DoubleLine ETF Trust NPORT-P DoubleLine Mortgage ETF (Dec 2024 report)

Schedule

of

Investments

DoubleLine

Opportunistic

Bond

ETF

(Unaudited)

December

31,

2024

|

December

31,

2024

1

P

RINCIPAL

A

MOUNT

$/S

HARES

S

ECURITY

D

ESCRIPTION

R

ATE

M

ATURITY

V

ALUE

$

ASSET

BACKED

OBLIGATIONS

9.5%

Aaset

LLC

,

536,088

Series

2022-1A-A

6.00%

(a)

05/16/2047

528,095

Aaset

Ltd.

,

687,934

Series

2024-2A-B

6.61%

(a)

09/16/2049

682,239

Aaset

Trust

,

420,952

Series

2021-2A-A

2.80%

(a)

01/15/2047

384,376

484,971

Series

2024-1A-A1

6.26%

(a)

05/16/2049

490,069

491,070

Series

2024-1A-B

6.90%

(a)

05/16/2049

499,347

Affirm

Asset

Securitization

Trust

,

88,200

Series

2023-X1-A

7.11%

(a)

11/15/2028

88,421

650,000

Series

2024-X1-B

6.34%

(a)

05/15/2029

655,347

Aligned

Data

Centers

Issuer

LLC

,

600,000

Series

2023-1A-A2

6.00%

(a)

08/17/2048

608,924

AMSR

Trust

,

2,100,000

Series

2023-SFR2-A

3.95%

(a)

06/17/2040

2,016,715

Avant

Loans

Funding

Trust

,

600,000

Series

2024-REV1-B

6.17%

(a)

10/15/2033

608,309

Business

Jet

Securities

LLC

,

486,160

Series

2024-2A-B

5.75%

(a)

09/15/2039

485,814

Carvana

Auto

Receivables

Trust

,

416,766

Series

2023-P5-A2

5.77%

(a)

04/12/2027

417,957

Cologix

Data

Centers

US

Issuer

LLC

,

750,000

Series

2021-1A-A2

3.30%

(a)

12/26/2051

712,511

Compass

Datacenters

Issuer

II

LLC

,

500,000

Series

2024-1A-B

7.00%

(a)

02/25/2049

504,210

250,000

Series

2024-2A-B2

6.00%

(a)

08/25/2049

245,766

CyrusOne

Data

Centers

Issuer

I

LLC

,

500,000

Series

2023-1A-A2

4.30%

(a)

04/20/2048

481,421

DataBank

Issuer

,

500,000

Series

2023-1A-A2

5.12%

(a)

02/25/2053

490,120

Diamond

Resorts

Owner

Trust

,

94,992

Series

2021-1A-A

1.51%

(a)

11/21/2033

92,817

Dividend

Solar

Loans

LLC

,

426,664

Series

2018-1-B

4.29%

(a)

07/20/2038

381,736

EWC

Master

Issuer

LLC

,

487,500

Series

2022-1A-A2

5.50%

(a)

03/15/2052

475,047

ExteNet

Issuer

LLC

,

500,000

Series

2024-1A-B

6.15%

(a)

07/25/2054

498,439

Hilton

Grand

Vacations

Trust

,

157,906

Series

2022-1D-C

4.69%

(a)

06/20/2034

154,723

Horizon

Aircraft

Finance

IV

Ltd.

,

493,750

Series

2024-1-A

5.38%

(a)

09/15/2049

480,646

Hyundai

Auto

Receivables

Trust

,

950,000

Series

2024-C-B

4.67%

01/15/2031

943,242

Invitation

Homes

Trust

,

1,167,000

Series

2024-SFR1-D

4.25%

(a)

09/17/2041

1,061,459

Jack

in

the

Box

Funding

LLC

,

236,250

Series

2022-1A-A2II

4.14%

(a)

02/26/2052

207,742

Lendbuzz

Securitization

Trust

,

320,343

Series

2022-1A-A

4.22%

(a)

05/17/2027

319,071

Lunar

Structured

Aircraft

Portfolio

Notes

,

738,965

Series

2021-1-A

2.64%

(a)

10/15/2046

675,028

MetroNet

Infrastructure

Issuer

LLC

,

300,000

Series

2023-1A-A2

6.56%

(a)

04/20/2053

307,842

Mosaic

Solar

Loan

Trust

,

505,108

Series

2018-2GS-A

4.20%

(a)

02/22/2044

471,676

Pagaya

AI

Debt

Trust

,

89,732

Series

2023-3-A

7.60%

(a)

12/16/2030

90,222

687,588

Series

2023-5-B

7.63%

(a)

04/15/2031

690,374

295,944

Series

2024-1-A

6.66%

(a)

07/15/2031

299,601

Pret

LLC

,

1,716,246

Series

2024-NPL6-A1

5.93%

(a)(b)

10/25/2054

1,709,004

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Progress

Residential

Trust

,

2,694,139

Series

2024-SFR2-A

3.30%

(a)

04/17/2041

2,502,893

2,500,000

Series

2024-SFR4-C

3.33%

(a)

07/17/2041

2,253,512

Prosper

Marketplace

Issuance

Trust

,

128,498

Series

2023-1A-A

7.06%

(a)

07/16/2029

128,796

Retained

Vantage

Data

Centers

Issuer

LLC

,

500,000

Series

2023-1A-B

5.75%

(a)

09/15/2048

489,831

Sabey

Data

Center

Issuer

LLC

,

650,000

Series

2024-1-A2

6.00%

(a)

04/20/2049

658,354

Santander

Drive

Auto

Receivables

Trust

,

48,037

Series

2020-4-D

1.48%

01/15/2027

47,935

SEB

Funding

LLC

,

498,750

Series

2021-1A-A2

4.97%

(a)

01/30/2052

486,815

SERVPRO

Master

Issuer

LLC

,

496,250

Series

2024-1A-A2

6.17%

(a)

01/25/2054

498,719

SMB

Private

Education

Loan

Trust

,

613,330

Series

2021-A-B

2.31%

(a)

01/15/2053

590,516

Subway

Funding

LLC

,

300,000

Series

2024-1A-A23

6.51%

(a)

07/30/2054

308,736

400,000

Series

2024-3A-A23

5.91%

(a)

07/30/2054

392,086

Switch

ABS

Issuer

LLC

,

500,000

Series

2024-2A-B

6.20%

(a)

06/25/2054

501,120

Textainer

Marine

Containers

VII

Ltd.

,

338,800

Series

2024-1A-A

5.25%

(a)

08/20/2049

333,621

Theorem

Funding

Trust

,

102,759

Series

2023-1A-A

7.58%

(a)

04/15/2029

103,695

TierPoint

Issuer

LLC

,

500,000

Series

2023-1A-A2

6.00%

(a)

06/25/2053

501,943

Tricon

Residential

Trust

,

2,000,000

Series

2024-SFR3-C

5.25%

(a)

08/17/2041

1,942,301

Upstart

Securitization

Trust

,

34,686

Series

2021-4-B

1.84%

(a)

09/20/2031

34,594

100,232

Series

2021-5-B

2.49%

(a)

11/20/2031

99,998

USQ

Rail

III

LLC

,

499,808

Series

2024-1A-A

4.99%

(a)

09/28/2054

482,913

VOLT

C

LLC

,

212,645

Series

2021-NP10-A1

4.99%

(a)(b)

05/25/2051

212,654

209,280

Series

2021-NPL9-A1

4.99%

(a)(b)

05/25/2051

208,642

Washington

Mutual

WMABS

Trust

,

3,524,167

Series

2007-HE2-

2A2

(CME

Term

SOFR

1

Month

+

0.55%,

0.44%

Floor)

4.89%

02/25/2037

1,093,764

Total

Asset

Backed

Obligations

(Cost

$32,270,729)

32,631,748

BANK

LOANS

3.0%

Access

CIG

LLC

,

46,770

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

5.00%,

0.50%

Floor)

9.59%

08/15/2028

47,284

Acrisure

LLC

,

194,811

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

12

Month

+

3.50%,

0.50%

Floor)

7.36%

11/06/2030

195,374

2

DoubleLine

ETF

Trust

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Acuris

Finance

U.S.,

Inc.

,

43,357

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.75%)

8.42%

02/16/2028

43,697

ADMI

Corp.

,

64,273

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.75%,

0.50%

Floor)

8.22%

12/23/2027

63,309

AI

Aqua

Merger

Sub,

Inc.

,

138,078

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.50%,

0.50%

Floor)

8.05%

07/31/2028

138,367

Air

Canada

,

44,663

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.00%)

6.34%

03/21/2031

44,928

Alliant

Holdings

Intermediate

LLC

,

109,175

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.75%)

7.11%

09/19/2031

109,591

Allied

Universal

Holdco

LLC

,

187,693

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.75%,

0.50%

Floor)

8.21%

05/12/2028

188,540

Allspring

Buyer

LLC

,

168,794

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.25%,

0.50%

Floor)

7.38%

11/01/2030

169,279

Alterra

Mountain

Co.

,

88,864

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.75%)

7.11%

08/17/2028

89,558

Altice

France

SA

,

29,773

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

5.50%)

10.16%

08/15/2028

23,990

Applied

Systems,

Inc.

,

10,000

Senior

Secured

Second

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

5.25%)

9.88%

02/23/2032

10,305

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Apro

LLC

,

59,850

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.75%)

8.27%

07/09/2031

60,511

Ascend

Learning

LLC

,

139,282

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.50%,

0.50%

Floor)

7.96%

12/11/2028

140,208

Aspire

Bakeries

Holdings

LLC

,

59,849

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.25%)

8.61%

12/22/2030

60,523

AssuredPartners,

Inc.

,

109,200

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.50%,

0.50%

Floor)

7.86%

02/14/2031

109,558

Asurion

LLC

,

54,446

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.25%)

8.71%

08/21/2028

54,563

AthenaHealth

Group,

Inc.

,

188,288

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%,

0.50%

Floor)

7.61%

02/15/2029

189,129

Aveanna

Healthcare

LLC

,

203,760

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.75%,

0.50%

Floor)

8.36%

07/17/2028

202,398

Bausch

+

Lomb

Corp.

,

163,033

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%,

0.50%

Floor)

7.69%

05/10/2027

163,856

29,625

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.00%)

8.33%

09/29/2028

29,819

BCPE

Empire

Holdings,

Inc.

,

128,803

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.50%,

0.50%

Floor)

7.86%

12/11/2028

129,676

|

December

31,

2024

3

Schedule

of

Investments

DoubleLine

Opportunistic

Bond

ETF

(Cont.)

(Unaudited)

December

31,

2024

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Belron

Finance

U.S.

LLC

,

59,850

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.75%,

0.50%

Floor)

7.27%

10/16/2031

60,495

Boxer

Parent

Co.,

Inc.

,

160,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.75%)

8.34%

07/30/2031

161,518

40,000

Senior

Secured

Second

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

5.75%)

10.34%

07/30/2032

39,467

Brand

Industrial

Services,

Inc.

,

49,613

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.50%,

0.50%

Floor)

9.07%

08/01/2030

48,377

Broadstreet

Partners,

Inc.

,

44,888

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%)

7.57%

06/16/2031

45,094

Brown

Group

Holding

LLC

,

34,808

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.50%,

0.50%

Floor)

7.12%

07/01/2031

34,980

Camelot

U.S.

Acquisition

LLC

,

43,205

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.75%)

7.11%

01/31/2031

43,226

Carnival

Corp.

,

13,359

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.75%,

0.75%

Floor)

7.11%

08/09/2027

13,473

Cengage

Learning,

Inc.

,

29,850

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.50%;

CME

Term

SOFR

3

Month

+

3.50%,

1.00%

Floor)

7.96%

11/24/2031

30,042

Central

Parent

LLC

,

189,525

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.25%)

7.90%

07/06/2029

187,263

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

CHG

Healthcare

Services,

Inc.

,

44,887

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.50%,

0.50%

Floor)

7.96%

09/29/2028

45,317

Cloud

Software

Group,

Inc.

,

44,506

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.50%,

0.50%

Floor)

8.02%

03/30/2029

44,694

35,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.75%,

0.50%

Floor)

8.08%

03/21/2031

35,156

ClubCorp

Holdings,

Inc.

,

30,643

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

5.00%)

9.33%

09/18/2026

30,774

Clydesdale

Acquisition

Holdings,

Inc.

,

33,029

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.18%,

0.50%

Floor)

7.75%

04/13/2029

33,132

Comma

BV

,

37,550

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%)

7.94%

12/17/2029

37,128

Construction

Partners,

Inc.

,

70,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.50%)

6.84%

11/03/2031

70,482

Cornerstone

Generation

LLC

,

100,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

12

Month

+

3.25%)

7.65%

10/28/2031

101,000

Cotiviti,

Inc.

,

104,214

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%)

7.30%

05/01/2031

104,931

Crown

Finance

U.S.,

Inc.

,

30,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

5.25%)

9.80%

12/02/2031

30,052

4

DoubleLine

ETF

Trust

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

CSC

Holdings

LLC

,

19,741

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

6

Month

+

2.50%)

7.17%

04/15/2027

18,260

DCert

Buyer,

Inc.

,

44,314

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.00%)

8.36%

10/16/2026

42,683

Deerfield

Dakota

Holding

LLC

,

203,610

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.75%,

1.00%

Floor)

8.39%

04/09/2027

199,602

DexKo

Global,

Inc.

,

54,859

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.75%,

0.50%

Floor)

8.34%

10/04/2028

52,000

DG

Investment

Intermediate

Holdings

2,

Inc.

,

118,976

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.75%,

0.75%

Floor)

8.22%

03/31/2028

120,389

DIRECTV

Financing

LLC

,

10,366

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

5.00%,

0.75%

Floor)

9.85%

08/02/2027

10,419

EAB

Global,

Inc.

,

39,700

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%,

0.50%

Floor)

7.61%

08/16/2028

39,903

Eagle

Parent

Corp.

,

104,413

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.25%,

0.50%

Floor)

8.84%

04/02/2029

102,749

Edelman

Financial

Engines

Center

LLC

(The)

,

35,000

Senior

Secured

Second

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

5.25%)

9.61%

10/20/2028

35,361

Edgewater

Generation

LLC

,

38,974

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.25%)

8.61%

08/01/2030

39,573

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

EG

Group

Ltd.

,

34,737

Senior

Secured

First

Lien

Term

Loan

(TSFR1D

+

5.50%,

0.50%

Floor)

8.63%

02/07/2028

35,097

EMRLD

Borrower

LP

,

64,838

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.50%)

6.83%

08/04/2031

65,175

Fertitta

Entertainment

LLC

,

197,870

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.50%,

0.50%

Floor)

7.86%

01/29/2029

198,850

First

Advantage

Holdings

LLC

,

124,247

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%)

7.61%

10/31/2031

125,723

Focus

Financial

Partners

LLC

,

176,088

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%)

7.61%

09/11/2031

177,925

Frontdoor,

Inc.

,

10,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.25%)

6.61%

12/19/2031

10,050

Frontier

Communications

Holdings

LLC

,

69,825

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

6

Month

+

3.50%)

8.76%

07/01/2031

70,785

Gainwell

Acquisition

Corp.

,

207,980

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.00%,

0.75%

Floor)

8.69%

10/01/2027

201,971

Garda

World

Security

Corp.

,

84,357

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.50%)

7.90%

02/01/2029

84,832

GBT

U.S.

III

LLC

,

30,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.00%)

7.63%

07/28/2031

30,184

|

December

31,

2024

5

Schedule

of

Investments

DoubleLine

Opportunistic

Bond

ETF

(Cont.)

(Unaudited)

December

31,

2024

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

GIP

Pilot

Acquisition

Partners

LP

,

19,867

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.50%)

7.09%

10/04/2030

20,016

Golden

State

Foods

LLC

,

35,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.25%)

8.77%

12/04/2031

35,355

Gray

Television,

Inc.

,

25,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%)

7.67%

12/01/2028

23,167

Great

Outdoors

Group

LLC

,

98,724

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.75%,

0.75%

Floor)

8.22%

03/06/2028

99,391

Grifols

Worldwide

Operations

USA,

Inc.

,

17,457

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.00%)

6.74%

11/15/2027

17,414

Hamilton

Projects

Acquiror

LLC

,

14,963

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.75%)

8.32%

05/30/2031

15,098

Hexion

Holdings

Corp.

,

119,396

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.00%,

0.50%

Floor)

8.45%

03/15/2029

119,611

Hightower

Holding

LLC

,

104,475

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.50%)

8.07%

04/21/2028

105,171

Husky

Injection

Molding

Systems

Ltd.

,

149,362

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

6

Month

+

4.50%)

8.78%

02/15/2029

150,810

INEOS

U.S.

Finance

LLC

,

104,213

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%)

7.61%

02/18/2030

104,808

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

44,888

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.75%)

7.52%

02/07/2031

45,309

INEOS

U.S.

Petrochem

LLC

,

74,438

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.25%)

8.71%

04/02/2029

75,088

50,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.25%)

8.61%

10/07/2031

50,563

Kodiak

Building

Partners

LLC

,

5,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.75%)

8.27%

12/04/2031

5,010

Kronos

Acquisition

Holdings,

Inc.

,

54,863

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.00%)

8.58%

06/27/2031

51,948

LBM

Acquisition

LLC

,

144,200

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.75%,

0.75%

Floor)

8.30%

06/06/2031

143,209

Life

Time,

Inc.

,

50,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.50%)

7.03%

10/22/2031

50,263

LifePoint

Health,

Inc.

,

139,301

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.75%)

8.41%

05/19/2031

139,969

Lightning

Power

LLC

,

60,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.25%)

7.74%

08/18/2031

60,758

Lumen

Technologies,

Inc.

,

24,937

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.35%)

6.82%

04/16/2029

23,499

Lummus

Technology

Holdings

V

LLC

,

66,176

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%)

7.36%

12/31/2029

66,766

6

DoubleLine

ETF

Trust

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Madison

Safety

&

Flow

LLC

,

34,913

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%)

7.61%

09/26/2031

35,213

McAfee

Corp.

,

44,661

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%,

0.50%

Floor)

7.37%

03/01/2029

44,756

Medline

Borrower

LP

,

49,875

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.25%,

0.50%

Floor)

6.61%

10/23/2028

50,107

MH

Sub

I

LLC

,

40,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

12

Month

+

4.25%)

8.42%

12/11/2031

39,712

Mitchell

International,

Inc.

,

169,575

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%,

0.50%

Floor)

7.61%

06/17/2031

169,876

35,000

Senior

Secured

Second

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

5.25%,

0.50%

Floor)

9.61%

06/07/2032

34,708

Natgasoline

LLC

,

49,620

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

6

Month

+

3.50%)

9.02%

11/14/2025

49,372

NEP

Group,

Inc.

,

109,343

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%)

8.13%

08/19/2026

100,210

nVent

Electric

plc

,

75,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

12

Month

+

3.50%)

8.24%

09/12/2031

75,914

Olympus

Water

U.S.

Holding

Corp.

,

104,738

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.50%,

0.50%

Floor)

7.34%

06/20/2031

105,196

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

OneDigital

Borrower

LLC

,

119,400

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%,

0.50%

Floor)

7.61%

07/02/2031

119,851

40,000

Senior

Secured

Second

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

5.25%,

0.50%

Floor)

9.61%

07/02/2032

39,913

Ontario

Gaming

GTA

LP

,

29,700

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.25%,

0.50%

Floor)

8.84%

08/01/2030

29,798

OVG

Business

Services

LLC

,

54,863

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%)

7.36%

06/25/2031

55,068

PAREXEL

International,

Inc.

,

108,594

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%,

0.50%

Floor)

7.36%

11/15/2028

109,477

Penn

Entertainment,

Inc.

,

127,436

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.50%,

0.50%

Floor)

6.86%

05/03/2029

128,114

Peraton

Corp.

,

44,881

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.75%,

0.75%

Floor)

8.21%

02/01/2028

41,875

PetSmart

LLC

,

117,868

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.75%,

0.75%

Floor)

8.21%

02/11/2028

117,622

Playa

Resorts

Holding

BV

,

59,095

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.75%,

0.50%

Floor)

7.11%

01/05/2029

59,223

|

December

31,

2024

7

Schedule

of

Investments

DoubleLine

Opportunistic

Bond

ETF

(Cont.)

(Unaudited)

December

31,

2024

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

PointClickCare

Technologies,

Inc.

,

90,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.25%)

7.58%

11/03/2031

90,675

Polaris

Newco

LLC

,

119,575

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.00%,

0.50%

Floor)

8.85%

06/02/2028

119,942

Pregis

TopCo

LLC

,

49,223

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.00%)

8.36%

07/31/2026

49,605

Proofpoint,

Inc.

,

127,285

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%,

0.50%

Floor)

7.36%

08/31/2028

128,049

Quikrete

Holdings,

Inc.

,

24,624

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.25%)

6.61%

03/19/2029

24,639

Radiology

Partners,

Inc.

,

120,108

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.50%)

8.28%

01/31/2029

118,797

RealPage,

Inc.

,

30,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.75%,

0.50%

Floor)

8.08%

04/24/2028

30,178

Sabre

GLBL,

Inc.

,

14,047

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.50%,

1.00%

Floor)

7.97%

12/17/2027

13,696

12,425

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

6.00%,

1.50%

Floor)

10.36%

11/15/2029

12,177

28,528

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

6.00%,

1.50%

Floor)

10.46%

11/15/2029

28,456

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Sandisk

Corp.

,

20,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

12

Month

+

3.00%)

7.17%

02/09/2032

19,694

Sedgwick

Claims

Management

Services,

Inc.

,

84,788

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.00%)

7.59%

07/31/2031

85,403

Select

Medical

Corp.

,

50,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.00%)

6.53%

12/03/2031

50,229

Signia

Aerospace

LLC

,

106,154

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.00%)

7.40%

11/21/2031

106,353

Six

Flags

Entertainment

Corp.

,

39,800

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.00%)

6.36%

05/01/2031

39,974

Sotera

Health

Holdings

LLC

,

109,725

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.25%)

7.84%

05/30/2031

110,137

Southern

Veterinary

Partners

LLC

,

110,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.25%)

7.71%

12/04/2031

110,915

Station

Casinos

LLC

,

39,700

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.00%)

6.38%

03/14/2031

39,809

StubHub

Holdco

Sub

LLC

,

118,918

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.75%)

9.11%

03/15/2030

119,364

SWF

Holdings

I

Corp.

,

19,633

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.00%,

0.75%

Floor)

8.69%

10/06/2028

16,099

8

DoubleLine

ETF

Trust

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Team

Health

Holdings,

Inc.

,

49,856

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

5.25%,

1.00%

Floor)

9.84%

03/02/2027

48,342

Tempur

Sealy

International,

Inc.

,

250,000

Senior

Secured

First

Lien

Term

Loan

(TSFR1D

+

2.50%)

6.84%

10/24/2031

251,014

TransDigm,

Inc.

,

49,626

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.50%)

6.83%

02/28/2031

49,767

Triton

Water

Holdings,

Inc.

,

163,728

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.25%,

0.50%

Floor)

8.12%

03/31/2028

165,222

UFC

Holdings

LLC

,

60,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.25%)

6.77%

11/14/2031

60,406

Vantage

Specialty

Chemicals,

Inc.

,

104,733

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.75%,

0.50%

Floor)

9.11%

10/26/2026

103,816

Verde

Purchaser

LLC

,

24,937

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.50%)

9.13%

11/30/2030

25,046

Vestis

Corp.

,

29,094

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.25%)

6.76%

02/24/2031

29,203

Vizient,

Inc.

,

53,613

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.00%,

0.50%

Floor)

6.36%

08/01/2031

54,095

Wand

NewCo

3,

Inc.

,

63,482

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%)

7.61%

01/30/2031

63,821

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

WaterBridge

Midstream

Operating

LLC

,

19,950

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.75%)

9.08%

06/21/2029

19,900

WestJet

Loyalty

LP

,

79,400

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.25%)

7.58%

02/14/2031

79,826

White

Cap

Supply

Holdings

LLC

,

55,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%)

7.82%

10/19/2029

55,174

Zayo

Group

Holdings,

Inc.

,

25,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%)

7.47%

03/09/2027

23,470

Zelis

Payments

Buyer,

Inc.

,

70,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%)

7.61%

11/26/2031

70,335

Total

Bank

Loans

(Cost

$10,256,565)

10,345,451

COLLATERALIZED

LOAN

OBLIGATIONS

4.6%

37

Capital

CLO

4

Ltd.

,

500,000

Series

2023-2A-B

(CME

Term

SOFR

3

Month

+

2.75%,

2.75%

Floor)

7.41%

(a)

01/15/2034

500,025

AIMCO

CLO

21

Ltd.

,

500,000

Series

2024-21A-D1

(CME

Term

SOFR

3

Month

+

3.15%,

3.15%

Floor)

7.78%

(a)

04/18/2037

510,377

AREIT

Ltd.

,

200,000

Series

2024-CRE9-B

(CME

Term

SOFR

1

Month

+

2.54%,

2.54%

Floor)

6.93%

(a)

05/17/2041

200,391

Bain

Capital

Credit

CLO

Ltd.

,

500,000

Series

2023-4A-C

(CME

Term

SOFR

3

Month

+

2.90%,

2.90%

Floor)

7.52%

(a)

10/21/2036

505,345

BDS

LLC

,

280,000

Series

2022-FL11-B

(CME

Term

SOFR

1

Month

+

2.35%,

2.35%

Floor)

6.72%

(a)

03/19/2039

282,077

Benefit

Street

Partners

CLO

XXXVI

Ltd.

,

500,000

Series

2024-36A-D1

(CME

Term

SOFR

3

Month

+

2.95%,

2.95%

Floor)

7.36%

(a)

01/25/2038

510,388

|

December

31,

2024

9

Schedule

of

Investments

DoubleLine

Opportunistic

Bond

ETF

(Cont.)

(Unaudited)

December

31,

2024

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

BRSP

Ltd.

,

200,745

Series

2021-FL1-A

(CME

Term

SOFR

1

Month

+

1.26%,

1.15%

Floor)

5.63%

(a)

08/19/2038

200,128

BSPRT

Issuer

Ltd.

,

270,000

Series

2023-FL10-B

(CME

Term

SOFR

1

Month

+

3.27%,

3.27%

Floor)

7.66%

(a)

09/15/2035

272,617

Captree

Park

CLO

Ltd.

,

500,000

Series

2024-1A-D

(CME

Term

SOFR

3

Month

+

3.25%,

3.25%

Floor)

7.87%

(a)

07/20/2037

510,451

CBAM

Ltd.

,

500,000

Series

2017-2A-BR

(CME

Term

SOFR

3

Month

+

2.11%,

1.85%

Floor)

6.76%

(a)

07/17/2034

502,601

Eaton

Vance

CLO

Ltd.

,

500,000

Series

2013-1A-A23R

(CME

Term

SOFR

3

Month

+

1.81%,

1.55%

Floor)

6.47%

(a)

01/15/2034

501,581

Elmwood

CLO

28

Ltd.

,

500,000

Series

2024-4A-D

(CME

Term

SOFR

3

Month

+

3.30%,

3.30%

Floor)

8.64%

(a)

04/17/2037

510,427

Elmwood

CLO

XII

Ltd.

,

500,000

Series

2021-5A-D1R

(CME

Term

SOFR

3

Month

+

3.10%,

3.10%

Floor)

7.67%

(a)

10/15/2037

511,810

Empower

CLO

Ltd.

,

500,000

Series

2023-2A-B

(CME

Term

SOFR

3

Month

+

2.75%,

2.75%

Floor)

7.41%

(a)

07/15/2036

507,120

Greystone

CRE

Notes

Ltd.

