| DoubleLine Income Fund | | (Unaudited) |
| Schedule of Investments | | June 30, 2024 |
PRINCIPAL AMOUNT
$/SHARES | | SECURITY DESCRIPTION | | RATE | | | MATURITY | | VALUE $ |
| ASSET BACKED OBLIGATIONS - 9.5% |
| | Affirm, Inc. | | | |
| 500,000 | Series 2023-B-D | 8.78% | (a) | 09/15/2028 | 510,572 |
| | APL Finance DAC | | | |
| 548,000 | Series 2023-1A-C | 8.50% | (a)(b) | 07/21/2031 | 545,948 |
| | Bojangles Issuer LLC | | | |
| 245,625 | Series 2020-1A-A2 | 3.83% | (a) | 10/20/2050 | 233,373 |
| | Business Jet Securities LLC | | | |
| 343,414 | Series 2021-1A-C | 5.07% | (a)(b) | 04/15/2036 | 338,164 |
| | Compass Datacenters LLC | | | |
| 500,000 | Series 2024-1A-B | 7.00% | (a) | 02/25/2049 | 502,804 |
| | Hardee’s Funding | | | |
| 498,750 | Series 2024-1A-A2 | 7.25% | (a) | 03/20/2054 | 502,290 |
| | Helios Issuer LLC | | | |
| 1,097,997 | Series 2019-AA-B | 4.49% | (a) | 06/20/2046 | 967,359 |
| | Hotwire Funding LLC | | | |
| 1,000,000 | Series 2021-1-B | 2.66% | (a) | 11/20/2051 | 914,164 |
| | Lunar Structured Aircraft Portfolio Notes | | | |
| 733,052 | Series 2021-1-C | 5.68% | (a)(b) | 10/15/2046 | 669,627 |
| | Marlette Funding Trust | | | |
| 500,000 | Series 2022-3A-C | 6.89% | (a) | 11/15/2032 | 503,934 |
| | Retained Vantage Data Centers Issuer LLC | | | |
| 500,000 | Series 2023-1A-B | 5.75% | (a) | 09/15/2048 | 475,992 |
| | Start Ltd./Bermuda | | | |
| 272,534 | Series 2019-1-C | 6.41% | (a)(b) | 03/15/2044 | 248,781 |
| | Switch ABS Issuer LLC | | | |
| 500,000 | Series 2024-1A-B | 6.50% | (a) | 03/25/2054 | 480,134 |
| 750,000 | Series 2024-2A-C | 10.03% | (a) | 06/25/2054 | 754,247 |
| | WAVE USA | | | |
| 2,460,511 | Series 2019-1-C | 6.41% | (a)(b) | 09/15/2044 | 868,767 |
| | Total Asset Backed Obligations (Cost $10,169,527) | | 8,516,156 |
| COLLATERALIZED LOAN OBLIGATIONS - 22.5% |
| | Aimco CDO | | | |
| 700,000 | Series 2021-15A-E (3 mo. Term SOFR + 6.21%, 5.95% Floor) | 11.53% | (a) | 10/17/2034 | 704,689 |
| | Bain Capital Credit CLO | | | |
| 500,000 | Series 2024-1A-D1 (3 mo. Term SOFR + 3.85%, 3.85% Floor) | 9.17% | (a) | 04/16/2037 | 512,446 |
| | Canyon Capital CLO Ltd. | | | |
| 500,000 | Series 2021-1A-E (3 mo. Term SOFR + 6.67%, 6.41% Floor) | 12.00% | (a) | 04/15/2034 | 484,789 |
| | Canyon CLO | | | |
| 500,000 | Series 2021-3A-E (3 mo. Term SOFR + 6.46%, 6.20% Floor) | 11.79% | (a) | 07/15/2034 | 498,992 |
| | Carlyle Global Market Strategies | | | |
| 500,000 | Series 2024-2A-D (3 mo. Term SOFR + 3.85%, 3.85% Floor) | 9.17% | (a) | 04/25/2037 | 507,261 |
| | CarVal CLO | | | |
| 500,000 | Series 2024-1A-B (3 mo. Term SOFR + 2.10%, 2.10% Floor) | 7.42% | (a) | 04/20/2037 | 505,095 |
| 1,000,000 | Series 2024-1A-D (3 mo. Term SOFR + 3.90%, 3.90% Floor) | 9.22% | (a) | 04/20/2037 | 1,013,519 |
| | CIFC Funding Ltd. | | | |
| 500,000 | Series 2021-4A-E (3 mo. Term SOFR + 6.26%, 6.00% Floor) | 11.59% | (a) | 07/15/2033 | 503,556 |
