
term
structures
of
their
futures
contracts,
while
simultaneously
underweighting
the
exposure
to
the
futures
contracts
of
commodities
that
exhibit
a
lower
degree
of
backwardation.
Historically,
the
commodities
with
a
higher
degree
of
backwardation
have
generally
had
better
historical
average
performance
than
the
commodities
with
a
lower
degree
of
backwardation.
Information
on
the
index
constituents
as
of
period
end,
is
available
on
the
Barclays
Capital,
Inc.
website
at
https://indices.cib.barclays/IM/12/en/indices/details.app;ticker=BXCS1496.
Schedule
of
Investments
DoubleLine
Fortune
500
Equal
Weight
ETF
(Unaudited)
March
31,
2026
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
41
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
SHARES
SECURITY
DESCRIPTION
VALUE
$
COMMON
STOCKS
99.7%
AEROSPACE
&
DEFENSE
2.3%
275
Boeing
Co.
(The)
(a)
54,733
185
GE
Aerospace
52,497
182
General
Dynamics
Corp.
62,466
246
Howmet
Aerospace,
Inc.
56,693
143
Huntington
Ingalls
Industries,
Inc.
54,326
180
L3Harris
Technologies,
Inc.
62,127
96
Lockheed
Martin
Corp.
58,021
87
Northrop
Grumman
Corp.
59,355
322
RTX
Corp.
62,114
646
Textron,
Inc.
56,564
50
TransDigm
Group,
Inc.
57,948
636,844
AIR
FREIGHT
&
LOGISTICS
1.1%
360
CH
Robinson
Worldwide,
Inc.
59,785
463
Expeditors
International
of
Washington,
Inc.
66,315
166
FedEx
Corp.
59,126
1,014
GXO
Logistics,
Inc.
(a)
52,576
555
United
Parcel
Service,
Inc.
-
Class
B
54,601
292,403
AUTOMOBILE
COMPONENTS
1.0%
518
Autoliv,
Inc.
(Sweden)
54,473
1,091
BorgWarner,
Inc.
59,198
1,805
Dana,
Inc.
60,738
7,313
Goodyear
Tire
&
Rubber
Co.
(The)
(a)
48,485
478
Lear
Corp.
57,876
280,770
AUTOMOBILES
0.8%
4,499
Ford
Motor
Co.
51,918
785
General
Motors
Co.
58,483
156
Tesla,
Inc.
(a)
57,993
590
Thor
Industries,
Inc.
47,135
215,529
BANKS
3.1%
1,272
Bank
of
America
Corp.
62,010
587
Citigroup,
Inc.
66,572
1,035
Citizens
Financial
Group,
Inc.
62,069
1,274
Fifth
Third
Bancorp
59,190
32
First
Citizens
BancShares,
Inc.
-
Class
A
60,309
3,763
Huntington
Bancshares,
Inc.
58,891
215
JPMorgan
Chase
&
Co.
63,244
3,053
KeyCorp
61,213
293
M&T
Bank
Corp.
60,569
294
PNC
Financial
Services
Group,
Inc.
(The)
61,178
2,250
Regions
Financial
Corp.
58,770
1,292
Truist
Financial
Corp.
59,393
1,161
US
Bancorp
60,384
759
Wells
Fargo
&
Co.
60,424
854,216
BEVERAGES
1.3%
793
Coca-Cola
Co.
(The)
60,309
400
Constellation
Brands,
Inc.
-
Class
A
60,000
2,059
Keurig
Dr
Pepper,
Inc.
54,213
1,285
Molson
Coors
Beverage
Co.
-
Class
B
55,332
751
Monster
Beverage
Corp.
(a)
54,417
379
PepsiCo,
Inc.
58,855
343,126
BIOTECHNOLOGY
1.3%
280
AbbVie,
Inc.
60,897
168
Amgen,
Inc.
59,111
SHARES
SECURITY
DESCRIPTION
VALUE
$
327
Biogen,
Inc.
(a)
59,949
433
Gilead
Sciences,
Inc.
60,347
83
Regeneron
Pharmaceuticals,
Inc.
64,129
131
Vertex
Pharmaceuticals,
Inc.
(a)
58,497
362,930
BROADLINE
RETAIL
1.1%
307
Amazon.com,
Inc.
(a)
63,939
3,458
Coupang,
Inc.
(South
Korea)
(a)
65,287
751
eBay,
Inc.
68,356
3,624
Kohl's
Corp.
46,750
3,080
Macy's,
Inc.
55,717
300,049
BUILDING
PRODUCTS
0.8%
585
Builders
FirstSource,
Inc.
(a)
48,163
1,005
Carrier
Global
Corp.
56,591
865
Masco
Corp.
52,220
498
Owens
Corning
53,894
210,868
CAPITAL
MARKETS
3.6%
138
Ameriprise
Financial,
Inc.
61,327
549
Bank
of
New
York
Mellon
Corp.
(The)
65,129
59
Blackrock,
Inc.
56,741
687
Charles
Schwab
Corp.
(The)
64,564
2,361
Franklin
Resources,
Inc.
55,767
71
Goldman
Sachs
Group,
Inc.
(The)
60,065
891
Interactive
Brokers
Group,
Inc.
-
Class
A
59,759
412
Intercontinental
Exchange,
Inc.
64,799
1,273
Jefferies
Financial
Group,
Inc.
52,537
208
LPL
Financial
Holdings,
Inc.
62,573
381
Morgan
Stanley
62,701
453
Northern
Trust
Corp.
63,225
414
Raymond
James
Financial,
Inc.
59,943
153
S&P
Global,
Inc.
65,077
504
State
Street
Corp.
63,786
754
StoneX
Group,
Inc.
(a)
60,810
978,803
CHEMICALS
2.8%
228
Air
Products
and
Chemicals,
Inc.
66,232
1,200
Celanese
Corp.
-
Class
A
78,924
824
Corteva,
Inc.
68,977
2,066
Dow,
Inc.
86,049
1,256
DuPont
de
Nemours,
Inc.
57,525
832
Eastman
Chemical
Co.
63,498
208
Ecolab,
Inc.
55,332
779
International
Flavors
&
Fragrances,
Inc.
56,516
2,239
Mosaic
Co.
(The)
57,095
509
PPG
Industries,
Inc.
54,402
176
Sherwin-Williams
Co.
(The)
56,417
616
Westlake
Corp.
71,961
772,928
COMMERCIAL
SERVICES
&
SUPPLIES
0.9%
1,445
ABM
Industries,
Inc.
55,661
323
Cintas
Corp.
54,632
290
Republic
Services,
Inc.
-
Class
A
63,516
278
Waste
Management,
Inc.
63,882
237,691
COMMUNICATIONS
EQUIPMENT
0.4%
818
Cisco
Systems,
Inc.
63,469
136
Motorola
Solutions,
Inc.
59,020
122,489
42
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Fortune
500
Equal
Weight
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
March
31,
2026
SHARES
SECURITY
DESCRIPTION
VALUE
$
CONSTRUCTION
&
ENGINEERING
1.1%
673
AECOM
57,084
80
EMCOR
Group,
Inc.
59,065
1,212
Fluor
Corp.
(a)
56,540
222
MasTec,
Inc.
(a)
71,426
113
Quanta
Services,
Inc.
62,039
306,154
CONSTRUCTION
MATERIALS
0.2%
204
Vulcan
Materials
Co.
55,549
CONSUMER
FINANCE
0.9%
1,572
Ally
Financial,
Inc.
61,670
200
American
Express
Co.
60,496
325
Capital
One
Financial
Corp.
59,290
908
Synchrony
Financial
61,761
243,217
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
3.4%
3,432
Albertsons
Cos.,
Inc.
-
Class
A
58,481
995
Andersons,
Inc.
(The)
71,421
647
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
63,678
94
Casey's
General
Stores,
Inc.
68,419
65
Costco
Wholesale
Corp.
64,768
419
Dollar
General
Corp.
49,748
488
Dollar
Tree,
Inc.
(a)
53,441
924
Kroger
Co.
(The)
66,861
662
Performance
Food
Group
Co.
(a)
56,707
879
Sprouts
Farmers
Market,
Inc.
(a)
67,797
713
Sysco
Corp.
50,858
557
Target
Corp.
67,508
1,664
United
Natural
Foods,
Inc.
(a)
74,979
666
US
Foods
Holding
Corp.
(a)
61,412
3,094
Walgreens
Boots
Alliance,
Inc.,
CVR
(a)(b)
1,640
506
Walmart,
Inc.
62,886
940,604
CONTAINERS
&
PACKAGING
1.2%
324
Avery
Dennison
Corp.
55,948
963
Ball
Corp.
56,923
551
Crown
Holdings,
Inc.
55,238
5,235
Graphic
Packaging
Holding
Co.
52,036
1,447
International
Paper
Co.
51,658
280
Packaging
Corp.
of
America
59,421
331,224
DISTRIBUTORS
0.6%
540
Genuine
Parts
Co.
57,106
1,118
Gold.com,
Inc.
44,809
1,920
LKQ
Corp.
56,390
158,305
DIVERSIFIED
TELECOMMUNICATION
SERVICES
0.9%
2,257
AT&T,
Inc.
65,430
2,022
Comcast
Corp.
-
Class
A
58,052
8,516
Lumen
Technologies,
Inc.
(a)
59,186
1,288
Verizon
Communications,
Inc.
64,658
247,326
ELECTRIC
UTILITIES
3.2%
485
American
Electric
Power
Co.,
Inc.
63,574
206
Constellation
Energy
Corp.
57,526
499
Duke
Energy
Corp.
65,339
853
Edison
International
62,423
606
Entergy
Corp.
68,089
854
Eversource
Energy
59,165
1,320
Exelon
Corp.
64,706
SHARES
SECURITY
DESCRIPTION
VALUE
$
1,265
FirstEnergy
Corp.
64,085
669
NextEra
Energy,
Inc.
62,137
350
NRG
Energy,
Inc.
51,149
3,430
PG&E
Corp.
60,265
1,686
PPL
Corp.
64,405
668
Southern
Co.
(The)
64,475
765
Xcel
Energy,
Inc.
60,772
868,110
ELECTRICAL
EQUIPMENT
0.9%
425
Emerson
Electric
Co.
55,684
73
GE
Vernova,
Inc.
63,722
158
Rockwell
Automation,
Inc.
56,703
255
Vertiv
Holdings
Co.
-
Class
A
63,897
240,006
ELECTRONIC
EQUIPMENT,
INSTRUMENTS
&
COMPONENTS
2.2%
424
Amphenol
Corp.
-
Class
A
53,572
408
Arrow
Electronics,
Inc.
(a)
58,511
957
Avnet,
Inc.
58,970
510
CDW
Corp.
61,720
423
Corning,
Inc.
57,515
3,140
Ingram
Micro
Holding
Corp.
73,194
772
Insight
Enterprises,
Inc.
(a)
51,732
240
Jabil,
Inc.
63,751
402
Sanmina
Corp.
(a)
52,115
406
TD
SYNNEX
Corp.
68,497
599,577
ENERGY
EQUIPMENT
&
SERVICES
0.7%
990
Baker
Hughes
Co.
-
Class
A
60,440
1,797
Halliburton
Co.
70,064
3,095
NOV,
Inc.
58,217
188,721
ENTERTAINMENT
1.2%
319
Electronic
Arts,
Inc.
65,035
404
Live
Nation
Entertainment,
Inc.
(a)
61,614
829
Netflix,
Inc.
(a)
79,708
605
Walt
Disney
Co.
(The)
58,310
2,198
Warner
Bros
Discovery,
Inc.
(a)
60,357
325,024
FINANCIAL
SERVICES
2.5%
129
Berkshire
Hathaway,
Inc.
-
Class
B
(a)
61,817
1,259
Block,
Inc.
-
Class
A
(a)
75,767
2,334
Corebridge
Financial,
Inc.
55,689
1,566
Equitable
Holdings,
Inc.
58,114
1,335
Fidelity
National
Information
Services,
Inc.
62,625
1,089
Fiserv,
Inc.
(a)
60,766
814
Global
Payments,
Inc.
54,782
129
Mastercard,
Inc.
-
Class
A
64,456
1,447
PayPal
Holdings,
Inc.
65,448
209
Visa,
Inc.
-
Class
A
63,168
921
Voya
Financial,
Inc.
62,923
685,555
FOOD
PRODUCTS
2.8%
939
Archer-Daniels-Midland
Co.
68,256
2,360
Campbell's
Co.
(The)
52,557
3,360
Conagra
Brands,
Inc.
52,819
1,413
General
Mills,
Inc.
52,592
279
Hershey
Co.
(The)
58,001
2,487
Hormel
Foods
Corp.
56,331
543
Ingredion,
Inc.
61,174
585
J
M
Smucker
Co.
(The)
56,417
2,587
Kraft
Heinz
Co.
(The)
58,182
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
43
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
SHARES
SECURITY
DESCRIPTION
VALUE
$
1,048
Mondelez
International,
Inc.
-
Class
A
60,407
607
Post
Holdings,
Inc.
(a)
60,008
13
Seaboard
Corp.
73,502
1,010
Tyson
Foods,
Inc.
-
Class
A
64,711
774,957
GROUND
TRANSPORTATION
2.2%
695
Avis
Budget
Group,
Inc.
(a)
101,366
1,508
CSX
Corp.
61,903
14,446
Hertz
Global
Holdings,
Inc.
(a)
66,596
289
JB
Hunt
Transport
Services,
Inc.
61,239
204
Norfolk
Southern
Corp.
58,548
286
Ryder
System,
Inc.
58,547
901
Uber
Technologies,
Inc.
(a)
64,809
241
Union
Pacific
Corp.
58,471
314
XPO,
Inc.
(a)
61,089
592,568
HEALTH
CARE
EQUIPMENT
&
SUPPLIES
1.8%
559
Abbott
Laboratories
57,393
3,082
Baxter
International,
Inc.
51,778
350
Becton
Dickinson
&
Co.
55,031
849
Boston
Scientific
Corp.
(a)
53,275
760
GE
HealthCare
Technologies,
Inc.
54,097
129
Intuitive
Surgical,
Inc.
(a)
59,467
870
Solventum
Corp.
(a)
56,811
168
Stryker
Corp.
55,203
640
Zimmer
Biomet
Holdings,
Inc.
57,868
500,923
HEALTH
CARE
PROVIDERS
&
SERVICES
4.3%
24,287
Accendra
Health,
Inc.
(a)
55,374
1,590
BrightSpring
Health
Services,
Inc.
(a)
67,749
285
Cardinal
Health,
Inc.
60,223
176
Cencora,
Inc.
55,289
1,530
Centene
Corp.
(a)
50,092
227
Cigna
Group
(The)
60,552
18,550
Community
Health
Systems,
Inc.
(a)
54,537
867
CVS
Health
Corp.
62,268
425
DaVita,
Inc.
(a)
65,318
196
Elevance
Health,
Inc.
57,379
122
HCA
Healthcare,
Inc.
57,735
765
Henry
Schein,
Inc.
(a)
56,381
368
Humana,
Inc.
63,808
223
Labcorp
Holdings,
Inc.
59,499
67
McKesson
Corp.
57,979
435
Molina
Healthcare,
Inc.
(a)
57,986
307
Quest
Diagnostics,
Inc.
60,166
271
Tenet
Healthcare
Corp.
(a)
51,140
235
UnitedHealth
Group,
Inc.
63,589
277
Universal
Health
Services,
Inc.
-
Class
B
49,575
1,166,639
HEALTH
CARE
REITS
0.2%
305
Welltower,
Inc.
60,302
HOTELS,
RESTAURANTS
&
LEISURE
3.7%
508
Airbnb,
Inc.
-
Class
A
(a)
64,150
1,565
Aramark
63,445
16
Booking
Holdings,
Inc.
67,365
3,147
Caesars
Entertainment,
Inc.
(a)
83,176
1,768
Chipotle
Mexican
Grill,
Inc.
-
Class
A
(a)
56,594
299
Darden
Restaurants,
Inc.
58,616
389
DoorDash,
Inc.
-
Class
A
(a)
58,408
324
Expedia
Group,
Inc.
74,808
205
Hilton
Worldwide
Holdings,
Inc.
62,336
SHARES
SECURITY
DESCRIPTION
VALUE
$
1,153
Las
Vegas
Sands
Corp.
62,124
186
Marriott
International,
Inc.
-
Class
A
60,835
192
McDonald's
Corp.
59,672
1,818
MGM
Resorts
International
(a)
67,284
663
Starbucks
Corp.
59,398
1,145
Yum
China
Holdings,
Inc.
(China)
55,853
387
Yum!
Brands,
Inc.
60,171
1,014,235
HOUSEHOLD
DURABLES
1.7%
389
DR
Horton,
Inc.
53,379
549
Lennar
Corp.
-
Class
A
47,675
508
Mohawk
Industries,
Inc.
(a)
50,018
13,958
Newell
Brands,
Inc.
47,876
9
NVR,
Inc.
(a)
59,308
453
PulteGroup,
Inc.
53,277
955
Taylor
Morrison
Home
Corp.
-
Class
A
(a)
55,619
401
Toll
Brothers,
Inc.
54,724
893
Whirlpool
Corp.
48,151
470,027
HOUSEHOLD
PRODUCTS
0.6%
655
Colgate-Palmolive
Co.
55,826
576
Kimberly-Clark
Corp.
55,567
387
Procter
&
Gamble
Co.
(The)
55,898
167,291
INDEPENDENT
POWER
AND
RENEWABLE
ELECTRICITY
PRODUCERS
0.4%
3,909
AES
Corp.
(The)
55,078
376
Vistra
Corp.
56,524
111,602
INDUSTRIAL
CONGLOMERATES
0.4%
384
3M
Co.
55,768
262
Honeywell
International,
Inc.
59,220
114,988
INDUSTRIAL
REITS
0.2%
456
Prologis,
Inc.
60,274
INSURANCE
5.2%
570
Aflac,
Inc.
62,535
305
Allstate
Corp.
(The)
63,239
490
American
Financial
Group,
Inc.
62,578
801
American
International
Group,
Inc.
60,275
297
Arthur
J
Gallagher
&
Co.
64,324
286
Assurant,
Inc.
62,294
400
Cincinnati
Financial
Corp.
62,940
1,235
Fidelity
National
Financial,
Inc.
57,279
453
Hartford
Insurance
Group,
Inc.
(The)
61,259
1,804
Lincoln
National
Corp.
64,042
587
Loews
Corp.
62,656
31
Markel
Group,
Inc.
(a)
59,336
361
Marsh
&
McLennan
Cos.,
Inc.
62,615
848
MetLife,
Inc.
59,971
1,524
Old
Republic
International
Corp.
60,808
5,265
Oscar
Health,
Inc.
-
Class
A
(a)
60,390
675
Principal
Financial
Group,
Inc.
60,824
311
Progressive
Corp.
(The)
61,653
638
Prudential
Financial,
Inc.
62,326
293
Reinsurance
Group
of
America,
Inc.
59,819
210
Travelers
Cos.,
Inc.
(The)
61,253
897
Unum
Group
65,507
895
W
R
Berkley
Corp.
59,321
1,417,244
44
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Fortune
500
Equal
Weight
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
March
31,
2026
SHARES
SECURITY
DESCRIPTION
VALUE
$
INTERACTIVE
MEDIA
&
SERVICES
0.4%
206
Alphabet,
Inc.
-
Class
A
59,237
100
Meta
Platforms,
Inc.
-
Class
A
57,213
116,450
IT
SERVICES
1.0%
1,046
Cognizant
Technology
Solutions
Corp.
-
Class
A
64,172
5,395
DXC
Technology
Co.
(a)
67,815
279
International
Business
Machines
Corp.
67,627
5,484
Kyndryl
Holdings,
Inc.
(a)
71,950
271,564
LIFE
SCIENCES
TOOLS
&
SERVICES
0.7%
305
Danaher
Corp.
57,828
388
IQVIA
Holdings,
Inc.
(a)
66,169
124
Thermo
Fisher
Scientific,
Inc.
60,950
184,947
MACHINERY
2.7%
470
AGCO
Corp.
54,459
83
Caterpillar,
Inc.
58,802
107
Cummins,
Inc.
57,568
99
Deere
&
Co.
55,767
276
Dover
Corp.
57,532
218
Illinois
Tool
Works,
Inc.
56,743
359
Oshkosh
Corp.
52,848
711
Otis
Worldwide
Corp.
54,804
506
PACCAR,
Inc.
58,443
62
Parker-Hannifin
Corp.
55,505
715
Stanley
Black
&
Decker,
Inc.
50,808
242
Westinghouse
Air
Brake
Technologies
Corp.
60,479
500
Xylem,
Inc.
59,750
733,508
MEDIA
1.9%
276
Charter
Communications,
Inc.
-
Class
A
(a)
59,583
601
EchoStar
Corp.
-
Class
A
(a)
70,359
1,147
Fox
Corp.
-
Class
A
66,985
2,769
News
Corp.
-
Class
A
69,031
775
Omnicom
Group,
Inc.
58,365
42,807
Optimum
Communications,
Inc.
-
Class
A
(a)
55,649
6,162
Paramount
Skydance
Corp.
-
Class
B
55,581
3,066
Sirius
XM
Holdings,
Inc.
70,764
506,317
METALS
&
MINING
1.7%
1,038
Alcoa
Corp.
68,851
6,011
Cleveland-Cliffs,
Inc.
(a)
50,793
859
Commercial
Metals
Co.
52,768
942
Freeport-McMoRan,
Inc.
55,371
515
Newmont
Corp.
55,749
364
Nucor
Corp.
61,552
202
Reliance,
Inc.
61,392
334
Steel
Dynamics,
Inc.
60,120
466,596
MULTI-UTILITIES
1.9%
1,497
CenterPoint
Energy,
Inc.
64,611
835
CMS
Energy
Corp.
64,779
576
Consolidated
Edison,
Inc.
65,191
1,002
Dominion
Energy,
Inc.
61,944
439
DTE
Energy
Co.
64,191
743
Public
Service
Enterprise
Group,
Inc.
60,146
681
Sempra
66,172
552
WEC
Energy
Group,
Inc.
63,905
510,939
SHARES
SECURITY
DESCRIPTION
VALUE
$
OIL,
GAS
&
CONSUMABLE
FUELS
6.0%
2,236
APA
Corp.
94,896
345
Chevron
Corp.
71,381
578
ConocoPhillips
76,296
1,890
Delek
US
Holdings,
Inc.
85,182
1,475
Devon
Energy
Corp.
74,222
368
Diamondback
Energy,
Inc.
72,787
516
EOG
Resources,
Inc.
74,598
428
Exxon
Mobil
Corp.
72,614
1,297
HF
Sinclair
Corp.
80,920
1,966
Kinder
Morgan,
Inc.
65,920
330
Marathon
Petroleum
Corp.
80,579
1,228
Occidental
Petroleum
Corp.
79,820
775
ONEOK,
Inc.
70,052
1,274
Ovintiv,
Inc.
75,625
1,563
Par
Pacific
Holdings,
Inc.
(a)
97,907
1,847
PBF
Energy,
Inc.
-
Class
A
87,954
415
Phillips
66
75,605
278
Targa
Resources
Corp.
69,703
322
Valero
Energy
Corp.
79,560
874
Williams
Cos.,
Inc.
(The)
63,610
2,545
World
Kinect
Corp.
58,713
1,607,944
PASSENGER
AIRLINES
1.1%
1,214
Alaska
Air
Group,
Inc.
(a)
44,651
4,876
American
Airlines
Group,
Inc.
(a)
52,368
925
Delta
Air
Lines,
Inc.
61,495
11,257
JetBlue
Airways
Corp.
(a)
49,756
1,271
Southwest
Airlines
Co.
47,751
572
United
Airlines
Holdings,
Inc.
(a)
52,664
308,685
PERSONAL
CARE
PRODUCTS
0.4%
558
Estee
Lauder
Cos.,
Inc.
(The)
-
Class
A
40,048
3,366
Kenvue,
Inc.
58,030
98,078
PHARMACEUTICALS
1.6%
1,039
Bristol-Myers
Squibb
Co.
63,015
61
Eli
Lilly
&
Co.
56,106
261
Johnson
&
Johnson
63,799
515
Merck
&
Co.,
Inc.
61,949
2,357
Pfizer,
Inc.
66,185
3,964
Viatris,
Inc.
53,554
499
Zoetis,
Inc.
-
Class
A
58,987
423,595
PROFESSIONAL
SERVICES
2.1%
314
Automatic
Data
Processing,
Inc.
63,799
849
Booz
Allen
Hamilton
Holding
Corp.
-
Class
A
66,247
110
CACI
International,
Inc.
-
Class
A
(a)
59,826
2,119
Concentrix
Corp.
57,976
475
Jacobs
Solutions,
Inc.
60,458
1,588
KBR,
Inc.
58,534
367
Leidos
Holdings,
Inc.
57,076
2,481
ManpowerGroup,
Inc.
73,089
730
Science
Applications
International
Corp.
69,292
566,297
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
0.4%
437
CBRE
Group,
Inc.
-
Class
A
(a)
59,196
207
Jones
Lang
LaSalle,
Inc.
(a)
62,994
122,190
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
2.5%
300
Advanced
Micro
Devices,
Inc.
(a)
61,029
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
45
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
SHARES
SECURITY
DESCRIPTION
VALUE
$
179
Analog
Devices,
Inc.
56,947
169
Applied
Materials,
Inc.
57,763
198
Broadcom,
Inc.
61,282
1,377
Intel
Corp.
(a)
60,767
42
KLA
Corp.
61,840
263
Lam
Research
Corp.
56,193
837
Microchip
Technology,
Inc.
54,079
153
Micron
Technology,
Inc.
51,690
332
NVIDIA
Corp.
57,901
440
QUALCOMM,
Inc.
56,663
299
Texas
Instruments,
Inc.
58,048
694,202
SOFTWARE
1.9%
251
Adobe,
Inc.
(a)
61,013
179
Intuit,
Inc.
77,397
165
Microsoft
Corp.
61,078
439
Oracle
Corp.
64,581
451
Palo
Alto
Networks,
Inc.
(a)
72,304
346
Salesforce,
Inc.
64,588
627
ServiceNow,
Inc.
(a)
65,553
495
Workday,
Inc.
-
Class
A
(a)
64,310
530,824
SPECIALIZED
REITS
0.5%
339
American
Tower
Corp.
58,505
68
Equinix,
Inc.
66,656
125,161
SPECIALTY
RETAIL
5.7%
1,182
Advance
Auto
Parts,
Inc.
62,351
291
Asbury
Automotive
Group,
Inc.
(a)
56,864
323
AutoNation,
Inc.
(a)
63,069
17
AutoZone,
Inc.
(a)
57,422
1,023
Best
Buy
Co.,
Inc.
65,677
208
Burlington
Stores,
Inc.
(a)
67,679
1,485
CarMax,
Inc.
(a)
61,746
195
Carvana
Co.
-
Class
A
(a)
61,304
2,526
Chewy,
Inc.
-
Class
A
(a)
68,202
302
Dick's
Sporting
Goods,
Inc.
59,884
2,342
Gap,
Inc.
(The)
56,676
192
Group
1
Automotive,
Inc.
63,481
166
Home
Depot,
Inc.
(The)
54,596
225
Lithia
Motors,
Inc.
-
Class
A
56,187
229
Lowe's
Cos.,
Inc.
54,108
165
Murphy
USA,
Inc.
81,506
681
O'Reilly
Automotive,
Inc.
(a)
62,863
395
Penske
Automotive
Group,
Inc.
59,060
319
Ross
Stores,
Inc.
69,105
1,024
Sonic
Automotive,
Inc.
-
Class
A
70,216
405
TJX
Cos.,
Inc.
(The)
64,679
1,201
Tractor
Supply
Co.
54,405
94
Ulta
Beauty,
Inc.
(a)
49,135
869
Wayfair,
Inc.
-
Class
A
(a)
65,357
307
Williams-Sonoma,
Inc.
55,975
1,541,547
TECHNOLOGY
HARDWARE,
STORAGE
&
PERIPHERALS
1.5%
235
Apple,
Inc.
59,641
533
Dell
Technologies,
Inc.
-
Class
C
87,481
3,181
Hewlett
Packard
Enterprise
Co.
75,740
3,502
HP,
Inc.
67,273
2,059
Super
Micro
Computer,
Inc.
(a)
46,883
236
Western
Digital
Corp.
63,836
400,854
SHARES
SECURITY
DESCRIPTION
VALUE
$
TEXTILES,
APPAREL
&
LUXURY
GOODS
0.8%
358
Lululemon
Athletica,
Inc.
(a)
54,810
999
NIKE,
Inc.
-
Class
B
52,767
924
PVH
Corp.
64,458
3,229
VF
Corp.
54,861
226,896
TOBACCO
0.4%
927
Altria
Group,
Inc.
61,173
342
Philip
Morris
International,
Inc.
56,546
117,719
TRADING
COMPANIES
&
DISTRIBUTORS
1.5%
1,145
Core
&
Main,
Inc.
-
Class
A
(a)
56,563
1,411
Fastenal
Co.
65,471
246
Ferguson
Enterprises,
Inc.
57,382
72
United
Rentals,
Inc.
52,456
156
Watsco,
Inc.
56,751
216
WESCO
International,
Inc.
59,102
57
WW
Grainger,
Inc.
62,176
409,901
Total
Common
Stocks
(Cost
$26,726,110)
27,213,282
SHORT
TERM
INVESTMENTS
0.2%
64,505
JPMorgan
U.S.
Government
Money
Market
Fund
-
Class
IM
3.60%
(c)
64,505
Total
Short
Term
Investments
(Cost
$64,505)
64,505
Total
Investments
99.9%
(Cost
$26,790,615)
27,277,787
Other
Assets
in
Excess
of
Liabilities
0.1%
19,340
NET
ASSETS
100.0%
$27,297,127
(a)
Non-income
producing
security.
(b)
Value
determined
using
significant
unobservable
inputs.
(c)
Seven-day
yield
as
of
period
end.
Abbreviations:
CVR
Contingent
Value
Rights
Schedule
of
Investments
DoubleLine
Multi-Sector
Income
ETF
(Unaudited)
March
31,
2026
46
DoubleLine
ETF
Trust
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
P
RINCIPAL
A
MOUNT
$/S
HARES
S
ECURITY
D
ESCRIPTION
R
ATE
M
ATURITY
V
ALUE
$
COMMON
STOCKS  0.0%
(a)
837
Altice
France
SA
(b)
14,149
Total
Common
Stock
(Cost
$13,382)
14,149
ASSET-BACKED
OBLIGATIONS
2.7%
AmeriCredit
Automobile
Receivables
Trust
,
100,000
Series
2026-1-A2
4.03%
(c)
04/18/2029
99,970
DataBank
Issuer
II
LLC
,
100,000
Series
2025-1A-B
5.67%
(c)
09/27/2055
96,370
Dividend
Solar
Loans
LLC
,
246,543
Series
2017-1-C
7.00%
(c)
03/22/2038
222,940
EDI
ABS
Issuer
LLC
,
100,000
Series
2025-1A-B
4.55%
(c)
07/25/2055
92,661
Hilton
Grand
Vacations
Trust
,
89,973
Series
2025-3EXT-C
5.39%
(c)
10/25/2044
89,738
Horizon
Aircraft
Finance
IV
Ltd.
,
286,750
Series
2024-1-A
5.38%
(c)
09/15/2049
284,800
Lunar
Structured
Aircraft
Portfolio
Notes
,
260,361
Series
2021-1-B
3.43%
(c)
10/15/2046
247,877
MetroNet
Infrastructure
Issuer
LLC
,
100,000
Series
2026-1A-A2
5.27%
(c)
04/20/2056
100,574
Pagaya
Ai
Debt
Grantor
Trust
,
144,353
Series
2024-9-D
6.17%
(c)
03/15/2032
144,825
Pagaya
AI
Debt
Grantor
Trust
,
111,372
Series
2024-8-D
6.53%
(c)
01/15/2032
111,811
QTS
Issuer
ABS
I
LLC
,
150,000
Series
2025-1A-B
5.93%
(c)
05/25/2055
147,017
Retained
Vantage
Data
Centers
Issuer
LLC
,
150,000
Series
2024-1A-B
5.78%
(c)
09/15/2049
145,756
Vital
Care
Issuer
LLC
,
250,000
Series
2025-1A-A2
6.74%
(c)
01/30/2056
251,673
Willis
Engine
Structured
Trust
V
,
163,177
Series
2020-A-C
6.66%
(c)
03/15/2045
161,616
Total
Asset-Backed
Obligations
(Cost
$2,189,957)
2,197,628
BANK
LOANS
14.5%
1261229
BC
Ltd.
,
29,775
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
6.25%)
9.92%
10/08/2030
28,815
Acrisure
LLC
,
243,766
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.00%)
6.67%
11/06/2030
236,636
ADMI
Corp.
,
78,072
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.75%,
0.50%
Floor)
7.53%
12/23/2027
73,426
Alera
Group,
Inc.
,
89,551
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.75%)
6.42%
05/31/2032
87,042
Alkermes,
Inc.
,
90,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.75%)
6.42%
08/12/2031
90,788
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
Allied
Universal
Holdco
LLC
,
99,500
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.25%)
6.92%
08/20/2032
99,624
Allison
Transmission,
Inc.
,
115,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
1.75%)
5.42%
01/03/2033
115,546
Alterra
Mountain
Co.
,
54,862
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.50%)
6.17%
08/17/2028
54,914
Altice
France
SA
,
120,809
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
6.88%)
10.55%
05/30/2031
121,287
American
Axle
&
Manufacturing,
Inc.
,
84,150
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.25%)
6.91%
02/03/2033
83,940
Apro
LLC
,
113,844
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.75%)
7.43%
07/09/2031
114,342
Ardonagh
Group
Finco
Pty.
Ltd.
,
133,990
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.75%)
6.45%
02/18/2031
131,060
Ascend
Learning
LLC
,
253,719
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.00%,
0.50%
Floor)
6.67%
12/11/2028
248,264
Asurion
LLC
,
43,928
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
4.25%)
7.92%
09/19/2030
43,514
9,813
Senior
Secured
Second
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
5.25%)
9.03%
01/19/2029
9,765
AthenaHealth
Group,
Inc.
,
54,861
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.75%,
0.50%
Floor)
6.42%
02/15/2029
53,936
Aveanna
Healthcare
LLC
,
109,725
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.75%)
7.42%
09/17/2032
109,801
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
47
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
Bausch
+
Lomb
Corp.
,
233,925
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.75%)
7.42%
01/15/2031
234,730
BCPE
Empire
Holdings,
Inc.
,
153,063
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.25%,
0.50%
Floor)
6.92%
12/11/2030
151,021
BioMarin
Pharmaceutical,
Inc.
,
95,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
12
Month
+
1.75%)
5.17%
01/28/2033
94,882
Blackfin
Pipeline
LLC
,
94,763
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.00%)
6.69%
09/29/2032
95,399
Boots
Group
Finco
LP
,
79,800
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.25%)
6.92%
08/30/2032
80,182
Boxer
Parent
Co.,
Inc.
,
138,600
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.00%)
6.67%
07/30/2031
128,883
Caesars
Entertainment,
Inc.
,
213,845
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.25%)
5.92%
02/06/2031
208,232
Camelot
U.S.
Acquisition
LLC
,
50,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.75%)
6.42%
01/31/2031
43,448
Cengage
Learning,
Inc.
,
153,450
Senior
Secured
First
Lien
Term
Loan
(TSFR1M
+
3%;
TSFR3M
+
3%
+
3.00%)
6.67%
03/24/2031
150,636
Chariot
Buyer
LLC
,
119,698
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.75%)
6.42%
09/08/2032
118,747
Clear
Channel
Outdoor
Holdings,
Inc.
,
70,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
4.00%)
7.79%
08/23/2028
70,280
Cloud
Software
Group,
Inc.
,
29,925
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.25%)
6.92%
08/16/2032
27,467
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
Clydesdale
Acquisition
Holdings,
Inc.
,
25,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.18%,
0.50%
Floor)
6.84%
04/13/2029
23,912
9,975
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.25%)
6.92%
04/01/2032
9,343
Columbus
McKinnon
Corp.
,
123,623
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.50%)
7.20%
02/03/2033
123,314
Compass
Power
Generation
LLC
,
126,965
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.25%)
6.92%
04/16/2029
127,895
CompoSecure
Holdings
LLC
,
55,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.25%)
5.93%
01/14/2033
54,966
Cotiviti,
Inc.
,
18,993
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.75%)
6.42%
05/01/2031
17,544
104,213
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.75%)
6.42%
03/26/2032
96,189
CPI
Holdco
B
LLC
,
14,924
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.00%)
5.67%
05/19/2031
14,845
Crown
Finance
U.S.,
Inc.
,
114,350
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
4.50%)
8.17%
12/02/2031
113,403
Curium
BidCo
Sarl
,
48,865
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.00%)
6.67%
08/06/2031
48,834
Dayforce
Bidco
LLC
,
125,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.00%)
6.66%
02/04/2033
118,576
Delta
2
(Lux)
Sarl
,
115,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
1.75%)
5.45%
09/30/2031
114,928
Eagle
Parent
Corp.
