As filed with the Securities and Exchange Commission on December 4, 2020

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 811-22378

DoubleLine Funds Trust

(Exact name of registrant as specified in charter)

333 South Grand Avenue, Suite 1800

Los Angeles, CA 90071

(Address of principal executive offices) (Zip code)

Ronald R. Redell

President

DoubleLine Funds Trust

333 South Grand Avenue, Suite 1800

Los Angeles, CA 90071

(Name and address of agent for service)

(213) 633-8200

Registrant’s telephone number, including area code

Date of fiscal year end: March 31

Date of reporting period: September 30, 2020

Item 1. Reports to Stockholders.

1

Semi-Annual Report September 30, 2020

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

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

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

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

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

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

Table of Contents

	Page
President’s Letter		4
Financial Markets Highlights		5
Management’s Discussion of Fund Performance		9
Standardized Performance Summary		21
Schedules of Investments / Schedules of Investments - Summary		25
Statements of Assets and Liabilities		111
Statements of Operations		114
Statements of Changes in Net Assets		117
Financial Highlights		126
Notes to Financial Statements		135
Shareholder Expenses		166
Federal Tax Information		168
Information About Proxy Voting		171
Information About Portfolio Holdings		171
Householding — Important Notice Regarding Delivery of Shareholder Documents		171
Privacy Policy		172

Semi-Annual Report September 30, 2020 3

President’s Letter (Unaudited) September 30, 2020

Dear DoubleLine Funds Shareholder,

On behalf of the DoubleLine Funds, I am pleased to deliver the Semi-Annual Report for the six-month period ended September 30, 2020. On the following pages, you will find specific information regarding each Fund’s operations and holdings. In addition, we discuss each Fund’s investment performance and the main drivers of that performance during the reporting period.

If you have any questions regarding the DoubleLine Funds, please don’t hesitate to call us at 877-DLine11 (877-354-6311), or visit our website www.doublelinefunds.com, where our investment management team offers deeper insights and analysis on relevant capital market activity impacting investors today. We value the trust that you have placed with us, and we will continue to strive to offer thoughtful investment solutions to our shareholders.

Sincerely,

Ronald R. Redell, CFA

President

DoubleLine Funds Trust

November 1, 2020

4 DoubleLine Funds Trust

Financial Markets Highlights (Unaudited) September 30, 2020

· Agency Mortgage-Backed Securities (Agency MBS)

For the six-month period ended September 30, 2020, the Bloomberg Barclays US Mortgage-Backed Securities Index returned 0.78%. The mortgage index underperformed the Bloomberg Barclays US Corporate Index as credit spreads tightened substantially in response to investors’ growing appetite for risk. The Federal Funds Rate ranged from 0% to 0.25%, and the Federal Reserve pledged on September 16, 2020, to keep interest rates near zero until 2023. As “risk-free” rates remained low during the six-month period, mortgage rates dropped. The 30-year rate (based on Freddie Mac U.S. Mortgage Market Survey 30-Year Homeowner Commitment National Index rates) decreased by 60 basis points, reaching a historic low of 2.86% in September, and ended the period at 2.90%. Many loan originators were at capacity for months due to an overwhelming number of refinance applications and home purchases. As mortgage rates declined and originator capacity increased, conventional prepayment rate (CPR) speeds ended the period at historically high levels. In contrast, Ginnie Mae II speeds peaked in June due to a spike in banks and nonbanks buying out loans delinquent 90 days or longer. Some collateral reached prepayment speeds north of 50 CPR in September, primarily bonds with 3.5% to 4.0% coupons and 2018 vintage. Elevated refinance activity also resulted in a large increase in new issuance. Gross issuance over the six-month period reached roughly $1.66 trillion, compared to $794 billion during the same period in 2019. The effects of a sharp supply increase were subdued by purchase activity by the Fed, which purchased approximately $816 billion in the six months.

· Non-Agency Residential Mortgage-Backed Securities (Non-Agency RMBS)

For the six-month period ended September 30, 2020, the non-Agency residential mortgage-backed securities (RMBS) sector regained ground from unprecedented levels of market stress in March. Credit spreads were significantly tighter for non-Agency RMBS in the six-month period. The sector benefitted from positive delinquency roll rates, robust strength in the housing market and lower-than-expected mortgage forbearance rates. The positive performance was partly due to Congress passing the Coronavirus Aid, Relief, and Economic Security (CARES) Act and indirect assistance from the Federal Reserve’s Term Asset-Backed Securities Loan Facility. The new-issue market closed for several weeks in late March into April but still managed to issue approximately $35 billion in volume, compared to $48 billion during the same period one year ago. The composition of new issue was diverse, comprising non-qualified mortgages, prime jumbo, single-family rentals and nonperforming/reperforming loans. The overall housing market was remarkably robust during the economic downturn. Despite elevated levels of unemployment, record low interest rates combined with a diminishing inventory of available homes for sale bolstered home prices. Since the start of the year, less densely populated and suburban areas experienced faster acceleration of home price appreciation than densely populated metro areas.

· Commercial Mortgage-Backed Securities (CMBS)

For the six-month period ended September 30, 2020, commercial mortgage-backed securities (CMBS) spreads moved tighter alongside broader credit and equity indexes, largely benefiting from the Federal Reserve’s accommodative approach to broader market volatility associated with reactions to COVID-19. New issuance of $20.3 billion in CMBS priced, compared to $50 billion in the same period a year ago. 2020 issuance picked up in July through September after coming to a halt in March as governments and the market reacted to COVID-19. Only one deal priced from mid-March through the end of April. However, as investors and issuers became more comfortable with the macro environment, an increasing number of deals took place comprising loans issued after the start of quarantine measures in April. September saw eight deals come to market, and more than $6 billion was slated to price in October. The street was projecting 2020 new issuance to increase to more than $60 billion. For the six-month period, secondary spreads on 10-year AAA last cash flows tightened by 101 basis points (bps) and bonds rated BBB- tightened by 535 bps. While the rally since March in risk assets was resilient despite broader economic headwinds, most paper did not mark full spread retracement.

The Trepp CMBS Delinquency Rate for U.S. commercial real estate loans fell for three consecutive months after experiencing two huge jumps in May and June. The percentage of loans that were delinquent 30 days or longer sat at 8.92% across all property types at the end of September, about 688 bps higher than the low seen in February but 140 bps lower than the June high. However, we would note that this is backward looking, and we would presume the delinquency rate could increase due to the percentage of loans in special servicing steadily rising to 10.48% by the end of September.

The Barclays Capital U.S. CMBS (ERISA Only) Total Return Index returned 5.73% for the six-month period ended September 30, 2020, outperforming the broader Bloomberg Barclays US Aggregate Bond Index return of 3.53%. The RCA Commercial Property Price Index decreased 0.15% on the national level for the six-month period ended August 31, 2020, compared to an increase of 1.77% over the previous six-month period.

Semi-Annual Report September 30, 2020 5

Financial Markets Highlights  (Cont.) (Unaudited) September 30, 2020

· Emerging Markets (EM) Debt

For the six-month period ended September 30, 2020, the J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified, which tracks U.S. dollar-denominated, EM fixed-income sovereign debt, posted a return of 14.86%. The J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI) Broad Diversified, which tracks U.S. dollar-denominated, EM fixed-income corporate debt, posted a return of 14.20%. Spreads tightened 194 basis points for the J.P. Morgan EMBI Global Diversified and 196 basis points for the J.P. Morgan CEMBI Broad Diversified. EM credits benefitted from improved investor sentiment after unprecedented global central bank accommodation, large government support programs and the gradual reopening of global economies following COVID-19 lockdowns. All the regions across both indexes posted positive returns. Africa was the best-performing region in both indexes. Europe was the worst performer in the J.P. Morgan EMBI Global Diversified; Asia was the worst in the corporate index. EM high yield credits significantly outperformed their investment grade counterparts in both indexes.

· International Sovereign

For the six-month period ended September 30, 2020, the FTSE World Government Bond Index (WGBI) rose 5.04%, driven primarily by currency appreciation versus the U.S. dollar. The Australian dollar was the best-performing G-10 currency, while the U.S. dollar weakened against all G-10 peers. The Federal Reserve kept rates unchanged at near zero and signaled that rates would remain lower for longer. The Fed also adopted a “flexible” form of average inflation targeting that would allow temporary increases in inflation above 2% following periods when that target is undershot. Other central banks in developed markets were also accommodative during the period in response to the pandemic. As a result, global government yields generally remained at historically low levels across the two quarters. The euro had a particularly strong six-month period as European countries took steps to reopen their economies and after Euro leaders agreed to a fiscal support program in July. European government bond exposure was the largest contributor to performance in the FTSE WGBI, while exposure in safe havens such as Japan and the United States lagged during a period of positive risk sentiment.

· Investment Grade Credit

For the six-month period ended September 30, 2020, U.S. investment grade (IG) credit spreads, as measured by the Bloomberg Barclays US Credit Index, returned 9.84%, outperforming duration-matched U.S. Treasuries by 919 basis points (bps). U.S. IG credit spreads started the period at 255 bps over duration-matched Treasuries and ended the period at 128 bps. Yields declined from 3.23% at the end of March to 1.91% at the end of September. For the six-month period, the best-performing sectors on a total return basis were independent energy, oil field services, midstream, refining and gaming. The worst performers were supranationals, leisure, foreign agency, airlines and pharmaceuticals. At the ratings level, bonds rated BBB outperformed, posting a total return of 13.58% versus 8.26% for bonds rated A, 5.91% for bonds rated AA and 2.16% for bonds rated AAA. Across the curve, long duration credit outperformed, posting a total return of 13.27% versus 7.99% for intermediate duration and 3.82% for short duration. U.S. dollar-denominated, IG gross new issuance was $1.294 trillion, and net new issuance was $807.9 billion. IG funds’ inflows for the period were $302.3 billion, as reported by investment data firm EPFR Global.

· Bank Loans

For the six-month period ended September 30, 2020, the S&P/LSTA Leveraged Loan Index returned 14.24%, with outperformance at the lower end of the credit quality spectrum, as the market rallied back from the steep sell-off in March. Loans rated CCC returned 23.84% during the six-month period, outperforming the 15.93% return of loans rated B and the 10.03% return of loans rated BB. The weighted average bid price of the index ended the period at $93.18, up from $82.85 in March. As reported by financial data firm Leveraged Commentary & Data, the trailing 12-month default rate (by issuer count) rose from 2.02% in March to 4.64% in September as issuers suffered through the effects of the pandemic and lockdown.

· U.S. High Yield (U.S. HY)

For the six-month period ended September 30, 2020, the Bloomberg Barclays US Corporate High Yield Index returned 15.24%. Intermediate maturity bonds returned 14.20%, underperforming longer maturity bonds, which returned 30.01%. Returns across the ratings spectrum were mixed as bonds rated CCC returned 17.11%, bonds rated BB returned 16.02%, and bonds rated B returned 13.57%. Notable outperformers by industry were independent energy, midstream and refining. Notable underperformers were airlines, transportation services and retail real estate investment trusts.

6 DoubleLine Funds Trust

(Unaudited)

September 30, 2020

· Collateralized Loan Obligations (CLOs)

For the six-month period ended September 30, 2020, the collateralized loan obligation (CLO) market marked $43.1 billion in new issuance via 105 transactions. While primary issuance had a slow start due to poor arbitrage and broader market uncertainty, issuance gradually recovered and ended September with 26 transactions pricing for $11.5 billion. The last monthly print over $11.5 billion occurred in April 2019. While refinancing (refi) activity was also muted at the beginning of the six-month period, it reemerged in August by way of fixed-rate tranche refi and repricing transactions. Secondary trading volumes surged over the six-month period per Trade Reporting and Compliance Engine (TRACE) data, with 2020 setting a record in mid-July for annual secondary volume. While CLO fundamentals initially declined in the six-month period, they improved as ratings agencies slowed the pace of negative rating actions and managers worked to trim tail risk. However, defaults increased, with the last 12-month U.S. leveraged loan default rate by principal amount ending at 4.2%, more than double its starting level. CLO market-based metrics, including net asset value and market value overcollateralization, rallied on the heels of the S&P/LSTA Leveraged Loan Index, which gained 12.47% over the six-month period. Spreads across the capital structure tightened considerably as they recovered from the peak wides experienced in late March. The J.P. Morgan CLO Total Return Level Index gained 9.61% over the six-month period, tilting the year-to-date total return into the black at 0.94%.

· Global Equities

For the six-month period ended September 30, 2020, global equities, as measured by the Morgan Stanley Capital International All Country World Index, rose 29.26%. U.S. equities outperformed slightly, with the S&P 500 Index returning 31.31%. European equities underperformed the broader market and U.S. market, with the Euro Stoxx 50 Index returning 16.96%. Asian equity markets also underperformed, with Japanese equities, as measured by the Nikkei 225 Index, up 23.40%, and Chinese equities, as measured by the Shanghai Stock Exchange Composite Index, up 19.71%. Emerging markets equities, as measured by the Morgan Stanley Capital International Emerging Markets Index, performed in line with the broader market, up 29.58%.

· Commodities

For the six-month period ended September 30, 2020, the broad commodity market rallied 15.48% as measured by the S&P GSCI and 14.54% by the Bloomberg Commodity Index. The energy sector (+17.90%) rallied from pandemic-induced lows, with unleaded gasoline (+92.06%) and Brent crude (+37.47%) rising sharply. Precious metals appreciated 19.33% as investors flocked to the perceived safety of silver (+61.48%) and gold (+16.05%). The agriculture sector increased 6.37%, with cotton (+29.06%) and sugar (+20.52%) the best performers; coffee (-11.48%) and Kansas wheat (-2.59%) were the worst. Industrial metals rebounded 22.28%, with copper (+34.43%) and nickel (+25.27%) leading the way.

· Infrastructure Debt

For the six-month period ended September 30, 2020, infrastructure assets generally outperformed the Bloomberg Barclays US Aggregate Bond Index return of 3.53%. The infrastructure debt segments that bore the brunt of the March sell-off, namely global transportation assets, staged a material recovery during the six-month period, benefitting from improved liquidity conditions and risk appetite. Nonsecuritized infrastructure investments, such as unsecured corporate bonds issued by industrial and utility companies, also performed well, as long duration assets were in high demand. Gross issuance for the infrastructure space has generally been lower than anticipated, but the results of the November election could reignite plans for a broad federal infrastructure spending initiative in 2021 or beyond.

· Asset-Backed Securities (ABS)

For the six-month period ended September 30, 2020, asset-backed securities (ABS) total returns were firmly in positive territory as measured by the Bloomberg Barclays US ABS Index, which returned 4.36%. ABS performance was driven by improving liquidity conditions and a steady flow of monetary and fiscal stimulus from Washington, D.C. Given the steep sell-off in March, spreads on most ABS sectors had substantial room to tighten on a relative value basis during the early months of this performance period. That tightening, coupled with improving consumer credit metrics, lead to material spread tightening and upward price migration for the asset class. Gross ABS issuance for the six-month period totaled roughly $100 billion, marking a slight decline relative to prior six-month periods but still representing significant capital market activity after the severe volatility that took place in April and June.

Semi-Annual Report September 30, 2020 7

Financial Markets Highlights  (Cont.) (Unaudited) September 30, 2020

· U.S. Large Cap Equities

For the six-month period ended September 30, 2020, the S&P 500 Index rallied 31.31%, rebounding from COVID-19-induced financial turmoil. The Nasdaq Composite Index soared 45.66% as many technology companies benefitted from the new business reality of the work-from-home pandemic economy. Value stocks underperformed, with the Russell 1000 Value Index up 20.68%. The best-performing sectors were consumer discretionary (+50.65%), technology (+46.13%) and materials (+42.80%). The worst performers were real estate (+14.25%), utilities (+9.04%) and energy (+6.27%).

· Government Securities

The six-month period ended September 30, 2020, was one of almost eerie calm in the wake of the tumultuous first quarter. The global economy and, in particular, the U.S. Treasury market, fell into the grips of the market reaction to COVID-19 late in the first quarter of 2020. Treasury yields nosedived, with the 10-year benchmark tumbling from 1.62% on Feb. 13 to an intraday low of 0.31% on March 9. The economy fell into a historically deep and sharp recession. The Treasury market almost ceased to function as investors first rushed into Treasuries as a safe-haven asset and then rushed out in a bid for liquidity. The Federal Reserve responded vigorously, cutting the Federal Funds Rate to near zero, providing unlimited repurchase financing, launching an enormous asset purchase program and then unleashing an array of lending programs. The federal government followed suit in late March with the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act to offer support to individuals, small business and others. By March 31, these aggressive steps had appeared to make considerable progress toward restoring Treasury market liquidity and stability. On that day, the 10-year Treasury yield was 0.67%. On September 30, 2020, it was 0.68% and had rarely deviated during the reporting period from a range of 0.50% to 0.80%. The yield curve steepened modestly over the six-month period, with the two-year yield falling 13 basis points and the 30-year yield rising 10 basis points. Realized volatility fell over the period, while the ICE Bank of America MOVE Index of implied volatility posted a succession of all-time lows. Through the upheaval, the Fed continued to review its policy framework. The conclusions of the review were announced in late August and codified in a statement after the Federal Open Market Committee in mid-September. Going forward, the Fed pledged to not preemptively raise rates late in a business cycle in order to combat expected inflation. Rather, the Fed stated it would begin to raise rates only when the economy achieves “maximum” employment, inflation reaches 2% and inflation appears to be on track to average 2% over a reasonable period. The statement set a high bar for future rate increases. We expect policy rates to remain steady for the foreseeable future. The Bloomberg Barclays US Treasury Index returned 0.65% in the six-month period.

8 DoubleLine Funds Trust

Management’s Discussion of Fund Performance (Unaudited) September 30, 2020

DoubleLine Total Return Bond Fund

For the six-month period ended September 30, 2020, the DoubleLine Total Return Bond Fund outperformed the benchmark Bloomberg Barclays US Aggregate Bond Index return of 3.53%. The Fund maintained a higher allocation to credit, roughly 43%, relative to the index. Broadly speaking, credit outperformed government assets such as U.S. Treasuries and Agency mortgage-backed securities (MBS) that received government support. Additionally, the Fund’s mix of securitized credit largely outperformed investment grade (IG) corporate bonds within the index. Lastly, the Fund’s average duration of 3.29 years was shorter than the index’s 5.97 years, which was accretive to performance as the 30-year Treasury yield rose 14 basis points. Non-Agency residential MBS was the best-performing sector, as fundamentals continued to improve throughout the period. Slightly detracting from performance was Agency MBS, which underperformed IG corporate bonds and Treasuries within the index.

6-Month Period Ended 9-30-20	6-Months (Not Annualized)
I-Share		4.46%
N-Share		4.33%
R6-Share		4.49%
Bloomberg Barclays US Aggregate Bond Index		3.53%

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

DoubleLine Core Fixed Income Fund

For the six-month period ended September 30, 2020, the DoubleLine Core Fixed Income Fund outperformed the benchmark Bloomberg Barclays US Aggregate Bond Index return of 3.53%. The U.S. Treasury yield curve steepened as the two-year yield fell 12 basis points and 10-year yields fell 1 basis point. All sectors within the Fund delivered positive returns during the period of economic recovery and accommodative Federal Reserve monetary policy after the on-set of the COVID-19 pandemic. The best-performing sectors included collateralized loan obligations, and emerging markets and U.S. corporate high yield debt. Treasuries, Agency mortgage-backed securities and municipal bonds were the worst performers but still contributed positive returns. A majority of the Fund’s outperformance can be attributed to its exposure to nontraditional fixed-income sectors and overweight credit position relative to the index.

6-Month Period Ended 9-30-20	6-Months (Not Annualized)
I-Share		7.35%
N-Share		7.22%
R6-Share		7.37%
Bloomberg Barclays US Aggregate Bond Index		3.53%

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

DoubleLine Emerging Markets Fixed Income Fund

For the six-month period ended September 30, 2020, the DoubleLine Emerging Markets Fixed Income Fund outperformed the benchmark J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified return of 14.86%. The J.P. Morgan EMBI Global Diversified’s return was driven by significant spread tightening. The Fund benefited from its positioning in Latin America, particularly Brazil, Mexico, Chile and Colombia. Its positioning in some Asian countries, including India, China and Indonesia, also helped. In contrast, an underweight positioning in Africa relative to the index detracted from performance as Africa was the best-performing region in the J.P. Morgan EMBI Global Diversified.

6-Month Period Ended 9-30-20	6-Months (Not Annualized)
I-Share		18.08%
N-Share		18.03%
J.P. Morgan Emerging Markets Bond Global Diversified Index		14.86%

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

Semi-Annual Report September 30, 2020 9

Management’s Discussion of Fund Performance  (Cont.) (Unaudited) September 30, 2020

DoubleLine Multi-Asset Growth Fund

For the six-month period ended September 30, 2020, the DoubleLine Multi-Asset Growth Fund generated a positive return but underperformed its blended benchmark return of 18.16%. The equity sleeve, which utilized equity index futures and obtained exposure to the Shiller Barclays CAPE^® U.S. Sector Total Return Index through excess return swaps, was a contributor to performance but was the biggest detractor in terms of relative performance. An underweight position in equities also hurt relative performance. The fixed-income sleeve contributed to performance but detracted from relative performance, with positions in structured credit underperforming. Currencies contributed to performance via short U.S. dollar positions versus the euro and long positions in the Japanese yen. Positions in real assets, implemented through swaps, detracted from performance, driven by a systematic long-short commodity strategy.

6-Month Period Ended 9-30-20	6-Months (Not Annualized)
I-Share		17.43%
A-Share*
Without Load		17.39%
With Load		12.45%
S&P 500® Index		31.31%
Blended Benchmark USD Unhedged**		19.43%
Blended Benchmark USD Hedged**		18.16%

* Performance data shown for the Multi-Asset Growth Fund (with load) reflect the Class A maximum sales charge of 4.25%. The Multi-Asset Growth Fund imposes a contingent deferred sales charge of 0.75% on purchases of $1 million or more of Class A shares if redeemed within 18 months of purchase. Performance data shown for A-Share Without Load does not reflect the deduction of the sales load or fee. If reflected, the load or fee would reduce the performance quoted. Performance data does not reflect the contingent deferred sales charge. If it had, returns would have been reduced.

** The Blended Benchmark Unhedged is MSCI All Country World Index (ACWI) (60%)/Bloomberg Barclays Global Aggregate Bond Index (40%). The Blended Benchmark USD Hedged is MSCI ACWI (60%)/Bloomberg Barclays Global Aggregate Bond index (40%) hedged to U.S. dollars USD.

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

DoubleLine Low Duration Bond Fund

For the six-month period ended September 30, 2020, the DoubleLine Low Duration Bond Fund outperformed the benchmark ICE Bank of America 1-3 Year U.S. Treasury Index return of 0.24%. The U.S. Treasury yield curve steepened as the two-year yield fell 12 basis points and 10-year yield fell 1 basis point. All sectors within the Fund delivered positive returns during a period of falling yields as Federal Reserve policy became more accommodative in response to the pandemic. The top-performing sector was commercial mortgage-backed securities as the Fund’s allocation to higher-rated tranches recovered in the wake of the pandemic. While all sectors within the Fund had positive returns, the bank loan sleeve contributed the least to the Fund’s performance. A majority of the Fund’s outperformance can be attributed to an overweight credit position, including the Fund’s exposure to nontraditional fixed-income sectors, relative to the benchmark.

6-Month Period Ended 9-30-20	6-Months (Not Annualized)
I-Share		5.73%
N-Share		5.71%
R6-Share		5.75%
ICE BofA 1-3 Year U.S. Treasury Index		0.24%
Bloomberg Barclays US Aggregate 1-3 Year Bond Index		1.04%

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

DoubleLine Floating Rate Fund

For the six-month period ended September 30, 2020, the DoubleLine Floating Rate Fund underperformed the benchmark S&P/LSTA Leveraged Loan Index return of 14.24%. The Fund generally maintained an overweight position in B-rated credits, and an underweight position in BB-rated and CCC-rated credits. BB-rated loans underperformed the index, while B-rated and CCC-rated loans outperformed. Fund performance benefited from underexposure to BB-rated loans and overexposure to B-rated loans. An underweight position in

10 DoubleLine Funds Trust

(Unaudited)

September 30, 2020

CCC-rated loans was detrimental to returns. On a sector basis, the Fund benefited from overweight exposure to healthcare, and business equipment and services. An overweight position in food products hurt performance. Underweight exposure to automotive, chemicals and industrial equipment hurt performance. An underweight position in telecom helped performance. The Fund’s exposure to high yield bonds was a performance drag given that these bonds had a higher-quality tilt that lagged the recovering market. The small cash balance also hurt performance.

6-Month Period Ended 9-30-20	6-Months (Not Annualized)
I-Share*		11.96%
N-Share*		11.91%
S&P/LSTA Leveraged Loan Index		14.24%

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

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

DoubleLine Shiller Enhanced CAPE^®

For the six-month period ended September 30, 2020, the DoubleLine Shiller Enhanced CAPE^® outperformed the benchmark S&P 500 Index return of 31.31%. The Shiller Barclays CAPE^® U.S. Sector Total Return Index (the “CAPE Index”), which the Fund gained exposure to through the use of swap contracts, was allocated to five sectors during the period: communication services, financials, industrials, materials and technology, with all five contributing positively to the CAPE Index’s return. The fixed-income collateral portfolio increased in value, with all sectors contributing positively. The fixed-income sectors with the highest returns were commercial mortgage-backed securities, asset-backed securities and bank loans.

6-Month Period Ended 9-30-20	6-Months (Not Annualized)
I-Share		39.74%
N-Share		39.56%
R6-Share		39.66%
S&P 500® Index		31.31%
Shiller Barclays CAPE® U.S. Sector Total Return Index*		32.49%

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

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

DoubleLine Flexible Income Fund

For the six-month period ended September 30, 2020, the DoubleLine Flexible Income Fund outperformed the benchmark ICE Bank of America 1-3 Year Eurodollar Index return of 3.68%. The U.S. Treasury yield curve steepened as the two-year yield fell 12 basis points and 10-year yields fell 1 basis point. Most sectors within the Fund delivered positive returns during a period of falling yields as Federal Reserve policy became more accommodative in response to the pandemic. The top-performing sectors included collateralized loan obligations and emerging markets fixed income. Treasuries and Agency mortgage-backed securities delivered the lowest returns. The Fund reduced its allocations to Treasuries and sovereign bonds from developed markets as sectors of fixed income not directly supported by central bank asset purchases presented attractive relative value. The Fund’s strong performance for the period followed the COVID-19 outbreak, which caused market volatility and price dislocation across many sectors of fixed income owned in the Fund.

6-Month Period Ended 9-30-20	6-Months (Not Annualized)
I-Share		13.72%
N-Share		13.58%
R6-Share		13.75%
ICE BofA 1-3 Year Eurodollar Index		3.68%
LIBOR USD 3 Month		0.26%

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

Semi-Annual Report September 30, 2020 11

Management’s Discussion of Fund Performance  (Cont.) (Unaudited) September 30, 2020

DoubleLine Low Duration Emerging Markets Fixed Income Fund

For the six-month period ended September 30, 2020, the DoubleLine Low Duration Emerging Markets Fixed Income Fund posted a positive return but underperformed the benchmark J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI) Broad Diversified 1-3 Year return of 9.59%. The Fund was overweight in investment grade credits, which significantly underperformed their high yield counterparts, detracting from relative performance. In addition, the Fund’s underweight position in African credits drove the relatively weaker performance as Africa posted the strongest returns in the broader J.P. Morgan CEMBI Broad Diversified 1-3 Year. However, the Fund’s large overweight positioning in Latin America, the second-best performer in the broader CEMBI, supported the Fund’s performance.

6-Month Period Ended 9-30-20	6-Months (Not Annualized)
I-Share		6.78%
N-Share		6.64%
J.P. Morgan CEMBI Broad Diversified 1-3 Year		9.59%

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

DoubleLine Long Duration Total Return Bond Fund

For the six-month period ended September 30, 2020, the DoubleLine Long Duration Total Return Bond Fund underperformed the benchmark Bloomberg Barclays US Long Government/Credit Index return of 7.52%. The U.S. Treasury yield curve steepened as the two-year yield fell 12 basis points and 10-year yield fell 1 basis point. The 30-year yield rose 14 bps. The largest driver of underperformance was the Fund’s mortgage-backed securities allocation, which the Fund owns in lieu of long-duration corporate bonds. Corporate bonds rallied significantly from their lows in late March as spreads tightened one-directionally, resulting in a return of 13.27% for the Bloomberg Barclays US Long Credit Index. Also detracting from performance was the Fund’s government allocation, as the Fund maintained a greater exposure to longer-duration Treasury bonds relative to the index in a period where long-end rates rose.

6-Month Period Ended 9-30-20	6-Months (Not Annualized)
I-Share		0.98%
N-Share		0.85%
Bloomberg Barclays US Long Government/Credit Index		7.52%

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

DoubleLine Strategic Commodity Fund

For the six-month period ended September 30, 2020, the DoubleLine Strategic Commodity Fund posted a positive return but underperformed the benchmark Bloomberg Commodity (BCOM) Total Return Index return of 14.62%. The Morgan Stanley Backwardation-Focused Multi-Commodity Index (MS BFMCI) (beta exposure), which the Fund gained exposure to through the use of swaps contracts, increased 21.02%. The DoubleLine Commodity Long Short Strategy (DCLS) (tactical exposure), a systematic long/short commodity strategy implemented through swap contracts, decreased 4.66%. The Fund’s underperformance relative to the BCOM was driven by the underperformance of the DCLS. The Fund’s use of derivative instruments to gain exposure to commodities facilitated investment of the Fund’s remaining assets in U.S. Treasuries, which added incremental return.

6-Month Period Ended 9-30-20	6-Months (Not Annualized)
I-Share		6.37%
N-Share		6.26%
Bloomberg Commodity Total Return Index		14.62%

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

12 DoubleLine Funds Trust

(Unaudited)

September 30, 2020

DoubleLine Global Bond Fund

For the six-month period ended September 30, 2020, the DoubleLine Global Bond Fund posted a positive return but underperformed the benchmark FTSE World Government Bond Index return of 5.04%. Positive relative performance was driven by foreign currency appreciation against the U.S. dollar. The dollar, as measured by the U.S. Dollar Index, weakened against all of its G-10 peers. The Fund benefitted from its overweight allocation to New Zealand, Mexico and South Africa, and an underweight allocation to the United States. The Fund’s foreign currency exchange hedges, and its underweight positioning in core and periphery European countries detracted from relative performance.

6-Month Period Ended 9-30-20	6-Months (Not Annualized)
I-Share		4.41%
N-Share		4.21%
FTSE World Government Bond Index (WGBI)		5.04%

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

DoubleLine Infrastructure Fund

For the six-month period ended September 30, 2020, the DoubleLine Infrastructure Income Fund outperformed the benchmark Bloomberg Barclays US Aggregate Bond Index return of 3.53%. The primary driver of the outperformance was asset allocation as the Fund held more credit assets than the index. Credit assets broadly outperformed the index’s heavy composition of government-backed and -related fixed-income sectors. The Fund’s top-performing sector was securitized infrastructure investments, namely debt backed by global transportation assets. Many of these securities experienced sharp price declines during the March sell-off but then rallied strongly as market liquidity conditions improved and credit fundamentals stabilized. Infrastructure assets in unsecured corporate form also contributed to performance, but they did not experience the same degree of spread tightening as their securitized counterparts. The only sector position that detracted from performance were longer-duration holdings as the 30-year U.S. Treasury yield rose 9 basis points.

6-Month Period Ended 9-30-20	6-Months (Not Annualized)
I-Share		11.29%
N-Share		11.15%
Bloomberg Barclays US Aggregate Bond Index		3.53%

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

DoubleLine Ultra Short Bond Fund

For the six-month period ended September 30, 2020, the DoubleLine Ultra Short Bond Fund outperformed the benchmark ICE Bank of America 3-Month U.S. Treasury Bill Index return of 0.06%. Within the Fund, corporate credit outperformed Treasuries, with corporate spreads tightening as measured by the Bloomberg Barclays US Credit 1-3 Year Index. The short end of the investment grade credit market outperformed the broader credit market as corporations issued longer-term bonds to try and lock in low cost funding, causing a lack of supply on the short end. Tenders for short-dated maturities contributed to demand for short-end credit, leading to the spread rally. The three-month Treasury yield ended the period at 0.10%, while the three-month London Interbank-Offered Rate (LIBOR) was 0.23%. The Fund benefited from overweight positions in commercial paper and LIBOR floating-rate notes, which benefited from the yield pickup in LIBOR versus Treasuries.

6-Month Period Ended 9-30-20	6-Months (Not Annualized)
I-Share		2.77%
N-Share		2.54%
ICE BofA 3-Month U.S. Treasury Bill Index		0.06%

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

Semi-Annual Report September 30, 2020 13

Management’s Discussion of Fund Performance  (Cont.) (Unaudited) September 30, 2020

DoubleLine Shiller Enhanced International CAPE^®

For the six month period ended September 30, 2020, the DoubleLine Shiller Enhanced International CAPE^® outperformed the broad European equity market as measured by the benchmark Morgan Stanley Capital International (MSCI) Europe Net Total Return USD Index return of 20.46%. The Shiller Barclays CAPE^® Europe Sector Net TR NoC USD Index (“the CAPE Index”), which the Fund gained exposure to through the use of swap contracts, was allocated to six sectors: communication services, consumer discretionary, consumer staples, financials and real estate, industrials and materials. All six contributed positively to the CAPE Index’s return. The fixed-income collateral portfolio increased in value, with all sectors contributing positively. The three fixed-income sectors with the highest returns were commercial mortgage-backed securities, bank loans and collateralized loan obligations.

6-Month Period Ended 9-30-20	6-Months (Not Annualized)
I-Share		30.22%
N-Share		30.06%
MSCI Europe Net Total Return USD Index*		20.46%

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

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

DoubleLine Colony Real Estate and Income Fund

For the six-month period ended September 30, 2020, the DoubleLine Colony Real Estate and Income Fund outperformed the benchmark Dow Jones U.S. Select Real Estate Investment Trust (REIT) Total Return Index return of 10.01%. Exposure to the REIT sector of the U.S. equity market was obtained via the Colony Capital Fundamental U.S. Real Estate Index, which the Fund gained through the use of swap contracts, which increased 13.12%. The fixed-income sectors with the highest returns were bank loans, non-Agency mortgage-backed securities, emerging markets fixed income and asset-backed securities. The sole fixed-income sector that lost value was commercial mortgage-backed securities.

6-Month Period Ended 9-30-20	6-Months (Not Annualized)
I-Share		16.69%
N-Share		16.66%
Dow Jones U.S. Select REIT Total Return Index		10.01%

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

DoubleLine Emerging Markets Local Currency Bond Fund

For the six-month period ended September 30, 2020, the DoubleLine Emerging Markets Local Currency Bond Fund underperformed the J.P. Morgan Government Bond Index—Emerging Markets Global Diversified return of 10.49%. The performance of the index was driven by generally lower government bond yields in emerging markets, foreign currency appreciation against the U.S. dollar and accrued interest. The Fund benefited from its underweight positioning in Turkey and Brazil. However, underweight exposure in Mexico, South Africa and Russia, and overweight exposure in Peru detracted from performance. The Fund’s cash balance also detracted.

6-Month Period Ended 9-30-20	6-Months (Not Annualized)
I-Share		8.81%
N-Share		8.68%
JPM GBI-EM Global Diversified TR Index		10.49%

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

14 DoubleLine Funds Trust

(Unaudited)

September 30, 2020

DoubleLine Income Fund

For the six-month period ended September 30, 2020, the DoubleLine Income fund outperformed the Bloomberg Barclays U.S. Aggregate Bond Index return of 3.53%. The outperformance was driven by asset allocation. The Fund’s credit exposure is entirely structured fixed-income products, while the index has much larger exposure to corporate credit. The Fund also benefited from a higher allocation to overall credit sectors than the index. The market environment was positive for financial assets as liquidity conditions were boosted by federal stimulus programs. The best-performing sector was non-Agency mortgage-backed securities (MBS). The sector benefitted from positive delinquency roll rates, robust strength in the overall housing market and mortgagors being able to extend their forbearance agreements. Agency MBS detracted from the Fund’s performance despite the intervention of the Federal Reserve within the sector.

6-Month Period Ended 9-30-20	6-Months (Not Annualized)
I-Share		11.67%
N-Share		11.79%
Bloomberg Barclays US Aggregate Bond Index		3.53%

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

Performance data quoted represents past performance; past performance does not guarantee future results and does not reflect the deduction of any taxes a shareholder would pay on fund distributions or the sale of fund shares.

Opinions expressed herein are as of September 30, 2020, and are subject to change at any time, are not guaranteed and should not be considered investment advice. This report is for the information of shareholders of the Funds. It may also be used as sales literature when preceded or accompanied by the current prospectus.

A Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. You can obtain the summary or statutory prospectus by calling 1 (877) 354-6311/ 1 (877) DLINE11, or visiting www.doublelinefunds.com. You should read the prospectus carefully before investing.

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

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

Mutual fund investing involves risk. Principal loss is possible.

Investments in securities related to real estate may decline in value as a result of factors affecting the real estate industry. Investments in debt securities typically decline in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in asset-backed and mortgage-backed securities include additional risks that investors should be aware of including credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. The Funds may invest in foreign securities (or derivatives which give exposure to foreign securities) which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater for investments in emerging markets. Investments in lower rated and non-rated securities present a greater risk of loss to principal and interest than higher rated securities. Commodity-linked derivative instruments may involve additional costs and risks such as changes in commodity index volatility or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. Investing in derivatives could result in losing more than the amount invested. Derivatives involve risks different from, and in certain cases, greater than the risks presented by more traditional investments. Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested. Equities may decline in value due to both real and perceived general market, economic, and industry conditions. Exchange-traded fund investments involve additional risks such as the market price trading at a discount to its net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a fund’s ability to sell its shares. Floating rate loans and other floating rate investments are subject to credit risk, interest rate risk, counterparty risk and financial services risks, among others. In addition, the Funds may invest in other asset classes and investments such as, among others, REITs, credit default swaps, short sales, derivatives and smaller companies which include additional risks. Investment strategies may not achieve the desired results due to implementation lag, other timing factors, portfolio management decision-making, economic or market conditions or other unanticipated factors. Additional principal risks for the Funds can be found in the prospectus. The outbreak of COVID-19 has affected the worldwide economy, including the U.S. The future impact of COVID-19 is currently unknown, and it may exacerbate other risks that apply to the Funds.

Diversification does not assure a profit or protect against loss in a declining market. Earnings growth is not representative of the fund’s future performance.

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

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

Index Disclaimers

Shiller Barclays CAPE^® Index Disclaimers

Barclays Capital Inc. and its affiliates (“Barclays”) is not the issuer, sponsor or promoter of DoubleLine Shiller Enhanced CAPE^® or DoubleLine Shiller Enhanced International CAPE^® (together, in this paragraph, the “Funds”) and Barclays has no responsibilities, obligations or duties to investors in the Funds. The Shiller Barclays CAPE^® US Sector TR USD Index and Shiller Barclays CAPE^® Europe Sector Net TR NoC USD Index (each an “Index” and together the “Indices”) consist of the respective trademarks of Barclays Bank PLC and trademarks owned by or licensed to RSBB-I, LLC and Barclays Bank PLC and that are licensed for use by DoubleLine Funds Trust as the Issuer of the Funds. Barclays’ only relationship with the Issuer in respect of the Indices is the licensing of these trademarks and the Indices which are determined,

Semi-Annual Report September 30, 2020 15

Management’s Discussion of Fund Performance  (Cont.) (Unaudited) September 30, 2020

composed and calculated by Barclays without regard to the Issuer or the Funds or the owners of the Funds. Additionally, DoubleLine Capital LP may for the Funds execute transaction(s) with Barclays in or relating to the Funds’ respective Index in connection with which investors of one of the Funds acquire shares of their respective Fund from DoubleLine Funds Trust and investors neither acquire any interest in that Fund’s respective Index nor enter into any relationship of any kind whatsoever with Barclays upon making an investment in that Fund. The Funds are not sponsored, endorsed, sold or promoted by Barclays. Barclays does not make any representation or warranty, express or implied regarding the advisability of investing in the Funds or the advisability of investing in securities generally or the ability of the Indices to track corresponding or relative market performance. Barclays has not passed on the legality or suitability of the Funds’ names or the Indices with respect to any person or entity. Barclays is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of the shares of the Funds to be issued. Barclays has no obligation to take the needs of the Issuer or the owners of the Funds or any other third party into consideration in determining, composing or calculating the Indices. Barclays has no obligation or liability in connection with administration, marketing or trading of the Funds. The licensing agreement between DoubleLine Funds Trust and Barclays is solely for the benefit of the Funds and Barclays and not for the benefit of the owners of the Funds, investors or other third parties.

BARCLAYS SHALL HAVE NO LIABILITY TO THE ISSUER, INVESTORS OR TO OTHER THIRD PARTIES FOR THE USE OF THE DOUBLELINE SHILLER ENHANCED CAPE^® AND DOUBLELINE SHILLER ENHANCED INTERNATIONAL CAPE^® NAMES, OR THE QUALITY, ACCURACY AND/OR COMPLETENESS OF THE SHILLER BARCLAYS CAPE^® US SECTOR TR USD INDEX OR SHILLER BARCLAYS CAPE^® EUROPE SECTOR NET TR NOC USD INDEX OR ANY DATA INCLUDED THEREIN OR FOR INTERRUPTIONS IN THE DELIVERY OF THE SHILLER BARCLAYS CAPE^® US SECTOR TR USD INDEX OR SHILLER BARCLAYS CAPE^® EUROPE SECTOR NET TR NOC USD INDEX. BARCLAYS MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER, THE INVESTORS OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE SHILLER BARCLAYS CAPE^® US SECTOR TR USD INDEX OR SHILLER BARCLAYS CAPE^® EUROPE SECTOR NET TR NOC USD INDEX OR ANY DATA INCLUDED THEREIN. BARCLAYS MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO DOUBLELINE SHILLER ENHANCED CAPE^® AND DOUBLELINE SHILLER ENHANCED INTERNATIONAL CAPE^® NAMES, THE SHILLER BARCLAYS CAPE^® US SECTOR TR USD INDEX OR SHILLER BARCLAYS CAPE^® EUROPE SECTOR NET TR NOC USD INDEX OR ANY DATA INCLUDED THEREIN. BARCLAYS RESERVES THE RIGHT TO CHANGE THE METHODS OF CALCULATION OR PUBLICATION, OR TO CEASE THE CALCULATION OR PUBLICATION OF THE SHILLER BARCLAYS CAPE^® US SECTOR TR USD INDEX AND SHILLER BARCLAYS CAPE^® EUROPE SECTOR NET TR NOC USD INDEX, AND BARCLAYS SHALL NOT BE LIABLE FOR ANY MISCALCULATION OF OR ANY INCORRECT, DELAYED OR INTERRUPTED PUBLICATION WITH RESPECT TO ANY OF THE SHILLER BARCLAYS CAPE^® US SECTOR TR USD INDEX AND SHILLER BARCLAYS CAPE^® EUROPE SECTOR NET TR NOC USD INDEX. BARCLAYS SHALL NOT BE LIABLE FOR ANY DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, OR ANY LOST PROFITS AND EVEN IF ADVISED OF THE POSSIBILITY OF SUCH, RESULTING FROM THE USE OF THE SHILLER BARCLAYS CAPE^® US SECTOR TR USD INDEX OR SHILLER BARCLAYS CAPE^® EUROPE SECTOR NET TR NOC USD INDEX OR ANY DATA INCLUDED THEREIN OR WITH RESPECT TO THE DOUBLELINE SHILLER ENHANCED CAPE^® OR DOUBLELINE SHILLER ENHANCED INTERNATIONAL CAPE^®.

None of the information supplied by Barclays Bank PLC and used in this publication may be reproduced in any manner without the prior written permission of Barclays Capital, the investment banking division of Barclays Bank PLC. Barclays Bank PLC is registered in England No. 1026167. Registered office 1 Churchill Place London E14 5HP.

THE SHILLER BARCLAYS CAPE^® US INDEX FAMILY AND SHILLER BARCLAYS CAPE^® EUROPE INDEX FAMILY HAVE BEEN DEVELOPED IN PART BY RSBB-I, LLC, THE RESEARCH PRINCIPAL OF WHICH IS ROBERT J. SHILLER. RSBB-I, LLC IS NOT AN INVESTMENT ADVISER AND DOES NOT GUARANTEE THE ACCURACY AND COMPLETENESS OF THE SHILLER BARCLAYS CAPE^® US INDEX FAMILY OR THE SHILLER BARCLAYS CAPE^® EUROPE INDEX FAMILY OR ANY DATA OR METHODOLOGY EITHER INCLUDED THEREIN OR UPON WHICH THEY ARE BASED. RSBB-I, LLC SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS THEREIN AND MAKES NO WARRANTIES EXPRESSED OR IMPLIED, AS TO THE PERFORMANCE OR RESULTS EXPERIENCED BY ANY PARTY FROM THE USE OF ANY INFORMATION INCLUDED THEREIN OR UPON WHICH IT IS BASED, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF THE MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT THERETO, AND SHALL NOT BE LIABLE FOR ANY CLAIMS OR LOSSES OF ANY NATURE IN CONNECTION WITH THE USE OF SUCH INFORMATION, INCLUDING BUT NOT LIMITED TO, LOST PROFITS OR PUNITIVE OR CONSEQUENTIAL DAMAGES EVEN IF RSBB-I, LLC IS ADVISED OF THE POSSIBILITY OF SAME.

Morgan Stanley Index Disclaimers

NOTHING IN THE FOLLOWING DISCLAIMER IS INTENDED TO MODIFY THE OBLIGATIONS OF ANY MORGAN STANLEY AFFILIATE, INCLUDING WITHOUT LIMITATION, MORGAN STANLEY SMITH BARNEY LLC (“MSSB”), UNDER ANY APPLICABLE AGREEMENT BETWEEN ANY SUCH AFFILIATE AND ITS RESPECTIVE CLIENTS WHO PURCHASE DOUBLELINE STRATEGIC COMMODITY FUND (“FUND”) SHARES THROUGH SUCH AFFILIATE.

THIS FUND IS NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY MORGAN STANLEY CAPITAL GROUP INC. (“MORGAN STANLEY”). NEITHER MORGAN STANLEY NOR ANY OF ITS OR ITS AFFILIATES’ AGENTS (INCLUDING CALCULATION AGENTS), DATA PROVIDERS (WHICH FOR PURPOSES OF THIS DISCLAIMER INCLUDES WITHOUT LIMITATION ICE DATA, LLP, CHICAGO MERCANTILE EXCHANGE INC., AND THE LONDON METAL EXCHANGE) OR ANY THIRD PARTY PROVIDING SERVICES IN CONNECTION WITH THE INDEX MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, REGARDING THE ADVISABILITY OF INVESTING IN THIS FUND OR THE ABILITY OF THE MORGAN STANLEY BFMCISM (THE “INDEX”) TO TRACK MARKET PERFORMANCE. THE INDEX IS THE EXCLUSIVE PROPERTY OF MORGAN STANLEY. MORGAN STANLEY AND THE INDEX ARE SERVICE MARKS OF MORGAN STANLEY AND/OR A MORGAN STANLEY AFFILIATE AND HAVE BEEN LICENSED TO DOUBLELINE ALTERNATIVES LP FOR USE FOR CERTAIN PURPOSES BY DOUBLELINE ALTERNATIVES LP (“LICENSEE”). MORGAN STANLEY HAS NO OBLIGATION TO TAKE THE NEEDS OF THE LICENSEE, ISSUER OR OWNERS OF THIS FUND INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE INDEX. NEITHER MORGAN STANLEY NOR ANY OF ITS OR ITS AFFILIATES’ AGENTS (INCLUDING CALCULATION AGENTS), DATA PROVIDERS OR ANY THIRD PARTY PROVIDING SERVICES IN CONNECTION WITH THE INDEX IS RESPONSIBLE FOR AND HAS NOT PARTICIPATED IN THE DETERMINATION OF THE TIMING OF, PRICES AT, OR QUANTITIES OF THIS FUND OR ITS ASSETS OR IN THE DETERMINATION OR CALCULATION OF THE EQUATION BY WHICH THIS FUND IS REDEEMABLE. NEITHER MORGAN STANLEY NOR ANY OF ITS OR ITS AFFILIATES’ AGENTS (INCLUDING CALCULATION AGENTS), DATA PROVIDERS OR ANY THIRD PARTY PROVIDING SERVICES IN CONNECTION WITH THE INDEX HAS OR WILL HAVE ANY OBLIGATION OR LIABILITY TO OWNERS OF THIS FUND IN CONNECTION WITH THE ADMINISTRATION, MARKETING OR TRADING OF THIS FUND.

ALTHOUGH MORGAN STANLEY OR ITS AGENTS OR SERVICE PROVIDERS SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE INDEX FROM SOURCES WHICH MORGAN STANLEY CONSIDERS RELIABLE, NEITHER MORGAN STANLEY NOR ANY OF ITS OR ITS AFFILIATES’ AGENTS (INCLUDING CALCULATION AGENTS), DATA PROVIDERS OR ANY THIRD PARTY PROVIDING SERVICES IN CONNECTION WITH THE INDEX GUARANTEES THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN. NEITHER MORGAN STANLEY NOR ANY OF ITS OR ITS AFFILIATES’ AGENTS (INCLUDING CALCULATION AGENTS), DATA PROVIDERS OR ANY THIRD PARTY PROVIDING SERVICES IN CONNECTION WITH THE INDEX MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, LICENSEE’S CUSTOMERS AND COUNTERPARTIES, OWNERS OF OR INVESTORS IN THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN IN CONNECTION WITH THE RIGHTS LICENSED HEREUNDER OR FOR ANY OTHER USE. NEITHER MORGAN STANLEY NOR ANY OF ITS OR ITS AFFILIATES’ AGENTS (INCLUDING CALCULATION AGENTS), DATA PROVIDERS OR ANY THIRD PARTY PROVIDING SERVICES IN CONNECTION WITH THE INDEX MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND DO HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL MORGAN STANLEY OR ANY AGENT OF MORGAN STANLEY OR ANY MORGAN STANLEY AFFILIATE (INCLUDING CALCULATION AGENTS), DATA PROVIDERS OR ANY THIRD PARTY PROVIDING SERVICES IN CONNECTION WITH THE INDEX HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

NO PURCHASER, SELLER OR HOLDER OF THIS SECURITY, OR ANY OTHER PERSON OR ENTITY, SHOULD USE OR REFER TO ANY MORGAN STANLEY TRADE NAME, TRADEMARK OR SERVICE MARK TO SPONSOR, ENDORSE, MARKET OR PROMOTE THIS PRODUCT WITHOUT FIRST CONTACTING MORGAN STANLEY TO DETERMINE WHETHER MORGAN STANLEY’S PERMISSION IS REQUIRED. UNDER NO CIRCUMSTANCES MAY ANY PERSON OR ENTITY CLAIM ANY AFFILIATION WITH MORGAN STANLEY WITHOUT THE PRIOR WRITTEN PERMISSION OF MORGAN STANLEY.

16 DoubleLine Funds Trust

(Unaudited)

September 30, 2020

As part of the license agreements related to the use of the Colony Capital Fundamental US Real Estate Index, the DoubleLine Colony Real Estate and Income Fund is required to include the following disclaimers in its Prospectus. The following disclaimers have been provided by Colony Capital, Inc. and Barclays Bank PLC, respectively. Neither the DoubleLine Colony Real Estate and Income Fund nor the Adviser has verified the information in these disclaimers and both the Fund and the Adviser disclaim responsibility for the content of these disclaimers.

Colony Capital, Inc.

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

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

Barclays Bank PLC

^©Barclays Bank PLC, its wholly-owned subsidiary ^©Barclays Capital Inc. or an affiliate (collectively “Barclays”) owns the intellectual property and licensing rights in and to the Colony Capital Fundamental US Real Estate Index (the “Index”) and either entity may act as licensor of the Index. All rights reserved. Neither Barclays nor the Index Sponsor, as defined below, make any representation or warranty, express or implied, to DoubleLine Colony Real Estate and Income Fund (the “Fund”) or any member of the public regarding the advisability of investing in transactions generally or other instruments or related derivatives or in the Index particularly or the ability of the Barclays indices, including without limitation, the Index, to track the performance of any market or underlying assets or data. Neither Barclays nor the Index Sponsor has any obligation to take the needs of the Fund into consideration in determining, composing or calculating the Index. Barclays’ indices are administered, calculated and published by the Index Sponsor. The Index Sponsor role is performed by Barclays Index Administration (“BINDA”), a distinct function within the Investment Bank of Barclays Bank PLC. As the administrator of the Barclays family of indices, BINDA operates independently from Barclays Investment Bank’s sales, trading, structuring and banking departments. Notwithstanding the foregoing, potential conflicts of interest may exist where: (i) Barclays acts in multiple capacities with respect to a particular Barclays index, including but not limited to functioning as index sponsor, index administrator, calculation agent, licensing agent, and/or publisher; (ii) sales, trading or structuring desks in Barclays Investment Bank launch products linked to the performance of a Barclays index, which are typically hedged by Barclays’ trading desks. In hedging an index, a trading desk may purchase or sell constituents of that index. These purchases or sales may affect the prices of the index constituents which could in turn affect the level of that index; and (iii) Barclays may use price contributions from trading desks in Barclays Investment Bank as a pricing source for a Barclays index. Barclays has in place policies and governance procedures (including separation of reporting lines) that are designed to avoid or otherwise appropriately manage such conflicts of interest and ensure the independence of BINDA and the integrity of Barclays indices. Where permitted and subject to appropriate restrictions, BINDA personnel regularly interact with trading and structuring desk personnel in Barclays Investment Bank regarding current market conditions and prices although decisions made by BINDA are independent and not influenced by trading and structuring desk personnel. Additional information about Barclays indices together with copies of the BINDA IOSCO Compliance Statement and Control Framework are available at: https://index.barcap.com/Home/BINDA. The Index Sponsor is under no obligation to continue the calculation, publication and dissemination of the Index or the level of the Index. While the Index Sponsor currently employs the methodology ascribed to the Index (and application of such methodology shall be conclusive and binding), no assurance can be given that market, regulatory, juridical, financial, fiscal or other circumstances (including, but not limited to, any changes to or any suspension or termination of or any other events affecting any constituent within the Index) will not arise that would, in the view of the Index Sponsor, necessitate an adjustment, modification or change of such methodology. In certain circumstances, the Index Sponsor may suspend or terminate the Index.

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

Barclays Capital U.S. Commercial Mortgage-Backed Securities (CMBS) (ERISA Only) Index—This index measures the performance of investment grade CMBS. The index includes only CMBS that are eligible under the Employee Retirement Income Security Act of 1974, which will deem ERISA eligible the certificates with the first priority of principal repayment, as long as certain conditions are met, including that the certificates be in one of the three highest rating categories by Fitch, Moody’s or S&P.

Barclays Capital U.S. Commercial Mortgage-Backed Securities (CMBS) (ERISA Only) Total Return Index—This index tracks the Barclays Capital U.S. CMBS (ERISA Only) Index on a total return basis.

Basis Point—A unit that is equal to 1/100th of 1% and is used to denote the change in a financial instrument.

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

Bloomberg Barclays Global Aggregate Bond Index—This index is a flagship measure of global investment grade debt from 24 local currency markets. This multicurrency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers.

Semi-Annual Report September 30, 2020 17

Management’s Discussion of Fund Performance  (Cont.) (Unaudited) September 30, 2020

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

Bloomberg Barclays US Asset-Backed Securities (ABS) Index—This index is the ABS component of the Bloomberg Barclays US Aggregate Bond Index. The ABS index has three subsectors: credit and credit cards, autos and utility.

Bloomberg Barclays US Corporate High Yield (HY) Index—This index measures the U.S. dollar-denominated, HY, fixed-rate corporate bond market. Securities are classified as HY if the respective middle ratings of Moody’s, Fitch and S&P are Ba1, BB+ or BB+ or below. The Bloomberg Barclays US HY Long Index, including bonds with maturities of 10 years or greater, and the Bloomberg Barclays US HY Intermediate Index, including bonds with maturities of 1 to 9.999 years, are subindexes of the Bloomberg Barclays US Corporate HY Index.

Bloomberg Barclays US Corporate Index—This index measures the investment-grade, fixed-rate taxable corporate bond market. It includes U.S. dollar-denominated securities publicly issued by U.S. and non-U.S. industrial, utility and financial issuers.

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

Bloomberg Barclays US Credit 1-3 Year Index—This index represents the one- to three-year component of the Bloomberg Barclays US Credit Index.

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

Bloomberg Barclays US Long Credit Index—This index is a specially weighted version of the Bloomberg Barclays US Credit Index, tracking the component of bonds with a maturity of 10 years or longer.

Bloomberg Barclays US Long Government/Credit Index—This index tracks the market for investment grade, U.S. dollar-denominated, fixed-rate Treasuries, and government-related and corporate securities.

Bloomberg Barclays US Mortgage-Backed Securities (MBS) Index—This index measures the performance of investment-grade, fixed-rate mortgage-backed pass-through securities of the government-sponsored enterprises (GSEs): Federal Home Loan Mortgage Corp. (Freddie Mac), Federal National Mortgage Association (Fannie Mae) and Government National Mortgage Association (Ginnie Mae).

Bloomberg Barclays US Treasury Index—This index measures U.S. dollar-denominated, fixed-rate nominal debt issued by the U.S. Treasury with a remaining maturity of one year or more. Treasury bills are excluded by the maturity constraint but are part of a separate Short Treasury Index.

Bloomberg Commodity (BCOM) Index—This index is calculated on an excess return basis and reflects the price movements of commodity futures. It rebalances annually, weighted two-thirds by trading volume and one-third by world production, and weight caps are applied at the commodity, sector and group levels for diversification. The roll period typically occurs from the sixth to 10th business day based on the roll schedule.

Bloomberg Commodity (BCOM) Total Return Index—This index tracks the BCOM on a total return basis.

Colony Capital Fundamental U.S. Real Estate Index—This rules-based index incorporates fundamental criteria originally developed by Colony Capital, Inc. It is rebalanced and reconstituted quarterly by applying a systematic methodology to the universe of real estate investment trusts (REITs).

Constant Prepayment Rate (CPR)—Metric (also known as “Conditional Prepayment Rate”) that indicates a loan prepayment rate at which the outstanding principal of a pool of loans, such as mortgage backed securities (MBS), is paid off. The higher the CPR, the more prepayments are anticipated and thus the lower the duration of the note. This is called “prepayment risk.”

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

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

Euro Stoxx 50 Index—This index of 50 eurozone stocks provides a blue-chip representation of supersector leaders in the eurozone.

Federal Funds Rate—Target interest rate, set by the Federal Reserve at its Federal Open Market Committee (FOMC) meetings, at which commercial banks borrow and lend their excess reserves to each other overnight. The Fed sets a target Federal Funds Rate eight times a year, based on prevailing economic conditions.

Federal Open Market Committee (FOMC)—Branch of the Federal Reserve System that determines the direction of monetary policy specifically by directing open market operations. The FOMC comprises the seven board governors and five (out of 12) Federal Reserve Bank presidents.

Freddie Mac Primary Mortgage Market Survey (PMMS)—This weekly national survey tracks the most-popular 30- and 15-year fixed-rate mortgages, and 5-1 hybrid amortizing adjustable-rate mortgage products among a mix of lender types. The survey is compiled Monday through Wednesday and released (as average rates and points) on Thursday.

Freddie Mac U.S. Mortgage Market Survey 30-Year Homeowner Commitment National Index—This index tracks the 30-year, fixed-rate mortgages component of the Freddie Mac Primary Mortgage Market Survey (PMMS).

FTSE World Government Bond Index (WGBI)—This broad index measures the performance of fixed-rate, local-currency, investment-grade sovereign bonds. It is a widely used benchmark that comprises sovereign debt from more than 20 countries that is denominated in a variety of currencies.

Ginnie Mae (GNMA)—Ginnie Mae I is composed of mortgages that pay principal and interest on the 15th of every month while Ginnie Mae II mortgages do the same on the 20th. Another difference between the two pools is the maturity, with Ginnie Mae I having a maximum of 30 years for single family and 40 years for multifamily; Ginnie Mae II is 30 years max as it doesn’t include multifamily project or construction loans.

Ginnie Mae II—This class of pass-through investments is issued by the Government National Mortgage Association (GNMA), known as Ginnie Mae, and draws income from pools of Federation Housing Administration and Department of Veterans Affairs mortgages. Ginnie Mae II securities pay principal and interest on the 20th every month (in contrast to the 15th for Ginnie Mae I) and have a maximum maturity of 30 years.

G-10 (Group of Ten)—The G10 comprises 11 industrialized nations that meet on an annual basis, or more frequently as needed, to consult each other, debate and cooperate on international financial matters. The member countries are: Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, the United Kingdom and the United States.

ICE Bank of America (BofA) MOVE Index—This index is a measure of U.S. interest-rate volatility that tracks the movement in U.S. Treasury yield volatility implied by current prices of one-month over-the-counter options on two-, five-, 10- and 30-year Treasuries.

18 DoubleLine Funds Trust

(Unaudited)

September 30, 2020

ICE Bank of America (BofA) Eurodollar Index—This index tracks the performance of U.S. dollar-denominated investment grade quasigovernment, corporate, securitized and collateralized debt publicly issued in the eurobond markets.

ICE Bank of America (BofA) 1-3 Year Eurodollar Index—This subindex of the ICE BofA Eurodollar Index includes all securities with a remaining term to final maturity of three years or less.

ICE Bank of America (BofA) 1-3 Year U.S. Treasury Index—An unmanaged index that tracks the performance of the direct sovereign debt of the U.S. government having a maturity of at least one year and less than three years.

ICE Bank of America (BofA) 3-Month U.S. Treasury Bill Index—This unmanaged index comprises a single U.S. Treasury issue with approximately three months to final maturity, purchased at the beginning of each month and held for one full month.

J.P. Morgan Collateralized Loan Obligation Index (CLOIE)—This index a market value-weighted index consisting of U.S. dollar-denominated collateralized loan obligations (CLOs).

J.P. Morgan Collateralized Loan Obligation (CLO) Total Return Level Index—This index is a total return subindex of the J.P. Morgan Collateralized Loan Obligation Index (CLOIE), which is a market value-weighted index consisting of U.S. dollar-denominated CLOs.

J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI)—This index is a market capitalization-weighted index consisting of U.S. dollar-denominated emerging markets (EM) corporate bonds. CEMBI is a liquid global corporate benchmark representing Asia, Latin America, Europe and the Middle East/Africa.

J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI) Broad Diversified—This index is a uniquely weighted version of the CEMBI, which is a market capitalization-weighted index consisting of U.S. dollar-denominated emerging markets (EM) corporate bonds. It limits the weights of index countries with larger debt stocks by only including specified portions of those countries’ eligible current face amounts of debt outstanding.

J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI) Broad Diversified 1-3 Year—This index tracks corporate bonds with a maturity of one to three years and includes smaller issues and a wider array of bonds than CEMBI, which is a market capitalization-weighted index consisting of U.S. dollar-denominated emerging markets (EM) corporate bonds. CEMBI is a liquid global corporate benchmark representing Asia, Latin America, Europe and the Middle East/Africa.

J.P. Morgan Emerging Markets Bond Index (EMBI)—This index tracks emerging markets (EM) bonds and comprises sovereign debt and emerging corporate bonds.

J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified—This index is a uniquely weighted version of the EMBI, which tracks emerging markets (EM) bonds and comprises sovereign debt and emerging corporate bonds. It limits the weights of index countries with larger debt stocks by only including specified portions of those countries’ eligible current face amounts of debt outstanding.

J.P. Morgan Government Bond Index—Emerging Markets (GBI-EM) Global Diversified—This index tracks local currency bonds issued by emerging markets (EM) governments and has a broader roster of countries than GBI-EM, which limits inclusion to countries that are readily accessible and where no impediments exist for foreign investors.

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

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

London Interbank-Offered Rate (LIBOR) USD 3 Month—This measurement tracks the LIBOR on a three-month basis and is measured in U.S. dollars.

Morgan Stanley Backwardation Focused Multi-Commodity Index (MS BFMCI)—This index comprises futures contracts selected based on the contracts’ historical backwardation relative to other commodity-related futures contracts and the contracts’ historical liquidity. The sectors represented in the index (industrial metals, energy and agricultural/livestock) have been selected to provide diversified exposure. The index is typically rebalanced annually in January.

Morgan Stanley Capital International All Country World Index (MSCI ACWI)—This market capitalization-weighted index is designed to provide a broad measure of stock performance throughout the world. It comprises stocks from 23 developed countries 24 and emerging markets.

Morgan Stanley Capital International Emerging Markets Index (MSCI EMI)—This index captures large- and mid-cap representation across 26 emerging markets (EM) countries. With 1,385 constituents, the index covers approximately 85% of the free-float-adjusted market capitalization in each country.

Morgan Stanley Capital International (MSCI) Europe Index—This index is U.S. dollar denominated and represents the performance of large- and mid-cap equities across 15 developed countries in Europe. It covers approximately 85% of the free float-adjusted market capitalization in each country.

Morgan Stanley Capital International (MSCI) Europe Net Total Return Index—This index is a component of the MSCI Europe Index and measures performance on a U.S. dollar-denominated and net total return basis.

Nasdaq Composite Index—This index (“the Nasdaq”) comprises the more than 3,000 common stocks and similar securities (e.g., American depository receipts (ADRs), tracking stocks, limited-partnership interests) listed on the Nasdaq exchange. The index, which includes U.S. and non-U.S. companies, is highly followed in the U.S. as an indicator of the stock performance of technology companies and growth companies.

Net Asset Value (NAV)—Net value of an entity calculated as the total value of the entity’s assets minus the total value of its liabilities. Most commonly used in the context of a mutual fund or an exchange-traded fund (ETF), the NAV represents the per share/unit price of the fund at a specific date or time.

Nikkei 225 Index—This price-weighted index (“the Nikkei”) comprises Japan’s top 225 blue-chip companies on the Tokyo Stock Exchange. The Nikkei is equivalent to the Dow Jones Industrial Average Index in the U.S.

RCA Commercial Property Price Index (CPPI)—This index describes various nonresidential property types for the U.S. (10 monthly series from 2000). It is a periodic same-property, round-trip investment, price-change index of the U.S. commercial investment property market. The dataset contains 20 monthly indicators.

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

Russell 1000^® Value Index—This index measures the performance of the large-cap value segment of the U.S. equity universe. It includes Russell 1000^® Index companies with lower price-to-book ratios and lower expected growth values.

S&P 500 Index—This unmanaged capitalization-weighted index of the stocks of the 500 largest publicly traded U.S. companies is designed to measure performance of the broad domestic economy through changes in the aggregate market value of the 500 stocks, which represent all major industries.

S&P GSCI—This index (formerly the Goldman Sachs Commodity Index) measures investment in the commodity markets and commodity market performance over time.

S&P/LSTA Leveraged Loan Index—This index tracks the market-weighted performance of institutional weighted loans based on market weightings, spreads and interest payments.

Semi-Annual Report September 30, 2020 19

Management’s Discussion of Fund Performance  (Cont.) (Unaudited) September 30, 2020

Shanghai Stock Exchange Composite Index—This capitalization-weighted index, developed in December 1990 with a base value of 100, tracks the daily performance of all A shares and B shares listed on the Shanghai Stock Exchange.

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

Shiller Barclays CAPE^® Europe Sector Net TR NoC USD Index (European CAPE Index)—This index incorporates the principles of long-term investing distilled by Dr. Robert Shiller and expressed through the CAPE (cyclically adjusted price earnings) ratio (the “CAPE Ratio”). The classic CAPE Ratio assesses equity market valuations and averages 10 years of inflation adjusted earnings to account for earnings and market cycles.

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

Term Asset-Backed Securities Loan Facility (TALF)—Program created by the U.S. Federal Reserve in November 2008 to boost consumer spending in order to help jumpstart the economy. TALF did this by issuing loans to banks using asset-backed securities (ABS) as collateral. A new version of the program, TALF 2.0, was started in 2020 to purchase ABS during the economic disruption of the COVID-19 crisis.

Trade Reporting and Compliance Engine (TRACE)—Financial Industry Regulatory Authority (FINRA)-developed vehicle that facilitates the mandatory reporting of over-the-counter secondary market transactions in eligible fixed-income securities.

Trepp CMBS Delinquency Rate—A report published by Trepp on a monthly basis giving the total principal balances of loans with delinquencies divided by the total principal balance of all loans.

U.S. Dollar Index (DXY)—A weighted geometric mean of the U.S. dollar’s value relative to a basket of six major foreign currencies: the euro, Japanese yen, British pound, Canadian dollar, Swedish krona and Swiss franc.

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

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

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

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

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

The DoubleLine Funds are distributed by Quasar Distributors, LLC.

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

20 DoubleLine Funds Trust

Standardized Performance Summary (Unaudited) September 30, 2020

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

DBLTX/DLTNX/DDTRX
DoubleLine Total Return Bond Fund Returns as of September 30, 2020	6-Months (Not Annualized)		1-Year		3-Years Annualized		5-Years Annualized		10-Years Annualized		Since  Inception Annualized (4-6-10 to 9-30-20)	Expense Ratio
I Share (DBLTX)		4.46%		3.47%		3.81%		3.33%		4.61%	5.78%	0.49%
N Share (DLTNX)		4.33%		3.21%		3.58%		3.08%		4.36%	5.52%	0.73%
R6 Share (DDTRX)1		4.49%		3.53%		3.83%		3.35%		4.62%	5.78%	0.45%
Bloomberg Barclays U.S. Aggregate Bond Index		3.53%		6.98%		5.24%		4.18%		3.64%	4.10%
DBLFX/DLFNX/DDCFX
DoubleLine Core Fixed Income Fund Returns as of September 30, 2020	6-Months (Not Annualized)		1-Year		3-Years Annualized		5-Years Annualized		10-Years Annualized		Since Inception Annualized (6-1-10 to 9-30-20)	Expense Ratio
I Share (DBLFX)		7.35%		4.15%		4.04%		3.90%		4.61%	5.16%	0.48%
N Share (DLFNX)		7.22%		3.88%		3.78%		3.63%		4.35%	4.90%	0.73%
R6 Share (DDCFX)2		7.37%		4.18%		4.05%		3.91%		4.61%	5.16%	0.46%
Bloomberg Barclays U.S. Aggregate Bond Index		3.53%		6.98%		5.24%		4.18%		3.64%	3.92%
DBLEX/DLENX
DoubleLine Emerging Markets Fixed Income Fund Returns as of September 30, 2020	6-Months (Not Annualized)		1-Year		3-Years Annualized		5-Years Annualized		10-Years Annualized		Since Inception Annualized (4-6-10 to 9-30-20)	Expense Ratio
I Share (DBLEX)		18.08%		2.00%		2.45%		5.59%		4.89%	5.31%	0.90%
N Share (DLENX)		18.03%		1.82%		2.22%		5.34%		4.64%	5.06%	1.15%
J.P. Morgan Emerging Markets Bond Global Diversified Index		14.86%		1.29%		3.49%		6.15%		5.43%	6.08%
DMLIX/DMLAX
DoubleLine Multi- Asset Growth Fund Returns as of September 30, 2020	6-Months (Not Annualized)		1-Year		3-Years Annualized		5-Years Annualized				Since Inception Annualized (12-20-10 to 9-30-20)	Gross Expense Ratio	Net Expense Ratio10
I Share (DMLIX)		17.43%		0.50%		1.38%		5.45%			3.66%	1.42%	1.33%
A Share (DMLAX)3												1.60%	1.59%
A Share (No Load)		17.39%		0.33%		1.13%		5.21%			3.39%
A Share (With Load)		12.45%		-3.93%		-0.34%		4.30%			2.94%
S&P 500® Index		31.31%		15.15%		12.28%		14.15%			12.99%
Blended Benchmark USD Unhedged4		19.43%		9.26%		6.22%		7.96%			6.10%
Blended Benchmark USD Hedged4		18.16%		8.48%		6.68%		8.15%			6.74%

Semi-Annual Report September 30, 2020 21

Standardized Performance Summary  (Cont.) (Unaudited) September 30, 2020

DBLSX/DLSNX/DDLDX
DoubleLine Low Duration Bond Fund Returns as of September 30, 2020	6-Months (Not Annualized)		1-Year		3-Years Annualized		5-Years Annualized		Since Inception Annualized (9-30-11 to 9-30-20)	Expense Ratio
I Share (DBLSX)		5.73%		1.76%		2.47%		2.52%	2.39%	0.43%
N Share (DLSNX)		5.71%		1.60%		2.25%		2.27%	2.15%	0.68%
R6 Share (DDLDX)5		5.75%		1.79%		2.48%		2.53%	2.40%	0.40%
ICE BofA 1-3 Year U.S. Treasury Index		0.24%		3.58%		2.64%		1.80%	1.29%
Bloomberg Barclays U.S. Aggregate 1-3 Yr Bond Index		1.04%		3.44%		2.76%		2.05%	1.59%
DBFRX/DLFRX
DoubleLine Floating Rate Fund Returns as of September 30, 2020	6-Months (Not Annualized)		1-Year		3-Years Annualized		5-Years Annualized		Since  Inception Annualized (2-1-13 to 9-30-20)	Expense Ratio
I Share (DBFRX)6		11.96%		1.24%		2.49%		2.82%	2.83%	0.71%
N Share (DLFRX)6		11.91%		1.07%		2.22%		2.55%	2.60%	0.96%
S&P/LSTA Leveraged Loan Index		14.24%		1.06%		3.10%		4.01%	3.56%
DSEEX/DSENX/DDCPX
DoubleLine Shiller Enhanced CAPE® Returns as of September 30, 2020	6-Months (Not Annualized)		1-Year		3-Years Annualized		5-Years Annualized		Since Inception Annualized (10-31-13 to 9-30-20)	Expense Ratio
I Share (DSEEX)		39.74%		9.54%		11.11%		15.61%	13.76%	0.56%
N Share (DSENX)		39.56%		9.31%		10.83%		15.33%	13.48%	0.81%
R6 Share (DDCPX)7		39.66%		9.60%		11.13%		15.62%	13.77%	0.50%
S&P 500® Index8		31.31%		15.15%		12.28%		14.15%	12.11%
Shiller Barclays CAPE® U.S. Sector Total Return Index8		32.49%		12.54%		12.18%		15.86%	13.48%
DFLEX/DLINX/DFFLX
DoubleLine Flexible Income Fund Returns as of September 30, 2020	6-Months (Not Annualized)		1-Year		3-Years Annualized		5-Years Annualized		Since Inception Annualized (4-7-14 to 9-30-20)	Expense Ratio
I Share (DFLEX)		13.72%		0.68%		2.43%		3.28%	3.10%	0.74%
N Share (DLINX)		13.58%		0.42%		2.17%		3.00%	2.83%	0.99%
R6 Share (DFFLX)9		13.75%		0.72%		2.44%		3.29%	3.10%	0.69%
ICE BofA 1-3 Year Eurodollar Index		3.68%		4.08%		3.35%		2.67%	2.32%
LIBOR USD 3 Month		0.26%		1.19%		1.91%		1.48%	1.21%
DBLLX/DELNX
DoubleLine Low Duration Emerging Markets Fixed Income Fund Returns as of September 30, 2020	6-Months (Not Annualized)		1-Year		3-Years Annualized		5-Years Annualized		Since  Inception Annualized (4-7-14 to 9-30-20)	Gross Expense Ratio	Net Expense Ratio10
I Share (DBLLX)		6.78%		2.96%		3.06%		3.94%	3.16%	0.63%	0.59%
N Share (DELNX)		6.64%		2.70%		2.82%		3.69%	2.93%	0.88%	0.84%
J.P. Morgan CEMBI Broad Diversified 1-3 Year Index		9.59%		3.72%		3.75%		4.22%	3.64%
DBLDX/DLLDX
DoubleLine Long Duration Total Return Bond Fund Returns as of September 30, 2020	6-Months (Not Annualized)		1-Year		3-Years Annualized		5-Years Annualized		Since  Inception Annualized (12-15-14 to 9-30-20)	Gross Expense Ratio	Net Expense Ratio10
I Share (DBLDX)		0.98%		12.34%		9.49%		6.64%	6.30%	0.54%	0.51%
N Share (DLLDX)		0.85%		12.17%		9.26%		6.40%	6.04%	0.79%	0.76%
Bloomberg Barclays U.S. Long Government/Credit Index		7.52%		12.92%		10.21%		8.78%	7.17%

22 DoubleLine Funds Trust

(Unaudited)

September 30, 2020

DBCMX/DLCMX
DoubleLine Strategic Commodity Fund Returns as of September 30, 2020	6-Months (Not Annualized)		1-Year		3-Years Annualized		5-Years Annualized		Since  Inception Annualized (5-18-15 to 9-30-20)	Expense Ratio
I Share (DBCMX)		6.37%		-18.84%		-6.16%		-1.89%	-4.18%	1.11%
N Share (DLCMX)		6.26%		-18.91%		-6.36%		-2.13%	-4.41%	1.36%
Bloomberg Commodity Total Return Index		14.62%		-8.20%		-4.18%		-3.09%	-6.07%
DBLGX/DLGBX
DoubleLine Global Bond Fund Returns as of September 30, 2020	6-Months (Not Annualized)		1-Year		3-Years Annualized				Since Inception Annualized (12-17-15 to 9-30-20)	Expense Ratio
I Share (DBLGX)		4.41%		3.65%		1.42%			2.21%	0.55%
N Share (DLGBX)		4.21%		3.29%		1.14%			1.95%	0.80%
FTSE World Government Bond Index		5.04%		6.77%		4.37%			4.48%
BILDX/BILTX
DoubleLine Infrastructure Income Fund Returns as of September 30, 2020	6-Months (Not Annualized)		1-Year		3-Years Annualized				Since Inception Annualized (4-1-16 to 9-30-20)	Expense Ratio
I Share (BILDX)		11.29%		3.65%		4.14%			4.18%	0.57%
N Share (BILTX)		11.15%		3.41%		3.91%			3.92%	0.82%
Bloomberg Barclays U.S. Aggregate Bond Index		3.53%		6.98%		5.24%			4.10%
DBULX/DLUSX
DoubleLine Ultra Short Bond Fund Returns as of September 30, 2020	6-Months (Not Annualized)		1-Year		3-Years Annualized				Since Inception Annualized (6-30-16 to 9-30-20)	Expense Ratio
I Share (DBULX)		2.77%		1.32%		1.89%			1.57%	0.23%
N Share (DLUSX)		2.54%		1.06%		1.64%			1.33%	0.48%
ICE BofA 3-Month Treasury Bill Index		0.06%		1.10%		1.69%			1.37%
DSEUX/DLEUX
DoubleLine Shiller Enhanced International CAPE® Returns as of September 30, 2020	6-Months (Not Annualized)		1-Year		3-Years Annualized				Since Inception Annualized (12-23-16 to 9-30-20)	Gross Expense Ratio	Net Expense Ratio10
I Share (DSEUX)		30.22%		-0.68%		-0.09%			5.57%	0.82%	0.67%
N Share (DLEUX)		30.06%		-0.94%		-0.35%			5.32%	1.07%	0.92%
MSCI Europe Net Return USD Index8		20.46%		-0.79%		-0.61%			5.42%
DBRIX/DLREX
DoubleLine Colony Real Estate and Income Fund Returns as of September 30, 2020	6-Months (Not Annualized)		1-Year						Since Inception Annualized (12-17-18 to 9-30-20)	Gross Expense Ratio	Net Expense Ratio10
I Share (DBRIX)		16.69%		-17.16%					1.87%	0.87%	0.64%
N Share (DLREX)		16.66%		-17.29%					1.69%	1.12%	0.89%
Dow Jones U.S. Select REIT Total Return Index		10.01%		-22.33%					-3.43%
DBELX/DLELX
DoubleLine Emerging Markets Local Currency Bond Fund Returns as of September 30, 2020	6-Months (Not Annualized)		1-Year						Since Inception Not Annualized (6-28-19 to 9-30-20)	Gross Expense Ratio	Net Expense Ratio10
I Share (DBELX)		8.81%		-1.65%					-3.87%	6.25%	0.92%
N Share (DLELX)		8.68%		-1.90%					-4.12%	6.50%	1.17%
JPM GBI-EM Global Diversified TR Index		10.49%		-1.45%					-2.05%

Semi-Annual Report September 30, 2020 23

Standardized Performance Summary  (Cont.) (Unaudited) September 30, 2020

DBLIX/DBLNX
DoubleLine Income Fund Returns as of September 30, 2020	6-Months (Not Annualized)		1-Year		Since Inception Not Annualized (9-3-19 to 9-30-20)	Gross Expense Ratio	Net Expense Ratio11
I Share (DBLIX)		11.67%		-7.48%	-7.20%	1.14%	0.66%
N Share (DBLNX)		11.79%		-7.57%	-7.21%	1.27%	0.91%
Bloomberg Barclays U.S. Aggregate Bond Index		3.53%		6.98%	5.78%

1 The inception date of the Class I shares of DoubleLine Total Return Bond Fund (DBLTX) was April 6, 2020, while the inception date of the R6 Class (DDTRX) was July 31, 2019. The returns of DDTRX shown for periods prior to its inception date reflect the returns of DBLTX.

