UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-23746
DoubleLine ETF Trust
(Exact name of registrant as specified in charter)
2002 N. Tampa Street, Suite 200
Tampa, FL 33602
(Address of principal executive offices) (Zip code)
Ronald R. Redell, President
2002 N. Tampa Street, Suite 200
Tampa, FL 33602
(Name and Address of Agent for Service)
Registrant’s telephone number, including area code: (813) 791-7333
Date of fiscal year end: September 30
Date of reporting period: October 1, 2022 to March 31, 2023
Item 1. Reports to Stockholders.
(a) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).
Semi-Annual
Report
March
31,
2023
DoubleLine
Opportunistic
Bond
ETF
NYSE:
DBND
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
NYSE:
CAPE
DoubleLine
|
|
2002
North
Tampa
Street,
Suite
200
|
|
Tampa,
FL
33602
|
|
(813)
791-7333
ETFinfo@doubleline.com
|
|
www.doubleline.com
Semi-Annual
Report
|
March
31,
2023
3
Table
of
Contents
Page
President’s
Letter
4
Schedule
of
Investments
5
Statements
of
Assets
and
Liabilities
17
Statements
of
Operations
18
Statements
of
Changes
in
Net
Assets
19
Financial
Highlights
20
Notes
to
Financial
Statements
22
Shareholder
Expenses
34
Information
About
Proxy
Voting
35
Information
About
Portfolio
Holdings
35
Householding—Important
Notice
Regarding
Delivery
of
Shareholder
Documents
36
Privacy
Policy
37
President’s
Letter
4
DoubleLine
ETF
Trust
(Unaudited)
March
31,
2023
Dear
Shareholder,
On
behalf
of
the
team
at
DoubleLine,
I
am
pleased
to
deliver
the
Semi-Annual
Report
for
the
DoubleLine
ETF
Trust
for
the
six-month
period
ended
March
31,
2023.
On
the
following
pages,
you
will
find
specific
information
regarding
each
Fund’s
operations
and
holdings.
If
you
have
any
questions
regarding
the
Funds,
please
don’t
hesitate
to
call
us
at
1
(855)
937-0772
or
visit
our
website
www.doubleline.com
,
where
our
investment
management
team
offers
deeper
insights
and
analysis
on
relevant
capital
market
activity
impacting
investors
today.
We
value
the
trust
that
you
have
placed
with
us,
and
we
will
continue
to
strive
to
offer
thoughtful
investment
solutions
to
our
shareholders.
Sincerely,
Ronald
R.
Redell,
CFA
President
DoubleLine
ETF
Trust
May
1,
2023
Schedule
of
Investments
DoubleLine
Opportunistic
Bond
ETF
(Unaudited)
March
31,
2023
Semi-Annual
Report
|
March
31,
2023
5
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
P
RINCIPAL
A
MOUNT
$/S
HARES
S
ECURITY
D
ESCRIPTION
R
ATE
M
ATURITY
V
ALUE
$
ASSET
BACKED
OBLIGATIONS
6.8%
Affirm
Asset
Securitization
Trust
,
750,000
Series
2022-A-A
4.30%
(a)
05/17/2027
714,580
DataBank
Issuer
,
500,000
Series
2023-1A-A2
5.12%
(a)
02/25/2053
470,211
Diamond
Resorts
Owner
Trust
,
186,157
Series
2021-1A-A
1.51%
(a)
11/21/2033
172,710
EWC
Master
Issuer
LLC
,
496,250
Series
2022-1A-A2
5.50%
(a)
03/15/2052
452,518
Hilton
Grand
Vacations
Trust
,
309,145
Series
2022-1D-C
4.69%
(a)
06/20/2034
297,027
Lendbuzz
Securitization
Trust
,
994,858
Series
2022-1A-A
4.22%
(a)
05/17/2027
961,100
MetroNet
Infrastructure
Issuer
LLC
,
300,000
Series
2023-1A-A2
6.56%
(a)
04/20/2053
300,312
PAGAYA
AI
Debt
Trust
,
324,930
Series
2022-2-A
4.97%
(a)
01/15/2030
320,304
PRET
LLC
,
426,668
Series
2022-NPL2-A1
5.24%
(a)(b)
04/25/2052
407,676
433,625
Series
2022-NPL3-A1
5.93%
(a)(b)
06/25/2052
423,602
SEB
Funding
LLC
,
498,750
Series
2021-1A-A2
4.97%
(a)
01/30/2052
438,105
Sierra
Timeshare
Receivables
Funding
LLC
,
344,642
Series
2019-2A-A
2.59%
(a)
05/20/2036
332,408
SMB
Private
Education
Loan
Trust
,
750,000
Series
2021-A-B
2.31%
(a)
01/15/2053
673,444
Upstart
Securitization
Trust
,
500,000
Series
2021-4-B
1.84%
(a)
09/20/2031
465,275
VOLT
C
LLC
,
402,631
Series
2021-NPL9-A1
1.99%
(a)(b)
05/25/2051
370,779
VOLT
CI
LLC
,
495,633
Series
2021-NP10-A1
1.99%
(a)(b)
05/25/2051
454,911
Washington
Mutual
WMABS
Trust
,
880,571
Series
2006-HE2-A3
(1
Month
LIBOR
USD
+
0.30%,
0.30%
Floor)
5.15%
05/25/2036
671,262
3,646,117
Series
2007-HE2-
2A2
(1
Month
LIBOR
USD
+
0.22%,
0.22%
Floor)
5.07%
02/25/2037
1,072,554
Total
Asset
Backed
Obligations
(Cost
$9,246,975)
8,998,778
BANK
LOANS
1.2%
Bausch
&
Lomb
Corp.
,
74,812
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.25%,
0.50%
Floor)
8.46%
05/10/2027
72,837
Castlelake
Aviation
One
DAC
,
104,734
Senior
Secured
First
Lien
Term
Loan
(3
Month
LIBOR
USD
+
2.75%,
0.50%
Floor)
7.62%
10/22/2026
103,875
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
Gen
Digital,
Inc.
,
104,718
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.00%,
0.50%
Floor)
6.91%
09/12/2029
103,815
Gray
Television,
Inc.
,
119,697
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.00%)
7.80%
12/01/2028
116,705
Ineos
U.S.
Finance
LLC
,
105,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.50%)
8.40%
02/16/2030
104,606
Jazz
Pharmaceuticals
plc
,
69,803
Senior
Secured
First
Lien
Term
Loan
(1
Month
LIBOR
USD
+
3.50%,
0.50%
Floor)
8.34%
05/05/2028
69,621
Penn
Entertainment,
Inc.
,
109,724
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.75%,
0.50%
Floor)
7.66%
05/03/2029
109,635
Pilot
Travel
Centers
LLC
,
115,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
2.00%)
6.91%
08/04/2028
114,760
Prime
Security
Services
Borrower
LLC
,
79,796
Senior
Secured
First
Lien
Term
Loan
(3
Month
LIBOR
USD
+
2.75%,
0.75%
Floor)
7.52%
09/23/2026
79,651
Scientific
Games
International,
Inc.
,
79,799
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
1
Month
+
3.00%,
0.50%
Floor)
7.96%
04/14/2029
79,317
Select
Medical
Corp.
,
110,000
Senior
Secured
First
Lien
Term
Loan
(1
Month
LIBOR
USD
+
2.50%)
7.35%
03/06/2025
109,780
Trans
Union
LLC
,
67,654
Senior
Secured
First
Lien
Term
Loan
(1
Month
LIBOR
USD
+
2.25%,
0.50%
Floor)
7.09%
12/01/2028
67,259
6
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Opportunistic
Bond
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
TransDigm,
Inc.
,
75,000
Senior
Secured
First
Lien
Term
Loan
(CME
Term
SOFR
3
Month
+
3.25%)
8.15%
08/24/2028
74,887
Vistra
Operations
Co.
LLC
,
114,674
Senior
Secured
First
Lien
Term
Loan
(1
Month
LIBOR
USD
+
1.75%)
6.61%
12/31/2025
114,216
WMG
Acquisition
Corp.
,
120,000
Senior
Secured
First
Lien
Term
Loan
(1
Month
LIBOR
USD
+
2.13%)
6.97%
01/20/2028
118,991
Total
Bank
Loans
(Cost
$1,436,628)
1,439,955
COLLATERALIZED
LOAN
OBLIGATIONS
1.8%
Park
Avenue
Institutional
Advisers
CLO
Ltd.
,
500,000
Series
2018-1A-BR
(3
Month
LIBOR
USD
+
2.10%,
2.10%
Floor)
6.91%
(a)
10/20/2031
469,780
Race
Point
IX
CLO
Ltd.
,
1,000,000
Series
2015-9A-BR
(3
Month
LIBOR
USD
+
2.15%)
6.94%
(a)
10/15/2030
947,607
Voya
CLO
Ltd.
,
1,000,000
Series
2013-1A-BR
(3
Month
LIBOR
USD
+
1.90%)
6.69%
(a)
10/15/2030
945,441
Total
Collateralized
Loan
Obligations
(Cost
$2,375,684)
2,362,828
FOREIGN
CORPORATE
BONDS
5.9%
AUSTRALIA
0.4%
135,000
Glencore
Funding
LLC
1.63%
(a)
04/27/2026
122,271
85,000
Glencore
Funding
LLC
3.38%
(a)
09/23/2051
59,260
210,000
Macquarie
Group
Ltd.
(Secured
Overnight
Financing
Rate
+
2.21%)
5.11%
(a)
08/09/2026
208,943
245,000
Westpac
Banking
Corp.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.53%)
3.02%
11/18/2036
192,154
582,628
BELGIUM
0.1%
175,000
Anheuser-Busch
Cos.
LLC
4.90%
02/01/2046
171,245
BERMUDA
0.1%
90,000
Triton
Container
International
Ltd.
3.25%
03/15/2032
71,143
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
BRAZIL
0.5%
200,000
Braskem
Netherlands
Finance
BV
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
8.22%)
8.50%
01/23/2081
199,350
150,000
Cosan
Overseas
Ltd.
8.25%
05/05/2023
149,407
182,114
Guara
Norte
Sarl
5.20%
06/15/2034
156,972
171,300
MV24
Capital
BV
6.75%
06/01/2034
157,973
663,702
CANADA
0.8%
220,000
Bank
of
Montreal
(5
Year
Swap
Rate
USD
+
1.43%)
3.80%
12/15/2032
198,800
390,000
Bank
of
Nova
Scotia
(The)
3.45%
04/11/2025
378,465
115,000
Bombardier,
Inc.
7.88%
(a)
04/15/2027
116,529
30,000
Garda
World
Security
Corp.
4.63%
(a)
02/15/2027
26,966
35,000
Garda
World
Security
Corp.
6.00%
(a)
06/01/2029
27,870
50,000
Parkland
Corp.
4.63%
(a)
05/01/2030
44,524
50,000
Titan
Acquisition
Ltd.
7.75%
(a)
04/15/2026
41,926
220,000
Toronto-Dominion
Bank
(The)
4.69%
09/15/2027
217,916
1,052,996
CAYMAN
ISLANDS
0.1%
110,000
Global
Aircraft
Leasing
Co.
Ltd.
6.50%
(a)
09/15/2024
99,375
CHINA
0.3%
375,000
NXP
BV
3.88%
06/18/2026
362,361
COLOMBIA
0.3%
250,000
AI
Candelaria
Spain
SA
5.75%
06/15/2033
177,500
200,000
Empresas
Publicas
de
Medellin
ESP
4.25%
07/18/2029
153,289
330,789
FRANCE
0.1%
240,000
TotalEnergies
Capital
International
SA
3.39%
06/29/2060
180,357
GUATEMALA
0.1%
150,000
Banco
Industrial
SA
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.44%)
4.88%
01/29/2031
138,688
INDIA
0.5%
187,500
Adani
International
Container
Terminal
Pvt.
Ltd.
3.00%
02/16/2031
143,052
177,000
JSW
Hydro
Energy
Ltd.
4.13%
05/18/2031
147,026
Semi-Annual
Report
|
March
31,
2023
7
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
March
31,
2023
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
200,000
Network
i2i
Ltd.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.27%)
5.65%
01/15/2025
191,000
200,000
UPL
Corp.
Ltd.
4.50%
03/08/2028
177,163
658,241
INDONESIA
0.2%
165,420
LLPL
Capital
Pte.
Ltd.
6.88%
02/04/2039
146,813
200,000
Minejesa
Capital
BV
4.63%
08/10/2030
176,717
323,530
IRELAND
0.2%
365,000
Avolon
Holdings
Funding
Ltd.
3.25%
(a)
02/15/2027
324,271
ISRAEL
0.3%
200,000
Bank
Hapoalim
BM
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.16%)
3.26%
(a)
01/21/2032
167,100
200,000
Bank
Leumi
Le-
Israel
BM
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.63%)
3.28%
(a)
01/29/2031
174,578
341,678
KUWAIT
0.2%
200,000
MEGlobal
Canada
ULC
5.00%
05/18/2025
198,218
MEXICO
0.6%
200,000
Banco
Mercantil
del
Norte
SA
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
5.35%)
7.63%
01/10/2028
177,150
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
168,967
200,000
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.00%)
5.95%
10/01/2028
195,796
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
200,000
Cemex
SAB
de
CV
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.91%)
9.13%
(a)
03/14/2028
200,541
742,454
PARAGUAY
0.1%
150,000
Banco
Continental
SAECA
2.75%
12/10/2025
133,295
PERU
0.4%
200,000
Banco
de
Credito
del
Peru
SA
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.00%)
3.13%
07/01/2030
180,203
200,000
Banco
Internacional
del
Peru
SAA
Interbank
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.71%)
4.00%
07/08/2030
183,628
174,800
Hunt
Oil
Co.
of
Peru
LLC
Sucursal
Del
Peru
6.38%
06/01/2028
164,935
528,766
SAUDI
ARABIA
0.1%
200,000
EIG
Pearl
Holdings
Sarl
3.55%
08/31/2036
171,638
SINGAPORE
0.4%
200,000
DBS
Group
Holdings
Ltd.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.10%)
1.82%
03/10/2031
180,505
200,000
Oversea-Chinese
Banking
Corp.
Ltd.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.58%)
1.83%
09/10/2030
183,571
200,000
United
Overseas
Bank
Ltd.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.23%)
2.00%
10/14/2031
177,340
541,416
UNITED
ARAB
EMIRATES
0.1%
162,398
Galaxy
Pipeline
Assets
Bidco
Ltd.
1.75%
09/30/2027
151,425
Total
Foreign
Corporate
Bonds
(Cost
$7,825,747)
7,768,216
8
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Opportunistic
Bond
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
NON-AGENCY
COMMERCIAL
MORTGAGE
BACKED
OBLIGATIONS
5.6%
BANK
,
300,000
Series
2021-BN38-A5
2.52%
12/15/2064
245,328
BANK5
,
11,953,000
Series
2023-5YR1-XA
0.27%
(c)(d)
03/15/2056
163,959
BBCMS
Mortgage
Trust
,
300,000
Series
2021-C12-A5
2.69%
11/15/2054
249,739
180,000
Series
2021-C12-AS
2.90%
11/15/2054
143,103
250,000
Series
2021-C9-A5
2.30%
02/15/2054
204,715
100,000
Series
2022-C16-A5
4.60%
(c)
06/15/2055
96,489
200,000
Series
2022-C17-A5
4.44%
09/15/2055
190,181
Benchmark
Mortgage
Trust
,
7,755,664
Series
2018-B2-XA
0.45%
(c)(d)
02/15/2051
122,537
250,000
Series
2021-B31-A5
2.67%
12/15/2054
206,569
250,000
Series
2022-B35-C
4.46%
(c)
05/15/2055
190,254
BX
Commercial
Mortgage
Trust
,
250,000
Series
2021-VINO-A
(1
Month
LIBOR
USD
+
0.65%,
0.65%
Floor)
5.34%
(a)
05/15/2038
240,469
Cantor
Commercial
Real
Estate
Lending
,
500,000
Series
2019-CF1-C
4.35%
(c)
05/15/2052
411,526
CFCRE
Commercial
Mortgage
Trust
,
187,948
Series
2016-C6-A2
2.95%
11/10/2049
174,019
Citigroup
Commercial
Mortgage
Trust
,
250,000
Series
2015-GC27-C
4.42%
(c)
02/10/2048
230,697
100,000
Series
2022-GC48-A5
4.58%
(c)
05/15/2054
97,210
COMM
Mortgage
Trust
,
205,000
Series
2016-DC2-C
4.66%
(c)
02/10/2049
184,896
DBJPM
16-C1
Mortgage
Trust
,
290,000
Series
2016-C1-B
4.20%
(c)
05/10/2049
253,783
250,000
Series
2016-C1-C
3.32%
(c)
05/10/2049
206,803
Del
Amo
Fashion
Center
Trust
,
250,000
Series
2017-AMO-C
3.64%
(a)(c)
06/05/2035
196,504
FIVE
Mortgage
Trust
,
250,000
Series
2023-V1-D
6.41%
(a)(c)
02/10/2056
213,705
GS
Mortgage
Securities
Trust
,
9,448,807
Series
2017-GS7-XA
1.08%
(c)(d)
08/10/2050
342,821
250,000
Series
2019-GC42-A3
2.75%
09/10/2052
216,664
250,000
Series
2019-GSA1-C
3.81%
(c)
11/10/2052
193,569
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
497,683
Series
2022-NLP-A
(CME
Term
SOFR
1
Month
+
0.60%,
0.60%
Floor)
5.42%
(a)
04/15/2037
470,204
JPMBB
Commercial
Mortgage
Securities
Trust
,
325,000
Series
2014-C21-B
4.34%
(c)
08/15/2047
296,653
JPMCC
Commercial
Mortgage
Securities
Trust
,
8,172,949
Series
2017-JP6-XA
1.02%
(c)(d)
07/15/2050
248,807
LoanCore
Issuer
Ltd.
,
250,000
Series
2021-CRE5-A
(1
Month
LIBOR
USD
+
1.30%,
1.30%
Floor)
5.98%
(a)
07/15/2036
244,987
LSTAR
Commercial
Mortgage
Trust
,
250,000
Series
2015-3-D
3.15%
(a)(c)
04/20/2048
224,726
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
250,000
Series
2016-C31-C
4.27%
(c)
11/15/2049
197,362
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
RIAL
Issuer
Ltd.
,
350,000
Series
2022-FL8-A
(CME
Term
SOFR
1
Month
+
2.25%,
2.25%
Floor)
6.99%
(a)
01/19/2037
343,580
SREIT
Trust
,
270,000
Series
2021-MFP-A
(1
Month
LIBOR
USD
+
0.73%,
0.73%
Floor)
5.42%
(a)
11/15/2038
259,003
UBS
Commercial
Mortgage
Trust
,
324,000
Series
2018-C10-C
5.05%
(c)
05/15/2051
277,794
WFRBS
Commercial
Mortgage
Trust
,
9,403,482
Series
2014-C21-XA
1.00%
(c)(d)
08/15/2047
104,210
Total
Non-Agency
Commercial
Mortgage
Backed
Obligations
(Cost
$7,825,788)
7,442,866
NON-AGENCY
RESIDENTIAL
COLLATERALIZED
MORTGAGE
OBLIGATIONS
10.3%
Citigroup
Mortgage
Loan
Trust
,
557,128
Series
2007-AR8-2A1A
3.62%
(c)
07/25/2037
477,794
Connecticut
Avenue
Securities
Trust
,
500,000
Series
2022-R01-
1M2
(Secured
Overnight
Financing
Rate
30
Day
Average
+
1.90%)
6.46%
(a)
12/25/2041
479,275
FHLMC
STACR
REMIC
Trust
,
500,000
Series
2022-DNA2-
M1B
(Secured
Overnight
Financing
Rate
30
Day
Average
+
2.40%)
6.96%
(a)
02/25/2042
486,347
FHLMC,
STRIPS
,
2,266,210
Series
358-300
3.00%
10/15/2047
2,109,168
HOMES
Trust
,
990,972
Series
2023-NQM1-A1
6.18%
(a)(b)
01/25/2068
988,693
Legacy
Mortgage
Asset
Trust
,
475,386
Series
2021-GS2-A1
1.75%
(a)(b)
04/25/2061
445,882
New
Residential
Mortgage
Loan
Trust
,
1,082,481
Series
2019-RPL2-A1
3.25%
(a)(c)
02/25/2059
1,021,970
OBX
Trust
,
990,436
Series
2023-NQM2-A1
6.32%
(a)(b)
01/25/2062
996,045
RFMSI
Trust
,
1,468,395
Series
2006-S4-A7
6.00%
04/25/2036
1,198,153
Structured
Asset
Mortgage
Investments
II
Trust
,
1,434,067
Series
2007-AR3-
1A3
(1
Month
LIBOR
USD
+
0.42%,
0.42%
Floor)
5.27%
09/25/2047
1,143,269
Towd
Point
Mortgage
Trust
,
941,493
Series
2020-2-A1A
1.64%
(a)(c)
04/25/2060
829,178
308,447
Series
2020-3-A1
3.09%
(a)(c)
02/25/2063
291,335
1,094,791
Series
2022-1-A1
3.75%
(a)(c)
07/25/2062
1,027,579
Verus
Securitization
Trust
,
562,183
Series
2021-8-A1
1.82%
(a)(c)
11/25/2066
480,483
993,907
Series
2023-INV1-A3
6.76%
(a)(c)
02/25/2068
993,294
Semi-Annual
Report
|
March
31,
2023
9
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
March
31,
2023
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
WaMu
Mortgage-Backed
Pass-Through
Certificates
Trust
,
453,045
Series
2006-AR16-2A1
3.40%
(c)
12/25/2036
382,163
Wells
Fargo
Mortgage
Backed
Securities
Trust
,
389,008
Series
2006-AR14-2A1
4.51%
(c)
10/25/2036
331,968
Total
Non-Agency
Residential
Collateralized
Mortgage
Obligations
(Cost
$13,960,582)
13,682,596
US
CORPORATE
BONDS
14.8%
395,000
AbbVie,
Inc.
