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DoubleLine ETF Trust NPORT-PDoubleLine Shiller Cape U.S. Equities ETF (Dec 2022 report)

Filed: 15 Feb 23, 2:06pm

Schedule

of

Investments

DoubleLine

Opportunistic

Bond

ETF

(Unaudited)

December

31,

2022

|

December

31,

2022

1

P

RINCIPAL

A

MOUNT

$/

S

HARES

S

ECURITY

D

ESCRIPTION

R

ATE

M

ATURITY

V

ALUE

$

ASSET

BACKED

OBLIGATIONS

11.8%

Affirm

Asset

Securitization

Trust

,

750,000

Series

2022-A-A

4.30%

(a)

05/17/2027

713,177

Diamond

Resorts

Owner

Trust

,

208,397

Series

2021-1A-A

1.51%

(a)

11/21/2033

192,255

EWC

Master

Issuer

LLC

,

497,500

Series

2022-1A-A2

5.50%

(a)

03/15/2052

456,395

Hilton

Grand

Vacations

Trust

,

341,818

Series

2022-1D-C

4.69%

(a)

06/20/2034

324,572

Lendbuzz

Securitization

Trust

,

372,667

Series

2022-1A-A

4.22%

(a)

05/17/2027

356,836

PRET

LLC

,

445,430

Series

2022-NPL2-A1

5.24%

(a)(b)

04/25/2052

430,107

455,003

Series

2022-NPL3-A1

5.93%

(a)(b)

06/25/2052

440,030

SEB

Funding

LLC

,

498,750

Series

2021-1A-A2

4.97%

(a)

01/30/2052

423,563

Sierra

Timeshare

Receivables

Funding

LLC

,

387,562

Series

2019-2A-A

2.59%

(a)

05/20/2036

373,654

SMB

Private

Education

Loan

Trust

,

750,000

Series

2021-A-B

2.31%

(a)

01/15/2053

655,231

Upstart

Securitization

Trust

,

500,000

Series

2021-4-B

1.84%

(a)

09/20/2031

449,609

VOLT

C

LLC

,

423,872

Series

2021-NPL9-A1

1.99%

(a)(b)

05/25/2051

380,606

VOLT

CI

LLC

,

508,436

Series

2021-NP10-A1

1.99%

(a)(b)

05/25/2051

453,531

Washington

Mutual

WMABS

Trust

,

918,625

Series

2006-HE2-A3

(1

Month

LIBOR

USD

+

0.30%,

0.30%

Floor)

4.69%

05/25/2036

706,952

Total

Asset

Backed

Obligations

(Cost

$6,719,836)

6,356,518

FOREIGN

CORPORATE

BONDS

2.6%

AUSTRALIA

0.5%

50,000

Glencore

Funding

LLC

1.63%

(a)

04/27/2026

44,113

50,000

Glencore

Funding

LLC

3.38%

(a)

09/23/2051

32,642

110,000

Macquarie

Group

Ltd.

(Secured

Overnight

Financing

Rate

+

2.21%)

5.11%

(a)

08/09/2026

109,648

125,000

Westpac

Banking

Corp.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.53%)

3.02%

11/18/2036

93,220

279,623

BELGIUM

0.1%

75,000

Anheuser-Busch

Cos.

LLC

4.90%

02/01/2046

68,559

BERMUDA

0.1%

90,000

Triton

Container

International

Ltd.

3.25%

03/15/2032

69,614

CANADA

1.0%

100,000

Bank

of

Montreal

(5

Year

Swap

Rate

USD

+

1.43%)

3.80%

12/15/2032

88,213

185,000

Bank

of

Nova

Scotia

(The)

3.45%

04/11/2025

178,192

30,000

Garda

World

Security

Corp.

4.63%

(a)

02/15/2027

26,541

35,000

Garda

World

Security

Corp.

6.00%

(a)

06/01/2029

28,485

50,000

Parkland

Corp.

4.63%

(a)

05/01/2030

41,447

PRINCIPAL

AMOUNT

$/

SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

50,000

Titan

Acquisition

Ltd.

7.75%

(a)

04/15/2026

45,108

145,000

Toronto-Dominion

Bank

(The)

4.69%

09/15/2027

143,593

551,579

CHINA

0.3%

185,000

NXP

BV

3.88%

06/18/2026

175,978

FRANCE

0.2%

100,000

TotalEnergies

Capital

International

SA

3.39%

06/29/2060

70,126

IRELAND

0.3%

180,000

Avolon

Holdings

Funding

Ltd.

3.25%

(a)

02/15/2027

154,281

LUXEMBOURG

0.1%

50,000

SK

Invictus

Intermediate

II

Sarl

5.00%

(a)

10/30/2029

41,065

Total

Foreign

Corporate

Bonds

(Cost

$1,510,752)

1,410,825

NON-AGENCY

COMMERCIAL

MORTGAGE

BACKED

OBLIGATIONS

9.6%

BANK

,

300,000

Series

2021-BN38-A5

2.52%

12/15/2064

245,345

BBCMS

Mortgage

Trust

,

300,000

Series

2021-C12-A5

2.69%

11/15/2054

248,919

180,000

Series

2021-C12-AS

2.90%

11/15/2054

144,902

100,000

Series

2022-C16-A5

4.60%

(c)

06/15/2055

96,428

200,000

Series

2022-C17-A5

4.44%

09/15/2055

190,447

Benchmark

Mortgage

Trust

,

250,000

Series

2022-B35-C

4.45%

(c)

05/15/2055

196,058

BX

Commercial

Mortgage

Trust

,

250,000

Series

2021-VINO-A

(1

Month

LIBOR

USD

+

0.65%,

0.65%

Floor)

4.97%

(a)

05/15/2038

241,012

Cantor

Commercial

Real

Estate

Lending

,

500,000

Series

2019-CF1-C

4.35%

(c)

05/15/2052

403,109

Citigroup

Commercial

Mortgage

Trust

,

100,000

Series

2022-GC48-A5

4.58%

(c)

05/15/2054

96,579

COMM

Mortgage

Trust

,

205,000

Series

2016-DC2-C

4.66%

(c)

02/10/2049

183,629

DBJPM

16-C1

Mortgage

Trust

,

290,000

Series

2016-C1-B

4.20%

(c)

05/10/2049

258,111

250,000

Series

2016-C1-C

3.32%

(c)

05/10/2049

206,820

Del

Amo

Fashion

Center

Trust

,

250,000

Series

2017-AMO-C

3.64%

(a)(c)

06/05/2035

193,003

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

497,683

Series

2022-NLP-A

(CME

Term

SOFR

1

Month

+

0.60%,

0.60%

Floor)

4.93%

(a)

04/15/2037

461,428

JPMBB

Commercial

Mortgage

Securities

Trust

,

325,000

Series

2014-C21-B

4.34%

(c)

08/15/2047

303,882

LoanCore

Issuer

Ltd.

