| DoubleLine Emerging Markets Fixed Income Fund | | (Unaudited) |
| Schedule of Investments | | June 30, 2024 |
PRINCIPAL AMOUNT
$/SHARES | | SECURITY DESCRIPTION | | RATE | | | MATURITY | | VALUE $ |
| FOREIGN CORPORATE BONDS - 79.4% |
| BRAZIL - 13.7% |
| 1,745,460 | Acu Petroleo Luxembourg Sarl | 7.50% | | 01/13/2032 | 1,694,892 |
| 505,000 | Banco do Estado do Rio Grande do Sul SA
(5 yr. CMT Rate + 4.93%) | 5.38% | (a) | 01/28/2031 | 479,123 |
| 2,300,000 | Banco do Estado do Rio Grande do Sul SA
(5 yr. CMT Rate + 4.93%) | 5.38% | | 01/28/2031 | 2,182,146 |
| 500,000 | Braskem Netherlands Finance BV | 7.25% | | 02/13/2033 | 471,750 |
| 7,700,000 | Braskem Netherlands Finance BV
(5 yr. CMT Rate + 8.22%) | 8.50% | | 01/23/2081 | 7,712,974 |
| 7,200,000 | Cosan Overseas Ltd. | 8.25% | (b) | 08/05/2024 | 7,325,209 |
| 3,350,000 | CSN Resources SA | 5.88% | | 04/08/2032 | 2,790,481 |
| 11,127,023 | Guara Norte Sarl | 5.20% | | 06/15/2034 | 10,262,780 |
| 1,929,352 | Invepar Holdings | 0.00% | (c)(d) | 12/30/2028 | – |
| 200,000 | Itau Unibanco Holding SA/Cayman Island
(5 yr. CMT Rate + 3.22%) | 4.63% | (b) | 02/27/2025 | 195,248 |
| 7,846,000 | MARB BondCo PLC | 3.95% | | 01/29/2031 | 6,526,850 |
| 3,800,000 | Minerva Luxembourg SA | 4.38% | | 03/18/2031 | 3,137,280 |
| 1,600,000 | Minerva Luxembourg SA | 8.88% | | 09/13/2033 | 1,653,459 |
| 1,100,000 | Minerva Luxembourg SA | 8.88% | (a) | 09/13/2033 | 1,136,753 |
| 2,500,000 | Movida Europe SA | 7.85% | (a) | 04/11/2029 | 2,354,438 |
| 6,621,720 | MV24 Capital BV | 6.75% | | 06/01/2034 | 6,331,148 |
| 7,818,045 | Prumo Participacoes e Investimentos S/A | 7.50% | | 12/31/2031 | 7,782,069 |
| 975,000 | Simpar Europe SA | 5.20% | | 01/26/2031 | 803,202 |
| 850,000 | Unigel Luxembourg SA | 8.75% | (c) | 10/01/2026 | 241,230 |
| | | | 63,081,032 |
| CHILE - 4.7% |
| 578,000 | AES Andes SA
(5 yr. CMT Rate + 4.92%) | 6.35% | | 10/07/2079 | 569,771 |
| 1,500,000 | Banco del Estado de Chile
(5 yr. CMT Rate + 3.23%) | 7.95% | (a)(b) | 05/02/2029 | 1,550,460 |
| 2,900,000 | CAP SA | 3.90% | (a) | 04/27/2031 | 2,322,545 |
| 6,000,000 | CAP SA | 3.90% | | 04/27/2031 | 4,805,267 |
| 10,695,473 | Chile Electricity PEC SpA | 0.00% | (a) | 01/25/2028 | 8,583,117 |
| 2,389,750 | Empresa Electrica Angamos SA | 4.88% | | 05/25/2029 | 2,160,477 |
| 1,368,600 | Empresa Electrica Cochrane SpA | 5.50% | | 05/14/2027 | 1,334,219 |
| | | | 21,325,856 |
| COLOMBIA - 9.6% |
| 1,494,996 | AI Candelaria Spain SA | 7.50% | | 12/15/2028 | 1,469,569 |
| 7,100,000 | AI Candelaria Spain SA | 5.75% | | 06/15/2033 | 5,749,401 |
| 3,800,000 | AI Candelaria Spain SA | 5.75% | (a) | 06/15/2033 | 3,077,145 |
| 2,850,000 | Banco Davivienda SA