,

240,000

Series

2021-FL3-B

(CME

Term

SOFR

1

Month

+

1.76%,

1.65%

Floor)

6.16%

(a)

07/15/2039

239,225

KREF

Ltd.

,

210,000

Series

2021-FL2-AS

(CME

Term

SOFR

1

Month

+

1.41%,

1.30%

Floor)

5.80%

(a)

02/15/2039

207,287

LoanCore

Issuer

Ltd.

,

151,200

Series

2021-CRE5-A

(CME

Term

SOFR

1

Month

+

1.41%,

1.41%

Floor)

5.81%

(a)

07/15/2036

151,312

303,890

Series

2021-CRE6-A

(CME

Term

SOFR

1

Month

+

1.41%,

1.30%

Floor)

5.81%

(a)

11/15/2038

303,969

Marble

Point

CLO

XI

Ltd.

,

500,000

Series

2017-2A-B

(CME

Term

SOFR

3

Month

+

1.76%,

1.50%

Floor)

6.39%

(a)

12/18/2030

500,177

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

MF1

Multifamily

Housing

Mortgage

Loan

Trust

,

114,651

Series

2021-FL7-A

(CME

Term

SOFR

1

Month

+

1.19%,

1.08%

Floor)

5.57%

(a)

10/16/2036

114,422

260,000

Series

2024-FL14-

AS

(CME

Term

SOFR

1

Month

+

2.24%,

2.24%

Floor)

6.61%

(a)

03/19/2039

261,268

280,000

Series

2024-FL15-A

(CME

Term

SOFR

1

Month

+

1.69%,

1.69%

Floor)

6.06%

(a)

08/18/2041

281,031

Midocean

Credit

CLO

IX

,

500,000

Series

2018-9A-D

(CME

Term

SOFR

3

Month

+

3.56%,

3.30%

Floor)

8.18%

(a)

07/20/2031

503,869

Octagon

Investment

Partners

45

Ltd.

,

500,000

Series

2019-1A-BR

(CME

Term

SOFR

3

Month

+

1.85%,

1.85%

Floor)

6.51%

(a)

04/15/2035

501,178

Park

Avenue

Institutional

Advisers

CLO

Ltd.

,

500,000

Series

2018-1A-BR

(CME

Term

SOFR

3

Month

+

2.36%,

2.10%

Floor)

6.98%

(a)

10/20/2031

500,559

Race

Point

IX

CLO

Ltd.

,

1,000,000

Series

2015-9A-BR

(CME

Term

SOFR

3

Month

+

2.41%,

0.26%

Floor)

7.07%

(a)

10/15/2030

1,004,449

Sound

Point

CLO

XXXI

Ltd.

,

500,000

Series

2021-3A-D

(CME

Term

SOFR

3

Month

+

3.51%,

3.25%

Floor)

8.14%

(a)

10/25/2034

502,796

Steele

Creek

CLO

Ltd.

,

325,813

Series

2017-1A-A

(CME

Term

SOFR

3

Month

+

1.51%)

6.17%

(a)

10/15/2030

326,292

STWD

Ltd.

,

6,308

Series

2019-FL1-AS

(CME

Term

SOFR

1

Month

+

1.51%,

1.51%

Floor)

5.91%

(a)

07/15/2038

6,265

104,001

Series

2021-FL2-A

(CME

Term

SOFR

1

Month

+

1.31%,

1.20%

Floor)

5.69%

(a)

04/18/2038

103,644

TRTX

Issuer

Ltd.

,

123,887

Series

2021-FL4-A

(CME

Term

SOFR

1

Month

+

1.31%,

1.20%

Floor)

5.70%

(a)

03/15/2038

123,857

Venture

XXVI

CLO

Ltd.

,

500,000

Series

2017-26A-BR

(CME

Term

SOFR

3

Month

+

1.96%,

1.70%

Floor)

6.58%

(a)

01/20/2029

499,500

10

DoubleLine

ETF

Trust

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Vibrant

CLO

IV-R

Ltd.

,

500,000

Series

2024-4RA-D1

(CME

Term

SOFR

3

Month

+

3.75%,

3.75%

Floor)

8.35%

(a)

10/20/2037

512,215

Voya

CLO

Ltd.

,

1,000,000

Series

2013-1A-BR

(CME

Term

SOFR

3

Month

+

2.16%)

6.82%

(a)

10/15/2030

1,003,506

500,000

Series

2014-4A-CR2

(CME

Term

SOFR

3

Month

+

3.61%)

8.27%

(a)

07/14/2031

502,894

Wellfleet

CLO

Ltd.

,

500,000

Series

2017-3A-A2

(CME

Term

SOFR

3

Month

+

1.76%,

1.50%

Floor)

6.41%

(a)

01/17/2031

500,746

Wind

River

CLO

Ltd.

,

1,000,000

Series

2021-1A-D1R

(CME

Term

SOFR

3

Month

+

3.95%,

3.95%

Floor)

8.57%

(a)

07/20/2037

1,025,269

Total

Collateralized

Loan

Obligations

(Cost

$15,351,122)

15,701,068

FOREIGN

CORPORATE

BONDS

7.0%

AUSTRALIA

0.3%

200,000

AngloGold

Ashanti

Holdings

plc

3.38%

11/01/2028

184,897

195,000

Glencore

Funding

LLC

1.63%

(a)

04/27/2026

187,109

354,000

Glencore

Funding

LLC

5.37%

(a)

04/04/2029

356,974

196,000

Westpac

Banking

Corp.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.20%)

5.62%

11/20/2035

192,719

921,699

BERMUDA

0.1%

417,000

Triton

Container

International

Ltd.

3.25%

03/15/2032

354,488

BRAZIL

0.8%

236,198

Acu

Petroleo

Luxembourg

Sarl

7.50%

01/13/2032

233,374

200,000

Banco

do

Brasil

SA

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

4.40%)

8.75%

(c)

04/15/2025

200,539

200,000

Banco

do

Estado

do

Rio

Grande

do

Sul

SA

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.93%)

5.38%

01/28/2031

197,318

250,000

Cosan

Overseas

Ltd.

8.25%

(c)

02/05/2025

250,000

200,000

CSN

Resources

SA

5.88%

04/08/2032

161,583

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

319,460

Guara

Norte

Sarl

5.20%

06/15/2034

291,849

200,000

LD

Celulose

International

GmbH

7.95%

(a)

01/26/2032

200,703

200,000

Movida

Europe

SA

7.85%

(a)

04/11/2029

176,464

300,840

MV24

Capital

BV

6.75%

06/01/2034

285,533

297,830

Prumo

Participacoes

e

Investimentos

S/A

7.50%

12/31/2031

296,079

400,000

Simpar

Europe

SA

5.20%

01/26/2031

300,793

173,000

Vale

Overseas

Ltd.

6.40%

06/28/2054

170,262

2,764,497

CANADA

0.5%

330,000

Bank

of

Montreal

(5

Year

Swap

Rate

USD

+

1.43%)

3.80%

12/15/2032

315,746

91,000

Bombardier,

Inc.

7.88%

(a)

04/15/2027

91,194

75,000

Bombardier,

Inc.

8.75%

(a)

11/15/2030

80,714

25,000

Bombardier,

Inc.

7.00%

(a)

06/01/2032

25,463

30,000

Garda

World

Security

Corp.

4.63%

(a)

02/15/2027

29,164

35,000

Garda

World

Security

Corp.

6.00%

(a)

06/01/2029

33,219

80,000

Garda

World

Security

Corp.

8.25%

(a)

08/01/2032

81,398

335,000

Husky

Injection

Molding

Systems

Ltd.

9.00%

(a)

02/15/2029

350,161

70,000

Kronos

Acquisition

Holdings,

Inc.

8.25%

(a)

06/30/2031

66,838

113,000

South

Bow

Canadian

Infrastructure

Holdings

Ltd.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.67%)

7.50%

(a)

03/01/2055

116,951

65,000

South

Bow

USA

Infrastructure

Holdings

LLC

4.91%

(a)

09/01/2027

64,802

398,000

Videotron

Ltd.

5.70%

(a)

01/15/2035

391,126

1,646,776

CAYMAN

ISLANDS

0.1%

90,000

Azorra

Finance

Ltd.

7.75%

(a)

04/15/2030

89,567

345,000

Global

Aircraft

Leasing

Co.

Ltd.

8.75%

(a)

09/01/2027

352,294

441,861

CHILE

0.2%

400,000

CAP

SA

3.90%

04/27/2031

322,800

197,619

Chile

Electricity

PEC

SpA

0.00%

01/25/2028

166,593

235,360

GNL

Quintero

SA

4.63%

07/31/2029

232,335

721,728

COLOMBIA

0.5%

177,083

AL

Candelaria

Spain

SA

7.50%

12/15/2028

174,997

250,000

AL

Candelaria

Spain

SA

5.75%

06/15/2033

203,336

200,000

Aris

Mining

Corp.

8.00%

(a)

10/31/2029

198,167

|

December

31,

2024

11

Schedule

of

Investments

DoubleLine

Opportunistic

Bond

ETF

(Cont.)

(Unaudited)

December

31,

2024

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

200,000

Bancolombia

SA

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.32%)

8.63%

12/24/2034

209,597

200,000

Canacol

Energy

Ltd.

5.75%

11/24/2028

111,568

200,000

Empresas

Publicas

de

Medellin

ESP

4.25%

07/18/2029

178,915

171,860

Fideicomiso

PA

Pacifico

Tres

8.25%

01/15/2035

171,430

200,000

Termocandelaria

Power

SA

7.75%

(a)

09/17/2031

202,412

200,000

Transportadora

de

Gas

Internacional

SA

ESP

5.55%

11/01/2028

195,564

1,645,986

DOMINICAN

REPUBLIC

0.1%

200,000

Aeropuertos

Dominicanos

Siglo

XXI

SA

7.00%

(a)

06/30/2034

204,250

GUATEMALA

0.3%

350,000

Banco

Industrial

SA

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.44%)

4.88%

01/29/2031

343,525

400,000

Energuate

Trust

5.88%

05/03/2027

391,732

180,000

Millicom

International

Cellular

SA

6.25%

03/25/2029

177,235

912,492

INDIA

0.5%

166,000

Adani

International

Container

Terminal

Pvt.

Ltd.

3.00%

02/16/2031

136,784

400,000

Adani

Ports

&

Special

Economic

Zone

Ltd.

4.20%

08/04/2027

362,093

145,000

Adani

Transmission

Step-One

Ltd.

4.25%

05/21/2036

112,707

442,500

JSW

Hydro

Energy

Ltd.

4.13%

05/18/2031

399,588

200,000

JSW

Infrastructure

Ltd.

4.95%

01/21/2029

192,988

400,000

Network

i2i

Ltd.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.27%)

5.65%

(c)

01/15/2025

400,941

200,000

UPL

Corp.

Ltd.

4.50%

03/08/2028

185,735

1,790,836

INDONESIA

0.4%

200,000

Bank

Negara

Indonesia

Persero

Tbk.

PT

3.75%

03/30/2026

195,338

200,000

Freeport

Indonesia

PT

4.76%

04/14/2027

198,282

400,000

Indonesia

Asahan

Aluminium

PT

4.75%

05/15/2025

399,308

200,000

Medco

Laurel

Tree

Pte.

Ltd.

6.95%

11/12/2028

199,362

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

200,000

Medco

Oak

Tree

Pte.

Ltd.

7.38%

05/14/2026

203,781

300,000

Pertamina

Persero

PT

1.40%

02/09/2026

287,554

1,483,625

IRELAND

0.2%

530,000

Avolon

Holdings

Funding

Ltd.

5.75%

(a)

03/01/2029

535,919

140,000

GGAM

Finance

Ltd.

6.88%

(a)

04/15/2029

142,113

678,032

KUWAIT

0.1%

200,000

MEGlobal

Canada

ULC

5.00%

05/18/2025

199,682

LUXEMBOURG

0.1%

169,000

ArcelorMittal

SA

6.00%

06/17/2034

172,097

MEXICO

0.8%

200,000

Banco

Mercantil

del

Norte

SA

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.64%)

5.88%

(c)

01/24/2027

191,077

200,000

Banco

Mercantil

del

Norte

SA

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.07%)

8.38%

(a)(c)

05/20/2031

199,787

200,000

Banco

Nacional

de

Comercio

Exterior

SNC

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.00%)

2.72%

08/11/2031

184,396

200,000

Banco

Santander

Mexico

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand

5.62%

(a)

12/10/2029

199,500

200,000

Buffalo

Energy

Mexico

Holdings

7.88%

(a)

02/15/2039

206,435

384,000

Cometa

Energia

SA

de

CV

6.38%

04/24/2035

379,901

200,000

Comision

Federal

de

Electricidad

3.35%

02/09/2031

165,874

200,000

Comision

Federal

de

Electricidad

6.45%

(a)

01/24/2035

188,994

400,000

FIEMEX

Energia

-

Banco

Actinver

SA

Institucion

de

Banca

Multiple

7.25%

(a)

01/31/2041

392,279

400,000

KUO

SAB

de

CV

5.75%

07/07/2027

389,019

231,024

Mexico

Generadora

de

Energia

S

de

rl

5.50%

12/06/2032

224,001

100,000

Petroleos

Mexicanos

6.75%

09/21/2047

68,822

12

DoubleLine

ETF

Trust

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

346,908

Tierra

Mojada

Luxembourg

II

Sarl

5.75%

12/01/2040

317,719

3,107,804

PANAMA

0.1%

250,000

Banco

Nacional

de

Panama

2.50%

08/11/2030

199,131

200,000

Multibank,

Inc.

7.75%

02/03/2028

202,907

402,038

PARAGUAY

0.4%

150,000

Banco

Continental

SAECA

2.75%

12/10/2025

145,128

633,430

Bioceanico

Sovereign

Certificate

Ltd.

0.00%

06/05/2034

489,642

200,000

Frigorifico

Concepcion

SA

7.70%

07/21/2028

155,275

480,000

Rutas

2

&

7

Finance

Ltd.

0.00%

09/30/2036

341,113

300,000

Telefonica

Celular

del

Paraguay

SA

5.88%

04/15/2027

297,629

1,428,787

PERU

0.8%

250,000

Banco

de

Credito

del

Peru

SA

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.00%)

3.13%

07/01/2030

245,300

141,000

Banco

de

Credito

del

Peru

SA

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.00%)

3.13%

(a)

07/01/2030

138,350

150,000

Banco

de

Credito

del

Peru

SA

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.45%)

3.25%

09/30/2031

142,234

400,000

Banco

Internacional

del

Peru

SAA

Interbank

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.71%)

4.00%

07/08/2030

395,058

400,000

Cia

de

Minas

Buenaventura

SAA

5.50%

07/23/2026

399,970

300,000

InRetail

Consumer

3.25%

03/22/2028

275,512

310,000

InRetail

Shopping

Malls

5.75%

04/03/2028

306,982

200,000

Intercorp

Financial

Services,

Inc.

4.13%

10/19/2027

191,451

165,457

Lima

Metro

Line

2

Finance

Ltd.

5.88%

07/05/2034

165,167

246,312

Lima

Metro

Line

2

Finance

Ltd.

4.35%

04/05/2036

226,471

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

209,000

Orazul

Energy

Peru

SA

5.63%

04/28/2027

203,884

200,000

Petroleos

del

Peru

SA

5.63%

06/19/2047

128,363

160,000

Transportadora

de

Gas

del

Peru

SA

4.25%

04/30/2028

156,914

2,975,656

SINGAPORE

0.3%

300,000

DBS

Group

Holdings

Ltd.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.10%)

1.82%

03/10/2031

288,845

400,000

Oversea-Chinese

Banking

Corp.

Ltd.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.58%)

1.83%

09/10/2030

390,729

400,000

United

Overseas

Bank

Ltd.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.23%)

2.00%

10/14/2031

379,236

1,058,810

SOUTH

AFRICA

0.1%

200,000

Gold

Fields

Orogen

Holdings

BVI

Ltd.

6.13%

05/15/2029

202,661

200,000

Sasol

Financing

USA

LLC

4.38%

09/18/2026

192,104

394,765

UNITED

KINGDOM

0.2%

372,000

BAT

Capital

Corp.

4.54%

08/15/2047

293,752

234,000

Macquarie

Airfinance

Holdings

Ltd.

5.15%

(a)

03/17/2030

229,305

150,000

Macquarie

Airfinance

Holdings

Ltd.

6.50%

(a)

03/26/2031

155,444

678,501

VIETNAM

0.1%

190,613

Mong

Duong

Finance

Holdings

BV

5.13%

05/07/2029

183,356

Total

Foreign

Corporate

Bonds

(Cost

$23,953,495)

24,167,766

FOREIGN

GOVERNMENT

BONDS,

FOREIGN

AGENCIES

AND

FOREIGN

GOVERNMENT

SPONSORED

CORPORATIONS

0.3%

COLOMBIA

0.1%

250,000

Republic

of

Colombia

3.88%

04/25/2027

239,579

GUATEMALA

0.0%

(d)

200,000

Republic

of

Guatemala

4.38%

06/05/2027

192,800

200,000

Republic

of

Guatemala

4.88%

02/13/2028

193,350

386,150

|

December

31,

2024

13

Schedule

of

Investments

DoubleLine

Opportunistic

Bond

ETF

(Cont.)

(Unaudited)

December

31,

2024

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

PANAMA

0.1%

200,000

Republic

of

Panama

3.88%

03/17/2028

184,956

PARAGUAY

0.1%

200,000

Republic

of

Paraguay

4.70%

03/27/2027

196,700

Total

Foreign

Government

Bonds,

Foreign

Agencies

and

Foreign

Government

Sponsored

Corporations

(Cost

$1,014,680)

1,007,385

NON-AGENCY

COMMERCIAL

MORTGAGE

BACKED

OBLIGATIONS

5.0%

BANK

,

300,000

Series

2018-BN11-C

4.37%

(e)

03/15/2061

274,599

200,000

Series

2018-BN14-A3

3.97%

09/15/2060

193,137

160,000

Series

2019-BN23-A3

2.92%

12/15/2052

144,103

220,000

Series

2021-BN32-A4

2.35%

04/15/2054

190,554

260,445

Series

2021-BN33-A5

2.56%

05/15/2064

223,453

300,000

Series

2021-BN38-A5

2.52%

12/15/2064

252,272

307,000

Series

2022-BNK43-C

5.23%

(e)

08/15/2055

270,449

6,000,288

Series

2023-BNK46-XA

0.62%

(e)(f)

08/15/2056

224,512

Bank

of

America

Merrill

Lynch

Commercial

Mortgage

Trust

,

266,000

Series

2016-UB10-C

4.82%

(e)

07/15/2049

256,076

197,912

Series

2017-BNK3-A3

3.31%

02/15/2050

192,247

BANK5

,

11,909,345

Series

2023-5YR1-XA

0.27%

(e)(f)

04/15/2056

100,908

326,000

Series

2024-5YR10-AS

5.64%

10/15/2057

329,595

302,000

Series

2024-5YR9-A3

5.61%

08/15/2057

307,532

BBCMS

Mortgage

Trust

,

300,000

Series

2021-C11-ASB

2.11%

09/15/2054

271,597

300,000

Series

2021-C12-A5

2.69%

11/15/2054

257,056

180,000

Series

2021-C12-AS

2.90%

11/15/2054

151,705

250,000

Series

2021-C9-A5

2.30%

02/15/2054

213,029

100,000

Series

2022-C16-A5

4.60%

(e)

06/15/2055

96,224

200,000

Series

2022-C17-A5

4.44%

09/15/2055

190,953

250,000

Series

2023-C19-A5

5.45%

04/15/2056

253,360

314,000

Series

2024-5C29-A3

5.21%

09/15/2057

315,311

Benchmark

Mortgage

Trust

,

6,953,350

Series

2018-B2-XA

0.45%

(e)(f)

02/15/2051

73,537

350,000

Series

2019-B13-A3

2.70%

08/15/2057

316,111

147,445

Series

2019-B14-ASB

2.96%

12/15/2062

141,497

310,000

Series

2019-B15-A4

2.67%

12/15/2072

276,564

250,000

Series

2021-B31-A5

2.67%

12/15/2054

212,611

250,000

Series

2022-B35-C

4.44%

(e)

05/15/2055

195,034

305,000

Series

2022-B37-C

5.75%

(e)

11/15/2055

273,094

200,000

Series

2023-B38-A4

5.52%

04/15/2056

203,770

7,093,757

Series

2023-V3-XA

0.81%

(e)(f)

07/15/2056

178,768

320,000

Series

2024-V10-A3

5.28%

09/15/2057

321,358

274,000

Series

2024-V8-A2

5.71%

07/15/2057

280,642

300,000

Series

2024-V9-A3

5.60%

08/15/2057

305,215

BMO

Mortgage

Trust

,

225,000

Series

2024-5C3-AS

6.29%

(e)

02/15/2057

231,526

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

309,000

Series

2024-5C6-A3

5.32%

09/15/2057

310,201

223,000

Series

2024-5C7-AS

5.89%

(e)

11/15/2057

226,707

BPR

Trust

,

251,000

Series

2021-TY-A

(CME

Term

SOFR

1

Month

+

1.16%,

1.05%

Floor)

5.56%

(a)

09/15/2038

250,218

Cantor

Commercial

Real

Estate

Lending

,

500,000

Series

2019-CF1-C

4.35%

(e)

05/15/2052

383,414

CFCRE

Commercial

Mortgage

Trust

,

184,634

Series

2016-C6-A2

2.95%

11/10/2049

180,082

Citigroup

Commercial

Mortgage

Trust

,

246,734

Series

2015-GC27-C

4.39%

(e)

02/10/2048

244,975

311,815

Series

2017-P7-A3

3.44%

04/14/2050

302,656

289,814

Series

2018-B2-A3

3.74%

03/10/2051

280,829

272,432

Series

2018-C5-A3

3.96%

06/10/2051

263,164

100,000

Series

2022-GC48-A5

4.58%

(e)

05/15/2054

96,981

Commercial

Mortgage

Trust

,

205,000

Series

2016-DC2-C

4.66%

(e)

02/10/2049

198,343

CSMC

Trust

,

273,000

Series

2021-B33-A2

3.17%

(a)

10/10/2043

231,912

DBJPM

Mortgage

Trust

,

290,000

Series

2016-C1-B

4.20%

(e)

05/10/2049

271,199

250,000

Series

2020-C9-ASB

1.88%

08/15/2053

229,256

Del

Amo

Fashion

Center

Trust

,

250,000

Series

2017-AMO-C

3.64%

(a)(e)

06/05/2035

228,456

FIVE

Mortgage

Trust

,

250,000

Series

2023-V1-D

6.30%

(a)(e)

02/10/2056

236,835

GS

Mortgage

Securities

Corp.

Trust

,

250,000

Series

2023-SHIP-A

4.32%

(a)(e)

09/10/2038

246,853

GS

Mortgage

Securities

Trust

,

9,316,033

Series

2017-GS7-XA

1.07%

(e)(f)

08/10/2050

193,546

250,000

Series

2019-GC42-A3

2.75%

09/10/2052

225,535

250,000

Series

2019-GSA1-C

3.80%

(e)

11/10/2052

218,367

HTL

Commercial

Mortgage

Trust

,

250,000

Series

2024-T53-A

5.88%

(a)(e)

05/10/2039

251,501

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

292,884

Series

2022-NLP-A

(CME

Term

SOFR

1

Month

+

0.60%,

0.60%

Floor)

4.99%

(a)

04/15/2037

286,667

JPMCC

Commercial

Mortgage

Securities

Trust

,

7,940,773

Series

2017-JP6-XA

1.01%

(e)(f)

07/15/2050

130,636

LSTAR

Commercial

Mortgage

Trust

,

23,349

Series

2015-3-D

3.40%

(a)(e)

04/20/2048

23,180

MF1

Multifamily

Housing

Mortgage

Loan

Trust

,

300,000

Series

2021-FL5-AS

(CME

Term

SOFR

1

Month

+

1.31%,

1.31%

Floor)

5.70%

(a)

07/15/2036

299,991

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

250,000

Series

2016-C31-C

4.26%

(e)

11/15/2049

211,357

Morgan

Stanley

Capital

I

Trust

,

283,000

Series

2018-L1-C

4.78%

(e)

10/15/2051

262,938

MSWF

Commercial

Mortgage

Trust

,

199,336

Series

2023-2-A1

5.96%

12/15/2056

202,143

NJ

Trust

,

250,000

Series

2023-GSP-A

6.48%

(a)(e)

01/06/2029

260,417

UBS

Commercial

Mortgage

Trust

,

273,308

Series

2017-C4-A3

3.30%

10/15/2050

260,068

200,000

Series

2018-C8-C

4.68%

(e)

02/15/2051

177,087

VEGAS

Trust

,

170,000

Series

2024-TI-A

5.52%

(a)

11/10/2039

170,558

14

DoubleLine

ETF

Trust

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Wells

Fargo

Commercial

Mortgage

Trust

,

250,000

Series

2015-LC22-A4

3.84%

09/15/2058

247,833

306,000

Series

2017-C41-B

4.19%

(e)

11/15/2050

286,753

320,000

Series

2018-C45-C

4.73%

06/15/2051

295,652

391,688

Series

2019-C50-A4

3.47%

05/15/2052

372,007

250,000

Series

2019-C50-C

4.35%

05/15/2052

223,301

210,000

Series

2020-C57-A4

2.12%

08/15/2053

180,868

269,117

Series

2020-C58-A3

1.81%

07/15/2053

231,330

246,000

Series

2021-C60-A3

2.06%

08/15/2054

210,255

250,000

Series

2024-C63-C

6.12%

(e)

08/15/2057

248,800

WFRBS

Commercial

Mortgage

Trust

,

373,233

Series

2014-C21-XA

0.50%

(e)(f)

08/15/2047

741

Total

Non-Agency

Commercial

Mortgage

Backed

Obligations

(Cost

$17,118,287)

17,372,011

NON-AGENCY

RESIDENTIAL

COLLATERALIZED

MORTGAGE

OBLIGATIONS

9.6%

BRAVO

Residential

Funding

Trust

,

1,094,352

Series

2023-NQM3-A1

4.85%

(a)(b)

09/25/2062

1,078,341

1,474,574

Series

2023-NQM5-A1

6.50%

(a)(b)

06/25/2063

1,487,400

Citigroup

Mortgage

Loan

Trust

,

466,664

Series

2007-AR8-2A1A

5.23%

(e)

07/25/2037

407,438

COLT

Mortgage

Loan

Trust

,

982,851

Series

2024-5-A2

5.38%

(a)(b)

08/25/2069

974,636

Connecticut

Avenue

Securities

Trust

,

500,000

Series

2022-R01-

1M2

(SOFR

30

Day

Average

+

1.90%)

6.47%

(a)

12/25/2041

507,476

1,254,088

Series

2024-R03-

2M1

(SOFR

30

Day

Average

+

1.15%)

5.71%

(a)

03/25/2044

1,254,707

Cross

Mortgage

Trust

,

1,000,000

Series

2024-H1-M1

7.07%

(a)(e)

12/25/2068

1,015,205

CyrusOne

Data

Centers

Issuer

I

LLC

,

500,000

Series

2024-2A-A2

4.50%

(a)

05/20/2049

477,191

Deephaven

Residential

Mortgage

Trust

,

835,541

Series

2022-2-A1

4.30%

(a)(e)

03/25/2067

796,178

FHLMC

STACR

REMIC

Trust

,

500,000

Series

2022-DNA2-

M1B

(SOFR

30

Day

Average

+

2.40%)

6.97%

(a)

02/25/2042

512,206

HOMES

Trust

,

785,613

Series

2023-NQM1-A1

6.18%

(a)(b)

01/25/2068

788,254

Legacy

Mortgage

Asset

Trust

,

378,028

Series

2021-GS2-A1

4.75%

(a)(b)

04/25/2061

378,186

New

Residential

Mortgage

Loan

Trust

,

779,203

Series

2019-RPL2-A1

3.25%

(a)(e)

02/25/2059

751,370

830,064

Series

2024-NQM1-A1

6.13%

(a)(b)

03/25/2064

835,767

OBX

Trust

,

1,335,746

Series

2023-NQM10-A1

6.46%

(a)(b)

10/25/2063

1,349,785

764,309

Series

2023-NQM2-A1

6.32%

(a)(b)

01/25/2062

768,957

730,427

Series

2023-NQM3-A3

6.76%

(a)(b)

02/25/2063

735,556

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

2,436,565

Series

2024-NQM16-A2

5.73%

(a)(b)

10/25/2064

2,430,596

1,273,764

Series

2024-NQM6-A1

6.45%

(a)(b)

02/25/2064

1,287,442

PRPM

LLC

,

1,429,456

Series

2024-4-A1

6.41%

(a)(b)

08/25/2029

1,433,914

PRPM

Trust

,

1,500,000

Series

2024-NQM4-A1

5.67%

(a)(b)

12/26/2069

1,511,583

RFMSI

Trust

,

1,276,653

Series

2006-S4-A7

6.00%

04/25/2036

1,000,666

Structured

Asset

Mortgage

Investments

II

Trust

,

1,137,352

Series

2007-AR3-

1A3

(CME

Term

SOFR

1

Month

+

0.53%,

0.42%

Floor)

4.87%

09/25/2047

963,846

Towd

Point

Mortgage

Trust

,

1,517,151

Series

2018-5-A1

3.25%

(a)(e)

07/25/2058

1,443,330

2,061,868

Series

2020-2-A1A

1.64%

(a)(e)

04/25/2060

1,860,082

200,073

Series

2020-3-A1

3.09%

(a)(e)

02/25/2063

192,219

884,338

Series

2022-1-A1

3.75%

(a)(e)

07/25/2062

830,020

Verus

Securitization

Trust

,

440,336

Series

2021-8-A1

1.82%

(a)(e)

11/25/2066

392,653

989,137

Series

2023-4-A1

5.81%

(a)(b)

05/25/2068

992,459

728,385

Series

2023-INV1-A3

6.76%

(a)(b)

02/25/2068

733,239

2,129,269

Series

2023-INV3-A1

6.88%

(a)(e)

11/25/2068

2,161,249

1,036,287

Series

2024-1-A1

5.71%

(a)(b)

01/25/2069

1,038,322

WaMu

Mortgage-Backed

Pass-Through

Certificates

Trust

,

354,515

Series

2006-AR16-2A1

4.54%

(e)

12/25/2036

311,889

Wells

Fargo

Mortgage-Backed

Securities

Trust

,

273,947

Series

2006-AR14-2A1

7.39%

(e)

10/25/2036

244,827

Total

Non-Agency

Residential

Collateralized

Mortgage

Obligations

(Cost

$32,795,116)

32,946,989

US

CORPORATE

BONDS

14.6%

70,000

AAR

Escrow

Issuer

LLC

6.75%

(a)

03/15/2029

71,051

340,000

AbbVie,

Inc.