,

250,000

Series

2021-CRE5-A

(1

Month

LIBOR

USD

+

1.30%,

1.30%

Floor)

5.62%

(a)

07/15/2036

240,985

LSTAR

Commercial

Mortgage

Trust

,

250,000

Series

2015-3-D

3.14%

(a)(c)

04/20/2048

215,559

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

250,000

Series

2016-C31-C

4.27%

(c)

11/15/2049

201,715

RIAL

Issuer

Ltd.

,

350,000

Series

2022-FL8-A

(CME

Term

SOFR

1

Month

+

2.25%,

2.25%

Floor)

6.57%

(a)

01/19/2037

341,775

2

DoubleLine

ETF

Trust

Schedule

of

Investments

DoubleLine

Opportunistic

Bond

ETF

(Cont.)

PRINCIPAL

AMOUNT

$/

SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

SREIT

Trust

,

270,000

Series

2021-MFP-A

(1

Month

LIBOR

USD

+

0.73%,

0.73%

Floor)

5.05%

(a)

11/15/2038

260,085

UBS

Commercial

Mortgage

Trust

,

324,000

Series

2018-C10-C

5.05%

(c)

05/15/2051

275,126

WFRBS

Commercial

Mortgage

Trust

,

9,507,495

Series

2014-C21-XA

1.00%

(c)(d)

08/15/2047

123,145

Total

Non-Agency

Commercial

Mortgage

Backed

Obligations

(Cost

$5,513,871)

5,128,062

NON-AGENCY

RESIDENTIAL

COLLATERALIZED

MORTGAGE

OBLIGATIONS

8.7%

Citigroup

Mortgage

Loan

Trust

,

564,634

Series

2007-AR8-2A1A

3.59%

(c)

07/25/2037

487,804

Connecticut

Avenue

Securities

Trust

,

500,000

Series

2022-R01-1M2

(Secured

Overnight

Financing

Rate

30

Day

Average

+

1.90%)

5.83%

(a)

12/25/2041

475,551

FHLMC

STACR

REMIC

Trust

,

500,000

Series

2022-DNA2-M1B

(Secured

Overnight

Financing

Rate

30

Day

Average

+

2.40%)

6.33%

(a)

02/25/2042

486,930

Legacy

Mortgage

Asset

Trust

,

489,002

Series

2021-GS2-A1

1.75%

(a)(b)

04/25/2061

444,418

RFMSI

Trust

,

1,481,039

Series

2006-S4-A7

6.00%

04/25/2036

1,211,573

Towd

Point

Mortgage

Trust

,

324,671

Series

2020-3-A1

3.09%

(a)(c)

02/25/2063

305,108

Verus

Securitization

Trust

,

569,430

Series

2021-8-A1

1.82%

(a)(c)

11/25/2066

482,229

WaMu

Mortgage-Backed

Pass-Through

Certificates

Trust

,

459,517

Series

2006-AR16-2A1

3.41%

(c)

12/25/2036

395,266

Wells

Fargo

Mortgage

Backed

Securities

Trust

,

413,496

Series

2006-AR14-2A1

4.51%

(c)

10/25/2036

357,532

Total

Non-Agency

Residential

Collateralized

Mortgage

Obligations

(Cost

$4,979,833)

4,646,411

US

CORPORATE

BONDS

17.8%

180,000

AbbVie,

Inc.

4.70%

05/14/2045

160,758

70,000

Academy

Ltd.

6.00%

(a)

11/15/2027

67,116

95,000

AdaptHealth

LLC

5.13%

(a)

03/01/2030

80,996

85,000

Advanced

Drainage

Systems,

Inc.

6.38%

(a)

06/15/2030

82,706

40,000

Aethon

United

BR

LP

8.25%

(a)

02/15/2026

39,724

75,000

Air

Lease

Corp.

1.88%

08/15/2026

65,233

140,000

Alexandria

Real

Estate

Equities,

Inc.

3.00%

05/18/2051

89,114

75,000

American

Airlines,

Inc.

5.75%

(a)

04/20/2029

68,682

90,000

American

Express

Co.

5.85%

11/05/2027

93,855

35,000

AmWINS

Group,

Inc.

4.88%

(a)

06/30/2029

29,731

65,000

Arconic

Corp.

6.13%

(a)

02/15/2028

61,099

65,000

AssuredPartners,

Inc.

5.63%

(a)

01/15/2029

53,582

215,000

AT&T,

Inc.

3.50%

09/15/2053

146,079

50,000

AthenaHealth

Group,

Inc.

6.50%

(a)

02/15/2030

36,940

160,000

Athene

Global

Funding

(Secured

Overnight

Financing

Rate

Compounded

Index

+

0.56%)

4.88%

(a)

08/19/2024

156,126

PRINCIPAL

AMOUNT

$/

SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

20,000

Bank

of

America

Corp.

(Secured

Overnight

Financing

Rate

+

1.11%)

3.84%

04/25/2025

19,537

15,000

Bank

of

America

Corp.

(Secured

Overnight

Financing

Rate

+

1.75%)

4.83%

07/22/2026

14,839

185,000

Bank

of

America

Corp.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.20%)

2.48%

09/21/2036

136,356

60,000

BCPE

Empire

Holdings,

Inc.

7.63%

(a)

05/01/2027

53,882

90,000

Boeing

Co.

(The)

2.95%

02/01/2030

76,420

50,000

Boyne

USA,

Inc.

4.75%

(a)

05/15/2029

44,316

225,000

Broadcom,

Inc.

3.50%

(a)

02/15/2041

160,573

95,000

Brooklyn

Union

Gas

Co.

(The)

4.49%

(a)

03/04/2049

73,010

90,000

Builders

FirstSource,

Inc.

5.00%

(a)

03/01/2030

79,894

20,000

Builders

FirstSource,

Inc.

6.38%

(a)

06/15/2032

18,812

30,000

Callon

Petroleum

Co.

7.50%

(a)

06/15/2030

27,489

50,000

Calpine

Corp.

5.13%

(a)

03/15/2028

44,716

85,000

Carnival

Corp.

5.75%

(a)

03/01/2027

60,840

50,000

CCO

Holdings

LLC

5.13%

(a)

05/01/2027

46,714

50,000

CCO

Holdings

LLC

4.75%

(a)

02/01/2032

40,637

50,000

Cengage

Learning,

Inc.