4.70%
05/14/2045
370,427
70,000
Academy
Ltd.
6.00%
(a)
11/15/2027
68,363
115,000
AdaptHealth
LLC
5.13%
(a)
03/01/2030
97,672
170,000
Advanced
Drainage
Systems,
Inc.
6.38%
(a)
06/15/2030
166,771
60,000
AEP
Transmission
Co.
LLC
5.40%
03/15/2053
62,593
40,000
Aethon
United
BR
LP
8.25%
(a)
02/15/2026
39,289
160,000
Air
Lease
Corp.
1.88%
08/15/2026
141,920
280,000
Alexandria
Real
Estate
Equities,
Inc.
3.00%
05/18/2051
174,307
50,000
Alliant
Holdings
Intermediate
LLC
6.75%
(a)
04/15/2028
49,489
175,000
Allied
Universal
Holdco
LLC
6.63%
(a)
07/15/2026
168,350
80,000
American
Airlines,
Inc.
7.25%
(a)
02/15/2028
77,877
75,000
American
Airlines,
Inc.
5.75%
(a)
04/20/2029
72,023
200,000
American
Express
Co.
5.85%
11/05/2027
209,989
70,000
Amgen,
Inc.
5.25%
03/02/2030
71,619
55,000
Amgen,
Inc.
5.65%
03/02/2053
57,295
35,000
AmWINS
Group,
Inc.
4.88%
(a)
06/30/2029
31,021
65,000
Arconic
Corp.
6.13%
(a)
02/15/2028
64,003
65,000
AssuredPartners,
Inc.
5.63%
(a)
01/15/2029
56,247
415,000
AT&T,
Inc.
3.50%
09/15/2053
301,829
50,000
AthenaHealth
Group,
Inc.
6.50%
(a)
02/15/2030
40,588
360,000
Athene
Global
Funding
(Secured
Overnight
Financing
Rate
Compounded
Index
+
0.56%)
5.38%
(a)
08/19/2024
353,228
35,000
Bank
of
America
Corp.
(Secured
Overnight
Financing
Rate
+
1.11%)
3.84%
04/25/2025
34,375
35,000
Bank
of
America
Corp.
(Secured
Overnight
Financing
Rate
+
1.75%)
4.83%
07/22/2026
34,624
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
360,000
Bank
of
America
Corp.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.20%)
2.48%
09/21/2036
273,650
60,000
BCPE
Empire
Holdings,
Inc.
7.63%
(a)
05/01/2027
54,879
160,000
Becton
Dickinson
&
Co.
4.69%
02/13/2028
160,753
15,000
Blackstone
Holdings
Finance
Co.
LLC
2.00%
(a)
01/30/2032
11,410
190,000
Boeing
Co.
(The)
2.95%
02/01/2030
167,851
50,000
Boyne
USA,
Inc.
4.75%
(a)
05/15/2029
44,697
460,000
Broadcom,
Inc.
3.50%
(a)
02/15/2041
347,398
95,000
Brooklyn
Union
Gas
Co.
(The)
4.49%
(a)
03/04/2049
77,207
5,000
Brown
&
Brown,
Inc.
2.38%
03/15/2031
4,001
90,000
Builders
FirstSource,
Inc.
5.00%
(a)
03/01/2030
83,434
20,000
Builders
FirstSource,
Inc.
6.38%
(a)
06/15/2032
20,090
90,000
Caesars
Entertainment,
Inc.
7.00%
(a)
02/15/2030
91,657
50,000
Callon
Petroleum
Co.
7.50%
(a)
06/15/2030
47,048
50,000
Calpine
Corp.
5.13%
(a)
03/15/2028
45,846
85,000
Carnival
Corp.
5.75%
(a)
03/01/2027
69,820
50,000
CCO
Holdings
LLC
5.13%
(a)
05/01/2027
47,312
50,000
CCO
Holdings
LLC
4.75%
(a)
02/01/2032
42,055
50,000
Cengage
Learning,
Inc.
9.50%
(a)
06/15/2024
48,390
355,000
Charter
Communications
Operating
LLC
4.91%
07/23/2025
351,600
40,000
Chord
Energy
Corp.
6.38%
(a)
06/01/2026
39,667
30,000
CHS/Community
Health
Systems,
Inc.
6.00%
(a)
01/15/2029
25,407
15,000
Citigroup,
Inc.
(CME
Term
SOFR
3
Month
+
1.65%)
3.67%
07/24/2028
14,222
300,000
Citigroup,
Inc.
(Secured
Overnight
Financing
Rate
+
1.35%)
3.06%
01/25/2033
254,099
25,000
Clear
Channel
Outdoor
Holdings,
Inc.
7.75%
(a)
04/15/2028
18,773
60,000
CNX
Resources
Corp.
6.00%
(a)
01/15/2029
56,172
20,000
CNX
Resources
Corp.
7.38%
(a)
01/15/2031
19,723
220,000
Comcast
Corp.
3.40%
04/01/2030
205,802
50,000
CommScope,
Inc.
6.00%
(a)
03/01/2026
48,310
205,000
Constellation
Brands,
Inc.
3.15%
08/01/2029
187,533
85,000
Continental
Resources,
Inc.
2.27%
(a)
11/15/2026
75,567
65,000
Coty,
Inc.
5.00%
(a)
04/15/2026
62,773
10
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Opportunistic
Bond
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
215,000
Crown
Castle,
Inc.
3.65%
09/01/2027
204,050
190,000
CSX
Corp.
3.80%
11/01/2046
156,325
35,000
CVS
Health
Corp.
5.13%
02/21/2030
35,490
240,000
Dick's
Sporting
Goods,
Inc.
3.15%
01/15/2032
197,398
300,000
Dollar
Tree,
Inc.
4.00%
05/15/2025
294,578
65,000
DTE
Energy
Co.
4.22%
(b)
11/01/2024
64,309
60,000
Duke
Energy
Carolinas
LLC
3.55%
03/15/2052
46,824
130,000
Duke
Energy
Corp.
4.30%
03/15/2028
127,585
85,000
Dun
&
Bradstreet
Corp.
(The)
5.00%
(a)
12/15/2029
73,694
170,000
Elevance
Health,
Inc.
2.38%
01/15/2025
162,820
60,000
Elevance
Health,
Inc.
4.55%
05/15/2052
54,254
165,000
Energy
Transfer
LP
4.75%
01/15/2026
163,060
90,000
Entergy
Louisiana
LLC
4.75%
09/15/2052
84,691
40,000
EQM
Midstream
Partners
LP
6.50%
(a)
07/01/2027
38,813
220,000
Essential
Utilities,
Inc.
2.70%
04/15/2030
190,397
140,000
Exelon
Corp.
5.15%
03/15/2028
142,561
90,000
Exelon
Corp.
4.10%
03/15/2052
74,130
160,000
Expedia
Group,
Inc.
5.00%
02/15/2026
159,403
205,000
Expedia
Group,
Inc.
3.25%
02/15/2030
177,892
45,000
Ferrellgas
LP
5.38%
(a)
04/01/2026
42,185
35,000
Fertitta
Entertainment
LLC
6.75%
(a)
01/15/2030
28,827
60,000
Frontier
Communications
Holdings
LLC
5.88%
(a)
10/15/2027
54,600
200,000
General
Motors
Financial
Co.,
Inc.
2.40%
10/15/2028
171,231
65,000
Global
Payments,
Inc.
4.95%
08/15/2027
64,271
375,000
Goldman
Sachs
Group,
Inc.
(The)
(Secured
Overnight
Financing
Rate
+
0.82%)
5.66%
09/10/2027
365,720
45,000
Griffon
Corp.
5.75%
03/01/2028
41,784
40,000
Gulfport
Energy
Corp.
8.00%
(a)
05/17/2026
39,648
185,000
HCA,
Inc.
4.13%
06/15/2029
173,482
90,000
Hess
Midstream
Operations
LP
5.50%
(a)
10/15/2030
83,822
55,000
Hewlett
Packard
Enterprise
Co.
5.90%
10/01/2024
55,710
55,000
Hilcorp
Energy
I
LP
5.75%
(a)
02/01/2029
50,698
175,000
Host
Hotels
&
Resorts
LP
3.50%
09/15/2030
148,010
230,000
Invitation
Homes
Operating
Partnership
LP
2.70%
01/15/2034
176,320
75,000
JPMorgan
Chase
&
Co.
(Secured
Overnight
Financing
Rate
+
1.99%)
4.85%
07/25/2028
74,928
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
400,000
JPMorgan
Chase
&
Co.
(Secured
Overnight
Financing
Rate
+
1.26%)
2.96%
01/25/2033
342,350
150,000
Kinder
Morgan
Energy
Partners
LP
6.95%
01/15/2038
167,794
35,000
Lions
Gate
Capital
Holdings
LLC
5.50%
(a)
04/15/2029
23,050
50,000
Lowe's
Cos.,
Inc.
5.63%
04/15/2053
50,240
55,000
Madison
IAQ
LLC
4.13%
(a)
06/30/2028
47,636
60,000
Madison
IAQ
LLC
5.88%
(a)
06/30/2029
46,410
190,000
Marriott
International,
Inc.
3.13%
06/15/2026
179,622
195,000
McDonald's
Corp.
3.60%
07/01/2030
185,090
55,000
McGraw-Hill
Education,
Inc.
5.75%
(a)
08/01/2028
47,915
100,000
Medline
Borrower
LP
5.25%
(a)
10/01/2029
86,857
200,000
Meta
Platforms,
Inc.
4.45%
08/15/2052
176,177
40,000
Metis
Merger
Sub
LLC
6.50%
(a)
05/15/2029
33,353
195,000
MetLife,
Inc.
5.25%
01/15/2054
190,253
30,000
Michaels
Cos.,
Inc.
(The)
5.25%
(a)
05/01/2028
25,034
130,000
Midwest
Gaming
Borrower
LLC
4.88%
(a)
05/01/2029
113,162
105,000
ModivCare
Escrow
Issuer,
Inc.
5.00%
(a)
10/01/2029
89,261
245,000
Monongahela
Power
Co.
5.40%
(a)
12/15/2043
248,964
400,000
Morgan
Stanley
(Secured
Overnight
Financing
Rate
+
1.36%)
2.48%
09/16/2036
304,139
30,000
National
Rural
Utilities
Cooperative
Finance
Corp.
5.45%
10/30/2025
30,578
50,000
Nationstar
Mortgage
Holdings,
Inc.
5.75%
(a)
11/15/2031
38,839
100,000
NCL
Corp.
Ltd.
8.38%
(a)
02/01/2028
100,433
220,000
NetApp,
Inc.
1.88%
06/22/2025
205,243
80,000
Netflix,
Inc.
4.88%
04/15/2028
79,672
65,000
NextEra
Energy
Capital
Holdings,
Inc.
4.26%
09/01/2024
64,427
160,000
NGL
Energy
Operating
LLC
7.50%
(a)
02/01/2026
154,525
50,000
NRG
Energy,
Inc.
3.63%
(a)
02/15/2031
40,148
80,000
NuStar
Logistics
LP
6.00%
06/01/2026
78,518
40,000
OneMain
Finance
Corp.
6.88%
03/15/2025
38,800
10,000
Oracle
Corp.
6.25%
11/09/2032
10,761
10,000
Oracle
Corp.
3.80%
11/15/2037
8,314
210,000
Oracle
Corp.
3.60%
04/01/2050
149,167
135,000
Owens
&
Minor,
Inc.
6.63%
(a)
04/01/2030
116,053
200,000
Owens
Corning
4.40%
01/30/2048
167,187
Semi-Annual
Report
|
March
31,
2023
11
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
March
31,
2023
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
225,000
Pacific
Gas
and
Electric
Co.
2.50%
02/01/2031
182,473
175,000
Packaging
Corp.
of
America
3.00%
12/15/2029
156,725
50,000
Park
Intermediate
Holdings
LLC
4.88%
(a)
05/15/2029
43,073
120,000
Parker-Hannifin
Corp.
4.25%
09/15/2027
117,832
90,000
Penn
Entertainment,
Inc.
5.63%
(a)
01/15/2027
84,612
160,000
Penske
Truck
Leasing
Co.
LP
4.20%
(a)
04/01/2027
153,320
50,000
Penske
Truck
Leasing
Co.
LP
4.40%
(a)
07/01/2027
48,009
100,000
Performance
Food
Group,
Inc.
5.50%
(a)
10/15/2027
97,852
70,000
Phillips
66
4.95%
12/01/2027
70,345
55,000
Pike
Corp.
5.50%
(a)
09/01/2028
48,183
105,000
Pioneer
Natural
Resources
Co.
1.90%
08/15/2030
85,544
25,000
PNC
Financial
Services
Group,
Inc.
(The)
(Secured
Overnight
Financing
Rate
+
1.09%)
4.76%
01/26/2027
24,709
50,000
Post
Holdings,
Inc.
5.50%
(a)
12/15/2029
47,173
65,000
Qorvo,
Inc.
1.75%
(a)
12/15/2024
60,406
230,000
Quanta
Services,
Inc.
2.35%
01/15/2032
182,742
135,000
Raytheon
Technologies
Corp.
3.03%
03/15/2052
97,903
30,000
Realogy
Group
LLC
5.75%
(a)
01/15/2029
22,485
75,000
Realty
Income
Corp.
5.05%
01/13/2026
74,785
115,000
Regal
Rexnord
Corp.
6.05%
(a)
02/15/2026
115,623
50,000
Roller
Bearing
Co.
of
America,
Inc.
4.38%
(a)
10/15/2029
44,708
100,000
Royal
Caribbean
Cruises
Ltd.
7.25%
(a)
01/15/2030
100,715
245,000
Royalty
Pharma
plc
3.30%
09/02/2040
177,807
70,000
Ryder
System,
Inc.
5.65%
03/01/2028
70,987
150,000
Sabine
Pass
Liquefaction
LLC
5.00%
03/15/2027
149,580
35,000
San
Diego
Gas
&
Electric
Co.
5.35%
04/01/2053
36,104
215,000
Santander
Holdings
USA,
Inc.
(Secured
Overnight
Financing
Rate
+
1.25%)
2.49%
01/06/2028
186,136
110,000
Scientific
Games
Holdings
LP
6.63%
(a)
03/01/2030
97,310
45,000
Scripps
Escrow
II,
Inc.
3.88%
(a)
01/15/2029
35,367
40,000
Sirius
XM
Radio,
Inc.
5.50%
(a)
07/01/2029
36,448
50,000
SK
Invictus
Intermediate
II
Sarl
5.00%
(a)
10/30/2029
41,566
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
351,000
Smithfield
Foods,
Inc.
4.25%
(a)
02/01/2027
326,970
145,000
Southern
Co.
(The)
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.92%)
3.75%
09/15/2051
121,994
30,000
SRS
Distribution,
Inc.
6.13%
(a)
07/01/2029
25,350
60,000
Staples,
Inc.
7.50%
(a)
04/15/2026
52,626
95,000
Suburban
Propane
Partners
LP
5.00%
(a)
06/01/2031
83,123
230,000
Synchrony
Financial
2.88%
10/28/2031
162,990
185,000
Sysco
Corp.
5.95%
04/01/2030
196,281
15,000
Tenet
Healthcare
Corp.
6.25%
02/01/2027
14,768
40,000
Tenet
Healthcare
Corp.
6.13%
(a)
06/15/2030
39,496
85,000
TransDigm,
Inc.
5.50%
11/15/2027
80,240
56,875
Transocean
Poseidon
Ltd.
6.88%
(a)
02/01/2027
55,806
115,000
Truist
Financial
Corp.
(Secured
Overnight
Financing
Rate
+
1.44%)
4.87%
01/26/2029
112,236
50,000
United
Airlines,
Inc.
4.63%
(a)
04/15/2029
45,291
120,000
UnitedHealth
Group,
Inc.
5.05%
04/15/2053
121,457
35,000
UnitedHealth
Group,
Inc.
4.95%
05/15/2062
34,118
130,000
Univision
Communications,
Inc.
7.38%
(a)
06/30/2030
123,024
75,000
US
Foods,
Inc.
4.75%
(a)
02/15/2029
69,372
195,000
Verizon
Communications,
Inc.
(3
Month
LIBOR
USD
+
1.10%)
5.96%
05/15/2025
195,457
55,000
Verizon
Communications,
Inc.
3.88%
03/01/2052
44,563
100,000
Victoria's
Secret
&
Co.
4.63%
(a)
07/15/2029
81,137
195,000
Viking
Cruises
Ltd.
5.88%
(a)
09/15/2027
168,110
185,000
Warnermedia
Holdings,
Inc.
3.76%
(a)
03/15/2027
174,376
175,000
WASH
Multifamily
Acquisition,
Inc.
5.75%
(a)
04/15/2026
165,788
80,000
Weatherford
International
Ltd.
8.63%
(a)
04/30/2030
81,917
100,000
Wells
Fargo
&
Co.
(Secured
Overnight
Financing
Rate
+
1.98%)
4.81%
07/25/2028
98,828
210,000
Wells
Fargo
&
Co.
4.65%
11/04/2044
181,489
225,000
Welltower
OP
LLC
2.05%
01/15/2029
187,945
210,000
Willis
North
America,
Inc.
4.50%
09/15/2028
203,440
60,000
WR
Grace
Holdings
LLC
5.63%
(a)
08/15/2029
51,000
165,000
WRKCo,
Inc.
3.75%
03/15/2025
160,153
12
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Opportunistic
Bond
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
PRINCIPAL
AMOUNT
$/SHARES
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
135,000
XHR
LP
4.88%
(a)
06/01/2029
114,636
Total
US
Corporate
Bonds
(Cost
$20,134,976)
19,665,030
US
GOVERNMENT
AND
AGENCY
MORTGAGE
BACKED
OBLIGATIONS
15.0%
FHLMC
UMBS
,
2,635,359
Pool
RA7673
4.50%
07/01/2052
2,586,967
1,427,904
Pool
RA7930
4.50%
09/01/2052
1,401,609
2,479,567
Pool
SD2263
4.00%
12/01/2052
2,374,641
955,200
Pool
SD8221
3.50%
06/01/2052
888,526
FNMA
UMBS
,
1,922,923
Pool
CB4573
5.00%
09/01/2052
1,922,443
2,122,167
Pool
FS1472
3.50%
11/01/2050
1,991,931
2,972,412
Pool
FS3708
5.00%
01/01/2053
2,971,066
2,857,394
Pool
MA4600
3.50%
05/01/2052
2,658,316
1,927,885
Pool
MA4624
3.00%
06/01/2052
1,732,949
600,922
Pool
MA4655
4.00%
07/01/2052
575,471
GNMA
,
948,441
Pool
786227
3.00%
04/20/2052
860,077
Total
US
Government
and
Agency
Mortgage
Backed
Obligations
(Cost
$20,249,475)
19,963,996
US
GOVERNMENT
AND
AGENCY
OBLIGATIONS
33.9%
3,400,000
U.S.
Treasury
Bonds
3.25%
05/15/2042
3,138,891
16,900,000
U.S.
Treasury
Bonds
3.63%
02/15/2053
16,782,492
1,500,000
U.S.
Treasury
Notes
4.50%
11/30/2024
1,506,152
6,200,000
U.S.
Treasury
Notes
3.88%
12/31/2027
6,266,480
17,300,000
U.S.
Treasury
Notes
3.50%
02/15/2033
17,328,383
Total
US
Government
and
Agency
Obligations
(Cost
$44,114,928)
45,022,398
SHORT
TERM
INVESTMENTS
8.3%
5,537,808
JPMorgan
U.S.
