DoubleLine Global Bond Fund - Class N (DLGBX) N-CSRS Certified semi-annual shareholder report (management investment company)

As filed with the Securities and Exchange Commission on December 3, 2019

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number811-22378

DoubleLine Funds Trust

(Exact name of registrant as specified in charter)

333 South Grand Avenue, Suite 1800

Los Angeles, CA 90071

(Address of principal executive offices) (Zip code)

Ronald R. Redell

President

DoubleLine Funds Trust

333 South Grand Avenue, Suite 1800

Los Angeles, CA 90071

(Name and address of agent for service)

(213)633-8200

Registrant’s telephone number, including area code

Date of fiscal year end:March 31

Date of reporting period:September 30, 2019

Item 1. Reports to Stockholders.

Semi-Annual Report September 30, 2019

	Class		Class		Class		Class
		I		N		A		R	6
	Shares		Shares		Shares		Shares
DoubleLine Total Return Bond Fund	DBLTX		DLTNX		–		DDTRX
DoubleLine Core Fixed Income Fund	DBLFX		DLFNX		–		DDCFX
DoubleLine Emerging Markets Fixed Income Fund	DBLEX		DLENX		–		–
DoubleLine Multi-Asset Growth Fund	DMLIX		–		DMLAX		–
DoubleLine Low Duration Bond Fund	DBLSX		DLSNX		–		DDLDX
DoubleLine Floating Rate Fund	DBFRX		DLFRX		–		–
DoubleLine Shiller Enhanced CAPE®	DSEEX		DSENX		–		DDCPX
DoubleLine Flexible Income Fund	DFLEX		DLINX		–		DFFLX
DoubleLine Low Duration Emerging Markets Fixed Income Fund	DBLLX		DELNX		–		–
DoubleLine Long Duration Total Return Bond Fund	DBLDX		DLLDX		–		–
DoubleLine Strategic Commodity Fund	DBCMX		DLCMX		–		–
DoubleLine Global Bond Fund	DBLGX		DLGBX		–		–
DoubleLine Infrastructure Income Fund	BILDX		BILTX		–		–
DoubleLine Ultra Short Bond Fund	DBULX		DLUSX		–		–
DoubleLine Shiller Enhanced International CAPE®	DSEUX		DLEUX		–		–
DoubleLine Colony Real Estate and Income Fund	DBRIX		DLREX		–		–
DoubleLine Emerging Markets Local Currency Bond Fund	DBELX		DLELX		–		–
DoubleLine Income Fund	DBLIX		DBLNX		–		–

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (www.doublelinefunds.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 877-DLine11 (877-354-6311) or by sending an e-mail request to DoubleLine at fundinfo@doubleline.com.

Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with a Fund, you can call 877-DLINE11 (877-354-6311) or send an email request to fundinfo@doubleline.com to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with a Fund.

DoubleLine Capital LP & DoubleLine Alternatives LP|| 333 South Grand Avenue, 18th Floor || Los Angeles, CA 90071 || (213)  633-8200

fundinfo@doubleline.com|| www.doubleline.com

Table of Contents

	Page
President’s Letter		4
Financial Markets Highlights		5
Management’s Discussion of Fund Performance		8
Standardized Performance Summary		19
Schedules of Investments / Schedules of Investments - Summary		23
Statements of Assets and Liabilities		108
Statements of Operations		111
Statements of Changes in Net Assets		114
Financial Highlights		123
Notes to Financial Statements		132
Shareholder Expenses		162
Evaluation of Advisory Agreement by the Board of Trustees		164
Federal Tax Information		167
Information About Proxy Voting		169
Information About Portfolio Holdings		169
Householding — Important Notice Regarding Delivery of Shareholder Documents		169
Privacy Policy		170

Semi-Annual Report September 30, 2019 3

President’s Letter (Unaudited) September 30, 2019

Dear DoubleLine Funds Shareholder,

On behalf of the DoubleLine Funds, I am pleased to deliver the Semi-Annual Report for the6-month period ended September 30, 2019. On the following pages you will find specific information regarding each Fund’s operations and holdings. In addition, we discuss each Fund’s investment performance and the main drivers of that performance during the reporting period.

If you have any questions regarding the DoubleLine Funds please don’t hesitate to call us at877-DLine11(877-354-6311), or visit our website www.doublelinefunds.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 Funds Trust

November 1, 2019

4 DoubleLine Funds Trust

Financial Markets Highlights (Unaudited) September 30, 2019

· Agency Mortgage-Backed Securities (Agency MBS)

For the6-month period ended September 30, 2019, the Bloomberg Barclays U.S. MBS Index returned 3.36%, underperforming both the Bloomberg Barclays U.S. Government/Credit Bond Index and the Bloomberg Barclays U.S. Corporate Index. Typically, during periods when rates rally substantially, mortgages are expected to underperform corporates largely due to the negative convexity profile of mortgages combined with increased prepayment speeds. Risk-free rates declined during this reporting period, with the2-year,5-year,10-year, and30-year U.S. Treasury (UST) yields down 64 basis points (bps), 69 bps, 74 bps, and 70 bps, respectively. Notably, the shape of the yield curve inverted over the course of the period as well. Prepayments rose to near recent historical highs over the last few months of the period due to a substantial fall in longer-term rates. The30-year mortgage rate (based on Freddie Mac U.S.30-year Commitment Rates) decreased by 42 bps and the15-year mortgage rate (based on Freddie Mac U.S.15-year Commitment Rates) decreased by 41 bps. Consistent with these factors, overall refinancing activity, as measured by the Mortgage Bankers Association (MBA) Refinance Index Seasonally-Adjusted, increased by 23% and overall purchasing activity, as measured by the MBA Purchase Index Seasonally-Adjusted, decreased by 5%. The balance sheetrun-off by the Federal Reserve (Fed) continued with the MBS portions being reinvested into UST. The duration of the Bloomberg Barclays U.S. MBS Index over the period contracted from 4.03 to 2.73 as interest rates declined.

· Non-Agency Mortgage-Backed Securities(Non-Agency MBS)

For the6-month period ended September 30, 2019, spreads were mixed acrossNon-Agency MBS as U.S. Treasury (UST) yields fell dramatically with growing concerns of decelerating economic growth. Gross issuance reached $75 billion over the period, falling short by $5.3 billion relative to the same period in 2018. Notably,non-qualified mortgage(Non-QM) new issuance over the period reached approximately $11.3 billion. Refinancing activity has increased substantially versus last year as the Freddie Mac U.S.30-Year Commitment Rate fell 42 bps to 3.64%, with mortgage rates reaching their lowest levels since the fourth quarter of 2016.

· Commercial Mortgage-Backed Securities (CMBS)

For the6-month period ended September 30, 2019, new issue CMBS spreads were mixed alongside broader credit and equity indices. New issuance in the amount of $49.9 billion priced during the period, as compared to $46.5 billion from April 2018 through September 2018. For the period, spreads on10-year AAA last cash flows (LCFs) widened andBBB- bonds tightened as investors rotated down the capital stack alongside a sharp rally in rates. The Trepp CMBS Delinquency Rate for U.S. Commercial Real Estate (CRE) loans has fallen in 23 of the last 27 months and is now at 2.51%, 37 bps lower than where it was at the start of the reporting period.

The Bloomberg Barclays U.S. CMBS ERISA Eligible Total Return Index returned 5.23% during the period, underperforming the broader Bloomberg Barclays U.S. Aggregate Bond Index return of 5.42%. The Moody’s/RCA Commercial Property Price Index (CPPI) increased by 4.4% on the national level for the6-month period ended August 30, 2019, as compared to 2.2% over the prior reporting period. While transaction volume fell sharply in August for the second consecutive month, which was partly attributed to lower entity-level transactions, property prices have continued to grow, albeit at a slower pace, partly due to a well-functioning commercial mortgage market. All else being equal, we believe that the low rate environment continues to be a net positive for borrowers.

· Emerging Markets (EM) Debt

For the6-month period ended September 30, 2019, U.S. Dollar (USD)-denominated EM fixed income sovereign and corporate bonds indices, represented by the J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified and the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI) Broad Diversified, respectively, posted positive returns. While spreads widened significantly into the end of May as EM felt the impact of a breakdown in trade negotiations between the U.S. and China, they subsequently tightened following a dovish response by global central banks to heightened trade tensions and global growth concerns. As such, sovereign spreads narrowed over the period, while corporate spreads ended slightly wider. For the period, EM Investment Grade (IG) credits outperformed their High Yield (HY) counterparts.

· International Sovereign

For the6-month period ended September 30, 2019, the Financial Times Stock Exchange World Government Bond Index (FTSE WGBI) rose +4.45%, driven primarily by falling global yields. The Japanese Yen was the best performingG-10 currency for the period, while the New Zealand Dollar was the worst performer. Safe haven currencies like the Japanese Yen and the USD benefitted as market participants grew increasingly wary of slowing economic growth and moderating economic cycle indicators. The Fed cut the Fed Funds Rate by 25 bps at both the July and September Federal Open Market Committee (FOMC) meetings, signaling the FOMC’s willingness to respond to ongoing trade policy risks, weakening economic data, and an inflation rate still below their stated 2% target as measured by

Semi-Annual Report September 30, 2019 5

Financial Markets Highlights  (Cont.) (Unaudited) September 30, 2019

the Personal Consumption Expenditures (PCE) Price Index. Other developed market central banks followed suit in making more dovish policy adjustments. As a result, global government yields generally fell over the course of the two quarters. The spread between the2-year and10-year UST yields closed negative on August 22,2019 for the first time since 2007. The amount of global negative yielding debt ended the period at nearly $15 trillion. The Euro finished the period down versus the USD as economic data in the region continued to show a slowdown, specifically in the manufacturing sector. U.S. government bond exposure was the largest contributor to performance in the FTSE WGBI, while government bond exposure in Sweden, Norway, Poland, and South Africa were the only negative returning exposures in the Index for the period.

· Investment Grade (IG) Credit

For the6-month period ended September 30, 2019, IG Credit as measured by the Bloomberg Barclays U.S. Credit Index returned 7.4%, outperforming duration-matched UST by 102 bps. Spreads started the period at 112 bps over duration-matched UST and ended the period at 109 bps. Yields declined from 3.6%, and ended the period at 2.85%. TheBBB-rated sector and the Bloomberg Barclays U.S. Long Credit Index both outperformed IG Credit, with a total return of 8.2% and 13%, respectively. Gross new issuance was $676 billion and net new issuance was $200 billion for the period.

· Bank Loans

For the6-month period ended September 30, 2019, the S&P/LSTA Leveraged Loan Index returned 2.69%, with outperformance seen at the higher end of the credit quality spectrum as investors maintained a cautious posture.BB-rated loans returned 3.35% during the period, outperforming the 2.71% return ofsingle-B rated loans and the-1.54% return ofCCC-rated loans. The weighted-average bid price of the Index ended the period at $96.34, virtually unchanged from $96.41 in March 2019, as the bulk of the return was due to interest income. The trailing12-month default rate, by issuer count, remains low and was up modestly from 1.40% in March 2019 to 1.58% in September 2019.

· U.S. High Yield (U.S. HY)

For the6-month period ended September 30, 2019, the Bloomberg Barclays U.S. Corporate High Yield Index returned 3.87%. Intermediate maturity bonds returned 3.70%, underperforming long maturity bonds, which returned 7.40%. Higher-rated bonds outpaced those with lower ratings, asBB-rated bonds returned 5.17%,single-B bonds returned 4.35%, andCCC-rated bonds returned-1.47%. For the period, notable outperformers by industry were Life Insurance, Property & Casualty, and Wireless. Notable underperformers over the period were Oil Field Services, Independent Energy, and Pharmaceuticals.

· Collateralized Loan Obligations (CLOs)

For the6-month period ended September 30, 2019, the CLO market saw a total of $60.73 billion in new issuance, with April as the busiest month, with $15.66 billion in total issuance. Spreads at the top of the capital stack were stagnant over the period. Even with unchanged spreads, theall-in yield has gone down as the London Interbank-Offered Rate (LIBOR) continued to move down. Secondary trading volume activity started the period off strong, with May and June seeing the most activity, but trading volumes slowed down in July. August saw them pick back up ahead of the Labor Day weekend, only to see the least amount of secondary trading for the entire period in September. The slowdown in the secondary space can be attributed in significant part to investors favoring the new issue market. As we near the end of the credit cycle, investors favor CLOs with less exposure to distressed loan names. New issue deals are less likely to hold legacy distressed names in the portfolio like secondary seasoned CLOs do.

· Global Equities

For the6-month period ended September 30, 2019, Global Equities, as measured by the Morgan Stanley Capital International All Country World Index (MSCI ACWI), were up 3.89%. U.S. equities outperformed, with the S&P 500 Index returning 6.08% during the period. European equities outperformed both the broader market and the U.S. market, with the Eurostoxx 50 Index returning 9.48%. Asian equity markets underperformed, with Japanese equities, as measured by the Nikkei 225 Index, up 3.48%, and Chinese equities, as measured by the Shanghai Composite Index, down 3.73%. EM equities, as measured by the Morgan Stanley Capital International Emerging Markets Index (MSCI EM), significantly underperformed the broader market, and were down 3.46% over the period.

· Commodities

For the6-month period ended September 30, 2019, the broad commodity market declined 6.58% and 7.30%, as measured by the S&P Goldman Sachs Commodity Index (GSCI) and Bloomberg Commodity (BCOM) Excess Return Index, respectively. During the period, the

6 DoubleLine Funds Trust

(Unaudited)

September 30, 2019

Energy sector declined 8.07%, as Brent Crude(-6.99%) and West Texas Intermediate (WTI) Crude(-10.59%) both dropped. The best performer within the sector was Gasoline(-0.42%) and the worst performer was Natural Gas(-16.05%). Precious Metals rallied 11.77% as both Gold (+11.92%) and Silver (+10.37%) appreciated during the period. Industrial Metals depreciated 8.26% with Nickel rallying 31.57%, while the bellwether Copper declined 12.26%. The Agriculture sector declined 2.52% for the period, with Cocoa (+6.59%) as the best performing and Kansas Wheat(-11.33%) as the worst performing commodity within the sector.

· Infrastructure Debt

For the6-month period ended September 30, 2019, the Bloomberg Barclays U.S. Aggregate Bond Index returned 5.42%. Infrastructure debt did not experience the same spread tightening as the IG Corporate bonds within the Index, and the performance period was generally categorized by a sustained rally in long-term rates, which caused infrastructure-related investments with durations of five years or less to underperform. Nevertheless, underlying credit fundamentals for the sector are still strong. Utilization rates for Aviation and Intermodal Shipping Vessels have remained at acceptable levels despite an obvious slowdown in global growth. Counter-cyclical sectors within the infrastructure landscape, such as Power and Utilities, also emerged as a bright spot during this period, as investors pivoted toward safer spread assets with strong credit ratings.

· Asset-Backed Securities (ABS)

For the6-month period ended September 30, 2019, the Bloomberg Barclays U.S. ABS Index returned 2.61% and ABS gross new issuance totaled approximately $125 billion. Spread performance during the period generally lagged that of Corporate bonds, ason-the-run ABS sectors (Subprime Auto, Credit Cards, and Student Loans) widened by 5 to 10 bps and esoteric ABS sectors widened between 35 to 50 bps. These spread changes were largely the result ofall-in ABS yields remaining relatively unchanged, while the UST curve rallied 64 bps at the2-year tenor and 74 bps at the10-year tenor. Secondary trading activity remained robust even throughout the summer months as the average ABS trading volume reported through the Trade Reporting and Compliance Engine (TRACE) totaled approximately $1 billion per trading day.

· U.S. Large Cap Equities

For the6-month period ended September 30, 2019, U.S. equity markets demonstrated a remarkable ability to shrug off weakening fundamental news. During the period, the S&P 500 Index traded above 3,000 for the first time in history to establish a number of newall-time highs, and returned 6.08% for the period. Fundamentals—both macroeconomic and corporate earnings—weakened during the period. Weakness in foreign economies had been evident for some time, particularly in export-driven economies such as Germany. Despite a robust employment and consumer picture, signs of macroeconomic weakness also appeared in the U.S. As the period came to a close, consensus estimates for the third quarter (per FactSet) called for earnings to fall 4.1% below the levels of the third quarter of 2018, and full-year 2019 earnings to grow by an anemic 1.2%. The market complacency seems to have been fueled by a strong faith in the ability of policy makers to perpetuate the current economic expansion, now the longest on record for the U.S. Specifically, the ebb and flow of the market seemed tied to the perceived dovishness of the Fed, its willingness to reduce the Fed Funds rate (and pursue quantitative easing as needed), and by extension the persistence of the “Fed put” for risk assets. Similarly, while thetit-for-tat of the trade war with China influencedday-to-day equity market movements, a narrative appeared to emerge that “Trade Peace” was sure to be established prior to the November 2020 U.S. Presidential election.

· Government Securities

For the6-month period ended September 30, 2019, the powerful and sustained UST market rally which began in November 2018 continued. Weak growth and inflation in Europe and Asia, slowing manufacturing activity in the U.S., escalating trade tension with China, and a host of risks from Brexit, Argentina, and elsewhere prompted UST investors to push yields lower and the curve flatter. The Fed appeared to adopt a dovish stance in response to these circumstances and delivered its first policy rate cut in over 10 years at the July FOMC meeting, followed by a second rate cut at the next meeting in September. Market participants nevertheless viewed the Fed as being behind the curve; by September 30 the curve from the3-month to the10-year UST had been inverted continuously for nearly the entire period and the Fed Funds futures market reflected expectations of additional policy rate cuts in 2019 and 2020. The10-year UST yield, which had peaked at 3.23% in November 2018, had fallen to 2.41% by March 31, 2019. It dropped to anintra-day low of 1.42% on September 3, before ending the period at 1.67%. Inflation expectations—as indicated by the10-year breakeven inflation rate—fell to a multi-year low of 1.52% on September 30. The Bloomberg Barclays U.S. Government/Credit Bond Index returned 5.44% over the period and the Bloomberg Barclays U.S. TIPS Total Return Index returned 4.25%.

Semi-Annual Report September 30, 2019 7

Management’s Discussion of Fund Performance (Unaudited) September 30, 2019

DoubleLine Total Return Bond Fund

For the6-month period ended September 30, 2019, the DoubleLine Total Return Bond Fund underperformed the Bloomberg Barclays U.S. Aggregate Bond Index return of 5.42%, driven primarily by duration positioning. The Fund’s average duration of 3.52 years for the period has remained shorter than the average Index duration of 5.77 years, which detracted from performance as rates rallied across all tenures of the curve, with the2-year,5-year,10-year, and30-year UST yields down 64 bps, 69 bps, 74 bps, and 70 bps, respectively. All sectors within the Fund delivered positive returns during a period of falling yields, as Fed policy became more accommodative. Agency MBS was the largest contributor to performance, as the longer duration Agency pass-throughs and Collateralize Mortgage Obligations (CMOs) benefited from the rate rally. Securitized credit sectors were also accretive to performance, due primarily to interest income. CLOs were the worst performers for the period, due to their floating rate nature. Short-duration ABS positions also detracted from performance and lagged the broader benchmark. During the6-month period, the Fund utilized UST Futures contracts to manage duration.

6-Month Period Ended9-30-19	6-months (Not Annualized)
I-Share		3.96%
N-Share		3.83%
R6-Share*		3.97%
Bloomberg Barclays U.S. Aggregate Bond Index		5.42%

* Inception7-31-2019. Performance shown for the period prior to the inception date is the actual unadjusted performance of Class I shares.

For additional performance information, please refer to the“Standardized Performance Summary.”

DoubleLine Core Fixed Income Fund

For the6-month period ending September 30, 2019, the DoubleLine Core Fixed Income Fund underperformed the Bloomberg Barclays U.S. Aggregate Bond Index return of 5.42%. The UST yield curve flattened during this period, as the2-year and10-year yields were down 64 bps and 74 bps, respectively. All sectors within the Fund delivered positive returns during a period of falling yields, as Fed monetary policy became more accommodative. The top performing sectors for the period included IG Corporate Credit and CMBS. International Sovereign Bonds, CLOs, and Bank Loans represented the lowest returning sectors for the period, despite contributing positive returns. The Fund reduced its allocations to both CLOs and Bank Loans during the period, as the outlook for floating-rate securities appears less favorable with further anticipated rate cuts by the Fed. A majority of the Fund’s underperformance can be attributed to the underweight position in duration, at 4.74 years, relative to the benchmark duration of 5.78 years, as intermediate to long rates all rallied over the period.

6-Month Period Ended9-30-19	6-months (Not Annualized)
I-Share		4.55%
N-Share		4.42%
R6-Share*		4.55%
Bloomberg Barclays U.S. Aggregate Bond Index		5.42%

* Inception7-31-2019. Performance shown for the period prior to the inception date is the actual unadjusted performance of Class I shares.

For additional performance information, please refer to the“Standardized Performance Summary.”

DoubleLine Emerging Markets Fixed Income Fund

For the6-month period ended September 30, 2019, the DoubleLine Emerging Markets Fixed Income Fund underperformed the J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified return of 5.64%. The EMBI’s return was largely driven by lower UST yields over the period, as EM external debt trades as a spread to UST and thus lower yields indicate an increase in both UST and EM external debt prices. The Fund’s shorter duration relative to the benchmark duration of 7.4, its overweight positioning in Argentina, as well as its underweight positioning in the best performing region over the period (Europe) detracted from relative performance. The Fund’s overweight positioning in Mexico and Brazil, as well as underweight positioning in Venezuela, contributed to performance relative to the Index.

8 DoubleLine Funds Trust

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September 30, 2019

6-Month Period Ended9-30-19	6-months (Not Annualized)
I-Share		3.68%
N-Share		3.54%
J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified		5.64%

For additional performance information, please refer to the“Standardized Performance Summary.”

DoubleLine Multi-Asset Growth Fund

For the6-month period ended September 30, 2019, the DoubleLine Multi-Asset Growth Fund underperformed its benchmarks. The equity sleeve, which utilized derivatives during the period, was a contributor to performance, but underperformed Global Equities, which were up 3.89% as measured by the MSCI ACWI. U.S. equities contributed to performance, while EM equities and Energy stocks detracted from performance. The fixed income sleeve contributed to performance, with positions in UST Futures, IG Corporate Credit, Agency MBS, andNon-Agency MBS. Currencies detracted from performance, with short USD positions versus the Euro and British Pound. A long position in Japanese Yen contributed to performance. Positions in Real Assets, implemented through swaps, mildly detracted from performance, driven by a systematic long/short commodity strategy.

6-Month Period Ended9-30-19	6-months (Not Annualized)
I-Share		2.45%
A-Share
Without Load		2.34%
With Load		-2.01%
S&P 500® Index		6.08%
Blended Benchmark Unhedged: MSCI ACWI (60%)/Bloomberg Barclays Global Aggregate Bond Index (40%) *		3.91%
Blended Benchmark USD Hedged: MSCI ACWI (60%)/Bloomberg Barclays Global Aggregate Bond Index (40%)*		4.53%

* The Unhedged Bloomberg Barclays Global Aggregate Bond Index and USD Hedged Bloomberg Barclays Global Aggregate Bond Index represent measures of global investment grade debt from twenty-four local currency markets. Returns on the Unhedged Bloomberg Barclays Global Aggregate Bond Index are calculated on a currency unhedged basis; returns on the USD Hedged Bloomberg Barclays Global Aggregate Bond Index are calculated on a currency hedged basis in U.S. dollars.

For additional performance information, please refer to the“Standardized Performance Summary.”

DoubleLine Low Duration Bond Fund

For the6-month period ended September 30, 2019, the DoubleLine Low Duration Bond Fund outperformed the ICE BofAML1-3 Year U.S. Treasury Index return of 2.02%. The UST curve flattened during this period as the2-year and10-year yields were down 64 bps and 74 bps, respectively. All sectors within the Fund delivered positive returns during a period of falling yields, as Fed policy became more accommodative. The top performing sector for the period was Bank Loans, as the Fund’s allocation to floating rate securities continued to benefit performance, despite rates falling during the period. During the period, the Fed cut rates twice, benefitting the Government sleeve, which maintains a longer effective duration than the benchmark duration of 1.88 years. While all sectors within the Fund had positive returns, EM Fixed Income detracted from performance, lagging the broader benchmark.

Semi-Annual Report September 30, 2019 9

Management’s Discussion of Fund Performance  (Cont.) (Unaudited) September 30, 2019

6-Month Period Ended9-30-19	6-months (Not Annualized)
I-Share		2.25%
N-Share		2.13%
R6-Share*		2.25%
ICE BofAML1-3 Year U.S. Treasury Index		2.02%
Bloomberg Barclays U.S. Aggregate1-3 Year Bond Index		2.20%

* Inception7-31-2019. Performance shown for the period prior to the inception date is the actual unadjusted performance of Class I shares.

For additional performance information, please refer to the“Standardized Performance Summary.”

DoubleLine Floating Rate Fund

For the6-month period ended September 30, 2019, the DoubleLine Floating Rate Fund underperformed the S&P/LSTA Leveraged Loan Index return of 2.69%. The Fund generally maintained an overweight position insingle-B credits and an underweight position inBB-rated credits andCCC-rated credits.BB-rated loans outperformed the Index during the quarter, whilesingle-B loans basically matched the Index return (ending 2 bps higher than the Index) andCCC-rated loans underperformed. The Fund’s underexposure toBB-rated loans was a drag on performance, while its overweight position insingle-B loans did not materially impact performance, although credit-specific issues had a negative impact. The underweight position inCCC-rated loans helped performance. The Fund benefited from overweight exposures to Healthcare, Lodging & Casinos, and Insurance. An underweight exposure to Industrial Equipment hurt performance, while underweight positions in Retailers and Chemicals & Plastics helped performance. The Fund’s exposure to HY bonds and CLO liabilities outperformed the Index during the period, while the Fund’s small cash balance was a drag on performance.

6-Month Period Ended9-30-19	6-months (Not Annualized)
I-Share		1.76%
N-Share		1.52%
S&P/LSTA Leveraged Loan Index		2.69%

For additional performance information, please refer to the“Standardized Performance Summary.”

DoubleLine Shiller Enhanced CAPE^®

For the6-month period ended September 30, 2019, the DoubleLine Shiller Enhanced CAPE^® Class I shares outperformed the S&P 500 Index return of 6.08%. During the period, the Shiller Barclays CAPE U.S. Sector Total Return Index (CAPE Index) (which the Fund gained exposure to through the use of swaps contracts), was allocated to six sectors: Communication Services, Consumer Staples, Energy, Healthcare, Materials, and Technology. Four of these sectors contributed positively to returns, with Technology, Communications Services, and Consumer Staples making the greatest positive contributions to returns. The three weakest sectors were Energy and Healthcare, both of which detracted from returns as constituents of the CAPE Index, and Materials, which provided positive returns. The Fund’s fixed income portfolio increased in value during the period, with all sectors delivering positive returns. The three fixed income sectors with the highest returns within the portfolio were CMBS, EM, and IG Corporates. Agency MBS, CLOs, and ABS, while delivering positive total returns, were the lowest returning sectors.

6-Month Period Ended9-30-19	6-months (Not Annualized)
I-Share		6.17%
N-Share		5.97%
R6-Share*		6.18%
S&P 500® Index		6.08%
Shiller Barclays CAPE® U.S. Sector TR USD Index		5.65%

* Inception7-31-2019. Performance shown for the period prior to the inception date is the actual unadjusted performance of Class I shares.

For additional performance information, please refer to the“Standardized Performance Summary.”

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September 30, 2019

DoubleLine Flexible Income Fund

For the6-month period ended September 30, 2019, the DoubleLine Flexible Income Fund outperformed the ICE Bank of America/Merrill Lynch1-3 Year Eurodollar Index return of 2.57%. The UST yield curve flattened during this period, as the2-year and10-year yields fell 64 bps and 74 bps, respectively. All sectors within the Fund delivered positive returns during a period of falling yields, as Fed monetary policy became more accommodative. The top performing sectors for the period included HY Corporate Credit and EM Fixed Income. International Sovereign Bonds and Agency MBS represented the lowest returning sectors for the period, despite contributing positive returns. The Fund reduced its allocations to both CLOs and Bank Loans during the period, as the outlook for floating-rate securities appears less favorable with further anticipated rate cuts by the Fed.

6-Month Period Ended9-30-19	6-months (Not Annualized)
I-Share		2.72%
N-Share		2.59%
R6-Share*		2.72%
ICE BofAML1-3 Year Eurodollar Index		2.57%
LIBOR** USD 3 Month		1.21%

* Inception7-31-2019. Performance shown for the period prior to the inception date is the actual unadjusted performance of Class I shares.

** LIBOR stands for the London Interbank Offered Rate.

For additional performance information, please refer to the“Standardized Performance Summary.”

DoubleLine Low Duration Emerging Markets Fixed Income Fund

For the6-month period ended September 30, 2019, the DoubleLine Low Duration Emerging Markets Fixed Income Fund outperformed the J.P. Morgan CEMBI Broad Diversified1-3 Year Index return of 2.68%. The positive performance of the Index during the period was driven primarily by lower UST yields over the period, as EM external debt trades as a spread to UST and thus lower yields indicate an increase in both UST and EM external debt prices. The Fund benefitted from its higher allocation to IG credits relative to the Index, as IG credits significantly outperformed their HY counterparts over the period. The Fund’s shorter duration relative to the Index and underweight exposure to Europe, the best performing region, detracted from relative performance.

6-Month Period Ended9-30-19	6-months (Not Annualized)
I-Share		3.07%
N-Share		3.03%
J.P. Morgan CEMBI Broad Diversified1-3 Year Index		2.68%

For additional performance information, please refer to the“Standardized Performance Summary.”

DoubleLine Long Duration Total Return Bond Fund

For the6-month period ended September 30, 2019, the DoubleLine Long Duration Total Return Bond Fund underperformed the Bloomberg Barclays U.S. Long Government/Credit Index return of 13.61%. During the period, the spread between the3-month and10-year USTs inverted, ending September at-11 bps. Rates rallied across all tenures of the curve, with the2-year,5-year,10-year, and30-year UST yields down 64 bps, 69 bps, 74 bps, and 70 bps, respectively. All sectors within the Fund delivered positive returns during a period of falling yields, as Fed policy became more accommodative and two rate cuts occurred (one in July and one in September). Government exposure within the Fund outperformed the benchmark; however, the largest driver of underperformance compared to the Index was sector selection, as the Fund maintained exposure to long duration mortgage bonds in lieu of long duration corporate bonds. On average, the Fund maintained a slightly longer duration of 14.94 versus the benchmark duration of 14.18 years, which was accretive to the Fund’s performance over the year. During the6-month period, the Fund utilized UST Futures contracts to manage duration.

6-Month Period Ended9-30-19	6-months (Not Annualized)
I-Share		12.22%
N-Share		11.97%
Bloomberg Barclays U.S. Long Government/Credit Index		13.61%

Semi-Annual Report September 30, 2019 11

Management’s Discussion of Fund Performance  (Cont.) (Unaudited) September 30, 2019

For additional performance information, please refer to the“Standardized Performance Summary.”

DoubleLine Strategic Commodity Fund

For the6-month period ended September 30, 2019, the DoubleLine Strategic Commodity Fund declined 5.96%. During the period, The Morgan Stanley Backwardation-Focused Multi-Commodity Index (MS BFMCI^SM) (beta exposure), which the Fund gained exposure to through the use of swaps contracts, declined by 3.36%, while the DoubleLine Commodity Long Short Strategy (DCLS) (tactical exposure), a systematic long/short commodity strategy implemented through swap contracts, declined by 4.02%. The Fund’s underperformance relative to the BCOM Total Return Index return of-3.00% was driven by the underperformance of the MS BFMCI and DCLS, as well as the timing between beta exposure and alpha exposure. The Fund’s use of derivative instruments to gain exposure to commodities facilitated investment of the Fund’s remaining assets in UST securities, which added incremental return in the period.

6-Month Period Ended9-30-19	6-months (Not Annualized)
I-Share		-5.96%
N-Share		-6.01%
Bloomberg Commodity Index (BCOM) Total Return		-3.00%

For additional performance information, please refer to the“Standardized Performance Summary.”

DoubleLine Global Bond Fund

For the6-month period ended September 30, 2019, the DoubleLine Global Bond Fund underperformed its benchmark, the FTSE WGBI, which returned 4.45%. Positive performance during the period was led primarily by falling global yields, but the Fund’s performance was hurt by its shorter duration relative to the benchmark. The Fund’s underperformance over the period was also driven by foreign exchange market (FX) depreciation against the USD, as indicated by the U.S. Dollar Index (DXY), which rose significantly during the third quarter of 2019. Performance relative to the Index was hurt by the Fund’s overweight positioning in Central and Eastern Europe (CEE) and European periphery countries, as well as in developed Asia.

6-Month Period Ended9-30-19	6-months (Not Annualized)
I-Share		1.16%
N-Share		1.13%
FTSE World Government Bond Index (WGBI)		4.45%

For additional performance information, please refer to the“Standardized Performance Summary.”

DoubleLine Infrastructure Income Fund

For the6-month period ended September 30, 2019, the DoubleLine Infrastructure Income Fund underperformed the Bloomberg Barclays U.S. Aggregate Bond Index return of 5.42%. The primary driver of this underperformance was duration positioning, as the Fund consistently maintained a shorter duration of 4.6 than the Index duration of 5.7, and5-year UST yields declined by 69 bps. Still, nearly every subsector within the Fund generated positive total returns over the period, with IG Corporates and EM Corporates producing the largest contributions to return. Specifically, these securities experienced above-average price returns due to their longer durations stemming from final maturities in the 2028-2038 range. Two sectors within the Fund which lagged the Index return over this period were Aircraft ABS and Shipping Container ABS, which are shorter-duration sectors that did not enjoy the same spread tightening or price increases as the corporate bonds and UST within the index.

6-Month Period Ended9-30-19	6-months (Not Annualized)
I-Share		4.88%
N-Share		4.75%
Bloomberg Barclays U.S. Aggregate Bond Index		5.42%

For additional performance information, please refer to the“Standardized Performance Summary.”

12 DoubleLine Funds Trust

(Unaudited)

September 30, 2019

DoubleLine Ultra Short Bond Fund

For the6-month period ended September 30, 2019, the DoubleLine Ultra Short Bond Fund’s Class I shares returned 1.39%, outperforming the ICE BofAML3-Month U.S. Treasury Bill Index return of 1.20%. Within the Fund, corporate credit outperformed UST, with corporate spreads tightening over the period as measured by the Bloomberg Barclays U.S.1-3 Year Credit Index. The3-month UST yield ended the period at 1.82%, while3-month LIBOR was 2.09%. The Fund was overweight commercial paper and LIBOR floating rate notes, which benefited from the yield pickup in LIBOR vs. UST. The Fund also held Secured Overnight Financing Rate (SOFR) floating rate notes, which outperformed3-month UST during the period.

6-Month Period Ended9-30-19	6-months (Not Annualized)
I-Share		1.39%
N-Share		1.26%
ICE BofAML3-Month U.S. Treasury Bill Index		1.20%

For additional performance information, please refer to the“Standardized Performance Summary.”

DoubleLine Shiller Enhanced International CAPE^®

For the6-month period ended September 30, 2019, the DoubleLine Shiller Enhanced International CAPE^® gained 4.51% and outperformed the broad European equity market, as measured by the MSCI Europe Net Return USD Index’s 2.59% gain. During the period, the Shiller Barclays CAPE^® Europe Sector Net TR NoC USD Index (which the Fund gained exposure to through the use of swap contracts) was allocated to seven sectors: Communication Services, Consumer Discretionary, Consumer Staples, Healthcare, Industrials, Materials, and Utilities. Five of the seven sectors contributed positively to returns during the six months, with the best returns found in Utilities, Healthcare, and Consumer Staples. The weakest returns were in Industrials and Consumer Discretionary, both of which posted negative returns, followed by Communication Services, which provided positive returns. The Fund’s fixed income portfolio increased in value during the six months, with all sectors delivering positive returns. The three fixed income sectors with the highest returns within the portfolio were CMBS, EM, and IG Corporate Bonds. Government Bonds, Bank Loans, and ABS, while delivering positive total returns, were the lowest returning sectors.

6-Month Period Ended9-30-19	6-months (Not Annualized)
I-Share		4.51%
N-Share		4.38%
MSCI Europe Net Return USD Index		2.59%

For additional performance information, please refer to the“Standardized Performance Summary.”

DoubleLine Colony Real Estate and Income Fund

For the6-month period ended September 30, 2019, the DoubleLine Colony Real Estate and Income Fund returned 9.77%, ahead of the 7.70% return of the Dow Jones U.S. Select REIT Total Return Index benchmark. Exposure to the Real Estate Investment Trust (REIT) sector of the U.S. equity market was obtained through exposure to the Colony Capital Fundamental U.S. Real Estate Index, which the Fund gained through the use of swap contracts. The Fund’s fixed income portfolio increased in value during the period, with all sectors delivering positive returns. The three fixed income sectors with the highest returns within the portfolio were EM, CMBS, and IG Corporate Bonds. Agency MBS,Non-Agency MBS, and CLOs, while delivering positive total returns, were the lowest returning sectors.

6-Month Period Ended9-30-19	6-months (Not Annualized)
I-Share		9.77%
N-Share		9.73%
Dow Jones U.S. Select REIT Total Return Index		7.70%

For additional performance information, please refer to the“Standardized Performance Summary.”

Semi-Annual Report September 30, 2019 13

Management’s Discussion of Fund Performance  (Cont.) (Unaudited) September 30, 2019

DoubleLine Emerging Markets Local Currency Bond Fund

For the period since inception on June 28, 2019, the DoubleLine Emerging Markets Local Currency Bond Fund underperformed its benchmark, the J.P. MorganGBI-EM Global Diversified Total Return Index. The performance of the Index was driven by lower UST yields over the period, as EM external debt trades as a spread to UST and thus lower yields indicate an increase in both UST and EM external debt prices, and was negatively impacted by FX depreciation against the USD, the relative value of which rose significantly in the last three months. The Fund benefited from an overweight positioning in Israel. However, an overweight exposure in Argentina earlier in the period and underweight exposure in Turkey, Thailand, and Russia detracted from the Fund’s performance. The Fund’s shorter duration relative to the benchmark duration of 5.50 also detracted from performance.

6-Month Period Ended9-30-19	Since Inception* (Not Annualized)
I-Share		-3.22%
N-Share		-3.28%
JPMGBI-EM Global Diversified TR Index		-0.79%

* Inception6-28-2019

For additional performance information, please refer to the“Standardized Performance Summary.”

DoubleLine Income Fund

For the period since inception on September 3, 2019, the DoubleLine Income Fund outperformed the Bloomberg Barclays U.S. Aggregate Bond Index. The best performing sector since inception wasNon-Agency MBS, as spreads tightened modestly for all subsectors aside from RPLs. The Fund had a majority exposure tonon-front pay bonds, which are generally not exposed to prepayments because of their position in the deal structure, and which were a benefit during a period of substantial refinancing activity. The sector which lagged the most was UST, as yields rose during the month due to increased investor risk appetite while the U.S. delayed the October 1 tariffs on China. Both CMBS and ABS delivered positive returns during the period, due to interest income, as credit spreads for these sectors were largely unchanged.

6-Month Period Ended9-30-19	Since Inception* (Not Annualized)
I-Share		-0.24%
N-Share		-0.16%
Bloomberg Barclays U.S. Aggregate Bond Index		-0.71%

* Inception9-3-2019

For additional performance information, please refer to the“Standardized Performance Summary.”

Past Performance is not a guarantee of future results.

Opinions expressed herein are as of September 30, 2019 and are subject to change at any time, are not guaranteed and should not be considered investment advice. This report is for the information of shareholders of the Funds. It may also be used as sales literature when preceded or accompanied by the current prospectus.

A Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. You can obtain a Fund’s current prospectus and certain other regulatory filings by calling 1 (877)354-6311/ 1 (877) DLINE11, or visiting www.doublelinefunds.com. You should read these reports and other filings carefully before investing.

The performance shown assumes the reinvestment of all dividends and distributions and does not reflect any reductions for taxes. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.

Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security. Please refer to the Schedules of Investments for a complete list of Fund holdings.

Mutual fund investing involves risk. Principal loss is possible.

Investments insecurities related to real estate may decline in value as a result of factors affecting the real estate industry. Investments indebt securities typically decline in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments inasset-backed and mortgage-backed securities include additional risks that investors should be aware of including credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. The Funds may invest inforeign securities (orderivativeswhich give exposure to foreign securities) which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater for investments in emerging markets. Investments inlower rated andnon-rated securities present a greater risk of loss to principal and interest than higher rated securities.Commodity-linked derivative instruments may involve additional costs and risks such as changes in commodity index volatility or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. Investing in derivatives could result in losing more

14 DoubleLine Funds Trust

(Unaudited)

September 30, 2019

than the amount invested.Derivatives involve risks different from, and in certain cases, greater than the risks presented by more traditional investments. Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested.Equities may decline in value due to both real and perceived general market, economic, and industry conditions.Exchange-tradedfund investments involve additional risks such as the market price trading at a discount to its net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a fund’s ability to sell its shares.Floating rate loans and other floating rate investments are subject to credit risk, interest rate risk, counterparty risk and financial services risks, among others. In addition, the Funds may invest in other asset classes and investments such as, among others,REITs, credit default swaps, short sales, derivatives and smaller companies which include additional risks. Investment strategies may not achieve the desired results due to implementation lag, other timing factors, portfolio management decision-making, economic or market conditions or other unanticipated factors.Additional principal risks for the Fundscan be found in the prospectus.

Diversification does not assure a profit or protect against loss in a declining market.

Earnings growth is not representative of the fund’s future performance.

Credit ratings from Moody’s Investor Services, Inc. (“Moody’s”) range from the highest rating of Aaa for bonds of the highest quality that offer the lowest degree of investment risk to the lowest rating of C for the lowest rated class of bonds. Credit ratings from S&P Global Ratings (“S&P”) range from the highest rating of AAA for bonds of the highest quality that offer the lowest degree of investment risk to the lowest rating of D for bonds that are in default. In limited situations when the rating agency has not issued a formal rating, the rating agency will classify the security as nonrated.

Credit ratings are determined by the highest available credit rating from any Nationally Recognized Statistical Rating Organization (“NRSRO”, generally S&P, Moody’s and Fitch Ratings, Inc.). DoubleLine chooses to display credit ratings using S&P’s rating convention, although the rating itself might be sourced from another NRSRO.

The Shiller Barclays CAPE^® US Index Family

Barclays Bank PLC and its affiliates (“Barclays”) is not the issuer or producer of DoubleLine Shiller Enhanced CAPE^® (the “Fund”) and Barclays has no responsibilities, obligations or duties to investors in the Fund. The Shiller Barclays CAPE^® US Sector USD Index (the “Index”) is a trademark owned by Barclays and licensed for use by the Fund. While the Fund may execute transaction(s) with Barclays in or relating to the Index, Fund investors acquire interests solely in the Fund and investors neither acquire any interest in the Index nor enter into any relationship of any kind whatsoever with Barclays upon making an investment in the Fund. The Fund is not sponsored, endorsed, sold or promoted by Barclays and Barclays makes no representation regarding the advisability of the Fund or use of the Index or any data included therein. Barclays shall not be liable in any way to the Fund, investors or to other third parties in respect of the use or accuracy of the Index or any data included therein.

The Shiller Barclays CAPE^® US Index Family (the “Index Family”) has been developed in part byRSBB-I, LLC, the research principal of which is Dr. Robert J. Shiller.RSBB-I, LLC is not an investment advisor and does not guarantee the accuracy and completeness of the Index Family or any data or methodology either included therein or upon which it is based.RSBB-I, LLC shall have no liability for any errors, omissions or interruptions therein and makes no warranties expressed or implied, as to the performance or results experienced by any party from the use of any information included therein or upon which it is based, and expressly disclaims all warranties of the merchantability or fitness for a particular purpose with respect thereto, and shall not be liable for any claims or losses of any nature in connection with the use of such information, including but not limited to, lost profits or punitive or consequential damages even, ifRSBB-I, LLC is advised of the possibility of same.

Shiller Barclays CAPE^® US Sector Total Return USD Index incorporates the principles of long-term investing distilled by Dr. Robert J. Shiller and expressed through the CAPE^® (Cyclically Adjusted Price Earnings) ratio (the “CAPE^® Ratio”). It aims to identify undervalued sectors based on a modified CAPE^® Ratio, and then uses a momentum factor to seek to mitigate the effects of potential value traps.

Disclaimers—The Colony Capital Fundamental US Real Estate Index (the “Index”)

Colony Capital, Inc.

The Colony Capital Fundamental US Real Estate Index (the “Index”) has been licensed by Barclays for use by DoubleLine Alternatives LP. Colony Capital is a registered trademark of Colony Capital QIS, LLC or its affiliates and has beensub-licensed for use for certain purposes by DoubleLine Alternatives LP. DoubleLine Colony Real Estate and Income Fund (the “Fund”) is not sponsored, endorsed, sold, or promoted by Colony Capital QIS, LLC or any of its affiliates. Neither Colony Capital QIS, LLC nor any of its affiliates make any representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the Index to track market performance. Colony Capital QIS, LLC’s and its affiliates’ only relationship to DoubleLine Alternatives LP with respect to the Index is through the sublicensing of certain rules incorporated in the Index and certain trademarks, service marks, and/or trade names owned by Colony Capital QIS, LLC and its affiliates through Barclays and/or its affiliates to DoubleLine Alternatives LP. The Index is not determined, composed, or calculated by Colony Capital QIS, LLC. Neither Colony Capital QIS, LLC nor its affiliates are responsible for and have not participated in the determination of the prices or amount of shares of the Fund or the timing of the issuance or sale of shares of the Fund or in the determination or calculation of the equation by which shares of the Fund are to be converted into cash, surrendered, or redeemed, as the case may be. Colony Capital QIS, LLC and its affiliates have no obligation or liability in connection with the administration, marketing, or trading of the Fund. There is no assurance that investment products based on the Index shall accurately track index performance or provide positive investment returns. Colony Capital QIS, LLC and its affiliates are not investment advisors with respect to investors in the Fund. Inclusion of a security within an index is not a recommendation by Colony Capital QIS, LLC or its affiliates to buy, sell, or hold such security, nor is it considered to be investment advice.

NEITHER COLONY CAPITAL QIS, LLC NOR ITS AFFILIATES GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS, AND/OR COMPLETENESS OF THE INDEX, ANY DATA RELATED THERETO, OR ANY COMMUNICATIONS, INCLUDING BUT NOT LIMITED TO, ORAL, WRITTEN, OR ELECTRONIC COMMUNICATIONS WITH RESPECT THERETO AND LICENSOR AND ITS AFFILIATES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. COLONY CAPITAL QIS, LLC AND ITS AFFILIATES MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR USE, OR AS TO RESULTS TO BE OBTAINED BY DOUBLELINE ALTERNATIVES LP, INVESTORS IN THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL LICENSOR OR ITS AFFILIATES BE LIABLE, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE, FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES OR FOR LOSS OF PROFITS, TRADING LOSSES, LOST TIME, OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

Barclays Bank PLC

^©Barclays Bank PLC, its wholly-owned subsidiary^©Barclays Capital Inc. or an affiliate (collectively “Barclays”) owns the intellectual property and licensing rights in and to the Colony Capital Fundamental US Real Estate Index (the “Index”) and either entity may act as licensor of the Index. All rights reserved.

Neither Barclays nor the Index Sponsor, as defined below, make any representation or warranty, express or implied, to DoubleLine Colony Real Estate and Income Fund (the “Fund”) or any member of the public regarding the advisability of investing in transactions generally or other instruments or related derivatives or in the Index particularly or the ability of the Barclays indices, including without limitation, the Index, to track the performance of any market or underlying assets or data. Neither Barclays nor the Index Sponsor has any obligation to take the needs of the Fund into consideration in determining, composing or calculating the Index.

Barclays’ indices are administered, calculated and published by the Index Sponsor. The Index Sponsor role is performed by Barclays Index Administration (“BINDA”), a distinct function within the Investment Bank of Barclays Bank PLC. As the administrator of the Barclays family of indices, BINDA operates independently from Barclays Investment Bank’s sales, trading, structuring and banking departments. Notwithstanding the foregoing, potential conflicts of interest may exist where: (i) Barclays acts

Semi-Annual Report September 30, 2019 15

Management’s Discussion of Fund Performance  (Cont.) (Unaudited) September 30, 2019

in multiple capacities with respect to a particular Barclays index, including but not limited to functioning as index sponsor, index administrator, calculation agent, licensing agent, and/or publisher; (ii) sales, trading or structuring desks in Barclays Investment Bank launch products linked to the performance of a Barclays index, which are typically hedged by Barclays’ trading desks. In hedging an index, a trading desk may purchase or sell constituents of that index. These purchases or sales may affect the prices of the index constituents which could in turn affect the level of that index; and (iii) Barclays may use price contributions from trading desks in Barclays Investment Bank as a pricing source for a Barclays index. Barclays has in place policies and governance procedures (including separation of reporting lines) that are designed to avoid or otherwise appropriately manage such conflicts of interest and ensure the independence of BINDA and the integrity of Barclays indices. Where permitted and subject to appropriate restrictions, BINDA personnel regularly interact with trading and structuring desk personnel in Barclays Investment Bank regarding current market conditions and prices although decisions made by BINDA are independent and not influenced by trading and structuring desk personnel. Additional information about Barclays indices together with copies of the BINDA IOSCO Compliance Statement and Control Framework are available at: https://index.barcap.com/Home/BINDA.

The Index Sponsor is under no obligation to continue the calculation, publication and dissemination of the Index or the level of the Index. While the Index Sponsor currently employs the methodology ascribed to the Index (and application of such methodology shall be conclusive and binding), no assurance can be given that market, regulatory, juridical, financial, fiscal or other circumstances (including, but not limited to, any changes to or any suspension or termination of or any other events affecting any constituent within the Index) will not arise that would, in the view of the Index Sponsor, necessitate an adjustment, modification or change of such methodology. In certain circumstances, the Index Sponsor may suspend or terminate the Index.

BARCLAYS AND THE INDEX SPONSOR DO NOT GUARANTEE, AND SHALL HAVE NO LIABILITY TO THE PURCHASERS OR TRADERS, AS THE CASE MAY BE, OF THE FUND OR TO THIRD PARTIES FOR, THE QUALITY, ACCURACY AND/OR COMPLETENESS OF THE BARCLAYS INDICES, OR ANY DATA INCLUDED THEREIN, OR FOR INTERRUPTIONS IN THE DELIVERY OF THE BARCLAYS INDICES. BARCLAYS AND THE INDEX SPONSOR MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE BARCLAYS INDICES, INCLUDING WITHOUT LIMITATION, THE INDEX, OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL BARCLAYS OR THE INDEX SPONSOR HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES SAVE TO THE EXTENT THAT SUCH EXCLUSION OF LIABILITY IS PROHIBITED BY LAW.

The Morgan Stanley Index

The Morgan Stanley Index is expected to track the performance of futures contracts on eleven commodities, selected by Morgan Stanley Capital Group Inc. (the “Morgan Stanley Index Sponsor”), a direct, wholly-owned subsidiary of Morgan Stanley, based on (i) the contracts’ historical backwardation relative to other commodity-related futures contracts and (ii) the contracts’ historical liquidity. Of the commodities represented in the Morgan Stanley Index, currently five are in the energy sector, two are in the industrial metals sector, and four are in the agricultural sector or livestock sector. As of the date of this Summary Prospectus, the Morgan Stanley Index’s exposure was weighted approximately one third to each of the energy sector, the industrial metals sector, and the agricultural and livestock sectors. The Morgan Stanley Index’s actual exposure to futures contracts and sectors will change throughout the year based on changes in the market values of the futures contracts. The Morgan Stanley Index Sponsor also may alter the commodities that comprise the Morgan Stanley Index or the parameters that determine the futures contracts that comprise the Morgan Stanley Index. The Morgan Stanley Index is normally rebalanced annually during the month of January. In addition, the Morgan Stanley Index Sponsor may make interim changes to the Morgan Stanley Index in its discretion if it determines that a disruption event has occurred that requires modification of the Morgan Stanley Index; such events may include, but are not limited to market or trading disruptions in the commodities underlying the Morgan Stanley Index, changes in law, or other events or circumstances beyond the reasonable anticipation or control of the Morgan Stanley Index Sponsor.

Alpha—A measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a mutual fund and compares its risk-adjusted performance to a benchmark index.

Basis Points (bps)—A basis point equals 0.01%.

Beta—The measure of a mutual fund’s volatility in relation to the market. By definition, the market has a beta of 1.0, and individual mutual funds are ranked according to how much they deviate from the market. A beta of above 1.0 means the fund swings more than the market. If the fund moves less than the market, the beta is less than 1.0.

Bloomberg Barclays Global Aggregate Bond Index—This index provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, thePan-European Aggregate, and the Asian-Pacific Aggregate Indices. The index also includes Eurodollar andEuro-Yen corporate bonds, Canadian government, agency and corporate securities, and USD investment grade 144A securities.

Bloomberg Barclays U.S. ABS Index—This index represents the ABS component of the Bloomberg Barclays U.S. Aggregate Index. It includes securities whose value and income payments are derived from and collateralized (“or backed”) by a specified pool of underlying assets including credit cards, auto loans, etc.

Bloomberg Barclays U.S. Aggregate Bond Index—This index represents securities that areSEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis.

Bloomberg Barclays U.S. Aggregate1-3 Year Index—This index represents the1-3 year component of the Bloomberg Barclays U.S. Aggregate Index.

Bloomberg Barclays U.S. CMBS ERISA Eligible Total Return Index—This index measures the performance of investment-grade CMBS and includes only CMBS that are Employee Retirement Income Security Act of 1974, which will deem ERISA eligible the certificates with the first priority of principal repayment, as long as certain conditions are met, including the requirement that the certificates be rated in one of the three highest rating categories by Fitch, Inc., Moody’s Investors Services or Standard & Poor’s.

Bloomberg Barclays U.S. Corporate Index—An index that represents the total return measure of the corporates portion of the Barclays U.S. Aggregate Index.

Bloomberg Barclays U.S. Corporate High Yield Index—This index measures theUSD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch and S&P is Ba1/BB+/BB+ or below. The Bloomberg Barclays U.S. High Yield Long Index, including bonds with maturities of 10 years or greater, and the Bloomberg Barclays U.S. High Yield Intermediate Index, including bonds with maturities of 1 to 9.999 years, are subindices of the Bloomberg Barclays U.S. Corporate High Yield Index.

Bloomberg Barclays U.S. Credit Index—This index is the US Credit component of the US Government/Credit Index and consists of publically issued US corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity, and quality requirements. To qualify, bonds must beSEC-registered. The US Credit Index is the same as the former US Corporate Investment Grade Index.

Bloomberg Barclays U.S. Government/Credit Bond Index—This index is a broad-based flagship benchmark that measures thenon-securitized component of the U.S. Aggregate Index. It includes investment grade, US dollar-denominated, fixed-rate Treasuries, government-related and corporate securities.

Bloomberg Barclays U.S. Long Credit Index—This index measures the performance of the long term sector of the United States investment bond market, which includes investment grade corporate debt and sovereign, supranational, local authority andnon-U.S. agency bonds that are dollar denominated and have a remaining maturity of greater than or equal to 10 years. Includes publicly issued U.S. Treasury debt, U.S. government agency debt, taxable debt issued by U.S. states and territories and their political subdivisions, debt issued by U.S. andnon-U.S. corporations,non-U.S. government debt and supranational debt.

16 DoubleLine Funds Trust

(Unaudited)

September 30, 2019

Bloomberg Barclays U.S. Long Government/Credit Index—The index includes publicly issued U.S. Treasury debt, U.S. government agency debt, taxable debt issued by U.S. states and territories and their political subdivisions, debt issued by U.S. andnon-U.S. corporations,non-U.S. government debt and supranational debt.

Bloomberg Barclays U.S. MBS Index—This index measures the performance of investment grade fixed-rate mortgage-backed pass-through securities of the Government-Sponsored Enterprises (GSEs): Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC).

Bloomberg Barclays U.S. TIPS Total Return Index—This index measures the performance of the U.S. TIPS market. Federal Reserve holdings of US TIPS are not index eligible and are excluded from the face amount outstanding of each bond in the index.

Bloomberg Commodity Index (BCOM)—An index calculated on an excess return basis that reflects commodity futures price movements. The index rebalances annually weighted 2/3 by trading volume and 1/3 by world production and weight-caps are applied at the commodity, sector and group level for diversification. Roll period typically occurs from6th-10th business day based on the roll schedule. The BCOM Total Return Index includes collateral to the futures in the form of treasury securities, while the BCOM Excess Return Index includes futures only, with no collateral.

Colony Capital Fundamental U.S. Real Estate Index—This Index is a rules-based index that incorporates the fundamental criteria originally developed by Colony Capital, Inc. The Index is rebalanced and reconstituted quarterly by applying a systematic methodology to the universe of REITs. It is not possible to invest directly in an index.

Dow Jones U.S. Select REIT Total Return Index—This index tracks the performance of publicly traded REITs and REIT-like securities and is designed to serve as a proxy for direct real estate investment, in part by excluding companies whose performance may be driven by factors other than the value of real estate.

Duration—A measure of the sensitivity of a price of a fixed income investment to a change in interest rates, expressed as a number of years.

Fed Funds Rate—The interest rate at which banks and other depository institutions lend money to each other, usually on an

overnight basis. The law requires banks to keep a certain percentage of their customer’s money on reserve, where the banks earn no interest on it.

Freddie Mac U.S.15-year Commitment Rates—The interest rate charged by Freddie Mac to lend money to a qualified borrower on a15-year fixed-rate mortgage loan.

Freddie Mac U.S.30-year Commitment Rates—The interest rate charged by Freddie Mac to lend money to a qualified borrower on a30-year fixed-rate mortgage loan.

Eurostoxx 50 Index—A stock index of Eurozone stocks designed by STOXX, an index provider owned by Deutsche Borse Group and SIX group, with the goal of providing a blue-chip representation of Supersector leaders in the Eurozone.

FTSE World Government Bond Index (FTSE WGBI)—This indexmeasures the performance of fixed-rate, local currency, investment grade sovereign bonds. The WGBI is a widely used benchmark that currently comprises sovereign debt from over 20 countries, denominated in a variety of currencies, and has more than 25 years of history available. The WGBI provides a broad benchmark for the global sovereign fixed income market. Sub-indices are available in any combination of currency, maturity, or rating.

G-10 (Group of 10)—The G10 consists of eleven industrialized nations that meet on an annual basis or more frequently, as necessary, to consult each other, debate and cooperate on international financial matters. The member countries are: Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, the United Kingdom and the United States.

ICE BofAML1-3 Year Eurodollar Index—This index is a subset of the BAML Eurodollar Index including all securities with a remaining term to final maturity less than 3 years. The BAML Eurodollar Index tracks the performance of US dollar-denominated investment grade quasigovernment, corporate, securitized and collateralized debt publicly issued in the eurobond markets.

ICE BofAML1-3 Year U.S. Treasury Index—This index is an unmanaged index that tracks the performance of the direct soversign debt of the U.S. Government having a maturity of at least one year and less than three years.

ICE BofAML3-Month Treasury Bill Index—This index is an unmanaged index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.

J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI) Broad Diversified—This index is a market capitalization weighted index consisting ofU.S-denominated Emerging Market corporate bonds. It is a liquid global corporate benchmark representing Asia, Latin America, Europe and the Middle East/Africa.

J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI) Broad Diversified1-3 Year Index—This index is a market capitalization weighted index consisting ofUS-denominated Emerging Market corporate bonds with1-3 year maturity. It is a liquid global corporate benchmark representing Asia, Latin America, Europe and the Middle East/Africa.

J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified—This index is a uniquely-weighted version of the EMBI Global. It limits the weights of those index countries with larger debt stocks by only including specified portions of these countries’ eligible current face amounts of debt outstanding. The countries covered in the EMBI Global Diversified are identical to those covered by EMBI Global. There is also a high yield sub-index and investment grade sub-index which are subsets of the EMBI.

J.P. MorganGBI-EM Global Diversified Total Return Index—This index tracks local currency bonds issued by Emerging Market governments.

Last Cash Flow (LCF)—The last revenue stream paid to a bond over a given period.

London Interbank Offered Rate (LIBOR)—An indicative average interest rate at which a selection of banks known as the panel banks are prepared to lend one another unsecured funds on the London money market.

Moody’s/RCA Commercial Property Price Index (CPPI)—An index that describes variousnon-residential property types for the U.S. (10 monthly series from 2000). This index is a periodic same-property round-trip investment price change index of the U.S. commercial investment property market. The dataset contains 20 monthly indicators.

Morgan Stanley Backwardation Focused Multi-Commodity Index (MS BFMCI^SM)—An index comprised of futures contracts selected based on (i) the contracts’ historical backwardation relative to other commodity-related futures contracts and (ii) the contracts’ historical liquidity. The sectors represented in the index (industrial metals, energy and agricultural/livestock) have been selected to provide diversified exposure. The index is typicallyre-balanced annually in January.

Morgan Stanley Capital International All Country World Index (MSCI ACWI)—A market-capitalization-weighted index designed to provide a broad measure of stock performance throughout the world, including both developed and emerging markets.

Morgan Stanley Capital International Emerging Markets Index (MSCI EM)—The index is a float-adjusted market capitalization index designed to measure equity market performance in global emerging markets. It consists of indices in 26 emerging economies, including but not limited to, Argentina, Brazil, China, India, Poland, Thailand, Turkey, and Venezuela.

Semi-Annual Report September 30, 2019 17

Management’s Discussion of Fund Performance  (Cont.) (Unaudited) September 30, 2019

Morgan Stanley Capital International (MSCI) Europe Net Return USD Index—The index is part of the Modern Index Strategy and represents the performance of large andmid-cap equities across 15 developed countries in Europe. The Index has a number of sub-Indexes which cover varioussub-regions market segments/sizes, sectors and covers approximately 85% of the free float-adjusted market capitalization in each country.

Mortgage Bankers Association (MBA) Purchase Index Seasonally-Adjusted—An index that includes all mortgage applications for purchases of single-family homes adjusted to take into account changes in data due to seasonality. It covers the entire market, both conventional and government loans and all products.

Mortgage Bankers Association (MBA) Refinance Index Seasonally-Adjusted—An index that covers all mortgage applications to refinance an existing mortgage adjusted to take into account changes in data due to seasonality. It includes conventional and government refinances.

Nikkei 225 Index—A price-weighted index comprised of Japan’s top 225 blue-chip companies on the Tokyo Stock Exchange. The Nikkei is equivalent to the Dow Jones Industrial Average Index in the U.S.

Personal Consumption Expenditures (PCE) Price Index—Measures price changes in consumer goods and services. Expenditures included in the index are actual U.S. household expenditures. Data that pertains to services, durables, andnon-durables are measured by the index.

Real Assets—Physical assets that have an intrinsic worth due to their substance and properties, including precious metals, commodities, real estate, land, equipment, and natural resources.

Secured Overnight Financing Rate (SOFR)—An influential interest rate that banks use to price U.S. dollar-denominated derivatives and loans. The daily SOFR is based on transactions in the UST repurchase market, where investors offer banks overnight loans backed by their bond assets.

Shanghai Composite Index—A capitalization-weighted index that tracks the daily performance of allA-shares andB-shares listed on the Shanghai Stock Exchange. The index was developed on December 19, 1990 with a base value of 100.

Shiller Barclays CAPE^® U.S. Sector Total Return Index—An index that incorporates the principles of long-term investing distilled by Dr. Robert Shiller and expressed through the CAPE^® (Cyclically Adjusted Price Earnings) ratio (the “CAPE^® Ratio”). It aims to identify undervalued sectors based on a modified CAPE^® Ratio, and then uses a momentum factor to seek to mitigate the effects of potential value traps.

Shiller Barclays CAPE^® Europe Sector Net TR NoC USD Index (European CAPE^® Index)—The index incorporates the principles of long-term investing distilled by Dr. Robert Shiller and expressed through the CAPE^® (Cyclically Adjusted Price Earnings) ratio (the “CAPE^® Ratio”). The classic CAPE^® Ratio assesses equity market valuations and averages ten years of inflation adjusted earnings to account for earnings and market cycles.

Spread—The difference between yields on differing debt instruments, calculated by deducting the yield of one instrument from another. The higher the yield spread, the greater the difference between the yields offered by each instrument. The spread can be measured between debt instruments of differing maturities, credit ratings and risk. 

S&P 500^® Index—The Index is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

S&P Goldman Sachs Commodity Index (GSCI)—This composite index of commodity sector returns represents a broadly diversified, unleveraged, long-only position in commodity futures. The index’s components qualify for inclusion in the index based on liquidity measures and are weighted in relation to their global production levels, making the Index a valuable economic indicator and commodities market benchmark.

S&P/LSTA Leveraged Loan Index—Capitalization-weighted syndicated loan indices are based upon market weightings, spreads and interest payments, and this index covers the U.S. market back to 1997 and currently calculates on a daily basis. Created by the Leveraged Commentary & Data (LCD) team at S&P Capital IQ, the review provides an overview and outlook of the leveraged loan market as well as an expansive review of the S&P Leveraged Loan Index and sub-indexes. The review consists of index general characteristics, results, risk-return profile, default/distress statistics, and repayment analysis.

Trade Reporting and Compliance Engine (TRACE)—The Trade Reporting and Compliance Engine is the FINRA-developed vehicle that facilitates the mandatory reporting ofover-the-counter secondary market transactions in eligible fixed income securities.

Trepp CMBS Delinquency Rate—Trepp, LLC, provides information, analytics and technology to the structured finance, commercial real estate (CRE) and banking markets. A delinquency rate is the percentage of loans within a loan portfolio that have delinquent payments.

U.S. Dollar Index (DXY)—A weighted geometric mean of the United States dollar’s value relative to a basket of 6 major foreign currencies, including the Euro, Japanese yen, Pound sterling, Canadian dollar, Swedish krona and Swiss franc.

Yield curve—A curve in which the yield of fixed interest securities is plotted against the length of time they have to run to maturity.

A direct investment cannot be made in an index. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses applicable to mutual fund investments.

This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to a Fund and market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein.

DoubleLine has no obligation to provide revised assessments in the event of changed circumstances. While we have gathered this information from sources believed to be reliable, DoubleLine cannot guarantee the accuracy of the information provided. Securities discussed are not recommendations and are presented as examples of issue selection or portfolio management processes. They have been picked for comparison or illustration purposes only. No security presented within is either offered for sale or purchase. DoubleLine reserves the right to change its investment perspective and outlook without notice as market conditions dictate or as additional information becomes available.

Investment strategies may not achieve the desired results due to implementation lag, other timing factors, portfolio management decision making, economic or market conditions or other unanticipated factors. The views and forecasts expressed in this material are as of the date indicated, are subject to change without notice, may not come to pass and do not represent a recommendation or offer of any particular security, strategy, or investment. Past performance is no guarantee of future results.

The DoubleLine Funds are distributed by Quasar Distributors, LLC.

DoubleLine^® is a registered trademark of DoubleLine Capital LP.

18 DoubleLine Funds Trust

Standardized Performance Summary (Unaudited) September 30, 2019

The performance information shown assumes the reinvestment of all dividends and distributions. Returns over 1 year are average annual returns. Performance data quoted represents past performance;past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Current performance of the Fund may be lower or higher than the performance quoted. The Funds’ gross and net expense ratios shown are from the most recent prospectus and may change over time. See the financial highlights section of the financial statements for more recent expense ratios. The Funds’ gross and net expense ratios also include “acquired fund fees and expenses,” which are expenses incurred indirectly as a result of a Fund’s investments in one or more underlying funds, including ETFs and money market funds. Because these costs are indirect, the expense ratios will not correlate to the expense ratios in the Funds’ financial statements, since financial statements only include direct costs of the Funds and not indirect costs of investing in the underlying funds. Performance data current to the most recentmonth-end may be obtained by calling (213)633-8200 or by visiting www.doublelinefunds.com.

DBLTX/DLTNX/DDTRX
DoubleLine Total Return Bond Fund Returns as of September 30, 2019	6-Months (Not Annualized)		1-Year		3-Year Annualized		5-Year Annualized		Since Inception Annualized (4-6-10 to 9-30-19)		Expense Ratio
I Share (DBLTX)		3.96%		7.87%		3.20%		3.48%		6.02%	0.48%
N Share (DLTNX)		3.83%		7.71%		2.98%		3.25%		5.77%	0.73%
R6 share (DDTRX)1		3.97%		7.88%		3.21%		3.49%		6.02%	0.43%
Bloomberg Barclays U.S. Aggregate Bond Index		5.42%		10.30%		2.92%		3.38%		3.80%
DBLFX/DLFNX/DDCFX
DoubleLine Core Fixed Income Fund Returns as of September 30, 2019	6-Months (Not Annualized)		1-Year		3-Year Annualized		5-Year Annualized		Since Inception Annualized (6-1-10 to9-30-19)		Expense Ratio
I Share (DBLFX)		4.55%		8.29%		3.22%		3.63%		5.27%	0.48%
N Share (DLFNX)		4.42%		8.03%		2.97%		3.36%		5.01%	0.73%
R6 Share (DDCFX)2		4.55%		8.30%		3.22%		3.63%		5.27%	0.43%
Bloomberg Barclays U.S. Aggregate Bond Index		5.42%		10.30%		2.92%		3.38%		3.59%
DBLEX/DLENX
DoubleLine Emerging Markets Fixed Income Fund Returns as of September 30, 2019	6-Months (Not Annualized)		1-Year		3-Year Annualized		5-Year Annualized		Since Inception Annualized (4-6-10 to9-30-19)		Expense Ratio
I Share (DBLEX)		3.68%		7.56%		4.47%		4.13%		5.67%	0.89%
N Share (DLENX)		3.54%		7.28%		4.20%		3.85%		5.41%	1.14%
J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified Index		5.64%		11.57%		4.61%		5.74%		6.59%
DMLIX/DMLAX
DoubleLine Multi-Asset Growth Fund Returns as of September 30,  2019	6-Months (Not Annualized)		1-Year		3-Year Annualized		5-Year Annualized		Since Inception Annualized (12-20-10 to9-30-19)		Expense Ratio
I Share (DMLIX)		2.45%		0.31%		5.69%		5.05%		4.03%	1.35%
A Share (DMLAX)3											1.60%
A Share (No Load)		2.34%		0.06%		5.38%		4.76%		3.75%
A Share (With Load)		-2.01%		-4.19%		3.87%		3.86%		3.24%
S&P 500® Index		6.08%		4.25%		13.39%		10.84%		12.75%
Blended Benchmark Unhedged4		3.91%		4.19%		6.56%		4.94%		5.75%
Blended Benchmark USD Hedged4		4.53%		5.38%		7.43%		5.82%		6.55%
DBLSX/DLSNX/DDLDX
DoubleLine Low Duration Bond Fund Returns as of September 30, 2019	6-Months (Not Annualized)		1-Year		3-Year Annualized		5-Year Annualized		Since Inception Annualized (9-30-11 to9-30-19)		Expense Ratio
I Share (DBLSX)		2.25%		4.22%		2.70%		2.39%		2.47%	0.43%
N Share (DLSNX)		2.13%		3.97%		2.45%		2.14%		2.22%	0.68%
R6 Share (DDLDX)5		2.25%		4.22%		2.70%		2.39%		2.47%	0.38%
ICE BofAML1-3 Year U.S. Treasury Index		2.02%		4.36%		1.52%		1.32%		1.00%
Bloomberg Barclays U.S. Aggregate1-3 Yr Bond Index		2.20%		4.67%		1.84%		1.61%		1.37%

Semi-Annual Report September 30, 2019 19

Standardized Performance Summary  (Cont.) (Unaudited) September 30, 2019

DBFRX/DLFRX
DoubleLine Floating Rate Fund Returns as of September 30, 2019	6-Months (Not Annualized)		1-Year		3-Year Annualized		5-Year Annualized		Since Inception Annualized (2-1-13 to9-30-19)		Expense Ratio
I Share (DBFRX)6		1.76%		1.95%		3.43%		3.26%		3.08%	0.65%
N Share (DLFRX)6		1.52%		1.58%		3.13%		2.98%		2.84%	0.89%
S&P/LSTA Leveraged Loan Index		2.69%		3.10%		4.53%		3.98%		3.94%
DSEEX/DSENX/DDCPX
DoubleLine Shiller Enhanced CAPE® Returns as of September 30, 2019	6-Months (Not Annualized)		1-Year		3-Year Annualized		5-Year Annualized		Since Inception Annualized (10-31-13to 9-30-19)		Expense Ratio
I Share (DSEEX)		6.17%		4.39%		14.25%		13.97%		14.49%	0.57%
N Share (DSENX)		5.97%		4.13%		13.96%		13.67%		14.20%	0.82%
R6 Share (DDCPX)7		6.18%		4.40%		14.26%		13.97%		14.49%	0.52%
S&P 500® Index8		6.08%		4.25%		13.39%		10.84%		11.61%
Shiller Barclays CAPE® U.S. Sector TR USD Index8		5.65%		3.71%		14.22%		13.48%		13.65%
DFLEX/DLINX/DFFLX
DoubleLine Flexible Income Fund Returns as of September 30, 2019	6-Months (Not Annualized)		1-Year		3-Year Annualized		5-Year Annualized		Since Inception Annualized (4-7-14 to9-30-19)		Expense Ratio
I Share (DFLEX)		2.72%		4.57%		3.80%		3.48%		3.54%	0.76%
N Share (DLINX)		2.59%		4.31%		3.52%		3.21%		3.28%	1.01%
R6 Share (DFFLX)9		2.72%		4.57%		3.81%		3.48%		3.55%	0.71%
ICE BofAML1-3 Year Eurodollar Index		2.57%		5.33%		2.43%		2.11%		2.00%
LIBOR USD 3 Month		1.21%		2.55%		1.88%		1.30%		1.22%
DBLLX/DELNX
DoubleLine Low Duration Emerging Markets Fixed Income Fund Returns as of September 30, 2019	6-Months (Not Annualized)		1-Year		3-Year Annualized		5-Year Annualized		Since Inception Annualized (4-7-14 to9-30-19)		Gross Expense Ratio	Net Expense Ratio10
I Share (DBLLX)		3.07%		6.62%		3.21%		2.93%		3.20%	0.65%	0.59%
N Share (DELNX)		3.03%		6.45%		2.97%		2.71%		2.97%	0.93%	0.84%
J.P. Morgan CEMBI Broad Diversified1-3 Year Index		2.68%		6.24%		3.58%		3.80%		3.63%
DBLDX/DLLDX
DoubleLine Long Duration Total Return Bond Fund Returns as of September 30, 2019	6-Months (Not Annualized)		1-Year		3-Year Annualized				Since Inception Annualized (12-15-14 to 9-30-19)		Gross Expense Ratio	Net Expense Ratio10
I Share (DBLDX)		12.22%		21.20%		3.40%				5.08%	0.70%	0.65%
N Share (DLLDX)		11.97%		20.92%		3.14%				4.81%	0.95%	0.90%
Bloomberg Barclays U.S. Long Government/Credit Index		13.61%		21.88%		5.56%				6.00%
DBCMX/DLCMX
DoubleLine Strategic Commodity Fund Returns as of September 30, 2019	6-Months (Not Annualized)		1-Year		3-Year Annualized				Since Inception Annualized (5-18-15 to 9-30-19)		Expense Ratio
I Share (DBCMX)		-5.96%		-9.65%		2.01%				-0.46%	1.11%
N Share (DLCMX)		-6.01%		-9.88%		1.76%				-0.74%	1.36%
Bloomberg Commodity Index Total Return		-3.00%		-6.57%		-1.50%				-5.58%
DBLGX/DLGBX
DoubleLine Global Bond Fund Returns as of September 30, 2019	6-Months (Not Annualized)		1-Year		3-Year Annualized				Since Inception Annualized (12-17-15 to 9-30-19)		Expense Ratio
I Share (DBLGX)		1.16%		3.37%		-0.07%				1.83%	0.55%
N Share (DLGBX)		1.13%		3.14%		-0.30%				1.60%	0.80%
FTSE World Government Bond Index		4.45%		8.13%		1.19%				3.89%

20 DoubleLine Funds Trust

(Unaudited)

September 30, 2019

BILDX/BILTX
DoubleLine Infrastructure Income Fund Returns as of September 30, 2019	6-Months (Not Annualized)		1-Year		3-Year Annualized		Since Inception Annualized (4-1-16 to9-30-19)		Expense Ratio
I Share (BILDX)		4.88%		8.96%		3.86%		4.33%	0.59%
N Share (BILTX)		4.75%		8.77%		3.60%		4.07%	0.84%
Bloomberg Barclays U.S. Aggregate Bond Index		5.42%		10.30%		2.92%		3.29%
DBULX/DLUSX
DoubleLine Ultra Short Bond Fund Returns as of September 30, 2019	6-Months (Not Annualized)		1-Year		3-Year Annualized		Since Inception Annualized (6-30-16 to9-30-19)		Expense Ratio
I Share (DBULX)		1.39%		2.60%		1.79%		1.65%	0.22%
N Share (DLUSX)		1.26%		2.36%		1.53%		1.41%	0.47%
ICE BofAML 3-Month U.S. Treasury Bill Index		1.20%		2.39%		1.54%		1.45%
DSEUX/DLEUX
DoubleLine Shiller Enhanced International CAPE® Returns as of September 30, 2019	6-Months (Not Annualized)		1-Year				Since Inception Annualized (12-23-16 to 9-30-19)		Gross Expense Ratio	Net Expense Ratio10
I Share (DSEUX)		4.51%		5.35%				7.93%	0.98%	0.67%
N Share (DLEUX)		4.38%		5.08%				7.67%	1.22%	0.92%
MSCI Europe Net Return USD Index8		2.59%		-0.75%				7.76%
DBRIX/DLREX
DoubleLine Colony Real Estate and Income Fund Returns as of September 30, 2019	6-Months (Not Annualized)						Since Inception Not Annualized (12-17-18 to9-30-19)		Gross Expense Ratio	Net Expense Ratio11
I Share (DBRIX)		9.77%						24.79%	0.75%	0.66%
N Share (DLREX)		9.73%						24.58%	1.00%	0.91%
Dow Jones U.S. Select REIT Total Return Index		7.70%						20.97%
DBELX/DLELX
DoubleLine Emerging Markets Local Currency Bond Fund Returns as of September 30, 2019							Since Inception Not Annualized (6-28-19 to9-30-19)		Gross Expense Ratio	Net Expense Ratio12
I Share (DBELX)								-3.22%	1.05%	0.91%
N Share (DLELX)								-3.28%	1.30%	1.16%
JPMGBI-EM Global Diversified TR Index								-0.79%
DBLIX/DBLNX
DoubleLine Income Fund Returns as of September 30, 2019							Since Inception Not Annualized (9-3-19 to9-30-19)		Gross Expense Ratio	Net Expense Ratio13
I Share (DBLIX)								-0.24%	0.80%	0.66%
N Share (DBLNX)								-0.16%	1.05%	0.91%
Bloomberg Barclays U.S. Aggregate Bond Index								-0.71%

1 The inception date of the Class I shares of DoubleLine Total Return Bond Fund (DBLTX) was 4/6/2010, while the inception date of the R6 Class (DDTRX) was 7/31/2019. The returns of DDTRX shown for periods prior to its inception date reflect the returns of DBLTX.

2 The inception date of the Class I shares of DoubleLine Core Fixed Income Fund (DBLFX) was 6/1/2010, while the inception date of the R6 Class (DDCFX) was 7/31/2019. The returns of DDCFX shown for periods prior to its inception date reflect the returns of DBLFX.

3 Performance data shown for theMulti-Asset Growth Fund reflect the Class A maximum sales charge of 4.25%. TheMulti-Asset Growth Fund imposes a Deferred Sales Charge of 0.75% on purchases of $1 million or more of Class A shares if redeemed within 18 months of purchase. Performance data shown for the Class A No Load does not reflect the deduction of the sales load or fee. If reflected, the load or fee would reduce the performance quoted. Performance data does not reflect the deferred sales charge. If it had, returns would have been reduced.

4 The Blended Benchmark Unhedged is MSCI ACWI (60%)/Bloomberg Barclays Global Aggregate Bond Index (40%). The Blended Benchmark USD Hedged is MSCI ACWI (60%)/Bloomberg Barclays Global Aggregate Bond Index (40%) Hedged to USD.

5 The inception date of the Class I shares of DoubleLine Low Duration Bond Fund (DBLSX) was 9/30/2011, while the inception date of the R6 Class (DDLDX) was 7/31/2019. The returns of DDLDX shown for periods prior to its inception date reflect the returns of DBLSX.

6 The Floating Rate Fund imposes a 1.00% Redemption Fee on all share classes if shares are sold within 90 days of purchase. Performance data does not reflect the redemption fee. If it had, returns would be reduced.

Semi-Annual Report September 30, 2019 21

Standardized Performance Summary  (Cont.) (Unaudited) September 30, 2019

7 The inception date of Class I shares of DoubleLine Shiller Enhanced CAPE^® (DSEEX) was 10/31/2013, while the inception date of the R6 Class (DDCPX) was 7/31/2019. The returns of DDCPX shown for periods prior to its inception date reflect the returns of DSEEX.

8 Reflects no deduction for fees, expenses, or taxes.

9 The inception date of the Class I shares of Flexible Income Fund (DFLEX) was 4/7/2014, while the inception date of the R6 Class (DFFLX) was 7/31/2019. The returns of DFFLX shown for periods prior to its inception date reflect the returns of DFLEX.

10 The Adviser has contractually agreed to waive fees and reimburse expenses through July 31, 2020. For additional information regarding these expense limitation arrangements, please see note 3 in the notes to financial statements.

11 The Adviser has contractually agreed to waive fees and expenses through December 11, 2020. For additional information regarding these expense limitation arrangements, please see note 3 in the notes to financial statements.

12 The Adviser has contractually agreed to waive fees and expenses through June 26, 2021. For additional information regarding these expense limitation arrangements, please see note 3 in the notes to financial statements.

13 The Adviser has contractually agreed to waive fees and expenses through September 2, 2021. For additional information regarding these expense limitation arrangements, please see note 3 in the notes to financial statements.

Mutual fund investing involves risk. Principal loss is possible.

22 DoubleLine Funds Trust

Schedule of Investments - Summary  DoubleLine Total Return Bond Fund (Unaudited) September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $		% OF NET ASSETS
	ASSET BACKED OBLIGATIONSµ
		Total Asset Backed Obligations (Cost $2,090,164,576)							2,135,675,427		3.9%
	COLLATERALIZED LOAN OBLIGATIONSµ
		Total Collateralized Loan Obligations (Cost $2,652,304,548)							2,648,015,031		4.9%
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONSµ
		TotalNon-Agency Commercial Mortgage Backed Obligations (Cost $3,862,856,219)							3,674,540,833		6.7%
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS
		CIM Trust,		3.02%	#^		06/25/2057		173,055,300		0.3%
	171,988,558	Series2017-6-A1
		Citigroup Mortgage Loan Trust,		3.93%	#^		07/25/2067		206,761,803		0.4%
	196,684,926	Series2017-RP2-A1A
		Citigroup Mortgage Loan Trust,		3.92%	^		10/25/2058		187,925,675		0.3%
	187,123,029	Series2019-A-PT1
		Citigroup Mortgage Loan Trust,		3.25%	^		04/25/2059		273,656,628		0.5%
	278,180,680	Series2019-D-PT1
		CSMC Trust,		4.00%	^		08/26/2058		176,782,513		0.3%
	174,458,207	Series2018-RPL7-A1
		CSMC Trust,		4.09%	#^		11/25/2058		304,244,809		0.6%
	299,490,104	Series2019-RPL6-PT1
		Legacy Mortgage Asset Trust,		0.00%	^		06/25/2058		212,844,112		0.4%
	208,287,204	Series2019-RPL3-PT1
		PR Mortgage Loan Trust,		5.91%	#^		10/25/2049		195,876,063		0.4%
	200,164,855	Series2014-1-APT
		Securitized Mortgage Asset Loan Trust,		2.74%	#^		02/25/2054		271,830,453		0.5%
	291,816,592	Series2015-1-PC
		Towd Point Mortgage Trust,		3.75%	#^		03/25/2058		240,027,155		0.4%
	228,589,954	Series2019-1-A1
		VOLT LLC,		4.21%	^§		10/26/2048		146,775,229		0.3%
	145,904,123	Series2018-NPL8-A1A
	OtherNon-Agency Residential Collateralized Mortgage Obligationsµ								12,970,212,810		23.8%
		TotalNon-Agency Residential Collateralized Mortgage Obligations (Cost $15,287,217,299)							15,359,992,550		28.2%
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS
		Federal Home Loan Mortgage Corporation,
	29,148,652	Series4791-LI		3.00%	I/O		05/15/2048		3,321,783		0.0%
	460,805,195	Series4791-JT		3.00%			05/15/2048		470,406,900		0.9%
	99,805,712	Series4792-A		3.00%			05/15/2048		101,319,086		0.2%
		Federal Home Loan Mortgage Corporation,
	498,718,208	Pool G08675		3.00%			11/01/2045		511,343,289		0.9%
	416,088,882	Federal Home Loan Mortgage Corporation,		3.00%			04/01/2045		426,610,748		0.8%
		Pool G08635
		Pool Z40117
	351,391,063	Federal Home Loan Mortgage Corporation,		3.00%			02/15/2044		360,847,143		0.7%
		Series4471-GA
		Series4527-CA
		Series4527-GA
		Series4588-DA
	189,940,145	Federal Home Loan Mortgage Corporation,		3.00%			06/15/2040		193,399,366		0.4%
		Series4323-GA
		Series4390-NY
		Federal Home Loan Mortgage Corporation,		3.00%			06/01/2045		333,749,957		0.6%
	325,492,220	Pool G08648
		Federal Home Loan Mortgage Corporation,
	173,221,785	Series4573-CA		3.00%			11/15/2044		178,520,034		0.3%
		Federal Home Loan Mortgage Corporation,		2.88%	I/F		06/15/2043		158,814,842		0.3%
	158,263,310	Series4212-US(-1 x 1 Month LIBOR USD + 5.40%, 5.40% Cap)

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 23

Schedule of Investments - Summary  DoubleLine Total Return Bond Fund  (Cont.) (Unaudited) September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $		% OF NET ASSETS
		Federal Home Loan Mortgage Corporation,		3.00%			02/01/2046		200,316,495		0.4%
	195,372,132	Pool G08692
	241,286,935	Federal Home Loan Mortgage Corporation,		3.00%			12/15/2041		247,497,806		0.5%
		Series4471-BA
		Series4471-BC
		Federal Home Loan Mortgage Corporation,		3.50%			01/01/2046		193,159,467		0.3%
	184,377,367	Pool G60393
		Federal Home Loan Mortgage Corporation,		3.00%			02/01/2045		155,812,647		0.3%
	151,895,581	Pool G08626
	244,068,338	Federal Home Loan Mortgage Corporation,		3.00%			12/01/2045		250,313,685		0.5%
		Pool G08680
		Pool V82117
	163,542,034	Federal Home Loan Mortgage Corporation,		3.00%			08/01/2045		167,929,474		0.3%
		Pool G08658
		Pool V81821
	296,120,694	Federal Home Loan Mortgage Corporation,		3.00%			06/15/2044		303,735,218		0.6%
		Series4483-CA
		Series4533-AB
	165,785,142	Federal Home Loan Mortgage Corporation,		3.00%	>		09/15/2044		170,270,404		0.3%
		Series4384-ZY
		Series4390-NZ
	4,173,519,879	Federal Home Loan Mortgage Corporation		0.00% – 14.50%	I/F I/O P/O >		12/15/2030 – 10/15/2049		4,242,356,793		7.8%
	2,113,547,568	Federal Home Loan Mortgage Corporation		2.50% – 5.00%			03/01/2028 – 06/01/2048		2,184,586,198		4.0%
	167,379,856	Federal Home Loan Mortgage Association,		3.00%	>		05/15/2048		178,217,184		0.3%
		Series2014-21-GZ
		Series2015-88-BA
	262,244,131	Federal National Mortgage Association,		3.00%			08/01/2046		264,761,494		0.5%
		Pool AS7661
		Pool MA2711
	454,637,323	Federal National Mortgage Association,		3.00%			06/25/2048		466,789,124		0.9%
		Series2018-36-A
		Series2018-38-JB
		Series2018-39-AB
	147,620,071	Federal National Mortgage Association,		4.00%			04/25/2042		161,670,639		0.3%
		Series2018-36-A
		Series2018-38-JB
		Series2018-39-AB
		Federal National Mortgage Association,		3.00%			12/25/2047		219,416,346		0.4%
	216,515,429	Series2018-27-JA
	236,857,594	Federal National Mortgage Association,		3.00%	# ^		10/25/2044		243,565,029		0.4%
		Series2014-60-EZ
		Series2014-61-ZV
		Series2014-64-NZ
		Series2014-67-DZ
		Series2016-32-LA
	5,473,891,908	Federal National Mortgage Association		2.27% – 6.50%			07/01/2020 – 09/01/2053		5,661,279,365		10.4%
	3,866,108,493	Federal National Mortgage Association		0.00% – 31.90%	# I/F I/O P/O >		01/25/2026 – 10/25/2050		3,749,766,773		6.9%
	440,728,084	Federal National Mortgage Association		2.29% – 2.62%			10/25/2029 – 12/25/2031		447,529,584		0.8%
	177,659,964	Federal National Mortgage Association Pass-Thru,		3.00%			12/01/2044		182,212,225		0.3%
		Pool AS3961
		Pool AS4154
	175,170,109	Federal National Mortgage Association Pass-Thru,		3.00%			11/01/2042		180,605,290		0.3%
		Pool AB6854
		Pool AB7077
	532,562,186	Federal National Mortgage Association Pass-Thru,		3.00%			03/01/2045		460,870,342		0.8%
		Pool AS4625
		Pool AS4645
		Pool AY3974
		Pool AY5471
	322,718,094	Federal National Mortgage Association Pass-Thru,		3.00%			11/01/2046		329,679,974		0.6%
		Pool BC9003
		Pool AS8269
		Pool AS8356
		Pool MA2806

24 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2019

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $			% OF NET ASSETS
	152,853,091	Federal National Mortgage Association Pass-Thru,		3.50%			09/01/2042		155,918,371			0.3%
		Pool AP4787
		Pool AP4789
		Pool MA1179
	Other US Government and Agency Mortgage Backed Obligations µ								879,986,905			1.6%
		Total US Government and Agency Mortgage Backed Obligations (Cost $23,556,742,141)							24,436,579,980			44.9%
	US GOVERNMENT AND AGENCY OBLIGATIONS
	1,508,200,000	United States Treasury Notes		2.38%			05/15/2029		1,602,285,754			2.9%
	600,000,000	United States Treasury Notes		2.88%			05/15/2028		658,734,372			1.2%
	500,000,000	United States Treasury Notes		3.13%			11/15/2028		561,552,735			1.0%
	500,000,000	United States Treasury Notes		2.25%			02/15/2027		521,757,810			1.0%
	500,000,000	United States Treasury Notes		2.00%			11/15/2026		512,841,795			1.0%
	370,800,000	United States Treasury Notes		2.63%			02/15/2029		401,485,150			0.7%
	300,000,000	United States Treasury Notes		2.88%			08/15/2028		329,964,843			0.6%
	100,000,000	United States Treasury Notes		2.88%			05/15/2049		116,750,000			0.2%
	Other US Government and Agency Obligationsµ								83,233,620			0.2%
		Total US Government and Agency Obligations (Cost $4,517,825,272)							4,788,606,079			8.8%
	AFFILIATED MUTUAL FUNDSµ
		Total Affiliated Mutual Funds (Cost $70,000,000)							69,980,655			0.1%
	SHORT TERM INVESTMENTS
	406,895,506	First American Government Obligations Fund - Class U		1.88%	¨				406,895,506			0.7%
	406,895,506	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		1.83%	¨				406,895,506			0.7%
	406,895,506	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		1.83%	¨				406,895,506			0.7%
	250,000,000	United States Treasury Bills		0.00%			10/15/2019		249,830,753			0.5%
	250,000,000	United States Treasury Bills		0.00%			10/22/2019		249,737,258			0.5%
		Total Short Term Investments (Cost $1,720,211,759)							1,720,254,529			3.2%
		Total Investments (Cost $53,757,321,814)							54,833,645,084			100.7%
		Other Assets in Excess of Liabilities							(392,031,038	)		(0.7)%
		NET ASSETS						$	54,441,614,046			100.0%

SECURITY TYPE BREAKDOWN as a % of Net Assets:
US Government and Agency Mortgage Backed Obligations	44.9%
Non-Agency Residential Collateralized Mortgage Obligations	28.2%
US Government and Agency Obligations	8.8%
Non-Agency Commercial Mortgage Backed Obligations	6.7%
Collateralized Loan Obligations	4.9%
Asset Backed Obligations	3.9%
Short Term Investments	3.2%
Affiliated Mutual Funds	0.1%
Other Assets and Liabilities	(0.7)%
	100.0%

µ Represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate, respectively as of September 30, 2019.

^ 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.

# Includes variable rate securities. 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 September 30, 2019.

§ The interest rate will step up if the issuer does not redeem the bond on or before a scheduled redemption date in accordance with the terms of the instrument. The interest rate shown is the rate in effect as of September 30, 2019.

P/O Includes principal only securities

I/O Includes interest only securities

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 25

Schedule of Investments - Summary  DoubleLine Total Return Bond Fund  (Cont.) (Unaudited) September 30, 2019

I/F Includes inverse floating rate securities 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.

> Includes U.S. Agency bonds that accrue 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 September 30, 2019.

¨ Seven-day yield as of September 30, 2019.

Futures Contracts
Description	Long/Short	Contract Quantity		Expiration Date		Notional Amount•		Value/ Unrealized Appreciation (Depreciation)
Ultra10-Year US Treasury Note Future	Long		250		12/19/2019		35,601,563		$	(217,327	)
US Treasury Long Bond Future	Long		1,750		12/19/2019		284,046,875			(1,752,597	)
CME Ultra Long Term US Treasury Bond Future	Long		1,500		12/19/2019		287,859,375			(4,683,363	)
10-Year US Treasury Note Future	Long		4,000		12/19/2019		521,250,000			(5,227,208	)
									$	(11,880,495	)

• Notional Amount is determined based on the number of contracts multiplied by the contract size and the quoted daily settlement price in US dollars.

A summary of the DoubleLine Total Return Bond Fund’s investments in affiliated mutual funds for the period ended September 30, 2019 is as follows:

Fund	Value at March 31, 2019			Gross Purchases			Gross Sales			Shares Held at September 30, 2019		Value at September 30, 2019			Change in Unrealized for the Period Ended September 30, 2019				Dividend Income Earned in the Period Ended September 30, 2019			Net Realized Gain (Loss) in the Period Ended September 30, 2019
DoubleLine Income Fund (Class I)		$	—		$	70,000,000		$	—		7,026,170		$	69,980,655		$	(19,345	)		$	109,256		$	—

26 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

Schedule of Investments - Summary  DoubleLine Core Fixed Income Fund (Unaudited) September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $		% OF NET ASSETS
	ASSET BACKED OBLIGATIONSµ
		Total Asset Backed Obligations (Cost $286,808,925)							293,260,793		2.3%
	BANK LOANSµ
		Total Bank Loans (Cost $324,464,506)							317,687,745		2.5%
	COLLATERALIZED LOAN OBLIGATIONSµ
		Total Collateralized Loan Obligations (Cost $359,819,072)							351,300,022		2.8%
	FOREIGN CORPORATE BONDSµ
		Total Foreign Corporate Bonds (Cost $1,572,800,118)							1,611,834,402		12.8%
	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONSµ
		Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $117,404,889)							122,181,862		1.0%
	MUNICIPAL BONDSµ
		Total Municipal Bonds (Cost $9,996,738)							11,048,461		0.1%
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONSµ
		TotalNon-Agency Commercial Mortgage Backed Obligations (Cost $920,014,224)							927,903,562		7.3%
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS
		Citigroup Mortgage Loan Trust,
	44,324,273	Series2019-A-PT1		3.92%	^		10/25/2058		44,514,398		0.4%
		CSMC Trust,
	43,843,278	Series2018-RPL8-A1		4.13%	#^		07/25/2058		44,331,061		0.4%
		Legacy Mortgage Asset Trust,
	36,322,145	Series2018-GS2-A1		4.00%	^§		04/25/2058		36,788,137		0.3%
		Legacy Mortgage Asset Trust,
	47,813,908	Series2018-SL1-A		4.00%	#^		02/25/2058		48,289,288		0.4%
		Legacy Mortgage Asset Trust,
	39,576,085	Series2019-RPL3-PT1		4.00%	^§		04/25/2058		40,441,931		0.3%
	OtherNon-Agency Residential Collateralized Mortgage Obligationsµ								925,563,842		7.2%
		TotalNon-Agency Residential Collateralized Mortgage Obligations (Cost $1,117,707,538)							1,139,928,657		9.0%
	US CORPORATE BONDSµ
		Total US Corporate Bonds (Cost $1,529,571,447)							1,610,166,786		12.7%
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS
		Federal Home Loan Mortgage Corporation,
	61,624,166	Pool G61645		4.00%			10/01/2048		64,121,279		0.5%
		Federal Home Loan Mortgage Corporation,
	43,526,209	Pool Q51461		3.50%			10/01/2047		45,000,212		0.4%
		Federal Home Loan Mortgage Corporation,
	54,721,509	Pool SD0035		3.00%			04/01/2047		56,004,963		0.4%
		Federal Home Loan Mortgage Corporation,
	35,084,510	Pool ZT1827		3.00%			07/01/2047		35,954,640		0.3%
		Federal Home Loan Mortgage Corporation,
	57,760,990	Series358-300		3.00%			10/15/2047		59,338,964		0.5%
		Federal Home Loan Mortgage Corporation,
	48,494,540	Series4542-AC		2.70%			01/15/2045		49,190,776		0.4%
		Federal Home Loan Mortgage Corporation,
	85,741,053	Series4750-PA		3.00%			07/15/2046		87,106,419		0.7%

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 27

Schedule of Investments - Summary  DoubleLine Core Fixed Income Fund  (Cont.) (Unaudited) September 30, 2019

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $		% OF NET ASSETS
		Federal Home Loan Mortgage Corporation,
	64,442,534	Series4752-PL		3.00%			09/15/2046		66,644,522		0.5%
		Federal Home Loan Mortgage Corporation,
	41,754,683	Pool G08701		3.00%			04/01/2046		42,812,943		0.3%
	295,441,632	Federal Home Loan Mortgage Corporation		2.92% – 9.23%	I/F I/O P/O>		12/15/2030 – 01/15/2054		305,429,021		2.4%
	67,256,421	Federal Home Loan Mortgage Corporation		3.00% – 5.50%			07/01/2035 – 04/01/2047		69,936,911		0.5%
	51,850,586	Federal National Mortgage Association,		3.00%			08/01/2046		52,348,705		0.4%
		Pool AS7661
		Pool MA2711
	110,429,000	Federal National Mortgage Association,		2.14%			10/25/2029		109,898,940		0.9%
		Pool JM2334
		Pool JM2336
		Pool JM2337
		Pool JM2338
	87,942,681	Federal National Mortgage Association,		3.00%			06/25/2048		90,307,036		0.7%
		Series2018-36-A
		Series2018-39-AB
		Federal National Mortgage Association,
	87,484,466	Series2018-21-PO		0.00%	P/O		04/25/2048		80,259,754		0.6%
	35,699,854	Federal National Mortgage Association,		3.00%	>		11/25/2044		36,297,467		0.3%
		Series2014-70-VZ
		Series2014-73-CZ
	57,208,065	Federal National Mortgage Association,		3.00%			12/25/2047		57,974,550		0.5%
		Series2018-27-JA
	158,406,564	Federal National Mortgage Association,		0.00%	P/O		05/25/2048		139,786,712		1.1%
		Series2018-35-PO
	179,257,730	Federal National Mortgage Association		2.48% – 20.48%	I/F I/O>		4/25/2026 – 4/25/2050		133,525,528		1.1%
	306,805,822	Federal National Mortgage Association		2.50% – 5.00%			12/01/2029 – 04/01/2047		314,389,899		2.5%
	53,418,000	Federal National Mortgage Association		2.28% – 2.46%			10/01/2029 – 10/25/2031		53,752,468		0.4%
	Other US Government and Agency Mortgage Backed Obligationsµ								96,079,785		0.8%
		Total US Government and Agency Mortgage Backed Obligations (Cost $1,961,783,336)							2,046,161,494		16.2%
	US GOVERNMENT AND AGENCY OBLIGATIONS
	117,162,206	United States Treasury Inflation Indexed Bonds		1.00%			02/15/2046		130,868,982		1.0%
	59,747,268	United States Treasury Inflation Indexed Bonds		0.88%			01/15/2029		63,546,143		0.5%
	197,750,000	United States Treasury Notes		1.75%			11/30/2021		198,225,063		1.6%
	169,900,000	United States Treasury Notes		2.88%			10/15/2021		174,074,496		1.4%
	142,100,000	United States Treasury Notes		2.25%			08/15/2027		148,588,863		1.2%
	143,550,000	United States Treasury Notes		2.63%			02/28/2023		148,540,605		1.2%
	139,250,000	United States Treasury Notes		2.25%			10/31/2024		143,859,937		1.1%
	122,000,000	United States Treasury Notes		2.25%			11/15/2027		127,652,031		1.0%
	122,300,000	United States Treasury Notes		2.13%			09/30/2024		125,560,538		1.0%
	118,400,000	United States Treasury Notes		2.50%			03/31/2023		122,155,500		1.0%
	116,100,000	United States Treasury Notes		2.75%			04/30/2023		120,834,703		1.0%
	96,700,000	United States Treasury Notes		2.38%			05/15/2027		101,910,846		0.8%
	95,700,000	United States Treasury Notes		1.63%			05/31/2023		95,913,082		0.8%
	83,200,000	United States Treasury Notes		2.75%			11/15/2047		94,331,250		0.7%
	86,150,000	United States Treasury Notes		3.00%			09/30/2025		92,999,935		0.7%
	77,750,000	United States Treasury Notes		3.13%			02/15/2043		92,817,099		0.7%
	61,200,000	United States Treasury Notes		3.75%			11/15/2043		80,576,015		0.6%
	62,250,000	United States Treasury Notes		3.63%			08/15/2043		80,359,644		0.6%
	73,300,000	United States Treasury Notes		2.75%			08/15/2021		74,745,957		0.6%
	63,900,000	United States Treasury Notes		2.75%			02/28/2025		67,766,449		0.5%
	65,400,000	United States Treasury Notes		2.50%			01/15/2022		66,676,066		0.5%
	49,500,000	United States Treasury Notes		1.88%			08/31/2024		50,243,467		0.4%
	36,000,000	United States Treasury Notes		2.63% – 2.75%			01/31/20206 – 11/15/2042		39,034,735		0.4%
		Total US Government and Agency Obligations (Cost $2,316,038,382)							2,441,281,406		19.3%
	AFFILIATED MUTUAL FUNDS
	84,724,040	DoubleLine Global Bond Fund (Class I)							874,352,093		6.9%
	45,674,545	DoubleLine Infrastructure Income Fund (Class I)							476,385,502		3.8%
	5,000,000	DoubleLine Long Duration Total Return Bond Fund (Class I)							54,700,000		0.4%
		Total Affiliated Mutual Funds (Cost $1,378,400,000)							1,405,437,595		11.1%

28 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2019

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $			% OF NET ASSETS
	EXCHANGE TRADED FUNDS AND COMMON STOCKSµ
		Total Exchange Traded Funds and Common Stocks (Cost $11,867,203)							1,310,765			0.0%
	WARRANTSµ
		Total Warrants (Cost $—)							—			0.0%
	SHORT TERM INVESTMENTS
	134,370,719	First American Government Obligations Fund - Class U		1.88%	¨				134,370,719			1.1%
	134,370,719	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		1.83%	¨				134,370,719			1.1%
	134,370,719	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		1.83%	¨				134,370,719			1.1%
	6,650,000	United States Treasury Bills		0.00%			11/07/2019		6,638,290			0.0%
	169,000,000	United States Treasury Bills		0.00%			09/10/2020		166,234,561			1.3%
		Total Short Term Investments (Cost $575,905,061)							575,985,008			4.6%
		Total Investments (Cost $12,482,581,439)							12,855,488,558			101.7%
		Liabilities in Excess of Other Assets							(216,050,542	)		(1.7)%
		NET ASSETS						$	12,639,438,016			100.0%

SECURITY TYPE BREAKDOWNas a % of Net Assets:
US Government and Agency Obligations	19.3%
US Government and Agency Mortgage Backed Obligations	16.2%
Foreign Corporate Bonds	12.8%
US Corporate Bonds	12.7%
Affiliated Mutual Funds	11.1%
Non-Agency Residential Collateralized Mortgage Obligations	9.0%
Non-Agency Commercial Mortgage Backed Obligations	7.3%
Short Term Investments	4.6%
Collateralized Loan Obligations	2.8%
Bank Loans	2.5%
Asset Backed Obligations	2.3%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	1.0%
Municipal Bonds	0.1%
Exchange Traded Funds and Common Stocks	0.0%	~
Warrants	0.0%	~
Other Assets and Liabilities	(1.7)%
	100.0%

INVESTMENT BREAKDOWNas a % of Net Assets:
US Government and Agency Obligations	19.3%
US Government and Agency Mortgage Backed Obligations	16.2%
Affiliated Mutual Funds	11.1%
Non-Agency Residential Collateralized Mortgage Obligations	9.0%
Non-Agency Commercial Mortgage Backed Obligations	7.3%
Banking	5.3%
Short Term Investments	4.6%
Energy	2.9%
Collateralized Loan Obligations	2.8%
Utilities	2.4%
Asset Backed Obligations	2.3%
Telecommunications	2.1%
Finance	1.3%
Healthcare	1.2%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	1.1%

INVESTMENT BREAKDOWNas a % of Net Assets: (Cont.)
Media	1.0%
Transportation	0.9%
Insurance	0.8%
Consumer Products	0.7%
Real Estate	0.7%
Technology	0.7%
Chemicals/Plastics	0.7%
Mining	0.6%
Pharmaceuticals	0.6%
Food Products	0.5%
Automotive	0.5%
Aerospace & Defense	0.4%
Beverage and Tobacco	0.4%
Hotels/Motels/Inns and Casinos	0.4%
Retailers (other than Food/Drug)	0.4%
Electronics/Electric	0.4%
Pulp & Paper	0.3%
Leisure	0.3%
Construction	0.3%
Building and Development (including Steel/Metals)	0.3%
Food Service	0.2%
Business Equipment and Services	0.2%
Containers and Glass Products	0.2%
Environmental Control	0.2%
Commercial Services	0.2%
Diversified Manufacturing	0.2%
Food/Drug Retailers	0.2%
Municipal Bonds	0.1%
Conglomerates	0.1%
Financial Intermediaries	0.1%
Industrial Equipment	0.1%
Chemical Products	0.1%
Cosmetics/Toiletries	0.0%	~
Other Assets and Liabilities	(1.7)%
	100.0%

µ Represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate, respectively as of September 30, 2019.

^ 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.

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 29

Schedule of Investments - Summary  DoubleLine Core Fixed Income Fund  (Cont.) (Unaudited) September 30, 2019

# Includes variable rate securities. 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 September 30, 2019.

§ The interest rate will step up if the issuer does not redeem the bond on or before a scheduled redemption date in accordance with the terms of the instrument. The interest rate shown is the rate in effect as of September 30, 2019.

I/F Includes 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.

I/O Includes interest only securities

P/O Includes principal only securities

> Includes U.S. Agency bonds that accrue 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 September 30, 2019.

¨ Seven-day yield as of September 30, 2019.

~ Represents less than 0.05% of net assets.

A summary of the DoubleLine Core Fixed Income Fund’s investments in affiliated mutual funds for the period ended September 30, 2019 is as follows:

Fund	Value at March 31, 2019			Gross Purchases			Gross Sales			Shares Held at September 30, 2019		Value at September 30, 2019			Change in Unrealized for the Period Ended September 30, 2019			Dividend Income Earned in the Period Ended September 30, 2019			Net Realized Gain (Loss) in the Period Ended September 30, 2019
DoubleLine Global Bond Fund (Class I)		$	779,217,300		$	93,000,000		$	—		84,724,040		$	874,352,093		$	2,134,793		$	7,772,574		$	—
DoubleLine Infrastructure Income Fund (Class I)			461,769,648			—			—		45,674,545			476,385,502			14,615,854			6,679,524			—
DoubleLine Long Duration Total Return Bond Fund (Class I)			49,400,000			—			—		5,000,000			54,700,000			5,300,000			696,399			—
		$	1,290,386,948		$	93,000,000		$	—		135,398,585		$	1,405,437,595		$	22,050,647		$	15,148,497		$	—

30 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

Schedule of Investments  DoubleLine Emerging Markets Fixed Income Fund (Unaudited) September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN CORPORATE BONDS 92.2%
	ARGENTINA 3.3%
	2,350,000	Banco Macro S.A. (5 Year Swap Rate USD + 5.46%)		6.75%	^		11/04/2026		1,627,375
	9,650,000	Banco Macro S.A. (5 Year Swap Rate USD + 5.46%)		6.75%			11/04/2026		6,682,625
	14,245,000	Pampa Energia S.A.		7.50%			01/24/2027		10,861,813
	1,000,000	Pampa Energia S.A.		9.13%	^		04/15/2029		795,610
	9,918,530	Stoneway Capital Corporation		10.00%			03/01/2027		5,975,914
	700,000	Telecom Argentina SA		8.00%	^		07/18/2026		614,250
	10,800,000	YPF S.A.		8.50%			07/28/2025		8,532,108
	4,400,000	YPF S.A.		6.95%			07/21/2027		3,371,280
									38,460,975
	BRAZIL 14.5%
	18,400,000	Banco BTG Pactual S.A. (5 Year CMT Rate + 5.26%)		7.75%	^		02/15/2029		19,228,000
	18,700,000	Banco do Brasil S.A. (10 Year CMT Rate + 4.40%)		6.25%	†		04/15/2024		18,466,250
	3,000,000	Braskem Finance Ltd.		5.75%			04/15/2021		3,120,030
	4,700,000	CIMPOR Financial Operations B.V.		5.75%			07/17/2024		3,536,750
	7,631,000	Cosan Overseas Ltd.		8.25%	†		11/05/2019		7,917,239
	5,100,000	CSN Islands Corporation		7.00%	†		12/23/2019		4,465,739
	4,900,000	CSN Resources S.A.		7.63%			02/13/2023		5,126,625
	7,100,000	CSN Resources S.A.		7.63%	^		04/17/2026		7,384,816
	600,000	CSN Resources S.A.		7.63%			04/17/2026		624,069
	1,800,000	Globo Comunicacao e Participacoes S.A.		4.88%			04/11/2022		1,868,643
	1,929,352	Invepar Holdings		0.00%	WÞ		12/30/2028		82,503
	3,800,000	Itau Unibanco Holding S.A.		6.20%			12/21/2021		4,037,538
	8,000,000	Itau Unibanco Holding S.A. (5 Year CMT Rate + 3.86%)		6.50%	†		03/19/2023		8,257,600
	3,555,000	Itau Unibanco Holding S.A. (5 Year CMT Rate + 3.98%)		6.13%	†		12/12/2022		3,594,105
	1,528,000	JBS Investments GMBH		6.25%			02/05/2023		1,558,575
	8,300,000	JBS Investments GMBH		7.00%	^		01/15/2026		8,976,367
	6,300,000	JBS Investments GMBH		5.75%	^		01/15/2028		6,575,625
	15,200,000	JSL Europe S.A.		7.75%			07/26/2024		16,378,456
	3,500,000	MARB BondCo PLC		7.00%	^		03/15/2024		3,657,535
	500,000	MARB BondCo PLC		7.00%			03/15/2024		522,505
	10,880,000	MARB BondCo PLC		6.88%			01/19/2025		11,402,240
	9,000,000	Minerva Luxembourg S.A.		6.50%			09/20/2026		9,395,550
	6,907,000	Minerva Luxembourg S.A.		5.88%			01/19/2028		6,942,916
	3,000,000	NBM US Holdings, Inc.		7.00%	^		05/14/2026		3,155,625
	5,000,000	Petrobras Global Finance B.V.		5.75%			02/01/2029		5,526,900
	3,450,000	Petrobras Global Finance B.V.		7.25%			03/17/2044		4,138,275
	3,750,000	Petrobras Global Finance B.V.		6.90%			03/19/2049		4,308,750
									170,249,226
	CHILE 10.7%
	500,000	AES Gener S.A.		5.00%			07/14/2025		523,812
	9,000,000	AES Gener S.A. (5 Year Swap Rate USD + 4.64%)		7.13%	^		03/26/2079		9,461,250

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	6,800,000	AES Gener S.A. (5 Year Swap Rate USD + 4.64%)		7.13%			03/26/2079		7,148,500
	2,000,000	Banco de Credito e Inversiones		4.00%			02/11/2023		2,097,797
	1,500,000	Celulosa Arauco y Constitucion S.A.		4.75%			01/11/2022		1,561,875
	5,700,000	Celulosa Arauco y Constitucion S.A.		5.50%	^		04/30/2049		6,334,125
	6,500,000	ECL S.A.		5.63%			01/15/2021		6,774,961
	8,000,000	Embotelladora Andina S.A.		5.00%			10/01/2023		8,616,073
	2,260,700	Empresa Electrica Angamos S.A.		4.88%			05/25/2029		2,370,557
	8,240,000	Empresa Electrica Guacolda S.A.		4.56%			04/30/2025		7,457,510
	8,392,000	ENTEL Chile S.A.		4.75%			08/01/2026		8,874,408
	13,000,000	Geopark Ltd.		6.50%			09/21/2024		13,422,500
	5,138,476	Guanay Finance Ltd.		6.00%			12/15/2020		5,215,553
	4,500,000	Inversiones CMPC S.A.		4.50%			04/25/2022		4,685,670
	3,475,000	Latam Finance Ltd.		6.88%			04/11/2024		3,660,044
	7,200,000	Latam Finance Ltd.		7.00%	^		03/01/2026		7,690,824
	4,000,000	SACI Falabella		3.75%			04/30/2023		4,119,816
	900,000	Sociedad Quimica y Minera S.A.		4.38%			01/28/2025		955,125
	4,500,000	SUAM Finance B.V.		4.88%			04/17/2024		4,854,375
	2,500,000	Telefonica Chile S.A.		3.88%			10/12/2022		2,589,000
	900,000	Transelec S.A.		4.63%			07/26/2023		960,759
	2,084,000	VTR Finance B.V.		6.88%	^		01/15/2024		2,151,730
	13,768,000	VTR Finance B.V.		6.88%			01/15/2024		14,215,460
									125,741,724
	CHINA 2.2%
	5,000,000	CNOOC Finance Ltd.		3.50%			05/05/2025		5,220,345
	4,000,000	Sinopec Group Overseas Development Ltd.		2.75%			09/29/2026		4,000,913
	250,000	Syngenta Finance N.V.		4.38%			03/28/2042		229,783
	700,000	Syngenta Finance N.V.		5.68%	^		04/24/2048		724,816
	15,500,000	Syngenta Finance N.V.		5.68%			04/24/2048		16,049,496
									26,225,353
	COLOMBIA 7.8%
	3,150,000	AI Candelaria Spain SLU		7.50%	^		12/15/2028		3,587,094
	5,700,000	AI Candelaria Spain SLU		7.50%			12/15/2028		6,490,932
	5,400,000	Bancolombia S.A.		5.13%			09/11/2022		5,690,304
	4,000,000	Bancolombia S.A. (5 Year CMT Rate + 2.93%)		4.88%			10/18/2027		4,125,000
	1,000,000	BBVA Colombia S.A.		4.88%			04/21/2025		1,073,750
	1,545,000	Canacol Energy Ltd.		7.25%	^		05/03/2025		1,640,404
	12,000,000	Canacol Energy Ltd.		7.25%			05/03/2025		12,741,000
	2,200,000	Colombia Telecomunicaciones S.A. (5 Year Swap Rate USD + 6.96%)		8.50%	†		03/30/2020		2,263,250
	9,800,000	Empresas Publicas de Medellin ESP		4.25%	^		07/18/2029		10,328,220
	2,000,000	Fideicomiso Pacifico Tres		8.25%			01/15/2035		2,280,000
	1,500,000	Gilex Holding Sarl		8.50%	^		05/02/2023		1,614,390
	4,568,000	Gilex Holding Sarl		8.50%			05/02/2023		4,916,355
	400,000	Gran Tierra Energy International Holdings Ltd.		6.25%	^		02/15/2025		360,000
	11,300,000	Gran Tierra Energy International Holdings Ltd.		6.25%			02/15/2025		10,170,000

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 31

Schedule of Investments  DoubleLine Emerging Markets Fixed Income Fund  (Cont.) (Unaudited) September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	2,100,000	Gran Tierra Energy, Inc.		7.75%	^		05/23/2027		1,979,250
	200,000	Grupo Aval Ltd.		4.75%			09/26/2022		207,200
	4,000,000	Millicom International Cellular S.A.		6.00%			03/15/2025		4,160,000
	6,700,000	Millicom International Cellular S.A.		5.13%			01/15/2028		7,010,545
	6,500,000	Millicom International Cellular S.A.		6.25%	^		03/25/2029		7,114,900
	2,500,000	Oleoducto Central S.A.		4.00%			05/07/2021		2,556,275
	1,100,000	Tecnoglass, Inc.		8.20%			01/31/2022		1,190,750
									91,499,619
	COSTA RICA 0.1%
	606,000	Banco Nacional de Costa Rica		5.88%			04/25/2021		617,671
									617,671
	DOMINICAN REPUBLIC 1.5%
	7,500,000	AES Andres B.V.		7.95%	^		05/11/2026		8,015,625
	4,000,000	AES Dominicana		7.95%			05/11/2026		4,275,000
	1,800,000	Banco de Reservas de la Republica Dominicana		7.00%	^		02/01/2023		1,892,268
	4,000,000	Banco de Reservas de la Republica Dominicana		7.00%			02/01/2023		4,205,040
									18,387,933
	GUATEMALA 1.0%
	2,500,000	Bantrab Senior Trust		9.00%			11/14/2020		2,581,900
	4,783,000	Comcel Trust		6.88%			02/06/2024		4,938,447
	3,323,000	Energuate Trust		5.88%			05/03/2027		3,339,615
	1,000,000	Industrial Senior Trust		5.50%			11/01/2022		1,048,750
									11,908,712
	HONG KONG 1.8%
	5,000,000	CK Hutchison International Ltd.		3.50%	^		04/05/2027		5,254,237
	15,950,000	Radiant Access Ltd.		4.60%	†		05/18/2020		15,650,937
									20,905,174
	INDIA 13.3%
	4,432,000	Adani Ports & Special Economic Zone Ltd.		3.95%			01/19/2022		4,538,646
	17,964,000	Bharti Airtel Ltd.		5.13%			03/11/2023		18,929,049
	10,000,000	Bharti Airtel Ltd.		4.38%			06/10/2025		10,359,160
	19,195,000	BPRL International Singapore Pte Ltd.		4.38%			01/18/2027		20,552,876
	21,825,000	Indian Oil Corporation Ltd.		5.75%			08/01/2023		24,059,053
	25,000,000	ONGC Videsh Ltd.		3.75%			07/27/2026		25,986,726
	16,730,000	Reliance Holdings, Inc.		5.40%			02/14/2022		17,790,347
	500,000	Reliance Industries Ltd.		8.25%			01/15/2027		661,089
	9,500,000	UPL Corporation Ltd.		3.25%			10/13/2021		9,545,374
	3,000,000	UPL Corporation Ltd.		4.50%			03/08/2028		3,114,786
	4,800,000	Vedanta Resources Finance PLC		9.25%	^		04/23/2026		4,789,200
	4,300,000	Vedanta Resources PLC		7.13%			05/31/2023		4,253,775
	13,100,000	Vedanta Resources PLC		6.13%			08/09/2024		12,102,900
									156,682,981

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	INDONESIA 4.9%
	13,550,000	Freeport-McMoRan Copper & Gold, Inc.		5.40%			11/14/2034		12,940,250
	8,800,000	Freeport-McMoRan Copper & Gold, Inc.		5.45%			03/15/2043		7,967,344
	8,893,800	LLPL Capital Pte Ltd.		6.88%	^		02/04/2039		10,359,943
	7,000,000	Minejesa Capital B.V.		4.63%			08/10/2030		7,221,375
	6,200,000	Minejesa Capital B.V.		5.63%			08/10/2037		6,718,802
	191,600	Star Energy Geothermal Wayang Windu Ltd.		6.75%	^		04/24/2033		200,265
	11,544,858	Star Energy Geothermal Wayang Windu Ltd.		6.75%			04/24/2033		12,066,970
									57,474,949
	ISRAEL 0.4%
	1,300,000	Delek & Avner Tamar Bond Ltd.		5.08%	^		12/30/2023		1,337,811
	2,320,000	Delek & Avner Tamar Bond Ltd.		5.41%	^		12/30/2025		2,403,589
	1,000,000	Israel Electric Corporation Ltd.		5.00%	^		11/12/2024		1,103,000
									4,844,400
	JAMAICA 0.2%
	19,583,417	Digicel Group Two Ltd. (7.13% Cash + 2.00% PIK)		9.13%	^		04/01/2024		2,056,259
									2,056,259
	MALAYSIA 2.4%
	17,000,000	Gohl Capital Ltd.		4.25%			01/24/2027		17,810,248
	8,000,000	Malayan Banking BHD (5 Year Swap Rate USD + 2.54%)		3.91%			10/29/2026		8,142,320
	2,000,000	Petronas Capital Ltd.		3.50%			03/18/2025		2,107,387
									28,059,955
	MEXICO 12.8%
	8,100,000	Banco Mercantil de Norte (10 Year CMT Rate + 5.47%)		7.50%	^†		06/27/2029		8,231,625
	16,472,000	Banco Mercantil del Norte S.A. (10 Year CMT Rate + 5.35%)		7.63%	†		01/10/2028		16,863,375
	1,000,000	Banco Mercantil del Norte S.A. (5 Year CMT Rate + 4.45%)		5.75%			10/04/2031		1,003,760
	3,000,000	Banco Mercantil del Norte S.A. (5 Year CMT Rate + 5.04%)		6.88%	†		07/06/2022		3,022,500
	8,600,000	Banco Nacional de Comercio Exterior S.N.C. (5 Year CMT Rate + 3.00%) (5 Year CMT Rate + 3.00%)		3.80%			08/11/2026		8,718,336
	5,000,000	Banco Santander (5 Year CMT Rate + 3.00%)		5.95%	^		10/01/2028		5,373,750
	17,500,000	BBVA Bancomer S.A. (5 Year CMT Rate + 2.65%)		5.13%			01/18/2033		16,734,375
	3,061,000	BBVA Bancomer S.A. (5 Year CMT Rate + 3.00%)		5.35%			11/12/2029		3,053,378
	2,400,000	BBVA Bancomer S.A. (5 Year CMT Rate + 4.31%)		5.88%	^		09/13/2034		2,391,000
	19,500,000	Cometa Energia S.A. de C.V.		6.38%			04/24/2035		20,816,250

32 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	4,800,000	Controladora Mabe S.A. de C.V.		5.60%			10/23/2028		5,184,048
	9,000,000	Credito Real S.A.B. de C.V.		9.50%	^		02/07/2026		10,395,000
	5,983,000	Credito Real S.A.B. de C.V. (5 Year CMT Rate + 7.03%)		9.13%	†		11/29/2022		6,162,550
	5,500,000	Docuformas SAPI de C.V.		10.25%	^		07/24/2024		5,441,975
	200,000	El Puerto de Liverpool S.A.B. de C.V.		3.88%			10/06/2026		203,752
	4,000,000	Fresnillo PLC		5.50%			11/13/2023		4,370,040
	4,900,000	Grupo Bimbo S.A.B. de C.V. (5 Year CMT Rate + 3.28%)		5.95%	†		04/17/2023		5,179,300
	1,000,000	Grupo Idesa S.A. de C.V.		7.88%	^		12/18/2020		735,000
	7,104,000	Grupo Idesa S.A. de C.V.		7.88%			12/18/2020		5,221,440
	5,043,060	Mexico Generadora de Energia		5.50%			12/06/2032		5,446,555
	1,000,000	Unifin Financiera S.A.B. de C.V.		7.38%			02/12/2026		982,510
	17,533,000	Unifin Financiera S.A.B. de C.V. (5 Year CMT Rate + 6.31%)		8.88%	†		01/29/2025		15,648,378
									151,178,897
	PANAMA 6.5%
	200,000	Aeropuerto Internacional de Tocumen S.A.		5.63%			05/18/2036		235,002
	4,000,000	Banistmo S.A.		3.65%	^		09/19/2022		4,035,040
	2,000,000	C&W Senior Financing DAC		7.50%	^		10/15/2026		2,115,000
	800,000	C&W Senior Financing DAC		7.50%			10/15/2026		846,000
	1,000,000	C&W Senior Financing DAC		6.88%	^		09/15/2027		1,040,000
	15,743,000	C&W Senior Financing DAC		6.88%			09/15/2027		16,372,720
	6,000,000	Empresa de Transmision Electrica S.A.		5.13%	^		05/02/2049		6,926,250
	7,353,678	ENA Norte Trust		4.95%			04/25/2023		7,611,131
	1,500,000	Global Bank Corporation		4.50%	^		10/20/2021		1,547,820
	2,500,000	Global Bank Corporation		4.50%			10/20/2021		2,579,700
	11,000,000	Global Bank Corporation (3 Month LIBOR USD + 3.30%)		5.25%	^		04/16/2029		11,682,000
	11,104,119	Panama Metro Line SP		0.00%	^		12/05/2022		10,662,731
	11,104,119	Panama Metro Line SP		0.00%			12/05/2022		10,662,730
									76,316,124
	PARAGUAY 0.2%
	2,500,000	Telefonica Celular del Paragu		5.88%	^		04/15/2027		2,681,875
									2,681,875
	PERU 1.8%
	3,900,000	AJE Corporation B.V.		6.50%			05/14/2022		3,719,625

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	2,100,000	Banco International del Peru S.A.A. (3 Month LIBOR USD + 6.74%)		8.50%			04/23/2070		2,168,271
	200,000	Inkia Energy Ltd.		5.88%	^		11/09/2027		208,252
	7,500,000	Inkia Energy Ltd.		5.88%			11/09/2027		7,809,450
	2,000,000	Orazul Energy Egenor S en C por A		5.63%			04/28/2027		2,071,250
	5,000,000	Transportadora de Gas del Peru S.A.		4.25%			04/30/2028		5,321,925
									21,298,773
	PHILIPPINES 1.2%
	1,000,000	BDO Unibank, Inc.		2.63%			10/24/2021		1,004,269
	13,500,000	BDO Unibank, Inc.		2.95%			03/06/2023		13,694,675
									14,698,944
	SINGAPORE 4.9%
	1,100,000	DBS Group Holdings Ltd. (3 Month LIBOR USD + 0.62%)		2.90%			07/25/2022		1,105,121
	15,619,000	DBS Group Holdings Ltd. (5 Year Swap Rate USD + 2.39%)		3.60%	†		09/07/2021		15,697,095
	1,500,000	Oversea-Chinese Banking Ltd. (3 Month LIBOR USD + 0.45%)		2.57%			05/17/2021		1,501,810
	19,000,000	Temasek Financial Ltd.		2.38%			01/23/2023		19,281,368
	6,500,000	United Overseas Bank Ltd. (5 Year Swap Rate USD + 1.79%)		3.88%	†		10/19/2023		6,555,366
	13,000,000	United Overseas Bank Ltd. (5 Year Swap Rate USD + 2.24%)		3.50%			09/16/2026		13,160,940
									57,301,700
	THAILAND 0.7%
	3,100,000	Export Import Bank of Thailand (3 Month LIBOR USD + 0.85%)		3.00%			05/23/2024		3,110,809
	400,000	Export Import Bank of Thailand (3 Month LIBOR USD + 0.90%)		3.04%			11/20/2023		401,912
	5,050,000	PTTEP Treasury Center Company Ltd. (5 Year CMT Rate + 2.72%)		4.60%	†		07/17/2022		5,174,725
									8,687,446
		Total Foreign Corporate Bonds (Cost $1,079,631,361)							1,085,278,690

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 33

Schedule of Investments  DoubleLine Emerging Markets Fixed Income Fund  (Cont.) (Unaudited) September 30, 2019

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS 5.9%
	COSTA RICA 1.4%
	15,808,000	Costa Rica Government International Bond		10.00%			08/01/2020		16,657,838
									16,657,838
	DOMINICAN REPUBLIC 0.4%
	4,000,000	Dominican Republic International Bond		6.40%	^		06/05/2049		4,270,040
									4,270,040
	INDONESIA 3.4%
	3,200,000	Perusahaan Penerbit		3.40%			03/29/2022		3,270,880
	7,900,000	Perusahaan Penerbit		4.15%			03/29/2027		8,468,800
	13,708,000	Perusahaan Penerbit		3.75%			03/01/2023		14,220,474
	13,500,000	Perusahaan Penerbit		4.15%	^		03/29/2027		14,472,000
									40,432,154
	PHILIPPINES 0.7%
	7,000,000	Philippine Government International Bond		4.20%			01/21/2024		7,601,628
									7,601,628
		Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $66,871,135)							68,961,660
	EXCHANGE TRADED FUNDS AND COMMON STOCKS 0.2%
	228,497	Frontera Energy Corporation							2,207,286
		Total Exchange Traded Funds and Common Stocks (Cost $20,010,063)							2,207,286
	WARRANTS 0.0%
	1,609,815	OAS S.A., Expiration 5/16/2039, Strike Price BRL 1.00*Þ							—
		Total Warrants (Cost $–)							—
	SHORT TERM INVESTMENTS 0.7%
	2,952,461	First American Government Obligations Fund - Class U		1.88%	¨				2,952,461
	2,952,462	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		1.83%	¨				2,952,462

SHARES		SECURITY DESCRIPTION	RATE			MATURITY	VALUE $
	2,952,462	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		1.83%	¨			2,952,462
		Total Short Term Investments (Cost $8,857,385)						8,857,385
		Total Investments 99.0% (Cost $1,175,369,944)						1,165,305,021
		Other Assets in Excess of Liabilities 1.0%						12,302,091
		NET ASSETS 100.0%					$	1,177,607,112

INVESTMENT BREAKDOWNas a % of Net Assets:
Banking	20.1%
Energy	15.1%
Utilities	13.5%
Telecommunications	9.2%
Transportation	7.4%
Finance	5.9%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	5.9%
Consumer Products	5.5%
Mining	3.9%
Chemicals/Plastics	2.6%
Building and Development (including Steel/Metals)	2.3%
Hotels/Motels/Inns and Casinos	1.5%
Real Estate	1.3%
Pulp & Paper	1.1%
Containers and Glass Products	1.1%
Chemical Products	0.8%
Short Term Investments	0.7%
Conglomerates	0.5%
Retailers (other than Food/Drug)	0.4%
Media	0.2%
Construction	0.0%	~
Other Assets and Liabilities	1.0%
	100.0%

COUNTRY BREAKDOWNas a % of Net Assets:
Brazil	14.5%
India	13.3%
Mexico	12.8%
Chile	10.7%
Indonesia	8.3%
Colombia	8.0%
Panama	6.5%
Singapore	4.9%
Argentina	3.3%
Malaysia	2.4%
China	2.2%
Dominican Republic	1.9%
Philippines	1.9%
Peru	1.8%
Hong Kong	1.8%
Costa Rica	1.5%
Guatemala	1.0%
United States	0.7%
Thailand	0.7%
Israel	0.4%
Paraguay	0.2%
Jamaica	0.2%
Other Assets and Liabilities	1.0%
	100.0%

34 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2019

^ 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.

W Security is in default or has failed to make a scheduled payment. Income is not being accrued.

† Perpetual Maturity

Þ Value determined using significant unobservable inputs.

¨ Seven-day yield as of September 30, 2019

BRL Brazilian Real

* Non-income producing security

~ Represents less than 0.05% of net assets

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 35

Schedule of Investments  DoubleLine Multi-Asset Growth Fund (Consolidated) (Unaudited) September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 0.0%
		Citi Held For Asset Issuance,
	11,222	Series 2015-PM1-C		5.01%	^		12/15/2021		11,229
		Total Asset Backed Obligations (Cost $11,219)							11,229
	COLLATERALIZED LOAN OBLIGATIONS 0.1%
		Brookside Mill Ltd.,
	1,000,000	Series 2013-1A-SUB		6.81%	#^@Þ		01/17/2028		252,774
		Total Collateralized Loan Obligations (Cost $494,615)							252,774
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 6.3%
		Adjustable Rate Mortgage Trust,
	153,758	Series 2006-1-2A1		4.52%	#		03/25/2036		122,846
		Alternative Loan Trust,
	356,766	Series 2005-55CB-1A1		5.50%			11/25/2035		333,821
	273,152	Series 2005-J8-1A5		5.50%			07/25/2035		253,232
	398,253	Series 2006-OA7-1A2 (12 Month US Treasury Average + 0.94%, 0.94% Floor)		3.39%			06/25/2046		373,019
	344,009	Series 2007-HY4-4A1		3.97%	#		06/25/2037		328,583
		Banc of America Alternative Loan Trust,
	342,013	Series 2006-7-A4		6.00%	ß		10/25/2036		186,337
		BCAP LLC Trust,
	30,113	Series 2007-AA2-2A5		6.00%			04/25/2037		24,910
	2,558,670	Series 2009-RR4-1A2		6.50%	#^		06/26/2037		1,295,396
		Chase Mortgage Finance Trust
	217,150	Series 2006-S2-1A13, Series 2006-S2-1A13		6.25%			10/25/2036		162,051
		ChaseFlex Trust,
	177,808	Series 2007-M1-2F4		4.22%	ß		08/25/2037		170,505
		CIM Trust,
	910,000	Series 2017-3RR-B2		10.97%	#^Þ		01/27/2057		945,249
		Citicorp Mortgage Securities Trust,
	613	Series 2007-2-3A1		5.50%			02/25/2037		601
		Citigroup Mortgage Loan Trust, Inc.,
	57,061	Series 2009-7-2A2		5.50%	^		10/25/2021		56,510
		CitiMortgage Alternative Loan Trust,
	170,510	Series 2007-A6-1A11		6.00%			06/25/2037		168,764
		Countrywide Alternative Loan Trust,
	280,392	Series 2005-48T1-A2		5.50%			11/25/2035		250,735
	535,276	Series 2006-15CB-A1		6.50%			06/25/2036		404,396
	72,205	Series 2006-32CB-A16		5.50%			11/25/2036		60,096
	719,655	Series 2006-J1-2A1		7.00%			02/25/2036		195,327
	14,099	Series 2007-17CB-1A10 (-5 x 1 Month LIBOR USD + 29.90%, 29.90% Cap)		20.62%	I/F		08/25/2037		25,237
	9,943	Series 2007-21CB-2A2(-4 x 1 Month LIBOR USD + 28.40%, 28.40% Cap)		20.33%	I/F		09/25/2037		15,464
		Countrywide Home Loans,
	156,264	Series 2007-10-A5		6.00%			07/25/2037		129,938
	8,502	Series 2007-4-1A5		6.50%			05/25/2037		6,798
		Credit Suisse First Boston Mortgage Securities Corporation,
	85,977	Series 2005-8-1A3		5.25%			09/25/2035		79,315
		Credit Suisse Mortgage Capital Certificates,
	32,799	Series 2006-9-4A1		6.00%			11/25/2036		21,471

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Deutsche Mortgage Securities, Inc.,
	59,150	Series 2006-PR1-3A1(-1 x 1 Month LIBOR USD + 12.12%, 12.12% Cap)		9.29%	^ I/F		04/15/2036		57,769
	242,462	Series 2006-PR1-5AI4(-1 x 1 Month LIBOR USD + 12.12%, 12.12% Cap)		9.29%	^ I/F		04/15/2036		239,686
		First Horizon Alternative Mortgage Securities Trust,
	34,798	Series 2007-FA2-1A3		6.00%			04/25/2037		23,638
		GreenPoint Mortgage Funding Trust,
	1,082,886	Series 2005-AR3-2A1 (1 Month LIBOR USD + 0.26%, 0.26% Floor, 10.50% Cap)		2.28%			08/25/2045		764,210
		GSAA Home Equity Trust,
	1,000,000	Series 2006-15-AF3B		5.93%	#		09/25/2036		124,349
		GSR Mortgage Loan Trust,
	70,900	Series 2006-2F-2A20(-1 x 1 Month LIBOR USD + 11.10%, 5.00% Floor, 11.10% Cap)		9.00%	I/F		02/25/2036		75,192
		HarborView Mortgage Loan Trust,
	429,266	Series 2006-14-1A1A (1 Month LIBOR USD + 0.18%, 0.18% Floor)		2.24%			01/25/2047		413,552
	481,115	Series 2007-3-1A1A (1 Month LIBOR USD + 0.20%)		2.26%			05/19/2047		477,167
		JP Morgan Alternative Loan Trust,
	22,748	Series 2005-S1-2A11		6.00%			12/25/2035		21,566
	329,702	Series 2006-S1-1A3		5.50%			03/25/2036		269,166
		JP Morgan Mortgage Acquisition Trust,
	117,443	Series 2006-CH2-AF3		5.46%	ß		09/25/2029		94,538
		Lehman Mortgage Trust,
	61,462	Series 2006-4-1A3 (-1 x 1 Month LIBOR USD + 5.40%, 5.40% Cap)		3.38%	I/F I/O		08/25/2036		10,315
	3,841	Series 2006-4-1A4		6.00%			08/25/2036		3,720
	776,198	Series 2007-10-2A1		6.50%			01/25/2038		508,848
	35,472	Series 2007-5-11A1		5.10%	#		06/25/2037		27,397
	885,970	Series 2007-5-1A3		5.75%			06/25/2037		885,484
		Lehman XS Trust,
	134,333	Series 2005-1-3A3A		5.11%			07/25/2035		136,272
		MASTR Resecuritization Trust,
	202,455	Series 2008-4-A1		6.00%	#^		06/27/2036		187,404
		Morgan Stanley Mortgage Loan Trust,
	1,417,752	Series 2006-8AR-1A4 (1 Month LIBOR USD + 0.50%, 0.25% Floor)		2.52%			06/25/2036		679,566
	226,914	Series 2007-13-6A1		6.00%			10/25/2037		187,756
		Residential Accredit Loans, Inc.,
	144,486	Series 2006-QS10-A9		6.50%			08/25/2036		138,719
	2,696	Series 2006-QS13-1A8		6.00%			09/25/2036		2,471
	140,683	Series 2006-QS2-1A4		5.50%			02/25/2036		131,985
	28,217	Series 2006-QS7-A4 (1 Month LIBOR USD + 0.40%, 0.40% Floor, 6.00% Cap)		2.42%			06/25/2036		21,556
	84,651	Series 2006-QS7-A5(-1 x 1 Month LIBOR USD + 5.60%, 5.60% Cap)		3.58%	I/F I/O		06/25/2036		12,713
	53,372	Series 2006-QS8-A4 (1 Month LIBOR USD + 0.45%, 0.45% Floor)		2.47%			08/25/2036		42,175

36 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Residential Accredit Loans, Inc., (Cont.)
	160,117	Series 2006-QS8-A5(-1 x 1 Month LIBOR USD + 5.55%, 5.55% Cap)		3.53%	I/F I/O		08/25/2036		22,747
		Residential Asset Mortgage Products, Inc.,
	188,713	Series 2004-RS2-MII1 (1 Month LIBOR USD + 0.87%, 0.58% Floor, 14.00% Cap)		2.89%			02/25/2034		186,910
		Residential Asset Securitization Trust,
	208,188	Series2005-A11-1A4		5.50%			10/25/2035		195,223
	16,538	Series 2005-A12-A12		5.50%			11/25/2035		15,010
	420,798	Series 2006-A16-1A3		6.00%			02/25/2037		303,774
	607,545	Series 2006-A9CB-A6		6.00%			09/25/2036		345,923
	351,302	Series 2007-A1-A8		6.00%			03/25/2037		203,763
	265,062	Series 2007-A5-2A5		6.00%			05/25/2037		227,251
		VOLT LLC,
	1,578,753	Series 2018-NPL5-A1A		4.21%	^§		08/25/2048		1,586,800
		Washington Mutual Mortgage Pass-Through Certificates,
	240,141	Series 2006-8-A6		4.38%	ß		10/25/2036		134,392
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $15,183,443)							14,369,608
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS 2.5%
		Federal Home Loan Mortgage Corporation,
	43,952	Series 3261-SA(-1 x 1 Month LIBOR USD + 6.43%, 6.43% Cap)		4.40%	I/F I/O		01/15/2037		7,703
	84,156	Series 3355-BI(-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)		4.02%	I/F I/O		08/15/2037		15,907
	28,983	Series 3384-S(-1 x 1 Month LIBOR USD + 6.39%, 6.39% Cap)		4.36%	I/F I/O		11/15/2037		3,556
	100,165	Series 3384-SG(-1 x 1 Month LIBOR USD + 6.31%, 6.31% Cap)		4.28%	I/F I/O		08/15/2036		14,791
	39,407	Series 3417-SX(-1 x 1 Month LIBOR USD + 6.18%, 6.18% Cap)		4.15%	I/F I/O		02/15/2038		3,950
	53,491	Series 3423-GS(-1 x 1 Month LIBOR USD + 5.65%, 5.65% Cap)		3.62%	I/F I/O		03/15/2038		6,009
	490,989	Series 3423-TG(-1 x 1 Month LIBOR USD + 6.00%, 0.35% Cap)		0.35%	I/F I/O		03/15/2038		3,754
	57,787	Series 3500-SA(-1 x 1 Month LIBOR USD + 5.52%, 5.52% Cap)		3.49%	I/F I/O		01/15/2039		5,680
	158,305	Series 3523-SM(-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		3.97%	I/F I/O		04/15/2039		25,467
	12,493	Series 3562-WS(-1 x 1 Month LIBOR USD + 4.95%, 4.95% Cap)		2.92%	I/F I/O		08/15/2039		1,078

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal Home Loan Mortgage Corporation, (Cont.)
	133,509	Series 3728-SV(-1 x 1 Month LIBOR USD + 4.45%, 4.45% Cap)		2.42%	I/F I/O		09/15/2040		10,595
	122,141	Series 3758-S(-1 x 1 Month LIBOR USD + 6.03%, 6.03% Cap)		4.00%	I/F I/O		11/15/2040		24,542
	78,319	Series 3779-DZ		4.50%			12/15/2040		87,268
	153,485	Series 3815-ST(-1 x 1 Month LIBOR USD + 5.85%, 5.85% Cap)		3.82%	I/F I/O		02/15/2041		23,181
	55,255	Series 3900-SB(-1 x 1 Month LIBOR USD + 5.97%, 5.97% Cap)		3.94%	I/F I/O		07/15/2041		7,355
	607,508	Series 4183-Z		3.00%	>		03/15/2043		642,942
		Federal National Mortgage Association,
	71,160	Series 2006-101-SA(-1 x 1 Month LIBOR USD + 6.58%, 6.58% Cap)		4.56%	I/F I/O		10/25/2036		14,104
	37,195	Series 2006-123-LI(-1 x 1 Month LIBOR USD + 6.32%, 6.32% Cap)		4.30%	I/F I/O		01/25/2037		7,106
	267,931	Series 2007-39-AI(-1 x 1 Month LIBOR USD + 6.12%, 6.12% Cap)		4.10%	I/F I/O		05/25/2037		47,188
	113,777	Series 2007-57-SX(-1 x 1 Month LIBOR USD + 6.62%, 6.62% Cap)		4.60%	I/F I/O		10/25/2036		15,512
	7,603	Series 2009-49-S(-1 x 1 Month LIBOR USD + 6.75%, 6.75% Cap)		4.73%	I/F I/O		07/25/2039		1,207
	118,678	Series 2009-86-CI(-1 x 1 Month LIBOR USD + 5.80%, 5.80% Cap)		3.78%	I/F I/O		09/25/2036		11,913
	36,577	Series 2009-90-IA(-1 x 1 Month LIBOR USD + 5.75%, 5.75% Cap)		3.73%	I/F I/O		03/25/2037		4,732
	38,275	Series 2009-90-IB(-1 x 1 Month LIBOR USD + 5.72%, 5.72% Cap)		3.70%	I/F I/O		04/25/2037		4,467
	196,081	Series 2010-39-SL(-1 x 1 Month LIBOR USD + 5.67%, 5.67% Cap)		3.65%	I/F I/O		05/25/2040		19,252
	85,506	Series 2011-5-PS(-1 x 1 Month LIBOR USD + 6.40%, 6.40% Cap)		4.38%	I/F I/O		11/25/2040		6,044
	403,406	Series 2012-30-DZ		4.00%	>		04/25/2042		439,898
	1,208,963	Series 2013-53-ZC		3.00%	>		06/25/2043		1,233,319
	1,129,030	Series 2013-55-VZ		3.00%	>		06/25/2043		1,152,027
	582,260	Series 2014-58-VZ		3.00%	>		09/25/2044		594,601
	586,863	Series 2015-9-ZA		3.50%	>		03/25/2045		645,644
		Government National Mortgage Association,
	19,472	Series 2009-6-SM (-1 x 1 Month LIBOR USD + 5.95%, 5.95% Cap)		3.91%	I/F I/O		02/20/2038		2,104
	336,459	Series 2011-45-GZ		4.50%			03/20/2041		361,588

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 37

Schedule of Investments  DoubleLine Multi-Asset Growth Fund (Consolidated)  (Cont.) (Unaudited) September 30, 2019

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Government National Mortgage Association, (Cont.)
	180,733	Series 2011-7-LS (-2 x 1 Month LIBOR USD + 9.88%, 9.88% Cap)		5.79%	I/F		12/20/2040		198,477
		Total US Government and Agency Mortgage Backed Obligations (Cost $5,180,228)							5,642,961
	REAL ESTATE INVESTMENT TRUSTS 1.3%
	148,747	Chimera Investment Corporation							2,909,491
		Total Real Estate Investment Trusts (Cost $2,232,665)							2,909,491
	AFFILIATED MUTUAL FUNDS 28.7%
	882,076	DoubleLine Core Fixed Income Fund (Class I)							9,817,509
	1,011,049	DoubleLine Flexible Income Fund (Class I)							9,797,066
	965,918	DoubleLine Low Duration Bond Fund (Class I)							9,688,158
	3,300,984	DoubleLine Total Return Bond Fund (Class I)							35,485,583
		Total Affiliated Mutual Funds (Cost $66,150,315)							64,788,316
	EXCHANGE TRADED FUNDS AND COMMON STOCKS 20.0%
	33,500	Energy Select Sector SPDR Fund							1,983,200
	95,500	iShares Core MSCI Emerging Markets ETF							4,681,410
	109,000	iShares MSCI Australia Index ETF							2,425,250
	25,500	iShares MSCI Brazil ETF							1,074,315
	139,000	iShares MSCI Canada Index Fund							4,017,100
	36,000	iShares MSCI Hong Kong Index ETF							817,200
	173,000	iShares MSCI Japan ETF							9,816,020
	34,000	iShares MSCI Singapore Capped ETF							788,800
	37,000	iShares MSCI Sweden Capped ETF							1,089,650
	147,000	SPDR Blackstone ETF							6,809,040
	181,000	SPDR EURO STOXX 50 ETF							6,830,940
	43,000	Utilities Select Sector SPDR Fund							2,783,820
	35,000	Vanguard Global ex-U.S. Real Estate ETF							2,050,650
		Total Exchange Traded Funds and Common Stocks (Cost $45,576,000)							45,167,395

SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	SHORT TERM INVESTMENTS 37.2%
	25,920,091	First American Government Obligations Fund - Class U		1.88%	¨				25,920,091
	25,920,091	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		1.83%	¨				25,920,091
	25,920,091	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		1.83%	¨				25,920,091
	1,300,000	United States Treasury Bills		0.00%	‡		10/08/2019		1,299,557
	5,000,000	United States Treasury Bills		0.00%	‡		11/14/2019		4,989,015
		Total Short Term Investments (Cost $84,045,497)							84,048,845
		Total Investments 96.1% (Cost $218,873,982)							217,190,619
		Other Assets in Excess of Liabilities 3.9%							8,809,792
		NET ASSETS 100.0%						$	226,000,411

SECURITY TYPE BREAKDOWNas a % of Net Assets:
Short Term Investments	37.2%
Affiliated Mutual Funds	28.7%
Exchange Traded Funds and Common Stocks	20.0%
Non-Agency Residential Collateralized Mortgage Obligations	6.3%
US Government and Agency Mortgage Backed Obligations	2.5%
Real Estate Investment Trusts	1.3%
Collateralized Loan Obligations	0.1%
Asset Backed Obligations	0.0%	~
Other Assets and Liabilities	3.9%
	100.0%

38 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2019

^ 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.

# 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 September 30, 2019.

ß The interest rate may step up conditioned upon the aggregate remaining principal balance of the underlying mortgage loans being reduced below a targeted percentage of the aggregate original principal balance of the mortgage loans. The interest rate shown is the rate in effect as of September 30, 2019.

§ The interest rate will step up if the issuer does not redeem the bond on or before a scheduled redemption date in accordance with the terms of the instrument. The interest rate shown is the rate in effect as of September 30, 2019.

I/F 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.

I/O Interest only security

@ Security pays interest at rates that represent residual cashflows available after more senior tranches have been paid. The interest rate disclosed reflects the estimated rate in effect as of September 30, 2019.

Þ Value determined using significant unobservable inputs.

‡ All or a portion of this security has been pledged as collateral.

> This U.S. Agency bond 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 September 30, 2019.

¨ Seven-day yield as of September 30, 2019

~ Represents less than 0.05% of net assets

Futures Contracts
Description	Long/Short	Contract Quantity		Expiration Date		Notional Amount•		Value/Unrealized Appreciation (Depreciation)
FTSE 100 Index Future	Long		63		12/20/2019		5,719,351	$	69,240
Ultra 10-Year US Treasury Note Future	Long		41		12/19/2019		5,838,656		(35,642	)
CBOT 5 Year US Treasury Note Future	Long		166		12/31/2019		19,778,641		(58,703	)
CME E-Mini Standard & Poor’s 500 Index Future	Long		244		12/20/2019		36,337,700		(224,475	)
ICE US MSCI Emerging Markets EM Index Future	Long		157		12/20/2019		7,864,915		(225,673	)
								$	(475,253	)

• Notional Amount is determined based on the number of contracts multiplied by the contract size and the quoted daily settlement price in US dollars.

Swap Agreements
Excess Return Swaps
Reference Entity	Counterparty	Long/Short		Financing Rate			Payment Frequency		Termination Date		Notional Amount			Value/Unrealized Appreciation (Depreciation)
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		Long		0.40	%		Termination		07/31/2020		44,000,000		$	201,407
Short Commodity Basket Swap	Morgan Stanley		Short		(0.22	)%		Termination		10/03/2019		(4,290,000	)		(41,795	)
Long Commodity Basket Swap	Morgan Stanley		Long		0.19	%		Termination		10/03/2019		4,290,000			(112,676	)
														$	46,936

¤ Shiller Barclays CAPE^® US Sector ER II USD Index aims to provide notional long exposure to the top four United States equity sectors that are relatively undervalued, as defined by a modified version of the classic CAPE^® Ratio (the “Relative CAPE^® Indicator”), and that possess relatively strong price momentum over the prior twelve months. Each U.S. equity sector is represented by an index of equity securities of companies in the relevant sector. Information on the sector constituents as of September 30, 2019, is available on the Barclays Capital, Inc. website at https://indices.barclays/IM/12/en/indices/details.app;ticker=BXIICS2E.

Long Commodity Basket Swap represents a swap on a basket of commodity sub-indices of the Morgan Stanley index. At September 30, 2019, all constituents and their weightings were as follows:

Sub-Index	Ticker		Contract Value d		Value of Index			Weightings
Morgan Stanley Gasoil Roll		MSCYQS0		0.17		$	77		17.0	%
Morgan Stanley Nickel Roll		MSCYLN0		0.15			77		17.0	%
Morgan Stanley Heating Oil Roll		MSCYHO0		0.18			75		16.6	%
Morgan Stanley RBOB Roll		MSCYXB0		0.17			75		16.5	%
Morgan Stanley Brent Oil Roll		MSCYCO0		0.19			75		16.5	%
Morgan Stanley Crude Oil Roll		MSCYCL0		0.27			74		16.4	%
						$	453		100.0	%

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 39

Schedule of Investments  DoubleLine Multi-Asset Growth Fund (Consolidated)  (Cont.) (Unaudited) September 30, 2019

Short Commodity Basket Swap represents a swap on a basket of commodity sub-indices of the Morgan Stanley index. At September 30, 2019, all constituents and their weightings were as follows:

Sub-Index	Ticker		Contract Value d		Value of Index			Weightings
Morgan Stanley Corn Roll		MSCYCN0		0.27		$	77		17.2	%
Morgan Stanley Wheat Roll		MSCYWH0		0.30			76		16.9	%
Morgan Stanley Kansas Wheat Roll		MSCYKW0		0.49			75		16.8	%
Morgan Stanley Soybeans Roll		MSCYSY0		0.21			75		16.8	%
Morgan Stanley Coffee (Arabica) Roll		MSCYKC0		0.42			74		16.6	%
Morgan Stanley Natural Gas Roll		MSCYNG0		0.41			70		15.7	%
						$	447		100.0	%

d Contract value represents the number of units of the underlying constituent’s index in one unit of the custom basket index at creation. The contract value is calculated by multiplying each constituent’s weight by the starting price of the custom basket index and dividing by the starting price of the constituent’s index. The contract value will differ depending on the date the swap is initiated.

Forward Currency Exchange Contracts
Settlement Date	Counterparty		Currency to be Sold		Value		Currency to be Purchased		Value	Unrealized Appreciation (Depreciation)
12/20/2019		RBC	850,000,000	JPY	$	7,910,401	8,079,925	USD	$8,079,925	$	169,524
12/20/2019		Goldman Sachs	424,000,000	JPY		3,945,894	4,030,878	USD	4,030,878		84,984
12/20/2019		RBC	7,988,557	USD		7,988,557	850,000,000	JPY	7,910,401		(78,156	)
12/20/2019		Goldman Sachs	3,985,858	USD		3,985,858	424,000,000	JPY	3,945,894		(39,964	)
12/20/2019		Goldman Sachs	6,002,834	USD		6,002,834	4,700,000	GBP	5,798,882		(203,952	)
12/20/2019		RBC	6,096,113	USD		6,096,113	5,300,000	EUR	5,814,193		(281,920	)
					$	35,929,657			$35,580,173	$	(349,484	)

EUR Euro

GBP British Pound

JPY Japanese Yen

USD US Dollar

A summary of the DoubleLine Multi-Asset Growth Fund’s (Consolidated) investments in affiliated mutual funds for the period ended September 30, 2019 is as follows:

Fund	Value at March 31, 2019			Gross Purchases			Gross Sales			Shares Held at September 30, 2019		Value at September 30, 2019			Change in Unrealized for the Period Ended September  30, 2019			Dividend Income Earned in the Period Ended September  30, 2019			Net Realized Gain (Loss) in the Period Ended September  30, 2019
DoubleLine Total Return Bond Fund (Class I)		$	34,759,366		$	—		$	—		3,300,984		$	35,485,583		$	726,217		$	640,185		$	—
DoubleLine Flexible Income Fund (Class I)			9,756,624			—			—		1,011,049			9,797,066			40,442			223,190			—
DoubleLine Low Duration Bond Fund (Class I)			9,630,203			—			—		965,918			9,688,158			57,955			157,510			—
DoubleLine Core Fixed Income Fund (Class I)			9,552,886			—			—		882,076			9,817,509			264,623			167,183			—
		$	63,699,079		$	—		$	—		6,160,027		$	64,788,316		$	1,089,237		$	1,188,068		$	—

40 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

Schedule of Investments  DoubleLine Low Duration Bond Fund (Unaudited) September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 7.4%
		Access Group, Inc.,
	6,602,138	Series 2007-A-B (3 Month LIBOR USD + 0.55%, 0.55% Floor)		2.68%			02/25/2037		6,360,257
		AccessLex Institute,
	6,805,656	Series 2004-2-A3 (3 Month LIBOR USD + 0.19%, 0.19% Floor)		2.47%			10/25/2024		6,694,896
		Avant Loans Funding Trust,
	4,250,000	Series 2017-B-C		4.99%	^		11/15/2023		4,274,461
	12,089,337	Series 2019-A-A		3.48%	^		07/15/2022		12,135,484
	16,000,000	Series 2019-B-A		2.72%	^		10/15/2026		16,017,202
		CLUB Credit Trust,
	7,594,054	Series 2018-2-PT		8.65%	#^		02/15/2041		7,479,766
		Commonbond Student Loan Trust,
	4,206,514	Series 2017-BGS-A1		2.68%	^		09/25/2042		4,227,305
		Consumer Loan Underlying Bond Credit Trust,
	5,357,724	Series 2018-P1-A		3.39%	^		07/15/2025		5,382,008
	7,562,129	Series 2018-P2-A		3.47%	^		10/15/2025		7,603,528
	16,500,000	Series 2019-P2-A		2.47%	^		10/15/2026		16,484,830
		Credit Acceptance Auto Loan Trust,
	9,993,650	Series 2017-2A-A		2.55%	^		02/17/2026		10,003,582
		DRB Prime Student Loan Trust,
	4,657,327	Series 2016-R-A1 (1 Month LIBOR USD + 1.90%)		3.92%	^		10/25/2044		4,707,435
		Drive Auto Receivables Trust,
	2,154,153	Series 2019-3-A1		2.49%			06/15/2020		2,154,408
		Earnest Student Loan Program,
	3,734,051	Series 2016-A-A2		2.50%	^		04/25/2033		3,719,227
	7,913,371	Series 2017-A-A2		2.65%	^		01/25/2041		7,941,147
		Flagship Credit Auto Trust,
	217,479	Series 2016-3-B		2.43%	^		06/15/2021		217,483
	5,144,637	Series 2016-4-B		2.41%	^		10/15/2021		5,143,764
	8,658,895	Series 2017-1-B		2.83%	^		03/15/2023		8,667,790
		Foundation Finance Trust,
	8,784,932	Series 2019-1A-A		3.86%	^		11/15/2034		8,925,359
		FREED Trust,
	8,836,531	Series 2019-1-A		3.42%	^		06/18/2026		8,894,732
		GLS Auto Receivables Issuer Trust,
	6,368,711	Series 2019-1A-A		3.37%	^		01/17/2023		6,419,698
	13,621,121	Series 2019-2A-A		3.06%	^		04/17/2023		13,706,426
		Hilton Grand Vacations Trust,
	3,354,067	Series 2018-AA-A		3.54%	^		02/25/2032		3,462,826
		Jimmy Johns Funding LLC,
	4,753,980	Series 2017-1A-A2I		3.61%	^		07/30/2047		4,799,630
		Kabbage Funding LLC,
	15,750,000	Series 2019-1-A		3.83%	^		03/15/2024		15,928,191
		Laurel Road Prime Student Loan Trust,
	18,355,426	Series 2019-A-A1FX		2.34%	^		10/25/2048		18,364,548
		Marlette Funding Trust,
	7,785,049	Series 2018-3A-A		3.20%	^		09/15/2028		7,805,871
	6,431,017	Series 2019-1A-A		3.44%	^		04/16/2029		6,478,728
	13,085,557	Series 2019-2A-A		3.13%	^		07/16/2029		13,189,213
	13,333,475	Series 2019-3A-A		2.69%	^		09/17/2029		13,382,678
		Navient Private Education Refinance Loan Trust,
	7,472,104	Series 2019-CA-A1		2.82%	^		02/15/2068		7,548,714
		NP SPE LLC,
	7,500,000	Series 2019-1A-A1		2.57%	^		09/20/2049		7,521,270
		OneMain Financial Issuance Trust,
	31,250,000	Series 2017-1A-A1		2.37%	^		09/14/2032		31,231,647

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Pagaya AI Debt Selection Trust,
	15,000,000	Series 2019-3-A		3.82%	^		11/16/2026		15,049,875
		Prosper Marketplace Issuance Trust,
	5,248,289	Series 2018-2A-A		3.35%	^		10/15/2024		5,263,414
	7,392,809	Series 2019-1A-A		3.54%	^		04/15/2025		7,423,316
	4,076,058	Series 2019-2A-A		3.20%	^		09/15/2025		4,091,075
		SCF Equipment Leasing LLC,
	1,968,004	Series 2017-1A-A		3.77%	^		01/20/2023		1,989,598
	5,044,112	Series 2017-2A-A		3.41%	^		12/20/2023		5,100,969
		Sierra Timeshare Receivables Funding LLC,
	4,022,388	Series 2016-2A-A		2.33%	^		07/20/2033		4,013,812
		SLM Private Credit Student Loan Trust,
	11,010,913	Series 2006-A-A5 (3 Month LIBOR USD + 0.29%, 0.29% Floor)		2.41%			06/15/2039		10,784,837
	6,553,594	Series 2006-B-A5 (3 Month LIBOR USD + 0.27%, 0.27% Floor)		2.39%			12/15/2039		6,399,160
		SoFi Consumer Loan Program LLC,
	358,788	Series 2016-1-A		3.26%	^		08/25/2025		362,546
	1,274,147	Series 2016-3-A		3.05%	^		12/26/2025		1,279,257
	4,601,890	Series 2017-6-A2		2.82%	^		11/25/2026		4,614,464
		SoFi Consumer Loan Program Trust,
	1,197,660	Series 2016-2-A		3.09%	^		10/27/2025		1,202,252
	3,140,187	Series 2017-1-A		3.28%	^		01/26/2026		3,162,739
	2,262,366	Series 2017-2-A		3.28%	^		02/25/2026		2,280,368
	2,772,269	Series 2017-3-A		2.77%	^		05/25/2026		2,781,404
	4,036,409	Series 2017-5-A2		2.78%	^		09/25/2026		4,048,061
	1,403,194	Series 2018-1-A1		2.55%	^		02/25/2027		1,403,460
	5,027,556	Series 2018-3-A1		3.20%	^		08/25/2027		5,042,756
	6,781,575	Series 2019-1-A		3.24%	^		02/25/2028		6,846,902
	15,869,748	Series 2019-2-A		3.01%	^		04/25/2028		16,006,415
		Sofi Professional Loan Program LLC,
	24,589,357	Series 2019-C-A1FX		2.13%	^		11/16/2048		24,597,378
		SoFi Professional Loan Program,
	5,529,172	Series 2015-C-A2		2.51%	^		08/25/2033		5,565,077
	3,312,086	Series 2016-A-A2		2.76%	^		12/26/2036		3,334,062
	4,808,274	Series 2017-A-A2B		2.40%	^		03/26/2040		4,826,326
	887,797	Series 2017-C-A2A		1.75%	^		07/25/2040		886,814
	4,131,084	Series 2019-A-A1FX		3.18%	^		06/15/2048		4,175,748
		SoFi Professional Loan Program Trust,
	3,448,428	Series 2018-D-A1FX		3.12%	^		02/25/2048		3,476,699
		Springleaf Funding Trust,
	6,966,787	Series 2016-AA-A		2.90%	^		11/15/2029		6,968,460
	25,000,000	Series 2017-AA-A		2.68%	^		07/15/2030		25,067,070
		Spruce Asset Backed Securities Trust,
	253,684	Series 2016-E1-A		4.32%	^		06/15/2028		259,528
		TAL Advantage LLC,
	1,395,833	Series 2013-2A-A		3.55%	^		11/20/2038		1,405,475
		Triton Container Finance LLC,
	7,477,824	Series 2017-2A-A		3.62%	^		08/20/2042		7,567,870
		Upgrade Master Pass-Thru Trust,
	4,593,766	Series 2019-ST1-A		4.00%	^		07/15/2025		4,625,389
		Upgrade Receivables Trust,
	955,556	Series 2018-1A-A		3.76%	^		11/15/2024		958,712
	10,311,117	Series 2019-1A-A		3.48%	^		03/15/2025		10,361,482
		Upstart Securitization Trust,
	4,670,000	Series 2019-1-B		4.19%	^		04/20/2026		4,737,657
	9,603,354	Series 2019-2-A		2.90%	^		09/20/2029		9,626,166
		Westlake Automobile Receivables Trust,
	1,188,396	Series 2016-3A-C		2.46%	^		01/18/2022		1,188,444
	20,000,000	Series 2017-2A-C		2.59%	^		12/15/2022		20,015,740
	12,000,000	Series 2018-2A-B		3.20%	^		01/16/2024		12,061,336
	5,000,000	Series 2019-2A-A2A		2.57%	^		02/15/2023		5,016,035
		Total Asset Backed Obligations (Cost $560,214,180)							562,742,252

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 41

Schedule of Investments  DoubleLine Low Duration Bond Fund  (Cont.) (Unaudited) September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	BANK LOANS 2.4%
		AECOM Technology Corporation,
	3,826,273	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		3.80%			03/13/2025		3,843,625
		Aramark Services, Inc.,
	6,217,202	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		3.79%			03/11/2025		6,234,050
		Axalta Coating Systems Dutch Holding B.B.V.,
	5,775,701	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 1.75%)		3.85%			05/31/2024		5,785,606
		Berry Global, Inc.,
	5,735,578	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		4.55%			07/01/2026		5,769,906
		Burger King Restaurant Brands,
	5,420,008	Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 2.25%, 1.00% Floor)		4.29%			02/16/2024		5,444,398
		Charter Communications Operating LLC,
	5,674,939	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		4.05%			04/30/2025		5,715,741
		Crown Americas LLC,
	1,483,783	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		4.00%			04/03/2025		1,493,324
		CSC Holdings LLC,
	5,728,542	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		4.28%			07/17/2025		5,734,156
		Dell International LLC,
	5,575,841	Senior Secured First Lien Term Loan		4.05%	±		09/19/2025		5,608,711
		ESH Hospitality, Inc.,
	3,501,806	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		4.04%			09/18/2026		3,522,326
		Gray Television, Inc.,
	3,793,355	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		4.51%			01/02/2026		3,812,056
		Grifols Worldwide Operations USA, Inc.,
	5,932,010	Senior Secured First Lien Term Loan (1 Week LIBOR USD + 2.25%)		4.14%			01/31/2025		5,969,382
		HCA, Inc.,
	5,709,206	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		3.79%			03/17/2023		5,733,841

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		HD Supply, Inc.,
	4,187,227	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		3.79%			10/17/2023		4,207,305
		Hilton Worldwide Finance LLC,
	5,646,161	Senior Secured First Lien Term Loan		3.77%	±		06/22/2026		5,686,051
		IAA, Inc.,
	960,375	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		4.31%			06/29/2026		966,377
		IQVIA, Inc.,
	5,700,377	Senior Secured First Lien Term Loan (2 Month LIBOR USD + 1.75%)		3.85%			06/09/2025		5,715,541
		Iron Mountain Information Management LLC,
	3,883,632	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		3.79%			01/02/2026		3,856,117
		Jacobs Douwe Egberts International B.V.,
	5,693,297	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		4.06%			11/03/2025		5,707,530
		JBS USA Lux S.A.,
	5,933,133	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		4.54%			05/01/2026		5,967,753
		KAR Auction Services, Inc.,
	2,452,877	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		4.31%			09/19/2026		2,467,447
		KFC Holding Company,
	5,686,859	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		3.79%			04/03/2025		5,704,630
		Lamar Media Corporation,
	1,945,375	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 1.75%)		3.81%			03/14/2025		1,956,327
		Level 3 Financing, Inc.,
	5,715,524	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		4.29%			02/22/2024		5,733,385
		MGM Growth Properties Operating Partnership LP,
	5,696,810	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		4.04%			03/21/2025		5,717,774
		Microchip Technology Incorporated,
	5,696,851	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		4.05%			05/29/2025		5,723,541
		Nexstar Broadcasting, Inc.,
	4,255,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		4.81%			09/18/2026		4,279,254

42 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Open Text Corporation,
	1,970,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		3.79%			05/30/2025		1,981,288
		Resideo Funding Inc.,
	1,151,300	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.00%)		4.11%			10/27/2025		1,152,739
		RPI Finance Trust,
	3,755,161	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		4.04%			03/27/2023		3,779,213
		Science Applications International Corporation,
	5,652,288	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		3.79%			10/31/2025		5,658,788
		ServiceMaster Company LLC,
	1,252,528	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		4.54%			11/08/2023		1,255,991
		Six Flags Theme Parks, Inc.,
	3,772,846	Senior Secured First Lien Term Loan		4.05%	±		04/17/2026		3,782,278
		Trans Union LLC,
	5,721,141	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		4.04%			06/19/2025		5,749,747
		Universal Health Services, Inc.,
	4,538,838	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		3.79%			10/31/2025		4,557,764
		US Foods, Inc.,
	2,575,000	Senior Secured First Lien Term Loan		4.14%	±		09/13/2026		2,587,347
		VICI Properties 1 LLC,
	5,730,748	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		4.05%			12/20/2024		5,752,840
		Virgin Media Bristol LLC,
	3,799,969	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		4.53%			01/15/2026		3,806,904
		Vistra Operations Company LLC,
		Senior Secured First Lien Term Loan
	2,246,615	(1 Month LIBOR USD + 2.00%)		4.02%			12/31/2025		2,255,826
	3,369,923	(1 Month LIBOR USD + 2.00%)		4.04%			12/31/2025		3,383,740
		W.R. Grace & Company,
	3,622,747	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 1.75%)		3.85%			04/03/2025		3,638,035
	2,113,269	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 1.75%)		3.85%			04/03/2025		2,122,187

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Wyndham Hotels & Resorts, Inc.,
	5,667,779	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		3.79%			05/30/2025		5,701,248
		Total Bank Loans (Cost $184,728,909)							185,522,089
	COLLATERALIZED LOAN OBLIGATIONS 14.0%
		AIMCO,
	25,000,000	Series 2015-AA-AR (3 Month LIBOR USD + 0.85%, 0.85% Floor)		3.15%	^		01/15/2028		24,901,701
		Apres Static Ltd.,
	18,480,854	Series 2019-1A-A1 (3 Month LIBOR USD + 1.17%, 1.17% Floor)		3.47%	^		01/15/2027		18,463,425
		Assurant Ltd.,
	20,000,000	Series 2019-1A-A (3 Month LIBOR USD + 1.35%, 1.35% Floor)		3.63%	^		04/20/2030		20,019,269
		Atlas Senior Loan Fund Ltd.,
	17,000,000	Series 2013-1A-AR (3 Month LIBOR USD + 0.83%)		2.95%	^		11/17/2027		16,998,702
		Avery Point Ltd.,
	20,000,000	Series 2015-6A-AR (3 Month LIBOR USD + 1.05%)		3.34%	^		08/05/2027		20,002,000
	29,500,000	Series 2015-7A-AR (3 Month LIBOR USD + 1.14%)		3.44%	^		01/15/2028		29,525,006
		Babson Ltd.,
	5,987,000	Series 2015-2A-AR (3 Month LIBOR USD + 1.19%)		3.47%	^		10/20/2030		5,994,974
		Battalion Ltd.,
	44,000,000	Series 2014-7A-A1RR (3 Month LIBOR USD + 1.04%)		3.34%	^		07/17/2028		43,881,901
		CarVal Ltd.,
	42,000,000	Series 2019-1A-AN (3 Month LIBOR USD + 1.48%, 1.48% Floor)		3.76%	^		04/20/2032		42,080,078
		Cathedral Lake Ltd.,
	35,000,000	Series 2018-5A-A1 (3 Month LIBOR USD + 1.20%, 1.20% Floor)		3.48%	^		10/21/2030		34,881,047
		CFIP Ltd.,
	26,500,000	Series 2014-1A-AR (3 Month LIBOR USD + 1.32%)		3.62%	^		07/13/2029		26,543,085
		CRMN Mortgage Trust,
	3,000,000	Series 2018-1A-A1 (3 Month LIBOR USD + 1.25%, 1.25% Floor)		3.53%	^		10/25/2031		2,992,854
		Crown Point Ltd.,
	20,000,000	Series 2018-6A-A1 (3 Month LIBOR USD + 1.17%, 1.17% Floor)		3.45%	^		10/20/2028		20,030,134

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 43

Schedule of Investments  DoubleLine Low Duration Bond Fund  (Cont.) (Unaudited) September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Dryden Ltd.,
	21,000,000	Series 2019-75A-AR (3 Month LIBOR USD + 1.20%, 1.20% Floor)		3.53%	^		07/15/2030		21,017,109
		Greywolf Ltd.,
	5,585,000	Series 2015-1A-A1R (3 Month LIBOR USD + 1.16%, 1.16% Floor)		3.44%	^		01/27/2031		5,574,658
	9,100,000	Series 2018-2A-A1 (3 Month LIBOR USD + 1.18%, 1.18% Floor)		3.46%	^		10/20/2031		9,063,311
		Halcyon Loan Advisors Funding Ltd.,
	773,173	Series 2012-1X-A2 (3 Month LIBOR USD + 2.50%)		4.66%			08/15/2023		773,893
	27,744	Series 2013-1A-A1 (3 Month LIBOR USD + 1.15%)		3.45%	^		04/15/2025		27,768
	257,792	Series 2014-1A-A1R (3 Month LIBOR USD + 1.13%)		3.43%	^		04/18/2026		258,156
	14,089,607	Series 2014-3A-AR (3 Month LIBOR USD + 1.10%)		3.38%	^		10/22/2025		14,092,950
	25,000,000	Series 2015-3A-A1R (3 Month LIBOR USD + 0.90%)		3.20%	^		10/18/2027		24,999,474
		Harbourview Ltd.,
	9,000,000	Series 7RA-A1 (3 Month LIBOR USD + 1.13%, 1.13% Floor)		3.43%	^		07/18/2031		8,943,124
		Jamestown Ltd.,
	3,643,053	Series 2014-4A-A1AR (3 Month LIBOR USD + 0.69%)		2.99%	^		07/15/2026		3,635,882
	10,500,000	Series 2018-6RA-A1 (3 Month LIBOR USD + 1.15%, 1.15% Floor)		3.43%	^		04/25/2030		10,437,304
		Jefferson Mill Ltd.,
	10,000,000	Series 2015-1A-AR (3 Month LIBOR USD + 1.18%)		3.45%	^		10/20/2031		9,949,641
		Kingsland Ltd.,
	22,000,000	Series 2018-8A-A (3 Month LIBOR USD + 1.12%, 1.12% Floor)		3.40%	^		04/20/2031		21,867,107
		LCM LP,
	35,000,000	Series 19A-AR (3 Month LIBOR USD + 1.24%, 1.24% Floor)		3.54%	^		07/15/2027		35,139,406
		Madison Park Funding Ltd.,
	8,750,000	Series 2012-10A-AR2 (3 Month LIBOR USD + 1.22%)		3.50%	^		01/20/2029		8,763,486
	26,000,000	Series 2013-11A-AR (3 Month LIBOR USD + 1.16%)		3.42%	^		07/23/2029		26,036,367
		Marathon Ltd.,
	20,685,000	Series 2013-5A-A1R (3 Month LIBOR USD + 0.87%)		3.02%	^		11/21/2027		20,605,936
	3,000,000	Series 2017-9A-A2 (3 Month LIBOR USD + 1.75%)		4.05%	^		04/15/2029		3,001,684

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Marathon Ltd., (Cont.)
	24,100,000	Series 2018-12A-A1 (3 Month LIBOR USD + 1.18%)		3.48%	^		04/18/2031		24,048,360
		Marble Point Ltd.,
	13,500,000	Series 2018-2A-A1 (3 Month LIBOR USD + 1.33%, 1.33% Floor)		3.61%	^		01/20/2032		13,528,009
		Midocean Credit,
	41,500,000	Series 2017-7A-A1 (3 Month LIBOR USD + 1.32%)		3.62%	^		07/15/2029		41,583,259
		MP Ltd.,
	35,000,000	Series 2013-2A-ARR (3 Month LIBOR USD + 1.28%)		3.56%	^		07/25/2029		34,964,692
	13,000,000	Series 2015-1A-ARR (3 Month LIBOR USD + 1.08%)		3.38%	^		10/18/2028		12,962,594
	25,000,000	Series 2015-2A-AR (3 Month LIBOR USD + 0.91%)		3.17%	^		10/28/2027		25,022,000
		Ocean Trails V,
	25,000,000	Series 2014-5A-ARR (3 Month LIBOR USD + 1.28%, 1.28% Floor)		3.58%	^		10/13/2031		25,051,293
		OCP Ltd.,
	16,500,000	Series 2014-5A-A1R (3 Month LIBOR USD + 1.08%, 1.08% Floor)		3.35%	^		04/26/2031		16,373,571
		Palmer Square Loan Funding Ltd.,
	16,233,796	Series 2018-5A-A1 (3 Month LIBOR USD + 0.85%, 0.85% Floor)		3.13%	^		01/20/2027		16,208,870
		Park Avenue Institutional Advisers Ltd.,
	34,000,000	Series 2018-1A-A1A (3 Month LIBOR USD + 1.28%, 1.28% Floor)		3.56%	^		10/20/2031		33,957,500
		Race Point Ltd.,
	25,000,000	Series 2015-9A-A1AR (3 Month LIBOR USD + 1.21%)		3.51%	^		10/15/2030		25,000,578
		Regatta Funding Ltd.,
	12,500,000	Series 2018-3A-A (3 Month LIBOR USD + 1.19%)		3.47%	^		10/25/2031		12,444,656
		Riserva Ltd.,
	10,000,000	Series 2016-3A-AR (3 Month LIBOR USD + 1.14%)		3.44%	^		10/18/2028		9,999,717
		Romark Ltd.,
	22,000,000	Series 2018-1A-A1 (3 Month LIBOR USD + 1.03%)		3.31%	^		04/20/2031		21,825,651
		Sound Point Ltd.,
	16,000,000	Series 2014-2RA-A (3 Month LIBOR USD + 1.25%, 1.25% Floor)		3.53%	^		10/20/2031		15,979,811
	25,000,000	Series 2015-1RA-A (3 Month LIBOR USD + 1.36%, 1.36% Floor)		3.96%	^		04/15/2030		25,000,151

44 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Steele Creek Ltd.,
	2,365,000	Series 2014-1RA-A (3 Month LIBOR USD + 1.07%, 1.07% Floor)		3.35%	^		04/21/2031		2,347,714
	18,000,000	Series 2019-2A-A1 (3 Month LIBOR USD + 1.36%, 1.36% Floor)		3.49%	^		07/15/2032		17,997,161
		TCI-Flatiron Ltd.,
	20,000,000	Series 2016-1A-AR (3 Month LIBOR USD + 1.22%, 1.22% Floor)		3.52%	^		07/17/2028		20,012,694
		Tralee Ltd.,
	44,000,000	Series 2019-6A-A1 (3 Month LIBOR USD + 1.45%, 0.00% Floor)		3.47%	^		10/25/2032		44,000,000
		Trimaran CAVU LLC,
	10,000,000	Series 2019-1A-A1 (3 Month LIBOR USD + 1.46%, 1.46% Floor)		3.93%	^		07/20/2032		9,997,446
		Vibrant Ltd.,
	22,000,000	Series 2015-3A-A1RR (3 Month LIBOR USD + 1.25%)		3.53%	^		10/20/2031		21,912,092
	5,000,000	Series 2016-5A-A (3 Month LIBOR USD + 1.55%)		3.83%	^		01/20/2029		5,003,480
		Wellfleet Ltd.,
	24,700,000	Series 2016-1A-AR (3 Month LIBOR USD + 0.91%)		3.19%	^		04/20/2028		24,622,781
	20,000,000	Series 2017-2A-A1 (3 Month LIBOR USD + 1.25%)		3.53%	^		10/20/2029		20,005,253
		WhiteHorse Ltd.,
	3,619,906	Series 2014-1A-AR (3 Month LIBOR USD + 0.90%)		3.15%	^		05/01/2026		3,618,056
		Zais Ltd.,
	2,624,549	Series 2014-2A-A1AR (3 Month LIBOR USD + 1.20%)		3.48%	^		07/25/2026		2,627,218
	13,000,000	Series 2016-2A-A1 (3 Month LIBOR USD + 1.53%)		3.83%	^		10/15/2028		13,006,085
		Total Collateralized Loan Obligations (Cost $1,070,004,564)							1,069,602,124
	FOREIGN CORPORATE BONDS 15.0%
	3,000,000	Adani Ports & Special Economic Zone Ltd.		3.95%			01/19/2022		3,072,188
	5,906,000	AerCap Global Aviation Trust		4.63%			10/30/2020		6,046,745
	1,370,000	AES Dominicana		7.95%			05/11/2026		1,464,187
	3,500,000	AES Gener S.A. (5 Year Swap Rate USD + 4.64%)		7.13%	^		03/26/2079		3,679,375
	5,926,000	AES Gener S.A. (5 Year Swap Rate USD + 4.64%)		7.13%			03/26/2079		6,229,707
	5,802,000	Alibaba Group Holding Ltd.		3.13%			11/28/2021		5,894,352
	11,625,000	AstraZeneca PLC		2.38%			11/16/2020		11,675,517
	600,000	AstraZeneca PLC		2.38%			06/12/2022		604,630

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	5,540,000	Avolon Holdings Funding Ltd.		3.63%	^		05/01/2022		5,621,161
	28,460,000	Axiata SPV2 BHD		3.47%			11/19/2020		28,770,265
	15,420,000	Banco Bradesco S.A.		5.90%			01/16/2021		15,998,404
	9,200,000	Banco BTG Pactual S.A.		4.00%			01/16/2020		9,223,092
	2,500,000	Banco BTG Pactual S.A. (5 Year CMT Rate + 5.26%)		7.75%	^		02/15/2029		2,612,500
	3,600,000	Banco de Reservas de la Republica Dominicana		7.00%			02/01/2023		3,784,536
	4,831,000	Banco del Estado de Chile		2.67%			01/08/2021		4,834,639
	8,500,000	Banco del Estado de Chile		3.88%			02/08/2022		8,806,710
	7,200,000	Banco do Brasil S.A. (10 Year CMT Rate + 7.78%)		8.50%	†		10/20/2020		7,593,480
	7,100,000	Banco International del Peru S.A.A.		5.75%			10/07/2020		7,330,821
	8,000,000	Banco Latinoamericano do Comercio Exterior S.A.		3.25%			05/07/2020		8,040,080
	20,200,000	Banco Mercantil del Norte S.A. (5 Year CMT Rate + 5.04%)		6.88%	†		07/06/2022		20,351,500
	12,500,000	Banco Nacional de Comercio Exterior S.N.C. (5 Year CMT Rate + 3.00%)		3.80%			08/11/2026		12,672,000
	2,000,000	Banco Santander (5 Year CMT Rate + 3.00%)		5.95%	^		10/01/2028		2,149,500
	3,094,000	Banco Santander Chile		2.50%			12/15/2020		3,115,349
	4,336,000	Bancolombia S.A.		6.13%			07/26/2020		4,456,367
	15,086,000	Bancolombia S.A.		5.95%			06/03/2021		15,915,730
	9,490,000	Bangkok Bank PCL		4.80%			10/18/2020		9,725,848
	5,683,000	Bangkok Bank PCL		3.88%			09/27/2022		5,902,598
	3,300,000	Banistmo S.A.		3.65%			09/19/2022		3,328,908
	2,400,000	Banistmo S.A.		3.65%	^		09/19/2022		2,421,024
	11,918,000	Barclays Bank PLC		2.65%			01/11/2021		11,954,391
	10,000,000	BBVA Banco Continental S.A.		5.00%			08/26/2022		10,685,000
	6,700,000	BBVA Bancomer S.A.		7.25%			04/22/2020		6,864,150
	9,900,000	BBVA Bancomer S.A.		6.50%			03/10/2021		10,345,599
	5,200,000	BBVA Bancomer S.A.		6.75%			09/30/2022		5,694,000
	3,421,000	BBVA Bancomer S.A. (5 Year CMT Rate + 3.00%)		5.35%			11/12/2029		3,412,482
	11,000,000	BDO Unibank, Inc.		2.63%			10/24/2021		11,046,962
	17,400,000	Bharat Petroleum Corporation Ltd.		4.63%			10/25/2022		18,355,956
	2,800,000	Bharat Petroleum Ltd.		4.38%			01/24/2022		2,901,304
	5,500,000	Bharti Airtel Ltd.		5.13%			03/11/2023		5,795,467
	4,620,000	Brasil Bolsa Balcao S.A		5.50%			07/16/2020		4,735,546
	1,530,000	Braskem Finance Ltd.		7.00%			05/07/2020		1,568,403
	4,600,000	Braskem Finance Ltd.		5.75%			04/15/2021		4,784,046
	12,500,000	C&W Senior Financing DAC		7.50%			10/15/2026		13,218,750
	9,993,000	Celulosa Arauco y Constitucion S.A.		4.75%			01/11/2022		10,405,211
	4,900,000	Cemex S.A.B. de C.V.		6.13%			05/05/2025		5,108,250
	3,750,000	Cemex S.A.B. de C.V.		7.75%			04/16/2026		4,073,475
	14,000,000	CK Hutchison International Ltd.		2.88%	^		04/05/2022		14,137,114
	3,000,000	CK Hutchison International Ltd.		2.88%			04/05/2022		3,029,382
	8,200,000	CNOOC Finance Ltd.		2.63%			05/05/2020		8,210,537
	17,900,000	CNOOC Finance Ltd.		3.88%			05/02/2022		18,497,176
	16,791,000	CNPC General Capital Ltd.		3.95%			04/19/2022		17,392,372
	7,129,000	CNPC Overseas Capital Ltd.		4.50%			04/28/2021		7,349,294

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 45

Schedule of Investments  DoubleLine Low Duration Bond Fund  (Cont.) (Unaudited) September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	5,962,000	Coca-Cola Femsa S.A.B. de C.V.		4.63%			02/15/2020		6,008,448
	3,514,000	Colombia Telecomunicaciones S.A.		5.38%			09/27/2022		3,562,317
	6,965,000	Colombia Telecomunicaciones S.A. (5 Year Swap Rate USD + 6.96%)		8.50%	†		03/30/2020		7,165,244
	400,000	Comcel Trust		6.88%			02/06/2024		413,000
	5,746,000	Commonwealth Bank of Australia		2.25%	^		03/10/2020		5,752,013
	3,670,000	Commonwealth Bank of Australia		2.05%	^		09/18/2020		3,673,251
	2,275,000	Commonwealth Bank of Australia		2.75%	^		03/10/2022		2,313,039
	900,000	Corp Nacional del Cobre de Chile		3.88%			11/03/2021		926,784
	6,125,000	Credit Suisse Group AG (3 Month LIBOR USD + 1.24%)		3.37%	^		06/12/2024		6,167,689
	2,955,000	Credito Real S.A.B. de C.V.		7.25%			07/20/2023		3,143,381
	437,000	Credito Real S.A.B. de C.V.		7.25%	^		07/20/2023		464,859
	212,000	DBS Group Holdings Ltd.		2.85%	^		04/16/2022		215,055
	1,950,000	DBS Group Holdings Ltd.		2.85%			04/16/2022		1,978,098
	2,500,000	DBS Group Holdings Ltd. (3 Month LIBOR USD + 0.62%)		2.90%			07/25/2022		2,511,639
	2,000,000	DBS Group Holdings Ltd. (5 Year Mid Swap Rate USD + 1.59%)		4.52%			12/11/2028		2,127,692
	18,527,000	DBS Group Holdings Ltd. (5 Year Swap Rate USD + 2.39%)		3.60%	†		09/07/2021		18,619,635
	6,320,000	Delek & Avner Tamar Bond Ltd.		4.44%	^		12/30/2020		6,405,946
	3,400,000	Digicel Group Ltd.		8.25%	^		09/30/2022		731,000
	7,800,000	ECL S.A.		5.63%			01/15/2021		8,129,953
	1,000,000	Empresa Electrica Guacolda S.A.		4.56%			04/30/2025		905,038
	14,572,539	ENA Norte Trust		4.95%			04/25/2023		15,082,723
	1,796,000	ESAL GMBH		6.25%			02/05/2023		1,831,938
	1,850,000	Export Import Bank of Thailand (3 Month LIBOR USD + 0.85%)		3.00%			05/23/2024		1,856,451
	1,700,000	Export Import Bank of Thailand (3 Month LIBOR USD + 0.90%)		3.04%			11/20/2023		1,708,127
	10,000,000	Export-Import Bank of India		3.13%			07/20/2021		10,104,100
	11,200,000	Freeport-McMoRan, Inc.		4.55%			11/14/2024		11,505,760
	2,309,000	GlaxoSmithKline Capital PLC		3.13%			05/14/2021		2,355,359
	9,670,000	GlaxoSmithKline Capital PLC		2.88%			06/01/2022		9,883,175
	9,000,000	Global Bank Corporation		4.50%			10/20/2021		9,286,920
	1,900,000	Global Bank Corporation		4.50%	^		10/20/2021		1,960,572
	9,170,000	Globo Comunicacao e Participacoes S.A.		4.88%			04/11/2022		9,519,698
	7,500,000	Grupo Aval Ltd.		4.75%			09/26/2022		7,770,000
	10,392,000	Grupo Bimbo S.A.B. de C.V.		4.88%			06/30/2020		10,591,472
	12,600,000	Grupo Bimbo S.A.B. de C.V. (5 Year CMT Rate + 3.28%)		5.95%	†		04/17/2023		13,318,200
	5,770,000	GrupoSura Finance S.A.		5.70%			05/18/2021		6,051,287