,
108,179
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
4.25%,
0.50%
Floor)
7.92%
04/02/2029
108,529
48
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Multi-Sector
Income
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
March
31,
2026
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
Edelman
Financial
Engines
Center
LLC
(The)
,
40,000
Senior
Secured
Second
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
5.25%)
8.92%
10/20/2028
39,710
EG
America
LLC
,
185,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.25%)
6.92%
02/10/2031
185,370
Eisner
Advisory
Group
LLC
,
84,787
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
4.00%)
7.67%
02/28/2031
80,972
Fertitta
Entertainment
LLC
,
124,675
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.25%,
0.50%
Floor)
6.92%
01/29/2029
122,493
First
Advantage
Holdings
LLC
,
34,586
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.75%)
6.45%
10/31/2031
33,750
Focus
Financial
Partners
LLC
,
147,962
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.50%)
6.17%
09/15/2031
143,515
Freeport
LNG
Investments
LLLP
,
155,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.25%)
6.89%
02/11/2033
155,259
Froneri
U.S.,
Inc.
,
254,363
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
6
Month
+
2.25%)
5.88%
09/30/2032
249,929
Gainwell
Acquisition
Corp.
,
192,927
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
4.00%,
0.75%
Floor)
7.80%
10/01/2027
187,702
Garda
World
Security
Corp.
,
104,211
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.75%)
6.42%
02/01/2029
103,689
GBT
U.S.
III
LLC
,
69,773
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.00%)
5.67%
07/25/2031
68,483
Genmab
A/S
,
63,375
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.00%)
6.73%
12/13/2032
63,687
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
Golden
State
Foods
LLC
,
14,924
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.50%)
7.20%
12/04/2031
14,963
Grant
Thornton
Advisors
LLC
,
278,697
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.75%)
6.42%
06/02/2031
260,872
Great
Outdoors
Group
LLC
,
65,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.25%,
0.75%
Floor)
6.92%
01/23/2032
64,976
Green
Infrastructure
Partners,
Inc.
,
230,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.75%)
6.45%
09/24/2032
230,000
Hexion
Holdings
Corp.
,
47,241
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
4.00%,
0.50%
Floor)
7.67%
03/15/2029
45,302
Hologic,
Inc.
,
235,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
12
Month
+
2.25%)
5.75%
01/14/2033
232,489
INEOS
U.S.
Finance
LLC
,
19,585
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.25%)
6.92%
02/18/2030
17,174
ION
Platform
Finance
U.S.,
Inc.
,
150,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.75%)
7.42%
09/30/2032
121,375
Kaman
Corp.
,
1,940
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.50%)
6.15%
02/26/2032
1,943
104,539
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.50%)
6.17%
02/26/2032
104,699
Lavender
Dutch
BorrowerCo
BV
,
74,813
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.25%)
6.94%
12/30/2032
73,877
LBM
Acquisition
LLC
,
30,540
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.75%,
0.75%
Floor)
7.52%
06/06/2031
24,646
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
49
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
LC
Ahab
U.S.
Bidco
LLC
,
149,020
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.50%)
6.17%
05/01/2031
147,809
LifePoint
Health,
Inc.
,
137,160
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.75%)
7.42%
05/19/2031
137,357
Live
Nation
Entertainment,
Inc.
,
84,788
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.00%)
5.67%
10/21/2032
84,929
Madison
IAQ
LLC
,
76,388
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
12
Month
+
2.75%)
6.51%
05/06/2032
76,641
McAfee
Corp.
,
29,437
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.00%,
0.50%
Floor)
6.67%
03/01/2029
26,383
Meade
Pipeline
Co.
LLC
,
90,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.00%)
5.69%
09/22/2032
90,150
MH
Sub
I
LLC
,
147,731
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
4.25%,
0.50%
Floor)
7.92%
12/31/2031
99,165
Michaels
Cos.,
Inc.
(The)
,
30,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
5.00%)
8.67%
03/15/2033
29,177
Mitchell
International,
Inc.
,
44,888
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.00%)
6.67%
06/17/2031
42,954
MIWD
Holdco
II
LLC
,
104,175
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.75%)
6.42%
03/28/2031
96,318
Motion
Finco
Sarl
,
69,700
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.50%)
7.20%
11/13/2029
61,311
NEP
Group,
Inc.
,
25,513
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
4.50%)
8.17%
10/17/2031
23,179
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
Neptune
Bidco
US,
Inc.
,
30,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
5.00%)
8.76%
02/03/2033
28,680
Nexstar
Media,
Inc.
,
109,175
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.50%)
6.17%
06/28/2032
108,190
145,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
12
Month
+
2.75%)
6.22%
03/18/2033
143,550
NGL
Energy
Operating
LLC
,
25,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.50%)
7.18%
03/11/2033
25,059
OAK-Eagle
Acquireco,
Inc.
,
190,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
12
Month
+
3.50%)
6.97%
03/23/2033
189,050
OneDigital
Borrower
LLC
,
74,810
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.00%,
0.50%
Floor)
6.67%
07/02/2031
72,519
Ontario
Gaming
GTA
LP
,
64,405
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
4.25%,
0.50%
Floor)
7.95%
08/01/2030
60,512
OPENLANE,
Inc.
,
104,738
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.50%)
6.14%
10/08/2032
104,868
Ovg
Business
Services
LLC
,
203,965
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.00%)
6.67%
06/25/2031
204,220
Pacific
Dental
Services,
Inc.
,
49,749
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.50%)
6.18%
03/17/2031
49,843
PetSmart
LLC
,
80,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
4.00%)
7.67%
08/18/2032
79,620
Pinnacle
Buyer
LLC
,
33,465
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.50%)
6.16%
10/01/2032
33,543
50
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Multi-Sector
Income
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
March
31,
2026
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
Primo
Brands
Corp.
,
75,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
12
Month
+
2.75%)
6.22%
03/19/2031
75,211
Project
Aurora
U.S.
Finco,
Inc.
,
55,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.75%)
6.49%
12/06/2032
55,172
Pye-Barker
Fire
&
Safety
LLC
,
34,800
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.50%)
6.21%
12/16/2032
34,893
Radiology
Partners,
Inc.
,
134,325
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
4.50%)
8.17%
06/30/2032
132,574
RealPage,
Inc.
,
179,063
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.00%)
6.96%
04/24/2028
171,950
19,850
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.75%,
0.50%
Floor)
7.45%
04/24/2028
19,332
Savor
Acquisition,
Inc.
,
55,436
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.00%)
6.67%
02/19/2032
55,575
Sedgwick
Claims
Management
Services,
Inc.
,
202,951
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.50%)
6.17%
07/31/2031
199,545
Select
Medical
Corp.
,
65,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
12
Month
+
3.25%)
6.72%
12/31/2031
64,919
Staples,
Inc.
,
34,736
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
5.75%)
9.41%
08/23/2029
31,658
StubHub
Holdco
Sub
LLC
,
26,578
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
4.75%)
8.42%
03/15/2030
26,238
Sunrise
Financing
Partnership
,
200,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
6
Month
+
2.47%)
6.10%
02/16/2032
199,042
Talen
Energy
Supply
LLC
,
104,738
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.00%)
5.67%
11/25/2032
104,943
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
Team
Health
Holdings,
Inc.
,
84,364
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
4.00%)
7.66%
06/30/2028
84,185
Tecta
America
Corp.
,
59,700
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
12
Month
+
2.75%)
6.25%
02/18/2032
59,555
Tiger
Acquisition
LLC
,
138,515
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.50%)
6.18%
08/23/2032
138,809
TKO
Worldwide
Holdings
LLC
,
64,637
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.00%)
5.66%
11/21/2031
64,678
TransDigm,
Inc.
,
20,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.50%)
6.16%
02/14/2033
20,032
Trident
TPI
Holdings,
Inc.
,
39,748
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.75%,
0.50%
Floor)
7.45%
09/15/2028
37,742
Trucordia
Insurance
Holdings
LLC
,
24,363
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.25%)
6.92%
06/17/2032
22,536
UKG,
Inc.
,
129,674
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.50%)
6.17%
02/10/2031
124,090
Univision
Communications,
Inc.
,
169,139
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.50%)
7.28%
01/23/2029
167,766
Verde
Purchaser
LLC
,
54,473
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
4.00%)
7.67%
11/30/2030
53,072
Vestis
Corp.
,
79,579
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.25%)
5.92%
02/24/2031
76,993
Victory
Capital
Holdings,
Inc.
,
29,850
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.00%)
5.70%
09/23/2032
29,816
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
51
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
Victra
Holdings
LLC
,
245,996
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.75%)
7.45%
03/30/2029
242,921
Virgin
Media
Bristol
LLC
,
75,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.25%)
7.04%
01/31/2029
72,531
110,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
6
Month
+
3.18%)
7.05%
03/31/2031
100,708
Voyager
Parent
LLC
,
139,301
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
4.25%)
7.95%
07/01/2032
138,532
VSE
Corp.
,
45,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
12
Month
+
2.00%)
5.47%
03/17/2033
45,009
Wand
NewCo
3,
Inc.
,
165,004
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.50%)
6.17%
01/30/2031
163,879
White
Cap
Supply
Holdings
LLC
,
34,187
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.25%)
6.92%
10/19/2029
32,961
WhiteWater
Matterhorn
Holdings
LLC
,
44,938
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
1.75%)
5.44%
06/16/2032
44,788
Zayo
Group
Holdings,
Inc.
,
188,913
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.00%
+
0.50%
PIK)
6.79%
03/11/2030
185,833
Zelis
Payments
Buyer,
Inc.
,
118,809
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.25%)
6.92%
11/26/2031
115,260
Total
Bank
Loans
(Cost
$12,103,769)
11,913,535
COLLATERALIZED
LOAN
OBLIGATIONS
5.4%
ACREC
LLC
,
130,000
Series
2026-FL4-C
(CME
Term
SOFR
1
Month
+
2.00%)
5.68%
(c)
01/18/2043
129,817
AREIT
LLC
,
110,000
Series
2025-CRE11-C
(CME
Term
SOFR
1
Month
+
2.25%)
5.93%
(c)
07/25/2043
110,165
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
Bain
Capital
Credit
CLO
,
1,000,000
Series
2018-2A-DR
(CME
Term
SOFR
3
Month
+
2.95%,
2.95%
Floor)
6.62%
(c)
07/19/2031
1,004,353
BDS
LLC
,
140,000
Series
2025-FL16-C
(CME
Term
SOFR
1
Month
+
2.10%)
5.78%
(c)
06/19/2043
139,791
BRSP
Ltd.
,
140,000
Series
2026-FL3-D
(CME
Term
SOFR
1
Month
+
2.85%)
6.53%
(c)
08/19/2043
140,521
BSPRT
Issuer
LLC
,
100,000
Series
2024-FL11-C
(CME
Term
SOFR
1
Month
+
2.64%)
6.32%
(c)
07/15/2039
100,070
140,000
Series
2026-FL13-A
(CME
Term
SOFR
1
Month
+
1.50%)
0.00%
(c)
10/18/2043
140,350
BSPRT
Issuer
Ltd.
,
126,916
Series
2023-FL10-A
(CME
Term
SOFR
1
Month
+
2.26%,
2.26%
Floor)
5.93%
(c)
09/15/2035
127,239
Carlyle
US
CLO
Ltd.
,
500,000
Series
2020-2A-CR2
(CME
Term
SOFR
3
Month
+
2.90%)
6.57%
(c)
01/25/2035
484,031
FS
Rialto
Issuer
LLC
,
110,000
Series
2026-FL11-C
(CME
Term
SOFR
1
Month
+
2.05%)
5.73%
(c)
01/19/2044
110,342
GS
REFT
Issuer
Ltd.
,
150,000
Series
2026-FL1-A
(CME
Term
SOFR
1
Month
+
1.50%)
5.17%
(c)
04/19/2043
150,375
Harvest
US
CLO
Ltd.
,
500,000
Series
2023-1A-DR
(CME
Term
SOFR
3
Month
+
2.85%)
6.52%
(c)
01/15/2037
494,606
KREF
Ltd.
,
150,000
Series
2021-FL2-AS
(CME
Term
SOFR
1
Month
+
1.41%,
1.30%
Floor)
5.09%
(c)
02/15/2039
150,262
130,000
Series
2022-FL3-C
(CME
Term
SOFR
1
Month
+
2.30%)
5.98%
(c)
02/17/2039
130,480
LoanCore
Issuer
Ltd.
,
150,000
Series
2021-CRE6-C
(CME
Term
SOFR
1
Month
+
2.41%)
6.09%
(c)
11/15/2038
150,454
100,000
Series
2021-CRE6-D
(CME
Term
SOFR
1
Month
+
2.96%)
6.64%
(c)
11/15/2038
100,331
MF1
LLC
,
170,000
Series
2026-FL21-C
(CME
Term
SOFR
1
Month
+
1.95%)
5.63%
(c)
02/18/2041
170,625
MF1
Ltd.
,
100,000
Series
2021-FL7-D
(CME
Term
SOFR
1
Month
+
2.66%)
6.34%
(c)
10/16/2036
100,134
52
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Multi-Sector
Income
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
March
31,
2026
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
130,000
Series
2022-FL8-B
(CME
Term
SOFR
1
Month
+
1.95%)
5.63%
(c)
02/19/2037
129,887
MF1
Multifamily
Housing
Mortgage
Loan
Trust
,
150,000
Series
2021-FL7-E
(CME
Term
SOFR
1
Month
+
2.91%,
2.80%
Floor)
6.59%
(c)
10/16/2036
148,718
PFP
Ltd.
,
150,000
Series
2025-12-C
(CME
Term
SOFR
1
Month
+
2.54%)
6.22%
(c)
12/18/2042
150,336
90,000
Series
2026-13-C
(CME
Term
SOFR
1
Month
+
2.00%)
5.68%
(c)
08/18/2043
90,287
Total
Collateralized
Loan
Obligations
(Cost
$4,458,338)
4,453,174
FOREIGN
CORPORATE
BONDS
4.0%
BERMUDA
0.1%
108,000
Triton
Container
International
Ltd.
5.15%
02/15/2033
105,818
BRAZIL
0.1%
95,000
Suzano
Netherlands
BV
5.50%
01/15/2036
91,972
CANADA
1.3%
32,000
Bank
of
Nova
Scotia
(The)
(SOFR
+
1.05%)
4.81%
02/02/2034
31,558
94,000
Bell
Canada
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.36%)
7.00%
09/15/2055
96,248
51,000
Cenovus
Energy,
Inc.
5.40%
03/20/2036
50,764
83,000
Element
Fleet
Management
Corp.
5.04%
(c)
03/25/2030
83,836
90,000
Garda
World
Security
Corp.
6.50%
(c)
01/15/2031
91,312
250,000
Garda
World
Security
Corp.
8.25%
(c)
08/01/2032
247,729
260,000
Ontario
Gaming
GTA
LP
8.00%
(c)
08/01/2030
249,386
89,000
TELUS
Corp.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.71%)
7.00%
10/15/2055
90,895
97,000
WSP
Global,
Inc.
5.04%
(c)
09/18/2031
96,231
1,037,959
CAYMAN
ISLANDS
0.7%
539,000
Global
Aircraft
Leasing
Co.
Ltd.
8.75%
(c)
09/01/2027
547,511
FRANCE
0.3%
94,384
Altice
France
SA
6.88%
(c)
07/15/2032
89,517
200,000
Societe
Generale
SA
(SOFR
+
1.73%)
5.44%
(c)
10/03/2036
195,792
285,309
HONG
KONG
0.3%
290,000
Seaspan
Corp.
5.50%
(c)
08/01/2029
271,993
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
IRELAND
0.3%
150,000
AerCap
Ireland
Capital
DAC
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.72%)
6.95%
03/10/2055
153,605
64,000
Avolon
Holdings
Funding
Ltd.
4.90%
(c)
10/10/2030
63,587
217,192
ISRAEL
0.1%
102,000
Teva
Pharmaceutical
Finance
Co.
LLC
6.15%
02/01/2036
105,216
UNITED
KINGDOM
0.8%
200,000
180
Medical,
Inc.
5.30%
(c)
10/08/2035
196,561
62,000
BAT
Capital
Corp.
5.63%
08/15/2035
63,787
200,000
Froneri
Lux
FinCo.
Sarl
6.00%
(c)
08/01/2032
195,195
200,000
Merlin
Entertainments
Group
US
Holdings,
Inc.
7.38%
(c)
02/15/2031
167,066
622,609
Total
Foreign
Corporate
Bonds
(Cost
$3,322,189)
3,285,579
NON-AGENCY
COMMERCIAL
MORTGAGE-BACKED
OBLIGATIONS
9.8%
1211
Avenue
of
the
Americas
Trust
,
100,000
Series
2015-1211-A1A2
3.90%
(c)
08/10/2035
95,862
1345T
,
100,000
Series
2025-AOA-D
(CME
Term
SOFR
1
Month
+
3.00%)
6.67%
(c)
06/15/2042
99,902
ALA
Trust
,
150,000
Series
2025-OANA-A
(CME
Term
SOFR
1
Month
+
1.74%)
5.42%
(c)
06/15/2040
150,610
Arbor
Multifamily
Mortgage
Securities
Trust
,
3,718,190
Series
2020-MF1-XA
0.92%
(c)
(d)(e)
05/15/2053
112,285
130,000
Series
2021-MF3-A2
2.21%
(c)
10/15/2054
128,135
ARDN
Mortgage
Trust
,
100,000
Series
2025-ARCP-A
(CME
Term
SOFR
1
Month
+
1.75%)
5.42%
(c)
06/15/2035
99,766
BANK
,
4,077,128
Series
2021-BN32-XA
0.76%
(d)(e)
04/15/2054
109,541
BANK5
,
1,078,646
Series
2025-5YR16-XA
1.07%
(d)(e)
08/15/2063
45,072
1,998,740
Series
2025-5YR17-XA
1.19%
(d)(e)
11/15/2058
93,262
1,801,968
Series
2026-5YR20-XA
1.31%
(d)(e)
02/15/2059
100,209
3,161,000
Series
2026-5YR21-XA
1.00%
(d)(e)
04/15/2059
111,056
BBCMS
Mortgage
Trust
,
100,000
Series
2023-C19-B
6.35%
(d)
04/15/2056
100,748
171,000
Series
2024-5C29-D
4.00%
(c)
09/15/2057
150,828
170,000
Series
2024-5C31-D
4.25%
(c)
12/15/2057
150,222
122,000
Series
2025-5C38-B
5.72%
(d)
11/15/2058
124,058
103,000
Series
2026-5C40-D
4.25%
(c)
02/15/2059
86,662
Benchmark
Mortgage
Trust
,
3,967,642
Series
2024-V12-XA
0.85%
(d)(e)
12/15/2057
115,520
100,000
Series
2024-V6-D
4.00%
03/15/2057
90,170
3,565,296
Series
2025-V15-XA
1.12%
(d)(e)
06/15/2058
147,888
100,000
Series
2025-V16-C
5.95%
(d)
08/15/2058
101,067
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
53
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
3,149,492
Series
2025-V16-XA
0.96%
(d)(e)
08/15/2058
114,855
250,000
Series
2025-V18-C
6.14%
10/15/2058
249,591
3,474,939
Series
2025-V18-XA
1.26%
(c)
(d)(e)
10/15/2058
176,227
128,000
Series
2025-V19-C
5.75%
(d)
01/15/2058
127,299
1,143,000
Series
2026-V21-XD
2.25%
(c)
(d)(e)
12/15/2030
108,057
BMO
Mortgage
Trust
,
150,000
Series
2024-5C3-D
4.00%
(c)
02/15/2057
134,182
150,000
Series
2024-5C5-D
4.50%
(c)
02/15/2057
133,816
150,000
Series
2025-5C10-C
6.49%
(d)
05/15/2058
152,330
136,000
Series
2025-5C13-C
5.88%
(d)
12/15/2058
134,327
2,648,694
Series
2025-5C13-XA
1.20%
(d)(e)
12/15/2058
129,239
BMP
Trust
,
100,000
Series
2024-MF23-D
(CME
Term
SOFR
1
Month
+
2.39%,
2.39%
Floor)
6.06%
(c)
06/15/2041
100,171
BX
Commercial
Mortgage
Trust
,
97,464
Series
2024-GPA2-D
(CME
Term
SOFR
1
Month
+
2.59%,
2.59%
Floor)
6.26%
(c)
11/15/2041
97,540
70,000
Series
2024-MDHS-D
(CME
Term
SOFR
1
Month
+
2.69%,
2.69%
Floor)
6.36%
(c)
05/15/2041
69,958
88,545
Series
2024-MF-D
(CME
Term
SOFR
1
Month
+
2.69%,
2.69%
Floor)
6.36%
(c)
02/15/2039
88,717
110,000
Series
2026-ALOHA-D
(CME
Term
SOFR
1
Month
+
2.15%)
0.00%
(c)
04/15/2043
110,275
100,000
Series
2026-CSMO-D
(CME
Term
SOFR
1
Month
+
2.45%)
6.12%
(c)
02/15/2043
100,406
100,000
Series
2026-XL6-D
(CME
Term
SOFR
1
Month
+
2.10%)
5.77%
(c)
03/15/2043
99,610
BX
Trust
,
100,000
Series
2021-LGCY-D
(CME
Term
SOFR
1
Month
+
1.42%)
5.09%
(c)
10/15/2036
99,927
84,533
Series
2021-RISE-D
(CME
Term
SOFR
1
Month
+
1.86%)
5.54%
(c)
11/15/2036
84,542
100,000
Series
2022-LBA6-C
(CME
Term
SOFR
1
Month
+
1.60%)
5.27%
(c)
01/15/2039
100,042
71,296
Series
2024-CNYN-D
(CME
Term
SOFR
1
Month
+
2.69%,
2.69%
Floor)
6.36%
(c)
04/15/2041
71,381
100,000
Series
2025-ARIA-C
5.52%
(c)(d)
12/13/2042
99,808
100,000
Series
2026-CART-D
(CME
Term
SOFR
1
Month
+
1.90%)
5.57%
(c)
02/15/2036
99,258
100,000
Series
2026-OPTM-D
(CME
Term
SOFR
1
Month
+
2.00%)
5.75%
(c)
03/15/2039
99,571
BXP
Trust
,
100,000
Series
2017-GM-C
3.42%
(c)(d)
06/13/2039
97,647
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
DBC
Mortgage
Trust
,
100,000
Series
2025-DBC-D
(CME
Term
SOFR
1
Month
+
2.60%)
6.27%
(c)
11/15/2042
99,886
ELP
Commercial
Mortgage
Trust
,
100,000
Series
2025-ELP-E
6.02%
(c)(d)
11/13/2042
98,952
Great
Wolf
Trust
,
100,000
Series
2024-WOLF-D
(CME
Term
SOFR
1
Month
+
2.89%,
2.89%
Floor)
6.56%
(c)
03/15/2039
100,407
Hilton
USA
Trust
,
100,000
Series
2016-HHV-C
4.19%
(c)(d)
11/05/2038
99,663
100,000
Series
2016-SFP-A
2.83%
(c)
11/05/2035
85,740
INV
Mortgage
Trust
,
100,000
Series
2024-IND-A
(CME
Term
SOFR
1
Month
+
1.74%)
5.41%
(c)
11/15/2041
98,859
JPMDB
Commercial
Mortgage
Securities
Trust
,
140,000
Series
2017-C7-B
3.99%
10/15/2050
133,169
LBTY
Commercial
Mortgage
Trust
,
100,000
Series
2026-225L-D
5.71%
(c)(d)
02/10/2043
98,160
MHP
Commercial
Mortgage
Trust
,
100,000
Series
2021-STOR-D
(CME
Term
SOFR
1
Month
+
1.46%,
1.35%
Floor)
5.14%
(c)
07/15/2038
99,984
100,000
Series
2021-STOR-E
(CME
Term
SOFR
1
Month
+
1.86%)
5.54%
(c)
07/15/2038
99,997
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
93,957
Series
2013-C11-AS
3.89%
(d)
08/15/2046
91,077
104,000
Series
2025-5C1-C
6.64%
(d)
03/15/2058
107,377
100,000
Series
2025-5C2-C
5.74%
(d)
11/15/2058
98,242
Morgan
Stanley
Capital
I
Trust
,
150,000
Series
2018-H3-C
4.86%
(d)
07/15/2051
143,717
MTN
Commercial
Mortgage
Trust
,
100,000
Series
2022-LPFL-D
(CME
Term
SOFR
1
Month
+
2.94%,
2.94%
Floor)
6.62%
(c)
03/15/2039
99,880
Natixis
Commercial
Mortgage
Securities
Trust
,
100,000
Series
2019-10K-E
4.13%
(c)(d)
05/15/2039
92,734
NYC
Commercial
Mortgage
Trust
,
100,000
Series
2025-300P-E
7.39%
(c)(d)
07/13/2042
100,716
PLYM
Commercial
Mortgage
Trust
,
100,000
Series
2026-IND-D
(CME
Term
SOFR
1
Month
+
2.15%)
5.82%
(c)
03/15/2043
99,252
RFR
Trust
,
100,000
Series
2025-SGRM-E
7.27%
(c)(d)
03/11/2041
100,556
UBS
Commercial
Mortgage
Trust
,
150,000
Series
2018-C13-B
4.79%
(d)
10/15/2051
142,320
Wells
Fargo
Commercial
Mortgage
Trust
,
200,000
Series
2025-5C4-D
4.50%
(c)
05/15/2058
177,080
2,066,968
Series
2025-5C4-XA
1.12%
(d)(e)
05/15/2058
84,095
123,000
Series
2025-5C7-C
5.80%
(d)
12/15/2058
120,990
150,000
Series
2025-5C7-D
4.25%
(c)
12/15/2058
125,002
100,000
Series
2025-AGLN-B
(CME
Term
SOFR
1
Month
+
1.94%)
5.61%
(c)
07/15/2037
99,755
104,000
Series
2026-5C8-D
4.50%
(c)
03/15/2059
88,356
54
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Multi-Sector
Income
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
March
31,
2026
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
2,641,000
Series
2026-5C8-XA
1.58%
(d)(e)
03/15/2059
154,584
Total
Non-Agency
Commercial
Mortgage-Backed
Obligations
(Cost
$8,032,959)
8,032,189
NON-AGENCY
RESIDENTIAL
COLLATERALIZED
MORTGAGE
OBLIGATIONS
18.3%
Aspire
Mortgage
Trust
,
500,000
Series
2026-1-M1
5.40%
(c)(d)
01/25/2066
501,481
BRAVO
Residential
Funding
Trust
,
650,000
Series
2026-NQM1-B1
6.45%
(c)(d)
12/25/2065
649,565
500,000
Series
2026-NQM2-M1
5.45%
(c)(d)
11/25/2065
489,179
COLT
Mortgage
Loan
Trust
,
500,000
Series
2026-2-M1
5.42%
(c)(d)
03/25/2071
503,031
EFMT
,
750,000
Series
2025-INV2-B2
7.50%
(c)(d)
05/26/2070
745,491
FHLMC
STACR
REMICS
Trust
,
300,000
Series
2024-HQA1-M2
(SOFR
30
Day
Average
+
2.00%)
5.66%
(c)
03/25/2044
303,295
J.P.
Morgan
Mortgage
Trust
,
500,000
Series
2024-VIS2-B2
7.69%
(c)(d)
11/25/2064
499,176
600,000
Series
2025-NQM5-M1A
5.67%
(c)(d)
05/25/2066
594,327
MFA
Trust
,
750,000
Series
2025-NQM5-M1
5.89%
(c)(d)
11/25/2070
753,595
Morgan
Stanley
Residential
Mortgage
Loan
Trust
,
740,000
Series
2025-NQM5-B1
7.07%
(c)(d)
07/25/2070
741,142
New
Residential
Mortgage
Loan
Trust
,
750,000
Series
2026-NQM1-B1
6.60%
(c)(d)
11/25/2065
740,866
OBX
Trust
,
600,000
Series
2024-NQM17-M1
6.65%
(c)(d)
11/25/2064
605,828
625,000
Series
2024-NQM18-M1
6.17%
(c)(d)
10/25/2064
626,599
600,000
Series
2025-NQM23-M1
5.67%
(c)(d)
10/25/2065
595,190
PRPM
Trust
,
750,000
Series
2025-NQM3-B1
6.89%
(c)(d)
05/25/2070
751,139
600,000
Series
2025-NQM6-B1
6.96%
(c)(d)
12/25/2070
595,704
Verus
Securitization
Trust
,
625,000
Series
2024-9-B1
6.85%
(c)(d)
11/25/2069
626,768
500,000
Series
2025-1-B1
7.01%
(c)(d)
01/25/2070
505,613
700,000
Series
2025-11-B1
6.41%
(c)(d)
11/25/2070
690,745
625,000
Series
2025-2-B1
6.97%
(c)
03/25/2070
627,783
750,000
Series
2025-5-B1
7.06%
(c)(d)
06/25/2070
753,842
750,000
Series
2025-6-B1
6.87%
(c)(d)
07/25/2070
752,007
750,000
Series
2025-9-B2
7.38%
(c)(d)
10/27/2070
745,434
600,000
Series
2026-1-B1
6.47%
(c)(d)
01/25/2071
592,567
Total
Non-Agency
Residential
Collateralized
Mortgage
Obligations
(Cost
$15,016,951)
14,990,367
U.S.
CORPORATE
BONDS
40.0%
250,000
1261229
BC
Ltd.
10.00%
(c)
04/15/2032
256,172
295,000
Acrisure
LLC
6.75%
(c)
07/01/2032
284,555
220,000
Acushnet
Co.
5.63%
(c)
12/01/2033
218,848
210,000
Advanced
Drainage
Systems,
Inc.
5.38%
(c)
03/01/2034
204,880
96,000
Alliant
Energy
Corp.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.08%)
5.75%
04/01/2056
93,367
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
120,000
Alliant
Holdings
Intermediate
LLC
6.50%
(c)
10/01/2031
117,984
174,000
Allied
Universal
Holdco
LLC
7.88%
(c)
02/15/2031
179,548
100,000
American
Axle
&
Manufacturing,
Inc.
6.38%
(c)
10/15/2032
99,055
90,000
American
Axle
&
Manufacturing,
Inc.
7.75%
(c)
10/15/2033
87,670
84,000
American
Express
Co.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.15%)
5.41%
02/08/2041
83,441
50,000
Antero
Midstream
Partners
LP
5.75%
(c)
07/01/2034
49,305
85,000
Anywhere
Real
Estate
Group
LLC
5.25%
(c)
04/15/2030
80,378
65,000
Anywhere
Real
Estate
Group
LLC
9.75%
(c)
04/15/2030
69,057
50,000
APA
Corp.
6.10%
02/15/2035
51,369
186,000
AthenaHealth
Group,
Inc.
6.50%
(c)
02/15/2030
174,783
50,000
Atlassian
Corp.
5.25%
05/15/2029
50,312
155,000
Azorra
Finance
Ltd.
7.25%
(c)
01/15/2031
156,639
102,000
Bank
of
America
Corp.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.68%)
6.63%
(f)
05/01/2030
104,642
112,000
Bank
of
New
York
Mellon
Corp.
(The)
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.03%)
5.63%
(f)
03/20/2031
109,762
224,000
Bausch
+
Lomb
Corp.
8.38%
(c)
10/01/2028
231,560
76,000
Block
Financial
LLC
5.38%
09/15/2032
73,794
95,000
Brown
&
Brown,
Inc.
5.25%
06/23/2032
94,882
320,000
Builders
FirstSource,
Inc.
6.38%
(c)
03/01/2034
316,309
170,000
Builders
FirstSource,
Inc.
6.75%
(c)
05/15/2035
170,050
50,000
CACI
International,
Inc.
6.38%
(c)
06/15/2033
50,931
120,000
Caesars
Entertainment,
Inc.
6.00%
(c)
10/15/2032
110,547
41,000
Carnival
Corp.
5.13%
(c)
05/01/2029
40,722
250,000
Carnival
Corp.
5.88%
(c)
06/15/2031
253,230
220,000
Carnival
Corp.
5.75%
(c)
08/01/2032
220,203
33,000
CCO
Holdings
LLC
5.13%
(c)
05/01/2027
32,984
345,000
CCO
Holdings
LLC
4.75%
(c)
03/01/2030
327,579
171,000
CCO
Holdings
LLC
4.75%
(c)
02/01/2032
154,749
60,000
CCO
Holdings
LLC
4.25%
(c)
01/15/2034
51,385
90,000
CCO
Holdings
LLC
7.38%
(c)
02/01/2036
89,707
60,000
Celanese
US
Holdings
LLC
6.50%
04/15/2030
61,270
60,000
Celanese
US
Holdings
LLC
6.75%
04/15/2033
61,596
40,000
Chemours
Co.
(The)
7.88%
(c)
03/15/2034
40,028
43,000
Cheniere
Energy,
Inc.
5.65%
04/15/2034
44,283
180,000
Chord
Energy
Corp.
6.00%
(c)
10/01/2030
182,495
115,000
Chord
Energy
Corp.
6.75%
(c)
03/15/2033
118,803
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
55
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
190,000
CHS/Community
Health
Systems,
Inc.
6.00%
(c)
01/15/2029
188,025
85,000
Cipher
Compute
LLC
7.13%
(c)
11/15/2030
88,169
95,000
Citigroup,
Inc.
(5-year
CMT
T-Note
+
2.89%)
6.88%
(f)
08/15/2030
95,732
190,000
Clarios
Global
LP
6.75%
(c)
02/15/2030
194,409
300,000
Clarios
Global
LP
6.75%
(c)
09/15/2032
302,589
65,000
Clear
Channel
Outdoor
Holdings,
Inc.
7.50%
(c)
06/01/2029
65,312
205,000
Clear
Channel
Outdoor
Holdings,
Inc.
7.13%
(c)
02/15/2031
214,903
50,000
Cloud
Software
Group,
Inc.
9.00%
(c)
09/30/2029
48,281
160,000
Cloud
Software
Group,
Inc.
6.63%
(c)
08/15/2033
142,397
80,000
Clydesdale
Acquisition
Holdings,
Inc.
6.75%
(c)
04/15/2032
75,787
94,000
CMS
Energy
Corp.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.96%)
6.50%
06/01/2055
95,740
52,000
CNH
Industrial
Capital
LLC
4.38%
03/07/2031
50,842
75,000
CNX
Midstream
Partners
LP
4.75%
(c)
04/15/2030
71,357
140,000
CNX
Resources
Corp.
5.88%
(c)
03/01/2034
136,442
250,000
Columbus
McKinnon
Corp.
7.13%
(c)
02/01/2033
250,119
85,000
CoreWeave,
Inc.
9.25%
(c)
06/01/2030
82,672
35,000
Crescent
Energy
Finance
LLC
7.88%
(c)
04/15/2032
35,784
235,000
Dcli
Bidco
LLC
7.75%
(c)
11/15/2029
237,831
580,000
Dealer
Tire
LLC
8.00%
(c)
02/01/2028
567,462
39,000
Dell
International
LLC
5.10%
02/15/2036
38,149
176,000
Directv
Financing
LLC
5.88%
(c)
08/15/2027
175,923
180,000
Directv
Financing
LLC
8.88%
(c)
02/01/2030
179,824
115,000
Discovery
Global
Holdings,
Inc.
4.05%
03/15/2029
111,334
45,000
Discovery
Global
Holdings,
Inc.
4.28%
03/15/2032
39,881
80,000
Discovery
Global
Holdings,
Inc.
5.05%
03/15/2042
52,905
225,000
DISH
DBS
Corp.
5.75%
(c)
12/01/2028
217,754
165,000
DISH
DBS
Corp.
5.13%
06/01/2029
147,635
276,000
Dornoch
Debt
Merger
Sub,
Inc.
6.63%
(c)
10/15/2029
246,669
84,000
EchoStar
Corp.
10.75%
11/30/2029
90,793
190,000
Ellucian
Holdings,
Inc.
6.50%
(c)
12/01/2029
186,060
205,000
EMRLD
Borrower
LP
6.63%
(c)
12/15/2030
208,753
185,000
Energizer
Holdings,
Inc.
6.00%
(c)
09/15/2033
173,490
77,000
Energy
Transfer
LP
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.31%)
7.13%
(f)
05/15/2030
78,575
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
72,000
Entergy
Corp.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.67%)
7.13%
12/01/2054
73,818
98,000
Essential
Properties
LP
5.40%
12/01/2035
96,521
64,000
Extra
Space
Storage
LP
5.40%
06/15/2035
64,323
8,000
Fedex
Freight
Holding
Co.,
Inc.
4.95%
(c)
03/15/2033
7,805
116,000
Fertitta
Entertainment
LLC
6.75%
(c)
01/15/2030
108,439
69,000
Fiserv,
Inc.
4.55%
02/15/2031
67,594
125,000
Flash
Compute
LLC
7.25%
(c)
12/31/2030
126,005
40,000
Flex
Ltd.
5.25%
01/15/2032
40,174
63,000
Florida
Gas
Transmission
Co.