(10 yr. CMT Rate + 5.10%) | 6.65% | (a)(b) | 04/22/2031 | 2,109,000 |
| 200,000 | Banco de Bogota SA | 6.25% | | 05/12/2026 | 197,200 |
| 9,100,000 | Bancolombia SA
(5 yr. CMT Rate + 2.94%) | 4.63% | | 12/18/2029 | 8,796,287 |
| 2,300,000 | Bancolombia SA
(5 yr. CMT Rate + 4.32%) | 8.63% | | 12/24/2034 | 2,350,566 |
| 5,213,000 | Canacol Energy Ltd. | 5.75% | | 11/24/2028 | 2,760,982 |
| 7,000,000 | Empresas Publicas de Medellin ESP | 4.25% | | 07/18/2029 | 6,040,125 |
| 4,392,000 | Empresas Publicas de Medellin ESP | 4.38% | | 02/15/2031 | 3,635,527 |
| 1,203,020 | Fideicomiso PA Pacifico Tres | 8.25% | | 01/15/2035 | 1,184,975 |
| 7,139,000 | Gran Tierra Energy, Inc. | 9.50% | (a) | 10/15/2029 | 6,804,787 |
| | | | 44,175,564 |
| DOMINICAN REPUBLIC - 0.8% |
| 200,000 | Aeropuertos Dominicanos Siglo XXI SA | 7.00% | (a) | 06/30/2034 | 202,740 |
| 3,800,000 | AES Espana BV | 5.70% | (a) | 05/04/2028 | 3,618,212 |
| | | | 3,820,952 |
| GUATEMALA - 4.0% |
PRINCIPAL AMOUNT
$/SHARES | | SECURITY DESCRIPTION | | RATE | | | MATURITY | | VALUE $ |
| 3,850,000 | Banco Industrial SA/Guatemala
(5 yr. CMT Rate + 4.44%) | 4.88% | | 01/29/2031 | 3,727,147 |
| 5,500,000 | CT Trust | 5.13% | | 02/03/2032 | 4,849,938 |
| 2,135,000 | Energuate Trust | 5.88% | | 05/03/2027 | 2,060,392 |
| 3,119,400 | Millicom International Cellular SA | 6.63% | | 10/15/2026 | 3,118,555 |
| 1,890,000 | Millicom International Cellular SA | 5.13% | | 01/15/2028 | 1,784,506 |
| 2,700,000 | Millicom International Cellular SA | 6.25% | | 03/25/2029 | 2,601,242 |
| | | | 18,141,780 |
| INDIA - 10.7% |
| 1,800,000 | Adani Electricity Mumbai Ltd. | 3.95% | | 02/12/2030 | 1,547,736 |
| 1,700,000 | Adani Electricity Mumbai Ltd. | 3.87% | | 07/22/2031 | 1,391,416 |
| 3,891,500 | Adani International Container Terminal Pvt Ltd. | 3.00% | | 02/16/2031 | 3,261,214 |
| 2,752,000 | Adani International Container Terminal Pvt Ltd. | 3.00% | (a) | 02/16/2031 | 2,306,273 |
| 2,400,000 | Adani Ports & Special Economic Zone Ltd. | 4.00% | | 07/30/2027 | 2,223,486 |
| 2,300,000 | Adani Ports & Special Economic Zone Ltd. | 4.20% | | 08/04/2027 | 2,139,575 |
| 900,000 | Adani Ports & Special Economic Zone Ltd. | 4.38% | | 07/03/2029 | 806,496 |
| 4,450,000 | Adani Ports & Special Economic Zone Ltd. | 3.10% | | 02/02/2031 | 3,553,360 |
| 3,800,000 | Adani Transmission Step-One Ltd. | 4.00% | | 08/03/2026 | 3,603,869 |
| 1,887,500 | Adani Transmission Step-One Ltd. | 4.25% | | 05/21/2036 | 1,568,434 |
| 200,000 | Bharti Airtel Ltd. | 4.38% | | 06/10/2025 | 197,895 |
| 3,496,000 | JSW Hydro Energy Ltd. | 4.13% | | 05/18/2031 | 3,108,451 |
| 1,000,000 | JSW Steel Ltd. | 5.05% | | 04/05/2032 | 879,847 |
| 4,960,000 | Network i2i Ltd.