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	2,932,861	Guanay Finance Ltd.		6.00%			12/15/2020		2,976,854
	6,085,000	HSBC Holdings PLC (3 Month LIBOR USD + 1.00%)		3.12%			05/18/2024		6,112,475
	8,900,000	Hutchison Whampoa International Ltd.		4.63%			01/13/2022		9,315,754
	7,935,000	Indian Oil Corporation Ltd.		5.63%			08/02/2021		8,360,078
	6,000,000	Indian Oil Corporation Ltd.		5.75%			08/01/2023		6,614,173
	1,000,000	Indian Oil Corporation Ltd.		4.75%			01/16/2024		1,068,321
	10,725,000	Inversiones CMPC S.A.		4.50%			04/25/2022		11,167,513
	1,600,000	Israel Electric Corporation Ltd.		6.88%			06/21/2023		1,827,200
	700,000	Itau Unibanco Holding S.A.		6.20%			12/21/2021		743,757
	1,300,000	Itau Unibanco Holding S.A. (5 Year CMT Rate + 3.98%)		6.13%	†		12/12/2022		1,314,300
	3,450,000	Itau Unibanco Holdings S.A.		6.20%			04/15/2020		3,519,862
	9,825,000	Itau Unibanco Holdings S.A.		5.75%			01/22/2021		10,161,997
	1,000,000	JBS Investments GMBH		7.00%	^		01/15/2026		1,081,490
	10,000,000	Latam Finance Ltd.		6.88%			04/11/2024		10,532,500
	11,428,000	Malayan Banking BHD (5 Year Swap Rate USD + 2.54%)		3.91%			10/29/2026		11,631,304
	19,600,000	MARB BondCo PLC		7.00%			03/15/2024		20,482,196
	9,500,000	Millicom International Cellular S.A.		6.00%			03/15/2025		9,880,000
	1,500,000	Millicom International Cellular SA		6.63%			10/15/2026		1,635,000
	12,670,000	Mitsubishi UFJ Financial Group, Inc. (3 Month LIBOR USD + 0.86%)		3.13%			07/26/2023		12,710,182
	12,025,000	Mizuho Financial Group, Inc. (3 Month LIBOR USD + 0.79%)		2.92%			03/05/2023		12,068,924
	3,900,000	Multibank, Inc.		4.38%			11/09/2022		4,020,939
	5,484,000	Nacional Financiera S.N.C.		3.38%			11/05/2020		5,532,040
	14,150,000	Oleoducto Central S.A.		4.00%			05/07/2021		14,468,517
	10,700,000	ONGC Videsh Ltd.		2.88%			01/27/2022		10,713,054
	3,000,000	ONGC Videsh Ltd.		3.75%			05/07/2023		3,095,580
	12,000,000	Oversea-Chinese Banking Corporation (5 Year Swap Rate USD + 2.20%)		4.00%			10/15/2024		12,007,672
	3,600,000	Pampa Energia S.A.		7.38%			07/21/2023		2,970,000
	17,459,946	Panama Metro Line SP		0.00%			12/05/2022		16,765,913
	5,210,394	Panama Metro Line SP		0.00%	^		12/05/2022		5,003,281
	15,981,000	Pertamina Persero PT		5.25%			05/23/2021		16,687,715
	9,000,000	Pertamina Persero PT		4.88%			05/03/2022		9,513,206
	3,334,000	Perusahaan Listrik Negara PT		5.50%			11/22/2021		3,542,375
	3,376,000	Petrobras Global Finance B.V.		5.38%			01/27/2021		3,497,536
	7,000,000	Petronas Capital Ltd.		3.13%			03/18/2022		7,123,948
	21,600,000	Petronas Global Sukuk Ltd.		2.71%			03/18/2020		21,582,180
	2,340,000	PTTEP Canada International Finance Ltd.		5.69%			04/05/2021		2,450,117
	10,500,000	PTTEP Treasury Center Company Ltd. (5 Year CMT Rate + 2.72%)		4.60%	†		07/17/2022		10,759,329
	4,250,000	Reliance Holdings, Inc.		4.50%			10/19/2020		4,333,002
	17,560,000	Reliance Holdings, Inc.		5.40%			02/14/2022		18,672,952
	6,380,000	Royal Bank of Scotland Group PLC (3 Month LIBOR USD + 1.55%)		3.66%			06/25/2024		6,396,806

46 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	11,585,000	Santander UK PLC		2.50%			01/05/2021		11,602,570
	4,160,000	Scotiabank Peru S.A. (3 Month LIBOR USD + 3.86%)		4.50%			12/13/2027		4,331,642
	18,600,000	Sinochem Overseas Capital Ltd.		4.50%			11/12/2020		19,004,681
	10,800,000	Sinopec Group Overseas Development Ltd.		2.50%			04/28/2020		10,807,890
	500,000	Sinopec Group Overseas Development Ltd.		2.25%			09/13/2020		499,677
	4,200,000	Sinopec Group Overseas Development Ltd.		2.75%			05/03/2021		4,220,105
	2,090,000	Sinopec Group Overseas Development Ltd.		2.00%			09/29/2021		2,072,186
	3,000,000	Sinopec Group Overseas Development Ltd.		2.00%	^		09/29/2021		2,974,430
	3,710,000	Sinopec Group Overseas Development Ltd.		3.00%	^		04/12/2022		3,755,362
	4,000,000	Sinopec Group Overseas Development Ltd.		3.00%			04/12/2022		4,048,908
	2,500,000	Sociedad Quimica y Minera S.A.		5.50%			04/21/2020		2,546,000
	13,600,000	Southern Copper Corporation		5.38%			04/16/2020		13,788,365
	12,335,000	Sumitomo Mitsui Financial Group, Inc.		2.06%			07/14/2021		12,301,308
	5,552,000	Takeda Pharmaceutical Company Ltd.		4.00%	^		11/26/2021		5,750,101
	6,511,000	Tecnoglass, Inc.		8.20%			01/31/2022		7,048,157
	16,500,000	Telefonica Chile S.A.		3.88%			10/12/2022		17,087,402
	1,000,000	Temasek Financial Ltd.		2.38%			01/23/2023		1,014,809
	11,830,000	Toronto-Dominion Bank		3.25%			06/11/2021		12,081,783
	6,580,000	UBS AG		2.45%	^		12/01/2020		6,607,457
	9,720,000	Unifin Financiera S.A.B. de C.V.		7.25%			09/27/2023		10,079,640
	4,300,000	Union Bank of the Philippines		3.37%			11/29/2022		4,410,178
	775,000	United Overseas Bank Ltd. (3 Month LIBOR USD + 0.48%)		2.74%	^		04/23/2021		777,077
	850,000	United Overseas Bank Ltd. (3 Month LIBOR USD + 0.48%)		2.74%			04/23/2021		852,278
	5,620,000	United Overseas Bank Ltd. (5 Year CMT Rate + 1.50%)		3.75%			04/15/2029		5,832,088

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	7,637,000	United Overseas Bank Ltd. (5 Year Swap Rate USD + 1.65%)		2.88%			03/08/2027		7,638,298
	7,550,000	United Overseas Bank Ltd. (5 Year Swap Rate USD + 2.24%)		3.50%			09/16/2026		7,643,469
	10,000,000	UPL Corporation		3.25%			10/13/2021		10,047,762
	2,915,000	Vedanta Resources PLC		7.13%			05/31/2023		2,883,664
	1,000,000	Vedanta Resources PLC		6.13%			08/09/2024		923,885
	13,936,000	VTR Finance B.V.		6.88%			01/15/2024		14,388,920
	8,605,000	Westpac Banking Corporation		2.65%			01/25/2021		8,672,911
		Total Foreign Corporate Bonds (Cost $1,138,257,740)							1,152,958,988
	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS 1.4%
	5,600,000	Brazilian Government International Bond		4.88%			01/22/2021		5,803,056
	14,159,000	Chile Government International Bond		3.88%			08/05/2020		14,382,004
	26,500,000	Colombia Government International Bond		4.38%			07/12/2021		27,474,140
	1,210,000	Costa Rica Government International Bond		10.00%			08/01/2020		1,275,050
	24,033,333	Dominican Republic International Bond		7.50%			05/06/2021		25,144,875
	8,000,000	Indonesia Government International Bond		4.88%			05/05/2021		8,303,847
	6,740,000	Indonesia Government International Bond		3.70%	^		01/08/2022		6,933,243
	600,000	Indonesia Government International Bond		3.75%			04/25/2022		619,499
	4,000,000	Philippine Government International Bond		4.00%			01/15/2021		4,093,448
	10,100,000	Perusahaan Penerbit		3.40%			03/29/2022		10,323,715
	250,000	Wakala Global Sukuk BHD		4.65%			07/06/2021		260,514
		Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $104,115,252)							104,613,391

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 47

Schedule of Investments  DoubleLine Low Duration Bond Fund  (Cont.) (Unaudited) September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 16.6%
		Americold LLC,
	1,900,000	Series 2010-ARTA-D		7.44%	^		01/14/2029		1,978,874
		Arbor Realty Ltd.,
	15,000,000	Series 2017-FL2-A (1 Month LIBOR USD + 0.99%)		3.02%	^		08/15/2027		15,017,880
	12,618,000	Series 2018-FL1-A (1 Month LIBOR USD + 1.15%)		3.18%	^		06/15/2028		12,648,788
		AREIT Trust,
	363,000	Series 2018-CRE1-B (1 Month LIBOR USD + 1.65%, 1.65% Floor)		3.68%	^		02/14/2035		363,794
		Ashford Hospitality Trust,
	9,423,579	Series 2018-ASHF-A (1 Month LIBOR USD + 0.90%, 0.90% Floor)		2.93%	^		04/15/2035		9,423,122
		Atrium Hotel Portfolio Trust,
	12,019,000	Series 2017-ATRM-E (1 Month LIBOR USD + 3.05%)		5.08%	^		12/15/2036		12,101,090
	12,570,000	Series 2018-ATRM-A (1 Month LIBOR USD + 0.95%, 0.95% Floor)		2.98%	^		06/15/2035		12,594,225
	225,000	Series 2018-ATRM-E (1 Month LIBOR USD + 3.40%, 3.40% Floor)		5.43%	^		06/15/2035		227,153
		Bancorp Commercial Mortgage Trust,
	14,809,387	Series 2018-CRE4-A (1 Month LIBOR USD + 0.90%, 0.95% Floor)		2.93%	^		09/15/2035		14,822,407
		BANK,
	88,888,894	Series 2017-BNK5-XA		1.23%	# I/O		06/15/2060		5,216,791
	103,506,922	Series 2017-BNK6-XA		1.00%	# I/O		07/15/2060		5,217,515
		Barclays Commercial Mortgage Securities LLC,
	94,767,524	Series 2017-C1-XA		1.67%	# I/O		02/15/2050		8,140,492
	2,261,000	Series 2017-DELC-C (1 Month LIBOR USD + 1.20%)		3.23%	^		08/15/2036		2,256,340
	2,577,000	Series 2017-DELC-D (1 Month LIBOR USD + 1.70%)		3.73%	^		08/15/2036		2,583,080
	5,194,000	Series 2017-DELC-E (1 Month LIBOR USD + 2.50%)		4.53%	^		08/15/2036		5,211,780
	5,175,000	Series 2017-DELC-F (1 Month LIBOR USD + 3.50%)		5.53%	^		08/15/2036		5,201,180
		BBCMS Mortgage Trust,
	13,430,131	Series 2018-BXH-A (1 Month LIBOR USD + 1.00%, 1.00% Floor)		3.03%	^		10/15/2037		13,419,954
	168,500	Series 2018-CBM-D (1 Month LIBOR USD + 2.39%, 2.39% Floor)		4.42%	^		07/15/2037		168,929
	17,989,000	Series 2018-TALL-A (1 Month LIBOR USD + 0.72%)		2.75%	^		03/15/2037		17,971,198
		BDS Ltd.,
	12,783,000	Series 2019-FL4-A (1 Month LIBOR USD + 1.10%, 0.00% Floor)		3.13%	^		08/15/2036		12,831,742

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Bear Stearns Commercial Mortgage Securities, Inc.,
	1,362,412	Series 2005-PW10-AJ		5.78%	#		12/11/2040		1,392,038
	5,209,139	Series 2007-T26-AJ		5.57%	#		01/12/2045		4,544,860
		Benchmark Mortgage Trust,
	128,706,968	Series 2018-B1-XA		0.66%	# I/O		01/15/2051		4,536,612
		BHMS Trust,
	12,792,000	Series 2018-ATLS-A (1 Month LIBOR USD + 1.25%, 1.25% Floor)		3.28%	^		07/15/2035		12,813,168
	2,050,000	Series 2018-ATLS-C (1 Month LIBOR USD + 1.90%, 1.90% Floor)		3.93%	^		07/15/2035		2,057,353
	13,797,000	Series 2019-BXHP-A (1 Month LIBOR USD + 0.98%, 0.98% Floor)		3.00%	^		08/15/2036		13,745,391
	5,797,000	Series 2019-BXHP-C (1 Month LIBOR USD + 1.52%, 1.52% Floor)		3.55%	^		08/15/2036		5,786,585
		Bsprt Issuer Ltd.,
	18,407,000	Series 2019-FL5-A (1 Month LIBOR USD + 1.15%, 1.15% Floor)		3.48%	^		05/15/2029		18,477,167
		BX Commercial Mortgage Trust,
	615,000	Series 2018-BIOA-C (1 Month LIBOR USD + 1.12%, 1.10% Floor)		3.15%	^		03/15/2037		615,923
	3,590,000	Series 2018-BIOA-D (1 Month LIBOR USD + 1.32%, 1.35% Floor)		3.35%	^		03/15/2037		3,604,445
	8,976,000	Series 2018-BIOA-E (1 Month LIBOR USD + 1.95%, 1.98% Floor)		3.98%	^		03/15/2037		9,018,298
	1,950,883	Series 2018-EXCL-C (1 Month LIBOR USD + 1.98%)		4.00%	^		09/15/2037		1,956,866
	12,926,472	Series 2018-IND-A (1 Month LIBOR USD + 0.75%, 0.75% Floor)		2.78%	^		11/15/2035		12,938,952
		BX Trust,
	3,506,536	Series 2017-APPL-A (1 Month LIBOR USD + 0.88%, 0.88% Floor)		2.91%	^		07/15/2034		3,510,035
	14,603,850	Series 2017-APPL-B (1 Month LIBOR USD + 1.15%, 1.15% Floor)		3.18%	^		07/15/2034		14,623,257
	3,761,250	Series 2017-APPL-D (1 Month LIBOR USD + 2.05%, 2.05% Floor)		4.08%	^		07/15/2034		3,770,983
	5,819,950	Series 2017-APPL-E (1 Month LIBOR USD + 3.15%, 3.15% Floor)		5.18%	^		07/15/2034		5,849,235
	6,117,000	Series 2017-FL1-C (1 Month LIBOR USD + 1.95%, 1.95% Floor)		3.97%	^		06/15/2035		6,117,000
	5,854,800	Series 2017-SLCT-D (1 Month LIBOR USD + 2.05%)		4.08%	^		07/15/2034		5,862,052

48 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		BX Trust, (Cont.)
	9,922,900	Series 2017-SLCT-E (1 Month LIBOR USD + 3.15%)		5.18%	^		07/15/2034		9,984,856
	14,601,676	Series 2018-EXCL-A (1 Month LIBOR USD + 1.09%)		3.12%	^		09/15/2037		14,613,354
	3,532,459	Series 2018-EXCL-B (1 Month LIBOR USD + 1.33%, 1.33% Floor)		3.35%	^		09/15/2037		3,531,581
	11,441,000	Series 2018-GW-A (1 Month LIBOR USD + 0.80%, 0.80% Floor)		2.83%	^		05/15/2035		11,433,808
	1,001,000	Series 2018-GW-D (1 Month LIBOR USD + 1.77%, 1.77% Floor)		3.80%	^		05/15/2035		1,005,760
	10,499,130	Series2018-MCSF-D (1 Month LIBOR USD + 1.45%, 1.45% Floor)		3.48%	^		04/15/2035		10,502,985
	124,000	Series 2018-MCSF-F (1 Month LIBOR USD + 2.65%, 2.65% Floor)		4.67%	^		04/15/2035		124,951
	10,620,000	Series 2019-MMP-B (1 Month LIBOR USD + 1.30%, 1.30% Floor)		3.33%	^		08/15/2036		10,646,550
	1,905,000	Series 2019-MMP-C (1 Month LIBOR USD + 1.45%, 1.45% Floor)		3.48%	^		08/15/2036		1,909,759
	660,000	Series 2019-MMP-E (1 Month LIBOR USD + 1.90%, 1.90% Floor)		3.93%	^		08/15/2036		664,532
		Caesars Palace Las Vegas Trust,
	4,055,000	Series 2017-VICI-E		4.50%	#^		10/15/2034		4,202,660
		CAMB Commercial Mortgage Trust,
	17,352,000	Series 2019-LIFE-A (1 Month LIBOR USD + 1.07%, 1.07% Floor)		3.10%	^		12/15/2037		17,410,743
		CCRESG Commercial Mortgage Trust,
	712,000	Series 2016-HEAT-A		3.36%	^		04/10/2029		718,630
		CD Commercial Mortgage Trust,
	26,128,433	Series2017-CD4-XA		1.47%	# I/O		05/10/2050		1,902,369
		CF Trust,
	6,444,000	Series 2019-MF1-A (1 Month LIBOR USD + 1.05%, 1.05% Floor)		3.08%	^		08/21/2032		6,460,174
		CFCRE Commercial Mortgage Trust,
	114,032,864	Series 2017-C8-XA		1.81%	# I/O		06/15/2050		10,114,453
	42,452,000	Series 2017-C8-XB		1.12%	# I/O		06/15/2050		2,749,731
	5,586,000	Series 2018-TAN-B		4.69%	^		02/15/2033		5,949,031
	4,752,000	Series 2018-TAN-C		5.29%	^		02/15/2033		5,092,912
	2,851,000	Series 2018-TAN-D		6.10%	^		02/15/2033		3,063,337
		CG-CCRE Commercial Mortgage Trust,
	1,364,901	Series 2014-FL2-A (1 Month LIBOR USD + 1.85%, 1.85% Floor)		3.88%	^		11/15/2031		1,362,475
		CGDBB Commercial Mortgage Trust,
	2,410,000	Series 2017-BIOC-A (1 Month LIBOR USD + 0.79%, 0.75% Floor)		2.82%	^		07/15/2032		2,412,185

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		CGDBB Commercial Mortgage Trust, (Cont.)
	4,165,000	Series 2017-BIOC-B (1 Month LIBOR USD + 0.97%, 0.95% Floor)		3.00%	^		07/15/2032		4,168,755
	4,697,000	Series 2017-BIOC-D (1 Month LIBOR USD + 1.60%, 1.60% Floor)		3.63%	^		07/15/2032		4,701,687
	6,576,000	Series 2017-BIOC-E (1 Month LIBOR USD + 2.15%, 2.25% Floor)		4.18%	^		07/15/2032		6,584,040
		CGGS Commercial Mortgage Trust,
	12,600,000	Series 2018-WSS-D (1 Month LIBOR USD + 2.30%, 2.30% Floor)		4.33%	^		02/15/2037		12,605,529
		CHT Mortgage Trust,
	973,000	Series 2017-CSMO-A (1 Month LIBOR USD + 0.93%, 0.11% Floor)		2.96%	^		11/15/2036		974,310
	7,731,000	Series 2017-CSMO-E (1 Month LIBOR USD + 3.00%, 3.00% Floor)		5.03%	^		11/15/2036		7,768,355
	4,123,000	Series 2017-CSMO-F (1 Month LIBOR USD + 3.74%, 3.74% Floor)		5.77%	^		11/15/2036		4,149,572
		Citigroup Commercial Mortgage Trust,
	33,588,572	Series2016-GC36-XA		1.44%	# I/O		02/10/2049		2,147,600
	64,565,884	Series 2016-P3-XA		1.85%	# I/O		04/15/2049		5,072,354
	9,000,000	Series 2018-TBR-A (1 Month LIBOR USD + 0.83%, 0.80% Floor)		2.86%	^		12/15/2036		8,989,912
	179,000	Series 2018-TBR-D (1 Month LIBOR USD + 1.80%, 1.80% Floor)		3.83%	^		12/15/2036		179,154
		CLNS Trust,
	363,000	Series 2017-IKPR-C (1 Month LIBOR USD + 1.10%, 1.10% Floor)		3.15%	^		06/11/2032		362,766
	6,919,000	Series 2017-IKPR-D (1 Month LIBOR USD + 2.05%, 2.05% Floor)		4.10%	^		06/11/2032		6,923,262
	6,919,000	Series 2017-IKPR-E (1 Month LIBOR USD + 3.50%, 3.50% Floor)		5.55%	^		06/11/2032		6,941,981
		Commercial Mortgage Pass-Through Certificates,
	7,727,681	Series 2012-CR2-XA		1.80%	# I/O		08/15/2045		290,223
	111,035,351	Series 2013-CR12-XA		1.32%	# I/O		10/10/2046		4,240,251
	28,296,139	Series 2013-LC6-XA		1.49%	# I/O		01/10/2046		1,031,940
	2,950,000	Series 2014-FL5-C (1 Month LIBOR USD + 2.15%, 2.15% Floor)		3.58%	^		10/15/2031		2,954,233
	6,657,000	Series 2014-FL5-D (1 Month LIBOR USD + 4.00%, 4.00% Floor)		3.58%	^		10/15/2031		6,597,951
	170,451,075	Series 2015-CR25-XA		1.04%	# I/O		08/10/2048		7,070,686

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 49

Schedule of Investments  DoubleLine Low Duration Bond Fund  (Cont.) (Unaudited) September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Commercial Mortgage Pass-Through Certificates, (Cont.)
	21,308,000	Series 2018-HCLV-A (1 Month LIBOR USD + 1.00%, 1.00% Floor)		3.03%	^		09/15/2033		21,291,062
		Credit Suisse Commercial Mortgage Securities Corporation,
	10,603,000	Series 2019-SKLZ-A (1 Month LIBOR USD + 1.25%, 1.25% Floor)		3.28%	^		01/15/2034		10,634,815
		Credit Suisse Mortgage Capital Certificates,
	18,505,000	Series 2019-ICE4-A (1 Month LIBOR USD + 0.98%, 0.98% Floor)		3.01%	^		05/15/2036		18,526,244
		Credit Suisse Mortgage Trust,
	5,464,000	Series 2017-LSTK-C		3.23%	^		04/05/2033		5,469,808
	6,501,000	Series 2017-LSTK-D		3.44%	#^		04/05/2033		6,502,448
		CSAIL Commercial Mortgage Trust,
	126,479,738	Series 2017-C8-XA		1.39%	# I/O		06/15/2050		7,819,433
	19,983,080	Series2017-CX9-XA		1.02%	# I/O		09/15/2050		764,251
		CSMC Trust 2017-MOON,
	583,000	Series2017-MOON-D		3.30%	#^		07/10/2034		587,595
		CSMC Trust,
	10,862,000	Series 2017-CHOP-D (1 Month LIBOR USD + 1.90%, 1.90% Floor)		3.93%	^		07/15/2032		10,900,299
	811,000	Series 2017-LSTK-E		3.44%	#^		04/05/2033		806,640
		CSWF Trust,
	20,220,000	Series 2018-TOP-A (1 Month LIBOR USD + 1.00%, 1.00% Floor)		3.03%	^		08/15/2035		20,241,093
		DBCG Mortgage Trust,
	12,925,000	Series 2017-BBG-B (1 Month LIBOR USD + 0.85%, 0.95% Floor)		2.88%	^		06/15/2034		12,907,967
		DBGS Mortgage Trust,
	11,744,670	Series 2018-BIOD-A (1 Month LIBOR USD + 0.80%, 0.80% Floor)		2.83%	^		05/15/2035		11,763,047
		Exantas Capital Corporation Ltd.,
	18,119,352	Series 2019-RSO7-A (1 Month LIBOR USD + 1.00%, 1.00% Floor)		3.02%	^		04/15/2036		18,146,531
		GPMT Ltd.,
	7,361,855	Series 2018-FL1-A (1 Month LIBOR USD + 0.90%, 0.90% Floor)		2.94%	^		11/21/2035		7,368,296
	12,432,000	Series 2018-FL1-D (1 Month LIBOR USD + 2.95%, 2.95% Floor)		4.99%	^		11/21/2035		12,525,240
	17,691,000	Series 2019-FL2-A (1 Month LIBOR USD + 1.30%, 1.30% Floor)		3.33%	^		02/22/2036		17,797,146
		GPT Mortgage Trust,
	6,396,000	Series 2018-GPP-B (1 Month LIBOR USD + 1.28%, 1.28% Floor)		3.31%	^		06/15/2035		6,378,448

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Great Wolf Trust,
	12,112,000	Series 2017-WOLF-B (1 Month LIBOR USD + 1.10%, 1.10% Floor)		3.13%	^		09/15/2034		12,120,105
	3,487,000	Series 2017-WOLF-D (1 Month LIBOR USD + 2.10%, 1.00% Floor)		4.13%	^		09/15/2034		3,491,852
	5,404,000	Series 2017-WOLF-E (1 Month LIBOR USD + 3.10%, 1.00% Floor)		5.13%	^		09/15/2034		5,419,105
	2,876,000	Series 2017-WOLF-F (1 Month LIBOR USD + 4.07%, 1.00% Floor)		6.10%	^		09/15/2034		2,887,845
		GS Mortgage Securities Corporation Trust,
	1,512,000	Series 2017-500K-D (1 Month LIBOR USD + 1.30%, 1.55% Floor)		3.33%	^		07/15/2032		1,513,910
		GS Mortgage Securities Corporation,
	26,411,500	Series 2018-FBLU-E (1 Month LIBOR USD + 2.75%, 2.75% Floor)		4.78%	^		11/15/2035		26,532,288
	6,000,000	Series 2018-TWR-A (1 Month LIBOR USD + 0.90%, 0.85% Floor)		2.93%	^		07/15/2031		5,992,253
	6,000,000	Series 2018-TWR-D (1 Month LIBOR USD + 1.60%, 1.50% Floor)		3.63%	^		07/15/2031		5,983,021
		GS Mortgage Securities Trust,
	6,788,000	Series 2017-500K-E (1 Month LIBOR USD + 1.50%, 1.75% Floor)		3.53%	^		07/15/2032		6,803,106
	9,116,000	Series 2017-500K-F (1 Month LIBOR USD + 1.80%, 2.15% Floor)		3.83%	^		07/15/2032		9,148,090
	110,743,570	Series 2017-GS6-XA		1.19%	# I/O		05/10/2050		7,631,218
	133,154,181	Series 2017-GS7-XA		1.28%	# I/O		08/10/2050		9,301,792
	153,895,862	Series 2017-GS8-XA		1.12%	# I/O		11/10/2050		9,594,207
		Hilton Orlando Trust,
	9,236,000	Series 2018-ORL-B (1 Month LIBOR USD + 1.05%)		3.08%	^		12/15/2034		9,240,278
		Hunt Ltd.,
	7,250,000	Series 2017-FL1-B (1 Month LIBOR USD + 1.65%)		3.68%	^		08/15/2034		7,233,666
	20,301,000	Series 2018-FL2-A (1 Month LIBOR USD + 1.08%, 1.08% Floor)		3.11%	^		08/15/2028		20,384,742
		IMT Trust,
	3,990,000	Series 2017-APTS-DFL (1 Month LIBOR USD + 1.55%)		3.58%	^		06/15/2034		3,992,622
		JP Morgan Chase Commercial Mortgage Securities Corporation,
	1,116,630	Series 2015-JP1-A1		1.95%			01/15/2049		1,114,231
	1,272,494	Series 2017-FL10-B (1 Month LIBOR USD + 1.00%, 1.00% Floor)		3.03%	^		06/15/2032		1,268,187

50 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		JP Morgan Chase Commercial Mortgage Securities Corporation, (Cont.)
	2,027,000	Series 2017-FL10-C (1 Month LIBOR USD + 1.25%, 1.25% Floor)		3.28%	^		06/15/2032		2,017,576
	6,562,000	Series 2017-FL10-D (1 Month LIBOR USD + 1.90%, 1.90% Floor)		3.93%	^		06/15/2032		6,523,499
	12,337,848	Series 2018-LAQ-A (1 Month LIBOR USD + 1.00%, 1.00% Floor)		3.03%	^		06/15/2032		12,345,939
		JP Morgan Chase Commercial Mortgage Securities Trust,
	393,142	Series 2006-LDP9-AMS		5.34%			05/15/2047		377,942
	384,371	Series 2007-LDPX-AM		5.46%	#		01/15/2049		385,096
	4,546,000	Series 2011-C4-E		5.72%	#^		07/15/2046		4,748,952
	16,544,685	Series 2014-C20-XA		1.13%	# I/O		07/15/2047		448,151
	69,598,035	Series 2016-JP4-XA		0.88%	# I/O		12/15/2049		2,323,837
	3,188,000	Series 2016-WIKI-A		2.80%	^		10/05/2031		3,220,405
	12,491,000	Series 2018-WPT-EFL (1 Month LIBOR USD + 2.60%, 2.60% Floor)		4.67%	^		07/05/2033		12,551,935
		JPMBB Commercial Mortgage Securities Trust,
	86,811,867	Series 2015-C32-XA		1.52%	# I/O		11/15/2048		3,408,043
		JPMCC Commercial Mortgage Securities Trust,
	15,902,000	Series 2019-MFP-A (1 Month LIBOR USD + 1.00%, 0.96% Floor)		3.03%	^		07/15/2036		15,901,428
		LCCM Mortgage Trust,
	500,000	Series 2014-909-D		4.03%	#^		05/15/2031		506,204
	3,792,000	Series 2014-PKMD-MRC		2.95%	#^		11/14/2027		3,787,225
		LMREC, Inc.,
	1,955,494	Series 2015-CRE1-AR (1 Month LIBOR USD + 0.98%)		3.02%	^		02/22/2032		1,960,383
		LoanCore Issuer Ltd.,
	11,004,000	Series 2018-CRE1-A (1 Month LIBOR USD + 1.13%, 1.13% Floor)		3.16%	^		05/15/2028		11,010,877
	18,273,000	Series 2019-CRE2-AS (1 Month LIBOR USD + 1.50%, 1.50% Floor)		3.53%	^		05/15/2036		18,346,092
	12,297,000	Series 2019-CRE3-A (1 Month LIBOR USD + 1.05%, 1.05% Floor)		3.08%	^		04/15/2034		12,315,445
		LSTAR Commercial Mortgage Trust,
	69,647,284	Series 2017-5-X		1.26%	#^ I/O		03/10/2050		2,895,885
		Marathon CRE,
	12,970,000	Series 2018-FL1-A (1 Month LIBOR USD + 1.15%, 1.15% Floor)		3.18%	^		06/15/2028		12,997,561
		Monarch Beach Resort Trust,
	20,092,000	Series 2018-MBR-A (1 Month LIBOR USD + 0.92%, 0.92% Floor)		2.95%	^		07/15/2035		20,086,997

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Morgan Stanley Bank of America Merrill Lynch Trust,
	2,619,718	Series 2012-C5-XA		1.60%	#^ I/O		08/15/2045		85,550
	14,957,651	Series 2014-C19-LNCX		0.60%	^ I/O		12/15/2046		421,390
		Morgan Stanley Capital Trust,
	2,906,000	Series 2006-IQ11-B		6.39%	#		10/15/2042		2,945,250
	9,283,706	Series 2007-T27-AJ		6.14%	#		06/11/2042		9,868,025
	3,240,000	Series 2013-WLSR-A		2.70%	^		01/11/2032		3,236,971
	4,297,000	Series 2013-WLSR-C		3.20%	^		01/11/2032		4,293,456
	2,409,000	Series 2014-CPT-G		3.56%	#^		07/13/2029		2,415,703
	3,216,000	Series 2017-ASHF-D (1 Month LIBOR USD + 2.20%)		4.23%	^		11/15/2034		3,220,010
	4,824,000	Series 2017-ASHF-E (1 Month LIBOR USD + 3.15%)		5.18%	^		11/15/2034		4,830,016
	3,655,000	Series 2017-ASHF-F (1 Month LIBOR USD + 4.35%)		6.38%	^		11/15/2034		3,661,846
	12,901,000	Series 2018-SUN-A (1 Month LIBOR USD + 0.90%, 0.90% Floor)		2.93%	^		07/15/2035		12,905,776
		Morgan Stanley Capital, Inc.,
	1,430,515	Series 2006-HQ10-X1		0.72%	#^ I/O		11/12/2041		20
	68,784,310	Series 2017-H1-XA		1.60%	# I/O		06/15/2050		5,271,354
		Motel 6 Trust,
	10,673,915	Series 2017-MTL6-D (1 Month LIBOR USD + 2.15%, 2.15% Floor)		4.18%	^		08/15/2034		10,716,202
		MSCG Trust,
	16,416,000	Series 2018-SELF-A (1 Month LIBOR USD + 0.90%, 0.90% Floor)		2.93%	^		10/15/2037		16,460,389
		Natixis Commercial Mortgage Securities Trust 2018-850T,
	5,185,000	Series 2018-850T-C (1 Month LIBOR USD + 1.15%, 1.15% Floor)		3.18%	^		07/15/2033		5,183,401
		Natixis Commercial Mortgage Securities Trust,
	12,017,911	Series 2018-FL1-A (1 Month LIBOR USD + 0.95%, 0.95% Floor)		3.15%	^		06/15/2035		11,984,699
		NLY Commercial Mortgage Trust,
	19,570,000	Series 2019-FL2-AS (1 Month LIBOR USD + 1.60%, 1.60% Floor)		3.63%	^		02/15/2036		19,711,882
		OBP Depositor LLC Trust,
	10,201,000	Series 2010-OBP-A		4.65%	^		07/15/2045		10,270,008
		PFP Ltd.,
	12,998,798	Series 2019-5-A (1 Month LIBOR USD + 0.97%)		3.00%	^		04/14/2036		13,052,418
		RAIT Trust,
	2,363,000	Series 2017-FL7-AS (1 Month LIBOR USD + 1.30%, 1.30% Floor)		3.33%	^		06/15/2037		2,351,171
		Ready Capital Mortgage Trust,
	16,720,741	Series 2019-5-A		3.78%	^		02/25/2052		17,217,714

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 51

Schedule of Investments  DoubleLine Low Duration Bond Fund  (Cont.) (Unaudited) September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Rosslyn Portfolio Trust,
	5,437,000	Series 2017-ROSS-A (1 Month LIBOR USD + 0.95%, 1.94% Floor)		2.98%	^		06/15/2033		5,441,807
	6,186,000	Series 2017-ROSS-B (1 Month LIBOR USD + 1.25%, 2.24% Floor)		3.28%	^		06/15/2033		6,185,477
		Shelter Growth Issuer Ltd.,
	16,920,000	Series 2019-FL2-B (1 Month LIBOR USD + 1.80%, 1.80% Floor)		4.33%	^		05/15/2036		17,000,285
		SLIDE,
	15,370,973	Series 2018-FUN-A (1 Month LIBOR USD + 0.90%, 0.90% Floor)		2.93%	^		06/15/2031		15,369,640
	778,523	Series 2018-FUN-B (1 Month LIBOR USD + 1.25%, 1.25% Floor)		3.28%	^		06/15/2031		778,980
		STWD Ltd.,
	12,887,000	Series 2019-FL1-AS (1 Month LIBOR USD + 1.40%, 0.00% Floor)		3.67%	^		07/15/2038		12,930,494
		UBS Commercial Mortgage Trust,
	26,603,123	Series 2012-C1-XA		2.24%	#^ I/O		05/10/2045		1,094,585
	70,475,822	Series 2017-C1-XA		1.73%	# I/O		06/15/2050		6,403,659
	105,693,691	Series 2017-C3-XA		1.26%	# I/O		08/15/2050		6,808,692
	118,059,156	Series 2018-C8-XA		1.04%	# I/O		02/15/2051		7,070,303
		VMC Finance LLC,
	15,681,313	Series 2018-FL2-A (1 Month LIBOR USD + 0.92%, 0.92% Floor)		2.94%	^		10/15/2035		15,711,688
		Wells Fargo Commercial Mortgage Trust 2019-C51,
	184,547,258	Series 2019-C51-XA		1.53%	# I/O		06/15/2052		18,734,924
		Wells Fargo Commercial Mortgage Trust,
	31,315,713	Series 2015-LC22-XA		0.99%	# I/O		09/15/2058		1,225,290
		WF-RBS Commercial Mortgage Trust,
	12,309,477	Series 2012-C8-XA		1.98%	#^ I/O		08/15/2045		503,390
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $1,287,695,668)							1,271,832,769
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 18.0%
		Ajax Mortgage Loan Trust,
	18,028,024	Series 2017-C-A		3.75%	^§		07/25/2060		18,134,674
	9,101,504	Series 2018-E-A		4.38%	#^		06/25/2058		9,222,844
	35,491,077	Series 2018-F-A		4.38%	#^		11/25/2058		35,725,211
	3,564,721	Series 2019-C-A		3.95%	#^		10/25/2058		3,591,396
		Angel Oak Mortgage Trust LLC,
	2,431,822	Series 2017-1-A1		2.81%	#^		01/25/2047		2,433,383
	1,188,494	Series 2017-1-A2		3.09%	#^		01/25/2047		1,189,895
	16,471,137	Series 2018-2-A1		3.67%	#^		07/27/2048		16,664,294
		Arroyo Mortgage Trust,
	22,626,350	Series 2019-3-A2		3.21%	#^		10/25/2048		22,848,857
	12,228,394	Series 2019-3-A3		3.42%	#^		10/25/2048		12,348,253
		Banc of America Funding Corporation,
	182,862	Series 2005-E-6A1		4.77%	#		05/20/2035		188,360
		Banc of America Mortgage Securities Trust,
	1,079,586	Series 2005-E-2A1		4.70%	#		06/25/2035		1,042,122

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Bayview Opportunity Master Fund Trust,
	1,403,241	Series 2018-RN6-A1		4.09%	^§		07/25/2033		1,406,580
	10,772,941	Series 2019-SBR1-A1		3.47%	^§		06/28/2034		10,804,544
	20,112,593	Series 2019-SBR2-A1		3.43%	^§		06/28/2034		20,092,499
		BCAP LLC Trust,
	1,104,493	Series 2011-RR1-8A3		6.00%	#^		08/28/2021		1,131,644
		Bear Stearns Adjustable Rate Mortgage Trust,
	2,215,924	Series 2003-9-4A1		4.75%	#		02/25/2034		2,289,862
		Bear Stearns Asset Backed Securities Trust,
	233,903	Series 2004-AC2-2A		5.00%			05/25/2034		244,968
		Bellemeade Ltd.,
	6,544,587	Series 2018-2A-M1A (1 Month LIBOR USD + 0.95%)		2.97%	^		08/25/2028		6,547,060
		CAM Mortgage Trust,
	693,564	Series 2018-1-A1		3.96%	^§		12/01/2065		694,970
		Carrington Mortgage Loan Trust,
	6,673,969	Series 2007-FRE1-A2 (1 Month LIBOR USD + 0.20%, 0.20% Floor, 14.50% Cap)		2.22%			02/25/2037		6,666,589
		CIM Trust,
	7,031,709	Series 2017-6-A1		3.02%	#^		06/25/2057		7,075,322
	19,944,357	Series 2017-8-A1		3.00%	#^		12/25/2065		19,938,473
		CitiCorporationResidential Mortgage Securities, Inc.,
	604,229	Series 2007-1-A4		5.26%	ß		03/25/2037		614,116
	4,105,744	Series 2007-2-A4		5.01%	ß		06/25/2037		4,134,686
		Citigroup Mortgage Loan Trust, Inc.,
	1,044,077	Series 2006-AR1-2A1 (1 Year CMT Rate + 2.40%, 2.40% Floor, 9.87% Cap)		4.98%			03/25/2036		1,058,568
	37,292,847	Series 2018-A-A1		4.00%	#^		01/25/2068		37,428,264
	9,534,691	Series 2018-C-A1		4.13%	^§		03/25/2059		9,612,191
		Citigroup Mortgage Loan Trust,
	9,816,661	Series 2019-B-A1		3.26%	#^		04/25/2066		9,840,421
		COLT Mortgage Loan Trust,
	1,573,615	Series 2018-1-A2		2.98%	#^		02/25/2048		1,576,676
	1,963,013	Series 2018-1-A3		3.08%	#^		02/25/2048		1,966,915
	4,222,258	Series 2018-3-A1		3.69%	#^		10/26/2048		4,260,213
	2,918,326	Series 2018-3-A2		3.76%	#^		10/26/2048		2,944,489
	2,794,142	Series 2018-3-A3		3.87%	#^		10/26/2048		2,819,121
		Countrywide Asset-Backed Certificates,
	9,092	Series 2005-15-1AF6		3.81%	#		04/25/2036		9,139
		Countrywide Home Loans,
	2,762,150	Series 2004-HYB9-1A1		4.24%	#		02/20/2035		2,796,891
		Credit Suisse First Boston Mortgage Securities Corporation,
	27,008	Series 2005-11-5A1		5.25%			12/25/2020		26,671
		Credit Suisse Mortgage Capital Certificates,
	6,458,330	Series 2011-5R-6A9		3.95%	#^		11/27/2037		6,624,484
	352,535	Series 2013-3R-1A1		3.28%	#^		04/27/2035		353,870
		CSMC Trust,
	25,223,213	Series 2018-RPL7-A1		4.00%	^		08/26/2058		25,559,262
	46,506,319	Series 2018-RPL8-A1		4.13%	#^		07/25/2058		47,023,729
	22,106,260	Series 2019-3R-1A1 (1 Month LIBOR USD + 1.40%, 1.40% Floor)		3.51%	^		06/02/2047		22,287,715
	19,358,668	Series 2019-RPL2-A1		3.92%	^		07/25/2058		19,678,963
		Deephaven Residential Mortgage Trust,
	1,905,650	Series 2017-2A-A1		2.45%	#^		06/25/2047		1,904,245
	925,601	Series 2017-2A-A2		2.61%	#^		06/25/2047		925,031
	1,361,178	Series 2017-2A-A3		2.71%	#^		06/25/2047		1,360,315

52 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		First Horizon Mortgage Pass-Through Trust,
	4,675,369	Series 2007-AR2-1A1		4.82%	#		08/25/2037		3,685,135
		GCAT LLC,
	10,001,961	Series 2018-1-A1		3.84%	^§		06/25/2048		10,040,670
	14,545,726	Series 2019-2-A1		3.47%	^§		06/25/2024		14,612,546
		GS Mortgage-Backed Securities Trust,
	32,489,998	Series 2019-SL1-A1		2.63%	#^		01/25/2059		32,361,090
		GSR Mortgage Loan Trust,
	2,056,811	Series 2005-AR7-3A1		4.46%	#		11/25/2035		2,003,350
		Homeward Opportunities Fund Trust,
	5,683,955	Series 2018-1-A1		3.77%	#^		06/25/2048		5,754,795
	7,359,771	Series 2018-1-A2		3.90%	#^		06/25/2048		7,454,531
	8,551,847	Series 2018-1-A3		4.00%	#^		06/25/2048		8,663,842
		Invitation Homes Trust,
	29,416,649	Series 2017-SFR2-A (1 Month LIBOR USD + 0.85%, 0.85% Floor)		2.87%	^		12/17/2036		29,472,211
	19,015,662	Series 2018-SFR1-A (1 Month LIBOR USD + 0.70%)		2.72%	^		03/17/2037		18,808,424
		JP Morgan Alternative Loan Trust,
	163,162	Series 2006-S4-A6		5.71%	ß		12/25/2036		161,745
		JP Morgan Mortgage Trust,
	28,389	Series 2007-S1-1A1		5.00%			03/25/2022		27,926
	24,941	Series 2007-S3-2A2		5.50%			08/25/2022		24,105
	18,995,419	Series 2018-7FRB-A2 (1 Month LIBOR USD + 0.75%)		2.90%	^		04/25/2046		18,980,998
		Legacy Mortgage Asset Trust 2019-GS4,
	14,508,290	Series 2019-GS4-A1		3.44%	^§		05/25/2059		14,647,976
		Legacy Mortgage Asset Trust,
	16,923,553	Series 2017-GS1-A1		3.50%	^§		01/25/2057		16,891,436
	22,205,972	Series 2018-GS1-A1		4.00%	^§		03/25/2058		22,433,512
	18,608,352	Series 2018-GS3-A1		4.00%	^§		06/25/2058		18,864,878
	34,268,866	Series 2019-GS1-A1		4.00%	^§		01/25/2059		34,773,979
	18,546,130	Series 2019-GS2-A1		3.75%	^§		01/25/2059		19,338,050
	28,718,433	Series 2019-GS3-A1		3.75%	^§		04/25/2059		29,361,273
	541,759	Series 2019-GS5-A1		3.20%	^§		05/25/2059		545,010
	30,497,833	Series 2019-GS6-A1		3.00%	^§		06/25/2059		30,719,309
		MASTR Adjustable Rate Mortgages Trust,
	3,670,354	Series 2006-2-2A1		4.56%	#		04/25/2036		3,249,931
		Merrill Lynch Mortgage Investors Trust,
	2,546,345	Series 2005-3-2A		4.37%	#		11/25/2035		2,583,922
		MFA LLC,
	12,150,697	Series 2017-NPL1-A1		3.35%	^§		11/25/2047		12,224,977
	15,316,954	Series 2018-NPL1-A1		3.88%	^§		05/25/2048		15,449,066
		Mill City Mortgage Loan Trust,
	9,802,788	Series 2017-1-A1		2.75%	#^		11/25/2058		9,852,608
	17,195,645	Series 2017-3-A1		2.75%	#^		01/25/2061		17,304,449
		Morgan Stanley Mortgage Loan Trust,
	7,360	Series 2004-1-1A1		5.00%			08/25/2020		7,518
		Morgan Stanley Re-Remic Trust,
	803,076	Series 2012-R3-2A (1 Month LIBOR USD + 0.23%, 0.23% Floor)		2.25%	^		02/26/2037		802,957
		Nationstar HECM Loan Trust,
	4,400,000	Series 2018-2A-M2		3.82%	#^		07/25/2028		4,395,195
		New Residential Mortgage Loan Trust,
	13,939,517	Series 2018-FNT1-A		3.61%	^		05/25/2023		14,132,464
	14,144,806	Series 2019-NQM1-A1		3.67%	#^		01/25/2049		14,406,182
	11,594,140	Series 2019-NQM1-A2		3.88%	#^		01/25/2049		11,787,993
	36,059,575	Series 2019-RPL1-A1		4.33%	^§		02/26/2024		36,395,344

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		NRZ Excess Spread-Collateralized Notes,
	17,341,004	Series 2018-PLS1-A		3.19%	^		01/25/2023		17,430,376
	14,621,779	Series 2018-PLS2-A		3.27%	^		02/25/2023		14,728,663
		Oak Hill Advisors Residential Loan Trust,
	1,527,204	Series 2017-NPL1-A1		3.00%	^§		06/25/2057		1,530,941
	734,891	Series 2017-NPL2-A1		3.00%	^§		07/25/2057		736,185
		Oaktown Ltd.,
	9,400,000	Series 2019-1A-M1A (1 Month LIBOR USD + 1.40%, 1.40% Floor)		3.42%	^		07/25/2029		9,427,025
		OBX Trust,
	5,233,804	Series 2018-1-A2 (1 Month LIBOR USD + 0.65%)		2.67%	^		06/25/2057		5,224,995
		Opteum Mortgage Acceptance Corporation,
	35,502	Series 2005-5-2AN		5.68%	#		12/25/2035		35,812
		Park Avenue Funding Trust,
	36,111,456	Series 2019-3-PT (1 Month LIBOR USD + 1.50%, 1.50% Floor)		3.55%	^		01/27/2021		36,113,038
		Pretium Mortgage Credit Partners LLC,
	6,028,381	Series 2018-NPL4-A1		4.83%	^§		09/25/2058		6,076,395
	43,625,140	Series 2019-1A-A1		4.50%	^§		01/25/2024		44,042,485
	44,369,406	Series 2019-NPL1-A1		4.21%	^§		07/25/2060		44,792,859
	4,303,507	Series 2019-NPL2-A1		3.84%	^§		12/25/2058		4,326,875
		PRPM LLC,
	2,095,136	Series 2017-1A-A1		4.25%	^§		01/25/2022		2,104,926
	16,658,533	Series 2018-1A-A1		3.75%	#^		04/25/2023		16,715,549
	27,193,617	Series 2018-2A-A1		4.00%	#^		08/25/2023		27,400,571
	4,071,275	Series 2019-3A-A1		3.35%	^§		07/25/2024		4,088,841
		Radnor Ltd.,
	32,385,551	Series 2019-2-M1A (1 Month LIBOR USD + 1.20%, 1.20% Floor)		3.22%	^		06/25/2029		32,403,998
		Starwood Mortgage Residential Trust,
	5,882,582	Series 2018-IMC1-A2		3.90%	#^		03/25/2048		5,993,692
		Structured Asset Securities Corporation,
	243,286	Series 2003-24A-1A3		4.41%	#		07/25/2033		249,775
	41,308	Series 2005-10-6A1		5.00%			06/25/2020		41,927
		Towd Point Mortgage Trust,
	29,885,923	Series 2019-SJ1-A1		3.75%	#^		11/25/2058		30,207,830
		Velocity Commercial Capital Loan Trust,
	275,390	Series 2016-1-AFX		3.53%	#^		04/25/2046		274,885
	2,471,439	Series 2016-2-AFX		3.00%	#		10/25/2046		2,475,914
	10,124,228	Series 2017-1-AFX		3.00%	#^		05/25/2047		10,100,561
	7,640,927	Series 2019-2-A		3.13%	#^		07/25/2049		7,701,249
		Vericrest Opportunity Loan Trust,
	33,582,919	Series 2019-NPL3-A1		3.97%	^§		03/25/2049		33,854,534
		Verus Securitization Trust,
	7,001,589	Series 2017-1A-A1		2.85%	#^		01/25/2047		7,008,773
	1,037,272	Series 2017-1A-A2		3.16%	#^		01/25/2047		1,038,131
	10,834,148	Series 2018-1-A1		2.93%	#^		02/25/2048		10,860,861
		VOLT LLC,
	6,530,824	Series 2017-NP11-A1		3.38%	^§		10/25/2047		6,557,130
	13,634,364	Series 2017-NPL9-A1		3.13%	^§		09/25/2047		13,676,028
	8,890,667	Series 2018-NPL1-A1		3.75%	^§		04/25/2048		8,927,084
	11,840,645	Series 2018-NPL5-A1A		4.21%	^§		08/25/2048		11,901,003
	27,350,676	Series 2018-NPL6-A1A		4.11%	^§		09/25/2048		27,498,339
	6,357,737	Series 2018-NPL7-A1A		3.97%	^§		09/25/2048		6,404,241
	13,849,735	Series 2018-NPL8-A1A		4.21%	^§		10/26/2048		13,932,423
	8,719,296	Series 2018-NPL9-A1A		4.46%	^§		10/25/2048		8,784,736
	16,517,222	Series 2019-NPL1-A1A		4.34%	^§		01/25/2049		16,671,295

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 53

Schedule of Investments  DoubleLine Low Duration Bond Fund  (Cont.) (Unaudited) September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Washington Mutual Mortgage Pass-Through Certificates,
	729,003	Series 2002-AR16-A		4.70%	#		12/25/2032		752,267
		Wells Fargo Mortgage Backed Securities Trust,
	906,473	Series 2006-AR6-5A1		4.95%	#		03/25/2036		928,357
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $1,369,882,758)							1,380,327,741
	US CORPORATE BONDS 5.7%
	5,887,000	AbbVie, Inc.		3.38%			11/14/2021		6,035,968
	6,748,000	American Express Company (3 Month LIBOR USD + 0.65%)		2.78%			02/27/2023		6,763,899
	11,615,000	Amgen, Inc.		2.20%			05/11/2020		11,613,242
	957,000	Amgen, Inc.		2.65%			05/11/2022		969,768
	6,125,000	Analog Devices, Inc.		2.95%			01/12/2021		6,172,492
	10,600,000	Anthem, Inc.		2.50%			11/21/2020		10,639,089
	1,790,000	Anthem, Inc.		3.30%			01/15/2023		1,849,091
	13,169,000	AT&T, Inc.		2.80%			02/17/2021		13,287,217
	12,259,000	Bank of America Corporation (3 Month LIBOR USD + 0.79%)		2.92%			03/05/2024		12,285,868
	7,170,000	BAT Capital Corporation		2.76%			08/15/2022		7,240,531
	6,095,000	BB&T Corporation		2.20%			03/16/2023		6,091,841
	6,139,000	Capital One Financial Corporation		2.40%			10/30/2020		6,157,452
	11,865,000	Cardinal Health, Inc.		2.62%			06/15/2022		11,929,463
	3,475,000	Caterpillar Financial Services Corporation		1.90%			09/06/2022		3,472,029
	5,291,000	Celgene Corporation		2.88%			08/15/2020		5,320,956
	5,970,000	Cigna Corporation		3.40%			09/17/2021		6,108,295
	6,471,000	Cintas Corporation		2.90%			04/01/2022		6,614,901
	6,676,000	Citigroup, Inc.		2.75%			04/25/2022		6,777,859
	5,880,000	Citigroup, Inc. (3 Month LIBOR USD + 1.02%)		3.16%			06/01/2024		5,922,832
	5,910,000	Comcast Corporation		3.45%			10/01/2021		6,087,914
	3,694,000	Consolidated Edison, Inc.		2.00%			03/15/2020		3,692,500
	2,466,000	Consolidated Edison, Inc.		2.00%			05/15/2021		2,463,999
	6,243,000	Continental Resources, Inc.		4.50%			04/15/2023		6,490,132
	11,855,000	CVS Health Corporation		3.70%			03/09/2023		12,346,774
	4,760,000	Daimler Finance North America LLC		2.30%	^		02/12/2021		4,765,004
	200,000	Daimler Finance North America LLC		3.40%	^		02/22/2022		204,679
	6,180,000	Delta Air Lines, Inc.		3.40%			04/19/2021		6,268,483
	2,970,000	DTE Energy Company		2.53%			10/01/2024		2,982,649
	4,280,000	DuPont de Nemours, Inc.		3.77%			11/15/2020		4,359,838
	5,965,000	eBay, Inc.		2.75%			01/30/2023		6,041,338
	5,795,000	Energy Transfer Operating LP		4.25%			03/15/2023		6,059,375
	5,625,000	EQT Corporation		2.50%			10/01/2020		5,616,968
	6,440,000	Ford Motor Credit Company LLC (3 Month LIBOR USD + 1.24%)		3.39%			02/15/2023		6,248,349

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	6,315,000	General Electric Company		2.70%			10/09/2022		6,333,628
	6,252,000	General Mills, Inc.		3.15%			12/15/2021		6,380,317
	2,315,000	General Motors Financial Company		2.65%			04/13/2020		2,318,288
	3,358,000	General Motors Financial Company		3.20%			07/06/2021		3,393,296
	4,605,000	Goldman Sachs Group, Inc.		2.30%			12/13/2019		4,605,617
	5,355,000	Goldman Sachs Group, Inc.		3.20%			06/05/2020		5,396,520
	2,305,000	Goldman Sachs Group, Inc.		2.35%			11/15/2021		2,307,801
	7,270,000	JPMorgan Chase & Company (3 Month LIBOR USD + 0.70%)		3.21%			04/01/2023		7,446,399
	610,000	Kinder Morgan Energy Partners LP		6.85%			02/15/2020		620,285
	1,550,000	Kinder Morgan Energy Partners LP		3.95%			09/01/2022		1,614,100
	10,266,000	Kinder Morgan, Inc.		3.05%			12/01/2019		10,271,931
	5,190,000	Marathon Petroleum Corporation		4.75%			12/15/2023		5,636,141
	5,180,000	Marsh & McLennan Companies, Inc. (3 Month LIBOR USD + 1.20%)		3.30%			12/29/2021		5,190,480
	5,795,000	Microchip Technology, Inc.		3.92%			06/01/2021		5,921,028
	11,415,000	Mondelez International, Inc.		3.00%			05/07/2020		11,474,765
	815,000	Mondelez International, Inc.		3.63%			05/07/2023		853,310
	11,830,000	Morgan Stanley (3 Month LIBOR USD + 0.93%)		3.21%			07/22/2022		11,922,731
	6,030,000	NextEra Energy Capital Holdings, Inc.		3.34%			09/01/2020		6,098,871
	12,478,000	Northrop Grumman Corporation		2.08%			10/15/2020		12,484,221
	3,260,000	Occidental Petroleum Corporation		2.70%			08/15/2022		3,289,884
	4,930,000	PayPal Holdings, Inc.		2.20%			09/26/2022		4,944,884
	6,140,000	Penske Truck Leasing Company		2.70%	^		11/01/2024		6,160,776
	3,755,000	PNC Bank		2.45%			11/05/2020		3,772,384
	1,905,000	PNC Funding Corporation		3.30%			03/08/2022		1,966,501
	679,000	Prudential Financial, Inc.		4.50%			11/15/2020		697,413
	1,770,000	Prudential Financial, Inc.		4.50%			11/16/2021		1,857,144
	8,805,000	Prudential Financial, Inc.		3.50%			05/15/2024		9,377,696
	5,240,000	PSEG Power LLC		3.85%			06/01/2023		5,544,619
	2,785,000	Republic Services, Inc.		2.50%			08/15/2024		2,818,841
	3,295,000	Reynolds American, Inc.		3.25%			06/12/2020		3,316,254
	1,280,000	Reynolds American, Inc.		4.00%			06/12/2022		1,333,972
	5,870,000	Schlumberger Holdings Corporation		3.75%	^		05/01/2024		6,186,519
	5,950,000	Simon Property Group LP		2.00%			09/13/2024		5,893,293

54 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	4,625,000	Synchrony Financial		3.75%			08/15/2021		4,733,950
	1,535,000	Synchrony Financial		2.85%			07/25/2022		1,549,137
	12,016,000	Thermo Fisher Scientific, Inc.		3.60%			08/15/2021		12,321,379
	5,755,000	Union Pacific Corporation		3.20%			06/08/2021		5,856,276
	5,605,000	Verizon Communications, Inc. (3 Month LIBOR USD + 1.10%)		3.26%			05/15/2025		5,696,180
	6,675,000	Volkswagen Group of America Finance LLC		4.00%	^		11/12/2021		6,900,649
	5,590,000	Waste Management, Inc.		2.95%			06/15/2024		5,783,860
	12,485,000	Wells Fargo & Company		2.60%			01/15/2021		12,576,899
	5,885,000	Welltower, Inc.		3.63%			03/15/2024		6,183,292
		Total US Corporate Bonds (Cost $432,690,614)							437,912,326
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS 6.6%
		Fannie Mae
	4,471,465	Pool BC0057 (12 Month LIBOR USD + 1.60%, 1.60% Floor, 7.41% Cap)		2.41%			12/01/2045		4,536,862
		Federal Home Loan Mortgage Corporation Pass-Thru,
	127,267,345	Series K722-X1		1.44%	# I/O		03/25/2023		4,666,206
		Federal Home Loan Mortgage Corporation,
	2,992,124	Pool 840632 (12 Month LIBOR USD + 1.62%, 1.62% Floor, 7.67% Cap)		2.59%			05/01/2045		3,054,287
	235,759	Pool N70081		5.50%			07/01/2038		262,284
	11,508,437	Series 0-3843-FB (1 Month LIBOR USD + 0.33%, 0.33% Floor, 7.00% Cap)		2.36%			04/15/2041		11,497,115
	8,819,171	Series 0-4773-EA		4.00%			10/15/2042		8,957,672
	30,000,000	Series 0-4920-FA (1 Month LIBOR USD + 0.45%, 0.45% Floor, 6.50% Cap)		2.51%			10/25/2049		30,101,253
	1,860,000	Series 3025-FW (1 Month LIBOR USD + 0.25%, 0.25% Floor, 7.00% Cap)		2.28%			08/15/2035		1,851,095
	43,554	Series 3818-JA		4.50%			01/15/2040		43,772
	28,068	Series 3872-BA		4.00%			06/15/2041		29,195
	2,313,964	Series 4050-BC		2.00%			05/15/2041		2,296,440
	895,994	Series 4074-KF (1 Month LIBOR USD + 0.30%, 0.30% Floor, 7.00% Cap)		2.33%			02/15/2041		893,604
	1,068,109	Series 4238-FD (1 Month LIBOR USD + 0.30%, 0.30% Floor, 7.00% Cap)		2.33%			02/15/2042		1,069,722
	2,645,900	Series 4381-FK (1 Month LIBOR USD + 0.35%, 0.35% Floor, 6.50% Cap)		2.38%			06/15/2044		2,632,893
	12,614,385	Series 4484-CD		1.75%			07/15/2030		12,490,359
	6,741,756	Series 4631-GF (1 Month LIBOR USD + 0.50%, 0.50% Floor, 6.50% Cap)		2.53%			11/15/2046		6,764,741

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal Home Loan Mortgage Corporation, (Cont.)
	12,524,121	Series 4725-FB (1 Month LIBOR USD + 0.35%, 0.35% Floor, 6.50% Cap)		2.38%			08/15/2047		12,461,844
	17,710,924	Series 4768-FG (1 Month LIBOR USD + 0.30%, 0.30% Floor, 6.50% Cap)		2.33%			03/15/2048		17,667,213
	9,844,632	Series 4824-FC (1 Month LIBOR USD + 0.35%, 0.35% Floor, 6.50% Cap)		2.38%			09/15/2048		9,842,309
	8,996,719	Series 4842-FA (1 Month LIBOR USD + 0.35%, 0.35% Floor, 6.50% Cap)		2.38%			11/15/2048		9,001,545
		Federal National Mortgage Association Pass-Thru,
	110,032	Pool AB3850		4.00%			11/01/2041		113,787
	5,671,567	Pool AL2987 (12 Month LIBOR USD + 1.63%, 7.33% Cap)		3.10%			11/01/2042		5,830,840
	2,502,987	Pool AL4292		4.50%			04/01/2026		2,612,222
		Federal National Mortgage Association,
	2,873,818	Pool AL9932		3.04%			01/01/2024		2,946,687
	9,150,000	Pool AM6134		2.67%			09/01/2021		9,202,520
	3,877,553	Pool BM3520 (12 Month LIBOR USD + 1.56%, 1.56% Floor, 7.00% Cap)		2.03%			05/01/2045		3,930,014
	8,184,128	Series 0-404-F13 (1 Month LIBOR USD + 0.60%, 0.60% Floor, 7.00% Cap)		2.62%			05/25/2040		8,229,169
	2,802,058	Series 2006-97-FE (1 Month LIBOR USD + 0.45%, 0.45% Floor, 6.50% Cap)		2.47%			10/25/2035		2,806,871
	1,117,907	Series 2010-113-FA (1 Month LIBOR USD + 0.40%, 0.40% Floor, 7.00% Cap)		2.42%			10/25/2040		1,119,959
	42,494,467	Series 2010-54-FB (1 Month LIBOR USD + 0.39%, 0.39% Floor, 7.00% Cap)		2.41%			06/25/2036		42,551,078
	1,007,485	Series 2011-128-FK (1 Month LIBOR USD + 0.35%, 0.35% Floor, 7.00% Cap)		2.37%			07/25/2041		1,008,127
	17,874,766	Series 2011-63-FP (1 Month LIBOR USD + 0.32%, 0.32% Floor, 7.00% Cap)		2.34%			07/25/2041		17,845,891
	104,148	Series 2011-64-DB		4.00%			07/25/2041		111,857
	7,166,047	Series 2011-86-KF (1 Month LIBOR USD + 0.55%, 0.55% Floor, 6.50% Cap)		2.57%			09/25/2041		7,200,771
	28,861,405	Series 2011-96-FA (1 Month LIBOR USD + 0.45%, 0.45% Floor, 7.00% Cap)		2.47%			10/25/2041		28,972,112
	2,539,208	Series 2012-110-MF (1 Month LIBOR USD + 0.46%, 0.46% Floor, 6.50% Cap)		2.48%			10/25/2042		2,547,421
	1,207,040	Series 2012-111-JF (1 Month LIBOR USD + 0.40%, 0.40% Floor, 6.50% Cap)		2.42	%		07/25/2040		1,210,667

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 55

Schedule of Investments  DoubleLine Low Duration Bond Fund  (Cont.) (Unaudited) September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal National Mortgage Association, (Cont.)
	9,181,712	Series 2012-56-FA (1 Month LIBOR USD + 0.55%, 0.55% Floor, 6.50% Cap)		2.57	%		06/25/2042		9,248,420
	19,348,435	Series 2012-56-FK (1 Month LIBOR USD + 0.45%, 0.45% Floor, 6.50% Cap)		2.47	%		06/25/2042		19,381,693
	2,728,075	Series 2013-81-EF (1 Month LIBOR USD + 0.35%, 0.35% Floor, 6.50% Cap)		2.37	%		12/25/2042		2,725,382
	12,022,425	Series 2016-89-FH (1 Month LIBOR USD + 0.50%, 0.50% Floor, 6.50% Cap)		2.52	%		12/25/2046		12,079,261
	7,631,923	Series 2017-3-FA (1 Month LIBOR USD + 0.50%, 0.50% Floor)		2.52	%		02/25/2047		7,652,616
	22,512,237	Series 2017-96-FA (1 Month LIBOR USD + 0.40%, 0.40% Floor, 6.50% Cap)		2.42	%		12/25/2057		22,642,324
	13,898,642	Series 2018-15-JF (1 Month LIBOR USD + 0.30%, 0.30% Floor, 6.50% Cap)		2.32	%		03/25/2048		13,877,609
	12,465,603	Series 2018-49-FB (1 Month LIBOR USD + 0.30%, 0.30% Floor, 6.50% Cap)		2.32	%		07/25/2048		12,402,355
	19,679,817	Series 2018-55-FA (1 Month LIBOR USD + 0.30%, 0.30% Floor, 6.50% Cap)		2.32	%		08/25/2048		19,625,544
	13,182,700	Series 2018-64-FA (1 Month LIBOR USD + 0.35%, 0.35% Floor, 6.50% Cap)		2.37	%		09/25/2048		13,077,971
	20,710,854	Series 2018-70-HF (1 Month LIBOR USD + 0.35%, 0.35% Floor, 6.50% Cap)		2.37	%		10/25/2058		20,662,324
	18,538,654	Series 2018-71-FA (1 Month LIBOR USD + 0.30%, 0.30% Floor, 6.50% Cap)		2.32	%		09/25/2048		18,514,568
	12,197,761	Series 2018-77-FA (1 Month LIBOR USD + 0.30%, 0.30% Floor, 6.50% Cap)		2.32	%		10/25/2048		12,099,211
	8,242,534	Series 2019-42-KF (1 Month LIBOR USD + 0.35%, 0.35% Floor, 7.50% Cap)		2.37	%		08/25/2049		8,242,436
	9,004,409	Series 2019-42-LF (1 Month LIBOR USD + 0.35%, 0.35% Floor, 7.00% Cap)		2.37	%		08/25/2049		9,003,994
	15,888,578	Series 2019-57-FE (1 Month LIBOR USD + 0.45%, 0.45% Floor, 6.50% Cap)		2.49	%		10/25/2049		15,878,648
	5,176,878	Series 2019-6-KF (1 Month LIBOR USD + 0.45%, 0.45% Floor, 6.50% Cap)		2.47	%		03/25/2049		5,166,016
		Total US Government and Agency Mortgage Backed Obligations (Cost $497,695,729)							500,640,776

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	US GOVERNMENT AND AGENCY OBLIGATIONS 4.6%
	72,800,000	United States Treasury Notes		2.25	%		03/31/2020		72,935,078
	103,800,000	United States Treasury Notes		1.63	%		04/30/2023		103,972,325
	155,000,000	United States Treasury Notes		2.25	%		12/31/2023		159,338,183
	18,200,000	United States Treasury Notes		1.75	%		06/30/2024		18,358,895
		Total US Government and Agency Obligations (Cost $349,648,284)							354,604,481
	AFFILIATED MUTUAL FUNDS 0.7%
	5,000,000	DoubleLine Low Duration Emerging Markets Fixed Income Fund (Class I)							49,650,000
		Total Affiliated Mutual Funds (Cost $50,000,000)							49,650,000
	EXCHANGE TRADED FUNDS AND COMMON STOCKS 0.0%
	89,329	Frontera Energy Corporation							862,916
		Total Exchange Traded Funds and Common Stocks (Cost $8,231,569)							862,916
	SHORT TERM INVESTMENTS 8.2%
	125,760,438	First American Government Obligations Fund - Class U		1.88	%¨				125,760,438
	125,760,438	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		1.83	%¨				125,760,438
	125,760,438	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		1.83	%¨				125,760,438
	30,700,000	United States Treasury Bills		0.00	%		10/10/2019		30,686,383
	61,600,000	United States Treasury Bills		0.00	%		11/07/2019		61,491,527
	37,000,000	United States Treasury Bills		0.00	%		12/05/2019		36,881,337
	80,400,000	United States Treasury Bills		0.00	%		01/30/2020		79,920,111
	43,300,000	United States Treasury Bills		0.00	%		02/06/2020		43,024,933
		Total Short Term Investments (Cost $629,158,605)							629,285,605
		Total Investments 100.6% (Cost $7,682,323,872)							7,700,555,458
		Liabilities in Excess of Other Assets (0.6)%							(48,657,999	)
		NET ASSETS 100.0%						$	7,651,897,459

56 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2019

SECURITY TYPE BREAKDOWNas a % of Net Assets:
Non-Agency Residential Collateralized Mortgage Obligations	18.0%
Non-Agency Commercial Mortgage Backed Obligations	16.6%
Foreign Corporate Bonds	15.0%
Collateralized Loan Obligations	14.0%
Short Term Investments	8.2%
Asset Backed Obligations	7.4%
US Government and Agency Mortgage Backed Obligations	6.6%
US Corporate Bonds	5.7%
US Government and Agency Obligations	4.6%
Bank Loans	2.4%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	1.4%
Affiliated Mutual Funds	0.7%
Exchange Traded Funds and Common Stocks	0.0%	~
Other Assets and Liabilities	(0.6)%
	100.0%

INVESTMENT BREAKDOWNas a % of Net Assets:
Non-Agency Residential Collateralized Mortgage Obligations	18.0%
Non-Agency Commercial Mortgage Backed Obligations	16.6%
Collateralized Loan Obligations	14.0%
Short Term Investments	8.2%
Asset Backed Obligations	7.4%
Banking	7.2%
US Government and Agency Mortgage Backed Obligations	6.6%
US Government and Agency Obligations	4.6%
Energy	3.6%
Telecommunications	1.7%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	1.4%
Healthcare	1.0%
Transportation	1.0%
Utilities	0.8%

INVESTMENT BREAKDOWNas a % of Net Assets: (Cont.)
Pharmaceuticals	0.7%
Affiliated Mutual Funds	0.7%
Consumer Products	0.6%
Finance	0.6%
Chemicals/Plastics	0.6%
Media	0.5%
Food Products	0.4%
Mining	0.4%
Hotels/Motels/Inns and Casinos	0.3%
Technology	0.3%
Conglomerates	0.3%
Automotive	0.3%
Pulp & Paper	0.3%
Building and Development (including Steel/Metals)	0.3%
Food Service	0.3%
Electronics/Electric	0.2%
Aerospace & Defense	0.2%
Insurance	0.2%
Containers and Glass Products	0.2%
Real Estate	0.2%
Business Equipment and Services	0.2%
Beverage and Tobacco	0.2%
Industrial Equipment	0.1%
Environmental Control	0.1%
Chemical Products	0.1%
Diversified Manufacturing	0.1%
Commercial Services	0.1%
Leisure	0.0%	~
Financial Intermediaries	0.0%	~
Construction	0.0%	~
Other Assets and Liabilities	(0.6)%
	100.0%

^ 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.

# 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 September 30, 2019.

± 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 September 30, 2019.

† Perpetual Maturity

I/O Interest only security

ß The interest rate may step up conditioned upon the aggregate remaining principal balance of the underlying mortgage loans being reduced below a targeted percentage of the aggregate original principal balance of the mortgage loans. The interest rate shown is the rate in effect as of September 30, 2019.

§ The interest rate will step up if the issuer does not redeem the bond on or before a scheduled redemption date in accordance with the terms of the instrument. The interest rate shown is the rate in effect as of September 30, 2019.

¨ Seven-day yield as of September 30, 2019

~ Represents less than 0.05% of net assets

A summary of the DoubleLine Low Duration Bond Fund’s investments in affiliated mutual funds for the period ended September 30, 2019 is as follows:

Fund	Value at March 31, 2019			Gross Purchases			Gross Sales			Shares Held at September 30, 2019		Value at September 30, 2019			Change in Unrealized for the Period Ended September  30, 2019			Dividend Income Earned in the Period Ended September  30, 2019			Net Realized Gain (Loss) in the Period Ended September  30, 2019
DoubleLine Low Duration Emerging Markets Fixed Income Fund (Class I)		$	49,000,000		$	—		$	—		5,000,000		$	49,650,000		$	650,000		$	844,984		$	—

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 57

Schedule of Investments  DoubleLine Floating Rate Fund (Unaudited) September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	BANK LOANS 87.4%
	AEROSPACE & DEFENSE 2.8%
		American Airlines, Inc.,
	1,620,710	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		4.03%			12/15/2023		1,621,869
		Dynasty Acquisition Company, Inc.,
	416,224	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%)		6.10%			04/06/2026		418,694
	223,776	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%)		6.10%			04/06/2026		225,104
		Kestrel Bidco, Inc.,
	1,565,000	Senior Secured First Lien Term Loan		5.27%	±		10/08/2026		1,578,576
		Syncreon Global Finance Inc.,
	2,315,776	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.25%, 1.00% Floor)		6.52%	W		10/28/2020		1,097,099
		Transdigm, Inc.,
	1,710,545	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		4.54%			05/30/2025		1,705,978
		WP CPP Holdings LLC,
	1,428,971	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.75%, 1.00% Floor)		6.01%			04/30/2025		1,432,994
									8,080,314
	AUTOMOTIVE 1.3%
		American Tire Distributors, Inc.,
	1,256,742	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 7.50%, 1.00% Floor, 8.00% PIK)		9.62%			09/02/2024		1,110,959
		IAA, Inc.,
	389,075	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		4.31%			06/29/2026		391,507
		Mavis Tire Express Services Corporation,
	97,857	Senior Secured First Lien Delayed-Draw Term Loan (1 Month LIBOR USD + 3.25%)		5.29%	&		03/20/2025		96,022
	769,334	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		5.29%			03/20/2025		754,909
		Wand NewCo 3, Inc.,
	1,255,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)		5.54%			02/05/2026		1,262,844
									3,616,241
	BEVERAGE AND TOBACCO 0.2%
		Arctic Glacier U.S.A., Inc.,
	582,457	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%, 1.00% Floor)		5.54%			03/20/2024		568,624
	BUILDING AND DEVELOPMENT (INCLUDING STEEL/METALS) 1.9%
		Advanced Drainage Systems, Inc.,
	470,000	Senior Secured First Lien Term Loan		4.34%	±		09/24/2026		472,742
		Aleris International, Inc.,
	1,724,033	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.75%)		6.79%			02/27/2023		1,728,989

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Foresight Energy LLC,
	2,162,786	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.75%, 1.00% Floor)		7.87%			03/28/2022		1,191,338
		Forest City Enterprises, LP,
	1,424,563	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		6.04%			12/08/2025		1,436,808
		GrafTech Finance, Inc.,
	728,957	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%, 1.00% Floor)		5.54%			02/12/2025		711,035
									5,540,912
	BUSINESS EQUIPMENT AND SERVICES 8.9%
		AlixPartners LLP,
	862,788	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%, 1.00% Floor)		4.79%			04/04/2024		864,764
		Allied Universal Holdco LLC,
	138,739	Senior Secured First Lien Term Loan		6.57%	±&		07/12/2026		139,107
	1,401,261	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 4.25%)		6.51%			07/10/2026		1,404,982
		Capri Acquisitions BidCo Ltd.,
	1,767,070	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.00%)		5.26%			11/01/2024		1,748,842
		Change Healthcare Holdings, Inc.,
	1,712,266	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%, 1.00% Floor)		4.54%			03/01/2024		1,706,598
		Clear Channel Outdoor Holdings, Inc.,
	1,020,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)		5.54%			08/21/2026		1,024,279
		Cvent, Inc.,
	1,123,099	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 1.00% Floor)		5.79%			11/29/2024		1,110,818
		Deerfield Holdings Corporation,
	886,353	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)		5.29%			02/13/2025		873,280
		EAB Global, Inc.,
	1,440,031	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.75%, 1.00% Floor)		6.38%			11/15/2024		1,425,026
		Fleet US Bidco, Inc.,
	840,000	Senior Secured First Lien Term Loan		5.28%	±		09/25/2026		845,250
		Garda World Security Corporation,
	2,628,138	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%, 1.00% Floor)		7.50%			05/24/2024		2,633,881
		Genesys Telecommunications Laboratories, Inc.,
	1,725,828	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		5.29%			12/01/2023		1,718,631
		IRI Holdings, Inc.,
	398,995	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.50%)		6.62%			12/01/2025		384,906
		Iron Mountain Information Management LLC,
	1,456,304	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		3.79%			01/02/2026		1,445,986

58 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		KAR Auction Services, Inc.,
	502,823	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		4.31%			09/19/2026		505,810
		Kronos, Inc.,
	1,725,000	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.00%, 1.00% Floor)		5.25%			11/01/2023		1,730,097
		NCR Corporation,
	312,000	Senior Secured First Lien Term Loan		4.53%	±&		08/28/2026		312,975
		Prime Security Services Borrower LLC,
	1,030,000	Senior Secured First Lien Term Loan		5.34%	±		09/23/2026		1,020,184
		ServiceMaster Company LLC,
	399,339	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		4.54%			11/08/2023		400,443
		SMG US Midco 2, Inc.,
	3,312	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		5.04%			01/23/2025		3,297
		Tempo Acquisition LLC,
	1,720,515	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		5.04%			05/01/2024		1,728,765
		The Dun & Bradstreet Corporation,
	1,149,181	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.00%)		7.05%			02/06/2026		1,157,696
		Trans Union LLC,
	1,512,013	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		4.04%			04/10/2023		1,519,051
									25,704,668
	CHEMICALS/PLASTICS 1.1%
		Charter NEX US, Inc.,
	344,138	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)		5.54%			05/16/2024		344,926
		Messer Industries LLC,
	709,929	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.50%)		4.60%			03/02/2026		709,489
		Natgasoline LLC,
	701,583	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)		5.81%			11/14/2025		702,460
		Pregis Topco LLC,
	660,000	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%)		6.25%			07/31/2026		659,175
		Solenis International LP,
	871,538	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%)		6.12%			06/26/2025		850,294
									3,266,344
	CONTAINERS AND GLASS PRODUCTS 1.4%
		Berry Global, Inc.,
	235,660	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		4.30%			10/01/2022		237,053
	1,980,038	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		4.55%			07/01/2026		1,991,888

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Flex Acquisition Company, Inc.,
	675,000	Senior Secured First Lien Term Loan		5.35%	±		06/29/2025		651,797
		Reynolds Group Holdings, Inc.,
	1,152,038	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		4.79%			02/06/2023		1,155,471
									4,036,209
	COSMETICS/TOILETRIES 0.4%
		Kronos Acquisition Holdings, Inc.,
	765,601	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%, 1.00% Floor)		6.26%			05/15/2023		728,278
		Sunshine Luxembourg VII SARL,
	510,000	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.25%)		6.35%			09/25/2026		513,029
									1,241,307
	ELECTRONICS/ELECTRIC 12.4%
		Access CIG LLC,
	1,157,622	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		5.78%			02/27/2025		1,145,328
		Almonde, Inc.,
	1,473,140	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.50%, 1.00% Floor)		5.70%			06/13/2024		1,436,385
		Applied Systems, Inc.,
	1,440,478	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.00%, 1.00% Floor)		5.10%			09/19/2024		1,440,075
		Blackhawk Network Holdings, Inc.,
	1,440,087	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		5.04%			06/16/2025		1,437,682
		Canyon Valor Companies, Inc.,
	1,240,018	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%)		4.85%			06/16/2023		1,240,018
		Dell International LLC,
	1,536,563	Senior Secured First Lien Term Loan		4.05%	±		09/19/2025		1,545,621
		DigiCert Holdings, Inc.,
	860,000	Senior Secured First Lien Term Loan		6.26%	±		08/08/2026		858,388
		Financial & Risk US Holdings, Inc.,
	1,768,666	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		5.79%			10/01/2025		1,780,092
		Flexera Software LLC,
	1,432,840	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)		5.55%			02/26/2025		1,437,618
		Go Daddy Operating Company LLC,
	1,597,753	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		4.04%			02/15/2024		1,602,354
		GoodRX, Inc.,
	1,624,692	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		4.81%			10/10/2025		1,626,723
		Hyland Software, Inc.,
	1,722,186	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%, 0.75% Floor)		5.29%			07/01/2024		1,724,124

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 59

Schedule of Investments  DoubleLine Floating Rate Fund(Cont.) (Unaudited) September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Hyland Software, Inc., (Cont.)
	422,234	Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 7.00%, 0.75% Floor)		9.04%			07/07/2025		425,006
		Informatica LLC,
	1,535,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		5.29%			08/05/2022		1,542,997
		NCR Corporation,
	273,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		4.54%			08/28/2026		273,853
		ON Semiconductor Corporation,
	450,000	Senior Secured First Lien Term Loan		4.05%	±		09/19/2026		452,534
		Project Alpha Intermediate Holding, Inc.,
	1,450,398	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.50%, 1.00% Floor)		5.81%			04/26/2024		1,434,081
		Renaissance Holding Corporation,
	1,474,802	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		5.29%			05/30/2025		1,451,095
		Severin Acquisition LLC,
	1,458,688	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%)		5.46%			08/01/2025		1,438,025
		SolarWinds Holdings, Inc.,
	1,709,298	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		4.79%			02/05/2024		1,713,306
		Solera LLC,
	1,296,090	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		4.79%			03/03/2023		1,291,456
		Sophia LP,
	1,819,612	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%, 1.00% Floor)		5.35%			09/30/2022		1,822,268
		SS&C Technologies, Inc.,
	737,787	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		4.29%			04/16/2025		741,181
	1,116,973	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		4.29%			04/16/2025		1,122,111
		Uber Technologies, Inc.,
	1,434,195	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%, 1.00% Floor)		6.03%			04/04/2025		1,428,523
		Ultimate Software Group,
	745,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		5.79%			05/04/2026		750,297
		Vertafore, Inc.,
	1,477,248	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		5.29%			07/02/2025		1,438,477
		WeddingWire, Inc.,
	1,025,928	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)		6.54%			12/19/2025		1,027,210
									35,626,828

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ENERGY 2.0%
		Brazos Delaware LLC,
	1,258,355	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		6.05%			05/21/2025		1,164,765
		Gavilan Resources LLC,
	620,000	Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.00%, 1.00% Floor)		8.04%			03/01/2024		280,036
		Gulf Finance LLC,
		Senior Secured First Lien Term Loan
	262,922	(3 Month LIBOR USD + 5.25%, 1.00% Floor)		7.36%			08/25/2023		201,465
	447,677	(1 Month LIBOR USD + 5.25%, 1.00% Floor)		7.29%			08/25/2023		343,035
		Lower Cadence Holdings LLC,
	704,925	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		6.05%			05/22/2026		688,846
		Lucid Energy Group II Borrower LLC,
	751,740	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		5.04%			02/18/2025		713,683
		McDermott International, Inc.,
	718,177	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.00%, 1.00% Floor)		7.10%			05/12/2025		457,120
		Prairie ECI Acquiror LP,
	935,300	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.75%)		6.85%			03/11/2026		914,840
		UGI Energy Services LLC,
	1,037,400	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		5.79%			08/13/2026		1,046,477
									5,810,267
	ENVIRONMENTAL CONTROL 0.2%
		US Ecology, Inc.,
	480,000	Senior Secured First Lien Term Loan		4.79%	±		08/14/2026		483,151
	FINANCE 0.6%
		Blackstone CQP Holdco LP,
	1,700,738	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)		5.66%			09/30/2024		1,710,151
	FINANCIAL INTERMEDIARIES 1.7%
		Millennium Trust Company LLC,
	1,442,569	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.00%)		7.04%			03/27/2026		1,404,702
		RPI Finance Trust,
	1,052,665	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		4.04%			03/27/2023		1,059,407
		The Edelman Financial Center LLC,
	1,721,924	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		5.31%			07/21/2025		1,726,685
		Victory Capital Holdings, Inc.,
	565,636	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%)		5.35%	±		07/01/2026		568,818
									4,759,612

60 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOOD PRODUCTS 2.4%
		8th Avenue Food & Provisions, Inc.,
	267,975	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		5.79%			10/01/2025		269,288
		B&G Foods, Inc.,
	300,000	Senior Secured First Lien Term Loan		4.59%	±		10/11/2026		301,782
		CHG PPC Parent LLC,
	1,440,835	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		4.79%			03/31/2025		1,444,437
		CSM Bakery Solutions LLC,
	1,838,079	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%, 1.00% Floor)		6.29%			07/03/2020		1,718,604
		Jacobs Douwe Egberts International B.V.,
	1,726,422	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		4.06%			11/03/2025		1,730,738
		JBS USA Lux S.A.,
	1,564,550	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		4.54%			05/01/2026		1,573,679
									7,038,528
	FOOD SERVICE 2.8%
		Aramark Services, Inc.,
	640,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		3.79%			03/11/2025		641,734
		Houston Foods, Inc.,
	1,698,500	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		5.79%			07/21/2025		1,566,161
		IRB Holding Corporation,
	1,730,974	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%, 1.00% Floor)		5.55%			02/05/2025		1,725,686
		TKC Holdings, Inc.,
	1,438,780	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 1.00% Floor)		5.80%			02/01/2023		1,416,940
		US Foods, Inc.,
	2,015,000	Senior Secured First Lien Term Loan		4.14%	±		09/13/2026		2,024,662
		Whatabrands LLC,
	755,000	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%)		5.52%			08/03/2026		759,345
									8,134,528
	FOOD/DRUG RETAILERS 1.0%
		Albertson’s LLC,
	1,001,077	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		4.79%			08/17/2026		1,008,495
		GOBP Holdings, Inc.,
	1,716,322	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)		5.76%			10/22/2025		1,727,589
									2,736,084
	HEALTHCARE 15.0%
		Acadia Healthcare Company, Inc.,
	1,725,962	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		4.54%			02/16/2023		1,730,683

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Agiliti Health, Inc.,
	1,114,400	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		5.06%			01/05/2026		1,114,400
		Air Medical Group Holdings, Inc.,
	1,200,661	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)		5.31%			04/28/2022		1,126,874
		Air Methods Corporation,
	1,344,329	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%, 1.00% Floor)		5.60%			04/22/2024		1,098,317
		Aldevron LLC,
	1,710,000	Senior Secured First Lien Term Loan		6.34%	±		09/20/2026		1,718,550
		Athenahealth, Inc.,
	1,444,094	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.50%)		6.68%			02/11/2026		1,442,744
		Auris Luxembourg III Sarl,
	1,738,487	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		5.79%			02/27/2026		1,731,420
		Avantor, Inc.,
	1,380,195	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		5.04%			11/21/2024		1,392,707
		Azalea TopCo, Inc.,
	1,715,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)		5.54%			07/27/2026		1,712,856
		CHG Healthcare Services, Inc.,
	1,735,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		5.04%			06/07/2023		1,736,631
		Concentra, Inc.,
	1,714,756	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 2.50%)		4.54%			06/01/2022		1,727,617
		DaVita, Inc.,
	805,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		4.29%			08/12/2026		810,490
		DentalCorporationPerfect Smile ULC,
	1,163,251	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 1.00% Floor)		5.79%			06/06/2025		1,146,046
		Envision Healthcare Corporation,
	812,952	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		5.79%			10/10/2025		665,857
		Explorer Holdings, Inc.,
	650,865	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.75%, 1.00% Floor)		5.85%			05/02/2023		650,559
		Gentiva Health Services, Inc.,
	2,185,510	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		5.81%			07/02/2025		2,200,536
		Grifols Worldwide Operations USA, Inc.,
	1,732,834	Senior Secured First Lien Term Loan (1 Week LIBOR USD + 2.25%)		4.14%			01/31/2025		1,743,751
		HC Group Holdings, Inc.,
	1,145,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%		6.54%			08/06/2026		1,145,000

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 61

Schedule of Investments  DoubleLine Floating Rate Fund(Cont.) (Unaudited) September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		IQVIA, Inc.,
	1,645,842	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.00%)		4.10%			01/17/2025		1,656,129
		MED ParentCo LP,
	162,846	Senior Secured First Lien Term Loan		6.28%	±&		08/31/2026		161,909
	652,154	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)		6.29%			08/31/2026		648,405
		MPH Acquisition Holdings LLC,
	1,895,859	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%, 1.00% Floor)		4.85%			06/07/2023		1,811,332
		Outcomes Group Holdings, Inc.,
	1,955,225	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)		5.62%			10/24/2025		1,935,673
		Parexel International Corporation,
	650,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		4.79%			09/27/2024		618,777
		Radiology Partners, Inc.,
		Senior Secured First Lien Term Loan
	707,257	(3 Month LIBOR USD + 4.75%)		7.06%			07/09/2025		699,050
	471,505	(3 Month LIBOR USD + 4.75%)		7.36%			07/09/2025		466,033
		RegionalCare Hospital Partners Holdings, Inc.,
	862,084	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)		6.55%			11/14/2025		864,175
		Select Medical Corporation,
	1,745,000	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 2.50%)		4.58%			03/06/2025		1,750,453
		Sound Inpatient Physicians, Inc.,
	1,612,438	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		4.79%			06/27/2025		1,613,244
	300,000	Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.75%)		8.79%			06/26/2026		300,075
		US Anesthesia Partners, Inc.,
	547,201	Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 3.00%)		5.04%	±		06/24/2024		534,035
		Verscend Holding Corporation,
	1,721,140	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)		6.54%			08/27/2025		1,730,107
		Vizient, Inc.,
	343,275	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		4.54%			05/06/2026		345,549
		Wink Holdco, Inc.,
	1,454,597	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		5.04%			12/02/2024		1,434,603
		Zelis Cost Management Buyer, Inc.,
	1,815,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.75%)		6.79%			09/25/2026		1,803,656
									43,268,243

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	HOTELS/MOTELS/INNS AND CASINOS 4.3%
		Caesars Resort Collection LLC,
	1,731,061	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		4.79%			12/23/2024		1,721,652
		CEOC LLC,
	1,818,036	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		4.04%			10/04/2024		1,819,172
		ESH Hospitality, Inc.,
	1,373,180	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		4.04%			09/18/2026		1,381,226
		MGM Growth Properties Operating Partnership LP,
	1,748,193	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		4.04%			03/21/2025		1,754,627
		PCI Gaming Authority,
	498,750	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		5.04%			05/29/2026		502,451
		Penn National Gaming, Inc.,
	402,970	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%, 0.75% Floor)		4.29%			10/15/2025		405,533
		Scientific Games International, Inc.,
		Senior Secured First Lien Term Loan
	1,409,909	(2 Month LIBOR USD + 2.75%)		4.90%			08/14/2024		1,400,047
	330,719	(1 Month LIBOR USD + 2.75%)		4.79%			08/14/2024		328,406
		VICI Properties 1 LLC,
	1,990,040	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		4.05%			12/20/2024		1,997,711
		Wyndham Hotels & Resorts, Inc.,
	1,058,364	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		3.79%			05/30/2025		1,064,614
									12,375,439
	INDUSTRIAL EQUIPMENT 0.8%
		CPM Holdings, Inc.,
	476,400	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		5.79%			11/17/2025		471,040
		Granite Holdings Acquisition Company,
	395,000	Senior Secured First Lien Term Loan		7.32%	±		09/25/2026		385,619
		Milacron LLC,
	989,757	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		4.54%			09/28/2023		990,995
		TAMKO Building Products LLC,
		Senior Secured First Lien Term Loan
	97,750	(3 Month LIBOR USD + 3.25%)		5.37%			05/29/2026		97,933
	477,250	(1 Month LIBOR USD + 3.25%)		5.29%			05/29/2026		478,145
									2,423,732
	INSURANCE 3.8%
		Achilles Acquisition LLC,
	1,064,650	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		6.06%			10/13/2025		1,066,646

62 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Acrisure LLC,
	1,447,461	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.25%, 1.00% Floor)		6.35%			11/22/2023		1,443,393
		Alera Group Intermediate Holdings, Inc.,
	1,031,391	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)		6.54%			08/01/2025		1,040,416
		Alliant Holdings Intermediate LLC,
	1,027,425	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		5.29%			05/09/2025		1,021,646
		AssuredPartners, Inc.,
	1,731,255	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		5.54%			10/22/2024		1,726,659
		Asurion LLC,
	509,841	Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.50%)		8.54%			08/04/2025		518,700
	1,721,298	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		5.04%			11/03/2023		1,729,904
		Frontdoor, Inc.,
	1,056,632	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		4.56%			08/18/2025		1,063,902
		Sedgwick Claims Management Services, Inc.,
	1,454,171	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		5.29%			12/31/2025		1,432,242
									11,043,508
	LEISURE 4.0%
		Alterra Mountain Company,
	1,917,070	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		5.04%			07/31/2024		1,926,061
		Delta 2 SARL,
	1,384,449	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%, 1.00% Floor)		4.54%			02/01/2024		1,370,259
		Equinox Holdings, Inc.,
	1,444,707	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		5.04%			03/08/2024		1,447,416
		Life Time Fitness, Inc.,
	1,582,709	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%, 1.00% Floor)		4.87%			06/10/2022		1,585,138
		Lions Gate Capital Holdings LLC,
	633,308	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		4.29%			03/24/2025		632,912
		Nascar Holdings, Inc.,
	885,000	Senior Secured First Lien Term Loan		4.88%	±		07/26/2026		891,983
		Six Flags Theme Parks, Inc.,
	1,376,550	Senior Secured First Lien Term Loan		4.05%	±		04/17/2026		1,379,991
		Travel Leaders Group LLC,
	702,900	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		6.05%			01/25/2024		705,244

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		UFC Holdings LLC,
	1,574,042	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		5.30%		04/29/2026		1,580,055
								11,519,059
	MEDIA 7.5%
		Ascend Learning LLC,
	1,745,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		5.04%		07/12/2024		1,740,908
		Cengage Learning, Inc.,
	1,480,383	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%, 1.00% Floor)		6.29%		06/07/2023		1,405,957
		CSC Holdings LLC,
	1,343,130	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		4.28%		07/17/2025		1,344,446
	646,750	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		4.28%		01/15/2026		647,397
	1,241,888	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.00%)		5.18%		04/15/2027		1,244,731
		Diamond Sports Group LLC,
	110,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		5.30%		08/24/2026		110,791
		E.W. Scripps Company,
	1,248,725	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		4.79%		05/01/2026		1,251,535
		Getty Images, Inc.,
	849,682	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)		6.56%		02/19/2026		848,267
		Gray Television, Inc.,
	2,012,833	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		4.51%		01/02/2026		2,022,756
		IHeartCommunications, Inc.,
	674,124	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		6.03%		05/01/2026		679,294
		Learfield Communications LLC,
	282,474	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)		5.30%		12/01/2023		283,816
		NEP Group, Inc.,
	1,174,402	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		5.29%		10/20/2025		1,155,805
		Nexstar Broadcasting, Inc.,
	2,060,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		4.81%		09/18/2026		2,071,742
		Numericable U.S. LLC,
	1,051,820	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		6.03%		08/14/2026		1,051,162
		Radiate Holdco LLC,
	1,162,619	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 0.75% Floor)		5.04%		02/01/2024		1,159,910

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 63

Schedule of Investments  DoubleLine Floating Rate Fund(Cont.) (Unaudited) September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		RentPath, Inc.,
	2,235,010	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.75%, 1.00% Floor)		6.80%			12/17/2021		1,188,757
		Sinclair Television Group, Inc.,
	675,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		4.54%			09/30/2026		678,659
		Southern Graphics, Inc.,
	822,574	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		5.29%			12/30/2022		610,075
		Virgin Media Bristol LLC,
	1,986,895	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		4.53%			01/15/2026		1,990,521
									21,486,529
	PHARMACEUTICALS 1.2%
		Catalent Pharma Solutions, Inc.,
	1,661,650	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		4.29%			05/18/2026		1,668,920
		Jaguar Holding Company,
	1,628,342	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%, 1.00% Floor)		4.54%			08/18/2022		1,631,484
									3,300,404
	RETAILERS (OTHER THAN FOOD/DRUG) 2.6%
		BJ’s Wholesale Club, Inc.,
	1,725,441	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		4.79%			02/02/2024		1,732,990
		Harbor Freight Tools USA, Inc.,
	883,980	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%, 0.75% Floor)		4.54%			08/18/2023		860,298
		Jo-Ann Stores LLC,
		Senior Secured First Lien Term Loan
	1,468,184	(3 Month LIBOR USD + 5.00%, 1.00% Floor)		7.26%			10/20/2023		1,017,326
	61,174	(1 Month LIBOR USD + 5.00%, 1.00% Floor)		7.05%			10/20/2023		42,389
		Mister Car Wash Holdings, Inc.,
	64,286	Senior Secured First Lien Term Loan		5.67%	±&		05/14/2026		64,303
	1,282,500	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)		5.66%			05/14/2026		1,282,846
		PetSmart, Inc.,
	1,511,853	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		6.04%			03/11/2022		1,477,761
		Staples, Inc.,
	888,882	Senior Secured First Lien Term Loan (2 Month LIBOR USD + 5.00%)		7.12%			04/16/2026		877,958
									7,355,871

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	TELECOMMUNICATIONS 3.1%
		Avaya, Inc.,
		Senior Secured First Lien Term Loan
	471,300	(1 Month LIBOR USD + 4.25%)		6.28%			12/16/2024		449,063
	276,796	(2 Month LIBOR USD + 4.25%)		6.43%			12/16/2024		263,735
		CenturyLink, Inc.,
	865,472	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		4.79%			01/31/2025		860,907
		Inmarsat PLC,
	675,000	Senior Secured First Lien Term Loan		6.59%	±		09/23/2026		665,560
		Intelsat Jackson Holdings S.A.,
	1,140,699	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 1.00% Floor)		5.80%			11/27/2023		1,145,513
		Securus Technologies Holdings, Inc.,
	2,188,192	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%, 1.00% Floor)		6.54%			11/01/2024		1,938,377
		Speedcast International Ltd.,
	751,106	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%)		4.85%			05/15/2025		638,440
		Sprint Communications, Inc.,
	2,010,367	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%, 0.75% Floor)		4.54%			02/02/2024		1,999,058
		Telesat Canada,
	870,417	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.50%, 0.75% Floor)		4.61%			11/17/2023		873,790
									8,834,443
	TRANSPORTATION 0.6%
		PODS LLC,
	1,737,135	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%, 1.00% Floor)		5.05%			12/06/2024		1,736,414
	UTILITIES 3.4%
		Brookfield WEC Holdings, Inc.,
	1,144,727	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 0.75% Floor)		5.54%			08/01/2025		1,149,809
		Calpine Corporation,
	140,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		4.54%			08/12/2026		140,487
	1,660,838	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%)		4.86%			04/06/2026		1,667,174
		Compass Power Generation LLC,
	1,408,602	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%, 1.00% Floor)		5.54%			12/20/2024		1,413,004
		Edgewater Generation LLC,
	719,217	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		5.79%			12/12/2025		712,028
		Exgen Renewables IV LLC,
	390,175	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.00%, 1.00% Floor)		5.13%			11/29/2024		382,738
		Pike Corporation,
	894,368	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		5.30%			07/24/2026		898,777

64 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		PowerTeam Services LLC,
	785,805	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%, 1.00% Floor)		5.35%			03/06/2025		675,792
		USIC Holdings, Inc.,
	1,069,832	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)		5.29%			12/08/2023		1,063,146
		Vistra Operations Company LLC,
		Senior Secured First Lien Term Loan
	648,936	(1 Month LIBOR USD + 2.00%)		4.02%			12/31/2025		651,597
	933,835	(1 Month LIBOR USD + 2.00%)		4.04%			12/31/2025		937,663
									9,692,215
		Total Bank Loans (Cost $255,763,302)							251,389,625
	FOREIGN CORPORATE BONDS 1.0%
	FOOD SERVICE 1.0%
	3,000,000	New Red Finance, Inc.		4.63%	^		01/15/2022		3,007,800
		Total Foreign Corporate Bonds (Cost $2,959,290)							3,007,800
	US CORPORATE BONDS 7.7%
	FINANCE 0.7%
	2,000,000	Icahn Enterprises Finance Corporation		6.25%			02/01/2022		2,057,000
	FOOD/DRUG RETAILERS 0.3%
	815,000	Albertsons LLC		5.88%	^		02/15/2028		864,666
	HEALTHCARE 2.9%
	2,000,000	Avantor, Inc.		9.00%	^		10/01/2025		2,252,500
	3,000,000	Centene Corporation		5.63%			02/15/2021		3,044,130
	3,000,000	HCA Healthcare, Inc.		6.25%			02/15/2021		3,148,800
									8,445,430
	MEDIA 1.1%
	3,000,000	CCO Holdings LLC		5.25%			09/30/2022		3,040,050

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	PHARMACEUTICALS 1.1%
	3,000,000	Bausch Health Companies, Inc.		6.50%	^		03/15/2022		3,105,000
	TECHNOLOGY 0.6%
	1,500,000	Financial & Risk US Holdings, Inc.		6.25%	^		05/15/2026		1,612,485
	TELECOMMUNICATIONS 1.0%
	3,000,000	Level 3 Financing, Inc.		5.38%			08/15/2022		3,018,750
		Total US Corporate Bonds (Cost $21,658,485)							22,143,381
	SHORT TERM INVESTMENTS 5.8%
	5,527,766	First American Government Obligations Fund - Class U		1.88%	¨				5,527,766
	5,527,767	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		1.83%	¨				5,527,767
	5,527,766	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		1.83%	¨				5,527,766
		Total Short Term Investments (Cost $16,583,299)							16,583,299
		Total Investments 101.9% (Cost $296,964,376)							293,124,105
		Liabilities in Excess of Other Assets (1.9)%							(5,480,620	)
		NET ASSETS 100.0%						$	287,643,485

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Bank Loans	87.4%
US Corporate Bonds	7.7%
Short Term Investments	5.8%
Foreign Corporate Bonds	1.0%
Other Assets and Liabilities	(1.9)%
	100.0%

^ 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.

± 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 desclosed is as of September 30, 2019.

W Security is in default or has failed to make a scheduled payment. Income is not being accrued.

& Unfunded or partially unfunded loan commitment. At September 30, 2019, the value of these securities amounted to $774,316 or 0.3% of net assets.

PIK Apayment-in-kind security in which the issuer may make interest or dividend payments in cash or additional securities. These additional securities generally have the same terms as the original holdings.

¨ Seven-day yield as of September 30, 2019

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 65

Schedule of Investments - Summary  DoubleLine Shiller Enhanced CAPE^® (Unaudited) September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $		% OF NET ASSETS
	ASSET BACKED OBLIGATIONSµ
		Jimmy Johns Funding LLC,
	18,669,000	Series2017-1A-A2II		4.85%	^		07/30/2047		19,757,476		0.3%
	20,000,000	SBA Tower Trust		3.17%	^		04/11/2022		20,211,572		0.3%
		Springleaf Funding Trust,
	20,000,000	Series2017-AA-A		2.68%	^		07/15/2030		20,053,656		0.3%
	Other Asset Backed Obligationsµ								424,720,484		5.7%
		Total Asset Backed Obligations (Cost $478,053,712)							484,743,188		6.6%
	BANK LOANSµ
		Total Bank Loans (Cost $309,185,412)							302,955,525		4.1%
	COLLATERALIZED LOAN OBLIGATIONSµ
		Anchorage Capital Ltd.,
	25,000,000	Series2016-9A-AR (3 Month LIBOR USD + 1.37%)		3.67%	^		07/15/2032		25,041,084		0.3%
		CarVal Ltd.,
	30,000,000	Series2019-2A-A (3 Month LIBOR USD + 1.35%, 1.35% Floor)		3.62%	^		07/20/2032		29,997,619		0.4%
		CFIP Ltd.,
	22,000,000	Series2014-1A-AR (3 Month LIBOR USD + 1.32%)		3.62%	^		07/13/2029		22,035,769		0.3%
		CVP Ltd.,
	25,000,000	Series2017-1A-A (3 Month LIBOR USD + 1.34%)		3.62%	^		07/20/2030		25,002,407		0.3%
		Elevation Ltd.,
	20,000,000	Series2018-9A-A1 (3 Month LIBOR USD + 1.12%, 1.12% Floor)		3.42%	^		07/15/2031		19,863,659		0.3%
		Halcyon Loan Advisors Funding Ltd.,
	25,000,000	Series2015-3A-A1R (3 Month LIBOR USD + 0.90%)		3.20%	^		10/18/2027		24,999,474		0.3%
		LCM LP,
	20,000,000	Series17A-A2RR (3 Month LIBOR USD + 1.15%, 1.15% Floor)		3.45%	^		10/15/2031		19,910,161		0.3%
		Marathon Ltd.,
	25,000,000	Series2013-5A-A1R (3 Month LIBOR USD + 0.87%)		3.02%	^		11/21/2027		24,904,443		0.3%
		Midocean Credit,
	25,000,000	Series2017-7A-A1 (3 Month LIBOR USD + 1.32%)		4.38%	^		07/15/2032		25,050,156		0.3%
		MP Ltd.,
	25,000,000	Series2013-2A-ARR (3 Month LIBOR USD + 1.28%)		3.56%	^		07/25/2029		24,974,780		0.3%
		Nassau Ltd.,
	20,000,000	Series2018-IA-A (3 Month LIBOR USD + 1.15%)		3.45%	^		07/15/2031		19,902,015		0.3%
		Venture Ltd.,
	19,479,142	Series2015-20A-AR (3 Month LIBOR USD + 0.82%)		3.12%	^		04/15/2027		19,456,676		0.3%
	Other Collateralized Loan Obligationsµ								600,132,148		8.2%
		Total Collateralized Loan Obligations (Cost $882,005,448)							881,270,391		11.9%
	FOREIGN CORPORATE BONDSµ
		Total Foreign Corporate Bonds (Cost $608,489,791)							614,767,079		8.3%
	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONSµ
		Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $50,226,705)							50,460,699		0.7%
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONSµ
		JP Morgan Chase Commercial Mortgage Securities Trust,
	4,314,000	Series2019-UES-D		4.60%	#^		05/05/2032		4,560,886		0.1%
	OtherNon-Agency Commercial Mortgage Backed Obligationsµ								972,702,654		13.1%
		TotalNon-Agency Commercial Mortgage Backed Obligations (Cost $986,755,606)							977,263,540		13.2%

66 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $		% OF NET ASSETS
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS
		Ajax Mortgage Loan Trust,
	20,971,158	Series2019-C-A		3.95%	#^		10/25/2058		21,128,085		0.3%
		Bayview Opportunity Master Fund Trust,
	20,569,698	Series2019-SBR2-A1		3.43%	^§		06/28/2034		20,549,147		0.3%
		Bellemeade Ltd.,
	27,100,000	Series2019-2A-M1A (1 Month LIBOR USD + 1.00%, 1.00% Floor)		3.02%	^		04/25/2029		27,110,027		0.4%
		Citigroup Mortgage Loan Trust, Inc.,
	37,292,847	Series2018-A-A1		4.00%	#^		01/25/2068		37,428,264		0.5%
		CSMC Trust,
	35,074,623	Series2018-RPL8-A1		4.13%	#^		07/25/2058		35,464,849		0.5%
		CSMC Trust,
	19,358,668	Series2019-RPL2-A1		3.92%	^		07/25/2058		19,678,963		0.3%
		Legacy Mortgage Asset Trust,
	20,851,668	Series2019-GS3-A1		3.75%	^§		04/25/2059		21,318,416		0.3%
		Legacy Mortgage Asset Trust,
	20,431,207	Series2018-GS2-A1		4.00%	^§		04/25/2058		20,693,327		0.3%
		Morgan Stanley Capital Trust,
	25,774,163	Series2006-HE3-A2D (1 Month LIBOR USD + 0.25%, 0.25% Floor)		2.27%			04/25/2036		24,725,461		0.3%
		Park Avenue Funding Trust,
	36,088,615	Series2019-3-PT (1 Month LIBOR USD + 1.50%, 1.50% Floor)		3.55%	^		01/27/2021		36,090,196		0.5%
		Pretium Mortgage Credit Partners LLC,
	20,000,000	Series2019-NPL3-A1		3.10%	^§		07/27/2059		20,063,464		0.3%
		PRPM LLC,
	20,200,972	Series2018-2A-A1		4.00%	#^		08/25/2023		20,354,710		0.3%
		Radnor Ltd.,
	22,427,892	Series2019-2-M1A (1 Month LIBOR USD + 1.20%, 1.20% Floor)		3.22%	^		06/25/2029		22,440,667		0.3%
		Velocity Commercial Capital Loan Trust,
	22,327,384	Series2019-2-A		3.13%	#^		07/25/2049		22,503,649		0.3%
		VOLT LLC,
	19,536,197	Series2018-NPL6-A1A		4.11%	^§		09/25/2048		19,641,671		0.3%
	OtherNon-Agency Residential Collateralized Mortgage Obligationsµ								520,529,516		6.9%
		TotalNon-Agency Residential Collateralized Mortgage Obligations (Cost $885,875,268)							889,720,412		12.1%
	US CORPORATE BONDSµ
		Total US Corporate Bonds (Cost $378,757,812)							383,087,776		5.2%
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS
		Federal National Mortgage Association,
	16,877,184	Series2018-57-FA (1 Month LIBOR USD + 0.30%, 0.30% Floor, 6.50% Cap)		2.32%			08/25/2048		16,825,598		0.2%
		Federal National Mortgage Association,
	21,107,383	Series2012-56-FK (1 Month LIBOR USD + 0.45%, 0.45% Floor, 6.50% Cap)		2.47%			06/25/2042		21,143,665		0.3%
		Federal National Mortgage Association,
	19,842,632	Series2018-70-HF (1 Month LIBOR USD + 0.35%, 0.35% Floor, 6.50% Cap)		2.37%			10/25/2058		19,796,137		0.3%
	177,494,364	Federal National Mortgage Association		2.00% – 3.50%			11/25/2026 – 12/25/2057		178,026,440		2.4%
	93,217,115	Federal Home Loan Mortgage Corporation		1.50% – 4.50%	I/F I/O		09/15/2026 – 09/15/2047		93,792,388		1.3%
		Federal Home Loan Mortgage Corporation,
	75,000,000	Pool SB8011		3.00%			10/01/2034		76,748,377		1.0%
		Federal Home Loan Mortgage Corporation,
	39,026,492	Pool SB0048		3.00%			08/01/2034		40,081,104		0.5%
		Federal Home Loan Mortgage Corporation,
	27,880,360	Pool SB8013		2.50%			09/01/2034		28,132,949		0.4%
	Other US Government and Agency Mortgage Backed Obligationsµ								113,458,310		1.6%
		Total US Government and Agency Mortgage Backed Obligations (Cost $585,414,561)							588,004,968		8.0%
	US GOVERNMENT AND AGENCY OBLIGATIONS
	156,000,000	United States Treasury Notes		2.25%			03/31/2020		156,289,453		2.1%
	222,300,000	United States Treasury Notes		1.63%			04/30/2023		222,669,054		3.0%

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 67

Schedule of Investments - Summary  DoubleLine Shiller Enhanced CAPE^®  (Cont.) (Unaudited) September 30, 2019

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $		% OF NET ASSETS
	331,900,000	United States Treasury Notes		2.25%			12/31/2023		341,189,310		4.6%
	39,100,000	United States Treasury Notes		1.75%			06/30/2024		39,441,361		0.6%
		Total US Government and Agency Obligations (Cost $748,753,746)							759,589,178		10.3%
	AFFILIATED MUTUAL FUNDS
	29,875,562	DoubleLine Ultra Short Bond Fund (Class I)							300,249,400		4.1%
		Total Affiliated Mutual Funds (Cost $299,900,100)							300,249,400		4.1%
	WARRANTSµ
		Total Warrants (Cost $–)							—		0.0%
	SHORT TERM INVESTMENTS
	154,122,173	First American Government Obligations Fund - Class U		1.88%	¨				154,122,173		2.1%
	154,122,173	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		1.83%	¨				154,122,173		2.1%
	154,122,173	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		1.83%	¨				154,122,173		2.1%
	172,300,000	United States Treasury Bills		0.00%			01/30/2020		171,271,581		2.3%
	65,900,000	United States Treasury Bills		0.00%			10/10/2019		65,870,771		0.9%
	131,900,000	United States Treasury Bills		0.00%			11/07/2019		131,667,733		1.8%
	79,300,000	United States Treasury Bills		0.00%			12/05/2019		79,045,675		1.1%
	92,800,000	United States Treasury Bills		0.00%			02/06/2020		92,210,479		1.2%
		Total Short Term Investments (Cost $1,002,161,020)							1,002,432,758		13.6%
		Total Investments (Cost $7,215,579,181)							7,234,544,914		98.1%
		Liabilities in Excess of Other Assets							143,395,440		1.9%
		NET ASSETS						$	7,377,940,354		100.0%

SECURITY TYPE BREAKDOWNas a % of Net Assets:
Short Term Investments	13.6%
Non-Agency Commercial Mortgage Backed Obligations	13.2%
Non-Agency Residential Collateralized Mortgage Obligations	12.1%
Collateralized Loan Obligations	11.9%
US Government and Agency Obligations	10.3%
Foreign Corporate Bonds	8.3%
US Government and Agency Mortgage Backed Obligations	8.0%
Asset Backed Obligations	6.6%
US Corporate Bonds	5.2%
Bank Loans	4.1%
Affiliated Mutual Funds	4.1%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	0.7%
Warrants	0.0%	~
Other Assets and Liabilities	1.9%
	100.0%

INVESTMENT BREAKDOWNas a % of Net Assets:
Short Term Investments	13.6%
Non-Agency Commercial Mortgage Backed Obligations	13.2%
Non-Agency Residential Collateralized Mortgage Obligations	12.1%
Collateralized Loan Obligations	11.9%
US Government and Agency Obligations	10.3%
US Government and Agency Mortgage Backed Obligations	8.0%
Asset Backed Obligations	6.6%
Banking	4.9%
Affiliated Mutual Funds	4.1%
Energy	2.2%
Healthcare	1.3%
Telecommunications	1.0%
Pharmaceuticals	0.7%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	0.7%
Utilities	0.7%

INVESTMENT BREAKDOWNas a % of Net Assets: (Cont.)
Transportation	0.6%
Electronics/Electric	0.6%
Media	0.5%
Finance	0.4%
Chemicals/Plastics	0.4%
Automotive	0.4%
Business Equipment and Services	0.3%
Insurance	0.3%
Aerospace & Defense	0.3%
Food Products	0.3%
Consumer Products	0.3%
Mining	0.2%
Technology	0.2%
Building and Development (including Steel/Metals)	0.2%
Hotels/Motels/Inns and Casinos	0.2%
Industrial Equipment	0.2%
Leisure	0.2%
Beverage and Tobacco	0.1%
Real Estate	0.1%
Food Service	0.1%
Conglomerates	0.1%
Pulp & Paper	0.1%
Retailers (other than Food/Drug)	0.1%
Containers and Glass Products	0.1%
Environmental Control	0.1%
Financial Intermediaries	0.1%
Diversified Manufacturing	0.1%
Commercial Services	0.1%
Chemical Products	0.1%
Food/Drug Retailers	0.0%	~
Construction	0.0%	~
Cosmetics/Toiletries	0.0%	~
Other Assets and Liabilities	1.9%
	100.0%

68 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2019

µ Represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate, respectively as of September 30, 2019.

^ 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.

# Includes variable rate securities. 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 September 30, 2019.

§ The interest rate will step up if the issuer does not redeem the bond on or before a scheduled redemption date in accordance with the terms of the instrument. The interest rate shown is the rate in effect as of September 30, 2019.

I/F 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.

I/O Interest only security

¨ Seven-day yield as of September 30, 2019.

~ Represents less than 0.05% of net assets.

Excess Return Swaps
Reference Entity	Counterparty	Long/Short		Financing Rate			Payment Frequency		Termination Date		Notional Amount		Unrealized Appreciation (Depreciation)/ Value
Shiller Barclays CAPE® US Sector ER II USD Index¤	Bank of America Merrill Lynch		Long		0.38	%		Termination		09/15/2020		100,000,000		$	(2,746,295	)
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		Long		0.39	%		Termination		09/02/2020		100,000,000			(2,351,347	)
Shiller Barclays CAPE® US Sector ER II USD Index¤	Bank of America Merrill Lynch		Long		0.38	%		Termination		09/01/2020		100,000,000			(1,871,169	)
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		Long		0.40	%		Termination		10/03/2019		100,800,000			(1,445,911	)
Shiller Barclays CAPE® US Sector ER II USD Index¤	Bank of America Merrill Lynch		Long		0.38	%		Termination		11/04/2020		100,000,000			(1,324,833	)
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		Long		0.40	%		Termination		10/01/2019		125,100,000			(895,555	)
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		Long		0.39	%		Termination		09/16/2020		100,000,000			(830,623	)
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		Long		0.39	%		Termination		11/11/2020		100,000,000			(432,249	)
Shiller Barclays CAPE® US Sector ER II USD Index¤	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		11/17/2020		100,000,000			(384,091	)
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		Long		0.40	%		Termination		10/10/2019		84,900,000			(193,206	)
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		Long		0.40	%		Termination		11/12/2020		100,000,000			7,325
Shiller Barclays CAPE® US Sector ER II USD Index¤	Bank of America Merrill Lynch		Long		0.38	%		Termination		09/29/2020		50,000,000			32,541
Shiller Barclays CAPE® US Sector ER II USD Index¤	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		09/22/2020		100,000,000			62,451
Shiller Barclays CAPE® US Sector ER II USD Index¤	Bank of America Merrill Lynch		Long		0.38	%		Termination		05/19/2020		100,000,000			124,218
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		Long		0.39	%		Termination		05/27/2020		100,000,000			169,913
Shiller Barclays CAPE® US Sector ER II USD Index¤	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		10/08/2019		100,000,000			582,202
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		Long		0.40	%		Termination		07/16/2020		50,000,000			612,227
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		Long		0.40	%		Termination		11/05/2020		90,000,000			619,802
Shiller Barclays CAPE® US Sector ER II USD Index¤	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		11/10/2020		100,000,000			688,669
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		Long		0.40	%		Termination		08/06/2020		100,000,000			992,863
Shiller Barclays CAPE® US Sector ER II USD Index¤	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		11/03/2020		100,000,000			1,100,079
Shiller Barclays CAPE® US Sector ER II USD Index¤	Bank of America Merrill Lynch		Long		0.38	%		Termination		08/04/2020		100,000,000			1,121,233
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		Long		0.39	%		Termination		06/10/2020		100,000,000			1,169,624
Shiller Barclays CAPE® US Sector ER II USD Index¤	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		10/20/2020		100,000,000			1,319,391
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		Long		0.39	%		Termination		08/05/2020		100,000,000			1,338,748
Shiller Barclays CAPE® US Sector ER II USD Index¤	Bank of America Merrill Lynch		Long		0.38	%		Termination		07/21/2020		100,000,000			1,376,214
Shiller Barclays CAPE® US Sector ER II USD Index¤	Bank of America Merrill Lynch		Long		0.38	%		Termination		05/05/2020		75,000,000			1,390,790
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		Long		0.40	%		Termination		08/13/2020		100,000,000			1,570,422
Shiller Barclays CAPE® US Sector ER II USD Index¤	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		09/08/2020		100,000,000			1,668,044
Shiller Barclays CAPE® US Sector ER II USD Index¤	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		10/13/2020		100,000,000			1,697,749
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		Long		0.40	%		Termination		05/28/2020		100,000,000			1,717,982
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		Long		0.40	%		Termination		07/09/2020		100,000,000			1,718,592
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		Long		0.40	%		Termination		05/07/2020		100,000,000			1,844,962
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		Long		0.39	%		Termination		05/13/2020		100,000,000			1,859,684
Shiller Barclays CAPE® US Sector ER II USD Index¤	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		07/07/2020		100,000,000			2,080,401
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		Long		0.39	%		Termination		07/22/2020		100,000,000			2,263,962
Shiller Barclays CAPE® US Sector ER II USD Index¤	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		05/12/2020		100,000,000			2,371,235

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 69

Schedule of Investments - Summary  DoubleLine Shiller Enhanced CAPE^®  (Cont.) (Unaudited) September 30, 2019

Reference Entity	Counterparty	Long/Short		Financing Rate			Payment Frequency		Termination Date		Notional Amount		Unrealized Appreciation (Depreciation)/ Value
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		Long		0.39	%		Termination		10/07/2020		100,000,000		$	2,419,375
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		Long		0.40	%		Termination		06/11/2020		100,000,000			2,556,260
Shiller Barclays CAPE® US Sector ER II USD Index¤	Bank of America Merrill Lynch		Long		0.38	%		Termination		10/14/2020		100,000,000			2,908,199
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		Long		0.39	%		Termination		07/08/2020		100,000,000			3,185,217
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		Long		0.40	%		Termination		08/20/2020		100,000,000			3,234,329
Shiller Barclays CAPE® US Sector ER II USD Index¤	Bank of America Merrill Lynch		Long		0.38	%		Termination		10/06/2020		100,000,000			3,236,849
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		Long		0.39	%		Termination		09/09/2020		100,000,000			3,314,346
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		Long		0.39	%		Termination		08/26/2020		100,000,000			3,314,346
Shiller Barclays CAPE® US Sector ER II USD Index¤	Bank of America Merrill Lynch		Long		0.38	%		Termination		06/23/2020		100,000,000			3,331,441
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		Long		0.39	%		Termination		06/24/2020		100,000,000			3,433,627
Shiller Barclays CAPE® US Sector ER II USD Index¤	Bank of America Merrill Lynch		Long		0.38	%		Termination		03/10/2020		50,000,000			3,688,817
Shiller Barclays CAPE® US Sector ER II USD Index¤	Bank of America Merrill Lynch		Long		0.38	%		Termination		10/27/2020		100,000,000			3,870,875
Shiller Barclays CAPE® US Sector ER II USD Index¤	Bank of America Merrill Lynch		Long		0.38	%		Termination		04/21/2020		100,000,000			4,009,021
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		Long		0.40	%		Termination		06/25/2020		100,000,000			4,122,858
Shiller Barclays CAPE® US Sector ER II USD Index¤	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		04/28/2020		100,000,000			4,365,028
Shiller Barclays CAPE® US Sector ER II USD Index¤	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		06/09/2020		100,000,000			4,518,196
Shiller Barclays CAPE® US Sector ER II USD Index¤	Bank of America Merrill Lynch		Long		0.38	%		Termination		10/29/2019		100,000,000			4,613,038
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		Long		0.39	%		Termination		05/06/2020		100,000,000			4,613,454
Shiller Barclays CAPE® US Sector ER II USD Index¤	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		11/05/2019		100,000,000			4,653,383
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		Long		0.39	%		Termination		11/06/2019		50,000,000			4,850,780
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		Long		0.39	%		Termination		04/22/2020		100,000,000			5,275,647
Shiller Barclays CAPE® US Sector ER II USD Index¤	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		04/14/2020		100,000,000			6,006,178
Shiller Barclays CAPE® US Sector ER II USD Index¤	Bank of America Merrill Lynch		Long		0.38	%		Termination		04/07/2020		100,000,000			6,234,548
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		Long		0.39	%		Termination		04/08/2020		100,000,000			6,315,316
Shiller Barclays CAPE® US Sector ER II USD Index¤	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		03/24/2020		100,000,000			6,374,311
Shiller Barclays CAPE® US Sector ER II USD Index¤	Bank of America Merrill Lynch		Long		0.38	%		Termination		11/12/2019		100,000,000			6,515,293
Shiller Barclays CAPE® US Sector ER II USD Index¤	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		10/22/2019		100,000,000			6,568,689
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		Long		0.39	%		Termination		03/04/2020		100,000,000			7,371,360
Shiller Barclays CAPE® US Sector ER II USD Index¤	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		03/03/2020		100,000,000			7,658,284
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		Long		0.40	%		Termination		02/27/2020		100,000,000			7,731,679
Shiller Barclays CAPE® US Sector ER II USD Index¤	Bank of America Merrill Lynch		Long		0.38	%		Termination		10/15/2019		100,000,000			8,529,742
Shiller Barclays CAPE® US Sector ER II USD Index¤	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		11/19/2019		100,000,000			11,188,359
Shiller Barclays CAPE® US Sector ER II USD Index¤	BNP Paribas		Long		0.39	%		Termination		02/26/2020		100,000,000			11,657,879
Shiller Barclays CAPE® US Sector ER II USD Index¤	Bank of America Merrill Lynch		Long		0.38	%		Termination		01/21/2020		75,000,000			11,755,354
Shiller Barclays CAPE® US Sector ER II USD Index¤	Barclays Capital, Inc.		Long		0.40	%		Termination		02/13/2020		100,000,000			13,495,243
Shiller Barclays CAPE® US Sector ER II USD Index¤	Bank of America Merrill Lynch		Long		0.38	%		Termination		02/25/2020		100,000,000			13,549,307
Shiller Barclays CAPE® US Sector ER II USD Index¤	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		01/28/2020		100,000,000			14,238,179
														$	243,730,851

¤ Shiller Barclays CAPE^® US Sector ER II USD Index aims to provide notional long exposure to the top four United States equity sectors that are relatively undervalued, as defined by a modified version of the classic CAPE^® Ratio (the “Relative CAPE^® Indicator”), and that possess relatively strong price momentum over the prior twelve months. Each U.S. equity sector is represented by an index of equity securities of companies in the relevant sector. Information on the sector constituents as of September 30, 2019, is available on the Barclays Capital, Inc. website at https://indices.barclays/IM/12/en/indices/details.app;ticker=BXIICS2E.

A summary of the DoubleLine Shiller Enhanced CAPE^®’s investments in affiliated mutual funds for the period ended September 30, 2019 is as follows:

Fund	Value at March 31, 2019			Gross Purchases			Gross Sales			Shares Held at September 30, 2019		Value at September 30, 2019			Change in Unrealized for the Period Ended September 30, 2019			Dividend Income Earned in the Period Ended September 30, 2019			Net Realized Gain (Loss) in the Period Ended September 30, 2019
DoubleLine Ultra Short Bond Fund (Class I)		$	199,950,099		$	100,000,000		$	—		29,875,562		$	300,249,400		$	299,301		$	2,906,912		$	—

70 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

Schedule of Investments - Summary  DoubleLine Flexible Income Fund (Unaudited) September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $		% OF NET ASSETS
	ASSET BACKED OBLIGATIONSµ
		ExteNet Issuer LLC,
	6,250,000	Series2019-1A-C		5.22%	^		07/26/2049		6,302,871		0.4%
		Helios Issuer LLC,
	4,937,955	Series2017-1A-A		4.94%	^		09/20/2049		5,177,137		0.4%
		Mosaic Solar Loan Trust,
	5,365,000	Series2018-1A-C		0.00%	^ P/O		06/22/2043		4,485,922		0.3%
		Vivint Colar Financing LLC,
	4,940,463	Series2018-1A-A		4.73%	^		04/30/2048		5,268,277		0.4%
	8,750,000	Wave LLC		6.41%	^		09/15/2044		8,749,820		0.6%
		Zephyrus Capital Aviation Partners Ltd.,
	4,950,000	Series2018-1-A		4.61%	^		10/15/2038		4,988,229		0.3%
	Other Asset Backed Obligationsµ								28,307,435		2.0%
		Total Asset Backed Obligations (Cost $62,553,324)							63,279,691		4.4%
	BANK LOANSµ
		Total Bank Loans (Cost $72,218,427)							70,548,446		4.9%
	COLLATERALIZED LOAN OBLIGATIONSµ
		Canyon Capital Ltd.,
	10,000,000	Series2017-1A-B (3 Month LIBOR USD + 1.70%)		4.00%	^		07/15/2030		9,922,095		0.7%
		GoldenTree Loan Management Ltd.,
	5,500,000	Series2017-2A-D (3 Month LIBOR USD + 2.65%)		4.93%	^		11/28/2030		5,247,990		0.4%
		LCM LP,
	5,000,000	Series26A-D (3 Month LIBOR USD + 2.50%, 2.50% Floor)		4.78%	^		01/20/2031		4,615,516		0.3%
		Marble Point Ltd.,
	6,500,000	Series2019-1A-B (3 Month LIBOR USD + 2.15%)		4.59%	^		07/23/2032		6,512,814		0.5%
		Steele Creek Ltd.,
	5,000,000	Series2019-2A-B (3 Month LIBOR USD + 2.25%, 2.25% Floor)		4.38%	^		07/15/2032		4,999,152		0.3%
		Trimaran CAVU LLC,
	6,000,000	Series2019-1A-B (3 Month LIBOR USD + 2.20%, 2.20% Floor)		4.67%	^		07/20/2032		5,998,411		0.4%
		Venture Ltd.,
	5,000,000	Series2018-34A-A (3 Month LIBOR USD + 1.23%, 1.23% Floor)		3.53%	^		10/15/2031		4,983,440		0.3%
		Wind River Ltd.,
	7,975,000	Series2015-2A-ER (3 Month LIBOR USD + 5.55%)		7.85%	^		10/15/2027		7,669,143		0.5%
	Other Collateralized Loan Obligationsµ								169,557,613		11.9%
		Total Collateralized Loan Obligations (Cost $226,492,922)							219,506,174		15.3%
	FOREIGN CORPORATE BONDSµ
	4,241,250	Cometa Energia S.A. de C.V.		6.38%			04/24/2035		4,527,534		0.3%
	Other Foreign Corporate Bondsµ								225,729,269		15.7%
		Total Foreign Corporate Bonds (Cost $223,699,773)							230,256,803		16.0%
	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONSµ
		Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $11,359,855)							11,829,967		0.8%
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONSµ
		TotalNon-Agency Commercial Mortgage Backed Obligations (Cost $156,589,200)							155,091,164		10.8%
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS
		Ajax Mortgage Loan Trust,
	5,258,174	Series2017-C-A		3.75%	^§		07/25/2060		5,289,280		0.4%

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 71

Schedule of Investments - Summary  DoubleLine Flexible Income Fund  (Cont.) (Unaudited) September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $		% OF NET ASSETS
		APS Resecuritization Trust,
	8,128,958	Series2015-3-1MZ (12 Month US Treasury Average + 0.96%, 0.96% Floor)		2.79%	^>		10/27/2046		7,279,198		0.5%
		Bayview Opportunity Master Fund Trust,
	7,787,627	Series2018-SBR4-A1		4.38%	^§		06/28/2033		7,850,590		0.5%
		CHL Mortgage Pass-Through Trust,
	12,833,461	Series2007-9-A13		5.75%			07/25/2037		5,090,380		0.4%
		CHL Mortgage Pass-Through Trust,
	7,510,246	Series2007-14-A19		6.00%			09/25/2037		6,085,991		0.4%
		CHL Mortgage Pass-Through Trust,
	4,800,000	Series2018-GT1-A (1 Month LIBOR USD + 2.75%)		4.77%	^		05/25/2023		4,820,050		0.3%
		CIM Trust,
	13,420,000	Series2017-3RR-B2		10.97%	#^Þ		01/27/2057		13,939,824		1.0%
		Citigroup Mortgage Loan Trust, Inc.,
	4,766,520	Series2006-AR6-2A3 (1 Month LIBOR USD + 0.25%, 0.25% Floor)		2.27%			09/25/2036		4,720,620		0.3%
		CitiMortgage Alternative Loan Trust,
	9,098,346	Series2007-A5-1A1		6.00%			05/25/2037		9,063,087		0.6%
		FMC GMSR Issuer Trust,
	15,000,000	Series2019-GT1-A		5.07%	# ^		05/25/2024		15,514,191		1.1%
		Freddie Mac STACR Trust,
	10,000,000	Series2019-DNA2-M2 (1 Month LIBOR USD + 2.45%)		4.47%	^		03/25/2049		10,119,241		0.7%
		GCAT LLC,
	5,502,638	Series2018-1-A1		3.84%	^§		06/25/2048		5,523,934		0.4%
		Home Partners of America Trust,
	14,000,000	Series2019-2-F		3.87%	^		10/19/2039		14,120,050		1.0%
		IndyMac Mortgage Loan Trust,
	12,649,592	Series2007-FLX6-1A1 (1 Month LIBOR USD + 0.25%, 0.25% Floor)		2.27%			09/25/2037		12,547,441		0.9%
		Lehman Trust,
	8,858,624	Series2006-GP3-1A1 (1 Month LIBOR USD + 0.20%, 0.20% Floor)		2.22%			06/25/2046		8,902,375		0.6%
		MFA LLC,
	10,273,893	Series2018-NPL2-A1		4.16%	^§		07/25/2048		10,376,095		0.7%
		Morgan Stanley Resecuritization Trust,
	10,546,642	Series2013-R7-8B (12 Month US Treasury Average + 0.96%, 0.96% Floor)		3.44%	^Þ		12/26/2046		9,945,546		0.7%
		New Residential Mortgage Loan Trust,
	6,499,853	Series2018-FNT2-B		4.09%	^		07/25/2054		6,609,843		0.5%
		NovaStar Mortgage Funding Trust Series,
	12,582,549	Series2006-3-A2C (1 Month LIBOR USD + 0.16%, 0.16% Floor)		2.18%			10/25/2036		7,359,363		0.5%
		PMT Credit Risk Transfer Trust,
	14,181,686	Series2019-2R-A (1 Month LIBOR USD + 2.75%, 2.75% Floor)		4.89%	^		05/27/2023		14,265,704		1.0%
		PNMAC GMSR Trust,
	17,600,000	Series2018-FT1-A (1 Month LIBOR USD + 2.35%)		4.37%	^		04/25/2023		17,524,957		1.2%
		PRPM LLC,
	6,085,676	Series2018-1A-A1		4.25%	^§		01/25/2022		657,789		0.0%
		Residential Funding Mortgage Securities Trust,
	6,210,381	Series2006-S8-A10		6.00%			09/25/2036		5,959,026		0.4%
		Soundview Home Loan Trust,
	6,638,756	Series2007-OPT1-2A2 (1 Month LIBOR USD + 0.15%, 0.15% Floor)		2.17%			06/25/2037		5,059,729		0.4%
		Structured Asset Securities Corporation,
	7,895,206	Series2007-RF1-1A (1 Month LIBOR USD + 0.19%, 0.19% Floor)		2.21%	^		03/25/2037		6,916,804		0.5%
		Toorak Mortgage Corporation Ltd.,
	10,000,000	Series2019-1-A1		4.46%	^§		03/25/2022		10,224,510		0.7%
		Tricon American Homes Trust,
	5,000,000	Series2019-SFR1-F		3.75%	^		03/17/2038		5,042,090		0.4%
		VOLT LLC,
	5,000,000	Series2018-NPL6-A1B		4.56%	^§		09/25/2048		5,042,074		0.4%
	OtherNon-Agency Residential Collateralized Mortgage Obligations µ								77,895,031		5.3%
		TotalNon-Agency Residential Collateralized Mortgage Obligations (Cost $316,474,288)							313,744,813		21.8%
	US CORPORATE BONDSµ
		Total US Corporate Bonds (Cost $100,799,019)							102,279,510		7.1%

72 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2019

PRINCIPAL AMOUNT $ / SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $			% OF NET ASSETS
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS
		Federal National Mortgage Association,
	7,871,927	Series2018-55-FA (1 Month LIBOR USD + 0.30%, 0.30% Floor, 6.50% Cap)		2.32%			08/25/2048		7,850,218			0.5%
	Other US Government and Agency Mortgage Backed Obligations µ								4,446,713			0.4%
		Total US Government and Agency Mortgage Backed Obligations (Cost $13,084,355)							12,296,931			0.9%
	US GOVERNMENT AND AGENCY OBLIGATIONS
	34,396,569	United States Treasury Inflation Indexed Bonds		0.63%			04/15/2023		34,702,950			2.4%
	50,966,730	United States Treasury Inflation Indexed Bonds		0.50%			04/15/2024		51,646,614			3.6%
		Total US Government and Agency Obligations (Cost $86,181,824)							86,349,564			6.0%
	AFFILIATED MUTUAL FUNDS
	9,499,981	DoubleLine Global Bond Fund (Class I)							98,039,801			6.8%
		Total Affiliated Mutual Funds (Cost $97,418,043)							98,039,801			6.8%
	EXCHANGE TRADED FUNDS AND COMMON STOCKSµ
		Total Exchange Traded Funds and Common Stocks (Cost $473,923)							53,791			0.0%
	WARRANTSµ
		Total Warrants (Cost $–)							—			0.0%
	SHORT TERM INVESTMENTS
	29,431,408	First American Government Obligations Fund - Class U		1.88%	¨				29,431,408			2.0%
	29,431,409	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		1.83%	¨				29,431,409			2.0%
	29,431,409	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		1.83%	¨				29,431,409			2.1%
		Total Short Term Investments (Cost $88,294,226)							88,294,226			6.1%
		Total Investments (Cost $1,455,639,179)							1,451,570,881			100.9%
		Liabilities in Excess of Other Assets							(12,232,513	)		(0.9)%
		NET ASSETS						$	1,439,338,368			100.0%

SECURITY TYPE BREAKDOWNas a % of Net Assets:
Non-Agency Residential Collateralized Mortgage Obligations	21.8%
Foreign Corporate Bonds	16.0%
Collateralized Loan Obligations	15.3%
Non-Agency Commercial Mortgage Backed Obligations	10.8%
US Corporate Bonds	7.1%
Affiliated Mutual Funds	6.8%
Short Term Investments	6.1%
US Government and Agency Obligations	6.0%
Bank Loans	4.9%
Asset Backed Obligations	4.4%
US Government and Agency Mortgage Backed Obligations	0.9%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	0.8%
Exchange Traded Funds and Common Stocks	0.0%	~
Warrants	0.0%	~
Other Assets and Liabilities	(0.9)%
	100.0%

INVESTMENT BREAKDOWNas a % of Net Assets:
Non-Agency Residential Collateralized Mortgage Obligations	21.6%
Collateralized Loan Obligations	15.3%
Non-Agency Commercial Mortgage Backed Obligations	10.7%
Affiliated Mutual Funds	6.8%
Short Term Investments	6.1%
US Government and Agency Obligations	6.0%
Asset Backed Obligations	4.4%
Energy	4.0%
Banking	3.4%
Utilities	2.7%
Telecommunications	2.3%
Healthcare	1.4%
Media	1.2%
Finance	1.2%
Transportation	1.0%
Consumer Products	1.0%
Mining	0.9%
US Government and Agency Mortgage Backed Obligations	0.9%
Hotels/Motels/Inns and Casinos	0.8%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	0.8%
Electronics/Electric	0.7%

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 73

Schedule of Investments - Summary  DoubleLine Flexible Income Fund  (Cont.) (Unaudited) September 30, 2019

INVESTMENT BREAKDOWNas a % of Net Assets: (Cont.)
Technology	0.6%
Building and Development (including Steel/Metals)	0.6%
Chemicals/Plastics	0.6%
Leisure	0.6%
Business Equipment and Services	0.5%
Food Products	0.5%
Containers and Glass Products	0.4%
Food Service	0.4%
Insurance	0.3%
Retailers (other than Food/Drug)	0.3%
Real Estate	0.3%
Pharmaceuticals	0.3%
Aerospace & Defense	0.3%
Commercial Services	0.3%
Construction	0.3%
Automotive	0.3%
Industrial Equipment	0.2%
Pulp & Paper	0.2%
Environmental Control	0.2%
Diversified Manufacturing	0.2%
Food/Drug Retailers	0.1%
Financial Intermediaries	0.1%
Conglomerates	0.1%
Chemical Products	0.0%	~
Cosmetics/Toiletries	0.0%	~
Beverage and Tobacco	0.0%	~
Other Assets and Liabilities	(0.9)%
	100.0%

µ Represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate, respectively as of September 30, 2019.

^ 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.

# Includes variable rate securities. 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 September 30, 2019.

§ The interest rate will step up if the issuer does not redeem the bond on or before a scheduled redemption date in accordance with the terms of the instrument. The interest rate shown is the rate in effect as of September 30, 2019.

Þ Value determined using significant unobservable inputs.

P/O Includes principal only securities

> Includes U.S. Agency bonds that accrue 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 September 30, 2019.

¨ Seven-day yield as of September 30, 2019.

~ Represents less than 0.05% of net assets.

A summary of the DoubleLine Flexible Income Fund’s investments in affiliated mutual funds for the period ended September 30, 2019 is as follows:

Fund	Value at March 31, 2019			Gross Purchases			Gross Sales			Shares Held at September 30, 2019		Value at September 30, 2019			Change in Unrealized for the Period Ended September 30, 2019			Dividend Income Earned in the Period Ended September 30, 2019			Net Realized Gain (Loss) in the Period Ended September 30, 2019
DoubleLine Global Bond Fund (Class I)		$	84,749,820		$	13,000,000		$	—		9,499,981		$	98,039,801		$	289,981		$	751,822		$	—

74 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

Schedule of Investments  DoubleLine Low Duration Emerging Markets Fixed Income Fund (Unaudited) September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN CORPORATE BONDS 84.2%
	ARGENTINA 0.3%
	700,000	Pampa Energia S.A.		7.38%			07/21/2023		577,500
									577,500
	BRAZIL 9.6%
	2,400,000	Banco Bradesco S.A.		5.90%			01/16/2021		2,490,024
	700,000	Banco BTG Pactual S.A.		4.00%			01/16/2020		701,757
	1,600,000	Banco BTG Pactual S.A. (5 Year CMT Rate + 5.26%)		7.75%	^		02/15/2029		1,672,000
	1,497,000	Banco do Brasil S.A. (10 Year CMT Rate + 7.78%)		8.50%	†		10/20/2020		1,578,811
	1,500,000	Brasil Bolsa Balcao S.A		5.50%			07/16/2020		1,537,515
	650,000	Braskem Finance Ltd.		7.00%			05/07/2020		666,315
	800,000	Braskem Finance Ltd.		5.75%			04/15/2021		832,008
	497,000	ESAL GMBH		6.25%			02/05/2023		506,945
	2,400,000	Globo Comunicacao e Participacoes S.A.		4.88%			04/11/2022		2,491,524
	105,102	Invepar Holdings		0.00%	WÞ		12/30/2028		4,494
	200,000	Itau Unibanco Holding S.A.		6.20%			12/21/2021		212,502
	300,000	Itau Unibanco Holding S.A. (5 Year CMT Rate + 3.98%)		6.13%	†		12/12/2022		303,300
	500,000	Itau Unibanco Holdings S.A.		6.20%			04/15/2020		510,125
	2,100,000	Itau Unibanco Holdings S.A.		5.75%			01/22/2021		2,172,030
	300,000	JBS Investments GMBH		7.00%	^		01/15/2026		324,447
	3,500,000	MARB BondCo PLC		7.00%			03/15/2024		3,657,535
	750,000	Petrobras Global Finance B.V.		5.38%			01/27/2021		777,000
	1,000,000	Suzano Trading Ltd.		5.88%			01/23/2021		1,041,260
									21,479,592
	CHILE 7.8%
	800,000	AES Gener S.A. (5 Year Swap Rate USD + 4.64%)		7.13%	^		03/26/2079		841,000
	700,000	AES Gener S.A. (5 Year Swap Rate USD + 4.64%)		7.13%			03/26/2079		735,875
	1,770,000	Banco del Estado de Chile		2.67%			01/08/2021		1,771,333
	150,000	Banco Santander Chile		2.50%			12/15/2020		151,035
	500,000	Celulosa Arauco y Constitucion S.A.		4.75%			01/11/2022		520,625
	200,000	Corp Nacional del Cobre de Chile		3.88%			11/03/2021		205,952
	3,075,000	ECL S.A.		5.63%			01/15/2021		3,205,078
	654,239	Guanay Finance Ltd.		6.00%			12/15/2020		664,053
	2,185,000	Inversiones CMPC S.A.		4.50%			04/25/2022		2,275,153
	1,900,000	Latam Finance Ltd.		6.88%			04/11/2024		2,001,175
	700,000	Sociedad Quimica y Minera S.A.		5.50%			04/21/2020		712,880
	1,500,000	Telefonica Chile S.A.		3.88%			10/12/2022		1,553,400
	2,800,000	VTR Finance B.V.		6.88%			01/15/2024		2,891,000
									17,528,559
	CHINA 9.7%
	1,100,000	Alibaba Group Holding Ltd.		3.13%			11/28/2021		1,117,509
	4,220,000	CNOOC Finance Ltd.		2.63%			05/05/2020		4,225,423
	200,000	CNOOC Finance Ltd.		4.25%			01/26/2021		204,716
	1,400,000	CNOOC Finance Ltd.		3.88%			05/02/2022		1,446,707
	3,835,000	CNPC General Capital Ltd.		3.95%			04/19/2022		3,972,351
	900,000	CNPC Overseas Capital Ltd.		4.50%			04/28/2021		927,811
	3,700,000	Sinochem Overseas Capital Ltd.		4.50%			11/12/2020		3,780,501
	4,300,000	Sinopec Group Overseas Development Ltd.		2.50%			04/28/2020		4,303,141

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	700,000	Sinopec Group Overseas Development Ltd.		2.00%	^		09/29/2021		694,034
	600,000	Sinopec Group Overseas Development Ltd.		2.00%			09/29/2021		594,886
	200,000	Sinopec Group Overseas Development Ltd.		3.00%	^		04/12/2022		202,445
	200,000	Syngenta Finance NV		3.70%			04/24/2020		200,687
									21,670,211
	COLOMBIA 7.4%
	871,000	Bancolombia S.A.		6.13%			07/26/2020		895,179
	3,100,000	Bancolombia S.A.		5.95%			06/03/2021		3,270,500
	900,000	Colombia Telecomunicaciones S.A.		5.38%			09/27/2022		912,375
	1,200,000	Colombia Telecomunicaciones S.A. (5 Year Swap Rate USD + 6.96%)		8.50%	†		03/30/2020		1,234,500
	1,500,000	Grupo Aval Ltd.		4.75%			09/26/2022		1,554,000
	1,100,000	GrupoSura Finance S.A.		5.70%			05/18/2021		1,153,625
	1,800,000	Millicom International Cellular S.A.		6.00%			03/15/2025		1,872,000
	300,000	Millicom International Cellular SA		6.63%			10/15/2026		327,000
	3,800,000	Oleoducto Central S.A.		4.00%			05/07/2021		3,885,538
	1,400,000	Tecnoglass, Inc.		8.20%			01/31/2022		1,515,500
									16,620,217
	DOMINICAN REPUBLIC 0.6%
	400,000	AES Dominicana		7.95%			05/11/2026		427,500
	900,000	Banco de Reservas de la Republica Dominicana		7.00%			02/01/2023		946,134
									1,373,634
	GUATEMALA 0.3%
	200,000	Comcel Trust		6.88%			02/06/2024		206,500
	368,000	Industrial Senior Trust		5.50%			11/01/2022		385,940
									592,440
	HONG KONG 2.5%
	2,170,000	CK Hutchison International Ltd.		2.88%	^		04/05/2022		2,191,253
	1,920,000	CK Hutchison International Ltd.		2.88%			04/05/2022		1,938,804
	1,400,000	Hutchison Whampoa International Ltd.		4.63%			01/13/2022		1,465,400
									5,595,457
	INDIA 7.4%
	2,500,000	Bharat Petroleum Corporation Ltd.		4.63%			10/25/2022		2,637,350
	1,300,000	Bharat Petroleum Ltd.		4.38%			01/24/2022		1,347,034
	2,805,000	Indian Oil Corporation Ltd.		5.63%			08/02/2021		2,955,264
	1,685,000	ONGC Videsh Ltd.		2.88%			01/27/2022		1,687,055
	3,905,000	Reliance Holdings, Inc.		4.50%			10/19/2020		3,981,264
	1,000,000	Reliance Holdings, Inc.		5.40%			02/14/2022		1,063,380
	1,900,000	UPL Corporation		3.25%			10/13/2021		1,909,075
	900,000	Vedanta Resources PLC		7.13%			05/31/2023		890,325
									16,470,747
	INDONESIA 4.3%
	2,200,000	Freeport-McMoRan, Inc.		4.55%			11/14/2024		2,260,060
	3,250,000	Pertamina Persero PT		5.25%			05/23/2021		3,393,722
	2,000,000	Pertamina Persero PT		4.88%			05/03/2022		2,114,046
	1,800,000	Perusahaan Listrik Negara PT		5.50%			11/22/2021		1,912,500
									9,680,328

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 75

Schedule of Investments  DoubleLine Low Duration Emerging Markets Fixed Income Fund  (Cont.) (Unaudited) September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ISRAEL 1.3%
	2,481,000	Delek & Avner Tamar Bond Ltd.		4.44%	^		12/30/2020		2,514,739
	300,000	Israel Electric Corporation Ltd.		6.88%			06/21/2023		342,600
									2,857,339
	JAMAICA 0.1%
	1,000,000	Digicel Group Ltd.		8.25%	^		09/30/2022		215,000
									215,000
	MALAYSIA 6.0%
	5,350,000	Axiata SPV2 BHD		3.47%			11/19/2020		5,408,325
	2,485,000	Malayan Banking BHD (5 Year Swap Rate USD + 2.54%)		3.91%			10/29/2026		2,529,208
	5,450,000	Petronas Global Sukuk Ltd.		2.71%			03/18/2020		5,445,504
									13,383,037
	MEXICO 10.8%
	4,300,000	Banco Mercantil del Norte S.A. (5 Year CMT Rate + 5.04%)		6.88%	†		07/06/2022		4,332,250
	2,600,000	Banco Nacional de Comercio Exterior S.N.C. (5 Year CMT Rate + 3.00%) (5 Year CMT Rate + 3.00%)		3.80%			08/11/2026		2,635,776
	250,000	Banco Santander (5 Year CMT Rate + 3.00%)		5.95%	^		10/01/2028		268,688
	750,000	BBVA Bancomer S.A.		7.25%			04/22/2020		768,375
	2,900,000	BBVA Bancomer S.A.		6.50%			03/10/2021		3,030,529
	600,000	BBVA Bancomer S.A.		6.75%			09/30/2022		657,000
	1,000,000	BBVA Bancomer S.A. (5 Year CMT Rate + 3.00%)		5.35%			11/12/2029		997,510
	900,000	Cemex S.A.B. de C.V.		6.13%			05/05/2025		938,250
	700,000	Cemex S.A.B. de C.V.		7.75%			04/16/2026		760,382
	1,400,000	Coca-Cola Femsa S.A.B. de C.V.		4.63%			02/15/2020		1,410,907
	700,000	Credito Real S.A.B. de C.V.		7.25%			07/20/2023		744,625
	2,050,000	Grupo Bimbo S.A.B. de C.V.		4.88%			06/30/2020		2,089,349
	2,600,000	Grupo Bimbo S.A.B. de C.V. (5 Year CMT Rate + 3.28%)		5.95%	†		04/17/2023		2,748,200
	1,000,000	Nacional Financiera S.N.C.		3.38%			11/05/2020		1,008,760
	1,750,000	Unifin Financiera S.A.B. de C.V.		7.25%			09/27/2023		1,814,750
									24,205,351
	PANAMA 5.7%
	1,000,000	Banco Latinoamericano do Comercio Exterior S.A.		3.25%			05/07/2020		1,005,010
	300,000	Banistmo S.A.		3.65%			09/19/2022		302,628
	2,200,000	C&W Senior Financing DAC		7.50%			10/15/2026		2,326,500
	3,005,816	ENA Norte Trust		4.95%			04/25/2023		3,111,049
	1,500,000	Global Bank Corporation		4.50%			10/20/2021		1,547,820
	400,000	Multibank, Inc.		4.38%			11/09/2022		412,404
	1,567,389	Panama Metro Line SP		0.00%	^		12/05/2022		1,505,085
	2,677,801	Panama Metro Line SP		0.00%			12/05/2022		2,571,359
									12,781,855
	PERU 3.7%
	2,000,000	Banco International del Peru S.A.A.		5.75%			10/07/2020		2,065,020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	1,735,000	BBVA Banco Continental S.A.		5.00%			08/26/2022		1,853,848
	800,000	Scotiabank Peru S.A. (3 Month LIBOR USD + 3.86%)		4.50%			12/13/2027		833,008
	3,500,000	Southern Copper Corporation		5.38%			04/16/2020		3,548,476
									8,300,352
	PHILIPPINES 0.4%
	1,000,000	BDO Unibank, Inc.		2.63%			10/24/2021		1,004,269
									1,004,269
	SINGAPORE 4.7%
	200,000	DBS Group Holdings Ltd.		2.85%			04/16/2022		202,882
	200,000	DBS Group Holdings Ltd. (3 Month LIBOR USD + 0.49%)		2.59%			06/08/2020		200,199
	400,000	DBS Group Holdings Ltd. (5 Year Mid Swap Rate USD + 1.59%)		4.52%			12/11/2028		425,538
	4,100,000	DBS Group Holdings Ltd. (5 Year Swap Rate USD + 2.39%)		3.60%	†		09/07/2021		4,120,500
	500,000	Oversea-Chinese Banking Corporation (5 Year Swap Rate USD + 2.20%)		4.00%			10/15/2024		500,320
	750,000	Temasek Financial Ltd.		2.38%			01/23/2023		761,107
	800,000	United Overseas Bank Ltd. (5 Year CMT Rate + 1.50%)		3.75%			04/15/2029		830,190
	400,000	United Overseas Bank Ltd. (5 Year Swap Rate USD + 1.65%)		2.88%			03/08/2027		400,068
	3,000,000	United Overseas Bank Ltd. (5 Year Swap Rate USD + 2.24%)		3.50%			09/16/2026		3,037,140
									10,477,944
	THAILAND 1.6%
	1,100,000	Bangkok Bank PCL		4.80%			10/18/2020		1,127,337
	200,000	PTTEP Canada International Finance Ltd.		5.69%			04/05/2021		209,412
	2,200,000	PTTEP Treasury Center Company Ltd. (5 Year CMT Rate + 2.72%)		4.60%	†		07/17/2022		2,254,336
									3,591,085
		Total Foreign Corporate Bonds (Cost $187,050,527)							188,404,917
	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS 13.1%
	BRAZIL 0.9%
	2,000,000	Brazilian Government International Bond		4.88%			01/22/2021		2,072,520
									2,072,520
	CHILE 1.2%
	200,000	Chile Government International Bond		3.88%			08/05/2020		203,150
	2,500,000	Chile Government International Bond		2.25%			10/30/2022		2,511,900
									2,715,050

76 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2019

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	COLOMBIA 2.6%
	5,500,000	Colombia Government International Bond		4.38%			07/12/2021		5,702,180
									5,702,180
	COSTA RICA 0.5%
	1,150,000	Costa Rica Government International Bond		10.00%			08/01/2020		1,211,824
									1,211,824
	DOMINICAN REPUBLIC 2.3%
	4,846,667	Dominican Republic International Bond		7.50%			05/06/2021		5,070,825
									5,070,825
	INDONESIA 2.6%
	300,000	Perusahaan Penerbit		3.40%			03/29/2022		306,645
	2,505,000	Indonesia Government International Bond		4.88%			05/05/2021		2,600,142
	2,805,000	Indonesia Government International Bond		3.70%			01/08/2022		2,885,422
									5,792,209
	ISRAEL 1.0%
	2,000,000	Israel Government International Bond		4.00%			06/30/2022		2,107,760
									2,107,760
	MALAYSIA 0.2%
	500,000	Wakala Global Sukuk BHD		4.65%			07/06/2021		521,028
									521,028
	PHILIPPINES 1.8%
	4,000,000	Philippine Government International Bond		4.00%			01/15/2021		4,093,449
									4,093,449
		Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $29,097,163)							29,286,845
	EXCHANGE TRADED FUNDS AND COMMON STOCKS 0.1%
	21,248	Frontera Energy Corporation							205,258
		Total Exchange Traded Funds and Common Stocks (Cost $1,923,481)							205,258
	WARRANTS 0.0%
	87,695	OAS S.A., Expiration 5/16/2039, Strike Price BRL 1.00*Þ							—
		Total Warrants (Cost $–)							—
	SHORT TERM INVESTMENTS 1.9%
	1,447,367	First American Government Obligations Fund - Class U		1.88%	¨				1,447,367

SHARES		SECURITY DESCRIPTION	RATE			MATURITY	VALUE $
	1,447,367	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		1.83%	¨			1,447,367
	1,447,367	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		1.83%	¨			1,447,367
		Total Short Term Investments (Cost $4,342,101)						4,342,101
		Total Investments 99.3% (Cost $222,413,272)						222,239,121
		Other Assets in Excess of Liabilities 0.7%						1,550,484
		NET ASSETS 100.0%					$	223,789,605

SECURITY TYPE BREAKDOWNas a % of Net Assets:
Foreign Corporate Bonds	84.2%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	13.1%
Short Term Investments	1.9%
Exchange Traded Funds and Common Stocks	0.1%
Warrants	0.0%	~
Other Assets and Liabilities	0.7%
	100.0%

INVESTMENT BREAKDOWNas a % of Net Assets:
Banking	23.8%
Energy	21.1%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	13.1%
Telecommunications	7.5%
Transportation	6.1%
Consumer Products	4.2%
Utilities	3.6%
Finance	3.4%
Mining	3.1%
Chemicals/Plastics	3.0%
Conglomerates	2.5%
Short Term Investments	1.9%
Pulp & Paper	1.7%
Building and Development (including Steel/Metals)	1.4%
Media	1.1%
Chemical Products	0.7%
Containers and Glass Products	0.6%
Technology	0.5%
Construction	0.0%	~
Other Assets and Liabilities	0.7%
	100.0%

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 77

Schedule of Investments  DoubleLine Low Duration Emerging Markets Fixed Income Fund  (Cont.) (Unaudited) September 30, 2019

COUNTRY BREAKDOWNas a % of Net Assets:
Mexico	10.8%
Brazil	10.5%
Colombia	10.1%
China	9.7%
Chile	9.0%
India	7.4%
Indonesia	6.9%
Malaysia	6.2%
Panama	5.7%
Singapore	4.7%
Peru	3.7%
Dominican Republic	2.9%
Hong Kong	2.5%

COUNTRY BREAKDOWNas a % of Net Assets: (Cont.)
Israel	2.3%
Philippines	2.2%
United States	1.9%
Thailand	1.6%
Costa Rica	0.5%
Guatemala	0.3%
Argentina	0.3%
Jamaica	0.1%
Other Assets and Liabilities	0.7%
	100.0%

^ 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.

W Security is in default or has failed to make a scheduled payment. Income is not being accrued.

Þ Value determined using significant unobservable inputs.

† Perpetual Maturity

¨ Seven-day yield as of September 30, 2019

BRL Brazilian Real

* Non-income producing security

~ Represents less than 0.05% of net assets

78 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

Schedule of Investments  DoubleLine Long Duration Total Return Bond Fund (Unaudited) September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS 67.1%
		Federal Home Loan Mortgage Corporation,
	1,803,723	Series 4057-ZB		3.50%	>		06/15/2042		1,921,586
	1,803,723	Series 4057-ZC		3.50%	>		06/15/2042		1,925,746
	1,211,985	Series 4194-ZL		3.00%	>		04/15/2043		1,242,768
	2,709,447	Series 4204-QZ		3.00%	>		05/15/2043		2,741,081
	1,871,629	Series 4206-LZ		3.50%	>		05/15/2043		2,062,492
	360,882	Series 4226-GZ		3.00%	>		07/15/2043		372,571
	2,602,022	Series 4390-NZ		3.00%	>		09/15/2044		2,673,454
	2,305,896	Series 4417-PZ		3.00%	>		12/15/2044		2,400,548
	3,078,037	Series 4420-CZ		3.00%	>		12/15/2044		3,124,060
	2,242,545	Series 4440-ZD		2.50%	>		02/15/2045		2,175,566
	1,061,513	Series 4460-KB		3.50%			03/15/2045		1,143,770
	2,282,981	Series 4461-LZ		3.00%	>		03/15/2045		2,316,353
		Federal National Mortgage Association,
	1,000,000	Pool AN7330		3.26%			12/01/2037		1,094,047
	1,215,664	Pool AN7884		3.31%			12/01/2032		1,334,188
	1,125,000	Pool IF4974		2.57%			10/25/2031		1,150,137
	1,500,000	Pool JP2358		2.41%			10/25/2029		1,530,150
	2,100,000	Series 2012-128-UC		2.50%			11/25/2042		2,029,738
	1,803,723	Series 2012-68-ZA		3.50%	>		07/25/2042		1,972,554
	2,569,254	Series 2012-92-AZ		3.50%	>		08/25/2042		2,769,374
	3,322,693	Series 2013-127-MZ		3.00%	>		12/25/2043		3,432,890
	560,309	Series 2013-66-ZK		3.00%	>		07/25/2043		566,573
	159,210	Series 2013-72-ZL		3.50%	>		07/25/2043		164,129
	1,866,186	Series 2013-74-ZH		3.50%	>		07/25/2043		2,039,092
	1,352,769	Series 2014-42-BZ		3.00%	>		07/25/2044		1,437,250
	1,500,000	Series 2014-67-HD		3.00%			10/25/2044		1,544,199
	904,000	Series 2014-68-TD		3.00%			11/25/2044		937,656
	2,695,652	Series 2014-80-DZ		3.00%	>		12/25/2044		2,759,842
	858,141	Series 2014-80-KL		2.00%			05/25/2043		743,980
	3,356,824	Series 2015-16-ZY		2.50%	>		04/25/2045		3,282,825
	2,991,330	Series 2015-52-GZ		3.00%	>		07/25/2045		3,105,091
	1,312,267	Series 2018-21-PO		0.00%	P/O		04/25/2048		1,203,896
		Government National Mortgage Association,
	453,466	Series 2013-180-LO		0.00%	P/O		11/16/2043		411,592
	3,485,974	Series 2015-53-EZ		2.00%	>		04/16/2045		3,072,061
	3,113,667	Series 2015-79-VZ		2.50%	>		05/20/2045		3,015,846
	301,612	Series 2016-12-MZ		3.00%	>		01/20/2046		318,345
		Total US Government and Agency Mortgage Backed Obligations (Cost $59,237,381)							64,015,450
	US GOVERNMENT AND AGENCY OBLIGATIONS 25.2%
	1,000,000	Tennessee Valley Authority		5.38%			04/01/2056		1,602,056
	1,700,000	Tennessee Valley Authority		4.63%			09/15/2060		2,447,280

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	400,000	United States Treasury Bonds		4.63%			02/15/2040		579,508
	3,400,000	United States Treasury Bonds		0.00%			11/15/2046		1,902,055
	5,100,000	United States Treasury Bonds		3.13%			05/15/2048		6,205,066
	5,100,000	United States Treasury Notes		3.00%			02/15/2049		6,086,930
	5,050,000	United States Treasury Notes		2.25%			08/15/2049		5,200,020
		Total US Government and Agency Obligations (Cost $21,589,897)							24,022,915
	SHORT TERM INVESTMENTS 10.2%
	1,544,164	First American Government Obligations Fund - Class U		1.88%	¨				1,544,164
	1,544,164	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		1.83%	¨				1,544,164
	1,544,164	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		1.83%	¨				1,544,164
	5,100,000	United States Treasury Bills		0.00%			11/07/2019		5,091,020
		Total Short Term Investments (Cost $9,721,431)							9,723,512
		Total Investments 102.5% (Cost $90,548,709)							97,761,877
		Liabilities in Excess of Other Assets (2.5)%							(2,324,263	)
		NET ASSETS 100.0%						$	95,437,614

SECURITY TYPE BREAKDOWNas a % of Net Assets:
US Government and Agency Mortgage Backed Obligations	67.1%
US Government and Agency Obligations	25.2%
Short Term Investments	10.2%
Other Assets and Liabilities	(2.5)%
	100.0%

> This U.S. Agency bond 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 September 30, 2019.

P/O Principal only security

¨ Seven-day yield as of September 30, 2019

Futures Contracts
Description	Long/Short	Contract Quantity			Expiration Date		Notional Amount•			Value/Unrealized Appreciation (Depreciation)
Ultra 10-Year US Treasury Note Future	Short		(132	)		12/19/2019		(18,797,625	)		$	103,683
10-Year US Treasury Note Future	Short		(53	)		12/19/2019		(6,906,563	)			69,036
US Treasury Long Bond Future	Long		81			12/19/2019		13,147,313				(87,882	)
CME Ultra Long Term US Treasury Bond Future	Long		114			12/19/2019		21,877,313				(318,407	)
											$	(233,570	)

• Notional Amount is determined based on the number of contracts multiplied by the contract size and the quoted daily settlement price in US dollars.

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 79

Schedule of Investments  DoubleLine Strategic Commodity Fund (Consolidated) (Unaudited) September 30, 2019

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	SHORT TERM INVESTMENTS 99.7%
	5,341,019	First American Government Obligations Fund - Class U		1.88%	¨				5,341,019
	5,341,020	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		1.83%	¨				5,341,020
	5,341,020	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		1.83%	¨				5,341,020
	25,000,000	United States Treasury Bills		0.00%			10/01/2019		25,000,000
	30,000,000	United States Treasury Bills		0.00%			10/03/2019		29,997,245
	45,000,000	United States Treasury Bills		0.00%			10/08/2019		44,984,644
	60,000,000	United States Treasury Bills		0.00%			10/10/2019		59,973,388

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	15,000,000	United States Treasury Bills		0.00%	‡		12/12/2019		14,946,713
	70,000,000	United States Treasury Bills		0.00%			12/19/2019		69,734,099
	50,000,000	United States Treasury Bills		0.00%	‡		01/02/2020		49,767,306
	40,000,000	United States Treasury Bills		0.00%			02/06/2020		39,745,896
	75,000,000	United States Treasury Bills		0.00%			02/13/2020		74,501,484
		Total Short Term Investments (Cost $424,509,084)							424,673,834
		Total Investments 99.7% (Cost $424,509,084)							424,673,834
		Other Assets in Excess of Liabilities 0.3%							1,389,236
		NET ASSETS 100.0%						$	426,063,070

SECURITY TYPE BREAKDOWNas a % of Net Assets:
Short Term Investments	99.7%
Other Assets and Liabilities	0.3%
	100.0%

¨ Seven-day yield as of September 30, 2019

All or a portion of this security is owned by DoubleLine Strategic Commodity Ltd., which is a wholly-owned subsidiary of the DoubleLine Strategic Commodity Fund.

‡ All or a portion of this security has been pledged as collateral in connection with swaps.

Excess Return Swap
Reference Entity	Counterparty	Long/Short		Financing Rate			Payment Frequency		Termination Date		Notional Amount			Unrealized Appreciation (Depreciation)/ Value
Long Commodity Basket Swapf	Bank of America Merrill Lynch		Long		0.20	%		Termination		10/01/2019		74,000,000			$	2,232,713
Commodity Beta Basket Swapg	Canadian Imperial Bank of Commerce		Long		0.21	%		Termination		10/01/2019		128,000,000				2,205,169
Commodity Beta Basket Swapg	Barclays Capital, Inc.		Long		0.20	%		Termination		10/01/2019		127,700,000				2,151,750
Long Commodity Basket Swapf	Canadian Imperial Bank of Commerce		Long		0.20	%		Termination		10/01/2019		11,000,000				335,363
Short Commodity Basket Swapy	Canadian Imperial Bank of Commerce		Short		0.00	%		Termination		10/01/2019		(11,000,000	)			(660,269	)
Short Commodity Basket Swapy	Bank of America Merrill Lynch		Short		0.00	%		Termination		10/01/2019		(74,000,000	)			(4,419,744	)
															$	1,844,982

All or a portion of this security is owned by DoubleLine Strategic Commodity Ltd., which is a wholly-owned subsidiary of the DoubleLine Strategic Commodity Fund.

f Long Commodity Basket Swap represents a swap on a basket of commodity sub-indices of the S&P GSCI index. At September 30, 2019, all constituents and their weightings were as follows:

Sub-Index	Ticker		Contract Value d		Value of Index			Weightings
S&P GSCI 2 Month Forward Zinc Index ER		SG2MIZP		0.20		$	26		21.0	%
S&P GSCI 2 Month Forward Unleaded Gas Index ER		SG2MHUP		0.04			25		20.5	%
S&P GSCI 2 Month Forward Gas Oil Index ER		SG2MGOP		0.35			25		20.5	%
S&P GSCI 2 Month Forward Crude Oil Index ER		SG2MCLP		0.08			24		19.6	%
S&P GSCI 2 Month Forward Nickel Index ER		SG2MIKP		0.08			23		18.4	%
						$	123		100.0	%

80 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2019

g Commodity Beta Basket Swap represents a swap on a basket of commodity indices designed to approximate the broad commodity market. At September 30, 2019, all constituents and their weightings were as follows:

Index	Ticker		Contract Value d		Value of Index			Weightings
Electrolytic Copper Future		LP1		0.19		$	77		18.6	%
Soybean Future		S1		0.32			76		18.4	%
Nickel Future		LN1		0.21			74		17.8	%
Crude Oil Future		CL1		0.10			40		9.6	%
Brent Crude Future		CO1		0.09			39		9.5	%
Gasoline RBOB Future		XB1		0.09			25		6.0	%
Low Sulphur Gas Oil Future		QS1		0.10			21		5.1	%
Live Cattle Future		LC1		0.11			19		4.5	%
Sugar No. 11 Future		SB1		0.17			18		4.4	%
Cotton No. 2 Future		CT1		0.31			14		3.2	%
NY Harbor ULSD Heating Oil Future		HO1		0.09			12		2.9	%
						$	415		100.0	%

y Short Commodity Basket Swap represents a swap on a basket of commodity sub-indices of the S&P GSCI index. At September 30, 2019, all constituents and their weightings were as follows:

Sub-Index	Ticker		Contract Value d		Value of Index			Weightings
S&P GSCI 2 Month Forward Wheat Index ER		SG2MWHP		1.60		$	17		20.7	%
S&P GSCI 2 Month Forward Kansas Wheat Index ER		SG2MKWP		0.74			16		20.4	%
S&P GSCI 2 Month Forward Corn Index ER		SG2MCNP		0.73			16		20.2	%
S&P GSCI 2 Month Forward Coffee Index ER		SG2MKCP		1.88			16		20.0	%
S&P GSCI 2 Month Forward Natural Gas Index ER		SG2MNGP		1.01			15		18.7	%
						$	80		100.0	%

d Contract value represents the number of units of the underlying constituent’s index in one unit of the custom basket index at creation. The contract value is calculated by multiplying each constituent’s weight by the starting price of the custom basket index and dividing by the starting price of the constituent’s index. The contract value will differ depending on the date the swap is initiated.

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 81

Schedule of Investments  DoubleLine Global Bond Fund (Unaudited) September 30, 2019

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS 76.6%
	AUSTRALIA 4.0%
	33,150,000	AUD	Australia Government Bond		1.75%		11/21/2020		22,615,496
	13,050,000	AUD	Australia Government Bond		5.50%		04/21/2023		10,278,255
	18,500,000	AUD	Australia Government Bond		3.25%		04/21/2025		14,140,958
									47,034,709
	BELGIUM 3.2%
	10,000,000	EUR	Kingdom of Belgium Government Bond		0.80%^		06/22/2025		11,739,152
	20,980,000	EUR	Kingdom of Belgium Government Bond		1.00%^		06/22/2026		25,175,085
	120,000	EUR	Kingdom of Belgium Government Bond		0.90%^		06/22/2029		145,774
									37,060,011
	CANADA 3.5%
	9,000,000	CAD	Canadian Government Bond		2.25%		02/01/2021		6,842,107
	27,200,000	CAD	Canadian Government Bond		0.50%		03/01/2022		20,011,304
	19,000,000	CAD	Canadian Government Bond		1.50%		06/01/2023		14,358,689
									41,212,100
	CZECH REPUBLIC 3.9%
	477,100,000	CZK	Czech Republic Government Bond		0.45%		10/25/2023		19,519,674
	200,000,000	CZK	Czech Republic Government Bond		5.70%		05/25/2024		10,254,211
	337,900,000	CZK	Czech Republic Government Bond		2.40%		09/17/2025		15,204,711
									44,978,596
	FRANCE 2.5%
	18,340,000	EUR	French Republic Government Bond		0.25%		11/25/2026		21,039,057
	6,545,000	EUR	French Republic Government Bond		1.00%		05/25/2027		7,930,730
									28,969,787
	GERMANY 1.0%
	4,900,000	EUR	Bundesrepublik Deutschland		0.50%		02/15/2026		5,782,226
	4,950,000	EUR	Bundesrepublik Deutschland		0.00%		08/15/2026		5,678,783
									11,461,009
	HUNGARY 3.9%
	3,732,000,000	HUF	Hungary Government Bond		0.50%		04/21/2021		12,244,140
	4,849,300,000	HUF	Hungary Government Bond		1.75%		10/26/2022		16,391,543
	4,677,000,000	HUF	Hungary Government Bond		2.50%		10/24/2024		16,343,237
									44,978,920
	IRELAND 3.9%
	10,725,000	EUR	Ireland Government Bond		5.40%		03/13/2025		15,406,256
	16,600,000	EUR	Ireland Government Bond		1.00%		05/15/2026		19,655,730
	9,150,000	EUR	Ireland Government Bond		0.90%		05/15/2028		10,870,780
									45,932,766

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ISRAEL 1.7%
	38,630,000	ILS	Israel Government Bond		4.25%			03/31/2023		12,619,510
	22,345,000	ILS	Israel Government Bond		1.75%			08/31/2025		6,868,281
										19,487,791
	JAPAN 20.0%
	1,090,000,000	JPY	Japan Government Ten Year Bond		0.10%			12/20/2026		10,429,451
	1,305,000,000	JPY	Japan Government Ten Year Bond		0.10%			12/20/2027		12,519,737
	2,445,000,000	JPY	Japan Government Ten Year Bond		0.10%			03/20/2028		23,447,985
	2,590,000,000	JPY	Japan Government Ten Year Bond		0.10%			12/20/2028		24,787,720
	1,385,000,000	JPY	Japan Government Twenty Year Bond		2.20%			09/20/2027		15,457,284
	1,495,000,000	JPY	Japan Government Twenty Year Bond		2.10%			12/20/2027		16,647,517
	910,000,000	JPY	Japan Government Twenty Year Bond		1.90%			12/20/2028		10,119,506
	1,740,000,000	JPY	Japan Government Twenty Year Bond		1.90%			03/20/2031		19,880,151
	280,000,000	JPY	Japan Government Twenty Year Bond		1.60%			03/20/2033		3,165,244
	3,230,500,000	JPY	Japan Government Twenty Year Bond		1.60%			12/20/2033		36,745,869
	1,305,000,000	JPY	Japan Government Twenty Year Bond		1.50%			06/20/2034		14,722,923
	1,300,000,000	JPY	Japan Government Twenty Year Bond		1.30%			06/20/2035		14,379,797
	1,240,000,000	JPY	Japan Government Twenty Year Bond		1.20%			09/20/2035		13,553,003
	1,740,000,000	JPY	Japan Government Twenty Year Bond		0.50%			03/20/2038		17,126,597
										232,982,784
	MEXICO 5.1%
	9,391,000	MXN	Mexican Bonos		6.50%			06/09/2022		47,383,767
	2,434,000	MXN	Mexican Bonos		8.00%			06/11/2020		12,438,882
										59,822,649
	NEW ZEALAND 4.0%
	36,590,000	NZD	New Zealand Government Bond		5.50%			04/15/2023		26,673,168
	28,370,000	NZD	New Zealand Government Bond		2.75%			04/15/2025		19,552,155
										46,225,323
	PERU 1.1%
	32,130,000	PEN	Peruvian Government International Bond		6.95%	^		08/12/2031		11,636,554
	3,315,000	PEN	Peruvian Government International Bond		5.40%	^		08/12/2034		1,051,001
										12,687,555
	POLAND 3.9%
	81,100,000	PLN	Republic of Poland Government Bond		1.50%			04/25/2020		20,263,978
	64,300,000	PLN	Republic of Poland Government Bond		2.25%			04/25/2022		16,311,646
	15,450,000	PLN	Republic of Poland Government Bond		2.50%			01/25/2023		3,961,627
	15,800,000	PLN	Republic of Poland Government Bond		3.25%			07/25/2025		4,248,557
										44,785,808

82 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2019

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	PORTUGAL 5.0%
	22,400,000	EUR	Portugal Obrigacoes do Tesouro OT		2.20%	^		10/17/2022		26,404,787
	24,350,000	EUR	Portugal Obrigacoes do Tesouro OT		2.88%	^		10/15/2025		31,371,257
	620,000	EUR	Portugal Obrigacoes do Tesouro OT		1.95%	^		06/15/2029		792,724
										58,568,768
	SOUTH AFRICA 5.0%
	292,125,000	ZAR	Republic of South Africa Government Bond		7.75%			02/28/2023		19,470,821
	631,400,000	ZAR	Republic of South Africa Government Bond		8.00%			01/31/2030		38,948,640
										58,419,461
	SPAIN 4.9%
	7,550,000	EUR	Spain Government Bond		5.85%	^		01/31/2022		9,456,201
	4,875,000	EUR	Spain Government Bond		0.40%			04/30/2022		5,434,467
	20,460,000	EUR	Spain Government Bond		0.35%			07/30/2023		22,916,940
	10,900,000	EUR	Spain Government Bond		2.75%	^		10/31/2024		13,730,457
	4,350,000	EUR	Spain Government Bond		1.60%	^		04/30/2025		5,229,905
	500,000	EUR	Spain Government Bond		1.30%	^		10/31/2026		598,360
										57,366,330
			Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $886,511,468)							891,974,367
	US GOVERNMENT AND AGENCY OBLIGATIONS 20.3%
	UNITED STATES 20.3%
	11,990,000	USD	United States Treasury Notes		1.38%			02/15/2020		11,964,943
	11,500,000	USD	United States Treasury Notes		1.38%			04/30/2020		11,467,432
	8,790,000	USD	United States Treasury Notes		1.63%			06/30/2020		8,775,064
	18,030,000	USD	United States Treasury Notes		1.88%			12/15/2020		18,048,312
	17,290,000	USD	United States Treasury Notes		2.00%			01/15/2021		17,338,628
	7,980,000	USD	United States Treasury Notes		1.75%			04/30/2022		8,012,263
	11,000,000	USD	United States Treasury Notes		1.75%			06/30/2022		11,051,562
	10,960,000	USD	United States Treasury Notes		1.88%			08/31/2022		11,054,187
	10,920,000	USD	United States Treasury Notes		2.00%			11/30/2022		11,060,339
	7,640,000	USD	United States Treasury Notes		2.25%			01/31/2024		7,858,755
	11,050,000	USD	United States Treasury Notes		2.50%			05/15/2024		11,509,266
	13,190,000	USD	United States Treasury Notes		2.00%			06/30/2024		13,449,936
	12,990,000	USD	United States Treasury Notes		2.38%			08/15/2024		13,480,169
	13,700,000	USD	United States Treasury Notes		2.00%			02/15/2025		13,993,801
	10,380,000	USD	United States Treasury Notes		2.00%			08/15/2025		10,613,550
	14,290,000	USD	United States Treasury Notes		1.63%			02/15/2026		14,298,652

PRINCIPAL AMOUNT/ SHARES			SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	14,010,000	USD	United States Treasury Notes		2.00%			11/15/2026		14,369,827
	12,480,000	USD	United States Treasury Notes		2.25%			08/15/2027		13,049,887
	13,760,000	USD	United States Treasury Notes		2.25%			11/15/2027		14,397,475
										235,794,048
			Total US Government and Agency Obligations (Cost $230,247,122)							235,794,048
	SHORT TERM INVESTMENTS 2.5%
	9,834,092		First American Government Obligations Fund - Class U		1.88%	¨				9,834,092
	9,834,093		JP Morgan U.S. Government Money Market Fund - Institutional Share Class		1.83%	¨				9,834,093
	9,834,093		Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		1.83%	¨				9,834,093
			Total Short Term Investments (Cost $29,502,278)							29,502,278
			Total Investments 99.4% (Cost $1,146,260,868)							1,157,270,693
			Other Assets in Excess of Liabilities 0.6%							7,397,428
			NET ASSETS 100.0%						$	1,164,668,121

SECURITY TYPE BREAKDOWNas a % of Net Assets:
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	76.6%
US Government and Agency Obligations	20.3%
Short Term Investments	2.5%
Other Assets and Liabilities	0.6%
	100.0%

COUNTRY BREAKDOWNas a % of Net Assets:
United States	22.8%
Japan	20.0%
Mexico	5.1%
Portugal	5.0%
South Africa	5.0%
Spain	4.9%
Australia	4.0%
New Zealand	4.0%
Ireland	3.9%
Hungary	3.9%
Czech Republic	3.9%
Poland	3.9%
Canada	3.5%
Belgium	3.2%
France	2.5%
Israel	1.7%
Peru	1.1%
Germany	1.0%
Other Assets and Liabilities	0.6%
	100.0%

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 83

Schedule of Investments  DoubleLine Global Bond Fund  (Cont.) (Unaudited) September 30, 2019

^ 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.

¨ Seven-day yield as of September 30, 2019

Principal amount is stated in 100 Mexican Peso Units.

AUD Australian Dollar

EUR Euro

CAD Canadian Dollar

CZK Czech Republic Koruna

HUF Hungarian Forint

ILS Israeli Shekel

JPY Japanese Yen

MXN Mexican Peso

NZD New Zealand Dollar

PEN Peruvian Sol

PLN Polish Zloty

ZAR South African Rand

USD US Dollar

84 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

Schedule of Investments  DoubleLine Infrastructure Income Fund (Unaudited) September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 44.5%
		AASET Ltd.,
	1,544,814	Series 2018-1A-A		3.84%	^		01/16/2038		1,557,107
		Blackbird Capital Aircraft Lease Securitization Ltd.,
	5,416,667	Series 2016-1A-B		5.68%	^§		12/16/2041		5,656,657
		CAL Funding Ltd.,
	1,263,500	Series 2013-1A-A		3.35%	^		03/27/2028		1,268,699
	4,208,333	Series 2018-1A-A		3.96%	^		02/25/2043		4,249,211
		Castlelake Aircraft Securitization Trust,
	6,589,296	Series 2016-1-A		4.45%			08/15/2041		6,800,246
	6,126,035	Series 2017-1-A		3.97%			07/15/2042		6,232,322
		CLI Funding LLC,
	155,100	Series 2013-1A-NOTE		2.83%	^		03/18/2028		154,359
	1,310,750	Series 2013-2A-NOTE		3.22%	^		06/18/2028		1,311,759
	646,862	Series 2014-1A-A		3.29%	^		06/18/2029		648,722
	3,152,251	Series 2014-2A-A		3.38%	^		10/18/2029		3,166,395
	3,746,380	Series 2017-1A-A		3.62%	^		05/18/2042		3,759,494
	3,406,044	Series 2018-1A-A		4.03%	^		04/18/2043		3,442,510
	2,890,720	Series 2019-1A-A		3.71%	^		05/18/2044		2,950,284
		ECAF Ltd.,
	1,462,258	Series 2015-1A-A1		3.47%	^		06/15/2040		1,459,288
		Falcon Aerospace Ltd.,
	9,478,383	Series 2017-1-A		4.58%	^		02/15/2042		9,661,856
		Global SC Finance Ltd.,
	4,278,500	Series 2018-1A-A		4.29%	^		05/17/2038		4,439,831
	1,970,833	Series 2013-1A-A		2.98%	^		04/17/2028		1,971,522
	2,641,417	Series 2014-1A-A1		3.19%	^		07/17/2029		2,642,632
		Harbour Aircraft Investments Ltd.,
	14,012,296	Series 2017-1-A		4.00%			11/15/2037		14,075,982
		Helios Issuer LLC,
	15,431,111	Series 2017-1A-A		4.94%	^		09/20/2049		16,178,553
		HERO Funding Trust,
	38,646	Series 2015-2A-A		3.99%	^		09/20/2040		40,350
	1,153,616	Series 2016-3A-A2		3.91%	^		09/20/2042		1,194,414
	2,679,296	Series 2016-4A-A2		4.29%	^		09/20/2047		2,801,247
		Horizon Aircraft Finance Ltd.,
	5,429,487	Series 2019-1-A		3.72%	^		07/15/2039		5,443,045
		InSite Issuer LLC,
	2,250,000	Series 2016-1A-B		4.56%	^		11/15/2046		2,327,081
		JOL Air Ltd.,
	4,801,489	Series 2019-1-A		3.97%	^		04/15/2044		4,853,393
		Mosaic Solar Loan Trust,
	7,792,614	Series 2017-1A-A		4.45%	^		06/20/2042		8,142,806
	3,624,784	Series 2018-1A-A		4.01%	^		06/22/2043		3,763,611
		NP SPE LLC,
	172,858	Series 2016-1A-A1		4.16%	^		04/20/2046		180,558
	2,642,573	Series 2017-1A-A1		3.37%	^		10/21/2047		2,718,473
	2,500,000	SBA Tower Trust		2.88%	^		07/09/2021		2,511,663
	8,050,000	SBA Tower Trust		3.17%	^		04/11/2022		8,135,158
		Shenton Aircraft Investment Ltd.,
	179,168	Series 2015-1A-A		4.75%	^		10/15/2042		184,201
		Sprite Ltd.,
	4,204,165	Series 2017-1-A		4.25%	^		12/15/2037		4,253,332
		Stack Infrastructure Issuer LLC,
	2,982,500	Series 2019-1A-A2		4.54%	^		02/25/2044		3,129,592
		STARR Ltd.,
	1,524,496	Series 2018-1-A		4.09%	^		05/15/2043		1,560,617
		Sunnova Helios II Issuer LLC,
	2,928,112	Series 2018-1A-A		4.87%	^		07/20/2048		3,207,499
		TAL Advantage LLC,
	145,833	Series 2013-2A-A		3.55%	^		11/20/2038		146,841
	486,717	Series 2014-1A-A		3.51%	^		02/22/2039		486,402
	728,749	Series 2014-1A-B		4.10%	^		02/22/2039		734,323
	16,753,519	Series 2017-1A-A		4.50%	^		04/20/2042		17,280,243

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Textainer Marine Containers Ltd.,
	5,466,633	Series 2017-1A-A		3.72%	^		05/20/2042		5,472,272
		Thunderbolt Aircraft Lease Ltd.,
	6,770,992	Series 2017-A-A		4.21%	^§		05/17/2032		6,967,933
	1,857,143	Series 2018-A-A		4.15%	^§		09/15/2038		1,912,616
	2,785,714	Series 2018-A-B		5.07%	^§		09/15/2038		2,849,137
		Trinity Rail Leasing LLC,
	3,963,105	Series 2010-1A-A		5.19%	^		10/16/2040		4,406,502
		Trip Rail Master Funding LLC,
	2,135,833	Series 2017-1A-A1		2.71%	^		08/15/2047		2,139,461
		Triton Container Finance LLC,
	3,888,258	Series 2017-1A-A		3.52%	^		06/20/2042		3,932,527
	1,616,827	Series 2017-2A-A		3.62%	^		08/20/2042		1,636,296
	8,500,000	Series 2018-1A-A		3.95%	^		03/20/2043		8,700,228
		USQ Rail LLC,
	4,049,782	Series 2018-1-A1		3.78%	^		04/25/2048		4,187,439
		Vantage Data Centers Issuer LLC,
	11,563,958	Series 2018-1A-A2		4.07%	^		02/16/2043		12,029,699
		VB-S1 Issuer LLC,
	6,000,000	Series 2018-1A-C		3.41%	^		02/15/2048		6,078,876
		Vivint Colar Financing LLC,
	4,940,463	Series 2018-1A-A		4.73%	^		04/30/2048		5,268,277
		Wildcat LLC,
	3,719,878	Series 2017-1A-A		4.12%	±Þ		06/08/2024		3,718,762
		Zephyrus Capital Aviation Partners Ltd.,
	9,000,000	Series 2018-1-A		4.61%	^		10/15/2038		9,069,507
		Total Asset Backed Obligations (Cost $236,882,185)							243,091,810
	FOREIGN CORPORATE BONDS 20.8%
	3,650,000	Adani Ports & Special Economic Zone Ltd.		4.00%	^		07/30/2027		3,740,279
	10,500,000	APT Pipelines Ltd.		4.25%	^		07/15/2027		11,301,590
	10,287,221	Celeo Redes Operacion Chile S.A.		5.20%	^		06/22/2047		11,470,252
	2,520,000	Delek & Avner Tamar Bond Ltd.		5.41%	^		12/30/2025		2,610,795
	2,000,000	Emirates Semb CorporationWater & Power Company PJSC		4.45%	^		08/01/2035		2,218,560
	7,507,000	Empresa de Transporte de Pasajeros Metro S.A.		5.00%	^		01/25/2047		8,783,190
	9,774,723	Energia Eolica S.A. Þ		6.00%	Þ		08/30/2034		10,507,827
	2,947,656	Fermaca Enterprises S. de R.L. de C.V.		6.38%	^		03/30/2038		3,142,968
	5,104,606	Fermaca Enterprises S. de R.L. de C.V.		6.38%			03/30/2038		5,442,837
	2,959,016	Interoceanica Finance Ltd.		0.00%	^		11/30/2025		2,722,295
	6,805,744	Interoceanica Finance Ltd.		0.00%			11/30/2025		6,261,284
	3,640,000	Israel Electric Corporation Ltd.		5.00%	^		11/12/2024		4,014,920
	8,600,000	Korea Expressway Corporation (3 Month LIBOR USD + 0.70%)		2.98%	^		04/20/2020		8,617,302
	6,500,000	Lima Metro Finance Ltd.		5.88%	^		07/05/2034		7,172,263

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 85

Schedule of Investments  DoubleLine Infrastructure Income Fund  (Cont.) (Unaudited) September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	350,000	Lima Metro Finance Ltd.		5.88%			07/05/2034		386,199
	4,142,691	Panama Metro Line SP		0.00%	^		12/05/2022		3,978,019
	4,216,000	Sydney Airport Finance Company Pty Ltd.		3.38%	^		04/30/2025		4,344,036
	2,440,000	Sydney Airport Finance Company Pty Ltd.		3.63%	^		04/28/2026		2,549,503
	6,175,000	TransCanada PipeLines Ltd.		4.25%			05/15/2028		6,833,164
	840,000	Transelec S.A.		4.63%	^		07/26/2023		896,708
	500,000	Transelec S.A.		4.25%	^		01/14/2025		531,880
	6,000,000	Transelec S.A.		3.88%	^		01/12/2029		6,180,060
		Total Foreign Corporate Bonds (Cost $107,400,465)							113,705,931
	US CORPORATE BONDS 31.3%
	6,383,000	Ameren Corporation		3.65%			02/15/2026		6,712,357
	6,860,000	American Electric Power Company, Inc.		2.95%			12/15/2022		7,002,985
	11,250,000	American Tower Corporation		4.40%			02/15/2026		12,350,533
	700,000	American Tower Corporation		3.38%			10/15/2026		729,441
	474,000	American Transmission Systems, Inc.		5.25%	^		01/15/2022		505,201
	7,515,000	American Water Capital Corporation		3.40%			03/01/2025		7,895,898
	11,015,000	AT&T, Inc.		4.30%			12/15/2042		11,524,780
	2,500,000	Connecticut Light & Power Company		3.20%			03/15/2027		2,645,785
	3,557,000	Crown Castle International Corporation		3.70%			06/15/2026		3,772,288
	5,716,000	Crown Castle International Corporation		3.65%			09/01/2027		6,060,815
	9,000,000	Digital Realty Trust		3.70%			08/15/2027		9,454,380
	4,175,000	DTE Energy Company		2.85%			10/01/2026		4,251,334
	5,000,000	DTE Energy Company		3.80%			03/15/2027		5,352,522
	700,000	Duke Energy Corporation		3.15%			08/15/2027		728,155
	8,655,000	Duquesne Light Holdings, Inc.		3.62%	^		08/01/2027		8,841,032
	8,635,000	Eversource Energy		2.80%			05/01/2023		8,767,304
	7,266,000	Exelon Corporation		3.40%			04/15/2026		7,602,080
	10,000,000	ITC Holdings Corporation		3.25%			06/30/2026		10,391,284
	6,873,000	Metropolitan Edison Company		4.00%	^		04/15/2025		7,308,076
	6,000,000	MPLX LP		4.00%			03/15/2028		6,261,688
	7,069,000	NextEra Energy Capital Holdings, Inc.		3.63%			06/15/2023		7,369,281
	7,220,000	Oncor Electric Delivery Company LLC		2.95%			04/01/2025		7,504,360
	7,350,000	Sierra Pacific Power Company		2.60%			05/01/2026		7,474,514
	6,000,000	Spectra Energy Partners LP		4.75%			03/15/2024		6,546,022

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	7,250,000	Sunoco Logistics Partners Operations LP		3.90%			07/15/2026		7,527,564
	6,417,000	Xcel Energy, Inc.		3.30%			06/01/2025		6,701,316
		Total US Corporate Bonds (Cost $164,191,643)							171,280,995
	US GOVERNMENT AND AGENCY OBLIGATIONS 1.0%
	5,500,000	United States Treasury Notes		1.63%			08/15/2029		5,476,797
		Total US Government and Agency Obgliations (Cost $5,512,118 )							5,476,797
	SHORT TERM INVESTMENTS 2.2%
	3,936,301	First American Government Obligations Fund - Class U		1.88%	¨				3,936,301
	3,936,301	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		1.83%	¨				3,936,301
	3,936,301	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		1.83%	¨				3,936,301
		Total Short Term Investments (Cost $11,808,903)							11,808,903
		Total Investments 99.8% (Cost $525,795,314)							545,364,436
		Other Assets in Excess of Liabilities 0.2%							1,242,414
		NET ASSETS 100.0%						$	546,606,850

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Asset Backed Obligations	44.5%
US Corporate Bonds	31.3%
Foreign Corporate Bonds	20.8%
Short Term Investments	2.2%
US Government and Agency Obligations	1.0%
Other Assets and Liabilities	0.2%
	100.0%

INVESTMENT BREAKDOWNas a % of Net Assets:
Asset Backed Obligations	44.5%
Utilities	26.1%
Transportation	10.5%
Energy	7.5%
Telecommunications	8.0%
Short Term Investments	2.2%
US Government and Agency Obligations	1.0%
Other Assets and Liabilities	0.2%
	100.0%

86 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2019

^ 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.