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

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

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

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

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

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

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

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

10 The Adviser has contractually agreed to waive fees and reimburse expenses through July 31, 2021. For additional information regarding these expense limitation arrangements, please see note 3 in the notes to the financial statements.

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

Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns.

Mutual fund investing involves risk. Principal loss is possible.

24 DoubleLine Funds Trust

Schedule of Investments - Summary  DoubleLine Total Return Bond Fund (Unaudited) September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $		% OF NET ASSETS
	ASSET BACKED OBLIGATIONS µ
		Total Asset Backed Obligations (Cost $2,155,607,941)							2,111,329,712		4.0	%
	COLLATERALIZED LOAN OBLIGATIONS µ
		Total Collateralized Loan Obligations (Cost $1,872,428,010)							1,863,551,034		3.6	%
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS µ
	180,761,000	BX Trust, Series 2019-OC11-E		4.08	%#^		12/11/2041		164,544,569		0.3	%
	Other Non-Agency Commercial Mortgage Backed Obligations µ								4,406,819,786		8.5	%
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $5,017,660,978)							4,571,364,355		8.8	%
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS
	169,937,154	Citigroup Mortgage Loan Trust, Inc., Series 2017-RP2-A1A		3.94	%#^		07/25/2067		176,692,445		0.3	%
	166,992,326	Citigroup Mortgage Loan Trust, Series 2019-A-PT1		3.92	%^		10/25/2058		167,447,714		0.3	%
	247,757,873	Citigroup Mortgage Loan Trust, Series 2019-D-PT1		3.27	%^		04/25/2064		252,310,622		0.5	%
	375,242,600	Citigroup Mortgage Loan Trust, Series 2020-RP1-A1		1.50	%#^		08/25/2064		379,722,246		0.7	%
	272,579,509	CSMC Mortgage-Backed Trust, Series 2019-RPL6-PT1		3.88	%#^		11/25/2058		284,411,804		0.5	%
	159,447,535	CSMC Trust, Series 2018-RPL7-A1		4.00	%^		08/26/2058		163,521,929		0.3	%
	263,910,269	CSMC Trust, Series 2020-RPL1-PT1		3.47	%^		01/29/2050		250,669,099		0.5	%
	265,690,000	GSMPS Mortgage Loan Trust, Series 2020-RPL2-PT		1.00	%^		07/25/2059		273,034,203		0.5	%
	185,440,489	Legacy Mortgage Asset Trust, Series 2019-RPL3-PT1		4.30	%^		06/25/2058		184,926,448		0.4	%
	181,125,984	PR Mortgage Loan Trust, Series 2014-1-APT		5.91	%#^		10/25/2049		179,377,358		0.3	%
	157,702,000	PRPM LLC, Series 2020-3-A1		2.86	%^§		09/25/2025		157,699,351		0.3	%
	269,448,199	Securitized Mortgage Asset Loan Trust, Series 2015-1-PC		2.23	%#^		02/25/2045		228,461,490		0.4	%
	154,245,670	VOLT LLC, Series 2019-NPL6-A1A		3.23	%^§		10/25/2049		154,582,219		0.3	%
	Other Non-Agency Residential Collateralized Mortgage Obligations µ								11,677,252,201		22.5	%
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $14,854,099,560)							14,530,109,129		27.8	%
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS
	320,178,529	Federal Home Loan Mortgage Corporation,		3.00	%		04/01/2045		338,846,375		0.7	%
		Pool G08635
		Pool Z40117
	365,040,510	Federal Home Loan Mortgage Corporation, Pool G08675		3.00	%		11/01/2045		384,645,441		0.7	%
	340,700,000	Federal Home Loan Mortgage Corporation, Pool SD8104		1.50	%		10/01/2050		342,702,406		0.7	%
	182,066,071	Federal Home Loan Mortgage Corporation,		3.00	%		12/01/2045		192,340,487		0.4	%
		Pool G08680
		Pool V82117
	243,252,235	Federal Home Loan Mortgage Corporation, Pool G08648		3.00	%		06/01/2045		256,605,184		0.5	%
	149,939,784	Federal Home Loan Mortgage Corporation, Pool RB5076		2.00	%		08/01/2040		155,076,264		0.3	%
	149,522,693	Federal Home Loan Mortgage Corporation, Pool SD8090		2.00	%		09/01/2050		154,644,884		0.3	%
	141,271,874	Federal Home Loan Mortgage Corporation, Pool G60393		3.50	%		01/01/2046		153,760,856		0.3	%
	170,827,656	Federal Home Loan Mortgage Corporation,		3.00	%>		09/15/2044		189,002,734		0.4	%
		Series 4390-NZ
		Series 4384-ZY
	160,059,112	Federal Home Loan Mortgage Corporation,		3.00	%		12/15/2041		165,728,850		0.3	%
		Series 4471-BA
		Series 4471-BC
	232,076,181	Federal Home Loan Mortgage Corporation,		3.00	%		06/15/2044		243,421,833		0.5	%
		Series 4483-CA
		Series 4533-AB
	267,780,714	Federal Home Loan Mortgage Corporation,		3.00	%		02/15/2044		281,111,263		0.5	%
		Series 4527-CA
		Series 4471-GA
		Series 4588-DA
		Series 4527-GA
	217,136,124	Federal Home Loan Mortgage Corporation,		3.00	%I/O		05/15/2048		192,707,094		0.4	%
		Series 4791-JT
		Series 4792-A
		Series 4791-LI
		Series 4791-IO
	1,879,296,267	Federal Home Loan Mortgage Corporation		2.50	%–5.00%		03/01/2028–06/01/2048		2,002,344,541		3.8	%
	635,177,448	Federal Home Loan Mortgage Corporation		2.00	%–3.00%		04/01/2033–10/01/2050		662,797,755		1.3	%
	314,280,244	Federal National Mortgage Association Pass-Thru,		3.00	%		03/01/2045		331,019,833		0.6	%
		Pool AS4625
		Pool AS4645
		Pool AY3974
		Pool AY5471

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 25

Schedule of Investments - Summary  DoubleLine Total Return Bond Fund  (Cont.) (Unaudited) September 30, 2020

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $			% OF NET ASSETS
	150,689,000	Federal National Mortgage Association,		3.00	%		08/01/2046		167,012,196			0.3	%
		Pool BL5400
		Pool BL5401
	159,108,282	Federal National Mortgage Association,		3.00	%		08/01/2046		164,515,096			0.3	%
		Pool AS7661
		Pool MA2711
	300,000,000	Federal National Mortgage Association,		1.50	%		10/01/2050		305,199,941			0.6	%
		Pool MA4157
		Pool MA4181
	269,957,059	Federal National Mortgage Association,		2.00	%		10/01/2050		277,622,994			0.5	%
		Pool MA4158
		Pool MA4165
	217,500,000	Federal National Mortgage Association, Pool AN6680		3.37	%		11/01/2047		254,502,124			0.5	%
	234,007,705	Federal National Mortgage Association, Pool TB5071		2.00	%		09/01/2040		242,116,641			0.5	%
	181,929,107	Federal National Mortgage Association, Pool MA4100		2.00	%		08/01/2050		188,161,443			0.4	%
	161,715,602	Federal National Mortgage Association, Pool MA4123		2.00	%		09/01/2035		168,183,243			0.3	%
	150,000,000	Federal National Mortgage Association, Pool MA4159		2.50	%		10/01/2050		157,513,280			0.3	%
	148,100,000	Federal National Mortgage Association, Pool MA4178		1.50	%		10/01/2035		151,610,277			0.3	%
	1,700,000,000	Federal National Mortage Association		2.00	%		04/25/2050		1,753,307,257			3.4	%
	297,552,834	Federal National Mortgage Association,		3.00	%		08/01/2046		314,760,238			0.6	%
		Series 2018-36-A
		Series 2018-38-JB
		Series 2018-39-AB
	241,586,296	Federal National Mortgage Association,		3.00	%		11/01/2046		252,810,273			0.5	%
		Pool MA2806
		Pool AS8356
		Pool AS8269
		Pool BC9003
	222,031,411	Federal National Mortgage Association,		3.00	%>		10/25/2044		243,113,119			0.5	%
		Series 2014-60-EZ
		Series 2014-61-ZV
		Series 2014-64-NZ
		Series 2014-67-DZ
		Series 2016-32-LA
	139,511,347	Federal National Mortgage Association,		4.00	%>		04/25/2042		156,130,485			0.3	%
		Series 2012-30-DZ
		Series 2012-31-Z
		Series 2012-111-MJ
	225,000,000	Federal National Mortage Association		1.50	%–2.00%		03/25/2050–10/15/2050		229,853,517			0.4	%
	3,142,928,677	Federal National Mortgage Association		0.00	%–53.29%#>I/F I/O P/O		01/25/2026–10/25/2050		3,152,720,459			6.0	%
	6,004,183,968	Federal National Mortgage Association Pass-Thru		1.10	%–6.50%		10/01/2020–09/01/2053		6,406,237,517			12.3	%
	3,678,270,278	Federal Home Loan Mortgage Corporation		0.00	%–24.22%>I/F I/O P/O		12/15/2030–10/15/2049		3,880,663,153			7.4	%
	Other US Government and Agency Mortgage Backed Obligations µ								1,175,756,426			2.1	%
		Total US Government and Agency Mortgage Backed Obligations (Cost $24,363,955,268)							25,688,545,479			49.2	%
	US GOVERNMENT AND AGENCY OBLIGATIONS
	300,000,000	United States Treasury Notes		1.50	%		02/15/2030		323,625,000			0.6	%
	600,000,000	United States Treasury Notes		1.13	%		05/15/2040		590,718,750			1.1	%
	275,000,000	United States Treasury Notes		2.00	%		02/15/2050		312,082,100			0.6	%
	1,400,000,000	United States Treasury Notes		1.25	%		05/15/2050		1,327,046,868			2.5	%
	Other US Government and Agency Obligations µ								82,957,976			0.2	%
		Total US Government and Agency Obligations (Cost $2,656,684,199)							2,636,430,694			5.0	%
	AFFILIATED MUTUAL FUNDS µ
		Total Affiliated Mutual Funds (Cost $21,976,350)							19,571,282			0.0	%
	SHORT TERM INVESTMENTS
	1,423,615,840	First American Government Obligations Fund–Class U		0.07	%¨				1,423,615,840			2.8	%
	1,423,594,628	JP Morgan U.S. Government Money Market Fund–Institutional Share Class		0.07	%¨				1,423,594,628			2.7	%
	1,423,594,629	Morgan Stanley Institutional Liquidity Funds Government Portfolio–Institutional Share Class		0.02	%¨				1,423,594,629			2.7	%
		Total Short Term Investments (Cost $4,270,805,097)							4,270,805,097			8.2	%
		Total Investments (Cost $55,213,217,403)							55,691,706,782			106.6	%
		Other Assets in Excess of Liabilities							(3,452,626,665	)		(6.6	)%
		NET ASSETS						$	52,239,080,117			100.0	%

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

(Unaudited)

September 30, 2020

SECURITY TYPE BREAKDOWN as a % of Net Assets:
US Government and Agency Mortgage Backed Obligations	49.2%
Non-Agency Residential Collateralized Mortgage Obligations	27.8%
Non-Agency Commercial Mortgage Backed Obligations	8.8%
Short Term Investments	8.2%
US Government and Agency Obligations	5.0%
Asset Backed Obligations	4.0%
Collateralized Loan Obligations	3.6%
Affiliated Mutual Funds	0.0%	~
Other Assets and Liabilities	(6.6)%
	100.0%

µ Represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate, respectively as of September 30, 2020.

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers.

# Includes variable rate securities. Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of September 30, 2020.

§ The interest rate will step up if the issuer does not redeem the bond on or before a scheduled redemption date in accordance with the terms of the instrument. The interest rate shown is the rate in effect as of September 30, 2020.

I/F Includes inverse floating rate securities whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. Interest rate may also be subject to a cap or floor.

I/O Includes interest only securities

P/O Incudes principal only securities

> Includes U.S. Agency bonds that accrue interest which is added to the outstanding principal balance. The interest payment will be deferred until all other tranches in the structure are paid off. The rate disclosed is as of September 30, 2020.

¨ Seven-day yield as of September 30, 2020

~ Represents less than 0.05% of net assets

A summary of the DoubleLine Total Return Bond Fund’s investments in affiliated mutual funds for the period ended September 30, 2020 is as follows:

Fund	Value at March 31, 2020			Gross Purchases			Gross Sales				Shares Held at September 30, 2020		Value at September 30, 2020			Change in Unrealized for the Period Ended September 30, 2020			Dividend Income Earned in the Period Ended September 30, 2020			Net Realized Gain (Loss) in the Period Ended September 30, 2020
DoubleLine Income Fund (Class I)		$	56,624,814		$	—		$	(40,650,000	)		2,213,946		$	19,571,282		$	11,029,760		$	586,751		$	(7,433,292	)

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 27

Schedule of Investments - Summary  DoubleLine Core Fixed Income Fund (Unaudited) September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $		% OF NET ASSETS
	ASSET BACKED OBLIGATIONSµ
		Total Asset Backed Obligations (Cost $317,254,248)							313,651,775		2.7%
	BANK LOANSµ
		Total Bank Loans (Cost $420,366,396)							410,880,225		3.5%
	COLLATERALIZED LOAN OBLIGATIONSµ
		Total Collateralized Loan Obligations (Cost $347,164,989)							333,123,682		2.9%
	FOREIGN CORPORATE BONDSµ
		Total Foreign Corporate Bonds (Cost $1,009,521,519)							998,834,703		8.6%
	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONSµ
		Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $123,077,745)							129,919,900		1.1%
	MUNICIPAL BONDSµ
		Total Municipal Bonds (Cost $9,883,676)							11,472,886		0.1%
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONSµ
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $872,315,629)							812,312,898		7.0%
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS
		Citigroup Mortgage Loan Trust,
	39,555,866	Series 2019-A-PT1		3.92%	^		10/25/2058		39,663,735		0.3%
		CSMC Trust,
	36,954,790	Series 2018-RPL8-A1		4.13%	#^		07/25/2058		37,118,984		0.3%
		CSMC Trust,
	45,583,314	Series 2020-RPL1-PT1		3.47%	^		01/29/2050		43,296,262		0.4%
		Legacy Mortgage Asset Trust,
	32,823,286	Series 2018-GS2-A1		4.00%	^§		04/25/2058		33,434,784		0.3%
		Legacy Mortgage Asset Trust,
	35,235,043	Series 2019-RPL3-PT1		4.30%	^		06/25/2058		35,137,372		0.3%
		Legacy Mortgage Asset Trust,
	37,002,054	Series 2020-GS2-A1		2.75%	^§		03/25/2060		37,166,191		0.3%
		New Residential Mortgage Loan Trust,
	39,106,812	Series 2020-NPL2-A1		3.23%	^§		08/25/2060		39,179,234		0.3%
	Other Non-Agency Residential Collateralized Mortgage Obligationsµ								1,008,691,642		8.7%
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $1,273,426,367)							1,273,688,204		10.9%
	US CORPORATE BONDSµ
		Total US Corporate Bonds (Cost $1,560,332,755)							1,656,354,856		14.2%
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS
		Federal Home Loan Mortgage Corporation,
	40,145,653	Pool RB5022		3.00%			11/01/2039		42,064,103		0.4%
		Federal Home Loan Mortgage Corporation,
	39,994,855	Pool SD0035		3.00%			04/01/2047		41,947,449		0.4%
		Federal Home Loan Mortgage Corporation,
	48,348,835	Series 358-300		3.00%			10/15/2047		51,230,454		0.4%
		Federal Home Loan Mortgage Corporation,
	36,267,811	Series 4542-AC		2.70%			01/15/2045		38,133,877		0.3%

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

(Unaudited)

September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $		% OF NET ASSETS
		Federal Home Loan Mortgage Corporation,
	52,432,023	Series 4750-PA		3.00%			07/15/2046		54,297,282		0.5%
		Federal Home Loan Mortgage Corporation,
	39,666,000	Series 4752-PL		3.00%			09/15/2046		40,990,043		0.4%
	230,178,970	Federal Home Loan Mortgage Corporation		2.50% – 12.98%	> I/F  I/O		12/15/2030 – 01/15/2054		242,543,345		2.1%
	99,991,159	Federal Home Loan Mortgage Corporation		2.00% – 3.00%			08/01/2034 – 10/01/2050		104,806,252		0.9%
	110,500,902	Federal Home Loan Mortgage Corporation		3.00% – 5.50%			07/01/2035 – 10/01/2048		117,663,401		1.0%
		Federal National Mortgage Association,
	32,930,000	Pool BL4592		2.28%			11/01/2029		35,962,774		0.3%
	110,269,000	Federal National Mortgage Association,		2.14%			10/01/2029		119,001,735		1.0%
		Pool BL4419
		Pool BL4421
		Pool BL4424
		Pool BL4425
		Federal National Mortgage Association,
	49,345,000	Pool BL5156		2.37%			12/01/2029		54,294,449		0.5%
		Federal National Mortgage Association,
	35,410,661	Pool MA3867		2.50%			12/01/2039		37,180,186		0.3%
	116,436,215	Federal National Mortgage Association,		2.00%			10/01/2050		119,466,828		1.0%
		Pool MA4158
		Pool MA4165
		Federal National Mortgage Association,
	39,665,645	Pool SD8097		2.00%			08/01/2050		41,024,469		0.4%
	31,217,764	Federal National Mortgage Association,		3.00%			08/01/2046		32,308,547		0.3%
		Pool AS7661
		Pool MA2711
		Federal National Mortgage Association,
	34,396,383	Series 2013-6-ZB		3.00%	>		02/25/2043		35,454,309		0.3%
	36,785,700	Federal National Mortgage Association,		3.00%	>		11/25/2044		40,260,139		0.3%
		Series 2014-70-VZ
		Series 2014-73-CZ
		Federal National Mortgage Association,
	57,488,947	Series 2018-21-PO		0.00%	P/O		04/25/2048		53,705,760		0.5%
		Federal National Mortgage Association,
	34,766,588	Series 2018-27-JA		3.00%			12/25/2047		36,259,576		0.3%
		Federal National Mortgage Association,
	98,596,034	Series 2018-35-PO		0.00%	P/O		05/25/2048		94,492,073		0.8%
	57,373,308	Federal National Mortgage Association,		3.00%			06/25/2048		60,573,693		0.5%
		Series 2018-36-A
		Series 2018-39-AB
	250,000,000	Federal National Mortgage Association TBA		2.00%			04/25/2050		257,839,302		2.2%
	50,000,000	Federal National Mortgage Association TBA		2.00%			03/25/2050		51,691,406		0.4%
	324,400,681	Federal National Mortgage Association		1.50% – 5.00%			10/01/2029 – 04/01/2047		344,806,483		3.0%
	148,117,217	Federal National Mortgage Association		1.75% – 29.14%	> I/F I/O		04/25/2026 – 06/25/2057		96,234,950		0.8%
	Other US Government and Agency Mortgage Backed Obligationsµ								44,175,512		0.4%
		Total US Government and Agency Mortgage Backed Obligations (Cost $2,169,388,877)							2,288,408,397		19.7%
	US GOVERNMENT AND AGENCY OBLIGATIONS
	88,400,000	United States Treasury Notes		0.13%			09/15/2023		88,320,578		0.8%
	108,900,000	United States Treasury Notes		2.13%			09/30/2024		117,203,625		1.0%
	115,600,000	United States Treasury Notes		2.25%			10/31/2024		125,146,031		1.1%
	65,400,000	United States Treasury Notes		2.75%			02/28/2025		72,622,102		0.6%
	104,650,000	United States Treasury Notes		3.00%			09/30/2025		118,769,575		1.0%
	209,400,000	United States Treasury Notes		0.25%			09/30/2025		209,179,083		1.8%
	87,900,000	United States Treasury Notes		2.25%			03/31/2026		97,102,031		0.8%
	104,700,000	United States Treasury Notes		1.63%			10/31/2026		112,523,871		1.0%
	311,900,000	United States Treasury Notes		0.38%			09/30/2027		310,023,610		2.7%
	106,900,000	United States Treasury Notes		2.25%			11/15/2027		120,191,512		1.0%
	155,800,000	United States Treasury Notes		0.63%			08/15/2030		154,911,454		1.3%
	83,000,000	United States Treasury Notes		1.13%			08/15/2040		81,463,203		0.7%
	68,050,000	United States Treasury Notes		3.13%			02/15/2043		92,226,358		0.8%
	64,050,000	United States Treasury Notes		3.63%			08/15/2043		93,402,914		0.8%
	71,600,000	United States Treasury Notes		2.75%			11/15/2047		93,066,016		0.8%
	64,400,000	United States Treasury Notes		1.38%			08/15/2050		63,021,437		0.5%
	82,500,000	United States Treasury Notes		0.13% – 2.75%			11/30/2021 – 11/15/2042		92,260,313		0.8%
		Total US Government and Agency Obligations (Cost $1,915,195,978)							2,041,433,713		17.5%

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 29

Schedule of Investments - Summary  DoubleLine Core Fixed Income Fund  (Cont.) (Unaudited) September 30, 2020

SHARES		SECURITY DESCRIPTION	RATE			MATURITY	VALUE $			% OF NET ASSETS
	AFFILIATED MUTUAL FUNDS
	60,545,035	DoubleLine Global Bond Fund (Class I)						645,410,078			5.6%
	45,674,545	DoubleLine Infrastructure Income Fund (Class I)						478,669,229			4.1%
	5,000,000	DoubleLine Long Duration Total Return Bond Fund (Class I)						58,650,000			0.5%
		Total Affiliated Mutual Funds (Cost $1,122,958,174)						1,182,729,307			10.2%
	COMMON STOCKSµ
		Total Common Stocks (Cost $14,371,667)						2,168,077			0.0%
	WARRANTSµ
		Total Warrants (Cost $—)						—			0.0%
	SHORT TERM INVESTMENTS
	176,949,518	First American Government Obligations Fund - Class U		0.07%	¨			176,949,518			1.5%
	176,949,518	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		0.07%	¨			176,949,518			1.5%
	176,949,518	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.02%	¨			176,949,518			1.5%
	Other Short Term Investmentsµ							3,099,750			0.1%
		Total Short Term Investments (Cost $533,943,927)						533,948,304			4.6%
		Total Investments (Cost $11,689,201,947)						11,988,926,927			103.0%
		Liabilities in Excess of Other Assets						(345,253,305	)		(3.0)%
		NET ASSETS					$	11,643,673,622			100.0%

SECURITY TYPE BREAKDOWN as a % of Net Assets:
US Government and Agency Mortgage Backed Obligations	19.7%
US Government and Agency Obligations	17.5%
US Corporate Bonds	14.2%
Non-Agency Residential Collateralized Mortgage Obligations	10.9%
Affiliated Mutual Funds	10.2%
Foreign Corporate Bonds	8.6%
Non-Agency Commercial Mortgage Backed Obligations	7.0%
Short Term Investments	4.6%
Bank Loans	3.5%
Collateralized Loan Obligations	2.9%
Asset Backed Obligations	2.7%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	1.1%
Municipal Bonds	0.1%
Common Stocks	0.0%	~
Warrants	0.0%	~
Other Assets and Liabilities	(3.0)%
	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:
US Government and Agency Mortgage Backed Obligations	19.7%
US Government and Agency Obligations	17.5%
Non-Agency Residential Collateralized Mortgage Obligations	10.9%
Affiliated Mutual Funds	10.2%
Non-Agency Commercial Mortgage Backed Obligations	7.0%
Short Term Investments	4.6%
Banking	4.3%
Collateralized Loan Obligations	2.9%
Asset Backed Obligations	2.7%
Energy	2.7%
Utilities	2.0%
Healthcare	1.3%
Technology	1.3%
Telecommunications	1.3%
Media	1.2%

INVESTMENT BREAKDOWN as a % of Net Assets: (Cont.)
Finance	1.1%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	1.1%
Pharmaceuticals	1.0%
Food Products	0.9%
Transportation	0.7%
Electronics/Electric	0.7%
Insurance	0.7%
Automotive	0.6%
Real Estate	0.5%
Retailers (other than Food/Drug)	0.5%
Chemicals/Plastics	0.5%
Aerospace & Defense	0.5%
Beverage and Tobacco	0.4%
Diversified Manufacturing	0.4%
Business Equipment and Services	0.4%
Mining	0.4%
Hotels/Motels/Inns and Casinos	0.4%
Food Service	0.3%
Leisure	0.3%
Commercial Services	0.3%
Building and Development (including Steel/Metals)	0.2%
Chemical Products	0.2%
Consumer Products	0.2%
Pulp & Paper	0.2%
Containers and Glass Products	0.2%
Construction	0.2%
Food/Drug Retailers	0.1%
Municipal Bonds	0.1%
Financial Intermediaries	0.1%
Industrial Equipment	0.1%
Environmental Control	0.1%
Conglomerates	0.0%	~
Cosmetics/Toiletries	0.0%	~
Other Assets and Liabilities	(3.0)%
	100.0%

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

(Unaudited)

September 30, 2020

µ Represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate, respectively as of September 30, 2020.

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers.

§ The interest rate will step up if the issuer does not redeem the bond on or before a scheduled redemption date in accordance with the terms of the instrument. The interest rate shown is the rate in effect as of September 30, 2020.

# Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of September 30, 2020.

I/O Includes interest only securities

P/O Principal only security

I/F Includes inverse floating rate securities whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. Interest rate may also be subject to a cap or floor.

> Includes U.S. Agency bonds that accrue interest which is added to the outstanding principal balance. The interest payment will be deferred until all other tranches in the structure are paid off. The rate disclosed is as of September 30, 2020.

¨ Seven-day yield as of September 30, 2020

~ Represents less than 0.05% of net assets

A summary of the DoubleLine Core Fixed Income Fund’s investments in affiliated mutual funds for the period ended September 30, 2020 is as follows:

Fund	Value at March 31, 2020			Gross Purchases			Gross Sales				Shares Held at September 30, 2020		Value at September 30, 2020			Change in Unrealized for the Period Ended September 30, 2020				Dividend Income Earned in the Period Ended September  30, 2020			Net Realized Gain (Loss) in the Period Ended September 30, 2020
DoubleLine Global Bond Fund (Class I)		$	935,717,064		$	—		$	(330,400,000	)		60,545,035		$	645,410,078		$	37,134,840			$	—		$	2,958,174
DoubleLine Infrastructure Income Fund (Class I)			436,648,648			—			—			45,674,545			478,669,229			42,020,581				7,101,199			—
DoubleLine Long Duration Total Return Bond Fund (Class I)			58,750,000			—			—			5,000,000			58,650,000			(100,000	)			676,160			—
		$	1,431,115,712		$	—		$	(330,400,000	)		111,219,580		$	1,182,729,307		$	79,055,421			$	7,777,359		$	2,958,174

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 31

Schedule of Investments  DoubleLine Emerging Markets Fixed Income Fund (Unaudited) September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN CORPORATE BONDS 85.9%
	ARGENTINA 2.2%
	7,200,000	Banco Macro S.A. (5 Year Swap Rate USD + 5.46%)		6.75%			11/04/2026		5,526,072
	8,345,000	Pampa Energia S.A.		7.50%			01/24/2027		6,313,618
	1,000,000	Pampa Energia S.A.		9.13%	^		04/15/2029		783,940
	150,000	Pampa Energia S.A.		9.13%			04/15/2029		117,591
	9,785,692	Stoneway Capital Corporation		10.00%	W		03/01/2027		4,207,946
									16,949,167
	BRAZIL 5.6%
	7,000,000	Banco BTG Pactual S.A. (5 Year CMT Rate + 5.26%)		7.75%	^		02/15/2029		7,178,500
	4,800,000	Banco do Brasil S.A. (10 Year CMT Rate + 4.40%)		6.25%	†		04/15/2167		4,509,000
	8,200,000	Braskem Finance Company (5 Year CMT Rate + 8.22%)		8.50%	^		01/23/2081		8,246,207
	7,631,000	Cosan Overseas Ltd.		8.25%	†		12/29/2099		7,821,775
	7,200,000	CSN Islands Corporation		7.00%	†		03/23/2167		6,309,072
	2,200,000	CSN Resources S.A.		7.63%	^		04/17/2026		2,212,375
	600,000	CSN Resources S.A.		7.63%			04/17/2026		603,375
	1,500,000	Globo Comunicacao e Participacoes S.A.		4.88%	^		01/22/2030		1,482,975
	1,929,352	Invepar Holdings		0.00%	ÞW		12/30/2028		82,503
	3,600,000	Itau Unibanco Holding S.A. (5 Year CMT Rate + 3.22%)		4.63%	^†		08/27/2025		3,153,600
	400,000	JSL Europe S.A.		7.75%			07/26/2024		413,500
									42,012,882
	CHILE 6.0%
	3,200,000	AES Gener S.A.		5.00%			07/14/2025		3,313,600
	4,300,000	AES Gener S.A. (5 Year CMT Rate + 4.92%)		6.35%			10/07/2079		4,345,688
	4,800,000	AES Gener S.A. (5 Year Swap Rate USD + 4.64%)		7.13%	^		03/26/2079		4,915,344
	5,400,000	AES Gener S.A. (5 Year Swap Rate USD + 4.64%)		7.13%			03/26/2079		5,529,762
	4,303,750	Empresa Electrica Angamos S.A.		4.88%			05/25/2029		4,324,451
	8,240,000	Empresa Electrica Guacolda S.A.		4.56%			04/30/2025		6,778,348
	9,500,000	Geopark Ltd.		6.50%			09/21/2024		8,968,000
	3,200,000	Geopark Ltd.		5.50%	^		01/17/2027		2,840,032
	5,075,000	Latam Finance Ltd.		6.88%	W		04/11/2024		1,890,437
	7,200,000	Latam Finance Ltd.		7.00%	^W		03/01/2026		2,682,000
									45,587,662
	CHINA 10.1%
	200,000	Baidu, Inc.		3.43%			04/07/2030		220,802
	1,000,000	CNAC HK Finbridge Company Ltd.,		3.50%			07/19/2022		1,026,222
	3,767,000	CNAC HK Finbridge Company Ltd.,		3.38%			06/19/2024		3,920,882
	4,000,000	CNOOC Finance Ltd.		3.88%			05/02/2022		4,177,005
	5,200,000	CNOOC Finance Ltd.		3.00%			05/09/2023		5,456,563
	5,117,000	CNPC General Capital Ltd.		1.35%			06/23/2025		5,132,786
	5,500,000	CNPC Global Capital Ltd.		1.13%			06/23/2023		5,499,456
	200,000	ENN Energy Holdings Ltd.		3.25%			07/24/2022		205,778
	9,000,000	JD.com, Inc.		3.38%			01/14/2030		9,763,494
	13,500,000	Sinopec Group Overseas Development Ltd.		2.70%	^		05/13/2030		14,214,360

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	700,000	State Grid Overseas Investment Ltd.		3.75%			05/02/2023		749,640
	4,720,000	State Grid Overseas Investment Ltd.		3.13%			05/22/2023		4,975,187
	250,000	Syngenta Finance N.V.		4.38%			03/28/2042		242,582
	700,000	Syngenta Finance N.V.		5.68%	^		04/24/2048		751,686
	9,600,000	Syngenta Finance N.V.		5.68%			04/24/2048		10,308,836
	9,300,000	Tencent Holdings Ltd.		2.39%	^		06/03/2030		9,466,275
									76,111,554
	COLOMBIA 6.2%
	1,923,000	Banco de Bogota S.A.		5.38%			02/19/2023		2,030,688
	9,000,000	Bancolombia S.A. (5 Year CMT Rate + 2.94%)		4.63%			12/18/2029		8,763,750
	8,100,000	BBVA Colombia S.A.		4.88%			04/21/2025		8,398,769
	9,800,000	Canacol Energy Ltd.		7.25%			05/03/2025		10,087,973
	2,000,000	Fideicomiso Pacifico Tres		8.25%			01/15/2035		2,350,000
	1,500,000	Gilex Holding Sarl		8.50%	^		05/02/2023		1,529,077
	4,568,000	Gilex Holding Sarl		8.50%			05/02/2023		4,656,551
	400,000	Gran Tierra Energy International Holdings Ltd.		6.25%	^		02/15/2025		137,880
	11,300,000	Gran Tierra Energy International Holdings Ltd.		6.25%			02/15/2025		3,895,110
	2,100,000	Gran Tierra Energy, Inc.		7.75%	^		05/23/2027		733,708
	2,900,000	Grupo Aval Ltd.		4.75%			09/26/2022		2,972,862
	1,100,000	Tecnoglass, Inc.		8.20%			01/31/2022		1,142,378
									46,698,746
	DOMINICAN REPUBLIC 2.4%
	7,500,000	AES Andres B.V.		7.95%	^		05/11/2026		7,650,075
	4,000,000	AES Dominicana		7.95%			05/11/2026		4,080,040
	1,800,000	Banco de Reservas de la Republica Dominicana		7.00%	^		02/01/2023		1,849,518
	4,000,000	Banco de Reservas de la Republica Dominicana		7.00%			02/01/2023		4,110,040
									17,689,673
	GUATEMALA 0.5%
	2,500,000	Bantrab Senior Trust		9.00%			11/14/2020		2,493,775
	923,000	Energuate Trust		5.88%			05/03/2027		956,747
									3,450,522
	HONG KONG 2.7%
	4,500,000	CK Hutchison International Ltd.		2.50%	^		05/08/2030		4,720,027
	15,950,000	Radiant Access Ltd.		4.60%	†		05/18/2168		16,001,758
									20,721,785
	INDIA 10.2%
	4,432,000	Adani Ports & Special Economic Zone Ltd.		3.95%			01/19/2022		4,525,576
	1,100,000	Adani Ports & Special Economic Zone Ltd.		3.38%			07/24/2024		1,120,712
	13,225,000	Indian Oil Corporation Ltd.		5.75%			08/01/2023		14,456,329
	1,000,000	Network i2i Ltd. (5 Year CMT Rate + 4.28%)		5.65%	^†		10/15/2168		1,005,000
	200,000	ONGC Videsh Ltd.		2.88%			01/27/2022		201,847
	16,200,000	ONGC Videsh Ltd.		3.75%			07/27/2026		16,894,251
	12,290,000	Reliance Industries Ltd.		5.40%			02/14/2022		12,956,702
	500,000	Reliance Industries Ltd.		8.25%			01/15/2027		661,379
	9,500,000	UPL Corporation		3.25%			10/13/2021		9,630,112
	4,800,000	Vedanta Resources Finance PLC		9.25%	^		04/23/2026		3,614,400
	3,000,000	Vedanta Resources Ltd.		7.13%			05/31/2023		2,289,000

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

(Unaudited)

September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	13,100,000	Vedanta Resources Ltd.		6.13%			08/09/2024		9,277,309
									76,632,617
	INDONESIA 4.3%
	400,000	Freeport-McMoRan, Inc.		5.45%			03/15/2043		444,848
	7,981,500	LLPL Capital Pte Ltd.		6.88%	^		02/04/2039		9,224,260
	2,400,000	Medco Bell Pte Ltd.		6.38%	^		01/30/2027		2,076,000
	7,000,000	Minejesa Capital B.V.		4.63%			08/10/2030		7,218,190
	5,000,000	Minejesa Capital B.V.		5.63%			08/10/2037		5,165,775
	7,256,000	Star Energy Geothermal Wayang Windu Ltd.		6.75%			04/24/2033		8,008,038
									32,137,111
	ISRAEL 0.6%
	1,300,000	Delek & Avner Tamar Bond Ltd.		5.08%	^		12/30/2023		1,323,516
	2,320,000	Delek & Avner Tamar Bond Ltd.		5.41%	^		12/30/2025		2,361,936
	1,000,000	Israel Electric Corporation Ltd.		5.00%	^		11/12/2024		1,128,645
									4,814,097
	JAMAICA 0.1%
	2,986,666	Digicel Group Ltd. (PIK 7.00%)		7.00%	^†		12/01/2021		388,267
	1,997,704	Digicel Group Ltd. (PIK 8.00%)		5.00%	^		04/01/2025		709,185
									1,097,452
	KOREA 2.9%
	1,400,000	Korea East-West Power Company Ltd.		1.75%	^		05/06/2025		1,448,043
	3,400,000	Korea Electric Power Corporation		1.13%	^		06/15/2025		3,421,590
	4,500,000	NongHyup Bank		1.25%	^		07/20/2025		4,548,616
	2,200,000	POSCO		2.38%			11/12/2022		2,255,641
	4,200,000	POSCO		2.38%			01/17/2023		4,307,541
	5,800,000	POSCO		2.75%			07/15/2024		6,082,669
									22,064,100
	KUWAIT 1.4%
	7,200,000	MEGlobal Canada ULC		5.00%	^		05/18/2025		7,795,541
	2,300,000	MEGlobal Canada ULC		5.88%	^		05/18/2030		2,693,884
									10,489,425
	MALAYSIA 2.4%
	7,400,000	Gohl Capital Ltd.		4.25%			01/24/2027		7,390,824
	8,000,000	Malayan Banking BHD (5 Year Swap Rate USD + 2.54%)		3.91%			10/29/2026		8,171,320
	1,800,000	Petronas Capital Ltd.		3.50%	^		04/21/2030		2,016,761
	200,000	TNB Global Ventures Capital BHD		3.24%			10/19/2026		215,515
									17,794,420
	MEXICO 9.3%
	10,600,000	Banco Mercantil del Norte S.A. (10 Year CMT Rate + 5.35%)		7.63%	†		01/06/2167		10,593,640
	8,100,000	Banco Mercantil del Norte S.A. (10 Year CMT Rate + 5.47%)		7.50%	^†		12/27/2167		7,991,784
	2,000,000	Banco Nacional de Comercio Exterior S.N.C. (5 Year CMT Rate + 3.00%)		3.80%			08/11/2026		2,002,140
	450,000	Banco Santander (5 Year CMT Rate + 3.00%)		5.95%	^		10/01/2028		475,369

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	1,000,000	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand		5.38%	^		04/17/2025		1,113,255
	3,400,000	BBVA Bancomer S.A. (5 Year CMT Rate + 2.65%)		5.13%			01/18/2033		3,278,110
	3,061,000	BBVA Bancomer S.A. (5 Year CMT Rate + 3.00%)		5.35%			11/12/2029		3,045,695
	6,900,000	Braskem Idesa SAPI		7.45%	^		11/15/2029		6,505,044
	5,000,000	Credito Real S.A.B. de C.V.		9.50%	^		02/07/2026		4,813,750
	5,983,000	Credito Real S.A.B. de C.V. (5 Year CMT Rate + 7.03%)		9.13%	†		05/29/2163		4,562,097
	5,500,000	Docuformas SAPI de C.V.		10.25%	^		07/24/2024		4,076,875
	6,569,040	Grupo Idesa S.A. de C.V. (PIK 10.38%)		10.13%	^		05/22/2026		3,662,240
	5,400,000	Operadora de Servicios Mega S.A.		8.25%	^		02/11/2025		4,978,125
	1,000,000	Unifin Financiera S.A.B. de C.V.		7.38%			02/12/2026		805,010
	17,533,000	Unifin Financiera S.A.B. de C.V. (5 Year CMT Rate + 6.31%)		8.88%	†		07/29/2025		12,229,267
									70,132,401
	PANAMA 6.0%
	4,800,000	AES Panama Generation Holdings SRL		4.38%	^		05/31/2030		4,942,800
	1,500,000	Banco Latinoamericano de Comercio Exterior S.A.		2.38%	^		09/14/2025		1,522,500
	2,200,000	Banco Nacional de Panama		2.50%	^		08/11/2030		2,179,650
	4,000,000	Banistmo S.A.		3.65%	^		09/19/2022		4,057,500
	1,100,000	C&W Senior Financing DAC		6.88%			09/15/2027		1,145,458
	500,000	Empresa de Transmision Electrica S.A.		5.13%	^		05/02/2049		580,022
	6,733,779	ENA Norte Trust		4.95%			04/25/2028		6,792,767
	300,000	Global Bank Corporation		4.50%	^		10/20/2021		307,200
	4,800,000	Global Bank Corporation (3 Month LIBOR USD + 3.30%)		5.25%	^		04/16/2029		5,037,000
	2,600,000	Multibank, Inc.		4.38%			11/09/2022		2,649,439
	8,243,573	Panama Metro Line SP		0.00%	^		12/05/2022		8,006,653
	8,243,573	Panama Metro Line SP		0.00%			12/05/2022		8,006,653
									45,227,642
	PERU 2.6%
	2,150,000	Banco de Credito del Peru (3 Month LIBOR USD + 7.04%)		6.13%			04/24/2027		2,273,625
	1,500,000	Banco de Credito del Peru (5 Year CMT Rate + 3.00%)		3.13%	^		07/01/2030		1,507,320
	3,000,000	Banco Internacional del Peru S.A.A. (3 Month LIBOR USD + 5.76%)		6.63%			03/19/2029		3,310,680
	1,100,000	Credicorp Ltd.		2.75%	^		06/17/2025		1,115,400
	3,700,000	Hunt Oil Company of Peru LLC Sucursal Del Peru		6.38%			06/01/2028		3,704,625
	1,300,000	Inkia Energy Ltd.		5.88%			11/09/2027		1,357,850

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 33

Schedule of Investments  DoubleLine Emerging Markets Fixed Income Fund  (Cont.) (Unaudited) September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	8,300,000	Peru LNG SRL		5.38%			03/22/2030		6,386,850
									19,656,350
	PHILIPPINES 1.9%
	13,500,000	BDO Unibank, Inc.		2.95%			03/06/2023		14,039,607
									14,039,607
	QATAR 1.2%
	7,534,000	Ooredoo International Finance Ltd.		3.25%			02/21/2023		7,890,358
	936,000	Ooredoo International Finance Ltd.		3.75%			06/22/2026		1,047,407
									8,937,765
	SINGAPORE 7.0%
	200,000	DBS Group Holdings Ltd. (3 Month LIBOR USD + 0.62%)		0.86%			07/25/2022		200,523
	13,000,000	DBS Group Holdings Ltd. (5 Year Swap Rate USD + 2.39%)		3.60%	†		12/29/2049		13,116,545
	5,200,000	Oversea-Chinese Banking Corporation Ltd. (5 Year CMT Rate + 1.58%)		1.83%	^		09/10/2030		5,193,379
	1,500,000	Oversea-Chinese Banking Ltd. (3 Month LIBOR USD + 0.45%)		0.73%			05/17/2021		1,501,678
	4,700,000	PSA Treasury Pte Ltd.		2.13%			09/05/2029		4,908,407
	6,800,000	Temasek Financial Ltd.		1.00%	^		10/06/2030		6,711,228
	1,000,000	United Overseas Bank Ltd. (5 Year Swap Rate USD + 1.65%)		2.88%			03/08/2027		1,018,515
	6,500,000	United Overseas Bank Ltd. (5 Year Swap Rate USD + 1.79%)		3.88%	†		10/19/2167		6,682,325
	13,000,000	United Overseas Bank Ltd. (5 Year Swap Rate USD + 2.24%)		3.50%			09/16/2026		13,263,445
									52,596,045
	THAILAND 0.3%
	1,700,000	Export Import Bank of Thailand (3 Month LIBOR USD + 0.90%)		1.15%			11/20/2023		1,694,892
	900,000	PTTEP Treasury Center Company Ltd.		2.59%	^		06/10/2027		932,479
									2,627,371
		Total Foreign Corporate Bonds (Cost $682,280,771)							647,468,394
	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS 12.1%
	CHILE 0.3%
	2,000,000	Chile Government International Bond		2.45%			01/31/2031		2,103,000
									2,103,000

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	DOMINICAN REPUBLIC 0.2%
	1,750,000	Dominican Republic International Bond		6.40%	^		06/05/2049		1,764,875
									1,764,875
	INDONESIA 3.2%
	21,400,000	Indonesia Government International Bond		3.85%			10/15/2030		24,279,128
	200,000	Perusahaan Penerbit		3.40%			03/29/2022		207,427
									24,486,555
	PANAMA 1.3%
	2,600,000	Panama Government International Bond		4.00%			09/22/2024		2,847,000
	6,100,000	Panama Government International Bond		3.75%			03/16/2025		6,678,859
									9,525,859
	PERU 0.4%
	2,940,000	Peruvian Government International Bond		2.39%			01/23/2026		3,085,530
									3,085,530
	PHILIPPINES 0.9%
	3,400,000	Philippine Government International Bond		2.46%			05/05/2030		3,673,997
	3,200,000	Philippine Government International Bond		2.95%			05/05/2045		3,395,691
									7,069,688
	QATAR 1.7%
	3,800,000	Qatar Government International Bond		3.88%			04/23/2023		4,086,539
	8,100,000	Qatar Government International Bond		3.38%			03/14/2024		8,739,212
									12,825,751
	SAUDI ARABIA 3.0%
	4,900,000	Saudi Government International Bond		2.88%			03/04/2023		5,125,620
	8,300,000	Saudi Government International Bond		2.90%	^		10/22/2025		8,881,432
	8,700,000	Saudi Government International Bond		2.38%			10/26/2021		8,859,019
									22,866,071
	UNITED ARAB EMIRATES 1.1%
	2,600,000	Abu Dhabi Government International Bond		0.75%	^		09/02/2023		2,600,065
	2,200,000	Abu Dhabi Government International Bond		2.50%	^		04/16/2025		2,345,112
	3,100,000	Abu Dhabi Government International Bond		3.13%	^		04/16/2030		3,480,928
									8,426,105
		Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $86,713,508)							92,153,434

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

(Unaudited)

September 30, 2020

SHARES		SECURITY DESCRIPTION	RATE			MATURITY	VALUE $
	COMMON STOCKS 0.0%
	228,497	Frontera Energy Corporation						367,881
		Total Common Stocks (Cost $20,010,063)						367,881
	WARRANTS 0.0%
	1,609,815	OAS S.A., Expiration 5/16/2039, Strike Price BRL 1.00*Þ						—
		Total Warrants (Cost $–)						—
	SHORT TERM INVESTMENTS 0.5%
	1,350,834	First American Government Obligations Fund - Class U		0.07%	¨			1,350,834
	1,350,833	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		0.07%	¨			1,350,833
	1,350,833	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.02%	¨			1,350,833
		Total Short Term Investments (Cost $4,052,500)						4,052,500
		Total Investments 98.5% (Cost $793,056,842)						744,042,209
		Other Assets in Excess of Liabilities 1.5%						11,098,324
		NET ASSETS 100.0%					$	755,140,533

COUNTRY BREAKDOWN as a % of Net Assets:
India	10.2%
China	10.1%
Mexico	9.3%
Indonesia	7.5%
Panama	7.3%
Singapore	7.0%
Chile	6.3%
Colombia	6.2%
Brazil	5.6%
Saudi Arabia	3.0%
Peru	3.0%
Korea	2.9%
Qatar	2.9%
Philippines	2.8%
Hong Kong	2.7%
Dominican Republic	2.6%
Malaysia	2.4%
Argentina	2.2%
Kuwait	1.4%
United Arab Emirates	1.1%
Israel	0.6%
United States	0.5%
Guatemala	0.5%
Thailand	0.3%
Jamaica	0.1%
Other Assets and Liabilities	1.5%
	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:
Banking	22.4%
Energy	16.6%
Utilities	13.5%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	12.2%
Finance	6.4%
Transportation	5.4%
Chemical Products	3.8%
Chemicals/Plastics	3.4%
Building and Development (including Steel/Metals)	3.0%
Real Estate	2.1%
Mining	2.1%
Telecommunications	1.6%
Retailers (other than Food/Drug)	1.3%
Technology	1.3%
Consumer Products	1.1%
Hotels/Motels/Inns and Casinos	1.0%
Conglomerates	0.6%
Short Term Investments	0.5%
Media	0.2%
Construction	0.0%	~
Other Assets and Liabilities	1.5%
	100.0%

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers.

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

† Perpetual Maturity

Þ Value determined using significant unobservable inputs.

* Non-income producing security

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

BRL Brazilian Real

¨  Seven-day yield as of September 30, 2020

~ Represents less than 0.05% of net assets

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 35

Schedule of Investments  DoubleLine Multi-Asset Growth Fund (Consolidated) (Unaudited) September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	COLLATERALIZED LOAN OBLIGATIONS 0.2%
		Brookside Mill Ltd.,
	1,000,000	Series 2013-1A-SUB		0.00%	#^@Þ		04/17/2025		68,988
		Total Collateralized Loan Obligations (Cost $446,313)							68,988
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 21.9%
		Adjustable Rate Mortgage Trust,
	130,045	Series 2006-1-2A1		3.99%	#		03/25/2036		93,407
		Alternative Loan Trust,
	228,829	Series 2005-J8-1A5		5.50%			07/25/2035		206,966
		Banc of America Alternative Loan Trust,
	308,852	Series 2006-7-A4		6.50%			10/25/2036		139,006
		BCAP LLC Trust,
	27,296	Series 2007-AA2-2A5		6.00%			04/25/2037		20,997
		Chase Mortgage Finance Trust
	190,266	Series 2006-S2-1A13, Series 2006-S2-1A13		6.25%			10/25/2036		135,473
		ChaseFlex Trust,
	146,958	Series 2007-M1-2F4		4.19%	ß		08/25/2037		141,925
		CIM Trust,
	910,000	Series 2017-3RR-B2		10.51%	#^Þ		01/29/2057		868,797
		Citigroup Mortgage Loan Trust, Inc.,
	27,776	Series 2009-7-2A2		5.50%	^		10/25/2021		26,819
		CitiMortgage Alternative Loan Trust,
	143,936	Series 2007-A6-1A11		6.00%			06/25/2037		145,279
		Countrywide Alternative Loan Trust,
	222,220	Series 2005-48T1-A2		5.50%			11/25/2035		184,530
	63,158	Series 2006-32CB-A16		5.50%			11/25/2036		49,354
	697,193	Series 2006-J1-2A1		7.00%			02/25/2036		159,253
	12,051	Series 2007-17CB-1A10 (-5 x 1 Month LIBOR USD + 29.90%, 29.90% Cap)		29.22%	I/F		08/25/2037		20,349
	8,899	Series 2007-21CB-2A2 (-4 x 1 Month LIBOR USD + 28.40%, 28.40% Cap)		27.81%	I/F		09/25/2037		11,431
		Countrywide Home Loans,
	140,617	Series 2007-10-A5		6.00%			07/25/2037		108,101
	7,288	Series 2007-4-1A5		6.50%			05/25/2037		5,583
		Credit Suisse First Boston Mortgage Securities Corporation,
	77,372	Series 2005-8-1A3		5.25%			09/25/2035		76,531
		Credit Suisse Mortgage Capital Certificates,
	28,086	Series 2006-9-4A1		6.00%			11/25/2036		21,626
		Deutsche Mortgage Securities, Inc.,
	48,463	Series 2006-PR1-3A1 (-1 x 1 Month LIBOR USD + 12.12%, 12.12% Cap)		11.91%	^ I/F		04/15/2036		44,769
	219,834	Series 2006-PR1-5AI4 (-1 x 1 Month LIBOR USD + 12.12%, 12.12% Cap)		11.91%	^ I/F		04/15/2036		222,179
		First Horizon Alternative Mortgage Securities Trust,
	32,338	Series 2007-FA2-1A3		6.00%			04/25/2037		20,110
		GSAA Home Equity Trust,
	1,000,000	Series 2006-15-AF3B		5.93%	#		09/25/2036		91,123
		GSR Mortgage Loan Trust,
	57,358	Series 2006-2F-2A20 (-1 x 1 Month LIBOR USD + 11.10%, 5.00% Floor, 11.10% Cap)		10.94%	I/F		02/25/2036		58,919
		Homeward Opportunities Fund Trust,
	500,000	Series 2020-BPL1-A2		5.44%	^§		08/25/2025		501,123
		JP Morgan Alternative Loan Trust,
	18,788	Series 2005-S1-2A11		6.00%			12/25/2035		17,215
	306,107	Series 2006-S1-1A3		5.50%			03/25/2036		229,827

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		JP Morgan Mortgage Acquisition Trust,
	105,304	Series 2006-CH2-AF3		4.78%	ß		10/25/2036		86,989
		Lehman Mortgage Trust,
	53,162	Series 2006-4-1A3 (-1 x 1 Month LIBOR USD + 5.40%, 5.40% Cap)		5.25%	I/F I/O		08/25/2036		10,365
	3,322	Series 2006-4-1A4		6.00%			08/25/2036		3,299
	702,678	Series 2007-10-2A1		6.50%			01/25/2038		392,194
	32,702	Series 2007-5-11A1		5.07%	#		06/25/2037		25,801
		Lehman XS Trust,
	113,858	Series 2005-1-3A3A		5.11%			07/25/2035		114,699
		MASTR Resecuritization Trust,
	171,415	Series 2008-4-A1		6.00%	#^		06/27/2036		160,759
		Morgan Stanley Mortgage Loan Trust,
	217,149	Series 2007-13-6A1		6.00%			10/25/2037		171,470
		Pretium Mortgage Credit Partners LLC,
	500,000	Series 2019-NPL2-A2		5.93%	^§		12/27/2058		500,314
		Residential Accredit Loans, Inc.,
	122,134	Series 2006-QS10-A9		6.50%			08/25/2036		124,150
	2,191	Series 2006-QS13-1A8		6.00%			09/25/2036		2,037
	120,837	Series 2006-QS2-1A4		5.50%			02/25/2036		118,465
	23,851	Series 2006-QS7-A4 (1 Month LIBOR USD + 0.40%, 0.40% Floor, 6.00% Cap)		0.55%			06/25/2036		16,516
	71,554	Series 2006-QS7-A5 (-1 x 1 Month LIBOR USD + 5.60%, 5.60% Cap)		5.45%	I/F I/O		06/25/2036		11,115
	44,443	Series 2006-QS8-A4 (1 Month LIBOR USD + 0.45%, 0.45% Floor)		0.60%			08/25/2036		31,104
	133,330	Series 2006-QS8-A5 (-1 x 1 Month LIBOR USD + 5.55%, 5.55% Cap)		5.40%	I/F I/O		08/25/2036		21,972
		Residential Asset Mortgage Products, Inc.,
	148,565	Series 2004-RS2-MII1 (1 Month LIBOR USD + 0.87%, 0.58% Floor, 14.00% Cap)		1.02%			02/25/2034		146,620
		Residential Asset Securitization Trust,
	183,131	Series 2005-A11-1A4		5.50%			10/25/2035		170,805
	15,438	Series 2005-A12-A12		5.50%			11/25/2035		13,099
	335,136	Series 2007-A1-A8		6.00%			03/25/2037		197,665
	238,726	Series 2007-A5-2A5		6.00%			05/25/2037		192,990
		Washington Mutual Mortgage Pass-Through Certificates,
	225,680	Series 2006-8-A6		4.23%	ß		10/25/2036		118,583
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $7,145,958)							6,231,703
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS 21.0%
		Federal Home Loan Mortgage Corporation,
	36,205	Series 3261-SA (-1 x 1 Month LIBOR USD + 6.43%, 6.43% Cap)		6.28%	I/F I/O		01/15/2037		8,492
	71,868	Series 3355-BI (-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)		5.90%	I/F I/O		08/15/2037		13,810
	20,832	Series 3384-S (-1 x 1 Month LIBOR USD + 6.39%, 6.39% Cap)		6.24%	I/F I/O		11/15/2037		2,569
	80,497	Series 3384-SG (-1 x 1 Month LIBOR USD + 6.31%, 6.31% Cap)		6.16%	I/F I/O		08/15/2036		17,249
	31,645	Series 3417-SX (-1 x 1 Month LIBOR USD + 6.18%, 6.18% Cap)		6.03%	I/F I/O		02/15/2038		4,068

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

(Unaudited)

September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal Home Loan Mortgage Corporation, (Cont.)
	41,268	Series 3423-GS (-1 x 1 Month LIBOR USD + 5.65%, 5.65% Cap)		5.50%	I/F I/O		03/15/2038		5,126
	365,567	Series 3423-TG (-1 x 1 Month LIBOR USD + 6.00%, 0.35% Cap)		0.35%	I/F I/O		03/15/2038		2,947
	52,316	Series 3500-SA (-1 x 1 Month LIBOR USD + 5.52%, 5.52% Cap)		5.37%	I/F I/O		01/15/2039		7,281
	138,002	Series 3523-SM (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		5.85%	I/F I/O		04/15/2039		25,807
	10,298	Series 3562-WS (-1 x 1 Month LIBOR USD + 4.95%, 4.95% Cap)		4.80%	I/F I/O		08/15/2039		1,352
	92,776	Series 3728-SV (-1 x 1 Month LIBOR USD + 4.45%, 4.45% Cap)		4.30%	I/F I/O		09/15/2040		12,329
	99,712	Series 3758-S (-1 x 1 Month LIBOR USD + 6.03%, 6.03% Cap)		5.88%	I/F I/O		11/15/2040		19,656
	71,736	Series 3779-DZ		4.50%			12/15/2040		80,085
	132,832	Series 3815-ST (-1 x 1 Month LIBOR USD + 5.85%, 5.85% Cap)		5.70%	I/F I/O		02/15/2041		26,839
	45,788	Series 3900-SB (-1 x 1 Month LIBOR USD + 5.97%, 5.97% Cap)		5.82%	I/F I/O		07/15/2041		7,411
	625,986	Series 4183-Z		3.00%	>		03/15/2043		676,104
		Federal National Mortgage Association,
	59,847	Series 2006-101-SA (-1 x 1 Month LIBOR USD + 6.58%, 6.58% Cap)		6.43%	I/F I/O		10/25/2036		13,649
	30,978	Series 2006-123-LI (-1 x 1 Month LIBOR USD + 6.32%, 6.32% Cap)		6.17%	I/F I/O		01/25/2037		6,631
	225,473	Series 2007-39-AI (-1 x 1 Month LIBOR USD + 6.12%, 6.12% Cap)		5.97%	I/F I/O		05/25/2037		50,722
	95,342	Series 2007-57-SX (-1 x 1 Month LIBOR USD + 6.62%, 6.62% Cap)		6.47%	I/F I/O		10/25/2036		19,238
	6,440	Series 2009-49-S (-1 x 1 Month LIBOR USD + 6.75%, 6.75% Cap)		6.60%	I/F I/O		07/25/2039		1,193
	114,701	Series 2009-86-CI (-1 x 1 Month LIBOR USD + 5.80%, 5.80% Cap)		5.65%	I/F I/O		09/25/2036		16,139
	30,561	Series 2009-90-IA (-1 x 1 Month LIBOR USD + 5.75%, 5.75% Cap)		5.60%	I/F I/O		03/25/2037		4,454
	28,645	Series 2009-90-IB (-1 x 1 Month LIBOR USD + 5.72%, 5.72% Cap)		5.57%	I/F I/O		04/25/2037		4,484
	159,799	Series 2010-39-SL (-1 x 1 Month LIBOR USD + 5.67%, 5.67% Cap)		5.52%	I/F I/O		05/25/2040		27,079
	51,482	Series 2011-5-PS (-1 x 1 Month LIBOR USD + 6.40%, 6.40% Cap)		6.25%	I/F I/O		11/25/2040		4,942
	419,842	Series 2012-30-DZ		4.00%	>		04/25/2042		470,527
	1,245,735	Series 2013-53-ZC		3.00%	>		06/25/2043		1,377,736
	1,163,370	Series 2013-55-VZ		3.00%	>		06/25/2043		1,282,935
	599,970	Series 2014-58-VZ		3.00%	>		09/25/2044		665,939
	607,736	Series 2015-9-ZA		3.50%	>		03/25/2045		699,000
		Government National Mortgage Association,
	15,507	Series 2009-6-SM (-1 x 1 Month LIBOR USD + 5.95%, 5.95% Cap)		5.79%	I/F I/O		02/20/2038		1,986
	243,745	Series 2011-45-GZ		4.50%			03/20/2041		261,486

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Government National Mortgage Association, (Cont.)
	134,792	Series 2011-7-LS (-2 x 1 Month LIBOR USD + 9.88%, 9.88% Cap)		9.57%	I/F		12/20/2040		163,534
		Total US Government and Agency Mortgage Backed Obligations (Cost $5,162,521)							5,982,799
	AFFILIATED MUTUAL FUNDS 25.8%
	167,107	DoubleLine Core Fixed Income Fund (Class I)							1,876,617
	188,730	DoubleLine Flexible Income Fund (Class I)							1,766,508
	184,405	DoubleLine Low Duration Bond Fund (Class I)							1,832,987
	172,740	DoubleLine Total Return Bond Fund (Class I)							1,855,228
		Total Affiliated Mutual Funds (Cost $7,365,690)							7,331,340
	SHORT TERM INVESTMENTS 27.9%
	1,476,722	First American Government Obligations Fund - Class U		0.07%	¨				1,476,722
	1,476,722	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		0.07%	¨				1,476,722
	1,476,723	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.02%	¨				1,476,723
	1,000,000	United States Treasury Bills		0.00%	‡		12/03/2020		999,843
	2,500,000	United States Treasury Bills		0.00%	‡		04/22/2021		2,498,520
		Total Short Term Investments (Cost $7,925,195)							7,928,530
		Total Investments 96.8% (Cost $28,045,677)							27,543,360
		Other Assets in Excess of Liabilities 3.2%							902,972
		NET ASSETS 100.0%						$	28,446,332

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Short Term Investments	27.9%
Affiliated Mutual Funds	25.8%
Non-Agency Residential Collateralized Mortgage Obligations	21.9%
US Government and Agency Mortgage Backed Obligations	21.0%
Collateralized Loan Obligations	0.2%
Other Assets and Liabilities	3.2%
	100.0%

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 37

Schedule of Investments  DoubleLine Multi-Asset Growth Fund (Consolidated)  (Cont.) (Unaudited) September 30, 2020

# Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of September 30, 2020.

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers.

Þ Value determined using significant unobservable inputs.

ß The interest rate may step up conditioned upon the aggregate remaining principal balance of the underlying mortgage loans being reduced below a targeted percentage of the aggregate original principal balance of the mortgage loans. The interest rate shown is the rate in effect as of September 30, 2020.

I/F Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. Interest rate may also be subject to a cap or floor.

§ The interest rate will step up if the issuer does not redeem the bond on or before a scheduled redemption date in accordance with the terms of the instrument. The interest rate shown is the rate in effect as of September 30, 2020.

I/O Interest only security

@ Security pays interest at rates that represent residual cashflows available after more senior tranches have been paid. The interest rate disclosed reflects the estimated rate in effect as of September 30, 2020.

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

> This U.S. Agency bond accrues interest which is added to the outstanding principal balance. The interest payment will be deferred until all other tranches in the structure are paid off. The rate disclosed is as of September 30, 2020.

¨ Seven-day yield as of September 30, 2020

Futures Contracts
Description	Long/Short	Contract Quantity			Expiration Date		Notional Amount •			Value/Unrealized Appreciation (Depreciation)
CME E-Mini Standard & Poor’s 500 Index Future	Long		19			12/18/2020		3,184,400		$	27,081
CME Euro Currency Future	Short		(20	)		12/14/2020		(2,933,875	)		23,915
CBOT 5 Year US Treasury Note Future	Long		42			12/31/2020		5,293,313			6,567
ICE US MSCI Emerging Markets EM Index Future	Long		17			12/18/2020		925,225			(10,071	)
CME Ultra Long Term US Treasury Bond Future	Long		3			12/21/2020		665,438			(10,202	)
MSCI EAFE Index Futures	Long		52			12/18/2020		4,818,320			(119,465	)
										$	(82,175	)

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

Swap Agreements
Excess Return Swaps
Reference Entity	Counterparty	Long/Short		Financing Rate			Payment Frequency		Termination Date		Notional Amount			Value/Unrealized Appreciation (Depreciation)
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		Long		0.40	%		Termination		08/31/2021		5,900,000		$	251,219
Long Commodity Basket Swap	Morgan Stanley		Long		0.19	%		Termination		10/01/2020		1,500,000			11,951
Short Commodity Basket Swap	Morgan Stanley		Short		(0.22	)%		Termination		10/01/2020		(1,500,000	)		(2,620	)
														$	260,550

¤ Shiller Barclays CAPE^® US Sector ER II USD Index aims to provide notional long exposure to the top four United States equity sectors that are relatively undervalued, as defined by a modified version of the classic CAPE^® Ratio (the “Relative CAPE^® Indicator”) and that possess relatively strong price momentum over the prior twelve months. Each U.S. equity sector is represented by an index of equity securities of companies in the relevant sector. Information on the sector constituents as of September 30, 2020, is available on the Barclays Capital, Inc. website at https://indices.barclays/IM/12/en/indices/details.app;ticker=BXIICS2E.

Long Commodity Basket Swap represents a swap on a basket of commodity sub-indices of the Morgan Stanley index. At September 30, 2020, all constituents and their weightings were as follows:

Sub-Index	Ticker		Contract Value d		Value of Index			Weightings
Morgan Stanley Copper Roll		MSCYLP0		0.12		$	62		16.9	%
Morgan Stanley Nickel Roll		MSCYLN0		0.14			62		16.8	%
Morgan Stanley Sugar Roll		MSCYSB0		0.21			62		16.7	%
Morgan Stanley Gold Roll		MSCYGC0		0.09			62		16.7	%
Morgan Stanley RBOB Roll		MSCYXB0		0.21			61		16.7	%
Morgan Stanley Cocoa Roll		MSCYCC0		0.15			59		16.2	%
						$	368		100.0	%

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

(Unaudited)

September 30, 2020

Short Commodity Basket Swap represents a swap on a basket of commodity sub-indices of the Morgan Stanley index. At September 30, 2020, all constituents and their weightings were as follows:

Sub-Index	Ticker		Contract Value d		Value of Index			Weightings
Morgan Stanley Kansas Wheat Roll		MSCYKW0		0.45		$	77		17.6	%
Morgan Stanley Corn Roll		MSCYCN0		0.31			77		17.3	%
Morgan Stanley Gasoil Roll		MSCYQS0		0.34			75		17.0	%
Morgan Stanley Heating Oil Roll		MSCYHO0		0.34			75		17.0	%
Morgan Stanley Brent Oil Roll		MSCYCO0		0.31			73		16.6	%
Morgan Stanley Natural Gas Roll		MSCYNG0		0.68			64		14.5	%
						$	441		100.0	%

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

A summary of the DoubleLine Multi-Asset Growth Fund’s (Consolidated) investments in affiliated mutual funds for the period ended September 30, 2020 is as follows:

Fund	Value at March 31, 2020			Gross Purchases			Gross Sales				Shares Held at September 30, 2020		Value at September 30, 2020			Change in Unrealized for the Period Ended September  30, 2020			Dividend Income Earned in the Period Ended September 30, 2020			Net Realized Gain (Loss) in the Period Ended September 30, 2020
DoubleLine Total Return Bond Fund (Class I)		$	2,219,628		$	—		$	(425,000	)		172,740		$	1,855,228		$	55,866		$	36,887		$	4,735
DoubleLine Core Fixed Income Fund (Class I)			2,174,460			—			(425,000	)		167,107			1,876,617			110,217			32,267			16,940
DoubleLine Low Duration Bond Fund (Class I)			2,161,127			—			(425,000	)		184,405			1,832,987			102,858			24,264			(5,998	)
DoubleLine Flexible Income Fund (Class I)			1,970,026			—			(425,000	)		188,730			1,766,508			248,045			40,621			(26,563	)
		$	8,525,241		$	—		$	(1,700,000	)		712,982		$	7,331,340		$	516,986		$	134,039		$	(10,886	)

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 39

Schedule of Investments  DoubleLine Low Duration Bond Fund (Unaudited) September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 7.6%
		AASET Ltd.,
	10,220,632	Series 2019-2-A		3.38%	^		10/16/2039		9,600,945
		AccessLex Institute,
	3,060,192	Series 2004-2-A3 (3 Month LIBOR USD + 0.19%, 0.19% Floor)		0.43%			10/25/2024		2,952,567
	17,676,320	Series 2007-A-A3 (3 Month LIBOR USD + 0.30%)		0.55%			05/25/2036		17,118,100
	5,296,903	Series 2007-A-B (3 Month LIBOR USD + 0.55%, 0.55% Floor)		0.80%			02/25/2037		4,912,450
		Affirm Asset Securitization Trust,
	15,000,000	Series 2020-A-A		2.10%	^		02/18/2025		15,035,946
	8,564,135	Series 2020-Z1-A		3.46%	^		10/15/2024		8,624,749
		American Credit Acceptance Receivables Trust,
	3,250,000	Series 2019-2-C		3.17%	^		06/12/2025		3,308,145
		Aqua Finance Trust,
	11,350,000	Series 2020-AA-A		1.90%	^		07/17/2046		11,398,501
		Arivo Acceptance Auto Loan Receivables Trust,
	5,323,882	Series 2019-1-A		2.99%	^		07/15/2024		5,420,918
		Avant Loans Funding Trust,
	871,297	Series 2019-A-A		3.48%	^		07/15/2022		872,284
	7,225,559	Series 2019-B-A		2.72%	^		10/15/2026		7,254,976
		CAL Funding IV Ltd.,
	10,750,000	Series 2020-1A-A		2.22%	^		09/25/2045		10,817,043
		CLUB Credit Trust,
	1,662,317	Series 2018-2-PT		9.23%	#^		02/15/2041		1,599,277
		Commonbond Student Loan Trust,
	2,681,134	Series 2017-BGS-A1		2.68%	^		09/25/2042		2,760,366
	2,934,473	Series 2020-AGS-A		1.98%	^		08/25/2050		3,000,545
		Consumer Loan Underlying Bond Credit Trust,
	1,613,602	Series 2018-P2-A		3.47%	^		10/15/2025		1,617,089
	857,209	Series 2019-P2-A		2.47%	^		10/15/2026		861,449
		CPS Auto Receivables Trust,
	2,150,000	Series 2020-C-C		1.71%	^		08/17/2026		2,156,005
		Domino’s Pizza Master Issuer LLC,
	6,332,920	Series 2017-1A-A2I (3 Month LIBOR USD + 1.25%)		1.49%	^		07/25/2047		6,365,327
		DRB Prime Student Loan Trust,
	6,691,207	Series 2015-D-A2		3.20%	^		01/25/2040		6,778,417
	1,734,897	Series 2016-R-A1 (1 Month LIBOR USD + 1.90%)		2.05%	^		10/25/2044		1,739,837
	2,671,316	Series 2016-R-A2		3.07%	^		10/25/2044		2,701,541
		Drive Auto Receivables Trust,
	7,000,000	Series 2020-2-B		1.42%			03/17/2025		7,085,106
		DT Auto Owner Trust,
	9,317,104	Series 2020-2A-A		1.14%	^		01/15/2024		9,352,976
		Earnest Student Loan Program,
	1,943,955	Series 2016-A-A2		2.50%	^		04/25/2033		1,947,456
	3,856,104	Series 2017-A-A2		2.65%	^		01/25/2041		3,911,496
		Foundation Finance Trust,
	5,971,898	Series 2019-1A-A		3.86%	^		11/15/2034		6,164,070
		Freed Trust,
	219,782	Series 2019-1-A		3.42%	^		06/18/2026		220,179
	8,350,450	Series 2020-3FP-A		2.40%	^		09/20/2027		8,370,708
	9,271,938	Series 2020-FP1-A		2.52%	^		03/18/2027		9,278,066
		Genesis Private Label Amortizing Trust,
	6,647,615	Series 2020-1-A		2.08%	^		07/20/2030		6,656,348
		Global SC Finance SRL,
	5,000,000	Series 2020-1A-A		2.17%	^		10/17/2040		5,008,712

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		GLS Auto Receivables Issuer Trust,
	1,677,013	Series 2019-1A-A		3.37%	^		01/17/2023		1,688,591
	4,761,576	Series 2019-2A-A		3.06%	^		04/17/2023		4,807,487
	18,309,928	Series 2020-2A-A		1.58%	^		08/15/2024		18,491,196
		Hilton Grand Vacations Trust,
	2,512,878	Series 2018-AA-A		3.54%	^		02/25/2032		2,636,339
	1,138,733	Series 2020-AA-A		2.74%	^		02/25/2039		1,179,193
		Jimmy Johns Funding LLC,
	4,705,470	Series 2017-1A-A2I		3.61%	^		07/30/2047		4,783,064
		Kabbage Funding LLC,
	895,693	Series 2019-1-A		3.83%	^		03/15/2024		892,482
		Laurel Road Prime Student Loan Trust,
	3,602,574	Series 2019-A-A1FX		2.34%	^		10/25/2048		3,653,004
		LendingClub Receivables Trust,
	14,037,811	Series 2020-3-A		3.50%	^		01/16/2046		14,276,692
	11,526,151	Series 2020-5A-A		3.50%	^		03/15/2046		11,719,975
		Lendingpoint Asset Securitization Trust,
	4,720,430	Series 2019-2-A		3.07%	^		11/10/2025		4,729,380
	5,966,035	Series 2020-1-A		2.51%	^		02/10/2026		5,970,272
		Marlette Funding Trust,
	2,471,818	Series 2019-1A-A		3.44%	^		04/16/2029		2,497,243
	4,606,210	Series 2019-2A-A		3.13%	^		07/16/2029		4,656,317
	5,681,456	Series 2019-3A-A		2.69%	^		09/17/2029		5,735,919
	3,106,635	Series 2019-4A-A		2.39%	^		12/15/2029		3,137,347
		Navient Private Education Loan Trust,
	10,760,722	Series 2020-FA-A		1.22%	^		07/15/2069		10,809,103
	6,250,000	Series 2020-GA-A		1.17%	^		09/16/2069		6,263,161
		Navient Private Education Refinance Loan Trust,
	1,800,632	Series 2019-CA-A1		2.82%	^		02/15/2068		1,811,148
		NP SPE II LLC,
	17,549,308	Series 2019-2A-A1		2.86%	^		11/19/2049		17,714,877
		NP SPE LLC,
	6,338,488	Series 2019-1A-A1		2.57%	^		09/20/2049		6,305,357
		OneMain Financial Issuance Trust,
	6,706,587	Series 2017-1A-A1		2.37%	^		09/14/2032		6,720,385
		Oxford Finance Funding LLC,
	18,000,000	Series 2020-1A-A2		3.10%	^		02/15/2028		18,312,221
		Pagaya AI Debt Selection Trust,
	9,553,183	Series 2019-3-A		3.82%	^		11/15/2026		9,537,162
		Prosper Marketplace Issuance Trust,
	267,245	Series 2018-1A-C		4.87%	^		06/17/2024		267,796
	162,654	Series 2019-1A-A		3.54%	^		04/15/2025		162,744
	297,765	Series 2019-2A-A		3.20%	^		09/15/2025		298,162
	8,964,418	Series 2019-4A-A		2.48%	^		02/15/2026		9,004,868
		SCF Equipment Leasing LLC,
	1,805,180	Series 2017-2A-A		3.41%	^		12/20/2023		1,810,678
		Sierra Timeshare Receivables Funding LLC,
	2,636,469	Series 2016-2A-A		2.33%	^		07/20/2033		2,650,109
		SLM Private Credit Student Loan Trust,
	9,155,350	Series 2006-A-A5 (3 Month LIBOR USD + 0.29%, 0.29% Floor)		0.54%			06/15/2039		8,717,043
	5,488,599	Series 2006-B-A5 (3 Month LIBOR USD + 0.27%, 0.27% Floor)		0.52%			12/15/2039		5,127,341
		Small Business Lending Trust,
	20,991,450	Series 2020-A-A		2.62%	^		12/15/2026		20,851,321
		SoFi Consumer Loan Program LLC,
	178,536	Series 2016-1-A		3.26%	^		08/25/2025		179,725

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

(Unaudited)

September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		SoFi Consumer Loan Program Trust,
	234,161	Series 2017-1-A		3.28%	^		01/26/2026		234,576
	326,068	Series 2017-2-A		3.28%	^		02/25/2026		326,686
	760,253	Series 2017-3-A		2.77%	^		05/26/2026		764,492
	1,563,083	Series 2017-5-A2		2.78%	^		09/25/2026		1,578,217
	2,415,058	Series 2019-1-A		3.24%	^		02/25/2028		2,439,583
	1,315,641	Series 2019-2-A		3.01%	^		04/25/2028		1,332,261
	8,559,015	Series 2019-F-PT1		1.87%	#^		02/15/2045		8,795,125
		SoFi Professional Loan Program Trust,
	13,312,591	Series 2020-C-AFX		1.95%	^		02/15/2046		13,629,140
		SoFi Professional Loan Program,
	3,265,323	Series 2015-C-A2		2.51%	^		08/25/2033		3,290,402
	1,991,823	Series 2016-A-A2		2.76%	^		12/26/2036		2,017,438
	2,556,446	Series 2017-A-A2B		2.40%	^		03/26/2040		2,586,624
	925,273	Series 2019-A-A1FX		3.18%	^		06/15/2048		930,334
	10,206,840	Series 2019-C-A1FX		2.13%	^		11/16/2048		10,284,875
		SoFi Professional Loan ProgramTrust,
	512,417	Series 2018-D-A1FX		3.12%	^		02/25/2048		514,005
		Springleaf Funding Trust,
	20,540,316	Series 2017-AA-A		2.68%	^		07/15/2030		20,574,754
		Spruce Asset Backed Securities Trust,
	95,809	Series 2016-E1-A		4.32%	^		06/15/2028		98,223
		Stack Infrastructure Issuer LLC,
	7,135,208	Series 2019-1A-A2		4.54%	^		02/25/2044		7,705,996
		TAL Advantage VII LLC,
	5,000,000	Series 2020-1A-A		2.05%	^		09/20/2045		5,017,071
		Tesla Auto Lease Trust,
	5,000,000	Series 2019-A-C		2.68%	^		01/20/2023		5,140,707
	3,250,000	Series 2020-A-A4		0.78%	^		12/20/2023		3,272,028
		Theorem Funding Trust,
	7,000,000	Series 2020-1A-A		2.48%	^		10/15/2026		7,007,189
		Upgrade Master Pass-Thru Trust,
	2,673,652	Series 2019-ST1-A		4.00%	^		07/15/2025		2,682,074
		Upstart Securitization Trust,
	2,423,573	Series 2019-1-B		4.19%	^		04/20/2026		2,431,080
	8,516,765	Series 2019-2-A		2.90%	^		09/20/2029		8,588,414
	11,174,448	Series 2020-1-A		2.32%	^		04/22/2030		11,259,158
		Westlake Automobile Receivables Trust,
	2,210,956	Series 2019-2A-A2A		2.57%	^		02/15/2023		2,226,068
		Total Asset Backed Obligations (Cost $524,174,814)							527,015,816
	BANK LOANS 2.5%
		1011778 B.C. Unlimited Liability Company,
	5,110,390	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91%			11/13/2026		4,911,289
		Asplundh Tree Expert LLC,
	1,525,000	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.50%)		2.65%			09/07/2027		1,525,320
		Axalta Coating Systems Dutch Holding B.B.V.,
	4,993,156	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 1.75%)		2.06%			06/21/2024		4,887,052
		Berry Global, Inc.,
	5,678,079	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		2.16%			07/01/2026		5,526,219
		Charter Communications Operating LLC,
	5,618,189	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91%			02/01/2027		5,500,291