Government
Money
Market
Fund
-
Class
IM
4.71%
(e)
5,537,808
5,537,808
Morgan
Stanley
Institutional
Liquidity
Funds
Government
Portfolio
-
Institutional
Share
Class
4.73%
(e)
5,537,808
Total
Short
Term
Investments
(Cost
$11,075,616)
11,075,616
Total
Investments
103.6%
(Cost
$138,246,399)
137,422,279
Liabilities
in
Excess
of
Other
Assets
(3.6)%
(4,748,034)
NET
ASSETS
100.0%
$132,674,245
INVESTMENT
BREAKDOWN
as
a
%
of
Net
Assets:
US
Government
and
Agency
Obligations
33.9%
US
Government
and
Agency
Mortgage
Backed
Obligations
15.0%
Non-Agency
Residential
Collateralized
Mortgage
Obligations
10.3%
Short
Term
Investments
8.3%
Asset
Backed
Obligations
6.8%
Non-Agency
Commercial
Mortgage
Backed
Obligations
5.6%
Banking
4.4%
Collateralized
Loan
Obligations
1.8%
Electric
1.4%
Midstream
1.1%
INVESTMENT
BREAKDOWN
as
a
%
of
Net
Assets:
(Cont.)
Technology
1.1%
Food
and
Beverage
0.8%
Consumer
Cyclical
Services
0.6%
Healthcare
0.6%
Wirelines
0.6%
Retailers
0.6%
Pharmaceuticals
0.6%
Media
Entertainment
0.6%
Cable
Satellite
0.5%
Building
Materials
0.5%
Independent
0.5%
Finance
Companies
0.5%
Chemicals
0.4%
Life
0.4%
Aerospace
&
Defense
0.4%
Leisure
0.4%
Transportation
Services
0.3%
Diversified
Manufacturing
0.3%
Oil
Field
Services
0.3%
Gaming
0.3%
Health
Insurance
0.3%
P&C
0.3%
Paper
0.2%
Other
REITs
0.2%
Refining
0.2%
Metals
and
Mining
0.2%
Other
Industrial
0.2%
Restaurants
0.2%
Wireless
0.2%
Government
Sponsored
0.2%
Airlines
0.1%
Other
Utility
0.1%
Hotels,
Restaurants
&
Leisure
0.1%
Healthcare
REITs
0.1%
Integrated
0.1%
Lodging
0.1%
Apartment
REITs
0.1%
Office
REITs
0.1%
Automotive
0.1%
Government
Owned,
No
Guarantee
0.1%
Railroads
0.1%
Local
Authority
0.1%
Entertainment
0.1%
Media
0.1%
Specialty
Retail
0.1%
Electric
Utilities
0.1%
Health
Care
Providers
&
Services
0.1%
Consumer
Finance
0.1%
Software
0.1%
Commercial
Services
&
Supplies
0.1%
Natural
Gas
0.1%
Retail
REITs
0.1%
Health
Care
Equipment
&
Supplies
0.1%
Financial
Services
0.1%
Consumer
Products
0.1%
Other
Financial
0.0%
(f)
Brokerage,
Asset
Managers
&
Exchanges
0.0%
(f)
Other
Assets
and
Liabilities
(3.6)%
100.0%
Semi-Annual
Report
|
March
31,
2023
13
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
March
31,
2023
(a)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
buyers.
(b)
Step
bond;
coupon
rate
changes
based
on
a
predetermined
schedule
or
event.
The
interest
rate
shown
is
the
rate
in
effect
as
of
period
end.
(c)
Coupon
rate
is
variable
or
floats
based
on
components
including
but
not
limited
to
reference
rate
and
spread.
These
securities
may
not
indicate
a
reference
rate
and/or
spread
in
their
description.
The
rate
disclosed
is
as
of
period
end.
(d)
Interest
only
security
(e)
Seven-day
yield
as
of
period
end
(f)
Represents
less
than
0.05%
of
net
assets
Abbreviations:
FHLMC
Federal
Home
Loan
Mortgage
Corporation
FNMA
Federal
National
Mortgage
Association
GNMA
Government
National
Mortgage
Association
LIBOR
London
Interbank
Offered
Rate
UMBS
Uniform
Mortgage
Backed
Securities
Schedule
of
Investments
DoubleLine
Shiller
CAPE
®
U.S.
Equities
ETF
(Unaudited)
March
31,
2023
14
DoubleLine
ETF
Trust
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
SHARES
SECURITY
DESCRIPTION
VALUE
$
COMMON
STOCKS
99.6%
AUTOMOBILE
COMPONENTS
0.3%
4,699
Aptiv
plc
(a)
527,181
4,060
BorgWarner,
Inc.
199,386
726,567
AUTOMOBILES
5.4%
69,129
Ford
Motor
Co.
871,025
24,186
General
Motors
Co.
887,143
54,872
Tesla,
Inc.
(a)
11,383,745
13,141,913
BANKS
5.1%
90,610
Bank
of
America
Corp.
2,591,446
22,036
Citigroup,
Inc.
1,033,268
5,483
Citizens
Financial
Group,
Inc.
166,519
1,489
Comerica,
Inc.
64,652
7,710
Fifth
Third
Bancorp
205,394
2,108
First
Republic
Bank
29,491
16,411
Huntington
Bancshares,
Inc.
183,803
33,321
JPMorgan
Chase
&
Co.
4,342,059
10,549
KeyCorp
132,073
1,902
M&T
Bank
Corp.
227,422
4,526
PNC
Financial
Services
Group,
Inc.
(The)
575,255
10,580
Regions
Financial
Corp.
196,365
988
Signature
Bank
181
920
SVB
Financial
Group
(a)
833
15,036
Truist
Financial
Corp.
512,728
17,334
US
Bancorp
624,891
42,760
Wells
Fargo
&
Co.
1,598,369
1,683
Zions
Bancorp
NA
50,372
12,535,121
BROADLINE
RETAIL
6.6%
150,323
Amazon.com,
Inc.
(a)
15,526,863
9,311
eBay,
Inc.
413,129
2,162
Etsy,
Inc.
(a)
240,695
16,180,687
CAPITAL
MARKETS
4.9%
1,192
Ameriprise
Financial,
Inc.
365,348
9,152
Bank
of
New
York
Mellon
Corp.
(The)
415,867
1,712
BlackRock,
Inc.
1,145,533
1,197
Cboe
Global
Markets,
Inc.
160,685
20,857
Charles
Schwab
Corp.
(The)
1,092,490
4,072
CME
Group,
Inc.
779,869
433
FactSet
Research
Systems,
Inc.
179,734
5,664
Franklin
Resources,
Inc.
152,588
3,963
Goldman
Sachs
Group,
Inc.
(The)
1,296,337
6,327
Intercontinental
Exchange,
Inc.
659,843
5,148
Invesco
Ltd.
84,427
426
MarketAxess
Holdings,
Inc.
166,690
2,074
Moody's
Corp.
634,686
19,041
Morgan
Stanley
1,671,800
906
MSCI,
Inc.
507,079
5,536
Nasdaq,
Inc.
302,653
2,357
Northern
Trust
Corp.
207,722
2,438
Raymond
James
Financial,
Inc.
227,392
3,645
S&P
Global,
Inc.
1,256,687
3,900
State
Street
Corp.
295,191
2,540
T
Rowe
Price
Group,
Inc.
286,766
11,889,387
COMMUNICATIONS
EQUIPMENT
1.0%
2,300
Arista
Networks,
Inc.
(a)
386,078
30,741
Cisco
Systems,
Inc.
1,606,986
SHARES
SECURITY
DESCRIPTION
VALUE
$
413
F5,
Inc.
(a)
60,170
2,431
Juniper
Networks,
Inc.
83,675
1,255
Motorola
Solutions,
Inc.
359,093
2,496,002
CONSUMER
FINANCE
0.9%
8,425
American
Express
Co.
1,389,704
4,314
Capital
One
Financial
Corp.
414,834
2,965
Discover
Financial
Services
293,060
4,948
Synchrony
Financial
143,888
2,241,486
DISTRIBUTORS
0.4%
2,442
Genuine
Parts
Co.
408,571
4,631
LKQ
Corp.
262,856
678
Pool
Corp.
232,174
903,601
DIVERSIFIED
REITS
0.3%
10,448
WP
Carey,
Inc.
809,198
ELECTRONIC
EQUIPMENT,
INSTRUMENTS
&
COMPONENTS
0.7%
4,463
Amphenol
Corp.
-
Class
A
364,716
1,018
CDW
Corp.
198,398
6,354
Corning,
Inc.
224,169
1,337
Keysight
Technologies,
Inc.
(a)
215,899
2,375
TE
Connectivity
Ltd.
311,481
353
Teledyne
Technologies,
Inc.
(a)
157,918
1,854
Trimble,
Inc.
(a)
97,187
386
Zebra
Technologies
Corp.
-
Class
A
(a)
122,748
1,692,516
FINANCIAL
SERVICES
8.0%
24,840
Berkshire
Hathaway,
Inc.
-
Class
B
(a)
7,669,847
6,701
Fidelity
National
Information
Services,
Inc.
364,065
7,111
Fiserv,
Inc.
(a)
803,756
832
FleetCor
Technologies,
Inc.
(a)
175,427
2,986
Global
Payments,
Inc.
314,247
826
Jack
Henry
&
Associates,
Inc.
124,495
10,791
Mastercard,
Inc.
-
Class
A
3,921,557
12,808
PayPal
Holdings,
Inc.
(a)
972,640
23,866
Visa,
Inc.
-
Class
A
5,380,828
19,726,862
HEALTH
CARE
REITS
1.8%
19,159
Healthcare
Realty
Trust,
Inc.
370,343
27,031
Healthpeak
Properties,
Inc.
593,871
30,171
Medical
Properties
Trust,
Inc.
248,006
2,188
National
Health
Investors,
Inc.
112,857
11,816
Omega
Healthcare
Investors,
Inc.
323,877
11,498
Physicians
Realty
Trust
171,665
11,646
Sabra
Health
Care
REIT,
Inc.
133,929
20,143
Ventas,
Inc.
873,199
23,739
Welltower,
Inc.
1,701,849
4,529,596
HOTEL
&
RESORT
REITS
0.2%
36,001
Host
Hotels
&
Resorts,
Inc.
593,657
HOTELS,
RESTAURANTS
&
LEISURE
5.4%
653
Booking
Holdings,
Inc.
(a)
1,732,024
3,732
Caesars
Entertainment,
Inc.
(a)
182,159
21,591
Carnival
Corp.
(a)
219,149
479
Chipotle
Mexican
Grill,
Inc.
(a)
818,271
2,111
Darden
Restaurants,
Inc.
327,543
614
Domino's
Pizza,
Inc.
202,540
2,659
Expedia
Group,
Inc.
(a)
258,003
Semi-Annual
Report
|
March
31,
2023
15
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
March
31,
2023
SHARES
SECURITY
DESCRIPTION
VALUE
$
4,621
Hilton
Worldwide
Holdings,
Inc.
650,960
13,254
Las
Vegas
Sands
Corp.
(a)
761,442
5,343
Marriott
International,
Inc.
-
Class
A
887,152
12,686
McDonald's
Corp.
3,547,132
6,484
MGM
Resorts
International
288,019
7,317
Norwegian
Cruise
Line
Holdings
Ltd.
(a)
98,414
4,428
Royal
Caribbean
Cruises
Ltd.
(a)
289,148
19,931
Starbucks
Corp.
2,075,415
1,972
Wynn
Resorts
Ltd.
(a)
220,686
4,858
Yum!
Brands,
Inc.
641,645
13,199,702
HOUSEHOLD
DURABLES
0.9%
5,955
DR
Horton,
Inc.
581,744
3,319
Garmin
Ltd.
334,954
4,898
Lennar
Corp.
-
Class
A
514,829
1,102
Mohawk
Industries,
Inc.
(a)
110,442
7,173
Newell
Brands,
Inc.
89,232
52
NVR,
Inc.
(a)
289,754
3,912
PulteGroup,
Inc.
227,991
945
Whirlpool
Corp.
124,759
2,273,705
INDUSTRIAL
REITS
3.2%
13,570
Americold
Realty
Trust,
Inc.
386,067
2,188
EastGroup
Properties,
Inc.
361,720
6,657
First
Industrial
Realty
Trust,
Inc.
354,152
13,939
LXP
Industrial
Trust
143,711
46,152
Prologis,
Inc.
5,758,385
9,212
Rexford
Industrial
Realty,
Inc.
549,496
9,017
STAG
Industrial,
Inc.
304,955
7,858,486
INSURANCE
3.5%
6,925
Aflac,
Inc.
446,801
2,981
Allstate
Corp.
(The)
330,325
8,346
American
International
Group,
Inc.
420,305
2,322
Aon
plc
-
Class
A
732,103
4,202
Arch
Capital
Group
Ltd.
(a)
285,190
2,401
Arthur
J
Gallagher
&
Co.
459,335
599
Assurant,
Inc.
71,922
3,218
Brown
&
Brown,
Inc.
184,778
4,681
Chubb
Ltd.
908,957
1,780
Cincinnati
Financial
Corp.
199,502
443
Everest
Re
Group
Ltd.
158,603
1,093
Globe
Life,
Inc.
120,252
3,544
Hartford
Financial
Services
Group,
Inc.
(The)
246,981
1,916
Lincoln
National
Corp.
43,052
2,614
Loews
Corp.
151,664
5,599
Marsh
&
McLennan
Cos.,
Inc.
932,513
8,766
MetLife,
Inc.
507,902
2,752
Principal
Financial
Group,
Inc.
204,529
6,627
Progressive
Corp.
(The)
948,059
4,143
Prudential
Financial,
Inc.
342,792
2,627
Travelers
Cos.,
Inc.
(The)
450,294
2,982
W
R
Berkley
Corp.
185,659
1,207
Willis
Towers
Watson
plc
280,483
8,612,001
IT
SERVICES
1.3%
4,949
Accenture
plc
-
Class
A
1,414,474
1,173
Akamai
Technologies,
Inc.
(a)
91,846
3,823
Cognizant
Technology
Solutions
Corp.
-
Class
A
232,935
1,709
DXC
Technology
Co.
(a)
43,682
433
EPAM
Systems,
Inc.
(a)
129,467
593
Gartner,
Inc.
(a)
193,181
SHARES
SECURITY
DESCRIPTION
VALUE
$
6,808
International
Business
Machines
Corp.
892,461
787
VeriSign,
Inc.
(a)
166,317
3,164,363
LEISURE
PRODUCTS
0.1%
2,397
Hasbro,
Inc.
128,695
MORTGAGE
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
0.6%
28,737
AGNC
Investment
Corp.
289,669
23,539
Annaly
Capital
Management,
Inc.
449,830
8,584
Blackstone
Mortgage
Trust,
Inc.
-
Class
A
153,224
23,828
Rithm
Capital
Corp.
190,624
15,553
Starwood
Property
Trust,
Inc.
275,133
1,358,480
OFFICE
REITS
1.0%
7,531
Alexandria
Real
Estate
Equities,
Inc.
945,818
7,179
Boston
Properties,
Inc.
388,528
5,659
Corporate
Office
Properties
Trust
134,175
7,584
Cousins
Properties,
Inc.
162,146
8,846
Douglas
Emmett,
Inc.
109,071
5,507
Equity
Commonwealth
114,050
5,311
Highwoods
Properties,
Inc.
123,162
4,970
JBG
SMITH
Properties
74,848
5,298
Kilroy
Realty
Corp.
171,655
3,235
SL
Green
Realty
Corp.
76,087
8,135
Vornado
Realty
Trust
125,035
2,424,575
PROFESSIONAL
SERVICES
0.6%
20,487
CoStar
Group,
Inc.
(a)
1,410,530
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
0.9%
15,922
CBRE
Group,
Inc.
-
Class
A
(a)
1,159,281
1,728
Howard
Hughes
Corp.
(The)
(a)
138,240
2,394
Jones
Lang
LaSalle,
Inc.
(a)
348,303
26,118
Opendoor
Technologies,
Inc.
(a)
45,968
2,939
Zillow
Group,
Inc.
-
Class
A
(a)
128,434
8,225
Zillow
Group,
Inc.
-
Class
C
(a)
365,766
2,185,992
RESIDENTIAL
REITS
3.3%
15,460
American
Homes
4
Rent
-
Class
A
486,217
7,562
Apartment
Income
REIT
Corp.
270,795
7,029
AvalonBay
Communities,
Inc.
1,181,294
5,358
Camden
Property
Trust
561,733
8,771
Equity
LifeStyle
Properties,
Inc.
588,797
17,098
Equity
Residential
1,025,880
3,262
Essex
Property
Trust,
Inc.
682,215
29,296
Invitation
Homes,
Inc.
914,914
5,812
Mid-America
Apartment
Communities,
Inc.
877,844
6,225
Sun
Communities,
Inc.
876,978
15,394
UDR,
Inc.
632,078
8,098,745
RETAIL
REITS
2.7%
4,450
Agree
Realty
Corp.
305,315
15,115
Brixmor
Property
Group,
Inc.
325,275
3,682
Federal
Realty
Investment
Trust
363,892
31,153
Kimco
Realty
Corp.
608,418
8,982
National
Retail
Properties,
Inc.
396,555
31,567
Realty
Income
Corp.
1,998,822
7,762
Regency
Centers
Corp.
474,879
16,475
Simon
Property
Group,
Inc.
1,844,706
7,026
Spirit
Realty
Capital,
Inc.
279,916
6,597,778
16
DoubleLine
ETF
Trust
Schedule
of
Investments
DoubleLine
Shiller
CAPE
®
U.S.
Equities
ETF
(Cont.)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
SHARES
SECURITY
DESCRIPTION
VALUE
$
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
6.8%
12,094
Advanced
Micro
Devices,
Inc.
(a)
1,185,333
3,797
Analog
Devices,
Inc.
748,844
6,343
Applied
Materials,
Inc.
779,111
3,129
Broadcom,
Inc.
2,007,379
1,024
Enphase
Energy,
Inc.
(a)
215,327
800
First
Solar,
Inc.
(a)
174,000
31,050
Intel
Corp.
1,014,403
1,039
KLA
Corp.
414,738
1,013
Lam
Research
Corp.
537,012
4,112
Microchip
Technology,
Inc.
344,503
8,190
Micron
Technology,
Inc.
494,185
355
Monolithic
Power
Systems,
Inc.
177,692
18,539
NVIDIA
Corp.
5,149,578
1,948
NXP
Semiconductors
NV
(China)
363,253
3,242
ON
Semiconductor
Corp.
(a)
266,881
750
Qorvo,
Inc.
(a)
76,177
8,369
QUALCOMM,
Inc.
1,067,717
1,195
Skyworks
Solutions,
Inc.
140,986
421
SolarEdge
Technologies,
Inc.
(a)
127,963
1,171
Teradyne,
Inc.
125,894
6,810
Texas
Instruments,
Inc.
1,266,728
16,677,704
SOFTWARE
10.3%
3,442
Adobe,
Inc.
(a)
1,326,444
654
ANSYS,
Inc.
(a)
217,651
1,612
Autodesk,
Inc.
(a)
335,554
2,049
Cadence
Design
Systems,
Inc.
(a)
430,474
1,146
Ceridian
HCM
Holding,
Inc.
(a)
83,910
5,885
Fortinet,
Inc.
(a)
391,117
4,797
Gen
Digital,
Inc.
82,316
2,106
Intuit,
Inc.
938,918
55,870
Microsoft
Corp.
16,107,321
20,263
Oracle
Corp.
1,882,838
453
Paycom
Software,
Inc.
(a)
137,717
888
PTC,
Inc.
(a)
113,868
797
Roper
Technologies,
Inc.
351,230
7,506
Salesforce,
Inc.
(a)
1,499,549
1,524
ServiceNow,
Inc.
(a)
708,233
1,143
Synopsys,
Inc.
(a)
441,484
314
Tyler
Technologies,
Inc.
(a)
111,357
25,159,981
SPECIALIZED
REITS
9.5%
23,297
American
Tower
Corp.
4,760,509
19,766
Crown
Castle,
Inc.
2,645,481
11,302
CubeSmart
522,378
14,481
Digital
Realty
Trust,
Inc.
1,423,627
4,629
Equinix,
Inc.
3,337,694
6,750
Extra
Space
Storage,
Inc.
1,099,778
12,959
Gaming
and
Leisure
Properties,
Inc.
674,646
14,641
Iron
Mountain,
Inc.
774,655
4,394
Lamar
Advertising
Co.
-
Class
A
438,917
SHARES
SECURITY
DESCRIPTION
VALUE
$
4,254
Life
Storage,
Inc.
557,657
4,252
National
Storage
Affiliates
Trust
177,649
4,052
PotlatchDeltic
Corp.