§ The interest rate will step up if the issuer does not redeem the bond on or before a scheduled redemption date in accordance with the terms of the instrument. The interest rate shown is the rate in effect as of September 30, 2019.

± 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 September 30, 2019.

Þ Value determined using significant unobservable inputs.

¨ Seven-day yield as of September 30, 2019

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 87

Schedule of Investments  DoubleLine Ultra Short Bond Fund (Unaudited) September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN CORPORATE BONDS 18.2%
	2,500,000	Australia and New Zealand Banking Group Ltd. (3 Month LIBOR USD + 0.46%)		2.58%	^		05/17/2021		2,511,211
	1,000,000	Bank of Montreal (3 Month LIBOR USD + 0.63%)		2.77%			09/11/2022		1,005,805
	2,500,000	Bank of Montreal (3 Month LIBOR USD + 0.57%)		2.68%			03/26/2022		2,509,956
	3,000,000	BMW Finance NV (3 Month LIBOR USD + 0.79%)		2.97%	^		08/12/2022		3,011,625
	1,000,000	BNZ International Funding Ltd. (3 Month LIBOR USD + 0.98%)		3.10%	^		09/14/2021		1,011,732
	1,500,000	BP Capital Markets PLC		2.32%			02/13/2020		1,501,683
	1,000,000	BP Capital Markets PLC (3 Month LIBOR USD + 0.25%)		2.38%			11/24/2020		1,001,422
	500,000	Canadian Imperial Bank of Commerce (3 Month LIBOR USD + 0.31%)		2.60%			10/05/2020		500,991
	1,000,000	Commonwealth Bank of Australia (3 Month LIBOR USD + 0.68%)		2.83%	^		09/18/2022		1,006,840
	1,500,000	Credit Agricole Corporate & Investment Bank S.A. (3 Month LIBOR USD + 0.63%, 0.63% Floor)		2.96%			10/03/2021		1,503,009
	1,500,000	Credit Agricole S.A. (3 Month LIBOR USD + 1.43%)		3.77%	^		01/10/2022		1,524,011
	2,000,000	Diageo Capital PLC (3 Month LIBOR USD + 0.24%)		2.36%			05/18/2020		2,000,649
	500,000	HSBC Holdings PLC (3 Month LIBOR USD + 0.60%)		2.72%			05/18/2021		500,573
	1,000,000	HSBC Holdings PLC (3 Month LIBOR USD + 1.50%)		3.79%			01/05/2022		1,019,067
	2,000,000	HSBC Holdings PLC (3 Month LIBOR USD + 0.65%)		2.78%			09/11/2021		2,003,031
	3,500,000	Lloyds Banking Group PLC (3 Month LIBOR USD + 0.49%)		2.70%			05/07/2021		3,500,655
	1,500,000	Mitsubishi UFJ Financial Group, Inc. (3 Month LIBOR USD + 0.65%)		2.92%			07/26/2021		1,505,524
	1,700,000	Mitsubishi UFJ Financial Group, Inc. (3 Month LIBOR USD + 1.06%)		3.19%			09/13/2021		1,718,998
	3,000,000	Mizuho Financial Group, Inc. (3 Month LIBOR USD + 0.94%)		3.08%			02/28/2022		3,021,379
	2,500,000	National Australia Bank Ltd. (3 Month LIBOR USD + 0.72%)		2.87%	^		05/22/2022		2,520,036
	1,000,000	National Australia Bank Ltd. (3 Month LIBOR USD + 0.89%)		3.23%			01/10/2022		1,011,409
	2,300,000	Rabobank (3 Month LIBOR USD + 0.83%)		3.17%			01/10/2022		2,322,200

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	1,500,000	Reckitt Benckiser Treasury Services Plc (3 Month LIBOR USD + 0.56%)		2.69%	^		06/24/2022		1,495,334
	3,240,000	Royal Bank of Canada (3 Month LIBOR USD + 0.47%)		2.73%			04/29/2022		3,247,585
	4,000,000	Santander UK PLC (3 Month LIBOR USD + 0.66%)		2.82%			11/15/2021		4,005,969
	1,500,000	Siemens Financieringsmaatschappij N.V. (3 Month LIBOR USD + 0.61%)		2.73%	^		03/16/2022		1,513,045
	3,000,000	Sumitomo Mitsui Financial Group, Inc. (3 Month LIBOR USD + 0.78%)		3.12%			07/12/2022		3,012,023
	500,000	Sumitomo Mitsui Financial Group, Inc. (3 Month LIBOR USD + 1.68%)		3.78%			03/09/2021		509,227
	2,500,000	Toronto-Dominion Bank (3 Month LIBOR USD + 0.64%)		2.94%			07/19/2023		2,515,012
	2,000,000	UBS Group Funding Switzerland AG (3 Month LIBOR USD + 1.22%)		3.37%	^		05/23/2023		2,024,025
	2,000,000	UBS Group Funding Switzerland AG (3 Month LIBOR USD + 1.53%)		3.78%	^		02/01/2022		2,045,927
	2,000,000	Westpac Banking Corporation (3 Month LIBOR USD + 1.00%)		3.18%			05/13/2021		2,024,553
	1,000,000	Westpac Banking Corporation (3 Month LIBOR USD + 0.71%)		2.81%			06/28/2022		1,007,161
		Total Foreign Corporate Bonds (Cost $61,547,005)							61,611,667
	US CORPORATE BONDS 29.7%
	1,000,000	Allstate Corporation (3 Month LIBOR USD + 0.43%)		2.53%			03/29/2021		1,001,276
	1,500,000	Allstate Corporation (3 Month LIBOR USD + 0.63%)		2.73%			03/29/2023		1,503,691
	3,000,000	American Express Company (3 Month LIBOR USD + 0.60%)		2.89%			11/05/2021		3,018,381
	2,000,000	American Honda Finance Corporation (3 Month LIBOR USD + 0.29%)		2.42%			12/10/2021		1,997,982
	1,000,000	American Honda Finance Corporation (3 Month LIBOR USD + 0.54%)		2.64%			06/27/2022		1,003,820
	1,000,000	Bank of America Corporation (3 Month LIBOR USD + 0.65%)		2.76%			06/25/2022		1,003,794
	2,500,000	Bank of America Corporation (3 Month LIBOR USD + 1.18%)		3.46%			10/21/2022		2,533,344
	3,220,000	BMW US Capital LLC (3 Month LIBOR USD + 0.53%)		2.83%	^		04/14/2022		3,218,160

88 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	3,500,000	Bristol-Myers Squibb Company (3 Month LIBOR USD + 0.38%)		2.55%	^		05/16/2022		3,504,900
	1,000,000	Caterpillar Financial Services Corporation (3 Month LIBOR USD + 0.39%)		2.51%			05/17/2021		1,002,580
	2,500,000	Caterpillar Financial Services Corporation (3 Month LIBOR USD + 0.59%)		2.70%			06/06/2022		2,515,595
	2,000,000	Citibank NA (3 Month LIBOR USD + 0.60%)		2.74%			05/20/2022		2,003,930
	1,000,000	Citigroup, Inc. (3 Month LIBOR USD + 0.96%)		3.24%			04/25/2022		1,010,901
	2,500,000	Comcast Corporation (3 Month LIBOR USD + 0.44%)		2.54%			10/01/2021		2,508,490
	2,000,000	ConocoPhillips Company (3 Month LIBOR USD + 0.90%)		3.06%			05/15/2022		2,024,471
	2,500,000	Daimler Finance North America LLC (3 Month LIBOR USD + 0.67%)		2.96%	^		11/05/2021		2,507,513
	1,000,000	Daimler Finance North America LLC (3 Month LIBOR USD + 0.88%)		3.03%	^		02/22/2022		1,005,392
	1,000,000	DuPont de Nemours, Inc. (3 Month LIBOR USD + 0.71%)		2.87%			11/15/2020		1,005,039
	2,500,000	Gilead Sciences, Inc.		2.35%			02/01/2020		2,503,068
	3,500,000	Goldman Sachs Group, Inc. (3 Month LIBOR USD + 1.11%)		3.38%			04/26/2022		3,530,828
	1,000,000	Honeywell International, Inc. (3 Month LIBOR USD + 0.37%)		2.56%			08/08/2022		1,005,935
	10,000,000	International Bank for Reconstruction & Development (Secured Overnight Financing Rate USD + 0.30%)		2.37%			08/06/2024		10,006,906
	2,500,000	International Business Machines Corporation (3 Month LIBOR USD + 0.40%)		2.58%			05/13/2021		2,510,464
	2,500,000	Jackson National Life Global Funding (3 Month LIBOR USD + 0.48%)		2.62%	^		06/11/2021		2,506,793
	1,000,000	Jackson National Life Global Funding (3 Month LIBOR USD + 0.73%)		2.83%	^		06/27/2022		1,010,122

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	1,000,000	John Deere Capital Corporation (3 Month LIBOR USD + 0.48%)		2.58%			09/08/2022		1,002,639
	1,000,000	John Deere Capital Corporation (3 Month LIBOR USD + 0.49%)		2.62%			06/13/2022		1,002,293
	3,500,000	JPMorgan Chase & Company (3 Month LIBOR USD + 0.61%)		2.76%			06/18/2022		3,511,857
	1,000,000	Mead Johnson Nutrition Company		4.90%			11/01/2019		1,002,131
	3,000,000	Metropolitan Life Global Funding (3 Month LIBOR USD + 0.23%)		2.53%	^		01/08/2021		3,002,073
	3,335,000	Morgan Stanley (3 Month LIBOR USD + 0.93%)		3.21%			07/22/2022		3,361,142
	500,000	New York Life Global Funding (3 Month LIBOR USD + 0.32%)		2.56%	^		08/06/2021		501,325
	2,000,000	New York Life Global Funding (3 Month LIBOR USD + 0.44%)		2.78%	^		07/12/2022		2,006,145
	3,000,000	Nissan Motor Acceptance Corporation (3 Month LIBOR USD + 0.52%)		2.64%	^		03/15/2021		2,999,355
	2,500,000	PNC Bank (3 Month LIBOR USD + 0.25%)		2.53%			01/22/2021		2,502,026
	1,000,000	PNC Bank NA (3 Month LIBOR USD + 0.45%)		2.71%			07/22/2022		1,000,095
	2,000,000	Prudential Financial, Inc.		5.38%			06/21/2020		2,046,630
	2,695,000	QUALCOMM, Inc. (3 Month LIBOR USD + 0.73%)		3.00%			01/30/2023		2,710,691
	1,000,000	Raytheon Company		4.40%			02/15/2020		1,008,614
	1,600,000	Rockwell Automation, Inc.		2.05%			03/01/2020		1,600,643
	1,500,000	SunTrust Bank		2.25%			01/31/2020		1,500,409
	1,000,000	SunTrust Bank (3 Month LIBOR USD + 0.59%)		2.71%			05/17/2022		1,002,856
	250,000	Toyota Motor Credit Corporation (3 Month LIBOR USD + 0.26%)		2.56%			04/17/2020		250,269
	3,000,000	Toyota Motor Credit Corporation (3 Month LIBOR USD + 0.48%)		2.58%			09/08/2022		3,014,074
	2,000,000	Volkswagen Group of America Finance LLC (3 Month LIBOR USD + 0.86%)		2.97%	^		09/24/2021		2,003,844
	2,500,000	Volkswagen Group of America Finance LLC (3 Month LIBOR USD + 0.94%)		3.12%	^		11/12/2021		2,514,686
	1,000,000	Wells Fargo & Company (3 Month LIBOR USD + 0.93%)		3.11%			02/11/2022		1,006,332

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 89

Schedule of Investments  DoubleLine Ultra Short Bond Fund  (Cont.) (Unaudited) September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	2,500,000	Wells Fargo Bank NA (3 Month LIBOR USD + 0.62%)		2.75%			05/27/2022		2,506,807
		Total US Corporate Bonds (Cost $100,351,850)							100,500,311
	US GOVERNMENT AND AGENCY OBLIGATIONS 5.2%
	4,000,000	Federal Home Loan Banks (Secured Overnight Financing Rate USD + 2.00%)		1.87%			05/14/2020		3,998,319
	4,000,000	Federal Home Loan Banks (Secured Overnight Financing Rate USD + 5.00%)		1.90%			01/28/2021		3,999,446
	2,500,000	Federal National Mortgage Association (Secured Overnight Financing Rate USD + 1.00%)		1.86%			05/22/2020		2,499,744
	2,250,000	Federal National Mortgage Association (Secured Overnight Financing Rate USD + 7.50%)		1.93%			10/30/2020		2,249,988
	5,000,000	Federal National Mortgage Association (Secured Overnight Financing Rate USD + 4.00%)		1.89%			01/29/2021		5,001,768
		Total US Government and Agency Obligations (Cost $17,751,176)							17,749,265
	SHORT TERM INVESTMENTS 47.9%
	COMMERCIAL PAPER 46.0%
	6,500,000	Airbus SE		0.00%	^		10/08/2019		6,496,877
	3,500,000	American Honda Finance Corporation		0.00%			10/23/2019		3,495,351
	6,500,000	ATMOS Energy Corporation		0.00%	^		10/02/2019		6,499,174
	5,700,000	BASF SE		0.00%	^		10/25/2019		5,691,786
	1,000,000	BASF SE		0.00%	^		10/31/2019		998,220
	3,500,000	Boeing Company		0.00%	^		10/30/2019		3,493,977
	1,000,000	Boeing Company		0.00%	^		11/13/2019		997,436
	2,000,000	Boeing Company		0.00%	^		12/04/2019		1,992,272
	1,000,000	BPCE S.A.		0.00%	^		10/04/2019		999,782
	1,500,000	BPCE S.A.		0.00%	^		10/01/2019		1,499,918
	3,500,000	Canadian National Railway Company		0.00%	^		11/08/2019		3,492,045
	3,000,000	Canadian National Railway Company		0.00%	^		12/09/2019		2,987,779
	6,500,000	Chevron Corporation		0.00%	^		10/25/2019		6,490,828
	3,500,000	Credit Agricole CIB		0.00%			12/24/2019		3,483,224
	3,320,000	Daimler Finance North America LLC		0.00%	^		12/20/2019		3,302,931
	6,500,000	Exxon Mobil Corporation		0.00%			10/02/2019		6,499,184
	1,500,000	General Dynamics Corporation		0.00%	^		10/03/2019		1,499,714
	1,000,000	GlaxoSmithKline PLC		0.00%	^		10/07/2019		999,567

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	6,500,000	Hershey Company		0.00%	^		10/28/2019		6,489,540
	4,000,000	IBM Corporation		0.00%	^		10/21/2019		3,995,140
	2,000,000	JP Morgan Securities LLC		0.00%			03/02/2020		1,983,137
	1,000,000	JPMorgan Securities LLC		0.00%			01/03/2020		994,683
	2,000,000	Komatsu Finance America, Inc.		0.00%	^		10/02/2019		1,999,749
	3,500,000	Komatsu Finance America, Inc.		0.00%	^		10/04/2019		3,499,132
	1,000,000	Komatsu Finance America, Inc.		0.00%	^		10/11/2019		999,345
	5,930,000	Lilly Eli & Company		0.00%	^		10/31/2019		5,919,757
	900,000	Macquarie Bank Ltd.		0.00%	^		10/25/2019		898,653
	5,000,000	Macquarie Bank Ltd.		0.00%	^		12/12/2019		4,978,739
	1,000,000	Metlife Short Term Funding LLC		0.00%	^		10/04/2019		999,776
	2,350,000	Metlife Short Term Funding LLC		0.00%	^		10/18/2019		2,347,588
	3,359,000	Mitsubishi Trust Corporation		0.00%	^		10/01/2019		3,358,804
	5,000,000	National Bank of Canada		0.00%	^		10/21/2019		4,993,837
	1,000,000	National Bank of Canada		0.00%	^		10/29/2019		998,311
	4,000,000	New York Life Capital Corporation		0.00%	^		11/12/2019		3,990,067
	5,500,000	PACCAR Financial Corporation		0.00%			10/30/2019		5,490,398
	1,000,000	PACCAR Financial Corporation		0.00%			12/23/2019		995,144
	6,500,000	PFIZER, Inc.		0.00%	^		03/23/2020		6,438,069
	3,800,000	Province of British Columbia		0.00%			10/17/2019		3,796,284
	4,500,000	Schlumberger Investment S.A.		0.00%	^		11/12/2019		4,489,126
	2,050,000	Schlumberger Investment S.A.		0.00%	^		12/09/2019		2,041,809
	1,500,000	Sumitomo Mitsui Financial Group, Inc.		0.00%	^		10/08/2019		1,499,350
	1,500,000	Sumitomo Mitsui Financial Group, Inc.		0.00%	^		12/04/2019		1,494,388
	1,000,000	Toronto-Dominion Bank		0.00%	^		10/18/2019		999,004
	2,000,000	Toyota Motor Credit Corporation		0.00%			01/02/2020		1,989,597
	1,000,000	Toyota Motor Credit Corporation		0.00%			01/10/2020		994,370
	1,500,000	Unilever Capital Corporation		0.00%	^		10/01/2019		1,499,907
	2,500,000	Unilever Capital Corporation		0.00%	^		10/28/2019		2,496,047
	2,500,000	Unilever Capital Corporation		0.00%	^		11/25/2019		2,492,137
	2,500,000	United Parcel Service		0.00%	^		03/02/2020		2,480,419
	7,050,000	Walt Disney Company		0.00%	^		10/02/2019		7,049,123
									155,611,495
	US TREASURY BILLS 0.6%
	2,000,000	United States Treasury Bills		0.00%			10/24/2019		1,997,722
									1,997,722
	MONEY MARKET FUNDS 1.3%
	1,523,803	First American Government Obligations Fund - Class U		1.88%	¨				1,523,803

90 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2019

SHARES		SECURITY DESCRIPTION	RATE			MATURITY	VALUE $
	1,523,804	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		1.83%	¨			1,523,804
	1,523,804	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		1.83%	¨			1,523,804
								4,571,411
		Total Short Term Investments (Cost $162,178,572)						162,180,628
		Total Investments 101.0% (Cost $341,828,603)						342,041,871
		Liabilities in Excess of Other Assets (1.0)%						(3,349,214	)
		NET ASSETS 100.0%					$	338,692,657

SECURITY TYPE BREAKDOWNas a % of Net Assets:
Commercial Paper	46.0%
US Corporate Bonds	29.7%
Foreign Corporate Bonds	18.2%
US Government and Agency Obligations	5.2%
Money Market Funds	1.3%
US Treasury Bills	0.6%
Other Assets and Liabilities	(1.0)%
	100.0%

INVESTMENT BREAKDOWNas a % of Net Assets:
Banking	34.2%
Automotive	11.8%
Energy	9.0%
US Government and Agency Obligations	6.4%
Insurance	6.2%
Pharmaceuticals	5.7%
Aerospace & Defense	4.6%
Diversified Manufacturing	3.1%
Media	2.8%
Technology	2.7%
Consumer Products	2.7%
Transportation	2.6%
Food Products	2.5%
Chemicals/Plastics	2.3%
Short Term Investments	1.9%
Construction	1.6%
Finance	0.9%
Other Assets and Liabilities	(1.0)%
	100.0%

^ 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.

¨ Seven-day yield as of September 30, 2019

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 91

Schedule of Investments  DoubleLine Shiller Enhanced International CAPE^® (Unaudited) September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 7.0%
		DRB Prime Student Loan Trust,
	6,153	Series 2015-B-A3		2.54%	^		04/27/2026		6,155
		Global SC Finance SRL,
	224,750	Series 2014-1A-A1		3.19%	^		07/17/2029		224,853
		Navient Private Education Loan Trust,
	500,000	Series 2018-A-B		3.68%	^		02/18/2042		523,560
	250,000	SBA Tower Trust		3.17%	^		04/11/2022		252,645
		SoFi Consumer Loan Program Trust,
	56,559	Series 2017-2-A		3.28%	^		02/25/2026		57,009
	277,227	Series 2017-3-A		2.77%	^		05/25/2026		278,140
	35,080	Series 2018-1-A1		2.55%	^		02/25/2027		35,086
		Springleaf Funding Trust,
	1,000,000	Series 2017-AA-A		2.68%	^		07/15/2030		1,002,683
		TAL Advantage LLC,
	226,910	Series 2017-1A-A		4.50%	^		04/20/2042		234,044
		Westlake Automobile Receivables Trust,
	236,192	Series 2017-1A-C		2.70%	^		10/17/2022		236,337
	1,500,000	Series 2017-2A-C		2.59%	^		12/15/2022		1,501,181
		Total Asset Backed Obligations (Cost $4,309,197)							4,351,693
	COLLATERALIZED LOAN OBLIGATIONS 14.9%
		Anchorage Capital Ltd.,
	500,000	Series 2015-6A-AR (3 Month LIBOR USD + 1.27%)		3.57%	^		07/15/2030		500,912
		Benefit Street Partners Ltd.,
	250,000	Series 2013-IIIA-A1R (3 Month LIBOR USD + 1.25%)		3.53%	^		07/20/2029		250,335
		Cathedral Lake Ltd.,
	2,000,000	Series 2016-4A-A (3 Month LIBOR USD + 1.65%)		3.93%	^		10/20/2028		2,001,101
		CFIP Ltd.,
	500,000	Series 2014-1A-AR (3 Month LIBOR USD + 1.32%)		3.62%	^		07/13/2029		500,813
		CVP Ltd.,
	500,000	Series 2017-1A-A (3 Month LIBOR USD + 1.34%)		3.62%	^		07/20/2030		500,048
		Gilbert Park Ltd.,
	500,000	Series 2017-1A-A (3 Month LIBOR USD + 1.19%)		3.49%	^		10/15/2030		499,968
		Highbridge Loan Management,
	500,000	Series 3A-2014-CR (3 Month LIBOR USD + 3.60%)		5.90%	^		07/18/2029		492,503
		Midocean Credit,
	500,000	Series 2017-7A-A1 (3 Month LIBOR USD + 1.32%)		3.62%	^		07/15/2029		501,003
		Milos Ltd.,
	1,000,000	Series 2017-1A-A (3 Month LIBOR USD + 1.25%)		3.53%	^		10/20/2030		997,173
		Newark BSL Ltd.,
	1,000,000	Series 2016-1A-A2 (3 Month LIBOR USD + 2.20%)		4.46%	^		12/21/2029		1,001,674
		Steele Creek Ltd.,
	500,000	Series 2015-1A-AR (3 Month LIBOR USD + 1.26%)		3.41%	^		05/21/2029		499,388

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Venture Ltd.,
	25,964	Series 2006-7A-A2 (3 Month LIBOR USD + 0.24%)		2.52%	^		01/20/2022		25,994
	500,000	Series 2017-29A-A (3 Month LIBOR USD + 1.28%)		3.44%	^		09/07/2030		500,252
		Wind River Ltd.,
	1,000,000	Series 2014-2A-AR (3 Month LIBOR USD + 1.14%, 1.14% Floor)		3.44%	^		01/15/2031		995,500
		Total Collateralized Loan Obligations (Cost $9,311,093)							9,266,664
	FOREIGN CORPORATE BONDS 7.7%
	200,000	Alibaba Group Holding Ltd.		3.13%			11/28/2021		203,183
	150,000	AstraZeneca PLC		2.38%			11/16/2020		150,652
	95,000	Avolon Holdings Funding Ltd.		3.63%	^		05/01/2022		96,392
	150,000	Banco de Reservas de la Republica Dominicana		7.00%			02/01/2023		157,689
	200,000	Banco del Estado de Chile		2.67%			01/08/2021		200,151
	100,000	Banco do Brasil S.A. (10 Year CMT Rate + 7.78%)		8.50%	†		10/20/2020		105,465
	150,000	Banco Santander Chile		2.50%			12/15/2020		151,035
	100,000	Bancolombia S.A.		5.95%			06/03/2021		105,500
	100,000	Bangkok Bank PCL		4.80%			10/18/2020		102,485
	45,000	Bank of Montreal		2.90%			03/26/2022		45,892
	200,000	BBVA Bancomer S.A.		7.25%			04/22/2020		204,900
	100,000	Braskem Finance Ltd.		7.00%			05/07/2020		102,510
	200,000	CNOOC Finance Ltd.		2.63%			05/05/2020		200,257
	100,000	Coca-Cola Femsa S.A.B. de C.V.		4.63%			02/15/2020		100,779
	100,000	Colombia Telecomunicaciones S.A. (5 Year Swap Rate USD + 6.96%)		8.50%	†		03/30/2020		102,875
	200,000	DBS Group Holdings Ltd. (5 Year Swap Rate USD + 2.39%)		3.60%	†		09/07/2021		201,000
	200,000	Export Import Bank of Thailand (3 Month LIBOR USD + 0.85%)		3.00%			05/23/2024		200,697
	200,000	Globo Comunicacao e Participacoes S.A.		4.88%			04/11/2022		207,627
	100,000	Grupo Bimbo S.A.B. de C.V.		4.88%			06/30/2020		101,920
	200,000	Hutchison Whampoa International Ltd.		4.63%			01/13/2022		209,343
	200,000	Malayan Banking BHD (5 Year Swap Rate USD + 2.54%)		3.91%			10/29/2026		203,558
	65,000	Mitsubishi UFJ Financial Group, Inc.		3.22%			03/07/2022		66,527
	200,000	Nacional Financiera S.N.C.		3.38%			11/05/2020		201,752
	200,000	Pertamina Persero PT		4.88%			05/03/2022		211,405
	100,000	Petrobras Global Finance B.V.		5.38%			01/27/2021		103,600
	200,000	Petronas Global Sukuk Ltd.		2.71%			03/18/2020		199,835
	250,000	Reliance Holdings, Inc.		4.50%			10/19/2020		254,882
	20,000	Scotiabank Peru S.A. (3 Month LIBOR USD + 3.86%)		4.50%			12/13/2027		20,825
	100,000	Southern Copper Corporation		5.38%			04/16/2020		101,385

92 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	135,000	Sumitomo Mitsui Financial Group, Inc.		2.06%			07/14/2021		134,631
	200,000	Tecnoglass, Inc.		8.20%			01/31/2022		216,500
	85,000	Toronto-Dominion Bank		3.25%			06/11/2021		86,809
		Total Foreign Corporate Bonds (Cost $4,709,078)							4,752,061
	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS 1.0%
	100,000	Chile Government International Bond		3.88%			08/05/2020		101,575
	200,000	Colombia Government International Bond		4.38%			07/12/2021		207,352
	133,333	Dominican Republic International Bond		7.50%			05/06/2021		139,500
	200,000	Perusahaan Penerbit		3.40%			03/29/2022		204,430
		Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $650,982)							652,857
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 12.4%
		AREIT Trust,
	207,000	Series 2018-CRE1-AS (1 Month LIBOR USD + 1.25%, 1.25% Floor)		3.28%	^		02/14/2035		207,246
	136,000	Series 2018-CRE1-B (1 Month LIBOR USD + 1.65%, 1.65% Floor)		3.68%	^		02/14/2035		136,298
		Atrium Hotel Portfolio Trust,
	251,000	Series 2017-ATRM-E (1 Month LIBOR USD + 3.05%)		5.08%	^		12/15/2036		252,714
	115,000	Series 2018-ATRM-E (1 Month LIBOR USD + 3.40%, 3.40% Floor)		5.43%	^		06/15/2035		116,100
		Bancorp Commercial Mortgage Trust,
	177,000	Series 2018-CRE4-D (1 Month LIBOR USD + 2.10%, 0.25% Floor)		4.13%	^		09/15/2035		178,137
		BB-UBS Trust,
	6,982,000	Series 2012-SHOW-XA		0.73%	#^ I/O		11/05/2036		208,125
	3,844,000	Series 2012-SHOW-XB		0.28%	#^ I/O		11/05/2036		35,743
		BX Trust,
	321,000	Series 2017-FL1-C (1 Month LIBOR USD + 1.95%, 1.95% Floor)		3.97%	^		06/15/2035		321,000
	850,000	Series 2017-SLCT-D (1 Month LIBOR USD + 2.05%)		4.08%	^		07/15/2034		851,053
		Caesars Palace Las Vegas Trust,
	234,000	Series 2017-VICI-D		4.50%	#^		10/15/2034		245,259
	234,000	Series 2017-VICI-E		4.50%	#^		10/15/2034		242,521
		CFCRE Commercial Mortgage Trust,
	3,545,000	Series 2018-TAN-X		1.85%	#^ I/O		02/15/2033		177,155
		Citigroup Commercial Mortgage Trust,
	2,987,291	Series 2014-GC19-XA		1.32%	# I/O		03/10/2047		129,369
	268,000	Series 2018-TBR-E (1 Month LIBOR USD + 2.80%, 2.90% Floor)		4.83%	^		12/15/2036		268,914
	255,000	Series 2018-TBR-F (1 Month LIBOR USD + 3.65%, 3.75% Floor)		5.68%	^		12/15/2036		256,715
		Credit Suisse Mortgage Capital Certificates,
	128,000	Series 2019-ICE4-E (1 Month LIBOR USD + 2.15%, 2.15% Floor)		4.18%	^		05/15/2036		128,502

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		GS Mortgage Securities Trust,
	312,000	Series 2014-GC26-D		4.67%	#^		11/10/2047		275,284
	6,123,229	Series 2016-GS4-XA		0.70%	# I/O		11/10/2049		174,940
		Hunt Ltd.,
	190,000	Series 2018-FL2-C (1 Month LIBOR USD + 2.35%, 2.35% Floor)		4.38%	^		08/15/2028		191,853
		JP Morgan Chase Commercial Mortgage Securities Trust,
	300,000	Series 2018-BCON-E		3.88%	#^		01/05/2031		304,252
	104,000	Series 2018-WPT-EFX		5.54%	^		07/05/2033		110,827
	300,000	Series 2018-WPT-FFX		5.54%	^		07/05/2033		311,887
		Monarch Beach Resort Trust,
	252,000	Series 2018-MBR-F (1 Month LIBOR USD + 2.55%, 2.55% Floor)		4.58%	^		07/15/2035		252,861
		Morgan Stanley Capital Trust,
	88,000	Series 2017-ASHF-D (1 Month LIBOR USD + 2.20%)		4.23%	^		11/15/2034		88,110
	188,000	Series 2017-ASHF-E (1 Month LIBOR USD + 3.15%)		5.18%	^		11/15/2034		188,234
	142,000	Series 2017-ASHF-F (1 Month LIBOR USD + 4.35%)		6.38%	^		11/15/2034		142,266
	15,277,000	Series 2017-ASHF-XCP		0.00%	#^ I/O		11/15/2019		15
	240,000	Series 2017-CLS-F (1 Month LIBOR USD + 2.60%, 2.60% Floor)		4.63%	^		11/15/2034		241,070
		MSCG Trust,
	172,000	Series 2018-SELF-F (1 Month LIBOR USD + 3.05%, 3.05% Floor)		5.08%	^		10/15/2037		172,653
		SLIDE,
	8,489,799	Series 2018-FUN-XCP		0.98%	#^ I/O		12/15/2020		97,932
		Wells Fargo Commercial Mortgage Trust,
	323,000	Series 2012-LC5-C		4.69%	#		10/15/2045		340,277
	310,000	Series 2012-LC5-D		4.92%	#^		10/15/2045		322,467
	8,000,743	Series 2015-NXS2-XA		0.87%	# I/O		07/15/2058		225,971
	5,457,895	Series 2015-P2-XA		1.13%	# I/O		12/15/2048		234,404
	260,213	Series 2018-BXI-E (1 Month LIBOR USD + 2.16%)		4.18%	^		12/15/2036		261,918
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $7,746,035)							7,692,072
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 12.2%
		Alternative Loan Trust,
	609,401	Series 2005-64CB-1A10		5.75%			12/25/2035		612,760
		Bayview Opportunity Master Fund Trust,
	548,525	Series 2019-SBR2-A1		3.43%	^§		06/28/2034		547,977
		CIM Trust,
	797,774	Series 2017-8-A1		3.00%	#^		12/25/2065		797,539
		Citigroup Mortgage Loan Trust,
	287,880	Series 2006-AR2-1A2		4.78%	#		03/25/2036		280,518
		COLT Mortgage Loan Trust,
	429,127	Series 2018-1-A1		2.93%	#^		02/25/2048		429,958
		CSMC Trust,
	408,023	Series 2018-RPL7-A1		4.00%	^		08/26/2058		413,459
	657,649	Series 2018-RPL8-A1		4.13%	#^		07/25/2058		664,966
		Deephaven Residential Mortgage Trust,
	123,572	Series 2017-1A-A1		2.73%	#^		12/26/2046		123,516
	123,572	Series 2017-1A-A2		2.93%	#^		12/26/2046		123,513
		GCAT LLC,
	183,421	Series 2018-1-A1		3.84%	^§		06/25/2048		184,131

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 93

Schedule of Investments  DoubleLine Shiller Enhanced International CAPE^®  (Cont.) (Unaudited) September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Legacy Mortgage Asset Trust,
	443,257	Series 2019-GS5-A1		3.20%	^§		05/25/2059		445,917
	596,049	Series 2019-GS6-A1		3.00%	^§		06/25/2059		600,377
		Oak Hill Advisors Residential Loan Trust,
	146,978	Series 2017-NPL2-A1		3.00%	^§		07/25/2057		147,237
		PRPM LLC,
	441,464	Series 2019-3A-A1		3.35%	^§		07/25/2024		443,368
		Velocity Commercial Capital Loan Trust,
	811,439	Series 2018-2-A		4.05%	#^		10/26/2048		828,213
		Verus Securitization Trust,
	259,318	Series 2017-1A-A2		3.16%	#^		01/25/2047		259,533
		VOLT LLC,
	516,453	Series 2017-NPL9-A1		3.13%	^§		09/25/2047		518,032
	195,739	Series 2018-NPL8-A1A		4.21%	^§		10/26/2048		196,908
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $7,555,591)							7,617,922
	US CORPORATE BONDS 6.6%
	40,000	Air Lease Corporation		2.50%			03/01/2021		40,128
	90,000	American Express Company		3.70%			11/05/2021		92,951
	95,000	Analog Devices, Inc.		2.95%			01/12/2021		95,737
	70,000	Anthem, Inc.		2.50%			11/21/2020		70,258
	10,000	Anthem, Inc.		3.30%			01/15/2023		10,330
	90,000	AT&T, Inc.		2.80%			02/17/2021		90,808
	90,000	Bank of America Corporation (3 Month LIBOR USD + 0.79%)		2.92%			03/05/2024		90,197
	110,000	BAT Capital Corporation		2.76%			08/15/2022		111,082
	50,000	BB&T Corporation		2.20%			03/16/2023		49,974
	105,000	Bristol-Myers Squibb Company		2.60%	^		05/16/2022		106,617
	45,000	Capital One Financial Corporation		2.40%			10/30/2020		45,135
	145,000	Cardinal Health, Inc.		2.62%			06/15/2022		145,788
	40,000	Caterpillar Financial Services Corporation		1.90%			09/06/2022		39,966
	100,000	Cigna Corporation		3.40%			09/17/2021		102,317
	95,000	Cintas Corporation		2.90%			04/01/2022		97,113
	135,000	Citigroup, Inc. (3 Month LIBOR USD + 1.02%)		3.16%			06/01/2024		135,983
	100,000	Comcast Corporation		3.45%			10/01/2021		103,010
	95,000	Consolidated Edison, Inc.		2.00%			03/15/2020		94,961
	95,000	CVS Health Corporation		3.70%			03/09/2023		98,941
	185,000	Daimler Finance North America LLC		2.30%	^		02/12/2021		185,194
	100,000	Delta Air Lines, Inc.		3.40%			04/19/2021		101,432
	50,000	DTE Energy Company		2.53%			10/01/2024		50,213
	35,000	DuPont de Nemours, Inc.		3.77%			11/15/2020		35,653
	95,000	eBay, Inc.		2.75%			01/30/2023		96,216
	70,000	General Electric Company		2.70%			10/09/2022		70,207
	100,000	General Motors Financial Company		3.20%			07/06/2021		101,051
	90,000	JPMorgan Chase & Company (3 Month LIBOR USD + 0.70%)		3.21%			04/01/2023		92,184
	70,000	Marsh & McLennan Companies, Inc. (3 Month LIBOR USD + 1.20%)		3.30%			12/29/2021		70,142
	100,000	Microchip Technology, Inc.		3.92%			06/01/2021		102,175
	100,000	Mondelez International, Inc.		3.00%			05/07/2020		100,524

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	140,000	Morgan Stanley (3 Month LIBOR USD + 0.93%)		3.21%			07/22/2022		141,097
	95,000	NextEra Energy Capital Holdings. Inc.		2.90%			04/01/2022		96,807
	97,000	Northrop Grumman Corporation		2.08%			10/15/2020		97,048
	50,000	Occidental Petroleum Corporation		2.70%			08/15/2022		50,458
	95,000	Omnicom Capital, Inc.		3.63%			05/01/2022		98,538
	75,000	PayPal Holdings, Inc.		2.20%			09/26/2022		75,226
	95,000	Penske Truck Leasing Company		2.70%	^		11/01/2024		95,321
	65,000	Prudential Financial, Inc.		3.50%			05/15/2024		69,228
	90,000	PSEG Power LLC		3.85%			06/01/2023		95,232
	45,000	Republic Services, Inc.		2.50%			08/15/2024		45,547
	20,000	Reynolds American, Inc.		4.00%			06/12/2022		20,843
	65,000	Schlumberger Holdings Corporation		3.75%	^		05/01/2024		68,505
	70,000	Simon Property Group LP		2.00%			09/13/2024		69,333
	65,000	Thermo Fisher Scientific, Inc.		3.60%			08/15/2021		66,652
	95,000	Union Pacific Corporation		3.20%			06/08/2021		96,672
	90,000	Verizon Communications, Inc. (3 Month LIBOR USD + 1.10%)		3.26%			05/15/2025		91,464
	90,000	Waste Management, Inc.		2.95%			06/15/2024		93,121
	85,000	Welltower, Inc.		3.63%			03/15/2024		89,308
		Total US Corporate Bonds (Cost $4,027,678)							4,086,687
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS 8.3%
		Federal Home Loan Mortgage Corporation,
	1,679,406	Series 3312-FJ (1 Month LIBOR USD + 0.22%, 0.22% Floor, 7.00% Cap)		2.25%			07/15/2036		1,669,939
	2,131,684	Series 3747-FA (1 Month LIBOR USD + 0.50%, 0.50% Floor, 7.00% Cap)		2.53%			10/15/2040		2,142,674
		Federal National Mortgage Association,
	1,353,805	Series 2013-74-YA		3.00%			05/25/2042		1,385,268
		Total US Government and Agency Mortgage Backed Obligations (Cost $5,127,304)							5,197,881
	US GOVERNMENT AND AGENCY OBLIGATIONS 10.6%
	1,350,000	United States Treasury Notes		2.25%			03/31/2020		1,352,505
	1,920,000	United States Treasury Notes		1.63%			04/30/2023		1,923,188
	2,870,000	United States Treasury Notes		2.25%	‡		12/31/2023		2,950,326
	340,000	United States Treasury Notes		1.75%			06/30/2024		342,968
		Total US Government and Agency Obligations (Cost $6,484,621)							6,568,987

94 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2019

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	AFFILIATED MUTUAL FUNDS 4.3%
	281,035	DoubleLine Floating Rate Fund (Class I)							2,686,692
		Total Affiliated Mutual Funds (Cost $2,782,244)							2,686,692
	SHORT TERM INVESTMENTS 9.3%
	374,301	First American Government Obligations Fund - Class U		1.88%	¨				374,301
	374,301	JP Morgan U.S. Government Money Market Fund -Institutional Share Class		1.83%	¨				374,301
	374,301	Morgan Stanley Institutional Liquidity Funds GovernmentPortfolio - Institutional Share Class		1.83%	¨				374,301
	1,490,000	United States Treasury Bills		0.00%			01/30/2020		1,481,106
	800,000	United States Treasury Bills		0.00%			02/06/2020		794,918
	570,000	United States Treasury Bills		0.00%			10/10/2019		569,747
	1,140,000	United States Treasury Bills		0.00%			11/07/2019		1,137,993
	680,000	United States Treasury Bills		0.00%			12/05/2019		677,819
		Total Short Term Investments (Cost $5,782,608)							5,784,486
		Total Investments 94.3% (Cost $58,486,431)							58,658,002
		Other Assets in Excess of Liabilities 5.7%							3,545,596
		NET ASSETS 100.0%						$	62,203,598

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Collateralized Loan Obligations	14.9%
Non-Agency Commercial Mortgage Backed Obligations	12.4%
Non-Agency Residential Collateralized Mortgage Obligations	12.2%
US Government and Agency Obligations	10.6%
Short Term Investments	9.3%
US Government and Agency Mortgage Backed Obligations	8.3%
Foreign Corporate Bonds	7.7%
Asset Backed Obligations	7.0%
US Corporate Bonds	6.6%
Affiliated Mutual Funds	4.3%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	1.0%
Other Assets and Liabilities	5.7%
	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:
Collateralized Loan Obligations	14.9%
Non-Agency Commercial Mortgage Backed Obligations	12.4%
Non-Agency Residential Collateralized Mortgage Obligations	12.2%
US Government and Agency Obligations	10.6%
Short Term Investments	9.3%
US Government and Agency Mortgage Backed Obligations	8.3%
Asset Backed Obligations	7.0%
Banking	4.6%
Affiliated Mutual Funds	4.3%
Energy	1.8%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	1.0%
Healthcare	0.8%
Media	0.7%
Technology	0.7%
Utilities	0.5%
Automotive	0.5%
Pharmaceuticals	0.4%
Telecommunications	0.4%
Aerospace & Defense	0.3%
Building and Development (including Steel/Metals)	0.3%
Conglomerates	0.3%
Transportation	0.3%
Finance	0.2%
Real Estate	0.2%
Insurance	0.2%
Environmental Control	0.2%
Beverage and Tobacco	0.2%
Chemical Products	0.2%
Consumer Products	0.2%
Mining	0.2%
Containers and Glass Products	0.2%
Food Products	0.2%
Industrial Equipment	0.2%
Commercial Services	0.2%
Diversified Manufacturing	0.1%
Construction	0.1%
Chemicals/Plastics	0.1%
Other Assets and Liabilities	5.7%
	100.0%

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 95

Schedule of Investments  DoubleLine Shiller Enhanced International CAPE^®  (Cont.) (Unaudited) September 30, 2019

^ 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.

# 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 September 30, 2019.

† Perpetual Maturity

I/O Interest only security

§ The interest rate will step up if the issuer does not redeem the bond on or before a scheduled redemption date in accordance with the terms of the instrument. The interest rate shown is the rate in effect as of September 30, 2019.

¨ Seven-day yield as of September 30, 2019

‡ All or a portion of this security has been pledged as collateral.

Excess Return Swaps

Reference Entity

Counterparty

Long/Short

Financing Rate

Payment Frequency

Termination Date

Notional Amount

Unrealized Appreciation (Depreciation) / Value

Shiller Barclays CAPE® Europe Sector Net ER NoC Index

Barclays Capital, Inc.

Long

0.20

%

Termination

06/30/2020

20,000,000  EUR

$

1,749,589

Shiller Barclays CAPE® Europe Sector Net ER NoC Index

BNP Paribas

Long

0.20

%

Termination

12/20/2019

9,800,000  EUR

1,496,716

Shiller Barclays CAPE® Europe Sector Net ER NoC Index

BNP Paribas

Long

0.20

%

Termination

02/28/2020

4,500,000  EUR

697,509

Shiller Barclays CAPE® Europe Sector Net ER NoC Index

Barclays Capital, Inc.

Long

0.20

%

Termination

07/31/2020

5,000,000  EUR

233,119

Shiller Barclays CAPE® Europe Sector Net ER NoC Index

BNP Paribas

Long

0.20

%

Termination

09/30/2020

10,500,000  EUR

225,891

Shiller Barclays CAPE® Europe Sector Net ER NoC Index

Barclays Capital, Inc.

Long

0.20

%

Termination

08/28/2020

1,700,000  EUR

44,796

Shiller Barclays CAPE® Europe Sector Net ER NoC Index

Barclays Capital, Inc.

Long

0.20

%

Termination

10/30/2020

1,500,000  EUR

—

$

4,447,620

Shiller Barclays CAPE^® Europe Sector Net ER NoC Index aims to provide notional long exposure to the top four European equity sectors that are relatively undervalued, as defined by a modified version of the classic CAPE^® Ratio (the “Relative CAPE^® Indicator”), and that possess relatively strong price momentum over the prior twelve months. Each European sector is represented by an index of equity securities of companies in the relevant sector. Information on the sector constituents as of September 30, 2019, is available on the Barclays Capital, Inc. website at https://indices.barclays/IM/12/en/indices/details.app;ticker=BXIIESAE.

FORWARD CURRENCY EXCHANGE CONTRACTS
Settlement Date	Counterparty	Currency to be Delivered					Value		Currency to be Received						Value	Unrealized Appreciation (Depreciation)
12/20/2019	JP Morgan Securities LLC		1,300,000	EUR	$	1,426,124		1,455,097		USD	$  1,455,097	$	28,973
12/20/2019	JP Morgan Securities LLC		7,762,696	USD		7,762,696		6,900,000		EUR	7,569,421		(193,275	)
12/20/2019	Goldman Sachs		53,391,142	USD		53,391,142		47,400,000		EUR	51,998,629		(1,392,513	)
					$	62,579,962					$61,023,147	$	(1,556,815	)

EUR Euro

USD US Dollar

A summary of the DoubleLine Shiller Enhanced International CAPE^®’s investments in affiliated mutual funds for the period ended September 30, 2019 is as follows:

Fund	Value at March 31, 2019			Gross Purchases			Gross Sales				Shares Held at September 30, 2019		Value at September 30, 2019			Change in Unrealized for the Period Ended September  30, 2019			Dividend Income Earned in the Period Ended September  30, 2019			Net Realized Gain (Loss) in the Period Ended September  30, 2019
DoubleLine Floating Rate Fund (Class I)		$	5,908,672		$	—		$	(3,200,000	)		281,035		$	2,686,692		$	57,523		$	116,357		$	(79,503	)

96 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

Schedule of Investments  DoubleLine Colony Real Estate and Income Fund (Unaudited) September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 6.2%
		AASET Ltd.,
	772,407	Series 2018-1A-A		3.84%	^		01/16/2038		778,554
		Castlelake Aircraft Securitization Trust,
	962,705	Series 2019-1A-A		3.97%	^		04/15/2039		986,542
		Consumer Loan Underlying Bond Credit Trust,
	510,584	Series 2018-P1-A		3.39%	^		07/15/2025		512,898
	500,000	Series 2019-P2-A		2.47%	^		10/15/2026		499,540
		CPS Auto Receivables Trust,
	732,874	Series 2019-B-A		2.89%	^		05/16/2022		735,020
		Foundation Finance Trust,
	418,330	Series 2019-1A-A		3.86%	^		11/15/2034		425,017
		Kabbage Funding LLC,
	500,000	Series 2019-1-A		3.83%	^		03/15/2024		505,657
		SoFi Consumer Loan Program Trust,
	678,158	Series 2019-1-A		3.24%	^		02/25/2028		684,690
	396,744	Series 2019-2-A		3.01%	^		04/25/2028		400,160
		Stack Infrastructure Issuer LLC,
	745,625	Series 2019-1A-A2		4.54%	^		02/25/2044		782,398
		START Ireland,
	482,143	Series 2019-1-A		4.09%	^		03/15/2044		492,680
		Textainer Marine Containers Ltd.,
	725,000	Series 2019-1A-A		3.96%	^		04/20/2044		737,839
		Upgrade Receivables Trust,
	572,045	Series 2019-1A-A		3.48%	^		03/15/2025		574,840
		Upstart Securitization Trust,
	720,252	Series 2019-2-A		2.90%	^		09/20/2029		721,962
		Total Asset Backed Obligations (Cost $8,719,136)							8,837,797
	BANK LOANS 3.7%
		Acrisure LLC,
	64,835	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.25%, 1.00% Floor)		6.35%			11/22/2023		64,652
		Aldevron LLC,
	70,000	Senior Secured First Lien Term Loan		6.34%	±		09/20/2026		70,350
		Allied Universal Holdco LLC,
	4,505	Senior Secured First Lien Term Loan		6.57%	±		07/12/2026		4,516
	45,496	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 4.25%)		6.51%			07/10/2026		45,616
		American Airlines, Inc.,
	110,340	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		4.03%			12/15/2023		110,419
		Ascend Learning LLC,
	55,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		5.04%			07/12/2024		54,871
		AssuredPartners, Inc.,
	85,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		5.54%			10/22/2024		84,774
		Axalta Coating Systems Dutch Holding B.B.V.,
	161,838	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 1.75%)		3.85%			05/31/2024		162,116
		Berry Global, Inc.,
	160,710	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		4.55%			07/01/2026		161,672

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Blackhawk Network Holdings, Inc.,
	63,930	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		5.04%			06/16/2025		63,823
		Calpine Corporation,
	160,924	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%)		4.86%			04/06/2026		161,538
		Change Healthcare Holdings, Inc.,
	63,299	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%, 1.00% Floor)		4.54%			03/01/2024		63,089
		Clear Channel Outdoor Holdings, Inc.,
	30,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)		5.54%			08/21/2026		30,126
		Concentra, Inc.,
	116,245	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 2.50%)		4.54%			06/01/2022		117,117
		CSC Holdings LLC,
	103,944	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.00%)		5.18%			04/15/2027		104,182
		Dell International LLC,
	103,788	Senior Secured First Lien Term Loan		4.05%	±		09/19/2025		104,400
		DigiCert Holdings, Inc.,
	40,000	Senior Secured First Lien Term Loan		6.26%	±		08/08/2026		39,925
		E.W. Scripps Company,
	162,855	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		4.79%			05/01/2026		163,222
		Equinox Holdings, Inc.,
	160,130	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		5.04%			03/08/2024		160,430
		ESH Hospitality, Inc.,
	79,049	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		4.04%			09/18/2026		79,512
		Filtration Group Corporation,
	108,748	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		5.04%			03/31/2025		109,175
		Garda World Security Corporation,
	59,847	Senior Secured First Lien Term Loan (Prime Rate + 2.50%, 1.00% Floor)		7.50%			05/24/2024		59,978
		Gentiva Health Services, Inc.,
	106,040	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		5.81%			07/02/2025		106,769
		Gray Television, Inc.,
	114,650	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		4.51%			01/02/2026		115,215
		HD Supply, Inc.,
	208,945	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		3.79%			10/17/2023		209,947
		IAA, Inc.,
	157,600	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		4.31%			06/29/2026		158,585

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 97

Schedule of Investments  DoubleLine Colony Real Estate and Income Fund  (Cont.) (Unaudited) September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Informatica LLC,
	40,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		5.29%			08/05/2022		40,208
		IQVIA, Inc.,
	160,334	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.00%)		4.10%			01/17/2025		161,336
		IRB Holding Corporation,
	80,000	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%, 1.00% Floor)		5.55%			02/05/2025		79,756
		Iron Mountain Information Management LLC,
	109,722	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		3.79%			01/02/2026		108,944
		Jaguar Holding Company,
	110,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%, 1.00% Floor)		4.54%			08/18/2022		110,212
		JBS USA Lux S.A.,
	107,544	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		4.54%			05/01/2026		108,172
		Kestrel Bidco, Inc.,
	50,000	Senior Secured First Lien Term Loan		5.27%	±		10/08/2026		50,434
		Level 3 Financing, Inc.,
	163,438	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		4.29%			02/22/2024		163,949
		Lions Gate Capital Holdings LLC,
	84,789	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		4.29%			03/24/2025		84,736
		Nexstar Broadcasting, Inc.,
	136,481	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		4.81%			09/18/2026		137,259
		RPI Finance Trust,
	158,943	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		4.04%			03/27/2023		159,961
		Sedgwick Claims Management Services, Inc.,
	59,963	Senior Secured First Lien Term Loan		6.04%	±		09/03/2026		60,135
		Select Medical Corporation,
	106,640	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 2.50%)		4.58%			03/06/2025		106,973
		SolarWinds Holdings, Inc.,
	104,734	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		4.79%			02/05/2024		104,979
		Sophia LP,
	104,707	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%, 1.00% Floor)		5.35%			09/30/2022		104,860
		Sprint Communications, Inc.,
	32,602	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%, 0.75% Floor)		4.54%			02/02/2024		32,419
		SS&C Technologies, Inc.,
	136,090	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		4.29%			04/16/2025		136,806

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Syneos Health, Inc.,
	171,207	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		4.04%			08/01/2024		172,099
		Tempo Acquisition LLC,
	74,809	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		5.04%			05/01/2024		75,168
		Trans Union LLC,
	105,227	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		4.04%			04/10/2023		105,717
		Transdigm, Inc.,
	106,684	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		4.54%			06/09/2023		106,565
		UFC Holdings LLC,
	39,897	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		5.30%			04/29/2026		40,050
		US Foods, Inc.,
	40,000	Senior Secured First Lien Term Loan		4.14%	±		09/13/2026		40,192
		VICI Properties 1 LLC,
	109,744	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		4.05%			12/20/2024		110,167
		Vistra Operations Company LLC,
		Senior Secured First Lien Term Loan
	42,745	(1 Month LIBOR USD + 2.00%)		4.02%			12/31/2025		42,920
	64,117	(1 Month LIBOR USD + 2.00%)		4.04%			12/31/2025		64,380
		Zelis Cost Management Buyer, Inc.,
	75,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.75%)		6.79%			09/25/2026		74,531
		Total Bank Loans (Cost $5,165,657)							5,188,947
	COLLATERALIZED LOAN OBLIGATIONS 11.8%
		CarVal Ltd.,
	500,000	Series 2019-2A-A (3 Month LIBOR USD + 1.35%, 1.35% Floor)		3.62%	^		07/20/2032		499,960
		CBAM Ltd.,
	500,000	Series 2019-10A-A1A (3 Month LIBOR USD + 1.42%, 1.42% Floor)		3.99%	^		04/20/2032		502,548
	500,000	Series 2019-10A-B (3 Month LIBOR USD + 2.05%, 2.05% Floor)		4.62%	^		04/20/2032		500,688
		Cedar Funding Ltd.,
	450,000	Series 2017-8A-A1 (3 Month LIBOR USD + 1.25%)		3.55%	^		10/17/2030		450,483
		CFIP Ltd.,
	1,000,000	Series 2013-1A-AR (3 Month LIBOR USD + 1.34%)		3.62%	^		04/20/2029		1,002,220
		Elmwood Ltd.,
	1,000,000	Series 2019-2A-A (3 Month LIBOR USD + 1.45%, 1.45% Floor)		4.00%	^		04/20/2031		1,000,064
	500,000	Series 2019-2A-B (3 Month LIBOR USD + 2.10%, 2.10% Floor)		4.65%	^		04/20/2031		499,958
		Halcyon Loan Advisors Funding Ltd.,
	1,000,000	Series 2017-1A-A1B (3 Month LIBOR USD + 1.28%)		3.56%	^		06/25/2029		995,317

98 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		KVK Ltd.,
	1,000,000	Series 2013-1A-AR (3 Month LIBOR USD + 0.90%)		3.20%	^		01/14/2028		996,039
		LCM LP,
	500,000	Series 19A-AR (3 Month LIBOR USD + 1.24%, 1.24% Floor)		3.54%	^		07/15/2027		501,991
		Midocean Credit Partners,
	1,000,000	Series 2018-8A-A1 (3 Month LIBOR USD + 1.15%)		3.29%	^		02/20/2031		996,026
		MP Ltd.,
	1,000,000	Series 2013-2A-ARR (3 Month LIBOR USD + 1.28%)		3.56%	^		07/25/2029		998,991
		OFSI Fund Ltd.,
	555,232	Series 2014-7A-AR (3 Month LIBOR USD + 0.90%)		3.20%	^		10/18/2026		555,015
	1,000,000	Series 2018-1A-A (3 Month LIBOR USD + 1.15%, 1.15% Floor)		3.45%	^		07/15/2031		993,989
		Park Avenue Institutional Advisers Ltd.,
	1,000,000	Series 2018-1A-A1A (3 Month LIBOR USD + 1.28%, 1.28% Floor)		3.56%	^		10/20/2031		998,750
		Shackleton Ltd.,
	775,000	Series 2015-7RA-A1 (3 Month LIBOR USD + 1.17%)		3.47%	^		07/15/2031		769,072
		Steele Creek Ltd.,
	900,000	Series 2019-1A-B (3 Month LIBOR USD + 2.20%, 2.20% Floor)		4.76%	^		04/15/2032		902,678
		VERDE Ltd.,
	1,000,000	Series 2019-1A-A (3 Month LIBOR USD + 1.35%, 1.35% Floor)		3.91%	^		04/15/2032		1,000,455
		Wind River Ltd.,
	1,000,000	Series 2013-2A-AR (3 Month LIBOR USD + 1.23%)		3.53%	^		10/18/2030		996,589
	1,000,000	Series 2014-2A-AR (3 Month LIBOR USD + 1.14%, 1.14% Floor)		3.44%	^		01/15/2031		995,500
	500,000	Series 2019-3A-B (3 Month LIBOR USD + 2.10%)		4.60%	^		04/15/2031		500,560
		Total Collateralized Loan Obligations (Cost $16,603,902)							16,656,893
	FOREIGN CORPORATE BONDS 6.7%
	200,000	AES Gener S.A. (5 Year Swap Rate USD + 4.64%)		7.13%	^		03/26/2079		210,250
	200,000	Alibaba Group Holding Ltd.		3.13%			11/28/2021		203,184
	280,000	AstraZeneca PLC		2.38%			11/16/2020		281,217
	180,000	Avolon Holdings Funding Ltd.		3.63%	^		05/01/2022		182,637
	200,000	Axiata SPV2 BHD		3.47%			11/19/2020		202,180
	200,000	Banco Bradesco S.A.		5.90%			01/16/2021		207,502
	150,000	Banco de Reservas de la Republica Dominicana		7.00%			02/01/2023		157,689
	200,000	Banco del Estado de Chile		2.67%			01/08/2021		200,151
	100,000	Banco do Brasil S.A. (10 Year CMT Rate + 7.78%)		8.50%	†		10/20/2020		105,465

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	100,000	Banco International del Peru S.A.A.		5.75%			10/07/2020		103,251
	150,000	Banco Santander Chile		2.50%			12/15/2020		151,035
	200,000	Bancolombia S.A.		5.95%			06/03/2021		211,000
	150,000	Bangkok Bank PCL		4.80%			10/18/2020		153,728
	95,000	Bank of Montreal		2.90%			03/26/2022		96,883
	200,000	BBVA Bancomer S.A. (5 Year CMT Rate + 3.00%)		5.35%			11/12/2029		199,502
	200,000	Bharat Petroleum Ltd.		4.38%			01/24/2022		207,236
	100,000	Brasil Bolsa Balcao S.A		5.50%			07/16/2020		102,501
	200,000	Braskem Finance Ltd.		5.75%			04/15/2021		208,002
	200,000	CNOOC Finance Ltd.		2.63%			05/05/2020		200,257
	100,000	Coca-Cola Femsa S.A.B. de C.V.		4.63%			02/15/2020		100,779
	200,000	Colombia Telecomunicaciones S.A. (5 Year Swap Rate USD + 6.96%)		8.50%	†		03/30/2020		205,750
	200,000	Comcel Trust		6.88%			02/06/2024		206,500
	200,000	DBS Group Holdings Ltd. (3 Month LIBOR USD + 0.49%)		2.59%			06/08/2020		200,199
	122,561	ENA Norte Trust		4.95%			04/25/2023		126,852
	200,000	Export Import Bank of Thailand (3 Month LIBOR USD + 0.85%)		3.00%			05/23/2024		200,697
	200,000	Globo Comunicacao e Participacoes S.A.		4.88%			04/11/2022		207,627
	200,000	Grupo Bimbo S.A.B. de C.V.		4.88%			06/30/2020		203,839
	200,000	GrupoSura Finance S.A.		5.70%			05/18/2021		209,750
	150,000	Inversiones CMPC S.A.		4.50%			04/25/2022		156,189
	200,000	Itau Unibanco Holdings S.A.		6.20%			04/15/2020		204,050
	200,000	Malayan Banking BHD (5 Year Swap Rate USD + 2.54%)		3.91%			10/29/2026		203,558
	200,000	MARB BondCo PLC		7.00%			03/15/2024		209,002
	145,000	Mitsubishi UFJ Financial Group, Inc.		3.22%			03/07/2022		148,406
	200,000	Nacional Financiera S.N.C.		3.38%			11/05/2020		201,752
	200,000	Oleoducto Central S.A.		4.00%			05/07/2021		204,502
	170,833	Panama Metro Line SP		0.00%			12/05/2022		164,042
	200,000	Pertamina Persero PT		4.88%			05/03/2022		211,405
	200,000	Perusahaan Listrik Negara PT		5.50%			11/22/2021		212,500
	100,000	Petrobras Global Finance B.V.		5.38%			01/27/2021		103,600
	200,000	Petronas Global Sukuk Ltd.		2.71%			03/18/2020		199,835
	200,000	PTTEP Canada International Finance Ltd.		5.69%			04/05/2021		209,412
	250,000	Reliance Holdings, Inc.		4.50%			10/19/2020		254,882
	40,000	Scotiabank Peru S.A. (3 Month LIBOR USD + 3.86%)		4.50%			12/13/2027		41,650
	200,000	Sinochem Overseas Capital Ltd.		4.50%			11/12/2020		204,351
	200,000	Sinopec Group Overseas Development Ltd.		2.50%			04/28/2020		200,146
	200,000	Southern Copper Corporation		5.38%			04/16/2020		202,770
	285,000	Sumitomo Mitsui Financial Group, Inc.		2.06%			07/14/2021		284,222
	200,000	Tecnoglass, Inc.		8.20%			01/31/2022		216,500
	200,000	Toronto-Dominion Bank		3.25%			06/11/2021		204,257
	200,000	United Overseas Bank Ltd. (5 Year Swap Rate USD + 1.65%)		2.88%			03/08/2027		200,034
	200,000	UPL Corporation		3.25%			10/13/2021		200,955
		Total Foreign Corporate Bonds (Cost $9,386,274)							9,483,683

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 99

Schedule of Investments  DoubleLine Colony Real Estate and Income Fund  (Cont.) (Unaudited) September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS 0.8%
	100,000	Brazilian Government International Bond		4.88%			01/22/2021		103,626
	200,000	Chile Government International Bond		3.88%			08/05/2020		203,150
	200,000	Colombia Government International Bond		4.38%			07/12/2021		207,352
	200,000	Dominican Republic International Bond		7.50%			05/06/2021		209,250
	200,000	Indonesia Government International Bond		3.75%			04/25/2022		206,500
	250,000	Wakala Global Sukuk BHD		4.65%			07/06/2021		260,514
		Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $1,187,139)							1,190,392
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 12.1%
		Atrium Hotel Portfolio Trust,
	1,000,000	Series 2018-ATRM-E (1 Month LIBOR USD + 3.40%, 3.40% Floor)		5.43%	^		06/15/2035		1,009,569
		BBCMS Mortgage Trust,
	264,000	Series 2015-MSQ-D		4.12%	#^		09/15/2032		269,364
	1,000,000	Series 2018-CBM-D (1 Month LIBOR USD + 2.39%, 2.39% Floor)		4.42%	^		07/15/2037		1,002,544
		BHP Trust,
	261,000	Series 2019-BXHP-D (1 Month LIBOR USD + 1.77%, 1.77% Floor)		3.80%	^		08/15/2036		260,704
		BX Commercial Mortgage Trust,
	680,540	Series 2018-EXCL-C (1 Month LIBOR USD + 1.98%)		4.00%	^		09/15/2037		682,628
	250,000	Series 2019-IMC-D (1 Month LIBOR USD + 1.90%, 1.90% Floor)		3.93%	^		04/15/2034		250,938
		BX Trust,
	162,000	Series 2019-MMP-E (1 Month LIBOR USD + 1.90%, 1.90% Floor)		3.93%	^		08/15/2036		163,112
		BXP Trust,
	750,000	Series 2017-CQHP-E (1 Month LIBOR USD + 3.00%)		5.03%	^		11/15/2034		751,121
		Caesars Palace Las Vegas Trust,
	450,000	Series 2017-VICI-E		4.50%	#^		10/15/2034		466,386
		Carbon Capital Commercial Mortgage Trust,
	244,000	Series 2019-FL2-B (1 Month LIBOR USD + 2.85%, 2.85% Floor)		4.88%	^		10/15/2035		246,143
		CHT Mortgage Trust,
	750,000	Series 2017-CSMO-E (1 Month LIBOR USD + 3.00%, 3.00% Floor)		5.03%	^		11/15/2036		753,624
		Commercial Mortgage Pass-Through Certificates,
	545,000	Series 2015-CR26-C		4.63%	#		10/10/2048		585,465
		Commercial Mortgage Trust,
	1,000,000	Series 2016-GCT-D		3.58%	#^		08/10/2029		1,008,602
		Credit Suisse Mortgage Capital Certificates,
	253,000	Series 2019-ICE4-E (1 Month LIBOR USD + 2.15%, 2.15% Floor)		4.18%	^		05/15/2036		253,993
		DBGS Mortgage Trust,
	550,000	Series 2018-5BP-D (1 Month LIBOR USD + 1.35%)		3.38%	^		06/15/2033		550,896

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		DBUBS Mortgage Trust,
	135,000	Series 2017-BRBK-E		3.65%	#^		10/10/2034		136,325
		GPMT Ltd.,
	234,000	Series 2019-FL2-D (1 Month LIBOR USD + 2.95%, 2.95% Floor)		4.98%	^		02/22/2036		236,281
		Greystone Commercial Real Estate Notes,
	256,000	Series 2019-FL2-D (1 Month LIBOR USD + 2.40%, 2.40% Floor)		4.66%	^		09/15/2037		257,376
		GS Mortgage Securities Corporation,
	1,000,000	Series 2018-FBLU-E (1 Month LIBOR USD + 2.75%, 2.75% Floor)		4.78%	^		11/15/2035		1,004,573
		GS Mortgage Securities Trust,
	725,000	Series 2017-500K-F (1 Month LIBOR USD + 1.80%, 2.15% Floor)		3.83%	^		07/15/2032		727,552
		GSCG Trust,
	261,000	Series 2019-600C-E		4.12%	#^		09/06/2034		266,650
	261,000	Series 2019-600C-G		4.12%	#^		09/06/2034		252,833
		Hilton USA Trust,
	600,000	Series 2016-SFP-E		5.52%	^		11/05/2035		604,134
		HPLY Trust,
	249,450	Series 2019-HIT-F (1 Month LIBOR USD + 3.15%, 3.15% Floor)		5.18%	^		11/15/2036		250,074
		JP Morgan Chase Commercial Mortgage Securities Trust,
	1,000,000	Series 2011-C3-D		5.85%	#^		02/15/2046		997,694
	750,000	Series 2018-BCON-C		3.88%	#^		01/05/2031		774,523
		JPMBB Commercial Mortgage Securities Trust,
	700,000	Series 2014-C23-D		4.11%	#^		09/15/2047		690,443
		LCCM Mortgage Trust,
	750,000	Series 2014-909-E		4.03%	#^		05/15/2031		753,228
		Morgan Stanley Capital Trust,
	750,000	Series 2014-150E-F		4.44%	#^		09/09/2032		777,266
		NLY Commercial Mortgage Trust,
	385,000	Series 2019-FL2-B (1 Month LIBOR USD + 1.90%, 1.90% Floor)		3.93%	^		02/15/2036		387,791
		Rosslyn Portfolio Trust,
	750,000	Series 2017-ROSS-E (1 Month LIBOR USD + 3.00%, 3.99% Floor)		5.03%	^		06/15/2033		746,186
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $16,832,908)							17,118,018
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 10.6%
		Ajax Mortgage Loan Trust,
	1,451,935	Series 2018-E-A		4.38%	#^		06/25/2058		1,471,292
		Bellemeade Ltd.,
	786,502	Series 2017-1-M1 (1 Month LIBOR USD + 1.70%)		3.72%	^		10/25/2027		789,274
		Bunker Hill Loan Depositary Trust,
	603,105	Series 2019-1-A1		3.61%	^§		10/26/2048		611,637
		Citigroup Mortgage Loan Trust,
	2,061,499	Series 2019-B-A1		3.26%	#^		04/25/2066		2,066,488
		HMIR,
	1,000,000	Series 2019-1-M1 (1 Month LIBOR USD + 1.65%)		3.67%	^		05/25/2029		1,002,418
		Legacy Mortgage Asset Trust,
	1,349,168	Series 2019-GS1-A1		4.00%	^§		01/25/2059		1,369,054
	1,688,805	Series 2019-GS6-A1		3.00%	^§		06/25/2059		1,701,069

100 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Pretium Mortgage Credit Partners LLC,
	872,503	Series 2019-1A-A1		4.50%	^§		01/25/2024		880,850
	781,152	Series 2019-NPL1-A1		4.21%	^§		07/25/2060		788,607
	1,749,806	Series 2019-NPL2-A1		3.84%	^§		12/25/2058		1,759,307
		PRPM LLC,
	654,347	Series 2019-3A-A1		3.35%	^§		07/25/2024		657,170
		VOLT LLC,
	664,152	Series 2017-NP11-A1		3.38%	^§		10/25/2047		666,827
	1,272,187	Series 2019-NPL1-A1A		4.34%	^§		01/25/2049		1,284,054
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $14,936,961)							15,048,047
	US CORPORATE BONDS 5.8%
	95,000	Air Lease Corporation		2.50%			03/01/2021		95,304
	185,000	American Express Company		3.70%			11/05/2021		191,065
	190,000	Analog Devices, Inc.		2.95%			01/12/2021		191,473
	185,000	Anthem, Inc.		2.50%			11/21/2020		185,682
	185,000	AT&T, Inc.		2.80%			02/17/2021		186,661
	185,000	Bank of America Corporation (3 Month LIBOR USD + 0.79%)		2.92%			03/05/2024		185,405
	235,000	BAT Capital Corporation		2.76%			08/15/2022		237,312
	95,000	BB&T Corporation		2.20%			03/16/2023		94,951
	200,000	Bristol-Myers Squibb Company		2.60%	^		05/16/2022		203,080
	95,000	Capital One Financial Corporation		2.40%			10/30/2020		95,285
	280,000	Cardinal Health, Inc.		2.62%			06/15/2022		281,521
	80,000	Caterpillar Financial Services Corporation		1.90%			09/06/2022		79,932
	185,000	Cigna Corporation		3.40%			09/17/2021		189,285
	186,000	Cintas Corporation		2.90%			04/01/2022		190,136
	295,000	Citigroup, Inc. (3 Month LIBOR USD + 1.02%)		3.16%			06/01/2024		297,149
	170,000	Comcast Corporation		3.45%			10/01/2021		175,118
	190,000	Consolidated Edison, Inc.		2.00%			05/15/2021		189,846
	185,000	CVS Health Corporation		3.70%			03/09/2023		192,674
	250,000	Daimler Finance North America LLC		2.30%	^		02/12/2021		250,263
	190,000	Delta Air Lines, Inc.		3.40%			04/19/2021		192,720
	95,000	DTE Energy Company		2.53%			10/01/2024		95,405
	70,000	DuPont de Nemours, Inc.		3.77%			11/15/2020		71,306
	185,000	eBay, Inc.		2.75%			01/30/2023		187,368
	135,000	General Electric Company		2.70%			10/09/2022		135,398
	185,000	General Motors Financial Company		3.20%			07/06/2021		186,945
	200,000	JPMorgan Chase & Company (3 Month LIBOR USD + 0.70%)		3.21%			04/01/2023		204,853
	140,000	Marsh & McLennan Companies, Inc. (3 Month LIBOR USD + 1.20%)		3.30%			12/29/2021		140,283
	190,000	Microchip Technology, Inc.		3.92%			06/01/2021		194,132
	185,000	Mondelez International, Inc.		3.00%			05/07/2020		185,969
	280,000	Morgan Stanley (3 Month LIBOR USD + 0.93%)		3.21%			07/22/2022		282,195
	185,000	NextEra Energy Capital Holdings. Inc.		2.90%			04/01/2022		188,518
	190,000	Northrop Grumman Corporation		2.08%			10/15/2020		190,095
	105,000	Occidental Petroleum Corporation		2.70%			08/15/2022		105,962

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	175,000	Omnicom Capital, Inc.		3.63%			05/01/2022		181,516
	150,000	PayPal Holdings, Inc.		2.20%			09/26/2022		150,453
	195,000	Penske Truck Leasing Company		2.70%	^		11/01/2024		195,660
	115,000	Prudential Financial, Inc.		4.50%			11/16/2021		120,662
	30,000	Prudential Financial, Inc.		3.50%			05/15/2024		31,951
	180,000	PSEG Power LLC		3.85%			06/01/2023		190,464
	90,000	Republic Services, Inc.		2.50%			08/15/2024		91,094
	40,000	Reynolds American, Inc.		4.00%			06/12/2022		41,687
	130,000	Schlumberger Holdings Corporation		3.75%	^		05/01/2024		137,010
	155,000	Simon Property Group LP		2.00%			09/13/2024		153,523
	190,000	Thermo Fisher Scientific, Inc.		3.60%			08/15/2021		194,829
	195,000	Union Pacific Corporation		3.20%			06/08/2021		198,432
	185,000	Verizon Communications, Inc. (3 Month LIBOR USD + 1.10%)		3.26%			05/15/2025		188,009
	185,000	Waste Management, Inc.		2.95%			06/15/2024		191,416
	195,000	Welltower, Inc.		3.63%			03/15/2024		204,884
		Total US Corporate Bonds (Cost $7,997,999)							8,144,881
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS 6.8%
		Federal Home Loan Mortgage Corporation,
	1,000,000	Pool SB8011		3.00%			10/01/2034		1,023,312
	1,062,550	Series 0-4771-NA		4.00%			11/15/2042		1,079,967
	2,352,589	Series 3316-FA (1 Month LIBOR USD + 0.27%, 0.27% Floor, 7.00% Cap)		2.30%			05/15/2037		2,344,770
		Federal National Mortgage Association,
	3,123,450	Series 2011-93-GF (1 Month LIBOR USD + 0.45%, 0.45% Floor, 7.00% Cap)		2.47%			04/25/2039		3,135,649
	993,603	Series 2012-110-MF (1 Month LIBOR USD + 0.46%, 0.46% Floor, 6.50% Cap)		2.48%			10/25/2042		996,817
	1,055,369	Series 2012-56-FA (1 Month LIBOR USD + 0.55%, 0.55% Floor, 6.50% Cap)		2.57%			06/25/2042		1,063,037
		Total US Government and Agency Mortgage Backed Obligations (Cost $9,603,577)							9,643,552
	US GOVERNMENT AND AGENCY OBLIGATIONS 9.5%
	2,770,000	United States Treasury Notes		2.25%			03/31/2020		2,775,140
	3,940,000	United States Treasury Notes		1.63%			04/30/2023		3,946,541
	5,890,000	United States Treasury Notes		2.25%			12/31/2023		6,054,851
	690,000	United States Treasury Notes		1.75%			06/30/2024		696,024
		Total US Government and Agency Obligations (Cost $13,368,774)							13,472,556

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 101

Schedule of Investments  DoubleLine Colony Real Estate and Income Fund  (Cont.) (Unaudited) September 30, 2019

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	SHORT TERM INVESTMENTS 12.7%
	2,795,211	First American Government Obligations Fund - Class U		1.88%	¨				2,795,211
	2,795,211	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		1.83%	¨				2,795,211
	2,795,211	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		1.83%	¨				2,795,211
	1,170,000	United States Treasury Bills		0.00%			10/10/2019		1,169,481
	2,340,000	United States Treasury Bills		0.00%			11/07/2019		2,335,880
	1,410,000	United States Treasury Bills		0.00%			12/05/2019		1,405,478
	3,050,000	United States Treasury Bills		0.00%			01/30/2020		3,031,795
	1,650,000	United States Treasury Bills		0.00%			02/06/2020		1,639,518
		Total Short Term Investments (Cost $17,963,874)							17,967,785
		Total Investments 86.7% (Cost $121,766,201)							122,752,551
		Other Assets in Excess of Liabilities 13.3%							18,874,319
		NET ASSETS 100.0%						$	141,626,870

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Short Term Investments	12.7%
Non-Agency Commercial Mortgage Backed Obligations	12.1%
Collateralized Loan Obligations	11.8%
Non-Agency Residential Collateralized Mortgage Obligations	10.6%
US Government and Agency Obligations	9.5%
US Government and Agency Mortgage Backed Obligations	6.8%
Foreign Corporate Bonds	6.7%
Asset Backed Obligations	6.2%
US Corporate Bonds	5.8%
Bank Loans	3.7%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	0.8%
Other Assets and Liabilities	13.3%
	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:
Short Term Investments		12.7%
Non-Agency Commercial Mortgage Backed Obligations		12.1%
Collateralized Loan Obligations		11.8%
Non-Agency Residential Collateralized Mortgage Obligations		10.6%
US Government and Agency Obligations		9.5%
US Government and Agency Mortgage Backed Obligations		6.8%
Asset Backed Obligations		6.2%
Banking		3.4%
Healthcare		1.3%
Energy		1.3%
Utilities		1.0%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations		0.8%
Telecommunications		0.8%
Media		0.8%
Transportation		0.6%
Technology		0.5%
Aerospace & Defense		0.5%
Chemicals/Plastics		0.5%
Automotive	��	0.4%
Electronics/Electric		0.4%
Pharmaceuticals		0.4%
Finance		0.4%
Insurance		0.4%
Business Equipment and Services		0.3%
Building and Development (including Steel/Metals)		0.3%
Consumer Products		0.3%
Real Estate		0.3%
Industrial Equipment		0.2%
Food Products		0.2%
Leisure		0.2%
Environmental Control		0.2%
Beverage and Tobacco		0.2%
Containers and Glass Products		0.2%
Chemical Products		0.2%
Mining		0.2%
Hotels/Motels/Inns and Casinos		0.1%
Commercial Services		0.1%
Financial Intermediaries		0.1%
Pulp & Paper		0.1%
Diversified Manufacturing		0.1%
Food Service		0.1%
Construction		0.1%
Other Assets and Liabilities		13.3%
		100.0%

^ 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.

# 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 September 30, 2019.

± 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 September 30, 2019.

† Perpetual Maturity

§ The interest rate will step up if the issuer does not redeem the bond on or before a scheduled redemption date in accordance with the terms of the instrument. The interest rate shown is the rate in effect as of September 30, 2019.

¨ Seven-day yield as of September 30, 2019

102 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2019

Excess Return Swaps

Reference Entity

Counterparty

Long/Short

Financing Rate

Payment Frequency

Termination Date

Notional Amount

Unrealized Appreciation (Depreciation) / Value

Colony Capital Fundamental US Real Estate Index Excess Returnº

Barclays Capital, Inc.

Long

0.45%

Termination

02/27/2020

34,000,000

$

5,970,959

Colony Capital Fundamental US Real Estate Index Excess Returnº

Barclays Capital, Inc.

Long

0.45%

Termination

02/13/2020

30,000,000

5,735,494

Colony Capital Fundamental US Real Estate Index Excess Returnº

Barclays Capital, Inc.

Long

0.45%

Termination

01/23/2020

25,000,000

5,332,232

Colony Capital Fundamental US Real Estate Index Excess Returnº

Barclays Capital, Inc.

Long

0.45%

Termination

01/09/2020

15,000,000

3,061,845

Colony Capital Fundamental US Real Estate Index Excess Returnº

Barclays Capital, Inc.

Long

0.45%

Termination

04/30/2020

10,000,000

1,038,915

Colony Capital Fundamental US Real Estate Index Excess Returnº

Barclays Capital, Inc.

Long

0.45%

Termination

10/24/2019

7,100,000

(31,162

)

$

21,108,283

º The Colony Capital Fundamental US Real Estate Index Excess Return aims to provide notional long exposure to Real Estate Investment Trusts (REITs) excluding mortgage REITs that meet certain market capitalization, liquidity and fundamental criteria. The constituents of the index are ordinary shares, which are REITs. Information on the sector constituents as of September 30, 2019, is available on the Barclays Capital, Inc. website at https://indices.barclays/doubleline.

A summary of the DoubleLine Colony Real Estate and Income Fund ‘s investments in affiliated mutual funds for the period ended September 30, 2019 is as follows:

Fund	Value at March 31, 2019			Gross Purchases			Gross Sales				Shares Held at September 30, 2019		Value at September 30, 2019			Change in Unrealized for the Period Ended September 30, 2019				Dividend Income Earned in the Period Ended September 30, 2019			Net Realized Gain (Loss) in the Period Ended September 30, 2019
DoubleLine Floating Rate Fund (Class I)		$	9,516,745		$	—		$	(9,556,192	)		—		$	—		$	(16,745	)		$	86,733		$	56,192

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 103

Schedule of Investments  DoubleLine Emerging Markets Local Currency Bond Fund (Unaudited) September 30, 2019

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN CORPORATE BONDS 4.8%
	COLOMBIA 2.6%
	320,000,000	COP	Emgesa S.A.		8.75%			01/25/2021		95,632
	500,000,000	COP	Empresas Publicas de Medellin ESP		8.38%	^		11/08/2027		154,009
										249,641
	MEXICO 1.0%
	2,030,000	MXN	America Movil S.A.B. de C.V.		6.45%			12/05/2022		99,396
										99,396
	PERU 1.2%
	44,000	PEN	Banco de Credito del Peru		4.85%			10/30/2020		13,186
	325,000	PEN	Banco de Credito del Peru		4.65%	^		09/17/2024		97,299
										110,485
			Total Foreign Corporate Bonds (Cost $476,360)							459,522
	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS 83.8%
	BRAZIL 8.8%
	1,000	BRL	Nota Do Tesouro Nacional		10.00%			01/01/2025		276,142
	2,000	BRL	Nota Do Tesouro Nacional		10.00%			01/01/2029		574,956
										851,098
	CHILE 4.6%
	160,000,000	CLP	Bonos de la Tesoreria de la Republica en pesos		4.00%	^		03/01/2023		232,911
	140,000,000	CLP	Bonos de la Tesoreria de la Republica en pesos		4.50%			03/01/2026		214,457
										447,368
	COLOMBIA 4.6%
	725,000,000	COP	Colombian TES		6.25%			11/26/2025		217,687
	700,000,000	COP	Colombian TES		7.50%			08/26/2026		223,929
										441,616
	CZECH REPUBLIC 4.2%
	9,840,000	CZK	Czech Republic Government Bond		0.45%			10/25/2023		402,586
										402,586
	HUNGARY 4.4%
	119,000,000	HUF	Hungary Government Bond		3.00%			06/26/2024		424,980
										424,980
	INDONESIA 9.1%
	6,500,000,000	IDR	Indonesia Treasury Bond		6.13%			05/15/2028		425,122
	6,170,000,000	IDR	Indonesia Treasury Bond		8.38%			03/15/2034		460,696
										885,818
	ISRAEL 4.8%
	1,530,000	ILS	Israel Government Bond		1.75%			08/31/2025		470,283
										470,283

PRINCIPAL AMOUNT/ SHARES			SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	MALAYSIA 4.6%
	1,875,000	MYR	Malaysia Government Bond		3.50%			05/31/2027		447,860
										447,860
	MEXICO 6.6%
	57,100	MXN	Mexican Bonos		8.00%			06/11/2020		291,808
	68,500	MXN	Mexican Bonos		6.50%			06/09/2022		345,627
										637,435
	PERU 3.9%
	560,000	PEN	Peru Government Bond		6.15%	^		08/12/2032		190,503
	580,000	PEN	Peru Government Bond		5.40%	^		08/12/2034		183,791
										374,294
	PHILIPPINES 3.6%
	18,000,000	PHP	Philippine Government International Bond		4.95%			01/15/2021		351,804
										351,804
	POLAND 7.6%
	1,465,000	PLN	Republic of Poland Government Bond		2.25%			04/25/2022		371,642
	1,364,000	PLN	Republic of Poland Government Bond		3.25%			07/25/2025		366,774
										738,416
	ROMANIA 3.0%
	1,160,000	RON	Romania Government Bond		5.85%			04/26/2023		286,522
										286,522
	SINGAPORE 2.5%
	332,000	SGD	Singapore Government Bond		2.00%			02/01/2024		243,796
										243,796
	SOUTH AFRICA 6.5%
	4,100,000	ZAR	Republic of South Africa Government Bond		7.75%			02/28/2023		273,275
	5,780,000	ZAR	Republic of South Africa Government Bond		8.00%			01/31/2030		356,546
										629,821
	THAILAND 5.0%
	7,170,000	THB	Thailand Government Bond		3.63%			06/16/2023		253,404
	6,150,000	THB	Thailand Government Bond		3.85%			12/12/2025		230,031
										483,435
			Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $8,343,806)							8,117,132
	SHORT TERM INVESTMENTS 10.2%
	330,397		BlackRock Liquidity Funds FedFund - Institutional Shares		1.82%	¨			��	330,397
	330,350		Fidelity Institutional Money Market Government Portfolio - Class I		1.86%	¨				330,350

104 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2019

SHARES		SECURITY DESCRIPTION	RATE			MATURITY	VALUE $
	330,366	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		1.83%	¨			330,366
		Total Short Term Investments (Cost $991,113)						991,113
		Total Investments 98.8% (Cost $9,811,279)						9,567,767
		Other Assets in Excess of Liabilities 1.2%						113,935
		NET ASSETS 100.0%					$	9,681,702

SECURITY TYPE BREAKDOWNas a % of Net Assets:
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	83.8%
Short Term Investments	10.2%
Foreign Corporate Bonds	4.8%
Other Assets and Liabilities	1.2%
	100.0%

INVESTMENT BREAKDOWNas a % of Net Assets:
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	83.8%
Short Term Investments	10.2%
Utilities	2.6%
Banking	1.2%
Telecommunications	1.0%
Other Assets and Liabilities	1.2%
	100.0%

COUNTRY BREAKDOWNas a % of Net Assets:
United States	10.2%
Indonesia	9.1%
Brazil	8.8%
Poland	7.6%
Mexico	7.6%
Colombia	7.2%
South Africa	6.5%
Peru	5.1%
Thailand	5.0%
Israel	4.8%
Malaysia	4.6%
Chile	4.6%
Hungary	4.4%
Czech Republic	4.2%
Philippines	3.6%
Romania	3.0%
Singapore	2.5%
Other Assets and Liabilities	1.2%
	100.0%

^ 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.

¨ Seven-day yield as of September 30, 2019

Principal amount is stated in 100 Mexican Peso Units.

BRL Brazilian Real

CLP Chilean Peso

COP Colombian Peso

CZK Czech Republic Koruna

HUF Hungarian Forint

IDR Indonesian Rupiah

ILS Israeli Shekel

MXN Mexican Peso

MYR Malaysian Ringgit

PEN Peruvian Sol

PHP Philippine Peso

PLN Polish Zloty

RON Romanian Leu

SGD Singapore Dollar

THB Thai Baht

ZAR South African Rand

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 105

Schedule of Investments  DoubleLine Income Fund (Unaudited) September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 8.2%
		Pioneer Aircraft Finance Ltd.,
	976,191	Series 2019-1-C		6.90%	^		06/15/2044		996,565
		START Ireland,
	1,625,000	Series 2019-1-C		6.41%	^		03/15/2044		1,634,674
		Sunnova Helios Issuer LLC,
	1,909,979	Series 2019-AA-B		4.49%	^		06/20/2046		1,933,539
	2,000,000	Wave LLC		6.41%	^		09/15/2044		1,999,959
		Total Asset Backed Obligations (Cost $6,546,742)							6,564,737
	COLLATERALIZED LOAN OBLIGATIONS 4.8%
		GoldenTree Loan Opportunities Ltd.,
	1,000,000	Series 2016-12A-DR (3 Month LIBOR USD + 2.90%)		5.18%	^		07/21/2030		959,928
		Highbridge Loan Management Ltd.,
	2,000,000	Series 12A-18-C (3 Month LIBOR USD + 2.75%, 2.75% Floor)		5.05%	^		07/18/2031		1,905,030
		OHA Credit Funding Ltd.,
	1,000,000	Series 2019-4A-D (3 Month LIBOR USD + 3.75%, 3.75% Floor)		0.00%	^		10/22/2032		1,000,000
		Total Collateralized Loan Obligations (Cost $3,865,430)							3,864,958
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 35.8%
		Atrium Hotel Portfolio Trust
	1,000,000	(1 Month LIBOR USD + 2.80%, 2.80% Floor)		5.05%	^		09/15/2032		1,002,500
	1,000,000	(1 Month LIBOR USD + 3.75%, 3.75% Floor)		6.00%	^		09/15/2032		1,002,500
	1,000,000	Series 2017-ATRM-E (1 Month LIBOR USD + 3.05%)		5.08%	^		12/15/2036		1,006,830
		Banc of America Commercial Mortgage Trust,
	259,358	Series 2007-4-G		6.06%	#^		02/10/2051		266,626
		Bancorp Commercial Mortgage Trust,
	1,500,000	Series 2019-CRE5-E (1 Month LIBOR USD + 3.75%, 3.75% Floor)		5.78%	^		03/15/2036		1,520,651
	1,500,000	Series 2019-CRE6-D (1 Month LIBOR USD + 2.30%, 2.30% Floor)		4.57%	^		09/15/2036		1,505,630
	1,000,000	Series 2019-CRE6-E (1 Month LIBOR USD + 2.85%, 2.85% Floor)		5.12%	^		09/15/2036		1,003,745
		BANK,
	13,409,430	Series 2019-BN19-XFG		1.17%	#^ I/O		08/15/2061		1,167,210
		Barclays Commercial Mortgage Securities LLC,
	1,000,000	Series 2017-DELC-F (1 Month LIBOR USD + 3.50%)		5.53%	^		08/15/2036		1,005,059
		BX Trust,
	850,000	Series 2017-SLCT-E (1 Month LIBOR USD + 3.15%)		5.18%	^		07/15/2034		855,307
	200,000	Series 2018-GW-G (1 Month LIBOR USD + 2.92%, 2.92% Floor)		4.95%	^		05/15/2035		202,002
		Carbon Capital Commercial Mortgage Trust,
	100,000	Series 2019-FL2-B (1 Month LIBOR USD + 2.85%, 2.85% Floor)		4.88%	^		10/15/2035		100,878

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Citigroup Commercial Mortgage Trust,
	1,500,000	Series 2017-P7-D		3.25%	^		04/14/2050		1,370,028
		Commercial Mortgage Trust,
	17,739,000	Series 2014-CR20-XF		1.44%	#^ I/O		11/10/2047		1,069,023
		DBGS Mortgage Trust,
	87,000	Series 2018-5BP-F (1 Month LIBOR USD + 2.45%)		4.48%	^		06/15/2033		86,914
		GS Mortgage Securities Trust,
	1,500,000	Series 2015-GC34-D		3.00%			10/10/2048		1,366,584
	1,500,000	Series 2015-GC32-D		3.35%			07/10/2048		1,433,236
	1,000,000	Series 2019-SMP-F (1 Month LIBOR USD + 3.10%, 3.10% Floor)		5.24%	^		08/15/2032		1,005,215
	1,000,000	Series 2019-SMP-G (1 Month LIBOR USD + 4.25%, 4.25% Floor)		6.39%	^		08/15/2032		1,002,493
		Hawaii Hotel Trust,
	1,000,000	Series 2019-MAUI-F (1 Month LIBOR USD + 3.00%, 3.00% Floor)		4.78%	^		05/15/2038		1,005,946
		IMT Trust,
	842,000	Series 2017-APTS-FFL (1 Month LIBOR USD + 2.85%)		4.88%	^		06/15/2034		844,136
		JP Morgan Chase Commercial Mortgage Securities Trust,
	1,500,000	Series 2018-WPT-FFX		5.54%	^		07/05/2033		1,559,434
	1,000,000	Series 2019-UES-G		4.60%	#^		05/05/2032		972,632
		JPMCC Commercial Mortgage Securities Trust,
	1,000,000	Series 2019-MFP-F (1 Month LIBOR USD + 3.10%, 3.00% Floor)		5.13%	^		07/15/2036		1,006,336
		LoanCore Issuer Ltd.,
	1,000,000	Series 2019-CRE2-D (1 Month LIBOR USD + 2.45%, 2.45% Floor)		4.48%	^		05/15/2036		1,006,875
		Tharaldson Hotel Portfolio Trust,
	405,040	Series 2018-THL-E (1 Month LIBOR USD + 3.18%, 3.10% Floor)		5.22%	^		11/11/2034		407,101
	810,080	Series 2018-THL-F (1 Month LIBOR USD + 3.95%, 4.04% Floor)		5.99%	^		11/11/2034		815,232
		UBS Commercial Mortgage Trust,
	1,500,000	Series 2018-NYCH-G (1 Month LIBOR USD + 4.84%, 4.84% Floor)		6.87%	^		02/15/2032		1,526,021
		VMC Finance LLC,
	1,500,000	Series 2019-FL3-D (1 Month LIBOR USD + 2.65%, 2.65% Floor)		4.85%	^		09/15/2036		1,504,691
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $28,589,017)							28,620,835
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 33.0%
		Banc of America Funding Trust,
	2,028,433	Series 2007-A-2A2 (1 Month LIBOR USD + 0.21%, 0.21% Floor, 10.50% Cap)		2.25%			02/20/2047		1,861,770
		FMC GMSR Issuer Trust,
	2,500,000	Series 2019-GT2-B		4.72%	#^		09/25/2024		2,522,170

106 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2019

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Freddie Mac STACR Trust,
	1,000,000	Series 2019-DNA1-M2 (1 Month LIBOR USD + 2.65%, 0.00% Floor)		4.67%	^		01/25/2049		1,017,121
	1,000,000	Series 2019-DNA2-M2 (1 Month LIBOR USD + 2.45%, 0.00% Floor)		4.47%	^		03/25/2049		1,011,924
	1,722,000	Series 2019-DNA3-B1 (1 Month LIBOR USD + 3.25%, 0.00% Floor)		5.27%	^		07/25/2049		1,771,801
		JP Morgan Alternative Loan Trust,
	2,146,902	Series 2006-A2-2A2		4.32%	#		05/25/2036		1,868,999
		Legacy Mortgage Asset Trust,
	2,500,000	Series 2018-SL1-M		4.50%	#^		02/25/2058		2,520,053
	2,500,000	Series 2019-GS6-A2		4.45%	^§		06/25/2059		2,514,613
		Lehman XS Trust,
	2,240,839	Series 2005-6-2A1 (1 Month LIBOR USD + 2.00%, 1.50% Floor)		4.10%			11/25/2035		2,000,658
		New Residential Mortgage Loan Trust,
	1,500,000	Series 2019-NQM4-B1		3.74%	#^		09/25/2059		1,512,864
		Pretium Mortgage Credit Partners LLC,
	2,500,000	Series 2019-NPL3-A2		4.58%	^§		07/27/2059		2,505,869
		Toorak Mortgage Corporation Ltd.,
	2,000,000	Series 2019-2-A2		4.21%	§		09/25/2022		2,018,040
		Velocity Commercial Capital Loan Trust,
	747,455	Series 2019-2-M5		4.93%	#^		07/25/2049		761,819
		VOLT LLC,
	2,500,000	Series 2017-NP11-A2		4.63%	^§		10/25/2047		2,503,324
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $26,240,551)							26,391,025

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	US GOVERNMENT AND AGENCY OBLIGATIONS 9.9%
	3,700,000	United States Treasury Notes		2.25%			03/31/2026		3,845,253
	4,100,000	United States Treasury Notes		1.63%			08/15/2029		4,082,703
		Total US Government and Agency Obligations (Cost $7,986,383)							7,927,956
	SHORT TERM INVESTMENTS 18.1%
	4,805,129	First American Government Obligations Fund - Class U		1.88%	¨				4,805,129
	4,805,129	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		1.83%	¨				4,805,129
	4,805,129	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		1.83%	¨				4,805,129
		Total Short Term Investments (Cost $14,415,387)							14,415,387
		Total Investments 109.8% (Cost $87,643,510)							87,784,898
		Liabilities in Excess of Other Assets (9.8)%							(7,800,911	)
		NET ASSETS 100.0%						$	79,983,987

SECURITY TYPE BREAKDOWNas a % of Net Assets:
Non-Agency Commercial Mortgage Backed Obligations	35.8%
Non-Agency Residential Collateralized Mortgage Obligations	33.0%
Short Term Investments	18.1%
US Government and Agency Obligations	9.9%
Asset Backed Obligations	8.2%
Collateralized Loan Obligations	4.8%
Other Assets and Liabilities	(9.8)%
	100.0%

^ 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.

# 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 September 30, 2019.

I/O Interest only security

§ The interest rate will step up if the issuer does not redeem the bond on or before a scheduled redemption date in accordance with the terms of the instrument. The interest rate shown is the rate in effect as of September 30, 2019.

¨ Seven-day yield as of September 30, 2019

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 107

Statements of Assets and Liabilities (Unaudited) September 30, 2019

	DoubleLine Total Return Bond Fund				DoubleLine Core Fixed Income Fund				DoubleLine Emerging Markets Fixed Income Fund				DoubleLine Multi-Asset Growth Fund (Consolidated)				DoubleLine Low Duration Bond Fund				DoubleLine Floating Rate Fund
ASSETS
Investments in Unaffiliated Securities, at Value *		$	53,043,409,900			$	10,874,065,955			$	1,156,447,636			$	68,353,458			$	7,021,619,853			$	276,540,806
Investments in Affiliated Mutual Funds, at Value *			69,980,655				1,405,437,595				—				64,788,316				49,650,000				—
Short Term Investments *			1,720,254,529				575,985,008				8,857,385				84,048,845				629,285,605				16,583,299
Foreign Currency, at Value *			—				—				—				28,529				—				—
Interest and Dividends Receivable			185,353,744				77,269,792				16,493,920				481,924				37,328,782				2,025,455
Receivable for Fund Shares Sold			141,888,605				21,228,164				2,056,062				259,243				18,963,300				268,961
Receivable for Investments Sold			18,859,112				3,801,971				—				7,595,250				3,552,013				16,381,720
Deposit at Broker for Futures			18,087,500				—				—				2,063,951				—				—
Prepaid Expenses and Other Assets			716,845				203,391				72,079				23,717				259,945				40,402
Variation Margin Receivable			—				—				—				177,457				—				—
Net Unrealized Appreciation on Swaps			—				—				—				46,936				—				—
Due from Advisor (See Note 3)			—				—				—				—				—				—
Cash			—				—				—				—				—				—
Total Assets			55,198,550,890				12,957,991,876				1,183,927,082				227,867,626				7,760,659,498				311,840,643
LIABILITIES
Payable for Investments Purchased			615,312,231				289,098,367				1,908,474				—				83,765,227				22,674,370
Payable for Fund Shares Redeemed			76,189,022				12,051,806				1,907,050				213,565				16,937,072				624,715
Distribution Payable			34,002,302				11,683,328				1,296,524				941,118				4,038,786				507,548
Investment Advisory Fees Payable			17,768,237				3,555,267				723,657				152,783				2,177,225				119,500
Sub-Transfer Agent Expenses Payable			5,841,084				909,089				195,449				15,472				540,097				104,175
Distribution Fees Payable			3,287,036				353,280				64,237				70,559				888,150				28,145
Administration, Fund Accounting and Custodian Fees Payable			1,226,512				353,511				39,319				18,361				215,066				64,771
Transfer Agent Expenses Payable			997,703				236,787				29,931				7,785				92,025				18,470
Trustees Fees Payable (See Note 8)			885,643				118,365				18,003				3,577				64,798				8,730
Accrued Expenses			790,307				110,163				76,599				25,989				1,855				3,615
Professional Fees Payable			355,524				83,897				60,727				68,522				41,738				43,119
Variation Margin Payable			281,243				—				—				—				—				—
Net Unrealized Depreciation on Forward Currency Exchange Contracts			—				—				—				349,484				—				—
Total Liabilities			756,936,844				318,553,860				6,319,970				1,867,215				108,762,039				24,197,158
Commitments and Contingencies (See Note 2)
Net Assets		$	54,441,614,046			$	12,639,438,016			$	1,177,607,112			$	226,000,411			$	7,651,897,459			$	287,643,485
NET ASSETS CONSIST OF:
Paid-in Capital		$	56,567,150,606			$	12,431,046,688			$	1,224,947,908			$	233,244,878			$	7,677,271,597			$	316,566,839
Undistributed (Accumulated) Net Investment Income (Loss)			(84,105,930	)			(319,274	)			1,060,392				(139,198	)			1,622,258				33,757
Accumulated Net Realized Gain (Loss) on Investments			(3,105,873,405	)			(164,196,517	)			(38,336,265	)			(4,640,470	)			(45,227,982	)			(25,116,840	)
Net Unrealized Appreciation (Depreciation) on:
Investments in Unaffiliated Securities			1,076,299,845				345,789,577				(10,064,923	)			(324,712	)			18,454,586				(3,840,271	)
Investments in Affiliated Mutual Funds			(19,345	)			27,037,595				—				(1,361,999	)			(350,000	)			—
Short Term Investments			42,770				79,947				—				3,348				127,000				—
Foreign Currency			—				—				—				(3,635	)			—				—
Forwards			—				—				—				(349,484	)			—				—
Futures			(11,880,495	)			—				—				(475,253	)			—				—
Swaps			—				—				—				46,936				—				—
Translation of Other Assets and Liabilities Denominated in Foreign Currency			—				—				—				—				—				—
Total Distributable Earnings (Loss) (See Note 6)			(2,125,536,560	)			208,391,328				(47,340,796	)			(7,244,467	)			(25,374,138	)			(28,923,354	)
Net Assets		$	54,441,614,046			$	12,639,438,016			$	1,177,607,112			$	226,000,411			$	7,651,897,459			$	287,643,485
*Identified Cost:
Investments in Unaffiliated Securities		$	51,967,110,055			$	10,528,276,378			$	1,166,512,559			$	68,678,170			$	7,003,165,267			$	280,381,077
Investments in Affiliated Mutual Funds			70,000,000				1,378,400,000				—				66,150,315				50,000,000				—
Short Term Investments			1,720,211,759				575,905,061				8,857,385				84,045,497				629,158,605				16,583,299
Foreign Currency			—				—				—				32,164				—				—
Class I (unlimited shares authorized):
Net Assets		$	47,259,696,598			$	11,805,502,538			$	1,012,602,067			$	40,381,448			$	6,058,970,895			$	215,249,996
Shares Outstanding			4,395,661,338				1,060,882,069				96,690,843				4,356,819				603,954,155				22,524,981
Net Asset Value, Offering and Redemption Price per Share		$	10.75			$	11.13			$	10.47			$	9.27			$	10.03			$	9.56
Class N (unlimited shares authorized):
Net Assets		$	7,181,788,728			$	833,834,227			$	165,005,045			$	—			$	1,592,826,023			$	72,393,489
Shares Outstanding			668,299,241				74,990,019				15,752,986				—				158,900,138				7,561,918
Net Asset Value, Offering and Redemption Price per Share		$	10.75			$	11.12			$	10.47			$	—			$	10.02			$	9.57
Class A (unlimited shares authorized):
Net Assets		$	—			$	—			$	—			$	185,618,963			$	—			$	—
Shares Outstanding			—				—				—				20,109,662				—				—
Net Asset Value, Offering Price per Share		$	—			$	—			$	—			$	9.62			$	—			$	—
Net Asset Value, Redemption Price per Share		$	—			$	—			$	—			$	9.23			$	—			$	—
Class R6 (unlimited shares authorized):
Net Assets		$	128,720			$	101,251			$	—			$	—			$	100,541			$	—
Shares Outstanding			11,971				9,101				—				—				10,022				—
Net Asset Value, Offering and Redemption Price per Share		$	10.75			$	11.13			$	—			$	—			$	10.03			$	—

108 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

September 30, 2019

	DoubleLine Shiller Enhanced CAPE®			DoubleLine Flexible Income Fund				DoubleLine Low Duration Emerging Markets Fixed Income Fund				DoubleLine Long Duration Total Return Bond Fund				DoubleLine Strategic Commodity Fund (Consolidated)				DoubleLine Global Bond Fund
ASSETS
Investments in Unaffiliated Securities, at Value *		$	5,931,862,756		$	1,265,236,854			$	217,897,020			$	88,038,365			$	—			$	1,127,768,415
Investments in Affiliated Mutual Funds, at Value *			300,249,400			98,039,801				—				—				—				—
Short Term Investments *			1,002,432,758			88,294,226				4,342,101				9,723,512				424,673,834				29,502,278
Foreign Currency, at Value *			—			—				—				—				—				2,192,482
Interest and Dividends Receivable			30,495,827			10,449,204				2,867,358				276,996				95,951				9,907,136
Receivable for Fund Shares Sold			18,989,444			2,373,681				698,006				1,166,134				273,511				95
Receivable for Investments Sold			6,561,311			1,327,502				—				—				—				—
Deposit at Broker for Futures			—			—				—				598,168				—				—
Prepaid Expenses and Other Assets			200,326			91,716				21,391				35,684				69,409				29,744
Variation Margin Receivable			—			—				—				12,860				—				—
Net Unrealized Appreciation on Swaps			243,730,851			—				—				—				1,844,982				—
Due from Advisor (See Note 3)			—			—				—				—				—				—
Cash			—			—				—				—				—				—
Total Assets			7,534,522,673			1,465,812,984				225,825,876				99,851,719				426,957,687				1,169,400,150
LIABILITIES
Payable for Investments Purchased			137,582,951			21,709,077				1,239,670				4,202,425				—				—
Payable for Fund Shares Redeemed			10,236,420			2,264,196				411,707				3,064				462,050				24,952
Distribution Payable			4,251,752			1,278,932				215,620				116,072				—				4,091,228
Investment Advisory Fees Payable			2,648,105			686,389				84,815				36,082				324,107				481,129
Sub-Transfer Agent Expenses Payable			884,965			168,152				13,820				256				18,849				50,387
Distribution Fees Payable			579,318			132,124				7,410				5,408				18,099				1,322
Administration, Fund Accounting and Custodian Fees Payable			206,163			120,397				16,003				4,729				9,422				39,073
Transfer Agent Expenses Payable			93,144			29,442				10,044				5,038				7,408				5,555
Trustees Fees Payable (See Note 8)			49,492			16,857				3,517				1,051				3,956				5,608
Accrued Expenses			2,866			14,479				4,226				8,263				1,860				7,861
Professional Fees Payable			47,143			54,571			��	29,439				31,717				48,866				24,914
Variation Margin Payable			—			—				—				—				—				—
Net Unrealized Depreciation on Forward Currency Exchange Contracts			—			—				—				—				—				—
Total Liabilities			156,582,319			26,474,616				2,036,271				4,414,105				894,617				4,732,029
Commitments and Contingencies (See Note 2)
Net Assets		$	7,377,940,354		$	1,439,338,368			$	223,789,605			$	95,437,614			$	426,063,070			$	1,164,668,121
NET ASSETS CONSIST OF:
Paid-in Capital		$	6,911,418,954		$	1,462,744,844			$	222,369,707			$	87,591,888			$	452,536,511			$	1,157,272,669
Undistributed (Accumulated) Net Investment Income (Loss)			376,390			(741,865	)			15,976				17,841				3,922,614				(3,562,756	)
Accumulated Net Realized Gain (Loss) on Investments			203,448,426			(18,596,313	)			1,578,073				848,287				(32,405,787	)			251,479
Net Unrealized Appreciation (Depreciation) on:
Investments in Unaffiliated Securities			18,344,695			(4,690,056	)			(174,151	)			7,211,087				—				11,009,825
Investments in Affiliated Mutual Funds			349,300			621,758				—				—				—				—
Short Term Investments			271,738			—				—				2,081				164,750				—
Foreign Currency			—			—				—				—				—				(13,136	)
Forwards			—			—				—				—				—				—
Futures			—			—				—				(233,570	)			—				—
Swaps			243,730,851			—				—				—				1,844,982				—
Translation of Other Assets and Liabilities Denominated in Foreign Currency			—			—				—				—				—				(289,960	)
Total Distributable Earnings (Loss) (See Note 6)			466,521,400			(23,406,476	)			1,419,898				7,845,726				(26,473,441	)			7,395,452
Net Assets		$	7,377,940,354		$	1,439,338,368			$	223,789,605			$	95,437,614			$	426,063,070			$	1,164,668,121
*Identified Cost:
Investments in Unaffiliated Securities		$	5,913,518,061		$	1,269,926,910			$	218,071,171			$	80,827,278			$	—			$	1,116,758,590
Investments in Affiliated Mutual Funds			299,900,100			97,418,043				—				—				—				—
Short Term Investments			1,002,161,020			88,294,226				4,342,101				9,721,431				424,509,084				29,502,278
Foreign Currency			—			—				—				—				—				2,205,618
Class I (unlimited shares authorized):
Net Assets		$	5,814,580,950		$	1,195,390,220			$	206,168,837			$	78,630,714			$	375,510,999			$	1,159,238,532
Shares Outstanding			375,406,209			123,402,405				20,753,969				7,190,024				41,034,133				112,276,471
Net Asset Value, Offering and Redemption Price per Share		$	15.49		$	9.69			$	9.93			$	10.94			$	9.15			$	10.32
Class N (unlimited shares authorized):
Net Assets		$	1,563,241,174		$	243,847,942			$	17,620,768			$	16,806,900			$	50,552,071			$	5,429,589
Shares Outstanding			101,028,387			25,192,608				1,771,147				1,538,068				5,571,920				525,615
Net Asset Value, Offering and Redemption Price per Share		$	15.47		$	9.68			$	9.95			$	10.93			$	9.07			$	10.33
Class A (unlimited shares authorized):
Net Assets		$	—		$	—			$	—			$	—			$	—			$	—
Shares Outstanding			—			—				—				—				—				—
Net Asset Value, Offering Price per Share		$	—		$	—			$	—			$	—			$	—			$	—
Net Asset Value, Redemption Price per Share		$	—��		$	—			$	—			$	—			$	—			$	—
Class R6 (unlimited shares authorized):
Net Assets		$	118,230		$	100,206			$	—			$	—			$	—			$	—
Shares Outstanding			7,631			10,342				—				—				—				—
Net Asset Value, Offering and Redemption Price per Share		$	15.49		$	9.69			$	—			$	—			$	—			$	—

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 109

Statements of Assets and Liabilities  (Cont.) (Unaudited) September 30, 2019

	DoubleLine Infrastructure Income Fund				DoubleLine Ultra Short Bond Fund			DoubleLine Shiller Enhanced International CAPE®				DoubleLine Colony Real Estate and Income Fund				DoubleLine Emerging Markets Local Currency Bond Fund				DoubleLine Income Fund
ASSETS
Investments in Unaffiliated Securities, at Value *		$	533,555,533			$	179,861,243		$	50,186,824			$	104,784,766			$	8,576,654			$	73,369,511
Investments in Affiliated Mutual Funds, at Value *			—				—			2,686,692				—				—				—
Short Term Investments *			11,808,903				162,180,628			5,784,486				17,967,785				991,113				14,415,387
Foreign Currency, at Value *			—				—			529,816				—				—				—
Interest and Dividends Receivable			2,808,299				735,159			291,879				558,274				121,294				197,543
Receivable for Fund Shares Sold			90,192				30,000			135,779				256,310				—				—
Receivable for Investments Sold			—				—			101,592				780,653				—				—
Deposit at Broker for Futures			—				—			—				—				—				—
Prepaid Expenses and Other Assets			35,585				35,379			18,442				1,563				666				—
Variation Margin Receivable			—				—			—				—				—				—
Net Unrealized Appreciation on Swaps			—				—			4,447,620				21,108,283				—				—
Due from Advisor (See Note 3)			—				—			—				100,465				20,208				4,066
Cash			—				—			—				—				37,727				—
Total Assets			548,298,512				342,842,409			64,183,130				145,558,099				9,747,662				87,986,507
LIABILITIES
Payable for Investments Purchased			—				3,490,771			202,145				3,339,522				—				7,862,985
Payable for Fund Shares Redeemed			2,662				10,663			33,105				32,513				—				—
Distribution Payable			1,361,672				559,538			34,640				208,742				—				109,256
Investment Advisory Fees Payable			224,187				41,624			18,668				—				—				—
Sub-Transfer Agent Expenses Payable			12,417				922			11,658				13,510				248				408
Distribution Fees Payable			857				1,750			6,394				1,595				62				18
Administration, Fund Accounting and Custodian Fees Payable			29,805				7,638			29,755				25,063				7,477				2,814
Transfer Agent Expenses Payable			12,745				6,342			5,674				490				617				703
Trustees Fees Payable (See Note 8)			7,535				2,809			1,571				3,290				505				258
Accrued Expenses			7,921				667			8,207				82,875				2,941				10,834
Professional Fees Payable			31,861				27,028			70,900				223,629				54,110				15,244
Variation Margin Payable			—				—			—				—				—				—
Net Unrealized Depreciation on Forward Currency Exchange Contracts			—				—			1,556,815				—				—				—
Total Liabilities			1,691,662				4,149,752			1,979,532				3,931,229				65,960				8,002,520
Commitments and Contingencies (See Note 2)
Net Assets		$	546,606,850			$	338,692,657		$	62,203,598			$	141,626,870			$	9,681,702			$	79,983,987
NET ASSETS CONSIST OF:
Paid-in Capital		$	529,290,567			$	338,369,968		$	71,866,440			$	118,355,997			$	10,057,688			$	80,015,533
Undistributed (Accumulated) Net Investment Income (Loss)			(180,418	)			59,085			6,762				(45,847	)			34,399				24,485
Accumulated Net Realized Gain (Loss) on Investments			(2,072,421	)			50,336			(12,728,627	)			1,222,087				(163,168	)			(197,419	)
Net Unrealized Appreciation (Depreciation) on:
Investments in Unaffiliated Securities			19,569,122				211,212			265,245				982,439				(243,512	)			141,388
Investments in Affiliated Mutual Funds			—				—			(95,552	)			—				—				—
Short Term Investments			—				2,056			1,878				3,911				—				—
Foreign Currency			—				—			(3,353	)			—				—				—
Forwards			—				—			(1,556,815	)			—				—				—
Futures			—				—			—				—				—				—
Swaps			—				—			4,447,620				21,108,283				—				—
Translation of Other Assets and Liabilities Denominated in Foreign Currency			—				—			—				—				(3,705	)			—
Total Distributable Earnings (Loss) (See Note 6)			17,316,283				322,689			(9,662,842	)			23,270,873				(375,986	)			(31,546	)
Net Assets		$	546,606,850			$	338,692,657		$	62,203,598			$	141,626,870			$	9,681,702			$	79,983,987
*Identified Cost:
Investments in Unaffiliated Securities		$	513,986,411			$	179,650,031		$	49,921,579			$	103,802,327			$	8,820,166			$	73,228,123
Investments in Affiliated Mutual Funds			—				—			2,782,244				—				—				—
Short Term Investments			11,808,903				162,178,572			5,782,608				17,963,874				991,113				14,415,387
Foreign Currency			—				—			533,169				—				—				—
Class I (unlimited shares authorized):
Net Assets		$	543,463,785			$	334,226,902		$	42,561,248			$	135,696,469			$	9,584,945			$	79,884,195
Shares Outstanding			52,111,476				33,259,873			4,068,230				11,082,449				995,943				8,017,716
Net Asset Value, Offering and Redemption Price per Share		$	10.43			$	10.05		$	10.46			$	12.24			$	9.62			$	9.96
Class N (unlimited shares authorized):
Net Assets		$	3,143,065			$	4,465,755		$	19,642,350			$	5,930,401			$	96,757			$	99,792
Shares Outstanding			301,310				443,920			1,877,625				484,578				10,054				10,014
Net Asset Value, Offering and Redemption Price per Share		$	10.43			$	10.06		$	10.46			$	12.24			$	9.62			$	9.97
Class A (unlimited shares authorized):
Net Assets		$	—			$	—		$	—			$	—			$	—			$	—
Shares Outstanding			—				—			—				—				—				—
Net Asset Value, Offering Price per Share		$	—			$	—		$	—			$	—			$	—			$	—
Net Asset Value, Redemption Price per Share		$	—			$	—		$	—			$	—			$	—			$	—
Class R6 (unlimited shares authorized):
Net Assets		$	—			$	—		$	—			$	—			$	—			$	—
Shares Outstanding			—				—			—				—				—				—
Net Asset Value, Offering and Redemption Price per Share		$	—			$	—		$	—			$	—			$	—			$	—

110 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

Statements of Operations (Unaudited) For the Period Ended September 30, 2019

	DoubleLine Total Return Bond Fund				DoubleLine Core Fixed Income Fund				DoubleLine Emerging Markets Fixed Income Fund				DoubleLine Multi-Asset Growth Fund (Consolidated)				DoubleLine Low Duration Bond Fund				DoubleLine Floating Rate Fund
INVESTMENT INCOME
Income:
Interest		$	1,011,551,745			$	220,111,349			$	34,579,996			$	1,520,933			$	132,333,382			$	11,774,135
Dividends from Affiliated Mutual Funds			109,256				15,148,497				—				1,188,068				844,984				—
Dividends from Unaffiliated Securities			—				78,621				132,394				1,122,299				51,758				—
Non-Cash Interest			—				—				—				—				—				—
Total Investment Income			1,011,661,001				235,338,467				34,712,390				3,831,300				133,230,124				11,774,135
Expenses:
Investment Advisory Fees			105,262,889				24,292,942				4,485,930				1,057,586				12,720,205				1,016,605
Sub-Transfer Agent Expenses - Class I			13,279,908				1,837,377				462,849				15,765				866,460				43,115
Sub-Transfer Agent Expenses - Class N			2,035,151				133,706				79,582				—				226,731				15,327
Sub-Transfer Agent Expenses - Class A			—				—				—				3,799				—				—
Distribution Fees - Class N			8,742,003				1,030,210				219,481				—				1,884,881				133,315
Distribution Fees - Class A			—				—				—				224,542				—				—
Administration, Fund Accounting and Custodian Fees			3,365,176				974,184				95,278				30,175				573,841				113,781
Transfer Agent Expenses			2,234,456				587,759				32,104				6,404				321,061				31,252
Shareholder Reporting Expenses			840,328				157,558				36,829				7,103				99,395				13,014
Professional Fees			531,782				195,178				63,663				56,884				108,549				45,595
Registration Fees			481,335				136,517				63,083				24,000				143,032				38,045
Trustees Fees			293,167				69,269				6,986				1,277				41,269				4,654
Insurance Expenses			242,305				58,495				6,798				1,866				35,024				4,053
Miscellaneous Expenses			212,554				50,498				30,279				7,562				32,756				76,780
Total Expenses			137,521,054				29,523,693				5,582,862				1,436,963				17,053,204				1,535,536
Less: Investment Advisory Fees (Waived)			(16,376	)			(3,406,064	)			—				(137,241	)			(123,962	)			—
Less: Other Fees (Reimbursed)/Recouped			—				—				—				29,599				—				—
Net Expenses			137,504,678				26,117,629				5,582,862				1,329,321				16,929,242				1,535,536
Net Investment Income (Loss)			874,156,323				209,220,838				29,129,528				2,501,979				116,300,882				10,238,599
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments in Unaffiliated Securities			18,777,458				(12,514,581	)			(21,689,765	)			(3,464,807	)			9,252,838				(6,818,804	)
Investments in Affiliated Mutual Funds			—				—				—				—				—				—
Foreign Currency			—				(130	)			(76	)			(74,094	)			(49	)			—
Forwards			—				—				—				38,812				—				—
Futures			23,277,339				—				—				2,162,831				—				—
Swaps			—				—				—				4,298,158				—				—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments in Unaffiliated Securities			1,132,289,589				320,268,662				34,298,353				2,804,438				32,506,331				3,851,889
Investments in Affiliated Mutual Funds			(19,345	)			22,050,647				—				1,089,237				650,000				—
Short Term Investments			(168,868	)			(121,264	)			—				4,265				64,469				—
Foreign Currency			—				—				—				14,830				—				—
Forwards			—				—				—				(298,204	)			—				—
Futures			(11,880,495	)			—				—				(1,160,463	)			—				—
Swaps			—				—				—				(2,647,203	)			—				—
Translation of Other Assets and Liabilities Denominated in Foreign Currency			—				—				—				—				—				—
Net Realized and Unrealized Gain (Loss) on Investments			1,162,275,678				329,683,334				12,608,512				2,767,800				42,473,589				(2,966,915	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	2,036,432,001			$	538,904,172			$	41,738,040			$	5,269,779			$	158,774,471			$	7,271,684

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 111

Statements of Operations  (Cont.) (Unaudited) For the Period Ended September 30, 2019

	DoubleLine Shiller Enhanced CAPE®				DoubleLine Flexible Income Fund				DoubleLine Low Duration Emerging Markets Fixed Income Fund				DoubleLine Long Duration Total Return Bond Fund				DoubleLine Strategic Commodity Fund (Consolidated)				DoubleLine Global Bond Fund
INVESTMENT INCOME
Income:
Interest		$	114,716,558			$	34,586,230			$	4,652,757			$	586,800			$	5,554,551			$	11,159,084
Dividends from Affiliated Mutual Funds			2,906,912				751,822				—				—				—				—
Dividends from Unaffiliated Securities			996				3,227				12,311				—				—				—
Non-Cash Interest			—				—				—				889,510				—				—
Total Investment Income			117,624,466				35,341,279				4,665,068				1,476,310				5,554,551				11,159,084
Expenses:
Investment Advisory Fees			14,979,800				4,303,209				569,937				219,534				2,108,534				2,848,901
Sub-Transfer Agent Expenses - Class I			1,513,485				251,192				29,422				3,789				171,295				40,498
Sub-Transfer Agent Expenses - Class N			406,073				47,384				3,665				1,246				22,862				495
Sub-Transfer Agent Expenses - Class A			—				—				—				—				—				—
Distribution Fees - Class N			1,760,681				275,968				27,951				19,573				69,058				15,922
Distribution Fees - Class A			—				—				—				—				—				—
Administration, Fund Accounting and Custodian Fees			568,956				245,955				25,946				8,989				28,515				133,900
Transfer Agent Expenses			284,229				62,345				2,639				665				32,490				44,347
Shareholder Reporting Expenses			163,362				29,174				6,909				694				15,807				9,435
Professional Fees			94,544				48,913				18,674				26,732				54,663				36,370
Registration Fees			128,461				71,840				17,639				26,483				54,125				26,643
Trustees Fees			42,076				8,789				1,201				429				4,583				4,815
Insurance Expenses			32,256				8,730				1,759				877				3,169				5,971
Miscellaneous Expenses			28,061				10,201				3,667				2,295				5,765				6,699
Total Expenses			20,001,984				5,363,700				709,409				311,306				2,570,866				3,173,996
Less: Investment Advisory Fees (Waived)			(178,148	)			(238,164	)			—				—				—				—
Less: Other Fees (Reimbursed)/Recouped			—				—				(11,024	)			(6,331	)			76,341				—
Net Expenses			19,823,836				5,125,536				698,385				304,975				2,647,207				3,173,996
Net Investment Income (Loss)			97,800,630				30,215,743				3,966,683				1,171,335				2,907,344				7,985,088
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments in Unaffiliated Securities			(1,506,829	)			(5,418,483	)			2,294,583				1,257,251				29,266				729,278
Investments in Affiliated Mutual Funds			—				—				—				—				—				—
Foreign Currency			—				(6	)			(7	)			—				—				(253,820	)
Forwards			—				—				—				—				—				—
Futures			—				—				—				1,685,184				—				—
Swaps			225,097,527				—				—				—				(32,410,619	)			—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments in Unaffiliated Securities			39,564,016				11,003,033				650,704				6,281,174				—				4,688,761
Investments in Affiliated Mutual Funds			299,301				289,981				—				—				—				—
Short Term Investments			147,577				—				—				(3,909	)			8,794				—
Foreign Currency			—				—				—				—				—				236,738
Forwards			—				—				—				—				—				—
Futures			—				—				—				(444,479	)			—				—
Swaps			15,487,703				—				—				—				(639,608	)			—
Translation of Other Assets and Liabilities Denominated in Foreign Currency			—				—				—				—				—				(172,999	)
Net Realized and Unrealized Gain (Loss) on Investments			279,089,295				5,874,525				2,945,280				8,775,221				(33,012,167	)			5,227,958
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	376,889,925			$	36,090,268			$	6,911,963			$	9,946,556			$	(30,104,823	)		$	13,213,046

112 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

(Unaudited)

For the Period Ended September 30, 2019

	DoubleLine Infrastructure Income Fund			DoubleLine Ultra Short Bond Fund			DoubleLine Shiller Enhanced International CAPE®				DoubleLine Colony Real Estate and Income Fund				DoubleLine Emerging Markets Local Currency Bond Fund1				DoubleLine Income Fund2
INVESTMENT INCOME
Income:
Interest		$	10,276,851		$	3,685,348		$	1,062,927			$	1,911,501			$	114,444			$	175,804
Dividends from Affiliated Mutual Funds			—			—			116,357				86,733				—				—
Dividends from Unaffiliated Securities			—			—			—				—				—				—
Non-Cash Interest			—			—			—				—				—				—
Total Investment Income			10,276,851			3,685,348			1,179,284				1,998,234				114,444				175,804
Expenses:
Investment Advisory Fees			1,353,740			207,291			155,301				295,896				18,581				20,394
Sub-Transfer Agent Expenses - Class I			14,894			8,008			15,375				13,494				245				407
Sub-Transfer Agent Expenses - Class N			76			116			7,714				555				3				1
Sub-Transfer Agent Expenses - Class A			—			—			—				—				—				—
Distribution Fees - Class N			3,499			4,863			24,853				6,418				62				18
Distribution Fees - Class A			—			—			—				—				—				—
Administration, Fund Accounting and Custodian Fees			57,562			28,875			17,867				23,355				8,017				2,814
Transfer Agent Expenses			21,872			10,405			287				3,225				693				703
Shareholder Reporting Expenses			7,673			2,029			4,742				31,528				11,667				2,589
Professional Fees			28,126			26,615			19,063				285,773				45,000				15,244
Registration Fees			26,261			24,323			21,304				69,078				15,344				7,379
Trustees Fees			3,944			1,008			811				1,831				505				258
Insurance Expenses			4,144			1,952			1,114				589				—				74
Miscellaneous Expenses			3,170			2,243			2,930				7,523				2,517				1,108
Total Expenses			1,524,961			317,728			271,361				739,265				102,634				50,989
Less: Investment Advisory Fees (Waived)			—			—			(11,497	)			(10,974	)			—				—
Less: Other Fees (Reimbursed)/Recouped			—			—			(44,615	)			(305,440	)			(80,277	)			(24,460	)
Net Expenses			1,524,961			317,728			215,249				422,851				22,357				26,529
Net Investment Income (Loss)			8,751,890			3,367,620			964,035				1,575,383				92,087				149,275
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments in Unaffiliated Securities			109,803			44,096			89,129				467,408				(160,290	)			(197,419	)
Investments in Affiliated Mutual Funds			—			—			(79,503	)			56,192				—				—
Foreign Currency			—			—			2,282,527				—				(2,878	)			—
Forwards			—			—			(2,538,349	)			—				—				—
Futures			—			—			—				—				—				—
Swaps			—			—			493,489				155,536				—				—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments in Unaffiliated Securities			16,691,352			244,656			255,690				356,739				(243,512	)			141,388
Investments in Affiliated Mutual Funds			—			—			57,523				(16,745	)			—				—
Short Term Investments			—			19,897			1,878				(4,632	)			—				—
Foreign Currency			—			—			(3,353	)			—				—				—
Forwards			—			—			(77,029	)			—				—				—
Futures			—			—			—				—				—				—
Swaps			—			—			1,231,540				9,827,704				—				—
Translation of Other Assets and Liabilities Denominated in Foreign Currency			—			—			(25,115	)			—				(3,705	)			—
Net Realized and Unrealized Gain (Loss) on Investments			16,801,155			308,649			1,688,427				10,842,202				(410,385	)			(56,031	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	25,553,045		$	3,676,269		$	2,652,462			$	12,417,585			$	(318,298	)		$	93,244

¹  Commenced operations on June 28, 2019.

²  Commenced operations on September 3, 2019.

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 113

Statements of Changes in Net Assets September 30, 2019

	DoubleLine Total Return Bond Fund								DoubleLine Core Fixed Income Fund
	Period Ended September 30, 2019 (Unaudited)				Year Ended March 31, 2019				Period Ended September 30, 2019 (Unaudited)				Year Ended March 31, 2019
OPERATIONS
Net Investment Income (Loss)		$	874,156,323			$	1,643,035,050			$	209,220,838			$	362,063,137
Net Realized Gain (Loss) on Investments			42,054,797				(151,551,012	)			(12,514,711	)			(89,308,613	)
Net Change in Unrealized Appreciation (Depreciation) on Investments			1,120,220,881				532,029,096				342,198,045				123,739,576
Net Increase (Decrease) in Net Assets Resulting from Operations			2,036,432,001				2,023,513,134				538,904,172				396,494,100
DISTRIBUTIONS TO SHAREHOLDERS
From Earnings
Class I			(833,819,574	)			(1,568,571,397	)			(195,875,927	)			(338,848,915	)
Class N			(118,882,053	)			(246,861,429	)			(13,125,374	)			(29,195,691	)
Class R6			(782	)			—				(571	)			—
Total Distributions to Shareholders			(952,702,409	)			(1,815,432,826	)			(209,001,872	)			(368,044,606	)
NET SHARE TRANSACTIONS
Class I			2,636,484,435				500,888,099				825,796,979				1,260,677,792
Class N			207,326,599				(1,614,987,568	)			(29,638,745	)			(182,676,499	)
Class R6			127,986				—				100,571				—
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			2,843,939,020				(1,114,099,469	)			796,258,805				1,078,001,293
Total Increase (Decrease) in Net Assets		$	3,927,668,612			$	(906,019,161	)		$	1,126,161,105			$	1,106,450,787
NET ASSETS
Beginning of Period		$	50,513,945,434			$	51,419,964,595			$	11,513,276,911			$	10,406,826,124
End of Period		$	54,441,614,046			$	50,513,945,434			$	12,639,438,016			$	11,513,276,911

114 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

September 30, 2019

	DoubleLine Emerging Markets Fixed Income Fund								DoubleLine Multi-Asset Growth Fund (Consolidated)
	Period Ended September 30, 2019 (Unaudited)				Year Ended March 31, 2019				Period Ended September 30, 2019 (Unaudited)				Year Ended March 31, 2019
OPERATIONS
Net Investment Income (Loss)		$	29,129,528			$	39,935,717			$	2,501,979			$	5,287,724
Net Realized Gain (Loss) on Investments			(21,689,841	)			(15,160,511	)			2,960,900				(3,963,413	)
Net Change in Unrealized Appreciation (Depreciation) on Investments			34,298,353				8,514,791				(193,100	)			(874,825	)
Net Increase (Decrease) in Net Assets Resulting from Operations			41,738,040				33,289,997				5,269,779				449,486
DISTRIBUTIONS TO SHAREHOLDERS
From Earnings
Class I			(24,188,526	)			(36,181,890	)			(561,777	)			(1,877,578	)
Class N			(3,883,716	)			(6,006,531	)			—				—
Class A			—				—				(2,227,350	)			(4,858,535	)
Total Distributions to Shareholders			(28,072,242	)			(42,188,421	)			(2,789,127	)			(6,736,113	)
NET SHARE TRANSACTIONS
Class I			57,767,033				12,352,203				(4,598,251	)			(17,113,193	)
Class N			(1,294,329	)			(31,526,623	)			—				—
Class A			—				—				6,023,609				27,857,318
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			56,472,704				(19,174,420	)			1,425,358				10,744,125
Total Increase (Decrease) in Net Assets		$	70,138,502			$	(28,072,844	)		$	3,906,010			$	4,457,498
NET ASSETS
Beginning of Period		$	1,107,468,610			$	1,135,541,454			$	222,094,401			$	217,636,903
End of Period		$	1,177,607,112			$	1,107,468,610			$	226,000,411			$	222,094,401

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 115

Statements of Changes in Net Assets   (Cont.) September 30, 2019

	DoubleLine Low Duration Bond Fund								DoubleLine Floating Rate Fund
	Period Ended September 30, 2019 (Unaudited)				Year Ended March 31, 2019				Period Ended September 30, 2019 (Unaudited)				Year Ended March 31, 2019
OPERATIONS
Net Investment Income (Loss)		$	116,300,882			$	185,616,948			$	10,238,599			$	30,695,387
Net Realized Gain (Loss) on Investments			9,252,789				(18,157,813	)			(6,818,804	)			(9,870,401	)
Net Change in Unrealized Appreciation (Depreciation) on Investments			33,220,800				26,996,492				3,851,889				(9,467,309	)
Net Increase (Decrease) in Net Assets Resulting from Operations			158,774,471				194,455,627				7,271,684				11,357,677
DISTRIBUTIONS TO SHAREHOLDERS
From Earnings
Class I			(93,768,810	)			(146,238,970	)			(7,747,696	)			(23,730,667	)
Class N			(22,765,333	)			(41,061,794	)			(2,664,129	)			(6,968,852	)
Class R6			(520	)			—				—				—
Total Distributions to Shareholders			(116,534,663	)			(187,300,764	)			(10,411,825	)			(30,699,519	)
NET SHARE TRANSACTIONS
Class I			569,915,402				1,379,133,038				(140,610,488	)			(55,512,629	)
Class N			103,313,268				41,194,669				(43,042,212	)			(24,377,357	)
Class R6			100,520				—				—				—
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			673,329,190				1,420,327,707				(183,652,700	)			(79,889,986	)
Total Increase (Decrease) in Net Assets		$	715,568,998			$	1,427,482,570			$	(186,792,841	)		$	(99,231,828	)
NET ASSETS
Beginning of Period		$	6,936,328,461			$	5,508,845,891			$	474,436,326			$	573,668,154
End of Period		$	7,651,897,459			$	6,936,328,461			$	287,643,485			$	474,436,326

116 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

September 30, 2019

	DoubleLine Shiller Enhanced CAPE®								DoubleLine Flexible Income Fund
	Period Ended September 30, 2019 (Unaudited)				Year Ended March 31, 2019				Period Ended September 30, 2019 (Unaudited)				Year Ended March 31, 2019
OPERATIONS
Net Investment Income (Loss)		$	97,800,630			$	159,694,872			$	30,215,743			$	53,506,204
Net Realized Gain (Loss) on Investments			223,590,698				283,685,683				(5,418,489	)			(6,354,590	)
Net Change in Unrealized Appreciation (Depreciation) on Investments			55,498,597				96,022,901				11,293,014				(11,296,599	)
Net Increase (Decrease) in Net Assets Resulting from Operations			376,889,925				539,403,456				36,090,268				35,855,015
DISTRIBUTIONS TO SHAREHOLDERS
From Earnings
Class I			(79,236,795	)			(548,723,592	)			(26,625,041	)			(48,388,448	)
Class N			(19,546,858	)			(143,615,446	)			(4,791,650	)			(8,833,685	)
Class R6			(566	)			—				(726	)			—
Total Distributions to Shareholders			(98,784,219	)			(692,339,038	)			(31,417,417	)			(57,222,133	)
NET SHARE TRANSACTIONS
Class I			1,017,564,519				689,123,688				102,975,452				98,867,605
Class N			268,689,066				221,010,054				35,729,913				15,774,561
Class R6			119,648				—				100,726				—
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			1,286,373,233				910,133,742				138,806,091				114,642,166
Total Increase (Decrease) in Net Assets		$	1,564,478,939			$	757,198,160			$	143,478,942			$	93,275,048
NET ASSETS
Beginning of Period		$	5,813,461,415			$	5,056,263,255			$	1,295,859,426			$	1,202,584,378
End of Period		$	7,377,940,354			$	5,813,461,415			$	1,439,338,368			$	1,295,859,426

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 117

Statements of Changes in Net Assets   (Cont.) September 30, 2019

	DoubleLine Low Duration Emerging Markets Fixed Income Fund								DoubleLine Long Duration Total Return Bond Fund
	Period Ended September 30, 2019 (Unaudited)				Year Ended March 31, 2019				Period Ended September 30, 2019 (Unaudited)				Year Ended March 31, 2019
OPERATIONS
Net Investment Income (Loss)		$	3,966,683			$	5,491,494			$	1,171,335			$	2,233,152
Net Realized Gain (Loss) on Investments			2,294,576				(1,732,726	)			2,942,435				(670,103	)
Net Change in Unrealized Appreciation (Depreciation) on Investments			650,704				4,442,364				5,832,786				2,135,991
Net Increase (Decrease) in Net Assets Resulting from Operations			6,911,963				8,201,132				9,946,556				3,699,040
DISTRIBUTIONS TO SHAREHOLDERS
From Earnings
Class I			(3,509,203	)			(4,939,700	)			(974,515	)			(1,879,825	)
Class N			(344,112	)			(864,730	)			(192,271	)			(352,050	)
Total Distributions to Shareholders			(3,853,315	)			(5,804,430	)			(1,166,786	)			(2,231,875	)
NET SHARE TRANSACTIONS
Class I			5,880,117				53,033,957				5,027,774				9,528,057
Class N			(6,808,782	)			(33,801,178	)			1,087,910				3,174,269
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			(928,665	)			19,232,779				6,115,684				12,702,326
Total Increase (Decrease) in Net Assets		$	2,129,983			$	21,629,481			$	14,895,454			$	14,169,491
NET ASSETS
Beginning of Period		$	221,659,622			$	200,030,141			$	80,542,160			$	66,372,669
End of Period		$	223,789,605			$	221,659,622			$	95,437,614			$	80,542,160

118 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

September 30, 2019

	DoubleLine Strategic Commodity Fund (Consolidated)								DoubleLine Global Bond Fund
	Period Ended September 30, 2019 (Unaudited)				Year Ended March 31, 2019				Period Ended September 30, 2019 (Unaudited)				Year Ended March 31, 2019
OPERATIONS
Net Investment Income (Loss)		$	2,907,344			$	5,462,268			$	7,985,088			$	10,095,568
Net Realized Gain (Loss) on Investments			(32,381,353	)			(31,046,936	)			475,458				992,561
Net Change in Unrealized Appreciation (Depreciation) on Investments			(630,814	)			2,499,993				4,752,500				(30,055,529	)
Net Increase (Decrease) in Net Assets Resulting from Operations			(30,104,823	)			(23,084,675	)			13,213,046				(18,967,400	)
DISTRIBUTIONS TO SHAREHOLDERS
From Earnings
Class I			—				(4,969,784	)			(8,898,806	)			(9,558,847	)
Class N			—				(611,399	)			(46,166	)			(267,873	)
Total Distributions to Shareholders			—				(5,581,183	)			(8,944,972	)			(9,826,720	)
NET SHARE TRANSACTIONS
Class I			(42,970,787	)			255,573,863				102,012,079				417,362,128
Class N			(11,071,285	)			1,711,831				(11,557,589	)			(11,374,663	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			(54,042,072	)			257,285,694				90,454,490				405,987,465
Total Increase (Decrease) in Net Assets		$	(84,146,895	)		$	228,619,836			$	94,722,564			$	377,193,345
NET ASSETS
Beginning of Period		$	510,209,965			$	281,590,129			$	1,069,945,557			$	692,752,212
End of Period		$	426,063,070			$	510,209,965			$	1,164,668,121			$	1,069,945,557

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 119

Statements of Changes in Net Assets   (Cont.) September 30, 2019

	DoubleLine Infrastructure Income Fund								DoubleLine Ultra Short Bond Fund
	Period Ended September 30, 2019 (Unaudited)				Year Ended March 31, 2019				Period Ended September 30, 2019 (Unaudited)				Year Ended March 31, 2019
OPERATIONS
Net Investment Income (Loss)		$	8,751,890			$	17,804,433			$	3,367,620			$	5,911,425
Net Realized Gain (Loss) on Investments			109,803				(1,975,791	)			44,096				110,903
Net Change in Unrealized Appreciation (Depreciation) on Investments			16,691,352				7,430,751				264,553				(23,777	)
Net Increase (Decrease) in Net Assets Resulting from Operations			25,553,045				23,259,393				3,676,269				5,998,551
DISTRIBUTIONS TO SHAREHOLDERS
From Earnings
Class I			(8,889,101	)			(17,370,012	)			(3,316,625	)			(5,942,421	)
Class N			(43,137	)			(319,001	)			(41,859	)			(34,746	)
Total Distributions to Shareholders			(8,932,238	)			(17,689,013	)			(3,358,484	)			(5,977,167	)
NET SHARE TRANSACTIONS
Class I			(8,693,518	)			(2,516,052	)			98,836,606				68,801,863
Class N			386,441				(16,544,178	)			1,943,762				2,239,031
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			(8,307,077	)			(19,060,230	)			100,780,368				71,040,894
Total Increase (Decrease) in Net Assets		$	8,313,730			$	(13,489,850	)		$	101,098,153			$	71,062,278
NET ASSETS
Beginning of Period		$	538,293,120			$	551,782,970			$	237,594,504			$	166,532,226
End of Period		$	546,606,850			$	538,293,120			$	338,692,657			$	237,594,504

120 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

September 30, 2019

	DoubleLine Shiller Enhanced International CAPE®								DoubleLine Colony Real Estate and Income Fund
	Period Ended September 30, 2019 (Unaudited)				Year Ended March 31, 2019				Period Ended September 30, 2019 (Unaudited)				Period Ended March 31, 20191
OPERATIONS
Net Investment Income (Loss)		$	964,035			$	2,465,169			$	1,575,383			$	692,911
Net Realized Gain (Loss) on Investments			247,293				(8,895,047	)			679,136				543,349
Net Change in Unrealized Appreciation (Depreciation) on Investments			1,441,134				4,466,563				10,163,066				11,931,567
Net Increase (Decrease) in Net Assets Resulting from Operations			2,652,462				(1,963,315	)			12,417,585				13,167,827
DISTRIBUTIONS TO SHAREHOLDERS
From Earnings
Class I			(675,106	)			(4,143,799	)			(1,676,264	)			(565,396	)
Class N			(292,527	)			(1,977,256	)			(62,366	)			(10,513	)
Total Distributions to Shareholders			(967,633	)			(6,121,055	)			(1,738,630	)			(575,909	)
NET SHARE TRANSACTIONS
Class I			(1,168,848	)			(30,024,572	)			4,262,073				108,790,913
Class N			(886,049	)			(6,638,864	)			1,137,433				4,165,578
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			(2,054,897	)			(36,663,436	)			5,399,506				112,956,491
Total Increase (Decrease) in Net Assets		$	(370,068	)		$	(44,747,806	)		$	16,078,461			$	125,548,409
NET ASSETS
Beginning of Period		$	62,573,666			$	107,321,472			$	125,548,409			$	—
End of Period		$	62,203,598			$	62,573,666			$	141,626,870			$	125,548,409

¹  Commenced operations on December 17, 2018.

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 121

Statements of Changes in Net Assets   (Cont.) September 30, 2019

	DoubleLine Emerging Markets Local Currency Bond Fund				DoubleLine Income Fund
	Period Ended September 30, 20191 (Unaudited)				Period Ended September 30, 20192 (Unaudited)
OPERATIONS
Net Investment Income (Loss)		$	92,087			$	149,275
Net Realized Gain (Loss) on Investments			(163,168	)			(197,419	)
Net Change in Unrealized Appreciation (Depreciation) on Investments			(247,217	)			141,388
Net Increase (Decrease) in Net Assets Resulting from Operations			(318,298	)			93,244
DISTRIBUTIONS TO SHAREHOLDERS
From Earnings
Class I			(57,170	)			(124,651	)
Class N			(518	)			(139	)
Total Distributions to Shareholders			(57,688	)			(124,790	)
NET SHARE TRANSACTIONS
Class I			9,957,170				79,915,394
Class N			100,518				100,139
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			10,057,688				80,015,533
Total Increase (Decrease) in Net Assets		$	9,681,702			$	79,983,987
NET ASSETS
Beginning of Period		$	—			$	—
End of Period		$	9,681,702			$	79,983,987

¹  Commenced operations on June 28, 2019.

²  Commenced operations on September 3, 2019.

122 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

Financial Highlights

					Income (Loss) from Investment Operations:							Less Distributions:															Ratios to Average Net Assets:
For the Year or Period Ended			Net Asset Value, Beginning of Period		Net Investment Income (Loss)1		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations		Distributions from Net Investment Income			Distributions from Net Realized Gain		Total Distributions			Net Asset Value, End of Period		Total Return3			Net Assets, End of Period (000’s)		Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4			Expenses After Investment Advisory Fees (Waived)4			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4			Net Investment Income (Loss)4
	DoubleLine Total Return Bond Fund - Class I:
	9/30/2019		$	10.53		0.18		0.23			0.41		(0.19	)		—		(0.19	)	$	10.75		3.96	%	$	47,259,697		0.49	%		0.49	%		0.49	%		3.36	%
	3/31/2019		$	10.48		0.36		0.08			0.44		(0.39	)		—		(0.39	)	$	10.53		4.31	%	$	43,682,910		0.48	%		0.48	%		0.48	%		3.39	%
	3/31/2018		$	10.63		0.32		(0.09	)		0.23		(0.38	)		—		(0.38	)	$	10.48		2.19	%	$	42,992,354		0.47	%		0.47	%		0.47	%		3.04	%
	3/31/2017		$	10.87		0.27		(0.11	)		0.16		(0.40	)		—		(0.40	)	$	10.63		1.46	%	$	44,379,730		0.47	%		0.47	%		0.47	%		2.45	%
	3/31/2016		$	11.04		0.35		(0.09	)		0.26		(0.43	)		—		(0.43	)	$	10.87		2.45	%	$	46,082,294		0.47	%		0.47	%		0.47	%		3.29	%
	3/31/2015		$	10.90		0.41		0.22			0.63		(0.49	)		—		(0.49	)	$	11.04		5.93	%	$	36,286,609		0.47	%		0.47	%		0.47	%		3.74	%
	DoubleLine Total Return Bond Fund - Class N:
	9/30/2019		$	10.53		0.17		0.23			0.40		(0.18	)		—		(0.18	)	$	10.75		3.83	%	$	7,181,789		0.74	%		0.74	%		0.74	%		3.10	%
	3/31/2019		$	10.48		0.33		0.08			0.41		(0.36	)		—		(0.36	)	$	10.53		4.05	%	$	6,831,035		0.73	%		0.73	%		0.73	%		3.14	%
	3/31/2018		$	10.63		0.30		(0.09	)		0.21		(0.36	)		—		(0.36	)	$	10.48		1.93	%	$	8,427,611		0.72	%		0.72	%		0.72	%		2.79	%
	3/31/2017		$	10.87		0.24		(0.11	)		0.13		(0.37	)		—		(0.37	)	$	10.63		1.21	%	$	9,974,264		0.72	%		0.72	%		0.72	%		2.20	%
	3/31/2016		$	11.04		0.33		(0.09	)		0.24		(0.41	)		—		(0.41	)	$	10.87		2.20	%	$	11,750,754		0.72	%		0.72	%		0.72	%		3.04	%
	3/31/2015		$	10.89		0.40		0.22			0.62		(0.47	)		—		(0.47	)	$	11.04		5.76	%	$	9,439,999		0.72	%		0.72	%		0.72	%		3.50	%
	DoubleLine Total Return Bond Fund - Class R6:
	9/30/2019	2	$	10.66		0.06		0.10			0.16		(0.07	)		—		(0.07	)	$	10.75		1.46	%	$	129		0.43	%		0.43	%		0.43	%		3.23	%
																						For the Year or Period Ended
																						9/30/2019			3/31/2019		3/31/2018			3/31/2017			3/31/2016			3/31/2015
	Portfolio turnover rate for all share classes3																						11%			28%		22%			22%			15%			13%
	1   Calculated based on average shares outstanding during the period. 2   Commenced operations on July 31, 2019. Total return is based on operations for a period that is less than six months. 3   Not annualized for periods less than one year. 4   Annualized for periods less than one year.
					Income (Loss) from Investment Operations:							Less Distributions:															Ratios to Average Net Assets:
For the Year or Period Ended			Net Asset Value, Beginning of Period		Net Investment Income (Loss)1		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations		Distributions from Net Investment Income			Distributions from Net Realized Gain		Total Distributions			Net Asset Value, End of Period		Total Return3			Net Assets, End of Period (000’s)		Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4			Expenses After Investment Advisory Fees (Waived)4			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4			Net Investment Income (Loss)4
	DoubleLine Core Fixed Income Fund - Class I:
	9/30/2019		$	10.83		0.19		0.30			0.49		(0.19	)		—		(0.19	)	$	11.13		4.55	%	$	11,805,503		0.47	%		0.41	%		0.41	%		3.46	%
	3/31/2019		$	10.81		0.37		0.02			0.39		(0.37	)		—		(0.37	)	$	10.83		3.71	%	$	10,672,087		0.47	%		0.42	%		0.42	%		3.42	%
	3/31/2018		$	10.86		0.31		(0.04	)		0.27		(0.32	)		—		(0.32	)	$	10.81		2.51	%	$	9,381,508		0.47	%		0.42	%		0.42	%		2.86	%
	3/31/2017		$	10.87		0.29		0.01			0.30		(0.31	)		—		(0.31	)	$	10.86		2.80	%	$	7,034,665		0.47	%		0.44	%		0.44	%		2.72	%
	3/31/2016		$	11.10		0.36		(0.22	)		0.14		(0.37	)		—		(0.37	)	$	10.87		1.31	%	$	5,114,336		0.47	%		0.46	%		0.46	%		3.17	%
	3/31/2015		$	10.88		0.39		0.26			0.65		(0.43	)		—		(0.43	)	$	11.10		6.07	%	$	3,406,628		0.48	%		0.46	%		0.47	%		3.60	%
	DoubleLine Core Fixed Income Fund - Class N:
	9/30/2019		$	10.82		0.18		0.30			0.48		(0.18	)		—		(0.18	)	$	11.12		4.42	%	$	833,834		0.72	%		0.66	%		0.66	%		3.21	%
	3/31/2019		$	10.80		0.34		0.02			0.36		(0.34	)		—		(0.34	)	$	10.82		3.45	%	$	841,190		0.72	%		0.67	%		0.67	%		3.15	%
	3/31/2018		$	10.85		0.29		(0.04	)		0.25		(0.30	)		—		(0.30	)	$	10.80		2.26	%	$	1,025,318		0.72	%		0.67	%		0.67	%		2.61	%
	3/31/2017		$	10.86		0.27		0.01			0.28		(0.29	)		—		(0.29	)	$	10.85		2.54	%	$	1,074,854		0.72	%		0.69	%		0.69	%		2.47	%
	3/31/2016		$	11.10		0.32		(0.22	)		0.10		(0.34	)		—		(0.34	)	$	10.86		0.97	%	$	952,919		0.72	%		0.71	%		0.71	%		2.92	%
	3/31/2015		$	10.87		0.37		0.26			0.63		(0.40	)		—		(0.40	)	$	11.10		5.91	%	$	612,066		0.73	%		0.71	%		0.72	%		3.39	%
	DoubleLine Core Fixed Income Fund - Class R6:
	9/30/2019	2	$	11.05		0.06		0.08			0.14		(0.06	)		—		(0.06	)	$	11.13		1.29	%	$	101		0.42	%		0.37	%		0.37	%		3.35	%
																						For the Year or Period Ended
																						9/30/2019			3/31/2019		3/31/2018			3/31/2017			3/31/2016			3/31/2015
	Portfolio turnover rate for all share classes3																						18%			66%		77%			81%			70%			65%
	1   Calculated based on average shares outstanding during the period. 2   Commenced operations on July 31, 2019. Total return is based on operations for a period that is less than six months. 3   Not annualized for periods less than one year. 4   Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 123

Financial Highlights  (Cont.)

				Income (Loss) from Investment Operations:								Less Distributions:																Ratios to Average Net Assets:
For the Year or Period Ended		Net Asset Value, Beginning of Period		Net Investment Income (Loss)1		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period		Total Return2			Net Assets, End of Period (000’s)		Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped3			Expenses After Investment Advisory Fees (Waived)3			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped3			Net Investment Income (Loss)3
	DoubleLine Emerging Markets Fixed Income Fund - Class I:
	9/30/2019	$	10.34		0.27		0.11			0.38			(0.25	)		—			(0.25	)	$	10.47		3.68	%	$	1,012,602		0.90	%		0.90	%		0.90	%		4.91	%
	3/31/2019	$	10.42		0.41		(0.06	)		0.35			(0.41	)		(0.02	)		(0.43	)	$	10.34		3.52	%	$	943,368		0.89	%		0.89	%		0.89	%		3.99	%
	3/31/2018	$	10.50		0.33		0.02			0.35			(0.34	)		(0.09	)		(0.43	)	$	10.42		3.30	%	$	937,978		0.88	%		0.88	%		0.88	%		3.12	%
	3/31/2017	$	9.68		0.45		0.81			1.26			(0.44	)		—			(0.44	)	$	10.50		13.19	%	$	775,961		0.92	%		0.92	%		0.92	%		4.28	%
	3/31/2016	$	10.23		0.49		(0.54	)		(0.05	)		(0.50	)		—			(0.50	)	$	9.68		(0.48	)%	$	548,221		0.90	%		0.90	%		0.90	%		4.92	%
	3/31/2015	$	10.48		0.55		(0.24	)		0.31			(0.56	)		—			(0.56	)	$	10.23		2.90	%	$	539,542		0.90	%		0.90	%		0.90	%		5.20	%
	DoubleLine Emerging Markets Fixed Income Fund - Class N:
	9/30/2019	$	10.34		0.25		0.11			0.36			(0.23	)		—			(0.23	)	$	10.47		3.54	%	$	165,005		1.15	%		1.15	%		1.15	%		4.66	%
	3/31/2019	$	10.43		0.37		(0.06	)		0.31			(0.38	)		(0.02	)		(0.40	)	$	10.34		3.16	%	$	164,101		1.14	%		1.14	%		1.14	%		3.66	%
	3/31/2018	$	10.50		0.31		0.02			0.33			(0.31	)		(0.09	)		(0.40	)	$	10.43		3.14	%	$	197,564		1.13	%		1.13	%		1.13	%		2.93	%
	3/31/2017	$	9.68		0.42		0.81			1.23			(0.41	)		—			(0.41	)	$	10.50		12.91	%	$	231,087		1.17	%		1.17	%		1.17	%		4.03	%
	3/31/2016	$	10.23		0.46		(0.54	)		(0.08	)		(0.47	)		—			(0.47	)	$	9.68		(0.73	)%	$	201,290		1.15	%		1.15	%		1.15	%		4.67	%
	3/31/2015	$	10.48		0.52		(0.24	)		0.28			(0.53	)		—			(0.53	)	$	10.23		2.64	%	$	233,347		1.15	%		1.15	%		1.15	%		4.95	%
																							For the Year or Period Ended
																							9/30/2019			3/31/2019		3/31/2018			3/31/2017			3/31/2016			3/31/2015
	Portfolio turnover rate for all share classes2																							14%			66%		78%			108%			75%			67%
	1   Calculated based on average shares outstanding during the period. 2   Not annualized for periods less than one year. 3   Annualized for periods less than one year.
				Income (Loss) from Investment Operations:								Less Distributions:																Ratios to Average Net Assets:
For the Year or Period Ended		Net Asset Value, Beginning of Period		Net Investment Income (Loss)1		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period		Total Return2, 3			Net Assets, End of Period (000’s)		Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4			Expenses After Investment Advisory Fees (Waived)4			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4			Net Investment Income (Loss)4
	DoubleLine Multi-Asset Growth Fund (Consolidated) - Class I:
	9/30/2019	$	9.17		0.11		0.11			0.22			(0.12	)		—			(0.12	)	$	9.27		2.45	%	$	40,381		1.09	%		0.97	%		0.99	%		2.43	%
	3/31/2019	$	9.43		0.24		(0.21	)		0.03			(0.29	)		—			(0.29	)	$	9.17		0.42	%	$	44,493		1.12	%		1.00	%		1.03	%		2.58	%
	3/31/2018	$	9.84		0.23		0.43			0.66			(0.27	)		(0.80	)		(1.07	)	$	9.43		6.80	%	$	63,651		1.12	%		1.01	%		1.02	%		2.31	%
	3/31/2017	$	8.85		0.18		1.09			1.27			(0.28	)		—			(0.28	)	$	9.84		14.63	%	$	49,380		1.21	%		1.10	%		1.09	%		1.87	%
	3/31/2016	$	9.81		0.24		(0.65	)		(0.41	)		(0.44	)		(0.11	)		(0.55	)	$	8.85		(4.29	)%	$	42,075		1.25	%		1.12	%		1.07	%		2.72	%
	3/31/2015	$	10.10		0.28		0.32			0.60			(0.40	)		(0.49	)		(0.89	)	$	9.81		6.22	%	$	42,796		1.30	%		1.09	%		0.99	%		2.87	%
	DoubleLine Multi-Asset Growth Fund (Consolidated) - Class A:
	9/30/2019	$	9.13		0.10		0.11			0.21			(0.11	)		—			(0.11	)	$	9.23		2.34	%	$	185,619		1.34	%		1.22	%		1.24	%		2.20	%
	3/31/2019	$	9.40		0.21		(0.21	)		—			(0.27	)		—			(0.27	)	$	9.13		0.07	%	$	177,602		1.37	%		1.24	%		1.28	%		2.28	%
	3/31/2018	$	9.81		0.21		0.43			0.64			(0.25	)		(0.80	)		(1.05	)	$	9.40		6.57	%	$	153,986		1.37	%		1.26	%		1.27	%		2.08	%
	3/31/2017	$	8.83		0.15		1.09			1.24			(0.26	)		—			(0.26	)	$	9.81		14.27	%	$	119,435		1.46	%		1.35	%		1.34	%		1.62	%
	3/31/2016	$	9.78		0.22		(0.65	)		(0.43	)		(0.41	)		(0.11	)		(0.52	)	$	8.83		(4.42	)%	$	113,806		1.50	%		1.37	%		1.32	%		2.47	%
	3/31/2015	$	10.07		0.26		0.32			0.58			(0.38	)		(0.49	)		(0.87	)	$	9.78		5.96	%	$	84,307		1.55	%		1.34	%		1.24	%		2.66	%
																							For the Year or Period Ended
																							9/30/2019			3/31/2019		3/31/2018			3/31/2017			3/31/2016			3/31/2015
	Portfolio turnover rate for all share classes3																							8%			45%		83%			59%			56%			86%
	1   Calculated based on average shares outstanding during the period. 2   Total return does not include the effects of sales charges for Class A. 3   Not annualized for periods less than one year. 4   Annualized for periods less than one year.

124 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

					Income (Loss) from Investment Operations:								Less Distributions:																Ratios to Average Net Assets:
For the Year or Period Ended			Net Asset Value, Beginning of Period		Net Investment Income (Loss)1		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period		Total Return3			Net Assets, End of Period (000’s)		Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4			Expenses After Investment Advisory Fees (Waived)4			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4			Net Investment Income (Loss)4
	DoubleLine Low Duration Bond Fund - Class I:
	9/30/2019		$	9.97		0.16		0.06			0.22			(0.16	)		—			(0.16	)	$	10.03		2.25	%	$	6,058,971		0.42	%		0.41	%		0.41	%		3.25	%
	3/31/2019		$	9.97		0.31		—			0.31			(0.31	)		—			(0.31	)	$	9.97		3.13	%	$	5,455,532		0.42	%		0.41	%		0.41	%		3.10	%
	3/31/2018		$	10.04		0.22		(0.04	)		0.18			(0.25	)		—			(0.25	)	$	9.97		1.82	%	$	4,069,943		0.42	%		0.41	%		0.41	%		2.26	%
	3/31/2017		$	9.99		0.24		0.06			0.30			(0.25	)		—			(0.25	)	$	10.04		2.99	%	$	2,756,498		0.43	%		0.42	%		0.42	%		2.25	%
	3/31/2016		$	10.14		0.22		(0.12	)		0.10			(0.25	)		—			(0.25	)	$	9.99		1.00	%	$	1,722,942		0.43	%		0.42	%		0.43	%		2.30	%
	3/31/2015		$	10.19		0.22		(0.04	)		0.18			(0.23	)		—			(0.23	)	$	10.14		1.76	%	$	1,166,438		0.45	%		0.44	%		0.46	%		2.16	%
	DoubleLine Low Duration Bond Fund - Class N:
	9/30/2019		$	9.96		0.15		0.06			0.21			(0.15	)		—			(0.15	)	$	10.02		2.13	%	$	1,592,826		0.67	%		0.66	%		0.66	%		3.00	%
	3/31/2019		$	9.96		0.28		—			0.28			(0.28	)		—			(0.28	)	$	9.96		2.87	%	$	1,480,796		0.67	%		0.66	%		0.66	%		2.83	%
	3/31/2018		$	10.03		0.20		(0.04	)		0.16			(0.23	)		—			(0.23	)	$	9.96		1.57	%	$	1,438,903		0.67	%		0.66	%		0.66	%		1.99	%
	3/31/2017		$	9.99		0.20		0.06			0.26			(0.22	)		—			(0.22	)	$	10.03		2.64	%	$	1,540,448		0.68	%		0.67	%		0.67	%		2.00	%
	3/31/2016		$	10.13		0.21		(0.12	)		0.09			(0.23	)		—			(0.23	)	$	9.99		0.85	%	$	1,162,303		0.68	%		0.67	%		0.68	%		2.05	%
	3/31/2015		$	10.18		0.19		(0.04	)		0.15			(0.20	)		—			(0.20	)	$	10.13		1.51	%	$	1,148,730		0.70	%		0.69	%		0.71	%		1.90	%
	DoubleLine Low Duration Bond Fund - Class R6:
	9/30/2019	2	$	10.03		0.05		—			0.05			(0.05	)		—			(0.05	)	$	10.03		0.52	%	$	101		0.39	%		0.38	%		0.38	%		3.13	%
																								For the Year or Period Ended
																								9/30/2019			3/31/2019		3/31/2018			3/31/2017			3/31/2016			3/31/2015
	Portfolio turnover rate for all share classes3																								29%			54%		62%			69%			66%			61%
	1   Calculated based on average shares outstanding during the period. 2   Commenced operations on July 31, 2019. Total return is based on operations for a period that is less than six months. 3   Not annualized for periods less than one year. 4   Annualized for periods less than one year.
					Income (Loss) from Investment Operations:								Less Distributions:																Ratios to Average Net Assets:
For the Year or Period Ended			Net Asset Value, Beginning of Period		Net Investment Income (Loss)1		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period		Total Return2			Net Assets, End of Period (000’s)		Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped3			Expenses After Investment Advisory Fees (Waived)3			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped3			Net Investment Income (Loss)3
	DoubleLine Floating Rate Fund - Class I:
	9/30/2019		$	9.65		0.25		(0.08	)		0.17			(0.26	)		—			(0.26	)	$	9.56		1.76	%	$	215,250		0.69	%		0.69	%		0.69	%		5.11	%
	3/31/2019		$	9.94		0.49		(0.28	)		0.21			(0.50	)		—			(0.50	)	$	9.65		2.15	%	$	358,062		0.64	%		0.64	%		0.64	%		5.00	%
	3/31/2018		$	9.90		0.41		0.02			0.43			(0.39	)		—			(0.39	)	$	9.94		4.39	%	$	428,379		0.65	%		0.65	%		0.65	%		3.98	%
	3/31/2017		$	9.77		0.35		0.13			0.48			(0.35	)		—			(0.35	)	$	9.90		4.99	%	$	297,060		0.68	%		0.68	%		0.68	%		3.60	%
	3/31/2016		$	10.14		0.36		(0.36	)		—			(0.37	)		—			(0.37	)	$	9.77		0.02	%	$	229,612		0.65	%		0.65	%		0.65	%		3.70	%
	3/31/2015		$	10.15		0.34		—			0.34			(0.34	)		(0.01	)		(0.35	)	$	10.14		3.36	%	$	310,368		0.67	%		0.67	%		0.70	%		3.35	%
	DoubleLine Floating Rate Fund - Class N:
	9/30/2019		$	9.67		0.23		(0.08	)		0.15			(0.25	)		—			(0.25	)	$	9.57		1.52	%	$	72,393		0.94	%		0.94	%		0.94	%		4.84	%
	3/31/2019		$	9.95		0.47		(0.28	)		0.19			(0.47	)		—			(0.47	)	$	9.67		1.99	%	$	116,374		0.88	%		0.88	%		0.88	%		4.74	%
	3/31/2018		$	9.92		0.37		0.02			0.39			(0.36	)		—			(0.36	)	$	9.95		4.02	%	$	145,289		0.90	%		0.90	%		0.90	%		3.71	%
	3/31/2017		$	9.79		0.33		0.13			0.46			(0.33	)		—			(0.33	)	$	9.92		4.73	%	$	130,944		0.93	%		0.93	%		0.93	%		3.35	%
	3/31/2016		$	10.16		0.34		(0.36	)		(0.02	)		(0.35	)		—			(0.35	)	$	9.79		(0.23	)%	$	72,281		0.90	%		0.90	%		0.90	%		3.45	%
	3/31/2015		$	10.16		0.32		—			0.32			(0.31	)		(0.01	)		(0.32	)	$	10.16		3.19	%	$	51,103		0.92	%		0.92	%		0.95	%		3.06	%
																								For the Year or Period Ended
																								9/30/2019			3/31/2019		3/31/2018			3/31/2017			3/31/2016			3/31/2015
	Portfolio turnover rate for all share classes2																								29%			88%		77%			106%			70%			84%
	1   Calculated based on average shares outstanding during the period. 2   Not annualized for periods less than one year. 3   Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 125

Financial Highlights  (Cont.)

					Income (Loss) from Investment Operations:								Less Distributions:																Ratios to Average Net Assets:
For the Year or Period Ended			Net Asset Value, Beginning of Period		Net Investment Income (Loss)1		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period		Total Return3			Net Assets, End of Period (000’s)		Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4			Expenses After Investment Advisory Fees (Waived)4			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4			Net Investment Income (Loss)4
	DoubleLine Shiller Enhanced CAPE® - Class I:
	9/30/2019		$	14.81		0.24		0.67			0.91			(0.23	)		—			(0.23	)	$	15.49		6.17	%	$	5,814,581		0.55	%		0.54	%		0.54	%		2.99	%
	3/31/2019		$	15.16		0.45		1.19			1.64			(0.46	)		(1.53	)		(1.99	)	$	14.81		11.78	%	$	4,577,386		0.56	%		0.55	%		0.55	%		2.99	%
	3/31/2018		$	14.76		0.35		1.46			1.81			(0.35	)		(1.06	)		(1.41	)	$	15.16		12.40	%	$	4,013,700		0.55	%		0.54	%		0.54	%		2.17	%
	3/31/2017		$	12.32		0.27		2.72			2.99			(0.28	)		(0.27	)		(0.55	)	$	14.76		24.75	%	$	2,432,725		0.55	%		0.55	%		0.60	%		2.01	%
	3/31/2016		$	12.13		0.32		0.40			0.72			(0.34	)		(0.19	)		(0.53	)	$	12.32		6.09	%	$	673,308		0.63	%		0.63	%		0.63	%		2.66	%
	3/31/2015		$	10.68		0.34		1.45			1.79			(0.34	)		—	5		(0.34	)	$	12.13		16.96	%	$	301,580		0.82	%		0.79	%		0.62	%		2.89	%
	DoubleLine Shiller Enhanced CAPE® - Class N:
	9/30/2019		$	14.80		0.21		0.67			0.88			(0.21	)		—			(0.21	)	$	15.47		5.97	%	$	1,563,241		0.80	%		0.79	%		0.79	%		2.74	%
	3/31/2019		$	15.14		0.42		1.19			1.61			(0.42	)		(1.53	)		(1.95	)	$	14.80		11.59	%	$	1,236,075		0.81	%		0.80	%		0.80	%		2.75	%
	3/31/2018		$	14.75		0.30		1.46			1.76			(0.31	)		(1.06	)		(1.37	)	$	15.14		12.06	%	$	1,042,563		0.80	%		0.79	%		0.79	%		1.91	%
	3/31/2017		$	12.31		0.24		2.72			2.96			(0.25	)		(0.27	)		(0.52	)	$	14.75		24.48	%	$	758,400		0.80	%		0.80	%		0.85	%		1.76	%
	3/31/2016		$	12.12		0.29		0.40			0.69			(0.31	)		(0.19	)		(0.50	)	$	12.31		5.84	%	$	186,985		0.88	%		0.88	%		0.88	%		2.41	%
	3/31/2015		$	10.68		0.30		1.45			1.75			(0.31	)		—	5		(0.31	)	$	12.12		16.60	%	$	78,834		1.07	%		1.04	%		0.87	%		2.63	%
	DoubleLine Shiller Enhanced CAPE® - Class R6:
	9/30/2019	2	$	15.69		0.07		(0.20	)		(0.13	)		(0.07	)		—			(0.07	)	$	15.49		(0.80	)%	$	118		0.48	%		0.48	%		0.48	%		2.90	%
																								For the Year or Period Ended
																								9/30/2019			3/31/2019		3/31/2018			3/31/2017			3/31/2016			3/31/2015
	Portfolio turnover rate for all share classes3																								24%			55%		60%			68%			67%			68%
	1 Calculated based on average shares outstanding during the period. 2 Commenced operations on July 31, 2019. Total return is based on operations for a period that is less than six months. 3 Not annualized for periods less than one year. 4 Annualized for periods less than one year. 5 Less than $0.005 per share.
					Income (Loss) from Investment Operations:								Less Distributions:																Ratios to Average Net Assets:
For the Year or Period Ended			Net Asset Value, Beginning of Period		Net Investment Income (Loss)1		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period		Total Return3			Net Assets, End of Period (000’s)		Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4			Expenses After Investment Advisory Fees (Waived)4			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4			Net Investment Income (Loss)4
	DoubleLine Flexible Income Fund - Class I:
	9/30/2019		$	9.65		0.21		0.05			0.26			(0.22	)		—			(0.22	)	$	9.69		2.72	%	$	1,195,390		0.73	%		0.70	%		0.70	%		4.39	%
	3/31/2019		$	9.81		0.42		(0.14	)		0.28			(0.44	)		—			(0.44	)	$	9.65		2.95	%	$	1,088,368		0.74	%		0.72	%		0.72	%		4.26	%
	3/31/2018		$	9.82		0.35		0.03			0.38			(0.39	)		—			(0.39	)	$	9.81		3.94	%	$	1,007,491		0.76	%		0.74	%		0.77	%		3.61	%
	3/31/2017		$	9.55		0.32		0.29			0.61			(0.34	)		—			(0.34	)	$	9.82		6.48	%	$	593,153		0.80	%		0.76	%		0.76	%		3.36	%
	3/31/2016		$	9.99		0.36		(0.40	)		(0.04	)		(0.40	)		—			(0.40	)	$	9.55		(0.43	)%	$	160,590		0.87	%		0.82	%		0.77	%		3.75	%
	3/31/2015	2	$	10.00		0.42		(0.04	)		0.38			(0.39	)		—			(0.39	)	$	9.99		3.85	%	$	57,511		1.33	%		1.27	%		0.76	%		4.26	%
	DoubleLine Flexible Income Fund - Class N:
	9/30/2019		$	9.64		0.20		0.05			0.25			(0.21	)		—			(0.21	)	$	9.68		2.59	%	$	243,848		0.98	%		0.95	%		0.95	%		4.14	%
	3/31/2019		$	9.81		0.39		(0.14	)		0.25			(0.42	)		—			(0.42	)	$	9.64		2.59	%	$	207,491		0.99	%		0.97	%		0.97	%		4.01	%
	3/31/2018		$	9.82		0.33		0.03			0.36			(0.37	)		—			(0.37	)	$	9.81		3.69	%	$	195,093		1.01	%		0.99	%		1.02	%		3.36	%
	3/31/2017		$	9.55		0.30		0.29			0.59			(0.32	)		—			(0.32	)	$	9.82		6.23	%	$	147,095		1.05	%		1.01	%		1.01	%		3.11	%
	3/31/2016		$	9.99		0.34		(0.40	)		(0.06	)		(0.38	)		—			(0.38	)	$	9.55		(0.66	)%	$	62,880		1.12	%		1.07	%		1.02	%		3.50	%
	3/31/2015	2	$	10.00		0.40		(0.04	)		0.36			(0.37	)		—			(0.37	)	$	9.99		3.63	%	$	27,417		1.58	%		1.52	%		1.01	%		4.08	%
	DoubleLine Flexible Income Fund - Class R6:
	9/30/2019	5	$	9.74		0.06		(0.04	)		0.02			(0.07	)		—			(0.07	)	$	9.69		0.21	%	$	100		0.66	%		0.65	%		0.65	%		3.95	%
																								For the Year or Period Ended
																								9/30/2019			3/31/2019		3/31/2018			3/31/2017			3/31/2016			3/31/2015
	Portfolio turnover rate for all share classes3																								15%			44%		41%			58%			42%			55%
	1 Calculated based on average shares outstanding during the period. 2 Commenced operations on April 7, 2014. 3 Not annualized for periods less than one year. 4 Annualized for periods less than one year. 5 Commenced operations on July 31, 2019. Total return is based on operations for a period that is less than six months.

126 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

					Income (Loss) from Investment Operations:								Less Distributions:																Ratios to Average Net Assets:
For the Year or Period Ended			Net Asset Value, Beginning of Period		Net Investment Income (Loss)1		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period		Total Return3			Net Assets, End of Period (000’s)		Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4			Expenses After Investment Advisory Fees (Waived)4			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4			Net Investment Income (Loss)4
	DoubleLine Low Duration Emerging Markets Fixed Income Fund - Class I:
	9/30/2019		$	9.80		0.16		0.14			0.30			(0.17	)		—			(0.17	)	$	9.93		3.07	%	$	206,169		0.60	%		0.60	%		0.59	%		3.50	%
	3/31/2019		$	9.70		0.28		0.12			0.40			(0.29	)		(0.01	)		(0.30	)	$	9.80		4.22	%	$	197,585		0.65	%		0.65	%		0.59	%		3.02	%
	3/31/2018		$	9.85		0.24		(0.11	)		0.13			(0.26	)		(0.02	)		(0.28	)	$	9.70		1.37	%	$	142,174		0.89	%		0.89	%		0.59	%		2.50	%
	3/31/2017		$	9.59		0.29		0.27			0.56			(0.29	)		(0.01	)		(0.30	)	$	9.85		5.95	%	$	133,047		0.74	%		0.74	%		0.59	%		3.03	%
	3/31/2016		$	9.83		0.33		(0.23	)		0.10			(0.34	)		—			(0.34	)	$	9.59		1.06	%	$	66,797		0.84	%		0.84	%		0.59	%		3.44	%
	3/31/2015	2	$	10.00		0.37		(0.17	)		0.20			(0.36	)		(0.01	)		(0.37	)	$	9.83		1.92	%	$	64,891		0.91	%		0.91	%		0.59	%		3.80	%
	DoubleLine Low Duration Emerging Markets Fixed Income Fund - Class N:
	9/30/2019		$	9.81		0.16		0.14			0.30			(0.16	)		—			(0.16	)	$	9.95		3.03	%	$	17,621		0.85	%		0.85	%		0.84	%		3.28	%
	3/31/2019		$	9.71		0.25		0.12			0.37			(0.26	)		(0.01	)		(0.27	)	$	9.81		3.93	%	$	24,075		0.93	%		0.93	%		0.84	%		2.54	%
	3/31/2018		$	9.86		0.22		(0.11	)		0.11			(0.24	)		(0.02	)		(0.26	)	$	9.71		1.10	%	$	57,856		1.14	%		1.14	%		0.84	%		2.25	%
	3/31/2017		$	9.60		0.27		0.27			0.54			(0.27	)		(0.01	)		(0.28	)	$	9.86		5.69	%	$	216,718		0.99	%		0.99	%		0.84	%		2.78	%
	3/31/2016		$	9.84		0.31		(0.23	)		0.08			(0.32	)		—			(0.32	)	$	9.60		0.82	%	$	118,802		1.09	%		1.09	%		0.84	%		3.19	%
	3/31/2015	2	$	10.00		0.35		(0.17	)		0.18			(0.33	)		(0.01	)		(0.34	)	$	9.84		1.80	%	$	79,419		1.16	%		1.16	%		0.84	%		3.58	%
																								For the Year or Period Ended
																								9/30/2019			3/31/2019		3/31/2018			3/31/2017			3/31/2016			3/31/2015
	Portfolio turnover rate for all share classes3																								47%			42%		37%			61%			39%			21%
	1   Calculated based on average shares outstanding during the period. 2   Commenced operations on April 7, 2014. 3   Not annualized for periods less than one year. 4   Annualized for periods less than one year.
					Income (Loss) from Investment Operations:								Less Distributions:																Ratios to Average Net Assets:
For the Year or Period Ended			Net Asset Value, Beginning of Period		Net Investment Income (Loss)1		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period		Total Return3			Net Assets, End of Period (000’s)		Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4			Expenses After Investment Advisory Fees (Waived)4			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4			Net Investment Income (Loss)4
	DoubleLine Long Duration Total Return Bond Fund - Class I:
	9/30/2019		$	9.88		0.15		1.05			1.20			(0.14	)		—			(0.14	)	$	10.94		12.22	%	$	78,631		0.66	%		0.66	%		0.65	%		2.71	%
	3/31/2019		$	9.73		0.29		0.16			0.45			(0.30	)		—			(0.30	)	$	9.88		4.77	%	$	66,226		0.70	%		0.70	%		0.65	%		3.15	%
	3/31/2018		$	9.79		0.33		(0.06	)		0.27			(0.33	)		—			(0.33	)	$	9.73		2.74	%	$	55,357		0.81	%		0.81	%		0.65	%		3.33	%
	3/31/2017		$	10.40		0.32		(0.60	)		(0.28	)		(0.33	)		—			(0.33	)	$	9.79		(2.82	)%	$	50,465		0.76	%		0.76	%		0.65	%		3.13	%
	3/31/2016		$	10.43		0.29		(0.02	)		0.27			(0.29	)		(0.01	)		(0.30	)	$	10.40		2.76	%	$	56,843		0.84	%		0.84	%		0.65	%		2.87	%
	3/31/2015	2	$	10.00		0.10		0.41			0.51			(0.08	)		—			(0.08	)	$	10.43		5.15	%	$	56,240		1.33	%		1.33	%		0.65	%		3.02	%
	DoubleLine Long Duration Total Return Bond Fund - Class N:
	9/30/2019		$	9.88		0.13		1.05			1.18			(0.13	)		—			(0.13	)	$	10.93		11.97	%	$	16,807		0.91	%		0.91	%		0.90	%		2.47	%
	3/31/2019		$	9.72		0.27		0.16			0.43			(0.27	)		—			(0.27	)	$	9.88		4.61	%	$	14,317		0.95	%		0.95	%		0.90	%		2.90	%
	3/31/2018		$	9.78		0.30		(0.06	)		0.24			(0.30	)		—			(0.30	)	$	9.72		2.48	%	$	11,016		1.06	%		1.06	%		0.90	%		3.06	%
	3/31/2017		$	10.39		0.29		(0.60	)		(0.31	)		(0.30	)		—			(0.30	)	$	9.78		(3.08	)%	$	11,276		1.01	%		1.01	%		0.90	%		2.79	%
	3/31/2016		$	10.42		0.26		(0.02	)		0.24			(0.26	)		(0.01	)		(0.27	)	$	10.39		2.51	%	$	25,763		1.09	%		1.09	%		0.90	%		2.62	%
	3/31/2015	2	$	10.00		0.09		0.41			0.50			(0.08	)		—			(0.08	)	$	10.42		4.99	%	$	19,572		1.58	%		1.58	%		0.90	%		3.00	%
																								For the Year or Period Ended
																								9/30/2019			3/31/2019		3/31/2018			3/31/2017			3/31/2016			3/31/2015
	Portfolio turnover rate for all share classes3																								18%			25%		33%			94%			52%			72%
	1   Calculated based on average shares outstanding during the period. 2   Commenced operations on December 15, 2014. 3   Not annualized for periods less than one year. 4   Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 127

Financial Highlights  (Cont.)

					Income (Loss) from Investment Operations:									Less Distributions:																Ratios to Average Net Assets:
For the Year or Period Ended			Net Asset Value, Beginning of Period		Net Investment Income (Loss)1			Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period		Total Return3			Net Assets, End of Period (000’s)		Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4			Expenses After Investment Advisory Fees (Waived)4			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4			Net Investment Income (Loss)4
	DoubleLine Strategic Commodity Fund (Consolidated) - Class I:
	9/30/2019		$	9.72		0.06			(0.63	)		(0.57	)		—			—			—		$	9.15		(5.96	)%	$	375,511		1.07	%		1.07	%		1.10	%		1.27	%
	3/31/2019		$	10.11		0.12			(0.40	)		(0.28	)		(0.11	)		—			(0.11	)	$	9.72		(2.59	)%	$	444,918		1.02	%		1.02	%		1.10	%		1.14	%
	3/31/2018		$	9.33		0.04			1.27			1.31			(0.53	)		—	5		(0.53	)	$	10.11		14.03	%	$	213,752		1.16	%		1.16	%		1.10	%		0.33	%
	3/31/2017		$	8.69		(0.06	)		0.75			0.69			(0.05	)		—			(0.05	)	$	9.33		7.93	%	$	22,243		1.77	%		1.77	%		1.10	%		(0.75	)%
	3/31/2016	2	$	10.00		(0.07	)		(1.24	)		(1.31	)		—			—	5		—	5	$	8.69		(13.07	)%	$	27,997		4.42	%		4.42	%		1.06	%		(1.05	)%
	DoubleLine Strategic Commodity Fund (Consolidated) - Class N:
	9/30/2019		$	9.65		0.05			(0.63	)		(0.58	)		—			—			—		$	9.07		(6.01	)%	$	50,552		1.32	%		1.32	%		1.35	%		1.02	%
	3/31/2019		$	10.04		0.09			(0.40	)		(0.31	)		(0.08	)		—			(0.08	)	$	9.65		(2.97	)%	$	65,292		1.27	%		1.27	%		1.35	%		0.87	%
	3/31/2018		$	9.28		0.01			1.27			1.28			(0.52	)		—	5		(0.52	)	$	10.04		13.79	%	$	67,838		1.41	%		1.41	%		1.35	%		0.09	%
	3/31/2017		$	8.67		(0.09	)		0.75			0.66			(0.05	)		—			(0.05	)	$	9.28		7.55	%	$	6,540		2.23	%		2.23	%		1.35	%		(1.00	)%
	3/31/2016	2	$	10.00		(0.09	)		(1.24	)		(1.33	)		—			—	5		—	5	$	8.67		(13.27	)%	$	1,421		4.67	%		4.67	%		1.31	%		(1.30	)%
																												For the Year or Period Ended
																												9/30/2019		3/31/2019			3/31/2018			3/31/2017			3/31/2016
	Portfolio turnover rate for all share classes3																												0%		0%			0%			0%			0%
	1   Calculated based on average shares outstanding during the period. 2   Commenced operations on May 18, 2015. 3   Not annualized for periods less than one year. 4   Annualized for periods less than one year. 5   Less than $0.005 per share.
					Income (Loss) from Investment Operations:									Less Distributions:																Ratios to Average Net Assets:
For the Year or Period Ended			Net Asset Value, Beginning of Period		Net Investment Income (Loss)1			Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Return of Capital			Total Distributions			Net Asset Value, End of Period		Total Return3			Net Assets, End of Period (000’s)		Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4			Expenses After Investment Advisory Fees (Waived)4			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4			Net Investment Income (Loss)4
	DoubleLine Global Bond Fund - Class I:
	9/30/2019		$	10.28		0.06			0.06			0.12			(0.08	)		—			(0.08	)	$	10.32		1.16	%	$	1,159,239		0.55	%		0.55	%		0.55	%		1.40	%
	3/31/2019		$	10.71		0.12			(0.42	)		(0.30	)		(0.13	)		—			(0.13	)	$	10.28		(2.80	)%	$	1,053,218		0.55	%		0.55	%		0.55	%		1.22	%
	3/31/2018		$	10.04		0.09			0.72			0.81			(0.14	)		—			(0.14	)	$	10.71		7.96	%	$	663,208		0.56	%		0.56	%		0.56	%		0.82	%
	3/31/2017		$	10.49		0.05			(0.47	)		(0.42	)		(0.02	)		(0.01	)		(0.03	)	$	10.04		(4.00	)%	$	475,328		0.66	%		0.66	%		0.66	%		0.52	%
	3/31/2016	2	$	10.00		0.02			0.49			0.51			(0.02	)		—			(0.02	)	$	10.49		5.11	%	$	94,631		1.29	%		1.29	%		0.70	%		0.83	%
	DoubleLine Global Bond Fund - Class N:
	9/30/2019		$	10.26		0.06			0.06			0.12			(0.05	)		—			(0.05	)	$	10.33		1.13	%	$	5,430		0.80	%		0.80	%		0.80	%		1.16	%
	3/31/2019		$	10.69		0.09			(0.42	)		(0.33	)		(0.10	)		—			(0.10	)	$	10.26		(3.08	)%	$	16,728		0.80	%		0.80	%		0.80	%		0.89	%
	3/31/2018		$	10.02		0.06			0.72			0.78			(0.11	)		—			(0.11	)	$	10.69		7.77	%	$	29,544		0.81	%		0.81	%		0.81	%		0.57	%
	3/31/2017		$	10.49		0.02			(0.47	)		(0.45	)		(0.01	)		(0.01	)		(0.02	)	$	10.02		(4.31	)%	$	24,058		0.91	%		0.91	%		0.91	%		0.20	%
	3/31/2016	2	$	10.00		0.02			0.49			0.51			(0.02	)		—			(0.02	)	$	10.49		5.07	%	$	41,937		1.54	%		1.54	%		0.95	%		0.58	%
																												For the Year or Period Ended
																												9/30/2019		3/31/2019			3/31/2018			3/31/2017			3/31/2016
	Portfolio turnover rate for all share classes3																												2%		24%			16%			57%			13%
	1   Calculated based on average shares outstanding during the period. 2   Commenced operations on December 17, 2015. 3   Not annualized for periods less than one year. 4   Annualized for periods less than one year.