LLC
5.75%
(c)
07/15/2035
64,669
115,000
Freedom
Mortgage
Holdings
LLC
8.38%
(c)
04/01/2032
113,244
85,000
Full
House
Resorts,
Inc.
8.25%
(c)
02/15/2028
77,563
31,000
Gabx
Leasing
LLC
4.63%
(c)
04/15/2031
30,569
92,000
General
Motors
Financial
Co.,
Inc.
4.60%
01/08/2031
90,711
290,000
Genesee
&
Wyoming,
Inc.
6.25%
(c)
04/15/2032
293,828
170,000
Getty
Images,
Inc.
10.50%
(c)
11/15/2030
152,622
285,000
GFL
Environmental
Holdings
US,
Inc.
5.50%
(c)
02/01/2034
279,883
40,000
Global
Payments,
Inc.
5.20%
11/15/2032
38,851
86,000
GLP
Capital
LP
5.63%
03/01/2036
83,723
150,000
Goat
Holdco
LLC
6.75%
(c)
02/01/2032
151,049
90,000
Goldman
Sachs
Group,
Inc.
(The)
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.46%)
6.85%
(f)
02/10/2030
91,794
62,000
Goldman
Sachs
Group,
Inc.
(The)
(SOFR
+
1.55%)
5.33%
07/23/2035
62,231
280,000
Graham
Holdings
Co.
5.63%
(c)
12/01/2033
274,995
75,000
Gray
Media,
Inc.
9.63%
(c)
07/15/2032
75,065
115,000
Gray
Media,
Inc.
7.25%
(c)
08/15/2033
115,970
295,000
Griffon
Corp.
5.75%
03/01/2028
294,602
179,000
Gulfport
Energy
Operating
Corp.
6.75%
(c)
09/01/2029
183,291
70,000
Herc
Holdings,
Inc.
7.00%
(c)
06/15/2030
71,826
35,000
Herc
Holdings,
Inc.
5.75%
(c)
03/15/2031
34,502
135,000
Herc
Holdings,
Inc.
6.00%
(c)
03/15/2034
130,651
110,000
Hightower
Holding
LLC
6.75%
(c)
04/15/2029
108,096
130,000
Hilcorp
Energy
I
LP
7.25%
(c)
02/15/2035
129,704
145,000
Hilton
Domestic
Operating
Co.,
Inc.
5.75%
(c)
09/15/2033
144,460
92,000
HUB
International
Ltd.
7.25%
(c)
06/15/2030
94,298
30,000
Huntington
Bancshares,
Inc.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.17%)
2.49%
08/15/2036
25,769
56
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Multi-Sector
Income
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
March
31,
2026
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
35,000
Icahn
Enterprises
LP
5.25%
05/15/2027
34,325
67,000
Illumina,
Inc.
4.75%
12/12/2030
66,713
280,000
Installed
Building
Products,
Inc.
5.63%
(c)
02/01/2034
273,923
19,000
Jabil,
Inc.
4.75%
02/01/2033
18,509
90,000
JBS
NV
5.50%
01/15/2036
90,098
40,000
JetBlue
Airways
Corp.
9.88%
(c)
09/20/2031
37,857
195,000
Kodiak
Gas
Services
LLC
6.50%
(c)
10/01/2033
197,241
135,000
Kodiak
Gas
Services
LLC
6.75%
(c)
10/01/2035
137,249
250,000
Lamar
Media
Corp.
5.38%
(c)
11/01/2033
244,902
225,000
Level
3
Financing,
Inc.
6.88%
(c)
06/30/2033
229,300
500,000
Life
Time,
Inc.
6.00%
(c)
11/15/2031
504,229
110,000
LifePoint
Health,
Inc.
8.38%
(c)
02/15/2032
117,551
104,000
LifePoint
Health,
Inc.
10.00%
(c)
06/01/2032
106,338
135,000
Light
&
Wonder
International,
Inc.
6.25%
(c)
10/01/2033
132,363
100,000
Lindblad
Expeditions
LLC
7.00%
(c)
09/15/2030
102,160
245,000
Madison
IAQ
LLC
5.88%
(c)
06/30/2029
240,427
41,000
Marriott
International,
Inc.
4.50%
10/15/2031
40,539
62,000
MasTec,
Inc.
5.90%
06/15/2029
64,082
100,000
Matador
Resources
Co.
6.50%
(c)
04/15/2032
101,162
85,000
Matador
Resources
Co.
6.00%
(c)
04/15/2034
84,514
75,000
Mativ
Holdings,
Inc.
8.00%
(c)
10/01/2029
69,947
16,000
Mattel,
Inc.
5.00%
11/17/2030
15,907
110,000
McGraw-Hill
Education,
Inc.
7.38%
(c)
09/01/2031
112,366
136,000
Medline
Borrower
LP
5.25%
(c)
10/01/2029
134,885
92,000
MetLife,
Inc.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.08%)
6.35%
03/15/2055
93,400
90,000
Michaels
Cos.,
Inc.
(The)
8.50%
(c)
03/15/2033
87,709
85,000
Midwest
Gaming
Borrower
LLC
4.88%
(c)
05/01/2029
82,481
115,000
Miter
Brands
Acquisition
Holdco,
Inc.
6.75%
(c)
04/01/2032
110,213
63,000
Motorola
Solutions,
Inc.
5.20%
08/15/2032
63,924
215,000
Nabors
Industries,
Inc.
9.13%
(c)
01/31/2030
225,871
130,000
Nabors
Industries,
Inc.
7.63%
(c)
11/15/2032
133,157
50,000
NCL
Corp.
Ltd.
5.88%
(c)
01/15/2031
48,608
50,000
NCL
Corp.
Ltd.
6.25%
(c)
09/15/2033
48,552
70,000
Neptune
Bidco
US,
Inc.
10.38%
(c)
05/15/2031
70,694
75,000
Newell
Brands,
Inc.
6.38%
05/15/2030
72,053
210,000
Nexstar
Media,
Inc.
6.50%
(c)
09/15/2033
211,727
45,000
Nexstar
Media,
Inc.
7.25%
(c)
04/15/2034
45,182
30,000
NGL
Energy
Operating
LLC
8.13%
(c)
02/15/2029
30,924
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
82,000
NiSource,
Inc.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.45%)
6.95%
11/30/2054
84,379
90,000
Nissan
Motor
Acceptance
Co.
LLC
6.13%
(c)
09/30/2030
86,572
35,000
Novelis
Corp.
6.88%
(c)
01/30/2030
35,331
100,000
NRG
Energy,
Inc.
6.00%
(c)
02/01/2033
100,090
100,000
OAK-Eagle
Acquireco,
Inc.
7.25%
(c)
07/01/2033
103,675
55,000
OAK-Eagle
Acquireco,
Inc.
8.75%
(c)
07/01/2034
57,615
70,000
Olin
Corp.
6.63%
(c)
04/01/2033
68,563
84,000
Omega
Healthcare
Investors,
Inc.
3.25%
04/15/2033
73,972
100,000
OneMain
Finance
Corp.
6.13%
05/15/2030
97,853
89,000
OneMain
Finance
Corp.
7.50%
05/15/2031
89,532
135,000
OneMain
Finance
Corp.
6.50%
03/15/2033
129,173
179,000
Panther
Escrow
Issuer
LLC
7.13%
(c)
06/01/2031
179,692
165,000
Park
Intermediate
Holdings
LLC
7.00%
(c)
02/01/2030
167,128
62,000
Paychex,
Inc.
5.35%
04/15/2032
62,341
85,000
Penn
Entertainment,
Inc.
6.75%
(c)
04/01/2031
82,649
320,000
PennyMac
Financial
Services,
Inc.
6.88%
(c)
05/15/2032
309,126
105,000
Performance
Food
Group,
Inc.
5.63%
(c)
03/01/2034
101,388
250,000
PetSmart
LLC
7.50%
(c)
09/15/2032
251,404
78,000
PSEG
Power
LLC
5.20%
(c)
05/15/2030
79,242
70,000
Qnity
Electronics,
Inc.
6.25%
(c)
08/15/2033
70,867
72,000
Qorvo,
Inc.
3.38%
(c)
04/01/2031
65,170
240,000
Quikrete
Holdings,
Inc.
6.75%
(c)
03/01/2033
243,940
350,000
QXO
Building
Products,
Inc.
6.75%
(c)
04/30/2032
357,303
140,000
Radiology
Partners,
Inc.
8.50%
(c)
07/15/2032
142,117
220,000
RHP
Hotel
Properties
LP
6.50%
(c)
06/15/2033
224,177
85,000
RHP
Hotel
Properties
LP
5.75%
(c)
03/15/2034
83,950
195,000
Rivers
Enterprise
Borrower
LLC
6.25%
(c)
10/15/2030
194,622
305,000
Rivers
Enterprise
Borrower
LLC
6.63%
(c)
02/01/2033
303,003
70,000
Rocket
Cos.,
Inc.
6.13%
(c)
08/01/2030
70,689
70,000
Rocket
Cos.,
Inc.
6.38%
(c)
08/01/2033
70,840
63,000
Rollins,
Inc.
5.25%
02/24/2035
62,988
61,000
Royal
Caribbean
Cruises
Ltd.
5.38%
01/15/2036
59,954
55,000
Sabra
Health
Care
LP
3.20%
12/01/2031
49,686
63,000
Sabre
GLBL,
Inc.
10.75%
(c)
11/15/2029
53,865
47,000
Sabre
GLBL,
Inc.
10.75%
(c)
03/15/2030
39,753
75,000
Select
Medical
Corp.
6.25%
(c)
12/01/2032
71,552
210,000
Sirius
XM
Radio
LLC
5.50%
(c)
07/01/2029
209,433
80,000
Sirius
XM
Radio
LLC
5.88%
(c)
04/15/2032
79,549
65,000
SM
Energy
Co.
7.00%
(c)
08/01/2032
66,420
280,000
Solstice
Advanced
Materials,
Inc.
5.63%
(c)
09/30/2033
276,369
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
57
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
92,000
Southern
Co.
(The)
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.07%)
6.38%
03/15/2055
94,662
20,000
Spirit
AeroSystems,
Inc.
4.60%
06/15/2028
20,020
90,000
Standard
Building
Solutions,
Inc.
6.50%
(c)
08/15/2032
90,126
75,000
Standard
Building
Solutions,
Inc.
5.88%
(c)
03/15/2034
72,393
185,000
Staples,
Inc.
10.75%
(c)
09/01/2029
171,234
155,000
Starwood
Property
Trust,
Inc.
5.25%
(c)
10/15/2028
153,333
55,000
Store
Capital
LLC
4.95%
(c)
02/11/2031
54,548
255,000
SV
RNO
Property
Owner
1
LLC
5.88%
(c)
03/01/2031
252,217
80,000
Talen
Energy
Supply
LLC
6.25%
(c)
02/01/2034
79,165
65,000
Tallgrass
Energy
Partners
LP
7.38%
(c)
02/15/2029
66,907
105,000
Tallgrass
Energy
Partners
LP
6.75%
(c)
03/15/2034
105,596
100,000
Taylor
Morrison
Communities,
Inc.
5.75%
(c)
11/15/2032
100,206
120,000
Tenet
Healthcare
Corp.
5.50%
(c)
11/15/2032
118,976
120,000
Tenet
Healthcare
Corp.
6.00%
(c)
11/15/2033
121,516
57,000
Textron,
Inc.
5.50%
05/15/2035
58,014
40,000
T-Mobile
USA,
Inc.
4.63%
01/15/2033
39,287
90,000
TransDigm,
Inc.
6.88%
(c)
12/15/2030
92,276
130,000
TransDigm,
Inc.
6.38%
(c)
05/31/2033
129,410
60,000
TransDigm,
Inc.
6.25%
(c)
01/31/2034
60,711
60,000
TransDigm,
Inc.
6.75%
(c)
01/31/2034
60,831
264,000
UKG,
Inc.
6.88%
(c)
02/01/2031
258,237
21,000
United
Airlines
Holdings,
Inc.
4.88%
03/01/2029
20,592
271,000
United
Airlines
Holdings,
Inc.
5.38%
03/01/2031
265,734
51,000
United
Airlines,
Inc.
4.63%
(c)
04/15/2029
50,071
223,000
United
Natural
Foods,
Inc.
6.75%
(c)
10/15/2028
223,382
245,000
United
Rentals
North
America,
Inc.
5.38%
(c)
11/15/2033
238,490
60,000
Uniti
Group
LP
8.63%
(c)
06/15/2032
61,152
85,000
Uniti
Services
LLC
7.50%
(c)
10/15/2033
88,431
200,000
Univision
Communications,
Inc.
7.38%
(c)
06/30/2030
196,119
190,000
US
Foods,
Inc.
5.75%
(c)
04/15/2033
189,341
85,000
Vail
Resorts,
Inc.
6.50%
(c)
05/15/2032
86,007
140,000
Venture
Global
LNG,
Inc.
8.38%
(c)
06/01/2031
145,669
83,000
Venture
Global
LNG,
Inc.
9.88%
(c)
02/01/2032
89,182
55,000
Venture
Global
Plaquemines
LNG
LLC
6.13%
(c)
12/15/2030
56,593
110,000
Venture
Global
Plaquemines
LNG
LLC
7.50%
(c)
05/01/2033
120,977
85,000
Venture
Global
Plaquemines
LNG
LLC
6.50%
(c)
01/15/2034
88,662
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
195,000
Veritiv
Operating
Co.
10.50%
(c)
11/30/2030
202,897
40,000
Verizon
Communications,
Inc.
4.75%
01/15/2033
39,520
116,000
Vertiv
Group
Corp.
4.13%
(c)
11/15/2028
114,314
37,000
VICI
Properties
LP
5.13%
05/15/2032
36,479
589,000
Victra
Holdings
LLC
8.75%
(c)
09/15/2029
611,778
660,000
Viking
Cruises
Ltd.
5.88%
(c)
10/15/2033
652,098
43,000
Viper
Energy
Partners
LLC
4.90%
08/01/2030
43,052
91,000
Vistra
Operations
Co.
LLC
4.38%
(c)
05/01/2029
88,891
140,000
Voyager
Parent
LLC
9.25%
(c)
07/01/2032
145,437
107,000
VSP
Optical
Group,
Inc.
5.45%
(c)
12/01/2035
104,930
79,000
VT
Topco,
Inc.
8.50%
(c)
08/15/2030
80,388
175,000
Walker
&
Dunlop,
Inc.
6.63%
(c)
04/01/2033
171,236
544,000
Wand
NewCo
3,
Inc.
7.63%
(c)
01/30/2032
556,529
340,000
Watco
Cos.
LLC
7.13%
(c)
08/01/2032
349,518
260,000
Wayfair
LLC
7.25%
(c)
10/31/2029
265,577
70,000
Wayfair
LLC
6.75%
(c)
11/15/2032
70,587
165,000
WBI
Operating
LLC
6.50%
(c)
10/15/2033
163,854
180,000
Weatherford
International
Ltd.
6.75%
(c)
10/15/2033
184,035
87,000
WEC
Energy
Group,
Inc.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.91%)
5.63%
05/15/2056
85,348
87,000
Wells
Fargo
&
Co.
(SOFR
+
1.50%)
5.15%
04/23/2031
88,503
405,000
WESCO
Distribution,
Inc.
6.38%
(c)
03/15/2033
412,947
75,000
WESCO
Distribution,
Inc.
5.50%
(c)
04/15/2034
74,051
26,000
Western
Midstream
Operating
LP
5.50%
12/15/2035
25,584
95,000
Whirlpool
Corp.
6.50%
06/15/2033
90,120
12,000
Willis
North
America,
Inc.
4.55%
03/15/2031
11,834
55,000
Windstream
Services
LLC
8.25%
(c)
10/01/2031
57,521
206,000
WR
Grace
Holdings
LLC
5.63%
(c)
08/15/2029
189,661
269,000
XHR
LP
6.63%
(c)
05/15/2030
271,920
100,000
XPO,
Inc.
7.13%
(c)
06/01/2031
103,072
Total
U.S.
Corporate
Bonds
(Cost
$32,969,046)
32,737,919
SHORT
TERM
INVESTMENTS
6.2%
5,045,607
JPMorgan
U.S.
Government
Money
Market
Fund
-
Class
IM
3.60%
(g)
5,045,607
Total
Short
Term
Investments
(Cost
$5,045,607)
5,045,607
Total
Investments
100.9%
(Cost
$83,152,198)
82,670,147
Liabilities
in
Excess
of
Other
Assets
(0.9)%
(733,224)
NET
ASSETS
100.0%
$81,936,923
58
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Multi-Sector
Income
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
March
31,
2026
(a)
Represents
less
than
0.05%
of
net
assets.
(b)
Value
determined
using
significant
unobservable
inputs.
(c)
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.
At
March
31,
2026,
the
value
of
these
securities
amounted
to
approximately
$56,936,598
or
69.49%
of
net
assets.
(d)
Coupon
rate
is
variable
or
floats
based
on
components
including
but
not
limited
to
reference
rate
and
spread.
These
securities
may
not
indicate
a
reference
rate
and/or
spread
in
their
description.
The
rate
disclosed
is
as
of
period
end.
(e)
Interest
only
security.
(f)
Perpetual
maturity.
The
date
disclosed
is
the
next
call
date
of
the
security.
(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.
Abbreviations:
FHLMC
Federal
Home
Loan
Mortgage
Corporation
SOFR
Secured
Overnight
Financing
Rate
STACR
Structured
Agency
Credit
Risk
REMIC
Real
Estate
Mortgage
Investment
Conduit
Schedule
of
Investments
DoubleLine
Asset-Backed
Securities
ETF
(Unaudited)
March
31,
2026
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
59
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
P
RINCIPAL
A
MOUNT
$/S
HARES
S
ECURITY
D
ESCRIPTION
R
ATE
M
ATURITY
V
ALUE
$
ASSET-BACKED
OBLIGATIONS
98.3%
Aaset
MT-1
Ltd.
,
946,357
Series
2025-2A-A
5.52%
(a)
02/16/2050
940,109
980,566
Series
2025-3A-B
5.73%
(a)
02/16/2050
967,998
Aaset
Trust
,
568,080
Series
2021-2A-A
2.80%
(a)
01/15/2047
536,638
637,572
Series
2021-2A-B
3.54%
(a)
01/15/2047
606,388
598,619
Series
2024-1A-B
6.90%
(a)
05/16/2049
602,742
AB
Issuer
LLC
,
703,803
Series
2021-1-A2
3.73%
(a)
07/30/2051
670,833
Affirm
Asset
Securitization
Trust
,
1,500,000
Series
2024-B-A
4.62%
(a)
09/15/2029
1,503,108
127,697
Series
2025-X2-A
4.45%
(a)
10/15/2030
127,805
Ally
Auto
Receivables
Trust
,
819,657
Series
2022-3-A4
5.07%
10/16/2028
820,423
ALTDE
Trust
,
925,681
Series
2025-1A-B
6.53%
(a)
08/15/2050
924,323
APL
Finance
DAC
,
950,000
Series
2025-1A-B
5.28%
(a)
03/20/2036
936,447
AutoNation
Finance
Trust
,
750,000
Series
2025-1A-C
5.19%
(a)
12/10/2030
761,022
700,000
Series
2025-1A-D
5.63%
(a)
09/10/2032
709,301
Avant
Loans
Funding
Trust
,
275,000
Series
2025-REV1-B
5.42%
(a)
05/15/2034
275,777
BHG
Securitization
Trust
,
23,715
Series
2022-A-B
2.70%
(a)
02/20/2035
23,686
Blackbird
Capital
II
Aircraft
Lease
Ltd.
,
1,074,818
Series
2021-1A-A
2.44%
(a)
07/15/2046
1,020,247
348,564
Series
2021-1A-B
3.45%
(a)
07/15/2046
330,077
Bojangles
Issuer
LLC
,
920,375
Series
2024-1A-A2
6.58%
(a)
11/20/2054
926,695
Bridgecrest
Lending
Auto
Securitization
Trust
,
2,076,565
Series
2025-1-A3
4.67%
08/15/2028
2,079,551
Carvana
Auto
Receivables
Trust
,
457,245
Series
2021-N1-E
2.88%
(a)
01/10/2028
454,749
1,553,000
Series
2021-P2-C
1.60%
06/10/2027
1,541,720
144,595
Series
2021-P4-A4
1.64%
12/10/2027
143,847
1,568,234
Series
2022-P1-A4
3.52%
02/10/2028
1,566,008
Castlelake
Aircraft
Structured
Trust
,
1,372,700
Series
2025-1A-B
6.50%
(a)
02/15/2050
1,387,385
1,500,000
Series
2026-1A-B
5.76%
(a)
03/15/2051
1,478,883
Cherry
Securitization
Trust
,
1,500,000
Series
2024-1A-A
5.70%
(a)
04/15/2032
1,506,828
Cloud
Capital
Holdco
LP
,
1,000,000
Series
2024-1A-A3
6.07%
(a)
11/22/2049
994,423
Clsec
Holdings
LLC
,
1,545,383
Series
2021-1-A
2.87%
(a)
05/11/2037
1,451,793
Compass
Datacenters
Issuer
II
LLC
,
1,000,000
Series
2024-1A-A2
5.75%
(a)
02/25/2049
1,003,581
250,000
Series
2024-2A-B2
6.00%
(a)
08/25/2049
249,499
CPS
Auto
Receivables
Trust
,
56,388
Series
2022-A-D
2.84%
(a)
04/16/2029
56,242
500,000
Series
2022-A-E
4.88%
(a)
04/16/2029
500,355
1,000,000
Series
2024-D-C
4.76%
(a)
01/15/2031
1,001,406
CyrusOne
Data
Centers
Issuer
I
LLC
,
1,000,000
Series
2024-3A-A2
4.65%
(a)
05/20/2049
951,755
DataBank
Issuer
,
500,000
Series
2023-1A-A2
5.12%
(a)
02/25/2053
497,446
DataBank
Issuer
II
LLC
,
500,000
Series
2025-1A-B
5.67%
(a)
09/27/2055
481,850
DB
Master
Finance
LLC
,
287,250
Series
2021-1A-A23
2.79%
(a)
11/20/2051
254,652
Dividend
Solar
Loans
LLC
,
911,812
Series
2018-1-B
4.29%
(a)
07/20/2038
862,029
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
359,450
Series
2018-2-B
4.25%
(a)
12/20/2038
338,211
252,496
Series
2019-1-A
3.67%
(a)
08/22/2039
235,328
Domino's
Pizza
Master
Issuer
LLC
,
500,000
Series
2025-1A-A2II
5.22%
(a)
07/25/2055
498,595
EDI
ABS
Issuer
LLC
,
1,000,000
Series
2025-1A-B
4.55%
(a)
07/25/2055
926,609
EWC
Master
Issuer
LLC
,
2,165,625
Series
2022-1A-A2
5.50%
(a)
03/15/2052
2,150,138
Foundation
Finance
Trust
,
632,799
Series
2023-1A-B
6.27%
(a)
12/15/2043
648,754
GBX
Leasing
LLC
,
999,000
Series
2026-1A-A
5.13%
(a)
02/20/2056
995,220
Gilead
Aviation
LLC
,
949,909
Series
2025-1A-A
5.79%
(a)
03/15/2050
950,511
Global
SC
Finance
VII
Srl
,
102,710
Series
2020-2A-A
2.26%
(a)
11/19/2040
98,856
GM
Financial
Consumer
Automobile
Receivables
Trust
,
837,000
Series
2022-4-A4
4.88%
08/16/2028
839,237
Goodgreen
Trust
,
50,774
Series
2017-2A-A
3.26%
(a)
10/15/2053
46,244
147,472
Series
2021-1A-A
2.66%
(a)
10/15/2056
122,654
GoodLeap
Home
Improvement
Solutions
Trust
,
923,373
Series
2025-1A-B
6.27%
(a)
02/20/2049
940,098
GoodLeap
Sustainable
Home
Solutions
Trust
,
60,499
Series
2021-3CS-A
2.10%
(a)
05/20/2048
46,990
GreenSky
Home
Improvement
Issuer
Trust
,
975,000
Series
2025-1A-D
6.22%
(a)
03/25/2060
981,584
2,106,450
Series
2025-3A-A3
4.52%
(a)
12/27/2060
2,105,318
Hardee's
Funding
LLC
,
947,500
Series
2020-1A-A2
3.98%
(a)
12/20/2050
912,981
Hilton
Grand
Vacations
Trust
,
1,799,469
Series
2025-3EXT-B
4.90%
(a)
10/25/2044
1,789,447
Horizon
Aircraft
Finance
IV
Ltd.
,
693,750
Series
2024-1-A
5.38%
(a)
09/15/2049
689,031
Jack
in
the
Box
Funding
LLC
,
184,000
Series
2022-1A-A2II
4.14%
(a)
02/26/2052
157,622
JGWPT
XXVII
LLC
,
1,154,863
Series
2012-3A-A
3.22%
(a)
09/15/2065
1,052,574
Labrador
Aviation
Finance
Ltd.
,
128,158
Series
2016-1A-A1
4.30%
(a)
01/15/2042
131,779
Loanpal
Solar
Loan
Ltd.
,
176,870
Series
2020-2GF-A
2.75%
(a)
07/20/2047
147,529
563,995
Series
2021-2GS-A
2.22%
(a)
03/20/2048
445,498
Lunar
Structured
Aircraft
Portfolio
Notes
,
351,050
Series
2021-1-A
2.64%
(a)
10/15/2046
332,188
1,568,675
Series
2021-1-B
3.43%
(a)
10/15/2046
1,493,457
MACH
1
Cayman
Ltd.
,
21,544
Series
2019-1-B
4.34%
(a)
10/15/2039
21,392
MAPS
Trust
,
1,975,756
Series
2026-1A-B
6.13%
(a)
01/15/2051
1,968,985
Mariner
Finance
Issuance
Trust
,
720,000
Series
2021-AA-D
3.83%
(a)
03/20/2036
695,615
MAST
Ltd.
,
1,491,071
Series
2026-1A-A
5.13%
(a)
02/15/2051
1,459,649
MetroNet
Infrastructure
Issuer
LLC
,
1,250,000
Series
2026-1A-A2
5.27%
(a)
04/20/2056
1,257,177
Mill
City
Solar
Loan
Ltd.
,
1,395,182
Series
2019-1A-A
4.34%
(a)
03/20/2043
1,308,363
Mosaic
Solar
Loan
Trust
,
305,316
Series
2020-1A-A
2.10%
(a)
04/20/2046
269,693
108,439
Series
2021-3A-B
1.92%
(a)
06/20/2052
78,524
1,088,263
Series
2023-1A-A
5.32%
(a)
06/20/2053
1,009,547
MP
LLC
,
989,470
Series
2025-1A-A
5.55%
(a)
11/15/2065
983,152
60
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Asset-Backed
Securities
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
March
31,
2026
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
Navient
Private
Education
Refi
Loan
Trust
,
1,500,000
Series
2020-BA-B
2.77%
(a)
01/15/2069
1,308,949
125,000
Series
2020-HA-B
2.78%
(a)
01/15/2069
108,765
Navigator
Aircraft
ABS
Ltd.
,
417,629
Series
2021-1-A
2.77%
(a)(b)
11/15/2046
396,104
854,062
Series
2021-1-B
3.57%
(a)(b)
11/15/2046
814,913
Navigator
Aviation
Ltd.
,
1,108,631
Series
2024-1-B
6.09%
(a)
08/15/2049
1,114,977
976,046
Series
2025-1-B
5.89%
(a)
10/15/2050
955,374
Pagaya
AI
Debt
Grantor
Trust
,
549,577
Series
2024-5-C
7.27%
(a)
10/15/2031
550,883
458,780
Series
2024-6-C
7.07%
(a)
11/15/2031
459,486
Phantom
Aviation
,
1,494,513
Series
2026-1A-B
6.03%
(a)
01/15/2051
1,508,302
PK
Alift
Loan
Funding
8
LP
,
1,750,000
Series
2026-1-D
5.60%
(a)
09/15/2043
1,724,117
Planet
Fitness
Master
Issuer
LLC
,
1,000,000
Series
2025-1A-A2II
5.65%
(a)
12/06/2055
989,142
Primrose
Funding
LLC
,
796,000
Series
2025-1A-A2
6.46%
(a)
07/30/2055
810,628
QTS
Issuer
ABS
I
LLC
,
1,750,000
Series
2025-1A-B
5.93%
(a)
05/25/2055
1,715,203
QTS
Issuer
ABS
II
LLC
,
1,500,000
Series
2025-1A-B
5.78%
(a)
10/05/2055
1,454,705
1,000,000
Series
2026-1A-B
6.73%
(a)
01/05/2056
992,721
RCKT
Trust
,
2,661,367
Series
2025-1A-A
4.90%
(a)
07/25/2034
2,667,202
Redaptive
Eaas
Issuer
LLC
,
708,890
Series
2025-1A-A
5.94%
(a)
03/25/2042
708,562
Retained
Vantage
Data
Centers
Issuer
LLC
,
1,000,000
Series
2024-1A-B
5.78%
(a)
09/15/2049
971,708
Sabey
Data
Center
Issuer
LLC
,
1,000,000
Series
2022-1-A2
5.00%
(a)
06/20/2047
984,631
1,500,000
Series
2025-2-A2
5.97%
(a)
04/20/2050
1,517,996
Santander
Drive
Auto
Receivables
Trust
,
61,361
Series
2023-5-A3
6.02%
09/15/2028
61,401
Scalelogix
Abs
Us
Issuer
LLC
,
1,250,000
Series
2025-1A-B
6.16%
(a)
07/25/2055
1,231,325
Sierra
Timeshare
Receivables
Funding
LLC
,
279,681
Series
2023-2A-B
6.28%
(a)
04/20/2040
286,048
SoFi
Consumer
Loan
Program
Trust
,
1,250,000
Series
2025-1-C
5.42%
(a)
02/27/2034
1,266,051
1,250,000
Series
2025-1-D
5.72%
(a)
02/27/2034
1,265,047
750,000
Series
2025-3-C
5.04%
(a)
08/15/2034
744,916
3,000,000
Series
2026-1-B
4.44%
(a)
12/26/2035
2,983,465
SSI
ABS
Issuer
LLC
,
482,205
Series
2025-1-A
6.15%
(a)
07/25/2065
479,062
Stellantis
Financial
Underwritten
Enhanced
Lease
Trust
,
2,500,000
Series
2025-CA-C
4.44%
(a)
08/20/2030
2,483,348
Subway
Funding
LLC
,
987,500
Series
2024-1A-A23
6.51%
(a)
07/30/2054
990,790
Switch
ABS
Issuer
LLC
,
1,000,000
Series
2025-1A-B
6.49%
(a)
03/25/2055
981,939
1,300,000
Series
2026-1A-A21
5.61%
(a)
03/27/2056
1,302,941
Textainer
Marine
Containers
VII
Ltd.
,
104,305
Series
2020-1A-A
2.73%
(a)
08/21/2045
100,641
TRP
LLC
,
100,000
Series
2021-1-B
3.06%
(a)
06/19/2051
96,987
Upgrade
Master
Pass-Thru
Trust
,
808,121
Series
2025-ST2-A
6.11%
(a)
06/15/2032
814,577
Upstart
Securitization
Trust
,
11,249
Series
2023-3-A
6.90%
(a)
10/20/2033
11,261
1,000,000
Series
2025-2-C
6.02%
(a)
06/20/2035
1,010,156
2,204,061
Series
2025-3-A2
4.60%
(a)
09/20/2035
2,204,714
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
1,500,000
Series
2025-3-B
5.02%
(a)
09/20/2035
1,501,841
1,500,000
Series
2025-3-C
5.43%
(a)
09/20/2035
1,494,021
4,950,000
Series
2025-4-A2
4.56%
(a)
11/20/2035
4,952,284
Vantage
Data
Centers
Issuer
LLC
,
1,500,000
Series
2025-2A-A2
5.24%
(a)
11/15/2055
1,479,882
1,300,000
Series
2025-3A-B
6.00%
(a)
11/15/2055
1,261,736
VB-S1
Issuer
LLC
-
VBTEL
,
245,000
Series
2024-1A-C2
5.59%
(a)
05/15/2054
246,857
Vital
Care
Issuer
LLC
,
750,000
Series
2025-1A-A2
6.74%
(a)
01/30/2056
755,017
Wendy's
Funding
LLC
,
361,947
Series
2021-1A-A2II
2.78%
(a)
06/15/2051
320,233
962,253
Series
2022-1A-A2II
4.54%
(a)
03/15/2052
919,167
Westlake
Automobile
Receivables
Trust
,
1,361,027
Series
2022-2A-D
5.48%
(a)
09/15/2027
1,364,240
500,000
Series
2025-2A-D
5.08%
(a)
05/15/2031
500,147
Willis
Engine
Structured
Trust
VI
,
465,011
Series
2021-A-A
3.10%
(a)
05/15/2046
436,896
Total
Asset-Backed
Obligations
(Cost
$114,726,245)
114,577,529
NON-AGENCY
COMMERCIAL
MORTGAGE-BACKED
OBLIGATIONS
0.8%
Neighborly
Issuer
,
1,013,760
Series
2022-1A-A2
3.70%
(a)
01/30/2052
956,541
Total
Non-Agency
Commercial
Mortgage-Backed
Obligations
(Cost
$939,687)
956,541
SHORT
TERM
INVESTMENTS
0.7%
791,567
JPMorgan
U.S.
Government
Money
Market
Fund
-
Class
IM
3.60%
(c)
791,567
Total
Short
Term
Investments
(Cost
$791,567)
791,567
Total
Investments
99.8%
(Cost
$116,457,499)
116,325,637
Other
Assets
in
Excess
of
Liabilities
0.2%
253,757
NET
ASSETS
100.0%
$116,579,394
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
61
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(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.
At
March
31,
2026,
the
value
of
these
securities
amounted
to
approximately
$108,481,883
or
93.05%
of
net
assets.
(b)
Step
bond;
coupon
rate
changes
based
on
a
predetermined
schedule
or
event.
The
interest
rate
shown
is
the
rate
in
effect
as
of
period
end.
(c)
Seven-day
yield
as
of
period
end.
Statements
of
Assets
and
Liabilities
62
DoubleLine
ETF
Trust
(Unaudited)
March
31,
2026
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
DoubleLine
Opportunistic
Core
Bond
ETF
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
DoubleLine
Commercial
Real
Estate
Debt
ETF
DoubleLine
Mortgage
ETF
DoubleLine
Commodity
Strategy
ETF
(Consolidated)
ASSETS
Investments
in
Unaffiliated
Securities,
at
Value*
$
656,588,060
$
259,873,612
$
393,756,684
$
784,240,008
$
—
Investments
in
Affiliated
Securities,
at
Value*
35,081,447
—
—
—
—
Short
Term
Investments*
22,988,988
680,605
23,247,365
28,809,420
34,546,434
Cash
413,787
—
—
550,006
—
Deposit
at
Broker
for
Futures
Contracts
3,582,970
—
—
3,532,760
—
Net
Unrealized
Appreciation
on
Swaps
—
—
—
—
137,451
Receivable
for
Variation
Margin
on
Futures
Contracts
341,171
—
—
296,036
—
Receivable
for
Investments
Sold
908,802
—
—
167,707,416
—
Interest
and
Dividends
Receivable
4,171,417
324,734
1,911,474
3,598,845
11,455
Net
Unrealized
Appreciation
on
Unfunded
Loan
Commitments
103
—
—
—
—
Total
Assets
724,076,745
260,878,951
418,915,523
988,734,491
34,695,340
LIABILITIES
Payable
for
Investments
Purchased
11,541,200
—
12,809,690
293,820,117
14
Advisory
Fees
Payable
247,383
147,887
122,397
230,961
18,312
Due
to
Custodian
—
—
51,156
—
1
Total
Liabilities
11,788,583
147,887
12,983,243
294,051,078
18,327
Commitments
and
Contingencies
(See
Notes
2)
Net
Assets
$
712,288,162
$
260,731,064
$
405,932,280
$
694,683,413
$
34,677,013
NET
ASSETS
CONSISTS
OF:
Paid-In
Capital
$
718,770,886
$
253,510,850
$
402,411,977
$
692,355,975
$
27,827,429
Total
Distributable
Earnings
(Loss)
(
6,482,724
)
7,220,214
3,520,303
2,327,438
6,849,584
Net
Assets
$
712,288,162
$
260,731,064
$
405,932,280
$
694,683,413
$
34,677,013
*Identified
Cost:
Investments
in
Unaffiliated
Securities
$
655,679,102
$
266,801,631
$
392,011,771
$
784,533,224
$
—
Investments
in
Affiliated
Securities
$
36,152,000
$
—
$
—
$
—
$
—
Short
Term
Investments
22,988,988
680,605
23,247,365
28,809,420
34,545,417
Shares
Outstanding
and
Net
Asset
Value
Per
Share:
Shares
Outstanding
(unlimited
number
of
shares
authorized
$
0.001
par
value)
15,561,000
8,442,000
7,820,001
14,060,001
1,040,001
Net
Asset
Value
Per
Share
$
45.77
$
30.88
$
51.91
$
49.41
$
33.34
Statements
of
Assets
and
Liabilities
(Cont.)