200,574
7,939
Public
Storage
2,398,689
7,357
Rayonier,
Inc.
244,694
5,430
SBA
Communications
Corp.
1,417,610
48,378
VICI
Properties,
Inc.
1,578,090
37,052
Weyerhaeuser
Co.
1,116,377
23,369,025
SPECIALTY
RETAIL
5.3%
1,028
Advance
Auto
Parts,
Inc.
125,015
325
AutoZone,
Inc.
(a)
798,899
3,961
Bath
&
Body
Works,
Inc.
144,894
3,837
Best
Buy
Co.,
Inc.
300,322
2,740
CarMax,
Inc.
(a)
176,127
17,601
Home
Depot,
Inc.
(The)
5,194,407
10,423
Lowe's
Cos.,
Inc.
2,084,287
1,072
O'Reilly
Automotive,
Inc.
(a)
910,107
5,972
Ross
Stores,
Inc.
633,808
20,039
TJX
Cos.,
Inc.
(The)
1,570,256
1,909
Tractor
Supply
Co.
448,691
882
Ulta
Beauty,
Inc.
(a)
481,281
12,868,094
TECHNOLOGY
HARDWARE,
STORAGE
&
PERIPHERALS
7.1%
101,872
Apple,
Inc.
16,798,693
9,726
Hewlett
Packard
Enterprise
Co.
154,935
7,395
HP,
Inc.
217,043
1,605
NetApp,
Inc.
102,480
1,550
Seagate
Technology
Holdings
plc
102,486
2,397
Western
Digital
Corp.
(a)
90,295
17,465,932
TEXTILES,
APPAREL
&
LUXURY
GOODS
1.5%
26,890
NIKE,
Inc.
-
Class
B
3,297,790
1,144
Ralph
Lauren
Corp.
133,471
4,094
Tapestry,
Inc.
176,492
6,740
VF
Corp.
154,413
3,762,166
Total
Common
Stocks
(Cost
$230,119,251)
244,082,547
SHORT
TERM
INVESTMENTS
0.3%
394,973
JPMorgan
U.S.
Government
Money
Market
Fund
-
Class
IM
4.71%
(b)
394,973
394,973
Morgan
Stanley
Institutional
Liquidity
Funds
Government
Portfolio
-
Institutional
Share
Class
4.73%
(b)
394,973
Total
Short
Term
Investments
(Cost
$789,946)
789,946
Total
Investments
99.9%
(Cost
$230,909,197)
244,872,493
Other
Assets
in
Excess
of
Liabilities
0.1%
152,184
NET
ASSETS
100.0%
$245,024,677
(a)
Non-income
producing
security
(b)
Seven-day
yield
as
of
period
end
Semi-Annual
Report
|
March
31,
2023
17
Statements
of
Assets
and
Liabilities
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(Unaudited)
March
31,
2023
DoubleLine
Opportunistic
Bond
ETF
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
ASSETS
Investments
in
Unaffiliated
Securities,
at
Value*
$
126,346,663
$
244,082,547
Short
Term
Investments*
11,075,616
789,946
Receivable
for
Investments
Sold
845,003
—
Interest
and
Dividends
Receivable
836,879
282,394
Due
from
custodian
105,305
—
Total
Assets
139,209,466
245,154,887
LIABILITIES
Payable
for
Investments
Purchased
6,451,117
—
Management
Fees
Payable
47,186
130,210
Interest
Expense
Payable
36,918
—
Total
Liabilities
6,535,221
130,210
Net
Assets
$
132,674,245
$
245,024,677
NET
ASSETS
CONSISTS
OF:
Paid-In
Capital
$
134,611,020
$
240,773,221
Total
Distributable
Earnings
(Loss)
(1,936,775)
4,251,456
Net
Assets
$
132,674,245
$
245,024,677
*Identified
Cost:
Investments
in
Unaffiliated
Securities
$
127,170,783
$
230,119,251
Short
Term
Investments
$
11,075,616
$
789,946
Shares
Outstanding
and
Net
Asset
Value
Per
Share:
Shares
Outstanding
(unlimited
number
of
shares
authorized
$
0.001
par
value)
2,841,000
10,802,000
Net
Asset
Value
Per
Share
$
46.70
$
22.68
Statements
of
Operations
18
DoubleLine
ETF
Trust
(Unaudited)
For
the
Period
Ended
March
31,
2023
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
DoubleLine
Opportunistic
Bond
ETF
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
INVESTMENT
INCOME
Income:
Interest
$
1,463,624
$
—
Dividends
from
Unaffiliated
Securities
85,683
2,275,676
Foreign
taxes
withheld
—
(479)
Total
Investment
Income
1,549,307
2,275,197
Expenses:
Management
Fees
166,209
665,174
Total
Expenses
166,209
665,174
Net
Investment
Income
(Loss)
1,383,098
1,610,023
REALIZED
&
UNREALIZED
GAIN
(LOSS)
ON
INVESTMENTS
Net
Realized
Gain
(Loss)
on:
Investments
in
Unaffiliated
Securities
(1,010,607)
(3,469,399)
In-kind
redemptions
on
investments
in
securities
—
790,219
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Investments
in
Unaffiliated
Securities
2,755,773
23,958,878
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
1,745,166
21,279,698
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
$
3,128,264
$
22,889,721
Semi-Annual
Report
|
March
31,
2023
19
Statements
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
DoubleLine
Opportunistic
Bond
ETF
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
Period
Ended
March
31,
2023
(Unaudited)
Period
Ended
September
30,
2022
(a)
Period
Ended
March
31,
2023
(Unaudited)
Period
Ended
September
30,
2022
(a)
OPERATIONS
Net
Investment
Income
(Loss)
$
1,383,098
$
757,988
$
1,610,023
$
384,875
Net
Realized
Gain
(Loss)
on
Investments
(1,010,607)
(461,265)
(2,679,180)
(7,948,085)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Investments
2,755,773
(3,579,893)
23,958,878
(9,995,582)
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
3,128,264
(3,283,170)
22,889,721
(17,558,792)
DISTRIBUTIONS
TO
SHAREHOLDERS
From
Net
Investment
Income
(1,150,367)
(631,502)
(923,708)
(155,765)
Total
Distributions
to
Shareholders
(1,150,367)
(631,502)
(923,708)
(155,765)
NET
SHARE
TRANSACTIONS
(b)
Proceeds
from
Shares
Issued
84,124,713
50,486,307
98,703,556
193,674,921
Cost
of Shares
Redeemed
—
—
(4,544,160)
(47,061,096)
Increase
(Decrease)
in
Net
Assets
Resulting
from
Net
Share
Transactions
84,124,713
50,486,307
94,159,396
146,613,825
Total
Increase
(Decrease)
in
Net
Assets
$
86,102,610
$
46,571,635
$
116,125,409
$
128,899,268
NET
ASSETS
Beginning
of
Period
$
46,571,635
$
—
$
128,899,268
$
—
End
of
Period
$
132,674,245
$
46,571,635
$
245,024,677
$
128,899,268
SHARE
TRANSACTIONS
Beginning
of Period
1,021,000
—
6,442,000
—
Shares
Issued
(220,000)
1,021,000
1,200,000
2,482,000
Shares
Issued
In-Kind
2,040,000
—
3,360,000
6,280,000
Shares
Redeemed
—
—
—
(2,320,000)
Shares
Redeemed
In-Kind
—
—
(200,000)
—
Shares
Outstanding,
End
of Period
2,841,000
1,021,000
10,802,000
6,442,000
(a)
Commenced
operations
on
March
31,
2022.
(b)
Capital
transactions
may
include
transaction
fees
associated
with
Creation
and
Redemption
transactions
which
occurred
during
the
period.
See
Note
6
to
the
Financial
Statements.
Financial
Highlights
20
DoubleLine
ETF
Trust
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
DoubleLine
Opportunistic
Bond
ETF
Period
Ended
March
31,
2023
(Unaudited)
Period
Ended
September
30,
2022
(a)
Net
Asset
Value,
Beginning
of
Period
$
45.61
$
50.00
Income
(Loss)
from
Investment
Operations:
Net
Investment
Income
(Loss)
(b)
0.95
0.82
Net
Gain
(Loss)
on
Investments
(Realized
and
Unrealized)
1.03
(4.59)
Total
from
Investment
Operations
1.98
(3.77)
Less
Distributions:
Distributions
from
Net
Investment
Income
(0.89)
(0.62)
Total
Distributions
(0.89)
(0.62)
Net
Asset
Value,
End
of
Period
$
46.70
$
45.61
Total
Return
(c)
4.38%
(7.60)%
Supplemental
Data:
Net
Assets,
End
of
Period
(000's)
$
132,674
$
46,572
Ratios
to
Average
Net
Assets:
Expenses
(d)
0.50%
0.50%
Net
Investment
Income
(Loss)
(d)
4.12%
3.38%
Portfolio
Turnover
Rate
(a)
84%
(e)
183%
(a)
Commencement
of
operations
on
March
31,
2022.
Total
return
is
based
on
operations
for
a
period
that
is
less
than
a
year.
(b)
Calculated
based
on
average
shares
outstanding
during
the
period.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Annualized
for
periods
less
than
one
year.
(e)
In-kind
transactions
are
not
included
in
portfolio
turnover
calculations.
Financial
Highlights
(Cont.)
Semi-Annual
Report
|
March
31,
2023
21
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
Period
Ended
March
31,
2023
(Unaudited)
Period
Ended
September
30,
2022
(a)
Net
Asset
Value,
Beginning
of
Period
$
20.01
$
25.00
Income
(Loss)
from
Investment
Operations:
Net
Investment
Income
(Loss)
(b)
0.17
0.14
Net
Gain
(Loss)
on
Investments
(Realized
and
Unrealized)
2.60
(5.07)
Total
from
Investment
Operations
2.77
(4.93)
Less
Distributions:
Distributions
from
Net
Investment
Income
(0.10)
(0.06)
Total
Distributions
(0.10)
(0.06)
Net
Asset
Value,
End
of
Period
$
22.68
$
20.01
Total
Return
(c)
13.93%
(19.72)%
Supplemental
Data:
Net
Assets,
End
of
Period
(000's)
$
245,025
$
128,899
Ratios
to
Average
Net
Assets:
Expenses
(d)
0.65%
0.65%
Net
Investment
Income
(Loss)
(d)
1.56%
1.30%
Portfolio
Turnover
Rate
(a)(e)
55%
175%
(a)
Commencement
of
operations
on
March
31,
2022.
Total
return
is
based
on
operations
for
a
period
that
is
less
than
a
year.
(b)
Calculated
based
on
average
shares
outstanding
during
the
period.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Annualized
for
periods
less
than
one
year.
(e)
In-kind
transactions
are
not
included
in
portfolio
turnover
calculations.
Notes
to
Financial
Statements
22
DoubleLine
ETF
Trust
(Unaudited)
March
31,
2023
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
March
31,
2023,
the
Trust
consists
of
four series,
DoubleLine
Opportunistic
Bond
ETF
(the
“Opportunistic
Bond
ETF”),
DoubleLine
Shiller
CAPE
®
U.S.
Equities
ETF
(the
“Equities
ETF”),
DoubleLine
Commercial
Real
Estate
ETF
and
DoubleLine
Mortgage
ETF. This
report
relates
solely
to
the
Opportunistic
Bond
ETF
and
the
Equities
ETF (each
a
“Fund”
and
collectively
the
“Funds”).
Each
Fund
is
managed
by
DoubleLine
ETF
Adviser
LP
(the
"Adviser"),
which
is
registered
as
an
investment
adviser
with
the
U.S.
Securities
and
Exchange
Commission. Each
Fund
offers
one
class
of
shares. The
DoubleLine
Commercial
Real
Estate
ETF
and
DoubleLine
Mortgage
ETF
commenced
operations
on
March
31,
2023.
As
of
March
31,
2023,
there is
no
investment
transaction
activity
to
report for
these
funds.
The
Funds
are
classified
as
non-diversified
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”).
The
DoubleLine
Opportunistic
Bond
ETF’s
investment
objective
is
to
seek
to
maximize
current
income
and
total
return.
The
DoubleLine
Shiller
CAPE
®
U.S.
Equities
ETF’s
investment
objective
is
to
seek
total
return
which
exceeds
the
total
return
of
the
S&P
500
Index.
The
fiscal
year
end
for
the
Funds
is
September
30,
and
the
period
covered
by
these
Financial
Statements
is
for
the
period ended March
31,
2023 (the
"period
end").
2. Significant
Accounting
Policies
Each
Fund
is
an
investment
company
that
applies
the
accounting
and
reporting
guidance
issued
in
Topic
946,
"Financial
Services
-Investment
Companies",
by
the
Financial
Accounting
Standards
Board
("FASB").
The
following
is
a
summary
of
the
significant
accounting
policies
of
the
Funds.
These
policies
are
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
("US
GAAP").
A. Security
Valuation.
The
Funds
have
adopted
US
GAAP
fair
value
accounting
standards
which
establish
a
definition
of
fair
value
and
set
out
a
hierarchy
for
measuring
fair
value.
These
standards
require
additional
disclosures
about
the
various
inputs
and
valuation
techniques
used
to
develop
the
measurements
of
fair
value
and
a
discussion
of
changes
in
valuation
techniques
and
related
inputs
during
the
period.
These
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1—
Unadjusted
quoted
market
prices
in
active
markets
for
identical
securities
Level
2—
Quoted
prices
for
identical
or
similar
assets
in
markets
that
are
not
active,
or
inputs
derived
from
observable
market
data
Level
3—
Significant
unobservable
inputs
(including
the
reporting
entity’s
estimates
and
assumptions)
Market
values
for
domestic
and
foreign
fixed
income
securities
are
normally
determined
on
the
basis
of
valuations
provided
by
independent
pricing
services.
Vendors
typically
value
such
securities
based
on
one
or
more
inputs
described
in
the
following
table
which
is
not
intended
to
be
a
complete
list.
The
table
provides
examples
of
inputs
that
are
commonly
relevant
for
valuing
particular
classes
of
fixed
income
securities
in
which
the
Funds
are
authorized
to
invest.
However,
these
classifications
are
not
exclusive,
and
any
of
the
inputs
may
be
used
to
value
any
other
class
of
fixed-income
securities.
Securities
that
use
similar
valuation
techniques
and
inputs
as
described
in
the
following
table
are
categorized
as
Level
2
of
the
fair
value
hierarchy.
To
the
extent
the
significant
inputs
are
unobservable,
the
values
generally
would
be
categorized
as
Level
3.
Assets
and
liabilities
may
be
transferred
between
levels.
Investments
in
registered
open-end
management
investment
companies
will
be
valued
based
upon
the
net
asset
value
("NAV")
of
such
investments
and
are
categorized
as
Level
1
of
the
fair
value
hierarchy.
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
Financial
Statements
(Cont.)
(Unaudited)
March
31,
2023
Semi-Annual
Report
|
March
31,
2023
23
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
Board
of
Trustees
(the
“Board”)
has
adopted
a
pricing
and
valuation
policy
for
use
by each
Fund
and
its
Valuation
Designee
(as
defined
below)
in
calculating each
Fund’s
NAV.
Pursuant
to
Rule
2a-5
under
the
1940
Act, each
Fund
has
designated
the
Adviser
as
its
“Valuation
Designee”
to
perform
all
of
the
fair
value
determinations
as
well
as
to
perform
all
of
the
responsibilities
that
may
be
performed
by
the
Valuation
Designee
in
accordance
with
Rule
2a-5.
The
Valuation
Designee
is
authorized
to
make
all
necessary
determinations
of
the
fair
values
of
portfolio
securities
and
other
assets
for
which
market
quotations
are
not
readily
available
or
if
it
is
deemed
that
the
prices
obtained
from
brokers
and
dealers
or
independent
pricing
services
are
unreliable.
B. Federal
Income
Taxes.
Each
Fund
has
elected
to
be
taxed
as
a
"regulated
investment
company"
and
intends
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders
and
otherwise
comply
with
the
provisions
of
Subchapter
M
of
the
Internal
Revenue
Code
applicable
to
regulated
investment
companies.
Therefore,
no
provision
for
federal
income
taxes
has
been
made.
The
Funds
may
be
subject
to
a
nondeductible
4%
excise
tax
calculated
as
a
percentage
of
certain
undistributed
amounts
of
net
investment
income
and
net
capital
gains.
Management
has
analyzed
the
Funds’
tax
positions,
and
has
concluded
that
no
liability
should
be
recorded
related
to
uncertain
tax
positions
expected
to
be
taken
on
the
tax
return
for
the
period
end. The
Funds
identify
their
major
tax
jurisdictions
as
U.S.
Federal,
the State
of
Florida and
the
State
of
Delaware.
The
Funds
are
not
aware
of
any
tax
positions
for
which
it
is
reasonably
possible
that
the
total
amounts
of
unrecognized
tax
benefits
will
significantly
change
in
the
next
twelve
months.
C. Security
Transactions,
Investment
Income.
Investment
securities
transactions
are
accounted
for
on
trade
date.
Gains
and
losses
realized
on
sales
of
securities
are
determined
on
a
specific
identification
basis.
Interest
income,
including
non-cash
interest,
is
recorded
on
an
accrual
basis.
Discounts/premiums
on
debt
securities
purchased,
which
may
include
residual
and
subordinated
notes,
are
accreted/amortized
over
the
life
of
the
respective
securities
using
the
effective
interest
method
except
for
certain
deep
discount
bonds
where
management
does
not
expect
the
par
value
above
the
bond's
cost
to
be
fully
realized.
Dividend
income
and
corporate
The
following
is
a
summary
of
the
fair
valuations
according
to
the
inputs
used
to
value
the
Funds'
investments
as
of
March
31,
2023:
Category
DoubleLine
Opportunistic
Bond
ETF
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
Investments
in
Securities
Level
1
Common
Stocks
$
—
$
244,082,547
Money
Market
Funds
11,075,616
789,946
Total
Level
1
11,075,616
244,872,493
Level
2
US
Government
and
Agency
Obligations
45,022,398
—
US
Government
and
Agency
Mortgage
Backed
Obligations
19,963,996
—
US
Corporate
Bonds
19,665,030
—
Non-Agency
Residential
Collateralized
Mortgage
Obligations
13,682,596
—
Asset
Backed
Obligations
8,998,778
—
Foreign
Corporate
Bonds
7,768,216
—
Non-Agency
Commercial
Mortgage
Backed
Obligations
7,442,866
—
Collateralized
Loan
Obligations
2,362,828
—
Bank
Loans
1,439,955
—
Total
Level
2
126,346,663
—
Level
3
—
—
Total
$
137,422,279
$
244,872,493
See
the
Schedules
of
Investments
for
further
disaggregation
of
investment
categories.
Notes
to
Financial
Statements
(Cont.)
24
DoubleLine
ETF
Trust
action
transactions,
if
any,
are
recorded
on
the
ex-date.
Non-cash
dividends
included
in
dividend
income,
if
any,
are
recorded
at
the
fair
market
value
of
securities
received.
Paydown
gains
and
losses
on
mortgage-related
and
other
asset-backed
securities
are
recorded
as
components
of
interest
income
on
the
Statements
of
Operations.
Estimated
tax
liabilities
on
certain
foreign
securities
are
recorded
on
an
accrual
basis
and
are
reflected
as
components
of
interest
income
on
the
Statements
of
Operations.
D. Dividends
and
Distributions
to
Shareholders.
The
Opportunistic
Bond
ETF
will
distribute
dividends
of
net
investment
income
at
least
monthly
and
the
Equities
ETF
will
distribute
dividends
of
net
investment
income
at
least
quarterly.
Each
Fund
will
distribute
net
realized
short-term
capital
gains
and
net
realized
long-term
capital
gains,
if
any,
at
least
annually.
Distributions
are
recorded
on
the
ex-dividend
date.
Income
and
capital
gain
distributions
are
determined
in
accordance
with
income
tax
regulations
which
may
differ
from
US
GAAP.
Permanent
book
and
tax
basis
differences
relating
to
shareholder
distributions
will
result
in
reclassifications
between
paid-in
capital,
undistributed
(accumulated)
net
investment
income
(loss),
and/or
undistributed
(accumulated)
realized
gain
(loss).
Undistributed
(accumulated)
net
investment
income
or
loss
may
include
temporary
book
and
tax
basis
differences
which
will
reverse
in
a
subsequent
period.
Any
taxable
income
or
capital
gain
remaining
at
fiscal
year
end
is
distributed
in
the
following
year.
Distributions
from
investment
companies
will
be
classified
as
investment
income
or
realized
gains
in
the
Statements
of
Operations
based
on
the
U.S.
income
tax
characteristics
of
the
distribution
if
such
information
is
available.
In
cases
where
the
tax
characteristics
are
not
available,
such
distributions
are
generally
classified
as
investment
income.