128 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

					Income (Loss) from Investment Operations:							Less Distributions:																Ratios to Average Net Assets:
For the Year or Period Ended			Net Asset Value, Beginning of Period		Net Investment Income (Loss)1		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations		Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period		Total Return3			Net Assets, End of Period (000’s)		Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4			Expenses After Investment Advisory Fees (Waived)4			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4			Net Investment Income (Loss)4
	DoubleLine Infrastructure Income Fund - Class I:
	9/30/2019		$	10.11		0.16		0.33			0.49		(0.17	)		—			(0.17	)	$	10.43		4.88	%	$	543,464		0.56	%		0.56	%		0.56	%		3.23	%
	3/31/2019		$	10.00		0.32		0.11			0.43		(0.32	)		—	5		(0.32	)	$	10.11		4.47	%	$	535,621		0.58	%		0.58	%		0.58	%		3.30	%
	3/31/2018		$	10.07		0.30		(0.03	)		0.27		(0.33	)		(0.01	)		(0.34	)	$	10.00		2.67	%	$	532,404		0.57	%		0.57	%		0.57	%		3.18	%
	3/31/2017	2	$	10.00		0.29		0.01			0.30		(0.23	)		—	5		(0.23	)	$	10.07		3.11	%	$	392,117		0.77	%		0.77	%		0.64	%		2.78	%
	DoubleLine Infrastructure Income Fund - Class N:
	9/30/2019		$	10.11		0.15		0.33			0.48		(0.16	)		—			(0.16	)	$	10.43		4.75	%	$	3,143		0.81	%		0.81	%		0.81	%		2.99	%
	3/31/2019		$	10.00		0.30		0.11			0.41		(0.30	)		—	5		(0.30	)	$	10.11		4.17	%	$	2,672		0.83	%		0.83	%		0.83	%		3.00	%
	3/31/2018		$	10.06		0.29		(0.03	)		0.26		(0.31	)		(0.01	)		(0.32	)	$	10.00		2.54	%	$	19,379		0.82	%		0.82	%		0.82	%		2.86	%
	3/31/2017	2	$	10.00		0.26		0.01			0.27		(0.21	)		—	5		(0.21	)	$	10.06		2.76	%	$	567		1.50	%		1.50	%		0.89	%		2.53	%
																												For the Year or Period Ended
																												9/30/2019			3/31/2019			3/31/2018			3/31/2017
	Portfolio turnover rate for all share classes3																												3%			15%			29%			43%
	1   Calculated based on average shares outstanding during the period. 2   Commenced operations on April 1, 2016. 3   Not annualized for periods less than one year. 4   Annualized for periods less than one year. 5   Less than $0.005 per share.
					Income (Loss) from Investment Operations:							Less Distributions:																Ratios to Average Net Assets:
For the Year or Period Ended			Net Asset Value, Beginning of Period		Net Investment Income (Loss)1		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations		Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period		Total Return3			Net Assets, End of Period (000’s)		Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4			Expenses After Investment Advisory Fees (Waived)4			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4			Net Investment Income (Loss)4
	DoubleLine Ultra Short Bond Fund - Class I:
	9/30/2019		$	10.03		0.12		0.02			0.14		(0.12	)		—			(0.12	)	$	10.05		1.39	%	$	334,227		0.23	%		0.23	%		0.23	%		2.44	%
	3/31/2019		$	10.03		0.24		(0.01	)		0.23		(0.23	)		—	5		(0.23	)	$	10.03		2.32	%	$	235,078		0.22	%		0.22	%		0.22	%		2.28	%
	3/31/2018		$	10.01		0.13		—			0.13		(0.11	)		—	5		(0.11	)	$	10.03		1.31	%	$	166,255		0.32	%		0.32	%		0.29	%		1.24	%
	3/31/2017	2	$	10.00		0.03		0.01			0.04		(0.03	)		—			(0.03	)	$	10.01		0.36	%	$	8,294		4.87	%		4.87	%		0.35	%		0.42	%
	DoubleLine Ultra Short Bond Fund - Class N:
	9/30/2019		$	10.04		0.11		0.02			0.13		(0.11	)		—			(0.11	)	$	10.06		1.26	%	$	4,466		0.48	%		0.48	%		0.48	%		2.20	%
	3/31/2019		$	10.03		0.22		(0.01	)		0.21		(0.20	)		—	5		(0.20	)	$	10.04		2.18	%	$	2,517		0.47	%		0.47	%		0.47	%		2.17	%
	3/31/2018		$	10.02		0.09		—			0.09		(0.08	)		—	5		(0.08	)	$	10.03		0.95	%	$	278		0.57	%		0.57	%		0.41	%		0.92	%
	3/31/2017	2	$	10.00		0.01		0.01			0.02		—			—			—		$	10.02		0.20	%	$	125		5.42	%		5.42	%		0.60	%		0.11	%
																												For the Year or Period Ended
																												9/30/2019			3/31/2019			3/31/2018			3/31/2017
	Portfolio turnover rate for all share classes3																												27%			128%			74%			79%
	1   Calculated based on average shares outstanding during the period. 2   Commenced operations on June 30, 2016. 3   Not annualized for periods less than one year. 4   Annualized for periods less than one year. 5   Less than $0.005 per share

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 129

Financial Highlights  (Cont.)

					Income (Loss) from Investment Operations:								Less Distributions:																Ratios to Average Net Assets:
For the Year or Period Ended			Net Asset Value, Beginning of Period		Net Investment Income (Loss)1		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period		Total Return3			Net Assets, End of Period (000’s)		Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4			Expenses After Investment Advisory Fees (Waived)4			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4			Net Investment Income (Loss)4
	DoubleLine Shiller Enhanced International CAPE® - Class I:
	9/30/2019		$	10.17		0.17		0.29			0.46			(0.17	)		—			(0.17	)	$	10.46		4.51	%	$	42,561		0.79	%		0.76	%		0.61	%		3.18	%
	3/31/2019		$	11.24		0.34		(0.52	)		(0.18	)		(0.43	)		(0.46	)		(0.89	)	$	10.17		(1.13	)%	$	42,621		0.96	%		0.91	%		0.60	%		3.25	%
	3/31/2018		$	10.86		0.22		0.86			1.08			(0.35	)		(0.35	)		(0.70	)	$	11.24		9.92	%	$	78,162		1.04	%		1.02	%		0.63	%		1.79	%
	3/31/2017	2	$	10.00		0.03		0.85			0.88			(0.02	)		—			(0.02	)	$	10.86		8.76	%	$	19,384		7.10	%		7.10	%		0.64	%		0.72	%
	DoubleLine Shiller Enhanced International CAPE® - Class N:
	9/30/2019		$	10.17		0.15		0.29			0.44			(0.15	)		—			(0.15	)	$	10.46		4.38	%	$	19,642		1.04	%		1.01	%		0.86	%		2.94	%
	3/31/2019		$	11.23		0.32		(0.52	)		(0.20	)		(0.40	)		(0.46	)		(0.86	)	$	10.17		(1.29	)%	$	19,953		1.20	%		1.15	%		0.85	%		3.03	%
	3/31/2018		$	10.86		0.18		0.86			1.04			(0.32	)		(0.35	)		(0.67	)	$	11.23		9.56	%	$	29,160		1.29	%		1.27	%		0.87	%		1.52	%
	3/31/2017	2	$	10.00		0.02		0.85			0.87			(0.01	)		—			(0.01	)	$	10.86		8.72	%	$	11,499		4.93	%		4.93	%		0.89	%		0.58	%
																													For the Year or Period Ended
																													9/30/2019			3/31/2019			3/31/2018			3/31/2017
	Portfolio turnover rate for all share classes3																													21%			72%			69%			38%
	1   Calculated based on average shares outstanding during the period. 2   Commenced operations on December 23, 2016. 3   Not annualized for periods less than one year. 4   Annualized for periods less than one year.
					Income (Loss) from Investment Operations:								Less Distributions:																Ratios to Average Net Assets:
For the Period Ended			Net Asset Value, Beginning of Period		Net Investment Income (Loss)1		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period		Total Return3			Net Assets, End of Period (000’s)		Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4			Expenses After Investment Advisory Fees (Waived)4			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4			Net Investment Income (Loss)4
	DoubleLine Colony Real Estate and Income Fund - Class I:
	9/30/2019		$	11.30		0.12		0.97			1.09			(0.15	)		—			(0.15	)	$	12.24		9.77	%	$	135,696		1.11	%		1.10	%		0.63	%		2.41	%
	3/31/2019	2	$	10.00		0.10		1.26			1.36			(0.06	)		—			(0.06	)	$	11.30		13.69	%	$	121,180		1.46	%		1.42	%		0.61	%		3.00	%
	DoubleLine Colony Real Estate and Income Fund - Class N:
	9/30/2019		$	11.29		0.12		0.97			1.09			(0.14	)		—			(0.14	)	$	12.24		9.73	%	$	5,930		1.37	%		1.36	%		0.88	%		2.14	%
	3/31/2019	2	$	10.00		0.09		1.26			1.35			(0.06	)		—			(0.06	)	$	11.29		13.53	%	$	4,369		1.67	%		1.62	%		0.87	%		2.79	%
																																			For the Period Ended
																																			9/30/2019			3/31/2019
	Portfolio turnover rate for all share classes3																																			56%			70%
	1   Calculated based on average shares outstanding during the period. 2   Commenced operations on December 17, 2018. 3   Not annualized for periods less than one year. 4   Annualized for periods less than one year.

130 DoubleLine Funds Trust The accompanying notes are an integral part of these financial statements.

					Income (Loss) from Investment Operations:								Less Distributions:															Ratios to Average Net Assets:
For the Period Ended			Net Asset Value, Beginning of Period		Net Investment Income (Loss)1		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain		Total Distributions			Net Asset Value, End of Period		Total Return3			Net Assets, End of Period (000’s)		Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4			Expenses After Investment Advisory Fees (Waived)4			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4			Net Investment Income (Loss)4
	DoubleLine Emerging Markets Local Currency Bond Fund - Class I:
	9/30/2019	2	$	10.00		0.10		(0.42	)		(0.32	)		(0.06	)		—		(0.06	)	$	9.62		(3.22	)%	$	9,585		4.19	%		4.19	%		0.91	%		3.76	%
	DoubleLine Emerging Markets Local Currency Bond Fund - Class N:
	9/30/2019	2	$	10.00		0.09		(0.42	)		(0.33	)		(0.05	)		—		(0.05	)	$	9.62		(3.28	)%	$	97		4.44	%		4.44	%		1.16	%		3.51	%
																																					For the Period Ended
																																					9/30/2019
	Portfolio turnover rate for all share classes3																																					2%
	1   Calculated based on average shares outstanding during the period. 2   Commenced operations on June 28, 2019. 3   Not annualized for periods less than one year. 4   Annualized for periods less than one year.
					Income (Loss) from Investment Operations:								Less Distributions:															Ratios to Average Net Assets:
For the Period Ended			Net Asset Value, Beginning of Period		Net Investment Income (Loss)1		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain		Total Distributions			Net Asset Value, End of Period		Total Return3			Net Assets, End of Period (000’s)		Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4			Expenses After Investment Advisory Fees (Waived)4			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4			Net Investment Income (Loss)4
	DoubleLine Income Fund - Class I:
	9/30/2019	2	$	10.00		0.02		(0.04	)		(0.02	)		(0.02	)		—		(0.02	)	$	9.96		(0.24	)%	$	79,884		1.28	%		1.28	%		0.67	%		3.75	%
	DoubleLine Income Fund - Class N:
	9/30/2019	2	$	10.00		0.02		(0.04	)		(0.02	)		(0.01	)		—		(0.01	)	$	9.97		(0.16	)%	$	100		1.58	%		1.58	%		0.90	%		3.26	%
																																					For the Period Ended
																																					9/30/2019
	Portfolio turnover rate for all share classes3																																					17%
	1   Calculated based on average shares outstanding during the period. 2   Commenced operations on September 3, 2019. 3   Not annualized for periods less than one year. 4   Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2019 131

Notes to Financial Statements (Unaudited) September 30, 2019

1.  Organization

DoubleLine Funds Trust, a Delaware statutory trust (the “Trust”), is anopen-end investment management company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust consists of 19 funds, DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund, DoubleLine Emerging Markets Fixed Income Fund, DoubleLine Multi-Asset Growth Fund, DoubleLine Low Duration Bond Fund, DoubleLine Floating Rate Fund, DoubleLine Shiller Enhanced CAPE^®, DoubleLine Flexible Income Fund, DoubleLine Low Duration Emerging Markets Fixed Income Fund, DoubleLine Selective Credit Fund, Doubleline Long Duration Total Return Bond Fund, DoubleLine Strategic Commodity Fund, DoubleLine Global Bond Fund, DoubleLine Infrastructure Income Fund, DoubleLine Ultra Short Bond Fund, DoubleLine Shiller Enhanced International CAPE^®, DoubleLine Colony Real Estate and Income Fund, DoubleLine Emerging Markets Local Currency Bond Fund and DoubleLine Income Fund (each, a “Fund” and, collectively, the “Funds”). For financial information related to the DoubleLine Selective Credit Fund, please refer to the DoubleLine Selective Credit Fund’s separate semi-annual report. Shares of the DoubleLine Emerging Markets Local Currency Bond Fund are currently only available for purchase by employees and officers of DoubleLine Capital LP (“DoubleLine Capital”) and DoubleLine Alternatives LP (formerly DoubleLine Commodity LP) (each, an “Adviser” and, collectively, the “Advisers”), their affiliates and their family members, and the Advisers and their affiliates.

Each Fund is classified as a diversified fund under the 1940 Act, except the DoubleLine Global Bond Fund, the DoubleLine Emerging Markets Local Currency Bond Fund and the DoubleLine Income Fund, which are classified as non-diversified Funds. Currently under the 1940 Act, a diversified fund generally may not, with respect to 75% of its total assets, invest more than 5% of its total assets in the securities of any one issuer or own more than 10% of the outstanding voting securities of such issuer (except, in each case, U.S. Government securities, cash, cash items and the securities of other investment companies). The remaining 25% of a fund’s total assets is not subject to this limitation.

The Funds’ investment objectives and dates each share class commenced operations are as follows:

		Commencement of Operations
Fund Name	Investment Objective	I Shares		N Shares		A Shares		R6 Shares
DoubleLine Total Return Bond Fund	Maximize total return		4/6/2010		4/6/2010		—		7/31/2019
DoubleLine Core Fixed Income Fund	Maximize current income and total return		6/1/2010		6/1/2010		—		7/31/2019
DoubleLine Emerging Markets Fixed Income Fund	Seek high total return from current income and capital appreciation		4/6/2010		4/6/2010		—		—
DoubleLine Multi-Asset Growth Fund (Consolidated)	Seek long-term capital appreciation		12/20/2010		—		12/20/2010		—
DoubleLine Low Duration Bond Fund	Seek current income		9/30/2011		9/30/2011		—		7/31/2019
DoubleLine Floating Rate Fund	Seek a high level of current income		2/1/2013		2/1/2013		—		—
DoubleLine Shiller Enhanced CAPE®	Seek total return which exceeds the total return of its benchmark index		10/31/2013		10/31/2013		—		7/31/2019
DoubleLine Flexible Income Fund	Seek long-term total return while striving to generate current income		4/7/2014		4/7/2014		—		7/31/2019
DoubleLine Low Duration Emerging Markets Fixed Income Fund	Seek long-term total return		4/7/2014		4/7/2014		—		—
DoubleLine Long Duration Total Return Bond Fund	Seek long-term total return		12/15/2014		12/15/2014		—		—
DoubleLine Strategic Commodity Fund (Consolidated)	Seek long-term total return		5/18/2015		5/18/2015		—		—
DoubleLine Global Bond Fund	Seek long-term total return		12/17/2015		12/17/2015		—		—
DoubleLine Infrastructure Income Fund	Seek long-term total return while striving to generate current income		4/1/2016		4/1/2016		—		—
DoubleLine Ultra Short Bond Fund	Seek to provide a level of current income consistent with limited price volatility		6/30/2016		6/30/2016		—		—
DoubleLine Shiller Enhanced International CAPE®	Seek total return which exceeds the total return of its benchmark index over a full market cycle		12/23/2016		12/23/2016		—		—
DoubleLine Colony Real Estate and Income Fund	Seek total return which exceeds the total return of its benchmark index over a full market cycle		12/17/2018		12/17/2018		—		—
DoubleLine Emerging Markets Local Currency Bond Fund	Seek high total return from current income and capital appreciation		6/28/2019		6/28/2019		—		—
DoubleLine Income Fund	Maximize total return through investment principally in income-producing securities		9/3/2019		9/3/2019		—		—

132 DoubleLine Funds Trust

(Unaudited)

September 30, 2019

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)

Market values for domestic and foreign fixed income securities are normally determined on the basis of valuations 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.

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 evaluations provided by independent pricing services or broker dealer quotations. 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.

Securities may be fair valued by the Adviser in accordance with the fair valuation procedures approved by the Board of Trustees (the “Board”). The Adviser’s valuation committee is generally responsible for overseeing the day to day valuation processes and

Semi-Annual Report September 30, 2019 133

Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2019

reports periodically to the Board. The Adviser’s valuation committee and the pricing group are authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations or third party vendor prices are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are deemed to be unreliable indicators of market or fair value.

The following is a summary of the fair valuations according to the inputs used to value the Funds’ investments as of September 30, 2019:

Category	DoubleLine Total Return Bond Fund				DoubleLine Core Fixed Income Fund			DoubleLine Emerging Markets Fixed Income Fund			DoubleLine Multi-Asset Growth Fund (Consolidated)				DoubleLine Low Duration Bond Fund			DoubleLine Floating Rate Fund
Investments in Securities
Level 1
Money Market Funds		$	1,220,686,518			$	403,112,157		$	8,857,385		$	77,760,273			$	377,281,314		$	16,583,299
Affiliated Mutual Funds			69,980,655				1,405,437,595			—			64,788,316				49,650,000			—
Exchange Traded Funds and Common Stocks			—				1,310,765			2,207,286			45,167,395				862,916			—
Real Estate Investment Trusts			—				—			—			2,909,491				—			—
Total Level 1			1,290,667,173				1,809,860,517			11,064,671			190,625,475				427,794,230			16,583,299
Level 2
US Government and Agency Mortgage Backed Obligations			24,436,579,980				2,046,161,494			—			5,642,961				500,640,776			—
Non-Agency Residential Collateralized Mortgage Obligations			15,064,475,888				1,099,461,713			—			13,424,359				1,380,327,741			—
US Government and Agency Obligations			4,788,606,079				2,441,281,406			—			—				354,604,481			—
Non-Agency Commercial Mortgage Backed Obligations			3,674,540,833				924,349,219			—			—				1,271,832,769			—
Collateralized Loan Obligations			2,648,015,031				351,300,022			—			—				1,069,602,124			—
Asset Backed Obligations			2,135,675,427				286,081,208			—			11,229				562,742,252			—
Other Short Term Investments			499,568,011				172,872,851			—			6,288,572				252,004,291			—
Foreign Corporate Bonds			—				1,611,783,400			1,085,196,187			—				1,152,958,988			3,007,800
US Corporate Bonds			—				1,610,166,786			—			—				437,912,326			22,143,381
Bank Loans			—				317,687,745			—			—				185,522,089			251,389,625
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations			—				122,181,862			68,961,660			—				104,613,391			—
Municipal Bonds			—				11,048,461			—			—				—			—
Total Level 2			53,247,461,249				10,994,376,167			1,154,157,847			25,367,121				7,272,761,228			276,540,806
Level 3
Non-Agency Residential Collateralized Mortgage Obligations			295,516,662				40,466,944			—			945,249							—
Asset Backed Obligations			—				7,179,585			—			—				—			—
Non-Agency Commercial Mortgage Backed Obligations			—				3,554,343			—			—				—			—
Collateralized Loan Obligations			—				—			—			252,774				—			—
Foreign Corporate Bonds			—				51,002			82,503			—				—			—
Warrants			—				—			—			—				—			—
Total Level 3			295,516,662				51,251,874			82,503			1,198,023				—			—
Total		$	54,833,645,084			$	12,855,488,558		$	1,165,305,021		$	217,190,619			$	7,700,555,458		$	293,124,105
Other Financial Instruments
Level 1
Futures Contracts		$	(11,880,495	)		$	—		$	—		$	(475,253	)		$	—		$	—
Total Level 1			(11,880,495	)			—			—			(475,253	)			—			—
Level 2
Excess Return Swaps			—				—			—			46,936				—			—
Forward Currency Exchange Contracts			—				—			—			(349,484	)			—			—
Total Level 2			—				—			—			(302,548	)			—			—
Level 3			—				—			—			—				—			—
Total		$	(11,880,495	)		$	—		$	—		$	(777,801	)		$	—		$	—

134 DoubleLine Funds Trust

(Unaudited)

September 30, 2019

Category	DoubleLine Shiller Enhanced CAPE®			DoubleLine Flexible Income Fund			DoubleLine Low Duration Emerging Markets Fixed Income Fund			DoubleLine Long Duration Total Return Bond Fund				DoubleLine Strategic Commodity Fund (Consolidated)			DoubleLine Global Bond Fund
Investments in Securities
Level 1
Money Market Funds		$	462,366,519		$	88,294,226		$	4,342,101		$	4,632,492			$	16,023,059		$	29,502,278
Affiliated Mutual Funds			300,249,400			98,039,801			—			—				—			—
Exchange Traded Funds and Common Stock			—			53,791			205,258			—				—			—
Total Level 1			762,615,919			186,387,818			4,547,359			4,632,492				16,023,059			29,502,278
Level 2
Non-Agency Commercial Mortgage Backed Obligations			974,941,226			154,602,061			—			—				—			—
Non-Agency Residential Collateralized Mortgage Obligations			889,720,412			289,859,443			—			—				—			—
Collateralized Loan Obligations			881,270,391			219,506,174			—			—				—			—
US Government and Agency Obligations			759,589,178			86,349,564			—			24,022,915				—			235,794,048
Foreign Corporate Bonds			614,765,581			230,255,303			188,400,423			—				—			—
US Government and Agency Mortgage Backed Obligations			588,004,968			12,296,931			—			64,015,450				—			—
Other Short Term Investments			540,066,239			—			—			5,091,020				408,650,775			—
Asset Backed Obligations			484,743,188			63,279,691			—			—				—			—
US Corporate Bonds			383,087,776			102,279,510			—			—				—			—
Bank Loans			302,955,525			70,548,446			—			—				—			—
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations			50,460,699			11,829,967			29,286,845			—				—			891,974,367
Total Level 2			6,469,605,183			1,240,807,090			217,687,268			93,129,385				408,650,775			1,127,768,415
Level 3
Non-Agency Commercial Mortgage Backed Obligations			2,322,314			489,103			—			—				—			—
Foreign Corporate Bonds			1,498			1,500			4,494			—				—			—
Non-Agency Residential Collateralized Mortgage Obligations			—			23,885,370			—			—				—			—
Warrants			—			—			—			—				—			—
Total Level 3			2,323,812			24,375,973			4,494			—				—			—
Total		$	7,234,544,914		$	1,451,570,881		$	222,239,121		$	97,761,877			$	424,673,834		$	1,157,270,693
Other Financial Instruments
Level 1
Futures Contracts		$	—		$	—		$	—		$	(233,570	)		$	—		$	—
Total Level 1			—			—			—			(233,570	)			—			—
Level 2
Excess Return Swaps			243,730,851			—			—			—				1,844,982			—
Total Level 2			243,730,851			—			—			—				1,844,982			—
Level 3			—			—			—			—				—			—
Total		$	243,730,851		$	—		$	—		$	(233,570	)		$	1,844,982		$	—

Semi-Annual Report September 30, 2019 135

Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2019

Category	DoubleLine Infrastructure Income Fund			DoubleLine Ultra Short Bond Fund			DoubleLine Shiller Enhanced International CAPE®				Doubleline Colony Real Estate and Income Fund			Doubleline Emerging Markets Local Currency Bond Fund			Doubleline Income Fund
Investments in Securities
Level 1
Money Market Funds		$	11,808,903		$	4,571,411		$	1,122,903			$	8,385,633		$	991,113		$	14,415,387
Affiliated Mutual Funds			—			—			2,686,692				—			—			—
Total Level 1			11,808,903			4,571,411			3,809,595				8,385,633			991,113			14,415,387
Level 2
Asset Backed Obligations			239,373,048			—			4,351,693				8,837,797			—			6,564,737
US Corporate Bonds			171,280,995			100,500,311			4,086,687				8,144,881			—			—
Foreign Corporate Bonds			103,198,104			61,611,667			4,752,061				9,483,683			459,522			—
Other Short Term Investments			—			1,997,722			4,661,583				9,582,152			—			7,927,956
Commercial Paper			—			155,611,495			—				—			—			—
US Government and Agency Mortgage Backed Obligations			—			17,749,265			5,197,881				9,643,552			—			—
Collateralized Loan Obligations			—			—			9,266,664				16,656,893			—			3,864,958
Non-Agency Residential Collateralized Mortgage Obligations			—			—			7,617,922				15,048,047			—			26,391,025
Non-Agency Commercial Mortgage Backed Obligations			—			—			7,692,072				17,118,018			—			28,620,835
US Government and Agency Obligations			5,476,797			—			6,568,987				13,472,556			—			—
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations			—			—			652,857				1,190,392			8,117,132			—
Bank Loans			—			—			—				5,188,947			—			—
Total Level 2			519,328,944			337,470,460			54,848,407				114,366,918			8,576,654			73,369,511
Level 3
Foreign Corporate Bonds			10,507,827			—			—				—			—			—
Asset Backed Obligations			3,718,762			—			—				—			—			—
Total Level 3			14,226,589			—			—				—			—			—
Total		$	545,364,436		$	342,041,871		$	58,658,002			$	122,752,551		$	9,567,767		$	87,784,898
Other Financial Instruments
Level 1		$	—		$	—		$	—			$	—		$	—		$	—
Level 2
Forward Currency Exchange Contracts			—			—			(1,556,815	)			—			—			—
Excess Return Swaps			—			—			4,447,620				21,108,283			—			—
Total Level 2			—			—			2,890,805				21,108,283			—			—
Level 3			—			—			—				—			—			—
Total		$	—		$	—		$	2,890,805			$	21,108,283		$	—		$	—

See the Schedules of Investments for further disaggregation of investment categories.

136 DoubleLine Funds Trust

(Unaudited)

September 30, 2019

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

DoubleLine Flexible Income Fund	Fair Value as of 3/31/2019			Net Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)3				Net Accretion (Amortization)				Purchases1			Sales 2				Transfers Into Level 34			Transfers Out of Level 34				Fair Value as of 9/30/2019			Net Change in Unrealized Appreciation (Depreciation) on securities held at 9/30/20193
Investments in Securities
Non-Agency Residential Collateralized Mortgage Obligations		$	31,930,691		$	25,235			$	(1,048,032	)		$	231,488			$	173,534		$	(148,348	)		$	—		$	(7,279,198	)		$	23,885,370		$	(1,071,776	)
Non-Agency Commercial Mortgage Backed Obligations			502,275			—				(13,172	)			—				—			—				—			—				489,103			(13,172	)
Foreign Corporate Bonds			—			—				(195,500	)			—				197,000			—				—			—				1,500			—
Total		$	32,432,966		$	25,235			$	(1,256,704	)		$	231,488			$	370,534		$	(148,348	)		$	—		$	(7,279,198	)		$	24,375,973		$	(1,084,948	)
DoubleLine Infrastructure Income Fund	Fair Value as of 3/31/2019			Net Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)3				Net Accretion (Amortization)				Purchases1			Sales 2				Transfers Into Level 34			Transfers Out of Level 34				Fair Value as of 9/30/2019			Net Change in Unrealized Appreciation (Depreciation) on securities held at 9/30/20193
Investments in Securities
Foreign Corporate Bonds		$	10,288,000		$	(642	)		$	315,708			$	(1,377	)		$	—		$	(93,862	)		$	—		$	—			$	10,507,827		$	333,208
Asset Backed Obligations			4,987,050			6,386				2,493				—				—			(1,277,167	)			—			—				3,718,762			6,301
Total		$	15,275,050		$	5,744			$	318,201			$	(1,377	)		$	—		$	(1,371,029	)		$	—		$	—			$	14,226,589		$	339,509

¹  Purchases include all purchases of securities, payups and corporate actions.

²  Sales include all sales of securities, maturities, and paydowns.

³  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on securities held at September 30, 2019 may be due to a security that was not held or categorized as Level 3 at either period end.

⁴  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 Flexible Income Fund	Fair Value as of 9/30/2019*		Valuation Techniques	Unobservable Input		Unobservable Input Values (Weighted Average)+	Impact to valuation from an increase to input
Non-Agency Residential Collateralized Mortgage Obligations		$23,885,370	Market Comparables		Market Quotes		$	94.30 - $103.87 ($99.89	)	Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security
Non-Agency Commercial Mortgage Backed Obligations		489,103	Market Comparables		Yields			39.95% (39.95%	)	Increase in yields would have resulted in the decrease in the fair value of the security
Foreign Corporate Bonds		1,500	Enterprise Value		EBITDA multiples			5x - 6.5x (5.75x)		Significant changes in the EBITDA multiple would have resulted in direct changes in the fair value of the security
DoubleLine Infrastructure Income Fund	Fair Value as of 9/30/2019*		Valuation Techniques	Unobservable Input		Unobservable Input Values (Weighted Average)+	Impact to valuation from an increase to input
Foreign Corporate Bonds		$10,507,827	Market Comparables		Market Quotes			$107.50 ($107.50	)	Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security
Asset Backed Obligations		3,718,762	Market Comparables		Market Quotes			$99.97 ($99.97)		Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security

* Level 3 securities are typically valued by pricing vendors. The appropriateness of fair values for these securities is monitored on an ongoing basis by the Adviser, which may include back testing, results of vendor due diligence, unchanged price review and consideration of market and/or sector events.

⁺  Unobservable inputs were weighted by the relative fair value of the instruments.

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.

Semi-Annual Report September 30, 2019 137

Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2019

The Funds may be subject to a nondeductible 4% excise tax calculated as a percentage of certain undistributed amounts of net investment income and net capital gains.

The Funds have adopted financial reporting rules that require the Funds to analyze all open tax years, as defined by the applicable statute of limitations, for all major jurisdictions. Open tax years, 2019, 2018 and 2017 for the Funds, are those that are open for exam by taxing authorities to the extent that each Fund operated within those respective tax years. As of September 30, 2019, the Funds have no examinations in progress.

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 fiscalyear-ended March 31, 2019. The Funds identify their major tax jurisdictions as U.S. Federal, the State of Delaware and the State of California. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

C. Security Transactions, Investment Income. Investment securities transactions are accounted for on trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Interest income, including non-cash interest, is recorded on an accrual basis. Discounts/premiums on debt securities purchased, which may include residual and subordinate 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. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income on the Statements of Operations.

D. Foreign Currency Translation. The Funds’ books and records are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation. Investment securities transactions, income and expense items denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not isolate changes in the exchange rates from the changes in the market prices of investments held or sold for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statement of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments.

E. Dividends and Distributions to Shareholders. With the exception of the DoubleLine Multi-Asset Growth Fund, the DoubleLine Strategic Commodity Fund, the DoubleLine Global Bond Fund and the DoubleLine Emerging Markets Local Currency Bond Fund, dividends from net investment income will be declared and paid monthly. Dividends from the net investment income of the DoubleLine Multi-Asset Growth Fund, the DoubleLine Global Bond Fund and the DoubleLine Emerging Markets Local Currency Bond Fund will be declared and paid quarterly. Dividends from the net investment income of the DoubleLine Strategic Commodity Fund will be declared and paid annually. The Funds will distribute any net realized long or short-term capital gains at least annually. Distributions are recorded on theex-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 betweenpaid-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.

F. 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.

G. Share Valuation. The NAV per share of a class of shares of a Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, attributable to that class, minus all liabilities (including estimated accrued expenses) attributable to that class by the total number of shares of that class outstanding, rounded to the nearest cent. The Funds’ NAV is typically calculated on days when the New York Stock Exchange opens for regular trading.

138 DoubleLine Funds Trust

(Unaudited)

September 30, 2019

H. Unfunded Loan Commitments. The Funds may enter into certain credit agreements, of which all or a portion may be unfunded. These commitments are disclosed in the accompanying Schedules of Investments. The Funds are obligated to fund these commitments at the borrower’s discretion. The Funds generally will maintain with their custodian liquid investments having an aggregate value at least equal to the par value of unfunded loan commitments.

I. Contingencies. Between 2011 and 2014, the Commonwealth of Puerto Rico issued certain general obligation bonds, which are currently the subject of litigation. DoubleLine Multi-Asset Growth Fund previously purchased and sold certain of these general obligation bonds and may have some exposure to this litigation. At this time, it is not anticipated that this litigation will have a material adverse effect on the Multi-Asset Growth Fund. As of September 30, 2019, no loss contingency has been recorded in the financial statements.

J. 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.

K. Basis for Consolidation. The DoubleLine Multi-Asset Growth Fund and the DoubleLine Strategic Commodity Fund may invest up to 25% of their total assets in the DoubleLine Cayman Multi-Asset Growth Fund I, Ltd. and the DoubleLine Strategic Commodity, Ltd. (each, a “Subsidiary” and, collectively, the “Subsidiaries”), respectively. The Subsidiaries, which are organized under the laws of the Cayman Islands, are wholly-owned and controlled by each respective Fund. Each Subsidiary invests in commodity-related investments and other investments. The consolidated financial statements include the accounts and balances of each Fund and its respective Subsidiary. Intercompany balances and transactions have been eliminated in consolidation.

As of September 30, 2019, the relationship of the Subsidiary to each respective Fund was as follows:

	DoubleLine Multi-Asset Growth Fund (Consolidated)			DoubleLine Strategic Commodity Fund (Consolidated)
Commencement of Operations			6/15/2011			5/18/2015
Fund Net Assets		$	226,000,411		$	426,063,070
Subsidiary % of Fund Net Assets			5.11%			23.59%
Subsidiary Financial Statement Information
Net Assets		$	11,544,383		$	100,522,843
Total Income		$	127,144		$	1,276,582
Net Realized Gain/(Loss)		$	85,752		$	(32,313,376	)

L. Other. Each share class of a Fund is charged for those expenses that are directly attributable to that share class. Expenses that are not directly attributable to a Fund are allocated among all appropriate Funds in proportion to their respective net assets or in such a manner as the Funds’ Board may in its sole discretion consider fair and equitable to each Fund. Investment income, Fund expenses which are not class-specific, and realized and unrealized gains and losses are allocated directly to each class based upon the relative net assets of the classes.

3. Related and Other Party Transactions

The Advisers provide the Funds with investment management services under Investment Management Agreements (the “Agreements”). Under the Agreements, each Adviser manages the investment of the assets of the applicable Fund, places orders for the purchase and sale of its portfolio securities and is responsible for providing certain resources to assist with the day-to-day management of the Trust’s business affairs. As compensation for its services, each Adviser is entitled to a monthly fee at the annual rates of the average daily net assets of the Funds (the “Advisory Fee”) in the following table. Each Adviser has arrangements with DoubleLine Group LP to provide personnel and other resources to the Funds. On December 11, 2018, DoubleLine Alternatives LP, the investment adviser of the DoubleLine Colony Real Estate and Income Fund (the “Fund”), engaged DoubleLine Capital LP to serve as sub-adviser to the Fund to manage its investment in debt instruments.

Each Adviser has contractually agreed to limit certain of the Funds’ ordinary operating expenses so that its ratio of such expenses to average net assets will not exceed the following ratios (the “Expense Caps”). For the purposes of the expense limitation agreement between each Adviser and the Funds, “ordinary operating expenses” excludes taxes, commissions, mark-ups, litigation expenses,

Semi-Annual Report September 30, 2019 139

Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2019

indemnification expenses, interest expenses, acquired fund fees and expenses, and any extraordinary expenses. With the exception of the DoubleLine Colony Real Estate and Income Fund, the DoubleLine Emerging Markets Local Currency Bond Fund and the DoubleLine Income Fund, each Fund’s expense limitation is expected to apply until at least July 31, 2020. DoubleLine Colony Real Estate and Income Fund’s expense limitation is expected to apply until at least December 11, 2020. DoubleLine Emerging Markets Local Currency Bond Fund’s expense limitation is expected to apply until at least June 26, 2021. DoubleLine Income Fund’s expense limitation is expected to apply until at least September 2, 2021. Each may be terminated during the term only by a majority vote of the disinterested Trustees of the Board.

			Expense Caps
	Advisory Fee		I Shares		N Shares		A Shares		R6 Shares
DoubleLine Total Return Bond Fund		0.40%		N/A		N/A		N/A		N/A
DoubleLine Core Fixed Income Fund		0.40%		N/A		N/A		N/A		N/A
DoubleLine Emerging Markets Fixed Income Fund		0.75%		0.95%		1.20%		N/A		N/A
DoubleLine Multi-Asset Growth Fund (Consolidated)		0.95%		1.15%		N/A		1.40%		N/A
DoubleLine Low Duration Bond Fund		0.35%		0.47%		0.72%		N/A		0.42%
DoubleLine Floating Rate Fund		0.50%		0.75%		1.00%		N/A		N/A
DoubleLine Shiller Enhanced CAPE®		0.45%		0.65%		0.90%		N/A		0.60%
DoubleLine Flexible Income Fund		0.62%		0.82%		1.07%		N/A		0.77%
DoubleLine Low Duration Emerging Markets Fixed Income Fund		0.50%		0.59%		0.84%		N/A		N/A
DoubleLine Long Duration Total Return Bond Fund		0.50%		0.65%		0.90%		N/A		N/A
DoubleLine Strategic Commodity Fund (Consolidated)		0.90%		1.10%		1.35%		N/A		N/A
DoubleLine Global Bond Fund		0.50%		0.70%		0.95%		N/A		N/A
DoubleLine Infrastructure Income Fund		0.50%		0.65%		0.90%		N/A		N/A
DoubleLine Ultra Short Bond Fund		0.15%		0.30%		0.55%		N/A		N/A
DoubleLine Shiller Enhanced International CAPE®		0.50%		0.65%		0.90%		N/A		N/A
DoubleLine Colony Real Estate and Income Fund		0.45%		0.65%		0.90%		N/A		N/A
DoubleLine Emerging Markets Local Currency Bond Fund		0.75%		0.90%		1.15%		N/A		N/A
DoubleLine Income Fund		0.50%		0.65%		0.90%		N/A		N/A

Other than as described above, to the extent that an Adviser waives its investment advisory fee and/or reimburses a Fund for other ordinary operating expenses, it may seek reimbursement of a portion or all of such amounts at any time within three fiscal years after the fiscal year in which such amounts were waived or reimbursed. Each Fund must pay its current ordinary operating expenses before each Adviser is entitled to any recoupment. Any such recoupment would be subject to review by the Board and will be subject to the Fund’s expense limitations in place when the fees were waived or the expenses were reimbursed.

Each Adviser, as applicable, contractually waived a portion of its fees or reimbursed certain operating expenses and may recapture a portion of the amounts no later than the dates as stated in the following table:

	March 31
	2020			2021			2022			2023
DoubleLine Multi-Asset Growth Fund (Consolidated)		$	—		$	—		$	—		$	1,439
DoubleLine Low Duration Emerging Markets Fixed Income Fund		$	443,142		$	613,726		$	119,396		$	11,024
DoubleLine Long Duration Total Return Bond Fund		$	80,395		$	101,274		$	36,189		$	6,331
DoubleLine Strategic Commodity Fund (Consolidated)		$	88,840		$	90,794		$	18,303		$	18,659
DoubleLine Global Bond Fund		$	13,273		$	—		$	—		$	—
DoubleLine Infrastructure Income Fund		$	172,344		$	—		$	—		$	—
DoubleLine Ultra Short Bond Fund		$	220,735		$	30,967		$	—		$	—
DoubleLine Shiller Enhanced International CAPE®		$	171,882		$	389,095		$	236,220		$	44,615
DoubleLine Colony Real Estate and Income Fund		$	—		$	—		$	186,881		$	305,440
DoubleLine Emerging Markets Local Currency Bond Fund		$	—		$	—		$	—		$	80,277
DoubleLine Income Fund		$	—		$	—		$	—		$	24,460

140 DoubleLine Funds Trust

(Unaudited)

September 30, 2019

For the period ended September 30, 2019, each Adviser recouped the amounts shown from the following Funds:

DoubleLine Multi-Asset Growth Fund (Consolidated)	$	38,244
DoubleLine Strategic Commodity Fund (Consolidated)	$	95,000

If a Fund invested in other investment vehicles sponsored by an Adviser (“other DoubleLine Funds”) during the period, such Adviser waived its advisory fee to the Fund in an amount equal to the advisory fees paid to the Adviser by the other DoubleLine Funds in respect of Fund assets so invested. Accordingly, the Adviser waived the following fees for the period ended September 30, 2019.

DoubleLine Total Return Bond Fund	$	16,376
DoubleLine Core Fixed Income Fund	$	3,406,064
DoubleLine Multi-Asset Growth Fund (Consolidated)	$	137,241
DoubleLine Low Duration Bond Fund	$	123,962
DoubleLine Shiller Enhanced CAPE®	$	178,148
DoubleLine Flexible Income Fund	$	238,164
DoubleLine Shiller Enhanced International CAPE®	$	11,497
DoubleLine Colony Real Estate and Income Fund	$	10,974

As of September 30, 2019, greater than 5% of the following DoubleLine Funds was held by other DoubleLine Funds as follows:

Affiliated Fund Held	% Owned	Significant Owner
DoubleLine Global Bond Fund	75%	DoubleLine Core Fixed Income Fund
DoubleLine Infrastructure Income Fund	87%	DoubleLine Core Fixed Income Fund
DoubleLine Long Duration Total Return Bond Fund	57%	DoubleLine Core Fixed Income Fund
DoubleLine Global Bond Fund	8%	DoubleLine Flexible Income Fund
DoubleLine Low Duration Emerging Markets Fixed Income Fund	22%	DoubleLine Low Duration Bond Fund
DoubleLine Ultra Short Bond Fund	89%	DoubleLine Shiller Enhanced CAPE®
DoubleLine Income Fund	88%	DoubleLine Total Return Bond Fund

DoubleLine Capital LP and certain DoubleLine affiliated advisers provide investment advisory, sub-advisory, or consulting services to a variety of investors, including investment program sponsors, separate accounts, and mutual funds sponsored by third parties (collectively “third-party accounts”). Those services may result, directly or indirectly, in investments by the third-party accounts in one or more of the Funds. At times, the third-party accounts’ investments, individually or in the aggregate, may represent material interests in one or more of the Funds. The third-party accounts’ transaction activity in a Fund may cause a Fund to incur material transaction costs, to realize taxable gains distributable to shareholders, and/or to buy or sell assets at a time when the Fund might not otherwise do so, each of which may adversely affect a Fund’s performance. See the description of Large Shareholder Risk in the Principal Risks Note for more information. Records available to the Funds reflect that greater than 25% of the following Funds were held by third-party accounts as of September 30, 2019:

	% Owned
DoubleLine Multi-Asset Growth Fund (Consolidated)		76%

4.  Distribution, Sales Charge and Redemption Fees

Class N shares and Class A shares of the Funds make payments under a distribution plan (the “Distribution Plan”) adopted pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, each Fund compensates the Fund’s distributor for distribution and related services at an annual rate equal to 0.25% of the average daily net assets of the Fund attributable to its Class N and Class A shares. The fees may be used to pay the Fund’s distributor for distribution services and sales support services provided in connection with Class N and Class A shares.

The Class A shares of DoubleLine Multi-Asset Growth Fund have a maximum sales charge imposed on purchases of 4.25% of the offering price and a maximum contingent deferred sales charge of 0.75% that applies to purchases of $1 million or more of Class A shares if the shares are redeemed within 18 months of purchase.

The DoubleLine Floating Rate Fund imposes redemption fees. Redemption fees are paid to and retained by the Fund to limit the opportunity to market time the Fund and to help offset estimated portfolio transaction costs and other related costs incurred by the Fund as a result of short-term trading. Subject to the exceptions discussed in the Fund’s prospectus, the DoubleLine Floating Rate Fund will apply a redemption fee equal to 1% of the value of any shares redeemed within 90 days of purchase.

Semi-Annual Report September 30, 2019 141

Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2019

5.  Purchases and Sales of Securities

Investment transactions (excluding short-term investments) for the period ended September 30, 2019 were as follows:

	All Other						U.S. Government1
	Purchases at Cost			Sales or Maturity Proceeds			Purchases at Cost			Sales or Maturity Proceeds
DoubleLine Total Return Bond Fund		$	7,672,532,848		$	5,193,625,340		$	2,910,278,953		$	532,296,211
DoubleLine Core Fixed Income Fund		$	1,950,197,355			1,165,949,695			1,360,188,406			894,570,662
DoubleLine Emerging Markets Fixed Income Fund		$	212,057,102			157,966,358			—			—
DoubleLine Multi-Asset Growth Fund (Consolidated)		$	11,816,913			31,960,785			—			—
DoubleLine Low Duration Bond Fund		$	2,042,881,118			1,694,420,121			251,257,689			236,341,266
DoubleLine Floating Rate Fund		$	114,083,850			296,033,159			—			—
Doubleline Shiller Enhanced CAPE®		$	2,041,426,793			1,090,966,252			537,209,713			206,982,020
DoubleLine Flexible Income Fund		$	273,870,722			175,561,389			66,392,968			24,579,017
DoubleLine Low Duration Emerging Markets Fixed Income Fund		$	100,291,137			112,715,578			—			—
DoubleLine Selective Credit Fund		$	335,440,685			116,713,971			—			—
DoubleLine Long Duration Total Return Bond Fund		$	3,389,930			5,834,697			16,973,559			8,851,242
DoubleLine Strategic Commodity Fund (Consolidated)		$	—			—			—			—
DoubleLine Global Bond Fund		$	81,277,790			6,915,315			28,569,169			14,120,771
DoubleLine Infrastructure Income Fund		$	25,191,366			17,889,825			5,512,246			—
DoubleLine Ultra Short Bond Fund		$	100,192,583			34,469,235			—			—
Doubleline Shiller Enhanced International CAPE®		$	7,161,454			17,972,412			4,204,395			1,233,959
Doubleline Colony Real Estate and Income Fund		$	40,427,716			36,059,121			20,902,170			19,800,215
DoubleLine Emerging Markets Local Currency Bond Fund		$	8,618,468			86,157			—			—
DoubleLine Income Fund		$	65,297,668			61,628			20,377,477			12,192,434

¹ U.S. Government transactions are defined as those involving long-term U.S. Treasury bills, bonds and notes.

6.  Income Tax Information and Distributions to Shareholders

The tax character of distributions for the Funds were as follows:

	Period Ended September 30, 2019						Period Ended March 31, 2019
	Ordinary Income			Long Term Capital Gain			Ordinary Income			Long Term Capital Gain
DoubleLine Total Return Bond Fund		$	952,702,409		$	—		$	1,815,432,826		$	—
DoubleLine Core Fixed Income Fund		$	209,001,872		$	—		$	368,044,606		$	—
DoubleLine Emerging Markets Fixed Income Fund		$	28,072,242		$	—		$	42,188,421		$	—
DoubleLine Multi-Asset Growth Fund (Consolidated)		$	2,789,127		$	—		$	6,736,113		$	—
DoubleLine Low Duration Bond Fund		$	116,534,663		$	—		$	187,300,764		$	—
DoubleLine Floating Rate Fund		$	10,411,825		$	—		$	30,699,519		$	—
Doubleline Shiller Enhanced CAPE®		$	98,784,219		$	—		$	171,498,030		$	520,841,008
DoubleLine Flexible Income Fund		$	31,417,417		$	—		$	57,222,133		$	—
DoubleLine Low Duration Emerging Markets Fixed Income Fund		$	3,853,315		$	—		$	5,656,066		$	148,364
DoubleLine Long Duration Total Return Bond Fund		$	1,166,786		$	—		$	2,231,875		$	—
DoubleLine Strategic Commodity Fund (Consolidated)		$	—		$	—		$	5,581,183		$	—
DoubleLine Global Bond Fund		$	8,944,972		$	—		$	9,826,720		$	—
DoubleLine Infrastructure Income Fund		$	8,932,238		$	—		$	17,600,337		$	88,676
DoubleLine Ultra Short Bond Fund		$	3,358,484		$	—		$	5,966,067		$	11,100
Doubleline Shiller Enhanced International CAPE®		$	967,633		$	—		$	3,041,578		$	3,079,477
Doubleline Colony Real Estate and Income Fund		$	1,738,630		$	—		$	575,909		$	—
DoubleLine Emerging Markets Local Currency Bond Fund		$	57,688		$	—		$	—		$	—
DoubleLine Income Fund		$	124,790		$	—		$	—		$	—

142 DoubleLine Funds Trust

(Unaudited)

September 30, 2019

The Funds designated as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Funds related to net capital gain to zero.

The amount and character of tax-basis distributions and composition of net assets, including undistributed (accumulated) net investment income (loss), are finalized at fiscal year-end; accordingly, tax-basis balances have not been determined as of the date of this report.

The cost basis of investments for federal income tax purposes as of March 31, 2019, was as follows:

	DoubleLine Total Return Bond Fund				DoubleLine Core Fixed Income Fund				DoubleLine Emerging Markets Fixed Income Fund				DoubleLine Multi-Asset Growth Fund (Consolidated)				DoubleLine Low Duration Bond Fund				DoubleLine Floating Rate Fund
Tax Cost of Investments		$	50,773,950,536			$	11,494,467,605			$	1,139,068,996			$	226,795,988			$	6,932,821,601			$	492,019,294
Gross Tax Unrealized Appreciation			1,038,506,534				183,854,117				21,377,091				6,252,373				32,485,025				1,460,922
Gross Tax Unrealized Depreciation			(1,346,104,575	)			(162,921,049	)			(66,573,915	)			(11,408,349	)			(47,532,797	)			(9,438,178	)
Net Tax Unrealized Appreciation (Depreciation)			(307,598,041	)			20,933,068				(45,196,824	)			(5,155,976	)			(15,047,772	)			(7,977,256	)
	DoubleLine Shiller Enhanced CAPE®				DoubleLine Flexible Income Fund				DoubleLine Low Duration Emerging Markets Fixed Income Fund				DoubleLine Long Duration Total Return Bond  Fund				DoubleLine Strategic Commodity Fund (Consolidated)				DoubleLine Global Bond Fund
Tax Cost of Investments		$	5,639,310,840			$	1,317,303,070			$	220,418,164			$	80,215,996			$	507,954,079			$	1,061,323,841
Gross Tax Unrealized Appreciation			252,992,764				16,422,483				2,642,705				1,747,520				2,760,202				20,685,773
Gross Tax Unrealized Depreciation			(45,981,379	)			(35,404,085	)			(3,685,204	)			(1,151,920	)			(119,656	)			(18,345,701	)
Net Tax Unrealized Appreciation (Depreciation)			207,011,385				(18,981,602	)			(1,042,499	)			595,600				2,640,546				2,340,072
	DoubleLine Infrastructure Income Fund				DoubleLine Ultra Short Bond Fund				DoubleLine Shiller Enhanced International CAPE®				DoubleLine Colony Real Estate and Income Fund
Tax Cost of Investments		$	534,424,149			$	237,599,906			$	59,373,902			$	115,917,535
Gross Tax Unrealized Appreciation			6,536,369				82,113				5,203,557				12,046,442
Gross Tax Unrealized Depreciation			(3,954,047	)			(134,674	)			(2,106,479	)			(114,564	)
Net Tax Unrealized Appreciation (Depreciation)			2,582,322				(52,561	)			3,097,078				11,931,878
As of March 31, 2019, the components of accumulated earnings (losses) for income tax purposes were as follows:
	DoubleLine Total Return Bond Fund				DoubleLine Core Fixed Income Fund				DoubleLine Emerging Markets Fixed Income Fund				DoubleLine Multi-Asset Growth Fund (Consolidated)				DoubleLine Low Duration Bond Fund				DoubleLine Floating Rate Fund
Net Tax Unrealized Appreciation (Depreciation)		$	(307,598,041	)		$	20,933,068			$	(45,196,824	)		$	(5,155,976	)		$	(15,047,772	)		$	(7,977,256	)
Undistributed Ordinary Income			28,445,127				9,166,328				416,350				629,672				5,064,704				1,401,866
Undistributed Long Term Capital Gains			—				—				—				—				—				—
Total Distributable Earnings			28,445,127				9,166,328				416,350				629,672				5,064,704				1,401,866
Other Accumulated Gains (Losses)			(2,930,113,238	)			(151,610,368	)			(16,226,120	)			(5,198,815	)			(57,630,878	)			(19,207,823	)
Total Accumulated Earnings (Losses)			(3,209,266,152	)			(121,510,972	)			(61,006,594	)			(9,725,119	)			(67,613,946	)			(25,783,213	)
	DoubleLine Shiller Enhanced CAPE®				DoubleLine Flexible Income Fund				DoubleLine Low Duration Emerging Markets Fixed Income  Fund				DoubleLine Long Duration Total Return Bond  Fund				DoubleLine Strategic Commodity Fund (Consolidated)				DoubleLine Global Bond Fund
Net Tax Unrealized Appreciation (Depreciation)		$	207,011,385			$	(18,981,602	)		$	(1,042,499	)		$	595,600			$	2,640,546			$	2,340,072
Undistributed Ordinary Income			4,664,007				1,260,453				216,284				145,400				1,016,555				1,970,909
Undistributed Long Term Capital Gains			—				—				—				—				—				—
Total Distributable Earnings			4,664,007				1,260,453				216,284				145,400				1,016,555				1,970,909
Other Accumulated Gains (Losses)			(23,259,698	)			(10,358,178	)			(812,535	)			(1,675,044	)			(25,719	)			(1,183,603	)
Total Accumulated Earnings (Losses)			188,415,694				(28,079,327	)			(1,638,750	)			(934,044	)			3,631,382				3,127,378

Semi-Annual Report September 30, 2019 143

Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2019

	DoubleLine Infrastructure Income Fund				DoubleLine Ultra Short Bond Fund				DoubleLine Shiller Enhanced International CAPE®				DoubleLine Colony Real Estate and Income Fund
Net Tax Unrealized Appreciation (Depreciation)		$	2,582,322			$	(52,561	)		$	3,097,078			$	11,931,878
Undistributed Ordinary Income			1,788,151				488,685				59,829				866,912
Undistributed Long Term Capital Gains			—				1,720				—				—
Total Distributable Earnings			1,788,151				490,405				59,829				866,912
Other Accumulated Gains (Losses)			(3,674,997	)			(432,940	)			(14,504,578	)			(206,872	)
Total Accumulated Earnings (Losses)			695,476				4,904				(11,347,671	)			12,591,918

Under the Regulated Investment Company Modernization Act of 2010, capital losses incurred by the Funds after January 1, 2011 will not be subject to expiration. In addition, such losses must be utilized prior to the losses incurred in the years preceding enactment.

As of March 31, 2019, the following capital loss carryforwards were available:

	Capital Loss Carryforward
DoubleLine Total Return Bond Fund		$	2,896,108,267
DoubleLine Core Fixed Income Fund		$	142,720,807
DoubleLine Emerging Markets Fixed Income Fund		$	16,554,899
DoubleLine Multi-Asset Growth Fund		$	4,685,307
DoubleLine Low Duration Bond Fund		$	54,251,167
DoubleLine Floating Rate Fund		$	18,012,940
DoubleLine Flexible Income Fund		$	9,555,224
DoubleLine Low Duration Emerging Markets Fixed Income Fund		$	672,252
DoubleLine Long Duration Total Return Bond Fund		$	1,542,936
DoubleLine Strategic Commodity Fund (Consolidated)		$	24,434
DoubleLine Global Bond Fund		$	189,421
DoubleLine Infrastructure Income Fund		$	2,182,224
DoubleLine Shiller Enhanced International CAPE®		$	14,455,349

As of March 31, 2019, the following funds deferred, on a tax basis, losses of:

	Post-October Loss			Late-Year Loss
DoubleLine Shiller Enhanced CAPE®		$	19,893,307		$	—

Additionally, US GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The permanent differences primarily relate to paydown losses, accretion of discount on certain debt instruments, foreign currency gains (losses), consent fee income and equalization. For the period ended March 31, 2019, the following table shows the reclassifications made:

	Undistributed (Accumulated) Net Investment Income (Loss)			Accumulated Net Realized Gain (Loss)				Paid-in Capital
DoubleLine Total Return Bond Fund		$	174,096,920		$	(170,387,162	)		$	(3,709,758	)
DoubleLine Core Fixed Income Fund			5,800,879			(5,800,879	)			—
DoubleLine Emerging Markets Fixed Income Fund			254,145			(254,145	)			—
DoubleLine Multi-Asset Growth Fund (Consolidated)			771,705			(771,562	)			(143	)
DoubleLine Low Duration Bond Fund			2,754,781			(2,754,781	)			—
DoubleLine Floating Rate Fund			4			(4	)			—

144 DoubleLine Funds Trust

(Unaudited)

September 30, 2019

	Undistributed (Accumulated) Net Investment Income (Loss)				Accumulated Net Realized Gain (Loss)				Paid-in Capital
DoubleLine Shiller Enhanced CAPE®		$	3,349,895			$	(56,189,612	)		$	52,839,717
DoubleLine Flexible Income Fund			3,872,775				(3,872,775	)			—
DoubleLine Low Duration Emerging Markets Fixed Income Fund			30,545				1,037,121				(1,067,666	)
DoubleLine Strategic Commodity Fund (Consolidated)			(1,430,467	)			31,051,705				(29,621,238	)
DoubleLine Global Bond Fund			1,170,382				(1,170,382	)			—
DoubleLine Infrastructure Income Fund			204,813				(204,813	)			—
DoubleLine Shiller Enhanced International CAPE®			165,809				(1,546,604	)			1,380,795
DoubleLine Colony Real Estate and Income Fund			398				(398	)			—

7.  Share Transactions

Transactions in each Fund’s shares were as follows:

	DoubleLine Total Return Bond Fund														DoubleLine Core Fixed Income Fund
	Period Ended September 30, 2019							Year Ended March 31, 2019							Period Ended September 30, 2019							Year Ended March 31, 2019
	Shares			Amount				Shares			Amount				Shares			Amount				Shares			Amount
Shares Sold
Class I		677,392,765			$	7,217,808,744			1,490,179,137			$	15,510,544,602			166,172,392			$	1,830,186,219			464,583,673			$	4,957,014,783
Class N		95,949,927				1,022,456,555			183,601,877				1,910,373,756			9,905,235				108,978,540			22,061,542				235,534,950
Class R6		11,898				127,204			—				—			9,050				100,000			—				—
Reinvested Dividends
Class I		60,904,896				650,142,236			116,927,597				1,216,005,602			11,708,674				129,237,974			21,266,340				227,044,296
Class N		9,662,766				103,080,882			20,756,543				215,731,862			1,106,678				12,201,127			2,534,350				27,030,113
Class R6		73				782			—				—			51				571			—				—
Shares Redeemed
Class I		(490,413,292	)			(5,231,466,545	)		(1,561,094,553	)			(16,225,662,105	)		(102,713,069	)			(1,133,627,214	)		(368,274,555	)			(3,923,381,287	)
Class N		(86,230,701	)			(918,210,838	)		(359,862,616	)			(3,741,093,186	)		(13,776,679	)			(150,818,412	)		(41,791,012	)			(445,241,562	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		267,278,332			$	2,843,939,020			(109,492,015	)		$	(1,114,099,469	)		72,412,332			$	796,258,805			100,380,338			$	1,078,001,293
	DoubleLine Emerging Markets Fixed Income Fund														DoubleLine Multi-Asset Growth Fund (Consolidated)
	Period Ended September 30, 2019							Year Ended March 31, 2019							Period Ended September 30, 2019							Year Ended March 31, 2019
	Shares			Amount				Shares			Amount				Shares			Amount				Shares			Amount
Shares Sold
Class I		25,209,181			$	265,390,472			49,438,398			$	504,827,778			588,246			$	5,427,226			3,149,417			$	28,788,520
Class N		5,323,073				55,907,275			8,624,137				88,009,516			—				—			—				—
Class A		—				—			—				—			3,829,562				35,304,484			10,395,458				94,432,779
Reinvested Dividends
Class I		1,582,246				16,614,244			2,558,655				26,044,732			30,701				285,352			108,061				986,751
Class N		247,523				2,599,678			399,647				4,071,656			—				—			—				—
Class A		—				—			—				—			12,352				114,305			42,502				385,282
Shares Redeemed
Class I		(21,331,451	)			(224,237,683	)		(50,744,106	)			(518,520,307	)		(1,116,367	)			(10,310,829	)		(5,152,073	)			(46,888,464	)#
Class N		(5,686,135	)			(59,801,282	)		(12,102,876	)			(123,607,795	)		—				—			—				—
Class A		—				—			—				—			(3,188,081	)			(29,395,180	)		(7,371,729	)			(66,960,743	)#
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		5,344,437			$	56,472,704			(1,826,145	)		$	(19,174,420	)		156,413			$	1,425,358			1,171,636			$	10,744,125

Semi-Annual Report September 30, 2019 145

Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2019

	DoubleLine Low Duration Bond Fund														DoubleLine Floating Rate Fund
	Period Ended September 30, 2019							Year Ended March 31, 2019							Period Ended September 30, 2019							Year Ended March 31, 2019
	Shares			Amount				Shares			Amount				Shares			Amount				Shares			Amount
Shares Sold
Class I		181,418,319			$	1,819,906,182			391,622,024			$	3,891,548,519			1,410,850			$	13,666,232			23,857,689			$	235,473,395
Class N		28,856,886				289,333,515			53,547,553				531,783,254			1,887,306				18,315,304			6,681,284				65,821,008
Class R6		9,970				100,000			—				—			—				—			—				—
Reinvested Dividends
Class I		7,411,247				74,285,255			11,776,968				116,992,306			400,166				3,859,616			1,187,834				11,628,545
Class N		1,748,657				17,509,316			3,256,885				32,321,353			128,471				1,241,221			313,544				3,072,852
Class R6		52				520			—				—			—				—			—				—
Shares Redeemed
Class I		(131,984,347	)			(1,324,276,035	)		(264,585,052	)			(2,629,407,787	)		(16,381,816	)			(158,136,336	)^		(31,064,172	)			(302,614,569	)~
Class N		(20,321,294	)			(203,529,563	)		(52,645,346	)			(522,909,938	)		(6,489,957	)			(62,598,737	)^		(9,558,966	)			(93,271,217	)~
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		67,139,490			$	673,329,190			142,973,032			$	1,420,327,707			(19,044,980	)		$	(183,652,700	)		(8,582,787	)		$	(79,889,986	)
	DoubleLine Shiller Enhanced CAPE®														DoubleLine Flexible Income Fund
	Period Ended September 30, 2019							Year Ended March 31, 2019							Period Ended September 30, 2019							Year Ended March 31, 2019
	Shares			Amount				Shares			Amount				Shares			Amount				Shares			Amount
Shares Sold
Class I		97,687,175			$	1,496,361,233			151,929,898			$	2,267,115,217			26,127,216			$	253,917,377			59,682,054			$	577,648,219
Class N		30,603,114				468,969,801			40,052,173				604,670,228			6,040,663				58,737,850			13,525,967				130,809,752
Class R6		7,594				119,082			—				—			10,267				100,000			—				—
Reinvested Dividends
Class I		4,206,959				64,323,060			31,787,951				450,246,732			1,991,124				19,342,434			3,775,328				36,469,886
Class N		661,539				10,102,689			8,856,673				124,462,493			463,825				4,500,808			855,875				8,260,527
Class R6		37				566			—				—			75				726			—				—
Shares Redeemed
Class I		(35,554,508	)			(543,119,774	)		(139,483,637	)			(2,028,238,261	)		(17,501,947	)			(170,284,359	)		(53,356,139	)			(515,250,500	)
Class N		(13,777,110	)			(210,383,424	)		(34,219,885	)			(508,122,667	)		(2,829,884	)			(27,508,745	)		(12,760,234	)			(123,295,718	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		83,834,800			$	1,286,373,233			58,923,173			$	910,133,742			14,301,339			$	138,806,091			11,722,851			$	114,642,166
	DoubleLine Low Duration Emerging Markets Fixed Income Fund														DoubleLine Long Duration Total Return Bond Fund
	Period Ended September 30, 2019							Year Ended March 31, 2019							Period Ended September 30, 2019							Year Ended March 31, 2019
	Shares			Amount				Shares			Amount				Shares			Amount				Shares			Amount
Shares Sold
Class I		3,136,708			$	31,115,338			13,253,315			$	127,800,155			1,088,213			$	11,130,716			1,453,308			$	13,757,195
Class N		379,643				3,759,935			1,624,940				15,708,751			818,771				8,540,372			1,787,097				17,180,959
Reinvested Dividends
Class I		201,501				1,998,056			268,895				2,596,179			23,790				248,356			31,489				298,458
Class N		32,828				325,797			82,239				794,132			17,390				180,528			34,051				323,273
Shares Redeemed
Class I		(2,742,411	)			(27,233,277	)		(8,026,631	)			(77,362,377	)		(622,093	)			(6,351,298	)		(476,449	)			(4,527,596	)
Class N		(1,094,252	)			(10,894,514	)		(5,214,706	)			(50,304,061	)		(747,595	)			(7,632,990	)		(1,505,170	)			(14,329,963	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		(85,983	)		$	(928,665	)		1,988,052			$	19,232,779			578,476			$	6,115,684			1,324,326			$	12,702,326

146 DoubleLine Funds Trust

(Unaudited)

September 30, 2019

	DoubleLine Strategic Commodity Fund (Consolidated)														DoubleLine Global Bond Fund
	Period Ended September 30, 2019							Year Ended March 31, 2019							Period Ended September 30, 2019							Year Ended March 31, 2019
	Shares			Amount				Shares			Amount				Shares			Amount				Shares			Amount
Shares Sold
Class I		12,138,020			$	112,050,087			51,965,097			$	516,765,655			10,752,646			$	111,897,909			41,896,109			$	431,191,745
Class N		1,111,397				10,324,968			4,278,833				43,053,774			46,309				481,803			454,642				4,665,810
Reinvested Dividends
Class I		—				—			492,779				4,381,702			6,021				62,856			11,116				112,997
Class N		—				—			64,971				573,842			4,368				45,766			24,717				250,561
Shares Redeemed
Class I		(16,855,010	)			(155,020,874	)		(27,846,073	)			(265,573,494	)		(952,937	)			(9,948,686	)		(1,374,705	)			(13,942,614	)
Class N		(2,303,251	)			(21,396,253	)		(4,339,895	)			(41,915,785	)		(1,155,171	)			(12,085,158	)		(1,613,491	)			(16,291,034	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		(5,908,844	)		$	(54,042,072	)		24,615,712			$	257,285,694			8,701,236			$	90,454,490			39,398,388			$	405,987,465
	DoubleLine Infrastructure Income Fund														DoubleLine Ultra Short Bond Fund
	Period Ended September 30, 2019							Year Ended March 31, 2019							Period Ended September 30, 2019							Year Ended March 31, 2019
	Shares			Amount				Shares			Amount				Shares			Amount				Shares			Amount
Shares Sold
Class I		1,098,026			$	11,265,375			4,224,035			$	41,902,955			10,599,335			$	106,621,789			13,957,515			$	140,002,062
Class N		86,265				891,534			302,384				3,006,495			222,701				2,239,803			310,286				3,115,733
Reinvested Dividends
Class I		23,304				240,528			82,364				816,483			35,306				354,640			53,340				534,792
Class N		3,788				39,103			27,897				276,193			4,141				41,635			3,341				33,526
Shares Redeemed
Class I		(1,977,280	)			(20,199,421	)		(4,570,223	)			(45,235,490	)		(809,799	)			(8,139,823	)		(7,159,074	)			(71,734,991	)
Class N		(52,956	)			(544,196	)		(2,004,820	)			(19,826,866	)		(33,571	)			(337,676	)		(90,656	)			(910,228	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		(818,853	)		$	(8,307,077	)		(1,938,363	)		$	(19,060,230	)		10,018,113			$	100,780,368			7,074,752			$	71,040,894
	DoubleLine Shiller Enhanced International CAPE®														DoubleLine Colony Real Estate and Income Fund
	Period Ended September 30, 2019							Year Ended March 31, 2019							Period Ended September 30, 2019							Period Ended March 31, 2019
	Shares			Amount				Shares			Amount				Shares			Amount				Shares			Amount
Shares Sold
Class I		599,207			$	6,265,588			1,839,855			$	18,854,935			542,230			$	6,391,458			10,736,749			$	108,929,014
Class N		309,169				3,191,620			802,298				8,490,189			174,386				2,021,678			392,524				4,227,770
Reinvested Dividends
Class I		41,842				433,817			331,862				3,274,802			12,359				143,982			5,314				55,692
Class N		26,886				278,524			193,658				1,915,570			5,130				59,585			925				10,283
Shares Redeemed
Class I		(762,364	)			(7,868,253	)		(4,938,424	)			(52,154,309	)		(196,159	)			(2,273,367	)		(18,044	)			(193,793	)
Class N		(419,791	)			(4,356,193	)		(1,630,229	)			(17,044,623	)		(81,734	)			(943,830	)		(6,653	)			(72,475	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		(205,051	)		$	(2,054,897	)		(3,400,980	)		$	(36,663,436	)		456,212			$	5,399,506			11,110,815			$	112,956,491

Semi-Annual Report September 30, 2019 147

Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2019

	DoubleLine Emerging Markets Local Currency Bond Fund					DoubleLine Income Fund
	Period Ended September 30, 2019					Period Ended September 30, 2019
	Shares		Amount			Shares		Amount
Shares Sold
Class I		990,000		$	9,900,000		8,016,170		$	79,900,000
Class N		10,000			100,000		10,000			100,000
Reinvested Dividends
Class I		5,943			57,170		1,546			15,394
Class N		54			518		14			139
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		1,005,997		$	10,057,688		8,027,730		$	80,015,533

^ Net of redemption fees of $6,602 and $2,486 for Class I and Class N, respectively.

# Net of redemption fees of $731 and $1,737 for Class I and Class A, respectively.

~ Net of redemption fees of $135,897 and $43,503 for Class I and Class N, respectively.

8.  Trustees Fees

Trustees who are not affiliated with each Adviser and its affiliates receive fees from the Trust. These trustees may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the Funds, are treated as if invested in shares of Funds designated by each Trustee or other funds managed by each Adviser and its affiliates. These amounts represent general unsecured liabilities of each Fund and vary according to the total returns of the selected funds. Trustees Fees in the Statements of Operations include current fees (either paid in cash or deferred) and any increase (decrease) in the value of the deferred amounts. Certain trustees and officers of the Funds are also officers of each Adviser; such trustees and officers are not compensated by the Funds.

For the period ended September 30, 2019, the Trustees received as a group:

	Current Fees			Increase/(Decrease) in Value of Deferred Amount			Trustees Fees
DoubleLine Total Return Bond Fund		$	275,633		$	17,534		$	293,167
DoubleLine Core Fixed Income Fund			65,245			4,024			69,269
DoubleLine Emerging Markets Fixed Income Fund			6,588			398			6,986
DoubleLine Multi-Asset Growth Fund (Consolidated)			1,202			75			1,277
DoubleLine Low Duration Bond Fund			38,851			2,418			41,269
DoubleLine Floating Rate Fund			4,505			149			4,654
DoubleLine Shiller Enhanced CAPE®			39,937			2,139			42,076
DoubleLine Flexible Income Fund			8,331			458			8,789
DoubleLine Low Duration Emerging Markets Fixed Income Fund			1,125			76			1,201
DoubleLine Long Duration Total Return Bond Fund			400			29			429
DoubleLine Strategic Commodity Fund (Consolidated)			4,421			162			4,583
DoubleLine Global Bond Fund			4,433			382			4,815
DoubleLine Infrastructure Income Fund			3,762			182			3,944
DoubleLine Ultra Short Bond Fund			920			88			1,008
DoubleLine Shiller Enhanced International CAPE®			790			21			811
DoubleLine Colony Real Estate and Income Fund			1,788			43			1,831
DoubleLine Emerging Markets Local Currency Bond Fund			504			1			505
DoubleLine Income Fund			258			—			258

148 DoubleLine Funds Trust

(Unaudited)

September 30, 2019

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 during the period ended September 30, 2019 is as follows:

	DoubleLine Total Return Bond Fund				DoubleLine Multi- Asset Growth  Fund (Consolidated)			DoubleLine Shiller Enhanced CAPE®			DoubleLine Long Duration Total Return Bond  Fund				DoubleLine Strategic Commodity Fund (Consolidated)			DoubleLine Shiller Enhanced International CAPE®			DoubleLine Colony Real Estate and Income Fund
Average Market Value
Futures Contracts- Long		$	(11,880,495	)		$	453,677		$	—		$	645,948			$	—		$	—		$	—
Futures Contracts - Short			—				17,740			—			(534,813	)			—			—			—
Average Notional Balance
Excess Return Swaps - Long			—				48,180,000			6,385,000,000			—				399,733,333			53,400,000			117,873,333
Excess Return Swaps - Short			—				4,240,000			—			—				59,166,667			—			—
Forward Currency Exchange Contracts			—				27,799,154			—			—				—			68,569,993			—

Options Contracts  The Funds may purchase or sell put and call options. When a Fund purchases an option it pays a premium in return for the potential to profit from the change in value of an underlying investment or index during the term of the option. The option premium is included on the Funds’ Statements of Assets and Liabilities as an investment and marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses and are recorded in net realized gain (loss) on investments on the Statements of Operations. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing options is limited to the loss of the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss and are recorded in net realized gain (loss) on investments on the Statements of Operations. When a Fund writes (i.e., sells) an option it receives a premium in return for bearing the risk of the change in value of an underlying instrument during the term off the option. Writing put options tends to increase a Fund’s exposure to the risk that the value of the underlying instrument will depreciate. Writing call options tends to decrease a Fund’s ability to benefit from appreciation in the value in the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded as a liability on the Fund’s Statement of Assets and Liabilities and marked to market to reflect the current value of the option written. Premiums received from writing options which expire are treated as realized gains and are recorded in net realized gain (loss) on written options on the Statements of Operations. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying instrument to determine the realized gain or loss when the underlying instrument is sold and are recorded in net realized gain (loss) on written options on the Statements of Operations. A Fund as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put), and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk that the market for options contracts may be illiquid and that a Fund may not be able to close out or sell an option at a particular time or at an anticipated price.

Futures Contracts  Futures contracts typically involve a contractual commitment to buy or sell a particular instrument or index unit at a specified price on a future date. Risks associated with the use of futures contracts include the potential for imperfect correlation between the change in market value of the securities held by the Funds and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices determined by the relevant exchange. Upon entering into a futures contract, a Fund is required to deposit with its futures broker an amount of cash in accordance with the initial margin requirements of the broker or exchange. Such collateral is recorded in deposit at broker for futures in the Statements of Assets and Liabilities. Futures contracts are marked-to-market daily and an appropriate payment reflecting the change in value (“variation margin”) is made or received by or for the accounts of the Funds. The variation margin is recorded on the Statements of Assets and Liabilities. The cumulative change in value of futures contracts is recorded in net unrealized appreciation (depreciation) on futures on the Statements of Assets and Liabilities. Gains or losses are recognized but not considered realized until the contracts 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.

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Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2019

Forward Foreign Currency Contracts  Forward foreign currency contracts are agreements between two parties to buy and sell a currency at a set exchange rate on a future date. Unless a Fund’s registration statement expressly states otherwise, each Fund may enter into forward foreign currency contracts for any investment purpose. The market value of a forward foreign currency contract fluctuates with the changes in foreign currency exchange rates. The contract is marked-to-market daily and the change in market value is recorded in net unrealized appreciation (depreciation) on forwards on the Statements of Assets and Liabilities. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed on the Statements of Operations. The use of foreign currency exchange contracts involves the risk that the value of a foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies and the risk that a counterparty to the contract does not perform its obligations under the agreement.

Credit Default Swap Agreements  Credit default swap agreements typically involve one party making a stream of payments (generally referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a default or other credit event in respect of a referenced entity, obligation or index. As a seller of protection on credit default swap agreements, a Fund generally will receive from the buyer of protection a fixed rate of income throughout the term of the swap. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap.

If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund typically will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or the affected securities in the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or the affected securities in the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund typically will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or the affected securities in the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or the affected securities in the referenced index. Recovery values are typically estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. An index credit default swap references all the names in the index, and if there is a default with respect to a single name in the index, the credit event is generally settled based on that name’s weight in the index.

Credit default swaps are considered to have credit risk related contingent features since they require payment by the protection seller to the protection buyer upon occurrence of a defined credit event. A Fund’s maximum risk of loss from counterparty risk, as the protection buyer, is the fair value of the contract, which may be mitigated by the posting of collateral by the counterparty to a Fund to cover a Fund’s exposure to the counterparty. Upfront premiums (received) paid including accretion (amortization) less any collateral held at the counterparty are reflected in deposit at broker for swaps on the Statements of Assets and Liabilities. The marked-to-market value less a financing rate, if any, is included in net unrealized appreciation (depreciation) on swaps on the Statements of Assets and Liabilities. At termination or maturity of the swap, the cumulative marked-to-market on the value less a financing rate, if any, is recorded in realized gain (loss) on swaps on the Statements of Operations.

Interest Rate Swap Agreements  The Funds may enter into interest rate swap agreements. Interest rate swap agreements involve an exchange with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spread locks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets. The value is marked to market and is recorded in net unrealized appreciation (depreciation) on swaps on the Statements of Assets and Liabilities. At termination or maturity date, the interest on the notional amount of principal is exchanged and is recorded in net realized gain (loss) on swaps on the Statements of Operations.

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

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or maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any, and is recorded in net realized gain (loss) on swaps on the Statements of Operations. To the extent the marked-to-market value of an excess return swap appreciates to the benefit of a Fund and exceeds certain contractual thresholds, a Fund’s counterparty may be contractually required to provide collateral. If the marked-to-market value of an excess return swap depreciates in value to the benefit of a counterparty and exceeds certain contractual thresholds, a Fund would generally be required to provide collateral for the benefit of its counterparty. Assets provided by the Funds as collateral are reflected as a component of investments in unaffiliated securities at value on the Statements of Assets and Liabilities and are noted on the Schedules of Investments. Assets provided to a Fund by a counterparty as collateral are not assets of the Fund and are not a component of a Fund’s net asset value.

The Funds’ derivative instrument holdings are summarized in the following tables.

The effect of derivative instruments on the Statements of Assets and Liabilities for the period ended September 30, 2019 was as follows:

	Derivatives not accounted for as hedging instruments
Statements of Assets and Liabilities Location		Commodity Risk			Equity Risk			Foreign Exchange Rate Risk			Interest Rate Risk			Total
Net Unrealized Appreciation (Depreciation) on:
Forwards
DoubleLine Multi-Asset Growth Fund (Consolidated)		$	—		$	—		$	(349,484	)	$	—		$	(349,484	)
DoubleLine Shiller Enhanced International CAPE®			—			—			(1,556,815	)		—			(1,556,815	)
Futures
DoubleLine Total Return Bond Fund		$	—		$	—		$	—		$	(11,880,495	)	$	(11,880,495	)
DoubleLine Multi-Asset Growth Fund (Consolidated)			—			(380,908	)		—			(94,345	)		(475,253	)
DoubleLine Long Duration Total Return Bond Fund			—			—			—			(233,570	)		(233,570	)
Swaps
DoubleLine Multi-Asset Growth Fund (Consolidated)		$	(154,471	)	$	201,407		$	—		$	—		$	46,936
DoubleLine Shiller Enhanced CAPE®			—			243,730,851			—			—			243,730,851
DoubleLine Strategic Commodity Fund (Consolidated)			1,844,982			—			—			—			1,844,982
DoubleLine Shiller Enhanced International CAPE®			—			4,447,620			—			—			4,447,620
DoubleLine Colony Real Estate and Income Fund			—			21,108,283			—			—			21,108,283

The effect of derivative instruments on the Statements of Operations for the period ended September 30, 2019 was as follows:

	Derivatives not accounted for as hedging instruments
Statements of Operations Location		Commodity Risk			Equity Risk		Foreign Exchange Rate Risk			Interest Rate Risk		Total
Net Realized Gain (Loss) on:
Forwards
DoubleLine Multi-Asset Growth Fund (Consolidated)		$	—		$	—	$	38,812		$	—	$	38,812
DoubleLine Shiller Enhanced International CAPE®			—			—		(2,538,349	)		—		(2,538,349	)
Futures
DoubleLine Total Return Bond Fund		$	—		$	—	$	—		$	23,277,339	$	23,277,339
DoubleLine Multi-Asset Growth Fund (Consolidated)			—			1,180,567		(220,314	)		1,202,578		2,162,831
DoubleLine Long Duration Total Return Bond Fund			—			—		—			1,685,184		1,685,184
Swaps
DoubleLine Multi-Asset Growth Fund (Consolidated)		$	83,015		$	4,215,143	$	—		$	—	$	4,298,158
DoubleLine Shiller Enhanced CAPE®			—			225,097,527		—			—		225,097,527
DoubleLine Strategic Commodity Fund (Consolidated)			(32,410,619	)		—		—			—		(32,410,619	)
DoubleLine Shiller Enhanced International CAPE®			—			493,489		—			—		493,489
DoubleLine Colony Real Estate and Income Fund			—			155,536		—			—		155,536

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Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2019

	Derivatives not accounted for as hedging instruments
Statements of Operations Location		Commodity Risk			Equity Risk			Foreign Exchange Rate Risk			Interest Rate Risk			Total
Net Change in Unrealized Appreciation (Depreciation) on:
Forwards
DoubleLine Multi-Asset Growth Fund (Consolidated)		$	—		$	—		$	(298,204	)	$	—		$	(298,204	)
DoubleLine Shiller Enhanced International CAPE®			—			—			(77,029	)		—			(77,029	)
Futures
DoubleLine Total Return Bond Fund		$	—		$	—		$	—		$	(11,880,495	)	$	(11,880,495	)
DoubleLine Multi-Asset Growth Fund (Consolidated)			—			(799,299	)		55,240			(416,404	)		(1,160,463	)
DoubleLine Long Duration Total Return Bond Fund			—			—			—			(444,479	)		(444,479	)
Swaps
DoubleLine Multi-Asset Growth Fund (Consolidated)		$	(246,741	)	$	(2,400,462	)	$	—		$	—		$	(2,647,203	)
DoubleLine Shiller Enhanced CAPE®			—			15,487,703			—			—			15,487,703
DoubleLine Strategic Commodity Fund (Consolidated)			(639,608	)		—			—			—			(639,608	)
DoubleLine Shiller Enhanced International CAPE®			—			1,231,540			—			—			1,231,540
DoubleLine Colony Real Estate and Income Fund			—			9,827,704			—			—			9,827,704

10.  Offsetting Assets and Liabilities

The Funds are subject to various Master Netting Arrangements, which govern the terms of certain transactions with select counterparties. The Master Netting Arrangements are intended to allow the Funds to close out and net their 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 exceeds a specified threshold depending on the counterparty and the type of Master Netting Arrangement.

As of September 30, 2019 the Funds held the following derivative instruments that were subject to offsetting on the Statements of Assets and Liabilities:

DoubleLine Multi-Asset Growth Fund (Consolidated)

Assets:

Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts presented in the Statement of Assets and Liabilities			Gross Amounts not offset in the Statement of Assets and Liabilities						Net Amount
										Financial Instruments			Cash Collateral Received
Forwards		$	254,508		$	254,508		$	—		$	—		$	—		$	—
Swap Contracts			201,407			—			201,407			—			—			201,407
		$	455,915		$	254,508		$	201,407		$	—		$	—		$	201,407

Liabilities:

Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts presented in the Statement of Assets and Liabilities			Gross Amounts not offset in the Statement of Assets and Liabilities						Net Amount
										Financial Instruments			Cash Collateral Pledged
Forwards		$	603,992		$	254,508		$	349,484		$	158,932		$	—		$	190,552
Swap Contracts			154,471			—			154,471			154,471			—			—
		$	758,463		$	254,508		$	503,955		$	313,403		$	—		$	190,552

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DoubleLine Shiller Enhanced CAPE^®

Assets:

Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts presented in the Statement of Assets and Liabilities			Gross Amounts not offset in the Statement of Assets and Liabilities						Net Amount
										Financial Instruments			Cash Collateral Received
Swap Contracts		$	256,953,247		$	13,222,396		$	243,730,851		$	192,590,874		$	—		$	51,139,977

Liabilities:

Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts presented in the Statement of Assets and Liabilities			Gross Amounts not offset in the Statement of Assets and Liabilities						Net Amount
										Financial Instruments			Cash Collateral Pledged
Swap Contracts		$	13,222,396		$	13,222,396		$	—		$	—		$	—		$	—

DoubleLine Strategic Commodity Fund (Consolidated)

Assets:

Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts presented in the Statement of Assets and Liabilities			Gross Amounts not offset in the Statement of Assets and Liabilities						Net Amount
										Financial Instruments			Cash Collateral Received
Swap Contracts		$	6,956,020		$	2,924,007		$	4,032,013		$	4,032,013		$	—		$	—

Liabilities:

Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts presented in the Statement of Assets and Liabilities			Gross Amounts not offset in the Statement of Assets and Liabilities						Net Amount
										Financial Instruments			Cash Collateral Pledged
Swap Contracts		$	5,111,038		$	2,924,007		$	2,187,031		$	2,187,031		$	—		$	—

DoubleLine Shiller Enhanced International CAPE^®

Assets:

Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts presented in the Statement of Assets and Liabilities			Gross Amounts not offset in the Statement of Assets and Liabilities						Net Amount
										Financial Instruments			Cash Collateral Received
Forwards		$	28,973		$	28,973		$	—		$	—		$	—		$	—
Swap Contracts			4,447,620			—			4,447,620			4,049,197			—			398,423
		$	4,476,593		$	28,973		$	4,447,620		$	4,049,197		$	—		$	398,423

Liabilities:

Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts presented in the Statement of Assets and Liabilities			Gross Amounts not offset in the Statement of Assets and Liabilities						Net Amount
										Financial Instruments			Cash Collateral Pledged
Forwards		$	1,585,788		$	28,973		$	1,556,815		$	1,301,068		$	—		$	255,747

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Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2019

DoubleLine Colony Real Estate and Income Fund

Assets:

Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts presented in the Statement of Assets and Liabilities			Gross Amounts not offset in the Statement of Assets and Liabilities						Net Amount
										Financial Instruments			Cash Collateral Received
Swap Contracts		$	21,139,911		$	31,628		$	21,108,283		$	21,108,283		$	—		$	—

Liabilities:

Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts presented in the Statement of Assets and Liabilities			Gross Amounts not offset in the Statement of Assets and Liabilities						Net Amount
										Financial Instruments			Cash Collateral Pledged
Swap Contracts		$	31,628		$	31,628		$	—		$	—		$	—		$	—

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 adjust periodically based on a known lending rate, such as a bank’s prime rate. 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.  Credit Facility

U.S. Bank, N.A. (the “Bank”) has made available to the Trust, excluding the DoubleLine Emerging Markets Local Currency Bond Fund (the “DoubleLine Funds”) an uncommitted $725,000,000 credit facility for short term liquidity in connection with shareholder redemptions. Under the terms of the credit facility, borrowings for each DoubleLine Fund are limited to one-third of the total assets (including the amount borrowed) of such DoubleLine Fund. Fifty percent of the credit facility is available to all of the DoubleLine Funds, on a first come, first served basis. The remaining 50% of the credit facility is allocated among the DoubleLine Funds in accordance with procedures adopted by the Board. Borrowings under this credit facility bear interest at the Bank’s prime rate less 0.50% annually.

The Bank has also made available to the DoubleLine Floating Rate Fund a committed $100,000,000 credit facility. Borrowings under this credit facility bear interest at the Bank’s prime rate less 0.50% annually and the credit facility bears an unused commitment fee equal to 0.12% annually on the unused portion of the credit facility.

For the period ended September 30, 2019, the Funds’ credit facility activity is as follows:

	Average Borrowings			Maximum Amount Outstanding			Interest Expense			Commitment Fee			Average Interest Rate
DoubleLine Emerging Markets Fixed Income Fund		$	5,198,333		$	27,305,000		$	6,273		$	—		4.89%
DoubleLine Floating Rate Fund			8,481,000			37,222,000			16,975			60,576		4.88%
DoubleLine Low Duration Emerging Markets Fixed Income Fund			1,441,222			5,474,000			1,727			—		4.92%
DoubleLine Long Duration Total Return Bond Fund			15,000			22,000			4			—		4.88%
DoubleLine Global Bond Fund			318,333			319,000			133			—		5.00%

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13.  Significant Shareholder Holdings

As of September 30, 2019, a single beneficial shareholder otherwise unaffiliated with the Funds held 89% of the outstanding Class I shares of DoubleLine Colony Real Estate and Income Fund and 85% of DoubleLine Colony Real Estate and Income Fund’s total outstanding shares. That shareholder may be deemed to control the DoubleLine Colony Real Estate and Income Fund and a redemption of all or a substantial portion of that shareholder’s investment in DoubleLine Colony Real Estate and Income Fund may adversely affect its investment performance.

As of September 30, 2019, unaffiliated shareholders owned 5% or more of the following Funds’ share classes:

	Shares		% of Total Outstanding Shares - Per Class		% of Total Outstanding Shares - Total Fund
DoubleLine Infrastructure Income Fund - Class N		17,109		6%		0%
DoubleLine Colony Real Estate and Income Fund - Class I		9,856,683		89%		85%

As of September 30, 2019, shareholders affiliated with the Funds and/or Advisers (other than other DoubleLine Funds) owned shares of the Funds as follows:

	Shares		% of Total Outstanding Shares - Per Class		% of Total Outstanding Shares - Total Fund
DoubleLine Total Return Bond Fund - Class R6		11,970		100%		0%
DoubleLine Core Fixed Income Fund - Class R6		9,101		100%		0%
DoubleLine Low Duration Bond Fund - Class R6		10,022		100%		0%
DoubleLine Shiller Enhanced CAPE® - Class R6		7,631		100%		0%
DoubleLine Flexible Income Fund - Class R6		10,342		100%		0%
DoubleLine Emerging Markets Local Currency Bond Fund - Class I		995,943		100%		100%
DoubleLine Emerging Markets Local Currency Bond Fund - Class N		10,054		100%		100%
DoubleLine Income Fund - Class I		991,546		12%		12%
DoubleLine Income Fund - Class N		10,014		100%		12%

Investment activities of these shareholders could have a material affect on each Fund. See the description of Large Shareholder Risk in the following Principal Risks Note. For information on greater than 5% holders of certain Funds by other DoubleLine Funds, see Note 3 on Related and Other Party Transactions.

14.  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.

• affiliated fund risk:  the risk that, due to its own financial interest or other business considerations, an Adviser will have an incentive to invest a Fund’s assets in investment companies sponsored or managed by the Adviser or its related parties in lieu of investments by the Fund directly in portfolio securities, and will have an incentive to invest in such investment companies over investment companies sponsored or managed by others. Similarly, an Adviser will have an incentive to delay or decide against the sale of interests held by the Fund in investment companies sponsored or managed by the Adviser or its related parties.

• asset allocation risk:  the risk that a Fund’s investment performance may 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, or investments that perform poorly or underperform other asset classes, sectors, underlying funds, or available investments.

• asset-backed securities investment risk:  the risk that borrowers may default on the obligations that underlie the asset-backed security and that, during periods of falling interest rates, asset-backed securities may be called or prepaid, which may result in a Fund having to reinvest proceeds in other investments at a lower interest rate, and the risk that the impairment of the value of the collateral underlying a security in which a Fund invests (due, for example, to non-payment of loans) will result in a reduction in the value of the security.

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• cash position risk:  to the extent that a Fund holds assets in cash, cash equivalents, and other short-term investments, the ability of the Fund to meet its objective may be limited.

• 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 (“CBOs”), Collateralized loan 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 characterized by a Fund as illiquid securities; however, an active dealer market, or other relevant measures of liquidity, may exist for CDOs allowing a CDO potentially to be deemed liquid by an Adviser under liquidity policies approved by the Board. 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 a 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 market movements, commodity index volatility, changes in interest rates, or factors affecting a particular sector, industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. A Fund will likely at times have significant exposure to particular sectors through its commodities-related investments, including, for example, the energy, industrial metals, and agricultural and livestock sectors and may be exposed to greater risk associated with events affecting those sectors.

• confidential information access risk:  the risk that the intentional or unintentional receipt of material, non-public information by an Adviser could limit a Fund’s ability to sell certain investments held by the Fund or pursue certain investment opportunities on behalf of the Fund, potentially for a substantial period of time.

• counterparty risk:  the risk that a Fund will be subject to credit risk with respect to the counterparties to the derivative contracts and other instruments, such as repurchase and reverse repurchase agreements, entered into directly by the Fund or held by special purpose or structured vehicles in which the Fund invests. Subject to certain U.S. federal income tax limitations, the Fund is not subject to any limit with respect to the number of transactions it can enter into with a single counterparty. To the extent that a 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 or counterparty will fail to pay its obligations to a Fund when they are due. As a result, a Fund’s income might be reduced, the value of the Fund’s investment might fall, and/or the Fund could lose the entire amount of its investment. Changes in the financial condition of an issuer or counterparty, changes in specific economic, social or political conditions that affect a particular type of security or other instrument or an issuer, and changes in economic, social or political conditions generally can increase the risk of default by an issuer or counterparty, which can affect a security’s or other instrument’s credit quality or value and an issuer’s or counterparty’s ability to pay interest and principal when due. The values of lower-quality debt securities (commonly known as “junk bonds”), including floating rate loans, tend to be particularly sensitive to these changes. The values of securities also may decline for a number of other reasons that relate directly to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods and services, as well as the historical and prospective earnings of the issuer 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.

° 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 a 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.

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• defaulted securities risk:  the 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.

• derivatives risk:  the risk that an investment in derivatives will not perform as anticipated by an Adviser, may not be available at the time or price desired, cannot be closed out at a favorable time or price, will increase a Fund’s transaction costs, or will increase a 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; or that, when used for hedging purposes, derivatives will not provide the anticipated protection, causing a Fund to lose money on both the derivatives transaction and the exposure the Fund sought to hedge.

• emerging market country risk:  the risk that investing in emerging markets, as compared to foreign developed markets, increases the likelihood that a 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 and 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.

• 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.

• exchange-traded note risk:  the risk that the level of the particular market benchmark or strategy to which the note’s return is linked will fall in value; exchange-traded notes are subject to the credit risk of the issuer.

• 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; and (viii) 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, lack of transparency, inadequate regulatory and accounting standards, 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.

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Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2019

• 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:  the risk that the portion of a 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 a Fund invests may not correlate with the performance of the index or basket and/or may underperform the index or basket due to by 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 transactions 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, will be maintained indefinitely or that a Fund will be able to continue to utilize a specific index to implement the Fund’s principal investment strategies indefinitely.

• 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 exchange-traded funds (“ETFs”) or money market funds, in which a 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 the investment company’s shares. A Fund must pay its pro rata portion of an investment company’s fees and expenses.

• large shareholder risk:  the risk that certain account holders, including an Adviser or funds or accounts over which an Adviser (or related parties of an Adviser) has investment discretion, may from time to time own or control a significant percentage of a Fund’s shares. A 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 an Adviser (or related parties of an Adviser), will adversely affect the Fund’s performance if it is forced to sell portfolio securities or invest cash when the Adviser would not otherwise choose to do so. Redemptions of a large number of shares may affect the liquidity of a Fund’s portfolio, increase a Fund’s transaction costs, and accelerate the realization of taxable income and/or gains to shareholders.

• leveraging risk:  the risk that certain investments by a Fund involving leverage may have the effect of increasing the volatility of value of the the Fund’s portfolio, and the risk of loss in excess of invested capital.

• limited operating history risk:  the risk that a recently formed fund has no or a limited operating history to evaluate and may not attract sufficient assets to achieve or maximize investment and operational efficiencies.

• liquidity risk:  the risk that a Fund may be unable to sell a portfolio investment at a desirable time or at the value the Fund has placed on the investment.

• loan risk:  the risk that (i) if a Fund holds a loan through another financial institution, or relies on a financial institution to administer the loan, its receipt of principal and interest on the loan may be subject to the credit risk of that financial institution; (ii) any collateral securing a loan may be insufficient or unavailable to a 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 a 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, such as LIBOR, 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 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 a 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 Fund’s investments in loans may be subject to risks associated with

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collateral impairment or access and risks associated with investing in unsecured loans; (xi) opportunities to invest in loans or certain types of loans, such as senior loans, may be limited; (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 a 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.

• market capitalization risk:  the risk that investing substantially in issuers in one market capitalization category (large, medium or small) may adversely affect a 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 a Fund invests will underperform returns from the general securities markets or other types of investments. Markets may, in response to governmental actions or intervention, political, economic or market developments, or other external factors, experience periods of high volatility and reduced liquidity. During those periods, the Fund may experience high levels of shareholder redemptions, and 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. These risks may be heightened for fixed income securities due to the current low interest rate environment.

• 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 re-payment of principal to other classes of the issuer’s securities.

• portfolio management risk:  the risk that an investment strategy may fail to produce the intended results or that the securities held by a Fund will underperform other comparable funds because of the portfolio managers’ choice of investments.

• 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.

• preferred securities risk:  the risk that: (i) the terms of certain preferred stocks contain provisions that allow an issuer under certain conditions to skip or defer distributions; (ii) preferred stocks may be subject to redemption, including at the issuer’s call, and, in the event of redemption, the Fund may not be able to reinvest the proceeds at comparable or favorable rates of return; (iii) preferred stocks are generally subordinated to bonds and other debt securities in an issuer’s capital structure in terms of priority for corporate income and liquidation payments; and (iv) preferred stocks may trade less frequently and in a more limited volume and may be subject to more abrupt or erratic price movements than many other securities.

• price volatility risk:  the risk that the value of a Fund’s investment portfolio will change, potentially frequently and in large amounts, as the prices of its investments go up or down.

• real estate risk:  the risk that real estate-related investments may decline in value as a result of factors affecting the real estate sector, such as the supply of real property in certain markets, changes in zoning laws, delays in completion of construction, changes in real estate values, changes in property taxes, levels of occupancy, and local and regional 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.

• reliance on each adviser:  the risk associated with each Fund’s ability to achieve its investment objective being dependent upon each Adviser’s ability to identify profitable investment opportunities for the Fund. While the portfolio managers of a

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Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2019

Fund may have considerable experience in managing other portfolios with investment objectives, policies and strategies that are similar, the past experience of the portfolio managers, including with other strategies and funds, does not guarantee future results for the Fund.

• 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 or sector selection risk:  the risk that the securities held by a 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 a Fund focuses or concentrates its investments in a particular sector or related sectors, the Fund will be more susceptible to events or factors affecting companies in that sector or related sectors.

• short position risk:  the risk that an increase in the value of an instrument, index or interest rate with respect to which a Fund has established a short position will result in a loss to the Fund.

• sovereign debt obligations risk:  the risk that investments in debt obligations of sovereign governments may lose value due to the government entity’s unwillingness or inability to repay principal and interest when due in accordance with the terms of the debt or otherwise in a timely manner.

• structured products and structured notes risk:  the risk that an investment in a structured product may decline in value due to changes in the underlying instruments on which the product is based.

• tax risk:  in order to qualify as a regulated investment company under the Code, a Fund must meet requirements regarding, among other things, the source of its income. Certain investments in commodity-linked derivatives do not give rise to qualifying income for this purpose, and it is possible that certain investments in other commodity-linked instruments, ETFs and other investment pools will not give rise to qualifying income. Any income a Fund derives from investments in instruments that do not generate qualifying income must be limited to a maximum of 10% of a Fund’s annual gross income. If a 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 a 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.

15.  Recently Issued Accounting Pronouncements

In March 2017, the FASB issued Accounting Standards Update (ASU) No. 2017-08,Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities acquired at a premium, to be amortized to the earliest call date. The ASU does not require an accounting change for securities acquired at a discount, which continues to be amortized to maturity. The ASU is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. Management is currently evaluating the impact of this guidance to the Funds.

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16.  Subsequent Events

On October 2, 2019 and October 10, 2019, DoubleLine Multi-Asset Growth Fund honored redemption requests representing approximately, 38% and 65%, respectively, of its then outstanding shares. The Fund’s net assets before the redemption on October 2, 2019 were approximately $225 million, and following the redemption on October 10, 2019, the net assets were approximately $50 million.

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 additional subsequent events that would need to be disclosed in the Funds’ financial statements.

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Shareholder Expenses (Unaudited) September 30, 2019

Example

As a shareholder of the Funds, you incur two basic types of costs: (1) transaction costs , including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution(12b-1) 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 mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period 4/1/19 through 9/30/19. 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 183/366 (to reflect the one-half year period). The actual dollar amounts shown as expenses paid during the period for the DoubleLine Emerging Markets Local Currency Bond Fund and DoubleLine Income Fund are multiplied by 94/366 and 27/366 which are based on the dates of inception (June 28, 2019 and September 3, 2019), respectively. The actual dollar amounts shown as expenses paid during the period for each R6 Class of each respective fund are multiplied by 61/366, which is based on the date of inception of the R6 Class (July 31, 2019).

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 U.S. Bancorp Fund Services, LLC, 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. You will be charged a redemption fee equal to 1.00% of the net amount of the redemption if you redeem shares that have been held for less than 90 days in the DoubleLine Floating Rate Fund. 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 Ratio1		Beginning Account Value			Ending Account Value 9/30/19			Expenses Paid During Period*1			Ending Account Value 9/30/19			Expenses Paid During Period*1
DoubleLine Total Return Bond Fund	Class I		0.49%		$	1,000		$	1,040		$	2.50		$	1,023		$	2.48
	Class N		0.74%		$	1,000		$	1,038		$	3.77		$	1,021		$	3.74
	Class R6		0.43%		$	1,000		$	1,015		$	0.72		$	1,023		$	2.17
DoubleLine Core Fixed Income Fund	Class I		0.41%		$	1,000		$	1,046		$	2.10		$	1,023		$	2.07
	Class N		0.66%		$	1,000		$	1,044		$	3.37		$	1,022		$	3.34
	Class R6		0.37%		$	1,000		$	1,013		$	0.62		$	1,023		$	1.87
DoubleLine Emerging Markets Fixed Income Fund	Class I		0.90%		$	1,000		$	1,037		$	4.58		$	1,021		$	4.55
	Class N		1.15%		$	1,000		$	1,035		$	5.85		$	1,019		$	5.81
DoubleLine Multi-Asset Growth Fund (Consolidated)	Class I		0.99%		$	1,000		$	1,025		$	5.01		$	1,020		$	5.00
	Class A		1.24%		$	1,000		$	1,023		$	6.27		$	1,019		$	6.26

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							Actual						Hypothetical (5% return before expenses)
		Fund’s Annualized Expense  Ratio1		Beginning Account Value			Ending Account Value 9/30/19			Expenses Paid During Period*1			Ending Account Value 9/30/19			Expenses Paid  During Period*1
DoubleLine Low Duration Bond Fund	Class I		0.41%		$	1,000		$	1,023		$	2.07		$	1,023		$	2.07
	Class N		0.66%		$	1,000		$	1,021		$	3.34		$	1,022		$	3.34
	Class R6		0.38%		$	1,000		$	1,005		$	0.63		$	1,023		$	1.92
DoubleLine Floating Rate Fund	Class I		0.69%		$	1,000		$	1,018		$	3.48		$	1,022		$	3.49
	Class N		0.94%		$	1,000		$	1,015		$	4.74		$	1,020		$	4.75
DoubleLine Shiller Enhanced CAPE®	Class I		0.54%		$	1,000		$	1,062		$	2.78		$	1,022		$	2.73
	Class N		0.79%		$	1,000		$	1,060		$	4.07		$	1,021		$	3.99
	Class R6		0.48%		$	1,000		$	992		$	0.80		$	1,023		$	2.43
DoubleLine Flexible Income Fund	Class I		0.70%		$	1,000		$	1,027		$	3.55		$	1,022		$	3.54
	Class N		0.95%		$	1,000		$	1,026		$	4.81		$	1,020		$	4.80
	Class R6		0.65%		$	1,000		$	1,002		$	1.08		$	1,022		$	3.29
DoubleLine Low Duration Emerging Markets Fixed Income Fund	Class I		0.59%		$	1,000		$	1,031		$	3.00		$	1,022		$	2.98
	Class N		0.84%		$	1,000		$	1,030		$	4.26		$	1,021		$	4.24
DoubleLine Long Duration Total Return Bond Fund	Class I		0.65%		$	1,000		$	1,122		$	3.45		$	1,022		$	3.29
	Class N		0.90%		$	1,000		$	1,120		$	4.77		$	1,021		$	4.55
DoubleLine Strategic Commodity Fund (Consolidated)	Class I		1.10%		$	1,000		$	940		$	5.34		$	1,020		$	5.55
	Class N		1.35%		$	1,000		$	940		$	6.55		$	1,018		$	6.81
DoubleLine Global Bond Fund	Class I		0.55%		$	1,000		$	1,012		$	2.77		$	1,022		$	2.78
	Class N		0.80%		$	1,000		$	1,011		$	4.02		$	1,021		$	4.04
DoubleLine Infrastructure Income Fund	Class I		0.56%		$	1,000		$	1,049		$	2.87		$	1,022		$	2.83
	Class N		0.81%		$	1,000		$	1,048		$	4.15		$	1,021		$	4.09
DoubleLine Ultra Short Bond Fund	Class I		0.23%		$	1,000		$	1,014		$	1.16		$	1,024		$	1.16
	Class N		0.48%		$	1,000		$	1,013		$	2.42		$	1,023		$	2.43
DoubleLine Shiller Enhanced International CAPE®	Class I		0.61%		$	1,000		$	1,045		$	3.12		$	1,022		$	3.08
	Class N		0.86%		$	1,000		$	1,044		$	4.39		$	1,021		$	4.34
DoubleLine Colony Real Estate and Income Fund	Class I		0.63%		$	1,000		$	1,098		$	3.30		$	1,022		$	3.18
	Class N		0.88%		$	1,000		$	1,097		$	4.61		$	1,021		$	4.45
DoubleLine Emerging Markets Local Currency Bond Fund	Class I		0.91%		$	1,000		$	968		$	2.30		$	1,020		$	4.60
	Class N		1.16%		$	1,000		$	967		$	2.93		$	1,019		$	5.86
DoubleLine Income Fund	Class I		0.67%		$	1,000		$	998		$	0.49		$	1,022		$	3.39
	Class N		0.90%		$	1,000		$	998		$	0.66		$	1,021		$	4.55

* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). The actual dollar amounts shown as expenses paid during the period for the DoubleLine Emerging Markets Local Currency Bond Fund and DoubleLine Income Fund are multiplied by 94/366 and 27/366 which are based on the dates of inception (June 28, 2019 and September 3, 2019), respectively. The actual dollar amounts shown as expenses paid during the period for each R6 Class of each respective fund are multiplied by 61/366, which is based on the date of inception of the R6 Class (July 31, 2019).

¹ Reflects fee waiver and expense limitation arrangements in effect during the period.

Semi-Annual Report September 30, 2019 163

Evaluation of Advisory Agreement by the Board of Trustees (Unaudited) September 30, 2019

DoubleLine Emerging Markets Local Currency Bond Fund

At the May 23, 2019 meeting of the Board of Trustees (the “Trustees”) of DoubleLine Funds 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 “Agreement”) between the Trust, on behalf of DoubleLine Emerging Markets Local Currency Bond Fund (the “Fund”), and DoubleLine Capital LP (the “Adviser”). This summary describes a number, but not necessarily all, of the most important factors considered by the Trustees and the Independent Trustees.

The Trustees considered a wide range of materials, including information provided to the Trustees in connection with their duties as Trustees of the other funds within the Trust and in connection with their consideration of the renewal of the advisory contracts between the Adviser and other funds within the Trust, which at that time had last occurred at the February 2019 meeting. The Trustees noted that they would consider the Agreement and any information presented anew, but that their deliberations and conclusions may be 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 Agreement was based on an evaluation of all of the information provided to them. The Trustees noted that the non-fee terms of the Agreement were substantially similar to those of the investment management agreements in effect for the most recently launched funds within the Trust. The Trustees considered generally the Adviser’s long-term performance record and the strong overall demand for products managed by the Adviser.

The Trustees considered the Adviser’s experience in managing fixed income portfolios generally. The Trustees considered the qualifications, experience, and responsibilities of the proposed portfolio management team of the Fund, including their experience managing exposures to non-U.S. issuers and to securities denominated in non-U.S. currencies, and other key personnel who would be involved in the day-to-day investment activities of the Fund. In particular, the Trustees considered the Adviser’s experience in managing the DoubleLine Emerging Markets Fixed Income Fund and the DoubleLine Global Bond Fund and noted that the proposed portfolio management team of the Fund included members of the portfolio management teams of those other funds within the Trust.

The Trustees considered that the Adviser would provide a variety of services to the Fund in addition to investment advisory services, including, among others, a number of back-office services, valuation services, compliance services, certain forms of information technology services (such as internal reporting), assistance with accounting and distribution services, and supervision and monitoring of the Fund’s other service providers. The Trustees also considered the nature, extent, and structure of the compliance procedures and the trading capabilities of the Adviser. The Trustees concluded that it appeared that the Adviser would have, or have available to it, sufficient quality and depth of personnel, resources, investment methods, and compliance policies and procedures to perform its duties under the Agreement, 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 an additional fund to the Trust on the capacities of the Adviser and its affiliates.

The Trustees considered the proposed structure and level of the management fee to be paid under the Agreement. The Trustees considered that the Adviser anticipated launching the Fund with two classes of shares and noted the overall fee structure and expense caps proposed for the Fund. The Trustees considered relative expense information for Class I shares provided by Strategic Insight, an Asset International Company (“Strategic Insight”). In considering the expense peer group information presented, the Trustees took into account the information provided during the meeting by representatives of Strategic Insight who had participated in the construction of the peer group shown in the Strategic Insight report. The Trustees noted that the information provided by Strategic Insight indicated that the Fund’s proposed management fee under the Agreement was, on a gross (contractual) basis, below the median of the peer group. The Trustees also noted that the Strategic Insight report presented information as to net management fees for other funds in the peer group but not for the Fund. They noted, however, that the expense cap the Adviser intended to implement for the Fund was expected to result in the Fund incurring net operating expenses in line with the total expense ratios of the Fund’s peers, and that, as a result of that cap, the Fund’s actual net management fee may be close to or potentially below the median of the net management fees of the peer group for the term of the Fund’s expense cap.

As part of their evaluation of the proposed management fee, the Trustees noted the Adviser’s representation that it does not manage or sub-advise any other investment pools, funds or accounts with investment strategies substantially similar to those proposed for the Fund.

164 DoubleLine Funds Trust

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The Trustees reviewed information as to general estimates of the Adviser’s profitability from managing the Fund during the proposed initial term. The Trustees considered information provided by the Adviser as to the methods it uses, and the assumptions it makes, in calculating its profitability. The Trustees also considered in this regard the Adviser’s significant investment in sponsoring, forming, registering, and promoting the 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 Adviser and its affiliates as a result of the Adviser’s relationship with the Fund, including possible ancillary benefits to the institutional investment management business of the Adviser and its affiliates due to the reputation and market penetration of the Fund. The Trustees considered the Adviser’s representation that it had proposed a management fee and expense cap designed to cause the Fund to have a competitive fee structure even at low asset levels and that, in the Adviser’s belief, the proposed management fee reflected reasonably foreseeable economies of scale that the Adviser might experience as the Fund’s assets grow at least during the proposed initial term. The Trustees considered that the Adviser was implementing an expense cap for each share class of the Fund that would limit the overall expense ratio of the Fund during the proposed initial term of the Agreement. In light of all of the information evaluated, including relevant information received from the Adviser in prior meetings concerning other funds within the Trust, the Trustees concluded that the Adviser’s profit from managing the Fund 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 management fee.

On the basis of these considerations and others and in the exercise of their business judgment, the Trustees determined to approve the Agreement for the proposed initial term.

DoubleLine Income Fund

At the August 22, 2019 meeting of the Board of Trustees (the “Trustees”) of DoubleLine Funds 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 “Agreement”) between the Trust, on behalf of DoubleLine Income Fund (the “Fund”), and DoubleLine Capital LP (the “Adviser”). This summary describes a number, but not necessarily all, of the most important factors considered by the Trustees and the Independent Trustees.

The Trustees considered a wide range of materials, including information provided to the Trustees in connection with their duties as Trustees of the other funds within the Trust and in connection with their consideration of the renewal of the advisory contracts between the Adviser and other funds within the Trust, which at that time had last occurred at the February 2019 meeting. The Trustees noted that they would consider the Agreement and any information presented anew, but that their deliberations and conclusions may be 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 Agreement was based on an evaluation of all of the information provided to them. The Trustees noted that the non-fee terms of the Agreement were substantially similar to those of the investment management agreements in effect for the most recently launched funds within the Trust. The Trustees considered generally the Adviser’s long-term performance record and the strong overall demand for products managed by the Adviser.

The Trustees considered that the Fund will invest in a portfolio of income-producing instruments, including, without limitation, mortgage-backed securities, asset-backed securities, collateralized loan obligations, and a variety of other obligations, including those that may be unrated or rated below investment grade. The Trustees considered the Adviser’s experience in managing investments in such instruments as well as in managing fixed income portfolios generally. The Trustees considered the qualifications, experience, and responsibilities of the proposed portfolio management team of the Fund and other key personnel who would be involved in the day-to-day investment activities of the Fund.

The Trustees considered that the Adviser would provide a variety of services to the Fund in addition to investment advisory services, including, among others, a number of back-office services, valuation services, compliance services, certain forms of information technology services (such as internal reporting), assistance with accounting and distribution services, and supervision and monitoring of the Fund’s other service providers. The Trustees also considered the nature, extent, and structure of the compliance procedures and the trading capabilities of the Adviser. The Trustees concluded that it appeared that the Adviser would have, or have available to it, sufficient quality and depth of personnel, resources, investment methods, and compliance policies and

Semi-Annual Report September 30, 2019 165

Evaluation of Advisory Agreement by the Board of Trustees  (Cont.) (Unaudited) September 30, 2019

procedures to perform its duties under the Agreement, 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 an additional fund to the Trust on the capacities of the Adviser and its affiliates.

The Trustees considered the proposed structure and level of the management fee to be paid under the Agreement. The Trustees considered that the Adviser anticipated launching the Fund with two classes of shares and noted the overall fee structure and expense caps proposed for the Fund. The Trustees considered relative expense information for Class I shares provided by Strategic Insight, an Asset International Company (“Strategic Insight”). In considering the expense peer group information presented, the Trustees took into account the information provided at a meeting of the Board of Trustees held on August 13, 2019 by representatives of Strategic Insight who had participated in the construction of the peer group shown in the Strategic Insight report. The Trustees noted that the information provided by Strategic Insight indicated that the Fund’s proposed management fee under the Agreement was, on a gross (contractual) basis, in the first quartile of the peer group. The Trustees also noted that the Strategic Insight report presented information as to net management fees for other funds in the peer group but not for the Fund. They noted, however, that the expense cap the Adviser intended to implement for the Fund was expected to result in the Fund incurring net operating expenses below the median of the total expense ratios of the Fund’s peers, and that the Fund’s gross (contractual) management fee was in line with the median of the net management fees of the other funds in the peer group before the effect of that expense cap.

As part of their evaluation of the proposed management fee, the Trustees noted the Adviser’s representation that it does not manage or sub-advise any other investment pools, funds or accounts with investment strategies substantially similar to those proposed for the Fund.

The Trustees reviewed information as to general estimates of the Adviser’s profitability from managing the Fund during the proposed initial term. The Trustees considered information provided by the Adviser as to the methods it uses, and the assumptions it makes, in calculating its profitability. The Trustees also considered in this regard the Adviser’s significant investment in sponsoring, forming, registering, and promoting the 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 Adviser and its affiliates as a result of the Adviser’s relationship with the Fund, including possible ancillary benefits to the institutional investment management business of the Adviser and its affiliates due to the reputation and market penetration of the Fund. The Trustees considered the Adviser’s representation that it had proposed a management fee and expense cap designed to cause the Fund to have a competitive fee structure even at low asset levels and that, in the Adviser’s belief, the proposed management fee reflected reasonably foreseeable economies of scale that the Adviser might experience as the Fund’s assets grow at least during the proposed initial term. The Trustees considered that the Adviser was implementing an expense cap for each share class of the Fund that would limit the overall expense ratio of the Fund during the proposed initial term of the Agreement. In light of all of the information evaluated, including relevant information received from the Adviser in prior meetings concerning other funds within the Trust, the Trustees concluded that the Adviser’s profit from managing the Fund 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 management fee.

On the basis of these considerations and others and in the exercise of their business judgment, the Trustees determined to approve the Agreement for the proposed initial term.

166 DoubleLine Funds Trust

Federal Tax Information (Unaudited) September 30, 2019

For the fiscal year ended March 31, 2019, certain dividends paid by the Funds may be subject to a maximum tax rate of 15% (20% for taxpayers with taxable income greater than $425,800 for single individuals and $479,000 for married couples filing jointly), as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and The Tax Cuts and Jobs Act of 2017. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

Qualified Dividend Income
DoubleLine Total Return Bond Fund	0.00%
DoubleLine Core Fixed Income Fund	0.01%
DoubleLine Emerging Markets Fixed Income Fund	0.13%
DoubleLine Multi-Asset Growth Fund (Consolidated)	10.80%
DoubleLine Low Duration Bond Fund	0.01%
DoubleLine Floating Rate Fund	0.00%
DoubleLine Shiller Enhanced CAPE®	0.00%
DoubleLine Flexible Income Fund	0.00%
DoubleLine Low Duration Emerging Markets Fixed Income Fund	0.09%
DoubleLine Long Duration Total Return Bond Fund	0.00%
DoubleLine Strategic Commodity Fund (Consolidated)	0.00%
DoubleLine Global Bond Fund	0.00%
DoubleLine Infrastructure Income Fund	0.00%
DoubleLine Ultra Short Bond Fund	0.00%
DoubleLine Shiller Enhanced International CAPE®	0.00%
DoubleLine Colony Real Estate and Income Fund	0.00%

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended March 31, 2019 was as follows:

Dividends Received Deduction
DoubleLine Total Return Bond Fund	0.00%
DoubleLine Core Fixed Income Fund	0.00%
DoubleLine Emerging Markets Fixed Income Fund	0.00%
DoubleLine Multi-Asset Growth Fund (Consolidated)	3.69%
DoubleLine Low Duration Bond Fund	0.00%
DoubleLine Floating Rate Fund	0.00%
DoubleLine Shiller Enhanced CAPE®	0.00%
DoubleLine Flexible Income Fund	0.00%
DoubleLine Low Duration Emerging Markets Fixed Income Fund	0.00%
DoubleLine Long Duration Total Return Bond Fund	0.00%
DoubleLine Strategic Commodity Fund (Consolidated)	0.00%
DoubleLine Global Bond Fund	0.00%
DoubleLine Infrastructure Income Fund	0.00%
DoubleLine Ultra Short Bond Fund	0.00%
DoubleLine Shiller Enhanced International CAPE®	0.00%
DoubleLine Colony Real Estate and Income Fund	0.00%

Semi-Annual Report September 30, 2019 167

Federal Tax Information  (Cont.) (Unaudited) September 30, 2019

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(c) for the fiscal year ended March 31, 2019 for each Fund was as follows:

Qualified Short-Term Gains
DoubleLine Total Return Bond Fund	0.00%
DoubleLine Core Fixed Income Fund	0.00%
DoubleLine Emerging Markets Fixed Income Fund	4.59%
DoubleLine Multi-Asset Growth Fund (Consolidated)	0.00%
DoubleLine Low Duration Bond Fund	0.00%
DoubleLine Floating Rate Fund	0.00%
DoubleLine Shiller Enhanced CAPE®	5.17%
DoubleLine Flexible Income Fund	0.00%
DoubleLine Low Duration Emerging Markets Fixed Income Fund	2.72%
DoubleLine Long Duration Total Return Bond Fund	0.00%
DoubleLine Strategic Commodity Fund (Consolidated)	0.52%
DoubleLine Global Bond Fund	0.00%
DoubleLine Infrastructure Income Fund	0.00%
DoubleLine Ultra Short Bond Fund	1.53%
DoubleLine Shiller Enhanced International CAPE®	0.00%
DoubleLine Colony Real Estate and Income Fund	0.00%

The percentage of taxable ordinary income distributions that are designated as interest related dividends under Internal Revenue Section 871(k)(1)(c) for the fiscal year ended March 31, 2019 for each Fund was as follows:

Qualified Interest Income
DoubleLine Total Return Bond Fund	100.00%
DoubleLine Core Fixed Income Fund	77.73%
DoubleLine Emerging Markets Fixed Income Fund	0.47%
DoubleLine Multi-Asset Growth Fund (Consolidated)	33.41%
DoubleLine Low Duration Bond Fund	78.10%
DoubleLine Floating Rate Fund	97.94%
DoubleLine Shiller Enhanced CAPE®	82.85%
DoubleLine Flexible Income Fund	73.41%
DoubleLine Low Duration Emerging Markets Fixed Income Fund	4.33%
DoubleLine Long Duration Total Return Bond Fund	100.00%
DoubleLine Strategic Commodity Fund (Consolidated)	62.59%
DoubleLine Global Bond Fund	23.38%
DoubleLine Infrastructure Income Fund	67.81%
DoubleLine Ultra Short Bond Fund	81.62%
DoubleLine Shiller Enhanced International CAPE®	62.42%
DoubleLine Colony Real Estate and Income Fund	39.51%

DoubleLine Shiller Enhanced CAPE^® and DoubleLine Shiller Enhanced International CAPE^® designated as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), $573,680,725 and $4,460,272, respectively.

Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Funds.

168 DoubleLine Funds Trust

Information About Proxy Voting (Unaudited) September 30, 2019

Information about how a Fund voted proxies relating to portfolio securities held during the most recent twelve month period ended June 30^th is available no later than the following August 31^st without charge, upon request, by calling877-DLine11(877-354-6311) and on the Securities and Exchange Commission’s (the “SEC”) website at www.sec.gov.

A description of the Funds’ proxy voting policies and procedures is available (i) without charge, upon request, by calling877-DLine11(877-354-6311); and (ii) on the SEC’s website at www.sec.gov.

Information About Portfolio Holdings

It is the policy of the Trust to provide certain unaudited information regarding the portfolio composition of the Funds as ofmonth-end to shareholders and others upon request to the Funds, beginning on the 15th calendar day after the end of the month (or, if not a business day, the next business day thereafter).

Shareholders and others who wish to obtain portfolio holdings for a particular month may make a request by contacting the Funds at no charge at877-DLine11(877-354-6311) between the hours of 7:00 a.m. and 5:00 p.m. Pacific time, Monday through Friday, beginning on the 15th day following the end of that month (or, if not a business day, the next business day thereafter). Requests for portfolio holdings may be made on a monthly basis pursuant to this procedure, or standing requests for portfolio holdings may be accepted.

The Trust is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Part F of Form N-PORT. When available, Part F of Form N-PORT (and Form N-Q prior to March 31, 2019) is available on the SEC website at www.sec.gov.

This report includes summary Schedules of Investments for the DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund, DoubleLine Shiller Enhanced CAPE^® and DoubleLine Flexible Income Fund. A complete Schedule of Investments for each Fund may be obtained, without charge, upon request, by calling877-DLine11 (877-354-6311) and on the SEC website at www.sec.gov.

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 toll-free877-DLine11(877-354-6311) 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 September 30, 2019 169

Privacy Policy (Unaudited) September 30, 2019

What Does DoubleLine Do With Your Personal Information?

This notice provides information about how DoubleLine 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 do we need your personal information?

All financial companies need to share customers’ personal information to run their everyday businesses, to appropriately tailor the services offered to you (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

DoubleLine may collectnon-public information about you from the following sources:

• 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 Fund 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. Certain portions ofdoublelinefunds.com 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 contact your DoubleLine representative if you would like to receive more information about the privacy policies of third parties.

How and why we may share your information

DoubleLine does not disclose anynon-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 you. For example, it might be necessary to do so in order to process transactions and maintain accounts.

170 DoubleLine Funds Trust

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• DoubleLine will release any of thenon-public information listed above about a customer if directed to do so by that customer or if DoubleLine is authorized by law to do so, such as 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 share information with 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 disclosenon-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 calling 1 (213)633-8200. 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. Your information is not provided by us to nonaffiliated third parties for marketing purposes. We maintain physical, electronic, and procedural safeguards to guard yournon-public personal information.

Notice 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;

• the recipient may have signed a contract based on standard contractual clauses approved by the European Commission; or

• where the recipient is located in the U.S., it may be a certified member of theEU-U.S. Privacy Shield scheme.

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.

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, 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. If you are an investor in the DoubleLine funds, certain of the rights described above that may apply to direct clients of DoubleLine domiciled or resident outside the United States will not apply to you. 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 privacy@doubleline.com.

Changes to DoubleLine’s Privacy Policy

As required by U.S. federal law, DoubleLine will notify customers of DoubleLine’s Privacy Policy annually. 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 that change, in accordance with applicable law.

Semi-Annual Report September 30, 2019 171

Investment Advisers:

DoubleLine Capital LP and

DoubleLine Alternatives LP

333 South Grand Avenue

18th Floor

Los Angeles, CA 90071

Distributor:

Quasar Distributors, LLC

615 East Michigan Street

Milwaukee, WI 53202

Administrator and Transfer Agent:

U.S. Bancorp Fund Services, LLC

P.O. Box 701

Milwaukee, WI 53201

Custodians:

U.S. Bank, N.A.

1555 North River Center Drive

Suite 302

Milwaukee, WI 53212

State Street Bank and Trust Company

Channel Center

1 Iron Street

Boston, MA 02210

Independent Registered Public Accounting Firm:

PricewaterhouseCoopers LLP

601 South Figueroa Street

Los Angeles, CA 90017

Legal Counsel:

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

Contact Information:

doublelinefunds.com

fundinfo@doubleline.com

1-877-DLine11 or

1-877-354-6311

DL-SEMI-DFT

DoubleLine Capital LP & DoubleLine Alternatives LP || 333 South Grand Avenue, 18th Floor || Los Angeles, CA 90071 || (213) 633-8200

fundinfo@doubleline.com|| www.doubleline.com

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable to registrants who are not listed issuers (as defined in Rule10A-3 under the Securities Exchange Act of 1934).

Item 6. Investments.

The information required by this Item 6 (except with respect to the DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund, DoubleLine Shiller Enhanced CAPE and DoubleLine Flexible Income Fund) is included as part of the annual report to shareholders filed under Item 1 of this FormN-CSR.

Please note that the Registrant has included a summary schedule of portfolio securities of the DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund, DoubleLine Shiller Enhanced CAPE, and DoubleLine Flexible Income Fund in its annual report to shareholders, a copy of which is included under Item 1, for this reporting period. The DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund, DoubleLine Shiller Enhanced CAPE and DoubleLine Flexible Income Fund’s complete schedule of investments in securities of unaffiliated issuers as of the close of this period as set forth inSection 210.12-12 of RegulationS-X is set forth below:

DoubleLine Total Return Bond Fund

Schedule of Investments

September 30, 2019 (Unaudited)

Principal Amount $/Shares	Security Description	Rate		Maturity	Value $
Asset Backed Obligations - 3.9%
9,448,469	Americredit Automobile Receivables Trust, Series2019-2-A1	2.52%		06/18/2020	9,450,689
14,250,000	Applebee’s Funding LLC, Series2019-1A-A2I	4.19%	^	06/07/2049	14,593,568
13,837,711	Aqua Finance Trust, Series2017-A-A	3.72%	^	11/15/2035	13,974,043
16,791,250	CAL Funding Ltd., Series2018-1A-A	3.96%	^	02/25/2043	16,954,350
7,815,599	Carmax Auto Owner Trust, Series2019-2-A1	2.60%		04/15/2020	7,827,264
30,506,002	Castlelake Aircraft Securitization Trust, Series2016-1-A	4.45%		08/15/2041	31,482,621
43,647,999	Castlelake Aircraft Securitization Trust, Series2017-1-A	3.97%		07/15/2042	44,405,292
16,324,901	Castlelake Aircraft Securitization Trust, Series2018-1-A	4.13%	^	06/15/2043	16,777,820
235,654	Citi Held For Asset Issuance, Series2015-PM1-C	5.01%	^	12/15/2021	235,806
2,917,173	Citi Held For Asset Issuance, Series2015-PM2-C	5.96%	^	03/15/2022	2,921,013
31,931,661	CLI Funding LLC, Series2018-1A-A	4.03%	^	04/18/2043	32,273,528
31,797,925	CLI Funding LLC, Series2019-1A-A	3.71%	^	05/18/2044	32,453,127
22,282,113	Coinstar Funding LLC, Series2017-1A-A2	5.22%	^	04/25/2047	22,972,488
4,536,956	Commonbond Student Loan Trust, Series2015-A-A	3.20%	^	06/25/2032	4,546,070
10,280,513	Commonbond Student Loan Trust, Series2016-A-A1	3.32%	^	05/25/2040	10,469,543
10,676,228	Consumer Installment Loan Trust, Series2018-6-PT	9.36%	# ^	06/17/2041	10,514,607
21,000,000	Credit Acceptance Auto Loan Trust, Series2017-3A-A	2.65%	^	06/15/2026	21,059,522
41,000,000	Credit Acceptance Auto Loan Trust, Series2018-1A-A	3.01%	^	02/16/2027	41,255,512
7,980,000	DB Master Finance LLC, Series2019-1A-A2I	3.79%	^	05/20/2049	8,240,443
5,615,046	Dell Equipment Finance Trust, Series2019-1-A1	2.65%	^	04/22/2020	5,625,234
48,739,235	Dividend SLR, Series2019-1-A	3.67%	^	08/22/2039	49,207,097
3,250,036	DLL LLC, Series2019-DA1-A1	2.66%	^	04/20/2020	3,251,136
6,182,798	Drive Auto Receivables Trust, Series2017-3-C	2.80%		07/15/2022	6,188,264
2,000,285	Drive Auto Receivables Trust, Series2019-3-A1	2.49%		06/15/2020	2,000,522
7,048,088	Earnest Student Loan Program LLC, Series2016-B-A2	3.02%	^	05/25/2034	7,059,080
9,126,771	Earnest Student Loan Program LLC, Series2016-D-A2	2.72%	^	01/25/2041	9,173,097
48,847,463	ECAF Ltd., Series2015-1A-A2	4.95%	^	06/15/2040	48,969,582
5,207,271	Element Rail Leasing LLC, Series2016-1A-A1	3.97%	^	03/19/2046	5,310,797
5,934,824	Enterprise Fleet Financing LLC, Series2019-1-A1	2.70%	^	03/23/2020	5,947,013
25,500,000	ExteNet Issuer LLC, Series2019-1A-A2	3.20%	^	07/26/2049	25,846,657
6,318,922	Falcon Aerospace Ltd., Series2017-1-A	4.58%	^	02/15/2042	6,441,237
4,443,026	Foundation Finance Trust, Series2016-1A-A	3.96%	^	06/15/2035	4,476,431
11,504,077	Foundation Finance Trust, Series2019-1A-A	3.86%	^	11/15/2034	11,687,970
24,515,805	Global SC Finance Ltd., Series2018-1A-A	4.29%	^	05/17/2038	25,440,232
35,030,739	Harbour Aircraft Investments Ltd., Series2017-1-A	4.00%		11/15/2037	35,189,954
6,442,210	HERO Funding Trust, Series2016-3A-A2	3.91%	^	09/20/2042	6,670,040
16,075,776	HERO Funding Trust, Series2016-4A-A2	4.29%	^	09/20/2047	16,807,480
13,046,126	Horizon Aircraft Finance Ltd., Series2018-1-A	4.46%	^	12/15/2038	13,546,340
28,134,616	Horizon Aircraft Finance Ltd., Series2019-1-A	3.72%	^	07/15/2039	28,204,868
48,000,000	JACK, Series2019-1A-A23	4.97%	^	08/25/2049	49,814,880
62,524,000	Jimmy Johns Funding LLC, Series2017-1A-A2II	4.85%	^	07/30/2047	66,169,393
23,527,298	JOL Air Ltd., Series2019-1-A	3.97%	^	04/15/2044	23,781,628
12,000,000	Kabbage Funding LLC, Series2019-1-A	3.83%	^	03/15/2024	12,135,764
21,750,000	Kabbage Funding LLC, Series2019-1-B	4.07%	^	03/15/2024	21,962,471
8,004,402	Kestrel Aircraft Funding Ltd., Series2018-1A-A	4.25%	^	12/15/2038	8,166,379
5,673,184	Kubota Credit Owner Trust, Series2019-1A-A1	2.51%	^	06/15/2020	5,682,243
78,333,333	Labrador Aviation Finance Ltd., Series2016-1A-A1	4.30%	^	01/15/2042	80,566,538
11,000,000	Lendmark Funding Trust, Series2017-2A-A	2.80%	^	05/20/2026	10,996,240
1,222,577	Marlette Funding Trust, Series2018-1A-A	2.61%	^	03/15/2028	1,222,796
8,657,410	Marlette Funding Trust, Series2018-4A-A	3.71%	^	12/15/2028	8,743,424
23,521,198	Mill City Solar Loan2019-2 Ltd., Series2019-2GS-A	3.69%	^	07/20/2043	23,854,846
29,351,824	Mosaic Solar Loan Trust, Series2017-2A-A	3.82%	^	06/22/2043	30,016,138
17,036,487	Mosaic Solar Loan Trust, Series2018-1A-A	4.01%	^	06/22/2043	17,688,971
22,161,964	Mosaic Solar Loan Trust, Series2018-2GS-A	4.20%	^	02/22/2044	22,980,423
3,817,170	Mosaic Solar Loan Trust, Series2019-1A-A	4.37%	^	12/21/2043	3,934,870
23,000,000	Navient Private Education Loan Trust, Series2017-A-B	3.91%	^	12/16/2058	24,179,999
30,000,000	Navient Private Education Loan Trust, Series2018-BA-B	4.13%	^	12/15/2059	32,321,982
8,544,163	Newtek Small Business Loan Trust, Series2018-1-A (1 Month LIBOR USD + 1.70%)	3.72%	^	02/25/2044	8,533,529
75,000,000	OneMain Financial Issuance Trust, Series2017-1A-A1	2.37%	^	09/14/2032	74,955,953
12,022,670	Oxford Finance Funding LLC, Series2016-1A-A	3.97%	^	06/17/2024	12,101,405
12,500,000	Oxford Finance Funding LLC, Series2019-1A-A2	4.46%	^	02/15/2027	12,825,555
51,562,502	Pioneer Aircraft Finance Ltd., Series2019-1-A	3.97%	^	06/15/2044	51,890,543
50,907,696	PPT2, Series2019-ST1-A	4.50%	^	07/15/2025	51,061,844
11,250,000	Primose Funding LLC, Series2019-1A-A2	4.48%	^	07/30/2049	11,270,961
16,536,350	Renew, Series2017-2A-A	3.22%	^	09/22/2053	16,881,629
8,989,779	Santander Drive Auto Receivables Trust2018-1, Series2018-1-B	2.63%		07/15/2022	8,997,365
4,481,664	Santander Drive Auto Receivables Trust, Series2019-2-A1	2.56%		05/15/2020	4,487,970
2,287,535	Santander Retail Auto Lease Trust, Series2019-A-A1	2.62%	^	04/20/2020	2,290,968
16,771,674	SCF Equipment Leasing LLC, Series2017-2A-A	3.41%	^	12/20/2023	16,960,721
30,265,469	Shenton Aircraft Investment Ltd., Series2015-1A-A	4.75%	^	10/15/2042	31,115,656
9,968,547	SLM Private Credit Student Loan Trust, Series2006-A-A5 (3 Month LIBOR USD + 0.29%, 0.29% Floor)	2.41%		06/15/2039	9,763,872
7,611,999	SLM Private Credit Student Loan Trust, Series2006-B-A5 (3 Month LIBOR USD + 0.27%, 0.27% Floor)	2.39%		12/15/2039	7,432,624
36,525,641	SLVRR, Series2019-1-A	3.97%	^	07/15/2044	37,063,956
1,554,746	SoFi Consumer Loan Program LLC, Series2016-1-A	3.26%	^	08/25/2025	1,571,033
17,257,089	SoFi Consumer Loan Program LLC, Series2017-6-A2	2.82%	^	11/25/2026	17,304,241
2,634,852	SoFi Consumer Loan Program Trust, Series2016-2-A	3.09%	^	10/27/2025	2,644,954
11,933,981	SoFi Consumer Loan Program Trust, Series2017-2-A	3.28%	^	02/25/2026	12,028,939
8,969,797	SoFi Consumer Loan Program Trust, Series2017-5-A2	2.78%	^	09/25/2026	8,995,691
841,916	SoFi Consumer Loan Program Trust, Series2018-1-A1	2.55%	^	02/25/2027	842,076
1,471,190	SoFi Consumer Loan Program Trust, Series2018-2-A1	2.93%	^	04/26/2027	1,472,585
5,962,960	SoFi Consumer Loan Program Trust, Series2018-4-A	3.54%	^	11/26/2027	6,031,231
9,273,842	SoFi Professional Loan Program, Series2016-A-A2	2.76%	^	12/26/2036	9,335,374
20,000,000	SoFi Professional Loan Program, Series2017-E-B	3.49%	^	11/26/2040	20,590,728
13,000,000	SoFi Professional Loan Program, Series2017-E-C	4.16%	^	11/26/2040	13,716,145
22,800,000	SoFi Professional Loan Program, Series2018-A-B	3.61%	^	02/25/2042	23,897,585
18,000,000	SoFi Professional Loan Program, Series2018-B-BFX	3.83%	^	08/25/2047	19,043,158
7,511,062	SoFi Professional Loan Program, Series2019-A-A1FX	3.18%	^	06/15/2048	7,592,270
5,723,886	Springleaf Funding Trust, Series2016-AA-A	2.90%	^	11/15/2029	5,725,261
71,750,000	Springleaf Funding Trust, Series2017-AA-A	2.68%	^	07/15/2030	71,942,491
26,100,855	Sprite Ltd., Series2017-1-A	4.25%	^	12/15/2037	26,406,104
1,902,628	Spruce Asset Backed Securities Trust, Series2016-E1-A	4.32%	^	06/15/2028	1,946,461
24,391,929	STARR Ltd., Series2018-1-A	4.09%	^	05/15/2043	24,969,872
14,640,558	Sunnova Helios II Issuer LLC, Series2018-1A-A	4.87%	^	07/20/2048	16,037,494
19,099,791	Sunnova Helios III Issuer LLC, Series2019-AA-A	3.75%	^	06/20/2046	19,349,530
28,782,500	Taco Bell Funding LLC, Series2018-1A-A2I	4.32%	^	11/25/2048	29,847,740
3,475,000	TAL Advantage LLC, Series2013-2A-A	3.55%	^	11/20/2038	3,499,003
4,271,783	Textainer Marine Containers Ltd., Series2017-1A-A	3.72%	^	05/20/2042	4,276,189
3,888,258	Triton Container Finance LLC, Series2017-1A-A	3.52%	^	06/20/2042	3,932,528
22,100,000	Triton Container Finance LLC, Series2018-1A-A	3.95%	^	03/20/2043	22,620,592
39,375,000	Triton Container Finance LLC, Series2018-2A-A	4.19%	^	06/22/2043	40,721,877
14,483,383	Upgrade Master Pass-Thru Trust, Series2019-ST2-A	3.90%	^	09/15/2025	14,568,155
8,886,673	Upgrade Receivables Trust, Series2018-1A-A	3.76%	^	11/15/2024	8,916,026
9,918,930	Upstart Securitization Trust, Series2019-1-A	3.45%	^	04/20/2026	9,951,803
25,929,056	Upstart Securitization Trust, Series2019-2-A	2.90%	^	09/20/2029	25,990,648
17,813,417	Vantage Data Centers Issuer LLC, Series2018-1A-A2	4.07%	^	02/16/2043	18,530,856

21,816,667	Vantage Data Centers Issuer LLC, Series2018-2A-A2	4.20%	^	11/16/2043	22,559,524
18,734,375	Vantage Data Centers Issuer LLC, Series2019-1A-A2	3.19%	^	07/15/2044	18,958,882
18,526,738	Vivint Colar Financing LLC, Series2018-1A-A	4.73%	^	04/30/2048	19,756,039
53,219,683	Waterfall Commercial Mortgage Trust, Series2015-SBC5-A	4.10%	# ^	09/14/2022	54,908,120
20,947,500	Wendy’s Funding LLC, Series2019-1A-A2II	4.08%	^	06/15/2049	21,907,524
31,000,000	Westlake Automobile Receivables Trust, Series2019-2A-A2A	2.57%	^	02/15/2023	31,099,417
10,800,000	Zephyrus Capital Aviation Partners Ltd., Series2018-1-A	4.61%	^	10/15/2038	10,883,408
Total Asset Backed Obligations(Cost $2,090,164,576)					2,135,675,427
Collateralized Loan Obligations - 4.9%
68,250,000	AIMCO, Series2015-AA-AR (3 Month LIBOR USD + 0.85%, 0.85% Floor)	3.15%	^	01/15/2028	67,981,644
18,760,000	Anchorage Capital Ltd., Series2014-5RA-A (3 Month LIBOR USD + 0.99%)	3.29%	^	01/15/2030	18,751,473
37,500,000	Anchorage Capital Ltd., Series2016-9A-AR (3 Month LIBOR USD + 1.37%)	3.67%	^	07/15/2032	37,561,626
36,000,000	Anchorage Capital Ltd., Series2018-10A-A1A (3 Month LIBOR USD + 1.20%, 1.20% Floor)	3.50%	^	10/15/2031	35,820,104
4,158,596	Apidos Ltd., Series2013-16A-A1R (3 Month LIBOR USD + 0.98%)	3.28%	^	01/19/2025	4,161,252
35,000,000	Assurant Ltd., Series2018-2A-A (3 Month LIBOR USD + 1.23%, 1.23% Floor)	3.51%	^	10/20/2031	34,916,814
20,000,000	Assurant Ltd., Series2019-1A-A (3 Month LIBOR USD + 1.35%, 1.35% Floor)	3.63%	^	04/20/2030	20,019,269
25,000,000	Birch Grove Ltd., Series19A-A (3 Month LIBOR USD + 1.49%)	3.97%	^	06/15/2031	24,986,164
43,000,000	Cathedral Lake Ltd., Series2016-4A-A (3 Month LIBOR USD + 1.65%)	3.93%	^	10/20/2028	43,023,675
50,000,000	CBAM Ltd., Series2018-6A-A (3 Month LIBOR USD + 0.94%)	3.24%	^	07/15/2031	50,062,243
3,000,000	CFIP Ltd., Series2014-1A-AR (3 Month LIBOR USD + 1.32%)	3.62%	^	07/13/2029	3,004,878
31,500,000	CRMN Mortgage Trust, Series2018-1A-A1 (3 Month LIBOR USD + 1.25%, 1.25% Floor)	3.53%	^	10/25/2031	31,424,970
98,000,000	CVP Ltd., Series2017-1A-A (3 Month LIBOR USD + 1.34%)	3.62%	^	07/20/2030	98,009,433
61,250,000	CVP Ltd., Series2017-2A-A (3 Month LIBOR USD + 1.19%, 1.19% Floor)	3.47%	^	01/20/2031	61,153,597
35,250,000	Elevation Ltd., Series2014-2A-A1R (3 Month LIBOR USD + 1.23%)	3.53%	^	10/15/2029	35,252,619
25,500,000	Elevation Ltd., Series2018-9A-A1 (3 Month LIBOR USD + 1.12%, 1.12% Floor)	3.42%	^	07/15/2031	25,326,165
40,000,000	Elmwood Ltd., Series2019-2A-A (3 Month LIBOR USD + 1.45%, 1.45% Floor)	4.00%	^	04/20/2031	40,002,556
10,000,000	Elmwood Ltd., Series2019-2A-B (3 Month LIBOR USD + 2.10%, 2.10% Floor)	4.65%	^	04/20/2031	9,999,153
2,906,625	GLG Ore Hill Ltd., Series2013-1A-A (3 Month LIBOR USD + 1.12%)	3.42%	^	07/15/2025	2,909,700
49,300,000	Greywolf Ltd., Series2018-1A-A1 (3 Month LIBOR USD + 1.03%)	3.30%	^	04/26/2031	48,861,778
50,000,000	Greywolf Ltd., Series2018-2A-A1 (3 Month LIBOR USD + 1.18%, 1.18% Floor)	3.46%	^	10/20/2031	49,798,410
1,750,000	Halcyon Loan Advisors Funding Ltd., Series2014-2A-D (3 Month LIBOR USD + 5.00%)	7.26%	^	04/28/2025	1,643,827
5,000,000	Halcyon Loan Advisors Funding Ltd., Series2014-3A-D (3 Month LIBOR USD + 3.65%)	5.93%	^	10/22/2025	4,975,096
85,500,000	Halcyon Loan Advisors Funding Ltd., Series2015-3A-A1R (3 Month LIBOR USD + 0.90%)	3.20%	^	10/18/2027	85,498,201
31,000,000	Harbourview Ltd., Series7RA-A1 (3 Month LIBOR USD + 1.13%, 1.13% Floor)	3.43%	^	07/18/2031	30,804,093
17,850,962	Jamestown Ltd., Series2014-4A-A1AR (3 Month LIBOR USD + 0.69%)	2.99%	^	07/15/2026	17,815,824
56,695,000	Jamestown Ltd., Series2018-6RA-A1 (3 Month LIBOR USD + 1.15%, 1.15% Floor)	3.43%	^	04/25/2030	56,356,471
13,600,000	Kayne Ltd., Series2019-5A-A (3 Month LIBOR USD + 1.35%, 1.35% Floor)	3.53%	^	07/24/2032	13,598,258
12,950,000	Kayne Ltd., Series2019-5A-B1 (3 Month LIBOR USD + 2.00%, 2.00% Floor)	4.18%	^	07/24/2032	12,948,827
20,000,000	KVK Ltd., Series2013-1A-AR (3 Month LIBOR USD + 0.90%)	3.20%	^	01/14/2028	19,920,781
30,000,000	LCM LP, Series17A-A2RR (3 Month LIBOR USD + 1.15%, 1.15% Floor)	3.45%	^	10/15/2031	29,865,242
50,000,000	LCM LP, Series19A-AR (3 Month LIBOR USD + 1.24%, 1.24% Floor)	3.54%	^	07/15/2027	50,199,152
20,000,000	Madison Park Funding Ltd., Series2013-11A-AR (3 Month LIBOR USD + 1.16%)	3.42%	^	07/23/2029	20,027,975
5,500,000	Madison Park Funding Ltd., Series2014-15A-CR (3 Month LIBOR USD + 3.45%)	5.71%	^	01/27/2026	5,515,663
5,000,000	Madison Park Funding Ltd., Series2014-15A-DR (3 Month LIBOR USD + 5.44%)	7.70%	^	01/27/2026	4,971,803
64,500,000	Marathon Ltd., Series2013-5A-A1R (3 Month LIBOR USD + 0.87%)	3.02%	^	11/21/2027	64,253,462
39,482,100	Marathon Ltd., Series2014-7A-A1R (3 Month LIBOR USD + 1.32%)	3.58%	^	10/28/2025	39,500,857
25,000,000	Marble Point Ltd., Series2018-2A-A1 (3 Month LIBOR USD + 1.33%, 1.33% Floor)	3.61%	^	01/20/2032	25,051,869
16,000,000	Marble Point Ltd., Series2019-1A-A1 (3 Month LIBOR USD + 1.42%)	3.86%	^	07/23/2032	16,020,477
75,000,000	Midocean Credit, Series2017-7A-A1 (3 Month LIBOR USD + 1.32%)	3.62%	^	07/15/2029	75,150,469
54,500,000	Midocean Credit, Series2018-9A-A1 (3 Month LIBOR USD + 1.15%, 1.15% Floor)	3.43%	^	07/20/2031	54,294,539
65,000,000	MP Ltd., Series2013-1A-AR (3 Month LIBOR USD + 1.25%)	3.53%	^	10/20/2030	64,871,613
55,000,000	MP Ltd., Series2013-2A-ARR (3 Month LIBOR USD + 1.28%)	3.56%	^	07/25/2029	54,944,517
40,000,000	MP Ltd., Series2015-2A-AR (3 Month LIBOR USD + 0.91%)	3.17%	^	10/28/2027	40,035,200
30,000,000	Nassau Ltd., Series2018-IA-A (3 Month LIBOR USD + 1.15%)	3.45%	^	07/15/2031	29,853,023
2,250,000	Neuberger Berman Ltd., Series2017-16SA-A (3 Month LIBOR USD + 0.85%)	3.15%	^	01/15/2028	2,248,862
17,000,000	Newark BSL Ltd., Series2016-1A-A1 (3 Month LIBOR USD + 1.52%)	3.78%	^	12/21/2029	17,068,000
10,000,000	Newark BSL Ltd., Series2016-1A-A2 (3 Month LIBOR USD + 2.20%)	4.46%	^	12/21/2029	10,016,741
19,500,000	Northwoods Capital Ltd., Series2017-16A-A (3 Month LIBOR USD + 1.27%)	3.43%	^	11/15/2030	19,486,624
39,250,000	Northwoods Capital Ltd., Series2018-11BA-A1 (3 Month LIBOR USD + 1.10%, 1.10% Floor)	3.40%	^	04/19/2031	39,008,009
40,000,000	Ocean Trails, Series2019-7A-A1 (3 Month LIBOR USD + 1.40%, 1.40% Floor)	3.94%	^	04/17/2030	39,991,140
36,000,000	OCP Ltd., Series2015-9A-A1R (3 Month LIBOR USD + 0.80%)	3.10%	^	07/15/2027	35,956,227
50,000,000	OFSI Fund Ltd., Series2018-1A-A (3 Month LIBOR USD + 1.15%, 1.15% Floor)	3.45%	^	07/15/2031	49,699,438
21,292,109	Palmer Square Loan Funding Ltd., Series2017-1A-A1 (3 Month LIBOR USD + 0.74%)	3.04%	^	10/15/2025	21,309,143
38,000,000	Park Avenue Institutional Advisers Ltd., Series2016-1A-A1R (3 Month LIBOR USD + 1.20%)	3.35%	^	08/23/2031	37,938,932
28,500,000	Pikes Peak, Series2019-3A-A (3 Month LIBOR USD + 1.43%, 1.43% Floor)	4.01%	^	04/25/2030	28,541,953
20,500,000	PPM Ltd., Series2019-3A-A (3 Month LIBOR USD + 1.40%)	3.87%	^	07/17/2030	20,488,113
28,000,000	Prudential PLC, Series2018-1A-A (3 Month LIBOR USD + 1.15%)	3.45%	^	07/15/2031	27,792,725
2,500,000	Regatta Funding Ltd., Series2018-1A-B (3 Month LIBOR USD + 1.65%)	3.95%	^	07/17/2031	2,461,383
20,000,000	Regatta Funding Ltd., Series2018-3A-A (3 Month LIBOR USD + 1.19%)	3.47%	^	10/25/2031	19,911,449
25,500,000	Rockford Tower Ltd., Series2017-3A-A (3 Month LIBOR USD + 1.19%)	3.47%	^	10/20/2030	25,468,362
39,000,000	Rockford Tower Ltd., Series2018-1A-A (3 Month LIBOR USD + 1.10%)	3.24%	^	05/20/2031	38,761,659
50,000,000	Sound Point Ltd., Series2013-3RA-A (3 Month LIBOR USD + 1.15%, 1.15% Floor)	3.45%	^	04/18/2031	49,625,000
36,500,000	Sound Point Ltd., Series2015-2A-ARR (3 Month LIBOR USD + 1.39%, 1.39% Floor)	3.67%	^	07/20/2032	36,539,002
28,000,000	Sound Point Ltd., Series2018-3A-A1A (3 Month LIBOR USD + 1.18%, 1.18% Floor)	3.45%	^	10/26/2031	27,710,616
30,000,000	Steele Creek Ltd., Series2014-1RA-A (3 Month LIBOR USD + 1.07%, 1.07% Floor)	3.35%	^	04/21/2031	29,780,730
20,000,000	Steele Creek Ltd., Series2015-1A-AR (3 Month LIBOR USD + 1.26%)	3.41%	^	05/21/2029	19,975,517
34,000,000	Steele Creek Ltd., Series2016-1A-AR (3 Month LIBOR USD + 1.12%, 1.12% Floor)	3.24%	^	06/15/2031	33,698,765
10,000,000	Steele Creek Ltd., Series2019-1A-B (3 Month LIBOR USD + 2.20%, 2.20% Floor)	4.76%	^	04/15/2032	10,029,758
10,000,000	Symphony Ltd., Series2014-15A-AR2 (3 Month LIBOR USD + 1.26%, 1.26% Floor)	3.56%	^	01/17/2032	10,018,069
30,000,000	TCI-Flatiron Ltd., Series2016-1A-AR (3 Month LIBOR USD + 1.22%, 1.22% Floor)	3.52%	^	07/17/2028	30,019,040
25,000,000	Venture Ltd., Series2014-19A-ARR (3 Month LIBOR USD + 1.26%, 1.26% Floor)	3.56%	^	01/15/2032	25,051,034
61,305,729	Venture Ltd., Series2015-20A-AR (3 Month LIBOR USD + 0.82%)	3.12%	^	04/15/2027	61,235,023
30,500,000	Vibrant Ltd., Series2016-5A-A (3 Month LIBOR USD + 1.55%)	3.83%	^	01/20/2029	30,521,229
75,000,000	Vibrant Ltd., Series2018-10A-A1 (3 Month LIBOR USD + 1.20%, 1.20% Floor)	3.48%	^	10/20/2031	74,677,996
20,000,000	Wellfleet Ltd., Series2016-2A-A1R (3 Month LIBOR USD + 1.14%, 1.14% Floor)	3.42%	^	10/20/2028	20,016,783
25,000,000	Wellfleet Ltd., Series2017-2A-A1 (3 Month LIBOR USD + 1.25%)	3.53%	^	10/20/2029	25,006,567
46,000,000	Wellfleet Ltd., Series2018-2A-A1 (3 Month LIBOR USD + 1.20%, 1.20% Floor)	3.48%	^	10/20/2031	45,825,109
4,387,764	WhiteHorse Ltd., Series2014-1A-AR (3 Month LIBOR USD + 0.90%)	3.15%	^	05/01/2026	4,385,522
14,661,855	WhiteHorse Ltd., Series2015-10A-A1R (3 Month LIBOR USD + 0.93%, 0.93% Floor)	3.23%	^	04/17/2027	14,640,820
4,000,000	Wind River Ltd., Series2013-2A-AR (3 Month LIBOR USD + 1.23%)	3.53%	^	10/18/2030	3,986,358
40,000,000	Wind River Ltd., Series2014-2A-AR (3 Month LIBOR USD + 1.14%, 1.14% Floor)	3.44%	^	01/15/2031	39,820,000
10,000,000	York Ltd., Series2016-2A-A (3 Month LIBOR USD + 1.63%)	3.91%	^	01/20/2030	10,023,087
30,000,000	York Ltd., Series2019-1A-A1 (3 Month LIBOR USD + 1.35%, 0.00% Floor)	3.52%	^	07/22/2032	29,871,005
15,747,293	Zais Ltd., Series2014-2A-A1AR (3 Month LIBOR USD + 1.20%)	3.48%	^	07/25/2026	15,763,309
2,500,000	Zais Ltd., Series2016-2A-A1 (3 Month LIBOR USD + 1.53%)	3.83%	^	10/15/2028	2,501,170
Total Collateralized Loan Obligations (Cost $2,652,304,548)					2,648,015,031
Non-Agency Commercial Mortgage Backed Obligations - 6.7%
10,139,000	20 Times Square Trust, Series2018-20TS-F	3.20%	# ^	05/15/2035	9,982,766
7,727,000	20 Times Square Trust, Series2018-20TS-G	3.20%	# ^	05/15/2035	7,489,773
3,500,000	Arbor Realty Ltd., Series2017-FL2-AS (1 Month LIBOR USD + 1.25%)	3.28%	^	08/15/2027	3,505,261
5,500,000	Arbor Realty Ltd., Series2017-FL2-B (1 Month LIBOR USD + 1.55%)	3.58%	^	08/15/2027	5,517,199
18,093,000	Arbor Realty Ltd., Series2018-FL1-A (1 Month LIBOR USD + 1.15%)	3.18%	^	06/15/2028	18,137,147
2,602,000	AREIT Trust, Series2018-CRE1-AS (1 Month LIBOR USD + 1.25%, 1.25% Floor)	3.28%	^	02/14/2035	2,605,089
1,706,000	AREIT Trust, Series2018-CRE1-B (1 Month LIBOR USD + 1.65%, 1.65% Floor)	3.68%	^	02/14/2035	1,709,733
2,837,533	Ashford Hospitality Trust, Series2018-ASHF-A (1 Month LIBOR USD + 0.90%, 0.90% Floor)	2.93%	^	04/15/2035	2,837,395
11,007,000	Atrium Hotel Portfolio Trust, Series2017-ATRM-E (1 Month LIBOR USD + 3.05%)	5.08%	^	12/15/2036	11,082,178
29,257,000	Atrium Hotel Portfolio Trust, Series2018-ATRM-A (1 Month LIBOR USD + 0.95%, 0.95% Floor)	2.98%	^	06/15/2035	29,313,384
28,877,000	Atrium Hotel Portfolio Trust, Series2018-ATRM-D (1 Month LIBOR USD + 2.30%, 2.30% Floor)	4.33%	^	06/15/2035	29,049,373
13,685,000	Atrium Hotel Portfolio Trust, Series2018-ATRM-E (1 Month LIBOR USD + 3.40%, 3.40% Floor)	5.43%	^	06/15/2035	13,815,948
12,586,126	Banc of America Commercial Mortgage Trust, Series2007-5-XW	0.00%	# ^ I/O	02/10/2051	126
4,000,000	Banc of America Commercial Mortgage Trust, Series2015-UBS7-B	4.51%	#	09/15/2048	4,351,500

57,003,980	Banc of America Commercial Mortgage Trust, Series2015-UBS7-XA	0.97%	# I/O	09/15/2048	2,342,864
1,013,598	Bancorp Commercial Mortgage Trust, Series2018-CRE4-A (1 Month LIBOR USD + 0.90%, 0.95% Floor)	2.93%	^	09/15/2035	1,014,489
5,018,000	Bancorp Commercial Mortgage Trust, Series2018-CRE4-D (1 Month LIBOR USD + 2.10%, 0.25% Floor)	4.13%	^	09/15/2035	5,050,242
16,331,992	Bancorp Commercial Mortgage Trust, Series2019-CRE5-A (1 Month LIBOR USD + 1.00%, 1.00% Floor)	3.03%	^	03/15/2036	16,347,530
6,530,000	Bancorp Commercial Mortgage Trust, Series2019-CRE5-B (1 Month LIBOR USD + 1.50%, 1.50% Floor)	3.53%	^	03/15/2036	6,537,230
1,057,000	Bancorp Commercial Mortgage Trust, Series2019-CRE5-D (1 Month LIBOR USD + 2.35%, 2.35% Floor)	4.38%	^	03/15/2036	1,060,024
39,572,447	BANK, Series2017-BNK4-XA	1.59%	# I/O	05/15/2050	3,153,453
88,843,653	BANK, Series2017-BNK5-XA	1.23%	# I/O	06/15/2060	5,214,136
1,750,000	BANK, Series2018-BN10-AS	3.90%	#	02/15/2061	1,917,379
151,739,896	BANK, Series2018-BN10-XA	0.89%	# I/O	02/15/2061	7,919,184
95,092,340	BANK, Series2019-BN16-XA	1.13%	# I/O	02/15/2052	6,912,044
43,097,000	BANK, Series2019-BN19-AS	3.45%		08/15/2061	45,884,126
27,365,000	Barclays Commercial Mortgage Securities LLC, Series2015-STP-D	4.43%	# ^	09/10/2028	27,511,507
12,089,000	Barclays Commercial Mortgage Securities LLC, Series2017-DELC-C (1 Month LIBOR USD + 1.20%)	3.23%	^	08/15/2036	12,064,083
13,777,000	Barclays Commercial Mortgage Securities LLC, Series2017-DELC-D (1 Month LIBOR USD + 1.70%)	3.73%	^	08/15/2036	13,809,503
28,585,000	Barclays Commercial Mortgage Securities LLC, Series2017-DELC-E (1 Month LIBOR USD + 2.50%)	4.53%	^	08/15/2036	28,682,849
30,209,000	Barclays Commercial Mortgage Securities LLC, Series2017-DELC-F (1 Month LIBOR USD + 3.50%)	5.53%	^	08/15/2036	30,361,824
187,745,335	Barclays Commercial Mortgage Securities LLC, Series2019-C4-XA	1.75%	# I/O	08/15/2052	23,162,705
13,279,071	BBCMS Mortgage Trust, Series2018-BXH-A (1 Month LIBOR USD + 1.00%, 1.00% Floor)	3.03%	^	10/15/2037	13,269,008
67,548,000	BBCMS Mortgage Trust, Series2018-CBM-A (1 Month LIBOR USD + 1.00%, 1.00% Floor)	3.03%	^	07/15/2037	67,658,211
21,385,000	BBCMS Mortgage Trust, Series2018-CBM-E (1 Month LIBOR USD + 3.15%, 3.15% Floor)	5.18%	^	07/15/2037	21,479,453
9,135,000	BBCMS Mortgage Trust, Series2018-TALL-A (1 Month LIBOR USD + 0.72%)	2.75%	^	03/15/2037	9,125,960
5,775,000	BBCMS Mortgage Trust, Series2018-TALL-F (1 Month LIBOR USD + 3.24%, 3.24% Floor)	5.26%	^	03/15/2037	5,816,801
18,989,000	BDS Ltd., Series2019-FL4-A (1 Month LIBOR USD + 1.10%, 0.00% Floor)	3.13%	^	08/15/2036	19,061,405
7,220,000	BDS Ltd., Series2019-FL4-AS (1 Month LIBOR USD + 1.40%, 0.00% Floor)	3.43%	^	08/15/2036	7,249,783
4,500,000	Bear Stearns Commercial Mortgage Securities, Inc., Series2007-T26-AJ	5.57%	#	01/12/2045	3,926,152
37,699,742	Benchmark Mortgage Trust, Series2018-B7-XA	0.60%	# I/O	05/15/2053	1,224,514
80,990,667	Benchmark Mortgage Trust, Series2019-B9-XA	1.21%	# I/O	03/15/2052	6,612,443
75,399,000	BHMS Trust, Series2018-ATLS-A (1 Month LIBOR USD + 1.25%, 1.25% Floor)	3.28%	^	07/15/2035	75,523,770
14,591,000	BHMS Trust, Series2018-ATLS-C (1 Month LIBOR USD + 1.90%, 1.90% Floor)	3.93%	^	07/15/2035	14,643,338
28,680,000	Bremar Hotels and Resorts Trust, Series2018-PRME-A (1 Month LIBOR USD + 0.82%, 0.82% Floor)	2.85%	^	06/15/2035	28,581,917
15,809,000	Bsprt Issuer Ltd., Series2019-FL5-A (1 Month LIBOR USD + 1.15%, 1.15% Floor)	3.48%	^	05/15/2029	15,869,264
6,663,000	BX Commercial Mortgage Trust, Series2018-BIOA-D (1 Month LIBOR USD + 1.32%, 1.35% Floor)	3.35%	^	03/15/2037	6,689,811
35,415,000	BX Commercial Mortgage Trust, Series2018-BIOA-E (1 Month LIBOR USD + 1.95%, 1.98% Floor)	3.98%	^	03/15/2037	35,581,890
17,352,750	BX Trust, Series2017-APPL-D (1 Month LIBOR USD + 2.05%, 2.05% Floor)	4.08%	^	07/15/2034	17,397,655
29,846,050	BX Trust, Series2017-APPL-E (1 Month LIBOR USD + 3.15%, 3.15% Floor)	5.18%	^	07/15/2034	29,996,229
34,505,750	BX Trust, Series2017-SLCT-D (1 Month LIBOR USD + 2.05%)	4.08%	^	07/15/2034	34,548,489
63,983,750	BX Trust, Series2017-SLCT-E (1 Month LIBOR USD + 3.15%)	5.18%	^	07/15/2034	64,383,245
41,318,786	BX Trust, Series2018-EXCL-A (1 Month LIBOR USD + 1.09%)	3.12%	^	09/15/2037	41,351,833
2,447,000	BX Trust, Series2018-GW-D (1 Month LIBOR USD + 1.77%, 1.77% Floor)	3.80%	^	05/15/2035	2,458,636
4,437,000	BX Trust, Series2018-GW-E (1 Month LIBOR USD + 1.97%, 1.97% Floor)	4.00%	^	05/15/2035	4,463,730
7,481,000	BX Trust, Series2018-GW-F (1 Month LIBOR USD + 2.42%, 2.42% Floor)	4.45%	^	05/15/2035	7,535,879
16,882,000	BX Trust, Series2018-MCSF-F (1 Month LIBOR USD + 2.65%, 2.65% Floor)	4.67%	^	04/15/2035	17,011,502
8,644,000	BX Trust, Series2019-MMP-D (1 Month LIBOR USD + 1.60%, 1.60% Floor)	3.63%	^	08/15/2036	8,665,610
819,000	Caesars Palace Las Vegas Trust, Series2017-VICI-B	3.83%	^	10/15/2034	853,574
4,077,000	Caesars Palace Las Vegas Trust, Series2017-VICI-D	4.50%	# ^	10/15/2034	4,273,158
49,539,496	CD Commercial Mortgage Trust, Series2017-CD6-XA	1.11%	# I/O	11/13/2050	2,708,057
5,394,250	CF Trust, Series2019-MF1-A (1 Month LIBOR USD + 1.05%, 1.05% Floor)	3.08%	^	08/21/2032	5,407,790
4,517,000	CFCRE Commercial Mortgage Trust2016-C4, Series2016-C4-AM	3.69%		05/10/2058	4,801,270
7,155,000	CFCRE Commercial Mortgage Trust, Series2016-C4-C	5.04%	#	05/10/2058	7,766,129
60,245,701	CFCRE Commercial Mortgage Trust, Series2016-C4-XA	1.88%	# I/O	05/10/2058	5,303,266
44,114,185	CFCRE Commercial Mortgage Trust, Series2017-C8-XA	1.81%	# I/O	06/15/2050	3,912,827
3,128,000	CFCRE Commercial Mortgage Trust, Series2018-TAN-B	4.69%	^	02/15/2033	3,331,287
3,128,000	CFCRE Commercial Mortgage Trust, Series2018-TAN-C	5.29%	^	02/15/2033	3,352,405
1,877,000	CFCRE Commercial Mortgage Trust, Series2018-TAN-D	6.10%	^	02/15/2033	2,016,795
5,436,000	CGDBB Commercial Mortgage Trust, Series2017-BIOC-D (1 Month LIBOR USD + 1.60%, 1.60% Floor)	3.63%	^	07/15/2032	5,441,425
7,611,000	CGDBB Commercial Mortgage Trust, Series2017-BIOC-E (1 Month LIBOR USD + 2.15%, 2.25% Floor)	4.18%	^	07/15/2032	7,620,305
43,737,000	CHT Mortgage Trust, Series2017-CSMO-E (1 Month LIBOR USD + 3.00%, 3.00% Floor)	5.03%	^	11/15/2036	43,948,328
24,582,000	CHT Mortgage Trust, Series2017-CSMO-F (1 Month LIBOR USD + 3.74%, 3.74% Floor)	5.77%	^	11/15/2036	24,740,426
190,949,004	Citigroup Commercial Mortgage Trust, Series2012-GC8-XA	1.93%	# ^ I/O	09/10/2045	8,100,305
150,638,478	Citigroup Commercial Mortgage Trust, Series2014-GC19-XA	1.32%	# I/O	03/10/2047	6,523,640
82,061,741	Citigroup Commercial Mortgage Trust, Series2014-GC21-XA	1.35%	# I/O	05/10/2047	3,789,004
187,822,739	Citigroup Commercial Mortgage Trust, Series2014-GC25-XA	1.15%	# I/O	10/10/2047	8,048,129
6,265,000	Citigroup Commercial Mortgage Trust, Series2015-GC27-B	3.77%		02/10/2048	6,554,122
3,685,000	Citigroup Commercial Mortgage Trust, Series2015-GC27-D	4.57%	# ^	02/10/2048	3,527,564
210,466,107	Citigroup Commercial Mortgage Trust, Series2015-GC27-XA	1.52%	# I/O	02/10/2048	11,904,047
14,310,000	Citigroup Commercial Mortgage Trust, Series2015-GC33-C	4.72%	#	09/10/2058	15,155,086
175,083,734	Citigroup Commercial Mortgage Trust, Series2015-GC33-XA	1.07%	# I/O	09/10/2058	7,525,694
20,725,000	Citigroup Commercial Mortgage Trust, Series2015-GC35-C	4.65%	#	11/10/2048	21,960,873
106,069,269	Citigroup Commercial Mortgage Trust, Series2016-C1-XA	2.06%	# I/O	05/10/2049	10,575,668
212,556,389	Citigroup Commercial Mortgage Trust, Series2016-GC36-XA	1.44%	# I/O	02/10/2049	13,590,515
43,450,725	Citigroup Commercial Mortgage Trust, Series2016-GC37-XA	1.93%	# I/O	04/10/2049	3,900,411
112,786,671	Citigroup Commercial Mortgage Trust, Series2016-P3-XA	1.85%	# I/O	04/15/2049	8,860,622
60,170,429	Citigroup Commercial Mortgage Trust, Series2016-P4-XA	2.14%	# I/O	07/10/2049	5,928,953
37,587,461	Citigroup Commercial Mortgage Trust, Series2016-P5-XA	1.67%	# I/O	10/10/2049	2,814,448
46,706,656	Citigroup Commercial Mortgage Trust, Series2017-P7-XA	1.28%	# I/O	04/14/2050	3,055,834
13,806,000	CLNS Trust, Series2017-IKPR-D (1 Month LIBOR USD + 2.05%, 2.05% Floor)	4.10%	^	06/11/2032	13,814,505
88,477,000	CLNS Trust, Series2017-IKPR-E (1 Month LIBOR USD + 3.50%, 3.50% Floor)	5.55%	^	06/11/2032	88,770,868
28,027,000	CLNS Trust, Series2017-IKPR-F (1 Month LIBOR USD + 4.50%, 4.50% Floor)	6.55%	^	06/11/2032	28,215,627
1,493,592	Commercial Mortgage Pass Through Certificates, Series2014-CR14-A2	3.15%		02/10/2047	1,493,192
31,683,491	Commercial Mortgage Pass-Through Certificates, Series2012-CR2-XA	1.80%	# I/O	08/15/2045	1,189,915
140,192,678	Commercial Mortgage Pass-Through Certificates, Series2012-CR3-XA	2.02%	# I/O	10/15/2045	6,459,097
106,894,198	Commercial Mortgage Pass-Through Certificates, Series2012-LC4-XA	2.29%	# ^ I/O	12/10/2044	4,225,175
145,989,574	Commercial Mortgage Pass-Through Certificates, Series2013-CR10-XA	0.83%	# I/O	08/10/2046	3,416,886
196,061,894	Commercial Mortgage Pass-Through Certificates, Series2013-CR12-XA	1.32%	# I/O	10/10/2046	7,487,270
843,000	Commercial Mortgage Pass-Through Certificates, Series2013-CR13-C	5.05%	#	11/10/2046	901,208
7,635,000	Commercial Mortgage Pass-Through Certificates, Series2014-CR19-C	4.91%	#	08/10/2047	8,169,696
30,400,000	Commercial Mortgage Pass-Through Certificates, Series2014-CR20-C	4.66%	#	11/10/2047	32,503,762
96,340,798	Commercial Mortgage Pass-Through Certificates, Series2014-UBS3-XA	1.25%	# I/O	06/10/2047	4,186,721
8,215,000	Commercial Mortgage Pass-Through Certificates, Series2015-CALW-D	3.98%	# ^	02/10/2034	8,458,854
13,025,000	Commercial Mortgage Pass-Through Certificates, Series2015-CR22-D	4.25%	# ^	03/10/2048	13,006,106
214,309,267	Commercial Mortgage Pass-Through Certificates, Series2015-CR22-XA	1.08%	# I/O	03/10/2048	7,184,054
9,110,000	Commercial Mortgage Pass-Through Certificates, Series2015-CR26-B	4.63%	#	10/10/2048	9,964,985
84,895,439	Commercial Mortgage Pass-Through Certificates, Series2015-CR26-XA	1.10%	# I/O	10/10/2048	3,997,599
8,715,000	Commercial Mortgage Pass-Through Certificates, Series2015-DC1-C	4.49%	#	02/10/2048	9,063,261
385,241,178	Commercial Mortgage Pass-Through Certificates, Series2015-DC1-XA	1.25%	# I/O	02/10/2048	14,881,289
26,930,000	Commercial Mortgage Pass-Through Certificates, Series2016-CR28-C	4.80%	#	02/10/2049	29,238,283
20,355,000	Commercial Mortgage Pass-Through Certificates, Series2016-GCT-E	3.58%	# ^	08/10/2029	20,342,203
1,617,000	Commercial Mortgage Pass-Through Certificates, Series2017-PANW-D	4.34%	# ^	10/10/2029	1,686,162
5,524,000	Commercial Mortgage Pass-Through Certificates, Series2017-PANW-E	4.13%	# ^	10/10/2029	5,427,961
18,570,000	Commercial Mortgage Pass-Through Certificates, Series2018-HCLV-A (1 Month LIBOR USD + 1.00%, 1.00% Floor)	3.03%	^	09/15/2033	18,555,239
833,000	Commercial Mortgage Trust, Series2015-3BP-F	3.35%	# ^	02/10/2035	827,407
1,889,000	Core Industrial Trust, Series2015-CALW-C	3.56%	^	02/10/2034	1,936,645
1,782,000	Core Mortgage Trust, Series2019-CORE-E (1 Month LIBOR USD + 1.90%, 1.90% Floor)	3.93%	^	12/15/2031	1,785,716
150,822,000	Credit Suisse Mortgage Capital Certificates, Series2014-USA-X1	0.70%	# ^ I/O	09/15/2037	4,176,337
26,290,000	Credit Suisse Mortgage Capital Certificates, Series2019-ICE4-A (1 Month LIBOR USD + 0.98%, 0.98% Floor)	3.01%	^	05/15/2036	26,320,181
21,723,000	Credit Suisse Mortgage Capital Certificates, Series2019-ICE4-E (1 Month LIBOR USD + 2.15%, 2.15% Floor)	4.18%	^	05/15/2036	21,808,226
4,606,000	CSAIL Commercial Mortgage Trust, Series2015-C1-C	4.42%	#	04/15/2050	4,876,108
13,360,000	CSAIL Commercial Mortgage Trust, Series2015-C2-AS	3.85%	#	06/15/2057	14,149,795
12,154,000	CSAIL Commercial Mortgage Trust, Series2015-C3-C	4.50%	#	08/15/2048	12,061,887
9,759,000	CSAIL Commercial Mortgage Trust, Series2015-C4-C	4.73%	#	11/15/2048	10,475,781
309,294,880	CSAIL Commercial Mortgage Trust, Series2015-C4-XA	1.04%	# I/O	11/15/2048	12,862,863
2,085,000	CSAIL Commercial Mortgage Trust, Series2016-C7-C	4.53%	#	11/15/2049	2,150,873

187,119,106		CSAIL Commercial Mortgage Trust, Series2017-C8-XA	1.39%	# I/O	06/15/2050	11,568,377
5,511,000		CSAIL Commercial Mortgage Trust, Series2017-CX10-C	4.25%	#	11/15/2050	5,892,719
91,515,196		CSAIL Commercial Mortgage Trust, Series2017-CX10-XA	0.86%	# I/O	11/15/2050	4,263,903
4,393,000		CSAIL Commercial Mortgage Trust, Series2019-C16-AS	3.61%		06/15/2052	4,702,048
15,894,000		CSAIL Commercial Mortgage Trust, Series2019-C16-B	3.88%		06/15/2052	17,047,609
3,818,000		CSMC Trust 2017-MOON, Series2017-MOON-D	3.30%	# ^	07/10/2034	3,848,095
7,050,000		CSMC Trust, Series2017-CALI-E	3.90%	# ^	11/10/2032	6,943,417
6,050,000		CSMC Trust, Series2017-CALI-F	3.90%	# ^	11/10/2032	5,803,531
12,164,000		CSMC Trust, Series2017-CHOP-D (1 Month LIBOR USD + 1.90%, 1.90% Floor)	3.93%	^	07/15/2032	12,206,890
21,321,000		CSMC Trust, Series2017-CHOP-E (1 Month LIBOR USD + 3.30%, 3.30% Floor)	5.33%	^	07/15/2032	21,478,334
4,673,000		CSMC Trust, Series2017-MOON-E	3.30%	# ^	07/10/2034	4,635,535
43,750,000		CSWF Trust, Series2018-TOP-A (1 Month LIBOR USD + 1.00%, 1.00% Floor)	3.03%	^	08/15/2035	43,795,640
101,501,484		DBUBS Mortgage Trust, Series2011-LC2A-XA	1.22%	# ^ I/O	07/10/2044	1,301,452
2,996,000		DBUBS Mortgage Trust, Series2011-LC3A-PM2	5.27%	# ^	05/10/2044	3,101,018
122,033,948		Deutsche Bank Commercial Mortgage Trust, Series2016-C1-XA	1.62%	# I/O	05/10/2049	8,879,056
49,773,233		Exantas Capital Corporation Ltd., Series2019-RSO7-A (1 Month LIBOR USD + 1.00%, 1.00% Floor)	3.02%	^	04/15/2036	49,847,893
73,900,846		FREMF Mortgage Trust, Series2010-K8-C	0.00%	^ P/O	09/25/2043	71,474,533
86,165,686		FREMF Mortgage Trust, Series2013-K713-D	0.00%	^ P/O	04/25/2046	83,377,020
186,442,686		FREMF Mortgage Trust, Series2013-K713-X2B	0.10%	^ I/O	04/25/2046	85,633
34,385,711		FREMF Mortgage Trust, Series2014-K503-D	0.00%	^ P/O	10/25/2047	34,325,399
34,385,762		FREMF Mortgage Trust, Series2014-K503-X2B	0.10%	^ I/O	10/25/2047	45
28,137,253		GPMT Ltd., Series2018-FL1-A (1 Month LIBOR USD + 0.90%, 0.90% Floor)	2.94%	^	11/21/2035	28,161,873
17,094,000		GPMT Ltd., Series2019-FL2-A (1 Month LIBOR USD + 1.30%, 1.30% Floor)	3.33%	^	02/22/2036	17,196,564
3,322,000		GPT Mortgage Trust, Series2018-GPP-B (1 Month LIBOR USD + 1.28%, 1.28% Floor)	3.31%	^	06/15/2035	3,312,884
15,417,000		Great Wolf Trust, Series2017-WOLF-D (1 Month LIBOR USD + 2.10%, 1.00% Floor)	4.13%	^	09/15/2034	15,438,451
31,606,000		Great Wolf Trust, Series2017-WOLF-E (1 Month LIBOR USD + 3.10%, 1.00% Floor)	5.13%	^	09/15/2034	31,694,345
16,823,000		Great Wolf Trust, Series2017-WOLF-F (1 Month LIBOR USD + 4.07%, 1.00% Floor)	6.10%	^	09/15/2034	16,892,287
2,287,823		Greenwich Capital Commercial Funding Corporation, Series2006-GG7-AM	5.83%	#	07/10/2038	2,307,792
18,130,323		GS Mortgage Securities Corporation, Series2011-GC3-X	0.81%	# ^ I/O	03/10/2044	122,784
23,108,294		GS Mortgage Securities Corporation, Series2013-GC10-XA	1.65%	# I/O	02/10/2046	977,966
275,057,566		GS Mortgage Securities Corporation, Series2015-GC28-XA	1.23%	# I/O	02/10/2048	9,955,544
240,193,744		GS Mortgage Securities Corporation, Series2015-GC32-XA	0.93%	# I/O	07/10/2048	8,459,143
170,370,552		GS Mortgage Securities Corporation, Series2015-GC34-XA	1.48%	# I/O	10/10/2048	10,430,733
59,522,000		GS Mortgage Securities Corporation, Series2018-FBLU-F (1 Month LIBOR USD + 3.25%, 3.25% Floor)	5.28%	^	11/15/2035	59,899,858
206,729,703		GS Mortgage Securities Corporation, Series2018-GS9-XA	0.60%	# I/O	03/10/2051	6,727,667
34,121,000		GS Mortgage Securities Corporation, Series2018-TWR-A (1 Month LIBOR USD + 0.90%, 0.85% Floor)	2.93%	^	07/15/2031	34,076,943
3,897,000		GS Mortgage Securities Corporation, Series2018-TWR-D (1 Month LIBOR USD + 1.60%, 1.50% Floor)	3.63%	^	07/15/2031	3,885,972
11,950,000		GS Mortgage Securities Corporation, Series2018-TWR-E (1 Month LIBOR USD + 2.10%, 2.10% Floor)	4.13%	^	07/15/2031	11,998,966
11,242,000		GS Mortgage Securities Corporation, Series2018-TWR-F (1 Month LIBOR USD + 2.80%, 2.80% Floor)	4.83%	^	07/15/2031	11,307,390
4,648,000		GS Mortgage Securities Corporation, Series2018-TWR-G (1 Month LIBOR USD + 3.92%, 3.98% Floor)	5.95%	^	07/15/2031	4,691,596
23,022,000		GS Mortgage Securities CorporationTrust 2019-SOHO, Series2019-SOHO-E (1 Month LIBOR USD + 1.87%, 1.88% Floor)	3.90%	^	06/15/2036	23,002,243
16,399,000		GS Mortgage Securities CorporationTrust, Series2018-LUAU-A (1 Month LIBOR USD + 1.00%, 1.00% Floor)	3.03%	^	11/15/2032	16,407,711
92,754,112		GS Mortgage Securities Trust, Series2012-GC6-XA	2.12%	# ^ I/O	01/10/2045	3,126,871
3,500,000		GS Mortgage Securities Trust, Series2015-GC28-C	4.47%	#	02/10/2048	3,609,517
67,575,594		GS Mortgage Securities Trust, Series2015-GS1-XA	0.94%	# I/O	11/10/2048	2,832,627
55,219,947		GS Mortgage Securities Trust, Series2016-GS2-XA	1.80%	# I/O	05/10/2049	4,329,487
308,329,382		GS Mortgage Securities Trust, Series2016-GS3-XA	1.38%	# I/O	10/10/2049	20,269,759
69,156,935		GS Mortgage Securities Trust, Series2016-GS4-XA	0.70%	# I/O	11/10/2049	1,975,807
190,298,494		GS Mortgage Securities Trust, Series2017-GS7-XA	1.28%	# I/O	08/10/2050	13,293,739
98,700,000		GS Mortgage Securities Trust, Series2017-GS7-XB	0.50%	# I/O	08/10/2050	2,536,541
2,349,000		GS Mortgage Securities Trust, Series2018-FBLU-C (1 Month LIBOR USD + 1.60%, 1.60% Floor)	3.63%	^	11/15/2035	2,353,032
3,443,000		GS Mortgage Securities Trust, Series 2018-GS10-WLSA	5.07%	# ^	03/10/2033	3,836,366
6,834,000		GS Mortgage Securities Trust, Series 2018-GS10-WLSB	5.07%	# ^	03/10/2033	7,560,804
9,287,000		GS Mortgage Securities Trust, Series 2018-GS10-WLSC	5.07%	# ^	03/10/2033	10,077,274
8,990,000		GS Mortgage Securities Trust, Series 2018-GS10-WLSD	5.07%	# ^	03/10/2033	9,445,239
11,236,750		GS Mortgage Securities Trust, Series 2018-GS10-WLSE	5.07%	# ^	03/10/2033	11,598,271
61,100,692		GS Mortgage Securities Trust, Series2019-GC38-XA	1.13%	# I/O	02/10/2052	4,628,145
17,244,489		GS Mortgage Securities Trust, Series2019-GC39-XA	1.30%	# I/O	05/10/2052	1,435,017
7,037,000		Hilton Orlando Trust, Series2018-ORL-E (1 Month LIBOR USD + 2.65%)	4.68%	^	12/15/2034	7,095,520
5,692,000		Hilton USA Trust2016-SFP, Series2016-SFP-A	2.83%	^	11/05/2035	5,685,015
40,884,051		HPLY Trust, Series2019-HIT-F (1 Month LIBOR USD + 3.15%, 3.15% Floor)	5.18%	^	11/15/2036	40,986,261
9,317,000		IMT Trust, Series2017-APTS-BFL (1 Month LIBOR USD + 0.95%)	2.98%	^	06/15/2034	9,316,503
2,917,000		IMT Trust, Series2017-APTS-CFL (1 Month LIBOR USD + 1.10%)	3.13%	^	06/15/2034	2,917,806
683,948		JP Morgan Chase Commercial Mortgage Securities Corporation, Series2004-CBX-X1	1.10%	# ^ I/O	01/12/2037	9,347
1,726,925		JP Morgan Chase Commercial Mortgage Securities Corporation, Series2005-CB12-AJ	4.99%	#	09/12/2037	1,741,060
1,518,895		JP Morgan Chase Commercial Mortgage Securities Corporation, Series2006-LDP8-X	0.31%	# I/O	05/15/2045	2,405
18,479,379		JP Morgan Chase Commercial Mortgage Securities Corporation, Series2007-CB18-X	0.63%	# I/O	06/12/2047	220
54,931,242		JP Morgan Chase Commercial Mortgage Securities Corporation, Series2007-CB20-X1	0.00%	# ^ I/O	02/12/2051	549
134,145,880		JP Morgan Chase Commercial Mortgage Securities Corporation, Series2012-C6-XA	1.74%	# I/O	05/15/2045	4,485,597
279,907,106		JP Morgan Chase Commercial Mortgage Securities Corporation, Series2012-C8-XA	1.92%	# I/O	10/15/2045	11,943,356
108,256,293		JP Morgan Chase Commercial Mortgage Securities Corporation, Series2012-CBX-XA	1.65%	# I/O	06/15/2045	2,787,957
77,772,728		JP Morgan Chase Commercial Mortgage Securities Corporation, Series2015-JP1-XA	1.25%	# I/O	01/15/2049	3,128,439
3,447,207		JP Morgan Chase Commercial Mortgage Securities Corporation, Series2017-FL10-B (1 Month LIBOR USD + 1.00%, 1.00% Floor)	3.03%	^	06/15/2032	3,435,540
5,488,000		JP Morgan Chase Commercial Mortgage Securities Corporation, Series2017-FL10-C (1 Month LIBOR USD + 1.25%, 1.25% Floor)	3.28%	^	06/15/2032	5,462,485
17,779,000		JP Morgan Chase Commercial Mortgage Securities Corporation, Series2017-FL10-D (1 Month LIBOR USD + 1.90%, 1.90% Floor)	3.93%	^	06/15/2032	17,674,685
71,288,434		JP Morgan Chase Commercial Mortgage Securities Corporation, Series2018-LAQ-A (1 Month LIBOR USD + 1.00%, 1.00% Floor)	3.03%	^	06/15/2032	71,335,185
497,479		JP Morgan Chase Commercial Mortgage Securities Trust, Series2007-LDPX-AM	5.46%	#	01/15/2049	498,417
4,857,000		JP Morgan Chase Commercial Mortgage Securities Trust, Series2016-WIKI-E	4.14%	# ^	10/05/2031	4,918,299
6,954,000		JP Morgan Chase Commercial Mortgage Securities Trust, Series2018-ASH8-B (1 Month LIBOR USD + 1.10%, 1.14% Floor)	3.13%	^	02/15/2035	6,949,059
905,000		JP Morgan Chase Commercial Mortgage Securities Trust, Series2018-ASH8-C (1 Month LIBOR USD + 1.30%, 1.34% Floor)	3.33%	^	02/15/2035	904,662
1,145,000		JP Morgan Chase Commercial Mortgage Securities Trust, Series2018-BCON-E	3.88%	# ^	01/05/2031	1,161,228
5,831,000		JP Morgan Chase Commercial Mortgage Securities Trust, Series2018-WPT-EFX	5.54%	^	07/05/2033	6,213,743
85,646,555		JPMBB Commercial Mortgage Securities Trust, Series2014-C18-XA	1.01%	# I/O	02/15/2047	2,639,019
3,396,000		JPMBB Commercial Mortgage Securities Trust, Series2014-C21-C	4.81%	#	08/15/2047	3,556,379
188,149,456		JPMBB Commercial Mortgage Securities Trust, Series2014-C25-XA	1.01%	# I/O	11/15/2047	6,829,336
6,499,000		JPMBB Commercial Mortgage Securities Trust, Series2014-C26-C	4.52%	#	01/15/2048	6,914,787
213,949,015		JPMBB Commercial Mortgage Securities Trust, Series2014-C26-XA	1.15%	# I/O	01/15/2048	8,111,599
12,055,000		JPMBB Commercial Mortgage Securities Trust, Series2015-C27-C	4.49%	#	02/15/2048	12,588,072
10,425,000		JPMBB Commercial Mortgage Securities Trust, Series2015-C27-D	3.99%	# ^	02/15/2048	10,341,691
15,238,000		JPMBB Commercial Mortgage Securities Trust, Series2015-C28-C	4.36%	#	10/15/2048	15,832,620
40,672,426		JPMBB Commercial Mortgage Securities Trust, Series2015-C28-XA	1.25%	# I/O	10/15/2048	1,516,532
55,423,546		JPMBB Commercial Mortgage Securities Trust, Series2015-C29-XA	0.90%	# I/O	05/15/2048	1,389,612
153,270,088		JPMBB Commercial Mortgage Securities Trust, Series2015-C30-XA	0.67%	# I/O	07/15/2048	4,040,215
23,865,000		JPMBB Commercial Mortgage Securities Trust, Series2015-C32-C	4.82%	#	11/15/2048	25,565,894
92,279,032		JPMBB Commercial Mortgage Securities Trust, Series2015-C32-XA	1.52%	# I/O	11/15/2048	3,622,672
17,630,000		JPMBB Commercial Mortgage Securities Trust, Series2015-C33-C	4.77%	#	12/15/2048	18,886,268
32,345,000		JPMBB Commercial Mortgage Securities Trust, Series2016-C1-C	4.90%	#	03/15/2049	35,037,527
146,513,465		JPMBB Commercial Mortgage Securities Trust, Series2016-C2-XA	1.83%	# I/O	06/15/2049	10,382,955
161,496,544		JPMBB Commercial Mortgage Securities Trust, Series2017-C5-XA	1.14%	# I/O	03/15/2050	9,146,131
93,296,417		JPMCC Commercial Mortgage Securities Trust, Series2019-COR5-XA	1.66%	# I/O	06/13/2052	10,328,007
11,508,000		KREF Ltd., Series2018-FL1-A (1 Month LIBOR USD + 1.10%, 1.10% Floor)	3.12%	^	06/15/2036	11,562,663
8,600,356		LB-UBS Commercial Mortgage Trust, Series2006-C7-XCL	0.88%	# ^ I/O	11/15/2038	1,866
31,939,000		LoanCore Issuer Ltd., Series2018-CRE1-AS (1 Month LIBOR USD + 1.50%, 1.50% Floor)	3.53%	^	05/15/2028	32,006,870
45,101,000		LoanCore Issuer Ltd., Series2019-CRE2-AS (1 Month LIBOR USD + 1.50%, 1.50% Floor)	3.53%	^	05/15/2036	45,281,404
8,610,000		LoanCore Issuer Ltd., Series2019-CRE3-A (1 Month LIBOR USD + 1.05%, 1.05% Floor)	3.08%	^	04/15/2034	8,622,915
22,148,831		LSTAR Commercial Mortgage Trust, Series2017-5-X	1.26%	# ^ I/O	03/10/2050	920,933
35,743,631		Merrill Lynch Mortgage Investors Trust, Series1998-C1-IO	0.68%	# I/O	11/15/2026	141,688
527,389		Merrill Lynch Mortgage Trust, Series2006-C1-AJ	5.78%	#	05/12/2039	532,652
11,401,000		Morgan Stanley Bank of America Merrill Lynch Trust, Series2012-CKSV-CK	4.30%	^	10/15/2030	10,248,561
147,385,067		Morgan Stanley Bank of America Merrill Lynch Trust, Series2013-C12-XA	0.77%	# I/O	10/15/2046	3,018,564
31,470,250	��	Morgan Stanley Bank of America Merrill Lynch Trust, Series2013-C7-XA	1.49%	# I/O	02/15/2046	1,177,976
11,700,000		Morgan Stanley Bank of America Merrill Lynch Trust, Series2014-C18-C	4.68%	#	10/15/2047	12,434,685
37,950,000		Morgan Stanley Bank of America Merrill Lynch Trust, Series2014-C19-C	4.00%		12/15/2047	39,230,183