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		CSC Holdings LLC,
	5,669,938	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		2.40%		07/17/2025		5,500,321
		Dell International LLC,
	5,506,143	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%, 0.75% Floor)		2.75%		09/19/2025		5,489,432
		Elanco Animal Health, Inc.,
	5,195,556	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91%		02/04/2027		5,057,536
		Gardner Denver, Inc.,
	1,029,825	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91%		03/01/2027		997,859
		Generac Power Systems, Inc.,
	249,255	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91%		12/11/2026		248,360
		Go Daddy Operating Company LLC,
	5,967,820	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91%		02/15/2024		5,868,515
		Gray Television, Inc.,
	3,247,352	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		2.66%		01/02/2026		3,198,642
		Grifols Worldwide Operations USA, Inc.,
	5,205,756	Senior Secured First Lien Term Loan (1 Week LIBOR USD + 2.00%)		2.10%		11/08/2027		5,109,372
		HCA, Inc.,
	6,061,419	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91%		03/18/2026		6,043,720
		HD Supply, Inc.,
	4,144,932	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91%		10/17/2023		4,141,596
		IAA, Inc.,
	3,526,587	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		2.44%		06/29/2026		3,482,504
		IQVIA, Inc.,
	5,642,652	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 1.75%)		2.06%		06/09/2025		5,579,172
		Iron Mountain Information Management LLC,
	3,844,205	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91%		01/02/2026		3,709,658
		Jacobs Douwe Egberts International B.V.,
	5,693,297	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		2.19%		10/23/2025		5,674,310
		JBS USA Lux S.A.,
	5,868,169	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		3.07%		05/29/2026		5,728,067
		KAR Auction Services, Inc.,
	2,428,348	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		2.44%		09/19/2026		2,349,427
		KFC Holding Company,
	5,629,124	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.90%		04/03/2025		5,528,841

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 41

Schedule of Investments  DoubleLine Low Duration Bond Fund  (Cont.) (Unaudited) September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		Lamar Media Corporation,
	1,940,438	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.50%)		1.66%		01/29/2027		1,908,090
		Level 3 Financing, Inc.,
	3,856,010	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91%		03/01/2027		3,742,740
		Microchip Technology, Inc.,
	5,637,354	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		2.16%		05/29/2025		5,630,307
		Nexstar Broadcasting, Inc.,
	4,087,460	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.91%		09/18/2026		4,006,569
		Open Text Corporation,
	4,316,626	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91%		05/30/2025		4,300,439
		Reynolds Consumer Products LLC,
	1,126,423	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91%		02/04/2027		1,113,610
		RPI Intermediate Finance Trust,
	1,352,999	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91%		02/11/2027		1,349,900
		Science Applications International Corporation,
	5,595,338	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.88%)		2.03%		11/05/2025		5,473,527
		ServiceMaster Company LLC,
	5,579,263	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91%		11/05/2026		5,511,028
		Syneos Health, Inc.,
	5,422,750	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91%		08/01/2024		5,327,011
		T-Mobile USA, Inc.,
	5,077,275	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		3.16%		04/01/2027		5,079,534
		Trans Union LLC,
	6,385,306	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91%		11/13/2026		6,237,135
		Universal Health Services, Inc.,
	4,487,137	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91%		10/31/2025		4,484,332
		US Foods, Inc.,
	6,078,600	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		3.07%		09/14/2026		5,837,371
		Virgin Media Bristol LLC,
	3,799,969	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		2.65%		01/31/2028		3,696,800
		Vistra Operations Company LLC,
	1,081,704	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.90%		12/15/2025		1,067,577
	4,488,682	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.90%		12/15/2025		4,430,060

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		W.R. Grace & Company,
	2,091,923	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 1.75%)		2.06%			04/03/2025		2,050,346
	3,586,154	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 1.75%)		2.06%			04/03/2025		3,514,879
		Total Bank Loans (Cost $173,657,824)							170,818,758
	COLLATERALIZED LOAN OBLIGATIONS 14.7%
		AGL Ltd.,
	10,000,000	Series 2020-5A-A1 (3 Month LIBOR USD + 2.05%, 2.05% Floor)		2.35%	^		07/22/2030		10,042,302
		AIMCO,
	15,753,953	Series 2015-AA-AR (3 Month LIBOR USD + 0.85%, 0.85% Floor)		1.13%	^		01/15/2028		15,687,776
		Anchorage Capital Ltd.,
	15,000,000	Series 2018-1RA-A1 (3 Month LIBOR USD + 0.99%, 0.99% Floor)		1.26%	^		04/14/2031		14,772,465
		Apres Static Ltd.,
	12,269,154	Series 2019-1A-A1 (3 Month LIBOR USD + 1.17%)		1.45%	^		01/15/2027		12,252,243
		Assurant Ltd.,
	20,000,000	Series 2019-1A-A (3 Month LIBOR USD + 1.35%, 1.35% Floor)		1.62%	^		04/22/2030		20,002,799
		Atlas Senior Loan Fund Ltd.,
	14,443,453	Series 2013-1A-AR (3 Month LIBOR USD + 0.83%)		1.11%	^		11/17/2027		14,293,872
		Avery Point Ltd.,
	19,995,349	Series 2015-6A-AR (3 Month LIBOR USD + 1.05%)		1.30%	^		08/05/2027		19,946,782
	29,500,000	Series 2015-7A-AR (3 Month LIBOR USD + 1.14%)		1.42%	^		01/15/2028		29,416,462
		Babson Ltd.,
	5,987,000	Series 2015-2A-AR (3 Month LIBOR USD + 1.19%)		1.46%	^		10/21/2030		5,941,398
		Battalion Ltd.,
	44,000,000	Series 2014-7A-A1RR (3 Month LIBOR USD + 1.04%, 1.04% Floor)		1.31%	^		07/17/2028		43,750,483
		Carlyle Global Market Strategies Ltd.,
	9,918,327	Series 2014-3RA-A1A (3 Month LIBOR USD + 10.50%)		1.29%	^		07/28/2031		9,790,443
		CarVal Ltd.,
	42,000,000	Series 2019-1A-AN (3 Month LIBOR USD + 1.48%, 1.48% Floor)		1.75%	^		04/20/2032		42,013,291
		Catamaran Ltd.,
	3,000,000	Series 2018-1A-A1 (3 Month LIBOR USD + 1.25%, 1.25% Floor)		1.49%	^		10/27/2031		2,985,291

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

(Unaudited)

September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Cathedral Lake Ltd.,
	35,000,000	Series 2018-5A-A1 (3 Month LIBOR USD + 1.20%, 1.20% Floor)		1.47%	^		10/21/2030		34,789,346
		CFIP Ltd.,
	26,500,000	Series 2014-1A-AR (3 Month LIBOR USD + 1.32%)		1.59%	^		07/13/2029		26,400,625
		Crown Point Ltd.,
	19,647,068	Series 2018-6A-A1 (3 Month LIBOR USD + 1.17%, 1.17% Floor)		1.44%	^		10/20/2028		19,470,701
	7,500,000	Series 2020-9A-A (3 Month LIBOR USD + 2.05%, 2.05% Floor)		2.37%	^		07/14/2032		7,529,613
		Dryden Ltd.,
	21,000,000	Series 2019-75A-AR (3 Month LIBOR USD + 1.20%, 1.20% Floor)		1.48%	^		07/15/2030		20,852,662
		Greywolf Ltd.,
	5,585,000	Series 2015-1A-A1R (3 Month LIBOR USD + 1.16%, 1.16% Floor)		1.40%	^		01/27/2031		5,543,262
	9,100,000	Series 2018-2A-A1 (3 Month LIBOR USD + 1.18%, 1.18% Floor)		1.45%	^		10/20/2031		9,044,753
		Halcyon Loan Advisors Funding Ltd.,
	4,891,155	Series 2014-3A-AR (3 Month LIBOR USD + 1.10%)		1.36%	^		10/22/2025		4,885,999
	16,634,309	Series 2015-3A-A1R (3 Month LIBOR USD + 0.90%)		1.17%	^		10/18/2027		16,497,170
		Harbourview Ltd.,
	8,920,456	Series 7RA-A1 (3 Month LIBOR USD + 1.13%, 1.13% Floor)		1.40%	^		07/18/2031		8,857,208
		Jamestown Ltd.,
	1,220,632	Series 2014-4A-A1AR (3 Month LIBOR USD + 0.69%)		0.97%	^		07/15/2026		1,220,676
	10,500,000	Series 2018-6RA-A1 (3 Month LIBOR USD + 1.15%, 1.15% Floor)		1.39%	^		04/25/2030		10,455,094
		Jefferson Mill Ltd.,
	9,968,710	Series 2015-1A-AR (3 Month LIBOR USD + 1.18%)		1.45%	^		10/20/2031		9,899,683
		Kingsland Ltd.,
	22,000,000	Series 2018-8A-A (3 Month LIBOR USD + 1.12%, 1.12% Floor)		1.39%	^		04/21/2031		21,813,473
		LCM LP,
	35,000,000	Series 19A-AR (3 Month LIBOR USD + 1.24%, 1.24% Floor)		1.52%	^		07/15/2027		34,913,677
		Madison Park Funding Ltd.,
	8,750,000	Series 2012-10A-AR2 (3 Month LIBOR USD + 1.22%)		1.49%	^		01/22/2029		8,738,006
	26,000,000	Series 2013-11A-AR (3 Month LIBOR USD + 1.16%)		1.42%	^		07/23/2029		25,938,101

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Marathon Ltd.,
	18,189,091	Series 2013-5A-A1R (3 Month LIBOR USD + 0.87%)		1.12%	^		11/22/2027		18,029,936
	3,000,000	Series 2017-9A-A2 (3 Month LIBOR USD + 1.75%)		2.03%	^		04/16/2029		2,921,751
	24,008,401	Series 2018-12A-A1 (3 Month LIBOR USD + 1.18%)		1.45%	^		04/18/2031		23,824,291
		Marble Point Ltd.,
	13,500,000	Series 2018-2A-A1 (3 Month LIBOR USD + 1.33%, 1.33% Floor)		1.60%	^		01/20/2032		13,459,610
		Midocean Credit Partners,
	20,000,000	Series 2018-8A-A1 (3 Month LIBOR USD + 1.15%)		1.40%	^		02/20/2031		19,750,043
		MP Ltd.,
	35,000,000	Series 2013-2A-ARR (3 Month LIBOR USD + 1.28%)		1.52%	^		07/25/2029		34,820,037
	13,000,000	Series 2015-1A-ARR (3 Month LIBOR USD + 1.08%)		1.35%	^		10/18/2028		12,898,560
	23,313,974	Series 2015-2A-AR (3 Month LIBOR USD + 0.91%)		1.16%	^		10/28/2027		23,154,306
		Ocean Trails,
	24,728,017	Series 2014-5A-ARR (3 Month LIBOR USD + 1.28%, 1.28% Floor)		1.55%	^		10/14/2031		24,457,365
		OCP Ltd.,
	16,500,000	Series 2014-5A-A1R (3 Month LIBOR USD + 1.08%, 1.08% Floor)		1.32%	^		04/28/2031		16,457,953
		Octagon Investment Partners Ltd.,
	3,000,000	Series 2020-1A-A1 (3 Month LIBOR USD + 1.85%, 1.85% Floor)		2.10%	^		04/21/2031		3,009,071
		Palmer Square Loan Funding Ltd.,
	11,597,418	Series 2018-5A-A1 (3 Month LIBOR USD + 0.85%, 0.85% Floor)		1.12%	^		01/20/2027		11,552,037
		Park Avenue Institutional Advisers Ltd.,
	34,000,000	Series 2018-1A-A1A (3 Month LIBOR USD + 1.28%, 1.28% Floor)		1.55%	^		10/20/2031		33,928,369
		Race Point Ltd.,
	24,868,164	Series 2015-9A-A1AR (3 Month LIBOR USD + 1.21%)		1.49%	^		10/15/2030		24,786,831
		Regatta Funding Ltd.,
	12,500,000	Series 2018-3A-A (3 Month LIBOR USD + 1.19%)		1.43%	^		10/27/2031		12,375,111
		Riserva Ltd.,
	10,000,000	Series 2016-3A-AR (3 Month LIBOR USD + 1.14%)		1.41%	^		10/18/2028		9,978,734
		Romark Ltd.,
	21,771,593	Series 2018-1A-A1 (3 Month LIBOR USD + 1.03%)		1.30%	^		04/20/2031		21,553,877

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 43

Schedule of Investments  DoubleLine Low Duration Bond Fund  (Cont.) (Unaudited) September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Sound Point Ltd.,
	16,000,000	Series 2014-2RA-A (3 Month LIBOR USD + 1.25%, 1.25% Floor)		1.52%	^		10/20/2031		15,911,157
	25,000,000	Series 2015-1RA-A (3 Month LIBOR USD + 1.36%, 1.36% Floor)		1.64%	^		04/15/2030		24,961,615
		Steele Creek Ltd.,
	2,365,000	Series 2014-1RA-A (3 Month LIBOR USD + 1.07%, 1.07% Floor)		1.34%	^		04/21/2031		2,346,294
	18,000,000	Series 2019-2A-A1 (3 Month LIBOR USD + 1.36%, 1.36% Floor)		1.64%	^		07/15/2032		17,830,397
		TCI-Flatiron Ltd.,
	20,000,000	Series 2016-1A-AR (3 Month LIBOR USD + 1.22%, 1.22% Floor)		1.49%	^		07/17/2028		19,955,558
		Tralee Ltd.,
	44,000,000	Series 2019-6A-A1 (3 Month LIBOR USD + 1.45%)		1.69%	^		10/25/2032		43,758,400
		Trimaran CAVU LLC,
	10,000,000	Series 2019-1A-A1 (3 Month LIBOR USD + 1.46%, 1.46% Floor)		1.73%	^		07/20/2032		9,972,555
		Venture Ltd.,
	2,000,000	Series 2016-24A-AR (3 Month LIBOR USD + 1.18%, 1.18% Floor)		1.45%	^		10/20/2028		1,987,500
	21,900,512	Series 2015-3A-A1RR (3 Month LIBOR USD + 1.25%)		1.52%	^		10/20/2031		21,672,237
		Wellfleet Ltd.,
	23,845,341	Series 2016-1A-AR (3 Month LIBOR USD + 0.91%)		1.18%	^		04/20/2028		23,663,650
		WhiteHorse Ltd.,
	835,936	Series 2014-1A-AR (3 Month LIBOR USD + 0.90%)		1.15%	^		05/01/2026		835,241
		Zais Ltd.,
	360,924	Series 2014-2A-A1AR (3 Month LIBOR USD + 1.20%)		1.44%	^		07/27/2026		360,490
	12,798,944	Series 2016-2A-A1 (3 Month LIBOR USD + 1.53%)		1.81%	^		10/16/2028		12,738,261
		Total Collateralized Loan Obligations (Cost $1,014,404,054)							1,010,696,893
	FOREIGN CORPORATE BONDS 12.6%
	9,100,000	Adani Ports & Special Economic Zone Ltd.		3.95%			01/19/2022		9,292,136
	3,200,000	Adani Ports & Special Economic Zone Ltd.		3.38%			07/24/2024		3,260,252
	1,370,000	AES Dominicana		7.95%			05/11/2026		1,397,414
	884,000	AES Gener S.A.		5.00%			07/14/2025		915,382
	3,000,000	AES Gener S.A. (5 Year Swap Rate USD + 4.64%)		7.13%			03/26/2079		3,072,090

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	2,800,000	AES Gener S.A. (5 Year Swap Rate USD + 4.64%)		7.13%	^		03/26/2079		2,867,284
	10,100,000	Alibaba Group Holding Ltd.		2.80%			06/06/2023		10,639,562
	5,570,000	ANZ New Zealand International Ltd.		1.90%	^		02/13/2023		5,740,024
	600,000	AstraZeneca PLC		2.38%			06/12/2022		618,931
	2,150,000	AstraZeneca PLC		3.50%			08/17/2023		2,326,621
	6,115,000	Avolon Holdings Funding Ltd.		3.63%	^		05/01/2022		6,011,721
	20,000,000	Axiata SPV2 BHD		3.47%			11/19/2020		20,067,400
	2,910,000	Baidu, Inc.		3.50%			11/28/2022		3,055,234
	10,000,000	Baidu, Inc.		3.88%			09/29/2023		10,741,447
	300,000	Baidu, Inc.		3.08%			04/07/2025		319,156
	14,200,000	Banco Bradesco S.A.		5.90%			01/16/2021		14,324,392
	1,100,000	Banco Bradesco S.A.		2.85%	^		01/27/2023		1,115,466
	2,300,000	Banco BTG Pactual S.A. (5 Year CMT Rate + 5.26%)		7.75%	^		02/15/2029		2,358,650
	2,200,000	Banco de Credito del Peru (3 Month LIBOR USD + 7.04%)		6.13%			04/24/2027		2,326,500
	3,600,000	Banco de Reservas de la Republica Dominicana		7.00%			02/01/2023		3,699,036
	3,000,000	Banco del Estado de Chile		3.88%			02/08/2022		3,112,271
	12,785,000	Banco do Brasil S.A. (10 Year CMT Rate + 7.78%)		8.50%	†		04/20/2021		12,809,100
	2,500,000	Banco Latinoamericano de Comercio Exterior S.A.		2.38%	^		09/14/2025		2,537,500
	14,400,000	Banco Mercantil del Norte S.A. (5 Year CMT Rate + 5.04%)		6.88%	†		07/06/2022		14,265,000
	22,450,000	Banco Nacional de Comercio Exterior S.N.C. (5 Year CMT Rate + 3.00%)		3.80%			08/11/2026		22,474,021
	300,000	Banco Santander (5 Year CMT Rate + 3.00%)		5.95%	^		10/01/2028		316,912
	3,094,000	Banco Santander Chile		2.50%			12/15/2020		3,110,909
	500,000	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand		5.38%	^		04/17/2025		556,627
	9,490,000	Bangkok Bank PCL		4.80%			10/18/2020		9,508,458
	5,683,000	Bangkok Bank PCL		3.88%			09/27/2022		5,986,498
	19,020,000	Banistmo S.A.		3.65%			09/19/2022		19,293,412
	2,400,000	Banistmo S.A.		3.65%	^		09/19/2022		2,434,500
	8,440,000	Bank of Nova Scotia		0.55%			09/15/2023		8,429,360
	1,000,000	Bank of the Philippine Islands		2.50%			09/10/2024		1,028,994
	10,748,000	Barclays Bank PLC		2.65%			01/11/2021		10,792,179
	5,360,000	BAT International Finance PLC		1.67%			03/25/2026		5,383,834
	3,000,000	BBVA Banco Continental S.A.		5.00%			08/26/2022		3,213,045
	2,000,000	BBVA Bancomer S.A.		6.50%			03/10/2021		2,043,000
	4,071,000	BBVA Bancomer S.A. (5 Year CMT Rate + 3.00%)		5.35%			11/12/2029		4,050,645
	8,500,000	BDO Unibank, Inc.		2.63%			10/24/2021		8,654,159

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

(Unaudited)

September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	1,000,000	BDO Unibank, Inc.		2.95%			03/06/2023		1,039,971
	4,440,000	BPCE S.A.		2.38%	^		01/14/2025		4,618,987
	5,000,000	C&W Senior Financing DAC		7.50%			10/15/2026		5,252,025
	800,000	Cemex S.A.B. de C.V.		6.13%			05/05/2025		827,000
	3,750,000	Cemex S.A.B. de C.V.		7.75%			04/16/2026		3,956,250
	285,000	CIMB Bank		3.26%			03/15/2022		294,266
	20,200,000	CNAC HK Finbridge Company Ltd.,		3.50%			07/19/2022		20,729,682
	16,750,000	CNOOC Finance Ltd.		3.88%			05/02/2022		17,491,210
	200,000	CNOOC Finance Ltd.		3.00%			05/09/2023		209,868
	7,491,000	CNPC General Capital Ltd.		3.95%			04/19/2022		7,832,777
	5,729,000	CNPC Overseas Capital Ltd.		4.50%			04/28/2021		5,845,814
	5,205,000	Commonwealth Bank of Australia		2.75%	^		03/10/2022		5,395,300
	1,312,000	Corp Nacional del Cobre de Chile		3.88%			11/03/2021		1,348,682
	500,000	Corporacion Nacional del Cobre de Chile		3.00%			07/17/2022		517,429
	2,200,000	Credicorp Ltd.		2.75%	^		06/17/2025		2,230,800
	5,400,000	Credit Suisse Group AG (3 Month LIBOR USD + 1.24%)		1.49%	^		06/12/2024		5,446,385
	4,760,000	Daimler Finance North America LLC		2.30%	^		02/12/2021		4,789,436
	200,000	Daimler Finance North America LLC		3.40%	^		02/22/2022		207,163
	1,500,000	DBS Group Holdings Ltd. (3 Month LIBOR USD + 0.62%)		0.86%			07/25/2022		1,503,927
	17,027,000	DBS Group Holdings Ltd. (5 Year Swap Rate USD + 2.39%)		3.60%	†		12/29/2049		17,179,647
	1,580,000	Delek & Avner Tamar Bond Ltd.		4.44%	^		12/30/2020		1,580,189
	180,200	Digicel Group Ltd. (PIK 7.00%)		7.00%	^†		12/01/2021		23,426
	1,088,000	Digicel Group Ltd. (PIK 8.00%)		5.00%	^		04/01/2025		386,240
	3,364,750	Empresa Electrica Angamos S.A.		4.88%			05/25/2029		3,380,934
	5,074,000	Empresa Electrica Guacolda S.A.		4.56%			04/30/2025		4,173,949
	13,344,105	ENA Norte Trust		4.95%			04/25/2028		13,461,000
	200,000	ENN Energy Holdings Ltd.		3.25%			07/24/2022		205,779
	510,000	Equate Petrochemical B.V.		4.25%			11/03/2026		536,456
	3,200,000	Export Import Bank of Thailand (3 Month LIBOR USD + 0.90%)		1.15%			11/20/2023		3,190,384
	5,000,000	Export-Import Bank of India		3.13%			07/20/2021		5,066,475
	2,000,000	Geopark Ltd.		6.50%			09/21/2024		1,888,000
	864,000	GlaxoSmithKline Capital PLC		3.13%			05/14/2021		878,873
	9,515,000	GlaxoSmithKline Capital PLC		0.53%			10/01/2023		9,524,870
	1,900,000	Global Bank Corporation		4.50%	^		10/20/2021		1,945,600
	8,100,000	Global Bank Corporation		4.50%			10/20/2021		8,294,400

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	1,400,000	Grupo Aval Ltd.		4.75%			09/26/2022		1,435,175
	2,000,000	Grupo Bimbo S.A.B. de C.V.		4.50%			01/25/2022		2,094,575
	500,000	Grupo Bimbo S.A.B. de C.V. (5 Year CMT Rate + 3.28%)		5.95%	†		04/17/2023		525,250
	9,936,000	GrupoSura Finance S.A.		5.70%			05/18/2021		10,270,098
	16,005,000	HPHT Finance Ltd.		2.88%			11/05/2024		16,703,138
	6,085,000	HSBC Holdings PLC (3 Month LIBOR USD + 1.00%)		1.27%			05/18/2024		6,065,553
	5,235,000	Indian Oil Corporation Ltd.		5.63%			08/02/2021		5,393,744
	3,000,000	Indian Oil Corporation Ltd.		5.75%			08/01/2023		3,279,319
	3,025,371	Interoceanica Finance Ltd.		0.00%			11/30/2025		2,832,503
	5,000,000	Inversiones CMPC S.A.		4.50%			04/25/2022		5,217,575
	7,525,000	Itau Unibanco Holding S.A.		5.75%			01/22/2021		7,613,494
	8,868,000	JD.com, Inc.		3.13%			04/29/2021		8,970,083
	8,500,000	Korea East-West Power Company Ltd.		1.75%	^		05/06/2025		8,791,687
	1,900,000	Korea Electric Power Corporation		1.13%	^		06/15/2025		1,912,065
	10,000,000	Latam Finance Ltd.		6.88%	W		04/11/2024		3,725,000
	11,600,000	LG Chem Ltd.		3.25%			10/15/2024		12,501,449
	5,235,000	Macquarie Bank Ltd.		2.10%	^		10/17/2022		5,405,014
	2,000,000	Malayan Banking BHD (3 Month LIBOR USD + 0.80%)		1.08%			08/16/2024		1,986,160
	11,428,000	Malayan Banking BHD (5 Year Swap Rate USD + 2.54%)		3.91%			10/29/2026		11,672,731
	13,090,000	MEGlobal Canada ULC		5.00%	^		05/18/2025		14,172,726
	12,670,000	Mitsubishi UFJ Financial Group, Inc. (3 Month LIBOR USD + 0.86%)		1.10%			07/26/2023		12,793,834
	10,815,000	Mizuho Financial Group, Inc. (3 Month LIBOR USD + 0.79%)		1.04%			03/05/2023		10,895,199
	7,400,000	Multibank, Inc.		4.38%			11/09/2022		7,540,711
	5,484,000	Nacional Financiera S.N.C.		3.38%			11/05/2020		5,499,629
	7,800,000	NongHyup Bank		1.25%	^		07/20/2025		7,884,269
	16,195,000	ONGC Videsh Ltd.		2.88%			01/27/2022		16,344,561
	4,000,000	ONGC Videsh Ltd.		3.75%			05/07/2023		4,150,532
	4,000,000	Oversea-Chinese Banking Corporation		4.25%			06/19/2024		4,380,209
	11,300,000	Oversea-Chinese Banking Corporation Ltd. (5 Year CMT Rate + 1.58%)		1.83%	^		09/10/2030		11,285,612
	3,868,138	Panama Metro Line SP		0.00%	^		12/05/2022		3,756,968
	13,976,661	Panama Metro Line SP		0.00%			12/05/2022		13,574,972
	3,334,000	Perusahaan Listrik Negara PT		5.50%			11/22/2021		3,503,617
	2,876,000	Petrobras Global Finance B.V.		5.38%			01/27/2021		2,904,760

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 45

Schedule of Investments  DoubleLine Low Duration Bond Fund  (Cont.) (Unaudited) September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	2,400,000	Petronas Capital Ltd.		3.13%			03/18/2022		2,474,808
	8,000,000	POSCO		2.38%			11/12/2022		8,202,331
	6,550,000	POSCO		2.38%			01/17/2023		6,717,713
	2,300,000	POSCO		2.75%			07/15/2024		2,412,093
	1,100,000	PSA Treasury Pte Ltd.		2.50%			04/12/2026		1,177,094
	1,900,000	Reliance Industries Ltd.		4.50%			10/19/2020		1,903,401
	19,310,000	Reliance Industries Ltd.		5.40%			02/14/2022		20,357,519
	6,380,000	Royal Bank of Scotland Group PLC ( 3 Month LIBOR USD + 1.55%)		1.78%			06/25/2024		6,411,078
	7,990,000	Santander UK PLC		2.50%			01/05/2021		8,035,493
	4,455,000	Santander UK PLC		2.10%			01/13/2023		4,598,716
	8,000,000	Saudi Arabian Oil Company		2.75%			04/16/2022		8,200,225
	3,450,000	Scotiabank Peru S.A. (3 Month LIBOR USD + 3.86%)		4.50%			12/13/2027		3,666,919
	2,640,000	SingTel Group Treasury Pte Ltd.		3.25%			06/30/2025		2,915,537
	4,251,000	SingTel Group Treasury Pte Ltd.		2.38%			10/03/2026		4,572,323
	11,800,000	Sinochem Overseas Capital Ltd.		4.50%			11/12/2020		11,860,298
	2,000,000	Sinopec Group Overseas Development Ltd.		2.75%			05/03/2021		2,021,310
	3,000,000	Sinopec Group Overseas Development Ltd.		2.00%	^		09/29/2021		3,031,844
	2,090,000	Sinopec Group Overseas Development Ltd.		2.00%			09/29/2021		2,112,185
	8,000,000	Sinopec Group Overseas Development Ltd.		2.15%	^		05/13/2025		8,270,600
	2,500,000	State Grid Overseas Investment Ltd.		3.13%			05/22/2023		2,635,162
	5,405,000	Sumitomo Mitsui Financial Group, Inc.		2.06%			07/14/2021		5,479,666
	5,440,000	Sumitomo Mitsui Trust Bank Ltd.		0.80%	^		09/12/2023		5,453,928
	5,252,000	Takeda Pharmaceutical Ltd.		4.00%			11/26/2021		5,446,907
	6,511,000	Tecnoglass, Inc.		8.20%			01/31/2022		6,761,836
	13,200,000	Telefonica Chile S.A.		3.88%			10/12/2022		13,883,100
	2,900,000	Temasek Financial Ltd.		2.38%			01/23/2023		3,026,696
	12,000,000	Tencent Holdings Ltd.		1.81%	^		01/26/2026		12,252,337
	6,205,000	Toronto-Dominion Bank		3.25%			06/11/2021		6,333,905
	5,417,000	Toronto-Dominion Bank (Secured Overnight Financing Rate + 4.80%)		0.57%			01/27/2023		5,435,142
	5,380,000	UBS Group Funding Switzerland AG (1 Year CMT Rate + 0.83%)		1.01%	^		07/30/2024		5,395,515

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	9,720,000	Unifin Financiera S.A.B. de C.V.		7.25%			09/27/2023		8,334,997
	3,850,000	Unifin Financiera S.A.B. de C.V.		7.00%			01/15/2025		3,159,406
	1,000,000	Union Bank of the Philippines		3.37%			11/29/2022		1,041,345
	775,000	United Overseas Bank Ltd. (3 Month LIBOR USD + 0.48%)		0.74%	^		04/23/2021		776,048
	850,000	United Overseas Bank Ltd. (3 Month LIBOR USD + 0.48%)		0.74%			04/23/2021		851,150
	6,015,000	United Overseas Bank Ltd. (5 Year CMT Rate + 1.50%)		3.75%			04/15/2029		6,419,734
	2,000,000	United Overseas Bank Ltd. (5 Year Swap Rate USD + 1.65%)		2.88%			03/08/2027		2,037,030
	7,550,000	United Overseas Bank Ltd. (5 Year Swap Rate USD + 2.24%)		3.50%			09/16/2026		7,703,001
	10,000,000	UPL Corporation		3.25%			10/13/2021		10,136,960
	2,915,000	Vedanta Resources Ltd.		7.13%			05/31/2023		2,224,145
	1,000,000	Vedanta Resources Ltd.		6.13%			08/09/2024		708,192
	6,120,000	Volkswagen Group of America Finance LLC		4.00%	^		11/12/2021		6,350,207
		Total Foreign Corporate Bonds (Cost $865,348,186)							871,272,424
	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS 1.6%
	5,200,000	Abu Dhabi Government International Bond		0.75%	^		09/02/2023		5,200,130
	5,800,000	Abu Dhabi Government International Bond		2.50%	^		04/16/2025		6,182,568
	1,000,000	Brazilian Government International Bond		2.88%			06/06/2025		1,008,750
	16,350,000	Colombia Government International Bond		4.38%			07/12/2021		16,820,635
	10,350,000	Dominican Republic International Bond		7.50%			05/06/2021		10,686,375
	6,500,000	Indonesia Government International Bond		4.88%			05/05/2021		6,668,415
	3,500,000	Indonesia Government International Bond		3.75%			04/25/2022		3,650,080
	590,000	Indonesia Government International Bond		3.38%			04/15/2023		623,724
	800,000	Indonesia Government International Bond		2.95%			01/11/2023		834,588

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

(Unaudited)

September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	1,500,000	Mexico Government International Bond		3.90%			04/27/2025		1,643,250
	9,725,000	Perusahaan Penerbit		3.40%			03/29/2022		10,086,138
	1,200,000	Perusahaan Penerbit		3.75%			03/01/2023		1,276,374
	4,000,000	Peruvian Government International Bond		2.39%			01/23/2026		4,198,000
	2,900,000	Qatar Government International Bond		4.50%			01/20/2022		3,041,743
	8,900,000	Qatar Government International Bond		2.38%			06/02/2021		9,004,442
	9,000,000	Saudi Government International Bond		2.88%			03/04/2023		9,414,405
	13,000,000	Saudi Government International Bond		2.38%			10/26/2021		13,237,614
	3,711,000	Wakala Global Sukuk BHD		4.65%			07/06/2021		3,821,687
		Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $105,312,319)							107,398,918
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 15.5%
		Arbor Realty Ltd.,
	10,812,000	Series 2018-FL1-A (1 Month LIBOR USD + 1.15%)		1.30%	^		06/15/2028		10,693,068
	16,415,000	Series 2020-FL1 (1 Month LIBOR USD + 1.40%, 1.40% Floor)		1.55%	^		02/15/2035		16,070,777
		Ashford Hospitality Trust,
	6,452,658	Series 2018-ASHF-A (1 Month LIBOR USD + 0.90%, 0.90% Floor)		1.05%	^		04/16/2035		6,172,949
		Atrium Hotel Portfolio Trust,
	12,019,000	Series 2017-ATRM-E (1 Month LIBOR USD + 3.05%, 3.05% Floor)		3.20%	^		12/15/2036		9,971,260
	7,570,000	Series 2018-ATRM-A (1 Month LIBOR USD + 0.95%, 0.95% Floor)		1.10%	^		06/15/2035		7,219,017
	225,000	Series 2018-ATRM-E (1 Month LIBOR USD + 3.40%, 3.40% Floor)		3.55%	^		06/15/2035		194,217
		Bancorp Commercial Mortgage Trust,
	1,611,481	Series 2018-CRE4-A (1 Month LIBOR USD + 0.90%, 0.95% Floor)		1.05%	^		09/17/2035		1,597,448
		BANK,
	88,042,675	Series 2017-BNK5-XA		1.21%	# I/O		06/17/2060		4,268,362
	101,469,863	Series 2017-BNK6-XA		0.97%	# I/O		07/16/2060		4,214,733
	195,395,255	Series 2020-BN26-XA		1.36%	# I/O		03/16/2063		18,150,891
		Barclays Commercial Mortgage Securities LLC,
	93,905,795	Series 2017-C1-XA		1.66%	# I/O		02/17/2050		6,753,611
	2,261,000	Series 2017-DELC-C (1 Month LIBOR USD + 1.20%, 1.20% Floor)		1.35%	^		08/15/2036		2,116,909
	2,577,000	Series 2017-DELC-D (1 Month LIBOR USD + 1.70%, 1.70% Floor)		1.85%	^		08/15/2036		2,363,581
	5,175,000	Series 2017-DELC-F (1 Month LIBOR USD + 3.50%, 3.50% Floor)		3.65%	^		08/15/2036		4,679,536

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		BBCMS Mortgage Trust,
	13,011,000	Series 2017-DELC-B (1 Month LIBOR USD + 1.03%, 1.03% Floor)		1.18%	^		08/15/2036		12,338,628
	13,430,131	Series 2018-BXH-A (1 Month LIBOR USD + 1.00%, 1.00% Floor)		1.15%	^		10/15/2037		12,769,232
	168,500	Series 2018-CBM-D (1 Month LIBOR USD + 2.39%, 2.39% Floor)		2.54%	^		07/15/2037		148,316
	17,989,000	Series 2018-TALL-A (1 Month LIBOR USD + 0.72%, 0.72% Floor)		0.87%	^		03/15/2037		17,330,565
	10,696,000	Series 2018-TALL-B (1 Month LIBOR USD + 0.97%) Series 2018-TALL-B (1 Month LIBOR USD + 9.71%, 9.71% Floor)		1.12%	^		03/16/2037		10,188,569
	240,334,926	Series 2020-C6-XA		1.17%	# I/O		02/18/2053		18,932,624
	59,000,000	Series 2020-C6-XB		0.79%	# I/O		02/18/2053		3,656,584
		BDS Ltd.,
	3,316,000	Series 2019-FL4-A (1 Month LIBOR USD + 1.10%, 1.10% Floor)		1.25%	^		08/15/2036		3,296,518
		Bear Stearns Commercial Mortgage Securities Trust,
	1,461,476	Series 2006-PW13-D		5.75%	#^		09/11/2041		1,440,497
		Benchmark Mortgage Trust,
	128,132,157	Series 2018-B1-XA		0.66%	# I/O		01/18/2051		3,852,575
	175,586,689	Series 2020-B16-XA		1.05%	# I/O		02/18/2053		12,849,908
	35,720,000	Series 2020-IG1-XB		0.13%	# I/O		09/17/2043		494,829
		BFLD,
	20,049,000	Series 2019-DPLO-E (1 Month LIBOR USD + 2.24%, 2.24% Floor)		2.39%	^		10/16/2034		18,074,623
		BHMS Trust,
	7,792,000	Series 2018-ATLS-A (1 Month LIBOR USD + 1.25%, 1.25% Floor)		1.40%	^		07/16/2035		7,502,862
	1,878,000	Series 2018-ATLS-C (1 Month LIBOR USD + 1.90%, 1.90% Floor)		2.05%	^		07/16/2035		1,715,252
		BHP Trust,
	8,797,000	Series 2019-BXHP-A (1 Month LIBOR USD + 0.98%, 0.98% Floor)		1.13%	^		08/15/2036		8,472,992
	5,797,000	Series 2019-BXHP-C (1 Month LIBOR USD + 1.52%, 1.52% Floor)		1.67%	^		08/15/2036		5,433,512
		Bsprt Issuer Ltd.,
	18,407,000	Series 2019-FL5-A (1 Month LIBOR USD + 1.15%, 1.15% Floor)		1.30%	^		05/15/2029		18,094,320
		BX Commercial Mortgage Trust,
	615,000	Series 2018-BIOA-C (1 Month LIBOR USD + 1.12%, 1.10% Floor)		1.27%	^		03/16/2037		611,446
	3,590,000	Series 2018-BIOA-D (1 Month LIBOR USD + 1.32%, 1.35% Floor)		1.47%	^		03/16/2037		3,553,306
	1,950,883	Series 2018-EXCL-C (1 Month LIBOR USD + 1.98%, 1.98% Floor)		2.13%	^		09/15/2037		1,534,494

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 47

Schedule of Investments  DoubleLine Low Duration Bond Fund  (Cont.) (Unaudited) September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		BX Trust,
	4,214,133	Series 2017-APPL-E (1 Month LIBOR USD + 3.15%, 3.15% Floor)		3.30%	^		07/17/2034		4,150,033
	6,117,000	Series 2017-FL1-C (1 Month LIBOR USD + 1.95%, 1.95% Floor)		2.10%	^		06/15/2035		6,078,769
	4,048,953	Series 2017-SLCT-D (1 Month LIBOR USD + 2.05%, 2.05% Floor)		2.20%	^		07/17/2034		4,046,917
	9,922,900	Series 2017-SLCT-E (1 Month LIBOR USD + 3.15%, 3.15% Floor)		3.30%	^		07/17/2034		9,795,775
	14,601,676	Series 2018-EXCL-A (1 Month LIBOR USD + 1.09%, 1.09% Floor)		1.24%	^		09/15/2037		13,368,783
	3,532,459	Series 2018-EXCL-B (1 Month LIBOR USD + 1.33%, 1.33% Floor)		1.48%	^		09/15/2037		3,149,511
	6,441,000	Series 2018-GW-A (1 Month LIBOR USD + 0.80%, 0.80% Floor)		0.95%	^		05/15/2037		6,236,093
	1,001,000	Series 2018-GW-D (1 Month LIBOR USD + 1.77%, 1.77% Floor)		1.92%	^		05/15/2037		938,423
	10,620,000	Series 2019-MMP-B (1 Month LIBOR USD + 1.30%, 1.30% Floor)		1.45%	^		08/15/2036		10,568,200
	1,905,000	Series 2019-MMP-C (1 Month LIBOR USD + 1.45%, 1.45% Floor)		1.60%	^		08/15/2036		1,886,536
	660,000	Series 2019-MMP-E (1 Month LIBOR USD + 1.90%, 1.90% Floor)		2.05%	^		08/15/2036		623,201
		BXMT Ltd.,
	8,181,000	Series 2020-FL2-C (1 Month LIBOR USD + 1.65%, 1.65% Floor)		1.80%	^		02/16/2037		7,984,656
		CCRESG Commercial Mortgage Trust,
	712,000	Series 2016-HEAT-A		3.36%	^		04/12/2029		711,980
		CD Commercial Mortgage Trust,
	25,870,625	Series 2017-CD4-XA		1.45%	# I/O		05/12/2050		1,584,413
		CF Trust,
	6,444,000	Series 2019-MF1-A (1 Month LIBOR USD + 1.05%, 1.05% Floor)		2.05%	^		08/21/2032		6,445,751
		CFCRE Commercial Mortgage Trust,
	112,553,317	Series 2017-C8-XA		1.77%	# I/O		06/17/2050		8,282,067
	42,452,000	Series 2017-C8-XB		1.11%	# I/O		06/17/2050		2,323,016
		CFK Trust,
	55,675,000	Series 2020-MF2-X		0.89%	#^ I/O		03/17/2039		2,528,758
		CG-CCRE Commercial Mortgage Trust,
	1,364,901	Series 2014-FL2-A (1 Month LIBOR USD + 1.85%, 1.85% Floor)		2.01%	^		11/17/2031		1,284,546
		CGDBB Commercial Mortgage Trust,
	3,804,908	Series 2017-BIOC-B (1 Month LIBOR USD + 0.97%, 0.95% Floor)		1.12%	^		07/15/2032		3,802,079
		CHT Mortgage Trust,
	183,000	Series 2017-CSMO-A (1 Month LIBOR USD + 0.93%, 0.93% Floor)		1.08%	^		11/17/2036		177,354
	5,584,000	Series 2017-CSMO-E (1 Month LIBOR USD + 3.00%, 3.00% Floor)		3.15%	^		11/17/2036		5,252,741
	1,748,000	Series 2017-CSMO-F (1 Month LIBOR USD + 3.74%, 3.74% Floor)		3.89%	^		11/15/2036		1,627,376

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Citigroup Commercial Mortgage Trust,
	33,086,136	Series 2016-GC36-XA		1.41%	# I/O		02/12/2049		1,734,779
	59,248,024	Series 2016-P3-XA		1.86%	# I/O		04/16/2049		4,060,160
	9,000,000	Series 2018-TBR-A (1 Month LIBOR USD + 0.83%, 0.80% Floor)		0.98%	^		12/15/2036		8,667,256
	179,000	Series 2018-TBR-D (1 Month LIBOR USD + 1.80%, 1.80% Floor)		1.95%	^		12/15/2036		162,572
	242,000	Series 2019-PRM-D		4.35%	^		05/12/2036		252,114
		CLNC Ltd.,
	20,344,000	Series 2019-FL1-A (1 Month LIBOR USD + 1.25%, 1.25% Floor)		1.41%	^		08/17/2035		20,008,324
	16,415,000	Series 2019-FL1-AS (1 Month LIBOR USD + 1.55%, 1.55% Floor)		1.71%	^		08/20/2035		16,075,636
		Commercial Mortgage Pass-Through Certificates,
	7,516,603	Series 2012-CR2-XA		1.79%	# I/O		08/17/2045		166,072
	105,661,469	Series 2013-CR12-XA		1.29%	# I/O		10/15/2046		3,077,496
	20,127,308	Series 2013-LC6-XA		1.48%	# I/O		01/12/2046		463,896
	2,950,000	Series 2014-FL5-C (1 Month LIBOR USD + 2.15%, 2.15% Floor)		1.55%	^		10/17/2031		2,629,199
	6,657,000	Series 2014-FL5-D (1 Month LIBOR USD + 4.00%, 4.00% Floor)		1.55%	^		10/17/2031		5,678,281
	155,456,146	Series 2015-CR25-XA		0.99%	# I/O		08/12/2048		5,296,982
	21,308,000	Series 2018-HCLV-A (1 Month LIBOR USD + 1.00%, 1.00% Floor)		1.15%	^		09/15/2033		20,644,433
		Credit Suisse Commercial Mortgage Securities Corporation,
	10,603,000	Series 2019-SKLZ-A (1 Month LIBOR USD + 1.25%, 1.25% Floor)		1.40%	^		01/17/2034		10,270,828
		Credit Suisse Mortgage Trust,
	5,464,000	Series 2017-LSTK-C		3.23%	^		04/07/2033		5,363,101
	6,501,000	Series 2017-LSTK-D		3.44%	#^		04/07/2033		6,285,018
		CSAIL Commercial Mortgage Trust,
	125,546,785	Series 2017-C8-XA		1.38%	# I/O		06/17/2050		6,392,076
	19,842,364	Series 2017-CX9-XA		1.01%	# I/O		09/16/2050		587,796
		CSMC Trust,
	10,862,000	Series 2017-CHOP-D (1 Month LIBOR USD + 1.90%, 1.90% Floor)		2.05%	^		07/15/2032		9,240,003
	811,000	Series 2017-LSTK-E		3.44%	#^		04/07/2033		767,981
	583,000	Series 2017-MOON-D		3.30%	#^		07/12/2034		578,705
		CSWF Trust,
	12,303,779	Series 2018-TOP-A (1 Month LIBOR USD + 1.00%, 1.00% Floor)		1.15%	^		08/15/2035		12,023,371
		DBCG Mortgage Trust,
	12,925,000	Series 2017-BBG-B (1 Month LIBOR USD + 0.85%, 0.95% Floor)		1.00%	^		06/15/2034		12,776,801
		Exantas Capital Corporation Ltd.,
	11,025,665	Series 2019-RSO7-A (1 Month LIBOR USD + 1.00%, 1.00% Floor)		1.15%	^		04/17/2036		10,889,046
	10,000,000	Series 2020-RSO8-A (1 Month LIBOR USD + 1.15%, 1.15% Floor)		1.30%	^		03/15/2035		9,945,710
	15,000,000	Series 2020-RSO8-AS (1 Month LIBOR USD + 1.45%, 1.45% Floor)		1.60%	^		03/15/2035		14,842,065
		FS Rialto,
	29,135,000	Series 2019-FL1-A (1 Month LIBOR USD + 1.20%, 1.20% Floor)		1.35%	^		12/16/2036		28,661,556

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

(Unaudited)

September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		GPMT Ltd.,
	1,696,123	Series 2018-FL1-A (1 Month LIBOR USD + 0.90%, 0.90% Floor)		1.06%	^		11/21/2035		1,687,473
	12,432,000	Series 2018-FL1-D (1 Month LIBOR USD + 2.95%, 2.95% Floor)		3.11%	^		11/21/2035		11,497,188
	17,691,000	Series 2019-FL2-A (1 Month LIBOR USD + 1.30%, 1.30% Floor)		1.46%	^		02/21/2036		17,598,122
		Great Wolf Trust,
	20,623,000	Series 2019-WOLF-E (1 Month LIBOR USD + 2.73%, 2.73% Floor)		2.88%	^		12/15/2036		18,717,528
		GS Mortgage Securities Corporation Trust,
	1,512,000	Series 2017-500K-D (1 Month LIBOR USD + 1.30%, 1.55% Floor)		1.48%	^		07/15/2032		1,502,790
		GS Mortgage Securities Corporation,
	6,000,000	Series 2018-TWR-A (1 Month LIBOR USD + 0.90%, 0.85% Floor)		1.05%	^		07/15/2031		5,878,190
	6,000,000	Series 2018-TWR-D (1 Month LIBOR USD + 1.60%, 1.50% Floor)		1.75%	^		07/15/2031		5,619,562
		GS Mortgage Securities Trust,
	110,234,834	Series 2017-GS6-XA		1.18%	# I/O		05/12/2050		6,393,157
	132,545,597	Series 2017-GS7-XA		1.27%	# I/O		08/12/2050		7,718,899
	153,332,380	Series 2017-GS8-XA		1.12%	# I/O		11/11/2050		7,879,521
		Hilton Orlando Trust,
	4,330,000	Series 2018-ORL-B (1 Month LIBOR USD + 1.05%, 1.05% Floor)		1.20%	^		12/15/2034		4,097,515
		Hunt Ltd.,
	7,250,000	Series 2017-FL1-B (1 Month LIBOR USD + 1.65%)		1.80%	^		08/17/2034		6,959,645
	20,301,000	Series 2018-FL2-A (1 Month LIBOR USD + 1.08%, 1.08% Floor)		1.23%	^		08/17/2028		20,118,291
		IMT Trust,
	3,605,955	Series 2017-APTS-DFL (1 Month LIBOR USD + 1.55%, 1.55% Floor)		1.70%	^		06/15/2034		3,541,461
		JP Morgan Chase Commercial Mortgage Securities Corporation,
	417,144	Series 2017-FL10-D (1 Month LIBOR USD + 1.90%, 1.90% Floor)		2.05%	^		06/15/2032		400,946
	9,745,903	Series 2018-LAQ-A (1 Month LIBOR USD + 1.00%, 1.00% Floor)		1.15%	^		06/15/2032		9,341,958
		JP Morgan Chase Commercial Mortgage Securities Trust,
	4,546,000	Series 2011-C4-E		5.66%	#^		07/17/2046		4,381,216
	14,661,683	Series 2014-C20-XA		1.09%	# I/O		07/17/2047		269,210
	65,147,651	Series 2016-JP4-XA		0.82%	# I/O		12/17/2049		1,821,053
	12,491,000	Series 2018-WPT-EFL (1 Month LIBOR USD + 2.60%, 2.60% Floor)		2.85%	^		07/05/2033		11,716,879
	59,178,200	Series 2020-ACE-XA		0.47%	#^ I/O		01/10/2037		722,803
	117,285,000	Series 2020-MKST-XCP		2.63%	#^ I/O		12/15/2036		3,475,389
	12,920,000	Series 2020-NNN-BFL (1 Month LIBOR USD + 1.10%, 1.10% Floor)		1.25%	^		01/16/2037		12,319,989

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		JPMBB Commercial Mortgage Securities Trust,
	74,766,045	Series 2015-C32-XA		1.43%	# I/O		11/15/2048		2,326,817
		JPMCC Commercial Mortgage Securities Trust,
	26,109,614	Series 2019-COR5-XA		1.66%	# I/O		06/14/2052		2,559,144
	15,902,000	Series 2019-MFP-A (1 Month LIBOR USD + 0.96%, 0.96% Floor)		1.11%	^		07/15/2036		15,526,358
		KKR Industrial Portfolio Trust,
	11,058,775	Series 2020-AIP-F (1 Month LIBOR USD + 3.43%, 3.43% Floor)		3.58%	^		03/15/2037		10,935,830
		LCCM Mortgage Trust,
	500,000	Series 2014-909-D		4.03%	#^		05/15/2031		496,927
		LoanCore Issuer Ltd.,
	9,311,451	Series 2018-CRE1-A (1 Month LIBOR USD + 1.13%, 1.13% Floor)		1.28%	^		05/15/2028		9,264,894
	18,273,000	Series 2019-CRE2-AS (1 Month LIBOR USD + 1.50%, 1.50% Floor)		1.65%	^		05/15/2036		17,934,949
	12,294,960	Series 2019-CRE3-A (1 Month LIBOR USD + 1.05%, 1.05% Floor)		1.20%	^		05/15/2036		12,067,504
	14,243,637	Series 2019-CRE3-AS (1 Month LIBOR USD + 1.37%, 1.37% Floor)		1.52%	^		04/15/2034		13,901,790
		LSTAR Commercial Mortgage Trust,
	64,529,471	Series 2017-5-X		1.15%	#^ I/O		03/11/2050		2,137,706
		Marathon CRE,
	10,182,308	Series 2018-FL1-A (1 Month LIBOR USD + 1.15%, 1.15% Floor)		1.30%	^		06/15/2028		10,102,122
		MF1 2019-FL2 Ltd.,
	16,723,000	Series 2019-FL2-A (1 Month LIBOR USD + 1.13%, 1.13% Floor)		1.28%	^		12/25/2034		16,481,905
		Morgan Stanley Bank of America Merrill Lynch Trust,
	2,481,751	Series 2012-C5-XA		1.57%	#^ I/O		08/17/2045		47,148
	14,702,702	Series 2014-C19-LNCX		0.60%	^ I/O		12/17/2046		329,180
		Morgan Stanley Capital Barclays Bank Trust,
	3,384,000	Series 2016-MART-B		2.48%	^		09/15/2031		3,358,843
		Morgan Stanley Capital Trust,
	1,405,395	Series 2006-HQ10-X1		0.71%	#^ I/O		11/12/2041		19
	1,322,482	Series 2006-IQ11-B		6.05%	#		10/15/2042		1,306,927
	3,216,000	Series 2017-ASHF-D (1 Month LIBOR USD + 2.20%, 2.20% Floor)		2.35%	^		11/15/2034		2,719,398
	4,824,000	Series 2017-ASHF-E (1 Month LIBOR USD + 3.15%, 3.15% Floor)		3.30%	^		11/15/2034		3,944,831
	2,324,000	Series 2017-ASHF-F (1 Month LIBOR USD + 4.35%, 4.35% Floor)		4.50%	^		11/15/2034		1,698,372
	68,091,461	Series 2017-H1-XA		1.58%	# I/O		06/17/2050		4,322,752
	12,901,000	Series 2018-SUN-A (1 Month LIBOR USD + 0.90%, 0.90% Floor)		1.30%	^		07/16/2035		12,530,839
	7,895,000	Series 2019-PLND-D (1 Month LIBOR USD + 1.75%, 1.75% Floor)		1.90%	^		05/15/2036		7,052,756
		Motel 6 Trust,
	10,191,088	Series 2017-MTL6-D (1 Month LIBOR USD + 2.15%, 2.15% Floor)		2.30%	^		08/15/2034		9,937,468
		Natixis Commercial Mortgage Securities Trust 2018-850T,
	5,185,000	Series 2018-850T-C (1 Month LIBOR USD + 1.15%, 1.15% Floor)		1.31%	^		07/15/2033		5,011,687

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 49

Schedule of Investments  DoubleLine Low Duration Bond Fund  (Cont.) (Unaudited) September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Natixis Commercial Mortgage Securities Trust,
	12,003,572	Series 2018-FL1-A (1 Month LIBOR USD + 0.95%, 0.95% Floor)		1.11%	^		06/15/2035		11,596,722
		NLY Commercial Mortgage Trust,
	19,570,000	Series 2019-FL2-AS (1 Month LIBOR USD + 1.60%, 1.60% Floor)		1.75%	^		02/15/2036		19,421,072
		PFP Ltd.,
	9,978,860	Series 2019-5-A (1 Month LIBOR USD + 0.97%, 0.97% Floor)		1.12%	^		04/14/2036		9,851,630
	5,621,000	Series 2019-6-A (1 Month LIBOR USD + 1.05%, 1.05% Floor)		1.20%	^		04/16/2037		5,527,888
		Rosslyn Portfolio Trust,
	4,638,651	Series 2017-ROSS-A (1 Month LIBOR USD + 0.95%, 1.94% Floor)		1.94%	^		06/15/2033		4,572,994
	5,277,671	Series 2017-ROSS-B (1 Month LIBOR USD + 1.25%, 2.24% Floor)		2.24%	^		06/15/2033		5,116,075
		Shelter Growth Issuer Ltd.,
	16,769,297	Series 2019-FL2-B (1 Month LIBOR USD + 2.30%, 1.80% Floor)		2.45%	^		05/15/2036		16,333,714
		SLIDE,
	14,220,169	Series 2018-FUN-A (1 Month LIBOR USD + 0.90%, 0.90% Floor)		1.05%	^		06/16/2031		13,752,992
		STWD Ltd.,
	12,887,000	Series 2019-FL1-AS (1 Month LIBOR USD + 1.40%, 1.40% Floor)		1.55%	^		07/15/2038		12,713,026
		TRTX Issuer Ltd.,
	16,923,000	Series 2019-FL3-AS (1 Month LIBOR USD + 1.45%, 1.45% Floor)		1.60%	^		10/17/2034		16,559,156
		UBS Commercial Mortgage Trust,
	25,459,979	Series 2012-C1-XA		2.25%	#^ I/O		05/12/2045		532,147
	69,470,393	Series 2017-C1-XA		1.71%	# I/O		06/17/2050		5,392,771
	104,531,177	Series 2017-C3-XA		1.25%	# I/O		08/17/2050		5,850,756
	117,302,912	Series 2018-C8-XA		1.03%	# I/O		02/17/2051		6,112,080
	552,000	Series 2018-NYCH-D (1 Month LIBOR USD + 2.10%, 2.10% Floor)		2.25%	^		02/18/2032		506,792
		VMC Finance LLC,
	8,045,996	Series 2018-FL2-A (1 Month LIBOR USD + 0.92%, 0.92% Floor)		1.07%	^		10/17/2035		7,920,172
		Wells Fargo Commercial Mortgage Trust 2019-C51,
	183,310,038	Series 2019-C51-XA		1.53%	# I/O		06/17/2052		16,571,832

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Wells Fargo Commercial Mortgage Trust,
	28,780,689	Series 2015-LC22-XA		0.92%	# I/O		09/17/2058		907,441
		WF-RBS Commercial Mortgage Trust,
	11,780,769	Series 2012-C8-XA		1.96%	#^ I/O		08/17/2045		268,519
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $1,141,361,623)							1,066,308,976
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 19.6%
		Ajax Mortgage Loan Trust,
	8,427,152	Series 2018-E-A		4.38%	#^		06/25/2058		8,728,026
	31,006,022	Series 2018-F-A		4.38%	#^		11/25/2058		32,379,186
	3,126,838	Series 2019-C-A		3.95%	#^		10/25/2058		3,145,149
		Angel Oak Mortgage Trust LLC,
	428,812	Series 2017-1-A1		2.81%	#^		01/25/2047		429,854
	210,830	Series 2017-1-A2		3.09%	#^		01/25/2047		211,347
		Arroyo Mortgage Trust,
	17,052,081	Series 2019-3-A2		3.21%	#^		10/25/2048		17,429,150
	9,215,784	Series 2019-3-A3		3.42%	#^		10/25/2048		9,402,802
		Banc of America Funding Corporation,
	145,290	Series 2005-E-6A1		3.28%	#		05/20/2035		145,676
		Banc of America Mortgage Securities Trust,
	721,474	Series 2005-E-2A1		3.21%	#		06/25/2035		659,083
		Bayview Opportunity Master Fund Trust,
	6,793,828	Series 2019-SBR1-A1		3.47%	^§		06/28/2034		6,816,375
	13,198,302	Series 2019-SBR2-A1		3.43%	^§		06/28/2034		13,443,948
		BCAP LLC Trust,
	703,798	Series 2011-RR1-8A3		6.00%	#^		08/30/2021		726,235
		Bear Stearns Adjustable Rate Mortgage Trust,
	2,111,300	Series 2003-9-4A1		3.87%	#		02/25/2034		2,073,865
		Bear Stearns Asset Backed Securities Trust,
	233,883	Series 2004-AC2-2A		5.00%			05/25/2034		232,349
		BRAVO Residential Funding Trust,
	11,083,318	Series 2020-RPL1-A1		2.50%	#^		05/25/2059		11,468,201
		Carrington Mortgage Loan Trust,
	3,119,395	Series 2007-FRE1-A2 (1 Month LIBOR USD + 0.20%, 0.20% Floor, 14.50% Cap)		0.35%			12/25/2036		3,113,277
		Citicorp Residential Mortgage Securities, Inc.,
	560,411	Series 2007-2-A4		4.98%	ß		06/25/2037		561,320
		Citigroup Mortgage Loan Trust, Inc.,
	738,088	Series 2006-AR1-2A1 (1 Year CMT Rate + 2.40%, 2.40% Floor, 9.87% Cap)		3.82%			03/25/2036		725,010
	34,744,202	Series 2018-A-A1		4.00%	#^		01/25/2068		34,959,825
	16,032,479	Series 2018-C-A1		4.13%	^§		03/25/2059		16,458,756
		Citigroup Mortgage Loan Trust,
	9,317,514	Series 2019-B-A1		3.26%	#^		04/25/2066		9,438,744
	6,337,759	Series 2019-C-A1		3.23%	^§		09/25/2059		6,401,406
	32,594,514	Series 2019-E-A1		3.23%	^§		11/25/2070		33,280,570
	19,191,639	Series 2020-EXP1-A1A		1.80%	#^		04/25/2060		19,349,318
		COLT Mortgage Loan Trust,
	25,975,204	Series 2020-2-A1		1.85%	#^		03/25/2065		26,223,456

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

(Unaudited)

September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Countrywide Asset-Backed Certificates,
	565	Series 2005-15-1AF6		3.75%	#		02/25/2036		567
		Countrywide Home Loans,
	1,887,883	Series 2004-HYB9-1A1		3.60%	#		02/20/2035		1,881,397
		Credit Suisse First Boston Mortgage Securities Corporation,
	26,475	Series 2005-11-5A1		5.25%			12/25/2020		15,383
		Credit Suisse Mortgage Capital Certificates,
	3,382,264	Series 2011-5R-6A9		3.39%	#^		11/30/2037		3,403,230
	7,081,520	Series 2019-RPL4-A1		3.51%	^		08/26/2058		7,140,485
	36,895,440	Series 2020-BPL1-A1		3.39%	^§		02/25/2024		36,957,243
		CSMC Trust,
	39,199,424	Series 2018-RPL8-A1		4.13%	#^		07/25/2058		39,373,591
	45,471,794	Series 2019-RP10-A1		3.12%	#^		12/25/2059		45,880,339
	17,706,904	Series 2019-RPL2-A1		3.86%	#^		11/25/2058		18,573,834
	24,800,000	Series 2020-BPL2-A1		3.45%	#^		03/25/2026		24,861,306
	18,600,000	Series 2020-RPL3-A1		2.69%	#^		03/25/2060		18,645,923
		Deephaven Residential Mortgage Trust,
	1,055,294	Series 2017-2A-A1		2.45%	#^		06/25/2047		1,060,190
	512,572	Series 2017-2A-A2		2.61%	#^		06/25/2047		515,042
	753,782	Series 2017-2A-A3		2.71%	#^		06/25/2047		757,562
	2,540,301	Series 2019-1A-A1		3.74%	#^		01/25/2059		2,569,604
		Ellington Financial Mortgage Trust,
	10,273,327	Series 2020-1-A1		2.01%	#^		05/25/2065		10,422,287
		First Horizon Mortgage Pass-Through Trust,
	3,189,798	Series 2007-AR2-1A1		3.80%	#		08/25/2037		2,141,393
		GCAT LLC,
	6,902,904	Series 2019-3-A1		3.35%	^§		10/25/2049		6,778,395
	6,401,328	Series 2020-1-A1		2.98%	^§		01/25/2060		6,328,139
	5,053,677	Series 2020-2-A1		3.72%	^§		06/25/2025		5,065,172
	10,000,000	Series 2020-3-A1		2.98%	^§		09/25/2025		10,024,010
		GS Mortgage-Backed Securities Trust,
	22,800,049	Series 2019-SL1-A1		2.63%	#^		01/25/2059		23,205,808
		GSR Mortgage Loan Trust,
	1,217,878	Series 2005-AR7-3A1		2.88%	#		11/25/2035		1,126,560
		Homeward Opportunities Fund Trust,
	3,424,270	Series 2018-1-A1		3.77%	#^		06/25/2048		3,444,514
	4,833,340	Series 2018-1-A2		3.90%	#^		06/25/2048		4,831,186
		Homeward Opportunities Fund Trust,
	5,616,205	Series 2018-1-A3		4.00%	#^		06/25/2048		5,599,545
		Invitation Homes Trust,
	28,182,448	Series 2017-SFR2-A (1 Month LIBOR USD + 0.85%, 0.85% Floor)		1.00%	^		12/19/2036		28,170,189
	17,711,917	Series 2018-SFR1-A (1 Month LIBOR USD + 0.70%)		0.85%	^		03/19/2037		17,572,360
		JP Morgan Alternative Loan Trust,
	104,978	Series 2006-S4-A6		5.71%	ß		12/25/2036		104,696
		JP Morgan Mortgage Trust,
	6,562	Series 2007-S1-1A1		5.00%			03/25/2022		6,486
	20,125	Series 2007-S3-2A2		5.50%			08/25/2022		21,576

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Legacy Mortgage Asset Trust 2019-GS4,
	13,369,680	Series 2019-GS4-A1		3.44%	^§		05/25/2059		13,532,179
	23,576,689	Series 2019-GS7-A1		3.25%	^§		11/25/2059		23,616,524
	14,335,431	Series 2017-GS1-A1		6.50%	^§		01/25/2057		14,651,554
	20,422,098	Series 2018-GS1-A1		4.00%	^§		03/25/2058		20,714,136
	17,174,477	Series 2018-GS3-A1		4.00%	^§		06/25/2058		17,393,469
	28,319,285	Series 2019-GS1-A1		4.00%	^§		01/25/2059		29,093,177
	28,119,382	Series 2019-GS3-A1		3.75%	^§		04/25/2059		28,895,224
	482,607	Series 2019-GS5-A1		3.20%	^§		05/25/2059		487,896
	28,102,770	Series 2019-GS6-A1		3.00%	^§		06/25/2059		28,247,999
	44,718,598	Series 2020-GS5-A1		3.25%	^		06/25/2060		45,082,079
	10,330,000	Series 2020-SL1-A		2.73%	^§		09/25/2022		10,407,413
		MASTR Adjustable Rate Mortgages Trust,
	2,876,353	Series 2006-2-2A1		3.24%	#		04/25/2036		2,286,699
		Merrill Lynch Mortgage Investors Trust,
	1,858,440	Series 2005-3-2A		3.08%	#		11/25/2035		1,806,611
		MFA LLC,
	11,788,299	Series 2017-NPL1-A1		3.35%	^§		11/25/2047		11,841,707
	12,386,362	Series 2018-NPL1-A1		3.88%	^§		05/26/2048		12,387,159
		Mill City Mortgage Loan Trust,
	12,998,672	Series 2017-3-A1		2.75%	#^		01/25/2061		13,401,883
		Morgan Stanley Mortgage Loan Trust,
	7,318	Series 2004-1-1A1		5.00%			11/25/2033		7,385
		New Residential Mortgage Loan Trust,
	11,114,941	Series 2018-FNT1-A		3.61%	^		05/25/2023		11,133,807
	6,837,663	Series 2019-NQM1-A2		3.88%	# ^		01/25/2049		6,976,172
	7,756,357	Series 2020-NPL1-A1		4.34%	^§		07/25/2060		7,779,212
	20,185,455	Series 2020-RPL2-A1		3.58%	# ^		08/25/2025		20,213,171
		NRZ Excess Spread-Collateralized Notes,
	12,854,707	Series 2018-PLS1-A		3.19%	^		01/25/2023		12,902,265
	11,051,658	Series 2018-PLS2-A		3.27%	^		02/25/2023		11,152,385
		Oaktown Ltd.,
	473,840	Series 2019-1A-M1A (1 Month LIBOR USD + 1.40%, 1.40% Floor)		1.55%	^		07/25/2029		474,227
		OBX Trust,
	3,332,071	Series 2018-1-A2 (1 Month LIBOR USD + 0.65%)		0.80%	^		06/25/2057		3,335,403
		Opteum Mortgage Acceptance Corporation,
	14,504	Series 2005-5-2AN		5.68%	#		12/25/2035		14,577
		Pretium Mortgage Credit Partners LLC,
	33,169,061	Series 2019-1A-A1		4.50%	^§		01/25/2024		33,481,271
	2,507,851	Series 2019-NPL2-A1		3.84%	^§		12/30/2058		2,517,198
	43,675,218	Series 2020-NPL1-A1		2.86%	^§		05/29/2059		43,558,880

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 51

Schedule of Investments  DoubleLine Low Duration Bond Fund  (Cont.) (Unaudited) September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		PRPM LLC,
	10,725,901	Series 2018-1A-A1		3.75%	# ^		04/25/2023		10,837,174
	7,537,234	Series 2019-3A-A1		3.35%	^§		07/25/2024		7,527,998
	14,165,384	Series 2019-4A-A1		3.35%	^§		11/25/2024		14,224,952
	31,673,765	Series 2020-1A-A1		2.98%	^§		02/25/2025		31,613,084
	43,894,000	Series 2020-3-A1		2.86%	^§		09/25/2025		43,893,263
		Radnor Ltd.,
	2,653,210	Series 2019-2-M1A (1 Month LIBOR USD + 1.20%, 1.20% Floor)		1.35%	^		06/25/2029		2,651,313
		Starwood Mortgage Residential Trust,
	4,435,881	Series 2018-IMC1-A2		3.90%	#^		03/25/2048		4,478,507
	3,278,167	Series 2020-3-A1		1.49%	#^		04/25/2065		3,295,027
		Structured Asset Securities Corporation,
	193,425	Series 2003-24A-1A3		2.82%	#		07/25/2033		191,585
		Toorak Mortgage Corporation Ltd.,
	45,000,000	Series 2020-1-A1		2.73%	^§		03/25/2023		45,664,493
		VCAT LLC,
	19,626,384	Series 2020-NPL1-A1		3.67%	^§		08/25/2050		19,653,947
		Velocity Commercial Capital Loan Trust,
	5,836,825	Series 2019-2-A		3.13%	#^		07/25/2049		5,847,693
		Vericrest Opportunity Loan Trust,
	4,138,115	Series 2019-NPL7-A1A		3.18%	^§		10/25/2049		4,153,386
	14,192,421	Series 2019-NPL8-A1A		3.28%	^§		11/25/2049		14,229,906
	11,792,460	Series 2020-NPL2-A1A		2.98%	^§		02/25/2050		11,813,868
	10,672,108	Series 2020-NPL5-A1A		2.98%	^§		03/25/2050		10,683,576
		Verus Securitization Trust,
	3,517,290	Series 2017-1A-A1		2.85%	#^		01/25/2047		3,532,378
		Verus Securitization Trust,
	521,080	Series 2017-1A-A2		3.16%	#^		01/25/2047		523,581
	17,288,540	Series 2020-2-A1		2.23%	#^		04/25/2060		17,488,783
	9,831,069	Series 2020-INV1-A1		1.98%	#^		03/25/2060		9,963,392
		VOLT LLC,
	3,497,135	Series 2019-NP10-A1A		3.43%	^§		12/25/2049		3,504,535
	11,235,984	Series 2019-NPL6-A1A		3.23%	^§		10/25/2049		11,260,500
	11,111,575	Series 2019-NPL9-A1A		3.33%	^§		11/25/2049		11,158,630
	10,007,428	Series 2020-NPL1-A1A		3.23%	^§		01/25/2050		10,043,823
	6,942,459	Series 2020-NPL3-A1A		2.98%	^§		02/25/2050		6,954,530
	29,396,205	Series 2020-NPL4-A1		2.98%	^§		03/25/2050		29,385,738
		Washington Mutual Mortgage Pass-Through Certificates,
	422,138	Series 2002-AR16-A		3.95%	#		12/25/2032		414,693
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $1,335,740,759)							1,346,662,957
	US CORPORATE BONDS 5.2%
	7,725,000	AbbVie, Inc.		2.30%	^		11/21/2022		7,997,097
	5,368,000	American Express Company (3 Month LIBOR USD + 0.65%)		0.90%			02/27/2023		5,403,021

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	331,000	Amgen, Inc.		2.70%			05/01/2022		342,367
	4,637,000	Amgen, Inc.		2.65%			05/11/2022		4,795,622
	3,075,000	Amgen, Inc.		3.63%			05/15/2022		3,212,133
	3,300,000	Amgen, Inc.		1.90%			02/21/2025		3,459,120
	10,600,000	Anthem, Inc.		2.50%			11/21/2020		10,631,855
	4,754,000	AT&T, Inc.		4.45%			04/01/2024		5,319,714
	11,119,000	Bank of America Corporation (3 Month LIBOR USD + 0.79%)		1.04%			03/05/2024		11,169,770
	4,595,000	BB&T Corporation		2.20%			03/16/2023		4,782,904
	5,085,000	Bristol-Myers Squibb Company		2.60%			05/16/2022		5,277,220
	3,820,000	Broadcom, Inc.		2.25%			11/15/2023		3,974,131
	6,139,000	Capital One Financial Corporation		2.40%			10/30/2020		6,139,000
	10,805,000	Cardinal Health, Inc.		2.62%			06/15/2022		11,158,017
	6,435,000	Carrier Global Corporation		1.92%	^		02/15/2023		6,624,303
	5,970,000	Cigna Corporation		3.40%			09/17/2021		6,145,557
	6,471,000	Cintas Corporation		2.90%			04/01/2022		6,696,239
	3,231,000	Citigroup, Inc.		2.75%			04/25/2022		3,340,037
	5,360,000	Citigroup, Inc. (3 Month LIBOR USD + 1.02%)		1.27%			06/01/2024		5,390,756
	2,020,000	Citigroup, Inc. (Secured Overnight Financing Rate + 8.67%)		2.31%			11/04/2022		2,060,080
	1,645,000	Crown Castle International Corporation		1.35%			07/15/2025		1,664,384
	5,478,000	CVS Health Corporation		3.70%			03/09/2023		5,869,789
	3,195,000	Dollar Tree, Inc.		4.00%			05/15/2025		3,608,478
	1,605,000	DOLLAR TREE, Inc.		3.70%			05/15/2023		1,726,936
	620,000	DTE Energy Company		2.25%			11/01/2022		641,224
	2,410,000	DTE Energy Company		2.53%			10/01/2024		2,564,448
	2,005,000	DTE Energy Company		1.05%			06/01/2025		2,010,982
	3,845,000	Duke Energy Corporation		0.90%			09/15/2025		3,853,938
	4,280,000	DuPont de Nemours, Inc.		3.77%			11/15/2020		4,297,720
	950,000	DuPont de Nemours, Inc.		4.49%			11/15/2025		1,092,903
	5,015,000	eBay, Inc.		2.75%			01/30/2023		5,261,175
	4,195,000	Energy Transfer Operating LP		4.25%			03/15/2023		4,366,990
	1,855,000	Energy Transfer Operating LP		2.90%			05/15/2025		1,867,410
	5,350,000	Entergy Corporation		0.90%			09/15/2025		5,349,032
	5,325,000	Equinix, Inc.		1.25%			07/15/2025		5,366,440
	835,000	Eversource Energy		0.80%			08/15/2025		832,023
	5,345,000	Exxon Mobil Corporation		1.57%			04/15/2023		5,502,140
	5,352,000	General Mills, Inc.		3.15%			12/15/2021		5,494,877
	7,000,000	Goldman Sachs Group, Inc.		2.35%			11/15/2021		7,016,222
	2,605,000	Honeywell International, Inc.		0.48%			08/19/2022		2,609,460
	5,355,000	Hyundai Capital America		2.85%	^		11/01/2022		5,540,927
	6,515,000	JPMorgan Chase & Company (3 Month LIBOR USD + 0.70%)		3.21%			04/01/2023		6,771,769
	5,390,000	Kinder Morgan Energy Partners LP		3.95%			09/01/2022		5,684,188
	5,424,000	Marsh & McLennan Companies, Inc. (3 Month LIBOR USD + 1.20%)		1.42%			12/29/2021		5,429,383
	4,505,000	McDonald’s Corporation		2.63%			01/15/2022		4,637,757
	5,415,000	Microchip Technology, Inc.		3.92%			06/01/2021		5,534,046
	4,440,000	Mondelez International, Inc.		0.63%			07/01/2022		4,458,015
	2,600,000	Mondelez International, Inc.		3.63%			05/07/2023		2,817,931
	11,355,000	Morgan Stanley (3 Month LIBOR USD + 0.93%)		1.19%			07/22/2022		11,408,532
	2,700,000	National Securities Clearing Corporation		1.20%	^		04/23/2023		2,749,231

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

(Unaudited)

September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	12,478,000	Northrop Grumman Corporation		2.08%			10/15/2020		12,486,338
	1,670,000	Omnicom Capital, Inc.		3.63%			05/01/2022		1,749,591
	3,720,000	ORACLE Corporation		2.50%			04/01/2025		3,992,020
	4,930,000	PayPal Holdings, Inc.		2.20%			09/26/2022		5,098,474
	460,000	PayPal Holdings, Inc.		1.35%			06/01/2023		470,137
	6,140,000	Penske Truck Leasing Company		2.70%	^		11/01/2024		6,520,172
	5,520,000	PepsiCo, Inc.		0.75%			05/01/2023		5,583,120
	2,425,000	PNC Bank		2.45%			11/05/2020		2,425,564
	1,955,000	PNC Bank (3 Month LIBOR USD + 0.42%)		2.03%			12/09/2022		1,992,409
	1,905,000	PNC Funding Corporation		3.30%			03/08/2022		1,981,300
	10,010,000	Prudential Financial, Inc.		3.50%			05/15/2024		11,086,514
	2,359,000	PSEG Power LLC		3.85%			06/01/2023		2,539,768
	6,515,000	Republic Services, Inc.		2.50%			08/15/2024		6,937,225
	4,920,000	Royalty Pharma PLC		0.75%	^		09/02/2023		4,910,101
	5,315,000	Schlumberger Holdings Corporation		3.75%	^		05/01/2024		5,774,539
	6,900,000	Simon Property Group LP		2.00%			09/13/2024		7,118,543
	4,625,000	Synchrony Financial		3.75%			08/15/2021		4,721,805
	1,535,000	Synchrony Financial		2.85%			07/25/2022		1,581,583
	2,055,000	Target Corporation		2.90%			01/15/2022		2,126,496
	6,455,000	Union Pacific Corporation		3.20%			06/08/2021		6,583,074
	1,640,000	Upjohn, Inc.		1.13%	^		06/22/2022		1,653,483
	2,655,000	Valero Energy Corporation		1.20%			03/15/2024		2,645,960
	5,285,000	Verizon Communications, Inc. (3 Month LIBOR USD + 1.10%)		1.38%			05/15/2025		5,404,769
	5,390,000	Wells Fargo & Company		2.60%			01/15/2021		5,426,388
	5,015,000	Welltower, Inc.		3.63%			03/15/2024		5,426,373
		Total US Corporate Bonds (Cost $348,263,082)							356,183,039
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS 8.9%
		Federal Home Loan Mortgage Corporation Pass-Thru,
	124,887,051	Series K722-X1		1.44%	#I/O		03/25/2023		3,039,551
		Federal Home Loan Mortgage Corporation,
	1,274,673	Pool 840632 (12 Month LIBOR USD + 1.62%, 1.62% Floor, 7.67% Cap)		3.43%			05/01/2045		1,324,789
	195,075	Pool N70081		5.50%			07/01/2038		222,282
	19,300,000	Pool RB5085		2.00%			10/01/2040		19,971,741
	49,600,000	Pool SB8068		1.50%			10/01/2035		50,775,653
	50,157,032	Pool SN8061		2.00%			09/01/2035		52,163,044
	45,779,208	Pool SN8067		1.50%			09/01/2035		46,864,293
	1,504,943	Series 3025-FW (1 Month LIBOR USD + 0.25%, 0.25% Floor, 7.00% Cap)		0.40%			08/15/2035		1,504,702
	18,134	Series 3818-JA		4.50%			01/15/2040		18,187
	23,295	Series 3872-BA		4.00%			06/15/2041		25,258
	1,577,048	Series 4050-BC		2.00%			05/15/2041		1,590,757
	621,809	Series 4074-KF (1 Month LIBOR USD + 0.30%, 0.30% Floor, 7.00% Cap)		0.45%			02/15/2041		621,970
	3,066,508	Series 4203-NB		2.00%			10/15/2040		3,122,463
	11,266,228	Series 4211-AP		1.60%			03/15/2043		11,555,549
	739,993	Series 4238-FD (1 Month LIBOR USD + 0.30%, 0.30% Floor, 7.00% Cap)		0.45%			02/15/2042		740,014

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal Home Loan Mortgage Corporation, (Cont.)
	8,346,377	Series 4484-CD		1.75%			07/15/2030		8,554,516
	3,260,903	Series 4773-EA		4.00%			10/15/2042		3,303,390
	6,027,159	Series 4778-NA		4.50%			06/15/2044		6,132,909
		Federal National Mortgage Association Pass-Thru,
	75,385	Pool AB3850		4.00%			11/01/2041		79,295
	2,634,441	Pool AL2987 (12 Month LIBOR USD + 1.63%, 1.63% Floor, 7.33% Cap)		2.75%			11/01/2042		2,743,106
		Federal National Mortgage Association Pass-Thru,
	1,766,513	Pool AL4292		4.50%			04/01/2026		1,873,344
		Federal National Mortgage Association,
	2,827,575	Pool AL9932		3.05%	#		01/01/2024		3,029,670
	9,150,000	Pool AM6134		2.67%			09/01/2021		9,267,536
	3,048,088	Pool BC0057 (12 Month LIBOR USD + 1.60%, 1.60% Floor, 7.41% Cap)		2.44%			12/01/2045		3,160,570
	2,167,761	Pool BM3520 (12 Month LIBOR USD + 1.56%, 1.56% Floor, 7.00% Cap)		2.69%			05/01/2045		2,246,266
	49,024,963	Pool BP6496		2.00%			07/01/2035		50,982,579
	45,200,000	Pool FM4211		1.50%			10/01/2035		46,271,335
	48,190,300	Pool FM4239		1.50%			09/01/2035		49,332,571
	15,559,466	Pool MA4095		2.00%			08/01/2035		16,181,482
	48,068,676	Pool MA4122		1.50%			09/01/2035		49,208,030
	39,745,770	Pool MA4123		2.00%			09/01/2035		41,335,359
	33,265,998	Pool MA4154		1.50%			10/01/2035		34,054,476
	20,300,000	Pool MA4176		2.00%			10/01/2040		21,003,439
	912,660	Series 2010-113-FA (1 Month LIBOR USD + 0.40%, 0.40% Floor, 7.00% Cap)		0.55%			10/25/2040		918,682
	709,887	Series 2011-128-FK (1 Month LIBOR USD + 0.35%, 0.35% Floor, 7.00% Cap)		0.50%			07/25/2041		711,022
	84,529	Series 2011-64-DB		4.00%			07/25/2041		94,721
	1,944,667	Series 2012-110-MF (1 Month LIBOR USD + 0.46%, 0.46% Floor, 6.50% Cap)		0.61%			10/25/2042		1,958,671
	673,177	Series 2012-111-JF (1 Month LIBOR USD + 0.40%, 0.40% Floor, 6.50% Cap)		0.55%			07/25/2040		674,876
	6,716,764	Series 2012-56-FA (1 Month LIBOR USD + 0.55%, 0.55% Floor, 6.50% Cap)		0.70%			06/25/2042		6,786,543
	1,612,953	Series 2013-81-EF (1 Month LIBOR USD + 0.35%, 0.35% Floor, 6.50% Cap)		0.50%			12/25/2042		1,616,732
	14,842,382	Series 2020-59-MK		3.00%			08/25/2040		15,886,902
	2,721,331	Series 4710-KA		3.50%			10/15/2042		2,750,101
	27,801,030	Series 4911-MB		3.00%			09/25/2049		28,990,564
		Government National Mortgage Association,
	4,147,683	Series 2006-14-FA (1 Month LIBOR USD + 0.20%, 0.20% Floor, 6.50% Cap)		0.36%			03/20/2036		4,140,241
	5,550,088	Series 2010-115-AF (1 Month LIBOR USD + 0.45%, 0.45% Floor, 6.50% Cap)		0.61%			09/20/2040		5,583,512
		Total US Government and Agency Mortgage Backed Obligations (Cost $608,159,552)							612,412,693

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 53

Schedule of Investments  DoubleLine Low Duration Bond Fund  (Cont.) (Unaudited) September 30, 2020

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	US GOVERNMENT AND AGENCY OBLIGATIONS 7.7%
	105,400,000	United States Treasury Notes		2.63%			05/15/2021		107,032,941
	132,300,000	United States Treasury Notes		1.50%			09/30/2021		134,080,758
	53,000,000	United States Treasury Notes		1.38%			01/31/2022		53,875,742
	75,700,000	United States Treasury Notes		0.13%			05/15/2023		75,655,645
	125,900,000	United States Treasury Notes		2.25%			12/31/2023		134,383,496
	27,200,000	United States Treasury Notes		0.38%			07/31/2027		27,055,500
		Total US Government and Agency Obligations (Cost $525,503,315)							532,084,082
	AFFILIATED MUTUAL FUNDS 0.7%
	5,000,000	DoubleLine Low Duration Emerging Markets Fixed Income Fund (Class I)							49,300,000
		Total Affiliated Mutual Funds (Cost $50,000,000)							49,300,000
	COMMON STOCKS 0.0%
	89,329	Frontera Energy Corporation							143,819
		Total Common Stocks (Cost $8,231,569)							143,819
	SHORT TERM INVESTMENTS 3.9%
	88,528,141	First American Government Obligations Fund - Class U		0.07%	¨				88,528,141
	88,528,142	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		0.07%	¨				88,528,142
	88,528,142	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.02%	¨				88,528,142
		Total Short Term Investments (Cost $265,584,425)							265,584,425
	Total Investments 100.5% (Cost $6,965,741,522)								6,915,882,800
	Liabilities in Excess of Other Assets (0.5)%								(33,847,141	)
	NET ASSETS 100.0%							$	6,882,035,659

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Non-Agency Residential Collateralized Mortgage Obligations	19.6%
Non-Agency Commercial Mortgage Backed Obligations	15.5%
Collateralized Loan Obligations	14.7%
Foreign Corporate Bonds	12.6%
US Government and Agency Mortgage Backed Obligations	8.9%
US Government and Agency Obligations	7.7%
Asset Backed Obligations	7.6%
US Corporate Bonds	5.2%
Short Term Investments	3.9%
Bank Loans	2.5%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	1.6%
Affiliated Mutual Funds	0.7%
Common Stocks	0.0%	~
Other Assets and Liabilities	(0.5)%
	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:
Non-Agency Residential Collateralized Mortgage Obligations	19.6%
Non-Agency Commercial Mortgage Backed Obligations	15.5%
Collateralized Loan Obligations	14.7%
US Government and Agency Mortgage Backed Obligations	8.9%
US Government and Agency Obligations	7.7%
Asset Backed Obligations	7.6%
Banking	6.7%
Short Term Investments	3.9%
Energy	2.1%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	1.6%
Transportation	1.2%
Chemicals/Plastics	1.0%
Telecommunications	1.0%
Technology	0.9%
Pharmaceuticals	0.9%
Healthcare	0.8%
Utilities	0.8%
Affiliated Mutual Funds	0.7%
Finance	0.5%
Building and Development (including Steel/Metals)	0.5%
Food Products	0.4%
Electronics/Electric	0.4%
Media	0.4%
Food Service	0.3%
Automotive	0.3%
Business Equipment and Services	0.3%
Insurance	0.2%
Chemical Products	0.2%
Real Estate	0.2%
Aerospace & Defense	0.2%
Retailers (other than Food/Drug)	0.2%
Diversified Manufacturing	0.1%
Industrial Equipment	0.1%
Environmental Control	0.1%
Containers and Glass Products	0.1%
Beverage and Tobacco	0.1%
Commercial Services	0.1%
Pulp & Paper	0.1%
Mining	0.1%
Consumer Products	0.0%	~
Financial Intermediaries	0.0%	~
Other Assets and Liabilities	(0.5)%
	100.0%

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

(Unaudited)

September 30, 2020

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers.

# Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of September 30, 2020.

† Perpetual Maturity

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

I/O Interest only security

§ The interest rate will step up if the issuer does not redeem the bond on or before a scheduled redemption date in accordance with the terms of the instrument. The interest rate shown is the rate in effect as of September 30, 2020.

b The interest rate may step up conditioned upon the aggregate remaining principal balance of the underlying mortgage loans being reduced below a targeted percentage of the aggregate original principal balance of the mortgage loans. The interest rate shown is the rate in effect as of September 30, 2020.

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

¨ Seven-day yield as of September 30, 2020

~ Represents less than 0.05% of net assets

A summary of the DoubleLine Low Duration Bond Fund’s investments in affiliated mutual funds for the period ended September 30, 2020 is as follows:

Fund	Value at March 31, 2020			Gross Purchases			Gross Sales			Shares Held at September 30, 2020		Value at September 30, 2020			Change in Unrealized for the Period Ended September 30, 2020			Dividend Income Earned in the Period Ended September 30, 2020			Net Realized Gain (Loss) in the Period Ended September 30, 2020
DoubleLine Low Duration Emerging Markets Fixed Income Fund (Class I)		$	46,800,000		$	—		$	—		5,000,000		$	49,300,000		$	2,500,000		$	660,341		$	—

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 55

Schedule of Investments  DoubleLine Floating Rate Fund (Unaudited) September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	BANK LOANS 87.5%
	AEROSPACE & DEFENSE 1.7%
		American Airlines, Inc.,
	250,052	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91%			10/11/2021		184,544
		Dynasty Acquisition Company, Inc.,
	318,704	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)		3.81%			04/01/2026		283,135
	592,790	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)		3.81%			04/06/2026		526,632
		Kestrel Bidco, Inc.,
	951,295	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.00%, 1.00% Floor)		4.00%			08/07/2026		829,158
		Mileage Plus Holdings LLC,
	450,000	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.25%, 1.00% Floor)		6.25%			07/30/2027		458,095
		SkyMiles IP Ltd.,
	370,000	Senior Secured First Lien Term Loan		3.90%	±		10/20/2027		373,173
		Syncreon Group Holdings B.V.,
	424,577	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.00%)		6.07%			10/01/2024		408,921
									3,063,658
	AUTOMOTIVE 1.9%
		American Tire Distributors, Inc.,
		Senior Secured First Lien Term Loan
	650,903	(1 Month LIBOR USD + 7.50%, 1.00% Floor, 1 Month LIBOR USD + 13.00%, 1.50% PIK)		8.50%			09/02/2024		559,311
	78,448	(3 Month LIBOR USD + 7.50%, 1.00% Floor, 1 Month LIBOR USD + 13.00%, 1.50% PIK)		8.50%			09/02/2024		67,409
		Dealer Tire LLC,
		Senior Secured First Lien Term Loan
	52,434	(1 Month LIBOR USD + 4.25%)		4.41%			12/12/2025		51,385
	91,479	(1 Month LIBOR USD + 4.25%)		4.40%			12/12/2025		89,649
		IAA, Inc.,
	382,163	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		2.44%			06/29/2026		377,385
		Mavis Tire Express Services Corporation,
	992,388	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%)		3.56%			02/20/2025		944,635
		Panther BF Aggregator LP,
	504,900	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)		3.66%			04/30/2026		493,224
		Wand NewCo 3, Inc.,
	944,702	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		4.07%			02/05/2026		913,999
									3,496,997
	BEVERAGE AND TOBACCO 0.3%
		Arctic Glacier, Inc.,
	585,285	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%, 1.00% Floor)		4.50%			03/20/2024		506,418
									506,418

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	BUILDING AND DEVELOPMENT (INCLUDING STEEL/METALS) 1.5%
		Foresight Energy LLC,
	485,319	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 8.00%, 1.50% Floor)		9.50%	Þ		06/30/2027		485,319
		Advanced Drainage Systems, Inc.,
	365,761	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		2.44%			07/31/2026		366,066
		Forterra Finance LLC,
	248,899	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.00%			10/25/2023		246,929
		GrafTech Finance, Inc.,
	777,313	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%, 1.00% Floor)		4.50%			02/12/2025		770,512
		KBR, Inc.,
	79,600	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.91%			02/05/2027		79,003
		Phoenix Services International LLC,
	346,869	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 1.00% Floor)		4.75%			03/03/2025		333,862
		Pisces Midco, Inc.,
	514,734	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.92%			04/12/2025		507,417
									2,789,108
	BUSINESS EQUIPMENT AND SERVICES 10.4%
		AlixPartners LLP,
	853,939	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		2.66%			04/04/2024		834,994
		Allied Universal Holdco LLC,
	414,902	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)		4.41%			07/10/2026		411,234
		Amentum Holdings LLC,
	239,400	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)		3.66%			01/22/2027		237,107
		Asplundh Tree Expert LLC,
	480,000	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.50%)		2.65%			09/07/2027		480,101
		Brand Energy & Infrastructure Services, Inc.,
	605,308	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.25%, 1.00% Floor)		5.25%			07/30/2024		565,442
		Camelot Finance SA,
	210,000	Senior Secured First Lien Term Loan		4.00%	±		10/31/2026		209,344
		Camelot US Acquisition Company,
	1,004,192	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		3.16%			11/30/2026		987,091
		Capri Acquisitions BidCo Ltd.,
	994,898	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.00%)		3.26%			11/01/2024		994,276
		Clear Channel Outdoor Holdings, Inc.,
	262,350	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)		3.76%			08/07/2026		239,772

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

(Unaudited)

September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Deerfield Holdings Corporation,
	987,525	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 1.00% Floor)		4.75%			04/09/2027		983,822
		Dun & Bradstreet Corporation,
	1,004,135	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.89%			02/06/2026		995,600
		EAB Global, Inc.,
	873,243	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.75%, 1.00% Floor)		4.75%			11/15/2024		838,314
		Flexential Intermediate Corporation,
	817,622	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)		3.81%			08/01/2024		705,199
		Garda World Security Corporation,
	815,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.75%)		4.90%			10/30/2026		812,249
		Genesys Telecommunications Laboratories, Inc.,
	703,667	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		3.41%			02/01/2023		703,083
		Illuminate Buyer LLC,
	620,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		4.31%			06/30/2027		616,190
		ION Trading Technologies SARL,
	787,574	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 4.00%, 1.00% Floor)		5.07%			11/21/2024		776,198
		IRI Holdings, Inc.,
	1,012,581	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)		4.41%			11/07/2025		1,004,039
		KAR Auction Services, Inc.,
	497,795	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		2.44%			09/19/2026		481,617
		Mitchell International, Inc.,
	838,902	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		3.40%			11/29/2024		804,532
	250,000	Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 7.25%)		7.40%			12/01/2025		238,250
		Packaging Coordinators Midco,
	255,000	Senior Secured First Lien Term Loan		4.50%	±		09/25/2027		254,204
		Presidio Holdings, Inc.,
	209,475	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)		3.77%			01/22/2027		207,250
		Prime Security Services Borrower LLC,
	1,019,700	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)		4.25%			09/14/2026		1,012,052
		Sabre GLBL, Inc.,
	344,115	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		2.15%			02/22/2024		323,224
		ServiceMaster Company LLC,
	377,715	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91%			11/05/2026		373,096

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		SIWF Holdings, Inc.,
	689,553	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)		5.32%		06/13/2025		664,846
		SMG US Midco 2, Inc.,
		Senior Secured First Lien Term Loan
	48,715	(1 Month LIBOR USD + 2.50%)		2.65%		01/23/2025		42,686
	118,327	(3 Month LIBOR USD + 2.50%)		2.76%		01/23/2025		103,684
		Southern Graphics, Inc.,
	816,295	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		3.41%		12/30/2022		492,226
		Tempo Acquisition LLC,
	667,942	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 0.50% Floor)		3.75%		11/02/2026		649,784
		Trans Union LLC,
	618,594	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91%		11/13/2026		604,239
		Travelport Finance SARL,
	177,717	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 7.00%, 1.00% Floor)		8.00%		02/28/2025		171,331
	194,026	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 5.00%)		6.07%		03/18/2026		146,975
								18,964,051
	CHEMICALS/PLASTICS 3.2%
		Charter NEX US, Inc.,
	679,580	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		3.41%		05/16/2024		665,282
		Cyanco Intermediate Corporation,
	395,850	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)		3.66%		03/07/2025		391,397
		Diamond B.V.,
	1,128,927	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.00%)		3.26%		09/06/2024		1,059,780
		Messer Industries LLC,
	584,489	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.50%)		2.81%		10/01/2025		573,457
		Pregis Topco LLC,
	903,175	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.91%		07/31/2026		892,224
		Solenis International LP,
		Senior Secured First Lien Term Loan
	934,599	(1 Month LIBOR USD + 4.00%)		4.26%		12/26/2023		916,005
	139,298	(3 Month LIBOR USD + 4.00%)		4.26%		12/26/2023		136,527
		Solenis International LP,
	55,000	Senior Secured Second Lien Term Loan (3 Month LIBOR USD + 8.50%)		8.76%		06/18/2024		51,480
		Starfruit US Holdco LLC,
	852,828	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		3.15%		10/01/2025		828,463

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 57

Schedule of Investments  DoubleLine Floating Rate Fund  (Cont.) (Unaudited) September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Univar Solutions USA, Inc.,
	277,900	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		2.16%			07/01/2026		270,909
									5,785,524
	CONTAINERS AND GLASS PRODUCTS 2.4%
		Berry Global, Inc.,
	235,660	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		2.16%			10/03/2022		233,948
		Flex Acquisition Company Inc,
		Senior Secured First Lien Term Loan
	45,849	(1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.00%			12/29/2023		44,947
	556,226	(3 Month LIBOR USD + 3.00%, 1.00% Floor)		4.00%			12/29/2023		545,276
		Flex Acquisition Company, Inc.,
	675,000	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%)		3.55%			06/20/2025		656,765
		Graham Packaging Company, Inc.,
	550,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 0.75% Floor)		4.50%			08/04/2027		547,863
		Klockner-Pentaplast of America, Inc.,
	369,377	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 4.25%, 1.00% Floor)		5.25%			06/30/2022		359,836
		Reynolds Consumer Products LLC,
	429,568	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91%			02/04/2027		424,682
		Reynolds Group Holdings, Inc.,
	305,000	Senior Secured First Lien Term Loan		3.40%	±		02/16/2026		300,425
	662,159	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.91%			02/06/2023		655,663
		Trident TPI Holdings, Inc.,
	682,977	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.00%, 1.00% Floor)		4.07%			10/31/2024		668,037
									4,437,442
	COSMETICS/TOILETRIES 0.5%
		Kronos Acquisition Holdings, Inc.,
	1,003,285	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%, 1.00% Floor)		5.00%			08/26/2022		999,512
									999,512
	ELECTRONICS/ELECTRIC 15.9%
		Access CIG LLC,
	1,145,878	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.75%)		3.91%			02/27/2025		1,123,860
		Almonde, Inc.,
	515,950	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.50%, 1.00% Floor)		4.50%			06/13/2024		483,832
	175,000	Senior Secured Second Lien Term Loan (6 Month LIBOR USD + 7.25%, 1.00% Floor)		8.25%			06/16/2025		165,287
		Applied Systems, Inc.,
	495,000	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%, 1.00% Floor)		4.25%			09/19/2024		492,963

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Blackhawk Network Holdings, Inc.,
	893,226	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		3.16%			06/16/2025		845,354
		Castle US Holding Corporation,
	1,024,798	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.75%)		3.97%			01/29/2027		988,018
		Conservice Midco LLC,
	465,000	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.25%)		4.56%			05/13/2027		460,931
		Cornerstone OnDemand, Inc.,
	695,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)		4.41%			04/22/2027		694,712
		Cvent, Inc.,
	1,111,697	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.91%			11/29/2023		1,010,449
		Datatel,
	1,000,000	Senior Secured First Lien Term Loan		4.50%	±		10/06/2027		995,000
		DigiCert Holdings, Inc.,
	517,400	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		4.16%			10/16/2026		512,146
		ECI Macola,
	215,000	Senior Secured First Lien Term Loan		4.50%	±		09/17/2027		213,590
		Excelitas Technologies Corporation,
	653,282	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%, 1.00% Floor)		4.50%			11/15/2024		647,978
		Flexera Software LLC,
	927,072	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%, 1.00% Floor)		4.25%			02/26/2025		922,580
		Go Daddy Operating Co LLC,
	573,563	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		2.65%			08/10/2027		566,393
		GoodRX, Inc.,
	1,135,341	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.91%			10/10/2025		1,117,067
		Hyland Software, Inc.,
	1,208,588	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 0.75% Floor)		4.00%			07/01/2024		1,205,312
	422,234	Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 7.00%, 0.75% Floor)		7.75%			05/31/2025		421,356
		Informatica LLC,
	442,775	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		3.41%			02/25/2027		434,612
		LogMeIn, Inc.,
	355,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.75%)		4.91%			08/31/2027		343,796
		Milano Acquisition Corporation,
	820,000	Senior Secured First Lien Term Loan		4.75%	±		08/17/2027		813,337
		NCR Corporation,
	579,150	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		2.66%			08/28/2026		567,567

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

(Unaudited)

September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		ON Semiconductor Corporation,
	445,500	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		2.16%		09/18/2026		439,766
		Project Alpha Intermediate Holding, Inc.,
	1,012,913	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.50%, 1.00% Floor)		4.50%		04/26/2024		998,352
		Redstone Buyer LLC,
	390,000	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.00%, 1.00% Floor)		6.00%		09/01/2027		389,025
		Renaissance Holding Corporation,
	1,018,782	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		3.41%		06/02/2025		985,249
		RP Crown Parent LLC,
	453,863	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.00%		02/02/2026		449,608
		Science Applications International Corporation,
	288,454	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		2.41%		03/12/2027		285,750
		Severin Acquisition LLC,
	1,006,143	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		3.41%		07/31/2025		979,732
		SolarWinds Holdings, Inc.,
	485,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.90%		02/05/2024		477,036
		Solera LLC,
	1,026,030	Senior Secured First Lien Term Loan (2 Month LIBOR USD + 2.75%)		2.94%		03/03/2023		1,008,788
		Sophia LP,
	854,309	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)		4.25%		09/30/2022		851,818
		STG-Fairway Holdings LLC,
	254,363	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		4.32%		01/29/2027		249,275
		Surf Holdings LLC,
	1,241,888	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)		3.75%		03/05/2027		1,218,379
		Tech Data Corporation,
	755,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)		3.64%		06/26/2025		761,323
		Tech Data Corporation,
	320,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.50%)		5.64%		06/30/2025		313,600
		TIBCO Software Inc,
	987,525	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.90%		06/30/2026		966,540
	110,000	Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 7.25%)		7.41%		03/03/2028		108,281
		Uber Technologies, Inc.,
	586,997	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%, 1.00% Floor)		5.00%		04/04/2025		583,643

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Ultimate Software Group,
	459,999	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.91%			05/04/2026		456,869
	775,000	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%, 0.75% Floor)		4.75%			06/23/2025		774,229
	85,000	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 6.75%, 0.75% Floor)		7.50%			05/03/2027		86,842
		VS Buyer LLC,
	991,047	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		3.40%			02/26/2027		978,659
		Web.Com Group, Inc.,
	585,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.90%			10/10/2025		567,816
									28,956,720
	ENERGY 3.2%
		Blackstone CQP Holdco LP,
	1,172,569	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)		3.73%			09/30/2024		1,149,704
		Brazos Delaware LLC,
	1,245,501	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		4.16%			05/21/2025		951,476
		Buckeye Partners LP,
	985,050	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.91%			11/30/2026		968,634
		Gavilan Resources LLC,
	620,000	Senior Secured Second Lien Term Loan (3 Month LIBOR USD + 6.00%, 1.00% Floor)		7.00%	W		03/01/2024		7,750
		Gulf Finance LLC,
	369,303	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.25%, 1.00% Floor)		6.25%			08/25/2023		262,052
		Lealand Finance Company BV,
	72,955	Senior Secured First Lien Term Loan		4.15%	±		06/30/2025		55,446
		Lower Cadence Holdings LLC,
	697,858	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		4.16%			05/22/2026		647,787
		Lucid Energy Group II Borrower LLC,
	744,108	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.00%			02/18/2025		684,580
		Prairie ECI Acquiror LP,
	474,597	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.75%)		4.91%			03/11/2026		430,104
		UGI Energy Services LLC,
	655,759	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.91%			08/13/2026		654,120
									5,811,653

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 59

Schedule of Investments  DoubleLine Floating Rate Fund  (Cont.) (Unaudited) September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
	ENVIRONMENTAL CONTROL 0.4%
		GFL Environmental, Inc.,
	405,000	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.00%, 1.00% Floor)		4.00%		05/30/2025		403,836
		US Ecology, Inc.,
	327,525	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		2.66%		08/14/2026		324,250
								728,086
	FINANCIAL INTERMEDIARIES 1.7%
		Millennium Trust Company LLC,
	1,059,266	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.00%)		5.16%		03/27/2026		1,013,368
		RPI Intermediate Finance Trust,
	507,374	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91%		02/11/2027		506,213
		The Edelman Financial Center LLC,
	1,168,666	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		3.14%		07/21/2025		1,131,508
		Victory Capital Holdings, Inc.,
	484,415	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.50%)		2.80%		07/01/2026		478,158
								3,129,247
	FOOD PRODUCTS 2.1%
		B&G Foods, Inc.,
	247,750	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		2.66%		10/10/2026		247,595
		CHG PPC Parent LLC,
	1,008,382	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.91%		03/31/2025		973,088
		CSM Bakery Solutions LLC,
	594,664	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 6.25%, 1.00% Floor)		7.25%		01/04/2022		555,416
		Froneri US, Inc.,
	698,250	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		2.41%		01/29/2027		672,691
		H-Food Holdings LLC,
	846,832	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.69%)		3.84%		05/17/2025		825,661
		United Natural Foods, Inc.,
	595,088	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)		4.41%		10/22/2025		582,026
								3,856,477
	FOOD SERVICE 2.7%
		1011778 B.C. Unlimited Liability Company,
	423,932	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91%		11/13/2026		407,416
		Aramark Services, Inc.,
	582,075	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.90%		01/15/2027		558,673

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		Houston Foods, Inc.,
	981,668	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.91%		06/27/2025		945,876
		IRB Holding Corporation,
		Senior Secured First Lien Term Loan
	3,252	(1 Month LIBOR USD + 2.75%, 1.00% Floor)		3.75%		02/05/2025		3,113
	1,265,029	(6 Month LIBOR USD + 2.75%, 1.00% Floor)		3.75%		02/05/2025		1,211,089
		TKC Holdings, Inc.,
	881,694	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.75%, 1.00% Floor)		4.75%		02/01/2023		830,172
		Whatabrands LLC,
	1,019,719	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.91%		08/03/2026		1,000,600
								4,956,939
	HEALTHCARE 12.3%
		Agiliti Health, Inc.,
	691,336	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		3.19%		10/18/2025		672,324
		Air Medical Group Holdings, Inc.,
	840,231	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.25%, 1.00% Floor)		4.25%		04/28/2022		839,445
		Air Methods Corporation,
	836,763	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%, 1.00% Floor)		4.50%		04/22/2024		736,874
		Aldevron LLC,
	650,902	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%, 1.00% Floor)		5.25%		10/13/2026		652,256
		Athenahealth, Inc.,
		Senior Secured First Lien Term Loan
	47	(1 Month LIBOR USD + 4.50%)		5.31%		02/11/2026		47
	589,577	(3 Month LIBOR USD + 4.50%)		4.75%		02/11/2026		582,944
		Auris Luxembourg III Sarl,
	436,515	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.91%		07/25/2025		405,232
		Avantor, Inc.,
	525,142	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%, 1.00% Floor)		3.25%		09/16/2024		519,017
		Azalea TopCo, Inc.,
	580,898	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)		3.76%		07/27/2026		560,933
		CHG Healthcare Services, Inc.,
	644,634	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.00%, 1.00% Floor)		4.07%		06/07/2023		635,023
		DentalCorporationPerfect Smile ULC,
	940,817	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 1.00% Floor)		4.75%		06/06/2025		891,424
		Envision Healthcare Corporation,
	1,096,789	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.91%		10/10/2025		796,740

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

(Unaudited)

September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		HC Group Holdings, Inc.,
	1,136,413	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)		4.65%			08/06/2026		1,128,838
		Kindred Healthcare, Inc.,
	853,468	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.00%)		5.19%			06/23/2025		844,934
		MED ParentCo LP,
	161,903	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)		4.41%	&		08/31/2026		154,559
	645,633	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)		4.41%			08/31/2026		616,347
		MPH Acquisition Holdings LLC,
	1,115,859	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%, 1.00% Floor)		3.75%			06/07/2023		1,100,120
		Outcomes Group Holdings, Inc.,
	974,051	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%)		3.81%			10/24/2025		957,005
		Parexel International Corporation,
	1,126,330	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.90%			09/27/2024		1,083,395
	63,513	Pathway Vet Alliance		4.35%	±&		03/31/2027		62,664
		Pathway Vet Alliance,
	777,579	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		4.16%			03/31/2027		767,179
		Radiology Partners, Inc.,
		Senior Secured First Lien Term Loan
	524,469	(3 Month LIBOR USD + 4.25%)		5.29%			07/09/2025		504,670
	611,698	(3 Month LIBOR USD + 4.25%)		5.99%			07/09/2025		588,606
		RegionalCare Hospital Partners Holdings, Inc.,
	582,043	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.91%			11/14/2025		566,642
		Select Medical Corporation,
	595,000	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 2.50%)		2.78%			03/06/2025		581,241
		Sotera Health Holdings LLC,
	999,310	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.50%, 1.00% Floor)		5.50%			11/20/2026		996,397
		Sound Inpatient Physicians, Inc.,
	1,040,959	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.91%			06/27/2025		1,023,825
	300,000	Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.75%)		6.91%			06/26/2026		293,814
		Sunshine Luxembourg VII SARL,
	506,175	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.25%, 1.00% Floor)		5.32%			07/17/2026		504,317
		Team Health Holdings, Inc.,
	594,457	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%, 1.00% Floor)		3.75%			02/06/2024		501,243
		Upstream Newco, Inc.,
	557,200	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)		4.66%			10/22/2026		525,857

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		Verscend Holding Corporation,
	847,373	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)		4.66%		08/27/2025		841,759
		Wink Holdco, Inc.,
	1,016,966	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.00%		12/02/2024		1,015,567
		Zelis Cost Management Buyer, Inc.,
	502,113	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.75%)		4.91%		09/25/2026		499,243
								22,450,481
	HOTELS/MOTELS/INNS AND CASINOS 1.8%
		Caesars Resort Collection LLC,
	437,749	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.90%		12/23/2024		411,357
		Senior Secured First Lien Term Loan
	283,333	(1 Month LIBOR USD + 4.50%)		4.65%		07/21/2025		275,030
	141,667	(3 Month LIBOR USD + 4.50%)		4.77%		07/21/2025		137,515
		Golden Nugget, Inc.,
		Senior Secured First Lien Term Loan
	507,616	(1 Month LIBOR USD + 2.50%, 0.75% Floor)		3.25%		10/04/2023		455,999
	595,213	(2 Month LIBOR USD + 2.50%, 0.75% Floor)		3.25%		10/04/2023		534,688
		PCI Gaming Authority,
	439,135	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		2.66%		05/29/2026		428,033
		Penn National Gaming, Inc.,
	398,910	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%, 0.75% Floor)		3.00%		10/15/2025		388,937
		Scientific Games International, Inc.,
		Senior Secured First Lien Term Loan
	137,011	(1 Month LIBOR USD + 2.75%)		2.90%		08/14/2024		129,266
	560,066	(6 Month LIBOR USD + 2.75%)		3.06%		08/14/2024		528,406
								3,289,231
	INDUSTRIAL EQUIPMENT 2.5%
		Filtration Group Corporation,
	408,910	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		3.15%		03/31/2025		401,883
		Gardner Denver, Inc.,
	388,050	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91%		03/01/2027		376,005
		Gates Global LLC,
	347,315	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%, 1.00% Floor)		3.75%		04/01/2024		342,945

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 61

Schedule of Investments  DoubleLine Floating Rate Fund  (Cont.) (Unaudited) September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		Granite US Holdings Corporation,
		Senior Secured First Lien Term Loan
	65,503	(3 Month LIBOR USD + 5.25%)		6.32%		09/30/2026		62,227
	327,512	(6 Month LIBOR USD + 5.25%)		6.32%		09/30/2026		311,137
		Pro Mach Group, Inc.,
	658,249	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.92%		03/07/2025		634,249
		TAMKO Building Products LLC,
	569,250	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		3.41%		05/31/2026		562,134
		Thyssenkrupp Elevator,
	1,005,000	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 4.25%)		4.57%		09/30/2027		998,543
		Titan Acquisition Ltd.,
	919,502	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.00%)		3.36%		03/28/2025		871,564
								4,560,687
	INSURANCE 4.0%
		Achilles Acquisition LLC,
	1,202,833	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		4.19%		10/13/2025		1,184,791
		Acrisure LLC,
	423,935	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)		3.65%		02/16/2027		410,611
		Alera Group Intermediate Holdings, Inc.,
	1,204,568	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		5.07%		08/01/2025		1,188,005
		Alliant Holdings Intermediate LLC,
	1,017,125	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		3.40%		05/09/2025		1,000,704
		AssuredPartners, Inc.,
	871,359	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)		3.66%		02/12/2027		847,705
		Asurion LLC,
	498,679	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		3.15%		11/03/2023		492,186
	803,032	Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.50%)		6.66%		07/14/2025		805,960
		Frontdoor, Inc.,
	485,250	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		2.69%		08/18/2025		482,824
		Ryan Specialty Group LLC,
	175,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 0.75% Floor)		4.00%		09/01/2027		173,688
		Sedgwick Claims Management Services, Inc.,
	787,836	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		3.41%		11/06/2025		761,743
								7,348,217

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	LEISURE 3.8%
		Alterra Mountain Company,
	998,405	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.91%			09/30/2024		966,786
		Carnival Corporation,
	244,388	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 7.50%, 1.00% Floor)		8.50%			06/30/2025		248,393
		ClubCorporationHoldings, Inc.,
	693,375	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%)		3.06%			08/16/2024		595,744
		Equinox Holdings, Inc.,
	432,002	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.00%, 1.00% Floor)		4.07%			03/08/2024		335,424
		Formula One Management Ltd.,
	510,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%, 1.00% Floor)		3.50%			02/01/2024		496,827
		Life Time Fitness, Inc.,
	771,026	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 2.75%, 1.00% Floor)		3.75%			06/10/2022		705,165
		Lions Gate Capital Holdings LLC,
	365,801	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		2.41%			03/24/2025		353,912
		Motion Finco LLC,
	47,270	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%)		4.32%			11/04/2026		41,408
	359,663	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%)		4.32%			11/30/2026		315,065
		Nascar Holdings, Inc.,
	830,676	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.89%			07/27/2026		813,199
		Playtika Holding Corporation,
	335,000	Senior Secured First Lien Term Loan		7.00%	±		12/10/2024		335,923
		Pug LLC,
	347,375	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)		3.66%			01/29/2027		308,295
		Travel Leaders Group LLC,
	492,924	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		4.16%			01/25/2024		367,588
		UFC Holdings LLC,
	1,020,172	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.25%, 1.00% Floor)		4.25%			04/29/2026		1,005,191
									6,888,920
	MEDIA 5.8%
		Ascend Learning LLC,
	1,010,436	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.00%			07/12/2024		999,700
		Cengage Learning, Inc.,
	705,881	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 4.25%, 1.00% Floor)		5.25%			06/07/2023		592,185

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

(Unaudited)

September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		CSC Holdings LLC,
	640,250	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		2.40%			01/15/2026		620,508
	140,511	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		2.65%			04/15/2027		136,619
		Diamond Sports Group LLC,
	108,900	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		3.41%			08/24/2026		85,486
		E.W. Scripps Company,
	1,043,850	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		2.65%			05/01/2026		1,020,202
		Getty Images, Inc.,
	832,066	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)		4.69%			02/19/2026		780,478
		Gray Television, Inc.,
	623,113	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		2.66%			01/02/2026		613,766
		Nexstar Broadcasting, Inc.,
	495,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.91%			09/18/2026		485,204
		Numericable U.S. LLC,
	1,210,361	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		4.15%			08/14/2026		1,180,205
		Radiate Holdco LLC,
	890,000	Senior Secured First Lien Term Loan		3.65%	±		09/25/2026		876,343
		RentPath, Inc.,
	222,556	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 7.00%, 1.00% Floor)		8.00%			11/30/2020		208,090
	1,281,637	Senior Secured First Lien Term Loan (Prime Rate + 3.75%, 1.00% Floor)		7.00%	W		12/17/2021		933,724
		Sinclair Television Group, Inc.,
	668,250	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		2.66%			07/17/2026		653,716
		Terrier Media Buyer, Inc.,
	858,513	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)		4.41%			12/12/2026		839,655
		Virgin Media Bristol LLC,
	350,000	Senior Secured First Lien Term Loan		3.41%	±		01/10/2029		344,914
		Ziggo Financing Partnership,
	170,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		2.65%			04/17/2028		164,050
									10,534,845
	PHARMACEUTICALS 1.1%
		Catalent Pharma Solutions, Inc.,
	781,714	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%, 1.00% Floor)		3.25%			05/18/2026		779,760
		Elanco Animal Health, Inc.,
	542,018	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91%			02/04/2027		527,619

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Grifols Worldwide Operations USA, Inc.,
	621,330	Senior Secured First Lien Term Loan (1 Week LIBOR USD + 2.00%)		2.10%			11/08/2027		609,826
									1,917,205
	RETAILERS (OTHER THAN FOOD/DRUG) 1.8%
		Bass Pro Group LLC,
	716,308	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 5.00%, 0.75% Floor)		6.07%			12/15/2023		711,387
		BJ’s Wholesale Club, Inc.,
	371,979	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		2.15%			02/02/2024		366,187
		Harbor Freight Tools USA, Inc.,
	874,976	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%, 0.75% Floor)		3.25%			08/18/2023		863,968
		Jo-Ann Stores LLC,
	263,531	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 5.00%, 1.00% Floor)		6.00%			10/20/2023		227,708
		Mister Car Wash Holdings, Inc.,
	894,557	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.25%)		4.38%			05/14/2026		849,749
		Staples, Inc.,
	359,263	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.00%)		5.25%			04/16/2026		335,125
									3,354,124
	TELECOMMUNICATIONS 3.7%
		Avaya, Inc.,
	451,789	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)		4.40%			12/16/2024		450,167
	561,229	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%, 1.00% Floor)		5.25%			12/15/2027		549,129
		Cablevision Lightpath LLC,
	335,000	Senior Secured First Lien Term Loan		3.48%	±		09/29/2027		333,605
		Connect U.S. Finco LLC,
	298,500	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%, 1.00% Floor)		5.50%			09/23/2026		290,106
		Consolidated Communications, Inc.,
	155,000	Senior Secured First Lien Term Loan		5.75%	±		10/18/2027		153,741
		GTT Communications, Inc.,
	613,722	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%)		2.91%			06/02/2025		531,943
		Intelsat Jackson Holdings S.A.,
	1,460,699	Senior Secured First Lien Term Loan (Prime Rate + 4.75%, 1.00% Floor)		8.00%			11/30/2023		1,472,866
	219,637	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.50%, 1.00% Floor)		6.50%	&		07/14/2021		224,121
		MLN US HoldCo LLC,
	555,768	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)		4.66%			07/11/2025		477,613

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 63

Schedule of Investments  DoubleLine Floating Rate Fund  (Cont.) (Unaudited) September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		Securus Technologies Holdings, Inc.,
	1,047,495	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 4.50%, 1.00% Floor)		5.50%		06/20/2024		872,370
		T-Mobile USA, Inc.
	768,075	(1 Month LIBOR USD + 3.00%)		3.16%		04/01/2027		768,417
		Zayo Group Holdings, Inc.,
	651,725	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		3.16%		03/09/2027		633,920
								6,757,998
	TRANSPORTATION 1.3%
		Genesee & Wyoming, Inc.,
	950,225	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.00%)		2.31%		11/06/2026		937,159
		Lineage Logistics LLC,
	661,573	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.00%		02/27/2025		654,028
		PODS LLC,
	758,342	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%, 1.00% Floor)		3.75%		12/06/2024		744,442
								2,335,629
	UTILITIES 1.5%
		Calpine Corporation,
	418,939	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		2.40%		04/06/2026		408,698
	138,600	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		2.16%		08/12/2026		134,899
		Compass Power Generation LLC,
	870,411	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%, 1.00% Floor)		4.50%		12/20/2024		857,573
		Exgen Renewables IV LLC,
	347,703	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.00%, 1.00% Floor)		4.00%		11/29/2024		347,813
		Pacific Gas and Electric Company,
	538,650	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.50%, 1.00% Floor)		5.50%		06/23/2025		528,774
		USIC Holdings, Inc.,
	516,919	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)		4.25%		12/08/2023		509,917
								2,787,674
		Total Bank Loans (Cost $163,868,083)						159,706,843

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	CORPORATE BONDS 8.5%
	AEROSPACE & DEFENSE 1.0%
	265,000	Delta Air Lines, Inc.		7.00%	^		05/01/2025		291,324
	460,000	Mileage Plus Holdings LLC		6.50%	^		06/20/2027		480,125
	1,000,000	TransDigm, Inc.		8.00%	^		12/15/2025		1,088,500
									1,859,949
	AUTOMOTIVE 0.4%
	700,000	Panther BF Aggregator LP		6.25%	^		05/15/2026		735,298
	COMMERCIAL SERVICES 0.4%
	725,000	Allied Universal Holding Company		6.63%	^		07/15/2026		773,031
	FOOD PRODUCTS 0.6%
	1,080,000	US Foods, Inc.		6.25%	^		04/15/2025		1,144,892
	HEALTHCARE 0.2%
	350,000	Ortho-Clinical Diagnostics Inc.		7.25%	^		02/01/2028		364,656
	HOTELS/MOTELS/INNS AND CASINOS 0.3%
	400,000	Eldorado Resorts, Inc.		6.25%	^		07/01/2025		417,502
	75,000	Hilton Domestic Operating Company, Inc.		5.38%	^		05/01/2025		77,983
	135,000	VICI Properties LP		3.75%	^		02/15/2027		132,975
									628,460
	INDUSTRIAL EQUIPMENT 0.4%
	750,000	PowerTeam Services LLC		9.03%	^		12/04/2025		793,594
	INSURANCE 0.4%
	700,000	AssuredPartners, Inc.		7.00%	^		08/15/2025		715,165
	LEISURE 0.5%
	140,000	Carnival Corporation		11.50%	^		04/01/2023		157,141
	195,000	Live Nation Entertainment, Inc.		6.50%	^		05/15/2027		210,701
	500,000	Six Flags Theme Parks, Inc.		7.00%	^		07/01/2025		532,813
									900,655
	MEDIA 0.9%
	300,000	Diamond Sports Group LLC		5.38%	^		08/15/2026		212,974
	660,000	iHeartCommunications, Inc.		4.75%	^		01/15/2028		623,131
	750,000	Univision Communications, Inc.		6.63%	^		06/01/2027		734,063
									1,570,168
	MINING 0.6%
	540,000	Arconic Corporation		6.00%	^		05/15/2025		577,692
	190,000	Arconic Corporation		6.13%	^		02/15/2028		195,581
	225,000	Novelis Corporation		4.75%	^		01/30/2030		220,047
									993,320
	TECHNOLOGY 2.1%
	670,000	Avaya, Inc.		6.13%	^		09/15/2028		686,750
	360,000	BY Crown Parent LLC		4.25%	^		01/31/2026		366,975
	1,500,000	Financial & Risk US Holdings, Inc.		6.25%	^		05/15/2026		1,604,062

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

(Unaudited)

September 30, 2020

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	700,000	Genesys Telecommunications Laboratories, Inc.		10.00%	^		11/30/2024		739,375
	470,000	Tempo Acquisition LLC		6.75%	^		06/01/2025		480,568
									3,877,730
	TELECOMMUNICATIONS 0.7%
	750,000	Cincinnati Bell, Inc.		7.00%	^		07/15/2024		774,379
	430,000	Front Range BidCo, Inc.		4.00%	^		03/01/2027		423,778
									1,198,157
		Total Corporate Bonds (Cost $15,136,212)							15,555,075
	FOREIGN CORPORATE BONDS 0.4%
	RETAILERS (OTHER THAN FOOD/DRUG) 0.4%
	700,000	eG Global Finance PLC		6.75%	^		02/07/2025		717,938
		Total Foreign Corporate Bonds (Cost $700,000)							717,938
	COMMON STOCKS 0.5%
	57,721	Foresight Equity *Þ							926,430
	32,259	McDermott International Ltd. *							77,421
		Total Common Stocks (Cost $948,562)							1,003,851

SHARES		SECURITY DESCRIPTION	RATE			MATURITY	VALUE $
	SHORT TERM INVESTMENTS 5.3%
	3,238,298	First American Government Obligations Fund - Class U		0.07%	¨			3,238,298
	3,238,298	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		0.07%	¨			3,238,298
	3,238,299	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.02%	¨			3,238,299
		Total Short Term Investments (Cost $9,714,895)						9,714,895
		Total Investments 102.2% (Cost $190,367,752)						186,698,602
		Liabilities in Excess of Other Assets (2.2)%						(4,132,411	)
		NET ASSETS 100.0%					$	182,566,191

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Bank Loans	87.5%
US Corporate Bonds	8.5%
Short Term Investments	5.3%
Common Stocks	0.5%
Foreign Corporate Bonds	0.4%
Liabilities in Excess of Other Assets	(2.2)%
	100.0%

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers.

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

± Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate desclosed is as of September 30, 2020.

& Unfunded or partially unfunded loan commitment. At September 30, 2020, the value of these securities amounted to $221,141 or 0.12% of net assets.

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

Þ Value determined using significant unobservable inputs.

* Non-income producing security

¨ Seven-day yield as of September 30, 2020

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 65

Schedule of Investments - Summary  DoubleLine Shiller Enhanced CAPE^® (Unaudited) September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $		% OF NET ASSETS
	ASSET BACKED OBLIGATIONS
		Horizon Aircraft Finance Ltd.,
	20,318,387	Series 2019-2-A		3.43%	^		11/15/2039		18,514,805		0.3%
		Jimmy Johns Funding LLC,
	18,478,500	Series 2017-1A-A2II		4.85%	^		07/30/2047		18,800,329		0.3%
		Sapphire Aviation Finance Ltd.,
	20,622,871	Series 2020-1A-A		3.23%	^		03/15/2040		18,430,825		0.2%
	20,000,000	SBA Tower Trust		3.17%	^		04/15/2047		20,259,704		0.3%
	Other Asset Backed Obligationsµ								372,806,857		5.0%
		Total Asset Backed Obligations (Cost $455,843,085)							448,812,520		6.1%
	BANK LOANSµ
		Total Bank Loans (Cost $298,312,403)							289,984,161		3.9%
	COLLATERALIZED LOAN OBLIGATIONS
		Anchorage Capital Ltd.,
	25,000,000	Series 2016-9A-AR (3 Month LIBOR USD + 1.37%)		1.65%	^		07/15/2032		24,914,891		0.3%
		CarVal Ltd.,
	30,000,000	Series 2019-2A-A (3 Month LIBOR USD + 1.35%, 1.35% Floor)		1.62%	^		07/20/2032		29,890,558		0.4%
		CFIP Ltd.,
	22,000,000	Series 2014-1A-AR (3 Month LIBOR USD + 1.32%)		1.59%	^		07/13/2029		21,917,500		0.3%
		CVP Ltd.,
	25,000,000	Series 2017-1A-A (3 Month LIBOR USD + 1.34%)		1.61%	^		07/22/2030		24,919,541		0.3%
		Elevation Ltd.,
	20,000,000	Series 2018-9A-A1 (3 Month LIBOR USD + 1.12%, 1.12% Floor)		1.40%	^		07/15/2031		19,729,121		0.3%
		LCM LP,
	20,000,000	Series 17A-A2RR (3 Month LIBOR USD + 1.15%, 1.15% Floor)		1.43%	^		10/15/2031		19,666,523		0.3%
		Marathon Ltd.,
	21,983,431	Series 2013-5A-A1R (3 Month LIBOR USD + 0.87%)		1.12%	^		11/22/2027		21,791,076		0.3%
		Marble Point Ltd.,
	29,500,000	Series 2020-1A-A (3 Month LIBOR USD + 1.30%, 1.30% Floor)		1.57%	^		04/20/2033		29,146,000		0.4%
		MP Ltd.,
	25,000,000	Series 2013-2A-ARR (3 Month LIBOR USD + 1.28%)		1.52%	^		07/25/2029		24,871,455		0.3%
		Nassau Ltd.,
	20,000,000	Series 2018-IA-A (3 Month LIBOR USD + 1.15%)		1.43%	^		07/15/2031		19,400,000		0.3%
	Other Collateralized Loan Obligationsµ								684,681,518		9.3%
		Total Collateralized Loan Obligations (Cost $926,194,486)							920,928,183		12.5%
	FOREIGN CORPORATE BONDSµ
		Total Foreign Corporate Bonds (Cost $538,881,471)							543,738,770		7.5%
	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONSµ
		Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $44,831,620)							45,841,571		0.6%
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS
	28,245,000	Fontainebleau Miami Beach Trust,		4.09%	#^		12/12/2036		25,401,559		0.3%
		Series 2019-FBLU-F
		Series 2019-FBLU-G
	20,416,000	JP Morgan Chase Commercial Mortgage Securities Trust,		4.60%	#^		05/05/2032		19,106,955		0.3%
		Series 2019-UES-D
		Series 2019-UES-F
		Series 2019-UES-E
		Series 2019-UES-G
	Other Non-Agency Commercial Mortgage Backed Obligationsµ								806,756,778		10.9%
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $945,336,138)							851,265,292		11.5%

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

(Unaudited)

September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $		% OF NET ASSETS
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS
		Ajax Mortgage Loan Trust,
	18,395,101	Series 2019-C-A		3.95%	#^		10/25/2058		18,502,826		0.3%
		Citigroup Mortgage Loan Trust, Inc.,
	25,835,432	Series 2018-A-A1		4.00%	#^		10/25/2020		25,995,767		0.4%
		Citigroup Mortgage Loan Trust,
	30,988,407	Series 2019-E-A1		3.23%	^§		11/25/2021		31,640,658		0.4%
		Credit Suisse Mortgage Capital Certificates,
	20,427,463	Series 2019-RPL4-A1		3.51%	^		08/26/2058		20,597,554		0.3%
		Credit Suisse Mortgage Capital Certificates,
	36,393,733	Series 2020-BPL1-A1		3.39%	^§		02/25/2024		36,454,696		0.5%
		CSMC Trust,
	61,245,735	Series 2019-RP10-A1		3.12%	#^		12/25/2059		61,796,003		0.8%
		CSMC Trust,
	17,706,904	Series 2019-RPL2-A1		3.86%	#^		11/25/2058		18,573,834		0.3%
		CSMC Trust,
	23,562,292	Series 2019-RPL9-A1		3.32%	#^		10/25/2059		23,731,629		0.3%
		CSMC Trust,
	19,966,415	Series 2020-SPT1-A1		1.70%	^§		07/25/2023		20,070,506		0.3%
		Legacy Mortgage Asset Trust,
	18,945,380	Series 2019-GS3-A1		3.75%	^§		04/25/2059		19,468,102		0.3%
		New Residential Mortgage Loan Trust,
	19,838,285	Series 2020-RPL2-A1		3.58%	#^		08/25/2025		19,865,525		0.3%
		Toorak Mortgage Corporation Ltd.,
	40,000,000	Series 2020-1-A1		2.73%	^§		03/25/2023		40,590,660		0.5%
		VCAT LLC,
	19,626,384	Series 2020-NPL1-A1		3.67%	^§		08/25/2050		19,653,947		0.3%
		Vericrest Opportunity Loan Trust,
	26,765,780	Series 2020-NPL2-A1A		2.98%	^§		02/25/2050		26,814,371		0.4%
	Other Non-Agency Residential Collateralized Mortgage Obligationsµ								629,250,494		8.3%
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $1,008,391,294)							1,013,006,572		13.7%
	US CORPORATE BONDS
		Total US Corporate Bonds (Cost $333,464,255)							340,613,679		4.6%
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS
	35,202,446	Federal Home Loan Mortgage Corporation		2.00% – 2.50%			06/1/2035 – 10/01/2040		36,562,651		0.5%
		Federal Home Loan Mortgage Corporation,
	22,164,081	Pool RB5048		2.50%			05/01/2040		23,271,654		0.3%
		Federal Home Loan Mortgage Corporation,
	28,000,000	Pool SB8068		1.50%			10/01/2035		28,663,675		0.4%
		Federal Home Loan Mortgage Corporation,
	45,005,338	Pool SN8067		1.50%			09/01/2035		46,072,080		0.6%
	25,011,861	Federal National Mortgage Association		2.44% – 3.00%			10/01/2032 – 05/01/2045		26,009,059		0.4%
		Federal National Mortgage Association,
	46,448,961	Pool MA4042		2.00%			06/01/2035		48,300,603		0.7%
		Federal National Mortgage Association,
	44,905,802	Pool MA4095		2.00%			08/01/2035		46,700,985		0.6%
		Federal National Mortgage Association,
	84,294,345	Pool MA4122		1.50%			09/01/2035		86,292,343		1.2%
		Federal National Mortgage Association,
	20,000,000	Pool MA4176		2.00%			10/01/2040		20,693,043		0.3%
		Federal National Mortgage Association,
	27,632,612	Pool QN2877		2.00%			07/01/2035		28,737,766		0.4%
		Federal National Mortgage Association,
	26,620,259	Pool SD8066		1.50%			08/01/2035		27,251,209		0.4%
		Federal National Mortgage Association,
	32,183,200	Series 2020-45-JL		3.00%			07/25/2040		34,413,869		0.5%

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 67

Schedule of Investments - Summary  DoubleLine Shiller Enhanced CAPE^®  (Cont.) (Unaudited) September 30, 2020

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $		% OF NET ASSETS
	68,129,421	Federal National Mortgage Association		2.00% – 5.90%	I/O I/F		11/25/2026 – 06/25/2049		59,726,098		0.8%
	Other US Government and Agency Mortgage Backed Obligationsµ								66,516,914		0.8%
		Total US Government and Agency Mortgage Backed Obligations (Cost $575,245,563)							579,211,949		7.9%
	US GOVERNMENT AND AGENCY OBLIGATIONS
	259,400,000	United States Treasury Notes		2.63%			05/15/2021		263,418,832		3.6%
	325,600,000	United States Treasury Notes		1.50%			09/30/2021		329,982,576		4.5%
	130,600,000	United States Treasury Notes		1.38%			01/31/2022		132,757,961		1.8%
	186,300,000	United States Treasury Notes		0.13%			05/15/2023		186,190,840		2.5%
	309,950,000	United States Treasury Notes		2.25%			12/31/2023		330,835,302		4.5%
	66,800,000	United States Treasury Notes		0.38%			07/31/2027		66,445,125		0.8%
		Total US Government and Agency Obligations (Cost $1,293,604,638)							1,309,630,636		17.7%
	AFFILIATED MUTUAL FUNDS
	19,895,522	DoubleLine Ultra Short Bond Fund (Class I)							199,949,999		2.7%
		Total Affiliated Mutual Funds (Cost $199,501,692)							199,949,999		2.7%
	COMMON STOCKSµ
		Total Common Stocks (Cost $989,313)							1,038,338		0.0%
	WARRANTSµ
		Total Warrants (Cost $—)							—		0.0%
	SHORT TERM INVESTMENTS
	113,411,755	First American Government Obligations Fund - Class U		0.07%	¨				113,411,755		1.5%
	113,411,754	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		0.07%	¨				113,411,754		1.5%
	113,411,755	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.02%	¨				113,411,755		1.5%
		Total Short Term Investments (Cost $340,235,264)							340,235,264		4.5%
		Total Investments (Cost $6,960,831,222)							6,884,256,934		93.2%
		Other Assets in Excess of Liabilities							503,981,329		6.8%
		NET ASSETS						$	7,388,238,263		100.0%

SECURITY TYPE BREAKDOWN as a % of Net Assets:
US Government and Agency Obligations	17.7%
Non-Agency Residential Collateralized Mortgage Obligations	13.7%
Collateralized Loan Obligations	12.5%
Non-Agency Commercial Mortgage Backed Obligations	11.5%
US Government and Agency Mortgage Backed Obligations	7.9%
Foreign Corporate Bonds	7.5%
Asset Backed Obligations	6.1%
US Corporate Bonds	4.6%
Short Term Investments	4.5%
Bank Loans	3.9%
Affiliated Mutual Funds	2.7%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	0.6%
Common Stocks	0.0%	~
Warrants	0.0%	~
Other Assets and Liabilities	6.8%
	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:
US Government and Agency Obligations	17.7%
Non-Agency Residential Collateralized Mortgage Obligations	13.7%
Collateralized Loan Obligations	12.5%
Non-Agency Commercial Mortgage Backed Obligations	11.5%
US Government and Agency Mortgage Backed Obligations	7.9%
Asset Backed Obligations	6.1%
Short Term Investments	4.5%
Banking	4.5%
Affiliated Mutual Funds	2.7%
Energy	1.4%
Healthcare	0.9%
Pharmaceuticals	0.8%
Electronics/Electric	0.7%
Telecommunications	0.7%
Transportation	0.7%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	0.6%
Utilities	0.6%
Technology	0.5%
Chemicals/Plastics	0.5%
Business Equipment and Services	0.4%

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

(Unaudited)

September 30, 2020

INVESTMENT BREAKDOWN as a % of Net Assets: (Cont.)
Food Products	0.4%
Finance	0.4%
Media	0.3%
Insurance	0.3%
Automotive	0.3%
Retailers (other than Food/Drug)	0.3%
Food Service	0.2%
Aerospace & Defense	0.2%
Building and Development (including Steel/Metals)	0.2%
Industrial Equipment	0.2%
Real Estate	0.2%
Hotels/Motels/Inns and Casinos	0.1%
Diversified Manufacturing	0.1%
Chemical Products	0.1%
Pulp & Paper	0.1%
Environmental Control	0.1%
Beverage and Tobacco	0.1%
Commercial Services	0.1%
Consumer Products	0.1%
Leisure	0.1%
Containers and Glass Products	0.1%
Mining	0.1%
Financial Intermediaries	0.1%
Cosmetics/Toiletries	0.1%
Food/Drug Retailers	0.0%	~
Construction	0.0%	~
Other Assets and Liabilities	6.8%
	100.0%

µ Represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate, respectively as of September 30, 2020.

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers.

§ The interest rate will step up if the issuer does not redeem the bond on or before a scheduled redemption date in accordance with the terms of the instrument. The interest rate shown is the rate in effect as of September 30, 2020.

I/O Inclues interest only securities

I/F Includes inverse floating rate securities whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. Interest rate may also be subject to a cap or floor.

# Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of September 30, 2020.

¨ Seven-day yield as of September 30, 2020

~ Represents less than 0.05% of net assets

Excess Return Swaps
Reference Entity	Counterparty	Long/Short	Financing Rate			Payment Frequency		Termination Date		Notional Amount		Unrealized Appreciation (Depreciation) / Value
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.	Long		0.40	%		Termination		04/29/2021		100,000,000		$	24,415,032
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce	Long		0.40	%		Termination		05/25/2021		100,000,000			21,280,421
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.	Long		0.40	%		Termination		05/13/2021		95,000,000			18,984,849
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce	Long		0.40	%		Termination		04/14/2021		100,000,000			18,410,314
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch	Long		0.38	%		Termination		06/02/2021		100,000,000			18,405,372
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas	Long		0.39	%		Termination		05/19/2021		80,000,000			17,645,274
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce	Long		0.40	%		Termination		05/11/2021		75,000,000			15,732,335
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch	Long		0.38	%		Termination		10/06/2020		100,000,000			14,244,331
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas	Long		0.39	%		Termination		04/07/2021		100,000,000			14,092,922
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce	Long		0.40	%		Termination		12/08/2020		100,000,000			13,976,595
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch	Long		0.38	%		Termination		10/14/2020		100,000,000			13,878,065
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas	Long		0.39	%		Termination		10/07/2020		100,000,000			13,325,299

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 69

Schedule of Investments - Summary  DoubleLine Shiller Enhanced CAPE^®  (Cont.) (Unaudited) September 30, 2020

Reference Entity	Counterparty	Long/Short	Financing Rate			Payment Frequency		Termination Date		Notional Amount		Unrealized Appreciation (Depreciation) / Value
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.	Long		0.40	%		Termination		11/19/2020		100,000,000		$	13,049,642
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce	Long		0.40	%		Termination		12/15/2020		100,000,000			12,923,697
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.	Long		0.40	%		Termination		07/01/2021		100,000,000			12,741,168
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce	Long		0.40	%		Termination		10/13/2020		100,000,000			12,515,627
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch	Long		0.38	%		Termination		03/16/2021		100,000,000			12,389,072
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.	Long		0.40	%		Termination		04/01/2021		100,000,000			12,377,237
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.	Long		0.40	%		Termination		06/17/2021		100,000,000			12,170,968
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas	Long		0.39	%		Termination		11/18/2020		100,000,000			12,099,689
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce	Long		0.40	%		Termination		10/20/2020		100,000,000			12,095,066
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce	Long		0.40	%		Termination		11/03/2020		100,000,000			11,850,484
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce	Long		0.40	%		Termination		11/10/2020		100,000,000			11,392,985
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas	Long		0.39	%		Termination		06/09/2021		100,000,000			11,168,406
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.	Long		0.40	%		Termination		12/09/2020		90,000,000			10,969,441
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.	Long		0.40	%		Termination		11/12/2020		100,000,000			10,633,856
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce	Long		0.40	%		Termination		12/29/2020		100,000,000			10,423,814
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.	Long		0.40	%		Termination		11/05/2020		90,000,000			10,253,687
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce	Long		0.40	%		Termination		11/17/2020		100,000,000			10,201,214
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas	Long		0.39	%		Termination		11/11/2020		100,000,000			10,155,946
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch	Long		0.38	%		Termination		12/22/2020		100,000,000			9,844,114
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.	Long		0.40	%		Termination		07/22/2021		100,000,000			9,686,348
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.	Long		0.40	%		Termination		07/29/2021		100,000,000			9,642,176
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch	Long		0.38	%		Termination		12/01/2020		100,000,000			9,590,021
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.	Long		0.40	%		Termination		04/08/2021		75,000,000			9,533,976
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch	Long		0.38	%		Termination		11/04/2020		100,000,000			9,175,874
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch	Long		0.38	%		Termination		03/23/2021		100,000,000			8,419,899
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce	Long		0.40	%		Termination		07/20/2021		100,000,000			8,412,498
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas	Long		0.39	%		Termination		07/14/2021		100,000,000			8,301,438
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch	Long		0.38	%		Termination		01/12/2021		100,000,000			8,062,489
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch	Long		0.38	%		Termination		01/05/2021		100,000,000			8,048,713
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch	Long		0.38	%		Termination		07/13/2021		100,000,000			7,946,248
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas	Long		0.39	%		Termination		03/10/2021		100,000,000			7,453,064
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce	Long		0.40	%		Termination		03/09/2021		100,000,000			7,447,118
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch	Long		0.38	%		Termination		03/02/2021		100,000,000			7,186,121
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas	Long		0.39	%		Termination		03/24/2021		100,000,000			7,174,534
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.	Long		0.40	%		Termination		03/25/2021		100,000,000			7,168,779
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas	Long		0.39	%		Termination		12/16/2020		100,000,000			6,633,821
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.	Long		0.40	%		Termination		07/15/2021		80,000,000			6,597,278
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce	Long		0.40	%		Termination		01/19/2021		100,000,000			6,545,453
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch	Long		0.38	%		Termination		02/09/2021		100,000,000			6,339,205
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce	Long		0.40	%		Termination		03/17/2021		50,000,000			5,680,220
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas	Long		0.39	%		Termination		07/07/2021		100,000,000			5,501,421
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce	Long		0.40	%		Termination		03/31/2021		35,000,000			3,964,877
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch	Long		0.38	%		Termination		08/10/2021		100,000,000			3,854,672
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch	Long		0.38	%		Termination		07/27/2021		100,000,000			3,590,408
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas	Long		0.39	%		Termination		07/28/2021		100,000,000			3,104,774
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas	Long		0.39	%		Termination		06/23/2021		70,000,000			2,948,508
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas	Long		0.39	%		Termination		08/11/2021		100,000,000			2,762,710
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.	Long		0.40	%		Termination		08/12/2021		100,000,000			1,802,696
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce	Long		0.40	%		Termination		09/28/2021		100,000,000			678,967
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.	Long		0.40	%		Termination		10/07/2021		80,000,000			402,858

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

(Unaudited)

September 30, 2020

Reference Entity	Counterparty	Long/Short		Financing Rate			Payment Frequency		Termination Date		Notional Amount		Unrealized Appreciation (Depreciation) / Value
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		Long		0.40	%		Termination		09/02/2021		100,000,000		$	335,370
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		Long		0.40	%		Termination		08/19/2021		100,000,000			247,519
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		Long		0.40	%		Termination		08/26/2021		35,000,000			228,282
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		Long		0.40	%		Termination		02/04/2021		50,000,000			30,973
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		Long		0.40	%		Termination		10/06/2020		4,000,000			20,141
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		09/14/2021		100,000,000			(203,380	)
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas		Long		0.39	%		Termination		09/15/2021		100,000,000			(1,768,769	)
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch		Long		0.38	%		Termination		09/21/2021		100,000,000			(2,414,178	)
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas		Long		0.39	%		Termination		09/29/2021		100,000,000			(2,831,578	)
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas		Long		0.39	%		Termination		09/01/2021		100,000,000			(3,026,875	)
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch		Long		0.38	%		Termination		09/07/2021		100,000,000			(4,174,512	)
														$	603,747,081

¤ Shiller Barclays CAPE^® US Sector ER II USD Index aims to provide notional long exposure to the top four United States equity sectors that are relatively undervalued, as defined by a modified version of the classic CAPE^® Ratio (the “Relative CAPE^® Indicator”) and that possess relatively strong price momentum over the prior twelve months. Each U.S. equity sector is represented by an index of equity securities of companies in the relevant sector. Information on the sector constituents as of September 30, 2020, is available on the Barclays Capital, Inc. website at https://indices.barclays/IM/12/en/indices/details.app;ticker=BXIICS2E.

A summary of the DoubleLine Shiller Enhanced CAPE^®’s investments in affiliated mutual funds for the period ended September 30, 2020 is as follows:

Fund	Value at March 31, 2020			Gross Purchases			Gross Sales			Shares Held at September 30, 2020		Value at September 30, 2020			Change in Unrealized for the Period Ended September 30, 2020			Dividend Income Earned in the Period Ended September 30, 2020			Net Realized Gain (Loss) in the Period Ended September 30, 2020
DoubleLine Ultra Short Bond Fund (Class I)		$	195,175,073		$	—		$	—		19,895,522		$	199,949,999		$	4,774,926		$	629,500		$	—

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 71

Schedule of Investments - Summary  DoubleLine Flexible Income Fund (Unaudited) September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $		% OF NET ASSETS
	ASSET BACKED OBLIGATIONS
		ExteNet Issuer LLC,
	6,250,000	Series 2019-1A-C		5.22%	^		07/25/2049		6,201,857		0.5%
		Hertz Vehicle Financing II LP,
	4,350,000	Series 2019-2A-B		3.67%	^		05/25/2025		4,340,690		0.4%
		Jersey Mike’s Funding,
	5,096,154	Series 2019-1A-A2		4.43%	^		02/15/2050		5,453,594		0.5%
		Mosaic Solar Loan Trust,
	4,571,066	Series 2018-1A-C		0.00%	^ P/O		06/22/2043		3,895,742		0.3%
		Textainer Marine Containers Ltd.,
	7,000,000	Series 2020-2A-A		2.10%	^		09/20/2045		7,023,918		0.6%
		Vivint Colar Financing LLC,
	4,838,934	Series 2018-1A-A		4.73%	^		04/30/2048		5,006,271		0.4%
		Wave LLC,
	8,469,135	Series 2019-1-C		6.41%	^Þ		09/15/2044		4,623,674		0.4%
		Zephyrus Capital Aviation Partners Ltd.,
	4,216,864	Series 2018-1-A		4.61%	^		10/15/2038		3,870,934		0.3%
	Other Asset Backed Obligationsµ								36,524,765		3.3%
		Total Asset Backed Obligations (Cost $85,315,284)							76,941,445		6.7%
	BANK LOANSµ
		Total Bank Loans (Cost $68,594,302)							66,466,842		5.8%
	COLLATERALIZED LOAN OBLIGATIONS
		Canyon Capital Ltd.,
	10,000,000	Series 2017-1A-B (3 Month LIBOR USD + 1.70%)		1.98%	^		07/15/2030		9,948,084		0.9%
		Dryden Senior Loan Fund,
	3,900,000	Series 2014-33A-DR2 (3 Month LIBOR USD + 3.85%, 3.85% Floor)		4.13%	^		04/16/2029		3,899,873		0.3%
		GoldenTree Loan Management Ltd.,
	5,500,000	Series 2017-2A-D (3 Month LIBOR USD + 2.65%)		2.92%	^		11/29/2030		5,208,955		0.5%
		LCM Ltd.,
	5,000,000	Series 26A-D (3 Month LIBOR USD + 2.50%, 2.50% Floor)		2.77%	^		01/21/2031		4,247,861		0.4%
		Madison Park Funding Ltd.,
	4,500,000	Series 2015-18A-BR (3 Month LIBOR USD + 1.60%)		1.87%	^		10/21/2030		4,410,006		0.4%
		Marble Point Ltd.,
	6,500,000	Series 2019-1A-B (3 Month LIBOR USD + 2.15%)		2.41%	^		07/23/2032		6,502,156		0.6%
		Octagon Investment Partners Ltd.,
	4,500,000	Series 2012-1A-CR (3 Month LIBOR USD + 4.00%)		4.28%	^		07/16/2029		4,394,476		0.4%
		Sound Point Ltd.,
	5,000,000	Series 2020-2A-D (3 Month LIBOR USD + 4.00%, 4.00% Floor)		0.01%	^		10/25/2031		4,999,883		0.4%
		Steele Creek Ltd.,
	5,000,000	Series 2019-2A-B (3 Month LIBOR USD + 2.25%, 2.25% Floor)		2.53%	^		07/15/2032		5,001,636		0.4%
		Trimaran CAVU LLC,
	6,000,000	Series 2019-1A-B (3 Month LIBOR USD + 2.20%, 2.20% Floor)		2.47%	^		07/20/2032		5,981,108		0.5%
		Wind River Ltd.,
	7,975,000	Series 2015-2A-ER (3 Month LIBOR USD + 5.55%)		5.83%	^		10/15/2027		6,363,417		0.6%
	Other Collateralized Loan Obligationsµ								161,402,355		13.9%
		Total Collateralized Loan Obligations (Cost $235,843,740)							222,359,810		19.3%
	FOREIGN CORPORATE BONDSµ
		Total Foreign Corporate Bonds (Cost $135,592,523)							130,504,230		11.4%
	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONSµ
		Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $13,673,629)							14,298,270		1.2%

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

(Unaudited)

September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $		% OF NET ASSETS
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONSµ
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $175,259,996)							161,837,916		14.1%
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS
		APS Resecuritization Trust,
	8,313,384	Series 2015-3-1MZ (12 Month US Treasury Average + 0.96%, 0.96% Floor)		1.21%	^D		10/27/2046		6,404,449		0.6%
		Bayview Koitere Fund Trust,
	4,424,941	Series 2018-SBR4-A1		4.38%	^§		06/28/2033		4,511,671		0.4%
		CHL Mortgage Pass-Through Trust,
	6,646,981	Series 2007-14-A19		6.00%			09/25/2037		5,304,950		0.5%
		CHL Mortgage Pass-Through Trust,
	5,066,830	Series 2007-9-A13		5.75%			07/25/2037		3,939,417		0.3%
		CHL Mortgage Pass-Through Trust,
	8,688,000	Series 2018-GT1-A (1 Month LIBOR USD + 2.75%)		2.90%	^		05/25/2023		8,358,614		0.7%
		CIM Trust,
	13,420,000	Series 2017-3RR-B2		10.51%	#^Þ		01/29/2057		12,812,367		1.1%
		Connecticut Avenue Securities Trust,
	12,300,000	Series 2020-R01-1M2 (1 Month LIBOR USD + 2.05%, 2.05% Floor)		2.20%	^		01/25/2040		12,121,676		1.1%
		FMC GMSR Issuer Trust,
	15,000,000	Series 2019-GT1-A		5.07%	#^		05/25/2026		15,187,284		1.3%
		Home Partners of America Trust,
	13,758,693	Series 2019-2-F		3.87%	^		10/19/2039		13,936,264		1.2%
		Lehman Trust,
	7,767,268	Series 2006-GP3-1A1 (1 Month LIBOR USD + 0.20%, 0.20% Floor)		0.35%			06/25/2046		7,330,256		0.6%
		Merrill Lynch Mortgage Investors Trust,
	21,452,500	Series 2006-HE6-A1 (1 Month LIBOR USD + 0.14%, 0.14% Floor)		0.29%			11/25/2037		14,427,982		1.3%
		Morgan Stanley Resecuritization Trust,
	10,574,940	Series 2013-R7-8B (12 Month US Treasury Average + 0.96%, 0.96% Floor)		2.13%	^Þ		12/27/2046		9,265,885		0.8%
		New Residential Mortgage Loan Trust,
	5,190,772	Series 2018-FNT2-B		4.09%	^		07/25/2024		5,060,528		0.4%
		NovaStar Mortgage Funding Trust Series,
	12,025,024	Series 2006-3-A2C (1 Month LIBOR USD + 0.16%, 0.16% Floor)		0.31%			10/25/2036		9,302,186		0.8%
		PMT Credit Risk Transfer Trust 2019-2R,
	15,663,644	Series 2019-2R-A (1 Month LIBOR USD + 2.75%, 2.75% Floor)		2.90%	^		05/30/2023		14,824,708		1.3%
		PNMAC GMSR Trust,
	17,600,000	Series 2018-FT1-A (1 Month LIBOR USD + 2.35%)		2.50%	^		04/25/2023		16,976,091		1.5%
		PRPM LLC,
	3,918,374	Series 2018-1A-A1		3.75%	#^		04/25/2023		3,959,024		0.3%
		PRPM LLC,
	7,103,463	Series 2019-GS1-A2		4.70%	#^		10/25/2024		7,087,576		0.6%
		PRPM LLC,
	3,918,000	Series 2020-3-A1		2.86%	^§		09/25/2025		3,917,934		0.3%
		Residential Funding Mortgage Securities Trust,
	5,209,748	Series 2006-S8-A10		6.00%			09/25/2036		4,899,097		0.4%
		Residential Mortgage Loan Trust,
	5,750,000	Series 2020-1-B1		3.95%	#^		01/25/2060		5,643,139		0.5%
		Soundview Home Loan Trust,
	6,135,145	Series 2007-OPT1-2A2 (1 Month LIBOR USD + 0.15%, 0.15% Floor)		0.30%			06/25/2037		5,038,792		0.4%
		Spruce Hill Mortgage Loan Trust,
	8,259,000	Series 2020-SH2-M1		4.33%	#^		06/25/2055		8,291,730		0.7%
		Structured Asset Securities Corporation,
	7,258,940	Series 2007-RF1-1A (1 Month LIBOR USD + 0.19%, 0.19% Floor)		0.34%	^		03/25/2037		5,745,286		0.5%
		Tricon American Homes Trust,
	5,000,000	Series 2019-SFR1-F		3.75%	^		03/17/2039		5,165,246		0.4%
		Verus Securitization Trust,
	10,000,000	Series 2017-1A-A1		3.60%	^		08/25/2050		10,076,720		0.9%
	Other Non-Agency Residential Collateralized Mortgage Obligationsµ								74,454,241		6.7%
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $305,356,290)							294,043,113		25.6%

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 73

Schedule of Investments - Summary  DoubleLine Flexible Income Fund  (Cont.) (Unaudited) September 30, 2020

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $			% OF NET ASSETS
	US CORPORATE BONDSµ
		Total US Corporate Bonds (Cost $90,044,691)							89,004,097			7.7%
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS
		Federal Home Loan Mortgage Corporation,
	7,100,000	Series 2020-DNA2-B1 (1 Month LIBOR USD + 2.50%, 2.50% Floor)		2.65%	^		02/25/2050		6,201,949			0.5%
	Other US Government and Agency Mortgage Backed Obligationsµ								10,055,720			0.9%
		Total US Government and Agency Mortgage Backed Obligations (Cost $18,736,329)							16,257,669			1.4%
	AFFILIATED MUTUAL FUNDS
	4,606,536	DoubleLine Global Bond Fund (Class I)							49,105,675			4.3%
		Total Affiliated Mutual Funds (Cost $46,429,210)							49,105,675			4.3%
	COMMON STOCKSµ
		Total Common Stocks (Cost $1,022,514)							443,743			0.0%
	WARRANTSµ
		Total Warrants (Cost $—)							—			0.0%
	SHORT TERM INVESTMENTS
	16,334,743	First American Government Obligations Fund - Class U		0.07%	¨				16,334,743			1.4%
	16,334,743	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		0.07%	¨				16,334,743			1.4%
	16,334,743	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.02%	¨				16,334,743			1.4%
		Total Short Term Investments (Cost $49,004,229)							49,004,229			4.2%
		Total Investments (Cost $1,224,872,737)							1,170,267,039			101.7%
		Liabilities in Excess of Other Assets							(20,073,544	)		(1.7)%
		NET ASSETS						$	1,150,193,495			100.0%

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Non-Agency Residential Collateralized Mortgage Obligations	25.6%
Collateralized Loan Obligations	19.3%
Non-Agency Commercial Mortgage Backed Obligations	14.1%
Foreign Corporate Bonds	11.4%
US Corporate Bonds	7.7%
Asset Backed Obligations	6.7%
Bank Loans	5.8%
Affiliated Mutual Funds	4.3%
Short Term Investments	4.2%
US Government and Agency Mortgage Backed Obligations	1.4%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	1.2%
Common Stocks	0.0%	~
Warrants	0.0%	~
Other Assets and Liabilities	(1.7)%
	100.0%

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

(Unaudited)

September 30, 2020

INVESTMENT BREAKDOWN as a % of Net Assets:
Non-Agency Residential Collateralized Mortgage Obligations	25.6%
Collateralized Loan Obligations	19.3%
Non-Agency Commercial Mortgage Backed Obligations	14.1%
Asset Backed Obligations	6.7%
Affiliated Mutual Funds	4.3%
Short Term Investments	4.2%
Energy	3.0%
Banking	2.9%
Utilities	1.9%
Healthcare	1.4%
US Government and Agency Mortgage Backed Obligations	1.4%
Media	1.3%
Finance	1.2%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	1.2%
Electronics/Electric	1.0%
Telecommunications	0.8%
Chemicals/Plastics	0.8%
Technology	0.7%
Business Equipment and Services	0.7%
Transportation	0.7%
Leisure	0.6%
Hotels/Motels/Inns and Casinos	0.6%
Building and Development (including Steel/Metals)	0.6%
Food Products	0.6%

INVESTMENT BREAKDOWN as a % of Net Assets: (Cont.)
Retailers (other than Food/Drug)	0.6%
Automotive	0.5%
Food Service	0.4%
Mining	0.4%
Construction	0.4%
Containers and Glass Products	0.4%
Chemical Products	0.4%
Aerospace & Defense	0.4%
Insurance	0.3%
Pharmaceuticals	0.3%
Industrial Equipment	0.3%
Commercial Services	0.3%
Real Estate	0.3%
Diversified Manufacturing	0.2%
Environmental Control	0.2%
Consumer Products	0.2%
Food/Drug Retailers	0.1%
Pulp & Paper	0.1%
Conglomerates	0.1%
Cosmetics/Toiletries	0.1%
Financial Intermediaries	0.1%
Beverage and Tobacco	0.0%	~
Other Assets and Liabilities	(1.7)%
	100.0%

µ Represents issues not identified as the top 50 holdings in terms of market value and issues or issuers not exceeding 1% of net assets individually or in aggregate, respectively as of September 30, 2020.

