N-CSRS 1 primary-document.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM N-CSR
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
 
Investment Company Act file number:  811-23746

DoubleLine ETF Trust

(Exact name of registrant as specified in charter)

 

2002 N. Tampa Street, Suite 200
Tampa, FL 33602
(Address of principal executive offices) (Zip code)
 
Ronald R. Redell, President
2002 N. Tampa Street, Suite 200
Tampa, FL 33602
(Name and Address of Agent for Service)
 
Registrant’s telephone number, including area code: (813) 791-7333
 
Date of fiscal year end: September 30
 
Date of reporting period: October 1, 2023 to March 31, 2024
 
Item 1. Reports to Stockholders.
 
(a)           The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).
 
 
Semi-Annual
Report
March
31,
2024
DoubleLine
Opportunistic
Bond
ETF
NYSE:
DBND
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
NYSE:
CAPE
DoubleLine
Commercial
Real
Estate
ETF
NYSE:
DCRE
DoubleLine
Mortgage
ETF
NYSE:
DMBS
DoubleLine
Commodity
Strategy
ETF
NYSE:
DCMT
DoubleLine
Fortune
500
Equal
Weight
ETF
NYSE:
DFVE
DoubleLine
|
|
2002
North
Tampa
Street,
Suite
200
|
|
Tampa,
FL
33602
|
|
(813)
791-7333
ETFinfo@doubleline.com
|
|
www.doubleline.com
Semi-Annual
Report
|
March
31,
2024
3
Table
of
Contents
Page
President’s
Letter
4
Schedules
of
Investments
5
Statements
of
Assets
and
Liabilities
38
Statements
of
Operations
39
Statements
of
Changes
in
Net
Assets
40
Financial
Highlights
43
Notes
to
Financial
Statements
49
Shareholder
Expenses
69
Evaluation
of
Advisory
Agreements
by
the
Board
of
Trustees
70
Information
About
Proxy
Voting
79
Information
About
Portfolio
Holdings
79
Householding—Important
Notice
Regarding
Delivery
of
Shareholder
Documents
80
Privacy
Policy
81
President’s
Letter
4
DoubleLine
ETF
Trust
(Unaudited)
March
31,
2024
Dear
Shareholder,
On
behalf
of
the
team
at
DoubleLine,
I
am
pleased
to
deliver
the
Semi-Annual
Report
for
the
DoubleLine
ETF
Trust
for
the
six-
month
period
ended
March
31,
2024.
On
the
following
pages,
you
will
find
specific
information
regarding
each
Fund’s
operations
and
holdings.
If
you
have
any
questions
regarding
the
Funds,
please
don’t
hesitate
to
call
us
at
1
(855)
937-0772
or
visit
our
website
www.
doubleline.com,
where
our
investment
management
team
offers
deeper
insights
and
analysis
on
relevant
capital
market
activity
impacting
investors
today.
We
value
the
trust
that
you
have
placed
with
us,
and
we
will
continue
to
strive
to
offer
thoughtful
investment
solutions
to
our
shareholders.
Sincerely,
Ronald
R.
Redell,
CFA
President
DoubleLine
ETF
Trust
May
1,
2024
Schedule
of
Investments
DoubleLine
Opportunistic
Bond
ETF
(Unaudited)
March
31,
2024
Semi-Annual
Report
|
March
31,
2024
5
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
8.5%
Aaset
Trust
,
476,293
Series
2021-2A-A
2.80%
(a)
01/15/2047
418,074
Affirm
Asset
Securitization
Trust
,
750,000
Series
2022-A-A
4.30%
(a)
05/17/2027
745,291
528,192
Series
2023-X1-A
7.11%
(a)
11/15/2028
530,769
Aligned
Data
Centers
Issuer
LLC
,
600,000
Series
2023-1A-A2
6.00%
(a)
08/17/2048
600,866
AMSR
Trust
,
2,100,000
Series
2023-SFR2-A
3.95%
(a)
06/17/2040
1,997,414
Carvana
Auto
Receivables
Trust
,
1,000,000
Series
2023-P5-A2
5.77%
(a)
04/12/2027
1,000,411
Compass
Datacenters
Issuer
II
LLC
,
500,000
Series
2024-1A-B
7.00%
(a)
02/25/2049
500,532
CyrusOne
Data
Centers
Issuer
I
LLC
,
500,000
Series
2023-1A-A2
4.30%
(a)
04/20/2048
471,209
DataBank
Issuer
,
500,000
Series
2023-1A-A2
5.12%
(a)
02/25/2053
475,753
Diamond
Resorts
Owner
Trust
,
125,849
Series
2021-1A-A
1.51%
(a)
11/21/2033
117,999
EWC
Master
Issuer
LLC
,
491,250
Series
2022-1A-A2
5.50%
(a)
03/15/2052
468,316
GLS
Auto
Receivables
Issuer
Trust
,
181,020
Series
2021-2A-C
1.08%
(a)
06/15/2026
179,357
Greystone
CRE
Notes
Ltd.
,
240,000
Series
2021-FL3-B
(CME
Term
SOFR
1
Month
+
1.76%,
1.65%
Floor)
7.09%
(a)
07/15/2039
233,215
Hilton
Grand
Vacations
Trust
,
216,683
Series
2022-1D-C
4.69%
(a)
06/20/2034
209,104
Lendbuzz
Securitization
Trust
,
554,047
Series
2022-1A-A
4.22%
(a)
05/17/2027
544,908
Lunar
Structured
Aircraft
Portfolio
Notes
,
793,987
Series
2021-1-A
2.64%
(a)
10/15/2046
707,400
MetroNet
Infrastructure
Issuer
LLC
,
300,000
Series
2023-1A-A2
6.56%
(a)
04/20/2053
304,724
Mosaic
Solar
Loan
Trust
,
565,949
Series
2018-2GS-A
4.20%
(a)
02/22/2044
526,871
Pagaya
AI
Debt
Trust
,
281,174
Series
2023-3-A
7.60%
(a)
12/16/2030
283,166
670,000
Series
2024-1-A
6.66%
(a)
07/15/2031
672,514
PAGAYA
AI
Debt
Trust
,
104,031
Series
2022-2-A
4.97%
(a)
01/15/2030
103,567
PRET
LLC
,
326,996
Series
2022-NPL2-A1
5.24%
(a)(b)
04/25/2052
322,204
Progress
Residential
Trust
,
2,700,000
Series
2024-SFR2-A
3.30%
(a)
04/17/2041
2,469,811
Prosper
Marketplace
Issuance
Trust
,
602,032
Series
2023-1A-A
7.06%
(a)
07/16/2029
604,115
PRPM
LLC
,
986,352
Series
2022-5-A1
6.90%
(a)(b)
09/27/2027
990,358
Santander
Drive
Auto
Receivables
Trust
,
403,628
Series
2020-4-D
1.48%
01/15/2027
396,620
SEB
Funding
LLC
,
498,750
Series
2021-1A-A2
4.97%
(a)
01/30/2052
471,175
SERVPRO
Master
Issuer
LLC
,
500,000
Series
2024-1A-A2
6.17%
(a)
01/25/2054
506,997
Sierra
Timeshare
Receivables
Funding
LLC
,
209,935
Series
2019-2A-A
2.59%
(a)
05/20/2036
208,157
SMB
Private
Education
Loan
Trust
,
705,500
Series
2021-A-B
2.31%
(a)
01/15/2053
658,856
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
Theorem
Funding
Trust
,
237,824
Series
2023-1A-A
7.58%
(a)
04/15/2029
239,682
TierPoint
Issuer
LLC
,
500,000
Series
2023-1A-A2
6.00%
(a)
06/25/2053
486,297
Upstart
Securitization
Trust
,
390,732
Series
2021-4-B
1.84%
(a)
09/20/2031
383,851
1,000,000
Series
2021-5-B
2.49%
(a)
11/20/2031
983,998
Vantage
Data
Centers
Issuer
LLC
,
592,628
Series
2019-1A-A2
3.19%
(a)
07/15/2044
587,105
VOLT
C
LLC
,
298,730
Series
2021-NPL9-A1
1.99%
(a)(b)
05/25/2051
288,784
VOLT
CI
LLC
,
365,381
Series
2021-NP10-A1
1.99%
(a)(b)
05/25/2051
352,303
Washington
Mutual
WMABS
Trust
,
3,574,249
Series
2007-HE2-
2A2
(CME
Term
SOFR
1
Month
+
0.33%,
0.22%
Floor)
5.66%
02/25/2037
1,024,242
Total
Asset
Backed
Obligations
(Cost
$21,877,589)
22,066,015
BANK
LOANS
2.8%
1011778
B.C.
Unlimited
Liability
Co.
,
69,825
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.25%)
7.58%
09/20/2030
69,869
Access
CIG
LLC
,
129,587
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
5.00%,
0.50%
Floor)
10.33%
08/18/2028
129,891
Acrisure
LLC
,
99,225
Senior
Secured
First
Lien
Term
Loan
(1
Month
LIBOR
USD
+
3.50%)
(c)
8.94%
02/15/2027
99,287
Acuris
Finance
U.S.,
Inc.
,
70,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
4.00%,
0.50%
Floor)
9.45%
02/16/2028
70,011
ADMI
Corp.
,
29,695
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.75%,
0.50%
Floor)
9.19%
12/23/2027
28,748
Air
Canada
,
45,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.50%)
7.83%
03/14/2031
45,141
6
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Opportunistic
Bond
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
AlixPartners
LLP
,
89,082
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.50%,
0.50%
Floor)
7.94%
02/04/2028
89,293
Alliant
Holdings
Intermediate
LLC
,
109,450
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.50%,
0.50%
Floor)
8.83%
11/06/2030
110,021
Allied
Universal
Holdco
LLC
,
119,084
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.75%,
0.50%
Floor)
9.18%
05/12/2028
119,073
Allspring
Buyer
LLC
,
59,544
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.25%,
0.50%
Floor)
8.81%
11/01/2028
59,577
Alterra
Mountain
Co.
,
89,086
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.50%,
0.50%
Floor)
8.94%
08/17/2028
89,569
Altice
France
SA
,
30,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
5.50%)
10.81%
08/15/2028
24,009
American
Airlines,
Inc.
,
136,051
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
6
Month
+
3.50%)
8.77%
06/04/2029
136,647
Applied
Systems,
Inc.
,
85,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.50%)
8.81%
02/24/2031
85,607
10,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
5.25%)
10.56%
02/23/2032
10,372
APX
Group,
Inc.
,
114,124
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.25%,
0.50%
Floor)
10.75%
07/10/2028
114,539
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
Artera
Services
LLC
,
35,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
4.50%)
9.81%
02/15/2031
35,175
AssuredPartners,
Inc.
,
34,812
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.75%,
0.50%
Floor)
9.08%
02/12/2027
34,892
Asurion
LLC
,
54,861
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
4.25%)
9.68%
08/19/2028
53,078
athenahealth
Group,
Inc.
,
39,673
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.25%,
0.50%
Floor)
8.58%
02/15/2029
39,397
Aveanna
Healthcare
LLC
,
69,643
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.75%,
0.50%
Floor)
9.19%
07/17/2028
67,143
Bausch
&
Lomb
Corp.
,
74,058
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.25%,
0.50%
Floor)
8.68%
05/10/2027
73,373
29,850
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
4.00%)
9.33%
09/29/2028
29,887
BCPE
Empire
Holdings,
Inc.
,
119,400
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
4.00%,
0.50%
Floor)
9.33%
12/11/2028
119,669
Boxer
Parent
Co.,
Inc.
,
139,650
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
4.25%)
9.58%
12/29/2028
140,712
Brand
Industrial
Services,
Inc.
,
34,912
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
5.50%,
0.50%
Floor)
10.81%
08/01/2030
35,105
Semi-Annual
Report
|
March
31,
2024
7
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
March
31,
2024
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
Brown
Group
Holding
LLC
,
34,904
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.75%,
0.50%
Floor)
8.18%
06/07/2028
34,920
Buckeye
Partners
LP
,
15,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.00%)
7.33%
11/01/2026
15,045
Caesars
Entertainment,
Inc.
,
90,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.75%,
0.50%
Floor)
8.04%
02/06/2031
90,183
Camelot
U.S.
Acquisition
LLC
,
45,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.75%)
8.08%
01/31/2031
45,034
Carnival
Corp.
,
24,813
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.00%,
0.75%
Floor)
8.32%
08/09/2027
24,880
Catalent
Pharma
Solutions,
Inc.
,
118,772
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.00%,
0.50%
Floor)
7.44%
02/22/2028
118,847
Cengage
Learning
Acquisitions,
Inc.
,
30,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
4.25%,
1.00%
Floor)
9.58%
03/18/2031
30,005
Central
Parent
LLC
,
30,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
4.00%)
9.31%
07/06/2029
30,123
Charter
Communications
Operating
LLC
,
104,738
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.00%)
7.33%
12/07/2030
103,813
Charter
Next
Generation,
Inc.
,
35,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.50%,
0.75%
Floor)
8.83%
12/01/2027
35,103
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
CHG
Healthcare
Services,
Inc.
,
128,680
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.25%,
0.50%
Floor)
8.69%
09/29/2028
128,935
ClubCorp
Holdings,
Inc.
,
34,532
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
5.00%)
10.61%
09/18/2026
34,643
Clydesdale
Acquisition
Holdings,
Inc.
,
39,898
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.68%,
0.50%
Floor)
9.11%
04/13/2029
39,998
Cotiviti
Holdings,
Inc.
,
105,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.25%)
8.58%
02/24/2031
104,869
CSC
Holdings
LLC
,
19,896
Senior
Secured
First
Lien
Term
Loan
(1
Month
LIBOR
USD
+
2.50%)
(c)
7.94%
04/15/2027
18,042
DCert
Buyer,
Inc.
,
69,728
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
4.00%)
9.33%
10/16/2026
69,489
DG
Investment
Intermediate
Holdings
2,
Inc.
,
69,821
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.75%,
0.75%
Floor)
9.19%
03/31/2028
69,896
DIRECTV
Financing
LLC
,
10,860
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
5.00%,
0.75%
Floor)
10.44%
08/02/2027
10,887
Dynasty
Acquisition
Co.,
Inc.
,
79,625
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.50%)
8.83%
08/24/2028
79,832
Eagle
Parent
Corp.
,
35,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
4.25%,
0.50%
Floor)
9.55%
04/02/2029
34,749
8
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Opportunistic
Bond
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
Ecovyst
Catalyst
Technologies
LLC
,
30,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.50%,
0.50%
Floor)
7.91%
06/09/2028
30,023
EG
Group
Ltd.
,
35,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
5.50%,
0.50%
Floor)
11.24%
02/28/2028
34,912
Fertitta
Entertainment
LLC
,
134,063
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.75%,
0.50%
Floor)
9.08%
01/27/2029
134,538
Focus
Financial
Partners
LLC
,
114,413
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.50%,
0.50%
Floor)
7.83%
06/30/2028
114,113
Gainwell
Acquisition
Corp.
,
149,293
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
4.00%,
0.75%
Floor)
9.41%
10/01/2027
143,079
Garda
World
Security
Corp.
,
85,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
4.25%)
9.58%
02/01/2029
85,266
Genesys
Cloud
Services
Holdings
I
LLC
,
34,147
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
4.00%,
0.75%
Floor)
9.44%
12/01/2027
34,287
GIP
Pilot
Acquisition
Partners
LP
,
20,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.00%)
8.33%
10/04/2030
20,090
Great
Outdoors
Group
LLC
,
99,490
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.75%,
0.75%
Floor)
9.19%
03/06/2028
99,669
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
Grifols
Worldwide
Operations
Ltd.
,
25,507
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.00%)
7.46%
11/15/2027
24,753
Hexion
Holdings
Corp.
,
34,911
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
4.50%,
0.50%
Floor)
9.98%
03/15/2029
34,425
Husky
Injection
Molding
Systems
Ltd.
,
105,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
5.00%)
10.33%
02/01/2029
105,405
Ineos
Quattro
Holdings
UK
Ltd.
,
75,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
4.25%)
9.68%
04/02/2029
74,953
Ineos
U.S.
Finance
LLC
,
104,213
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.50%)
8.93%
02/18/2030
104,343
45,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.75%)
9.08%
02/07/2031
45,112
Kenan
Advantage
Group,
Inc.
,
80,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.75%)
9.08%
01/25/2029
80,175
Kronos
Acquisition
Holdings,
Inc.
,
29,846
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.75%,
0.50%
Floor)
9.31%
12/22/2026
29,919
LifePoint
Health,
Inc.
,
140,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
5.50%)
11.09%
11/16/2028
140,538
Lummus
Technology
Holdings
V
LLC
,
136,575
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.50%)
8.94%
12/31/2029
136,903
Semi-Annual
Report
|
March
31,
2024
9
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
March
31,
2024
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
Mavis
Tire
Express
Services
Topco
Corp.
,
68,478
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.75%,
0.75%
Floor)
9.08%
05/04/2028
68,673
McAfee
Corp.
,
29,773
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.75%,
0.50%
Floor)
9.18%
03/01/2029
29,787
Mitchell
International,
Inc.
,
34,822
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.75%,
0.50%
Floor)
9.19%
10/15/2028
34,876
MIWD
Holdco
II
LLC
,
25,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.50%)
8.83%
03/20/2031
25,148
Motion
Acquisition
Ltd.
,
145,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.50%)
9.07%
11/12/2029
144,946
Olympus
Water
U.S.
Holding
Corp.
,
59,568
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.75%,
0.50%
Floor)
9.32%
11/09/2028
59,677
Ontario
Gaming
GTA
LP
,
29,925
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
4.25%,
0.50%
Floor)
9.56%
08/01/2030
30,064
Organon
&
Co.
,
27,349
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.00%,
0.50%
Floor)
8.43%
06/02/2028
27,480
Osmosis
Buyer
Ltd.
,
138,777
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.75%,
0.50%
Floor)
9.07%
07/31/2028
139,182
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
Pacific
Dental
Services
LLC
,
90,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.25%)
8.58%
03/07/2031
90,131
Parexel
International,
Inc.
,
113,838
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.25%,
0.50%
Floor)
8.69%
11/15/2028
114,227
Penn
Entertainment,
Inc.
,
128,417
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.75%,
0.50%
Floor)
8.18%
05/03/2029
128,698
PetSmart
LLC
,
118,782
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.75%,
0.75%
Floor)
9.18%
02/11/2028
118,658
Playa
Resorts
Holding
BV
,
59,548
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.25%,
0.50%
Floor)
8.58%
01/05/2029
59,792
Pregis
TopCo
LLC
,
49,611
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.75%)
9.08%
07/31/2026
49,744
Proofpoint,
Inc.
,
128,143
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.25%,
0.50%
Floor)
8.69%
08/31/2028
128,353
Quikrete
Holdings,
Inc.
,
24,810
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.75%)
8.19%
03/19/2029
24,851
RealPage,
Inc.
,
119,084
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.00%,
0.50%
Floor)
8.44%
04/24/2028
116,016
10
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Opportunistic
Bond
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
Scientific
Games
Holdings
LP
,
44,660
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.25%,
0.50%
Floor)
8.58%
04/04/2029
44,703
SMG
U.S.
Midco
2,
Inc.
,
118,760
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.50%)
8.07%
01/23/2025
118,865
Sotera
Health
Holdings
LLC
,
115,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.75%,
0.50%
Floor)
8.19%
12/11/2026
114,808
SRS
Distribution,
Inc.
,
129,668
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.50%,
0.50%
Floor)
8.94%
06/02/2028
130,711
Station
Casinos
LLC
,
40,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.25%)
7.58%
03/14/2031
39,995
StubHub
Holdco
Sub
LLC
,
45,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
4.75%)
10.08%
03/15/2030
45,122
SWF
Holdings
I
Corp.
,
34,734
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
4.00%,
0.75%
Floor)
9.44%
10/06/2028
32,057
TK
Elevator
Midco
GmbH
,
160,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.50%)
8.83%
04/30/2030
160,722
TransDigm,
Inc.
,
49,875
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.25%)
8.60%
02/28/2031
50,175
UKG,
Inc.
,
70,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.50%)
8.81%
02/10/2031
70,448
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
United
AirLines,
Inc.
,
105,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.75%)
8.08%
02/22/2031
105,295
Vestis
Corp.
,
35,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
2.25%)
7.58%
02/22/2031
35,044
Vistra
Zero
Operating
Co.
LLC
,
20,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.00%)
8.08%
03/19/2031
20,025
Wand
Newco
3,
Inc.
,
65,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.75%)
9.08%
01/30/2031
65,259
WEC
U.S.
Holdings
Ltd.
,
120,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.75%)
8.08%
01/27/2031
120,000
WestJet
Loyalty
LP
,
80,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.75%)
9.07%
02/14/2031
80,100
Whatabrands
LLC
,
123,772
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.25%,
0.50%
Floor)
8.69%
08/03/2028
123,989
Wyndham
Hotels
&
Resorts,
Inc.
,
59,550
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.25%)
7.68%
05/24/2030
59,829
Zayo
Group
Holdings,
Inc.
,
30,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.00%)
8.44%
03/09/2027
26,409
Total
Bank
Loans
(Cost
$7,273,785)
7,335,740
COLLATERALIZED
LOAN
OBLIGATIONS
3.7%
37
Capital
CLO
4
Ltd.
,
500,000
Series
2023-2A-B
(CME
Term
SOFR
3
Month
+
2.75%,
2.75%
Floor)
8.12%
(a)
01/15/2034
502,627
Semi-Annual
Report
|
March
31,
2024
11
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
March
31,
2024
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
Bain
Capital
Credit
CLO
Ltd.
,
500,000
Series
2023-4A-C
(CME
Term
SOFR
3
Month
+
2.90%,
2.90%
Floor)
8.32%
(a)
10/21/2036
502,730
CBAM
Ltd.
,
500,000
Series
2017-2A-BR
(CME
Term
SOFR
3
Month
+
2.11%,
1.85%
Floor)
7.43%
(a)
07/17/2034
500,408
Dryden
78
CLO
Ltd.
,
500,000
Series
2020-78A-B
(CME
Term
SOFR
3
Month
+
1.76%,
1.50%
Floor)
7.08%
(a)
04/17/2033
500,324
Eaton
Vance
CLO
Ltd.
,
500,000
Series
2013-1A-A23R
(CME
Term
SOFR
3
Month
+
1.81%,
1.55%
Floor)
7.13%
(a)
01/15/2034
498,513
Empower
CLO
Ltd.
,
500,000
Series
2023-2A-B
(CME
Term
SOFR
3
Month
+
2.75%,
2.75%
Floor)
8.06%
(a)
07/15/2036
503,605
LoanCore
Issuer
Ltd.
,
164,263
Series
2021-CRE5-A
(CME
Term
SOFR
1
Month
+
1.41%,
1.41%
Floor)
6.74%
(a)
07/15/2036
163,516
Marble
Point
CLO
XI
Ltd.
,
500,000
Series
2017-2A-B
(CME
Term
SOFR
3
Month
+
1.76%,
1.50%
Floor)
7.06%
(a)
12/18/2030
500,305
MF1
Ltd.
,
150,849
Series
2021-FL7-A
(CME
Term
SOFR
1
Month
+
1.19%,
1.08%
Floor)
6.52%
(a)
10/16/2036
150,119
Octagon
Investment
Partners
45
Ltd.
,
500,000
Series
2019-1A-BR
(CME
Term
SOFR
3
Month
+
1.85%,
1.85%
Floor)
7.16%
(a)
04/15/2035
495,950
Park
Avenue
Institutional
Advisers
CLO
Ltd.
,
500,000
Series
2018-1A-BR
(CME
Term
SOFR
3
Month
+
2.36%,
2.10%
Floor)
7.68%
(a)
10/20/2031
500,639
Race
Point
IX
CLO
Ltd.
,
1,000,000
Series
2015-9A-BR
(CME
Term
SOFR
3
Month
+
2.41%,
0.26%
Floor)
7.73%
(a)
10/15/2030
998,012
Sound
Point
CLO
XXXI
Ltd.
,
500,000
Series
2021-3A-D
(CME
Term
SOFR
3
Month
+
3.51%,
3.25%
Floor)
8.84%
(a)
10/25/2034
485,979
Steele
Creek
CLO
Ltd.
,
795,767
Series
2017-1A-A
(CME
Term
SOFR
3
Month
+
1.51%)
6.83%
(a)
10/15/2030
796,466
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
STWD
Ltd.
,
300,000
Series
2019-FL1-AS
(CME
Term
SOFR
1
Month
+
1.51%,
1.51%
Floor)
6.84%
(a)
07/15/2038
296,269
142,152
Series
2021-FL2-A
(CME
Term
SOFR
1
Month
+
1.31%,
1.20%
Floor)
6.64%
(a)
04/18/2038
140,469
TRTX
Issuer
Ltd.
,
182,928
Series
2021-FL4-A
(CME
Term
SOFR
1
Month
+
1.31%,
1.20%
Floor)
6.64%
(a)
03/15/2038
181,362
Venture
XXVI
CLO
Ltd.
,
500,000
Series
2017-26A-BR
(CME
Term
SOFR
3
Month
+
1.96%,
1.70%
Floor)
7.28%
(a)
01/20/2029
498,132
Voya
CLO
Ltd.
,
1,000,000
Series
2013-1A-BR
(CME
Term
SOFR
3
Month
+
2.16%)
7.48%
(a)
10/15/2030
998,278
Wellfleet
CLO
Ltd.
,
500,000
Series
2017-3A-A2
(CME
Term
SOFR
3
Month
+
1.76%,
1.50%
Floor)
7.08%
(a)
01/17/2031
500,313
Total
Collateralized
Loan
Obligations
(Cost
$9,489,933)
9,714,016
FOREIGN
CORPORATE
BONDS
7.6%
AUSTRALIA
0.5%
285,000
BHP
Billiton
Finance
USA
Ltd.
5.25%
09/08/2030
289,974
185,000
Glencore
Funding
LLC
1.63%
(a)
04/27/2026
171,600
310,000
Glencore
Funding
LLC
5.37%
(a)
04/04/2029
310,723
350,000
Macquarie
Group
Ltd.
(SOFR
+
2.21%)
5.11%
(a)
08/09/2026
348,281
355,000
Westpac
Banking
Corp.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.53%)
3.02%
11/18/2036
291,947
1,412,525
BERMUDA
0.1%
325,000
Triton
Container
International
Ltd.
3.25%
03/15/2032
264,286
BRAZIL
0.8%
200,000
Banco
do
Brasil
SA
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
4.40%)
6.25%
(d)
04/15/2024
201,120
12
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Opportunistic
Bond
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
200,000
Banco
do
Estado
do
Rio
Grande
do
Sul
SA
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.93%)
5.38%
01/28/2031
193,428
200,000
Braskem
Netherlands
Finance
BV
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
8.22%)
8.50%
01/23/2081
200,727
250,000
Cosan
Overseas
Ltd.
8.25%
(d)
05/05/2024
256,094
200,000
CSN
Resources
SA
5.88%
04/08/2032
175,114
342,716
Guara
Norte
Sarl
5.20%
06/15/2034
312,958
200,000
Minerva
Luxembourg
SA
4.38%
03/18/2031
167,334
161,272
MV24
Capital
BV
6.75%
06/01/2034
151,871
314,745
Prumo
Participacoes
e
Investimentos
S/A
7.50%
12/31/2031
314,578
200,000
Simpar
Europe
SA
5.20%
01/26/2031
174,997
2,148,221
CANADA
0.4%
310,000
Bank
of
Montreal
(5
Year
Swap
Rate
USD
+
1.43%)
3.80%
12/15/2032
289,348
90,000
Bombardier,
Inc.
7.88%
(a)
04/15/2027
90,119
75,000
Bombardier,
Inc.
8.75%
(a)
11/15/2030
80,177
30,000
Garda
World
Security
Corp.
4.63%
(a)
02/15/2027
28,767
35,000
Garda
World
Security
Corp.
6.00%
(a)
06/01/2029
31,369
140,000
Husky
Injection
Molding
Systems
Ltd.
9.00%
(a)
02/15/2029
144,952
80,000
Parkland
Corp.
4.63%
(a)
05/01/2030
73,823
145,000
Royal
Bank
of
Canada
5.15%
02/01/2034
145,206
85,000
Titan
Acquisition
Ltd.
7.75%
(a)
04/15/2026
84,971
968,732
CAYMAN
ISLANDS
0.1%
212,431
Global
Aircraft
Leasing
Co.
Ltd.
6.50%
(a)
09/15/2024
202,269
CHILE
0.4%
200,000
Agrosuper
SA
4.60%
01/20/2032
172,917
400,000
CAP
SA
3.90%
04/27/2031
314,466
198,056
Chile
Electricity
PEC
SpA
0.00%
01/25/2028
155,771
258,880
GNL
Quintero
SA
4.63%
07/31/2029
253,437
896,591
CHINA
0.2%
595,000
NXP
BV
3.88%
06/18/2026
577,765
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
COLOMBIA
0.7%
206,250
AI
Candelaria
Spain
SA
7.50%
12/15/2028
202,147
250,000
AI
Candelaria
Spain
SA
5.75%
06/15/2033
203,090
200,000
Banco
de
Bogota
SA
6.25%
05/12/2026
200,086
300,000
Banco
GNB
Sudameris
SA
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.56%)
7.05%
04/03/2027
299,942
200,000
Bancolombia
SA
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.94%)
4.63%
12/18/2029
195,083
200,000
Canacol
Energy
Ltd.
5.75%
11/24/2028
88,674
200,000
Empresas
Publicas
de
Medellin
ESP
4.25%
07/18/2029
173,826
171,860
Fideicomiso
PA
Pacifico
Tres
8.25%
01/15/2035
163,388
400,000
Geopark
Ltd.
5.50%
01/17/2027
363,620
1,889,856
GUATEMALA
0.3%
150,000
Banco
Industrial
SA
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.44%)
4.88%
01/29/2031
143,811
400,000
CT
Trust
5.13%
02/03/2032
354,905
180,000
Millicom
International
Cellular
SA
6.25%
03/25/2029
175,908
674,624
INDIA
0.5%
177,500
Adani
International
Container
Terminal
Pvt.
Ltd.
3.00%
02/16/2031
151,446
400,000
Adani
Ports
&
Special
Economic
Zone
Ltd.
4.20%
08/04/2027
369,843
157,000
Adani
Transmission
Step-One
Ltd.
4.25%
05/21/2036
133,289
161,000
JSW
Hydro
Energy
Ltd.
4.13%
05/18/2031
142,834
200,000
Network
i2i
Ltd.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.27%)
5.65%
(d)
01/15/2025
198,827
250,000
Reliance
Industries
Ltd.
4.13%
01/28/2025
246,802
200,000
UPL
Corp.
Ltd.
4.50%
03/08/2028
171,979
1,415,020
INDONESIA
0.6%
250,000
Adaro
Indonesia
PT
4.25%
10/31/2024
246,862
200,000
Freeport
Indonesia
PT
4.76%
04/14/2027
195,776
Semi-Annual
Report
|
March
31,
2024
13
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
March
31,
2024
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
200,000
Freeport
Indonesia
PT
5.32%
04/14/2032
195,838
200,000
Indonesia
Asahan
Aluminium
PT
5.45%
05/15/2030
197,777
309,680
LLPL
Capital
Pte.
Ltd.
6.88%
02/04/2039
310,070
185,960
Minejesa
Capital
BV
4.63%
08/10/2030
176,955
200,000
Minejesa
Capital
BV
5.63%
08/10/2037
182,113
1,505,391
IRELAND
0.2%
500,000
Avolon
Holdings
Funding
Ltd.
5.75%
(a)
03/01/2029
497,927
100,000
GGAM
Finance
Ltd.
6.88%
(a)
04/15/2029
100,625
598,552
KUWAIT
0.1%
200,000
MEGlobal
Canada
ULC
5.00%
05/18/2025
197,733
MEXICO
0.9%
200,000
Banco
Mercantil
del
Norte
SA
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.64%)
5.88%
(d)
01/24/2027
190,735
200,000
Banco
Mercantil
del
Norte
SA
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
5.35%)
7.63%
(d)
01/10/2028
200,342
200,000
Banco
Nacional
de
Comercio
Exterior
SNC
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.00%)
2.72%
08/11/2031
181,160
200,000
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.00%)
7.53%
10/01/2028
208,159
400,000
BBVA
Bancomer
SA
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.65%)
5.13%
01/18/2033
371,996
200,000
Buffalo
Energy
Mexico
Holdings
7.88%
(a)
02/15/2039
216,663
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
200,000
Cemex
SAB
de
CV
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.16%)
9.13%
(a)(d)
03/14/2028
217,396
200,000
Comision
Federal
de
Electricidad
3.35%
02/09/2031
167,485
379,272
Mexico
Generadora
de
Energia
S
de
rl
5.50%
12/06/2032
373,673
100,000
Petroleos
Mexicanos
6.75%
09/21/2047
66,578
50,000
Southern
Copper
Corp.
3.88%
04/23/2025
49,036
180,934
Tierra
Mojada
Luxembourg
II
Sarl
5.75%
12/01/2040
166,380
2,409,603
PARAGUAY
0.2%
130,161
Bioceanico
Sovereign
Certificate
Ltd.
0.00%
06/05/2034
95,689
200,000
Frigorifico
Concepcion
SA
7.70%
07/21/2028
175,424
346,667
Rutas
2
&
7
Finance
Ltd.
0.00%
09/30/2036
236,719
507,832
PERU
0.9%
50,000
Banco
de
Credito
del
Peru
S.A.
5.85%
(a)
01/11/2029
50,612
250,000
Banco
de
Credito
del
Peru
SA
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.00%)
3.13%
07/01/2030
239,590
50,000
Banco
de
Credito
del
Peru
SA
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.45%)
3.25%
09/30/2031
46,213
200,000
Banco
Internacional
del
Peru
SAA
Interbank
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.71%)
4.00%
07/08/2030
192,221
400,000
Cia
de
Minas
Buenaventura
SAA
5.50%
07/23/2026
386,153
200,000
Corp.
Financiera
de
Desarrollo
SA
(3
Month
LIBOR
USD
+
5.61%)
(c)
5.25%
07/15/2029
199,834
200,000
Inkia
Energy