20,087,700	Morgan Stanley Bank of America Merrill Lynch Trust, Series2015-C20-B	4.16%		02/15/2048	21,387,386
5,457,500	Morgan Stanley Bank of America Merrill Lynch Trust, Series2015-C20-C	4.61%	#	02/15/2048	5,796,748
229,337,142	Morgan Stanley Bank of America Merrill Lynch Trust, Series2015-C20-XA	1.47%	# I/O	02/15/2048	11,678,352
10,616,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series2015-C23-C	4.27%	#	07/15/2050	11,041,161
8,460,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series2015-C25-C	4.68%	#	10/15/2048	9,167,737
19,422,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series2015-C27-C	4.68%	#	12/15/2047	20,301,822
1,517,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series2015-C27-D	3.24%	# ^	12/15/2047	1,427,553
171,775,913	Morgan Stanley Bank of America Merrill Lynch Trust, Series2016-C28-XA	1.40%	# I/O	01/15/2049	10,035,819
2,314,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series2016-C31-C	4.46%	#	11/15/2049	2,413,207
51,945,867	Morgan Stanley Bank of America Merrill Lynch Trust, Series2017-C33-XA	1.58%	# I/O	05/15/2050	3,690,998
1,743,982	Morgan Stanley Capital Trust, Series2007-T27-AJ	6.14%	#	06/11/2042	1,853,749
12,140,000	Morgan Stanley Capital Trust, Series2017-ASHF-D (1 Month LIBOR USD + 2.20%)	4.23%	^	11/15/2034	12,155,139
17,935,000	Morgan Stanley Capital Trust, Series2017-ASHF-E (1 Month LIBOR USD + 3.15%)	5.18%	^	11/15/2034	17,957,365
13,586,000	Morgan Stanley Capital Trust, Series2017-ASHF-F (1 Month LIBOR USD + 4.35%)	6.38%	^	11/15/2034	13,611,447
11,392,000	Morgan Stanley Capital Trust, Series2018-SUN-D (1 Month LIBOR USD + 1.65%, 1.65% Floor)	3.68%	^	07/15/2035	11,411,295
20,425,000	Morgan Stanley Capital Trust, Series2018-SUN-F (1 Month LIBOR USD + 2.55%, 2.55% Floor)	4.58%	^	07/15/2035	20,482,390
10,748,000	Morgan Stanley Capital Trust, Series2018-SUN-G (1 Month LIBOR USD + 3.05%, 3.05% Floor)	5.08%	^	07/15/2035	10,787,075
5,305,000	Morgan Stanley Capital Trust, Series2019-H7-AS	3.52%		07/15/2052	5,678,803
79,363,500	Morgan Stanley Capital Trust, Series2019-L2-XA	1.20%	# I/O	03/15/2052	6,487,736
1,315,000	Morgan Stanley Capital Trust, Series2019-PLND-B (1 Month LIBOR USD + 1.30%, 1.30% Floor)	3.33%	^	05/15/2036	1,318,288
6,002,000	Morgan Stanley Capital Trust, Series2019-PLND-E (1 Month LIBOR USD + 2.15%, 2.15% Floor)	4.18%	^	05/15/2036	6,017,005
20,027,215	Morgan Stanley Capital, Inc., Series2006-HQ10-X1	0.72%	# ^ I/O	11/12/2041	280
2,575,000	Morgan Stanley Capital, Inc., Series2014-CPT-E	3.56%	# ^	07/13/2029	2,602,013
2,325,000	Morgan Stanley Capital, Inc., Series2014-CPT-F	3.56%	# ^	07/13/2029	2,339,810
26,853,431	Morgan Stanley Capital, Inc., Series2015-UBS8-XA	1.05%	# I/O	12/15/2048	1,207,840
147,458,146	Morgan Stanley Capital, Inc., Series2017-H1-XA	1.60%	# I/O	06/15/2050	11,300,602
3,812,353	Motel 6 Trust, Series2017-MTL6-A (1 Month LIBOR USD + 0.92%, 0.92% Floor)	2.95%	^	08/15/2034	3,817,485
14,568,879	Natixis Commercial Mortgage Securities Trust, Series2018-FL1-A (1 Month LIBOR USD + 0.95%, 0.95% Floor)	3.15%	^	06/15/2035	14,528,616
14,792,000	NLY Commercial Mortgage Trust, Series2019-FL2-AS (1 Month LIBOR USD + 1.60%, 1.60% Floor)	3.63%	^	02/15/2036	14,899,242
3,453,000	One Market Plaza Trust, Series2017-1MKT-E	4.14%	^	02/10/2032	3,491,270
13,163,783	PFP Ltd., Series2019-5-A (1 Month LIBOR USD + 0.97%)	3.00%	^	04/14/2036	13,218,083
1,243,000	RAIT Trust, Series2017-FL7-AS (1 Month LIBOR USD + 1.30%, 1.30% Floor)	3.33%	^	06/15/2037	1,236,778
5,840,000	RCM Trust, Series2019-FL3-A (1 Month LIBOR USD + 1.00%, 1.00% Floor)	3.02%	^	03/25/2034	5,831,275
14,159,000	Rosslyn Portfolio Trust, Series2017-ROSS-A (1 Month LIBOR USD + 0.95%, 1.94% Floor)	2.98%	^	06/15/2033	14,171,519
15,724,000	Rosslyn Portfolio Trust, Series2017-ROSS-B (1 Month LIBOR USD + 1.25%, 2.24% Floor)	3.28%	^	06/15/2033	15,722,670
14,274,000	STWD Ltd., Series2019-FL1-AS (1 Month LIBOR USD + 1.40%, 0.00% Floor)	3.67%	^	07/15/2038	14,322,175
7,562,909	Tharaldson Hotel Portfolio Trust, Series2018-THL-E (1 Month LIBOR USD + 3.18%, 3.10% Floor)	5.22%	^	11/11/2034	7,601,393
584,742	TIAA Seasoned Commercial Mortgage Trust, Series2007-C4-AJ	5.48%	#	08/15/2039	586,036
76,967,705	UBS Commercial Mortgage Trust, Series2017-C1-XA	1.73%	# I/O	06/15/2050	6,993,532
12,723,544	UBS Commercial Mortgage Trust, Series2017-C3-XA	1.26%	# I/O	08/15/2050	819,639
2,886,000	UBS Commercial Mortgage Trust, Series2017-C6-C	4.60%	#	12/15/2050	3,151,340
8,530,000	UBS Commercial Mortgage Trust, Series2018-C8-C	4.86%	#	02/15/2051	9,416,019
1,500,000	UBS Commercial Mortgage Trust, Series2018-C9-C	5.05%	#	03/15/2051	1,677,767
43,751,151	UBS Commercial Mortgage Trust, Series2018-C9-XA	1.06%	# I/O	03/15/2051	2,814,253
2,080,000	UBS Commercial Mortgage Trust, Series2019-C16-B	4.32%	#	04/15/2052	2,309,642
74,452,170	UBS-Barclays Commercial Mortgage Trust, Series2012-C3-XA	1.99%	# ^ I/O	08/10/2049	3,356,386
566,000	Wells Fargo Commercial Mortgage Trust2019-C51, Series2019-C51-AS	3.58%		06/15/2052	608,541
3,193,000	Wells Fargo Commercial Mortgage Trust2019-C51, Series2019-C51-B	3.84%	#	06/15/2052	3,431,125
50,842,441	Wells Fargo Commercial Mortgage Trust2019-C51, Series2019-C51-XA	1.53%	# I/O	06/15/2052	5,161,438
4,346,710	Wells Fargo Commercial Mortgage Trust, Series2014-LC18-B	3.96%		12/15/2047	4,590,287
11,460,000	Wells Fargo Commercial Mortgage Trust, Series2015-C26-C	4.07%	#	02/15/2048	11,683,239
413,392,749	Wells Fargo Commercial Mortgage Trust, Series2015-C26-XA	1.36%	# I/O	02/15/2048	20,835,160
5,450,000	Wells Fargo Commercial Mortgage Trust, Series2015-C27-C	3.89%		02/15/2048	5,523,452
229,815,336	Wells Fargo Commercial Mortgage Trust, Series2015-C27-XA	1.04%	# I/O	02/15/2048	8,979,713
9,701,000	Wells Fargo Commercial Mortgage Trust, Series2015-C31-C	4.76%	#	11/15/2048	10,420,375
137,730,791	Wells Fargo Commercial Mortgage Trust, Series2015-C31-XA	1.18%	# I/O	11/15/2048	7,042,589
263,581,161	Wells Fargo Commercial Mortgage Trust, Series2015-LC20-XA	1.48%	# I/O	04/15/2050	12,761,282
12,000,000	Wells Fargo Commercial Mortgage Trust, Series2015-LC22-C	4.69%	#	09/15/2058	12,737,514
1,794,000	Wells Fargo Commercial Mortgage Trust, Series2015-NXS4-C	4.75%	#	12/15/2048	1,945,481
128,165,604	Wells Fargo Commercial Mortgage Trust, Series2015-P2-XA	1.13%	# I/O	12/15/2048	5,504,418
11,469,000	Wells Fargo Commercial Mortgage Trust, Series2016-C32-C	4.88%	#	01/15/2059	12,218,319
8,676,000	Wells Fargo Commercial Mortgage Trust, Series2016-C34-C	5.20%	#	06/15/2049	9,483,741
158,274,908	Wells Fargo Commercial Mortgage Trust, Series2017-C39-XA	1.28%	# I/O	09/15/2050	10,814,782
50,574,184	Wells Fargo Commercial Mortgage Trust, Series2017-C42-XA	1.04%	# I/O	12/15/2050	3,103,793
167,744,625	Wells Fargo Commercial Mortgage Trust, Series2018-C43-XA	0.86%	# I/O	03/15/2051	8,175,638
142,813,875	Wells Fargo Commercial Mortgage Trust, Series2019-C50-XA	1.63%	# I/O	05/15/2052	15,411,331
24,972,000	Wells Fargo Commercial Mortgage Trust, Series2019-C52-AS	3.14%		08/15/2052	25,790,580
82,674,724	Wells Fargo Commercial Mortgage Trust, Series2019-C52-XA	1.77%	# I/O	08/15/2052	9,988,702
56,869,380	WF-RBS Commercial Mortgage Trust, Series2011-C4-XA	0.50%	# ^ I/O	06/15/2044	291,023
79,836,053	WF-RBS Commercial Mortgage Trust, Series2012-C6-XA	2.25%	# ^ I/O	04/15/2045	2,861,899
91,521,839	WF-RBS Commercial Mortgage Trust, Series2012-C8-XA	1.98%	# ^ I/O	08/15/2045	3,742,740
36,219,217	WF-RBS Commercial Mortgage Trust, Series2012-C9-XA	2.06%	# ^ I/O	11/15/2045	1,733,531
135,728,071	WF-RBS Commercial Mortgage Trust, Series2013-C18-XA	0.89%	# I/O	12/15/2046	3,222,849
160,711,904	WF-RBS Commercial Mortgage Trust, Series2014-C19-XA	1.20%	# I/O	03/15/2047	5,532,347
25,000,000	WF-RBS Commercial Mortgage Trust, Series2014-C25-A5	3.63%		11/15/2047	26,637,638
8,000,000	WF-RBS Commercial Mortgage Trust, Series2014-C25-C	4.45%	#	11/15/2047	8,442,138
189,698,652	WF-RBS Commercial Mortgage Trust, Series2014-C25-XA	0.98%	# I/O	11/15/2047	6,495,016
136,634,289	WF-RBS Commercial Mortgage Trust, Series2016-NXS6-XA	1.78%	# I/O	11/15/2049	10,422,177
TotalNon-Agency Commercial Mortgage Backed Obligations(Cost $3,862,856,219)					3,674,540,833
Non-Agency Residential Collateralized Mortgage Obligations - 28.2%
10,000,000	Accredited Mortgage Loan Trust, Series2005-4-M1 (1 Month LIBOR USD + 0.40%, 0.40% Floor)	2.42%		12/25/2035	9,767,460
12,886,097	ACE Securities Corporation Home Equity Loan Trust, Series2007-HE1-A2B (1 Month LIBOR USD + 0.12%, 0.12% Floor)	2.14%		01/25/2037	9,441,669
85,512,958	ACE Securities Corporation Home Equity Loan Trust, Series2007-WM1-A1A (1 Month LIBOR USD + 0.14%, 0.14% Floor)	2.16%		11/25/2036	40,741,691
2,906,651	Adjustable Rate Mortgage Trust, Series2005-10-3A31	3.68%	#	01/25/2036	2,815,389
32,125,291	Adjustable Rate Mortgage Trust, Series2005-11-4A1	3.92%	#	02/25/2036	26,074,142
4,393,137	Adjustable Rate Mortgage Trust, Series2005-2-6M2 (1 Month LIBOR USD + 0.98%, 0.48% Floor, 11.00% Cap)	3.00%		06/25/2035	4,425,300
4,642,252	Adjustable Rate Mortgage Trust, Series2005-4-2A1	4.70%	#	08/25/2035	4,621,496
736,990	Adjustable Rate Mortgage Trust, Series2005-7-3A1	4.28%	#	10/25/2035	658,568
8,125,087	Adjustable Rate Mortgage Trust, Series2005-8-3A21	4.47%	#	11/25/2035	7,416,946
16,938,285	Adjustable Rate Mortgage Trust, Series2006-1-2A1	4.52%	#	03/25/2036	13,532,930
10,684,827	Adjustable Rate Mortgage Trust, Series2006-2-3A1	4.64%	#	05/25/2036	10,205,222
13,884,039	Adjustable Rate Mortgage Trust, Series2006-2-5A1	5.02%	#	05/25/2036	7,689,374
12,349,388	Adjustable Rate Mortgage Trust, Series2007-1-3A1	4.49%	#	03/25/2037	11,570,734
2,163,456	Adjustable Rate Mortgage Trust, Series2007-3-1A1	5.08%	# ^	11/25/2037	2,295,966
226,417	Aegis Asset Backed Securities Trust, Series2003-2-M2 (1 Month LIBOR USD + 2.55%, 1.70% Floor)	4.57%		11/25/2033	224,504
1,463,886	Aegis Asset Backed Securities Trust, Series2004-1-M2 (1 Month LIBOR USD + 2.03%, 1.35% Floor)	4.05%		04/25/2034	1,438,876
617,792	Aegis Asset Backed Securities Trust, Series2004-2-M2 (1 Month LIBOR USD + 1.95%, 1.30% Floor)	3.97%		06/25/2034	629,918
10,951,606	Aegis Asset Backed Securities Trust, Series2004-6-M2 (1 Month LIBOR USD + 1.00%, 1.00% Floor, 15.00% Cap)	3.02%		03/25/2035	10,667,536
66,909,618	Ajax Master Trust, Series2016-1-PC	0.00%	# ^	01/01/2057	62,597,092
70,859,385	Ajax Master Trust, Series2016-2-PC	0.00%	# ^	10/25/2056	64,266,196
82,984,136	Ajax Master Trust, Series2017-1-PC	0.00%	# ^	06/25/2057	78,149,696
27,358,860	Ajax Mortgage Loan Trust, Series2017-A-A	3.47%	^ §	04/25/2057	27,429,243
54,954,676	Ajax Mortgage Loan Trust, Series2017-C-A	3.75%	^ §	07/25/2060	55,279,777
97,486,100	Ajax Mortgage Loan Trust, Series2018-C-A	4.36%	# ^	09/25/2065	98,876,896
7,707,356	Ajax Mortgage Loan Trust, Series2018-E-A	4.38%	# ^	06/25/2058	7,810,109
13,584,478	Ajax Mortgage Loan Trust, Series2019-C-A	3.95%	# ^	10/25/2058	13,686,130
4,617,598	Alternative Loan Trust 2006-12CB, Series2006-12CB-A8	6.00%		05/25/2036	3,798,216
2,806,289	Alternative Loan Trust2006-2CB, Series2006-2CB-A9	6.00%		03/25/2036	2,156,524
52,652,350	Alternative Loan Trust, Series2005-55CB-1A1	5.50%		11/25/2035	49,266,072
14,555,343	Alternative Loan Trust, Series2006-13T1-A1	6.00%		05/25/2036	11,065,575
4,106,060	Alternative Loan Trust, Series2006-16CB-A7	6.00%		06/25/2036	3,458,458
10,416,561	Alternative Loan Trust, Series 2006-41CB-1A15(-1 x 1 Month LIBOR USD + 5.40%, 5.40% Cap)	3.38%	I/F I/O	01/25/2037	2,143,254

10,416,561		Alternative Loan Trust, Series2006-41CB-1A2 (1 Month LIBOR USD + 0.60%, 0.60% Floor, 6.00% Cap)	2.62%		01/25/2037	6,441,531
7,014,042		Alternative Loan Trust, Series2007-15CB-A2	5.75%		07/25/2037	6,314,603
9,952,678		Alternative Loan Trust, Series2007-15CB-A5	5.75%		07/25/2037	8,960,198
21,900,511		Alternative Loan Trust, Series2007-5CB-1A31	5.50%		04/25/2037	17,399,671
7,531,472		Alternative Loan Trust, Series2007-5CB-2A1	6.00%		04/25/2037	5,704,828
6,990,516		Alternative Loan Trust, Series2007-6-A1	5.75%		04/25/2047	6,232,391
60,089,843		Alternative Loan Trust, Series2007-HY4-4A1	3.97%	#	06/25/2037	57,395,258
83,854,006		Alternative Loan Trust, Series2007-HY9-A2 (1 Month LIBOR USD + 0.27%, 0.27% Floor)	2.29%		08/25/2047	73,899,194
5,405,036		American Home Assets, Series2006-2-2A1 (1 Month LIBOR USD + 0.19%, 0.19% Floor)	2.21%		09/25/2046	5,149,963
306,711		American Home Mortgage Investment Trust, Series2005-1-7A2 (6 Month LIBOR USD + 2.00%, 2.00% Floor, 11.00% Cap)	4.04%		06/25/2045	308,124
5,863,255		American Home Mortgage Investment Trust, Series2005-4-3A1 (1 Month LIBOR USD + 0.30%, 0.30% Floor, 11.00% Cap)	2.32%		11/25/2045	5,438,499
21,632,497		American Home Mortgage Investment Trust, Series2005-4-5A (6 Month LIBOR USD + 1.75%, 1.75% Floor, 11.00% Cap)	3.78%		11/25/2045	16,021,659
2,252,559		American Home Mortgage Investment Trust, Series2006-2-3A4	7.10%		06/25/2036	791,066
7,816,509		American Home Mortgage Investment Trust, Series2007-A-13A1	6.60%	^	01/25/2037	3,227,301
142,447,220		Ameriquest Mortgage Securities Trust, Series2006-M3-A1 (1 Month LIBOR USD + 0.18%, 0.18% Floor)	2.19%		10/25/2036	100,560,230
6,862,903		Ameriquest Mortgage Securities, Inc., Series2004-FR1-M1	4.38%		05/25/2034	7,160,307
16,500,000		Ameriquest Mortgage Securities, Inc., Series2004-R8-M2 (1 Month LIBOR USD + 1.02%, 0.68% Floor)	3.04%		09/25/2034	16,561,961
8,716,713		Amortizing Residential Collateral Trust, Series2002-BC7-M1 (1 Month LIBOR USD + 1.20%, 0.80% Floor)	3.22%		10/25/2032	7,441,910
17,505,946		Angel Oak Mortgage Trust, Series2018-1-A1	3.26%	# ^	04/27/2048	17,594,479
99,205		Argent Securities, Inc., Series2004-W6-M1 (1 Month LIBOR USD + 0.83%, 0.55% Floor)	2.84%		05/25/2034	99,852
1,769,588		Asset Backed Securities Corporation Home Equity Loan Trust, Series2003-HE6-M1 (1 Month LIBOR USD + 0.98%, 0.65% Floor)	2.99%		11/25/2033	1,760,735
590,753		Asset Backed Securities Corporation Home Equity Loan Trust, Series2004-HE3-M2 (1 Month LIBOR USD + 1.68%, 1.12% Floor)	3.70%		06/25/2034	592,404
31,224,200		Asset Backed Securities Corporation Home Equity Loan Trust, Series2006-HE7-A1 (1 Month LIBOR USD + 0.14%, 0.14% Floor)	2.15%		11/25/2036	29,134,561
10,421,672		Banc of America Alternative Loan Trust, Series2005-10-2CB1	6.00%		11/25/2035	10,707,864
1,762,910		Banc of America Alternative Loan Trust, Series2005-10-4A1	5.75%		11/25/2035	1,747,775
5,547,642		Banc of America Alternative Loan Trust, Series2005-11-2CB1	6.00%		12/25/2035	5,603,596
2,023,489		Banc of America Alternative Loan Trust, Series2005-5-2CB1	6.00%		06/25/2035	2,088,089
1,235,135		Banc of America Alternative Loan Trust, Series2005-8-2CB1	6.00%		09/25/2035	1,281,897
6,119,538		Banc of America Alternative Loan Trust, Series2006-1-3CB1	6.50%		02/25/2036	6,421,790
3,300,640		Banc of America Alternative Loan Trust, Series2006-2-1CB1	6.00%		03/25/2036	3,322,316
4,328,254		Banc of America Alternative Loan Trust, Series2006-2-3CB1	6.50%		03/25/2036	4,252,617
3,037,055		Banc of America Alternative Loan Trust, Series2006-3-4CB1	6.50%		04/25/2036	2,986,655
999,667		Banc of America Alternative Loan Trust, Series2006-5-CB14 (1 Month LIBOR USD + 1.10%, 6.00% Floor, 6.00% Cap)	6.00%		06/25/2046	997,101
2,246,103		Banc of America Alternative Loan Trust, Series2006-6-CB3	6.00%		07/25/2046	2,200,988
11,058,434		Banc of America Alternative Loan Trust, Series2006-7-A4	6.00%	ß	10/25/2036	6,024,889
3,112,074		Banc of America Alternative Loan Trust, Series2006-8-1A1(-1 x 1 Month LIBOR USD + 6.50%, 6.50% Cap)	4.48%	I/F I/O	11/25/2036	508,321
1,109,125		Banc of America Alternative Loan Trust, Series2006-8-1A2 (1 Month LIBOR USD + 0.45%, 0.45% Floor, 7.00% Cap)	2.47%		11/25/2036	967,152
5,335,203		Banc of America Alternative Loan Trust, Series2006-9-1CB1	6.00%		01/25/2037	5,317,036
930,714		Banc of America Alternative Loan Trust, Series2007-2-2A1	6.00%		06/25/2037	924,586
5,663,258		Banc of America Funding Corporation, Series2006-2-3A1	6.00%		03/25/2036	5,786,028
183,828		Banc of America Funding Corporation, Series2006-2-4A1(-3 x 1 Month LIBOR USD + 22.80%)	16.74%	I/F	03/25/2036	265,888
544,309		Banc of America Funding Corporation, Series2006-2-6A2	5.50%		03/25/2036	543,522
1,819,406		Banc of America Funding Corporation, Series2006-3-1A1	6.00%		03/25/2036	1,778,646
640,929		Banc of America Funding Corporation, Series2006-3-6A1	6.21%	#	03/25/2036	660,023
3,880,173		Banc of America Funding Corporation, Series2006-6-1A7	6.25%		08/25/2036	3,916,451
1,173,723		Banc of America Funding Corporation, Series2006-7-T2A5	6.04%		10/25/2036	1,130,178
5,532,113		Banc of America Funding Corporation, Series2006-7-T2A8	5.91%		10/25/2036	5,327,361
1,272,425		Banc of America Funding Corporation, Series2006-8T2-A8	6.10%	ß	10/25/2036	1,230,435
606,679		Banc of America Funding Corporation, Series2006-B-7A1	4.46%	#	03/20/2036	581,703
7,859,025		Banc of America Funding Corporation, Series2006-D-6A1	3.99%	#	05/20/2036	7,804,352
277,459		Banc of America Funding Corporation, Series2006-G-2A1 (1 Month LIBOR USD + 0.22%, 0.22% Floor, 10.50% Cap)	2.48%		07/20/2036	277,866
280,309		Banc of America Funding Corporation, Series2006-H-3A1	4.25%	#	09/20/2046	266,303
892,011		Banc of America Funding Corporation, Series2007-1-TA10	5.84%	ß	01/25/2037	891,489
1,237,022		Banc of America Funding Corporation, Series2007-3-TA1B	5.83%	#	04/25/2037	1,241,916
2,201,758		Banc of America Funding Corporation, Series2007-5-1A1	5.50%		07/25/2037	2,130,274
2,047,946		Banc of America Funding Corporation, Series2009-R14A-3A (- 2 x 1 Month LIBOR USD + 16.57%, 5.50% Floor, 16.57% Cap)	11.30%	^I/F	06/26/2035	2,642,810
3,513,528		Banc of America Funding Corporation, Series2009-R15A-4A2	5.75%	# ^	12/26/2036	3,568,434
1,218,019		Banc of America Funding Corporation, Series2010-R1-3A(-2 x 1 Month LIBOR USD + 14.28%, 6.00% Floor, 14.28% Cap)	10.96%	^I/F	07/26/2036	1,591,272
181,497		Banc of America Mortgage Securities Trust, Series2004-K-4A1	4.28%	#	12/25/2034	182,705
2,700,248		Banc of America Mortgage Securities Trust, Series2006-1-A9	6.00%		05/25/2036	2,739,570
272,217		Banc of America Mortgage Securities Trust, Series2007-1-2A5	5.75%		01/25/2037	264,997
14,956,167		BankUnited Trust, Series2005-1-2A1	4.14%	#	09/25/2045	14,939,087
1,543,305		Bayview Commercial Asset Trust, Series2007-3-A2 (1 Month LIBOR USD + 0.29%)	2.31%	^	07/25/2037	1,469,521
2,788,511		Bayview Opportunity Master Fund Trust, Series2018-RN8-A1	4.07%	^ §	09/28/2033	2,805,268
31,161,398		Bayview Opportunity Master Fund Trust, Series2019-SBR1-A1	3.47%	^ §	06/28/2034	31,252,813
5,331,782		BCAP LLC Trust, Series2006-AA2-A1 (1 Month LIBOR USD + 0.17%, 0.17% Floor)	2.19%		01/25/2037	5,146,363
2,872,576		BCAP LLC Trust, Series2007-AA2-2A7	6.00%		04/25/2037	2,370,558
3,110,024	��	BCAP LLC Trust, Series2007-AA2-2A8	5.75%		04/25/2037	2,518,096
11,056,558		BCAP LLC Trust, Series2008-RR3-A1B	6.67%	# ^	10/25/2036	6,613,964
2,942,723		BCAP LLC Trust, Series 2009-RR13-18A2	5.75%	# ^	07/26/2037	2,596,248
5,977,788		BCAP LLC Trust, Series2009-RR1-3A3	6.00%	# ^	08/26/2037	6,064,348
3,963,092		BCAP LLC Trust, Series2009-RR4-4A2	5.75%	# ^	02/26/2036	3,121,877
2,153,376		BCAP LLC Trust, Series2010-RR10-5A1	7.00%	# ^	04/27/2037	2,281,377
416,157		BCAP LLC Trust, Series 2010-RR12-3A15	7.14%	# ^	08/26/2037	418,288
3,151,361		Bear Stearns Adjustable Rate Mortgage Trust, Series2005-12-13A1	4.53%	#	02/25/2036	3,028,607
5,052,930		Bear Stearns Adjustable Rate Mortgage Trust, Series2006-4-4A1	4.17%	#	10/25/2046	4,799,748
5,455,196		Bear Stearns Adjustable Rate Mortgage Trust, Series2007-1-2A1	4.91%	#	02/25/2047	5,402,626
2,278,115		Bear Stearns Adjustable Rate Mortgage Trust, Series2007-1-3A1	4.22%	#	02/25/2047	2,193,950
1,899,011		Bear StearnsAlt-A Trust, Series2004-11-2A3	4.11%	#	11/25/2034	1,896,952
9,836,427		Bear StearnsAlt-A Trust, Series2006-1-11A1 (1 Month LIBOR USD + 0.48%, 0.24% Floor, 11.50% Cap)	2.50%		02/25/2036	9,864,795
20,339,567		Bear StearnsAlt-A Trust, Series2006-3-21A1	3.98%	#	05/25/2036	16,413,044
7,672,007		Bear StearnsAlt-A Trust, Series2006-5-1A1 (1 Month LIBOR USD + 0.34%, 0.17% Floor, 11.50% Cap)	2.36%		08/25/2036	6,418,820
9,871,666		Bear StearnsAlt-A Trust, Series2006-6-2A1	3.99%	#	11/25/2036	9,163,218
4,921,640		Bear StearnsAlt-A Trust, Series2006-8-2A1	3.92%	#	08/25/2046	4,811,103
26,454,809		Bear StearnsAlt-A Trust, Series2007-2-2A1 (12 Month LIBOR USD + 1.88%, 1.88% Floor, 11.15% Cap)	4.79%		12/25/2046	24,647,621
4,899,782		Bear Stearns Asset Backed Securities Trust, Series2004-AC4-A2	6.00%		08/25/2034	5,099,297
14,391,478		Bear Stearns Asset Backed Securities Trust, Series2005-AC2-1A	5.75%		04/25/2035	14,257,061
4,085,545		Bear Stearns Asset Backed Securities Trust, Series2005-AC2-2A1	5.75%		04/25/2035	4,244,172
51,241,004		Bear Stearns Asset Backed Securities Trust, Series2005-AC6-22A	5.42%	#	09/25/2035	49,063,923
7,558,637		Bear Stearns Asset Backed Securities Trust, Series2005-AC7-A4	6.00%		10/25/2035	6,737,153
11,621,514		Bear Stearns Asset Backed Securities Trust, Series2006-AC1-1A1	6.25%		02/25/2036	8,631,915
4,754,968		Bear Stearns Asset Backed Securities Trust, Series2006-AC5-A1	6.25%	ß	12/25/2036	4,437,624
18,829,919		Bear Stearns Asset Backed Securities Trust, Series2007-HE2-2A3 (1 Month LIBOR USD + 0.16%, 0.16% Floor)	2.18%		02/25/2037	19,305,992
45,623,886		Bear Stearns Asset Backed Securities Trust, Series2007-HE4-2A (1 Month LIBOR USD + 0.22%, 0.22% Floor)	2.24%		05/25/2037	42,477,576
19,597,570		Bear Stearns Asset Backed Securities Trust, Series2007-HE6-2A (1 Month LIBOR USD + 1.05%, 1.05% Floor)	3.07%		08/25/2037	17,199,664
1,505,944		Bear Stearns Asset Backed Securities Trust, Series2007-SD1-1A2A	6.00%		10/25/2036	1,142,900
1,334,856		Bear Stearns Asset Backed Securities Trust, Series2007-SD1-1A3A	6.50%		10/25/2036	1,023,610
2,271,842		Bear Stearns Asset Backed Securities Trust, Series2007-SD1-23A1	4.80%	#	10/25/2036	2,142,293
15,559,199		Bear Stearns Mortgage Funding Trust, Series2006-AR3-2A1 (1 Month LIBOR USD + 0.20%, 0.20% Floor, 10.50% Cap)	2.22%		11/25/2036	17,117,588
5,680,920		Bear Stearns Mortgage Funding Trust, Series2006-AR4-A2 (1 Month LIBOR USD + 0.18%, 0.18% Floor, 10.50% Cap)	2.20%		12/25/2037	5,619,031
13,378,791		Bear Stearns Mortgage Funding Trust, Series2007-AR3-22A1 (1 Month LIBOR USD + 0.16%, 0.16% Floor, 10.50% Cap)	2.18%		04/25/2037	15,478,924
42,200,000		Bellemeade Ltd., Series2019-2A-M1B (1 Month LIBOR USD + 1.45%, 1.45% Floor)	3.47%	^	04/25/2029	42,222,509
21,581,838		BNC Mortgage Loan Trust, Series2006-2-A4 (1 Month LIBOR USD + 0.16%, 0.16% Floor)	2.18%		11/25/2036	20,811,513
14,160,059		BNC Mortgage Loan Trust, Series2007-1-A4 (1 Month LIBOR USD + 0.16%, 0.16% Floor)	2.18%		03/25/2037	13,651,399
33,785,574		BNPP Mortgage Securities LLC Trust, Series2009-1-B1	6.00%	^	08/27/2037	27,441,025
12,863,787		Carrington Mortgage Loan Trust, Series2006-FRE2-A3 (1 Month LIBOR USD + 0.16%, 0.16% Floor, 12.50% Cap)	2.18%		10/25/2036	10,117,209
9,187,725		Carrington Mortgage Loan Trust, Series2006-FRE2-A4 (1 Month LIBOR USD + 0.25%, 0.25% Floor, 12.50% Cap)	2.27%		10/25/2036	7,308,331
107,424,056		Carrington Mortgage Loan Trust, Series2006-NC4-A3 (1 Month LIBOR USD + 0.16%, 0.16% Floor, 12.50% Cap)	2.18%		10/25/2036	100,556,490
30,594,417		Carrington Mortgage Loan Trust, Series2007-RFC1-A3 (1 Month LIBOR USD + 0.14%, 0.14% Floor, 14.50% Cap)	2.16%		12/25/2036	28,863,210
2,750,000		Centex Home Equity, Series2004-A-AF5	5.43%		01/25/2034	2,835,185
1,040,973		Chase Funding Mortgage Loan Asset-Backed Certificates, Series2003-4-2M1 (1 Month LIBOR USD + 0.90%, 0.60% Floor)	2.92%		03/25/2033	1,010,519
5,570,904		Chase Mortgage Finance Trust, Series2005-A1-2A4	4.26%	#	12/25/2035	5,544,318
9,285,211		Chase Mortgage Finance Trust, Series2006-S1-A5	6.50%		05/25/2036	7,535,604

10,767,090	Chase Mortgage Finance Trust, Series2006-S2-1A9	6.25%		10/25/2036	8,183,864
6,237,515	Chase Mortgage Finance Trust, Series2006-S3-1A2	6.00%		11/25/2036	4,584,163
16,919,644	Chase Mortgage Finance Trust, Series2006-S4-A8	6.00%		12/25/2036	12,579,100
5,679,712	Chase Mortgage Finance Trust, Series2007-A2-6A4	4.50%	#	07/25/2037	5,572,588
5,578,661	Chase Mortgage Finance Trust, Series2007-S1-A7	6.00%		02/25/2037	3,955,348
3,182,899	Chase Mortgage Finance Trust, Series2007-S3-1A5	6.00%		05/25/2037	2,462,413
1,605,996	Chase Mortgage Finance Trust, Series2007-S3-2A1	5.50%		05/25/2037	417,142
3,068,217	Chase Mortgage Finance Trust, Series2007-S5-1A18	6.00%		07/25/2037	2,282,327
3,938,437	ChaseFlex Trust, Series2005-1-3A1	6.00%		02/25/2035	3,941,135
609,770	ChaseFlex Trust, Series2006-1-A5	6.16%	#	06/25/2036	575,266
4,545,166	ChaseFlex Trust, Series2006-2-A2B (1 Month LIBOR USD + 0.20%, 0.20% Floor, 11.50% Cap)	2.22%		09/25/2036	3,764,098
4,091,697	ChaseFlex Trust, Series2007-1-1A1	6.50%		02/25/2037	2,418,385
9,303,916	ChaseFlex Trust, Series2007-M1-2F4	4.22%	ß	08/25/2037	8,921,758
9,676,900	ChaseFlex Trust, Series2007-M1-2F5	4.22%	ß	08/25/2037	9,278,739
4,395,288	CHL Mortgage Pass Through Trust, Series2005-26-1A12	5.50%		11/25/2035	4,097,507
22,592,233	CHL Mortgage Pass-Through Trust, Series2005-17-2A1	5.50%		09/25/2035	19,595,893
4,452,113	CHL Mortgage Pass-Through Trust, Series2005-18-A1	5.50%		10/25/2035	3,777,262
8,178,935	CHL Mortgage Pass-Through Trust, Series2006-14-A5	6.25%		09/25/2036	6,960,467
36,606,770	CHL Mortgage Pass-Through Trust, Series2006-8-1A3	6.00%		05/25/2036	33,789,810
2,481,205	CHL Mortgage Pass-Through Trust, Series2007-15-1A2	6.25%		09/25/2037	2,237,072
49,441,372	CHL Mortgage Pass-Through Trust, Series2007-21-1A1	6.25%		02/25/2038	40,132,032
2,451,632	CHL Mortgage Pass-Through Trust, Series2007-2-A2	6.00%		03/25/2037	2,053,934
3,283,812	CHL Mortgage Pass-Through Trust, Series2007-7-A11	5.50%		06/25/2037	2,737,081
5,653,040	CHL Mortgage Pass-Through Trust, Series2007-8-1A8	6.00%		01/25/2038	4,602,075
15,767,711	CHL Mortgage Pass-Through Trust, Series2007-HYB1-2A1	3.54%	#	03/25/2037	14,910,870
65,959,595	CIM Trust, Series2016-1RR-B2	8.82%	# ^ Þ	07/26/2055	66,069,319
75,440,246	CIM Trust, Series2016-2RR-B2	7.76%	# ^ Þ	02/25/2056	76,518,446
16,278,052	CIM Trust, Series2016-3-A1 (1 Month LIBOR USD + 2.50%, 2.50% Floor)	4.60%	^	02/25/2056	16,831,297
73,074,681	CIM Trust, Series2016-3RR-B2	8.14%	# ^ Þ	02/27/2056	73,736,380
50,188,672	CIM Trust, Series2017-3RR-B2	10.97%	# ^ Þ	01/27/2057	52,132,730
171,988,558	CIM Trust, Series2017-6-A1	3.02%	# ^	06/25/2057	173,055,300
122,724,277	CIM Trust, Series2017-8-A1	3.00%	# ^	12/25/2065	122,688,074
5,469,950	CitiCorporationMortgage Securities, Inc., Series2005-1-1A4	5.50%		02/25/2035	5,731,401
1,161,505	CitiCorporationMortgage Securities, Inc., Series2006-7-1A1	6.00%		12/25/2036	1,048,184
4,691,777	CitiCorporationResidential Mortgage Securities, Inc., Series2006-2-A5	5.25%		09/25/2036	4,846,803
6,563,604	CitiCorporationResidential Mortgage Securities, Inc., Series2007-1-A4	5.26%	ß	03/25/2037	6,671,011
278,180,680	Citigroup Mortgage Loan Trust, Inc., Series2019-D-PT1	3.25%	^	04/25/2059	273,656,628
2,112,103	Citigroup Mortgage Loan Trust, Inc., Series2005-5-2A2	5.75%		08/25/2035	1,751,266
970,244	Citigroup Mortgage Loan Trust, Inc., Series2005-9-21A1	5.50%		11/25/2035	942,285
2,695,711	Citigroup Mortgage Loan Trust, Inc., Series2006-4-2A1A	6.00%		12/25/2035	2,740,251
34,681,235	Citigroup Mortgage Loan Trust, Inc., Series2006-AMC1-A1 (1 Month LIBOR USD + 0.15%, 0.15% Floor)	2.16%	^	09/25/2036	33,752,517
8,981,069	Citigroup Mortgage Loan Trust, Inc., Series2006-AR3-1A1A	4.77%	#	06/25/2036	9,223,199
3,268,765	Citigroup Mortgage Loan Trust, Inc., Series2006-FX1-A6	5.85%	ß	10/25/2036	2,646,188
1,768,567	Citigroup Mortgage Loan Trust, Inc., Series2006-WF1-A2D	4.88%	ß	03/25/2036	1,182,662
11,682,047	Citigroup Mortgage Loan Trust, Inc., Series2006-WF2-A2D	6.16%	ß	05/25/2036	6,562,561
3,662,105	Citigroup Mortgage Loan Trust, Inc., Series2006-WFH3-M1 (1 Month LIBOR USD + 0.29%, 0.29% Floor)	2.31%		10/25/2036	3,667,152
5,013,714	Citigroup Mortgage Loan Trust, Inc., Series2007-10-1A1A	5.46%	#	04/25/2037	5,214,391
763,547	Citigroup Mortgage Loan Trust, Inc., Series2007-12-2A1	6.50%	^	10/25/2036	638,665
124,472	Citigroup Mortgage Loan Trust, Inc., Series2007-2-2A	6.00%		11/25/2036	126,396
21,895,748	Citigroup Mortgage Loan Trust, Inc., Series2007-9-1A1	5.75%	^	04/25/2047	19,311,174
1,193,437	Citigroup Mortgage Loan Trust, Inc., Series2007-9-2A2	6.50%	# ^	05/25/2037	1,270,772
74,639,835	Citigroup Mortgage Loan Trust, Inc., Series2007-AMC2-A1 (1 Month LIBOR USD + 0.14%, 0.14% Floor)	2.16%	^	01/25/2037	68,991,212
2,247,986	Citigroup Mortgage Loan Trust, Inc., Series2007-AR5-1A3A	4.70%	#	04/25/2037	2,165,802
11,348,950	Citigroup Mortgage Loan Trust, Inc., Series2007-FS1-2A1A (1 Month LIBOR USD + 1.00%, 1.00% Floor, 5.75% Cap)	3.02%	^	10/25/2037	11,015,787
4,840,903	Citigroup Mortgage Loan Trust, Inc., Series2007-OPX1-A3A	5.97%	ß	01/25/2037	3,387,600
10,671,091	Citigroup Mortgage Loan Trust, Inc., Series2007-OPX1-A5A	5.76%	ß	01/25/2037	7,469,283
6,478,128	Citigroup Mortgage Loan Trust, Inc., Series2010-7-9A4	6.00%	# ^	10/25/2037	6,351,892
85,316,075	Citigroup Mortgage Loan Trust, Inc., Series2010-8-5A4	6.00%	# ^	11/25/2036	86,355,549
69,002,272	Citigroup Mortgage Loan Trust, Inc., Series2010-8-6A4	6.00%	# ^	12/25/2036	69,429,561
48,910,343	Citigroup Mortgage Loan Trust, Inc., Series2010-8-7A4	6.00%	# ^	06/25/2037	51,006,934
25,001,402	Citigroup Mortgage Loan Trust, Inc., Series2014-J2-A1	3.50%	# ^	11/25/2044	25,357,722
196,684,926	Citigroup Mortgage Loan Trust, Inc., Series2017-RP2-A1A	3.93%	# ^	07/25/2067	206,761,803
16,255,856	Citigroup Mortgage Loan Trust, Inc., Series2018-A-A1	4.00%	# ^	01/25/2068	16,314,884
23,359,992	Citigroup Mortgage Loan Trust, Inc., Series2018-C-A1	4.13%	^ §	03/25/2059	23,549,867
187,123,029	Citigroup Mortgage Loan Trust, Series2019-A-PT1	3.92%	^	10/25/2058	187,925,675
36,321,646	Citigroup Mortgage Loan Trust, Series2019-B-A1	3.26%	# ^	04/25/2066	36,409,559
92,994,521	Citigroup Mortgage Loan Trust, Series2019-C-A1	3.23%	^ §	03/25/2082	93,237,106
3,587,780	CitiMortgage Alternative Loan Trust, Series2006-A2-A2	6.00%		05/25/2036	3,518,748
3,654,425	CitiMortgage Alternative Loan Trust, Series2006-A3-1A13	6.00%		07/25/2036	3,634,774
2,492,961	CitiMortgage Alternative Loan Trust, Series2006-A4-1A8	6.00%		09/25/2036	2,400,676
690,226	CitiMortgage Alternative Loan Trust, Series2006-A5-2A1	5.50%		10/25/2021	728,571
2,610,520	CitiMortgage Alternative Loan Trust, Series2006-A5-3A3	6.00%		10/25/2036	2,424,018
7,823,545	CitiMortgage Alternative Loan Trust, Series2006-A6-1A2 (1 Month LIBOR USD + 0.50%, 6.00% Floor, 6.00% Cap)	6.00%		11/25/2036	7,569,014
4,186,415	CitiMortgage Alternative Loan Trust, Series2007-A1-1A5	6.00%		01/25/2037	4,137,697
2,041,154	CitiMortgage Alternative Loan Trust, Series2007-A1-1A7	6.00%		01/25/2037	2,017,401
5,534,648	CitiMortgage Alternative Loan Trust, Series2007-A1-1A8 (1 Month LIBOR USD + 0.60%, 0.60% Floor, 6.00% Cap)	2.62%		01/25/2037	4,575,989
5,222,555	CitiMortgage Alternative Loan Trust, Series2007-A1-1A9(-1 x 1 Month LIBOR USD + 5.40%, 5.40% Cap)	3.38%	I/F I/O	01/25/2037	800,473
4,367,715	CitiMortgage Alternative Loan Trust, Series2007-A3-1A1	6.00%	±	03/25/2037	4,413,242
10,051,512	CitiMortgage Alternative Loan Trust, Series2007-A3-1A3(-1 x 1 Month LIBOR USD + 5.40%, 5.40% Cap)	3.38%	I/F I/O	03/25/2037	1,882,547
3,938,972	CitiMortgage Alternative Loan Trust, Series2007-A3-1A4	5.75%		03/25/2037	3,854,299
7,099,489	CitiMortgage Alternative Loan Trust, Series2007-A4-1A3 (1 Month LIBOR USD + 0.33%, 0.33% Floor, 7.00% Cap)	2.35%		04/25/2037	5,629,293
7,099,489	CitiMortgage Alternative Loan Trust, Series2007-A4-1A4(-1 x 1 Month LIBOR USD + 6.67%, 6.67% Cap)	4.65%	I/F I/O	04/25/2037	1,287,901
7,518,803	CitiMortgage Alternative Loan Trust, Series2007-A4-1A5	5.75%		04/25/2037	7,375,998
1,064,632	CitiMortgage Alternative Loan Trust, Series2007-A5-1A11	6.00%		05/25/2037	1,060,382
14,036,400	CitiMortgage Alternative Loan Trust, Series2007-A5-1A8	6.00%		05/25/2037	13,980,381
457,215	CitiMortgage Alternative Loan Trust, Series2007-A8-A1	6.00%		10/25/2037	445,593
7,618,307	Colony American Finance Ltd., Series2016-1-A	2.54%	^	06/15/2048	7,592,292
44,223,930	Countrywide Alternative Loan Trust, Series2004-36CB-1A1	6.00%		02/25/2035	42,704,993
5,154,989	Countrywide Alternative Loan Trust, Series2005-13CB-A3	5.50%		05/25/2035	5,162,506
3,847,645	Countrywide Alternative Loan Trust, Series2005-20CB-2A1 (1 Month LIBOR USD + 0.50%, 0.50% Floor, 5.50% Cap)	2.52%		07/25/2035	2,829,059
7,855,608	Countrywide Alternative Loan Trust, Series2005-20CB-2A2(-1 x 1 Month LIBOR USD + 5.00%, 5.00% Cap)	2.98%	I/F I/O	07/25/2035	922,309
155,046	Countrywide Alternative Loan Trust, Series2005-20CB-4A1	5.25%		07/25/2020	154,770
2,779,964	Countrywide Alternative Loan Trust, Series2005-26CB-A11(-2 x 1 Month LIBOR USD + 13.05%, 13.05% Cap)	9.39%	I/F	07/25/2035	3,113,547
3,909,936	Countrywide Alternative Loan Trust, Series2005-28CB-1A2 (1 Month LIBOR USD + 0.75%, 0.75% Floor, 5.50% Cap)	2.77%		08/25/2035	3,239,529
1,551,792	Countrywide Alternative Loan Trust, Series2005-28CB-3A6	6.00%		08/25/2035	1,114,771
1,971,246	Countrywide Alternative Loan Trust, Series2005-46CB-A20	5.50%		10/25/2035	1,880,772
6,852,280	Countrywide Alternative Loan Trust, Series2005-48T1-A2	5.50%		11/25/2035	6,127,519
2,331,453	Countrywide Alternative Loan Trust, Series2005-54CB-3A4	5.50%		11/25/2035	1,994,095
22,137,687	Countrywide Alternative Loan Trust, Series2005-57CB-1A1	5.50%		12/25/2035	20,415,585
523,854	Countrywide Alternative Loan Trust, Series2005-60T1-A7(-7 x 1 Month LIBOR USD + 35.93%, 35.93% Cap)	21.13%	I/F	12/25/2035	935,340
732,858	Countrywide Alternative Loan Trust, Series 2005-64CB-1A14	5.50%		12/25/2035	728,719
10,636,516	Countrywide Alternative Loan Trust, Series2005-64CB-1A4	5.50%		12/25/2035	10,576,444
1,813,229	Countrywide Alternative Loan Trust, Series2005-73CB-1A5 (1 Month LIBOR USD + 0.80%, 0.80% Floor, 5.50% Cap)	2.82%		01/25/2036	1,554,159
4,561,709	Countrywide Alternative Loan Trust, Series2005-73CB-1A6(-1 x 1 Month LIBOR USD + 4.70%, 4.70% Cap)	2.68%	I/F I/O	01/25/2036	628,734
44,488,542	Countrywide Alternative Loan Trust, Series2005-77T1-1A1	6.00%		02/25/2036	33,276,103
845,602	Countrywide Alternative Loan Trust, Series2005-79CB-A5	5.50%		01/25/2036	756,186
28,581,159	Countrywide Alternative Loan Trust, Series2005-85CB-1A1	6.00%		02/25/2036	21,499,025
2,265,060	Countrywide Alternative Loan Trust, Series2005-85CB-2A6(-4 x 1 Month LIBOR USD + 21.63%, 21.63% Cap)	14.23%	I/F	02/25/2036	3,124,234
1,430,880	Countrywide Alternative Loan Trust, Series2005-86CB-A5	5.50%		02/25/2036	1,251,407
2,623,253	Countrywide Alternative Loan Trust, Series2005-J10-1A11	5.50%		10/25/2035	2,494,735
596,991	Countrywide Alternative Loan Trust, Series2005-J10-1A13 (1 Month LIBOR USD + 0.70%, 0.70% Floor, 5.50% Cap)	2.72%		10/25/2035	482,770
279,657	Countrywide Alternative Loan Trust, Series2005-J10-1A15	5.50%		10/25/2035	265,956
702,112	Countrywide Alternative Loan Trust, Series2005-J11-1A3	5.50%		11/25/2035	599,902

977,300	Countrywide Alternative Loan Trust, Series2005-J11-6A1	6.50%		09/25/2032	970,457
823,078	Countrywide Alternative Loan Trust, Series2005-J13-2A5 (1 Month LIBOR USD + 0.48%, 0.48% Floor, 5.50% Cap)	2.50%		11/25/2035	629,675
1,646,157	Countrywide Alternative Loan Trust, Series2005-J13-2A6(-1 x 1 Month LIBOR USD + 5.02%, 5.02% Cap)	3.00%	I/F I/O	11/25/2035	172,590
3,891,000	Countrywide Alternative Loan Trust, Series2005-J1-5A3	5.50%		02/25/2035	4,011,761
46,156	Countrywide Alternative Loan Trust, Series2005-J1-7A1	5.50%		01/25/2020	44,266
813,840	Countrywide Alternative Loan Trust, Series2005-J2-1A5 (1 Month LIBOR USD + 0.50%, 0.50% Floor, 5.50% Cap)	2.52%		04/25/2035	697,919
2,504,122	Countrywide Alternative Loan Trust, Series2005-J2-1A6(-1 x 1 Month LIBOR USD + 5.00%, 5.00% Cap)	2.98%	I/F I/O	04/25/2035	199,504
7,056,272	Countrywide Alternative Loan Trust, Series2005-J3-2A8 (1 Month LIBOR USD + 0.30%, 0.30% Floor, 5.50% Cap)	2.32%		05/25/2035	6,217,076
7,056,272	Countrywide Alternative Loan Trust, Series2005-J3-2A9(-1 x 1 Month LIBOR USD + 5.20%, 5.20% Cap)	3.18%	I/F I/O	05/25/2035	724,124
3,746,608	Countrywide Alternative Loan Trust, Series2006-12CB-A3 (1 Month LIBOR USD + 5.75%, 5.75% Floor)	5.75%		05/25/2036	3,006,358
38,330,732	Countrywide Alternative Loan Trust, Series2006-15CB-A1	6.50%		06/25/2036	28,958,542
1,135,318	Countrywide Alternative Loan Trust, Series2006-18CB-A12 (1 Month LIBOR USD + 0.60%, 0.60% Floor, 6.00% Cap)	2.62%		07/25/2036	720,138
1,135,318	Countrywide Alternative Loan Trust, Series2006-18CB-A13(-1 x 1 Month LIBOR USD + 5.50%, 5.50% Cap)	3.48%	I/F I/O	07/25/2036	210,807
5,509,785	Countrywide Alternative Loan Trust, Series2006-19CB-A12 (1 Month LIBOR USD + 0.40%, 0.40% Floor, 6.00% Cap)	2.42%		08/25/2036	3,609,302
7,471,599	Countrywide Alternative Loan Trust, Series2006-19CB-A13(-1 x 1 Month LIBOR USD + 5.60%, 5.60% Cap)	3.58%	I/F I/O	08/25/2036	1,743,468
1,150,197	Countrywide Alternative Loan Trust, Series2006-19CB-A15	6.00%		08/25/2036	1,017,730
1,957,283	Countrywide Alternative Loan Trust, Series2006-24CB-A11	5.75%		08/25/2036	1,624,734
5,728,726	Countrywide Alternative Loan Trust, Series2006-24CB-A14(-1 x 1 Month LIBOR USD + 7.15%, 7.15% Cap)	5.13%	I/F I/O	08/25/2036	1,626,677
4,593,692	Countrywide Alternative Loan Trust, Series2006-24CB-A22	6.00%		08/25/2036	3,893,259
4,930,412	Countrywide Alternative Loan Trust, Series2006-24CB-A5 (1 Month LIBOR USD + 0.60%, 0.06% Floor, 6.00% Cap)	2.62%		08/25/2036	3,141,790
1,870,944	Countrywide Alternative Loan Trust, Series2006-26CB-A17	6.25%		09/25/2036	1,475,402
2,401,516	Countrywide Alternative Loan Trust, Series2006-26CB-A9	6.50%		09/25/2036	1,936,713
4,462,060	Countrywide Alternative Loan Trust, Series2006-29T1-1A2	6.25%		10/25/2036	3,721,206
628,883	Countrywide Alternative Loan Trust, Series 2006-29T1-2A12(-7 x 1 Month LIBOR USD + 46.15%, 46.15% Cap)	33.03%	I/F	10/25/2036	1,452,189
385,204	Countrywide Alternative Loan Trust, Series 2006-29T1-2A23(-4 x 1 Month LIBOR USD + 33.37%, 33.37% Cap)	24.62%	I/F	10/25/2036	699,632
4,334,653	Countrywide Alternative Loan Trust, Series2006-30T1-1A2	6.25%		11/25/2036	3,998,248
3,078,278	Countrywide Alternative Loan Trust, Series2006-32CB-A1 (1 Month LIBOR USD + 0.67%, 0.67% Floor, 6.00% Cap)	2.69%		11/25/2036	2,012,534
5,134,568	Countrywide Alternative Loan Trust, Series2006-32CB-A2(-1 x 1 Month LIBOR USD + 5.33%, 5.33% Cap)	3.31%	I/F I/O	11/25/2036	1,096,725
5,258,134	Countrywide Alternative Loan Trust, Series2006-36T2-2A1	6.25%		12/25/2036	3,688,913
1,474,284	Countrywide Alternative Loan Trust, Series 2006-39CB-1A10	6.00%		01/25/2037	1,474,616
14,456,526	Countrywide Alternative Loan Trust, Series2006-39CB-2A2(-1 x 1 Month LIBOR USD + 6.55%, 6.55% Cap)	4.53%	I/F I/O	01/25/2037	3,721,395
4,923,129	Countrywide Alternative Loan Trust, Series2006-39CB-2A4 (1 Month LIBOR USD + 0.45%, 0.45% Floor, 7.00% Cap)	2.47%		01/25/2037	898,055
2,099,938	Countrywide Alternative Loan Trust, Series 2006-40T1-1A11	6.00%		01/25/2037	1,938,611
3,574,042	Countrywide Alternative Loan Trust, Series2006-40T1-1A4(-1 x 1 Month LIBOR USD + 5.45%, 5.45% Cap)	3.43%	I/F I/O	01/25/2037	521,814
4,259,172	Countrywide Alternative Loan Trust, Series 2006-41CB-1A10	6.00%		01/25/2037	3,554,946
4,485,000	Countrywide Alternative Loan Trust, Series2006-41CB-1A9	6.00%		01/25/2037	3,743,435
4,287,237	Countrywide Alternative Loan Trust, Series2006-45T1-1A4 (1 Month LIBOR USD + 0.60%, 0.60% Floor, 6.00% Cap)	2.62%		02/25/2037	1,817,655
4,287,237	Countrywide Alternative Loan Trust, Series2006-45T1-1A5(-1 x 1 Month LIBOR USD + 5.40%, 5.40% Cap)	3.38%	I/F I/O	02/25/2037	1,079,301
1,190,378	Countrywide Alternative Loan Trust, Series2006-6CB-1A4	5.50%		05/25/2036	1,128,489
3,614,446	Countrywide Alternative Loan Trust, Series2006-J1-1A10	5.50%		02/25/2036	3,267,363
7,333,572	Countrywide Alternative Loan Trust, Series2006-J1-1A3	5.50%		02/25/2036	6,629,353
1,393,752	Countrywide Alternative Loan Trust, Series2006-J4-2A2	6.00%		07/25/2036	1,192,827
834,117	Countrywide Alternative Loan Trust, Series2007-11T1-A24(-6 x 1 Month LIBOR USD + 39.90%, 39.90% Cap)	27.79%	I/F	05/25/2037	1,712,333
13,920,091	Countrywide Alternative Loan Trust, Series2007-15CB-A1	6.00%		07/25/2037	12,740,007
9,919,476	Countrywide Alternative Loan Trust, Series2007-16CB-2A1 (1 Month LIBOR USD + 0.45%, 0.45% Floor, 7.00% Cap)	2.47%		08/25/2037	5,290,564
2,872,432	Countrywide Alternative Loan Trust, Series2007-16CB-2A2(-8 x 1 Month LIBOR USD + 54.58%, 54.58% Cap)	37.76%	I/F	08/25/2037	6,894,697
4,919,405	Countrywide Alternative Loan Trust, Series2007-16CB-4A7	6.00%		08/25/2037	4,877,436
7,754,518	Countrywide Alternative Loan Trust, Series 2007-17CB-1A10(-5 x 1 Month LIBOR USD + 29.90%, 29.90% Cap)	20.62%	I/F	08/25/2037	13,880,280
1,205,963	Countrywide Alternative Loan Trust, Series 2007-18CB-2A25	6.00%		08/25/2037	1,138,860
846,784	Countrywide Alternative Loan Trust, Series2007-19-1A10(-6 x 1 Month LIBOR USD + 39.00%, 39.00% Cap)	26.89%	I/F	08/25/2037	1,915,373
12,445,905	Countrywide Alternative Loan Trust, Series2007-19-1A4	6.00%		08/25/2037	10,105,057
32,098,629	Countrywide Alternative Loan Trust, Series2007-19-2A1	6.50%		08/25/2037	23,179,065
3,977,379	Countrywide Alternative Loan Trust, Series2007-21CB-2A2(-4 x 1 Month LIBOR USD + 28.40%, 28.40% Cap)	20.33%	I/F	09/25/2037	6,185,539
21,870,736	Countrywide Alternative Loan Trust, Series2007-22-2A16	6.50%		09/25/2037	14,774,520
10,016,374	Countrywide Alternative Loan Trust, Series2007-23CB-A3 (1 Month LIBOR USD + 0.50%, 0.50% Floor, 7.00% Cap)	2.52%		09/25/2037	5,684,889
14,215,311	Countrywide Alternative Loan Trust, Series2007-23CB-A4(-1 x 1 Month LIBOR USD + 6.50%, 6.50% Cap)	4.48%	I/F I/O	09/25/2037	4,758,935
15,408,709	Countrywide Alternative Loan Trust, Series2007-4CB-2A1	7.00%		03/25/2037	3,806,048
5,498,525	Countrywide Alternative Loan Trust, Series2007-5CB-1A18(-1 x 1 Month LIBOR USD + 5.65%, 5.65% Cap)	3.63%	I/F I/O	04/25/2037	1,105,247
5,498,525	Countrywide Alternative Loan Trust, Series2007-5CB-1A23 (1 Month LIBOR USD + 0.55%, 0.55% Floor, 6.00% Cap)	2.57%		04/25/2037	3,323,314
4,613,288	Countrywide Alternative Loan Trust, Series2007-6-A4	5.75%		04/25/2047	4,112,975
366,780	Countrywide Alternative Loan Trust, Series2007-8CB-A12(-6 x 1 Month LIBOR USD + 40.20%, 40.20% Cap)	28.09%	I/F	05/25/2037	819,635
391,532	Countrywide Alternative Loan Trust, Series2007-8CB-A8(-6 x 1 Month LIBOR USD + 40.08%, 40.08% Cap)	27.97%	I/F	05/25/2037	871,774
574,100	Countrywide Alternative Loan Trust, Series2007-9T1-1A4 (1 Month LIBOR USD + 0.50%, 0.50% Floor, 6.00% Cap)	2.52%		05/25/2037	265,717
574,100	Countrywide Alternative Loan Trust, Series2007-9T1-1A5(-1 x 1 Month LIBOR USD + 5.50%, 5.50% Cap)	3.48%	I/F I/O	05/25/2037	121,655
15,725,378	Countrywide Alternative Loan Trust, Series2007-9T1-1A6	6.00%		05/25/2037	11,120,053
1,783,744	Countrywide Alternative Loan Trust, Series2007-9T1-2A1	6.00%		05/25/2037	1,258,604
65,876	Countrywide Alternative Loan Trust, Series2007-9T1-3A1	5.50%		05/25/2022	64,547
38,210,610	Countrywide Alternative Loan Trust, Series2007-HY2-1A	4.16%	#	03/25/2047	37,119,170
41,071	Countrywide Alternative Loan Trust, Series 2007-HY5R-2A1B	3.65%	#	03/25/2047	41,084
2,751,200	Countrywide Asset Backed Certificates, Series2003-BC6-M1 (1 Month LIBOR USD + 0.83%, 0.55% Floor)	2.84%		11/25/2033	2,700,494
14,622,873	Countrywide Asset Backed Certificates, Series2005-4-AF5B	5.15%		10/25/2035	15,040,412
34,416,068	Countrywide Asset Backed Certificates, Series2006-25-1A (1 Month LIBOR USD + 0.14%, 0.14% Floor)	2.16%		06/25/2047	32,553,243
9,517,657	Countrywide Asset Backed Certificates, Series2006-26-1A (1 Month LIBOR USD + 0.14%, 0.14% Floor)	2.16%		06/25/2037	9,031,441
18,744,899	Countrywide Asset Backed Certificates, Series2007-BC1-1A (1 Month LIBOR USD + 0.14%, 0.14% Floor)	2.16%		05/25/2037	17,512,370
4,745,304	Countrywide Asset Backed Certificates, Series2007-BC3-2A3 (1 Month LIBOR USD + 0.18%, 0.18% Floor)	2.20%		11/25/2047	4,408,412
385,563	Countrywide Asset-Backed Certificates, Series2005-13-AF3	5.43%	#	02/25/2033	366,732
1,132,264	Countrywide Home Loans, Series2003-60-4A1	4.90%	#	02/25/2034	1,172,781
1,991,077	Countrywide Home Loans, Series2004-R2-1AF1 (1 Month LIBOR USD + 0.42%, 0.42% Floor, 9.50% Cap)	2.52%	^	11/25/2034	1,827,173
1,937,313	Countrywide Home Loans, Series2004-R2-1AS	3.97%	# ^ I/O	11/25/2034	161,808
4,302,442	Countrywide Home Loans, Series2005-20-A5	5.50%		10/25/2035	4,029,094
3,192,323	Countrywide Home Loans, Series2005-20-A8	5.25%		10/25/2035	3,044,513
10,889,260	Countrywide Home Loans, Series2005-23-A1	5.50%		11/25/2035	9,315,415
2,767,373	Countrywide Home Loans, Series2005-24-A8	5.50%		11/25/2035	2,546,570
778,621	Countrywide Home Loans, Series2005-27-2A1	5.50%		12/25/2035	613,952
1,390,539	Countrywide Home Loans, Series2005-28-A7	5.25%		11/01/2035	1,195,378
16,599,518	Countrywide Home Loans, Series2005-HYB1-4A1	4.36%	#	03/25/2035	16,892,446
1,542,853	Countrywide Home Loans, Series2005-HYB8-1A1	4.34%	#	12/20/2035	1,384,789
2,535,886	Countrywide Home Loans, Series2005-J3-2A4	4.50%		09/25/2035	2,492,516
1,471,825	Countrywide Home Loans, Series2005-J4-A5	5.50%		11/25/2035	1,421,889
622,924	Countrywide Home Loans, Series2005-R1-1AF1 (1 Month LIBOR USD + 0.36%, 0.36% Floor, 9.50% Cap)	2.38%	^	03/25/2035	579,887
608,802	Countrywide Home Loans, Series2005-R1-1AS	4.07%	# ^ I/O	03/25/2035	81,426
5,379,742	Countrywide Home Loans, Series2006-16-2A1	6.50%		11/25/2036	3,761,910
5,363,764	Countrywide Home Loans, Series2006-1-A2	6.00%		03/25/2036	4,404,889
2,154,099	Countrywide Home Loans, Series2006-20-1A21	6.00%		02/25/2037	1,751,988
1,385,493	Countrywide Home Loans, Series2006-J3-A4	5.50%		05/25/2036	1,431,336
6,185,190	Countrywide Home Loans, Series2007-10-A7	6.00%		07/25/2037	5,143,173
19,069,669	Countrywide Home Loans, Series2007-11-A1	6.00%		08/25/2037	15,024,731
11,328,636	Countrywide Home Loans, Series2007-12-A9	5.75%		08/25/2037	9,880,588
4,564,738	Countrywide Home Loans, Series2007-13-A1	6.00%		08/25/2037	3,691,631
7,479,574	Countrywide Home Loans, Series2007-13-A10	6.00%		08/25/2037	6,048,941
6,168,271	Countrywide Home Loans, Series2007-15-1A1	6.25%		09/25/2037	5,552,905
680,184	Countrywide Home Loans, Series2007-15-1A16	6.25%		09/25/2037	612,327
3,030,998	Countrywide Home Loans, Series2007-15-1A29	6.25%		09/25/2037	2,728,418
6,622,670	Countrywide Home Loans, Series2007-17-1A2	6.00%		10/25/2037	6,006,792
827,684	Countrywide Home Loans, Series2007-18-1A1	6.00%		11/25/2037	713,793
6,017,266	Countrywide Home Loans, Series2007-3-A1	6.00%		04/25/2037	5,069,178
2,317,462	Countrywide Home Loans, Series2007-3-A12	6.00%		04/25/2037	1,952,320
4,811,584	Countrywide Home Loans, Series2007-4-1A39	6.00%		05/25/2037	3,701,453
2,062,271	Countrywide Home Loans, Series2007-5-A2	5.75%		05/25/2037	1,779,671
7,306,885	Countrywide Home Loans, Series2007-7-A1	6.00%		06/25/2037	6,301,594
2,190,355	Countrywide Home Loans, Series2007-7-A2	5.75%		06/25/2037	1,857,339
6,646,090	Countrywide Home Loans, Series2007-8-1A4	6.00%		01/25/2038	5,410,505
3,487,844	Countrywide Home Loans, Series2007-8-1A5	5.44%		01/25/2038	2,659,644

8,098,039	Countrywide Home Loans, Series2007-8-1A9 (1 Month LIBOR USD + 6.00%, 4.00% Floor, 6.00% Cap)	6.00%		01/25/2038	6,132,805
1,365,877	Countrywide Home Loans, Series2007-9-A11	5.75%		07/25/2037	1,145,228
7,907,751	Countrywide Home Loans, Series2007-HY1-1A1	4.45%	#	04/25/2037	7,839,567
19,722,799	Countrywide Home Loans, Series2007-J1-2A1	6.00%		02/25/2037	13,385,479
526,626	Countrywide Home Loans, Series2007-J3-A1 (1 Month LIBOR USD + 0.50%, 0.50% Floor, 6.00% Cap)	2.52%		07/25/2037	278,194
2,633,131	Countrywide Home Loans, Series2007-J3-A2(-1 x 1 Month LIBOR USD + 5.50%, 5.50% Cap)	3.48%	I/F I/O	07/25/2037	534,634
4,606,829	Credit Suisse First Boston Mortgage Backed Trust, Series2006-3-A4B	6.11%		11/25/2036	1,580,174
2,807,755	Credit Suisse First Boston Mortgage Backed Trust, Series2006-4-A6A	5.68%		12/25/2036	1,096,250
9,990,217	Credit Suisse First Boston Mortgage Backed Trust, Series2007-1-1A1A	5.90%	#	05/25/2037	4,279,905
49,590	Credit Suisse First Boston Mortgage Securities Corporation, Series2004-AR8-2A1	4.22%	#	09/25/2034	50,077
3,381,334	Credit Suisse First Boston Mortgage Securities Corporation, Series2005-10-5A4	5.50%		11/25/2035	3,261,540
711,805	Credit Suisse First Boston Mortgage Securities Corporation, Series2005-10-5A5	5.50%		11/25/2035	686,587
9,576,362	Credit Suisse First Boston Mortgage Securities Corporation, Series2005-12-5A1	5.25%		01/25/2036	9,535,179
9,798,720	Credit Suisse First Boston Mortgage Securities Corporation, Series2005-12-7A1	7.00%		01/25/2036	2,912,041
4,733,907	Credit Suisse First Boston Mortgage Securities Corporation, Series2005-8-3A10	5.50%		09/25/2035	4,804,286
4,296,505	Credit Suisse First Boston Mortgage Securities Corporation, Series2005-8-7A1	7.00%		09/25/2035	3,283,004
1,716,831	Credit Suisse Mortgage Capital Certificates, Series2005-1R-2A5	5.75%	^	12/26/2035	1,602,675
14,843,213	Credit Suisse Mortgage Capital Certificates, Series2006-1-2A1	6.00%		02/25/2036	10,080,050
2,509,806	Credit Suisse Mortgage Capital Certificates, Series2006-2-3A1	6.50%		03/25/2036	1,250,036
3,008,174	Credit Suisse Mortgage Capital Certificates, Series2006-2-5A1 (1 Month LIBOR USD + 0.70%, 0.70% Floor, 6.00% Cap)	2.72%		03/25/2036	1,559,028
16,814,309	Credit Suisse Mortgage Capital Certificates, Series2006-2-5A2(-1 x 1 Month LIBOR USD + 5.30%, 5.30% Cap)	3.28%	I/F I/O	03/25/2036	3,698,346
3,502,397	Credit Suisse Mortgage Capital Certificates, Series2006-2-5A3	6.25%		03/25/2036	2,647,966
9,478,887	Credit Suisse Mortgage Capital Certificates, Series2006-2-5A4	6.00%		03/25/2036	6,978,479
2,540,980	Credit Suisse Mortgage Capital Certificates, Series2006-3-4A3	5.50%		04/25/2036	2,309,217
1,536,088	Credit Suisse Mortgage Capital Certificates, Series2006-3-4A4	5.50%		04/25/2036	1,398,462
3,452,976	Credit Suisse Mortgage Capital Certificates, Series2006-4-1A8 (1 Month LIBOR USD + 1.00%, 6.00% Floor, 6.00% Cap)	6.00%		05/25/2036	2,876,675
20,313,545	Credit Suisse Mortgage Capital Certificates, Series2006-4-4A1	7.00%		05/25/2036	8,405,144
9,061,941	Credit Suisse Mortgage Capital Certificates, Series2006-6-1A4	6.00%		07/25/2036	7,394,958
10,177,031	Credit Suisse Mortgage Capital Certificates, Series2006-6-3A1	7.00%		07/25/2036	2,431,612
186,528	Credit Suisse Mortgage Capital Certificates, Series2006-7-3A11	6.00%		08/25/2036	147,334
2,666,065	Credit Suisse Mortgage Capital Certificates, Series2006-7-7A5	6.00%		08/25/2036	2,700,433
6,018,688	Credit Suisse Mortgage Capital Certificates, Series2006-9-2A1	5.50%		11/25/2036	5,443,098
20,253,275	Credit Suisse Mortgage Capital Certificates, Series2006-9-3A1	6.00%		11/25/2036	17,902,016
5,772,557	Credit Suisse Mortgage Capital Certificates, Series2006-9-4A1	6.00%		11/25/2036	3,778,983
3,804,353	Credit Suisse Mortgage Capital Certificates, Series2006-9-6A14	6.00%		11/25/2036	3,742,274
618,132	Credit Suisse Mortgage Capital Certificates, Series2006-9-6A15(-6 x 1 Month LIBOR USD + 39.90%, 39.90% Cap)	27.03%	I/F	11/25/2036	1,244,419
10,440,955	Credit Suisse Mortgage Capital Certificates, Series2007-1-1A4	6.13%	#	02/25/2037	5,051,848
4,871,450	Credit Suisse Mortgage Capital Certificates, Series2007-1-5A14	6.00%		02/25/2037	4,321,463
7,229,816	Credit Suisse Mortgage Capital Certificates, Series2007-3-2A10	6.00%		04/25/2037	4,979,477
5,358,085	Credit Suisse Mortgage Capital Certificates, Series2007-5-2A5	5.00%		08/25/2037	4,342,620
42,906,055	Credit Suisse Mortgage Capital Certificates, Series2007-5-3A19	6.00%		08/25/2037	37,012,201
19,027,995	Credit Suisse Mortgage Capital Certificates, Series2007-5-3A9	6.00%		08/25/2037	16,407,938
6,877,608	Credit Suisse Mortgage Capital Certificates, Series2008-2R-1A1	6.00%	^	07/25/2037	6,799,150
1,260,145	Credit Suisse Mortgage Capital Certificates, Series2009-1R-4A2	4.43%	# ^	07/20/2035	1,320,881
3,280,356	Credit Suisse Mortgage Capital Certificates, Series2010-13R-1A2	5.50%	# ^	12/26/2035	3,464,123
65,417,976	Credit Suisse Mortgage Capital Certificates, Series2010-17R-6A1	2.42%	# ^	06/26/2037	66,071,606
5,667,091	Credit Suisse Mortgage Capital Certificates, Series2010-2R-4A17	6.00%	# ^	03/26/2037	5,836,838
10,449,012	Credit Suisse Mortgage Capital Certificates, Series2010-4R-8A17	6.00%	# ^	06/26/2037	10,895,665
11,778,358	Credit Suisse Mortgage Capital Certificates, Series2010-9R-2A5	4.00%	# ^	02/27/2038	11,918,525
11,362,184	Credit Suisse Mortgage Capital Certificates, Series2012-10R-4A2	3.92%	# ^	08/26/2046	11,084,750
36,554,725	Credit Suisse Mortgage Capital Certificates, Series2013-6-1A1	2.50%	# ^	07/25/2028	36,715,862
40,230,349	Credit Suisse Mortgage Capital Certificates, Series2013-9R-A1	3.00%	# ^	05/27/2043	39,774,564
19,270,280	Credit Suisse Mortgage Capital Certificates, Series2013-IVR4-A2	3.00%	# ^	07/25/2043	19,191,200
4,011,961	Credit Suisse Mortgage Capital Certificates, Series2014-WIN1-2A4	3.00%	# ^	09/25/2044	3,971,923
59,757,097	Credit Suisse Mortgage Capital Certificates, Series2015-1-A1	2.50%	# ^	01/25/2045	57,953,078
12,121,789	Credit-Based Asset Servicing and Securitization LLC, Series2006-CB4-AV3 (1 Month LIBOR USD + 0.15%, 0.15% Floor)	2.17%		05/25/2036	10,141,865
7,527,154	Credit-Based Asset Servicing and Securitization LLC, Series2007-MX1-A3	5.83%	^ ß	12/25/2036	7,699,920
10,736,511	CSMC Mortgage-Backed Trust, Series2006-4-6A1	6.00%		05/25/2036	7,645,592
6,009,819	CSMC Mortgage-Backed Trust, Series2007-1-3A1	6.00%		02/25/2022	2,314,741
69,440	CSMC Mortgage-Backed Trust, Series2007-2-2A1	5.00%		03/25/2037	67,988
12,831,216	CSMC Mortgage-Backed Trust, Series 2019-RPL6-CERT	4.10%	^	11/25/2058	12,773,437
299,490,104	CSMC Mortgage-Backed Trust, Series2019-RPL6-PT1	4.09%	# ^	11/25/2058	304,244,809
25,531,573	CSMC Mortgage-Backed Trust, Series2019-RPL8-A1	3.32%	# ^	10/25/2058	25,703,523
9,460,690	CSMC Trust, Series2009-12R-5A1	6.00%	^	06/27/2036	9,253,892
21,163,097	CSMC Trust, Series2010-4R-3A17	6.00%	# ^	06/26/2037	21,179,185
60,262,543	CSMC Trust, Series2018-RPL2-A1	4.03%	^ §	08/25/2062	60,723,467
174,458,207	CSMC Trust, Series2018-RPL7-A1	4.00%	^	08/26/2058	176,782,513
82,425,363	CSMC Trust, Series2018-RPL8-A1	4.13%	# ^	07/25/2058	83,342,394
98,188,048	CSMC Trust, Series2019-3R-1A1 (1 Month LIBOR USD + 1.40%, 1.40% Floor)	3.51%	^	06/02/2047	98,994,005
63,984,035	CSMC Trust, Series2019-6R-1A1 (1 Month LIBOR USD + 1.40%, 1.40% Floor)	3.51%	^	10/25/2046	64,152,396
151,861,718	CSMC Trust, Series2019-JR1-A1	4.10%	# ^	09/27/2066	152,569,971
70,117,385	CSMC Trust, Series2019-RPL2-A1	3.92%	^	07/25/2058	71,277,498
106,154,317	CSMCM Trust, Series 2017-RPL2-CERT	0.01%	^	02/25/2056	98,159,868
12,169,962	CSMCM Trust, Series2018-RPL7-A1	3.90%	^ I/O	09/25/2048	12,509,128
21,820,490	CSMCM Trust, Series2018-RPL8-A1	4.07%	^ I/O	07/25/2058	22,358,324
8,625,671	CSMLT Trust, Series2015-3-1A2	3.50%	# ^	11/25/2045	8,763,239
5,584,587	Deephaven Residential Mortgage Trust, Series2018-3A-A2	3.89%	# ^	08/25/2058	5,623,750
5,436,265	Deephaven Residential Mortgage Trust, Series2018-3A-A3	3.96%	# ^	08/25/2058	5,475,169
13,754,083	DeutscheALT-A Securities, Inc. Mortgage Loan Trust, Series2005-4-A5	5.50%	#	09/25/2035	13,796,487
807,149	DeutscheALT-A Securities, Inc. Mortgage Loan Trust, Series2005-5-1A6(-7 x 1 Month LIBOR USD + 35.93%, 35.93% Cap)	21.13%	I/F	11/25/2035	1,243,160
910,960	DeutscheALT-A Securities, Inc. Mortgage Loan Trust, Series2005-5-2A1 (1 Month LIBOR USD + 0.20%, 0.20% Floor, 5.50% Cap)	2.22%		11/25/2035	515,384
2,749,377	DeutscheALT-A Securities, Inc. Mortgage Loan Trust, Series2005-5-2A2(-1 x 1 Month LIBOR USD + 5.30%, 5.30% Cap)	3.28%	I/F I/O	11/25/2035	336,392
22,763,106	DeutscheALT-A Securities, Inc. Mortgage Loan Trust, Series2007-2-2A1 (1 Month LIBOR USD + 0.30%, 0.30% Floor)	2.32%		09/25/2047	20,890,613
14,335,833	DeutscheALT-A Securities, Inc. Mortgage Loan Trust, Series2007-OA5-A1B (1 Month LIBOR USD + 0.22%, 0.22% Floor)	2.24%		08/25/2047	13,889,332
5,661,052	DeutscheALT-B Securities Mortgage Loan Trust, Series2006-AB1-A1C	5.67%	#	02/25/2036	5,676,299
759,171	DeutscheALT-B Securities, Inc. Mortgage Loan Trust, Series2006-AB2-A2	5.19%	#	06/25/2036	741,318
19,696,968	DeutscheALT-B Securities, Inc. Mortgage Loan Trust, Series2006-AB4-A2	5.65%	#	10/25/2036	18,953,979
1,403,172	DeutscheALT-B Securities, Inc. Mortgage Loan Trust, Series2006-AB4-A3	5.90%	#	10/25/2036	1,350,006
2,059,106	DeutscheALT-B Securities, Inc. Mortgage Loan Trust, Series2006-AB4-A3A1	5.90%	#	10/25/2036	1,981,118
4,089,208	DeutscheALT-B Securities, Inc. Mortgage Loan Trust, Series2006-AB4-A6A1	5.87%	ß	10/25/2036	3,933,189
7,195,693	Deutsche Mortgage Securities, Inc., Series2006-PR1-3A1(-1 x 1 Month LIBOR USD + 12.12%, 12.12% Cap)	9.29%	^I/F	04/15/2036	7,027,695
4,617,091	Deutsche Mortgage Securities, Inc., Series2006-PR1-4AI1(-1 x 1 Month LIBOR USD + 12.11%, 12.11% Cap)	9.27%	^I/F	04/15/2036	4,583,503
7,500,021	Deutsche Mortgage Securities, Inc., Series2006-PR1-4AI2(-2 x 1 Month LIBOR USD + 14.60%, 14.61% Cap)	10.73%	^I/F	04/15/2036	7,610,433
512,952	Deutsche Mortgage Securities, Inc., Series2006-PR1-5AI1(-3 x 1 Month LIBOR USD + 19.35%, 19.35% Cap)	13.27%	^I/F	04/15/2036	595,376
4,491,040	Deutsche Mortgage Securities, Inc., Series2006-PR1-5AI3(-1 x 1 Month LIBOR USD + 12.57%, 12.57% Cap)	9.73%	^I/F	04/15/2036	4,446,542
74,383,768	Deutsche Mortgage Securities, Inc., Series2006-PR1-5AI4(-1 x 1 Month LIBOR USD + 12.12%, 12.12% Cap)	9.29%	^I/F	04/15/2036	73,532,260
8,795,246	Deutsche Securities, Inc., Series2005-6-2A1	5.50%		12/25/2035	8,540,620
1,410,536	Deutsche Securities, Inc., Series2006-AB4-A1A	6.01%	#	10/25/2036	1,356,991
41,000,000	Eagle Ltd., Series2019-1-M1B (1 Month LIBOR USD + 1.80%)	3.82%	^	04/25/2029	41,208,141
18,001,917	Equifirst Loan Securitization Trust, Series2007-1-A2B (1 Month LIBOR USD + 0.19%, 0.19% Floor)	2.21%		04/25/2037	17,416,185
5,405,645	First Franklin Mortgage Loan Trust, Series2006-FF3-A2B (1 Month LIBOR USD + 0.20%, 0.20% Floor)	2.22%		02/25/2036	5,413,259
6,631,828	First Horizon Alternative Mortgage Securities Trust, Series2005-AA4-1A1	3.96%	#	05/25/2035	5,352,516
6,359,641	First Horizon Alternative Mortgage Securities Trust, Series2005-FA8-1A4	5.50%		11/25/2035	5,242,508
332,111	First Horizon Alternative Mortgage Securities Trust, Series2005-FA8-2A1	5.00%		11/25/2020	333,720
4,807,972	First Horizon Alternative Mortgage Securities Trust, Series2005-FA9-A4A	5.50%		12/25/2035	4,114,185
2,843,087	First Horizon Alternative Mortgage Securities Trust, Series2006-AA3-A1	4.20%	#	06/25/2036	2,652,051
2,686,037	First Horizon Alternative Mortgage Securities Trust, Series2006-FA1-1A12	6.00%		04/25/2036	2,054,999
9,013,328	First Horizon Alternative Mortgage Securities Trust, Series2006-FA1-1A3	5.75%		04/25/2036	6,738,357
2,122,185	First Horizon Alternative Mortgage Securities Trust, Series2006-FA2-1A5	6.00%		05/25/2036	1,648,133
2,841,402	First Horizon Alternative Mortgage Securities Trust, Series2006-FA8-1A5	6.00%		02/25/2037	2,080,299
5,452,530	First Horizon Alternative Mortgage Securities Trust, Series2006-RE1-A1	5.50%		05/25/2035	4,974,942
15,786,806	First Horizon Alternative Mortgage Securities Trust, Series2007-FA3-A3	6.00%		06/25/2037	11,448,915
812,312	First Horizon Alternative Mortgage Securities Trust, Series2007-FA3-A4	6.00%		06/25/2037	589,105

937,335	First Horizon Alternative Mortgage Securities Trust, Series2007-FA4-1A13	6.25%		08/25/2037	710,538
2,893,625	First Horizon Alternative Mortgage Securities Trust, Series2007-FA4-1A4	6.25%		08/25/2037	2,193,484
1,359,588	First Horizon Alternative Mortgage Securities Trust, Series2007-FA4-1A5	6.25%		08/25/2037	1,030,623
3,570,510	First Horizon Mortgage Pass-Through Trust, Series2005-8-1A11	5.75%		02/25/2036	3,033,126
1,749,736	First Horizon Mortgage Pass-Through Trust, Series2006-1-1A2	6.00%		05/25/2036	1,438,679
4,319,441	First Horizon Mortgage Pass-Through Trust, Series2007-1-A3	6.00%		03/25/2037	3,541,978
2,933,029	First Horizon Mortgage Pass-Through Trust, Series2007-4-1A1	6.00%		08/25/2037	2,389,745
72,500,000	FMC GMSR Issuer Trust, Series2019-GT1-A	5.07%	# ^	05/25/2024	74,985,256
75,700,000	FMC GMSR Issuer Trust, Series2019-GT2-A	4.23%	# ^	09/25/2024	76,371,535
158,648,630	Fremont Home Loan Trust, Series2006-D-1A1 (1 Month LIBOR USD + 0.14%, 0.14% Floor)	2.16%		11/25/2036	109,841,108
10,949,422	GCAT LLC, Series2019-1-A1	4.09%	^ §	04/26/2049	11,288,493
84,753,098	GCAT LLC, Series2019-2-A1	3.47%	^ §	06/25/2024	85,142,437
46,273,000	GE-WMC Asset-Backed Pass-Through Certificates, Series2005-2-A2D (1 Month LIBOR USD + 0.32%, 0.32% Floor)	2.34%		12/25/2035	44,906,804
27,428,830	GE-WMC Mortgage Securities Trust, Series2006-1-A2B (1 Month LIBOR USD + 0.15%, 0.15% Floor)	2.17%		08/25/2036	16,456,769
3,833,388	GMACM Mortgage Loan Trust, Series2005-AR5-3A1	4.01%	#	09/19/2035	3,666,332
31,891,981	GreenPoint Mortgage Funding Trust, Series2005-AR3-2A1 (1 Month LIBOR USD + 0.26%, 0.26% Floor, 10.50% Cap)	2.28%		08/25/2045	22,506,672
19,567,154	GreenPoint Mortgage Funding Trust, Series2006-AR7-2A1 (1 Month LIBOR USD + 0.20%, 0.20% Floor)	2.22%		12/25/2046	19,545,092
32,501,561	GreenPoint Mortgage Funding Trust, Series2007-AR2-1A3 (1 Month LIBOR USD + 0.24%, 0.24% Floor)	2.26%		04/25/2047	30,970,591
1,213,310	GS Mortgage Securities Corporation, Series2008-2R-1A1	7.50%	# ^	09/25/2036	855,558
187,126	GSAA Home Equity Trust, Series2005-12-AF3	5.07%	#	09/25/2035	166,851
9,734,824	GSAA Home Equity Trust, Series2006-10-AF3	5.98%	#	06/25/2036	4,436,742
6,967,380	GSAA Home Equity Trust, Series2006-10-AF4	6.30%	ß	06/25/2036	3,173,695
13,138,742	GSAA Home Equity Trust, Series2006-15-AF4	5.96%	ß	09/25/2036	6,212,814
2,192,938	GSAA Home Equity Trust, Series2006-18-AF3A	5.77%	#	11/25/2036	1,158,012
4,866,036	GSAA Home Equity Trust, Series2006-18-AF6	5.68%	ß	11/25/2036	2,236,870
9,015,978	GSAA Home Equity Trust, Series2006-19-A1 (1 Month LIBOR USD + 0.09%, 0.09% Floor)	2.11%		12/25/2036	4,075,392
5,315,149	GSAA Home Equity Trust, Series2007-10-A1A	6.00%		11/25/2037	4,561,469
2,948,433	GSAA Home Equity Trust, Series2007-10-A2A	6.50%		11/25/2037	2,074,212
24,125,731	GSAMP Trust, Series2006-HE6-A3 (1 Month LIBOR USD + 0.15%, 0.15% Floor)	2.17%		08/25/2036	21,121,199
10,924,831	GSMPS Mortgage Loan Trust, Series2005-RP2-1AF (1 Month LIBOR USD + 0.35%, 0.35% Floor)	2.37%	^	03/25/2035	10,202,180
10,924,831	GSMPS Mortgage Loan Trust, Series2005-RP2-1AS	2.52%	# ^ I/O	03/25/2035	814,902
6,453,235	GSMPS Mortgage Loan Trust, Series2005-RP3-1AF (1 Month LIBOR USD + 0.35%, 0.35% Floor, 9.50% Cap)	2.37%	^	09/25/2035	5,745,199
6,453,235	GSMPS Mortgage Loan Trust, Series2005-RP3-1AS	2.34%	# ^ I/O	09/25/2035	865,490
24,771,161	GSMPS Mortgage Loan Trust, Series2006-RP1-1AF1 (1 Month LIBOR USD + 0.35%, 0.35% Floor, 9.15% Cap)	2.37%	^	01/25/2036	21,681,662
24,771,161	GSMPS Mortgage Loan Trust, Series2006-RP1-1AS	2.24%	# ^ I/O	01/25/2036	2,508,323
25,469,809	GSMSC Resecuritization Trust, Series2014-3R-2B (1 Month LIBOR USD + 0.18%, 0.18% Floor)	2.33%	^	09/26/2036	19,662,741
1,529,096	GSR Mortgage Loan Trust, Series2005-1F-1A2	5.50%		02/25/2035	1,583,202
3,297,212	GSR Mortgage Loan Trust, Series2005-1F-3A3	6.00%		01/25/2035	3,439,952
493,263	GSR Mortgage Loan Trust, Series2005-6F-3A5	6.00%		07/25/2035	531,094
4,950,154	GSR Mortgage Loan Trust, Series2005-6F-3A9(-1 x 1 Month LIBOR USD + 6.90%, 6.90% Cap)	4.88%	I/F I/O	07/25/2035	476,389
369,482	GSR Mortgage Loan Trust, Series2005-6F-4A1 (1 Month LIBOR USD + 0.50%, 0.50% Floor, 6.00% Cap)	2.52%		07/25/2035	343,478
250,195	GSR Mortgage Loan Trust, Series2005-7F-3A1 (1 Month LIBOR USD + 0.50%, 0.50% Floor, 6.00% Cap)	2.52%		09/25/2035	240,529
9,453,867	GSR Mortgage Loan Trust, Series2005-8F-3A5	6.00%		11/25/2035	7,051,503
3,007,633	GSR Mortgage Loan Trust, Series2005-8F-4A1	6.00%		11/25/2035	2,459,042
769,896	GSR Mortgage Loan Trust, Series2006-1F-1A2	5.50%		02/25/2036	920,664
665,134	GSR Mortgage Loan Trust, Series2006-2F-2A3	5.75%		02/25/2036	647,759
2,688,014	GSR Mortgage Loan Trust, Series2006-2F-3A3	6.00%		02/25/2036	2,212,783
3,228,285	GSR Mortgage Loan Trust, Series2006-2F-3A6	6.00%		02/25/2036	2,720,436
25,431,930	GSR Mortgage Loan Trust, Series2006-5F-3A1	6.50%		06/25/2036	20,233,587
9,502,002	GSR Mortgage Loan Trust, Series2006-6F-2A3	6.00%		07/25/2036	8,117,203
4,763,188	GSR Mortgage Loan Trust, Series2006-7F-3A4	6.25%		08/25/2036	2,745,952
1,497,490	GSR Mortgage Loan Trust, Series2006-9F-2A1	6.00%		10/25/2036	1,406,658
15,816,579	GSR Mortgage Loan Trust, Series2006-9F-4A1	6.50%		10/25/2036	12,778,072
979,522	GSR Mortgage Loan Trust, Series2007-1F-2A2	5.50%		01/25/2037	1,200,622
1,619,485	GSR Mortgage Loan Trust, Series2007-4F-1A1	5.00%		07/25/2037	1,944,777
21,198,672	GSR Mortgage Loan Trust, Series2007-4F-3A11	6.00%		07/25/2037	18,841,384
1,037,499	HarborView Mortgage Loan Trust, Series2005-14-3A1A	4.67%	#	12/19/2035	1,032,167
23,051,371	HarborView Mortgage Loan Trust, Series2005-8-1A1A (1 Month LIBOR USD + 0.62%, 0.31% Floor, 11.00% Cap)	2.68%		09/19/2035	16,543,298
55,730,473	HarborView Mortgage Loan Trust, Series2005-8-2A1A (12 Month US Treasury Average + 1.55%, 1.55% Floor)	4.00%		09/19/2035	43,023,368
6,303,694	HarborView Mortgage Loan Trust, Series2006-10-2A1A (1 Month LIBOR USD + 0.18%, 0.18% Floor)	2.24%		11/19/2036	6,363,194
11,844,663	HarborView Mortgage Loan Trust, Series2006-11-A1A (1 Month LIBOR USD + 0.17%, 0.17% Floor)	2.23%		12/19/2036	11,064,884
56,973,552	HarborView Mortgage Loan Trust, Series2006-14-1A1A (1 Month LIBOR USD + 0.18%, 0.18% Floor)	2.24%		01/25/2047	54,887,938
88,710,644	HarborView Mortgage Loan Trust, Series2006-8-1A1 (1 Month LIBOR USD + 0.20%)	2.25%		07/21/2036	67,426,157
17,568,326	HarborView Mortgage Loan Trust, Series2006-BU1-1A1A (1 Month LIBOR USD + 0.21%, 0.21% Floor, 10.50% Cap)	2.27%		02/19/2046	16,542,046
53,957,074	HarborView Mortgage Loan Trust, Series2007-3-1A1A (1 Month LIBOR USD + 0.20%)	2.26%		05/19/2047	53,514,302
15,955,195	HarborView Mortgage Loan Trust, Series2007-4-1A1 (1 Month LIBOR USD + 0.22%, 10.00% Cap)	2.28%		07/19/2047	15,707,397
24,539,526	HarborView Mortgage Loan Trust, Series2007-7-1A1 (1 Month LIBOR USD + 1.00%, 10.50% Cap)	3.02%		10/25/2037	23,613,093
24,000,000	HMIR, Series2019-1-M1 (1 Month LIBOR USD + 1.65%)	3.67%	^	05/25/2029	24,058,032
1,003,475	Home Equity Asset Trust, Series2003-3-M1 (1 Month LIBOR USD + 1.29%, 0.86% Floor)	3.31%		08/25/2033	1,007,154
1,058,131	Home Equity Asset Trust, Series2004-7-M2 (1 Month LIBOR USD + 0.99%, 0.66% Floor)	3.01%		01/25/2035	1,059,368
12,182,000	Home Equity Loan Trust, Series2006-B-2A4 (1 Month LIBOR USD + 0.28%, 0.28% Floor)	2.30%		06/25/2036	11,414,585
625,802	Home Equity Loan Trust, Series 2007-FRE1-2AV2 (1 Month LIBOR USD + 0.16%, 0.16% Floor)	2.18%		04/25/2037	626,888
9,971,587	Home Equity Mortgage Loan Asset Backed Trust, Series2006-D-2A4 (1 Month LIBOR USD + 0.24%, 0.24% Floor)	2.26%		11/25/2036	8,331,349
3,995,000	Home Partners of America Trust, Series2019-2-C	3.02%	^	10/19/2039	4,028,063
4,250,000	Home Partners of America Trust, Series2019-2-D	3.12%	^	10/19/2039	4,285,390
8,000,000	Home Partners of America Trust, Series2019-2-E	3.32%	^	10/19/2039	8,066,920
943,187	HomeBanc Mortgage Trust, Series2005-1-M2 (1 Month LIBOR USD + 0.49%, 0.49% Floor, 11.50% Cap)	2.51%		03/25/2035	795,379
7,819,931	HomeBanc Mortgage Trust, Series2005-3-A1 (1 Month LIBOR USD + 0.24%, 0.24% Floor, 11.50% Cap)	2.26%		07/25/2035	7,835,519
25,104,332	HSI Asset Loan Obligation Trust, Series2007-2-3A6	6.00%		09/25/2037	16,113,527
1,735,496	HSI Asset Loan Obligation Trust, Series2007-AR1-3A1	4.63%	#	01/25/2037	1,640,020
16,954,711	HSI Asset Loan Obligation Trust, Series2007-WF1-A3	4.88%	ß	12/25/2036	9,559,136
12,995,112	Impac Secured Assets Trust, Series2007-1-A2 (1 Month LIBOR USD + 0.16%, 0.16% Floor, 11.50% Cap)	2.18%		03/25/2037	12,331,392
555,865	Impac Trust, Series2002-9F-A1	5.22%		12/25/2032	567,370
5,277,506	IndyMac IMSC Mortgage Loan Trust, Series2007-HOA1-A11 (1 Month LIBOR USD + 0.18%, 0.18% Floor)	2.20%		07/25/2047	4,531,869
1,593,367	IndyMac Mortgage Loan Trust, Series2006-AR2-1A1	3.98%	#	09/25/2036	1,444,833
2,695,580	IndyMac Mortgage Loan Trust, Series2006-AR2-4A1	4.13%	#	09/25/2036	2,619,525
15,897,162	IndyMac Mortgage Loan Trust, Series2006-AR3-1A1	4.31%	#	12/25/2036	15,273,825
5,283,506	IndyMac Mortgage Loan Trust, Series2006-AR7-3A1	4.03%	#	05/25/2036	4,707,042
4,164,289	IndyMac Mortgage Loan Trust, Series2007-A1-A1	6.00%		08/25/2037	2,943,464
3,048,585	IndyMac Mortgage Loan Trust, Series2007-A1-A7	6.00%		08/25/2037	2,154,846
13,702,436	IndyMac Mortgage Loan Trust, Series2007-A2-1A1	6.00%		10/25/2037	12,807,318
14,501,324	IndyMac Mortgage Loan Trust, Series2007-A2-2A3	6.50%		10/25/2037	12,909,721
19,973,107	IndyMac Mortgage Loan Trust, Series2007-A2-3A1	7.00%		10/25/2037	10,897,219
20,227,739	IndyMac Mortgage Loan Trust, Series2007-A3-A1	6.25%		11/25/2037	14,644,823
7,259,926	IndyMac Mortgage Loan Trust, Series2007-AR13-2A1	3.97%	#	07/25/2037	6,067,774
5,714,420	IndyMac Mortgage Loan Trust, Series2007-AR1-3A1	3.48%	#	03/25/2037	5,516,986
3,789,505	IndyMac Mortgage Loan Trust, Series2007-AR3-3A1	3.53%	#	07/25/2037	3,546,328
32,082,420	IndyMac Mortgage Loan Trust, Series2007-F1-2A1	6.50%		06/25/2037	16,158,513
430,057	IndyMac Mortgage Loan Trust, Series2007-F2-1A2	6.00%		07/25/2037	422,209
25,632,699	IndyMac Mortgage Loan Trust, Series2007-F2-2A1	6.50%		07/25/2037	15,132,162
9,857,327	JP Morgan Alternative Loan Trust, Series2005-S1-2A11	6.00%		12/25/2035	9,345,065
3,160,049	JP Morgan Alternative Loan Trust, Series2005-S1-2A9	6.00%		12/25/2035	2,995,828
3,202,692	JP Morgan Alternative Loan Trust, Series2006-S1-1A8	5.75%		03/25/2036	2,702,539
13,235,355	JP Morgan Alternative Loan Trust, Series2006-S2-A4	6.19%		05/25/2036	12,632,503
22,901,371	JP Morgan Alternative Loan Trust, Series2006-S4-A4	5.96%	ß	12/25/2036	22,720,244
9,395,415	JP Morgan Mortgage Acquisition Trust, Series2006-CH2-AF3	5.46%	ß	09/25/2029	7,563,023
16,699,821	JP Morgan Mortgage Acquisition Trust, Series2006-HE3-A1 (1 Month LIBOR USD + 0.14%, 0.14% Floor)	2.16%		11/25/2036	15,601,603
28,704,378	JP Morgan Mortgage Acquisition Trust, Series2006-RM1-A3 (1 Month LIBOR USD + 0.12%, 0.12% Floor)	2.14%		08/25/2036	16,509,317
26,529,866	JP Morgan Mortgage Acquisition Trust, Series2006-RM1-A4 (1 Month LIBOR USD + 0.18%, 0.18% Floor)	2.20%		08/25/2036	15,512,861
3,782,372	JP Morgan Mortgage Acquisition Trust, Series2006-WF1-A5	6.41%	ß	07/25/2036	1,900,266
23,000,000	JP Morgan Mortgage Acquisition Trust, Series2007-CH1-AF5	4.89%	ß	11/25/2036	24,814,401
9,690,000	JP Morgan Mortgage Acquisition Trust, Series2007-CH3-M2 (1 Month LIBOR USD + 0.32%, 0.32% Floor)	2.34%		03/25/2037	8,335,652
1,019,735	JP Morgan Mortgage Trust, Series2005-A6-5A1	4.19%	#	08/25/2035	1,020,702

6,850,583	JP Morgan Mortgage Trust, Series2005-S1-1A2	6.50%		01/25/2035	7,717,164
737,675	JP Morgan Mortgage Trust, Series2005-S2-2A13	5.50%		09/25/2035	721,289
1,331,876	JP Morgan Mortgage Trust, Series2006-S2-3A3	6.00%		07/25/2036	942,934
4,598,634	JP Morgan Mortgage Trust, Series2006-S2-3A5	6.25%		07/25/2036	3,497,957
3,148,616	JP Morgan Mortgage Trust, Series2006-S3-1A2	6.00%		08/25/2036	2,487,986
8,626,881	JP Morgan Mortgage Trust, Series2006-S3-1A21 (1 Month LIBOR USD + 0.38%, 0.38% Floor, 7.50% Cap)	2.40%		08/25/2036	3,023,267
8,626,881	JP Morgan Mortgage Trust, Series2006-S3-1A22(-1 x 1 Month LIBOR USD + 7.12%, 7.12% Cap)	5.10%	I/F I/O	08/25/2036	3,139,964
1,467,164	JP Morgan Mortgage Trust, Series2006-S3-1A9	6.00%		08/25/2036	1,159,334
8,113,250	JP Morgan Mortgage Trust, Series2006-S4-A3	6.00%		01/25/2037	6,133,083
3,377,836	JP Morgan Mortgage Trust, Series2006-S4-A5	6.00%		01/25/2037	2,603,452
7,297,466	JP Morgan Mortgage Trust, Series2006-S4-A8 (1 Month LIBOR USD + 0.38%, 0.38% Floor, 7.00% Cap)	2.40%		01/25/2037	3,412,491
7,297,466	JP Morgan Mortgage Trust, Series2006-S4-A9(-1 x 1 Month LIBOR USD + 6.62%, 6.62% Cap)	4.60%	I/F I/O	01/25/2037	2,398,834
1,512,846	JP Morgan Mortgage Trust, Series2007-A2-2A1	4.41%	#	04/25/2037	1,427,414
8,809,775	JP Morgan Mortgage Trust, Series2007-S1-2A6	6.00%		03/25/2037	6,614,100
2,902,400	JP Morgan Mortgage Trust, Series2007-S3-1A1	5.50%		08/25/2037	2,237,798
5,944,068	JP Morgan Mortgage Trust, Series2007-S3-1A35	6.00%		08/25/2037	4,701,285
2,058,333	JP Morgan Mortgage Trust, Series2007-S3-1A64	7.50%		08/25/2037	1,416,312
1,001,728	JP Morgan Mortgage Trust, Series2007-S3-1A9	6.00%		08/25/2037	792,213
5,480,718	JP Morgan Mortgage Trust, Series2007-S3-1A96	6.00%		08/25/2037	4,333,950
6,246,451	JP Morgan Mortgage Trust, Series2007-S3-1A97	6.00%		08/25/2037	4,939,679
419,017	JP Morgan Mortgage Trust, Series2007-S3-2A2	5.50%		08/25/2022	404,965
34,318,390	JP Morgan Mortgage Trust, Series2018-7FRB-A2 (1 Month LIBOR USD + 0.75%)	2.90%	^	04/25/2046	34,292,336
7,920,313	JP Morgan Resecuritization Trust, Series2009-4-3A2	6.00%	^	02/26/2037	6,505,893
16,685,811	JP Morgan Resecuritization Trust, Series2009-7-7A1	7.00%	# ^ Þ	09/27/2037	11,172,332
14,592,951	JP Morgan Resecuritization Trust, Series2010-1-1A4	6.00%	^	02/26/2037	12,625,115
6,316,242	JP Morgan Resecuritization Trust, Series2010-1-2A11	7.15%	^	01/26/2037	5,013,065
53,890,525	Legacy Mortgage Asset Trust, Series2018-GS3-A1	4.00%	^ §	06/25/2058	54,633,433
21,165,623	Legacy Mortgage Asset Trust, Series2018-SL1-A	4.00%	# ^	02/25/2058	21,376,058
50,908,604	Legacy Mortgage Asset Trust, Series2019-GS1-A1	4.00%	^ §	01/25/2059	51,658,981
46,365,325	Legacy Mortgage Asset Trust, Series2019-GS2-A1	3.75%	^ §	01/25/2059	48,345,124
7,036,959	Legacy Mortgage Asset Trust, Series2019-GS5-A1	3.20%	^ §	05/25/2059	7,079,183
208,287,204	Legacy Mortgage Asset Trust, Series2019-RPL3-PT1	0.00%	^	06/25/2058	212,844,112
66,550,548	Legacy Mortgage Asset Trust, Series2019-SL1-A	4.00%	# ^	12/28/2054	66,788,146
140,962,828	Legacy Mortgage Asset Trust, Series2019-SL3-A	3.47%	^ §	11/25/2061	139,603,538
2,665,377	Lehman Mortgage Trust, Series2005-2-3A5	5.50%		12/25/2035	2,275,604
2,224,993	Lehman Mortgage Trust, Series2005-2-5A5	5.75%		12/25/2035	2,186,975
3,404,464	Lehman Mortgage Trust, Series2005-3-2A1	6.00%		01/25/2036	3,564,733
289,903	Lehman Mortgage Trust, Series2005-3-2A3	5.50%		01/25/2036	295,340
1,557,050	Lehman Mortgage Trust, Series2005-3-2A7	6.00%		01/25/2036	1,629,418
1,515,690	Lehman Mortgage Trust, Series2006-1-1A1 (1 Month LIBOR USD + 0.75%, 0.75% Floor, 5.50% Cap)	2.77%		02/25/2036	1,041,902
4,547,070	Lehman Mortgage Trust, Series2006-1-1A2(-1 x 1 Month LIBOR USD + 4.75%, 4.75% Cap)	2.73%	I/F I/O	02/25/2036	851,747
4,911,739	Lehman Mortgage Trust, Series2006-1-3A1 (1 Month LIBOR USD + 0.75%, 0.75% Floor, 5.50% Cap)	2.77%		02/25/2036	4,180,077
4,911,739	Lehman Mortgage Trust, Series2006-1-3A2(-1 x 1 Month LIBOR USD + 4.75%, 4.75% Cap)	2.73%	I/F I/O	02/25/2036	502,922
3,164,592	Lehman Mortgage Trust, Series2006-1-3A4	5.50%		02/25/2036	3,074,151
3,257,477	Lehman Mortgage Trust, Series2006-4-1A3(-1 x 1 Month LIBOR USD + 5.40%, 5.40% Cap)	3.38%	I/F I/O	08/25/2036	546,702
2,070,382	Lehman Mortgage Trust, Series2006-4-1A4	6.00%		08/25/2036	2,005,084
6,249,645	Lehman Mortgage Trust, Series2006-5-2A1 (1 Month LIBOR USD + 0.35%, 0.35% Floor, 7.50% Cap)	2.37%		09/25/2036	1,476,386
13,017,942	Lehman Mortgage Trust, Series2006-5-2A2(-1 x 1 Month LIBOR USD + 7.15%, 7.15% Cap)	5.13%	I/F I/O	09/25/2036	3,830,499
9,504,395	Lehman Mortgage Trust, Series2006-6-3A9	5.50%		10/25/2036	8,339,796
2,448,780	Lehman Mortgage Trust, Series2006-6-4A5	6.00%		12/25/2036	2,332,114
3,498,845	Lehman Mortgage Trust, Series2006-7-2A2 (1 Month LIBOR USD + 0.45%, 0.45% Floor, 7.00% Cap)	2.47%		11/25/2036	1,284,890
12,258,598	Lehman Mortgage Trust, Series2006-7-2A5(-1 x 1 Month LIBOR USD + 6.55%, 6.55% Cap)	4.53%	I/F I/O	11/25/2036	3,960,677
2,619,851	Lehman Mortgage Trust, Series2006-9-1A19(-5 x 1 Month LIBOR USD + 30.68%, 30.68% Cap)	21.40%	I/F	01/25/2037	4,310,550
2,872,298	Lehman Mortgage Trust, Series2006-9-1A5 (1 Month LIBOR USD + 0.60%, 0.60% Floor, 5.75% Cap)	2.62%		01/25/2037	2,063,222
8,564,574	Lehman Mortgage Trust, Series2006-9-1A6(-1 x 1 Month LIBOR USD + 5.15%, 5.15% Cap)	3.13%	I/F I/O	01/25/2037	1,343,838
4,236,443	Lehman Mortgage Trust, Series2006-9-2A1 (1 Month LIBOR USD + 0.38%, 0.38% Floor, 7.00% Cap)	2.40%		01/25/2037	1,337,227
7,819,151	Lehman Mortgage Trust, Series2006-9-2A2(-1 x 1 Month LIBOR USD + 6.62%, 6.62% Cap)	4.60%	I/F I/O	01/25/2037	2,366,433
7,934,468	Lehman Mortgage Trust, Series2007-10-2A1	6.50%		01/25/2038	5,201,553
2,382,955	Lehman Mortgage Trust, Series2007-2-1A1	5.75%		02/25/2037	2,153,643
2,738,291	Lehman Mortgage Trust, Series2007-4-2A11 (1 Month LIBOR USD + 0.33%, 0.33% Floor, 7.00% Cap)	2.35%		05/25/2037	1,078,552
12,735,881	Lehman Mortgage Trust, Series2007-4-2A8(-1 x 1 Month LIBOR USD + 6.67%, 6.67% Cap)	4.65%	I/F I/O	05/25/2037	4,022,520
1,044,570	Lehman Mortgage Trust, Series2007-4-2A9 (1 Month LIBOR USD + 0.33%, 0.33% Floor, 7.00% Cap)	2.35%		05/25/2037	445,325
10,641,485	Lehman Mortgage Trust, Series2007-5-11A1	5.10%	#	06/25/2037	8,219,153
1,384,824	Lehman Mortgage Trust, Series2007-5-3A4	5.00%		12/25/2035	1,271,018
1,229,072	Lehman Mortgage Trust, Series2007-5-4A3(-6 x 1 Month LIBOR USD + 40.08%, 40.08% Cap)	27.97%	I/F	08/25/2036	1,821,737
835,993	Lehman Mortgage Trust, Series2007-5-7A3	7.50%		10/25/2036	634,720
288,338	Lehman Mortgage Trust, Series2007-6-1A8	6.00%		07/25/2037	271,086
7,441,636	Lehman Mortgage Trust, Series2007-9-2A2	6.50%		10/25/2037	4,556,141
4,756,258	Lehman Mortgage Trust, Series2008-2-1A6	6.00%		03/25/2038	3,216,589
187,751	Lehman Trust, Series2005-10-2A3B	5.29%	ß	01/25/2036	245,506
6,139,582	Lehman Trust, Series2005-4-2A3A	5.00%	ß	10/25/2035	6,470,271
12,261,706	Lehman Trust, Series2005-9N-2A1 (12 Month US Treasury Average + 1.06%, 1.06% Floor)	3.51%		02/25/2036	11,703,641
6,371,821	Lehman Trust, Series2006-17-1A2 (1 Month LIBOR USD + 0.17%, 0.17% Floor)	2.19%		08/25/2046	6,630,368
12,212,486	Lehman Trust, Series2006-5-1A1A (1 Month LIBOR USD + 0.21%, 0.21% Floor)	2.23%		04/25/2036	11,603,984
322,828	Lehman Trust, Series2006-5-2A4A	5.89%		04/25/2036	315,579
13,376,983	Lehman Trust, Series2006-GP3-1A1 (1 Month LIBOR USD + 0.20%, 0.20% Floor)	2.22%		06/25/2046	13,443,050
12,362,614	Lehman Trust, Series2007-1-2A1	7.00%	#	02/25/2037	11,675,579
19,836,021	Lehman Trust, Series2007-12N-1A3A (1 Month LIBOR USD + 0.20%, 0.20% Floor)	2.22%		07/25/2047	19,387,124
8,609,657	Lehman XS Trust, Series2005-2-2A3B	5.44%		08/25/2035	8,612,933
86,200,000	LHOME Mortgage Trust, Series2019-RTL2-A1	3.84%	^	03/25/2024	86,353,608
35,111,565	Long Beach Mortgage Loan Trust, Series2006-3-2A3 (1 Month LIBOR USD + 0.18%, 0.18% Floor)	2.20%		05/25/2046	15,757,463
5,718,488	Long Beach Mortgage Loan Trust, Series2006-3-2A4 (1 Month LIBOR USD + 0.27%, 0.27% Floor)	2.29%		05/25/2046	2,647,706
38,877,639	Long Beach Mortgage Loan Trust, Series2006-6-1A (1 Month LIBOR USD + 0.15%, 0.15% Floor)	2.16%		07/25/2036	30,117,963
5,931,213	Luminent Mortgage Trust, Series2005-1-A1 (1 Month LIBOR USD + 0.26%, 0.26% Floor, 11.50% Cap)	2.28%		11/25/2035	5,889,621
3,674,325	MASTR Adjustable Rate Mortgages Trust, Series2005-2-2A1	3.66%	#	03/25/2035	2,953,411
1,491,002	MASTR Adjustable Rate Mortgages Trust, Series2005-6-5A1	3.47%	#	07/25/2035	1,424,300
10,657,611	MASTR Adjustable Rate Mortgages Trust, Series2007-1-2A1	4.21%	#	11/25/2036	11,816,726
1,603,678	MASTR Alternative Loans Trust, Series2005-2-3A1	6.00%		03/25/2035	1,560,287
282,682	MASTR Alternative Loans Trust, Series2005-5-2A3	5.50%		07/25/2025	286,576
9,499,434	MASTR Alternative Loans Trust, Series2005-5-3A1	5.75%		08/25/2035	7,821,024
2,985,860	MASTR Alternative Loans Trust, Series2005-6-1A5	5.50%		12/25/2035	2,873,979
1,901,464	MASTR Alternative Loans Trust, Series2006-3-1A2	6.25%		07/25/2036	1,622,839
3,143,680	MASTR Alternative Loans Trust, Series2007-1-1A5	5.75%		10/25/2036	3,061,132
5,017,711	MASTR Alternative Loans Trust, Series2007-1-2A7	6.00%		10/25/2036	3,126,839
4,317,075	MASTR Asset Backed Securities Trust, Series2003-OPT1-M3 (1 Month LIBOR USD + 4.13%, 2.75% Floor)	6.14%		12/25/2032	4,443,502
10,975,594	MASTR Asset Backed Securities Trust, Series2006-AM2-A3 (1 Month LIBOR USD + 0.17%, 0.17% Floor)	2.19%		06/25/2036	9,898,268
23,818,153	MASTR Asset Backed Securities Trust, Series2007-HE1-A3 (1 Month LIBOR USD + 0.21%, 0.21% Floor)	2.23%		05/25/2037	23,092,816
3,562,622	MASTR Asset Securitization Trust, Series2006-1-1A4	5.75%		05/25/2036	3,311,587
2,542,027	MASTR Asset Securitization Trust, Series2006-2-1A11 (1 Month LIBOR USD + 6.00%, 6.00% Floor)	6.00%		06/25/2036	2,394,565
3,259,904	MASTR Asset Securitization Trust, Series2007-1-1A3	6.25%		11/25/2037	2,408,590
23,815,026	MASTR Resecuritization Trust, Series2008-1-A1	6.00%	# ^	09/27/2037	23,193,795
13,668,158	MASTR Resecuritization Trust, Series2008-4-A1	6.00%	# ^	06/27/2036	12,652,048
2,297,868	MASTR Seasoned Securitization Trust, Series2005-2-1A4	6.00%	r	10/25/2032	2,421,009
932,608	MASTR Seasoned Securitization Trust, Series2005-2-2A1 (1 Month LIBOR USD + 0.40%, 0.40% Floor, 7.50% Cap)	2.42%		10/25/2032	866,061
17,615,068	Merrill Lynch Alternative Note Asset Trust, Series2007-F1-2A4 (1 Month LIBOR USD + 0.32%, 0.32% Floor, 7.00% Cap)	2.34%		03/25/2037	7,764,222
17,615,068	Merrill Lynch Alternative Note Asset Trust, Series2007-F1-2A5(-1 x 1 Month LIBOR USD + 6.68%, 6.68% Cap)	4.66%	I/F I/O	03/25/2037	5,457,726
2,489,304	Merrill Lynch Mortgage Investors Trust, Series2006-3-1A	4.47%	#	10/25/2036	2,481,237
1,401,233	Merrill Lynch Mortgage Investors Trust, Series2006-F1-1A2	6.00%		04/25/2036	1,140,492
113,986,082	Merrill Lynch Mortgage Investors Trust, Series2007-HE2-A1 (1 Month LIBOR USD + 0.25%, 0.25% Floor)	2.27%		02/25/2037	70,892,447
28,933,166	MFA LLC, Series2017-NPL1-A1	3.35%	^ §	11/25/2047	29,110,043
64,394,278	MFA LLC, Series2018-NPL1-A1	3.88%	^ §	05/25/2048	64,949,691
75,078,447	MFA LLC, Series2018-NPL2-A1	4.16%	^ §	07/25/2048	75,825,312
33,172,421	Morgan Stanley Home Equity Loan Trust, Series2007-1-A4 (1 Month LIBOR USD + 0.22%, 0.22% Floor)	2.37%		12/25/2036	19,556,257

1,185,566	Morgan Stanley Mortgage Loan Trust, Series2005-10-1A1 (1 Month LIBOR USD + 0.70%, 0.70% Floor, 5.75% Cap)	2.72%		12/25/2035	877,754
2,970,389	Morgan Stanley Mortgage Loan Trust, Series2005-10-1A6	5.75%		12/25/2035	2,790,042
4,171,821	Morgan Stanley Mortgage Loan Trust, Series2005-10-2A1	5.42%	#	12/25/2035	4,191,663
35,738	Morgan Stanley Mortgage Loan Trust, Series2005-6AR-1A1 (1 Month LIBOR USD + 0.28%, 0.28% Floor)	2.30%		11/25/2035	35,816
5,433,887	Morgan Stanley Mortgage Loan Trust, Series2006-11-1A6	6.23%	ß	08/25/2036	2,033,292
9,724,037	Morgan Stanley Mortgage Loan Trust, Series2006-11-2A1	6.00%		08/25/2036	7,766,415
6,568,197	Morgan Stanley Mortgage Loan Trust, Series2006-17XS-A3A	5.65%	ß	10/25/2046	3,139,588
2,155,326	Morgan Stanley Mortgage Loan Trust, Series2006-17XS-A6	5.58%	ß	10/25/2046	891,887
4,297,596	Morgan Stanley Mortgage Loan Trust, Series2006-2-2A3	5.75%		02/25/2036	4,461,941
24,925,264	Morgan Stanley Mortgage Loan Trust, Series2006-7-3A	5.04%	#	06/25/2036	21,561,966
2,500,657	Morgan Stanley Mortgage Loan Trust, Series2006-7-4A4	6.00%		06/25/2036	2,149,463
2,531,483	Morgan Stanley Mortgage Loan Trust, Series2006-7-4A7	6.00%		06/25/2036	2,175,958
3,476,267	Morgan Stanley Mortgage Loan Trust, Series2007-13-6A1	6.00%		10/25/2037	2,876,373
8,313,530	Morgan Stanley Mortgage Loan Trust, Series2007-14AR-2A3	4.17%	#	10/25/2037	7,399,386
3,566,854	Morgan Stanley Mortgage Loan Trust, Series2007-1XS-2A3	5.92%	ß	09/25/2046	1,577,358
2,499,393	Morgan Stanley Mortgage Loan Trust, Series2007-1XS-2A4A	6.08%	ß	09/25/2046	1,270,569
858,588	Morgan Stanley Mortgage Loan Trust, Series2007-3XS-1A2A	5.62%	ß	01/25/2047	805,365
6,809,073	Morgan Stanley Mortgage Loan Trust, Series2007-3XS-2A3S	5.86%	ß	01/25/2047	3,982,521
3,982,665	Morgan Stanley Mortgage Loan Trust, Series2007-3XS-2A4S	5.96%	ß	01/25/2047	2,329,061
21,409,131	Morgan StanleyRe-Remic Trust, Series2010-R9-3C	6.00%	# ^	11/26/2036	22,419,361
3,138,448	Morgan StanleyRe-Remic Trust, Series2011-R1-1A	5.94%	# ^ Þ	02/26/2037	3,387,157
13,086,733	New Century Alternative Mortgage Loan Trust, Series2006-ALT1-AF3	6.17%	#	07/25/2036	6,517,675
15,761,590	New Century Alternative Mortgage Loan Trust, Series2006-ALT2-AF5	5.05%		10/25/2036	7,223,935
12,500,000	New Century Home Equity Loan Trust, Series2006-1-A2C (1 Month LIBOR USD + 0.28%, 0.28% Floor, 12.50% Cap)	2.30%		05/25/2036	10,813,954
9,710,942	New Residential Mortgage Loan Trust, Series2014-2A-A3	3.75%	# ^	05/25/2054	9,906,847
31,297,811	New Residential Mortgage Loan Trust, Series2015-2A-A1	3.75%	# ^	08/25/2055	32,590,649
68,303,634	New Residential Mortgage Loan Trust, Series2018-FNT1-A	3.61%	^	05/25/2023	69,249,073
30,585,420	New Residential Mortgage Loan Trust, Series2018-FNT2-A	3.79%	^	07/25/2054	31,119,194
28,366,906	New Residential Mortgage Loan Trust, Series2019-NQM1-A1	3.67%	# ^	01/25/2049	28,891,087
22,300,000	New Residential Mortgage Loan Trust, Series2019-RPL1-A1	4.33%	^ §	02/26/2024	22,507,647
496,926	New York Mortgage Trust, Series2005-2-A (1 Month LIBOR USD + 0.66%, 0.33% Floor, 10.50% Cap)	2.68%		08/25/2035	485,761
170,495	Nomura Asset Acceptance Corporation, Series2005-AP1-2A5	4.86%		02/25/2035	175,358
15,037,158	Nomura Asset Acceptance Corporation, Series2006-AF1-1A2	6.16%	#	05/25/2036	5,800,316
3,055,819	Nomura Asset Acceptance Corporation, Series2006-AF1-1A3	6.41%	#	05/25/2036	1,178,111
17,381,611	Nomura Asset Acceptance Corporation, Series2006-AP1-A2	5.52%	#	01/25/2036	8,805,837
2,937,858	Nomura Asset Acceptance Corporation, Series2006-AP1-A3	5.65%	#	01/25/2036	1,489,157
1,471,237	Nomura Asset Acceptance Corporation, Series2006-WF1-A2	5.76%	#	06/25/2036	702,804
17,069,079	Nomura Home Equity Loan, Inc., Series2006-AF1-A2	5.80%	ß	10/25/2036	6,666,791
3,039,914	Nomura Home Equity Loan, Inc., Series2007-1-1A1	6.06%	ß	02/25/2037	1,389,215
15,151,632	Nomura Home Equity Loan, Inc., Series2007-1-1A3	5.99%	ß	02/25/2037	6,924,979
22,967,983	NRPL Trust, Series2018-2A-A1	4.25%	# ^	07/25/2067	23,111,119
43,200,711	NRZ Excess Spread-Collateralized Notes, Series2018-PLS2-A	3.27%	^	02/25/2023	43,516,504
6,026,107	Oak Hill Advisors Residential Loan Trust, Series2017-NPL2-A1	3.00%	^ §	07/25/2057	6,036,720
46,580,858	OBX Trust, Series2018-1-A2 (1 Month LIBOR USD + 0.65%)	2.67%	^	06/25/2057	46,502,457
879,412	Option One Mortgage Loan Trust, Series2004-3-M3 (1 Month LIBOR USD + 0.98%, 0.65% Floor)	2.99%		11/25/2034	889,490
7,806,041	Option One Mortgage Loan Trust, Series2007-1-2A3 (1 Month LIBOR USD + 0.14%, 0.14% Floor)	2.16%		01/25/2037	5,318,984
86,147,921	Option One Mortgage Loan Trust, Series2007-6-1A1 (1 Month LIBOR USD + 0.19%, 0.19% Floor)	2.21%		07/25/2037	78,879,810
13,000,000	Park Place Securities, Inc., Series2005-WHQ4-M2 (1 Month LIBOR USD + 0.49%, 0.49% Floor)	2.51%		09/25/2035	13,002,933
6,033,803	PHH Alternative Mortgage Trust, Series2007-1-1A1 (1 Month LIBOR USD + 0.16%, 0.16% Floor, 10.10% Cap)	2.18%		02/25/2037	5,043,060
16,648,507	PHH Alternative Mortgage Trust, Series2007-2-2A1	6.00%		05/25/2037	16,375,004
7,768,464	PHH Alternative Mortgage Trust, Series2007-2-2A2	6.00%		05/25/2037	7,640,843
599,324	PHH Alternative Mortgage Trust, Series2007-2-3A1	6.00%		05/25/2037	556,579
132,296,284	PMT Credit Risk Transfer Trust2019-2R, Series2019-2R-A (1 Month LIBOR USD + 2.75%, 2.75% Floor)	4.89%	^	05/27/2023	133,080,060
200,164,855	PR Mortgage Loan Trust, Series2014-1-APT	5.91%	# ^	10/25/2049	195,876,063
19,343,037	Preston Ridge Partners Mortgage Trust, Series2017-2A-A1	3.47%	^ §	09/25/2022	19,421,860
45,514,279	Pretium Mortgage Credit Partners LLC, Series2018-NPL4-A1	4.83%	^ §	09/25/2058	45,876,782
31,410,101	Pretium Mortgage Credit Partners LLC, Series2019-1A-A1	4.50%	^ §	01/25/2024	31,710,589
77,092,725	Pretium Mortgage Credit Partners LLC, Series2019-CFL1-A1	3.72%	^ §	01/25/2059	77,119,892
22,653,394	Pretium Mortgage Credit Partners LLC, Series2019-NPL1-A1	4.21%	^ §	07/25/2060	22,869,594
148,557,054	Pretium Mortgage Credit Partners LLC, Series2019-NPL2-A1	3.84%	^ §	12/25/2058	149,363,733
83,700,000	Pretium Mortgage Credit Partners LLC, Series2019-NPL3-A1	3.10%	^ §	07/27/2059	83,965,597
9,290,071	Prime Mortgage Trust, Series2006-DR1-2A1	5.50%	^	05/25/2035	8,173,662
4,446,216	Prime Mortgage Trust, Series2006-DR1-2A2	6.00%	^	05/25/2035	3,854,039
34,766,129	PRPM LLC, Series2017-3A-A1	3.47%	# ^	11/25/2022	34,861,903
39,702,681	PRPM LLC, Series2018-2A-A1	4.00%	# ^	08/25/2023	40,004,834
96,049,470	PRPM LLC, Series2018-3A-A1	4.48%	# ^	10/25/2023	97,352,938
143,481,532	PRPM LLC, Series2019-2A-A1	3.97%	^ §	04/25/2024	145,115,156
64,950,087	PRPM LLC, Series2019-3A-A1	3.35%	^ §	07/25/2024	65,230,308
41,855,824	RALI Trust, Series2007-QA5-1A1	5.68%	#	09/25/2037	36,286,865
44,157,708	RALI Trust, Series2007-QS10-A1	6.50%		09/25/2037	43,450,703
22,481,826	RAMP Series Trust, Series2006-RS3-A4 (1 Month LIBOR USD + 0.30%, 0.30% Floor, 14.00% Cap)	2.32%		05/25/2036	21,527,344
24,118,537	RBSGC Structured Trust, Series2008-B-A1	6.00%	^	06/25/2037	24,504,526
4,701,727	RBSSP Resecuritization Trust, Series2010-4-7A2	6.00%	^	07/26/2037	3,904,845
19,425,376	RCO Trust, Series2016-SFR1-A	3.75%	# ^	11/25/2051	19,880,863
5,938,864	RCO Trust, Series2016-SFR1-M1	4.50%	# ^	11/25/2051	6,079,123
81,482,000	Redwood Funding Trust, Series2019-1-PT	4.21%	^ §	09/27/2024	82,119,597
1,157,796	Renaissance Home Equity Loan Trust, Series2006-1-AF6	5.75%	ß	05/25/2036	777,259
10,340,045	Renaissance Home Equity Loan Trust, Series2006-4-AF4	5.47%	ß	01/25/2037	5,588,895
20,361,654	Renaissance Home Equity Loan Trust, Series2006-4-AF5	5.69%	ß	01/25/2037	11,429,310
8,209,000	Renaissance Home Equity Loan Trust, Series2007-1-AF1	5.74%	ß	04/25/2037	3,780,035
5,791,363	Renaissance Home Equity Loan Trust, Series2007-1-AF1Z	5.35%	ß	04/25/2037	2,502,543
3,493,780	Renaissance Home Equity Loan Trust, Series2007-1-AF2	5.51%	ß	04/25/2037	1,544,056
5,082,284	Renaissance Home Equity Loan Trust, Series2007-1-AF3	5.61%	ß	04/25/2037	2,286,994
8,249,074	Renaissance Home Equity Loan Trust, Series2007-1-AF5	5.91%	ß	04/25/2037	3,909,800
17,696,892	Renaissance Home Equity Loan Trust, Series2007-2-AF2	5.68%	ß	06/25/2037	7,646,763
9,571,061	Renaissance Home Equity Loan Trust, Series2007-2-AF5	6.20%	ß	06/25/2037	4,564,339
25,603,142	Residential Accredit Loans, Inc., Series2005-QA11-4A1	4.71%	#	10/25/2035	21,656,861
14,729,851	Residential Accredit Loans, Inc., Series2005-QA13-2A1	4.78%	#	12/25/2035	13,634,483
11,110,019	Residential Accredit Loans, Inc., Series2005-QA3-CB1	4.35%	#	03/25/2035	6,633,403
422,912	Residential Accredit Loans, Inc., Series2005-QS12-A11(-11 x 1 Month LIBOR USD + 51.15%, 51.15% Cap)	28.95%	I/F	08/25/2035	881,308
1,551,631	Residential Accredit Loans, Inc., Series2005-QS13-1A6	5.50%		09/25/2035	1,469,442
3,224,781	Residential Accredit Loans, Inc., Series2005-QS13-2A1 (1 Month LIBOR USD + 0.70%, 0.70% Floor, 5.75% Cap)	2.72%		09/25/2035	2,718,827
13,221,600	Residential Accredit Loans, Inc., Series2005-QS13-2A2(-1 x 1 Month LIBOR USD + 5.05%, 5.05% Cap)	3.03%	I/F I/O	09/25/2035	1,554,493
7,008,073	Residential Accredit Loans, Inc., Series2005-QS14-2A1	6.00%		09/25/2035	4,518,173
2,587,651	Residential Accredit Loans, Inc., Series2005-QS15-2A	6.00%		10/25/2035	2,346,986
3,095,802	Residential Accredit Loans, Inc., Series2005-QS15-3A	6.00%		10/25/2035	3,042,812
3,202,096	Residential Accredit Loans, Inc., Series2005-QS16-A1 (1 Month LIBOR USD + 0.70%, 0.70% Floor, 5.50% Cap)	2.72%		11/25/2035	2,607,513
3,201,542	Residential Accredit Loans, Inc., Series2005-QS16-A2(-1 x 1 Month LIBOR USD + 4.80%, 4.80% Cap)	2.78%	I/F I/O	11/25/2035	360,025
1,614,314	Residential Accredit Loans, Inc., Series2005-QS17-A1	6.00%		12/25/2035	1,593,172
1,118,637	Residential Accredit Loans, Inc., Series2005-QS17-A10	6.00%		12/25/2035	1,103,986
4,678,624	Residential Accredit Loans, Inc., Series2005-QS17-A11	6.00%		12/25/2035	4,617,348
3,325,419	Residential Accredit Loans, Inc., Series2005-QS17-A2 (1 Month LIBOR USD + 0.85%, 0.85% Floor, 6.00% Cap)	2.87%		12/25/2035	2,663,984
3,325,419	Residential Accredit Loans, Inc., Series2005-QS17-A4(-1 x 1 Month LIBOR USD + 5.15%, 5.15% Cap)	3.13%	I/F I/O	12/25/2035	419,936
2,675,735	Residential Accredit Loans, Inc., Series2005-QS17-A6	6.00%		12/25/2035	2,640,691
1,317,159	Residential Accredit Loans, Inc., Series2005-QS5-A3	5.70%		04/25/2035	1,346,477
1,267,412	Residential Accredit Loans, Inc., Series2006-QS10-A4	5.75%		08/25/2036	1,170,111
8,653,649	Residential Accredit Loans, Inc., Series2006-QS11-1A1	6.50%		08/25/2036	8,131,268
1,670,586	Residential Accredit Loans, Inc., Series2006-QS12-1A1	6.50%		09/25/2036	1,219,504
3,574,440	Residential Accredit Loans, Inc., Series 2006-QS12-2A18	5.75%		09/25/2036	3,456,375
5,398,775	Residential Accredit Loans, Inc., Series2006-QS14-A18	6.25%		11/25/2036	4,926,717
2,520,642	Residential Accredit Loans, Inc., Series2006-QS15-A1	6.50%		10/25/2036	2,424,025
1,146,391	Residential Accredit Loans, Inc., Series2006-QS16-A10	6.00%		11/25/2036	1,058,317
4,076,384	Residential Accredit Loans, Inc., Series2006-QS16-A11	6.00%		11/25/2036	3,763,206

1,189,942	Residential Accredit Loans, Inc., Series2006-QS16-A7	6.00%		11/25/2036	1,098,522
1,285,873	Residential Accredit Loans, Inc., Series2006-QS16-A8	6.00%		11/25/2036	1,187,082
508,844	Residential Accredit Loans, Inc., Series2006-QS16-A9	6.00%		11/25/2036	469,751
2,321,234	Residential Accredit Loans, Inc., Series2006-QS17-A4	6.00%		12/25/2036	2,188,192
12,895,775	Residential Accredit Loans, Inc., Series2006-QS17-A5	6.00%		12/25/2036	12,156,647
1,393,009	Residential Accredit Loans, Inc., Series2006-QS1-A6(-8 x 1 Month LIBOR USD + 42.86%, 42.86% Cap)	27.38%	I/F	01/25/2036	2,715,751
8,656,924	Residential Accredit Loans, Inc., Series2006-QS3-1A11	6.00%		03/25/2036	8,406,298
2,070,260	Residential Accredit Loans, Inc., Series2006-QS4-A8(-7.90 x 1 Month LIBOR USD + 51.43%, 0.10% Floor, 8.00% Cap)	8.00%	I/F	04/25/2036	2,067,246
5,511,027	Residential Accredit Loans, Inc., Series2006-QS5-A3	6.00%		05/25/2036	5,305,465
16,424,934	Residential Accredit Loans, Inc., Series2006-QS5-A4	6.00%		05/25/2036	15,812,283
2,234,265	Residential Accredit Loans, Inc., Series2006-QS6-1A16	6.00%		06/25/2036	2,102,073
3,674,900	Residential Accredit Loans, Inc., Series2006-QS6-1A2	6.00%		06/25/2036	3,457,473
7,465,962	Residential Accredit Loans, Inc., Series2006-QS8-A1	6.00%		08/25/2036	7,146,872
12,947,069	Residential Accredit Loans, Inc., Series2006-QS8-A5(-1 x 1 Month LIBOR USD + 5.55%, 5.55% Cap)	3.53%	I/F I/O	08/25/2036	1,839,306
4,800,364	Residential Accredit Loans, Inc., Series2006-QS9-1A6(-1 x 1 Month LIBOR USD + 5.30%, 5.30% Cap)	3.28%	I/F I/O	07/25/2036	752,446
29,946,527	Residential Accredit Loans, Inc., Series2007-QH5-AII (1 Month LIBOR USD + 0.23%, 0.23% Floor)	2.25%		06/25/2037	16,536,257
4,460,953	Residential Accredit Loans, Inc., Series2007-QS11-A1	7.00%		10/25/2037	3,994,606
14,961,740	Residential Accredit Loans, Inc., Series2007-QS1-1A2(-1 x 1 Month LIBOR USD + 5.45%, 5.45% Cap)	3.43%	I/F I/O	01/25/2037	1,917,842
1,506,058	Residential Accredit Loans, Inc., Series2007-QS1-1A4	6.00%		01/25/2037	1,438,512
3,666,050	Residential Accredit Loans, Inc., Series2007-QS1-2A10	6.00%		01/25/2037	3,442,196
5,465,816	Residential Accredit Loans, Inc., Series2007-QS2-A6	6.25%		01/25/2037	5,115,867
25,175,841	Residential Accredit Loans, Inc., Series2007-QS3-A1	6.50%		02/25/2037	23,955,792
4,014,445	Residential Accredit Loans, Inc., Series2007-QS3-A4	6.25%		02/25/2037	3,765,992
6,434,953	Residential Accredit Loans, Inc., Series2007-QS4-3A3	6.00%		03/25/2037	6,054,164
2,934,768	Residential Accredit Loans, Inc., Series2007-QS5-A1	5.50%		03/25/2037	2,715,245
1,210,712	Residential Accredit Loans, Inc., Series2007-QS5-A5 (1 Month LIBOR USD + 0.30%, 0.30% Floor, 7.00% Cap)	2.32%		03/25/2037	905,821
4,021,050	Residential Accredit Loans, Inc., Series2007-QS5-A8(-1 x 1 Month LIBOR USD + 6.70%, 6.70% Cap)	4.68%	I/F I/O	03/25/2037	759,810
3,136,649	Residential Accredit Loans, Inc., Series2007-QS6-A102	5.75%		04/25/2037	2,971,121
1,008,524	Residential Accredit Loans, Inc., Series2007-QS6-A13(-8 x 1 Month LIBOR USD + 55.00%, 55.00% Cap)	38.18%	I/F	04/25/2037	2,170,374
4,491,435	Residential Accredit Loans, Inc., Series2007-QS6-A45	5.75%		04/25/2037	4,254,413
7,157,960	Residential Accredit Loans, Inc., Series2007-QS6-A6	6.25%		04/25/2037	6,954,264
494,378	Residential Accredit Loans, Inc., Series2007-QS6-A77(-8 x 1 Month LIBOR USD + 55.83%, 55.83% Cap)	39.01%	I/F	04/25/2037	1,078,432
7,080,467	Residential Accredit Loans, Inc., Series2007-QS7-2A1	6.75%		06/25/2037	4,859,017
24,787,550	Residential Accredit Loans, Inc., Series2007-QS9-A33	6.50%		07/25/2037	23,791,202
2,842,689	Residential Asset Mortgage Products, Inc., Series2004-RS7-A3	4.65%	#	07/25/2034	2,750,426
2,511,429	Residential Asset Mortgage Products, Inc., Series2005-RS1-AI5	5.91%		01/25/2035	2,544,404
22,372,504	Residential Asset Mortgage Products, Inc., Series2006-RS2-A3A (1 Month LIBOR USD + 0.30%, 0.30% Floor, 14.00% Cap)	2.32%		03/25/2036	22,077,590
3,087,041	Residential Asset Mortgage Products, Inc., Series2006-RZ3-A3 (1 Month LIBOR USD + 0.29%, 0.29% Floor, 14.00% Cap)	2.31%		08/25/2036	3,094,310
8,050,093	Residential Asset Mortgage Products, Inc., Series2006-RZ5-A3 (1 Month LIBOR USD + 0.25%, 0.25% Floor, 14.00% Cap)	2.27%		08/25/2046	8,042,563
27,100,365	Residential Asset Securities Corporation, Series2005-KS11-M2 (1 Month LIBOR USD + 0.42%, 0.42% Floor, 14.00% Cap)	2.44%		12/25/2035	27,200,994
3,630,175	Residential Asset Securities Corporation, Series2006-EMX5-A3 (1 Month LIBOR USD + 0.16%, 0.16% Floor, 14.00% Cap)	2.18%		07/25/2036	3,501,543
28,977,485	Residential Asset Securities Corporation, Series2007-EMX1-A13 (1 Month LIBOR USD + 0.20%, 0.20% Floor, 14.00% Cap)	2.22%		01/25/2037	26,476,618
14,957,575	Residential Asset Securities Corporation, Series2007-KS3-AI3 (1 Month LIBOR USD + 0.25%, 0.25% Floor, 14.00% Cap)	2.27%		04/25/2037	14,889,750
5,529,673	Residential Asset Securitization Trust, Series2005-A11-2A4	6.00%		10/25/2035	4,116,580
2,475,688	Residential Asset Securitization Trust, Series2005-A12-A7(-1 x 1 Month LIBOR USD + 5.00%, 5.00% Cap)	2.98%	I/F I/O	11/25/2035	404,610
2,245,868	Residential Asset Securitization Trust, Series2005-A12-A8 (1 Month LIBOR USD + 0.55%, 0.55% Floor, 5.50% Cap)	2.57%		11/25/2035	1,540,074
20,536,189	Residential Asset Securitization Trust, Series2005-A13-2A1	5.50%		10/25/2035	14,627,962
9,231,118	Residential Asset Securitization Trust, Series2005-A15-5A3	5.75%		02/25/2036	6,386,570
10,077,611	Residential Asset Securitization Trust, Series2005-A16-A1	5.00%		02/25/2036	6,957,164
1,778,250	Residential Asset Securitization Trust, Series2005-A7-A3	5.50%		06/25/2035	1,509,038
4,345,013	Residential Asset Securitization Trust, Series2005-A8CB-A11	6.00%		07/25/2035	3,967,179
4,366,233	Residential Asset Securitization Trust, Series2005-A8CB-A2(-1 x 1 Month LIBOR USD + 5.00%, 5.00% Cap)	2.98%	I/F I/O	07/25/2035	754,102
5,552,537	Residential Asset Securitization Trust, Series2006-A10-A5	6.50%		09/25/2036	3,865,246
806,456	Residential Asset Securitization Trust, Series2006-A1-1A3	6.00%		04/25/2036	589,508
7,934,813	Residential Asset Securitization Trust, Series2006-A12-A1	6.25%		11/25/2036	5,133,554
7,862,600	Residential Asset Securitization Trust, Series2006-A13-A1	6.25%		12/25/2036	4,671,460
13,544,618	Residential Asset Securitization Trust, Series2006-A1-3A2	6.00%		04/25/2036	10,918,238
14,595,112	Residential Asset Securitization Trust, Series2006-A14C-2A6 (1 Month LIBOR USD + 0.45%, 0.45% Floor, 7.00% Cap)	2.47%		12/25/2036	3,378,528
32,209,222	Residential Asset Securitization Trust, Series2006-A14C-2A7(-1 x 1 Month LIBOR USD + 6.55%, 6.55% Cap)	4.53%	I/F I/O	12/25/2036	9,779,003
6,745,860	Residential Asset Securitization Trust, Series2006-A2-A11	6.00%		01/25/2046	4,807,739
4,674,561	Residential Asset Securitization Trust, Series2006-A2-A4	6.00%		01/25/2046	3,328,671
544,018	Residential Asset Securitization Trust, Series2006-A4-2A5	6.00%		05/25/2036	533,461
4,142,892	Residential Asset Securitization Trust, Series2006-A4-2A9	6.00%		05/25/2036	4,062,491
3,819,346	Residential Asset Securitization Trust, Series2006-A8-1A1	6.00%		08/25/2036	3,400,007
5,686,597	Residential Asset Securitization Trust, Series2006-R1-A1(-4 x 1 Month LIBOR USD + 28.40%, 28.40% Cap)	20.33%	I/F	01/25/2046	7,554,193
28,716,068	Residential Asset Securitization Trust, Series2007-A2-1A2	6.00%		04/25/2037	25,269,559
921,152	Residential Asset Securitization Trust, Series2007-A3-1A2(-8 x 1 Month LIBOR USD + 46.38%, 46.38% Cap)	30.91%	I/F	04/25/2037	2,261,962
22,910,642	Residential Asset Securitization Trust, Series2007-A5-1A4(-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)	4.08%	I/F I/O	05/25/2037	4,635,311
5,897,694	Residential Asset Securitization Trust, Series2007-A5-1A6 (1 Month LIBOR USD + 0.40%, 0.40% Floor, 6.50% Cap)	2.42%		05/25/2037	767,964
5,837,838	Residential Asset Securitization Trust, Series2007-A5-2A3	6.00%		05/25/2037	5,005,062
2,558,426	Residential Asset Securitization Trust, Series2007-A5-2A5	6.00%		05/25/2037	2,193,463
10,780,168	Residential Asset Securitization Trust, Series2007-A6-1A2	6.00%		06/25/2037	9,458,275
8,525,250	Residential Asset Securitization Trust, Series2007-A7-A1	6.00%		07/25/2037	5,286,419
37,499,525	Residential Asset Securitization Trust, Series2007-A7-A2	6.00%		07/25/2037	23,499,621
16,615,248	Residential Asset Securitization Trust, Series2007-A7-A6	6.00%		07/25/2037	10,412,186
2,466,116	Residential Funding Mortgage Securities Trust, Series2005-S9-A10	6.25%		12/25/2035	2,581,751
6,622,371	Residential Funding Mortgage Securities Trust, Series2005-S9-A6	5.75%		12/25/2035	6,761,057
491,258	Residential Funding Mortgage Securities Trust, Series2005-S9-A8	5.50%		12/25/2035	495,419
8,239,428	Residential Funding Mortgage Securities Trust, Series2006-S10-1A1	6.00%		10/25/2036	7,854,612
14,328,839	Residential Funding Mortgage Securities Trust, Series2006-S11-A1	6.00%		11/25/2036	14,316,695
2,670,526	Residential Funding Mortgage Securities Trust, Series2006-S5-A12	6.00%		06/25/2036	2,643,023
182,835	Residential Funding Mortgage Securities Trust, Series2006-S5-A15	6.00%		06/25/2036	180,952
4,628,127	Residential Funding Mortgage Securities Trust, Series2006-S9-A1	6.25%		09/25/2036	4,587,587
6,346,949	Residential Funding Mortgage Securities Trust, Series2007-S1-A7	6.00%		01/25/2037	6,238,982
3,190,812	Residential Funding Mortgage Securities Trust, Series2007-S2-A1	6.00%		02/25/2037	3,061,869
3,594,801	Residential Funding Mortgage Securities Trust, Series2007-S2-A4	6.00%		02/25/2037	3,449,532
6,711,083	Residential Funding Mortgage Securities Trust, Series2007-S2-A5	6.00%		02/25/2037	6,439,883
1,048,719	Residential Funding Mortgage Securities Trust, Series2007-S2-A9	6.00%		02/25/2037	1,006,339
2,863,677	Residential Funding Mortgage Securities Trust, Series2007-S3-1A4	6.00%		03/25/2037	2,707,916
4,108,515	Residential Funding Mortgage Securities Trust, Series2007-S4-A1	6.00%		04/25/2037	4,012,744
2,300,889	Residential Funding Mortgage Securities Trust, Series2007-S4-A2	6.00%		04/25/2037	2,247,255
21,453,027	Residential Funding Mortgage Securities Trust, Series2007-S5-A1	6.00%		05/25/2037	21,932,584
6,217,172	Residential Funding Mortgage Securities Trust, Series2007-S5-A8	6.00%		05/25/2037	6,356,149
3,304,221	Residential Funding Mortgage Securities Trust, Series2007-S6-2A4	6.00%		06/25/2037	3,113,780
17,070,824	Residential Funding Mortgage Securities Trust, Series2007-S7-A20	6.00%		07/25/2037	16,866,385
8,482,830	Residential Funding Mortgage Securities Trust, Series2007-S8-1A1	6.00%		09/25/2037	7,863,528
1,234,316	Residential Funding Mortgage Securities Trust, Series2007-SA1-4A	5.44%	#	02/25/2037	1,054,894
6,683,874	Residential Funding Mortgage Securities Trust, Series2007-SA2-2A1	4.90%	#	04/25/2037	6,339,033
15,875,353	RMAT LLC, Series2015-PR2-A1	9.85%	^	11/25/2035	15,594,810
32,314,623	Saxon Asset Securities Trust, Series2006-3-A3 (1 Month LIBOR USD + 0.17%, 0.17% Floor, 12.25% Cap)	2.19%		10/25/2046	31,833,966
291,816,592	Securitized Mortgage Asset Loan Trust, Series2015-1-PC	3.39%	# ^	02/25/2054	271,830,453
57,194,014	Securitized Mortgage Asset Loan Trust, Series2015-2-PC	0.00%	# ^	12/26/2059	57,046,299
80,341,522	Securitized Mortgage Asset Loan Trust, Series2015-3-PC	0.00%	# ^	10/25/2044	80,446,360
148,593	Sequoia Mortgage Trust, Series2003-4-2A1 (1 Month LIBOR USD + 0.35%, 0.35% Floor, 11.50% Cap)	2.39%		07/20/2033	146,747
7,906,563	Sequoia Mortgage Trust, Series2013-2-A	1.87%	#	02/25/2043	7,644,927
52,800,241	Sequoia Mortgage Trust, Series2015-4-A1	3.00%	# ^	11/25/2030	53,880,206
12,887,009	SG Mortgage Securities Trust, Series2006-FRE1-A1A (1 Month LIBOR USD + 0.17%, 0.17% Floor)	2.19%		02/25/2036	12,091,213
47,748,634	Silver Hill Trust, Series2018-SBC1-A1	5.19%	^ §	10/28/2033	48,118,781
22,488,238	Soundview Home Loan Trust, Series2007-NS1-A3 (1 Month LIBOR USD + 0.20%, 0.20% Floor)	2.22%		01/25/2037	22,226,108
4,874,839	Soundview Home Loan Trust, Series2007-OPT1-2A2 (1 Month LIBOR USD + 0.15%, 0.15% Floor)	2.17%		06/25/2037	3,715,359
9,278,240	Soundview Home Loan Trust, Series2007-OPT3-1A1 (1 Month LIBOR USD + 0.17%, 0.17% Floor)	2.19%		08/25/2037	8,560,095
26,804,097	Soundview Home Loan Trust, Series2007-OPT4-1A1 (1 Month LIBOR USD + 1.00%, 1.00% Floor)	3.02%		09/25/2037	21,569,921
127,326,687	Stanwich Mortgage Loan Company, Series2019-NPB1-A1	3.38%	^ §	08/15/2024	127,504,957

6,877,904	STARM Mortgage Loan Trust, Series2007-2-1A1	4.57%	#	04/25/2037	5,056,041
2,895,927	STARM Mortgage Loan Trust, Series2007-3-1A1	4.85%	#	06/25/2037	2,631,912
2,307,179	Structured Adjustable Rate Mortgage Loan Trust, Series2004-12-8A	4.24%	#	09/25/2034	2,358,546
4,528,208	Structured Adjustable Rate Mortgage Loan Trust, Series2005-22-4A1	4.49%	#	12/25/2035	4,366,177
4,390,307	Structured Adjustable Rate Mortgage Loan Trust, Series2006-12-2A1	4.25%	#	01/25/2037	4,051,014
2,022,644	Structured Adjustable Rate Mortgage Loan Trust, Series2006-1-8A1	4.29%	#	02/25/2036	1,582,558
2,590,588	Structured Adjustable Rate Mortgage Loan Trust, Series2006-6-3A1	4.20%	#	07/25/2036	2,020,608
105,130,260	Structured Asset Investment Loan Trust, Series2006-3-A1 (1 Month LIBOR USD + 0.16%, 0.16% Floor)	2.18%		06/25/2036	80,396,653
16,985,254	Structured Asset Mortgage Investments Trust, Series2006-AR3-12A2 (1 Month LIBOR USD + 0.20%, 0.20% Floor, 10.50% Cap)	2.22%		05/25/2036	16,510,652
102,654,313	Structured Asset Securities Corporation Mortgage Loan Trust, Series2006-BC4-A1 (1 Month LIBOR USD + 0.16%, 0.16% Floor)	2.18%		12/25/2036	75,271,963
2,058,590	Structured Asset Securities Corporation, Series2003-24A-1A3	4.41%	#	07/25/2033	2,113,493
4,227,643	Structured Asset Securities Corporation, Series2003-35-1A1	5.18%	#	12/25/2033	4,516,257
12,943,006	Structured Asset Securities Corporation, Series2005-10-1A1	5.75%		06/25/2035	12,667,079
297,853	Structured Asset Securities Corporation, Series2005-10-6A1	5.00%		06/25/2020	302,321
11,649,112	Structured Asset Securities Corporation, Series2005-5-3A1	6.00%		04/25/2035	10,011,642
38,842,038	Structured Asset Securities Corporation, Series2006-BC4-A4 (1 Month LIBOR USD + 0.17%, 0.17% Floor)	2.19%		12/25/2036	37,869,045
85,716,611	Structured Asset Securities Corporation, Series2007-4-1A3(-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)	4.00%	^I/F I/O Þ	03/28/2045	12,500,298
22,645,030	Structured Asset Securities Corporation, Series2007-RF1-1A (1 Month LIBOR USD + 0.19%, 0.19% Floor)	2.21%	^	03/25/2037	19,838,776
543,760	Suntrust Alternative Loan Trust, Series2005-1F-2A3	5.75%		12/25/2035	543,430
879,667	Suntrust Alternative Loan Trust, Series2006-1F-1A3	6.00%		04/25/2036	774,644
356,769	Thornburg Mortgage Securities Trust, Series2003-6-A2 (1 Month LIBOR USD + 0.50%, 0.50% Floor, 11.50% Cap)	2.52%		12/25/2033	337,941
4,471,676	Thornburg Mortgage Securities Trust, Series2004-4-5A	3.87%	#	12/25/2044	4,507,865
13,352,265	Thornburg Mortgage Securities Trust, Series2007-1-A1 (12 Month LIBOR USD + 1.30%, 0.11% Floor, 10.75% Cap)	3.33%		03/25/2037	12,989,626
3,080,674	Thornburg Mortgage Securities Trust, Series2007-1-A2A (12 Month LIBOR USD + 1.30%, 0.11% Floor, 10.75% Cap)	3.33%		03/25/2037	2,861,691
65,000,000	Toorak Mortgage Corporation Ltd., Series2019-1-A1	4.46%	^ §	03/25/2022	66,459,315
70,000,000	Toorak Mortgage Corporation Ltd., Series2019-2-A1	3.72%	§	09/25/2022	70,625,590
3,097,732	Towd Point Mortgage Trust, Series2015-1-AES	3.00%	# ^	10/25/2053	3,104,531
3,811,974	Towd Point Mortgage Trust, Series2015-2-1A12	2.75%	# ^	11/25/2060	3,825,873
228,589,954	Towd Point Mortgage Trust, Series2019-1-A1	3.75%	# ^	03/25/2058	240,027,155
5,000,000	Tricon American Homes Trust, Series2019-SFR1-E	3.40%	^	03/17/2038	5,041,935
36,000,062	VCAT LLC, Series2019-NPL1-A1	4.36%	^ §	02/25/2049	36,389,644
1,101,560	Velocity Commercial Capital Loan Trust, Series2016-1-AFX	3.53%	# ^	04/25/2046	1,099,539
32,662,165	Velocity Commercial Capital Loan Trust, Series2017-2-AFX	3.07%	# ^	11/25/2047	32,994,545
33,378,559	Velocity Commercial Capital Loan Trust, Series2018-2-A	4.05%	# ^	10/26/2048	34,068,527
82,032,508	Velocity Commercial Capital Loan Trust, Series2019-1-A	3.76%	# ^	03/25/2049	83,708,046
28,876,750	Velocity Commercial Capital Loan Trust, Series2019-2-A	3.13%	# ^	07/25/2049	29,104,720
9,930,438	Velocity Commercial Capital Loan Trust, Series2019-2-M1	3.26%	# ^	07/25/2049	9,989,532
59,475,836	Vericrest Opportunity Loan Trust, Series2019-NPL3-A1	3.97%	^ §	03/25/2049	59,956,871
17,657,662	Vericrest Opportunity Loan Trust, Series2019-NPL4-A1A	3.35%	^ §	08/25/2049	17,733,434
53,330,860	Vericrest Opportunity Loan Trust, Series2019-NPL5-A1A	3.35%	^ §	09/25/2049	53,630,068
25,180,362	Verus Securitization Trust, Series2018-INV1-A1	3.63%	# ^	03/25/2058	25,314,291
41,832,709	VOLT LLC, Series2017-NPL9-A1	3.13%	^ §	09/25/2047	41,960,541
84,981,930	VOLT LLC, Series2018-NPL1-A1	3.75%	^ §	04/25/2048	85,330,025
121,311,357	VOLT LLC, Series2018-NPL5-A1A	4.21%	^ §	08/25/2048	121,929,742
72,205,784	VOLT LLC, Series2018-NPL6-A1A	4.11%	^ §	09/25/2048	72,595,616
145,904,123	VOLT LLC, Series2018-NPL8-A1A	4.21%	^ §	10/26/2048	146,775,229
54,110,335	VOLT LLC, Series2019-NPL1-A1A	4.34%	^ §	01/25/2049	54,615,076
197,400,000	VOLT LLC, Series2019-NPL6-A1A	3.23%	^ §	10/25/2049	199,090,534
17,070,157	WaMu Asset-Backed Certificates Trust, Series2007-HE4-1A (1 Month LIBOR USD + 0.17%, 0.17% Floor)	2.19%		07/25/2047	13,317,722
5,850,967	Washington Mutual Mortgage Pass-Through Certificates, Series2005-1-2A	6.00%		03/25/2035	5,718,986
2,089,232	Washington Mutual Mortgage Pass-Through Certificates, Series2005-4-5A1	5.50%		06/25/2035	2,089,785
841,194	Washington Mutual Mortgage Pass-Through Certificates, Series2005-5-CB12(-11 x 1 Month LIBOR USD + 50.60%, 50.60% Cap)	28.40%	I/F	07/25/2035	1,691,895
2,723,993	Washington Mutual Mortgage Pass-Through Certificates, Series2005-5-CB6 (1 Month LIBOR USD + 0.60%, 0.60% Floor, 7.50% Cap)	2.62%		07/25/2035	2,426,262
709,495	Washington Mutual Mortgage Pass-Through Certificates, Series2005-6-2A7	5.50%		08/25/2035	698,481
10,310,047	Washington Mutual Mortgage Pass-Through Certificates, Series2005-7-2CB6 (1 Month LIBOR USD + 1.45%, 1.45% Floor, 6.00% Cap)	3.47%		08/25/2035	9,645,237
937,277	Washington Mutual Mortgage Pass-Through Certificates, Series2005-7-2CB7(-11 x 1 Month LIBOR USD + 50.05%, 50.05% Cap)	27.85%	I/F	08/25/2035	1,687,235
3,935,125	Washington Mutual Mortgage Pass-Through Certificates, Series2005-7-3CB	6.50%		08/25/2035	3,715,324
10,403,657	Washington Mutual Mortgage Pass-Through Certificates, Series2005-8-1A2	5.50%		10/25/2035	10,348,717
8,325,886	Washington Mutual Mortgage Pass-Through Certificates, Series2005-9-2A2	5.50%		11/25/2035	8,339,886
2,263,981	Washington Mutual Mortgage Pass-Through Certificates, Series2005-9-CX	5.50%	I/O	11/25/2035	476,670
2,988,796	Washington Mutual Mortgage Pass-Through Certificates, Series2006-1-3A1	5.75%		02/25/2036	2,848,369
1,513,227	Washington Mutual Mortgage Pass-Through Certificates, Series2006-1-3A2	5.75%		02/25/2036	1,442,128
1,285,338	Washington Mutual Mortgage Pass-Through Certificates, Series2006-1-3A7	5.75%		02/25/2036	1,226,700
3,572,435	Washington Mutual Mortgage Pass-Through Certificates, Series2006-3-3CB4	6.00%		04/25/2036	3,352,314
2,150,363	Washington Mutual Mortgage Pass-Through Certificates, Series2006-5-1A8	5.75%		07/25/2036	1,961,929
3,910,149	Washington Mutual Mortgage Pass-Through Certificates, Series2006-5-2CB1	6.00%		07/25/2036	3,242,991
7,102,476	Washington Mutual Mortgage Pass-Through Certificates, Series2006-5-2CB6	6.00%		07/25/2036	5,890,637
15,964,547	Washington Mutual Mortgage Pass-Through Certificates, Series2006-5-3A3	6.22%	ß	07/25/2036	6,814,676
6,652,816	Washington Mutual Mortgage Pass-Through Certificates, Series2006-5-3A5	6.45%	ß	07/25/2036	2,838,611
3,539,479	Washington Mutual Mortgage Pass-Through Certificates, Series2006-9-A7	4.62%	ß	10/25/2036	1,822,821
7,369,393	Washington Mutual Mortgage Pass-Through Certificates, Series2006-AR10-1A1	3.72%	#	09/25/2036	7,143,525
12,645,203	Washington Mutual Mortgage Pass-Through Certificates, Series2006-AR15-1A (12 Month US Treasury Average + 0.84%, 0.84% Floor)	3.29%		11/25/2046	11,936,071
9,217,624	Washington Mutual Mortgage Pass-Through Certificates, Series2006-AR4-2A (12 Month US Treasury Average + 0.95%, 0.95% Floor)	3.40%		06/25/2046	7,693,879
7,632,308	Washington Mutual Mortgage Pass-Through Certificates, Series2006-AR5-4A (12 Month US Treasury Average + 0.99%, 0.99% Floor)	3.44%		06/25/2046	6,797,035
997,530	Washington Mutual Mortgage Pass-Through Certificates, Series2006-AR6-2A3	3.76%	#	08/25/2036	952,828
11,695,646	Washington Mutual Mortgage Pass-Through Certificates, Series2007-2-1A2	6.00%		04/25/2037	10,796,144
11,966,507	Washington Mutual Mortgage Pass-Through Certificates, Series2007-2-1A6	6.00%		04/25/2037	11,046,174
5,547,093	Washington Mutual Mortgage Pass-Through Certificates, Series2007-3-A2	6.00%		04/25/2037	5,378,600
7,521,747	Washington Mutual Mortgage Pass-Through Certificates, Series2007-3-A3	6.00%		04/25/2037	7,293,273
6,188,387	Washington Mutual Mortgage Pass-Through Certificates, Series2007-4-1A1	5.50%		06/25/2037	6,346,265
339,935	Washington Mutual Mortgage Pass-Through Certificates, Series2007-5-A11(-6 x 1 Month LIBOR USD + 39.48%, 39.48% Cap)	27.37%	I/F	06/25/2037	687,688
8,498,364	Washington Mutual Mortgage Pass-Through Certificates, Series2007-5-A6	6.00%		06/25/2037	8,879,279
11,580,147	Washington Mutual Mortgage Pass-Through Certificates, Series2007-HY3-4A1	4.24%	#	03/25/2037	11,697,570
13,651,167	Washington Mutual Mortgage Pass-Through Certificates, Series2007-HY5-1A1	3.68%	#	05/25/2037	13,177,680
12,307,971	Washington Mutual Mortgage Pass-Through Certificates, Series2007-HY6-2A3	3.84%	#	06/25/2037	11,919,436
9,675,908	Washington Mutual Mortgage Pass-Through Certificates, Series2007-OC1-A2 (1 Month LIBOR USD + 0.12%, 0.12% Floor)	2.14%		01/25/2047	8,887,547
1,275,394	Wells Fargo Alternative Loan Trust, Series2007-PA1-A10	6.00%		03/25/2037	1,216,745
5,599,975	Wells Fargo Alternative Loan Trust, Series2007-PA1-A3	6.00%		03/25/2037	5,342,459
4,828,404	Wells Fargo Alternative Loan Trust, Series2007-PA1-A5	6.00%		03/25/2037	4,606,369
7,913,512	Wells Fargo Alternative Loan Trust, Series2007-PA1-A6	6.00%		03/25/2037	7,549,607
32,171,416	Wells Fargo Alternative Loan Trust, Series2007-PA2-1A1	6.00%		06/25/2037	32,792,073
4,803,371	Wells Fargo Alternative Loan Trust, Series2007-PA2-3A1 (1 Month LIBOR USD + 0.35%, 0.35% Floor, 7.00% Cap)	2.37%		06/25/2037	3,443,159
7,076,109	Wells Fargo Alternative Loan Trust, Series2007-PA2-3A2(-1 x 1 Month LIBOR USD + 6.65%, 6.65% Cap)	4.63%	I/F I/O	06/25/2037	992,075
461,362	Wells Fargo Alternative Loan Trust, Series2007-PA3-1A4	5.75%		07/25/2037	450,378
9,943,550	Wells Fargo Alternative Loan Trust, Series2007-PA3-2A1	6.00%		07/25/2037	9,965,682
3,950,636	Wells Fargo Alternative Loan Trust, Series2007-PA3-2A4	6.00%		07/25/2037	3,959,429
8,635,639	Wells Fargo Alternative Loan Trust, Series2007-PA3-3A1	6.25%		07/25/2037	8,348,000
56,139,114	Wells Fargo Alternative Loan Trust, Series2007-PA5-1A1	6.25%		11/25/2037	55,981,773
11,153,249	Wells Fargo Alternative Loan Trust, Series2007-PA6-A1	4.62%	#	12/28/2037	11,158,375
6,601,657	Wells Fargo Mortgage Backed Securities Trust, Series2004-Y-3A3	4.87%	#	11/25/2034	6,903,280
12,518,623	Wells Fargo Mortgage Backed Securities Trust, Series2005-17-1A1	5.50%		01/25/2036	12,527,834
1,313,974	Wells Fargo Mortgage Backed Securities Trust, Series2005-8-A1	5.50%		10/25/2035	1,374,016
809,007	Wells Fargo Mortgage Backed Securities Trust, Series2005-AR16-6A4	4.91%	#	10/25/2035	828,810
38,773	Wells Fargo Mortgage Backed Securities Trust, Series2006-2-1A4(-3 x 1 Month LIBOR USD + 19.39%, 19.39% Cap)	13.84%	I/F	03/25/2036	47,348
1,818,645	Wells Fargo Mortgage Backed Securities Trust, Series2006-2-3A1	5.75%		03/25/2036	1,802,775
11,828,797	Wells Fargo Mortgage Backed Securities Trust, Series2006-3-A11	5.50%		03/25/2036	12,053,039
2,634,040	Wells Fargo Mortgage Backed Securities Trust, Series2006-3-A6	5.50%		03/25/2036	2,585,235
117,590	Wells Fargo Mortgage Backed Securities Trust, Series2006-4-2A2	5.50%		04/25/2036	116,327
4,905,669	Wells Fargo Mortgage Backed Securities Trust, Series2006-AR12-1A1	4.71%	#	09/25/2036	5,014,881
2,094,787	Wells Fargo Mortgage Backed Securities Trust, Series2006-AR13-A2	4.85%	#	09/25/2036	2,131,270
2,665,708	Wells Fargo Mortgage Backed Securities Trust, Series2006-AR4-2A1	5.22%	#	04/25/2036	2,649,920
840,940	Wells Fargo Mortgage Backed Securities Trust, Series2007-10-1A18	6.00%		07/25/2037	849,608
1,494,050	Wells Fargo Mortgage Backed Securities Trust, Series2007-10-2A11	6.00%		07/25/2037	1,465,706

864,321	Wells Fargo Mortgage Backed Securities Trust, Series2007-11-A14	6.00%			08/25/2037	882,278
1,725,094	Wells Fargo Mortgage Backed Securities Trust, Series2007-11-A36	6.00%			08/25/2037	1,760,935
1,225,971	Wells Fargo Mortgage Backed Securities Trust, Series2007-11-A96	6.00%			08/25/2037	1,251,442
16,373,891	Wells Fargo Mortgage Backed Securities Trust, Series2007-14-1A1	6.00%			10/25/2037	16,372,581
3,778,888	Wells Fargo Mortgage Backed Securities Trust, Series2007-7-A1	6.00%			06/25/2037	3,813,569
262,814	Wells Fargo Mortgage Backed Securities Trust, Series2007-7-A32	5.75%	��		06/25/2037	267,381
8,509,778	Wells Fargo Mortgage Backed Securities Trust, Series2007-7-A34	6.00%			06/25/2037	8,575,812
2,304,863	Wells Fargo Mortgage Backed Securities Trust, Series2007-7-A36	6.00%			06/25/2037	2,322,748
783,847	Wells Fargo Mortgage Backed Securities Trust, Series2007-7-A43 (1 Month LIBOR USD + 0.50%, 0.50% Floor, 7.00% Cap)	2.52%			06/25/2037	687,938
2,141,454	Wells Fargo Mortgage Backed Securities Trust, Series2007-7-A49	6.00%			06/25/2037	2,158,071
906,578	Wells Fargo Mortgage Backed Securities Trust, Series2007-7-A8 (1 Month LIBOR USD + 0.50%, 0.50% Floor, 7.00% Cap)	2.52%			06/25/2037	794,322
408,973	Wells Fargo Mortgage Backed Securities Trust, Series2007-7-A9(-6 x 1 Month LIBOR USD + 39.00%, 39.00% Cap)	26.89%		I/F	06/25/2037	697,093
30,991,445	Wells Fargo Mortgage Backed Securities Trust, Series2007-AR9-A1	4.85%		#	12/28/2037	30,885,238
11,630,696	WinWater Mortgage Loan Trust, Series2015-4-A5	3.50%		# ^	06/20/2045	11,686,221
TotalNon-Agency Residential Collateralized Mortgage Obligations(Cost $15,287,217,299)						15,359,992,550
US Government and Agency Mortgage Backed Obligations - 44.9%
6,617,936	Federal Home Loan Mortgage Corporation, Pool C03490	4.50%			08/01/2040	7,177,336
40,977,531	Federal Home Loan Mortgage Corporation, Pool C91388	3.50%			02/01/2032	42,675,812
21,629,906	Federal Home Loan Mortgage Corporation, Pool C91403	3.50%			03/01/2032	22,525,639
21,064,692	Federal Home Loan Mortgage Corporation, Pool C91413	3.50%			12/01/2031	21,939,435
10,562,521	Federal Home Loan Mortgage Corporation, Pool C91417	3.50%			01/01/2032	11,000,061
44,114,553	Federal Home Loan Mortgage Corporation, Pool C91447	3.50%			05/01/2032	45,946,597
50,676,984	Federal Home Loan Mortgage Corporation, Pool C91594	3.00%			01/01/2033	52,301,109
14,876,995	Federal Home Loan Mortgage Corporation, Pool C91596	3.00%			02/01/2033	15,354,729
7,781,567	Federal Home Loan Mortgage Corporation, Pool D98901	3.50%			01/01/2032	8,104,825
20,616,204	Federal Home Loan Mortgage Corporation, Pool D98923	3.50%			01/01/2032	21,472,628
19,443,812	Federal Home Loan Mortgage Corporation, Pool D99724	3.00%			11/01/2032	20,068,122
16,041,765	Federal Home Loan Mortgage Corporation, Pool G01840	5.00%			07/01/2035	17,739,648
3,290,058	Federal Home Loan Mortgage Corporation, Pool G04817	5.00%			09/01/2038	3,635,579
16,766,497	Federal Home Loan Mortgage Corporation, Pool G07801	4.00%			10/01/2044	17,765,459
31,553,916	Federal Home Loan Mortgage Corporation, Pool G07862	4.00%			01/01/2044	33,596,501
37,550,024	Federal Home Loan Mortgage Corporation, Pool G07905	4.00%			01/01/2042	40,164,949
65,307,967	Federal Home Loan Mortgage Corporation, Pool G08534	3.00%			06/01/2043	67,318,504
21,179,696	Federal Home Loan Mortgage Corporation, Pool G08537	3.00%			07/01/2043	21,840,620
51,000,981	Federal Home Loan Mortgage Corporation, Pool G08614	3.00%			11/01/2044	52,353,772
59,370,811	Federal Home Loan Mortgage Corporation, Pool G08619	3.00%			12/01/2044	60,919,645
79,209,221	Federal Home Loan Mortgage Corporation, Pool G08622	3.00%			01/01/2045	81,261,744
151,895,581	Federal Home Loan Mortgage Corporation, Pool G08626	3.00%			02/01/2045	155,812,647
82,706,466	Federal Home Loan Mortgage Corporation, Pool G08631	3.00%			03/01/2045	84,831,282
212,553,132	Federal Home Loan Mortgage Corporation, Pool G08635	3.00%			04/01/2045	217,946,349
62,500,134	Federal Home Loan Mortgage Corporation, Pool G08640	3.00%			05/01/2045	64,086,567
325,492,220	Federal Home Loan Mortgage Corporation, Pool G08648	3.00%			06/01/2045	333,749,957
62,938,580	Federal Home Loan Mortgage Corporation, Pool G08653	3.00%			07/01/2045	64,533,763
34,982,865	Federal Home Loan Mortgage Corporation, Pool G08658	3.00%			08/01/2045	35,868,733
42,135,093	Federal Home Loan Mortgage Corporation, Pool G08670	3.00%			10/01/2045	43,201,554
498,718,208	Federal Home Loan Mortgage Corporation, Pool G08675	3.00%			11/01/2045	511,343,289
208,514,417	Federal Home Loan Mortgage Corporation, Pool G08680	3.00%			12/01/2045	213,792,268
84,778,519	Federal Home Loan Mortgage Corporation, Pool G08686	3.00%			01/01/2046	86,926,256
195,372,132	Federal Home Loan Mortgage Corporation, Pool G08692	3.00%			02/01/2046	200,316,495
65,155,569	Federal Home Loan Mortgage Corporation, Pool G08705	3.00%			05/01/2046	66,807,439
72,828,028	Federal Home Loan Mortgage Corporation, Pool G08715	3.00%			08/01/2046	74,674,883
6,587,541	Federal Home Loan Mortgage Corporation, Pool G08741	3.00%			01/01/2047	6,754,885
5,830,363	Federal Home Loan Mortgage Corporation, Pool G08800	3.50%			02/01/2048	6,037,709
29,720,517	Federal Home Loan Mortgage Corporation, Pool G16072	3.00%			02/01/2032	30,662,306
59,225,428	Federal Home Loan Mortgage Corporation, Pool G60251	3.50%			10/01/2045	62,353,051
184,377,367	Federal Home Loan Mortgage Corporation, Pool G60393	3.50%			01/01/2046	193,159,467
28,251,621	Federal Home Loan Mortgage Corporation, Pool J22834	2.50%			03/01/2028	28,560,298
56,815,881	Federal Home Loan Mortgage Corporation, Pool Q13637	3.00%			11/01/2042	58,608,296
57,568,667	Federal Home Loan Mortgage Corporation, Pool Q13638	3.00%			11/01/2042	59,387,267
89,954,254	Federal Home Loan Mortgage Corporation, Pool Q16672	3.00%			03/01/2043	92,766,724
5,366,895	Federal Home Loan Mortgage Corporation, Pool Q23595	4.00%			12/01/2043	5,752,477
7,310,854	Federal Home Loan Mortgage Corporation, Pool Q24052	4.00%			01/01/2044	7,836,148
5,813,677	Federal Home Loan Mortgage Corporation, Pool Q24172	4.00%			01/01/2044	6,231,222
5,413,202	Federal Home Loan Mortgage Corporation, Pool Q24979	4.00%			02/01/2044	5,802,035
40,514,053	Federal Home Loan Mortgage Corporation, Pool Q31596	3.50%			02/01/2045	42,340,128
15,087,909	Federal Home Loan Mortgage Corporation, Pool Q32861	3.50%			04/01/2045	15,744,232
38,990,709	Federal Home Loan Mortgage Corporation, Pool Q32921	3.50%			04/01/2045	40,753,974
26,839,935	Federal Home Loan Mortgage Corporation, Pool Q39502	3.50%			03/01/2046	28,118,611
83,404,713	Federal Home Loan Mortgage Corporation, Pool Q44073	3.00%			09/01/2046	85,519,816
15,573,565	Federal Home Loan Mortgage Corporation, Pool SB0039	2.50%			04/01/2033	15,762,756
58,385,603	Federal Home Loan Mortgage Corporation, Pool SD0035	3.00%			04/01/2047	59,754,995
5,623,134	Federal Home Loan Mortgage Corporation, Pool T60392	4.00%			10/01/2041	5,899,998
5,435,028	Federal Home Loan Mortgage Corporation, Pool T60681	4.00%			05/01/2042	5,709,906
19,276,356	Federal Home Loan Mortgage Corporation, Pool T60782	3.50%			07/01/2042	19,675,719
30,693,837	Federal Home Loan Mortgage Corporation, Pool T60853	3.50%			09/01/2042	31,327,999
23,203,035	Federal Home Loan Mortgage Corporation, Pool T60854	3.50%			09/01/2042	23,682,464
2,756,777	Federal Home Loan Mortgage Corporation, Pool T65110	3.50%			10/01/2042	2,813,981
56,963,231	Federal Home Loan Mortgage Corporation, Pool T65492	3.00%			06/01/2048	57,532,408
3,968,392	Federal Home Loan Mortgage Corporation, Pool T69016	5.00%			06/01/2041	4,258,479
23,455,944	Federal Home Loan Mortgage Corporation, Pool T69050	3.50%			05/01/2046	23,941,236
523,155	Federal Home Loan Mortgage Corporation, Pool U60299	4.00%			11/01/2040	555,633
3,357,291	Federal Home Loan Mortgage Corporation, Pool U99125	3.00%			01/01/2043	3,461,318
58,798,279	Federal Home Loan Mortgage Corporation, Pool U99193	3.50%			03/01/2044	61,678,039
128,559,169	Federal Home Loan Mortgage Corporation, Pool V81821	3.00%			08/01/2045	132,060,741
35,553,921	Federal Home Loan Mortgage Corporation, Pool V82117	3.00%			12/01/2045	36,521,417
38,191,576	Federal Home Loan Mortgage Corporation, Pool V82209	3.50%			02/01/2046	40,008,118
14,033,708	Federal Home Loan Mortgage Corporation, Pool V82248	3.50%			03/01/2046	14,774,616
203,535,750	Federal Home Loan Mortgage Corporation, Pool Z40117	3.00%			04/01/2045	208,664,399
46,779,347	Federal Home Loan Mortgage Corporation, Pool ZT1827	3.00%			07/01/2047	47,939,520
29,148,652	Federal Home Loan Mortgage Corporation, Series0-4791-LI	3.00%		I/O	05/15/2048	3,321,783
58,187,836	Federal Home Loan Mortgage Corporation, Series2015-SC02-1A	3.00%			09/25/2045	58,794,444
37,576,478	Federal Home Loan Mortgage Corporation, Series2016-SC01-1A	3.00%			07/25/2046	38,064,818
1,044,117	Federal Home Loan Mortgage Corporation, Series2519-ZD	5.50%			11/15/2032	1,155,389
596,346	Federal Home Loan Mortgage Corporation, Series2596-ZL	5.00%			04/15/2033	642,868
36,488,910	Federal Home Loan Mortgage Corporation, Series267-30	3.00%			08/15/2042	37,593,799
369,908	Federal Home Loan Mortgage Corporation, Series2684-ZN	4.00%			10/15/2033	394,294
71,412,571	Federal Home Loan Mortgage Corporation, Series269-30	3.00%			08/15/2042	73,457,531
28,809,426	Federal Home Loan Mortgage Corporation, Series274-30	3.00%			08/15/2042	29,662,253
2,482,419	Federal Home Loan Mortgage Corporation, Series2750-ZT	5.00%			02/15/2034	2,715,980
90,514,439	Federal Home Loan Mortgage Corporation, Series280-30	3.00%			09/15/2042	92,468,195
6,332,451	Federal Home Loan Mortgage Corporation, Series2825-PZ	5.50%			07/15/2034	7,159,822
21,074,006	Federal Home Loan Mortgage Corporation, Series284-300	3.00%			10/15/2042	21,794,581
3,966,126	Federal Home Loan Mortgage Corporation, Series2898-JZ	5.00%			12/15/2034	4,375,320
8,940,315	Federal Home Loan Mortgage Corporation, Series2899-AZ	5.00%			12/15/2034	9,880,265
6,536,667	Federal Home Loan Mortgage Corporation, Series2909-Z	5.00%			12/15/2034	7,239,130
11,078,653	Federal Home Loan Mortgage Corporation, Series2932-Z	5.00%			02/15/2035	12,288,670
775,391	Federal Home Loan Mortgage Corporation, Series2990-JL(-1 x 1 Month LIBOR USD + 6.65%, 6.65% Cap)	4.62%		I/F I/O	03/15/2035	42,261
3,957,873	Federal Home Loan Mortgage Corporation, Series3002-SN(-1 x 1 Month LIBOR USD + 6.50%, 6.50% Cap)	4.47%		I/F I/O	07/15/2035	619,059
2,679,958	Federal Home Loan Mortgage Corporation, Series3030-SL(-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)	4.07%		I/F I/O	09/15/2035	344,361
817,876	Federal Home Loan Mortgage Corporation, Series3045-DI(-1 x 1 Month LIBOR USD + 6.73%, 6.73% Cap)	4.70%		I/F I/O	10/15/2035	134,464
6,339,429	Federal Home Loan Mortgage Corporation, Series3116-Z	5.50%			02/15/2036	7,048,439
1,248,793	Federal Home Loan Mortgage Corporation, Series3117-ZN	4.50%			02/15/2036	1,303,827