9.50%

(a)

06/15/2024

47,762

180,000

Charter

Communications

Operating

LLC

4.91%

07/23/2025

176,592

40,000

Chord

Energy

Corp.

6.38%

(a)

06/01/2026

39,013

30,000

CHS/Community

Health

Systems,

Inc.

6.00%

(a)

01/15/2029

25,133

160,000

Citigroup,

Inc.

(Secured

Overnight

Financing

Rate

+

1.35%)

3.06%

01/25/2033

129,533

25,000

Clear

Channel

Outdoor

Holdings,

Inc.

7.75%

(a)

04/15/2028

18,283

60,000

CNX

Resources

Corp.

6.00%

(a)

01/15/2029

55,298

20,000

CNX

Resources

Corp.

7.38%

(a)

01/15/2031

19,197

85,000

Comcast

Corp.

3.40%

04/01/2030

77,710

50,000

CommScope,

Inc.

6.00%

(a)

03/01/2026

46,247

90,000

Constellation

Brands,

Inc.

3.15%

08/01/2029

79,063

65,000

Coty,

Inc.

5.00%

(a)

04/15/2026

61,728

100,000

Crown

Castle,

Inc.

3.65%

09/01/2027

93,047

100,000

CSX

Corp.

3.80%

11/01/2046

78,975

100,000

Dick's

Sporting

Goods,

Inc.

3.15%

01/15/2032

78,294

130,000

Discover

Financial

Services

4.10%

02/09/2027

122,518

180,000

Dollar

Tree,

Inc.

4.00%

05/15/2025

175,891

35,000

DTE

Energy

Co.

4.22%

(b)

11/01/2024

34,428

30,000

Duke

Energy

Carolinas

LLC

3.55%

03/15/2052

22,556

70,000

Duke

Energy

Corp.

4.30%

03/15/2028

67,485

90,000

Elevance

Health,

Inc.

2.38%

01/15/2025

85,503

25,000

Elevance

Health,

Inc.

4.55%

05/15/2052

21,854

75,000

Energy

Transfer

LP

4.75%

01/15/2026

73,136

25,000

Entergy

Louisiana

LLC

4.75%

09/15/2052

22,574

40,000

EQM

Midstream

Partners

LP

6.50%

(a)

07/01/2027

38,300

|

December

31,

2022

3

(Unaudited)

December

31,

2022

PRINCIPAL

AMOUNT

$/

SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

105,000

Essential

Utilities,

Inc.

2.70%

04/15/2030

88,303

40,000

Exelon

Corp.

4.10%

(a)

03/15/2052

32,175

75,000

Expedia

Group,

Inc.

5.00%

02/15/2026

74,098

100,000

Expedia

Group,

Inc.

3.25%

02/15/2030

85,048

45,000

Ferrellgas

LP

5.38%

(a)

04/01/2026

40,990

35,000

Fertitta

Entertainment

LLC

6.75%

(a)

01/15/2030

28,297

60,000

Frontier

Communications

Holdings

LLC

5.88%

(a)

10/15/2027

55,846

100,000

General

Motors

Financial

Co.,

Inc.

2.40%

10/15/2028

83,102

40,000

Global

Payments,

Inc.

4.95%

08/15/2027

38,866

150,000

Goldman

Sachs

Group,

Inc.

(The)

(Secured

Overnight

Financing

Rate

+

0.82%)

5.13%

09/10/2027

142,746

70,000

Griffon

Corp.

5.75%

03/01/2028

64,158

40,000

Gulfport

Energy

Corp.

8.00%

(a)

05/17/2026

39,051

100,000

HCA,

Inc.

4.13%

06/15/2029

91,500

90,000

Hess

Midstream

Operations

LP

5.50%

(a)

10/15/2030

82,459

55,000

Hilcorp

Energy

I

LP

5.75%

(a)

02/01/2029

49,033

125,000

Invitation

Homes

Operating

Partnership

LP

2.70%

01/15/2034

91,510

55,000

JPMorgan

Chase

&

Co.

(Secured

Overnight

Financing

Rate

+

1.99%)

4.85%

07/25/2028

53,703

210,000

JPMorgan

Chase

&

Co.

(Secured

Overnight

Financing

Rate

+

1.26%)

2.96%

01/25/2033

171,467

75,000

Kinder

Morgan

Energy

Partners

LP

6.95%

01/15/2038

79,664

35,000

Lions

Gate

Capital

Holdings

LLC

5.50%

(a)

04/15/2029

20,338

25,000

Lowe's

Cos.,

Inc.

5.63%

04/15/2053

24,074

100,000

Marriott

International,

Inc.

3.13%

06/15/2026

93,739

85,000

McDonald's

Corp.

3.60%

07/01/2030

78,168

100,000

Medline

Borrower

LP

5.25%

(a)

10/01/2029

79,606

40,000

Metis

Merger

Sub

LLC

6.50%

(a)

05/15/2029

33,631

30,000

Michaels

Cos.,

Inc.

(The)

5.25%

(a)

05/01/2028

24,172

50,000

Midwest

Gaming

Borrower

LLC

4.88%

(a)

05/01/2029

42,608

70,000

ModivCare

Escrow

Issuer,

Inc.

5.00%

(a)

10/01/2029

59,122

105,000

Monongahela

Power

Co.

5.40%

(a)

12/15/2043

101,665

210,000

Morgan

Stanley

(Secured

Overnight

Financing

Rate

+

1.36%)

2.48%

09/16/2036

152,752

30,000

National

Rural

Utilities

Cooperative

Finance

Corp.

5.45%

10/30/2025

30,391

50,000

Nationstar

Mortgage

Holdings,

Inc.

5.75%

(a)

11/15/2031

38,940

80,000

NetApp,

Inc.

1.88%

06/22/2025

73,550

45,000

NextEra

Energy

Capital

Holdings,

Inc.

4.26%

09/01/2024

44,419

50,000

NRG

Energy,

Inc.

3.63%

(a)

02/15/2031

38,101

PRINCIPAL

AMOUNT

$/

SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

80,000

NuStar

Logistics

LP

6.00%

06/01/2026

77,170

40,000

OneMain

Finance

Corp.

6.88%

03/15/2025

38,516

10,000

Oracle

Corp.

6.25%

11/09/2032

10,498

10,000

Oracle

Corp.

3.80%

11/15/2037

7,953

100,000

Oracle

Corp.

3.60%

04/01/2050

67,745

65,000

Owens

&

Minor,

Inc.

6.63%

(a)

04/01/2030

55,946

100,000

Owens

Corning

4.40%

01/30/2048

77,912

105,000

Pacific

Gas

and

Electric

Co.