Ltd.
5.88%
11/09/2027
195,888
50,000
InRetail
Shopping
Malls
5.75%
04/03/2028
48,821
87,352
Lima
Metro
Line
2
Finance
Ltd.
5.88%
07/05/2034
86,727
14
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Opportunistic
Bond
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
200,000
Minsur
SA
4.50%
10/28/2031
175,419
209,000
Orazul
Energy
Peru
SA
5.63%
04/28/2027
198,099
400,000
Petroleos
del
Peru
SA
5.63%
06/19/2047
269,064
200,000
Transportadora
de
Gas
del
Peru
SA
4.25%
04/30/2028
194,646
2,283,287
SINGAPORE
0.3%
400,000
Oversea-Chinese
Banking
Corp.
Ltd.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.58%)
1.83%
09/10/2030
378,219
400,000
United
Overseas
Bank
Ltd.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.23%)
2.00%
10/14/2031
366,593
744,812
SOUTH
AFRICA
0.2%
200,000
Gold
Fields
Orogen
Holdings
BVI
Ltd.
5.13%
05/15/2024
199,376
200,000
Sasol
Financing
USA
LLC
4.38%
09/18/2026
189,310
200,000
Sasol
Financing
USA
LLC
5.50%
03/18/2031
168,663
557,349
UNITED
KINGDOM
0.1%
190,000
BAT
Capital
Corp.
4.54%
08/15/2047
146,826
50,000
Macquarie
Airfinance
Holdings
Ltd.
6.50%
(a)
03/26/2031
50,929
197,755
VIETNAM
0.1%
230,573
Mong
Duong
Finance
Holdings
BV
5.13%
05/07/2029
220,606
Total
Foreign
Corporate
Bonds
(Cost
$19,117,722)
19,672,809
NON-AGENCY
COMMERCIAL
MORTGAGE
BACKED
OBLIGATIONS
5.4%
BANK
,
300,000
Series
2018-BN11-C
4.37%
(e)
03/15/2061
267,378
200,000
Series
2018-BN14-A3
3.97%
09/15/2060
191,349
160,000
Series
2019-BN23-A3
2.92%
12/15/2052
142,939
220,000
Series
2021-BN32-A4
2.35%
04/15/2054
188,450
300,000
Series
2021-BN38-A5
2.52%
12/15/2064
251,216
307,000
Series
2022-BNK43-C
5.23%
(e)
08/15/2055
261,123
6,004,756
Series
2023-BNK46-XA
0.62%
(e)(f)
08/15/2056
243,573
Bank
of
America
Merrill
Lynch
Commercial
Mortgage
Trust
,
266,000
Series
2016-UB10-C
4.82%
(e)
07/15/2049
249,575
197,912
Series
2017-BNK3-A3
3.31%
02/15/2050
188,871
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
BANK5
,
11,929,396
Series
2023-5YR1-XA
0.27%
(e)(f)
04/15/2056
127,847
BBCMS
Mortgage
Trust
,
300,000
Series
2021-C12-A5
2.69%
11/15/2054
255,974
180,000
Series
2021-C12-AS
2.90%
11/15/2054
151,017
250,000
Series
2021-C9-A5
2.30%
02/15/2054
210,560
100,000
Series
2022-C16-A5
4.60%
(e)
06/15/2055
97,169
200,000
Series
2022-C17-A5
4.44%
09/15/2055
192,107
250,000
Series
2023-C19-A5
5.45%
04/15/2056
257,524
Benchmark
Mortgage
Trust
,
7,533,518
Series
2018-B2-XA
0.45%
(e)(f)
02/15/2051
93,206
150,000
Series
2019-B14-ASB
2.96%
12/15/2062
141,860
189,397
Series
2020-B19-A2
1.69%
09/15/2053
177,705
250,000
Series
2021-B31-A5
2.67%
12/15/2054
211,551
250,000
Series
2022-B35-C
4.44%
(e)
05/15/2055
194,475
305,000
Series
2022-B37-C
5.75%
(e)
11/15/2055
262,443
200,000
Series
2023-B38-A4
5.52%
04/15/2056
206,455
7,096,043
Series
2023-V3-XA
0.81%
(e)(f)
07/15/2056
217,871
BMO
Mortgage
Trust
,
225,000
Series
2024-5C3-AS
6.29%
(e)
02/15/2057
230,762
BPR
Trust
,
251,000
Series
2021-TY-A
(CME
Term
SOFR
1
Month
+
1.16%,
1.05%
Floor)
6.49%
(a)
09/15/2038
249,634
Cantor
Commercial
Real
Estate
Lending
,
500,000
Series
2019-CF1-C
4.35%
(e)
05/15/2052
414,114
CFCRE
Commercial
Mortgage
Trust
,
184,634
Series
2016-C6-A2
2.95%
11/10/2049
175,467
Citigroup
Commercial
Mortgage
Trust
,
250,000
Series
2015-GC27-C
4.42%
(e)
02/10/2048
238,471
311,815
Series
2017-P7-A3
3.44%
04/14/2050
296,237
300,000
Series
2018-B2-A3
3.74%
03/10/2051
284,363
272,432
Series
2018-C5-A3
3.96%
06/10/2051
259,579
100,000
Series
2022-GC48-A5
4.58%
(e)
05/15/2054
97,163
Commercial
Mortgage
Trust
,
205,000
Series
2016-DC2-C
4.66%
(e)
02/10/2049
188,955
CSMC
Trust
,
273,000
Series
2021-B33-A2
3.17%
(a)
10/10/2043
230,247
DBJPM
Mortgage
Trust
,
290,000
Series
2016-C1-B
4.20%
(e)
05/10/2049
263,751
250,000
Series
2020-C9-ASB
1.88%
08/15/2053
223,612
Del
Amo
Fashion
Center
Trust
,
250,000
Series
2017-AMO-C
3.64%
(a)(e)
06/05/2035
220,768
FIVE
Mortgage
Trust
,
250,000
Series
2023-V1-D
6.30%
(a)(e)
02/10/2056
227,692
GS
Mortgage
Securities
Corp.
II
,
250,000
Series
2023-SHIP-A
4.32%
(a)(e)
09/10/2038
243,076
GS
Mortgage
Securities
Trust
,
9,374,207
Series
2017-GS7-XA
1.08%
(e)(f)
08/10/2050
252,300
250,000
Series
2019-GC42-A3
2.75%
09/10/2052
222,200
250,000
Series
2019-GSA1-C
3.81%
(e)
11/10/2052
210,937
IMT
Trust
,
250,000
Series
2017-APTS-AFX
3.48%
(a)
06/15/2034
247,842
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
488,140
Series
2022-NLP-A
(CME
Term
SOFR
1
Month
+
0.60%,
0.60%
Floor)
5.92%
(a)
04/15/2037
466,932
Semi-Annual
Report
|
March
31,
2024
15
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
March
31,
2024
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
JPMBB
Commercial
Mortgage
Securities
Trust
,
325,000
Series
2014-C21-B
4.34%
(e)
08/15/2047
312,143
JPMCC
Commercial
Mortgage
Securities
Trust
,
8,051,220
Series
2017-JP6-XA
1.02%
(e)(f)
07/15/2050
180,327
LSTAR
Commercial
Mortgage
Trust
,
250,000
Series
2015-3-D
3.13%
(a)(e)
04/20/2048
238,881
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
250,000
Series
2016-C31-C
4.26%
(e)
11/15/2049
208,650
Morgan
Stanley
Capital
I
Trust
,
283,000
Series
2018-L1-C
4.78%
(e)
10/15/2051
243,865
MSWF
Commercial
Mortgage
Trust
,
237,098
Series
2023-2-A1
5.96%
12/15/2056
236,593
NJ
Trust
,
250,000
Series
2023-GSP-A
6.48%
(a)(e)
01/06/2029
261,575
UBS
Commercial
Mortgage
Trust
,
273,308
Series
2017-C4-A3
3.30%
10/15/2050
256,092
200,000
Series
2018-C8-C
4.68%
(e)
02/15/2051
172,227
WB
Commercial
Mortgage
Trust
,
239,000
Series
2024-HQ-A
6.13%
(a)(e)
03/15/2040
241,162
Wells
Fargo
Commercial
Mortgage
Trust
,
247,042
Series
2015-C27-A4
3.19%
02/15/2048
242,610
250,000
Series
2015-LC22-A4
3.84%
09/15/2058
243,036
306,000
Series
2017-C41-B
4.19%
(e)
11/15/2050
270,151
320,000
Series
2018-C45-C
4.73%
06/15/2051
299,901
250,000
Series
2019-C50-C
4.35%
05/15/2052
218,657
270,000
Series
2020-C58-A3
1.81%
07/15/2053
227,865
246,000
Series
2021-C60-A3
2.06%
08/15/2054
206,920
WFRBS
Commercial
Mortgage
Trust
,
8,316,430
Series
2014-C21-XA
0.97%
(e)(f)
08/15/2047
4,607
Total
Non-Agency
Commercial
Mortgage
Backed
Obligations
(Cost
$13,935,891)
14,091,602
NON-AGENCY
RESIDENTIAL
COLLATERALIZED
MORTGAGE
OBLIGATIONS
10.3%
BRAVO
Residential
Funding
Trust
,
1,167,278
Series
2023-NQM3-A1
4.85%
(a)(b)
09/25/2062
1,139,958
1,836,611
Series
2023-NQM5-A1
6.50%
(a)(b)
06/25/2063
1,851,582
Citigroup
Mortgage
Loan
Trust
,
513,077
Series
2007-AR8-2A1A
4.47%
(e)
07/25/2037
435,094
Connecticut
Avenue
Securities
Trust
,
500,000
Series
2022-R01-
1M2
(SOFR
30
Day
Average
+
1.90%)
7.22%
(a)
12/25/2041
504,096
Cross
Mortgage
Trust
,
1,000,000
Series
2024-H1-M1
7.07%
(a)(e)
12/25/2068
998,383
Deephaven
Residential
Mortgage
Trust
,
935,524
Series
2022-2-A1
4.30%
(a)(e)
03/25/2067
895,762
FHLMC
STACR
REMIC
Trust
,
500,000
Series
2022-DNA2-
M1B
(SOFR
30
Day
Average
+
2.40%)
7.72%
(a)
02/25/2042
509,769
HOMES
Trust
,
880,619
Series
2023-NQM1-A1
6.18%
(a)(b)
01/25/2068
879,926
Legacy
Mortgage
Asset
Trust
,
417,375
Series
2021-GS2-A1
1.75%
(a)(b)
04/25/2061
405,656
New
Residential
Mortgage
Loan
Trust
,
902,002
Series
2019-RPL2-A1
3.25%
(a)(e)
02/25/2059
855,424
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
988,064
Series
2024-NQM1-A1
6.13%
(a)(b)
03/25/2064
992,953
OBX
Trust
,
1,624,561
Series
2023-NQM10-A1
6.46%
(a)(b)
10/25/2063
1,636,160
875,800
Series
2023-NQM2-A1
6.32%
(a)(b)
01/25/2062
877,130
865,377
Series
2023-NQM3-A3
6.76%
(a)(b)
02/25/2063
866,970
RFMSI
Trust
,
1,388,019
Series
2006-S4-A7
6.00%
04/25/2036
1,085,085
Structured
Asset
Mortgage
Investments
II
Trust
,
1,254,499
Series
2007-AR3-
1A3
(CME
Term
SOFR
1
Month
+
0.53%,
0.42%
Floor)
5.86%
09/25/2047
1,037,830
Towd
Point
Mortgage
Trust
,
1,708,017
Series
2018-5-A1
3.25%
(a)(e)
07/25/2058
1,599,753
2,301,163
Series
2020-2-A1A
1.64%
(a)(e)
04/25/2060
2,038,035
243,602
Series
2020-3-A1
3.09%
(a)(e)
02/25/2063
230,804
972,246
Series
2022-1-A1
3.75%
(a)(e)
07/25/2062
908,906
Verus
Securitization
Trust
,
505,370
Series
2021-8-A1
1.82%
(a)(e)
11/25/2066
434,709
1,249,968
Series
2023-4-A1
5.81%
(a)(b)
05/25/2068
1,243,842
834,383
Series
2023-INV1-A3
6.76%
(a)(b)
02/25/2068
835,910
2,424,327
Series
2023-INV3-A1
6.88%
(a)(e)
11/25/2068
2,456,908
1,277,124
Series
2024-1-A1
5.71%
(a)(b)
01/25/2069
1,270,617
WaMu
Mortgage-Backed
Pass-Through
Certificates
Trust
,
411,487
Series
2006-AR16-2A1
4.36%
(e)
12/25/2036
354,525
Wells
Fargo
Mortgage-Backed
Securities
Trust
,
287,039
Series
2006-AR14-2A1
6.37%
(e)
10/25/2036
252,060
Total
Non-Agency
Residential
Collateralized
Mortgage
Obligations
(Cost
$26,705,377)
26,597,847
US
CORPORATE
BONDS
14.4%
70,000
AAR
Escrow
Issuer
LLC
6.75%
(a)
03/15/2029
70,626
315,000
AbbVie,
Inc.
4.70%
05/14/2045
294,792
160,000
Academy
Ltd.
6.00%
(a)
11/15/2027
157,739
60,000
AdaptHealth
LLC
5.13%
(a)
03/01/2030
52,380
195,000
Advanced
Drainage
Systems,
Inc.
6.38%
(a)
06/15/2030
196,191
120,000
AEP
Transmission
Co.
LLC
5.40%
03/15/2053
119,572
40,000
Aethon
United
BR
LP
8.25%
(a)
02/15/2026
40,498
105,000
AGCO
Corp.
5.80%
03/21/2034
106,359
285,000
Air
Lease
Corp.
1.88%
08/15/2026
262,846
460,000
Alexandria
Real
Estate
Equities,
Inc.
3.00%
05/18/2051
292,319
65,000
Alliant
Holdings
Intermediate
LLC
6.75%
(a)
04/15/2028
65,525
52,000
Allied
Universal
Holdco
LLC
6.63%
(a)
07/15/2026
52,010
70,000
Allied
Universal
Holdco
LLC
9.75%
(a)
07/15/2027
70,289
105,000
Allied
Universal
Holdco
LLC
7.88%
(a)
02/15/2031
106,475
16
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Opportunistic
Bond
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
195,000
American
Airlines,
Inc.
7.25%
(a)
02/15/2028
198,183
110,000
American
Airlines,
Inc.
8.50%
(a)
05/15/2029
116,279
580,000
American
Express
Co.
(SOFR
+
1.00%)
5.10%
02/16/2028
579,305
235,000
American
Homes
4
Rent
LP
5.50%
02/01/2034
234,381
115,000
Amgen,
Inc.
5.75%
03/02/2063
117,386
80,000
Antero
Midstream
Partners
LP
6.63%
(a)
02/01/2032
80,416
150,000
Ares
Capital
Corp.
3.25%
07/15/2025
144,945
50,000
Artera
Services
LLC
8.50%
(a)
02/15/2031
51,299
220,000
AssuredPartners,
Inc.
5.63%
(a)
01/15/2029
202,906
415,000
AT&T,
Inc.
3.50%
09/15/2053
293,025
135,000
AthenaHealth
Group,
Inc.
6.50%
(a)
02/15/2030
123,613
205,000
Athene
Global
Funding
(SOFR
Compounded
Index
+
0.56%)
5.91%
(a)
08/19/2024
205,137
305,000
Athene
Holding
Ltd.
6.25%
04/01/2054
309,905
65,000
Bank
of
America
Corp.
(SOFR
+
1.11%)
3.84%
04/25/2025
64,911
60,000
Bank
of
America
Corp.
(SOFR
+
1.75%)
4.83%
07/22/2026
59,481
115,000
Bank
of
America
Corp.
(SOFR
+
1.65%)
5.47%
01/23/2035
115,793
583,000
Bank
of
America
Corp.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.20%)
2.48%
09/21/2036
466,622
180,000
Bausch
+
Lomb
Corp.
8.38%
(a)
10/01/2028
186,464
60,000
BCPE
Empire
Holdings,
Inc.
7.63%
(a)
05/01/2027
58,640
160,000
Beacon
Roofing
Supply,
Inc.
6.50%
(a)
08/01/2030
162,496
175,000
BlackRock
Funding,
Inc.
5.25%
03/14/2054
176,025
295,000
BP
Capital
Markets
America,
Inc.
4.89%
09/11/2033
293,080
75,000
Brand
Industrial
Services,
Inc.
10.38%
(a)
08/01/2030
81,294
60,000
Bristol-Myers
Squibb
Co.
5.50%
02/22/2044
61,442
225,000
Bristol-Myers
Squibb
Co.
5.55%
02/22/2054
231,586
750,000
Broadcom,
Inc.
3.50%
(a)
02/15/2041
582,468
95,000
Builders
FirstSource,
Inc.
6.38%
(a)
06/15/2032
96,489
155,000
Builders
FirstSource,
Inc.
6.38%
(a)
03/01/2034
155,833
60,000
Caesars
Entertainment,
Inc.
6.50%
(a)
02/15/2032
60,566
50,000
Calpine
Corp.
5.13%
(a)
03/15/2028
48,029
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
155,000
Campbell
Soup
Co.
5.40%
03/21/2034
156,236
210,000
Carnival
Corp.
5.75%
(a)
03/01/2027
207,976
30,000
Carrier
Global
Corp.
6.20%
03/15/2054
33,059
125,000
CCO
Holdings
LLC
5.13%
(a)
05/01/2027
119,178
145,000
CCO
Holdings
LLC
4.75%
(a)
02/01/2032
118,478
340,000
Centene
Corp.
3.00%
10/15/2030
291,818
75,000
Central
Parent
LLC
8.00%
(a)
06/15/2029
77,813
585,000
Charter
Communications
Operating
LLC
4.91%
07/23/2025
578,039
280,000
Cheniere
Energy,
Inc.
4.63%
10/15/2028
271,569
70,000
Chesapeake
Energy
Corp.
5.88%
(a)
02/01/2029
69,486
40,000
Chord
Energy
Corp.
6.38%
(a)
06/01/2026
40,196
30,000
CHS/Community
Health
Systems,
Inc.
6.00%
(a)
01/15/2029
26,244
515,000
Citigroup,
Inc.
(SOFR
+
1.35%)
3.06%
01/25/2033
437,999
95,000
Civitas
Resources,
Inc.
8.38%
(a)
07/01/2028
100,126
25,000
Clear
Channel
Outdoor
Holdings,
Inc.
7.75%
(a)
04/15/2028
21,915
145,000
CNH
Industrial
Capital
LLC
5.10%
04/20/2029
144,654
60,000
CNX
Resources
Corp.
6.00%
(a)
01/15/2029
58,803
65,000
Coty,
Inc.
5.00%
(a)
04/15/2026
64,078
235,000
Coty,
Inc.
6.63%
(a)
07/15/2030
238,828
307,000
Crown
Castle,
Inc.
3.65%
09/01/2027
291,123
365,000
CSX
Corp.
3.80%
11/01/2046
290,661
145,000
CVS
Health
Corp.
5.30%
06/01/2033
145,401
215,000
CVS
Health
Corp.
5.88%
06/01/2053
218,874
195,000
Directv
Financing
LLC
5.88%
(a)
08/15/2027
184,599
588,000
Dollar
Tree,
Inc.
4.00%
05/15/2025
578,221
120,000
Dornoch
Debt
Merger
Sub,
Inc.
6.63%
(a)
10/15/2029
106,784
235,000
DTE
Energy
Co.
5.10%
03/01/2029
234,160
90,000
Duke
Energy
Corp.
4.30%
03/15/2028
87,966
95,000
Duke
Energy
Corp.
5.00%
08/15/2052
86,085
85,000
Dun
&
Bradstreet
Corp.
(The)
5.00%
(a)
12/15/2029
78,530
250,000
Elevance
Health,
Inc.
2.38%
01/15/2025
243,921
100,000
Elevance
Health,
Inc.
4.55%
05/15/2052
87,992
115,000
EMRLD
Borrower
LP
6.63%
(a)
12/15/2030
116,247
295,000
Energy
Transfer
LP
4.75%
01/15/2026
292,063
100,000
Entergy
Louisiana
LLC
4.75%
09/15/2052
89,241
95,000
EQM
Midstream
Partners
LP
6.50%
(a)
07/01/2027
95,925
160,000
Equinix,
Inc.
3.90%
04/15/2032
144,828
270,000
Equinix,
Inc.
2.95%
09/15/2051
173,634
335,000
Essential
Utilities,
Inc.
2.70%
04/15/2030
289,671
80,000
Everi
Holdings,
Inc.
5.00%
(a)
07/15/2029
79,313
290,000
Eversource
Energy
5.50%
01/01/2034
290,228
290,000
Expedia
Group,
Inc.
5.00%
02/15/2026
288,449
325,000
Expedia
Group,
Inc.
3.25%
02/15/2030
292,656
75,000
Ferrellgas
LP
5.38%
(a)
04/01/2026
73,437
Semi-Annual
Report
|
March
31,
2024
17
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
March
31,
2024
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
35,000
Fertitta
Entertainment
LLC
6.75%
(a)
01/15/2030
31,456
290,000
Fiserv,
Inc.
5.45%
03/15/2034
293,827
175,000
Ford
Motor
Co.
3.25%
02/12/2032
145,664
210,000
Fortrea
Holdings,
Inc.
7.50%
(a)
07/01/2030
217,042
135,000
Fortress
Transportation
and
Infrastructure
Investors
LLC
7.88%
(a)
12/01/2030
141,906
60,000
Frontier
Communications
Holdings
LLC
5.88%
(a)
10/15/2027
58,135
55,000
Frontier
Communications
Holdings
LLC
8.63%
(a)
03/15/2031
56,226
65,000
Full
House
Resorts,
Inc.
8.25%
(a)
02/15/2028
62,172
115,000
Gap,
Inc.
(The)
3.88%
(a)
10/01/2031
97,396
330,000
General
Motors
Financial
Co.,
Inc.
2.40%
10/15/2028
292,201
55,000
GFL
Environmental,
Inc.
6.75%
(a)
01/15/2031
56,433
85,000
Gilead
Sciences,
Inc.
5.55%
10/15/2053
88,046
145,000
Global
Payments,
Inc.
4.95%
08/15/2027
143,924
575,000
Goldman
Sachs
Group,
Inc.
(The)
(SOFR
+
0.82%)
6.17%
09/10/2027
575,539
105,000
Griffon
Corp.
5.75%
03/01/2028
102,906
40,000
Gulfport
Energy
Corp.
8.00%
(a)
05/17/2026
40,625
320,000
HCA,
Inc.
5.25%
06/15/2049
292,303
105,000
Hewlett
Packard
Enterprise
Co.
5.90%
10/01/2024
105,174
210,000
Hilcorp
Energy
I
LP
5.75%
(a)
02/01/2029
204,734
20,000
Hilcorp
Energy
I
LP
8.38%
(a)
11/01/2033
21,700
325,000
Host
Hotels
&
Resorts
LP
3.50%
09/15/2030
289,253
55,000
HUB
International
Ltd.
7.25%
(a)
06/15/2030
56,562
290,000
Hyundai
Capital
America
5.30%
(a)
01/08/2029
290,512
280,000
Intuit,
Inc.
5.50%
09/15/2053
290,872
195,000
IQVIA,
Inc.
6.25%
02/01/2029
202,633
210,000
Iron
Mountain,
Inc.
7.00%
(a)
02/15/2029
214,232
145,000
JPMorgan
Chase
&
Co.
(SOFR
+
1.99%)
4.85%
07/25/2028
143,824
680,000
JPMorgan
Chase
&
Co.
(SOFR
+
1.26%)
2.96%
01/25/2033
580,801
265,000
Kinder
Morgan
Energy
Partners
LP
6.95%
01/15/2038
290,253
120,000
Kodiak
Gas
Services
LLC
7.25%
(a)
02/15/2029
122,310
105,000
Legacy
LifePoint
Health
LLC
4.38%
(a)
02/15/2027
100,142
70,000
Level
3
Financing,
Inc.
10.50%
(a)
05/15/2030
71,925
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
105,000
LifePoint
Health,
Inc.
11.00%
(a)
10/15/2030
112,354
50,000
Light
&
Wonder
International,
Inc.
7.25%
(a)
11/15/2029
51,362
45,000
Live
Nation
Entertainment,
Inc.
6.50%
(a)
05/15/2027
45,522
330,000
Lockheed
Martin
Corp.
5.20%
02/15/2064
326,573
85,000
Lowe's
Cos.,
Inc.
5.63%
04/15/2053
85,943
75,000
Macy's
Retail
Holdings
LLC
5.88%
(a)
04/01/2029
73,651
55,000
Madison
IAQ
LLC
4.13%
(a)
06/30/2028
50,918
110,000
Madison
IAQ
LLC
5.88%
(a)
06/30/2029
100,749
295,000
Marriott
International,
Inc.
5.30%
05/15/2034
291,888
280,000
Marvell
Technology,
Inc.
5.95%
09/15/2033
290,300
100,000
Matador
Resources
Co.
6.50%
(a)
04/15/2032
100,246
75,000
Match
Group
Holdings
II
LLC
5.00%
(a)
12/15/2027
71,933
40,000
Mavis
Tire
Express
Services
Topco
Corp.
6.50%
(a)
05/15/2029
38,081
145,000
McDonald's
Corp.
5.45%
08/14/2053
147,260
55,000
McGraw-Hill
Education,
Inc.
5.75%
(a)
08/01/2028
51,916
55,000
Medline
Borrower
LP
6.25%
(a)
04/01/2029
55,315
195,000
Medline
Borrower
LP
5.25%
(a)
10/01/2029
184,457
330,000
Meta
Platforms,
Inc.
4.45%
08/15/2052
293,611
300,000
MetLife,
Inc.
5.25%
01/15/2054
295,752
85,000
Michaels
Cos.,
Inc.
(The)
5.25%
(a)
05/01/2028
72,504
135,000
Midwest
Gaming
Borrower
LLC
4.88%
(a)
05/01/2029
125,114
25,000
Miter
Brands
Acquisition
Holdco,
Inc.
6.75%
(a)
04/01/2032
25,101
85,000
ModivCare
Escrow
Issuer,
Inc.
5.00%
(a)
10/01/2029
61,712
665,000
Morgan
Stanley
(SOFR
+
1.36%)
2.48%
09/16/2036
526,238
50,000
Nationstar
Mortgage
Holdings,
Inc.
5.75%
(a)
11/15/2031
46,165
100,000
NCL
Corp.
Ltd.
8.38%
(a)
02/01/2028
105,704
300,000
NetApp,
Inc.
1.88%
06/22/2025
287,032
130,000
Netflix,
Inc.
4.88%
04/15/2028
129,858
150,000
NextEra
Energy
Capital
Holdings,
Inc.
5.55%
03/15/2054
149,135
95,000
NGL
Energy
Operating
LLC
8.13%
(a)
02/15/2029
97,360
295,000
NiSource,
Inc.
5.35%
04/01/2034
293,514
300,000
Northrop
Grumman
Corp.
5.20%
06/01/2054
292,410
80,000
NRG
Energy,
Inc.
3.63%
(a)
02/15/2031
69,117
80,000
NuStar
Logistics
LP
6.00%
06/01/2026
79,697
18
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Opportunistic
Bond
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
135,000
Occidental
Petroleum
Corp.
6.63%
09/01/2030
143,176
40,000
OneMain
Finance
Corp.
6.88%
03/15/2025
40,447
135,000
ONEOK,
Inc.
6.63%
09/01/2053
148,884
25,000
Oracle
Corp.
6.25%
11/09/2032
26,761
35,000
Oracle
Corp.
3.80%
11/15/2037
29,366
65,000
Outfront
Media
Capital
LLC
7.38%
(a)
02/15/2031
68,136
125,000
Owens
&
Minor,
Inc.
6.63%
(a)
04/01/2030
124,170
350,000
Pacific
Gas
and
Electric
Co.
2.50%
02/01/2031
291,314
325,000
Packaging
Corp.
of
America
3.00%
12/15/2029
293,090
60,000
Pactiv
Evergreen
Group
Issuer
LLC
4.38%
(a)
10/15/2028
56,036
100,000
Panther
Escrow
Issuer
LLC
7.13%
(a)
06/01/2031
101,751
80,000
Park
Intermediate
Holdings
LLC
4.88%
(a)
05/15/2029
74,456
115,000
PennyMac
Financial
Services,
Inc.
7.88%
(a)
12/15/2029
118,271
298,000
Penske
Truck
Leasing
Co.
LP
4.20%
(a)
04/01/2027
289,595
65,000
Permian
Resources
Operating
LLC
7.00%
(a)
01/15/2032
67,476
145,000
Philip
Morris
International,
Inc.
5.25%
02/13/2034
143,781
115,000
Pike
Corp.
8.63%
(a)
01/31/2031
122,350
50,000
Post
Holdings,
Inc.
5.50%
(a)
12/15/2029
48,360
95,000
Qorvo,
Inc.
1.75%
12/15/2024
92,368
360,000
Quanta
Services,
Inc.
2.35%
01/15/2032
292,785
30,000
Realogy
Group
LLC
5.75%
(a)
01/15/2029
21,275
145,000
Regal
Rexnord
Corp.
6.05%
(a)
02/15/2026
145,825
80,000
Roller
Bearing
Co.
of
America,
Inc.
4.38%
(a)
10/15/2029
73,350
75,000
Royal
Caribbean
Cruises
Ltd.
6.25%
(a)
03/15/2032
75,645
140,000
Ryder
System,
Inc.
5.65%
03/01/2028
142,751
260,000
Sabine
Pass
Liquefaction
LLC
5.00%
03/15/2027
259,331
75,000
San
Diego
Gas
&
Electric
Co.
5.35%
04/01/2053
73,941
110,000
Scientific
Games
Holdings
LP
6.63%
(a)
03/01/2030
106,425
60,000
Sealed
Air
Corp.
7.25%
(a)
02/15/2031
62,456
95,000
Sirius
XM
Radio,
Inc.
5.50%
(a)
07/01/2029
90,551
45,000
Sitio
Royalties
Operating
Partnership
LP
7.88%
(a)
11/01/2028
46,584
546,000
Smithfield
Foods,
Inc.
4.25%
(a)
02/01/2027
524,590
310,000
Southern
Co.
(The)
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.92%)
3.75%
09/15/2051
290,201
100,000
Spirit
AeroSystems,
Inc.
9.75%
(a)
11/15/2030
111,982
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
30,000
SRS
Distribution,
Inc.
6.13%
(a)
07/01/2029
30,625
110,000
Standard
Industries,
Inc.
4.38%
(a)
07/15/2030
98,916
35,000
Staples,
Inc.
7.50%
(a)
04/15/2026
34,193
130,000
Station
Casinos
LLC
6.63%
(a)
03/15/2032
131,419
95,000
Suburban
Propane
Partners
LP
5.00%
(a)
06/01/2031
86,681
175,000
Sun
Communities
Operating
LP
2.70%
07/15/2031
144,221
280,000
Sysco
Corp.
5.95%
04/01/2030
292,031
290,000
Take-Two
Interactive
Software,
Inc.
4.95%
03/28/2028
288,999
60,000
Tallgrass
Energy
Partners
LP
7.38%
(a)
02/15/2029
60,400
125,000
Tenet
Healthcare
Corp.
6.13%
06/15/2030
124,870
145,000
T-Mobile
USA,
Inc.
5.15%
04/15/2034
144,571
145,000
T-Mobile
USA,
Inc.
5.50%
01/15/2055
144,829
155,000
Townsquare
Media,
Inc.
6.88%
(a)
02/01/2026
151,241
85,000
TransDigm,
Inc.
5.50%
11/15/2027
83,261
70,875
Transocean
Poseidon
Ltd.
6.88%
(a)
02/01/2027
71,003
50,000
Transocean,
Inc.
8.00%
(a)
02/01/2027
49,663
175,000
Trident
TPI
Holdings,
Inc.
12.75%
(a)
12/31/2028
186,933
60,000
UKG,
Inc.
6.88%
(a)
02/01/2031
61,167
50,000
United
Airlines,
Inc.
4.63%
(a)
04/15/2029
46,556
75,000
United
Natural
Foods,
Inc.
6.75%
(a)
10/15/2028
62,386
225,000
UnitedHealth
Group,
Inc.
5.05%
04/15/2053
218,687
65,000
UnitedHealth
Group,
Inc.
4.95%
05/15/2062
60,763
55,000
Univision
Communications,
Inc.
7.38%
(a)
06/30/2030
54,432
95,000
Venture
Global
LNG,
Inc.
8.13%
(a)
06/01/2028
96,977
35,000
Venture
Global
LNG,
Inc.
8.38%
(a)
06/01/2031
36,116
45,000
Venture
Global
LNG,
Inc.
9.88%
(a)
02/01/2032
48,527
285,000
Veralto
Corp.
5.35%
(a)
09/18/2028
288,863
290,000
Verizon
Communications,
Inc.
5.50%
02/23/2054
293,343
105,000
Verscend
Escrow
Corp.
9.75%
(a)
08/15/2026
105,412
135,000
Viking
Cruises
Ltd.
5.88%
(a)
09/15/2027
132,545
195,000
Viking
Cruises
Ltd.
9.13%
(a)
07/15/2031
213,405
60,000
Vistra
Operations
Co.
LLC
7.75%
(a)
10/15/2031
62,881
55,000
Vital
Energy,
Inc.
7.88%
(a)
04/15/2032
55,916
50,000
VT
Topco,
Inc.
8.50%
(a)
08/15/2030
52,827
75,000
Wand
NewCo
3,
Inc.
7.63%
(a)
01/30/2032
77,630
60,000
WASH
Multifamily
Acquisition,
Inc.
5.75%
(a)
04/15/2026
58,694
100,000
Weatherford
International
Ltd.
8.63%
(a)
04/30/2030
104,479
120,000
Wells
Fargo
&
Co.
(SOFR
+
1.98%)
4.81%
07/25/2028
118,275
Semi-Annual
Report
|
March
31,
2024
19
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
March
31,
2024
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
360,000
Wells
Fargo
&
Co.
(SOFR
+
1.74%)
5.57%
07/25/2029
364,378
335,000
Welltower
OP
LLC
2.05%
01/15/2029
291,972
90,000
Whirlpool
Corp.
5.75%
03/01/2034
90,340
190,000
Williams
Cos.,
Inc.
(The)
5.15%
03/15/2034
188,374
299,000
Willis
North
America,
Inc.
4.50%
09/15/2028
291,579
310,000
Workday,
Inc.
3.70%
04/01/2029
292,445
60,000
WR
Grace
Holdings
LLC
5.63%
(a)
08/15/2029
53,756
295,000
WRKCo,
Inc.
3.75%
03/15/2025
290,035
235,000
XHR
LP
4.88%
(a)
06/01/2029
217,745
140,000
XPO,
Inc.
7.13%
(a)
06/01/2031
143,745
Total
US
Corporate
Bonds
(Cost
$36,645,990)
37,266,930
US
GOVERNMENT
AND
AGENCY
MORTGAGE
BACKED
OBLIGATIONS
21.3%
FHLMC
STRIPS
,
2,034,403
Series
358-300
3.00%
10/15/2047
1,822,860
FHLMC
UMBS
,
1,361,666
Pool
RA7930
4.50%
09/01/2052
1,297,344
1,817,551
Pool
RA7939
5.00%
09/01/2052
1,776,592
1,371,912
Pool
SD2347
5.50%
02/01/2053
1,382,322
3,313,531
Pool
SD2969
2.50%
05/01/2052
2,787,757
1,820,363
Pool
SD3033
5.50%
05/01/2053
1,855,835
322,596
Pool
SD3454
5.50%
08/01/2053
323,638
1,623,009
Pool
SD3803
2.00%
02/01/2052
1,312,207
1,493,507
Pool
SD3892
5.50%
09/01/2053
1,493,584
1,196,818
Pool
SD4301
6.00%
11/01/2053
1,227,112
1,080,917
Pool
SD4888
6.00%
02/01/2054
1,102,938
FNMA
REMICS
,
1,160,557
Series
2017-112-ZC
3.00%
01/25/2048
913,406
1,444,154
Series
2018-53-Z
3.50%
07/25/2048
1,264,551
1,618,976
Series
2018-62-B
3.50%
09/25/2048
1,454,243
2,705,511
Series
2019-5-FE
(SOFR
30
Day
Average
+
0.56%,
0.45%
Floor,
6.50%
Cap)
5.88%
03/25/2049
2,661,670
FNMA
UMBS
,
2,126,163
Pool
BR2217
2.50%
08/01/2051
1,787,294
3,502,360
Pool
CA6032
2.50%
06/01/2050
2,949,364
1,852,758
Pool
CB4573
5.00%
09/01/2052
1,811,327
1,168,560
Pool
CB4820
4.50%
10/01/2052
1,113,418
687,845
Pool
CB6266
6.00%
05/01/2053
698,532
1,075,225
Pool
CB7272
6.00%
10/01/2053
1,092,321
982,271
Pool
CB7781
5.50%
01/01/2054
978,801
1,914,449
Pool
FS1472
3.50%
11/01/2050
1,740,384
2,784,484
Pool
FS3708
5.00%
01/01/2053
2,721,425
2,075,146
Pool
FS4165
2.50%
04/01/2052
1,744,260
1,819,864
Pool
FS5420
2.50%
03/01/2052
1,526,511
1,901,712
Pool
FS5600
2.50%
06/01/2052
1,600,175
1,009,076
Pool
FS6309
6.00%
12/01/2053
1,030,567
2,937,363
Pool
FS6517
2.50%
04/01/2052
2,474,323
GNMA
,
1,215,373
Pool
785717
3.00%
11/20/2051
1,066,200
2,898,721
Pool
786184
3.00%
02/20/2052
2,557,020
858,797
Pool
786227
3.00%
04/20/2052
753,320
1,948,808
Pool
MA5191
3.50%
05/20/2048
1,795,825
1,223,450
Series
2013-116-WU
3.00%
12/20/2042
1,180,508
1,167,272
Series
2021-58-HP
3.00%
08/20/2050
1,017,929
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
1,083,154
Series
2022-23-BA
3.00%
05/20/2049
967,983
Total
US
Government
and
Agency
Mortgage
Backed
Obligations
(Cost
$55,073,691)
55,283,546
US
GOVERNMENT
AND
AGENCY
OBLIGATIONS
23.9%
32,800,000
U.S.
Treasury
Bonds
4.75%
11/15/2043
34,035,125
1,600,000
U.S.
Treasury
Bonds
4.25%
02/15/2054
1,573,875
6,000,000
U.S.
Treasury
Notes
4.63%
02/28/2026
5,995,547
17,000,000
U.S.
Treasury
Notes
4.00%
01/31/2029
16,827,344
3,750,000
U.S.
Treasury
Notes
4.00%
02/15/2034
3,688,476
Total
US
Government
and
Agency
Obligations
(Cost
$61,724,020)
62,120,367
SHORT
TERM
INVESTMENTS
2.6%
3,342,095
JPMorgan
U.S.
Government
Money
Market
Fund
-
Class
IM
5.25%
(g)
3,342,095
3,342,095
Morgan
Stanley
Institutional
Liquidity
Funds
Government
Portfolio
-
Institutional
Share
Class
5.22%
(g)
3,342,095
Total
Short
Term
Investments
(Cost
$6,684,190)
6,684,190
Total
Investments
100.5%
(Cost
$258,528,188)
260,833,062
Liabilities
in
Excess
of
Other
Assets
(0.5)%
(1,379,324)
NET
ASSETS
100.0%
$259,453,738
20
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Opportunistic
Bond
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
INVESTMENT
BREAKDOWN
as
a
%
of
Net
Assets:
US
Government
and
Agency
Obligations
23.9
%
US
Government
and
Agency
Mortgage
Backed
Obligations
21.3
Non-Agency
Residential
Collateralized
Mortgage
Obligations
10.3
Asset
Backed
Obligations
8.5
Non-Agency
Commercial
Mortgage
Backed
Obligations
5.4
Collateralized
Loan
Obligations
3.7
Banking
3.2
Short
Term
Investments
2.6
Electric
1.7
Technology
1.5
Midstream
1.2
Metals
and
Mining
0.9
Transportation
Services
0.9
Healthcare
0.7
Government
Owned,
No
Guarantee
0.6
Finance
Companies
0.6
Food
and
Beverage
0.6
Independent
0.6
Chemicals
0.5
Retailers
0.5
Aerospace
&
Defense
0.5
Diversified
Manufacturing
0.5
Consumer
Cyclical
Services
0.4
Wireless
0.4
Pharmaceuticals
0.4
Cable
Satellite
0.4
Media
Entertainment
0.4
Building
Materials
0.4
Wirelines
0.4
Hotels,
Restaurants
&
Leisure
0.4
Health
Insurance
0.3
Software
0.3
Automotive
0.3
Oil
Field
Services
0.3
Life
0.3
Leisure
0.3
Other
REITs
0.3
P&C
0.3
Paper
0.2
Other
Industrial
0.2
Integrated
0.2
Gaming
0.2
Commercial
Services
&
Supplies
0.2
Health
Care
Providers
&
Services
0.2
INVESTMENT
BREAKDOWN
as
a
%
of
Net
Assets:
(Cont.)
Consumer
Products
0.2
%
Railroads
0.1
Local
Authority
0.1
Passenger
Airlines
0.1
Airlines
0.1
Specialty
Retail
0.1
Government
Sponsored
0.1
Tobacco
0.1
Packaging
0.1
Insurance
0.1
Natural
Gas
0.1
Office
REITs
0.1
Healthcare
REITs
0.1
Lodging
0.1
Other
Utility
0.1
Machinery
0.1
Refining
0.1
Construction
Machinery
0.1
IT
Services
0.1
Apartment
REITs
0.1
Health
Care
Equipment
&
Supplies
0.1
Restaurants
0.1
Brokerage,
Asset
Managers
&
Exchanges
0.1
Diversified
Consumer
Services
0.1
Construction
&
Engineering
0.1
Financial
Services
0.1
Media
0.1
Leisure
Products
0.1
Capital
Markets
0.1
Professional
Services
0.1
Containers
&
Packaging
0.1
Energy
Equipment
&
Services
0.1
Distributors
0.1
Entertainment
0.1
Ground
Transportation
0.0
(h)
Oil,
Gas
&
Consumable
Fuels
0.0
(h)
Environmental
0.0
(h)
Diversified
Telecommunication
Services
0.0
(h)
Building
Products
0.0
(h)
Other
Financial
0.0
(h)
Household
Durables
0.0
(h)
Household
Products
0.0
(h)
Independent
Power
and
Renewable
Electricity
Producers
0.0
(h)
Other
Assets
and
Liabilities
(0.5)
100.0
%
(a)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
buyers.
(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)
Securities
referencing
LIBOR
are
expected
to
transition
to
an
alternative
reference
rate
by
the
security's
next
scheduled
coupon
reset
date.
(d)
Perpetual
maturity.
The
date
disclosed
is
the
next
call
date
of
the
security.
(e)
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.
(f)
Interest
only
security.
(g)
Seven-day
yield
as
of
period
end.
(h)
Represents
less
than
0.05%