(5 yr. CMT Rate + 4.27%) | 5.65% | (b) | 01/15/2025 | 4,933,189 |
| 4,250,000 | Reliance Industries Ltd. | 4.13% | | 01/28/2025 | 4,213,351 |
| 250,000 | Reliance Industries Ltd. | 3.67% | | 11/30/2027 | 237,443 |
| 8,000,000 | UPL Corp. Ltd. | 4.63% | | 06/16/2030 | 6,611,060 |
| 6,580,000 | Vedanta Resources Ltd. | 13.88% | | 12/09/2028 | 6,301,817 |
| | | | 48,884,912 |
| INDONESIA - 7.5% |
| 4,250,000 | Adaro Indonesia PT | 4.25% | | 10/31/2024 | 4,216,829 |
| 2,500,000 | Freeport Indonesia PT | 4.76% | | 04/14/2027 | 2,460,873 |
| 3,100,000 | Freeport Indonesia PT | 5.32% | (a) | 04/14/2032 | 3,008,557 |
| 2,400,000 | Freeport Indonesia PT | 5.32% | | 04/14/2032 | 2,329,205 |
| 4,000,000 | Freeport-McMoRan, Inc. | 4.63% | | 08/01/2030 | 3,853,346 |
| 6,580,700 | LLPL Capital Pte Ltd. | 6.88% | (a) | 02/04/2039 | 6,633,911 |
| 3,251,640 | LLPL Capital Pte Ltd. | 6.88% | | 02/04/2039 | 3,277,933 |
| 2,324,500 | Minejesa Capital BV | 4.63% | | 08/10/2030 | 2,234,160 |
| 7,000,000 | Minejesa Capital BV | 5.63% | | 08/10/2037 | 6,333,962 |
| | | | 34,348,776 |
| JAMAICA - 0.1% |
| 87,572 | Digicel Group Holdings Ltd. | 0.00% | (a)(d) | 12/31/2030 | 87,004 |
| 1,260,282 | Digicel Group Holdings Ltd. | 0.00% | (a)(d) | 12/31/2030 | 256,114 |
| 28,066 | Digicel Group Holdings Ltd. | 0.00% | (a)(d) | 12/31/2030 | 27,884 |
| 3,187,632 | Digicel Group Holdings Ltd. | 0.00% | (a)(d) | 12/31/2030 | 75,492 |
| | | | 446,494 |
| MEXICO - 9.0% |
| 4,400,000 | Banco Mercantil del Norte SA/Grand Cayman
(10 yr. CMT Rate + 5.35%) | 7.63% | (b) | 01/10/2028 | 4,334,345 |
| 5,000,000 | Banco Mercantil del Norte SA/Grand Cayman
(10 yr. CMT Rate + 5.47%) | 7.50% | (a)(b) | 06/27/2029 | 4,856,492 |
| 1,000,000 | Banco Mercantil del Norte SA/Grand Cayman
(10 yr. CMT Rate + 5.03%) | 6.63% | (b) | 01/24/2032 | 878,786 |
| 9,000,000 | BBVA Bancomer SA/Texas
(5 yr. CMT Rate + 2.65%) | 5.13% | | 01/18/2033 | 8,208,556 |
| 2,300,000 | BBVA Bancomer SA/Texas
(5 yr. CMT Rate + 4.31%) | 5.88% | | 09/13/2034 | 2,133,974 |
| 200,000 | BBVA Bancomer SA/Texas
(5 yr. CMT Rate + 4.66%) | 8.45% | | 06/29/2038 | 206,273 |
| 2,400,000 | Braskem Idesa SAPI | 6.99% | | 02/20/2032 | 1,822,354 |
| 2,200,000 | Buffalo Energy Mexico Holdings / Buffalo Energy Infrastructure / Buffalo Energy | 7.88% | (a) | 02/15/2039 | 2,287,925 |
PRINCIPAL AMOUNT
$/SHARES | | SECURITY DESCRIPTION | | RATE | | | MATURITY | | VALUE $ |