E. Use
of
Estimates.
The
preparation
of
financial
statements
in
conformity
with
US
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
and
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements,
as
well
as
the
reported
amounts
of
revenues
and
expenses
during
the
period.
Actual
results
could
differ
from
those
estimates.
F. Share
Valuation.
The
NAV
per
share
of
the
Fund
is
calculated
by
dividing
the
sum
of
the
value
of
the
securities
held
by
the
Fund,
plus
cash
and
other
assets,
minus
all
liabilities
(including
estimated
accrued
expenses),
by
the
total
number
of
shares
outstanding,
rounded
to
the
nearest
cent.
The
Funds’
NAV
is
typically
calculated
on
days
when
the
New
York
Stock
Exchange
opens
for
regular
trading.
G. Guarantees
and
Indemnifications.
Under
the
Trust's
organizational
documents,
each
Trustee
and
officer
of
the
Funds
is
indemnified,
to
the
extent
permitted
by
the
1940
Act,
against
certain
liabilities
that
may
arise
out
of
performance
of
their
duties
to
the
Fund.
Additionally,
in
the
normal
course
of
business,
the
Funds
enter
into
contracts
that
contain
a
variety
of
indemnification
clauses.
Each
Fund's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Funds
that
have
not
yet
occurred.
However,
the
Funds
have
not
had
prior
claims
or
losses
pursuant
to
these
contracts.
3. Related
Party
Transactions
The
Trust
and
the
Adviser
entered
into
an
Investment
Management
Agreement,
under
the
terms
of
which
the
Adviser
manages
the
investment
of
the
assets
of
the
applicable
Fund,
places
orders
for
the
purchase
and
sale
of
its
portfolio
securities,
and
is
responsible
for
providing
resources
to
assist
with
the
day-to-day
management
of
the
Trust's
business
affairs.
As
compensation
for
its
services,
the
Adviser
is
entitled
to
a
monthly
fee
at
the
annual
rates
of
the
average
daily
net
assets
of
the
Funds
in
the
following
table.
4. Distribution
Fees
Foreside
Fund
Services,
LLC
serves
as
the
Funds’
Distributor.
The
Trust
has
adopted
a
Plan
of
Distribution
Pursuant
to
Rule
12b-1
under
the
Investment
Company
Act
of
1940
(the
“Plan”),
however
the
Plan
has
yet
to
be
implemented
or
commence
operations.
Under
the
Plan,
each
Fund
would
be
authorized
to
pay
distribution
fees
to
the
Distributor,
who
in
turn
would
be
permitted
to
pay
other
firms
that
provide
distribution
and
shareholder
services
(“Service
Providers”).
If
a
Service
Provider
were
to
provide
such
services,
the
Funds
would
be
permitted
to
pay
fees
at
an
annual
rate
not
to
exceed
0.25%
of
average
daily
net
assets,
pursuant
to
the
terms
of
the
Plan
and
Rule
12b-1
under
the
1940
Act.
Because
the
Plan
has
not
been
implemented
or
commenced
operations,
no
distribution
or
service
fees
are
currently
paid
by
the
Funds
and
there
are
no
current
plans
to
impose
these
fees.
In
the
event
the
Management
Fee
DoubleLine
Opportunistic
Bond
ETF
0.50%
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
0.65%
Notes
to
Financial
Statements
(Cont.)
(Unaudited)
March
31,
2023
Semi-Annual
Report
|
March
31,
2023
25
Plan
is
ever
implemented
and
commences
operations
and
Rule
12b-1
fees
are
charged,
over
time
they
would
increase
the
cost
of
an
investment
in
the
Funds
and
may
cost
you
more
than
other
types
of
sales
charges.
5. Administrator,
Transfer
Agent,
Custodian
and
Distributor
JPMorgan
Chase
Bank,
N.A.,
provides
fund
accounting,
fund
administrative
and
transfer
agency
services
to
the
Funds
pursuant
to
a
master
services
agreement
between
the
Funds
and
Fund
Services.
JPMorgan
Chase
Bank,
N.A.,
serves
as
the
Funds’
Custodian
pursuant
to
a
Custody
Agreement.
Foreside
Fund
Services,
LLC,
serves
as
the
Funds’
distributor
pursuant
to
a
Distribution
Agreement.
6. Issuance
and
Redemption
of
Fund
Shares
The
Funds
are
exchange-traded
funds
or
“ETFs.”
The
Funds
will
only
issue
or
redeem
shares
aggregated
into
blocks
of
20,000
shares
(in
the
case
of
the
DoubleLine
Opportunistic
Bond
ETF)
and
40,000
shares
(in
the
case
of
the
DoubleLine
Shiller
CAPE
®
U.S.
Equities
ETF)
or
multiples
thereof
(“Creation
Units”)
to
Authorized
Participants
who
have
entered
into
agreements
with
Foreside
Fund
Services,
LLC
as
the
Funds’
distributor
(the
“Distributor”).
An
Authorized
Participant
is
either
(1)
a
“Participating
Party,”
(i.e.,
a
broker-
dealer
or
other
participant
in
the
clearing
process
of
the
Continuous
Net
Settlement
System
of
the
NSCC),
or
(2)
a
participant
of
DTC,
and,
in
each
case,
must
have
executed
an
agreement
with
the
distributor
with
respect
to
creations
and
redemptions
of
Creation
Units.
The
Funds
will
issue
or
redeem
Creation
Units
in
return
for
a
basket
of
securities
and/or
cash
(including
any
portion
of
such
securities
for
which
cash
may
be
substituted)
that
the
Funds
specify
each
day.
Cash
may
be
substituted
equivalent
to
the
value
of
certain
securities
generally
when
they
are
not
available
in
sufficient
quantity
for
delivery.
In
the
case
of
the
DoubleLine
Shiller
CAPE
®
U.S.
Equities
ETF,
Authorized
Participants
transact
with
the
Fund
through
another
broker-dealer,
that
acts
as
AP
Representative
and
maintains
the
basket
contents
in
confidence.
Individual
Fund
shares
may
only
be
purchased
and
sold
on
a
national
securities
exchange
through
a
broker-dealer
and
investors
may
pay
a
commission
to
such
broker-dealers
in
connection
with
their
purchase
or
sale.
The
price
of
Fund
shares
is
based
on
market
price,
and
because
ETF
shares
trade
at
market
prices
rather
than
net
asset
value
(“NAV”),
shares
may
trade
at
a
price
greater
than
NAV
(a
premium)
or
less
than
NAV
(a
discount).
NAV
per
share
is
calculated
by
dividing
a
Fund’s
net
assets
by
the
number
of
Fund
shares
outstanding.
Your
transaction
will
be
priced
at
NAV
if
you
purchase
or
redeem
Fund
shares
in
Creation
Units.
The
Fund’s
NAV
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(“NYSE”).
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Authorized
Participants
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
the
Funds’
Administrator
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Additionally,
a
portion
of
the
transaction
fee
is
used
to
offset
transactional
costs
typically
accrued
in
the
Funds’
custody
expenses
directly
related
to
the
issuance
and
redemption
of
Creation
Units.
An
additional
variable
fee
may
be
charged
for
certain
transactions.
Such
fees
would
be
included
in
the
receivable
for
capital
shares
issued
on
the
Statements
of
Assets
and
Liabilities.
7. Purchases
and
Sales
of
Securities
Investment
transactions
(excluding
short-term
investments
and
in-kind
transactions)
for
the
period ended
March
31,
2023 were
as
follows:
All
Other
U.S.
Government
1
Purchases
at
Cost
Sales
or
Maturity
Proceeds
Purchases
at
Cost
Sales
or
Maturity
Proceeds
DoubleLine
Opportunistic
Bond
ETF
$
49,263,107
$
3,046,941
$
78,901,889
$
52,956,957
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
$
139,322,781
$
111,962,805
$
—
$
—
1
U.S.
Government
transactions
are
defined
as
those
involving
long-term
U.S.
Treasury
bills,
bonds
and
notes.
Notes
to
Financial
Statements
(Cont.)
26
DoubleLine
ETF
Trust
Investment
transactions
related
to
in-kind purchases
and
sales
for the period ended
March
31,
2023 were
as
follows:
8. Income
Tax
Information
The
cost
basis
of
investments
for
federal
income
tax
purposes
as
of
March
31,
2023 was
as
follows:
9. Bank
Loans
The
Funds
may
make
loans
directly
to
borrowers
and
may
acquire
or
invest
in
loans
made
by
others
(“loans”).
The
Funds
may
acquire
a
loan
interest
directly
by
acting
as
a
member
of
the
original
lending
syndicate.
Alternatively,
the
Funds
may
acquire
some
or
all
of
the
interest
of
a
bank
or
other
lending
institution
in
a
loan
to
a
particular
borrower
by
means
of
a
novation,
an
assignment
or
a
participation.
The
loans
in
which
the
Funds
may
invest
include
those
that
pay
fixed
rates
of
interest
and
those
that
pay
floating
rates—i.e.,
rates
that
adjusted
periodically
by
reference
to
a
base
lending
rate,
plus
a
spread.
These
base
lending
rates
are
primarily
the
London
Interbank
Offered
Rate
(LIBOR)
or
the
Secured
Overnight
Financing
Rate
(SOFR)
and
secondarily,
the
prime
rate
offered
by
one
or
more
major
United
States
banks
(the
Prime
Rate).
Base
lending
rates
may
be
subject
to
a
floor,
or
minimum
rate.
Rates
for
SOFR
are
generally
1
or
3-month
tenors
and
may
also
be
subject
to
a
credit
spread
adjustment.
The
Funds
may
purchase
and
sell
interests
in
bank
loans
on
a
when-issued
and
delayed
delivery
basis,
with
payment
delivery
scheduled
for
a
future
date.
Securities
purchased
on
a
delayed
delivery
basis
are
marked-to-market
daily
and
no
income
accrues
to
the
Funds
prior
to
the
date
the
Funds
actually
take
delivery
of
such
securities.
These
transactions
are
subject
to
market
fluctuations
and
are
subject,
among
other
risks,
to
the
risk
that
the
value
at
delivery
may
be
more
or
less
than
the
trade
purchase
price.
10. Principal
Risks
Below
are
summaries
of
some,
but
not
all,
of
the
principal
risks
of
investing
in
one
or
more
of
the
Funds,
each
of
which
could
adversely
affect
a
Fund's
NAV,
yield
and
total
return.
Each
risk
listed
below
does
not
necessarily
apply
to
each
Fund,
and
you
should
read
each
Fund's
prospectus
carefully
for
a
description
of
the
principal
risks
associated
with
investing
in
a
particular
Fund.
active
management
risk:
the
risk
that
the
Fund
will
fail
to
meet
its
investment
objective
and
that
the
Fund's
investment
performance
will
depend,
at
least
in
part,
on
how
its
assets
are
allocated
and
reallocated
among
asset
classes,
sectors,
underlying
funds
and/or
investments
and
that
such
allocation
will
focus
on
asset
classes,
sectors,
underlying
funds,
and/
or
investments
that
perform
poorly
or
underperform
other
asset
classes,
sectors,
underlying
funds,
and/or
available
investments.
Any
given
investment
strategy
may
fail
to
produce
the
intended
results,
and
the
Fund's
portfolio
may
underperform
other
comparable
funds
because
of
portfolio
management
decisions
related
to,
among
other
things,
the
selection
of
investments,
portfolio
construction,
risk
assessments,
and/or
the
outlook
on
market
trends
and
opportunities.
asset-backed
securities
investment
risk:
For
DBND
Only:
the
risk
that
borrowers
may
default
on
the
obligations
that
underlie
the
asset-backed
security
and
that,
during
periods
of
falling
interest
rates,
asset-backed
securities
may
be
called
or
prepaid,
which
may
result
in
a
Fund
having
to
reinvest
proceeds
in
other
investments
at
a
lower
interest
rate,
and
the
risk
Purchases
at
Cost
Sales
or
Maturity
Proceeds
Net
Realized
Gains
(Losses)
DoubleLine
Opportunistic
Bond
ETF
$
7,574,367
$
—
$
—
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
$
71,861,628
$
4,522,543
$
790,219
DoubleLine
Opportunistic
Bond
ETF
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
Tax
Cost
of
Investments
$
138,246,399
$
230,909,197
Gross
Tax
Unrealized
Appreciation
1,310,198
21,010,198
Gross
Tax
Unrealized
Depreciation
(2,134,318
)
(7,046,902
)
Net
Tax
Unrealized
Appreciation
(Depreciation)
(824,120
)
13,963,296
Notes
to
Financial
Statements
(Cont.)
(Unaudited)
March
31,
2023
Semi-Annual
Report
|
March
31,
2023
27
that
the
impairment
of
the
value
of
the
collateral
underlying
a
security
in
which
the
Fund
invests
(due,
for
example,
to
non-
payment
of
loans)
will
result
in
a
reduction
in
the
value
of
the
security.
collateralized
debt
obligations
risk:
For
DBND
Only
:
the risks
of
an
investment
in
a
collateralized
debt
obligation
("
CDO
")
depend
largely
on
the
quality
and
type
of
the
collateral
and
the
tranche
of
the
CDO
in
which
a
Fund
invests.
Normally,
collateralized
bond
obligations
("
CBOs
"),
CLOs
and
other
CDOs
are
privately
offered
and
sold,
and
thus
are
not
registered
under
the
securities
laws.
As
a
result,
investments
in
CDOs
may
be
illiquid.
In
addition
to
the
risks
associated
with
debt
instruments
(e.g.,
interest
rate
risk
and
credit
risk),
CDOs
carry
additional
risks
including,
but
not
limited
to:
(
i
)
the
possibility
that
distributions
from
collateral
will
not
be
adequate
to
make
interest
or
other
payments;
(ii)
the
quality
of
the
collateral
may
decline
in
value
or
default;
(iii)
the
possibility
that
a
Fund
may
invest
in
CDOs
that
are
subordinate
to
other
classes
of
the
issuer's
securities;
and
(iv)
the
complex
structure
of
the
security
may
not
be
fully
understood
at
the
time
of
investment
and
may
produce
disputes
with
the
issuer
or
unexpected
investment
results.
debt
securities
risks
:
For
DBND
Only:
credit
risk:
the
risk
that
an
issuer,
counterparty
or
other
obligor
to
the
Fund
will
fail
to
pay
its
obligations
to
the
Fund
when
they
are
due,
which
may
reduce
the
Fund’s
income
and/or
reduce,
in
whole
or
in
part,
the
value
of
the
Fund’s
investment.
Actual
or
perceived
changes
in
the
financial
condition
of
an
obligor,
changes
in
economic,
social
or
political
conditions
that
affect
a
particular
type
of
security,
instrument,
or
obligor,
and
changes
in
economic,
social
or
political
conditions
generally
can
increase
the
risk
of
default
by
an
obligor,
which
can
affect
a
security’s
or
other
instrument’s
credit
quality
or
value
and
an
obligor’s
ability
to
honor
its
obligations
when
due.
The
values
of
lower-
quality
debt
securities
(commonly
known
as
“junk
bonds”),
including
floating
rate
loans,
tend
to
be
particularly
sensitive
to
these
changes.
The
values
of
securities
or
instruments
also
may
decline
for
a
number
of
other
reasons
that
relate
directly
to
the
obligor,
such
as
management
performance,
financial
leverage,
and
reduced
demand
for
the
obligor’s
goods
and
services,
as
well
as
the
historical
and
prospective
earnings
of
the
obligor
and
the
value
of
its
assets.
interest
rate
risk:
the
risk
that
debt
instruments
will
change
in
value
because
of
changes
in
interest
rates.
The
value
of
an
instrument
with
a
longer
duration
(whether
positive
or
negative)
will
be
more
sensitive
to
changes
in
interest
rates
than
a
similar
instrument
with
a
shorter
duration.
Bonds
and
other
debt
instruments
typically
have
a
positive
duration.
The
value
of
a
debt
instrument
with
positive
duration
will
generally
decline
if
interest
rates
increase.
Certain
other
investments,
such
as
inverse
floaters
and
certain
derivative
instruments,
may
have
a
negative
duration.
The
value
of
instruments
with
a
negative
duration
will
generally
decline
if
interest
rates
decrease.
Inverse
floaters,
interest-only
and
principal-only
securities
are
especially
sensitive
to
interest
rate
changes,
which
can
affect
not
only
their
prices
but
can
also
change
the
income
flows
and
repayment
assumptions
about
those
investments.
Recently,
there
have
been
inflationary
price
movements,
which
have
caused the fixed
income
securities
markets
to
experience
heightened
levels
of interest rate
volatility
and
liquidity
risk.
The risks
associated
with
rising
interest
rates-
may
be
particularly
acute
in
the
current
market
environment
because
the Federal
Reserve
Board
recently
raised rates
and
may
continue
to
do
so.
prepayment
risk
:
the
risk
that
the
issuer
of
a
debt
security,
including
floating
rate
loans
and
mortgage-related
securities,
repays
all
or
a
portion
of
the
principal
prior
to
the
security's
maturity.
In
times
of
declining
interest
rates,
there
is
a
greater
likelihood
that
the
Fund's
higher
yielding
securities
will
be
pre-paid
with
the
Fund
being
unable
to
reinvest
the
proceeds
in
an
investment
with
as
great
a
yield.
Prepayments
can
therefore
result
in
lower
yields
to
shareholders
of
a
Fund.
extension
risk
:
the
risk
that
if
interest
rates
rise,
repayments
of
principal
on
certain
debt
securities,
including,
but
not
limited
to,
floating
rate
loans
and
mortgage-related
securities,
may
occur
at
a
slower
rate
than
expected
and
the
expected
maturity
of
those
securities
could
lengthen
as
a
result.
Securities
that
are
subject
to
extension
risk
generally
have
a
greater
potential
for
loss
when
prevailing
interest
rates
rise,
which
could
cause
their
values
to
fall
sharply.
LIBOR
phase
out/transition risk:
The
London
Interbank
Offered
Rate
(“
LIBOR
”), has
historically
been the
offered
rate
for
wholesale,
unsecured
funding
available
to
major
international
banks.
The
terms
of
many
investments,
financings
or
other
transactions
to
which
the
Fund
may
be
a
party
have
been
historically
tied
to
LIBOR.
LIBOR
has
also
historically been
a
significant
factor
in relation
to
payment
obligations
under
a
derivative
investment
and
may
be
used
in
other
ways
that
affect
the
Fund’s
investment
performance.
LIBOR
is
currently
in
the
process
of
being
phased
out.
The
transition
from
LIBOR
and
the
terms
of
any
replacement
rate(s),
including,
for
example,
a
secured
overnight
financing
rate
(“SOFR”)
or
another
rate
based
on
SOFR,
may
adversely
affect
transactions
that
use
LIBOR
as
a
reference
rate,
financial
institutions
that
engage
in
such
transactions,
and
the
financial
markets
generally.
There
Notes
to
Financial
Statements
(Cont.)
28
DoubleLine
ETF
Trust
are
significant
differences
between
LIBOR
and
SOFR,
such
as
LIBOR
being
an
unsecured
lending
rate
while
SOFR
is
a
secured
lending
rate.
As
such,
the
transition
away
from
LIBOR
may
adversely
affect
the
Fund’s
performance.
defaulted
securities
risk
:
For
DBND
Only:
the
significant
risk
of
the
uncertainty
of
repayment
of
defaulted
securities
(e.g.,
a
security
on
which
a
principal
or
interest
payment
is
not
made
when
due)
and
obligations
of
distressed
issuers
(including
insolvent
issuers
or
issuers
in
payment
or
covenant
default,
in
workout
or
restructuring
or
in
bankruptcy
or
similar
proceedings).
Such
investments
entail
high
risk
and
have
speculative
characteristics.
equity
issuer
risk
:
For
CAPE
Only:
the
risk
that
the
market
price
of
common
stocks
and
other
equity
securities
may
go
up
or
down,
sometimes
rapidly
or
unpredictably,
including
due
to
factors
affecting
equity
securities
markets
generally,
particular
industries
represented
in
those
markets,
or
the
issuer
itself.
ETF
related
risks:
ActiveShares
non-transparent
structure
risk:
For
CAPE
Only:
the
Fund
is
an
ETF
that
is
subject
to
the
risks
described
below.
Additionally,
because
the
ETF
utilizes
the
ActiveShares
®
non-transparent
ETF
structure,
it
is
subject
to
additional
or
enhanced
ETF-related
risks.
Unlike
most
actively
managed
ETFs,
the
Fund
does
not
provide
daily
disclosure
of
its
portfolio
holdings.
Instead,
the
Fund
provides
a
verified
intraday
indicative
value
(“
VIIV
”),
calculated
and
disseminated
every
second
throughout
the
trading
day.
The
VIIV
is
intended
to
provide
investors
with
an
intraday
highly-correlated
per
share
value
of
the
Fund
that
can
be
compared
to
the
current
market
price.