3,313,502	Federal Home Loan Mortgage Corporation, Series3174-PZ	5.00%		01/15/2036	3,683,527
807,024	Federal Home Loan Mortgage Corporation, Series3187-JZ	5.00%		07/15/2036	889,740
2,176,842	Federal Home Loan Mortgage Corporation, Series3188-ZK	5.00%		07/15/2036	2,413,831
3,402,574	Federal Home Loan Mortgage Corporation, Series3203-SE(-1 x 1 Month LIBOR USD + 6.50%, 6.50% Cap)	4.47%	I/F I/O	08/15/2036	626,176
4,760,176	Federal Home Loan Mortgage Corporation, Series3203-Z	5.00%		07/15/2036	5,275,494
7,542,532	Federal Home Loan Mortgage Corporation, Series3203-ZC	5.00%		07/15/2036	8,359,058
4,395,232	Federal Home Loan Mortgage Corporation, Series3261-SA(-1 x 1 Month LIBOR USD + 6.43%, 6.43% Cap)	4.40%	I/F I/O	01/15/2037	770,340
16,847,830	Federal Home Loan Mortgage Corporation, Series326-300	3.00%		03/15/2044	17,461,781
5,025,373	Federal Home Loan Mortgage Corporation, Series3275-SC(-1 x 1 Month LIBOR USD + 6.08%, 6.08% Cap)	4.05%	I/F I/O	02/15/2037	719,100
1,316,278	Federal Home Loan Mortgage Corporation, Series3315-HZ	6.00%		05/15/2037	1,428,660
3,650,241	Federal Home Loan Mortgage Corporation, Series3326-GS(-1 x 1 Month LIBOR USD + 6.65%, 6.65% Cap)	4.62%	I/F I/O	06/15/2037	500,726
801,396	Federal Home Loan Mortgage Corporation, Series3351-ZC	5.50%		07/15/2037	908,185
9,004,707	Federal Home Loan Mortgage Corporation, Series3355-BI(-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)	4.02%	I/F I/O	08/15/2037	1,702,089
425,888	Federal Home Loan Mortgage Corporation, Series3369-Z	6.00%		09/15/2037	466,988
1,055,064	Federal Home Loan Mortgage Corporation, Series3405-ZG	5.50%		01/15/2038	1,151,427
1,970,364	Federal Home Loan Mortgage Corporation, Series3417-SI(-1 x 1 Month LIBOR USD + 6.18%, 6.18% Cap)	4.15%	I/F I/O	02/15/2038	239,573
2,540,799	Federal Home Loan Mortgage Corporation, Series3423-GS(-1 x 1 Month LIBOR USD + 5.65%, 5.65% Cap)	3.62%	I/F I/O	03/15/2038	285,432
417,226	Federal Home Loan Mortgage Corporation, Series3423-SG(-1 x 1 Month LIBOR USD + 5.65%, 5.65% Cap)	3.62%	I/F I/O	03/15/2038	43,650
575,008	Federal Home Loan Mortgage Corporation, Series3451-S(-1 x 1 Month LIBOR USD + 6.03%, 6.03% Cap)	4.00%	I/F I/O	02/15/2037	62,213
517,514	Federal Home Loan Mortgage Corporation, Series3455-SC(-1 x 1 Month LIBOR USD + 6.06%, 6.06% Cap)	4.03%	I/F I/O	06/15/2038	53,758
267,343	Federal Home Loan Mortgage Corporation, Series3473-SM(-1 x 1 Month LIBOR USD + 6.07%, 6.07% Cap)	4.04%	I/F I/O	07/15/2038	12,704
3,993,929	Federal Home Loan Mortgage Corporation, Series3484-SE(-1 x 1 Month LIBOR USD + 5.85%, 5.85% Cap)	3.82%	I/F I/O	08/15/2038	659,214
4,592,019	Federal Home Loan Mortgage Corporation, Series3519-SD(-1 x 1 Month LIBOR USD + 5.55%, 5.55% Cap)	3.52%	I/F I/O	02/15/2038	729,548
1,546,846	Federal Home Loan Mortgage Corporation, Series3524-LB	3.60%	P/O	06/15/2038	1,599,145
73,760	Federal Home Loan Mortgage Corporation, Series3530-GZ	4.50%	>	05/15/2039	77,806
5,793,337	Federal Home Loan Mortgage Corporation, Series3541-EI(-1 x 1 Month LIBOR USD + 6.75%, 6.75% Cap)	4.72%	I/F I/O	06/15/2039	885,326
701,349	Federal Home Loan Mortgage Corporation, Series3545-SA(-1 x 1 Month LIBOR USD + 6.15%, 6.15% Cap)	4.12%	I/F I/O	06/15/2039	90,172
291,760	Federal Home Loan Mortgage Corporation, Series3549-SA(-1 x 1 Month LIBOR USD + 5.80%, 5.80% Cap)	3.77%	I/F I/O	07/15/2039	29,088
6,295,875	Federal Home Loan Mortgage Corporation, Series3577-LS(-1 x 1 Month LIBOR USD + 7.20%, 7.20% Cap)	5.17%	I/F I/O	08/15/2035	1,036,499
1,370,198	Federal Home Loan Mortgage Corporation, Series3582-SA(-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)	3.97%	I/F I/O	10/15/2049	202,468
35,811,814	Federal Home Loan Mortgage Corporation, Series358-300	3.00%		10/15/2047	36,790,158
1,972,165	Federal Home Loan Mortgage Corporation, Series3583-GB	4.50%		10/15/2039	2,101,135
3,875,381	Federal Home Loan Mortgage Corporation, Series3616-SG(-1 x 1 Month LIBOR USD + 6.35%, 6.35% Cap)	4.32%	I/F I/O	03/15/2032	621,293
5,331,914	Federal Home Loan Mortgage Corporation, Series3626-AZ	5.50%		08/15/2036	5,887,771
7,636,815	Federal Home Loan Mortgage Corporation, Series3641-Z	5.50%		02/15/2036	8,576,184
7,466,543	Federal Home Loan Mortgage Corporation, Series3654-ZB	5.50%		11/15/2037	8,191,764
16,996,907	Federal Home Loan Mortgage Corporation, Series3666-VZ	5.50%		08/15/2036	18,873,535
1,054,854	Federal Home Loan Mortgage Corporation, Series3667-SB(-1 x 1 Month LIBOR USD + 6.45%, 6.45% Cap)	4.42%	I/F I/O	05/15/2040	125,016
6,861,119	Federal Home Loan Mortgage Corporation, Series3702-SG(-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)	4.02%	I/F I/O	08/15/2032	912,171
1,609,680	Federal Home Loan Mortgage Corporation, Series3704-EI	5.00%	I/O	12/15/2036	392,715
3,159,179	Federal Home Loan Mortgage Corporation, Series3712-SG(-5 x 1 Month LIBOR USD + 25.00%, 25.00% Cap)	14.50%	I/F	08/15/2040	4,100,392
4,363,532	Federal Home Loan Mortgage Corporation, Series3724-CM	5.50%		06/15/2037	4,956,552
14,361,509	Federal Home Loan Mortgage Corporation, Series3726-SA(-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)	4.02%	I/F I/O	09/15/2040	2,312,334
2,464,710	Federal Home Loan Mortgage Corporation, Series3741-SC(-2 x 1 Month LIBOR USD + 10.00%, 10.00% Cap)	5.95%	I/F	10/15/2040	3,115,768
17,137,642	Federal Home Loan Mortgage Corporation, Series3752-BS(-2 x 1 Month LIBOR USD + 10.00%, 10.00% Cap)	5.80%	I/F	11/15/2040	18,525,478
18,569,078	Federal Home Loan Mortgage Corporation, Series3768-ZX	5.00%	>	12/15/2040	21,587,368
5,349,459	Federal Home Loan Mortgage Corporation, Series3771-AL	4.00%		12/15/2030	5,662,737
15,114,870	Federal Home Loan Mortgage Corporation, Series3779-BY	3.50%		12/15/2030	15,968,072
27,776,074	Federal Home Loan Mortgage Corporation, Series3779-DZ	4.50%		12/15/2040	30,949,885
15,810,440	Federal Home Loan Mortgage Corporation, Series3779-LB	4.00%		12/15/2030	16,825,495
3,500,000	Federal Home Loan Mortgage Corporation, Series3779-YA	3.50%		12/15/2030	3,686,951
13,419,547	Federal Home Loan Mortgage Corporation, Series3783-AC	4.00%		01/15/2031	14,334,666
8,689,698	Federal Home Loan Mortgage Corporation, Series3786-SG(-2 x 1 Month LIBOR USD + 9.50%, 9.50% Cap)	5.45%	I/F	01/15/2041	10,184,219
11,625,338	Federal Home Loan Mortgage Corporation, Series3788-AY	3.50%		01/15/2031	12,120,732
4,410,236	Federal Home Loan Mortgage Corporation, Series3790-Z	4.00%		01/15/2041	4,637,475
12,948,666	Federal Home Loan Mortgage Corporation, Series3795-VZ	4.00%		01/15/2041	13,825,302
12,052,087	Federal Home Loan Mortgage Corporation, Series3798-FG (1 Month LIBOR USD + 0.51%, 0.51% Floor, 7.00% Cap)	2.54%		01/15/2041	12,128,430
419,734	Federal Home Loan Mortgage Corporation, Series3798-SD(-2 x 1 Month LIBOR USD + 9.60%, 9.60% Cap)	5.55%	I/F	12/15/2040	455,966
22,838,096	Federal Home Loan Mortgage Corporation, Series3800-VZ	4.50%	>	02/15/2041	26,215,937
6,417,173	Federal Home Loan Mortgage Corporation, Series3803-ZM	4.00%		02/15/2041	6,699,099
37,162,451	Federal Home Loan Mortgage Corporation, Series3806-CZ	5.50%		07/15/2034	41,679,851
16,196,278	Federal Home Loan Mortgage Corporation, Series3808-DB	3.50%		02/15/2031	16,792,865
13,442,182	Federal Home Loan Mortgage Corporation, Series3812-EY	3.50%		02/15/2031	14,002,621
5,716,000	Federal Home Loan Mortgage Corporation, Series3818-CZ	4.50%		03/15/2041	6,338,958
8,287,958	Federal Home Loan Mortgage Corporation, Series3819-MS(-1 x 1 Month LIBOR USD + 6.47%, 6.47% Cap)	4.44%	I/F I/O	06/15/2040	724,193
8,725,484	Federal Home Loan Mortgage Corporation, Series3819-ZU	5.50%		07/15/2034	9,678,159
31,888,007	Federal Home Loan Mortgage Corporation, Series3824-EY	3.50%		03/15/2031	33,721,835
3,350,433	Federal Home Loan Mortgage Corporation, Series3828-SW(-3 x 1 Month LIBOR USD + 13.20%, 13.20% Cap)	7.12%	I/F	02/15/2041	4,974,362
12,790,924	Federal Home Loan Mortgage Corporation, Series3829-VZ	4.00%		03/15/2041	13,938,154
7,609,496	Federal Home Loan Mortgage Corporation, Series3843-PZ	5.00%	>	04/15/2041	8,965,204
25,052,951	Federal Home Loan Mortgage Corporation, Series3863-ZA	5.50%		08/15/2034	27,639,934
9,006,451	Federal Home Loan Mortgage Corporation, Series3870-PB	4.50%		06/15/2041	9,629,286
39,547,617	Federal Home Loan Mortgage Corporation, Series3871-LZ	5.50%		06/15/2041	45,623,017
12,034,654	Federal Home Loan Mortgage Corporation, Series3872-BA	4.00%		06/15/2041	12,518,086
10,376,745	Federal Home Loan Mortgage Corporation, Series3877-EY	4.50%		06/15/2041	11,422,569
5,529,586	Federal Home Loan Mortgage Corporation, Series3877-GY	4.50%		06/15/2041	6,044,833
20,959,838	Federal Home Loan Mortgage Corporation, Series3877-ZU	4.50%		06/15/2041	22,115,073
23,090,040	Federal Home Loan Mortgage Corporation, Series3888-ZU	4.50%	>	06/15/2041	26,626,747
5,193,984	Federal Home Loan Mortgage Corporation, Series3900-SB(-1 x 1 Month LIBOR USD + 5.97%, 5.97% Cap)	3.94%	I/F I/O	07/15/2041	691,357
29,165,899	Federal Home Loan Mortgage Corporation, Series3901-VZ	4.00%		07/15/2041	31,164,069
26,942,332	Federal Home Loan Mortgage Corporation, Series3910-GZ	5.00%	>	08/15/2041	30,847,823
5,394,043	Federal Home Loan Mortgage Corporation, Series3910-ZE	5.00%		10/15/2034	5,986,982
8,974,954	Federal Home Loan Mortgage Corporation, Series3919-KL	4.50%		09/15/2041	9,755,336
33,191,967	Federal Home Loan Mortgage Corporation, Series3919-ZJ	4.00%	>	09/15/2041	37,145,774
2,269,595	Federal Home Loan Mortgage Corporation, Series3942-JZ	4.00%		10/15/2041	2,366,559
9,306,971	Federal Home Loan Mortgage Corporation, Series3944-AZ	4.00%		10/15/2041	9,747,822
2,973,918	Federal Home Loan Mortgage Corporation, Series3946-SM(-3 x 1 Month LIBOR USD + 14.70%, 14.70% Cap)	8.62%	I/F	10/15/2041	3,845,363
6,040,637	Federal Home Loan Mortgage Corporation, Series3957-DZ	3.50%		11/15/2041	6,285,494
25,241,586	Federal Home Loan Mortgage Corporation, Series3969-AB	4.00%		10/15/2033	26,487,940
12,087,372	Federal Home Loan Mortgage Corporation, Series3982-AZ	3.50%		01/15/2042	13,081,590
65,682,591	Federal Home Loan Mortgage Corporation, Series3990-ZA	3.50%	>	01/15/2042	71,851,231
13,150,896	Federal Home Loan Mortgage Corporation, Series3999-EZ	4.00%		02/15/2042	14,059,108
56,854,679	Federal Home Loan Mortgage Corporation, Series3999-ZB	4.00%	>	02/15/2042	63,210,634
32,236,506	Federal Home Loan Mortgage Corporation, Series4016-KZ	4.00%	>	03/15/2042	35,820,831
11,814,173	Federal Home Loan Mortgage Corporation, Series4050-BC	2.00%		05/15/2041	11,724,702
7,277,361	Federal Home Loan Mortgage Corporation, Series4050-ND	2.50%		09/15/2041	7,309,644
80,146,988	Federal Home Loan Mortgage Corporation, Series4057-ZA	4.00%	>	06/15/2042	88,924,638
79,854,092	Federal Home Loan Mortgage Corporation, Series4084-TZ	4.00%	>	07/15/2042	89,080,226
4,760,566	Federal Home Loan Mortgage Corporation, Series4097-TG	2.00%		05/15/2039	4,768,538
44,121,086	Federal Home Loan Mortgage Corporation, Series4097-ZA	3.50%	>	08/15/2042	48,267,321
97,063,000	Federal Home Loan Mortgage Corporation, Series4109-GE	4.50%		10/15/2041	105,154,531
1,764,624	Federal Home Loan Mortgage Corporation, Series4109-KD	3.00%		05/15/2032	1,766,278
4,618,325	Federal Home Loan Mortgage Corporation, Series4121-AV	3.00%		12/15/2035	4,764,320
37,432,944	Federal Home Loan Mortgage Corporation, Series4160-HP	2.50%		01/15/2033	38,046,544
30,988,900	Federal Home Loan Mortgage Corporation, Series4162-ZJ	3.00%	>	02/15/2033	31,268,178
6,525,700	Federal Home Loan Mortgage Corporation, Series4165-ZT	3.00%	>	02/15/2043	6,649,616
45,251,216	Federal Home Loan Mortgage Corporation, Series4174-Z	3.50%	>	03/15/2043	49,018,751
114,471,328	Federal Home Loan Mortgage Corporation, Series4179-AZ	4.00%	>	01/15/2041	125,000,607
32,787,407	Federal Home Loan Mortgage Corporation, Series4183-ZB	3.00%	>	03/15/2043	33,675,294
17,568,426	Federal Home Loan Mortgage Corporation, Series4186-ZJ	3.00%	>	03/15/2033	17,853,720
13,000,000	Federal Home Loan Mortgage Corporation, Series4189-ML	3.00%		04/15/2038	13,408,564
158,263,310	Federal Home Loan Mortgage Corporation, Series4212-US(-1 x 1 Month LIBOR USD + 5.40%, 5.40% Cap)	2.88%	I/F	06/15/2043	158,814,842
4,914,283	Federal Home Loan Mortgage Corporation, Series4215-KC	2.25%		03/15/2038	4,920,731

69,731,625	Federal Home Loan Mortgage Corporation, Series4223-US(-1 x 1 Month LIBOR USD + 5.43%, 5.43% Cap)	2.90%	I/F	07/15/2043	70,874,652
25,584,552	Federal Home Loan Mortgage Corporation, Series4223-ZV	4.00%	>	07/15/2043	28,358,654
30,729,599	Federal Home Loan Mortgage Corporation, Series4229-TZ	3.00%	>	06/15/2043	31,150,041
31,980,690	Federal Home Loan Mortgage Corporation, Series4229-ZA	4.00%	>	07/15/2043	35,485,214
21,059,784	Federal Home Loan Mortgage Corporation, Series4249-CS(-1 x 1 Month LIBOR USD + 4.65%, 4.65% Cap)	3.07%	I/F	09/15/2043	20,304,938
22,846,878	Federal Home Loan Mortgage Corporation, Series4250-BZ	3.00%	>	09/15/2033	23,263,457
23,647,945	Federal Home Loan Mortgage Corporation, Series4267-BZ	4.00%	>	10/15/2040	25,213,844
22,572,305	Federal Home Loan Mortgage Corporation, Series4283-ZL	3.00%	>	08/15/2033	23,334,089
45,481,625	Federal Home Loan Mortgage Corporation, Series4323-GA	3.00%		06/15/2040	46,119,369
19,731,957	Federal Home Loan Mortgage Corporation, Series4355-ZX	4.00%	>	05/15/2044	21,957,465
21,070,226	Federal Home Loan Mortgage Corporation, Series4360-KA	3.00%		05/15/2040	21,469,734
32,379,653	Federal Home Loan Mortgage Corporation, Series4375-CG	3.00%		04/15/2039	32,824,857
15,721,031	Federal Home Loan Mortgage Corporation, Series4376-GZ	3.00%	>	08/15/2044	16,303,187
49,980,959	Federal Home Loan Mortgage Corporation, Series4377-LZ	3.00%	>	08/15/2044	50,957,517
54,728,387	Federal Home Loan Mortgage Corporation, Series4377-UZ	3.00%		08/15/2044	56,200,384
4,066,245	Federal Home Loan Mortgage Corporation, Series4379-KA	3.00%		08/15/2044	4,193,047
17,324,842	Federal Home Loan Mortgage Corporation, Series4384-A	3.00%		12/15/2040	17,676,701
27,320,422	Federal Home Loan Mortgage Corporation, Series4384-ZY	3.00%	>	09/15/2044	28,004,481
1,544,242	Federal Home Loan Mortgage Corporation, Series4386-US(-2 x 1 Month LIBOR USD + 8.14%, 8.14% Cap)	4.46%	I/F	09/15/2044	1,558,632
144,458,520	Federal Home Loan Mortgage Corporation, Series4390-NY	3.00%		06/15/2040	147,279,997
138,464,720	Federal Home Loan Mortgage Corporation, Series4390-NZ	3.00%	>	09/15/2044	142,265,923
37,578,743	Federal Home Loan Mortgage Corporation, Series4391-MA	3.00%		07/15/2040	38,287,996
53,979,491	Federal Home Loan Mortgage Corporation, Series4408-PB	3.00%		04/15/2044	54,858,785
66,193,252	Federal Home Loan Mortgage Corporation, Series4427-CE	3.00%		02/15/2034	67,731,815
44,501,552	Federal Home Loan Mortgage Corporation, Series4427-MA	3.00%		02/15/2034	45,688,537
27,581,232	Federal Home Loan Mortgage Corporation, Series4427-PS(-1 x 1 Month LIBOR USD + 5.60%, 5.60% Cap)	3.57%	I/F I/O	07/15/2044	3,670,979
36,777,712	Federal Home Loan Mortgage Corporation, Series4429-HA	3.00%		04/15/2034	37,913,455
26,385,711	Federal Home Loan Mortgage Corporation, Series4434-LZ	3.00%	>	02/15/2045	26,865,667
8,734,433	Federal Home Loan Mortgage Corporation, Series4438-B	3.00%		10/15/2043	8,974,054
9,865,962	Federal Home Loan Mortgage Corporation, Series4441-VZ	3.00%	>	02/15/2045	10,042,742
40,399,206	Federal Home Loan Mortgage Corporation, Series4444-CH	3.00%		01/15/2041	41,204,346
28,680,121	Federal Home Loan Mortgage Corporation, Series4444-CZ	3.00%	>	02/15/2045	29,741,532
39,157,079	Federal Home Loan Mortgage Corporation, Series4447-A	3.00%		06/15/2041	39,984,860
27,527,758	Federal Home Loan Mortgage Corporation, Series4447-YZ	4.00%	>	08/15/2043	30,455,886
8,582,580	Federal Home Loan Mortgage Corporation, Series4450-JZ	3.00%	>	03/15/2045	8,718,478
7,463,708	Federal Home Loan Mortgage Corporation, Series4461-LZ	3.00%	>	03/15/2045	7,572,813
8,803,173	Federal Home Loan Mortgage Corporation, Series4462-ZA	3.00%	>	04/15/2045	9,014,525
51,367,062	Federal Home Loan Mortgage Corporation, Series4463-ZC	3.00%	>	04/15/2045	52,670,984
28,537,257	Federal Home Loan Mortgage Corporation, Series4467-ZA	3.00%	>	04/15/2045	29,279,368
129,061,127	Federal Home Loan Mortgage Corporation, Series4471-BA	3.00%		12/15/2041	132,383,238
112,225,808	Federal Home Loan Mortgage Corporation, Series4471-BC	3.00%		12/15/2041	115,114,568
103,547,332	Federal Home Loan Mortgage Corporation, Series4471-GA	3.00%		02/15/2044	106,690,263
46,383,850	Federal Home Loan Mortgage Corporation, Series4481-B	3.00%		12/15/2042	47,516,098
179,450,157	Federal Home Loan Mortgage Corporation, Series4483-CA	3.00%		06/15/2044	184,353,596
78,332,615	Federal Home Loan Mortgage Corporation, Series4483-PA	2.50%		06/15/2045	79,040,022
17,037,062	Federal Home Loan Mortgage Corporation, Series4484-ZL	3.00%	>	06/15/2045	17,277,901
9,254,062	Federal Home Loan Mortgage Corporation, Series4492-GZ	3.50%	>	07/15/2045	9,862,694
30,752,259	Federal Home Loan Mortgage Corporation, Series4498-PD	2.50%		08/15/2042	31,040,491
26,240,654	Federal Home Loan Mortgage Corporation, Series4499-AB	3.00%		06/15/2042	26,844,913
42,522,366	Federal Home Loan Mortgage Corporation, Series4504-CA	3.00%		04/15/2044	43,707,630
41,806,155	Federal Home Loan Mortgage Corporation, Series4510-HB	2.00%		03/15/2040	41,485,121
23,218,896	Federal Home Loan Mortgage Corporation, Series4511-QA	3.00%		01/15/2041	23,536,303
20,552,547	Federal Home Loan Mortgage Corporation, Series4511-QC	3.00%		12/15/2040	20,836,016
123,561,442	Federal Home Loan Mortgage Corporation, Series4527-CA	3.00%		02/15/2044	127,158,736
54,820,464	Federal Home Loan Mortgage Corporation, Series4527-GA	3.00%		02/15/2044	56,136,649
116,670,537	Federal Home Loan Mortgage Corporation, Series4533-AB	3.00%		06/15/2044	119,381,622
108,231,139	Federal Home Loan Mortgage Corporation, Series4543-HG	2.70%		04/15/2044	109,531,536
173,221,785	Federal Home Loan Mortgage Corporation, Series4573-CA	3.00%		11/15/2044	178,520,034
53,940,777	Federal Home Loan Mortgage Corporation, Series4573-DA	3.00%		03/15/2045	55,628,563
119,916,330	Federal Home Loan Mortgage Corporation, Series4582-HA	3.00%		09/15/2045	123,851,960
69,461,825	Federal Home Loan Mortgage Corporation, Series4588-DA	3.00%		02/15/2044	70,861,495
65,512,823	Federal Home Loan Mortgage Corporation, Series4629-KA	3.00%		03/15/2045	66,857,578
52,633,822	Federal Home Loan Mortgage Corporation, Series4738-LA	3.00%		11/15/2043	53,864,612
42,938,870	Federal Home Loan Mortgage Corporation, Series4744-KA	3.00%		08/15/2046	44,396,820
57,111,243	Federal Home Loan Mortgage Corporation, Series4750-PA	3.00%		07/15/2046	58,020,699
86,815,263	Federal Home Loan Mortgage Corporation, Series4752-PL	3.00%		09/15/2046	89,781,723
60,580,210	Federal Home Loan Mortgage Corporation, Series4763-QA	3.00%		06/15/2043	61,517,211
62,396,258	Federal Home Loan Mortgage Corporation, Series4766-JA	3.00%		07/15/2044	63,683,305
460,805,195	Federal Home Loan Mortgage Corporation, Series4791-JT	3.00%		05/15/2048	470,406,900
29,148,652	Federal Home Loan Mortgage Corporation, Series4791-LO	0.00%	P/O	05/15/2048	27,156,013
89,042,616	Federal Home Loan Mortgage Corporation, Series4791-PO	0.00%	P/O	05/15/2048	82,857,680
99,805,712	Federal Home Loan Mortgage Corporation, Series4792-A	3.00%		05/15/2048	101,319,086
43,869,197	Federal Home Loan Mortgage Corporation, Series4793-C	3.00%		06/15/2048	44,714,144
44,770,093	Federal Home Loan Mortgage Corporation, Series4795-AO	0.00%	P/O	05/15/2048	41,860,109
46,938,658	Federal Home Loan Mortgage Corporation, Series4801-OG	0.00%	P/O	06/15/2048	43,833,793
29,634,834	Federal Home Loan Mortgage Corporation, Series4901-BD	3.00%		07/25/2049	30,429,391
55,842,124	Federal Home Loan Mortgage Corporation, SeriesR003-ZA	5.50%		10/15/2035	63,029,637
8,001,279	Federal National Mortgage Association Pass-Thru, Pool 555743	5.00%		09/01/2033	8,837,583
6,031,069	Federal National Mortgage Association Pass-Thru, Pool 735382	5.00%		04/01/2035	6,662,701
9,917,893	Federal National Mortgage Association Pass-Thru, Pool 735402	5.00%		04/01/2035	10,956,377
6,967,519	Federal National Mortgage Association Pass-Thru, Pool 735484	5.00%		05/01/2035	7,695,979
2,723,717	Federal National Mortgage Association Pass-Thru, Pool 735667	5.00%		07/01/2035	3,008,468
2,249,325	Federal National Mortgage Association Pass-Thru, Pool 735893	5.00%		10/01/2035	2,485,591
5,568,050	Federal National Mortgage Association Pass-Thru, Pool 745275	5.00%		02/01/2036	6,152,917
227,540	Federal National Mortgage Association Pass-Thru, Pool 888695	5.00%		08/01/2037	250,979
1,338,769	Federal National Mortgage Association Pass-Thru, Pool 888968	5.00%		08/01/2035	1,479,275
11,331,342	Federal National Mortgage Association Pass-Thru, Pool 890549	4.00%		11/01/2043	12,130,880
13,922,255	Federal National Mortgage Association Pass-Thru, Pool 890565	3.00%		11/01/2043	14,353,851
721,305	Federal National Mortgage Association Pass-Thru, Pool 931104	5.00%		05/01/2039	794,864
182,030	Federal National Mortgage Association Pass-Thru, Pool 975116	5.00%		05/01/2038	201,016
1,502,503	Federal National Mortgage Association Pass-Thru, Pool 986864	6.50%		08/01/2038	1,744,500
1,163,940	Federal National Mortgage Association Pass-Thru, Pool 987316	6.50%		09/01/2038	1,365,512
10,796,422	Federal National Mortgage Association Pass-Thru, Pool 995203	5.00%		07/01/2035	11,925,859
18,070,038	Federal National Mortgage Association Pass-Thru, Pool 995849	5.00%		08/01/2036	19,963,389
16,448,960	Federal National Mortgage Association Pass-Thru, Pool AB2123	4.00%		01/01/2031	17,432,411
209,902	Federal National Mortgage Association Pass-Thru, Pool AB2370	4.50%		09/01/2035	218,099
1,437,955	Federal National Mortgage Association Pass-Thru, Pool AB3713	4.00%		10/01/2031	1,523,816
9,053,379	Federal National Mortgage Association Pass-Thru, Pool AB3796	3.50%		11/01/2031	9,424,379
4,274,611	Federal National Mortgage Association Pass-Thru, Pool AB3850	4.00%		11/01/2041	4,420,493
5,783,678	Federal National Mortgage Association Pass-Thru, Pool AB3923	4.00%		11/01/2041	5,980,751
30,050,593	Federal National Mortgage Association Pass-Thru, Pool AB4167	3.50%		01/01/2032	31,282,168
28,640,055	Federal National Mortgage Association Pass-Thru, Pool AB4261	3.50%		01/01/2032	29,807,300
5,402,417	Federal National Mortgage Association Pass-Thru, Pool AB5084	3.50%		05/01/2032	5,623,813
9,955,201	Federal National Mortgage Association Pass-Thru, Pool AB5156	3.50%		05/01/2032	10,363,207
17,434,247	Federal National Mortgage Association Pass-Thru, Pool AB5212	3.50%		05/01/2032	18,142,793
8,297,666	Federal National Mortgage Association Pass-Thru, Pool AB5243	4.00%		05/01/2042	8,582,426
25,634,476	Federal National Mortgage Association Pass-Thru, Pool AB5911	3.00%		08/01/2032	26,443,229
7,521,064	Federal National Mortgage Association Pass-Thru, Pool AB6280	3.00%		09/01/2042	7,749,963
11,231,094	Federal National Mortgage Association Pass-Thru, Pool AB6349	3.00%		10/01/2032	11,585,473
32,837,812	Federal National Mortgage Association Pass-Thru, Pool AB6750	3.00%		10/01/2032	33,869,346
16,216,501	Federal National Mortgage Association Pass-Thru, Pool AB6751	3.00%		10/01/2032	16,666,913
102,941,234	Federal National Mortgage Association Pass-Thru, Pool AB6854	3.00%		11/01/2042	106,135,238
72,228,875	Federal National Mortgage Association Pass-Thru, Pool AB7077	3.00%		11/01/2042	74,470,052

54,908,406	Federal National Mortgage Association Pass-Thru, Pool AB7344	3.00%	12/01/2032	56,641,074
26,794,838	Federal National Mortgage Association Pass-Thru, Pool AB7776	3.00%	02/01/2043	27,609,977
32,022,032	Federal National Mortgage Association Pass-Thru, Pool AB7877	3.00%	02/01/2043	32,994,814
14,175,056	Federal National Mortgage Association Pass-Thru, Pool AB8418	3.00%	02/01/2033	14,622,410
20,141,775	Federal National Mortgage Association Pass-Thru, Pool AB8520	3.00%	02/01/2033	20,775,744
25,046,862	Federal National Mortgage Association Pass-Thru, Pool AB8703	3.00%	03/01/2038	25,821,076
11,787,495	Federal National Mortgage Association Pass-Thru, Pool AB8858	3.00%	04/01/2033	12,159,530
22,185,466	Federal National Mortgage Association Pass-Thru, Pool AB9020	3.00%	04/01/2038	22,873,226
18,715,263	Federal National Mortgage Association Pass-Thru, Pool AB9197	3.00%	05/01/2033	19,306,015
55,571,353	Federal National Mortgage Association Pass-Thru, Pool AB9406	3.00%	05/01/2033	57,318,922
10,930,961	Federal National Mortgage Association Pass-Thru, Pool AB9409	3.00%	05/01/2033	11,275,975
818,797	Federal National Mortgage Association Pass-Thru, Pool AD2177	4.50%	06/01/2030	877,691
905,399	Federal National Mortgage Association Pass-Thru, Pool AD6438	5.00%	06/01/2040	994,340
670,424	Federal National Mortgage Association Pass-Thru, Pool AD7859	5.00%	06/01/2040	735,906
7,909,576	Federal National Mortgage Association Pass-Thru, Pool AH0607	4.00%	12/01/2040	8,453,817
868,289	Federal National Mortgage Association Pass-Thru, Pool AH1140	4.50%	12/01/2040	910,309
7,861,794	Federal National Mortgage Association Pass-Thru, Pool AH4437	4.00%	01/01/2041	8,130,005
1,660,448	Federal National Mortgage Association Pass-Thru, Pool AH7309	4.00%	02/01/2031	1,759,566
6,222,600	Federal National Mortgage Association Pass-Thru, Pool AH9323	4.00%	04/01/2026	6,503,428
492,049	Federal National Mortgage Association Pass-Thru, Pool AI8889	4.00%	08/01/2041	508,962
4,635,428	Federal National Mortgage Association Pass-Thru, Pool AI9831	4.00%	09/01/2041	4,793,039
897,931	Federal National Mortgage Association Pass-Thru, Pool AJ1265	4.00%	09/01/2041	927,154
1,913,834	Federal National Mortgage Association Pass-Thru, Pool AJ1399	4.00%	09/01/2041	1,977,910
4,692,805	Federal National Mortgage Association Pass-Thru, Pool AJ1467	4.00%	10/01/2041	4,852,232
3,381,848	Federal National Mortgage Association Pass-Thru, Pool AJ3392	4.00%	10/01/2041	3,494,287
1,823,550	Federal National Mortgage Association Pass-Thru, Pool AJ3854	4.00%	10/01/2041	1,886,146
21,677,789	Federal National Mortgage Association Pass-Thru, Pool AJ4118	4.00%	11/01/2041	22,416,394
4,902,010	Federal National Mortgage Association Pass-Thru, Pool AJ4131	4.00%	10/01/2041	5,068,896
1,183,293	Federal National Mortgage Association Pass-Thru, Pool AJ5172	4.00%	11/01/2041	1,223,897
26,334,773	Federal National Mortgage Association Pass-Thru, Pool AJ5322	4.00%	11/01/2041	28,153,128
15,916,470	Federal National Mortgage Association Pass-Thru, Pool AJ7677	3.50%	12/01/2041	16,236,132
2,263,389	Federal National Mortgage Association Pass-Thru, Pool AJ8334	4.00%	12/01/2041	2,340,430
28,181,013	Federal National Mortgage Association Pass-Thru, Pool AK0713	3.50%	01/01/2032	29,335,776
7,402,217	Federal National Mortgage Association Pass-Thru, Pool AK4039	4.00%	02/01/2042	7,656,070
5,321,297	Federal National Mortgage Association Pass-Thru, Pool AK4763	4.00%	02/01/2042	5,504,034
6,089,385	Federal National Mortgage Association Pass-Thru, Pool AK9438	4.00%	03/01/2042	6,298,171
6,508,419	Federal National Mortgage Association Pass-Thru, Pool AK9439	4.00%	03/01/2042	6,731,258
618,535	Federal National Mortgage Association Pass-Thru, Pool AK9446	4.50%	03/01/2042	643,508
108,487,382	Federal National Mortgage Association Pass-Thru, Pool AL3699	3.00%	06/01/2043	111,776,543
55,120,136	Federal National Mortgage Association Pass-Thru, Pool AL3883	3.00%	07/01/2043	56,792,127
2,680,921	Federal National Mortgage Association Pass-Thru, Pool AL4292	4.50%	04/01/2026	2,797,921
8,860,361	Federal National Mortgage Association Pass-Thru, Pool AL4312	4.00%	10/01/2043	9,489,121
21,455,683	Federal National Mortgage Association Pass-Thru, Pool AL6075	3.50%	09/01/2053	21,701,906
28,958,070	Federal National Mortgage Association Pass-Thru, Pool AL6076	3.00%	06/01/2053	28,952,470
73,610,540	Federal National Mortgage Association Pass-Thru, Pool AL6141	4.00%	04/01/2042	78,868,648
55,486,189	Federal National Mortgage Association Pass-Thru, Pool AL6325	3.00%	10/01/2044	57,165,811
22,514,618	Federal National Mortgage Association Pass-Thru, Pool AL6486	4.50%	02/01/2045	24,211,277
62,236,021	Federal National Mortgage Association Pass-Thru, Pool AL6538	4.50%	06/01/2044	67,462,484
53,710,873	Federal National Mortgage Association Pass-Thru, Pool AL8304	3.50%	03/01/2046	56,514,910
25,885,023	Federal National Mortgage Association Pass-Thru, Pool AO2980	4.00%	05/01/2042	26,774,690
61,521,159	Federal National Mortgage Association Pass-Thru, Pool AP4787	3.50%	09/01/2042	62,756,246
56,261,424	Federal National Mortgage Association Pass-Thru, Pool AP4789	3.50%	09/01/2042	57,388,010
15,704,452	Federal National Mortgage Association Pass-Thru, Pool AQ5541	3.00%	12/01/2042	16,191,732
17,573,108	Federal National Mortgage Association Pass-Thru, Pool AR9856	3.00%	04/01/2043	18,118,454
22,278,290	Federal National Mortgage Association Pass-Thru, Pool AS1927	4.50%	03/01/2044	23,964,565
22,063,924	Federal National Mortgage Association Pass-Thru, Pool AS2038	4.50%	03/01/2044	23,736,274
19,497,014	Federal National Mortgage Association Pass-Thru, Pool AS2517	4.50%	05/01/2044	20,965,554
9,039,331	Federal National Mortgage Association Pass-Thru, Pool AS2551	4.50%	06/01/2044	9,683,999
7,560,794	Federal National Mortgage Association Pass-Thru, Pool AS2765	4.50%	07/01/2044	8,065,347
31,914,487	Federal National Mortgage Association Pass-Thru, Pool AS3201	3.00%	08/01/2034	32,915,716
14,604,339	Federal National Mortgage Association Pass-Thru, Pool AS3456	3.00%	10/01/2034	15,062,999
29,337,052	Federal National Mortgage Association Pass-Thru, Pool AS3666	3.00%	10/01/2034	30,259,421
135,189,988	Federal National Mortgage Association Pass-Thru, Pool AS3961	3.00%	12/01/2044	138,671,699
42,469,976	Federal National Mortgage Association Pass-Thru, Pool AS4154	3.00%	12/01/2044	43,540,526
24,328,480	Federal National Mortgage Association Pass-Thru, Pool AS4212	3.00%	01/01/2035	25,033,352
38,118,958	Federal National Mortgage Association Pass-Thru, Pool AS4281	3.00%	01/01/2035	39,222,823
26,951,863	Federal National Mortgage Association Pass-Thru, Pool AS4345	3.50%	01/01/2045	28,324,337
29,113,312	Federal National Mortgage Association Pass-Thru, Pool AS4360	3.00%	01/01/2035	29,956,668
264,783,458	Federal National Mortgage Association Pass-Thru, Pool AS4625	3.00%	03/01/2045	271,392,323
108,760,103	Federal National Mortgage Association Pass-Thru, Pool AS4645	3.00%	03/01/2045	111,458,970
36,568,390	Federal National Mortgage Association Pass-Thru, Pool AS4779	3.00%	04/01/2035	37,630,014
35,352,570	Federal National Mortgage Association Pass-Thru, Pool AS4780	3.00%	04/01/2035	36,379,408
47,798,172	Federal National Mortgage Association Pass-Thru, Pool AS4840	3.00%	04/01/2035	49,186,382
23,462,332	Federal National Mortgage Association Pass-Thru, Pool AS4881	3.00%	05/01/2035	24,143,691
24,524,634	Federal National Mortgage Association Pass-Thru, Pool AS4882	3.00%	05/01/2035	25,236,711
52,395,786	Federal National Mortgage Association Pass-Thru, Pool AX9696	3.00%	07/01/2045	52,902,045
64,173,418	Federal National Mortgage Association Pass-Thru, Pool AY3974	3.00%	03/01/2045	65,763,632
20,691,879	Federal National Mortgage Association Pass-Thru, Pool AY4295	3.00%	02/01/2045	20,890,351
11,539,028	Federal National Mortgage Association Pass-Thru, Pool AY4296	3.00%	01/01/2045	11,649,638
12,138,741	Federal National Mortgage Association Pass-Thru, Pool AY5471	3.00%	03/01/2045	12,255,417
19,128,144	Federal National Mortgage Association Pass-Thru, Pool BC0785	3.50%	04/01/2046	20,126,858
47,934,170	Federal National Mortgage Association Pass-Thru, Pool BC9003	3.00%	11/01/2046	49,124,884
2,069,947	Federal National Mortgage Association Pass-Thru, Pool MA0264	4.50%	12/01/2029	2,206,689
7,581,712	Federal National Mortgage Association Pass-Thru, Pool MA0353	4.50%	03/01/2030	8,132,949
1,629,400	Federal National Mortgage Association Pass-Thru, Pool MA0406	4.50%	05/01/2030	1,747,820
111,026	Federal National Mortgage Association Pass-Thru, Pool MA0445	5.00%	06/01/2040	116,701
61,796	Federal National Mortgage Association Pass-Thru, Pool MA0459	4.00%	07/01/2020	64,271
226,369	Federal National Mortgage Association Pass-Thru, Pool MA0468	5.00%	07/01/2040	237,914
226,856	Federal National Mortgage Association Pass-Thru, Pool MA0502	4.00%	08/01/2020	235,944
125,105	Federal National Mortgage Association Pass-Thru, Pool MA0517	4.00%	09/01/2020	130,117
2,406,876	Federal National Mortgage Association Pass-Thru, Pool MA0534	4.00%	10/01/2030	2,550,502
792,340	Federal National Mortgage Association Pass-Thru, Pool MA0536	4.00%	10/01/2020	824,081
1,134,905	Federal National Mortgage Association Pass-Thru, Pool MA0580	4.00%	11/01/2020	1,180,370
530,573	Federal National Mortgage Association Pass-Thru, Pool MA0587	4.00%	12/01/2030	562,287
12,941,038	Federal National Mortgage Association Pass-Thru, Pool MA0616	4.00%	01/01/2031	13,715,354
5,280,240	Federal National Mortgage Association Pass-Thru, Pool MA0896	4.00%	11/01/2041	5,460,629
100,243,059	Federal National Mortgage Association Pass-Thru, Pool MA0919	3.50%	12/01/2031	104,343,699
43,063,009	Federal National Mortgage Association Pass-Thru, Pool MA0949	3.50%	01/01/2032	44,825,209
51,995,579	Federal National Mortgage Association Pass-Thru, Pool MA0976	3.50%	02/01/2032	54,123,125
25,694,443	Federal National Mortgage Association Pass-Thru, Pool MA1010	3.50%	03/01/2032	26,746,224
8,210,818	Federal National Mortgage Association Pass-Thru, Pool MA1039	3.50%	04/01/2042	8,375,898
35,110,265	Federal National Mortgage Association Pass-Thru, Pool MA1059	3.50%	05/01/2032	36,545,805
5,219,951	Federal National Mortgage Association Pass-Thru, Pool MA1068	3.50%	05/01/2042	5,324,111
74,107,149	Federal National Mortgage Association Pass-Thru, Pool MA1084	3.50%	06/01/2032	77,094,222
11,875,843	Federal National Mortgage Association Pass-Thru, Pool MA1093	3.50%	06/01/2042	12,114,190
8,451,721	Federal National Mortgage Association Pass-Thru, Pool MA1094	4.00%	06/01/2042	8,739,735
45,254,237	Federal National Mortgage Association Pass-Thru, Pool MA1107	3.50%	07/01/2032	47,107,175
115,571,137	Federal National Mortgage Association Pass-Thru, Pool MA1117	3.50%	07/01/2042	117,895,110
133,181,784	Federal National Mortgage Association Pass-Thru, Pool MA1136	3.50%	08/01/2042	135,851,336
30,395,934	Federal National Mortgage Association Pass-Thru, Pool MA1138	3.50%	08/01/2032	31,639,636
35,070,508	Federal National Mortgage Association Pass-Thru, Pool MA1179	3.50%	09/01/2042	35,774,115
5,883,655	Federal National Mortgage Association Pass-Thru, Pool MA1201	3.50%	10/01/2032	6,124,880
76,836,891	Federal National Mortgage Association Pass-Thru, Pool MA1209	3.50%	10/01/2042	78,380,194

38,831,376	Federal National Mortgage Association Pass-Thru, Pool MA1237	3.00%			11/01/2032	40,333,727
4,884,635	Federal National Mortgage Association Pass-Thru, Pool MA1242	3.50%			11/01/2042	4,982,298
21,360,191	Federal National Mortgage Association Pass-Thru, Pool MA1338	3.00%			02/01/2033	22,033,987
83,569,342	Federal National Mortgage Association Pass-Thru, Pool MA1366	3.00%			03/01/2033	86,206,670
51,313,250	Federal National Mortgage Association Pass-Thru, Pool MA1401	3.00%			04/01/2033	52,932,712
88,317,663	Federal National Mortgage Association Pass-Thru, Pool MA1459	3.00%			06/01/2033	91,102,430
11,275,028	Federal National Mortgage Association Pass-Thru, Pool MA1490	3.00%			07/01/2033	11,630,526
63,789,553	Federal National Mortgage Association Pass-Thru, Pool MA2018	3.50%			09/01/2034	66,392,462
25,478,765	Federal National Mortgage Association Pass-Thru, Pool MA2114	3.50%			12/01/2044	25,986,271
20,325,786	Federal National Mortgage Association Pass-Thru, Pool MA2151	3.50%			01/01/2045	20,730,242
37,431,863	Federal National Mortgage Association Pass-Thru, Pool MA2164	3.50%			02/01/2035	38,960,404
81,822,534	Federal National Mortgage Association Pass-Thru, Pool MA2166	3.50%			02/01/2045	83,452,476
87,913,019	Federal National Mortgage Association Pass-Thru, Pool MA2248	3.00%			04/01/2045	88,758,918
89,290,400	Federal National Mortgage Association Pass-Thru, Pool MA2270	3.00%			05/01/2045	90,149,477
108,339,508	Federal National Mortgage Association Pass-Thru, Pool MA2650	3.50%			06/01/2046	110,491,952
41,405,416	Federal National Mortgage Association Pass-Thru, Pool MA2833	3.00%			12/01/2046	42,432,788
6,981,650	Federal National Mortgage Association Pass-Thru, Pool MA3894	4.00%			09/01/2031	7,399,069
29,007,194	Federal National Mortgage Association, Pool AL9220	3.00%			06/01/2045	29,906,476
46,715,195	Federal National Mortgage Association, Pool AL9445	3.00%			07/01/2031	48,224,956
14,736,960	Federal National Mortgage Association, Pool AN1210	2.85%			05/01/2031	15,542,258
10,026,000	Federal National Mortgage Association, Pool AN7452	3.12%			11/01/2032	10,804,986
69,140,552	Federal National Mortgage Association, Pool AS7473	3.00%			07/01/2046	69,805,837
154,869,144	Federal National Mortgage Association, Pool AS7661	3.00%			08/01/2046	156,357,853
65,584,518	Federal National Mortgage Association, Pool AS8056	3.00%			10/01/2046	67,212,743
86,275,419	Federal National Mortgage Association, Pool AS8111	3.00%			10/01/2041	88,950,323
55,058,622	Federal National Mortgage Association, Pool AS8269	3.00%			11/01/2046	56,426,323
58,049,150	Federal National Mortgage Association, Pool AS8306	3.00%			11/01/2041	59,676,284
83,315,887	Federal National Mortgage Association, Pool AS8356	3.00%			11/01/2046	84,337,825
17,891,699	Federal National Mortgage Association, Pool AZ0576	3.50%		��	04/01/2042	18,427,229
14,747,504	Federal National Mortgage Association, Pool BC9081	3.00%			12/01/2046	15,148,043
9,948,470	Federal National Mortgage Association, Pool BL1851	3.83%			05/01/2049	11,001,842
10,510,204	Federal National Mortgage Association, Pool BL2274	3.13%			05/01/2031	11,307,225
29,700,000	Federal National Mortgage Association, Pool BL2906	3.19%			07/01/2031	32,117,562
15,825,000	Federal National Mortgage Association, Pool BL2923	3.19%			06/01/2031	17,136,932
27,640,000	Federal National Mortgage Association, Pool BL2936	3.04%			06/01/2031	29,532,056
23,506,500	Federal National Mortgage Association, Pool BL3118	2.87%			07/01/2031	24,959,834
13,650,000	Federal National Mortgage Association, Pool BL3145	3.01%			07/01/2031	14,547,871
7,200,000	Federal National Mortgage Association, Pool BL3176	2.91%			07/01/2031	7,598,661
12,030,000	Federal National Mortgage Association, Pool BL3201	2.95%			07/01/2031	12,742,115
22,260,000	Federal National Mortgage Association, Pool BL3240	2.97%			07/01/2031	23,623,243
9,964,500	Federal National Mortgage Association, Pool BL3358	2.64%			08/01/2029	10,346,894
54,600,000	Federal National Mortgage Association, Pool BL3410	2.85%			08/01/2031	57,489,629
29,436,000	Federal National Mortgage Association, Pool BL3450	2.81%			09/01/2031	30,857,997
13,499,000	Federal National Mortgage Association, Pool BL3510	2.76%			08/01/2031	14,180,875
14,905,000	Federal National Mortgage Association, Pool BL3511	2.76%			08/01/2031	15,663,686
9,419,000	Federal National Mortgage Association, Pool BL3512	2.76%			08/01/2031	9,898,441
39,896,000	Federal National Mortgage Association, Pool BL3513	2.76%			08/01/2031	41,926,765
13,703,000	Federal National Mortgage Association, Pool BL3515	2.76%			08/01/2031	14,400,503
38,400,000	Federal National Mortgage Association, Pool BL3516	2.76%			08/01/2031	40,050,545
10,600,000	Federal National Mortgage Association, Pool BL3538	2.69%			08/01/2029	11,054,178
31,449,024	Federal National Mortgage Association, Pool BL3647	2.69%			08/01/2030	32,549,354
12,937,500	Federal National Mortgage Association, Pool BL3671	2.59%			08/01/2029	13,365,905
32,746,000	Federal National Mortgage Association, Pool BL3713	2.77%			08/01/2031	34,187,084
26,342,000	Federal National Mortgage Association, Pool BL3809	2.67%			09/01/2031	27,238,676
8,983,000	Federal National Mortgage Association, Pool BL3838	2.68%			09/01/2031	9,297,179
50,000,000	Federal National Mortgage Association, Pool BL3842	2.55%			09/01/2031	51,288,371
5,920,000	Federal National Mortgage Association, Pool BL3993	2.63%			09/01/2031	6,137,739
6,476,000	Federal National Mortgage Association, Pool BL4020	2.56%			09/01/2031	6,674,342
27,690,000	Federal National Mortgage Association, Pool BL4098	2.27%			09/01/2029	28,055,520
15,334,000	Federal National Mortgage Association, Pool BL4226	2.44%			09/01/2031	15,618,109
3,330,000	Federal National Mortgage Association, Pool BL4330	2.46%			09/01/2031	3,383,139
30,187,000	Federal National Mortgage Association, Pool BL1477	2.40%			11/25/2031	30,451,136
54,203,000	Federal National Mortgage Association, Pool BL1481	2.40%			10/25/2031	54,677,276
24,380,000	Federal National Mortgage Association, Pool BL1489	2.29%			10/25/2029	24,410,475
25,700,000	Federal National Mortgage Association, Pool BL1497	2.37%			10/25/2031	25,796,375
6,496,000	Federal National Mortgage Association, Pool BM6932	2.37%			10/25/2031	6,512,240
97,696,815	Federal National Mortgage Association, Pool BM5112	3.00%			11/01/2033	100,657,473
56,241,494	Federal National Mortgage Association, Pool BM5299	3.00%			12/01/2046	57,633,428
84,606,907	Federal National Mortgage Association, Pool BM5633	3.00%			07/01/2047	86,701,803
24,404,575	Federal National Mortgage Association, Pool BM5834	3.00%			04/01/2048	24,636,101
41,462,765	Federal National Mortgage Association, Pool CA0862	3.50%			09/01/2047	42,832,686
15,437,573	Federal National Mortgage Association, Pool CA3898	3.00%			07/01/2034	15,921,480
150,328,235	Federal National Mortgage Association, Pool FM1000	3.00%			04/01/2047	153,881,084
106,700,000	Federal National Mortgage Association, Pool JM2201	2.62%			10/25/2031	110,018,370
51,051,000	Federal National Mortgage Association, Pool JM2239	2.37%			10/25/2031	51,362,411
12,561,084	Federal National Mortgage Association, Pool JM2243	2.31%			10/25/2031	12,563,596
3,200,000	Federal National Mortgage Association, Pool JM2312	2.29%			10/25/2031	3,196,480
107,000,000	Federal National Mortgage Association, Pool JM2358	2.41%			10/25/2029	109,150,700
19,250,000	Federal National Mortgage Association, Pool JM2367	2.42%			12/25/2031	19,390,525
102,385,000	Federal National Mortgage Association, Pool MA2259	3.00%			05/01/2035	105,355,341
104,597,320	Federal National Mortgage Association, Pool MA2621	3.50%			05/01/2046	106,678,684
101,252,203	Federal National Mortgage Association, Pool MA2649	3.00%			06/01/2046	102,223,628
35,647,592	Federal National Mortgage Association, Pool MA2673	3.00%			07/01/2046	35,989,062
107,374,987	Federal National Mortgage Association, Pool MA2711	3.00%			08/01/2046	108,403,641
9,919,169	Federal National Mortgage Association, Pool MA2743	3.00%			09/01/2046	10,014,098
136,409,415	Federal National Mortgage Association, Pool MA2806	3.00%			11/01/2046	139,790,942
48,164,602	Federal National Mortgage Association, Pool MA2895	3.00%			02/01/2047	49,358,687
708,312	Federal National Mortgage Association, Series2002-70-QZ	5.50%			11/25/2032	784,070
1,049,825	Federal National Mortgage Association, Series2002-75-ZG	5.50%			11/25/2032	1,154,550
14,543,965	Federal National Mortgage Association, Series2003-129-ZT	5.50%			01/25/2034	16,275,563
2,785,308	Federal National Mortgage Association, Series2003-29-ZL	5.00%			04/25/2033	3,027,634
1,377,546	Federal National Mortgage Association, Series2003-64-ZG	5.50%			07/25/2033	1,499,832
11,288,287	Federal National Mortgage Association, Series2003-84-PZ	5.00%			09/25/2033	12,552,312
9,294,209	Federal National Mortgage Association, Series2003-W17-1A7	5.75%			08/25/2033	10,166,746
2,740,572	Federal National Mortgage Association, Series2004-46-PJ(-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)	3.98%	I/F I/O		03/25/2034	278,742
2,697,054	Federal National Mortgage Association, Series2004-51-XP(-1 x 1 Month LIBOR USD + 7.70%, 7.70% Cap)	5.68%	I/F I/O		07/25/2034	524,570
4,409,556	Federal National Mortgage Association, Series2004-W10-A6	5.75%			08/25/2034	4,915,904
234,060	Federal National Mortgage Association, Series2004-W4-A5	5.50%			06/25/2034	235,416
195,833	Federal National Mortgage Association, Series2005-107-EG	4.50%			01/25/2026	204,451
667,843	Federal National Mortgage Association, Series2005-37-ZK	4.50%			05/25/2035	697,930
4,888,558	Federal National Mortgage Association, Series2005-87-SG(-1 x 1 Month LIBOR USD + 6.70%, 6.70% Cap)	4.68%	I/F I/O		10/25/2035	854,934
4,096,128	Federal National Mortgage Association, Series2006-101-SA(-1 x 1 Month LIBOR USD + 6.58%, 6.58% Cap)	4.56%	I/F I/O		10/25/2036	811,863
1,690,682	Federal National Mortgage Association, Series2006-123-LI(-1 x 1 Month LIBOR USD + 6.32%, 6.32% Cap)	4.30%	I/F I/O		01/25/2037	323,004
1,050,187	Federal National Mortgage Association, Series2006-16-HZ	5.50%			03/25/2036	1,174,533
6,893,838	Federal National Mortgage Association, Series2006-56-SM(-1 x 1 Month LIBOR USD + 6.75%, 6.75% Cap)	4.73%	I/F I/O		07/25/2036	1,132,962
848,439	Federal National Mortgage Association, Series2006-93-SN(-1 x 1 Month LIBOR USD + 6.60%, 6.60% Cap)	4.58%	I/F I/O		10/25/2036	125,538
10,169,186	Federal National Mortgage Association, Series2007-109-VZ	5.00%			10/25/2035	11,247,965
988,354	Federal National Mortgage Association, Series2007-116-BI(-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)	4.23%	I/F I/O		05/25/2037	142,631
6,531,142	Federal National Mortgage Association, Series2007-14-PS(-1 x 1 Month LIBOR USD + 6.81%, 6.81% Cap)	4.79%	I/F I/O		03/25/2037	1,162,106
3,128,650	Federal National Mortgage Association, Series2007-30-OI(-1 x 1 Month LIBOR USD + 6.44%, 6.44% Cap)	4.42%	I/F I/O		04/25/2037	618,712
425,386	Federal National Mortgage Association, Series2007-30-SI(-1 x 1 Month LIBOR USD + 6.11%, 6.11% Cap)	4.09%	I/F I/O		04/25/2037	46,069
3,220,834	Federal National Mortgage Association, Series2007-32-SG(-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)	4.08%	I/F I/O		04/25/2037	574,472
2,673,760	Federal National Mortgage Association, Series2007-57-SX(-1 x 1 Month LIBOR USD + 6.62%, 6.62% Cap)	4.60%	I/F I/O		10/25/2036	364,528

3,658,529	Federal National Mortgage Association, Series2007-60-VZ	6.00%		07/25/2037	4,114,124
2,233,985	Federal National Mortgage Association, Series2007-71-GZ	6.00%		07/25/2047	2,397,397
3,284,176	Federal National Mortgage Association, Series2007-75-ID(-1 x 1 Month LIBOR USD + 5.87%, 5.87% Cap)	3.85%	I/F I/O	08/25/2037	597,257
960,503	Federal National Mortgage Association, Series2007-9-SD(-1 x 1 Month LIBOR USD + 6.65%, 6.65% Cap)	4.63%	I/F I/O	03/25/2037	136,861
502,788	Federal National Mortgage Association, Series2008-27-B	5.50%		04/25/2038	556,967
3,958,987	Federal National Mortgage Association, Series2008-29-ZA	4.50%		04/25/2038	4,256,627
7,656,711	Federal National Mortgage Association, Series2008-48-BE	5.00%		06/25/2034	8,559,394
752,014	Federal National Mortgage Association, Series2008-48-SD(-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)	3.98%	I/F I/O	06/25/2037	84,448
1,046,652	Federal National Mortgage Association, Series2008-53-LI(-1 x 1 Month LIBOR USD + 6.15%, 6.15% Cap)	4.13%	I/F I/O	07/25/2038	114,826
808,528	Federal National Mortgage Association, Series2008-57-SE(-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)	3.98%	I/F I/O	02/25/2037	93,229
1,168,257	Federal National Mortgage Association, Series2008-5-MS(-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)	4.23%	I/F I/O	02/25/2038	143,851
915,677	Federal National Mortgage Association, Series2008-61-SC(-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)	3.98%	I/F I/O	07/25/2038	87,725
645,184	Federal National Mortgage Association, Series2008-62-SC(-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)	3.98%	I/F I/O	07/25/2038	87,774
1,870,730	Federal National Mortgage Association, Series2008-65-SA(-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)	3.98%	I/F I/O	08/25/2038	318,504
843,967	Federal National Mortgage Association, Series2008-81-LP	5.50%		09/25/2038	921,397
6,787,937	Federal National Mortgage Association, Series2009-106-EZ	4.50%		01/25/2040	7,222,655
831,512	Federal National Mortgage Association, Series2009-111-SE(-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)	4.23%	I/F I/O	01/25/2040	106,862
549,102	Federal National Mortgage Association, Series2009-16-MZ	5.00%		03/25/2029	588,908
1,907,131	Federal National Mortgage Association, Series2009-42-SI(-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)	3.98%	I/F I/O	06/25/2039	223,645
1,176,593	Federal National Mortgage Association, Series2009-42-SX(-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)	3.98%	I/F I/O	06/25/2039	125,748
792,890	Federal National Mortgage Association, Series2009-47-SA(-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)	4.08%	I/F I/O	07/25/2039	90,762
555,434	Federal National Mortgage Association, Series2009-48-WS(-1 x 1 Month LIBOR USD + 5.95%, 5.95% Cap)	3.93%	I/F I/O	07/25/2039	56,112
4,937,942	Federal National Mortgage Association, Series2009-49-S(-1 x 1 Month LIBOR USD + 6.75%, 6.75% Cap)	4.73%	I/F I/O	07/25/2039	783,960
616,598	Federal National Mortgage Association, Series2009-51-BZ	4.50%		07/25/2039	642,207
1,842,196	Federal National Mortgage Association, Series2009-54-EZ	5.00%		07/25/2039	1,951,825
805,578	Federal National Mortgage Association, Series2009-70-SA(-1 x 1 Month LIBOR USD + 5.80%, 5.80% Cap)	3.78%	I/F I/O	09/25/2039	91,954
4,402,735	Federal National Mortgage Association, Series2009-80-PM	4.50%		10/25/2039	4,844,765
2,917,555	Federal National Mortgage Association, Series2009-83-Z	4.50%		10/25/2039	3,038,650
11,324,766	Federal National Mortgage Association, Series2009-85-ES(-1 x 1 Month LIBOR USD + 7.23%, 7.23% Cap)	5.21%	I/F I/O	01/25/2036	2,207,938
15,099,598	Federal National Mortgage Association, Series2009-85-JS(-1 x 1 Month LIBOR USD + 6.75%, 6.75% Cap)	4.73%	I/F I/O	10/25/2039	3,134,707
1,275,838	Federal National Mortgage Association, Series2009-90-IB(-1 x 1 Month LIBOR USD + 5.72%, 5.72% Cap)	3.70%	I/F I/O	04/25/2037	148,908
1,218,152	Federal National Mortgage Association, Series2009-94-BC	5.00%		11/25/2039	1,277,865
14,419,354	Federal National Mortgage Association, Series2010-101-SA(-1 x 1 Month LIBOR USD + 4.48%, 4.48% Cap)	2.46%	I/F I/O	09/25/2040	1,886,817
7,765,745	Federal National Mortgage Association, Series2010-101-ZC	4.50%		09/25/2040	8,501,328
19,743,853	Federal National Mortgage Association, Series2010-101-ZH	4.50%		07/25/2040	21,333,667
4,461,037	Federal National Mortgage Association, Series2010-10-SA(-1 x 1 Month LIBOR USD + 6.35%, 6.35% Cap)	4.33%	I/F I/O	02/25/2040	706,246
2,035,560	Federal National Mortgage Association, Series2010-10-ZA	4.50%		02/25/2040	2,086,932
1,202,085	Federal National Mortgage Association, Series2010-111-S(-1 x 1 Month LIBOR USD + 5.95%, 5.95% Cap)	3.93%	I/F I/O	10/25/2050	142,891
3,862,426	Federal National Mortgage Association, Series2010-116-Z	4.00%		10/25/2040	4,110,752
832,700	Federal National Mortgage Association, Series2010-117-SA(-1 x 1 Month LIBOR USD + 4.50%, 4.50% Cap)	2.48%	I/F I/O	10/25/2040	61,639
3,014,751	Federal National Mortgage Association, Series2010-120-KD	4.00%		10/25/2040	3,278,886
23,773,123	Federal National Mortgage Association, Series2010-121-SD(-1 x 1 Month LIBOR USD + 4.50%, 4.50% Cap)	2.48%	I/F I/O	10/25/2040	2,268,691
242,685	Federal National Mortgage Association, Series2010-126-SU(-11 x 1 Month LIBOR USD + 55.00%, 55.00% Cap)	31.90%	I/F	11/25/2040	824,820
178,693	Federal National Mortgage Association, Series2010-126-SX(-3 x 1 Month LIBOR USD + 15.00%, 15.00% Cap)	8.70%	I/F	11/25/2040	287,213
5,820,479	Federal National Mortgage Association, Series2010-128-HZ	4.00%		11/25/2040	6,115,727
3,388,831	Federal National Mortgage Association, Series2010-132-Z	4.50%		11/25/2040	3,538,383
88,008	Federal National Mortgage Association, Series2010-137-VS(-3 x 1 Month LIBOR USD + 15.00%, 15.00% Cap)	8.70%	I/F	12/25/2040	124,315
11,485,944	Federal National Mortgage Association, Series2010-142-AZ	4.00%		12/25/2040	12,047,815
9,456,926	Federal National Mortgage Association, Series2010-148-SA(-1 x 1 Month LIBOR USD + 6.65%, 6.65% Cap)	4.63%	I/F I/O	01/25/2026	902,530
10,955,815	Federal National Mortgage Association, Series2010-150-FD (1 Month LIBOR USD + 0.51%, 0.51% Floor, 7.00% Cap)	2.53%		01/25/2041	11,017,917
26,951,041	Federal National Mortgage Association, Series2010-150-ZA	4.00%		01/25/2041	28,698,860
9,320,208	Federal National Mortgage Association, Series2010-16-SA(-1 x 1 Month LIBOR USD + 5.45%, 5.45% Cap)	3.43%	I/F I/O	03/25/2040	892,967
2,888,851	Federal National Mortgage Association, Series2010-21-DZ	5.00%		03/25/2040	3,232,211
1,387,761	Federal National Mortgage Association, Series2010-21-KS(-1 x 1 Month LIBOR USD + 4.95%, 4.95% Cap)	2.93%	I/F I/O	03/25/2040	105,537
469,056	Federal National Mortgage Association, Series2010-2-GS(-1 x 1 Month LIBOR USD + 6.45%, 6.45% Cap)	4.43%	I/F I/O	12/25/2049	23,782
1,934,551	Federal National Mortgage Association, Series2010-2-MS(-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)	4.23%	I/F I/O	02/25/2050	260,394
1,533,673	Federal National Mortgage Association, Series2010-31-SA(-1 x 1 Month LIBOR USD + 5.00%, 5.00% Cap)	2.98%	I/F I/O	04/25/2040	99,431
5,718,483	Federal National Mortgage Association, Series2010-31-VZ	4.00%		04/25/2040	5,870,522
4,024,901	Federal National Mortgage Association, Series2010-34-PS(-1 x 1 Month LIBOR USD + 4.93%, 4.93% Cap)	2.91%	I/F I/O	04/25/2040	418,231
642,150	Federal National Mortgage Association, Series2010-35-ES(-1 x 1 Month LIBOR USD + 6.45%, 6.45% Cap)	4.43%	I/F I/O	04/25/2040	63,754
677,496	Federal National Mortgage Association, Series2010-35-SV(-1 x 1 Month LIBOR USD + 6.45%, 6.45% Cap)	4.43%	I/F I/O	04/25/2040	58,623
1,300,822	Federal National Mortgage Association, Series2010-46-MS(-1 x 1 Month LIBOR USD + 4.95%, 4.95% Cap)	2.93%	I/F I/O	05/25/2040	93,578
9,349,467	Federal National Mortgage Association, Series2010-49-ZW	4.50%		05/25/2040	10,008,116
2,249,663	Federal National Mortgage Association, Series2010-4-SK(-1 x 1 Month LIBOR USD + 6.23%, 6.23% Cap)	4.21%	I/F I/O	02/25/2040	336,387
938,798	Federal National Mortgage Association, Series2010-58-ES(-3 x 1 Month LIBOR USD + 12.47%, 12.47% Cap)	7.28%	I/F	06/25/2040	1,087,950
6,455,056	Federal National Mortgage Association, Series2010-59-MS(-1 x 1 Month LIBOR USD + 5.77%, 5.77% Cap)	3.75%	I/F I/O	06/25/2040	1,133,301
4,415,976	Federal National Mortgage Association, Series2010-59-PS(-1 x 1 Month LIBOR USD + 6.45%, 6.45% Cap)	4.43%	I/F I/O	03/25/2039	125,747
6,617,089	Federal National Mortgage Association, Series2010-59-SC(-1 x 1 Month LIBOR USD + 5.00%, 5.00% Cap)	2.98%	I/F I/O	01/25/2040	921,647
813,336	Federal National Mortgage Association, Series2010-60-VZ	5.00%		10/25/2039	891,264
604,098	Federal National Mortgage Association, Series2010-61-EL	4.50%		06/25/2040	665,648
7,194,872	Federal National Mortgage Association, Series2010-64-EZ	5.00%		06/25/2040	8,018,918
15,557,736	Federal National Mortgage Association, Series2010-64-FC (1 Month LIBOR USD + 0.50%, 0.50% Floor, 7.00% Cap)	2.52%		06/25/2040	15,636,041
28,867,448	Federal National Mortgage Association, Series2010-76-ZK	4.50%		07/25/2040	31,424,873
6,111,729	Federal National Mortgage Association, Series2010-79-CZ	4.00%		07/25/2040	6,462,580
21,203,950	Federal National Mortgage Association, Series2010-79-VZ	4.50%		07/25/2040	22,952,708
3,166,424	Federal National Mortgage Association, Series2010-84-ZC	4.50%		08/25/2040	3,468,609
6,332,835	Federal National Mortgage Association, Series2010-84-ZD	4.50%		08/25/2040	6,937,204
8,189,707	Federal National Mortgage Association, Series2010-84-ZG	4.50%		08/25/2040	8,627,523
550,838	Federal National Mortgage Association, Series2010-90-SA(-1 x 1 Month LIBOR USD + 5.85%, 5.85% Cap)	3.83%	I/F I/O	08/25/2040	65,646
1,786,906	Federal National Mortgage Association, Series2010-94-Z	4.50%		08/25/2040	1,861,528
8,668,587	Federal National Mortgage Association, Series2010-99-SG(-5 x 1 Month LIBOR USD + 25.00%, 25.00% Cap)	14.50%	I/F	09/25/2040	14,604,385
1,415,811	Federal National Mortgage Association, Series2010-9-DS(-1 x 1 Month LIBOR USD + 5.30%, 0.50% Floor, 5.30% Cap)	3.28%	I/F I/O	02/25/2040	164,153
37,811,148	Federal National Mortgage Association, Series2011-106-LZ	3.50%	>	10/25/2041	40,491,210
520,021	Federal National Mortgage Association, Series2011-110-LS(-2 x 1 Month LIBOR USD + 10.10%, 10.10% Cap)	5.90%	I/F	11/25/2041	686,867
7,453,821	Federal National Mortgage Association, Series2011-111-CZ	4.00%		11/25/2041	7,864,260
9,872,175	Federal National Mortgage Association, Series2011-111-EZ	5.00%	>	11/25/2041	11,042,469
4,447,801	Federal National Mortgage Association, Series2011-111-VZ	4.00%		11/25/2041	4,737,917
30,000,000	Federal National Mortgage Association, Series2011-131-PB	4.50%		12/25/2041	34,603,365
26,941,887	Federal National Mortgage Association, Series2011-16-AL	3.50%		03/25/2031	28,292,338
38,800,000	Federal National Mortgage Association, Series2011-17-NY	3.50%		03/25/2031	40,696,319
854,436	Federal National Mortgage Association, Series2011-17-SA(-1 x 1 Month LIBOR USD + 6.47%, 6.47% Cap)	4.45%	I/F I/O	03/25/2041	92,267
7,960,788	Federal National Mortgage Association, Series2011-25-KY	3.00%		04/25/2026	8,136,608
4,744,126	Federal National Mortgage Association, Series2011-27-BS(-2 x 1 Month LIBOR USD + 9.00%, 9.00% Cap)	4.80%	I/F	04/25/2041	5,004,402
52,821,051	Federal National Mortgage Association, Series2011-29-AL	3.50%		04/25/2031	54,582,168
11,620,800	Federal National Mortgage Association, Series2011-2-GZ	4.00%		02/25/2041	12,282,908
32,224,373	Federal National Mortgage Association, Series2011-32-ZG	4.00%		04/25/2041	34,131,218
5,687,107	Federal National Mortgage Association, Series2011-36-VZ	4.50%		05/25/2041	5,963,417
12,382,442	Federal National Mortgage Association, Series2011-37-Z	4.50%		05/25/2041	13,594,494
9,318,237	Federal National Mortgage Association, Series2011-38-BZ	4.00%	>	05/25/2041	9,855,092
7,465,531	Federal National Mortgage Association, Series2011-39-CB	3.00%		05/25/2026	7,630,322
15,407,176	Federal National Mortgage Association, Series2011-39-ZD	4.00%		02/25/2041	16,309,993
3,975,017	Federal National Mortgage Association, Series2011-40-LZ	4.50%		05/25/2041	4,170,111
7,690,997	Federal National Mortgage Association, Series2011-42-MZ	4.50%		05/25/2041	8,461,128
20,955,941	Federal National Mortgage Association, Series2011-45-ZA	4.00%	>	05/25/2031	22,609,574
11,141,308	Federal National Mortgage Association, Series2011-45-ZB	4.50%		05/25/2041	12,477,497
2,811,100	Federal National Mortgage Association, Series2011-48-SC(-2 x 1 Month LIBOR USD + 9.20%, 9.20% Cap)	5.16%	I/F	06/25/2041	2,942,630
22,474,276	Federal National Mortgage Association, Series2011-51-FJ (1 Month LIBOR USD + 0.45%, 0.45% Floor, 7.00% Cap)	2.47%		06/25/2041	22,514,626
1,447,925	Federal National Mortgage Association, Series2011-59-MA	4.50%		07/25/2041	1,564,441
12,903,844	Federal National Mortgage Association, Series2011-60-EL	3.00%		07/25/2026	13,272,378
15,374,872	Federal National Mortgage Association, Series2011-64-DB	4.00%		07/25/2041	16,512,915
7,167,929	Federal National Mortgage Association, Series2011-74-KL	5.00%		06/25/2040	7,842,402
25,189,429	Federal National Mortgage Association, Series2011-77-Z	3.50%		08/25/2041	28,577,724
28,647,293	Federal National Mortgage Association, Series2011-99-CZ	4.50%	>	10/25/2041	33,359,234

82,096,187	Federal National Mortgage Association, Series2011-99-DZ	5.00%		10/25/2041	92,358,390
13,194,936	Federal National Mortgage Association, Series2012-104-Z	3.50%	>	09/25/2042	14,446,252
9,674,307	Federal National Mortgage Association, Series2012-111-LB	3.50%		05/25/2041	10,003,271
36,986,857	Federal National Mortgage Association, Series2012-111-MJ	4.00%		04/25/2042	39,720,896
9,260,046	Federal National Mortgage Association, Series2012-114-DC	2.00%		08/25/2039	9,303,816
56,081,911	Federal National Mortgage Association, Series2012-122-AD	2.00%		02/25/2040	56,205,067
53,773,012	Federal National Mortgage Association, Series2012-122-DB	3.00%		11/25/2042	55,774,465
58,598,334	Federal National Mortgage Association, Series2012-125-LA	3.00%		11/25/2042	60,784,069
31,241,100	Federal National Mortgage Association, Series2012-144-PT	4.26%	#	11/25/2049	33,880,955
11,506,304	Federal National Mortgage Association, Series2012-14-BZ	4.00%	>	03/25/2042	13,088,173
26,296,408	Federal National Mortgage Association, Series2012-15-PZ	4.00%	>	03/25/2042	30,091,974
19,552,058	Federal National Mortgage Association, Series2012-20-ZT	3.50%	>	03/25/2042	21,065,239
60,713,349	Federal National Mortgage Association, Series2012-30-DZ	4.00%	>	04/25/2042	66,205,418
49,919,865	Federal National Mortgage Association, Series2012-31-Z	4.00%	>	04/25/2042	55,744,325
6,859,361	Federal National Mortgage Association, Series2012-63-EB	2.00%		08/25/2040	6,822,066
24,580,573	Federal National Mortgage Association, Series2012-70-FY (1 Month LIBOR USD + 0.45%, 0.45% Floor, 7.00% Cap)	2.47%		07/25/2042	24,558,854
35,865,084	Federal National Mortgage Association, Series2012-74-Z	4.00%	>	07/25/2042	39,695,238
7,370,969	Federal National Mortgage Association, Series2012-80-EA	2.00%		04/25/2042	7,244,850
25,959,738	Federal National Mortgage Association, Series2012-86-ZC	3.50%	>	08/25/2042	28,243,468
36,168,716	Federal National Mortgage Association, Series2012-96-VZ	3.50%	>	09/25/2042	39,446,821
25,356,382	Federal National Mortgage Association, Series2012-98-BG	4.50%		08/25/2040	27,553,685
44,081,768	Federal National Mortgage Association, Series2012-99-QE	3.00%		09/25/2042	45,809,240
21,631,680	Federal National Mortgage Association, Series2013-100-PJ	3.00%		03/25/2043	22,275,560
26,661,456	Federal National Mortgage Association, Series2013-130-ZE	3.00%	>	01/25/2044	26,129,304
23,955,156	Federal National Mortgage Association, Series2013-133-ZT	3.00%	>	01/25/2039	24,738,010
12,757,660	Federal National Mortgage Association, Series2013-36-Z	3.00%	>	04/25/2043	13,315,689
20,502,268	Federal National Mortgage Association, Series2013-41-ZH	3.00%		05/25/2033	20,888,455
19,292,416	Federal National Mortgage Association, Series2013-51-HS(-1 x 1 Month LIBOR USD + 5.40%, 5.40% Cap)	2.98%	I/F	04/25/2043	18,576,872
3,703,764	Federal National Mortgage Association, Series2013-53-AB	1.50%		03/25/2028	3,643,452
7,059,931	Federal National Mortgage Association, Series2013-58-SC(-2 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)	2.97%	I/F	06/25/2043	6,810,972
120,240,647	Federal National Mortgage Association, Series2013-81-ZQ	3.00%	>	08/25/2043	121,081,802
22,328,073	Federal National Mortgage Association, Series2013-82-SH(-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)	4.03%	I/F I/O	12/25/2042	2,683,830
27,428,449	Federal National Mortgage Association, Series2013-8-Z	3.00%	>	02/25/2043	27,619,013
24,309,434	Federal National Mortgage Association, Series2014-12-GZ	3.50%	>	03/25/2044	26,563,811
25,941,307	Federal National Mortgage Association, Series2014-21-GZ	3.00%	>	04/25/2044	26,069,926
30,425,772	Federal National Mortgage Association, Series2014-37-ZY	2.50%	>	07/25/2044	30,017,224
49,154,730	Federal National Mortgage Association, Series2014-39-ZA	3.00%	>	07/25/2044	50,428,388
13,064,873	Federal National Mortgage Association, Series2014-46-NZ	3.00%	>	06/25/2043	13,222,336
37,302,654	Federal National Mortgage Association, Series2014-55-MA	3.00%		10/25/2039	37,825,817
1,643,314	Federal National Mortgage Association, Series2014-56-AD	3.00%		01/25/2040	1,639,367
58,913,717	Federal National Mortgage Association, Series2014-60-EZ	3.00%	>	10/25/2044	60,274,094
41,586,365	Federal National Mortgage Association, Series2014-61-ZV	3.00%	>	10/25/2044	43,375,910
35,069,791	Federal National Mortgage Association, Series2014-64-NZ	3.00%	>	10/25/2044	35,806,548
82,939,632	Federal National Mortgage Association, Series2014-65-CD	3.00%		06/25/2040	84,388,065
12,348,715	Federal National Mortgage Association, Series2014-67-DZ	3.00%	>	10/25/2044	12,500,679
76,002,307	Federal National Mortgage Association, Series2014-68-MA	3.00%		11/25/2040	77,275,756
39,476,867	Federal National Mortgage Association, Series2014-68-MZ	3.00%	>	11/25/2044	40,208,318
27,648,546	Federal National Mortgage Association, Series2014-6-Z	2.50%	>	02/25/2044	27,138,939
31,679,339	Federal National Mortgage Association, Series2014-73-CQ	3.00%		06/25/2040	32,180,046
22,285,105	Federal National Mortgage Association, Series2014-77-VZ	3.00%	>	11/25/2044	22,819,359
19,325,522	Federal National Mortgage Association, Series2014-82-YA	3.00%		04/25/2041	19,732,583
28,619,926	Federal National Mortgage Association, Series2014-84-KZ	3.00%	>	12/25/2044	29,162,468
86,179,945	Federal National Mortgage Association, Series2014-95-NA	3.00%		04/25/2041	87,898,012
136,663,432	Federal National Mortgage Association, Series2014-M11-1A	3.22%	#	08/25/2024	143,835,310
29,650,791	Federal National Mortgage Association, Series2015-11-A	3.00%		05/25/2034	30,793,990
80,123,786	Federal National Mortgage Association, Series2015-21-G	3.00%		02/25/2042	81,940,416
16,434,043	Federal National Mortgage Association, Series2015-42-CA	3.00%		03/25/2044	17,007,956
52,387,649	Federal National Mortgage Association, Series2015-49-A	3.00%		03/25/2044	54,439,825
11,531,717	Federal National Mortgage Association, Series2015-63-KD	3.00%		07/25/2041	11,655,943
49,891,927	Federal National Mortgage Association, Series2015-88-AC	3.00%		04/25/2043	51,160,688
141,438,549	Federal National Mortgage Association, Series2015-88-BA	3.00%		04/25/2044	152,147,258
17,333,669	Federal National Mortgage Association, Series2015-94-MA	3.00%		01/25/2046	17,854,438
56,029,267	Federal National Mortgage Association, Series2015-9-HA	3.00%		01/25/2045	57,565,052
36,763,253	Federal National Mortgage Association, Series2016-2-JA	2.50%		02/25/2046	37,093,780
88,939,006	Federal National Mortgage Association, Series2016-32-LA	3.00%		10/25/2044	91,607,798
22,598,029	Federal National Mortgage Association, Series2016-71-ZQ	3.00%		10/25/2046	22,553,942
98,104,697	Federal National Mortgage Association, Series2016-72-PA	3.00%		07/25/2046	100,466,313
74,585,710	Federal National Mortgage Association, Series2016-74-PA	3.00%		12/25/2044	76,055,288
37,055,523	Federal National Mortgage Association, Series2016-79-EP	3.00%		01/25/2044	37,872,856
95,875,251	Federal National Mortgage Association, Series2016-81-PA	3.00%		02/25/2044	98,405,705
51,272,974	Federal National Mortgage Association, Series2016-94-PA	3.00%		03/25/2044	52,427,493
50,713,750	Federal National Mortgage Association, Series2017-13-ML	3.00%		08/25/2041	52,472,492
24,652,756	Federal National Mortgage Association, Series2017-2-HA	3.00%		09/25/2041	24,880,320
15,786,075	Federal National Mortgage Association, Series2017-4-CH	3.00%		06/25/2042	16,043,073
17,661,946	Federal National Mortgage Association, Series2017-51-EA	3.00%		11/25/2042	17,982,592
27,067,672	Federal National Mortgage Association, Series2017-61-TA	3.00%		02/25/2043	27,256,674
55,604,561	Federal National Mortgage Association, Series2018-21-IO	3.00%	I/O	04/25/2048	6,751,678
91,840,060	Federal National Mortgage Association, Series2018-21-PO	0.00%	P/O	04/25/2048	84,255,651
11,673,215	Federal National Mortgage Association, Series2018-23-CG	2.75%		12/25/2043	11,807,835
114,270,091	Federal National Mortgage Association, Series2018-27-AO	0.00%	P/O	05/25/2048	104,588,409
216,515,429	Federal National Mortgage Association, Series2018-27-JA	3.00%		12/25/2047	219,416,346
64,757,188	Federal National Mortgage Association, Series2018-33-A	3.00%		05/25/2048	66,189,320
27,715,104	Federal National Mortgage Association, Series2018-33-C	3.00%		05/25/2048	28,315,613
186,873,368	Federal National Mortgage Association, Series2018-36-A	3.00%		06/25/2048	191,930,517
64,869,525	Federal National Mortgage Association, Series2018-38-JB	3.00%		06/25/2048	66,567,368
202,894,430	Federal National Mortgage Association, Series2018-39-AB	3.00%		06/25/2048	208,291,239
47,795,033	Federal National Mortgage Association, Series2018-64-A	3.00%		09/25/2048	48,624,535
95,360,067	Federal National Mortgage Association, Series2018-85-PO	0.00%	P/O	12/25/2048	86,734,081
70,247,910	Federal National Mortgage Association, Series2019-12-BA	3.00%		04/25/2049	72,593,670
8,143,421	Federal National Mortgage Association, Series400-S4(-1 x 1 Month LIBOR USD + 5.45%, 5.45% Cap)	3.43%	I/F I/O	11/25/2039	1,441,545
85,121,688	Federal National Mortgage Association, Series412-A3	3.00%		08/25/2042	87,589,523
3,820,646	Government National Mortgage Association, Pool MA2511	3.50%		01/20/2045	3,935,761

11,298,585	Government National Mortgage Association, Series2003-67-SP(-1 x 1 Month LIBOR USD + 7.10%, 7.10% Cap)	5.06%	I/F I/O	08/20/2033	1,847,947
4,714,737	Government National Mortgage Association, Series2003-86-ZK	5.00%		10/20/2033	5,231,922
2,474,606	Government National Mortgage Association, Series2004-49-Z	6.00%		06/20/2034	2,757,701
5,106,153	Government National Mortgage Association, Series2004-83-CS(-1 x 1 Month LIBOR USD + 6.08%, 6.08% Cap)	4.04%	I/F I/O	10/20/2034	987,406
1,279,833	Government National Mortgage Association, Series2005-21-Z	5.00%		03/20/2035	1,413,891
13,916,894	Government National Mortgage Association, Series2005-39-ZB	5.00%		07/20/2034	15,264,281
906,534	Government National Mortgage Association, Series2006-24-CX(-7 x 1 Month LIBOR USD + 39.97%, 39.97% Cap)	24.98%	I/F	05/20/2036	1,595,553
6,044,700	Government National Mortgage Association, Series2007-26-SJ(-1 x 1 Month LIBOR USD + 4.69%, 4.69% Cap)	2.65%	I/F I/O	04/20/2037	404,413
4,337,143	Government National Mortgage Association, Series2008-2-SM(-1 x 1 Month LIBOR USD + 6.50%, 6.50% Cap)	4.47%	I/F I/O	01/16/2038	798,587
7,327,945	Government National Mortgage Association, Series2008-42-AI(-1 x 1 Month LIBOR USD + 7.69%, 7.69% Cap)	5.66%	I/F I/O	05/16/2038	1,752,940
3,010,978	Government National Mortgage Association, Series2008-43-SH(-1 x 1 Month LIBOR USD + 6.34%, 6.34% Cap)	4.29%	I/F I/O	05/20/2038	425,550
3,405,227	Government National Mortgage Association, Series2008-51-SC(-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)	4.21%	I/F I/O	06/20/2038	526,752
2,480,280	Government National Mortgage Association, Series2008-51-SE(-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)	4.22%	I/F I/O	06/16/2038	598,791
1,127,173	Government National Mortgage Association, Series2008-82-SM(-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)	4.01%	I/F I/O	09/20/2038	146,222
2,418,772	Government National Mortgage Association, Series2008-83-SD(-1 x 1 Month LIBOR USD + 6.56%, 6.56% Cap)	4.53%	I/F I/O	11/16/2036	451,762
9,221,998	Government National Mortgage Association, Series2009-106-VZ	4.50%		11/20/2039	9,971,543
5,224,086	Government National Mortgage Association, Series2009-10-NS(-1 x 1 Month LIBOR USD + 6.65%, 6.65% Cap)	4.62%	I/F I/O	02/16/2039	1,011,555
1,776,331	Government National Mortgage Association, Series2009-24-SN(-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)	4.06%	I/F I/O	09/20/2038	163,552
5,059,045	Government National Mortgage Association, Series2009-32-ZE	4.50%		05/16/2039	5,515,717
28,810,079	Government National Mortgage Association, Series2009-35-DZ	4.50%		05/20/2039	31,507,918
7,760	Government National Mortgage Association, Series2009-41-ZQ	4.50%	>	06/16/2039	9,114
3,111,240	Government National Mortgage Association, Series2009-48-Z	5.00%		06/16/2039	3,391,827
646,974	Government National Mortgage Association, Series2009-50-KP	4.50%		06/20/2039	687,340
2,438,855	Government National Mortgage Association, Series2009-69-TS(-1 x 1 Month LIBOR USD + 6.20%, 6.20% Cap)	4.17%	I/F I/O	04/16/2039	225,603
4,336,067	Government National Mortgage Association, Series2009-75-GZ	4.50%		09/20/2039	4,692,270
3,195,028	Government National Mortgage Association, Series2009-87-IG(-1 x 1 Month LIBOR USD + 6.74%, 6.74% Cap)	4.70%	I/F I/O	03/20/2037	294,590
22,319,767	Government National Mortgage Association, Series2010-106-PS(-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)	4.01%	I/F I/O	03/20/2040	2,665,152
6,474,805	Government National Mortgage Association, Series2010-1-SA(-1 x 1 Month LIBOR USD + 5.75%, 5.75% Cap)	3.72%	I/F I/O	01/16/2040	1,185,238
3,946,022	Government National Mortgage Association, Series2010-25-ZB	4.50%	>	02/16/2040	4,371,927
59,743,097	Government National Mortgage Association, Series2010-26-QS(-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)	4.21%	I/F I/O	02/20/2040	11,175,287
5,008,665	Government National Mortgage Association, Series2010-42-AY	5.00%		11/20/2039	5,608,986
5,082,946	Government National Mortgage Association, Series2010-42-ES(-1 x 1 Month LIBOR USD + 5.68%, 5.68% Cap)	3.64%	I/F I/O	04/20/2040	799,240
1,523,424	Government National Mortgage Association, Series2010-61-AS(-1 x 1 Month LIBOR USD + 6.55%, 6.55% Cap)	4.51%	I/F I/O	09/20/2039	192,558
15,370,069	Government National Mortgage Association, Series2010-62-SB(-1 x 1 Month LIBOR USD + 5.75%, 5.75% Cap)	3.71%	I/F I/O	05/20/2040	2,651,225
11,063,754	Government National Mortgage Association, Series2010-62-ZG	5.50%	>	05/16/2040	12,578,320
8,016,249	Government National Mortgage Association, Series2011-18-SN(-2 x 1 Month LIBOR USD + 9.50%, 9.50% Cap)	5.41%	I/F	12/20/2040	8,667,433
8,023,180	Government National Mortgage Association, Series2011-18-YS(-2 x 1 Month LIBOR USD + 9.50%, 9.50% Cap)	5.41%	I/F	12/20/2040	8,596,307
3,735,647	Government National Mortgage Association, Series2011-51-UZ	4.50%		04/20/2041	4,038,379
2,282,503	Government National Mortgage Association, Series2011-69-OC	0.00%	P/O	05/20/2041	2,125,671
22,179,328	Government National Mortgage Association, Series2011-69-SB(-1 x 1 Month LIBOR USD + 5.35%, 5.35% Cap)	3.31%	I/F I/O	05/20/2041	3,454,302
21,000,468	Government National Mortgage Association, Series2011-71-ZA	4.50%		02/20/2041	22,738,099
8,100,440	Government National Mortgage Association, Series2011-72-AS(-1 x 1 Month LIBOR USD + 5.38%, 5.38% Cap)	3.34%	I/F I/O	05/20/2041	1,317,749
5,914,733	Government National Mortgage Association, Series2011-72-SK(-1 x 1 Month LIBOR USD + 6.15%, 6.15% Cap)	4.11%	I/F I/O	05/20/2041	952,165
3,363,250	Government National Mortgage Association, Series2012-105-SE(-1 x 1 Month LIBOR USD + 6.20%, 6.20% Cap)	4.16%	I/F I/O	01/20/2041	144,508
6,894,737	Government National Mortgage Association, Series2012-52-PN	2.00%		12/20/2039	6,922,250
21,520,582	Government National Mortgage Association, Series2013-116-LS(-1 x 1 Month LIBOR USD + 6.15%, 6.15% Cap)	4.11%	I/F I/O	08/20/2043	4,048,992
22,894,260	Government National Mortgage Association, Series2013-136-CS(-1 x 1 Month LIBOR USD + 6.20%, 6.20% Cap)	4.17%	I/F I/O	09/16/2043	4,268,536
19,625,187	Government National Mortgage Association, Series2013-182-WZ	2.50%	>	12/20/2043	19,513,402
60,495,659	Government National Mortgage Association, Series2013-182-ZW	2.50%	>	12/20/2043	60,151,076
15,212,182	Government National Mortgage Association, Series2013-186-SG(-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)	4.22%	I/F I/O	02/16/2043	1,975,226
14,694,817	Government National Mortgage Association, Series2013-26-MS(-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)	4.21%	I/F I/O	02/20/2043	2,828,022
30,899,428	Government National Mortgage Association, Series2013-34-PL	3.00%		03/20/2042	31,352,117
28,097,428	Government National Mortgage Association, Series2014-163-PS(-1 x 1 Month LIBOR USD + 5.60%, 5.60% Cap)	3.56%	I/F I/O	11/20/2044	4,349,709
29,322,191	Government National Mortgage Association, Series2014-167-SA(-1 x 1 Month LIBOR USD + 5.60%, 5.60% Cap)	3.56%	I/F I/O	11/20/2044	4,811,883
44,754,193	Government National Mortgage Association, Series2014-21-SE(-1 x 1 Month LIBOR USD + 5.55%, 5.55% Cap)	3.51%	I/F I/O	02/20/2044	7,331,766
24,876,501	Government National Mortgage Association, Series2014-39-SK(-1 x 1 Month LIBOR USD + 6.20%, 6.20% Cap)	4.16%	I/F I/O	03/20/2044	4,976,574
22,801,084	Government National Mortgage Association, Series2014-59-DS(-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)	4.22%	I/F I/O	04/16/2044	4,004,422
9,070,053	Government National Mortgage Association, Series2016-99-TL	2.00%		04/16/2044	8,448,452
Total US Government and Agency Mortgage Backed Obligations(Cost $23,556,742,141)					24,436,579,980
US Government and Agency Obligations - 8.8%
59,900,000	Tennessee Valley Authority	4.25%		09/15/2065	83,233,620
500,000,000	United States Treasury Notes	2.00%		11/15/2026	512,841,795
500,000,000	United States Treasury Notes	2.25%		02/15/2027	521,757,810
600,000,000	United States Treasury Notes	2.88%		05/15/2028	658,734,372
300,000,000	United States Treasury Notes	2.88%		08/15/2028	329,964,843
500,000,000	United States Treasury Notes	3.13%		11/15/2028	561,552,735
370,800,000	United States Treasury Notes	2.63%		02/15/2029	401,485,150
1,508,200,000	United States Treasury Notes	2.38%		05/15/2029	1,602,285,754
100,000,000	United States Treasury Notes	2.88%		05/15/2049	116,750,000
Total US Government and Agency Obligations(Cost $4,517,825,272)					4,788,606,079
Affiliated Mutual Funds - 0.1%
7,026,170	Doubleline Income Fund (Class I)				69,980,655
Total Affiliated Mutual Funds(Cost $70,000,000)					69,980,655
Short Term Investments - 3.2%
406,895,506	First American Government Obligations Fund - Class U	1.88%	◆		406,895,506
406,895,506	JP Morgan U.S. Government Money Market Fund - Institutional Share Class	1.83%	◆		406,895,506
406,895,506	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class	1.83%	◆		406,895,506
250,000,000	United States Treasury Bills	0.00%		10/15/2019	249,830,753
250,000,000	United States Treasury Bills	0.00%		10/22/2019	249,737,258
Total Short Term Investments(Cost $1,720,211,759)					1,720,254,529
Total Investments - 100.7%(Cost $53,757,321,814)					54,833,645,084
Liabilities in Excess of Other Assets - (0.7)%					(392,031,038)
NET ASSETS - 100.0%					$ 54,441,614,046

^	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.
#	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 September 30, 2019.
I/O	Interest only security
P/O	Principal only security
I/F	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.
±	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 September 30, 2019.
Þ	Value determined using significant unobservable inputs.
ß	The interest rate may step up conditioned upon the aggregate remaining principal balance of the underlying mortgage loans being reduced below a targeted percentage of the aggregate original principal balance of the mortgage loans. The interest rate shown is the rate in effect as of September 30, 2019.
§	The interest rate will step up if the issuer does not redeem the bond on or before a scheduled redemption date in accordance with the terms of the instrument. The interest rate shown is the rate in effect as of September 30, 2019.
r	This mortgage-backed bond 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 September 30, 2019.
>	This U.S. Agency bond 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 September 30, 2019.
◆	Seven-day yield as of September 30, 2019

SECURITY TYPE BREAKDOWN as a % of Net Assets:    

US Government and Agency Mortgage Backed Obligations	44.9%
Non-Agency Residential Collateralized Mortgage Obligations	28.2%
US Government and Agency Obligations	8.8%
Non-Agency Commercial Mortgage Backed Obligations	6.7%
Collateralized Loan Obligations	4.9%
Asset Backed Obligations	3.9%
Short Term Investments	3.2%
Affiliated Mutual Funds	0.1%
Other Assets and Liabilities	(0.7)%
	100.0%

FUTURES CONTRACTS
Description	Long/Short		Contract Quantity		Expiration Date		Notional Amount •		Value/Unrealized Appreciation (Depreciation)
Ultra10-Year US Treasury Note Future		Long		250		12/19/2019		35,601,563	$	(217,327	)
US Treasury Long Bond Future		Long		1,750		12/19/2019		284,046,875		(1,752,597	)
CME Ultra Long Term US Treasury Bond Future		Long		1,500		12/19/2019		287,859,375		(4,683,363	)
10-Year US Treasury Note Future		Long		4,000		12/19/2019		521,250,000		(5,227,208	)
									$	(11,880,495	)

• Notional Amount is determined based on the number of contracts multiplied by the contract size and the quoted daily settlement price in US dollars.    

A summary of the DoubleLine Total Return Bond Fund’s investments in affiliated mutual funds for the period ended September 30, 2019 is as follows:

											Change in Unrealized for the			Dividend Income Earned in the		Net Realized Gain (Loss) in the
	Value at						Shares Held at		Value at		Period Ended			Period Ended		Period Ended
Fund	March 31, 2019		Gross Purchases		Gross Sales		September 30, 2019		September 30, 2019		September 30, 2019			September 30, 2019		September 30, 2019
DoubleLine Income Fund (Class I)	$	-	$	70,000,000	$	-		7,026,170	$	69,980,655	$	(19,345	)	$	109,256	$	-
	$	-	$	70,000,000	$	-		7,026,170	$	69,980,655	$	(19,345	)	$	109,256	$	-

DoubleLine Core Fixed Income Fund

Schedule of Investments

September 30, 2019 (Unaudited)

Principal Amount $/Shares	Security Description	Rate		Maturity	Value $
Asset Backed Obligations - 2.3%
7,000,000	Applebee’s Funding LLC, Series2019-1A-A2I	4.19%	^	06/07/2049	7,168,770
4,208,333	CAL Funding Ltd., Series2018-1A-A	3.96%	^	02/25/2043	4,249,211
8,358,645	Castlelake Aircraft Securitization Trust, Series2016-1-A	4.45%		08/15/2041	8,626,238
4,594,526	Castlelake Aircraft Securitization Trust, Series2017-1-A	3.97%		07/15/2042	4,674,241
4,296,027	Castlelake Aircraft Securitization Trust, Series2018-1-A	4.13%	^	06/15/2043	4,415,216
7,701,637	Castlelake Aircraft Securitization Trust, Series2019-1A-A	3.97%	^	04/15/2039	7,892,337
4,495,656	CLI Funding LLC, Series2017-1A-A	3.62%	^	05/18/2042	4,511,392
11,069,643	CLI Funding LLC, Series2018-1A-A	4.03%	^	04/18/2043	11,188,156
8,190,375	CLI Funding LLC, Series2019-1A-A	3.71%	^	05/18/2044	8,359,139
6,572,392	CLUB Credit Trust, Series2018-P3-A	3.82%	^	01/15/2026	6,639,753
10,241,564	College Ave Student Loans LLC, Series2018-A-A1 (1 Month LIBOR USD + 1.20%)	3.22%	^	12/26/2047	10,152,673
1,496,250	DB Master Finance LLC, Series2019-1A-A2I	3.79%	^	05/20/2049	1,545,083
5,300,000	Element Rail Leasing LLC, Series2014-1A-A2	3.67%	^	04/19/2044	5,325,796
15,402,600	Global SC Finance Ltd., Series2018-1A-A	4.29%	^	05/17/2038	15,983,392
5,400,000	GLS Auto Receivables Trust, Series2018-2A-B	3.71%	^	03/15/2023	5,472,281
11,676,913	Harbour Aircraft Investments Ltd., Series2017-1-A	4.00%		11/15/2037	11,729,985
8,817,777	Helios Issuer LLC, Series2017-1A-A	4.94%	^	09/20/2049	9,244,888
4,124,582	HERO Funding Trust, Series2016-1A-A	4.05%	^	09/20/2041	4,311,342
4,900,000	Jimmy Johns Funding LLC, Series2017-1A-A2II	4.85%	^	07/30/2047	5,185,689
2,880,894	JOL Air Ltd., Series2019-1-A	3.97%	^	04/15/2044	2,912,036
2,174,871	Mosaic Solar Loan Trust, Series2018-1A-A	4.01%	^	06/22/2043	2,258,166
7,500,000	Navient Private Education Loan Trust, Series2018-A-B	3.68%	^	02/18/2042	7,853,401
10,198,640	NP SPE LLC, Series2016-1A-A1	4.16%	^	04/20/2046	10,652,925
5,000,000	NP SPE LLC, Series2019-1A-A2	3.24%	^	09/20/2049	5,096,905
4,910,715	Pioneer Aircraft Finance Ltd., Series2019-1-A	3.97%	^	06/15/2044	4,941,956
20,000,000	Primose Funding LLC, Series2019-1A-A2	4.48%	^	07/30/2049	20,037,264
6,000,000	SBA Tower Trust	3.17%	^	04/11/2022	6,063,472
5,000,000	SERVPRO Master Issuer LLC, Series2019-1A-A2	3.88%	^	10/25/2049	5,058,745
5,599,014	Shenton Aircraft Investment Ltd., Series2015-1A-A	4.75%	^	10/15/2042	5,756,296
479,064	SoFi Consumer Loan Program Trust, Series2016-2-A	3.09%	^	10/27/2025	480,901
628,037	SoFi Consumer Loan Program Trust, Series2017-1-A	3.28%	^	01/26/2026	632,548
500,000	SoFi Consumer Loan Program Trust, Series2017-1-B	4.73%	# ^	01/26/2026	517,425
226,237	SoFi Consumer Loan Program Trust, Series2017-2-A	3.28%	^	02/25/2026	228,037
4,484,899	SoFi Consumer Loan Program Trust, Series2017-5-A2	2.78%	^	09/25/2026	4,497,846
3,312,086	SoFi Professional Loan Program, Series2016-A-A2	2.76%	^	12/26/2036	3,334,062
5,000,000	SoFi Professional Loan Program, Series2017-B-BFX	3.70%	# ^	05/25/2040	5,297,050
2,000,000	SoFi Professional Loan Program, Series2017-C-C	4.21%	# ^	07/25/2040	2,122,558
634,209	Spruce Asset Backed Securities Trust, Series2016-E1-A	4.32%	^	06/15/2028	648,820
3,811,239	STARR Ltd., Series2018-1-A	4.09%	^	05/15/2043	3,901,542
3,857,143	START Ireland, Series2019-1-A	4.09%	^	03/15/2044	3,941,441
4,880,186	Sunnova Helios II Issuer LLC, Series2018-1A-A	4.87%	^	07/20/2048	5,345,831
2,342,843	Textainer Marine Containers Ltd., Series2017-1A-A	3.72%	^	05/20/2042	2,345,259
9,666,667	Textainer Marine Containers Ltd., Series2019-1A-A	3.96%	^	04/20/2044	9,837,854
3,644,804	USQ Rail LLC, Series2018-1-A1	3.78%	^	04/25/2048	3,768,695
12,794,167	Vantage Data Centers Issuer LLC, Series2018-1A-A2	4.07%	^	02/16/2043	13,309,454
5,000,000	VB-S1 Issuer LLC, Series2018-1A-C	3.41%	^	02/15/2048	5,065,730
13,500,000	Wave LLC	3.60%	^	09/15/2044	13,499,407
7,181,740	Wildcat LLC, Series2017-1A-A	4.12%	± Þ	06/08/2024	7,179,585
Total Asset Backed Obligations (Cost $286,808,925)					293,260,793
Bank Loans - 2.5%
233,238	8th Avenue Food & Provisions, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	5.79%		10/01/2025	234,380
2,022,151	Acadia Healthcare Company, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	4.54%		02/16/2023	2,027,682
1,261,878	Access CIG LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	5.78%		02/27/2025	1,248,477
880,575	Achilles Acquisition LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)	6.06%		10/13/2025	882,226
7,412	Acrisure LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.75%, 1.00% Floor)	5.85%		11/22/2023	7,315
1,935,760	Acrisure LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.25%, 1.00% Floor)	6.35%		11/22/2023	1,930,321
565,000	Advanced Drainage Systems, Inc., Senior Secured First Lien Term Loan	4.34%	±	09/24/2026	568,297
925,350	Agiliti Health, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	5.06%		01/05/2026	925,350
1,313,848	Air Medical Group Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)	5.31%		04/28/2022	1,233,105
2,307,428	Air Methods Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%, 1.00% Floor)	5.60%		04/22/2024	1,885,169
496,241	Albertson’s LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.79%		11/17/2025	499,843
811,524	Albertson’s LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.79%		08/17/2026	817,537
2,020,000	Aldevron LLC, Senior Secured First Lien Term Loan	6.34%	±	09/20/2026	2,030,100
821,514	Alera Group Intermediate Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)	6.54%		08/01/2025	828,702
1,893,747	Aleris International, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.75%)	6.79%		02/27/2023	1,899,192
620,910	AlixPartners LLP, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%, 1.00% Floor)	4.79%		04/04/2024	622,332
1,182,038	Alliant Holdings Intermediate LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.29%		05/09/2025	1,175,389
140,541	Allied Universal Holdco LLC, Senior Secured First Lien Term Loan	6.57%	± &	07/12/2026	140,914
1,419,459	Allied Universal Holdco LLC, Senior Secured First Lien Term Loan (6 Month LIBOR USD + 4.25%)	6.51%		07/10/2026	1,423,228
496,283	Almonde, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.50%, 1.00% Floor)	5.70%		06/13/2024	483,901
2,203,777	Alterra Mountain Company, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)	5.04%		07/31/2024	2,214,112
705,000	American Airlines, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)	4.03%		12/15/2023	705,504
1,366,858	American Renal Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	7.04%		06/21/2024	1,333,971
1,391,550	American Tire Distributors, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 7.50%, 1.00% Floor, 8.00% PIK)	9.98%		09/02/2024	1,230,131
1,905,050	Applied Systems, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.00%, 1.00% Floor)	5.10%		09/19/2024	1,904,516
1,895,000	Aramark Services, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)	3.79%		03/11/2025	1,900,135
650,019	Arctic Glacier U.S.A., Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%, 1.00% Floor)	5.54%		03/20/2024	634,581
2,092,311	Ascend Learning LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)	5.04%		07/12/2024	2,087,405
2,089,877	AssuredPartners, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.54%		10/22/2024	2,084,328
465,095	Asurion LLC, Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.50%)	8.54%		08/04/2025	473,176
1,842,628	Asurion, LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	5.04%		11/03/2023	1,851,842
1,569,431	Athenahealth, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.50%)	6.68%		02/11/2026	1,567,963
1,890,485	Auris Luxembourg III Sarl, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	5.79%		02/27/2026	1,882,800
1,577,748	Avantor, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)	5.04%		11/21/2024	1,592,051
	Avaya, Inc., Senior Secured First Lien Term Loan
711,368	(1 Month LIBOR USD + 4.25%)	6.28%		12/16/2024	677,802
417,787	(2 Month LIBOR USD + 4.25%)	6.43%		12/16/2024	398,074
745,000	Azalea TopCo, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)	5.54%		07/27/2026	744,069
465,253	Bass Pro Group LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.00%, 0.75% Floor)	7.04%		09/25/2024	448,969
1,465,625	Bausch Health Companies, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.79%		11/27/2025	1,470,300
508,172	Bausch Health Companies, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	5.04%		06/02/2025	510,820
235,867	Berry Global, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	4.30%		10/01/2022	237,261
2,329,163	Berry Global, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	4.55%		07/01/2026	2,343,103
1,892,736	BJ’s Wholesale Club, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.79%		02/02/2024	1,901,016
1,893,326	Blackhawk Network Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	5.04%		06/16/2025	1,890,165
1,965,075	Blackstone CQP Holdco LP, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)	5.66%		09/30/2024	1,975,952
819,342	Boxer Parent Company, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)	6.29%		10/02/2025	789,915
1,666,179	Brazos Delaware LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)	6.05%		05/21/2025	1,542,257
	Bright Bidco B.V., Senior Secured First Lien Term Loan
765,944	(3 Month LIBOR USD + 3.50%, 1.00% Floor)	5.60%		06/28/2024	368,002
377,256	(3 Month LIBOR USD + 3.50%, 1.00% Floor)	5.54%		06/28/2024	181,254
1,180,522	Brookfield WEC Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 0.75% Floor)	5.54%		08/01/2025	1,185,764
3,051,232	Burger King Restaurant Brands, Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 2.25%, 1.00% Floor)	4.29%		02/16/2024	3,064,963
220,000	Calpine Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	4.54%		08/12/2026	220,765
1,995,000	Calpine Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%)	4.86%		04/06/2026	2,002,611
1,923,595	Canyon Valor Companies, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%)	4.85%		06/16/2023	1,923,595
1,931,363	Capri Acquisitions BidCo Ltd., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.00%)	5.26%		11/01/2024	1,911,441
1,985,025	Catalent Pharma Solutions, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	4.29%		05/18/2026	1,993,709
922,091	CBS Radio Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.80%		11/18/2024	924,396

1,959,698	Cengage Learning, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%, 1.00% Floor)	6.29%		06/07/2023	1,861,174
1,151,085	CEOC LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)	4.04%		10/04/2024	1,151,805
1,861,905	Change Healthcare Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%, 1.00% Floor)	4.54%		03/01/2024	1,855,742
394,013	Charter NEX US, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)	5.54%		05/16/2024	394,915
1,894,598	CHG Healthcare Services, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)	5.04%		06/07/2023	1,896,379
1,595,958	CHG PPC Parent LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.79%		03/31/2025	1,599,948
808,884	Cincinnati Bell, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)	5.29%		10/02/2024	808,095
940,000	Clear Channel Outdoor Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)	5.54%		08/21/2026	943,943
1,015,838	ClubCorporationHoldings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%)	4.85%		09/18/2024	908,753
794,762	CommScope, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.29%		04/06/2026	793,344
1,545,209	Compass Power Generation LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%, 1.00% Floor)	5.54%		12/20/2024	1,550,038
1,328,529	Concentra, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 2.50%)	4.54%		06/01/2022	1,338,493
768,168	Covia Holdings Corporation, Senior Secured First Lien Term Loan (1 Week LIBOR USD + 3.75%, 1.00% Floor)	6.04%		06/02/2025	630,508
1,137,760	CPI Holdco LLC, Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.50%, 1.00% Floor)	5.54%		03/21/2024	1,138,471
392,038	CPM Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	5.79%		11/17/2025	387,627
1,182,128	CSC Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	4.28%		07/17/2025	1,183,286
527,350	CSC Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	4.28%		01/15/2026	527,877
1,436,400	CSC Holdings LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.00%)	5.18%		04/15/2027	1,439,689
1,658,037	CSM Bakery Solutions LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%, 1.00% Floor)	6.29%		07/03/2020	1,550,265
1,642,358	Cvent, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 1.00% Floor)	5.79%		11/29/2024	1,624,399
1,339,294	Cyxtera DC Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)	5.04%		05/01/2024	1,214,451
745,000	DaVita, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	4.29%		08/12/2026	750,081
814,819	Deerfield Holdings Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)	5.29%		02/13/2025	802,800
3,067,901	Dell International LLC, Senior Secured First Lien Term Loan	4.05%	±	09/19/2025	3,085,986
893,258	Delta 2 SARL, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%, 1.00% Floor)	4.54%		02/01/2024	884,102
1,270,524	DentalCorporationPerfect Smile ULC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 1.00% Floor)	5.79%		06/06/2025	1,251,733
360,000	Diamond Sports Group LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.30%		08/24/2026	362,588
707,828	Digicel International Finance Ltd., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.25%)	5.34%		05/27/2024	615,959
1,220,000	DigiCert Holdings, Inc., Senior Secured First Lien Term Loan	6.26%	±	08/08/2026	1,217,713
438,986	Dynasty Acquisition Company, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%)	6.10%		04/06/2026	441,591
236,014	Dynasty Acquisition Company, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%)	6.10%		04/06/2026	237,415
591,524	Dynatrace LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	4.79%		08/22/2025	594,727
1,492,500	E.W. Scripps Company, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.79%		05/01/2026	1,495,858
1,906,226	EAB Global, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.75%, 1.00% Floor)	6.38%		11/15/2024	1,886,363
1,575,498	Edgewater Generation LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	5.79%		12/12/2025	1,559,751
1,270,950	EG America LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%)	6.10%		02/06/2025	1,258,717
980,525	Envision Healthcare Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	5.79%		10/10/2025	803,109
1,924,064	Equinox Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)	5.04%		03/08/2024	1,927,672
853,016	ESH Hospitality, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)	4.04%		09/18/2026	858,014
1,884,436	Excelitas Technologies Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%, 1.00% Floor)	5.60%		12/02/2024	1,887,978
331,965	Exgen Renewables IV LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.00%, 1.00% Floor)	5.13%		11/29/2024	325,637
800,701	Explorer Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.75%, 1.00% Floor)	5.85%		05/02/2023	800,325
1,913,582	Filtration Group Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	5.04%		03/31/2025	1,921,093
1,613,438	Financial & Risk US Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	5.79%		10/01/2025	1,623,861
835,000	Flex Acquisition Company, Inc., Senior Secured First Lien Term Loan	5.35%	±	06/29/2025	806,297
682,298	Flexential Intermediate Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)	5.60%		08/01/2024	591,467
1,888,163	Flexera Software LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)	5.55%		02/26/2025	1,894,460
2,394,784	Foresight Energy LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.75%, 1.00% Floor)	7.87%		03/28/2022	1,319,131
1,592,963	Forest City Enterprises, LP, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)	6.04%		12/08/2025	1,606,654
1,022,247	Forterra Finance, LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)	5.04%		10/25/2023	969,857
861,315	Frontdoor, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	4.56%		08/18/2025	867,241
801,484	Frontera Generation Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%, 1.00% Floor)	6.29%		05/02/2025	759,406
4,064,269	Garda World Security Corporation, Senior Secured First Lien Term Loan (Prime Rate + 2.50%, 1.00% Floor)	7.50%		05/24/2024	4,073,149
798,061	Gates Global LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%, 1.00% Floor)	4.79%		04/01/2024	787,271
535,000	Gavilan Resources LLC, Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.00%, 1.00% Floor)	8.04%		03/01/2024	241,643
1,933,441	Genesys Telecommunications Laboratories, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.29%		12/01/2023	1,925,379
2,512,362	Gentiva Health Services, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	5.81%		07/02/2025	2,529,634
1,013,780	Getty Images, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)	6.56%		02/19/2026	1,012,092
1,807,786	Go Daddy Operating Company LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)	4.04%		02/15/2024	1,812,992
1,683,540	GOBP Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)	5.76%		10/22/2025	1,694,593
1,585,560	GoodRX, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	4.81%		10/10/2025	1,587,542
1,604,233	GrafTech Finance, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%, 1.00% Floor)	5.54%		02/12/2025	1,564,793
465,000	Granite Holdings Acquisition Company, Senior Secured First Lien Term Loan	7.32%	±	09/25/2026	453,956
2,827,282	Gray Television, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	4.51%		01/02/2026	2,841,220
1,807,755	GTT Communications, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.79%		06/02/2025	1,462,863
	Gulf Finance LLC, Senior Secured First Lien Term Loan
581,466	(3 Month LIBOR USD + 5.25%, 1.00% Floor)	7.36%		08/25/2023	445,551
990,065	(1 Month LIBOR USD + 5.25%, 1.00% Floor)	7.29%		08/25/2023	758,642
806,057	Harbor Freight Tools USA, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%, 0.75% Floor)	4.54%		08/18/2023	784,462
493,083	Hayward Industries, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)	5.54%		08/05/2024	477,674
1,815,000	HC Group Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%	6.54%		08/06/2026	1,815,000
668,250	HD Supply, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)	3.79%		10/17/2023	671,454
778,050	Hexion, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)	5.60%		07/01/2026	778,050
3,148,995	Hilton Worldwide Finance LLC, Senior Secured First Lien Term Loan	3.77%	±	06/22/2026	3,171,242
1,865,702	Hyland Software, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%, 0.75% Floor)	5.29%		07/01/2024	1,867,801
488,254	Hyland Software, Inc., Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 7.00%, 0.75% Floor)	9.04%		07/07/2025	491,459
448,175	IAA, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	4.31%		06/29/2026	450,976
780,564	IHeartCommunications, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)	6.03%		05/01/2026	786,551
1,565,125	Informatica LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.29%		08/05/2022	1,573,280
800,000	Inmarsat PLC, Senior Secured First Lien Term Loan	6.59%	±	09/23/2026	788,812
794,533	Intelsat Jackson Holdings S.A., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 1.00% Floor)	5.80%		11/27/2023	797,886
646,522	ION Trading Technologies SARL, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%, 1.00% Floor)	6.10%		11/21/2024	617,105
1,830,987	IQVIA, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.00%)	4.10%		01/17/2025	1,842,431
2,092,523	IRB Holding Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%, 1.00% Floor)	5.55%		02/05/2025	2,086,130
788,823	IRI Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.50%)	6.62%		12/01/2025	760,970
1,849,619	Jaguar Holding Company, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%, 1.00% Floor)	4.54%		08/18/2022	1,853,189
2,472,575	JBS USA Lux S.A., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	4.54%		05/01/2026	2,487,002
	Jo-Ann Stores LLC, Senior Secured First Lien Term Loan
1,600,447	(3 Month LIBOR USD + 5.00%, 1.00% Floor)	7.26%		10/20/2023	1,108,974
66,685	(1 Month LIBOR USD + 5.00%, 1.00% Floor)	7.05%		10/20/2023	46,207
584,739	KAR Auction Services, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	4.31%		09/19/2026	588,212
1,249,138	KBR, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	5.79%		04/25/2025	1,254,216
1,430,000	Kestrel Bidco, Inc., Senior Secured First Lien Term Loan	5.27%	±	10/08/2026	1,442,405
797,230	Kindred Healthcare, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.00%)	7.06%		07/02/2025	800,219
887,455	Klockner-Pentaplast of America, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%, 1.00% Floor)	6.29%		06/30/2022	788,726
1,676,199	Kronos Acquisition Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%, 1.00% Floor)	6.26%		05/15/2023	1,594,484
1,861,978	Kronos, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.00%, 1.00% Floor)	5.25%		11/01/2023	1,867,481
1,473,387	Learfield Communications LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)	5.30%		12/01/2023	1,480,386
740,000	Level 3 Financing, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	4.29%		02/22/2024	742,313
1,851,026	Life Time Fitness, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%, 1.00% Floor)	4.87%		06/10/2022	1,853,867
713,508	Lions Gate Capital Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	4.29%		03/24/2025	713,062
1,576,297	Lower Cadence Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)	6.05%		05/22/2026	1,540,341
1,636,705	Lucid Energy Group II Borrower LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)	5.04%		02/18/2025	1,553,847
997,463	Marriott Ownership Resorts, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	4.29%		08/29/2025	1,004,116
145,113	Mavis Tire Express Services Corporation, Senior Secured First Lien Delayed-Draw Term Loan (1 Month LIBOR USD + 3.25%)	5.29%	&	03/20/2025	142,392
1,140,850	Mavis Tire Express Services Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.29%		03/20/2025	1,119,459
955,299	McDermott International, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.00%, 1.00% Floor)	7.10%		05/12/2025	608,048
150,857	MED ParentCo LP, Senior Secured First Lien Term Loan	6.28%	± &	08/29/2026	149,990
604,143	MED ParentCo LP, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)	6.29%		08/31/2026	600,669
801,111	Messer Industries LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.50%)	4.60%		03/02/2026	800,615
1,732,808	MGM Growth Properties Operating Partnership LP, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)	4.04%		03/21/2025	1,739,185
1,493,513	Milacron LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	4.54%		09/28/2023	1,495,380
2,515,755	Millennium Trust Company LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.00%)	7.04%		03/27/2026	2,449,716
38,095	Mister Car Wash Holdings, Inc., Senior Secured First Lien Term Loan	5.67%	± &	05/14/2026	38,106
760,000	Mister Car Wash Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)	5.66%		05/14/2026	760,205
836,303	Mitchell International, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.29%		11/29/2024	803,445
818,142	MLN US HoldCo LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)	6.53%		11/28/2025	762,917
1,857,840	MPH Acquisition Holdings LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%, 1.00% Floor)	4.85%		06/07/2023	1,775,008

815,000	Nascar Holdings, Inc., Senior Secured First Lien Term Loan	4.88%	±	07/26/2026		821,430
288,000	NCR Corporation, Senior Secured First Lien Term Loan	4.53%	± &	08/28/2026		288,900
252,000	NCR Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	4.54%		08/28/2026		252,788
1,364,688	NEP Group, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.29%		10/20/2025		1,343,078
1,950,000	Nexstar Broadcasting, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.81%		09/18/2026		1,961,115
969,506	Numericable U.S. LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)	6.03%		08/14/2026		968,900
535,000	ON Semiconductor Corporation, Senior Secured First Lien Term Loan	4.05%	±	09/19/2026		538,012
397,000	Outcomes Group Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)	5.62%		10/24/2025		393,030
428,235	Panther BF Aggregator 2 LP, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)	5.54%		04/30/2026		425,426
837,180	Parexel International Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.79%		09/27/2024		796,966
568,575	PCI Gaming Authority, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	5.04%		05/29/2026		572,794
1,295,946	Penn National Gaming, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%, 0.75% Floor)	4.29%		10/15/2025		1,304,189
1,756,514	PetSmart, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)	6.04%		03/11/2022		1,716,904
816,172	Pike Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.30%		07/24/2026		820,195
812,477	Pisces Midco, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	5.79%		04/12/2025		797,243
772,155	Plantronics, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	4.54%		07/02/2025		771,672
828,744	Playa Resorts Holding B.V., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%, 1.00% Floor)	4.79%		04/29/2024		808,025
1,861,049	PODS LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%, 1.00% Floor)	5.05%		12/06/2024		1,860,277
959,380	PowerTeam Services LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%, 1.00% Floor)	5.35%		03/06/2025		825,066
930,325	Prairie ECI Acquiror LP, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.75%)	6.85%		03/11/2026		909,974
800,000	Pregis Topco LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%)	6.25%		07/31/2026		799,000
1,215,000	Prime Security Services Borrower LLC, Senior Secured First Lien Term Loan	5.34%	±	09/23/2026		1,203,421
978,933	Pro Mach Group, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	4.81%		03/07/2025		955,380
1,618,392	Project Alpha Intermediate Holding, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.50%, 1.00% Floor)	5.81%		04/26/2024		1,600,185
1,263,520	Radiate Holdco LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 0.75% Floor)	5.04%		02/01/2024		1,260,576
	Radiology Partners, Inc., Senior Secured First Lien Term Loan
899,856	(3 Month LIBOR USD + 4.75%)	7.06%		07/09/2025		889,413
599,904	(3 Month LIBOR USD + 4.75%)	7.39%		07/09/2025		592,942
1,259,535	RegionalCare Hospital Partners Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)	6.55%		11/14/2025		1,262,589
1,593,850	Renaissance Holding Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.29%		05/30/2025		1,568,229
1,633,409	RentPath, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.75%, 1.00% Floor)	6.80%		12/17/2021		868,778
1,258,430	Reynolds Group Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.79%		02/06/2023		1,262,180
1,179,374	RPI Finance Trust, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)	4.04%		03/27/2023		1,186,928
1,637,625	Science Applications International Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)	3.79%		10/31/2025		1,639,508
	Scientific Games International, Inc., Senior Secured First Lien Term Loan
1,543,667	(2 Month LIBOR USD + 2.75%)	4.90%		08/14/2024		1,532,869
362,095	(1 Month LIBOR USD + 2.75%)	4.79%		08/14/2024	��	359,562
2,618,955	Securus Technologies Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%, 1.00% Floor)	6.54%		11/01/2024		2,319,962
1,933,149	Sedgwick Claims Management Services, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.29%		12/31/2025		1,903,997
3,103,399	Select Medical Corporation, Senior Secured First Lien Term Loan (6 Month LIBOR USD + 2.50%)	4.58%		03/06/2025		3,113,097
1,587,773	Severin Acquisition LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%)	5.46%		08/01/2025		1,565,283
620,000	Sinclair Television Group, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	4.54%		09/30/2026		623,360
1,561,088	Six Flags Theme Parks, Inc., Senior Secured First Lien Term Loan	4.05%	±	04/17/2026		1,564,990
1,216,498	SMG US Midco 2, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	5.04%		01/23/2025		1,210,799
1,539,589	SolarWinds Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.79%		02/05/2024		1,543,199
810,827	Solenis International LP, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%)	6.12%		06/26/2025		791,063
1,279,868	Solera LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.79%		03/03/2023		1,275,292
1,884,665	Sophia LP, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%, 1.00% Floor)	5.35%		09/30/2022		1,887,417
2,200,709	Sound Inpatient Physicians, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.79%		06/27/2025		2,201,810
752,378	Southern Graphics, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.29%		12/30/2022		558,012
1,301,817	Speedcast International Ltd., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%)	4.85%		05/15/2025		1,106,544
1,917,434	Sprint Communications, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%, 0.75% Floor)	4.54%		02/02/2024		1,906,648
1,846,133	SS&C Technologies, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	4.29%		04/16/2025		1,855,844
980,634	Staples, Inc., Senior Secured First Lien Term Loan (2 Month LIBOR USD + 5.00%)	7.12%		04/16/2026		968,582
806,952	Starfruit US Holdco LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.29%		10/01/2025		792,225
876,254	Stars Group Holdings B.V., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)	5.60%		07/10/2025		881,227
460,000	Sunshine Luxembourg VII SARL, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.25%)	6.35%		09/25/2026		462,732
1,412,901	Syncreon Global Finance Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.25%, 1.00% Floor)	6.52%	W	10/28/2020		669,362
	TAMKO Building Products LLC, Senior Secured First Lien Term Loan
547,800	(1 Month LIBOR USD + 3.25%)	5.29%		05/29/2026		548,828
112,200	(3 Month LIBOR USD + 3.25%)	5.37%		05/29/2026		112,410
794,025	Telesat Canada, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.50%, 0.75% Floor)	4.61%		11/17/2023		797,101
2,201,235	Tempo Acquisition LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	5.04%		05/01/2024		2,211,789
1,255,947	The Dun & Bradstreet Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.00%)	7.05%		02/06/2026		1,265,254
1,869,202	The Edelman Financial Center LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.31%		07/21/2025		1,874,371
659,317	Titan Acquisition Ltd., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	5.04%		03/28/2025		634,669
1,926,263	TKC Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 1.00% Floor)	5.80%		02/01/2023		1,897,022
2,552,115	Transdigm, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	4.54%		06/09/2023		2,549,269
1,919	Transdigm, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	4.54%		05/30/2025		1,914
664,683	Travelport Finance SARL, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.00%)	7.10%		05/29/2026		603,675
65,000	Uber Technologies, Inc., Senior Secured First Lien Term Loan	5.55%	±	07/13/2023		64,662
1,865,038	Uber Technologies, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%, 1.00% Floor)	6.03%		04/04/2025		1,857,662
2,554,432	UFC Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.30%		04/29/2026		2,564,190
952,613	UGI Energy Services LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	5.79%		08/13/2026		960,948
850,000	Ultimate Software Group, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	5.79%		05/04/2026		856,044
831,600	United Rentals, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)	3.79%		10/31/2025		836,353
625,275	Universal Health Services, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)	3.79%		10/31/2025		627,882
656,641	US Anesthesia Partners, Inc., Senior Secured 1st Lien Term Loan	5.04%	±	06/24/2024		640,842
1,200,000	US Foods, Inc., Senior Secured First Lien Term Loan	4.14%	±	09/13/2026		1,205,754
1,254,502	USIC Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)	5.29%		12/08/2023		1,246,662
	Vantage Specialty Chemicals, Inc., Senior Secured First Lien Term Loan
38,300	(3 Month LIBOR USD + 3.50%, 1.00% Floor)	5.76%		10/28/2024		35,619
919,208	(3 Month LIBOR USD + 3.50%, 1.00% Floor)	5.54%		10/28/2024		854,863
2,047,000	Verscend Holding Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)	6.54%		08/27/2025		2,057,665
1,629,060	Vertafore, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.29%		07/02/2025		1,586,305
1,779,644	VICI Properties 1 LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)	4.05%		12/20/2024		1,786,504
678,764	Victory Capital Holdings, Inc., Senior Secured First Lien Term Loan	5.35%	±	07/01/2026		682,582
500,000	Virgin Media Bristol LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	4.53%		01/15/2026		500,913
	Vistra Operations Company LLC, Senior Secured First Lien Term Loan
1,257,749	(1 Month LIBOR USD + 2.00%)	4.02%		12/31/2025		1,262,906
1,886,624	(1 Month LIBOR USD + 2.00%)	4.04%		12/31/2025		1,894,359
398,000	Vizient, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.54%		05/06/2026		400,637
1,345,000	Wand NewCo 3, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)	5.54%		02/05/2026		1,353,406
801,356	Web.Com Group, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	5.78%		10/10/2025		789,677
700,000	Whatabrands LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%)	5.52%		08/03/2026		704,029
1,904,909	Wink Holdco, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)	5.04%		12/02/2024		1,878,726
1,890,597	WP CPP Holdings LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.75%, 1.00% Floor)	6.01%		04/30/2025		1,895,919
2,145,000	Zelis Cost Management Buyer, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.75%)	6.79%		09/25/2026		2,131,594
Total Bank Loans (Cost $324,464,506)						317,687,745
Collateralized Loan Obligations - 2.8%
875,000	Adams Mill Ltd., Series2014-1A-D1 (3 Month LIBOR USD + 3.50%)	5.80%	^	07/15/2026		875,213
1,000,000	AIMCO, Series2018-AA-D (3 Month LIBOR USD + 2.55%)	4.85%	^	04/17/2031		916,080
3,000,000	ALM LLC, Series2013-7RA-CR (3 Month LIBOR USD + 4.04%)	6.34%	^	10/15/2028		3,001,381
3,800,000	ALM LLC, Series2013-8A-CR (3 Month LIBOR USD + 3.95%, 3.95% Floor)	6.25%	^	10/15/2028		3,801,910
7,500,000	Anchorage Capital LLC, Series2019-13A-B (3 Month LIBOR USD + 2.00%, 2.00% Floor)	4.49%	^	04/15/2032		7,515,240
1,000,000	Apidos Ltd., Series2013-12A-DR (3 Month LIBOR USD + 2.60%)	4.90%	^	04/15/2031		941,750
189,458	Apidos Ltd., Series2013-16A-A1R (3 Month LIBOR USD + 0.98%)	3.28%	^	01/19/2025		189,579
2,950,000	Apidos Ltd., Series2013-16A-BR (3 Month LIBOR USD + 1.95%)	4.25%	^	01/19/2025		2,955,505
1,500,000	Apidos Ltd., Series2015-20A-CR (3 Month LIBOR USD + 2.95%)	5.27%	^	07/16/2031		1,458,765
5,000,000	Atrium Corporation, Series9A-DR (3 Month LIBOR USD + 3.60%)	5.74%	^	05/28/2030		5,003,236
4,500,000	Avery Point Ltd., Series2015-7A-DR (3 Month LIBOR USD + 3.60%)	5.90%	^	01/15/2028		4,494,598
5,000,000	Babson Ltd., Series2015-2A-DR (3 Month LIBOR USD + 2.95%)	5.23%	^	10/20/2030		4,831,702
3,400,000	Babson Ltd., Series2015-IA-DR (3 Month LIBOR USD + 2.60%, 2.60% Floor)	4.88%	^	01/20/2031		3,168,226
3,250,000	Babson Ltd., Series2017-1A-D (3 Month LIBOR USD + 3.60%)	5.90%	^	07/18/2029		3,251,532
2,000,000	Barings Ltd., Series2018-1A-C (3 Month LIBOR USD + 2.60%)	4.90%	^	04/15/2031		1,876,903
5,100,000	Barings Ltd., Series2018-3A-D (3 Month LIBOR USD + 2.90%)	5.18%	^	07/20/2029		4,846,204
2,000,000	Barings Ltd., Series2018-4A-D (3 Month LIBOR USD + 2.90%, 2.90% Floor)	5.20%	^	10/15/2030		1,926,106

3,000,000	Barings Ltd., Series2019-1A-D (3 Month LIBOR USD + 3.85%, 3.85% Floor)	6.15%	^	04/15/2031	3,001,573
2,250,000	Barings Ltd., Series2019-2A-C (3 Month LIBOR USD + 3.85%, 3.85% Floor)	6.15%	^	04/15/2031	2,252,827
3,000,000	BlueMountain Ltd., Series2013-1A-CR (3 Month LIBOR USD + 4.15%)	6.43%	^	01/20/2029	2,917,525
4,000,000	BlueMountain Ltd., Series2015-3A-CR (3 Month LIBOR USD + 2.60%)	4.88%	^	04/20/2031	3,691,216
2,000,000	BlueMountain Ltd., Series2016-3A-DR (3 Month LIBOR USD + 3.10%, 3.10% Floor)	5.26%	^	11/15/2030	1,916,510
2,000,000	Bristol Park Ltd., Series2016-1A-D (3 Month LIBOR USD + 4.10%)	6.40%	^	04/15/2029	2,001,061
4,500,000	Canyon Capital Ltd., Series2012-1RA-D (3 Month LIBOR USD + 3.00%)	5.30%	^	07/15/2030	4,344,201
2,750,000	Canyon Capital Ltd., Series2014-1A-CR (3 Month LIBOR USD + 2.75%, 2.75% Floor)	5.02%	^	01/30/2031	2,555,044
1,500,000	Canyon Capital Ltd., Series2014-2A-DR (3 Month LIBOR USD + 3.65%)	5.95%	^	04/15/2029	1,500,539
3,000,000	Canyon Capital Ltd., Series2016-1A-DR (3 Month LIBOR USD + 2.80%)	5.10%	^	07/15/2031	2,846,374
1,500,000	Canyon Capital Ltd., Series2017-1A-D (3 Month LIBOR USD + 3.60%)	5.90%	^	07/15/2030	1,501,946
4,000,000	Canyon Capital Ltd., Series2018-1A-D (3 Month LIBOR USD + 2.90%, 2.90% Floor)	5.20%	^	07/15/2031	3,815,980
2,500,000	Carlyle US Ltd., Series2016-4A-CR (3 Month LIBOR USD + 2.80%, 2.80% Floor)	5.08%	^	10/20/2027	2,365,705
10,000,000	CBAM Ltd., Series2019-10A-A1A (3 Month LIBOR USD + 1.42%, 1.42% Floor)	3.99%	^	04/20/2032	10,050,957
3,250,000	Cook Park Ltd., Series2018-1A-D (3 Month LIBOR USD + 2.60%)	4.90%	^	04/17/2030	3,064,734
2,150,000	CRMN Mortgage Trust, Series2016-1A-C (3 Month LIBOR USD + 3.85%)	6.15%	^	01/18/2029	2,150,746
10,000,000	CVP Ltd., Series2017-1A-A (3 Month LIBOR USD + 1.34%)	3.62%	^	07/20/2030	10,000,963
10,000,000	Dryden Senior Loan Fund, Series2014-33A-DR2 (3 Month LIBOR USD + 3.85%, 3.85% Floor)	6.15%	^	04/15/2029	10,020,344
3,000,000	Dryden Senior Loan Fund, Series2015-40A-DR (3 Month LIBOR USD + 3.10%, 3.10% Floor)	5.26%	^	08/15/2031	2,937,746
2,200,000	Dryden Senior Loan Fund, Series2016-43A-DRR (3 Month LIBOR USD + 3.55%, 3.55% Floor)	5.83%	^	07/20/2029	2,206,749
2,000,000	Dryden Senior Loan Fund, Series2018-57A-D (3 Month LIBOR USD + 2.55%, 2.55% Floor)	4.71%	^	05/15/2031	1,868,811
10,000,000	Elmwood Ltd., Series2019-2A-B (3 Month LIBOR USD + 2.10%, 2.10% Floor)	4.65%	^	04/20/2031	9,999,153
2,250,000	Fillmore Park Ltd., Series2018-1A-D (3 Month LIBOR USD + 2.90%)	5.20%	^	07/15/2030	2,164,945
2,000,000	Gilbert Park Ltd., Series2017-1A-D (3 Month LIBOR USD + 2.95%)	5.25%	^	10/15/2030	1,940,914
4,000,000	Gilbert Park Ltd., Series2017-1A-E (3 Month LIBOR USD + 6.40%)	8.70%	^	10/15/2030	3,902,001
2,000,000	GoldenTree Loan Management Ltd., Series2017-1A-D (3 Month LIBOR USD + 3.35%)	5.63%	^	04/20/2029	2,002,619
5,000,000	GoldenTree Loan Management Ltd., Series2018-3A-D (3 Month LIBOR USD + 2.85%)	5.13%	^	04/20/2030	4,807,679
3,500,000	GoldenTree Loan Opportunities Ltd., Series2015-11A-DR2 (3 Month LIBOR USD + 2.40%)	4.70%	^	01/18/2031	3,265,429
2,000,000	Grippen Park Ltd., Series2017-1A-D (3 Month LIBOR USD + 3.30%)	5.58%	^	01/20/2030	1,986,284
740,000	Halcyon Loan Advisors Funding Ltd., Series2013-2A-C (3 Month LIBOR USD + 2.70%)	4.95%	^	08/01/2025	739,582
1,500,000	Halcyon Loan Advisors Funding Ltd., Series2014-3A-D (3 Month LIBOR USD + 3.65%)	5.93%	^	10/22/2025	1,492,529
5,000,000	Hayfin Kingsland Ltd., Series2018-9A-BR (3 Month LIBOR USD + 1.80%)	4.06%	^	04/28/2031	4,932,601
9,250,000	Hayfin Kingsland Ltd., Series2019-1A-B1 (3 Month LIBOR USD + 2.25%, 2.25% Floor)	4.87%	^	04/28/2031	9,247,302
1,481,500	Highbridge Loan Management Ltd., Series4A-2014-A2R (3 Month LIBOR USD + 1.50%)	3.76%	^	01/28/2030	1,462,981
2,500,000	Highbridge Loan Management Ltd., Series8A-2016-DR (3 Month LIBOR USD + 2.90%, 2.90% Floor)	5.18%	^	07/20/2030	2,340,819
1,500,000	HPS Loan Management Ltd., Series13A-18-D (3 Month LIBOR USD + 3.00%, 3.00% Floor)	5.30%	^	10/15/2030	1,389,200
4,000,000	LCM LP, Series14A-DR (3 Month LIBOR USD + 2.75%)	5.03%	^	07/20/2031	3,745,335
2,000,000	LCM LP, Series19A-D (3 Month LIBOR USD + 3.45%, 3.45% Floor)	5.75%	^	07/15/2027	2,000,177
2,000,000	LCM LP, Series20A-DR (3 Month LIBOR USD + 2.80%, 2.80% Floor)	5.08%	^	10/20/2027	1,907,940
3,250,000	LCM Ltd., Series28A-D (3 Month LIBOR USD + 2.95%, 2.95% Floor)	5.23%	^	10/20/2030	3,082,292
4,000,000	LCM Ltd., Series30A-D, Series0-30A-D (3 Month LIBOR USD + 3.75%, 3.75% Floor)	6.32%	^	04/20/2031	4,002,223
4,000,000	Madison Park Funding Ltd., Series2014-14A-DRR (3 Month LIBOR USD + 2.95%, 2.95% Floor)	5.23%	^	10/22/2030	3,865,755
2,000,000	Madison Park Funding Ltd., Series2014-15A-CR (3 Month LIBOR USD + 3.45%)	5.71%	^	01/27/2026	2,005,696
1,250,000	Madison Park Funding Ltd., Series2014-15A-DR (3 Month LIBOR USD + 5.44%)	7.70%	^	01/27/2026	1,242,951
1,000,000	Madison Park Funding Ltd., Series2015-16A-D (3 Month LIBOR USD + 5.50%)	7.78%	^	04/20/2026	991,248
5,000,000	Madison Park Funding Ltd., Series2015-18A-DR (3 Month LIBOR USD + 2.95%)	5.23%	^	10/21/2030	4,794,239
3,750,000	Madison Park Funding Ltd., Series2019-34A-D (3 Month LIBOR USD + 3.70%, 3.70% Floor)	6.28%	^	04/25/2031	3,738,187
4,000,000	Magnetite Ltd., Series2015-14RA-D (3 Month LIBOR USD + 2.85%)	5.15%	^	10/18/2031	3,848,299
1,500,000	Magnetite Ltd., Series2016-18A-DR (3 Month LIBOR USD + 2.70%)	4.86%	^	11/15/2028	1,477,455
2,500,000	Marble Point Ltd., Series2017-1A-B (3 Month LIBOR USD + 1.80%)	4.10%	^	10/15/2030	2,490,608
2,000,000	MDPK, Series2018-32A-D (3 Month LIBOR USD + 4.10%, 4.10% Floor)	6.38%	^	01/22/2031	2,002,006
1,000,000	Myers Park Ltd., Series2018-1A-D (3 Month LIBOR USD + 3.05%, 3.05% Floor)	5.33%	^	10/20/2030	970,952
3,500,000	Neuberger Berman Loan Advisers Ltd., Series2016-23A-DR (3 Month LIBOR USD + 2.90%, 2.90% Floor)	5.20%	^	10/17/2027	3,319,808
2,500,000	Neuberger Berman Loan Advisers Ltd., Series2018-29A-D (3 Month LIBOR USD + 3.10%, 3.10% Floor)	5.40%	^	10/19/2031	2,351,872
2,000,000	Neuberger Berman Loan Advisers Ltd., Series2019-32A-D (3 Month LIBOR USD + 3.85%, 3.85% Floor)	6.15%	^	01/19/2032	1,995,417
4,000,000	Newark BSL Ltd., Series2016-1A-C (3 Month LIBOR USD + 4.00%)	6.26%	^	12/21/2029	4,002,231
2,000,000	Newark BSL Ltd., Series2017-1A-C (3 Month LIBOR USD + 3.65%)	5.93%	^	07/25/2030	1,995,386
6,000,000	Oak Hill Credit Partners Ltd., Series2014-10RA-D (3 Month LIBOR USD + 3.15%, 3.15% Floor)	5.43%	^	12/12/2030	5,768,505
5,600,000	Octagon Investment Partners Ltd., Series2012-1A-CR (3 Month LIBOR USD + 4.00%)	6.30%	^	07/15/2029	5,561,378
2,000,000	Octagon Investment Partners Ltd., Series2013-1A-DR (3 Month LIBOR USD + 3.00%, 3.00% Floor)	5.30%	^	07/17/2030	1,904,243
6,900,000	Octagon Investment Partners Ltd., Series2013-1A-DR (3 Month LIBOR USD + 3.70%)	6.00%	^	07/19/2030	6,805,125
2,250,000	Octagon Investment Partners Ltd., Series2014-1A-CRR (3 Month LIBOR USD + 3.95%, 3.95% Floor)	6.13%	^	02/14/2031	2,246,752
2,500,000	Octagon Investment Partners Ltd., Series2014-1A-ERR (3 Month LIBOR USD + 5.45%, 5.45% Floor)	7.73%	^	01/22/2030	2,235,341
2,193,659	Octagon Investment Partners Ltd., Series2016-1A-D (3 Month LIBOR USD + 4.25%)	6.53%	^	01/24/2028	2,194,753
10,000,000	Octagon Investment Partners Ltd., Series2016-1A-DR (3 Month LIBOR USD + 2.95%)	5.25%	^	07/15/2030	9,526,014
4,000,000	Octagon Investment Partners Ltd., Series2017-1A-C (3 Month LIBOR USD + 3.50%)	5.78%	^	03/17/2030	4,002,664
1,760,000	Octagon Investment Partners Ltd., Series2017-1A-D (3 Month LIBOR USD + 6.20%)	8.48%	^	03/17/2030	1,684,551
2,500,000	Octagon Investment Partners Ltd., Series2018-2A-C (3 Month LIBOR USD + 2.85%)	5.13%	^	07/25/2030	2,355,668
2,000,000	OHA Credit Funding Ltd., Series2018-1A-D (3 Month LIBOR USD + 3.05%, 3.05% Floor)	5.33%	^	10/20/2030	1,934,107
10,000,000	Stewart Park Ltd., Series2015-1A-DR (3 Month LIBOR USD + 2.60%, 2.60% Floor)	4.90%	^	01/15/2030	9,375,000
3,000,000	Symphony Ltd., Series2015-16A-DR (3 Month LIBOR USD + 3.05%, 3.05% Floor)	5.35%	^	10/15/2031	2,916,165
2,500,000	Symphony Ltd., Series2016-17A-DR (3 Month LIBOR USD + 2.65%)	4.95%	^	04/15/2028	2,459,037
2,387,318	Taconic Park Ltd., Series2016-1A-C (3 Month LIBOR USD + 4.05%)	6.33%	^	01/20/2029	2,348,255
2,000,000	Thacher Park Ltd., Series2014-1A-D1R (3 Month LIBOR USD + 3.40%)	5.68%	^	10/20/2026	2,002,836
1,000,000	VERDE, Series2019-1A-D (3 Month LIBOR USD + 3.80%, 3.80% Floor)	6.36%	^	04/15/2032	1,001,598
3,000,000	Voya Ltd., Series2014-1A-CR2 (3 Month LIBOR USD + 2.80%)	5.10%	^	04/18/2031	2,812,150
2,000,000	Voya Ltd., Series2017-3A-C (3 Month LIBOR USD + 3.55%)	5.83%	^	07/20/2030	2,000,670
4,000,000	Voya Ltd., Series2018-2A-D (3 Month LIBOR USD + 2.75%, 2.75% Floor)	5.05%	^	07/15/2031	3,808,215
10,250,000	Wellfleet Ltd., Series2018-3A-A1A (3 Month LIBOR USD + 1.25%, 1.25% Floor)	3.53%	^	01/20/2032	10,269,956
2,250,000	Wind River Ltd., Series2014-1A-DRR (3 Month LIBOR USD + 3.00%, 3.00% Floor)	5.30%	^	07/18/2031	2,069,478
1,000,000	Wind River Ltd., Series2014-2A-ER (3 Month LIBOR USD + 5.75%, 5.75% Floor)	8.05%	^	01/15/2031	857,500
3,000,000	Wind River Ltd., Series2016-1A-DR (3 Month LIBOR USD + 2.85%)	5.15%	^	07/15/2028	2,849,324
3,000,000	Wind River Ltd., Series2017-1A-D (3 Month LIBOR USD + 3.75%)	6.05%	^	04/18/2029	3,004,255
3,000,000	Wind River Ltd., Series2017-3A-D (3 Month LIBOR USD + 3.15%)	5.45%	^	10/15/2030	2,863,726
4,000,000	Wind River Ltd., Series2018-1A-D (3 Month LIBOR USD + 2.90%)	5.20%	^	07/15/2030	3,704,872
2,500,000	Wind River Ltd., Series2018-2A-D (3 Month LIBOR USD + 3.00%)	5.30%	^	07/15/2030	2,328,765
3,000,000	Wind River Ltd., Series2018-3A-D (3 Month LIBOR USD + 2.95%, 2.95% Floor)	5.23%	^	01/20/2031	2,828,319
10,000,000	Wind River Ltd., Series2019-3A-B (3 Month LIBOR USD + 2.10%)	4.60%	^	04/15/2031	10,011,204
Total Collateralized Loan Obligations (Cost $359,819,072)					351,300,022
Foreign Corporate Bonds - 12.8%
3,900,000	Adani Ports & Special Economic Zone Ltd.	3.95%		01/19/2022	3,993,844
437,000	Adecoagro S.A.	6.00%		09/21/2027	420,613
16,915,000	AerCap Global Aviation Trust	3.50%		01/15/2025	17,275,322
200,000	Aeropuerto Internacional de Tocumen S.A.	5.63%		05/18/2036	235,002
6,200,000	AES Andres B.V.	7.95%	^	05/11/2026	6,626,250
5,850,000	AES Dominicana	7.95%		05/11/2026	6,252,188
500,000	AES Gener S.A.	5.00%		07/14/2025	523,812
9,300,000	AES Gener S.A. (5 Year Swap Rate USD + 4.64%)	7.13%	^	03/26/2079	9,776,625
3,900,000	AES Gener S.A. (5 Year Swap Rate USD + 4.64%)	7.13%		03/26/2079	4,099,875
4,250,000	AI Candelaria Spain SLU	7.50%	^	12/15/2028	4,839,730
5,700,000	AI Candelaria Spain SLU	7.50%		12/15/2028	6,490,932
1,700,000	AJE Corporation B.V.	6.50%		05/14/2022	1,621,375
1,170,000	Aker BP ASA	4.75%	^	06/15/2024	1,224,990
2,600,000	Alcoa Nederland Holding B.V.	6.13%	^	05/15/2028	2,775,240
2,275,000	Altice France S.A.	7.38%	^	05/01/2026	2,447,809
700,000	Altice Luxembourg S.A.	7.75%	^	05/15/2022	716,625
600,000	America Movil S.A.B. de C.V.	5.00%		03/30/2020	607,898
14,120,000	Anglo American Capital PLC	4.50%	^	03/15/2028	15,005,863
1,945,000	Ardagh Packaging Finance, Inc.	6.00%	^	02/15/2025	2,038,554
490,000	Ardagh Packaging Finance, Inc.	4.13%	^	08/15/2026	494,287
975,000	Ardagh Packaging Finance, Inc.	5.25%	^	08/15/2027	989,625
15,967,000	AstraZeneca PLC	2.38%		06/12/2022	16,090,201
1,775,000	Avation Capital S.A.	6.50%	^	05/15/2021	1,846,000
2,305,000	Avolon Holdings Funding Ltd.	5.25%	^	05/15/2024	2,473,726
10,955,000	Avolon Holdings Funding Ltd.	3.95%	^	07/01/2024	11,250,237
9,000,000	Axiata SPV2 BHD	3.47%		11/19/2020	9,098,116
18,986,000	Banco BTG Pactual S.A. (5 Year CMT Rate + 5.26%)	7.75%	^	02/15/2029	19,840,370

5,000,000	Banco de Credito e Inversiones	4.00%		02/11/2023	5,244,493
1,000,000	Banco de Reservas de la Republica Dominicana	7.00%	^	02/01/2023	1,051,260
4,100,000	Banco de Reservas de la Republica Dominicana	7.00%		02/01/2023	4,310,166
1,000,000	Banco del Estado de Chile	2.67%	^	01/08/2021	1,000,753
20,300,000	Banco do Brasil S.A. (10 Year CMT Rate + 4.40%)	6.25%	†	04/15/2024	20,046,250
1,705,000	Banco General S.A.	4.13%		08/07/2027	1,793,455
800,000	Banco GNB Sudameris S.A. (5 Year CMT Rate + 4.56%)	6.50%		04/03/2027	827,008
7,000,000	Banco International del Peru S.A.A.	5.75%		10/07/2020	7,227,570
1,000,000	Banco International del Peru S.A.A. (3 Month LIBOR USD + 6.74%)	8.50%		04/23/2070	1,032,510
10,203,000	Banco Macro S.A. (5 Year Swap Rate USD + 5.46%)	6.75%		11/04/2026	7,065,578
2,247,000	Banco Macro S.A. (5 Year Swap Rate USD + 5.46%)	6.75%	^	11/04/2026	1,556,047
2,521,000	Banco Mercantil de Norte (10 Year CMT Rate + 5.47%)	7.50%	^†	06/27/2029	2,561,966
13,423,000	Banco Mercantil del Norte S.A. (10 Year CMT Rate + 5.35%)	7.63%	†	01/10/2028	13,741,930
1,000,000	Banco Mercantil del Norte S.A. (10 Year CMT Rate + 5.47%)	7.50%	†	06/27/2029	1,016,250
2,500,000	Banco Mercantil del Norte S.A. (5 Year CMT Rate + 4.45%)	5.75%		10/04/2031	2,509,400
6,100,000	Banco Mercantil del Norte S.A. (5 Year CMT Rate + 5.04%)	6.88%	†	07/06/2022	6,145,750
800,000	Banco Nacional de Comercio Exterior S.N.C. (5 Year CMT Rate + 3.00%) (5 Year CMT Rate + 3.00%)	3.80%		08/11/2026	811,008
2,293,000	Banco Nacional de Costa Rica	5.88%	^	04/25/2021	2,337,163
300,000	Banco Santander	3.88%		09/20/2022	312,588
13,400,000	Banco Santander (3 Month LIBOR USD + 1.09%)	3.24%		02/23/2023	13,411,497
5,600,000	Banco Santander (5 Year CMT Rate + 3.00%)	5.95%	^	10/01/2028	6,018,600
1,000,000	Bancolombia S.A.	6.13%		07/26/2020	1,027,760
4,314,000	Bancolombia S.A.	5.13%		09/11/2022	4,545,921
5,942,000	Bancolombia S.A. (5 Year CMT Rate + 2.93%)	4.88%		10/18/2027	6,127,687
2,500,000	Banistmo S.A.	3.65%	^	09/19/2022	2,521,900
2,000,000	Banistmo S.A.	3.65%		09/19/2022	2,017,520
12,510,000	Bank of Montreal (5 Year Swap Rate USD + 1.43%)	3.80%		12/15/2032	12,985,755
16,320,000	Bank of New Zealand	3.50%	^	02/20/2024	17,103,818
12,070,000	Bank of Nova Scotia	3.40%		02/11/2024	12,609,122
1,250,000	Bantrab Senior Trust	9.00%		11/14/2020	1,290,950
17,510,000	Barclays PLC (3 Month LIBOR USD + 1.38%)	3.55%		05/16/2024	17,433,550
1,800,000	BBVA Banco Continental S.A.	5.00%		08/26/2022	1,923,300
22,896,000	BBVA Bancomer S.A. (5 Year CMT Rate + 2.65%)	5.13%		01/18/2033	21,894,300
1,200,000	BBVA Bancomer S.A. (5 Year CMT Rate + 3.00%)	5.35%		11/12/2029	1,197,012
700,000	BBVA Bancomer S.A. (5 Year CMT Rate + 4.31%)	5.88%	^	09/13/2034	697,375
1,600,000	BBVA Colombia S.A.	4.88%		04/21/2025	1,718,000
1,000,000	BDO Unibank, Inc.	2.63%		10/24/2021	1,004,269
16,900,000	BDO Unibank, Inc.	2.95%		03/06/2023	17,143,703
2,100,000	Bharat Petroleum Corporation Ltd.	4.63%		10/25/2022	2,215,374
11,900,000	Bharti Airtel Ltd.	5.13%		03/11/2023	12,539,283
7,300,000	Bharti Airtel Ltd.	4.38%		06/10/2025	7,562,187
16,195,000	BNP Paribas S.A.	3.38%	^	01/09/2025	16,759,976
13,405,000	BOC Aviation Ltd. (3 Month LIBOR USD + 1.13%)	3.24%	^	09/26/2023	13,477,052
1,010,000	Bombardier, Inc.	6.00%	^	10/15/2022	1,013,787
1,120,000	Bombardier, Inc.	7.88%	^	04/15/2027	1,118,152
11,000,000	BPRL International Singapore Pte Ltd.	4.38%		01/18/2027	11,778,152
200,000	Braskem Finance Ltd.	6.45%		02/03/2024	221,250
2,450,000	C&W Senior Financing DAC	7.50%		10/15/2026	2,590,875
4,800,000	C&W Senior Financing DAC	7.50%	^	10/15/2026	5,076,000
15,500,000	C&W Senior Financing DAC	6.88%		09/15/2027	16,120,000
2,330,000	Camelot Finance S.A.	7.88%	^	10/15/2024	2,434,850
1,200,000	Canacol Energy Ltd.	7.25%	^	05/03/2025	1,274,100
11,400,000	Canacol Energy Ltd.	7.25%		05/03/2025	12,103,950
1,500,000	Celulosa Arauco y Constitucion S.A.	4.75%		01/11/2022	1,561,875
5,500,000	Celulosa Arauco y Constitucion S.A.	5.50%	^	04/30/2049	6,111,875
7,021,000	Cenovus Energy, Inc.	5.40%		06/15/2047	7,921,634
4,921,000	CIMPOR Financial Operations B.V.	5.75%		07/17/2024	3,703,053
5,000,000	CK Hutchison International Ltd.	3.50%	^	04/05/2027	5,254,237
15,800,000	CNOOC Finance Ltd.	3.75%		05/02/2023	16,459,765
6,700,000	CNOOC Finance Ltd.	3.50%		05/05/2025	6,995,262
900,000	CNPC General Capital Ltd.	3.95%		04/19/2022	932,234
2,000,000	CNPC Overseas Capital Ltd.	4.50%		04/28/2021	2,061,802
1,900,000	Colombia Telecomunicaciones S.A. (5 Year Swap Rate USD + 6.96%)	8.50%	†	03/30/2020	1,954,625
4,100,000	Comcel Trust	6.88%		02/06/2024	4,233,250
22,873,500	Cometa Energia S.A. de C.V.	6.38%		04/24/2035	24,417,461
14,755,000	Commonwealth Bank of Australia	4.32%	^	01/10/2048	16,286,033
6,000,000	Controladora Mabe S.A. de C.V.	5.60%		10/23/2028	6,480,060
6,610,000	Cosan Overseas Ltd.	8.25%	†	11/05/2019	6,857,941
15,665,000	Credit Agricole S.A.	3.75%	^	04/24/2023	16,384,005
15,120,000	Credit Suisse Group AG (3 Month LIBOR USD + 1.24%)	3.37%	^	06/12/2024	15,225,380
9,000,000	Credito Real S.A.B. de C.V.	9.50%	^	02/07/2026	10,395,000
6,550,000	Credito Real S.A.B. de C.V. (5 Year CMT Rate + 7.03%)	9.13%	†	11/29/2022	6,746,566
5,393,000	CSN Islands Corporation	7.00%	†	12/23/2019	4,722,300
4,900,000	CSN Resources S.A.	7.63%		02/13/2023	5,126,625
500,000	CSN Resources S.A.	7.63%		04/17/2026	520,058
6,800,000	CSN Resources S.A.	7.63%	^	04/17/2026	7,072,782
3,200,000	DBS Group Holdings Ltd. (3 Month LIBOR USD + 0.62%)	2.90%		07/25/2022	3,214,898
2,000,000	DBS Group Holdings Ltd. (5 Year Mid Swap Rate USD + 1.59%)	4.52%		12/11/2028	2,127,692
12,650,000	DBS Group Holdings Ltd. (5 Year Swap Rate USD + 2.39%)	3.60%	†	09/07/2021	12,713,250
785,000	Delek & Avner Tamar Bond Ltd.	5.08%	^	12/30/2023	807,832
1,760,000	Delek & Avner Tamar Bond Ltd.	5.41%	^	12/30/2025	1,823,412
11,047,055	Digicel Group Two Ltd. (7.13% Cash + 2.00% PIK)	9.13%	^	04/01/2024	1,159,941
5,400,000	Docuformas SAPI de C.V.	10.25%	^	07/24/2024	5,343,030
3,000,000	ECL S.A.	5.63%		01/15/2021	3,126,905
1,000,000	Ecopetrol S.A.	5.88%		09/18/2023	1,116,000
3,000,000	El Puerto de Liverpool S.A.B. de C.V.	3.95%		10/02/2024	3,078,780
200,000	El Puerto de Liverpool S.A.B. de C.V.	3.88%		10/06/2026	203,752
5,687,000	Embotelladora Andina S.A.	5.00%		10/01/2023	6,124,951
6,200,000	Empresa de Transmision Electrica S.A.	5.13%	^	05/02/2049	7,157,125
2,985,863	Empresa Electrica Angamos S.A.	4.88%		05/25/2029	3,130,959
8,500,000	Empresa Electrica Guacolda S.A.	4.56%		04/30/2025	7,692,820
2,141,000	Empresa Nacional de Telecomunicaciones S.A.	4.88%		10/30/2024	2,268,202
2,700,000	Empresas Publicas de Medellin ESP	4.25%	^	07/18/2029	2,845,530
5,666,009	ENA Norte Trust	4.95%		04/25/2023	5,864,376
2,450,000	Energuate Trust	5.88%		05/03/2027	2,462,250
2,400,000	Engie Energia Chile S.A.	4.50%		01/29/2025	2,574,000
8,200,000	ENTEL Chile S.A.	4.75%		08/01/2026	8,671,371
1,624,000	ESAL GMBH	6.25%		02/05/2023	1,656,496
2,300,000	Export Import Bank of Thailand (3 Month LIBOR USD + 0.85%)	3.00%		05/23/2024	2,308,020
1,482,000	Export Import Bank of Thailand (3 Month LIBOR USD + 0.90%)	3.04%		11/20/2023	1,489,085
2,900,000	Export-Import Bank of India	4.00%		01/14/2023	3,017,283
2,100,000	Fideicomiso Pacifico Tres	8.25%		01/15/2035	2,394,000
2,000,000	Fondo Mivivienda S.A.	3.50%	^	01/31/2023	2,055,000
14,200,000	Fortis, Inc.	2.10%		10/04/2021	14,156,949
10,248,000	Freeport-McMoRan Copper & Gold, Inc.	5.40%		11/14/2034	9,786,840
13,252,000	Freeport-McMoRan Copper & Gold, Inc.	5.45%		03/15/2043	11,998,096
5,000,000	Fresnillo PLC	5.50%		11/13/2023	5,462,550
15,175,000	Geopark Ltd.	6.50%		09/21/2024	15,668,188
930,000	GFL Environmental, Inc.	8.50%	^	05/01/2027	1,033,462
1,600,000	Gilex Holding Sarl	8.50%	^	05/02/2023	1,722,016
4,250,000	Gilex Holding Sarl	8.50%		05/02/2023	4,574,105
3,400,000	Global Bank Corporation	4.50%		10/20/2021	3,508,392
1,500,000	Global Bank Corporation	4.50%	^	10/20/2021	1,547,820
11,550,000	Global Bank Corporation (3 Month LIBOR USD + 3.30%)	5.25%	^	04/16/2029	12,266,100
294,000	Globo Comunicacao e Participacoes S.A.	4.88%		04/11/2022	305,212
365,000	GNL Quintero S.A.	4.63%		07/31/2029	391,922
15,200,000	Gohl Capital Ltd.	4.25%		01/24/2027	15,924,457
300,000	Gran Tierra Energy International Holdings Ltd.	6.25%	^	02/15/2025	270,000

10,498,000	Gran Tierra Energy International Holdings Ltd.	6.25%		02/15/2025	9,448,200
3,500,000	Gran Tierra Energy, Inc.	7.75%	^	05/23/2027	3,298,750
200,000	Grupo Aval Ltd.	4.75%		09/26/2022	207,200
5,600,000	Grupo Bimbo S.A.B. de C.V. (5 Year CMT Rate + 3.28%)	5.95%	†	04/17/2023	5,919,200
5,000,000	Grupo Idesa S.A. de C.V.	7.88%		12/18/2020	3,675,000
2,890,000	Grupo Idesa S.A. de C.V.	7.88%	^	12/18/2020	2,124,150
3,594,123	Guanay Finance Ltd.	6.00%		12/15/2020	3,648,035
1,200,000	Guatemala Energuate Trust	5.88%	^	05/03/2027	1,206,000
2,136,000	GW Honos Security Corporation	8.75%	^	05/15/2025	2,204,566
20,130,000	HSBC Holdings PLC (3 Month LIBOR USD + 1.38%)	3.51%		09/12/2026	20,305,827
1,000,000	Hutchison Whampoa International Ltd.	3.25%		11/08/2022	1,022,833
8,000,000	Imperial Brands Finance PLC	3.50%	^	07/26/2026	8,007,882
3,908,000	Indian Oil Corporation Ltd.	5.63%		08/02/2021	4,117,352
12,867,000	Indian Oil Corporation Ltd.	5.75%		08/01/2023	14,184,093
5,084,000	Industrial Senior Trust	5.50%		11/01/2022	5,331,845
9,000,000	Inkia Energy Ltd.	5.88%		11/09/2027	9,371,340
1,025,000	Intelsat Jackson Holdings S.A.	5.50%		08/01/2023	961,347
1,485,000	Intelsat Jackson Holdings S.A.	8.50%	^	10/15/2024	1,499,390
4,142,622	Interoceanica Finance Ltd.	0.00%		11/30/2025	3,811,212
1,192,690	Invepar Holdings	0.00%	W Þ	12/30/2028	51,002
3,000,000	Inversiones CMPC S.A.	4.50%		04/25/2022	3,123,780
5,000,000	Inversiones CMPC S.A.	4.75%		09/15/2024	5,367,838
1,200,000	Israel Electric Corporation Ltd.	5.00%	^	11/12/2024	1,323,600
2,500,000	Itau Unibanco Holding S.A.	6.20%		12/21/2021	2,656,275
12,000,000	Itau Unibanco Holding S.A. (5 Year CMT Rate + 3.86%)	6.50%	†	03/19/2023	12,386,400
2,800,000	Itau Unibanco Holding S.A. (5 Year CMT Rate + 3.98%)	6.13%	†	12/12/2022	2,830,800
10,500,000	JBS Investments GMBH	7.00%	^	01/15/2026	11,355,645
2,500,000	JBS Investments GMBH	5.75%	^	01/15/2028	2,609,375
12,190,000	JSL Europe S.A.	7.75%		07/26/2024	13,135,091
1,395,000	Kronos Acquisition Holdings, Inc.	9.00%	^	08/15/2023	1,234,575
3,049,000	Latam Finance Ltd.	6.88%		04/11/2024	3,211,359
8,000,000	Latam Finance Ltd.	7.00%	^	03/01/2026	8,545,360
4,000,000	Lima Metro Finance Ltd.	5.88%		07/05/2034	4,413,700
15,040,000	Lloyds Banking Group PLC (3 Month LIBOR USD + 1.21%)	3.57%		11/07/2028	15,356,745
9,289,080	LLPL Capital Pte Ltd.	6.88%	^	02/04/2039	10,820,385
7,150,000	Macquarie Group Ltd. (3 Month LIBOR USD + 1.02%)	3.19%	^	11/28/2023	7,295,663
7,884,000	Macquarie Group Ltd. (3 Month LIBOR USD + 1.33%)	4.15%	^	03/27/2024	8,322,716
15,000,000	Malayan Banking BHD (5 Year Swap Rate USD + 2.54%)	3.91%		10/29/2026	15,266,850
2,000,000	MARB BondCo PLC	7.00%	^	03/15/2024	2,090,020
400,000	MARB BondCo PLC	7.00%		03/15/2024	418,004
15,910,000	MARB BondCo PLC	6.88%		01/19/2025	16,673,680
1,060,000	MEG Energy Corporation	7.00%	^	03/31/2024	1,028,200
7,564,590	Mexico Generadora de Energia	5.50%		12/06/2032	8,169,833
3,000,000	Millicom International Cellular S.A.	6.00%		03/15/2025	3,120,000
1,300,000	Millicom International Cellular S.A.	6.63%	^	10/15/2026	1,417,000
1,900,000	Millicom International Cellular S.A.	6.63%		10/15/2026	2,071,000
6,100,000	Millicom International Cellular S.A.	5.13%		01/15/2028	6,382,735
7,250,000	Millicom International Cellular S.A.	6.25%	^	03/25/2029	7,935,850
8,715,000	Minejesa Capital B.V.	4.63%		08/10/2030	8,990,612
6,450,000	Minejesa Capital B.V.	5.63%		08/10/2037	6,989,721
9,140,000	Minerva Luxembourg S.A.	6.50%		09/20/2026	9,541,703
8,311,000	Minerva Luxembourg S.A.	5.88%		01/19/2028	8,354,217
16,165,000	Mitsubishi UFJ Financial Group, Inc. (3 Month LIBOR USD + 0.74%)	2.88%		03/02/2023	16,170,285
2,210,000	Multibank, Inc.	4.38%		11/09/2022	2,278,532
1,000,000	NBM US Holdings, Inc.	7.00%	^	05/14/2026	1,051,875
3,890,000	New Red Finance, Inc.	5.00%	^	10/15/2025	4,028,095
1,500,000	Nexa Resources S.A.	5.38%		05/04/2027	1,596,938
14,315,000	Nutrien Ltd.	4.20%		04/01/2029	15,775,988
7,465,000	NXP Funding LLC	3.88%	^	06/18/2026	7,861,289
16,500,000	ONGC Videsh Ltd.	3.75%		07/27/2026	17,151,239
4,600,000	Orazul Energy Egenor S en C por A	5.63%		04/28/2027	4,763,875
1,700,000	Orbia Advance Corporation S.A.B. de C.V.	4.88%		09/19/2022	1,785,017
6,000,000	Oversea-Chinese Banking Corporation (5 Year Swap Rate USD + 2.20%)	4.00%		10/15/2024	6,003,836
11,900,000	Pampa Energia S.A.	7.50%		01/24/2027	9,073,750
9,603,355	Panama Metro Line SP	0.00%		12/05/2022	9,221,621
6,833,304	Panama Metro Line SP	0.00%	^	12/05/2022	6,561,680
1,160,000	Parkland Fuel Corporation	5.88%	^	07/15/2027	1,220,100
8,000,000	Pertamina Persero PT	4.30%		05/20/2023	8,432,416
14,700,000	Petrobras Global Finance B.V.	5.75%		02/01/2029	16,249,086
7,850,000	Petrobras Global Finance B.V.	6.90%		03/19/2049	9,019,650
7,800,000	Petronas Capital Ltd.	3.50%		03/18/2025	8,218,808
500,000	PSA International Ltd.	3.88%		02/11/2021	511,523
4,713,000	PTTEP Treasury Center Company Ltd. (5 Year CMT Rate + 2.72%)	4.60%	†	07/17/2022	4,829,402
8,100,000	Radiant Access Ltd.	4.60%	†	05/18/2020	7,948,125
14,500,000	Reliance Holdings, Inc.	5.40%		02/14/2022	15,419,010
9,230,000	Royal Bank of Scotland Group PLC (3 Month LIBOR USD + 1.48%)	3.50%		05/15/2023	9,357,707
5,300,000	SACI Falabella	3.75%		04/30/2023	5,458,756
12,339,000	Shire Acquisitions Investments Ireland DAC	2.88%		09/23/2023	12,594,788
10,000,000	Sinopec Group Overseas Development Ltd.	2.75%		09/29/2026	10,002,283
900,000	Sociedad Quimica y Minera S.A.	4.38%		01/28/2025	955,125
191,600	Star Energy Geothermal Wayang Windu Ltd.	6.75%	^	04/24/2033	200,265
11,965,420	Star Energy Geothermal Wayang Windu Ltd.	6.75%		04/24/2033	12,506,552
530,000	Starfruit Finco B.V.	8.00%	^	10/01/2026	531,325
2,165,000	Stars Group Holdings B.V.	7.00%	^	07/15/2026	2,311,137
9,962,809	Stoneway Capital Corporation	10.00%		03/01/2027	6,002,592
6,500,000	SUAM Finance B.V.	4.88%		04/17/2024	7,011,875
22,810,000	Sumitomo Mitsui Financial Group, Inc. (3 Month LIBOR USD + 0.74%)	3.04%		01/17/2023	22,841,704
2,805,000	Superior Plus LP	7.00%	^	07/15/2026	2,973,356
350,000	Sydney Airport Finance Company Pty Ltd.	3.63%	^	04/28/2026	365,707
550,000	Syngenta Finance N.V.	4.38%		03/28/2042	505,522
15,967,000	Syngenta Finance N.V.	5.68%		04/24/2048	16,533,052
500,000	Syngenta Finance N.V.	5.68%	^	04/24/2048	517,726
2,335,000	Takeda Pharmaceutical Company Ltd.	4.40%	^	11/26/2023	2,516,509
1,200,000	Tecnoglass, Inc.	8.20%		01/31/2022	1,299,000
2,650,000	Telefonica Celular del Paragu	5.88%	^	04/15/2027	2,842,787
4,000,000	Telefonica Chile S.A.	3.88%		10/12/2022	4,142,401
2,560,000	Telesat LLC	8.88%	^	11/15/2024	2,748,928
720,000	Telesat LLC	6.50%	^	10/15/2027	734,400
16,500,000	Temasek Financial Ltd.	2.38%		01/23/2023	16,744,346
3,350,000	Tervita Escrow Corporation	7.63%	^	12/01/2021	3,421,187
5,000,000	TransCanada PipeLines Ltd.	4.25%		05/15/2028	5,532,927
4,035,000	Transelec S.A.	4.63%		07/26/2023	4,307,403
900,000	Transelec S.A.	3.88%		01/12/2029	927,009
1,800,000	Transportadora de Gas del Peru S.A.	4.25%		04/30/2028	1,915,893
5,300,000	Unifin Financiera S.A.B. de C.V.	7.38%		02/12/2026	5,207,303
13,900,000	Unifin Financiera S.A.B. de C.V. (5 Year CMT Rate + 6.31%)	8.88%	†	01/29/2025	12,405,889
1,418,000	Union Bank of the Philippines	3.37%		11/29/2022	1,454,333
9,083,000	United Overseas Bank Ltd. (5 Year Swap Rate USD + 1.79%)	3.88%	†	10/19/2023	9,160,368
8,000,000	United Overseas Bank Ltd. (5 Year Swap Rate USD + 2.24%)	3.50%		09/16/2026	8,099,040
9,500,000	UPL Corporation	3.25%		10/13/2021	9,545,374
2,800,000	UPL Corporation Ltd.	4.50%		03/08/2028	2,907,134
5,600,000	Vedanta Resources Finance PLC	9.25%	^	04/23/2026	5,587,400
3,130,000	Vedanta Resources PLC	7.13%		05/31/2023	3,096,353
15,000,000	Vedanta Resources PLC	6.13%		08/09/2024	13,858,283
1,813,000	VTR Finance B.V.	6.88%	^	01/15/2024	1,871,923
13,129,000	VTR Finance B.V.	6.88%		01/15/2024	13,555,693
16,230,000	Westpac Banking Corporation (3 Month LIBOR USD + 0.72%)	2.88%		05/15/2023	16,333,138
9,950,000	YPF S.A.	8.50%		07/28/2025	7,860,600

4,200,000	YPF S.A.	6.95%		07/21/2027	3,218,040
1,000,000	YPF S.A.	8.50%	^	06/27/2029	795,000
Total Foreign Corporate Bonds (Cost $1,572,800,118)					1,611,834,402
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations - 1.0%
6,000,000	Chile Government International Bond	3.13%		03/27/2025	6,294,000
4,000,000	Chile Government International Bond	3.13%		01/21/2026	4,218,889
1,400,000	Colombia Government International Bond	4.50%		03/15/2029	1,559,600
1,000,000	Colombia Government International Bond	5.20%		05/15/2049	1,211,010
8,140,000	Costa Rica Government International Bond	10.00%		08/01/2020	8,577,607
4,200,000	Dominican Republic International Bond	6.40%	^	06/05/2049	4,483,542
2,000,000	Indonesia Government International Bond	4.88%		05/05/2021	2,075,962
5,400,000	Israel Government International Bond	2.88%		03/16/2026	5,691,681
8,000,000	Malaysia Sovereign Sukuk BHD	3.04%		04/22/2025	8,314,078
500,000	Malaysia Sukuk Global BHD	3.18%		04/27/2026	523,631
1,000,000	Mexico Government International Bond	4.00%		10/02/2023	1,056,275
11,621,000	Mexico Government International Bond	4.15%		03/28/2027	12,329,997
16,815,000	Mexico Government International Bond	3.75%		01/11/2028	17,348,876
8,000,000	Panama Government International Bond	4.00%		09/22/2024	8,556,000
1,825,000	Perusahaan Penerbit	3.40%		03/29/2022	1,865,424
8,614,000	Perusahaan Penerbit	3.75%		03/01/2023	8,936,034
10,000,000	Perusahaan Penerbit	4.15%	^	03/29/2027	10,720,000
3,000,000	Perusahaan Penerbit	4.15%		03/29/2027	3,216,000
14,000,000	Philippine Government International Bond	4.20%		01/21/2024	15,203,256
Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $117,404,889)					122,181,862
Municipal Bonds - 0.1%
3,290,000	Missouri Highway & Transportation Commission	5.06%		05/01/2024	3,710,166
4,430,000	State of California	7.55%		04/01/2039	7,338,295
Total Municipal Bonds (Cost $9,996,738)					11,048,461
Non-Agency Commercial Mortgage Backed Obligations - 7.3%
11,235,000	Atrium Hotel Portfolio Trust, Series2017-ATRM-E (1 Month LIBOR USD + 3.05%)	5.08%	^	12/15/2036	11,311,735
12,071,000	Atrium Hotel Portfolio Trust, Series2018-ATRM-D (1 Month LIBOR USD + 2.30%, 2.30% Floor)	4.33%	^	06/15/2035	12,143,054
2,638,666	BAMLL Commercial Mortgage Securities Trust, Series2016-ISQ-C	3.73%	# ^	08/14/2034	2,778,031
4,259,000	Bancorp Commercial Mortgage Trust, Series2019-CRE5-D (1 Month LIBOR USD + 2.35%, 2.35% Floor)	4.38%	^	03/15/2036	4,271,183
4,997,558	BANK, Series2017-BNK8-XA	0.88%	# I/O	11/15/2050	253,725
1,821,000	BANK, Series2018-BN10-B	4.08%	#	02/15/2061	1,978,715
405,000	BANK, Series2018-BN13-B	4.69%	#	08/15/2061	457,844
2,511,000	BANK, Series2019-BN17-C	4.67%	#	04/15/2052	2,781,997
1,508,000	Barclays Commercial Mortgage Securities LLC, Series2017-DELC-C (1 Month LIBOR USD + 1.20%)	3.23%	^	08/15/2036	1,504,892
1,719,000	Barclays Commercial Mortgage Securities LLC, Series2017-DELC-D (1 Month LIBOR USD + 1.70%)	3.73%	^	08/15/2036	1,723,055
3,464,000	Barclays Commercial Mortgage Securities LLC, Series2017-DELC-E (1 Month LIBOR USD + 2.50%)	4.53%	^	08/15/2036	3,475,858
3,451,000	Barclays Commercial Mortgage Securities LLC, Series2017-DELC-F (1 Month LIBOR USD + 3.50%)	5.53%	^	08/15/2036	3,468,458
14,174,000	Barclays Commercial Mortgage Trust, Series2019-C3-AS	3.90%		05/15/2052	15,702,113
13,951,000	Barclays Commercial Mortgage Trust, Series2019-C3-B	4.10%		05/15/2052	15,324,155
3,775,000	Bear Stearns Commercial Mortgage Securities, Inc., Series2007-T26-AJ	5.57%	#	01/12/2045	3,293,605
8,011,000	BENCHMARK Mortgage Trust, Series2019-B10-C	3.75%		03/15/2062	8,393,927
11,000,000	BHMS Trust, Series2018-ATLS-C (1 Month LIBOR USD + 1.90%, 1.90% Floor)	3.93%	^	07/15/2035	11,039,457
3,283,000	BX Commercial Mortgage Trust, Series2018-BIOA-D (1 Month LIBOR USD + 1.32%, 1.35% Floor)	3.35%	^	03/15/2037	3,296,210
8,207,000	BX Commercial Mortgage Trust, Series2018-BIOA-E (1 Month LIBOR USD + 1.95%, 1.98% Floor)	3.98%	^	03/15/2037	8,245,675
3,163,700	BX Trust, Series2017-SLCT-D (1 Month LIBOR USD + 2.05%)	4.08%	^	07/15/2034	3,167,619
5,361,800	BX Trust, Series2017-SLCT-E (1 Month LIBOR USD + 3.15%)	5.18%	^	07/15/2034	5,395,277
11,731,000	BX Trust, Series2018-MCSF-F (1 Month LIBOR USD + 2.65%, 2.65% Floor)	4.67%	^	04/15/2035	11,820,988
1,564,000	Caesars Palace Las Vegas Trust, Series2017-VICI-D	4.50%	# ^	10/15/2034	1,639,249
4,617,000	Caesars Palace Las Vegas Trust, Series2017-VICI-E	4.50%	# ^	10/15/2034	4,785,124
72,863,704	CFCRE Commercial Mortgage Trust, Series2016-C3-XA	1.19%	# I/O	01/10/2048	3,980,267
3,267,000	CFCRE Commercial Mortgage Trust, Series2017-C8-B	4.20%	#	06/15/2050	3,569,895
2,304,000	CFCRE Commercial Mortgage Trust, Series2018-TAN-C	5.29%	^	02/15/2033	2,469,291
11,498,000	CGGS Commercial Mortgage Trust, Series2018-WSS-D (1 Month LIBOR USD + 2.30%, 2.30% Floor)	4.33%	^	02/15/2037	11,503,045
7,196,000	CHT Mortgage Trust, Series2017-CSMO-E (1 Month LIBOR USD + 3.00%, 3.00% Floor)	5.03%	^	11/15/2036	7,230,770
3,838,000	CHT Mortgage Trust, Series2017-CSMO-F (1 Month LIBOR USD + 3.74%, 3.74% Floor)	5.77%	^	11/15/2036	3,862,735
7,440,811	Citigroup Commercial Mortgage Trust, Series2012-GC8-XA	1.93%	# ^ I/O	09/10/2045	315,649
1,898,500	Citigroup Commercial Mortgage Trust, Series2015-GC27-D	4.57%	# ^	02/10/2048	1,817,389
4,016,904	Citigroup Commercial Mortgage Trust, Series2015-GC27-XA	1.52%	# I/O	02/10/2048	227,198
7,840,000	Citigroup Commercial Mortgage Trust, Series2015-GC35-C	4.65%	#	11/10/2048	8,307,515
72,253,396	Citigroup Commercial Mortgage Trust, Series2015-GC35-XA	1.01%	# I/O	11/10/2048	2,573,760
6,030,000	Citigroup Commercial Mortgage Trust, Series2016-GC36-D	2.85%	^	02/10/2049	5,271,370
45,277,766	Citigroup Commercial Mortgage Trust, Series2016-P3-XA	1.85%	# I/O	04/15/2049	3,557,062
8,530,000	Citigroup Commercial Mortgage Trust, Series2016-P4-A4	2.90%		07/10/2049	8,860,574
44,501,067	Citigroup Commercial Mortgage Trust, Series2016-P4-XA	2.14%	# I/O	07/10/2049	4,384,957
82,520,548	Citigroup Commercial Mortgage Trust, Series2016-P5-XA	1.67%	# I/O	10/10/2049	6,178,916
6,303,000	Citigroup Commercial Mortgage Trust, Series2016-P6-A5	3.72%	#	12/10/2049	6,883,514
9,490,000	Citigroup Commercial Mortgage Trust, Series2017-C4-B	4.10%	#	10/12/2050	10,265,877
321,000	Citigroup Commercial Mortgage Trust, Series2018-B2-B	4.28%	#	03/10/2051	352,967
1,977,000	Citigroup Commercial Mortgage Trust, Series2018-C5-C	4.88%	#	06/10/2051	2,158,232
3,224,000	CLNS Trust, Series2017-IKPR-D (1 Month LIBOR USD + 2.05%, 2.05% Floor)	4.10%	^	06/11/2032	3,225,986
3,224,000	CLNS Trust, Series2017-IKPR-E (1 Month LIBOR USD + 3.50%, 3.50% Floor)	5.55%	^	06/11/2032	3,234,708
3,224,000	CLNS Trust, Series2017-IKPR-F (1 Month LIBOR USD + 4.50%, 4.50% Floor)	6.55%	^	06/11/2032	3,245,698
21,974,118	Commercial Mortgage Pass-Through Certificates, Series2012-CR3-XA	2.02%	# I/O	10/15/2045	1,012,414
8,626,000	Commercial Mortgage Pass-Through Certificates, Series2012-CR4-D	4.72%	# ^ Þ	10/15/2045	3,554,343
3,281,701	Commercial Mortgage Pass-Through Certificates, Series2012-LC4-XA	2.29%	# ^ I/O	12/10/2044	129,715
6,067,000	Commercial Mortgage Pass-Through Certificates, Series2013-CR11-D	5.29%	# ^	08/10/2050	6,188,368
3,500,000	Commercial Mortgage Pass-Through Certificates, Series2014-CR20-C	4.66%	#	11/10/2047	3,742,209
57,068,529	Commercial Mortgage Pass-Through Certificates, Series2015-CR26-XA	1.10%	# I/O	10/10/2048	2,687,271
4,310,000	Commercial Mortgage Pass-Through Certificates, Series2015-LC21-C	4.44%	#	07/10/2048	4,570,852
5,579,000	Commercial Mortgage Pass-Through Certificates, Series2015-LC23-C	4.80%	#	10/10/2048	6,013,983
5,997,000	Commercial Mortgage Pass-Through Certificates, Series2016-CR28-C	4.80%	#	02/10/2049	6,511,028
3,786,000	Commercial Mortgage Pass-Through Certificates, Series2016-DC2-C	4.79%	#	02/10/2049	4,005,652
57,915,344	Commercial Mortgage Pass-Through Certificates, Series2016-DC2-XA	1.17%	# I/O	02/10/2049	2,964,009
9,383,000	Commercial Mortgage Pass-Through Certificates, Series2016-GCT-E	3.58%	# ^	08/10/2029	9,377,101
2,808,000	Commercial Mortgage Pass-Through Certificates, Series2016-GCT-F	3.58%	# ^	08/10/2029	2,780,220
12,424,000	Commercial Mortgage Pass-Through Certificates, Series2018-HCLV-C (1 Month LIBOR USD + 1.70%, 1.70% Floor)	3.73%	^	09/15/2033	12,422,667
8,464,000	Core Mortgage Trust, Series2019-CORE-E (1 Month LIBOR USD + 1.90%, 1.90% Floor)	3.93%	^	12/15/2031	8,481,649
2,064,000	Core Mortgage Trust, Series2019-CORE-F (1 Month LIBOR USD + 2.35%, 2.35% Floor)	4.38%	^	12/15/2031	2,069,777
5,597,000	CSAIL Commercial Mortgage Trust, Series2015-C4-C	4.73%	#	11/15/2048	6,008,090
3,461,000	CSAIL Commercial Mortgage Trust, Series2016-C6-D	4.91%	# ^	01/15/2049	3,480,028
57,679,304	CSAIL Commercial Mortgage Trust, Series2016-C6-XA	1.94%	# I/O	01/15/2049	4,642,861
11,488,000	CSAIL Commercial Mortgage Trust, Series2018-C14-C	5.06%	#	11/15/2051	13,037,196
3,800,000	CSAIL Commercial Mortgage Trust, Series2018-CX12-C	4.93%	#	08/15/2051	4,247,007
9,269,000	CSAIL Commercial Mortgage Trust, Series2019-C16-AS	3.61%		06/15/2052	9,921,076
9,269,000	CSAIL Commercial Mortgage Trust, Series2019-C16-B	3.88%		06/15/2052	9,941,757
798,000	CSMC Trust, Series2017-CALI-D	3.90%	# ^	11/10/2032	833,481
4,944,000	CSMC Trust, Series2017-CHOP-D (1 Month LIBOR USD + 1.90%, 1.90% Floor)	3.93%	^	07/15/2032	4,961,433
4,944,000	CSMC Trust, Series2017-CHOP-E (1 Month LIBOR USD + 3.30%, 3.30% Floor)	5.33%	^	07/15/2032	4,980,483
4,503,000	DBGS Mortgage Trust, Series2018-5BP-D (1 Month LIBOR USD + 1.35%)	3.38%	^	06/15/2033	4,510,332
186,000	DBGS Mortgage Trust, Series2018-5BP-F (1 Month LIBOR USD + 2.45%)	4.48%	^	06/15/2033	185,817
2,939,818	DBUBS Mortgage Trust, Series2011-LC2A-XA	1.22%	# ^ I/O	07/10/2044	37,694
3,379,000	DBUBS Mortgage Trust, Series2017-BRBK-F	3.65%	# ^	10/10/2034	3,367,160
4,475,000	Deutsche Bank Commercial Mortgage Trust, Series2016-C1-C	3.50%	#	05/10/2049	4,497,462
60,437,765	Deutsche Bank Commercial Mortgage Trust, Series2016-C1-XA	1.62%	# I/O	05/10/2049	4,397,385
1,785,948	FREMF Mortgage Trust, Series2016-KF22-B (1 Month LIBOR USD + 5.05%, 5.05% Floor)	7.14%	^	07/25/2023	1,850,787
1,766,000	GPMT Ltd., Series2019-FL2-D (1 Month LIBOR USD + 2.95%, 2.95% Floor)	4.98%	^	02/22/2036	1,783,219
5,296,000	Great Wolf Trust, Series2017-WOLF-D (1 Month LIBOR USD + 2.10%, 1.00% Floor)	4.13%	^	09/15/2034	5,303,369
8,210,000	Great Wolf Trust, Series2017-WOLF-E (1 Month LIBOR USD + 3.10%, 1.00% Floor)	5.13%	^	09/15/2034	8,232,949
4,370,000	Great Wolf Trust, Series2017-WOLF-F (1 Month LIBOR USD + 4.07%, 1.00% Floor)	6.10%	^	09/15/2034	4,387,998
559,000	GS Mortgage Securities Trust	2.98%		10/10/2048	509,280
2,799,362	GS Mortgage Securities Trust, Series2011-GC5-XA	1.50%	# ^ I/O	08/10/2044	49,454

