| DoubleLine Emerging Markets Local Currency Bond Fund | | (Unaudited) |
| Schedule of Investments | | June 30, 2024 |
PRINCIPAL AMOUNT
$/SHARES | | SECURITY DESCRIPTION | | RATE | | | MATURITY | | VALUE $ |
| FOREIGN CORPORATE BONDS - 20.9% |
| BRAZIL - 0.7% |
| 550,000 BRL | Simpar Finance SARL | 10.75% | (a) | 02/12/2028 | 81,908 |
| CHINA - 4.8% |
| 2,000,000 CNY | European Bank for Reconstruction & Development | 2.75% | | 04/27/2032 | 276,802 |
| 2,210,000 CNY | International Bank for Reconstruction & Development | 2.00% | | 02/18/2026 | 302,071 |
| | | | 578,873 |
| COLOMBIA - 1.5% |
| 833,000,000 COP | Empresas Publicas de Medellin ESP | 8.38% | (a) | 11/08/2027 | 178,228 |
| INDIA - 2.9% |
| 11,500,000 INR | Asian Development Bank | 6.20% | | 10/06/2026 | 136,096 |
| 18,000,000 INR | International Bank for Reconstruction & Development | 6.85% | | 04/24/2028 | 214,794 |
| | | | 350,890 |
| INDONESIA - 2.2% |
| 4,800,000,000 IDR | European Bank for Reconstruction & Development | 4.25% | | 02/07/2028 | 271,980 |
| MEXICO - 4.8% |
| 4,500,000 MXN | America Movil SAB de CV | 10.30% | | 01/30/2034 | 237,360 |
| 6,900,000 MXN | International Finance Corp. | 7.50% | | 01/18/2028 | 348,542 |
| | | | 585,902 |
| PERU - 0.7% |
| 325,000 PEN | Banco de Credito del Peru SA | 4.65% | (a) | 09/17/2024 | 84,029 |
| POLAND - 3.3% |
| 1,840,000 PLN | European Investment Bank | 3.00% | | 11/25/2029 | 402,358 |
| | Total Foreign Corporate Bonds (Cost $2,707,773) | | 2,534,168 |
| FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 73.1% |
| BRAZIL - 9.7% |
| 1,000,000 BRL | Brazil Notas de Tesouro Nacional - Serie F | 10.00% | | 01/01/2025 | 178,116 |
| 2,000,000 BRL | Brazil Notas de Tesouro Nacional - Serie F | 10.00% | | 01/01/2027 | 343,655 |
| 2,000,000 BRL | Brazil Notas de Tesouro Nacional - Serie F | 10.00% | | 01/01/2029 | 332,060 |
| 2,000,000 BRL | Brazil Notas de Tesouro Nacional - Serie F | 10.00% | | 01/01/2031 | 321,975 |
| | | | 1,175,806 |
| CHILE - 0.8% |
| 90,000,000 CLP | Bonos de la Tesoreria de la Republica en pesos | 4.50% | | 03/01/2026 | 95,399 |
| COLOMBIA - 1.3% |
| 350,000,000 COP | Colombian TES | 6.25% | | 11/26/2025 | 81,916 |
| 350,000,000 COP | Colombian TES | 7.50% | | 08/26/2026 | 81,257 |
| | | | 163,173 |
| CZECH REPUBLIC - 4.5% |
| 10,600,000 CZK | Czech Republic Government Bond | 2.75% | | 07/23/2029 | 427,665 |
| 2,700,000 CZK | Czech Republic Government Bond | 4.90% | | 04/14/2034 | 122,041 |
| | | | 549,706 |
| HUNGARY - 4.0% |
| 90,000,000 HUF | Hungary Government Bond | 2.50% | | 10/24/2024 | 241,148 |
| 53,000,000 HUF | Hungary Government Bond | 4.75% | | 11/24/2032 | 125,434 |
| 41,800,000 HUF | Hungary Government Bond | 7.00% | | 10/24/2035 | 114,906 |
| | | | 481,488 |
| INDONESIA - 9.4% |
| 6,065,000,000 IDR | Indonesia Treasury Bond | 8.25% | | 05/15/2029 | 390,197 |
| 1,800,000,000 IDR | Indonesia Treasury Bond | 7.00% | | 02/15/2033 | 110,048 |
| 6,170,000,000 IDR | Indonesia Treasury Bond | 8.38% | | 03/15/2034 | 412,212 |
| 3,662,000,000 IDR | Indonesia Treasury Bond | 7.50% | | 06/15/2035 | 231,201 |
| | | | 1,143,658 |
| MALAYSIA - 4.3% |
| 1,200,000 MYR | Malaysia Government Bond | 3.50% | | 05/31/2027 | 254,137 |
PRINCIPAL AMOUNT
$/SHARES | | SECURITY DESCRIPTION | | RATE | | | MATURITY | | VALUE $ |
| 1,300,000 MYR | Malaysia Government Bond | 3.58% | | 07/15/2032 | 270,527 |
| | | | 524,664 |
| MEXICO - 8.2% |
| 5,900,000 MXN | Mexican Bonos | 5.00% | | 03/06/2025 | 310,786 |
| 7,800,000 MXN | Mexican Bonos | 5.75% | | 03/05/2026 | 394,327 |
| 5,980,000 MXN | Mexican Bonos | 7.75% | | 05/29/2031 | 291,613 |
| | | | 996,726 |
| PERU - 3.2% |
| 1,670,000 PEN | Peru Government Bond | 5.40% | | 08/12/2034 | 382,378 |