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers.

Þ Value determined using significant unobservable inputs.

§ The interest rate will step up if the issuer does not redeem the bond on or before a scheduled redemption date in accordance with the terms of the instrument. The interest rate shown is the rate in effect as of September 30, 2020.

P/O Principal only security

# Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of September 30, 2020.

¨ Seven-day yield as of September 30, 2020

D This mortgage-backed bond accrues interest which is added to the outstanding principal balance. The interest payment will be deferred until all other tranches in the structure are paid off. The rate disclosed is as of September 30, 2020.

~ Represents less than 0.05% of net assets.

A summary of the DoubleLine Flexible Income Fund’s investments in affiliated mutual funds for the period ended September 30, 2020 is as follows:

Fund	Value at March 31, 2020			Gross Purchases			Gross Sales				Shares Held at September 30, 2020		Value at September 30, 2020			Change in Unrealized for the Period Ended September 30, 2020			Dividend Income Earned in the Period Ended September 30, 2020			Net Realized Gain (Loss) in the Period Ended September 30, 2020
DoubleLine Global Bond Fund (Class I)		$	105,830,380		$	—		$	(61,000,000	)		4,606,536		$	49,105,675		$	3,264,128		$	—		$	1,011,167

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 75

Schedule of Investments  DoubleLine Low Duration Emerging Markets Fixed Income Fund (Unaudited) September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN CORPORATE BONDS 76.5%
	BRAZIL 3.9%
	3,200,000	Banco Bradesco S.A.		5.90%			01/16/2021		3,228,032
	800,000	Banco BTG Pactual S.A. (5 Year CMT Rate + 5.26%)		7.75%	^		02/15/2029		820,400
	2,397,000	Banco do Brasil S.A. (10 Year CMT Rate + 7.78%)		8.50%	†		04/20/2021		2,401,518
	105,102	Invepar Holdings		0.00%	ÞW		12/30/2028		4,495
	1,600,000	Itau Unibanco Holding S.A.		5.75%			01/22/2021		1,618,816
	200,000	Itau Unibanco Holding S.A.		6.20%			12/21/2021		209,302
	750,000	Petrobras Global Finance B.V.		5.38%			01/27/2021		757,500
									9,040,063
	CHILE 6.2%
	200,000	AES Gener S.A.		5.00%			07/14/2025		207,100
	600,000	AES Gener S.A. (5 Year Swap Rate USD + 4.64%)		7.13%	^		01/06/2021		614,418
	700,000	AES Gener S.A. (5 Year Swap Rate USD + 4.64%)		7.13%			01/06/2021		716,821
	300,000	Colbun S.A.		4.50%			07/10/2024		327,770
	400,000	Corp Nacional del Cobre de Chile		3.88%			11/03/2021		411,183
	505,000	Corp Nacional del Cobre de Chile		4.50%			08/13/2023		549,961
	1,121,000	Corporacion Nacional del Cobre de Chile		3.00%			07/17/2022		1,160,077
	782,500	Empresa Electrica Angamos S.A.		4.88%			05/25/2029		786,264
	1,150,000	Empresa Electrica Guacolda S.A.		4.56%			04/30/2025		946,007
	700,000	Geopark Ltd.		6.50%			09/21/2024		660,800
	2,185,000	Inversiones CMPC S.A.		4.50%			04/25/2022		2,280,080
	1,900,000	Latam Finance Ltd.		6.88%	W		04/11/2024		707,750
	4,700,000	Telefonica Chile S.A.		3.88%			10/12/2022		4,943,225
									14,311,456
	CHINA 14.7%
	2,100,000	Alibaba Group Holding Ltd.		2.80%			06/06/2023		2,212,186
	900,000	Baidu, Inc.		3.50%			11/28/2022		944,918
	1,800,000	Baidu, Inc.		3.88%			09/29/2023		1,933,460
	4,500,000	CNAC HK Finbridge Company Ltd.,		3.50%			07/19/2022		4,617,998
	200,000	CNOOC Finance Ltd.		4.25%			01/26/2021		202,136
	2,400,000	CNOOC Finance Ltd.		3.88%			05/02/2022		2,506,203
	2,300,000	CNOOC Finance Ltd.		3.00%			05/09/2023		2,413,480
	3,835,000	CNPC General Capital Ltd.		3.95%			04/19/2022		4,009,972
	400,000	CNPC General Capital Ltd.		3.40%			04/16/2023		422,898
	900,000	CNPC Overseas Capital Ltd.		4.50%			04/28/2021		918,351
	200,000	ENN Energy Holdings Ltd.		3.25%			07/24/2022		205,778
	2,100,000	JD.com, Inc.		3.13%			04/29/2021		2,124,174
	3,700,000	Sinochem Overseas Capital Ltd.		4.50%			11/12/2020		3,718,907
	700,000	Sinopec Group Overseas Development Ltd.		2.00%	^		09/29/2021		707,430
	600,000	Sinopec Group Overseas Development Ltd.		2.00%			09/29/2021		606,369
	2,600,000	Sinopec Group Overseas Development Ltd.		2.15%	^		05/13/2025		2,687,945
	600,000	State Grid Overseas Investment Ltd.		3.13%			05/22/2023		632,439
	305,000	Tencent Holdings Ltd.		3.28%			04/11/2024		325,234
	2,700,000	Tencent Holdings Ltd.		1.81%	^		01/26/2026		2,756,776
									33,946,654

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	COLOMBIA 1.7%
	1,100,000	Grupo Aval Ltd.		4.75%			09/26/2022		1,127,638
	1,300,000	GrupoSura Finance S.A.		5.70%			05/18/2021		1,343,712
	1,400,000	Tecnoglass, Inc.		8.20%			01/31/2022		1,453,935
									3,925,285
	DOMINICAN REPUBLIC 0.6%
	400,000	AES Dominicana		7.95%			05/11/2026		408,004
	900,000	Banco de Reservas de la Republica Dominicana		7.00%			02/01/2023		924,759
									1,332,763
	GUATEMALA 0.2%
	368,000	Industrial Senior Trust		5.50%			11/01/2022		380,512
									380,512
	HONG KONG 1.5%
	3,300,000	HPHT Finance Ltd.		2.88%			11/05/2024		3,443,946
									3,443,946
	INDIA 8.1%
	2,500,000	Adani Ports & Special Economic Zone Ltd.		3.95%			01/19/2022		2,552,785
	600,000	Adani Ports & Special Economic Zone Ltd.		3.38%			07/24/2024		611,297
	2,805,000	Indian Oil Corporation Ltd.		5.63%			08/02/2021		2,890,058
	3,937,000	ONGC Videsh Ltd.		2.88%			01/27/2022		3,973,358
	700,000	ONGC Videsh Ltd.		3.75%			05/07/2023		726,343
	3,905,000	Reliance Industries Ltd.		4.50%			10/19/2020		3,911,990
	1,400,000	Reliance Industries Ltd.		5.40%			02/14/2022		1,475,947
	1,900,000	UPL Corporation		3.25%			10/13/2021		1,926,022
	900,000	Vedanta Resources Ltd.		7.13%			05/31/2023		686,700
									18,754,500
	INDONESIA 0.8%
	1,800,000	Perusahaan Listrik Negara PT		5.50%			11/22/2021		1,891,575
									1,891,575
	ISRAEL 0.4%
	620,250	Delek & Avner Tamar Bond Ltd.		4.44%	^		12/30/2020		620,324
	300,000	Israel Electric Corporation Ltd.		6.88%			06/21/2023		344,258
									964,582
	JAMAICA 0.1%
	53,000	Digicel Group Ltd. (PIK 7.00%)		7.00%	^†		12/01/2021		6,890
	320,000	Digicel Group Ltd. (PIK 8.00%)		5.00%	^		04/01/2025		113,600
									120,490
	KOREA 5.9%
	1,700,000	Korea East-West Power Company Ltd.		1.75%	^		05/06/2025		1,758,337
	1,500,000	Korea Electric Power Corporation		1.13%	^		06/15/2025		1,509,525
	4,200,000	LG Chem Ltd.		3.25%			10/15/2024		4,526,387
	2,100,000	NongHyup Bank		1.25%	^		07/20/2025		2,122,688
	1,600,000	POSCO		2.38%			11/12/2022		1,640,466
	1,400,000	POSCO		2.38%			01/17/2023		1,435,847
	500,000	POSCO		2.75%			07/15/2024		524,368
									13,517,618

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

(Unaudited)

September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	KUWAIT 1.5%
	600,000	Equate Petrochemical B.V.		4.25%			11/03/2026		631,125
	2,600,000	MEGlobal Canada ULC		5.00%	^		05/18/2025		2,815,056
									3,446,181
	MALAYSIA 3.9%
	4,950,000	Axiata SPV2 BHD		3.47%			11/19/2020		4,966,682
	2,485,000	Malayan Banking BHD (5 Year Swap Rate USD + 2.54%)		3.91%			10/29/2026		2,538,216
	1,488,000	Petronas Capital Ltd.		3.13%			03/18/2022		1,534,381
									9,039,279
	MEXICO 8.5%
	3,700,000	Banco Mercantil del Norte S.A. (5 Year CMT Rate + 5.04%)		6.88%	†		10/06/2020		3,665,312
	4,200,000	Banco Nacional de Comercio Exterior S.N.C. (5 Year CMT Rate + 3.00%)		3.80%			08/11/2026		4,204,494
	2,000,000	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand		5.38%	^		04/17/2025		2,226,510
	2,000,000	BBVA Bancomer S.A.		6.50%			03/10/2021		2,043,000
	600,000	BBVA Bancomer S.A.		6.75%			09/30/2022		647,550
	1,000,000	BBVA Bancomer S.A. (5 Year CMT Rate + 3.00%)		5.35%			11/12/2029		995,000
	200,000	Cemex S.A.B. de C.V.		6.13%			05/05/2025		206,750
	700,000	Cemex S.A.B. de C.V.		7.75%			04/16/2026		738,500
	300,000	Grupo Bimbo S.A.B. de C.V.		4.50%			01/25/2022		314,186
	800,000	Grupo Bimbo S.A.B. de C.V. (5 Year CMT Rate + 3.28%)		5.95%	†		01/17/2021		840,400
	1,000,000	Nacional Financiera S.N.C.		3.38%			11/05/2020		1,002,850
	1,750,000	Unifin Financiera S.A.B. de C.V.		7.25%			09/27/2023		1,500,643
	1,500,000	Unifin Financiera S.A.B. de C.V.		7.00%			01/15/2025		1,230,938
									19,616,133
	PANAMA 5.7%
	1,850,000	Banistmo S.A.		3.65%			09/19/2022		1,876,594
	1,300,000	C&W Senior Financing DAC		7.50%			10/15/2026		1,365,527
	2,752,432	ENA Norte Trust		4.95%			04/25/2028		2,776,543
	1,700,000	Global Bank Corporation		4.50%			10/20/2021		1,740,800
	2,400,000	Multibank, Inc.		4.38%			11/09/2022		2,445,636
	1,163,612	Panama Metro Line SP		0.00%	^		12/05/2022		1,130,170
	1,987,969	Panama Metro Line SP		0.00%			12/05/2022		1,930,835
									13,266,105
	PERU 2.8%
	3,400,000	Banco de Credito del Peru (3 Month LIBOR USD + 7.04%)		6.13%			04/24/2027		3,595,500
	1,735,000	BBVA Banco Continental S.A.		5.00%			08/26/2022		1,858,211
	500,000	Credicorp Ltd.		2.75%	^		06/17/2025		507,000
	569,929	Interoceanica Finance Ltd.		0.00%			11/30/2025		533,596
									6,494,307

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	PHILIPPINES 1.2%
	1,000,000	Bank of the Philippine Islands		2.50%			09/10/2024		1,028,994
	500,000	BDO Unibank, Inc.		2.63%			10/24/2021		509,068
	1,250,000	BDO Unibank, Inc.		2.95%			03/06/2023		1,299,964
									2,838,026
	SAUDI ARABIA 0.7%
	1,600,000	Saudi Arabian Oil Company		2.75%			04/16/2022		1,640,045
									1,640,045
	SINGAPORE 6.9%
	400,000	DBS Group Holdings Ltd. (5 Year Mid Swap Rate USD + 1.59%)		4.52%			12/11/2028		437,193
	3,100,000	DBS Group Holdings Ltd. (5 Year Swap Rate USD + 2.39%)		3.60%	†		03/07/2021		3,127,791
	200,000	Oversea-Chinese Banking Corporation		4.25%			06/19/2024		219,010
	1,000,000	Oversea-Chinese Banking Corporation Ltd. (5 Year CMT Rate + 1.58%)		1.83%	^		09/10/2030		998,727
	300,000	PSA Treasury Pte Ltd.		2.50%			04/12/2026		321,026
	1,100,000	SingTel Group Treasury Pte Ltd.		3.25%			06/30/2025		1,214,807
	1,700,000	SingTel Group Treasury Pte Ltd.		2.38%			10/03/2026		1,828,499
	3,250,000	Temasek Financial Ltd.		2.38%			01/23/2023		3,391,986
	800,000	United Overseas Bank Ltd. (5 Year CMT Rate + 1.50%)		3.75%			04/15/2029		853,830
	400,000	United Overseas Bank Ltd. (5 Year Swap Rate USD + 1.65%)		2.88%			03/08/2027		407,406
	3,000,000	United Overseas Bank Ltd. (5 Year Swap Rate USD + 2.24%)		3.50%			09/16/2026		3,060,795
									15,861,070
	THAILAND 1.2%
	1,100,000	Bangkok Bank PCL		4.80%			10/18/2020		1,102,139
	1,200,000	Bangkok Bank PCL		3.88%			09/27/2022		1,264,086
	300,000	Export Import Bank of Thailand (3 Month LIBOR USD + 0.90%)		1.15%			11/20/2023		299,098
									2,665,323
		Total Foreign Corporate Bonds (Cost $175,414,109)							176,495,913
	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS 17.7%
	BRAZIL 2.1%
	4,800,000	Brazilian Government International Bond		2.88%			06/06/2025		4,842,000
									4,842,000
	COLOMBIA 2.6%
	5,500,000	Colombia Government International Bond		4.38%			07/12/2021		5,658,317
	400,000	Colombia Government International Bond		2.63%			03/15/2023		410,958
									6,069,275

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 77

Schedule of Investments  DoubleLine Low Duration Emerging Markets Fixed Income Fund  (Cont.) (Unaudited) September 30, 2020

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	DOMINICAN REPUBLIC 1.1%
	2,423,333	Dominican Republic International Bond		7.50%			05/06/2021		2,502,092
									2,502,092
	INDONESIA 3.3%
	2,005,000	Indonesia Government International Bond		4.88%			05/05/2021		2,056,950
	2,805,000	Indonesia Government International Bond		3.70%			01/08/2022		2,908,765
	200,000	Indonesia Government International Bond		3.75%			04/25/2022		208,576
	200,000	Indonesia Government International Bond		3.38%			04/15/2023		211,432
	200,000	Indonesia Government International Bond		2.95%			01/11/2023		208,647
	300,000	Perusahaan Penerbit		3.40%			03/29/2022		311,140
	1,500,000	Perusahaan Penerbit		3.30%			11/21/2022		1,575,247
	200,000	Perusahaan Penerbit		3.75%			03/01/2023		212,729
									7,693,486
	MALAYSIA 2.4%
	4,400,000	Malaysia Sovereign Sukuk BHD		3.04%			04/22/2025		4,800,217
	750,000	Wakala Global Sukuk BHD		4.65%			07/06/2021		772,370
									5,572,587
	MEXICO 0.9%
	2,000,000	Mexico Government International Bond		3.90%			04/27/2025		2,191,000
									2,191,000
	PERU 0.7%
	1,500,000	Peruvian Government International Bond		2.39%			01/23/2026		1,574,250
									1,574,250
	QATAR 1.1%
	1,700,000	Qatar Government International Bond		2.38%			06/02/2021		1,719,950
	700,000	Qatar Government International Bond		4.50%			01/20/2022		734,214
									2,454,164
	SAUDI ARABIA 2.2%
	2,500,000	Saudi Government International Bond		2.38%			10/26/2021		2,545,695
	2,500,000	Saudi Government International Bond		2.88%			03/04/2023		2,615,113
									5,160,808
	UNITED ARAB EMIRATES 1.3%
	1,500,000	Abu Dhabi Government International Bond		0.75%	^		09/02/2023		1,500,037
	1,300,000	Abu Dhabi Government International Bond		2.50%	^		04/16/2025		1,385,748
									2,885,785
		Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $39,971,069)							40,945,447
	COMMON STOCKS 0.0%
	21,248	Frontera Energy Corporation							34,210
		Total Common Stocks (Cost $1,923,481)							34,210

SHARES		SECURITY DESCRIPTION	RATE			MATURITY	VALUE $
	WARRANTS 0.0%
	87,695	OAS S.A., Expiration 5/16/2039, Strike Price BRL 1.00*Þ						—
		Total Warrants (Cost $–)						—
	SHORT TERM INVESTMENTS 4.4%
	3,415,420	First American Government Obligations Fund - Class U		0.07%	¨			3,415,420
	3,415,421	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		0.07%	¨			3,415,421
	3,415,421	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.02%	¨			3,415,421
		Total Short Term Investments (Cost $10,246,262)						10,246,262
		Total Investments 98.6% (Cost $227,554,921)						227,721,832
		Other Assets in Excess of Liabilities 1.4%						3,252,679
		NET ASSETS 100.0%					$	230,974,511

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Foreign Corporate Bonds	76.5%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	17.7%
Short Term Investments	4.4%
Common Stocks	0.0%	~
Warrants	0.0%	~
Other Assets and Liabilities	1.4%
	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:
Banking	23.9%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	17.7%
Energy	14.2%
Chemicals/Plastics	6.4%
Telecommunications	6.3%
Transportation	6.2%
Utilities	4.4%
Short Term Investments	4.4%
Finance	3.9%
Technology	3.5%
Building and Development (including Steel/Metals)	2.6%
Chemical Products	1.5%
Mining	1.2%
Pulp & Paper	1.0%
Retailers (other than Food/Drug)	0.9%
Consumer Products	0.5%
Construction	0.0%	~
Other Assets and Liabilities	1.4%
	100.0%

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

(Unaudited)

September 30, 2020

COUNTRY BREAKDOWN as a % of Net Assets:
China	14.7%
Mexico	9.5%
India	8.1%
Singapore	6.9%
Malaysia	6.3%
Chile	6.2%
Brazil	6.0%
Korea	5.9%
Panama	5.7%
United States	4.4%
Colombia	4.3%
Indonesia	4.1%
Peru	3.5%
Saudi Arabia	2.9%

COUNTRY BREAKDOWN as a % of Net Assets: (Cont.)
Dominican Republic	1.7%
Kuwait	1.5%
Hong Kong	1.5%
United Arab Emirates	1.2%
Philippines	1.2%
Thailand	1.2%
Qatar	1.1%
Israel	0.4%
Guatemala	0.2%
Jamaica	0.1%
Other Assets and Liabilities	1.4%
	100.0%

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers.

† Perpetual Maturity

Þ Value determined using significant unobservable inputs.

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

* Non-income producing security

¨ Seven-day yield as of September 30, 2020

BRL Brazilian Real

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

~ Represents less than 0.05% of net assets

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 79

Schedule of Investments  DoubleLine Long Duration Total Return Bond Fund (Unaudited) September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS 72.2%
		Federal Home Loan Mortgage Corporation,
	1,867,876	Series 4057-ZB		3.50%	>		06/15/2042		2,037,619
	1,867,876	Series 4057-ZC		3.50%	>		06/15/2042		2,036,781
	1,248,849	Series 4194-ZL		3.00%	>		04/15/2043		1,340,335
	2,791,857	Series 4204-QZ		3.00%	>		05/15/2043		2,880,433
	1,938,197	Series 4206-LZ		3.50%	>		05/15/2043		2,271,982
	371,859	Series 4226-GZ		3.00%	>		07/15/2043		398,720
	2,681,165	Series 4390-NZ		3.00%	>		09/15/2044		2,968,564
	2,376,032	Series 4417-PZ		3.00%	>		12/15/2044		2,514,509
	3,171,658	Series 4420-CZ		3.00%	>		12/15/2044		3,337,735
	2,299,255	Series 4440-ZD		2.50%	>		02/15/2045		2,463,065
	1,061,513	Series 4460-KB		3.50%			03/15/2045		1,196,424
	2,352,420	Series 4461-LZ		3.00%	>		03/15/2045		2,503,577
		Federal National Mortgage Association,
	1,000,000	Pool AN7330		3.26%			12/01/2037		1,188,550
	1,194,017	Pool AN7884		3.31%			12/01/2032		1,385,118
	2,033,063	Series 2012-128-UC		2.50%			11/25/2042		2,073,790
	1,867,876	Series 2012-68-ZA		3.50%	>		07/25/2042		2,036,585
	2,660,634	Series 2012-92-AZ		3.50%	>		08/25/2042		2,914,856
	3,423,756	Series 2013-127-MZ		3.00%	>		12/25/2043		3,741,734
	577,351	Series 2013-66-ZK		3.00%	>		07/25/2043		664,298
	127,100	Series 2013-72-ZL		3.50%			07/25/2043		132,899
	1,932,560	Series 2013-74-ZH		3.50%	>		07/25/2043		2,178,392
	1,393,914	Series 2014-42-BZ		3.00%	>		07/25/2044		1,531,167
	1,500,000	Series 2014-67-HD		3.00%			10/25/2044		1,664,672
	904,000	Series 2014-68-TD		3.00%			11/25/2044		969,231
	2,777,643	Series 2014-80-DZ		3.00%	>		12/25/2044		3,086,296
	858,119	Series 2014-80-KL		2.00%			05/25/2043		839,296
	3,441,713	Series 2015-16-ZY		2.50%	>		04/25/2045		3,606,660
	3,082,314	Series 2015-52-GZ		3.00%	>		07/25/2045		3,379,346
	862,334	Series 2018-21-PO		0.00%	P/O		04/25/2048		805,586
	2,557,892	Series 2019-68-ZL		2.50%	>		11/25/2049		2,728,697
		Government National Mortgage Association,
	402,604	Series 2013-180-LO		0.00%	P/O		11/16/2043		356,983
	3,556,336	Series 2015-53-EZ		2.00%	>		04/16/2045		3,537,852
	3,192,407	Series 2015-79-VZ		2.50%	>		05/20/2045		3,377,404
	310,785	Series 2016-12-MZ		3.00%	>		01/20/2046		336,527
		Total US Government and Agency Mortgage Backed Obligations (Cost $60,706,590)							68,485,683

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	US GOVERNMENT AND AGENCY OBLIGATIONS 24.2%
	6,900,000	United States Treasury Notes		3.00%			02/15/2047		9,335,215
	14,350,000	United States Treasury Notes		1.25%			05/15/2050		13,602,230
		Total US Government and Agency Obligations (Cost $23,376,294)							22,937,445
	SHORT TERM INVESTMENTS 2.5%
	783,627	First American Government Obligations Fund - Class U		0.07%	¨				783,627
	783,628	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		0.07%	¨				783,628
	783,628	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.02%	¨				783,628
		Total Short Term Investments (Cost $2,350,883)							2,350,883
		Total Investments 98.9% (Cost $86,433,767)							93,774,011
		Other Assets in Excess of Liabilities 1.1%							1,007,194
		NET ASSETS 100.0%						$	94,781,205

SECURITY TYPE BREAKDOWN as a % of Net Assets:
US Government and Agency Mortgage Backed Obligations	72.2%
US Government and Agency Obligations	24.2%
Short Term Investments	2.5%
Other Assets and Liabilities	1.1%
	100.0%

> This U.S. Agency bond accrues interest which is added to the outstanding principal balance. The interest payment will be deferred until all other tranches in the structure are paid off. The rate disclosed is as of September 30, 2020.

P/O Principal only security

¨ Seven-day yield as of September 30, 2020

Futures Contracts
Description	Long/Short	Contract Quantity			Expiration Date		Notional Amount •			Value/Unrealized Appreciation (Depreciation)
10-Year US Treasury Note Future	Short		(71	)		12/21/2020		(9,906,719	)		$	(25,661	)
CME Ultra Long Term US Treasury Bond Future	Long		17			12/21/2020		3,770,813				(52,114	)
US Treasury Long Bond Future	Long		300			12/21/2020		52,884,375				(450,635	)
											$	(528,410	)

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

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

Schedule of Investments  DoubleLine Strategic Commodity Fund (Consolidated) (Unaudited) September 30, 2020

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	SHORT TERM INVESTMENTS 100.3%
	1,892,316	First American Government Obligations Fund - Class U		0.07%	¨				1,892,316
	1,892,315	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		0.07%	¨				1,892,315
	1,892,315	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.02%	¨				1,892,315
	1,500,000	United States Cash Management Bill		0.00%			02/02/2021		1,499,561
	27,000,000	United States Treasury Bills		0.00%	‡		12/03/2020		26,995,748
	40,000,000	United States Treasury Bills		0.00%			02/25/2021		39,984,075

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	22,500,000	United States Treasury Bills		0.00%	‡		04/22/2021		22,486,678
	30,000,000	United States Treasury Bills		0.00%			06/17/2021		29,978,956
	5,000,000	United States Treasury Bills		0.00%	‡		07/15/2021		4,996,163
	12,000,000	United States Treasury Bills		0.00%			09/09/2021		11,987,137
		Total Short Term Investments (Cost $143,456,191)							143,605,264
		Total Investments 100.3% (Cost $143,456,191)							143,605,264
		Liabilities in Excess of Other Assets (0.3)%							(489,206	)
		NET ASSETS 100.0%						$	143,116,058

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Short Term Investments	100.3%
Liabilities in Excess of Other Assets	(0.3)%
	100.0%

¨ Seven-day yield as of September 30, 2020

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

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

Excess Return Swaps
Reference Entity	Counterparty	Long/Short		Financing Rate			Payment Frequency		Termination Date		Notional Amount			Unrealized Appreciation (Depreciation)/ Value
Short Commodity Basket Swapy	Bank of America Merrill Lynch		Short		0.00	%		Termination		10/01/2020		(14,400,000	)		$	471,166
Long Commodity Basket Swapf	Bank of America Merrill Lynch		Long		0.20	%		Termination		10/01/2020		14,400,000				(53,314	)
Commodity Beta Basket Swapg	Bank of America Merrill Lynch		Long		0.23	%		Termination		10/01/2020		22,100,000				(163,998	)
Commodity Beta Basket Swapg	Canadian Imperial Bank of Commerce		Long		0.21	%		Termination		10/01/2020		46,000,000				(521,200	)
Commodity Beta Basket Swapg	Barclays Capital, Inc.		Long		0.20	%		Termination		10/01/2020		47,000,000				(532,157	)
															$	(799,503	)

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

f Long Commodity Basket Swap represents a swap on a basket of commodity sub-indices of the S&P GSCI index. At September 30, 2020, all constituents and their weightings were as follows:

Sub-Index	Ticker		Contract Value d		Value of Index			Weightings
S&P GSCI 2 Month Forward Soybeans Index ER		SG2MSOP		0.09		$	22		21.5	%
S&P GSCI 2 Month Forward Sugar Index ER		SG2MSBP		0.38			21		20.4	%
S&P GSCI 2 Month Forward Copper Index ER		SG2MICP		0.05			21		20.1	%
S&P GSCI 2 Month Forward Cocoa Index ER		SG2MCCP		0.31			21		19.1	%
S&P GSCI 2 Month Forward Zinc Index ER		SG2MIZP		0.15			20		18.9	%
						$	105		100.0	%

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 81

Schedule of Investments  DoubleLine Strategic Commodity Fund (Consolidated)  (Cont.) (Unaudited) September 30, 2020

g Commodity Beta Basket Swap represents a swap on a basket of commodity indices designed to approximate the broad commodity market. At September 30, 2020, all constituents and their weightings were as follows:

Index	Ticker		Contract Value d		Value of Index			Weightings
Electrolytic Copper Future		LP1		0.20		$	93		24.5	%
Soybean Future		S1		0.35			87		23.1	%
Nickel Future		LN1		0.20			58		15.5	%
Crude Oil Future		CL1		0.09			30		7.9	%
Brent Crude Future		CO1		0.09			29		7.7	%
Live Cattle Future		LC1		0.11			18		4.8	%
Sugar No. 11 Future		SB1		0.16			17		4.6	%
Cotton No. 2 Future		CT1		0.32			14		3.7	%
Gasoline RBOB Future		XB1		0.07			13		3.5	%
Low Sulphur Gas Oil Future		QS1		0.10			11		2.8	%
NY Harbor ULSD Heating Oil Future		HO1		0.09			8		1.9	%
						$	378		100.0	%

y Short Commodity Basket Swap represents a swap on a basket of commodity sub-indices of the S&P GSCI index. At September 30, 2020, all constituents and their weightings were as follows:

Sub-Index	Ticker		Contract Value d		Value of Index			Weightings
S&P GSCI 2 Month Forward Corn Index ER		SG2MCNP		1.17		$	23		21.9	%
S&P GSCI 2 Month Forward Kansas Wheat Index ER		SG2MKWP		0.93			23		21.6	%
S&P GSCI 2 Month Forward Crude Oil Index ER		SG2MCLP		0.09			20		19.2	%
S&P GSCI 2 Month Forward Heating Oil Index ER		SG2MHOP		0.12			20		18.9	%
S&P GSCI 2 Month Forward Gas Oil Index ER		SG2MGOP		0.49			19		18.4	%
						$	105		100.0	%

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

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

Schedule of Investments  DoubleLine Global Bond Fund (Unaudited) September 30, 2020

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS 64.6%
	AUSTRALIA 2.6%
	6,450,000	AUD	Australia Government Bond		2.75%			04/21/2024		5,039,134
	20,980,000	AUD	Australia Government Bond		3.25%			04/21/2025		17,042,460
										22,081,594
	BELGIUM 4.5%
	6,000,000	EUR	Kingdom of Belgium Government Bond		0.80%	^		06/22/2025		7,512,244
	10,950,000	EUR	Kingdom of Belgium Government Bond		1.00%	^		06/22/2026		14,000,866
	12,990,000	EUR	Kingdom of Belgium Government Bond		0.90%	^		06/22/2029		16,941,699
										38,454,809
	CANADA 2.0%
	21,970,000	CAD	Canadian Government Bond		1.50%			06/01/2023		17,068,859
										17,068,859
	CZECH REPUBLIC 1.5%
	78,000,000	CZK	Czech Republic Government Bond		5.70%			05/25/2024		4,057,780
	179,400,000	CZK	Czech Republic Government Bond		2.40%			09/17/2025		8,515,096
										12,572,876
	FRANCE 6.7%
	27,800,000	EUR	France Government Bond		0.00%			11/25/2029		33,556,772
	12,294,329	EUR	France Government Bond		0.70%	^		07/25/2030		17,056,614
	4,600,000	EUR	French Republic Government Bond		0.25%			11/25/2026		5,653,075
	895,000	EUR	French Republic Government Bond		1.00%			05/25/2027		1,155,266
										57,421,727
	GERMANY 3.8%
	21,200,000	EUR	Bundesrepublik Deutschland Bundesanleihe		0.00%			08/15/2030		26,175,417
	4,800,000	EUR	Bundesrepublik Deutschland Bundesanleihe		0.00%			02/15/2030		5,928,293
										32,103,710
	IRELAND 3.5%
	1,625,000	EUR	Ireland Government Bond		5.40%			03/13/2025		2,415,809
	9,510,000	EUR	Ireland Government Bond		1.00%			05/15/2026		12,088,284
	9,150,000	EUR	Ireland Government Bond		0.90%			05/15/2028		11,738,908
	2,750,000	EUR	Ireland Government Bond		1.10%			05/15/2029		3,609,390
										29,852,391
	ISRAEL 3.0%
	36,630,000	ILS	Israel Government Bond		4.25%			03/31/2023		11,788,444
	42,520,000	ILS	Israel Government Bond		2.00%			03/31/2027		13,649,765
										25,438,209

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	JAPAN 20.3%
	2,300,000,000	JPY	Japan Government Ten Year Bond		0.10%			03/20/2028		22,123,692
	1,310,000,000	JPY	Japan Government Ten Year Bond		0.10%			12/20/2028		12,586,942
	1,495,000,000	JPY	Japan Government Twenty Year Bond		2.10%			12/20/2027		16,440,865
	910,000,000	JPY	Japan Government Twenty Year Bond		1.90%			12/20/2028		10,023,998
	1,740,000,000	JPY	Japan Government Twenty Year Bond		1.90%			03/20/2031		19,679,157
	280,000,000	JPY	Japan Government Twenty Year Bond		1.60%			03/20/2033		3,132,382
	1,600,000,000	JPY	Japan Government Twenty Year Bond		1.60%			12/20/2033		17,986,723
	1,915,000,000	JPY	Japan Government Twenty Year Bond		1.50%			06/20/2034		21,345,774
	995,000,000	JPY	Japan Government Twenty Year Bond		1.30%			06/20/2035		10,879,103
	2,040,000,000	JPY	Japan Government Twenty Year Bond		1.20%			09/20/2035		22,041,967
	1,740,000,000	JPY	Japan Government Twenty Year Bond		0.50%			03/20/2038		16,956,844
										173,197,447
	MEXICO 0.9%
	1,597,200	MXN	Mexican Bonos		6.50%			06/09/2022		7,463,830
	60,000	MXN	Mexican Bonos		8.00%			09/05/2024		301,827
										7,765,657
	NEW ZEALAND 3.0%
	33,960,000	NZD	New Zealand Government Bond		2.75%			04/15/2025		25,248,132
										25,248,132
	PERU 2.9%
	32,130,000	PEN	Peruvian Government International Bond		6.95%	^		08/12/2031		10,935,573
	47,965,000	PEN	Peruvian Government International Bond		5.40%	^		08/12/2034		13,945,968
										24,881,541
	POLAND 1.7%
	32,850,000	PLN	Republic of Poland Government Bond		2.50%			01/25/2023		8,977,166
	17,560,000	PLN	Republic of Poland Government Bond		3.25%			07/25/2025		5,118,151
										14,095,317
	PORTUGAL 3.0%
	12,100,000	EUR	Portugal Obrigacoes do Tesouro OT		2.20%	^		10/17/2022		14,996,220
	4,150,000	EUR	Portugal Obrigacoes do Tesouro OT		2.88%	^		10/15/2025		5,629,811
	3,630,000	EUR	Portugal Obrigacoes do Tesouro OT		1.95%	^		06/15/2029		4,930,554
										25,556,585
	SOUTH AFRICA 0.4%
	21,100,000	ZAR	Republic of South Africa Government Bond		7.75%			02/28/2023		1,350,652
	39,900,000	ZAR	Republic of South Africa Government Bond		8.00%			01/31/2030		2,176,838
										3,527,490

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 83

Schedule of Investments  DoubleLine Global Bond Fund  (Cont.) (Unaudited) September 30, 2020

PRINCIPAL AMOUNT/ SHARES			SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	SPAIN 4.8%
	5,550,000	EUR	Spain Government Bond		5.85%	^		01/31/2022		7,061,067
	3,930,000	EUR	Spain Government Bond		0.40%			04/30/2022		4,674,268
	860,000	EUR	Spain Government Bond		0.35%			07/30/2023		1,030,617
	10,900,000	EUR	Spain Government Bond		2.75%	^		10/31/2024		14,404,100
	1,000,000	EUR	Spain Government Bond		1.60%	^		04/30/2025		1,274,929
	500,000	EUR	Spain Government Bond		1.30%	^		10/31/2026		638,810
	9,550,000	EUR	Spain Government Bond		0.60%	^		10/31/2029		11,665,016
										40,748,807
			Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $517,672,314)							550,015,151
	US GOVERNMENT AND AGENCY OBLIGATIONS 27.7%
	UNITED STATES 27.7%
	14,530,000	USD	United States Treasury Notes		2.75%			05/31/2023		15,535,181
	14,560,000	USD	United States Treasury Notes		2.25%			01/31/2024		15,563,275
	14,190,000	USD	United States Treasury Notes		2.50%			05/15/2024		15,374,532
	14,630,000	USD	United States Treasury Notes		2.00%			06/30/2024		15,615,811
	14,190,000	USD	United States Treasury Notes		2.38%			08/15/2024		15,379,521
	14,440,000	USD	United States Treasury Notes		2.00%			02/15/2025		15,546,691
	13,930,000	USD	United States Treasury Notes		0.25%			07/31/2025		13,918,029
	14,090,000	USD	United States Treasury Notes		2.00%			08/15/2025		15,268,386
	14,050,000	USD	United States Treasury Notes		1.63%			02/15/2026		15,028,012
	13,570,000	USD	United States Treasury Notes		2.00%			11/15/2026		14,897,316
	14,200,000	USD	United States Treasury Notes		1.63%			11/30/2026		15,269,992
	13,240,000	USD	United States Treasury Notes		1.75%			12/31/2026		14,350,919
	10,980,000	USD	United States Treasury Notes		2.38%			05/15/2029		12,635,149
	12,560,000	USD	United States Treasury Notes		1.63%			08/15/2029		13,672,737
	12,820,000	USD	United States Treasury Notes		1.50%			02/15/2030		13,829,575
	14,580,000	USD	United States Treasury Notes		0.63%			05/15/2030		14,529,881
										236,415,007
			Total US Government and Agency Obligations (Cost $227,755,263)							236,415,007
	SHORT TERM INVESTMENTS 6.0%
	10,757,706		First American Government Obligations Fund - Class U		0.07%	¨				10,757,706
	10,757,706		JP Morgan U.S. Government Money Market Fund - Institutional Share Class		0.07%	¨				10,757,706
	10,757,706		Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.02%	¨				10,757,706

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	18,680,000	USD	United States Treasury Bills		0.00%	‡		12/03/2020		18,677,058
			Total Short Term Investments (Cost $50,947,871)							50,950,176
			Total Investments - 98.3% (Cost $796,375,448)							837,380,334
			Other Assets in Excess of Liabilities 1.7%							14,617,085
			NET ASSETS 100.0%						$	851,997,419

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	64.6%
US Government and Agency Obligations	27.7%
Short Term Investments	6.0%
Other Assets and Liabilities	1.7%
	100.0%

COUNTRY BREAKDOWN as a % of Net Assets:
United States	33.7%
Japan	20.3%
France	6.7%
Spain	4.8%
Belgium	4.5%
Germany	3.8%
Ireland	3.5%
Portugal	3.0%
Israel	3.0%
New Zealand	3.0%
Peru	2.9%
Australia	2.6%
Canada	2.0%
Poland	1.7%
Czech Republic	1.5%
Mexico	0.9%
South Africa	0.4%
Other Assets and Liabilities	1.7%
	100.0%

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

(Unaudited)

September 30, 2020

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers.

¨ Seven-day yield as of September 30, 2020

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

Principal amount is stated in 100 Mexican Peso Units.

AUD Australian Dollar

EUR Euro

CAD Canadian Dollar

CZK Czech Republic Koruna

ILS Israeli Shekel

JPY Japanese Yen

MXN Mexican Peso

NZD New Zealand Dollar

PEN Peruvian Sol

PLN Polish Zloty

ZAR South African Rand

USD US Dollar

Forward Currency Exchange Contracts
Settlement Date	Counterparty	Currency to be Delivered					Value		Currency to be Received						Value	Unrealized Appreciation (Depreciation)
10/23/2020	Australia and New Zealand Banking Group		20,650,000	NZD	$	13,660,996		13,752,900		USD	$13,752,900	$	91,904
10/01/2020	Citibank, N.A.		14,277,965	USD		14,277,965		12,250,000		EUR	14,362,871		84,906
10/23/2020	Australia and New Zealand Banking Group		18,500,000	AUD		13,251,220		13,328,899		USD	13,328,899		77,679
10/01/2020	Citibank, N.A.		12,250,000	EUR		14,362,871		14,432,673		USD	14,432,673		69,802
11/06/2020	Citibank, N.A.		12,250,000	EUR		14,373,714		14,288,734		USD	14,288,734		(84,980	)
					$	69,926,766					$70,166,077	$	239,311

AUD Australian Dollar

EUR Euro

NZD New Zealand Dollar

USD US Dollar

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 85

Schedule of Investments  DoubleLine Infrastructure Income Fund (Unaudited) September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 37.4%
		AASET Ltd.,
	1,027,498	Series 2018-1A-A		3.84%	^		01/16/2038		950,879
		Blackbird Capital Aircraft Lease Securitization Ltd.,
	5,010,417	Series 2016-1A-B		5.68%	^§		12/16/2041		3,383,104
		Castlelake Aircraft Securitization Trust,
	3,995,416	Series 2016-1-A		4.50%			08/15/2041		3,750,948
	4,910,657	Series 2017-1-A		3.97%			07/15/2042		4,560,218
		CLI Funding LLC,
	117,124	Series 2013-1A-NOTE		2.83%	^		03/20/2028		117,318
	911,983	Series 2013-2A-NOTE		3.22%	^		06/18/2028		918,316
	479,783	Series 2014-1A-A		3.29%	^		06/18/2029		479,579
	2,552,421	Series 2014-2A-A		3.38%	^		10/18/2029		2,565,132
	2,602,737	Series 2019-1A-A		3.71%	^		05/18/2044		2,657,166
	2,000,000	Series 2020-1A-A		2.08%	^		09/18/2045		1,998,110
		Falcon Aerospace Ltd.,
	6,743,401	Series 2017-1-A		4.63%	^		02/15/2042		6,503,120
		GAIA Aviation Ltd.,
	3,689,433	Series 2019-1-A		3.97%	^§		12/15/2044		3,325,574
		Global SC Finance SRL,
	1,420,833	Series 2013-1A-A		2.98%	^		04/17/2028		1,426,724
	2,094,917	Series 2014-1A-A1		3.19%	^		07/17/2029		2,131,922
		Goodgreen Trust,
	5,990,546	Series 2020-1A-A		2.63%	^		04/15/2055		6,086,790
		Harbour Aircraft Investments Ltd.,
	9,233,816	Series 2017-1-A		4.00%			11/15/2037		8,607,828
		Helios Issuer LLC,
	14,786,539	Series 2017-1A-A		4.94%	^		09/20/2049		15,768,442
	2,842,882	Series 2020-AA-A		2.98%	^		06/20/2047		2,965,155
		HERO Funding Trust,
	28,410	Series 2015-2A-A		3.99%	^		09/20/2040		29,963
	865,905	Series 2016-3A-A2		3.91%	^		09/20/2042		896,759
	2,056,704	Series 2016-4A-A2		4.29%	^		09/20/2047		2,167,424
		Horizon Aircraft Finance Ltd.,
	5,186,018	Series 2019-1-A		3.72%	^		07/15/2039		4,690,380
		InSite Issuer LLC,
	2,250,000	Series 2016-1A-B		4.56%	^		11/15/2046		2,345,975
		JOL Air Ltd.,
	4,473,318	Series 2019-1-A		3.97%	^		04/15/2044		4,249,799
		Mosaic Solar Loan Trust,
	6,329,472	Series 2017-1A-A		4.45%	^		06/20/2042		6,809,603
	3,012,808	Series 2018-1A-A		4.01%	^		06/22/2043		3,191,093
	5,000,000	Series 2019-2A-B		3.28%	^		09/20/2040		5,132,618
	4,751,268	Series 2020-1A-A		2.10%	^		04/20/2046		4,868,658
	6,000,000	Series 2020-2A-B		2.21%	^		08/20/2046		5,913,913
		NP SPE II LLC,
	5,268,624	Series 2019-2A-A1		2.86%	^		11/19/2049		5,318,331
		NP SPE LLC,
	145,031	Series 2016-1A-A1		4.16%	^		04/20/2046		152,002
	2,349,107	Series 2017-1A-A1		3.37%	^		10/20/2047		2,404,133
		Raptor Aircraft Finance LLC,
	3,845,032	Series 2019-1-A		4.21%	^		08/23/2044		3,412,059
	8,050,000	SBA Tower Trust		3.17%	^		04/15/2047		8,154,531
	5,000,000	SBA TOWER TRUST		1.88%	^		01/15/2026		5,127,045
		Shenton Aircraft Investment Ltd.,
	165,276	Series 2015-1A-A		4.75%	^		10/15/2042		154,123
		Sprite Ltd.,
	3,874,478	Series 2017-1-A		4.25%	^		12/15/2037		3,535,074
		Stack Infrastructure Issuer LLC,
	3,887,458	Series 2019-1A-A2		4.54%	^		02/25/2044		4,198,439
	4,500,000	Series 2019-2A-A2		3.08%	^		10/25/2044		4,619,221
		Start Ltd.,
	1,453,301	Series 2018-1-A		4.09%	^		05/15/2043		1,337,670
		Sunnova Helios Issuer LLC,
	2,791,182	Series 2018-1A-A		4.87%	^		07/20/2048		3,016,558

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		TAL Advantage VII LLC,
	4,000,000	Series 2020-1A-A		2.05%	^		09/20/2045		4,013,657
		Textainer Marine Containers Ltd.,
	886,667	Series 2019-1A-A		3.96%	^		04/20/2044		886,755
	2,974,775	Series 2020-1A-A		2.73%	^		08/21/2045		3,047,675
	3,000,000	Series 2020-2A-A		2.10%	^		09/20/2045		3,010,251
		Thunderbolt Aircraft Lease Ltd.,
	5,658,934	Series 2017-A-A		4.21%	^§		05/17/2032		5,367,646
	1,771,600	Series 2018-A-A		4.15%	^§		09/15/2038		1,674,169
	2,678,571	Series 2018-A-B		5.07%	^§		09/15/2038		1,910,743
		Trinity Rail Leasing LLC,
	3,798,423	Series 2010-1A-A		5.19%	^		10/16/2040		3,996,204
		Trip Rail Master Funding LLC,
	1,086,032	Series 2017-1A-A1		2.71%	^		08/15/2047		1,088,352
		USQ Rail LLC,
	3,419,222	Series 2018-1-A1		3.78%	^		04/25/2048		3,499,309
		Vantage Data Centers Issuer LLC,
	11,446,458	Series 2018-1A-A2		4.07%	^		02/16/2043		11,868,937
	5,500,000	Series 2020-2A-A2		1.99%	^		09/15/2045		5,516,275
		VB-S1 Issuer LLC,
	6,000,000	Series 2018-1A-C		3.41%	^		02/15/2048		6,176,050
	4,000,000	Series 2020-1A-C2		3.03%	^		06/15/2050		4,182,359
		Vivint Colar Financing LLC,
	4,838,934	Series 2018-1A-A		4.73%	^		04/30/2048		5,006,271
		Zephyrus Capital Aviation Partners Ltd.,
	7,667,026	Series 2018-1-A		4.61%	^		10/15/2038		7,038,061
		Total Asset Backed Obligations (Cost $220,240,757)							218,204,410
	FOREIGN CORPORATE BONDS 12.6%
	3,650,000	Adani Ports & Special Economic Zone Ltd.		4.00%	^		07/30/2027		3,641,394
	10,500,000	APT Pipelines Ltd.		4.25%	^		07/15/2027		11,883,062
	2,520,000	Delek & Avner Tamar Bond Ltd.		5.41%	^		12/30/2025		2,565,551
	2,000,000	Emirates Semb CorporationWater & Power Company PJSC		4.45%	^		08/01/2035		2,330,000
	3,507,000	Empresa de Transporte de Pasajeros Metro S.A.		5.00%	^		01/25/2047		4,390,045
	2,407,501	Energia Eolica S.A.		6.00%	Þ		08/30/2034		2,708,438
	2,904,160	Fermaca Enterprises S. de R.L. de C.V.		6.38%	^		03/30/2038		3,136,493
	1,582,207	Fermaca Enterprises S. de R.L. de C.V.		6.38%			03/30/2038		1,708,784
	2,374,702	Interoceanica Finance Ltd.		0.00%	^		11/30/2025		2,223,315
	5,461,821	Interoceanica Finance Ltd.		0.00%			11/30/2025		5,113,630
	3,640,000	Israel Electric Corporation Ltd.		5.00%	^		11/12/2024		4,108,268
	3,459,380	Lima Metro Finance Ltd.		5.88%	^		07/05/2034		4,225,840
	186,274	Lima Metro Finance Ltd.		5.88%			07/05/2034		227,545
	3,075,487	Panama Metro Line SP		0.00%	^		12/05/2022		2,987,097
	4,216,000	Sydney Airport Finance Company Pty Ltd.		3.38%	^		04/30/2025		4,462,109
	2,440,000	Sydney Airport Finance Company Pty Ltd.		3.63%	^		04/28/2026		2,638,713
	6,175,000	TransCanada PipeLines Ltd.		4.25%			05/15/2028		7,139,429

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

(Unaudited)

September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	840,000	Transelec S.A.		4.63%	^		07/26/2023		905,633
	500,000	Transelec S.A.		4.25%	^		01/14/2025		544,322
	6,000,000	Transelec S.A.		3.88%	^		01/12/2029		6,570,360
		Total Foreign Corporate Bonds (Cost $67,054,197)							73,510,028
	US CORPORATE BONDS 43.1%
	6,383,000	Ameren Corporation		3.65%			02/15/2026		7,210,688
	6,860,000	American Electric Power Company, Inc.		2.95%			12/15/2022		7,179,878
	11,200,000	American Tower Corporation		4.40%			02/15/2026		12,793,433
	700,000	American Tower Corporation		3.38%			10/15/2026		775,596
	474,000	American Transmission Systems, Inc.		5.25%	^		01/15/2022		498,830
	7,515,000	American Water Capital Corporation		3.40%			03/01/2025		8,328,282
	11,015,000	AT&T, Inc.		4.30%			12/15/2042		12,449,182
	2,500,000	Connecticut Light & Power Company		3.20%			03/15/2027		2,792,367
	1,157,000	Crown Castle International Corporation		3.70%			06/15/2026		1,291,091
	5,716,000	Crown Castle International Corporation		3.65%			09/01/2027		6,402,472
	3,500,000	Crown Castle International Corporation		2.25%			01/15/2031		3,535,267
	9,000,000	Digital Realty Trust		3.70%			08/15/2027		10,130,699
	10,250,000	Dominion Energy, Inc.		3.38%			04/01/2030		11,573,913
	4,175,000	DTE Energy Company		2.85%			10/01/2026		4,532,647
	5,000,000	DTE Energy Company		3.80%			03/15/2027		5,596,261
	700,000	Duke Energy Corporation		3.15%			08/15/2027		773,924
	8,655,000	Duquesne Light Holdings, Inc.		3.62%	^		08/01/2027		9,254,086
	2,450,000	Equinix, Inc.		2.15%			07/15/2030		2,485,545
	8,635,000	Eversource Energy		2.80%			05/01/2023		9,079,372
	7,266,000	Exelon Corporation		3.40%			04/15/2026		8,143,516
	3,688,000	Exelon Corporation		4.05%			04/15/2030		4,323,476
	2,250,000	FirstEnergy Corporation		2.25%			09/01/2030		2,202,865
	10,000,000	ITC Holdings Corporation		3.25%			06/30/2026		11,179,719
	6,873,000	Metropolitan Edison Company		4.00%	^		04/15/2025		7,629,647
	6,000,000	MPLX LP		4.00%			03/15/2028		6,555,155
	7,069,000	NextEra Energy Capital Holdings, Inc.		3.63%			06/15/2023		7,589,241
	5,000,000	NextEra Energy Capital Holdings, Inc.		2.25%			06/01/2030		5,216,757
	4,500,000	NiSource, Inc.		3.49%			05/15/2027		5,020,237
	4,900,000	NiSource, Inc.		3.60%			05/01/2030		5,593,188
	7,220,000	Oncor Electric Delivery Company LLC		2.95%			04/01/2025		7,889,642
	7,350,000	Sierra Pacific Power Company		2.60%			05/01/2026		8,020,790

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	10,000,000	Southern Company		3.70%			04/30/2030		11,435,602
	6,000,000	Spectra Energy Partners LP		4.75%			03/15/2024		6,687,937
	7,250,000	Sunoco Logistics Partners Operations LP		3.90%			07/15/2026		7,461,610
	10,000,000	T-Mobile USA, Inc.		3.88%	^		04/15/2030		11,382,800
	5,032,000	Union Pacific Corporation		3.70%			03/01/2029		5,846,677
	5,000,000	Verizon Communications, Inc.		3.15%			03/22/2030		5,660,116
	6,417,000	Xcel Energy, Inc.		3.30%			06/01/2025		7,089,961
		Total US Corporate Bonds (Cost $232,237,771)							251,612,469
	SHORT TERM INVESTMENTS 8.5%
	16,511,159	First American Government Obligations Fund - Class U		0.07%	¨				16,511,159
	16,511,159	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		0.07%	¨				16,511,159
	16,511,159	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.02%	¨				16,511,159
		Total Short Term Investments (Cost $49,533,477)							49,533,477
		Total Investments 101.6% (Cost $569,066,202)							592,860,384
		Liabilities in Excess of Other Assets (1.6)%							(9,607,146	)
		NET ASSETS 100.0%						$	583,253,238

SECURITY TYPE BREAKDOWN as a % of Net Assets:
US Corporate Bonds	43.1%
Asset Backed Obligations	37.4%
Foreign Corporate Bonds	12.6%
Short Term Investments	8.5%
Other Assets and Liabilities	(1.6)%
	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:
Asset Backed Obligations	37.4%
Utilities	28.2%
Telecommunications	9.3%
Energy	9.1%
Short Term Investments	8.5%
Transportation	7.0%
Real Estate	1.7%
Technology	0.4%
Other Assets and Liabilities	(1.6)%
	100.0%

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers.

§ The interest rate will step up if the issuer does not redeem the bond on or before a scheduled redemption date in accordance with the terms of the instrument. The interest rate shown is the rate in effect as of September 30, 2020.

Þ Value determined using significant unobservable inputs.

¨ Seven-day yield as of September 30, 2020

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 87

Schedule of Investments  DoubleLine Ultra Short Bond Fund (Unaudited) September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN CORPORATE BONDS 26.0%
	1,500,000	ANZ New Zealand International Ltd.		2.13%	^		07/28/2021		1,520,434
	3,500,000	Bank of Montreal (Secured Overnight Financing Rate + 6.80%)		0.77%			03/10/2023		3,518,461
	2,500,000	Bank of Nova Scotia (Secured Overnight Financing Rate + 0.55%)		0.63%			09/15/2023		2,502,580
	3,000,000	Barclays Bank PLC		2.65%			01/11/2021		3,012,331
	3,000,000	BMW Finance NV (3 Month LIBOR USD + 0.79%)		1.05%	^		08/12/2022		3,014,872
	1,000,000	BP Capital Markets PLC (3 Month LIBOR USD + 0.25%)		0.51%			11/24/2020		1,000,386
	500,000	Canadian Imperial Bank of Commerce (3 Month LIBOR USD + 0.31%)		0.61%			10/05/2020		500,020
	1,000,000	Commonwealth Bank of Australia (3 Month LIBOR USD + 0.68%)		0.91%	^		09/18/2022		1,008,556
	1,500,000	Credit Agricole S.A. (3 Month LIBOR USD + 1.43%)		1.70%	^		01/10/2022		1,518,600
	3,500,000	Credit Suisse AG (Secured Overnight Financing Rate + 4.50%)		0.53%			02/04/2022		3,508,320
	2,500,000	Daimler Finance North America LLC (3 Month LIBOR USD + 0.67%)		0.92%	^		11/05/2021		2,502,312
	1,000,000	Daimler Finance North America LLC (3 Month LIBOR USD + 0.88%)		1.14%	^		02/22/2022		1,003,133
	2,500,000	DNB Bank ASA (3 Month LIBOR USD + 0.62%)		0.86%	^		12/02/2022		2,519,612
	2,500,000	GlaxoSmithKline Capital PLC		3.13%			05/14/2021		2,543,035
	1,500,000	HSBC Holdings PLC		2.95%			05/25/2021		1,525,304
	1,700,000	Mitsubishi UFJ Financial Group, Inc. (3 Month LIBOR USD + 0.74%)		0.98%			03/02/2023		1,709,248
	3,000,000	Mizuho Financial Group, Inc. (3 Month LIBOR USD + 0.85%)		1.10%			09/13/2023		3,016,677
	2,500,000	National Australia Bank Ltd. (3 Month LIBOR USD + 0.72%)		0.98%	^		05/22/2022		2,523,218
	1,000,000	National Australia Bank Ltd. (3 Month LIBOR USD + 0.89%)		1.16%			01/10/2022		1,009,596
	2,300,000	Rabobank (3 Month LIBOR USD + 0.83%)		1.10%			01/10/2022		2,319,567
	1,500,000	Reckitt Benckiser Treasury Services PLC (3 Month LIBOR USD + 0.56%)		0.78%	^		06/24/2022		1,505,909
	3,240,000	Royal Bank of Canada (3 Month LIBOR USD + 0.47%)		0.74%			04/29/2022		3,257,394
	4,000,000	Santander UK PLC (3 Month LIBOR USD + 0.66%)		0.94%			11/15/2021		4,024,401
	1,500,000	Siemens Financieringsmaatschappij N.V. (3 Month LIBOR USD + 0.61%)		0.85%	^		03/16/2022		1,508,312

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	3,000,000	Sumitomo Mitsui Financial Group, Inc. (3 Month LIBOR USD + 0.78%)		1.05%			07/12/2022		3,023,462
	500,000	Sumitomo Mitsui Financial Group, Inc. (3 Month LIBOR USD + 1.68%)		1.92%			03/09/2021		503,480
	1,010,000	Total Capital International S.A.		2.75%			06/19/2021		1,027,892
	2,000,000	UBS Group Funding Switzerland AG (3 Month LIBOR USD + 1.22%)		1.48%	^		05/23/2023		2,022,697
	2,000,000	UBS Group Funding Switzerland AG (3 Month LIBOR USD + 1.53%)		1.78%	^		02/01/2022		2,034,920
	2,000,000	Volkswagen Group of America Finance LLC (3 Month LIBOR USD + 0.86%)		1.08%	^		09/24/2021		2,007,914
	2,500,000	Volkswagen Group of America Finance LLC (3 Month LIBOR USD + 0.94%)		1.20%	^		11/12/2021		2,512,702
	1,000,000	Westpac Banking Corporation (3 Month LIBOR USD + 0.71%)		0.94%			06/28/2022		1,009,881
		Total Foreign Corporate Bonds (Cost $65,976,808)							66,215,226
	US CORPORATE BONDS 38.9%
	1,000,000	Allstate Corporation (3 Month LIBOR USD + 0.43%)		0.65%			03/29/2021		1,001,956
	1,500,000	Allstate Corporation (3 Month LIBOR USD + 0.63%)		0.85%			03/29/2023		1,512,308
	2,500,000	American Express Company		3.38%			05/17/2021		2,541,302
	2,000,000	American Honda Finance Corporation (3 Month LIBOR USD + 0.29%)		0.54%			12/10/2021		2,001,445
	1,000,000	American Honda Finance Corporation (3 Month LIBOR USD + 0.54%)		0.77%			06/27/2022		1,004,555
	1,000,000	Bank of America Corporation (3 Month LIBOR USD + 0.65%)		0.88%			06/25/2022		1,003,647
	2,500,000	Bank of America Corporation (3 Month LIBOR USD + 1.18%)		1.45%			10/21/2022		2,526,426
	2,000,000	BP Capital Markets America, Inc.		4.50%			10/01/2020		2,000,000
	3,500,000	Bristol-Myers Squibb Company (3 Month LIBOR USD + 0.38%)		0.66%			05/16/2022		3,513,584
	2,500,000	Cargill, Inc.		3.05%	^		04/19/2021		2,537,589
	1,000,000	Caterpillar Financial Services Corporation		1.70%			08/09/2021		1,012,105
	2,500,000	Caterpillar Financial Services Corporation (3 Month LIBOR USD + 0.59%)		0.84%			06/06/2022		2,516,227
	1,000,000	Chevron Corporation		2.10%			05/16/2021		1,010,220
	2,500,000	Cisco Systems, Inc.		2.20%			02/28/2021		2,519,718
	1,000,000	Citibank NA (3 Month LIBOR USD + 0.60%)		0.85%			05/20/2022		1,002,863

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

(Unaudited)

September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	1,000,000	Citigroup, Inc. (3 Month LIBOR USD + 0.87%)		0.95%			11/04/2022		1,004,083
	1,000,000	Citigroup, Inc. (3 Month LIBOR USD + 1.43%)		1.68%			09/01/2023		1,017,034
	2,000,000	ConocoPhillips Company (3 Month LIBOR USD + 0.90%)		1.18%			05/15/2022		2,019,569
	1,000,000	DuPont de Nemours, Inc. (3 Month LIBOR USD + 0.71%)		0.99%			11/15/2020		1,000,717
	2,500,000	Georgia-Pacific LLC		5.40%	^		11/01/2020		2,509,871
	3,500,000	Goldman Sachs Group, Inc. (3 Month LIBOR USD + 0.75%)		1.01%			02/23/2023		3,513,410
	1,000,000	Honeywell International, Inc. (3 Month LIBOR USD + 0.23%)		0.50%			08/19/2022		1,000,930
	1,000,000	Honeywell International, Inc. (3 Month LIBOR USD + 0.37%)		0.61%			08/08/2022		1,004,331
	3,000,000	International Bank for Reconstruction & Development (Secured Overnight Financing Rate USD + 0.30%)		0.38%			08/06/2024		2,998,840
	2,500,000	International Business Machines Corporation (3 Month LIBOR USD + 0.40%)		0.65%			05/13/2021		2,505,846
	1,000,000	Jackson National Life Global Funding (3 Month LIBOR USD + 0.73%)		0.96%	^		06/27/2022		1,007,923
	2,500,000	Jackson National Life Global Funding (Secured Overnight Financing Rate + 6.00%)		0.65%	^		01/06/2023		2,504,280
	1,000,000	John Deere Capital Corporation (3 Month LIBOR USD + 0.48%)		0.73%			09/08/2022		1,004,882
	1,000,000	John Deere Capital Corporation (3 Month LIBOR USD + 0.49%)		0.74%			06/13/2022		1,005,697
	3,500,000	JPMorgan Chase & Company (3 Month LIBOR USD + 1.23%)		1.49%			10/24/2023		3,555,537
	3,000,000	Metropolitan Life Global Funding I (Secured Overnight Financing Rate + 0.35%)		0.43%	^		09/08/2022		3,000,292
	3,335,000	Morgan Stanley (3 Month LIBOR USD + 1.40%)		1.66%			10/24/2023		3,390,307
	500,000	New York Life Global Funding (3 Month LIBOR USD + 0.32%)		0.57%	^		08/06/2021		501,304
	2,000,000	New York Life Global Funding (3 Month LIBOR USD + 0.44%)		0.71%	^		07/12/2022		2,011,313
	3,000,000	Nissan Motor Acceptance Corporation (3 Month LIBOR USD + 0.52%)		0.77%	^		03/15/2021		2,986,277
	1,010,000	Oracle Corporation		2.80%			07/08/2021		1,029,633

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	2,750,000	Philip Morris International, Inc.		1.88%			02/25/2021		2,760,303
	1,000,000	PNC Bank (3 Month LIBOR USD + 0.45%)		0.71%			07/22/2022		1,002,930
	2,500,000	PNC Bank (3 Month LIBOR USD + 3.25%)		0.58%			02/24/2023		2,503,297
	2,695,000	Qualcomm, Inc. (3 Month LIBOR USD + 0.73%)		1.00%			01/30/2023		2,727,877
	2,500,000	Southern California Edison Company		3.88%			06/01/2021		2,536,271
	1,000,000	SunTrust Bank (3 Month LIBOR USD + 0.59%)		0.87%			05/17/2022		1,006,726
	3,000,000	Toyota Motor Credit Corporation (3 Month LIBOR USD + 0.48%)		0.73%			09/08/2022		3,016,244
	2,500,000	Truist Bank (Secured Overnight Financing Rate + 7.30%)		0.82%			03/09/2023		2,520,840
	2,136,000	UnitedHealth Group, Inc.		2.13%			03/15/2021		2,154,219
	1,500,000	Walmart, Inc.		3.13%			06/23/2021		1,532,740
	2,160,000	Walt Disney Company		4.50%			02/15/2021		2,193,902
	3,000,000	Wells Fargo & Company		2.55%			12/07/2020		3,012,312
	1,000,000	Wells Fargo & Company (3 Month LIBOR USD + 0.93%)		1.18%			02/11/2022		1,002,514
	2,500,000	Wells Fargo & Company (3 Month LIBOR USD + 1.23%)		1.49%			10/31/2023		2,531,661
		Total US Corporate Bonds (Cost $98,587,561)							98,777,857
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS 4.4%
	4,000,000	Federal Home Loan Banks (Secured Overnight Financing Rate USD + 5.00%)		0.12%			01/28/2021		4,000,522
	5,000,000	Federal National Mortgage Association (Secured Overnight Financing Rate USD + 4.00%)		0.12%			01/29/2021		5,000,486
	2,250,000	Federal National Mortgage Association (Secured Overnight Financing Rate USD + 7.50%)		0.15%			10/30/2020		2,250,136
		Total US Government and Agency Mortgage Backed Obligations (Cost $11,250,083)							11,251,144
	SHORT TERM INVESTMENTS 30.2%
	COMMERCIAL PAPER 29.4%
	2,000,000	Apple, Inc.		0.00%	^		12/02/2020		1,999,695
	1,500,000	Australia & New Zealand Banking Group Ltd.		0.00%	^		05/24/2021		1,498,260
	1,000,000	Canadian National Railway Company		0.00%	^		10/22/2020		999,943
	1,000,000	Canadian National Railway Company		0.00%	^		10/30/2020		999,912
	1,000,000	Chevron Corporation		0.00%	^		03/11/2021		999,302
	1,000,000	Chevron Corporation		0.00%	^		05/11/2021		998,935
	1,000,000	Coca Cola Company		0.00%	^		12/01/2020		999,823
	2,300,000	Coca Cola Company		0.00%	^		01/14/2021		2,299,458

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 89

Schedule of Investments  DoubleLine Ultra Short Bond Fund  (Cont.) (Unaudited) September 30, 2020

SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	1,500,000	Emerson Electric Company		0.00%	^		10/20/2020		1,499,927
	1,500,000	Exxon Mobil Corporation		0.00%			12/04/2020		1,499,710
	1,500,000	Exxon Mobil Corporation		0.00%			02/26/2021		1,498,920
	1,000,000	Exxon Mobil Corporation		0.00%			03/22/2021		999,159
	2,500,000	Henkel Corporation		0.00%	^		03/05/2021		2,498,082
	2,500,000	Hennessy Lou Vuitton		0.00%	^		12/21/2020		2,499,317
	1,000,000	Honeywell International, Inc.		0.00%	^		02/08/2021		999,451
	1,000,000	Honeywell International, Inc.		0.00%	^		05/20/2021		998,737
	2,500,000	Johnson & Johnson		0.00%	^		11/30/2020		2,499,640
	1,000,000	Johnson & Johnson		0.00%	^		12/07/2020		999,839
	2,500,000	Koch Industries, Inc.		0.00%			10/14/2020		2,499,937
	1,000,000	Koch Industries, Inc.		0.00%			12/01/2020		999,854
	1,500,000	Komatsu Finance America, Inc.		0.00%	^		11/16/2020		1,499,802
	1,500,000	Komatsu Finance America, Inc.		0.00%	^		12/08/2020		1,499,681
	2,500,000	Lilly Eli & Corporation		0.00%	^		11/04/2020		2,498,680
	1,000,000	LVMH Moet Hennessy Lou Vuitton		0.00%	^		12/03/2020		999,808
	1,000,000	Macquarie Bank Ltd.		0.00%	^		12/17/2020		999,590
	2,500,000	Macquarie Bank Ltd.		0.00%	^		02/09/2021		2,497,928
	1,000,000	Metlife Short Term Funding LLC		0.00%	^		02/22/2021		999,545
	1,500,000	Mitsubishi UFJ Financial Group, Inc.		0.00%	^		12/18/2020		1,499,470
	1,000,000	National Bank of Canada		0.00%	^		10/06/2020		999,986
	1,000,000	Nestle Captial Corporation		0.00%	^		02/24/2021		999,657
	2,500,000	Nestle Captial Corporation		0.00%	^		03/01/2021		2,499,113
	3,500,000	Novartis Financial Corporation		0.00%	^		10/05/2020		3,499,934
	1,500,000	PACCAR Financial Corporation		0.00%			10/13/2020		1,499,954-
	2,500,000	PFIZER, Inc.		0.00%	^		10/16/2020		2,499,927
	1,000,000	PFIZER, Inc.		0.00%	^		11/17/2020		999,892
	1,032,000	Province of British Columbia		0.00%			01/20/2021		1,031,550
	2,000,000	Province of British Columbia		0.00%			03/08/2021		1,998,622
	1,000,000	Province of British Columbia		0.00%			03/22/2021		999,318
	2,500,000	Roche Holding, Inc.		0.00%	^		10/19/2020		2,499,910
	3,000,000	Shell Finance International B.V.		0.00%	^		05/25/2021		2,994,490
	2,500,000	Simon Property Group LP		0.00%	^		10/05/2020		2,499,970
	1,000,000	Simon Property Group LP		0.00%	^		12/15/2020		999,723
	2,000,000	Toronto-Dominion Bank		0.00%	^		10/02/2020		1,999,991
	1,000,000	Toronto-Dominion Bank		0.00%	^		12/01/2020		999,766
	1,000,000	Total Capital Canada Ltd.		0.00%	^		11/04/2020		999,906
	2,000,000	Unilever Capital Corporation		0.00%	^		10/14/2020		1,999,945
									74,804,059

SHARES		SECURITY DESCRIPTION	RATE			MATURITY	VALUE $
	MONEY MARKET FUNDS 0.8%
	658,891	First American Government Obligations Fund - Class U		0.07%	¨			658,891
	658,892	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		0.07%	¨			658,892
	658,892	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.02%	¨			658,892
								1,976,675
		Total Short Term Investments (Cost $76,772,144)						76,780,734
		Total Investments 99.5% (Cost $252,586,596)						253,024,961
		Other Assets in Excess of Liabilities 0.5%						1,165,941
		NET ASSETS 100.0%					$	254,190,902

SECURITY TYPE BREAKDOWN as a % of Net Assets:
US Corporate Bonds	38.9%
Commercial Paper	29.4%
Foreign Corporate Bonds	26.0%
US Government and Agency Mortgage Backed Obligations	4.4%
Short Term Investments	0.8%
Other Assets and Liabilities	0.5%
	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:
Banking	37.1%
Pharmaceuticals	8.5%
Automotive	8.5%
Energy	8.1%
Insurance	4.9%
US Government and Agency Mortgage Backed Obligations	4.4%
Technology	4.2%
Diversified Manufacturing	3.9%
Food Products	3.7%
Consumer Products	2.3%
Construction	2.2%
Retailers (other than Food/Drug)	2.0%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	1.6%
Real Estate	1.4%
Beverage and Tobacco	1.1%
Utilities	1.0%
Pulp & Paper	1.0%
Media	0.8%
Healthcare	0.8%
Transportation	0.8%
Short Term Investments	0.8%
Chemicals/Plastics	0.4%
Other Assets and Liabilities	0.5%
	100.0%

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers.