The
VIIV
is
designed
to
provide
sufficient
information
to
allow
for
an
effective
arbitrage
mechanism
that
will
keep
the
market
price
of
the
Fund’s
shares
trading
at
or
close
to
the
underlying
net
asset
value
(“
NAV
”)
per
share
of
the
Fund.
Shares
traded
on
an
intraday
basis
on
an
exchange,
however,
will
not
have
a
fixed
relationship
to
the
previous
day’s
or
the
current
day’s
NAV.
There
is,
however,
a
risk,
which
may
increase
during
periods
of
market
disruption
or
volatility,
that
market
prices
will
vary
significantly
from
the
underlying
NAV
of
the
Fund.
Similarly,
because
the
Fund’s
shares
trade
with
reference
to
a
published
VIIV,
they
may
trade
at
a
wider
bid/ask
spread
when
compared
to
shares
of
ETFs
that
publish
their
portfolios
on
a
daily
basis,
especially
during
periods
of
market
disruption
or
volatility,
and
therefore,
may
cost
investors
more
to
trade.
Although
the
Fund
seeks
to
benefit
from
keeping
its
portfolio
information
secret,
some
market
participants
may
attempt
to
use
information,
including
the
VIIV,
to
identify
the
Fund’s
trading
strategy
and
the
securities
held
by
the
Fund,
which
if
successful,
could
result
in
such
market
participants
engaging
in
certain
predatory
trading
practices
that
may
have
the
potential
to
harm
the
Fund
and
its
shareholders.
In
the
event
of
a
system
failure
or
other
interruption,
including
disruptions
involving
Authorized
Participants,
unaffiliated
broker-dealers
with
which
such
Authorized
Participant
has
signed
an
agreement
to
establish
a
confidential
account
for
the
benefit
of
such
Authorized
Participant
(an
“
AP
Representative
”),
or
market
makers,
orders
to
create
or
redeem
Creation
Units
either
may
not
be
executed
according
to
an
Authorized
Participant’s
instructions
or
may
not
be
executed
at
all,
or
an
Authorized
Participant
may
not
be
able
to
place
or
change
orders.
If
such
an
event
were
to
occur,
the
Fund’s
shares
may
trade
in
the
secondary
market
at
a
greater
premium
or
discount
to
the
Fund’s
NAV,
and
investors
may
pay
a
greater
bid/ask
spread
to
purchase
or
sell
the
Fund’s
shares.
In
addition
to
risks
related
to
operation
of
ETFs,
the
use
of
this
structure
exposes
the
Fund
and
Fund
shareholders
to
additional
risks.
authorized
participant
concentration
risk
:
For
DBND
Only
:
as
an
ETF,
the
Fund
issues
and
redeems
shares
on
a
continuous
basis
at
NAV
only
in
a
large
specified
number
of
shares
called
a
"
Creation
Unit
."
Only
a
limited
number
of
institutional
investors
(known
as
"
Authorized
Participants
")
are
authorized
to
purchase
(or
create)
and
redeem
shares
directly
from
the
Fund.
To
the
extent
that
these
institutions
exit
the
business
or
are
unable
to
proceed
with
creation
and/or
redemption
orders
with
respect
to
the
Fund
and
no
other
Authorized
Participant
is
able
to
step
forward
to
create
or
redeem,
in
either
of
these
cases,
Fund
shares
may
trade
at
a
discount
to
NAV
and
possibly
face
trading
halts
and/or
delisting.
authorized
participant
and
AP
Representative
concentration
risk
:
For
CAPE
Only:
As
an
ETF,
the
Fund
issues
and
redeems
shares
on
a
continuous
basis
at
NAV
only
in
a
large
specified
number
of
shares
called
a
"
Creation
Unit
."
Only
a
limited
number
of
institutional
investors
(known
as
"
Authorized
Participants
")
are
authorized
to
purchase
(or
create)
and
redeem
shares
directly
from
the
Fund.
Each
of
the
Fund's
Authorized
Participants
will
engage
in
all
creation
and
redemption
activity
through
an
AP
Representative.
The
AP
Representative
will
deliver
or
receive,
on
behalf
of
the
Authorized
Participant,
all
consideration
to
or
from
the
Fund
in
a
creation
or
redemption.
AP
Representatives
have
knowledge
of
the
composition
of
the
Fund's
portfolio
holdings,
and
are
restricted
from
disclosing
such
composition,
including
to
the
Authorized
Participants.
As
a
result
of
the
Fund's
use
of
the
ActiveShares
®
structure
for
non-transparent
ETFs,
there
may
be
a
more
limited
number
of
institutions
that
are
willing
to
act
as
Authorized
Participants
or
as
AP
Representatives.
During
times
of
market
stress,
Authorized
Participants
may
be
more
likely
to
step
away
from
a
non-transparent
ETF
than
a
traditional
ETF.
To
the
extent
these
institutions
Notes
to
Financial
Statements
(Cont.)
(Unaudited)
March
31,
2023
Semi-Annual
Report
|
March
31,
2023
29
exit
the
business
or
are
unable
to
proceed
with
creation
and/or
redemption
orders
with
respect
to
the
Fund,
or
are
unavailable
to
purchase
and
sell
securities
in
connection
with
creation
and/or
redemption
orders,
as
applicable,
and
no
other
Authorized
Participant
or
AP
Representative
agrees
to
create
or
redeem,
or
purchase
or
sell
securities,
as
applicable,
the
arbitrage
mechanism
for
keeping
the
market
price
of
Fund
shares
trading
at
or
close
to
the
Fund’s
per
share
NAV
may
be
impaired,
and
Fund
shares
may
trade
at
a
premium
or
discount
to
NAV
and
possibly
face
trading
halts
and/or
delisting.
These
risks
may
be
more
pronounced
in
volatile
markets,
particularly
where
there
are
significant
redemptions
in
ETFs
generally.
secondary
market
trading
risk
:
as
an
ETF,
shares
of
the
Fund
trade
on
an
exchange,
the
NYSE
Arca
,
Inc.
(the
"Exchange").
The
Fund
faces
numerous
market
trading
risks,
including
the
potential
lack
of
an
active
market
for
Fund
shares,
losses
from
trading
in
secondary
markets,
periods
of
high
volatility
and
disruptions
in
the
creation/redemption
process.
Any
of
these
factors,
among
others,
may
lead
to
the
Fund's
shares
trading
at
a
premium
or
discount
to
NAV.
absence
of
active
market:
although
the
Fund's
shares
are
currently
listed
for
trading
on
the
Exchange,
there
can
be
no
assurance
that
an
active
trading
market
for
such
shares
will
develop
or
be
maintained
by
market
makers
or
Authorized
Participants.
Authorized
Participants
are
not
obligated
to
execute
purchase
or
redemption
orders
for
Creation
Units.
In
periods
of
market
volatility,
market
makers
and/or
Authorized
Participants
may
be
less
willing
to
transact
in
Fund
shares.
The
absence
of
an
active
market
for
the
Fund's
shares
may
contribute
to
the
Fund's
shares
trading
at
a
premium
or
discount
to
NAV.
early
close/trading
halt/delisting
risk:
For
DNBD
only:
trading
in
Fund
shares
may
be
halted
due
to
market
conditions
or
for
other
reasons
that,
in
the
view
of
the
Exchange,
make
trading
in
shares
of
a
Fund
inadvisable.
Additionally,
an
exchange
or
market
may
close
or
issue
trading
halts
on
specific
securities,
or
the
ability
to
buy
or
sell
certain
securities
or
financial
instruments
may
be
restricted,
which
may
result
in
the
Fund
being
unable
to
buy
or
sell
certain
securities
or
financial
instruments.
In
such
circumstances,
the
Fund
may
be
unable
to
rebalance
its
portfolio,
may
be
unable
to
accurately
price
its
investments
and/or
may
incur
substantial
trading
losses.
The
Fund
must
satisfy
various
standards
established
by
the
Exchange
in
order
to
ensure
that
Fund
shares
can
continue
to
be
listed
for
trading.
There
can
be
no
assurance
that
the
requirements
of
the
Exchange
necessary
to
maintain
the
listing
of
the
Fund
will
continue
to
be
met.
For
CAPE
Only:
trading
in
Fund
shares
may
be
halted
due
to
market
conditions
or
for
other
reasons
that,
in
the
view
of
the
Exchange,
make
trading
in
shares
of
a
Fund
inadvisable.
Additionally,
an
exchange
or
market
may
close
or
issue
trading
halts
on
specific
securities,
or
the
ability
to
buy
or
sell
certain
securities
or
financial
instruments
may
be
restricted,
which
may
result
in
the
Fund
being
unable
to
buy
or
sell
certain
securities
or
financial
instruments.
In
such
circumstances,
the
Fund
may
be
unable
to
rebalance
its
portfolio,
may
be
unable
to
accurately
price
its
investments
and/or
may
incur
substantial
trading
losses.
If
at
any
time
securities
representing
10%
or
more
of
the
Fund’s
portfolio
become
subject
to
a
trading
halt
or
otherwise
do
not
have
readily
available
market
quotations,
the
Fund
will
request
that
the
Exchange
halt
trading
of
the
Fund’s
shares.
Further,
if
there
is
a
discrepancy
of
sufficient
magnitude
between
the
value
of
the
Fund’s
portfolio
securities
as
calculated
by
the
Fund’s
two
calculation
engines
for
VIIV
purposes,
the
Exchange
will
have
the
ability
to
halt
trading
of
the
Fund’s
shares.
During
such
trading
halts,
although
the
primary
VIIV
would
continue
to
be
calculated
and
disseminated,
investors
in
the
Fund’s
shares
will
not
be
able
to
freely
trade
their
shares.
Additionally,
the
Fund
must
satisfy
various
other
standards
established
by
the
Exchange
in
order
to
ensure
that
Fund
shares
can
continue
to
be
listed
for
trading.
There
can
be
no
assurance
that
the
requirements
of
the
Exchange
necessary
to
maintain
the
listing
of
the
Fund
will
continue
to
be
met.
trading
in
fund
shares
is
subject
to
expenses:
most
Fund
investors
will
buy
and
sell
Fund
shares
on
the
Exchange
or
on
another
secondary
market.
When
buying
or
selling
shares
of
the
Fund,
investors
typically
will
pay
brokerage
commissions
or
other
charges
imposed
by
brokers
as
determined
by
that
broker.
In
addition,
secondary
market
investors
will
also
incur
the
cost
of
the
difference
between
the
price
that
a
buyer
is
willing
to
pay
for
shares
(the
"bid"
price)
and
the
price
at
which
a
seller
is
willing
to
sell
shares
(the
"ask"
price).
This
difference
in
bid
and
ask
prices
is
often
referred
to
as
the
"spread"
or
"bid/ask
spread."
fund
shares
may
be
sold
short
:
shares
of
the
Fund,
similar
to
shares
of
other
issuers
listed
on
a
stock
exchange,
may
be
sold
short
and
are
therefore
subject
to
the
risk
of
increased
volatility
and
price
decreases
associated
with
short
selling
activity.
fund
shares
may
trade
at
prices
other
than
NAV
:
For
DBND
Only
:
shares
of
the
Fund
trade
on
the
Exchange
at
prices
at,
above
or
below
the
Fund’s
most
recent
NAV.
The
NAV
of
the
Fund
is
calculated
at
the
end
of
each
business
day
and
fluctuates
with
changes
in
the
market
value
of
the
Fund’s
holdings.
The
trading
price
of
the
Notes
to
Financial
Statements
(Cont.)
30
DoubleLine
ETF
Trust
Fund’s
shares
fluctuates
continuously
throughout
trading
hours
in
response
to
relative
supply
of
and
demand
for
Fund
shares
on
the
Exchange
and
the
underlying
value
of
the
Fund’s
portfolio
holdings
or
NAV.
As
a
result,
the
trading
prices
of
the
Fund’s
shares
may
deviate
significantly
from
NAV
during
periods
of
market
volatility,
including
during
periods
of
high
redemption
requests
or
other
unusual
market
conditions.
ANY
OF
THESE
FACTORS,
AMONG
OTHERS,
MAY
LEAD
TO
THE
FUND’S
SHARES
TRADING
AT
A
PREMIUM
OR
DISCOUNT
TO
NAV.
Disruptions
to
creations
and
redemptions,
the
existence
of
extreme
market
volatility
or
potential
lack
of
an
active
trading
market
for
Fund
shares
may
result
in
shares
trading
at
a
significant
premium
or
discount
to
NAV
and/or
in
a
reduced
liquidity
of
a
shareholder’s
investment.
During
such
periods,
shareholders
may
be
unable
to
sell
their
shares,
may
pay
significantly
more
than
NAV
when
buying
Fund
shares,
or
may
receive
significantly
less
than
NAV
when
selling
Fund
shares.
For
CAPE
Only:
shares
of
the
Fund
trade
on
the
Exchange
at
prices
at,
above
or
below
the
Fund’s
most
recent
NAV.
The
NAV
of
the
Fund
is
calculated
at
the
end
of
each
business
day
and
fluctuates
with
changes
in
the
market
value
of
the
Fund’s
holdings.
The
trading
price
of
the
Fund’s
shares
will
fluctuate,
in
some
cases
materially,
throughout
trading
hours
in
response
to
changes
in
the
Fund’s
VIIV,
the
relative
supply
of
and
demand
for
Fund
shares
on
the
Exchange
and
the
underlying
value
of
the
Fund’s
portfolio
holdings
or
NAV.
As
a
result,
the
trading
prices
of
the
Fund’s
shares
may
deviate
significantly
from
NAV
during
periods
of
market
volatility,
including
during
periods
of
high
redemption
requests
or
other
unusual
market
conditions.
ANY
OF
THESE
FACTORS,
AMONG
OTHERS,
MAY
LEAD
TO
THE
FUND’S
SHARES
TRADING
AT
A
PREMIUM
OR
DISCOUNT
TO
NAV.
This
risk
may
be
greater
for
the
Fund
than
for
traditional
ETFs
that
disclose
their
full
portfolio
holdings
on
a
daily
basis.
Disruptions
to
creations
and
redemptions,
the
existence
of
extreme
market
volatility
or
potential
lack
of
an
active
trading
market
for
Fund
shares
may
result
in
shares
trading
at
a
significant
premium
or
discount
to
NAV
and/or
in
a
reduced
liquidity
of
a
shareholder’s
investment.
During
such
periods,
shareholders
may
be
unable
to
sell
their
shares,
may
pay
significantly
more
than
NAV
when
buying
Fund
shares,
or
may
receive
significantly
less
than
NAV
when
selling
Fund
shares.
portfolio
security
trading
risk
:
For
CAPE
Only
:
an
exchange
or
market
may
close
or
issue
trading
halts
on
specific
securities,
or
the
ability
to
buy
or
sell
certain
securities
or
financial
instruments
may
be
restricted,
which
may
result
in
the
Fund
being
unable
to
buy
or
sell
certain
portfolio
securities
or
financial
instruments.
In
such
circumstances,
the
Fund
may
be
unable
to
engage
in
Fund
portfolio
transactions
to
rebalance
its
portfolio,
may
be
unable
to
have
its
investments
accurately
priced
for
purposes
of
determining
its
VIIV,
and
may
have
difficulty
calculating
its
NAV.
These
events
may
result
in
losses
to
shareholders.
Any
extended
trading
halt
in
a
portfolio
security
may
exacerbate
discrepancies
between
the
VIIV
and
the
underlying
NAV
of
the
Fund.
If
a
portfolio
security
does
not
have
readily
available
market
quotations,
e.g.,
if
subject
to
an
extended
trading
halt,
that
fact,
along
with
the
identity
and
weighting
of
that
security
in
the
Fund’s
VIIV
calculation,
will
be
publicly
disclosed
on
the
Fund’s
website.
Trading
halts
of
portfolio
securities
may
have
a
greater
impact
on
the
Fund,
as
compared
with
traditional
ETFs,
due
to
less
frequent
dissemination
of
the
Fund’s
portfolio
holdings.
financial
services
risk
:
the
risk
that
an
investment
in
issuers
in
the
financial
services
sector
or
transactions
with
one
or
more
counterparties
in
the
financial
services
sector
may
be
adversely
affected
by,
among
other
things:
(
i
)
changes
in
governmental
regulation,
which
may
limit
both
the
amounts
and
the
types
of
loans
and
other
financial
commitments
financial
services
companies
can
make,
the
interest
rates
and
fees
they
can
charge,
the
scope
of
their
activities,
the
prices
they
can
charge
and
the
amount
of
capital
they
must
maintain;
(ii)
fluctuations,
including
as
a
result
of
interest
rate
changes
or
increased
competition,
in
the
availability
and
cost
of
capital
funds
on
which
the
profitability
of
financial
services
companies
is
largely
dependent;
(iii)
deterioration
of
the
credit
markets;
(iv)
credit
losses
resulting
from
financial
difficulties
of
borrowers,
especially
when
financial
services
companies
are
exposed
to
non-diversified
or
concentrated
loan
portfolios;
(v)
financial
losses
associated
with
investment
activities,
especially
when
financial
services
companies
are
exposed
to
financial
leverage;
(vi)
the
risk
that
any
financial
services
company
experiences
substantial
declines
in
the
valuations
of
its
assets,
takes
action
to
raise
capital,
or
ceases
operations;
(vii)
the
risk
that
a
market
shock
or
other
unexpected
market,
economic,
political,
regulatory,
or
other
event
might
lead
to
a
sudden
decline
in
the
values
of
most
or
all
companies
in
the
financial
services
sector;
and
(viii)
the
interconnectedness
or
interdependence
among
financial
services
companies,
including
the
risk
that
the
financial
distress
or
failure
of
one
financial
services
company
may
materially
and
adversely
affect
a
number
of
other
financial
services
companies.
high
yield
risk
:
the
risk
that
debt
instruments
rated
below
investment
grade
or
debt
instruments
that
are
unrated
and
of
comparable
or
lesser
quality
are
predominantly
speculative.
These
instruments,
commonly
known
as
"junk
bonds,"
have
a
higher
degree
of
default
risk
and
may
be
less
liquid
than
higher-rated
bonds.
These
instruments
may
be
subject
to
greater
price
volatility
due
to
such
factors
as
specific
corporate
developments,
interest
rate
sensitivity,
negative
perceptions
of
high
yield
investments
generally,
and
less
secondary
market
liquidity.
Notes
to
Financial
Statements
(Cont.)
(Unaudited)
March
31,
2023
Semi-Annual
Report
|
March
31,
2023
31
index risk:
For
CAPE
Only:
although
the
Adviser
has
licensed
from
the
Index’s
sponsor
the
right
to
use
the
Index
as
part
of
implementing
the
Fund’s
principal
investment
strategies,
there
can
be
no
guarantee
that
the
Index
will
be
maintained
indefinitely
or
that
the
Fund
will
be
able
to
continue
to
utilize
the
Index
to
implement
the
Fund’s
principal
investment
strategies
indefinitely.
If
the
sponsor
of
the
Index
ceases
to
maintain
the
Index,
the
Fund
no
longer
has
the
ability
to
utilize
the
Index
to
implement
its
principal
investment
strategies,
or
other
circumstances
exist
that
the
Adviser
or
the
Fund’s
Board
of
Trustees
concludes
substantially
limit
the
Fund’s
ability
to
create
cost-effective
synthetic
investment
exposure
to
the
Index,
the
Adviser
or
the
Fund’s
Board
of
Trustees
may
substitute
the
Index
with
another
index
that
it
chooses
in
its
sole
discretion.
There
can
be
no
assurance
that
any
substitute
index
so
selected
will
be
similar
to
the
Index
or
will
perform
in
a
manner
similar
to
the
Index.
Unavailability
of
the
Index
could
affect
adversely
the
ability
of
the
Fund
to
achieve
its
investment
objective.
limited
operating
history
risk:
the
Fund
is
recently
formed
and
has
a
limited
operating
history
for
investors
to
evaluate.
The
Fund
may
not
attract
sufficient
assets
to
achieve
or
maximize
investment
and
operational
efficiencies
and
remain
viable.
If
the
Fund
fails
to
achieve
sufficient
scale,
it
may
be
liquidated.
liquidity
risk
:
the
risk
that
the
Fund
may
be
unable
to
sell
a
portfolio
investment
at
a
desirable
time
or
at
the
value
the
Fund
has
placed
on
the
investment.
Illiquidity
may
be
the
result
of,
for
example,
low
trading
volume,
lack
of
a
market
maker,
or
contractual
or
legal
restrictions
that
limit
or
prevent
the
Fund
from
selling
securities
or
closing
derivative
positions.
During
periods
of
substantial
market
disruption,
a
large
portion
of
the
Fund’s
assets
could
potentially
experience
significant
levels
of
illiquidity.
The
values
of
illiquid
investments
are
often
more
volatile
than
the
values
of
more
liquid
investments.