2.50%

02/01/2031

81,708

100,000

Packaging

Corp.

of

America

3.00%

12/15/2029

85,788

50,000

Park

Intermediate

Holdings

LLC

4.88%

(a)

05/15/2029

42,390

45,000

Parker-Hannifin

Corp.

4.25%

09/15/2027

43,735

90,000

Penn

Entertainment,

Inc.

5.63%

(a)

01/15/2027

81,749

100,000

Penske

Truck

Leasing

Co.

LP

4.20%

(a)

04/01/2027

93,975

100,000

Performance

Food

Group,

Inc.

5.50%

(a)

10/15/2027

94,529

55,000

Pike

Corp.

5.50%

(a)

09/01/2028

48,173

50,000

Pioneer

Natural

Resources

Co.

1.90%

08/15/2030

39,268

50,000

Post

Holdings,

Inc.

5.50%

(a)

12/15/2029

45,350

95,000

Prudential

Financial,

Inc.

3.91%

12/07/2047

76,113

30,000

Qorvo,

Inc.

1.75%

(a)

12/15/2024

27,668

100,000

Quanta

Services,

Inc.

2.35%

01/15/2032

76,181

125,000

Raytheon

Technologies

Corp.

3.03%

03/15/2052

85,342

30,000

Realogy

Group

LLC

5.75%

(a)

01/15/2029

22,731

50,000

Roller

Bearing

Co.

of

America,

Inc.

4.38%

(a)

10/15/2029

43,298

125,000

Royalty

Pharma

plc

3.30%

09/02/2040

87,195

75,000

Sabine

Pass

Liquefaction

LLC

5.00%

03/15/2027

73,654

85,000

Santander

Holdings

USA,

Inc.

(Secured

Overnight

Financing

Rate

+

1.25%)

2.49%

01/06/2028

73,041

45,000

Scripps

Escrow

II,

Inc.

3.88%

(a)

01/15/2029

36,179

40,000

Sirius

XM

Radio,

Inc.

5.50%

(a)

07/01/2029

36,601

175,000

Smithfield

Foods,

Inc.

4.25%

(a)

02/01/2027

161,403

105,000

Southern

Co.

(The)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.92%)

3.75%

09/15/2051

85,045

30,000

SRS

Distribution,

Inc.

6.13%

(a)

07/01/2029

24,295

25,000

Staples,

Inc.

7.50%

(a)

04/15/2026

21,568

35,000

Suburban

Propane

Partners

LP

5.00%

(a)

06/01/2031

29,794

205,000

Synchrony

Financial

2.88%

10/28/2031

153,553

75,000

Sysco

Corp.

5.95%

04/01/2030

77,806

15,000

Tenet

Healthcare

Corp.

6.25%

(a)

02/01/2027

14,438

40,000

Tenet

Healthcare

Corp.

6.13%

(a)

06/15/2030

38,182

30,000

TransDigm,

Inc.

5.50%

11/15/2027

28,232

40,000

Uber

Technologies,

Inc.

7.50%

(a)

09/15/2027

40,109

50,000

United

Airlines,

Inc.

4.63%

(a)

04/15/2029

43,623

15,000

UnitedHealth

Group,

Inc.

4.95%

05/15/2062

14,136

50,000

Univision

Communications,

Inc.

7.38%

(a)

06/30/2030

47,846

75,000

US

Foods,

Inc.

4.75%

(a)

02/15/2029

66,683

4

DoubleLine

ETF

Trust

Schedule

of

Investments

DoubleLine

Opportunistic

Bond

ETF

(Cont.)

PRINCIPAL

AMOUNT

$/

SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

95,000

Verizon

Communications,

Inc.

(3

Month

LIBOR

USD

+

1.10%)

5.71%

05/15/2025

95,804

40,000

Verizon

Communications,

Inc.

3.88%

03/01/2052

30,531

100,000

Viking

Cruises

Ltd.

5.88%

(a)

09/15/2027

81,674

85,000

Warnermedia

Holdings,

Inc.

3.76%

(a)

03/15/2027

76,666

65,000

WASH

Multifamily

Acquisition,

Inc.

5.75%

(a)

04/15/2026

61,338

40,000

Weatherford

International

Ltd.

8.63%

(a)

04/30/2030

38,484

35,000

Wells

Fargo

&

Co.

(Secured

Overnight

Financing

Rate

+

1.98%)

4.81%

07/25/2028

34,242

100,000

Wells

Fargo

&

Co.

4.65%

11/04/2044

84,629

100,000

Welltower,

Inc.

2.05%

01/15/2029

81,406

175,000

Western

Union

Co.

(The)

2.75%

03/15/2031

132,901

100,000

Willis

North

America,

Inc.

4.50%

09/15/2028

94,432

25,000

WR

Grace

Holdings

LLC

5.63%

(a)

08/15/2029

20,244

75,000

WRKCo,

Inc.

3.75%

03/15/2025

72,600

Total

US

Corporate

Bonds

(Cost

$10,302,084)

9,529,260

US

GOVERNMENT

AND

AGENCY

MORTGAGE

BACKED

OBLIGATIONS

14.5%

FHLMC

UMBS

,

965,288

Pool

SD8221

3.50%

06/01/2052

878,147

FNMA

UMBS

,

2,176,830

Pool

FS1472

3.50%

11/01/2050

1,998,685

2,890,953

Pool

MA4600

3.50%

05/01/2052

2,629,203

1,947,562

Pool

MA4624

3.00%

06/01/2052

1,711,219

606,819

Pool

MA4655

4.00%

07/01/2052

569,976

Total

US

Government

and

Agency

Mortgage

Backed

Obligations

(Cost

$8,413,765)

7,787,230

US

GOVERNMENT

AND

AGENCY

OBLIGATIONS

28.2%

3,400,000

U.S.

Treasury

Bonds

3.25%

05/15/2042

2,982,437

5,000,000

U.S.

Treasury

Bonds

3.00%

08/15/2052

4,121,094

1,250,000

U.S.

Treasury

Notes

4.13%

10/31/2027

1,254,687

1,500,000

U.S.

Treasury

Notes

2.63%

07/31/2029

1,381,553

5,300,000

U.S.

Treasury

Notes

4.13%

11/15/2032

5,409,727

Total

US

Government

and

Agency

Obligations

(Cost

$15,770,156)

15,149,498

SHORT

TERM

INVESTMENTS

6.2%

1,660,205

JPMorgan

U.S.