¨ Seven-day yield as of September 30, 2020

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

Schedule of Investments  DoubleLine Shiller Enhanced International CAPE (Unaudited) September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 2.3%
		Global SC Finance SRL,
	178,250	Series 2014-1A-A1		3.19%	^		07/17/2029		181,399
		Navient Private Education Loan Trust,
	500,000	Series 2018-A-B		3.68%	^		02/18/2042		509,719
	250,000	SBA Tower Trust		3.17%	^		04/15/2047		253,246
		SoFi Consumer Loan Program Trust,
	8,152	Series 2017-2-A		3.28%	^		02/25/2026		8,167
		Total Asset Backed Obligations (Cost $933,013)							952,531
	COLLATERALIZED LOAN OBLIGATIONS 16.0%
		AMMC Ltd.,
	498,782	Series 2014-15A-ARR (3 Month LIBOR USD + 1.26%, 1.26% Floor)		1.54%	^		01/15/2032		495,398
		Anchorage Capital Ltd.,
	500,000	Series 2015-6A-AR (3 Month LIBOR USD + 1.27%)		1.55%	^		07/15/2030		497,520
		Benefit Street Partners Ltd.,
	249,597	Series 2013-IIIA-A1R (3 Month LIBOR USD + 1.25%)		1.52%	^		07/20/2029		249,859
		Crown Point Ltd.,
	500,000	Series 2020-9A-A (3 Month LIBOR USD + 2.05%, 2.05% Floor)		2.37%	^		07/14/2032		501,974
	500,000	Series 2020-9A-B (3 Month LIBOR USD + 2.69%, 2.69% Floor)		3.01%	^		07/14/2032		501,238
		CVP Ltd.,
	500,000	Series 2017-1A-A (3 Month LIBOR USD + 1.34%)		1.61%	^		07/22/2030		498,391
		Elmwood Ltd.,
	500,000	Series 2020-1A-A (3 Month LIBOR USD + 1.24%, 1.24% Floor)		2.42%	^		04/15/2033		496,339
		Highbridge Loan Management Ltd.,
	500,000	Series 3A-2014-CR (3 Month LIBOR USD + 3.60%)		3.87%	^		07/18/2029		467,055
		Steele Creek Ltd.,
	500,000	Series 2015-1A-AR (3 Month LIBOR USD + 1.26%)		1.51%	^		05/21/2029		496,552
		Venture Ltd.,
	500,000	Series 2017-29A-A (3 Month LIBOR USD + 1.28%)		1.56%	^		09/09/2030		495,624
		Whitehorse Ltd.,
	1,000,000	Series 2018-12A-A (3 Month LIBOR USD + 1.25%, 1.25% Floor)		1.53%	^		10/15/2031		989,250
		Wind River Ltd.,
	1,000,000	Series 2014-2A-AR (3 Month LIBOR USD + 1.14%, 1.14% Floor)		1.42%	^		01/15/2031		990,025
		Total Collateralized Loan Obligations (Cost $6,730,496)							6,679,225
	FOREIGN CORPORATE BONDS 6.5%
	70,000	AstraZeneca PLC		3.50%			08/17/2023		75,750
	40,000	Avolon Holdings Funding Ltd.		3.63%	^		05/01/2022		39,324
	200,000	Baidu, Inc.		3.50%			11/28/2022		209,982
	100,000	Banco de Credito del Peru (3 Month LIBOR USD + 7.04%)		6.13%			04/24/2027		105,750
	150,000	Banco de Reservas de la Republica Dominicana		7.00%			02/01/2023		154,127
	100,000	Banco do Brasil S.A. (10 Year CMT Rate + 7.78%)		8.50%	†		04/20/2021		100,189
	65,000	Bank of Nova Scotia		0.55%			09/15/2023		64,918
	65,000	BAT International Finance PLC		1.67%			03/25/2026		65,289

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	200,000	CNAC HK Finbridge Company Ltd.,		3.50%			07/19/2022		205,244
	156,500	Empresa Electrica Angamos S.A.		4.88%			05/25/2029		157,253
	55,000	GlaxoSmithKline Capital PLC		0.53%			10/01/2023		55,057
	200,000	HPHT Finance Ltd.		2.88%			11/05/2024		208,724
	200,000	Korea East-West Power Company Ltd.		1.75%	^		05/06/2025		206,863
	50,000	Macquarie Bank Ltd.		2.10%	^		10/17/2022		51,624
	200,000	Malayan Banking BHD (5 Year Swap Rate USD + 2.54%)		3.91%			10/29/2026		204,283
	200,000	ONGC Videsh Ltd.		2.88%			01/27/2022		201,847
	200,000	POSCO		2.38%			11/12/2022		205,058
	250,000	Reliance Holdings, Inc.		4.13%			01/28/2025		274,844
	70,000	Sumitomo Mitsui Financial Group, Inc.		2.06%			07/14/2021		70,967
	50,000	Toronto-Dominion Bank (Secured Overnight Financing Rate + 4.80%)		0.57%			01/27/2023		50,167
		Total Foreign Corporate Bonds (Cost $2,652,124)							2,707,260
	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS 1.2%
	100,000	Peruvian Government International Bond		2.39%			01/23/2026		104,950
	200,000	Qatar Government International Bond		2.38%			06/02/2021		202,347
	200,000	Saudi Government International Bond		2.88%			03/04/2023		209,209
		Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $502,472)							516,506
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 13.9%
		AREIT Trust,
	231,000	Series 2019-CRE3-D (1 Month LIBOR USD + 2.65%, 2.65% Floor)		2.80%	^		09/14/2036		219,955
		Atrium Hotel Portfolio Trust,
	251,000	Series 2017-ATRM-E (1 Month LIBOR USD + 3.05%, 3.05% Floor)		3.20%	^		12/15/2036		208,236
	115,000	Series 2018-ATRM-E (1 Month LIBOR USD + 3.40%, 3.40% Floor)		3.55%	^		06/15/2035		99,266
		Bancorp Commercial Mortgage Trust,
	177,000	Series 2018-CRE4-D (1 Month LIBOR USD + 2.10%, 0.25% Floor)		2.25%	^		09/17/2035		163,904
		BB-UBS Trust,
	3,844,000	Series 2012-SHOW-XB		0.28%	#^ I/O		11/07/2036		27,996
		BX Commercial Mortgage Trust,
	163,000	Series 2019-IMC-F (1 Month LIBOR USD + 2.90%, 2.90% Floor)		3.05%	^		04/17/2034		139,690
		BX Trust,
	587,827	Series 2017-SLCT-D (1 Month LIBOR USD + 2.05%, 2.05% Floor)		2.20%	^		07/17/2034		587,532
		CFCRE Commercial Mortgage Trust,
	3,545,000	Series 2018-TAN-X		1.85%	#^ I/O		02/17/2033		118,296
		Citigroup Commercial Mortgage Trust,
	2,872,742	Series 2014-GC19-XA		1.31%	# I/O		03/12/2047		93,334
	268,000	Series 2018-TBR-E (1 Month LIBOR USD + 2.80%, 2.90% Floor)		2.95%	^		12/15/2036		231,301

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 91

Schedule of Investments  DoubleLine Shiller Enhanced International CAPE  (Cont.) (Unaudited) September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Citigroup Commercial Mortgage Trust, (Cont.)
	255,000	Series 2018-TBR-F (1 Month LIBOR USD + 3.65%, 3.75% Floor)		3.80%	^		12/15/2036		216,955
		COMM Mortgage Trust,
	111,000	Series 2013-LC13-B		5.01%	#^		08/10/2046		116,764
		Commercial Mortgage Pass-Through Certificates,
	100,000	Series 2015-CR25-C		4.69%	#		08/10/2048		99,086
	186,000	Series 2015-DC1-C		4.45%	#		02/12/2048		177,517
		Credit Suisse Mortgage Capital Certificates,
	100,000	Series 2019-ICE4-F (1 Month LIBOR USD + 2.65%, 2.65% Floor)		2.80%	^		05/15/2036		98,514
		Credit Suisse Mortgage Trust,
	394,000	Series 2017-LSTK-D		3.44%	#^		04/07/2033		380,910
		DBGS Mortgage Trust,
	92,814	Series 2018-BIOD-F (1 Month LIBOR USD + 2.00%, 2.00% Floor)		2.15%	^		05/15/2035		91,667
		Great Wolf Trust,
	111,000	Series 2019-WOLF-A (1 Month LIBOR USD + 1.03%, 1.03% Floor)		1.19%	^		12/15/2036		107,386
		GS Mortgage Securities Corporation Trust,
	100,000	Series 2012-ALOH-A		3.55%	^		04/12/2034		100,957
	186,000	Series 2020-UPTN-F		3.35%	#^		03/12/2037		168,218
		GS Mortgage Securities Trust,
	312,000	Series 2014-GC26-D		4.66%	#^		11/13/2047		194,606
	6,057,966	Series 2016-GS4-XA		0.68%	# I/O		11/15/2049		138,737
		HPLY Trust,
	190,146	Series 2019-HIT-D (1 Month LIBOR USD + 2.00%, 2.00% Floor)		2.15%	^		11/17/2036		178,469
		Hunt Ltd.,
	190,000	Series 2018-FL2-C (1 Month LIBOR USD + 2.35%, 2.35% Floor)		2.50%	^		08/17/2028		183,065
		JP Morgan Chase Commercial Mortgage Securities Trust,
	300,000	Series 2018-BCON-E		3.88%	#^		01/07/2031		290,778
	104,000	Series 2018-WPT-EFX		5.54%	^		07/08/2033		101,605
	300,000	Series 2018-WPT-FFX		5.54%	^		07/08/2033		286,805
		JPMBB Commercial Mortgage Securities Trust,
	100,000	Series 2015-C28-B		3.99%			10/19/2048		102,090
		MFT Trust,
	186,000	Series 2020-ABC-D		3.59%	#^		02/12/2042		173,294
		Morgan Stanley Capital Trust,
	88,000	Series 2017-ASHF-D (1 Month LIBOR USD + 2.20%, 2.20% Floor)		2.35%	^		11/15/2034		74,411
	188,000	Series 2017-ASHF-E (1 Month LIBOR USD + 3.15%, 3.15% Floor)		3.30%	^		11/15/2034		153,737
	15,277,000	Series 2017-ASHF-XCP		0.00%	#^ I/O		11/15/2024		15
	111,000	Series 2017-CLS-F (1 Month LIBOR USD + 2.60%, 2.60% Floor)		2.75%	^		11/15/2034		108,332
		SLIDE,
	8,255,590	Series 2018-FUN-XCP		0.98%	#^ I/O		12/15/2020		16,887
		Wells Fargo Commercial Mortgage Trust,
	6,547,461	Series 2015-NXS2-XA		0.81%	# I/O		07/17/2058		176,742
	5,162,088	Series 2015-P2-XA		1.08%	# I/O		12/17/2048		183,201
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $6,498,936)							5,810,258

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 16.8%
		Alternative Loan Trust,
	482,750	Series 2005-64CB-1A10		5.75%			12/25/2035		478,137
		Bayview Opportunity Master Fund Trust,
	359,954	Series 2019-SBR2-A1		3.43%	^§		06/28/2034		366,653
		Citigroup Mortgage Loan Trust,
	203,686	Series 2006-AR2-1A2		3.88%	#		03/25/2036		193,548
		CSMC Trust,
	372,916	Series 2018-RPL7-A1		4.00%	^		08/26/2058		382,445
	674,629	Series 2019-RPL9-A1		3.32%	#^		10/25/2059		679,478
		Deephaven Residential Mortgage Trust,
	59,266	Series 2017-1A-A1		2.73%	#^		12/26/2046		59,481
	59,266	Series 2017-1A-A2		2.93%	#^		12/26/2046		59,517
		Legacy Mortgage Asset Trust,
	394,860	Series 2019-GS5-A1		3.20%	^§		05/25/2059		399,187
		OBX Trust,
	700,374	Series 2020-EXP2-A3		2.50%	#^		05/25/2060		714,834
		PRPM LLC,
	370,684	Series 2019-3A-A1		3.35%	^§		07/25/2024		370,229
		RALI Trust,
	1,169,010	Series 2007-QS8-A3 (1 Month LIBOR USD + 0.60%, 0.60% Floor, 6.00% Cap)		0.75%			06/25/2037		811,411
		Velocity Commercial Capital Loan Trust,
	613,847	Series 2018-2-A		4.05%	#^		10/25/2048		624,589
		Vericrest Opportunity Loan Trust,
	543,074	Series 2020-NPL2-A1A		2.98%	^§		02/25/2050		544,060
	221,827	Series 2020-NPL5-A1A		2.98%	^§		03/25/2050		222,066
		Verus Securitization Trust,
	130,270	Series 2017-1A-A2		3.16%	#^		01/25/2047		130,895
		VOLT LLC,
	400,297	Series 2020-NPL1-A1A		3.23%	^§		01/25/2050		401,753
	555,344	Series 2020-NPL4-A1		2.98%	^§		03/25/2050		555,146
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $6,951,936)							6,993,429
	US CORPORATE BONDS 6.7%
	65,000	AbbVie, Inc.		2.30%	^		11/21/2022		67,289
	60,000	American Express Company		3.70%			11/05/2021		61,983
	60,000	Anthem, Inc.		2.50%			11/21/2020		60,180
	60,000	AT&T, Inc.		4.45%			04/01/2024		67,140
	65,000	Bank of America Corporation (3 Month LIBOR USD + 0.79%)		1.04%			03/05/2024		65,297
	35,000	BB&T Corporation		2.20%			03/16/2023		36,431
	65,000	Bristol-Myers Squibb Company		2.60%			05/16/2022		67,457
	10,000	Capital One Financial Corporation		2.40%			10/30/2020		10,000
	60,000	Capital One Financial Corporation		3.20%			01/30/2023		63,379
	65,000	Cardinal Health, Inc.		2.62%			06/15/2022		67,124
	65,000	Carrier Global Corporation		1.92%	^		02/15/2023		66,912
	65,000	Cigna Corporation		3.40%			09/17/2021		66,911
	65,000	Cintas Corporation		2.90%			04/01/2022		67,262
	95,000	Citigroup, Inc. (3 Month LIBOR USD + 1.02%)		1.27%			06/01/2024		95,545
	75,000	Crown Castle International Corporation		1.35%			07/15/2025		75,884
	26,000	CVS Health Corporation		3.70%			03/09/2023		27,860
	20,000	Dollar Tree, Inc.		4.00%			05/15/2025		22,588
	40,000	DOLLAR TREE, Inc.		3.70%			05/15/2023		43,039
	5,000	DTE Energy Company		2.25%			11/01/2022		5,171
	30,000	DTE Energy Company		2.53%			10/01/2024		31,923
	25,000	DTE Energy Company		1.05%			06/01/2025		25,075

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

(Unaudited)

September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	50,000	DuPont de Nemours, Inc.		4.49%			11/15/2025		57,521
	65,000	eBay, Inc.		2.75%			01/30/2023		68,191
	65,000	Entergy Corporation		0.90%			09/15/2025		64,988
	50,000	Exxon Mobil Corporation		1.57%			04/15/2023		51,470
	35,000	Honeywell International, Inc.		0.48%			08/19/2022		35,060
	65,000	Hyundai Capital America		2.85%	^		11/01/2022		67,257
	60,000	JPMorgan Chase & Company (3 Month LIBOR USD + 0.70%)		3.21%			04/01/2023		62,365
	70,000	Marsh & McLennan Companies, Inc. (3 Month LIBOR USD + 1.20%)		1.42%			12/29/2021		70,069
	50,000	McDonald’s Corporation		2.63%			01/15/2022		51,473
	65,000	Microchip Technology, Inc.		3.92%			06/01/2021		66,429
	20,000	Micron Technology, Inc.		2.50%			04/24/2023		20,785
	35,000	Mondelez International, Inc.		0.63%			07/01/2022		35,142
	5,000	Mondelez International, Inc.		3.63%			05/07/2023		5,419
	65,000	Morgan Stanley (3 Month LIBOR USD + 0.93%)		1.19%			07/22/2022		65,306
	60,000	Omnicom Capital, Inc.		3.63%			05/01/2022		62,860
	20,000	ORACLE Corporation		2.50%			04/01/2025		21,462
	85,000	PayPal Holdings, Inc.		2.20%			09/26/2022		87,905
	105,000	Penske Truck Leasing Company		2.70%	^		11/01/2024		111,501
	45,000	Prudential Financial, Inc.		3.50%			05/15/2024		49,839
	65,000	PSEG Power LLC		3.85%			06/01/2023		69,981
	60,000	Republic Services, Inc.		2.50%			08/15/2024		63,888
	35,000	Royalty Pharma PLC		0.75%	^		09/02/2023		34,930
	45,000	Schlumberger Holdings Corporation		3.75%	^		05/01/2024		48,891
	50,000	Simon Property Group LP		2.00%			09/13/2024		51,584
	35,000	Target Corporation		2.90%			01/15/2022		36,218
	95,000	Union Pacific Corporation		3.20%			06/08/2021		96,885
	35,000	Valero Energy Corporation		1.20%			03/15/2024		34,881
	75,000	Verizon Communications, Inc. (3 Month LIBOR USD + 1.10%)		1.38%			05/15/2025		76,700
	65,000	Wells Fargo & Company (Secured Overnight Financing Rate + 1.60%)		1.65%			06/02/2024		66,238
	60,000	Welltower, Inc.		3.63%			03/15/2024		64,922
		Total US Corporate Bonds (Cost $2,730,868)							2,794,610
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS 9.3%
		Federal Home Loan Mortgage Corporation,
	1,459,060	Series 3312-FJ (1 Month LIBOR USD + 0.22%, 0.22% Floor, 7.00% Cap)		0.37%			07/15/2036		1,456,144
	1,529,119	Series 3747-FA (1 Month LIBOR USD + 0.50%, 0.50% Floor, 7.00% Cap)		0.65%			10/15/2040		1,542,953
		Federal National Mortgage Association,
	861,271	Series 2013-74-YA		3.00%			05/25/2042		904,906
		Total US Government and Agency Mortgage Backed Obligations (Cost $3,820,613)							3,904,003
	US GOVERNMENT AND AGENCY OBLIGATIONS 19.6%
	1,800,000	United States Treasury Notes		2.63%	‡		05/15/2021		1,827,887
	2,710,000	United States Treasury Notes		1.50%			09/30/2021		2,746,477
	1,140,000	United States Treasury Notes		1.38%	‡		01/31/2022		1,158,837
	1,140,000	United States Treasury Notes		0.13%			05/15/2023		1,139,332
	470,000	United States Treasury Notes		2.25%			12/31/2023		501,670
	200,000	United States Treasury Notes		0.38%			07/31/2027		198,937
	550,000	United States Treasury Notes		1.50%			02/15/2030		593,312
		Total US Government and Agency Obligations (Cost $8,168,217)							8,166,452

SHARES		SECURITY DESCRIPTION	RATE			MATURITY	VALUE $
	AFFILIATED MUTUAL FUNDS 6.2%
	281,035	DoubleLine Floating Rate Fund (Class I)						2,602,382
		Total Affiliated Mutual Funds (Cost $2,782,244)						2,602,382
	SHORT TERM INVESTMENTS 0.4%
	59,089	First American Government Obligations Fund - Class U		0.07%	¨			59,089
	59,089	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		0.07%	¨			59,089
	59,090	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.02%	¨			59,090
		Total Short Term Investments (Cost $177,268)						177,268
		Total Investments 98.9% (Cost $41,948,187)						41,303,924
		Other Assets in Excess of Liabilities 1.1%						443,030
		NET ASSETS 100.0%					$	41,746,954

SECURITY TYPE BREAKDOWN as a % of Net Assets:
US Government and Agency Obligations	19.6%
Non-Agency Residential Collateralized Mortgage Obligations	16.8%
Collateralized Loan Obligations	16.0%
Non-Agency Commercial Mortgage Backed Obligations	13.9%
US Government and Agency Mortgage Backed Obligations	9.3%
US Corporate Bonds	6.7%
Foreign Corporate Bonds	6.5%
Affiliated Mutual Funds	6.2%
Asset Backed Obligations	2.3%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	1.2%
Short Term Investments	0.4%
Other Assets and Liabilities	1.1%
	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:
US Government and Agency Obligations	19.6%
Non-Agency Residential Collateralized Mortgage Obligations	16.8%
Collateralized Loan Obligations	16.0%
Non-Agency Commercial Mortgage Backed Obligations	13.9%
US Government and Agency Mortgage Backed Obligations	9.4%
Affiliated Mutual Funds	6.2%
Banking	3.2%
Asset Backed Obligations	2.3%
Energy	1.5%
Utilities	1.3%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	1.2%
Transportation	1.0%
Technology	1.0%
Pharmaceuticals	0.7%
Chemicals/Plastics	0.6%
Healthcare	0.5%
Telecommunications	0.5%
Building and Development (including Steel/Metals)	0.5%
Short Term Investments	0.4%
Insurance	0.3%
Real Estate	0.3%
Diversified Manufacturing	0.2%
Retailers (other than Food/Drug)	0.2%
Commercial Services	0.2%
Industrial Equipment	0.2%

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 93

Schedule of Investments  DoubleLine Shiller Enhanced International CAPE  (Cont.) (Unaudited) September 30, 2020

INVESTMENT BREAKDOWN as a % of Net Assets: (Cont.)
Automotive	0.2%
Beverage and Tobacco	0.2%
Environmental Control	0.1%
Media	0.1%
Food Service	0.1%
Food Products	0.1%
Finance	0.1%
Other Assets and Liabilities	1.1%
	100.0%

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers.

† Perpetual Maturity

I/O Interest only security

§ The interest rate will step up if the issuer does not redeem the bond on or before a scheduled redemption date in accordance with the terms of the instrument. The interest rate shown is the rate in effect as of September 30, 2020.

# Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of September 30, 2020.

¨ Seven-day yield as of September 30, 2020

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

Excess Return Swaps

Reference Entity

Counterparty

Long/Short

Financing Rate

Payment Frequency

Termination Date

Notional Amount

Unrealized Appreciation (Depreciation) / Value

Shiller Barclays CAPE® Europe Sector Net ER NoC Index

BNP Paribas

Long

0.20

%

Termination

10/29/2021

9,600,000  EUR

—

Shiller Barclays CAPE® Europe Sector Net ER NoC Index

Barclays Capital, Inc.

Long

0.20

%

Termination

10/30/2020

100,000  EUR

(3,353

)

Shiller Barclays CAPE® Europe Sector Net ER NoC Index

Barclays Capital, Inc.

Long

0.20

%

Termination

07/30/2021

18,200,000  EUR

(279,517

)

Shiller Barclays CAPE® Europe Sector Net ER NoC Index

BNP Paribas

Long

0.20

%

Termination

01/29/2021

9,000,000  EUR

(837,854

)

$

(1,120,724

)

Shiller Barclays CAPE^® Europe Sector Net ER NoC Index aims to provide notional long exposure to the top four European equity sectors that are relatively undervalued, as defined by a modified version of the classic CAPE^® Ratio (the “Relative CAPE^® Indicator”) and that possess relatively strong price momentum over the prior twelve months. Each European sector is represented by an index of equity securities of companies in the relevant sector. Information on the sector constituents as of September 30, 2020, is available on the Barclays Capital, Inc. website at https://indices.barclays/IM/12/en/indices/details.app;ticker=BXIIESAE.

Forward Currency Exchange Contracts
Settlement Date	Counterparty	Currency to be Delivered					Value		Currency to be Received						Value	Unrealized Appreciation (Depreciation)
06/09/2021	Goldman Sachs		48,308,701	USD	$	48,308,701		42,400,000		EUR	$50,000,590	$	1,691,889
06/09/2021	Barclays Capital, Inc.		680,355	USD		680,355		600,000		EUR	707,556		27,201
06/09/2021	JP Morgan Securities LLC		1,500,000	EUR		1,768,889		1,777,918		USD	1,777,918		9,029
06/09/2021	JP Morgan Securities LLC		350,135	USD		350,135		300,000		EUR	353,778		3,643
06/09/2021	Barclays Capital, Inc.		1,000,000	EUR		1,179,259		1,176,406		USD	1,176,406		(2,853	)
06/09/2021	Goldman Sachs		3,900,000	EUR		4,599,111		4,524,726		USD	4,524,726		(74,385	)
					$	56,886,450					$58,540,974	$	1,654,524

EUR Euro

USD US Dollar

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

(Unaudited)

September 30, 2020

A summary of the DoubleLine Shiller Enhanced International CAPE^®’s investments in affiliated mutual funds for the period ended September 30, 2020 is as follows:

Fund	Value at March 31, 2020			Gross Purchases			Gross Sales			Shares Held at September 30, 2020		Value at September 30, 2020			Change in Unrealized for the Period Ended September 30, 2020			Dividend Income Earned in the Period Ended September 30, 2020			Net Realized Gain (Loss) in the Period Ended September 30, 2020
DoubleLine Floating Rate Fund (Class I)		$	2,371,933		$	—		$	—		281,035		$	2,602,382		$	230,449		$	51,762		$	—

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 95

Schedule of Investments  DoubleLine Colony Real Estate and Income Fund (Unaudited) September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 6.2%
		AASET Ltd.,
	513,749	Series 2018-1A-A		3.84%	^		01/16/2038		475,439
		Affirm Asset Securitization Trust,
	400,000	Series 2020-A-A		2.10%	^		02/18/2025		400,958
		Affirm Asset Securitization Trust,
	450,744	Series 2020-Z1-A		3.46%	^		10/15/2024		453,934
		Castlelake Aircraft Securitization Trust,
	831,265	Series 2019-1A-A		3.97%	^		04/15/2039		768,663
		CPS Auto Receivables Trust,
	36,229	Series 2019-B-A		2.89%	^		05/16/2022		36,265
		Foundation Finance Trust,
	284,376	Series 2019-1A-A		3.86%	^		11/15/2034		293,527
		Freed Trust,
	642,342	Series 2020-3FP-A		2.40%	^		09/20/2027		643,901
		Genesis Private Label Amortizing Trust,
	664,761	Series 2020-1-A		2.08%	^		07/20/2030		665,635
		GLS Auto Receivables Issuer Trust,
	435,951	Series 2020-2A-A		1.58%	^		08/15/2024		440,266
		Kabbage Funding LLC,
	29,081	Series 2019-1-A		3.83%	^		03/15/2024		28,977
		Marlette Funding Trust,
	500,000	Series 2020-2A-B		1.83%	^		09/16/2030		502,351
		Mosaic Solar Loan Trust,
	475,127	Series 2020-1A-A		2.10%	^		04/20/2046		486,866
		Oxford Finance Funding LLC,
	500,000	Series 2020-1A-A2		3.10%	^		02/15/2028		508,673
		SoFi Consumer Loan Program Trust,
	241,506	Series 2019-1-A		3.24%	^		02/25/2028		243,958
		Stack Infrastructure Issuer LLC,
	246,042	Series 2019-1A-A2		4.54%	^		02/25/2044		265,724
		START Ireland,
	329,827	Series 2019-1-A		4.09%	^		03/15/2044		310,357
		Upstart Securitization Trust,
	296,532	Series 2019-3-A		2.68%	^		01/21/2030		299,091
		Total Asset Backed Obligations (Cost $6,878,894)							6,824,585
	BANK LOANS 4.9%
		1011778 B.C. Unlimited Liability Company,
	104,474	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91%			11/13/2026		100,403
		Access CIG LLC,
	24,746	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.91%			02/27/2025		24,271
		AlixPartners LLP,
	108,872	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		2.66%			04/04/2024		106,456
		Almonde, Inc.,
	10,000	Senior Secured Second Lien Term Loan (6 Month LIBOR USD + 7.25%, 1.00% Floor)		8.25%			06/16/2025		9,445
		American Airlines, Inc.,
	29,214	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		2.15%			12/14/2023		24,148

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		American Tire Distributors, Inc.,
		Senior Secured First Lien Term Loan
	13,217	(1 Month LIBOR USD + 7.50%, 1.00% Floor, 1 Month LIBOR USD + 13.00%, 1.50% PIK)		8.50%		09/02/2024		11,356
	1,634	(3 Month LIBOR USD + 7.50%, 1.00% Floor, 1 Month LIBOR USD + 13.00%, 1.50% PIK)		8.50%		09/02/2024		1,404
		Applied Systems, Inc.,
	69,821	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%, 1.00% Floor)		4.25%		09/19/2024		69,533
		Aramark Services, Inc.,
	115,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.90%		03/11/2025		110,400
		Ascend Learning LLC,
	65,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.00%		07/12/2024		64,309
		Asplundh Tree Expert LLC,
	30,000	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.50%)		2.65%		09/07/2027		30,006
		AssuredPartners, Inc.,
	104,474	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)		3.66%		02/12/2027		101,638
		Asurion LLC,
	69,631	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		3.15%		11/03/2023		68,724
		Avaya, Inc.,
	8,920	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)		4.40%		12/16/2024		8,888
		Avaya, Inc.,
	11,080	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%, 1.00% Floor)		5.25%		12/15/2027		10,841
		Axalta Coating Systems Dutch Holding B.B.V.,
	104,387	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 1.75%)		2.06%		06/21/2024		102,169
		Bass Pro Group LLC,
	24,872	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 5.00%, 0.75% Floor)		6.07%		12/15/2023		24,701
		BJ’s Wholesale Club, Inc.,
	92,995	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		2.15%		02/02/2024		91,547
		Blackhawk Network Holdings, Inc.,
	38,410	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		3.16%		06/16/2025		36,351
		Blackstone CQP Holdco LP,
	44,661	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)		3.73%		09/30/2024		43,790

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

(Unaudited)

September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Brand Energy & Infrastructure Services, Inc.,
	29,807	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.25%, 1.00% Floor)		5.25%			07/30/2024		27,844
		Buckeye Partners LP,
	39,800	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.91%			11/30/2026		39,137
		Caesars Resort, Senior Secured First Lien Term Loan
	16,750	(1 Month LIBOR USD + 4.50%)		4.65%			07/21/2025		16,259
	8,250	(3 Month LIBOR USD + 4.50%)		4.77%			07/21/2025		8,008
		Camelot Finance SA,
	50,000	Senior Secured First Lien Term Loan		4.00%	±		10/31/2026		49,844
		Castle US Holding Corporation,
	64,864	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.75%)		3.97%			01/29/2027		62,536
		Cengage Learning, Inc.,
	24,742	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 4.25%, 1.00% Floor)		5.25%			06/07/2023		20,756
		CenturyLink, Inc.,
	74,624	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		2.41%			03/15/2027		71,859
		Change Healthcare Holdings, Inc., Senior Secured First Lien Term Loan
	67,009	(3 Month LIBOR USD + 2.50%, 1.00% Floor)		3.50%			03/01/2024		65,705
	2,072	(1 Month LIBOR USD + 2.50%, 1.00% Floor)		3.50%			03/01/2024		2,032
		Charter NEX US, Inc.,
	29,423	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		3.41%			05/16/2024		28,804
		Clear Channel Outdoor Holdings, Inc.,
	4,950	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)		3.76%			08/07/2026		4,524
		ClubCorporationHoldings, Inc.,
	19,847	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%)		3.06%			08/16/2024		17,052
		Cornerstone OnDemand, Inc.,
	35,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)		4.41%			04/22/2027		34,985
		Cvent, Inc.,
	59,542	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.91%			11/29/2023		54,119
		Datatel,
	60,000	Senior Secured First Lien Term Loan		4.50%	±		10/06/2027		59,700
		Deerfield Holdings Corporation,
	74,813	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 1.00% Floor)		4.75%			04/09/2027		74,532
		Diamond B.V.,
	19,796	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.00%)		3.26%			09/06/2024		18,584

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		Dun & Bradstreet Corporation,
	74,625	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.89%		02/06/2026		73,991
		E.W. Scripps Company,
	74,623	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		2.65%		05/01/2026		72,933
		Envision Healthcare Corporation,
	24,811	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.91%		10/10/2025		18,023
		Equinox Holdings, Inc.,
	19,659	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.00%, 1.00% Floor)		4.07%		03/08/2024		15,264
		Flex Acquisition Company Inc, Senior Secured First Lien Term Loan
	39,881	(3 Month LIBOR USD + 3.00%, 1.00% Floor)		4.00%		12/29/2023		39,096
	3,468	(1 Month LIBOR USD + 3.00%, 1.00% Floor)		0.00%		12/29/2023		3,400
		Flexential Intermediate Corporation,
	14,885	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)		3.81%		08/01/2024		12,838
		Formula One Management Ltd.,
	105,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%, 1.00% Floor)		3.50%		02/01/2024		102,288
		Froneri US, Inc.,
	74,813	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		2.41%		01/29/2027		72,074
		Gentiva Health Services, Inc.,
	74,625	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		3.44%		07/02/2025		73,226
		Getty Images, Inc.,
	19,635	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)		4.69%		02/19/2026		18,417
		Go Daddy Operating Co LLC,
	34,913	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		2.65%		08/10/2027		34,476
		Go Daddy Operating Company LLC,
	104,282	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91%		02/15/2024		102,547
		Golden Nugget, Inc.,
		Senior Secured First Lien Term Loan
	35,002	(2 Month LIBOR USD + 2.50%, 0.75% Floor)		3.25%		10/04/2023		31,443
	29,816	(1 Month LIBOR USD + 2.50%, 0.75% Floor)		3.25%		10/04/2023		26,784
		GrafTech Finance, Inc.,
	24,137	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%, 1.00% Floor)		4.50%		02/12/2025		23,926

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 97

Schedule of Investments  DoubleLine Colony Real Estate and Income Fund  (Cont.) (Unaudited) September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		Graham Packaging Company, Inc.,
	35,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 0.75% Floor)		4.50%		08/04/2027		34,864
		Gray Television, Inc.,
	105,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		2.66%		01/02/2026		103,425
		Harbor Freight Tools USA, Inc.,
	104,731	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%, 0.75% Floor)		3.25%		08/18/2023		103,413
		HC Group Holdings, Inc.,
	64,837	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)		4.65%		08/06/2026		64,405
		H-Food Holdings LLC,
	29,734	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.69%)		3.84%		05/17/2025		28,991
		Hilton Worldwide Finance LLC,
	25,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.93%		06/22/2026		24,183
		Hyland Software, Inc.,
	114,041	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 0.75% Floor)		4.00%		07/01/2024		113,732
		Illuminate Buyer LLC,
	35,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		4.31%		06/30/2027		34,785
		Informatica LLC,
	49,875	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		3.41%		02/25/2027		48,956
		Intelsat Jackson Holdings S.A.,
	6,766	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.50%, 1.00% Floor)		6.50%&		07/14/2021		6,904
		Intelsat Jackson Holdings S.A.,
	45,000	Senior Secured First Lien Term Loan (Prime Rate + 4.75%, 1.00% Floor)		8.00%		11/30/2023		45,375
		ION Trading Technologies SARL,
	9,897	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 4.00%, 1.00% Floor)		5.07%		11/21/2024		9,754
		IRB Holding Corporation,
	64,127	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 2.75%, 1.00% Floor)		3.75%		02/05/2025		61,393
		Iron Mountain Information Management LLC,
	109,439	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91%		01/02/2026		105,608
		JBS USA Lux S.A.,
	104,470	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		3.07%		05/29/2026		101,976

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		KAR Auction Services, Inc.,
	104,472	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		2.44%			09/19/2026		101,077
		Kestrel Bidco, Inc.,
	29,725	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.00%, 1.00% Floor)		4.00%			08/07/2026		25,909
		Klockner-Pentaplast of America, Inc.,
	4,911	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 4.25%, 1.00% Floor)		5.25%			06/30/2022		4,784
		Kronos Acquisition Holdings, Inc.,
	29,949	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%, 1.00% Floor)		5.00%			08/26/2022		29,836
		Level 3 Financing, Inc.,
	110,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91%			03/01/2027		106,769
		Lineage Logistics LLC,
	69,643	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.00%			02/27/2025		68,849
		Mavis Tire Express Services Corporation,
	19,802	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%)		3.56%			02/20/2025		18,849
		Milano Acquisition Corporation,
	50,000	Senior Secured First Lien Term Loan		4.75%	±		08/17/2027		49,594
		Mister Car Wash Holdings, Inc.,
	29,724	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.25%)		4.38%			05/14/2026		28,235
		MLN US HoldCo LLC,
	14,887	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)		4.66%			07/11/2025		12,793
		Numericable U.S. LLC,
	65,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		4.15%			08/14/2026		63,381
		Numericable U.S. LLC,
	34,913	Pacific Gas and Electric Company, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.50%, 1.00% Floor)		5.50%			06/23/2025		34,272
		Panther BF Aggregator LP,
	24,750	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)		3.66%			04/30/2026		24,178
		Parexel International Corporation,
	65,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.90%			09/27/2024		62,522
		PetSmart, Inc.,
	57,447	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.50%, 1.00% Floor)		5.00%			03/10/2022		57,405

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

(Unaudited)

September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Playtika Holding Corporation,
	15,000	Senior Secured First Lien Term Loan		7.00%	±		12/10/2024		15,041
		Project Alpha Intermediate Holding, Inc.,
	79,794	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.50%, 1.00% Floor)		4.50%			04/26/2024		78,647
		Radiate Holdco LLC,
	55,000	Senior Secured First Lien Term Loan		3.65%	±		09/25/2026		54,156
		RegionalCare Hospital Partners Holdings, Inc.,
	35,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.91%			11/14/2025		34,074
		Sedgwick Claims Management Services, Inc.,
	59,250	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		4.16%			08/07/2026		58,546
		Select Medical Corporation,
	70,000	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 2.50%)		2.78%			03/06/2025		68,381
		Solenis International LP, Senior Secured First Lien Term Loan
	5,805	(3 Month LIBOR USD + 4.00%)		4.26%			12/26/2023		5,690
	38,852	(1 Month LIBOR USD + 4.00%)		4.26%			12/26/2023		38,079
		Sophia LP,
	99,798	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)		4.25%			09/30/2022		99,507
		Sotera Health Holdings LLC,
	59,700	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.50%, 1.00% Floor)		5.50%			11/20/2026		59,526
		Surf Holdings LLC,
	74,813	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)		3.75%			03/05/2027		73,396
		Team Health Holdings, Inc.,
	14,884	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%, 1.00% Floor)		3.75%			02/06/2024		12,550
		Tech Data Corporation,
	45,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)		3.64%			06/26/2025		45,377
		Tempo Acquisition LLC,
	65,689	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 0.50% Floor)		3.75%			11/02/2026		63,903
		The Edelman Financial Center LLC,
	74,620	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		3.14%			07/21/2025		72,248
		Thyssenkrupp Elevator,
	85,000	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 4.25%)		4.57%			09/30/2027		84,454
		TIBCO Software Inc,
	69,800	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.90%			06/30/2026		68,317

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Titan Acquisition Ltd.,
	24,781	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.00%)		3.36%			03/28/2025		23,489
		TKC Holdings, Inc.,
	34,649	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.75%, 1.00% Floor)		4.75%			02/01/2023		32,625
		UFC Holdings LLC,
	74,611	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.25%, 1.00% Floor)		4.25%			04/29/2026		73,516
		Ultimate Software Group,
	59,673	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.91%			05/04/2026		59,267
	45,000	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%, 0.75% Floor)		4.75%			06/23/2025		44,955
		United Natural Foods, Inc.,
	14,282	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)		4.41%			10/22/2025		13,969
		VS Buyer LLC,
	64,837	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		3.40%			02/26/2027		64,027
		Web.Com Group, Inc.,
	25,000	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.90%			10/10/2025		24,266
		Zayo Group Holdings, Inc.,
	74,625	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		3.16%			03/09/2027		72,586
		Total Bank Loans (Cost $5,358,577)							5,334,195
	COLLATERALIZED LOAN OBLIGATIONS 14.5%
		AMMC Ltd.,
	498,782	Series 2014-15A-ARR (3 Month LIBOR USD + 1.26%, 1.26% Floor)		1.54%	^		01/15/2032		495,398
		CBAM Ltd.,
	500,000	Series 2019-10A-B (3 Month LIBOR USD + 2.05%, 2.05% Floor)		2.32%	^		04/20/2032		500,273
		CFIP Ltd.,
	1,000,000	Series 2013-1A-AR (3 Month LIBOR USD + 1.34%)		1.61%	^		04/20/2029		996,007
		CIFC Funding Ltd.,
	500,000	Series 2012-2RA-A2 (3 Month LIBOR USD + 1.25%)		1.52%	^		01/20/2028		489,894
		Crown Point Ltd.,
	1,000,000	Series 2020-9A-A (3 Month LIBOR USD + 2.05%, 2.05% Floor)		2.37%	^		07/14/2032		1,003,948
		Crown Point Ltd.,
	1,000,000	Series 2020-9A-B (3 Month LIBOR USD + 2.69%, 2.69% Floor)		3.01%	^		07/14/2032		1,002,476

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 99

Schedule of Investments  DoubleLine Colony Real Estate and Income Fund  (Cont.) (Unaudited) September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Halcyon Loan Advisors Funding Ltd.,
	1,000,000	Series 2017-1A-A1B (3 Month LIBOR USD + 1.28%)		1.52%	^		06/25/2029		995,966
		KVK Ltd.,
	746,810	Series 2013-1A-AR (3 Month LIBOR USD + 0.90%)		1.17%	^		01/14/2028		741,558
		Madison Park Funding Ltd.,
	500,000	Series 2012-10A-BR2 (3 Month LIBOR USD + 1.80%)		2.07%	^		01/22/2029		500,955
		Midocean Credit Partners,
	1,000,000	Series 2018-8A-A1 (3 Month LIBOR USD + 1.15%)		1.40%	^		02/20/2031		987,502
		Ocean Trails,
	989,121	Series 2014-5A-ARR (3 Month LIBOR USD + 1.28%, 1.28% Floor)		1.55%	^		10/14/2031		978,295
		OCP Ltd.,
	1,000,000	Series 2020-18A-A (3 Month LIBOR USD + 1.80%)		2.05%	^		04/22/2030		1,005,532
		OFSI Fund Ltd.,
	36,285	Series 2014-7A-AR (3 Month LIBOR USD + 0.90%)		1.17%	^		10/19/2026		36,313
	1,000,000	Series 2018-1A-A (3 Month LIBOR USD + 1.15%, 1.15% Floor)		1.43%	^		07/15/2031		991,515
		Shackleton Ltd.,
	775,000	Series 2015-7RA-A1 (3 Month LIBOR USD + 1.17%)		1.45%	^		07/15/2031		764,063
		Sound Point Ltd.,
	1,250,000	Series 2014-1RA-A (3 Month LIBOR USD + 1.15%, 1.15% Floor)		1.42%	^		07/18/2031		1,238,358
		Steele Creek Ltd.,
	400,000	Series 2017-1A-A (3 Month LIBOR USD + 1.25%)		1.53%	^		10/15/2030		395,205
	900,000	Series 2019-1A-B (3 Month LIBOR USD + 2.20%, 2.20% Floor)		2.48%	^		04/15/2032		901,626
		Wellfleet Ltd.,
	500,000	Series 2017-2A-A1R (3 Month LIBOR USD + 1.06%)		1.33%	^		10/20/2029		492,875
		Wind River Ltd.,
	981,859	Series 2013-2A-AR (3 Month LIBOR USD + 1.23%)		1.50%	^		10/18/2030		973,927
	500,000	Series 2019-3A-B (3 Month LIBOR USD + 2.10%)		2.38%	^		04/15/2031		500,182
		Total Collateralized Loan Obligations (Cost $15,859,422)							15,991,868
	FOREIGN CORPORATE BONDS 7.7%
	25,000	AstraZeneca PLC		2.38%			06/12/2022		25,789
	160,000	AstraZeneca PLC		3.50%			08/17/2023		173,144
	100,000	Avolon Holdings Funding Ltd.		3.63%	^		05/01/2022		98,311
	200,000	Axiata SPV2 BHD		3.47%			11/19/2020		200,674

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	200,000	Baidu, Inc.		3.50%			11/28/2022		209,982
	200,000	Banco de Credito del Peru (3 Month LIBOR USD + 7.04%)		6.13%			04/24/2027		211,500
	150,000	Banco de Reservas de la Republica Dominicana		7.00%			02/01/2023		154,126
	200,000	Banco Latinoamericano de Comercio Exterior S.A.		2.38%	^		09/14/2025		203,000
	200,000	Banistmo S.A.		3.65%			09/19/2022		202,875
	185,000	Bank of Nova Scotia		0.55%			09/15/2023		184,767
	175,000	BAT International Finance PLC		1.67%			03/25/2026		175,778
	200,000	BBVA Bancomer S.A. (5 Year CMT Rate + 3.00%)		5.35%			11/12/2029		199,000
	200,000	CNAC HK Finbridge Company Ltd.,		3.50%			07/19/2022		205,244
	200,000	CNOOC Finance Ltd.		3.00%			05/09/2023		209,868
	200,000	CNPC General Capital Ltd.		3.40%			04/16/2023		211,449
	200,000	Credicorp Ltd.		2.75%	^		06/17/2025		202,800
	250,000	Daimler Finance North America LLC		2.30%	^		02/12/2021		251,546
	156,500	Empresa Electrica Angamos S.A.		4.88%			05/25/2029		157,253
	200,000	Empresa Electrica Guacolda S.A.		4.56%			04/30/2025		164,523
	112,230	ENA Norte Trust		4.95%			04/25/2028		113,213
	200,000	ENN Energy Holdings Ltd.		3.25%			07/24/2022		205,778
	155,000	GlaxoSmithKline Capital PLC		0.53%			10/01/2023		155,161
	200,000	GrupoSura Finance S.A.		5.70%			05/18/2021		206,725
	200,000	HPHT Finance Ltd.		2.88%			11/05/2024		208,724
	47,494	Interoceanica Finance Ltd.		0.00%			11/30/2025		44,466
	200,000	Korea East-West Power Company Ltd.		1.75%	^		05/06/2025		206,863
	200,000	Korea Electric Power Corporation		1.13%	^		06/15/2025		201,270
	200,000	LG Chem Ltd.		3.25%			10/15/2024		215,542
	135,000	Macquarie Bank Ltd.		2.10%	^		10/17/2022		139,384
	200,000	Malayan Banking BHD (5 Year Swap Rate USD + 2.54%)		3.91%			10/29/2026		204,283
	200,000	Multibank, Inc.		4.38%			11/09/2022		203,803
	200,000	NongHyup Bank		1.25%	^		07/20/2025		202,161
	200,000	ONGC Videsh Ltd.		2.88%			01/27/2022		201,847
	200,000	Oversea-Chinese Banking Corporation Ltd. (5 Year CMT Rate + 1.58%)		1.83%	^		09/10/2030		199,745
	200,000	Petronas Capital Ltd.		3.13%			03/18/2022		206,234
	200,000	POSCO		2.38%			11/12/2022		205,058
	200,000	PSA Treasury Pte Ltd.		2.50%			04/12/2026		214,017
	250,000	Reliance Holdings, Inc.		4.13%			01/28/2025		274,844
	200,000	Saudi Arabian Oil Company		2.75%			04/16/2022		205,006
	180,000	Sumitomo Mitsui Financial Group, Inc.		2.06%			07/14/2021		182,487
	200,000	Telefonica Chile S.A.		3.88%			10/12/2022		210,350
	250,000	Temasek Financial Ltd.		2.38%			01/23/2023		260,922
	185,000	Toronto-Dominion Bank (Secured Overnight Financing Rate + 4.80%)		0.57%			01/27/2023		185,620
	200,000	Unifin Financiera S.A.B. de C.V.		7.00%			01/15/2025		164,125
	200,000	UPL Corporation		3.25%			10/13/2021		202,739
		Total Foreign Corporate Bonds (Cost $8,279,871)							8,461,996

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

(Unaudited)

September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS 0.9%
	200,000	Abu Dhabi Government International Bond		2.50%	^		04/16/2025		213,192
	100,000	Peruvian Government International Bond		2.39%			01/23/2026		104,950
	200,000	Qatar Government International Bond		2.38%			06/02/2021		202,347
	200,000	Saudi Government International Bond		2.88%			03/04/2023		209,209
	250,000	Wakala Global Sukuk BHD		4.65%			07/06/2021		257,457
		Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $964,092)							987,155
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 13.4%
		Arbor Multifamily Mortgage Securities Trust,
	2,519,586	Series 2020-MF1-XA		1.09%	#^ I/O		05/16/2053		178,508
		Arbor Realty Ltd.,
	100,000	Series 2019-FL1-B (1 Month LIBOR USD + 1.70%)		1.85%	^		05/15/2037		97,750
	100,000	Series 2020-FL1 (1 Month LIBOR USD + 1.80%, 1.80% Floor)		1.95%	^		02/15/2035		97,228
		Atrium Hotel Portfolio Trust,
	1,000,000	Series 2018-ATRM-E (1 Month LIBOR USD + 3.40%, 3.40% Floor)		3.55%	^		06/15/2035		863,185
		BANK,
	294,000	Series 2018-BN10-C		4.16%	#		02/17/2061		296,417
		BBCMS Mortgage Trust,
	294,000	Series 2017-DELC-B (1 Month LIBOR USD + 1.03%, 1.03% Floor)		1.18%	^		08/15/2036		278,807
		BDS Ltd.,
	100,000	Series 2019-FL4-B (1 Month LIBOR USD + 1.75%, 1.75% Floor)		1.90%	^		08/15/2036		97,558
		Benchmark Mortgage Trust,
	174,000	Series 2019-B12-TCB		3.55%	#^		08/16/2052		170,876
	221,000	Series 2020-B17-C		3.37%	#		03/17/2053		220,590
		BFLD,
	190,000	Series 2019-DPLO-B (1 Month LIBOR USD + 1.34%, 1.34% Floor)		1.49%	^		10/16/2034		179,779
		BHP Trust,
	261,000	Series 2019-BXHP-D (1 Month LIBOR USD + 1.77%, 1.77% Floor)		1.92%	^		08/15/2036		241,219
		BX Commercial Mortgage Trust,
	680,540	Series 2018-EXCL-C (1 Month LIBOR USD + 1.98%, 1.98% Floor)		2.13%	^		09/15/2037		535,289
		BX Trust,
	200,000	Series 2019-OC11-E		4.08%	#^		12/11/2041		182,058
		BXMT Ltd.,
	231,000	Series 2020-FL2-A (1 Month LIBOR USD + 0.90%, 0.90% Floor)		1.05%	^		02/16/2037		227,160
		Carbon Capital Commercial Mortgage Trust,
	244,000	Series 2019-FL2-B (1 Month LIBOR USD + 2.85%, 2.85% Floor)		3.00%	^		11/18/2021		213,998
		CFCRE Commercial Mortgage Trust,
	338,000	Series 2016-C6-C		4.35%	#		11/15/2049		320,622

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Citigroup Commercial Mortgage Trust,
	226,000	Series 2019-SMRT-E		4.90%	#^		01/11/2036		227,468
		CLNC Ltd.,
	194,000	Series 2019-FL1-AS (1 Month LIBOR USD + 1.55%, 1.55% Floor)		1.71%	^		08/20/2035		189,989
	100,000	Series 2019-FL1-B (1 Month LIBOR USD + 1.90%, 1.90% Floor)		2.06%	^		08/20/2035		97,343
	277,000	Series 2019-FL1-D (1 Month LIBOR USD + 2.90%, 2.90% Floor)		3.06%	^		08/17/2035		253,587
		COMM Mortgage Trust,
	229,000	Series 2013-LC13-B		5.01%	#^		08/10/2046		240,891
		Commercial Mortgage Pass-Through Certificates,
	172,000	Series 2015-CR25-C		4.69%	#		08/10/2048		170,429
		Commercial Mortgage Trust,
	294,000	Series 2016-GCT-D		3.58%	#^		08/10/2029		294,778
		Credit Suisse Mortgage Capital Certificates,
	174,000	Series 2019-ICE4-F (1 Month LIBOR USD + 2.65%, 2.65% Floor)		2.80%	^		05/15/2036		171,415
		CSAIL Commercial Mortgage Trust,
	202,000	Series 2020-C19-C		3.73%	#		03/15/2053		201,363
	3,594,077	Series 2020-C19-XA		1.24%	# I/O		03/17/2053		302,386
		CSMC Trust,
	222,000	Series 2020-NET-D		3.83%	#^		08/15/2037		223,441
		DBGS Mortgage Trust,
	161,496	Series 2018-BIOD-F (1 Month LIBOR USD + 2.00%, 2.00% Floor)		2.15%	^		05/15/2035		159,500
		Exantas Capital Corporation Ltd.,
	100,000	Series 2020-RSO8-B (1 Month LIBOR USD + 1.75%, 1.75% Floor)		1.90%	^		03/15/2035		98,632
		FREMF Mortgage Trust,
	209,873	Series 2018-KF49-B (1 Month LIBOR USD + 1.90%, 1.90% Floor)		2.06%	^		06/25/2025		201,035
		Great Wolf Trust,
	229,000	Series 2019-WOLF-A (1 Month LIBOR USD + 1.03%, 1.03% Floor)		1.19%	^		12/15/2036		221,544
		Greystone Commercial Real Estate Notes,
	100,000	Series 2019-FL2-B (1 Month LIBOR USD + 1.60%, 1.60% Floor)		1.75%	^		09/15/2037		97,600
	256,000	Series 2019-FL2-D (1 Month LIBOR USD + 2.40%, 2.40% Floor)		2.56%	^		09/15/2037		240,256
		GS Mortgage Securities Corporation Trust,
	217,000	Series 2012-ALOH-A		3.55%	^		04/12/2034		219,077
	244,000	Series 2018-RIVR-C (1 Month LIBOR USD + 1.25%, 1.25% Floor)		1.40%	^		07/16/2035		227,538
	221,000	Series 2019-BOCA-A (1 Month LIBOR USD + 1.20%, 1.20% Floor)		1.35%	^		06/15/2038		216,442
		GS Mortgage Securities Trust,
	187,000	Series 2019-SMP-E (1 Month LIBOR USD + 2.60%, 2.60% Floor)		2.75%	^		08/16/2032		166,152
	1,938,655	Series 2020-GC47-XA		1.25%	# I/O		05/14/2053		175,632
		GS MTG SECS TR,
	503,000	Series 2015-GC32-C		4.57%	#		07/10/2048		497,113
		GSCG Trust,
	261,000	Series 2019-600C-E		4.12%	#^		09/06/2034		255,642

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 101

Schedule of Investments  DoubleLine Colony Real Estate and Income Fund  (Cont.) (Unaudited) September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		HPLY Trust,
	206,537	Series 2019-HIT-F (1 Month LIBOR USD + 3.15%, 3.15% Floor)		3.30%	^		11/17/2036		180,137
		JP Morgan Chase Commercial Mortgage Securities Corporation,
	224,000	Series 2014-C20-B		4.40%	#		07/15/2047		234,357
	279,000	Series 2018-MINN-E (1 Month LIBOR USD + 2.50%, 2.50% Floor)		3.50%	^Þ		11/15/2035		207,855
		JP Morgan Chase Commercial Mortgage Securities Trust,
	1,000,000	Series 2011-C3-D		5.85%	#^		02/16/2046		536,149
	174,000	Series 2011-C4-C		5.53%	#^		07/17/2046		175,428
	201,000	Series 2020-NNN-EFX		3.97%	^		01/16/2037		193,004
		JPMBB Commercial Mortgage Securities Trust,
	700,000	Series 2014-C23-D		4.12%	#^		09/17/2047		602,463
	174,000	Series 2015-C28-B		3.99%			10/19/2048		177,637
		LoanCore Issuer Ltd.,
	100,000	Series 2019-CRE2-B (1 Month LIBOR USD + 1.70%, 1.70% Floor)		1.85%	^		05/15/2036		96,250
		Morgan Stanley Capital Trust,
	750,000	Series 2014-150E-F		4.44%	#^		09/13/2032		706,979
	229,000	Series 2017-CLS-F (1 Month LIBOR USD + 2.60%, 2.60% Floor)		2.75%	^		11/15/2034		223,496
	294,000	Series 2019-NUGS-E (1 Month LIBOR USD + 2.24%, 0.37% Floor)		3.74%	^		12/15/2036		284,406
		MSCG Trust,
	295,000	Series 2018-SELF-F (1 Month LIBOR USD + 3.05%, 3.05% Floor)		3.20%	^		10/15/2037		280,056
		Natixis Commercial Mortgage Securities Trust,
	172,000	Series 2020-2PAC-MSK1		3.36%	#^		12/17/2036		167,766
		NLY Commercial Mortgage Trust,
	100,000	Series 2019-FL2-B (1 Month LIBOR USD + 1.90%, 1.90% Floor)		2.05%	^		02-15-2036		99,100
		UBS Commercial Mortgage Trust,
	221,000	Series 2017-C6-C		4.60%	#		12/16/2050		213,918
	232,000	Series 2018-C9-C		5.05%	#		03/15/2051		228,175
		Wells Fargo Commercial Mortgage Trust,
	174,000	Series 2015-LC20-B		3.72%			04/15/2050		181,727
	202,000	Series 2016-C33-D		3.12%	^		03/17/2059		174,841
	3,532,071	Series 2019-C49-XA		1.45%	# I/O		03/15/2052		297,396
	174,000	Series 2020-C56-C		3.87%	#		06/17/2053		178,866
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $15,417,696)							14,790,303
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 20.9%
		Ajax Mortgage Loan Trust,
	1,344,358	Series 2018-E-A		4.38%	#^		06/25/2058		1,392,355
		Angel Oak Mortgage Trust LLC,
	340,367	Series 2020-6-A3		1.78%	#^		05/25/2065		342,917
		Citigroup Mortgage Loan Trust,
	545,734	Series 2020-EXP1-A1A		1.80%	#^		04/25/2060		550,218
		CSMC Trust,
	1,000,000	Series 2020-SPT1-A2		2.30%	^§		04/25/2065		1,002,590
		Ellington Financial Mortgage Trust,
	1,704,744	Series 2020-1-A1		2.01%	#^		05/25/2065		1,729,462
		HMIR,
	275,871	Series 2019-1-M1 (1 Month LIBOR USD + 1.65%)		1.80%	^		05/25/2029		273,311

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Legacy Mortgage Asset Trust,
	577,766	Series 2020-GS3-A1		3.25%	^§		05/25/2060		578,952
	580,913	Series 2020-GS4-A1		3.25%	^§		02/25/2060		590,476
		New Residential Mortgage Loan Trust,
	1,239,893	Series 2020-RPL2-A1		3.58%	#^		08/25/2025		1,241,595
		OBX Trust,
	933,832	Series 2020-EXP2-A3		2.50%	#^		05/25/2060		953,113
		Pretium Mortgage Credit Partners LLC,
	663,381	Series 2019-1A-A1		4.50%	^§		01/25/2024		669,625
	1,019,692	Series 2019-NPL2-A1		3.84%	^§		12/30/2058		1,023,492
	1,203,689	Series 2020-NPL1-A1		2.86%	^§		05/29/2059		1,200,483
	582,971	Series 2020-NPL2-A1		3.72%	^§		02/25/2060		584,904
		PRPM LLC,
	549,436	Series 2019-3A-A1		3.35%	^§		07/25/2024		548,762
	700,000	Series 2020-3-A1		2.86%	^§		09/25/2025		699,988
		RALI Trust,
	935,208	Series 2007-QS8-A3 (1 Month LIBOR USD + 0.60%, 0.60% Floor, 6.00% Cap)		0.75%			06/25/2037		649,129
		Starwood Mortgage Residential Trust,
	1,542,667	Series 2020-3-A1		1.49%	#^		04/25/2065		1,550,601
		VCAT LLC,
	1,226,649	Series 2020-NPL1-A1		3.67%	^§		08/25/2050		1,228,372
		Velocity Commercial Capital Loan Trust,
	977,629	Series 2019-3-M3		3.38%	#^		10/25/2049		916,737
		Vericrest Opportunity Loan Trust,
	930,984	Series 2020-NPL2-A1A		2.98%	^§		02/25/2050		932,674
		Vista Point Securitization Trust.
	728,917	Series 2020-1-A2		1.99%	#^		04/25/2065		731,206
		Wells Fargo Mortgage Backed Securities Trust,
	2,411,723	Series 2007-15-A1		6.00%			11/25/2037		2,442,425
	1,226,606	Series 2007-AR6-A1		3.04%	#		10/25/2037		1,183,008
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $22,796,091)							23,016,395
	US CORPORATE BONDS 6.8%
	180,000	AbbVie, Inc.		2.30%	^		11/21/2022		186,340
	175,000	American Express Company		3.70%			11/05/2021		180,782
	130,000	Anthem, Inc.		2.50%			11/21/2020		130,391
	50,000	Anthem, Inc.		3.30%			01/15/2023		52,994
	165,000	AT&T, Inc.		4.45%			04/01/2024		184,635
	185,000	Bank of America Corporation (3 Month LIBOR USD + 0.79%)		1.04%			03/05/2024		185,845
	95,000	BB&T Corporation		2.20%			03/16/2023		98,885
	175,000	Bristol/Myers Squibb Company		2.60%			05/16/2022		181,615
	60,000	Capital One Financial Corporation		2.40%			10/30/2020		60,000
	120,000	Capital One Financial Corporation		3.20%			01/30/2023		126,757
	180,000	Cardinal Health, Inc.		2.62%			06/15/2022		185,881
	180,000	Carrier Global Corporation		1.92%	^		02/15/2023		185,295
	180,000	Cigna Corporation		3.40%			09/17/2021		185,293
	176,000	Cintas Corporation		2.90%			04/01/2022		182,126
	280,000	Citigroup, Inc. (3 Month LIBOR USD + 1.02%)		1.27%			06/01/2024		281,607
	185,000	Crown Castle International Corporation		1.35%			07/15/2025		187,180
	80,000	CVS Health Corporation		3.70%			03/09/2023		85,722
	70,000	Dollar Tree, Inc.		4.00%			05/15/2025		79,059
	10,000	DOLLAR TREE, Inc.		3.70%			05/15/2023		107,597
	20,000	DTE Energy Company		2.25%			11/01/2022		20,685

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

(Unaudited)

September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	90,000	DTE Energy Company		2.53%			10/01/2024		95,768
	70,000	DTE Energy Company		1.05%			06/01/2025		70,209
	145,000	DuPont de Nemours, Inc.		4.49%			11/15/2025		166,812
	170,000	eBay, Inc.		2.75%			01/30/2023		178,345
	180,000	Entergy Corporation		0.90%			09/15/2025		179,967
	135,000	Exxon Mobil Corporation		1.57%			04/15/2023		138,969
	90,000	Honeywell International, Inc.		0.48%			08/19/2022		90,154
	180,000	Hyundai Capital America		2.85%	^		11/01/2022		186,250
	175,000	JPMorgan Chase & Company (3 Month LIBOR USD + 0.70%)		3.21%			04/01/2023		181,897
	140,000	Marsh & McLennan Companies, Inc. (3 Month LIBOR USD + 1.20%)		1.42%			12/29/2021		140,139
	135,000	McDonald’s Corporation		2.63%			01/15/2022		138,978
	180,000	Microchip Technology, Inc.		3.92%			06/01/2021		183,957
	45,000	Micron Technology, Inc.		2.50%			04/24/2023		46,767
	85,000	Mondelez International, Inc.		0.63%			07/01/2022		85,345
	90,000	Mondelez International, Inc.		3.63%			05/07/2023		97,544
	180,000	Morgan Stanley (3 Month LIBOR USD + 0.93%)		1.19%			07/22/2022		180,849
	175,000	Omnicom Capital, Inc.		3.63%			05/01/2022		183,340
	55,000	ORACLE Corporation		2.50%			04/01/2025		59,022
	165,000	PayPal Holdings, Inc.		2.20%			09/26/2022		170,639
	35,000	PayPal Holdings, Inc.		1.35%			06/01/2023		35,771
	175,000	Penske Truck Leasing Company		2.70%	^		11/01/2024		185,835
	125,000	Prudential Financial, Inc.		3.50%			05/15/2024		138,443
	170,000	PSEG Power LLC		3.85%			06/01/2023		183,027
	170,000	Republic Services, Inc.		2.50%			08/15/2024		181,017
	90,000	Royalty Pharma PLC		0.75%	^		09/02/2023		89,819
	125,000	Schlumberger Holdings Corporation		3.75%	^		05/01/2024		135,808
	140,000	Simon Property Group LP		2.00%			09/13/2024		144,434
	95,000	Target Corporation		2.90%			01/15/2022		98,305
	180,000	Union Pacific Corporation		3.20%			06/08/2021		183,571
	90,000	Valero Energy Corporation		1.20%			03/15/2024		89,693
	180,000	Verizon Communications, Inc. (3 Month LIBOR USD + 1.10%)		1.38%			05/15/2025		184,079
	180,000	Wells Fargo & Company (Secured Overnight Financing Rate + 1.60%)		1.65%			06/02/2024		183,428
	170,000	Welltower, Inc.		3.63%			03/15/2024		183,945
		Total US Corporate Bonds (Cost $7,306,283)							7,480,815
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS 7.8%
		Federal Home Loan Mortgage Corporation,
	2,005,569	Series 3316-FA (1 Month LIBOR USD + 0.27%, 0.27% Floor, 7.00% Cap)		0.42%			05/15/2037		2,009,220

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal National Mortgage Association,
	1,987,289	Pool MA4123		2.00%			09/01/2035		2,066,768
	2,645,090	Series 2011-93-GF (1 Month LIBOR USD + 0.45%, 0.45% Floor, 7.00% Cap)		0.60%			04/25/2039		2,668,990
	1,771,685	Series 2014-73-AF (1 Month LIBOR USD + 0.45%, 0.45% Floor, 6.50% Cap)		0.60%			11/25/2044		1,784,026
		Total US Government and Agency Mortgage Backed Obligations (Cost $8,462,104)							8,529,004
	US GOVERNMENT AND AGENCY OBLIGATIONS 12.7%
	5,720,000	United States Treasury Notes		2.63%	‡		05/15/2021		5,808,619
	5,750,000	United States Treasury Notes		1.50%			09/30/2021		5,827,395
	2,290,000	United States Treasury Notes		1.38%	‡		01/31/2022		2,327,838
		Total US Government and Agency Obligations (Cost $13,959,334)							13,963,852
	SHORT TERM INVESTMENTS 10.3%
	715,167	First American Government Obligations Fund - Class U		0.07%	¨				715,167
	715,167	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		0.07%	¨				715,167
	715,167	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.02%	¨				715,167
	8,000,000	United States Treasury Bills		0.00%	‡		11/27/2020		7,998,860
	1,200,000	United States Treasury Bills		0.00%			04/22/2021		1,199,289
		Total Short Term Investments (Cost $11,343,269)							11,343,650
		Total Investments 106.1% (Cost $116,625,633)							116,723,818
		Liabilities in Excess of Other Assets (6.1)%							(6,721,260	)
		NET ASSETS 100.0%						$	110,002,558

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 103

Schedule of Investments  DoubleLine Colony Real Estate and Income Fund  (Cont.) (Unaudited) September 30, 2020

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Non-Agency Residential Collateralized Mortgage Obligations	20.9%
Collateralized Loan Obligations	14.5%
Non-Agency Commercial Mortgage Backed Obligations	13.4%
US Government and Agency Obligations	12.7%
Short Term Investments	10.3%
US Government and Agency Mortgage Backed Obligations	7.8%
Foreign Corporate Bonds	7.7%
US Corporate Bonds	6.8%
Asset Backed Obligations	6.2%
Bank Loans	4.9%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	0.9%
Other Assets and Liabilities	(6.1)%
	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:
Non-Agency Residential Collateralized Mortgage Obligations	20.9%
Collateralized Loan Obligations	14.5%
Non-Agency Commercial Mortgage Backed Obligations	13.4%
US Government and Agency Obligations	12.7%
Short Term Investments	10.3%
US Government and Agency Mortgage Backed Obligations	7.8%
Asset Backed Obligations	6.2%
Banking	3.6%
Energy	1.6%
Telecommunications	1.2%
Transportation	1.2%
Utilities	1.2%
Electronics/Electric	1.1%
Healthcare	1.0%

INVESTMENT BREAKDOWN as a % of Net Assets: (Cont.)
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	0.9%
Chemicals/Plastics	0.9%
Finance	0.8%
Pharmaceuticals	0.7%
Business Equipment and Services	0.6%
Technology	0.6%
Media	0.5%
Retailers (other than Food/Drug)	0.5%
Insurance	0.5%
Automotive	0.4%
Food Service	0.4%
Food Products	0.4%
Real Estate	0.3%
Industrial Equipment	0.3%
Diversified Manufacturing	0.3%
Building and Development (including Steel/Metals)	0.2%
Leisure	0.2%
Environmental Control	0.2%
Beverage and Tobacco	0.2%
Commercial Services	0.2%
Hotels/Motels/Inns and Casinos	0.1%
Financial Intermediaries	0.1%
Containers and Glass Products	0.1%
Aerospace & Defense	0.0%	~
Cosmetics/Toiletries	0.0%	~
Other Assets and Liabilities	(6.1)%
	100.0%

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers.

I/O Interest only security

# Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of September 30, 2020.

± Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of September 30, 2020.

Þ Value determined using significant unobservable inputs.

§ The interest rate will step up if the issuer does not redeem the bond on or before a scheduled redemption date in accordance with the terms of the instrument. The interest rate shown is the rate in effect as of September 30, 2020.

¨ Seven-day yield as of September 30, 2020

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

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

~ Represents less than 0.05% of net assets

& Unfunded or partially unfunded loan commitment. At September 30, 2020, the value of these securities amounted to $3,383 or 0.0% of net assets.

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

(Unaudited)

September 30, 2020

Excess Return Swaps
Reference Entity	Counterparty	Long/Short	Financing Rate		Payment Frequency		Termination Date		Notional Amount		Unrealized Appreciation (Depreciation) / Value
Colony Capital Fundamental US Real Estate Index Excess Return º	BNP Paribas	Long		0.45%		Termination		04/14/2021		14,000,000		$	2,321,116
Colony Capital Fundamental US Real Estate Index Excess Return º	Barclays Capital, Inc.	Long		0.45%		Termination		07/08/2021		12,000,000			368,917
Colony Capital Fundamental US Real Estate Index Excess Return º	Barclays Capital, Inc.	Long		0.45%		Termination		10/01/2020		18,000,000			(131,145	)
Colony Capital Fundamental US Real Estate Index Excess Return º	BNP Paribas	Long		0.45%		Termination		03/24/2021		12,500,000			(1,046,326	)
Colony Capital Fundamental US Real Estate Index Excess Return º	BNP Paribas	Long		0.45%		Termination		01/20/2021		18,000,000			(1,398,101	)
Colony Capital Fundamental US Real Estate Index Excess Return º	Barclays Capital, Inc.	Long		0.45%		Termination		03/18/2021		18,000,000			(1,403,358	)
Colony Capital Fundamental US Real Estate Index Excess Return º	Barclays Capital, Inc.	Long		0.45%		Termination		02/04/2021		5,900,000			(1,824,763	)
Colony Capital Fundamental US Real Estate Index Excess Return º	BNP Paribas	Long		0.45%		Termination		02/10/2021		18,000,000			(2,737,144	)
												$	(5,850,804	)

º The Colony Capital Fundamental US Real Estate Index Excess Return aims to provide notional long exposure to Real Estate Investment Trusts (REITs) excluding mortgage REITs that meet certain market capitalization, liquidity and fundamental criteria. The constituents of the index are ordinary shares, which are REITs. Information on the sector constituents as of September 30, 2020, is available on the Barclays Capital, Inc. website at https://indices.barclays/doubleline.

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 105

Schedule of Investments  DoubleLine Emerging Markets Local Currency Bond  Fund (Unaudited) September 30, 2020

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN CORPORATE BONDS 7.9%
	COLOMBIA 2.3%
	320,000,000	COP	Emgesa S.A.		8.75%			01/25/2021		84,805
	500,000,000	COP	Empresas Publicas de Medellin ESP		8.38%	^		11/08/2027		135,814
										220,619
	MEXICO 4.5%
	2,030,000	MXN	America Movil S.A.B. de C.V.		6.45%			12/05/2022		93,584
	6,600,000	MXN	International Bank for Reconstruction & Development		0.00%			06/30/2027		200,987
	2,800,000	MXN	International Finance Corporation		8.50%			11/23/2020		128,073
										422,644
	PERU 1.1%
	44,000	PEN	Banco de Credito del Peru		4.85%			10/30/2020		12,237
	325,000	PEN	Banco de Credito del Peru		4.65%	^		09/17/2024		94,652
										106,889
			Total Foreign Corporate Bonds (Cost $827,800)							750,152
	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS 85.9%
	BRAZIL 6.5%
	1,000	BRL	Nota doo Tesouro Nacional		10.00%			01/01/2025		201,751
	2,000	BRL	Nota doo Tesouro Nacional		10.00%			01/01/2029		411,859
										613,610
	CHILE 2.3%
	160,000,000	CLP	Bonos de la Tesoreria de la Republica en pesos		4.00%	^		03/01/2023		220,524
										220,524
	COLOMBIA 3.3%
	725,000,000	COP	Colombian TES		6.25%			11/26/2025		207,720
	350,000,000	COP	Colombian TES		7.50%			08/26/2026		105,478
										313,198
	CZECH REPUBLIC 4.5%
	9,840,000	CZK	Czech Republic Government Bond		0.45%			10/25/2023		429,386
										429,386
	HUNGARY 3.2%
	90,000,000	HUF	Hungary Government Bond		3.00%			06/26/2024		307,090
										307,090
	INDONESIA 10.6%
	6,500,000,000	IDR	Indonesia Treasury Bond		6.13%			05/15/2028		421,539
	1,900,000,000	IDR	Indonesia Treasury Bond		8.25%			05/15/2029		139,627
	6,170,000,000	IDR	Indonesia Treasury Bond		8.38%			03/15/2034		445,749
										1,006,915

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ISRAEL 4.1%
	1,230,000	ILS	Israel Government Bond		1.75%			08/31/2025		384,261
										384,261
	MALAYSIA 4.6%
	1,700,000	MYR	Malaysia Government Bond		3.50%			05/31/2027		436,049
										436,049
	MEXICO 4.7%
	20,000	MXN	Mexican Bonos		6.50%			06/10/2021		91,652
	20,000	MXN	Mexican Bonos		6.75%			03/09/2023		95,210
	52,000	MXN	Mexican Bonos		8.00%			09/05/2024		261,584
										448,446
	PERU 4.7%
	560,000	PEN	Peru Government Bond		6.15%			08/12/2032		178,604
	930,000	PEN	Peru Government Bond		5.40%			08/12/2034		270,400
										449,004
	PHILIPPINES 5.2%
	18,000,000	PHP	Philippine Government Bond		4.95%			01/15/2021		372,772
	4,500,000	PHP	Philippine Government Bond		6.88%			01/10/2029		119,973
										492,745
	POLAND 8.1%
	1,065,000	PLN	Republic of Poland Government Bond		2.25%			04/25/2022		285,275
	1,664,000	PLN	Republic of Poland Government Bond		3.25%			07/25/2025		485,000
										770,275
	ROMANIA 3.1%
	1,160,000	RON	Romania Government Bond		5.85%			04/26/2023		297,777
										297,777
	RUSSIA 7.5%
	7,000,000	RUB	Russian Federal Bond		6.50%			02/28/2024		93,936
	30,030,000	RUB	Russian Federal Bond		6.90%			05/23/2029		407,234
	15,000,000	RUB	Russian Federal Bond		7.65%			04/10/2030		213,606
										714,776
	INGAPORE 3.7%
	332,000	SGD	Singapore Government Bond		2.00%			02/01/2024		256,737
	115,000	SGD	Singapore Government Bond		2.88%			07/01/2029		98,863
										355,600
	SOUTH AFRICA 4.9%
	4,100,000	ZAR	Republic of South Africa Government Bond		7.75%			02/28/2023		262,449
	3,780,000	ZAR	Republic of South Africa Government Bond		8.00%			01/31/2030		206,227
										468,676
	THAILAND 4.9%
	7,170,000	THB	Thailand Government Bond		3.63%			06/16/2023		244,353
	6,150,000	THB	Thailand Government Bond		3.85%			12/12/2025		223,231
										467,584
			Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $8,616,463)							8,175,916

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

(Unaudited)

September 30, 2020

SHARES		SECURITY DESCRIPTION	RATE			MATURITY	VALUE $
	SHORT TERM INVESTMENTS 3.9%
	122,965	BlackRock Liquidity Funds FedFund - Institutional Shares		0.05%	¨			122,965
	122,933	Fidelity Institutional Money Market Government Portfolio - Class I		0.01%	¨			122,933
	122,924	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.02%	¨			122,924
		Total Short Term Investments (Cost $368,822)						368,822
		Total Investments 97.7% (Cost $9,813,085)						9,294,890
		Other Assets in Excess of Liabilities 2.3%						221,129
		NET ASSETS 100.0%					$	9,516,019

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	85.9%
Foreign Corporate Bonds	7.9%
Short Term Investments	3.9%
Other Assets and Liabilities	2.3%
	100.0%

COUNTRY BREAKDOWN as a % of Net Assets:
Indonesia	10.6%
Mexico	9.2%
Poland	8.1%
Russia	7.5%
Brazil	6.5%
Peru	5.8%
Colombia	5.6%
Philippines	5.2%
South Africa	4.9%
Thailand	4.9%
Malaysia	4.6%
Czech Republic	4.5%
Israel	4.1%
United States	3.9%
Singapore	3.7%
Hungary	3.2%
Romania	3.1%
Chile	2.3%
Other Assets and Liabilities	2.3%
	100.0%

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers.

¨ Seven-day yield as of September 30, 2020

Principal amount is stated in 100 Mexican Peso Units.

BRL Brazilian Real

CLP Chilean Peso

COP Colombian Peso

CZK Czech Republic Koruna

HUF Hungarian Forint

IDR Indonesian Rupiah

ILS Israeli Shekel

MXN Mexican Peso

MYR Malaysian Ringgit

PEN Peruvian Sol

PHP Philippine Peso

PLN Polish Zloty

RON Romanian Leu

RUB Russian Ruble

SGD Singapore Dollar

THB Thai Baht

ZAR South African Rand

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 107

Schedule of Investments  DoubleLine Income Fund (Unaudited) September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 9.8%
		AASET Ltd.,
	1,417,142	Series 2019-2-C		6.41%	^Þ		10/16/2039		853,247
		GAIA Aviation Ltd.,
	1,124,038	Series 2019-1-C		7.00%	^§Þ		12/15/2044		554,859
		Pioneer Aircraft Finance Ltd.,
	903,366	Series 2019-1-C		6.90%	^Þ		06/15/2044		517,365
		SoFi Professional Loan Program,
	20,000	Series 2018-A-R1		6.11%	^@Þ		02/25/2042		970,571
	5,930	Series 2018-A-R2		6.11%	^@Þ		02/25/2042		287,774
		START Ireland,
	1,087,239	Series 2019-1-C		6.41%	^Þ		03/15/2044		545,219
		Start Ltd.,
	110,820	Series 2019-2-C		6.66%	^Þ		11/15/2044		54,066
		Sunnova Helios Issuer LLC,
	1,662,756	Series 2019-AA-B		4.49%	^		06/20/2046		1,635,623
		Tesla Auto Lease Trust,
	1,500,000	Series 2019-A-E		5.48%	^		05/20/2023		1,572,143
		Wave LLC,
	1,935,802	Series 2019-1-C		6.41%	^Þ		09/15/2044		1,056,839
		Total Asset Backed Obligations (Cost $11,131,090)							8,047,706
	COLLATERALIZED LOAN OBLIGATIONS 14.8%
		Anchorage Capital Ltd.,
	500,000	Series 2020-15A-B1 (3 Month LIBOR USD + 2.45%, 2.45% Floor)		2.69%	^		07/21/2031		500,503
		Cathedral Lake Ltd.,
	2,000,000	Series 2016-4A-D (3 Month LIBOR USD + 4.51%)		4.78%	^		10/20/2028		1,913,486
		CIFC Funding Ltd.,
	500,000	Series 2015-4A-CR (3 Month LIBOR USD + 4.00%, 4.00% Floor)		4.27%	^		10/20/2027		500,119
		GoldenTree Loan Opportunities Ltd.,
	1,000,000	Series 2016-12A-DR (3 Month LIBOR USD + 2.90%)		3.17%	^		07/22/2030		961,402
		Highbridge Loan Management Ltd.,
	2,000,000	Series 12A-18-C (3 Month LIBOR USD + 2.75%, 2.75% Floor)		3.02%	^		07/18/2031		1,824,276
		Magnetite Ltd.,
	500,000	Series 2019-23A-D (3 Month LIBOR USD + 3.60%, 3.60% Floor)		3.84%	^		10/25/2032		496,912
		OHA Credit Funding Ltd.,
	1,000,000	Series 2019-4A-D (3 Month LIBOR USD + 3.75%, 3.75% Floor)		4.01%	^		10/22/2032		989,544
		Trimaran CAVU LLC,
	1,000,000	Series 2019-1A-B (3 Month LIBOR USD + 2.20%, 2.20% Floor)		2.47%	^		07/20/2032		996,851
	3,500,000	Series 2019-2A-C (3 Month LIBOR USD + 4.72%, 4.72% Floor)		4.99%	^		11/26/2032		3,508,665
		Venture Ltd.,
	500,000	Series 2013-14A-BRR (3 Month LIBOR USD + 1.55%, 1.55% Floor)		1.81%	^		08/28/2029		494,488
		Total Collateralized Loan Obligations (Cost $12,290,403)							12,186,246

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 25.1%
		Banc of America Commercial Mortgage Trust,
	228,870	Series 2007-4-G		6.06%	#^		02/10/2051		223,111
		Bancorp Commercial Mortgage Trust,
	1,500,000	Series 2019-CRE5-E (1 Month LIBOR USD + 3.75%, 3.75% Floor)		3.90%	^		03/15/2036		1,334,847
	1,000,000	Series 2019-CRE6-E (1 Month LIBOR USD + 2.85%, 2.85% Floor)		3.00%	^		09/17/2036		884,260
		BANK,
	13,409,430	Series 2019-BN19-XFG		1.17%	#^ I/O		08/17/2061		981,619
		Barclays Commercial Mortgage Securities LLC,
	1,000,000	Series 2017-DELC-F (1 Month LIBOR USD + 3.50%, 3.50% Floor)		3.65%	^		08/15/2036		904,258
		Citigroup Commercial Mortgage Trust,
	1,500,000	Series 2017-P7-D		3.25%	^		04/15/2050		1,219,075
		CLNC Ltd.,
	1,000,000	Series 2019-FL1-D (1 Month LIBOR USD + 2.90%, 2.90% Floor)		3.06%	^		08/17/2035		915,477
		Commercial Mortgage Trust,
	17,739,000	Series 2014-CR20-XF		1.44%	#^ I/O		11/13/2047		864,847
		DBGS Mortgage Trust,
	87,000	Series 2018-5BP-F (1 Month LIBOR USD + 2.45%, 2.45% Floor)		2.60%	^		06/15/2033		79,628
		Fontainebleau Miami Beach Trust,
	1,242,000	Series 2019-FBLU-H		4.09%	#^		12/12/2036		1,048,154
		Great Wolf Trust,
	1,500,000	Series 2019-WOLF-F (1 Month LIBOR USD + 3.13%, 3.13% Floor)		3.28%	^		12/15/2036		1,314,365
		GS Mortgage Securities Trust,
	1,500,000	Series 2014-GC26-D		4.66%	#^		11/13/2047		935,608
	1,500,000	Series 2015-GC32-D		3.35%			07/10/2048		1,190,073
	1,000,000	Series 2019-SMP-F (1 Month LIBOR USD + 3.10%, 3.10% Floor)		3.25%	^		08/16/2032		780,892
		JP Morgan Chase Commercial Mortgage Securities Trust,
	1,000,000	Series 2019-UES-G		4.60%	#^		05/05/2032		889,515
		JPMBB Commercial Mortgage Securities Trust,
	1,500,000	Series 2014-C23-E		3.36%	#^Þ		09/17/2047		926,321
		JPMCC Commercial Mortgage Securities Trust,
	2,000,000	Series 2019-MFP-F (1 Month LIBOR USD + 3.00%, 3.00% Floor)		3.15%	^		07/15/2036		1,872,171
		Morgan Stanley Capital Trust,
	636,000	Series 2017-ASHF-F (1 Month LIBOR USD + 4.35%, 4.35% Floor)		4.50%	^		11/15/2034		464,787
		MRCD Mortgage Trust,
	236,000	Series 2019-PARK-F		2.72%	^		12/15/2036		225,704
	1,407,000	Series 2019-PARK-G		2.72%	^		12/15/2036		1,319,169
		Tharaldson Hotel Portfolio Trust,
	405,040	Series 2018-THL-E (1 Month LIBOR USD + 3.18%, 3.10% Floor)		3.34%	^		11/13/2034		342,041
	810,080	Series 2018-THL-F (1 Month LIBOR USD + 3.95%, 3.95% Floor)		4.11%	^		11/11/2034		643,494
		UBS Commercial Mortgage Trust,
	1,562,000	Series 2013-C5-D		4.23%	#^		03/12/2046		827,659

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

(Unaudited)

September 30, 2020

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		UBS Commercial Mortgage Trust, (Cont.)
	562,000	Series 2018-NYCH-G (1 Month LIBOR USD + 4.84%, 4.84% Floor)		4.99%	^		02/18/2032		473,557
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $24,481,075)							20,660,632
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 29.1%
		AMSR Trust,
	1,000,000	Series 2020-SFR4-G2		4.87%	^		11/17/2037		1,007,463
		Angel Oak Mortgage Trust LLC,
	1,100,000	Series 2019-2-B2		6.29%	#^		03/25/2049		1,113,864
		Citigroup Mortgage Loan Trust, Inc.,
	89,088	Series 2018-A-A1		4.00%	#^		01/25/2068		89,640
	151,163	Series 2019-E-A1		3.23%	^§		11/25/2070		154,345
		CitiMortgage Alternative Loan Trust,
	2,457,348	Series 2007-A3-1A1		6.00%	±		03/25/2037		2,480,343
		Connecticut Avenue Securities Trust,
	1,299,066	Series 2019-R06-2M2 (1 Month LIBOR USD + 2.10%)		2.25%	^		09/25/2039		1,294,162
	2,500,000	Series 2020-R01-1M2 (1 Month LIBOR USD + 2.05%, 2.05% Floor)		2.20%	^		01/25/2040		2,463,755
		CSMC Trust,
	260,328	Series 2018-RPL2-A1		4.31%	^§		08/25/2062		262,777
		FMC GMSR Issuer Trust,
	2,500,000	Series 2019-GT2-B		4.72%	#^		09/25/2026		2,208,771
		Legacy Mortgage Asset Trust,
	2,500,000	Series 2019-GS6-A2		4.45%	^§		06/25/2059		2,463,077
		Mello Warehouse Securitization Trust 2019-2,
	2,000,000	Series 2019-2-F (1 Month LIBOR USD + 3.25%, 3.25% Floor)		3.40%	^		11/25/2052		1,957,268
		New Residential Mortgage Loan Trust,
	2,500,000	Series 2018-NQM1-B1		5.27%	#^		11/25/2048		2,495,593
		Pretium Mortgage Credit Partners LLC,
	2,500,000	Series 2019-NPL3-A2		4.58%	^§		07/27/2059		2,466,821
		PRPM LLC,
	900,000	Series 2019-1A-A2		5.00%	^§		01/25/2024		899,196
	1,000,000	Series 2020-3-A2		5.07%	^§		09/25/2025		999,999
		Spruce Hill Mortgage Loan Trust,
	1,600,000	Series 2020-SH2-M1		4.33%	#^		06/25/2055		1,606,341
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $24,371,219)							23,963,415
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS 5.7%
	2,200,000	Federal Home Loan Mortgage Corporation, Pool SD8104		1.50%			10/01/2050		2,212,930
	1,378,687	Federal National Mortgage Association, Pool MA4095		2.00%			08/01/2035		1,433,802
		Government National Mortgage Association,
	4,544,761	Series 2020-80-MS (-1x1 Month LIBOR USD + 6.25%, 6.25% Cap)		6.09%	I/O I/F		06/20/2045		1,026,334
		Total US Government and Agency Mortgage Backed Obligations (Cost $4,678,319)							4,673,066

PRINCIPAL AMOUNT$/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	US GOVERNMENT AND AGENCY OBLIGATIONS 14.4%
	118,00,000	United States Treasury Notes		0.50%			08/31/2027		11,829,500
		Total US Government and Agency Obligations (Cost $11,821,579)							11,829,500
	SHORT TERM INVESTMENTS 4.5%
	1,231,122	First American Government Obligations Fund - Class U		0.07%	¨				1,231,122
	1,231,122	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		0.07%	¨				1,231,122
	1,231,122	Morgan Stanley Institutional Liquidity Funds Government Portfolio-Institutional Share Class		0.02%	¨				1,231,122
		Total Short Term Investments (Cost $3,693,366)							3,693,366
		Total Investments 103.4% (Cost $92,467,051)							85,053,931
		Liabilities in Excess of Other Assets (3.4)%							(2,824,324	)
		NET ASSETS 100.0%						$	82,229,607

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Non-Agency Residential Collateralized Mortgage Obligations	29.1%
Non-Agency Commercial Mortgage Backed Obligations	25.1%
Collateralized Loan Obligations	14.8%
US Government and Agency Obligations	14.4%
Asset Backed Obligations	9.8%
US Government and Agency Mortgage Backed Obligations	5.7%
Short Term Investments	4.5%
Other Assets and Liabilities	(3.4)%
	100.0%

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 109

Schedule of Investments  DoubleLine Income Fund  (Cont.) (Unaudited) September 30, 2020

Þ Value determined using significant unobservable inputs.