| 8,000,000 | Cemex SAB de CV
(5 yr. CMT Rate + 4.53%) | 5.13% | (b) | 06/08/2026 | 7,694,964 |
| 300,000 | Cemex SAB de CV
(5 yr. CMT Rate + 5.16%) | 9.13% | (a)(b) | 03/14/2028 | 320,558 |
| 1,562,000 | Cometa Energia SAB de CV | 6.38% | | 04/24/2035 | 1,517,361 |
| 500,000 | Comision Federal de Electricidad | 4.75% | | 02/23/2027 | 486,500 |
| 5,200,000 | Credito Real SAB de CV SOFOM ER
(5 yr. CMT Rate + 7.03%) | 9.13% | (b)(c) | 11/29/2027 | 13,520 |
| 200,000 | Electricidad Firme de Mexico Holdings SAB de CV | 4.90% | | 11/20/2026 | 187,824 |
| 367,489 | Fermaca Enterprises S de RL de CV | 6.38% | | 03/30/2038 | 361,467 |
| 2,440,000 | KUO SAB De CV | 5.75% | | 07/07/2027 | 2,366,202 |
| 4,600,000 | Mexarrend SAPI de CV | 10.25% | (a)(c) | 07/24/2024 | 602,600 |
| 1,988,714 | Mexico Generadora de Energia S de RL | 5.50% | | 12/06/2032 | 1,950,758 |
| 1,201,049 | Tierra Mojada Luxembourg II Sarl | 5.75% | | 12/01/2040 | 1,084,397 |
| | | | 41,314,856 |
| PANAMA - 0.2% |
| 822,991 | UEP Penonome II SA | 6.50% | | 10/01/2038 | 692,479 |
| PARAGUAY - 1.3% |
| 2,224,000 | Frigorifico Concepcion SA | 7.70% | | 07/21/2028 | 1,514,471 |
| 6,666,666 | Rutas 2 & 7 Finance Ltd. | 0.00% | | 09/30/2036 | 4,596,931 |
| | | | 6,111,402 |
| PERU - 12.5% |
| 8,000,000 | Banco de Credito del Peru SA
(5 yr. CMT Rate + 3.00%) | 3.13% | | 07/01/2030 | 7,712,970 |
| 3,950,000 | Banco de Credito del Peru SA
(5 yr. CMT Rate + 2.45%) | 3.25% | | 09/30/2031 | 3,676,805 |
| 12,172,000 | Banco Internacional del Peru SAA Interbank
(5 yr. CMT Rate + 3.71%) | 4.00% | | 07/08/2030 | 11,829,143 |
| 7,950,000 | Cia de Minas Buenaventura SAA | 5.50% | | 07/23/2026 | 7,691,570 |
| 6,804,000 | Inkia Energy Ltd. | 5.88% | | 11/09/2027 | 6,843,123 |
| 1,672,000 | InRetail Consumer | 3.25% | | 03/22/2028 | 1,512,938 |
| 2,560,000 | InRetail Shopping Malls | 5.75% | | 04/03/2028 | 2,516,994 |
| 5,500,000 | Intercorp Financial Services, Inc. | 4.13% | | 10/19/2027 | 5,135,104 |
| 2,587,298 | Lima Metro Line 2 Finance Ltd. | 4.35% | | 04/05/2036 | 2,369,850 |
| 6,100,000 | Minsur SA | 4.50% | | 10/28/2031 | 5,420,955 |
| 2,310,000 | Orazul Energy Peru SA | 5.63% | | 04/28/2027 | 2,193,576 |
| 800,000 | SAN Miguel Industrias Pet SA / NG PET R&P Latin America SA | 3.50% | | 08/02/2028 | 704,330 |
| | | | 57,607,358 |
| SINGAPORE - 3.8% |
| 400,000 | DBS Group Holdings Ltd.