Government

Money

Market

Fund

-

Class

IM

4.12%

(e)

1,660,205

1,660,205

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

-

Institutional

Share

Class

4.12%

(e)

1,660,205

Total

Short

Term

Investments

(Cost

$3,320,409)

3,320,410

Total

Investments

99.4%

(Cost

$56,530,706)

53,328,214

Other

Assets

in

Excess

of

Liabilities

0.6%

338,094

NET

ASSETS

100.0%

$53,666,308

INVESTMENT

BREAKDOWN

as

a

%

of

Net

Assets:

US

Government

and

Agency

Obligations

28.2%

US

Government

and

Agency

Mortgage

Backed

Obligations

14.5%

Asset

Backed

Obligations

11.8%

Non-Agency

Commercial

Mortgage

Backed

Obligations

9.6%

Non-Agency

Residential

Collateralized

Mortgage

Obligations

8.7%

Short

Term

Investments

6.2%

Banking

3.7%

Technology

1.5%

Electric

1.1%

Food

and

Beverage

1.1%

Midstream

0.9%

Healthcare

0.8%

Retailers

0.8%

Consumer

Cyclical

Services

0.7%

Cable

Satellite

0.7%

Wirelines

0.6%

Independent

0.5%

Building

Materials

0.5%

Finance

Companies

0.5%

Pharmaceuticals

0.5%

Media

Entertainment

0.5%

Life

0.4%

Diversified

Manufacturing

0.4%

Aerospace

&

Defense

0.4%

Leisure

0.3%

P&C

0.3%

Transportation

Services

0.3%

Paper

0.3%

Metals

and

Mining

0.2%

Gaming

0.2%

Other

Industrial

0.2%

Health

Insurance

0.2%

Airlines

0.2%

Restaurants

0.2%

Lodging

0.2%

Wireless

0.2%

Apartment

REITs

0.2%

Office

REITs

0.2%

Other

Utility

0.2%

Automotive

0.2%

Healthcare

REITs

0.2%

Railroads

0.2%

Natural

Gas

0.1%

Integrated

0.1%

Consumer

Products

0.1%

Chemicals

0.1%

Other

REITs

0.1%

Refining

0.1%

Other

Financial

0.1%

Oil

Field

Services

0.1%

Other

Assets

and

Liabilities

0.6%

100.0%

|

December

31,

2022

5

(Unaudited)

December

31,

2022

(a)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

buyers.

(b)

Step

bond;

coupon

rate

changes

based

on

a

predetermined

schedule

or

event.

The

interest

rate

shown

is

the

rate

in

effect

as

of

period

end.

(c)

Coupon

rate

is

variable

or

floats

based

on

components

including

but

not

limited

to

reference

rate

and

spread.

These

securities

may

not

indicate

a

reference

rate

and/or

spread

in

their

description.

The

rate

disclosed

is

as

of

period

end.

(d)

Interest

only

security

(e)

Seven-day

yield

as

of

period

end

Abbreviations:

FHLMC

Federal

Home

Loan

Mortgage

Corporation

FNMA

Federal

National

Mortgage

Association

LIBOR

London

Interbank

Offered

Rate

UMBS

Uniform

Mortgage

Backed

Securities

Schedule

of

Investments

DoubleLine

Shiller

CAPE

®

U.S.

Equities

ETF

(Unaudited)

December

31,

2022

6

DoubleLine

ETF

Trust

SHARES

SECURITY

DESCRIPTION

VALUE

$

COMMON

STOCKS

99.6%

AUTO

COMPONENTS

0.3%

4,394

Aptiv

plc

(a)

409,213

3,801

BorgWarner,

Inc.

152,991

562,204

AUTOMOBILES

3.3%

63,871

Ford

Motor

Co.

742,820

23,070

General

Motors

Co.

776,075

42,630

Tesla,

Inc.

(a)

5,251,163

6,770,058

BANKS

8.4%

98,410

Bank

of

America

Corp.

3,259,339

27,354

Citigroup,

Inc.

1,237,221

6,951

Citizens

Financial

Group,

Inc.

273,661

1,848

Comerica,

Inc.

123,539

9,673

Fifth

Third

Bancorp

317,371

2,581

First

Republic

Bank

314,598

20,366

Huntington

Bancshares,

Inc.

287,161

41,365

JPMorgan

Chase

&

Co.

5,547,046

13,171

KeyCorp

229,439

2,434

M&T

Bank

Corp.

353,076

5,699

PNC

Financial

Services

Group,

Inc.

(The)

900,100

13,187

Regions

Financial

Corp.

284,312

884

Signature

Bank

101,854

835

SVB

Financial

Group

(a)

192,167

18,734

Truist

Financial

Corp.

806,124

19,106

US

Bancorp

833,213

53,739

Wells

Fargo

&

Co.

2,218,883

2,116

Zions

Bancorp

NA

104,023

17,383,127

CAPITAL

MARKETS

6.9%

1,503

Ameriprise

Financial,

Inc.

467,989

10,379

Bank

of

New

York

Mellon

Corp.

(The)

472,452

2,119

BlackRock,

Inc.

1,501,587

1,499

Cboe

Global

Markets,

Inc.

188,080

21,495

Charles

Schwab

Corp.

(The)

1,789,674

5,077

CME

Group,

Inc.

853,748

537

FactSet

Research

Systems,

Inc.

215,450

4,017

Franklin

Resources,

Inc.

105,969

4,776

Goldman

Sachs

Group,

Inc.

(The)

1,639,983

7,882

Intercontinental

Exchange,

Inc.

808,614

6,425

Invesco

Ltd.

115,586

531

MarketAxess

Holdings,

Inc.

148,091

2,226

Moody's

Corp.

620,208

18,603

Morgan

Stanley

1,581,627

1,125

MSCI,

Inc.

523,316

4,786

Nasdaq,

Inc.

293,621

2,945

Northern

Trust

Corp.

260,603

2,733

Raymond

James

Financial,

Inc.

292,021

4,698

S&P

Global,

Inc.

1,573,548

5,170

State

Street

Corp.

401,037

3,157

T

Rowe

Price

Group,

Inc.

344,302

14,197,506

COMMUNICATIONS

EQUIPMENT

0.9%

1,557

Arista

Networks,

Inc.

(a)

188,942

25,777

Cisco

Systems,

Inc.

1,228,016

377

F5,

Inc.

(a)

54,103

2,039

Juniper

Networks,

Inc.

65,167

1,049

Motorola

Solutions,

Inc.

270,338

1,806,566

SHARES

SECURITY

DESCRIPTION

VALUE

$

CONSUMER

FINANCE

1.1%

8,439

American

Express

Co.

1,246,862

5,371

Capital

One

Financial

Corp.