4.70%

05/14/2045

300,362

165,000

Academy

Ltd.

6.00%

(a)

11/15/2027

164,263

60,000

AdaptHealth

LLC

5.13%

(a)

03/01/2030

54,684

155,000

Advanced

Drainage

Systems,

Inc.

6.38%

(a)

06/15/2030

155,724

90,000

AEP

Texas,

Inc.

5.45%

05/15/2029

91,205

160,000

Aethon

United

BR

LP

7.50%

(a)

10/01/2029

163,784

389,000

AGCO

Corp.

5.80%

03/21/2034

391,238

215,000

Agree

LP

5.63%

06/15/2034

215,743

663,000

Alexandria

Real

Estate

Equities,

Inc.

3.00%

05/18/2051

406,165

95,000

Alliant

Holdings

Intermediate

LLC

6.75%

(a)

10/15/2027

94,310

90,000

Alliant

Holdings

Intermediate

LLC

6.50%

(a)

10/01/2031

89,224

70,000

Allied

Universal

Holdco

LLC

9.75%

(a)

07/15/2027

70,557

155,000

Allied

Universal

Holdco

LLC

7.88%

(a)

02/15/2031

158,616

85,000

Amentum

Holdings,

Inc.

7.25%

(a)

08/01/2032

85,741

|

December

31,

2024

15

Schedule

of

Investments

DoubleLine

Opportunistic

Bond

ETF

(Cont.)

(Unaudited)

December

31,

2024

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

160,000

American

Airlines,

Inc.

8.50%

(a)

05/15/2029

168,089

250,000

American

Homes

4

Rent

LP

5.50%

02/01/2034

249,129

205,000

American

National

Group,

Inc.

5.75%

10/01/2029

205,392

400,000

Amgen,

Inc.

5.75%

03/02/2063

383,960

193,000

Amphenol

Corp.

5.38%

11/15/2054

183,641

110,000

Anywhere

Real

Estate

Group

LLC

7.00%

(a)

04/15/2030

97,705

55,000

APH

Somerset

Investor

2

LLC

7.88%

(a)

11/01/2029

55,795

195,000

Apollo

Debt

Solutions

BDC

6.70%

(a)

07/29/2031

200,352

141,000

Apollo

Global

Management,

Inc.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.17%)

6.00%

12/15/2054

139,156

189,000

AppLovin

Corp.

5.38%

12/01/2031

189,138

145,000

Archrock

Partners

LP

6.63%

(a)

09/01/2032

144,957

385,000

Ares

Capital

Corp.

5.95%

07/15/2029

389,459

134,000

Ares

Strategic

Income

Fund

5.70%

(a)

03/15/2028

134,026

145,000

Arizona

Public

Service

Co.

5.70%

08/15/2034

146,710

262,000

Arrow

Electronics,

Inc.

5.88%

04/10/2034

263,722

110,000

Arthur

J

Gallagher

&

Co.

4.85%

12/15/2029

109,545

236,000

Arthur

J

Gallagher

&

Co.

5.15%

02/15/2035

230,211

220,000

AssuredPartners,

Inc.

5.63%

(a)

01/15/2029

222,678

609,000

AT&T,

Inc.

3.50%

09/15/2053

410,453

135,000

AthenaHealth

Group,

Inc.

6.50%

(a)

02/15/2030

128,430

457,000

Athene

Global

Funding

4.72%

(a)

10/08/2029

446,056

391,000

Athene

Holding

Ltd.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.61%)

6.63%

10/15/2054

389,790

130,000

Atlassian

Corp.

5.25%

05/15/2029

131,026

236,000

Aviation

Capital

Group

LLC

5.38%

(a)

07/15/2029

236,286

30,000

Avient

Corp.

6.25%

(a)

11/01/2031

29,624

125,000

Bank

of

America

Corp.

(SOFR

+

1.65%)

5.47%

01/23/2035

125,193

200,000

Bank

of

America

Corp.

(SOFR

+

1.74%)

5.52%

10/25/2035

195,654

623,000

Bank

of

America

Corp.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.20%)

2.48%

09/21/2036

507,857

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

290,000

Bank

of

New

York

Mellon

Corp.

(The)

(SOFR

+

1.23%)

5.06%

07/22/2032

289,352

180,000

Bausch

+

Lomb

Corp.

8.38%

(a)

10/01/2028

186,525

65,000

Bausch

Health

Cos.,

Inc.

4.88%

(a)

06/01/2028

52,072

60,000

Bausch

Health

Cos.,

Inc.

5.25%

(a)

01/30/2030

32,754

260,000

BCPE

Empire

Holdings,

Inc.

7.63%

(a)

05/01/2027

259,377

160,000

Beacon

Roofing

Supply,

Inc.

6.50%

(a)

08/01/2030

162,481

317,000

Black

Hills

Corp.

6.00%

01/15/2035

327,100

229,000

Blackstone

Private

Credit

Fund

6.00%

(a)

11/22/2034

223,603

65,000

Blue

Racer

Midstream

LLC

7.25%

(a)

07/15/2032

66,840

85,000

Brand

Industrial

Services,

Inc.

10.38%

(a)

08/01/2030

86,619

445,000

Broadcom,

Inc.

3.50%

(a)

02/15/2041

347,747

380,000

Brown

&

Brown,

Inc.

2.38%

03/15/2031

319,592

195,000

Buckeye

Partners

LP

6.88%

(a)

07/01/2029

197,558

155,000

Builders

FirstSource,

Inc.

6.38%

(a)

03/01/2034

153,169

224,000

Bunge

Ltd.

Finance

Corp.

4.65%

09/17/2034

211,555

168,000

Burlington

Northern

Santa

Fe

LLC

5.50%

03/15/2055

165,188

225,000

Caesars

Entertainment,

Inc.

6.00%

(a)

10/15/2032

217,149

155,000

Campbell's

Co.

(The)

5.40%

03/21/2034

154,323

192,000

Cardinal

Health,

Inc.

4.60%

03/15/2043

164,327

27,000

Cardinal

Health,

Inc.

4.50%

11/15/2044

22,350

55,858

Carvana

Co.

9.00%

(a)

12/01/2028

59,119

30,000

Carvana

Co.

13.00%

(a)

06/01/2030

32,633

125,000

CCO

Holdings

LLC

5.13%

(a)

05/01/2027

122,933

100,000

CCO

Holdings

LLC

4.75%

(a)

03/01/2030

91,432

95,000

CCO

Holdings

LLC

4.75%

(a)

02/01/2032

83,486

466,000

Centene

Corp.

3.00%

10/15/2030

402,401

75,000

Central

Parent

LLC

8.00%

(a)

06/15/2029

76,455

240,000

CF

Industries,

Inc.

5.38%

03/15/2044

223,482

420,000

Cheniere

Energy

Partners

LP

4.00%

03/01/2031

388,660

541,000

Cheniere

Energy,

Inc.

4.63%

10/15/2028

529,645

80,000

Chord

Energy

Corp.

6.38%

(a)

06/01/2026

80,037

125,000

CHS/Community

Health

Systems,

Inc.

6.00%

(a)

01/15/2029

112,061

441,000

Citigroup,

Inc.

(SOFR

+

1.35%)

3.06%

01/25/2033

378,963

405,000

Citigroup,

Inc.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.73%)

5.41%

09/19/2039

385,944

16

DoubleLine

ETF

Trust

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

70,000

Civitas

Resources,

Inc.

8.38%

(a)

07/01/2028

72,787

25,000

Clear

Channel

Outdoor

Holdings,

Inc.

7.75%

(a)

04/15/2028

22,586

145,000

Clydesdale

Acquisition

Holdings,

Inc.

6.88%

(a)

01/15/2030

146,162

155,000

CNH

Industrial

Capital

LLC

5.10%

04/20/2029

155,119

60,000

CNX

Resources

Corp.

6.00%

(a)

01/15/2029

58,891

125,000

Consolidated

Communications,

Inc.

5.00%

(a)

10/01/2028

116,467

130,000

Cornerstone

Building

Brands,

Inc.

9.50%

(a)

08/15/2029

126,686

65,000

Cougar

JV

Subsidiary

LLC

8.00%

(a)

05/15/2032

67,535

327,000

Crown

Castle,

Inc.

3.65%

09/01/2027

317,196

400,000

CSX

Corp.

3.80%

11/01/2046

307,865

155,000

CVS

Health

Corp.

5.30%

06/01/2033

148,648

230,000

CVS

Health

Corp.

5.88%

06/01/2053

211,149

90,000

Dcli

Bidco

LLC

7.75%

(a)

11/15/2029

92,360

160,000

Dealer

Tire

LLC

8.00%

(a)

02/01/2028

157,343

373,000

Dell,

Inc.

6.50%

04/15/2038

390,571

212,000

Devon

Energy

Corp.

5.75%

09/15/2054

192,502

145,000

Directv

Financing

LLC

5.88%

(a)

08/15/2027

141,428

90,000

DISH

DBS

Corp.

5.75%

(a)

12/01/2028

77,119

35,000

DISH

DBS

Corp.

5.13%

06/01/2029

22,562

114,000

Dominion

Energy,

Inc.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.21%)

6.63%

05/15/2055

116,185

120,000

Dornoch

Debt

Merger

Sub,

Inc.

6.63%

(a)

10/15/2029

97,330

425,000

DR

Horton,

Inc.

5.00%

10/15/2034

410,609

101,000

DT

Midstream,

Inc.

4.13%

(a)

06/15/2029

94,392

246,000

DTE

Energy

Co.

5.85%

06/01/2034

252,694

105,000

Duke

Energy

Corp.

5.00%

08/15/2052

91,744

70,000

EchoStar

Corp.

10.75%

11/30/2029

75,345

202,000

Edison

International

5.25%

03/15/2032

199,952

210,000

Elevance

Health,

Inc.

4.55%

05/15/2052

169,421

165,000

Ellucian

Holdings,

Inc.

6.50%

(a)

12/01/2029

165,482

115,000

EMRLD

Borrower

LP

6.63%

(a)

12/15/2030

115,297

381,000

Energy

Transfer

LP

5.95%

05/15/2054

368,570

192,000

Energy

Transfer

LP

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.83%)

7.13%

10/01/2054

195,580

189,000

EnLink

Midstream

LLC

5.38%

06/01/2029

189,129

363,000

EnLink

Midstream

LLC

5.65%

09/01/2034

362,029

170,000

Equinix,

Inc.

3.90%

04/15/2032

156,653

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

300,000

Equinix,

Inc.

2.95%

09/15/2051

184,279

160,000

Eversource

Energy

5.50%

01/01/2034

158,853

221,000

Expand

Energy

Corp.

6.75%

(a)

04/15/2029

223,597

386,000

Expedia

Group,

Inc.

3.80%

02/15/2028

373,016

163,000

F&G

Annuities

&

Life,

Inc.

6.25%

10/04/2034

158,248

75,000

Fertitta

Entertainment

LLC

6.75%

(a)

01/15/2030

69,254

310,000

Fiserv,

Inc.

5.45%

03/15/2034

310,400

260,000

Ford

Motor

Co.

3.25%

02/12/2032

216,311

235,000

Fortress

Transportation

and

Infrastructure

Investors

LLC

5.88%

(a)

04/15/2033

227,037

75,000

Frontier

Communications

Holdings

LLC

6.75%

(a)

05/01/2029

75,438

90,000

Full

House

Resorts,

Inc.

8.25%

(a)

02/15/2028

89,753

260,000

Genesee

&

Wyoming,

Inc.

6.25%

(a)

04/15/2032

261,893

372,000

Genuine

Parts

Co.

4.95%

08/15/2029

371,084

155,000

Global

Payments,

Inc.

4.95%

08/15/2027

155,371

95,000

Goat

Holdco

LLC

6.75%

(a)

02/01/2032

94,177

595,000

Goldman

Sachs

Group,

Inc.

(The)

(SOFR

+

0.82%)

5.29%

09/10/2027

596,719

70,000

Gray

Television,

Inc.

10.50%

(a)

07/15/2029

70,072

105,000

Griffon

Corp.

5.75%

03/01/2028

103,033

155,000

Gulfport

Energy

Operating

Corp.

6.75%

(a)

09/01/2029

156,274

130,000

Harvest

Midstream

I

LP

7.50%

(a)

05/15/2032

132,507

395,000

HCA,

Inc.

5.25%

06/15/2049

342,248

205,000

Hess

Midstream

Operations

LP

5.50%

(a)

10/15/2030

199,176

447,000

Hewlett

Packard

Enterprise

Co.

5.00%

10/15/2034

429,880

95,000

Hilcorp

Energy

I

LP

7.25%

(a)

02/15/2035

89,396

315,000

Host

Hotels

&

Resorts

LP

5.70%

07/01/2034

314,673

350,000

Host

Hotels

&

Resorts

LP

3.50%

09/15/2030

317,178

95,000

HUB

International

Ltd.

7.25%

(a)

06/15/2030

97,453

111,000

Huntington

Bancshares,

Inc.

(SOFR

+

1.28%)

5.27%

01/15/2031

111,124

320,000

Hyatt

Hotels

Corp.

5.25%

06/30/2029

320,385

310,000

Hyundai

Capital

America

5.30%

(a)

01/08/2029

310,749

145,000

Illuminate

Buyer

LLC

9.00%

(a)

07/01/2028

146,957

205,000

IQVIA,

Inc.

6.25%

02/01/2029

212,127

210,000

Iron

Mountain,

Inc.

7.00%

(a)

02/15/2029

214,728

35,000

Iron

Mountain,

Inc.

6.25%

(a)

01/15/2033

34,883

95,000

JetBlue

Airways

Corp.

9.88%

(a)

09/20/2031

101,036

|

December

31,

2024

17

Schedule

of

Investments

DoubleLine

Opportunistic

Bond

ETF

(Cont.)

(Unaudited)

December

31,

2024

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

155,000

JPMorgan

Chase

&

Co.

(SOFR

+

1.99%)

4.85%

07/25/2028

154,976

197,000

Keysight

Technologies,

Inc.

4.95%

10/15/2034

189,605

389,000

Kinder

Morgan

Energy

Partners

LP

6.95%

01/15/2038

421,917

190,000

Kinetik

Holdings

LP

5.88%

(a)

06/15/2030

187,159

120,000

Kodiak

Gas

Services

LLC

7.25%

(a)

02/15/2029

122,519

250,000

Kyndryl

Holdings,

Inc.

4.10%

10/15/2041

198,551

386,000

Laboratory

Corp.

of

America

Holdings

4.55%

04/01/2032

369,699

100,000

Level

3

Financing,

Inc.

10.50%

(a)

04/15/2029

111,940

235,000

Life

Time,

Inc.

6.00%

(a)

11/15/2031

232,807

155,000

LifePoint

Health,

Inc.

4.38%

(a)

02/15/2027

148,679

170,000

LifePoint

Health,

Inc.

10.00%

(a)

06/01/2032

173,060

50,000

Light

&

Wonder

International,

Inc.

7.25%

(a)

11/15/2029

51,085

85,000

Lightning

Power

LLC

7.25%

(a)

08/15/2032

87,645

95,000

Lowe's

Cos.,

Inc.

5.63%

04/15/2053

91,365

380,000

LPL

Holdings,

Inc.

6.00%

05/20/2034

387,131

186,000

M&T

Bank

Corp.

(SOFR

+

2.26%)

6.08%

03/13/2032

190,729

51,000

Macy's

Retail

Holdings

LLC

5.88%

(a)

04/01/2029

50,016

180,000

Madison

IAQ

LLC

5.88%

(a)

06/30/2029

170,160

195,000

Markel

Group,

Inc.

6.00%

05/16/2054

193,378

320,000

Marriott

International,

Inc.

5.30%

05/15/2034

317,734

328,000

Marvell

Technology,

Inc.

5.95%

09/15/2033

340,684

154,000

MasTec,

Inc.

5.90%

06/15/2029

156,884

100,000

Matador

Resources

Co.

6.50%

(a)

04/15/2032

99,038

75,000

Match

Group

Holdings

II

LLC

5.00%

(a)

12/15/2027

72,600

40,000

Mavis

Tire

Express

Services

Topco

Corp.

6.50%

(a)

05/15/2029

38,403

155,000

McDonald's

Corp.

5.45%

08/14/2053

148,626

55,000

McGraw-Hill

Education,

Inc.

5.75%

(a)

08/01/2028

53,761

45,000

McGraw-Hill

Education,

Inc.

7.38%

(a)

09/01/2031

46,111

150,000

Medline

Borrower

LP

5.25%

(a)

10/01/2029

144,902

35,000

Michaels

Cos.,

Inc.

(The)

5.25%

(a)

05/01/2028

26,466

30,000

Michaels

Cos.,

Inc.

(The)

7.88%

(a)

05/01/2029

18,348

135,000

Midwest

Gaming

Borrower

LLC

4.88%

(a)

05/01/2029

127,366

135,000

Miter

Brands

Acquisition

Holdco,

Inc.

6.75%

(a)

04/01/2032

135,717

157,000

MPLX

LP

5.50%

06/01/2034

154,836

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

65,000

Nabors

Industries,

Inc.

9.13%

(a)

01/31/2030

66,162

56,000

Nationstar

Mortgage

Holdings,

Inc.

5.75%

(a)

11/15/2031

53,585

100,000

NCL

Corp.

Ltd.

8.38%

(a)

02/01/2028

104,635

241,000

Netflix,

Inc.

5.40%

08/15/2054

234,653

91,000

NextEra

Energy

Capital

Holdings,

Inc.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.46%)

6.75%

06/15/2054

93,455

95,000

NGL

Energy

Operating

LLC

8.13%

(a)

02/15/2029

96,340

315,000

NiSource,

Inc.

5.35%

04/01/2034

312,609

325,000

Northrop

Grumman

Corp.

5.20%

06/01/2054

302,661

100,000

NRG

Energy,

Inc.

6.00%

(a)

02/01/2033

97,202

80,000

NuStar

Logistics

LP

6.00%

06/01/2026

80,163

190,000

Occidental

Petroleum

Corp.

5.38%

01/01/2032

186,163

245,000

Omega

Healthcare

Investors,

Inc.

4.75%

01/15/2028

241,837

165,000

OneMain

Finance

Corp.

7.50%

05/15/2031

169,527

303,000

ONEOK,

Inc.

6.63%

09/01/2053

318,870

187,000

Oracle

Corp.

3.80%

11/15/2037

156,228

176,000

O'Reilly

Automotive,

Inc.

5.00%

08/19/2034

170,808

65,000

Outfront

Media

Capital

LLC

7.38%

(a)

02/15/2031

67,998

80,000

Owens

&

Minor,

Inc.

6.63%

(a)

04/01/2030

75,091

149,000

Owens

Corning

5.70%

06/15/2034

151,449

286,000

Pacific

Gas

and

Electric

Co.

6.95%

03/15/2034

313,415

60,000

Pactiv

Evergreen

Group

Issuer

LLC

4.38%

(a)

10/15/2028

60,008

100,000

Panther

Escrow

Issuer

LLC

7.13%

(a)

06/01/2031

101,108

205,000

Park

Intermediate

Holdings

LLC

7.00%

(a)

02/01/2030

208,210

145,000

PennyMac

Financial

Services,

Inc.

7.88%

(a)

12/15/2029

152,054

318,000

Penske

Truck

Leasing

Co.

LP

4.20%

(a)

04/01/2027

312,962

135,000

Performance

Food

Group,

Inc.

6.13%

(a)

09/15/2032

135,163

65,000

Permian

Resources

Operating

LLC

7.00%

(a)

01/15/2032

66,046

196,000

Permian

Resources

Operating

LLC

6.25%

(a)

02/01/2033

193,630

350,000

PetSmart,

Inc.

7.75%

(a)

02/15/2029

338,757

160,000

Philip

Morris

International,

Inc.

5.25%

02/13/2034

158,219

115,000

Pike

Corp.

8.63%

(a)

01/31/2031

121,464

115,000

Post

Holdings,

Inc.

6.38%

(a)

03/01/2033

112,857

174,000

Quanta

Services,

Inc.

2.35%

01/15/2032

144,075

185,000

Quanta

Services,

Inc.

5.25%

08/09/2034

180,864

373,000

Quest

Diagnostics,

Inc.

5.00%

12/15/2034

362,327

18

DoubleLine

ETF

Trust

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

122,099

Radiology

Partners,

Inc.

7.78%

(a)

01/31/2029

120,524

155,000

Regal

Rexnord

Corp.

6.05%

02/15/2026

156,483

220,000

Regal

Rexnord

Corp.

6.05%

04/15/2028

223,845

318,000

Royal

Caribbean

Cruises

Ltd.

5.38%

(a)

07/15/2027

316,251

75,000

Royal

Caribbean

Cruises

Ltd.

6.25%

(a)

03/15/2032

75,956

169,000

Royalty

Pharma

plc

5.15%

09/02/2029

168,714

50,000

Sabra

Health

Care

LP

3.90%

10/15/2029

46,771

49,000

Sabre

GLBL,

Inc.

8.63%

(a)

06/01/2027

48,376

21,000

Sabre

GLBL,

Inc.

10.75%

(a)

11/15/2029

21,743

125,000

San

Diego

Gas

&

Electric

Co.

5.35%

04/01/2053

117,766

75,000

Scientific

Games

Holdings

LP

6.63%

(a)

03/01/2030

71,835

100,000

Sealed

Air

Corp.

7.25%

(a)

02/15/2031

103,205

95,000

Sirius

XM

Radio

LLC

5.50%

(a)

07/01/2029

91,195

85,000

Sitio

Royalties

Operating

Partnership

LP

7.88%

(a)

11/01/2028

87,829

165,000

Six

Flags

Entertainment

Corp.

6.63%

(a)

05/01/2032

167,364

145,000

SM

Energy

Co.

7.00%

(a)

08/01/2032

143,100

195,000

Sonoco

Products

Co.

4.60%

09/01/2029

190,044

80,000

Sotera

Health

Holdings

LLC

7.38%

(a)

06/01/2031

81,148

70,000

Standard

Building

Solutions,

Inc.

6.50%

(a)

08/15/2032

70,172

90,000

Staples,

Inc.

10.75%

(a)

09/01/2029

88,653

190,000

Sun

Communities

Operating

LP

2.70%

07/15/2031

159,872

60,000

Tallgrass

Energy

Partners

LP

7.38%

(a)

02/15/2029

60,248

73,000

Targa

Resources

Corp.

5.50%

02/15/2035

71,872

125,000

Tenet

Healthcare

Corp.

6.13%

06/15/2030

124,171

185,000

T-Mobile

USA,

Inc.

5.50%

01/15/2055

174,713

204,000

T-Mobile

USA,

Inc.

5.25%

06/15/2055

185,445

100,000

TransDigm,

Inc.

6.88%

(a)

12/15/2030

101,558

63,000

Transocean

Poseidon

Ltd.

6.88%

(a)

02/01/2027

63,239

43,000

Transocean,

Inc.

8.00%

(a)

02/01/2027

43,127

240,000

Trident

TPI

Holdings,

Inc.

12.75%

(a)

12/31/2028

265,042

329,000

Truist

Financial

Corp.

(SOFR

+

1.57%)

5.15%

08/05/2032

325,269

359,000

Uber

Technologies,

Inc.

4.80%

09/15/2034

343,880

60,000

UKG,

Inc.

6.88%

(a)

02/01/2031

60,936

365,000

United

Natural

Foods,

Inc.

6.75%

(a)

10/15/2028

360,102

250,000

UnitedHealth

Group,

Inc.

5.05%

04/15/2053

225,288

115,000

UnitedHealth

Group,

Inc.

4.95%

05/15/2062

99,200

399,000

Universal

Health

Services,

Inc.

4.63%

10/15/2029

385,252

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

90,000

Univision

Communications,

Inc.

7.38%

(a)

06/30/2030

86,214

225,000

US

Foods,

Inc.

5.75%

(a)

04/15/2033

219,216

60,000

Vail

Resorts,

Inc.

6.50%

(a)

05/15/2032

60,723

95,000

Venture

Global

LNG,

Inc.

8.13%

(a)

06/01/2028

98,899

35,000

Venture

Global

LNG,

Inc.

8.38%

(a)

06/01/2031

36,539

45,000

Venture

Global

LNG,

Inc.

9.88%

(a)

02/01/2032

49,406

305,000

Veralto

Corp.