(Unaudited)
March
31,
2026
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
63
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
DoubleLine
Fortune
500
Equal
Weight
ETF
DoubleLine
Multi-Sector
Income
ETF
DoubleLine
Asset-Backed
Securities
ETF
ASSETS
Investments
in
Unaffiliated
Securities,
at
Value*
$
27,213,282
$
77,624,540
$
115,534,070
Short
Term
Investments*
64,505
5,045,607
791,567
Cash
1
69,517
1
Receivable
for
Investments
Sold
—
850,902
—
Interest
and
Dividends
Receivable
23,845
829,809
291,962
Net
Unrealized
Appreciation
on
Unfunded
Loan
Commitments
—
65
—
Total
Assets
27,301,633
84,420,440
116,617,600
LIABILITIES
Advisory
Fees
Payable
4,506
32,898
38,206
Payable
for
Investments
Purchased
—
2,450,619
—
Total
Liabilities
4,506
2,483,517
38,206
Commitments
and
Contingencies
(See
Notes
2)
Net
Assets
$
27,297,127
$
81,936,923
$
116,579,394
NET
ASSETS
CONSISTS
OF:
Paid-In
Capital
$
25,857,658
$
82,201,436
$
116,257,111
Total
Distributable
Earnings
(Loss)
1,439,469
(
264,513
)
322,283
Net
Assets
$
27,297,127
$
81,936,923
$
116,579,394
*Identified
Cost:
Investments
in
Unaffiliated
Securities
$
26,726,110
$
78,106,591
$
115,665,932
Short
Term
Investments
64,505
5,045,607
791,567
Shares
Outstanding
and
Net
Asset
Value
Per
Share:
Shares
Outstanding
(unlimited
number
of
shares
authorized
$
0.001
par
value)
840,001
1,640,001
2,300,001
Net
Asset
Value
Per
Share
$
32.50
$
49.96
$
50.69
Statements
of
Operations
64
DoubleLine
ETF
Trust
(Unaudited)
March
31,
2026
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
DoubleLine
Opportunistic
Core
Bond
ETF
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
DoubleLine
Commercial
Real
Estate
Debt
ETF
DoubleLine
Mortgage
ETF
DoubleLine
Commodity
Strategy
ETF
(Consolidated)
INVESTMENT
INCOME
Income:
Interest
$
15,105,961
$
—
$
8,276,699
$
17,387,944
$
446,783
Dividends
from
Affiliated
Securities
627,170
—
—
—
—
Dividends
from
Unaffiliated
Securities
1,013
3,283,790
374,656
309,916
39,056
Foreign
taxes
withheld
(
12
)
—
—
—
(
828
)
Total
Investment
Income
15,734,132
3,283,790
8,651,355
17,697,860
485,011
Expenses:
Advisory
Fees
1,396,320
1,022,931
660,294
1,259,731
83,256
Total
Expenses
1,396,320
1,022,931
660,294
1,259,731
83,256
Less:
Fees
Waived
(
83,331
)
—
—
—
—
Net
Expenses
1,312,989
1,022,931
660,294
1,259,731
83,256
Net
Investment
Income
(Loss)
14,421,143
2,260,859
7,991,061
16,438,129
401,755
REALIZED
&
UNREALIZED
GAIN
(LOSS)
ON
INVESTMENTS
Net
Realized
Gain
(Loss)
on:
Investments
in
Unaffiliated
Securities
722,998
636,149
155,219
842,767
475
Foreign
Currency
663
—
—
—
—
In-kind
redemptions
on
investments
in
securities
—
13,912,753
266,632
—
—
TBA
sales
commitments
—
—
—
329,530
—
Futures
contracts
273,811
—
—
1,738,182
—
Swap
contracts
—
—
—
—
6,686,129
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Investments
in
Unaffiliated
Securities
(
7,766,565
)
(
26,939,513
)
(
1,894,988
)
(
6,857,134
)
—
Investments
in
Affiliates
Securities
(
1,209,291
)
—
—
—
—
Short
Term
Investments
—
—
—
—
(
1,202
)
Unfunded
Loan
Commitments
22
—
—
—
—
TBA
sales
commitments
—
—
—
(
5,169
)
—
Futures
contracts
(
4,022,046
)
—
—
(
1,020,776
)
—
Swap
contracts
—
—
—
—
251,171
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
(
12,000,408
)
(
12,390,611
)
(
1,473,137
)
(
4,972,600
)
6,936,573
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
$
2,420,735
$
(
10,129,752
)
$
6,517,924
$
11,465,529
$
7,338,328
Statements
of
Operations
(Cont.)
(Unaudited)
March
31,
2026
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
65
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
DoubleLine
Fortune
500
Equal
Weight
ETF
DoubleLine
Multi-Sector
Income
ETF
DoubleLine
Asset-Backed
Securities
ETF
INVESTMENT
INCOME
Income:
Interest
$
—
$
2,037,935
$
2,364,979
Dividends
from
Unaffiliated
Securities
209,096
84,559
86,162
Foreign
taxes
withheld
—
(
12
)
—
Total
Investment
Income
209,096
2,122,482
2,451,141
Expenses:
Advisory
Fees
22,102
161,940
181,232
Total
Expenses
22,102
161,940
181,232
Net
Expenses
22,102
161,940
181,232
Net
Investment
Income
(Loss)
186,994
1,960,542
2,269,909
REALIZED
&
UNREALIZED
GAIN
(LOSS)
ON
INVESTMENTS
Net
Realized
Gain
(Loss)
on:
Investments
in
Unaffiliated
Securities
(
279,211
)
(
15,261
)
7,436
Foreign
Currency
—
391
—
In-kind
redemptions
on
investments
in
securities
1,540,012
—
—
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Investments
in
Unaffiliated
Securities
(
541,101
)
(
1,047,561
)
(
895,419
)
Unfunded
Loan
Commitments
—
21
—
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
719,700
(
1,062,410
)
(
887,983
)
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
$
906,694
$
898,132
$
1,381,926
Statements
of
Changes
in
Net
Assets
66
DoubleLine
ETF
Trust
(Unaudited)
March
31,
2026
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
DoubleLine
Opportunistic
Core
Bond
ETF
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
Period
Ended
March
31,
2026
(Unaudited)
Year
Ended
September
30,
2025
Period
Ended
March
31,
2026
(Unaudited)
Year
Ended
September
30,
2025
OPERATIONS
Net
Investment
Income
(Loss)
$
14,421,143
$
21,426,021
$
2,260,859
$
4,715,017
Net
Realized
Gain
(Loss)
on
Investments
997,472
(
1,955,854
)
14,548,902
54,731,214
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Investments
(
12,997,880
)
(
421,926
)
(
26,939,513
)
(
20,775,899
)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
2,420,735
19,048,241
(
10,129,752
)
38,670,332
DISTRIBUTIONS
TO
SHAREHOLDERS
Distributable
Earnings
(
14,109,946
)
(
20,563,092
)
(
2,701,353
)
(
4,529,438
)
Total
Distributions
to
Shareholders
(
14,109,946
)
(
20,563,092
)
(
2,701,353
)
(
4,529,438
)
NET
SHARE
TRANSACTIONS
(a)
Proceeds
from
Shares
Issued
165,316,532
232,665,058
56,405,901
102,023,143
Cost
of  Shares
Redeemed
—
(
11,012,296
)
(
113,793,853
)
(
214,590,559
)
Increase
(Decrease)
in
Net
Assets
Resulting
from
Net
Share
Transactions
165,316,532
221,652,762
(
57,387,952
)
(
112,567,416
)
Total
Increase
(Decrease)
in
Net
Assets
$
153,627,321
$
220,137,911
$
(
70,219,057
)
$
(
78,426,522
)
NET
ASSETS
Beginning
of
Period
$
558,660,841
$
338,522,930
$
330,950,121
$
409,376,643
End
of
Period
$
712,288,162
$
558,660,841
$
260,731,064
$
330,950,121
SHARE
TRANSACTIONS
Beginning
of  Period
12,001,000
7,161,000
10,162,000
13,802,000
Shares
Issued
2,280,000
1,600,000
1,640,000
3,000,000
Shares
Issued
In-Kind
1,280,000
3,480,000
80,000
240,000
Shares
Redeemed
In-Kind
—
(
240,000
)
(
3,440,000
)
(
6,880,000
)
Shares
Outstanding,
End
of  Period
15,561,000
12,001,000
8,442,000
10,162,000
(a)
Capital
transactions
may
include
transaction
fees
associated
with
Creation
and
Redemption
transactions
which
occurred
during
the
period.
See
Note
6
to
the
Financial
Statements.
Statements
of
Changes
in
Net
Assets
(Cont.)
(Unaudited)
March
31,
2026
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
67
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
DoubleLine
Commercial
Real
Estate
Debt
ETF
DoubleLine
Mortgage
ETF
Period
Ended
March
31,
2026
(Unaudited)
Year
Ended
September
30,
2025
Period
Ended
March
31,
2026
(Unaudited)
Year
Ended
September
30,
2025
OPERATIONS
Net
Investment
Income
(Loss)
$
7,991,061
$
13,255,755
$
16,438,129
$
20,579,600
Net
Realized
Gain
(Loss)
on
Investments
421,851
49,315
2,910,479
(
1,965,552
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Investments
(
1,894,988
)
1,305,063
(
7,883,079
)
638,383
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
6,517,924
14,610,133
11,465,529
19,252,431
DISTRIBUTIONS
TO
SHAREHOLDERS
Distributable
Earnings
(
7,906,315
)
(
12,973,259
)
(
15,831,131
)
(
19,959,697
)
Total
Distributions
to
Shareholders
(
7,906,315
)
(
12,973,259
)
(
15,831,131
)
(
19,959,697
)
NET
SHARE
TRANSACTIONS
(a)
Proceeds
from
Shares
Issued
117,574,017
123,065,799
165,445,339
229,991,953
Cost
of  Shares
Redeemed
(
28,161,105
)
(
19,625,724
)
—
(
29,973,151
)
Increase
(Decrease)
in
Net
Assets
Resulting
from
Net
Share
Transactions
89,412,912
103,440,075
165,445,339
200,018,802
Total
Increase
(Decrease)
in
Net
Assets
$
88,024,521
$
105,076,949
$
161,079,737
$
199,311,536
NET
ASSETS
Beginning
of
Period
$
317,907,759
$
212,830,810
$
533,603,676
$
334,292,140
End
of
Period
$
405,932,280
$
317,907,759
$
694,683,413
$
533,603,676
SHARE
TRANSACTIONS
Beginning
of  Period
6,100,001
4,100,001
10,740,001
6,640,001
Shares
Issued
2,260,000
2,380,000
3,320,000
4,520,000
Shares
Issued
In-Kind
—
—
—
200,000
Shares
Redeemed
—
(
340,000
)
—
(
620,000
)
Shares
Redeemed
In-Kind
(
540,000
)
(
40,000
)
—
—
Shares
Outstanding,
End
of  Period
7,820,001
6,100,001
14,060,001
10,740,001
(a)
Capital
transactions
may
include
transaction
fees
associated
with
Creation
and
Redemption
transactions
which
occurred
during
the
period.
See
Note
6
to
the
Financial
Statements.
Statements
of
Changes
in
Net
Assets
(Cont.)
68
DoubleLine
ETF
Trust
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
March
31,
2026
DoubleLine
Commodity
Strategy
ETF
(Consolidated)
DoubleLine
Fortune
500
Equal
Weight
ETF
Period
Ended
March
31,
2026
(Unaudited)
Year
Ended
September
30,
2025
Period
Ended
March
31,
2026
(Unaudited)
Year
Ended
September
30,
2025
OPERATIONS
Net
Investment
Income
(Loss)
$
401,755
$
812,735
$
186,994
$
248,279
Net
Realized
Gain
(Loss)
on
Investments
6,686,604
910,881
1,260,801
1,491,743
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Investments
249,969
10,781
(
541,101
)
(
123,978
)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
7,338,328
1,734,397
906,694
1,616,044
DISTRIBUTIONS
TO
SHAREHOLDERS
Distributable
Earnings
(
881,595
)
(
357,427
)
(
150,536
)
(
233,439
)
Total
Distributions
to
Shareholders
(
881,595
)
(
357,427
)
(
150,536
)
(
233,439
)
NET
SHARE
TRANSACTIONS
(a)
Proceeds
from
Shares
Issued
6,637,217
16,699,725
13,449,827
10,409,760
Cost
of  Shares
Redeemed
—
(
13,684,322
)
(
3,897,594
)
(
8,732,816
)
Increase
(Decrease)
in
Net
Assets
Resulting
from
Net
Share
Transactions
6,637,217
3,015,403
9,552,233
1,676,944
Total
Increase
(Decrease)
in
Net
Assets
$
13,093,950
$
4,392,373
$
10,308,391
$
3,059,549
NET
ASSETS
Beginning
of
Period
$
21,583,063
$
17,190,690
$
16,988,736
$
13,929,187
End
of
Period
$
34,677,013
$
21,583,063
$
27,297,127
$
16,988,736
SHARE
TRANSACTIONS
Beginning
of  Period
800,001
680,001
540,001
480,001
Shares
Issued
240,000
640,000
—
—
Shares
Issued
In-Kind
—
—
420,000
360,000
Shares
Redeemed
—
(
520,000
)
—
—
Shares
Redeemed
In-Kind
—
—
(
120,000
)
(
300,000
)
Shares
Outstanding,
End
of  Period
1,040,001
800,001
840,001
540,001
(a)
Capital
transactions
may
include
transaction
fees
associated
with
Creation
and
Redemption
transactions
which
occurred
during
the
period.
See
Note
6
to
the
Financial
Statements.
Statements
of
Changes
in
Net
Assets
(Cont.)
(Unaudited)
March
31,
2026
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
69
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
DoubleLine
Multi-Sector
Income
ETF
DoubleLine
Asset-Backed
Securities
ETF
Period
Ended
March
31,
2026
(Unaudited)
Period
Ended
September
30,
2025
(a)
Period
Ended
March
31,
2026
(Unaudited)
Period
Ended
September
30,
2025
(b)
OPERATIONS
Net
Investment
Income
(Loss)
$
1,960,542
$
1,902,327
$
2,269,909
$
1,488,846
Net
Realized
Gain
(Loss)
on
Investments
(
14,870
)
(
136,581
)
7,436
(
34,162
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Investments
(
1,047,540
)
565,554
(
895,419
)
763,557
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
898,132
2,331,300
1,381,926
2,218,241
DISTRIBUTIONS
TO
SHAREHOLDERS
Distributable
Earnings
(
1,867,650
)
(
1,626,295
)
(
2,063,690
)
(
1,214,194
)
Total
Distributions
to
Shareholders
(
1,867,650
)
(
1,626,295
)
(
2,063,690
)
(
1,214,194
)
NET
SHARE
TRANSACTIONS
(c)
Proceeds
from
Shares
Issued
29,260,465
52,940,971
43,815,648
76,430,199
Cost
of  Shares
Redeemed
—
—
—
(
3,988,736
)
Increase
(Decrease)
in
Net
Assets
Resulting
from
Net
Share
Transactions
29,260,465
52,940,971
43,815,648
72,441,463
Total
Increase
(Decrease)
in
Net
Assets
$
28,290,947
$
53,645,976
$
43,133,884
$
73,445,510
NET
ASSETS
Beginning
of
Period
$
53,645,976
$
—
$
73,445,510
$
—
End
of
Period
$
81,936,923
$
53,645,976
$
116,579,394
$
73,445,510
SHARE
TRANSACTIONS
Beginning
of  Period
1,060,001
—
1,440,001
—
Shares
Issued
140,000
720,001
860,000
1,520,001
Shares
Issued
In-Kind
440,000
340,000
—
—
Shares
Redeemed
—
—
—
(
80,000
)
Shares
Outstanding,
End
of  Period
1,640,001
1,060,001
2,300,001
1,440,001
(a)
Commenced
operations
on
November
29,
2024.
(b)
Commenced
operations
on
February
28,
2025.
(c)
Capital
transactions
may
include
transaction
fees
associated
with
Creation
and
Redemption
transactions
which
occurred
during
the
period.
See
Note
6
to
the
Financial
Statements.
Financial
Highlights
70
DoubleLine
ETF
Trust
March
31,
2026
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
DoubleLine
Opportunistic
Core
Bond
ETF
Period
Ended
March
31,
2026
(Unaudited)
Year
Ended
September
30,
2025
Year
Ended
September
30,
2024
Year
Ended
September
30,
2023
Period
Ended
September
30,
2022
(a)
Net
Asset
Value,
Beginning
of
Period
$
46.55
$
47.27
$
44.14
$
45.61
$
50.00
Income
(Loss)
from
Investment
Operations:
Net
Investment
Income
(Loss)
(b)
1.07
2.29
2.37
2.08
0.82
Net
Gain
(Loss)
on
Investments
(Realized
and
Unrealized)
(0.77)
(0.76)
3.09
(1.65)
(4.59)
Total
from
Investment
Operations
0.30
1.53
5.46
0.43
(3.77)
Less
Distributions:
Distributions
from
Net
Investment
Income
(1.08)
(2.25)
(2.33)
(1.90)
(0.62)
Total
Distributions
(1.08)
(2.25)
(2.33)
(1.90)
(0.62)
Net
Asset
Value,
End
of
Period
$
45.77
$
46.55
$
47.27
$
44.14
$
45.61
Total
Return
(c)
0.63%
3.41%
12.76%
(d)
0.84%
(d)
(7.60)%
Supplemental
Data:
Net
Assets,
End
of
Period
(000's)
$
712,288
$
558,661
$
338,523
$
188,077
$
46,572
Ratios
to
Average
Net
Assets:
Expenses
Before
Advisory
Fees
Waived
0.45%
0.46%
0.50%
0.50%
0.50%
Expenses
After
Advisory
Fees
Waived
(e)
0.42%
0.46%
0.50%
0.50%
0.50%
Net
Investment
Income
(Loss)
(e)
4.64%
5.00%
5.20%
4.55%
3.38%
Portfolio
Turnover
Rate
(c)(f)
25%
39%
142%
169%
183%
(a)
Commencement
of
operations
on
March
31,
2022.
Total
return
is
based
on
operations
for
a
period
that
is
less
than
a
year.
(b)
Calculated
based
on
average
shares
outstanding
during
the
period.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
The
return
includes
adjustments
in
accordance
with
generally
accepted
accounting
principles
required
at
period
end
date.
(e)
Annualized
for
periods
less
than
one
year.
(f)
In-kind
transactions
are
not
included
in
portfolio
turnover
calculations.
Financial
Highlights
(Cont.)
March
31,
2026
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
71
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
Period
Ended
March
31,
2026
(Unaudited)
Year
Ended
September
30,
2025
Year
Ended
September
30,
2024
Year
Ended
September
30,
2023
Period
Ended
September
30,
2022
(a)
Net
Asset
Value,
Beginning
of
Period
$
32.57
$
29.66
$
23.70
$
20.01
$
25.00
Income
(Loss)
from
Investment
Operations:
Net
Investment
Income
(Loss)
(b)
0.23
0.43
0.36
0.25
0.14
Net
Gain
(Loss)
on
Investments
(Realized
and
Unrealized)
(1.66)
2.88
5.92
3.65
(5.07)
Total
from
Investment
Operations
(1.43)
3.31
6.28
3.90
(4.93)
Less
Distributions:
Distributions
from
Net
Investment
Income
(0.26)
(0.40)
(0.32)
(0.21)
(0.06)
Total
Distributions
(0.26)
(0.40)
(0.32)
(0.21)
(0.06)
Net
Asset
Value,
End
of
Period
$
30.88
$
32.57
$
29.66
$
23.70
$
20.01
Total
Return
(c)
(4.39)%
11.23%
26.70%
19.54%
(19.72)%
Supplemental
Data:
Net
Assets,
End
of
Period
(000's)
$
260,731
$
330,950
$
409,377
$
283,446
$
128,899
Ratios
to
Average
Net
Assets:
Expenses
(d)
0.65%
0.65%
0.65%
0.65%
0.65%
Net
Investment
Income
(Loss)
(d)
1.44%
1.39%
1.32%
1.08%
1.30%
Portfolio
Turnover
Rate
(c)(e)
215%
255%
290%
217%
175%
(a)
Commencement
of
operations
on
March
31,
2022.
Total
return
is
based
on
operations
for
a
period
that
is
less
than
a
year.
(b)
Calculated
based
on
average
shares
outstanding
during
the
period.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Annualized
for
periods
less
than
one
year.
(e)
In-kind
transactions
are
not
included
in
portfolio
turnover
calculations.
Financial
Highlights
(Cont.)
72
DoubleLine
ETF
Trust
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
March
31,
2026
DoubleLine
Commercial
Real
Estate
Debt
ETF
Period
Ended
March
31,
2026
(Unaudited)
Year
Ended
September
30,
2025
Year
Ended
September
30,
2024
Period
Ended
September
30,
2023
(a)
Net
Asset
Value,
Beginning
of
Period
$
52.12
$
51.91
$
50.36
$
50.00
Income
(Loss)
from
Investment
Operations:
Net
Investment
Income
(Loss)
(b)
1.22
2.63
2.90
1.35
Net
Gain
(Loss)
on
Investments
(Realized
and
Unrealized)
(0.21)
0.20
1.35
(0.01)
Total
from
Investment
Operations
1.01
2.83
4.25
1.34
Less
Distributions:
Distributions
from
Net
Investment
Income
(1.22)
(2.60)
(2.70)
(0.98)
Distributions
from
Net
Realized
Gain
—
(0.02)
—
—
Total
Distributions
(1.22)
(2.62)
(2.70)
(0.98)
Net
Asset
Value,
End
of
Period
$
51.91
$
52.12
$
51.91
$
50.36
Total
Return
(c)
1.98%
5.60%
8.70%
2.69%
Supplemental
Data:
Net
Assets,
End
of
Period
(000's)
$
405,932
$
317,908
$
212,831
$
60,438
Ratios
to
Average
Net
Assets:
Expenses
(d)
0.39%
0.39%
0.39%
0.39%
Net
Investment
Income
(Loss)
(d)
4.71%
5.08%
5.68%
5.33%
Portfolio
Turnover
Rate
(c)(e)
44%
66%
74%
36%
(a)
Commencement
of
operations
on
March
31,
2023.
Total
return
is
based
on
operations
for
a
period
that
is
less
than
a
year.
(b)
Calculated
based
on
average
shares
outstanding
during
the
period.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Annualized
for
periods
less
than
one
year.
(e)
In-kind
transactions
are
not
included
in
portfolio
turnover
calculations.
Financial
Highlights
(Cont.)
March
31,
2026
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
73
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
DoubleLine
Mortgage
ETF
Period
Ended
March
31,
2026
(Unaudited)
Year
Ended
September
30,
2025
Year
Ended
September
30,
2024
Period
Ended
September
30,
2023
(a)
Net
Asset
Value,
Beginning
of
Period
$
49.68
$
50.35
$
46.96
$
50.00
Income
(Loss)
from
Investment
Operations:
Net
Investment
Income
(Loss)
(b)
1.26
2.49
2.38
1.04
Net
Gain
(Loss)
on
Investments
(Realized
and
Unrealized)
(0.29)
(0.68)
3.23
(3.35)
Total
from
Investment
Operations
0.97
1.81
5.61
(2.31)
Less
Distributions:
Distributions
from
Net
Investment
Income
(1.24)
(2.48)
(2.22)
(0.73)
Total
Distributions
(1.24)
(2.48)
(2.22)
(0.73)
Net
Asset
Value,
End
of
Period
$
49.41
$
49.68
$
50.35
$
46.96
Total
Return
(c)
1.95%
3.82%
12.27%
(4.67)%
Supplemental
Data:
Net
Assets,
End
of
Period
(000's)
$
694,683
$
533,604
$
334,292
$
98,615
Ratios
to
Average
Net
Assets:
Expenses
(d)
0.39%
0.39%
0.48%
0.49%
Net
Investment
Income
(Loss)
(d)
5.07%
5.10%
4.90%
4.23%
Portfolio
Turnover
Rate
(c)
184%
247%
197%
31%
Portfolio
Turnover
Rate
excluding
Mortgage
Dollar
Rolls
(e)
48%
6%
55%
–%
(a)
Commencement
of
operations
on
March
31,
2023.
Total
return
is
based
on
operations
for
a
period
that
is
less
than
a
year.
(b)
Calculated
based
on
average
shares
outstanding
during
the
period.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Annualized
for
periods
less
than
one
year.
(e)
See
Note
2(J)
regarding
Mortgage
Dollar
Rolls.
Financial
Highlights
(Cont.)
74
DoubleLine
ETF
Trust
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
March
31,
2026
DoubleLine
Commodity
Strategy
ETF
(Consolidated)
Period
Ended
March
31,
2026
(Unaudited)
Year
Ended
September
30,
2025
Period
Ended
September
30,
2024
(a)
Net
Asset
Value,
Beginning
of
Period
$
26.98
$
25.28
$
25.00
Income
(Loss)
from
Investment
Operations:
Net
Investment
Income
(Loss)
(b)
0.44
0.97
0.79
Net
Gain
(Loss)
on
Investments
(Realized
and
Unrealized)
6.88
1.14
(0.51)
Total
from
Investment
Operations
7.32
2.11
0.28
Less
Distributions:
Distributions
from
Net
Investment
Income
(0.96)
(0.41)
—
Total
Distributions
(0.96)
(0.41)
—
Net
Asset
Value,
End
of
Period
$
33.34
$
26.98
$
25.28
Total
Return
(c)
28.09%
8.44%
1.12%
Supplemental
Data:
Net
Assets,
End
of
Period
(000's)
$
34,677
$
21,583
$
17,191
Ratios
to
Average
Net
Assets:
Expenses
(d)
0.65%
0.65%
0.65%
Net
Investment
Income
(Loss)
(d)
3.12%
3.73%
4.64%
Portfolio
Turnover
Rate
(c)
0%
82%
111%
(a)
Commencement
of
operations
on
January
31,
2024.
Total
return
is
based
on
operations
for
a
period
that
is
less
than
a
year.
(b)
Calculated
based
on
average
shares
outstanding
during
the
period.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Annualized
for
periods
less
than
one
year.
Financial
Highlights
(Cont.)
March
31,
2026
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
75
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
DoubleLine
Fortune
500
Equal
Weight
ETF
Period
Ended
March
31,
2026
(Unaudited)
Year
Ended
September
30,
2025
Period
Ended
September
30,
2024
(a)
Net
Asset
Value,
Beginning
of
Period
$
31.46
$
29.02
$
25.00
Income
(Loss)
from
Investment
Operations:
Net
Investment
Income
(Loss)
(b)
0.27
0.49
0.31
Net
Gain
(Loss)
on
Investments
(Realized
and
Unrealized)
1.02
2.42
3.91
Total
from
Investment
Operations
1.29
2.91
4.22
Less
Distributions:
Distributions
from
Net
Investment
Income
(0.25)
(0.47)
(0.20)
Total
Distributions
(0.25)
(0.47)
(0.20)
Net
Asset
Value,
End
of
Period
$
32.50
$
31.46
$
29.02
Total
Return
(c)
4.11%
10.20%
16.93%
Supplemental
Data:
Net
Assets,
End
of
Period
(000's)
$
27,297
$
16,989
$
13,929
Ratios
to
Average
Net
Assets:
Expenses
(d)
0.20%
0.20%
0.20%
Net
Investment
Income
(Loss)
(d)
1.68%
1.69%
1.75%
Portfolio
Turnover
Rate
(c)(e)
8%
17%
12%
(a)
Commencement
of
operations
on
January
31,
2024.
Total
return
is
based
on
operations
for
a
period
that
is
less
than
a
year.
(b)
Calculated
based
on
average
shares
outstanding
during
the
period.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Annualized
for
periods
less
than
one
year.
(e)
In-kind
transactions
are
not
included
in
portfolio
turnover
calculations.
Financial
Highlights
(Cont.)
76
DoubleLine
ETF
Trust
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
March
31,
2026
DoubleLine
Multi-Sector
Income
ETF
Period
Ended
March
31,
2026
(Unaudited)
Period
Ended
September
30,
2025
(a)
Net
Asset
Value,
Beginning
of
Period
$
50.61
$
50.00
Income
(Loss)
from
Investment
Operations:
Net
Investment
Income
(Loss)
(b)
1.49
2.63
Net
Gain
(Loss)
on
Investments
(Realized
and
Unrealized)
(0.67)
0.20
Total
from
Investment
Operations
0.82
2.83
Less
Distributions:
Distributions
from
Net
Investment
Income
(1.47)
(2.22)
Total
Distributions
(1.47)
(2.22)
Net
Asset
Value,
End
of
Period
$
49.96
$
50.61
Total
Return
(c)
1.64%
5.81%
Supplemental
Data:
Net
Assets,
End
of
Period
(000's)
$
81,937
$
53,646
Ratios
to
Average
Net
Assets:
Expenses
(d)
0.49%
0.49%
Net
Investment
Income
(Loss)
(d)
5.91%
6.36%
Portfolio
Turnover
Rate
(c)(e)
29%
54%
(a)
Commenced
operations
on
November
29,
2024.
Total
return
is
based
on
operations
for
a
period
that
is
less
than
a
year.
(b)
Calculated
based
on
average
shares
outstanding
during
the
period.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Annualized
for
periods
less
than
one
year.
(e)
In-kind
transactions
are
not
included
in
portfolio
turnover
calculations.
Financial
Highlights
(Cont.)
March
31,
2026
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
77
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
DoubleLine
Asset-Backed
Securities
ETF
Period
Ended
March
31,
2026
(Unaudited)
Period
Ended
September
30,
2025
(a)
Net
Asset
Value,
Beginning
of
Period
$
51.00
$
50.00
Income
(Loss)
from
Investment
Operations:
Net
Investment
Income
(Loss)
(b)
1.24
1.46
Net
Gain
(Loss)
on
Investments
(Realized
and
Unrealized)
(0.38)
0.68
Total
from
Investment
Operations
0.86
2.14
Less
Distributions:
Distributions
from
Net
Investment
Income
(1.17)
(1.14)
Total
Distributions
(1.17)
(1.14)
Net
Asset
Value,
End
of
Period
$
50.69
$
51.00
Total
Return
(c)
1.70%
4.35%
Supplemental
Data:
Net
Assets,
End
of
Period
(000's)
$
116,579
$
73,446
Ratios
to
Average
Net
Assets:
Expenses
(d)
0.39%
0.39%
Net
Investment
Income
(Loss)
(d)
4.87%
4.99%
Portfolio
Turnover
Rate
(c)
15%
31%
(a)
Commencement
of
operations
on
February
28,
2025.
Total
return
is
based
on
operations
for
a
period
that
is
less
than
a
year.
(b)
Calculated
based
on
average
shares
outstanding
during
the
period.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Annualized
for
periods
less
than
one
year.
Notes
to
Financial
Statements
78
DoubleLine
ETF
Trust
(Unaudited)
March
31,
2026
1. Organization
DoubleLine
ETF
Trust,
a
Delaware
statutory
trust
(the
“Trust”),
was
formed
on
September
27,
2021
and
is
registered
with
the
Securities
and
Exchange
Commission
as
an
open-end
management
investment
company.
As
of
March
31,
2026,
the
Trust
consists
of
ten
series.
These
Financial
Statements
are
for
eight of
those
series
as
follows:
DoubleLine
Opportunistic
Core
Bond
ETF
(the
“Opportunistic
Core
Bond
ETF”),
DoubleLine
Shiller
CAPE
®
U.S.
Equities
ETF
(the
“Equities
ETF”),
DoubleLine
Commercial
Real
Estate
Debt
ETF
(the
"Commercial
Real
Estate
Debt
ETF")
(formerly
known
as
DoubleLine
Commercial
Real
Estate
ETF),
DoubleLine
Mortgage
ETF
(the
"Mortgage
ETF"),
DoubleLine
Commodity
Strategy
ETF
(the
"Commodity
Strategy
ETF"),
DoubleLine
Fortune
500
Equal
Weight
ETF
(the
"Fortune
500
ETF"),
DoubleLine
Multi-Sector
Income
ETF
(the
"Multi-Sector
Income
ETF"),
and
DoubleLine
Asset-Backed
Securities
ETF
(the
"Asset-Backed
Securities
ETF")
(each
a
“Fund”
and
collectively
the
“Funds”),
along
with
the
DoubleLine
Securitized
Credit
ETF
(the
“Securitized
Credit
ETF”). The
Opportunistic
Core
Bond
ETF,
Equities
ETF,
Commercial
Real
Estate
Debt
ETF,
Mortgage
ETF,
Fortune
500
ETF,
Multi-Sector
Income
ETF,
Asset-Backed
Securities
ETF, and
Securitized
Credit
ETF are
managed
by
DoubleLine
ETF
Adviser
LP,
and
the
Commodity
Strategy
ETF
is
managed
by
DoubleLine
Alternatives
LP
(each,
an
“Adviser”
and
collectively,
the
“Advisers”),
which
are
registered
as
an
investment
advisers
with
the
U.S.
Securities
and
Exchange
Commission.
Each
Fund
offers
one
class
of
shares.
For
financial
information
related
to
the
Securitized
Credit
ETF,
please
refer
to
the
Securitized
Credit
ETF’s
separate
annual
report.    
Each
Fund
is
classified
as
non-diversified
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
except
the
Fortune
500
ETF,
which
is
classified
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
Funds'
investment
objectives
and
dates
each
Fund
commenced
operations
and
public
trading are
as
follows:
The
fiscal
year
end
for
the
Funds
is
September
30,
and
the
period
covered
by
these
Financial
Statements
is
for
the
period ended
March
31,
2026. 
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
Fund
Name
Investment
Objective
Commencement
of
Operations
Commencement
of
Public
Trading
DoubleLine
Opportunistic
Core
Bond
ETF
Seek
to
maximize
current
income
and
total
return
3/31/2022
4/5/2022
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
Seek
total
return
which
exceeds
the
total
return
of
the
S&P
500®
Index
3/31/2022
4/5/2022
DoubleLine
Commercial
Real
Estate
Debt
ETF
Seek
current
income
and
capital
preservation
and
as
a
secondary
objective,
seek
long-term
capital
appreciation
3/31/2023
4/4/2023
DoubleLine
Mortgage
ETF
Seek
total
return
(capital
appreciation
and
current
income)
which
exceeds
the
total
return
of
its
benchmark
index,
the
Bloomberg
U.S.
Mortgage-Backed
Securities
Index,
over
a
full
market
cycle
3/31/2023
4/4/2023
DoubleLine
Commodity
Strategy
ETF
(Consolidated)
Seek
total
return
(capital
appreciation
and
current
income)
1/31/2024
2/1/2024
DoubleLine
Fortune
500
Equal
Weight
ETF
Seek
to
track
the
investment
results
(before
fees
and
expenses)
of
the
Barclays
Fortune
500
Equal
Weighted
Total
Return
Index
1/31/2024
2/1/2024
DoubleLine
Multi-Sector
Income
ETF
To
provide
income,
with
a
secondary
objective
of
capital
appreciation.
11/29/2024
12/3/2024
DoubleLine
Asset-Backed
Securities
ETF
Seek
long-term
total
return
while
striving
to
generate
current
income.
2/28/2025
3/4/2025
Notes
to
Financial
Statements
(Cont.)
(Unaudited)
March
31,
2026
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
79
techniques
used
to
develop
the
measurements
of
fair
value
and
a
discussion
of
changes
in
valuation
techniques
and
related
inputs
during
the
period ended
March
31,
2026.
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. 
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.
The
Funds'
holdings
in
whole
loans,
securitizations
and
certain
other
types
of
alternative
lending-related
instruments
may
be
valued
based
on
prices
provided
by
a
third-party
pricing
service.
Senior
secured
floating
rate
loans
for
which
an
active
secondary
market
exists
to
a
reliable
degree
will
be
valued
at
the
mean
of
the
last
available
bid/ask
prices
in
the
market
for
such
loans,
as
provided
by
an
independent
pricing
service.
Where
an
active
secondary
market
does
not
exist
to
a
reliable
degree
in
the
judgment
of
the
Adviser,
such
loans
will
be
valued
at
fair
value
based
on
certain
factors.
In
respect
of
certain
commercial
real
estate-related,
residential
real
estate-related
and
certain
other
investments
for
which
a
limited
market
may
exist,
the
Funds
may
value
such
investments
based
on
appraisals
conducted
by
an
independent
valuation
advisor
or
a
similar
pricing
agent.
However,
an
independent
valuation
firm
may
not
be
retained
to
undertake
an
evaluation
of
an
asset
unless
the
NAV,
market
price
and
other
aspects
of
an
investment
exceed
certain
significance
thresholds.
Over-the-counter
financial
derivative
instruments,
such
as
forward
currency
exchange
contracts,
options
contracts,
or
swap
agreements,
derive
their
values
from
underlying
asset
prices,
indices,
reference
rates,
other
inputs
or
a
combination
of
these
factors.
These
instruments
are
normally
valued
on
the
basis
of
valuations
obtained
from
counterparties,
published
index
closing
levels
or
evaluated
prices
supplied
by
independent
pricing
services,
some
or
all
of
which
may
be
based
on
market
data
from
trading
on
exchanges
that
closed
significantly
before
the
time
as
of
which
a Fund
calculates
its
NAV.