| | Elmwood CLO | | | |
| 500,000 | Series 2024-4A-E (3 mo. Term SOFR + 6.00%, 6.00% Floor) | 11.34% | (a) | 04/17/2037 | 502,212 |
| | Empower CLO Ltd. | | | |
| 500,000 | Series 2024-1A-A1 (3 mo. Term SOFR + 1.60%, 1.60% Floor) | 6.91% | (a) | 04/25/2037 | 503,603 |
| 500,000 | Series 2024-1A-D1 (3 mo. Term SOFR + 3.75%, 3.75% Floor) | 9.06% | (a) | 04/25/2037 | 514,203 |
| | Goldentree Loan Opportunities Ltd. | | | |
| 500,000 | Series 2024-19A-D (3 mo. Term SOFR + 3.40%, 3.40% Floor) | 8.72% | (a) | 04/20/2037 | 510,630 |
| | Harvest US CLO | | | |
| 500,000 | Series 2024-1A-D (3 mo. Term SOFR + 4.50%, 4.50% Floor) | 9.81% | (a) | 04/18/2037 | 509,135 |
| | Katayma CLO Ltd. | | | |
PRINCIPAL AMOUNT
$/SHARES | | SECURITY DESCRIPTION | | RATE | | | MATURITY | | VALUE $ |
| 1,000,000 | Series 2023-1A-D (3 mo. Term SOFR + 5.25%, 5.25% Floor) | 10.57% | (a) | 10/20/2036 | 1,040,579 |
| 500,000 | Series 2024-2A-A1 (3 mo. Term SOFR + 1.65%, 1.65% Floor) | 6.94% | (a) | 04/20/2037 | 502,670 |
| 500,000 | Series 2024-2A-D (3 mo. Term SOFR + 4.50%, 4.50% Floor) | 9.79% | (a) | 04/20/2037 | 512,723 |
| | MidOcean Credit CLO | | | |
| 500,000 | Series 2018-9A-D (3 mo. Term SOFR + 3.56%, 3.30% Floor) | 8.89% | (a) | 07/20/2031 | 499,854 |
| | Octagon Investment Partners Ltd. | | | |
| 1,000,000 | Series 2012-1A-CRR (3 mo. Term SOFR + 4.16%, 3.90% Floor) | 9.49% | (a) | 07/15/2029 | 1,004,469 |
| 500,000 | Series 2018-2A-C (3 mo. Term SOFR + 3.11%, 0.00% Floor) | 8.44% | (a) | 07/25/2030 | 497,043 |
| 500,000 | Series 2021-1A-E (3 mo. Term SOFR + 6.76%, 6.50% Floor) | 12.09% | (a) | 04/15/2034 | 468,975 |
| | Point Au Roche Park CLO | | | |
| 500,000 | Series 2021-1A-E (3 mo. Term SOFR + 6.36%, 6.10% Floor) | 11.69% | (a) | 07/20/2034 | 502,559 |
| | Rockford Tower CLO Ltd. | | | |
| 1,000,000 | Series 2024-1A-A1 (3 mo. Term SOFR + 1.61%, 1.61% Floor) | 6.94% | (a) | 04/20/2037 | 1,005,780 |
| | RR Ltd./Cayman Islands | | | |
| 1,000,000 | Series 2017-2A-DR (3 mo. Term SOFR + 6.06%, 5.80% Floor) | 11.39% | (a) | 04/15/2036 | 1,005,856 |
| | Sound Point CLO Ltd. | | | |
| 500,000 | Series 2019-3A-DR (3 mo. Term SOFR + 3.76%, 3.76% Floor) | 9.09% | (a) | 10/25/2034 | 487,841 |
| 1,000,000 | Series 2020-1A-ER (3 mo. Term SOFR + 7.12%, 7.12% Floor) | 12.45% | (a) | 07/20/2034 | 958,962 |
| 500,000 | Series 2021-3A-D (3 mo. Term SOFR + 3.51%, 3.25% Floor) | 8.84% | (a) | 10/25/2034 | 481,246 |
| | Steele Creek CLO Ltd. | | | |
| 940,000 | Series 2014-1RA-D (3 mo. Term SOFR + 3.06%, 2.80% Floor) | 8.39% | (a) | 04/21/2031 | 925,221 |
| | Trimaran CAVU LLC | | | |
| 2,000,000 | Series 2019-2A-C (3 mo. Term SOFR + 4.98%, 4.72% Floor) | 10.31% | (a) | 11/26/2032 | 2,007,345 |
| | Wellfleet CLO Ltd. | | | |
| 500,000 | Series 2019-1A-CR (3 mo. Term SOFR + 3.81%, 3.55% Floor) | 9.14% | (a) | 07/20/2032 | 501,875 |