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers.

§ The interest rate will step up if the issuer does not redeem the bond on or before a scheduled redemption date in accordance with the terms of the instrument. The interest rate shown is the rate in effect as of September 30, 2020.

I/O Interest only security

# Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of September 30, 2020.

± Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of September 30, 2020.

¨ Seven-day yield as of September 30, 2020

@ Security pays interest at rates that represent residual cashflows available after more senior tranches have been paid. The interest rate disclosed reflects the estimated rate in effect as of September 30, 2020.

I/F Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates

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

Statements of Assets and Liabilities (Unaudited) September 30, 2020

	DoubleLine Total Return Bond Fund				DoubleLine Core Fixed Income Fund				DoubleLine Emerging Markets Fixed Income Fund				DoubleLine Multi-Asset Growth Fund (Consolidated)				DoubleLine Low Duration Bond Fund				DoubleLine Floating Rate Fund
ASSETS
Investments in Unaffiliated Securities, at Value *		$	51,401,330,403			$	10,272,249,316			$	739,989,709			$	12,283,490			$	6,600,998,375			$	176,983,707
Investments in Affiliated Mutual Funds, at Value *			19,571,282				1,182,729,307				—				7,331,340				49,300,000				—
Short Term Investments *			4,270,805,097				533,948,304				4,052,500				7,928,530				265,584,425				9,714,895
Foreign Currency, at Value *			—				—				—				—				—				—
Receivable for Investments Sold			2,636,388,248				905,486,211				9,791,773				—				6,070,314				2,193,184
Interest and Dividends Receivable			138,712,342				50,715,092				9,352,492				61,805				24,100,458				990,405
Receivable for Fund Shares Sold			134,173,078				15,179,833				1,325,689				29,751				97,420,145				258,985
Prepaid Expenses and Other Assets			619,800				135,970				49,813				17,631				119,766				18,593
Cash			—				506,595				—				—				87,705				200,786
Deposit at Broker for Futures			—				—				—				883,000				—				—
Net Unrealized Appreciation on Swaps			—				—				—				260,550				—				—
Due from Broker			—				—				—				—				—				—
Net Unrealized Appreciation on Forward Currency Exchange Contracts			—				—				—				—				—				—
Total Assets			58,601,600,250				12,960,950,628				764,561,976				28,796,097				7,043,681,188				190,360,555
LIABILITIES
Payable for Investments Purchased			6,225,451,682				1,289,696,002				6,719,828				—				145,138,105				7,054,639
Payable for Fund Shares Redeemed			75,253,025				11,832,970				966,491				52,412				9,523,254				56,286
Distribution Payable			28,869,388				9,423,905				734,379				166,126				2,788,258				325,038
Investment Advisory Fees Payable			17,120,559				3,368,746				488,419				7,226				1,940,309				75,193
Sub-Transfer Agent Expenses Payable			4,530,844				676,059				203,867				1,371				358,876				60,789
Administration, Fund Accounting and Custodian Fees Payable			3,389,522				926,811				74,565				20,001				538,735				82,568
Distribution Fees Payable			2,892,444				225,632				20,165				4,008				829,007				10,961
Transfer Agent Expenses Payable			2,414,327				566,856				42,302				4,893				310,046				11,889
Accrued Expenses			1,287,601				269,161				84,783				21,149				56,124				23,495
Trustees Fees Payable (See Note 8)			1,039,165				177,555				22,240				4,984				105,602				9,944
Professional Fees Payable			271,576				113,309				64,404				67,329				57,213				40,709
Variation Margin Payable			—				—				—				266				—				—
Interest Expense Payable			—				—				—				—				—				42,853
Interest Tax Withholding Payable			—				—				—				—				—				—
Net Unrealized Depreciation on Swaps			—				—				—				—				—				—
Total Liabilities			6,362,520,133				1,317,277,006				9,421,443				349,765				161,645,529				7,794,364
Commitments and Contingencies (See Note 2)
Net Assets		$	52,239,080,117			$	11,643,673,622			$	755,140,533			$	28,446,332			$	6,882,035,659			$	182,566,191
NET ASSETS CONSIST OF:
Paid-in Capital		$	54,535,319,221			$	11,365,243,911			$	863,686,234			$	38,897,862			$	7,019,118,691			$	225,181,886
Undistributed (Accumulated) Net Investment Income (Loss)			(85,386,801	)			(7,537,832	)			(335,254	)			(149,289	)			314,523				(142,231	)
Accumulated Net Realized Gain (Loss) on Investments			(2,689,341,682	)			(13,757,437	)			(59,195,814	)			(9,978,299	)			(87,538,833	)			(38,804,314	)
Net Unrealized Appreciation (Depreciation) on:
Investments in Unaffiliated Securities			480,894,447				239,949,470				(49,014,633	)			(471,302	)			(49,158,722	)			(3,669,150	)
Investments in Affiliated Mutual Funds			(2,405,068	)			59,771,133				—				(34,350	)			(700,000	)			—
Short Term Investments			—				4,377				—				3,335				—				—
Foreign Currency			—				—				—				—				—				—
Forwards			—				—				—				—				—				—
Futures			—				—				—				(82,175	)			—				—
Swaps			—				—				—				260,550				—				—
Written Options			—				—				—				—				—				—
Translation of Other Assets and Liabilities Denominated in Foreign Currency			—				—				—				—				—				—
Total Distributable Earnings (Loss) (See Note 6)			(2,296,239,104	)			278,429,711				(108,545,701	)			(10,451,530	)			(137,083,032	)			(42,615,695	)
Net Assets		$	52,239,080,117			$	11,643,673,622			$	755,140,533			$	28,446,332			$	6,882,035,659			$	182,566,191
*Identified Cost:
Investments in Unaffiliated Securities		$	50,920,435,956			$	10,032,299,846			$	789,004,342			$	12,754,792			$	6,650,157,097			$	180,652,857
Investments in Affiliated Mutual Funds			21,976,350				1,122,958,174				—				7,365,690				50,000,000				—
Short Term Investments			4,270,805,097				533,943,927				4,052,500				7,925,195				265,584,425				9,714,895
Foreign Currency			—				—				—				—				—				—
Class I (unlimited shares authorized):
Net Assets		$	43,677,952,090			$	10,994,005,077			$	701,250,703			$	26,818,020			$	5,639,411,160			$	156,849,060
Shares Outstanding			4,066,680,824				978,767,104				68,868,695				2,995,607				567,127,055				16,942,662
Net Asset Value, Offering and Redemption Price per Share		$	10.74			$	11.23			$	10.18			$	8.95			$	9.94			$	9.26
Class N (unlimited shares authorized):
Net Assets		$	5,980,000,682			$	582,828,500			$	53,889,830			$	—			$	1,237,308,632			$	25,717,131
Shares Outstanding			557,018,853				51,929,091				5,289,677				—				124,529,099				2,772,168
Net Asset Value, Offering and Redemption Price per Share		$	10.74			$	11.22			$	10.19			$	—			$	9.94			$	9.28
Class A (unlimited shares authorized):
Net Assets		$	—			$	—			$	—			$	1,628,312			$	—			$	—
Shares Outstanding			—				—				—				181,432				—				—
Net Asset Value, Offering Price per Share		$	—			$	—			$	—			$	9.35			$	—			$	—
Net Asset Value, Redemption Price per Share		$	—			$	—			$	—			$	8.97			$	—			$	—
Class R6 (unlimited shares authorized):
Net Assets		$	2,581,127,345			$	66,840,045			$	—			$	—			$	5,315,867			$	—
Shares Outstanding			240,251,418				5,950,550				—				—				534,686				—
Net Asset Value, Offering and Redemption Price per Share		$	10.74			$	11.23			$	—			$	—			$	9.94			$	—

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 111

Statements of Assets and Liabilities  (Cont.) (Unaudited) September 30, 2020

	DoubleLine Shiller Enhanced CAPE®				DoubleLine Flexible Income Fund				DoubleLine Low Duration Emerging Markets Fixed Income Fund				DoubleLine Long Duration Total Return Bond Fund				DoubleLine Strategic Commodity Fund (Consolidated)				DoubleLine Global Bond Fund
ASSETS
Investments in Unaffiliated Securities, at Value *		$	6,344,071,671			$	1,072,157,135			$	217,475,570			$	91,423,128			$	—			$	786,430,158
Investments in Affiliated Mutual Funds, at Value *			199,949,999				49,105,675				—				—				—				—
Short Term Investments *			340,235,264				49,004,229				10,246,262				2,350,883				143,605,264				50,950,176
Foreign Currency, at Value *			—				—				—				—				—				10,418,110
Receivable for Investments Sold			35,127,419				2,618,487				—				—				—				—
Interest and Dividends Receivable			—				6,596,944				2,460,431				247,090				344				4,553,858
Receivable for Fund Shares Sold			9,683,568				1,104,860				1,304,198				17,486				570,526				114
Prepaid Expenses and Other Assets			114,176				59,659				14,135				11,092				32,924				14,943
Cash			325,158				72,704				—				—				—				—
Deposit at Broker for Futures			—				—				—				1,505,166				—				—
Net Unrealized Appreciation on Swaps			603,747,081				—				—				—				253,854				—
Due from Broker			5,942,308				—				—				—				—				—
Net Unrealized Appreciation on Forward Currency Exchange Contracts			—				—				—				—				—				239,311
Total Assets			7,539,196,644				1,180,719,693				231,500,596				95,554,845				144,462,912				852,606,670
LIABILITIES
Payable for Investments Purchased			133,110,353				26,189,738				—				238,612				—				—
Payable for Fund Shares Redeemed			7,951,265				2,053,621				188,076				19,925				18,177				18,432
Distribution Payable			2,970,672				1,141,624				149,880				128,522				—				—
Investment Advisory Fees Payable			2,726,478				557,798				79,370				24,902				97,880				355,922
Sub-Transfer Agent Expenses Payable			790,049				83,970				10,311				6,174				56,471				10,776
Administration, Fund Accounting and Custodian Fees Payable			585,512				221,635				26,118				10,316				13,861				103,635
Distribution Fees Payable			280,347				112,860				9,985				5,536				8,711				597
Transfer Agent Expenses Payable			321,311				57,392				10,338				4,962				11,761				49,295
Accrued Expenses			48,762				54,762				19,383				6,858				27,225				35,599
Trustees Fees Payable (See Note 8)			83,013				21,286				4,368				1,434				6,485				11,643
Professional Fees Payable			71,123				31,512				28,256				28,899				52,926				23,352
Variation Margin Payable			—				—				—				297,500				—				—
Interest Expense Payable			—				—				—				—				—				—
Interest Tax Withholding Payable			2,019,496				—				—				—				—				—
Net Unrealized Depreciation on Swaps			—				—				—				—				1,053,357				—
Total Liabilities			150,958,381				30,526,198				526,085				773,640				1,346,854				609,251
Commitments and Contingencies (See Note 2)
Net Assets		$	7,388,238,263			$	1,150,193,495			$	230,974,511			$	94,781,205			$	143,116,058			$	851,997,419
NET ASSETS CONSIST OF:
Paid-in Capital		$	6,960,290,245			$	1,252,396,835			$	231,684,843			$	79,251,075			$	158,668,333			$	806,701,701
Undistributed (Accumulated) Net Investment Income (Loss)			(1,974,371	)			(497,919	)			(50,481	)			11,192				(190,727	)			(1,527,156	)
Accumulated Net Realized Gain (Loss) on Investments			(97,250,404	)			(47,099,723	)			(826,762	)			8,707,104				(14,711,118	)			5,698,778
Net Unrealized Appreciation (Depreciation) on:
Investments in Unaffiliated Securities			(77,022,595	)			(57,282,163	)			166,911				7,340,244				—				41,002,581
Investments in Affiliated Mutual Funds			448,307				2,676,465				—				—				—				—
Short Term Investments			—				—				—				—				149,073				2,305
Foreign Currency			—				—				—				—				—				(178,854	)
Forwards			—				—				—				—				—				239,311
Futures			—				—				—				(528,410	)			—				—
Swaps			603,747,081				—				—				—				(799,503	)			—
Written Options			—				—				—				—				—				—
Translation of Other Assets and Liabilities Denominated in Foreign Currency			—				—				—				—				—				58,753
Total Distributable Earnings (Loss) (See Note 6)			427,948,018				(102,203,340	)			(710,332	)			15,530,130				(15,552,275	)			45,295,718
Net Assets		$	7,388,238,263			$	1,150,193,495			$	230,974,511			$	94,781,205			$	143,116,058			$	851,997,419
*Identified Cost:
Investments in Unaffiliated Securities		$	6,421,094,266			$	1,129,439,298			$	217,308,659			$	84,082,884			$	—			$	745,427,577
Investments in Affiliated Mutual Funds			199,501,692				46,429,210				—				—				—				—
Short Term Investments			340,235,264				49,004,229				10,246,262				2,350,883				143,456,191				50,947,871
Foreign Currency			—				—				—				—				—				10,596,964
Class I (unlimited shares authorized):
Net Assets		$	6,700,926,177			$	962,865,077			$	204,341,014			$	80,011,305			$	118,326,066			$	849,844,037
Shares Outstanding			414,375,599				102,879,239				20,715,095				6,818,672				16,086,664				79,736,896
Net Asset Value, Offering and Redemption Price per Share		$	16.17			$	9.36			$	9.86			$	11.73			$	7.36			$	10.66
Class N (unlimited shares authorized):
Net Assets		$	686,033,502			$	187,227,465			$	26,633,497			$	14,769,900			$	24,789,992			$	2,153,382
Shares Outstanding			42,452,058				20,020,541				2,695,802				1,259,544				3,397,023				202,316
Net Asset Value, Offering and Redemption Price per Share		$	16.16			$	9.35			$	9.88			$	11.73			$	7.30			$	10.64
Class A (unlimited shares authorized):
Net Assets		$	—			$	—			$	—			$	—			$	—			$	—
Shares Outstanding			—				—				—				—				—				—
Net Asset Value, Offering Price per Share		$	—			$	—			$	—			$	—			$	—			$	—
Net Asset Value, Redemption Price per Share		$	—			$	—			$	—			$	—			$	—			$	—
Class R6 (unlimited shares authorized):
Net Assets		$	1,278,584			$	100,953			$	—			$	—			$	—			$	—
Shares Outstanding			79,048				10,784				—				—				—				—
Net Asset Value, Offering and Redemption Price per Share		$	16.17			$	9.36			$	—			$	—			$	—			$	—

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

(Unaudited)

September 30, 2020

	DoubleLine Infrastructure Income Fund				DoubleLine Ultra Short Bond Fund				DoubleLine Shiller Enhanced International CAPE®				DoubleLine Colony Real Estate and Income Fund				DoubleLine Emerging Markets Local Currency Bond Fund				DoubleLine Income Fund
ASSETS
Investments in Unaffiliated Securities, at Value *		$	543,326,907			$	176,244,227			$	38,524,274			$	105,380,168			$	8,926,068			$	81,360,565
Investments in Affiliated Mutual Funds, at Value *			—				—				2,602,382				—				—				—
Short Term Investments *			49,533,477				76,780,734				177,268				11,343,650				368,822				3,693,366
Foreign Currency, at Value *			—				—				565,889				—				26,409				—
Receivable for Investments Sold			—				—				20,222				291,903				—				219,673
Interest and Dividends Receivable			3,381,013				504,188				168,564				393,426				128,888				271,853
Receivable for Fund Shares Sold			117,525				805,320				7,291				52,812				—				321,159
Prepaid Expenses and Other Assets			27,181				25,816				7,643				211				449				76,141
Cash			—				—				—				4,008				224,674				—
Deposit at Broker for Futures			—				—				—				—				—				—
Net Unrealized Appreciation on Swaps			—				—				—				—				—				—
Due from Broker			—				—				—				—				—				—
Net Unrealized Appreciation on Forward Currency Exchange Contracts			—				—				1,654,524				—				—				—
Total Assets			596,386,103				254,360,285				43,728,057				117,466,178				9,675,310				85,942,757
LIABILITIES
Payable for Investments Purchased			11,413,913				—				488,904				1,292,617				—				3,440,491
Payable for Fund Shares Redeemed			12,902				11,271				240,456				6,777				—				72,259
Distribution Payable			1,319,382				52,382				26,145				154,609				—				107,774
Investment Advisory Fees Payable			240,443				30,069				5,719				43,967				826				27,480
Sub-Transfer Agent Expenses Payable			1,530				—				17,586				12,424				747				3,564
Administration, Fund Accounting and Custodian Fees Payable			54,284				31,252				28,911				41,727				19,555				19,138
Distribution Fees Payable			3,719				1,321				4,423				1,227				302				1,397
Transfer Agent Expenses Payable			25,886				9,339				6,668				6,480				909				3,819
Accrued Expenses			25,366				5,924				11,861				25,623				15,221				17,181
Trustees Fees Payable (See Note 8)			8,809				3,440				1,583				2,390				522				603
Professional Fees Payable			26,631				24,385				28,123				24,975				121,209				19,444
Variation Margin Payable			—				—				—				—				—				—
Interest Expense Payable			—				—				—				—				—				—
Interest Tax Withholding Payable			—				—				—				—				—				—
Net Unrealized Depreciation on Swaps			—				—				1,120,724				5,850,804				—				—
Total Liabilities			13,132,865				169,383				1,981,103				7,463,620				159,291				3,713,150
Commitments and Contingencies (See Note 2)
Net Assets		$	583,253,238			$	254,190,902			$	41,746,954			$	110,002,558			$	9,516,019			$	82,229,607
NET ASSETS CONSIST OF:
Paid-in Capital		$	561,908,386			$	254,163,861			$	56,196,875			$	118,084,391			$	10,222,484			$	91,668,076
Undistributed (Accumulated) Net Investment Income (Loss)			(373,515	)			2,328				1,680				(25,957	)			42,638				(59,063	)
Accumulated Net Realized Gain (Loss) on Investments			(2,075,815	)			(413,652	)			(14,357,151	)			(2,303,257	)			(224,676	)			(1,966,286	)
Net Unrealized Appreciation (Depreciation) on:
Investments in Unaffiliated Securities			23,794,182				429,775				(464,401	)			97,804				(518,195	)			(7,413,120	)
Investments in Affiliated Mutual Funds			—				—				(179,862	)			—				—				—
Short Term Investments			—				8,590				—				381				—				—
Foreign Currency			—				—				16,013				—				(2,637	)			—
Forwards			—				—				1,654,524				—				—				—
Futures			—				—				—				—				—				—
Swaps			—				—				(1,120,724	)			(5,850,804	)			—				—
Written Options			—				—				—				—				—				—
Translation of Other Assets and Liabilities Denominated in Foreign Currency			—				—				—				—				(3,595	)			—
Total Distributable Earnings (Loss) (See Note 6)			21,344,852				27,041				(14,449,921	)			(8,081,833	)			(706,465	)			(9,438,469	)
Net Assets		$	583,253,238			$	254,190,902			$	41,746,954			$	110,002,558			$	9,516,019			$	82,229,607
*Identified Cost:
Investments in Unaffiliated Securities		$	519,532,725			$	175,814,452			$	38,988,675			$	105,282,364			$	9,444,263			$	88,773,685
Investments in Affiliated Mutual Funds			—				—				2,782,244				—				—				—
Short Term Investments			49,533,477				76,772,144				177,268				11,343,269				368,822				3,693,366
Foreign Currency			—				—				549,876				—				29,046				—
Class I (unlimited shares authorized):
Net Assets		$	573,694,732			$	250,994,373			$	27,802,289			$	105,852,478			$	9,421,156			$	79,883,684
Shares Outstanding			54,726,974				24,984,733				2,742,042				10,759,116				1,013,258				9,032,206
Net Asset Value, Offering and Redemption Price per Share		$	10.48			$	10.05			$	10.14			$	9.84			$	9.30			$	8.84
Class N (unlimited shares authorized):
Net Assets		$	9,558,506			$	3,196,529			$	13,944,665			$	4,150,080			$	94,863			$	2,345,923
Shares Outstanding			911,797				317,729				1,375,342				421,428				10,202				264,830
Net Asset Value, Offering and Redemption Price per Share		$	10.48			$	10.06			$	10.14			$	9.85			$	9.30			$	8.86
Class A (unlimited shares authorized):
Net Assets		$	—			$	—			$	—			$	—			$	—			$	—
Shares Outstanding			—				—				—				—				—				—
Net Asset Value, Offering Price per Share		$	—			$	—			$	—			$	—			$	—			$	—
Net Asset Value, Redemption Price per Share		$	—			$	—			$	—			$	—			$	—			$	—
Class R6 (unlimited shares authorized):
Net Assets		$	—			$	—			$	—			$	—			$	—			$	—
Shares Outstanding			—				—				—				—				—				—
Net Asset Value, Offering and Redemption Price per Share		$	—			$	—			$	—			$	—			$	—			$	—

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 113

Statements of Operations (Unaudited) For the Period Ended September 30, 2020

	DoubleLine Total Return Bond Fund				DoubleLine Core Fixed Income Fund				DoubleLine Emerging Markets Fixed Income Fund				DoubleLine Multi-Asset Growth Fund (Consolidated)				DoubleLine Low Duration Bond Fund				DoubleLine Floating Rate Fund
INVESTMENT INCOME
Income:
Interest		$	913,932,490			$	185,575,814			$	22,211,347			$	600,469			$	89,590,893			$	4,496,785
Dividends from Affiliated Mutual Funds			586,751				7,777,359				—				134,039				660,341				—
Dividends from Unaffiliated Securities			—				16,801				28,292				—				11,060				—
Non-Cash Interest			—				—				—				—				—				—
Total Investment Income			914,519,241				193,369,974				22,239,639				734,508				90,262,294				4,496,785
Expenses:
Investment Advisory Fees			102,080,867				23,415,495				3,189,197				170,618				11,811,093				473,250
Sub-Transfer Agent Expenses - Class I			12,385,173				1,784,286				281,751				2,818				920,732				14,172
Sub-Transfer Agent Expenses - Class N			1,695,173				99,093				29,853				—				230,220				3,262
Sub-Transfer Agent Expenses - Class A			—				—				—				1,041				—				—
Distribution Fees - Class N			7,638,943				765,099				101,698				—				1,700,272				43,648
Distribution Fees - Class A			—				—				—				13,129				—				—
Administration, Fund Accounting and Custodian Fees			3,351,156				950,308				78,985				18,377				558,753				76,919
Transfer Agent Expenses			2,522,340				587,703				38,696				1,634				337,088				8,613
Shareholder Reporting Expenses			642,327				124,861				40,119				2,350				79,561				3,110
Professional Fees			612,405				226,711				64,777				51,126				139,077				31,506
Registration Fees			323,286				55,545				65,107				22,998				87,996				31,588
Trustees Fees			249,612				48,719				5,522				685				35,730				379
Insurance Expenses			248,412				63,494				7,757				2,201				44,326				7,477
Miscellaneous Expenses			218,350				55,481				11,964				12,539				36,412				3,597
Interest Expense			—				—				468				—				—				57,217
Total Expenses			131,968,044				28,176,795				3,915,894				299,516				15,981,260				754,738
Less: Investment Advisory Fees (Waived)			(119,829	)			(3,429,133	)			—				(18,544	)			(121,901	)			—
Less: Other Fees (Reimbursed)/Recouped			—				—				—				(79,847	)			(154	)			—
Net Expenses			131,848,215				24,747,662				3,915,894				201,125				15,859,205				754,738
Net Investment Income (Loss)			782,671,026				168,622,312				18,323,745				533,383				74,403,089				3,742,047
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments in Unaffiliated Securities			495,418,798				116,164,035				(19,364,719	)			(766,315	)			5,569,974				(5,781,153	)
Investments in Affiliated Mutual Funds			(7,433,292	)			2,958,174				—				(10,886	)			—				—
Foreign Currency			—				91				(119	)			—				(47	)			—
Forwards			—				—				—				—				—				—
Futures			95,215,506				—				—				2,842,632				—				—
Swaps			—				—				—				659,139				—				—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments in Unaffiliated Securities			916,175,330				457,934,045				145,617,299				1,486,277				290,982,823				23,735,805
Investments in Affiliated Mutual Funds			11,029,760				79,055,421				—				516,986				2,500,000				—
Short Term Investments			—				(31,742	)			—				(16,202	)			—				—
Foreign Currency			—				—				—				—				—				—
Forwards			—				—				—				—				—				—
Futures			(100,579,104	)			—				—				(1,078,887	)			—				—
Swaps			—				—				—				1,870,287				—				—
Translation of Other Assets and Liabilities Denominated in Foreign Currency			—				—				—				—				—				—
Net Realized and Unrealized Gain (Loss) on Investments			1,409,826,998				656,080,024				126,252,461				5,503,031				299,052,750				17,954,652
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	2,192,498,024			$	824,702,336			$	144,576,206			$	6,036,414			$	373,455,839			$	21,696,699

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

(Unaudited)

For the Period Ended September 30, 2020

	DoubleLine Shiller Enhanced CAPE®				DoubleLine Flexible Income Fund				DoubleLine Low Duration Emerging Markets Fixed Income Fund				DoubleLine Long Duration Total Return Bond Fund				DoubleLine Strategic Commodity Fund (Consolidated)				DoubleLine Global Bond Fund
INVESTMENT INCOME
Income:
Interest		$	85,727,055			$	25,622,550			$	3,436,324			$	497,743			$	482,697			$	6,870,704
Dividends from Affiliated Mutual Funds			629,500				—				—				—				—				—
Dividends from Unaffiliated Securities			—				689				2,631				—				—				—
Non-Cash Interest			—				—				—				951,028				—				—
Total Investment Income			86,356,555				25,623,239				3,438,955				1,448,771				482,697				6,870,704
Expenses:
Investment Advisory Fees			15,398,511				3,435,697				545,973				194,527				617,743				2,816,968
Sub-Transfer Agent Expenses - Class I			1,847,960				256,007				64,866				15,330				41,410				5,182
Sub-Transfer Agent Expenses - Class N			314,626				58,095				7,542				2,835				8,959				10
Sub-Transfer Agent Expenses - Class A			—				—				—				—				—				—
Distribution Fees - Class N			1,298,643				260,925				28,366				20,264				30,534				2,935
Distribution Fees - Class A			—				—				—				—				—				—
Administration, Fund Accounting and Custodian Fees			616,417				216,740				29,236				10,393				16,281				125,744
Transfer Agent Expenses			341,392				55,427				9,937				4,723				11,246				51,269
Shareholder Reporting Expenses			134,134				29,180				11,986				1,885				22,234				7,870
Professional Fees			161,079				49,781				32,625				26,972				45,110				34,005
Registration Fees			96,613				80,156				20,789				29,281				36,926				26,987
Trustees Fees			38,846				6,071				1,144				523				1,782				7,004
Insurance Expenses			38,832				10,785				2,677				1,738				3,260				9,929
Miscellaneous Expenses			34,586				10,204				7,031				2,595				5,631				12,010
Interest Expense			—				—				—				—				—				—
Total Expenses			20,321,639				4,469,068				762,172				311,066				841,116				3,099,913
Less: Investment Advisory Fees (Waived)			(149,550	)			(221,576	)			—				—				—				—
Less: Other Fees (Reimbursed)/Recouped			—				—				(89,556	)			(18,424	)			(55,573	)			—
Net Expenses			20,172,089				4,247,492				672,616				292,642				785,543				3,099,913
Net Investment Income (Loss)			66,184,466				21,375,747				2,766,339				1,156,129				(302,846	)			3,770,791
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments in Unaffiliated Securities			(2,755,147	)			(8,316,086	)			(705,827	)			5,963,587				40,454				10,680,679
Investments in Affiliated Mutual Funds			—				1,011,167				—				—				—				—
Foreign Currency			—				(3	)			(4	)			—				—				(660,829	)
Forwards			—				—				—				—				—				(4,709,050	)
Futures			—				—				—				1,276,154				—				—
Swaps			148,478,000				—				—				—				(15,162,283	)			—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments in Unaffiliated Securities			305,919,833				124,093,206				11,867,024				(4,933,214	)			—				42,428,785
Investments in Affiliated Mutual Funds			4,774,926				3,264,128				—				—				—				—
Short Term Investments			—				—				—				—				(405,987	)			2,305
Foreign Currency			—				—				—				—				—				269,011
Forwards			—				—				—				—				—				(391,517	)
Futures			—				—				—				(2,010,847	)			—				—
Swaps			1,656,723,526				—				—				—				24,185,093				—
Translation of Other Assets and Liabilities Denominated in Foreign Currency			—				—				—				—				—				545,743
Net Realized and Unrealized Gain (Loss) on Investments			2,113,141,138				120,052,412				11,161,193				295,680				8,657,277				48,165,127
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	2,179,325,604			$	141,428,159			$	13,927,532			$	1,451,809			$	8,354,431			$	51,935,918

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 115

Statements of Operations  (Cont.) (Unaudited) September 30, 2020

	DoubleLine Infrastructure Income Fund			DoubleLine Ultra Short Bond Fund				DoubleLine Shiller Enhanced International  CAPE®				DoubleLine Colony Real Estate and Income Fund				DoubleLine Emerging Markets Local Currency Bond Fund				DoubleLine Income Fund
INVESTMENT INCOME
Income:
Interest		$	9,784,878		$	1,070,084			$	602,211			$	1,282,364			$	187,158			$	1,778,542
Dividends from Affiliated Mutual Funds			—			—				51,762				—				—				—
Dividends from Unaffiliated Securities			—			—				—				—				—				—
Non-Cash Interest			—			—				—				—				—				—
Total Investment Income			9,784,878			1,070,084				653,973				1,282,364				187,158				1,778,542
Expenses:
Investment Advisory Fees			1,416,548			179,853				110,799				243,694				35,432				194,258
Sub-Transfer Agent Expenses - Class I			26,375			7,303				22,756				550				50				1,580
Sub-Transfer Agent Expenses - Class N			484			96				10,975				24				—				41
Sub-Transfer Agent Expenses - Class A			—			—				—				—				—				—
Distribution Fees - Class N			12,805			3,903				17,993				5,462				118				2,184
Distribution Fees - Class A			—			—				—				—				—				—
Administration, Fund Accounting and Custodian Fees			57,462			29,643				24,979				50,437				8,860				15,935
Transfer Agent Expenses			25,781			10,911				2,017				6,928				430				3,536
Shareholder Reporting Expenses			6,903			2,591				3,562				2,831				6,524				12,045
Professional Fees			25,412			29,118				5,051				16,680				45,836				58,063
Registration Fees			26,951			24,278				21,852				7,373				—				6,783
Trustees Fees			1,813			1,329				159				—				2				372
Insurance Expenses			5,472			3,424				1,323				2,256				186				556
Miscellaneous Expenses			4,970			5,273				4,200				403				5,286				2,138
Interest Expense			—			—				—				—				—				—
Total Expenses			1,610,976			297,722				225,666				336,638				102,724				297,491
Less: Investment Advisory Fees (Waived)			—			—				(6,374	)			—				—				—
Less: Other Fees (Reimbursed)/Recouped			—			—				(63,646	)			2,620				(60,083	)			(43,282	)
Net Expenses			1,610,976			297,722				155,646				339,258				42,641				254,209
Net Investment Income (Loss)			8,173,902			772,362				498,327				943,106				144,517				1,524,333
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments in Unaffiliated Securities			1,004,981			(13,435	)			360,331				(2,119,818	)			(114,797	)			(797,493	)
Investments in Affiliated Mutual Funds			—			—				—				—				—				—
Foreign Currency			—			—				12,129				—				(10,439	)			—
Forwards			—			—				(95,238	)			—				—				—
Futures			—			—				—				—				—				—
Swaps			—			—				18,316				933,911				—				—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments in Unaffiliated Securities			49,966,400			5,571,416				1,379,488				5,023,062				735,461				7,872,827
Investments in Affiliated Mutual Funds			—			—				230,449				—				—				—
Short Term Investments			—			(20,052	)			—				381				—				—
Foreign Currency			—			—				18,242				—				(1,424	)			—
Forwards			—			—				2,713,273				—				—				—
Futures			—			—				—				—				—				—
Swaps			—			—				6,522,748				11,492,485				—				—
Translation of Other Assets and Liabilities Denominated in Foreign Currency			—			—				—				—				11,706				—
Net Realized and Unrealized Gain (Loss) on Investments			50,971,381			5,537,929				11,159,738				15,330,021				620,507				7,075,334
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	59,145,282		$	6,310,291			$	11,658,065			$	16,273,127			$	765,024			$	8,599,667

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

Statements of Changes in Net Assets September 30, 2020

	DoubleLine Total Return Bond Fund								DoubleLine Core Fixed Income Fund
	Period Ended September 30, 2020 (Unaudited)				Year Ended March 31, 2020				Period Ended September 30, 2020 (Unaudited)				Year Ended March 31, 2020
OPERATIONS
Net Investment Income (Loss)		$	782,671,026			$	1,753,261,525			$	168,622,312			$	407,859,053
Net Realized Gain (Loss) on Investments			583,201,012				51,717,711				119,122,300				27,811,537
Net Change in Unrealized Appreciation (Depreciation) on Investments			826,625,986				(292,358,501	)			536,957,724				(267,941,818	)
Net Increase (Decrease) in Net Assets Resulting from Operations			2,192,498,024				1,512,620,735				824,702,336				167,728,772
DISTRIBUTIONS TO SHAREHOLDERS
From Earnings
Class I			(767,387,706	)			(1,682,833,349	)			(165,934,729	)			(390,047,338	)
Class N			(96,817,354	)			(236,162,405	)			(8,334,228	)			(25,423,762	)
Class R6			(8,598,375	)			(292,522	)			(1,329,732	)			(1,420,636	)
Total Distributions to Shareholders			(872,803,435	)			(1,919,288,276	)			(175,598,689	)			(416,891,736	)
NET SHARE TRANSACTIONS
Class I			(2,104,641,649	)			1,305,860,834				(338,921,809	)			282,562,989
Class N			(734,341,384	)			(239,768,302	)			(158,709,654	)			(120,931,455	)
Class R6			2,516,445,708				68,552,428				(52,089,143	)			118,545,100
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			(322,537,325	)			1,134,644,960				(549,720,606	)			280,176,634
Total Increase (Decrease) in Net Assets		$	997,157,264			$	727,977,419			$	99,383,041			$	31,013,670
NET ASSETS
Beginning of Period		$	51,241,922,853			$	50,513,945,434			$	11,544,290,581			$	11,513,276,911
End of Period		$	52,239,080,117			$	51,241,922,853			$	11,643,673,622			$	11,544,290,581

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 117

Statements of Changes in Net Assets  (Cont.) September 30, 2020

	DoubleLine Emerging Markets Fixed Income Fund								DoubleLine Multi-Asset Growth Fund (Consolidated)
	Period Ended September 30, 2020 (Unaudited)				Year Ended March 31, 2020				Period Ended September 30, 2020 (Unaudited)				Year Ended March 31, 2020
OPERATIONS
Net Investment Income (Loss)		$	18,323,745			$	56,232,017			$	533,383			$	3,092,497
Net Realized Gain (Loss) on Investments			(19,364,838	)			(22,660,421	)			2,724,570				(5,574,508	)
Net Change in Unrealized Appreciation (Depreciation) on Investments			145,617,299				(150,268,656	)			2,778,461				(830,704	)
Net Increase (Decrease) in Net Assets Resulting from Operations			144,576,206				(116,697,060	)			6,036,414				(3,312,715	)
DISTRIBUTIONS TO SHAREHOLDERS
From Earnings
Class I			(18,030,885	)			(48,344,890	)			(596,566	)			(997,428	)
Class N			(1,686,916	)			(7,355,562	)			—				—
Class A			—				—				(19,314	)			(2,631,764	)
Total Distributions to Shareholders			(19,717,801	)			(55,700,452	)			(615,880	)			(3,629,192	)
NET SHARE TRANSACTIONS
Class I			(165,322,689	)			(39,817,950	)			6,695,626				(24,124,621	)
Class N			(82,769,669	)			(16,878,662	)			—				—
Class A			—				—				(19,956,264	)			(154,741,437	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			(248,092,358	)			(56,696,612	)			(13,260,638	)			(178,866,058	)
Total Increase (Decrease) in Net Assets		$	(123,233,953	)		$	(229,094,124	)		$	(7,840,104	)		$	(185,807,965	)
NET ASSETS
Beginning of Period		$	878,374,486			$	1,107,468,610			$	36,286,436			$	222,094,401
End of Period		$	755,140,533			$	878,374,486			$	28,446,332			$	36,286,436

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

September 30, 2020

	DoubleLine Low Duration Bond Fund								DoubleLine Floating Rate Fund
	Period Ended September 30, 2020 (Unaudited)				Year Ended March 31, 2020				Period Ended September 30, 2020 (Unaudited)				Year Ended March 31, 2020
OPERATIONS
Net Investment Income (Loss)		$	74,403,089			$	226,409,782			$	3,742,047			$	16,018,707
Net Realized Gain (Loss) on Investments			5,569,927				(36,119,310	)			(5,781,153	)			(14,708,861	)
Net Change in Unrealized Appreciation (Depreciation) on Investments			293,482,823				(328,352,331	)			23,735,805				(19,712,795	)
Net Increase (Decrease) in Net Assets Resulting from Operations			373,455,839				(138,061,859	)			21,696,699				(18,402,949	)
DISTRIBUTIONS TO SHAREHOLDERS
From Earnings
Class I			(61,867,314	)			(184,148,149	)			(3,129,003	)			(12,290,737	)
Class N			(13,710,206	)			(45,083,925	)			(607,012	)			(4,099,480	)
Class R6			(50,687	)			(2,785	)			—				—
Total Distributions to Shareholders			(75,628,207	)			(229,234,859	)			(3,736,015	)			(16,390,217	)
NET SHARE TRANSACTIONS
Class I			108,312,681				131,553,599				(8,182,635	)			(180,591,747	)
Class N			(309,343,654	)			79,520,857				(29,749,130	)			(56,514,141	)
Class R6			4,758,431				374,370				—				—
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			(196,272,542	)			211,448,826				(37,931,765	)			(237,105,888	)
Total Increase (Decrease) in Net Assets		$	101,555,090			$	(155,847,892	)		$	(19,971,081	)		$	(271,899,054	)
NET ASSETS
Beginning of Period		$	6,780,480,569			$	6,936,328,461			$	202,537,272			$	474,436,326
End of Period		$	6,882,035,659			$	6,780,480,569			$	182,566,191			$	202,537,272

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 119

Statements of Changes in Net Assets  (Cont.) September 30, 2020

	DoubleLine Shiller Enhanced CAPE®								DoubleLine Flexible Income Fund
	Period Ended September 30, 2020 (Unaudited)				Year Ended March 31, 2020				Period Ended September 30, 2020 (Unaudited)				Year Ended March 31, 2020
OPERATIONS
Net Investment Income (Loss)		$	66,184,466			$	195,543,473			$	21,375,747			$	58,208,844
Net Realized Gain (Loss) on Investments			145,722,853				(2,696,458	)			(7,304,922	)			(24,244,752	)
Net Change in Unrealized Appreciation (Depreciation) on Investments			1,967,418,285				(1,647,443,481	)			127,357,334				(166,601,720	)
Net Increase (Decrease) in Net Assets Resulting from Operations			2,179,325,604				(1,454,596,466	)			141,428,159				(132,637,628	)
DISTRIBUTIONS TO SHAREHOLDERS
From Earnings
Class I			(60,169,210	)			(321,927,614	)			(18,323,052	)			(50,225,540	)
Class N			(8,754,728	)			(77,510,294	)			(3,855,868	)			(10,505,272	)
Class R6			(4,431	)			(5,500	)			(1,996	)			(2,816	)
Total Distributions to Shareholders			(68,928,369	)			(399,443,408	)			(22,180,916	)			(60,733,628	)
NET SHARE TRANSACTIONS
Class I			326,070,844				1,544,162,763				(6,821,661	)			(59,045,455	)
Class N			(930,000,886	)			376,943,027				(66,949,003	)			61,169,389
Class R6			1,075,630				168,109				1,996				102,816
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			(602,854,412	)			1,921,273,899				(73,768,668	)			2,226,750
Total Increase (Decrease) in Net Assets		$	1,507,542,823			$	67,234,025			$	45,478,575			$	(191,144,506	)
NET ASSETS
Beginning of Period		$	5,880,695,440			$	5,813,461,415			$	1,104,714,920			$	1,295,859,426
End of Period		$	7,388,238,263			$	5,880,695,440			$	1,150,193,495			$	1,104,714,920

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

September 30, 2020

	DoubleLine Low Duration Emerging Markets Fixed Income Fund								DoubleLine Long Duration Total Return Bond Fund
	Period Ended September 30, 2020 (Unaudited)				Year Ended March 31, 2020				Period Ended September 30, 2020 (Unaudited)				Year Ended March 31, 2020
OPERATIONS
Net Investment Income (Loss)		$	2,766,339			$	7,267,964			$	1,156,129			$	2,316,624
Net Realized Gain (Loss) on Investments			(705,831	)			2,432,792				7,239,741				5,648,660
Net Change in Unrealized Appreciation (Depreciation) on Investments			11,867,024				(10,875,258	)			(6,944,061	)			12,609,083
Net Increase (Decrease) in Net Assets Resulting from Operations			13,927,532				(1,174,502	)			1,451,809				20,574,367
DISTRIBUTIONS TO SHAREHOLDERS
From Earnings
Class I			(2,667,277	)			(8,136,505	)			(986,658	)			(3,720,836	)
Class N			(287,992	)			(732,838	)			(158,589	)			(695,919	)
Total Distributions to Shareholders			(2,955,269	)			(8,869,343	)			(1,145,247	)			(4,416,755	)
NET SHARE TRANSACTIONS
Class I			13,690,645				(7,593,692	)			(7,782,589	)			7,846,582
Class N			8,660,006				(6,370,488	)			(5,436,563	)			3,147,441
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			22,350,651				(13,964,180	)			(13,219,152	)			10,994,023
Total Increase (Decrease) in Net Assets		$	33,322,914			$	(24,008,025	)		$	(12,912,590	)		$	27,151,635
NET ASSETS
Beginning of Period		$	197,651,597			$	221,659,622			$	107,693,795			$	80,542,160
End of Period		$	230,974,511			$	197,651,597			$	94,781,205			$	107,693,795

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 121

Statements of Changes in Net Assets  (Cont.) September 30, 2020

	DoubleLine Strategic Commodity Fund (Consolidated)								DoubleLine Global Bond Fund
	Period Ended September 30, 2020 (Unaudited)				Year Ended March 31, 2020				Period Ended September 30, 2020 (Unaudited)				Year Ended March 31, 2020
OPERATIONS
Net Investment Income (Loss)		$	(302,846	)		$	4,055,083			$	3,770,791			$	15,959,289
Net Realized Gain (Loss) on Investments			(15,121,829	)			(89,915,779	)			5,310,800				(4,750,099	)
Net Change in Unrealized Appreciation (Depreciation) on Investments			23,779,106				(27,070,082	)			42,854,327				(7,684,460	)
Net Increase (Decrease) in Net Assets Resulting from Operations			8,354,431				(112,930,778	)			51,935,918				3,524,730
DISTRIBUTIONS TO SHAREHOLDERS
From Earnings
Class I			—				(3,449,253	)			—				(13,232,198	)
Class N			—				(354,426	)			—				(60,110	)
Total Distributions to Shareholders			—				(3,803,679	)			—				(13,292,308	)
NET SHARE TRANSACTIONS
Class I			(5,297,039	)			(225,152,334	)			(419,093,772	)			173,886,471
Class N			(2,100,674	)			(26,163,834	)			(351,574	)			(14,557,603	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			(7,397,713	)			(251,316,168	)			(419,445,346	)			159,328,868
Total Increase (Decrease) in Net Assets		$	956,718			$	(368,050,625	)		$	(367,509,428	)		$	149,561,290
NET ASSETS
Beginning of Period		$	142,159,340			$	510,209,965			$	1,219,506,847			$	1,069,945,557
End of Period		$	143,116,058			$	142,159,340			$	851,997,419			$	1,219,506,847

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

September 30, 2020

	DoubleLine Infrastructure Income Fund								DoubleLine Ultra Short Bond Fund
	Period Ended September 30, 2020 (Unaudited)				Year Ended March 31, 2020				Period Ended September 30, 2020 (Unaudited)				Year Ended March 31, 2020
OPERATIONS
Net Investment Income (Loss)		$	8,173,902			$	17,413,516			$	772,362			$	6,477,174
Net Realized Gain (Loss) on Investments			1,004,981				(510,106	)			(13,435	)			(374,682	)
Net Change in Unrealized Appreciation (Depreciation) on Investments			49,966,400				(29,049,988	)			5,551,364				(5,061,714	)
Net Increase (Decrease) in Net Assets Resulting from Operations			59,145,283				(12,146,578	)			6,310,291				1,040,778
DISTRIBUTIONS TO SHAREHOLDERS
From Earnings
Class I			(8,443,454	)			(17,600,022	)			(748,000	)			(6,503,652	)
Class N			(140,520	)			(165,333	)			(5,919	)			(71,361	)
Total Distributions to Shareholders			(8,583,974	)			(17,765,355	)			(753,919	)			(6,575,013	)
NET SHARE TRANSACTIONS
Class I			20,932,720				(3,405,063	)			13,349,504				2,558,721
Class N			(1,170,530	)			7,953,615				333,592				332,444
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			19,762,190				4,548,552				13,683,096				2,891,165
Total Increase (Decrease) in Net Assets		$	70,323,499			$	(25,363,381	)		$	19,239,468			$	(2,643,070	)
NET ASSETS
Beginning of Period		$	512,929,739			$	538,293,120			$	234,951,434			$	237,594,504
End of Period		$	583,253,238			$	512,929,739			$	254,190,902			$	234,951,434

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 123

Statements of Changes in Net Assets  (Cont.) September 30, 2020

	DoubleLine Shiller Enhanced International CAPE®								DoubleLine Colony Real Estate and Income Fund
	Period Ended September 30, 2020 (Unaudited)				Year Ended March 31, 2020				Period Ended September 30, 2020 (Unaudited)				Year Ended March 31, 2020
OPERATIONS
Net Investment Income (Loss)		$	498,327			$	1,719,992			$	943,106			$	3,119,147
Net Realized Gain (Loss) on Investments			295,538				(1,693,306	)			(1,185,907	)			(237,300	)
Net Change in Unrealized Appreciation (Depreciation) on Investments			10,864,200				(12,576,539	)			16,515,928				(34,200,114	)
Net Increase (Decrease) in Net Assets Resulting from Operations			11,658,065				(12,549,853	)			16,273,127				(31,318,267	)
DISTRIBUTIONS TO SHAREHOLDERS
From Earnings
Class I			(354,965	)			(1,204,028	)			(964,915	)			(4,459,765	)
Class N			(152,971	)			(498,498	)			(35,035	)			(168,896	)
Total Distributions to Shareholders			(507,936	)			(1,702,526	)			(999,950	)			(4,628,661	)
NET SHARE TRANSACTIONS
Class I			(7,204,202	)			(4,716,661	)			(3,043,460	)			7,642,413
Class N			(2,765,712	)			(3,037,887	)			(325,005	)			853,952
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			(9,969,914	)			(7,754,548	)			(3,368,465	)			8,496,365
Total Increase (Decrease) in Net Assets		$	1,180,215			$	(22,006,927	)		$	11,904,712			$	(27,450,563	)
NET ASSETS
Beginning of Period		$	40,566,739			$	62,573,666			$	98,097,846			$	125,548,409
End of Period		$	41,746,954			$	40,566,739			$	110,002,558			$	98,097,846

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

September 30, 2020

	DoubleLine Emerging Markets Local Currency Bond Fund								DoubleLine Income Fund
	Period Ended September 30, 2020 (Unaudited)				Period Ended March 31, 20201				Period Ended September 30, 2020 (Unaudited)				Period Ended March 31, 20202
OPERATIONS
Net Investment Income (Loss)		$	144,517			$	253,879			$	1,524,333			$	1,970,211
Net Realized Gain (Loss) on Investments			(125,236	)			(232,714	)			(797,493	)			(1,181,804	)
Net Change in Unrealized Appreciation (Depreciation) on Investments			745,743				(1,270,170	)			7,872,827				(15,285,947	)
Net Increase (Decrease) in Net Assets Resulting from Operations			765,024				(1,249,005	)			8,599,667				(14,497,540	)
DISTRIBUTIONS TO SHAREHOLDERS
From Earnings
Class I			(101,735	)			(118,826	)			(1,274,993	)			(2,221,928	)
Class N			(907	)			(1,016	)			(29,282	)			(14,393	)
Total Distributions to Shareholders			(102,642	)			(119,842	)			(1,304,275	)			(2,236,321	)
NET SHARE TRANSACTIONS
Class I			101,735				10,018,826				3,174,420				86,164,537
Class N			907				101,016				1,587,455				741,664
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			102,642				10,119,842				4,761,875				86,906,201
Total Increase (Decrease) in Net Assets		$	765,024			$	8,750,995			$	12,057,267			$	70,172,340
NET ASSETS
Beginning of Period		$	8,750,995			$	—			$	70,172,340			$	—
End of Period		$	9,516,019			$	8,750,995			$	82,229,607			$	70,172,340

¹  Commenced operations on June 28, 2019.

²  Commenced operations on Sepetember 3, 2019.

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 125

Financial Highlights

							Income (Loss) from Investment Operations:								Less Distributions:																		Ratios to Average Net Assets:
For the Year or Period Ended				Net Asset Value, Beginning of Period			Net Investment Income (Loss)1		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain		Total Distributions			Net Asset Value, End of Period			Total Return3				Net Assets, End of Period (000’s)			Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4					Expenses After Investment Advisory Fees (Waived)4				Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4				Net Investment Income (Loss)4
		DoubleLine Total Return Bond Fund - Class I:
		9/30/2020	5		$	10.46		0.17		0.29			0.46			(0.18	)		—		(0.18	)		$	10.74			4.46	%		$	43,677,952			0.49	%				0.49	%			0.49	%		3.10	%
		3/31/2020			$	10.53		0.34		(0.03	)		0.31			(0.38	)		—		(0.38	)		$	10.46			2.97	%		$	44,623,760			0.49	%				0.48	%			0.48	%		3.28	%
		3/31/2019			$	10.48		0.36		0.08			0.44			(0.39	)		—		(0.39	)		$	10.53			4.31	%		$	43,682,910			0.48	%				0.48	%			0.48	%		3.39	%
		3/31/2018			$	10.63		0.32		(0.09	)		0.23			(0.38	)		—		(0.38	)		$	10.48			2.19	%		$	42,992,354			0.47	%				0.47	%			0.47	%		3.04	%
		3/31/2017			$	10.87		0.27		(0.11	)		0.16			(0.40	)		—		(0.40	)		$	10.63			1.46	%		$	44,379,730			0.47	%				0.47	%			0.47	%		2.45	%
		3/31/2016			$	11.04		0.35		(0.09	)		0.26			(0.43	)		—		(0.43	)		$	10.87			2.45	%		$	46,082,294			0.47	%				0.47	%			0.47	%		3.29	%
		DoubleLine Total Return Bond Fund - Class N:
		9/30/2020	5		$	10.46		0.15		0.30			0.45			(0.17	)		—		(0.17	)		$	10.74			4.33	%		$	5,980,001			0.74	%				0.74	%			0.74	%		2.85	%
		3/31/2020			$	10.53		0.32		(0.03	)		0.29			(0.36	)		—		(0.36	)		$	10.46			2.71	%		$	6,552,760			0.73	%				0.73	%			0.73	%		3.03	%
		3/31/2019			$	10.48		0.33		0.08			0.41			(0.36	)		—		(0.36	)		$	10.53			4.05	%		$	6,831,035			0.73	%				0.73	%			0.73	%		3.14	%
		3/31/2018			$	10.63		0.30		(0.09	)		0.21			(0.36	)		—		(0.36	)		$	10.48			1.93	%		$	8,427,611			0.72	%				0.72	%			0.72	%		2.79	%
		3/31/2017			$	10.87		0.24		(0.11	)		0.13			(0.37	)		—		(0.37	)		$	10.63			1.21	%		$	9,974,264			0.72	%				0.72	%			0.72	%		2.20	%
		3/31/2016			$	11.04		0.33		(0.09	)		0.24			(0.41	)		—		(0.41	)		$	10.87			2.20	%		$	11,750,754			0.72	%				0.72	%			0.72	%		3.04	%
		DoubleLine Total Return Bond Fund - Class R6:
		9/30/2020	5		$	10.46		0.17		0.30			0.47			(0.19	)		—		(0.19	)		$	10.74			4.49	%		$	2,581,127			0.45	%				0.45	%			0.45	%		3.14	%
		3/31/2020	2		$	10.66		0.24		(0.18	)		0.06			(0.26	)		—		(0.26	)		$	10.46			0.52	%		$	65,403			0.45	%				0.45	%			0.45	%		3.33	%
																										For the Year or Period Ended
																										9/30/20205				3/31/2020			3/31/2019					3/31/2018				3/31/2017				3/31/2016
		Portfolio turnover rate for all share classes3																						26%			31%				28%			22%					22%				15%
		1 Calculated based on average shares outstanding during the period. 2 Commenced operations on July 31, 2019. Total return is based on operations for a period that is less than one year. 3 Not annualized for periods less than one year. 4 Annualized for periods less than one year. 5 Unaudited.
							Income (Loss) from Investment Operations:								Less Distributions:																		Ratios to Average Net Assets:
For the Year or Period Ended				Net Asset Value, Beginning of Period			Net Investment Income (Loss)1		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain		Total Distributions			Net Asset Value, End of Period			Total Return3				Net Assets, End of Period (000’s)			Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4					Expenses After Investment Advisory Fees (Waived)4				Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4				Net Investment Income (Loss)4
		DoubleLine Core Fixed Income Fund - Class I:
		9/30/2020	5		$	10.62		0.16		0.62			0.78			(0.17	)		—		(0.17	)		$	11.23			7.35	%		$	10,994,005			0.47	%				0.41	%			0.41	%		2.89	%
		3/31/2020			$	10.83		0.36		(0.20	)		0.16			(0.37	)		—		(0.37	)		$	10.62			1.42	%		$	10,724,409			0.47	%				0.41	%			0.41	%		3.30	%
		3/31/2019			$	10.81		0.37		0.02			0.39			(0.37	)		—		(0.37	)		$	10.83			3.71	%		$	10,672,087			0.47	%				0.42	%			0.42	%		3.42	%
		3/31/2018			$	10.86		0.31		(0.04	)		0.27			(0.32	)		—		(0.32	)		$	10.81			2.51	%		$	9,381,508			0.47	%				0.42	%			0.42	%		2.86	%
		3/31/2017			$	10.87		0.29		0.01			0.30			(0.31	)		—		(0.31	)		$	10.86			2.80	%		$	7,034,665			0.47	%				0.44	%			0.44	%		2.72	%
		3/31/2016			$	11.10		0.36		(0.22	)		0.14			(0.37	)		—		(0.37	)		$	10.87			1.31	%		$	5,114,336			0.47	%				0.46	%			0.46	%		3.17	%
		DoubleLine Core Fixed Income Fund - Class N:
		9/30/2020	5		$	10.61		0.15		0.61			0.76			(0.15	)		—		(0.15	)		$	11.22			7.22	%		$	582,829			0.72	%				0.66	%			0.66	%		2.64	%
		3/31/2020			$	10.82		0.34		(0.20	)		0.14			(0.35	)		—		(0.35	)		$	10.61			1.17	%		$	706,970			0.72	%				0.66	%			0.66	%		3.05	%
		3/31/2019			$	10.80		0.34		0.02			0.36			(0.34	)		—		(0.34	)		$	10.82			3.45	%		$	841,190			0.72	%				0.67	%			0.67	%		3.15	%
		3/31/2018			$	10.85		0.29		(0.04	)		0.25			(0.30	)		—		(0.30	)		$	10.80			2.26	%		$	1,025,318			0.72	%				0.67	%			0.67	%		2.61	%
		3/31/2017			$	10.86		0.27		0.01			0.28			(0.29	)		—		(0.29	)		$	10.85			2.54	%		$	1,074,854			0.72	%				0.69	%			0.69	%		2.47	%
		3/31/2016			$	11.10		0.32		(0.22	)		0.10			(0.34	)		—		(0.34	)		$	10.86			0.97	%		$	952,919			0.72	%				0.71	%			0.71	%		2.92	%
		DoubleLine Core Fixed Income Fund - Class R6:
		9/30/2020	5		$	10.62		0.16		0.62			0.78			(0.17	)		—		(0.17	)		$	11.23			7.37	%		$	66,840			0.43	%				0.38	%			0.38	%		2.93	%
		3/31/2020	2		$	11.05		0.24		(0.42	)		(0.18	)		(0.25	)		—		(0.25	)		$	10.62			(1.72	)%		$	112,911			0.45	%				0.39	%			0.39	%		3.26	%
																										For the Year or Period Ended
																										9/30/20205				3/31/2020			3/31/2019					3/31/2018				3/31/2017				3/31/2016
		Portfolio turnover rate for all share classes3																						70%			43%				66%			77%					81%				70%
		1 Calculated based on average shares outstanding during the period. 2 Commenced operations on July 31, 2019. Total return is based on operations for a period that is less than one year. 3 Not annualized for periods less than one year. 4 Annualized for periods less than one year. 5 Unaudited.

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

							Income (Loss) from Investment Operations:								Less Distributions:																			Ratios to Average Net Assets:
For the Year or Period Ended				Net Asset Value, Beginning of Period			Net Investment Income (Loss)1		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period			Total Return2				Net Assets, End of Period (000’s)			Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped3					Expenses After Investment Advisory Fees (Waived)3				Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped3				Net Investment Income (Loss)3
		DoubleLine Emerging Markets Fixed Income Fund - Class I:
		9/30/2020	4		$	8.83		0.21		1.38			1.59			(0.24	)		—			(0.24	)		$	10.18			18.08	%		$	701,251			0.90	%				0.90	%			0.90	%		4.34	%
		3/31/2020			$	10.34		0.49		(1.51	)		(1.02	)		(0.49	)		—			(0.49	)		$	8.83			(10.43	)%		$	755,648			0.90	%				0.90	%			0.90	%		4.69	%
		3/31/2019			$	10.42		0.41		(0.06	)		0.35			(0.41	)		(0.02	)		(0.43	)		$	10.34			3.52	%		$	943,368			0.89	%				0.89	%			0.89	%		3.99	%
		3/31/2018			$	10.50		0.33		0.02			0.35			(0.34	)		(0.09	)		(0.43	)		$	10.42			3.30	%		$	937,978			0.88	%				0.88	%			0.88	%		3.12	%
		3/31/2017			$	9.68		0.45		0.81			1.26			(0.44	)		—			(0.44	)		$	10.50			13.19	%		$	775,961			0.92	%				0.92	%			0.92	%		4.28	%
		3/31/2016			$	10.23		0.49		(0.54	)		(0.05	)		(0.50	)		—			(0.50	)		$	9.68			(0.48	)%		$	548,221			0.90	%				0.90	%			0.90	%		4.92	%
		DoubleLine Emerging Markets Fixed Income Fund - Class N:
		9/30/2020	4		$	8.83		0.20		1.38			1.58			(0.22	)		—			(0.22	)		$	10.19			18.03	%		$	53,890			1.14	%				1.14	%			1.14	%		4.06	%
		3/31/2020			$	10.34		0.47		(1.51	)		(1.04	)		(0.47	)		—			(0.47	)		$	8.83			(10.68	)%		$	122,727			1.15	%				1.15	%			1.15	%		4.46	%
		3/31/2019			$	10.43		0.37		(0.06	)		0.31			(0.38	)		(0.02	)		(0.40	)		$	10.34			3.16	%		$	164,101			1.14	%				1.14	%			1.14	%		3.66	%
		3/31/2018			$	10.50		0.31		0.02			0.33			(0.31	)		(0.09	)		(0.40	)		$	10.43			3.14	%		$	197,564			1.13	%				1.13	%			1.13	%		2.93	%
		3/31/2017			$	9.68		0.42		0.81			1.23			(0.41	)		—			(0.41	)		$	10.50			12.91	%		$	231,087			1.17	%				1.17	%			1.17	%		4.03	%
		3/31/2016			$	10.23		0.46		(0.54	)		(0.08	)		(0.47	)		—			(0.47	)		$	9.68			(0.73	)%		$	201,290			1.15	%				1.15	%			1.15	%		4.67	%
																											For the Year or Period Ended
																											9/30/20204				3/31/2020			3/31/2019					3/31/2018				3/31/2017				3/31/2016
		Portfolio turnover rate for all share classes2																							37%			37%				66%			78%					108%				75%
		1   Calculated based on average shares outstanding during the period. 2   Not annualized for periods less than one year. 3   Annualized for periods less than one year. 4 Unaudited.
							Income (Loss) from Investment Operations:								Less Distributions:																			Ratios to Average Net Assets:
For the Year or Period Ended				Net Asset Value, Beginning of Period			Net Investment Income (Loss)1		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period			Total Return2, 3				Net Assets, End of Period (000’s)			Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4					Expenses After Investment Advisory Fees (Waived)4				Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4				Net Investment Income (Loss)4
		DoubleLine Multi-Asset Growth Fund (Consolidated) - Class I:
		9/30/2020	5		$	7.77		0.14		1.21			1.35			(0.17	)		—			(0.17	)		$	8.95			17.43	%		$	26,818			1.61	%				1.51	%			1.05	%		3.13	%
		3/31/2020			$	9.17		0.20		(1.30	)		(1.10	)		(0.30	)		—			(0.30	)		$	7.77			(12.32	)%		$	16,739			1.22	%				1.09	%			1.00	%		2.53	%
		3/31/2019			$	9.43		0.24		(0.21	)		0.03			(0.29	)		—			(0.29	)		$	9.17			0.42	%		$	44,493			1.12	%				1.00	%			1.03	%		2.58	%
		3/31/2018			$	9.84		0.23		0.43			0.66			(0.27	)		(0.80	)		(1.07	)		$	9.43			6.80	%		$	63,651			1.12	%				1.01	%			1.02	%		2.31	%
		3/31/2017			$	8.85		0.18		1.09			1.27			(0.28	)		—			(0.28	)		$	9.84			14.63	%		$	49,380			1.21	%				1.10	%			1.09	%		1.87	%
		3/31/2016			$	9.81		0.24		(0.65	)		(0.41	)		(0.44	)		(0.11	)		(0.55	)		$	8.85			(4.29	)%		$	42,075			1.25	%				1.12	%			1.07	%		2.72	%
		DoubleLine Multi-Asset Growth Fund (Consolidated) - Class A:
		9/30/2020	5		$	7.75		0.11		1.22			1.33			(0.11	)		—			(0.11	)		$	8.97			17.39	%		$	1,628			1.81	%				1.71	%			1.28	%		2.57	%
		3/31/2020			$	9.13		0.20		(1.30	)		(1.10	)		(0.28	)		—			(0.28	)		$	7.75			(12.42	)%		$	19,548			1.38	%				1.27	%			1.26	%		2.13	%
		3/31/2019			$	9.40		0.21		(0.21	)		—			(0.27	)		—			(0.27	)		$	9.13			0.07	%		$	177,602			1.37	%				1.24	%			1.28	%		2.28	%
		3/31/2018			$	9.81		0.21		0.43			0.64			(0.25	)		(0.80	)		(1.05	)		$	9.40			6.57	%		$	153,986			1.37	%				1.26	%			1.27	%		2.08	%
		3/31/2017			$	8.83		0.15		1.09			1.24			(0.26	)		—			(0.26	)		$	9.81			14.27	%		$	119,435			1.46	%				1.35	%			1.34	%		1.62	%
		3/31/2016			$	9.78		0.22		(0.65	)		(0.43	)		(0.41	)		(0.11	)		(0.52	)		$	8.83			(4.42	)%		$	113,806			1.50	%				1.37	%			1.32	%		2.47	%
																											For the Year or Period Ended
																											9/30/20205				3/31/2020			3/31/2019					3/31/2018				3/31/2017				3/31/2016
		Portfolio turnover rate for all share classes3																							5%			13%				45%			83%					59%				56%
		1   Calculated based on average shares outstanding during the period. 2   Total return does not include the effects of sales charges for Class A. 3   Not annualized for periods less than one year. 4   Annualized for periods less than one year. 5 Unaudited.

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 127

Financial Highlights  (Cont.)

							Income (Loss) from Investment Operations:								Less Distributions:																		Ratios to Average Net Assets:
For the Year or Period Ended				Net Asset Value, Beginning of Period			Net Investment Income (Loss)1		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain		Total Distributions			Net Asset Value, End of Period			Total Return3				Net Assets, End of Period (000’s)			Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4					Expenses After Investment Advisory Fees (Waived)4				Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4				Net Investment Income (Loss)4
		DoubleLine Low Duration Bond Fund - Class I:
		9/30/2020	5		$	9.51		0.11		0.43			0.54			(0.11	)		—		(0.11	)		$	9.94			5.73	%		$	5,639,411			0.42	%				0.42	%			0.42	%		2.25	%
		3/31/2020			$	9.97		0.30		(0.45	)		(0.15	)		(0.31	)		—		(0.31	)		$	9.51			(1.59	)%		$	5,296,795			0.42	%				0.41	%			0.41	%		3.05	%
		3/31/2019			$	9.97		0.31		—			0.31			(0.31	)		—		(0.31	)		$	9.97			3.13	%		$	5,455,532			0.42	%				0.41	%			0.41	%		3.10	%
		3/31/2018			$	10.04		0.22		(0.04	)		0.18			(0.25	)		—		(0.25	)		$	9.97			1.82	%		$	4,069,943			0.42	%				0.41	%			0.41	%		2.26	%
		3/31/2017			$	9.99		0.24		0.06			0.30			(0.25	)		—		(0.25	)		$	10.04			2.99	%		$	2,756,498			0.43	%				0.42	%			0.42	%		2.25	%
		3/31/2016			$	10.14		0.22		(0.12	)		0.10			(0.25	)		—		(0.25	)		$	9.99			1.00	%		$	1,722,942			0.43	%				0.42	%			0.43	%		2.30	%
		DoubleLine Low Duration Bond Fund - Class N:
		9/30/2020	5		$	9.50		0.10		0.44			0.54			(0.10	)		—		(0.10	)		$	9.94			5.71	%		$	1,237,309			0.67	%				0.67	%			0.67	%		2.02	%
		3/31/2020			$	9.96		0.28		(0.45	)		(0.17	)		(0.29	)		—		(0.29	)		$	9.50			(1.84	)%		$	1,483,316			0.67	%				0.66	%			0.66	%		2.80	%
		3/31/2019			$	9.96		0.28		—			0.28			(0.28	)		—		(0.28	)		$	9.96			2.87	%		$	1,480,796			0.67	%				0.66	%			0.66	%		2.83	%
		3/31/2018			$	10.03		0.20		(0.04	)		0.16			(0.23	)		—		(0.23	)		$	9.96			1.57	%		$	1,438,903			0.67	%				0.66	%			0.66	%		1.99	%
		3/31/2017			$	9.99		0.20		0.06			0.26			(0.22	)		—		(0.22	)		$	10.03			2.64	%		$	1,540,448			0.68	%				0.67	%			0.67	%		2.00	%
		3/31/2016			$	10.13		0.21		(0.12	)		0.09			(0.23	)		—		(0.23	)		$	9.99			0.85	%		$	1,162,303			0.68	%				0.67	%			0.68	%		2.05	%
		DoubleLine Low Duration Bond Fund - Class R6:
		9/30/2020	5		$	9.51		0.11		0.43			0.54			(0.11	)		—		(0.11	)		$	9.94			5.75	%		$	5,316			0.40	%				0.39	%			0.39	%		2.26	%
		3/31/2020	2		$	10.03		0.20		(0.52	)		(0.32	)		(0.20	)		—		(0.20	)		$	9.51			(3.25	)%		$	369			0.39	%				0.38	%			0.38	%		2.98	%
																										For the Year or Period Ended
																										9/30/20205				3/31/2020			3/31/2019					3/31/2018				3/31/2017				3/31/2016
		Portfolio turnover rate for all share classes3																						32%			60%				54%			62%					69%				66%
		1 Calculated based on average shares outstanding during the period. 2 Commenced operations on July 31, 2019. Total return is based on operations for a period that is less than one year. 3 Not annualized for periods less than one year. 4 Annualized for periods less than one year. 5 Unaudited.
							Income (Loss) from Investment Operations:								Less Distributions:																		Ratios to Average Net Assets:
For the Year or Period Ended				Net Asset Value, Beginning of Period			Net Investment Income (Loss)1		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain		Total Distributions			Net Asset Value, End of Period			Total Return2				Net Assets, End of Period (000’s)			Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped3					Expenses After Investment Advisory Fees (Waived)3				Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped3				Net Investment Income (Loss)3
		DoubleLine Floating Rate Fund - Class I:
		9/30/2020	4		$	8.44		0.18		0.82			1.00			(0.18	)		—		(0.18	)		$	9.26			11.96	%		$	156,849			0.75	%				0.75	%			0.75	%		4.00	%
		3/31/2020			$	9.65		0.47		(1.20	)		(0.73	)		(0.48	)		—		(0.48	)		$	8.44			(7.99	)%		$	150,892			0.70	%				0.70	%			0.70	%		4.84	%
		3/31/2019			$	9.94		0.49		(0.28	)		0.21			(0.50	)		—		(0.50	)		$	9.65			2.15	%		$	358,062			0.64	%				0.64	%			0.64	%		5.00	%
		3/31/2018			$	9.90		0.41		0.02			0.43			(0.39	)		—		(0.39	)		$	9.94			4.39	%		$	428,379			0.65	%				0.65	%			0.65	%		3.98	%
		3/31/2017			$	9.77		0.35		0.13			0.48			(0.35	)		—		(0.35	)		$	9.90			4.99	%		$	297,060			0.68	%				0.68	%			0.68	%		3.60	%
		3/31/2016			$	10.14		0.36		(0.36	)		—			(0.37	)		—		(0.37	)		$	9.77			0.02	%		$	229,612			0.65	%				0.65	%			0.65	%		3.70	%
		DoubleLine Floating Rate Fund - Class N:
		9/30/2020	4		$	8.45		0.17		0.83			1.00			(0.17	)		—		(0.17	)		$	9.28			11.91	%		$	25,717			0.99	%				0.99	%			0.99	%		3.75	%
		3/31/2020			$	9.67		0.44		(1.20	)		(0.76	)		(0.46	)		—		(0.46	)		$	8.45			(8.32	)%		$	51,646			0.95	%				0.95	%			0.95	%		4.59	%
		3/31/2019			$	9.95		0.47		(0.28	)		0.19			(0.47	)		—		(0.47	)		$	9.67			1.99	%		$	116,374			0.88	%				0.88	%			0.88	%		4.74	%
		3/31/2018			$	9.92		0.37		0.02			0.39			(0.36	)		—		(0.36	)		$	9.95			4.02	%		$	145,289			0.90	%				0.90	%			0.90	%		3.71	%
		3/31/2017			$	9.79		0.33		0.13			0.46			(0.33	)		—		(0.33	)		$	9.92			4.73	%		$	130,944			0.93	%				0.93	%			0.93	%		3.35	%
		3/31/2016			$	10.16		0.34		(0.36	)		(0.02	)		(0.35	)		—		(0.35	)		$	9.79			(0.23	)%		$	72,281			0.90	%				0.90	%			0.90	%		3.45	%
																										For the Year or Period Ended
																										9/30/20204				3/31/2020			3/31/2019					3/31/2018				3/31/2017				3/31/2016
		Portfolio turnover rate for all share classes2																						28%			58%				88%			77%					106%				70%
		1 Calculated based on average shares outstanding during the period. 2 Not annualized for periods less than one year. 3 Annualized for periods less than one year. 4 Unaudited.

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

							Income (Loss) from Investment Operations:								Less Distributions:																					Ratios to Average Net Assets:
For the Year or Period Ended				Net Asset Value, Beginning of Period			Net Investment Income (Loss)1		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period				Total Return3				Net Assets, End of Period (000’s)				Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4				Expenses After Investment Advisory Fees (Waived)4				Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4				Net Investment Income (Loss)4
		DoubleLine Shiller Enhanced CAPE® - Class I:
		9/30/2020	5		$	11.69		0.14		4.49			4.63			(0.15	)		—			(0.15	)		$	16.17			39.74	%			$	6,700,926			0.56	%			0.55	%			0.55	%			1.95	%
		3/31/2020			$	14.81		0.42		(2.72	)		(2.30	)		(0.43	)		(0.39	)		(0.82	)		$	11.69			(16.78	)%			$	4,633,848			0.55	%			0.54	%			0.54	%			2.70	%
		3/31/2019			$	15.16		0.45		1.19			1.64			(0.46	)		(1.53	)		(1.99	)		$	14.81			11.78	%			$	4,577,386			0.56	%			0.55	%			0.55	%			2.99	%
		3/31/2018			$	14.76		0.35		1.46			1.81			(0.35	)		(1.06	)		(1.41	)		$	15.16			12.40	%			$	4,013,700			0.55	%			0.54	%			0.54	%			2.17	%
		3/31/2017			$	12.32		0.27		2.72			2.99			(0.28	)		(0.27	)		(0.55	)		$	14.76			24.75	%			$	2,432,725			0.55	%			0.55	%			0.60	%			2.01	%
		3/31/2016			$	12.13		0.32		0.40			0.72			(0.34	)		(0.19	)		(0.53	)		$	12.32			6.09	%			$	673,308			0.63	%			0.63	%			0.63	%			2.66	%
		DoubleLine Shiller Enhanced CAPE® - Class N:
		9/30/2020	5		$	11.68		0.13		4.48			4.61			(0.13	)		—			(0.13	)		$	16.16			39.56	%			$	686,034			0.80	%			0.80	%			0.80	%			1.84	%
		3/31/2020			$	14.80		0.38		(2.72	)		(2.34	)		(0.39	)		(0.39	)		(0.78	)		$	11.68			(17.00	)%			$	1,246,723			0.80	%			0.79	%			0.79	%			2.46	%
		3/31/2019			$	15.14		0.42		1.19			1.61			(0.42	)		(1.53	)		(1.95	)		$	14.80			11.59	%			$	1,236,075			0.81	%			0.80	%			0.80	%			2.75	%
		3/31/2018			$	14.75		0.30		1.46			1.76			(0.31	)		(1.06	)		(1.37	)		$	15.14			12.06	%			$	1,042,563			0.80	%			0.79	%			0.79	%			1.91	%
		3/31/2017			$	12.31		0.24		2.72			2.96			(0.25	)		(0.27	)		(0.52	)		$	14.75			24.48	%			$	758,400			0.80	%			0.80	%			0.85	%			1.76	%
		3/31/2016			$	12.12		0.29		0.40			0.69			(0.31	)		(0.19	)		(0.50	)		$	12.31			5.84	%			$	186,985			0.88	%			0.88	%			0.88	%			2.41	%
		DoubleLine Shiller Enhanced CAPE® - Class R6:
		9/30/2020	5		$	11.70		0.15		4.48			4.63			(0.16	)		—			(0.16	)		$	16.17			39.66	%			$	1,279			0.50	%			0.50	%			0.50	%			1.98	%
		3/31/2020	2		$	15.69		0.27		(3.59	)		(3.32	)		(0.28	)		(0.39	)		(0.67	)		$	11.70			(22.15	)%			$	124			0.49	%			0.48	%			0.48	%			2.60	%
																												For the Year or Period Ended
																												9/30/20205				3/31/2020				3/31/2019				3/31/2018				3/31/2017				3/31/2016
		Portfolio turnover rate for all share classes3																									37%				62%				55%				60%				68%				67%
		1 Calculated based on average shares outstanding during the period. 2 Commenced operations on July 31, 2019. Total return is based on operations for a period that is less than one year. 3 Not annualized for periods less than one year. 4 Annualized for periods less than one year. 5 Unaudited.
							Income (Loss) from Investment Operations:								Less Distributions:																					Ratios to Average Net Assets:
For the Year or Period Ended				Net Asset Value, Beginning of Period			Net Investment Income (Loss)1		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period				Total Return2				Net Assets, End of Period (000’s)				Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped3				Expenses After Investment Advisory Fees (Waived)3				Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped3				Net Investment Income (Loss)3
		DoubleLine Flexible Income Fund - Class I:
		9/30/2020	5		$	8.40		0.18		0.96			1.14			(0.18	)		—			(0.18	)		$	9.36			13.72	%			$	962,865			0.76	%			0.72	%			0.72	%			3.91	%
		3/31/2020			$	9.65		0.39		(1.22	)		(0.83	)		(0.42	)		—			(0.42	)		$	8.40			(9.06	)%			$	874,594			0.73	%			0.69	%			0.69	%			4.12	%
		3/31/2019			$	9.81		0.42		(0.14	)		0.28			(0.44	)		—			(0.44	)		$	9.65			2.95	%			$	1,088,368			0.74	%			0.72	%			0.72	%			4.26	%
		3/31/2018			$	9.82		0.35		0.03			0.38			(0.39	)		—			(0.39	)		$	9.81			3.94	%			$	1,007,491			0.76	%			0.74	%			0.77	%			3.61	%
		3/31/2017			$	9.55		0.32		0.29			0.61			(0.34	)		—			(0.34	)		$	9.82			6.48	%			$	593,153			0.80	%			0.76	%			0.76	%			3.36	%
		3/31/2016			$	9.99		0.36		(0.40	)		(0.04	)		(0.40	)		—			(0.40	)		$	9.55			(0.43	)%			$	160,590			0.87	%			0.82	%			0.77	%			3.75	%
		DoubleLine Flexible Income Fund - Class N:
		9/30/2020	5		$	8.39		0.16		0.97			1.13			(0.17	)		—			(0.17	)		$	9.35			13.58	%			$	187,227			1.01	%			0.97	%			0.97	%			3.65	%
		3/31/2020			$	9.64		0.37		(1.22	)		(0.85	)		(0.40	)		—			(0.40	)		$	8.39			(9.30	)%			$	230,033			0.98	%			0.94	%			0.94	%			3.83	%
		3/31/2019			$	9.81		0.39		(0.14	)		0.25			(0.42	)		—			(0.42	)		$	9.64			2.59	%			$	207,491			0.99	%			0.97	%			0.97	%			4.01	%
		3/31/2018			$	9.82		0.33		0.03			0.36			(0.37	)		—			(0.37	)		$	9.81			3.69	%			$	195,093			1.01	%			0.99	%			1.02	%			3.36	%
		3/31/2017			$	9.55		0.30		0.29			0.59			(0.32	)		—			(0.32	)		$	9.82			6.23	%			$	147,095			1.05	%			1.01	%			1.01	%			3.11	%
		3/31/2016			$	9.99		0.34		(0.40	)		(0.06	)		(0.38	)		—			(0.38	)		$	9.55			(0.66	)%			$	62,880			1.12	%			1.07	%			1.02	%			3.50	%
		DoubleLine Flexible Income Fund - Class R6:
		9/30/2020	5		$	8.40		0.18		0.97			1.15			(0.19	)		—			(0.19	)		$	9.36			13.75	%			$	101			0.70	%			0.66	%			0.66	%			3.96	%
		3/31/2020	4		$	9.74		0.25		(1.32	)		(1.07	)		(0.27	)		—			(0.27	)		$	8.40			(11.26	)%			$	89			0.68	%			0.65	%			0.65	%			3.91	%
																												For the Year or Period Ended
																												9/30/20205				3/31/2020				3/31/2019				3/31/2018				3/31/2017				3/31/2016
		Portfolio turnover rate for all share classes2																								25%			41%					44%			41%				58%				42%
		1 Calculated based on average shares outstanding during the period. 2 Not annualized for periods less than one year. 3 Annualized for periods less than one year. 4 Commenced operations on July 31, 2019. Total return is based on operations for a period that is less than one year. 5 Unaudited.