Forward
foreign
currency
contracts
are
generally
valued
based
on
rates
provided
by
independent
data
providers.
Exchange
traded
futures
and
options
on
futures
are
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
Notes
to
Financial
Statements
(Cont.)
80
DoubleLine
ETF
Trust
(Unaudited)
March
31,
2026
generally
valued
at
the
settlement
price
determined
by
the
relevant
exchange
on
which
they
principally
trade,
and
exchange
traded
options
are
generally
valued
at
the
last
trade
price
on
the
exchange
on
which
they
principally
trade. A
Fund
does
not
normally
take
into
account
trading,
clearances
or
settlements
that
take
place
after
the
close
of
the
principal
exchange
or
market
on
which
such
securities
are
traded.
Depending
on
the
instrument
and
the
terms
of
the
transaction,
the
value
of
the
derivative
instruments
can
be
estimated
by
a
pricing
service
provider
using
a
series
of
techniques,
such
as
simulation
pricing
models.
The
pricing
models
use
issuer
details
and
other
inputs
that
are
observed
from
actively
quoted
markets
such
as
indices,
spreads,
interest
rates,
curves,
dividends
and
exchange
rates.
Derivatives
that
use
similar
valuation
techniques
and
inputs
as
described
above
are
normally
categorized
as
Level
2
of
the
fair
value
hierarchy.
The
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
Adviser
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
the
Valuation
Designee,
is
authorized
to
make
all
necessary
determinations
of
the
fair
values
of
portfolio
securities
and
other
assets
for
which
market
quotations
are
not
readily
available
or
if
it
is
deemed
that
the
prices
obtained
from
brokers
and
dealers
or
independent
pricing
services
are
unreliable.
The
following
is
a
summary
of
the
fair
valuations
according
to
the
inputs
used
to
value
the
Funds’
investments
as
of
March
31,
2026:
Category
DoubleLine
Opportunistic
Core
Bond
ETF
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
DoubleLine
Commercial
Real
Estate
Debt
ETF
DoubleLine
Mortgage
ETF
DoubleLine
Commodity
Strategy
ETF
(Consolidated)
Investments
in
Securities
Level
1
Common
Stocks
$
—
$
259,854,556
$
—
$
—
$
—
Money
Market
Funds
22,988,988
680,605
23,247,365
28,809,420
1,882,162
Affiliated
Mutual
Funds
35,081,447
—
—
—
—
Total
Level
1
58,070,435
260,535,161
23,247,365
28,809,420
1,882,162
Level
2
U.S.
Government
and
Agency
Mortgage-
Backed
Obligations
152,148,136
—
58,002,632
647,785,416
—
Non-Agency
Commercial
Mortgage-Backed
Obligations
49,442,136
—
253,463,059
—
—
Non-Agency
Residential
Collateralized
Mortgage
Obligations
76,233,501
—
1,572,188
136,454,592
—
U.S.
Government
and
Agency
Obligations
124,551,246
—
—
—
—
Collateralized
Loan
Obligations
25,392,169
—
80,718,805
—
—
U.S.
Corporate
Bonds
95,346,856
—
—
—
—
Foreign
Corporate
Bonds
58,219,017
—
—
—
—
Asset-Backed
Obligations
54,174,858
—
—
—
—
Other
Short
Term
Investments
—
—
—
—
32,664,272
Bank
Loans
16,861,444
—
—
—
—
Foreign
Government
Bonds,
Foreign
Agencies
and
Foreign
Government
Sponsored
Corporations
4,205,731
—
—
—
—
Total
Level
2
656,575,094
—
393,756,684
784,240,008
32,664,272
Level
3
Common
Stocks
12,966
19,056
—
—
—
Total
Level
3
12,966
19,056
—
—
—
Total
$
714,658,495
$
260,554,217
$
417,004,049
$
813,049,428
$
34,546,434
Other
Financial
Instruments
Assets
Level
1
Futures
$
869,471
$
—
$
—
$
1,910,633
$
—
Level
2
Excess
Return
Swaps
—
—
—
—
137,451
Unfunded
Loan
Commitments
112
—
—
—
—
Total
Level
2
—
—
—
—
—
Level
3
—
—
—
—
—
Liabilities
Level
1
Notes
to
Financial
Statements
(Cont.)
(Unaudited)
March
31,
2026
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
81
B. Federal
Income
Taxes.
Each
Fund
has
elected
to
be
taxed
as
a
"regulated
investment
company"
and
intends
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders
and
otherwise
comply
with
the
provisions
of
Subchapter
M
of
the
Internal
Revenue
Code
of
1986,
as
amended
(the
"Internal
Revenue
Code")
applicable
to
regulated
investment
companies.
Therefore,
no
provision
for
U.S.
federal
income
taxes
has
been
made.
The
Funds
may
be
subject
to
a
nondeductible
4%
excise
tax
calculated
as
a
percentage
of
certain
undistributed
amounts
of
net
investment
income
and
net
capital
gains.
The
Funds
adopted
FASB
Accounting
Standards
Update
2023-09,
Income
Taxes
(Topic
740)—Improvements
to
Income
Tax
Disclosures
(“ASU
2023-09”).
The
amendments
enhance
income
tax
disclosures
by
requiring
greater
disclosure
of
income
taxes
paid
by
jurisdiction.
During
the
period
ended
March 31,
2026,
the
Funds
did
not
pay
a
significant
amount
of
foreign
or
U.S.
federal,
state
or
local
income
taxes
and
therefore
did
not
include
any
additional
disclosures
in
these
financial
statements.
Management
has
analyzed
the
Funds’
tax
positions,
and
has
concluded
that
no
liability
should
be
recorded
related
to
uncertain
tax
positions
expected
to
be
taken
on
the
tax
return
for
the period. The
Funds
identify
their
major
tax
jurisdictions
as
U.S.
Federal,
Category
(continued)
DoubleLine
Opportunistic
Core
Bond
ETF
(continued)
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
(continued)
DoubleLine
Commercial
Real
Estate
Debt
ETF
(continued)
DoubleLine
Mortgage
ETF
(continued)
DoubleLine
Commodity
Strategy
ETF
(Consolidated)
(continued)
Futures
$
(4,412,683)
$
—
$
—
$
(3,159,016)
$
—
Level
2
Unfunded
Loan
Commitments
$
(9)
$
—
$
—
$
—
$
—
Level
3
—
—
—
—
—
Total
$
(3,543,109)
$
—
$
—
$
(1,248,383)
$
137,451
Category
DoubleLine
Fortune
500
Equal
Weight
ETF
DoubleLine
Multi-Sector
Income
ETF
DoubleLine
Asset-Backed
Securities
ETF
Investments
in
Securities
Level
1
Common
Stocks
$
27,211,642
$
—
$
—
Money
Market
Funds
64,505
5,045,607
791,567
Total
Level
1
27,276,147
5,045,607
791,567
Level
2
Asset-Backed
Obligations
—
2,197,628
114,577,529
U.S.
Corporate
Bonds
—
32,737,919
—
Non-Agency
Residential
Collateralized
Mortgage
Obligations
—
14,990,367
—
Bank
Loans
—
11,913,535
—
Non-Agency
Commercial
Mortgage-Backed
Obligations
—
8,032,189
956,541
Collateralized
Loan
Obligations
—
4,453,174
—
Foreign
Corporate
Bonds
—
3,285,579
—
Total
Level
2
—
77,610,391
115,534,070
Level
3
Common
Stocks
1,640
14,149
—
Total
Level
3
1,640
14,149
—
Total
$
27,277,787
$
82,670,147
$
116,325,637
Other
Financial
Instruments
Assets
Level
1
$
—
$
—
$
—
Level
2
Unfunded
Loan
Commitments
—
73
—
Level
3
—
—
—
Liabilities
Level
1
$
—
$
—
$
—
Level
2
Unfunded
Loan
Commitments
—
(8)
—
Level
3
—
—
—
Total
$
—
$
65
$
—
Notes
to
Financial
Statements
(Cont.)
82
DoubleLine
ETF
Trust
(Unaudited)
March
31,
2026
the State
of
Florida and
the
State
of
Delaware.
The
Funds
are
not
aware
of
any
tax
positions
for
which
it
is
reasonably
possible
that
the
total
amounts
of
unrecognized
tax
benefits
will
significantly
change
in
the
next
twelve
months. 
C. Security
Transactions,
Investment
Income.
Investment
securities
transactions
are
accounted
for
on
trade
date.
Gains
and
losses
realized
on
sales
of
securities
are
determined
on
a
specific
identification
basis.
Interest
income,
including
non-cash
interest,
is
recorded
on
an
accrual
basis.
Discounts/premiums
on
debt
securities
purchased,
which
may
include
residual
and
subordinated
notes,
are
accreted/amortized
over
the
life
of
the
respective
securities
using
the
effective
interest
method
except
for
certain
deep
discount
bonds
where
management
does
not
expect
the
par
value
above
the
bond's
cost
to
be
fully
realized.
Dividend
income
and
corporate
action
transactions,
if
any,
are
recorded
on
the
ex-date.
Non-cash
dividends
included
in
dividend
income,
if
any,
are
recorded
at
the
fair
market
value
of
securities
received.
Paydown
gains
and
losses
on
mortgage-related
and
other
asset-backed
securities
are
recorded
as
components
of
interest
income
on
the
Statements
of
Operations.
D. Dividends
and
Distributions
to
Shareholders.
  The
Asset-Backed
Securities
ETF,
the
Multi-Sector
Income
ETF,
the
Commercial
Real
Estate
Debt
ETF,
the
Mortgage
ETF
and
the
Opportunistic
Core
Bond
ETF
will
distribute
dividends
of
net
investment
income
at
least
monthly,
the
Equities
ETF
and
the
Fortune
500
ETF
will
distribute
dividends
of
net
investment
income
at
least
quarterly,
and
the
Commodity
Strategy
ETF
will
distribute
dividends
of
net
investment
income
at
least
annually.
Each
Fund
will
distribute
net
realized
short-term
capital
gains
and
net
realized
long-term
capital
gains,
if
any,
at
least
annually.
Distributions
are
recorded
on
the
exdividend
date.
Income
and
capital
gain
distributions
are
determined
in
accordance
with
income
tax
regulations
which
may
differ
from
US
GAAP.
Permanent
book
and
tax
basis
differences
relating
to
shareholder
distributions
will
result
in
reclassifications
between
paid-in
capital,
undistributed
(accumulated)
net
investment
income
(loss),
and/or
undistributed
(accumulated)
realized
gain
(loss).
Undistributed
(accumulated)
net
investment
income
or
loss
may
include
temporary
book
and
tax
basis
differences
which
will
reverse
in
a
subsequent
period.
Any
taxable
income
or
capital
gain
remaining
at
fiscal
year
end
is
distributed
in
the
following
year.
Distributions
from
investment
companies
will
be
classified
as
investment
income
or
realized
gains
in
the
Statements
of
Operations
based
on
the
U.S.
income
tax
characteristics
of
the
distribution
if
such
information
is
available.
In
cases
where
the
tax
characteristics
are
not
available,
such
distributions
are
generally
classified
as
investment
income.
The
Equities
ETF
may
hold
the
securities
of
real
estate
investment
trusts
(“REITs”).
Distributions
from
such
investments
may
be
comprised
of
return
of
capital,
capital
gains
and
income.
The
actual
character
of
amounts
received
during
the
year
is
not
known
until
after
the
REIT’s
fiscal
year
end.
The
Fund
records
the
character
of
distributions
received
from
REITs
during
the
year
based
on
estimates
available.
The
characterization
of
distributions
received
by
the
Fund
may
be
subsequently
revised
based
on
information
received
from
the
REITs
after
their
tax
reporting
periods
concluded.
E. Use
of
Estimates.
 The
preparation
of
financial
statements
in
conformity
with
US
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
and
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements,
as
well
as
the
reported
amounts
of
revenues
and
expenses
during
the
period.
Actual
results
could
differ
from
those
estimates.
F. Share
Valuation.
The
NAV
per
share
of
each
Fund
is
calculated
by
dividing
the
sum
of
the
value
of
the
securities
held
by
the
Fund,
plus
cash
and
other
assets,
minus
all
liabilities
(including
estimated
accrued
expenses),
by
the
total
number
of
shares
outstanding,
rounded
to
the
nearest
cent.
The
NAV
is
typically
calculated
on
days
when
the
New
York
Stock
Exchange
("NYSE")
opens
for
regular
trading.
G. Unfunded
Loan
Commitments.
 The
Funds
may
enter
into
certain
credit
agreements,
of
which
all
or
a
portion
may
be
unfunded.
As
of
March
31,
2026,
the
Funds
have
the
following
unfunded
positions.
DoubleLine
Opportunistic
Core
Bond
ETF
Borrower
Par
Commitment
Amount
Fair
Value
Unrealized
Appreciation/
(Depreciation)
%
Of
Net
Assets
Pye-Barker
Fire
&
Safety
LLC
$
5,850
$
5,821
$
5,866
$
45
0.00
%
Pinnacle
Buyer
LLC
6,452
6,435
6,467
31
0.00
Signia
Aerospace
LLC
5,308
5,294
5,328
33
0.00
Savor
Acquisition,
Inc.
6,035
6,059
6,050
(9)
0.00
Notes
to
Financial
Statements
(Cont.)
(Unaudited)
March
31,
2026
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
83
The
Funds
are obligated
to
fund
these
commitments
at
the
borrower’s
discretion.
At
the
end
of
the
period,
the
Funds
maintained
with
their
custodian
liquid
investments
having
an
aggregate
value
at
least
equal
to
the
par
value
of
their
respective
unfunded
loan
commitments
and
bridge
loans.
H. Guarantees
and
Indemnifications.
Under
the
Trust's
organizational
documents,
each
Trustee
and
officer
of
the
Funds
is
indemnified,
to
the
extent
permitted
by
the
1940
Act,
against
certain
liabilities
that
may
arise
out
of
performance
of
their
duties
to
the
Fund.
Additionally,
in
the
normal
course
of
business,
the
Funds
enter
into
contracts
that
contain
a
variety
of
indemnification
clauses.
Each
Fund's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Funds
that
have
not
yet
occurred.
However,
the
Funds
have
not
had
prior
claims
or
losses
pursuant
to
these
contracts. 
I. Basis
for
Consolidation.
  The
Commodity
Strategy
ETF
may
invest
up
to
25%
of
its
total
assets
in
the
DoubleLine
Commodity
ETF
Ltd.
(the
“Subsidiary”).
The
Subsidiary,
which
is
organized
under
the
laws
of
the
Cayman
Islands,
is
wholly-owned
and
controlled
by
the
Commodity
Strategy
ETF.
The
Subsidiary
invests
in
commodity-related
investments
and
other
investments.
The
consolidated
financial
statements
include
the
accounts
and
balances
of
the
Subsidiary.
Intercompany
balances
and
transactions
have
been
eliminated
in
consolidation.
As
of
March
31,
2026,
the
relationship
of
the
Subsidiary
to
the
Commodity
Strategy
ETF
was
as
follows:
J. Mortgage
Dollar
Rolls.
The
Funds
have
entered
into
mortgage
dollar
roll
transactions
of
TBA
securities
which
the
Funds
sell
a
TBA
mortgage-backed
security
to
a
counterparty
and
simultaneously
enter
into
an
agreement
with
the
same
counterparty
to
buy
back
a
similar
TBA
security
on
a
specific
future
date
at
a
predetermined
price.
Mortgage
dollar
rolls
are
accounted
for
as
purchase
and
sale
transactions
and
may
result
in
an
increase
to
the
fund
portfolio
turnover
rate.
Portfolio
turnover
rates
excluding
and
including
mortgage
dollar
rolls
are
presented
in
the
Financial
Highlights.
K. Segment
Reporting.
The
Funds
have
adopted
FASB
ASU
2023-07,
Segment
Reporting
(Topic
280)
-
Improvements
to
Reportable
Segment
Disclosures
(“ASU
2023-07”),
which
requires
incremental
disclosures
relating
to
a
public
entity's
reportable
segments.
Each
Fund
operates
as
a
single
operating
segment,
which
is
an
investment
portfolio.
The
Trust's
president
and
principal
executive
officer
and
the
Trust's
treasurer
and
principal
financial
and
accounting
officer
together
serve
as
each
Fund's
chief
operating
decision
maker
(“CODM”).
Each
Fund's
total
returns,
expense
ratios,
and
changes
in
net
assets,
which
are
used
by
the
CODM
to
assess
segment
performance
and
to
make
resource
allocation
decisions
to
the
segment,
are
consistent
with
that
presented
within
the
Fund's
financial
statements
and
financial
highlights.
Segment
assets
are
reflected
in
each
Fund's
Statement
of
Assets
and
Liabilities
Kaman
Corp.
$
9,726
$
9,738
$
9,741
$
3
0.00
%
DoubleLine
Multi-Sector
Income
ETF
Borrower
Par
Commitment
Amount
Fair
Value
Unrealized
Appreciation/
(Depreciation)
%
Of
Net
Assets
Pye-Barker
Fire
&
Safety
LLC
$
5,200
$
5,174
$
5,214
$
40
0.01
%
Pinnacle
Buyer
LLC
6,452
6,435
6,467
31
0.01
Savor
Acquisition,
Inc.
4,310
4,329
4,321
(8)
0.00
Kaman
Corp.
7,989
7,999
8,001
2
0.01
DoubleLine
Commodity
Strategy
ETF
(Consolidated)
Commencement
of
Operations
01/31/2024
Fund
Net
Assets
$
34,677,013
Subsidiary
%
of
Fund
Net
Assets
23.56%
Subsidiary
Financial
Statement
Information
Net
Assets
$
8,170,034
Total
Income
101,476
Net
Realized
Gain/(Loss)
6,686,129
Notes
to
Financial
Statements
(Cont.)
84
DoubleLine
ETF
Trust
(Unaudited)
March
31,
2026
as
“net
assets,”
which
consist
primarily
of
investment
securities,
at
value,
and
significant
segment
expenses
are
listed
in
each
Fund's
accompanying
Statement
of
Operations.
3. Related
Party
Transactions 
The
Trust
and
the
Advisers
entered
into
an
Investment
Management
Agreement,
under
the
terms
of
which
the
Advisers
manage
the
investment
of
the
assets
of
the applicable
Funds,
place
orders
for
the
purchase
and
sale
of
its
portfolio
securities,
and
is responsible
for
providing
resources
to
assist
with
the
day-to-day
management
of
the
Trust's
business
affairs.
As
compensation
for their
services,
the
Advisers
are entitled
to
a
monthly
fee
at
the
annual
rates
of
the
average
daily
net
assets
of
the
Funds
in
the
following
table. The
Advisers
will
pay
all
operating
expenses
of
the
Funds,
except
the
advisory fees,
interest
expenses,
dividends
and
other
expenses
on
securities
sold
short,
taxes,
expenses
incurred
with
respect
to
the
acquisition
and
disposition
of
portfolio
securities
and
the
execution
of
portfolio
transactions,
including
brokerage
commissions,
acquired
fund
fees
and
expenses,
accrued
deferred
tax
liabilities,
distribution
fees
or
expenses,
and
any
extraordinary
expenses
(such
as
litigation). 
If a Fund
invested
in
other
investment
vehicles
sponsored
by
an
Adviser
(“other
DoubleLine
Funds”)
during
the
period,
such
Adviser
waived
its
advisory
fee
to
the
Fund
in
an
amount
equal
to
the
advisory
fees
paid
to
the
Adviser
by
the
other
DoubleLine
Funds
in
respect
of
Fund
assets
so
invested.
The
adviser
may
not
seek
reimbursement
from
the
Fund
with
respect
to
any
advisory
fees
waived. Accordingly,
the
Adviser
waived
the
following
fees
for
the
period
ended
March 31,
2026: DoubleLine
Opportunistic
Core
Bond
ETF,
$83,331.
4. Distribution
Fees
Foreside
Fund
Services,
LLC
serves
as
the
Funds’
Distributor.
The
Trust
has
adopted
a
Plan
of
Distribution
Pursuant
to
Rule
12b-1
under
the
Investment
Company
Act
of
1940
(the
“Plan”),
however
the
Plan
has
yet
to
be
implemented
or
commence
operations.
Under
the
Plan, each Fund
would
be
authorized
to
pay
distribution
fees
to
the
Distributor,
who
in
turn
would
be
permitted
to
pay
other
firms
that
provide
distribution
and
shareholder
services
(“Service
Providers”).
If
a
Service
Provider
were
to
provide
such
services,
the
Funds
would
be
permitted
to
pay
fees
at
an
annual
rate
not
to
exceed
0.25%
of
average
daily
net
assets,
pursuant
to
the
terms
of
the
Plan
and
Rule
12b-1
under
the
1940
Act.
Because
the
Plan
has
not
been
implemented
or
commenced
operations,
no
distribution
or
service
fees
are
currently
paid
by
the
Funds
and
there
are
no
current
plans
to
impose
these
fees.
In
the
event
the
Plan
is
ever
implemented
and
commences
operations
and
Rule
12b-1
fees
are
charged,
over
time
they
would
increase
the
cost
of
an
investment
in
the
Funds
and
may
cost
you
more
than
other
types
of
sales
charges.
5. Administrator,
Transfer
Agent,
Custodian
and
Distributor
JPMorgan
Chase
Bank,
N.A.
provides
fund
accounting,
fund
administrative
and
transfer
agency
services
to
the
Funds
pursuant
to
a
Fund
Services
Agreement.
JPMorgan
Chase
Bank,
N.A.
serves
as
the
Funds’
Custodian
pursuant
to
a
Custody
Agreement.
Foreside
Fund
Services,
LLC
serves
as
the
Funds’
distributor
pursuant
to
a
Distribution
Agreement.
6. Issuance
and
Redemption
of
Fund Shares 
The
Funds
are
exchange-traded
funds
or
“ETFs.”
The
Funds
will
only
issue
or
redeem
shares
aggregated
into
blocks
of
20,000
shares
(in
the
case
of
the
Opportunistic
Core
Bond
ETF,
the
Commercial
Real
Estate
Debt
ETF,
the
Mortgage
ETF,
the
Multi-Sector
Income
ETF,
and
the
Asset-Backed
Securities
ETF),
40,000
shares
(in
the
case
of
the
Equities
ETF
and
the
Commodity
Strategy
ETF)
and
60,000
shares
(in
the
case
of
the
Fortune
500
ETF)
or
multiples
thereof
(“Creation
Units”)
to
Authorized
Participants
who
have
entered
into
Advisory
Fees
DoubleLine
Opportunistic
Core
Bond
ETF
1
0.45%
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
0.65%
DoubleLine
Commercial
Real
Estate
Debt
ETF
0.39%
DoubleLine
Mortgage
ETF
0.39%
DoubleLine
Commodity
Strategy
ETF
(Consolidated)
0.65%
DoubleLine
Fortune
500
Equal
Weight
ETF
0.20%
DoubleLine
Multi-Sector
Income
ETF
0.49%
DoubleLine
Asset-Backed
Securities
ETF
0.39%
1
Prior
to
February
3,
2025,
the
Advisory
Fee
was
0.50%.
Notes
to
Financial
Statements
(Cont.)
(Unaudited)
March
31,
2026
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
85
agreements
with
Foreside
Fund
Services,
LLC
as
the
Funds’
distributor
(the
“Distributor”).
An
Authorized
Participant
is
either
(1)
a
“Participating
Party,”
(i.e.,
a
broker-dealer
or
other
participant
in
the
clearing
process
of
the
Continuous
Net
Settlement
System
of
the
NSCC),
or
(2)
a
participant
of
DTC,
and,
in
each
case,
must
have
executed
an
agreement
with
the
distributor
with
respect
to
creations
and
redemptions
of
Creation
Units.
The
Funds
will
issue
or
redeem
Creation
Units
in
return
for
a
basket
of
securities
and/or
cash
(including
any
portion
of
such
securities
for
which
cash
may
be
substituted)
that
the
Funds
specify
each
day.
Cash
may
be
substituted
equivalent
to
the
value
of
certain
securities
generally
when
they
are
not
available
in
sufficient
quantity
for
delivery.
In
the
case
of
the
Equities
ETF,
Authorized
Participants
transact
with
the
Fund
through
another
broker-dealer
that
acts
as
AP
Representative
and
maintains
the
basket
contents
in
confidence.
Individual
Fund
shares
may
only
be
purchased
and
sold
on
a
national
securities
exchange
through
a
broker-dealer
and
investors
may
pay
a
commission
to
such
broker-dealers
in
connection
with
their
purchase
or
sale.
The
price
of
Fund
shares
is
based
on
market
price,
and
because
ETF
shares
trade
at
market
prices
rather
than
NAV,
shares
may
trade
at
a
price
greater
than
NAV
(a
premium)
or
less
than
NAV
(a
discount).
NAV
per
share
is
calculated
by
dividing
a
Fund’s
net
assets
by
the
number
of
Fund
shares
outstanding.
Your
transaction
will
be
priced
at
NAV
if
you
purchase
or
redeem
Fund
shares
in
Creation
Units.
The
Fund’s
NAV
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
("NYSE").
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Authorized
Participants
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
the
Funds’
Administrator
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Additionally,
a
portion
of
the
transaction
fee
is
used
to
offset
transactional
costs
typically
accrued
in
the
Funds’
custody
expenses
directly
related
to
the
issuance
and
redemption
of
Creation
Units.
An
additional
variable
fee
may
be
charged
for
certain
transactions.
Such
fees
would
be
included
in
the
receivable
for
capital
shares
issued
on
the
Statements
of
Assets
and
Liabilities.
7. Purchases
and
Sales
of
Securities 
Investment
transactions
(excluding
short-term
investments
and
in-kind
transactions)
for
the period
ended
March
31,
2026 were
as
follows:
Investment
transactions
related
to
in-kind purchases
and
sales
for the
period
ended
March
31,
2026 were
as
follows:
All
Other
U.S.
Government
1
Purchases
at
Cost
Sales
or
Maturity
Proceeds
Purchases
at
Cost
Sales
or
Maturity
Proceeds
DoubleLine
Opportunistic
Core
Bond
ETF
$
233,750,205
$
98,141,354
$
37,459,688
$
45,866,484
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
$
726,436,154
$
672,727,103
$
—
$
—
DoubleLine
Commercial
Real
Estate
Debt
ETF
$
255,438,128
$
147,861,114
$
—
$
—
DoubleLine
Mortgage
ETF
$
1,485,827,812
$
1,261,538,697
$
—
$
—
DoubleLine
Commodity
Strategy
ETF
(Consolidated)
$
—
$
3,900,000
$
—
$
—
DoubleLine
Fortune
500
Equal
Weight
ETF
$
1,831,585
$
1,915,854
$
—
$
—
DoubleLine
Multi-Sector
Income
ETF
$
35,825,635
$
18,062,816
$
—
$
—
DoubleLine
Asset-Backed
Securities
ETF
$
57,423,916
$
13,912,833
$
—
$
—
1
U.S.
Government
transactions
are
defined
as
those
involving
long-term
U.S.
Treasury
bills,
bonds
and
notes.
Purchases
at
Cost
Sales
or
Maturity
Proceeds
Net
Realized
Gains
(Losses)
DoubleLine
Opportunistic
Core
Bond
ETF
$
22,771,212
$
—
$
—
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
$
2,545,933
$
113,568,933
$
13,912,753
DoubleLine
Commercial
Real
Estate
Debt
ETF
$
—
$
25,089,792
$
266,632
DoubleLine
Mortgage
ETF
$
—
$
—
$
—
DoubleLine
Commodity
Strategy
ETF
(Consolidated)
$
—
$
—
$
—
DoubleLine
Fortune
500
Equal
Weight
ETF
$
13,426,213
$
3,814,514
$
1,540,012
DoubleLine
Multi-Sector
Income
ETF
$
9,177,938
$
—
$
—
DoubleLine
Asset-Backed
Securities
ETF
$
—
$
—
$
—
Notes
to
Financial
Statements
(Cont.)
86
DoubleLine
ETF
Trust
(Unaudited)
March
31,
2026
8. Income
Tax
Information
and
Distributions
to
Shareholders
The
cost
basis
of
investments
for
federal
income
tax
purposes
as
of period
March
31,
2026 were
as
follows:
9. Remuneration
Paid
to
Trustees,
Officers
and
Others
Because
the
Advisers
have
agreed
in
the
Advisory
Agreements
to
cover
all
operating
expenses
of
the
Funds,
subject
to
certain
exclusions
as
provided
for
therein,
the
Advisers
pay
the
compensation
to
each
Trustee
who
is
not
considered
to
be
an
“interested
person”
(as
defined
in
the
1940
Act)
of
the
Trust
for
services
to
the
Funds
from
the
Advisers’
advisory
fees.
Certain
Trustees
and
officers
of
the
Funds
are
also
officers
of
the
Advisers;
such
Trustees
and
officers
are
not
compensated
by
the
Funds.
10. Additional
Disclosures
about
Derivative
Instruments
The
following
disclosures
provide
information
on
the
Funds’
use
of
derivatives
and
certain
related
risks.
The
location
and
fair
value
amounts
of
these
instruments
on
the
Statements
of
Assets
and
Liabilities
and
the
realized
gains
and
losses
and
changes
in
unrealized
gains
and
losses
on
the
Statements
of
Operations,
each
categorized
by
type
of
derivative
contract,
are
included
in
the
following
tables.
The
average
volume
of
derivative
activity
for the
period ended
March
31,
2026 is
as
follows:
Futures
Contracts.
Futures
contracts
typically
involve
a
contractual
commitment
to
buy
or
sell
a
particular
instrument
or
index
unit
at
a
specified
price
on
a
future
date.
Risks
associated
with
the
use
of
futures
contracts
include
the
potential
for
imperfect
correlation
between
the
change
in
market
value
of
the
securities
held
by
the
Funds
and
the
prices
of
futures
contracts
and
the
possibility
of
an
illiquid
market.
Futures
contracts
are
valued
based
upon
their
quoted
daily
settlement
prices
determined
by
the
relevant
exchange.
Upon
entering
into
a
futures
contract,
a
Fund
is
required
to
deposit
with
its
futures
broker
an
amount
of
cash
in
accordance
with
the
initial
margin
requirements
of
the
broker
or
exchange.
Such
collateral
is
recorded
in
deposit
at
broker
for
futures
in
the
Statements
of
Assets
and
Liabilities.
Futures
contracts
are
marked-to-market
daily
and
an
appropriate
payment
reflecting
the
change
in
value
(“variation
margin”)
is
made
or
received
by
or
for
the
accounts
of
the
Funds.
The
variation
margin
is
recorded
on
the
Statements
of
Assets
and
Liabilities.
The
cumulative
change
in
value
of
futures
contracts
is
recorded
in
net
unrealized
appreciation
(depreciation)
on
futures
on
the
Statements
of
Assets
and
Liabilities.
Gains
or
losses
are
recognized
but
not
considered
realized
until
the
contracts
DoubleLine
Opportunistic
Core
Bond
ETF
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
DoubleLine
Commercial
Real
Estate
Debt
ETF
DoubleLine
Mortgage
ETF
DoubleLine
Commodity
Strategy
ETF
(Consolidated)
Tax
Cost
of
Investments
$
714,820,090
$
267,482,236
$
415,259,136
$
813,342,644
$
34,545,417
Gross
Tax
Unrealized
Appreciation
6,190,450
12,489,159
2,504,550
6,994,506
138,658
Gross
Tax
Unrealized
Depreciation
(9,895,257)
(19,417,178)
(759,637)
(8,536,105)
(190)
Net
Tax
Unrealized
Appreciation
(Depreciation)
(3,704,807)
(6,928,019)
1,744,913
(1,541,599)
138,468
DoubleLine
Fortune
500
Equal
Weight
ETF
DoubleLine
Multi-
Sector
Income
ETF
DoubleLine
Asset-
Backed
Securities
ETF
Tax
Cost
of
Investments
$
26,790,615
$
83,152,198
$
116,457,498
Gross
Tax
Unrealized
Appreciation
2,302,638
337,471
446,437
Gross
Tax
Unrealized
Depreciation
(1,815,466)
(819,522)
(578,298)
Net
Tax
Unrealized
Appreciation
(Depreciation)
487,172
(482,051)
(131,861)
DoubleLine
Opportunistic
Core
Bond
ETF
DoubleLine
Mortgage
ETF
DoubleLine
Commodity
Strategy
ETF
(Consolidated)
Average
Market
Value
Futures
Contracts
-
Long
$
444,396,456
$
320,444,533
$
–
Futures
Contracts
-
Short
(32,159,986)
(263,157,860)
–
Average
Notional
Balance
Excess
Return
Swaps
–
–
26,566,667
Notes
to
Financial
Statements
(Cont.)
(Unaudited)
March
31,
2026
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
87
expire
or
are
closed
and
are
recorded
in
net
realized
gain
(loss)
on
futures
on
the
Statements
of
Operations.
Futures
contracts
involve,
to
varying
degrees,
risk
of
loss
in
excess
of
the
variation
margin
disclosed
on
the
Statements
of
Assets
and
Liabilities.
Excess
Return
Swap
Agreements.
The
Funds
may
enter
into
excess
return
swaps
for
investment
purposes.
Excess
return
swaps
are
agreements
to
exchange
the
return
generated
by
one
instrument
for
the
return
generated
by
another
instrument.
For
example,
the
agreement
to
pay
a
predetermined
or
fixed
interest
rate
in
exchange
for
a
market-linked
return
based
on
a
notional
amount.
To
the
extent
the
total
return
of
a
referenced
index
or
instrument
exceeds
the
offsetting
interest
obligation,
a
Fund
will
receive
a
payment
from
the
counterparty.
To
the
extent
it
is
less,
a
Fund
will
make
a
payment
to
the
counterparty.
The
marked-to-market
value
less
a
financing
rate,
if
any,
is
recorded
in
net
unrealized
appreciation
(depreciation)
on
swaps
on
the
Statements
of
Assets
and
Liabilities.
At
termination
or
maturity
date,
a
net
cash
flow
is
exchanged
where
the
total
return
is
equivalent
to
the
return
of
the
underlying
reference
asset
less
a
financing
rate,
if
any,
and
is
recorded
in
net
realized
gain
(loss)
on
swaps
on
the
Statements
of
Operations.
To
the
extent
the
marked-to-
market
value
of
an
excess
return
swap
appreciates
to
the
benefit
of
a
Fund
and
exceeds
certain
contractual
thresholds,
a
Fund’s
counterparty
may
be
contractually
required
to
provide
collateral.
If
the
marked-to-market
value
of
an
excess
return
swap
depreciates
in
value
to
the
benefit
of
a
counterparty
and
exceeds
certain
contractual
thresholds,
a
Fund
would
generally
be
required
to
provide
collateral
for
the
benefit
of
its
counterparty.
Assets
provided
by
the
Funds
as
collateral
are
reflected
as
a
component
of
investments
in
unaffiliated
securities
at
value
on
the
Statements
of
Assets
and
Liabilities
and
are
noted
on
the
Schedules
of
Investments.
Assets
provided
to
a
Fund
by
a
counterparty
as
collateral
are
not
assets
of
the
Fund
and
are
not
a
component
of
a
Fund’s
NAV.
The
effect
of
derivative
instruments
on
the
Statements
of
Assets
and
Liabilities for
the
period ended
March
31,
2026 was
as
follows:
The
effect
of
derivative
instruments
on
the
Statements
of
Operations
for
the
period ended
March
31,
2026 was
as
follows:
Derivatives
not
accounted
for
as
hedging
instruments
Statements
of
Assets
and
Liabilities
Location
1
Commodity
Risk
Interest
Rate
Risk
Total
Unrealized
Appreciation
on:
–
–
–
Futures
–
–
–
DoubleLine
Opportunistic
Core
Bond
ETF
$
–
$
869,471
$
869,471
DoubleLine
Mortgage
ETF
–
1,910,633
1,910,633
Swaps
–
–
–
DoubleLine
Commodity
Strategy
ETF
(Consolidated)
$
137,451
$
–
$
137,451
Unrealized
Depreciation
on:
Futures
DoubleLine
Opportunistic
Core
Bond
ETF
$
–
$
(4,412,683)
$
(4,412,683)
DoubleLine
Mortgage
ETF
–
(3,159,016)
(3,159,016)
1
An
exchange
traded
investment's
value
reflects
the
cumulative
value.
Only
the
current
day's
variation
margin
is
reported
on
the
Statements
of
Assets
and
Liabilities.
Derivatives
not
accounted
for
as
hedging
instruments
Statements
of
Operations
Location
Commodity
Risk
Interest
Rate
Risk
Total
Net
Realized
Gain
(Loss)
on:
–
–
–
Futures
–
–
–
DoubleLine
Opportunistic
Core
Bond
ETF
$
–
$
273,811
$
273,811
DoubleLine
Mortgage
ETF
–
1,738,182
1,738,182
Swaps
–
–
–
DoubleLine
Commodity
Strategy
ETF
(Consolidated)
$
6,686,129
$
–
$
6,686,129
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
–
–
–
Futures
–
–
–
DoubleLine
Opportunistic
Core
Bond
ETF
$
–
$
(4,022,046)
$
(4,022,046)
DoubleLine
Mortgage
ETF
–
(1,020,776)
(1,020,776)
Swaps
–
–
–
DoubleLine
Commodity
Strategy
ETF
(Consolidated)
$
251,171
$
–
$
251,171
Notes
to
Financial
Statements
(Cont.)