5.35%

09/18/2028

309,029

155,000

Verisk

Analytics,

Inc.

5.25%

06/05/2034

153,243

85,000

Veritiv

Operating

Co.

10.50%

(a)

11/30/2030

91,650

439,000

VICI

Properties

LP

4.63%

(a)

12/01/2029

420,979

120,000

Victra

Holdings

LLC

8.75%

(a)

09/15/2029

126,047

135,000

Viking

Cruises

Ltd.

5.88%

(a)

09/15/2027

134,428

195,000

Viking

Cruises

Ltd.

9.13%

(a)

07/15/2031

209,889

121,000

Virginia

Electric

and

Power

Co.

5.55%

08/15/2054

117,119

60,000

Vistra

Operations

Co.

LLC

7.75%

(a)

10/15/2031

63,000

80,000

Vistra

Operations

Co.

LLC

6.88%

(a)

04/15/2032

81,989

55,000

Vital

Energy,

Inc.

7.88%

(a)

04/15/2032

52,974

50,000

VT

Topco,

Inc.

8.50%

(a)

08/15/2030

53,020

165,000

Wand

NewCo

3,

Inc.

7.63%

(a)

01/30/2032

169,644

145,000

Watco

Cos.

LLC

7.13%

(a)

08/01/2032

149,604

80,000

Wayfair

LLC

7.25%

(a)

10/31/2029

80,160

100,000

Weatherford

International

Ltd.

8.63%

(a)

04/30/2030

103,334

120,000

Wells

Fargo

&

Co.

(SOFR

+

1.98%)

4.81%

07/25/2028

119,595

385,000

Wells

Fargo

&

Co.

(SOFR

+

1.74%)

5.57%

07/25/2029

390,992

192,000

Wells

Fargo

&

Co.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.77%)

6.85%

(c)

09/15/2029

198,653

200,000

Williams

Cos.,

Inc.

(The)

5.15%

03/15/2034

194,563

114,000

Willis

North

America,

Inc.

4.50%

09/15/2028

112,043

50,000

Windstream

Services

LLC

8.25%

(a)

10/01/2031

51,700

211,000

Workday,

Inc.

3.80%

04/01/2032

192,094

125,000

WR

Grace

Holdings

LLC

5.63%

(a)

08/15/2029

115,104

315,000

WRKCo,

Inc.

3.75%

03/15/2025

314,198

160,000

XPO,

Inc.

7.13%

(a)

06/01/2031

164,708

370,000

Zimmer

Biomet

Holdings,

Inc.

5.20%

09/15/2034

362,887

Total

US

Corporate

Bonds

(Cost

$50,341,006)

50,266,653

US

GOVERNMENT

AND

AGENCY

MORTGAGE

BACKED

OBLIGATIONS

20.8%

FHLMC

UMBS

,

1,724,967

Pool

RA7939

5.00%

09/01/2052

1,672,150

1,257,663

Pool

SD2347

5.50%

02/01/2053

1,255,815

3,090,098

Pool

SD2969

2.50%

05/01/2052

2,561,832

1,662,614

Pool

SD3033

5.50%

05/01/2053

1,676,559

|

December

31,

2024

19

Schedule

of

Investments

DoubleLine

Opportunistic

Bond

ETF

(Cont.)

(Unaudited)

December

31,

2024

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

303,361

Pool

SD3454

5.50%

08/01/2053

301,490

1,519,394

Pool

SD3803

2.00%

02/01/2052

1,203,629

1,408,186

Pool

SD3892

5.50%

09/01/2053

1,398,764

1,124,223

Pool

SD4301

6.00%

11/01/2053

1,151,441

1,004,704

Pool

SD4888

6.00%

02/01/2054

1,020,258

928,470

Pool

SD5219

6.00%

04/01/2054

940,550

2,826,788

Pool

SD5249

5.50%

04/01/2054

2,830,162

4,103,943

Pool

SD5573

3.00%

08/01/2052

3,541,845

2,308,015

Pool

SD5617

6.00%

06/01/2054

2,350,789

2,845,435

Pool

SD6002

5.50%

07/01/2054

2,846,018

1,473,274

Pool

SD7553

3.00%

03/01/2052

1,270,041

1,220,012

Pool

SD8146

2.00%

05/01/2051

956,968

FNMA

REMICS

,

1,482,508

Series

2018-53-Z

3.50%

07/25/2048

1,280,012

1,490,697

Series

2018-62-B

3.50%

09/25/2048

1,326,076

2,518,503

Series

2019-5-FE

(SOFR

30

Day

Average

+

0.56%,

0.45%

Floor,

6.50%

Cap)

5.13%

03/25/2049

2,475,829

1,086,192

Series

2024-90-FA

(SOFR

30

Day

Average

+

1.50%,

1.50%

Floor,

6.50%

Cap)

6.07%

12/25/2054

1,093,550

FNMA

UMBS

,

3,250,722

Pool

CA6032

2.50%

06/01/2050

2,697,172

2,305,581

Pool

CA8494

2.00%

01/01/2051

1,819,542

1,738,818

Pool

CB4573

5.00%

09/01/2052

1,682,128

651,930

Pool

CB6266

6.00%

05/01/2053

659,872

999,467

Pool

CB7272

6.00%

10/01/2053

1,013,175

920,583

Pool

CB7781

5.50%

01/01/2054

910,951

1,500,477

Pool

CB8692

5.50%

06/01/2054

1,500,785

3,862,006

Pool

CB8851

6.00%

07/01/2054

3,928,424

1,786,272

Pool

FS1472

3.50%

11/01/2050

1,603,783

2,622,939

Pool

FS3708

5.00%

01/01/2053

2,542,060

1,142,590

Pool

FS5082

5.00%

02/01/2053

1,118,054

1,692,782

Pool

FS5420

2.50%

03/01/2052

1,398,189

1,783,668

Pool

FS5600

2.50%

06/01/2052

1,479,898

946,257

Pool

FS6309

6.00%

12/01/2053

969,200

2,693,920

Pool

FS6517

2.50%

04/01/2052

2,231,241

2,876,439

Pool

FS7738

6.00%

03/01/2054

2,946,184

1,454,173

Pool

FS8659

5.50%

07/01/2054

1,446,837

GNMA

,

1,120,593

Pool

785717

3.00%

11/20/2051

966,662

2,658,330

Pool

786184

3.00%

02/20/2052

2,299,532

802,058

Pool

786227

3.00%

04/20/2052

693,533

1,808,574

Pool

MA5191

3.50%

05/20/2048

1,632,778

969,484

Series

2013-116-WU

3.00%

12/20/2042

949,282

1,081,611

Series

2021-58-HP

3.00%

08/20/2050

932,361

994,527

Series

2022-23-BA

3.00%

05/20/2049

900,820

Total

US

Government

and

Agency

Mortgage

Backed

Obligations

(Cost

$72,186,268)

71,476,241

US

GOVERNMENT

AND

AGENCY

OBLIGATIONS

22.4%

4,200,000

U.S.

Treasury

Bonds

1.13%

05/15/2040

2,528,715

30,000,000

U.S.

Treasury

Bonds

1.38%

11/15/2040

18,580,968

3,200,000

U.S.

Treasury

Notes

0.75%

03/31/2026

3,065,585

3,700,000

U.S.

Treasury

Notes

0.75%

01/31/2028

3,325,161

19,650,000

U.S.

Treasury

Notes

0.63%

05/15/2030

16,128,134

21,750,000

U.S.

Treasury

Notes

0.63%

08/15/2030

17,668,150

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

19,150,000

U.S.

Treasury

Notes

0.88%

11/15/2030

15,672,723

Total

US

Government

and

Agency

Obligations

(Cost

$79,004,360)

76,969,436

SHORT

TERM

INVESTMENTS

2.3%

4,010,438

JPMorgan

U.S.

Government

Money

Market

Fund

-

Class

IM

4.46%

(g)

4,010,438

4,010,438

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

-

Institutional

Share

Class

4.43%

(g)

4,010,438

Total

Short

Term

Investments

(Cost

$8,020,876)

8,020,876

Total

Investments

99.1%

(Cost

$342,312,504)

340,905,624

Other

Assets

in

Excess

of

Liabilities

0.9%

3,168,998

NET

ASSETS

100.0%

$344,074,622

20

DoubleLine

ETF

Trust

INVESTMENT

BREAKDOWN

as

a

%

of

Net

Assets:

US

Government

and

Agency

Obligations

22.4

%

US

Government

and

Agency

Mortgage

Backed

Obligations

20.8

Non-Agency

Residential

Collateralized

Mortgage

Obligations

9.6

Asset

Backed

Obligations

9.5

Non-Agency

Commercial

Mortgage

Backed

Obligations

5.0

Collateralized

Loan

Obligations

4.6

Banking

2.4

Short

Term

Investments

2.3

Midstream

1.6

Electric

1.5

Technology

1.3

Healthcare

1.1

Transportation

Services

1.0

Finance

Companies

1.0

Government

Owned,

No

Guarantee

0.8

Independent

0.7

Metals

and

Mining

0.7

Diversified

Manufacturing

0.6

Retailers

0.5

Consumer

Cyclical

Services

0.5

P&C

0.5

Chemicals

0.5

Software

0.4

Pharmaceuticals

0.4

Food

and

Beverage

0.4

Leisure

0.4

Railroads

0.4

Life

0.4

Wirelines

0.3

Wireless

0.3

Oil

Field

Services

0.3

Cable

Satellite

0.3

Foreign

Government

Bonds,

Foreign

Agencies

and

Foreign

Government

Sponsored

Corporations

0.3

Other

REITs

0.3

Gaming

0.3

Building

Materials

0.3

Aerospace

&

Defense

0.3

Health

Insurance

0.2

Automotive

0.2

Media

Entertainment

0.2

Packaging

0.2

Insurance

0.2

Other

Industrial

0.2

Healthcare

REITs

0.2

Government

Sponsored

0.2

Financial

Services

0.2

Hotels,

Restaurants

&

Leisure

0.2

Diversified

Consumer

Services

0.2

Lodging

0.2

Paper

0.2

Health

Care

Providers

&

Services

0.2

Local

Authority

0.2

Construction

Machinery

0.1

Brokerage,

Asset

Managers

&

Exchanges

0.1

Tobacco

0.1

Health

Care

Equipment

&

Supplies

0.1

Specialty

Retail

0.1

Home

Construction

0.1

Household

Durables

0.1

Natural

Gas

0.1

Other

Financial

0.1

Supermarkets

0.1

 .

INVESTMENT

BREAKDOWN

as

a

%

of

Net

Assets:

(Cont.)

Construction

&

Engineering

0.1

%

Airlines

0.1

Entertainment

0.1

IT

Services

0.1

Refining

0.1

Apartment

REITs

0.1

Restaurants

0.1

Electric

Utilities

0.1

Retail

REITs

0.1

Commercial

Services

&

Supplies

0.1

Machinery

0.1

Beverages

0.0

(d)

Distributors

0.0

(d)

Diversified

Telecommunication

Services

0.0

(d)

Oil,

Gas

&

Consumable

Fuels

0.0

(d)

Passenger

Airlines

0.0

(d)

Food

Products

0.0

(d)

Building

Products

0.0

(d)

Media

0.0

(d)

Professional

Services

0.0

(d)

Leisure

Products

0.0

(d)

Containers

&

Packaging

0.0

(d)

Electrical

Equipment

0.0

(d)

Consumer

Products

0.0

(d)

Automobile

Components

0.0

(d)

Household

Products

0.0

(d)

Communications

Equipment

0.0

(d)

Energy

Equipment

&

Services

0.0

(d)

Technology

Hardware,

Storage

&

Peripherals

0.0

(d)

Other

Assets

and

Liabilities

0.9

100.0

%

|

December

31,

2024

21

Schedule

of

Investments

DoubleLine

Opportunistic

Bond

ETF

(Cont.)

(Unaudited)

December

31,

2024

(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.

At

December

31,

2024,

the

value

of

these

securities

amounted

to

approximately

$103,724,013

or

30.15%

of

net

assets.

(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)

Perpetual

maturity.

The

date

disclosed

is

the

next

call

date

of

the

security.

(d)

Represents

less

than

0.05%

of

net

assets.

(e)

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.

(f)

Interest

only

security.

(g)

Seven-day

yield

as

of

period

end.

Abbreviations:

FHLMC

Federal

Home

Loan

Mortgage

Corporation

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

SOFR

Secured

Overnight

Financing

Rate

UMBS

Uniform

Mortgage

Backed

Securities

STACR

Structured

Agency

Credit

Risk

REMIC

Real

Estate

Mortgage

Investment

Conduit

Futures

Contracts

Description

Long/Short

Contract

Quantity

Expiration

Date

Notional

Amount

(1)

Unrealized

Appreciation

(Depreciation)

/

Value

U.S.

Treasury

10

Year

Ultra

Bond

Short

(250)

03/20/2025

$

(27,828,125)

$

380,350

U.S.

Treasury

5

Year

Note

Short

(290)

03/31/2025

(30,828,360)

126,289

U.S.

Treasury

2

Year

Note

Long

925

03/31/2025

190,188,673

101,861

U.S.

Treasury

Ultra

Bond

Long

22

03/20/2025

2,615,938

(85,640)

U.S.

Treasury

Long

Bond

Long

270

03/20/2025

30,737,813

(703,151)

$(180,291)

(1)

Notional

Amount

is

determined

based

on

the

number

of

contracts

multiplied

by

the

contract

size

and

the

quoted

daily

settlement

price

in

US

dollars.

Schedule

of

Investments

DoubleLine

Shiller

CAPE

®

U.S.

Equities

ETF

(Unaudited)

December

31,

2024

22

DoubleLine

ETF

Trust

SHARES

SECURITY

DESCRIPTION

VALUE

$

COMMON

STOCKS

99.7%

BEVERAGES

4.8%

10,172

Brown-Forman

Corp.

-

Class

B

386,333

92,082

Coca-Cola

Co.

(The)

5,733,025

8,746

Constellation

Brands,

Inc.

-

Class

A

1,932,866

62,723

Keurig

Dr

Pepper,

Inc.

2,014,663

9,784

Molson

Coors

Beverage

Co.

-

Class

B

560,819

39,462

Monster

Beverage

Corp.

(a)

2,074,123

32,622

PepsiCo,

Inc.

4,960,501

17,662,330

CHEMICALS

15.3%

17,237

Air

Products

and

Chemicals,

Inc.

4,999,419

13,080

Albemarle

Corp.

1,125,926

12,155

Celanese

Corp.

-

Class

A

841,248

19,948

CF

Industries

Holdings,

Inc.

1,701,963

76,963

Corteva,

Inc.

4,383,812

77,862

Dow,

Inc.

3,124,602

46,348

DuPont

de

Nemours,

Inc.

3,534,035

13,021

Eastman

Chemical

Co.

1,189,078

19,686

Ecolab,

Inc.

4,612,824

13,823

FMC

Corp.

671,936

28,432

International

Flavors

&

Fragrances,

Inc.

2,403,926

37,396

Linde

plc

15,656,582

28,831

LyondellBasell

Industries

NV

-

Class

A

2,141,278

35,444

Mosaic

Co.

(The)

871,214

26,028

PPG

Industries,

Inc.

3,109,045

18,064

Sherwin-Williams

Co.

(The)

6,140,496

56,507,384

CONSTRUCTION

MATERIALS

2.0%

6,816

Martin

Marietta

Materials,

Inc.

3,520,464

14,706

Vulcan

Materials

Co.

3,782,824

7,303,288

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

7.9%

10,566

Costco

Wholesale

Corp.

9,681,308

12,215

Dollar

General

Corp.

926,141

11,333

Dollar

Tree,

Inc.

(a)

849,295

36,837

Kroger

Co.

(The)

2,252,583

27,481

Sysco

Corp.

2,101,197

25,803

Target

Corp.

3,488,050

40,033

Walgreens

Boots

Alliance,

Inc.

373,508

103,434

Walmart,

Inc.

9,345,262

29,017,344

CONTAINERS

&

PACKAGING

3.3%

160,033

Amcor

plc

1,505,911

8,942

Avery

Dennison

Corp.

1,673,316

33,315

Ball

Corp.

1,836,656

38,584

International

Paper

Co.

2,076,591

9,903

Packaging

Corp.

of

America

2,229,462

54,741

Smurfit

WestRock

plc

2,948,350

12,270,286

DIVERSIFIED

REITS

0.2%

15,714

WP

Carey,

Inc.

856,099

DIVERSIFIED

TELECOMMUNICATION

SERVICES

2.0%

177,624

AT&T,

Inc.

4,044,499

86,489

Verizon

Communications,

Inc.

3,458,695

7,503,194

ENTERTAINMENT

7.2%

26,282

Electronic

Arts,

Inc.

3,845,057

23,716

Live

Nation

Entertainment,

Inc.

(a)

3,071,222

7,572

Netflix,

Inc.

(a)

6,749,075

SHARES

SECURITY

DESCRIPTION

VALUE

$

24,723

Take-Two

Interactive

Software,

Inc.

(a)

4,551,010

42,328

Walt

Disney

Co.

(The)

4,713,223

338,264

Warner

Bros

Discovery,

Inc.

(a)

3,575,450

26,505,037

FOOD

PRODUCTS

4.5%

26,565

Archer-Daniels-Midland

Co.

1,342,064

7,913

Bunge

Global

SA

615,315

10,950

Campbell's

Co.

(The)

458,586

26,754

Conagra

Brands,

Inc.

742,424

31,091

General

Mills,

Inc.

1,982,672

8,243

Hershey

Co.

(The)

1,395,952

16,256

Hormel

Foods

Corp.

509,951

5,965

J

M

Smucker

Co.

(The)

656,866

14,982

Kellanova

1,213,093

49,245

Kraft

Heinz

Co.

(The)

1,512,314

8,037

Lamb

Weston

Holdings,

Inc.

537,113

14,113

McCormick

&

Co.,

Inc.

(Non-Voting)

1,075,975

59,320

Mondelez

International,

Inc.

-

Class

A

3,543,183

15,954

Tyson

Foods,

Inc.

-

Class

A

916,398

16,501,906

HEALTH

CARE

REITS

2.6%

11,203

Alexandria

Real

Estate

Equities,

Inc.

1,092,853

26,036

Healthcare

Realty

Trust,

Inc.

-

Class

A

441,310

50,538

Healthpeak

Properties,

Inc.

1,024,405

18,517

Omega

Healthcare

Investors,

Inc.

700,868

16,802

Sabra

Health

Care

REIT,

Inc.

291,011

29,695

Ventas,

Inc.

1,748,739

34,862

Welltower,

Inc.

4,393,658

9,692,844

HOTEL

&

RESORT

REITS

0.2%

50,557

Host

Hotels

&

Resorts,

Inc.

885,759

HOUSEHOLD

PRODUCTS

4.9%

13,673

Church

&

Dwight

Co.,

Inc.

1,431,700

6,913

Clorox

Co.

(The)

1,122,740

42,266

Colgate-Palmolive

Co.

3,842,402

18,763

Kimberly-Clark

Corp.

2,458,704

55,928

Procter

&

Gamble

Co.

(The)

9,376,329

18,231,875

INDUSTRIAL

REITS

2.6%

18,816

Americold

Realty

Trust,

Inc.

402,662

3,507

EastGroup

Properties,

Inc.

562,838

9,499

First

Industrial

Realty

Trust,

Inc.

476,185

4,286

Lineage,

Inc.

251,031

65,986

Prologis,

Inc.

6,974,720

15,751

Rexford

Industrial

Realty,

Inc.

608,934

13,073

STAG

Industrial,

Inc.

442,129

9,718,499

INTERACTIVE

MEDIA

&

SERVICES

10.8%

57,842

Alphabet,

Inc.

-

Class

A

10,949,491

47,407

Alphabet,

Inc.

-

Class

C

9,028,189

39,237

Match

Group,

Inc.

(a)

1,283,442

31,659

Meta

Platforms,

Inc.

-

Class

A

18,536,660

39,797,782

MEDIA

4.7%

11,231

Charter

Communications,

Inc.

-

Class

A

(a)

3,849,649

96,850

Comcast

Corp.

-

Class

A

3,634,781

33,963

Fox

Corp.

-

Class

A

1,649,923

19,963

Fox

Corp.

-

Class

B

913,108

56,951

Interpublic

Group

of

Cos.,

Inc.

(The)

1,595,767

57,257

News

Corp.

-

Class

A

1,576,858

|

December

31,

2024

23

SHARES

SECURITY

DESCRIPTION

VALUE

$

17,007

News

Corp.

-

Class

B

517,523

29,601

Omnicom

Group,

Inc.

2,546,870

90,666

Paramount

Global

-

Class

B

948,366

17,232,845

METALS

&

MINING

3.4%

111,431

Freeport-McMoRan,

Inc.

4,243,293

88,838

Newmont

Corp.

3,306,550

26,352

Nucor

Corp.

3,075,542

15,972

Steel

Dynamics,

Inc.

1,821,926

12,447,311

MORTGAGE

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

0.5%

56,161

AGNC

Investment

Corp.

517,243

36,035

Annaly

Capital

Management,

Inc.

659,440

37,319

Rithm

Capital

Corp.

404,165

22,801

Starwood

Property

Trust,

Inc.

432,079

2,012,927

OFFICE

REITS

0.5%

10,454

BXP,

Inc.

777,360

10,935

Cousins

Properties,

Inc.

335,048

7,606

Kilroy

Realty

Corp.

307,663

11,831

Vornado

Realty

Trust

497,375

1,917,446

PERSONAL

CARE

PRODUCTS

0.9%

13,023

Estee

Lauder

Cos.,

Inc.

(The)

-

Class

A

976,465

106,710

Kenvue,

Inc.

2,278,258

3,254,723

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

1.9%

21,676

CBRE

Group,

Inc.

-

Class

A

(a)

2,845,842

29,398

CoStar

Group,

Inc.

(a)

2,104,603

2,204

Howard

Hughes

Holdings,

Inc.

(a)

169,532

3,417

Jones

Lang

LaSalle,

Inc.

(a)

864,979

580

Seaport

Entertainment

Group,

Inc.

(a)

16,211

3,908

Zillow

Group,

Inc.

-

Class

A

(a)

276,882

10,868

Zillow

Group,

Inc.

-

Class

C

(a)

804,775

7,082,824

RESIDENTIAL

REITS

3.4%

22,598

American

Homes

4

Rent

-

Class

A

845,617

10,231

AvalonBay

Communities,

Inc.

2,250,514

7,659

Camden

Property

Trust

888,750

13,435

Equity

LifeStyle

Properties,

Inc.

894,771

24,542

Equity

Residential

1,761,134

4,624

Essex

Property

Trust,

Inc.

1,319,875

41,021

Invitation

Homes,

Inc.

1,311,441

8,411

Mid-America

Apartment

Communities,

Inc.

1,300,088

8,443

Sun

Communities,

Inc.

1,038,236

21,589

UDR,

Inc.

937,178

12,547,604

RETAIL

REITS

3.1%

7,213

Agree

Realty

Corp.

508,156

21,654

Brixmor

Property

Group,

Inc.

602,847

5,372

Federal

Realty

Investment

Trust

601,395

48,416

Kimco

Realty

Corp.

1,134,387

13,136

NNN

REIT,

Inc.

536,606

62,513

Realty

Income

Corp.

3,338,819

11,723

Regency

Centers

Corp.

866,681

21,970

Simon

Property

Group,

Inc.

3,783,455

11,372,346

SPECIALIZED

REITS

9.5%

33,179

American

Tower

Corp.

6,085,360

SHARES

SECURITY

DESCRIPTION

VALUE

$

31,244

Crown

Castle,

Inc.

2,835,705

16,190

CubeSmart

693,742

22,086

Digital

Realty

Trust,

Inc.

3,916,510

6,753

Equinix,

Inc.

6,367,335

15,251

Extra

Space

Storage,

Inc.

2,281,550

19,674

Gaming

and

Leisure

Properties,

Inc.

947,500

21,064

Iron

Mountain,

Inc.

2,214,037

6,313

Lamar

Advertising

Co.

-

Class

A

768,545

5,143

PotlatchDeltic

Corp.

201,863

11,342

Public

Storage

3,396,248

9,647

Rayonier,

Inc.

251,787

7,738

SBA

Communications

Corp.

1,577,004

75,183

VICI

Properties,

Inc.

-

Class

A

2,196,095

52,111

Weyerhaeuser

Co.

1,466,925

35,200,206

TOBACCO

2.4%

84,553

Altria

Group,

Inc.

4,421,276

36,984

Philip

Morris

International,

Inc.

4,451,025

8,872,301

WIRELESS

TELECOMMUNICATION

SERVICES

1.1%

18,975

T-Mobile

US,

Inc.

4,188,352

Total

Common

Stocks

(Cost

$366,256,268)

368,582,512

SHORT

TERM

INVESTMENTS

0.1%

192,718

JPMorgan

U.S.

Government

Money

Market

Fund

-

Class

IM

4.46%

(b)

192,718

192,718

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

-

Institutional

Share

Class

4.43%

(b)

192,718

Total

Short

Term

Investments

(Cost

$385,436)

385,436

Total

Investments

99.8%

(Cost

$366,641,704)

368,967,948

Other

Assets

in

Excess

of

Liabilities

0.2%

555,816

NET

ASSETS

100.0%

$369,523,764

24

DoubleLine

ETF

Trust

Schedule

of

Investments

DoubleLine

Shiller

CAPE

®

U.S.

Equities

ETF

(Cont.)

(Unaudited)

December

31,

2024

(a)

Non-income

producing

security.

(b)

Seven-day

yield

as

of

period

end.

Schedule

of

Investments

DoubleLine

Commercial

Real

Estate

ETF

(Unaudited)

December

31,

2024

|

December

31,

2024

25

P

RINCIPAL

A

MOUNT

$/S

HARES

S

ECURITY

D

ESCRIPTION

R

ATE

M

ATURITY

V

ALUE

$

COLLATERALIZED

LOAN

OBLIGATIONS

23.1%

ACREC

LLC

,

1,000,000

Series

2023-FL2-B

(CME

Term

SOFR

1

Month

+

3.48%,

3.48%

Floor)

7.88%

(a)

02/19/2038

1,007,790

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.

,

528,385

Series

2021-FL1-A

(CME

Term

SOFR

1

Month

+

1.08%,

0.97%

Floor)

5.48%

(a)

12/15/2035

528,882

1,444,971

Series

2022-FL1-A

(SOFR

30

Day

Average

+

1.45%,

1.45%

Floor)

6.05%

(a)

01/15/2037

1,446,836

AREIT

Trust

,

471,617

Series

2021-CRE5-A

(CME

Term

SOFR

1

Month

+

1.19%,

1.08%

Floor)

5.58%

(a)

11/17/2038

472,491

379,000

Series

2021-CRE5-C

(CME

Term

SOFR

1

Month

+

2.36%,

2.25%

Floor)

6.75%

(a)

11/17/2038

378,903

2,380,307

Series

2022-CRE6-A

(SOFR

30

Day

Average

+

1.25%,

1.25%

Floor)

5.85%

(a)

01/20/2037

2,381,062

BDS

Ltd.

,

139,657

Series

2021-FL7-A

(CME

Term

SOFR

1

Month

+

1.18%,

1.07%

Floor)

5.56%

(a)

06/16/2036

139,767

BRSP

Ltd.

,

1,254,658

Series

2021-FL1-A

(CME

Term

SOFR

1

Month

+

1.26%,

1.15%

Floor)

5.63%

(a)

08/19/2038

1,250,797

BSPDF

Issuer

Ltd.