499,288

3,854

Discover

Financial

Services

377,037

6,359

Synchrony

Financial

208,957

2,332,144

DISTRIBUTORS

0.4%

2,290

Genuine

Parts

Co.

397,338

4,122

LKQ

Corp.

220,156

635

Pool

Corp.

191,979

809,473

DIVERSIFIED

FINANCIAL

SERVICES

3.8%

25,470

Berkshire

Hathaway,

Inc.

-

Class

B

(a)

7,867,683

ELECTRONIC

EQUIPMENT,

INSTRUMENTS

&

COMPONENTS

0.6%

3,747

Amphenol

Corp.

-

Class

A

285,297

855

CDW

Corp.

152,686

4,793

Corning,

Inc.

153,088

1,124

Keysight

Technologies,

Inc.

(a)

192,283

2,001

TE

Connectivity

Ltd.

(Switzerland)

229,715

295

Teledyne

Technologies,

Inc.

(a)

117,973

1,549

Trimble,

Inc.

(a)

78,317

326

Zebra

Technologies

Corp.

-

Class

A

(a)

83,590

1,292,949

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

23.1%

3,926

Agree

Realty

Corp.

278,471

6,605

Alexandria

Real

Estate

Equities,

Inc.

962,150

13,605

American

Homes

4

Rent

-

Class

A

410,055

20,512

American

Tower

Corp.

4,345,672

11,961

Americold

Realty

Trust,

Inc.

338,616

6,653

Apartment

Income

REIT

Corp.

228,264

6,215

AvalonBay

Communities,

Inc.

1,003,847

6,348

Boston

Properties,

Inc.

428,998

13,321

Brixmor

Property

Group,

Inc.

301,987

4,732

Camden

Property

Trust

529,416

4,980

Corporate

Office

Properties

Trust

129,181

6,731

Cousins

Properties,

Inc.

170,227

17,376

Crown

Castle,

Inc.

2,356,881

9,963

CubeSmart

401,011

12,743

Digital

Realty

Trust,

Inc.

1,277,741

7,780

Douglas

Emmett,

Inc.

121,990

1,935

EastGroup

Properties,

Inc.

286,496

4,071

Equinix,

Inc.

2,666,627

4,835

Equity

Commonwealth

120,730

7,762

Equity

LifeStyle

Properties,

Inc.

501,425

15,088

Equity

Residential

890,192

2,874

Essex

Property

Trust,

Inc.

609,058

5,949

Extra

Space

Storage,

Inc.

875,574

3,242

Federal

Realty

Investment

Trust

327,572

5,864

First

Industrial

Realty

Trust,

Inc.

282,997

11,407

Gaming

and

Leisure

Properties,

Inc.

594,191

16,814

Healthcare

Realty

Trust,

Inc.

324,006

23,876

Healthpeak

Properties,

Inc.

598,571

4,670

Highwoods

Properties,

Inc.

130,667

31,667

Host

Hotels

&

Resorts,

Inc.

508,255

25,767

Invitation

Homes,

Inc.

763,734

12,908

Iron

Mountain,

Inc.

643,464

4,372

JBG

SMITH

Properties

82,981

4,660

Kilroy

Realty

Corp.

180,202

27,459

Kimco

Realty

Corp.

581,582

3,875

Lamar

Advertising

Co.

-

Class

A

365,800

3,770

Life

Storage,

Inc.

371,345

12,236

LXP

Industrial

Trust

122,605

|

December

31,

2022

7

(Unaudited)

December

31,

2022

SHARES

SECURITY

DESCRIPTION

VALUE

$

26,332

Medical

Properties

Trust,

Inc.

293,339

5,119

Mid-America

Apartment

Communities,

Inc.

803,632

1,922

National

Health

Investors,

Inc.

100,367

7,930

National

Retail

Properties,

Inc.

362,877

3,752

National

Storage

Affiliates

Trust

135,522

10,372

Omega

Healthcare

Investors,

Inc.

289,897

10,118

Physicians

Realty

Trust

146,407

3,584

PotlatchDeltic

Corp.

157,660

40,750

Prologis,

Inc.

4,593,748

7,005

Public

Storage

1,962,731

6,515

Rayonier,

Inc.

214,734

27,801

Realty

Income

Corp.

1,763,417

6,832

Regency

Centers

Corp.

427,000

8,140

Rexford

Industrial

Realty,

Inc.

444,770

10,217

Sabra

Health

Care

REIT,

Inc.

126,997

4,774

SBA

Communications

Corp.

1,338,200

14,533

Simon

Property

Group,

Inc.

1,707,337

2,860

SL

Green

Realty

Corp.

96,439

6,209

Spirit

Realty

Capital,

Inc.

247,925

7,966

STAG

Industrial,

Inc.

257,381

11,712

STORE

Capital

Corp.

375,487

5,496

Sun

Communities,

Inc.

785,928

13,576

UDR,

Inc.

525,799

17,748

Ventas,

Inc.

799,547

42,696

VICI

Properties,

Inc.

1,383,350

7,133

Vornado

Realty

Trust

148,438

20,982

Welltower,

Inc.

1,375,370

32,725

Weyerhaeuser

Co.

1,014,475

9,235

WP

Carey,

Inc.

721,715

47,713,070

HOTELS,

RESTAURANTS

&

LEISURE

4.7%

631

Booking

Holdings,

Inc.

(a)

1,271,642

3,467

Caesars

Entertainment,

Inc.

(a)

144,227

16,257

Carnival

Corp.

(a)

131,031

450

Chipotle

Mexican

Grill,

Inc.

(a)

624,371

1,980

Darden

Restaurants,

Inc.

273,893

575

Domino's

Pizza,

Inc.

199,180

2,440

Expedia

Group,

Inc.

(a)

213,744

4,382

Hilton

Worldwide

Holdings,

Inc.

553,710

5,317

Las

Vegas

Sands

Corp.

(a)

255,588

4,360

Marriott

International,

Inc.

-

Class

A

649,160

8,761

McDonald's

Corp.

2,308,786

5,194

MGM

Resorts

International

174,155

6,862

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

83,991

3,581

Royal

Caribbean

Cruises

Ltd.

(a)

177,009

18,607

Starbucks

Corp.

1,845,814

1,681

Wynn

Resorts

Ltd.

(a)

138,632

4,572

Yum!

Brands,

Inc.

585,582

9,630,515

HOUSEHOLD

DURABLES

0.8%

5,082

DR

Horton,

Inc.

453,010

2,488

Garmin

Ltd.

229,618

4,138

Lennar

Corp.