| PHILIPPINES - 0.6% |
| 4,500,000 PHP | Philippine Government Bond | 6.88% | | 01/10/2029 | 78,267 |
| POLAND - 5.8% |
| 1,160,000 PLN | Republic of Poland Government Bond | 3.25% | | 07/25/2025 | 283,204 |
| 2,200,000 PLN | Republic of Poland Government Bond | 1.75% | | 04/25/2032 | 415,857 |
| | | | 699,061 |
| ROMANIA - 3.5% |
| 830,000 RON | Romania Government Bond | 3.70% | | 11/25/2024 | 177,403 |
| 1,100,000 RON | Romania Government Bond | 8.00% | | 04/29/2030 | 251,170 |
| | | | 428,573 |
| SOUTH AFRICA - 13.1% |
| 5,300,000 ZAR | Republic of South Africa Government Bond | 8.00% | | 01/31/2030 | 267,458 |
| 6,760,000 ZAR | Republic of South Africa Government Bond | 8.25% | | 03/31/2032 | 324,183 |
| 12,160,000 ZAR | Republic of South Africa Government Bond | 8.88% | | 02/28/2035 | 565,935 |
| 10,120,000 ZAR | Republic of South Africa Government Bond | 8.50% | | 01/31/2037 | 437,840 |
| | | | 1,595,416 |
| THAILAND - 4.7% |
| 6,150,000 THB | Thailand Government Bond | 3.85% | | 12/12/2025 | 171,167 |
| 7,000,000 THB | Thailand Government Bond | 3.35% | | 06/17/2033 | 200,832 |
| 8,000,000 THB | Thailand Government Bond | 1.59% | | 12/17/2035 | 192,630 |
| | | | 564,629 |
| | Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $9,854,586) | | 8,878,944 |
| SHORT TERM INVESTMENTS - 2.0% |
| 79,408 USD | BlackRock Liquidity FedFund - Institutional | 5.18% | (b) | | | 79,408 |
| 79,413 USD | Fidelity Government Portfolio - Institutional | 5.21% | (b) | | | 79,413 |
| 79,417 USD | MSILF Government Portfolio - Institutional | 5.23% | (b) | | | 79,417 |
| | Total Short Term Investments (Cost $238,238) | | | 238,238 |
| | Total Investments - 96.0% (Cost $12,800,597) | | 11,651,350 |
| | Other Assets in Excess of Liabilities - 4.0% | | | | 486,021 |
| | NET ASSETS - 100.0% | | | $ | 12,137,371 |
| SECURITY TYPE BREAKDOWN as a % of Net Assets: | |
| Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations | 73.1% |
| Foreign Corporate Bonds | 20.9% |
| Short Term Investments | 2.0% |
| Other Assets and Liabilities | 4.0% |
| Net Assets | 100.0% |
| INVESTMENT BREAKDOWN as a % of Net Assets: | |
| Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations | 73.1% |
| Finance | 16.1% |
| Short Term Investments | 2.0% |
| Telecommunications | 2.0% |
| Utilities | 1.4% |
| Banking | 0.7% |
| Transportation | 0.7% |
| Other Assets and Liabilities | 4.0% |
| Net Assets | 100.0% |
| COUNTRY BREAKDOWN as a % of Net Assets: | |
| South Africa | 13.1% |
| Mexico | 13.0% |
| Indonesia | 11.6% |
| Brazil | 10.4% |
| Poland | 9.1% |
| China | 4.8% |
| Thailand | 4.7% |
| Czech Republic | 4.5% |
| Malaysia | 4.3% |
| Hungary | 4.0% |
| Peru | 3.9% |
| Romania | 3.5% |
| India | 2.9% |
| Colombia | 2.8% |
| United States | 2.0% |
| Chile | 0.8% |
| Philippines | 0.6% |
| Other Assets and Liabilities | 4.0% |
| Net Assets | 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) | | Seven-day yield as of period end. |
| BRL | Brazilian Real |
| CLP | Chilean Peso |
| CNY | Chinese Yuan Renminbi |
| COP | Colombian Peso |
| CZK | Czech Republic Koruna |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| INR | Indian Rupee |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| PEN | Peruvian Sol |
| PHP | Philippine Peso |
| PLN | Polish Zloty |
| RON | Romanian Leu |
| THB | Thai Baht |
| USD | United States Dollar |
| ZAR | South African Rand |
Notes to Schedule of Investments
June 30, 2024 (Unaudited)
1. Significant Accounting Policies