88
DoubleLine
ETF
Trust
(Unaudited)
March
31,
2026
11. Offsetting
Assets
and
Liabilities
Each
Fund is
subject
to
various
Master
Netting
Arrangements,
which
govern
the
terms
of
certain
transactions
with
select
counterparties.
The
Master
Netting
Arrangements are
intended
to
allow the
Fund
to
close
out
and
net
its
total
exposure
to
a
counterparty
in
the
event
of
a
default
with
respect
to
all
the
transactions
governed
under
a
single
agreement
with
a
counterparty.
The
Master
Netting
Arrangements
also
specify
collateral
posting
arrangements
at
pre-arranged
exposure
levels.
Under
the
Master
Netting
Arrangements,
collateral
is
routinely
transferred
if
the
total
net
exposure
to
certain
transactions
(net
of
existing
collateral
already
in
place)
governed
under
the
relevant
Master
Netting
Arrangement
with
a
counterparty
in
a
given
account
exceed
a
specified
threshold
depending
on
the
counterparty
and
the
type
of
Master
Netting
Arrangement.
As
of
the
period
ended
March
31,
2026,
the
Funds
held
the
following
derivative
instruments
that
were
subject
to
offsetting
on
the
Statements
of
Assets
and
Liabilities:
12. Bank
Loans
The
Funds
may
make
loans
directly
to
borrowers
and
may
acquire
or
invest
in
loans
made
by
others
(“loans”).
The
Funds
may
acquire
a
loan
interest
directly
by
acting
as
a
member
of
the
original
lending
syndicate.
Alternatively,
the
Funds
may
acquire
some
or
all
of
the
interest
of
a
bank
or
other
lending
institution
in
a
loan
to
a
particular
borrower
by
means
of
a
novation,
an
assignment
or
a
participation.
The
loans
in
which
the
Funds
may
invest
include
those
that
pay
fixed
rates
of
interest
and
those
that
pay
floating
rates—i.e.,
rates
that
adjusted
periodically
by
reference
to
a
base
lending
rate,
plus
a
spread.
These
base
lending
rates
are
primarily
the
Secured
Overnight
Financing
Rate
(SOFR)
and
secondarily,
the
prime
rate
offered
by
one
or
more
major
United
States
banks
(the
Prime
Rate).
Base
lending
rates
may
be
subject
to
a
floor,
or
minimum
rate.
Rates
for
SOFR
are
generally
1
or
3-month
tenors
and
may
also
be
subject
to
a
credit
spread
adjustment.
The
Funds
may
purchase
and
sell
interests
in
bank
loans
on
a
when-issued
and
delayed
delivery
basis,
with
payment
delivery
scheduled
for
a
future
date.
Securities
purchased
on
a
delayed
delivery
basis
are
marked-to-market
daily
and
no
income
accrues
to
the
Funds
prior
to
the
date
the
Funds
actually
take
delivery
of
such
securities.
These
transactions
are
subject
to
market
fluctuations
and
are
subject,
among
other
risks,
to
the
risk
that
the
value
at
delivery
may
be
more
or
less
than
the
trade
purchase
price. 
13. To-Be-Announced
Securities
The
Funds
may
invest
in
to-be-announced
securities
(“TBAs”).
TBAs
is
a
term
that
is
generally
used
to
describe
forward-settling
mortgage-backed
securities.
These
TBAs
are
generally
issued
by
U.S.
Government
Agencies
or
U.S.
Government
Sponsored
Entities
such
as
Freddie
Mac,
Fannie
Mae
and
Ginnie
Mae.
The
actual
mortgage-backed
security
that
will
be
delivered
to
the
buyer
at
the
time
TBAs
trades
are
entered
is
not
known,
however,
the
terms
of
the
acceptable
pools
of
loans
that
will
comprise
the
mortgage
backed
security
are
determined
at
the
time
the
trade
is
entered
into
(coupon
rate,
maturity,
credit
quality,
etc.).
Investment
in
TBAs
will
generally
increase
the
Fund’s
exposure
to
interest
rate
risk
and
could
also
expose
the
Fund
to
counterparty
default
risk.
In
order
to
mitigate
counterparty
default
risk,
the
Fund
only
enters
TBAs
with
counterparties
for
which
the
risk
of
default
is
determined
to
be
remote.
14. Principal
Risks
Active
Management
Risk:
The
risk
that
the
Fund
will
fail
to
meet
its
investment
objective
and
that
the
Fund's
investment
performance will
depend,
at
least
in
part,
on
how
its
assets
are
allocated
and
reallocated
among
asset
classes,
sectors,
underlying
funds
and/or
investments
and
that
such
allocation
will
focus
on
asset
classes,
sectors,
underlying
funds,
and/
or
investments
that
perform
poorly
or
underperform
other
asset
classes,
sectors,
underlying
funds,
and/or
available
investments.
Any
given
investment
strategy
may
fail
to
produce
the
intended
results,
and
the
Fund's
portfolio
may
underperform
other
comparable
funds
because
of
portfolio
management
decisions
related
to,
among
other
things,
the
selection
of
investments,
portfolio
construction,
risk
assessments,
and/or
the
outlook
on
market
trends
and
opportunities.  
DoubleLine
Commodity
Strategy
ETF
(Consolidated)
Assets:
Gross
Amounts
of
Gross
Amounts
Offset
in
the
Statement
of
Net
Amounts
presented
in
the
Statement
of
Gross
Amounts
Not
Offset
in
the
Statements
of
Assets
and
Liabilities
Description
Recognized
Assets
Assets
and
Liabilities 
Assets
and
Liabilities
Financial
Instruments
Cash
Collateral
Received
Net
Amount
Swap
contracts
$
137,451
$
—
$
137,451
$
(137,451)
$
—
$
—
Notes
to
Financial
Statements
(Cont.)
(Unaudited)
March
31,
2026
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
89
Asset-Backed
Securities
Investment
Risk:
The
risk
that
borrowers
may
default
on
the
obligations
that
underlie
the
asset-
backed
security
and
that,
during
periods
of
falling
interest
rates,
asset-backed
securities
may
be
called
or
prepaid,
which
may
result
in
a
Fund
having
to
reinvest
proceeds
in
other
investments
at
a
lower
interest
rate,
and
the
risk
that
the
impairment
of
the
value
of
the
collateral
underlying
a
security
in
which
the
Fund
invests
(due,
for
example,
to
non-payment
of
loans)
will
result
in
a
reduction
in
the
value
of
the
security.
Cash
Position Risk:
The
risk
that
to
the
extent
that
the
Fund
holds
assets
in
cash,
cash
equivalents,
and
other
shortterm
investments,
the
ability
of
the
Fund
to
meet
its
objective
may
be
limited.
Cash
equivalents
and
other
short-term
investments
include
short-term
U.S.
Treasury
securities,
commercial
paper,
repurchase
agreements
and
money
market
funds.
Cash
Transactions
Risk:
  Unlike
most
other
ETFs,
the
Fund
may,
from
time
to
time,
effect
creations
and
redemptions
in
cash
or
partially
in
cash.
Therefore,
it
may
be
required
to
sell
portfolio
securities
and
subsequently
recognize
gains
on
such
sales
that
the
Fund
might
not
have
recognized
if
it
were
to
distribute
portfolio
securities
in-kind.
As
such,
investments
in
shares
of
the
Fund
may
be
less
tax-efficient
than
an
investment
in
an
ETF
that
distributes
portfolio
securities
entirely
in-kind.
Collateralized
Debt
Obligations
Risk:
The risks
of
an
investment
in
a
collateralized
debt
obligation ("
CDO
")
depend
largely
on
the
quality
and
type
of
the
collateral
and
the
tranche
of
the
CDO
in
which
a
Fund
invests.
Normally,
collateralized
bond
obligations, collateralized
loan
obligations and
other
CDOs
are
privately
offered
and
sold,
and
thus
are
not
registered
under
the
securities
laws.
As
a
result,
investments
in
CDOs
may
be
illiquid.
In
addition
to
the
risks
associated
with
debt
instruments
(e.g.,
interest
rate
risk
and
credit
risk),
CDOs
carry
additional
risks
including,
but
not
limited
to:
(i)
the
possibility
that
distributions
from
collateral
will
not
be
adequate
to
make
interest
or
other
payments;
(ii)
the
quality
of
the
collateral
may
decline
in
value
or
default;
(iii)
the
possibility
that
a
Fund
may
invest
in
CDOs
that
are
subordinate
to
other
classes
of
the
issuer's
securities;
and
(iv)
the
complex
structure
of
the
security
may
not
be
fully
understood
at
the
time
of
investment
and
may
produce
disputes
with
the
issuer
or
unexpected
investment
results. 
Commodities
Risk:
  The
risk
that
the
value
of
the
Fund’s
shares
may
be
affected
by
changes
in
the
values
of
the
Fund’s
investment
exposures
to
commodities
or
commodity-related
instruments,
which
may
be
extremely
volatile
and
difficult
to
value.
The
value
of
commodities
and
commodity-related
instruments
may
be
affected
by,
among
other
factors,
market
movements,
commodity
index
volatility,
changes
in
interest
rates,
or
factors
affecting
supply,
demand
and/or
other
market
fundamentals
with
respect
to
a
particular
sector,
industry
or
commodity,
such
as
drought,
floods,
weather,
livestock
disease,
embargoes,
tariffs
and
international
economic,
political
and
regulatory
developments.
The
Fund
expects
to
have
significant
exposure
to
particular
sectors
through
its
commodities-related
investments,
including,
for
example,
the
energy,
industrial
metals,
precious
metals,
and
agricultural
and
livestock
sectors
and
may
be
exposed
to
greater
risk
associated
with
events
affecting
those
sectors.
Commodity
Pool
Regulatory Risk:
 The
Fund’s
investment
exposure
to
instruments
such
as
futures
or
swaps
will
cause
it
to
be
deemed
to
be
a
commodity
pool,
thereby
subjecting
the
Fund
to
regulation
under
the
Commodity
Exchange
Act
(“CEA”)
and
CFTC
rules.
The
Adviser
is
registered
as
a
commodity
pool
operator
(“CPO”),
and
the
Fund
will
be
operated
in
accordance
with
applicable
CFTC
rules,
as
well
as
the
regulatory
scheme
applicable
to
registered
investment
companies.
Registration
as
a
CPO
imposes
additional
compliance
obligations
on
the
Adviser
and
the
Fund
related
to
additional
laws,
regulations,
and
enforcement
policies,
which
could
increase
compliance
costs
and
may
affect
the
operations
and
financial
performance
of
the
Fund.
However,
the
Fund’s
status
as
a
commodity
pool
and
the
Adviser’s
registration
as
a
CPO
are
not
expected
to
materially
adversely
affect
the
Fund’s
ability
to
achieve
its
investment
objective.
Counterparty Risk:
  The
risk
that
the
Funds
will
be
subject
to
credit
risk
with
respect
to
the
counterparties
to
the
derivative
contracts
and
other
instruments
entered
into
directly
by
the
Funds
or
held
by
special
purpose
or
structured
vehicles
in
which
the
Funds
invest;
that
the
Funds
counterparty
will
be
unable
or
unwilling
to
perform
its
obligations;
that
the
Funds
will
be
unable
to
enforce
contractual
remedies
if
its
counterparty
defaults;
that
if
a
counterparty
(or
an
affiliate
of
a
counterparty)
becomes
bankrupt,
the
Funds
may
experience
significant
delays
in
obtaining
any
recovery
or
may
obtain
limited
or
no
recovery
in
a
bankruptcy
or
other
insolvency
proceeding.
To
the
extent
that
the
Funds
enter
into
multiple
transactions
with
a
single
or
a
small
set
of
counterparties,
it
will
be
subject
to
increased
counterparty
risk.
Swap Risk:
The
Funds
expects
to
enter
into
swap
transactions
related
to
the
Barclays
Index
with
a
single
or
a
limited
number
of
counterparties
for
the
foreseeable
future
and,
at
the
time
of
the
Funds'
inception,
the
Funds
expects
to
obtain
exposure
to
the
Barclays
Index
through
swap
transactions
with
a
single
counterparty.
To
the
extent
that
the
Funds
enters
into
multiple
transactions
with
a
single
or
a
small
set
of
counterparties,
it
will
be
subject
to
increased
counterparty
risk.
Notes
to
Financial
Statements
(Cont.)
90
DoubleLine
ETF
Trust
(Unaudited)
March
31,
2026
Debt
Securities
Risks
Credit Risk:
The
risk
that
an
issuer,
counterparty
or
other
obligor
to
the
Fund
will
fail
to
pay
its
obligations
to
the
Fund
when
they
are
due,
which
may
reduce
the
Fund’s
income
and/or
reduce,
in
whole
or
in
part,
the
value
of
the
Fund’s
investment.
Actual
or
perceived
changes
in
the
financial
condition
of
an
obligor,
changes
in
economic,
social
or
political
conditions
that
affect
a
particular
type
of
security,
instrument,
or
obligor,
and
changes
in
economic,
social
or
political
conditions
generally
can
increase
the
risk
of
default
by
an
obligor,
which
can
affect
a
security’s
or
other
instrument’s
credit
quality
or
value
and
an
obligor’s
ability
to
honor
its
obligations
when
due.
The
values
of
lower-quality
debt
securities
(including
debt
securities
commonly
known
as
"high
yield"
securities
or
“junk
bonds”),
including
floating
rate
loans,
tend
to
be
particularly
sensitive
to
these
changes.
Certain
debt
securities
in
the
lowest
investment
grade
category
also
may
be
considered
to
possess
some
speculative
characteristics
by
certain
rating
agencies.
The
values
of
securities
or
instruments
also
may
decline
for
a
number
of
other
reasons
that
relate
directly
to
the
obligor,
such
as
management
performance,
financial
leverage,
and
reduced
demand
for
the
obligor’s
goods
and
services,
as
well
as
the
historical
and
prospective
earnings
of
the
obligor
and
the
value
of
its
assets.
Extension
Risk:
The
risk
that
if
interest
rates
rise,
repayments
of
principal
on
certain
debt
securities,
including,
but
not
limited
to,
floating
rate
loans
and
mortgage-related
securities,
may
occur
at
a
slower
rate
than
expected
and
the
expected
maturity
of
those
securities
could
lengthen
as
a
result.
Securities
that
are
subject
to
extension
risk
generally
have
a
greater
potential
for
loss
when
prevailing
interest
rates
rise,
which
could
cause
their
values
to
fall
sharply. 
Interest
Rate
Risk:
The risk
that
debt
instruments
will
change
in
value
because
of
changes
in
interest
rates.
The
value
of
an
instrument
with
a
longer
duration
(whether
positive
or
negative)
will
be
more
sensitive
to
changes
in
interest
rates
than
a
similar
instrument
with
a
shorter
duration.
Bonds
and
other
debt
instruments
typically
have
a
positive
duration.
The
value
of
a
debt
instrument
with
positive
duration
will
generally
decline
if
interest
rates
increase.
Certain
other
investments,
such
as
inverse
floaters
and
certain
derivative
instruments,
may
have
a
negative
duration.
The
value
of
instruments
with
a
negative
duration
will
generally
decline
if
interest
rates
decrease.
Inverse
floaters,
interest-only
and
principal-only
securities
are
especially
sensitive
to
interest
rate
changes,
which
can
affect
not
only
their
prices
but
can
also
change
the
income
flows
and
repayment
assumptions
about
those
investments.
The
U.S.
government
and
the
U.S.
Federal
Reserve,
as
well
as
certain
foreign
governments
and
central
banks,
have
from
time
to
time
taken
steps
to
support
financial
markets.
The
U.S.
government
and
the
U.S.
Federal
Reserve
may,
conversely,
reduce
market
support
activities,
including
by
taking
action
intended
to
increase
certain
interest
rates.
This
and
other
government
intervention
may
not
work
as
intended,
particularly
if
the
efforts
are
perceived
by
investors
as
being
unlikely
to
achieve
the
desired
results.
Changes
in
government
activities
in
this
regard,
such
as
changes
in
interest
rate
policy,
can
negatively
affect
financial
markets
generally,
increase
market
volatility
and
reduce
the
value
and
liquidity
of
securities
in
which
the
Fund
invests.
Further,
in
market
environments
where
interest
rates
are
rising,
issuers
may
be
less
willing
or
able
to
make
principal
and
interest
payments
on
fixed-income
investments
when
due.
Prepayment Risk. 
 The
risk
that
the
issuer
of
a
debt
security,
including
floating
rate
loans
and
mortgage-related
securities,
repays
all
or
a
portion
of
the
principal
prior
to
the
security's
maturity.
In
times
of
declining
interest
rates,
there
is
a
greater
likelihood
that
the
Fund's
higher
yielding
securities
will
be
pre-paid
with
the
Fund
being
unable
to
reinvest
the
proceeds
in
an
investment
with
as
great
a
yield.
Prepayments
can
therefore
result
in
lower
yields
to
shareholders
of
a
Fund.
Defaulted
Securities
Risk:
 the
significant
risk
of
the
uncertainty
of
repayment
of
defaulted
securities
(e.g.,
a
security
on
which
a
principal
or
interest
payment
is
not
made
when
due)
and
obligations
of
distressed
issuers
(including
insolvent
issuers
or
issuers
in
payment
or
covenant
default,
in
workout
or
restructuring
or
in
bankruptcy
or
similar
proceedings).
Such
investments
entail
high
risk
and
have
speculative
characteristics.
Derivatives
Risk:
the
risk
that
an
investment
in
derivatives
will
not
perform
as
anticipated
by
the
Advisers,
may
not
be
available
at
the
time
or
price
desired,
cannot
be
closed
out
at
a
favorable
time
or
price,
will
increase
the
Fund’s
transaction
costs,
or
will
increase
the
Fund’s
volatility;
that
derivatives
may
create
investment
leverage;
that,
when
a
derivative
is
used
as
a
substitute
for
or
alternative
to
a
direct
cash
investment,
the
transaction
may
not
provide
a
return
that
corresponds
precisely
or
at
all
with
that
of
the
cash
investment;
that
the
positions
may
be
improperly
executed
or
constructed;
that
the
Fund’s
counterparty
will
be
unable
or
unwilling
to
perform
its
obligations;
or
that,
when
used
for
hedging
purposes,
derivatives
will
not
provide
the
anticipated
protection,
causing
the
Fund
to
lose
money
on
both
the
derivatives
transaction
and
the
exposure
the
Fund
sought
to
hedge.
Notes
to
Financial
Statements
(Cont.)
(Unaudited)
March
31,
2026
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
91
Equity
Issuer
Risk:
  The
risk
that
the
market
price
of
common
stocks
and
other
equity
securities
may
go
up
or
down,
sometimes
rapidly
or
unpredictably,
including
due
to
factors
affecting
equity
securities
markets
generally,
particular
industries
represented
in
those
markets,
or
the
issuer
itself.
Emerging
Market
Country
Risk:
the
risk
that
investing
in
emerging
markets,
as
compared
to
foreign
developed
markets,
increases
the
likelihood
that
the
Fund
will
lose
money,
due
to
more
limited
information
about
the
issuer
and/or
the
security;
higher
brokerage
costs;
different
accounting,
auditing
and
financial
reporting
standards;
less
developed
legal
systems;
fewer
investor
protections;
less
regulatory
oversight;
thinner
trading
markets;
the
possibility
of
currency
blockages
or
transfer
restrictions;
an
emerging
market
country’s
dependence
on
revenue
from
particular
commodities
or
international
aid;
and
expropriation,
nationalization
or
other
adverse
political
or
economic
developments.
ETF
related
risks: 
Active
Shares
Non-Transparent
Structure Risk: 
For
CAPE
Only:
the
Fund
is
an
ETF
that
is
subject
to
the
risks
described
below.
Additionally,
because
the
ETF
utilizes
the
ActiveShares
®
non-transparent
ETF
structure,
it
is
subject
to
additional
or
enhanced
ETF-related
risks.
Unlike
most
actively
managed
ETFs,
the
Fund
does
not
provide
daily
disclosure
of
its
portfolio
holdings.
Instead,
the
Fund
provides
a
verified
intraday
indicative
value
(“VIIV”),
calculated
and
disseminated
every
second
throughout
the
trading
day.
The
VIIV
is
intended
to
provide
investors
with
an
intra-
day
highly-correlated
per
share
value
of
the
Fund
that
can
be
compared
to
the
current
market
price.
The
VIIV
is
designed
to
provide
sufficient
information
to
allow
for
an
effective
arbitrage
mechanism
that
will
keep
the
market
price
of
the
Fund’s
shares
trading
at
or
close
to
the
underlying
net
asset
value
("NAV")
per
share
of
the
Fund.
Shares
traded
on
an
intraday
basis
on
an
exchange,
however,
will
not
have
a
fixed
relationship
to
the
previous
day’s
or
the
current
day’s
NAV.
There
is,
however,
a
risk,
which
may
increase
during
periods
of
market
disruption
or
volatility,
that
market
prices
will
vary
significantly
from
the
underlying
NAV
of
the
Fund.
Similarly,
because
the
Fund’s
shares
trade
with
reference
to
a
published
VIIV,
they
may
trade
at
a
wider
bid/ask
spread
when
compared
to
shares
of
ETFs
that
publish
their
portfolios
on
a
daily
basis,
especially
during
periods
of
market
disruption
or
volatility,
and
therefore,
may
cost
investors
more
to
trade.
Although
the
Fund
seeks
to
benefit
from
keeping
its
portfolio
information
secret,
some
market
participants
may
attempt
to
use
information,
including
the
VIIV,
to
identify
the
Fund’s
trading
strategy
and
the
securities
held
by
the
Fund,
which
if
successful,
could
result
in
such
market
participants
engaging
in
certain
predatory
trading
practices
that
may
have
the
potential
to
harm
the
Fund
and
its
shareholders.
In
the
event
of
a
system
failure
or
other
interruption,
including
disruptions
involving
a
limited
number
of
institutional
investors
(known
as
“Authorized
Participants"),
unaffiliated
broker-dealers
with
which
such
Authorized
Participant
has
signed
an
agreement
to
establish
a
confidential
account
for
the
benefit
of
such
Authorized
Participant
(an
“AP
Representative”),
or
market
makers,
orders
to
create
or
redeem
Creation
Units
(as
defined
below)
either
may
not
be
executed
according
to
an
Authorized
Participant’s
instructions
or
may
not
be
executed
at
all,
or
an
Authorized
Participant
may
not
be
able
to
place
or
change
orders.
If
such
an
event
were
to
occur,
the
Fund’s
shares
may
trade
in
the
secondary
market
at
a
greater
premium
or
discount
to
the
Fund’s
NAV,
and
investors
may
pay
a
greater
bid/ask
spread
to
purchase
or
sell
the
Fund’s
shares.
In
addition
to
risks
related
to
operation
of
ETFs,
the
use
of
this
structure
exposes
the
Fund
and
Fund
shareholders
to
additional
risks.
Authorized
Participant
and
AP
Representative
Concentration
Risk:
For
CAPE
Only:
As an
ETF,
the
Fund
issues
and
redeems
shares
on
a
continuous
basis
at
NAV
only
in Creation
Units. Only
Authorized
Participants
are
authorized
to
purchase
(or
create)
and
redeem
shares
directly
from
the
Fund.
Each
of
the
Fund's
Authorized
Participants
will
engage
in
all
creation
and
redemption
activity
through
an
AP
Representative.
The
AP
Representative
will
deliver
or
receive,
on
behalf
of
the
Authorized
Participant,
all
consideration
to
or
from
the
Fund
in
a
creation
or
redemption.
AP
Representatives
have
knowledge
of
the
composition
of
the
Fund's
portfolio
holdings,
and
are
restricted
from
disclosing
such
composition,
including
to
the
Authorized
Participants.
As
a
result
of
the
Fund's
use
of
the
ActiveShares
®
structure
for
non-transparent
ETFs,
there
may
be
a
more
limited
number
of
institutions
that
are
willing
to
act
as
Authorized
Participants
or
as
AP
Representatives.
 During
times
of
market
stress,
Authorized
Participants
may
be
more
likely
to
step
away
from
a
non-transparent
ETF
than
a
traditional
ETF.
To
the
extent
these
institutions
exit
the
business
or
are
unable
to
proceed
with
creation
and/or
redemption
orders
with
respect
to
the
Fund,
or
are
unavailable
to
purchase
and
sell
securities
in
connection
with
creation
and/or
redemption
orders,
as
applicable,
and
no
other
Authorized
Participant
or
AP
Representative
agrees
to
create
or
redeem,
or
purchase
or
sell
securities,
as
applicable,
the
arbitrage
mechanism
for
keeping
the
market
price
of
Fund
shares
trading
at
or
close
to
the
Fund’s
per
share
NAV
may
be
impaired,
and
Fund
shares
may
trade
at
a
premium
or
discount
to
NAV
and
possibly
face
trading
halts
and/or
delisting.
These
risks
may
be
more
pronounced
in
volatile
markets,
particularly
where
there
are
significant
redemptions
in
ETFs
generally.
Notes
to
Financial
Statements
(Cont.)
92
DoubleLine
ETF
Trust
(Unaudited)
March
31,
2026
Authorized
Participant
Concentration
Risk: For
Funds
other
than
semitransparent
ETF's:
  As
an
ETF,
the
Fund
issues
and
redeems
shares
on
a
continuous
basis
at
net
asset
value
(“NAV”)
only
in
a
large
specified
number
of
shares
called
a
“Creation
Unit.”
Only
a
limited
number
of
institutional
investors
(known
as
“Authorized
Participants”)
are
authorized
to
purchase
(or
create)
and
redeem
shares
directly
from
the
Fund.
To
the
extent
that
these
institutions
exit
the
business
or
are
unable
to
proceed
with
creation
and/or
redemption
orders
with
respect
to
the
Fund
and
no
other
Authorized
Participant
is
able
to
step
forward
to
create
or
redeem,
in
either
of
these
cases,
Fund
shares
may
trade
at
a
discount
to
NAV
and
possibly
face
trading
halts
and/or
delisting.
Secondary
Market
Trading
Risk:
  as
an
ETF,
shares
of
the
Fund
trade
on
an
exchange,
the
NYSE
Arca,
Inc.
(the
"Exchange").
The
Fund
faces
numerous
market
trading
risks,
including
the
potential
lack
of
an
active
market
for
Fund
shares,
losses
from
trading
in
secondary
markets,
periods
of
high
volatility
and
disruptions
in
the
creation/
redemption
process.
Any
of
these
factors,
among
others,
may
lead
to
the
Fund's
shares
trading
at
a
premium
or
discount
to
NAV. 
Absence
of
Active
Market:
although
the
Fund's
shares
are
currently
listed
for
trading
on
the
Exchange,
there
can
be
no
assurance
that
an
active
trading
market
for
such
shares
will
develop
or
be
maintained
by
market
makers
or
Authorized
Participants.
Authorized
Participants
are
not
obligated
to
execute
purchase
or
redemption
orders
for
Creation
Units.
In
periods
of
market
volatility,
market
makers
and/or
Authorized
Participants
may
be
less
willing
to
transact
in
Fund
shares.
The
absence
of
an
active
market
for
the
Fund's
shares
may
contribute
to
the
Fund's
shares
trading
at
a
premium
or
discount
to
NAV. 
Early
Close/Trading
Halt/Delisting
Risk:
Trading
in
Fund
shares
may
be
halted
due
to
market
conditions
or
for
other
reasons
that,
in
the
view
of
the
Exchange,
make
trading
in
shares
of
the
Fund
inadvisable.
Additionally,
an
exchange
or
market
may
close
or
issue
trading
halts
on
specific
securities,
or
the
ability
to
buy
or
sell
certain
securities
or
financial
instruments
may
be
restricted,
which
may
result
in
the
Fund
being
unable
to
buy
or
sell
certain
securities
or
financial
instruments.
In
such
circumstances,
the
Fund
may
be
unable
to
rebalance
its
portfolio,
may
be
unable
to
accurately
price
its
investments
and/or
may
incur
substantial
trading
losses.
The
Fund
must
satisfy
various
standards
established
by
the
Exchange
in
order
to
ensure
that
Fund
shares
can
continue
to
be
listed
for
trading.
There
can
be
no
assurance
that
the
requirements
of
the
Exchange
necessary
to
maintain
the
listing
of
the
Fund
will
continue
to
be
met. 
For
CAPE
Only:
trading
in
Fund
shares
may
be
halted
due
to
market
conditions
or
for
other
reasons
that,
in
the
view
of
the
Exchange,
make
trading
in
shares
of
a
Fund
inadvisable.
Additionally,
an
exchange
or
market
may
close
or
issue
trading
halts
on
specific
securities,
or
the
ability
to
buy
or
sell
certain
securities
or
financial
instruments
may
be
restricted,
which
may
result
in
the
Fund
being
unable
to
buy
or
sell
certain
securities
or
financial
instruments.
In
such
circumstances,
the
Fund
may
be
unable
to
rebalance
its
portfolio,
may
be
unable
to
accurately
price
its
investments
and/or
may
incur
substantial
trading
losses.
If
at
any
time
securities
representing
10%
or
more
of
the
Fund’s
portfolio
become
subject
to
a
trading
halt
or
otherwise
do
not
have
readily
available
market
quotations,
the
Fund
will
request
that
the
Exchange
halt
trading
of
the
Fund’s
shares.
Further,
if
there
is
a
discrepancy
of
sufficient
magnitude
between
the
value
of
the
Fund’s
portfolio
securities
as
calculated
by
the
Fund’s
two
calculation
engines
for
VIIV
purposes,
the
Exchange
will
have
the
ability
to
halt
trading
of
the
Fund’s
shares.
During
such
trading
halts,
although
the
primary
VIIV
would
continue
to
be
calculated
and
disseminated,
investors
in
the
Fund’s
shares
will
not
be
able
to
freely
trade
their
shares.
Additionally,
the
Fund
must
satisfy
various
other
standards
established
by
the
Exchange
in
order
to
ensure
that
Fund
shares
can
continue
to
be
listed
for
trading.
There
can
be
no
assurance
that
the
requirements
of
the
Exchange
necessary
to
maintain
the
listing
of
the
Fund
will
continue
to
be
met.
Trading
in
fund
shares
is
subject
to
expenses:
Most
Fund
investors
will
buy
and
sell
Fund
shares
on
the
Exchange
or
on
another
secondary
market.
When
buying
or
selling
shares
of
the
Fund,
investors
typically
will
pay
brokerage
commissions
or
other
charges
imposed
by
brokers
as
determined
by
that
broker.
In
addition,
secondary
market
investors
will
also
incur
the
cost
of
the
difference
between
the
price
that
a
buyer
is
willing
to
pay
for
shares
(the
"bid"
price)
and
the
price
at
which
a
seller
is
willing
to
sell
shares
(the
"ask"
price).
This
difference
in
bid
and
ask
prices
is
often
referred
to
as
the
"spread"
or
"bid/ask
spread." 
Fund
shares
may
be
sold
short:
Shares
of
the
Fund,
similar
to
shares
of
other
issuers
listed
on
a
stock
exchange,
may
be
sold
short
and
are
therefore
subject
to
the
risk
of
increased
volatility
and
price
decreases
associated
with
short
selling
activity. 
Fund
shares
may
trade
at
prices
other
than
NAV
:
shares
of
the
Fund
trade
on
the
Exchange
at
prices
at,
above
or
below
the
Fund’s
most
recent
NAV.
The
NAV
of
the
Fund
is
calculated
at
the
end
of
each
business
day
and
Notes
to
Financial
Statements
(Cont.)
(Unaudited)
March
31,
2026
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
93
fluctuates
with
changes
in
the
market
value
of
the
Fund’s
holdings.
The
trading
price
of
the
Fund’s
shares
fluctuates
continuously
throughout
trading
hours
in
response
to
relative
supply
of
and
demand
for
Fund
shares
on
the
Exchange
and
the
underlying
value
of
the
Fund’s
portfolio
holdings
or
NAV.
As
a
result,
the
trading
prices
of
the
Fund’s
shares
may
deviate
significantly
from
NAV
during
periods
of
market
volatility,
including
during
periods
of
high
redemption
requests
or
other
unusual
market
conditions.
Any of
these
factors, among
others, may lead to the fund's shares trading at a premium or discount to
NAV.
Disruptions
to
creations
and
redemptions,
the
existence
of
extreme
market
volatility
or
potential
lack
of
an
active
trading
market
for
Fund
shares
may
result
in
shares
trading
at
a
significant
premium
or
discount
to
NAV
and/or
in
a
reduced
liquidity
of
a
shareholder’s
investment.
During
such
periods,
shareholders
may
be
unable
to
sell
their
shares,
may
pay
significantly
more
than
NAV
when
buying
Fund
shares,
or
may
receive
significantly
less
than
NAV
when
selling
Fund
shares.
For
CAPE
Only:
shares
of
the
Fund
trade
on
the
Exchange
at
prices
at,
above
or
below
the
Fund’s
most
recent
NAV.
The
NAV
of
the
Fund
is
calculated
at
the
end
of
each
business
day
and
fluctuates
with
changes
in
the
market
value
of
the
Fund’s
holdings.
The
trading
price
of
the
Fund’s
shares
will
fluctuate,
in
some
cases
materially,
throughout
trading
hours
in
response
to
changes
in
the
Fund’s
VIIV,
the
relative
supply
of
and
demand
for
Fund
shares
on
the
Exchange
and
the
underlying
value
of
the
Fund’s
portfolio
holdings
or
NAV.
As
a
result,
the
trading
prices
of
the
Fund’s
shares
may
deviate
significantly
from
NAV
during
periods
of
market
volatility,
including
during
periods
of
high
redemption
requests
or
other
unusual
market
conditions.
Any
of
these
factors,
among
others,
may
lead
to
the
fund's
shares
trading
at
a
premium
or
discount
to
NAV.
This
risk
may
be
greater
for
the
Fund
than
for
traditional
ETFs
that
disclose
their
full
portfolio
holdings
on
a
daily
basis.
Disruptions
to
creations
and
redemptions,
the
existence
of
extreme
market
volatility
or
potential
lack
of
an
active
trading
market
for
Fund
shares
may
result
in
shares
trading
at
a
significant
premium
or
discount
to
NAV
and/or
in
a
reduced
liquidity
of
a
shareholder’s
investment.
During
such
periods,
shareholders
may
be
unable
to
sell
their
shares,
may
pay
significantly
more
than
NAV
when
buying
Fund
shares,
or
may
receive
significantly
less
than
NAV
when
selling
Fund
shares.
Portfolio
Security
Trading
Risk:
For
CAPE
Only
:
an
exchange
or
market
may
close
or
issue
trading
halts
on
specific
securities,
or
the
ability
to
buy
or
sell
certain
securities
or
financial
instruments
may
be
restricted,
which
may
result
in
the
Fund
being
unable
to
buy
or
sell
certain
portfolio
securities
or
financial
instruments.
In
such
circumstances,
the
Fund
may
be
unable
to
engage
in
Fund
portfolio
transactions
to
rebalance
its
portfolio,
may
be
unable
to
have
its
investments
accurately
priced
for
purposes
of
determining
its
VIIV,
and
may
have
difficulty
calculating
its
NAV.
These
events
may
result
in
losses
to
shareholders.
Any
extended
trading
halt
in
a
portfolio
security
may
exacerbate
discrepancies
between
the
VIIV
and
the
underlying
NAV
of
the
Fund.
If
a
portfolio
security
does
not
have
readily
available
market
quotations,
e.g.,
if
subject
to
an
extended
trading
halt,
that
fact,
along
with
the
identity
and
weighting
of
that
security
in
the
Fund’s
VIIV
calculation,
will
be
publicly
disclosed
on
the
Fund’s
website.
Trading
halts
of
portfolio
securities
may
have
a
greater
impact
on
the
Fund,
as
compared
with
traditional
ETFs,
due
to
less
frequent
dissemination
of
the
Fund’s
portfolio
holdings. 