4,688,101	GS Mortgage Securities Trust, Series2012-GC6-XA	2.12%	# ^ I/O	01/10/2045	158,042
3,741,000	GS Mortgage Securities Trust, Series2014-GC26-C	4.67%	#	11/10/2047	3,857,773
9,506,000	GS Mortgage Securities Trust, Series2014-GC26-D	4.67%	# ^	11/10/2047	8,387,331
96,760,494	GS Mortgage Securities Trust, Series2015-GS1-XA	0.94%	# I/O	11/10/2048	4,055,997
61,198,956	GS Mortgage Securities Trust, Series2016-GS2-XA	1.80%	# I/O	05/10/2049	4,798,267
5,801,000	GS Mortgage Securities Trust, Series2017-GS6-B	3.87%		05/10/2050	6,231,550
13,658,000	GS Mortgage Securities Trust, Series2017-GS8-C	4.48%	#	11/10/2050	14,826,912
10,779,000	GS Mortgage Securities Trust, Series2019-GC39-B	3.97%		05/10/2052	11,790,685
9,879,000	GSCG Trust, Series2019-600C-D	3.76%	^	09/06/2034	10,064,054
791,000	GSCG Trust, Series2019-600C-E	4.12%	# ^	09/06/2034	808,122
13,491,083	HPLY Trust, Series2019-HIT-F (1 Month LIBOR USD + 3.15%, 3.15% Floor)	5.18%	^	11/15/2036	13,524,811
417,349	JP Morgan Chase Commercial Mortgage Securities Corporation, Series2006-LDP8-X	0.31%	# I/O	05/15/2045	661
2,557,414	JP Morgan Chase Commercial Mortgage Securities Corporation, Series2011-C4-XA	1.37%	# ^ I/O	07/15/2046	37,252
19,723,753	JP Morgan Chase Commercial Mortgage Securities Corporation, Series2012-C8-XA	1.92%	# I/O	10/15/2045	841,593
4,799,774	JP Morgan Chase Commercial Mortgage Securities Corporation, Series2012-CBX-XA	1.65%	# I/O	06/15/2045	123,610
76,893,110	JP Morgan Chase Commercial Mortgage Securities Corporation, Series2015-JP1-XA	1.25%	# I/O	01/15/2049	3,093,056
10,856,691	JP Morgan Chase Commercial Mortgage Securities Corporation, Series2018-LAQ-C (1 Month LIBOR USD + 1.60%, 1.60% Floor)	3.63%	^	06/15/2032	10,901,682
3,571,861	JP Morgan Chase Commercial Mortgage Securities Corporation, Series2018-LAQ-D (1 Month LIBOR USD + 2.10%, 2.30% Floor)	4.13%	^	06/15/2032	3,601,660
578,959	JP Morgan Chase Commercial Mortgage Securities Trust, Series2007-LDPX-AM	5.46%	#	01/15/2049	580,051
2,704,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series2016-JP2-B	3.46%		08/15/2049	2,808,559
2,080,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series2016-JP2-C	3.94%	#	08/15/2049	2,156,202
592,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series2016-JP3-C	3.60%	#	08/15/2049	602,150
9,281,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series2016-WIKI-E	4.14%	# ^	10/05/2031	9,398,133
1,000,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series2019-COR4-C	4.94%	#	03/10/2052	1,129,552
46,822,718	JPMBB Commercial Mortgage Securities Trust, Series2014-C18-XA	1.01%	# I/O	02/15/2047	1,442,744
3,000,000	JPMBB Commercial Mortgage Securities Trust, Series2014-C21-C	4.81%	#	08/15/2047	3,141,677
2,766,125	JPMBB Commercial Mortgage Securities Trust, Series2014-C23-C	4.61%	#	09/15/2047	2,946,916
3,766,500	JPMBB Commercial Mortgage Securities Trust, Series2014-C25-C	4.60%	#	11/15/2047	3,906,621
49,579,782	JPMBB Commercial Mortgage Securities Trust, Series2014-C25-XA	1.01%	# I/O	11/15/2047	1,799,617
42,247,463	JPMBB Commercial Mortgage Securities Trust, Series2014-C26-XA	1.15%	# I/O	01/15/2048	1,601,758
12,131,110	JPMBB Commercial Mortgage Securities Trust, Series2015-C27-D	3.99%	# ^	02/15/2048	12,034,167
1,846,000	JPMBB Commercial Mortgage Securities Trust, Series2015-C28-B	3.99%		10/15/2048	1,949,155
9,974,000	JPMBB Commercial Mortgage Securities Trust, Series2015-C29-C	4.29%	#	05/15/2048	10,401,538
49,364,535	JPMBB Commercial Mortgage Securities Trust, Series2015-C31-XA	1.07%	# I/O	08/15/2048	1,959,599
4,138,000	JPMBB Commercial Mortgage Securities Trust, Series2015-C32-C	4.82%	#	11/15/2048	4,432,921
6,470,000	JPMBB Commercial Mortgage Securities Trust, Series2015-C33-C	4.77%	#	12/15/2048	6,931,035
6,122,000	JPMBB Commercial Mortgage Securities Trust, Series2016-C1-C	4.90%	#	03/15/2049	6,631,620
62,361,415	JPMBB Commercial Mortgage Securities Trust, Series2016-C2-XA	1.83%	# I/O	06/15/2049	4,419,360
1,638,000	JPMCC Commercial Mortgage Securities Trust, Series2019-COR4-B	4.44%	#	03/10/2052	1,847,160
40,980,408	JPMCC Commercial Mortgage Securities Trust, Series2019-COR5-XA	1.66%	# I/O	06/13/2052	4,536,572
515,399	LB-UBS Commercial Mortgage Trust, Series2006-C7-XCL	0.88%	# ^ I/O	11/15/2038	112
415,662	LB-UBS Commercial Mortgage Trust, Series2006-C7-XW	0.88%	# ^ I/O	11/15/2038	90
5,425,000	LSTAR Commercial Mortgage Trust, Series2016-4-C	4.71%	# ^	03/10/2049	5,336,577
164,860	Merrill Lynch Mortgage Trust, Series2006-C1-AJ	5.78%	#	05/12/2039	166,505
1,964,789	Morgan Stanley Bank of America Merrill Lynch Trust, Series2012-C5-XA	1.60%	# ^ I/O	08/15/2045	64,162
3,000,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series2014-C18-C	4.68%	#	10/15/2047	3,188,381
4,000,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series2014-C19-C	4.00%		12/15/2047	4,134,934
36,307,304	Morgan Stanley Bank of America Merrill Lynch Trust, Series2015-C20-XA	1.47%	# I/O	02/15/2048	1,848,848
4,600,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series2015-C25-C	4.68%	#	10/15/2048	4,984,822
4,674,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series2015-C27-C	4.68%	#	12/15/2047	4,885,734
6,710,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series2015-C27-D	3.24%	# ^	12/15/2047	6,314,356
48,640,349	Morgan Stanley Bank of America Merrill Lynch Trust, Series2016-C30-XA	1.57%	# I/O	09/15/2049	3,729,854
6,907,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series2016-C32-A4	3.72%		12/15/2049	7,522,146
565,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series2016-C32-AS	3.99%	#	12/15/2049	614,354
9,110,671	Morgan Stanley Capital Trust, Series2011-C1-XA	0.52%	# ^ I/O	09/15/2047	30,130
4,000,000	Morgan Stanley Capital Trust, Series2014-CPT-G	3.56%	# ^	07/13/2029	4,011,130
30,683,157	Morgan Stanley Capital Trust, Series2016-UB11-XA	1.76%	# I/O	08/15/2049	2,388,764
3,022,000	Morgan Stanley Capital Trust, Series2017-ASHF-D (1 Month LIBOR USD + 2.20%)	4.23%	^	11/15/2034	3,025,768
4,533,000	Morgan Stanley Capital Trust, Series2017-ASHF-E (1 Month LIBOR USD + 3.15%)	5.18%	^	11/15/2034	4,538,653
3,434,000	Morgan Stanley Capital Trust, Series2017-ASHF-F (1 Month LIBOR USD + 4.35%)	6.38%	^	11/15/2034	3,440,432
3,073,000	Morgan Stanley Capital Trust, Series2019-H6-AS	3.70%		06/15/2052	3,289,839
7,831,050	MSCG Trust, Series2016-SNR-C	5.21%	^	11/15/2034	8,001,029
11,179,000	MSCG Trust, Series2018-SELF-F (1 Month LIBOR USD + 3.05%, 3.05% Floor)	5.08%	^	10/15/2037	11,221,466
7,476,732	Natixis Commercial Mortgage Securities Trust, Series2018-FL1-A (1 Month LIBOR USD + 0.95%, 0.95% Floor)	3.15%	^	06/15/2035	7,456,069
2,108,000	Natixis Commercial Mortgage Securities Trust, Series2018-FL1-C (1 Month LIBOR USD + 2.20%, 2.20% Floor)	4.40%	^	06/15/2035	2,091,270
2,152,000	RAIT Trust, Series2017-FL7-AS (1 Month LIBOR USD + 1.30%, 1.30% Floor)	3.33%	^	06/15/2037	2,141,227
53,522,169	SG Commercial Mortgage Securities Trust, Series2016-C5-XA	2.15%	# I/O	10/10/2048	4,934,080
34,918	TIAA Seasoned Commercial Mortgage Trust, Series2007-C4-AJ	5.48%	#	08/15/2039	34,996
2,491,000	UBS Commercial Mortgage Trust, Series2017-C6-B	4.15%	#	12/15/2050	2,723,020
11,033,000	UBS Commercial Mortgage Trust, Series2017-C6-C	4.60%	#	12/15/2050	12,047,377
10,583,000	UBS Commercial Mortgage Trust, Series2017-C7-C	4.74%	#	12/15/2050	11,562,717
7,293,000	UBS Commercial Mortgage Trust, Series2018-C11-C	5.06%	#	06/15/2051	8,174,458
2,896,000	UBS Commercial Mortgage Trust, Series2018-C12-C	5.13%	#	08/15/2051	3,271,714
5,698,000	UBS Commercial Mortgage Trust, Series2018-C8-C	4.86%	#	02/15/2051	6,289,856
12,852,000	UBS Commercial Mortgage Trust, Series2019-C16-B	4.32%	#	04/15/2052	14,270,921
10,152,569	UBS-Barclays Commercial Mortgage Trust, Series2012-C3-XA	1.99%	# ^ I/O	08/10/2049	457,689
470,362	Wachovia Bank Commercial Mortgage Trust, Series2006-C29-IO	0.48%	# I/O	11/15/2048	5
9,344,000	Wells Fargo Commercial Mortgage Trust2019-C51, Series2019-C51-AS	3.58%		06/15/2052	10,046,297
9,344,000	Wells Fargo Commercial Mortgage Trust2019-C51, Series2019-C51-B	3.84%	#	06/15/2052	10,040,849
6,750,000	Wells Fargo Commercial Mortgage Trust, Series2014-LC16-D	3.94%	^	08/15/2050	5,558,730
2,200,000	Wells Fargo Commercial Mortgage Trust, Series2015-C28-C	4.25%	#	05/15/2048	2,271,496
5,403,000	Wells Fargo Commercial Mortgage Trust, Series2015-C31-C	4.76%	#	11/15/2048	5,803,658
21,384,917	Wells Fargo Commercial Mortgage Trust, Series2015-C31-XA	1.18%	# I/O	11/15/2048	1,093,475
4,610,000	Wells Fargo Commercial Mortgage Trust, Series2015-LC22-C	4.69%	#	09/15/2058	4,893,328
53,985,870	Wells Fargo Commercial Mortgage Trust, Series2015-NXS1-XA	1.27%	# I/O	05/15/2048	2,191,098
4,000,000	Wells Fargo Commercial Mortgage Trust, Series2015-NXS3-C	4.64%	#	09/15/2057	4,280,599
6,848,000	Wells Fargo Commercial Mortgage Trust, Series2015-NXS4-C	4.75%	#	12/15/2048	7,426,229
3,521,000	Wells Fargo Commercial Mortgage Trust, Series2015-NXS4-D	3.75%	#	12/15/2048	3,583,327
5,613,000	Wells Fargo Commercial Mortgage Trust, Series2015-P2-A4	3.81%		12/15/2048	6,100,691
77,086,435	Wells Fargo Commercial Mortgage Trust, Series2015-P2-XA	1.13%	# I/O	12/15/2048	3,310,685
8,252,000	Wells Fargo Commercial Mortgage Trust, Series2015-SG1-AS	4.05%		09/15/2048	8,888,361
4,650,000	Wells Fargo Commercial Mortgage Trust, Series2016-C32-C	4.88%	#	01/15/2059	4,953,805
4,483,000	Wells Fargo Commercial Mortgage Trust, Series2016-C33-C	3.90%		03/15/2059	4,633,391
5,040,000	Wells Fargo Commercial Mortgage Trust, Series2016-LC25-AS	4.10%	#	12/15/2059	5,476,978
2,574,000	Wells Fargo Commercial Mortgage Trust, Series2016-LC25-B	4.57%	#	12/15/2059	2,840,245
2,638,000	Wells Fargo Commercial Mortgage Trust, Series2018-C45-C	4.73%		06/15/2051	2,874,171
11,490,000	Wells Fargo Commercial Mortgage Trust, Series2018-C46-C	5.15%	#	08/15/2051	13,078,478
12,408,000	Wells Fargo Commercial Mortgage Trust, Series2018-C47-C	5.10%	#	09/15/2061	13,726,266
2,871,000	Wells Fargo Commercial Mortgage Trust, Series2018-C48-C	5.29%	#	01/15/2052	3,292,702
2,558,000	Wells Fargo Commercial Mortgage Trust, Series2019-C49-B	4.55%		03/15/2052	2,878,936
2,226,000	Wells Fargo Commercial Mortgage Trust, Series2019-C49-C	4.87%	#	03/15/2052	2,486,660
10,776,000	Wells Fargo Commercial Mortgage Trust, Series2019-C50-B	4.19%		05/15/2052	11,906,297
10,776,000	Wells Fargo Commercial Mortgage Trust, Series2019-C50-C	4.35%		05/15/2052	11,617,553
13,051,029	WF-RBS Commercial Mortgage Trust, Series2012-C9-XA	2.06%	# ^ I/O	11/15/2045	624,651
71,279,672	WF-RBS Commercial Mortgage Trust, Series2014-C21-XA	1.20%	# I/O	08/15/2047	2,917,976
49,979,339	WF-RBS Commercial Mortgage Trust, Series2014-C22-XA	0.96%	# I/O	09/15/2057	1,629,501
80,188,125	WF-RBS Commercial Mortgage Trust, Series2016-NXS6-XA	1.78%	# I/O	11/15/2049	6,116,582
TotalNon-Agency Commercial Mortgage Backed Obligations (Cost $920,014,224)					927,903,562
Non-Agency Residential Collateralized Mortgage Obligations - 9.0%
9,428,276	Adjustable Rate Mortgage Trust, Series2007-1-4A1	5.10%	#	03/25/2037	8,230,287
48,646	Adjustable Rate Mortgage Trust, Series2007-3-1A1	5.08%	# ^	11/25/2037	51,626
14,837,308	Alternative Loan Trust, Series2005-49CB-A2	5.50%		11/25/2035	13,825,954
9,007,298	Alternative Loan Trust, Series2007-8CB-A1	5.50%		05/25/2037	7,485,752
9,895,423	Alternative Loan Trust, Series2007-OA8-2A1 (1 Month LIBOR USD + 0.18%, 0.18% Floor)	2.20%		06/25/2047	8,011,329
6,810,816	Angel Oak Mortgage Trust LLC, Series2018-3-A1	3.65%	# ^	09/25/2048	6,906,610
7,416,176	Angel Oak Mortgage Trust LLC, Series2018-3-A2	3.75%	# ^	09/25/2048	7,518,842
7,056,722	Angel Oak Mortgage Trust LLC, Series2018-3-A3	3.85%	# ^	09/25/2048	7,154,165

614,444	Banc of America Funding Corporation, Series2005-G-A3	3.58%	#	10/20/2035	606,782
356,223	Banc of America Funding Corporation, Series2006-2-6A2	5.50%		03/25/2036	355,708
253,744	Banc of America Funding Corporation, Series2006-6-1A2	6.25%		08/25/2036	256,117
2,670,977	Bayview Opportunity Master Fund Trust, Series2019-SBR1-A1	3.47%	^§	06/28/2034	2,678,813
258,359	Bear Stearns Asset Backed Securities Trust, Series2007-SD1-1A3A	6.50%		10/25/2036	198,118
2,529,514	Chase Mortgage Finance Trust, Series2007-A2-6A4	4.50%	#	07/25/2037	2,481,805
1,188,339	Chase Mortgage Finance Trust, Series2007-S3-2A1	5.50%		05/25/2037	308,660
20,000,000	CIM Trust, Series2016-2RR-B2	7.76%	# ^ Þ	02/25/2056	20,285,842
20,000,000	CIM Trust, Series2016-3RR-B2	8.14%	# ^ Þ	02/27/2056	20,181,102
28,126,834	CIM Trust, Series2017-6-A1	3.02%	# ^	06/25/2057	28,301,288
66,084	CitiCorporationMortgage Securities, Inc., Series2005-1-1A4	5.50%		02/25/2035	69,243
1,280,740	CitiCorporationResidential Mortgage Securities, Inc., Series2006-2-A5	5.25%		09/25/2036	1,323,058
251,325	Citigroup Mortgage Loan Trust, Inc., Series2006-WF2-A2C	5.85%	ß	05/25/2036	141,249
2,291,085	Citigroup Mortgage Loan Trust, Inc., Series2008-AR4-2A1B	4.57%	# ^	11/25/2038	2,303,167
1,248,528	Citigroup Mortgage Loan Trust, Inc., Series2010-8-5A4	6.00%	# ^	11/25/2036	1,263,740
6,456,353	Citigroup Mortgage Loan Trust, Inc., Series2010-8-6A4	6.00%	# ^	12/25/2036	6,496,333
5,553,623	Citigroup Mortgage Loan Trust, Series2007-OPX1-A1A (1 Month LIBOR USD + 0.07%, 0.07% Floor)	2.09%		01/25/2037	3,490,715
11,303,089	Citigroup Mortgage Loan Trust, Series2009-3-5A3	6.00%	# ^	02/25/2037	11,639,452
44,324,273	Citigroup Mortgage Loan Trust, Series2019-A-PT1	3.92%	^	10/25/2058	44,514,398
4,983,629	Citigroup Mortgage Loan Trust, Series2019-C-A1	3.23%	^§	03/25/2082	4,996,630
117,500	CitiMortgage Alternative Loan Trust, Series2006-A2-A2	6.00%		05/25/2036	115,239
59,259	CitiMortgage Alternative Loan Trust, Series2006-A5-3A3	6.00%		10/25/2036	55,025
458,218	CitiMortgage Alternative Loan Trust, Series2007-A1-1A7	6.00%		01/25/2037	452,886
7,312,202	CitiMortgage Alternative Loan Trust, Series2007-A5-1A10	5.75%		05/25/2037	7,190,079
1,290,035	Countrywide Alternative Loan Trust, Series2004-22CB-1A1	6.00%		10/25/2034	1,326,694
147,687	Countrywide Alternative Loan Trust, Series2005-20CB-1A1	5.50%		07/25/2035	143,214
203,950	Countrywide Alternative Loan Trust, Series2005-28CB-3A6	6.00%		08/25/2035	146,513
857,761	Countrywide Alternative Loan Trust, Series2005-46CB-A22	5.25%		10/25/2035	817,046
149,248	Countrywide Alternative Loan Trust, Series2005-J10-1A13 (1 Month LIBOR USD + 0.70%, 0.70% Floor, 5.50% Cap)	2.72%		10/25/2035	120,692
328,687	Countrywide Alternative Loan Trust, Series2006-26CB-A9	6.50%		09/25/2036	265,071
8,591,694	Countrywide Alternative Loan Trust, Series2006-42-1A8	6.00%		01/25/2047	7,698,326
1,333,159	Countrywide Alternative Loan Trust, Series2007-12T1-A1	6.00%		06/25/2037	992,717
1,384,113	Countrywide Alternative Loan Trust, Series2007-16CB-2A1 (1 Month LIBOR USD + 0.45%, 0.45% Floor, 7.00% Cap)	2.47%		08/25/2037	738,218
400,805	Countrywide Alternative Loan Trust, Series2007-16CB-2A2(-8 x 1 Month LIBOR USD + 54.58%, 54.58% Cap)	37.76%	I/F	08/25/2037	962,051
88,120	Countrywide Alternative Loan Trust, Series 2007-17CB-1A10(-5 x 1 Month LIBOR USD + 29.90%, 29.90% Cap)	20.62%	I/F	08/25/2037	157,730
420,625	Countrywide Alternative Loan Trust, Series 2007-18CB-2A17	6.00%		08/25/2037	397,220
1,961,142	Countrywide Alternative Loan Trust, Series2007-23CB-A3 (1 Month LIBOR USD + 0.50%, 0.50% Floor, 7.00% Cap)	2.52%		09/25/2037	1,113,065
1,926,489	Countrywide Alternative Loan Trust, Series2007-23CB-A4(-1 x 1 Month LIBOR USD + 6.50%, 6.50% Cap)	4.48%	I/F I/O	09/25/2037	644,941
721,483	Countrywide Alternative Loan Trust, Series2007-4CB-2A1	7.00%		03/25/2037	178,211
24,610	Countrywide Asset-Backed Certificates, Series2005-13-AF3	5.43%	#	02/25/2033	23,408
302,291	Countrywide Home Loans, Series2005-28-A7	5.25%		10/25/2019	259,865
655,299	Countrywide Home Loans, Series2007-10-A5	6.00%		07/25/2037	544,901
282,276	Countrywide Home Loans, Series2007-15-1A16	6.25%		09/25/2037	254,116
723,990	Countrywide Home Loans, Series2007-3-A17	6.00%		04/25/2037	609,917
96,651	Credit Suisse First Boston Mortgage Securities Corporation, Series2005-10-5A5	5.50%		11/25/2035	93,227
1,074,712	Credit Suisse First Boston Mortgage Securities Corporation, Series2005-8-1A3	5.25%		09/25/2035	991,438
4,653,324	Credit Suisse Mortgage Capital Certificates, Series2009-3R-19A2	6.00%	^	01/27/2038	3,832,289
9,490,406	Credit-Based Asset Servicing & Securitization LLC, Series2007-RP1-A (1 Month LIBOR USD + 0.31%, 0.31% Floor)	2.45%	^	05/25/2046	9,038,932
3,578,837	CSMC Mortgage-Backed Trust, Series2006-4-6A1	6.00%		05/25/2036	2,548,531
37,253	CSMC Mortgage-Backed Trust, Series2006-4-7A1	5.50%		05/25/2021	33,716
68,061	CSMC Mortgage-Backed Trust, Series2007-1-3A1	6.00%		02/25/2022	26,215
27,332	CSMC Mortgage-Backed Trust, Series2007-2-2A1	5.00%		03/25/2037	26,761
7,174,841	CSMC Mortgage-Backed Trust, Series2019-RPL8-A1	3.32%	# ^	10/25/2058	7,223,162
2,172,803	CSMC Trust, Series2010-4R-3A17	6.00%	# ^	06/26/2037	2,174,454
7,049,513	CSMC Trust, Series2013-IVR1-A1	2.50%	# ^	03/25/2043	6,843,056
20,401,128	CSMC Trust, Series2018-RPL7-A1	4.00%	^	08/26/2058	20,672,932
43,843,278	CSMC Trust, Series2018-RPL8-A1	4.13%	# ^	07/25/2058	44,331,061
17,685,008	CSMC Trust, Series2019-3R-1A1 (1 Month LIBOR USD + 1.40%, 1.40% Floor)	3.51%	^	06/02/2047	17,830,172
31,064,641	CSMC Trust, Series2019-JR1-A1	4.10%	# ^	09/27/2066	31,209,521
664,819	Deutsche Mortgage Securities, Inc., Series2006-PR1-3A1(-1 x 1 Month LIBOR USD + 12.12%, 12.12% Cap)	9.29%	^I/F	04/15/2036	649,298
130,597	Deutsche Mortgage Securities, Inc., Series2006-PR1-4AI2(-2 x 1 Month LIBOR USD + 14.60%, 14.61% Cap)	10.73%	^I/F	04/15/2036	132,520
1,212,308	Deutsche Mortgage Securities, Inc., Series2006-PR1-5AI4(-1 x 1 Month LIBOR USD + 12.12%, 12.12% Cap)	9.29%	^I/F	04/15/2036	1,198,430
8,272,234	Deutsche Securities, Inc., Series2005-6-2A1	5.50%		12/25/2035	8,032,749
345,916	First Horizon Alternative Mortgage Securities Trust, Series2006-FA2-1A5	6.00%		05/25/2036	268,646
3,887,128	First Horizon Alternative Mortgage Securities Trust, Series2006-FA8-1A1	6.25%		02/25/2037	2,905,414
69,863	First Horizon Alternative Mortgage Securities Trust, Series2006-RE1-A1	5.50%		05/25/2035	63,743
19,200,000	FMC GMSR Issuer Trust, Series2019-GT2-A	4.23%	# ^	09/25/2024	19,370,323
3,289,880	GMACM Mortgage Loan Trust, Series2006-J1-A6	5.75%		04/25/2036	3,318,515
62,777	GSAA Home Equity Trust, Series2005-7-AF5	4.61%	ß	05/25/2035	63,843
1,270,830	GSAA Home Equity Trust, Series2007-10-A1A	6.00%		11/25/2037	1,090,628
1,107,393	GSAA Home Equity Trust, Series2007-10-A2A	6.50%		11/25/2037	779,047
3,113,115	GSR Mortgage Loan Trust, Series2006-3F-4A1	6.00%		03/25/2036	3,107,687
406,502	GSR Mortgage Loan Trust, Series2007-1F-2A2	5.50%		01/25/2037	498,258
19,200,000	Headlands Residential LLC, Series 2019-RPL1-NOTE	3.97%	^§	06/25/2024	19,346,354
36,183,851	Impac Secured Assets Trust, Series2006-5-1A1C (1 Month LIBOR USD + 0.27%, 0.27% Floor, 11.50% Cap)	2.29%		02/25/2037	33,045,864
339,368	JP Morgan Alternative Loan Trust, Series2006-S2-A4	6.19%		05/25/2036	323,910
7,952,652	JP Morgan Alternative Loan Trust, Series2006-S3-A4	6.31%	ß	08/25/2036	7,550,394
254,034	JP Morgan Alternative Loan Trust, Series2006-S3-A6	6.12%	ß	08/25/2036	244,809
244,743	JP Morgan Alternative Loan Trust, Series2006-S4-A6	5.71%	ß	12/25/2036	242,617
4,777,767	JP Morgan Mortgage Trust, Series2006-S1-2A9	6.50%		04/25/2036	5,284,766
244,241	JP Morgan Mortgage Trust, Series2007-S3-1A7	6.00%		08/25/2037	193,157
25,327,225	JP Morgan Mortgage Trust, Series2018-7FRB-A2 (1 Month LIBOR USD + 0.75%)	2.90%	^	04/25/2046	25,307,997
36,322,145	Legacy Mortgage Asset Trust, Series2018-GS2-A1	4.00%	^§	04/25/2058	36,788,137
47,813,908	Legacy Mortgage Asset Trust, Series2018-SL1-A	4.00%	# ^	02/25/2058	48,289,288
1,516,926	Legacy Mortgage Asset Trust, Series2019-GS5-A1	3.20%	^§	05/25/2059	1,526,028
39,576,085	Legacy Mortgage Asset Trust, Series2019-RPL3-PT1	0.00%	^	06/25/2058	40,441,931
6,654,371	Legacy Mortgage Asset Trust, Series2019-SL3-A	3.47%	^§	11/25/2061	6,590,204
547,065	Lehman Mortgage Trust, Series2006-3-1A5	6.00%		07/25/2036	418,956
39,620	Lehman Mortgage Trust, Series2006-9-1A19(-5 x 1 Month LIBOR USD + 30.68%, 30.68% Cap)	21.40%	I/F	01/25/2037	65,188
689,954	Lehman Mortgage Trust, Series2007-10-2A1	6.50%		01/25/2038	452,309
149,909	Lehman Mortgage Trust, Series2007-2-1A1	5.75%		02/25/2037	135,483
5,792,910	Lehman Trust, Series2005-9N-1A1 (1 Month LIBOR USD + 0.27%, 0.27% Floor)	2.29%		02/25/2036	5,654,947
106,412	MASTR Alternative Loans Trust, Series2005-2-3A1	6.00%		03/25/2035	103,533
6,767,569	MASTR Alternative Loans Trust, Series2006-1-A5	6.00%		02/25/2036	5,302,067
43,830	MASTR Alternative Loans Trust, Series2007-1-2A7	6.00%		10/25/2036	27,313
1,783,879	MASTR Asset Securitization Trust, Series2006-2-1A11 (1 Month LIBOR USD + 6.00%, 6.00% Floor)	6.00%		06/25/2036	1,680,396
15,913,682	Merrill Lynch Alternative Asset Trust, Series2007-OAR4-A1 (1 Month LIBOR USD + 0.25%, 0.25% Floor)	2.27%		08/25/2037	15,242,758
2,234,729	Merrill Lynch Alternative Note Asset Trust, Series2007-F1-2A8	6.00%		03/25/2037	1,583,286
18,920,944	MFA LLC, Series2018-NPL1-A1	3.88%	^§	05/25/2048	19,084,140
20,239	Morgan Stanley Mortgage Loan Trust, Series2004-1-1A1	5.00%		08/25/2020	20,674
856,896	Morgan Stanley Mortgage Loan Trust, Series2005-7-7A4	5.50%		11/25/2035	902,504
2,658,695	Morgan Stanley Mortgage Loan Trust, Series2006-7-3A	5.04%	#	06/25/2036	2,299,943
988,793	Morgan StanleyRe-Remic Trust, Series2010-R6-5C	5.75%	# ^	05/26/2037	986,534
200,258	Nomura Asset Acceptance Corporation, Series2006-AP1-A2	5.52%	#	01/25/2036	101,454
576,631	Nomura Home Equity Loan, Inc., Series2006-AF1-A2	5.80%	ß	10/25/2036	225,219
1,013,305	Nomura Home Equity Loan, Inc., Series2007-1-1A1	6.06%	ß	02/25/2037	463,072
1,377,552	Oak Hill Advisors Residential Loan Trust, Series2017-NPL1-A1	3.00%	^§	06/25/2057	1,380,923
3,919,419	Oak Hill Advisors Residential Loan Trust, Series2017-NPL2-A1	3.00%	^§	07/25/2057	3,926,322
52,282	Option One Mortgage Loan Trust, Series2004-3-M3 (1 Month LIBOR USD + 0.98%, 0.65% Floor)	2.99%		11/25/2034	52,881
28,294,697	Option One Mortgage Loan Trust, Series2007-6-1A1 (1 Month LIBOR USD + 0.19%, 0.19% Floor)	2.21%		07/25/2037	25,907,536
9,088,848	PR Mortgage Loan Trust, Series2014-1-APT	5.91%	# ^	10/25/2049	8,894,107
17,031,444	Preston Ridge Partners Mortgage Trust, Series2017-2A-A1	3.47%	^§	09/25/2022	17,100,847
3,639,486	Pretium Mortgage Credit Partners LLC, Series2019-CFL1-A1	3.72%	^§	01/25/2059	3,640,769
7,517,042	PRPM LLC, Series2019-2A-A1	3.97%	^§	04/25/2024	7,602,628
11,340,709	PRPM LLC, Series2019-3A-A1	3.35%	^§	07/25/2024	11,389,638
8,662,139	RBSGC Mortgage Loan Trust, Series2005-A-3A	6.00%		04/25/2035	6,459,206
30,000,000	Redwood Funding Trust, Series2019-1-PT	4.21%	^§	09/27/2024	30,234,750
293,022	Residential Accredit Loans, Inc., Series2005-QS14-3A3	6.00%		09/25/2035	284,757

334,999	Residential Accredit Loans, Inc., Series2006-QS10-A4	5.75%		08/25/2036	309,280
3,655,500	Residential Accredit Loans, Inc., Series2006-QS10-A9	6.50%		08/25/2036	3,509,586
3,648,880	Residential Accredit Loans, Inc., Series2006-QS4-A10	6.00%		04/25/2036	3,490,808
714,610	Residential Accredit Loans, Inc., Series2006-QS6-1A15	6.00%		06/25/2036	672,330
67,648	Residential Accredit Loans, Inc., Series2006-QS6-2A1	6.00%		06/25/2021	67,368
1,194,775	Residential Accredit Loans, Inc., Series2007-QS3-A4	6.25%		02/25/2037	1,120,831
4,165,975	Residential Accredit Loans, Inc., Series2007-QS9-A33	6.50%		07/25/2037	3,998,521
182,952	Residential Asset Mortgage Products, Inc., Series2005-RS1-AI5	5.91%		01/25/2035	185,354
178,029	Residential Asset Securitization Trust, Series2005-A10-A3	5.50%		09/25/2035	147,110
276,484	Residential Asset Securitization Trust, Series2005-A11-2A4	6.00%		10/25/2035	205,829
54,997	Residential Asset Securitization Trust, Series2005-A7-A3	5.50%		06/25/2035	46,671
1,650,489	Residential Asset Securitization Trust, Series2006-A6-1A1	6.50%		07/25/2036	764,622
139,834	Residential Asset Securitization Trust, Series2006-R1-A1(-4 x 1 Month LIBOR USD + 28.40%, 28.40% Cap)	20.33%	I/F	01/25/2046	185,759
87,836	Residential Funding Mortgage Securities Trust, Series2006-S10-1A2	6.00%		10/25/2036	83,734
446,296	Residential Funding Mortgage Securities Trust, Series2006-S11-A3	6.00%		11/25/2036	445,918
898,700	Residential Funding Mortgage Securities Trust, Series2007-S2-A4	6.00%		02/25/2037	862,383
572,735	Residential Funding Mortgage Securities Trust, Series2007-S3-1A4	6.00%		03/25/2037	541,583
36,597,217	Securitized Mortgage Asset Loan Trust, Series2015-1-PC	3.39%	# ^	02/25/2054	34,090,721
6,715,423	Securitized Mortgage Asset Loan Trust, Series2015-2-PC	0.00%	# ^	12/26/2059	6,698,079
8,868,279	Securitized Mortgage Asset Loan Trust, Series2015-3-PC	0.00%	# ^	10/25/2044	8,879,852
7,900,273	Sequoia Mortgage Trust, Series2007-3-2AA1	4.02%	#	07/20/2037	7,483,067
20,972,645	ShellpointCo-Originator Trust, Series2016-1-1A10	3.50%	# ^	11/25/2046	21,198,174
4,506,037	Structured Asset Investment Loan Trust, Series2006-BNC3-A1 (1 Month LIBOR USD + 0.18%, 0.18% Floor)	2.20%		09/25/2036	3,511,528
589,308	Structured Asset Securities Corporation, Series2003-35-1A1	5.18%	#	12/25/2033	629,539
1,216,308	Structured Asset Securities Corporation, Series2005-RF1-A (1 Month LIBOR USD + 0.35%, 0.35% Floor)	2.37%	^	03/25/2035	1,106,446
1,216,308	Structured Asset Securities Corporation, Series2005-RF1-AIO	2.77%	# ^ I/O	03/25/2035	205,816
14,000,000	Toorak Mortgage Corporation Ltd., Series2019-2-A1	3.72%	§	09/25/2022	14,125,118
29,728,498	Velocity Commercial Capital Loan Trust, Series2018-1-A	3.59%	^	04/25/2048	30,514,787
4,181,413	Velocity Commercial Capital Loan Trust, Series2018-1-M1	3.91%	^	04/25/2048	4,319,601
1,553,751	Velocity Commercial Capital Loan Trust, Series2018-1-M2	4.26%	^	04/25/2048	1,608,762
1,064,927	Velocity Commercial Capital Loan Trust, Series2018-1-M3	4.41%	^	04/25/2048	1,104,884
16,228,788	Velocity Commercial Capital Loan Trust, Series2018-2-A	4.05%	# ^	10/26/2048	16,564,253
5,211,617	Velocity Commercial Capital Loan Trust, Series2019-1-M1	3.94%	# ^	03/25/2049	5,330,723
1,309,464	Velocity Commercial Capital Loan Trust, Series2019-1-M2	4.01%	# ^	03/25/2049	1,340,293
1,478,948	Velocity Commercial Capital Loan Trust, Series2019-1-M3	4.12%	# ^	03/25/2049	1,514,124
29,299,880	Vericrest Opportunity Loan Trust, Series2019-NPL3-A1	3.97%	^§	03/25/2049	29,536,854
3,067,267	Vericrest Opportunity Loan Trust, Series2019-NPL5-A1A	3.35%	^§	09/25/2049	3,084,475
28,293,888	VOLT LLC, Series2017-NPL9-A1	3.13%	^§	09/25/2047	28,380,349
8,433,321	VOLT LLC, Series2018-NPL1-A1	3.75%	^§	04/25/2048	8,467,865
22,486,538	VOLT LLC, Series2018-NPL8-A1A	4.21%	^§	10/26/2048	22,620,792
20,000,000	VOLT LLC, Series2019-NPL6-A1A	3.23%	^§	10/25/2049	20,171,280
116,167	Washington Mutual Mortgage Pass-Through Certificates, Series2005-1-2A	6.00%		03/25/2035	113,546
768,615	Washington Mutual Mortgage Pass-Through Certificates, Series2006-1-3A1	5.75%		02/25/2036	732,501
2,061,623	Washington Mutual Mortgage Pass-Through Certificates, Series2006-2-4CB	6.00%		03/25/2036	2,028,869
4,082,390	Washington Mutual Mortgage Pass-Through Certificates, Series2006-8-A6	4.38%	ß	10/25/2036	2,284,666
2,648,601	Washington Mutual Mortgage Pass-Through Certificates, Series2006-AR19-2A (11th District Cost of Funds Index + 1.25%, 1.25% Floor)	2.41%		01/25/2047	2,654,021
8,202,614	Washington Mutual Mortgage Pass-Through Certificates, Series2007-2-1A3	6.00%		04/25/2037	7,571,759
1,618,980	Washington Mutual Mortgage Pass-Through Certificates, Series2007-3-A6	6.00%		04/25/2037	1,569,804
109,402	Washington Mutual Mortgage Pass-Through Certificates, Series2007-5-A11(-6 x 1 Month LIBOR USD + 39.48%, 39.48% Cap)	27.37%	I/F	06/25/2037	221,321
9,257,536	Washington Mutual Mortgage Pass-Through Certificates, Series2007-5-A3	7.00%		06/25/2037	6,569,456
830,691	Wells Fargo Alternative Loan Trust, Series2007-PA5-1A1	6.25%		11/25/2037	828,363
615,416	Wells Fargo Mortgage Backed Securities Trust, Series2005-17-1A1	5.50%		01/25/2036	615,868
32,327	Wells Fargo Mortgage Backed Securities Trust, Series2005-AR14-A6	4.85%	#	08/25/2035	32,924
44,945	Wells Fargo Mortgage Backed Securities Trust, Series2005-AR16-6A4	4.91%	#	10/25/2035	46,045
209,577	Wells Fargo Mortgage Backed Securities Trust, Series2006-2-3A1	5.75%		03/25/2036	207,748
596,521	Wells Fargo Mortgage Backed Securities Trust, Series2006-7-2A1	6.00%		06/25/2036	591,379
536,370	Wells Fargo Mortgage Backed Securities Trust, Series2007-10-1A5	6.00%		07/25/2037	541,898
617,733	Wells Fargo Mortgage Backed Securities Trust, Series2007-10-2A11	6.00%		07/25/2037	606,014
912,957	Wells Fargo Mortgage Backed Securities Trust, Series2007-11-A96	6.00%		08/25/2037	931,925
1,155,091	Wells Fargo Mortgage Backed Securities Trust, Series2007-14-1A1	6.00%		10/25/2037	1,154,999
61,820	Wells Fargo Mortgage Backed Securities Trust, Series2007-7-A1	6.00%		06/25/2037	62,388
TotalNon-Agency Residential Collateralized Mortgage Obligations(Cost $1,117,707,538)					1,139,928,657
US Corporate Bonds - 12.7%
14,766,000	AbbVie, Inc.	4.70%		05/14/2045	15,801,272
1,720,000	Acrisure LLC	8.13%	^	02/15/2024	1,856,525
410,000	Advanced Drainage Systems, Inc.	5.00%	^	09/30/2027	416,658
3,315,000	AECOM	5.13%		03/15/2027	3,497,325
12,868,000	Air Lease Corporation	3.75%		02/01/2022	13,231,348
1,495,000	Air Medical Merger Sub Corporation	6.38%	^	05/15/2023	1,308,125
480,000	AK Steel Corporation	7.63%		10/01/2021	475,200
590,000	AK Steel Corporation	6.38%		10/15/2025	505,925
2,675,000	Albertsons LLC	5.88%	^	02/15/2028	2,838,014
12,430,000	Alexandria Real Estate Equities, Inc.	4.00%		01/15/2024	13,272,362
3,380,000	Alliant Holdings Intermediate LLC	8.25%	^	08/01/2023	3,460,275
1,310,000	Allied Universal Holding Company	6.63%	^	07/15/2026	1,386,962
960,000	Allied Universal Holding Company	9.75%	^	07/15/2027	1,002,835
2,985,000	Allison Transmission, Inc.	5.00%	^	10/01/2024	3,055,894
14,655,000	Altria Group, Inc.	4.80%		02/14/2029	16,084,250
1,541,000	AMC Merger, Inc.	8.00%	^	05/15/2025	1,055,585
1,085,000	American Axle & Manufacturing, Inc.	6.25%		03/15/2026	1,041,600
15,490,000	American Express Credit Corporation	2.50%		08/01/2022	15,651,891
4,433,000	American Tower Corporation	3.38%		10/15/2026	4,619,443
14,172,000	American Tower Corporation	3.60%		01/15/2028	14,949,042
1,130,000	Amsted Industries, Inc.	5.63%	^	07/01/2027	1,194,975
6,100,000	Anheuser-Busch InBev Worldwide, Inc.	4.90%		02/01/2046	7,267,862
8,205,000	Anheuser-Busch InBev Worldwide, Inc.	4.60%		04/15/2048	9,473,987
1,440,000	Antero Midstream Partners LP	5.75%	^	03/01/2027	1,205,971
8,170,000	Anthem, Inc.	2.38%		01/15/2025	8,131,598
2,930,000	Aramark Services, Inc.	5.00%	^	04/01/2025	3,032,550
1,325,000	Argos Merger Sub, Inc.	7.13%	^	03/15/2023	1,252,125
7,320,000	Arrow Electronics, Inc.	3.88%		01/12/2028	7,511,776
2,655,000	Ascend Learning LLC	6.88%	^	08/01/2025	2,757,881
690,000	Ascend Learning LLC	6.88%	^	08/01/2025	720,187
2,980,000	AssuredPartners, Inc.	7.00%	^	08/15/2025	2,994,900
20,665,000	AT&T, Inc.	5.25%		03/01/2037	24,367,219
15,884,000	Athene Global Funding	3.00%	^	07/01/2022	16,169,819
3,085,000	Avantor, Inc.	9.00%	^	10/01/2025	3,474,481
16,753,000	AXA Equitable Holdings, Inc.	3.90%		04/20/2023	17,529,284
1,955,000	B&G Foods, Inc.	5.25%		04/01/2025	2,003,875
1,250,000	B&G Foods, Inc.	5.25%		09/15/2027	1,279,812
865,000	Banff Merger Sub, Inc.	9.75%	^	09/01/2026	829,967
15,600,000	Bank of America Corporation (3 Month LIBOR USD + 1.21%)	3.97%		02/07/2030	17,091,609
25,525,000	BAT Capital Corporation	3.46%		09/06/2029	25,029,328
1,090,000	Bausch Health Companies, Inc.	7.00%	^	03/15/2024	1,148,271
580,000	Bausch Health Companies, Inc.	5.75%	^	08/15/2027	628,331
2,355,000	Bausch Health Companies, Inc.	7.00%	^	01/15/2028	2,542,458
2,350,000	Bausch Health Companies, Inc.	7.25%	^	05/30/2029	2,572,780
3,485,000	Beacon Escrow Corporation	4.88%	^	11/01/2025	3,432,725
820,000	Beacon Roofing Supply, Inc.	4.50%	^	11/15/2026	827,175
23,535,000	Becton Dickinson and Company	2.89%		06/06/2022	23,902,313
1,170,000	Berry Global Escrow Corporation	5.63%	^	07/15/2027	1,213,875
15,215,000	Boston Properties LP	3.40%		06/21/2029	15,938,728
3,465,000	Boyne USA, Inc.	7.25%	^	05/01/2025	3,792,789
13,630,000	Brooklyn Union Gas Company	4.49%	^	03/04/2049	16,609,856
2,786,000	Builders FirstSource, Inc.	5.63%	^	09/01/2024	2,907,887
665,000	Builders FirstSource, Inc.	6.75%	^	06/01/2027	719,862
425,000	Calfrac Holdings LP	8.50%	^	06/15/2026	191,250

1,200,000	Calpine Corporation	5.75%		01/15/2025	1,234,500
1,185,000	Calpine Corporation	5.25%	^	06/01/2026	1,230,919
4,050,000	Capital One Financial Corporation (3 Month LIBOR USD + 0.72%)	2.99%		01/30/2023	4,038,449
1,210,000	Carvana Company	8.88%	^	10/01/2023	1,251,987
1,915,000	Catalent Pharma Solutions, Inc.	5.00%	^	07/15/2027	1,991,600
4,771,000	CCO Holdings LLC	5.75%	^	02/15/2026	5,045,332
2,030,000	CCO Holdings LLC	5.00%	^	02/01/2028	2,103,587
860,000	CDK Global, Inc.	5.88%		06/15/2026	918,050
830,000	CDK Global, Inc.	5.25%	^	05/15/2029	860,087
1,830,000	Cedar Fair LP	5.25%	^	07/15/2029	1,964,962
14,005,000	Celgene Corporation	4.35%		11/15/2047	16,258,117
1,585,000	Cengage Learning, Inc.	9.50%	^	06/15/2024	1,458,200
3,470,000	Centene Corporation	4.75%		01/15/2025	3,570,630
835,000	Centene Corporation	5.38%	^	06/01/2026	876,750
1,165,000	Century Communities, Inc.	6.75%	^	06/01/2027	1,254,122
1,180,000	CFX Escrow Corporation	6.00%	^	02/15/2024	1,253,278
1,645,000	CFX Escrow Corporation	6.38%	^	02/15/2026	1,771,973
14,165,000	Charles Schwab Corporation	3.55%		02/01/2024	14,987,095
14,746,000	Charter Communications Operating LLC	4.91%		07/23/2025	16,217,826
4,395,000	Cheniere Energy Partners LP	5.25%		10/01/2025	4,588,380
390,000	Cheniere Energy Partners LP	5.63%		10/01/2026	415,798
825,000	Cheniere Energy Partners LP	4.50%	^	10/01/2029	847,172
7,380,000	Cigna Corporation	4.90%		12/15/2048	8,475,815
7,655,000	Cigna Corporation (3 Month LIBOR USD + 0.89%)	3.19%		07/15/2023	7,676,298
1,965,000	Cincinnati Bell, Inc.	7.00%	^	07/15/2024	1,827,450
23,400,000	Citigroup, Inc. (3 Month LIBOR USD + 1.10%)	3.22%		05/17/2024	23,616,384
2,140,000	Clean Harbors, Inc.	4.88%	^	07/15/2027	2,238,975
460,000	Clean Harbors, Inc.	5.13%	^	07/15/2029	488,750
1,284,000	Clear Channel Worldwide Holdings, Inc.	9.25%	^	02/15/2024	1,413,889
1,530,000	Clear Channel Worldwide Holdings, Inc.	5.13%	^	08/15/2027	1,597,855
815,000	CNO Financial Group, Inc.	5.25%		05/30/2029	894,462
3,220,000	CNX Midstream Partners LP	6.50%	^	03/15/2026	2,986,872
14,895,000	Comcast Corporation	3.95%		10/15/2025	16,230,031
1,320,000	CommScope Finance LLC	5.50%	^	03/01/2024	1,364,550
625,000	CommScope Finance LLC	6.00%	^	03/01/2026	649,875
3,110,000	Connect Finco LLC	6.75%	^	10/01/2026	3,172,200
3,895,000	Constellation Brands, Inc.	3.15%		08/01/2029	3,997,059
1,380,000	Constellation Merger Sub, Inc.	8.50%	^	09/15/2025	1,162,650
15,555,000	Corning, Inc.	4.38%		11/15/2057	16,058,105
3,130,000	Cott Holdings, Inc.	5.50%	^	04/01/2025	3,259,206
2,060,000	CRC Issuer LLC	5.25%	^	10/15/2025	2,111,294
2,255,000	Credit Acceptance Corporation	6.63%	^	03/15/2026	2,418,487
1,940,000	Crown Americas LLC	4.50%		01/15/2023	2,041,850
2,820,000	Crown Americas LLC	4.75%		02/01/2026	2,957,475
14,045,000	Crown Castle International Corporation	3.65%		09/01/2027	14,892,258
815,000	Crown Castle International Corporation	3.80%		02/15/2028	867,680
1,988,000	CSC Holdings LLC	5.25%		06/01/2024	2,142,070
2,940,000	CSC Holdings LLC	5.75%	^	01/15/2030	3,076,328
2,700,000	CSI Compressco LP	7.50%	^	04/01/2025	2,666,250
15,465,000	CSX Corporation	3.80%		11/01/2046	16,263,178
7,385,000	CVS Health Corporation	5.05%		03/25/2048	8,411,700
2,200,000	Dana Financing Ltd.	5.75%	^	04/15/2025	2,256,870
16,060,000	Delta Air Lines, Inc.	3.80%		04/19/2023	16,669,591
1,030,000	Diamond Sports Group LLC	5.38%	^	08/15/2026	1,071,200
3,500,000	Digital Realty Trust	3.70%		08/15/2027	3,676,703
3,000,000	Digital Realty Trust	3.60%		07/01/2029	3,126,257
17,835,000	Discover Financial Services	4.10%		02/09/2027	18,997,333
1,355,000	DISH DBS Corporation	5.88%		11/15/2024	1,348,225
14,005,000	Dollar Tree, Inc.	4.00%		05/15/2025	14,860,633
12,745,000	DowDuPont, Inc.	5.42%		11/15/2048	16,203,078
3,615,000	Duke Energy Corporation	3.75%		09/01/2046	3,734,466
7,615,000	Duke Energy Corporation	3.95%		08/15/2047	8,169,004
11,590,000	Duke Energy Progress, Inc.	4.15%		12/01/2044	13,292,162
450,000	Dun & Bradstreet Corporation	10.25%	^	02/15/2027	499,500
1,305,000	Eagle Holding LLC (PIK 9.00%)	7.75%	^	05/15/2022	1,318,050
1,180,000	EES Finance Corporation	8.13%		05/01/2025	1,181,475
1,710,000	Eldorado Resorts, Inc.	6.00%		04/01/2025	1,808,325
2,136,000	Embarq Corporation	8.00%		06/01/2036	2,121,988
7,425,000	Enable Midstream Partners LP	4.40%		03/15/2027	7,456,644
620,000	Encompass Health Corporation	4.50%		02/01/2028	628,370
215,000	Encompass Health Corporation	4.75%		02/01/2030	217,773
1,710,000	Energizer Holdings, Inc.	7.75%	^	01/15/2027	1,909,557
13,325,000	Energy Transfer Partners LP	4.75%		01/15/2026	14,457,257
1,250,000	Energy Transfer Partners LP	4.20%		04/15/2027	1,316,001
3,560,000	Ensemble S Merger Sub, Inc.	9.00%	^	09/30/2023	3,662,350
405,000	Enterprise Merger Sub, Inc.	8.75%	^	10/15/2026	249,075
1,125,000	EP Energy LLC	7.75%	^	05/15/2026	849,375
8,065,000	ERP Operating LP	2.50%		02/15/2030	7,955,966
3,981,000	ESH Hospitality, Inc.	5.25%	^	05/01/2025	4,125,311
825,000	ESH Hospitality, Inc.	4.63%	^	10/01/2027	829,125
3,954,000	Exelon Corporation	3.40%		04/15/2026	4,136,888
7,820,000	Expedia Group, Inc.	3.80%		02/15/2028	8,192,583
755,000	Extraction Oil & Gas, Inc.	5.63%	^	02/01/2026	466,212
7,447,000	FedEx Corporation	4.75%		11/15/2045	8,009,896
1,520,000	Financial & Risk US Holdings, Inc.	6.25%	^	05/15/2026	1,633,985
1,560,000	Financial & Risk US Holdings, Inc.	8.25%	^	11/15/2026	1,725,750
1,815,000	Flex Acquisition Company, Inc.	6.88%	^	01/15/2025	1,664,536
3,460,000	Ford Motor Company	7.45%		07/16/2031	3,972,678
2,220,000	Foresight Energy LLC	11.50%	^	04/01/2023	482,850
2,140,000	Frontdoor, Inc.	6.75%	^	08/15/2026	2,348,693
605,000	Frontier Communications Corporation	8.50%		04/15/2020	320,650
945,000	Frontier Communications Corporation	7.13%		01/15/2023	422,887
765,000	Frontier Communications Corporation	8.50%	^	04/01/2026	766,836
1,335,000	Frontier Communications Corporation	8.00%	^	04/01/2027	1,411,349
1,068,000	FTS International, Inc.	6.25%		05/01/2022	881,100
13,450,000	General Electric Company	5.88%		01/14/2038	16,181,708
6,205,000	General Motors Financial Company	3.95%		04/13/2024	6,389,466
4,265,000	General Motors Financial Company (3 Month LIBOR USD + 0.80%)	3.01%		08/07/2020	4,273,645
13,645,000	General Motors Financial Company (3 Month LIBOR USD + 0.99%)	3.28%		01/05/2023	13,464,730
3,440,000	Genesys Telecommunications Laboratories, Inc.	10.00%	^	11/30/2024	3,727,446
16,260,000	Georgia Power Company	2.20%		09/15/2024	16,089,980
2,250,000	Global Aircraft Leasing Company (PIK 7.00%)	6.50%	^	09/15/2024	2,283,750
1,875,000	Gogo Finance Company, Inc.	9.88%	^	05/01/2024	2,010,937
1,035,000	Golden Entertainment, Inc.	7.63%	^	04/15/2026	1,084,162
3,290,000	Golden Nugget, Inc.	6.75%	^	10/15/2024	3,380,475
500,000	Golden Nugget, Inc.	8.75%	^	10/01/2025	522,500
8,250,000	Goldman Sachs Group, Inc. (3 Month LIBOR USD + 0.78%)	3.04%		10/31/2022	8,276,289
11,218,000	Goldman Sachs Group, Inc. (3 Month LIBOR USD + 1.17%)	3.33%		05/15/2026	11,283,734
860,000	Gray Television, Inc.	5.13%	^	10/15/2024	893,325
1,510,000	Gray Television, Inc.	7.00%	^	05/15/2027	1,664,699
835,000	GrubHub Holdings, Inc.	5.50%	^	07/01/2027	853,787
1,315,000	GTT Communications, Inc.	7.88%	^	12/31/2024	749,550
1,820,000	Gulfport Energy Corporation	6.38%		05/15/2025	1,301,300
15,892,000	Hasbro, Inc.	3.50%		09/15/2027	16,287,329
850,000	HCA, Inc.	5.25%		04/15/2025	946,658
4,850,000	HCA, Inc.	5.38%		09/01/2026	5,340,820
270,000	HCA, Inc.	5.88%		02/01/2029	302,400
7,770,000	HCA, Inc.	4.13%		06/15/2029	8,151,616

4,865,000	Hess Infrastructure Partners LP	5.63%	^	02/15/2026	5,108,250
985,000	Hexion, Inc.	7.88%	^	07/15/2027	977,612
1,397,000	HilCorporationEnergy LP	6.25%	^	11/01/2028	1,306,195
620,000	Hill-Rom Holdings, Inc.	4.38%	^	09/15/2027	635,407
4,890,000	Hilton Domestic Operating Company, Inc.	4.25%		09/01/2024	4,993,912
7,260,000	Home Depot, Inc.	3.90%		06/15/2047	8,330,787
800,000	Horizon Pharma USA, Inc.	5.50%	^	08/01/2027	834,000
1,420,000	IAA Spinco, Inc.	5.50%	^	06/15/2027	1,501,650
1,680,000	Icahn Enterprises Finance Corporation	6.25%		02/01/2022	1,727,880
650,000	Icahn Enterprises Finance Corporation	6.38%		12/15/2025	685,108
2,965,000	Icahn Enterprises Finance Corporation	6.25%	^	05/15/2026	3,113,250
480,000	iHeartCommunications, Inc.	6.38%		05/01/2026	520,800
230,000	iHeartCommunications, Inc.	8.38%		05/01/2027	249,550
1,000,000	iHeartCommunications, Inc.	5.25%	^	08/15/2027	1,042,500
875,000	Indigo Natural Resources LLC	6.88%	^	02/15/2026	792,969
3,155,000	Informatica LLC	7.13%	^	07/15/2023	3,218,100
1,435,000	Installed Building Products, Inc.	5.75%	^	02/01/2028	1,483,431
2,045,000	IQVIA, Inc.	5.00%	^	05/15/2027	2,147,250
2,314,000	IRB Holding Corporation	6.75%	^	02/15/2026	2,331,355
2,685,000	Iridium Communications, Inc.	10.25%	^	04/15/2023	2,899,800
1,280,000	Iron Mountain, Inc.	4.88%	^	09/15/2029	1,302,784
1,000,000	iStar, Inc.	4.75%		10/01/2024	1,018,750
275,000	JBS USA Finance, Inc.	5.75%	^	06/15/2025	287,532
430,000	JBS USA Finance, Inc.	5.88%	^	07/15/2024	443,728
1,710,000	JBS USA Finance, Inc.	6.75%	^	02/15/2028	1,900,237
1,670,000	JBS USA Finance, Inc.	6.50%	^	04/15/2029	1,857,875
600,000	JBS USA Finance, Inc.	5.50%	^	01/15/2030	637,488
2,795,000	JELD-WEN, Inc.	4.63%	^	12/15/2025	2,812,553
8,015,000	John Deere Capital Corporation	3.45%		01/10/2024	8,450,650
2,465,000	KAR Auction Services, Inc.	5.13%	^	06/01/2025	2,563,600
11,824,000	Kinder Morgan Energy Partners LP	6.95%		01/15/2038	15,462,536
1,475,000	Kratos Defense & Security Solutions, Inc.	6.50%	^	11/30/2025	1,578,250
15,245,000	Kroger Company	3.40%		04/15/2022	15,736,372
3,035,000	Level 3 Financing, Inc.	5.38%		01/15/2024	3,102,832
1,525,000	Level 3 Financing, Inc.	4.63%	^	09/15/2027	1,542,614
17,379,000	Liberty Mutual Group, Inc.	3.95%	^	10/15/2050	17,458,770
1,905,000	Lions Gate Capital Holdings LLC	6.38%	^	02/01/2024	2,019,071
2,990,000	Live Nation Entertainment, Inc.	5.63%	^	03/15/2026	3,188,087
13,037,000	Lockheed Martin Corporation	4.70%		05/15/2046	16,600,791
2,835,000	LTF Merger Sub, Inc.	8.50%	^	06/15/2023	2,912,963
13,619,000	Marathon Petroleum Corporation	5.13%		12/15/2026	15,322,861
1,925,000	Marriott Ownership Resorts, Inc.	6.50%		09/15/2026	2,083,813
14,460,000	Marvell Technology Group Ltd.	4.20%		06/22/2023	15,166,670
2,250,000	Masonite International Corporation	5.75%	^	09/15/2026	2,382,188
2,535,000	Match Group, Inc.	5.00%	^	12/15/2027	2,642,738
895,000	Matterhorn Merger Sub LLC	8.50%	^	06/01/2026	673,488
7,020,000	McDonald’s Corporation	4.45%		03/01/2047	8,078,528
50,000	Metropolitan Edison Company	4.00%	^	04/15/2025	53,165
1,710,000	MGM Growth Properties LP	5.75%	^	02/01/2027	1,922,126
1,150,000	MGM Resorts International	5.75%		06/15/2025	1,272,188
6,255,000	Monongahela Power Company	5.40%	^	12/15/2043	8,401,474
14,609,000	Morgan Stanley (3 Month LIBOR USD + 1.34%)	3.59%		07/22/2028	15,421,247
15,680,000	Mosaic Company	4.05%		11/15/2027	16,306,945
1,152,000	Moss Creek Resources Holdings, Inc.	7.50%	^	01/15/2026	853,920
1,735,000	MPH Acquisition Holdings LLC	7.13%	^	06/01/2024	1,607,044
1,250,000	MPLX LP	4.00%		03/15/2028	1,304,518
1,305,000	MPT Finance Corporation	4.63%		08/01/2029	1,346,597
3,720,000	MPT Operating Partnership LP	5.00%		10/15/2027	3,906,000
940,000	Murphy Oil USA, Inc.	4.75%		09/15/2029	963,500
1,285,000	Nabors Industries, Inc.	5.75%		02/01/2025	957,325
2,795,000	Navient Corporation	6.50%		06/15/2022	2,983,663
860,000	Netflix, Inc.	5.88%		02/15/2025	946,550
765,000	Netflix, Inc.	5.38%	^	11/15/2029	797,513
8,467,000	NextEra Energy Capital Holdings, Inc.	3.55%		05/01/2027	8,983,491
3,207,000	NFP Corporation	6.88%	^	07/15/2025	3,194,974
1,170,000	NGL Energy Finance Corporation	7.50%	^	04/15/2026	1,178,190
1,835,000	NRG Energy, Inc.	5.25%	^	06/15/2029	1,980,057
1,650,000	NuStar Logistics LP	6.00%		06/01/2026	1,789,920
880,000	NVA Holdings, Inc.	6.88%	^	04/01/2026	938,300
1,610,000	Oasis Petroleum, Inc.	6.88%		03/15/2022	1,509,375
1,055,000	Oasis Petroleum, Inc.	6.25%	^	05/01/2026	859,825
16,120,000	Oncor Electric Delivery Company	3.10%	^	09/15/2049	16,100,990
148,000	Oncor Electric Delivery Company LLC	2.95%		04/01/2025	153,829
4,060,000	ONEOK, Inc.	3.40%		09/01/2029	4,026,477
8,405,000	Owens Corning	4.40%		01/30/2048	7,756,041
7,010,000	Packaging Corporation of America	3.40%		12/15/2027	7,282,198
1,445,000	Panther BF Aggregator LP	6.25%	^	05/15/2026	1,524,475
745,000	Panther BF Aggregator LP	8.50%	^	05/15/2027	756,175
1,790,000	Par Petroleum Finance Corporation	7.75%	^	12/15/2025	1,785,525
2,305,000	Parsley Energy LLC	5.63%	^	10/15/2027	2,391,438
2,525,000	Peabody Securities Finance Corporation	6.00%	^	03/31/2022	2,550,250
2,085,000	Penn National Gaming, Inc.	5.63%	^	01/15/2027	2,157,975
6,620,000	Penske Truck Leasing Company	4.20%	^	04/01/2027	7,051,764
1,465,000	Performance Food Group, Inc.	5.50%	^	10/15/2027	1,545,575
468,000	PetSmart, Inc.	5.88%	^	06/01/2025	468,000
3,070,000	Pilgrim’s Pride Corporation	5.88%	^	09/30/2027	3,308,693
1,670,000	Polaris Intermediate Corporation (PIK 9.25%)	8.50%	^	12/01/2022	1,427,850
2,390,000	Post Holdings, Inc.	5.50%	^	03/01/2025	2,512,488
430,000	Post Holdings, Inc.	5.50%	^	12/15/2029	449,888
1,263,000	Prime Security Services Borrower LLC	9.25%	^	05/15/2023	1,330,160
7,705,000	Prudential Financial, Inc.	3.91%		12/07/2047	8,290,959
11,955,000	PSEG Power LLC	3.85%		06/01/2023	12,649,985
14,460,000	Public Storage	3.39%		05/01/2029	15,524,932
1,280,000	QEP Resources, Inc.	5.25%		05/01/2023	1,193,626
1,175,000	QEP Resources, Inc.	5.63%		03/01/2026	1,016,375
380,000	Radiate Finance, Inc.	6.88%	^	02/15/2023	392,825
1,695,000	Radiate Finance, Inc.	6.63%	^	02/15/2025	1,715,510
2,150,000	Resideo Funding, Inc.	6.13%	^	11/01/2026	2,273,625
1,073,000	Riverbed Technology, Inc.	8.88%	^	03/01/2023	590,150
7,435,000	Royal Caribbean Cruises Ltd.	3.70%		03/15/2028	7,628,289
14,675,000	Sabine Pass Liquefaction LLC	5.00%		03/15/2027	16,223,234
1,580,000	Schweitzer-Mauduit International, Inc.	6.88%	^	10/01/2026	1,674,800
1,820,000	Scientific Games International, Inc.	5.00%	^	10/15/2025	1,882,426
1,160,000	Scientific Games International, Inc.	8.25%	^	03/15/2026	1,238,300
1,475,000	Scripps Escrow, Inc.	5.88%	^	07/15/2027	1,500,813
1,925,000	Select Medical Corporation	6.25%	^	08/15/2026	2,016,438
8,175,000	Simon Property Group LP	2.45%		09/13/2029	8,010,743
2,195,000	Sirius XM Radio, Inc.	5.38%	^	07/15/2026	2,312,674
1,100,000	Sirius XM Radio, Inc.	5.50%	^	07/01/2029	1,177,000
3,020,000	Six Flags Entertainment Corporation	4.88%	^	07/31/2024	3,133,250
15,691,000	Smithfield Foods, Inc.	4.25%	^	02/01/2027	16,269,252
7,945,000	Southern California Edison Company	4.00%		04/01/2047	8,561,261
210,000	Spectrum Brands, Inc.	5.00%	^	10/01/2029	214,200
1,590,000	Springleaf Finance Corporation	6.88%		03/15/2025	1,755,956
280,000	Springleaf Finance Corporation	7.13%		03/15/2026	311,136
390,000	Springleaf Finance Corporation	6.63%		01/15/2028	420,342
3,965,000	Sprint Capital Corporation	6.88%		11/15/2028	4,332,556
3,815,000	Sprint Corporation	7.13%		06/15/2024	4,121,345

7,520,000	Sprint Spectrum Company LLC	4.74%	^	03/20/2025	8,012,635
2,495,000	SS&C Technologies, Inc.	5.50%	^	09/30/2027	2,612,016
1,495,000	Staples, Inc.	7.50%	^	04/15/2026	1,544,036
500,000	Staples, Inc.	10.75%	^	04/15/2027	515,000
1,310,000	Star Merger Sub, Inc.	6.88%	^	08/15/2026	1,430,356
1,745,000	Stevens Holding Company, Inc.	6.13%	^	10/01/2026	1,864,969
2,518,000	SunCoke Energy Partners Finance Corporation	7.50%	^	06/15/2025	2,250,463
1,910,000	Sunoco LP	5.50%		02/15/2026	1,998,185
1,010,000	Sunoco LP / Sunoco Finance Corporation	6.00%		04/15/2027	1,073,125
15,110,000	Synchrony Financial	3.95%		12/01/2027	15,506,185
1,095,000	Talen Energy Supply LLC	6.63%	^	01/15/2028	1,081,313
925,000	Tapstone Energy Finance Corporation	9.75%	^ W	06/01/2022	254,375
2,035,000	Targa Resources Partners Finance Corporation	5.88%		04/15/2026	2,157,100
800,000	Targa Resources Partners Finance Corporation	6.50%	^	07/15/2027	874,872
3,600,000	Tempo Acquisition Finance Corporation	6.75%	^	06/01/2025	3,726,000
3,115,000	Tempur Sealy International, Inc.	5.50%		06/15/2026	3,259,069
1,760,000	Tenet Healthcare Corporation	7.00%		08/01/2025	1,795,200
1,800,000	Tenet Healthcare Corporation	4.88%	^	01/01/2026	1,849,500
1,930,000	Tenet Healthcare Corporation	6.25%	^	02/01/2027	2,009,420
750,000	Tenet Healthcare Corporation	5.13%	^	11/01/2027	775,950
1,940,000	TerraForm Power Operating LLC	4.25%	^	01/31/2023	1,988,500
14,055,000	The Interpublic Group of Companies, Inc.	5.40%		10/01/2048	16,764,214
2,525,000	The ServiceMaster Company LLC	5.13%	^	11/15/2024	2,626,000
1,600,000	The William Carter Company	5.63%	^	03/15/2027	1,718,000
4,795,000	T-Mobile USA, Inc.	4.50%		02/01/2026	4,953,475
1,365,000	TransDigm, Inc.	6.38%		06/15/2026	1,440,075
2,205,000	TransDigm, Inc.	6.25%	^	03/15/2026	2,373,131
872,200	Transocean Guardian Ltd.	5.88%	^	01/15/2024	880,922
2,120,000	Transocean Poseidon Ltd.	6.88%	^	02/01/2027	2,194,200
1,605,000	Transocean Proteus Ltd.	6.25%	^	12/01/2024	1,637,100
1,155,000	Transocean, Inc.	7.25%	^	11/01/2025	1,022,175
1,320,000	Trident Merger Sub, Inc.	6.63%	^	11/01/2025	1,161,600
495,000	Triumph Group, Inc.	6.25%	^	09/15/2024	516,137
1,957,000	Triumph Group, Inc.	7.75%		08/15/2025	1,981,463
1,120,000	Trivium Packaging Finance BV	5.50%	^	08/15/2026	1,180,144
1,420,000	Twin River Worldwide Holdings, Inc.	6.75%	^	06/01/2027	1,494,550
1,580,000	Uber Technologies, Inc.	8.00%	^	11/01/2026	1,603,700
700,000	Uber Technologies, Inc.	7.50%	^	09/15/2027	700,000
2,535,000	United Rentals North America, Inc.	6.50%		12/15/2026	2,771,389
300,000	United Rentals North America, Inc.	5.25%		01/15/2030	315,564
510,000	Univision Communications, Inc.	5.13%	^	05/15/2023	511,275
3,415,000	USA Compression Partners LP	6.88%	^	09/01/2027	3,543,063
14,757,000	Verizon Communications, Inc.	4.40%		11/01/2034	16,846,429
6,735,000	Verizon Communications, Inc.	4.27%		01/15/2036	7,597,104
2,365,000	Verscend Escrow Corporation	9.75%	^	08/15/2026	2,527,286
3,415,000	Viking Cruises Ltd.	5.88%	^	09/15/2027	3,627,072
1,235,000	Vine Oil & Gas Finance Corporation	8.75%	^	04/15/2023	568,100
2,405,000	Vistra Operations Co LLC	5.63%	^	02/15/2027	2,539,512
955,000	Vizient, Inc.	6.25%	^	05/15/2027	1,026,625
18,495,000	Volkswagen Group of America Finance LLC	4.25%	^	11/13/2023	19,719,161
1,990,000	Wand Merger Corporation	8.13%	^	07/15/2023	2,079,550
14,740,000	Waste Management, Inc.	4.00%		07/15/2039	16,782,639
1,805,000	Waste Pro, Inc.	5.50%	^	02/15/2026	1,869,908
1,005,000	Weatherford International Ltd.	9.88%	W	02/15/2024	364,313
2,415,000	WellCare Health Plans, Inc.	5.25%		04/01/2025	2,523,675
2,285,000	WellCare Health Plans, Inc.	5.38%	^	08/15/2026	2,444,493
6,905,000	Wells Fargo & Company (3 Month LIBOR USD + 1.17%)	3.20%		06/17/2027	7,140,952
15,115,000	Welltower, Inc.	3.95%		09/01/2023	16,021,557
500,000	West Street Merger Sub, Inc.	6.38%	^	09/01/2025	462,500
725,000	WeWork Cos, Inc.	7.88%	^	05/01/2025	618,969
2,430,000	Whiting Petroleum Corporation	6.63%		01/15/2026	1,652,400
13,740,000	Willis North America, Inc.	4.50%		09/15/2028	15,245,216
1,430,000	WPX Energy, Inc.	5.25%		10/15/2027	1,444,300
15,140,000	WRKCo, Inc.	3.75%		03/15/2025	15,949,575
1,245,000	Yum! Brands, Inc.	4.75%	^	01/15/2030	1,287,019
Total US Corporate Bonds(Cost $1,529,571,447)					1,610,166,786
US Government and Agency Mortgage Backed Obligations - 16.2%
100,204,651	Federal Home Loan Mortgage Corporation Pass-Thru, SeriesK722-X1	1.44%	# I/O	03/25/2023	3,673,963
600,578	Federal Home Loan Mortgage Corporation, Pool G01840	5.00%		07/01/2035	664,144
325,913	Federal Home Loan Mortgage Corporation, Pool G04817	5.00%		09/01/2038	360,140
13,934,010	Federal Home Loan Mortgage Corporation, Pool G08537	3.00%		07/01/2043	14,368,829
10,379,139	Federal Home Loan Mortgage Corporation, Pool G08622	3.00%		01/01/2045	10,648,091
9,649,588	Federal Home Loan Mortgage Corporation, Pool G08686	3.00%		01/01/2046	9,894,045
41,754,683	Federal Home Loan Mortgage Corporation, Pool G08701	3.00%		04/01/2046	42,812,943
2,263,150	Federal Home Loan Mortgage Corporation, Pool G08737	3.00%		12/01/2046	2,317,842
61,624,166	Federal Home Loan Mortgage Corporation, Pool G61645	4.00%		10/01/2048	64,121,279
1,964,660	Federal Home Loan Mortgage Corporation, Pool N70081	5.50%		07/01/2038	2,185,703
8,661,789	Federal Home Loan Mortgage Corporation, Pool Q33789	3.50%		06/01/2045	9,119,176
43,526,209	Federal Home Loan Mortgage Corporation, Pool Q51461	3.50%		10/01/2047	45,000,212
9,825,253	Federal Home Loan Mortgage Corporation, Pool RC1060	2.50%		09/01/2034	9,965,066
54,721,509	Federal Home Loan Mortgage Corporation, Pool SD0035	3.00%		04/01/2047	56,004,963
2,896,035	Federal Home Loan Mortgage Corporation, Pool T60854	3.50%		09/01/2042	2,955,873
538,220	Federal Home Loan Mortgage Corporation, Pool U60299	4.00%		11/01/2040	571,633
16,043,339	Federal Home Loan Mortgage Corporation, Pool V83144	4.00%		04/01/2047	16,851,435
35,084,510	Federal Home Loan Mortgage Corporation, Pool ZT1827	3.00%		07/01/2047	35,954,640
61,540	Federal Home Loan Mortgage Corporation, Series2692-SC(-2 x 1 Month LIBOR USD + 13.29%, 13.29% Cap)	9.23%	I/F	07/15/2033	74,966
1,857,245	Federal Home Loan Mortgage Corporation, Series2722-PS(-1 x 1 Month LIBOR USD + 9.89%, 9.89% Cap)	7.64%	I/F	12/15/2033	2,268,379
85,601	Federal Home Loan Mortgage Corporation, Series2750-ZT	5.00%		02/15/2034	93,654
179,903	Federal Home Loan Mortgage Corporation, Series3002-SN(-1 x 1 Month LIBOR USD + 6.50%, 6.50% Cap)	4.47%	I/F I/O	07/15/2035	28,139
80,356	Federal Home Loan Mortgage Corporation, Series3045-DI(-1 x 1 Month LIBOR USD + 6.73%, 6.73% Cap)	4.70%	I/F I/O	10/15/2035	13,211
285,274	Federal Home Loan Mortgage Corporation, Series3116-Z	5.50%		02/15/2036	317,180
26,867	Federal Home Loan Mortgage Corporation, Series3117-ZN	4.50%		02/15/2036	28,052
335,224	Federal Home Loan Mortgage Corporation, Series3203-ZC	5.00%		07/15/2036	371,514
102,559	Federal Home Loan Mortgage Corporation, Series3275-SC(-1 x 1 Month LIBOR USD + 6.08%, 6.08% Cap)	4.05%	I/F I/O	02/15/2037	14,676
302,248	Federal Home Loan Mortgage Corporation, Series3382-SB(-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)	3.97%	I/F I/O	11/15/2037	26,713
309,148	Federal Home Loan Mortgage Corporation, Series3384-S(-1 x 1 Month LIBOR USD + 6.39%, 6.39% Cap)	4.36%	I/F I/O	11/15/2037	37,935
423,628	Federal Home Loan Mortgage Corporation, Series3417-SX(-1 x 1 Month LIBOR USD + 6.18%, 6.18% Cap)	4.15%	I/F I/O	02/15/2038	42,467
42,792	Federal Home Loan Mortgage Corporation, Series3423-GS(-1 x 1 Month LIBOR USD + 5.65%, 5.65% Cap)	3.62%	I/F I/O	03/15/2038	4,807
42,792	Federal Home Loan Mortgage Corporation, Series3423-SG(-1 x 1 Month LIBOR USD + 5.65%, 5.65% Cap)	3.62%	I/F I/O	03/15/2038	4,477
127,484	Federal Home Loan Mortgage Corporation, Series3524-LB	3.60%	I/O P/O	06/15/2038	131,794
17,962,455	Federal Home Loan Mortgage Corporation, Series355-300	3.00%		08/15/2047	18,571,030
124,926	Federal Home Loan Mortgage Corporation, Series3562-WS(-1 x 1 Month LIBOR USD + 4.95%, 4.95% Cap)	2.92%	I/F I/O	08/15/2039	10,781
178,722	Federal Home Loan Mortgage Corporation, Series3582-SA(-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)	3.97%	I/F I/O	10/15/2049	26,409
57,760,990	Federal Home Loan Mortgage Corporation, Series358-300	3.00%		10/15/2047	59,338,964
236,665	Federal Home Loan Mortgage Corporation, Series3616-SG(-1 x 1 Month LIBOR USD + 6.35%, 6.35% Cap)	4.32%	I/F I/O	03/15/2032	37,942
959,745	Federal Home Loan Mortgage Corporation, Series3626-AZ	5.50%		08/15/2036	1,059,799
335,029	Federal Home Loan Mortgage Corporation, Series3666-SC(-1 x 1 Month LIBOR USD + 5.77%, 5.77% Cap)	3.74%	I/F I/O	05/15/2040	60,126
245,100	Federal Home Loan Mortgage Corporation, Series3666-VZ	5.50%		08/15/2036	272,162
2,496,618	Federal Home Loan Mortgage Corporation, Series3779-DZ	4.50%		12/15/2040	2,781,892
1,400,000	Federal Home Loan Mortgage Corporation, Series3779-YA	3.50%		12/15/2030	1,474,780
473,984	Federal Home Loan Mortgage Corporation, Series3786-SG(-2 x 1 Month LIBOR USD + 9.50%, 9.50% Cap)	5.45%	I/F	01/15/2041	555,503
4,906,417	Federal Home Loan Mortgage Corporation, Series3792-SE(-2 x 1 Month LIBOR USD + 9.86%, 9.86% Cap)	5.81%	I/F	01/15/2041	5,928,268
2,589,733	Federal Home Loan Mortgage Corporation, Series3795-VZ	4.00%		01/15/2041	2,765,060
52,467	Federal Home Loan Mortgage Corporation, Series3798-SD(-2 x 1 Month LIBOR USD + 9.60%, 9.60% Cap)	5.55%	I/F	12/15/2040	56,996
977,959	Federal Home Loan Mortgage Corporation, Series3806-CZ	5.50%		07/15/2034	1,096,838
1,040,732	Federal Home Loan Mortgage Corporation, Series3808-DB	3.50%		02/15/2031	1,079,068
2,078,545	Federal Home Loan Mortgage Corporation, Series3818-CZ	4.50%		03/15/2041	2,305,075

1,082,486	Federal Home Loan Mortgage Corporation, Series3819-ZU	5.50%		07/15/2034	1,200,675
3,356,578	Federal Home Loan Mortgage Corporation, Series3824-EY	3.50%		03/15/2031	3,549,610
251,282	Federal Home Loan Mortgage Corporation, Series3828-SW(-3 x 1 Month LIBOR USD + 13.20%, 13.20% Cap)	7.12%	I/F	02/15/2041	373,077
1,616,319	Federal Home Loan Mortgage Corporation, Series3863-ZA	5.50%		08/15/2034	1,783,222
10,296,413	Federal Home Loan Mortgage Corporation, Series3889-VZ	4.00%		07/15/2041	10,768,879
3,253,403	Federal Home Loan Mortgage Corporation, Series3910-GZ	5.00%	>	08/15/2041	3,725,008
23,337,601	Federal Home Loan Mortgage Corporation, Series3967-ZP	4.00%	>	09/15/2041	26,348,474
4,231,350	Federal Home Loan Mortgage Corporation, Series3972-AZ	3.50%		12/15/2041	4,365,867
26,715,663	Federal Home Loan Mortgage Corporation, Series4057-ZA	4.00%	>	06/15/2042	29,641,546
9,569,883	Federal Home Loan Mortgage Corporation, Series4096-DZ	3.50%	>	08/15/2042	10,512,690
29,800,698	Federal Home Loan Mortgage Corporation, Series4165-ZT	3.00%	>	02/15/2043	30,366,580
5,183,535	Federal Home Loan Mortgage Corporation, Series4291-MS(-1 x 1 Month LIBOR USD + 5.90%, 5.90% Cap)	3.87%	I/F I/O	01/15/2054	801,681
19,323,676	Federal Home Loan Mortgage Corporation, Series4341-AZ	3.00%	>	05/15/2044	19,890,699
10,997,894	Federal Home Loan Mortgage Corporation, Series4377-A	3.00%		06/15/2039	11,154,578
8,742,801	Federal Home Loan Mortgage Corporation, Series4391-MA	3.00%		07/15/2040	8,907,810
14,208,311	Federal Home Loan Mortgage Corporation, Series4413-AZ	3.50%	>	11/15/2044	15,009,455
11,805,826	Federal Home Loan Mortgage Corporation, Series4423-Z	3.50%	>	12/15/2044	12,440,813
12,460,435	Federal Home Loan Mortgage Corporation, Series4427-MA	3.00%		02/15/2034	12,792,790
20,135,723	Federal Home Loan Mortgage Corporation, Series4471-BA	3.00%		12/15/2041	20,654,029
29,584,952	Federal Home Loan Mortgage Corporation, Series4471-GA	3.00%		02/15/2044	30,482,932
17,839,942	Federal Home Loan Mortgage Corporation, Series4481-B	3.00%		12/15/2042	18,275,422
9,287,558	Federal Home Loan Mortgage Corporation, Series4511-QA	3.00%		01/15/2041	9,414,521
48,494,540	Federal Home Loan Mortgage Corporation, Series4542-AC	2.70%		01/15/2045	49,190,776
85,741,053	Federal Home Loan Mortgage Corporation, Series4750-PA	3.00%		07/15/2046	87,106,419
64,442,534	Federal Home Loan Mortgage Corporation, Series4752-PL	3.00%		09/15/2046	66,644,522
4,781,000	Federal Home Loan Mortgage Corporation, SeriesK050-A2	3.33%	#	08/25/2025	5,116,886
6,528,000	Federal Home Loan Mortgage Corporation, SeriesK053-A2	3.00%		12/25/2025	6,889,547
385,384	Federal Home Loan Mortgage Corporation, SeriesR003-ZA	5.50%		10/15/2035	434,987
117,321	Federal National Mortgage Association Pass-Thru, Pool 555743	5.00%		09/01/2033	129,583
100,518	Federal National Mortgage Association Pass-Thru, Pool 735382	5.00%		04/01/2035	111,045
817,772	Federal National Mortgage Association Pass-Thru, Pool 735383	5.00%		04/01/2035	903,404
413,246	Federal National Mortgage Association Pass-Thru, Pool 735402	5.00%		04/01/2035	456,516
592,930	Federal National Mortgage Association Pass-Thru, Pool 735484	5.00%		05/01/2035	654,922
120,217	Federal National Mortgage Association Pass-Thru, Pool 931104	5.00%		05/01/2039	132,477
692,871	Federal National Mortgage Association Pass-Thru, Pool 995203	5.00%		07/01/2035	765,354
679,633	Federal National Mortgage Association Pass-Thru, Pool AB2123	4.00%		01/01/2031	720,267
40,524	Federal National Mortgage Association Pass-Thru, Pool AB2370	4.50%		09/01/2035	42,107
23,126	Federal National Mortgage Association Pass-Thru, Pool AD2177	4.50%		06/01/2030	24,789
996,269	Federal National Mortgage Association Pass-Thru, Pool AH7309	4.00%		02/01/2031	1,055,739
25,477,600	Federal National Mortgage Association Pass-Thru, Pool AS4645	3.00%		03/01/2045	26,109,823
11,188,048	Federal National Mortgage Association Pass-Thru, Pool BC0785	3.50%		04/01/2046	11,772,195
496,787	Federal National Mortgage Association Pass-Thru, Pool MA0264	4.50%		12/01/2029	529,605
344,421	Federal National Mortgage Association Pass-Thru, Pool MA0353	4.50%		03/01/2030	369,463
14,488	Federal National Mortgage Association Pass-Thru, Pool MA0468	5.00%		07/01/2040	15,227
11,625,003	Federal National Mortgage Association Pass-Thru, Pool MA2151	3.50%		01/01/2045	11,856,325
8,791,302	Federal National Mortgage Association Pass-Thru, Pool MA2248	3.00%		04/01/2045	8,875,892
4,800,000	Federal National Mortgage Association, Pool JM2322	2.32%		10/25/2031	4,809,600
28,707,000	Federal National Mortgage Association, Pool JM2334	2.14%		10/25/2029	28,569,206
25,972,000	Federal National Mortgage Association, Pool JM2336	2.14%		10/25/2029	25,847,334
15,800,000	Federal National Mortgage Association, Pool JM2337	2.14%		10/25/2029	15,724,160
39,950,000	Federal National Mortgage Association, Pool JM2338	2.14%		10/25/2029	39,758,240
33,150,000	Federal National Mortgage Association, Pool JM2342	2.28%		11/25/2029	33,395,310
12,425,000	Federal National Mortgage Association, Pool MS3272	2.46%		10/25/2031	12,502,656
14,064,560	Federal National Mortgage Association, Pool AL9238	3.00%		10/01/2041	14,499,019
2,809,515	Federal National Mortgage Association, Pool AL9445	3.00%		07/01/2031	2,900,314
42,514,515	Federal National Mortgage Association, Pool AS7661	3.00%		08/01/2046	42,923,194
8,431,440	Federal National Mortgage Association, Pool AS7724	2.50%		08/01/2046	8,427,774
21,036,880	Federal National Mortgage Association, Pool BC9081	3.00%		12/01/2046	21,608,237
20,330,240	Federal National Mortgage Association, Pool BD8013	2.50%		09/01/2046	20,321,401
6,800,435	Federal National Mortgage Association, Pool BM4094	3.00%		03/01/2043	7,010,797
32,010,333	Federal National Mortgage Association, Pool BM6089	3.50%		12/01/2044	33,559,508
15,651,740	Federal National Mortgage Association, Pool BN7712	2.50%		08/01/2034	15,854,679
34,038,401	Federal National Mortgage Association, Pool FM1000	3.00%		04/01/2047	34,842,862
13,071,440	Federal National Mortgage Association, Pool MA2621	3.50%		05/01/2046	13,331,546
24,615,549	Federal National Mortgage Association, Pool MA2649	3.00%		06/01/2046	24,851,713
9,336,071	Federal National Mortgage Association, Pool MA2711	3.00%		08/01/2046	9,425,511
34,183,080	Federal National Mortgage Association, Pool MA2806	3.00%		11/01/2046	35,030,463
17,230,133	Federal National Mortgage Association, Pool MA3681	3.00%		06/01/2034	17,626,853
3,043,000	Federal National Mortgage Association, Pool CF7598	2.31%		10/01/2029	3,044,902
238,313	Federal National Mortgage Association, Series2003-W17-1A7	5.75%		08/25/2033	260,686
1,969,212	Federal National Mortgage Association, Series2005-20-QH	5.00%		03/25/2035	2,180,599
341,569	Federal National Mortgage Association, Series2006-101-SA(-1 x 1 Month LIBOR USD + 6.58%, 6.58% Cap)	4.56%	I/F I/O	10/25/2036	67,700
147,199	Federal National Mortgage Association, Series2006-56-SM(-1 x 1 Month LIBOR USD + 6.75%, 6.75% Cap)	4.73%	I/F I/O	07/25/2036	24,191
106,434	Federal National Mortgage Association, Series2007-116-BI(-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)	4.23%	I/F I/O	05/25/2037	15,360
1,379,359	Federal National Mortgage Association, Series2007-30-FS(-5 x 1 Month LIBOR USD + 29.83%, 29.83% Cap)	20.48%	I/F	04/25/2037	2,103,286
536,340	Federal National Mortgage Association, Series2007-30-OI(-1 x 1 Month LIBOR USD + 6.44%, 6.44% Cap)	4.42%	I/F I/O	04/25/2037	106,065
96,225	Federal National Mortgage Association, Series2008-29-ZA	4.50%		04/25/2038	103,460
43,012	Federal National Mortgage Association, Series2008-62-SC(-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)	3.98%	I/F I/O	07/25/2038	5,852
522,961	Federal National Mortgage Association, Series2009-111-EZ	5.00%		01/25/2040	576,603
14,674	Federal National Mortgage Association, Series2009-111-SE(-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)	4.23%	I/F I/O	01/25/2040	1,886
63,170	Federal National Mortgage Association, Series2009-16-MZ	5.00%		03/25/2029	67,749
65,345	Federal National Mortgage Association, Series2009-48-WS(-1 x 1 Month LIBOR USD + 5.95%, 5.95% Cap)	3.93%	I/F I/O	07/25/2039	6,601
209,345	Federal National Mortgage Association, Series2009-62-PS(-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)	4.08%	I/F I/O	08/25/2039	19,299
1,020,085	Federal National Mortgage Association, Series2009-77-ZA	4.50%		10/25/2039	1,095,182
259,338	Federal National Mortgage Association, Series2009-83-Z	4.50%		10/25/2039	270,102
107,095	Federal National Mortgage Association, Series2010-101-ZH	4.50%		07/25/2040	115,719
402,962	Federal National Mortgage Association, Series2010-112-ZA	4.00%		10/25/2040	412,533
239,051	Federal National Mortgage Association, Series2010-121-SD(-1 x 1 Month LIBOR USD + 4.50%, 4.50% Cap)	2.48%	I/F I/O	10/25/2040	22,813
29,336	Federal National Mortgage Association, Series2010-137-VS(-3 x 1 Month LIBOR USD + 15.00%, 15.00% Cap)	8.70%	I/F	12/25/2040	41,438
45,108	Federal National Mortgage Association, Series2010-31-SA(-1 x 1 Month LIBOR USD + 5.00%, 5.00% Cap)	2.98%	I/F I/O	04/25/2040	2,924
77,901	Federal National Mortgage Association, Series2010-34-PS(-1 x 1 Month LIBOR USD + 4.93%, 4.93% Cap)	2.91%	I/F I/O	04/25/2040	8,095
189,306	Federal National Mortgage Association, Series2010-35-SP(-1 x 1 Month LIBOR USD + 6.35%, 6.35% Cap)	4.33%	I/F I/O	04/25/2050	26,919
31,207	Federal National Mortgage Association, Series2010-35-SV(-1 x 1 Month LIBOR USD + 6.45%, 6.45% Cap)	4.43%	I/F I/O	04/25/2040	2,700
1,886,163	Federal National Mortgage Association, Series2010-37-MY	4.50%		04/25/2040	2,044,012
68,498	Federal National Mortgage Association, Series2010-59-PS(-1 x 1 Month LIBOR USD + 6.45%, 6.45% Cap)	4.43%	I/F I/O	03/25/2039	1,951
222,050	Federal National Mortgage Association, Series2010-59-SC(-1 x 1 Month LIBOR USD + 5.00%, 5.00% Cap)	2.98%	I/F I/O	01/25/2040	30,928
727,120	Federal National Mortgage Association, Series2010-60-VZ	5.00%		10/25/2039	796,788
198,269	Federal National Mortgage Association, Series2010-64-EZ	5.00%		06/25/2040	220,977
426,437	Federal National Mortgage Association, Series2010-7-PE	5.00%		02/25/2040	470,618
105,292	Federal National Mortgage Association, Series2010-90-GS(-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)	3.98%	I/F I/O	08/25/2040	12,177
57,791	Federal National Mortgage Association, Series2010-99-SG(-5 x 1 Month LIBOR USD + 25.00%, 25.00% Cap)	14.50%	I/F	09/25/2040	97,363
5,542,760	Federal National Mortgage Association, Series2011-141-PZ	4.00%		01/25/2042	5,931,824
13,484,106	Federal National Mortgage Association, Series2011-18-UZ	4.00%		03/25/2041	14,278,500
1,110,109	Federal National Mortgage Association, Series2011-25-KY	3.00%		04/25/2026	1,134,626
943,233	Federal National Mortgage Association, Series2011-29-AL	3.50%		04/25/2031	974,682

1,004,230	Federal National Mortgage Association, Series2011-59-MA	4.50%		07/25/2041	1,085,041
25,996,431	Federal National Mortgage Association, Series2013-45-LZ	3.00%	>	05/25/2043	26,640,799
33,381,066	Federal National Mortgage Association, Series2013-6-ZB	3.00%	>	02/25/2043	34,441,579
7,853,190	Federal National Mortgage Association, Series2014-55-MA	3.00%		10/25/2039	7,963,330
26,746,733	Federal National Mortgage Association, Series2014-70-VZ	3.00%	>	11/25/2044	27,173,429
8,953,121	Federal National Mortgage Association, Series2014-73-CZ	3.00%	>	11/25/2044	9,124,038
19,553,838	Federal National Mortgage Association, Series2015-9-HA	3.00%		01/25/2045	20,089,817
6,348,000	Federal National Mortgage Association, Series2016-M3-A2	2.70%		02/25/2026	6,555,484
3,196,352	Federal National Mortgage Association, Series2017-86-MA	3.00%		04/25/2046	3,281,762
55,604,561	Federal National Mortgage Association, Series2018-21-IO	3.00%	I/O	04/25/2048	6,751,678
87,484,466	Federal National Mortgage Association, Series2018-21-PO	0.00%	P/O	04/25/2048	80,259,754
57,208,065	Federal National Mortgage Association, Series2018-27-JA	3.00%		12/25/2047	57,974,550
158,406,564	Federal National Mortgage Association, Series2018-35-PO	0.00%	P/O	05/25/2048	139,786,712
54,363,162	Federal National Mortgage Association, Series2018-36-A	3.00%		06/25/2048	55,834,332
33,579,519	Federal National Mortgage Association, Series2018-39-AB	3.00%		06/25/2048	34,472,704
277,617	Federal National Mortgage Association, Series400-S4(-1 x 1 Month LIBOR USD + 5.45%, 5.45% Cap)	3.43%	I/F I/O	11/25/2039	49,144
170,051	Government National Mortgage Association, Pool 752494, Pool 752494	5.50%		09/20/2039	182,463
208,966	Government National Mortgage Association, Series2003-67-SP(-1 x 1 Month LIBOR USD + 7.10%, 7.10% Cap)	5.06%	I/F I/O	08/20/2033	34,178
112,717	Government National Mortgage Association, Series2008-82-SM(-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)	4.01%	I/F I/O	09/20/2038	14,622
1,609,696	Government National Mortgage Association, Series2009-32-ZE	4.50%		05/16/2039	1,755,001
1,833,369	Government National Mortgage Association, Series2009-35-DZ	4.50%		05/20/2039	2,005,049
1,897,029	Government National Mortgage Association, Series2009-75-GZ	4.50%		09/20/2039	2,052,868
2,266,375	Government National Mortgage Association, Series2009-75-HZ	5.00%		09/20/2039	2,473,803
5,888,837	Government National Mortgage Association, Series2010-113-SM(-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)	4.01%	I/F I/O	09/20/2040	1,102,178
136,409	Government National Mortgage Association, Series2010-25-ZB	4.50%	>	02/16/2040	151,132
4,037,510	Government National Mortgage Association, Series2011-45-GZ	4.50%		03/20/2041	4,339,056
10,063,963	Government National Mortgage Association, Series2011-71-ZA	4.50%		02/20/2041	10,896,680
10,732,524	Government National Mortgage Association, Series2013-117-MS(-1 x 1 Month LIBOR USD + 6.15%, 6.15% Cap)	4.11%	I/F I/O	02/20/2043	1,319,121
5,383,704	Government National Mortgage Association, Series2013-122-SB(-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)	4.07%	I/F I/O	08/16/2043	945,606
24,577,637	Government National Mortgage Association, Series2013-169-SE(-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)	4.02%	I/F I/O	11/16/2043	4,513,533
8,371,724	Government National Mortgage Association, Series2014-102-TS(-1 x 1 Month LIBOR USD + 5.60%, 5.60% Cap)	3.56%	I/F I/O	07/20/2044	1,472,261
6,599,998	Government National Mortgage Association, Series2014-118-PS(-1 x 1 Month LIBOR USD + 6.20%, 6.20% Cap)	4.16%	I/F I/O	08/20/2044	1,114,379
5,774,998	Government National Mortgage Association, Series2014-118-SA(-1 x 1 Month LIBOR USD + 6.20%, 6.20% Cap)	4.16%	I/F I/O	08/20/2044	975,081
8,891,446	Seasoned Credit Risk Transfer Trust, Series2018-2-HV	3.00%	#	11/25/2057	9,215,981
Total US Government and Agency Mortgage Backed Obligations(Cost $1,961,783,336)					2,046,161,494
US Government and Agency Obligations - 19.3%
59,747,268	United States Treasury Inflation Indexed Bonds	0.88%		01/15/2029	63,546,143
117,162,206	United States Treasury Inflation Indexed Bonds	1.00%		02/15/2046	130,868,984
73,300,000	United States Treasury Notes	2.75%		08/15/2021	74,745,957
169,900,000	United States Treasury Notes	2.88%		10/15/2021	174,074,496
197,750,000	United States Treasury Notes	1.75%		11/30/2021	198,225,063
65,400,000	United States Treasury Notes	2.50%		01/15/2022	66,676,066
143,550,000	United States Treasury Notes	2.63%		02/28/2023	148,540,605
118,400,000	United States Treasury Notes	2.50%		03/31/2023	122,155,500
116,100,000	United States Treasury Notes	2.75%		04/30/2023	120,834,703
95,700,000	United States Treasury Notes	1.63%		05/31/2023	95,913,082
49,500,000	United States Treasury Notes	1.88%		08/31/2024	50,243,467
122,300,000	United States Treasury Notes	2.13%		09/30/2024	125,560,537
139,250,000	United States Treasury Notes	2.25%		10/31/2024	143,859,937
63,900,000	United States Treasury Notes	2.75%		02/28/2025	67,766,449
86,150,000	United States Treasury Notes	3.00%		09/30/2025	92,999,935
22,450,000	United States Treasury Notes	2.63%		01/31/2026	23,814,539
96,700,000	United States Treasury Notes	2.38%		05/15/2027	101,910,846
142,100,000	United States Treasury Notes	2.25%		08/15/2027	148,588,863
122,000,000	United States Treasury Notes	2.25%		11/15/2027	127,652,031
13,550,000	United States Treasury Notes	2.75%		11/15/2042	15,220,196
77,750,000	United States Treasury Notes	3.13%		02/15/2043	92,817,099
62,250,000	United States Treasury Notes	3.63%		08/15/2043	80,359,643
61,200,000	United States Treasury Notes	3.75%		11/15/2043	80,576,015
83,200,000	United States Treasury Notes	2.75%		11/15/2047	94,331,250
Total US Government and Agency Obligations(Cost $2,316,038,382)					2,441,281,406
Affiliated Mutual Funds - 11.1%
84,724,040	DoubleLine Global Bond Fund (Class I)				874,352,093
45,674,545	DoubleLine Infrastructure Income Fund (Class I)				476,385,502
5,000,000	DoubleLine Long Duration Total Return Bond Fund (Class I)				54,700,000
Total Affiliated Mutual Funds(Cost $1,378,400,000)					1,405,437,595
Exchange Traded Funds and Common Stocks - 0.0%
135,690	Frontera Energy Corporation				1,310,765
Total Exchange Traded Funds and Common Stocks(Cost $11,867,203)					1,310,765
Warrants - 0.0%
995,158	OAS S.A., Expiration 5/16/2039, Strike Price BRL 1.00* Þ				-
Total Warrants(Cost $–)					-
Short Term Investments - 4.6%
134,370,719	First American Government Obligations Fund - Class U	1.88%	◆		134,370,719
134,370,719	JP Morgan U.S. Government Money Market Fund - Institutional Share Class	1.83%	◆		134,370,719
134,370,719	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class	1.83%	◆		134,370,719
6,650,000	United States Treasury Bills	0.00%		11/07/2019	6,638,290
169,000,000	United States Treasury Bills	0.00%		09/10/2020	166,234,561
Total Short Term Investments(Cost $575,905,061)					575,985,008
Total Investments - 101.7%(Cost $12,482,581,439)					12,855,488,558
Liabilities in Excess of Other Assets - (1.7)%					(216,050,542)
NET ASSETS - 100.0%					$ 12,639,438,016

^	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.
#	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 September 30, 2019.
±	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 September 30, 2019.
Þ	Value determined using significant unobservable inputs.
†	Perpetual Maturity
W	Security is in default or has failed to make a scheduled payment. Income is not being accrued.
I/O	Interest only security
ß	The interest rate may step up conditioned upon the aggregate remaining principal balance of the underlying mortgage loans being reduced below a targeted percentage of the aggregate original principal balance of the mortgage loans. The interest rate shown is the rate in effect as of September 30, 2019.
§	The interest rate will step up if the issuer does not redeem the bond on or before a scheduled redemption date in accordance with the terms of the instrument. The interest rate shown is the rate in effect as of September 30, 2019.
&	Unfunded or partially unfunded loan commitment. At September 30, 2019, the value of these securities amounted to $760,302 or 0.0% of net assets.
I/F	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.
>	This U.S. Agency bond 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 September 30, 2019.
P/O	Principal only security
◆	Seven-day yield as of September 30, 2019
PIK	Apayment-in-kind security in which the issuer may make interest or dividend payments in cash or additional securities. These additional securities generally have the same terms as the original holdings.
BRL	Brazilian Real
~	Represents less than 0.05% of net assets

SECURITY TYPE BREAKDOWN as a % of Net Assets:

US Government and Agency Obligations	19.3%
US Government and Agency Mortgage Backed Obligations	16.2%
Foreign Corporate Bonds	12.8%
US Corporate Bonds	12.7%
Affiliated Mutual Funds	11.1%
Non-Agency Residential Collateralized Mortgage Obligations	9.0%
Non-Agency Commercial Mortgage Backed Obligations	7.3%
Short Term Investments	4.6%
Collateralized Loan Obligations	2.8%
Bank Loans	2.5%
Asset Backed Obligations	2.3%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	1.0%
Municipal Bonds	0.1%
Exchange Traded Funds and Common Stocks	0.0%	~
Warrants	0.0%	~
Other Assets and Liabilities	(1.7)%
	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:

US Government and Agency Obligations	19.3%
US Government and Agency Mortgage Backed Obligations	16.2%
Affiliated Mutual Funds	11.1%
Non-Agency Residential Collateralized Mortgage Obligations	9.0%
Non-Agency Commercial Mortgage Backed Obligations	7.3%
Banking	5.3%
Short Term Investments	4.6%
Energy	2.9%
Collateralized Loan Obligations	2.8%
Utilities	2.4%
Asset Backed Obligations	2.3%
Telecommunications	2.1%
Finance	1.3%
Healthcare	1.2%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	1.1%
Media	1.0%
Transportation	0.9%
Insurance	0.8%
Consumer Products	0.7%
Real Estate	0.7%
Technology	0.7%
Chemicals/Plastics	0.7%
Mining	0.6%
Pharmaceuticals	0.6%
Food Products	0.5%
Automotive	0.5%
Aerospace & Defense	0.4%
Beverage and Tobacco	0.4%
Hotels/Motels/Inns and Casinos	0.4%
Retailers (other than Food/Drug)	0.4%
Electronics/Electric	0.4%
Pulp & Paper	0.3%
Leisure	0.3%
Construction	0.3%
Building and Development (including Steel/Metals)	0.3%
Food Service	0.2%
Business Equipment and Services	0.2%
Containers and Glass Products	0.2%
Environmental Control	0.2%
Commercial Services	0.2%
Diversified Manufacturing	0.2%
Food/Drug Retailers	0.2%
Municipal Bonds	0.1%
Conglomerates	0.1%
Financial Intermediaries	0.1%
Industrial Equipment	0.1%
Chemical Products	0.1%
Cosmetics/Toiletries	0.0%	~
Other Assets and Liabilities	(1.7)%
	100.0%

A summary of the DoubleLine Core Fixed Income Fund’s investments in affiliated mutual funds for the period ended September 30, 2019 is as follows:

											Change in Unrealized for the		Dividend Income Earned in the		Net Realized Gain (Loss) in the
	Value at						Shares Held at		Value at		Period Ended		Period Ended		Period Ended
Fund	March 31, 2019		Gross Purchases		Gross Sales		September 30, 2019		September 30, 2019		September 30, 2019		September 30, 2019		September 30, 2019
DoubleLine Global Bond Fund (Class I)	$	779,217,300	$	93,000,000	$	-		84,724,040	$	874,352,093	$	2,134,793	$	7,772,574	$	-
DoubleLine Infrastructure Income Fund (Class I)		461,769,648		-		-		45,674,545		476,385,502		14,615,854		6,679,524		-
DoubleLine Long Duration Total Return Bond Fund (Class I)		49,400,000		-		-		5,000,000		54,700,000		5,300,000		696,399		-
	$	1,290,386,948	$	93,000,000	$	-		135,398,585	$	1,405,437,595	$	22,050,647	$	15,148,497	$	-

DoubleLine Shiller Enhanced CAPE^®

Schedule of Investments

September 30, 2019 (Unaudited)

Principal Amount $/Shares	Security Description	Rate			Maturity	Value $
Asset Backed Obligations - 6.6%
4,441,340	AASET Ltd., Series2018-1A-A	3.84%		^	01/16/2038	4,476,684
3,204,190	Avant Loans Funding Trust, Series2018-B-A	3.42%		^	01/18/2022	3,214,196
5,137,968	Avant Loans Funding Trust, Series2019-A-A	3.48%		^	07/15/2022	5,157,581
16,000,000	Avant Loans Funding Trust, Series2019-B-A	2.72%		^	10/15/2026	16,017,202
6,873,643	Castlelake Aircraft Securitization Trust, Series2018-1-A	4.13%		^	06/15/2043	7,064,345
4,813,523	Castlelake Aircraft Securitization Trust, Series2019-1A-A	3.97%		^	04/15/2039	4,932,711
5,781,441	CLI Funding LLC, Series2019-1A-A	3.71%		^	05/18/2044	5,900,569
2,250,000	College Ave Student Loans LLC, Series2017-A-B	4.50%		^	11/26/2046	2,326,344
4,397,245	CPS Auto Receivables Trust, Series2019-B-A	2.89%		^	05/16/2022	4,410,119
2,084,578	DRB Prime Student Loan Trust, Series2017-A-B	3.10%		# ^	05/27/2042	2,099,199
3,806,203	DT Auto Owner Trust, Series2019-2A-A	2.85%		^	09/15/2022	3,820,065
4,164,932	Earnest Student Loan Program, Series2017-A-A2	2.65%		^	01/25/2041	4,179,551
90,616	Flagship Credit Auto Trust, Series2016-3-B	2.43%		^	06/15/2021	90,618
8,120,000	Flagship Credit Auto Trust, Series2016-4-C	2.71%		^	11/15/2022	8,155,868
6,850,000	Flagship Credit Auto Trust, Series2017-1-C	3.22%		^	05/15/2023	6,904,016
6,650,000	Flagship Credit Auto Trust, Series2017-4-B	2.66%		^	10/17/2022	6,673,687
8,366,602	Foundation Finance Trust, Series2019-1A-A	3.86%		^	11/15/2034	8,500,342
6,362,303	FREED Trust, Series2019-1-A	3.42%		^	06/18/2026	6,404,207
4,278,500	Global SC Finance Ltd., Series2018-1A-A	4.29%		^	05/17/2038	4,439,831
9,080,747	GLS Auto Receivables Issuer Trust, Series2019-2A-A	3.06%		^	04/17/2023	9,137,617
9,900,000	Hardee’s Funding LLC, Series2018-1A-A2I	4.25%		^	06/20/2048	10,054,737
11,242,666	Helios Issuer LLC, Series2017-1A-A	4.94%		^	09/20/2049	11,787,232
2,474,749	HERO Funding Trust, Series2016-1A-A	4.05%		^	09/20/2041	2,586,805
4,659,331	Horizon Aircraft Finance Ltd., Series2018-1-A	4.46%		^	12/15/2038	4,837,979
18,669,000	Jimmy Johns Funding LLC, Series2017-1A-A2II	4.85%		^	07/30/2047	19,757,476
12,000,000	Kabbage Funding LLC, Series2019-1-A	3.83%		^	03/15/2024	12,135,764
721,156	Laurel Road Prime Student Loan Trust, Series2017-B-CFX	3.61%		^	08/25/2042	720,935
17,598,784	Lendingpoint Asset Securitization Trust, Series2019-1-A	3.15%		^	08/15/2025	17,594,757
5,194,446	Marlette Funding Trust, Series2018-4A-A	3.71%		^	12/15/2028	5,246,055
5,724,931	Marlette Funding Trust, Series2019-2A-A	3.13%		^	07/16/2029	5,770,281
6,222,288	Marlette Funding Trust, Series2019-3A-A	2.69%		^	09/17/2029	6,245,250
1,753,338	Mosaic Solar Loan Trust, Series2017-1A-A	4.45%		^	06/20/2042	1,832,131
7,776,128	Mosaic Solar Loan Trust, Series2018-2GS-A	4.20%		^	02/22/2044	8,063,306
4,500,000	Navient Private Education Loan Trust, Series2018-A-B	3.68%		^	02/18/2042	4,712,040
4,395,355	Navient Private Education Refinance Loan Trust, Series2019-CA-A1	2.82%		^	02/15/2068	4,440,420
15,000,000	OneMain Financial Issuance Trust, Series2017-1A-A1	2.37%		^	09/14/2032	14,991,191
10,000,000	Pagaya AI Debt Selection Trust, Series2019-2-A1	3.93%		^	09/15/2026	10,029,506
15,000,000	Pagaya AI Debt Selection Trust, Series2019-3-A	3.82%		^	11/16/2026	15,049,875
20,000,000	SBA Tower Trust	3.17%		^	04/11/2022	20,211,572
1,968,004	SCF Equipment Leasing LLC, Series2017-1A-A	3.77%		^	01/20/2023	1,989,598
2,176,589	Sierra Timeshare Receivables Funding LLC, Series2016-3A-A	2.43%		^	10/20/2033	2,173,863
6,606,548	SLM Private Credit Student Loan Trust, Series2006-A-A5 (3 Month LIBOR USD + 0.29%, 0.29% Floor)	2.41%			06/15/2039	6,470,902
717,575	SoFi Consumer Loan Program LLC, Series2016-1-A	3.26%		^	08/25/2025	725,092
477,805	SoFi Consumer Loan Program LLC, Series2016-3-A	3.05%		^	12/26/2025	479,721
4,785,966	SoFi Consumer Loan Program LLC, Series2017-6-A2	2.82%		^	11/25/2026	4,799,043
239,532	SoFi Consumer Loan Program Trust, Series2016-2-A	3.09%		^	10/27/2025	240,450
2,093,458	SoFi Consumer Loan Program Trust, Series2017-1-A	3.28%		^	01/26/2026	2,108,492
1,131,183	SoFi Consumer Loan Program Trust, Series2017-2-A	3.28%		^	02/25/2026	1,140,184
554,454	SoFi Consumer Loan Program Trust, Series2017-3-A	2.77%		^	05/25/2026	556,281
448,490	SoFi Consumer Loan Program Trust, Series2017-5-A2	2.78%		^	09/25/2026	449,785
596,357	SoFi Consumer Loan Program Trust, Series2018-1-A1	2.55%		^	02/25/2027	596,471
514,916	SoFi Consumer Loan Program Trust, Series2018-2-A1	2.93%		^	04/26/2027	515,405
5,425,260	SoFi Consumer Loan Program Trust, Series2019-1-A	3.24%		^	02/25/2028	5,477,522
11,902,311	SoFi Consumer Loan Program Trust, Series2019-2-A	3.01%		^	04/25/2028	12,004,811
4,808,274	SoFi Professional Loan Program, Series2017-A-A2B	2.40%		^	03/26/2040	4,826,326
3,679,641	Springleaf Funding Trust, Series2016-AA-A	2.90%		^	11/15/2029	3,680,525
20,000,000	Springleaf Funding Trust, Series2017-AA-A	2.68%		^	07/15/2030	20,053,656
761,051	Spruce Asset Backed Securities Trust, Series2016-E1-A	4.32%		^	06/15/2028	778,584
3,811,239	STARR Ltd., Series2018-1-A	4.09%		^	05/15/2043	3,901,542
2,651,786	START Ireland, Series2019-1-A	4.09%		^	03/15/2044	2,709,740
18,228,434	TAL Advantage LLC, Series2017-1A-A	4.50%		^	04/20/2042	18,801,528
13,232,143	Thunderbolt Aircraft Lease Ltd., Series2018-A-A	4.15%		^§	09/15/2038	13,627,387
1,392,857	Thunderbolt Aircraft Lease Ltd., Series2018-A-B	5.07%		^§	09/15/2038	1,424,568
6,998,865	Triton Container Finance LLC, Series2017-1A-A	3.52%		^	06/20/2042	7,078,549
1,911,113	Upgrade Receivables Trust, Series2018-1A-A	3.76%		^	11/15/2024	1,917,425
4,576,362	Upgrade Receivables Trust, Series2019-1A-A	3.48%		^	03/15/2025	4,598,716
4,000,000	Upstart Securitization Trust, Series2019-1-B	4.19%		^	04/20/2026	4,057,950
9,603,354	Upstart Securitization Trust, Series2019-2-A	2.90%		^	09/20/2029	9,626,166
4,958,333	Vantage Data Centers Issuer LLC, Series2018-2A-A2	4.20%		^	11/16/2043	5,127,165
7,993,333	Vantage Data Centers Issuer LLC, Series2019-1A-A2	3.19%		^	07/15/2044	8,089,123
18,000,000	Wave LLC	3.60%		^	09/15/2044	17,999,210
6,613,384	Westlake Automobile Receivables Trust, Series2017-1A-C	2.70%		^	10/17/2022	6,617,425
15,100,000	Westlake Automobile Receivables Trust, Series2017-2A-C	2.59%		^	12/15/2022	15,111,884
5,000,000	Westlake Automobile Receivables Trust, Series2019-2A-A2A	2.57%		^	02/15/2023	5,016,035
Total Asset Backed Obligations (Cost $478,053,712)						484,743,188
Bank Loans - 4.1%
203,463	8th Avenue Food & Provisions, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	5.79%			10/01/2025	204,459
1,730,716	Acadia Healthcare Company, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	4.54%			02/16/2023	1,735,450
761,175	Achilles Acquisition LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)	6.06%			10/13/2025	762,602
1,816,049	Acrisure LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.25%, 1.00% Floor)	6.35%			11/22/2023	1,810,946
530,000	Advanced Drainage Systems, Inc., Senior Secured First Lien Term Loan	4.34%		±	09/24/2026	533,093
815,900	Agiliti Health, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	5.06%			01/05/2026	815,900
1,194,255	Air Medical Group Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)	5.31%			04/28/2022	1,120,862
2,003,742	Air Methods Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%, 1.00% Floor)	5.60%			04/22/2024	1,637,057
676,692	Albertson’s LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.79%			11/17/2025	681,605
725,633	Albertson’s LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.79%			08/17/2026	731,010
1,900,000	Aldevron LLC, Senior Secured First Lien Term Loan	6.34%		±	09/20/2026	1,909,500
695,575	Alera Group Intermediate Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)	6.54%			08/01/2025	701,662
1,604,688	Aleris International, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.75%)	6.79%	��		02/27/2023	1,609,301
548,346	AlixPartners LLP, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%, 1.00% Floor)	4.79%			04/04/2024	549,602
1,236,900	Alliant Holdings Intermediate LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.29%			05/09/2025	1,229,942
122,973	Allied Universal Holdco LLC, Senior Secured First Lien Term Loan	6.57%		± &	07/12/2026	123,299
1,242,027	Allied Universal Holdco LLC, Senior Secured First Lien Term Loan (6 Month LIBOR USD + 4.25%)	6.51%			07/10/2026	1,245,325
1,453,385	Almonde, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.50%, 1.00% Floor)	5.70%			06/13/2024	1,417,123
1,949,339	Alterra Mountain Company, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)	5.04%			07/31/2024	1,958,481
1,460,000	American Airlines, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)	4.04%			04/28/2023	1,460,460
560,000	American Airlines, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)	4.03%			12/15/2023	560,400
1,167,859	American Renal Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	7.04%			06/21/2024	1,139,760
1,280,009	American Tire Distributors, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 7.50%, 1.00% Floor, 8.00% PIK)	9.98%			09/02/2024	1,131,528
1,730,042	Applied Systems, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.00%, 1.00% Floor)	5.10%			09/19/2024	1,729,557
1,865,000	Aramark Services, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)	3.79%			03/11/2025	1,870,054
536,428	Arctic Glacier U.S.A., Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%, 1.00% Floor)	5.54%			03/20/2024	523,687
1,970,079	Ascend Learning LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)	5.04%			07/12/2024	1,965,459
1,917,957	AssuredPartners, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.54%			10/22/2024	1,912,865
411,397	Asurion LLC, Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.50%)	8.54%			08/04/2025	418,545
1,700,744	Asurion, LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	5.04%			11/03/2023	1,709,248

1,377,587	Athenahealth, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.50%)	6.68%		02/11/2026	1,376,299
1,681,551	Auris Luxembourg III Sarl, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	5.79%		02/27/2026	1,674,715
1,244,043	Avantor, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)	5.04%		11/21/2024	1,255,320
	Avaya, Inc., Senior Secured First Lien Term Loan
666,960	(1 Month LIBOR USD + 4.25%)	6.28%		12/16/2024	635,489
391,706	(1 Month LIBOR USD + 4.25%)	6.43%		12/16/2024	373,224
2,316,557	Axalta Coating Systems Dutch Holding B.B.V., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 1.75%)	3.85%		05/31/2024	2,320,530
675,000	Azalea TopCo, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)	5.54%		07/27/2026	674,156
415,758	Bass Pro Group LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.00%, 0.75% Floor)	7.04%		09/25/2024	401,206
1,325,625	Bausch Health Companies, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.79%		11/27/2025	1,329,854
400,509	Bausch Health Companies, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	5.04%		06/02/2025	402,595
189,225	Berry Global, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	4.30%		10/01/2022	190,343
2,478,788	Berry Global, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	4.55%		07/01/2026	2,493,623
1,716,699	BJ’s Wholesale Club, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.79%		02/02/2024	1,724,210
1,674,732	Blackhawk Network Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	5.04%		06/16/2025	1,671,935
2,044,875	Blackstone CQP Holdco LP, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)	5.66%		09/30/2024	2,056,193
717,329	Boxer Parent Company, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)	6.29%		10/02/2025	691,566
1,479,714	Brazos Delaware LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)	6.05%		05/21/2025	1,369,660
	Bright Bidco B.V., Senior Secured First Lien Term Loan
692,195	(3 Month LIBOR USD + 3.50%, 1.00% Floor)	5.60%		06/28/2024	332,569
340,932	(3 Month LIBOR USD + 3.50%, 1.00% Floor)	5.54%		06/28/2024	163,802
2,348,970	Brookfield WEC Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 0.75% Floor)	5.54%		08/01/2025	2,359,400
2,698,951	Burger King Restaurant Brands, Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 2.25%, 1.00% Floor)	4.29%		02/16/2024	2,711,096
160,000	Calpine Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	4.54%		08/12/2026	160,556
2,010,497	Calpine Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%)	4.86%		04/06/2026	2,018,167
1,766,641	Canyon Valor Companies, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%)	4.85%		06/16/2023	1,766,641
1,495,211	Capri Acquisitions BidCo Ltd., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.00%)	5.26%		11/01/2024	1,479,788
2,109,400	Catalent Pharma Solutions, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	4.29%		05/18/2026	2,118,629
1,143,653	CBS Radio Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.80%		11/18/2024	1,146,512
1,517,796	Cengage Learning, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%, 1.00% Floor)	6.29%		06/07/2023	1,441,489
729,288	CenturyLink, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.79%		01/31/2025	725,441
2,148,009	CEOC LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)	4.04%		10/04/2024	2,149,351
1,653,536	Change Healthcare Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%, 1.00% Floor)	4.54%		03/01/2024	1,648,062
403,988	Charter NEX US, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)	5.54%		05/16/2024	404,913
1,709,223	CHG Healthcare Services, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)	5.04%		06/07/2023	1,710,830
1,397,651	CHG PPC Parent LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.79%		03/31/2025	1,401,145
741,954	Cincinnati Bell, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)	5.29%		10/02/2024	741,230
850,000	Clear Channel Outdoor Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)	5.54%		08/21/2026	853,566
898,619	ClubCorporationHoldings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%)	4.85%		09/18/2024	803,891
725,755	CommScope, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.29%		04/06/2026	724,460
1,092,765	Compass Power Generation LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%, 1.00% Floor)	5.54%		12/20/2024	1,096,180
2,495,604	Concentra, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 2.50%)	4.54%		06/01/2022	2,514,321
673,363	Covia Holdings Corporation, Senior Secured First Lien Term Loan (1 Week LIBOR USD + 3.75%, 1.00% Floor)	6.04%		06/02/2025	552,693
906,605	CPI Holdco LLC, Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.50%, 1.00% Floor)	5.54%		03/21/2024	907,172
352,338	CPM Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	5.79%		11/17/2025	348,374
1,181,758	CSC Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	4.28%		07/17/2025	1,182,916
462,675	CSC Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	4.28%		01/15/2026	463,138
1,157,100	CSC Holdings LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.00%)	5.18%		04/15/2027	1,159,750
1,504,267	CSM Bakery Solutions LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%, 1.00% Floor)	6.29%		07/03/2020	1,406,489
1,516,932	Cvent, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 1.00% Floor)	5.79%		11/29/2024	1,500,344
1,199,075	Cyxtera DC Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)	5.04%		05/01/2024	1,087,304
675,000	DaVita, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	4.29%		08/12/2026	679,603
744,070	Deerfield Holdings Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)	5.29%		02/13/2025	733,095
2,791,236	Dell International LLC, Senior Secured First Lien Term Loan	4.05%	±	09/19/2025	2,807,691
966,201	Delta 2 SARL, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%, 1.00% Floor)	4.54%		02/01/2024	956,297
1,123,762	DentalCorporationPerfect Smile ULC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 1.00% Floor)	5.79%		06/06/2025	1,107,141
330,000	Diamond Sports Group LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.30%		08/24/2026	332,373
628,613	Digicel International Finance Ltd., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.25%)	5.34%		05/27/2024	547,026
1,105,000	DigiCert Holdings, Inc., Senior Secured First Lien Term Loan	6.26%	±	08/08/2026	1,102,928
357,692	Dynasty Acquisition Company, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%)	6.10%		04/06/2026	359,815
192,308	Dynasty Acquisition Company, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%)	6.10%		04/06/2026	193,449
504,661	Dynatrace LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	4.79%		08/22/2025	507,394
1,596,975	E.W. Scripps Company, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.79%		05/01/2026	1,600,568
1,399,181	Edgewater Generation LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	5.79%		12/12/2025	1,385,197
1,146,596	EG America LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%)	6.10%		02/06/2025	1,135,560
924,124	Envision Healthcare Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	5.79%		10/10/2025	756,913
1,851,892	Equinox Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)	5.04%		03/08/2024	1,855,365
1,758,968	ESH Hospitality, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)	4.04%		09/18/2026	1,769,275
1,654,086	Excelitas Technologies Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%, 1.00% Floor)	5.60%		12/02/2024	1,657,196
661,835	Exgen Renewables IV LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.00%, 1.00% Floor)	5.13%		11/29/2024	649,220
754,766	Explorer Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.75%, 1.00% Floor)	5.85%		05/02/2023	754,412
1,608,188	Filtration Group Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	5.04%		03/31/2025	1,614,500
1,427,158	Financial & Risk US Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	5.79%		10/01/2025	1,436,378
785,000	Flex Acquisition Company, Inc., Senior Secured First Lien Term Loan	5.35%	±	06/29/2025	758,016
597,854	Flexential Intermediate Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)	5.60%		08/01/2024	518,265
1,705,095	Flexera Software LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)	5.55%		02/26/2025	1,710,782
2,202,827	Foresight Energy LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.75%, 1.00% Floor)	7.87%		03/28/2022	1,213,394
1,424,238	Forest City Enterprises, LP, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)	6.04%		12/08/2025	1,436,479
924,205	Forterra Finance, LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)	5.04%		10/25/2023	876,840
733,239	Frontdoor, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	4.56%		08/18/2025	738,283
3,649,069	Garda World Security Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%, 1.00% Floor)	5.63%		05/24/2024	3,657,042
728,767	Gates Global LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%, 1.00% Floor)	4.79%		04/01/2024	718,914
480,000	Gavilan Resources LLC, Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.00%, 1.00% Floor)	8.04%		03/01/2024	216,802
1,854,302	Genesys Telecommunications Laboratories, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.29%		12/01/2023	1,846,570
2,222,296	Gentiva Health Services, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	5.81%		07/02/2025	2,237,574
1,063,716	Getty Images, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)	6.56%		02/19/2026	1,061,945
1,789,033	Go Daddy Operating Company LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)	4.04%		02/15/2024	1,794,185
1,870,600	GOBP Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)	5.76%		10/22/2025	1,882,881
2,088,101	GoodRX, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	4.81%		10/10/2025	2,090,711
1,413,666	GrafTech Finance, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%, 1.00% Floor)	5.54%		02/12/2025	1,378,911
435,000	Granite Holdings Acquisition Company, Senior Secured First Lien Term Loan	7.32%	±	09/25/2026	424,669
2,777,918	Gray Television, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	4.51%		01/02/2026	2,791,613
1,653,533	GTT Communications, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.79%		06/02/2025	1,338,063
	Gulf Finance LLC, Senior Secured First Lien Term Loan
530,979	(3 Month LIBOR USD + 5.25%, 1.00% Floor)	7.36%		08/25/2023	406,865
904,099	(3 Month LIBOR USD + 5.25%, 1.00% Floor)	7.29%		08/25/2023	692,771
705,671	Harbor Freight Tools USA, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%, 0.75% Floor)	4.54%		08/18/2023	686,766
543,820	Harsco Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%, 1.00% Floor)	4.31%		12/06/2024	546,425
474,646	Hayward Industries, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)	5.54%		08/05/2024	459,814
1,885,000	HC Group Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%	6.54%		08/06/2026	1,885,000
584,100	HD Supply, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)	3.79%		10/17/2023	586,901
678,300	Hexion, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)	5.60%		07/01/2026	678,300
2,840,886	Hilton Worldwide Finance LLC, Senior Secured First Lien Term Loan	3.77%	±	06/22/2026	2,860,957
1,719,450	Hyland Software, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%, 0.75% Floor)	5.29%		07/01/2024	1,721,384
512,560	Hyland Software, Inc., Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 7.00%, 0.75% Floor)	9.04%		07/07/2025	515,925
462,950	IAA, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	4.31%		06/29/2026	465,843
816,044	IHeartCommunications, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)	6.03%		05/01/2026	822,303
1,285,000	Informatica LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.29%		08/05/2022	1,291,695
750,000	Inmarsat PLC, Senior Secured First Lien Term Loan	6.59%	±	09/23/2026	739,511
725,545	Intelsat Jackson Holdings S.A., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 1.00% Floor)	5.80%		11/27/2023	728,607
567,492	ION Trading Technologies SARL, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%, 1.00% Floor)	6.10%		11/21/2024	541,672
1,801,215	IQVIA, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.00%)	4.10%		01/17/2025	1,812,473
2,012,288	IRB Holding Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%, 1.00% Floor)	5.55%		02/05/2025	2,006,141

712,871	IRI Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.50%)	6.62%		12/01/2025	687,700
2,409,155	Jaguar Holding Company, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%, 1.00% Floor)	4.54%		08/18/2022	2,413,804
2,631,775	JBS USA Lux S.A., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	4.54%		05/01/2026	2,647,131
	Jo-Ann Stores LLC, Senior Secured First Lien Term Loan
1,339,827	(3 Month LIBOR USD + 5.00%, 1.00% Floor)	7.26%		10/20/2023	928,386
55,826	(3 Month LIBOR USD + 5.00%, 1.00% Floor)	7.05%		10/20/2023	38,683
555,803	KAR Auction Services, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	4.31%		09/19/2026	559,104
1,126,918	KBR, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	5.79%		04/25/2025	1,131,499
1,295,000	Kestrel Bidco, Inc., Senior Secured First Lien Term Loan	5.27%	±	10/08/2026	1,306,234
720,947	Kindred Healthcare, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.00%)	7.06%		07/02/2025	723,650
797,868	Klockner-Pentaplast of America, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%, 1.00% Floor)	6.29%		06/30/2022	709,105
1,514,806	Kronos Acquisition Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%, 1.00% Floor)	6.26%		05/15/2023	1,440,959
1,728,224	Kronos, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.00%, 1.00% Floor)	5.25%		11/01/2023	1,733,331
1,424,093	Learfield Communications LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)	5.30%		12/01/2023	1,430,857
740,000	Level 3 Financing, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	4.29%		02/22/2024	742,312
1,722,750	Life Time Fitness, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%, 1.00% Floor)	4.87%		06/10/2022	1,725,395
759,019	Lions Gate Capital Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	4.29%		03/24/2025	758,544
1,422,066	Lower Cadence Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)	6.05%		05/22/2026	1,389,629
1,479,499	Lucid Energy Group II Borrower LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)	5.04%		02/18/2025	1,404,599
848,588	Marriott Ownership Resorts, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	4.29%		08/29/2025	854,248
131,227	Mavis Tire Express Services Corporation, Senior Secured First Lien Delayed-Draw Term Loan (1 Month LIBOR USD + 3.25%)	5.29%	&	03/20/2025	128,767
1,031,688	Mavis Tire Express Services Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.29%		03/20/2025	1,012,343
838,526	McDermott International, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.00%, 1.00% Floor)	7.10%		05/12/2025	533,722
138,868	MED ParentCo LP, Senior Secured First Lien Term Loan	6.28%	± &	08/29/2026	138,070
556,132	MED ParentCo LP, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)	6.29%		08/31/2026	552,934
729,942	Messer Industries LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.50%)	4.60%		03/02/2026	729,490
1,922,036	MGM Growth Properties Operating Partnership LP, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)	4.04%		03/21/2025	1,929,110
1,324,845	Milacron LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	4.54%		09/28/2023	1,326,501
2,423,182	Millennium Trust Company LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.00%)	7.04%		03/27/2026	2,359,573
48,590	Mission Broadcasting, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	4.28%		01/17/2024	48,711
39,048	Mister Car Wash Holdings, Inc., Senior Secured First Lien Term Loan	5.67%	± &	05/14/2026	39,058
779,000	Mister Car Wash Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)	5.66%		05/14/2026	779,210
764,957	Mitchell International, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.29%		11/29/2024	734,902
723,683	MLN US HoldCo LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)	6.53%		11/28/2025	674,834
1,774,205	MPH Acquisition Holdings LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%, 1.00% Floor)	4.85%		06/07/2023	1,695,102
735,000	Nascar Holdings, Inc., Senior Secured First Lien Term Loan	4.88%	±	07/26/2026	740,799
258,667	NCR Corporation, Senior Secured First Lien Term Loan	4.53%	± &	08/28/2026	259,475
226,333	NCR Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	4.54%		08/28/2026	227,041
1,166,188	NEP Group, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.29%		10/20/2025	1,147,721
243,917	Nexstar Broadcasting, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	4.29%		01/17/2024	244,526
2,080,000	Nexstar Broadcasting, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.81%		09/18/2026	2,091,856
908,726	Numericable U.S. LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)	6.03%		08/14/2026	908,158
505,000	ON Semiconductor Corporation, Senior Secured First Lien Term Loan	4.05%	±	09/19/2026	507,843
352,338	Outcomes Group Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)	5.62%		10/24/2025	348,814
378,794	Panther BF Aggregator 2 LP, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)	5.54%		04/30/2026	376,309
800,719	Parexel International Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.79%		09/27/2024	762,257
593,513	PCI Gaming Authority, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	5.04%		05/29/2026	597,916
1,162,009	Penn National Gaming, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%, 0.75% Floor)	4.29%		10/15/2025	1,169,399
1,824,278	PetSmart, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)	6.04%		03/11/2022	1,783,141
737,975	Pike Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.30%		07/24/2026	741,614
742,529	Pisces Midco, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	5.79%		04/12/2025	728,607
704,466	Plantronics, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	4.54%		07/02/2025	704,026
756,786	Playa Resorts Holding B.V., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%, 1.00% Floor)	4.79%		04/29/2024	737,866
1,689,178	PODS LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%, 1.00% Floor)	5.05%		12/06/2024	1,688,477
915,869	PowerTeam Services LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%, 1.00% Floor)	5.35%		03/06/2025	787,647
905,450	Prairie ECI Acquiror LP, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.75%)	6.85%		03/11/2026	885,643
750,000	Pregis Topco LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%)	6.25%		07/31/2026	749,062
1,145,000	Prime Security Services Borrower LLC, Senior Secured First Lien Term Loan	5.34%	±	09/23/2026	1,134,088
884,676	Pro Mach Group, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	4.81%		03/07/2025	863,391
1,428,145	Project Alpha Intermediate Holding, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.50%, 1.00% Floor)	5.81%		04/26/2024	1,412,079
1,138,363	Radiate Holdco LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 0.75% Floor)	5.04%		02/01/2024	1,135,711
	Radiology Partners, Inc., Senior Secured First Lien Term Loan
816,401	(3 Month LIBOR USD + 4.75%)	7.06%		07/09/2025	806,926
544,267	(3 Month LIBOR USD + 4.75%)	7.39%		07/09/2025	537,951
1,118,578	RegionalCare Hospital Partners Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)	6.55%		11/14/2025	1,121,291
1,434,467	Renaissance Holding Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.29%		05/30/2025	1,411,408
1,742,303	RentPath, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.75%, 1.00% Floor)	6.80%		12/17/2021	926,696
1,138,292	Reynolds Group Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.79%		02/06/2023	1,141,685
1,159,880	RPI Finance Trust, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)	4.04%		03/27/2023	1,167,309
1,444,088	Science Applications International Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)	3.79%		10/31/2025	1,445,748
	Scientific Games International, Inc., Senior Secured First Lien Term Loan
1,401,215	(2 Month LIBOR USD + 2.75%)	4.90%		08/14/2024	1,391,414
328,680	(2 Month LIBOR USD + 2.75%)	4.79%		08/14/2024	326,381
2,132,446	Securus Technologies Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%, 1.00% Floor)	6.54%		11/01/2024	1,888,995
1,673,392	Sedgwick Claims Management Services, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.29%		12/31/2025	1,648,157
1,110,000	Select Medical Corporation, Senior Secured First Lien Term Loan (6 Month LIBOR USD + 2.50%)	4.58%		03/06/2025	1,113,469
1,392,600	Severin Acquisition LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%)	5.46%		08/01/2025	1,372,874
560,000	Sinclair Television Group, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	4.54%		09/30/2026	563,035
1,546,125	Six Flags Theme Parks, Inc., Senior Secured First Lien Term Loan	4.05%	±	04/17/2026	1,549,990
1,203,417	SMG US Midco 2, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	5.04%		01/23/2025	1,197,779
1,696,468	SolarWinds Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.79%		02/05/2024	1,700,446
740,425	Solenis International LP, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%)	6.12%		06/26/2025	722,377
1,722,298	Solera LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.79%		03/03/2023	1,716,141
1,654,288	Sophia LP, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%, 1.00% Floor)	5.35%		09/30/2022	1,656,703
1,946,626	Sound Inpatient Physicians, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.79%		06/27/2025	1,947,599
680,387	Southern Graphics, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.29%		12/30/2022	504,619
1,128,571	Speedcast International Ltd., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%)	4.85%		05/15/2025	959,286
1,731,528	Sprint Communications, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%, 0.75% Floor)	4.54%		02/02/2024	1,721,788
1,618,460	SS&C Technologies, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	4.29%		04/16/2025	1,626,973
867,415	Staples, Inc., Senior Secured First Lien Term Loan (2 Month LIBOR USD + 5.00%)	7.12%		04/16/2026	856,754
736,886	Starfruit US Holdco LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.29%		10/01/2025	723,438
405,000	Sunshine Luxembourg VII SARL, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.25%)	6.35%		09/25/2026	407,406
1,545,974	Syncreon Global Finance Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.25%, 1.00% Floor)	6.52%	W	10/28/2020	732,405
	TAMKO Building Products LLC, Senior Secured First Lien Term Loan
564,400	(1 Month LIBOR USD + 3.25%)	5.29%		05/29/2026	565,458
115,600	(1 Month LIBOR USD + 3.25%)	5.37%		05/29/2026	115,817
702,350	Telesat Canada, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.50%, 0.75% Floor)	4.61%		11/17/2023	705,072
1,932,161	Tempo Acquisition LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	5.04%		05/01/2024	1,941,425
1,102,423	The Dun & Bradstreet Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.00%)	7.05%		02/06/2026	1,110,592
1,652,525	The Edelman Financial Center LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.31%		07/21/2025	1,657,095
595,346	Titan Acquisition Ltd., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	5.04%		03/28/2025	573,089
1,744,744	TKC Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 1.00% Floor)	5.80%		02/01/2023	1,718,259
2,250,771	Transdigm, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	4.54%		05/30/2025	2,244,762
1,168,200	Travel Leaders Group LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)	6.05%		01/25/2024	1,172,096
599,648	Travelport Finance SARL, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.00%)	7.10%		05/29/2026	544,609
200,000	Uber Technologies, Inc., Senior Secured First Lien Term Loan	5.55%	±	07/13/2023	198,959
1,638,974	Uber Technologies, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%, 1.00% Floor)	6.03%		04/04/2025	1,632,491
2,320,339	UFC Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.30%		04/29/2026	2,329,203
862,838	UGI Energy Services LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	5.79%		08/13/2026	870,387
835,000	Ultimate Software Group, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	5.79%		05/04/2026	840,937
732,600	United Rentals, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)	3.79%		10/31/2025	736,787
555,800	Universal Health Services, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)	3.79%		10/31/2025	558,118
696,438	US Anesthesia Partners, Inc., Senior Secured 1st Lien Term Loan	5.04%	±	06/24/2024	679,681

1,100,000	US Foods, Inc., Senior Secured First Lien Term Loan	4.14%	±	09/13/2026	1,105,274
1,320,058	USIC Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)	5.29%		12/08/2023	1,311,808
	Vantage Specialty Chemicals, Inc., Senior Secured First Lien Term Loan
34,994	(3 Month LIBOR USD + 3.50%, 1.00% Floor)	5.76%		10/28/2024	32,545
839,860	(3 Month LIBOR USD + 3.50%, 1.00% Floor)	5.54%		10/28/2024	781,069
1,857,141	Verscend Holding Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)	6.54%		08/27/2025	1,866,817
1,469,557	Vertafore, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.29%		07/02/2025	1,430,988
1,745,000	VICI Properties 1 LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)	4.05%		12/20/2024	1,751,727
697,618	Victory Capital Holdings, Inc., Senior Secured First Lien Term Loan	5.35%	±	07/01/2026	701,542
2,859,290	Virgin Media Bristol LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	4.53%		01/15/2026	2,864,508
	Vistra Operations Company LLC, Senior Secured First Lien Term Loan
1,117,324	(1 Month LIBOR USD + 2.00%)	4.02%		12/31/2025	1,121,904
1,675,985	(1 Month LIBOR USD + 2.00%)	4.04%		12/31/2025	1,682,857
388,050	Vizient, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.54%		05/06/2026	390,621
1,080,000	Wand NewCo 3, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)	5.54%		02/05/2026	1,086,750
731,776	Web.Com Group, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	5.78%		10/10/2025	721,111
630,000	Whatabrands LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%)	5.52%		08/03/2026	633,626
1,690,736	Wink Holdco, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)	5.04%		12/02/2024	1,667,497
1,672,317	WP CPP Holdings LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.75%, 1.00% Floor)	6.01%		04/30/2025	1,677,025
2,015,000	Zelis Cost Management Buyer, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.75%)	6.79%		09/25/2026	2,002,406
Total Bank Loans (Cost $309,185,412)					302,955,525
Collateralized Loan Obligations - 11.9%
250,000	Adams Mill Ltd., Series2014-1A-D1 (3 Month LIBOR USD + 3.50%)	5.80%	^	07/15/2026	250,061
12,000,000	AIMCO Ltd., Series2019-10A-A (3 Month LIBOR USD + 1.32%, 1.32% Floor)	3.62%	^	07/22/2032	11,982,757
12,250,000	Allegro Ltd., Series2018-1A-A (3 Month LIBOR USD + 1.10%, 1.10% Floor)	3.40%	^	06/13/2031	12,150,758
2,250,000	Anchorage Capital Ltd., Series2014-3RA-A (3 Month LIBOR USD + 1.05%)	3.31%	^	01/28/2031	2,238,657
7,165,000	Anchorage Capital Ltd., Series2015-6A-AR (3 Month LIBOR USD + 1.27%)	3.57%	^	07/15/2030	7,178,071
25,000,000	Anchorage Capital Ltd., Series2016-9A-AR (3 Month LIBOR USD + 1.37%)	3.67%	^	07/15/2032	25,041,084
12,500,000	Assurant Ltd., Series2018-2A-A (3 Month LIBOR USD + 1.23%, 1.23% Floor)	3.51%	^	10/20/2031	12,470,291
17,500,000	Atlas Senior Loan Fund Ltd., Series2013-1A-AR (3 Month LIBOR USD + 0.83%)	2.95%	^	11/17/2027	17,498,663
2,850,000	Atlas Senior Loan Fund Ltd., Series2018-10A-A (3 Month LIBOR USD + 1.09%)	3.39%	^	01/15/2031	2,834,325
6,500,000	Avery Point Ltd., Series2015-6A-AR (3 Month LIBOR USD + 1.05%)	3.34%	^	08/05/2027	6,500,650
2,500,000	Babson Ltd., Series2015-2A-DR (3 Month LIBOR USD + 2.95%)	5.23%	^	10/20/2030	2,415,851
7,005,000	Benefit Street Partners Ltd., Series2013-IIIA-A1R (3 Month LIBOR USD + 1.25%)	3.53%	^	07/20/2029	7,014,388
10,000,000	Birch Grove Ltd., Series19A-A (3 Month LIBOR USD + 1.49%)	3.97%	^	06/15/2031	9,994,466
10,000,000	Carbone Ltd., Series2017-1A-A1 (3 Month LIBOR USD + 1.14%)	3.42%	^	01/20/2031	9,962,573
6,000,000	Carlyle Global Market Strategies Ltd., Series2017-1A-A1A (3 Month LIBOR USD + 1.30%)	3.58%	^	04/20/2031	6,002,728
30,000,000	CarVal Ltd., Series2019-2A-A (3 Month LIBOR USD + 1.35%, 1.35% Floor)	3.62%	^	07/20/2032	29,997,619
8,350,000	Cathedral Lake Ltd., Series2015-2A-A1R (3 Month LIBOR USD + 1.31%, 0.00% Floor)	3.61%	^	07/16/2029	8,346,214
8,350,000	Cathedral Lake Ltd., Series2015-3A-AR (3 Month LIBOR USD + 1.32%, 1.32% Floor)	3.62%	^	07/16/2029	8,346,263
11,000,000	CBAM Ltd., Series2019-10A-A1A (3 Month LIBOR USD + 1.42%, 1.42% Floor)	3.99%	^	04/20/2032	11,056,052
2,500,000	CBAM Ltd., Series2019-10A-B (3 Month LIBOR USD + 2.05%, 2.05% Floor)	4.62%	^	04/20/2032	2,503,438
586,798	Cent Ltd., Series2013-19A-A1A (3 Month LIBOR USD + 1.33%)	3.59%	^	10/29/2025	587,151
22,000,000	CFIP Ltd., Series2014-1A-AR (3 Month LIBOR USD + 1.32%)	3.62%	^	07/13/2029	22,035,769
10,350,000	CFIP Ltd., Series2017-1A-A (3 Month LIBOR USD + 1.22%)	3.52%	^	01/18/2030	10,308,793
2,000,000	CFIP Ltd., Series2017-1A-B (3 Month LIBOR USD + 1.65%, 0.00% Floor)	3.95%	^	01/18/2030	1,960,811
15,000,000	Crown Point Ltd., Series2018-6A-A1 (3 Month LIBOR USD + 1.17%, 1.17% Floor)	3.45%	^	10/20/2028	15,022,600
25,000,000	CVP Ltd., Series2017-1A-A (3 Month LIBOR USD + 1.34%)	3.62%	^	07/20/2030	25,002,406
6,500,000	CVP Ltd., Series2017-2A-A (3 Month LIBOR USD + 1.19%, 1.19% Floor)	3.47%	^	01/20/2031	6,489,770
5,000,000	Dryden XXVIII Senior Loan Fund, Series2013-28A-A1LR (3 Month LIBOR USD + 1.20%, 1.20% Floor)	3.36%	^	08/15/2030	5,005,006
20,000,000	Elevation Ltd., Series2018-9A-A1 (3 Month LIBOR USD + 1.12%, 1.12% Floor)	3.42%	^	07/15/2031	19,863,659
10,000,000	Elmwood Ltd., Series2019-2A-A (3 Month LIBOR USD + 1.45%, 1.45% Floor)	4.00%	^	04/20/2031	10,000,639
9,000,000	Elmwood Ltd., Series2019-2A-B (3 Month LIBOR USD + 2.10%, 2.10% Floor)	4.65%	^	04/20/2031	8,999,238
8,000,000	Galaxy Ltd., Series2016-22A-A2R (3 Month LIBOR USD + 0.85%, 0.85% Floor)	3.17%	^	07/16/2028	7,963,134
8,500,000	Gilbert Park Ltd., Series2017-1A-A (3 Month LIBOR USD + 1.19%)	3.49%	^	10/15/2030	8,499,461
10,000,000	Greywolf Ltd., Series2018-2A-A1 (3 Month LIBOR USD + 1.18%, 1.18% Floor)	3.46%	^	10/20/2031	9,959,682
42,954	Halcyon Loan Advisors Funding Ltd., Series2012-1X-A2 (3 Month LIBOR USD + 2.50%)	4.66%		08/15/2023	42,994
500,000	Halcyon Loan Advisors Funding Ltd., Series2013-2A-C (3 Month LIBOR USD + 2.70%)	4.95%	^	08/01/2025	499,717
250,000	Halcyon Loan Advisors Funding Ltd., Series2013-2A-D (3 Month LIBOR USD + 3.80%)	6.05%	^	08/01/2025	245,020
541,362	Halcyon Loan Advisors Funding Ltd., Series2014-1A-A1R (3 Month LIBOR USD + 1.13%)	3.43%	^	04/18/2026	542,127
25,000,000	Halcyon Loan Advisors Funding Ltd., Series2015-3A-A1R (3 Month LIBOR USD + 0.90%)	3.20%	^	10/18/2027	24,999,474
6,500,000	Hayfin Kingsland Ltd., Series2018-8A-B (3 Month LIBOR USD + 1.48%, 1.48% Floor)	3.76%	^	04/20/2031	6,315,045
1,639,374	Jamestown Ltd., Series2014-4A-A1AR (3 Month LIBOR USD + 0.69%)	2.99%	^	07/15/2026	1,636,147
1,755,000	Jamestown Ltd., Series2018-6RA-A1 (3 Month LIBOR USD + 1.15%, 1.15% Floor)	3.43%	^	04/25/2030	1,744,521
9,500,000	Kingsland Ltd., Series2018-8A-A (3 Month LIBOR USD + 1.12%, 1.12% Floor)	3.40%	^	04/20/2031	9,442,615
3,500,000	KVK Ltd., Series2018-1A-A (3 Month LIBOR USD + 0.93%)	3.07%	^	05/20/2029	3,486,380
20,000,000	LCM LP, Series17A-A2RR (3 Month LIBOR USD + 1.15%, 1.15% Floor)	3.45%	^	10/15/2031	19,910,161
10,595,000	Madison Park Funding Ltd., Series2013-11A-AR (3 Month LIBOR USD + 1.16%)	3.42%	^	07/23/2029	10,609,820
1,000,000	Madison Park Funding Ltd., Series2014-15A-CR (3 Month LIBOR USD + 3.45%)	5.71%	^	01/27/2026	1,002,848
25,000,000	Marathon Ltd., Series2013-5A-A1R (3 Month LIBOR USD + 0.87%)	3.02%	^	11/21/2027	24,904,443
14,444,671	Marathon Ltd., Series2014-7A-A1R (3 Month LIBOR USD + 1.32%)	3.58%	^	10/28/2025	14,451,533
8,625,000	Marathon Ltd., Series2017-9A-A2 (3 Month LIBOR USD + 1.75%)	4.05%	^	04/15/2029	8,629,843
4,500,000	Marble Point Ltd., Series2017-2A-A (3 Month LIBOR USD + 1.18%, 1.18% Floor)	3.48%	^	12/18/2030	4,491,000
25,000,000	Midocean Credit, Series2017-7A-A1 (3 Month LIBOR USD + 1.32%)	3.62%	^	07/15/2029	25,050,156
2,000,000	Milos Ltd., Series2017-1A-A (3 Month LIBOR USD + 1.25%)	3.53%	^	10/20/2030	1,994,346
2,000,000	MP Ltd., Series2013-1A-AR (3 Month LIBOR USD + 1.25%)	3.53%	^	10/20/2030	1,996,050
25,000,000	MP Ltd., Series2013-2A-ARR (3 Month LIBOR USD + 1.28%)	3.56%	^	07/25/2029	24,974,780
10,000,000	MP Ltd., Series2015-2A-AR (3 Month LIBOR USD + 0.91%)	3.17%	^	10/28/2027	10,008,800
20,000,000	Nassau Ltd., Series2018-IA-A (3 Month LIBOR USD + 1.15%)	3.45%	^	07/15/2031	19,902,015
3,500,000	Newark BSL Ltd., Series2016-1A-A1 (3 Month LIBOR USD + 1.52%)	3.78%	^	12/21/2029	3,514,000
6,250,000	Newark BSL Ltd., Series2016-1A-A2 (3 Month LIBOR USD + 2.20%)	4.46%	^	12/21/2029	6,260,463
9,000,000	Northwoods Capital Ltd., Series2017-16A-A (3 Month LIBOR USD + 1.27%)	3.43%	^	11/15/2030	8,993,826
5,000,000	Ocean Trails V, Series2014-5A-ARR (3 Month LIBOR USD + 1.28%, 1.28% Floor)	3.58%	^	10/13/2031	5,010,259
15,000,000	OFSI Fund Ltd., Series2018-1A-A (3 Month LIBOR USD + 1.15%, 1.15% Floor)	3.45%	^	07/15/2031	14,909,831
15,000,000	Park Avenue Institutional Advisers Ltd., Series2016-1A-A1R (3 Month LIBOR USD + 1.20%)	3.35%	^	08/23/2031	14,975,894
5,000,000	Prudential PLC, Series2018-1A-A (3 Month LIBOR USD + 1.15%)	3.45%	^	07/15/2031	4,962,987
10,000,000	Race Point Ltd., Series2015-9A-A1AR (3 Month LIBOR USD + 1.21%)	3.51%	^	10/15/2030	10,000,231
8,500,000	Rockford Tower Ltd., Series2017-2A-A (3 Month LIBOR USD + 1.27%)	3.57%	^	10/15/2029	8,503,022
3,000,000	Sound Point Ltd., Series2013-3RA-A (3 Month LIBOR USD + 1.15%, 1.15% Floor)	3.45%	^	04/18/2031	2,977,500
10,100,000	Sound Point Ltd., Series2018-3A-A1A (3 Month LIBOR USD + 1.18%, 1.18% Floor)	3.45%	^	10/26/2031	9,995,615
10,000,000	Steele Creek Ltd., Series2014-1RA-A (3 Month LIBOR USD + 1.07%, 1.07% Floor)	3.35%	^	04/21/2031	9,926,910
10,000,000	Steele Creek Ltd., Series2015-1A-AR (3 Month LIBOR USD + 1.26%)	3.41%	^	05/21/2029	9,987,759
8,000,000	Steele Creek Ltd., Series2016-1A-AR (3 Month LIBOR USD + 1.12%, 1.12% Floor)	3.24%	^	06/15/2031	7,929,121
6,000,000	Steele Creek Ltd., Series2018-2A-A (3 Month LIBOR USD + 1.20%, 1.20% Floor)	3.32%	^	08/18/2031	5,979,364
10,000,000	Steele Creek Ltd., Series2019-1A-B (3 Month LIBOR USD + 2.20%, 2.20% Floor)	4.76%	^	04/15/2032	10,029,758
18,000,000	Steele Creek Ltd., Series2019-2A-A1 (3 Month LIBOR USD + 1.36%, 1.36% Floor)	3.49%	^	07/15/2032	17,997,161
9,000,000	Steele Creek Ltd., Series2019-2A-B (3 Month LIBOR USD + 2.25%, 2.25% Floor)	4.38%	^	07/15/2032	8,998,474
10,000,000	Symphony Ltd., Series2014-15A-AR2 (3 Month LIBOR USD + 1.26%, 1.26% Floor)	3.56%	^	01/17/2032	10,018,069
10,000,000	Venture Ltd., Series2014-19A-ARR (3 Month LIBOR USD + 1.26%, 1.26% Floor)	3.56%	^	01/15/2032	10,020,414
19,479,142	Venture Ltd., Series2015-20A-AR (3 Month LIBOR USD + 0.82%)	3.12%	^	04/15/2027	19,456,676
8,500,000	Venture Ltd., Series2017-29A-A (3 Month LIBOR USD + 1.28%)	3.44%	^	09/07/2030	8,504,282
10,000,000	Venture Ltd., Series2018-34A-A (3 Month LIBOR USD + 1.23%, 1.23% Floor)	3.53%	^	10/15/2031	9,966,880
10,000,000	VERDE Ltd., Series2019-1A-A (3 Month LIBOR USD + 1.35%, 1.35% Floor)	3.91%	^	04/15/2032	10,004,548
4,000,000	Vibrant Ltd., Series2015-3A-A1RR (3 Month LIBOR USD + 1.25%)	3.53%	^	10/20/2031	3,984,017
3,500,000	Vibrant Ltd., Series2016-5A-B (3 Month LIBOR USD + 2.10%)	4.38%	^	01/20/2029	3,502,793
10,000,000	Vibrant Ltd., Series2018-10A-A1 (3 Month LIBOR USD + 1.20%, 1.20% Floor)	3.48%	^	10/20/2031	9,957,066
15,000,000	Wellfleet Ltd., Series2018-2A-A1 (3 Month LIBOR USD + 1.20%, 1.20% Floor)	3.48%	^	10/20/2031	14,942,970
10,000,000	Wellfleet Ltd., Series2018-3A-A1A (3 Month LIBOR USD + 1.25%, 1.25% Floor)	3.53%	^	01/20/2032	10,019,469
2,742,353	WhiteHorse Ltd., Series2014-1A-AR (3 Month LIBOR USD + 0.90%)	3.15%	^	05/01/2026	2,740,951
18,542,934	WhiteHorse Ltd., Series2015-10A-A1R (3 Month LIBOR USD + 0.93%, 0.93% Floor)	3.23%	^	04/17/2027	18,516,331
14,500,000	Wind River Ltd., Series2014-2A-AR (3 Month LIBOR USD + 1.14%, 1.14% Floor)	3.44%	^	01/15/2031	14,434,750
4,000,000	Wind River Ltd., Series2019-3A-B (3 Month LIBOR USD + 2.10%)	4.60%	^	04/15/2031	4,004,482

7,873,646	Zais Ltd., Series2014-2A-A1AR (3 Month LIBOR USD + 1.20%)	3.48%	^	07/25/2026	7,881,655
Total Collateralized Loan Obligations (Cost $882,005,448)					881,270,391
Foreign Corporate Bonds - 8.3%
2,600,000	Adani Ports & Special Economic Zone Ltd.	3.95%		01/19/2022	2,662,563
5,140,000	AerCap Global Aviation Trust	4.63%		10/30/2020	5,262,490
900,000	AES Dominicana	7.95%		05/11/2026	961,875
1,400,000	AES Gener S.A. (5 Year Swap Rate USD + 4.64%)	7.13%	^	03/26/2079	1,471,750
2,500,000	AES Gener S.A. (5 Year Swap Rate USD + 4.64%)	7.13%		03/26/2079	2,628,125
2,700,000	Alibaba Group Holding Ltd.	3.13%		11/28/2021	2,742,977
9,775,000	AstraZeneca PLC	2.38%		11/16/2020	9,817,478
825,000	AstraZeneca PLC	2.38%		06/12/2022	831,366
4,556,000	Avolon Holdings Funding Ltd.	3.63%	^	05/01/2022	4,622,745
13,350,000	Axiata SPV2 BHD	3.47%		11/19/2020	13,495,539
9,680,000	Banco Bradesco S.A.	5.90%		01/16/2021	10,043,097
3,000,000	Banco BTG Pactual S.A.	4.00%		01/16/2020	3,007,530
2,400,000	Banco BTG Pactual S.A. (5 Year CMT Rate + 5.26%)	7.75%	^	02/15/2029	2,508,000
1,500,000	Banco de Reservas de la Republica Dominicana	7.00%		02/01/2023	1,576,890
7,000,000	Banco del Estado de Chile	3.88%		02/08/2022	7,252,585
3,300,000	Banco do Brasil S.A. (10 Year CMT Rate + 7.78%)	8.50%	†	10/20/2020	3,480,345
4,000,000	Banco International del Peru S.A.A.	5.75%		10/07/2020	4,130,040
3,500,000	Banco Latinoamericano do Comercio Exterior S.A.	3.25%		05/07/2020	3,517,535
8,800,000	Banco Mercantil del Norte S.A. (5 Year CMT Rate + 5.04%)	6.88%	†	07/06/2022	8,866,000
9,400,000	Banco Nacional de Comercio Exterior S.N.C. (5 Year CMT Rate + 3.00%) (5 Year CMT Rate + 3.00%)	3.80%		08/11/2026	9,529,344
1,000,000	Banco Santander	3.88%		09/20/2022	1,041,961
1,500,000	Banco Santander (5 Year CMT Rate + 3.00%)	5.95%	^	10/01/2028	1,612,125
400,000	Banco Santander Chile	2.50%		12/15/2020	402,760
2,000,000	Bancolombia S.A.	6.13%		07/26/2020	2,055,520
7,384,000	Bancolombia S.A.	5.95%		06/03/2021	7,790,120
4,350,000	Bangkok Bank PCL	4.80%		10/18/2020	4,458,108
2,900,000	Bangkok Bank PCL	3.88%		09/27/2022	3,012,060
800,000	Banistmo S.A.	3.65%	^	09/19/2022	807,008
1,800,000	Banistmo S.A.	3.65%		09/19/2022	1,815,768
10,845,000	Barclays Bank PLC	2.65%		01/11/2021	10,878,114
7,000,000	BBVA Banco Continental S.A.	5.00%		08/26/2022	7,479,500
4,000,000	BBVA Bancomer S.A.	7.25%		04/22/2020	4,098,000
3,700,000	BBVA Bancomer S.A.	6.50%		03/10/2021	3,866,537
2,400,000	BBVA Bancomer S.A.	6.75%		09/30/2022	2,628,000
1,600,000	BBVA Bancomer S.A. (5 Year CMT Rate + 3.00%)	5.35%		11/12/2029	1,596,016
2,500,000	BDO Unibank, Inc.	2.63%		10/24/2021	2,510,673
8,000,000	Bharat Petroleum Corporation Ltd.	4.63%		10/25/2022	8,439,520
1,500,000	Bharat Petroleum Ltd.	4.38%		01/24/2022	1,554,270
2,600,000	Bharti Airtel Ltd.	5.13%		03/11/2023	2,739,675
3,400,000	Brasil Bolsa Balcao S.A	5.50%		07/16/2020	3,485,034
750,000	Braskem Finance Ltd.	7.00%		05/07/2020	768,825
3,900,000	Braskem Finance Ltd.	5.75%		04/15/2021	4,056,039
5,800,000	C&W Senior Financing DAC	7.50%		10/15/2026	6,133,500
2,500,000	Celulosa Arauco y Constitucion S.A.	4.75%		01/11/2022	2,603,125
2,200,000	Cemex S.A.B. de C.V.	6.13%		05/05/2025	2,293,500
1,750,000	Cemex S.A.B. de C.V.	7.75%		04/16/2026	1,900,955
300,000	CK Hutchison International Ltd.	2.25%		09/29/2020	299,707
2,000,000	CK Hutchison International Ltd.	2.88%	^	04/05/2022	2,019,588
6,000,000	CNOOC Finance Ltd.	2.63%		05/05/2020	6,007,710
1,100,000	CNOOC Finance Ltd.	4.25%		01/26/2021	1,125,939
4,800,000	CNOOC Finance Ltd.	3.88%		05/02/2022	4,960,137
8,600,000	CNPC General Capital Ltd.	3.95%		04/19/2022	8,908,010
2,500,000	CNPC Overseas Capital Ltd.	4.50%		04/28/2021	2,577,253
2,800,000	Coca-Cola Femsa S.A.B. de C.V.	4.63%		02/15/2020	2,821,814
2,450,000	Colombia Telecomunicaciones S.A.	5.38%		09/27/2022	2,483,688
2,500,000	Colombia Telecomunicaciones S.A. (5 Year Swap Rate USD + 6.96%)	8.50%	†	03/30/2020	2,571,875
260,000	Comcel Trust	6.88%		02/06/2024	268,450
4,085,000	Commonwealth Bank of Australia	2.25%	^	03/10/2020	4,089,275
3,125,000	Commonwealth Bank of Australia	2.05%	^	09/18/2020	3,127,768
2,240,000	Commonwealth Bank of Australia	2.75%	^	03/10/2022	2,277,454
400,000	Corp Nacional del Cobre de Chile	3.88%		11/03/2021	411,904
900,000	Corporacion Nacional del Cobre de Chile	3.00%		07/17/2022	915,551
5,115,000	Credit Suisse Group AG (3 Month LIBOR USD + 1.24%)	3.37%	^	06/12/2024	5,150,649
1,345,000	Credito Real S.A.B. de C.V.	7.25%		07/20/2023	1,430,744
300,000	Credito Real S.A.B. de C.V.	7.25%	^	07/20/2023	319,125
1,100,000	DBS Group Holdings Ltd.	2.85%		04/16/2022	1,115,850
1,000,000	DBS Group Holdings Ltd. (3 Month LIBOR USD + 0.62%)	2.90%		07/25/2022	1,004,655
900,000	DBS Group Holdings Ltd. (5 Year Mid Swap Rate USD + 1.59%)	4.52%		12/11/2028	957,461
8,800,000	DBS Group Holdings Ltd. (5 Year Swap Rate USD + 2.39%)	3.60%	†	09/07/2021	8,844,000
3,840,000	Delek & Avner Tamar Bond Ltd.	4.44%	^	12/30/2020	3,892,220
1,200,000	Digicel Group Ltd.	8.25%	^	09/30/2022	258,000
803,422	Digicel Group Ltd. (7.13% Cash + 2.00% PIK)	9.13%	^	04/01/2024	84,359
6,940,000	ECL S.A.	5.63%		01/15/2021	7,233,574
1,500,000	Empresa Electrica Guacolda S.A.	4.56%		04/30/2025	1,357,557
4,289,646	ENA Norte Trust	4.95%		04/25/2023	4,439,826
822,000	ESAL GMBH	6.25%		02/05/2023	838,448
500,000	Export Import Bank of Thailand (3 Month LIBOR USD + 0.85%)	3.00%		05/23/2024	501,743
2,600,000	Export Import Bank of Thailand (3 Month LIBOR USD + 0.90%)	3.04%		11/20/2023	2,612,430
200,000	Fomento Economico Mexicano S.A.B. de C.V.	2.88%		05/10/2023	202,202
3,100,000	Fondo Mivivienda S.A.	3.50%		01/31/2023	3,185,250
5,200,000	Freeport-McMoRan, Inc.	4.55%		11/14/2024	5,341,960
1,740,000	GlaxoSmithKline Capital PLC	3.13%		05/14/2021	1,774,935
8,610,000	GlaxoSmithKline Capital PLC	2.88%		06/01/2022	8,799,807
300,000	Global Bank Corporation	4.50%	^	10/20/2021	309,564
4,000,000	Global Bank Corporation	4.50%		10/20/2021	4,127,520
5,100,000	Globo Comunicacao e Participacoes S.A.	4.88%		04/11/2022	5,294,489
3,500,000	Grupo Aval Ltd.	4.75%		09/26/2022	3,626,000
4,900,000	Grupo Bimbo S.A.B. de C.V.	4.88%		06/30/2020	4,994,055
5,800,000	Grupo Bimbo S.A.B. de C.V. (5 Year CMT Rate + 3.28%)	5.95%	†	04/17/2023	6,130,600
2,684,000	GrupoSura Finance S.A.	5.70%		05/18/2021	2,814,845
210,593	Guanay Finance Ltd.	6.00%	^	12/15/2020	213,752
491,384	Guanay Finance Ltd.	6.00%		12/15/2020	498,755
5,789,000	HSBC Holdings PLC (3 Month LIBOR USD + 1.00%)	3.12%		05/18/2024	5,815,138
7,000,000	Hutchison Whampoa International Ltd.	4.63%		01/13/2022	7,326,998
3,900,000	Indian Oil Corporation Ltd.	5.63%		08/02/2021	4,108,923
3,000,000	Indian Oil Corporation Ltd.	5.75%		08/01/2023	3,307,086
500,000	Indian Oil Corporation Ltd.	4.75%		01/16/2024	534,160
100,000	Industrial Senior Trust	5.50%		11/01/2022	104,875
35,034	Invepar Holdings	0.00%	W Þ	12/30/2028	1,498
6,650,000	Inversiones CMPC S.A.	4.50%		04/25/2022	6,924,379
700,000	Israel Electric Corporation Ltd.	6.88%		06/21/2023	799,400
600,000	Itau Unibanco Holding S.A.	6.20%		12/21/2021	637,506
1,000,000	Itau Unibanco Holding S.A. (5 Year CMT Rate + 3.98%)	6.13%	†	12/12/2022	1,011,000
1,300,000	Itau Unibanco Holdings S.A.	6.20%		04/15/2020	1,326,325
4,200,000	Itau Unibanco Holdings S.A.	5.75%		01/22/2021	4,344,060
500,000	JBS Investments GMBH	7.00%	^	01/15/2026	540,745
4,150,000	Latam Finance Ltd.	6.88%		04/11/2024	4,370,988
8,700,000	Malayan Banking BHD (5 Year Swap Rate USD + 2.54%)	3.91%		10/29/2026	8,854,773
8,600,000	MARB BondCo PLC	7.00%		03/15/2024	8,987,086

4,000,000	Millicom International Cellular S.A.	6.00%		03/15/2025	4,160,000
1,000,000	Millicom International Cellular SA	6.63%		10/15/2026	1,090,000
10,420,000	Mitsubishi UFJ Financial Group, Inc. (3 Month LIBOR USD + 0.86%)	3.13%		07/26/2023	10,453,046
10,533,000	Mizuho Financial Group, Inc. (3 Month LIBOR USD + 0.79%)	2.92%		03/05/2023	10,571,474
1,800,000	Multibank, Inc.	4.38%		11/09/2022	1,855,818
2,600,000	Nacional Financiera S.N.C.	3.38%		11/05/2020	2,622,776
7,884,000	Oleoducto Central S.A.	4.00%		05/07/2021	8,061,469
6,961,000	ONGC Videsh Ltd.	2.88%		01/27/2022	6,969,492
1,000,000	ONGC Videsh Ltd.	3.75%		05/07/2023	1,031,860
3,000,000	Oversea-Chinese Banking Corporation (5 Year Swap Rate USD + 2.20%)	4.00%		10/15/2024	3,001,918
1,650,000	Pampa Energia S.A.	7.38%		07/21/2023	1,361,250
2,733,322	Panama Metro Line SP	0.00%	^	12/05/2022	2,624,672
8,029,132	Panama Metro Line SP	0.00%		12/05/2022	7,709,974
7,400,000	Pertamina Persero PT	5.25%		05/23/2021	7,727,244
4,000,000	Pertamina Persero PT	4.88%		05/03/2022	4,228,092
412,358	Peru Enhanced Pass-Through Finance Ltd.	0.00%		06/02/2025	377,823
1,766,000	Perusahaan Listrik Negara PT	5.50%		11/22/2021	1,876,375
1,600,000	Petrobras Global Finance B.V.	5.38%		01/27/2021	1,657,600
4,000,000	Petronas Capital Ltd.	3.13%		03/18/2022	4,070,827
9,450,000	Petronas Global Sukuk Ltd.	2.71%		03/18/2020	9,442,204
400,000	PTTEP Canada International Finance Ltd.	5.69%		04/05/2021	418,823
5,800,000	PTTEP Treasury Center Company Ltd. (5 Year CMT Rate + 2.72%)	4.60%	†	07/17/2022	5,943,248
1,500,000	Reliance Holdings, Inc.	4.50%		10/19/2020	1,529,295
8,500,000	Reliance Holdings, Inc.	5.40%		02/14/2022	9,038,730
5,520,000	Royal Bank of Scotland Group PLC (3 Month LIBOR USD + 1.55%)	3.66%		06/25/2024	5,534,541
9,850,000	Santander UK PLC	2.50%		01/05/2021	9,864,939
1,970,000	Scotiabank Peru S.A. (3 Month LIBOR USD + 3.86%)	4.50%		12/13/2027	2,051,282
8,600,000	Sinochem Overseas Capital Ltd.	4.50%		11/12/2020	8,787,110
7,200,000	Sinopec Group Overseas Development Ltd.	2.50%		04/28/2020	7,205,260
900,000	Sinopec Group Overseas Development Ltd.	2.25%		09/13/2020	899,419
2,500,000	Sinopec Group Overseas Development Ltd.	2.00%		09/29/2021	2,478,691
2,500,000	Sinopec Group Overseas Development Ltd.	3.90%		05/17/2022	2,589,152
1,500,000	Sociedad Quimica y Minera S.A.	5.50%		04/21/2020	1,527,600
9,258,000	Southern Copper Corporation	5.38%		04/16/2020	9,386,227
10,685,000	Sumitomo Mitsui Financial Group, Inc.	2.06%		07/14/2021	10,655,814
248,000	Syngenta Finance NV	3.70%		04/24/2020	248,852
5,045,000	Takeda Pharmaceutical Company Ltd.	4.00%	^	11/26/2021	5,225,010
2,600,000	Tecnoglass, Inc.	8.20%		01/31/2022	2,814,500
5,500,000	Telefonica Chile S.A.	3.88%		10/12/2022	5,695,801
1,000,000	Temasek Financial Ltd.	2.38%		01/23/2023	1,014,809
10,312,000	Toronto-Dominion Bank	3.25%		06/11/2021	10,531,475
5,800,000	UBS AG	2.45%	^	12/01/2020	5,824,202
4,150,000	Unifin Financiera S.A.B. de C.V.	7.25%		09/27/2023	4,303,550
1,900,000	Union Bank of the Philippines	3.37%		11/29/2022	1,948,683
200,000	United Overseas Bank Ltd. (3 Month LIBOR USD + 0.48%)	2.74%		04/23/2021	200,536
2,500,000	United Overseas Bank Ltd. (5 Year CMT Rate + 1.50%)	3.75%		04/15/2029	2,594,345
2,800,000	United Overseas Bank Ltd. (5 Year Swap Rate USD + 1.65%)	2.88%		03/08/2027	2,800,476
5,200,000	United Overseas Bank Ltd. (5 Year Swap Rate USD + 2.24%)	3.50%		09/16/2026	5,264,376
3,900,000	UPL Corporation	3.25%		10/13/2021	3,918,627
1,500,000	Vedanta Resources PLC	7.13%		05/31/2023	1,483,875
200,000	Vedanta Resources PLC	6.13%		08/09/2024	184,777
5,600,000	VTR Finance B.V.	6.88%		01/15/2024	5,782,000
6,426,000	Westpac Banking Corporation	2.65%		01/25/2021	6,476,715
Total Foreign Corporate Bonds (Cost $608,489,791)					614,767,079
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations - 0.7%
2,500,000	Brazilian Government International Bond	4.88%		01/22/2021	2,590,650
3,600,000	Chile Government International Bond	3.88%		08/05/2020	3,656,700
3,000,000	Chile Government International Bond	2.25%		10/30/2022	3,014,280
12,100,000	Colombia Government International Bond	4.38%		07/12/2021	12,544,796
965,000	Costa Rica Government International Bond	10.00%		08/01/2020	1,016,878
11,066,667	Dominican Republic International Bond	7.50%		05/06/2021	11,578,500
1,000,000	Indonesia Government International Bond	4.88%		05/05/2021	1,037,981
900,000	Indonesia Government International Bond	3.70%	^	01/08/2022	925,804
1,100,000	Indonesia Government International Bond	3.70%		01/08/2022	1,131,538
2,100,000	Indonesia Government International Bond	3.75%		04/25/2022	2,168,246
4,800,000	Perusahaan Penerbit	3.40%		03/29/2022	4,906,320
5,500,000	Philippine Government International Bond	4.00%		01/15/2021	5,628,492
250,000	Wakala Global Sukuk BHD	4.65%		07/06/2021	260,514
Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations(Cost$50,226,705)					50,460,699
Non-Agency Commercial Mortgage Backed Obligations - 13.2%
4,721,000	20 Times Square Trust, Series2018-20TS-F	3.20%	# ^	05/15/2035	4,648,253
4,721,000	20 Times Square Trust, Series2018-20TS-G	3.20%	# ^	05/15/2035	4,576,061
1,080,000	Americold LLC, Series2010-ARTA-C	6.81%	^	01/14/2029	1,122,558
10,000,000	Arbor Realty Ltd., Series2017-FL2-A (1 Month LIBOR USD + 0.99%)	3.02%	^	08/15/2027	10,011,920
13,674,000	AREIT Trust, Series2018-CRE1-AS (1 Month LIBOR USD + 1.25%, 1.25% Floor)	3.28%	^	02/14/2035	13,690,231
8,998,000	AREIT Trust, Series2018-CRE1-B (1 Month LIBOR USD + 1.65%, 1.65% Floor)	3.68%	^	02/14/2035	9,017,688
12,000,000	AREIT Trust, Series2019-CRE3-C (1 Month LIBOR USD + 1.90%, 1.90% Floor)	3.93%	^	09/14/2036	12,064,500
4,913,000	AREIT Trust, Series2019-CRE3-D (1 Month LIBOR USD + 2.65%, 2.65% Floor)	4.68%	^	09/14/2036	4,939,407
4,000,000	Atrium Hotel Portfolio Trust	0.05%	^ ±	09/15/2032	4,010,000
9,763,000	Atrium Hotel Portfolio Trust, Series2018-ATRM-E (1 Month LIBOR USD + 3.40%, 3.40% Floor)	5.43%	^	06/15/2035	9,856,419
7,231,000	BAMLL Commercial Mortgage Securities Trust, Series2019-AHT-D (1 Month LIBOR USD + 2.50%, 2.50% Floor)	4.53%	^	03/15/2034	7,268,196
4,952,000	Bancorp Commercial Mortgage Trust, Series2018-CRE4-D (1 Month LIBOR USD + 2.10%, 0.25% Floor)	4.13%	^	09/15/2035	4,983,818
3,711,000	Bancorp Commercial Mortgage Trust, Series2019-CRE5-D (1 Month LIBOR USD + 2.35%, 2.35% Floor)	4.38%	^	03/15/2036	3,721,616
56,925,321	BANK, Series2017-BNK4-XA	1.59%	# I/O	05/15/2050	4,536,271
85,101,355	BANK, Series2018-BN11-XA	0.64%	# I/O	03/15/2061	3,064,815
1,174,000	Barclays Commercial Mortgage Securities LLC, Series2017-DELC-C (1 Month LIBOR USD + 1.20%)	3.23%	^	08/15/2036	1,171,580
1,338,000	Barclays Commercial Mortgage Securities LLC, Series2017-DELC-D (1 Month LIBOR USD + 1.70%)	3.73%	^	08/15/2036	1,341,157
2,697,000	Barclays Commercial Mortgage Securities LLC, Series2017-DELC-E (1 Month LIBOR USD + 2.50%)	4.53%	^	08/15/2036	2,706,232
17,543,000	Barclays Commercial Mortgage Securities LLC, Series2017-DELC-F (1 Month LIBOR USD + 3.50%)	5.53%	^	08/15/2036	17,631,748
4,779,000	BBCMS Mortgage Trust, Series2018-BXH-C (1 Month LIBOR USD + 1.50%, 1.50% Floor)	3.53%	^	10/15/2037	4,763,604
10,250,000	BBCMS Mortgage Trust, Series2018-CBM-E (1 Month LIBOR USD + 3.15%, 3.15% Floor)	5.18%	^	07/15/2037	10,295,272
15,176,000	BBCMS Mortgage Trust, Series2018-TALL-F (1 Month LIBOR USD + 3.24%, 3.24% Floor)	5.26%	^	03/15/2037	15,285,848
7,538,000	BB-UBS Trust, Series2012-TFT-TE	3.68%	# ^	06/05/2030	7,342,695
6,110,000	Bear Stearns Commercial Mortgage Securities, Inc., Series2007-T26-AJ	5.57%	#	01/12/2045	5,330,842
10,202,000	BHMS Trust, Series2018-ATLS-C (1 Month LIBOR USD + 1.90%, 1.90% Floor)	3.93%	^	07/15/2035	10,238,595
165,041,500	BHMS Trust, Series2018-ATLS-XCP	0.41%	# ^ I/O	07/15/2035	192,075
6,531,000	BHP Trust, Series2019-BXHP-D (1 Month LIBOR USD + 1.77%, 1.77% Floor)	3.80%	^	08/15/2036	6,523,583
10,613,000	Braemar Hotels & Resorts Trust, Series2018-PRME-E (1 Month LIBOR USD + 2.40%, 2.40% Floor)	4.43%	^	06/15/2035	10,700,056
2,608,000	BX Commercial Mortgage Trust, Series2018-BIOA-D (1 Month LIBOR USD + 1.32%, 1.35% Floor)	3.35%	^	03/15/2037	2,618,494
7,534,000	BX Commercial Mortgage Trust, Series2018-BIOA-E (1 Month LIBOR USD + 1.95%, 1.98% Floor)	3.98%	^	03/15/2037	7,569,503
12,515,000	BX Commercial Mortgage Trust, Series2019-IMC-D (1 Month LIBOR USD + 1.90%, 1.90% Floor)	3.93%	^	04/15/2034	12,561,969
5,486,000	BX Commercial Mortgage Trust, Series2019-IMC-F (1 Month LIBOR USD + 2.90%, 2.90% Floor)	4.93%	^	04/15/2034	5,535,814
2,623,950	BX Trust, Series2017-APPL-D (1 Month LIBOR USD + 2.05%, 2.05% Floor)	4.08%	^	07/15/2034	2,630,740
4,060,450	BX Trust, Series2017-APPL-E (1 Month LIBOR USD + 3.15%, 3.15% Floor)	5.18%	^	07/15/2034	4,080,881
2,430,150	BX Trust, Series2017-SLCT-D (1 Month LIBOR USD + 2.05%)	4.08%	^	07/15/2034	2,433,160
4,119,100	BX Trust, Series2017-SLCT-E (1 Month LIBOR USD + 3.15%)	5.18%	^	07/15/2034	4,144,818
3,159,000	BX Trust, Series2018-GW-E (1 Month LIBOR USD + 1.97%, 1.97% Floor)	4.00%	^	05/15/2035	3,178,031
3,434,000	BX Trust, Series2018-GW-F (1 Month LIBOR USD + 2.42%, 2.42% Floor)	4.45%	^	05/15/2035	3,459,191
1,414,000	BX Trust, Series2018-GW-G (1 Month LIBOR USD + 2.92%, 2.92% Floor)	4.95%	^	05/15/2035	1,428,154
2,835,000	BX Trust, Series2018-MCSF-E (1 Month LIBOR USD + 2.15%, 2.15% Floor)	4.18%	^	04/15/2035	2,851,015
9,267,000	BX Trust, Series2018-MCSF-F (1 Month LIBOR USD + 2.65%, 2.65% Floor)	4.67%	^	04/15/2035	9,338,087

14,456,000	BX Trust, Series2019-MMP-E (1 Month LIBOR USD + 1.90%, 1.90% Floor)	3.93%	^	08/15/2036	14,555,255
11,389,000	Carbon Capital Commercial Mortgage Trust, Series2019-FL2-B (1 Month LIBOR USD + 2.85%, 2.85% Floor)	4.88%	^	10/15/2035	11,489,017
48,849,750	CD Commercial Mortgage Trust, Series2017-CD3-XA	1.18%	# I/O	02/10/2050	2,984,251
67,116,784	CD Commercial Mortgage Trust, Series2017-CD4-XA	1.47%	# I/O	05/10/2050	4,886,666
3,553,000	CF Trust, Series2019-MF1-E (1 Month LIBOR USD + 2.20%, 2.20% Floor)	4.23%	^	08/21/2032	3,561,911
21,481,272	CFCRE Commercial Mortgage Trust, Series2016-C3-XA	1.19%	# I/O	01/10/2048	1,173,440
22,947,051	CFCRE Commercial Mortgage Trust, Series2016-C4-XA	1.88%	# I/O	05/10/2058	2,019,967
57,340,425	CFCRE Commercial Mortgage Trust, Series2017-C8-XA	1.81%	# I/O	06/15/2050	5,085,964
16,201,000	CFCRE Commercial Mortgage Trust, Series2017-C8-XB	1.12%	# I/O	06/15/2050	1,049,383
39,410,000	CFCRE Commercial Mortgage Trust, Series2018-TAN-X	1.85%	# ^ I/O	02/15/2033	1,969,444
3,277,000	CGDBB Commercial Mortgage Trust, Series2017-BIOC-D (1 Month LIBOR USD + 1.60%, 1.60% Floor)	3.63%	^	07/15/2032	3,280,270
4,587,000	CGDBB Commercial Mortgage Trust, Series2017-BIOC-E (1 Month LIBOR USD + 2.15%, 2.25% Floor)	4.18%	^	07/15/2032	4,592,608
9,155,000	CGGS Commercial Mortgage Trust, Series2018-WSS-D (1 Month LIBOR USD + 2.30%, 2.30% Floor)	4.33%	^	02/15/2037	9,159,017
736,000	CHT Mortgage Trust, Series2017-CSMO-E (1 Month LIBOR USD + 3.00%, 3.00% Floor)	5.03%	^	11/15/2036	739,556
1,039,000	CHT Mortgage Trust, Series2017-CSMO-F (1 Month LIBOR USD + 3.74%, 3.74% Floor)	5.77%	^	11/15/2036	1,045,696
7,794,846	Citigroup Commercial Mortgage Trust, Series2014-GC25-XA	1.15%	# I/O	10/10/2047	334,006
641,000	Citigroup Commercial Mortgage Trust, Series2015-GC27-D	4.57%	# ^	02/10/2048	613,614
5,624,604	Citigroup Commercial Mortgage Trust, Series2015-GC27-XA	1.52%	# I/O	02/10/2048	318,130
1,750,000	Citigroup Commercial Mortgage Trust, Series2015-GC31-C	4.19%	#	06/10/2048	1,781,221
19,325,840	Citigroup Commercial Mortgage Trust, Series2016-GC36-XA	1.44%	# I/O	02/10/2049	1,235,663
14,231,305	Citigroup Commercial Mortgage Trust, Series2016-P3-XA	1.85%	# I/O	04/15/2049	1,118,024
13,624,727	Citigroup Commercial Mortgage Trust, Series2016-P4-XA	2.14%	# I/O	07/10/2049	1,342,526
13,641,145	Citigroup Commercial Mortgage Trust, Series2017-P7-XA	1.28%	# I/O	04/14/2050	892,487
4,865,000	Citigroup Commercial Mortgage Trust, Series2019-SST2-D (1 Month LIBOR USD + 1.60%, 1.60% Floor)	3.63%	^	12/15/2036	4,882,305
7,736,000	Citigroup Commercial Mortgage Trust, Series2019-SST2-E (1 Month LIBOR USD + 2.00%, 2.00% Floor)	4.03%	^	12/15/2036	7,763,424
3,479,000	CLNS Trust, Series2017-IKPR-D (1 Month LIBOR USD + 2.05%, 2.05% Floor)	4.10%	^	06/11/2032	3,481,143
3,479,000	CLNS Trust, Series2017-IKPR-E (1 Month LIBOR USD + 3.50%, 3.50% Floor)	5.55%	^	06/11/2032	3,490,555
3,479,000	CLNS Trust, Series2017-IKPR-F (1 Month LIBOR USD + 4.50%, 4.50% Floor)	6.55%	^	06/11/2032	3,502,414
5,636,000	Commercial Mortgage Pass-Through Certificates, Series2012-CR4-D	4.72%	# ^ Þ	10/15/2045	2,322,314
8,273,844	Commercial Mortgage Pass-Through Certificates, Series2013-CR10-XA	0.83%	# I/O	08/10/2046	193,649
6,802,000	Commercial Mortgage Pass-Through Certificates, Series2013-CR11-D	5.29%	# ^	08/10/2050	6,938,071
25,732,553	Commercial Mortgage Pass-Through Certificates, Series2013-CR12-XA	1.32%	# I/O	10/10/2046	982,682
2,503,138	Commercial Mortgage Pass-Through Certificates, Series2014-CR17-XA	1.15%	# I/O	05/10/2047	96,145
233,000	Commercial Mortgage Pass-Through Certificates, Series2014-CR19-C	4.91%	#	08/10/2047	249,317
500,000	Commercial Mortgage Pass-Through Certificates, Series2014-CR20-C	4.66%	#	11/10/2047	534,601
1,876,000	Commercial Mortgage Pass-Through Certificates, Series2014-FL5-D (1 Month LIBOR USD + 4.00%, 4.00% Floor)	3.58%	^	10/15/2031	1,859,359
932,000	Commercial Mortgage Pass-Through Certificates, Series2015-CR22-D	4.25%	# ^	03/10/2048	930,648
21,265,059	Commercial Mortgage Pass-Through Certificates, Series2015-CR22-XA	1.08%	# I/O	03/10/2048	712,845
37,246,784	Commercial Mortgage Pass-Through Certificates, Series2015-CR25-XA	1.04%	# I/O	08/10/2048	1,545,079
41,891,062	Commercial Mortgage Pass-Through Certificates, Series2015-CR27-XA	1.26%	# I/O	10/10/2048	1,898,495
11,687,547	Commercial Mortgage Pass-Through Certificates, Series2015-DC1-XA	1.25%	# I/O	02/10/2048	451,472
57,232,635	Commercial Mortgage Pass-Through Certificates, Series2015-LC21-XA	0.91%	# I/O	07/10/2048	1,698,178
1,470,000	Commercial Mortgage Pass-Through Certificates, Series2015-LC23-C	4.80%	#	10/10/2048	1,584,613
1,769,000	Commercial Mortgage Pass-Through Certificates, Series2016-CR28-C	4.80%	#	02/10/2049	1,920,628
17,250,887	Commercial Mortgage Pass-Through Certificates, Series2016-DC2-XA	1.17%	# I/O	02/10/2049	882,871
11,396,000	Commercial Mortgage Pass-Through Certificates, Series2018-HCLV-D (1 Month LIBOR USD + 2.18%, 2.25% Floor)	4.20%	^	09/15/2033	11,404,762
16,126	Credit Suisse Commercial Mortgage Trust, Series2007-C1-AM	5.42%		02/15/2040	16,210
10,092,000	Credit Suisse Mortgage Capital Certificates, Series2014-USA-X1	0.70%	# ^ I/O	09/15/2037	279,453
13,148,000	Credit Suisse Mortgage Capital Certificates, Series2019-ICE4-E (1 Month LIBOR USD + 2.15%, 2.15% Floor)	4.18%	^	05/15/2036	13,199,584
11,372,000	Credit Suisse Mortgage Capital Certificates, Series2019-ICE4-F (1 Month LIBOR USD + 2.65%, 2.65% Floor)	4.68%	^	05/15/2036	11,430,841
29,023,391	CSAIL Commercial Mortgage Trust, Series2015-C1-XA	1.00%	# I/O	04/15/2050	1,057,122
4,680,076	CSAIL Commercial Mortgage Trust, Series2016-C6-XA	1.94%	# I/O	01/15/2049	376,720
7,370,000	CSMC Trust, Series2017-CHOP-E (1 Month LIBOR USD + 3.30%, 3.30% Floor)	5.33%	^	07/15/2032	7,424,385
6,650,000	CSMC Trust, Series2017-LSTK-E	3.44%	# ^	04/05/2033	6,614,248
3,750,000	DBCG Mortgage Trust, Series2017-BBG-C (1 Month LIBOR USD + 1.00%, 1.10% Floor)	3.03%	^	06/15/2034	3,745,067
9,876,000	DBGS Mortgage Trust, Series2018-5BP-F (1 Month LIBOR USD + 2.45%)	4.48%	^	06/15/2033	9,866,260
4,941,412	DBGS Mortgage Trust, Series2018-BIOD-C (1 Month LIBOR USD + 0.95%, 0.95% Floor)	2.98%	^	05/15/2035	4,916,671
11,987,000	DBUBS Mortgage Trust, Series2017-BRBK-E	3.65%	# ^	10/10/2034	12,104,684
19,109,528	Deutsche Bank Commercial Mortgage Trust, Series2016-C1-XA	1.62%	# I/O	05/10/2049	1,390,388
13,000,000	FREMF Mortgage Trust, Series2010-K8-C	0.00%	^ P/O	09/25/2043	12,573,184
13,000,000	FREMF Mortgage Trust, Series2013-K713-D	0.00%	^ P/O	04/25/2046	12,579,268
28,200,000	FREMF Mortgage Trust, Series2013-K713-X2B	0.10%	^ I/O	04/25/2046	12,952
1,128,090	FREMF Mortgage Trust, Series2016-KF22-B (1 Month LIBOR USD + 5.05%, 5.05% Floor)	7.14%	^	07/25/2023	1,169,045
2,488,000	GMAC Commercial Mortgage Securities Trust, Series2004-C3-D	5.04%	#	12/10/2041	2,486,733
2,806,000	GMAC Commercial Mortgage Securities Trust, Series2004-C3-E	5.14%	# ^	12/10/2041	2,796,465
7,349,000	GPMT Ltd., Series2019-FL2-D (1 Month LIBOR USD + 2.95%, 2.95% Floor)	4.98%	^	02/22/2036	7,420,653
350,000	Grace Mortgage Trust, Series2014-GRCE-A	3.37%	^	06/10/2028	355,517
2,465,000	Great Wolf Trust, Series2017-WOLF-D (1 Month LIBOR USD + 2.10%, 1.00% Floor)	4.13%	^	09/15/2034	2,468,430
3,821,000	Great Wolf Trust, Series2017-WOLF-E (1 Month LIBOR USD + 3.10%, 1.00% Floor)	5.13%	^	09/15/2034	3,831,680
2,034,000	Great Wolf Trust, Series2017-WOLF-F (1 Month LIBOR USD + 4.07%, 1.00% Floor)	6.10%	^	09/15/2034	2,042,377
3,903,000	Greystone Commercial Real Estate Notes, Series2019-FL2-D (1 Month LIBOR USD + 2.40%, 2.40% Floor)	4.66%	^	09/15/2037	3,923,979
300,000	GS Mortgage Securities Corporation, Series2013-KING-C	3.55%	# ^	12/10/2027	299,852
3,998,258	GS Mortgage Securities Corporation, Series2014-GC24-XA	0.87%	# I/O	09/10/2047	119,578
35,518,622	GS Mortgage Securities Corporation, Series2015-GC32-XA	0.93%	# I/O	07/10/2048	1,250,895
9,658,864	GS Mortgage Securities Corporation, Series2015-GC34-XA	1.48%	# I/O	10/10/2048	591,352
15,808,000	GS Mortgage Securities Corporation, Series2018-FBLU-F (1 Month LIBOR USD + 3.25%, 3.25% Floor)	5.28%	^	11/15/2035	15,908,352
1,518,000	GS Mortgage Securities Corporation, Series2018-LUAU-E (1 Month LIBOR USD + 2.55%, 2.55% Floor)	4.58%	^	11/15/2032	1,525,321
5,000,000	GS Mortgage Securities Corporation, Series2018-TWR-E (1 Month LIBOR USD + 2.10%, 2.10% Floor)	4.13%	^	07/15/2031	5,020,488
5,000,000	GS Mortgage Securities Corporation, Series2018-TWR-F (1 Month LIBOR USD + 2.80%, 2.80% Floor)	4.83%	^	07/15/2031	5,029,083
5,000,000	GS Mortgage Securities Corporation, Series2018-TWR-G (1 Month LIBOR USD + 3.92%, 3.98% Floor)	5.95%	^	07/15/2031	5,046,898
13,059,000	GS Mortgage Securities CorporationTrust 2019-SOHO, Series2019-SOHO-E (1 Month LIBOR USD + 1.87%, 1.88% Floor)	3.90%	^	06/15/2036	13,047,793
8,000,000	GS Mortgage Securities CorporationTrust 2019-SOHO, Series2019-SOHO-F (1 Month LIBOR USD + 2.20%, 2.20% Floor)	4.23%	^	06/15/2036	7,989,342
1,703,000	GS Mortgage Securities Trust, Series2014-GC26-D	4.67%	# ^	11/10/2047	1,502,590
8,950,346	GS Mortgage Securities Trust, Series2015-GS1-XA	0.94%	# I/O	11/10/2048	375,180
19,573,951	GS Mortgage Securities Trust, Series2016-GS2-XA	1.80%	# I/O	05/10/2049	1,534,684
29,472,791	GS Mortgage Securities Trust, Series2016-GS3-XA	1.38%	# I/O	10/10/2049	1,937,559
61,779,793	GS Mortgage Securities Trust, Series2017-GS6-XA	1.19%	# I/O	05/10/2050	4,257,178
887,000	GS Mortgage Securities Trust, Series 2018-GS10-WLSA	5.07%	# ^	03/10/2033	988,341
1,760,000	GS Mortgage Securities Trust, Series 2018-GS10-WLSB	5.07%	# ^	03/10/2033	1,947,178
2,391,000	GS Mortgage Securities Trust, Series 2018-GS10-WLSC	5.07%	# ^	03/10/2033	2,594,461
2,314,000	GS Mortgage Securities Trust, Series 2018-GS10-WLSD	5.07%	# ^	03/10/2033	2,431,177
2,893,000	GS Mortgage Securities Trust, Series 2018-GS10-WLSE	5.07%	# ^	03/10/2033	2,986,077
9,933,000	GS Mortgage Securities Trust, Series2019-SMP-E (1 Month LIBOR USD + 2.60%, 2.60% Floor)	4.74%	^	08/15/2032	9,970,447
14,505,000	GSCG Trust, Series2019-600C-E	4.12%	# ^	09/06/2034	14,818,969
1,988,000	Hilton USA Trust, Series2016-SFP-D	4.93%	^	11/05/2035	1,998,875
3,000,000	Hilton USA Trust, Series2016-SFP-F	6.16%	^	11/05/2035	3,027,677
2,348,987	HPLY Trust, Series2019-HIT-E (1 Month LIBOR USD + 2.35%, 2.35% Floor)	4.38%	^	11/15/2036	2,363,646
12,814,005	HPLY Trust, Series2019-HIT-F (1 Month LIBOR USD + 3.15%, 3.15% Floor)	5.18%	^	11/15/2036	12,846,040
8,000,000	Hunt Ltd., Series2017-FL1-C (1 Month LIBOR USD + 2.40%)	4.43%	^	08/15/2034	7,993,792
5,440,000	IMT Trust, Series2017-APTS-EFL (1 Month LIBOR USD + 2.15%)	4.18%	^	06/15/2034	5,446,513
305,000	IMT Trust, Series2017-APTS-FFL (1 Month LIBOR USD + 2.85%)	4.88%	^	06/15/2034	305,774
22,184,661	JP Morgan Chase Commercial Mortgage Securities Corporation, Series2015-JP1-XA	1.25%	# I/O	01/15/2049	892,387
887,522	JP Morgan Chase Commercial Mortgage Securities Corporation, Series2017-FL10-B (1 Month LIBOR USD + 1.00%, 1.00% Floor)	3.03%	^	06/15/2032	884,518
1,414,000	JP Morgan Chase Commercial Mortgage Securities Corporation, Series2017-FL10-C (1 Month LIBOR USD + 1.25%, 1.25% Floor)	3.28%	^	06/15/2032	1,407,426
4,578,000	JP Morgan Chase Commercial Mortgage Securities Corporation, Series2017-FL10-D (1 Month LIBOR USD + 1.90%, 1.90% Floor)	3.93%	^	06/15/2032	4,551,140
5,917,905	JP Morgan Chase Commercial Mortgage Securities Corporation, Series2018-LAQ-C (1 Month LIBOR USD + 1.60%, 1.60% Floor)	3.63%	^	06/15/2032	5,942,429
828,411	JP Morgan Chase Commercial Mortgage Securities Corporation, Series2018-LAQ-D (1 Month LIBOR USD + 2.10%, 2.30% Floor)	4.13%	^	06/15/2032	835,322
2,191,497	JP Morgan Chase Commercial Mortgage Securities Corporation, Series2018-LAQ-E (1 Month LIBOR USD + 3.00%, 3.35% Floor)	5.03%	^	06/15/2035	2,215,674
1,485,251	JP Morgan Chase Commercial Mortgage Securities Trust, Series2004-CBX-D	5.10%	#	01/12/2037	1,484,496
1,665,870	JP Morgan Chase Commercial Mortgage Securities Trust, Series2006-LDP9-AMS	5.34%		05/15/2047	1,601,461
38,492,731	JP Morgan Chase Commercial Mortgage Securities Trust, Series2016-JP4-XA	0.88%	# I/O	12/15/2049	1,285,249
3,776,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series2016-WIKI-E	4.14%	# ^	10/05/2031	3,823,656
10,245,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series2018-WPT-EFX	5.54%	^	07/05/2033	10,917,476