| 500,000 | Series 2021-3A-D (3 mo. Term SOFR + 3.76%, 3.50% Floor) | 9.09% | (a) | 01/15/2035 | 495,588 |
| | Total Collateralized Loan Obligations (Cost $19,980,772) | | 20,168,716 |
| NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 17.9% |
| | ACREC Trust | | | |
| 300,000 | Series 2023-FL2-B (1 mo. Term SOFR + 3.48%, 3.48% Floor) | 8.81% | (a) | 02/19/2038 | 304,001 |
| | Alen Mortgage Trust | | | |
| 1,000,000 | Series 2021-ACEN-F (1 mo. Term SOFR + 5.11%, 5.00% Floor) | 10.44% | (a) | 04/15/2034 | 458,445 |
| | BBCMS Trust | | | |
| 250,000 | Series 2024-5C27-C | 6.70% | (c) | 07/15/2057 | 252,422 |
| 11,319,000 | Series 2024-5C27-XA | 1.04% | (a)(c)(d) | 07/15/2057 | 396,599 |
| | Benchmark Mortgage Trust | | | |
| 227,502 | Series 2020-B16-A2 | 2.88% | | 02/15/2053 | 221,433 |
| | BFLD Trust | | | |
| 125,000 | Series 2024-VICT-A (1 mo. Term SOFR + 1.89%, 1.89% Floor) | 7.19% | (a) | 07/15/2041 | 124,683 |
| | BLP Commercial Mortgage Trust | | | |
| 180,000 | Series 2024-IND2-A (1 mo. Term SOFR + 1.34%, 1.34% Floor) | 6.67% | (a) | 03/15/2041 | 180,093 |
| | BRSP Ltd. | | | |
| 181,179 | Series 2021-FL1-A (1 mo. Term SOFR + 1.26%, 1.15% Floor) | 6.60% | (a) | 08/19/2038 | 179,321 |
| | BSPRT Co.-Issuer LLC | | | |
| 250,000 | Series 2023-FL10-B (1 mo. Term SOFR + 3.27%, 3.27% Floor) | 8.59% | (a) | 09/15/2035 | 252,533 |
| | BX Trust | | | |
| 239,713 | Series 2020-VKNG-A (1 mo. Term SOFR + 1.04%, 0.93% Floor) | 6.37% | (a) | 10/15/2037 | 238,474 |
| 269,966 | Series 2021-21M-A (1 mo. Term SOFR + 0.84%, 0.73% Floor) | 6.17% | (a) | 10/15/2036 | 266,381 |
| 400,000 | Series 2021-CIP-A (1 mo. Term SOFR + 1.04%, 0.92% Floor) | 6.36% | (a) | 12/15/2038 | 395,844 |
| 173,028 | Series 2021-VINO-A (1 mo. Term SOFR + 0.77%, 0.77% Floor) | 6.10% | (a) | 05/15/2038 | 171,004 |
| 140,782 | Series 2021-XL2-A (1 mo. Term SOFR + 0.80%, 0.69% Floor) | 6.13% | (a) | 10/15/2038 | 139,383 |
| 500,000 | Series 2024-MF-A (1 mo. Term SOFR + 1.44%, 1.44% Floor) | 6.77% | (a) | 02/15/2039 | 499,043 |
| | CEDR Commercial Mortgage Trust | | | |
|
PRINCIPAL AMOUNT
$/SHARES | | SECURITY DESCRIPTION | | RATE | | | MATURITY | | VALUE $ |
| 350,000 | Series 2022-SNAI-A (1 mo. Term SOFR + 0.99%, 0.99% Floor) | 6.32% | (a) | 02/15/2039 | 329,706 |
| | Commercial Mortgage Pass Through Certificates | | | |
| 300,000 | Series 2014-CR18-B | 4.46% | (c) | 07/15/2047 | 295,466 |
| | Computershare Corporate Trust | | | |
| 180,000 | Series 2015-C28-A4 | 3.54% | | 05/15/2048 | 176,359 |
| 539,000 | Series 2015-LC22-A4 | 3.84% | | 09/15/2058 | 525,151 |
| | Credit Suisse Mortgage Capital Certificates | | | |
| 510,000 | Series 2017-PFHP-A (1 mo. Term SOFR + 1.00%, 0.95% Floor) | 6.33% | (a) | 12/15/2030 | 491,853 |
| | Extended Stay America Trust | | | |
| 453,897 | Series 2021-ESH-A (1 mo. Term SOFR + 1.19%, 1.08% Floor) | 6.52% | (a) | 07/15/2038 | 452,494 |