Financial
Services
Risk:
The
risk
that
an
investment
in
issuers
in
the
financial
services
sector
or
transactions
with
one
or
more
counterparties
in
the
financial
services
sector
may
be
adversely
affected
by,
among
other
things:
(i)
changes
in
governmental
regulation,
which
may
limit
both
the
amounts
and
the
types
of
loans
and
other
financial
commitments
financial
services
companies
can
make,
the
interest
rates
and
fees
they
can
charge,
the
scope
of
their
activities,
the
prices
they
can
charge
and
the
amount
of
capital
they
must
maintain;
(ii)
fluctuations,
including
as
a
result
of
interest
rate
changes
or
increased
competition,
in
the
availability
and
cost
of
capital
of
funds
on
which
the
profitability
of
financial
services
companies
is
largely
dependent;
(iii)
deterioration
of
the
credit
markets;
(iv)
credit
losses
resulting
from
financial
difficulties
of
borrowers,
especially
when
financial
services
companies
are
exposed
to
non-diversified
or
concentrated
loan
portfolios;
(v)
financial
losses
associated
with
investment
activities,
especially
when
financial
services
companies
are
exposed
to
financial
leverage;
(vi)
the
risk
that
any
financial
services
company
experiences
substantial
declines
in
the
valuations
of
its
assets,
takes
action
to
raise
capital,
or
ceases
operations;
(vii)
the
risk
that
a
market
shock
or
other
unexpected
market,
economic,
political,
regulatory,
or
other
event
might
lead
to
a
sudden
decline
in
the
values
of
most
or
all
companies
in
the
financial
services
sector;
(viii)
events
leading
to
limited
liquidity,
defaults,
non-performance
or
other
adverse
developments
that
affect
financial
institutions
or
the
financial
services
industry
generally,
or
concerns
or
rumors
about
any
events
of
these
kinds
or
other
similar
risks,
leading
to
market-wide
liquidity
problems;
and
(ix)
the
interconnectedness
or
interdependence
among
financial
services
companies,
including
the
risk
that
the
financial
distress
or
failure
of
one
financial
services
company
may
materially
and
adversely
affect
a
number
of
other
financial
services
companies.
Focused
Investment Risk:
  The
risk
that
a
fund
that
invests
a
substantial
portion
of
its
assets
in
a
particular
market,
industry,
sector,
group
of
industries
or
sectors,
country,
region,
group
of
countries
or
asset
class
is,
relative
to
a
fund
that
invests
Notes
to
Financial
Statements
(Cont.)
94
DoubleLine
ETF
Trust
(Unaudited)
March
31,
2026
in
a
more
diverse
investment
portfolio,
more
susceptible
to
any
single
economic,
market,
political,
regulatory
or
other
occurrence.
This
is
because,
for
example,
issuers
in
a
particular
market,
industry,
region,
sector
or
asset
class
may
react
similarly
to
specific
economic,
market,
regulatory,
political
or
other
developments.
The
particular
markets,
industries,
regions,
sectors
or
asset
classes
in
which
the
Fund
may
focus
its
investments
may
change
over
time
and
the
Fund
may
alter
its
focus
at
inopportune
times.
Foreign
Currency
Risk:
  The
risk
that
fluctuations
in
exchange
rates
may
adversely
affect
the
value
of
a
Fund’s
investments
denominated
in
foreign
currencies.
Foreign
Investing Risk:
The
risk
that
investments
in
foreign
securities
or
in
issuers
with
significant
exposure
to
foreign
markets,
as
compared
to
investments
in
U.S.
securities
or
in
issuers
with
predominantly
domestic
market
exposure,
may
be
more
vulnerable
to
economic,
political,
and
social
instability
and
subject
to
less
government
supervision,
less
protective
custody
practices,
lack
of
transparency,
inadequate
regulatory
and
accounting
standards,
delayed
or
infrequent
settlement
of
transactions,
and non-U.S.
taxes.
If
a
Fund
buys
securities
denominated
in
a
foreign
currency,
receives
income
in
foreign
currencies,
or
holds
foreign
currencies
from
time
to
time,
the
value
of
the
Fund’s
assets,
as
measured
in
U.S.
dollars,
can
be
affected
unfavorably
by
changes
in
exchange
rates
relative
to
the
U.S.
dollar
or
other
foreign
currencies.
Foreign
markets
are
also
subject
to
the
risk
that
a
foreign
government
could
restrict
foreign
exchange
transactions
or
otherwise
implement
unfavorable
currency
regulations.
In
addition,
foreign
securities
may
be
subject
to
currency
exchange
rates
or
regulations,
the
imposition
of
economic
sanctions,
tariffs or
other
government
restrictions,
higher
transaction
and
other
costs,
reduced
liquidity,
and
delays
in
settlement.
High
Yield
Risk:
 The
risk
that
debt
instruments
rated
below
investment
grade
or
debt
instruments
that
are
unrated
and
of
comparable
or
lesser
quality
are
predominantly
speculative.
These
instruments,
commonly
known
as
"junk
bonds,"
have
a
higher
degree
of
default
risk
and
may
be
less
liquid
than
higher-rated
bonds.
These
instruments
may
be
subject
to
greater
price
volatility
due
to
such
factors
as
specific
corporate
developments,
interest
rate
sensitivity,
negative
perceptions
of
high
yield
investments
generally,
and
less
secondary
market
liquidity.
index risk:
For
CAPE
Only:
 although
the
Adviser
has
licensed
from
the
Index’s
sponsor
the
right
to
use
the
Index
as
part
of
implementing
the
Fund’s
principal
investment
strategies,
there
can
be
no
guarantee
that
the
Index
will
be
maintained
indefinitely
or
that
the
Fund
will
be
able
to
continue
to
utilize
the
Index
to
implement
the
Fund’s
principal
investment
strategies
indefinitely.
If
the
sponsor
of
the
Index
ceases
to
maintain
the
Index,
the
Fund
no
longer
has
the
ability
to
utilize
the
Index
to
implement
its
principal
investment
strategies,
or
other
circumstances
exist
that
the
Adviser
or
the
Fund’s
Board
of
Trustees
concludes
substantially
limit
the
Fund’s
ability
to
create
cost-effective
synthetic
investment
exposure
to
the
Index,
the
Adviser
or
the
Fund’s
Board
of
Trustees
may
substitute
the
Index
with
another
index
that
it
chooses
in
its
sole
discretion.
There
can
be
no
assurance
that
any
substitute
index
so
selected
will
be
similar
to
the
Index
or
will
perform
in
a
manner
similar
to
the
Index.
Unavailability
of
the
Index
could
affect
adversely
the
ability
of
the
Fund
to
achieve
its
investment
objective.
For
DCMT
only:
the
risk
that
the
portion
of
the
Fund
invested
in
instruments
based
on
an
index
or
basket
of
commodities
or
that
use
an
index
or
basket
of
commodities
as
the
reference
asset
may
not
match
or
may
underperform
the
return
of
the
index
or
basket
for
a
number
of
reasons,
including,
for
example,
(i)
the
performance
of
derivatives
related
to
an
index
or
basket
in
which
the
Fund
invests
may
not
correlate
with
the
performance
of
the
index
or
basket
and/or
may
underperform
the
index
or
basket
due
to
transaction
costs,
fees,
or
other
aspects
of
the
transaction’s
pricing;
(ii)
the
Fund
may
not
be
able
to
find
counterparties
willing
to
enter
into
derivative
instruments
whose
returns
are
based
on
the
return
of
the
index
or
basket,
or
the
Fund
may
be
unable
to
find
parties
who
are
willing
to
do
so
at
an
acceptable
cost
or
level
of
risk
to
the
Fund;
and
(iii)
errors
may
arise
in
carrying
out
an
index’s
methodology,
or
an
index
provider
may
incorrectly
report
information
concerning
the
index.
There
can
be
no
guarantee
that
any
index,
including
the
Barclays
Index,
will
be
maintained
indefinitely
or
that
the
Fund
will
be
able
to
continue
to
utilize
a
specific
index
to
implement
the
Fund’s
principal
investment
strategies
indefinitely.
Although
the
Adviser
has
licensed
the
right
to
use
the
Barclays
Index
as
part
of
implementing
the
Fund’s
principal
investment
strategies,
there
can
be
no
guarantee
that
the
Barclays
will
maintain
it
indefinitely,
that
the
Fund
will
use
the
Barclays
Index
to
implement
its
principal
investment
strategies,
or
that
other
circumstances
will
not
prevent
the
Fund
from
obtaining
cost-effective
synthetic
investment
exposure
to
the
Barclays
Index.
In
those
or
similar
conditions,
the
Adviser
or
the
Fund’s
Board
may,
in
its
sole
discretion
and
without
advance
notice
to
shareholders,
license
or
select
another
index
or
basket
of
commodities
to
use
in
implementing
the
Fund’s
principal
investment
strategies.
There
can
be
no
assurance
that
any
substitute
index
or
basket
so
selected
will
be
similar
to
the
Barclays
Index
or
will
perform
in
a
manner
similar
to
the
Notes
to
Financial
Statements
(Cont.)
(Unaudited)
March
31,
2026
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
95
Barclays
Index.
Unavailability
of
the
Barclays
Index
could
affect
adversely
the
ability
of
the
Fund
to
achieve
its
investment
objective.
The
Barclays
Index
consists
of
futures
contracts
that
were
selected,
in
part,
on
the
basis
of
their
historical
backwardation
in
relation
to
the
spot
price
for
the
underlying
commodity
and
on
carry
characteristics,
seasonality,
momentum,
and
fundamentals.
Any
investment
exposure
tied
or
related
to
the
Barclays
Index
is
subject
to,
among
other
things,
the
risk
that
the
historical
behavior
of
the
futures
contracts
comprising
the
Barclays
Index
may
not
continue
as
expected
and
that
the
prices
of
the
futures
contracts
held
by
the
Fund
may
depreciate.
For
DFVE
Only:
 the
risk
that
the
Fund
may
underperform
the
return
of
the
Underlying
Index
for
a
number
of
reasons,
including,
for
example,
(i)
the
performance
of
investments
or
derivatives
related
to
the
Underlying
Index
may
not
correlate
with
the
Underlying
Index
and/or
may
underperform
the
Index
due
to
transaction
costs,
fees,
or
other
aspects
of
the
transaction’s
pricing;
(ii)
the
Fund
may
not
be
able
to
find
counterparties
willing
to
enter
into
derivative
instruments
whose
returns
are
based
on
the
return
of
the
Underlying
Index
or
find
parties
who
are
willing
to
do
so
at
an
acceptable
cost
or
level
of
risk
to
the
Fund;
and
(iii)
errors
may
arise
in
carrying
out
the
Underlying
Index’s
methodology,
or
the
Index
Provider
may
incorrectly
report
information
concerning
the
Index.
Although
the
Adviser
has
licensed
from
the
Index
Provider
the
right
to
use
the
Underlying
Index
as
part
of
implementing
the
Fund’s
principal
investment
strategies,
there
can
be
no
guarantee
that
the
Underlying
Index
will
be
maintained
indefinitely
or
that
the
Fund
will
be
able
to
continue
to
utilize
the
Underlying
Index
to
implement
the
Fund’s
principal
investment
strategies
indefinitely.
If
the
Index
Provider
ceases
to
maintain
the
Underlying
Index,
the
Fund
no
longer
has
the
ability
to
utilize
the
Underlying
Index
to
implement
its
principal
investment
strategies,
or
other
circumstances
exist
that
the
Adviser
or
the
Fund’s
Board
of
Trustees
concludes
substantially
limit
the
Fund’s
ability
to
gain
investment
exposure
to
the
Underlying
Index,
the
Adviser
or
the
Fund’s
Board
of
Trustees
may
substitute
the
Underlying
Index
with
another
index
that
it
chooses
in
its
sole
discretion
and
upon
60
days’
prior
written
notice
to
shareholders.
There
can
be
no
assurance
that
any
substitute
index
so
selected
will
be
similar
to
the
Underlying
Index
or
will
perform
in
a
manner
similar
to
the
Index.
Unavailability
of
the
Underlying
Index
could
affect
adversely
the
ability
of
the
Fund
to
achieve
its
investment
objective.
Index
Provider
Risk:
The
risk
that
the
Index
Provider
may
delay
or
add
a
rebalance
date,
which
may
adversely
impact
the
performance
of
the
Fund
and
its
correlation
to
the
Underlying
Index.
In
addition,
there
is
no
guarantee
that
the
methodology
used
by
the
Index
Provider
to
identify
constituents
for
the
Underlying
Index
will
achieve
its
intended
result
or
positive
performance.
The
Underlying
Index
relies
on
various
sources
of
information
to
assess
the
potential
constituents
of
the
Underlying
index,
including
information
that
may
be
based
on
assumptions
or
estimates.
There
is
no
assurance
that
the
sources
of
the
information
are
reliable,
and
the
Adviser
does
not
assess
the
due
diligence
conducted
by
the
Index
Provider
with
respect
to
the
data
it
uses
or
the
index
construction
and
computation
processes.
Errors
in
Underlying
Index
data,
computations,
or
the
construction
of
the
Underlying
Index
in
accordance
with
its
methodology
may
occur
from
time
to
time
and
may
not
be
identified
and/or
corrected
for
a
period
of
time
or
at
all,
which
may
have
an
adverse
impact
on
the
Fund.
Industry
Concentration
Risk:
The
risk
that,
in
following
its
methodology,
the
Underlying
Index
from
time
to
time
may
be
concentrated
to
a
significant
degree
in
securities
of
issuers
operating
in
a
single
industry
or
industry
group.
To
the
extent
that
the
Underlying
Index
concentrates
in
the
securities
of
issuers
in
a
particular
industry
or
industry
group,
the
Fund
will
also
concentrate
its
investments
to
approximately
the
same
extent.
By
concentrating
its
investments
in
an
industry
or
industry
group,
the
Fund
may
face
more
risks
than
if
it
were
diversified
broadly
over
numerous
industries
or
industry
groups.
Such
industry-based
risks,
any
of
which
may
adversely
affect
the
companies
in
which
the
Fund
invests,
may
include,
but
are
not
limited
to,
the
following:
general
economic
conditions
or
cyclical
market
patterns
that
could
negatively
affect
supply
and
demand
in
a
particular
industry;
competition
for
resources;
adverse
labor
relations;
political
or
world
events;
obsolescence
of
technologies;
and
increased
competition
or
new
product
introductions
that
may
affect
the
profitability
or
viability
of
companies
in
an
industry.
In
addition,
at
times,
such
industry
or
industry
group
may
be
out
of
favor
and
underperform
other
industries
or
the
market
as
a
whole.
Inflation-Indexed
Bond
Risk:
The
risk
that
such
bonds
will
change
in
value
in
response
to
actual
or
anticipated
changes
in
inflation
rates
in
a
manner
unanticipated
by
a
Fund's
portfolio
management
team
or
investors
generally.
Inflation-indexed
bonds
are
subject
to
debt
securities
risks. 
Investment
Company
and
Exchange-Traded
Fund
Risk:
The
risk
that
an
investment
company
or
other
pooled
investment
vehicle,
including
any
ETFs
or
money
market
funds,
in
which
the
Fund
invests
will
not
achieve
its
investment
objective
or
execute
its
investment
strategies
effectively
or
that
significant
purchase
or
redemption
activity
by
shareholders
of
such
an
Notes
to
Financial
Statements
(Cont.)
96
DoubleLine
ETF
Trust
(Unaudited)
March
31,
2026
investment
company
might
negatively
affect
the
value
of
its
shares.
The
Fund
must
pay
its
pro
rata
portion
of
an
investment
company’s
fees
and
expenses.
To
the
extent
the
Advisers
determine
to
invest
Fund
assets
in
other
investment
companies,
the
Advisers
will
have
an
incentive
to
invest
in
other
investment
vehicles
sponsored
or
advised
by
the
Advisers
or
a
related
party
of
the
Advisers
over
investment
companies
sponsored
or
managed
by
others
and
to
maintain
such
investments
once
made
due
to
its
own
financial
interest
in
those
products
and
other
business
considerations.
Large
Capitalization
Risk:
The
risk
that
investing
substantially
in
issuers
in
one
market
capitalization
category
(large,
medium,
or
small)
may
adversely
affect
the
Fund
because
of
unfavorable
market
conditions
particularly
to
that
category
of
issuers,
such
as
larger,
more
established
companies
being
unable
to
respond
quickly
to
new
competitive
challenges
or
attain
the
high
growth
rates
of
successful
smaller
companies,
or,
conversely,
stocks
of
smaller
companies
being
more
volatile
than
those
of
larger
companies
due
to,
among
other
things,
narrower
product
lines,
more
limited
financial
resources,
fewer
experienced
managers
and
there
typically
being
less
publicly
available
information
about
small
capitalization
companies.
The
Fund
expects
to
have
exposure
particularly
to
larger
capitalization
issuers
through
its
exposure
to
the
Underlying
Index.
Large
Transactions Risk:
 The
risk
that
certain
account
holders,
including
the
Advisers
or
funds
or
accounts
over
which
the
Advisers(or
related
parties
of
the
Advisers)
have
investment
discretion,
may
from
time
to
time
own
or
control
a
significant
percentage
of
the
Fund’s
shares.
The
Fund
is
subject
to
the
risk
that
a
redemption
by
those
shareholders
of
all
or
a
portion
of
their
Fund
shares,
including
as
a
result
of
an
asset
allocation
decision
made
by
the
Advisers
(or
related
parties
of
the
Advisers),
will
adversely
affect
the
Fund’s
performance
if
it
is
forced
to
sell
portfolio
securities
or
invest
cash
when
the
Advisers
would
not
otherwise
choose
to
do
so.
In
addition,
a
large
number
of
shareholders
collectively
may
purchase
or
sell
Fund
shares
in
large
amounts
rapidly
or
unexpectedly.
Redemptions
of
a
large
number
of
shares
may
affect
the
liquidity
of
the
Fund’s
portfolio,
increase
the
Fund’s
transaction
costs,
and
accelerate
the
realization
of
taxable
income
and/or
gains
to
shareholders.
Shareholder
redemptions
can
only
be
effected
in
Creation
Units.
Leverage
Risk: 
  The
risk
that
certain
investments
by
a
Fund
involving
leverage
may
have
the
effect
of
increasing
the
volatility
of
the
value
of
the
Fund's
portfolio,
and
the
risk
of
loss
in
excess
of
invested
capital.
Limited
Operating
History
Risk:
  The
risk
that
a
Fund
that
has
recently
been
formed
has
a
limited
operating
history
to
evaluate.
The
Fund
may
not
attract
sufficient
assets
to
achieve
or
maximize
investment
and
operational
efficiencies
and
remain
viable.
If
the
Fund
fails
to
achieve
sufficient
scale,
it
may
be
liquidated.
Liquidity
Risk: 
 The
risk
that
the
Fund
may
be
unable
to
sell
a
portfolio
investment
at
a
desirable
time
or
at
the
value
the
Fund
has
placed
on
the
investment.
Illiquidity
may
be
the
result
of,
for
example,
low
trading
volume,
lack
of
a
market
maker,
or
contractual
or
legal
restrictions
that
limit
or
prevent
the
Fund
from
selling
securities
or
closing
derivative
positions.
During
periods
of
substantial
market
disruption,
a
large
portion
of
the
Fund’s
assets
could
potentially
experience
significant
levels
of
illiquidity.
The
values
of
illiquid
investments
are
often
more
volatile
than
the
values
of
more
liquid
investments.
It
may
be
more
difficult
for
the
Fund
to
determine
a
fair
value
of
an
illiquid
investment
than
that
of
a
more
liquid
comparable
investment.
Loan
Risk:
 The
risk
that
(i)
if
the
Fund
holds
a
loan
through
another
financial
intermediary,
or
relies
on
a
financial
intermediary
to
administer
the
loan,
its
receipt
of
principal
and
interest
on
the
loan
may
be
subject
to
the
credit
risk
of
that
financial
intermediary;
(ii)
any
collateral
securing
a
loan
may
be
insufficient
or
unavailable
to
the
Fund,
because,
for
example,
the
value
of
the
collateral
securing
a
loan
can
decline,
be
insufficient
to
meet
the
obligations
of
the
borrower,
or
be
difficult
to
liquidate,
and
the
Fund's
rights
to
collateral
may
be
limited
by
bankruptcy
or
insolvency
laws;
(iii)
investments
in
highly
leveraged
loans
or
loans
of
stressed,
distressed,
or
defaulted
issuers
may
be
subject
to
significant
credit
and
liquidity
risk;
(iv)
a
bankruptcy
or
other
court
proceeding
could
delay
or
limit
the
ability
of
the
Fund
to
collect
the
principal
and
interest
payments
on
that
borrower's
loans
or
adversely
affect
the
Fund's
rights
in
collateral
relating
to
a
loan;
(v)
there
may
be
limited
public
information
available
regarding
the
loan
and
the
relevant
borrower(s);
(vi)
the
use
of
a
particular
interest
rate
benchmark,
may
limit
the
Fund’s
ability
to
achieve
a
net
return
to
shareholders
that
consistently
approximates
the
average
published
Prime
Rate
of
U.S.
banks;
(vii)
the
prices
of
certain
floating
rate
loans
that
include
a
feature
that
prevents
their
interest
rates
from
adjusting
if
market
interest
rates
are
below
a
specified
minimum
level
may
appreciate
less
than
other
instruments
in
response
to
changes
in
interest
rates
should
interest
rates
rise
but
remain
below
the
applicable
minimum
level;
(viii)
if
a
borrower
fails
to
comply
with
various
restrictive
covenants
that
may
be
found
in
loan
agreements,
the
borrower
may
default
in
payment
of
the
loan;
(ix)
if
the
Fund
invests
in
loans
that
contain
fewer
or
less
restrictive
constraints
on
the
borrower
than
certain
other
types
of
loans
(“covenant-lite”
loans),
it
may
have
fewer
rights
against
the
borrowers
of
such
loans,
including
fewer
protections
against
the
possibility
of
default
and
fewer
remedies
in
the
event
of
default;
(x)
the
loan
is
unsecured;
(xi)
there
is
a
limited
secondary
market;
(xii)
transactions
in
loans
may
settle
on
a
delayed
basis,
and
the
Fund
may
not
receive
the
proceeds
from
the
sale
of
a
loan
for
a
substantial
period
of
time
after
the
Notes
to
Financial
Statements
(Cont.)
(Unaudited)
March
31,
2026
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
97
sale,
which
may
result
in
sale
proceeds
related
to
the
sale
of
loans
not
being
available
to
make
additional
investments
or
to
meet
the
Fund’s
redemption
obligations
until
potentially
a
substantial
period
after
the
sale
of
the
loans;
and
(xiii)
loans
may
be
difficult
to
value
and
may
be
illiquid,
which
may
adversely
affect
an
investment
in
the
Fund.
The
Fund
may
invest
in
loans
directly
or
indirectly
by
investing
in
shares
of
another
investment
company
and
in
either
case
will
be
subject
to
the
risks
described
above.
Market
Capitalization
Risk:
For
CAPE
Only:
 the
risk
that
investing
substantially
in
issuers
in
one
market
capitalization
category
(large,
medium
or
small)
may
adversely
affect
the
Fund
because
of
unfavorable
market
conditions
particular
to
that
category
of
issuers,
such
as
larger,
more
established
companies
being
unable
to
respond
quickly
to
new
competitive
challenges
or
attain
the
high
growth
rates
of
successful
smaller
companies,
or,
conversely,
stocks
of
smaller
companies
being
more
volatile
than
those
of
larger
companies
due
to,
among
other
things,
narrower
product
lines,
more
limited
financial
resources,
fewer
experienced
managers
and
there
typically
being
less
publicly
available
information
about
small
capitalization
companies. 
Market Risk:
 The
risk
that
markets
will
perform
poorly
or
that
the
returns
from
the
securities
in
which
the
Fund
invests
will
underperform
returns
from
the
general
securities
markets
or
other
types
of
investments.
Markets
may,
in
response
to
governmental
actions
or
intervention
or
general
market
conditions,
including
real
or
perceived
adverse
political,
economic
or
market
conditions,
tariffs
and
trade
disruptions,
inflation,
recession,
changes
in
interest
or
currency
rates,
lack
of
liquidity
in
the
bond
markets
or
adverse
investor
sentiment,
or
other
external
factors,
experience
periods
of
high
volatility
and
reduced
liquidity.
During
those
periods,
the
Fund
may
experience
high
levels
of
shareholder
redemptions,
which
may
only
occur
in
Creation
Units.
To
satisfy
such
redemptions,
the
Fund
may
have
to
sell
securities
at
times
when
the
Fund
would
otherwise
not
do
so,
and
potentially
at
unfavorable
prices.
Certain
securities
may
be
difficult
to
value
during
such
periods.
Market
risk
involves
the
risk
that
the
value
of
the
Fund’s
investment
portfolio
will
change,
potentially
frequently
and
in
large
amounts,
as
the
prices
of
its
investments
go
up
or
down.
During
periods
of
severe
market
stress,
it
is
possible
that
the
market
for
some
or
all
of
the
Fund’s
investments
may
become
highly
illiquid.
The
U.S.
government
and
the
U.S.
Federal
Reserve,
as
well
as
certain
foreign
governments
and
central
banks,
have
from
time
to
time
taken
steps
to
support
financial
markets.
The
U.S.
government
and
the
U.S.
Federal
Reserve
may,
conversely,
reduce
market
support
activities,
including
by
taking
action
intended
to
increase
certain
interest
rates.
This
and
other
government
intervention
may
not
work
as
intended,
particularly
if
the
efforts
are
perceived
by
investors
as
being
unlikely
to
achieve
the
desired
results.
Changes
in
government
activities
in
this
regard,
such
as
changes
in
interest
rate
policy,
can
negatively
affect
financial
markets
generally,
increase
market
volatility
and
reduce
the
value
and
liquidity
of
securities
in
which
the
Fund
invests.
Models
and
Data
Risk:
 The
risk
that
the
quantitative
models
or
related
data
used
in
managing
the
Fund
fail
to
identify
profitable
opportunities.
In
addition,
failures
to
properly
gather,
organize,
and
analyze
large
amounts
of
data
or
errors
in
a
model
or
data,
or
in
the
application
of
such
models,
may
result
in,
among
other
things,
execution
and
investment
allocation
failures
and
investment
losses.
For
example,
the
models
may
incorrectly
identify
opportunities
or
data
used
in
the
construction
and
application
of
models
may
prove
to
be
inaccurate
or
stale,
which
may
result
in
misidentified
opportunities
that
may
lead
to
substantial
losses
for
the
Fund.
A
given
model
may
be
more
effective
with
certain
instruments
or
strategies
than
others,
and
there
can
be
no
assurance
that
any
model
can
identify
and
incorporate
all
factors
that
will
affect
an
investment’s
price
or
performance.
Mortgage-Backed
Securities
Risk:
  The
risk
that
borrowers
may
default
on
their
mortgage
obligations
or
the
guarantees
underlying
the
mortgage-backed
securities
will
default
or
otherwise
fail
and
that,
during
periods
of
falling
interest
rates,
mortgage-backed
securities
will
be
called
or
prepaid,
which
may
result
in
a
Fund
having
to
reinvest
proceeds
in
other
investments
at
a
lower
interest
rate.
During
periods
of
rising
interest
rates,
the
average
life
of
a
mortgage-backed
security
may
extend,
which
may
lock
in
a
below-market
interest
rate,
increase
the
security's
duration,
and
reduce
the
value
of
the
security.
Enforcing
rights
against
the
underlying
assets
or
collateral
may
be
difficult,
or
the
underlying
assets
or
collateral
may
be
insufficient
if
the
issuer
defaults.
The
values
of
certain
types
of
mortgage-backed
securities,
such
as
inverse
floaters
and
interest-only
and
principal-only
securities,
may
be
extremely
sensitive
to
changes
in
interest
rates
and
prepayment
rates.
A
Fund
may
invest
in
mortgage-backed
securities
that
are
subordinate
in
their
right
to
receive
payment
of
interest
and
repayment
of
principal
to
other
classes
of
the
issuer's
securities.
Non-Correlation
Risk:
  The
risk
that
the
Fund’s
return
may
not
match
the
return
of
the
Underlying
Index
for
a
number
of
reasons.
For
example,
the
Fund
incurs
operating
expenses
not
applicable
to
the
Underlying
Index,
and
incurs
costs
in
buying
and
selling
securities,
especially
when
rebalancing
the
Fund’s
securities
holdings
to
reflect
changes
in
the
composition
of
the
Underlying
Index.
In
addition,
the
performance
of
the
Fund
and
the
Underlying
Index
may
vary
due
to
asset
valuation
differences
and
differences
between
the
Fund’s
portfolio
and
the
Underlying
Index
resulting
from
legal
restrictions,
costs
or
liquidity
constraints.
Notes
to
Financial
Statements
(Cont.)
98
DoubleLine
ETF
Trust
(Unaudited)
March
31,
2026
Non-Diversification
Risk:
the
risk
that,
because
a
relatively
higher
percentage
of
the
Fund's
assets
may
be
invested
in
a
limited
number
of
issuers,
the
Fund
may
be
more
susceptible
to
any
single
economic,
political,
or
regulatory
occurrence
than
a
diversified
fund
investing
in
a
broader
range
of
issuers.
A
decline
in
the
market
value
of
one
of
the
Fund's
investments
may
affect
the
Fund's
value
more
than
if
the
Fund
were
a
diversified
fund.
However,
the
Fund
intends
to
satisfy
the
asset
diversification
requirements
for
qualification
as
a
regulated
investment
company
under
Subchapter
M
of
the Internal
Revenue
Code.
Operational
And
Information
Security
Risks:
 An
investment
in
a
Fund,
like
any
fund,
can
involve
operational
risks
arising
from
factors
such
as
processing
errors,
human
errors,
inadequate
or
failed
internal
or
external
processes,
failures
in
systems
and
technology,
changes
in
personnel
and
errors
caused
by
third-party
service
providers.
The
rapid
development
and
increasingly
widespread
use
of
artificial
intelligence
in
the
financial
services
industry,
including
machine
learning
technology
and
generative
artificial
intelligence
such
as
ChatGPT,
could
exacerbate
these
risks.
The
occurrence
of
any
of
these
failures,
errors
or
breaches
could
result
in
investment
losses
to
a
Fund,
a
loss
of
information,
regulatory
scrutiny,
reputational
damage
or
other
events,
any
of
which
could
have
a
material
adverse
effect
on
a
Fund.
While
the
Funds
seek
to
minimize
such
events
through
controls
and
oversight,
there
may
still
be
failures
that
could
cause
losses
to
a
Fund.
Passive
Investing
Risk:
Unlike
many
investment
companies,
the
Fund
does
not
utilize
an
investing
strategy
that
seeks
returns
in
excess
of
the
Underlying
Index.
Therefore,
the
Fund
would
not
necessarily
buy
or
sell
a
security
unless
that
security
is
added
or
removed,
respectively,
from
the
Underlying
Index,
even
if
that
security
generally
is
underperforming.
Additionally,
the
Fund
rebalances
its
portfolio
in
accordance
with
the
Underlying
Index,
and,
therefore,
any
changes
to
the
Underlying
Index’s
rebalance
schedule
will
result
in
corresponding
changes
to
the
Fund’s
rebalance
schedule.
Portfolio
Turnover
Risk:
the
risk
that
frequent
purchases
and
sales
of
portfolio
securities
may
result
in
higher
Fund
expenses
and
may
result
in
larger
distributions
of
taxable
capital
gains
to
investors
as
compared
to
a
fund
that
trades
less
frequently.
Real
Estate
Sector Risk: 
 The
risk
that
real
estate-related
investments
may
decline
in
value
as
a
result
of
factors
affecting
the
real
estate
sector,
such
as
the
supply
of
real
property
in
certain
markets,
changes
in
zoning
laws,
delays
in
completion
of
construction,
changes
in
real
estate
values,
changes
in
property
taxes,
levels
of
occupancy,
and
local,
regional
and
general
market
conditions.
Along
with
the
risks
common
to
different
types
of
real
estate-related
investments,
real
estate
investment
trusts
(“REITs”),
no
matter
the
type,
involve
additional
risk
factors,
including
poor
performance
by
the
REIT’s
manager,
adverse
changes
to
the
tax
laws,
and
the
possible
failure
by
the
REIT
to
qualify
for
the
favorable
tax
treatment
available
to
REITs
under
the
Internal
Revenue
Code
or
the
exemption
from
registration
under
the
1940
Act.
REITs
are
not
diversified
and
are
heavily
dependent
on
cash
flow
earned
on
the
property
interests
they
hold.
Real
Estate
Sector
And
Commercial
Real
Estate
Markets
Risk:
 the
risk
that
commercial
real
estate-related
investments
may
decline
in
value
as
a
result
of
factors
affecting
the
real
estate
sector
(and,
in
particular,
the
commercial
real
estate
markets),
such
as
the
supply
of
real
property
in
certain
markets,
changes
in
zoning
laws,
delays
in
completion
of
construction,
changes
in
real
estate
values,
changes
in
property
taxes,
levels
of
occupancy,
and
local,
regional,
and
general
market
conditions.
Commercial
real
estate
loans
are
secured
by
commercial
property
and
are
subject
to
the
risks
of
delinquency
and
foreclosure.
The
ability
of
a
borrower
to
repay
a
loan
secured
by
an
income-producing
property
typically
is
dependent
primarily
on
the
successful
operation
of
such
property.
If
a
borrower’s
net
operating
income
is
reduced
due
to
changing
national,
regional
or
local
economic
conditions,
changes
in
business
demand,
social
unrest
and
civil
disturbances,
political
unrest,
global
health
crises,
or
other
reasons,
then
the
borrower’s
ability
to
repay
the
loan
may
be
impaired.
Tenant
mix,
success
of
tenant
businesses,
property
management
decisions,
property
location
and
conditions,
competition
from
comparable
properties,
changes
in
laws
that
increase
operating
expenses
or
limit
rents
that
may
be
charged,
the
need
to
address
environmental
issues
associated
with
a
property,
declines
in
real
estate
values,
increases
in
interest
rates
or
taxes,
and
increase
in
regulatory
and
compliance
costs
can
all
negatively
affect
returns
on
investments
in
commercial
real
estate.
Restricted
Securities
Risk:
The
risk
that
a
Fund
may
be
prevented
or
limited
by
law
or
the
terms
of
an
agreement
from
selling
a
security
(a
"
restricted
security
").
To
the
extent
that
a
Fund
is
permitted
to
sell
a
restricted
security,
there
can
be
no
assurance
that
a
trading
market
will
exist
at
any
particular
time,
and
a
Fund
may
be
unable
to
dispose
of
the
security
promptly
at
reasonable
prices
or
at
all.
A
Fund
may
have
to
bear
the
expense
of
registering
the
securities
for
resale
and
the
risk
of
substantial
delays
in
effecting
the
registration.
Also,
restricted
securities
may
be
difficult
to
value
because
market
quotations
may
not
be
readily
available,
and
the
values
of
restricted
securities
may
have
significant
volatility.
Securities
Lending
Risk:
if
the
Fund
lends
securities,
and
the
borrower
defaults
on
its
obligation
to
return
the
securities
loaned
because
of
insolvency
or
other
reasons,
there
is
a
risk
that
the
securities
will
not
be
available
to
the
Fund
on
a
timely
basis.
If
a
borrower
defaults
and
the
Fund
is
not
able
to
recover
the
securities
loaned,
the
Fund
and,
indirectly,
its
Notes
to
Financial
Statements
(Cont.)
(Unaudited)
March
31,
2026
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
99
shareholders
will
bear
loss
to
the
extent
the
value
of
the
collateral
sold
is
not
equal
to
the
market
value
of
the
loaned
securities.
Loans
are
secured
by
collateral
consisting
of
cash
or
short-term
debt
obligations
and
the
Fund
may
invest
the
cash
collateral
received
(in
money
market
investments
or
money
market
funds)
and
the
Fund
and
its
shareholders
bears
the
risk
of
loss
on
such
reinvestment,
including
the
risk
of
total
loss
of
such
collateral.
In
addition,
as
with
other
extensions
of
credit,
there
is
the
risk
of
possible
delay
in
receiving
additional
collateral
or
in
the
recovery
of
the
securities
or
possible
loss
of
rights
in
the
collateral
should
the
borrower
fail
financially.
While
securities
are
loaned
out
by
the
Fund,
the
Fund
generally
will
receive
from
the
borrower
amounts
equal
to
any
dividends
or
interest
paid
on
the
borrowed
securities.
For
federal
income
tax
purposes,
payments
made
“in
lieu
of”
dividends
are
not
considered
dividend
income.
These
distributions
will
neither
qualify
for
the
reduced
rate
of
taxation
for
individuals
on
qualified
dividends
nor
the
50%
dividends
received
deduction
for
corporations.
The
costs
associated
with
the
Fund’s
securities
lending
activities
are
not
shown
in
the
Fund’s
fee
table.
Engaging
in
securities
lending
could
have
a
leveraging
effect,
which
may
intensify
the
other
risks
associated
with
investments
in
the
Fund.
Securities
or
Sector
Selection
Risk: 
  The
risk
that
the
securities
held
by
the
Fund
will
underperform
securities
held
in
other
funds
investing
in
similar
asset
classes
or
comparable
benchmarks
because
of
the
portfolio
managers’
choice
of
securities
or
sectors
for
investment.
To
the
extent
the
Fund
allocates
a
higher
percentage
of
its
investment
portfolio
to
a
particular
sector
or
related
sectors,
the
Fund
will
be
more
susceptible
to
events
or
factors
affecting
companies
in
that
sector
or
related
sectors.
For
example,
the
values
of
securities
of
companies
in
the
same
or
related
sectors
may
be
negatively
affected
by
the
common
characteristics
they
share,
the
common
business
risks
to
which
they
are
subject,
common
regulatory
burdens,
or
regulatory
changes
that
affect
them
similarly.