The Fund is an investment company that applies the accounting and reporting guidance issued in Topic 946, “Financial Services—Investment Companies”, by the Financial Accounting Standards Board (“FASB”). The following is a summary of the significant accounting policies of the Fund. These policies are in conformity with accounting principles generally accepted in the United States of America (“US GAAP”).
A. Security Valuation. The Fund has adopted US GAAP fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:
• Level 1—Unadjusted quoted market prices in active markets for identical securities
• Level 2—Quoted prices for identical or similar assets in markets that are not active, or inputs derived from observable market data
• Level 3—Significant unobservable inputs (including the reporting entity’s estimates and assumptions)
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 Fund is authorized to invest. However, these classifications are not exclusive, and any of the inputs may be used to value any other class of fixed-income securities. Securities that use similar valuation techniques and inputs as described in the following table are categorized as Level 2 of the fair value hierarchy. To the extent the significant inputs are unobservable, the values generally would be categorized as Level 3. Assets and liabilities may be transferred between levels.
| Fixed-income Class | Examples of Inputs |
| All | Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”) |
| Corporate bonds and notes; convertible securities | Standard inputs and underlying equity of the issuer |
| US bonds and notes of government and government agencies | Standard inputs |
| Residential and commercial mortgage-backed obligations; asset-backed obligations (including collateralized loan obligations) | Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information, trustee reports |
| Bank Loans | Standard inputs |
Investments in registered open-end management investment companies will be valued based upon the net asset value (“NAV”) of such investments and are categorized as Level 1 of the fair value hierarchy.
Common stocks, exchange-traded funds and financial derivative instruments, such as futures contracts or options contracts, that are traded on a national securities or commodities exchange, are typically valued at the last reported sales price, in the case of common stocks and exchange-traded funds, or, in the case of futures contracts or options contracts, the settlement price determined by the relevant exchange. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.
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.
The Board of Trustees (the “Board”) has adopted a pricing and valuation policy for use by the Fund and its Valuation Designee (as defined below) in calculating the Fund’s NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Fund has designated its primary investment adviser, either DoubleLine Capital LP (“DoubleLine Capital”) or DoubleLine Alternatives LP (“DoubleLine Alternatives”) (each, an “Adviser” and collectively, the “Advisers”), as applicable, as the “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. Each Adviser, as Valuation Designee, is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.
The following is a summary of the fair valuations according to the inputs used to value the Fund’s investments as of June 30, 2024:
| Category | DoubleLine
Emerging Markets Local Currency Bond Fund |
| Investments in Securities | | |
| Level 1 | | |
| Short Term Investments | $ | 238,238 |
| Total Level 1 | | 238,238 |
| Level 2 | | |
| Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations | | 8,878,944 |
| Foreign Corporate Bonds | | 2,534,168 |
| Total Level 2 | | 11,413,112 |
| Total | $ | 11,651,350 |
| |
| See the Schedule of Investments for further disaggregation of investment categories. |