| | FS Rialto | | | |
| 350,276 | Series 2021-FL2-A (1 mo. Term SOFR + 1.33%, 1.33% Floor) | 6.66% | (a) | 05/16/2038 | 347,438 |
| 474,883 | Series 2021-FL3-A (1 mo. Term SOFR + 1.36%, 1.36% Floor) | 6.69% | (a) | 11/16/2036 | 474,366 |
| | Granite Point Mortgage Trust, Inc. | | | |
| 300,000 | Series 2021-FL4-B (1 mo. Term SOFR + 2.06%, 1.95% Floor) | 7.41% | (a) | 12/15/2036 | 282,804 |
| | Great Wolf Trust | | | |
| 200,000 | Series 2024-WLF2-A (1 mo. Term SOFR + 1.69%) | 7.02% | (a) | 05/15/2041 | 200,232 |
| 250,000 | Series 2024-WOLF-C (1 mo. Term SOFR + 2.39%, 2.39% Floor) | 7.72% | (a) | 03/15/2039 | 250,360 |
| | JP Morgan Chase Commercial Mortgage Securities | | | |
| 1,000,000 | Series 2019-UES-G | 4.60% | (a)(c) | 05/05/2032 | 937,280 |
| | JPMBB Commercial Mortgage Securities Trust | | | |
| 300,000 | Series 2014-C23-UH5 | 4.71% | (a) | 09/15/2047 | 284,269 |
| 417,195 | Series 2015-C31-A3 | 3.80% | | 08/15/2048 | 407,385 |
| 250,000 | Series 2015-C33-AS | 4.02% | | 12/15/2048 | 241,115 |
| | LFT CRE Ltd. | | | |
| 300,000 | Series 2021-FL1-B (1 mo. Term SOFR + 1.86%, 1.86% Floor) | 7.19% | (a) | 06/15/2039 | 294,947 |
| | LoanCore | | | |
| 193,264 | Series 2021-CRE6-A (1 mo. Term SOFR + 1.41%, 1.30% Floor) | 6.74% | (a) | 11/15/2038 | 192,434 |
| | Lument Finance Trust, Inc. | | | |
| 366,594 | Series 2021-FL1-A (1 mo. Term SOFR + 1.28%, 1.28% Floor) | 6.61% | (a) | 06/15/2039 | 367,145 |
| | Med Trust | | | |
| 447,851 | Series 2021-MDLN-A (1 mo. Term SOFR + 1.06%, 0.95% Floor) | 6.39% | (a) | 11/15/2038 | 447,157 |
| | MF1 Multifamily Housing Mortgage Loan Trust | | | |
| 405,283 | Series 2021-FL6-A (1 mo. Term SOFR + 1.21%, 1.10% Floor) | 6.55% | (a) | 07/16/2036 | 403,690 |
| 250,000 | Series 2021-FL7-B (1 mo. Term SOFR + 1.86%, 1.75% Floor) | 7.20% | (a) | 10/16/2036 | 244,249 |
| 300,000 | Series 2024-FL14-A (1 mo. Term SOFR + 1.74%, 1.74% Floor) | 7.08% | (a) | 03/19/2039 | 300,949 |
| 250,000 | Series 2024-FL15-B (1 mo. Term SOFR + 2.49%, 2.49% Floor) | 7.79% | (a) | 08/18/2041 | 249,375 |
| | MHC Commercial Mortgage Trust | | | |
| 301,996 | Series 2021-MHC-A (1 mo. Term SOFR + 0.92%, 0.80% Floor) | 6.24% | (a) | 04/15/2038 | 299,719 |
| | Morgan Stanley Capital I, Inc. | | | |
| 300,000 | Series 2016-UB11-AS | 2.98% | | 08/15/2049 | 277,542 |
| | Ready Capital Corp. | | | |
| 440,969 | Series 2021-FL7-A (1 mo. Term SOFR + 1.31%, 1.20% Floor) | 6.66% | (a) | 11/25/2036 | 440,638 |
| 151,132 | Series 2022-FL9-A (1 mo. Term SOFR + 2.47%, 2.47% Floor) | 7.81% | (a) | 06/25/2037 | 152,605 |
| | SREIT Trust | | | |
| 500,000 | Series 2021-MFP2-A (1 mo. Term SOFR + 0.94%, 0.82% Floor) | 6.27% | (a) | 11/15/2036 | 494,156 |
| | Starwood Property Mortgage Trust | | | |
| 218,963 | Series 2021-FL2-A (1 mo. Term SOFR + 1.31%, 1.20% Floor) | 6.65% | (a) | 04/18/2038 | 216,381 |
| | STWD Ltd. | | | |