of
net
assets.
Semi-Annual
Report
|
March
31,
2024
21
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
March
31,
2024
Abbreviations:
FHLMC
Federal
Home
Loan
Mortgage
Corporation
FNMA
Federal
National
Mortgage
Association
GNMA
Government
National
Mortgage
Association
LIBOR
London
Interbank
Offered
Rate
SOFR
Secured
Overnight
Financing
Rate
UMBS
Uniform
Mortgage
Backed
Securities
Futures
Contracts
Description
Long/Short
Contract
Quantity
Expiration
Date
Notional
Amount
(1)
Unrealized
Appreciation
(Depreciation)
/
Value
U.S.
Treasury
5
Year
Note
Long
228
06/28/2024
$
24,399,563
$
68,985
U.S.
Treasury
2
Year
Note
Long
375
06/28/2024
76,681,641
(186,812)
$(117,827)
(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
Shiller
CAPE
®
U.S.
Equities
ETF
(Unaudited)
March
31,
2024
22
DoubleLine
ETF
Trust
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
SHARES
SECURITY
DESCRIPTION
VALUE
$
COMMON
STOCKS
99.6%
BANKS
6.5%
117,993
Bank
of
America
Corp.
4,474,295
32,784
Citigroup,
Inc.
2,073,260
8,037
Citizens
Financial
Group,
Inc.
291,663
2,286
Comerica,
Inc.
125,707
11,696
Fifth
Third
Bancorp
435,208
24,852
Huntington
Bancshares,
Inc.
346,685
49,527
JPMorgan
Chase
&
Co.
9,920,258
16,138
KeyCorp
255,142
2,859
M&T
Bank
Corp.
415,813
6,801
PNC
Financial
Services
Group,
Inc.
(The)
1,099,042
15,998
Regions
Financial
Corp.
336,598
22,977
Truist
Financial
Corp.
895,643
26,729
US
Bancorp
1,194,786
62,154
Wells
Fargo
&
Co.
3,602,446
2,565
Zions
Bancorp
NA
111,321
25,577,867
BEVERAGES
6.1%
7,815
Brown-Forman
Corp.
-
Class
B
403,410
145,335
Coca-Cola
Co.
(The)
8,891,595
6,940
Constellation
Brands,
Inc.
-
Class
A
1,886,014
44,849
Keurig
Dr
Pepper,
Inc.
1,375,519
7,943
Molson
Coors
Beverage
Co.
-
Class
B
534,167
31,718
Monster
Beverage
Corp.
(a)
1,880,243
51,467
PepsiCo,
Inc.
9,007,240
23,978,188
CAPITAL
MARKETS
5.4%
1,732
Ameriprise
Financial,
Inc.
759,378
13,152
Bank
of
New
York
Mellon
Corp.
(The)
757,818
2,391
BlackRock,
Inc.
1,993,377
12,155
Blackstone,
Inc.
1,596,802
1,809
Cboe
Global
Markets,
Inc.
332,368
25,496
Charles
Schwab
Corp.
(The)
1,844,381
6,163
CME
Group,
Inc.
1,326,832
648
FactSet
Research
Systems,
Inc.
294,445
4,820
Franklin
Resources,
Inc.
135,490
5,573
Goldman
Sachs
Group,
Inc.
(The)
2,327,786
9,783
Intercontinental
Exchange,
Inc.
1,344,478
7,675
Invesco
Ltd.
127,328
651
MarketAxess
Holdings,
Inc.
142,732
2,683
Moody's
Corp.
1,054,499
21,544
Morgan
Stanley
2,028,583
1,353
MSCI,
Inc.
758,289
5,808
Nasdaq,
Inc.
366,485
3,547
Northern
Trust
Corp.
315,399
3,221
Raymond
James
Financial,
Inc.
413,641
5,539
S&P
Global,
Inc.
2,356,568
5,286
State
Street
Corp.
408,713
3,810
T
Rowe
Price
Group,
Inc.
464,515
21,149,907
CONSUMER
FINANCE
1.0%
9,850
American
Express
Co.
2,242,747
6,532
Capital
One
Financial
Corp.
972,549
4,284
Discover
Financial
Services
561,590
7,066
Synchrony
Financial
304,686
4,081,572
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
6.9%
16,541
Costco
Wholesale
Corp.
12,118,433
9,428
Dollar
General
Corp.
1,471,334
8,998
Dollar
Tree,
Inc.
(a)
1,198,084
28,492
Kroger
Co.
(The)
1,627,748
SHARES
SECURITY
DESCRIPTION
VALUE
$
21,685
Sysco
Corp.
1,760,388
19,786
Target
Corp.
3,506,277
30,805
Walgreens
Boots
Alliance,
Inc.
668,160
79,959
Walmart,
Inc.
4,811,133
27,161,557
DIVERSIFIED
REITS
0.2%
16,709
WP
Carey,
Inc.
943,056
DIVERSIFIED
TELECOMMUNICATION
SERVICES
2.1%
225,009
AT&T,
Inc.
3,960,159
99,574
Verizon
Communications,
Inc.
4,178,125
8,138,284
ENTERTAINMENT
5.3%
27,871
Electronic
Arts,
Inc.
3,697,645
16,761
Live
Nation
Entertainment,
Inc.
(a)
1,772,811
8,417
Netflix,
Inc.
(a)
5,111,896
18,671
Take-Two
Interactive
Software,
Inc.
(a)
2,772,457
41,124
Walt
Disney
Co.
(The)
5,031,933
264,731
Warner
Bros
Discovery,
Inc.
(a)
2,311,102
20,697,844
FINANCIAL
SERVICES
8.2%
31,142
Berkshire
Hathaway,
Inc.
-
Class
B
(a)
13,095,834
1,235
Corpay,
Inc.
(a)
381,047
10,148
Fidelity
National
Information
Services,
Inc.
752,779
10,270
Fiserv,
Inc.
(a)
1,641,351
4,453
Global
Payments,
Inc.
595,188
1,243
Jack
Henry
&
Associates,
Inc.
215,946
14,156
Mastercard,
Inc.
-
Class
A
6,817,105
18,482
PayPal
Holdings,
Inc.
(a)
1,238,109
27,286
Visa,
Inc.
-
Class
A
7,614,977
32,352,336
FOOD
PRODUCTS
3.9%
22,969
Archer-Daniels-Midland
Co.
1,442,683
6,251
Bunge
Global
SA
640,853
8,443
Campbell
Soup
Co.
375,291
20,561
Conagra
Brands,
Inc.
609,428
24,910
General
Mills,
Inc.
1,742,953
6,452
Hershey
Co.
(The)
1,254,914
12,407
Hormel
Foods
Corp.
432,880
4,572
J
M
Smucker
Co.
(The)
575,478
11,347
Kellanova
650,070
34,245
Kraft
Heinz
Co.
(The)
1,263,640
6,238
Lamb
Weston
Holdings,
Inc.
664,534
10,804
McCormick
&
Co.,
Inc.
(Non-Voting)
829,855
56,514
Mondelez
International,
Inc.
-
Class
A
3,955,980
12,295
Tyson
Foods,
Inc.
-
Class
A
722,085
15,160,644
HEALTH
CARE
REITS
2.0%
29,049
Healthcare
Realty
Trust,
Inc.
-
Class
A
411,043
53,738
Healthpeak
Properties,
Inc.
1,007,588
45,650
Medical
Properties
Trust,
Inc.
214,555
18,509
Omega
Healthcare
Investors,
Inc.
586,180
17,551
Sabra
Health
Care
REIT,
Inc.
259,228
30,657
Ventas,
Inc.
1,334,806
42,210
Welltower,
Inc.
3,944,102
7,757,502
HOTEL
&
RESORT
REITS
0.3%
53,876
Host
Hotels
&
Resorts,
Inc.
1,114,156
HOUSEHOLD
PRODUCTS
5.4%
10,589
Church
&
Dwight
Co.,
Inc.
1,104,539
Semi-Annual
Report
|
March
31,
2024
23
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
March
31,
2024
SHARES
SECURITY
DESCRIPTION
VALUE
$
5,330
Clorox
Co.
(The)
816,076
35,337
Colgate-Palmolive
Co.
3,182,097
14,500
Kimberly-Clark
Corp.
1,875,575
88,000
Procter
&
Gamble
Co.
(The)
14,278,000
21,256,287
INDUSTRIAL
REITS
3.1%
20,335
Americold
Realty
Trust,
Inc.
506,748
3,550
EastGroup
Properties,
Inc.
638,183
10,088
First
Industrial
Realty
Trust,
Inc.
530,024
22,301
LXP
Industrial
Trust
201,155
69,750
Prologis,
Inc.
9,082,845
16,073
Rexford
Industrial
Realty,
Inc.
808,472
13,821
STAG
Industrial,
Inc.
531,279
12,298,706
INSURANCE
4.2%
9,107
Aflac,
Inc.
781,927
4,470
Allstate
Corp.
(The)
773,355
12,051
American
International
Group,
Inc.
942,027
3,418
Aon
plc
-
Class
A
1,140,655
6,389
Arch
Capital
Group
Ltd.
(a)
590,599
3,685
Arthur
J
Gallagher
&
Co.
921,398
901
Assurant,
Inc.
169,604
4,040
Brown
&
Brown,
Inc.
353,662
7,002
Chubb
Ltd.
1,814,428
2,683
Cincinnati
Financial
Corp.
333,148
745
Everest
Group
Ltd.
296,138
1,465
Globe
Life,
Inc.
170,482
5,146
Hartford
Financial
Services
Group,
Inc.
(The)
530,295
3,128
Loews
Corp.
244,891
8,430
Marsh
&
McLennan
Cos.,
Inc.
1,736,411
10,645
MetLife,
Inc.
788,901
3,755
Principal
Financial
Group,
Inc.
324,094
10,018
Progressive
Corp.
(The)
2,071,923
6,183
Prudential
Financial,
Inc.
725,884
3,909
Travelers
Cos.,
Inc.
(The)
899,617
3,478
W
R
Berkley
Corp.
307,594
1,764
Willis
Towers
Watson
plc
485,100
16,402,133
INTERACTIVE
MEDIA
&
SERVICES
13.1%
77,943
Alphabet,
Inc.
-
Class
A
(a)
11,763,937
65,580
Alphabet,
Inc.
-
Class
C
(a)
9,985,211
32,337
Match
Group,
Inc.
(a)
1,173,186
58,731
Meta
Platforms,
Inc.
-
Class
A
28,518,599
51,440,933
MEDIA
3.6%
10,308
Charter
Communications,
Inc.
-
Class
A
(a)
2,995,814
90,346
Comcast
Corp.
-
Class
A
3,916,499
29,236
Fox
Corp.
-
Class
A
914,210
15,603
Fox
Corp.
-
Class
B
446,558
45,202
Interpublic
Group
of
Cos.,
Inc.
(The)
1,474,941
44,849
News
Corp.
-
Class
A
1,174,147
13,543
News
Corp.
-
Class
B
366,474
23,340
Omnicom
Group,
Inc.
2,258,378
57,165
Paramount
Global
-
Class
B
672,832
14,219,853
MORTGAGE
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
0.6%
51,369
AGNC
Investment
Corp.
508,553
38,294
Annaly
Capital
Management,
Inc.
754,009
13,198
Blackstone
Mortgage
Trust,
Inc.
-
Class
A
262,772
36,847
Rithm
Capital
Corp.
411,213
SHARES
SECURITY
DESCRIPTION
VALUE
$
22,764
Starwood
Property
Trust,
Inc.
462,792
2,399,339
OFFICE
REITS
1.0%
11,946
Alexandria
Real
Estate
Equities,
Inc.
1,539,959
10,967
Boston
Properties,
Inc.
716,255
8,594
COPT
Defense
Properties
207,717
11,558
Cousins
Properties,
Inc.
277,854
12,706
Douglas
Emmett,
Inc.
176,232
6,641
JBG
SMITH
Properties
106,588
8,148
Kilroy
Realty
Corp.
296,832
1,116
NET
Lease
Office
Properties
26,561
12,233
Vornado
Realty
Trust
351,943
3,699,941
PERSONAL
CARE
PRODUCTS
0.8%
10,007
Estee
Lauder
Cos.,
Inc.
(The)
-
Class
A
1,542,579
74,072
Kenvue,
Inc.
1,589,585
3,132,164
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
1.8%
23,280
CBRE
Group,
Inc.
-
Class
A
(a)
2,263,747
31,154
CoStar
Group,
Inc.
(a)
3,009,477
2,494
Howard
Hughes
Holdings,
Inc.
(a)
181,114
3,637
Jones
Lang
LaSalle,
Inc.
(a)
709,542
44,360
Opendoor
Technologies,
Inc.
(a)
134,411
3,944
Zillow
Group,
Inc.
-
Class
A
(a)
188,760
12,181
Zillow
Group,
Inc.
-
Class
C
(a)
594,189
7,081,240
RESIDENTIAL
REITS
3.2%
24,249
American
Homes
4
Rent
-
Class
A
891,878
11,225
Apartment
Income
REIT
Corp.
-
Class
A
364,476
10,810
AvalonBay
Communities,
Inc.
2,005,903
8,131
Camden
Property
Trust
800,090
14,178
Equity
LifeStyle
Properties,
Inc.
913,063
26,291
Equity
Residential
1,659,225
4,890
Essex
Property
Trust,
Inc.
1,197,121
43,847
Invitation
Homes,
Inc.
1,561,392
8,908
Mid-America
Apartment
Communities,
Inc.
1,172,115
9,507
Sun
Communities,
Inc.
1,222,410
23,092
UDR,
Inc.
863,872
12,651,545
RETAIL
REITS
2.9%
7,675
Agree
Realty
Corp.
438,396
22,929
Brixmor
Property
Group,
Inc.
537,685
5,604
Federal
Realty
Investment
Trust
572,280
50,678
Kimco
Realty
Corp.
993,796
13,932
NNN
REIT,
Inc.
595,454
63,674
Realty
Income
Corp.
3,444,763
12,545
Regency
Centers
Corp.
759,725
24,908
Simon
Property
Group,
Inc.
3,897,853
11,239,952
SPECIALIZED
REITS
9.1%
35,084
American
Tower
Corp.
6,932,248
32,957
Crown
Castle,
Inc.
3,487,839
17,147
CubeSmart
775,387
23,137
Digital
Realty
Trust,
Inc.
3,332,653
6,019
Equinix,
Inc.
4,967,661
16,135
Extra
Space
Storage,
Inc.
2,371,845
20,350
Gaming
and
Leisure
Properties,
Inc.
937,525
22,428
Iron
Mountain,
Inc.
1,798,950
6,671
Lamar
Advertising
Co.
-
Class
A
796,584
5,919
National
Storage
Affiliates
Trust
231,788
6,035
PotlatchDeltic
Corp.
283,766
24
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.
Click
here
to
add
static
content
to
this
content
block.
SHARES
SECURITY
DESCRIPTION
VALUE
$
12,052
Public
Storage
3,495,803
10,402
Rayonier,
Inc.
345,762
8,194
SBA
Communications
Corp.
1,775,640
78,886
VICI
Properties,
Inc.
-
Class
A
2,350,014
55,650
Weyerhaeuser
Co.
1,998,392
35,881,857
TOBACCO
1.9%
76,321
Altria
Group,
Inc.
3,329,122
44,005
Philip
Morris
International,
Inc.
4,031,738
7,360,860
WIRELESS
TELECOMMUNICATION
SERVICES
1.0%
24,402
T-Mobile
US,
Inc.
3,982,895
Total
Common
Stocks
(Cost
$358,971,878)
391,160,618
SHORT
TERM
INVESTMENTS
0.2%
346,178
JPMorgan
U.S.
Government
Money
Market
Fund
-
Class
IM
5.25%
(b)
346,178
346,178
Morgan
Stanley
Institutional
Liquidity
Funds
Government
Portfolio
-
Institutional
Share
Class
5.22%
(b)
346,178
Total
Short
Term
Investments
(Cost
$692,356)
692,356
Total
Investments
99.8%
(Cost
$359,664,234)
391,852,974
Other
Assets
in
Excess
of
Liabilities
0.2%
844,359
NET
ASSETS
100.0%
$392,697,333
(a)
Non-income
producing
security.
(b)
Seven-day
yield
as
of
period
end.
Schedule
of
Investments
DoubleLine
Commercial
Real
Estate
ETF
(Unaudited)
March
31,
2024
Semi-Annual
Report
|
March
31,
2024
25
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
2.9%
AREIT
Trust
,
465,046
Series
2021-CRE5-A
(CME
Term
SOFR
1
Month
+
1.19%,
1.08%
Floor)
6.52%
(a)
11/17/2038
463,862
BDS
,
975,376
Series
2021-FL8-A
(CME
Term
SOFR
1
Month
+
1.03%,
0.92%
Floor)
6.36%
(a)
01/18/2036
975,192
BXMT
Ltd.
,
557,326
Series
2020-FL2-A
(CME
Term
SOFR
1
Month
+
1.01%,
1.01%
Floor)
6.34%
(a)
02/15/2038
537,063
HERA
Commercial
Mortgage
Ltd.
,
519,547
Series
2021-FL1-A
(CME
Term
SOFR
1
Month
+
1.16%,
1.05%
Floor)
6.49%
(a)
02/18/2038
510,026
Ready
Capital
Mortgage
Financing
LLC
,
154,570
Series
2021-FL5-A
(CME
Term
SOFR
1
Month
+
1.11%,
1.00%
Floor)
6.44%
(a)
04/25/2038
154,659
587,819
Series
2021-FL7-A
(CME
Term
SOFR
1
Month
+
1.31%,
1.20%
Floor)
6.64%
(a)
11/25/2036
586,963
Total
Asset
Backed
Obligations
(Cost
$3,176,965)
3,227,765
COLLATERALIZED
LOAN
OBLIGATIONS
18.8%
Arbor
Realty
Commercial
Real
Estate
Notes
Ltd.
,
1,158,470
Series
2021-FL1-A
(CME
Term
SOFR
1
Month
+
1.08%,
0.97%
Floor)
6.41%
(a)
12/15/2035
1,157,321
230,000
Series
2021-FL3-A
(CME
Term
SOFR
1
Month
+
1.18%,
1.18%
Floor)
6.51%
(a)
08/15/2034
229,051
BRSP
Ltd.
,
826,145
Series
2021-FL1-A
(CME
Term
SOFR
1
Month
+
1.26%,
1.15%
Floor)
6.59%
(a)
08/19/2038
817,137
BSPDF
Issuer
Ltd.
,
606,946
Series
2021-FL1-A
(CME
Term
SOFR
1
Month
+
1.31%,
1.20%
Floor)
6.64%
(a)
10/15/2036
598,846
BSPRT
Issuer
Ltd.
,
1,091,981
Series
2021-FL6-A
(CME
Term
SOFR
1
Month
+
1.21%,
1.10%
Floor)
6.54%
(a)
03/15/2036
1,085,326
CHCP
Ltd.
,
224,056
Series
2021-FL1-A
(CME
Term
SOFR
1
Month
+
1.16%,
1.05%
Floor)
6.49%
(a)
02/15/2038
223,486
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
FS
Rialto
,
1,332,077
Series
2021-FL2-A
(CME
Term
SOFR
1
Month
+
1.33%,
1.33%
Floor)
6.66%
(a)
05/16/2038
1,319,593
1,187,208
Series
2021-FL3-A
(CME
Term
SOFR
1
Month
+
1.36%,
1.36%
Floor)
6.69%
(a)
11/16/2036
1,185,142
FS
Rialto
Issuer
LLC
,
850,000
Series
2022-FL4-A
(SOFR
30
Day
Average
+
1.90%,
1.90%
Floor)
7.22%
(a)
01/19/2039
852,632
GPMT
Ltd.
,
814,516
Series
2021-FL3-A
(CME
Term
SOFR
1
Month
+
1.36%,
1.36%
Floor)
6.69%
(a)
07/16/2035
805,599
1,999,452
Series
2021-FL4-A
(CME
Term
SOFR
1
Month
+
1.46%,
1.35%
Floor)
6.79%
(a)
12/15/2036
1,959,367
HGI
CRE
CLO
Ltd.
,
846,420
Series
2021-FL2-A
(CME
Term
SOFR
1
Month
+
1.11%,
1.11%
Floor)
6.44%
(a)
09/17/2036
838,223
KREF
Ltd.
,
1,040,000
Series
2021-FL2-A
(CME
Term
SOFR
1
Month
+
1.18%,
1.07%
Floor)
6.51%
(a)
02/15/2039
1,024,324
LCCM
Trust
,
849,668
Series
2021-FL3-A
(CME
Term
SOFR
1
Month
+
1.56%,
1.56%
Floor)
6.89%
(a)
11/15/2038
840,176
LFT
CRE
Ltd.
,
1,531,201
Series
2021-FL1-A
(CME
Term
SOFR
1
Month
+
1.28%,
1.28%
Floor)
6.61%
(a)
06/15/2039
1,524,844
LoanCore
Issuer
Ltd.
,
558,493
Series
2021-CRE5-A
(CME
Term
SOFR
1
Month
+
1.41%,
1.41%
Floor)
6.74%
(a)
07/15/2036
555,954
1,171,878
Series
2021-CRE6-A
(CME
Term
SOFR
1
Month
+
1.41%,
1.30%
Floor)
6.74%
(a)
11/15/2038
1,166,106
MF1
Ltd.
,
1,088,787
Series
2021-FL6-A
(CME
Term
SOFR
1
Month
+
1.21%,
1.10%
Floor)
6.54%
(a)
07/16/2036
1,083,777
1,178,509
Series
2021-FL7-A
(CME
Term
SOFR
1
Month
+
1.19%,
1.08%
Floor)
6.52%
(a)
10/16/2036
1,172,802
26
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Commercial
Real
Estate
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
STWD
Ltd.
,
94,305
Series
2019-FL1-A
(CME
Term
SOFR
1
Month
+
1.19%,
1.19%
Floor)
6.52%
(a)
07/15/2038
93,755
1,000,000
Series
2019-FL1-AS
(CME
Term
SOFR
1
Month
+
1.51%,
1.51%
Floor)
6.84%
(a)
07/15/2038
987,562
TRTX
Issuer
Ltd.
,
1,250,000
Series
2022-FL5-A
(SOFR
30
Day
Average
+
1.65%,
1.65%
Floor)
6.97%
(a)
02/15/2039
1,243,801
Total
Collateralized
Loan
Obligations
(Cost
$20,448,236)
20,764,824
NON-AGENCY
COMMERCIAL
MORTGAGE
BACKED
OBLIGATIONS
54.6%
BAMLL
Commercial
Mortgage
Securities
Trust
,
650,000
Series
2018-DSNY-A
(CME
Term
SOFR
1
Month
+
1.15%,
1.10%
Floor)
6.47%
(a)
09/15/2034
650,085
400,000
Series
2019-RLJ-A
(CME
Term
SOFR
1
Month
+
1.10%,
1.05%
Floor)
6.42%
(a)
04/15/2036
399,900
500,000
Series
2019-RLJ-B
(CME
Term
SOFR
1
Month
+
1.40%,
1.35%
Floor)
6.72%
(a)
04/15/2036
499,483
BANK
,
259,641
Series
2019-BN22-A1
2.08%
11/15/2062
256,783
565,889
Series
2021-BN33-A1
0.61%
05/15/2064
536,663
650,000
Series
2021-BN36-A2
2.13%
09/15/2064
590,515
698,552
Series
2022-BNK39-A1
1.74%
02/15/2055
660,498
137,278
Series
2023-BNK45-A1
5.43%
02/15/2056
137,850
BANK5
,
97,150
Series
2023-5YR2-A1
6.20%
07/15/2056
98,510
22,297,777
Series
2023-5YR3-XA
0.79%
(b)(c)
09/15/2056
700,694
BBCMS
Mortgage
Trust
,
120,358
Series
2017-C1-ASB
3.49%
02/15/2050
116,983
342,060
Series
2023-C19-A1
5.70%
04/15/2056
341,822
961,116
Series
2023-C22-A1
6.36%
11/15/2056
986,163
821,000
Series
2024-5C25-A1
5.49%
03/15/2057
826,214
1,228,828
Series
2024-C24-A1
5.23%
02/15/2057
1,224,171
Benchmark
Mortgage
Trust
,
12,929,983
Series
2019-B14-XA
0.77%
(b)(c)
12/15/2062
324,315
598,096
Series
2020-B19-A2
1.69%
09/15/2053
561,172
132,508
Series
2020-B21-A1
0.54%
12/17/2053
128,707
1,433,291
Series
2023-B40-A1
5.94%
12/15/2056
1,449,161
393,338
Series
2023-V2-A1
5.85%
05/15/2055
393,764
14,082,350
Series
2023-V2-XA
0.99%
(b)(c)
05/15/2055
487,779
352,994
Series
2024-V5-A1
5.32%
01/10/2057
352,385
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
BHP
Trust
,
899,230
Series
2019-BXHP-A
(CME
Term
SOFR
1
Month
+
1.02%,
0.98%
Floor)
6.35%
(a)
08/15/2036
897,754
BMARK
,
702,248
Series
2023-V4-A1
6.45%
11/15/2056
706,415
BMO
Mortgage
Trust
,
538,445
Series
2022-C1-A1
2.20%
02/15/2055
514,393
140,533
Series
2022-C3-A1
5.25%
(b)
09/15/2054
139,787
558,740
Series
2023-5C2-A1
6.80%
11/15/2056
565,712
1,653,728
Series
2023-C7-A1
5.90%
12/15/2056
1,677,581
85,000
Series
2024-5C3-A1
5.14%
02/15/2057
84,728
BX
Commercial
Mortgage
Trust
,
870,000
Series
2019-IMC-A
(CME
Term
SOFR
1
Month
+
1.05%,
1.00%
Floor)
6.37%
(a)
04/15/2034
869,115
491,120
Series
2020-VKNG-A
(CME
Term
SOFR
1
Month
+
1.04%,
0.93%
Floor)
6.37%
(a)
10/15/2037
490,558
590,964
Series
2021-ACNT-A
(CME
Term
SOFR
1
Month
+
0.96%,
0.85%
Floor)
6.29%
(a)
11/15/2038
585,540
1,250,000
Series
2021-CIP-A
(CME
Term
SOFR
1
Month
+
1.04%,
0.92%
Floor)
6.36%
(a)
12/15/2038
1,237,839
977,413
Series
2021-XL2-A
(CME
Term
SOFR
1
Month
+
0.80%,
0.69%
Floor)
6.13%
(a)
10/15/2038
970,720
CEDR
Commercial
Mortgage
Trust
,
1,000,000
Series
2022-SNAI-A
(CME
Term
SOFR
1
Month
+
0.99%,
0.99%
Floor)
6.31%
(a)
02/15/2039
951,785
Citigroup
Commercial
Mortgage
Trust
,
145,292
Series
2014-GC21-A5
3.86%
05/10/2047
144,961
750,000
Series
2015-GC27-A5
3.14%
02/10/2048
737,909
999,938
Series
2015-P1-A4
3.46%
09/15/2048
978,084
500,000
Series
2015-P1-A5
3.72%
09/15/2048
486,404
1,250,000
Series
2016-P4-A4
2.90%
07/10/2049
1,174,376
890,901
Series
2017-P7-A3
3.44%
04/14/2050
846,393
86,492
Series
2020-GC46-A1
1.85%
02/15/2053
84,752
Cold
Storage
Trust
,
1,228,738
Series
2020-ICE5-A
(CME
Term
SOFR
1
Month
+
1.01%,
0.90%
Floor)
6.33%
(a)
11/15/2037
1,226,595
Commercial
Mortgage
Trust
,
520,000
Series
2014-CR18-AM
4.10%
07/15/2047
517,425
355,000
Series
2014-UBS5-A4
3.84%
09/10/2047
350,827
1,250,000
Series
2015-CR25-A4
3.76%
08/10/2048
1,217,562
320,000
Series
2015-LC21-A4
3.71%
07/10/2048
311,969
600,000
Series
2015-PC1-A5
3.90%
07/10/2050
587,961
Semi-Annual
Report
|
March
31,
2024
27
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
March
31,
2024
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
1,000,000
Series
2016-COR1-A4
3.09%
10/10/2049
933,432
Credit
Suisse
Mortgage
Capital
Certificates
,
1,246,898
Series
2019-ICE4-B
(CME
Term
SOFR
1
Month
+
1.28%,
1.23%
Floor)
6.60%
(a)
05/15/2036
1,246,102
CSAIL
Commercial
Mortgage
Trust
,
1,031,473
Series
2015-C3-A3
3.45%
08/15/2048
1,009,013
87,166
Series
2020-C19-A1
1.30%
03/15/2053
84,818
Extended
Stay
America
Trust
,
1,005,681
Series
2021-ESH-A
(CME
Term
SOFR
1
Month
+
1.19%,
1.08%
Floor)
6.52%
(a)
07/15/2038
1,006,012
Great
Wolf
Trust
,
367,726
Series
2019-WOLF-A
(CME
Term
SOFR
1
Month
+
1.35%,
1.12%
Floor)
6.67%
(a)
12/15/2036
367,699
GS
Mortgage
Securities
Trust
,
487,990
Series
2013-GC13-AS
3.84%
(a)(b)
07/10/2046
465,647
311,597
Series
2014-GC24-A4
3.67%
09/10/2047
310,264
200,000
Series
2015-GC28-B
3.98%
02/10/2048
194,763
1,000,000
Series
2015-GC34-A4
3.51%
10/10/2048
954,840
248,270
Series
2015-GC34-AAB
3.28%
10/10/2048
243,548
99,859
Series
2020-GC45-A1
2.02%
02/13/2053
99,076
Hilton
Orlando
Trust
,
750,000
Series
2018-ORL-B
(CME
Term
SOFR
1
Month
+
1.35%,
1.05%
Floor)
6.67%
(a)
12/15/2034
749,717
IMT
Trust
,
500,000
Series
2017-APTS-AFX
3.48%
(a)
06/15/2034
495,684
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
618,086
Series
2016-JP3-A4
2.63%
08/15/2049
580,929
JPMBB
Commercial
Mortgage
Securities
Trust
,
46,169
Series
2014-C18-A5
4.08%
02/15/2047
46,049
872,327
Series
2014-C21-A5
3.77%
08/15/2047
867,201
636,457
Series
2015-C30-A4
3.55%
07/15/2048
616,307
500,634
Series
2015-C31-A3
3.80%
08/15/2048
484,745
680,000
Series
2015-C32-A5
3.60%
11/15/2048
648,494
500,000
Series
2015-C33-AS
4.02%
12/15/2048
477,890
JPMCC
Commercial
Mortgage
Securities
Trust
,
380,671
Series
2017-JP5-A4
3.46%
03/15/2050
369,088
LCCM
Trust
,
538,125
Series
2017-LC26-A3
3.29%
(a)
07/12/2050
509,930
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
676,832
Series
2014-C17-A5
3.74%
08/15/2047
672,197
177,443
Series
2014-C18-A4
3.92%
10/15/2047
175,276
850,395
Series
2014-C19-A3
3.25%
12/15/2047
839,922
1,000,000
Series
2015-C23-AS
4.00%
(b)
07/15/2050
970,109
Morgan
Stanley
Capital
I
,
1,337,692
Series
2017-HR2-A3
3.33%
12/15/2050
1,255,954
Morgan
Stanley
Capital
I
Trust
,
1,000,000
Series
2016-UBS9-A4
3.59%
03/15/2049
954,772
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
MSWF
Commercial
Mortgage
Trust
,
1,422,590
Series
2023-2-A1
5.96%
12/15/2056
1,419,557
PFP
Ltd.
,
339,730
Series
2021-8-A
(CME
Term
SOFR
1
Month
+
1.11%,
1.00%
Floor)
6.44%
(a)
08/09/2037
337,546
UBS
Commercial
Mortgage
Trust
,
800,183
Series
2018-C8-A3
3.72%
02/15/2051
759,711
WB
Commercial
Mortgage
Trust
,
1,000,000
Series
2024-HQ-A
6.13%
(a)(b)
03/15/2040
1,009,047
Wells
Fargo
Commercial
Mortgage
Trust
,
389,646
Series
2014-LC16-A5
3.82%
08/15/2050
387,118
103,079
Series
2015-C27-A4
3.19%
02/15/2048
101,230
1,000,000
Series
2015-C27-A5
3.45%
02/15/2048
976,299
1,250,000
Series
2015-C30-A4
3.66%
09/15/2058
1,211,310
600,000
Series
2015-LC20-A3
3.09%
04/15/2050
586,959
1,000,000
Series
2015-LC22-A4
3.84%
09/15/2058
972,145
328,000
Series
2015-NXS3-AS
3.97%
(b)
09/15/2057
316,318
1,000,000
Series
2015-P2-A4
3.81%
12/15/2048
969,104
745,461
Series
2016-BNK1-A2
2.40%
08/15/2049
698,281
725,000
Series
2016-C33-A4
3.43%
03/15/2059
693,939
1,250,000
Series
2016-C34-A4
3.10%
06/15/2049
1,178,846
WFRBS
Commercial
Mortgage
Trust
,
149,254
Series
2013-C14-AS
3.49%
06/15/2046
140,484
500,000
Series
2014-C22-A5
3.75%
09/15/2057
491,271
388,533
Series
2014-C23-A4
3.65%
10/15/2057
385,863
Total
Non-Agency
Commercial
Mortgage
Backed
Obligations
(Cost
$59,646,637)
60,345,268
NON-AGENCY
RESIDENTIAL
COLLATERALIZED
MORTGAGE
OBLIGATIONS
1.4%
AREIT
Trust
,
867,253
Series
2022-CRE6-A
(SOFR
30
Day
Average
+
1.25%,
1.25%
Floor)
6.57%
(a)
01/20/2037
864,570
BXMT
Ltd.
,
703,098
Series
2020-FL3-A
(CME
Term
SOFR
1
Month
+
1.51%,
1.51%
Floor)
6.84%
(a)
11/15/2037
684,986
Total
Non-Agency
Residential
Collateralized
Mortgage
Obligations
(Cost
$1,525,579)
1,549,556
US
GOVERNMENT
AND
AGENCY
MORTGAGE
BACKED
OBLIGATIONS
17.5%
FHLMC
,
1,150,000
Pool
WN2424
5.10%
06/01/2028
1,151,750
FHLMC
Multifamily
Structured
Pass-Through
Certificates
,
350,000
Series
K068-A2
3.24%
08/25/2027
334,721
1,095,454
Series
K083-A1
3.94%
07/25/2028
1,072,045
1,720,000
Series
K509-A2
4.85%
09/25/2028
1,728,276
2,025,000
Series
K736-A2
2.28%
07/25/2026
1,921,097
2,279,855
Series
K751-A1
4.37%
03/25/2030
2,254,080
FNMA
,
1,810,000
Pool
AN1461
2.59%
05/01/2026
1,725,708
459,900
Pool
AN5468
3.22%
05/01/2027
439,968
440,283
Pool
AN7502
3.15%
11/01/2027
418,249
1,100,000
Pool
BL0240
3.54%
11/01/2025
1,071,982
690,000
Pool
BL0245
3.43%
11/01/2025
671,251
28
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Commercial
Real
Estate
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
750,000
Pool
BS7662
4.90%
03/01/2028
748,507
1,100,000
Pool
BS8040
5.14%
03/01/2028
1,103,399
750,000
Pool
BZ0238
5.79%
01/01/2029
765,930
FNMA
ACES
,
4,240,569
Series
2022-M13-A1
2.59%
(b)
04/25/2032
3,936,436
Total
US
Government
and
Agency
Mortgage
Backed
Obligations
(Cost
$19,268,230)
19,343,399
SHORT
TERM
INVESTMENTS
4.5%
2,510,863
JPMorgan
U.S.
Government
Money
Market
Fund
-
Class
IM
5.25%
(d)
2,510,863
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
2,510,863
Morgan
Stanley
Institutional
Liquidity
Funds
Government
Portfolio
-
Institutional
Share
Class
5.22%
(d)
2,510,863
Total
Short
Term
Investments
(Cost
$5,021,726)
5,021,726
Total
Investments
99.7%
(Cost
$109,087,373)
110,252,538
Other
Assets
in
Excess
of
Liabilities
0.3%
348,544
NET
ASSETS
100.0%
$110,601,082
(a)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
buyers.
(b)
Coupon
rate
is
variable
or
floats
based
on
components
including
but
not
limited
to
reference
rate
and
spread.
These
securities
may
not
indicate
a
reference
rate
and/or
spread
in
their
description.
The
rate
disclosed
is
as
of
period
end.
(c)
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
Schedule
of
Investments
DoubleLine
Mortgage
ETF
(Unaudited)
March
31,
2024
Semi-Annual
Report
|
March
31,
2024
29
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
14.6%
CIM
Trust
,
897,024
Series
2023-R4-A1
5.00%
(a)(b)
05/25/2062
885,812
Connecticut
Avenue
Securities
Trust
,
897,537
Series
2023-R07-
2M1
(SOFR
30
Day
Average
+
1.95%)
7.27%
(b)
09/25/2043
906,303
2,000,000
Series
2024-R01-
1M2
(SOFR
30
Day
Average
+
1.80%,
1.80%
Floor)
7.12%
(b)
01/25/2044
2,013,522
1,500,000
Series
2024-R02-
1M2
(SOFR
30
Day
Average
+
1.80%,
1.80%
Floor)
7.12%
(b)
02/25/2044
1,508,468
CSMC
Trust
,
942,920
Series
2018-RPL9-A
3.85%
(a)(b)
09/25/2057
893,068
1,045,781
Series
2021-RPL3-A1
2.00%
(a)(b)
01/25/2060
903,871
Deephaven
Residential
Mortgage
Trust
,
857,564
Series
2022-2-A1
4.30%
(a)(b)
03/25/2067
821,115
FHLMC
STACR
REMIC
Trust
,
680,862
Series
2021-HQA3-M1
(SOFR
30
Day
Average
+
0.85%)
6.17%
(b)
09/25/2041
678,047
1,000,000
Series
2022-DNA3-
M1B
(SOFR
30
Day
Average
+
2.90%)
8.22%
(b)
04/25/2042
1,035,399
1,633,626
Series
2023-HQA2-
M1A
(SOFR
30
Day
Average
+
2.00%)
7.32%
(b)
06/25/2043
1,646,240
6,000,000
Series
2024-DNA1-M2
(SOFR
30
Day
Average
+
1.95%)
7.27%
(b)
02/25/2044
6,026,172
6,000,000
Series
2024-HQA1-M2
(SOFR
30
Day
Average
+
2.00%)
7.32%
(b)
03/25/2044
6,016,431
New
Residential
Mortgage
Loan
Trust
,
5,780,176
Series
2024-NQM1-A1
6.13%
(b)(c)
03/25/2064
5,808,777
OBX
Trust
,
1,433,436
Series
2023-NQM10-A1
6.46%
(b)(c)
10/25/2063
1,443,670
865,373
Series
2023-NQM3-A1
5.95%
(b)(c)
02/25/2063
862,660
1,723,446
Series
2023-NQM5-A1A
6.57%
(b)(c)
06/25/2063
1,739,819
1,955,257
Series
2024-NQM1-A2
6.25%
(b)(c)
11/25/2063
1,953,473
995,252
Series
2024-NQM4-A1
6.07%
(b)(c)
01/25/2064
996,676
Verus
Securitization
Trust
,
1,705,678
Series
2023-5-A1
6.48%
(b)(c)
06/25/2068
1,713,286
947,807
Series
2023-7-A1
7.07%
(b)(c)
10/25/2068
966,065
1,924,333
Series
2023-8-A1
6.26%
(b)(c)
12/25/2068
1,931,840
969,731
Series
2023-INV3-A1
6.88%
(a)(b)
11/25/2068
982,763
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
1,964,806
Series
2024-1-A2
5.92%
(b)(c)
01/25/2069
1,954,340
Total
Non-Agency
Residential
Collateralized
Mortgage
Obligations
(Cost
$43,478,323)
43,687,817
US
GOVERNMENT
AND
AGENCY
MORTGAGE
BACKED
OBLIGATIONS
85.8%
FHLMC
REMICS
,
2,156,660
Series
4631-GF
(SOFR
30
Day
Average
+
0.61%,
0.50%
Floor,
6.50%
Cap)
5.93%
11/15/2046
2,123,462
948,693
Series
4948-E
2.50%
10/25/2048
842,164
1,382,004
Series
5008-DI
3.00%
(d)
09/25/2050
189,499
3,133,984
Series
5092-FK
(SOFR
30
Day
Average
+
0.70%,
0.70%
Floor,
4.00%
Cap)
4.00%
03/25/2051
2,340,343
3,030,641
Series
5189-BJ
2.50%
05/25/2048
2,626,791
1,837,425
Series
5202-AK
3.00%
10/25/2049
1,657,175
FHLMC
UMBS
,
5,902,555
Pool
QH2160
6.00%
10/01/2053
6,052,875
5,716,996
Pool
RA2853
2.50%
06/01/2050
4,764,678
3,162,091
Pool
RA9431
5.50%
07/01/2053
3,172,599
4,251,564
Pool
RB5166
3.00%
07/01/2042
3,798,629
4,675,188
Pool
SD0500
3.00%
08/01/2050
4,111,848
2,504,008
Pool
SD2912
5.00%
05/01/2053
2,462,934
4,806,953
Pool
SD2969
2.50%
05/01/2052
4,044,210
2,109,143
Pool
SD3139
3.50%
07/01/2052
1,889,354
4,200,695
Pool
SD3354
5.00%
06/01/2053
4,102,573
2,896,355
Pool
SD3592
5.50%
08/01/2053
2,897,717
2,904,047
Pool
SD3745
6.00%
09/01/2053
2,951,159
4,896,536
Pool
SD4270
2.00%
02/01/2052
3,952,163
4,906,129
Pool
SD4296
2.00%
02/01/2052
3,941,692
5,928,710
Pool
SD4400
2.00%
02/01/2051
4,782,836
11,114,374
Pool
SD4608
2.50%
08/01/2051
9,388,332
4,966,885
Pool
SD4650
5.00%
01/01/2054
4,880,390
4,744,193
Pool
SD4794
6.50%
01/01/2054
4,926,900
2,913,689
Pool
SD4888
6.00%
02/01/2054
2,973,049
6,559,770
Pool
SD7550
3.00%
02/01/2052
5,759,697
3,030,285
Pool
SD8288
5.00%
01/01/2053
2,959,471
FNMA
REMICS
,
2,500,000
Series
2016-88-B
3.00%
12/25/2056
2,102,311
3,754,176
Series
2017-89-KZ
3.50%
08/25/2047
3,161,790
1,376,568
Series
2017-99-PY
4.00%
12/25/2047
1,276,367
3,750,546
Series
2021-3-NI
2.50%
(d)
02/25/2051
552,589
2,191,447
Series
2021-88-LA
2.50%
03/25/2050
1,857,473
FNMA
UMBS
,
7,641,514
Pool
CA6032
2.50%
06/01/2050
6,434,977
3,253,320
Pool
CB6266
6.00%
05/01/2053
3,303,869
9,869,377
Pool
CB7270
6.00%
10/01/2053
10,049,145
2,946,813
Pool
CB7781
5.50%
01/01/2054
2,936,403
4,756,386
Pool
FM4752
2.50%
11/01/2050
4,007,466
6,088,457
Pool
FM7529
3.00%
05/01/2051
5,306,883
2,197,846
Pool
FM8533
2.50%
03/01/2051
1,856,763
6,383,448
Pool
FS0984
3.00%
04/01/2052
5,583,599
4,064,544
Pool
FS2040
2.00%
02/01/2052
3,226,277
5,008,063
Pool
FS2141
3.50%
06/01/2052
4,486,610
5,657,592
Pool
FS5600
2.50%
06/01/2052
4,760,519
2,886,399
Pool
FS5704
2.00%
04/01/2052
2,302,605
5,705,608
Pool
FS6476
2.50%
11/01/2051
4,800,288
4,888,435
Pool
FS6480
2.50%
11/01/2051