-

Class

A

374,489

856

Mohawk

Industries,

Inc.

(a)

87,500

6,128

Newell

Brands,

Inc.

80,154

49

NVR,

Inc.

(a)

226,016

3,707

PulteGroup,

Inc.

168,780

885

Whirlpool

Corp.

125,192

1,744,759

INSURANCE

5.4%

7,985

Aflac,

Inc.

574,441

3,737

Allstate

Corp.

(The)

506,737

10,484

American

International

Group,

Inc.

663,008

SHARES

SECURITY

DESCRIPTION

VALUE

$

2,918

Aon

plc

-

Class

A

875,809

5,222

Arch

Capital

Group

Ltd.

(a)

327,837

2,975

Arthur

J

Gallagher

&

Co.

560,907

745

Assurant,

Inc.

93,170

3,319

Brown

&

Brown,

Inc.

189,083

5,869

Chubb

Ltd.

1,294,701

2,219

Cincinnati

Financial

Corp.

227,203

554

Everest

Re

Group

Ltd.

183,524

1,275

Globe

Life,

Inc.

153,701

4,494

Hartford

Financial

Services

Group,

Inc.

(The)

340,780

2,179

Lincoln

National

Corp.

66,939

2,785

Loews

Corp.

162,449

6,997

Marsh

&

McLennan

Cos.,

Inc.

1,157,864

9,308

MetLife,

Inc.

673,620

3,221

Principal

Financial

Group,

Inc.

270,306

8,247

Progressive

Corp.

(The)

1,069,718

5,201

Prudential

Financial,

Inc.

517,292

3,311

Travelers

Cos.,

Inc.

(The)

620,779

2,888

W

R

Berkley

Corp.

209,582

1,526

Willis

Towers

Watson

plc

373,229

11,112,679

INTERNET

&

DIRECT

MARKETING

RETAIL

5.8%

136,622

Amazon.com,

Inc.

(a)

11,476,248

8,780

eBay,

Inc.

364,107

2,032

Etsy,

Inc.

(a)

243,393

12,083,748

IT

SERVICES

4.4%

3,968

Accenture

plc

-

Class

A

1,058,821

985

Akamai

Technologies,

Inc.

(a)

83,035

2,607

Automatic

Data

Processing,

Inc.

622,708

742

Broadridge

Financial

Solutions,

Inc.

99,524

3,240

Cognizant

Technology

Solutions

Corp.

-

Class

A

185,296

1,450

DXC

Technology

Co.

(a)

38,425

361

EPAM

Systems,

Inc.

(a)

118,314

3,726

Fidelity

National

Information

Services,

Inc.

252,809

3,983

Fiserv,

Inc.

(a)

402,562

462

FleetCor

Technologies,

Inc.

(a)

84,860

496

Gartner,

Inc.

(a)

166,725

1,702

Global

Payments,

Inc.

169,043

5,679

International

Business

Machines

Corp.

800,114

459

Jack

Henry

&

Associates,

Inc.

80,582

5,331

Mastercard,

Inc.

-

Class

A

1,853,749

2,016

Paychex,

Inc.

232,969

7,153

PayPal

Holdings,

Inc.

(a)

509,437

579

VeriSign,

Inc.

(a)

118,950

10,263

Visa,

Inc.

-

Class

A

2,132,241

9,010,164

LEISURE

PRODUCTS

0.1%

2,110

Hasbro,

Inc.

128,731

MORTGAGE

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

0.6%

25,326

AGNC

Investment

Corp.

262,124

20,690

Annaly

Capital

Management,

Inc.

436,145

7,566

Blackstone

Mortgage

Trust,

Inc.

-

Class

A

160,172

20,981

Rithm

Capital

Corp.

171,415

13,689

Starwood

Property

Trust,

Inc.

250,920

1,280,776

MULTILINE

RETAIL

1.2%

3,660

Dollar

General

Corp.

901,275

3,422

Dollar

Tree,

Inc.

(a)

484,008

7,457

Target

Corp.

1,111,391

2,496,674

8

DoubleLine

ETF

Trust

Schedule

of

Investments

DoubleLine

Shiller

CAPE

®

U.S.

Equities

ETF

(Cont.)

SHARES

SECURITY

DESCRIPTION

VALUE

$

PROFESSIONAL

SERVICES

0.7%

17,990

CoStar

Group,

Inc.

(a)

1,390,267

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

0.9%

14,005

CBRE

Group,

Inc.

-

Class

A

(a)

1,077,825

1,527

Howard

Hughes

Corp.

(The)

(a)

116,693

2,100

Jones

Lang

LaSalle,

Inc.

(a)

334,677

22,351

Opendoor

Technologies,

Inc.

(a)

25,927

2,570

Zillow

Group,

Inc.

-

Class

A

(a)

80,210

7,179

Zillow

Group,

Inc.

-

Class

C

(a)

231,236

1,866,568

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

5.0%

10,119

Advanced

Micro

Devices,

Inc.

(a)

655,408

3,235

Analog

Devices,

Inc.

530,637

5,409

Applied

Materials,

Inc.

526,728

2,543

Broadcom,

Inc.

1,421,868

853

Enphase

Energy,

Inc.

(a)

226,011

623

First

Solar,

Inc.

(a)

93,319

25,951

Intel

Corp.

685,885

891

KLA

Corp.

335,934

856

Lam

Research

Corp.

359,777

3,454

Microchip

Technology,

Inc.

242,643

6,822

Micron

Technology,

Inc.

340,963

281

Monolithic

Power

Systems,

Inc.

99,364

15,653

NVIDIA

Corp.

2,287,529

1,630

NXP

Semiconductors

NV

(China)

257,589

2,729

ON

Semiconductor

Corp.

(a)

170,208

634

Qorvo,

Inc.

(a)

57,466

7,054

QUALCOMM,

Inc.

775,517

1,007

Skyworks

Solutions,

Inc.

91,768

351

SolarEdge

Technologies,

Inc.

(a)

99,428

977

Teradyne,

Inc.

85,341

5,705

Texas

Instruments,

Inc.

942,580

10,285,963

SOFTWARE

8.2%

2,920

Adobe,

Inc.

(a)

982,668

547

ANSYS,

Inc.

(a)

132,150

1,353

Autodesk,

Inc.

(a)

252,835

1,723

Cadence

Design

Systems,

Inc.

(a)

276,783

963

Ceridian

HCM

Holding,

Inc.

(a)

61,776

4,078

Fortinet,

Inc.

(a)

199,373

3,641

Gen

Digital,

Inc.

78,027

1,768

Intuit,

Inc.

688,141

46,872

Microsoft

Corp.