,

147,767

Series

2021-FL1-A

(CME

Term

SOFR

1

Month

+

1.31%,

1.20%

Floor)

5.71%

(a)

10/15/2036

145,852

BSPRT

Issuer

Ltd.

,

438,206

Series

2021-FL6-A

(CME

Term

SOFR

1

Month

+

1.21%,

1.10%

Floor)

5.61%

(a)

03/15/2036

437,809

2,000,000

Series

2023-FL10-A

(CME

Term

SOFR

1

Month

+

2.26%,

2.26%

Floor)

6.66%

(a)

09/15/2035

2,011,626

BXMT

Ltd.

,

200,060

Series

2020-FL2-A

(CME

Term

SOFR

1

Month

+

1.01%,

1.01%

Floor)

5.40%

(a)

02/15/2038

197,325

466,118

Series

2020-FL3-A

(CME

Term

SOFR

1

Month

+

1.51%,

1.51%

Floor)

5.90%

(a)

11/15/2037

466,482

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

FS

Rialto

,

2,000,000

Series

2019-FL1-B

(CME

Term

SOFR

1

Month

+

2.01%,

1.90%

Floor)

6.41%

(a)

12/16/2036

1,997,291

1,693,300

Series

2021-FL2-A

(CME

Term

SOFR

1

Month

+

1.33%,

1.33%

Floor)

5.73%

(a)

05/16/2038

1,693,055

1,388,257

Series

2021-FL3-A

(CME

Term

SOFR

1

Month

+

1.36%,

1.36%

Floor)

5.76%

(a)

11/16/2036

1,389,073

GPMT

Ltd.

,

566,622

Series

2021-FL3-A

(CME

Term

SOFR

1

Month

+

1.36%,

1.36%

Floor)

5.74%

(a)

07/16/2035

561,442

1,725,007

Series

2021-FL4-A

(CME

Term

SOFR

1

Month

+

1.46%,

1.35%

Floor)

5.82%

(a)

12/15/2036

1,707,288

320,000

Series

2021-FL4-AS

(CME

Term

SOFR

1

Month

+

1.81%,

1.70%

Floor)

6.17%

(a)

12/15/2036

314,050

Greystone

CRE

Notes

Ltd.

,

1,968,753

Series

2021-FL3-A

(CME

Term

SOFR

1

Month

+

1.13%,

1.02%

Floor)

5.53%

(a)

07/15/2039

1,969,082

550,000

Series

2021-FL3-B

(CME

Term

SOFR

1

Month

+

1.76%,

1.65%

Floor)

6.16%

(a)

07/15/2039

548,224

HERA

Commercial

Mortgage

Ltd.

,

256,489

Series

2021-FL1-A

(CME

Term

SOFR

1

Month

+

1.16%,

1.05%

Floor)

5.54%

(a)

02/18/2038

254,642

HGI

CRE

CLO

Ltd.

,

794,534

Series

2021-FL1-A

(CME

Term

SOFR

1

Month

+

1.16%,

1.16%

Floor)

5.56%

(a)

06/16/2036

794,638

615,804

Series

2021-FL2-A

(CME

Term

SOFR

1

Month

+

1.11%,

1.11%

Floor)

5.51%

(a)

09/17/2036

615,139

2,500,000

Series

2021-FL2-B

(CME

Term

SOFR

1

Month

+

1.61%,

1.61%

Floor)

6.01%

(a)

09/17/2036

2,502,249

HIG

RCP

LLC

,

1,250,000

Series

2023-FL1-B

(CME

Term

SOFR

1

Month

+

3.61%,

3.61%

Floor)

8.01%

(a)

09/19/2038

1,266,676

KREF

Ltd.

,

1,063,045

Series

2021-FL2-A

(CME

Term

SOFR

1

Month

+

1.18%,

1.07%

Floor)

5.57%

(a)

02/15/2039

1,061,647

26

DoubleLine

ETF

Trust

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

250,000

Series

2022-FL3-AS

(CME

Term

SOFR

1

Month

+

1.90%,

1.90%

Floor)

6.27%

(a)

02/17/2039

249,204

LCCM

Trust

,

462,710

Series

2021-FL3-A

(CME

Term

SOFR

1

Month

+

1.56%,

1.56%

Floor)

5.96%

(a)

11/15/2038

463,960

LFT

CRE

Ltd.

,

1,574,202

Series

2021-FL1-A

(CME

Term

SOFR

1

Month

+

1.28%,

1.28%

Floor)

5.68%

(a)

06/15/2039

1,577,615

LoanCore

Issuer

Ltd.

,

514,081

Series

2021-CRE5-A

(CME

Term

SOFR

1

Month

+

1.41%,

1.41%

Floor)

5.81%

(a)

07/15/2036

514,461

2,000,000

Series

2021-CRE5-

AS

(CME

Term

SOFR

1

Month

+

1.86%,

1.86%

Floor)

6.26%

(a)

07/15/2036

2,000,795

943,900

Series

2021-CRE6-A

(CME

Term

SOFR

1

Month

+

1.41%,

1.30%

Floor)

5.81%

(a)

11/15/2038

944,147

MF1

Multifamily

Housing

Mortgage

Loan

Trust

,

535,091

Series

2021-FL6-A

(CME

Term

SOFR

1

Month

+

1.21%,

1.10%

Floor)

5.59%

(a)

07/16/2036

533,905

895,712

Series

2021-FL7-A

(CME

Term

SOFR

1

Month

+

1.19%,

1.08%

Floor)

5.57%

(a)

10/16/2036

893,925

1,000,000

Series

2021-FL7-B

(CME

Term

SOFR

1

Month

+

1.86%,

1.75%

Floor)

6.24%

(a)

10/16/2036

984,157

1,500,000

Series

2023-FL12-C

(CME

Term

SOFR

1

Month

+

3.78%,

3.78%

Floor)

8.14%

(a)

10/19/2038

1,509,353

PFP

Ltd.

,

1,400,000

Series

2021-8-C

(CME

Term

SOFR

1

Month

+

1.91%,

1.80%

Floor)

6.31%

(a)

08/09/2037

1,403,301

Ready

Capital

Mortgage

Financing

LLC

,

2,077,301

Series

2021-FL7-A

(CME

Term

SOFR

1

Month

+

1.31%,

1.20%

Floor)

5.65%

(a)

11/25/2036

2,085,847

1,110,258

Series

2022-FL10-A

(CME

Term

SOFR

1

Month

+

2.55%,

2.55%

Floor)

6.89%

(a)

10/25/2039

1,116,652

Shelter

Growth

CRE

Issuer

Ltd.

,

726,902

Series

2022-FL4-A

(CME

Term

SOFR

1

Month

+

2.30%,

2.30%

Floor)

6.66%

(a)

06/17/2037

729,302

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

STWD

Ltd.

,

21,027

Series

2019-FL1-AS

(CME

Term

SOFR

1

Month

+

1.51%,

1.51%

Floor)

5.91%

(a)

07/15/2038

20,882

2,400,000

Series

2019-FL1-B

(CME

Term

SOFR

1

Month

+

1.71%,

1.71%

Floor)

6.11%

(a)

07/15/2038

2,378,521

880,116

Series

2022-FL3-A

(SOFR

30

Day

Average

+

1.35%,

1.35%

Floor)

5.95%

(a)

11/15/2038

878,868

TRTX

Issuer

Ltd.

,

2,826,396

Series

2022-FL5-A

(CME

Term

SOFR

1

Month

+

1.65%,

1.65%

Floor)

6.03%

(a)

02/15/2039

2,821,803

2,100,000

Series

2022-FL5-AS

(CME

Term

SOFR

1

Month

+

2.15%,

2.15%

Floor)

6.53%

(a)

02/15/2039

2,090,188

VMC

Finance

LLC

,

783,321

Series

2022-FL5-A

(SOFR

30

Day

Average

+

1.90%,

1.90%

Floor)

6.50%

(a)

02/18/2039

784,489

Total

Collateralized

Loan

Obligations

(Cost

$51,065,955)

51,521,493

NON-AGENCY

COMMERCIAL

MORTGAGE

BACKED

OBLIGATIONS

61.7%

280

Park

Avenue

Mortgage

Trust

,

1,500,000

Series

2017-280P-A

(CME

Term

SOFR

1

Month

+

1.18%,

1.13%

Floor)

5.58%

(a)

09/15/2034

1,489,732

BAMLL

Commercial

Mortgage

Securities

Trust

,

1,800,000

Series

2013-WBRK-A

3.53%

(a)(b)

03/10/2037

1,769,400

1,000,000

Series

2015-200P-A

3.22%

(a)

04/14/2033

991,729

BANK

,

559,454

Series

2017-BNK5-A4

3.13%

06/15/2060

537,649

1,000,000

Series

2019-BN19-A2

2.93%

08/15/2061

903,362

380,110

Series

2021-BN33-A1

0.61%

05/15/2064

369,666

650,000

Series

2021-BN36-A2

2.13%

09/15/2064

610,560

521,998

Series

2022-BNK39-A1

1.74%

02/15/2055

505,246

114,701

Series

2023-BNK45-A1

5.43%

02/15/2056

115,470

828,878

Series

2023-BNK46-A1

6.01%

08/15/2056

841,740

1,808,921

Series

2024-BNK47-A1

5.52%

06/15/2057

1,834,057

1,944,117

Series

2024-BNK48-A1

4.33%

10/15/2057

1,920,707

BANK5

,

373,421

Series

2023-5YR2-A1

6.20%

07/15/2056

380,394

1,500,000

Series

2024-5YR10-A3

5.30%

10/15/2057

1,508,404

|

December

31,

2024

27

Schedule

of

Investments

DoubleLine

Commercial

Real

Estate

ETF

(Cont.)

(Unaudited)

December

31,

2024

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

1,500,000

Series

2024-5YR11-A3

5.89%

11/15/2057

1,544,531

840,772

Series

2024-5YR7-A1

5.82%

06/15/2057

850,326

1,866,348

Series

2024-5YR8-A1

5.19%

08/15/2057

1,877,027

1,000,000

Series

2024-5YR9-A3

5.61%

08/15/2057

1,018,317

BANK5

Trust

,

1,778,756

Series

2024-5YR6-A1

5.86%

05/15/2057

1,810,450

BBCMS

Mortgage

Trust

,

88,094

Series

2017-C1-ASB

3.49%

02/15/2050

86,887

539,238

Series

2023-C19-A1

5.70%

04/15/2056

544,092

880,557

Series

2023-C22-A1

6.36%

11/15/2056

905,419

775,456

Series

2024-5C25-A1

5.49%

03/15/2057

782,243

1,920,973

Series

2024-C24-A1

5.23%

02/15/2057

1,927,235

2,024,345

Series

2024-C28-A1

4.91%

09/15/2057

2,022,813

BBCMS

Trust

,

550,000

Series

2018-CBM-A

(CME

Term

SOFR

1

Month

+

1.30%,

1.25%

Floor)

5.70%

(a)

07/15/2037

545,176

Benchmark

Mortgage

Trust

,

86,620

Series

2018-B2-A2

3.66%

02/15/2051

85,309

1,379,000

Series

2019-B13-A3

2.70%

08/15/2057

1,245,477

572,405

Series

2019-B13-ASB

2.89%

08/15/2057

548,091

11,967,396

Series

2019-B14-XA

0.75%

(b)(c)

12/15/2062

276,577

668,274

Series

2019-B15-A2

2.91%

12/15/2072

635,620

34,433

Series

2020-B21-A1

0.54%

12/17/2053

34,224

323,809

Series

2022-B37-A1

5.75%

(b)

11/15/2055

327,521

293,407

Series

2023-V2-A1

5.85%

05/15/2055

295,664

14,063,003

Series

2023-V2-XA

0.99%

(b)(c)

05/15/2055

393,171

223,256

Series

2024-V10-A1

4.48%

09/15/2057

220,306

209,000

Series

2024-V12-A1

5.05%

12/15/2057

208,967

305,927

Series

2024-V5-A1

5.32%

01/10/2057

307,838

1,650,000

Series

2024-V7-A1

5.63%

05/15/2056

1,672,747

920,025

Series

2024-V8-A1

5.51%

07/15/2057

929,728

2,000,000

Series

2024-V9-A3

5.60%

08/15/2057

2,034,766

BMARK

,

623,283

Series

2023-V4-A1

6.45%

11/15/2056

637,879

BMO

Mortgage

Trust

,

372,839

Series

2022-C1-A1

2.20%

02/15/2055

364,106

107,414

Series

2022-C3-A1

5.25%

(b)

09/15/2054

107,682

469,191

Series

2023-5C2-A1

6.80%

11/15/2056

479,873

476,797

Series

2023-C4-A1

5.29%

02/15/2056

478,758

1,421,712

Series

2023-C5-A1

5.74%

06/15/2056

1,434,801

1,572,420

Series

2023-C7-A1

5.90%

12/15/2056

1,598,261

85,000

Series

2024-5C3-A1

5.14%

02/15/2057

85,109

1,814,599

Series

2024-5C4-A1

6.02%

05/15/2057

1,850,322

2,128,202

Series

2024-5C5-A1

5.20%

02/15/2057

2,130,720

2,000,000

Series

2024-5C6-A3

5.32%

09/15/2057

2,007,770

1,290,175

Series

2024-5C7-A1

4.83%

11/15/2057

1,287,456

1,454,926

Series

2024-C9-A1

5.48%

07/15/2057

1,469,939

BX

Commercial

Mortgage

Trust

,

409,752

Series

2019-IMC-A

(CME

Term

SOFR

1

Month

+

1.05%,

1.00%

Floor)

5.44%

(a)

04/15/2034

406,967

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

607,423

Series

2021-21M-A

(CME

Term

SOFR

1

Month

+

0.84%,

0.73%

Floor)

5.24%

(a)

10/15/2036

604,306

519,508

Series

2021-ACNT-C

(CME

Term

SOFR

1

Month

+

1.61%,

1.50%

Floor)

6.01%

(a)

11/15/2038

518,616

1,187,509

Series

2021-CIP-C

(CME

Term

SOFR

1

Month

+

1.59%,

1.47%

Floor)

5.98%

(a)

12/15/2038

1,186,197

2,262,000

Series

2021-VOLT-B

(CME

Term

SOFR

1

Month

+

1.06%,

0.95%

Floor)

5.46%

(a)

09/15/2036

2,254,695

1,901,733

Series

2021-XL2-A

(CME

Term

SOFR

1

Month

+

0.80%,

0.69%

Floor)

5.20%

(a)

10/15/2038

1,900,437

1,000,000

Series

2024-AIR2-C

(CME

Term

SOFR

1

Month

+

2.24%,

2.24%

Floor)

6.64%

(a)

10/15/2041

1,004,723

BX

Trust

,

1,987,000

Series

2018-GW-C

(CME

Term

SOFR

1

Month

+

1.52%,

1.22%

Floor)

5.92%

(a)

05/15/2035

1,987,377

2,500,000

Series

2021-ARIA-B

(CME

Term

SOFR

1

Month

+

1.41%,

1.30%

Floor)

5.81%

(a)

10/15/2036

2,494,621

2,020,065

Series

2021-BXMF-B

(CME

Term

SOFR

1

Month

+

1.16%,

1.04%

Floor)

5.55%

(a)

10/15/2026

2,011,192

1,000,000

Series

2021-LGCY-B

(CME

Term

SOFR

1

Month

+

0.97%,

0.86%

Floor)

5.37%

(a)

10/15/2036

993,090

1,267,994

Series

2021-RISE-B

(CME

Term

SOFR

1

Month

+

1.36%,

1.25%

Floor)

5.76%

(a)

11/15/2036

1,262,565

2,000,000

Series

2024-VLT4-A

(CME

Term

SOFR

1

Month

+

1.49%,

1.49%

Floor)

5.89%

(a)

07/15/2029

2,010,858

CEDR

Commercial

Mortgage

Trust

,

1,000,000

Series

2022-SNAI-A

(CME

Term

SOFR

1

Month

+

0.99%,

0.99%

Floor)

5.39%

(a)

02/15/2039

957,613

Citigroup

Commercial

Mortgage

Trust

,

999,938

Series

2015-P1-A4

3.46%

09/15/2048

995,545

500,000

Series

2015-P1-A5

3.72%

09/15/2048

495,878

298,179

Series

2016-C1-A3

2.94%

05/10/2049

292,250

1,751,000

Series

2016-P4-A4

2.90%

07/10/2049

1,699,283

890,901

Series

2017-P7-A3

3.44%

04/14/2050

864,729

1,437,694

Series

2019-GC43-AAB

2.96%

11/10/2052

1,376,178

Commercial

Mortgage

Trust

,

1,250,000

Series

2015-CR25-A4

3.76%

08/10/2048

1,240,099

28

DoubleLine

ETF

Trust

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

320,000

Series

2015-LC21-A4

3.71%

07/10/2048

318,215

585,938

Series

2015-PC1-A5

3.90%

07/10/2050

583,990

2,500,000

Series

2016-COR1-A4

3.09%

10/10/2049

2,412,050

CORE

Mortgage

Trust

,

432,207

Series

2019-CORE-B

(CME

Term

SOFR

1

Month

+

1.15%,

1.10%

Floor)

5.55%

(a)

12/15/2031

427,432

CSAIL

Commercial

Mortgage

Trust

,

652,373

Series

2015-C3-A3

3.45%

08/15/2048

649,354

1,962,263

Series

2017-CX9-A4

3.18%

09/15/2050

1,893,794

27,770

Series

2020-C19-A1

1.30%

03/15/2053

27,618

CSMC

Trust

,

1,600,000

Series

2016-NXSR-A4

3.79%

(b)

12/15/2049

1,561,656

DBJPM

Mortgage

Trust

,

1,385,000

Series

2016-C3-A5

2.89%

08/10/2049

1,339,912

469,247

Series

2020-C9-A2

1.90%

08/15/2053

450,946

2,250,000

Series

2020-C9-A3

1.88%

08/15/2053

2,022,743

Del

Amo

Fashion

Center

Trust

,

1,500,000

Series

2017-AMO-A

3.64%

(a)(b)

06/05/2035

1,411,937

Extended

Stay

America

Trust

,

1,453,305

Series

2021-ESH-B

(CME

Term

SOFR

1

Month

+

1.49%,

1.38%

Floor)

5.89%

(a)

07/15/2038

1,455,462

GS

Mortgage

Securities

Corp.

Trust

,

1,500,000

Series

2021-ARDN-B

(CME

Term

SOFR

1

Month

+

1.76%,

1.65%

Floor)

6.16%

(a)

11/15/2036

1,498,144

1,000,000

Series

2021-STAR-A

(CME

Term

SOFR

1

Month

+

1.06%,

0.95%

Floor)

5.47%

(a)

12/15/2036

997,702

GS

Mortgage

Securities

Trust

,

326,968

Series

2013-GC13-AS

3.87%

(a)(b)

07/10/2046

315,034

200,000

Series

2015-GC28-B

3.98%

02/10/2048

198,715

1,000,000

Series

2015-GC34-A4

3.51%

10/10/2048

982,347

980,000

Series

2018-GS10-A2

4.00%

07/10/2051

953,738

234,459

Series

2019-GC39-A3

3.31%

05/10/2052

217,295

196,427

Series

2019-GSA1-AAB

2.99%

11/10/2052

188,157

HTL

Commercial

Mortgage

Trust

,

2,000,000

Series

2024-T53-A

5.88%

(a)(b)

05/10/2039

2,012,008

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

2,074,832

Series

2016-JP2-A3

2.56%

08/15/2049

2,029,010

540,665

Series

2016-JP3-A4

2.63%

08/15/2049

523,333

JPMBB

Commercial

Mortgage

Securities

Trust

,

625,948

Series

2015-C30-A4

3.55%

07/15/2048

622,702

491,453

Series

2015-C31-A3

3.80%

08/15/2048

487,040

680,000

Series

2015-C32-A5

3.60%

11/15/2048

668,809

590,000

Series

2015-C33-AS

4.02%

12/15/2048

580,619

JPMCC

Commercial

Mortgage

Securities

Trust

,

137,082

Series

2017-JP5-A4

3.46%

03/15/2050

135,306

1,640,000

Series

2017-JP5-A5

3.72%

03/15/2050

1,591,440

2,000,000

Series

2019-COR5-A3

3.12%

06/13/2052

1,847,576

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

JPMDB

Commercial

Mortgage

Securities

Trust

,

562,131

Series

2018-C8-A3

3.94%

06/15/2051

545,165

LCCM

Trust

,

538,125

Series

2017-LC26-A3

3.29%

(a)

07/12/2050

518,061

MF1

Multifamily

Housing

Mortgage

Loan

Trust

,

1,500,000

Series

2021-FL5-B

(CME

Term

SOFR

1

Month

+

1.56%,

1.56%

Floor)

5.95%

(a)

07/15/2036

1,499,663

MHC

Commercial

Mortgage

Trust

,

1,000,000

Series

2021-MHC-B

(CME

Term

SOFR

1

Month

+

1.22%,

1.10%

Floor)

5.61%

(a)

04/15/2038

998,864

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

1,000,000

Series

2015-C23-AS

4.00%

(b)

07/15/2050

991,000

211,854

Series

2017-C33-A3

3.30%

05/15/2050

210,264

Morgan

Stanley

Capital

I

,

1,337,229

Series

2017-HR2-A3

3.33%

12/15/2050

1,276,857

Morgan

Stanley

Capital

I

Trust

,

1,000,000

Series

2016-UBS9-A4

3.59%

03/15/2049

983,369

8,086,769

Series

2019-L2-XA

1.00%

(b)(c)

03/15/2052

276,798

992,994

Series

2024-NSTB-A

3.90%

(a)(b)

09/24/2057

959,216

MSWF

Commercial

Mortgage

Trust

,

159,365

Series

2023-1-A1

5.54%

05/15/2056

160,543

1,265,387

Series

2023-2-A1

5.96%

12/15/2056

1,283,207

UBS

Commercial

Mortgage

Trust

,

391,905

Series

2018-C13-A3

4.07%

10/15/2051

383,355

1,600,366

Series

2018-C8-A3

3.72%

02/15/2051

1,545,581

VEGAS

Trust

,

1,500,000

Series

2024-TI-A

5.52%

(a)

11/10/2039

1,504,924

Wells

Fargo

Commercial

Mortgage

Trust

,

694,803

Series

2015-C27-A5

3.45%

02/15/2048

692,433

1,250,000

Series

2015-C30-A4

3.66%

09/15/2058

1,239,824

1,000,000

Series

2015-LC22-A4

3.84%

09/15/2058

991,330

328,000

Series

2015-NXS3-AS

3.97%

(b)

09/15/2057

323,758

1,000,000

Series

2015-P2-A4

3.81%

12/15/2048

989,772

745,461

Series

2016-BNK1-A2

2.40%

08/15/2049

719,649

1,080,000

Series

2016-BNK1-A3

2.65%

08/15/2049

1,037,641

725,000

Series

2016-C33-A4

3.43%

03/15/2059

713,484

1,250,000

Series

2016-C34-A4

3.10%

06/15/2049

1,211,938

2,448,048

Series

2019-C50-A4

3.47%

05/15/2052

2,325,043

500,000

Series

2019-C53-A3

2.79%

10/15/2052

454,511

1,000,000

Series

2019-JWDR-C

3.04%

(a)(b)

09/15/2031

960,603

987,814

Series

2021-SAVE-A

(CME

Term

SOFR

1

Month

+

1.26%,

1.15%

Floor)

5.66%

(a)

02/15/2040

989,366

1,578,711

Series

2024-5C1-A1

5.23%

07/15/2057

1,585,908

2,364,108

Series

2024-C63-A1

4.89%

08/15/2057

2,360,378

WFRBS

Commercial

Mortgage

Trust

,

99,964

Series

2013-C14-AS

3.49%

06/15/2046

97,049

Total

Non-Agency

Commercial

Mortgage

Backed

Obligations

(Cost

$136,349,288)

137,632,171

US

GOVERNMENT

AND

AGENCY

MORTGAGE

BACKED

OBLIGATIONS

11.1%

FHLMC

,

2,005,212

Pool

WN2001

3.26%

09/01/2027

1,937,879

|

December

31,

2024

29

Schedule

of

Investments

DoubleLine

Commercial

Real

Estate

ETF

(Cont.)

(Unaudited)

December

31,

2024

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

FHLMC

Multifamily

Structured

Pass-Through

Certificates

,

2,043,076

Series

K089-A1

3.34%

10/25/2028

1,987,489

4,000,000

Series

K518-A2

5.40%

01/25/2029

4,097,235

3,000,000

Series

K741-A2

1.60%

12/25/2027

2,755,664

FNMA

,

3,170,045

Pool

AN4952

3.18%

04/01/2027

3,077,743

3,170,044

Pool

AN5139

3.13%

04/01/2027

3,069,162

3,500,000

Pool

BL2869

2.79%

07/01/2029

3,221,442

4,500,000

Pool

BZ1029

4.93%

06/01/2029

4,548,451

Total

US

Government

and

Agency

Mortgage

Backed

Obligations

(Cost

$25,293,132)

24,695,065

SHORT

TERM

INVESTMENTS

3.3%

3,676,877

JPMorgan

U.S.

Government

Money

Market

Fund

-

Class

IM

4.46%

(d)

3,676,877

3,676,877

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

-

Institutional

Share

Class

4.43%

(d)

3,676,877

Total

Short

Term

Investments

(Cost

$7,353,754)

7,353,754

Total

Investments

99.2%

(Cost

$220,062,129)

221,202,483

Other

Assets

in

Excess

of

Liabilities

0.8%

1,684,273

NET

ASSETS

100.0%

$222,886,756

(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.

At

December

31,

2024,

the

value

of

these

securities

amounted

to

approximately

$91,459,203

or

41.03%

of

net

assets.

(b)

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.

(c)

Interest

only

security.

(d)

Seven-day

yield

as

of

period

end.