4,128,546
6,853,847
Pool
FS6517
2.50%
04/01/2052
5,773,419
11,807,360
Pool
FS6744
2.50%
10/01/2051
9,953,323
30
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Mortgage
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
3,964,276
Pool
FS7114
5.50%
02/01/2054
3,985,654
3,843,838
Pool
MA3357
4.00%
05/01/2048
3,628,643
4,839,152
Pool
MA4492
2.00%
12/01/2051
3,839,697
3,863,795
Pool
MA4733
4.50%
09/01/2052
3,680,729
475,508
Pool
MA5038
5.00%
06/01/2053
464,103
2,811,832
Pool
MA5039
5.50%
06/01/2053
2,799,606
FNMA/FHLMC
UMBS,
30
Year,
Single
Family
,
6,047,000
Pool
2.50%
(e)
04/25/2054
4,999,023
GNMA
,
11,282,624
Pool
785730
3.00%
11/20/2051
9,904,558
9,022,161
Pool
786184
3.00%
02/20/2052
7,958,627
2,878,299
Pool
786540
3.50%
02/20/2050
2,665,935
3,002,092
Pool
MA5076
3.00%
03/20/2048
2,680,015
6,371,104
Pool
MA5191
3.50%
05/20/2048
5,870,966
6,056,574
Series
2015-124-VZ
3.50%
09/20/2045
5,543,387
1,003,828
Series
2016-116-DF
(CME
Term
SOFR
1
Month
+
0.51%,
0.40%
Floor,
6.50%
Cap)
5.84%
09/20/2046
985,262
2,583,576
Series
2016-99-TL
2.00%
04/16/2044
2,059,987
3,333,587
Series
2018-146-Z
3.50%
10/20/2048
2,986,519
1,687,141
Series
2018-22-GZ
3.00%
02/20/2048
1,469,862
1,430,441
Series
2019-31-GF
(CME
Term
SOFR
1
Month
+
0.56%,
0.45%
Floor,
6.50%
Cap)
5.89%
03/20/2049
1,410,519
7,473,185
Series
2020-151-MI
2.50%
(d)
10/20/2050
1,030,616
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
3,613,764
Series
2020-153-CI
2.50%
(d)
10/20/2050
478,708
3,005,652
Series
2020-17-IG
3.00%
(d)
02/20/2050
476,503
4,033,205
Series
2020-183-JI
2.50%
(d)
11/20/2050
563,531
2,193,812
Series
2021-142-
3.00%
(d)
08/20/2051
352,868
4,106,298
Series
2021-206-AI
3.50%
(d)
11/20/2051
729,776
6,360,748
Series
2021-57-JI
3.00%
(d)
03/20/2051
1,008,122
8,290,064
Series
2022-83-
2.50%
(d)
11/20/2051
1,153,206
5,359,448
Series
2023-24-IH
3.50%
(d)
07/20/2051
1,003,634
6,335,463
Series
2024-24-BI
3.00%
(d)
12/20/2051
1,028,401
Total
US
Government
and
Agency
Mortgage
Backed
Obligations
(Cost
$255,098,629)
256,212,219
SHORT
TERM
INVESTMENTS
1.2%
1,720,230
JPMorgan
U.S.
Government
Money
Market
Fund
-
Class
IM
5.25%
(f)
1,720,230
1,720,230
Morgan
Stanley
Institutional
Liquidity
Funds
Government
Portfolio
-
Institutional
Share
Class
5.22%
(f)
1,720,230
Total
Short
Term
Investments
(Cost
$3,440,460)
3,440,460
Total
Investments
101.6%
(Cost
$302,017,412)
303,340,496
Liabilities
in
Excess
of
Other
Assets
(1.6)%
(4,709,207)
NET
ASSETS
100.0%
$298,631,289
(a)
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.
(b)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
buyers.
(c)
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.
(d)
Interest
only
security.
(e)
Represents
or
includes
a
TBA
transaction.
(f)
Seven-day
yield
as
of
period
end.
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
Semi-Annual
Report
|
March
31,
2024
31
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
March
31,
2024
Futures
Contracts
Description
Long/Short
Contract
Quantity
Expiration
Date
Notional
Amount
(1)
Unrealized
Appreciation
(Depreciation)
/
Value
U.S.
Treasury
Long
Bond
Long
30
06/18/2024
$
3,613,125
$
43,997
U.S.
Treasury
5
Year
Note
Long
175
06/28/2024
18,727,734
10,176
U.S.
Treasury
2
Year
Note
Long
615
06/28/2024
125,757,891
(313,126)
U.S.
Treasury
Ultra
Bond
Short
(56)
06/18/2024
(7,224,000)
69,758
$(189,195)
(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,
2024
32
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
100.3%
582,487
JPMorgan
U.S.
Government
Money
Market
Fund
-
Class
IM
5.25%
(a)(b)
582,487
582,487
Morgan
Stanley
Institutional
Liquidity
Funds
Government
Portfolio
-
Institutional
Share
Class
5.22%
(a)(b)
582,487
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
16,400,000
U.S.
Treasury
Bills
0.00%
(b)
05/02/2024
16,325,512
4,000,000
U.S.
Treasury
Bills
0.00%
(b)
06/20/2024
3,953,676
1,500,000
U.S.
Treasury
Bills
0.00%
(b)
07/09/2024
1,478,608
2,000,000
U.S.
Treasury
Bills
0.00%
(b)
07/30/2024
1,965,630
Total
Short
Term
Investments
(Cost
$24,888,613)
24,888,400
Total
Investments
100.3%
(Cost
$24,888,613)
24,888,400
Liabilities
in
Excess
of
Other
Assets
(0.3)%
(84,887)
NET
ASSETS
100.0%
$24,803,513
(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.
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%
Termination
04/24/2024
$
21,500,000
$
224,762
$
$
224,762
Barclays
Backwardation
Tilt
Multi-Strategy
Index
(1)(2)
Barclays
Bank
Plc
Long
0.25%
Termination
04/24/2024
3,100,000
23,986
23,986
$248,748
$—
$248,748
(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
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,
2024
Semi-Annual
Report
|
March
31,
2024
33
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
SHARES
SECURITY
DESCRIPTION
VALUE
$
COMMON
STOCKS
99.9%
AEROSPACE
&
DEFENSE
1.6%
137
Boeing
Co.
(The)
(a)
26,440
101
General
Dynamics
Corp.
28,531
95
Huntington
Ingalls
Industries,
Inc.
27,690
130
L3Harris
Technologies,
Inc.
27,703
64
Lockheed
Martin
Corp.
29,112
60
Northrop
Grumman
Corp.
28,720
306
RTX
Corp.
29,844
316
Textron,
Inc.
30,314
228,354
AIR
FREIGHT
&
LOGISTICS
1.1%
373
CH
Robinson
Worldwide,
Inc.
28,400
233
Expeditors
International
of
Washington,
Inc.
28,326
114
FedEx
Corp.
33,030
529
GXO
Logistics,
Inc.
(a)
28,439
186
United
Parcel
Service,
Inc.
-
Class
B
27,645
145,840
AUTOMOBILE
COMPONENTS
1.2%
241
Autoliv,
Inc.
(Sweden)
29,024
903
BorgWarner,
Inc.
31,370
2,252
Dana,
Inc.
28,600
2,332
Goodyear
Tire
&
Rubber
Co.
(The)
(a)
32,018
204
Lear
Corp.
29,556
150,568
AUTOMOBILES
0.9%
2,308
Ford
Motor
Co.
30,650
689
General
Motors
Co.
31,246
138
Tesla,
Inc.
(a)
24,259
218
Thor
Industries,
Inc.
25,580
111,735
BANKS
3.1%
808
Bank
of
America
Corp.
30,639
497
Citigroup,
Inc.
31,430
894
Citizens
Financial
Group,
Inc.
32,443
815
Fifth
Third
Bancorp
30,326
2,128
Huntington
Bancshares,
Inc.
29,686
151
JPMorgan
Chase
&
Co.
30,245
1,959
KeyCorp
30,972
199
M&T
Bank
Corp.
28,943
189
PNC
Financial
Services
Group,
Inc.
(The)
30,542
1,491
Regions
Financial
Corp.
31,371
794
Truist
Financial
Corp.
30,950
669
US
Bancorp
29,904
505
Wells
Fargo
&
Co.
29,270
396,721
BEVERAGES
1.0%
459
Coca-Cola
Co.
(The)
28,082
112
Constellation
Brands,
Inc.
-
Class
A
30,437
939
Keurig
Dr
Pepper,
Inc.
28,799
442
Molson
Coors
Beverage
Co.
-
Class
B
29,725
164
PepsiCo,
Inc.
28,702
145,745
BIOTECHNOLOGY
1.4%
155
AbbVie,
Inc.
28,226
99
Amgen,
Inc.
28,148
124
Biogen,
Inc.
(a)
26,738
379
Gilead
Sciences,
Inc.
27,762
288
Moderna,
Inc.
(a)
30,689
27
Regeneron
Pharmaceuticals,
Inc.
(a)
25,987
SHARES
SECURITY
DESCRIPTION
VALUE
$
64
Vertex
Pharmaceuticals,
Inc.
(a)
26,753
194,303
BROADLINE
RETAIL
1.5%
159
Amazon.com,
Inc.
(a)
28,680
1,640
Coupang,
Inc.
(South
Korea)
(a)
29,176
624
eBay,
Inc.
32,935
969
Kohl's
Corp.
28,246
1,388
Macy's,
Inc.
27,746
1,278
Nordstrom,
Inc.
25,905
19,791
Qurate
Retail,
Inc.
(a)
24,343
197,031
BUILDING
PRODUCTS
1.3%
143
Builders
FirstSource,
Inc.
(a)
29,823
503
Carrier
Global
Corp.
29,239
340
Fortune
Brands
Innovations,
Inc.
28,788
361
Masco
Corp.
28,476
186
Owens
Corning
31,025
244
UFP
Industries,
Inc.
30,014
177,365
CAPITAL
MARKETS
2.8%
67
Ameriprise
Financial,
Inc.
29,375
498
Bank
of
New
York
Mellon
Corp.
(The)
28,695
34
BlackRock,
Inc.
28,346
424
Charles
Schwab
Corp.
(The)
30,672
1,022
Franklin
Resources,
Inc.
28,728
70
Goldman
Sachs
Group,
Inc.
(The)
29,238
199
Intercontinental
Exchange,
Inc.
27,349
103
LPL
Financial
Holdings,
Inc.
27,213
324
Morgan
Stanley
30,508
338
Northern
Trust
Corp.
30,055
231
Raymond
James
Financial,
Inc.
29,665
64
S&P
Global,
Inc.
27,229
377
State
Street
Corp.
29,150
411
StoneX
Group,
Inc.
(a)
28,877
405,100
CHEMICALS
3.7%
119
Air
Products
and
Chemicals,
Inc.
28,830
215
Albemarle
Corp.
28,324
185
Celanese
Corp.
-
Class
A
31,794
347
CF
Industries
Holdings,
Inc.
28,874
502
Corteva,
Inc.
28,950
492
Dow,
Inc.
28,502
398
DuPont
de
Nemours,
Inc.
30,515
321
Eastman
Chemical
Co.
32,171
124
Ecolab,
Inc.
28,632
1,082
Huntsman
Corp.
28,164
372
International
Flavors
&
Fragrances,
Inc.
31,988
887
Mosaic
Co.
(The)
28,792
530
Olin
Corp.
31,164
196
PPG
Industries,
Inc.
28,400
84
Sherwin-Williams
Co.
(The)
29,176
202
Westlake
Corp.
30,866
475,142
COMMERCIAL
SERVICES
&
SUPPLIES
0.8%
674
ABM
Industries,
Inc.
30,074
44
Cintas
Corp.
30,229
150
Republic
Services,
Inc.
28,716
133
Waste
Management,
Inc.
28,349
117,368
COMMUNICATIONS
EQUIPMENT
0.6%
574
Cisco
Systems,
Inc.
28,648
34
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Fortune
500
Equal
Weight
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
SHARES
SECURITY
DESCRIPTION
VALUE
$
15,099
CommScope
Holding
Co.,
Inc.
(a)
19,780
84
Motorola
Solutions,
Inc.
29,818
78,246
CONSTRUCTION
&
ENGINEERING
1.3%
309
AECOM
30,307
100
EMCOR
Group,
Inc.
35,020
767
Fluor
Corp.
(a)
32,429
373
MasTec,
Inc.
(a)
34,782
115
Quanta
Services,
Inc.
29,877
162,415
CONSTRUCTION
MATERIALS
0.2%
105
Vulcan
Materials
Co.
28,657
CONSUMER
FINANCE
1.0%
757
Ally
Financial,
Inc.
30,727
127
American
Express
Co.
28,917
202
Capital
One
Financial
Corp.
30,076
225
Discover
Financial
Services
29,495
675
Synchrony
Financial
29,106
148,321
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
3.4%
1,332
Albertsons
Cos.,
Inc.
-
Class
A
28,558
513
Andersons,
Inc.
(The)
29,431
381
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
28,823
92
Casey's
General
Stores,
Inc.
29,297
37
Costco
Wholesale
Corp.
27,107
192
Dollar
General
Corp.
29,964
186
Dollar
Tree,
Inc.
(a)
24,766
572
Kroger
Co.
(The)
32,678
362
Performance
Food
Group
Co.
(a)
27,020
1,336
SpartanNash
Co.
27,001
341
Sysco
Corp.
27,682
182
Target
Corp.
32,252
1,748
United
Natural
Foods,
Inc.
(a)
20,085
536
US
Foods
Holding
Corp.
(a)
28,928
1,281
Walgreens
Boots
Alliance,
Inc.
27,785
464
Walmart,
Inc.
27,919
449,296
CONTAINERS
&
PACKAGING
2.0%
129
Avery
Dennison
Corp.
28,799
442
Ball
Corp.
29,773
474
Berry
Global
Group,
Inc.
28,668
357
Crown
Holdings,
Inc.
28,296
1,063
Graphic
Packaging
Holding
Co.
31,018
810
International
Paper
Co.
31,606
158
Packaging
Corp.
of
America
29,985
491
Sonoco
Products
Co.
28,399
621
Westrock
Co.
30,708
267,252
DISTRIBUTORS
0.4%
184
Genuine
Parts
Co.
28,507
523
LKQ
Corp.
27,933
56,440
DIVERSIFIED
TELECOMMUNICATION
SERVICES
0.6%
1,646
AT&T,
Inc.
28,970
17,991
Lumen
Technologies,
Inc.
(a)
28,066
693
Verizon
Communications,
Inc.
29,078
86,114
ELECTRIC
UTILITIES
3.1%
329
American
Electric
Power
Co.,
Inc.
28,327
SHARES
SECURITY
DESCRIPTION
VALUE
$
177
Constellation
Energy
Corp.
32,718
304
Duke
Energy
Corp.
29,400
409
Edison
International
(a)
28,929
275
Entergy
Corp.
29,062
467
Eversource
Energy
27,913
765
Exelon
Corp.
28,741
751
FirstEnergy
Corp.
29,004
498
NextEra
Energy,
Inc.
31,827
513
NRG
Energy,
Inc.
34,725
1,670
PG&E
Corp.
27,989
1,048
PPL
Corp.
28,851
416
Southern
Co.
(The)
29,844
475
Xcel
Energy,
Inc.
25,531
412,861
ELECTRICAL
EQUIPMENT
0.4%
261
Emerson
Electric
Co.
29,603
98
Rockwell
Automation,
Inc.
28,550
58,153
ELECTRONIC
EQUIPMENT,
INSTRUMENTS
&
COMPONENTS
1.9%
256
Amphenol
Corp.
-
Class
A
29,530
239
Arrow
Electronics,
Inc.
(a)
30,941
602
Avnet,
Inc.
29,847
113
CDW
Corp.
28,903
862
Corning,
Inc.
28,412
151
Insight
Enterprises,
Inc.
(a)
28,014
194
Jabil,
Inc.
25,986
446
Sanmina
Corp.
(a)
27,732
271
TD
SYNNEX
Corp.
30,650
260,015
ENERGY
EQUIPMENT
&
SERVICES
0.6%
932
Baker
Hughes
Co.
31,222
792
Halliburton
Co.
31,221
62,443
ENTERTAINMENT
1.0%
296
Live
Nation
Entertainment,
Inc.
(a)
31,308
46
Netflix,
Inc.
(a)
27,937
253
Walt
Disney
Co.
(The)
30,957
3,184
Warner
Bros
Discovery,
Inc.
(a)
27,796
117,998
FINANCIAL
SERVICES
2.5%
1,077
A-Mark
Precious
Metals,
Inc.
33,053
67
Berkshire
Hathaway,
Inc.
-
Class
B
(a)
28,175
356
Block,
Inc.
-
Class
A
(a)
30,110
802
Equitable
Holdings,
Inc.
30,484
413
Fidelity
National
Information
Services,
Inc.
30,636
183
Fiserv,
Inc.
(a)
29,247
207
Global
Payments,
Inc.
27,668
528
Jackson
Financial,
Inc.
-
Class
A
34,922
58
Mastercard,
Inc.
-
Class
A
27,931
460
PayPal
Holdings,
Inc.
(a)
30,815
97
Visa,
Inc.
-
Class
A
27,071
330,112
FOOD
PRODUCTS
2.6%
524
Archer-Daniels-Midland
Co.
32,912
655
Campbell
Soup
Co.
29,115
990
Conagra
Brands,
Inc.
29,344
431
General
Mills,
Inc.
30,157
148
Hershey
Co.
(The)
28,786
896
Hormel
Foods
Corp.
31,261
240
Ingredion,
Inc.
28,044
227
J
M
Smucker
Co.
(The)
28,572
Semi-Annual
Report
|
March
31,
2024
35
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
March
31,
2024
SHARES
SECURITY
DESCRIPTION
VALUE
$
498
Kellanova
28,530
773
Kraft
Heinz
Co.
(The)
28,524
378
Mondelez
International,
Inc.
-
Class
A
26,460
511
Tyson
Foods,
Inc.
-
Class
A
30,011
351,716
GAS
UTILITIES
0.2%
1,146
UGI
Corp.
28,123
GROUND
TRANSPORTATION
2.3%
258
Avis
Budget
Group,
Inc.
31,595
729
CSX
Corp.
27,024
3,557
Hertz
Global
Holdings,
Inc.
(a)
27,851
133
JB
Hunt
Transport
Services,
Inc.
26,500
482
Knight-Swift
Transportation
Holdings,
Inc.
-
Class
A
26,520
142
Landstar
System,
Inc.
27,372
109
Norfolk
Southern
Corp.
27,781
247
Ryder
System,
Inc.
29,687
352
Uber
Technologies,
Inc.
(a)
27,100
109
Union
Pacific
Corp.
26,806
233
XPO,
Inc.
(a)
28,433
306,669
HEALTH
CARE
EQUIPMENT
&
SUPPLIES
1.0%
232
Abbott
Laboratories
26,369
668
Baxter
International,
Inc.
28,550
115
Becton
Dickinson
&
Co.
28,457
417
Boston
Scientific
Corp.
(a)
28,560
78
Stryker
Corp.
27,914
139,850
HEALTH
CARE
PROVIDERS
&
SERVICES
4.2%
252
Cardinal
Health,
Inc.
28,199
117
Cencora,
Inc.
28,430
352
Centene
Corp.
(a)
27,625
82
Cigna
Group
(The)
29,782
10,103
Community
Health
Systems,
Inc.
(a)
35,361
366
CVS
Health
Corp.
29,192
217
DaVita,
Inc.
(a)
29,957
54
Elevance
Health,
Inc.
28,001
88
HCA
Healthcare,
Inc.
29,351
362
Henry
Schein,
Inc.
(a)
27,338
78
Humana,
Inc.
27,044
128
Laboratory
Corp.
of
America
Holdings
27,963
53
McKesson
Corp.
28,453
69
Molina
Healthcare,
Inc.
(a)
28,347
1,118
Owens
&
Minor,
Inc.
(a)
30,980
219
Quest
Diagnostics,
Inc.
29,151
308
Tenet
Healthcare
Corp.
(a)
32,374
53
UnitedHealth
Group,
Inc.
26,219
170
Universal
Health
Services,
Inc.
-
Class
B
31,018
554,785
HOTELS,
RESTAURANTS
&
LEISURE
2.7%
182
Airbnb,
Inc.
-
Class
A
(a)
30,023
917
Aramark
29,821
7
Booking
Holdings,
Inc.
25,395
660
Caesars
Entertainment,
Inc.
(a)
28,868
10
Chipotle
Mexican
Grill,
Inc.
(a)
29,068
163
Darden
Restaurants,
Inc.
27,245
203
Expedia
Group,
Inc.
(a)
27,963
136
Hilton
Worldwide
Holdings,
Inc.
29,010
111
Marriott
International,
Inc.
-
Class
A
28,006
94
McDonald's
Corp.
26,503
661
MGM
Resorts
International
(a)
31,206
SHARES
SECURITY
DESCRIPTION
VALUE
$
294
Starbucks
Corp.
26,869
651
Yum
China
Holdings,
Inc.
(China)
25,903
365,880
HOUSEHOLD
DURABLES
2.4%
190
DR
Horton,
Inc.
31,265
180
Lennar
Corp.
-
Class
A
30,956
240
Mohawk
Industries,
Inc.
(a)
31,414
3,764
Newell
Brands,
Inc.
30,225
3
NVR,
Inc.
(a)
24,300
259
PulteGroup,
Inc.
31,241
496
Taylor
Morrison
Home
Corp.
-
Class
A
(a)
30,836
248
Toll
Brothers,
Inc.
32,084
256
Whirlpool
Corp.
30,625
272,946
HOUSEHOLD
PRODUCTS
0.6%
320
Colgate-Palmolive
Co.
28,816
228
Kimberly-Clark
Corp.
29,492
173
Procter
&
Gamble
Co.
(The)
28,069
86,377
INDEPENDENT
POWER
AND
RENEWABLE
ELECTRICITY
PRODUCERS
0.6%
1,834
AES
Corp.
(The)
32,884
543
Vistra
Corp.
37,820
70,704
INDUSTRIAL
CONGLOMERATES
0.8%
300
3M
Co.
31,821
179
General
Electric
Co.
31,420
139
Honeywell
International,
Inc.
28,530
91,771
INSURANCE
4.7%
345
Aflac,
Inc.
29,622
173
Allstate
Corp.
(The)
29,931
385
American
International
Group,
Inc.
30,095
113
Arthur
J
Gallagher
&
Co.
28,255
152
Assurant,
Inc.
28,612
586
Brighthouse
Financial,
Inc.
(a)
30,202
554
Fidelity
National
Financial,
Inc.
29,417
480
First
American
Financial
Corp.
29,304
4,447
Genworth
Financial,
Inc.
-
Class
A
(a)
28,594
289
Hartford
Financial
Services
Group,
Inc.
(The)
29,781
1,000
Lincoln
National
Corp.
31,930
369
Loews
Corp.
28,889
18
Markel
Group,
Inc.
(a)
27,387
136
Marsh
&
McLennan
Cos.,
Inc.
28,013
400
MetLife,
Inc.
29,644
955
Old
Republic
International
Corp.
29,338
343
Principal
Financial
Group,
Inc.
29,604
144
Progressive
Corp.
(The)
29,782
257
Prudential
Financial,
Inc.
30,172
158
Reinsurance
Group
of
America,
Inc.
30,475
124
Travelers
Cos.,
Inc.
(The)
28,537
563
Unum
Group
30,211
326
W
R
Berkley
Corp.
28,831
676,626
INTERACTIVE
MEDIA
&
SERVICES
0.4%
202
Alphabet,
Inc.
-
Class
A
(a)
30,488
56
Meta
Platforms,
Inc.
-
Class
A
27,192
57,680
IT
SERVICES
0.8%
351
Cognizant
Technology
Solutions
Corp.
-
Class
A
25,725
1,268
DXC
Technology
Co.
(a)
26,894
36
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Fortune
500
Equal
Weight
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
SHARES
SECURITY
DESCRIPTION
VALUE
$
150
International
Business
Machines
Corp.
28,644
1,279
Kyndryl
Holdings,
Inc.
(a)
27,831
109,094
LEISURE
PRODUCTS
0.2%
300
Polaris,
Inc.
30,036
LIFE
SCIENCES
TOOLS
&
SERVICES
0.8%
1,135
Avantor,
Inc.
(a)
29,022
108
Danaher
Corp.
26,970
111
IQVIA
Holdings,
Inc.
(a)
28,071
48
Thermo
Fisher
Scientific,
Inc.
27,898
111,961
MACHINERY
2.8%
257
AGCO
Corp.
31,616
84
Caterpillar,
Inc.
30,780
103
Cummins,
Inc.
30,349
76
Deere
&
Co.
31,216
168
Dover
Corp.
29,768
105
Illinois
Tool
Works,
Inc.
28,175
253
Oshkosh
Corp.
31,552
295
Otis
Worldwide
Corp.
29,285
248
PACCAR,
Inc.
30,725
52
Parker-Hannifin
Corp.
28,901
313
Stanley
Black
&
Decker,
Inc.
30,652
201
Westinghouse
Air
Brake
Technologies
Corp.
29,282
362,301
MEDIA
1.8%
9,382
Altice
USA,
Inc.
-
Class
A
(a)
24,487
95
Charter
Communications,
Inc.
-
Class
A
(a)
27,610
655
Comcast
Corp.
-
Class
A
28,394
937
Fox
Corp.
-
Class
A
29,300
868
Interpublic
Group
of
Cos.,
Inc.
(The)
28,323
935
Liberty
Media
Corp-Liberty
SiriusXM
-
Class
A
(a)
27,770
1,050
News
Corp.
-
Class
A
27,489
313
Omnicom
Group,
Inc.
30,286
2,487
Paramount
Global
-
Class
B
29,272
252,931
METALS
&
MINING
2.2%
1,037
Alcoa
Corp.
35,039
1,337
Cleveland-Cliffs,
Inc.
(a)
30,403
507
Commercial
Metals
Co.
29,796
726
Freeport-McMoRan,
Inc.
34,137
927
Newmont
Corp.
33,224
143
Nucor
Corp.
28,300
85
Reliance,
Inc.
28,405
208
Steel
Dynamics,
Inc.
30,832
584
United
States
Steel
Corp.
23,816
273,952
MULTI-UTILITIES
1.8%
388
Ameren
Corp.
28,696
1,003
CenterPoint
Energy,
Inc.
28,575
483
CMS
Energy
Corp.
29,144
318
Consolidated
Edison,
Inc.
28,878
579
Dominion
Energy,
Inc.
28,481
258
DTE
Energy
Co.
28,932
449
Public
Service
Enterprise
Group,
Inc.
29,984
391
Sempra
28,086
357
WEC
Energy
Group,
Inc.
29,317
260,093
SHARES
SECURITY
DESCRIPTION
VALUE
$
OIL,
GAS
&
CONSUMABLE
FUELS
7.3%
922
APA
Corp.
31,698
180
Cheniere
Energy,
Inc.
29,030
338
Chesapeake
Energy
Corp.
30,025
182
Chevron
Corp.
28,709
248
ConocoPhillips
31,565
1,066
Coterra
Energy,
Inc.
29,720
1,117
Delek
US
Holdings,
Inc.
34,337
625
Devon
Energy
Corp.
31,363
155
Diamondback
Energy,
Inc.
30,716
243
EOG
Resources,
Inc.
31,065
758
EQT
Corp.
28,099
266
Exxon
Mobil
Corp.
30,920
190
Hess
Corp.
29,002
506
HF
Sinclair
Corp.
30,547
1,613
Kinder
Morgan,
Inc.
29,582
1,140
Marathon
Oil
Corp.
32,308
165
Marathon
Petroleum
Corp.
33,248
457
Occidental
Petroleum
Corp.
29,700
373
ONEOK,
Inc.
29,903
601
Ovintiv,
Inc.
31,192
753
Par
Pacific
Holdings,
Inc.
(a)
27,906
599
PBF
Energy,
Inc.
-
Class
A
34,484
194
Phillips
66
31,688
118
Pioneer
Natural
Resources
Co.
30,975
4,039
Southwestern
Energy
Co.
(a)
30,616
285
Targa
Resources
Corp.
31,917
198
Valero
Energy
Corp.
33,797
793
Williams
Cos.,
Inc.
(The)
30,903
1,104
World
Kinect
Corp.
29,201
894,216
PASSENGER
AIRLINES
1.5%
719
Alaska
Air
Group,
Inc.
(a)
30,910
1,782
American
Airlines
Group,
Inc.
(a)
27,354
660
Delta
Air
Lines,
Inc.
31,594
4,249
JetBlue
Airways
Corp.
(a)
31,528
804
Southwest
Airlines
Co.
23,469
617
United
Airlines
Holdings,
Inc.
(a)
29,542
174,397
PERSONAL
CARE
PRODUCTS
0.2%
186
Estee
Lauder
Cos.,
Inc.
(The)
-
Class
A
28,672
PHARMACEUTICALS
1.4%
548
Bristol-Myers
Squibb
Co.
29,718
36
Eli
Lilly
&
Co.
28,007
172
Johnson
&
Johnson
27,209
215
Merck
&
Co.,
Inc.
28,369
1,030
Pfizer,
Inc.
28,583
2,253
Viatris,
Inc.
26,901
139
Zoetis,
Inc.
-
Class
A
23,520
192,307
PROFESSIONAL
SERVICES
1.4%
110
Automatic
Data
Processing,
Inc.
27,471
189
Booz
Allen
Hamilton
Holding
Corp.
28,055
188
Jacobs
Solutions,
Inc.
28,901
218
Leidos
Holdings,
Inc.
28,578
380
ManpowerGroup,
Inc.
29,503
342
Robert
Half,
Inc.
27,114
197
Science
Applications
International
Corp.
25,687
195,309
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
0.6%
304
CBRE
Group,
Inc.
-
Class
A
(a)
29,561
Semi-Annual
Report
|
March
31,
2024
37
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
March
31,
2024
SHARES
SECURITY
DESCRIPTION
VALUE
$
148
Jones
Lang
LaSalle,
Inc.
(a)
28,873
8,909
Opendoor
Technologies,
Inc.
(a)
26,994
85,428
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
2.6%
156
Advanced
Micro
Devices,
Inc.
(a)
28,156
147
Analog
Devices,
Inc.
29,075
139
Applied
Materials,
Inc.
28,666
21
Broadcom,
Inc.
27,834
656
Intel
Corp.
28,976
40
KLA
Corp.
27,943
29
Lam
Research
Corp.
28,176
307
Micron
Technology,
Inc.
36,192
35
NVIDIA
Corp.
31,625
360
ON
Semiconductor
Corp.
(a)
26,478
177
QUALCOMM,
Inc.
29,966
169
Texas
Instruments,
Inc.
29,441
352,528
SOFTWARE
1.5%
50
Adobe,
Inc.
(a)
25,230
41
Intuit,
Inc.
26,650
67
Microsoft
Corp.
28,188
1,928
NCR
Voyix
Corp.
(a)
24,351
248
Oracle
Corp.
31,151
92
Salesforce,
Inc.
27,709
36
ServiceNow,
Inc.
(a)
27,446
190,725
SPECIALIZED
REITS
0.6%
148
American
Tower
Corp.
29,243
31
Equinix,
Inc.
25,585
842
Weyerhaeuser
Co.
30,236
85,064
SPECIALTY
RETAIL
6.4%
427
Advance
Auto
Parts,
Inc.
36,333
130
Asbury
Automotive
Group,
Inc.
(a)
30,651
191
AutoNation,
Inc.
(a)
31,626
9
AutoZone,
Inc.
(a)
28,365
585
Bath
&
Body
Works,
Inc.
29,262
351
Best
Buy
Co.,
Inc.
28,793
134
Burlington
Stores,
Inc.
(a)
31,113
361
CarMax,
Inc.
(a)
31,447
344
Carvana
Co.
(a)
30,241
1,607
Chewy,
Inc.
-
Class
A
(a)
25,567
156
Dick's
Sporting
Goods,
Inc.
35,078
797
Foot
Locker,
Inc.
22,715
1,411
Gap,
Inc.
(The)
38,873
104
Group
1
Automotive,
Inc.
30,392
73
Home
Depot,
Inc.
(The)
28,003
94
Lithia
Motors,
Inc.
-
Class
A
28,281
117
Lowe's
Cos.,
Inc.
29,803
66
Murphy
USA,
Inc.
27,667
SHARES
SECURITY
DESCRIPTION
VALUE
$
522
ODP
Corp.
(The)
(a)
27,692
25
O'Reilly
Automotive,
Inc.
(a)
28,222
182
Penske
Automotive
Group,
Inc.
29,482
185
Ross
Stores,
Inc.
27,151
538
Sonic
Automotive,
Inc.
-
Class
A
30,634
275
TJX
Cos.,
Inc.
(The)
27,891
110
Tractor
Supply
Co.
28,789
49
Ulta
Beauty,
Inc.
(a)
25,621
483
Wayfair,
Inc.
-
Class
A
(a)
32,786
118
Williams-Sonoma,
Inc.
37,469
839,947
TECHNOLOGY
HARDWARE,
STORAGE
&
PERIPHERALS
1.3%
152
Apple,
Inc.
26,065
303
Dell
Technologies,
Inc.
-
Class
C
34,575
1,860
Hewlett
Packard
Enterprise
Co.
32,978
961
HP,
Inc.
29,041
482
Western
Digital
Corp.
(a)
32,892
155,551
TEXTILES,
APPAREL
&
LUXURY
GOODS
1.0%
59
Lululemon
Athletica,
Inc.
(a)
23,048
263
NIKE,
Inc.
-
Class
B
24,717
202
PVH
Corp.
28,403
455
Skechers
USA,
Inc.
-
Class
A
(a)
27,873
1,724
VF
Corp.
26,446
130,487
TOBACCO
0.4%
678
Altria
Group,
Inc.
29,574
307
Philip
Morris
International,
Inc.
28,127
57,701
TRADING
COMPANIES
&
DISTRIBUTORS
1.4%
309
Beacon
Roofing
Supply,
Inc.
(a)
30,288
208
Boise
Cascade
Co.
31,901
40
United
Rentals,
Inc.
28,844
71
Watsco,
Inc.
30,670
191
WESCO
International,
Inc.
32,714
28
WW
Grainger,
Inc.
28,484
182,901
Total
Common
Stocks
(Cost
$12,160,978)
13,232,323
SHORT
TERM
INVESTMENTS
0.2%
16,226
JPMorgan
U.S.
Government
Money
Market
Fund
-
Class
IM
5.25%
(b)
16,226
16,226
Morgan
Stanley
Institutional
Liquidity
Funds
Government
Portfolio
-
Institutional
Share
Class
5.22%
(b)
16,226
Total
Short
Term
Investments
(Cost
$32,452)
32,452
Total
Investments
100.1%
(Cost
$12,193,430)
13,264,775
Liabilities
in
Excess
of
Other
Assets
(0.1)%
(10,286)
NET
ASSETS
100.0%
$13,254,489
(a)
Non-income
producing
security.
(b)
Seven-day
yield
as
of
period
end.
Statements
of
Assets
and
Liabilities
38
DoubleLine
ETF
Trust
(Unaudited)
March
31,
2024
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
DoubleLine
Opportunistic
Bond
ETF
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
DoubleLine
Commercial
Real
Estate
ETF
DoubleLine
Mortgage
ETF
DoubleLine
Commodity
Strategy
ETF
(Consolidated)
DoubleLine
Fortune
500
Equal
Weight
ETF
ASSETS
Investments
in
Unaffiliated
Securities,
at
Value*
$
254,148,872
$
391,160,618
$
105,230,812
$
299,900,036
$
$
13,232,323
Short
Term
Investments*
6,684,190
692,356
5,021,726
3,440,460
24,888,400
32,452
Interest
and
Dividends
Receivable
2,091,291
831,762
384,974
1,131,225
7,943
13,098
Receivable
for
Fund
Shares
Sold
1,835,651
1,022,479
Receivable
for
Investments
Sold
1,159,741
2,758,260
Deposit
at
Broker
for
Futures
Contracts
750,450
852,670
Cash
25,628
221,621
3,367
Foreign
Currency,
at
Value*
35
Net
Unrealized
Appreciation
on
Swaps
248,748
Due
from
Broker
613,385
Total
Assets
266,695,858
392,906,357
110,637,512
308,082,651
26,780,955
13,281,240
LIABILITIES
Payable
for
Investments
Purchased
7,109,235
9,088,194
1,965,617
24,579
Management
Fees
Payable
106,078
209,024
36,430
122,415
11,825
2,172
Interest
Expense
Payable
14,594
9,278
Payable
for
variation
margin
on
futures
contracts
12,213
192,274
Due
to
Custodian
39,201
Total
Liabilities
7,242,120
209,024
36,430
9,451,362
1,977,442
26,751
Net
Assets
$
259,453,738
$
392,697,333
$
110,601,082
$
298,631,289
$
24,803,513
$
13,254,489
NET
ASSETS
CONSISTS
OF:
Paid-In
Capital
$
262,169,531
$
341,316,521
$
108,892,755
$
298,368,267
$
23,744,736
$
11,993,114
Total
Distributable
Earnings
(Loss)
(
2,715,793
)
51,380,812
1,708,327
263,022
1,058,777
1,261,375
Net
Assets
$
259,453,738
$
392,697,333
$
110,601,082
$
298,631,289
$
24,803,513
$
13,254,489
*Identified
Cost:
Investments
in
Unaffiliated
Securities
$
251,843,998
$
358,971,878
$
104,065,647
$
298,576,952
$
$
12,160,978
Short
Term
Investments
6,684,190
692,356
5,021,726
3,440,460
24,888,613
32,452
Foreign
Currency
35
Shares
Outstanding
and
Net
Asset
Value
Per
Share:
Shares
Outstanding
(unlimited
number
of
shares
authorized
$
0.001
par
value)
5,661,000
14,042,000
2,160,001
6,140,001
960,001
480,001
Net
Asset
Value
Per
Share
$
45.83
$
27.97
$
51.20
$
48.64
$
25.84
$
27.61
Semi-Annual
Report
|
March
31,
2024
39
Statements
of
Operations
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
For
the
Period
Ended
March
31,
2024
DoubleLine
Opportunistic
Bond
ETF
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
DoubleLine
Commercial
Real
Estate
ETF
DoubleLine
Mortgage
ETF
DoubleLine
Commodity
Strategy
ETF
(Consolidated)
(a)
DoubleLine
Fortune
500
Equal
Weight
ETF
(a)
INVESTMENT
INCOME
Income:
Interest
$
6,260,270
$
$
2,482,231
$
4,545,614
$
137,337
$
Dividends
from
Unaffiliated
Securities
144,279
3,947,556
137,226
425,602
13,251
48,300
Total
Investment
Income
6,404,549
3,947,556
2,619,457
4,971,216
150,588
48,300
Expenses:
Management
Fees
564,796
1,109,955
178,169
483,895
19,432
4,130
Total
Expenses
564,796
1,109,955
178,169
483,895
19,432
4,130
Net
Investment
Income
(Loss)
5,839,753
2,837,601
2,441,288
4,487,321
131,156
44,170
REALIZED
&
UNREALIZED
GAIN
(LOSS)
ON
INVESTMENTS
Net
Realized
Gain
(Loss)
on:
Investments
in
Unaffiliated
Securities
1,039,708
(
1,274,209
)
53,698
(
1,285,237
)
(
87
)
(
2,562
)
In-kind
redemptions
on
investments
in
securities
176,279
22,056,319
148,422
Futures
contracts
(
312,649
)
130,630
Swap
contracts
679,173
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Investments
in
Unaffiliated
Securities
7,908,259
37,537,310
1,188,769
6,062,350
1,071,345
Short
Term
Investments
(
213
)
Futures
contracts
(
117,827
)
(
63,217
)
Swap
contracts
248,748
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
8,693,770
58,319,420
1,242,467
4,844,526
927,621
1,217,205
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
$
14,533,523
$
61,157,021
$
3,683,755
$
9,331,847
$
1,058,777
$
1,261,375
(a)
Commenced
operations
on
January
31,
2024
.
Statements
of
Changes
in
Net
Assets
40
DoubleLine
ETF
Trust
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
DoubleLine
Opportunistic
Bond
ETF
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
Period
Ended
March
31,
2024
(Unaudited)
Year
Ended
September
30,
2023
Period
Ended
March
31,
2024
(Unaudited)
Year
Ended
September
30,
2023
OPERATIONS
Net
Investment
Income
(Loss)
$
5,839,753
$
5,253,498
$
2,837,601
$
2,577,907
Net
Realized
Gain
(Loss)
on
Investments
903,338
(
6,340,230
)
20,782,110
29,070,704
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Investments
7,790,432
(
2,023,492
)
37,537,310
4,647,012
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
14,533,523
(
3,110,224
)
61,157,021
36,295,623
DISTRIBUTIONS
TO
SHAREHOLDERS
From
Net
Investment
Income
(
5,584,672
)
(
4,639,748
)
(
2,091,249
)
(
2,058,365
)
Total
Distributions
to
Shareholders
(
5,584,672
)
(
4,639,748
)
(
2,091,249
)
(
2,058,365
)
NET
SHARE
TRANSACTIONS
(a)
Proceeds
from
Shares
Issued
81,436,913
149,255,268
227,376,166
278,448,790
Cost
of  Shares
Redeemed
(
19,008,957
)
(
177,190,498
)
(
158,139,423
)
Increase
(Decrease)
in
Net
Assets
Resulting
from
Net
Share
Transactions
62,427,956
149,255,268
50,185,668
120,309,367
Total
Increase
(Decrease)
in
Net
Assets
$
71,376,807
$
141,505,296
$
109,251,440
$
154,546,625
NET
ASSETS
Beginning
of
Period
$
188,076,931
$
46,571,635
$
283,445,893
$
128,899,268
End
of
Period
$
259,453,738
$
188,076,931
$
392,697,333
$
283,445,893
SHARE
TRANSACTIONS