| 400,000 | Series 2022-FL3-B (30 day avg SOFR US + 1.95%, 1.95% Floor) | 7.28% | (a) | 11/15/2038 | 387,884 |
| | TPG Real Estate Finance Issuer Ltd. | | | |
| 196,514 | Series 2021-FL4-A (1 mo. Term SOFR + 1.31%, 1.20% Floor) | 6.64% | (a) | 03/15/2038 | 194,885 |
| 300,000 | Series 2021-FL4-B (1 mo. Term SOFR + 1.96%, 1.85% Floor) | 7.29% | (a) | 03/15/2038 | 287,700 |
| 250,000 | Series 2022-FL5-AS (1 mo. Term SOFR + 2.15%, 2.15% Floor) | 7.48% | (a) | 02/15/2039 | 246,646 |
PRINCIPAL AMOUNT
$/SHARES | | SECURITY DESCRIPTION | | RATE | | | MATURITY | | VALUE $ |
| | UBS-Barclays Commercial Mortgage Trust | | | |
| 281,000 | Series 2013-C5-D | 3.84% | (a)(c) | 03/10/2046 | 203,970 |
| | VMC Finance LLC | | | |
| 250,000 | Series 2021-FL4-B (1 mo. Term SOFR + 1.91%, 1.91% Floor) | 7.25% | (a) | 06/16/2036 | 244,159 |
| | WB Commercial Mortgage Trust | | | |
| 300,000 | Series 2024-HQ-A | 6.13% | (a)(c) | 03/15/2040 | 300,855 |
| | Total Non-Agency Commercial Mortgage Backed Obligations (Cost $16,601,426) | | 16,023,023 |
| NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 28.7% |
| | Credit Suisse Mortgage Capital Certificates | | | |
| 1,372,000 | Series 2021-NQM4-B2 | 4.18% | (a)(c) | 05/25/2066 | 965,220 |
| | Cross Mortgage Trust | | | |
| 1,153,605 | Series 2024-H1-A1 | 6.09% | (a)(e) | 12/25/2068 | 1,154,155 |
| | Fannie Mae Connecticut Avenue Securities | | | |
| 1,181,749 | Series 2021-R01-1M2 (30 day avg SOFR US + 1.55%, 0.00% Floor) | 6.89% | (a) | 10/25/2041 | 1,187,402 |
| 1,300,000 | Series 2022-R01-1M2 (30 day avg SOFR US + 1.90%, 0.00% Floor) | 7.24% | (a) | 12/25/2041 | 1,316,759 |
| 1,250,000 | Series 2023-R01-1M2 (30 day avg SOFR US + 3.75%, 0.00% Floor) | 9.09% | (a) | 12/25/2042 | 1,341,177 |
| 1,300,000 | Series 2024-R01-1M2 (30 day avg SOFR US + 1.80%, 1.80% Floor) | 7.14% | (a) | 01/25/2044 | 1,319,759 |
| 1,000,000 | Series 2024-R02-1B1 (30 day avg SOFR US + 2.50%, 2.50% Floor) | 7.84% | (a) | 02/25/2044 | 1,019,645 |
| 1,200,000 | Series 2024-R03-2M2 (30 day avg SOFR US + 1.95%, 0.00% Floor) | 7.29% | (a) | 03/25/2044 | 1,208,255 |
| 1,250,000 | Series 2024-R04-1B1 (30 day avg SOFR US + 2.20%, 0.00% Floor) | 7.52% | (a) | 05/25/2044 | 1,253,909 |
| | Freddie Mac Structured Agency Credit Risk Debt Notes | | | |
| 1,200,000 | Series 2024-DNA1-M2 (30 day avg SOFR US + 1.95%, 0.00% Floor) | 7.29% | (a) | 02/25/2044 | 1,213,818 |
| 1,000,000 | Series 2024-HQA1-M2 (30 day avg SOFR US + 2.00%, 0.00% Floor) | 7.34% | (a) | 03/25/2044 | 1,007,233 |
| | Onslow Bay Mortgage Loan Trust | | | |
| 1,000,000 | Series 2024-NQM10-A1 | 6.18% | (a)(e) | 05/25/2064 | 1,002,084 |
| 1,171,227 | Series 2024-NQM2-A1 | 5.88% | (a)(e) | 12/25/2063 | 1,170,078 |
| | Pretium Mortgage Credit Partners LLC | | | |
| 1,147,249 | Series 2024-NPL2-A1 | 7.02% | (a)(e) | 02/25/2054 | 1,144,913 |
| 1,490,191 | Series 2024-NPL3-A1 | 7.52% | (a)(e) | 04/27/2054 | 1,496,507 |