(5 yr. CMT Rate + 1.10%) | 1.82% | | 03/10/2031 | 375,950 |
| 8,500,000 | Oversea-Chinese Banking Corp. Ltd.
(5 yr. CMT Rate + 1.58%) | 1.83% | | 09/10/2030 | 8,129,713 |
| 7,200,000 | United Overseas Bank Ltd.
(5 yr. CMT Rate + 1.52%) | 1.75% | | 03/16/2031 | 6,756,250 |
| 2,500,000 | United Overseas Bank Ltd.
(5 yr. CMT Rate + 1.23%) | 2.00% | | 10/14/2031 | 2,311,619 |
| | | | 17,573,532 |
| SOUTH AFRICA - 1.0% |
| 5,300,000 | Sasol Financing USA LLC | 5.50% | | 03/18/2031 | 4,473,847 |
| VIETNAM - 0.5% |
| 2,319,022 | Mong Duong Finance Holdings BV | 5.13% | | 05/07/2029 | 2,206,028 |
| | Total Foreign Corporate Bonds (Cost $390,529,703) | | 364,204,868 |
| FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 17.6% |
| BRAZIL - 1.1% |
| 5,000,000 | Banco do Brasil SA/Cayman (10 yr. CMT Rate + 4.40%) | 8.75% | (b) | 10/15/2024 | 5,105,120 |
| COLOMBIA - 3.4% |
| 200,000 | Colombia Government International Bond | 3.88% | | 04/25/2027 | 188,725 |
| 2,000,000 | Colombia Government International Bond | 5.00% | | 06/15/2045 | 1,410,721 |
| 3,000,000 | Colombia Government International Bond | 4.13% | | 05/15/2051 | 1,804,408 |
| 5,000,000 | Ecopetrol SA | 4.63% | | 11/02/2031 | 4,095,729 |
PRINCIPAL AMOUNT
$/SHARES | | SECURITY DESCRIPTION | | RATE | | | MATURITY | | VALUE $ |
| 800,000 | Ecopetrol SA | 5.88% | | 05/28/2045 | 574,005 |
| 10,300,000 | Ecopetrol SA | 5.88% | | 11/02/2051 | 7,159,398 |
| | | | 15,232,986 |
| GUATEMALA - 0.0%(e) |
| 200,000 | Guatemala Government Bond | 4.38% | | 06/05/2027 | 191,755 |
| INDONESIA - 2.3% |
| 3,600,000 | Bank Negara Indonesia Persero Tbk PT | 3.75% | | 03/30/2026 | 3,443,040 |
| 3,000,000 | Indonesia Asahan Aluminium PT / Mineral Industri Indonesia Persero PT | 4.75% | | 05/15/2025 | 2,970,786 |
| 3,500,000 | Indonesia Asahan Aluminium PT / Mineral Industri Indonesia Persero PT | 5.45% | | 05/15/2030 | 3,439,111 |
| 600,000 | Pertamina Persero PT | 1.40% | | 02/09/2026 | 561,114 |
| | | | 10,414,051 |
| MEXICO - 6.1% |
| 6,500,000 | Banco Nacional de Comercio Exterior SNC/Cayman Islands (5 yr. CMT Rate + 2.00%) | 2.72% | | 08/11/2031 | 5,795,637 |
| 2,500,000 | Comision Federal de Electricidad | 3.35% | | 02/09/2031 | 2,067,911 |
| 11,000,000 | Mexico Government International Bond | 4.40% | | 02/12/2052 | 8,054,688 |
| 7,000,000 | Mexico Government International Bond | 6.34% | | 05/04/2053 | 6,617,468 |
| 7,400,000 | Petroleos Mexicanos | 6.75% | | 09/21/2047 | 4,872,298 |
| | | | 27,408,002 |
| PANAMA - 1.7% |
| 900,000 | Panama Government International Bond | 4.30% | | 04/29/2053 | 579,433 |
| 13,000,000 | Panama Government International Bond | 3.87% | | 07/23/2060 | 7,444,223 |
| | | | 8,023,656 |
| PARAGUAY - 0.7% |
| 4,351,261 | Bioceanico Sovereign Certificate Ltd. | 0.00% | | 06/05/2034 | 3,263,446 |
| PERU - 1.5% |
| 1,759,570 | Lima Metro Line 2 Finance Ltd. | 5.88% | | 07/05/2034 | 1,734,148 |
| 4,700,000 | Petroleos del Peru SA | 4.75% | | 06/19/2032 | 3,523,310 |
| 2,800,000 | Petroleos del Peru SA | 5.63% | | 06/19/2047 | 1,790,089 |
| | | | 7,047,547 |
| SOUTH AFRICA - 0.8% |