4,216,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series2019-UES-C	4.34%	^	05/05/2032	4,490,862
4,314,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series2019-UES-D	4.60%	# ^	05/05/2032	4,560,886
5,040,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series2019-UES-E	4.60%	# ^	05/05/2032	5,220,573
5,287,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series2019-UES-F	4.60%	# ^	05/05/2032	5,320,477
5,775,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series2019-UES-G	4.60%	# ^	05/05/2032	5,616,950
5,852,840	JPMBB Commercial Mortgage Securities Trust, Series2014-C18-XA	1.01%	# I/O	02/15/2047	180,343
500,000	JPMBB Commercial Mortgage Securities Trust, Series2014-C23-C	4.61%	#	09/15/2047	532,679
360,000	JPMBB Commercial Mortgage Securities Trust, Series2014-C23-D	4.11%	# ^	09/15/2047	355,085
19,730,695	JPMBB Commercial Mortgage Securities Trust, Series2014-C25-XA	1.01%	# I/O	11/15/2047	716,173
1,303,000	JPMBB Commercial Mortgage Securities Trust, Series2014-C26-C	4.52%	#	01/15/2048	1,386,362
6,378,816	JPMBB Commercial Mortgage Securities Trust, Series2014-C26-XA	1.15%	# I/O	01/15/2048	241,845
1,000,000	JPMBB Commercial Mortgage Securities Trust, Series2015-C27-D	3.99%	# ^	02/15/2048	992,009
125,000	JPMBB Commercial Mortgage Securities Trust, Series2015-C29-C	4.29%	#	05/15/2048	130,358
25,431,422	JPMBB Commercial Mortgage Securities Trust, Series2015-C29-XA	0.90%	# I/O	05/15/2048	637,632
27,286,196	JPMBB Commercial Mortgage Securities Trust, Series2015-C30-XA	0.67%	# I/O	07/15/2048	719,267
12,444,841	JPMBB Commercial Mortgage Securities Trust, Series2015-C31-XA	1.07%	# I/O	08/15/2048	494,017
23,812,030	JPMBB Commercial Mortgage Securities Trust, Series2015-C32-XA	1.52%	# I/O	11/15/2048	934,808
580,000	JPMBB Commercial Mortgage Securities Trust, Series2015-C33-C	4.77%	#	12/15/2048	621,329
9,040,000	JPMCC Commercial Mortgage Securities Trust, Series2019-MFP-E (1 Month LIBOR USD + 2.10%, 2.16% Floor)	4.13%	^	07/15/2036	9,076,176
10,000,000	LCCM, Series2017-LC26-C	4.71%	^	07/12/2050	10,628,123
1,000,000	LoanCore Issuer Ltd., Series2018-CRE1-D (1 Month LIBOR USD + 2.95%, 2.95% Floor)	4.98%	^	05/15/2028	1,006,250
2,500,000	LoanCore Issuer Ltd., Series2019-CRE3-D (1 Month LIBOR USD + 2.50%, 2.50% Floor)	4.53%	^	04/15/2034	2,510,313
10,693,571	LSTAR Commercial Mortgage Trust, Series2016-4-XA	2.03%	# ^ I/O	03/10/2049	653,435
87,239,557	LSTAR Commercial Mortgage Trust, Series2017-5-X	1.26%	# ^ I/O	03/10/2050	3,627,360
300,000	Madison Avenue Trust, Series2013-650M-D	4.17%	# ^	10/12/2032	302,685
2,080,000	Madison Avenue Trust, Series2013-650M-E	4.17%	# ^	10/12/2032	2,074,685
2,366,000	Marathon CRE, Series2018-FL1-AS (1 Month LIBOR USD + 1.55%, 1.55% Floor)	3.58%	^	06/15/2028	2,371,028
2,512,000	Marathon CRE, Series2018-FL1-C (1 Month LIBOR USD + 2.60%, 2.60% Floor)	4.63%	^	06/15/2028	2,527,072
13,513	Merrill Lynch Mortgage Trust, Series2006-C1-AJ	5.78%	#	05/12/2039	13,648
11,450,000	Monarch Beach Resort Trust, Series2018-MBR-F (1 Month LIBOR USD + 2.55%, 2.55% Floor)	4.58%	^	07/15/2035	11,489,111
10,600,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series2012-CKSV-CK	4.30%	^	10/15/2030	9,528,528
3,684,627	Morgan Stanley Bank of America Merrill Lynch Trust, Series2013-C12-XA	0.77%	# I/O	10/15/2046	75,464
15,478,864	Morgan Stanley Bank of America Merrill Lynch Trust, Series2013-C7-XA	1.49%	# I/O	02/15/2046	579,396
6,413,908	Morgan Stanley Bank of America Merrill Lynch Trust, Series2014-C14-XA	1.16%	# I/O	02/15/2047	189,884
500,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series2014-C18-C	4.68%	#	10/15/2047	531,397
620,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series2014-C19-C	4.00%		12/15/2047	640,915
120,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series2015-C20-C	4.61%	#	02/15/2048	127,459
1,072,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series2015-C20-D	3.07%	^	02/15/2048	1,005,954
21,275,520	Morgan Stanley Bank of America Merrill Lynch Trust, Series2016-C28-XA	1.40%	# I/O	01/15/2049	1,242,999
1,466,000	Morgan Stanley Capital Trust, Series2014-CPT-G	3.56%	# ^	07/13/2029	1,470,079
2,330,000	Morgan Stanley Capital Trust, Series2017-ASHF-D (1 Month LIBOR USD + 2.20%)	4.23%	^	11/15/2034	2,332,906
8,494,000	Morgan Stanley Capital Trust, Series2017-ASHF-E (1 Month LIBOR USD + 3.15%)	5.18%	^	11/15/2034	8,504,592
2,647,000	Morgan Stanley Capital Trust, Series2017-ASHF-F (1 Month LIBOR USD + 4.35%)	6.38%	^	11/15/2034	2,651,958
2,680,000	Morgan Stanley Capital Trust, Series2017-CLS-E (1 Month LIBOR USD + 1.95%, 1.95% Floor)	3.98%	^	11/15/2034	2,687,361
2,977,000	Morgan Stanley Capital Trust, Series2017-CLS-F (1 Month LIBOR USD + 2.60%, 2.60% Floor)	4.63%	^	11/15/2034	2,990,274
2,935,000	Morgan Stanley Capital Trust, Series2018-SUN-D (1 Month LIBOR USD + 1.65%, 1.65% Floor)	3.68%	^	07/15/2035	2,939,971
4,380,000	Morgan Stanley Capital Trust, Series2018-SUN-F (1 Month LIBOR USD + 2.55%, 2.55% Floor)	4.58%	^	07/15/2035	4,392,307
2,935,000	Morgan Stanley Capital Trust, Series2018-SUN-G (1 Month LIBOR USD + 3.05%, 3.05% Floor)	5.08%	^	07/15/2035	2,945,670
13,327,000	Morgan Stanley Capital Trust, Series2019-PLND-E (1 Month LIBOR USD + 2.15%, 2.15% Floor)	4.18%	^	05/15/2036	13,360,318
821,000	Morgan Stanley Capital, Inc., Series2014-CPT-E	3.56%	# ^	07/13/2029	829,613
1,386,000	Morgan Stanley Capital, Inc., Series2014-CPT-F	3.56%	# ^	07/13/2029	1,394,829
5,411,759	Motel 6 Trust, Series2017-MTL6-D (1 Month LIBOR USD + 2.15%, 2.15% Floor)	4.18%	^	08/15/2034	5,433,199
3,267,731	Motel 6 Trust, Series2017-MTL6-F (1 Month LIBOR USD + 4.25%, 4.25% Floor)	6.28%	^	08/15/2034	3,303,682
1,192,550	MSCG Trust, Series2016-SNR-C	5.21%	^	11/15/2034	1,218,435
11,755,000	MSCG Trust, Series2018-SELF-F (1 Month LIBOR USD + 3.05%, 3.05% Floor)	5.08%	^	10/15/2037	11,799,654
9,940,000	Natixis Commercial Mortgage Securities Trust, Series2018-FL1-C (1 Month LIBOR USD + 2.20%, 2.20% Floor)	4.40%	^	06/15/2035	9,861,114
11,120,000	NLY Commercial Mortgage Trust, Series2019-FL2-B (1 Month LIBOR USD + 1.90%, 1.90% Floor)	3.93%	^	02/15/2036	11,200,620
7,608,000	One Market Plaza Trust, Series2017-1MKT-E	4.14%	^	02/10/2032	7,692,320
5,328,792	PFP Ltd., Series2017-4-C (1 Month LIBOR USD + 2.25%, 2.25% Floor)	4.28%	^	07/14/2035	5,339,674
6,946,000	PFP Ltd., Series2019-5-B (1 Month LIBOR USD + 1.65%)	3.68%	^	04/14/2036	6,978,994
6,614,000	RAIT Trust, Series2017-FL7-B (1 Month LIBOR USD + 1.60%, 1.60% Floor)	3.63%	^	06/15/2037	6,576,417
34,601,477	SLIDE, Series2018-FUN-XCP	0.98%	# ^ I/O	12/15/2020	399,135
459,000	STWD Ltd., Series2019-FL1-C (1 Month LIBOR USD + 1.95%, 0.00% Floor)	4.27%	^	07/15/2038	461,467
14,307,000	STWD Ltd., Series2019-FL1-D (1 Month LIBOR USD + 2.35%, 0.00% Floor)	4.62%	^	07/15/2038	14,410,726
8,426,455	Tharaldson Hotel Portfolio Trust, Series2018-THL-E (1 Month LIBOR USD + 3.18%, 3.10% Floor)	5.22%	^	11/11/2034	8,469,333
10,153,000	TRTX Issuer Ltd.2018-FL2-D, Series2018-FL2-D (1 Month LIBOR USD + 2.70%, 0.00% Floor)	4.72%	^	11/15/2037	10,279,913
2,034,000	UBS Commercial Mortgage Trust, Series2017-C1-XB	1.05%	# I/O	06/15/2050	129,505
85,144,096	UBS Commercial Mortgage Trust, Series2018-C13-XA	0.91%	# I/O	10/15/2051	4,694,624
6,009,000	UBS Commercial Mortgage Trust, Series2018-C8-C	4.86%	#	02/15/2051	6,633,160
87,133,791	UBS Commercial Mortgage Trust, Series2018-C8-XA	1.04%	# I/O	02/15/2051	5,218,251
500,000	UBS Commercial Mortgage Trust, Series2018-NYCH-G (1 Month LIBOR USD + 4.84%, 4.84% Floor)	6.87%	^	02/15/2032	508,674
6,690,000	VMC Finance LLC, Series2019-FL3-D (1 Month LIBOR USD + 2.65%, 2.65% Floor)	4.85%	^	09/15/2036	6,710,920
1,900,000	Wells Fargo Commercial Mortgage Trust, Series2014-LC16-D	3.94%	^	08/15/2050	1,564,679
540,000	Wells Fargo Commercial Mortgage Trust, Series2014-LC18-B	3.96%		12/15/2047	570,260
11,974,211	Wells Fargo Commercial Mortgage Trust, Series2015-C27-XA	1.04%	# I/O	02/15/2048	467,876
54,237,279	Wells Fargo Commercial Mortgage Trust, Series2015-C30-XA	1.05%	# I/O	09/15/2058	2,439,826
2,000,000	Wells Fargo Commercial Mortgage Trust, Series2015-C31-C	4.76%	#	11/15/2048	2,148,309
21,053,735	Wells Fargo Commercial Mortgage Trust, Series2015-C31-XA	1.18%	# I/O	11/15/2048	1,076,541
31,691,816	Wells Fargo Commercial Mortgage Trust, Series2015-NXS2-XA	0.87%	# I/O	07/15/2058	895,097
1,340,000	Wells Fargo Commercial Mortgage Trust, Series2015-NXS3-C	4.64%	#	09/15/2057	1,434,001
1,150,000	Wells Fargo Commercial Mortgage Trust, Series2015-NXS4-E	3.75%	# ^	12/15/2048	1,026,618
1,443,000	Wells Fargo Commercial Mortgage Trust, Series2016-C32-C	4.88%	#	01/15/2059	1,537,277
14,761,009	Wells Fargo Commercial Mortgage Trust, Series2016-C33-XA	1.92%	# I/O	03/15/2059	1,170,988
76,751,886	Wells Fargo Commercial Mortgage Trust, Series2017-C38-XA	1.21%	# I/O	07/15/2050	4,868,080
15,796,028	Wells Fargo Commercial Mortgage Trust, Series2017-RC1-XA	1.67%	# I/O	01/15/2060	1,274,382
4,452,197	Wells Fargo Commercial Mortgage Trust, Series2018-BXI-E (1 Month LIBOR USD + 2.16%)	4.18%	^	12/15/2036	4,481,369
3,351,569	WF-RBS Commercial Mortgage Trust, Series2014-C19-XA	1.20%	# I/O	03/15/2047	115,374
7,959,940	WF-RBS Commercial Mortgage Trust, Series2014-C21-XA	1.20%	# I/O	08/15/2047	325,856
28,801,663	WF-RBS Commercial Mortgage Trust, Series2016-NXS6-XA	1.78%	# I/O	11/15/2049	2,196,930
TotalNon-Agency Commercial Mortgage Backed Obligations (Cost $986,755,606)					977,263,540
Non-Agency Residential Collateralized Mortgage Obligations - 12.1%
6,105,526	Ajax Mortgage Loan Trust, Series2017-A-A	3.47%	^§	04/25/2057	6,121,233
6,337,047	Ajax Mortgage Loan Trust, Series2018-C-A	4.36%	# ^	09/25/2065	6,427,455
20,971,158	Ajax Mortgage Loan Trust, Series2019-C-A	3.95%	# ^	10/25/2058	21,128,085
8,453,835	Alternative Loan Trust, Series2005-49CB-A6	5.50%		11/25/2035	7,877,597
10,826,237	Alternative Loan Trust, Series2005-62-1A1 (1 Month LIBOR USD + 0.30%, 0.30% Floor)	2.32%		12/25/2035	9,910,974
7,941,308	Alternative Loan Trust, Series2006-36T2-1A3	5.75%		12/25/2036	5,355,709
10,161,702	Alternative Loan Trust, Series2007-12T1-A5	6.00%		06/25/2037	7,566,761
6,624,316	Alternative Loan Trust, Series2007-8CB-A1	5.50%		05/25/2037	5,505,312
8,601,548	Alternative Loan Trust, Series2007-HY9-A2 (1 Month LIBOR USD + 0.27%, 0.27% Floor)	2.29%		08/25/2047	7,580,407
17,843,901	Arroyo Mortgage Trust, Series2019-3-A3	3.42%	# ^	10/25/2048	18,018,802
1,750,000	Banc of America Funding Corporation, Series2005-B-3M1 (1 Month LIBOR USD + 0.68%, 0.45% Floor, 11.00% Cap)	2.72%		04/20/2035	1,741,273
2,435,815	Banc of America Funding Corporation, Series2006-7-T2A1	5.88%	#	10/25/2036	2,346,532
2,521,369	Banc of America Mortgage Securities Trust, Series2005-I-2A5	4.17%	#	10/25/2035	2,543,491
6,870,890	Banc of America Mortgage Securities Trust, Series2007-3-1A1	6.00%		09/25/2037	6,720,820
2,932,903	Bayview Koitere Fund Trust, Series2019-RN3-A1	3.97%	^§	07/28/2033	2,943,734
5,260,650	Bayview Opportunity Master Fund Trust, Series2019-RN1-A1	4.09%	^§	02/28/2034	5,306,645
20,569,698	Bayview Opportunity Master Fund Trust, Series2019-SBR2-A1	3.43%	^§	06/28/2034	20,549,147
2,223,734	BCAP LLC Trust, Series2012-RR1-3A4	5.50%	# ^	10/26/2035	2,183,227
27,100,000	Bellemeade Ltd., Series2019-2A-M1A (1 Month LIBOR USD + 1.00%, 1.00% Floor)	3.02%	^	04/25/2029	27,110,027
4,248,396	BRAVO Residential Funding Trust, Series2019-NQM1-A2	2.89%	# ^	07/25/2059	4,261,606
6,720,313	Bunker Hill Loan Depositary Trust, Series2019-1-A1	3.61%	^§	10/26/2048	6,815,386

14,649,471	Bunker Hill Loan Depositary Trust, Series2019-2-A3	3.19%	^§	07/25/2049	14,779,028
8,409,173	CIM Trust, Series2016-3-A1 (1 Month LIBOR USD + 2.50%, 2.50% Floor)	4.60%	^	02/25/2056	8,694,977
335,683	CitiCorporationResidential Mortgage Securities, Inc., Series2007-1-A4	5.26%	ß	03/25/2037	341,176
37,292,847	Citigroup Mortgage Loan Trust, Inc., Series2018-A-A1	4.00%	# ^	01/25/2068	37,428,264
4,908,331	Citigroup Mortgage Loan Trust, Series2019-B-A1	3.26%	# ^	04/25/2066	4,920,211
1,329,491	CitiMortgage Alternative Loan Trust, Series2007-A5-1A10	5.75%		05/25/2037	1,307,287
205,900	Colony American Finance Ltd., Series2016-1-A	2.54%	^	06/15/2048	205,197
9,483,709	COLT Mortgage Loan Trust, Series2018-1-A1	2.93%	# ^	02/25/2048	9,502,075
24,680	Countrywide Alternative Loan Trust, Series2004-33-1A1	4.81%	#	12/25/2034	25,524
598,643	Countrywide Alternative Loan Trust, Series2005-23CB-A15	5.50%		07/25/2035	601,393
2,077,769	Countrywide Alternative Loan Trust, Series2005-28CB-1A6	5.50%		08/25/2035	2,076,065
2,135,128	Countrywide Alternative Loan Trust, Series2006-J6-A5	6.00%		09/25/2036	1,753,951
472,588	Countrywide Alternative Loan Trust, Series2007-15CB-A7	6.00%		07/25/2037	434,050
1,523,280	Countrywide Home Loans, Series2005-10-A2	5.50%		05/25/2035	1,442,818
838,927	Countrywide Home Loans, Series2007-14-A15	6.50%		09/25/2037	705,244
2,497	Credit Suisse First Boston Mortgage Securities Corporation, Series2004-8-6A1	4.50%		12/25/2019	2,495
2,359,780	Credit Suisse First Boston Mortgage Securities Corporation, Series2005-11-2A1	6.00%		12/25/2035	2,331,526
97,641	Credit Suisse First Boston Mortgage Securities Corporation, Series2005-11-8A5	6.00%		12/25/2035	100,323
890,246	Credit Suisse First Boston Mortgage Securities Corporation, Series2005-9-5A9	5.50%		10/25/2035	794,810
1,000,000	Credit Suisse Mortgage Capital Certificates, Series2011-12R-3A5	4.12%	# ^	07/27/2036	1,000,322
538,194	Credit Suisse Mortgage Capital Certificates, Series2011-5R-6A9	3.95%	# ^	11/27/2037	552,040
11,127,888	CSMC Trust, Series2018-RPL7-A1	4.00%	^	08/26/2058	11,276,145
35,074,623	CSMC Trust, Series2018-RPL8-A1	4.13%	# ^	07/25/2058	35,464,849
4,526,562	CSMC Trust, Series2019-JR1-A1	4.10%	# ^	09/27/2066	4,547,673
19,358,668	CSMC Trust, Series2019-RPL2-A1	3.92%	^	07/25/2058	19,678,963
1,482,868	Deephaven Residential Mortgage Trust, Series2017-1A-A1	2.73%	# ^	12/26/2046	1,482,194
645,175	Deutsche Mortgage & Asset Receiving Corporation, Series2014-RS1-1A2	6.50%	# ^	07/27/2037	634,172
785,813	Deutsche Securities, Inc., Series2006-AB4-A1A	6.01%	#	10/25/2036	755,982
12,500,000	Eagle Ltd., Series2019-1-M1A (1 Month LIBOR USD + 1.25%)	3.27%	^	04/25/2029	12,512,360
1,884,249	Ellington Financial Mortgage Trust, Series2017-1-A1	2.69%	# ^	10/25/2047	1,880,057
1,933,200	Ellington Financial Mortgage Trust, Series2017-1-A2	2.74%	# ^	10/25/2047	1,928,888
1,344,616	Ellington Financial Mortgage Trust, Series2017-1-A3	2.84%	# ^	10/25/2047	1,342,237
6,236,323	GCAT LLC, Series2018-1-A1	3.84%	^§	06/25/2048	6,260,458
15,047,058	GCAT LLC, Series2019-1-A1	4.09%	^§	04/26/2049	15,513,020
9,697,151	GCAT LLC, Series2019-2-A1	3.47%	^§	06/25/2024	9,741,698
7,439,739	GS Mortgage-Backed Securities Trust, Series2019-SL1-A1	2.63%	# ^	01/25/2059	7,410,221
1,634,062	GSAA Home Equity Trust, Series2005-11-2A1 (1 Month LIBOR USD + 0.28%, 0.28% Floor)	2.30%		10/25/2035	1,642,929
572,663	GSR Mortgage Loan Trust, Series2006-2F-3A4	6.00%		02/25/2036	464,620
1,113,349	Impac Secured Assets Trust, Series2006-5-1A1C (1 Month LIBOR USD + 0.27%, 0.27% Floor, 11.50% Cap)	2.29%		02/25/2037	1,016,796
1,607,406	IndyMac Mortgage Loan Trust, Series2006-AR5-2A1	3.78%	#	05/25/2036	1,464,106
9,263,608	JP Morgan Alternative Loan Trust, Series2007-S1-A2 (1 Month LIBOR USD + 0.34%, 0.34% Floor, 11.50% Cap)	2.36%		04/25/2047	8,866,259
14,411,568	Legacy Mortgage Asset Trust2019-GS4, Series2019-GS4-A1	3.44%	^§	05/25/2059	14,550,323
15,686,596	Legacy Mortgage Asset Trust, Series2017-GS1-A1	3.50%	^§	01/25/2057	15,656,825
20,431,207	Legacy Mortgage Asset Trust, Series2018-GS2-A1	4.00%	^§	04/25/2058	20,693,327
20,851,668	Legacy Mortgage Asset Trust, Series2019-GS3-A1	3.75%	^§	04/25/2059	21,318,416
1,297,267	Legacy Mortgage Asset Trust, Series2019-GS5-A1	3.20%	^§	05/25/2059	1,305,051
9,834,806	Legacy Mortgage Asset Trust, Series2019-GS6-A1	3.00%	^§	06/25/2059	9,906,227
305,198	Lehman Mortgage Trust, Series2006-1-1A3	5.50%		02/25/2036	255,807
143,935	MASTR Adjustable Rate Mortgages Trust, Series2006-2-2A1	4.56%	#	04/25/2036	127,448
457,276	Merrill Lynch Alternative Note Asset Trust, Series2007-F1-2A6	6.00%		03/25/2037	323,976
1,684,691	Merrill Lynch Mortgage Investors Trust, Series2006-AF1-AF2C	6.25%		08/25/2036	1,160,726
25,774,163	Morgan Stanley Capital Trust, Series2006-HE3-A2D (1 Month LIBOR USD + 0.25%, 0.25% Floor)	2.27%		04/25/2036	24,725,461
361,179	Morgan Stanley Mortgage Loan Trust, Series2006-2-7A1	5.67%	#	02/25/2036	313,381
3,500,000	Nationstar HECM Loan Trust, Series2018-1A-M2	3.47%	# ^	02/25/2028	3,488,303
9,500,000	Nationstar HECM Loan Trust, Series2018-1A-M3	3.79%	# ^	02/25/2028	9,492,676
7,306,809	New Residential Mortgage Loan Trust, Series2019-RPL1-A1	4.33%	^§	02/26/2024	7,374,846
939,240	Oak Hill Advisors Residential Loan Trust, Series2017-NPL1-A1	3.00%	^§	06/25/2057	941,538
1,469,782	Oak Hill Advisors Residential Loan Trust, Series2017-NPL2-A1	3.00%	^§	07/25/2057	1,472,371
36,088,615	Park Avenue Funding Trust, Series2019-3-PT (1 Month LIBOR USD + 1.50%, 1.50% Floor)	3.55%	^	01/27/2021	36,090,196
6,386,792	Preston Ridge Partners Mortgage Trust, Series2017-2A-A1	3.47%	^§	09/25/2022	6,412,818
574,088	Pretium Mortgage Credit Partners LLC, Series2019-NPL2-A1	3.84%	^§	12/25/2058	577,205
20,000,000	Pretium Mortgage Credit Partners LLC, Series2019-NPL3-A1	3.10%	^§	07/27/2059	20,063,464
6,889,307	PRPM LLC, Series2018-1A-A1	3.75%	# ^	04/25/2023	6,912,886
20,200,972	PRPM LLC, Series2018-2A-A1	4.00%	# ^	08/25/2023	20,354,710
6,645,065	PRPM LLC, Series2019-2A-A1	3.97%	^§	04/25/2024	6,720,723
11,003,235	PRPM LLC, Series2019-3A-A1	3.35%	^§	07/25/2024	11,050,707
22,427,892	Radnor Ltd., Series2019-2-M1A (1 Month LIBOR USD + 1.20%, 1.20% Floor)	3.22%	^	06/25/2029	22,440,667
3,777,157	RCO Trust, Series2016-SFR1-A	3.75%	# ^	11/25/2051	3,865,723
4,649,684	RCO Trust, Series2017-INV1-A	3.20%	# ^	11/25/2052	4,633,632
2,630,507	RCO Trust, Series2017-INV1-M1	3.90%	# ^	11/25/2052	2,666,849
1,033,213	Residential Accredit Loans, Inc., Series2006-QS12-2A3	6.00%		09/25/2036	1,009,765
1,373,314	Residential Accredit Loans, Inc., Series2007-QS9-A33	6.50%		07/25/2037	1,318,113
850,461	Residential Asset Securitization Trust, Series2006-A2-A11	6.00%		01/25/2046	606,119
3,226,561	ShellpointCo-Originator Trust, Series2016-1-1A10	3.50%	# ^	11/25/2046	3,261,258
4,308,784	Soundview Home Loan Trust, Series2007-OPT3-2A3 (1 Month LIBOR USD + 0.18%, 0.18% Floor)	2.20%		08/25/2037	4,177,918
12,530,543	Starwood Mortgage Residential Trust, Series2018-IMC1-A3	3.98%	# ^	03/25/2048	12,782,375
4,315,210	Structured Adjustable Rate Mortgage Loan Trust, Series2005-22-4A1	4.49%	#	12/25/2035	4,160,800
14,578,499	Towd Point Mortgage Trust, Series2019-SJ1-A1	3.75%	# ^	11/25/2058	14,735,527
151,465	Velocity Commercial Capital Loan Trust, Series2016-1-AFX	3.53%	# ^	04/25/2046	151,187
10,548,712	Velocity Commercial Capital Loan Trust, Series2018-2-A	4.05%	# ^	10/26/2048	10,766,764
22,327,384	Velocity Commercial Capital Loan Trust, Series2019-2-A	3.13%	# ^	07/25/2049	22,503,649
18,091,867	Vericrest Opportunity Loan Trust, Series2019-NPL4-A1A	3.35%	^§	08/25/2049	18,169,502
4,918,703	Verus Securitization Trust, Series2018-1-A1	2.93%	# ^	02/25/2048	4,930,831
1,532,563	Verus Securitization Trust, Series2018-2-A2	3.78%	# ^	06/01/2058	1,544,382
1,779,055	Verus Securitization Trust, Series2018-2-A3	3.83%	# ^	06/01/2058	1,792,755
11,155,389	VOLT LLC, Series2017-NPL9-A1	3.13%	^§	09/25/2047	11,189,478
1,656,823	VOLT LLC, Series2018-NPL1-A1	3.75%	^§	04/25/2048	1,663,610
6,315,011	VOLT LLC, Series2018-NPL5-A1A	4.21%	^§	08/25/2048	6,347,202
19,536,197	VOLT LLC, Series2018-NPL6-A1A	4.11%	^§	09/25/2048	19,641,671
13,153,938	VOLT LLC, Series2018-NPL7-A1A	3.97%	^§	09/25/2048	13,250,153
15,700,646	VOLT LLC, Series2018-NPL8-A1A	4.21%	^§	10/26/2048	15,794,385
4,952,199	VOLT LLC, Series2018-NPL9-A1A	4.46%	^§	10/25/2048	4,989,367
11,500,000	VOLT LLC, Series2019-NPL6-A1A	3.23%	^§	10/25/2049	11,598,486
2,724,710	Washington Mutual Mortgage Pass-Through Certificates Trust, Series2005-8-2CB3 (1 Month LIBOR USD + 0.41%, 0.41% Floor, 5.50% Cap)	2.43%		10/25/2035	2,543,328
138,965	Washington Mutual Mortgage Pass-Through Certificates, Series2006-5-1A5	6.00%		07/25/2036	129,167
5,751,303	Washington Mutual Mortgage Pass-Through Certificates, Series2006-AR10-2A1	3.87%	#	09/25/2036	5,601,343
1,259,531	Wells Fargo Alternative Loan Trust, Series2007-PA5-1A1	6.25%		11/25/2037	1,256,001
3,393,603	Wells Fargo Mortgage Backed Securities Trust, Series2007-11-A85	6.00%		08/25/2037	3,471,566
4,526,464	Wells Fargo Mortgage Backed Securities Trust, Series2007-13-A7	6.00%		09/25/2037	4,540,802
TotalNon-Agency Residential Collateralized Mortgage Obligations (Cost $885,875,268)					889,720,412
US Corporate Bonds - 5.2%
5,140,000	AbbVie, Inc.	3.38%		11/14/2021	5,270,065
5,115,000	American Express Company (3 Month LIBOR USD + 0.65%)	2.78%		02/27/2023	5,127,052
9,745,000	Amgen, Inc.	2.20%		05/11/2020	9,743,525
1,230,000	Amgen, Inc.	2.65%		05/11/2022	1,246,410
5,345,000	Analog Devices, Inc.	2.95%		01/12/2021	5,386,444
9,750,000	Anthem, Inc.	2.50%		11/21/2020	9,785,955
895,000	Anthem, Inc.	3.30%		01/15/2023	924,545
11,030,000	AT&T, Inc.	2.80%		02/17/2021	11,129,015
11,230,000	Bank of America Corporation (3 Month LIBOR USD + 0.79%)	2.92%		03/05/2024	11,254,613
5,685,000	BAT Capital Corporation	2.76%		08/15/2022	5,740,923
5,295,000	BB&T Corporation	2.20%		03/16/2023	5,292,256

5,415,000	Capital One Financial Corporation	2.40%		10/30/2020	5,431,276
10,815,000	Cardinal Health, Inc.	2.62%		06/15/2022	10,873,758
2,975,000	Caterpillar Financial Services Corporation	1.90%		09/06/2022	2,972,457
3,870,000	Celgene Corporation	2.88%		08/15/2020	3,891,910
5,265,000	Cigna Corporation	3.40%		09/17/2021	5,386,964
5,570,000	Cintas Corporation	2.90%		04/01/2022	5,693,865
5,810,000	Citigroup, Inc.	2.75%		04/25/2022	5,898,646
5,850,000	Citigroup, Inc. (3 Month LIBOR USD + 1.02%)	3.16%		06/01/2024	5,892,613
5,100,000	Comcast Corporation	3.45%		10/01/2021	5,253,530
3,205,000	Consolidated Edison, Inc.	2.00%		03/15/2020	3,203,698
2,130,000	Consolidated Edison, Inc.	2.00%		05/15/2021	2,128,272
5,485,000	Continental Resources, Inc.	4.50%		04/15/2023	5,702,126
10,305,000	CVS Health Corporation	3.70%		03/09/2023	10,732,476
4,400,000	Daimler Finance North America LLC	2.30%	^	02/12/2021	4,404,625
5,405,000	Delta Air Lines, Inc.	3.40%		04/19/2021	5,482,387
2,600,000	DTE Energy Company	2.53%		10/01/2024	2,611,073
3,580,000	DuPont de Nemours, Inc.	3.77%		11/15/2020	3,646,781
700,000	DuPont de Nemours, Inc.	4.21%		11/15/2023	751,047
5,175,000	eBay, Inc.	2.75%		01/30/2023	5,241,228
5,025,000	Energy Transfer Operating LP	4.25%		03/15/2023	5,254,247
4,535,000	EQT Corporation	2.50%		10/01/2020	4,528,524
5,560,000	Ford Motor Credit Company LLC (3 Month LIBOR USD + 1.24%)	3.39%		02/15/2023	5,394,537
5,420,000	General Electric Company	2.70%		10/09/2022	5,435,988
1,930,000	General Mills, Inc.	3.20%		04/16/2021	1,960,126
3,195,000	General Mills, Inc.	3.15%		12/15/2021	3,260,575
1,945,000	General Motors Financial Company	2.65%		04/13/2020	1,947,763
3,440,000	General Motors Financial Company	3.20%		07/06/2021	3,476,158
3,875,000	Goldman Sachs Group, Inc.	2.30%		12/13/2019	3,875,519
3,325,000	Goldman Sachs Group, Inc.	3.20%		06/05/2020	3,350,780
3,690,000	Goldman Sachs Group, Inc.	2.35%		11/15/2021	3,694,484
7,065,000	JPMorgan Chase & Company (3 Month LIBOR USD + 0.70%)	3.21%		04/01/2023	7,236,425
620,000	Kinder Morgan Energy Partners LP	6.85%		02/15/2020	630,453
3,000,000	Kinder Morgan Energy Partners LP	3.95%		09/01/2022	3,124,064
7,265,000	Kinder Morgan, Inc.	3.05%		12/01/2019	7,269,197
4,785,000	Marathon Petroleum Corporation	4.75%		12/15/2023	5,196,327
4,100,000	Marsh & McLennan Companies, Inc. (3 Month LIBOR USD + 1.20%)	3.30%		12/29/2021	4,108,295
5,020,000	Microchip Technology, Inc.	3.92%		06/01/2021	5,129,174
9,545,000	Mondelez International, Inc.	3.00%		05/07/2020	9,594,974
980,000	Mondelez International, Inc.	3.63%		05/07/2023	1,026,066
10,863,000	Morgan Stanley (3 Month LIBOR USD + 0.93%)	3.21%		07/22/2022	10,948,151
4,660,000	NextEra Energy Capital Holdings, Inc.	3.34%		09/01/2020	4,713,224
320,000	NextEra Energy Capital Holdings. Inc.	2.90%		04/01/2022	326,086
10,919,000	Northrop Grumman Corporation	2.08%		10/15/2020	10,924,444
2,860,000	Occidental Petroleum Corporation	2.70%		08/15/2022	2,886,217
4,345,000	PayPal Holdings, Inc.	2.20%		09/26/2022	4,358,118
5,375,000	Penske Truck Leasing Company	2.70%	^	11/01/2024	5,393,188
2,395,000	PNC Bank	2.45%		11/05/2020	2,406,088
2,500,000	PNC Funding Corporation	3.30%		03/08/2022	2,580,710
2,220,000	Prudential Financial, Inc.	4.50%		11/15/2020	2,280,201
865,000	Prudential Financial, Inc.	4.50%		11/16/2021	907,588
6,800,000	Prudential Financial, Inc.	3.50%		05/15/2024	7,242,286
4,625,000	PSEG Power LLC	3.85%		06/01/2023	4,893,867
2,430,000	Republic Services, Inc.	2.50%		08/15/2024	2,459,527
2,715,000	Reynolds American, Inc.	3.25%		06/12/2020	2,732,513
1,900,000	Reynolds American, Inc.	4.00%		06/12/2022	1,980,115
5,165,000	Schlumberger Holdings Corporation	3.75%	^	05/01/2024	5,443,504
5,140,000	Simon Property Group LP	2.00%		09/13/2024	5,091,012
5,000,000	Synchrony Financial	3.75%		08/15/2021	5,117,783
10,430,000	Thermo Fisher Scientific, Inc.	3.60%		08/15/2021	10,695,072
4,960,000	Union Pacific Corporation	3.20%		06/08/2021	5,047,285
5,045,000	Verizon Communications, Inc. (3 Month LIBOR USD + 1.10%)	3.26%		05/15/2025	5,127,071
5,805,000	Volkswagen Group of America Finance LLC	4.00%	^	11/12/2021	6,001,239
5,275,000	Waste Management, Inc.	2.95%		06/15/2024	5,457,936
600,000	Wells Fargo & Company	2.15%		01/30/2020	599,850
10,274,000	Wells Fargo & Company	2.60%		01/15/2021	10,349,624
5,265,000	Welltower, Inc.	3.63%		03/15/2024	5,531,866
Total US Corporate Bonds (Cost $378,757,812)					383,087,776
US Government and Agency Mortgage Backed Obligations - 8.0%
31,628,064	Federal Home Loan Mortgage Corporation Pass-Thru, SeriesK722-X1	1.44%	# I/O	03/25/2023	1,159,630
7,591,760	Federal Home Loan Mortgage Corporation Pool 2B1122 (12 Month LIBOR USD + 1.65%, 7.14% Cap)	2.14%		02/01/2043	7,765,239
1,708,688	Federal Home Loan Mortgage Corporation, Pool G08626	3.00%		02/01/2045	1,752,752
1,811,090	Federal Home Loan Mortgage Corporation, Pool G08631	3.00%		03/01/2045	1,857,619
14,348,543	Federal Home Loan Mortgage Corporation, Pool G18660	3.50%		09/01/2032	14,903,733
39,026,492	Federal Home Loan Mortgage Corporation, Pool SB0048	3.00%		08/01/2034	40,081,104

75,000,000	Federal Home Loan Mortgage Corporation, Pool SB8011	3.00%		10/01/2034	76,748,377
27,880,360	Federal Home Loan Mortgage Corporation, Pool SB8013	2.50%		09/01/2034	28,132,949
782,598	Federal Home Loan Mortgage Corporation, Pool U79016	2.50%		05/01/2028	789,950
13,104,782	Federal Home Loan Mortgage Corporation, Series0-4771-NA	4.00%		11/15/2042	13,319,591
11,498,202	Federal Home Loan Mortgage Corporation, Series0-4824-EA	4.50%		02/15/2045	11,783,630
540,383	Federal Home Loan Mortgage Corporation, Series3417-SM(-1 x 1 Month LIBOR USD + 6.28%, 6.28% Cap)	4.25%	I/F I/O	02/15/2038	102,495
11,127,786	Federal Home Loan Mortgage Corporation, Series356-F5 (1 Month LIBOR USD + 0.50%, 0.50% Floor, 6.50% Cap)	2.53%		09/15/2047	11,178,941
8,734,602	Federal Home Loan Mortgage Corporation, Series4060-QA	1.50%		09/15/2026	8,644,663
8,322,553	Federal Home Loan Mortgage Corporation, Series4125-FA (1 Month LIBOR USD + 0.35%, 0.35% Floor, 6.50% Cap)	2.38%		11/15/2042	8,289,579
1,648,678	Federal Home Loan Mortgage Corporation, Series4471-GA	3.00%		02/15/2044	1,698,720
14,415,694	Federal Home Loan Mortgage Corporation, Series4718-FA (1 Month LIBOR USD + 0.35%, 0.35% Floor, 6.50% Cap)	2.38%		09/15/2047	14,345,149
16,358,568	Federal Home Loan Mortgage Corporation, Series4734-A	3.00%		07/15/2042	16,580,115
18,593,652	Federal Home Loan Mortgage Corporation, Series4738-LA	3.00%		11/15/2043	19,028,446
5,674,278	Federal National Mortgage Association Pass-Thru, Pool AL2987 (12 Month LIBOR USD + 1.63%, 7.33% Cap)	3.10%		11/01/2042	5,833,627
768,105	Federal National Mortgage Association Pass-Thru, Pool AL3797	2.50%		06/01/2028	774,864
7,639,578	Federal National Mortgage Association Pass-Thru, Pool AP7870 (12 Month LIBOR USD + 1.70%, 7.49% Cap)	4.31%		07/01/2042	7,930,511
2,547,760	Federal National Mortgage Association Pass-Thru, Pool AS4645	3.00%		03/01/2045	2,610,982
474,116	Federal National Mortgage Association Pass-Thru, Pool MA1200	3.00%		10/01/2032	489,063
4,555,642	Federal National Mortgage Association Pass-Thru, Pool MA2270	3.00%		05/01/2045	4,599,473
3,342,718	Federal National Mortgage Association, Pool BM3520 (12 Month LIBOR USD + 1.56%, 1.56% Floor, 7.00% Cap)	2.03%		05/01/2045	3,387,943
17,296,321	Federal National Mortgage Association, Pool BM5112	3.00%		11/01/2033	17,820,478
8,937,382	Federal National Mortgage Association, Series2011-63-FX (1 Month LIBOR USD + 0.35%, 0.35% Floor, 7.00% Cap)	2.37%		07/25/2041	8,934,088
939,037	Federal National Mortgage Association, Series2012-134-FT (1 Month LIBOR USD + 0.35%, 0.35% Floor, 6.50% Cap)	2.37%		12/25/2042	936,315
2,945,075	Federal National Mortgage Association, Series2012-32-DA	2.00%		11/25/2026	2,935,326
21,107,383	Federal National Mortgage Association, Series2012-56-FK (1 Month LIBOR USD + 0.45%, 0.45% Floor, 6.50% Cap)	2.47%		06/25/2042	21,143,665
10,159,844	Federal National Mortgage Association, Series2013-20-FE (1 Month LIBOR USD + 0.35%, 0.35% Floor, 6.50% Cap)	2.37%		03/25/2043	10,129,821
4,916,930	Federal National Mortgage Association, Series2013-40-KP	3.50%		04/25/2042	5,051,265
2,724,190	Federal National Mortgage Association, Series2014-66-QE	2.00%		01/25/2040	2,717,114
4,554,986	Federal National Mortgage Association, Series2015-59-A	3.00%		06/25/2041	4,597,152
2,632,247	Federal National Mortgage Association, Series2015-9-HA	3.00%		01/25/2045	2,704,398
7,501,986	Federal National Mortgage Association, Series2016-72-PA	3.00%		07/25/2046	7,682,577
3,669,798	Federal National Mortgage Association, Series2017-116-FB (1 Month LIBOR USD + 0.25%, 0.25% Floor, 6.50% Cap)	2.29%		05/20/2044	3,657,820
7,747,478	Federal National Mortgage Association, Series2017-13-ML	3.00%		08/25/2041	8,016,159
6,958,748	Federal National Mortgage Association, Series2017-2-HA	3.00%		09/25/2041	7,022,983
6,443,296	Federal National Mortgage Association, Series2017-4-CH	3.00%		06/25/2042	6,548,193
18,760,198	Federal National Mortgage Association, Series2017-96-FA (1 Month LIBOR USD + 0.40%, 0.40% Floor, 6.50% Cap)	2.42%		12/25/2057	18,868,603
13,216,118	Federal National Mortgage Association, Series2018-15-JF (1 Month LIBOR USD + 0.30%, 0.30% Floor, 6.50% Cap)	2.32%		03/25/2048	13,196,118
9,344,822	Federal National Mortgage Association, Series2018-16-FN (1 Month LIBOR USD + 0.25%, 0.25% Floor, 6.50% Cap)	2.27%		03/25/2048	9,335,423
10,726,712	Federal National Mortgage Association, Series2018-31-FD (1 Month LIBOR USD + 0.30%, 0.30% Floor, 6.50% Cap)	2.32%		05/25/2048	10,707,257
11,772,482	Federal National Mortgage Association, Series2018-49-FB (1 Month LIBOR USD + 0.30%, 0.30% Floor, 6.50% Cap)	2.32%		07/25/2048	11,712,751
16,924,642	Federal National Mortgage Association, Series2018-55-FA (1 Month LIBOR USD + 0.30%, 0.30% Floor, 6.50% Cap)	2.32%		08/25/2048	16,877,968
16,877,184	Federal National Mortgage Association, Series2018-57-FA (1 Month LIBOR USD + 0.30%, 0.30% Floor, 6.50% Cap)	2.32%		08/25/2048	16,825,598
7,436,203	Federal National Mortgage Association, Series2018-63-FC (1 Month LIBOR USD + 0.30%, 0.30% Floor, 6.50% Cap)	2.32%		09/25/2048	7,414,050
12,966,590	Federal National Mortgage Association, Series2018-64-FA (1 Month LIBOR USD + 0.35%, 0.35% Floor, 6.50% Cap)	2.37%		09/25/2048	12,863,578
19,842,632	Federal National Mortgage Association, Series2018-70-HF (1 Month LIBOR USD + 0.35%, 0.35% Floor, 6.50% Cap)	2.37%		10/25/2058	19,796,137
18,703,234	Federal National Mortgage Association, Series2018-77-FA (1 Month LIBOR USD + 0.30%, 0.30% Floor, 6.50% Cap)	2.32%		10/25/2048	18,552,123
8,106,807	Federal National Mortgage Association, Series2018-80-FG (1 Month LIBOR USD + 0.35%, 0.35% Floor, 6.50% Cap)	2.37%		10/25/2048	8,101,147
10,059,015	Government National Mortgage Association, Series2019-42-FK (1 Month LIBOR USD + 0.45%, 0.45% Floor, 6.50% Cap)	2.49%		04/20/2049	10,067,716
Total US Government and Agency Mortgage Backed Obligations (Cost $585,414,561)					588,004,968
US Government and Agency Obligations - 10.3%
156,000,000	United States Treasury Notes	2.25%		03/31/2020	156,289,453
222,300,000	United States Treasury Notes	1.63%		04/30/2023	222,669,054
331,900,000	United States Treasury Notes	2.25%		12/31/2023	341,189,310
39,100,000	United States Treasury Notes	1.75%		06/30/2024	39,441,361
Total US Government and Agency Obligations (Cost $748,753,746)					759,589,178
Affiliated Mutual Funds - 4.1%
29,875,562	DoubleLine Ultra Short Bond Fund (Class I)				300,249,400
Total Affiliated Mutual Funds(Cost $299,900,100)					300,249,400
Warrants - 0.0%
29,232	OAS S.A., Expiration 5/16/2039, Strike Price BRL 1.00* Þ				-
Total Warrants (Cost $–)					-
Short Term Investments - 13.6%
154,122,173	First American Government Obligations Fund - Class U	1.88%	◆		154,122,173
154,122,173	JP Morgan U.S. Government Money Market Fund - Institutional Share Class	1.83%	◆		154,122,173
154,122,173	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class	1.83%	◆		154,122,173
65,900,000	United States Treasury Bills	0.00%		10/10/2019	65,870,771
131,900,000	United States Treasury Bills	0.00%		11/07/2019	131,667,733
79,300,000	United States Treasury Bills	0.00%		12/05/2019	79,045,675
172,300,000	United States Treasury Bills	0.00%		01/30/2020	171,271,581
92,800,000	United States Treasury Bills	0.00%		02/06/2020	92,210,479
Total Short Term Investments (Cost $1,002,161,020)					1,002,432,758
Total Investments - 98.1% (Cost $7,215,579,181)					7,234,544,914
Other Assets in Excess of Liabilities - 1.9%					143,395,440
NET ASSETS - 100.0%					$    7,377,940,354

^	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.
Þ	Value determined using significant unobservable inputs.
#	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 September 30, 2019.
±	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 September 30, 2019.
§	The interest rate will step up if the issuer does not redeem the bond on or before a scheduled redemption date in accordance with the terms of the instrument. The interest rate shown is the rate in effect as of September 30, 2019.
W	Security is in default or has failed to make a scheduled payment. Income is not being accrued.
†	Perpetual Maturity
I/O	Interest only security
P/O	Principal only security
ß	The interest rate may step up conditioned upon the aggregate remaining principal balance of the underlying mortgage loans being reduced below a targeted percentage of the aggregate original principal balance of the mortgage loans. The interest rate shown is the rate in effect as of September 30, 2019.
I/F	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.
&	Unfunded or partially unfunded loan commitment. At September 30, 2019, the value of these securities amounted to $688,669 or 0.0% of net assets.
PIK	Apayment-in-kind security in which the issuer may make interest or dividend payments in cash or additional securities. These additional securities generally have the same terms as the original holdings.
◆	Seven-day yield as of September 30, 2019
~	Represents less than 0.05% of net assets
BRL	Brazilian Real
*	Non-income producing security

SECURITY TYPE BREAKDOWN as a % of Net Assets:

Short Term Investments	13.6%
Non-Agency Commercial Mortgage Backed Obligations	13.2%
Non-Agency Residential Collateralized Mortgage Obligations	12.1%
Collateralized Loan Obligations	11.9%
US Government and Agency Obligations	10.3%
Foreign Corporate Bonds	8.3%
US Government and Agency Mortgage Backed Obligations	8.0%
Asset Backed Obligations	6.6%
US Corporate Bonds	5.2%
Bank Loans	4.1%
Affiliated Mutual Funds	4.1%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	0.7%
Warrants	0.0%	~
Other Assets and Liabilities	1.9%
	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:

Short Term Investments	13.6%
Non-Agency Commercial Mortgage Backed Obligations	13.2%
Non-Agency Residential Collateralized Mortgage Obligations	12.1%
Collateralized Loan Obligations	11.9%
US Government and Agency Obligations	10.3%
US Government and Agency Mortgage Backed Obligations	8.0%
Asset Backed Obligations	6.6%
Banking	4.9%
Affiliated Mutual Funds	4.1%
Energy	2.2%
Healthcare	1.3%
Telecommunications	1.0%
Pharmaceuticals	0.7%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	0.7%
Utilities	0.7%
Transportation	0.6%
Electronics/Electric	0.6%
Media	0.5%
Finance	0.4%
Chemicals/Plastics	0.4%
Automotive	0.4%
Business Equipment and Services	0.3%
Insurance	0.3%
Aerospace & Defense	0.3%
Food Products	0.3%
Consumer Products	0.3%
Mining	0.2%
Technology	0.2%
Building and Development (including Steel/Metals)	0.2%
Hotels/Motels/Inns and Casinos	0.2%
Industrial Equipment	0.2%
Leisure	0.2%
Beverage and Tobacco	0.1%
Real Estate	0.1%
Food Service	0.1%
Conglomerates	0.1%
Pulp & Paper	0.1%
Retailers (other than Food/Drug)	0.1%
Containers and Glass Products	0.1%
Environmental Control	0.1%
Financial Intermediaries	0.1%
Diversified Manufacturing	0.1%
Commercial Services	0.1%
Chemical Products	0.1%
Food/Drug Retailers	0.0%	~
Construction	0.0%	~
Cosmetics/Toiletries	0.0%	~
Other Assets and Liabilities	1.9%
	100.0%

EXCESS RETURN SWAPS
Reference Entity	Counterparty	Long/Short	Financing Rate	Payment Frequency	Termination Date		Notional Amount		Unrealized Appreciation (Depreciation) / Value
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch	Long	0.38%	Termination		09/15/2020		100,000,000	$	(2,746,295	)
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas	Long	0.39%	Termination		09/02/2020		100,000,000		(2,351,347	)
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch	Long	0.38%	Termination		09/01/2020		100,000,000		(1,871,169	)
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.	Long	0.40%	Termination		10/03/2019		100,800,000		(1,445,911	)
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch	Long	0.38%	Termination		11/04/2020		100,000,000		(1,324,833	)
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.	Long	0.40%	Termination		10/01/2019		125,100,000		(895,555	)
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas	Long	0.39%	Termination		09/16/2020		100,000,000		(830,623	)
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas	Long	0.39%	Termination		11/11/2020		100,000,000		(432,249	)
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce	Long	0.40%	Termination		11/17/2020		100,000,000		(384,091	)
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.	Long	0.40%	Termination		10/10/2019		84,900,000		(193,206	)
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.	Long	0.40%	Termination		11/12/2020		100,000,000		7,325
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch	Long	0.38%	Termination		09/29/2020		50,000,000		32,541
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce	Long	0.40%	Termination		09/22/2020		100,000,000		62,451
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch	Long	0.38%	Termination		05/19/2020		100,000,000		124,218
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas	Long	0.39%	Termination		05/27/2020		100,000,000		169,913
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce	Long	0.40%	Termination		10/08/2019		100,000,000		582,202
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.	Long	0.40%	Termination		07/16/2020		50,000,000		612,227
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.	Long	0.40%	Termination		11/05/2020		90,000,000		619,802
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce	Long	0.40%	Termination		11/10/2020		100,000,000		688,669
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.	Long	0.40%	Termination		08/06/2020		100,000,000		992,863
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce	Long	0.40%	Termination		11/03/2020		100,000,000		1,100,079
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch	Long	0.38%	Termination		08/04/2020		100,000,000		1,121,233
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas	Long	0.39%	Termination		06/10/2020		100,000,000		1,169,624
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce	Long	0.40%	Termination		10/20/2020		100,000,000		1,319,391
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas	Long	0.39%	Termination		08/05/2020		100,000,000		1,338,748
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch	Long	0.38%	Termination		07/21/2020		100,000,000		1,376,214
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch	Long	0.38%	Termination		05/05/2020		75,000,000		1,390,790
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.	Long	0.40%	Termination		08/13/2020		100,000,000		1,570,422
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce	Long	0.40%	Termination		09/08/2020		100,000,000		1,668,044
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce	Long	0.40%	Termination		10/13/2020		100,000,000		1,697,749
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.	Long	0.40%	Termination		05/28/2020		100,000,000		1,717,982
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.	Long	0.40%	Termination		07/09/2020		100,000,000		1,718,592
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.	Long	0.40%	Termination		05/07/2020		100,000,000		1,844,962
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas	Long	0.39%	Termination		05/13/2020		100,000,000		1,859,684
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce	Long	0.40%	Termination		07/07/2020		100,000,000		2,080,401
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas	Long	0.39%	Termination		07/22/2020		100,000,000		2,263,962
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce	Long	0.40%	Termination		05/12/2020		100,000,000		2,371,235
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas	Long	0.39%	Termination		10/07/2020		100,000,000		2,419,375
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.	Long	0.40%	Termination		06/11/2020		100,000,000		2,556,260
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch	Long	0.38%	Termination		10/14/2020		100,000,000		2,908,199
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas	Long	0.39%	Termination		07/08/2020		100,000,000		3,185,217
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.	Long	0.40%	Termination		08/20/2020		100,000,000		3,234,329
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch	Long	0.38%	Termination		10/06/2020		100,000,000		3,236,849
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas	Long	0.39%	Termination		09/09/2020		100,000,000		3,314,346
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas	Long	0.39%	Termination		08/26/2020		100,000,000		3,314,346
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch	Long	0.38%	Termination		06/23/2020		100,000,000		3,331,441
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas	Long	0.39%	Termination		06/24/2020		100,000,000		3,433,627
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch	Long	0.38%	Termination		03/10/2020		50,000,000		3,688,817
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch	Long	0.38%	Termination		10/27/2020		100,000,000		3,870,875
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch	Long	0.38%	Termination		04/21/2020		100,000,000		4,009,021
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.	Long	0.40%	Termination		06/25/2020		100,000,000		4,122,858
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce	Long	0.40%	Termination		04/28/2020		100,000,000		4,365,028
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce	Long	0.40%	Termination		06/09/2020		100,000,000		4,518,196
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch	Long	0.38%	Termination		10/29/2019		100,000,000		4,613,038
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas	Long	0.39%	Termination		05/06/2020		100,000,000		4,613,454
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce	Long	0.40%	Termination		11/05/2019		100,000,000		4,653,383
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas	Long	0.39%	Termination		11/06/2019		50,000,000		4,850,780
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas	Long	0.39%	Termination		04/22/2020		100,000,000		5,275,647
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce	Long	0.40%	Termination		04/14/2020		100,000,000		6,006,178
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch	Long	0.38%	Termination		04/07/2020		100,000,000		6,234,548
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas	Long	0.39%	Termination		04/08/2020		100,000,000		6,315,316
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce	Long	0.40%	Termination		03/24/2020		100,000,000		6,374,311
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch	Long	0.38%	Termination		11/12/2019		100,000,000		6,515,293
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce	Long	0.40%	Termination		10/22/2019		100,000,000		6,568,689
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas	Long	0.39%	Termination		03/04/2020		100,000,000		7,371,360
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce	Long	0.40%	Termination		03/03/2020		100,000,000		7,658,284
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.	Long	0.40%	Termination		02/27/2020		100,000,000		7,731,679
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch	Long	0.38%	Termination		10/15/2019		100,000,000		8,529,742
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce	Long	0.40%	Termination		11/19/2019		100,000,000		11,188,359
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas	Long	0.39%	Termination		02/26/2020		100,000,000		11,657,879
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch	Long	0.38%	Termination		01/21/2020		75,000,000		11,755,354
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.	Long	0.40%	Termination		02/13/2020		100,000,000		13,495,243
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch	Long	0.38%	Termination		02/25/2020		100,000,000		13,549,307
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce	Long	0.40%	Termination		01/28/2020		100,000,000		14,238,179
									$	243,730,851

¤ Shiller Barclays CAPE^® US Sector ER II USD Index aims to provide notional long exposure to the top four United States equity sectors that are relatively undervalued, as defined by a modified version of the classic CAPE^® Ratio (the “Relative CAPE^® Indicator”) and that possess relatively strong price momentum over the prior twelve months. Each U.S. equity sector is represented by an index of equity securities of companies in the relevant sector. Information on the sector constituents as of September 30, 2019, is available on the Barclays Capital, Inc. website at https://indices.barclays/IM/12/en/indices/details.app;ticker=BXIICS2E.

A summary of the DoubleLine Shiller Enhanced CAPE^®’s investments in affiliated mutual funds for the period ended September 30, 2019 is as follows:

											Change in Unrealized for the		Dividend Income Earned in the		Net Realized Gain (Loss) in the
	Value at						Shares Held at		Value at		Period Ended		Period Ended		Period Ended
Fund	March 31, 2019		Gross Purchases		Gross Sales		September 30, 2019		September 30, 2019		September 30, 2019		September 30, 2019		September 30, 2019
DoubleLine Ultra Short Bond Fund (Class I)	$	199,950,099	$	100,000,000	$	-		29,875,562	$	300,249,400	$	299,301	$	2,906,912	$	-
	$	199,950,099	$	100,000,000	$	-		29,875,562	$	300,249,400	$	299,301	$	2,906,912	$	-

DoubleLine Flexible Income Fund

Schedule of Investments

September 30, 2019 (Unaudited)

Principal Amount $/Shares	Security Description	Rate		Maturity	Value $
Asset Backed Obligations - 4.4%
3,007,219	Castlelake Aircraft Securitization Trust, Series2018-1-B	5.30%	^	06/15/2043	3,093,845
2,820,515	Castlelake Aircraft Securitization Trust, Series2019-1A-C	6.90%	^	04/15/2039	2,845,809
22,443	Citi Held For Asset Issuance, Series2015-PM1-C	5.01%	^	12/15/2021	22,458
1,275,867	ECAF Ltd., Series2015-1A-A2	4.95%	^	06/15/2040	1,279,056
6,250,000	ExteNet Issuer LLC, Series2019-1A-C	5.22%	^	07/26/2049	6,302,871
4,505,111	Harley Marine Financing LLC, Series2018-1A-A2	5.68%	^	05/15/2043	4,005,954
4,937,955	Helios Issuer LLC, Series2017-1A-A	4.94%	^	09/20/2049	5,177,137
1,976,190	Horizon Aircraft Finance Ltd., Series2019-1-C	6.90%	^	07/15/2039	2,030,789
1,960,000	Jimmy Johns Funding LLC, Series2017-1A-A2II	4.85%	^	07/30/2047	2,074,276
1,200,372	JOL Air Ltd., Series2019-1-B	4.95%	^	04/15/2044	1,203,252
174,654	Marlette Funding Trust, Series2018-1A-A	2.61%	^	03/15/2028	174,685
5,365,000	Mosaic Solar Loan Trust, Series2018-1A-C	0.00%	^ P/O	06/22/2043	4,485,922
59,883	SoFi Consumer Loan Program Trust, Series2016-2-A	3.09%	^	10/27/2025	60,113
418,692	SoFi Consumer Loan Program Trust, Series2017-1-A	3.28%	^	01/26/2026	421,698
500,000	SoFi Consumer Loan Program Trust, Series2017-1-B	4.73%	# ^	01/26/2026	517,425
452,473	SoFi Consumer Loan Program Trust, Series2017-2-A	3.28%	^	02/25/2026	456,073
896,980	SoFi Consumer Loan Program Trust, Series2017-5-A2	2.78%	^	09/25/2026	899,569
105,240	SoFi Consumer Loan Program Trust, Series2018-1-A1	2.55%	^	02/25/2027	105,259
147,119	SoFi Consumer Loan Program Trust, Series2018-2-A1	2.93%	^	04/26/2027	147,258
408,849	Springleaf Funding Trust, Series2016-AA-A	2.90%	^	11/15/2029	408,947
2,000,000	Springleaf Funding Trust, Series2017-AA-A	2.68%	^	07/15/2030	2,005,366
2,053,228	Sunnova Helios Issuer LLC, Series2019-AA-B	4.49%	^	06/20/2046	2,078,554
2,932,500	Taco Bell Funding LLC, Series2016-1A-A2II	4.38%	^	05/25/2046	2,981,243
4,940,463	Vivint Colar Financing LLC, Series2018-1A-A	4.73%	^	04/30/2048	5,268,277
8,750,000	Wave LLC	6.41%	^	09/15/2044	8,749,820
1,430,442	Willis Engine Structured Trust, Series2018-A-A	4.75%	^§	09/15/2043	1,495,806
4,950,000	Zephyrus Capital Aviation Partners Ltd., Series2018-1-A	4.61%	^	10/15/2038	4,988,229
Total Asset Backed Obligations (Cost $62,553,324)					63,279,691
Bank Loans - 4.9%
59,550	8th Avenue Food & Provisions, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	5.79%		10/01/2025	59,842
218,319	Acadia Healthcare Company, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	4.54%		02/16/2023	218,916
281,563	Access CIG LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	5.78%		02/27/2025	278,573
218,900	Achilles Acquisition LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)	6.06%		10/13/2025	219,310
428,238	Acrisure LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.25%, 1.00% Floor)	6.35%		11/22/2023	427,034
125,000	Advanced Drainage Systems, Inc., Senior Secured First Lien Term Loan	4.34%	±	09/24/2026	125,729
233,825	Agiliti Health, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	5.06%		01/05/2026	233,825
292,770	Air Medical Group Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)	5.31%		04/28/2022	274,778
491,403	Air Methods Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%, 1.00% Floor)	5.60%		04/22/2024	401,477
82,707	Albertson’s LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.79%		11/17/2025	83,307
198,438	Albertson’s LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.79%		08/17/2026	199,909
450,000	Aldevron LLC, Senior Secured First Lien Term Loan	6.34%	±	09/20/2026	452,250
203,873	Alera Group Intermediate Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)	6.54%		08/01/2025	205,657
422,537	Aleris International, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.75%)	6.79%		02/27/2023	423,752
160,610	AlixPartners LLP, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%, 1.00% Floor)	4.79%		04/04/2024	160,978
259,350	Alliant Holdings Intermediate LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.29%		05/09/2025	257,891
31,532	Allied Universal Holdco LLC, Senior Secured First Lien Term Loan	6.57%	±	07/12/2026	31,615
318,468	Allied Universal Holdco LLC, Senior Secured First Lien Term Loan (6 Month LIBOR USD + 4.25%)	6.51%		07/10/2026	319,314
121,084	Almonde, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.50%, 1.00% Floor)	5.70%		06/13/2024	118,063
487,484	Alterra Mountain Company, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)	5.04%		07/31/2024	489,770
160,000	American Airlines, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)	4.03%		12/15/2023	160,114
304,779	American Renal Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	7.04%		06/21/2024	297,446
308,709	American Tire Distributors, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 7.50%, 1.00% Floor)	9.62%		09/02/2024	272,898
420,677	Applied Systems, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.00%, 1.00% Floor)	5.10%		09/19/2024	420,559
405,000	Aramark Services, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)	3.79%		03/11/2025	406,098
144,185	Arctic Glacier U.S.A., Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%, 1.00% Floor)	5.54%		03/20/2024	140,760
466,316	Ascend Learning LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)	5.04%		07/12/2024	465,222
464,470	AssuredPartners, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.54%		10/22/2024	463,237
21,064	Asurion LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	5.04%		11/04/2024	21,162
102,881	Asurion LLC, Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.50%)	8.54%		08/04/2025	104,668
391,522	Asurion, LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	5.04%		11/03/2023	393,480
347,067	Athenahealth, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.50%)	6.68%		02/11/2026	346,742
421,809	Auris Luxembourg III Sarl, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	5.79%		02/27/2026	420,095
370,797	Avantor, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)	5.04%		11/21/2024	374,158
	Avaya, Inc., Senior Secured First Lien Term Loan
156,723	(1 Month LIBOR USD + 4.25%)	6.28%		12/16/2024	149,328
92,044	(1 Month LIBOR USD + 4.25%)	6.43%		12/16/2024	87,701
165,000	Azalea TopCo, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)	5.54%		07/27/2026	164,794
113,838	Bass Pro Group LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.00%, 0.75% Floor)	7.04%		09/25/2024	109,854
345,625	Bausch Health Companies, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.79%		11/27/2025	346,728
120,583	Bausch Health Companies, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	5.04%		06/02/2025	121,211
53,400	Berry Global, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	4.30%		10/01/2022	53,716
508,725	Berry Global, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	4.55%		07/01/2026	511,770
422,249	BJ’s Wholesale Club, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.79%		02/02/2024	424,096
418,811	Blackhawk Network Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	5.04%		06/16/2025	418,112
433,913	Blackstone CQP Holdco LP, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)	5.66%		09/30/2024	436,314
181,094	Boxer Parent Company, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)	6.29%		10/02/2025	174,590
368,086	Brazos Delaware LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)	6.05%		05/21/2025	340,709
	Bright Bidco B.V., Senior Secured First Lien Term Loan
170,264	(3 Month LIBOR USD + 3.50%, 1.00% Floor)	5.60%		06/28/2024	81,804

83,862	(3 Month LIBOR USD + 3.50%, 1.00% Floor)	5.54%		06/28/2024	40,292
291,713	Brookfield WEC Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 0.75% Floor)	5.54%		08/01/2025	293,008
674,944	Burger King Restaurant Brands, Guaranteed Senior Secured 1st Lien Term Loan (1 Month LIBOR USD + 2.25%, 1.00% Floor)	4.29%		02/16/2024	677,982
50,000	Calpine Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	4.54%		08/12/2026	50,174
428,925	Calpine Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%)	4.86%		04/06/2026	430,561
424,610	Canyon Valor Companies, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%)	4.85%		06/16/2023	424,610
429,686	Capri Acquisitions BidCo Ltd., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.00%)	5.26%		11/01/2024	425,254
432,825	Catalent Pharma Solutions, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	4.29%		05/18/2026	434,719
296,503	CBS Radio Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.80%		11/18/2024	297,244
434,149	Cengage Learning, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%, 1.00% Floor)	6.29%		06/07/2023	412,322
243,415	CEOC LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)	4.04%		10/04/2024	243,567
411,325	Change Healthcare Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%, 1.00% Floor)	4.54%		03/01/2024	409,963
84,788	Charter NEX US, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)	5.54%		05/16/2024	84,982
419,087	CHG Healthcare Services, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)	5.04%		06/07/2023	419,480
349,520	CHG PPC Parent LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.79%		03/31/2025	350,393
179,050	Cincinnati Bell, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)	5.29%		10/02/2024	178,875
210,000	Clear Channel Outdoor Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)	5.54%		08/21/2026	210,881
224,695	ClubCorporationHoldings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%)	4.85%		09/18/2024	201,009
177,524	CommScope, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.29%		04/06/2026	177,207
293,323	Compass Power Generation LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%, 1.00% Floor)	5.54%		12/20/2024	294,240
598,494	Concentra, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 2.50%)	4.54%		06/01/2022	602,982
169,735	Covia Holdings Corporation, Senior Secured First Lien Term Loan (1 Week LIBOR USD + 3.75%, 1.00% Floor)	6.04%		06/02/2025	139,318
379,037	CPI Holdco LLC, Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.50%, 1.00% Floor)	5.54%		03/21/2024	379,274
94,288	CPM Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	5.79%		11/17/2025	93,227
254,420	CSC Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	4.28%		07/17/2025	254,670
134,325	CSC Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	4.28%		01/15/2026	134,459
309,225	CSC Holdings LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.00%)	5.18%		04/15/2027	309,933
369,998	CSM Bakery Solutions LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%, 1.00% Floor)	6.29%		07/03/2020	345,948
363,732	Cvent, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 1.00% Floor)	5.79%		11/29/2024	359,754
298,276	Cyxtera DC Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)	5.04%		05/01/2024	270,472
165,000	DaVita, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	4.29%		08/12/2026	166,125
182,004	Deerfield Holdings Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)	5.29%		02/13/2025	179,319
679,433	Dell International LLC, Senior Secured First Lien Term Loan	4.05%	±	09/19/2025	683,438
293,428	Delta 2 SARL, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%, 1.00% Floor)	4.54%		02/01/2024	290,420
281,027	DentalCorporationPerfect Smile ULC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 1.00% Floor)	5.79%		06/06/2025	276,870
80,000	Diamond Sports Group LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.30%		08/24/2026	80,575
156,370	Digicel International Finance Ltd., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.25%)	5.34%		05/27/2024	136,075
270,000	DigiCert Holdings, Inc., Senior Secured First Lien Term Loan	6.26%	±	08/08/2026	269,494
100,804	Dynasty Acquisition Company, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%)	6.10%		04/06/2026	101,402
54,196	Dynasty Acquisition Company, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%)	6.10%		04/06/2026	54,517
61,171	Dynatrace LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	4.79%		08/22/2025	61,502
323,375	E.W. Scripps Company, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.79%		05/01/2026	324,103
423,741	EAB Global, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.75%, 1.00% Floor)	6.38%		11/15/2024	419,326
348,053	Edgewater Generation LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	5.79%		12/12/2025	344,574
281,135	EG America LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%)	6.10%		02/06/2025	278,429
217,820	Envision Healthcare Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	5.79%		10/10/2025	178,408
434,070	Equinox Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)	5.04%		03/08/2024	434,884
184,135	ESH Hospitality, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)	4.04%		09/18/2026	185,214
416,727	Excelitas Technologies Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%, 1.00% Floor)	5.60%		12/02/2024	417,511
73,711	Exgen Renewables IV LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.00%, 1.00% Floor)	5.13%		11/29/2024	72,306
180,000	Explorer Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.75%, 1.00% Floor)	5.85%		05/02/2023	179,915
380,336	Filtration Group Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	5.04%		03/31/2025	381,829
356,899	Financial & Risk US Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	5.79%		10/01/2025	359,204
185,000	Flex Acquisition Company, Inc., Senior Secured First Lien Term Loan	5.35%	±	06/29/2025	178,641
150,799	Flexential Intermediate Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)	5.60%		08/01/2024	130,724
419,417	Flexera Software LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)	5.55%		02/26/2025	420,816
531,271	Foresight Energy LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.75%, 1.00% Floor)	7.87%		03/28/2022	292,643
392,038	Forest City Enterprises, LP, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)	6.04%		12/08/2025	395,407
227,344	Forterra Finance, LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)	5.04%		10/25/2023	215,693
214,528	Frontdoor, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	4.56%		08/18/2025	216,004
178,291	Frontera Generation Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%, 1.00% Floor)	6.29%		05/02/2025	168,931
1,016,146	Garda World Security Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%, 1.00% Floor)	7.50%		05/24/2024	1,018,366
178,261	Gates Global LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%, 1.00% Floor)	4.79%		04/01/2024	175,851
175,000	Gavilan Resources LLC, Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.00%, 1.00% Floor)	8.04%		03/01/2024	79,042
440,500	Genesys Telecommunications Laboratories, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.29%		12/01/2023	438,663
555,744	Gentiva Health Services, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	5.81%		07/02/2025	559,565
218,649	Getty Images, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)	6.56%		02/19/2026	218,284
386,311	Go Daddy Operating Company LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)	4.04%		02/15/2024	387,424
384,387	GOBP Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)	5.76%		10/22/2025	386,911
498,331	GoodRX, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	4.81%		10/10/2025	498,954
354,863	GrafTech Finance, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%, 1.00% Floor)	5.54%		02/12/2025	346,138
105,000	Granite Holdings Acquisition Company, Senior Secured First Lien Term Loan	7.32%	±	09/25/2026	102,506
703,051	Gray Television, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	4.51%		01/02/2026	706,517
403,730	GTT Communications, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.79%		06/02/2025	326,705
	Gulf Finance LLC, Senior Secured First Lien Term Loan
129,881	(3 Month LIBOR USD + 5.25%, 1.00% Floor)	7.36%		08/25/2023	99,522
221,148	(3 Month LIBOR USD + 5.25%, 1.00% Floor)	7.29%		08/25/2023	169,456
177,994	Harbor Freight Tools USA, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%, 0.75% Floor)	4.54%		08/18/2023	173,226
110,681	Hayward Industries, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)	5.54%		08/05/2024	107,222
415,000	HC Group Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%	6.54%		08/06/2026	415,000
174,563	Hexion, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)	5.60%		07/01/2026	174,563
696,560	Hilton Worldwide Finance LLC, Senior Secured First Lien Term Loan	3.77%	±	06/22/2026	701,481
423,162	Hyland Software, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%, 0.75% Floor)	5.29%		07/01/2024	423,638
106,771	Hyland Software, Inc., Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 7.00%, 0.75% Floor)	9.04%		07/07/2025	107,472
98,500	IAA, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	4.31%		06/29/2026	99,116
169,516	IHeartCommunications, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)	6.03%		05/01/2026	170,817
401,114	Informatica LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.29%		08/05/2022	403,204

175,000	Inmarsat PLC, Senior Secured First Lien Term Loan	6.59%	±	09/23/2026	172,553
177,473	Intelsat Jackson Holdings S.A., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 1.00% Floor)	5.80%		11/27/2023	178,222
142,973	ION Trading Technologies SARL, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%, 1.00% Floor)	6.10%		11/21/2024	136,468
702,061	IQVIA, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.00%)	4.10%		01/17/2025	706,448
470,611	IRB Holding Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%, 1.00% Floor)	5.55%		02/05/2025	469,173
175,350	IRI Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.50%)	6.62%		12/01/2025	169,158
568,007	Jaguar Holding Company, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%, 1.00% Floor)	4.54%		08/18/2022	569,104
542,275	JBS USA Lux S.A., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	4.54%		05/01/2026	545,439
	Jo-Ann Stores LLC, Senior Secured First Lien Term Loan
314,646	(3 Month LIBOR USD + 5.00%, 1.00% Floor)	7.26%		10/20/2023	218,023
13,110	(3 Month LIBOR USD + 5.00%, 1.00% Floor)	7.05%		10/20/2023	9,084
364,200	KAR Auction Services, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	4.31%		09/19/2026	366,364
276,310	KBR, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	5.79%		04/25/2025	277,434
320,000	Kestrel Bidco, Inc., Senior Secured First Lien Term Loan	5.27%	±	10/08/2026	322,776
177,345	Kindred Healthcare, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.00%)	7.06%		07/02/2025	178,010
196,257	Klockner-Pentaplast of America, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%, 1.00% Floor)	6.29%		06/30/2022	174,424
372,608	Kronos Acquisition Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%, 1.00% Floor)	6.26%		05/15/2023	354,443
395,634	Kronos, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.00%, 1.00% Floor)	5.25%		11/01/2023	396,803
350,311	Learfield Communications LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)	5.30%		12/01/2023	351,975
160,000	Level 3 Financing, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	4.29%		02/22/2024	160,500
393,306	Life Time Fitness, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%, 1.00% Floor)	4.87%		06/10/2022	393,910
213,235	Lions Gate Capital Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	4.29%		03/24/2025	213,102
348,678	Lower Cadence Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)	6.05%		05/22/2026	340,725
362,036	Lucid Energy Group II Borrower LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)	5.04%		02/18/2025	343,707
32,281	Mavis Tire Express Services Corporation, Senior Secured First Lien Delayed-Draw Term Loan (1 Month LIBOR USD + 3.25%)	5.29%	&	03/20/2025	31,676
253,784	Mavis Tire Express Services Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.29%		03/20/2025	249,025
211,256	McDermott International, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.00%, 1.00% Floor)	7.10%		05/12/2025	134,465
33,968	MED ParentCo LP, Senior Secured First Lien Term Loan	6.28%	± &	08/29/2026	33,773
136,032	MED ParentCo LP, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)	6.29%		08/31/2026	135,250
178,548	Messer Industries LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.50%)	4.60%		03/02/2026	178,438
367,415	MGM Growth Properties Operating Partnership LP, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)	4.04%		03/21/2025	368,767
330,284	Milacron LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	4.54%		09/28/2023	330,696
554,806	Millennium Trust Company LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.00%)	7.04%		03/27/2026	540,242
16,905	Mister Car Wash Holdings, Inc., Senior Secured First Lien Term Loan	5.67%	± &	05/14/2026	16,909
337,250	Mister Car Wash Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)	5.66%		05/14/2026	337,341
186,774	Mitchell International, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.29%		11/29/2024	179,435
180,976	MLN US HoldCo LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)	6.53%		11/28/2025	168,760
419,130	MPH Acquisition Holdings LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%, 1.00% Floor)	4.85%		06/07/2023	400,443
180,000	Nascar Holdings, Inc., Senior Secured First Lien Term Loan	4.88%	±	07/26/2026	181,420
64,000	NCR Corporation, Senior Secured First Lien Term Loan	4.53%	± &	08/28/2026	64,200
56,000	NCR Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	4.54%		08/28/2026	56,175
89,325	NEP Group, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.29%		10/20/2025	87,911
420,000	Nexstar Broadcasting, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.81%		09/18/2026	422,394
212,246	Numericable U.S. LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)	6.03%		08/14/2026	212,114
120,000	ON Semiconductor Corporation, Senior Secured First Lien Term Loan	4.05%	±	09/19/2026	120,676
99,250	Outcomes Group Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)	5.62%		10/24/2025	98,257
94,730	Panther BF Aggregator 2 LP, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)	5.54%		04/30/2026	94,108
186,482	Parexel International Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.79%		09/27/2024	177,525
124,688	PCI Gaming Authority, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	5.04%		05/29/2026	125,613
94,524	Penn National Gaming, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%, 0.75% Floor)	4.29%		10/15/2025	95,125
383,714	PetSmart, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)	6.04%		03/11/2022	375,061
180,828	Pike Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.30%		07/24/2026	181,720
181,627	Pisces Midco, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	5.79%		04/12/2025	178,222
173,082	Plantronics, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	4.54%		07/02/2025	172,974
185,114	Playa Resorts Holding B.V., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%, 1.00% Floor)	4.79%		04/29/2024	180,486
395,436	PODS LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%, 1.00% Floor)	5.05%		12/06/2024	395,272
212,484	PowerTeam Services LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%, 1.00% Floor)	5.35%		03/06/2025	182,736
194,025	Prairie ECI Acquiror LP, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.75%)	6.85%		03/11/2026	189,781
180,000	Pregis Topco LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%)	6.25%		07/31/2026	179,775
270,000	Prime Security Services Borrower LLC, Senior Secured First Lien Term Loan	5.34%	±	09/23/2026	267,427
217,610	Pro Mach Group, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	4.81%		03/07/2025	212,375
358,011	Project Alpha Intermediate Holding, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.50%, 1.00% Floor)	5.81%		04/26/2024	353,984
273,597	Radiate Holdco LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 0.75% Floor)	5.04%		02/01/2024	272,959
	Radiology Partners, Inc., Senior Secured First Lien Term Loan
200,806	(3 Month LIBOR USD + 4.75%)	7.06%		07/09/2025	198,475
133,870	(3 Month LIBOR USD + 4.75%)	7.39%		07/09/2025	132,317
278,251	RegionalCare Hospital Partners Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)	6.55%		11/14/2025	278,926
356,830	Renaissance Holding Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.29%		05/30/2025	351,094
484,345	RentPath, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.75%, 1.00% Floor)	6.80%		12/17/2021	257,613
279,099	Reynolds Group Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.79%		02/06/2023	279,931
253,419	RPI Finance Trust, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)	4.04%		03/27/2023	255,042
	Scientific Games International, Inc., Senior Secured First Lien Term Loan
344,427	(2 Month LIBOR USD + 2.75%)	4.90%		08/14/2024	342,017
80,791	(2 Month LIBOR USD + 2.75%)	4.79%		08/14/2024	80,226
524,471	Securus Technologies Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%, 1.00% Floor)	6.54%		11/01/2024	464,594
421,372	Sedgwick Claims Management Services, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.29%		12/31/2025	415,018
653,555	Select Medical Corporation, Senior Secured First Lien Term Loan (6 Month LIBOR USD + 2.50%)	4.58%		03/06/2025	655,597
350,849	Severin Acquisition LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%)	5.46%		08/01/2025	345,879
140,000	Sinclair Television Group, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	4.54%		09/30/2026	140,759
339,150	Six Flags Theme Parks, Inc., Senior Secured First Lien Term Loan	4.05%	±	04/17/2026	339,998
265,135	SMG US Midco 2, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	5.04%		01/23/2025	263,893
181,112	Solenis International LP, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%)	6.12%		06/26/2025	176,698
366,509	Solera LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.79%		03/03/2023	365,199
416,778	Sophia LP, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%, 1.00% Floor)	5.35%		09/30/2022	417,387
486,805	Sound Inpatient Physicians, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.79%		06/27/2025	487,049
167,368	Southern Graphics, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.29%		12/30/2022	124,131
326,692	Speedcast International Ltd., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%)	4.85%		05/15/2025	277,688

425,919	Sprint Communications, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%, 0.75% Floor)	4.54%		02/02/2024	423,523
450,397	SS&C Technologies, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	4.29%		04/16/2025	452,766
216,920	Staples, Inc., Senior Secured First Lien Term Loan (2 Month LIBOR USD + 5.00%)	7.12%		04/16/2026	214,254
180,247	Starfruit US Holdco LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.29%		10/01/2025	176,957
209,056	Stars Group Holdings B.V., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)	5.60%		07/10/2025	210,242
100,000	Sunshine Luxembourg VII SARL, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.25%)	6.35%		09/25/2026	100,594
438,385	Syncreon Global Finance Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.25%, 1.00% Floor)	6.52%	W	10/28/2020	207,685
	TAMKO Building Products LLC, Senior Secured First Lien Term Loan
120,350	(1 Month LIBOR USD + 3.25%)	5.29%		05/29/2026	120,576
24,650	(1 Month LIBOR USD + 3.25%)	5.37%		05/29/2026	24,696
175,641	Telesat Canada, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.50%, 0.75% Floor)	4.61%		11/17/2023	176,322
486,785	Tempo Acquisition LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	5.04%		05/01/2024	489,119
277,742	The Dun & Bradstreet Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.00%)	7.05%		02/06/2026	279,800
323,160	The Edelman Financial Center LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.31%		07/21/2025	324,053
146,442	Titan Acquisition Ltd., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	5.04%		03/28/2025	140,967
429,170	TKC Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 1.00% Floor)	5.80%		02/01/2023	422,655
564,379	Transdigm, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	4.54%		06/09/2023	563,750
341,550	Travel Leaders Group LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)	6.05%		01/25/2024	342,689
147,028	Travelport Finance SARL, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.00%)	7.10%		05/29/2026	133,533
20,000	Uber Technologies, Inc., Senior Secured First Lien Term Loan	5.55%	±	07/13/2023	19,896
415,433	Uber Technologies, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%, 1.00% Floor)	6.03%		04/04/2025	413,790
566,519	UFC Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.30%		04/29/2026	568,683
214,463	UGI Energy Services LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	5.79%		08/13/2026	216,339
180,000	Ultimate Software Group, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	5.79%		05/04/2026	181,280
144,262	US Anesthesia Partners, Inc., Senior Secured 1st Lien Term Loan	5.04%	±	06/24/2024	140,791
265,000	US Foods, Inc., Senior Secured First Lien Term Loan	4.14%	±	09/13/2026	266,271
277,640	USIC Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)	5.29%		12/08/2023	275,905
	Vantage Specialty Chemicals, Inc., Senior Secured First Lien Term Loan
7,674	(3 Month LIBOR USD + 3.50%, 1.00% Floor)	5.76%		10/28/2024	7,137
184,186	(3 Month LIBOR USD + 3.50%, 1.00% Floor)	5.54%		10/28/2024	171,292
456,796	Verscend Holding Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)	6.54%		08/27/2025	459,176
360,349	Vertafore, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	5.29%		07/02/2025	350,892
380,000	VICI Properties 1 LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)	4.05%		12/20/2024	381,465
150,836	Victory Capital Holdings, Inc., Senior Secured First Lien Term Loan	5.35%	±	07/01/2026	151,685
110,000	Virgin Media Bristol LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	4.53%		01/15/2026	110,201
	Vistra Operations Company LLC, Senior Secured First Lien Term Loan
278,141	(1 Month LIBOR USD + 2.00%)	4.02%		12/31/2025	279,281
417,211	(1 Month LIBOR USD + 2.00%)	4.04%		12/31/2025	418,922
84,575	Vizient, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	4.54%		05/06/2026	85,135
305,000	Wand NewCo 3, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)	5.54%		02/05/2026	306,906
155,000	Whatabrands LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%)	5.52%		08/03/2026	155,892
396,374	Wink Holdco, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)	5.04%		12/02/2024	390,926
418,207	WP CPP Holdings LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.75%, 1.00% Floor)	6.01%		04/30/2025	419,385
475,000	Zelis Cost Management Buyer, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.75%)	6.79%		09/25/2026	472,031
Total Bank Loans (Cost $72,218,427)					70,548,446
Collateralized Loan Obligations - 15.3%
250,000	Adams Mill Ltd., Series2014-1A-D1 (3 Month LIBOR USD + 3.50%)	5.80%	^	07/15/2026	250,061
2,500,000	AIMCO, Series2015-AA-DR (3 Month LIBOR USD + 2.45%, 2.45% Floor)	4.75%	^	01/15/2028	2,475,360
2,250,000	ALM LLC, Series2015-12A-C1R2 (3 Month LIBOR USD + 2.65%, 2.65% Floor)	4.97%	^	04/16/2027	2,211,235
2,000,000	Apidos Ltd., Series2013-12A-DR (3 Month LIBOR USD + 2.60%)	4.90%	^	04/15/2031	1,883,500
1,500,000	Apidos Ltd., Series2015-21A-CR (3 Month LIBOR USD + 2.45%, 2.45% Floor)	4.75%	^	07/18/2027	1,467,796
2,500,000	Apidos Ltd., Series2016-24A-CR (3 Month LIBOR USD + 3.05%)	5.33%	^	10/20/2030	2,433,358
2,500,000	Apidos Ltd., Series2018-29A-C (3 Month LIBOR USD + 2.75%)	5.03%	^	07/25/2030	2,356,355
2,500,000	Atrium Corporation, Series13A-D (3 Month LIBOR USD + 2.70%)	4.96%	^	11/21/2030	2,361,701
1,000,000	Atrium Corporation, Series14A-D (3 Month LIBOR USD + 2.95%, 2.95% Floor)	5.27%	^	08/23/2030	966,001
3,000,000	Atrium Corporation, Series9A-DR (3 Month LIBOR USD + 3.60%)	5.74%	^	05/28/2030	3,001,942
1,500,000	Babson Ltd., Series2015-2A-DR (3 Month LIBOR USD + 2.95%)	5.23%	^	10/20/2030	1,449,511
1,737,500	Babson Ltd., Series2015-2A-ER (3 Month LIBOR USD + 6.45%)	8.73%	^	10/20/2030	1,649,344
4,000,000	Barings Ltd., Series2018-3A-D (3 Month LIBOR USD + 2.90%)	5.18%	^	07/20/2029	3,800,944
2,000,000	Barings Ltd., Series2019-2A-C (3 Month LIBOR USD + 3.85%, 3.85% Floor)	6.15%	^	04/15/2031	2,002,513
3,770,000	BlueMountain Ltd., Series2013-2A-DR (3 Month LIBOR USD + 2.90%)	5.18%	^	10/22/2030	3,584,051
1,750,000	BlueMountain Ltd., Series2015-2A-DR (3 Month LIBOR USD + 2.75%, 2.75% Floor)	5.05%	^	07/18/2027	1,722,015
500,000	BlueMountain Ltd., Series2015-3A-CR (3 Month LIBOR USD + 2.60%)	4.88%	^	04/20/2031	461,402
1,000,000	BlueMountain Ltd., Series2016-3A-DR (3 Month LIBOR USD + 3.10%, 3.10% Floor)	5.26%	^	11/15/2030	958,255
1,000,000	BlueMountain Ltd., Series2017-2A-C (3 Month LIBOR USD + 3.00%)	5.28%	^	10/20/2030	963,640
2,000,000	Canyon Capital Ltd., Series2012-1RA-D (3 Month LIBOR USD + 3.00%)	5.30%	^	07/15/2030	1,930,756
2,000,000	Canyon Capital Ltd., Series2014-1A-CR (3 Month LIBOR USD + 2.75%, 2.75% Floor)	5.02%	^	01/30/2031	1,858,214
2,000,000	Canyon Capital Ltd., Series2014-2A-DR (3 Month LIBOR USD + 3.65%)	5.95%	^	04/15/2029	2,000,718
10,000,000	Canyon Capital Ltd., Series2017-1A-B (3 Month LIBOR USD + 1.70%, 0.00% Floor)	4.00%	^	07/15/2030	9,922,095
2,500,000	Canyon Capital Ltd., Series2018-1A-D (3 Month LIBOR USD + 2.90%, 2.90% Floor)	5.20%	^	07/15/2031	2,384,988
1,250,000	Carlyle Global Market Strategies Ltd., Series2013-2A-DR (3 Month LIBOR USD + 2.40%)	4.70%	^	01/18/2029	1,167,815
1,500,000	Chenango Park Ltd., Series2018-1A-C (3 Month LIBOR USD + 3.00%, 3.00% Floor)	5.30%	^	04/15/2030	1,431,744
3,000,000	CVP Ltd., Series2017-1A-A (3 Month LIBOR USD + 1.34%)	3.62%	^	07/20/2030	3,000,289
2,500,000	Dryden Senior Loan Fund, Series2013-28A-B1LR (3 Month LIBOR USD + 3.15%)	5.31%	^	08/15/2030	2,451,925
3,900,000	Dryden Senior Loan Fund, Series2014-33A-DR2 (3 Month LIBOR USD + 3.85%, 3.85% Floor)	6.15%	^	04/15/2029	3,907,934
3,000,000	Dryden Senior Loan Fund, Series2015-37A-DR (3 Month LIBOR USD + 2.50%, 2.50% Floor)	4.80%	^	01/15/2031	2,816,552
1,000,000	Dryden Senior Loan Fund, Series2016-45A-DR (3 Month LIBOR USD + 3.15%, 3.15% Floor)	5.45%	^	10/15/2030	979,248
1,000,000	Dryden Senior Loan Fund, Series2017-50A-D (3 Month LIBOR USD + 3.25%)	5.55%	^	07/15/2030	1,001,257
4,000,000	GoldenTree Loan Management Ltd., Series2017-1A-D (3 Month LIBOR USD + 3.35%)	5.63%	^	04/20/2029	4,005,239
5,500,000	GoldenTree Loan Management Ltd., Series2017-2A-D (3 Month LIBOR USD + 2.65%)	4.93%	^	11/28/2030	5,247,990
2,500,000	GoldenTree Loan Opportunities Ltd., Series2016-12A-DR (3 Month LIBOR USD + 2.90%)	5.18%	^	07/21/2030	2,399,819
1,500,000	Greenwood Park Ltd., Series2018-1A-D (3 Month LIBOR USD + 2.50%)	4.80%	^	04/15/2031	1,405,865
250,000	Halcyon Loan Advisors Funding Ltd., Series2013-2A-C (3 Month LIBOR USD + 2.70%)	4.95%	^	08/01/2025	249,859
250,000	Halcyon Loan Advisors Funding Ltd., Series2014-2A-D (3 Month LIBOR USD + 5.00%)	7.26%	^	04/28/2025	234,832
2,000,000	Highbridge Loan Management Ltd., Series2013-2A-CR (3 Month LIBOR USD + 2.90%)	5.18%	^	10/20/2029	1,883,263
2,500,000	HPS Loan Management Ltd., Series11A-17-A (3 Month LIBOR USD + 1.26%)	3.50%	^	05/06/2030	2,502,709

1,500,000	HPS Loan Management Ltd., Series13A-18-D (3 Month LIBOR USD + 3.00%, 3.00% Floor)	5.30%	^	10/15/2030	1,389,200
3,175,000	LCM LP, Series14A-DR (3 Month LIBOR USD + 2.75%)	5.03%	^	07/20/2031	2,972,860
1,250,000	LCM LP, Series19A-E2 (3 Month LIBOR USD + 5.70%, 5.70% Floor)	8.00%	^	07/15/2027	1,195,620
2,000,000	LCM LP, Series20A-DR (3 Month LIBOR USD + 2.80%, 2.80% Floor)	5.08%	^	10/20/2027	1,907,940
5,000,000	LCM LP, Series26A-D (3 Month LIBOR USD + 2.50%, 2.50% Floor)	4.78%	^	01/20/2031	4,615,516
1,500,000	LCM LP, Series27A-D (3 Month LIBOR USD + 2.95%)	5.27%	^	07/16/2031	1,424,835
1,000,000	Madison Park Funding Ltd., Series2014-15A-CR (3 Month LIBOR USD + 3.45%)	5.71%	^	01/27/2026	1,002,848
2,500,000	Madison Park Funding Ltd., Series2014-15A-DR (3 Month LIBOR USD + 5.44%)	7.70%	^	01/27/2026	2,485,901
1,000,000	Madison Park Funding Ltd., Series2015-16A-D (3 Month LIBOR USD + 5.50%)	7.78%	^	04/20/2026	991,248
500,000	Madison Park Funding Ltd., Series2015-18A-DR (3 Month LIBOR USD + 2.95%)	5.23%	^	10/21/2030	479,424
3,000,000	Madison Park Funding Ltd., Series2017-25A-C (3 Month LIBOR USD + 3.60%)	5.88%	^	04/25/2029	3,002,090
1,000,000	Madison Park Funding Ltd., Series2018-30A-D (3 Month LIBOR USD + 2.50%, 2.50% Floor)	4.80%	^	04/15/2029	952,549
3,500,000	Magnetite Ltd., Series2018-20A-D (3 Month LIBOR USD + 2.50%)	4.78%	^	04/20/2031	3,291,250
1,000,000	Marathon Ltd., Series2017-9A-A2 (3 Month LIBOR USD + 1.75%)	4.05%	^	04/15/2029	1,000,562
6,500,000	Marble Point Ltd., Series2019-1A-B (3 Month LIBOR USD + 2.15%)	4.59%	^	07/23/2032	6,512,814
1,000,000	Milos Ltd., Series2017-1A-D (3 Month LIBOR USD + 3.40%)	5.68%	^	10/20/2030	972,389
1,000,000	Myers Park Ltd., Series2018-1A-D (3 Month LIBOR USD + 3.05%, 3.05% Floor)	5.33%	^	10/20/2030	970,952
1,000,000	Neuberger Berman Loan Advisers Ltd., Series2016-21A-DR (3 Month LIBOR USD + 2.40%, 2.40% Floor)	4.68%	^	04/20/2027	974,504
4,000,000	Neuberger Berman Loan Advisers Ltd., Series2017-16SA-D (3 Month LIBOR USD + 2.50%)	4.80%	^	01/15/2028	3,923,609
1,500,000	Neuberger Berman Loan Advisers Ltd., Series2017-25A-D (3 Month LIBOR USD + 3.25%)	5.55%	^	10/18/2029	1,463,180
1,000,000	Neuberger Berman Loan Advisers Ltd., Series2017-26A-D (3 Month LIBOR USD + 2.65%, 2.65% Floor)	4.95%	^	10/18/2030	925,167
1,500,000	Neuberger Berman Loan Advisers Ltd., Series2018-28A-D (3 Month LIBOR USD + 2.85%)	5.13%	^	04/20/2030	1,425,031
2,000,000	Newark BSL Ltd., Series2016-1A-C (3 Month LIBOR USD + 4.00%)	6.26%	^	12/21/2029	2,001,116
4,500,000	Octagon Investment Partners Ltd., Series2012-1A-CR (3 Month LIBOR USD + 4.00%)	6.30%	^	07/15/2029	4,468,964
500,000	Octagon Investment Partners Ltd., Series2014-1A-CRR (3 Month LIBOR USD + 3.95%, 3.95% Floor)	6.13%	^	02/14/2031	499,278
2,500,000	Octagon Investment Partners Ltd., Series2017-1A-C (3 Month LIBOR USD + 3.50%)	5.78%	^	03/17/2030	2,501,665
2,000,000	Octagon Investment Partners Ltd., Series2017-1A-D (3 Month LIBOR USD + 3.70%)	5.98%	^	07/20/2030	2,000,090
1,250,000	Octagon Investment Partners Ltd., Series2017-1A-D (3 Month LIBOR USD + 6.20%)	8.48%	^	03/17/2030	1,196,414
4,000,000	Octagon Investment Partners Ltd., Series2018-1A-C (3 Month LIBOR USD + 2.60%, 2.60% Floor)	4.88%	^	01/20/2031	3,779,965
3,000,000	Octagon Investment Partners Ltd., Series2018-2A-C (3 Month LIBOR USD + 2.85%)	5.13%	^	07/25/2030	2,826,802
1,000,000	OHA Credit Funding Ltd., Series2018-1A-D (3 Month LIBOR USD + 3.05%, 3.05% Floor)	5.33%	^	10/20/2030	967,053
3,000,000	RRAM Ltd., Series2018-4A-C (3 Month LIBOR USD + 2.95%)	5.25%	^	04/15/2030	2,902,986
5,000,000	Steele Creek Ltd., Series2019-2A-B (3 Month LIBOR USD + 2.25%, 2.25% Floor)	4.38%	^	07/15/2032	4,999,152
3,500,000	Stewart Park Ltd., Series2015-1A-DR (3 Month LIBOR USD + 2.60%, 2.60% Floor)	4.90%	^	01/15/2030	3,281,250
500,000	Symphony Ltd., Series2014-14A-D2 (3 Month LIBOR USD + 3.60%)	5.90%	^	07/14/2026	500,509
1,500,000	Symphony Ltd., Series2015-16A-DR (3 Month LIBOR USD + 3.05%, 3.05% Floor)	5.35%	^	10/15/2031	1,458,083
1,000,000	Symphony Ltd., Series2016-17A-DR (3 Month LIBOR USD + 2.65%)	4.95%	^	04/15/2028	983,615
3,000,000	Thacher Park Ltd., Series2014-1A-D1R (3 Month LIBOR USD + 3.40%)	5.68%	^	10/20/2026	3,004,253
6,000,000	Trimaran CAVU LLC, Series2019-1A-B (3 Month LIBOR USD + 2.20%, 2.20% Floor)	4.67%	^	07/20/2032	5,998,411
5,000,000	Venture Ltd., Series2018-34A-A (3 Month LIBOR USD + 1.23%, 1.23% Floor)	3.53%	^	10/15/2031	4,983,440
3,900,000	Voya Ltd., Series2013-1A-CR (3 Month LIBOR USD + 2.95%)	5.25%	^	10/15/2030	3,692,341
1,500,000	Voya Ltd., Series2017-3A-C (3 Month LIBOR USD + 3.55%)	5.83%	^	07/20/2030	1,500,502
1,000,000	Westcott Park Ltd., Series2016-1A-DR (3 Month LIBOR USD + 3.25%)	5.53%	^	07/20/2028	993,755
2,000,000	Wind River Ltd., Series2013-2A-E1R (3 Month LIBOR USD + 6.75%)	9.05%	^	10/18/2030	1,711,200
2,000,000	Wind River Ltd., Series2014-1A-DRR (3 Month LIBOR USD + 3.00%, 3.00% Floor)	5.30%	^	07/18/2031	1,839,536
4,000,000	Wind River Ltd., Series2014-2A-DR (3 Month LIBOR USD + 2.90%, 2.90% Floor)	5.20%	^	01/15/2031	3,800,077
2,000,000	Wind River Ltd., Series2014-2A-ER (3 Month LIBOR USD + 5.75%, 5.75% Floor)	8.05%	^	01/15/2031	1,715,000
7,975,000	Wind River Ltd., Series2015-2A-ER (3 Month LIBOR USD + 5.55%)	7.85%	^	10/15/2027	7,669,143
3,500,000	Wind River Ltd., Series2016-1A-DR (3 Month LIBOR USD + 2.85%)	5.15%	^	07/15/2028	3,324,212
2,000,000	Wind River Ltd., Series2017-1A-D (3 Month LIBOR USD + 3.75%)	6.05%	^	04/18/2029	2,002,837
1,750,000	Wind River Ltd., Series2017-1A-E (3 Month LIBOR USD + 6.42%)	8.72%	^	04/18/2029	1,692,384
1,500,000	Wind River Ltd., Series2017-4A-D (3 Month LIBOR USD + 2.65%)	4.79%	^	11/20/2030	1,401,892
1,500,000	Wind River Ltd., Series2018-1A-D (3 Month LIBOR USD + 2.90%)	5.20%	^	07/15/2030	1,389,327
3,500,000	Wind River Ltd., Series2018-2A-D (3 Month LIBOR USD + 3.00%)	5.30%	^	07/15/2030	3,260,272
2,500,000	York Ltd., Series2019-1A-B (3 Month LIBOR USD + 2.05%, 0.00% Floor)	4.22%	^	07/22/2032	2,499,066
Total Collateralized Loan Obligations (Cost $226,492,922)					219,506,174
Foreign Corporate Bonds - 16.0%
1,200,000	Adani Ports & Special Economic Zone Ltd.	3.95%		01/19/2022	1,228,875
150,000	Adecoagro S.A.	6.00%		09/21/2027	144,375
500,000	AES Andres B.V.	7.95%	^	05/11/2026	534,375
2,200,000	AES Dominicana	7.95%		05/11/2026	2,351,250
1,300,000	AES Gener S.A. (5 Year Swap Rate USD + 4.64%)	7.13%		03/26/2079	1,366,625
1,800,000	AES Gener S.A. (5 Year Swap Rate USD + 4.64%)	7.13%	^	03/26/2079	1,892,250
1,250,000	AI Candelaria Spain SLU	7.50%		12/15/2028	1,423,450
650,000	AI Candelaria Spain SLU	7.50%	^	12/15/2028	740,194
270,000	Aker BP ASA	4.75%	^	06/15/2024	282,690
520,000	Alcoa Nederland Holding B.V.	6.13%	^	05/15/2028	555,048
415,000	Altice France S.A.	7.38%	^	05/01/2026	446,523
200,000	Altice Luxembourg S.A.	7.75%	^	05/15/2022	204,750
225,000	Ardagh Packaging Finance, Inc.	5.25%	^	08/15/2027	228,375
445,000	Ardagh Packaging Finance, Inc.	6.00%	^	02/15/2025	466,404
400,000	Avation Capital S.A.	6.50%	^	05/15/2021	416,000
530,000	Avolon Holdings Funding Ltd.	5.25%	^	05/15/2024	568,796
3,200,000	Banco BTG Pactual S.A. (5 Year CMT Rate + 5.26%)	7.75%	^	02/15/2029	3,344,000
200,000	Banco de Bogota S.A.	6.25%		05/12/2026	226,002
1,000,000	Banco de Credito e Inversiones	4.00%		02/11/2023	1,048,899
200,000	Banco de Reservas de la Republica Dominicana	7.00%	^	02/01/2023	210,252
650,000	Banco de Reservas de la Republica Dominicana	7.00%		02/01/2023	683,319
3,900,000	Banco do Brasil S.A. (10 Year CMT Rate + 4.40%)	6.25%	†	04/15/2024	3,851,250
350,000	Banco General S.A.	4.13%		08/07/2027	368,158
300,000	Banco GNB Sudameris S.A. (5 Year CMT Rate + 4.56%)	6.50%		04/03/2027	310,128
450,000	Banco Internacional del Peru S.A.A.	3.38%		01/18/2023	456,188
200,000	Banco Macro S.A. (5 Year Swap Rate USD + 5.46%)	6.75%	^	11/04/2026	138,500
2,100,000	Banco Macro S.A. (5 Year Swap Rate USD + 5.46%)	6.75%		11/04/2026	1,454,250
200,000	Banco Mercantil de Norte (10 Year CMT Rate + 5.47%)	7.50%	^†	06/27/2029	203,250
2,400,000	Banco Mercantil del Norte S.A. (10 Year CMT Rate + 5.35%)	7.63%	†	01/10/2028	2,457,024

200,000	Banco Mercantil del Norte S.A. (10 Year CMT Rate + 5.47%)	7.50%	†	06/27/2029	203,250
700,000	Banco Mercantil del Norte S.A. (5 Year CMT Rate + 4.45%)	5.75%		10/04/2031	702,632
1,200,000	Banco Mercantil del Norte S.A. (5 Year CMT Rate + 5.04%)	6.88%	†	07/06/2022	1,209,000
700,000	Banco Nacional de Comercio Exterior S.N.C. (5 Year CMT Rate + 3.00%) (5 Year CMT Rate + 3.00%)	3.80%		08/11/2026	709,632
1,450,000	Banco Santander (5 Year CMT Rate + 3.00%)	5.95%	^	10/01/2028	1,558,387
883,000	Bancolombia S.A.	5.13%		09/11/2022	930,470
1,500,000	Bancolombia S.A. (5 Year CMT Rate + 2.93%)	4.88%		10/18/2027	1,546,875
200,000	Banistmo S.A.	3.65%	^	09/19/2022	201,752
300,000	BBVA Banco Continental S.A.	5.00%		08/26/2022	320,550
4,400,000	BBVA Bancomer S.A. (5 Year CMT Rate + 2.65%)	5.13%		01/18/2033	4,207,500
200,000	BBVA Bancomer S.A. (5 Year CMT Rate + 3.00%)	5.35%		11/12/2029	199,502
200,000	BBVA Bancomer S.A. (5 Year CMT Rate + 4.31%)	5.88%	^	09/13/2034	199,250
500,000	BBVA Colombia S.A.	4.88%		04/21/2025	536,875
300,000	BDO Unibank, Inc.	2.63%		10/24/2021	301,281
3,150,000	BDO Unibank, Inc.	2.95%		03/06/2023	3,195,424
2,200,000	Bharti Airtel Ltd.	5.13%		03/11/2023	2,318,187
2,200,000	Bharti Airtel Ltd.	4.38%		06/10/2025	2,279,015
320,000	Bombardier, Inc.	6.00%	^	10/15/2022	321,200
265,000	Bombardier, Inc.	7.88%	^	04/15/2027	264,563
2,400,000	BPRL International Singapore Pte Ltd.	4.38%		01/18/2027	2,569,779
200,000	Braskem Finance Ltd.	6.45%		02/03/2024	221,250
1,200,000	C&W Senior Financing DAC	7.50%	^	10/15/2026	1,269,000
3,260,000	C&W Senior Financing DAC	6.88%		09/15/2027	3,390,400
540,000	Camelot Finance S.A.	7.88%	^	10/15/2024	564,300
2,950,000	Canacol Energy Ltd.	7.25%		05/03/2025	3,132,163
300,000	Canacol Energy Ltd.	7.25%	^	05/03/2025	318,525
600,000	Celulosa Arauco y Constitucion S.A.	5.50%	^	04/30/2049	666,750
1,000,000	CIMPOR Financial Operations B.V.	5.75%		07/17/2024	752,500
800,000	CK Hutchison International Ltd.	3.50%	^	04/05/2027	840,678
2,000,000	CNOOC Finance Ltd.	3.50%		05/05/2025	2,088,138
600,000	CNPC General Capital Ltd.	3.95%		04/19/2022	621,489
400,000	Colombia Telecomunicaciones S.A. (5 Year Swap Rate USD + 6.96%)	8.50%	†	03/30/2020	411,500
1,000,000	Comcel Trust	6.88%		02/06/2024	1,032,500
4,241,250	Cometa Energia S.A. de C.V.	6.38%		04/24/2035	4,527,534
725,000	Connect Finco LLC	6.75%	^	10/01/2026	739,500
1,100,000	Controladora Mabe S.A. de C.V.	5.60%		10/23/2028	1,188,011
400,000	Cosan Overseas Ltd.	8.25%	†	11/05/2019	415,004
200,000	Cosan Overseas Ltd.	7.00%		01/20/2027	218,720
1,400,000	Credito Real S.A.B. de C.V.	9.50%	^	02/07/2026	1,617,000
1,650,000	Credito Real S.A.B. de C.V. (5 Year CMT Rate + 7.03%)	9.13%	†	11/29/2022	1,699,517
950,000	CSN Islands Corporation	7.00%	†	12/23/2019	831,853
1,000,000	CSN Resources S.A.	7.63%		02/13/2023	1,046,250
1,600,000	CSN Resources S.A.	7.63%	^	04/17/2026	1,664,184
400,000	DBS Group Holdings Ltd. (5 Year Mid Swap Rate USD + 1.59%)	4.52%		12/11/2028	425,538
3,300,000	DBS Group Holdings Ltd. (5 Year Swap Rate USD + 2.39%)	3.60%	†	09/07/2021	3,316,500
300,000	Delek & Avner Tamar Bond Ltd.	5.08%	^	12/30/2023	308,726
520,000	Delek & Avner Tamar Bond Ltd.	5.41%	^	12/30/2025	538,735
300,000	Digicel Group Ltd.	8.25%	^	09/30/2022	64,500
2,008,556	Digicel Group Ltd. (PIK 9.00%)	9.13%	^	04/01/2024	210,898
1,000,000	Docuformas SAPI de C.V.	10.25%	^	07/24/2024	989,450
800,000	ECL S.A.	5.63%		01/15/2021	833,841
1,344,000	Embotelladora Andina S.A.	5.00%		10/01/2023	1,447,500
1,300,000	Empresa de Transmision Electrica S.A.	5.13%	^	05/02/2049	1,500,687
347,800	Empresa Electrica Angamos S.A.	4.88%		05/25/2029	364,701
1,600,000	Empresa Electrica Guacolda S.A.	4.56%		04/30/2025	1,448,060
1,000,000	Empresa Nacional de Telecomunicaciones S.A.	4.88%		10/30/2024	1,059,412
500,000	Empresas Publicas de Medellin ESP	4.25%	^	07/18/2029	526,950
1,041,771	ENA Norte Trust	4.95%		04/25/2023	1,078,243
1,000,000	Energuate Trust	5.88%		05/03/2027	1,005,000
1,000,000	ENTEL Chile S.A.	4.75%		08/01/2026	1,057,484
306,000	ESAL GMBH	6.25%		02/05/2023	312,123
400,000	Export Import Bank of Thailand (3 Month LIBOR USD + 0.85%)	3.00%		05/23/2024	401,395
400,000	Export Import Bank of Thailand (3 Month LIBOR USD + 0.90%)	3.04%		11/20/2023	401,912
400,000	Fideicomiso Pacifico Tres	8.25%		01/15/2035	456,000
500,000	Fomento Economico Mexicano S.A.B. de C.V.	2.88%		05/10/2023	505,506
600,000	Fondo Mivivienda S.A.	3.50%		01/31/2023	616,500
2,200,000	Freeport-McMoRan Copper & Gold, Inc.	5.40%		11/14/2034	2,101,000
2,150,000	Freeport-McMoRan Copper & Gold, Inc.	5.45%		03/15/2043	1,946,567
1,500,000	Fresnillo PLC	5.50%		11/13/2023	1,638,765
2,900,000	Geopark Ltd.	6.50%		09/21/2024	2,994,250
220,000	GFL Environmental, Inc.	8.50%	^	05/01/2027	244,475
750,000	Gilex Holding Sarl	8.50%		05/02/2023	807,195
400,000	Gilex Holding Sarl	8.50%	^	05/02/2023	430,504
1,000,000	Global Bank Corporation	4.50%	^	10/20/2021	1,031,880
1,700,000	Global Bank Corporation	4.50%		10/20/2021	1,754,196
1,300,000	Global Bank Corporation (3 Month LIBOR USD + 3.30%)	5.25%	^	04/16/2029	1,380,600
2,900,000	Gohl Capital Ltd.	4.25%		01/24/2027	3,038,219
2,600,000	Gran Tierra Energy International Holdings Ltd.	6.25%		02/15/2025	2,340,000
200,000	Gran Tierra Energy, Inc.	7.75%	^	05/23/2027	188,500
200,000	Grupo Aval Ltd.	4.75%		09/26/2022	207,200
1,200,000	Grupo Bimbo S.A.B. de C.V. (5 Year CMT Rate + 3.28%)	5.95%	†	04/17/2023	1,268,400
400,000	Grupo Idesa S.A. de C.V.	7.88%		12/18/2020	294,000
210,593	Guanay Finance Ltd.	6.00%		12/15/2020	213,752
490,000	GW Honos Security Corporation	8.75%	^	05/15/2025	505,729
300,000	Indian Oil Corporation Ltd.	5.63%		08/02/2021	316,071
3,300,000	Indian Oil Corporation Ltd.	5.75%		08/01/2023	3,637,795
900,000	Industrial Senior Trust	5.50%		11/01/2022	943,875

2,500,000	Inkia Energy Ltd.	5.88%		11/09/2027	2,603,150
210,000	Intelsat Jackson Holdings S.A.	5.50%		08/01/2023	196,959
370,000	Intelsat Jackson Holdings S.A.	8.50%	^	10/15/2024	373,585
35,079	Invepar Holdings	0.00%	W Þ	12/30/2028	1,500
500,000	Inversiones CMPC S.A.	4.50%		04/25/2022	520,630
1,200,000	Inversiones CMPC S.A.	4.75%		09/15/2024	1,288,281
400,000	Israel Electric Corporation Ltd.	5.00%	^	11/12/2024	441,200
200,000	Itau Unibanco Holding S.A.	6.20%		12/21/2021	212,502
2,000,000	Itau Unibanco Holding S.A. (5 Year CMT Rate + 3.86%)	6.50%	†	03/19/2023	2,064,400
600,000	Itau Unibanco Holding S.A. (5 Year CMT Rate + 3.98%)	6.13%	†	12/12/2022	606,600
1,400,000	JBS Investments GMBH	7.00%	^	01/15/2026	1,514,086
600,000	JBS Investments GMBH	5.75%	^	01/15/2028	626,250
2,250,000	JSL Europe S.A.	7.75%		07/26/2024	2,424,443
325,000	Kronos Acquisition Holdings, Inc.	9.00%	^	08/15/2023	287,625
1,000,000	Latam Finance Ltd.	6.88%		04/11/2024	1,053,250
1,000,000	Latam Finance Ltd.	7.00%	^	03/01/2026	1,068,170
1,877,580	LLPL Capital Pte Ltd.	6.88%	^	02/04/2039	2,187,099
3,500,000	Malayan Banking BHD (5 Year Swap Rate USD + 2.54%)	3.91%		10/29/2026	3,562,265
1,000,000	MARB BondCo PLC	7.00%	^	03/15/2024	1,045,010
300,000	MARB BondCo PLC	7.00%		03/15/2024	313,503
1,800,000	MARB BondCo PLC	6.88%		01/19/2025	1,886,400
240,000	MEG Energy Corporation	7.00%	^	03/31/2024	232,800
1,344,816	Mexico Generadora de Energia	5.50%		12/06/2032	1,452,415
1,400,000	Millicom International Cellular S.A.	6.00%		03/15/2025	1,456,000
200,000	Millicom International Cellular S.A.	6.63%	^	10/15/2026	218,000
800,000	Millicom International Cellular S.A.	5.13%		01/15/2028	837,080
1,400,000	Millicom International Cellular S.A.	6.25%	^	03/25/2029	1,532,440
1,800,000	Minejesa Capital B.V.	4.63%		08/10/2030	1,856,925
1,200,000	Minejesa Capital B.V.	5.63%		08/10/2037	1,300,413
2,400,000	Minerva Luxembourg S.A.	6.50%		09/20/2026	2,505,480
1,600,000	Minerva Luxembourg S.A.	5.88%		01/19/2028	1,608,320
400,000	NBM US Holdings, Inc.	7.00%	^	05/14/2026	420,750
890,000	New Red Finance, Inc.	5.00%	^	10/15/2025	921,595
700,000	Nexa Resources S.A.	5.38%		05/04/2027	745,238
200,000	Oleoducto Central S.A.	4.00%		05/07/2021	204,502
800,000	ONGC Videsh Ltd.	2.88%		01/27/2022	800,976
3,000,000	ONGC Videsh Ltd.	3.75%		07/27/2026	3,118,407
800,000	Orazul Energy Egenor S en C por A	5.63%		04/28/2027	828,500
200,000	Oversea-Chinese Banking Corporation	4.25%		06/19/2024	212,626
2,700,000	Pampa Energia S.A.	7.50%		01/24/2027	2,058,750
1,793,742	Panama Metro Line SP	0.00%		12/05/2022	1,722,441
1,798,013	Panama Metro Line SP	0.00%	^	12/05/2022	1,726,542
265,000	Parkland Fuel Corporation	5.88%	^	07/15/2027	278,730
2,500,000	Pertamina Persero PT	4.30%		05/20/2023	2,635,130
3,300,000	Petrobras Global Finance B.V.	5.75%		02/01/2029	3,647,754
500,000	Petrobras Global Finance B.V.	7.25%		03/17/2044	599,750
300,000	Petrobras Global Finance B.V.	6.90%		03/19/2049	344,700
2,400,000	PTTEP Treasury Center Company Ltd. (5 Year CMT Rate + 2.72%)	4.60%	†	07/17/2022	2,459,275
2,200,000	Radiant Access Ltd.	4.60%	†	05/18/2020	2,158,750
3,300,000	Reliance Holdings, Inc.	5.40%		02/14/2022	3,509,154
900,000	SACI Falabella	3.75%		04/30/2023	926,959
2,300,000	Sinopec Group Overseas Development Ltd.	2.75%		09/29/2026	2,300,525
200,000	Sociedad Quimica y Minera S.A.	4.38%		01/28/2025	212,250
2,395,000	Star Energy Geothermal Wayang Windu Ltd.	6.75%		04/24/2033	2,503,313
150,000	Starfruit Finco B.V.	8.00%	^	10/01/2026	150,375
500,000	Stars Group Holdings B.V.	7.00%	^	07/15/2026	533,750
1,859,724	Stoneway Capital Corporation	10.00%		03/01/2027	1,120,484
1,300,000	SUAM Finance B.V.	4.88%		04/17/2024	1,402,375
585,000	Superior Plus LP	7.00%	^	07/15/2026	620,112
3,000,000	Syngenta Finance N.V.	5.68%		04/24/2048	3,106,354
200,000	Syngenta Finance N.V.	5.68%	^	04/24/2048	207,090
200,000	Tecnoglass, Inc.	8.20%		01/31/2022	216,500
500,000	Telefonica Celular del Paragu	5.88%	^	04/15/2027	536,375
1,000,000	Telefonica Chile S.A.	3.88%		10/12/2022	1,035,600
170,000	Telesat LLC	6.50%	^	10/15/2027	173,400
600,000	Telesat LLC	8.88%	^	11/15/2024	644,280
750,000	Tervita Escrow Corporation	7.63%	^	12/01/2021	765,938
800,000	Transelec S.A.	4.63%		07/26/2023	854,008
800,000	Transportadora de Gas del Peru S.A.	4.25%		04/30/2028	851,508
400,000	Trivium Packaging Finance BV	5.50%	^	08/15/2026	421,480
400,000	Unifin Financiera S.A.B. de C.V.	7.38%		02/12/2026	393,004
3,200,000	Unifin Financiera S.A.B. de C.V. (5 Year CMT Rate + 6.31%)	8.88%	†	01/29/2025	2,856,032
3,241,000	United Overseas Bank Ltd. (5 Year Swap Rate USD + 1.79%)	3.88%	†	10/19/2023	3,268,606
3,000,000	UPL Corporation	3.25%		10/13/2021	3,014,329
1,100,000	Vedanta Resources Finance PLC	9.25%	^	04/23/2026	1,097,525
700,000	Vedanta Resources PLC	7.13%		05/31/2023	692,475
2,700,000	Vedanta Resources PLC	6.13%		08/09/2024	2,494,491
453,000	VTR Finance B.V.	6.88%	^	01/15/2024	467,723
2,650,000	VTR Finance B.V.	6.88%		01/15/2024	2,736,125
2,200,000	YPF S.A.	8.50%		07/28/2025	1,738,022
600,000	YPF S.A.	6.95%		07/21/2027	459,720
Total Foreign Corporate Bonds (Cost $223,699,773)					230,256,803
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations - 0.8%
2,500,000	Chile Government International Bond	3.13%		03/27/2025	2,622,500
200,000	Colombia Government International Bond	4.50%		03/15/2029	222,800
300,000	Colombia Government International Bond	5.20%		05/15/2049	363,303

800,000	Costa Rica Government International Bond	10.00%		08/01/2020	843,008
800,000	Dominican Republic International Bond	6.40%	^	06/05/2049	854,008
200,000	Israel Government International Bond	2.88%		03/16/2026	210,803
700,000	Mexico Government International Bond	3.75%		01/11/2028	722,225
1,000,000	Perusahaan Penerbit	3.40%		03/29/2022	1,022,150
2,000,000	Perusahaan Penerbit	3.75%		03/01/2023	2,074,770
1,700,000	Perusahaan Penerbit	4.15%	^	03/29/2027	1,822,400
1,000,000	Perusahaan Penerbit	4.15%		03/29/2027	1,072,000
Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $11,359,855)					11,829,967
Non-Agency Commercial Mortgage Backed Obligations - 10.8%
916,000	20 Times Square Trust, Series2018-20TS-F	3.20%	# ^	05/15/2035	901,885
916,000	20 Times Square Trust, Series2018-20TS-G	3.20%	# ^	05/15/2035	887,878
159,000	Americold LLC, Series2010-ARTA-C	6.81%	^	01/14/2029	165,266
2,326,000	AREIT Trust, Series2018-CRE1-AS (1 Month LIBOR USD + 1.25%, 1.25% Floor)	3.28%	^	02/14/2035	2,328,761
1,524,000	AREIT Trust, Series2018-CRE1-B (1 Month LIBOR USD + 1.65%, 1.65% Floor)	3.68%	^	02/14/2035	1,527,334
1,532,000	Atrium Hotel Portfolio Trust, Series2017-ATRM-E (1 Month LIBOR USD + 3.05%)	5.08%	^	12/15/2036	1,542,464
1,898,000	Atrium Hotel Portfolio Trust, Series2018-ATRM-E (1 Month LIBOR USD + 3.40%, 3.40% Floor)	5.43%	^	06/15/2035	1,916,161
1,399,000	Bancorp Commercial Mortgage Trust, Series2019-CRE5-D (1 Month LIBOR USD + 2.35%, 2.35% Floor)	4.38%	^	03/15/2036	1,403,002
11,852,049	BANK, Series2017-BNK5-XA	1.23%	# I/O	06/15/2060	695,584
61,520,578	BANK, Series2018-BN11-XA	0.64%	# I/O	03/15/2061	2,215,584
203,000	Barclays Commercial Mortgage Securities LLC, Series2017-DELC-C (1 Month LIBOR USD + 1.20%)	3.23%	^	08/15/2036	202,582
231,000	Barclays Commercial Mortgage Securities LLC, Series2017-DELC-D (1 Month LIBOR USD + 1.70%)	3.73%	^	08/15/2036	231,545
467,000	Barclays Commercial Mortgage Securities LLC, Series2017-DELC-E (1 Month LIBOR USD + 2.50%)	4.53%	^	08/15/2036	468,599
465,000	Barclays Commercial Mortgage Securities LLC, Series2017-DELC-F (1 Month LIBOR USD + 3.50%)	5.53%	^	08/15/2036	467,352
240,000	BBCMS Mortgage Trust, Series2018-CBM-D (1 Month LIBOR USD + 2.39%, 2.39% Floor)	4.42%	^	07/15/2037	240,611
1,958,000	BBCMS Mortgage Trust, Series2018-CBM-E (1 Month LIBOR USD + 3.15%, 3.15% Floor)	5.18%	^	07/15/2037	1,966,648
956,000	BBCMS Mortgage Trust, Series2018-TALL-E (1 Month LIBOR USD + 2.44%)	4.46%	^	03/15/2037	960,017
1,430,000	BB-UBS Trust, Series2012-TFT-TE	3.68%	# ^	06/05/2030	1,392,950
250,000	Bear Stearns Commercial Mortgage Securities, Inc., Series2007-T26-AJ	5.57%	#	01/12/2045	218,120
1,944,000	BHMS Trust, Series2018-ATLS-C (1 Month LIBOR USD + 1.90%, 1.90% Floor)	3.93%	^	07/15/2035	1,950,973
2,373,000	BHP Trust, Series2019-BXHP-D (1 Month LIBOR USD + 1.77%, 1.77% Floor)	3.80%	^	08/15/2036	2,370,305
487,000	BX Commercial Mortgage Trust, Series2018-BIOA-D (1 Month LIBOR USD + 1.32%, 1.35% Floor)	3.35%	^	03/15/2037	488,960
1,914,000	BX Commercial Mortgage Trust, Series2018-BIOA-E (1 Month LIBOR USD + 1.95%, 1.98% Floor)	3.98%	^	03/15/2037	1,923,020
2,000,000	BX Commercial Mortgage Trust, Series2019-IMC-D (1 Month LIBOR USD + 1.90%, 1.90% Floor)	3.93%	^	04/15/2034	2,007,506
450,500	BX Trust, Series2017-APPL-D (1 Month LIBOR USD + 2.05%, 2.05% Floor)	4.08%	^	07/15/2034	451,666
697,850	BX Trust, Series2017-APPL-E (1 Month LIBOR USD + 3.15%, 3.15% Floor)	5.18%	^	07/15/2034	701,361
419,050	BX Trust, Series2017-SLCT-D (1 Month LIBOR USD + 2.05%)	4.08%	^	07/15/2034	419,569
710,600	BX Trust, Series2017-SLCT-E (1 Month LIBOR USD + 3.15%)	5.18%	^	07/15/2034	715,037
611,000	BX Trust, Series2018-GW-E (1 Month LIBOR USD + 1.97%, 1.97% Floor)	4.00%	^	05/15/2035	614,681
530,000	BX Trust, Series2018-GW-F (1 Month LIBOR USD + 2.42%, 2.42% Floor)	4.45%	^	05/15/2035	533,888
367,000	BX Trust, Series2018-GW-G (1 Month LIBOR USD + 2.92%, 2.92% Floor)	4.95%	^	05/15/2035	370,674
1,788,000	BX Trust, Series2018-MCSF-F (1 Month LIBOR USD + 2.65%, 2.65% Floor)	4.67%	^	04/15/2035	1,801,716
2,372,000	BX Trust, Series2019-MMP-E (1 Month LIBOR USD + 1.90%, 1.90% Floor)	3.93%	^	08/15/2036	2,388,286
2,115,000	Carbon Capital Commercial Mortgage Trust, Series2019-FL2-B (1 Month LIBOR USD + 2.85%, 2.85% Floor)	4.88%	^	10/15/2035	2,133,574
9,473,185	CD Commercial Mortgage Trust, Series2017-CD3-XA	1.18%	# I/O	02/10/2050	578,721
4,500,202	CFCRE Commercial Mortgage Trust, Series2016-C4-XA	1.88%	# I/O	05/10/2058	396,141
9,375,025	CFCRE Commercial Mortgage Trust, Series2017-C8-XA	1.81%	# I/O	06/15/2050	831,543
22,058,000	CFCRE Commercial Mortgage Trust, Series2018-TAN-X	1.85%	# ^ I/O	02/15/2033	1,102,309
563,000	CGDBB Commercial Mortgage Trust, Series2017-BIOC-D (1 Month LIBOR USD + 1.60%, 1.60% Floor)	3.63%	^	07/15/2032	563,562
788,000	CGDBB Commercial Mortgage Trust, Series2017-BIOC-E (1 Month LIBOR USD + 2.15%, 2.25% Floor)	4.18%	^	07/15/2032	788,963
1,711,000	CGGS Commercial Mortgage Trust, Series2018-WSS-D (1 Month LIBOR USD + 2.30%, 2.30% Floor)	4.33%	^	02/15/2037	1,711,751
44,178,000	CGGS Commercial Mortgage Trust, Series2018-WSS-XCP	0.00%	# ^ I/O	02/15/2037	442
501,000	CHT Mortgage Trust, Series2017-CSMO-F (1 Month LIBOR USD + 3.74%, 3.74% Floor)	5.77%	^	11/15/2036	504,229
1,771,833	Citigroup Commercial Mortgage Trust, Series2014-GC25-XA	1.15%	# I/O	10/10/2047	75,922
90,000	Citigroup Commercial Mortgage Trust, Series2015-GC27-D	4.57%	# ^	02/10/2048	86,155
2,519,701	Citigroup Commercial Mortgage Trust, Series2016-P4-XA	2.14%	# I/O	07/10/2049	248,281
530,000	Citigroup Commercial Mortgage Trust, Series2018-TBR-E (1 Month LIBOR USD + 2.80%, 2.90% Floor)	4.83%	^	12/15/2036	531,807
1,040,000	Citigroup Commercial Mortgage Trust, Series2018-TBR-F (1 Month LIBOR USD + 3.65%, 3.75% Floor)	5.68%	^	12/15/2036	1,046,996
2,051,000	Citigroup Commercial Mortgage Trust, Series2019-SST2-E (1 Month LIBOR USD + 2.00%, 2.00% Floor)	4.03%	^	12/15/2036	2,058,271
571,000	CLNS Trust, Series2017-IKPR-D (1 Month LIBOR USD + 2.05%, 2.05% Floor)	4.10%	^	06/11/2032	571,352
571,000	CLNS Trust, Series2017-IKPR-E (1 Month LIBOR USD + 3.50%, 3.50% Floor)	5.55%	^	06/11/2032	572,897
571,000	CLNS Trust, Series2017-IKPR-F (1 Month LIBOR USD + 4.50%, 4.50% Floor)	6.55%	^	06/11/2032	574,843
1,187,000	Commercial Mortgage Pass-Through Certificates, Series2012-CR4-D	4.72%	# ^ Þ	10/15/2045	489,103
2,545,798	Commercial Mortgage Pass-Through Certificates, Series2013-CR10-XA	0.83%	# I/O	08/10/2046	59,584
1,534,000	Commercial Mortgage Pass-Through Certificates, Series2013-CR11-D	5.29%	# ^	08/10/2050	1,564,687
1,039,765	Commercial Mortgage Pass-Through Certificates, Series2014-CR17-XA	1.15%	# I/O	05/10/2047	39,937
78,000	Commercial Mortgage Pass-Through Certificates, Series2014-CR19-C	4.91%	#	08/10/2047	83,462
125,000	Commercial Mortgage Pass-Through Certificates, Series2014-CR20-C	4.66%	#	11/10/2047	133,650
233,000	Commercial Mortgage Pass-Through Certificates, Series2015-CR22-D	4.25%	# ^	03/10/2048	232,662
12,996,286	Commercial Mortgage Pass-Through Certificates, Series2015-CR25-XA	1.04%	# I/O	08/10/2048	539,115
7,992,266	Commercial Mortgage Pass-Through Certificates, Series2015-CR27-XA	1.26%	# I/O	10/10/2048	362,208
2,337,509	Commercial Mortgage Pass-Through Certificates, Series2015-DC1-XA	1.25%	# I/O	02/10/2048	90,294
815,000	Commercial Mortgage Pass-Through Certificates, Series2015-LC21-C	4.44%	#	07/10/2048	864,326
12,824,243	Commercial Mortgage Pass-Through Certificates, Series2015-LC21-XA	0.91%	# I/O	07/10/2048	380,514
406,000	Commercial Mortgage Pass-Through Certificates, Series2015-LC23-C	4.80%	#	10/10/2048	437,655
3,510,254	Commercial Mortgage Pass-Through Certificates, Series2016-DC2-XA	1.17%	# I/O	02/10/2049	179,649
2,228,000	Commercial Mortgage Pass-Through Certificates, Series2018-HCLV-D (1 Month LIBOR USD + 2.18%, 2.25% Floor)	4.20%	^	09/15/2033	2,229,713
3,504	Credit Suisse Commercial Mortgage Trust, Series2007-C1-AM	5.42%		02/15/2040	3,523
2,018,458	Credit Suisse Mortgage Capital Certificates, Series2014-USA-X1	0.70%	# ^ I/O	09/15/2037	55,892
2,297,000	Credit Suisse Mortgage Capital Certificates, Series2019-ICE4-E (1 Month LIBOR USD + 2.15%, 2.15% Floor)	4.18%	^	05/15/2036	2,306,012
2,571,255	CSAIL Commercial Mortgage Trust, Series2015-C1-XA	1.00%	# I/O	04/15/2050	93,653
45,667,264	CSAIL Commercial Mortgage Trust, Series2018-CX12-XA	0.78%	# I/O	08/15/2051	2,045,766
1,229,000	CSMC Trust, Series2017-CHOP-E (1 Month LIBOR USD + 3.30%, 3.30% Floor)	5.33%	^	07/15/2032	1,238,069
1,898,000	DBGS Mortgage Trust, Series2018-5BP-F (1 Month LIBOR USD + 2.45%)	4.48%	^	06/15/2033	1,896,128
1,749,542	DBGS Mortgage Trust, Series2018-BIOD-C (1 Month LIBOR USD + 0.95%, 0.95% Floor)	2.98%	^	05/15/2035	1,740,782
2,220,000	DBUBS Mortgage Trust, Series2017-BRBK-E	3.65%	# ^	10/10/2034	2,241,795

189,620	FREMF Mortgage Trust, Series2016-KF22-B (1 Month LIBOR USD + 5.05%, 5.05% Floor)	7.14%	^	07/25/2023	196,504
406,000	GMAC Commercial Mortgage Securities Trust, Series2004-C3-D	5.04%	#	12/10/2041	405,793
564,000	GMAC Commercial Mortgage Securities Trust, Series2004-C3-E	5.14%	# ^	12/10/2041	562,083
100,000	Grace Mortgage Trust, Series2014-GRCE-A	3.37%	^	06/10/2028	101,576
424,000	Great Wolf Trust, Series2017-WOLF-D (1 Month LIBOR USD + 2.10%, 1.00% Floor)	4.13%	^	09/15/2034	424,590
657,000	Great Wolf Trust, Series2017-WOLF-E (1 Month LIBOR USD + 3.10%, 1.00% Floor)	5.13%	^	09/15/2034	658,836
350,000	Great Wolf Trust, Series2017-WOLF-F (1 Month LIBOR USD + 4.07%, 1.00% Floor)	6.10%	^	09/15/2034	351,441
2,370,000	Greystone Commercial Real Estate Notes, Series2019-FL2-D (1 Month LIBOR USD + 2.40%, 2.40% Floor)	4.66%	^	09/15/2037	2,382,739
2,659,620	GS Mortgage Securities Corporation, Series2013-GC10-XA	1.65%	# I/O	02/10/2046	112,558
8,227,050	GS Mortgage Securities Corporation, Series2014-GC24-XA	0.87%	# I/O	09/10/2047	246,050
2,128,000	GS Mortgage Securities Corporation, Series2018-FBLU-F (1 Month LIBOR USD + 3.25%, 3.25% Floor)	5.28%	^	11/15/2035	2,141,509
850,000	GS Mortgage Securities Corporation, Series2018-TWR-E (1 Month LIBOR USD + 2.10%, 2.10% Floor)	4.13%	^	07/15/2031	853,483
850,000	GS Mortgage Securities Corporation, Series2018-TWR-F (1 Month LIBOR USD + 2.80%, 2.80% Floor)	4.83%	^	07/15/2031	854,944
850,000	GS Mortgage Securities Corporation, Series2018-TWR-G (1 Month LIBOR USD + 3.92%, 3.98% Floor)	5.95%	^	07/15/2031	857,973
2,302,000	GS Mortgage Securities CorporationTrust 2019-SOHO, Series2019-SOHO-E (1 Month LIBOR USD + 1.87%, 1.88% Floor)	3.90%	^	06/15/2036	2,300,024
165,000	GS Mortgage Securities Trust, Series2014-GC26-D	4.67%	# ^	11/10/2047	145,583
7,257,037	GS Mortgage Securities Trust, Series2015-GS1-XA	0.94%	# I/O	11/10/2048	304,200
7,329,618	GS Mortgage Securities Trust, Series2016-GS2-XA	1.80%	# I/O	05/10/2049	574,674
169,000	GS Mortgage Securities Trust, Series 2018-GS10-WLSA	5.07%	# ^	03/10/2033	188,308
336,000	GS Mortgage Securities Trust, Series 2018-GS10-WLSB	5.07%	# ^	03/10/2033	371,734
457,000	GS Mortgage Securities Trust, Series 2018-GS10-WLSC	5.07%	# ^	03/10/2033	495,888
442,000	GS Mortgage Securities Trust, Series 2018-GS10-WLSD	5.07%	# ^	03/10/2033	464,382
553,000	GS Mortgage Securities Trust, Series 2018-GS10-WLSE	5.07%	# ^	03/10/2033	570,792
2,377,000	GSCG Trust, Series2019-600C-E	4.12%	# ^	09/06/2034	2,428,452
1,390,000	Hilton Orlando Trust, Series2018-ORL-E (1 Month LIBOR USD + 2.65%)	4.68%	^	12/15/2034	1,401,559
2,254,948	HPLY Trust, Series2019-HIT-F (1 Month LIBOR USD + 3.15%, 3.15% Floor)	5.18%	^	11/15/2036	2,260,585
1,263,000	Hunt Ltd., Series2017-FL1-C (1 Month LIBOR USD + 2.40%)	4.43%	^	08/15/2034	1,262,020
556,000	IMT Trust, Series2017-APTS-EFL (1 Month LIBOR USD + 2.15%)	4.18%	^	06/15/2034	556,666
556,000	IMT Trust, Series2017-APTS-FFL (1 Month LIBOR USD + 2.85%)	4.88%	^	06/15/2034	557,411
152,661	JP Morgan Chase Commercial Mortgage Securities Corporation, Series2017-FL10-B (1 Month LIBOR USD + 1.00%, 1.00% Floor)	3.03%	^	06/15/2032	152,145
243,000	JP Morgan Chase Commercial Mortgage Securities Corporation, Series2017-FL10-C (1 Month LIBOR USD + 1.25%, 1.25% Floor)	3.28%	^	06/15/2032	241,870
786,000	JP Morgan Chase Commercial Mortgage Securities Corporation, Series2017-FL10-D (1 Month LIBOR USD + 1.90%, 1.90% Floor)	3.93%	^	06/15/2032	781,388
604,749	JP Morgan Chase Commercial Mortgage Securities Corporation, Series2018-LAQ-C (1 Month LIBOR USD + 1.60%, 1.60% Floor)	3.63%	^	06/15/2032	607,255
239,980	JP Morgan Chase Commercial Mortgage Securities Corporation, Series2018-LAQ-D (1 Month LIBOR USD + 2.10%, 2.30% Floor)	4.13%	^	06/15/2032	241,982
76,794	JP Morgan Chase Commercial Mortgage Securities Corporation, Series2018-LAQ-E (1 Month LIBOR USD + 3.00%, 3.35% Floor)	5.03%	^	06/15/2035	77,641
108,786	JP Morgan Chase Commercial Mortgage Securities Trust, Series2004-CBX-D	5.10%	#	01/12/2037	108,731
277,512	JP Morgan Chase Commercial Mortgage Securities Trust, Series2006-LDP9-AMS	5.34%		05/15/2047	266,782
6,185,067	JP Morgan Chase Commercial Mortgage Securities Trust, Series2016-JP4-XA	0.88%	# I/O	12/15/2049	206,516
1,431,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series2016-WIKI-E	4.14%	# ^	10/05/2031	1,449,060
1,957,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series2018-WPT-EFX	5.54%	^	07/05/2033	2,085,456
766,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series2019-UES-C	4.34%	^	05/05/2032	815,939
784,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series2019-UES-D	4.60%	# ^	05/05/2032	828,868
915,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series2019-UES-E	4.60%	# ^	05/05/2032	947,783
960,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series2019-UES-F	4.60%	# ^	05/05/2032	966,079
1,049,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series2019-UES-G	4.60%	# ^	05/05/2032	1,020,291
1,755,852	JPMBB Commercial Mortgage Securities Trust, Series2014-C18-XA	1.01%	# I/O	02/15/2047	54,103
100,000	JPMBB Commercial Mortgage Securities Trust, Series2014-C23-C	4.61%	#	09/15/2047	106,536
150,000	JPMBB Commercial Mortgage Securities Trust, Series2014-C25-C	4.60%	#	11/15/2047	155,580
425,000	JPMBB Commercial Mortgage Securities Trust, Series2014-C26-C	4.52%	#	01/15/2048	452,190
2,230,000	JPMBB Commercial Mortgage Securities Trust, Series2015-C29-C	4.29%	#	05/15/2048	2,325,589
5,933,999	JPMBB Commercial Mortgage Securities Trust, Series2015-C29-XA	0.90%	# I/O	05/15/2048	148,781
5,461,902	JPMBB Commercial Mortgage Securities Trust, Series2015-C31-XA	1.07%	# I/O	08/15/2048	216,818
470,000	JPMBB Commercial Mortgage Securities Trust, Series2015-C33-C	4.77%	#	12/15/2048	503,491
2,532,000	LCCM, Series2017-LC26-C	4.71%	^	07/12/2050	2,691,041
4,156,410	LSTAR Commercial Mortgage Trust, Series2016-4-XA	2.03%	# ^ I/O	03/10/2049	253,979
16,454,533	LSTAR Commercial Mortgage Trust, Series2017-5-X	1.26%	# ^ I/O	03/10/2050	684,168
2,957,000	Madison Avenue Trust, Series2013-650M-E	4.17%	# ^	10/12/2032	2,949,444
2,176,000	Monarch Beach Resort Trust, Series2018-MBR-F (1 Month LIBOR USD + 2.55%, 2.55% Floor)	4.58%	^	07/15/2035	2,183,433
100,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series2014-C18-C	4.68%	#	10/15/2047	106,279
500,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series2014-C19-C	4.00%		12/15/2047	516,867
500,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series2015-C20-C	4.61%	#	02/15/2048	531,081
301,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series2015-C20-D	3.07%	^	02/15/2048	282,455
360,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series2015-C23-C	4.27%	#	07/15/2050	374,418
274,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series2015-C27-C	4.68%	#	12/15/2047	286,412
393,000	Morgan Stanley Capital Trust, Series2017-ASHF-D (1 Month LIBOR USD + 2.20%)	4.23%	^	11/15/2034	393,490
590,000	Morgan Stanley Capital Trust, Series2017-ASHF-E (1 Month LIBOR USD + 3.15%)	5.18%	^	11/15/2034	590,736
447,000	Morgan Stanley Capital Trust, Series2017-ASHF-F (1 Month LIBOR USD + 4.35%)	6.38%	^	11/15/2034	447,837
679,000	Morgan Stanley Capital Trust, Series2017-CLS-E (1 Month LIBOR USD + 1.95%, 1.95% Floor)	3.98%	^	11/15/2034	680,865
755,000	Morgan Stanley Capital Trust, Series2017-CLS-F (1 Month LIBOR USD + 2.60%, 2.60% Floor)	4.63%	^	11/15/2034	758,367
561,000	Morgan Stanley Capital Trust, Series2018-SUN-D (1 Month LIBOR USD + 1.65%, 1.65% Floor)	3.68%	^	07/15/2035	561,950
837,000	Morgan Stanley Capital Trust, Series2018-SUN-F (1 Month LIBOR USD + 2.55%, 2.55% Floor)	4.58%	^	07/15/2035	839,352
561,000	Morgan Stanley Capital Trust, Series2018-SUN-G (1 Month LIBOR USD + 3.05%, 3.05% Floor)	5.08%	^	07/15/2035	563,040
979,983	Motel 6 Trust, Series2017-MTL6-D (1 Month LIBOR USD + 2.15%, 2.15% Floor)	4.18%	^	08/15/2034	983,865
550,800	MSCG Trust, Series2016-SNR-C	5.21%	^	11/15/2034	562,756
2,267,000	MSCG Trust, Series2018-SELF-F (1 Month LIBOR USD + 3.05%, 3.05% Floor)	5.08%	^	10/15/2037	2,275,612
1,919,000	Natixis Commercial Mortgage Securities Trust, Series2018-FL1-C (1 Month LIBOR USD + 2.20%, 2.20% Floor)	4.40%	^	06/15/2035	1,903,770
71,041,072	Natixis Commercial Mortgage Securities Trust, Series2018-FL1-XCP	0.89%	# ^ I/O	06/15/2021	491,320
2,047,000	NLY Commercial Mortgage Trust, Series2019-FL2-B (1 Month LIBOR USD + 1.90%, 1.90% Floor)	3.93%	^	02/15/2036	2,061,841
2,221,000	One Market Plaza Trust, Series2017-1MKT-E	4.14%	^	02/10/2032	2,245,616
907,578	PFP Ltd., Series2017-4-C (1 Month LIBOR USD + 2.25%, 2.25% Floor)	4.28%	^	07/14/2035	909,431
2,231,000	PFP Ltd., Series2019-5-B (1 Month LIBOR USD + 1.65%)	3.68%	^	04/14/2036	2,241,597
1,573,000	STWD Ltd., Series2019-FL1-D (1 Month LIBOR USD + 2.35%, 0.00% Floor)	4.62%	^	07/15/2038	1,584,404
1,283,167	Tharaldson Hotel Portfolio Trust, Series2018-THL-E (1 Month LIBOR USD + 3.18%, 3.10% Floor)	5.22%	^	11/11/2034	1,289,697
1,541,000	TRTX Issuer Ltd.2018-FL2-D, Series2018-FL2-D (1 Month LIBOR USD + 2.70%, 0.00% Floor)	4.72%	^	11/15/2037	1,560,262

1,097,000	UBS Commercial Mortgage Trust, Series2018-C8-C	4.86%	#	02/15/2051	1,210,946
15,907,101	UBS Commercial Mortgage Trust, Series2018-C8-XA	1.04%	# I/O	02/15/2051	952,641
1,500,000	VMC Finance LLC, Series2019-FL3-D (1 Month LIBOR USD + 2.65%, 2.65% Floor)	4.85%	^	09/15/2036	1,504,690
500,000	Wells Fargo Commercial Mortgage Trust, Series2014-LC16-D	3.94%	^	08/15/2050	411,758
200,000	Wells Fargo Commercial Mortgage Trust, Series2015-C27-C	3.89%		02/15/2048	202,695
400,000	Wells Fargo Commercial Mortgage Trust, Series2015-C28-C	4.25%	#	05/15/2048	412,999
10,413,083	Wells Fargo Commercial Mortgage Trust, Series2015-C30-XA	1.05%	# I/O	09/15/2058	468,425
540,000	Wells Fargo Commercial Mortgage Trust, Series2015-C31-C	4.76%	#	11/15/2048	580,044
5,677,412	Wells Fargo Commercial Mortgage Trust, Series2015-C31-XA	1.18%	# I/O	11/15/2048	290,303
2,626,774	Wells Fargo Commercial Mortgage Trust, Series2015-NXS1-XA	1.27%	# I/O	05/15/2048	106,612
8,643,222	Wells Fargo Commercial Mortgage Trust, Series2015-NXS2-XA	0.87%	# I/O	07/15/2058	244,117
411,000	Wells Fargo Commercial Mortgage Trust, Series2015-NXS4-C	4.75%	#	12/15/2048	445,704
2,677,271	Wells Fargo Commercial Mortgage Trust, Series2016-C33-XA	1.92%	# I/O	03/15/2059	212,387
15,492,461	Wells Fargo Commercial Mortgage Trust, Series2017-C38-XA	1.21%	# I/O	07/15/2050	982,628
3,033,999	Wells Fargo Commercial Mortgage Trust, Series2017-RC1-XA	1.67%	# I/O	01/15/2060	244,775
1,036,907	Wells Fargo Commercial Mortgage Trust, Series2018-BXI-E (1 Month LIBOR USD + 2.16%)	4.18%	^	12/15/2036	1,043,702
2,267,000	Wells Fargo Commercial Mortgage Trust, Series2018-C47-C	5.10%	#	09/15/2061	2,507,853
3,382,975	WF-RBS Commercial Mortgage Trust, Series2014-C21-XA	1.20%	# I/O	08/15/2047	138,489
4,927,469	WF-RBS Commercial Mortgage Trust, Series2016-NXS6-XA	1.78%	# I/O	11/15/2049	375,857
TotalNon-Agency Commercial Mortgage Backed Obligations (Cost $156,589,200)					155,091,164
Non-Agency Residential Collateralized Mortgage Obligations - 21.8%
4,437,099	ACE Securities Corporation Home Equity Loan Trust, Series2007-HE1-A2A (1 Month LIBOR USD + 0.09%, 0.09% Floor)	2.11%		01/25/2037	3,233,394
5,258,174	Ajax Mortgage Loan Trust, Series2017-C-A	3.75%	^§	07/25/2060	5,289,280
8,128,958	APS Resecuritization Trust, Series2015-3-1MZ (12 Month US Treasury Average + 0.96%, 0.96% Floor)	2.79%	^>	10/27/2046	7,279,198
750,000	Banc of America Funding Corporation, Series2005-B-3M1 (1 Month LIBOR USD + 0.68%, 0.45% Floor, 11.00% Cap)	2.72%		04/20/2035	746,260
7,787,627	Bayview Opportunity Master Fund Trust, Series2018-SBR4-A1	4.38%	^§	06/28/2033	7,850,590
1,229,400	Bear StearnsAlt-A Trust, Series2006-4-22A1	4.46%	#	08/25/2036	1,147,704
2,218,557	Bear Stearns ARM Trust, Series2006-2-2A1	4.28%	#	07/25/2036	2,113,915
2,783,478	Chase Mortgage Finance Trust, Series2007-S4-A4 (1 Month LIBOR USD + 0.60%, 0.60% Floor, 6.00% Cap)	2.62%		06/25/2037	1,347,300
7,510,246	CHL Mortgage Pass-Through Trust, Series2007-14-A19	6.00%		09/25/2037	6,085,991
6,776,817	CHL Mortgage Pass-Through Trust, Series2007-9-A1	5.75%		07/25/2037	5,682,066
6,056,644	CHL Mortgage Pass-Through Trust, Series2007-9-A13	5.75%		07/25/2037	5,090,380
4,800,000	CHL Mortgage Pass-Through Trust, Series2018-GT1-A (1 Month LIBOR USD + 2.75%)	4.77%	^	05/25/2023	4,820,050
13,420,000	CIM Trust, Series2017-3RR-B2	10.97%	# ^ Þ	01/27/2057	13,939,824
3,144,285	Citigroup Mortgage Loan Trust, Inc., Series2006-AMC1-A1 (1 Month LIBOR USD + 0.15%, 0.15% Floor)	2.16%	^	09/25/2036	3,060,085
4,766,520	Citigroup Mortgage Loan Trust, Inc., Series2006-AR6-2A3 (1 Month LIBOR USD + 0.25%, 0.25% Floor)	2.27%		09/25/2036	4,720,620
9,098,346	CitiMortgage Alternative Loan Trust, Series2007-A5-1A1	6.00%		05/25/2037	9,063,087
1,329,491	CitiMortgage Alternative Loan Trust, Series2007-A5-1A10	5.75%		05/25/2037	1,307,287
1,902,625	Civic Mortgage LLC, Series2018-2-A2	5.32%	^§	11/25/2022	1,899,391
466,058	Countrywide Alternative Loan Trust, Series2005-75CB-A3	5.50%		01/25/2036	435,784
663,325	Countrywide Alternative Loan Trust, Series2006-23CB-2A2	6.50%		08/25/2036	407,303
472,588	Countrywide Alternative Loan Trust, Series2007-15CB-A7	6.00%		07/25/2037	434,050
675,615	Countrywide Alternative Loan Trust, Series2008-1R-2A3	6.00%		08/25/2037	569,116
390,680	Countrywide Home Loans, Series 2005-HYB9-3A2A (12 Month LIBOR USD + 1.75%, 1.75% Floor, 11.00% Cap)	3.71%		02/20/2036	346,624
383,510	Countrywide Home Loans, Series2007-14-A15	6.50%		09/25/2037	322,397
810,244	Countrywide Home Loans, Series2007-HY1-1A1	4.45%	#	04/25/2037	803,258
369,424	Credit Suisse First Boston Mortgage Backed Trust, Series2006-2-A5A	6.08%		09/25/2036	215,288
658,915	Credit Suisse First Boston Mortgage Securities Corporation, Series2005-10-6A9	5.50%		11/25/2035	527,961
319,853	Credit Suisse First Boston Mortgage Securities Corporation, Series2005-9-5A9	5.50%		10/25/2035	285,564
1,500,000	Credit Suisse Mortgage Capital Certificates, Series2011-12R-3A5	4.12%	# ^	07/27/2036	1,500,483
216,354	Credit Suisse Mortgage Capital Certificates, Series2011-5R-6A9	3.95%	# ^	11/27/2037	221,920
197,503	Deutsche Mortgage & Asset Receiving Corporation, Series2014-RS1-1A2	6.50%	# ^	07/27/2037	194,134
364,951	Deutsche Securities, Inc., Series2006-AB4-A1A	6.01%	#	10/25/2036	351,097
15,000,000	FMC GMSR Issuer Trust, Series2019-GT1-A	5.07%	# ^	05/25/2024	15,514,191
10,000,000	Freddie Mac STACR Trust, Series2019-DNA2-M2 (1 Month LIBOR USD + 2.45%, 0.00% Floor)	4.47%	^	03/25/2049	10,119,241
5,502,638	GCAT LLC, Series2018-1-A1	3.84%	^§	06/25/2048	5,523,934
14,000,000	Home Partners of America Trust, Series2019-2-F	3.87%	^	10/19/2039	14,120,050
1,113,349	Impac Secured Assets Trust, Series2006-5-1A1C (1 Month LIBOR USD + 0.27%, 0.27% Floor, 11.50% Cap)	2.29%		02/25/2037	1,016,796
2,115,373	IndyMac Mortgage Loan Trust, Series2004-AR4-3A	4.37%	#	08/25/2034	2,125,615
2,083,836	IndyMac Mortgage Loan Trust, Series2006-AR19-2A1	3.81%	#	08/25/2036	1,901,079
12,649,592	IndyMac Mortgage Loan Trust, Series2007-FLX6-1A1 (1 Month LIBOR USD + 0.25%, 0.25% Floor)	2.27%		09/25/2037	12,547,441
598,823	JP Morgan Mortgage Trust, Series2005-S3-1A2	5.75%		01/25/2036	471,826
708,569	JP Morgan Mortgage Trust, Series2007-A2-4A1M	4.17%	#	04/25/2037	658,277
174,399	Lehman Mortgage Trust, Series2006-1-1A3	5.50%		02/25/2036	146,176
8,858,624	Lehman Trust, Series2006-GP3-1A1 (1 Month LIBOR USD + 0.20%, 0.20% Floor)	2.22%		06/25/2046	8,902,375
3,000,000	loanDepot GMSR Master Trust, Series2018-GT1-A (1 Month LIBOR USD + 2.80%, 2.80% Floor)	4.83%	^	10/16/2023	3,025,392
143,935	MASTR Adjustable Rate Mortgages Trust, Series2006-2-2A1	4.56%	#	04/25/2036	127,448
2,690,000	Mello Warehouse Securitization Trust, Series2019-1-F (1 Month LIBOR USD + 3.50%, 3.50% Floor)	5.52%	^	06/25/2052	2,698,330
356,579	Merrill Lynch Alternative Note Asset Trust, Series2007-F1-2A7	6.00%		03/25/2037	252,633
775,165	Merrill Lynch Mortgage Investors Trust, Series2006-AF1-AF2C	6.25%		08/25/2036	534,077
10,273,893	MFA LLC, Series2018-NPL2-A1	4.16%	^§	07/25/2048	10,376,095
136,830	Morgan Stanley Mortgage Loan Trust, Series2005-7-4A1	5.50%		11/25/2035	123,131
118,231	Morgan Stanley Mortgage Loan Trust, Series2006-2-2A4	5.75%		02/25/2036	122,753
451,473	Morgan Stanley Mortgage Loan Trust, Series2006-2-7A1	5.67%	#	02/25/2036	391,727
629,542	Morgan Stanley Mortgage Loan Trust, Series2007-8XS-A1	5.75%	#	04/25/2037	431,377
10,546,642	Morgan Stanley Resecuritization Trust, Series2013-R7-8B (12 Month US Treasury Average + 0.96%, 0.96% Floor)	3.44%	^ Þ	12/26/2046	9,945,546
4,073,755	New Century Home Equity Loan Trust, Series2006-1-A2B (1 Month LIBOR USD + 0.18%, 0.18% Floor, 12.50% Cap)	2.20%		05/25/2036	3,870,771
6,499,853	New Residential Mortgage Loan Trust, Series2018-FNT2-B	4.09%	^	07/25/2054	6,609,843
12,582,549	NovaStar Mortgage Funding Trust Series, Series2006-3-A2C (1 Month LIBOR USD + 0.16%, 0.16% Floor)	2.18%		10/25/2036	7,359,363
14,181,686	PMT Credit Risk Transfer Trust2019-2R, Series2019-2R-A (1 Month LIBOR USD + 2.75%, 2.75% Floor)	4.89%	^	05/27/2023	14,265,704
17,600,000	PNMAC GMSR Trust, Series2018-FT1-A (1 Month LIBOR USD + 2.35%)	4.37%	^	04/25/2023	17,524,957
3,100,000	Progress Residential Trust, Series2019-SFR4-F	3.68%	^	11/17/2036	3,125,544
654,730	PRPM LLC, Series2017-1A-A1	4.25%	^§	01/25/2022	657,789
3,500,000	PRPM LLC, Series2017-2A-A2	5.00%	^§	09/25/2022	3,517,727
6,085,676	PRPM LLC, Series2018-1A-A1	3.75%	# ^	04/25/2023	6,106,505
245,627	Residential Accredit Loans, Inc., Series2006-QS10-A9	6.50%		08/25/2036	235,822

554,407	Residential Accredit Loans, Inc., Series2006-QS12-2A3	6.00%		09/25/2036	541,825
1,983,978	Residential Asset Securitization Trust, Series2005-A15-5A2	5.75%		02/25/2036	1,372,619
425,231	Residential Asset Securitization Trust, Series2006-A2-A11	6.00%		01/25/2046	303,060
6,210,381	Residential Funding Mortgage Securities Trust, Series2006-S8-A10	6.00%		09/25/2036	5,959,026
6,638,756	Soundview Home Loan Trust, Series2007-OPT1-2A2 (1 Month LIBOR USD + 0.15%, 0.15% Floor)	2.17%		06/25/2037	5,059,729
2,128,837	Structured Adjustable Rate Mortgage Loan Trust, Series2005-22-4A1	4.49%	#	12/25/2035	2,052,661
7,895,206	Structured Asset Securities Corporation, Series2007-RF1-1A (1 Month LIBOR USD + 0.19%, 0.19% Floor)	2.21%	^	03/25/2037	6,916,804
13,566,020	TBW Mortgage Backed Pass Through, Series2006-3-4A1 (1 Month LIBOR USD + 0.40%, 0.40% Floor, 7.50% Cap)	2.42%		07/25/2036	1,693,492
13,566,108	TBW Mortgage Backed Pass Through, Series2006-3-4A3(-1 x 1 Month LIBOR USD + 7.10%, 7.10% Cap)	5.08%	I/F I/O	07/25/2036	3,177,278
10,000,000	Toorak Mortgage Corporation Ltd., Series2019-1-A1	4.46%	^§	03/25/2022	10,224,510
5,000,000	Tricon American Homes Trust, Series2019-SFR1-F	3.75%	^	03/17/2038	5,042,090
2,409,660	Velocity Commercial Capital Loan Trust, Series2018-2-M1	4.26%	# ^	10/26/2048	2,470,812
1,261,851	Velocity Commercial Capital Loan Trust, Series2018-2-M2	4.51%	# ^	10/26/2048	1,295,585
817,703	Velocity Commercial Capital Loan Trust, Series2018-2-M3	4.72%	# ^	10/26/2048	841,144
3,258,906	Velocity Commercial Capital Loan Trust, Series2019-2-M4	3.99%	# ^	07/25/2049	3,293,398
1,296,591	Verus Securitization, Series2017-1A-A3	3.72%	# ^	01/25/2047	1,297,461
5,000,000	VOLT LLC, Series2018-NPL6-A1B	4.56%	^§	09/25/2048	5,042,074
937,102	Washington Mutual Mortgage Pass-Through Certificates, Series2006-2-4CB	6.00%		03/25/2036	922,213
599,777	Wells Fargo Alternative Loan Trust, Series2007-PA5-1A1	6.25%		11/25/2037	598,096
TotalNon-Agency Residential Collateralized Mortgage Obligations (Cost $316,474,288)					313,744,813
US Corporate Bonds - 7.1%
395,000	Acrisure LLC	8.13%	^	02/15/2024	426,353
95,000	Advanced Drainage Systems, Inc.	5.00%	^	09/30/2027	96,543
565,000	AECOM	5.13%		03/15/2027	596,075
350,000	Air Medical Merger Sub Corporation	6.38%	^	05/15/2023	306,250
110,000	AK Steel Corporation	7.63%		10/01/2021	108,900
140,000	AK Steel Corporation	6.38%		10/15/2025	120,050
625,000	Albertsons LLC	5.88%	^	02/15/2028	663,087
765,000	Alliant Holdings Intermediate LLC	8.25%	^	08/01/2023	783,169
300,000	Allied Universal Holding Company	6.63%	^	07/15/2026	317,625
215,000	Allied Universal Holding Company	9.75%	^	07/15/2027	224,593
800,000	Allison Transmission, Inc.	5.00%	^	10/01/2024	819,000
325,000	AMC Merger, Inc.	8.00%	^	05/15/2025	222,625
250,000	American Axle & Manufacturing, Inc.	6.25%		03/15/2026	240,000
265,000	Amsted Industries, Inc.	5.63%	^	07/01/2027	280,237
335,000	Antero Midstream Partners LP	5.75%	^	03/01/2027	280,556
660,000	Aramark Services, Inc.	5.00%	^	04/01/2025	683,100
305,000	Argos Merger Sub, Inc.	7.13%	^	03/15/2023	288,225
580,000	Ascend Learning LLC	6.88%	^	08/01/2025	602,475
185,000	Ascend Learning LLC	6.88%	^	08/01/2025	193,094
675,000	AssuredPartners, Inc.	7.00%	^	08/15/2025	678,375
695,000	Avantor, Inc.	9.00%	^	10/01/2025	782,744
450,000	B&G Foods, Inc.	5.25%		04/01/2025	461,250
290,000	B&G Foods, Inc.	5.25%		09/15/2027	296,916
195,000	Banff Merger Sub, Inc.	9.75%	^	09/01/2026	187,102
210,000	Bausch Health Companies, Inc.	7.00%	^	03/15/2024	221,227
170,000	Bausch Health Companies, Inc.	5.75%	^	08/15/2027	184,166
545,000	Bausch Health Cos, Inc.	7.25%	^	05/30/2029	596,666
545,000	Bausch Health Cos, Inc.	7.00%	^	01/15/2028	588,382
790,000	Beacon Escrow Corporation	4.88%	^	11/01/2025	778,150
190,000	Beacon Roofing Supply, Inc.	4.50%	^	11/15/2026	191,662
270,000	Berry Global Escrow Corporation	5.63%	^	07/15/2027	280,125
785,000	Boyne USA, Inc.	7.25%	^	05/01/2025	859,261
635,000	Builders FirstSource, Inc.	5.63%	^	09/01/2024	662,781
155,000	Builders FirstSource, Inc.	6.75%	^	06/01/2027	167,787
100,000	Calfrac Holdings LP	8.50%	^	06/15/2026	45,000
280,000	Calpine Corporation	5.75%		01/15/2025	288,050
275,000	Calpine Corporation	5.25%	^	06/01/2026	285,656
280,000	Carvana Company	8.88%	^	10/01/2023	289,716
445,000	Catalent Pharma Solutions, Inc.	5.00%	^	07/15/2027	462,800
1,520,000	CCO Holdings LLC	5.75%	^	02/15/2026	1,607,400
395,000	CCO Holdings LLC	5.00%	^	02/01/2028	409,319
275,000	CDK Global, Inc.	5.88%		06/15/2026	293,562
195,000	CDK Global, Inc.	5.25%	^	05/15/2029	202,069
420,000	Cedar Fair LP	5.25%	^	07/15/2029	450,975
365,000	Cengage Learning, Inc.	9.50%	^	06/15/2024	335,800
735,000	Centene Corporation	4.75%		01/15/2025	756,315
240,000	Centene Corporation	5.38%	^	06/01/2026	252,000
270,000	Century Communities, Inc.	6.75%	^	06/01/2027	290,655
400,000	CFX Escrow Corporation	6.00%	^	02/15/2024	424,840
385,000	CFX Escrow Corporation	6.38%	^	02/15/2026	414,717
780,000	Cheniere Energy Partners LP	5.25%		10/01/2025	814,320
315,000	Cheniere Energy Partners LP	5.63%		10/01/2026	335,837
190,000	Cheniere Energy Partners LP	4.50%	^	10/01/2029	195,106
450,000	Cincinnati Bell, Inc.	7.00%	^	07/15/2024	418,500
490,000	Clean Harbors, Inc.	4.88%	^	07/15/2027	512,662
110,000	Clean Harbors, Inc.	5.13%	^	07/15/2029	116,875
302,000	Clear Channel Worldwide Holdings, Inc.	9.25%	^	02/15/2024	332,550
355,000	Clear Channel Worldwide Holdings, Inc.	5.13%	^	08/15/2027	370,744
190,000	CNO Financial Group, Inc.	5.25%		05/30/2029	208,525
747,000	CNX Midstream Partners LP	6.50%	^	03/15/2026	692,917
320,000	CommScope Finance LLC	5.50%	^	03/01/2024	330,800
130,000	CommScope Finance LLC	6.00%	^	03/01/2026	135,174
310,000	Constellation Merger Sub, Inc.	8.50%	^	09/15/2025	261,175
660,000	Cott Holdings, Inc.	5.50%	^	04/01/2025	687,245
470,000	CRC Issuer LLC	5.25%	^	10/15/2025	481,703

510,000	Credit Acceptance Corporation	6.63%	^	03/15/2026	546,975
410,000	Crown Americas LLC	4.50%		01/15/2023	431,525
115,000	Crown Americas LLC	4.75%		02/01/2026	120,606
515,000	CSC Holdings LLC	5.25%		06/01/2024	554,912
645,000	CSC Holdings LLC	5.75%	^	01/15/2030	674,909
610,000	CSI Compressco LP	7.50%	^	04/01/2025	602,375
500,000	Dana Financing Ltd.	5.75%	^	04/15/2025	512,925
235,000	Diamond Sports Group LLC	5.38%	^	08/15/2026	244,400
315,000	DISH DBS Corporation	5.88%		11/15/2024	313,425
105,000	Dun & Bradstreet Corporation	10.25%	^	02/15/2027	116,550
305,000	Eagle Holding Company (PIK 9.00%)	7.75%	^	05/15/2022	308,050
300,000	EES Finance Corporation	8.13%		05/01/2025	300,375
390,000	Eldorado Resorts, Inc.	6.00%		04/01/2025	412,425
500,000	Embarq Corporation	8.00%		06/01/2036	496,720
140,000	Encompass Health Corporation	4.50%		02/01/2028	141,890
45,000	Encompass Health Corporation	4.75%		02/01/2030	45,580
400,000	Energizer Holdings, Inc.	7.75%	^	01/15/2027	446,680
726,000	Ensemble S Merger Sub, Inc.	9.00%	^	09/30/2023	746,872
95,000	Enterprise Merger Sub, Inc.	8.75%	^	10/15/2026	58,425
255,000	EP Energy LLC	7.75%	^	05/15/2026	192,525
901,000	ESH Hospitality, Inc.	5.25%	^	05/01/2025	933,661
185,000	ESH Hospitality, Inc.	4.63%	^	10/01/2027	185,925
155,000	Extraction Oil & Gas, Inc.	5.63%	^	02/01/2026	95,712
345,000	Financial & Risk US Holdings, Inc.	6.25%	^	05/15/2026	370,872
355,000	Financial & Risk US Holdings, Inc.	8.25%	^	11/15/2026	392,719
455,000	Flex Acquisition Company, Inc.	6.88%	^	01/15/2025	417,280
430,000	Foresight Energy LLC	11.50%	^	04/01/2023	93,525
490,000	Frontdoor, Inc.	6.75%	^	08/15/2026	537,785
120,000	Frontier Communications Corporation	8.50%		04/15/2020	63,600
220,000	Frontier Communications Corporation	7.13%		01/15/2023	98,450
175,000	Frontier Communications Corporation	8.50%	^	04/01/2026	175,420
310,000	Frontier Communications Corporation	8.00%	^	04/01/2027	327,729
237,000	FTS International, Inc.	6.25%		05/01/2022	195,525
775,000	Genesys Telecommunications Laboratories, Inc.	10.00%	^	11/30/2024	839,759
515,000	Global Aircraft Leasing Company (PIK 7.00%)	6.50%	^	09/15/2024	522,725
435,000	Gogo Finance Company, Inc.	9.88%	^	05/01/2024	466,537
240,000	Golden Entertainment, Inc.	7.63%	^	04/15/2026	251,400
855,000	Golden Nugget, Inc.	6.75%	^	10/15/2024	878,512
110,000	Golden Nugget, Inc.	8.75%	^	10/01/2025	114,950
200,000	Gray Television, Inc.	5.13%	^	10/15/2024	207,750
340,000	Gray Television, Inc.	7.00%	^	05/15/2027	374,833
195,000	GrubHub Holdings, Inc.	5.50%	^	07/01/2027	199,387
300,000	GTT Communications, Inc.	7.88%	^	12/31/2024	171,000
405,000	Gulfport Energy Corporation	6.38%		05/15/2025	289,575
195,000	HCA, Inc.	5.25%		04/15/2025	217,175
1,105,000	HCA, Inc.	5.38%		09/01/2026	1,216,826
55,000	HCA, Inc.	5.88%		02/01/2029	61,600
1,105,000	Hess Infrastructure Partners LP	5.63%	^	02/15/2026	1,160,250
225,000	Hexion, Inc.	7.88%	^	07/15/2027	223,312
320,000	HilCorporationEnergy LP	6.25%	^	11/01/2028	299,200
140,000	Hill-Rom Holdings, Inc.	4.38%	^	09/15/2027	143,479
1,115,000	Hilton Domestic Operating Company, Inc.	4.25%		09/01/2024	1,138,694
400,000	Horizon Pharma USA, Inc.	5.50%	^	08/01/2027	417,000
330,000	IAA Spinco, Inc.	5.50%	^	06/15/2027	348,975
355,000	Icahn Enterprises Finance Corporation	6.25%		02/01/2022	365,117
135,000	Icahn Enterprises Finance Corporation	6.38%		12/15/2025	142,292
690,000	Icahn Enterprises Finance Corporation	6.25%	^	05/15/2026	724,500
110,000	iHeartCommunications, Inc.	6.38%		05/01/2026	119,350
55,000	iHeartCommunications, Inc.	8.38%		05/01/2027	59,675
235,000	iHeartCommunications, Inc.	5.25%	^	08/15/2027	244,987
205,000	Indigo Natural Resources LLC	6.88%	^	02/15/2026	185,781
720,000	Informatica LLC	7.13%	^	07/15/2023	734,400
335,000	Installed Building Products, Inc.	5.75%	^	02/01/2028	346,306
475,000	IQVIA, Inc.	5.00%	^	05/15/2027	498,750
525,000	IRB Holding Corporation	6.75%	^	02/15/2026	528,937
610,000	Iridium Communications, Inc.	10.25%	^	04/15/2023	658,800
295,000	Iron Mountain, Inc.	4.88%	^	09/15/2029	300,251
235,000	iStar, Inc.	4.75%		10/01/2024	239,406
65,000	JBS LLC	5.75%	^	06/15/2025	67,962
95,000	JBS USA Finance, Inc.	5.88%	^	07/15/2024	98,033
390,000	JBS USA Finance, Inc.	6.75%	^	02/15/2028	433,387
375,000	JBS USA Finance, Inc.	6.50%	^	04/15/2029	417,187
165,000	JBS USA LUX S.A.	5.50%	^	01/15/2030	175,309
635,000	JELD-WEN, Inc.	4.63%	^	12/15/2025	638,988
560,000	KAR Auction Services, Inc.	5.13%	^	06/01/2025	582,400
335,000	Kratos Defense & Security Solutions, Inc.	6.50%	^	11/30/2025	358,450
690,000	Level 3 Financing, Inc.	5.38%		01/15/2024	705,421
350,000	Level 3 Financing, Inc.	4.63%	^	09/15/2027	354,043
435,000	Lions Gate Capital Holdings LLC	6.38%	^	02/01/2024	461,048
680,000	Live Nation Entertainment, Inc.	5.63%	^	03/15/2026	725,050
720,000	LTF Merger Sub, Inc.	8.50%	^	06/15/2023	739,800
440,000	Marriott Ownership Resorts, Inc.	6.50%		09/15/2026	476,300
470,000	Masonite International Corporation	5.75%	^	09/15/2026	497,613
590,000	Match Group, Inc.	5.00%	^	12/15/2027	615,075
175,000	Matterhorn Merger Sub LLC	8.50%	^	06/01/2026	131,688
430,000	MGM Growth Properties LP	5.75%	^	02/01/2027	483,342
510,000	MGM Resorts International	5.75%		06/15/2025	564,188

240,000	Moss Creek Resources Holdings, Inc.	7.50%	^	01/15/2026		177,900
465,000	MPH Acquisition Holdings LLC	7.13%	^	06/01/2024		430,706
305,000	MPT Finance Corporation	4.63%		08/01/2029		314,722
110,000	MPT Operating Partnership LP	5.25%		08/01/2026		115,665
695,000	MPT Operating Partnership LP	5.00%		10/15/2027		729,750
570,000	Murphy Oil USA, Inc.	4.75%		09/15/2029		584,250
290,000	Nabors Industries, Inc.	5.75%		02/01/2025		216,050
640,000	Navient Corporation	6.50%		06/15/2022		683,200
350,000	Netflix, Inc.	5.88%		02/15/2025		385,224
175,000	Netflix, Inc.	5.38%	^	11/15/2029		182,438
730,000	NFP Corporation	6.88%	^	07/15/2025		727,263
270,000	NGL Energy Finance Corporation	7.50%	^	04/15/2026		271,890
425,000	NRG Energy, Inc.	5.25%	^	06/15/2029		458,596
590,000	NuStar Logistics LP	6.00%		06/01/2026		640,032
325,000	NVA Holdings, Inc.	6.88%	^	04/01/2026		346,531
360,000	Oasis Petroleum, Inc.	6.88%		03/15/2022		337,500
260,000	Oasis Petroleum, Inc.	6.25%	^	05/01/2026		211,900
335,000	Panther BF Aggregator LP	6.25%	^	05/15/2026		353,425
175,000	Panther BF Aggregator LP	8.50%	^	05/15/2027		177,625
340,000	Par Petroleum Finance Corporation	7.75%	^	12/15/2025		339,150
520,000	Parsley Energy LLC	5.63%	^	10/15/2027		539,500
585,000	Peabody Securities Finance Corporation	6.00%	^	03/31/2022		590,850
605,000	Penn National Gaming, Inc.	5.63%	^	01/15/2027		626,175
335,000	Performance Food Group, Inc.	5.50%	^	10/15/2027		353,425
130,000	PetSmart, Inc.	5.88%	^	06/01/2025	��	130,000
700,000	Pilgrim’s Pride Corporation	5.88%	^	09/30/2027		754,425
285,000	Polaris Intermediate Corporation (PIK 9.00%)	8.50%	^	12/01/2022		243,675
545,000	Post Holdings, Inc.	5.50%	^	03/01/2025		572,931
105,000	Post Holdings, Inc.	5.50%	^	12/15/2029		109,856
284,000	Prime Security Services Borrower LLC	9.25%	^	05/15/2023		299,102
315,000	QEP Resources, Inc.	5.25%		05/01/2023		293,744
245,000	QEP Resources, Inc.	5.63%		03/01/2026		211,925
120,000	Radiate Finance, Inc.	6.88%	^	02/15/2023		124,050
290,000	Radiate Finance, Inc.	6.63%	^	02/15/2025		293,509
485,000	Resideo Funding, Inc.	6.13%	^	11/01/2026		512,888
255,000	Riverbed Technology, Inc.	8.88%	^	03/01/2023		140,250
360,000	Schweitzer-Mauduit International, Inc.	6.88%	^	10/01/2026		381,600
410,000	Scientific Games International, Inc.	5.00%	^	10/15/2025		424,063
270,000	Scientific Games International, Inc.	8.25%	^	03/15/2026		288,225
340,000	Scripps Escrow, Inc.	5.88%	^	07/15/2027		345,950
445,000	Select Medical Corporation	6.25%	^	08/15/2026		466,138
494,000	Sirius XM Radio, Inc.	5.38%	^	07/15/2026		520,483
260,000	Sirius XM Radio, Inc.	5.50%	^	07/01/2029		278,200
700,000	Six Flags Entertainment Corporation	4.88%	^	07/31/2024		726,250
50,000	Spectrum Brands, Inc.	5.00%	^	10/01/2029		51,000
360,000	Springleaf Finance Corporation	6.88%		03/15/2025		397,575
60,000	Springleaf Finance Corporation	7.13%		03/15/2026		66,672
95,000	Springleaf Finance Corporation	6.63%		01/15/2028		102,391
900,000	Sprint Capital Corporation	6.88%		11/15/2028		983,430
865,000	Sprint Corporation	7.13%		06/15/2024		934,460
580,000	SS&C Technologies, Inc.	5.50%	^	09/30/2027		607,202
345,000	Staples, Inc.	7.50%	^	04/15/2026		356,316
115,000	Staples, Inc.	10.75%	^	04/15/2027		118,450
365,000	Star Merger Sub, Inc.	6.88%	^	08/15/2026		398,534
400,000	Stevens Holding Company, Inc.	6.13%	^	10/01/2026		427,500
580,000	SunCoke Energy Partners Finance Corporation	7.50%	^	06/15/2025		518,375
430,000	Sunoco LP	5.50%		02/15/2026		449,853
230,000	Sunoco LP / Sunoco Finance Corporation	6.00%		04/15/2027		244,375
250,000	Talen Energy Supply LLC	6.63%	^	01/15/2028		246,875
220,000	Tapstone Energy Finance Corporation	9.75%	^ W	06/01/2022		60,500
395,000	Targa Resources Partners Finance Corporation	5.88%		04/15/2026		418,700
180,000	Targa Resources Partners Finance Corporation	6.50%	^	07/15/2027		196,846
820,000	Tempo Acquisition Finance Corporation	6.75%	^	06/01/2025		848,700
706,000	Tempur Sealy International, Inc.	5.50%		06/15/2026		738,653
395,000	Tenet Healthcare Corporation	7.00%		08/01/2025		402,900
410,000	Tenet Healthcare Corporation	4.88%	^	01/01/2026		421,275
435,000	Tenet Healthcare Corporation	6.25%	^	02/01/2027		452,900
175,000	Tenet Healthcare Corporation	5.13%	^	11/01/2027		181,055
390,000	TerraForm Power Operating LLC	4.25%	^	01/31/2023		399,750
590,000	The ServiceMaster Company LLC	5.13%	^	11/15/2024		613,600
365,000	The William Carter Company	5.63%	^	03/15/2027		391,919
1,170,000	T-Mobile USA, Inc.	4.50%		02/01/2026		1,208,669
305,000	TransDigm, Inc.	6.38%		06/15/2026		321,775
510,000	TransDigm, Inc.	6.25%	^	03/15/2026		548,888
173,550	Transocean Guardian Ltd.	5.88%	^	01/15/2024		175,286
535,000	Transocean Poseidon Ltd.	6.88%	^	02/01/2027		553,725
337,500	Transocean Proteus Ltd.	6.25%	^	12/01/2024		344,250
260,000	Transocean, Inc.	7.25%	^	11/01/2025		230,100
305,000	Trident Merger Sub, Inc.	6.63%	^	11/01/2025		268,400
120,000	Triumph Group, Inc.	6.25%	^	09/15/2024		125,124
445,000	Triumph Group, Inc.	7.75%		08/15/2025		450,563
325,000	Twin River Worldwide Holdings, Inc.	6.75%	^	06/01/2027		342,063
365,000	Uber Technologies, Inc.	8.00%	^	11/01/2026		370,475
160,000	Uber Technologies, Inc.	7.50%	^	09/15/2027		160,000
570,000	United Rentals North America, Inc.	6.50%		12/15/2026		623,153
85,000	United Rentals North America, Inc.	5.25%		01/15/2030		89,410
175,000	Univision Communications, Inc.	5.13%	^	05/15/2023		175,438

795,000	USA Compression Partners LP	6.88%	^	09/01/2027	824,813
538,000	Verscend Escrow Corporation	9.75%	^	08/15/2026	574,918
775,000	Viking Cruises Ltd.	5.88%	^	09/15/2027	823,128
250,000	Vine Oil & Gas Finance Corporation	8.75%	^	04/15/2023	115,000
550,000	Vistra Operations Co LLC	5.63%	^	02/15/2027	580,762
540,000	Vizient, Inc.	6.25%	^	05/15/2027	580,500
450,000	Wand Merger Corporation	8.13%	^	07/15/2023	470,250
610,000	Waste Pro, Inc.	5.50%	^	02/15/2026	631,936
210,000	Weatherford International Ltd.	9.88%	W	02/15/2024	76,125
475,000	WellCare Health Plans, Inc.	5.25%		04/01/2025	496,375
605,000	WellCare Health Plans, Inc.	5.38%	^	08/15/2026	647,229
120,000	West Street Merger Sub, Inc.	6.38%	^	09/01/2025	111,000
165,000	WeWork Cos, Inc.	7.88%	^	05/01/2025	140,869
560,000	Whiting Petroleum Corporation	6.63%		01/15/2026	380,800
335,000	WPX Energy, Inc.	5.25%		10/15/2027	338,350
285,000	Yum! Brands, Inc.	4.75%	^	01/15/2030	294,619
Total US Corporate Bonds (Cost $100,799,019)					102,279,510
US Government and Agency Mortgage Backed Obligations - 0.9%
6,107,560	Federal Home Loan Mortgage Corporation Pass-Thru, SeriesK722-X1	1.44%	# I/O	03/25/2023	223,931
2,432,356	Federal Home Loan Mortgage Corporation, Series3926-HS(-1 x 1 Month LIBOR USD + 6.45%, 6.45% Cap)	4.42%	I/F I/O	09/15/2041	382,075
447,240	Federal Home Loan Mortgage Corporation, Series4390-NY	3.00%		06/15/2040	455,975
591,699	Federal Home Loan Mortgage Corporation, Series4471-GA	3.00%		02/15/2044	609,659
910,997	Federal National Mortgage Association, Series2015-59-A	3.00%		06/25/2041	919,430
7,871,927	Federal National Mortgage Association, Series2018-55-FA (1 Month LIBOR USD + 0.30%, 0.30% Floor, 6.50% Cap)	2.32%		08/25/2048	7,850,218
111,286,956	Government National Mortgage Association, Series2013-155-IB	0.17%	# I/O	09/16/2053	1,855,643
Total US Government and Agency Mortgage Backed Obligations (Cost $13,084,355)					12,296,931
US Government and Agency Obligations - 6.0%
34,396,569	United States Treasury Inflation Indexed Bonds	0.63%		04/15/2023	34,702,950
50,966,730	United States Treasury Inflation Indexed Bonds	0.50%		04/15/2024	51,646,614
Total US Government and Agency Obligations (Cost $86,181,824)					86,349,564
Affiliated Mutual Funds - 6.8%
9,499,981	DoubleLine Global Bond Fund (Class I)				98,039,801
Total Affiliated Mutual Funds (Cost $97,418,043)					98,039,801
Exchange Traded Funds and Common Stocks - 0.0%
5,568	Frontera Energy Corporation				53,791
Total Exchange Traded Funds and Common Stocks (Cost $473,923)					53,791
Warrants - 0.0%
29,269	OAS S.A., Expiration 5/16/2039, Strike Price BRL 1.00* Þ				-
Total Warrants (Cost $–)					-
Short Term Investments - 6.1%
29,431,408	First American Government Obligations Fund - Class U	1.88%	◆		29,431,408
29,431,409	JP Morgan U.S. Government Money Market Fund - Institutional Share Class	1.83%	◆		29,431,409
29,431,409	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class	1.83%	◆		29,431,409
Total Short Term Investments (Cost $88,294,226)					88,294,226
Total Investments - 100.9% (Cost $1,455,639,179)					1,451,570,881
Liabilities in Excess of Other Assets - (0.9)%					(12,232,513)
NET ASSETS - 100.0%					$    1,439,338,368

^	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.
#	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 September 30, 2019.
P/O	Principal only security
±	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 September 30, 2019.
†	Perpetual Maturity
I/O	Interest only security
I/F	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.
&	Unfunded or partially unfunded loan commitment. At September 30, 2019, the value of these securities amounted to $146,558 or 0.0% of net assets.
PIK	Apayment-in-kind security in which the issuer may make interest or dividend payments in cash or additional securities. These additional securities generally have the same terms as the original holdings.
§	The interest rate will step up if the issuer does not redeem the bond on or before a scheduled redemption date in accordance with the terms of the instrument. The interest rate shown is the rate in effect as of September 30, 2019.
W	Security is in default or has failed to make a scheduled payment. Income is not being accrued.
Þ	Value determined using significant unobservable inputs.
>	This U.S. Agency bond 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 September 30, 2019.
◆	Seven-day yield as of September 30, 2019
BRL	Brazilian Real
*	Non-income producing security
~	Represents less than 0.05% of net assets

SECURITY TYPE BREAKDOWN as a % of Net Assets:

Non-Agency Residential Collateralized Mortgage Obligations	21.8%
Foreign Corporate Bonds	16.0%
Collateralized Loan Obligations	15.3%
Non-Agency Commercial Mortgage Backed Obligations	10.8%
US Corporate Bonds	7.1%
Affiliated Mutual Funds	6.8%
Short Term Investments	6.1%
US Government and Agency Obligations	6.0%
Bank Loans	4.9%
Asset Backed Obligations	4.4%
US Government and Agency Mortgage Backed Obligations	0.9%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	0.8%
Exchange Traded Funds and Common Stocks	0.0%	~
Warrants	0.0%	~
Other Assets and Liabilities	(0.9)%
	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:

Non-Agency Residential Collateralized Mortgage Obligations	21.6%
Collateralized Loan Obligations	15.3%
Non-Agency Commercial Mortgage Backed Obligations	10.7%
Affiliated Mutual Funds	6.8%
Short Term Investments	6.1%
US Government and Agency Obligations	6.0%
Asset Backed Obligations	4.4%
Energy	4.0%
Banking	3.4%
Utilities	2.7%
Telecommunications	2.3%
Healthcare	1.4%
Media	1.2%
Finance	1.2%
Transportation	1.0%
Consumer Products	1.0%
Mining	0.9%
US Government and Agency Mortgage Backed Obligations	0.9%
Hotels/Motels/Inns and Casinos	0.8%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	0.8%
Electronics/Electric	0.7%
Technology	0.6%
Building and Development (including Steel/Metals)	0.6%
Chemicals/Plastics	0.6%
Leisure	0.6%
Business Equipment and Services	0.5%
Food Products	0.5%
Containers and Glass Products	0.4%
Food Service	0.4%
Insurance	0.3%
Retailers (other than Food/Drug)	0.3%
Real Estate	0.3%
Pharmaceuticals	0.3%
Aerospace & Defense	0.3%
Commercial Services	0.3%
Construction	0.3%
Automotive	0.3%
Industrial Equipment	0.2%
Pulp & Paper	0.2%
Environmental Control	0.2%
Diversified Manufacturing	0.2%
Food/Drug Retailers	0.1%
Financial Intermediaries	0.1%
Conglomerates	0.1%
Chemical Products	0.0%	~
Cosmetics/Toiletries	0.0%	~
Beverage and Tobacco	0.0%	~
Other Assets and Liabilities	(0.9)%
	100.0%

A summary of the DoubleLine Flexible Income Fund’s investments in affiliated mutual funds for the period ended September 30, 2019 is as follows:

											Change in Unrealized for the		Dividend Income Earned in the		Net Realized Gain (Loss) in the
	Value at						Shares Held at		Value at		Period Ended		Period Ended		Period Ended
Fund	March 31, 2019		Gross Purchases		Gross Sales		September 30, 2019		September 30, 2019		September 30, 2019		September 30, 2019		September 30, 2019
DoubleLine Global Bond Fund (Class I)	$	84,749,820	$	13,000,000	$	-		9,499,981	$	98,039,801	$	289,981	$	751,822	$	-
	$	84,749,820	$	13,000,000	$	-		9,499,981	$	98,039,801	$	289,981	$	751,822	$	-

Item 7. Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies.

Not applicable toopen-end investment companies.

Item 8. Portfolio Managers ofClosed-End Management Investment Companies.

Not applicable toopen-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable toopen-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been 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 and principal financial officers have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule30a-3(b) under the Act and Rules13a-15(b) or15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities forClosed-End Management Investment Companies

Not applicable toopen-end investment companies.

Item 13. Exhibits.

(a) (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Filed herewith.

(2) A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(3) Any written solicitation to purchase securities under Rule23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable toopen-end investment companies.

(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.

(b) Certifications pursuant to Section 906 of theSarbanes-Oxley Act of 2002. Furnished herewith.

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.

(Registrant)                 DoubleLine Funds Trust                                                                                                                              

By (Signature and Title)        /s/ Ronald R. Redell

                  Ronald R. Redell, President

Date                  11/26/2019                                                                                                                                                               

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 (Signature and Title)              /s/ Ronald R. Redell                                                                                                                    

                    Ronald R. Redell, President

Date         11/26/2019                                                                                                                                                                        

By (Signature and Title)         /s/ Susan  Nichols                                                                                                                              

                     Susan Nichols, Treasurer and

                     Principal Financial and Accounting Officer

Date         11/26/2019