| | Progress Residential Trust | | | |
| 500,000 | Series 2020-SFR3-H | 6.23% | (a) | 10/17/2027 | 492,356 |
| 1,200,000 | Series 2024-SFR2-D | 3.40% | (a)(c) | 04/17/2041 | 1,064,228 |
| | SGR Residential Mortgage Trust | | | |
| 1,250,000 | Series 2021-1-B2 | 4.30% | (a)(c) | 07/25/2061 | 863,334 |
| | Velocity Commercial Capital Loan Trust | | | |
| 171,813 | Series 2019-1-M4 | 4.61% | (a)(c) | 03/25/2049 | 144,189 |
| 93,257 | Series 2019-1-M5 | 5.70% | (a)(c) | 03/25/2049 | 79,826 |
| 158,611 | Series 2019-1-M6 | 6.79% | (a)(c) | 03/25/2049 | 124,424 |
| | Vericrest Opportunity Loan Transferee | | | |
| 1,122,299 | Series 2021-NPL5-A2 | 4.83% | (a)(e)(f) | 03/27/2051 | 1,043,824 |
| | Verus Securitization Trust | | | |
| 1,400,000 | Series 2020-5-B2 | 4.71% | (a)(c) | 05/25/2065 | 1,212,894 |
| 1,500,000 | Series 2021-3-B2 | 3.96% | (a)(c) | 06/25/2066 | 1,034,168 |
| 953,303 | Series 2023-1-A1 | 5.85% | (a)(e) | 12/25/2067 | 947,523 |
| 1,000,000 | Series 2024-1-M1 | 6.67% | (a)(c) | 01/25/2069 | 1,004,636 |
| | Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $27,157,563) | | 25,812,316 |
| US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 9.2% |
| | Federal Home Loan Mortgage Corp. | | | |
PRINCIPAL AMOUNT
$/SHARES | | SECURITY DESCRIPTION | | RATE | | | MATURITY | | VALUE $ |
| 1,923,728 | Series 413-F24 (30 day avg SOFR US + 1.10%, 1.10% Floor, 7.00% Cap) | 6.44% | | 05/25/2054 | 1,926,100 |
| 1,193,605 | Series 5004-LS (-1 x 30 day avg SOFR US + 6.04%, 0.00% Floor, 6.15% Cap) | 0.70% | (d)(g) | 07/25/2050 | 134,729 |
| 4,018,148 | Series 5112-SC (-1 x 30 day avg SOFR US + 2.50%, 0.00% Floor, 2.50% Cap) | 0.00% | (d)(g) | 06/25/2051 | 22,747 |
| 3,705,870 | Series 5166-DI | 3.00% | (d) | 09/15/2048 | 473,131 |
| | Federal National Mortgage Association | | | |
| 1,041,905 | Pool CB3168 | 3.00% | | 03/01/2052 | 893,535 |
| 1,076,236 | Series 2020-54-AS (-1 x 30 day avg SOFR US + 6.04%, 0.00% Floor, 6.15% Cap) | 0.70% | (d)(g) | 08/25/2050 | 120,450 |
| 1,232,818 | Series 2020-77-S (-1 x 30 day avg SOFR US + 4.15%, 0.00% Floor, 4.15% Cap) | 0.00% | (d)(g) | 11/25/2050 | 41,440 |
| 2,183,435 | Series 2020-77-SB (-1 x 30 day avg SOFR US + 4.10%, 0.00% Floor, 4.10% Cap) | 0.00% | (d)(g) | 11/25/2050 | 80,024 |
| 960,299 | Series 2020-M10-X2 | 1.84% | (c)(d) | 12/25/2030 | 63,530 |
| 1,922,136 | Series 2020-M17-X1 | 1.46% | (c)(d) | 01/25/2028 | 57,587 |
| | Government National Mortgage Association | | | |
| 1,304,092 | Series 2015-124-AF (1 mo. Term SOFR + 0.36%, 0.25% Floor, 6.50% Cap) | 5.70% | | 09/20/2045 | 1,277,248 |
| 2,198,845 | Series 2020-138-IL | 3.50% | (d) | 09/20/2050 | 378,450 |
| 1,625,331 | Series 2020-142-SD (-1 x 1 mo. Term SOFR + 6.19%, 0.00% Floor, 6.30% Cap) | 0.85% | (d)(g) | 09/20/2050 | 187,667 |
| 954,194 | Series 2020-189-SP (-1 x 1 mo. Term SOFR + 6.19%, 0.00% Floor, 6.30% Cap) | 0.85% | (d)(g) | 12/20/2050 | 112,107 |