| 4,200,000 | Republic of South Africa Government International Bond | 4.30% | | 10/12/2028 | 3,858,351 |
| | Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $96,875,842) | | 80,544,914 |
| SHORT TERM INVESTMENTS - 2.5% |
| 3,800,617 | First American Government Obligations Fund - U | 5.26% | (f) | | 3,800,617 |
| 3,800,617 | JPMorgan US Government Money Market Fund - IM | 5.26% | (f) | | 3,800,617 |
| 3,800,617 | MSILF Government Portfolio - Institutional | 5.23% | (f) | | 3,800,617 |
| | Total Short Term Investments (Cost $11,401,851) | | 11,401,851 |
| | Total Investments - 99.5% (Cost $498,807,396) | 456,151,633 |
| | Other Assets in Excess of Liabilities - 0.5% | | | 2,425,430 |
| | NET ASSETS - 100.0% | | | $458,577,063 |
| SECURITY TYPE BREAKDOWN as a % of Net Assets: | |
| Foreign Corporate Bonds | 79.4% |
| Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations | 17.6% |
| Short Term Investments | 2.5% |
| Other Assets and Liabilities | 0.5% |
| Net Assets | 100.0% |
| INVESTMENT BREAKDOWN as a % of Net Assets: | |
| Banking | 21.6% |
| Utilities | 16.8% |
| Energy | 11.6% |
| Transportation | 11.1% |
| Mining | 10.7% |
| Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations | 7.8% |
| Consumer Products | 4.4% |
| Telecommunications | 3.9% |
| Building and Development (including Steel/Metals) | 2.6% |
| Short Term Investments | 2.5% |
| Chemicals/Plastics | 2.4% |
| Chemical Products | 2.4% |
| Retailers (other than Food/Drug) | 0.9% |
| Conglomerates | 0.5% |
| Food Products | 0.2% |
| Finance | 0.1% |
| Other Assets and Liabilities | 0.5% |
| Net Assets | 100.0% |
| | |
| COUNTRY BREAKDOWN as a % of Net Assets: | |
| Mexico | 15.1% |
| Brazil | 14.8% |
| Peru | 14.0% |
| Colombia | 13.0% |
| India | 10.7% |
| Indonesia | 9.8% |
| Chile | 4.7% |
| Guatemala | 4.0% |
| Singapore | 3.8% |
| United States | 2.5% |
| Paraguay | 2.0% |
| Panama | 1.9% |
| South Africa | 1.8% |
| Dominican Republic | 0.8% |
| Vietnam | 0.5% |
| Jamaica | 0.1% |
| Other Assets and Liabilities | 0.5% |
| 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) | | Perpetual maturity. The date disclosed is the next call date of the security. |
| (c) | | Security is in default or has failed to make a scheduled payment. Income is not being accrued. |
| (d) | | Value determined using significant unobservable inputs. |
| (e) | | Represents less than 0.05% of net assets. |
| (f) | | Seven-day yield as of period end. |
| CMT | Constant Maturity Treasury Rate |
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
Fixed Income Fund |
| Investments in Securities | | |
| Level 1 | | |
| Short Term Investments | $ | 11,401,851 |
| Total Level 1 | | 11,401,851 |
| Level 2 | | |
| Foreign Corporate Bonds | | 363,758,374 |
| Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations | | 80,544,914 |
| Total Level 2 | | 444,303,288 |
| Level 3 | | |
| Foreign Corporate Bonds | | 446,494 |
| Total Level 3 | | 446,494 |
| Total | $ | 456,151,633 |
| |
| See the Schedule of Investments for further disaggregation of investment categories. |