Beginning
of  Period
4,261,000
1,021,000
11,962,000
6,442,000
Shares
Issued
1,260,000
1,080,000
6,920,000
7,880,000
Shares
Issued
In-Kind
560,000
2,160,000
1,960,000
4,200,000
Shares
Redeemed
(
240,000
)
(
80,000
)
Shares
Redeemed
In-Kind
(
180,000
)
(
6,720,000
)
(
6,560,000
)
Shares
Outstanding,
End
of  Period
5,661,000
4,261,000
14,042,000
11,962,000
(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.)
Semi-Annual
Report
|
41
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
DoubleLine
Commercial
Real
Estate
ETF
DoubleLine
Mortgage
ETF
Period
Ended
March
31,
2024
(Unaudited)
Period
Ended
September
30,
2023
(a)
Period
Ended
March
31,
2024
(Unaudited)
Period
Ended
September
30,
2023
(a)
OPERATIONS
Net
Investment
Income
(Loss)
$
2,441,288
$
858,926
$
4,487,321
$
1,618,005
Net
Realized
Gain
(Loss)
on
Investments
53,698
(
15,348
)
(
1,154,607
)
(
870,448
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Investments
1,188,769
(
23,604
)
5,999,133
(
4,865,244
)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
3,683,755
819,974
9,331,847
(
4,117,687
)
DISTRIBUTIONS
TO
SHAREHOLDERS
From
Net
Investment
Income
(
2,179,351
)
(
616,051
)
(
3,715,269
)
(
1,235,869
)
Total
Distributions
to
Shareholders
(
2,179,351
)
(
616,051
)
(
3,715,269
)
(
1,235,869
)
NET
SHARE
TRANSACTIONS
(b)
Proceeds
from
Shares
Issued
48,658,730
60,234,025
194,399,521
103,968,746
Cost
of  Shares
Redeemed
Increase
(Decrease)
in
Net
Assets
Resulting
from
Net
Share
Transactions
48,658,730
60,234,025
194,399,521
103,968,746
Total
Increase
(Decrease)
in
Net
Assets
$
50,163,134
$
60,437,948
$
200,016,099
$
98,615,190
NET
ASSETS
Beginning
of
Period
$
60,437,948
$
$
98,615,190
$
End
of
Period
$
110,601,082
$
60,437,948
$
298,631,289
$
98,615,190
SHARE
TRANSACTIONS
Beginning
of  Period
1,200,001
2,100,001
Shares
Issued
960,000
1,200,001
4,040,000
2,100,001
Shares
Outstanding,
End
of  Period
2,160,001
1,200,001
6,140,001
2,100,001
(a)
Commenced
operations
on
March
31,
2023.
(b)
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.)
42
DoubleLine
ETF
Trust
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
DoubleLine
Commodity
Strategy
ETF
(Consolidated)
DoubleLine
Fortune
500
Equal
Weight
ETF
Period
Ended
March
31,
2024
(Unaudited)
(a)
Period
Ended
March
31,
2024
(Unaudited)
(a)
OPERATIONS
Net
Investment
Income
(Loss)
$
131,156
$
44,170
Net
Realized
Gain
(Loss)
on
Investments
679,086
145,860
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Investments
248,535
1,071,345
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
1,058,777
1,261,375
NET
SHARE
TRANSACTIONS
(b)
Proceeds
from
Shares
Issued
26,718,500
13,555,265
Cost
of  Shares
Redeemed
(
2,973,764
)
(
1,562,151
)
Increase
(Decrease)
in
Net
Assets
Resulting
from
Net
Share
Transactions
23,744,736
11,993,114
Total
Increase
(Decrease)
in
Net
Assets
$
24,803,513
$
13,254,489
NET
ASSETS
Beginning
of
Period
$
$
End
of
Period
$
24,803,513
$
13,254,489
SHARE
TRANSACTIONS
Beginning
of  Period
Shares
Issued
1,080,001
60,001
Shares
Issued
In-Kind
480,000
Shares
Redeemed
(
120,000
)
Shares
Redeemed
In-Kind
(
60,000
)
Shares
Outstanding,
End
of  Period
960,001
480,001
(a)
Commenced
operations
on
January
31,
2024.
(b)
Capital
transactions
may
include
transaction
fees
associated
with
Creation
and
Redemption
transactions
which
occurred
during
the
period.
See
Note
6
to
the
Financial
Statements.
Semi-Annual
Report
|
43
Financial
Highlights
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
DoubleLine
Opportunistic
Bond
ETF
Period
Ended
March
31,
2024
(Unaudited)
Year
Ended
September
30,
2023
Period
Ended
September
30,
2022
(a)
Net
Asset
Value,
Beginning
of
Period
$
44.14
$
45.61
$
50.00
Income
(Loss)
from
Investment
Operations:
Net
Investment
Income
(Loss)
(b)
1.16
2.08
0.82
Net
Gain
(Loss)
on
Investments
(Realized
and
Unrealized)
1.67
(1.65)
(4.59)
Total
from
Investment
Operations
2.83
0.43
(3.77)
Less
Distributions:
Distributions
from
Net
Investment
Income
(1.14)
(1.90)
(0.62)
Total
Distributions
(1.14)
(1.90)
(0.62)
Net
Asset
Value,
End
of
Period
$
45.83
$
44.14
$
45.61
Total
Return
6.52%
(c),(d)
0.84%
(c)
(7.60)%
(d)
Supplemental
Data:
Net
Assets,
End
of
Period
(000's)
$
259,454
$
188,077
$
46,572
Ratios
to
Average
Net
Assets:
Expenses
0.50%
(e)
0.50%
0.50%
(e)
Net
Investment
Income
(Loss)
5.15%
(e)
4.55%
3.38%
(e)
Portfolio
Turnover
Rate
(f)
86%
(d)
169%
183%
(d)
(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)
The
return
includes
adjustments
in
accordance
with
generally
accepted
accounting
principles
required
at
period
end
date.
(d)
Not
annualized
for
periods
less
than
one
year.
(e)
Annualized
for
periods
less
than
one
year.
(f)
In-kind
transactions
are
not
included
in
portfolio
turnover
calculations.
Financial
Highlights
(Cont.)
44
DoubleLine
ETF
Trust
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
Period
Ended
March
31,
2024
(Unaudited)
Year
Ended
September
30,
2023
Period
Ended
September
30,
2022
(a)
Net
Asset
Value,
Beginning
of
Period
$
23.70
$
20.01
$
25.00
Income
(Loss)
from
Investment
Operations:
Net
Investment
Income
(Loss)
(b)
0.22
0.25
0.14
Net
Gain
(Loss)
on
Investments
(Realized
and
Unrealized)
4.11
3.65
(5.07)
Total
from
Investment
Operations
4.33
3.90
(4.93)
Less
Distributions:
Distributions
from
Net
Investment
Income
(0.06)
(0.21)
(0.06)
Total
Distributions
(0.06)
(0.21)
(0.06)
Net
Asset
Value,
End
of
Period
$
27.97
$
23.70
$
20.01
Total
Return
18.79%
(c)
19.54%
(19.72)%
(c)
Supplemental
Data:
Net
Assets,
End
of
Period
(000's)
$
392,697
$
283,446
$
128,899
Ratios
to
Average
Net
Assets:
Expenses
0.65%
(d)
0.65%
0.65%
(d)
Net
Investment
Income
(Loss)
1.67%
(d)
1.08%
1.30%
(d)
Portfolio
Turnover
Rate
(e)
185%
(c)
217%
175%
(c)
(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.)
Semi-Annual
Report
|
45
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
DoubleLine
Commercial
Real
Estate
ETF
Period
Ended
March
31,
2024
(Unaudited)
Period
Ended
September
30,
2023
(a)
Net
Asset
Value,
Beginning
of
Period
$
50.36
$
50.00
Income
(Loss)
from
Investment
Operations:
Net
Investment
Income
(Loss)
(b)
1.35
1.35
Net
Gain
(Loss)
on
Investments
(Realized
and
Unrealized)
0.72
(0.01)
Total
from
Investment
Operations
2.07
1.34
Less
Distributions:
Distributions
from
Net
Investment
Income
(1.23)
(0.98)
Total
Distributions
(1.23)
(0.98)
Net
Asset
Value,
End
of
Period
$
51.20
$
50.36
Total
Return
(c)
4.18%
(d)
2.69%
Supplemental
Data:
Net
Assets,
End
of
Period
(000's)
$
110,601
$
60,438
Ratios
to
Average
Net
Assets:
Expenses
(e)
0.39%
0.39%
Net
Investment
Income
(Loss)
(e)
5.32%
5.33%
Portfolio
Turnover
Rate
(c)
22%
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)
The
return
includes
adjustments
in
accordance
with
generally
accepted
accounting
principles
required
at
period
end
date.
(e)
Annualized
for
periods
less
than
one
year.
Financial
Highlights
(Cont.)
46
DoubleLine
ETF
Trust
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
DoubleLine
Mortgage
ETF
Period
Ended
March
31,
2024
(Unaudited)
Period
Ended
September
30,
2023
(a)
Net
Asset
Value,
Beginning
of
Period
$
46.96
$
50.00
Income
(Loss)
from
Investment
Operations:
Net
Investment
Income
(Loss)
(b)
1.09
1.04
Net
Gain
(Loss)
on
Investments
(Realized
and
Unrealized)
1.58
(3.35)
Total
from
Investment
Operations
2.67
(2.31)
Less
Distributions:
Distributions
from
Net
Investment
Income
(0.99)
(0.73)
Total
Distributions
(0.99)
(0.73)
Net
Asset
Value,
End
of
Period
$
48.64
$
46.96
Total
Return
(c),(d)
5.74%
(4.67)%
Supplemental
Data:
Net
Assets,
End
of
Period
(000's)
$
298,631
$
98,615
Ratios
to
Average
Net
Assets:
Expenses
(e)
0.49%
0.49%
Net
Investment
Income
(Loss)
(e)
4.51%
4.23%
Portfolio
Turnover
Rate
(c)
87%
31%
(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)
The
return
includes
adjustments
in
accordance
with
generally
accepted
accounting
principles
required
at
period
end
date.
(e)
Annualized
for
periods
less
than
one
year.
Financial
Highlights
(Cont.)
Semi-Annual
Report
|
47
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
DoubleLine
Commodity
Strategy
ETF
(Consolidated)
Period
Ended
March
31,
2024
(a)
(Unaudited)
Net
Asset
Value,
Beginning
of
Period
$
25.00
Income
(Loss)
from
Investment
Operations:
Net
Investment
Income
(Loss)
(b)
0.18
Net
Gain
(Loss)
on
Investments
(Realized
and
Unrealized)
0.66
Total
from
Investment
Operations
0.84
Net
Asset
Value,
End
of
Period
$
25.84
Total
Return
(c)
3.35%
Supplemental
Data:
Net
Assets,
End
of
Period
(000's)
$
24,804
Ratios
to
Average
Net
Assets:
Expenses
(d)
0.65%
Net
Investment
Income
(Loss)
(d)
4.26%
Portfolio
Turnover
Rate
(c)
–%
(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.)
48
DoubleLine
ETF
Trust
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
DoubleLine
Fortune
500
Equal
Weight
ETF
Period
Ended
March
31,
2024
(a)
(Unaudited)
Net
Asset
Value,
Beginning
of
Period
$
25.00
Income
(Loss)
from
Investment
Operations:
Net
Investment
Income
(Loss)
(b)
0.09
Net
Gain
(Loss)
on
Investments
(Realized
and
Unrealized)
2.52
Total
from
Investment
Operations
2.61
Net
Asset
Value,
End
of
Period
$
27.61
Total
Return
(c)
10.46%
Supplemental
Data:
Net
Assets,
End
of
Period
(000's)
$
13,254
Ratios
to
Average
Net
Assets:
Expenses
(d)
0.20%
Net
Investment
Income
(Loss)
(d)
2.14%
Portfolio
Turnover
Rate
(c)(e)
1%
(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.
Semi-Annual
Report
|
March
31,
2024
49
Notes
to
Financial
Statements
(Unaudited)
March
31,
2024
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,
2024,
the
Trust
consists
of
six series,
DoubleLine
Opportunistic
Bond
ETF
(the
“Opportunistic
Bond
ETF”),
DoubleLine
Shiller
CAPE
®
U.S.
Equities
ETF
(the
“Equities
ETF”),
DoubleLine
Commercial
Real
Estate
ETF
(the
"Commercial
Real
Estate
ETF"),
DoubleLine
Mortgage
ETF
(the
"Mortgage
ETF"),
DoubleLine
Commodity
Strategy
ETF
(the
"Commodity
Strategy
ETF"),
and
DoubleLine
Fortune
500
Equal
Weight
ETF
(the "Fortune
500
ETF") (each
a
“Fund”
and
collectively
the
“Funds”).
The
Opportunistic
Bond
ETF,
Equities
ETF,
Commercial
Real
Estate
ETF,
Mortgage
ETF
and
Fortune
500
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.
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
date
each
Fund
commenced
operations
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,
2024. 
2. Significant
Accounting
Policies 
Each
Fund
is
an
investment
company
that
applies
the
accounting
and
reporting
guidance
issued
in
Topic
946,
"Financial
Services
-Investment
Companies",
by
the
Financial
Accounting
Standards
Board
("FASB").
The
following
is
a
summary
of
the
significant
accounting
policies
of
the
Funds.
These
policies
are
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
("US
GAAP"). 
A. Security
Valuation.
The
Funds
have
adopted
US
GAAP
fair
value
accounting
standards
which
establish
a
definition
of
fair
value
and
set
out
a
hierarchy
for
measuring
fair
value.
These
standards
require
additional
disclosures
about
the
various
inputs
and
valuation
techniques
used
to
develop
the
measurements
of
fair
value
and
a
discussion
of
changes
in
valuation
techniques
and
related
inputs
during
the
period.
These
inputs
are
summarized
in
the
three
broad
levels
listed
below: 
Level
1—
Unadjusted
quoted
market
prices
in
active
markets
for
identical
securities
Level
2—
Quoted
prices
for
identical
or
similar
assets
in
markets
that
are
not
active,
or
inputs
derived
from
observable
market
data
Level
3—
Significant
unobservable
inputs
(including
the
reporting
entity’s
estimates
and
assumptions)
Fund
Name
Investment
Objective
Commencement
of
Operations
Commencement
of
Public
Trading
DoubleLine
Opportunistic
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
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
Notes
to
Financial
Statements
(Cont.)
50
DoubleLine
ETF
Trust
(Unaudited)
March
31,
2024
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
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.
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.)
(Unaudited)
March
31,
2024
Semi-Annual
Report
|
March
31,
2024
51
The
Board
of
Trustees
(the
“Board”)
has
adopted
a
pricing
and
valuation
policy
for
use
by each
Fund
and
its
Valuation
Designee
(as
defined
below)
in
calculating each
Fund’s
NAV.
Pursuant
to
Rule
2a-5
under
the
1940
Act, each
Fund
has
designated
its
primary
investment
adviser,
either
DoubleLine
ETF
Adviser
or
DoubleLine
Alternatives
LP (each,
an
“Adviser”
and
collectively,
the
“Advisers”),
as
applicable,
as
the
“Valuation
Designee”
to
perform
all
of
the
fair
value
determinations
as
well
as
to
perform
all
of
the
responsibilities
that
may
be
performed
by
the
Valuation
Designee
in
accordance
with
Rule
2a-5.
Each
Adviser,
as
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,
2024:
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
applicable
to
regulated
investment
companies.
Therefore,
no
provision
for
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. 
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,
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. 
Category
DoubleLine
Opportunistic
Bond
ETF
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
DoubleLine
Commercial
Real
Estate
ETF
DoubleLine
Mortgage
ETF
DoubleLine
Commodity
Strategy
ETF
(Consolidated)
DoubleLine
Fortune
500
Equal
Weight
ETF
Investments
in
Securities
Level
1
Common
Stocks
$
$
391,160,618
$
$
$
$
13,232,323
Money
Market
Funds
6,684,190
692,356
5,021,726
3,440,460
1,164,974
32,452
Total
Level
1
6,684,190
391,852,974
5,021,726
3,440,460
1,164,974
13,264,775
Level
2
US
Government
and
Agency
Mortgage
Backed
Obligations
55,283,546
19,343,399
256,212,219
Non-Agency
Commercial
Mortgage
Backed
Obligations
14,091,602
60,345,268
Non-Agency
Residential
Collateralized
Mortgage
Obligations
26,597,847
1,549,556
43,687,817
US
Government
and
Agency
Obligations
62,120,367
US
Corporate
Bonds
37,266,930
Collateralized
Loan
Obligations
9,714,016
20,764,824
Asset
Backed
Obligations
22,066,015
3,227,765
Other
Short
Term
Investments
23,723,426
Foreign
Corporate
Bonds
19,672,809
Bank
Loans
7,335,740
Total
Level
2
254,148,872
105,230,812
299,900,036
23,723,426
Level
3
Total
$
260,833,062
$
391,852,974
$
110,252,538
$
303,340,496
$
24,888,400
$
13,264,775
Other
Financial
Instruments
Level
1
Futures
$
(117,827)
$
$
$
(189,195)
$
$
Total
Level
1
(117,827)
(189,195)
Level
2
Excess
Return
Swaps
248,748
Total
Level
2
248,748
Level
3
Total
$
(117,827)
$
$
$
(189,195)
$
248,748
$
Notes
to
Financial
Statements
(Cont.)
52
DoubleLine
ETF
Trust
(Unaudited)
March
31,
2024
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
Commercial
Real
Estate
ETF,
the
Mortgage
ETF
and
the
Opportunistic
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 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
ex-dividend
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. 
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
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,
2024,
the
Funds
had
no
unfunded
positions.
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.
Notes
to
Financial
Statements
(Cont.)
(Unaudited)
March
31,
2024
Semi-Annual
Report
|
March
31,
2024
53
As
of
March
31,
2024,
the
relationship
of
the
Subsidiary
to
the
Commodity
Strategy ETF
was
as
follows:
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
are
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
management
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). 
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
master
services
agreement
between
the
Funds
and
Fund
Services.
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.
DoubleLine
Commodity
Strategy
ETF
(Consolidated)
Commencement
of
Operations
1/31/2024
Fund
Net
Assets
$
24,803,513
Subsidiary
%
of
Fund
Net
Assets
22.07%
Subsidiary
Financial
Statement
Information
Net
Assets
$
5,475,247
Total
Income
33,244
Net
Realized
Gain/(Loss)
672,425
Management
Fee
DoubleLine
Opportunistic
Bond
ETF
0.50%
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
0.65%
DoubleLine
Commercial
Real
Estate
ETF
0.39%
DoubleLine
Mortgage
ETF
0.49%
DoubleLine
Commodity
Strategy
ETF
(Consolidated)
0.65%
DoubleLine
Fortune
500
Equal
Weight
ETF
0.20%
Notes
to
Financial
Statements
(Cont.)
54
DoubleLine
ETF
Trust
(Unaudited)
March
31,
2024
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
Bond
ETF,
the
Commercial
Real
Estate
ETF,
and
the
Mortgage
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
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
net
asset
value
(“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,
2024 were
as
follows:
Investment
transactions
related
to
in-kind purchases
and
sales
for the period ended
March
31,
2024 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
Bond
ETF
$
86,315,786
$
46,438,677
$
158,655,299
$
144,697,115
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
$
802,800,673
$
624,675,607
$
$
DoubleLine
Commercial
Real
Estate
ETF
$
65,236,445
$
19,250,725
$
$
DoubleLine
Mortgage
ETF
$
341,057,775
$
141,562,843
$
26,814,758
$
28,665,230
DoubleLine
Commodity
Strategy
ETF
(Consolidated)
$
4,525,000
$
$
$
DoubleLine
Fortune
500
Equal
Weight
ETF
$
2,337,130
$
178,146
$
$
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
Bond
ETF
$
9,197,177
$
5,445,964
$
176,279
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
$
45,887,633
$
173,773,842
$
22,056,319
DoubleLine
Fortune
500
Equal
Weight
ETF
$
11,346,478
$
1,490,344
$
148,422
Notes
to
Financial
Statements
(Cont.)
(Unaudited)
March
31,
2024
Semi-Annual
Report
|
March
31,
2024
55
8. Income
Tax
Information
and
Distributions
to
Shareholders
The
cost
basis
of
investments
for
federal
income
tax
purposes
as
of
March
31,
2024 was
as
follows:
9. 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,
2024
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.
Gains
or
losses
are
recognized
but
not
considered
realized
until
the
contracts
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
DoubleLine
Opportunistic
Bond
ETF
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
DoubleLine
Commercial
Real
Estate
ETF
DoubleLine
Mortgage
ETF
DoubleLine
Commodity
Strategy
ETF
(Consolidated)
DoubleLine
Fortune
500
Equal
Weight
ETF
Tax
Cost
of
Investments
$
258,528,188
$
359,664,234
$
109,087,373
$
302,017,412
$
24,888,613
$
12,193,430
Gross
Tax
Unrealized
Appreciation
3,619,460
36,704,589
1,257,261
2,955,518
249,206
1,193,998
Gross
Tax
Unrealized
Depreciation
(1,432,413)
(4,515,849)
(92,096)
(1,821,629)
(671)
(122,653)
Net
Tax
Unrealized
Appreciation
(Depreciation)
2,187,047
32,188,740
1,165,165
1,133,889
248,535
1,071,345
DoubleLine
Opportunistic
Bond
ETF
DoubleLine
Mortgage
ETF
DoubleLine
Commodity
Strategy
ETF
(Consolidated)
Average
Market
Value
Futures
Contracts
-
Long
$
50,056,297
$
49,277,464
$
Futures
Contracts
-
Short
(26,735,313)
(7,640,583)
Average
Notional
Balance
Excess
Return
Swaps
23,600,000
Notes
to
Financial
Statements
(Cont.)
56
DoubleLine
ETF
Trust
(Unaudited)
March
31,
2024
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,
2024 was
as
follows:
The
effect
of
derivative
instruments
on
the
Statements
of
Operations
for
the
period
ended
March
31,
2024
was
as
follows:
10. Offsetting
Assets
and
Liabilities
Each
Fund is
subject
to
various
Master
Netting
Arrangements,
which
govern
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.
Derivatives
not
accounted
for
as
hedging
instruments
Statements
of
Assets
and
Liabilities
Location
1
Commodity
Risk
Interest
Rate
Risk
Total
Net
Unrealized
Appreciation
(Depreciation)
on:
Futures
DoubleLine
Opportunistic
Bond
ETF
$
$
(117,827)
$
(117,827)
DoubleLine
Mortgage
ETF
(189,195)
(189,195)
Swaps
DoubleLine
Commodity
Strategy
ETF
(Consolidated)
$
248,748
$
$
248,748
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
Bond
ETF
$
$
(312,649)
$
(312,649)
DoubleLine
Mortgage
ETF
130,630
130,630
Swaps
DoubleLine
Commodity
Strategy
ETF
(Consolidated)
$
679,173
$
$
679,173
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Futures
DoubleLine
Opportunistic
Bond
ETF
$
$
(117,827)
$
(117,827)
DoubleLine
Mortgage
ETF
(63,217)
(63,217)
Swaps
DoubleLine
Commodity
Strategy
ETF
(Consolidated)
$
248,748
$
$
248,748
Notes
to
Financial
Statements
(Cont.)
(Unaudited)
March
31,
2024
Semi-Annual
Report
|
March
31,
2024
57
As
of
March
31,
2024,
the
Funds
held
the
following
derivative
instruments
that
were
subject
to
offsetting
on
the
Statements
of
Assets
and
Liabilities:
11. 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. 
12. 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.
13. Principal
Risks
Below
are
summaries
of
some,
but
not
all,
of
the
principal
risks
of
investing
in
one
or
more
of
the
Funds,
each
of
which
could
adversely
affect
a
Fund's
NAV,
yield
and
total
return.
Each
risk
listed
below
does
not
necessarily
apply
to
each
Fund,
and
you
should
read
each
Fund's
prospectus
carefully
for
a
description
of
the
principal
risks
associated
with
investing
in
a
particular
Fund. In
addition
to
certain
of
the
principal
risks
identified
here,
funds
that
operate
as
semi-transparent
ETFs
are
subject
to
specific
risks,
as
noted
below.
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.  
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
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
$
248,748
$
$
248,748
$
(248,748)
$
$
Notes
to
Financial
Statements
(Cont.)
58
DoubleLine
ETF
Trust
(Unaudited)
March
31,
2024
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
short-
term
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.
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, CLOs
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
Fund
will
be
subject
to
credit
risk
with
respect
to
the
counterparties
to
the
derivative
contracts
and
other
instruments
entered
into
by
the
Fund;
that
the
Fund’s
counterparty
will
be
unable
or
unwilling
to
perform
its
obligations;
that
the
Fund
will
be
unable
to
enforce
contractual
remedies
if
its
counterparty
defaults;
that
if
a
counterparty
(or
an
affiliate
of
a
counterparty)
becomes
bankrupt,
the
Fund
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
Fund
enters
into
multiple
transactions
with
a
single
or
a
small
set
of
counterparties,
it
will
be
subject
to
increased
counterparty
risk.
swap
risk:
The
Fund
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
Fund’s
inception,
the
Fund
expects
to
obtain
exposure
to
the
Barclays
Index
through
swap
transactions
with
a
single
counterparty.
To
the
extent
that
the
Fund
enters
into
multiple
transactions
with
a
single
or
a
small
set
of
counterparties,
it
will
be
subject
to
increased
counterparty
risk.
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
(commonly
known
as
“junk
bonds”),
including
floating
rate
loans,
tend
to
be
particularly
Notes
to
Financial
Statements
(Cont.)
(Unaudited)
March
31,
2024
Semi-Annual
Report
|
March
31,
2024
59
sensitive
to
these
changes.
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.
Recently,
there
have
been
inflationary
price
movements,
which
have
caused
the
fixed
income
securities
markets
to
experience
heightened
levels
of
interest
rate
volatility
and
liquidity
risk.
The
risks
associated
with
rising
interest
rates
are
heightened
under
current
market
conditions
given
that
the
U.S.
Federal
Reserve
has
raised
interest
rates
from
historically
low
levels
and
may
continue
to
do
so.
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.
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: 
ActiveShares
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
Notes
to
Financial
Statements
(Cont.)
60
DoubleLine
ETF
Trust
(Unaudited)
March
31,
2024
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
intraday
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
concentration
risk:
For
Funds
other
than
semi-transparent
ETFs:
as
an
ETF,
the
Fund
issues
and
redeems
shares
on
a
continuous
basis
at
NAV
only
in
a
large
specified
number
of
shares
called
a
"
Creation
Unit
."
Only
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. 
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.
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
Notes
to
Financial
Statements
(Cont.)
(Unaudited)
March
31,
2024
Semi-Annual
Report
|
March
31,
2024
61
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
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
Notes
to
Financial
Statements
(Cont.)
62
DoubleLine
ETF
Trust
(Unaudited)
March
31,
2024
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
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
foreign
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,
Notes
to
Financial
Statements
(Cont.)
(Unaudited)
March
31,
2024
Semi-Annual
Report
|
March
31,
2024
63
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
of
Trustees
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
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.
Notes
to
Financial
Statements
(Cont.)
64
DoubleLine
ETF
Trust
(Unaudited)
March
31,
2024
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
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
are
determined
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
shareholder
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
Notes
to
Financial
Statements
(Cont.)
(Unaudited)
March
31,
2024
Semi-Annual
Report
|
March
31,
2024
65
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.
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.
leveraging
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
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
Notes
to
Financial
Statements
(Cont.)
66
DoubleLine
ETF
Trust
(Unaudited)
March
31,
2024
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.
Recently,
there
have
been
inflationary
price
movements,
which
have
caused
the
fixed
income
securities
markets
to
experience
heightened
levels
of
interest
rate
volatility
and
liquidity
risk.
Please
see
“debt
securities
risks
interest
rate
risk”
herein
for
more
information.
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.
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 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
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
Notes
to
Financial
Statements
(Cont.)
(Unaudited)
March
31,
2024
Semi-Annual
Report
|
March
31,
2024
67
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
of
1986,
as
amended
(the
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
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
Notes
to
Financial
Statements
(Cont.)
68
DoubleLine
ETF
Trust
(Unaudited)
March
31,
2024
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
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
net
asset
value ("
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
an
NAV
that
does
not
accurately
reflect
the
underlying
value
of
the
Fund's
portfolio,
resulting
in
the
dilution
of
shareholder
interests. 
14. 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
Report
|
March
31,
2024
69
Shareholder
Expenses
(Unaudited)
March
31,
2024
Example
As
a
shareholder
of
the
Funds,
you
incur
two
basic
types
of
costs:
(1)
transaction
costs,
and
(2)
ongoing
costs,
including
management
fees;
and
other
Fund
expenses.
This
Example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
each
Fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other exchange-traded funds.
The
Example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period October
1,
2022 through
March
31,
2024.
Expenses
paid
during
the
period
are
equal
to
the
net
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/365
(to
reflect
the
one-half
year
period).
The
actual
dollar
amounts
shown
as
expenses
paid
during
the
period
for
the
Commercial
Real
Estate
ETF
and Mortgage
ETF
Fund
are
multiplied
by
183/365
which
is
based
on
the
inception
date
of
March
31,
2023.
The
actual
dollar
amounts
shown
as
expenses
paid
during
the
period
for
the
Commodity
Strategy
ETF
(Consolidated)
and
Fortune
500
Equal
Weight
ETF
are
multiplied
by
60/366
which
is
based
on
the
inception
date
of
January
31,
2024.
Actual
Expenses
The
actual
return
columns
in
the
following
table
provide
information
about
account
values
based
on
actual
returns
and
actual
expenses.
You
may
use
the
information
in
these
columns,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
in
the
respective
line
under
the
heading
entitled
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
In
addition
to
the
expenses
shown
below
in
the
table,
as
a
shareholder
you
will
be
assessed
fees
for
outgoing
wire
transfers,
returned
checks
and
stop
payment
orders
at
prevailing
rates
charged
by
JP
Morgan
Chase
Bank,
N.A.,
the
Fund’s
transfer
agent.
Currently,
if
you
request
a
redemption
be
made
by
wire,
a
$15.00
fee
is
charged
by
the
Fund’s
transfer
agent.
An
Individual
Retirement
Account
("IRA")
will
be
charged
a
$15.00
annual maintenance
fee. The
transfer
agent
charges
a
transaction
fee
of
$25.00
on
returned
checks
and
stop
payment
orders.
If
you
paid
a
transaction
fee,
you
would
add
the
fee
amount
to
the
expenses
paid
on
your
account