Abbreviations:

FHLMC

Federal

Home

Loan

Mortgage

Corporation

FNMA

Federal

National

Mortgage

Association

SOFR

Secured

Overnight

Financing

Rate

Schedule

of

Investments

DoubleLine

Mortgage

ETF

(Unaudited)

December

31,

2024

30

DoubleLine

ETF

Trust

P

RINCIPAL

A

MOUNT

$/S

HARES

S

ECURITY

D

ESCRIPTION

R

ATE

M

ATURITY

V

ALUE

$

NON-AGENCY

RESIDENTIAL

COLLATERALIZED

MORTGAGE

OBLIGATIONS

14.8%

CIM

Trust

,

806,750

Series

2023-R4-A1

5.00%

(a)(b)

05/25/2062

799,101

COLT

Mortgage

Loan

Trust

,

1,474,277

Series

2024-5-A2

5.38%

(b)(c)

08/25/2069

1,461,954

Connecticut

Avenue

Securities

Trust

,

699,356

Series

2023-R07-

2M1

(SOFR

30

Day

Average

+

1.95%)

6.51%

(b)

09/25/2043

705,996

2,000,000

Series

2024-R01-

1M2

(SOFR

30

Day

Average

+

1.80%,

1.80%

Floor)

6.37%

(b)

01/25/2044

2,022,135

1,500,000

Series

2024-R02-

1M2

(SOFR

30

Day

Average

+

1.80%,

1.80%

Floor)

6.37%

(b)

02/25/2044

1,516,115

3,000,000

Series

2024-R05-

2M2

(SOFR

30

Day

Average

+

1.70%,

1.90%

Floor)

6.27%

(b)

07/25/2044

3,019,297

CSMC

Trust

,

860,317

Series

2018-RPL9-A

3.85%

(a)(b)

09/25/2057

822,440

954,010

Series

2021-RPL3-A1

2.00%

(a)(b)

01/25/2060

833,047

Deephaven

Residential

Mortgage

Trust

,

765,912

Series

2022-2-A1

4.30%

(a)(b)

03/25/2067

729,830

FHLMC

STACR

REMIC

Trust

,

1,000,000

Series

2022-DNA3-

M1B

(SOFR

30

Day

Average

+

2.90%)

7.47%

(b)

04/25/2042

1,036,604

1,135,509

Series

2023-HQA2-

M1A

(SOFR

30

Day

Average

+

2.00%)

6.57%

(b)

06/25/2043

1,142,553

6,000,000

Series

2024-DNA1-M2

(SOFR

30

Day

Average

+

1.95%)

6.52%

(b)

02/25/2044

6,086,658

6,000,000

Series

2024-HQA1-M2

(SOFR

30

Day

Average

+

2.00%)

6.57%

(b)

03/25/2044

6,098,492

New

Residential

Mortgage

Loan

Trust

,

4,855,873

Series

2024-NQM1-A1

6.13%

(b)(c)

03/25/2064

4,889,237

OBX

Trust

,

1,178,599

Series

2023-NQM10-A1

6.46%

(b)(c)

10/25/2063

1,190,987

730,423

Series

2023-NQM3-A1

5.95%

(b)(c)

02/25/2063

733,176

1,448,553

Series

2023-NQM5-A1A

6.57%

(b)(c)

06/25/2063

1,465,276

1,656,887

Series

2024-NQM1-A2

6.25%

(b)(c)

11/25/2063

1,665,235

835,291

Series

2024-NQM4-A1

6.07%

(b)(c)

01/25/2064

840,155

1,698,352

Series

2024-NQM6-A1

6.45%

(b)(c)

02/25/2064

1,716,588

Verus

Securitization

Trust

,

1,338,594

Series

2023-5-A1

6.48%

(b)(c)

06/25/2068

1,349,986

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

742,148

Series

2023-7-A1

7.07%

(b)(c)

10/25/2068

755,417

1,551,592

Series

2023-8-A1

6.26%

(b)(c)

12/25/2068

1,564,440

851,707

Series

2023-INV3-A1

6.88%

(a)(b)

11/25/2068

864,499

1,594,288

Series

2024-1-A2

5.92%

(b)(c)

01/25/2069

1,596,487

2,833,118

Series

2024-8-A2

5.62%

(b)(c)

10/25/2069

2,820,415

4,000,000

Series

2024-9-A2

5.69%

(b)(c)

11/25/2069

4,018,360

Total

Non-Agency

Residential

Collateralized

Mortgage

Obligations

(Cost

$51,299,712)

51,744,480

US

GOVERNMENT

AND

AGENCY

MORTGAGE

BACKED

OBLIGATIONS

97.5%

FHLMC

REMICS

,

1,998,359

Series

4631-GF

(SOFR

30

Day

Average

+

0.61%,

0.50%

Floor,

6.50%

Cap)

5.21%

11/15/2046

1,967,892

1,267,076

Series

5008-DI

3.00%

(d)

09/25/2050

171,071

7,289,083

Series

5020-IH

3.00%

(d)

08/25/2050

1,269,594

6,236,287

Series

5083-IH

2.50%

(d)

03/25/2051

945,663

3,133,981

Series

5092-FK

(SOFR

30

Day

Average

+

0.70%,

0.70%

Floor,

4.00%

Cap)

4.00%

03/25/2051

2,552,920

5,891,074

Series

5188-IA

3.00%

(d)

02/25/2052

913,964

9,055,974

Series

5377-

2.50%

(d)

12/25/2051

1,148,506

FHLMC

STRIPS

,

6,764,980

Series

389-C19

2.50%

(d)

04/15/2052

1,000,076

FHLMC

UMBS

,

5,220,298

Pool

RA2853

2.50%

06/01/2050

4,307,054

2,332,208

Pool

SD2912

5.00%

05/01/2053

2,265,524

1,978,665

Pool

SD3139

3.50%

07/01/2052

1,754,377

4,011,525

Pool

SD3354

5.00%

06/01/2053

3,884,513

6,821,670

Pool

SD3530

6.00%

08/01/2053

6,917,299

2,691,758

Pool

SD3745

6.00%

09/01/2053

2,728,607

4,602,950

Pool

SD4296

2.00%

02/01/2052

3,631,746

4,735,461

Pool

SD4650

5.00%

01/01/2054

4,599,095

4,330,104

Pool

SD4794

6.50%

01/01/2054

4,533,104

2,708,252

Pool

SD4888

6.00%

02/01/2054

2,750,179

6,826,806

Pool

SD5525

5.50%

06/01/2054

6,820,354

9,386,235

Pool

SD5573

3.00%

08/01/2052

8,100,647

2,811,703

Pool

SD5617

6.00%

06/01/2054

2,863,812

2,255,410

Pool

SD5726

3.00%

07/01/2052

1,928,969

4,644,921

Pool

SD5968

6.00%

07/01/2054

4,715,020

6,477,377

Pool

SD6053

5.50%

08/01/2054

6,454,793

6,779,501

Pool

SD6570

5.50%

10/01/2054

6,752,620

6,749,835

Pool

SD6874

5.50%

11/01/2054

6,750,155

10,669,762

Pool

SD7512

3.00%

02/01/2050

9,242,088

11,048,989

Pool

SD7535

2.50%

02/01/2051

9,176,074

6,102,556

Pool

SD7550

3.00%

02/01/2052

5,295,579

8,361,824

Pool

SD7553

3.00%

03/01/2052

7,208,341

4,659,597

Pool

SD7565

5.50%

09/01/2053

4,655,512

6,951,373

Pool

SD7567

5.50%

02/01/2054

6,964,800

2,848,725

Pool

SD8288

5.00%

01/01/2053

2,751,858

FNMA

REMICS

,

1,244,484

Series

2017-99-PY

4.00%

12/25/2047

1,141,127

3,512,917

Series

2021-3-NI

2.50%

(d)

02/25/2051

540,275

5,601,879

Series

2021-88-KI

3.50%

(d)

03/25/2046

957,409

5,785,365

Series

2021-94-

3.00%

(d)

01/25/2052

991,088

5,048,825

Series

2023-51-BI

3.50%

(d)

04/25/2053

975,385

5,652,640

Series

2024-9-BI

3.00%

(d)

03/25/2051

972,334

FNMA

STRIPS

,

8,823,907

Series

427-C84

3.50%

(d)

11/25/2040

1,255,549

|

December

31,

2024

31

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

6,994,430

Series

437-C8

2.50%

(d)

06/25/2052

1,120,317

FNMA

UMBS

,

7,092,484

Pool

CA6032

2.50%

06/01/2050

5,884,739

11,018,022

Pool

CA7028

2.50%

09/01/2050

9,150,320

2,761,750

Pool

CB7781

5.50%

01/01/2054

2,732,853

1,709,121

Pool

CB8020

6.50%

02/01/2054

1,749,062

7,312,352

Pool

CB8501

6.00%

05/01/2054

7,489,667

5,622,890

Pool

FM7529

3.00%

05/01/2051

4,849,659

5,946,893

Pool

FS0984

3.00%

04/01/2052

5,125,186

3,873,426

Pool

FS2040

2.00%

02/01/2052

3,030,298

4,646,548

Pool

FS2141

3.50%

06/01/2052

4,145,936

2,725,696

Pool

FS5704

2.00%

04/01/2052

2,124,733

5,342,649

Pool

FS6476

2.50%

11/01/2051

4,428,634

3,750,164

Pool

FS7114

5.50%

02/01/2054

3,750,933

6,859,349

Pool

FS7738

6.00%

03/01/2054

7,025,669

5,937,064

Pool

FS7819

2.00%

03/01/2052

4,685,710

7,793,984

Pool

FS8660

5.50%

08/01/2054

7,795,584

9,431,836

Pool

FS9026

5.50%

09/01/2053

9,410,522

3,537,520

Pool

MA3357

4.00%

05/01/2048

3,281,863

11,412,928

Pool

MA4256

2.50%

02/01/2051

9,406,077

4,607,879

Pool

MA4492

2.00%

12/01/2051

3,603,518

3,627,063

Pool

MA4733

4.50%

09/01/2052

3,419,752

449,796

Pool

MA5038

5.00%

06/01/2053

435,034

2,610,906

Pool

MA5039

5.50%

06/01/2053

2,580,058

10,224,899

Pool

MA5503

5.50%

10/01/2044

10,196,978

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

,

30,552,000

Pool

2.50%

(e)

01/25/2055

24,887,946

14,012,000

Pool

3.00%

(e)

01/25/2055

11,902,537

18,219,000

Pool

5.50%

(e)

01/25/2055

17,980,418

GNMA

,

938,008

Series

2016-116-DF

(CME

Term

SOFR

1

Month

+

0.51%,

0.40%

Floor,

6.50%

Cap)

4.88%

09/20/2046

920,154

1,320,647

Series

2019-31-GF

(CME

Term

SOFR

1

Month

+

0.56%,

0.45%

Floor,

6.50%

Cap)

4.93%

03/20/2049

1,300,795

7,538,840

Series

2020-126-KI

2.50%

(d)

08/20/2050

1,127,268

16,768,380

Series

2020-151-MI

2.50%

(d)

10/20/2050

2,535,697

3,413,488

Series

2020-153-CI

2.50%

(d)

10/20/2050

477,303

6,500,919

Series

2020-160-VI

2.50%

(d)

10/20/2050

885,293

10,134,119

Series

2020-167-WI

4.00%

(d)

08/20/2046

1,566,391

2,728,179

Series

2020-17-IG

3.00%

(d)

02/20/2050

428,199

7,592,771

Series

2020-173-MI

2.50%

(d)

11/20/2050

1,155,876

3,845,142

Series

2020-183-JI

2.50%

(d)

11/20/2050

570,115

9,591,659

Series

2020-188-BI

2.50%

(d)

12/20/2050

1,381,470

5,732,996

Series

2020-51-ID

3.50%

(d)

04/20/2050

1,028,919

6,503,533

Series

2021-115-MI

2.50%

(d)

05/20/2051

808,483

8,606,704

Series

2021-140-IH

2.50%

(d)

08/20/2051

1,220,286

2,052,648

Series

2021-142-

3.00%

(d)

08/20/2051

328,039

3,804,583

Series

2021-206-AI

3.50%

(d)

11/20/2051

673,825

5,900,163

Series

2021-57-JI

3.00%

(d)

03/20/2051

989,241

7,966,175

Series

2021-77-IW

2.50%

(d)

12/20/2050

905,510

7,182,587

Series

2022-204-

3.50%

(d)

04/20/2052

1,185,918

6,607,026

Series

2022-207-

3.00%

(d)

08/20/2051

1,131,706

7,754,625

Series

2022-83-

2.50%

(d)

11/20/2051

1,140,802

4,943,978

Series

2023-24-IH

3.50%

(d)

07/20/2051

928,350

5,830,178

Series

2024-24-BI

3.00%

(d)

12/20/2051

937,125

8,637,672

Series

2024-61-IA

2.50%

(d)

02/20/2051

1,226,810

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

8,488,522

Series

2024-79-CI

3.50%

(d)

02/20/2052

1,358,203

Total

US

Government

and

Agency

Mortgage

Backed

Obligations

(Cost

$347,139,293)

342,260,754

SHORT

TERM

INVESTMENTS

2.9%

5,043,019

JPMorgan

U.S.

Government

Money

Market

Fund

-

Class

IM

4.46%

(f)

5,043,019

5,043,019

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

-

Institutional

Share

Class

4.43%

(f)

5,043,019

Total

Short

Term

Investments

(Cost

$10,086,038)

10,086,038

Total

Investments

115.2%

(Cost

$408,525,043)

404,091,272

Liabilities

in

Excess

of

Other

Assets

(15.2)%

(53,366,192)

NET

ASSETS

100.0%

$350,725,080

32

DoubleLine

ETF

Trust

Schedule

of

Investments

DoubleLine

Mortgage

ETF

(Cont.)

(Unaudited)

December

31,

2024

(a)

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.

(b)

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.

At

December

31,

2024,

the

value

of

these

securities

amounted

to

approximately

$51,744,480

or

14.75%

of

net

assets.

(c)

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.

(d)

Interest

only

security.

(e)

Represents

or

includes

a

TBA

transaction.

(f)

Seven-day

yield

as

of

period

end.

Abbreviations:

FHLMC

Federal

Home

Loan

Mortgage

Corporation

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

SOFR

Secured

Overnight

Financing

Rate

UMBS

Uniform

Mortgage

Backed

Securities

STACR

Structured

Agency

Credit

Risk

STRIPS

Separate

Trading

of

Registered

Interest

and

Principal

of

Securities

REMIC

Real

Estate

Mortgage

Investment

Conduit

Futures

Contracts

Description

Long/Short

Contract

Quantity

Expiration

Date

Notional

Amount

(1)

Unrealized

Appreciation

(Depreciation)

/

Value

U.S.

Treasury

10

Year

Ultra

Bond

Short

(225)

03/20/2025

$

(

25,045,313

)

$

567,171

U.S.

Treasury

5

Year

Note

Long

190

03/31/2025

20,197,891

30,664

U.S.

Treasury

2

Year

Note

Long

120

03/31/2025

24,673,125

(

49,757

)

U.S.

Treasury

Ultra

Bond

Long

15

03/20/2025

1,783,594

(

56,964

)

U.S.

Treasury

Long

Bond

Long

155

03/20/2025

17,645,781

(

467,308

)

$23,806

(1)

Notional

Amount

is

determined

based

on

the

number

of

contracts

multiplied

by

the

contract

size

and

the

quoted

daily

settlement

price

in

US

dollars.

Schedule

of

Investments

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

(Unaudited)

December

31,

2024

|

December

31,

2024

33

P

RINCIPAL

A

MOUNT

$/S

HARES

S

ECURITY

D

ESCRIPTION

R

ATE

M

ATURITY

V

ALUE

$

SHORT

TERM

INVESTMENTS

99.4%

491,503

JPMorgan

U.S.

Government

Money

Market

Fund

-

Class

IM

4.46%

(a)(b)

491,503

491,503

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

-

Institutional

Share

Class

4.43%

(a)(b)

491,503

5,000,000

U.S.

Treasury

Bills

0.00%

(b)

01/09/2025

4,995,913

2,000,000

U.S.

Treasury

Bills

0.00%

(b)

02/06/2025

1,991,809

10,000,000

U.S.

Treasury

Bills

0.00%

(b)

04/22/2025

9,872,401

4,500,000

U.S.

Treasury

Bills

0.00%

(b)

05/08/2025

4,434,921

Total

Short

Term

Investments

(Cost

$22,271,852)

22,278,050

Total

Investments

99.4%

(Cost

$22,271,852)

22,278,050

Other

Assets

in

Excess

of

Liabilities

0.6%

138,807

NET

ASSETS

100.0%

$22,416,857

(a)

Seven-day

yield

as

of

period

end.

(b)

All

or

a

portion

of

this

security

is

owned

by

DoubleLine

Commodity

ETF

Ltd.,

which

is

a

wholly-owned

subsidiary

of

the

DoubleLine

Commodity

Strategy

ETF.

Excess

Return

Swaps

Reference

Entity

Counterparty

Long/Short

Financing

Rate

Payment

Frequency

Termination

Date

Notional

Amount

Value

Upfront

Premiums

Paid/

(Received)

Unrealized

Appreciation

(Depreciation)

Barclays

Backwardation

Tilt

Multi-Strategy

Index

(1)(2)

Barclays

Bank

Plc

Long

0.25%

Termination

01/22/2025

$

1,800,000

$

11,203

$

—

$

11,203

Barclays

Backwardation

Tilt

Multi-Strategy

Index

(1)(2)

Barclays

Bank

Plc

Long

0.25%

Termination

01/22/2025

20,500,000

130,427

—

130,427

$141,630

$—

$141,630

(1)

All

or

a

portion

of

this

security

is

owned

by

DoubleLine

Commodity

ETF

Ltd.,

which

is

a

wholly-owned

subsidiary

of

the

DoubleLine

Commodity

Strategy

ETF.

(2)

Barclays

Backwardation

Tilt

Multi-Strategy

Index

seeks

to

capture

two

sources

of

potential

outperformance

in

commodity

futures

markets.

The

first

source

of

potential

outperformance

comes

through

selecting,

for

each

relevant

commodity,

the

eligible

futures

contract

that

is

expected

to

offer

the

best

outperformance

relative

to

the

front-month

contract

rolling

exposure

used

by

the

Bloomberg

Commodity

Index.

This

is

achieved

through

the

use

of

certain

futures

contract

selection

methodologies

referred

to

together

as

“Multi-Strategy.”

These

Multi-Strategy

methodologies

select

a

futures

contract

for

each

commodity

that

may

differ

from

the

futures

contract

selected

by

the

Bloomberg

Commodity

Index,

based

on

the

factors

described

above

including

carry,

seasonality

and

momentum.

The

second

source

of

potential

outperformance

comes

through

overweighting

(relative

to

the

weightings

in

the

Bloomberg

Commodity

Index)

the

exposure

of

the

Barclays

Index

to

the

futures

contracts

of

commodities

that

exhibit

the

highest

degree

of

backwardation

in

the

term

structures

of

their

futures

contracts,

while

simultaneously

underweighting

the

exposure

to

the

futures

contracts

of

commodities

that

exhibit

a

lower

degree

of

backwardation.

Historically,

the

commodities

with

a

higher

degree

of

backwardation

have

generally

had

better

historical

average

performance

than

the

commodities

with

a

lower

degree

of

backwardation.

Information

on

the

index

constituents

as

of

period

end,

is

available

on

the

Barclays

Capital,

Inc.

website

at

https://indices.cib.barclays/IM/12/en/indices/

details.app;ticker=BXCS1496.

Schedule

of

Investments

DoubleLine

Fortune

500

Equal

Weight

ETF

(Unaudited)

December

31,

2024

34

DoubleLine

ETF

Trust

SHARES

SECURITY

DESCRIPTION

VALUE

$

COMMON

STOCKS

99.8%

AEROSPACE

&

DEFENSE

2.0%

205

Boeing

Co.

(The)

(a)

36,286

112

General

Dynamics

Corp.

29,511

175

General

Electric

Co.

29,188

161

Huntington

Ingalls

Industries,

Inc.

30,424

129

L3Harris

Technologies,

Inc.

27,126

60

Lockheed

Martin

Corp.

29,156

65

Northrop

Grumman

Corp.

30,504

262

RTX

Corp.

30,319

372

Textron,

Inc.

28,454

270,968

AIR

FREIGHT

&

LOGISTICS

1.0%

302

CH

Robinson

Worldwide,

Inc.

31,202

262

Expeditors

International

of

Washington,

Inc.

29,022

105

FedEx

Corp.

29,540

523

GXO

Logistics,

Inc.

(a)

22,751

235

United

Parcel

Service,

Inc.

-

Class

B

29,633

142,148

AUTOMOBILE

COMPONENTS

1.1%

321

Autoliv,

Inc.

(Sweden)

30,107

929

BorgWarner,

Inc.

29,533

3,171

Dana,

Inc.

36,656

2,954

Goodyear

Tire

&

Rubber

Co.

(The)

(a)

26,586

326

Lear

Corp.

30,872

153,754

AUTOMOBILES

0.9%

2,863

Ford

Motor

Co.

28,344

571

General

Motors

Co.

30,417

92

Tesla,

Inc.

(a)

37,153

286

Thor

Industries,

Inc.

27,373

123,287

BANKS

3.2%

669

Bank

of

America

Corp.

29,403

450

Citigroup,

Inc.

31,675

662

Citizens

Financial

Group,

Inc.

28,969

663

Fifth

Third

Bancorp

28,032

14

First

Citizens

BancShares,

Inc.

-

Class

A

29,582

2,662

Flagstar

Financial,

Inc.

24,836

1,769

Huntington

Bancshares,

Inc.

28,782

127

JPMorgan

Chase

&

Co.

30,443

1,636

KeyCorp

28,041

145

M&T

Bank

Corp.

27,261

148

PNC

Financial

Services

Group,

Inc.

(The)

28,542

1,169

Regions

Financial

Corp.

27,495

668

Truist

Financial

Corp.

28,978

598

US

Bancorp

28,602

415

Wells

Fargo

&

Co.

29,150

429,791

BEVERAGES

1.3%

497

Coca-Cola

Co.

(The)

30,943

132

Constellation

Brands,

Inc.

-

Class

A

29,172

976

Keurig

Dr

Pepper,

Inc.

31,349

513

Molson

Coors

Beverage

Co.

-

Class

B

29,405

578

Monster

Beverage

Corp.

(a)

30,380

195

PepsiCo,

Inc.

29,652

180,901

BIOTECHNOLOGY

1.3%

174

AbbVie,

Inc.

30,920

113

Amgen,

Inc.

29,452

198

Biogen,

Inc.

(a)

30,278

SHARES

SECURITY

DESCRIPTION

VALUE

$

344

Gilead

Sciences,

Inc.

31,775

42

Regeneron

Pharmaceuticals,

Inc.

(a)

29,918

68

Vertex

Pharmaceuticals,

Inc.

(a)

27,384

179,727

BROADLINE

RETAIL

1.6%

153

Amazon.com,

Inc.

(a)

33,567

1,257

Coupang,

Inc.

(South

Korea)

(a)

27,629

503

eBay,

Inc.

31,161

2,125

Kohl's

Corp.

29,835

1,962

Macy's,

Inc.

33,217

1,403

Nordstrom,

Inc.

33,882

67,586

Qurate

Retail,

Inc.

(a)

22,303

211,594

BUILDING

PRODUCTS

1.0%

171

Builders

FirstSource,

Inc.

(a)

24,441

412

Carrier

Global

Corp.

28,123

395

Masco

Corp.

28,665

155

Owens

Corning

26,400

234

UFP

Industries,

Inc.

26,360

133,989

CAPITAL

MARKETS

3.5%

56

Ameriprise

Financial,

Inc.

29,816

388

Bank

of

New

York

Mellon

Corp.

(The)

29,810

31

Blackrock,

Inc.

31,778

385

Charles

Schwab

Corp.

(The)

28,494

1,400

Franklin

Resources,

Inc.

28,406

52

Goldman

Sachs

Group,

Inc.

(The)

29,776

167

Interactive

Brokers

Group,

Inc.

-

Class

A

29,504

198

Intercontinental

Exchange,

Inc.

29,504

400

Jefferies

Financial

Group,

Inc.

31,360

98

LPL

Financial

Holdings,

Inc.

31,999

242

Morgan

Stanley

30,424

286

Northern

Trust

Corp.

29,315

188

Raymond

James

Financial,

Inc.

29,202

61

S&P

Global,

Inc.

30,380

322

State

Street

Corp.

31,604

307

StoneX

Group,

Inc.

(a)

30,077

481,449

CHEMICALS

3.0%

95

Air

Products

and

Chemicals,

Inc.

27,554

296

Albemarle

Corp.

25,480

435

Celanese

Corp.

-

Class

A

30,106

512

Corteva,

Inc.

29,164

721

Dow,

Inc.

28,934

381

DuPont

de

Nemours,

Inc.

29,051

304

Eastman

Chemical

Co.

27,761

128

Ecolab,

Inc.

29,993

349

International

Flavors

&

Fragrances,

Inc.

29,508

1,204

Mosaic

Co.

(The)

29,594

256

PPG

Industries,

Inc.

30,579

230

RPM

International,

Inc.

28,304

80

Sherwin-Williams

Co.

(The)

27,194

248

Westlake

Corp.

28,433

401,655

COMMERCIAL

SERVICES

&

SUPPLIES

0.8%

557

ABM

Industries,

Inc.

28,507

141

Cintas

Corp.

25,761

146

Republic

Services,

Inc.

29,372

140

Waste

Management,

Inc.

28,251

111,891

|

December

31,

2024

35

SHARES

SECURITY

DESCRIPTION

VALUE

$

COMMUNICATIONS

EQUIPMENT

0.5%

537

Cisco

Systems,

Inc.

31,790

64

Motorola

Solutions,

Inc.

29,583

61,373

CONSTRUCTION

&

ENGINEERING

1.1%

272

AECOM

29,055

62

EMCOR

Group,

Inc.

28,142

567

Fluor

Corp.

(a)

27,964

221

MasTec,

Inc.

(a)

30,087

92

Quanta

Services,

Inc.

29,077

144,325

CONSTRUCTION

MATERIALS

0.2%

111

Vulcan

Materials

Co.

28,553

CONSUMER

FINANCE

1.1%

797

Ally

Financial,

Inc.

28,700

104

American

Express

Co.

30,866

166

Capital

One

Financial

Corp.

29,601

174

Discover

Financial

Services

30,142

471

Synchrony

Financial

30,615

149,924

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

3.7%

1,605

Albertsons

Cos.,

Inc.

-

Class

A

31,522

668

Andersons,

Inc.

(The)

27,067

331

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

29,575

76

Casey's

General

Stores,

Inc.

30,113

33

Costco

Wholesale

Corp.

30,237

412

Dollar

General

Corp.

31,238

447

Dollar

Tree,

Inc.

(a)

33,498

522

Kroger

Co.

(The)

31,920

361

Performance

Food

Group

Co.

(a)

30,523

1,679

SpartanNash

Co.

30,759

413

Sysco

Corp.

31,578

241

Target

Corp.

32,578

1,283

United

Natural

Foods,

Inc.

(a)

35,040

457

US

Foods

Holding

Corp.

(a)

30,829

3,529

Walgreens

Boots

Alliance,

Inc.

32,926

345

Walmart,

Inc.

31,171

500,574

CONTAINERS

&

PACKAGING

1.7%

155

Avery

Dennison

Corp.

29,005

513

Ball

Corp.

28,282

441

Berry

Global

Group,

Inc.

28,519

346

Crown

Holdings,

Inc.

28,611

1,059

Graphic

Packaging

Holding

Co.

28,762

542

International

Paper

Co.

29,171

2,529

O-I

Glass,

Inc.

(a)

27,414

128

Packaging

Corp.

of

America

28,817

228,581

DISTRIBUTORS

0.6%

1,052

A-Mark

Precious

Metals,

Inc.

28,825

251

Genuine

Parts

Co.

29,307

811

LKQ

Corp.

29,804

87,936

DIVERSIFIED

TELECOMMUNICATION

SERVICES

0.6%

1,376

AT&T,

Inc.

31,331

4,342

Lumen

Technologies,

Inc.

(a)

23,056

719

Verizon

Communications,

Inc.

28,753

83,140

SHARES

SECURITY

DESCRIPTION

VALUE

$

ELECTRIC

UTILITIES

3.0%

319

American

Electric

Power

Co.,

Inc.

29,421

124

Constellation

Energy

Corp.

27,740

272

Duke

Energy

Corp.

29,305

363

Edison

International

28,982

408

Entergy

Corp.

30,936

494

Eversource

Energy

28,370

806

Exelon

Corp.

30,338

749

FirstEnergy

Corp.

29,795

405

NextEra

Energy,

Inc.

29,034

311

NRG

Energy,

Inc.

28,058

1,473

PG&E

Corp.

29,725

912

PPL

Corp.

29,604

358

Southern

Co.

(The)

29,471

439

Xcel

Energy,

Inc.

29,641

410,420

ELECTRICAL

EQUIPMENT

0.4%

240

Emerson

Electric

Co.

29,743

108

Rockwell

Automation,

Inc.

30,866

60,609

ELECTRONIC

EQUIPMENT,

INSTRUMENTS

&

COMPONENTS

2.1%

439

Amphenol

Corp.

-

Class

A

30,489

265

Arrow

Electronics,

Inc.

(a)

29,977

582

Avnet,

Inc.