| 2,273,428 | Series 2020-196-DI | 2.50% | (d) | 12/20/2050 | 290,686 |
| 3,658,293 | Series 2021-125-AS (-1 x 30 day avg SOFR US + 3.25%, 0.00% Floor, 3.25% Cap) | 0.00% | (d)(g) | 07/20/2051 | 42,710 |
| 2,683,182 | Series 2021-15-PI | 3.00% | (d) | 01/20/2051 | 408,256 |
| 2,191,920 | Series 2021-189-IO | 0.88% | (c)(d) | 06/16/2061 | 145,969 |
| 1,787,286 | Series 2021-197-IB | 3.50% | (d) | 11/20/2051 | 323,497 |
| 2,418,309 | Series 2021-2-IO | 0.88% | (c)(d) | 06/16/2063 | 156,537 |
| 2,758,838 | Series 2021-46-ES (-1 x 1 mo. Term SOFR + 2.69%, 0.00% Floor, 2.80% Cap) | 0.00% | (d)(g) | 03/20/2051 | 19,232 |
| 4,243,062 | Series 2021-59-S (-1 x 30 day avg SOFR US + 2.60%, 0.00% Floor, 2.60% Cap) | 0.00% | (d)(g) | 04/20/2051 | 52,037 |
| 3,346,290 | Series 2021-80-IO | 0.90% | (c)(d) | 12/16/2062 | 227,236 |
| 1,562,167 | Series 2021-98-SB (-1 x 1 mo. Term SOFR + 6.19%, 0.00% Floor, 6.30% Cap) | 0.85% | (d)(g) | 06/20/2051 | 167,113 |
| 2,479,587 | Series 2023-79-JI | 2.50% | (d) | 02/20/2051 | 308,239 |
| 1,974,366 | Series 2024-13-IA | 3.00% | (d) | 05/20/2051 | 313,709 |
| | Total US Government and Agency Mortgage Backed Obligations (Cost $9,496,247) | | 8,223,966 |
| SHORT TERM INVESTMENTS - 17.1% |
| 4,459,338 | First American Government Obligations Fund - U | 5.26% | (h) | | 4,459,338 |
| 4,459,338 | JPMorgan US Government Money Market Fund - IM | 5.26% | (h) | | 4,459,338 |
| 4,459,338 | MSILF Government Portfolio - Institutional | 5.23% | (h) | | 4,459,338 |
| 2,000,000 | United States Treasury Bill | 0.00% | | 07/02/2024 | 1,999,707 |
| | Total Short Term Investments (Cost $15,377,725) | | 15,377,721 |
| | Total Investments - 104.9% (Cost $98,783,260) | 94,121,898 |
| | Other Liabilities in Excess of Assets - (4.9)% | | | (4,392,667) |
| | NET ASSETS - 100.0% | | | $ 89,729,231 |
| SECURITY TYPE BREAKDOWN as a % of Net Assets: | |
| Non-Agency Residential Collateralized Mortgage Obligations | 28.7% |
| Collateralized Loan Obligations | 22.5% |
| Non-Agency Commercial Mortgage Backed Obligations | 17.9% |
| Short Term Investments | 17.1% |
| Asset Backed Obligations | 9.5% |
| US Government and Agency Mortgage Backed Obligations | 9.2% |
| Other Assets and Liabilities | (4.9)% |
| 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) | | Value determined using significant unobservable inputs. |
| (c) | | Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of period end. |
| (d) | | Interest only security |
| (e) | | 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. |
| (f) | | This security accrues interest which is added to the outstanding principal balance. The interest payment will be deferred until all other tranches in the structure are paid off. The rate disclosed is as of period end. |
| (g) | | Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. Interest rate may also be subject to a cap or floor. |