this
period
to
obtain
your
total
expenses
paid.
Hypothetical
Example
for
Comparison
Purposes 
The
hypothetical
return
columns
in
the
following
table
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
a
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
a
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
a
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
the
transaction
fees
discussed
above.
Therefore,
those
columns
are
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Actual
Hypothetical
(5%
return
before
expenses)
Fund's
Annualized
Expense
Ratio
Beginning
Account
Value
Ending
Account
Value
at
3/31/24
Expenses
Paid
During
Period
(a)
Ending
Account
Value
at
3/31/24
Expenses
Paid
During
Period
(a)
DoubleLine
Opportunistic
Bond
ETF
0.50%
$1,000
$1,065
$2.58
$1,023
$2.53
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
0.65%
$1,000
$1,188
$3.56
$1,022
$3.29
DoubleLine
Commercial
Real
Estate
ETF
0.39%
$1,000
$1,042
$1.99
$1,023
$1.97
DoubleLine
Mortgage
ETF
0.49%
$1,000
$1,057
$2.52
$1,023
$2.48
DoubleLine
Commodity
Strategy
ETF
(Consolidated)
0.65%
$1,000
$1,034
$1.05
$1,022
$3.18
DoubleLine
Fortune
500
Equal
Weight
ETF
0.20%
$1,000
$1,105
$0.35
$1,024
$1.01
(a)
Expenses
Paid
During
Period
are
equal
to
the
net
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/366
(to
reflect
the
one-half
year
period).
Evaluation
of
Advisory
Agreements
by
the
Board
of
Trustees
70
DoubleLine
ETF
Trust
(Unaudited)
March
31,
2024
At
a
meeting
held
in
February
2024
(the
“February
Meeting”),
the
Boards
of
Trustees
(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
(collectively,
the
“Funds”)
approved
the
continuation
of
the
investment
advisory
and
sub-advisory
agreements,
as
applicable
(the
“Advisory
Agreements”),
between
DoubleLine
and
those
Funds.
That
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
to
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.
The
Trustees
also
meet
regularly
with
investment
advisory,
compliance,
risk
management,
operational,
and
other
personnel
from
DoubleLine
and
regularly
review
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
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
a
strong
emphasis
on
risk
management
for
the
Funds.
The
Board
considered,
where
applicable,
the
difficulty
of
managing
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
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
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-year,
three-year
(where
applicable),
five-year
(where
applicable),
and
ten-year
(where
applicable)
periods
ended
October
31,
2023,
against
the
performance
records
of
those
funds
in
each
Fund’s
Morningstar
category
and
the
performance
of
the
Fund’s
benchmark
index.
In
preparation
for
the
February
Meeting,
the
Independent
Trustees
met
with
ISS
MI
representatives
in
January
2024
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
their
benchmark
indices
or
the
median
of
their
peer
groups.
In
respect
of
the
mutual
funds,
the
Trustees
considered
that
a
number
of
the
mutual
funds
have
achieved
strong
long-term
performance
relative
to
the
median
of
their
peers
for
the
five-year
and/or
ten-year
(where
applicable)
periods
ended
October
31,
2023,
notwithstanding,
in
some
cases,
more
recent
periods
of
relative
underperformance.
Those
Funds
included
DoubleLine
Core
Evaluation
of
Advisory
Agreements
by
the
Board
of
Trustees
(Cont.)
(Unaudited)
March
31,
2024
Annual
Report
|
March
31,
2024
71
Fixed
Income
Fund,
DoubleLine
Emerging
Markets
Fixed
Income
Fund,
DoubleLine
Floating
Rate
Fund,
DoubleLine
Flexible
Income
Fund,
DoubleLine
Infrastructure
Income
Fund,
DoubleLine
Low
Duration
Bond
Fund,
DoubleLine
Low
Duration
Emerging
Markets
Fixed
Income
Fund,
DoubleLine
Shiller
Enhanced
CAPE
®
and
DoubleLine
Shiller
Enhanced
International
CAPE
®
.
The
Trustees
also
considered
that
a
number
of
the
mutual
funds
had
achieved
strong
relative
performance
more
recently,
such
as
over
the
one-year
and/or
three-year
periods
ended
October
31,
2023,
notwithstanding
other
periods
of
short-term
or
longer-term
unfavorable
relative
performance.
Those
mutual
funds
included
DoubleLine
Long
Duration
Total
Return
Bond
Fund,
DoubleLine
Emerging
Markets
Local
Currency
Bond
Fund,
DoubleLine
Strategic
Commodity
Fund,
DoubleLine
Total
Return
Bond
Fund,
DoubleLine
Income
Fund
and
DoubleLine
Selective
Credit
Fund
In
each
instance
where
a
Fund
exhibited
relative
underperformance
over
the
one-year,
three-year
(as
applicable),
five-year
(as
applicable),
or
ten-year
(as
applicable)
periods,
the
Trustees
considered
DoubleLine’s
explanations
for
the
periods
of
relative
underperformance,
including,
in
the
cases
of
DoubleLine
Long
Duration
Total
Return
Bond
Fund,
DoubleLine
Global
Bond
Fund
and
DoubleLine
Multi-Asset
Trend
Fund,
differences
in
the
Funds’
investment
approach
relative
to
their
peer
groups
generally,
as
well
as
specifically
in
the
case
of
DoubleLine
Multi-Asset
Trend
Fund,
that
the
Fund
did
not
yet
have
three
years
of
investment
operations.
The
Trustees
considered
the
portion
of
the
ISS
MI
Reports
covering
the
Funds’
net
management
fees
(where
applicable)
and
net
total
expenses
relative
to
their
expense
peer
groups.
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
if
offers.
The
Trustees
also
considered
the
relative
net
management
fees
and
net
total
expenses
of
each
of
the
mutual
funds.
They
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.
They
noted
that
among
those
five
mutual
funds
several,
including
DoubleLine
Total
Return
Bond
Fund,
DoubleLine
Emerging
Markets
Fixed
Income
Fund,
DoubleLine
Flexible
Income
Fund
and
DoubleLine
Strategic
Commodity
Fund,
had
net
total
expense
ratios
either
below
or
within
five
basis
points
of
the
median
of
their
peer
groups.
In
the
case
of
DoubleLine
Infrastructure
Income
Fund,
the
Trustees
noted
the
very
limited
number
of
other
mutual
funds
that
invest
principally
in
infrastructure-related
debt
as
well
as
the
information
provided
by
ISS
MI
regarding
challenges
it
encountered
in
constructing
a
peer
group
of
funds
with
similar
principal
investment
strategies.
In
all
cases,
the
Trustees
considered
each
Fund’s
net
management
fees
in
light
of
that
Fund’s
historical
performance
net
of
expenses,
that
none
of
the
mutual
funds
had
the
highest
net
management
fee
in
its
peer
group,
and
that
DoubleLine’s
stated
pricing
philosophy
for
its
advisory
services
did
not
include
seeking
to
be
a
low-cost
service
provider.
In
light
of
all
of
the
above
and
the
other
factors
considered,
The
Trustees
determined
that
neither
the
net
management
fees
nor
the
net
total
expense
ratios
of
any
of
the
mutual
funds
appeared,
on
the
basis
of
all
of
the
information
available
to
them,
unreasonable
or
such
as
to
call
into
question
the
continuation
of
the
Funds’
Advisory
Agreements.
In
respect
of
the
ETFs,
the
Trustees
considered
information
in
the
ISS
MI
Reports
regarding
the
ETFs’
performance
records
and
net
total
expenses.
The
Trustees
noted
that
DoubleLine
Opportunistic
Bond
ETF
and
DoubleLine
Shiller
CAPE
US
Equities
ETF
commenced
investment
operations
on
March
31,
2022
and
that
DoubleLine
Commercial
Real
Estate
ETF
and
DoubleLine
Mortgage
ETF
commenced
investment
operations
on
March
31,
2023.
The
Trustees
noted
that
it
was
important
to
provide
each
Fund’s
portfolio
management
team
sufficient
time
to
establish
a
more
significant
performance
history.
However,
the
Trustees
considered
that
performance
since
inception
for
each
ETF
was
within
Management’s
expectations
and
the
Trustees
considered
Management’s
explanation
of
any
relative
underperformance,
including
in
respect
of
DoubleLine
Opportunistic
Bond
ETF.
In
respect
of
DoubleLine
Shiller
CAPE
Equities
ETF,
the
Trustees
noted
that
its
performance
was
in
line
with,
though
below,
its
benchmark
index.
The
Trustees
noted
also
that
its
performance
was
shown
relative
to
two
peer
groups
and
that
the
ETF
compared
more
favorably
against
the
peer
group
that
was
constructed
using
ISS
MI’s
more
traditional
approach.
They
noted
that
that
ETF’s
performance
compared
less
favorably
against
the
peer
group
that
was
constructed
with
just
other
active,
non-transparent
ETFs
(the
“ANT
Group”).
They
noted
that
the
ANT
Group
was
comprised
of
ETFs
with
a
broader
spectrum
of
principal
investment
strategies
and,
consequently,
with
more
dispersed
performance
records
and
they
considered
that
in
evaluating
the
ETF’s
relative
performance
to
date.
On
the
basis
of
all
of
these
factors,
the
Trustees
determined
that
the
performance
records
of
the
ETFs
supported
the
continuance
of
the
Advisory
Agreement
for
each
of
the
ETFs.
The
Trustees
considered
the
expenses
of
the
ETFs.
The
Trustees
noted
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
noted
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).
The
Trustees
considered
DoubleLine’s
pricing
policy
for
its
advisory
fees
and
that
DoubleLine
does
not
seek
to
be
a
lowest
cost
provider,
nor
does
Evaluation
of
Advisory
Agreements
by
the
Board
of
Trustees
(Cont.)
72
DoubleLine
ETF
Trust
(Unaudited)
March
31,
2024
it
have
a
policy
to
set
its
advisory
fees
below
the
median
of
an
ETF’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
if
offers.
The
Trustees
noted
that
DoubleLine
Shiller
CAPE
US
Equities
ETF
and
DoubleLine
Opportunistic
Bond
ETF
each
had
a
net
total
expense
ratio
at
or
below
the
median
of
its
peer
group,
though
with
DoubleLine
Shiller
CAPE
US
Equities
ETF
comparing
less
favorably
again
to
the
median
of
the
ANT
Group.
In
considering
the
net
total
expense
ratios
of
DoubleLine
Commercial
Real
Estate
ETF
and
DoubleLine
Mortgage
ETF,
the
Trustees
noted
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
significantly
higher
net
total
expense
ratios
and
that
the
ETFs’
net
total
expense
ratios
were
within
four
or
seven
basis
points
of
the
median.
The
Trustees
determined
that
none
of
the
net
total
expense
ratios
of
any
of
the
ETFs
appeared,
on
the
basis
of
all
of
the
information
available
to
them,
unreasonable
or
such
as
to
call
into
question
the
continuation
of
the
ETFs’
Advisory
Agreements.
In
respect
of
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
noted
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
either
at
or
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
fourth
quartile
of
its
peers
for
the
three-year,
five-year
and
ten-year
periods
ended
October
31,
2023
and
noted
the
Fund’s
stronger
more
recent
performance,
with
the
Fund
performing
in
the
second
quartile
of
its
peer
group
for
the
one-year
period
ended
October
31,
2023,
and
the
Fund
outperforming
its
benchmark
for
the
one-
and
three-year
and
ten-year
periods
ended
October
31,
2023.
As
to
DoubleLine
Opportunistic
Credit
Fund
(“DBL”),
the
Trustees
noted
that
DBL’s
net
management
fees
were
in
the
third
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
noted
that
DBL’s
net
total
expense
ratio
was
shown
in
the
ISS
MI
Report
to
be
in
the
third
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
considered
that
the
Fund’s
relative
performance
had
improved
recently,
with
the
Fund
performing
in
the
second
quartile
of
its
peer
group
for
the
one-year
period
ended
October
31,
2023,
though
the
Fund
had
performed
in
the
third
quartile
for
the
ten-year
period
ended
October
31,
2023
and
in
the
fourth
quartile
for
the
three-
and
five-year
periods
ended
October
31,
2023.
In
considering
the
Fund’s
performance,
the
Trustees
noted
also
that
the
Fund
had
outperformed
its
benchmark
index
for
the
one-,
three-,
five-
and
ten-year
periods
shown
in
the
ISS
MI
Report.
As
to
DoubleLine
Yield
Opportunities
Fund
(“DLY”),
the
Trustees
considered
that
the
Fund’s
relative
performance
improved
for
the
one-year
period
ended
October
31,
2023,
with
the
Fund
performing
in
the
first
quartile
of
its
peer
group.
They
noted
that
the
Fund
performed
in
the
fourth
quartile
for
the
three-year
period
ended
October
31,
2023,
though
it
had
outperformed
its
benchmark
index
over
one-
and
three-year
periods
ended
October
31,
2023.
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
the
Fund’s
net
management
fees
and
net
total
expenses,
though
above
the
medians
of
its
peers
on
a
total
managed
assets
basis,
was
in
the
second
quartile
and
slightly
below
the
median
of
its
peer
group
on
a
net
assets
basis.
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.
For
all
of
the
Funds,
Trustees
considered
that
DoubleLine
provides
a
variety
of
other
services
to
the
Funds
in
addition
to
investment
advisory
services,
including,
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
Evaluation
of
Advisory
Agreements
by
the
Board
of
Trustees
(Cont.)
(Unaudited)
March
31,
2024
Annual
Report
|
March
31,
2024
73
policies
and
procedures
of
the
Funds
and
their
various
service
providers
(including
DoubleLine).
The
Trustees
considered
the
quality
of
those
non-investment
advisory
services
and
determined
that
their
quality
appeared
to
support
the
continuation
of
the
Funds’
arrangements
with
DoubleLine.
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
concluded
that
it
appeared
that
DoubleLine
continued
to
have
sufficient
quality
and
depth
of
personnel,
resources,
and
investment
methods
to
continue
to
provide
services
of
the
same
nature
and
quality
as
DoubleLine
has
historically
provided
to
the
Funds.
The
Trustees
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
institutional
separate
accounts
advised
by
DoubleLine
and
mutual
funds
for
which
DoubleLine
serves
as
subadviser.
The
Trustees
noted
the
information
DoubleLine
provided
regarding
certain
institutional
separate
accounts
advised
by
it
and
funds
subadvised
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
noted
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
noted
DoubleLine’s
representations
that
DoubleLine
also
bears
substantially
greater
legal
and
other
responsibilities
and
risks
in
managing
and
sponsoring
registered
investment
companies
than
in
managing
private
accounts
or
in
sub-advising
funds,
including
registered
investment
companies,
sponsored
by
others,
and
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
noted
the
substantial
financial
risks
assumed
by
DoubleLine
in
respect
of
each
ETF’s
unitary
fee
and
that
DoubleLine
would
generally
bear,
with
limited
exceptions,
any
increase
in
each
ETF’s
ordinary
operating
expenses.
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
noted
that
DoubleLine
experienced
significant
profitability
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
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.
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.
They
noted
also
that
none
of
the
Funds
have
breakpoints
in
their
advisory
fee
schedules,
though
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
noted
also
that
the
information
provided
by
ISS
MI
supported
the
view
that
the
net
management
fees
of
the
largest
mutual
funds
remained
competitively
priced.
The
Trustees
separately
noted
that
DoubleLine
had
agreed
to
continue
in
place
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
noted
ongoing
changes
to
the
regulatory
environment,
which
required
DoubleLine
to
re-invest
in
its
business
and
infrastructure.
Based
on
these
factors
and
others,
the
Trustees
concluded
that
it
was
not
necessary
at
the
present
time
to
implement
breakpoints
for
any
of
the
Funds,
although
they
would
continue
to
consider
the
question
periodically
in
the
future.
With
regard
to
DSL,
DBL,
and
DLY,
the
Trustees
noted
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.
The
Trustees
noted
DoubleLine’s
view
that
the
levels
Evaluation
of
Advisory
Agreements
by
the
Board
of
Trustees
(Cont.)
74
DoubleLine
ETF
Trust
(Unaudited)
March
31,
2024
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.
With
regard
to
the
ETFs,
the
Trustees
noted
that
the
ETFs
have
only
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.
The
Trustees
noted
also
the
significant
investment
DoubleLine
has
made
in
the
launch
of
the
ETFs
and
that
it
has
not
yet
achieved
sustained
significant
profitability
in
respect
of
any
of
the
ETFs.
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
absence
of
breakpoints
in
any
Fund’s
management
fee
did
not
render
that
Fund’s
fee
unreasonable
or
inappropriate
under
the
circumstances,
although
the
Trustees
would
continue
to
consider
the
topic
over
time;
and
that
it
would
be
appropriate
to
approve
each
Advisory
Agreement
for
an
additional
one-year
period.
At
meetings
held
in
November
of
2023,
the
Board
of
Trustees
of
DoubleLine
ETF
Trust
considered
and
approved
the
continuation
of
the
investment
advisory
agreements
of
DoubleLine
Opportunistic
Bond
ETF
and
DoubleLine
Shiller
CAPE
U.S.
Equities
ETF
At
a
meeting
held
in
November
2023
(the
“November
Meeting”),
the
Board
of
Trustees
(the
“Board”
or
the
“Trustees”)
of
the
series
of
DoubleLine
ETF
Trust
listed
above
(the
“Funds”)
approved
the
continuation
of
the
investment
advisory
agreements
(the
“Advisory
Agreements”)
between
DoubleLine
ETF
Adviser
LP
(the
“Adviser”
or
“DoubleLine”)
and
those
Funds.
That
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.
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
November
Meeting,
and
additional
information
requested
by
the
Independent
Trustees.
The
Independent
Trustees
also
met
outside
the
presence
of
management
prior
to
the
November
Meeting
to
consider
the
materials
and
information
related
to
the
proposed
continuation
of
the
Advisory
Agreements.
The
Trustees
were
asked
to
consider
renewal
of
the
Advisory
Agreements
through
March
1,
2024,
on
the
same
terms
then
in
place
to
align
the
renewal
periods
for
the
Advisory
Agreements
with
the
renewal
periods
for
the
Advisory
Agreements
for
other
series
of
DoubleLine
ETF
Trust.
The
Trustees
also
meet
regularly
with
investment
advisory,
compliance,
risk
management,
operational,
and
other
personnel
from
DoubleLine
and
regularly
review
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,
including
in
their
roles
as
Trustees
of
other
ETFs
in
the
Trust.
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
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
and
in
respect
of
DoubleLine
Opportunistic
Bond
ETF,
the
Trustees
considered
that
DoubleLine
provides
a
full
investment
program
for
the
Funds
and
noted
DoubleLine’s
representation
that
it
seeks
to
provide
attractive
returns
with
a
strong
emphasis
on
risk
management.
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.
Evaluation
of
Advisory
Agreements
by
the
Board
of
Trustees
(Cont.)
(Unaudited)
March
31,
2024
Annual
Report
|
March
31,
2024
75
The
Trustees
reviewed
reports
that
compared,
among
other
information,
each
Fund’s
net
management
fee
rate
and
net
total
expense
ratio
against
the
net
management
fee
rate
and
net
total
expense
ratio
of
a
peer
group
composed
of
closely
comparable
ETFs
that
was
prepared
for
each
Fund’s
organizational
meeting,
and
each
Fund’s
performance
records
for
various
periods,
including
since
inception,
ending
September
30,
2023.
In
preparation
for
the
November
Meeting,
the
Trustees
received
information
from
DoubleLine,
including
regarding
factors
to
consider
in
evaluating
a
Fund’s
performance
relative
to
its
benchmark
and
the
factors
that
contributed
to
the
performance
of
the
Funds
relative
to
their
benchmark
indices.
The
Trustees
considered
the
performance
of
the
Funds
over
various
periods,
including
since
inception,
ending
September
30,
2023,
as
compared
to
each
Fund’s
benchmark.
With
respect
to
the
DoubleLine
Opportunistic
Bond
ETF,
the
Trustees
noted
that
the
Fund
outperformed
the
benchmark
over
the
one,
three,
and
six-month
periods
as
well
as
year-to-date.
With
respect
to
DoubleLine
Shiller
CAPE
U.S.
Equities
ETF,
the
Trustees
considered
that
the
Fund
has
outperformed
its
benchmark
in
each
of
the
one,
three,
and
six-
month
periods,
as
well
over
the
one-year
period.
For
each
Fund,
the
Trustees
also
considered
the
Fund’s
limited
operating
history
and
noted
that
it
was
important
to
provide
the
Fund’s
portfolio
management
team
sufficient
time
to
establish
a
longer
performance
history.
On
the
basis
of
all
of
these
factors,
the
Trustees
determined
that
the
historical
performance
records
of
the
Funds
were
consistent
with
the
continuance
of
the
Advisory
Agreement
for
each
of
the
Funds.
The
Trustees
considered
the
portion
of
the
November
Meeting
materials
covering
the
Funds’
fee
rates
under
the
unitary
fee
structure.
The
Trustees
noted
that
under
the
Funds’
unitary
fee
structure,
the
Adviser,
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
noted
that
under
the
unitary
fee
structure,
the
Adviser
pays
all
operating
expenses
of
the
Funds,
except
for,
among
others:
(i)
management
fees;
(ii)
interest
expenses;
(iii)
dividends
and
other
expenses
on
securities
sold
short;
(iv)
taxes;
(v)
expenses
incurred
with
respect
to
the
acquisition
and
disposition
of
portfolio
securities
and
the
execution
of
portfolio
transactions,
including
brokerage
commissions;
(vi)
acquired
fund
fees
and
expenses;
(vii)
accrued
deferred
tax
liabilities;
(viii)
distribution
fees
or
expenses;
and
(ix)
any
extraordinary
expenses
(such
as
litigation
expenses).
The
Trustees
considered
DoubleLine’s
pricing
policy
for
its
advisory
fees
and
that
DoubleLine
does
not
seek
to
be
a
lowest
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
if
offers.
The
Trustees
considered
the
expenses
of
each
of
the
Funds.
With
respect
to
the
DoubleLine
Opportunistic
Bond
ETF,
the
Trustees
noted
that
the
ETF’s
unitary
fee
was
below
the
median
total
expense
ratio
of
the
peer
group.
With
respect
to
DoubleLine
Shiller
CAPE
U.S.
Equities
ETF,
the
Trustees
noted
that
the
unitary
fee
was
above
the
median
total
expense
ratio
of
one
the
peer
groups
presented,
though
below
that
of
a
second
peer
group
constructed
entirely
of
other
U.S.
Equity
semi-transparent
ETFs.
The
Trustees
determined
that
the
unitary
fees
of
the
Funds
did
not
appear
on
the
basis
of
all
of
the
information
available
to
them
unreasonable
or
such
as
to
call
into
question
the
continuation
of
the
Funds’
Advisory
Agreements.
The
Trustees
considered
that
DoubleLine
provides
a
variety
of
other
services
to
the
Funds
in
addition
to
investment
advisory
services,
including,
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).
The
Trustees
considered
the
quality
of
those
non-investment
advisory
services
and
determined
that
their
quality
appeared
to
support
the
continuation
of
the
Funds’
arrangements
with
DoubleLine.
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
concluded
that
it
appeared
that
DoubleLine
continued
to
have
sufficient
quality
and
depth
of
personnel,
resources,
and
investment
methods
to
continue
to
provide
services
of
the
same
nature
and
quality
as
DoubleLine
has
historically
provided
to
the
Funds.
The
Trustees
considered
the
Adviser’s
representation
that
that
it
does
not
manage
other
funds
or
accounts
with
similar
investment
objectives,
policies,
and
strategies.
The
Trustees
also
noted
that
it
is
DoubleLine’s
overall
pricing
philosophy
with
respect
to
the
Funds
to
set
an
advisory
fee
and
the
total
expense
ratio
that
allows
the
Funds
to
be
competitive
with
its
peers
and
that
DoubleLine
believes
that
its
philosophy
is
reasonably
designed
to
result
in
an
advisory
fee
and
total
expense
ratio
for
the
Funds
that
reflects
and
shares
with
shareholders
achievable
economies
of
scale.
Evaluation
of
Advisory
Agreements
by
the
Board
of
Trustees
(Cont.)
76
DoubleLine
ETF
Trust
(Unaudited)
March
31,
2024
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
enables
DoubleLine
to
attract,
retain,
and
motivate
highly
qualified
and
experienced
employees.
The
Trustees
considered
that
they
would
continue
to
evaluate
the
profitability
of
the
Adviser
with
respect
to
the
Funds,
which
have
a
limited
operating
history,
as
their
assets
grow.
In
their
evaluation
of
economies
of
scale,
the
Trustees
considered,
among
other
things,
the
pricing
of
the
Funds
and
DoubleLine’s
reported
profitability.
They
noted
also
that
none
of
the
Funds
have
breakpoints
in
their
advisory
fee
schedules,
though
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
reflects
reasonably
foreseeable
economies
of
scale.
In
evaluating
economies
of
scale
more
generally,
the
Trustees
also
noted
ongoing
changes
to
the
regulatory
environment,
which
required
DoubleLine
to
re-invest
in
its
business
and
infrastructure.
Based
on
these
factors
and
others,
the
Trustees
concluded
that
it
was
not
necessary
at
the
present
time
to
implement
breakpoints
for
any
of
the
Funds,
although
they
would
continue
to
consider
the
question
periodically
in
the
future.
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;
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
profitability
of
each
Fund
to
DoubleLine
did
not
appear
excessive
or
such
as
to
preclude
continuation
of
the
Fund’s
Advisory
Agreement;
that
absence
of
breakpoints
in
any
Fund’s
management
fee
did
not
render
that
Fund’s
fee
unreasonable
or
inappropriate
under
the
circumstances,
although
the
Trustees
would
continue
to
consider
the
topic
over
time;
and
that
it
would
be
appropriate
to
approve
each
Advisory
Agreement
for
an
additional
period
until
March
1,
2024.
At
meetings
held
in
November
of
2023,
the
Board
of
Trustees
of
DoubleLine
ETF
Trust
approved
the
investment
advisory
arrangements
of
DoubleLine
Commodity
ETF
and
DoubleLine
Fortune
500
Equal
Weight
ETF.
At
the
November
2023
meeting
of
the
Board
of
Trustees
(the
“Trustees”)
of
DoubleLine
ETF
Trust
(the
“Trust”),
the
Trustees,
including
the
Trustees
who
are
not
“interested
persons”
(as
defined
in
the
Investment
Company
Act
of
1940,
as
amended)
of
the
Trust
(the
“Independent
Trustees”)
voting
separately,
approved
the
Investment
Management
Agreement
(the
“Advisory
Agreement”)
between
the
Trust,
on
behalf
of
DoubleLine
Commodity
ETF
(the
“Commodity
ETF”
or
a
“Fund”),
and
DoubleLine
Alternatives
LP
(“DoubleLine
Alternatives”),
and
the
Advisory
Agreement
between
the
Trust,
on
behalf
of
DoubleLine
Fortune
500
Equal
Weight
ETF
(the
“Fortune
500
ETF”
or
a
“Fund”
and
collectively
with
the
Commodity
ETF
the
“Funds”)
and
DoubleLine
ETF
Adviser
LP
(“ETF
Adviser”).
This
summary
describes
a
number,
but
not
necessarily
all,
of
the
most
important
factors
considered
by
the
Trustees
and
the
Independent
Trustees.
In
this
summary,
the
Advisory
Agreements
are
sometimes
referred
to
collectively
as
the
“Agreements”;
ETF
Adviser
and
DoubleLine
Alternatives
are
sometimes
referred
to
collectively
as
the
“Advisers”
or
“DoubleLine.”
The
Trustees
considered
a
wide
range
of
materials,
including
information
provided
to
the
Trustees
in
connection
with
their
duties
as
Trustees
of
the
other
ETFs
within
the
Trust
and
in
connection
with
their
consideration
of
the
renewal
of
the
advisory
contracts
between
the
ETF
Adviser
and
certain
other
funds
within
the
Trust.
The
Trustees
noted
that
their
deliberations
and
conclusions
were
informed,
at
least
in
part,
by
their
other
recent
deliberations,
as
well
as
the
information
gathered
over
the
course
of
the
year.
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.
In
all
of
their
deliberations,
the
Independent
Trustees
were
advised
by
independent
counsel.
The
Trustees’
determination
to
approve
the
Agreements
was
based
on
an
evaluation
of
all
of
the
information
provided
to
them.
The
Trustees
noted
that
the
non-fee
terms
of
the
Agreements
were
substantially
the
same
as
those
of
the
investment
management
agreements
in
effect
for
the
most
recently
launched
funds
within
the
Trust.
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
investor
interest
in
products
managed
by
DoubleLine.
The
Trustees
considered
that
the
investment
approach
of
the
Commodity
ETF
would
be
similar
to
that
of
certain
series
of
the
DoubleLine
Funds
Trust,
including
DoubleLine
Strategic
Commodity
Fund,
DoubleLine
Shiller
Enhanced
CAPE
®
,
DoubleLine
Shiller
Enhanced
International
CAPE
®
,
and
DoubleLine
Multi-Asset
Trend
Fund,
in
that
the
Fund’s
investment
portfolio
would
consist
of
Evaluation
of
Advisory
Agreements
by
the
Board
of
Trustees
(Cont.)
(Unaudited)
March
31,
2024
Annual
Report
|
March
31,
2024
77
fixed
income
investments,
on
the
one
hand,
and
exposure
to
an
index
the
Barclays
Backwardation
Tilt
Multi-Strategy
Index
(the
“Index”)
that
DoubleLine
Alternatives
expected
to
achieve
through
swaps,
on
the
other.
With
respect
to
the
Fortune
500
ETF,
the
Trustees
considered
that
ETF
Adviser
does
not
currently
manage
any
accounts
in
a
similar
style
or
strategy
to
the
Fund.
The
Trustees
considered
that
the
Fortune
500
ETF
generally
will
invest
at
least
80%
of
its
net
assets
in
securities
that
comprise
the
Barclays
Fortune
500
Equal
Weighted
Index
or
in
investments
with
economic
characteristics
similar
to
one
or
more
of
the
securities
that
comprise
such
index.
With
respect
to
both
Funds,
the
Trustees
considered
the
qualifications,
experience,
and
responsibilities
of
the
proposed
portfolio
management
team
of
each
Fund
and
other
key
personnel
who
would
be
involved
in
the
day-to-day
investment