30,450

181

CDW

Corp.

31,501

653

Corning,

Inc.

31,031

204

Insight

Enterprises,

Inc.

(a)

31,028

235

Jabil,

Inc.

33,816

401

Sanmina

Corp.

(a)

30,344

267

TD

SYNNEX

Corp.

31,314

279,950

ENERGY

EQUIPMENT

&

SERVICES

0.6%

725

Baker

Hughes

Co.

29,740

1,000

Halliburton

Co.

27,190

1,989

NOV,

Inc.

29,039

85,969

ENTERTAINMENT

1.1%

195

Electronic

Arts,

Inc.

28,529

231

Live

Nation

Entertainment,

Inc.

(a)

29,915

36

Netflix,

Inc.

(a)

32,088

271

Walt

Disney

Co.

(The)

30,176

3,041

Warner

Bros

Discovery,

Inc.

(a)

32,142

152,850

FINANCIAL

SERVICES

2.2%

66

Berkshire

Hathaway,

Inc.

-

Class

B

(a)

29,916

360

Block,

Inc.

-

Class

A

(a)

30,596

659

Equitable

Holdings,

Inc.

31,085

374

Fidelity

National

Information

Services,

Inc.

30,208

144

Fiserv,

Inc.

(a)

29,580

268

Global

Payments,

Inc.

30,032

60

Mastercard,

Inc.

-

Class

A

31,595

367

PayPal

Holdings,

Inc.

(a)

31,323

101

Visa,

Inc.

-

Class

A

31,921

384

Voya

Financial,

Inc.

26,431

302,687

FOOD

PRODUCTS

2.9%

584

Archer-Daniels-Midland

Co.

29,504

690

Campbell's

Co.

(The)

28,897

1,157

Conagra

Brands,

Inc.

32,107

481

General

Mills,

Inc.

30,673

181

Hershey

Co.

(The)

30,652

36

DoubleLine

ETF

Trust

Schedule

of

Investments

DoubleLine

Fortune

500

Equal

Weight

ETF

(Cont.)

(Unaudited)

December

31,

2024

SHARES

SECURITY

DESCRIPTION

VALUE

$

983

Hormel

Foods

Corp.

30,837

216

Ingredion,

Inc.

29,713

271

J

M

Smucker

Co.

(The)

29,843

392

Kellanova

31,740

997

Kraft

Heinz

Co.

(The)

30,618

491

Mondelez

International,

Inc.

-

Class

A

29,327

12

Seaboard

Corp.

29,156

494

Tyson

Foods,

Inc.

-

Class

A

28,375

391,442

GAS

UTILITIES

0.2%

1,049

UGI

Corp.

29,613

GROUND

TRANSPORTATION

2.0%

292

Avis

Budget

Group,

Inc.

(a)

23,538

872

CSX

Corp.

28,139

6,473

Hertz

Global

Holdings,

Inc.

(a)

23,691

169

JB

Hunt

Transport

Services,

Inc.

28,842

535

Knight-Swift

Transportation

Holdings,

Inc.

-

Class

A

28,376

115

Norfolk

Southern

Corp.

26,991

189

Ryder

System,

Inc.

29,647

443

Uber

Technologies,

Inc.

(a)

26,722

130

Union

Pacific

Corp.

29,645

209

XPO,

Inc.

(a)

27,410

273,001

HEALTH

CARE

EQUIPMENT

&

SUPPLIES

1.8%

268

Abbott

Laboratories

30,313

945

Baxter

International,

Inc.

27,556

144

Becton

Dickinson

&

Co.

32,670

351

Boston

Scientific

Corp.

(a)

31,351

383

GE

HealthCare

Technologies,

Inc.

29,943

59

Intuitive

Surgical,

Inc.

(a)

30,796

81

Stryker

Corp.

29,164

284

Zimmer

Biomet

Holdings,

Inc.

29,999

241,792

HEALTH

CARE

PROVIDERS

&

SERVICES

4.2%

1,651

BrightSpring

Health

Services,

Inc.

(a)

28,117

260

Cardinal

Health,

Inc.

30,750

126

Cencora,

Inc.

28,310

531

Centene

Corp.

(a)

32,168

94

Cigna

Group

(The)

25,957

9,215

Community

Health

Systems,

Inc.

(a)

27,553

532

CVS

Health

Corp.

23,881

191

DaVita,

Inc.

(a)

28,564

78

Elevance

Health,

Inc.

28,774

97

HCA

Healthcare,

Inc.

29,115

412

Henry

Schein,

Inc.

(a)

28,510

107

Humana,

Inc.

27,147

132

Labcorp

Holdings,

Inc.

30,270

51

McKesson

Corp.

29,065

107

Molina

Healthcare,

Inc.

(a)

31,142

2,366

Owens

&

Minor,

Inc.

(a)

30,924

196

Quest

Diagnostics,

Inc.

29,569

223

Tenet

Healthcare

Corp.

(a)

28,149

52

UnitedHealth

Group,

Inc.

26,305

155

Universal

Health

Services,

Inc.

-

Class

B

27,810

572,080

HOTELS,

RESTAURANTS

&

LEISURE

3.4%

234

Airbnb,

Inc.

-

Class

A

(a)

30,750

783

Aramark

29,214

6

Booking

Holdings,

Inc.

29,811

828

Caesars

Entertainment,

Inc.

(a)

27,672

518

Chipotle

Mexican

Grill,

Inc.

(a)

31,235

SHARES

SECURITY

DESCRIPTION

VALUE

$

181

Darden

Restaurants,

Inc.

33,791

177

DoorDash,

Inc.

-

Class

A

(a)

29,692

173

Expedia

Group,

Inc.

(a)

32,235

126

Hilton

Worldwide

Holdings,

Inc.

31,142

597

Las

Vegas

Sands

Corp.

30,662

110

Marriott

International,

Inc.

-

Class

A

30,683

108

McDonald's

Corp.

31,308

831

MGM

Resorts

International

(a)

28,794

311

Starbucks

Corp.

28,379

685

Yum

China

Holdings,

Inc.

(China)

32,996

458,364

HOUSEHOLD

DURABLES

1.8%

189

DR

Horton,

Inc.

26,426

183

Lennar

Corp.

-

Class

A

24,956

230

Mohawk

Industries,

Inc.

(a)

27,400

3,307

Newell

Brands,

Inc.

32,938

3

NVR,

Inc.

(a)

24,537

236

PulteGroup,

Inc.

25,700

431

Taylor

Morrison

Home

Corp.

-

Class

A

(a)

26,382

193

Toll

Brothers,

Inc.

24,308

286

Whirlpool

Corp.

32,741

245,388

HOUSEHOLD

PRODUCTS

0.9%

191

Clorox

Co.

(The)

31,020

330

Colgate-Palmolive

Co.

30,000

229

Kimberly-Clark

Corp.

30,008

178

Procter

&

Gamble

Co.

(The)

29,842

120,870

INDEPENDENT

POWER

AND

RENEWABLE

ELECTRICITY

PRODUCERS

0.4%

2,436

AES

Corp.

(The)

31,351

199

Vistra

Corp.

27,436

58,787

INDUSTRIAL

CONGLOMERATES

0.5%

239

3M

Co.

30,853

137

Honeywell

International,

Inc.

30,946

61,799

INDUSTRIAL

REITS

0.2%

272

Prologis,

Inc.

28,750

INSURANCE

4.9%

280

Aflac,

Inc.

28,963

154

Allstate

Corp.

(The)

29,690

217

American

Financial

Group,

Inc.

29,714

414

American

International

Group,

Inc.

30,139

102

Arthur

J

Gallagher

&

Co.

28,953

140

Assurant,

Inc.

29,851

199

Cincinnati

Financial

Corp.

28,596

503

Fidelity

National

Financial,

Inc.

28,238

4,085

Genworth

Financial,

Inc.

-

Class

A

(a)

28,554

258

Hartford

Financial

Services

Group,

Inc.

(The)

28,225

896

Lincoln

National

Corp.

28,412

367

Loews

Corp.

31,082

18

Markel

Group,

Inc.

(a)

31,072

137

Marsh

&

McLennan

Cos.,

Inc.

29,100

361

MetLife,

Inc.

29,559

818

Old

Republic

International

Corp.

29,603

366

Principal

Financial

Group,

Inc.

28,332

118

Progressive

Corp.

(The)

28,274

246

Prudential

Financial,

Inc.

29,158

139

Reinsurance

Group

of

America,

Inc.

29,695

119

Travelers

Cos.,

Inc.

(The)

28,666

414

Unum

Group

30,234

|

December

31,

2024

37

SHARES

SECURITY

DESCRIPTION

VALUE

$

494

W

R

Berkley

Corp.

28,909

673,019

INTERACTIVE

MEDIA

&

SERVICES

0.5%

189

Alphabet,

Inc.

-

Class

A

35,778

55

Meta

Platforms,

Inc.

-

Class

A

32,203

67,981

IT

SERVICES

0.9%

396

Cognizant

Technology

Solutions

Corp.

-

Class

A

30,452

1,416

DXC

Technology

Co.

(a)

28,292

140

International

Business

Machines

Corp.

30,776

918

Kyndryl

Holdings,

Inc.

(a)

31,763

121,283

LEISURE

PRODUCTS

0.2%

462

Polaris,

Inc.

26,620

LIFE

SCIENCES

TOOLS

&

SERVICES

0.7%

133

Danaher

Corp.

30,530

159

IQVIA

Holdings,

Inc.

(a)

31,245

60

Thermo

Fisher

Scientific,

Inc.

31,214

92,989

MACHINERY

2.8%

315

AGCO

Corp.

29,446

78

Caterpillar,

Inc.

28,295

85

Cummins,

Inc.

29,631

68

Deere

&

Co.

28,812

155

Dover

Corp.

29,078

115

Illinois

Tool

Works,

Inc.

29,159

280

Oshkosh

Corp.

26,620

309

Otis

Worldwide

Corp.

28,616

272

PACCAR,

Inc.

28,293

45

Parker-Hannifin

Corp.

28,621

356

Stanley

Black

&

Decker,

Inc.

28,583

159

Westinghouse

Air

Brake

Technologies

Corp.

30,146

251

Xylem,

Inc.

29,121

374,421

MEDIA

2.1%

9,660

Altice

USA,

Inc.

-

Class

A

(a)

23,281

80

Charter

Communications,

Inc.

-

Class

A

(a)

27,422

738

Comcast

Corp.

-

Class

A

27,697

1,260

EchoStar

Corp.

-

Class

A

(a)

28,854

676

Fox

Corp.

-

Class

A

32,839

1,034

Interpublic

Group

of

Cos.,

Inc.

(The)

28,973

1,086

News

Corp.

-

Class

A

29,908

303

Omnicom

Group,

Inc.

26,070

2,937

Paramount

Global

-

Class

B

30,721

1,182

Sirius

XM

Holdings,

Inc.

26,950

282,715

METALS

&

MINING

1.7%

686

Alcoa

Corp.

25,917

2,556

Cleveland-Cliffs,

Inc.

(a)

24,026

517

Commercial

Metals

Co.

25,643

720

Freeport-McMoRan,

Inc.

27,418

760

Newmont

Corp.

28,288

206

Nucor

Corp.

24,042

99

Reliance,

Inc.

26,657

219

Steel

Dynamics,

Inc.

24,981

776

United

States

Steel

Corp.

26,376

233,348

MULTI-UTILITIES

2.0%

338

Ameren

Corp.

30,129

SHARES

SECURITY

DESCRIPTION

VALUE

$

975

CenterPoint

Energy,

Inc.

30,936

457

CMS

Energy

Corp.

30,459

317

Consolidated

Edison,

Inc.

28,286

542

Dominion

Energy,

Inc.

29,192

253

DTE

Energy

Co.

30,550

338

Public

Service

Enterprise

Group,

Inc.

28,558

339

Sempra

29,737

315

WEC

Energy

Group,

Inc.

29,623

267,470

OIL,

GAS

&

CONSUMABLE

FUELS

5.2%

1,407

APA

Corp.

32,488

142

Cheniere

Energy,

Inc.

30,512

197

Chevron

Corp.

28,533

294

ConocoPhillips

29,156

1,673

Delek

US

Holdings,

Inc.

30,951

840

Devon

Energy

Corp.

27,493

179

Diamondback

Energy,

Inc.

29,326

239

EOG

Resources,

Inc.

29,297

322

Expand

Energy

Corp.

32,055

270

Exxon

Mobil

Corp.

29,044

217

Hess

Corp.

28,863

779

HF

Sinclair

Corp.

27,304

1,127

Kinder

Morgan,

Inc.

30,880

204

Marathon

Petroleum

Corp.

28,458

630

Occidental

Petroleum

Corp.

31,128

281

ONEOK,

Inc.

28,212

702

Ovintiv,

Inc.

28,431

1,828

Par

Pacific

Holdings,

Inc.

(a)

29,961

1,012

PBF

Energy,

Inc.

-

Class

A

26,869

238

Phillips

66

27,115

156

Targa

Resources

Corp.

27,846

229

Valero

Energy

Corp.

28,073

545

Williams

Cos.,

Inc.

(The)

29,495

1,101

World

Kinect

Corp.

30,289

701,779

PASSENGER

AIRLINES

1.6%

605

Alaska

Air

Group,

Inc.

(a)

39,174

2,195

American

Airlines

Group,

Inc.

(a)

38,259

499

Delta

Air

Lines,

Inc.

30,190

5,316

JetBlue

Airways

Corp.

(a)

41,783

983

Southwest

Airlines

Co.

33,048

329

United

Airlines

Holdings,

Inc.

(a)

31,946

214,400

PERSONAL

CARE

PRODUCTS

0.2%

442

Estee

Lauder

Cos.,

Inc.

(The)

-

Class

A

33,141

PHARMACEUTICALS

1.6%

538

Bristol-Myers

Squibb

Co.

30,429

40

Eli

Lilly

&

Co.

30,880

206

Johnson

&

Johnson

29,792

313

Merck

&

Co.,

Inc.

31,137

1,216

Pfizer,

Inc.

32,261

2,423

Viatris,

Inc.

30,166

182

Zoetis,

Inc.

-

Class

A

29,653

214,318

PROFESSIONAL

SERVICES

1.5%

104

Automatic

Data

Processing,

Inc.

30,444

215

Booz

Allen

Hamilton

Holding

Corp.

27,671

709

Concentrix

Corp.

30,678

226

Jacobs

Solutions,

Inc.

30,198

193

Leidos

Holdings,

Inc.

27,804

495

ManpowerGroup,

Inc.

28,571

38

DoubleLine

ETF

Trust

Schedule

of

Investments

DoubleLine

Fortune

500

Equal

Weight

ETF

(Cont.)

(Unaudited)

December

31,

2024

SHARES

SECURITY

DESCRIPTION

VALUE

$

256

Science

Applications

International

Corp.

28,616

203,982

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

0.4%

227

CBRE

Group,

Inc.

-

Class

A

(a)

29,803

113

Jones

Lang

LaSalle,

Inc.

(a)

28,605

58,408

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

2.9%

232

Advanced

Micro

Devices,

Inc.

(a)

28,023

146

Analog

Devices,

Inc.

31,019

182

Applied

Materials,

Inc.

29,599

197

Broadcom,

Inc.

45,673

1,325

Intel

Corp.

26,566

49

KLA

Corp.

30,876

431

Lam

Research

Corp.

31,131

467

Microchip

Technology,

Inc.

26,782

325

Micron

Technology,

Inc.

27,352

230

NVIDIA

Corp.

30,887

448

ON

Semiconductor

Corp.

(a)

28,246

201

QUALCOMM,

Inc.

30,878

159

Texas

Instruments,

Inc.

29,814

396,846

SOFTWARE

1.6%

62

Adobe,

Inc.

(a)

27,570

50

Intuit,

Inc.

31,425

75

Microsoft

Corp.

31,613

172

Oracle

Corp.

28,662

97

Salesforce,

Inc.

32,430

30

ServiceNow,

Inc.

(a)

31,804

127

Workday,

Inc.

-

Class

A

(a)

32,769

216,273

SPECIALIZED

REITS

0.6%

152

American

Tower

Corp.

27,878

32

Equinix,

Inc.

30,173

988

Weyerhaeuser

Co.

27,812

85,863

SPECIALTY

RETAIL

6.4%

771

Advance

Auto

Parts,

Inc.

36,460

122

Asbury

Automotive

Group,

Inc.

(a)

29,650

178

AutoNation,

Inc.

(a)

30,232

10

AutoZone,

Inc.

(a)

32,020

872

Bath

&

Body

Works,

Inc.

33,807

352

Best

Buy

Co.,

Inc.

30,202

113

Burlington

Stores,

Inc.

(a)

32,212

379

CarMax,

Inc.

(a)

30,987

122

Carvana

Co.

(a)

24,810

952

Chewy,

Inc.

-

Class

A

(a)

31,882

153

Dick's

Sporting

Goods,

Inc.

35,012

1,267

Foot

Locker,

Inc.

(a)

27,570

1,314

Gap,

Inc.

(The)

31,050

75

Group

1

Automotive,

Inc.

31,611

74

Home

Depot,

Inc.

(The)

28,785

82

Lithia

Motors,

Inc.

-

Class

A

29,309

117

Lowe's

Cos.,

Inc.

28,876

SHARES

SECURITY

DESCRIPTION

VALUE

$

58

Murphy

USA,

Inc.

29,102

1,239

ODP

Corp.

(The)

(a)

28,175

26

O'Reilly

Automotive,

Inc.

(a)

30,831

190

Penske

Automotive

Group,

Inc.

28,964

206

Ross

Stores,

Inc.

31,162

460

Sonic

Automotive,

Inc.

-

Class

A

29,141

254

TJX

Cos.,

Inc.

(The)

30,686

560

Tractor

Supply

Co.

29,714

82

Ulta

Beauty,

Inc.

(a)

35,663

677

Wayfair,

Inc.

-

Class

A

(a)

30,005

183

Williams-Sonoma,

Inc.

33,888

861,806

TECHNOLOGY

HARDWARE,

STORAGE

&

PERIPHERALS

1.3%

134

Apple,

Inc.

33,556

249

Dell

Technologies,

Inc.

-

Class

C

28,695

1,502

Hewlett

Packard

Enterprise

Co.

32,068

895

HP,

Inc.

29,204

976

Super

Micro

Computer,

Inc.

(a)

29,748

437

Western

Digital

Corp.

(a)

26,058

179,329

TEXTILES,

APPAREL

&

LUXURY

GOODS

1.2%

99

Lululemon

Athletica,

Inc.

(a)

37,858

405

NIKE,

Inc.

-

Class

B

30,646

294

PVH

Corp.

31,091

499

Skechers

USA,

Inc.

-

Class

A

(a)

33,553

1,575

VF

Corp.

33,800

166,948

TOBACCO

0.4%

552

Altria

Group,

Inc.

28,864

239

Philip

Morris

International,

Inc.

28,764

57,628

TRADING

COMPANIES

&

DISTRIBUTORS

1.2%

282

Beacon

Roofing

Supply,

Inc.

(a)

28,646

381

Fastenal

Co.

27,398

37

United

Rentals,

Inc.

26,064

57

Watsco,

Inc.

27,012

151

WESCO

International,

Inc.

27,325

26

WW

Grainger,

Inc.

27,405

163,850

Total

Common

Stocks

(Cost

$13,561,141)

13,574,348

SHORT

TERM

INVESTMENTS

0.1%

7,734

JPMorgan

U.S.

Government

Money

Market

Fund

-

Class

IM

4.46%

(b)

7,734

7,734

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

-

Institutional

Share

Class

4.43%

(b)

7,734

Total

Short

Term

Investments

(Cost

$15,468)

15,468

Total

Investments

99.9%

(Cost

$13,576,609)

13,589,816

Other

Assets

in

Excess

of

Liabilities

0.1%

9,723

NET

ASSETS

100.0%

$13,599,539

(a)

Non-income

producing

security.

(b)

Seven-day

yield

as

of

period

end.

Schedule

of

Investments

DoubleLine

Multi-Sector

Income

ETF

(Unaudited)

December

31,

2024

|

December

31,

2024

39

P

RINCIPAL

A

MOUNT

$/S

HARES

S

ECURITY

D

ESCRIPTION

R

ATE

M

ATURITY

V

ALUE

$

ASSET

BACKED

OBLIGATIONS

4.2%

Dividend

Solar

Loans

LLC

,

302,728

Series

2017-1-C

7.00%

(a)

03/22/2038

268,740

Lunar

Structured

Aircraft

Portfolio

Notes

,

302,018

Series

2021-1-B

3.43%

(a)

10/15/2046

275,471

Pagaya

AI

Debt

Grantor

Trust

,

249,989

Series

2024-8-D

6.53%

(a)

01/15/2032

250,728

Upstart

Pass-Through

Trust

,

25,518

Series

2021-ST10-A

2.25%

(a)

01/20/2030

25,446

Willis

Engine

Structured

Trust

V

,

270,100

Series

2020-A-C

6.66%

(a)

03/15/2045

268,297

Total

Asset

Backed

Obligations

(Cost

$1,087,528)

1,088,682

BANK

LOANS

30.7%

Acrisure

LLC

,

155,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

12

Month

+

3.50%,

0.50%

Floor)

7.36%

11/06/2030

155,448

ADMI

Corp.

,

159,588

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.75%,

0.50%

Floor)

8.22%

12/23/2027

157,194

AI

Aqua

Merger

Sub,

Inc.

,

155,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

12

Month

+

3.00%,

0.50%

Floor)

7.55%

07/31/2028

155,324

Alliant

Holdings

Intermediate

LLC

,

155,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.75%)

7.11%

09/19/2031

155,591

Allied

Universal

Holdco

LLC

,

154,601

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.75%,

0.50%

Floor)

8.21%

05/12/2028

155,298

AllSpring

Buyer

LLC

,

155,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%,

0.50%

Floor)

7.44%

11/01/2030

155,446

Applied

Systems,

Inc.

,

154,612

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.00%)

7.33%

02/24/2031

156,290

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Ascend

Learning

LLC

,

154,602

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.50%,

0.50%

Floor)

7.96%

12/11/2028

155,629

AssuredPartners,

Inc.

,

154,611

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.50%,

0.50%

Floor)

7.86%

02/14/2031

155,118

Asurion

LLC

,

79,800

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.25%)

8.61%

09/19/2030

79,700

Aveanna

Healthcare

LLC

,

154,601

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.75%,

0.50%

Floor)

8.36%

07/17/2028

153,567

Bausch

+

Lomb

Corp.

,

154,604

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%,

0.50%

Floor)

7.69%

05/10/2027

155,384

BCPE

Empire

Holdings,

Inc.

,

155,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.50%,

0.50%

Floor)

7.86%

12/11/2028

156,050

Boxer

Parent

Co.,

Inc.

,

155,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.75%)

8.34%

07/30/2031

156,471

Broadstreet

Partners,

Inc.

,

155,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%)

7.57%

06/16/2031

155,711

Camelot

U.S.

Acquisition

LLC

,

155,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.75%)

7.11%

01/31/2031

155,073

40

DoubleLine

ETF

Trust

Schedule

of

Investments

DoubleLine

Multi-Sector

Income

ETF

(Cont.)

(Unaudited)

December

31,

2024

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Cengage

Learning,

Inc.

,

155,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.50%;

CME

Term

SOFR

3

Month

+

3.50%,

1.00%

Floor)

7.96%

11/24/2031

155,997

Central

Parent

LLC

,

159,600

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.25%)

7.90%

07/06/2029

157,695

Charter

Next

Generation,

Inc.

,

154,597

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%,

0.75%

Floor)

7.53%

11/29/2030

155,625

CHG

PPC

Parent

LLC

,

154,597

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%,

0.50%

Floor)

7.47%

12/08/2028

155,661

Compass

Power

Generation

LLC

,

154,612

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.75%,

1.00%

Floor)

8.11%

04/16/2029

156,158

Cornerstone

Generation

LLC

,

155,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

12

Month

+

3.25%)

7.65%

10/28/2031

156,550

Cotiviti,

Inc.

,

154,613

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%)

7.30%

05/01/2031

155,676

Crosby

U.S.

Acquisition

Corp.

,

154,612

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.50%,

0.50%

Floor)

8.07%

08/16/2029

156,390

Curium

BidCo

Sarl

,

154,613

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.50%)

7.83%

07/31/2029

156,449

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Eagle

Parent

Corp.

,

159,590

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.25%,

0.50%

Floor)

8.84%

04/02/2029

157,047

EG

Finco

Ltd.

,

45,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

12

Month

+

4.25%)

8.56%

02/07/2028

45,466

Fertitta

Entertainment

LLC

,

154,603

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.50%,

0.50%

Floor)

7.86%

01/29/2029

155,368

Focus

Financial

Partners

LLC

,

140,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%)

7.61%

09/11/2031

141,461

Frontdoor,

Inc.

,

10,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.25%)

6.61%

12/19/2031

10,050

Gainwell

Acquisition

Corp.

,

159,584

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.00%,

0.75%

Floor)

8.69%

10/01/2027

154,974

Hexion

Holdings

Corp.

,

164,588

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.00%,

0.50%

Floor)

8.45%

03/15/2029

164,884

Husky

Injection

Molding

Systems

Ltd.

,

154,612

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

6

Month

+

4.50%)

8.78%

02/15/2029

156,110

INEOS

U.S.

Finance

LLC

,

35,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

12

Month

+

3.25%)

7.56%

02/07/2031

35,328

INEOS

U.S.

Petrochem

LLC

,

154,611

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.25%)

8.71%

04/02/2029

155,963

|

December

31,

2024

41

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Kenan

Advantage

Group,

Inc.

(The)

,

154,612

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%)

7.61%

01/25/2029

155,772

LBM

Acquisition

LLC

,

119,699

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.75%,

0.75%

Floor)

8.30%

06/06/2031

118,876

LifePoint

Health,

Inc.

,

155,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.75%)

8.41%

05/19/2031

155,743

Lightning

Power

LLC

,

155,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.25%)

7.74%

08/18/2031

156,959

MH

Sub

I

LLC

,

30,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

12

Month

+

4.25%)

8.42%

12/11/2031

29,784

Mitchell

International,

Inc.

,

154,613

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%,

0.50%

Floor)

7.61%

06/17/2031

154,888

NEP

Group,

Inc.

,

80,100

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%)

8.13%

08/19/2026

73,408

Packaging

Coordinators

Midco,

Inc.

,

154,613

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.25%,

0.75%

Floor)

7.84%

11/30/2027

155,482

PetSmart

LLC

,

155,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.75%,

0.75%

Floor)

8.21%

02/11/2028

154,677

Playa

Resorts

Holding

BV

,

159,593

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.75%,

0.50%

Floor)

7.11%

01/05/2029

159,937

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

PointClickCare

Technologies,

Inc.

,

155,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.25%)

7.58%

11/03/2031

156,163

Polaris

Newco

LLC

,

154,601

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.00%,

0.50%

Floor)

8.85%

06/02/2028

155,074

Radiology

Partners,

Inc.

,

155,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.50%)

8.28%

01/31/2029

153,566

RealPage,

Inc.

,

20,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.75%,

0.50%

Floor)

8.08%

04/24/2028

20,119

Sandisk

Corp.

,

15,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

12

Month

+

3.00%)

7.17%

02/09/2032

14,770

Signia

Aerospace

LLC

,

140,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.00%)

7.40%

11/21/2031

140,263

StubHub

Holdco

Sub

LLC

,

154,606

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.75%)

9.11%

03/15/2030

155,185

Team

Health

Holdings,

Inc.