Such
characteristics,
risks,
burdens
or
changes
include,
but
are
not
limited
to,
changes
in
governmental
regulation,
inflation
or
deflation,
rising
or
falling
interest
rates,
competition
from
new
entrants,
and
other
economic,
market,
political
or
other
developments
specific
to
that
sector
or
related
sectors.
Structured
Products
and
Structured
Notes
Risk: 
The
risk
that
an
investment
in
a
structured
product,
which
includes,
among
other
things,
CDOs,
mortgage-backed
securities,
other
types
of
asset-backed
securities
and
certain
types
of
structured
notes,
may
decline
in
value
due
to
changes
in
the
underlying
instruments,
indexes,
interest
rates
or
other
factors
on
which
the
product
is
based
(“
reference
measure
”).
Depending
on
the
reference
measure
used
and
the
use
of
multipliers
or
deflators
(if
any),
changes
in
interest
rates
and
movement
of
the
reference
measure
may
cause
significant
price
and
cash
flow
fluctuations.
Application
of
a
multiplier
is
comparable
to
the
use
of
financial
leverage,
a
speculative
technique.
Holders
of
structured
products
indirectly
bear
risks
associated
with
the
reference
measure,
are
subject
to
counterparty
risk
and
typically
do
not
have
direct
rights
against
the
reference
measure.
Structured
products
are
generally
privately
offered
and
sold,
and
thus,
are
not
registered
under
the
securities
laws
and
may
be
thinly
traded
or
have
a
limited
trading
market
and
may
have
the
effect
of
increasing
the
Fund’s
illiquidity,
reducing
the
Fund’s
income
and
the
value
of
the
investment.
At
a
particular
point
in
time,
the
Fund
may
be
unable
to
find
qualified
buyers
for
these
securities.
Investments
in
structured
notes
involve
risks
including
interest
rate
risk,
credit
risk
and
market
risk.
Tax
Risk:
In
order
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code,
the
Fund
must
meet
requirements
regarding,
among
other
things,
the
source
of
its
income.
Certain
investments
in
commodity-related
derivatives
do
not
give
rise
to
qualifying
income
for
this
purpose,
and
it
is
possible
that
certain
investments
in
other
commodity-related
instruments,
ETFs
and
other
investment
pools
will
not
give
rise
to
qualifying
income.
Any
income
the
Fund
derives
from
investments
in
instruments
that
do
not
generate
qualifying
income
must
be
limited
to
a
maximum
of
10%
of
the
Fund’s
annual
gross
income.
If
the
Fund
were
to
earn
non
qualifying
income
in
excess
of
10%
of
its
annual
gross
income,
it
could
fail
to
qualify
as
a
regulated
investment
company
for
that
year.
If
the
Fund
were
to
fail
to
qualify
as
a
regulated
investment
company,
the
Fund
would
be
subject
to
tax
and
shareholders
of
the
Fund
would
be
subject
to
the
risk
of
diminished
returns.
U.S.
Government
Securities
Risk:
 The
risk
that
debt
securities
issued
or
guaranteed
by
certain
U.S.
government
agencies,
instrumentalities,
and
sponsored
enterprises
are
not
supported
by
the
full
faith
and
credit
of
the
U.S.
government,
and
so
investments
in
their
securities
or
obligations
issued
by
them
involve
credit
risk
greater
than
investments
in
other
types
of
U.S.
government
securities. 
Valuation
Risk: 
The
risk
that
a
Fund
will
not
value
its
investments
in
a
manner
that
accurately
reflects
their
market
values
or
that
the
Fund
will
not
be
able
to
sell
any
investment
at
a
price
equal
to
the
valuation
ascribed
to
that
investment
for
purposes
of
calculating
the
Fund's
NAV.
The
valuation
of
a
Fund's
investments
involves
subjective
judgment.
Certain
securities
in
which
the
Fund
may
invest
may
be
more
difficult
to
value
accurately,
especially
during
periods
of
market
disruptions
or
extreme
market
volatility.
Incorrect
valuations
of
the
Fund's
portfolio
holdings
could
result
in
the
Fund's
shareholder
transactions
being
effected
at
a
NAV
that
does
not
accurately
reflect
the
underlying
value
of
the
Fund's
portfolio,
resulting
in
the
dilution
of
shareholder
interests. 
Notes
to
Financial
Statements
(Cont.)
100
DoubleLine
ETF
Trust
(Unaudited)
March
31,
2026
15. Subsequent
Events 
In
preparing
these
financial
statements,
the
Funds'
have
evaluated
events
and
transactions
for
potential
recognition
or
disclosure
through
the
date
the
financial
statements
were
issued.
The
Funds'
have
determined
there
are
no
subsequent
events
that
would
need
to
be
disclosed
in
the
Funds'
financial
statements. 
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
101
Form
N-CSR
–
Items
8-11
(Unaudited)
March
31,
2026
Item
8.
Changes
in
and
Disagreements
with
Accountants
for
Open-End
Management
Investment
Companies
.
Not
applicable.
Item
9.
Proxy
Disclosures
for
Open-End
Management
Investment
Companies.
There
were
no
matters
submitted
during
the
period
covered
by
the
report
to
a
vote
of
shareholders,
through
the
solicitation
of
proxies
or
otherwise.
Item
10.
Remuneration
Paid
to
Directors,
Officers,
and
Others
of
Open-End
Management
Investment
Companies.
The
information
is
included
as
part
of
the
Financial
Statements
filed
under
Item
7
of
this
Form.
Item
11.
Statement
Regarding
Basis
for
Approval
of
Investment
Advisory
Contract
.
Board
Considerations
Regarding
the
Approval
of
the
Advisory
Agreement
At
a
meeting
held
on
February
19,
2026
(the
“February
Meeting”),
the
Boards
of
Trustees
(collectively,
the
“Board”
or
the
“Trustees”)
of
the
DoubleLine
open-end
mutual
funds
(“mutual
funds”),
exchange-traded
funds
(“ETFs”),
and
closed-end
funds
(“CEFs”)
listed
above
(each,
a
“Fund”
and
collectively,
the
“Funds”)
approved
the
continuation
of
the
investment
advisory
and
sub-advisory
agreements,
as
applicable
(each,
an
“Advisory
Agreement”
and
collectively,
the
“Advisory
Agreements”),
between
DoubleLine
and
those
Funds.
That
approval
included
approval
by
the
Trustees
who
are
not
“interested
persons”
(as
defined
in
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”))
of
the
Funds
(the
“Independent
Trustees”)
voting
separately.
When
used
in
this
summary,
“DoubleLine”
or
“Management”
refers
to
DoubleLine
Capital
LP,
DoubleLine
ETF
Adviser
LP,
and/or
DoubleLine
Alternatives
LP,
as
appropriate
in
the
context.
The
Trustees’
determination
to
approve
the
continuation
of
each
Advisory
Agreement
was
made
on
the
basis
of
each
Trustee’s
business
judgment
after
an
evaluation
of
all
of
the
relevant
information
provided
to
the
Trustees,
including
information
provided
for
their
consideration
at
their
February
Meeting
and
at
meetings
held
in
preparation
for
the
February
Meeting
with
management
and
representatives
of
ISS
Market
Intelligence,
an
independent
third-party
provider
of
investment
company
data
(“ISS
MI”),
and
additional
information
requested
by
the
Independent
Trustees.
The
Independent
Trustees
also
met
with
Independent
Trustee
counsel
outside
the
presence
of
management
prior
to
the
February
Meeting
to
consider
the
materials
and
information
related
to
the
proposed
continuation
of
the
Advisory
Agreements.
Throughout
the
year,
the
Trustees
also
met
regularly
with
investment
advisory,
compliance,
risk
management,
operational,
capital
markets
(with
respect
to
the
ETFs)
and
other
personnel
from
DoubleLine
and
regularly
reviewed
detailed
information,
presented
both
orally
and
in
writing,
regarding
the
services
performed
by
DoubleLine
for
the
benefit
of
the
Funds,
DoubleLine’s
investment
program
for
each
Fund,
the
performance
of
each
Fund,
the
fees
and
expenses
of
each
Fund,
and
the
operations
of
each
Fund.
In
considering
whether
to
approve
the
continuation
of
the
Advisory
Agreements,
the
Trustees
took
into
account
information
presented
to
them
over
the
course
of
the
past
year
and
not
just
that
which
was
provided
specifically
in
relation
to
the
proposed
renewal
of
the
Advisory
Agreements.
This
summary
describes
a
number,
but
not
necessarily
all,
of
the
most
important
factors
considered
by
the
Board
and
the
Independent
Trustees.
Individual
Trustees
may
have
given
different
weights
to
certain
factors
and
assigned
various
degrees
of
materiality
to
information
received
in
connection
with
the
approval
process.
No
single
factor
was
determined
to
be
decisive
or
controlling.
In
all
their
deliberations,
the
Independent
Trustees
were
advised
by
independent
counsel.
The
Trustees
also
considered
that,
although
the
reorganizations
of
DoubleLine
Floating
Rate
Fund
and
DoubleLine
Select
Income
Fund
(formerly,
DoubleLine
Infrastructure
Income
Fund)
with
and
into
corresponding
series
of
American
Beacon
Funds
were
expected
to
close
on
or
about
February
20,
2026,
the
renewal
of
applicable
advisory
and
other
arrangements
for
each
of
DoubleLine
Floating
Rate
Fund
and
DoubleLine
Select
Income
Fund
was
proposed
in
order
to
ensure
continuity
of
services
to
the
extent
that
the
reorganizations
occur
on
a
date
later
than
currently
anticipated.
Nature,
Extent,
and
Quality
of
Services.
Form
N-CSR
–
Items
8-11
(Cont.)
102
DoubleLine
ETF
Trust
The
Trustees
considered
the
nature,
extent,
and
quality
of
the
services,
including
the
expertise
and
experience
of
investment
personnel,
provided
and
expected
to
be
provided
by
DoubleLine
to
each
Fund.
In
this
regard,
the
Trustees
considered
that
DoubleLine
provides
a
full
investment
program
for
each
Fund,
with
an
emphasis
on
risk
management
for
the
Funds.
The
Board
considered,
where
applicable,
the
necessary
skills
and
resources
needed
to
manage
debt-related
portfolios,
noting
that
managing
such
portfolios
requires
a
portfolio
management
team
to
balance
a
number
of
factors,
which
may
include,
among
others,
securities
of
varying
maturities
and
durations,
actual
and
anticipated
interest
rate
changes
and
market
volatility,
prepayments,
collateral
management,
counterparty
management,
pay-downs,
credit
events,
workouts,
and
net
new
issuances.
In
their
evaluation
of
the
services
provided
by
DoubleLine
and
the
Funds’
contractual
relationships
with
DoubleLine,
the
Trustees
considered
generally
the
long-term
performance
record
of
the
firm’s
portfolio
management
personnel,
including,
among
others,
Mr.
Jeffrey
Gundlach,
and
the
strong
historical
investor
interest
in
products
managed
by
DoubleLine.
The
Trustees
considered
that
DoubleLine
provides
a
variety
of
other
services
to
the
Funds
in
addition
to
investment
advisory
services,
which
may
include,
among
others,
a
number
of
back-office
services,
valuation
services,
derivatives
risk
management
services,
compliance
services,
liquidity
monitoring
services,
certain
forms
of
information
technology
services
(such
as
internal
reporting),
assistance
with
accounting
and
distribution
services,
and
supervision
and
monitoring
of
the
Funds’
other
service
providers.
The
Trustees
considered
DoubleLine’s
ongoing
efforts
to
keep
the
Trustees
informed
about
matters
relevant
to
the
Funds
and
their
shareholders.
The
Trustees
also
considered
the
nature
and
structure
of
the
Funds’
compliance
program,
including
the
policies
and
procedures
of
the
Funds
and
their
various
service
providers
(including
DoubleLine),
and
information
regarding
DoubleLine’s
overall
risk
management
program.
The
Trustees
considered
the
quality
of
the
related
services
provided
to
the
Funds
as
part
of
their
overall
consideration
of
the
continuation
of
the
Advisory
Agreements.
The
Trustees
considered
information
provided
by
DoubleLine
relating
to
its
historical
and
continuing
commitment
to
hire
the
necessary
personnel
and
to
invest
in
technology
enhancements
to
support
DoubleLine’s
ability
to
provide
services
to
the
Funds.
The
Trustees
considered
DoubleLine’s
representations
regarding
the
depth
of
DoubleLine’s
personnel,
resources,
and
investment
methods
in
connection
with
the
services
DoubleLine
provides
to
the
Funds.
Performance
and
Fees
and
Expenses.
The
Trustees
reviewed
reports
prepared
by
ISS
MI
(the
“ISS
MI
Reports”)
that
compared,
among
other
information,
each
Fund’s
net
management
fee
rate
and
net
total
expense
ratio
(Class
I
shares
with
respect
to
the
mutual
funds)
against
the
net
management
fee
rate
(with
respect
to
the
mutual
funds
and
the
closed-end
funds)
and
net
total
expense
ratio
of
a
group
of
peers
selected
by
ISS
MI,
and
each
Fund’s
performance
records
(Class
I
shares
with
respect
to
the
mutual
funds)
for
the
one-,
three-,
five-,
and
ten-year
periods
ended
October
31,
2025,
as
applicable,
against
the
performance
records
of
those
funds
in
each
Fund’s
Morningstar
category
and
the
performance
of
one
or
more
of
the
Fund’s
benchmark
index(es),
as
selected
by
ISS
MI.
In
preparation
for
the
February
Meeting,
the
Independent
Trustees
met
with
ISS
MI
representatives
in
January
2026
to
review
the
comparative
information
set
out
in
the
ISS
MI
Reports,
the
methodologies
used
by
ISS
MI
in
compiling
those
reports
and
selecting
the
peer
groups
used
within
those
reports,
and
the
considerations
for
evaluating
the
comparative
information
presented
in
those
reports.
The
Independent
Trustees
also
considered
the
information
ISS
MI
provided
regarding
the
challenges
ISS
MI
encountered
in
selecting
or
assembling
peer
groups
for
certain
of
the
Funds
due
to,
among
other
factors,
the
limited
number
of
possible
peer
funds
with
substantially
similar
principal
investment
strategies
or
investment
approaches.
Where
applicable,
the
Trustees
also
received
information
from
DoubleLine,
including
regarding
factors
to
consider
in
evaluating
a
Fund’s
performance
or
management
fees
relative
to
its
peer
groups
and
factors
that
contributed
to
the
relative
underperformance
of
certain
Funds
relative
to
the
index(es)
shown
or
the
median
of
their
Morningstar
categories.
The
Trustees
considered
DoubleLine’s
pricing
policy
for
its
advisory
fees
and
that
DoubleLine
does
not
seek
to
be
a
low
cost
provider,
nor
does
it
have
a
policy
to
set
its
advisory
fees
below
the
median
of
a
Fund’s
peers,
but
rather
seeks
to
set
fees
at
a
competitive
level
that
reflects
DoubleLine’s
demonstrated
significant
expertise
and
experience
in
the
investment
strategies
that
it
offers.
The
Trustees
also
considered
materials
relating
to
the
fees
charged
by
DoubleLine
to
non-Fund
clients
for
which
DoubleLine
employs
investment
strategies
substantially
similar
to
one
or
more
Funds’
investment
strategies,
including
other
funds
and
institutional
separate
accounts
advised
by
DoubleLine
and
mutual
funds
for
which
DoubleLine
serves
as
sub-adviser.
The
Trustees
noted
the
information
DoubleLine
provided
regarding
certain
funds
and
institutional
separate
accounts
advised
by
it
and
funds
sub-advised
by
it
that
are
subject
to
fee
schedules
that
differ
from,
and
are
in
most
cases
lower
than,
the
rates
paid
by
a
Fund
with
substantially
similar
investment
strategies.
The
Trustees
considered
DoubleLine’s
representations
that
administrative,
compliance,
operational,
legal,
and
other
burdens
of
providing
investment
advice
to
registered
investment
companies
(mutual
funds,
ETFs
and
closed-end
funds)
exceed
in
many
respects
those
required
to
provide
advisory
services
to
non-registered
investment
company
clients,
such
as
institutional
accounts
for
retirement
or
pension
plans,
which
may
have
differing
contractual
requirements.
The
Trustees
considered
DoubleLine’s
representations
that
DoubleLine
also
bears
substantially
greater
legal
and
other
responsibilities
and
risks
in
managing
(Unaudited)
March
31,
2026
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
103
and
sponsoring
registered
investment
companies
than
in
managing
private
accounts
or
in
sub-advising
funds,
including
registered
investment
companies,
sponsored
by
others.
The
Trustees
considered
that
the
services
and
resources
required
of
DoubleLine
when
it
sub-advises
registered
investment
companies
by
others
generally
are
less
extensive
than
those
required
of
DoubleLine
to
serve
the
Funds,
because,
where
DoubleLine
serves
as
a
sub-adviser,
many
of
the
sponsorship,
operational,
and
compliance
responsibilities
related
to
the
advisory
function
are
retained
by
the
primary
adviser.
In
respect
of
the
ETFs,
the
Trustees
also
considered
the
financial
risks
assumed
by
DoubleLine
in
respect
of
each
ETF’s
unitary
fee,
including
that
DoubleLine
would
generally
bear,
with
limited
exceptions,
any
increase
in
each
ETF’s
ordinary
operating
expenses.
Mutual
Funds
With
respect
to
the
mutual
funds,
the
Trustees
considered
that
many
of
the
mutual
funds
have
achieved
strong
performance
relative
to
the
median
of
their
Morningstar
categories
across
all
or
most
of
the
periods
ended
October
31,
2025
presented
in
the
ISS
MI
Reports.
They
noted
also
that
other
mutual
funds
have
achieved
favorable
long-term
performance
relative
to
the
median
of
their
Morningstar
categories
for
the
five-
and/or
ten-year
periods,
where
applicable,
ended
October
31,
2025,
notwithstanding,
in
some
cases,
more
recent
periods
of
relative
underperformance
for
the
one-
and/or
three-year
periods.
Those
Funds
included
DoubleLine
Emerging
Markets
Fixed
Income
Fund,
DoubleLine
Emerging
Markets
Local
Currency
Bond
Fund,
and
DoubleLine
Selective
Credit
Fund.
The
Trustees
also
considered
that
a
number
of
the
mutual
funds
had
achieved
strong
relative
performance
more
recently,
such
as
over
the
one-
and/or
three-year
periods
ended
October
31,
2025,
notwithstanding,
in
some
cases,
other
periods
of
longer-
term
unfavorable
relative
performance.
Those
mutual
funds
included
DoubleLine
Core
Fixed
Income
Fund,
DoubleLine
Floating
Rate
Fund,
and
DoubleLine
Long
Duration
Total
Return
Bond
Fund.
In
each
instance
where
a
Fund
exhibited
relative
underperformance
over
the
one-,
three-,
five-,
and/or
ten-year
periods,
as
applicable,
the
Trustees
considered
DoubleLine’s
explanations
for
the
periods
of
relative
underperformance,
including,
in
the
cases
of
DoubleLine
Shiller
Enhanced
CAPE®
and
DoubleLine
Shiller
Enhanced
International
CAPE®,
where
product
design,
investment
positioning
and/or
differences
in
the
Funds’
investment
approach
relative
to
their
Morningstar
categories,
among
other
things,
contributed
to
relative
underperformance
over
different
periods.
The
Trustees
noted
that
all
but
five
of
the
mutual
funds
had
net
management
fees
either
below
the
median
of
their
peer
group
or
within
five
basis
points
of
the
median
of
their
peer
group.
The
Trustees
noted
that
DoubleLine
Total
Return
Bond
Fund,
DoubleLine
Emerging
Markets
Fixed
Income
Fund,
DoubleLine
Flexible
Income
Fund,
DoubleLine
Select
Income
Fund,
and
DoubleLine
Emerging
Markets
Local
Currency
Bond
Fund
each
had
net
management
fees
more
than
five
basis
points
above
the
median
of
its
peer
group.
The
Trustees
discussed
with
management
the
reasons
for
the
relative
net
management
fees
of
these
mutual
funds.
The
Trustees
noted
that
none
of
the
mutual
funds,
other
than
DoubleLine
Emerging
Markets
Local
Currency
Bond
Fund
and
DoubleLine
Select
Income
Fund,
had
the
highest
net
management
fee
in
its
peer
group.
The
Trustees
also
considered
DoubleLine’s
belief
that
differences
between
DoubleLine
Select
Income
Fund
and
DoubleLine
Emerging
Markets
Local
Currency
Bond
Fund
and
their
respective
peer
groups,
together
with
and
the
limited
number
of
close
peers,
should
be
taken
into
account
in
evaluating
those
Funds’
relative
performance
and
net
management
fees.
The
Trustees
considered
each
Fund’s
net
management
fees
in
light
of
that
Fund’s
performance
net
of
expenses,
including
in
instances
where
the
mutual
fund
had
strong
relative
performance
and
net
management
fees
above
the
median
of
its
peer
group.
The
Trustees
noted
that
all
of
the
mutual
funds
had
net
total
expense
ratios
either
below
the
median
of
their
peer
groups
or
within
five
basis
points
of
the
median
of
their
peer
groups,
with
the
exception
of
DoubleLine
Emerging
Markets
Fixed
Income
Fund,
DoubleLine
Select
Income
Fund,
and
DoubleLine
Strategic
Commodity
Fund.
The
Trustees
discussed
with
management
the
reasons
for
each
Fund’s
relative
total
expenses
compared
to
that
Fund’s
expense
peers.
ETFs
With
respect
to
the
ETFs,
the
Trustees
considered
information
in
the
ISS
MI
Reports
regarding
the
ETFs’
performance
records
and
net
total
expenses.
The
Trustees
considered
that
performance
since
inception
for
each
ETF
was
within
Management’s
expectations,
and,
in
each
instance
where
an
ETF
exhibited
relative
underperformance
over
the
one-
or
three-year
periods,
as
applicable,
the
Trustees
considered
DoubleLine’s
explanations
for
the
periods
of
relative
underperformance.
The
Trustees
noted
that
many
of
the
ETFs
had
only
recently,
or
have
not
yet,
achieved
three
years
of
investment
operations.
The
Trustees
considered
the
net
total
expenses
of
each
ETF.
The
Trustees
considered
that
under
the
ETFs’
unitary
fee
structure,
DoubleLine,
in
addition
to
providing
investment
management
services,
arranges
for
transfer
agency,
custody,
fund
administration
and
accounting,
and
other
non-distribution
related
services
necessary
for
the
Funds
to
operate.
The
Trustees
further
considered
that
under
the
unitary
fee
structure,
DoubleLine
pays
substantially
all
of
the
operating
expenses
of
the
Funds,
except
for,
among
other
things,
the
management
fees,
taxes
and
transaction
costs,
distribution
fees
or
expenses,
and
any
extraordinary
expenses
(such
as
litigation
expenses).
Form
N-CSR
–
Items
8-11
(Cont.)
104
DoubleLine
ETF
Trust
The
Trustees
considered
that
DoubleLine
Commercial
Real
Estate
Debt
ETF,
DoubleLine
Fortune
500
Equal
Weight
ETF,
DoubleLine
Opportunistic
Core
Bond
ETF,
DoubleLine
Mortgage
ETF,
and
DoubleLine
Multi-Sector
Income
ETF
each
had
a
net
total
expense
ratio
at
or
below
the
median
of
its
peer
group.
In
considering
the
net
total
expense
ratios
of
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
and
DoubleLine
Commodity
Strategy
ETF,
the
Trustees
considered
that
while
each
Fund
had
a
net
total
expense
ratio
that
was
above
the
median
of
its
peer
group,
in
each
case,
there
were
several
peer
funds
with
higher
net
total
expense
ratios
and
that
the
ETFs’
net
total
expense
ratios
were
within
six
basis
points
of
the
median
of
their
respective
peer
group.
The
Trustees
noted
that
DoubleLine
Asset-Backed
Securities
ETF
commenced
investment
operations
on
February
28,
2025
and
that
its
Advisory
Agreement
had
previously
been
approved
for
an
initial
two-year
period.
The
Trustees
noted
that
the
Fund’s
Advisory
Agreement
would
be
approved
for
only
a
stub
period
from
February
28,
2027
through
March
25,
2027,
to
generally
align
its
term
with
the
terms
of
the
other
Advisory
Agreements
for
the
Funds
and
that
certain
information
included
above
was
not
provided
given
the
ETF’s
short
operating
history.
In
approving
the
Advisory
Agreement
for
DoubleLine
Asset-Backed
Securities
ETF,
the
Trustees
considered
the
ETF’s
short
operating
history
and
that
the
Advisory
Agreement
was
only
being
approved
for
an
additional
month
period.
CEFs
With
respect
to
the
CEFs,
the
Trustees
considered
the
information
in
the
ISS
MI
Reports
regarding
the
Funds’
performance
records
and
net
management
fees
and
net
total
expenses,
based
on
each
Fund’s
net
assets
(excluding
the
principal
amount
of
borrowings)
and,
separately,
on
each
Fund’s
total
managed
assets
(including
the
principal
amount
of
borrowings).
As
to
DoubleLine
Income
Solutions
Fund
(“DSL”),
the
Trustees
considered
that
the
Fund’s
net
management
fees
were
in
the
third
quartile
of
its
peer
group
on
both
a
net
assets
and
total
managed
assets
basis,
though
the
Fund’s
net
total
expenses
(excluding
investment
related
expenses)
was
below
the
median
of
its
expense
peer
group
on
those
bases.
The
Trustees
considered
DoubleLine’s
explanations
for
the
Fund’s
longer
term
relative
underperformance
with
the
Fund
falling
in
the
third
quartile
of
its
Morningstar
category
for
the
five-
and
ten-year
periods
ended
October
31,
2025
and
considered
the
Fund’s
stronger
more
recent
performance,
with
the
Fund
performing
in
the
second
quartile
and
the
first
quartile
of
its
Morningstar
category
for
the
one-
and
three-year
periods
ended
October
31,
2025,
respectively,
and
the
Fund
outperforming
its
index
for
the
one-,
three-,
five-,
and
ten-year
periods
ended
October
31,
2025.
As
to
DoubleLine
Opportunistic
Credit
Fund
(“DBL”),
the
Trustees
considered
that
DBL’s
net
management
fees
were
in
the
second
quartile
of
the
Fund’s
expense
group
on
a
net
assets
basis
and
in
the
fourth
quartile
of
the
expense
group
on
a
total
managed
assets
basis.
The
Trustees
also
considered
that
DBL’s
net
total
expense
ratio
(excluding
investment-related
expenses)
was
shown
in
the
ISS
MI
Reports
to
be
in
the
third
quartile
of
the
Fund’s
expense
group
on
a
net
assets
basis
and
in
the
fourth
quartile
on
a
total
managed
assets
basis.
The
Trustees
considered
that
the
Fund’s
longer
term
relative
underperformance
with
the
Fund
falling
in
the
fourth
quartile
of
its
Morningstar
category
for
the
one-,
five-
and
ten-year
periods
ended
October
31,
2025
and
noted
the
Fund’s
stronger
performance
in
the
second
quartile
of
its
Morningstar
category
for
the
three-year
period
ended
October
31,
2025.
In
considering
the
Fund’s
performance,
the
Trustees
noted
also
that
the
Fund
had
outperformed
its
index
for
the
one-,
three-,
five-
and
ten-year
periods
ended
October
31,
2025.
As
to
DoubleLine
Yield
Opportunities
Fund
(“DLY”),
the
Trustees
considered
that
the
Fund’s
relative
performance
for
the
three-year
period
ended
October
31,
2025,
was
in
the
second
quartile
of
its
Morningstar
category.
They
noted
that
the
Fund
performed
in
the
fourth
and
third
quartiles
for
the
one-
and
five-year
periods
ended
October
31,
2025,
respectively,
though
it
had
outperformed
its
index
over
the
one-,
three-,
and
five-year
periods
ended
October
31,
2025.
The
Trustees
noted
that
the
Fund’s
net
management
fees
and
net
total
expenses
(excluding
investment
related
expenses),
though
above
the
medians
and
in
the
fourth
quartile
of
its
peers
on
a
total
managed
assets
basis,
were
in
the
second
quartile
and
below
the
median
of
its
peer
group
on
a
net
assets
basis.
In
considering
the
fees
and
expenses
of
the
Fund,
the
Trustees
took
into
account
DoubleLine’s
statement
that
the
Fund’s
terms
at
its
initial
offering
differed
from
many
closed-end
funds
that
came
to
market
before
it
in
that
DoubleLine,
as
the
Fund’s
sponsor,
bore
all
of
the
Fund’s
initial
organizational
and
offering
expenses
and
that
the
Fund
has
a
limited
life,
and
that
funds
offered
pursuant
to
such
arrangements
tend
to
pay
higher
advisory
fees
than
funds
whose
sponsors
do
not
bear
those
organizational
and
offering
expenses
and
the
related
risks.
The
Trustees
considered
that
ISS
MI
had
developed
an
expense
group
comprising
Funds
with
similar
fee
and
expense
arrangements,
as
ISS
MI
reported
that
it
had
done
for
a
number
of
other
fund
families.
The
Trustees
noted
that
each
of
DSL,
DBL,
and
DLY
had
employed
leverage
during
some
or
all
of
the
periods
shown
in
the
ISS
MI
Reports,
and
considered
information
from
DoubleLine
that
they
receive
quarterly
regarding
the
estimated
spread
earned
in
respect
of
that
leverage,
after
taking
into
account
expenses
related
to
the
leverage,
including
incremental
management
fees.
(Unaudited)
March
31,
2026
Semi-Annual
Financial
Statements
and
Other
Information
|
March
31,
2026
105
Profitability.
The
Trustees
reviewed
information
as
to
general
estimates
of
DoubleLine’s
profitability
with
respect
to
each
Fund,
taking
into
account,
among
other
things,
information
about
both
the
direct
and
the
indirect
benefits
to
DoubleLine
from
managing
the
Funds.
The
Trustees
considered
information
provided
by
DoubleLine
as
to
the
methods
it
uses,
and
the
assumptions
it
makes,
in
calculating
its
profitability.
The
Trustees
considered
representations
from
DoubleLine
that
its
compensation
program,
which
is
comprised
of
several
components,
including
base
salary,
discretionary
bonus
and
potential
equity
participation
in
DoubleLine,
enables
DoubleLine
to
attract,
retain,
and
motivate
highly
qualified
and
experienced
employees.
The
Trustees
considered
that
DoubleLine
was
profitable
in
respect
of
certain
of
the
Funds,
but
noted
that
in
those
cases
it
would
be
appropriate
to
consider
that
profitability
in
light
of
various
other
considerations
such
as
the
nature,
extent,
and
quality
of
the
services
provided
by
DoubleLine,
the
relative
long-term
performance
of
the
relevant
Funds,
the
consistency
of
the
Funds’
investment
operations
over
time,
and
the
competitiveness
of
the
management
fees
(as
applicable)
and
total
operating
expenses
of
the
Funds.
The
Trustees
separately
considered
in
this
respect
information
provided
by
DoubleLine
regarding
its
reinvestment
in
its
business
to
accommodate
changing
regulatory
requirements
and
to
maintain
its
ability
to
provide
high-quality
services
to
the
Funds.
The
Trustees
considered
DoubleLine’s
view
that
the
levels
of
its
profitability
in
respect
of
DSL,
DBL,
and
DLY
are
appropriate
in
light
of
the
investment
it
has
made
in
these
Funds,
the
quality
of
the
investment
management
and
other
teams
provided
by
it,
and
its
continued
investments
in
its
own
business.
Economies
of
Scale.
In
their
evaluation
of
economies
of
scale,
the
Trustees
considered,
among
other
things,
the
pricing
of
the
Funds
and
DoubleLine’s
reported
profitability,
and
that
a
number
of
the
mutual
funds
had
achieved
significant
size,
though
some
of
the
largest
funds
have
experienced
significant
outflows
more
recently.
The
Trustees
considered
also
that
none
of
the
Funds
have
breakpoints
in
their
advisory
fee
schedules.
The
Trustees
considered
management’s
view
that
the
fee
schedules
for
the
Funds
remained
consistent
with
DoubleLine’s
original
pricing
philosophy
of
proposing
an
initial
management
fee
rate
that
generally,
when
taking
into
account
expense
limitations
(where
applicable),
reflects
reasonably
foreseeable
economies
of
scale.
In
this
regard,
the
Trustees
considered
also
that
the
information
provided
by
ISS
MI
supported
the
view
that
the
net
management
fees
of
the
largest
mutual
funds
remained
competitively
priced
against
a
peer
group
that
was
selected
based
on,
in
part,
asset
size.
The
Trustees
separately
considered
that
DoubleLine
had
agreed
to
continue
the
expense
limitation
arrangements
(where
applicable)
for
a
number
of
the
mutual
funds
at
current
levels
for
an
additional
one-year
period,
with
the
prospect
of
recouping
any
waived
fees
or
reimbursed
expenses
at
a
later
date.
In
evaluating
economies
of
scale
more
generally,
the
Trustees
also
considered
ongoing
changes
to
the
regulatory
environment,
which
required
DoubleLine
to
re-invest
in
its
business
and
infrastructure.
With
regard
to
DSL,
DBL,
and
DLY,
the
Trustees
considered
that
these
Funds
have
not
increased
in
assets
significantly
from
their
initial
offerings
due
principally
to
their
status
as
closed-end
investment
companies
and
that
there
were
therefore
no
substantial
increases
in
economies
of
scale
realized
with
respect
to
these
Funds
since
their
inception.
With
regard
to
the
ETFs,
the
Trustees
noted
that
the
ETFs
have
recently
begun
operations
and
that
none
of
the
ETFs
has
achieved
significant
scale
or
scale
that
exceeded
expectations
for
the
ETFs
at
the
time
of
their
launch.
Other
Benefits.
The
Trustees
considered
other
benefits
that
could
potentially
be
received
by
the
Adviser
and
its
affiliates
as
a
result
of
the
Adviser’s
relationship
with
the
Funds,
including
possible
ancillary
benefits
to
the
Adviser’s
retail
and
institutional
investment
management
businesses
due
to
the
reputation
and
potential
growth
of
the
Funds.
On
the
basis
of
these
considerations
as
well
as
others
and
in
the
exercise
of
their
business
judgment,
the
Trustees
determined
that
they
were
satisfied
with
the
nature,
extent,
and
quality
of
the
services
provided
to
each
Fund
under
its
Advisory
Agreement(s);
that
it
appeared
that
the
management
fees
paid
by
each
Fund
to
DoubleLine
were
generally
within
the
range
of
management
fees
paid
by
its
peer
funds,
and
generally
reasonable
in
light
of
the
services
provided,
the
quality
of
the
portfolio
management
teams,
and
each
Fund’s
performance
to
date;
that
the
historical
performance
records
of
the
Funds,
and
the
factors
cited
by
management
in
respect
of
the
underperforming
Funds,
were
consistent
with
the
continuance
of
the
Advisory
Agreement(s)
for
each
of
the
Funds;
that
the
fees
paid
by
each
Fund
did
not
appear
inappropriate
in
light
of
the
fee
schedules
charged
to
DoubleLine’s
other
clients
with
substantially
similar
investment
strategies
(where
applicable)
in
light
of
the
differences
in
the
services
provided
and
the
risks
borne
by
DoubleLine;
that
the
profitability
of
each
Fund
to
DoubleLine
did
not
appear
excessive
or
such
as
to
preclude
continuation
of
the
Fund’s
Advisory
Agreement(s);
that
the
extent
to
which
the
advisory
fees
paid
by
the
Funds
share
economies
of
scale
with
investors
Form
N-CSR
–
Items
8-11
(Cont.)
106
DoubleLine
ETF
Trust
generally
supported
the
renewal
of
each
Advisory
Agreement;
and
that
it
would
be
appropriate
to
approve
each
Advisory
Agreement
for
an
additional
one-year
period
or,
with
respect
to
DoubleLine
Asset-Backed
Securities
ETF,
an
additional
period
beginning
February
28,
2027
through
March
25,
2027.
March
31,
2026
Investment
Advisers: 
DoubleLine
ETF
Adviser
LP
and
DoubleLine
Alternatives
LP
2002
North
Tampa
Street,
Suite
200
Tampa,
FL
33602
Distributor:
Foreside
Fund
Services,
LLC
Three
Canal
Plaza,
Suite
100
Portland,
ME
04101
Administrator
and
Transfer
Agent:
JP
Morgan
Chase
Bank,
N.A.
70
Fargo
Street
Boston,
MA
02210
Custodian:
JP
Morgan
Chase
Bank,
N.A.
383
Madison
Avenue
New
York,
NY
10017
Independent
Registered
Public
Accounting
Firm:
Deloitte
&
Touche
LLP
695
Town
Center
Drive,
Suite
100
Costa
Mesa,
CA
92626
Legal
Counsel:
Ropes
&
Gray
LLP
1121
Avenue
of
the
Americas
New
York,
NY
10036
Contact
Information:
doubleline.com
(855)
937-0772
DL-SARFINANCIALS-ETF
DoubleLine
|
|
2002
North
Tampa
Street,
Suite
200
|
|
Tampa,
FL
33602
|
|
(813)
791-7333
|
|
www.doubleline.com