activities
of
the
Funds.
The
Trustees
considered
DoubleLine
Alternatives’
experience
in
managing
fixed
income
portfolios,
and
ETF
Adviser’s
experience
in
managing
similar
products,
generally.
They
also
considered
in
respect
of
Commodity
ETF
the
portfolio
management
team’s
experience
managing
swaps,
including
index-based
swaps,
and
DoubleLine’s
experience
more
generally
trading
and
valuing
those
instruments.
The
Trustees
considered
that
the
Advisers
would
provide
a
variety
of
services
to
the
Funds
in
addition
to
investment
advisory
services,
including,
among
others,
a
number
of
back-office
services,
valuation
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
also
considered
the
nature,
extent,
and
structure
of
the
compliance
procedures
and
the
trading
capabilities
of
DoubleLine
Alternatives
and
ETF
Adviser.
The
Trustees
concluded
that
it
appeared
that
the
Advisers
would
have,
or
have
available
to
them,
sufficient
quality
and
depth
of
personnel,
resources,
investment
methods,
and
compliance
policies
and
procedures
to
perform
their
duties
under
the
proposed
Agreements
and
that
the
nature,
overall
quality,
and
extent
of
the
management
services
to
be
provided
to
the
Fund
appeared
likely
to
be
satisfactory
and
reliable.
They
also
considered
the
possible
effects
of
adding
additional
ETFs
to
the
Trust
on
the
capacities
of
the
Advisers.
The
Trustees
considered
the
proposed
structure
and
level
of
the
advisory
fee
to
be
paid
under
the
Advisory
Agreements.
The
Trustees
considered
comparative
expense
information
provided
by
Strategic
Insight,
an
Asset
International
Company
(“Strategic
Insight”).
In
reviewing
the
Strategic
Insight
report,
the
Trustees
also
considered
each
Fund’s
unitary
fee
structure
and
the
structures
of
the
fees
of
the
peers
presented
for
their
consideration.
The
Independent
Trustees
met
with
representatives
of
Strategic
Insight
who
had
participated
in
the
construction
and
analysis
of
the
comparative
expense
peer
group
shown
in
the
Strategic
Insight
report.
With
respect
to
the
Commodity
ETF,
the
Trustees
noted
that
the
information
provided
by
Strategic
Insight
indicated
that
the
Fund’s
proposed
advisory
fee
under
the
Advisory
Agreement
was
in
the
second
quartile
of
the
peer
group
and
at
the
peer
group
median.
With
respect
to
the
Fortune
500
ETF,
the
Trustees
noted
that
the
information
provided
by
Strategic
Insight
indicated
that
the
Fund’s
proposed
advisory
fee
under
the
Advisory
Agreement
was
in
the
first
quartile
of
the
peer
group
and
below
the
peer
group
median.
Consistent
with
general
ETF
industry
practice,
the
Trustees
noted
the
Funds’
proposed
“unitary”
fee
structure,
under
which
the
adviser
would,
in
addition
to
providing
investment
management
services,
arrange
for
transfer
agency,
custody,
fund
administration
and
accounting,
and
other
non-distribution
related
services
necessary
for
the
Funds
to
operate.
The
Trustees
considered
that
the
Advisers
would
pay
all
operating
expenses
of
the
Funds,
except
for,
among
others:
(i)
management
fees;
(ii)
interest
expenses;
(iii)
dividends
and
other
expenses
on
securities
sold
short;
(iv)
taxes;
(v)
expenses
incurred
with
respect
to
the
acquisition
and
disposition
of
portfolio
securities
and
the
execution
of
portfolio
transactions,
including
brokerage
commissions;
(vi)
acquired
fund
fees
and
expenses;
(vii)
accrued
deferred
tax
liabilities;
(viii)
distribution
fees
or
expenses;
and
(ix)
any
extraordinary
expenses
(such
as
litigation
expenses).
The
Trustees
reviewed
information
as
to
general
estimates
of
the
Advisers’
profitability
from
managing
each
Fund
during
the
proposed
initial
term,
taking
into
account
among
other
things
information
about
both
the
direct
and
the
indirect
benefits
to
the
Advisers.
The
Trustees
considered
information
provided
by
the
Advisers
as
to
the
methods
they
use,
and
the
assumptions
they
make,
in
estimating
and
projecting
their
profitability.
The
Trustees
also
considered
in
this
regard
the
Advisers’
significant
investment
in
sponsoring,
forming
and
registering
each
Fund
during
its
start-up
period
and
the
related
risks
of
those
activities.
The
Trustees
noted
other
benefits
that
could
potentially
be
received
by
the
Advisers
and
their
affiliates
as
a
result
of
the
Advisers’
relationship
with
the
Funds,
including
possible
ancillary
benefits
to
the
Advisers’
retail
and
institutional
investment
management
businesses
due
to
the
reputation
and
potential
market
penetration
of
the
Funds.
The
Trustees
considered
DoubleLine’s
approach
to
advisory
fees
generally,
including
proposing
advisory
fees
for
each
Fund
designed
to
cause
each
Fund
to
have
a
competitive
fee
structure
even
at
low
asset
levels
and
that,
in
DoubleLine’s
belief,
the
proposed
advisory
fees
reflected
reasonably
foreseeable
economies
of
scale
that
the
Advisers
might
experience
as
each
Fund’s
assets
grow
at
least
through
the
proposed
initial
term.
In
light
of
all
of
the
information
evaluated,
including
relevant
information
received
from
the
Advisers
in
prior
meetings
concerning
other
funds
within
the
Trust,
the
Trustees
concluded
that
the
Advisers’
profit
from
managing
the
Funds
would
likely
not
be
excessive
during
the
proposed
initial
term
and
that
it
did
not
appear
appropriate
at
this
time
to
consider
the
implementation
of
breakpoints
in
the
advisory
fee.
Evaluation
of
Advisory
Agreements
by
the
Board
of
Trustees
(Cont.)
78
DoubleLine
ETF
Trust
(Unaudited)
March
31,
2024
The
Trustees
noted
that
due
to
tax
rules
applicable
to
companies
seeking
to
qualify
as
regulated
investment
companies
under
the
Internal
Revenue
Code
of
1986,
as
amended,
a
wholly
owned
subsidiary
of
Commodity
ETF,
DoubleLine
Commodity
ETF
Ltd.
(“ETF
Commodity
Ltd.”),
had
been
organized
as
a
Cayman
Islands
exempted
company,
to
facilitate
Commodity
ETF’s
desired
investment
exposure
without
eliminating
the
Commodity
ETF’s
ability
to
qualify
as
a
regulated
investment
company.
The
Trustees
considered
the
same
factors
and
evaluated
the
terms
of
the
investment
management
agreement
between
Commodity
ETF
Ltd.
and
DoubleLine
Alternatives
in
the
same
manner
as
they
had
considered
the
Advisory
Agreement
for
the
Commodity
ETF
and
also
noted
their
understanding
that
Commodity
ETF’s
advisory
fees
under
its
investment
advisory
agreement
would
be
reduced
by
any
advisory
fees
directly
borne
by
ETF
Commodity
Ltd.
On
the
basis
of
these
considerations
and
others
and
in
the
exercise
of
their
business
judgment,
the
Trustees
determined
to
approve
the
Agreements
for
the
proposed
initial
term.
Semi-Annual
Report
|
March
31,
2024
79
Information
About
Proxy
Voting
(Unaudited)
March
31,
2024
Information
about
how
a
Fund
voted
proxies
relating
to
portfolio
securities
held
during
the
most
recent
twelve
month
period
will
be
available
no
later
than
the
following
August
31st
without
charge,
upon
request,
by
calling (855)
937-0772 and
on
the
SEC’s
website
at
http://www.sec.gov.
Copies
of
the
written
Proxy
Policy
are
available
by
calling
(855)
937-0772.
Information
About
Portfolio
Holdings
All
ETFs
(other
than
DoubleLine
Shiller
CAPE
®
U.S.
Equities
ETF)
The
DoubleLine
Bond
ETFs’
entire
portfolio
holdings
are
publicly
disseminated
each
day
the
Funds
are
open
for
business
through
financial
reporting
and
news
services
including
publicly
available
internet
web
sites.
In
addition,
the
composition
of
the
Funds’
in-
kind
creation
basket
and
the
in-kind
redemption
basket
is
publicly
disseminated
daily
prior
to
the
opening
of
the
Exchange
via
the
NSCC.
Greater
than
daily
access
to
information
concerning
the
Funds’
portfolio
holdings
is
permitted
(i)
to
certain
personnel
of
service
providers
to
the
Funds
involved
in
portfolio
management
and
providing
administrative,
operational,
risk
management,
or
other
support
to
portfolio
management,
and
(ii)
to
other
personnel
of
the
Funds’
service
providers
who
deal
directly
with,
or
assist
in,
functions
related
to
investment
management,
administration,
custody
and
fund
accounting,
as
may
be
necessary
to
conduct
business
in
the
ordinary
course
in
a
manner
consistent
with
applicable
law,
agreements
with
the
Funds,
and
the
terms
of
the
Trust’s
current
registration
statement.
From
time
to
time,
and
in
the
ordinary
course
of
business,
such
information
may
also
be
disclosed
(i)
to
other
entities
that
provide
services
to
the
Funds,
including
pricing
information
vendors,
and
third
parties
that
deliver
analytical,
statistical
or
consulting
services
to
the
Funds
and
(ii)
generally
after
it
has
been
disseminated
to
the
NSCC.
Portfolio
holdings
of
Commodity
Strategy
ETF
and
Fortune
500
ETF
are
also
provided
or
otherwise
available
on
a
real-time
basis
to
the
sponsor
of
the
Barclays
Backwardation
Tilt
Multi-Strategy
Index
and
the
Barclays
Fortune
500
Equal
Weighted
Total
Return
Index,
respectively,
to
allow
the
sponsor
of
such
index
to
oversee
compliance
with
the
terms
of
the
license
or
trading
arrangements
between
the
sponsor
and
such
Fund’s
Adviser
relating
to
the
Fund.
No
person
is
authorized
to
disclose
any
of
the
Funds’
portfolio
holdings
or
other
investment
positions
(whether
in
writing,
by
fax,
by
e-mail,
orally,
or
by
other
means)
except
in
accordance
with
the
above.
The
Trust’s
Chief
Compliance
Officer
may
authorize
disclosure
of
portfolio
holdings.
The
Board
reviews
the
implementation
of
this
policy
on
a
periodic
basis.
DoubleLine
Shiller
CAPE
®
U.S.
Equities
ETF
The
Equities
ETF
does
not
make
its
full
portfolio
holdings
publicly
available
on
a
daily
basis.
Information
regarding
the
Fund’s
portfolio
holdings
may
be
shared
at
any
time
with
employees
of
the
Adviser
and
other
affiliated
parties
involved
in
the
management,
administration
or
operations
of
the
Fund
(referred
to
as
fund-affiliated
personnel).
Any
dissemination
of
non-public
information
that
could
be
material
must
occur
to
all
shareholders
at
the
same
time
and
in
a
forum
typically
used
to
disseminate
information
broadly.
Under
its
portfolio
holdings
disclosure
policy,
the
Fund
may
release
portfolio
holdings
information
on
a
regular
basis
to
its
custodian
or
sub-custodians,
its
fund
accounting
agent,
its
proxy
voting
provider,
an
AP
Representative,
any
clearing
broker
used
by
an
AP
Representative,
the
entity
responsible
for
the
calculation
of
the
verified
intraday
indicative
value
(“VIIV”),
rating
agency
or
other
vendor
or
service
provider
for
a
legitimate
business
purpose,
where
the
party
receiving
the
information
is
under
a
duty
of
confidentiality,
including
a
duty
to
prohibit
the
sharing
of
non-public
information
with
unauthorized
sources
and
trading
upon
non-public
information.
The
Fund
may
enter
into
other
ongoing
arrangements
for
the
release
of
portfolio
holdings
information,
but
only
if
such
arrangements
serve
a
legitimate
business
purpose
and
are
with
a
party
who
is
subject
to
a
confidentiality
agreement
and
restrictions
on
trading
upon
non-public
information.
None
of
the
Fund,
the
Adviser,
or
any
other
affiliated
party
may
receive
compensation
or
any
other
consideration
in
connection
with
such
arrangements.
The
Fund’s
portfolio
holdings
are
provided
or
otherwise
available
on
a
real-time
basis
to
third-party
service
providers
of
the
Fund
(and
their
personnel)
who
require
the
information
to
provide
services
to
the
Fund,
including:
the
Adviser;
the
Fund’s
custodian,
JPMorgan
Chase
Bank,
N.A.;
pricing
service
providers,
including
Thomson
Reuters/Lipper;
liquidity
risk
management
program
service
providers,
including
ICE
Data
Pricing
&
Reference
Data,
LLC;
broker-dealers
who
facilitate
the
Fund’s
trading;
creditors
or
securities
lending
agents
(if
any);
the
Fund’s
administrator,
JPMorgan
Chase
Bank,
N.A.;
auditors,
including
the
Fund’s
Independent
Registered
Public
Accounting
Firm,
Deloitte
&
Touche
LLP;
AP
Representatives;
ICE
Data
Services,
the
party
responsible
for
the
calculation
of
Information
About
Portfolio
Holdings
(Cont.)
80
DoubleLine
ETF
Trust
the
VIIV;
service
providers
for
back
office/support
services,
including
Bank
of
New
York
Mellon;
and
Ropes
&
Gray
LLP,
counsel
to
the
Fund.
The
approval
of
the
Fund’s
Chief
Compliance
Officer,
or
his
or
her
designee,
must
be
obtained
before
entering
into
any
new
ongoing
arrangement
or
modifying
any
existing
ongoing
arrangement
to
make
available
portfolio
holdings
information,
or
with
respect
to
any
exceptions
from
the
policy.
Because
the
Fund
does
not
publicly
disclose
its
portfolio
holdings
daily,
the
selective
disclosure
of
material
nonpublic
information,
including
information
other
than
portfolio
information,
is
more
likely
to
provide
an
unfair
advantage
to
the
recipient
than
in
other
ETFs.
Accordingly,
the
Fund
and
each
person
acting
on
behalf
of
the
Fund
is
required
to
comply
with
Regulation
Fair
Disclosure
as
if
it
applied
to
them
(except
that
the
exemptions
provided
in
Rule
100(b)(2)(iii)
therein
shall
not
apply).
In
addition,
the
portfolio
holdings
are
considered
material,
non-public
information
under
the
Code
of
Ethics
of
the
Fund,
the
Adviser,
and
Distributor
and
the
agreements
related
to
the
Fund’s
other
service
providers
with,
or
any
other
party
given,
access
to
the
portfolio
holdings,
including
the
custodian,
administrator
and
fund
accountant,
include
appropriate
confidentiality
provisions
and
be
generally
prohibited
from
using
this
information
for
any
purpose
other
than
providing
services
to
the
Fund,
including
trading
based
upon
this
information.
The
Fund
uses
AP
Representatives
who
establish
and
maintain
a
confidential
account
for
the
benefit
of
an
AP,
in
order
to
engage
in
in-kind
creation
and
redemption
activity.
Each
business
day,
the
Fund’s
custodian
transmits
the
composition
of
the
Fund’s
creation
basket
to
each
AP
Representative.
Pursuant
to
a
confidential
account
agreement,
each
AP
Representative
is
restricted
from
disclosing
the
creation
basket
and
undertakes
an
obligation
not
to
use
the
identity
or
weighting
of
the
securities
in
the
creation
basket
for
any
purpose
other
than
executing
creations
and
redemptions
for
the
Fund.
The
confidential
account
enables
APs
to
transact
in
the
underlying
securities
of
the
creation
basket
through
their
AP
Representatives,
enabling
them
to
engage
in
in-kind
creation
or
redemption
activity.
In
addition,
in
connection
with
the
management
of
the
Fund’s
investment
exposure,
including,
specifically,
with
respect
to
the
re-constitution
or
re-balancing
of
the
Shiller
Barclays
CAPE
®
US
Sector
TR
USD
Index
(the
“Index”),
the
Fund
may
make
its
current
portfolio
holdings
available
publicly
on
the
Fund’s
website
at
https://doubleline.com/wp-content/uploads/DoubleLine-Shiller-
Enhanced-CAPE-Holdings.pdf.
Such
information,
when
it
is
made
available,
will
be
made
available
in
connection
with
the
re-
constitution
or
re-balancing
of
the
Index,
and
will
be
made
available
within
five
business
days
prior
to
month
end.
Each
Fund’s
complete
schedule
of
investments
following
the
first
and
third
fiscal
quarters
is
available
in
quarterly
holdings
reports
filed
with
the
SEC
as
exhibits
to
Form
N-PORT,
and
each
Fund’s
complete
schedule
of
investments
following
the
second
and
fourth
fiscal
quarters
is
available
in
Shareholder
Reports
filed
with
the
SEC
on
Form
N-CSR.
Complete
schedules
of
investments
filed
with
the
SEC
on
Form
N-CSR
and
as
exhibits
to
Form
N-PORT
are
not
distributed
to
Fund
shareholders
but
are
available,
free
of
charge,
on
the
SEC’s
website
at
www.sec.gov.
Should
a
Fund
include
only
a
Summary
Schedule
rather
than
a
complete
schedule
of
investments
in
its
Semi-Annual
and
Annual
Reports,
its
complete
schedule
of
investments
is
available
without
charge,
upon
request,
by
calling
(855)
937-0772
or
on
the
Funds’
website
at
www.doubleline.com.
Householding—Important
Notice
Regarding
Delivery
of
Shareholder
Documents
In
an
effort
to
conserve
resources,
the
Funds
intend
to
reduce
the
number
of
duplicate
Prospectuses
and
Annual
and
Semi-Annual
Reports
you
receive
by
sending
only
one
copy
of
each
to
addresses
where
we
reasonably
believe
two
or
more
accounts
are
from
the
same
family.
If
you
would
like
to
discontinue
householding
of
your
accounts,
please
call
(855)
937-0772
to
request
individual
copies
of
these
documents.
We
will
begin
sending
individual
copies
thirty
days
after
receiving
your
request
to
stop
householding.
Semi-Annual
Report
|
March
31,
2024
81
Privacy
Policy
(Unaudited)
March
31,
2024
What
Does
DoubleLine
Do
With
Your
Personal
Information? 
This
notice
provides
information
about
how
DoubleLine
(“we”
and
“our”)
collects,
shares,
and
protects
your
personal
information,
and
how
you
might
choose
to
limit
our
ability
to
share
certain
information
about
you.
Please
read
this
notice
carefully.
Why
We
Need
Your
Personal
Information
All
financial
companies
need
to
disclose
customers’
personal
information
to
run
their
everyday
businesses,
to
appropriately
tailor
the
services
offered
(where
applicable),
and
to
comply
with
our
regulatory
obligations.
Accordingly,
information,
confidential
and
proprietary,
plays
an
important
role
in
the
success
of
our
business.
However,
we
recognize
that
you
have
entrusted
us
with
your
personal
and
financial
data,
and
we
recognize
our
obligation
to
keep
this
information
secure.
Maintaining
your
privacy
is
important
to
us,
and
we
hold
ourselves
to
a
high
standard
in
its
safekeeping
and
use.
Most
importantly,
DoubleLine
does
not
sell
its
customers’
non-public
personal
information
to
any
third
parties.
DoubleLine
uses
its
customers’
non-public
personal
information
primarily
to
complete
financial
transactions
that
its
customers
request
(where
applicable),
to
make
its
customers
aware
of
other
financial
products
and
services
offered
by
a
DoubleLine
affiliated
company,
and
to
satisfy
obligations
we
owe
to
regulatory
bodies.
Information
We
May
Collect
We
may
collect
various
types
of
personal
data
about
you,
including:
Your
personal
identification
information,
which
may
include
your
name
and
passport
information,
your
IP
address,
politically
exposed
person
(“PEP”)
status,
and
such
other
information
as
may
be
necessary
for
us
to
provide
our
services
to
you
and
to
complete
our
customer
due
diligence
process
and
discharge
anti-money
laundering
obligations;
Your
contact
information,
which
may
include
postal
address
and
e-mail
address
and
your
home
and
mobile
telephone
numbers;
Your
family
relationships,
which
may
include
your
marital
status,
the
identity
of
your
spouse
and
the
number
of
children
that
you
have;
Your
professional
and
employment
information,
which
may
include
your
level
of
education
and
professional
qualifications,
your
employment,
employer’s
name
and
details
of
directorships
and
other
offices
which
you
may
hold;
and
Financial
information,
risk
tolerance,
sources
of
wealth
and
your
assets,
which
may
include
details
of
shareholdings
and
beneficial
interests
in
financial
instruments,
your
bank
details
and
your
credit
history.
Where
We
Obtain
Your
Personal
Information
Information
we
receive
about
you
on
applications
or
other
forms;
Information
you
may
give
us
orally;
Information
about
your
transactions
with
us
or
others;
Information
you
submit
to
us
in
correspondence,
including
emails
or
other
electronic
communications;
and
Information
about
any
bank
account
you
use
for
transfers
between
your
bank
account
and
any
DoubleLine
investment
account,
including
information
provided
when
effecting
wire
transfers.
Information
Collected
From
Websites
Websites
maintained
by
DoubleLine
or
its
service
providers
may
use
a
variety
of
technologies
to
collect
information
that
help
DoubleLine
and
its
service
providers
understand
how
the
website
is
used.
Information
collected
from
your
web
browser
(including
small
files
stored
on
your
device
that
are
commonly
referred
to
as
"cookies")
allow
the
websites
to
recognize
your
web
browser
and
help
to
personalize
and
improve
your
user
experience
and
enhance
navigation
of
the
website.
You
can
change
your
cookie
preferences
by
changing
the
setting
on
your
web
browser
to
delete
or
reject
cookies.
If
you
delete
or
reject
cookies,
some
website
pages
may
not
function
properly.
Our
websites
may
contain
links
are
maintained
or
controlled
by
third
parties,
each
of
which
has
privacy
policies
which
may
differ,
in
some
cases
significantly,
from
the
privacy
policies
described
in
this
notice.
Please
read
the
privacy
policies
of
such
third
parties
and
understand
that
accessing
their
websites
is
at
your
own
risk.
Please
contact
your
DoubleLine
representative
if
you
would
like
to
receive
more
information
about
the
privacy
policies
of
third
parties.
We
also
use
web
analytics
services,
which
currently
include
but
are
not
limited
to
Google
Analytics
and
Adobe
Analytics.
Such
web
analytics
services
use
cookies
and
similar
technologies
to
evaluate
visitor’s
use
of
the
domain,
compile
statistical
reports
on
domain
activity,
and
provide
other
services
related
to
our
websites.
For
more
information
about
Google
Analytics,
or
to
opt
out
of
Google
Analytics,
please
go
to
https://tools.google.com/dlpage/gaoptout.
For
more
information
about
Adobe
Analytics,
or
to
opt
out
of
Adobe
Analytics,
please
go
to:
http://www.adobe.com/privacy/opt-out.html.
Privacy
Policy
(Cont.)
82
DoubleLine
ETF
Trust
(Unaudited)
March
31,
2024
How
And
Why
We
May
Disclose
Your
Information
DoubleLine
does
not
disclose
any
non-public
personal
information
about
our
customers
or
former
customers
without
the
customer’s
authorization,
except
that
we
may
disclose
the
information
listed
above,
as
follows:
It
may
be
necessary
for
DoubleLine
to
provide
information
to
nonaffiliated
third
parties
in
connection
with
our
performance
of
the
services
we
have
agreed
to
provide
to
the
Funds
or
you.
For
example,
it
might
be
necessary
to
do
so
in
order
to
process
transactions
and
maintain
accounts.
DoubleLine
will
release
any
of
the
non-public
information
listed
above
about
a
customer
if
directed
to
do
so
by
that
customer
or
if
DoubleLine
is
required
or
authorized
by
law
to
do
so,
such
as
for
the
purpose
of
compliance
with
regulatory
requirements
or
in
the
case
of
a
court
order,
legal
investigation,
or
other
properly
executed
governmental
request.
In
order
to
alert
a
customer
to
other
financial
products
and
services
offered
by
an
affiliate,
DoubleLine
may
disclose
information
to
an
affiliate,
including
companies
using
the
DoubleLine
name.
Such
products
and
services
may
include,
for
example,
other
investment
products
offered
by
a
DoubleLine
company.
If
you
prefer
that
we
not
disclose
non-public
personal
information
about
you
to
our
affiliates
for
this
purpose,
you
may
direct
us
not
to
make
such
disclosures
(other
than
disclosures
permitted
by
law)
by
contacting
us
at
Privacy@DoubleLine.com
or
at
1
(800)
285-1545.
If
you
limit
this
sharing
and
you
have
a
joint
account,
your
decision
will
be
applied
to
all
owners
of
the
account.
We
will
limit
access
to
your
personal
account
information
to
those
agents
and
vendors
who
need
to
know
that
information
to
provide
products
and
services
to
you.
We
do
not
share
your
information
to
nonaffiliated
third
parties
for
marketing
purposes.
We
maintain
physical,
electronic,
and
procedural
safeguards
to
guard
your
non-public
personal
information.
Notice
Related
To
The
California
Consumer
Privacy
Act
(CCPA)
And
To
“Natural
Persons”
Residing
In
The
State
Of
California
DoubleLine
collects
and
uses
information
that
identifies,
describes,
references,
links
or
relates
to,
or
is
associated
with,
a
particular
consumer
or
device
(“Personal
Information”).
Personal
Information
we
collect
from
our
customers
and
consumers
is
covered
under
the
Gramm-Leach-Bliley
Act
(“GLBA”)
and
is
therefore
excluded
from
the
scope
of
the
California
Consumer
Privacy
Act,
as
amended
by
the
California
Privacy
Rights
Act
(together,
“CCPA”).
However,
for
California
residents
who
are
not
DoubleLine
customers
or
consumers,
as
those
terms
are
defined
by
GLBA,
the
personal
information
we
collect
about
you
is
subject
to
the
CCPA.
As
such,
you
have
privacy
rights
with
respect
to
your
personal
information.
Please
review
the
following
applicable
California
privacy
notice
that
is
available
at
www.doubleline.com,
or
by
contacting
us
at
Privacy@DoubleLine.com
or
at
1
(800)
285-1545.
CA
Privacy
Notice
for
Website
Visitors,
Media
Subscribers
and
Business
Representatives
CA
Privacy
Notice
for
Employees
Notice
Related
To
“Natural
Persons”
Residing
In
The
European
Economic
Area
(the
“EEA”)
If
you
reside
in
the
EEA,
we
may
transfer
your
personal
information
outside
the
EEA,
and
will
ensure
that
it
is
protected
and
transferred
in
a
manner
consistent
with
legal
requirements
applicable
to
the
information.
This
can
be
done
in
a
number
of
different
ways,
for
instance:
the
country
to
which
we
send
the
personal
information
may
have
been
assessed
by
the
European
Commission
as
providing
an
"adequate"
level
of
protection
for
personal
data;or
the
recipient
may
have
signed
a
contract
based
on
standard
contractual
clauses
approved
by
the
European
Commission.
In
other
circumstances,
the
law
may
permit
us
to
otherwise
transfer
your
personal
information
outside
the
EEA.
In
all
cases,
however,
any
transfer
of
your
personal
information
will
be
compliant
with
applicable
data
protection
law.
Notice
to
Investors
In
Cayman
Islands
Investment
Funds
If
you
are
a
natural
person,
please
review
this
notice
as
it
applies
to
you
directly.
If
you
are
a
legal
representative
of
a
corporate
or
entity
investor
that
provides
us
with
any
personal
information
about
individuals
(i.e.,
natural
persons),
you
agree
to
furnish
a
copy
of
this
notice
to
each
such
individual
or
otherwise
advise
them
of
its
content.
Any
international
transfer
of
personal
information
will
be
compliant
with
the
requirements
of
the
Data
Protection
Act,
2017
of
the
Cayman
Islands.
Privacy
Policy
(Cont.)
(Unaudited)
March
31,
2024
Semi-Annual
Report
|
March
31,
2024
83
Privacy
For
Children
DoubleLine
is
concerned
about
the
privacy
of
children.
Our
website
and
our
services
are
not
targeted
at
individuals
under
18
years
of
age,
and
we
do
not
knowingly
collect
any
personal
information
from
an
individual
under
18.
If
we
learn
that
a
child
under
the
age
of
13
(or
such
higher
age
as
required
by
applicable
law)
has
submitted
personally
identifiable
information
online
without
parental
consent,
we
will
take
all
reasonable
measures
to
delete
such
information
from
its
databases
and
to
not
use
such
information
for
any
purpose
(except
where
necessary
to
protect
the
safety
of
the
child
or
others
as
required
or
allowed
by
law).
If
you
become
aware
of
any
personally
identifiable
information,
we
have
collected
from
children
under
13
(or
such
higher
age
as
required
by
applicable
law),
please
contact
us
at
Privacy@DoubleLine.com
or
at
1
(800)
285-1545.
We
do
not
sell
or
share
any
personal
information
and
have
no
actual
knowledge
about
selling
or
sharing
personal
information
of
individuals
under
the
age
of
16.
Retention
Of
Personal
Information
And
Security
Your
personal
information
will
be
retained
for
as
long
as
required:
for
the
purposes
for
which
the
personal
information
was
collected;
in
order
to
establish
or
defend
legal
rights
or
obligations
or
to
satisfy
any
reporting
or
accounting
obligations;
and/or
as
required
by
data
protection
laws
and
any
other
applicable
laws
or
regulatory
requirements,
including,
but
not
limited
to,
U.S.
laws
and
regulations
applicable
to
our
business.
We
will
undertake
commercially
reasonable
efforts
to
protect
the
personal
information
that
we
hold
with
appropriate
security
measures.
Access
To
And
Control
Of
Your
Personal
Information
Depending
on
your
country
of
domicile
or
applicable
law,
you
may
have
the
following
rights
in
respect
of
the
personal
information
about
you
that
we
process:
the
right
to
access
and
port
personal
information;
the
right
to
rectify
personal
information;
the
right
to
restrict
the
use
of
personal
information;
the
right
to
request
that
personal
information
is
erased;
and
the
right
to
object
to
processing
of
personal
information.
Although
you
have
the
right
to
request
that
your
personal
information
be
deleted
at
any
time,
applicable
laws
or
regulatory
requirements
may
prohibit
us
from
doing
so.
In
addition,
if
you
invest
in
a
DoubleLine
fund
through
a
financial
intermediary,
DoubleLine
may
not
have
access
to
personal
information
about
you.
If
you
wish
to
exercise
any
of
the
rights
set
out
above,
please
contact
us
at
Privacy@DoubleLine.com
or
at
1
(800)
285-1545.
Changes
To
DoubleLine’s
Privacy
Policy
DoubleLine
reserves
the
right
to
modify
its
privacy
policy
at
any
time,
but
in
the
event
that
there
is
a
change
that
affects
the
content
of
this
notice
materially,
DoubleLine
will
promptly
inform
its
customers
of
such
changes
in
accordance
with
applicable
law.
March
31,
2024
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-SEMI-ETF
DoubleLine
|
|
2002
North
Tampa
Street,
Suite
200
|
|
Tampa,
FL
33602
|
|
(813)
791-7333
ETFinfo@doubleline.com
|
|
www.doubleline.com
(b)           Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.
 