,

39,885

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

5.25%,

1.00%

Floor)

9.84%

03/02/2027

38,673

Tiger

Acquisition

LLC

,

153,405

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%,

0.50%

Floor)

7.34%

06/01/2028

153,789

TransDigm,

Inc.

,

160,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.50%)

6.83%

02/28/2031

160,454

42

DoubleLine

ETF

Trust

Schedule

of

Investments

DoubleLine

Multi-Sector

Income

ETF

(Cont.)

(Unaudited)

December

31,

2024

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Trident

TPI

Holdings,

Inc.

,

155,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

6

Month

+

3.75%,

0.50%

Floor)

8.19%

09/15/2028

156,585

UKG,

Inc.

,

154,612

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.00%)

7.62%

02/10/2031

155,896

Verde

Purchaser

LLC

,

19,950

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.50%)

9.13%

11/30/2030

20,037

Wand

NewCo

3,

Inc.

,

151,760

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%)

7.61%

01/30/2031

152,571

White

Cap

Supply

Holdings

LLC

,

10,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%)

7.82%

10/19/2029

10,032

Total

Bank

Loans

(Cost

$7,970,325)

7,954,849

COLLATERALIZED

LOAN

OBLIGATIONS

7.4%

Bain

Capital

Credit

CLO

,

1,000,000

Series

2018-2A-DR

(CME

Term

SOFR

3

Month

+

2.95%,

2.95%

Floor)

7.57%

(a)

07/19/2031

1,004,222

BRSP

Ltd.

,

150,000

Series

2021-FL1-D

(CME

Term

SOFR

1

Month

+

2.81%,

2.70%

Floor)

7.18%

(a)

08/19/2038

147,924

BSPDF

Issuer

Ltd.

,

100,000

Series

2021-FL1-D

(CME

Term

SOFR

1

Month

+

2.86%,

2.75%

Floor)

7.26%

(a)

10/15/2036

97,316

KREF

Ltd.

,

150,000

Series

2021-FL2-AS

(CME

Term

SOFR

1

Month

+

1.41%,

1.30%

Floor)

5.80%

(a)

02/15/2039

148,062

M360

Ltd.

,

83,932

Series

2021-CRE3-A

(CME

Term

SOFR

1

Month

+

1.61%,

1.50%

Floor)

5.97%

(a)

11/22/2038

83,879

MF1

Multifamily

Housing

Mortgage

Loan

Trust

,

150,000

Series

2021-FL5-E

(CME

Term

SOFR

1

Month

+

3.11%,

3.11%

Floor)

7.50%

(a)

07/15/2036

149,902

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

150,000

Series

2021-FL7-E

(CME

Term

SOFR

1

Month

+

2.91%,

2.80%

Floor)

7.29%

(a)

10/16/2036

143,569

Ready

Capital

Mortgage

Financing

LLC

,

150,000

Series

2023-FL11-B

(CME

Term

SOFR

1

Month

+

3.53%,

3.53%

Floor)

7.87%

(a)

10/25/2039

151,555

Total

Collateralized

Loan

Obligations

(Cost

$1,917,447)

1,926,429

FOREIGN

CORPORATE

BONDS

4.1%

CANADA

2.6%

175,000

Bombardier,

Inc.

7.00%

(a)

06/01/2032

178,239

215,000

Garda

World

Security

Corp.

8.25%

(a)

08/01/2032

218,755

174,000

Husky

Injection

Molding

Systems

Ltd.

9.00%

(a)

02/15/2029

181,874

90,000

South

Bow

Canadian

Infrastructure

Holdings

Ltd.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.67%)

7.50%

(a)

03/01/2055

93,147

672,015

CAYMAN

ISLANDS

1.2%

309,000

Global

Aircraft

Leasing

Co.

Ltd.

8.75%

(a)

09/01/2027

315,533

UNITED

KINGDOM

0.3%

80,000

Macquarie

Airfinance

Holdings

Ltd.

8.13%

(a)

03/30/2029

84,873

Total

Foreign

Corporate

Bonds

(Cost

$1,080,733)

1,072,421

NON-AGENCY

COMMERCIAL

MORTGAGE

BACKED

OBLIGATIONS

11.1%

Arbor

Multifamily

Mortgage

Securities

Trust

,

3,789,596

Series

2020-MF1-XA

0.94%

(a)

(b)(c)

05/15/2053

147,599

130,000

Series

2021-MF3-A2

2.21%

(a)

10/15/2054

122,630

BANK

,

4,302,992

Series

2021-BN32-XA

0.77%

(b)(c)

04/15/2054

148,238

BBCMS

Mortgage

Trust

,

171,000

Series

2024-5C29-D

4.00%

(a)

09/15/2057

149,290

170,000

Series

2024-5C31-D

4.25%

(a)

12/15/2057

149,140

Benchmark

Mortgage

Trust

,

3,968,000

Series

2024-V12-XA

0.85%

(b)(c)

12/15/2057

147,602

BMO

Mortgage

Trust

,

150,000

Series

2024-5C3-D

4.00%

(a)

02/15/2057

132,823

150,000

Series

2024-5C5-D

4.50%

(a)

02/15/2057

131,833

BMP

Trust

,

100,000

Series

2024-MF23-D

(CME

Term

SOFR

1

Month

+

2.39%,

2.39%

Floor)

6.79%

(a)

06/15/2041

100,348

|

December

31,

2024

43

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

BX

Commercial

Mortgage

Trust

,

100,000

Series

2021-VOLT-E

(CME

Term

SOFR

1

Month

+

2.11%,

2.00%

Floor)

6.51%

(a)

09/15/2036

99,840

100,000

Series

2024-GPA2-D

(CME

Term

SOFR

1

Month

+

2.59%,

2.59%

Floor)

6.99%

(a)

11/15/2041

100,813

80,580

Series

2024-MDHS-D

(CME

Term

SOFR

1

Month

+

2.69%,

2.69%

Floor)

7.09%

(a)

05/15/2041

80,754

88,545

Series

2024-MF-D

(CME

Term

SOFR

1

Month

+

2.69%,

2.69%

Floor)

7.09%

(a)

02/15/2039

89,567

BX

Trust

,

100,000

Series

2018-GW-D

(CME

Term

SOFR

1

Month

+

2.07%,

1.77%

Floor)

6.47%

(a)

05/15/2035

100,036

100,000

Series

2021-ARIA-D

(CME

Term

SOFR

1

Month

+

2.01%,

1.90%

Floor)

6.41%

(a)

10/15/2036

99,809

105,000

Series

2021-MFM1-D

(CME

Term

SOFR

1

Month

+

1.61%,

1.50%

Floor)

6.01%

(a)

01/15/2034

104,765

100,000

Series

2021-VIEW-B

(CME

Term

SOFR

1

Month

+

1.91%,

1.80%

Floor)

6.31%

(a)

06/15/2036

99,708

86,922

Series

2024-CNYN-D

(CME

Term

SOFR

1

Month

+

2.69%,

2.69%

Floor)

7.09%

(a)

04/15/2041

87,293

CSMC

Trust

,

100,000

Series

2017-PFHP-A

(CME

Term

SOFR

1

Month

+

1.00%,

0.95%

Floor)

5.39%

(a)

12/15/2030

98,481

Great

Wolf

Trust

,

100,000

Series

2024-WOLF-D

(CME

Term

SOFR

1

Month

+

2.89%,

2.89%

Floor)

7.29%

(a)

03/15/2039

100,989

JPMDB

Commercial

Mortgage

Securities

Trust

,

140,000

Series

2017-C7-B

3.99%

10/15/2050

127,288

MHP

,

100,000

Series

2021-STOR-D

(CME

Term

SOFR

1

Month

+

1.46%,

1.35%

Floor)

5.86%

(a)

07/15/2038

99,626

MTN

Commercial

Mortgage

Trust

,

100,000

Series

2022-LPFL-D

(CME

Term

SOFR

1

Month

+

2.94%,

2.94%

Floor)

7.34%

(a)

03/15/2039

99,657

UBS

Commercial

Mortgage

Trust

,

150,000

Series

2018-C13-B

4.79%

(b)

10/15/2051

139,712

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Wells

Fargo

Commercial

Mortgage

Trust

,

119,000

Series

2019-JWDR-E

3.86%

(a)(b)

09/15/2031

114,891

Total

Non-Agency

Commercial

Mortgage

Backed

Obligations

(Cost

$2,877,186)

2,872,732

NON-AGENCY

RESIDENTIAL

COLLATERALIZED

MORTGAGE

OBLIGATIONS

5.5%

DataBank

Issuer

,

185,000

Series

2024-1A-A2

5.30%

(a)

01/26/2054

181,422

OBX

Trust

,

625,000

Series

2024-NQM18-M1

6.17%

(a)(b)

10/25/2064

620,117

Verus

Securitization

Trust

,

625,000

Series

2024-9-B1

6.85%

(a)(b)

11/25/2069

630,281

Total

Non-Agency

Residential

Collateralized

Mortgage

Obligations

(Cost

$1,431,511)

1,431,820

US

CORPORATE

BONDS

34.9%

174,000

Allied

Universal

Holdco

LLC

7.88%

(a)

02/15/2031

178,059

169,000

American

Airlines,

Inc.

8.50%

(a)

05/15/2029

177,544

80,000

Apollo

Debt

Solutions

BDC

6.70%

(a)

07/29/2031

82,196

80,000

Apollo

Global

Management,

Inc.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.17%)

6.00%

12/15/2054

78,954

191,000

AthenaHealth

Group,

Inc.

6.50%

(a)

02/15/2030

181,705

90,000

Athene

Holding

Ltd.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.61%)

6.63%

10/15/2054

89,722

174,000

Bausch

+

Lomb

Corp.

8.38%

(a)

10/01/2028

180,308

80,000

Blackstone

Private

Credit

Fund

6.00%

(a)

11/22/2034

78,115

74,000

Brand

Industrial

Services,

Inc.

10.38%

(a)

08/01/2030

75,410

175,000

Builders

FirstSource,

Inc.

6.38%

(a)

03/01/2034

172,933

145,000

Caesars

Entertainment,

Inc.

6.00%

(a)

10/15/2032

139,941

68,000

CCO

Holdings

LLC

5.13%

(a)

05/01/2027

66,875

50,000

CCO

Holdings

LLC

4.75%

(a)

03/01/2030

45,716

51,000

CCO

Holdings

LLC

4.75%

(a)

02/01/2032

44,819

174,000

Central

Parent

LLC

8.00%

(a)

06/15/2029

177,375

240,000

Consolidated

Communications,

Inc.

5.00%

(a)

10/01/2028

223,617

45,000

Cornerstone

Building

Brands,

Inc.

9.50%

(a)

08/15/2029

43,853

80,000

Dealer

Tire

LLC

8.00%

(a)

02/01/2028

78,671

185,000

Directv

Financing

LLC

5.88%

(a)

08/15/2027

180,442

44

DoubleLine

ETF

Trust

Schedule

of

Investments

DoubleLine

Multi-Sector

Income

ETF

(Cont.)

(Unaudited)

December

31,

2024

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

80,000

Dominion

Energy,

Inc.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.21%)

6.63%

05/15/2055

81,533

56,000

Dornoch

Debt

Merger

Sub,

Inc.

6.63%

(a)

10/15/2029

45,421

84,000

EchoStar

Corp.

10.75%

11/30/2029

90,414

180,000

EMRLD

Borrower

LP

6.63%

(a)

12/15/2030

180,465

90,000

Energy

Transfer

LP

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.83%)

7.13%

10/01/2054

91,678

90,000

Entergy

Corp.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.67%)

7.13%

12/01/2054

91,956

80,000

F&G

Annuities

&

Life,

Inc.

6.25%

10/04/2034

77,668

191,000

Fertitta

Entertainment

LLC

6.75%

(a)

01/15/2030

176,367

185,000

Fortress

Transportation

and

Infrastructure

Investors

LLC

5.88%

(a)

04/15/2033

178,731

180,000

Full

House

Resorts,

Inc.

8.25%

(a)

02/15/2028

179,505

90,000

Genesee

&

Wyoming,

Inc.

6.25%

(a)

04/15/2032

90,655

50,000

Goat

Holdco

LLC

6.75%

(a)

02/01/2032

49,567

180,000

Gray

Television,

Inc.

10.50%

(a)

07/15/2029

180,185

185,000

Griffon

Corp.

5.75%

03/01/2028

181,534

179,000

Gulfport

Energy

Operating

Corp.

6.75%

(a)

09/01/2029

180,472

80,000

Hess

Midstream

Operations

LP

5.50%

(a)

10/15/2030

77,727

90,000

Hilcorp

Energy

I

LP

7.25%

(a)

02/15/2035

84,691

152,000

HUB

International

Ltd.

7.25%

(a)

06/15/2030

155,925

18,000

Level

3

Financing,

Inc.

10.50%

(a)

04/15/2029

20,149

254,000

LifePoint

Health,

Inc.

10.00%

(a)

06/01/2032

258,570

90,000

Medline

Borrower

LP

5.25%

(a)

10/01/2029

86,941

185,000

Nationstar

Mortgage

Holdings,

Inc.

5.75%

(a)

11/15/2031

177,021

80,000

NextEra

Energy

Capital

Holdings,

Inc.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.46%)

6.75%

06/15/2054

82,159

174,000

OneMain

Finance

Corp.

7.50%

05/15/2031

178,774

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

179,000

Panther

Escrow

Issuer

LLC

7.13%

(a)

06/01/2031

180,984

90,000

Performance

Food

Group,

Inc.

6.13%

(a)

09/15/2032

90,108

174,000

Permian

Resources

Operating

LLC

7.00%

(a)

01/15/2032

176,799

80,000

Permian

Resources

Operating

LLC

6.25%

(a)

02/01/2033

79,033

250,000

PetSmart,

Inc.

7.75%

(a)

02/15/2029

241,969

80,000

Qorvo,

Inc.

3.38%

(a)

04/01/2031

68,487

183,149

Radiology

Partners,

Inc.

7.78%

(a)

01/31/2029

180,786

120,000

Sabre

GLBL,

Inc.

10.75%

(a)

11/15/2029

124,247

185,000

Sirius

XM

Radio

LLC

5.50%

(a)

07/01/2029

177,590

90,000

Six

Flags

Entertainment

Corp.

6.63%

(a)

05/01/2032

91,289

90,000

Standard

Building

Solutions,

Inc.

6.50%

(a)

08/15/2032

90,222

45,000

Staples,

Inc.

10.75%

(a)

09/01/2029

44,327

90,000

TransDigm,

Inc.

6.88%

(a)

12/15/2030

91,403

163,000

Trident

TPI

Holdings,

Inc.

12.75%

(a)

12/31/2028

180,008

174,000

UKG,

Inc.

6.88%

(a)

02/01/2031

176,716

90,000

US

Foods,

Inc.

5.75%

(a)

04/15/2033

87,687

85,000

Vail

Resorts,

Inc.

6.50%

(a)

05/15/2032

86,024

163,000

Venture

Global

LNG,

Inc.

9.88%

(a)

02/01/2032

178,958

40,000

Veritiv

Operating

Co.

10.50%

(a)

11/30/2030

43,129

169,000

Victra

Holdings

LLC

8.75%

(a)

09/15/2029

177,516

168,000

Viking

Cruises

Ltd.

9.13%

(a)

07/15/2031

180,828

90,000

Vistra

Operations

Co.

LLC

6.88%

(a)

04/15/2032

92,238

169,000

VT

Topco,

Inc.

8.50%

(a)

08/15/2030

179,206

174,000

Wand

NewCo

3,

Inc.

7.63%

(a)

01/30/2032

178,897

80,000

Wells

Fargo

&

Co.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.77%)

6.85%

(d)

09/15/2029

82,772

191,000

WR

Grace

Holdings

LLC

5.63%

(a)

08/15/2029

175,879

269,000

XHR

LP

6.63%

(a)

05/15/2030

270,218

Total

US

Corporate

Bonds

(Cost

$9,144,722)

9,021,683

|

December

31,

2024

45

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

SHORT

TERM

INVESTMENTS

23.0%

2,983,772

JPMorgan

U.S.

Government

Money

Market

Fund

-

Class

IM

4.46%

(e)

2,983,772

2,983,772

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

-

Institutional

Share

Class

4.43%

(e)

2,983,772

Total

Short

Term

Investments

(Cost

$5,967,544)

5,967,544

Total

Investments

120.9%

(Cost

$31,476,996)

31,336,160

Liabilities

in

Excess

of

Other

Assets

(20.9)%

(5,418,922)

NET

ASSETS

100.0%

$25,917,238

(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.

At

December

31,

2024,

the

value

of

these

securities

amounted

to

approximately

$15,723,763

or

60.67%

of

net

assets.

(b)

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.

(c)

Interest

only

security.

(d)

Perpetual

maturity.

The

date

disclosed

is

the

next

call

date

of

the

security.

(e)

Seven-day

yield

as

of

period

end.

Abbreviations:

SOFR

Secured

Overnight

Financing

Rate

Notes

to

Schedule

of

Investments

46

DoubleLine

ETF

Trust

(Unaudited)

December

31,

2024

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,

2024,

the

Trust

consists

of

seven series,

DoubleLine

Opportunistic

Bond

ETF

(the

“Opportunistic

Bond

ETF”),

DoubleLine

Shiller

CAPE

®

U.S.

Equities

ETF

(the

“Equities

ETF”),

DoubleLine

Commercial

Real

Estate

ETF

(the

"Commercial

Real

Estate

ETF"),

DoubleLine

Mortgage

ETF

(the

"Mortgage

ETF"),

DoubleLine

Commodity

Strategy

ETF

(the

"Commodity

Strategy

ETF"),

DoubleLine

Fortune

500

Equal

Weight

ETF

(the "Fortune

500

ETF"),

and

DoubleLine

Multi-Sector

Income

ETF

(the

"Multi-Sector

Income

ETF")

(each

a

“Fund”

and

collectively

the

“Funds”).

The

Opportunistic

Bond

ETF,

Equities

ETF,

Commercial

Real

Estate

ETF,

Mortgage

ETF,

Fortune

500

ETF

and

Multi-Sector

Income

ETF are

managed

by

DoubleLine

ETF

Adviser

LP,

and

the

Commodity

Strategy

ETF

is

managed

by

DoubleLine

Alternatives

LP

(each,

an

“Adviser”

and

collectively,

the

“Advisers”),

which

are

registered

as

an

investment

advisers

with

the

U.S.

Securities

and

Exchange

Commission.

Each

Fund

offers

one

class

of

shares.

Each

Fund

is classified

as

non-diversified

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

except

the

Fortune

500

ETF,

which

is

classified

as

a

diversified

fund.

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

Fund

commenced

operations

and

public

trading are

as

follows:

The

fiscal

year

end

for

the

Funds

is

September

30,

and

the

period

covered

by

these

Financial

Statements

is

for

the

period ended December

31,

2024. 

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

Fund

Name

Investment

Objective

Commencement

of

Operations

Commencement

of

Public

Trading

DoubleLine

Opportunistic

Bond

ETF

Seek

to

maximize

current

income

and

total

return

3/31/2022

4/5/2022

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

Seek

total

return

which

exceeds

the

total

return

of

the

S&P

500®

Index

3/31/2022

4/5/2022

DoubleLine

Commercial

Real

Estate

ETF

Seek

current

income

and

capital

preservation

and

as

a

secondary

objective,

seek

long-term

capital

appreciation

3/31/2023

4/4/2023

DoubleLine

Mortgage

ETF

Seek

total

return

(capital

appreciation

and

current

income)

which

exceeds

the

total

return

of

its

benchmark

index,

the

Bloomberg

U.S.

Mortgage-Backed

Securities

Index,

over

a

full

market

cycle

3/31/2023

4/4/2023

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

Seek

total

return

(capital

appreciation

and

current

income)

1/31/2024

2/1/2024

DoubleLine

Fortune

500

Equal

Weight

ETF

Seek

to

track

the

investment

results

(before

fees

and

expenses)

of

the

Barclays

Fortune

500

Equal

Weighted

Total

Return

Index

1/31/2024

2/1/2024

DoubleLine

Multi-Sector

Income

ETF

To

provide

income,

with

a

secondary

objective

of

capital

appreciation.

11/29/2024

12/3/2024

Notes

to

Schedule

of

Investments

(Cont.)

(Unaudited)

December

31,

2024

|

December

31,

2024

47

Level

3—

Significant

unobservable

inputs

(including

the

reporting

entity’s

estimates

and

assumptions)

Valuations for

domestic

and

foreign

fixed

income

securities

are

normally

determined

on

the

basis

of

evaluations

provided

by

independent

pricing

services.

Vendors

typically

value

such

securities

based

on

one

or

more

inputs

described

in

the

following

table

which

is

not

intended

to

be

a

complete

list.

The

table

provides

examples

of

inputs

that

are

commonly

relevant

for

valuing

particular

classes

of

fixed

income

securities

in

which

the

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

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

Funds'

holdings

in

whole

loans,

securitizations

and

certain

other

types

of

alternative

lending-related

instruments

may

be

valued

based

on

prices

provided

by

a

third-party

pricing

service.

Senior

secured

floating

rate

loans

for

which

an

active

secondary

market

exists

to

a

reliable

degree

will

be

valued

at

the

mean

of

the

last

available

bid/ask

prices

in

the

market

for

such

loans,

as

provided

by

an

independent

pricing

service.

Where

an

active

secondary

market

does

not

exist

to

a

reliable

degree

in

the

judgment

of

the

Adviser,

such

loans

will

be

valued

at

fair

value

based

on

certain

factors.

In

respect

of

certain

commercial

real

estate-related,

residential

real

estate-related

and

certain

other

investments

for

which

a

limited

market

may

exist,

the

Funds

may

value

such

investments

based

on

appraisals

conducted

by

an

independent

valuation

advisor

or

a

similar

pricing

agent.

However,

an

independent

valuation

firm

may

not

be

retained

to

undertake

an

evaluation

of

an

asset

unless

the

NAV,

market

price

and

other

aspects

of

an

investment

exceed

certain

significance

thresholds.

Over-the-counter

financial

derivative

instruments,

such

as

forward

currency

exchange

contracts,

options

contracts,

or

swap

agreements,

derive

their

values

from

underlying

asset

prices,

indices,

reference

rates,

other

inputs

or

a

combination

of

these

factors.

These

instruments

are

normally

valued

on

the

basis

of

valuations

obtained

from

counterparties,

published

index

closing

levels

or

evaluated

prices

supplied

by

independent

pricing

services,

some

or

all

of

which

may

be

based

on

market

data

from

trading

on

exchanges

that

closed

significantly

before

the

time

as

of

which

a

Fund

calculates

its

NAV.

Forward

foreign

currency

contracts

are

generally

valued

based

on

rates

provided

by

independent

data

providers.

A

Fund

does

not

normally

take

into

account

trading,

clearances

or

settlements

that

take

place

after

the

close

of

the

principal

exchange

or

market

on

which

such

securities

are

traded.

Depending

on

the

instrument

and

the

terms

of

the

transaction,

the

value

of

the

derivative

instruments

can

be

estimated

by

a

pricing

service

provider

using

a

series

of

techniques,

such

as

simulation

pricing

models.

The

pricing

models

use

issuer

details

and

other

inputs

that

are

observed

from

actively

quoted

markets

such

as

indices,

spreads,

interest

rates,

curves,

dividends

and

exchange

rates.

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

Notes

to

Schedule

of

Investments

(Cont.)

48

DoubleLine

ETF

Trust

(Unaudited)

December

31,

2024

Derivatives

that

use

similar

valuation

techniques

and

inputs

as

described

above

are

normally

categorized

as

Level

2

of

the

fair

value

hierarchy.

The

Board

of

Trustees

(the

“Board”)

has

adopted

a

pricing

and

valuation

policy

for

use

by 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

its

primary

investment

adviser,

either

DoubleLine

ETF

Adviser

or

DoubleLine

Alternatives

LP (each,

an

“Adviser”

and

collectively,

the

“Advisers”),

as

applicable,

as

the

“Valuation

Designee”

to

perform

all

of

the

fair

value

determinations

as

well

as

to

perform

all

of

the

responsibilities

that

may

be

performed

by

the

Valuation

Designee

in

accordance

with

Rule

2a-5.

Each

Adviser,

as

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,

2024:

Category

DoubleLine

Opportunistic

Bond

ETF

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

DoubleLine

Commercial

Real

Estate

ETF

DoubleLine

Mortgage

ETF

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

Investments

in

Securities

Level

1

Common

Stocks

$

—

$

368,582,512

$

—

$

—

$

—

Money

Market

Funds

8,020,876

385,436

7,353,754

10,086,038

983,006

Total

Level

1

8,020,876

368,967,948

7,353,754

10,086,038

983,006

Level

2

US

Government

and

Agency

Mortgage

Backed

Obligations

71,476,241

—

24,695,065

342,260,754

—

Non-Agency

Commercial

Mortgage

Backed

Obligations

17,372,011

—

137,632,171

—

—

Non-Agency

Residential

Collateralized

Mortgage

Obligations

32,946,989

—

—

51,744,480

—

US

Government

and

Agency

Obligations

76,969,436

—

—

—

—

Collateralized

Loan

Obligations

15,701,068

—

51,521,493

—

—

US

Corporate

Bonds

50,266,653

—

—

—

—

Asset

Backed

Obligations

32,631,748

—

—

—

—

Foreign

Corporate

Bonds

24,167,766

—

—

—

—

Other

Short

Term

Investments

—

—

—

—

21,295,044

Bank

Loans

10,345,451

—

—

—

—

Foreign

Government

Bonds,

Foreign

Agencies

and

Foreign

Government

Sponsored

Corporations

1,007,385

—

—

—

—

Total

Level

2

332,884,748

—

213,848,729

394,005,234

21,295,044

Level

3

—

—

—

—

—

Total

$

340,905,624

$

368,967,948

$

221,202,483

$

404,091,272

$

22,278,050

Other

Financial

Instruments

Assets

Level

1

Futures

$

608,500

$

—

$

—

$

597,835

$

—

Level

2

Excess

Return

Swaps

—

—

—

—

141,630

Unfunded

Loan

Commitments

236

—

—

—

—

Total

Level

2

—

—

—

—

—

Level

3

—

—

—

—

—

Liabilities

Level

1

Futures

$

(788,791)

$

—

$

—

$

(574,029)

$

—

Level

2

—

—

—

—

—

Level

3

—

—

—

—

—

Total

$

(180,055)

$

—

$

—

$

23,806

$

141,630

Notes

to

Schedule

of

Investments

(Cont.)

(Unaudited)

December

31,

2024

|

December

31,

2024

49

Category

DoubleLine

Fortune

500

Equal

Weight

ETF

DoubleLine

Multi-Sector

Income

ETF

Investments

in

Securities

Level

1

Common

Stocks

$

13,574,348

$

—

Money

Market

Funds

15,468

5,967,544

Total

Level

1

13,589,816

5,967,544

Level

2

US

Corporate

Bonds

—

9,021,683

Bank

Loans

—

7,954,849

Non-Agency

Commercial

Mortgage

Backed

Obligations

—

2,872,732

Collateralized

Loan

Obligations

—

1,926,429

Non-Agency

Residential

Collateralized

Mortgage

Obligations

—

1,431,820

Asset

Backed

Obligations

—

1,088,682

Foreign

Corporate

Bonds

—

1,072,421

Total

Level

2

—

25,368,616

Level

3

—

—

Total

$

13,589,816

$

31,336,160

Other

Financial

Instruments

Liabilities

Level

1

—

—

Level

2

Unfunded

Loan

Commitments

—

(112)

Level

3

—

—

Total

$

—

$

(112)

See

the

Schedules

of

Investments

for

further

disaggregation

of

investment

categories.