It
may
be
more
difficult
for
the
Fund
to
determine
a
fair
value
of
an
illiquid
investment
than
that
of
a
more
liquid
comparable
investment.
loan
risk:
For
DBND
Only:
the
risk
that
(
i
)-
if
the
Fund
holds
a
loan
through
another
financial
intermediary,
or
relies
on
a
financial
intermediary
to
administer
the
loan,
its
receipt
of
principal
and
interest
on
the
loan
may
be
subject
to
the
credit
risk
of
that
financial
intermediary;
(ii)-
any
collateral
securing
a
loan
may
be
insufficient
or
unavailable
to
the
Fund,
because,
for
example,
the
value
of
the
collateral
securing
a
loan
can
decline,
be
insufficient
to
meet
the
obligations
of
the
borrower,
or
be
difficult
to
liquidate,
and
the
Fund's
rights
to
collateral
may
be
limited
by
bankruptcy
or
insolvency
laws;
(iii)-
investments
in
highly
leveraged
loans
or
loans
of
stressed,
distressed,
or
defaulted
issuers
may
be
subject
to
significant
credit
and
liquidity
risk;
(iv)-
a
bankruptcy
or
other
court
proceeding
could
delay
or
limit
the
ability
of
the
Fund
to
collect
the
principal
and
interest
payments
on
that
borrower's
loans
or
adversely
affect
the
Fund's
rights
in
collateral
relating
to
a
loan; (v)-
there
may
be
limited
public
information
available
regarding
the
loan
and
the
relevant
borrower(s);
(vi)-
the
use
of
a
particular
interest
rate
benchmark,
may
limit
the
Fund’s
ability
to
achieve
a
net
return
to
shareholders
that
consistently
approximates
the
average
published
Prime
Rate
of
U.S.
banks;
(vii)-
the
prices
of
certain
floating
rate
loans
that
include
a
feature
that
prevents
their
interest
rates
from
adjusting
if
market
interest
rates
are
below
a
specified
minimum
level
may
appreciate
less
than
other
instruments
in
response
to
changes
in
interest
rates
should
interest
rates
rise
but
remain
below
the
applicable
minimum
level;
(viii)-
if
a
borrower
fails
to
comply
with
various
restrictive
covenants
that
may
be
found
in
loan
agreements,
the
borrower
may
default
in
payment
of
the
loan;
(ix)-
if
the
Fund
invests
in
loans
that
contain
fewer
or
less
restrictive
constraints
on
the
borrower
than
certain
other
types
of
loans
(“covenant-lite”
loans),
it
may
have
fewer
rights
the
borrowers
of
such
loans,
including
fewer
protections
against
the
possibility
of
default
and
fewer
remedies
in
the
event
of
default;
(x)-
the
loan
is
unsecured;
(xi)-
there
is
a
limited
secondary
market;
(xii)-
transactions
in
loans
may
settle
on
a
delayed
basis,
and
the
Fund
may
not
receive
the
proceeds
from
the
sale
of
a
loan
for
a
substantial
period
of
time
after
the
sale,
which
may
result
in
sale
proceeds
related
to
the
sale
of
loans
not
being
available
to
make
additional
investments
or
to
meet
the
Fund’s
redemption
obligations
until
potentially
a
substantial
period
after
the
sale
of
the
loans;
and
(xiii)-
loans
may
be
difficult
to
value
and
may
be
illiquid,
which
may
adversely
affect
an
investment
in
the
Fund.
The
Fund
may
invest
in
loans
directly
or
indirectly
by
investing
in
shares
of
another
investment
company
and
in
either
case
will
be
subject
to
the
risks
described
above.
market
capitalization
risk:
For
CAPE
Only:
the
risk
that
investing
substantially
in
issuers
in
one
market
capitalization
category
(large,
medium
or
small)
may
adversely
affect
the
Fund
because
of
unfavorable
market
conditions
particular
to
that
category
of
issuers,
such
as
larger,
more
established
companies
being
unable
to
respond
quickly
to
new
competitive
challenges
or
attain
the
high
growth
rates
of
successful
smaller
companies,
or,
conversely,
stocks
of
smaller
companies
being
more
volatile
than
those
of
larger
companies
due
to,
among
other
things,
narrower
product
lines,
more
limited
financial
resources,
fewer
experienced
managers
and
there
typically
being
less
publicly
available
information
about
small
capitalization
companies.
market
risk:
the
risk
that
markets
will
perform
poorly
or
that
the
returns
from
the
securities
in
which
a
Fund
invests
will
underperform
returns
from
the
general
securities
markets
or
other
types
of
investments.
Markets
may,
in
response
to
Notes
to
Financial
Statements
(Cont.)
32
DoubleLine
ETF
Trust
governmental
actions
or
intervention
or
general
market
conditions,
including
real
or
perceived
adverse
political,
economic
or
market
conditions,
tariffs
and
trade
disruptions,
inflation,
recession,
changes
in
interest
or
currency
rates,
lack
of
liquidity
in
the
bond
markets
or
adverse
investor
sentiment,
or
other
external
factors,
experience
periods
of
high
volatility
and
reduced
liquidity.
During
those
periods,
the
Fund
may
experience
high
levels
of
shareholder
redemptions,
which
may
only
occur
in
creation
units.
To
satisfy
such
redemptions,
the
Fund
may
have
to
sell
securities
at
times
when
the
Fund
would
otherwise
not
do
so,
and
potentially
at
unfavorable
prices.
Certain
securities
may
be
difficult
to
value
during
such
periods.
Market
risk
involves
the
risk
that
the
value
of
the
Fund's
investment
portfolio
will
change,
potentially
frequently
and
in
large
amounts,
as
the
prices
of
its
investments
go
up
or
down.
During
periods
of
severe
market
stress,
it
is
possible
that
the
market
for
some
or
all
of
a
Fund's
investments
may
become
highly
illiquid.
Recently,
there
have
been
inflationary
price
movements,
which
have
caused
the
fixed
income
securities
markets
to
experience
heightened
levels
of
interest
rate
volatility
and
liquidity
risk.
Please
see
“debt
securities
risks
–
interest
rate
risk”
herein
for
more
information.
mortgage-backed
securities
risk:
For
DBND
Only:
the
risk
that
borrowers
may
default
on
their
mortgage
obligations
or
the
guarantees
underlying
the
mortgage-backed
securities
will
default
or
otherwise
fail
and
that,
during
periods
of
falling
interest
rates,
mortgage-backed
securities
will
be
called
or
prepaid,
which
may
result
in
a
Fund
having
to
reinvest
proceeds
in
other
investments
at
a
lower
interest
rate.
During
periods
of
rising
interest
rates,
the
average
life
of
a
mortgage-backed
security
may
extend,
which
may
lock
in
a
below-market
interest
rate,
increase
the
security's
duration,
and
reduce
the
value
of
the
security.
Enforcing
rights
against
the
underlying
assets
or
collateral
may
be
difficult,
or
the
underlying
assets
or
collateral
may
be
insufficient
if
the
issuer
defaults.
The
values
of
certain
types
of
mortgage-backed
securities,
such
as
inverse
floaters
and
interest-only
and
principal-only
securities,
may
be
extremely
sensitive
to
changes
in
interest
rates
and
prepayment
rates.
A
Fund
may
invest
in
mortgage-backed
securities
that
are
subordinate
in
their
right
to
receive
payment
of
interest
and
repayment
of
principal
to
other
classes
of
the
issuer's
securities.
non-diversification
risk
:
the
risk
that,
because
a
relatively
higher
percentage
of
the
Fund's
assets
may
be
invested
in
a
limited
number
of
issuers,
the
Fund
may
be
more
susceptible
to
any
single
economic,
political,
or
regulatory
occurrence
than
a
diversified
fund
investing
in
a
broader
range
of
issuers.
A
decline
in
the
market
value
of
one
of
the
Fund's
investments
may
affect
the
Fund's
value
more
than
if
the
Fund
were
a
diversified
fund.
However,
the
Fund
intends
to
satisfy
the
asset
diversification
requirements
for
qualification
as
a
regulated
investment
company
(a
"
RIC
")
under
Subchapter
M
of
the
Internal
Revenue
Code
of
1986,
as
amended
(the
"
Code
").
portfolio
turnover
risk
:
the
risk
that
frequent
purchases
and
sales
of
portfolio
securities
may
result
in
higher
Fund
expenses
and
may
result
in
larger
distributions
of
taxable
capital
gains
to
investors
as
compared
to
a
fund
that
trades
less
frequently.
real
estate
sector risk:
the
risk
that
real
estate-related
investments
may
decline
in
value
as
a
result
of
factors
affecting
the
real
estate
sector,
such
as
the
supply
of
real
property
in
certain
markets,
changes
in
zoning
laws,
delays
in
completion
of
construction,
changes
in
real
estate
values,
changes
in
property
taxes,
levels
of
occupancy,
and
local,
regional
and
general
market
conditions.
restricted
securities
risk:
For
DBND
Only:
the
risk
that
a
Fund
may
be
prevented
or
limited
by
law
or
the
terms
of
an
agreement
from
selling
a
security
(a
"
restricted
security
").
To
the
extent
that
a
Fund
is
permitted
to
sell
a
restricted
security,
there
can
be
no
assurance
that
a
trading
market
will
exist
at
any
particular
time,
and
a
Fund
may
be
unable
to
dispose
of
the
security
promptly
at
reasonable
prices
or
at
all.
A
Fund
may
have
to
bear
the
expense
of
registering
the
securities
for
resale
and
the
risk
of
substantial
delays
in
effecting
the
registration.
Also,
restricted
securities
may
be
difficult
to
value
because
market
quotations
may
not
be
readily
available,
and
the
values
of
restricted
securities
may
have
significant
volatility.
securities
or
sector
selection
risk
:
the
risk
that
the
securities
held
by
the
Fund
will
underperform
securities
held
in
other
funds
investing
in
similar
asset
classes
or
comparable
benchmarks
because
of
the
portfolio
managers’
choice
of
securities
or
sectors
for
investment.
To
the
extent
the
Fund
focuses
or
concentrates
its
investments
in
a
particular
sector
or
related
sectors,
the
Fund
will
be
more
susceptible
to
events
or
factors
affecting
companies
in
that
sector
or
related
sectors.
For
example,
the
values
of
securities
of
companies
in
the
same
or
related
sectors
may
be
negatively
affected
by
the
common
characteristics
they
share,
the
common
business
risks
to
which
they
are
subject,
common
regulatory
burdens,
or
regulatory
changes
that
affect
them
similarly.
Such
characteristics,
risks,
burdens
or
changes
include,
but
are
not
limited
to,
changes
in
governmental
regulation,
inflation
or
deflation,
rising
or
falling
interest
rates,
competition
from
new
entrants,
and
other
economic,
market,
political
or
other
developments
specific
to
that
sector
or
related
sectors.
structured
products
and
structured
notes
risk:
For
DBND
Only:
the
risk
that
an
investment
in
a
structured
product,
which
includes,
among
other
things,
CDOs,
mortgage-backed
securities,
other
types
of
asset-backed
securities
and
certain
types
of
structured
notes,
may
decline
in
value
due
to
changes
in
the
underlying
instruments,
indexes,
interest
rates
or
other
Notes
to
Financial
Statements
(Cont.)
(Unaudited)
March
31,
2023
Semi-Annual
Report
|
March
31,
2023
33
factors
on
which
the
product
is
based
(“
reference
measure
”).
Depending
on
the
reference
measure
used
and
the
use
of
multipliers
or
deflators
(if
any),
changes
in
interest
rates
and
movement
of
the
reference
measure
may
cause
significant
price
and
cash
flow
fluctuations.
Application
of
a
multiplier
is
comparable
to
the
use
of
financial
leverage,
a
speculative
technique.
Holders
of
structured
products
indirectly
bear
risks
associated
with
the
reference
measure,
are
subject
to
counterparty
risk
and
typically
do
not
have
direct
rights
against
the
reference
measure.
Structured
products
are
generally
privately
offered
and
sold,
and
thus,
are
not
registered
under
the
securities
laws
and
may
be
thinly
traded
or
have
a
limited
trading
market
and
may
have
the
effect
of
increasing
the
Fund’s
illiquidity,
reducing
the
Fund’s
income
and
the
value
of
the
investment.
At
a
particular
point
in
time,
the
Fund
may
be
unable
to
find
qualified
buyers
for
these
securities.
Investments
in
structured
notes
involve
risks
including
interest
rate
risk,
credit
risk
and
market
risk.
U.S.
Government
securities
risk
:
For
DBND
Only:
the
risk
that
debt
securities
issued
or
guaranteed
by
certain
U.S.
Government
agencies,
instrumentalities,
and
sponsored
enterprises
are
not
supported
by
the
full
faith
and
credit
of
the
U.S.
Government,
and
so
investments
in
their
securities
or
obligations
issued
by
them
involve
credit
risk
greater
than
investments
in
other
types
of
U.S.
Government
securities.
valuation
risk:
the
risk
that
a
Fund
will
not
value
its
investments
in
a
manner
that
accurately
reflects
their
market
values
or
that
the
Fund
will
not
be
able
to
sell
any
investment
at
a
price
equal
to
the
valuation
ascribed
to
that
investment
for
purposes
of
calculating
the
Fund's
net
asset
value ("
NAV
").
The
valuation
of
a
Fund's
investments
involves
subjective
judgment.
Certain
securities
in
which
the
Fund
may
invest
may
be
more
difficult
to
value
accurately,
especially
during
periods
of
market
disruptions
or
extreme
market
volatility.
Incorrect
valuations
of
the
Fund's
portfolio
holdings
could
result
in
the
Fund's
shareholder
transactions
being
effected
at
an
NAV
that
does
not
accurately
reflect
the
underlying
value
of
the
Fund's
portfolio,
resulting
in
the
dilution
of
shareholder
interests.
11. Subsequent
Events
In
preparing
these
financial
statements,
the
Funds
have
evaluated
events
and
transactions
for
potential
recognition
or
disclosure
through
the
date
the
financial
statements
were
issued.
The
Funds
have
determined
there
are
no
additional
subsequent
events
that
would
need
to
be
disclosed
in
the
Funds'
financial
statements.
Shareholder
Expenses
34
DoubleLine
ETF
Trust
(Unaudited)
March
31,
2023
Example
As
a
shareholder
of
the
Funds,
you
incur
two
basic
types
of
costs:
(1)
transaction
costs,
and
(2)
ongoing
costs,
including
management
fees
and
other
Fund
expenses.
This
Example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
each
Fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other exchange-traded funds.
The
Example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period October
1,
2022 through
March
31,
2023.
Expenses
paid
during
the
period
are
equal
to
the
net
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/365
(to
reflect
the
one-half
year
period).
Actual
Expenses
The
actual
return
columns
in
the
following
table
provide
information
about
account
values
based
on
actual
returns
and
actual
expenses.
You
may
use
the
information
in
these
columns,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
in
the
respective
line
under
the
heading
entitled
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
In
addition
to
the
expenses
shown
below
in
the
table,
as
a
shareholder
you
will
be
assessed
fees
for
outgoing
wire
transfers,
returned
checks
and
stop
payment
orders
at
prevailing
rates
charged
by
JP
Morgan
Chase
Bank,
N.A.,
the
Fund’s
transfer
agent.
Currently,
if
you
request
a
redemption
be
made
by
wire,
a
$15.00
fee
is
charged
by
the
Fund’s
transfer
agent.
An
Individual
Retirement
Account
("IRA")
will
be
charged
a
$15.00
annual maintenance
fee. The
transfer
agent
charges
a
transaction
fee
of
$25.00
on
returned
checks
and
stop
payment
orders.
If
you
paid
a
transaction
fee,
you
would
add
the
fee
amount
to
the
expenses
paid
on
your
account
this
period
to
obtain
your
total
expenses
paid.
Hypothetical
Example
for
Comparison
Purposes
The
hypothetical
return
columns
in
the
following
table
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
a
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
a
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
a
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
the
transaction
fees
discussed
above.
Therefore,
those
columns
are
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Actual
Hypothetical
(5%
return
before
expenses)
Fund's
Annualized
Expense
Ratio
Beginning
Account
Value
Ending
Account
Value
at
3/31/23
Expenses
Paid
During
Period
(a)
Ending
Account
Value
at
3/31/23
Expenses
Paid
During
Period
(a)
DoubleLine
Opportunistic
Bond
ETF
0.50%
$1,000
$1,044
$2.55
$1,022
$2.52
DoubleLine
Shiller
CAPE®
U.S.
Equities
ETF
0.65%
$1,000
$1,139
$3.47
$1,022
$3.28
(a)
Expenses
Paid
During
Period
are
equal
to
the
net
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/365
(to
reflect
the
one-half
year
period).
Semi-Annual
Report
|
March
31,
2023
35
Information
About
Proxy
Voting
(Unaudited)
March
31,
2023
Information
about
how
a
Fund
voted
proxies
relating
to
portfolio
securities
held
during
the
most
recent
twelve
month
period
will
be
available
no
later
than
the
following
August
31st
without
charge,
upon
request,
by
calling (855)
937-0772 and
on
the
SEC’s
website
at
http://www.sec.gov.
Copies
of
the
written
Proxy
Policy
are
available
by
calling
(855)
937-0772.
Information
About
Portfolio
Holdings
DoubleLine
Opportunistic
Bond
ETF
The
DoubleLine
Opportunistic
Bond
ETF’s
entire
portfolio
holdings
are
publicly
disseminated
each
day
the
Fund
is
open
for
business
through
financial
reporting
and
news
services
including
publicly
available
internet
web
sites.
In
addition,
the
composition
of
the
in-kind
creation
basket
and
the
in-kind
redemption
basket
is
publicly
disseminated
daily
prior
to
the
opening
of
the
Exchange
via
the
NSCC.
The
Fund
may
also
disclose
certain
key
portfolio
characteristics,
as
of
the
end
of
the
prior
business
day,
on
its
website
on
a
daily
basis.
Greater
than
daily
access
to
information
concerning
the
Fund’s
portfolio
holdings
is
permitted
(i)
to
certain
personnel
of
service
providers
to
the
Fund
involved
in
portfolio
management
and
providing
administrative,
operational,
risk
management,
or
other
support
to
portfolio
management,
and
(ii)
to
other
personnel
of
the
Fund’s
service
providers
who
deal
directly
with,
or
assist
in,
functions
related
to
investment
management,
administration,
custody
and
fund
accounting,
as
may
be
necessary
to
conduct
business
in
the
ordinary
course
in
a
manner
consistent
with
applicable
law,
agreements
with
the
Fund,
and
the
terms
of
the
Trust’s
current
registration
statement.
From
time
to
time,
and
in
the
ordinary
course
of
business,
such
information
may
also
be
disclosed
(i)
to
other
entities
that
provide
services
to
the
Fund,
including
pricing
information
vendors,
and
third
parties
that
deliver
analytical,
statistical
or
consulting
services
to
the
Fund
and
(ii)
generally
after
it
has
been
disseminated
to
the
NSCC.
No
person
is
authorized
to
disclose
any
of
the
Fund’s
portfolio
holdings
or
other
investment
positions
(whether
in
writing,
by
fax,
by
e-mail,
orally,
or
by
other
means)
except
in
accordance
with
the
above.
The
Trust’s
Chief
Compliance
Officer
may
authorize
disclosure
of
portfolio
holdings.
The
Board
reviews
the
implementation
of
this
policy
on
a
periodic
basis.
DoubleLine
Shiller
CAPE
®
U.S.
Equities
ETF
The
DoubleLine
Shiller
CAPE
®
U.S.
Equities
ETF
does
not
make
its
full
portfolio
holdings
publicly
available
on
a
daily
basis.
Information
regarding
the
Fund’s
portfolio
holdings
may
be
shared
at
any
time
with
employees
of
the
Adviser
and
other
affiliated
parties
involved
in
the
management,
administration
or
operations
of
the
Fund
(referred
to
as
fund-affiliated
personnel).
Any
dissemination
of
non-public
information
that
could
be
material
must
occur
to
all
shareholders
at
the
same
time
and
in
a
forum
typically
used
to
disseminate
information
broadly.
Under
its
portfolio
holdings
disclosure
policy,
the
Fund
may
release
portfolio
holdings
information
on
a
regular
basis
to
its
custodian
or
sub-custodians,
its
fund
accounting
agent,
its
proxy
voting
provider,
an
AP
Representative,
any
clearing
broker
used
by
an
AP
Representative,
the
entity
responsible
for
the
calculation
of
the
verified
intraday
indicative
value
(“VIIV”),
rating
agency
or
other
vendor
or
service
provider
for
a
legitimate
business
purpose,
where
the
party
receiving
the
information
is
under
a
duty
of
confidentiality,
including
a
duty
to
prohibit
the
sharing
of
non-public
information
with
unauthorized
sources
and
trading
upon
non-public
information.