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)           Schedule I – Investments in Securities of Unaffiliated Issuers
 
The complete schedule of investments is included in Item 1 of this Form N-CSR.
 
(b)          
Securities Divested of in accordance with Section 13(c) of the Investment Company Act of 1940.
               
The Registrant made no divestments of securities in accordance with Section 13(c) of the Investment Company Act of 1940.
 
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
 
Not applicable to the Registrant.
 
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
 
Not applicable to the Registrant.
 
Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated
Purchasers.
 
Not applicable to the Registrant.
 
Item 10. Submission of Matters to a Vote of Security Holders.
 
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees. 
 
Item 11. Controls and Procedures. 
 
(a)
                
The Registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.
 
(b)
               
There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a - 3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.  
 
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
 
Not applicable to the Registrant.
 
Item 13. Exhibits.
 
(a)           File the exhibits listed below as part of this Form.
 
(1) Code of Ethics – Not required for this filing.
 
               
                (3) Not applicable.
 
                (4) There has been no change to the registrant’s independent public accountant during the reporting period.
 

SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
DoubleLine ETF Trust
 
 
By:         /s/Ronald Redell
Ronald R. Redell
President
May 24, 2024
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
 
By:         /s/Ronald Redell
Ronald R. Redell
President
May 24, 2024
 
 
By:        
/s/Henry Chase
Henry V. Chase
Treasurer and Principal Financial and Accounting Officer
May 24, 2024