11,240,843

9,680

Oracle

Corp.

791,243

304

Paycom

Software,

Inc.

(a)

94,334

665

PTC,

Inc.

(a)

79,827

669

Roper

Technologies,

Inc.

289,068

SHARES

SECURITY

DESCRIPTION

VALUE

$

6,268

Salesforce,

Inc.

(a)

831,074

1,264

ServiceNow,

Inc.

(a)

490,773

961

Synopsys,

Inc.

(a)

306,838

262

Tyler

Technologies,

Inc.

(a)

84,471

16,880,224

SPECIALTY

RETAIL

6.0%

978

Advance

Auto

Parts,

Inc.

143,795

308

AutoZone,

Inc.

(a)

759,584

3,715

Bath

&

Body

Works,

Inc.

156,550

3,260

Best

Buy

Co.,

Inc.

261,485

2,562

CarMax,

Inc.

(a)

156,000

16,144

Home

Depot,

Inc.

(The)

5,099,244

10,071

Lowe's

Cos.,

Inc.

2,006,546

1,014

O'Reilly

Automotive,

Inc.

(a)

855,846

5,640

Ross

Stores,

Inc.

654,635

18,865

TJX

Cos.,

Inc.

(The)

1,501,654

1,792

Tractor

Supply

Co.

403,146

831

Ulta

Beauty,

Inc.

(a)

389,797

12,388,282

TECHNOLOGY

HARDWARE,

STORAGE

&

PERIPHERALS

5.7%

86,873

Apple,

Inc.

11,287,409

8,095

Hewlett

Packard

Enterprise

Co.

129,196

5,563

HP,

Inc.

149,478

1,367

NetApp,

Inc.

82,102

1,202

Seagate

Technology

Holdings

plc

63,237

1,993

Western

Digital

Corp.

(a)

62,879

11,774,301

TEXTILES,

APPAREL

&

LUXURY

GOODS

1.3%

20,435

NIKE,

Inc.

-

Class

B

2,391,099

666

Ralph

Lauren

Corp.

70,376

3,919

Tapestry,

Inc.

149,236

5,358

VF

Corp.

147,935

2,758,646

Total

Common

Stocks

(Cost

$209,853,930)

205,567,077

SHORT

TERM

INVESTMENTS

0.3%

300,113

JPMorgan

U.S.

Government

Money

Market

Fund

-

Class

IM

4.12%

(b)

300,113

300,113

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

-

Institutional

Share

Class

4.12%

(b)

300,113

Total

Short

Term

Investments

(Cost

$600,227)

600,226

Total

Investments

99.9%

(Cost

$210,454,157)

206,167,303

Other

Assets

in

Excess

of

Liabilities

0.1%

212,958

NET

ASSETS

100.0%

$206,380,261

(a)

Non-income

producing

security

(b)

Seven-day

yield

as

of

period

end

|

December

31,

2022

9

Notes

to

Schedule

of

Investments

(Unaudited)

December

31,

2022

1. Organization

DoubleLine

ETF

Trust,

a

Delaware

statutory

trust

(the

“Trust”),

was

formed

on

September

27,

2021

and

is

registered

with

the

Securities

and

Exchange

Commission

as

an

open-end

management

investment

company.

As

of

December

31,

2022,

the

Trust

consists

of

two series,

DoubleLine

Opportunistic

Bond

ETF

(the

“Opportunistic

Bond

ETF”)

and

DoubleLine

Shiller

CAPE

®

U.S.

Equities

ETF

(the

“Equities

ETF”)

(each

a

“Fund”

and

collectively

the

“Funds”).

Each

Fund

is

managed

by

DoubleLine

ETF

Adviser

LP

(the

"Adviser"),

which

is

registered

as

an

investment

adviser

with

the

U.S.

Securities

and

Exchange

Commission. Each

Fund

offers

one

class

of

shares.

The

Funds

commenced

operations

on

March

31,

2022.

The

Funds

are

classified

as

non-diversified

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”).

The

DoubleLine

Opportunistic

Bond

ETF’s

investment

objective

is

to

seek

to

maximize

current

income

and

total

return.

The

DoubleLine

Shiller

CAPE

®

U.S.

Equities

ETF’s

investment

objective

is

to

seek

total

return

which

exceeds

the

total

return

of

the

S&P

500

Index.

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.

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

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

Notes

to

Schedule

of

Investments

(Cont.)

10

DoubleLine

ETF

Trust

relevant

exchange.

To

the

extent

these

securities

are

actively

traded

and

valuation

adjustments

are

not

applied,

they

are

categorized

as

Level

1

of

the

fair

value

hierarchy.

The

Board

of

Trustees

(the

“Board”)

has

adopted

a

pricing

and

valuation

policy

for

use

by each

Fund

and

its

Valuation

Designee

(as

defined

below)

in

calculating each

Fund’s

NAV.

Pursuant

to

Rule

2a-5

under

the

1940

Act, each

Fund

has

designated

the

Adviser

as

its

“Valuation

Designee”

to

perform

all

of

the

fair

value

determinations

as

well

as

to

perform

all

of

the

responsibilities

that

may

be

performed

by

the

Valuation

Designee

in

accordance

with

Rule

2a-5.

The

Valuation

Designee

is

authorized

to

make

all

necessary

determinations

of

the

fair

values

of

portfolio

securities

and

other

assets

for

which

market

quotations

are

not

readily

available

or

if

it

is

deemed

that

the

prices

obtained

from

brokers

and

dealers

or

independent

pricing

services

are

unreliable.

The

following

is

a

summary

of

the

fair

valuations

according

to

the

inputs

used

to

value

the

Funds'

investments

as

of

December

31,

2022:

Category

DoubleLine

Opportunistic

Bond

ETF

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

Investments

in

Securities

Level

1

Common

Stocks

$

—

$

205,567,077

Money

Market

Funds

3,320,410

600,226

Total

Level

1

3,320,410

206,167,303

Level

2

US

Government

and

Agency

Obligations

15,149,498

—

US

Corporate

Bonds

9,529,260

—

US

Government

and

Agency

Mortgage

Backed

Obligations

7,787,230

—

Asset

Backed

Obligations

6,356,518

—

Non-Agency

Commercial

Mortgage

Backed

Obligations

5,128,062

—

Non-Agency

Residential

Collateralized

Mortgage

Obligations

4,646,411

—

Foreign

Corporate

Bonds

1,410,825

—

Total

Level

2

50,007,804

—

Level

3

—

—

Total

$

53,328,214

$

206,167,303

See

the

Schedules

of

Investments

for

further

disaggregation

of

investment

categories.

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