The
Fund
may
enter
into
other
ongoing
arrangements
for
the
release
of
portfolio
holdings
information,
but
only
if
such
arrangements
serve
a
legitimate
business
purpose
and
are
with
a
party
who
is
subject
to
a
confidentiality
agreement
and
restrictions
on
trading
upon
non-public
information.
None
of
the
Fund,
the
Adviser,
or
any
other
affiliated
party
may
receive
compensation
or
any
other
consideration
in
connection
with
such
arrangements.
Ongoing
arrangements
to
make
available
information
about
the
Fund’s
portfolio
securities
are
reviewed
at
least
annually
by
the
Board.
The
Fund
has
authorized
ongoing
arrangements
with
its
custodian,
two
AP
Representatives
and
the
party
responsible
for
the
calculation
of
the
VIIV
that
include
the
release
of
portfolio
holdings
information
in
accordance
with
the
policy.
The
approval
of
the
Fund’s
Chief
Compliance
Officer,
or
his
or
her
designee,
must
be
obtained
before
entering
into
any
new
ongoing
arrangement
or
modifying
any
existing
ongoing
arrangement
to
make
available
portfolio
holdings
information,
or
with
respect
to
any
exceptions
from
the
policy.
Because
the
Fund
does
not
publicly
disclose
its
portfolio
holdings
daily,
the
selective
disclosure
of
material
nonpublic
information,
including
information
other
than
portfolio
information,
is
more
likely
to
provide
an
unfair
advantage
to
the
recipient
than
in
other
ETFs.
Accordingly,
the
Fund
and
each
person
acting
on
behalf
of
the
Fund
is
required
to
comply
with
Regulation
Fair
Disclosure
as
Information
About
Portfolio
Holdings
(Cont.)
36
DoubleLine
ETF
Trust
if
it
applied
to
them
(except
that
the
exemptions
provided
in
Rule
100(b)(2)(iii)
therein
shall
not
apply).
In
addition,
the
portfolio
holdings
are
considered
material,
non-public
information
under
the
Code
of
Ethics
of
the
Fund,
the
Adviser,
and
Distributor
and
the
agreements
related
to
the
Fund’s
other
service
providers
with,
or
any
other
party
given,
access
to
the
portfolio
holdings,
including
the
custodian,
administrator
and
fund
accountant,
include
appropriate
confidentiality
provisions
and
be
generally
prohibited
from
using
this
information
for
any
purpose
other
than
providing
services
to
the
Fund,
including
trading
based
upon
this
information.
The
Fund
uses
AP
Representatives
who
establish
and
maintain
a
confidential
account
for
the
benefit
of
an
AP,
in
order
to
engage
in
in-kind
creation
and
redemption
activity.
Each
business
day,
the
Fund’s
custodian
transmits
the
composition
of
the
Fund’s
creation
basket
to
each
AP
Representative.
Pursuant
to
a
confidential
account
agreement,
each
AP
Representative
is
restricted
from
disclosing
the
creation
basket
and
undertakes
an
obligation
not
to
use
the
identity
or
weighting
of
the
securities
in
the
creation
basket
for
any
purpose
other
than
executing
creations
and
redemptions
for
the
Fund.
The
confidential
account
enables
APs
to
transact
in
the
underlying
securities
of
the
creation
basket
through
their
AP
Representatives,
enabling
them
to
engage
in
in-kind
creation
or
redemption
activity.
Each
Fund’s
complete
schedule
of
investments
following
the
first
and
third
fiscal
quarters
is
available
in
quarterly
holdings
reports
filed
with
the
SEC
as
exhibits
to
Form
N-PORT,
and
each
Fund’s
complete
schedule
of
investments
following
the
second
and
fourth
fiscal
quarters
is
available
in
Shareholder
Reports
filed
with
the
SEC
on
Form
N-CSR.
Complete
schedules
of
investments
filed
with
the
SEC
on
Form
N-CSR
and
as
exhibits
to
Form
N-PORT
are
not
distributed
to
Fund
shareholders
but
are
available,
free
of
charge,
on
the
SEC’s
website
at
www.sec.gov.
Should
a
Fund
include
only
a
Summary
Schedule
rather
than
a
complete
schedule
of
investments
in
its
Semi-Annual
and
Annual
Reports,
its
complete
schedule
of
investments
is
available
without
charge,
upon
request,
by
calling
(855)-937-0772
or
on
the
Funds’
website
at
www.doubleline.com.
Householding—Important
Notice
Regarding
Delivery
of
Shareholder
Documents
In
an
effort
to
conserve
resources,
the
Funds
intend
to
reduce
the
number
of
duplicate
Prospectuses
and
Annual
and
Semi-Annual
Reports
you
receive
by
sending
only
one
copy
of
each
to
addresses
where
we
reasonably
believe
two
or
more
accounts
are
from
the
same
family.
If
you
would
like
to
discontinue
householding
of
your
accounts,
please
call
(855)
937-0772
to
request
individual
copies
of
these
documents.
We
will
begin
sending
individual
copies
thirty
days
after
receiving
your
request
to
stop
householding.
Semi-Annual
Report
|
March
31,
2023
37
Privacy
Policy
(Unaudited)
March
31,
2023
What
Does
DoubleLine
Do
With
Your
Personal
Information?
This
notice
provides
information
about
how
DoubleLine
(“we,”
“our”
and
“us”)
collects,
discloses,
and
protects
your
personal
information,
and
how
you
might
choose
to
limit
our
ability
to
disclose
certain
information
about
you.
Please
read
this
notice
carefully.
Why
We
Need
Your
Personal
Information
All
financial
companies
need
to
disclose
customers’
personal
information
to
run
their
everyday
businesses,
to
appropriately
tailor
the
services
offered
(where
applicable),
and
to
comply
with
our
regulatory
obligations.
Accordingly,
information,
confidential
and
proprietary,
plays
an
important
role
in
the
success
of
our
business.
However,
we
recognize
that
you
have
entrusted
us
with
your
personal
and
financial
data,
and
we
recognize
our
obligation
to
keep
this
information
secure.
Maintaining
your
privacy
is
important
to
us,
and
we
hold
ourselves
to
a
high
standard
in
its
safekeeping
and
use.
Most
importantly,
DoubleLine
does
not
sell
its
customers’
non-public
personal
information
to
any
third
parties.
DoubleLine
uses
its
customers’
non-public
personal
information
primarily
to
complete
financial
transactions
that
its
customers
request
(where
applicable),
to
make
its
customers
aware
of
other
financial
products
and
services
offered
by
a
DoubleLine
affiliated
company,
and
to
satisfy
obligations
we
owe
to
regulatory
bodies.
Information
We
May
Collect
We
may
collect
various
types
of
personal
data
about
you,
including:
Your
personal
identification
information,
which
may
include
your
name
and
passport
information,
your
IP
address,
politically
exposed
person
(“PEP”)
status,
and
such
other
information
as
may
be
necessary
for
us
to
provide
our
services
to
you
and
to
complete
our
customer
due
diligence
process
and
discharge
anti-money
laundering
obligations;
Your
contact
information,
which
may
include
postal
address
and
e-mail
address
and
your
home
and
mobile
telephone
numbers;
Your
family
relationships,
which
may
include
your
marital
status,
the
identity
of
your
spouse
and
the
number
of
children
that
you
have;
Your
professional
and
employment
information,
which
may
include
your
level
of
education
and
professional
qualifications,
your
employment,
employer’s
name
and
details
of
directorships
and
other
offices
which
you
may
hold;
and
Financial
information,
risk
tolerance,
sources
of
wealth
and
your
assets,
which
may
include
details
of
shareholdings
and
beneficial
interests
in
financial
instruments,
your
bank
details
and
your
credit
history.
Where
We
Obtain
Your
Personal
Information
Information
we
receive
about
you
on
applications
or
other
forms;
Information
you
may
give
us
orally;
Information
about
your
transactions
with
us
or
others;
Information
you
submit
to
us
in
correspondence,
including
emails
or
other
electronic
communications;
and
Information
about
any
bank
account
you
use
for
transfers
between
your
bank
account
and
any
DoubleLine
investment
account,
including
information
provided
when
effecting
wire
transfers.
Information
Collected
From
Websites
Websites
maintained
by
DoubleLine
or
its
service
providers
may
use
a
variety
of
technologies
to
collect
information
that
help
DoubleLine
and
its
service
providers
understand
how
the
website
is
used.
Information
collected
from
your
web
browser
(including
small
files
stored
on
your
device
that
are
commonly
referred
to
as
"cookies")
allow
the
websites
to
recognize
your
web
browser
and
help
to
personalize
and
improve
your
user
experience
and
enhance
navigation
of
the
website.
You
can
change
your
cookie
preferences
by
changing
the
setting
on
your
web
browser
to
delete
or
reject
cookies.
If
you
delete
or
reject
cookies,
some
website
pages
may
not
function
properly.
Our
websites
may
contain
links
are
maintained
or
controlled
by
third
parties,
each
of
which
has
privacy
policies
which
may
differ,
in
some
cases
significantly,
from
the
privacy
policies
described
in
this
notice.
Please
read
the
privacy
policies
of
such
third
parties
and
understand
that
accessing
their
websites
is
at
your
own
risk.
Please
contact
your
DoubleLine
representative
if
you
would
like
to
receive
more
information
about
the
privacy
policies
of
third
parties.
We
also
use
web
analytics
services,
which
currently
include
but
are
not
limited
to
Google
Analytics
and
Adobe
Analytics.
Such
web
analytics
services
use
cookies
and
similar
technologies
to
evaluate
visitor’s
use
of
the
domain,
compile
statistical
reports
on
domain
activity,
and
provide
other
services
related
to
our
websites.
For
more
information
about
Google
Analytics,
or
to
opt
out
of
Google
Analytics,
please
go
to
https://tools.google.com/dlpage/gaoptout.
For
more
information
about
Adobe
Analytics,
or
to
opt
out
of
Adobe
Analytics,
please
go
to:
http://www.adobe.com/privacy/opt-out.html.
Privacy
Policy
(Cont.)
38
DoubleLine
ETF
Trust
How
And
Why
We
May
Disclose
Your
Information
DoubleLine
does
not
disclose
any
non-public
personal
information
about
our
customers
or
former
customers
without
the
customer’s
authorization,
except
that
we
may
disclose
the
information
listed
above,
as
follows:
It
may
be
necessary
for
DoubleLine
to
provide
information
to
nonaffiliated
third
parties
in
connection
with
our
performance
of
the
services
we
have
agreed
to
provide
to
the
Funds
or
you.
For
example,
it
might
be
necessary
to
do
so
in
order
to
process
transactions
and
maintain
accounts.
DoubleLine
will
release
any
of
the
non-public
information
listed
above
about
a
customer
if
directed
to
do
so
by
that
customer
or
if
DoubleLine
is
required
or
authorized
by
law
to
do
so,
such
as
for
the
purpose
of
compliance
with
regulatory
requirements
or
in
the
case
of
a
court
order,
legal
investigation,
or
other
properly
executed
governmental
request.
In
order
to
alert
a
customer
to
other
financial
products
and
services
offered
by
an
affiliate,
DoubleLine
may
disclose
information
to
an
affiliate,
including
companies
using
the
DoubleLine
name.
Such
products
and
services
may
include,
for
example,
other
investment
products
offered
by
a
DoubleLine
company.
If
you
prefer
that
we
not
disclose
non-public
personal
information
about
you
to
our
affiliates
for
this
purpose,
you
may
direct
us
not
to
make
such
disclosures
(other
than
disclosures
permitted
by
law)
by
contacting
us
at
Privacy@DoubleLine.com
or
at
1
(800)
285-1545.
If
you
limit
this
sharing
and
you
have
a
joint
account,
your
decision
will
be
applied
to
all
owners
of
the
account.
We
will
limit
access
to
your
personal
account
information
to
those
agents
and
vendors
who
need
to
know
that
information
to
provide
products
and
services
to
you.
We
do
not
share
your
information
to
nonaffiliated
third
parties
for
marketing
purposes.
We
maintain
physical,
electronic,
and
procedural
safeguards
to
guard
your
non-public
personal
information.
Notice
Related
To
The
California
Consumer
Privacy
Act
(CCPA)
And
To
“Natural
Persons”
Residing
In
The
State
Of
California
DoubleLine
collects
and
uses
information
that
identifies,
describes,
references,
links
or
relates
to,
or
is
associated
with,
a
particular
consumer
or
device
(“Personal
Information”).
Personal
Information
we
collect
from
our
customers
and
consumers
is
covered
under
the
Gramm-Leach-Bliley
Act
(“GLBA”)
and
is
therefore
excluded
from
the
scope
of
the
California
Consumer
Privacy
Act,
as
amended
by
the
California
Privacy
Rights
Act
(together,
“CCPA”).
However,
for
California
residents
who
are
not
DoubleLine
customers
or
consumers,
as
those
terms
are
defined
by
GLBA,
the
personal
information
we
collect
about
you
is
subject
to
the
CCPA.
As
such,
you
have
privacy
rights
with
respect
to
your
personal
information.
Please
review
the
following
applicable
California
privacy
notice
that
is
available
at
https://www.doubleline.com,
or
by
contacting
us
at
Privacy@DoubleLine.com
or
at
1
(800)
285-1545.
CA
Privacy
Notice
for
Website
Visitors,
Media
Subscribers
and
Business
Representatives
CA
Privacy
Notice
for
Employees
Notice
Related
To
“Natural
Persons”
Residing
In
The
European
Economic
Area
(the
“EEA”)
If
you
reside
in
the
EEA,
we
may
transfer
your
personal
information
outside
the
EEA,
and
will
ensure
that
it
is
protected
and
transferred
in
a
manner
consistent
with
legal
requirements
applicable
to
the
information.
This
can
be
done
in
a
number
of
different
ways,
for
instance:
the
country
to
which
we
send
the
personal
information
may
have
been
assessed
by
the
European
Commission
as
providing
an
"adequate"
level
of
protection
for
personal
data;or
the
recipient
may
have
signed
a
contract
based
on
standard
contractual
clauses
approved
by
the
European
Commission.
In
other
circumstances,
the
law
may
permit
us
to
otherwise
transfer
your
personal
information
outside
the
EEA.
In
all
cases,
however,
any
transfer
of
your
personal
information
will
be
compliant
with
applicable
data
protection
law.
Notice
to
Investors
In
Cayman
Islands
Investment
Funds
If
you
are
a
natural
person,
please
review
this
notice
as
it
applies
to
you
directly.
If
you
are
a
legal
representative
of
a
corporate
or
entity
investor
that
provides
us
with
any
personal
information
about
individuals
(i.e.,
natural
persons),
you
agree
to
furnish
a
copy
of
this
notice
to
each
such
individual
or
otherwise
advise
them
of
its
content.
Any
international
transfer
of
personal
information
will
be
compliant
with
the
requirements
of
the
Data
Protection
Act,
2017
of
the
Cayman
Islands.
Privacy
Policy
(Cont.)
(Unaudited)
March
31,
2023
Semi-Annual
Report
|
March
31,
2023
39
Privacy
For
Children
DoubleLine
is
concerned
about
the
privacy
of
children.
Our
website
and
our
services
are
not
targeted
at
individuals
under
18
years
of
age,
and
we
do
not
knowingly
collect
any
personal
information
from
an
individual
under
18.
If
we
learn
that
a
child
under
the
age
of
13
(or
such
higher
age
as
required
by
applicable
law)
has
submitted
personally
identifiable
information
online
without
parental
consent,
we
will
take
all
reasonable
measures
to
delete
such
information
from
its
databases
and
to
not
use
such
information
for
any
purpose
(except
where
necessary
to
protect
the
safety
of
the
child
or
others
as
required
or
allowed
by
law).
If
you
become
aware
of
any
personally
identifiable
information,
we
have
collected
from
children
under
13
(or
such
higher
age
as
required
by
applicable
law),
please
contact
us
at
Privacy@DoubleLine.com
or
at
1
(800)
285-1545.
We
do
not
sell
or
share
any
personal
information
and
have
no
actual
knowledge
about
selling
or
sharing
personal
information
of
individuals
under
the
age
of
16.
Retention
Of
Personal
Information
And
Security
Your
personal
information
will
be
retained
for
as
long
as
required:
for
the
purposes
for
which
the
personal
information
was
collected;
in
order
to
establish
or
defend
legal
rights
or
obligations
or
to
satisfy
any
reporting
or
accounting
obligations;
and/or
as
required
by
data
protection
laws
and
any
other
applicable
laws
or
regulatory
requirements,
including,
but
not
limited
to,
U.S.
laws
and
regulations
applicable
to
our
business.
We
will
undertake
commercially
reasonable
efforts
to
protect
the
personal
information
that
we
hold
with
appropriate
security
measures.
Access
To
And
Control
Of
Your
Personal
Information
Depending
on
your
country
of
domicile
or
applicable
law,
you
may
have
the
following
rights
in
respect
of
the
personal
information
about
you
that
we
process:
the
right
to
access
and
port
personal
information;
the
right
to
rectify
personal
information;
the
right
to
restrict
the
use
of
personal
information;
the
right
to
request
that
personal
information
is
erased;
and
the
right
to
object
to
processing
of
personal
information.
Although
you
have
the
right
to
request
that
your
personal
information
be
deleted
at
any
time,
applicable
laws
or
regulatory
requirements
may
prohibit
us
from
doing
so.
In
addition,
if
you
invest
in
a
DoubleLine
fund
through
a
financial
intermediary,
DoubleLine
may
not
have
access
to
personal
information
about
you.
If
you
wish
to
exercise
any
of
the
rights
set
out
above,
please
contact
us
at
Privacy@DoubleLine.com
or
at
1
(800)
285-1545.
Changes
To
DoubleLine’s
Privacy
Policy
DoubleLine
reserves
the
right
to
modify
its
privacy
policy
at
any
time,
but
in
the
event
that
there
is
a
change
that
affects
the
content
of
this
notice
materially,
DoubleLine
will
promptly
inform
its
customers
of
such
changes
in
accordance
with
applicable
law.
Investment
Adviser:
DoubleLine
ETF
Adviser
LP
2002
North
Tampa
Street,
Suite
200
Tampa,
FL
33602
Distributor:
Foreside
Fund
Services,
LLC
Three
Canal
Plaza,
Suite
100
Portland,
ME
04101
Administrator
and
Transfer
Agent:
JP
Morgan
Chase
Bank,
N.A.
70
Fargo
Street
Boston,
MA
02210
Custodian:
JP
Morgan
Chase
Bank,
N.A.
383
Madison
Avenue
New
York,
NY
10017
Independent
Registered
Public
Accounting
Firm:
Deloitte
&
Touche
LLP
695
Town
Center
Drive,
Suite
100
Costa
Mesa,
CA
92626
Legal
Counsel:
Morgan,
Lewis
&
Bockius,
LLP
1701
Market
Street
Philadelphia,
PA
19103
Contact
Information:
doubleline.com
(855)
937-0772
DL-SEMI-ETF
DoubleLine
|
|
2002
North
Tampa
Street,
Suite
200
|
|
Tampa,
FL
33602
|
|
(813)
791-7333
ETFinfo@doubleline.com
|
|
www.doubleline.com
(b) Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.
Not applicable.
Item 2. Code of Ethics.
Disclosure required in Registrant’s annual Form N-CSR filing.
Item 3. Audit Committee Financial Expert.
Disclosure required in Registrant’s annual Form N-CSR filing.
Item 4. Principal Accountant Fees and Services.
Disclosure required in Registrant’s annual Form N-CSR filing.
Item 5. Audit Committee of Listed Registrants.
Disclosure required in Registrant’s annual Form N-CSR filing.
Item 6. Investments
(a) Schedule I – Investments in Securities of Unaffiliated Issuers
The complete schedule of investments is included in Item 1 of this Form N-CSR.
(b)
Securities Divested of in accordance with Section 13(c) of the Investment Company Act of 1940.
The Registrant made no divestments of securities in accordance with Section 13(c) of the Investment Company Act of 1940.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to the Registrant.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to the Registrant.
Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated
Purchasers.
Not applicable to the Registrant.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 11. Controls and Procedures.
(a) The Registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.
(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a - 3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable to the Registrant.
Item 13. Exhibits.
(a) File the exhibits listed below as part of this Form.
(1) Code of Ethics – Not required for this filing.
(3) Not applicable.
(4) There has been no change to the registrant’s independent public accountant during the reporting period.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
DoubleLine ETF Trust
By: /s/ Ronald R. Redell
Ronald R. Redell
President
May 25, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: /s/ Ronald R. Redell
Ronald R. Redell
President
May 25, 2023
By:
/s/ Henry V. Chase
Henry V. Chase
Treasurer and Principal Financial and Accounting Officer
May 25, 2023