| (h) | | Seven-day yield as of period end. |
| SOFR | Secured Overnight Financing 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
Income Fund |
| Investments in Securities | | |
| Level 1 | | |
| Short Term Investments | $ | 13,378,014 |
| Total Level 1 | | 13,378,014 |
| Level 2 | | |
| Non-Agency Residential Collateralized Mortgage Obligations | | 25,812,316 |
| Collateralized Loan Obligations | | 20,168,716 |
| Non-Agency Commercial Mortgage Backed Obligations | | 16,023,023 |
| US Government and Agency Mortgage Backed Obligations | | 8,223,966 |
| Asset Backed Obligations | | 5,844,869 |
| Short Term Investments | | 1,999,707 |
| Total Level 2 | | 78,072,597 |
| Level 3 | | |
| Asset Backed Obligations | | 2,671,287 |
| Total Level 3 | | 2,671,287 |
| Total | $ | 94,121,898 |
| |
| See the Schedule of Investments for further disaggregation of investment categories. |
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
| DoubleLine Income Fund | | Fair Value as of
March 31, 2024 | | | Net Realized Gain (Loss) | | | Net Change in Unrealized Appreciation (Depreciation)(c) | | | Net Accretion (Amortization) | | | Purchases(a) | | | Sales(b) | | | Transfers Into
Level 3(d) | | | Transfers Out of
Level 3(d) | | | Fair Value as of
June 30, 2024 | | | Net Change in Unrealized Appreciation (Depreciation) on securities held at June 30, 2024(c) | |
| Investments in Securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Asset Backed Obligations | | $ | 3,107,719 | | | $ | 141,400 | | | $ | 70,117 | | | $ | 2,876 | | | $ | 39,030 | | | $ | (689,855 | ) | | $ | — | | | $ | — | | | $ | 2,671,287 | | | $ | 125,459 | |
| (a) | Purchases include all purchases of securities, payups and corporate actions. |
| (b) | Sales include all sales of securities, maturities, and paydowns. |
| (c) | Any difference between Net Change in Unrealized Appreciation (Depreciation) and Net Change in Unrealized Appreciation (Depreciation) on securities held at June 30, 2024 may be due to a security that was not held or categorized as Level 3 at either period end. |
| (d) | Transfers into or out of Level 3 can be attributed to changes in the availability of pricing sources and/or in the observability of significant inputs used to measure the fair value of those instruments. |
The following is a summary of quantitative information about Level 3 Fair Value Measurements:
| DoubleLine Income Fund | | Fair Value as of
June 30, 2024 | | | Valuation Techniques | | Unobservable Input | | Unobservable Input Values
(Weighted Average)(e) | | Impact to valuation from an increase to input |
| Asset Backed Obligations | | $ | 2,671,287 | | | Market Comparables | | Market Quotes | | $35.31 - $99.63 ($75.71) | | Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security |
(e) Unobservable inputs were weighted by the relative fair value of the instruments.