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 129

Financial Highlights  (Cont.)

							Income (Loss) from Investment Operations:								Less Distributions:																								Ratios to Average Net Assets:
For the Year or Period Ended				Net Asset Value, Beginning of Period			Net Investment Income (Loss)1		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions				Net Asset Value, End of Period					Total Return2				Net Assets, End of Period (000’s)					Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped3					Expenses After Investment Advisory Fees (Waived)3					Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped3				Net Investment Income (Loss)3
		DoubleLine Low Duration Emerging Markets Fixed Income Fund - Class I:
		9/30/2020	4		$	9.36		0.12		0.51			0.63			(0.13	)		—			(0.13	)			$	9.86				6.78	%			$	204,341					0.67	%				0.67	%				0.59	%			2.56	%
		3/31/2020			$	9.80		0.32		(0.36	)		(0.04	)		(0.32	)		(0.08	)		(0.40	)			$	9.36				(0.62	)%			$	180,730					0.63	%				0.63	%				0.59	%			3.24	%
		3/31/2019			$	9.70		0.28		0.12			0.40			(0.29	)		(0.01	)		(0.30	)			$	9.80				4.22	%			$	197,585					0.65	%				0.65	%				0.59	%			3.02	%
		3/31/2018			$	9.85		0.24		(0.11	)		0.13			(0.26	)		(0.02	)		(0.28	)			$	9.70				1.37	%			$	142,174					0.89	%				0.89	%				0.59	%			2.50	%
		3/31/2017			$	9.59		0.29		0.27			0.56			(0.29	)		(0.01	)		(0.30	)			$	9.85				5.95	%			$	133,047					0.74	%				0.74	%				0.59	%			3.03	%
		3/31/2016			$	9.83		0.33		(0.23	)		0.10			(0.34	)		—			(0.34	)			$	9.59				1.06	%			$	66,797					0.84	%				0.84	%				0.59	%			3.44	%
		DoubleLine Low Duration Emerging Markets Fixed Income Fund - Class N:
		9/30/2020	4		$	9.38		0.11		0.51			0.62			(0.12	)		—			(0.12	)			$	9.88				6.64	%			$	26,633					0.92	%				0.92	%				0.84	%			2.31	%
		3/31/2020			$	9.81		0.30		(0.36	)		(0.06	)		(0.29	)		(0.08	)		(0.37	)			$	9.38				(0.77	)%			$	16,922					0.88	%				0.88	%				0.84	%			3.03	%
		3/31/2019			$	9.71		0.25		0.12			0.37			(0.26	)		(0.01	)		(0.27	)			$	9.81				3.93	%			$	24,075					0.93	%				0.93	%				0.84	%			2.54	%
		3/31/2018			$	9.86		0.22		(0.11	)		0.11			(0.24	)		(0.02	)		(0.26	)			$	9.71				1.10	%			$	57,856					1.14	%				1.14	%				0.84	%			2.25	%
		3/31/2017			$	9.60		0.27		0.27			0.54			(0.27	)		(0.01	)		(0.28	)			$	9.86				5.69	%			$	216,718					0.99	%				0.99	%				0.84	%			2.78	%
		3/31/2016			$	9.84		0.31		(0.23	)		0.08			(0.32	)		—			(0.32	)			$	9.60				0.82	%			$	118,802					1.09	%				1.09	%				0.84	%			3.19	%
																																			For the Year or Period Ended
																																			9/30/20204					3/31/2020					3/31/2019					3/31/2018				3/31/2017			3/31/2016
		Portfolio turnover rate for all share classes2																						21%					65%				42%					37%					61%					39%
		1   Calculated based on average shares outstanding during the period. 2   Not annualized for periods less than one year. 3   Annualized for periods less than one year. 4 Unaudited.
							Income (Loss) from Investment Operations:								Less Distributions:																								Ratios to Average Net Assets:
For the Year or Period Ended				Net Asset Value, Beginning of Period			Net Investment Income (Loss)1		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions				Net Asset Value, End of Period					Total Return2				Net Assets, End of Period (000’s)					Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped3					Expenses After Investment Advisory Fees (Waived)3					Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped3				Net Investment Income (Loss)3
		DoubleLine Long Duration Total Return Bond Fund - Class I:
		9/30/2020	4		$	11.75		0.13		(0.01	)		0.12			(0.14	)		—			(0.14	)			$	11.73				0.98	%			$	80,011					0.56	%				0.56	%				0.52	%			2.27	%
		3/31/2020			$	9.88		0.28		2.11			2.39			(0.27	)		(0.25	)		(0.52	)			$	11.75				24.85	%			$	87,469					0.68	%				0.68	%				0.65	%			2.55	%
		3/31/2019			$	9.73		0.29		0.16			0.45			(0.30	)		—			(0.30	)			$	9.88				4.77	%			$	66,226					0.70	%				0.70	%				0.65	%			3.15	%
		3/31/2018			$	9.79		0.33		(0.06	)		0.27			(0.33	)		—			(0.33	)			$	9.73				2.74	%			$	55,357					0.81	%				0.81	%				0.65	%			3.33	%
		3/31/2017			$	10.40		0.32		(0.60	)		(0.28	)		(0.33	)		—			(0.33	)			$	9.79				(2.82	)%			$	50,465					0.76	%				0.76	%				0.65	%			3.13	%
		3/31/2016			$	10.43		0.29		(0.02	)		0.27			(0.29	)		(0.01	)		(0.30	)			$	10.40				2.76	%			$	56,843					0.84	%				0.84	%				0.65	%			2.87	%
		DoubleLine Long Duration Total Return Bond Fund - Class N:
		9/30/2020	4		$	11.74		0.12		(0.01	)		0.11			(0.12	)		—			(0.12	)			$	11.73				0.85	%			$	14,770					0.81	%				0.81	%				0.78	%			2.02	%
		3/31/2020			$	9.88		0.24		2.11			2.35			(0.24	)		(0.25	)		(0.49	)			$	11.74				24.44	%			$	20,225					0.93	%				0.93	%				0.90	%			2.31	%
		3/31/2019			$	9.72		0.27		0.16			0.43			(0.27	)		—			(0.27	)			$	9.88				4.61	%			$	14,317					0.95	%				0.95	%				0.90	%			2.90	%
		3/31/2018			$	9.78		0.30		(0.06	)		0.24			(0.30	)		—			(0.30	)			$	9.72				2.48	%			$	11,016					1.06	%				1.06	%				0.90	%			3.06	%
		3/31/2017			$	10.39		0.29		(0.60	)		(0.31	)		(0.30	)		—			(0.30	)			$	9.78				(3.08	)%			$	11,276					1.01	%				1.01	%				0.90	%			2.79	%
		3/31/2016			$	10.42		0.26		(0.02	)		0.24			(0.26	)		(0.01	)		(0.27	)			$	10.39				2.51	%			$	25,763					1.09	%				1.09	%				0.90	%			2.62	%
																														For the Year or Period Ended
																														9/30/20204				3/31/2020					3/31/2019					3/31/2018					3/31/2017				3/31/2016
		Portfolio turnover rate for all share classes2																										57%				40%					25%					33%					94%					52%
		1   Calculated based on average shares outstanding during the period. 2   Not annualized for periods less than one year. 3   Annualized for periods less than one year. 4 Unaudited.

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

							Income (Loss) from Investment Operations:									Less Distributions:																				Ratios to Average Net Assets:
For the Year or Period Ended				Net Asset Value, Beginning of Period			Net Investment Income (Loss)1			Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period				Total Return3			Net Assets, End of Period (000’s)				Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4				Expenses After Investment Advisory Fees (Waived)4			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4			Net Investment Income (Loss)4
		DoubleLine Strategic Commodity Fund (Consolidated) - Class I:
		9/30/2020	6		$	6.91		—			0.45			0.45			—			—			—			$	7.36			6.37	%		$	118,326			1.18	%			1.18	%		1.10	%		(0.40	)%
		3/31/2020			$	9.72		0.07			(2.78	)		(2.71	)		(0.10	)		—			(0.10	)		$	6.91			(28.25	)%		$	116,739			1.09	%			1.09	%		1.10	%		1.00	%
		3/31/2019			$	10.11		0.12			(0.40	)		(0.28	)		(0.11	)		—			(0.11	)		$	9.72			(2.59	)%		$	444,918			1.02	%			1.02	%		1.10	%		1.14	%
		3/31/2018			$	9.33		0.04			1.27			1.31			(0.53	)		—	5		(0.53	)		$	10.11			14.03	%		$	213,752			1.16	%			1.16	%		1.10	%		0.33	%
		3/31/2017			$	8.69		(0.06	)		0.75			0.69			(0.05	)		—			(0.05	)		$	9.33			7.93	%		$	22,243			1.77	%			1.77	%		1.10	%		(0.75	)%
		3/31/2016	2		$	10.00		(0.07	)		(1.24	)		(1.31	)		—			—	5		—	5		$	8.69			(13.07	)%		$	27,997			4.42	%			4.42	%		1.06	%		(1.05	)%
		DoubleLine Strategic Commodity Fund (Consolidated) - Class N:
		9/30/2020	6		$	6.87		(0.02	)		0.45			0.43			—			—			—			$	7.30			6.26	%		$	24,790			1.43	%			1.43	%		1.35	%		(0.65	)%
		3/31/2020			$	9.65		0.07			(2.78	)		(2.71	)		(0.07	)		—			(0.07	)		$	6.87			(28.28	)%		$	25,421			1.34	%			1.34	%		1.35	%		0.75	%
		3/31/2019			$	10.04		0.09			(0.40	)		(0.31	)		(0.08	)		—			(0.08	)		$	9.65			(2.97	)%		$	65,292			1.27	%			1.27	%		1.35	%		0.87	%
		3/31/2018			$	9.28		0.01			1.27			1.28			(0.52	)		—	5		(0.52	)		$	10.04			13.79	%		$	67,838			1.41	%			1.41	%		1.35	%		0.09	%
		3/31/2017			$	8.67		(0.09	)		0.75			0.66			(0.05	)		—			(0.05	)		$	9.28			7.55	%		$	6,540			2.23	%			2.23	%		1.35	%		(1.00	)%
		3/31/2016	2		$	10.00		(0.09	)		(1.24	)		(1.33	)		—			—	5		—	5		$	8.67			(13.27	)%		$	1,421			4.67	%			4.67	%		1.31	%		(1.30	)%
																													For the Year or Period Ended
																													9/30/20206			3/31/2020				3/31/2019				3/31/2018			3/31/2017			3/31/2016
		Portfolio turnover rate for all share classes3																										0%			0%				0%			0%				0%			0%
		1   Calculated based on average shares outstanding during the period. 2   Commenced operations on May 18, 2015. 3   Not annualized for periods less than one year. 4   Annualized for periods less than one year. 5   Less than $0.005 per share. 6 Unaudited.

							Income (Loss) from Investment Operations:								Less Distributions:																							Ratios to Average Net Assets:
For the Year or Period Ended				Net Asset Value, Beginning of Period			Net Investment Income (Loss)1		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Distributions from Return of Capital			Total Distributions			Net Asset Value, End of Period				Total Return3			Net Assets, End of Period (000’s)				Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4			Expenses After Investment Advisory Fees (Waived)4			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4			Net Investment Income (Loss)4
		DoubleLine Global Bond Fund - Class I:
		9/30/2020	6		$	10.21		0.04		0.41			0.45			—			—			—			—			$	10.66			4.41	%		$	849,844			0.55	%		0.55	%		0.55	%		0.67	%
		3/31/2020			$	10.28		0.15		(0.10	)		0.05			(0.12	)		—	5		—			(0.12	)		$	10.21			0.43	%		$	1,217,100			0.55	%		0.55	%		0.55	%		1.34	%
		3/31/2019			$	10.71		0.12		(0.42	)		(0.30	)		(0.13	)		—			—			(0.13	)		$	10.28			(2.80	)%		$	1,053,218			0.55	%		0.55	%		0.55	%		1.22	%
		3/31/2018			$	10.04		0.09		0.72			0.81			(0.14	)		—			—			(0.14	)		$	10.71			7.96	%		$	663,208			0.56	%		0.56	%		0.56	%		0.82	%
		3/31/2017			$	10.49		0.05		(0.47	)		(0.42	)		(0.02	)		—			(0.01	)		(0.03	)		$	10.04			(4.00	)%		$	475,328			0.66	%		0.66	%		0.66	%		0.52	%
		3/31/2016	2		$	10.00		0.02		0.49			0.51			(0.02	)		—			—			(0.02	)		$	10.49			5.11	%		$	94,631			1.29	%		1.29	%		0.70	%		0.83	%
		DoubleLine Global Bond Fund - Class N:
		9/30/2020	6		$	10.21		0.02		0.41			0.43			—			—			—			—			$	10.64			4.21	%		$	2,153			0.80	%		0.80	%		0.80	%		0.41	%
		3/31/2020			$	10.26		0.12		(0.10	)		0.02			(0.07	)		—	5		—			(0.07	)		$	10.21			0.23	%		$	2,407			0.80	%		0.80	%		0.80	%		1.13	%
		3/31/2019			$	10.69		0.09		(0.42	)		(0.33	)		(0.10	)		—			—			(0.10	)		$	10.26			(3.08	)%		$	16,728			0.80	%		0.80	%		0.80	%		0.89	%
		3/31/2018			$	10.02		0.06		0.72			0.78			(0.11	)		—			—			(0.11	)		$	10.69			7.77	%		$	29,544			0.81	%		0.81	%		0.81	%		0.57	%
		3/31/2017			$	10.49		0.02		(0.47	)		(0.45	)		(0.01	)		—			(0.01	)		(0.02	)		$	10.02			(4.31	)%		$	24,058			0.91	%		0.91	%		0.91	%		0.20	%
		3/31/2016	2		$	10.00		0.02		0.49			0.51			(0.02	)		—			—			(0.02	)		$	10.49			5.07	%		$	41,937			1.54	%		1.54	%		0.95	%		0.58	%
																															For the Year or Period Ended
																															9/30/20206			3/31/2020				3/31/2019			3/31/2018			3/31/2017			3/31/2016
		Portfolio turnover rate for all share classes3																												28%			21%				24%			16%			57%			13%
		1   Calculated based on average shares outstanding during the period. 2   Commenced operations on December 17, 2015. 3   Not annualized for periods less than one year. 4   Annualized for periods less than one year. 5   Less than $0.005 per share. 6 Unaudited.

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 131

Financial Highlights  (Cont.)

							Income (Loss) from Investment Operations:								Less Distributions:																			Ratios to Average Net Assets:
For the Year or Period Ended				Net Asset Value, Beginning of Period			Net Investment Income (Loss)1		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period			Total Return3			Net Assets, End of Period (000’s)				Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4				Expenses After Investment Advisory Fees (Waived)4			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4			Net Investment Income (Loss)4
		DoubleLine Infrastructure Income Fund - Class I:
		9/30/2020	6		$	9.56		0.16		0.92			1.08			(0.16	)		—			(0.16	)		$	10.48		11.29	%		$	573,695			0.56	%			0.56	%		0.56	%		2.89	%
		3/31/2020			$	10.11		0.33		(0.54	)		(0.21	)		(0.34	)		—			(0.34	)		$	9.56		(2.32	)%		$	503,146			0.56	%			0.56	%		0.56	%		3.19	%
		3/31/2019			$	10.00		0.32		0.11			0.43			(0.32	)		—	5		(0.32	)		$	10.11		4.47	%		$	535,621			0.58	%			0.58	%		0.58	%		3.30	%
		3/31/2018			$	10.07		0.30		(0.03	)		0.27			(0.33	)		(0.01	)		(0.34	)		$	10.00		2.67	%		$	532,404			0.57	%			0.57	%		0.57	%		3.18	%
		3/31/2017	2		$	10.00		0.29		0.01			0.30			(0.23	)		—	5		(0.23	)		$	10.07		3.11	%		$	392,117			0.77	%			0.77	%		0.64	%		2.78	%
		DoubleLine Infrastructure Income Fund - Class N:
		9/30/2020	6		$	9.56		0.14		0.92			1.06			(0.14	)		—			(0.14	)		$	10.48		11.15	%		$	9,559			0.81	%			0.81	%		0.81	%		2.64	%
		3/31/2020			$	10.11		0.30		(0.54	)		(0.24	)		(0.31	)		—			(0.31	)		$	9.56		(2.55	)%		$	9,784			0.81	%			0.81	%		0.81	%		2.93	%
		3/31/2019			$	10.00		0.30		0.11			0.41			(0.30	)		—	5		(0.30	)		$	10.11		4.17	%		$	2,672			0.83	%			0.83	%		0.83	%		3.00	%
		3/31/2018			$	10.06		0.29		(0.03	)		0.26			(0.31	)		(0.01	)		(0.32	)		$	10.00		2.54	%		$	19,379			0.82	%			0.82	%		0.82	%		2.86	%
		3/31/2017	2		$	10.00		0.26		0.01			0.27			(0.21	)		—	5		(0.21	)		$	10.06		2.76	%		$	567			1.50	%			1.50	%		0.89	%		2.53	%
																														For the Year or Period Ended
																														9/30/20206				3/31/2020				3/31/2019			3/31/2018			3/31/2017
		Portfolio turnover rate for all share classes3																											18%				10%			15%				29%			43%
		1   Calculated based on average shares outstanding during the period. 2   Commenced operations on April 1, 2016. 3   Not annualized for periods less than one year. 4   Annualized for periods less than one year. 5   Less than $0.005 per share. 6 Unaudited.
							Income (Loss) from Investment Operations:								Less Distributions:																			Ratios to Average Net Assets:
For the Year or Period Ended				Net Asset Value, Beginning of Period			Net Investment Income (Loss)1		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period			Total Return3			Net Assets, End of Period (000’s)				Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4				Expenses After Investment Advisory Fees (Waived)4			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped4			Net Investment Income (Loss)4
		DoubleLine Ultra Short Bond Fund - Class I:
		9/30/2020	6		$	9.81		0.04		0.23			0.27			(0.03	)		—			(0.03	)		$	10.05		2.77	%		$	250,994			0.25	%			0.25	%		0.25	%		0.65	%
		3/31/2020			$	10.03		0.22		(0.22	)		—			(0.22	)		—	5		(0.22	)		$	9.81		(0.04	)%		$	232,159			0.23	%			0.23	%		0.23	%		2.14	%
		3/31/2019			$	10.03		0.24		(0.01	)		0.23			(0.23	)		—	5		(0.23	)		$	10.03		2.32	%		$	235,078			0.22	%			0.22	%		0.22	%		2.28	%
		3/31/2018			$	10.01		0.13		—			0.13			(0.11	)		—	5		(0.11	)		$	10.03		1.31	%		$	166,255			0.32	%			0.32	%		0.29	%		1.24	%
		3/31/2017	2		$	10.00		0.03		0.01			0.04			(0.03	)		—			(0.03	)		$	10.01		0.36	%		$	8,294			4.87	%			4.87	%		0.35	%		0.42	%
		DoubleLine Ultra Short Bond Fund - Class N:
		9/30/2020	6		$	9.83		0.02		0.23			0.25			(0.02	)		—			(0.02	)		$	10.06		2.54	%		$	3,197			0.50	%			0.50	%		0.50	%		0.39	%
		3/31/2020			$	10.04		0.20		(0.22	)		(0.02	)		(0.19	)		—	5		(0.19	)		$	9.83		(0.19	)%		$	2,793			0.48	%			0.48	%		0.48	%		1.94	%
		3/31/2019			$	10.03		0.22		(0.01	)		0.21			(0.20	)		—	5		(0.20	)		$	10.04		2.18	%		$	2,517			0.47	%			0.47	%		0.47	%		2.17	%
		3/31/2018			$	10.02		0.09		—			0.09			(0.08	)		—	5		(0.08	)		$	10.03		0.95	%		$	278			0.57	%			0.57	%		0.41	%		0.92	%
		3/31/2017	2		$	10.00		0.01		0.01			0.02			—			—			—			$	10.02		0.20	%		$	125			5.42	%			5.42	%		0.60	%		0.11	%
																														For the Year or Period Ended
																														9/30/20206				3/31/2020				3/31/2019			3/31/2018			3/31/2017
		Portfolio turnover rate for all share classes3																											22%				60%			128%				74%			79%
		1   Calculated based on average shares outstanding during the period. 2   Commencement of operations on June 30, 2016. 3   Not annualized for periods less than one year. 4   Annualized for periods less than one year. 5   Less than $0.005 per share 6 Unaudited.

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

							Income (Loss) from Investment Operations:								Less Distributions:																			Ratios to Average Net Assets:
For the Year or Period Ended				Net Asset Value, Beginning of Period			Net Investment Income (Loss)1		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period			Total Return3			Net Assets, End of Period (000’s)				Expenses Before Advisory Fees (Waived) and Other  Fees (Reimbursed)/ Recouped4				Expenses After Investment Advisory Fees (Waived)4			Expenses After Advisory Fees (Waived) and Other  Fees (Reimbursed)/ Recouped4			Net Investment Income (Loss)4
		DoubleLine Shiller Enhanced International CAPE® - Class I:
		9/30/2020	5		$	7.88		0.12		2.26			2.38			(0.12	)		—			(0.12	)		$	10.14		30.22	%		$	27,802			0.94	%			0.91	%		0.62	%		2.33	%
		3/31/2020			$	10.17		0.29		(2.29	)		(2.00	)		(0.29	)		—			(0.29	)		$	7.88		(20.29	)%		$	27,523			0.80	%			0.77	%		0.62	%		2.84	%
		3/31/2019			$	11.24		0.34		(0.52	)		(0.18	)		(0.43	)		(0.46	)		(0.89	)		$	10.17		(1.13	)%		$	42,621			0.96	%			0.91	%		0.60	%		3.25	%
		3/31/2018			$	10.86		0.22		0.86			1.08			(0.35	)		(0.35	)		(0.70	)		$	11.24		9.92	%		$	78,162			1.04	%			1.02	%		0.63	%		1.79	%
		3/31/2017	2		$	10.00		0.03		0.85			0.88			(0.02	)		—			(0.02	)		$	10.86		8.76	%		$	19,384			7.10	%			7.10	%		0.64	%		0.72	%
		DoubleLine Shiller Enhanced International CAPE® - Class N:
		9/30/2020	5		$	7.88		0.10		2.26			2.36			(0.10	)		—			(0.10	)		$	10.14		30.06	%		$	13,945			1.19	%			1.16	%		0.87	%		2.08	%
		3/31/2020			$	10.17		0.27		(2.29	)		(2.02	)		(0.27	)		—			(0.27	)		$	7.88		(20.50	)%		$	13,044			1.05	%			1.02	%		0.87	%		2.61	%
		3/31/2019			$	11.23		0.32		(0.52	)		(0.20	)		(0.40	)		(0.46	)		(0.86	)		$	10.17		(1.29	)%		$	19,953			1.20	%			1.15	%		0.85	%		3.03	%
		3/31/2018			$	10.86		0.18		0.86			1.04			(0.32	)		(0.35	)		(0.67	)		$	11.23		9.56	%		$	29,160			1.29	%			1.27	%		0.87	%		1.52	%
		3/31/2017	2		$	10.00		0.02		0.85			0.87			(0.01	)		—			(0.01	)		$	10.86		8.72	%		$	11,499			4.93	%			4.93	%		0.89	%		0.58	%
																														For the Year or Period Ended
																														9/30/20205				3/31/2020				3/31/2019			3/31/2018			3/31/2017
		Portfolio turnover rate for all share classes3																											44%				48%			72%				69%			38%
		1   Calculated based on average shares outstanding during the period. 2   Commencement of operations on December 23, 2016. 3   Not annualized for periods less than one year. 4   Annualized for periods less than one year. 5 Unaudited.
							Income (Loss) from Investment Operations:								Less Distributions:																			Ratios to Average Net Assets:
For the Year or Period Ended				Net Asset Value, Beginning of Period			Net Investment Income (Loss)1		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period			Total Return3			Net Assets, End of Period (000’s)				Expenses Before Advisory Fees (Waived) and Other  Fees (Reimbursed)/ Recouped4				Expenses After Investment Advisory Fees (Waived)4			Expenses After Advisory Fees (Waived) and Other  Fees (Reimbursed)/ Recouped4			Net Investment Income (Loss)4
		DoubleLine Colony Real Estate and Income Fund - Class I:
		9/30/2020	5		$	8.51		0.07		1.35			1.42			(0.09	)		—			(0.09	)		$	9.84		16.69	%		$	105,852			0.61	%			0.61	%		0.62	%		1.75	%
		3/31/2020			$	11.30		0.25		(2.65	)		(2.40	)		(0.28	)		(0.11	)		(0.39	)		$	8.51		(22.08	)%		$	94,289			0.86	%			0.85	%		0.62	%		2.29	%
		3/31/2019	2		$	10.00		0.10		1.26			1.36			(0.06	)		—			(0.06	)		$	11.30		13.69	%		$	121,180			1.46	%			1.42	%		0.61	%		3.00	%
		DoubleLine Colony Real Estate and Income Fund - Class N:
		9/30/2020	5		$	8.51		0.07		1.35			1.42			(0.08	)		—			(0.08	)		$	9.85		16.66	%		$	4,150			0.86	%			0.86	%		0.87	%		1.50	%
		3/31/2020			$	11.29		0.24		(2.65	)		(2.41	)		(0.26	)		(0.11	)		(0.37	)		$	8.51		(22.21	)%		$	3,809			1.11	%			1.10	%		0.87	%		2.03	%
		3/31/2019	2		$	10.00		0.09		1.26			1.35			(0.06	)		—			(0.06	)		$	11.29		13.53	%		$	4,369			1.67	%			1.62	%		0.87	%		2.79	%
																																						For the Year or Period Ended
																																						9/30/20205			3/31/2020			3/31/2019
		Portfolio turnover rate for all share classes3																																		106%				100%			70%
		1   Calculated based on average shares outstanding during the period. 2   Commencement of operations on December 17, 2018. 3   Not annualized for periods less than one year. 4   Annualized for periods less than one year. 5 Unaudited.

The accompanying notes are an integral part of these financial statements. Semi-Annual Report September 30, 2020 133

Financial Highlights  (Cont.)

							Income (Loss) from Investment Operations:								Less Distributions:																	Ratios to Average Net Assets:
For the Year or Period Ended				Net Asset Value, Beginning of Period			Net Investment Income (Loss)1		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain		Total Distributions			Net Asset Value, End of Period			Total Return3			Net Assets, End of Period (000’s)			Expenses Before Advisory Fees (Waived) and Other  Fees (Reimbursed)/ Recouped4				Expenses After Investment Advisory Fees (Waived)4			Expenses After Advisory Fees (Waived) and Other  Fees (Reimbursed)/ Recouped4			Net Investment Income (Loss)4
		DoubleLine Emerging Markets Local Currency Bond Fund - Class I:
		9/30/2020	5		$	8.64		0.14		0.62			0.76			(0.10	)		—		(0.10	)		$	9.30		8.81	%		$	9,421		2.17	%			2.17	%		0.90	%		3.06	%
		3/31/2020	2		$	10.00		0.25		(1.49	)		(1.24	)		(0.12	)		—		(0.12	)		$	8.64		(12.52	)%		$	8,664		6.23	%			6.23	%		0.90	%		3.45	%
		DoubleLine Emerging Markets Local Currency Bond Fund - Class N:
		9/30/2020	5		$	8.64		0.13		0.62			0.75			(0.09	)		—		(0.09	)		$	9.30		8.68	%		$	95		2.42	%			2.42	%		1.15	%		2.81	%
		3/31/2020	2		$	10.00		0.23		(1.49	)		(1.26	)		(0.10	)		—		(0.10	)		$	8.64		(12.69	)%		$	87		6.48	%			6.48	%		1.15	%		3.19	%
																																							For the Year or Period Ended
																																							9/30/20205			3/31/2020
		Portfolio turnover rate for all share classes3																																				7%			13%
		1   Calculated based on average shares outstanding during the period. 2   Commencement of operations on June 28, 2019. 3   Not annualized for periods less than one year. 4   Annualized for periods less than one year. 5 Unaudited.
							Income (Loss) from Investment Operations:								Less Distributions:																	Ratios to Average Net Assets:
For the Year or Period Ended				Net Asset Value, Beginning of Period			Net Investment Income (Loss)1		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain		Total Distributions			Net Asset Value, End of Period			Total Return3			Net Assets, End of Period (000’s)			Expenses Before Advisory Fees (Waived) and Other  Fees (Reimbursed)/ Recouped4				Expenses After Investment Advisory Fees (Waived)4			Expenses After Advisory Fees (Waived) and Other  Fees (Reimbursed)/ Recouped4			Net Investment Income (Loss)4
		DoubleLine Income Fund - Class I:
		9/30/2020	5		$	8.05		0.16		0.77			0.93			(0.14	)		—		(0.14	)		$	8.84		11.67	%		$	79,884		0.76	%			0.76	%		0.65	%		3.93	%
		3/31/2020	2		$	10.00		0.24		(1.94	)		(1.70	)		(0.25	)		—		(0.25	)		$	8.05		(17.35	)%		$	69,580		1.13	%			1.13	%		0.65	%		4.07	%
		DoubleLine Income Fund - Class N:
		9/30/2020	5		$	8.05		0.16		0.78			0.94			(0.13	)		—		(0.13	)		$	8.86		11.79	%		$	2,346		1.01	%			1.01	%		0.90	%		3.71	%
		3/31/2020	2		$	10.00		0.23		(1.94	)		(1.71	)		(0.24	)		—		(0.24	)		$	8.05		(17.46	)%		$	592		1.26	%			1.26	%		0.90	%		4.13	%
																																							For the Year or Period Ended
																																							9/30/20205			3/31/2020
		Portfolio turnover rate for all share classes3																																				41%			33%
		1   Calculated based on average shares outstanding during the period. 2   Commencement of operations on September 3, 2019. 3   Not annualized for periods less than one year. 4   Annualized for periods less than one year. 5 Unaudited.

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

Notes to Financial Statements (Unaudited) September 30, 2020

1.  Organization

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

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

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

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

Semi-Annual Report September 30, 2020 135

Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2020

2.  Significant Accounting Policies

Each Fund is an investment company that applies the accounting and reporting guidance issued in Topic 946, “Financial Services—Investment Companies”, by the Financial Accounting Standards Board (“FASB”). The following is a summary of the significant accounting policies of the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America (“US GAAP”).

A. Security Valuation. The Funds have adopted US GAAP fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:

• Level 1—Unadjusted quoted market prices in active markets for identical securities

• Level 2—Quoted prices for identical or similar assets in markets that are not active, or inputs derived from observable market data

• Level 3—Significant unobservable inputs (including the reporting entity’s estimates and assumptions)

Market values for domestic and foreign fixed income securities are normally determined on the basis of valuations provided by independent pricing services. Vendors typically value such securities based on one or more inputs described in the following table which is not intended to be a complete list. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed income securities in which the Funds are authorized to invest. However, these classifications are not exclusive, and any of the inputs may be used to value any other class of fixed-income securities. Securities that use similar valuation techniques and inputs as described in the following table are categorized as Level 2 of the fair value hierarchy. To the extent the significant inputs are unobservable, the values generally would be categorized as Level 3. Assets and liabilities may be transferred between levels.

Fixed-income class	Examples of Inputs
All	Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”)
Corporate bonds and notes; convertible securities	Standard inputs and underlying equity of the issuer
US bonds and notes of government and government agencies	Standard inputs
Residential and commercial mortgage-backed obligations; asset-backed obligations (including collateralized loan obligations)	Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information, trustee reports
Bank loans	Standard inputs

Investments in registered open-end management investment companies will be valued based upon the net asset value (“NAV”) of such investments and are categorized as Level 1 of the fair value hierarchy.

Common stocks, exchange-traded funds and financial derivative instruments, such as futures contracts or options contracts, that are traded on a national securities or commodities exchange, are typically valued at the last reported sales price, in the case of common stocks and exchange-traded funds, or, in the case of futures contracts or options contracts, the settlement price determined by the relevant exchange. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Over-the-counter financial derivative instruments, such as forward currency exchange contracts, options contracts, or swap agreements, derive their values from underlying asset prices, indices, reference rates, other inputs or a combination of these factors. These instruments are normally valued on the basis of evaluations provided by independent pricing services or broker dealer quotations. Depending on the instrument and the terms of the transaction, the value of the derivative instruments can be estimated by a pricing service provider using a series of techniques, such as simulation pricing models. The pricing models use issuer details and other inputs that are observed from actively quoted markets such as indices, spreads, interest rates, curves, dividends and exchange rates. Derivatives that use similar valuation techniques and inputs as described above are normally categorized as Level 2 of the fair value hierarchy.

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

136 DoubleLine Funds Trust

(Unaudited)

September 30, 2020

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

The following is a summary of the fair valuations according to the inputs used to value the Funds’ investments as of September 30, 2020:

Category	DoubleLine Total Return Bond Fund			DoubleLine Core Fixed Income Fund			DoubleLine Emerging Markets Fixed Income Fund			DoubleLine Multi-Asset Growth Fund (Consolidated)				DoubleLine Low Duration Bond Fund			DoubleLine Floating Rate Fund
Investments in Securities
Level 1
Money Market Funds		$	4,270,805,097		$	530,848,554		$	4,052,500		$	4,430,167			$	265,584,425		$	9,714,895
Affiliated Mutual Funds			19,571,282			1,182,729,307			—			7,331,340				49,300,000			—
Common Stocks			—			986,835			367,881			—				143,819			77,421
Total Level 1			4,290,376,379			1,714,564,696			4,420,381			11,761,507				315,028,244			9,792,316
Level 2
US Government and Agency Mortgage Backed Obligations			25,688,545,479			2,288,408,397			—			5,982,799				612,412,693			—
Non-Agency Residential Collateralized Mortgage Obligations			14,167,455,918			1,235,208,114			—			5,362,906				1,346,662,957			—
Non-Agency Commercial Mortgage Backed Obligations			4,564,403,820			811,394,246			—			—				1,066,308,976			—
US Government and Agency Obligations			2,636,430,694			2,041,433,713			—			—				532,084,082			—
Asset Backed Obligations			2,111,329,712			313,651,775			—			—				527,015,816			—
Collateralized Loan Obligations			1,862,941,757			333,123,682			—			—				1,010,696,893			—
US Corporate Bonds			—			1,656,354,856			—			—				356,183,039			15,555,075
Foreign Corporate Bonds			—			998,783,701			647,385,891			—				871,272,424			717,938
Bank Loans			—			410,255,747			—			—				170,818,758			159,221,524
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations			—			129,919,900			92,153,434			—				107,398,918			—
Municipal Bonds			—			11,472,886			—			—				—			—
Other Short Term Investments			—			3,099,750			—			3,498,363				—			—
Total Level 2			51,031,107,380			10,233,106,767			739,539,325			14,844,068				6,600,854,556			175,494,537
Level 3
Non-Agency Residential Collateralized Mortgage Obligations			362,653,211			38,480,090			—			868,797				—			—
Non-Agency Commercial Mortgage Backed Obligations			6,960,535			918,652			—			—				—			—
Collateralized Loan Obligations			609,277			—			—			68,988				—			—
Common Stocks			—			1,181,242			—			—				—			926,430
Bank Loans			—			624,478			—			—				—			485,319
Foreign Corporate Bonds			—			51,002			82,503			—				—			—
Warrants			—			—			—			—				—			—
Total Level 3			370,223,023			41,255,464			82,503			937,785				—			1,411,749
Total		$	55,691,706,782		$	11,988,926,927		$	744,042,209		$	27,543,360			$	6,915,882,800		$	186,698,602
Other Financial Instruments
Level 1
Futures Contracts		$	—		$	—		$	—		$	(82,175	)		$	—		$	—
Total Level 1			—			—			—			(82,175	)			—			—
Level 2
Excess Return Swaps			—			—			—			260,550				—			—
Total Level 2			—			—			—			260,550				—			—
Level 3			—			—			—			—				—			—
Total		$	—		$	—		$	—		$	178,375			$	—		$	—

Semi-Annual Report September 30, 2020 137

Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2020

Category	DoubleLine Shiller Enhanced CAPE®			DoubleLine Flexible Income Fund			DoubleLine Low Duration Emerging Markets Fixed Income Fund			DoubleLine Long Duration Total Return Bond Fund				DoubleLine Strategic Commodity Fund (Consolidated)				DoubleLine Global Bond Fund
Investments in Securities
Level 1
Money Market Funds		$	340,235,264		$	49,004,229		$	10,246,262		$	2,350,883			$	5,676,946			$	32,273,118
Affiliated Mutual Funds			199,949,999			49,105,675			—			—				—				—
Common Stocks			94,757			185,345			34,210			—				—				—
Total Level 1			540,280,020			98,295,249			10,280,472			2,350,883				5,676,946				32,273,118
Level 2
US Government and Agency Obligations			1,309,630,636			—			—			22,937,445				—				236,415,007
Non-Agency Residential Collateralized Mortgage Obligations			1,013,006,572			271,964,861			—			—				—				—
Collateralized Loan Obligations			920,928,183			222,272,770			—			—				—				—
Non-Agency Commercial Mortgage Backed Obligations			850,665,069			161,711,503			—			—				—				—
US Government and Agency Mortgage Backed Obligations			579,211,949			16,257,669			—			68,485,683				—				—
Foreign Corporate Bonds			543,737,272			130,502,730			176,491,418			—				—				—
Asset Backed Obligations			448,812,520			66,014,423			—			—				—				—
US Corporate Bonds			340,613,679			89,004,097			—			—				—				—
Bank Loans			289,489,857			66,329,944			—			—				—				—
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations			45,841,571			14,298,270			40,945,447			—				—				550,015,151
Other Short Term Investments			—			—			—			—				137,928,318				18,677,058
Total Level 2			6,341,937,308			1,038,356,267			217,436,865			91,423,128				137,928,318				805,107,216
Level 3
Common Stocks			943,581			258,398			—			—				—				—
Non-Agency Commercial Mortgage Backed Obligations			600,223			126,413			—			—				—				—
Bank Loans			494,304			136,898			—			—				—				—
Foreign Corporate Bonds			1,498			1,500			4,495			—				—				—
Non-Agency Residential Collateralized Mortgage Obligations			—			22,078,252			—			—				—				—
Asset Backed Obligations			—			10,927,022			—			—				—				—
Collateralized Loan Obligations			—			87,040			—			—				—				—
Warrants			—			—			—			—				—				—
Total Level 3			2,039,606			33,615,523			4,495			—				—				—
Total		$	6,884,256,934		$	1,170,267,039		$	227,721,832		$	93,774,011			$	143,605,264			$	837,380,334
Other Financial Instruments
Level 1
Futures Contracts		$	—		$	—		$	—		$	(528,410	)		$	—			$	—
Total Level 1			—			—			—			(528,410	)			—				—
Level 2
Excess Return Swaps			603,747,081			—			—			—				(799,503	)			—
Forward Currency Exchange Contracts			—			—			—			—				—				239,311
Total Level 2			603,747,081			—			—			—				(799,503	)			239,311
Level 3			—			—			—			—				—				—
Total		$	603,747,081		$	—		$	—		$	(528,410	)		$	(799,503	)		$	239,311

138 DoubleLine Funds Trust

(Unaudited)

September 30, 2020

Category	DoubleLine Infrastructure Income Fund			DoubleLine Ultra Short Bond Fund			DoubleLine Shiller Enhanced International CAPE®				Doubleline Colony Real Estate and Income Fund				Doubleline Emerging Markets Local Currency Bond Fund			Doubleline Income Fund
Investments in Securities
Level 1
Money Market Funds		$	49,533,477		$	1,976,675		$	177,268			$	2,145,501			$	368,822		$	3,693,366
Affiliated Mutual Funds			—			—			2,602,382				—				—			—
Total Level 1			49,533,477			1,976,675			2,779,650				2,145,501				368,822			3,693,366
Level 2
Asset Backed Obligations			218,204,410			—			952,531				6,824,585				—			3,207,766
US Corporate Bonds			251,612,469			98,777,857			2,794,610				7,480,815				—			—
Foreign Corporate Bonds			70,801,590			66,215,226			2,707,260				8,461,996				750,152			—
Commercial Paper			—			74,804,059			—				—				—			—
US Government and Agency Mortgage Backed Obligations			—			11,251,144			3,904,003				8,529,004				—			4,673,066
US Government and Agency Obligations			—			—			8,166,452				13,963,852				—			11,829,500
Non-Agency Residential Collateralized Mortgage Obligations			—			—			6,993,429				23,016,395				—			23,963,415
Collateralized Loan Obligations			—			—			6,679,225				15,991,868				—			12,186,246
Non-Agency Commercial Mortgage Backed Obligations			—			—			5,810,258				14,582,448				—			19,734,311
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations			—			—			516,506				987,155				8,175,916			—
Other Short Term Investments			—			—			—				9,198,149				—			—
Bank Loans			—			—			—				5,334,195				—			—
Total Level 2			540,618,469			251,048,286			38,524,274				114,370,462				8,926,068			75,594,304
Level 3
Foreign Corporate Bonds			2,708,438			—			—				—				—			—
Non-Agency Commercial Mortgage Backed Obligations			—			—			—				207,855				—			926,321
Asset Backed Obligations			—			—			—				—				—			4,839,940
Total Level 3			2,708,438			—			—				207,855				—			5,766,261
Total		$	592,860,384		$	253,024,961		$	41,303,924			$	116,723,818			$	9,294,890		$	85,053,931
Other Financial Instruments
Level 1		$	—		$	—		$	—			$	—			$	—		$	—
Total Level 1			—			—			—				—				—			—
Level 2
Forward Currency Exchange Contracts			—			—			1,654,524				—				—			—
Excess Return Swaps			—			—			(1,120,724	)			(5,850,804	)			—			—
Total Level 2			—			—			533,800				(5,850,804	)			—			—
Level 3			—			—			—				—				—			—
Total		$	—		$	—		$	533,800			$	(5,850,804	)		$	—		$	—

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

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

DoubleLine Multi-Asset Growth Fund	Fair Value as of 3/31/2020			Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)3				Net Accretion (Amortization)				Purchases1			Sales2			Transfers Into Level 34			Transfers Out of Level 34			Fair Value as of 9/30/2020			Net Change  in Unrealized Appreciation (Depreciation) on securities held at 9/30/20203
Investments in Securities
Non-Agency Residential Collateralized Mortgage Obligations		$	896,350		$	—		$	(23,800	)		$	(3,753	)		$	—		$	—		$	—		$	—		$	868,797		$	(23,800	)
Collateralized Loan Obligations			72,621			—			(3,633	)			—				—			—			—			—			68,988			(3,633	)
Total		$	968,971		$	—		$	(27,433	)		$	(3,753	)		$	—		$	—		$	—		$	—		$	937,785		$	(27,433	)

Semi-Annual Report September 30, 2020 139

Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2020

DoubleLine Flexible Income Fund	Fair Value as of 3/31/2020			Net Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)3				Net Accretion (Amortization)				Purchases1			Sales2				Transfers Into Level 34			Transfers Out of Level 34			Fair Value as of 9/30/2020			Net Change in Unrealized Appreciation (Depreciation) on securities held  at 9/30/20203
Investments in Securities
Non-Agency Residential Collateralized Mortgage Backed Obligations		$	20,518,003		$	(6,105	)		$	1,509,004			$	47,820			$	28,482		$	(18,952	)		$	—		$	—		$	22,078,252		$	1,508,899
Non-Agency Commercial Mortgage Backed Obligations			444,116			—				(317,703	)			—				—			—				—			—			126,413			(317,703	)
Collateralized Loan Obligations			180,404			—				(102,407	)			963				8,080			—				—			—			87,040			(100,332	)
Foreign Corporate Bonds			1,500			—				—				—				—			—				—			—			1,500			—
Asset Backed Obligations			—			—				(150,749	)			—				3,565,000			—				7,512,771			—			10,927,022			—
Bank Loans			—			133				54,783				720				81,262			—				—			—			136,898			—
Common Stocks			—			19				32,960				(18	)			225,437			—				—			—			258,398			—
Total		$	21,144,023		$	(5,953	)		$	1,025,888			$	49,485			$	3,908,261		$	(18,952	)		$	7,512,771		$	—		$	33,615,523		$	1,090,864
DoubleLine Infrastructure Income Fund	Fair Value as of 3/31/2020			Net Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)3				Net Accretion (Amortization)				Purchases1			Sales2				Transfers Into Level 34			Transfers Out of Level 34			Fair Value as of 9/30/2020			Net Change in Unrealized Appreciation (Depreciation) on securities held  at 9/30/20203
Investments in Securities
Foreign Corporate Bonds		$	9,904,084		$	674,821			$	14,169			$	(719	)		$	—		$	(7,883,917	)		$	—		$	—		$	2,708,438		$	217,050
Total		$	9,904,084		$	674,821			$	14,169			$	(719	)		$	—		$	(7,883,917	)		$	—		$	—		$	2,708,438		$	217,050
DoubleLine Income Fund	Fair Value as of 3/31/2020			Net Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)3				Net Accretion (Amortization)				Purchases1			Sales2				Transfers Into Level 34			Transfers Out of Level 34			Fair Value as of 9/30/2020			Net Change in Unrealized Appreciation (Depreciation) on securities held  at 9/30/20203
Investments in Securities
Non-Agency Commercial Mortgage Backed Obligations		$	1,074,676		$	—			$	(154,499	)		$	6,144			$	—		$	—			$	—		$	—		$	926,321		$	(154,499	)
Asset Backed Obligations			—			—				—				—				—			—				4,839,940			—			4,839,940			—
Total		$	1,074,676		$	—			$	(154,499	)		$	6,144			$	—		$	—			$	4,839,940		$	—		$	5,766,261		$	(154,499	)

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

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

³  Any difference between Net Change in Unrealized Appreciation (Depreciation) and Net Change in Unrealized Appreciation (Depreciation) on securities held at September 30, 2020 may be due to a security that was not held or categorized as Level 3 at either period end.

⁴  Transfers into or out of Level 3 can be attributed to changes in the availability of pricing sources and/or in the observability of significant inputs used to measure the fair value of those instruments.

The following is a summary of quantitative information about Level 3 Fair Value Measurements:

DoubleLine Multi-Asset Growth Fund	Fair Value as of 9/30/2020			Valuation Techniques	Unobservable Input		Unobservable Input Values (Weighted Average)+	Impact to valuation from an increase to input
Non-Agency Residential Collateralized Mortgage Obligations		$	868,797	Market Comparables		Market Quotes			$95.47 ($95.47	)	Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security
Collateralized Loan Obligations		$	68,988	Market Comparables		Market Quotes			$6.90 ($6.90	)	Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security

140 DoubleLine Funds Trust

(Unaudited)

September 30, 2020

DoubleLine Flexible Income Fund	Fair Value as of 9/30/2020			Valuation Techniques	Unobservable Input		Unobservable Input Values (Weighted  Average)+	Impact to valuation from an increase to input
Non-Agency Residential Collateralized Mortgage Backed Obligations		$	22,078,252	Market Comparables		Market Quotes			$87.62-$95.47 ($92.18	)	Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security
Non-Agency Commercial Mortgage Backed Obligations		$	126,413	Market Comparables		Yields			10.00% (10.00%	)	Increase in yields would have resulted in the decrease in the fair vale of the security
Collateralized Loan Obligations		$	87,040	Market Comparables		Market Quotes			$33.73 ($33.73	)	Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security
Foreign Corporate Bonds		$	1,500	Enterprise Values		EBITDA multiples			5x-6.5x (5.75x	)	Significant changes in the EBITDA multiple would have resulted in direct changes in the fair value of the security.
Asset Backed Obligations		$	10,927,022	Market Comparables		Market Quotes			$38.10-$3,711.14 ($1,195.97	)	Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security
Bank Loans		$	136,898	Market Comparables		Market Quotes			$98.37-$100.00 ($99.95	)	Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security
Common Stocks		$	258,398	Market Comparables		Market Quotes			$0.67-$16.05 ($15.82)		Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security
DoubleLine Infrastructure Income Fund	Fair Value as of 9/30/2020			Valuation Techniques	Unobservable Input		Unobservable Input Values (Weighted  Average)+	Impact to valuation from an increase to input
Foreign Corporate Bonds		$	2,708,438	Market Comparables		Market Quotes			$112.50 ($112.50)		Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security
DoubleLine Income Fund	Fair Value as of 9/30/2020			Valuation Techniques	Unobservable Input		Unobservable Input Values (Weighted  Average)+	Impact to valuation from an increase to input
Non-Agency Commercial Mortgage Backed Obligations		$	926,321	Market Comparables		Yields			14.00% (14.00%	)	Increase in the yields would have resulted in the decrease in the fair value of the security
Asset Backed Obligations		$	4,839,940	Market Comparables		Market Quotes			$48.79-$4,852.85 ($1,302.21)		Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security

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

B. Federal Income Taxes. Each Fund has elected to be taxed as a “regulated investment company” and intends to distribute substantially all of its taxable income to its shareholders and otherwise comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no provision for federal income taxes has been made.

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

The Funds have adopted financial reporting rules that require the Funds to analyze all open tax years, as defined by the applicable statute of limitations, for all major jurisdictions. Open tax years 2017-2019 (Federal) and 2016-2019 (CA) for the Funds, are those that are open for exam by taxing authorities to the extent that each Fund operated within those respective tax years. As of September 30, 2020, the Funds have no examinations in progress.

Management has analyzed the Funds’ tax positions, and has concluded that no liability should be recorded related to uncertain tax positions expected to be taken on the tax return for the fiscal year-ended March 31, 2020. The Funds identify their major tax jurisdictions as U.S. Federal, the State of Delaware and the State of California. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund’s tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances.

C. Security Transactions, Investment Income. Investment securities transactions are accounted for on trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Interest income, including non-cash interest, is recorded on an accrual basis. Discounts/premiums on debt securities purchased, which may include residual and subordinate notes, are accreted/amortized over the life of the respective securities using the effective interest method except for certain deep discount

Semi-Annual Report September 30, 2020 141

Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2020

bonds where management does not expect the par value above the bond’s cost to be fully realized. Dividend income and corporate action transactions, if any, are recorded on the ex-date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of securities received. Paydown gains and losses on mortgage-related and other asset-backed securities are recorded as components of interest income on the Statements of Operations. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income on the Statements of Operations.

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

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

F. Use of Estimates. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates.

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

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

I. Contingencies. Between 2011 and 2014, the Commonwealth of Puerto Rico issued certain general obligation bonds, which are currently the subject of litigation. DoubleLine Multi-Asset Growth Fund previously purchased and sold certain of these general obligation bonds and may have some exposure to this litigation. At this time, it is anticipated that a material adverse effect on the Multi-Asset Growth Fund as a result of this litigation is remote. As of September 30, 2020, no loss contingency has been recorded in the financial statements.

J. Guarantees and Indemnifications. Under the Trust’s organizational documents, each Trustee and officer of the Funds is indemnified, to the extent permitted by the 1940 Act, against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts.

142 DoubleLine Funds Trust

(Unaudited)

September 30, 2020

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

As of September 30, 2020, the relationship of the Subsidiary to each respective Fund was as follows:

	DoubleLine Multi-Asset Growth Fund (Consolidated)				DoubleLine Strategic Commodity Fund (Consolidated)
Commencement of Operations			6/15/2011				5/18/2015
Fund Net Assets		$	28,446,332			$	143,116,058
Subsidiary % of Fund Net Assets			13.42%				21.69%
Subsidiary Financial Statement Information
Net Assets		$	3,818,268			$	31,046,967
Total Income			16,255				130,608
Net Realized Gain/(Loss)			(26,264	)			(15,138,285	)

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

3. Related and Other Party Transactions

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

Each Adviser has contractually agreed to limit certain of the Funds’ ordinary operating expenses so that its ratio of such expenses to average net assets will not exceed the following ratios (the “Expense Caps”). For the purposes of the expense limitation agreement between each Adviser and the Funds, “ordinary operating expenses” excludes taxes, commissions, mark-ups, litigation expenses, indemnification expenses, interest expenses, acquired fund fees and expenses, and any extraordinary expenses. With the exception of the DoubleLine Income Fund, each Fund’s expense limitation is expected to apply until at least July 31, 2021. DoubleLine Income Fund’s expense limitation is expected to apply until at least September 2, 2021. Each may be terminated during the term only by a majority vote of the disinterested Trustees of the Board.

			Expense Caps
	Advisory Fee		I Shares		N Shares		A Shares		R6 Shares
DoubleLine Total Return Bond Fund		0.40%		N/A		N/A		N/A		N/A
DoubleLine Core Fixed Income Fund		0.40%		N/A		N/A		N/A		N/A
DoubleLine Emerging Markets Fixed Income Fund		0.75%		0.95%		1.20%		N/A		N/A
DoubleLine Multi-Asset Growth Fund (Consolidated)		0.95%		1.15%		N/A		1.40%		N/A
DoubleLine Low Duration Bond Fund		0.35%		0.47%		0.72%		N/A		0.42%
DoubleLine Floating Rate Fund		0.50%		0.75%		1.00%		N/A		N/A
DoubleLine Shiller Enhanced CAPE®		0.45%		0.65%		0.90%		N/A		0.60%

Semi-Annual Report September 30, 2020 143

Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2020

			Expense Caps
	Advisory Fee		I Shares		N Shares		A Shares		R6 Shares
DoubleLine Flexible Income Fund		0.62%		0.82%		1.07%		N/A		0.77%
DoubleLine Low Duration Emerging Markets Fixed Income Fund		0.50%		0.59%		0.84%		N/A		N/A
DoubleLine Long Duration Total Return Bond Fund		0.50%		0.65%		0.90%		N/A		N/A
DoubleLine Strategic Commodity Fund (Consolidated)		0.90%		1.10%		1.35%		N/A		N/A
DoubleLine Global Bond Fund		0.50%		0.70%		0.95%		N/A		N/A
DoubleLine Infrastructure Income Fund		0.50%		0.65%		0.90%		N/A		N/A
DoubleLine Ultra Short Bond Fund		0.15%		0.30%		0.55%		N/A		N/A
DoubleLine Shiller Enhanced International CAPE®		0.50%		0.65%		0.90%		N/A		N/A
DoubleLine Colony Real Estate and Income Fund		0.45%		0.65%		0.90%		N/A		N/A
DoubleLine Emerging Markets Local Currency Bond Fund		0.75%		0.90%		1.15%		N/A		N/A
DoubleLine Income Fund		0.50%		0.65%		0.90%		N/A		N/A

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

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

	March 31
	2021			2022			2023			2024
DoubleLine Multi-Asset Growth Fund (Consolidated)		$	—		$	—		$	70,875		$	79,847
DoubleLine Low Duration Bond Fund		$	—		$	—		$	3		$	154
DoubleLine Low Duration Emerging Markets Fixed Income Fund		$	613,726		$	119,396		$	91,791		$	89,556
DoubleLine Long Duration Total Return Bond Fund		$	101,274		$	36,189		$	31,792		$	18,424
DoubleLine Strategic Commodity Fund (Consolidated)		$	90,794		$	18,303		$	47,728		$	55,573
DoubleLine Ultra Short Bond Fund		$	30,967		$	—		$	—		$	—
DoubleLine Shiller Enhanced International CAPE®		$	389,095		$	236,220		$	93,238		$	63,646
DoubleLine Colony Real Estate and Income Fund		$	—		$	186,881		$	310,642		$	—
DoubleLine Emerging Markets Local Currency Bond Fund		$	—		$	—		$	393,049		$	60,083
DoubleLine Income Fund		$	—		$	—		$	229,850		$	43,282

For the period ended September 30, 2020, each Adviser recouped the amounts shown from the following Funds:

DoubleLine Colony Real Estate and Income Fund $ 2,620

If a Fund invested in other investment vehicles sponsored by an Adviser (“other DoubleLine Funds”) during the period, such Adviser waived its advisory fee to the Fund in an amount equal to the advisory fees paid to the Adviser by the other DoubleLine Funds in respect of Fund assets so invested. Accordingly, the Adviser waived the following fees for the period ended September 30, 2020

DoubleLine Total Return Bond Fund	$	119,829
DoubleLine Core Fixed Income Fund	$	3,429,133
DoubleLine Multi-Asset Growth Fund (Consolidated)	$	18,544
DoubleLine Low Duration Bond Fund	$	121,901
DoubleLine Shiller Enhanced CAPE®	$	149,550
DoubleLine Flexible Income Fund	$	221,576
DoubleLine Shiller Enhanced International CAPE®	$	6,374

144 DoubleLine Funds Trust

(Unaudited)

September 30, 2020

As of September 30, 2020 , greater than 5% of the following DoubleLine Funds was held by other DoubleLine Funds as follows:

Affiliated Fund Held	% Owned	Significant Owner
DoubleLine Global Bond Fund	76%	DoubleLine Core Fixed Income Fund
DoubleLine Infrastructure Income Fund	82%	DoubleLine Core Fixed Income Fund
DoubleLine Long Duration Total Return Bond Fund	62%	DoubleLine Core Fixed Income Fund
DoubleLine Global Bond Fund	6%	DoubleLine Flexible Income Fund
DoubleLine Low Duration Emerging Markets Fixed Income Fund	21%	DoubleLine Low Duration Bond Fund
DoubleLine Ultra Short Bond Fund	79%	DoubleLine Shiller Enhanced CAPE
DoubleLine Income Fund	24%	DoubleLine Total Return Bond Fund

DoubleLine Capital LP and certain DoubleLine affiliated advisers provide investment advisory, sub-advisory, or consulting services to a variety of investors, including investment program sponsors, separate accounts, and mutual funds sponsored by third parties (collectively “third-party accounts”). Those services may result, directly or indirectly, in investments by the third-party accounts in one or more of the Funds. At times, the third-party accounts’ investments, individually or in the aggregate, may represent material interests in one or more of the Funds. The third-party accounts’ transaction activity in a Fund may cause a Fund to incur material transaction costs, to realize taxable gains distributable to shareholders, and/or to buy or sell assets at a time when the Fund might not otherwise do so, each of which may adversely affect a Fund’s performance. See the description of Large Shareholder Risk in the Principal Risks Note for more information. Records available to the Funds reflect that greater than 25% of the following Funds were held by third-party accounts as of September 30, 2020:

	% Owned
DoubleLine Multi-Asset Growth Fund (Consolidated)		47%

4.  Distribution, Sales Charge and Redemption Fees

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

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

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

Effective March 31, 2020, Foreside Financial Group, LLC (“Foreside”) acquired Quasar Distributors, LLC (“Quasar”), the Funds’ distributor, from U.S. Bancorp. As a result of the acquisition, Quasar became a wholly-owned broker-dealer subsidiary of Foreside and is no longer affiliated with U.S. Bancorp. The Board of the Funds has approved a new distribution agreement to enable Quasar to continue serving as the Funds’ distributor.

Semi-Annual Report September 30, 2020 145

Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2020

5.  Purchases and Sales of Securities

Investment transactions (excluding short-term investments) for the period ended September 30, 2020 were as follows:

	All Other						U.S. Government1
	Purchases at Cost			Sales or Maturity Proceeds			Purchases at Cost			Sales or Maturity Proceeds
DoubleLine Total Return Bond Fund		$	7,990,003,599		$	8,685,942,526		$	4,817,047,016		$	6,691,422,598
DoubleLine Core Fixed Income Fund		$	1,767,450,586		$	2,032,158,550		$	6,250,242,688		$	6,732,863,824
DoubleLine Emerging Markets Fixed Income Fund		$	295,365,089		$	478,222,326		$	—		$	—
DoubleLine Multi-Asset Growth Fund (Consolidated)		$	1,071,036		$	7,496,234		$	—		$	—
DoubleLine Low Duration Bond Fund		$	1,645,010,425		$	1,665,985,482		$	406,720,680		$	371,397,934
DoubleLine Floating Rate Fund		$	50,826,630		$	77,557,074		$	—		$	—
Doubleline Shiller Enhanced CAPE®		$	1,520,879,666		$	1,133,994,951		$	1,078,256,277		$	1,021,915,016
DoubleLine Flexible Income Fund		$	262,096,325		$	277,152,565		$	—		$	38,502,311
DoubleLine Low Duration Emerging Markets Fixed Income Fund		$	91,393,043		$	42,463,001		$	—		$	—
DoubleLine Selective Credit Fund		$	177,720,563		$	191,800,047		$	—		$	—
DoubleLine Long Duration Total Return Bond Fund		$	3,324,492		$	5,015,867		$	52,655,549		$	63,284,064
DoubleLine Strategic Commodity Fund (Consolidated)		$	—		$	—		$	—		$	—
DoubleLine Global Bond Fund		$	125,362,760		$	425,093,131		$	160,691,203		$	246,615,446
DoubleLine Infrastructure Income Fund		$	127,239,848		$	97,904,539		$	—		$	—
DoubleLine Ultra Short Bond Fund		$	30,306,702		$	33,558,257		$	—		$	—
Doubleline Shiller Enhanced International CAPE		$	9,250,133		$	6,696,837		$	9,301,574		$	10,249,023
Doubleline Colony Real Estate and Income Fund		$	58,412,040		$	34,839,429		$	46,050,181		$	68,104,044
DoubleLine Emerging Markets Local Currency Bond Fund		$	1,384,822		$	574,853		$	—		$	—
DoubleLine Income Fund		$	15,040,811		$	9,508,199		$	48,253,750		$	42,083,313

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

6.  Income Tax Information and Distributions to Shareholders

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

	Period Ended September 30, 2020						Period Ended March 31, 2020
	Ordinary Income			Long Term Capital Gain			Ordinary Income			Long Term Capital Gain
DoubleLine Total Return Bond Fund		$	872,803,435		$	—		$	1,919,288,276		$	—
DoubleLine Core Fixed Income Fund		$	175,598,689		$	—		$	416,891,736		$	—
DoubleLine Emerging Markets Fixed Income Fund		$	19,717,801		$	—		$	55,700,452		$	—
DoubleLine Multi-Asset Growth Fund (Consolidated)		$	615,880		$	—		$	3,629,192		$	—
DoubleLine Low Duration Bond Fund		$	75,628,207		$	—		$	229,234,859		$	—
DoubleLine Floating Rate Fund		$	3,736,015		$	—		$	16,390,217		$	—
Doubleline Shiller Enhanced CAPE®		$	68,928,369		$	—		$	199,768,063		$	199,675,345
DoubleLine Flexible Income Fund		$	22,180,916		$	—		$	60,733,628		$	—
DoubleLine Low Duration Emerging Markets Fixed Income Fund		$	2,955,269		$	—		$	8,869,343		$	—
DoubleLine Long Duration Total Return Bond Fund		$	1,145,247		$	—		$	2,329,767		$	2,086,988
DoubleLine Strategic Commodity Fund (Consolidated)		$	—		$	—		$	3,803,679		$	—
DoubleLine Global Bond Fund		$	—		$	—		$	13,226,966		$	65,342
DoubleLine Infrastructure Income Fund		$	8,583,974		$	—		$	17,765,355		$	—
DoubleLine Ultra Short Bond Fund		$	753,919		$	—		$	6,549,034		$	25,979
Doubleline Shiller Enhanced International CAPE		$	507,935		$	—		$	1,702,526		$	—
Doubleline Colony Real Estate and Income Fund		$	999,950		$	—		$	4,628,661		$	—
DoubleLine Emerging Markets Local Currency Bond Fund		$	102,642		$	—		$	119,842		$	—
DoubleLine Income Fund		$	1,304,275		$	—		$	2,236,321		$	—

146 DoubleLine Funds Trust

(Unaudited)

September 30, 2020

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

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

The cost basis of investments for federal income tax purposes as of March 31, 2020, was as follows:

	DoubleLine Total Return Bond Fund				DoubleLine Core Fixed Income Fund				DoubleLine Emerging Markets Fixed Income Fund				DoubleLine Multi-Asset Growth Fund (Consolidated)				DoubleLine Low Duration Bond Fund				DoubleLine Floating Rate Fund
Tax Cost of Investments		$	51,927,248,855			$	11,730,181,775			$	1,039,677,874			$	41,941,433			$	7,072,803,289			$	213,375,481
Gross Tax Unrealized Appreciation			2,595,712,488				468,603,687				2,697,521				5,789,904				32,447,946				169,716
Gross Tax Unrealized Depreciation			(3,314,524,024	)			(715,383,085	)			(198,034,692	)			(12,376,894	)			(376,138,607	)			(27,770,034	)
Net Tax Unrealized Appreciation (Depreciation)			(718,811,536	)			(246,779,398	)			(195,337,171	)			(6,586,990	)			(343,690,661	)			(27,600,318	)
	DoubleLine Shiller Enhanced CAPE®				DoubleLine Flexible Income Fund				DoubleLine Low Duration Emerging Markets Fixed Income Fund				DoubleLine Long Duration Total Return Bond  Fund				DoubleLine Strategic Commodity Fund (Consolidated)				DoubleLine Global Bond Fund
Tax Cost of Investments		$	7,251,024,191			$	1,271,488,136			$	207,580,216			$	97,739,677			$	145,865,891			$	1,206,881,196
Gross Tax Unrealized Appreciation			1,096,495,357				3,137,994				254,190				12,341,229				53,506,912				35,869,354
Gross Tax Unrealized Depreciation			(2,537,497,730	)			(190,080,138	)			(12,171,540	)			(2,105,387	)			(77,936,448	)			(39,779,976	)
Net Tax Unrealized Appreciation (Depreciation)			(1,441,002,373	)			(186,942,144	)			(11,917,350	)			10,235,842				(24,429,536	)			(3,910,622	)
	DoubleLine Infrastructure Income Fund				DoubleLine Ultra Short Bond Fund				DoubleLine Shiller Enhanced International CAPE®				DoubleLine Colony Real Estate and Income Fund				DoubleLine Emering Markets Local Currency Bond Fund				DoubleLine Income Fund
Tax Cost of Investments		$	537,482,329			$	239,929,941			$	49,779,619			$	123,005,645			$	9,790,734			$	85,433,215
Gross Tax Unrealized Appreciation			5,525,260				30,283				2,100,836				826,029				10,404				721,979
Gross Tax Unrealized Depreciation			(32,002,457	)			(5,143,311	)			(12,001,656	)			(23,094,919	)			(1,264,060	)			(15,959,957	)
Net Tax Unrealized Appreciation (Depreciation)			(26,477,197	)			(5,113,028	)			(9,900,820	)			(22,268,890	)			(1,253,656	)			(15,237,978	)
As of March 31, 2020, the components of accumulated earnings (losses) for income tax purposes were as follows:
	DoubleLine Total Return Bond Fund				DoubleLine Core Fixed Income Fund				DoubleLine Emerging Markets Fixed Income Fund				DoubleLine Multi-Asset Growth  Fund (Consolidated)				DoubleLine Low Duration Bond Fund				DoubleLine Floating Rate Fund
Net Tax Unrealized Appreciation (Depreciation)		$	(718,811,536	)		$	(246,779,398	)		$	(195,337,171	)		$	(6,586,990	)		$	(343,690,661	)		$	(27,600,318	)
Undistributed Ordinary Income			40,206,937				10,311,183				1,272,857				198,765				4,946,775				562,202
Undistributed Long Term Capital Gains			—				—				—				—				—				—
Total Distributable Earnings			40,206,937				10,311,183				1,272,857				198,765				4,946,775				562,202
Other Accumulated Gains (Losses)			(2,937,329,094	)			(134,205,721	)			(39,339,792	)			(9,483,839	)			(96,166,778	)			(33,538,263	)
Total Accumulated Earnings (Losses)			(3,615,933,693	)			(370,673,936	)			(233,404,106	)			(15,872,064	)			(434,910,664	)			(60,576,379	)
	DoubleLine Shiller Enhanced CAPE®				DoubleLine Flexible Income Fund				DoubleLine Low Duration Emerging Markets Fixed Income Fund				DoubleLine Long Duration Total Return Bond Fund				DoubleLine Strategic Commodity Fund (Consolidated)				DoubleLine Global Bond Fund
Net Tax Unrealized Appreciation (Depreciation)		$	(1,441,002,373	)		$	(186,942,144	)		$	(11,917,350	)		$	10,235,842			$	(24,429,536	)		$	(3,910,622	)
Undistributed Ordinary Income			5,318,974				1,505,077				290,707				2,740,160				525,574				—
Undistributed Long Term Capital Gains			—				—				—				2,372,616				—				428,833
Total Distributable Earnings			5,318,974				1,505,077				290,707				5,112,776				525,574				428,833
Other Accumulated Gains (Losses)			(246,765,820	)			(36,013,516	)			(55,952	)			(125,050	)			(2,744	)			(3,158,411	)
Total Accumulated Earnings (Losses)			(1,682,449,219	)			(221,450,583	)			(11,682,595	)			15,223,568				(23,906,706	)			(6,640,200	)

Semi-Annual Report September 30, 2020 147

Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2020

	DoubleLine Infrastructure Income Fund				DoubleLine Ultra Short Bond Fund				DoubleLine Shiller Enhanced International CAPE®				DoubleLine Colony Real Estate and Income Fund				DoubleLine Emering Markets Local Currency Bond Fund				DoubleLine Income Fund
Net Tax Unrealized Appreciation (Depreciation)		$	(26,477,197	)		$	(5,113,028	)		$	(9,900,820	)		$	(22,268,890	)		$	(1,253,656	)		$	(15,237,978	)
Undistributed Ordinary Income			1,123,803				332,848				27,599				264,915				781				34,194
Undistributed Long Term Capital Gains			—				—				—				—				—				—
Total Distributable Earnings			1,123,803				332,848				27,599				264,915				781				34,194
Other Accumulated Gains (Losses)			(3,863,063	)			(749,151	)			(15,726,829	)			(1,351,035	)			(115,972	)			(1,530,077	)
Total Accumulated Earnings (Losses)			(29,216,457	)			(5,529,331	)			(25,600,050	)			(23,355,010	)			(1,368,847	)			(16,733,861	)

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

As of March 31, 2020, the following capital loss carryforwards were available:

	Capital Loss Carryforward			Expires
DoubleLine Total Return Bond Fund		$	2,901,867,765		Indefinite
DoubleLine Core Fixed Income Fund		$	124,722,744		Indefinite
DoubleLine Emerging Markets Fixed Income Fund		$	39,735,267		Indefinite
DoubleLine Multi-Asset Growth Fund		$	9,218,282		Indefinite
DoubleLine Low Duration Bond Fund		$	92,930,384		Indefinite
DoubleLine Floating Rate Fund		$	32,986,522		Indefinite
DoubleLine Flexible Income Fund		$	34,900,596		Indefinite
DoubleLine Infrastructure Income Fund		$	3,080,796		Indefinite
DoubleLine Shiller Enhanced International CAPE®		$	15,711,337		Indefinite
DoubleLine Emerging Markets Local Currency Bond Fund		$	99,440		Indefinite
DoubleLine Income Fund		$	1,216,762		Indefinite

As of March 31, 2020, the following funds deferred, on a tax basis, losses of:

	Post- October Loss			Late-Year Loss
DoubleLine Shiller Enhanced CAPE®		$	242,461,710		$	—
DoubleLine Low Duration Emerging Markets Fixed Income Fund		$	108,432		$	—
DoubleLine Global Bond Fund		$	—		$	2,215,468
DoubleLine Ultra Short Bond Fund		$	400,188		$	—
DoubleLine Colony Real Estate and Income Fund		$	1,115,928		$	—

Additionally, US GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The permanent differences primarily relate to paydown losses, accretion of discount on certain debt instruments, foreign currency gains (losses), consent fee income and equalization. For the period ended March 31, 2020, the following table shows the reclassifications made:

	Undistributed (Accumulated) Net Investment Income (Loss)			Accumulated Net Realized Gain (Loss)				Paid-in Capital
DoubleLine Total Return Bond Fund		$	176,332,203		$	(176,332,203	)		$	—
DoubleLine Core Fixed Income Fund		$	9,009,468		$	(9,009,468	)		$	—
DoubleLine Emerging Markets Fixed Income Fund		$	524,131		$	(524,131	)		$	—

148 DoubleLine Funds Trust

(Unaudited)

September 30, 2020

	Undistributed (Accumulated) Net Investment Income (Loss)				Accumulated Net Realized Gain (Loss)				Paid-in Capital
DoubleLine Multi-Asset Growth Fund (Consolidated)		$	321,953			$	473,009			$	(794,962	)
DoubleLine Low Duration Bond Fund		$	2,508,679			$	(2,508,679	)		$	—
DoubleLine Floating Rate Fund		$	16,264			$	(16,264	)		$	—
DoubleLine Shiller Enhanced CAPE®		$	3,634,142			$	(20,459,181	)		$	16,825,039
DoubleLine Flexible Income Fund		$	2,372,225			$	(2,372,225	)		$	—
DoubleLine Low Duration Emerging Markets Fixed Income Fund		$	117,647			$	(117,647	)		$	—
DoubleLine Long Duration Total Return Bond Fund		$	161			$	(161	)		$	—
DoubleLine Strategic Commodity Fund (Consolidated)		$	(1,154,555	)		$	90,350,924			$	(89,196,369	)
DoubleLine Global Bond Fund		$	(5,427,398	)		$	5,427,398			$	—
DoubleLine Infrastructure Income Fund		$	388,466			$	(388,466	)		$	—
DoubleLine Ultra Short Bond Fund		$	(23,318	)		$	23,318			$	—
DoubleLine Shiller Enhanced International CAPE®		$	(16,537	)		$	16,537			$	—
DoubleLine Colony Real Estate and Income Fund		$	111,740			$	(111,740	)		$	—
DoubleLine Emerging Markets Local Currency Bond Fund		$	(133,274	)		$	133,274			$	—
DoubleLine Income Fund		$	(13,011	)		$	13,011			$	—

If a Fund estimates that a portion of its regular distributions to shareholders may be comprised of amounts from sources other than net investment income, as determined in accordance with such Fund’s policies and practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, and beginning on October 1, 2020, each Fund estimates the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its expected tax character. It is important to note that differences exist between a Fund’s daily internal accounting records and practices, the Fund’s financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. It is possible that a Fund may not issue a Section 19 Notice in situations where such Fund’s financial statements prepared later and in accordance with U.S. GAAP might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.doublelinefunds.com for the most recent Section 19 Notice, if applicable. Information provided to you on a Section 19 notice is an estimate only and subject to change; final determination of a distribution’s tax character will be reported on Form 1099 DIV sent to shareholders for the calendar year.

Semi-Annual Report September 30, 2020 149

Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2020

7.  Share Transactions

Transactions in each Fund’s shares were as follows:

	DoubleLine Total Return Bond Fund														DoubleLine Core Fixed Income Fund
	Period Ended September 30, 2020							Year Ended March 31, 2020							Period Ended September 30, 2020							Year Ended March 31, 2020
	Shares			Amount				Shares			Amount				Shares			Amount				Shares			Amount
Shares Sold
Class I		827,305,710			$	8,826,965,769			1,419,527,206			$	15,174,230,767			148,670,992			$	1,644,962,530			324,932,983			$	3,595,489,519
Class N		97,217,202				1,035,926,757			198,485,947				2,119,734,154			6,418,575				71,050,409			22,072,348				243,793,205
Class R6		242,810,922				2,611,177,194			6,657,384				72,854,434			547,505				6,151,821			10,510,242				117,224,464
Reinvested Dividends
Class I		55,724,231				595,381,762			122,654,917				1,310,680,892			9,895,090				109,900,061			23,384,493				258,441,781
Class N		8,287,020				88,485,780			19,439,883				207,646,224			698,108				7,745,342			2,138,592				23,618,740
Class R6		754,432				8,096,187			27,728				292,522			120,086				1,329,650			128,786				1,420,636
Shares Redeemed
Class I		(1,082,152,589	)			(11,526,989,180	)		(1,424,155,620	)			(15,179,050,825	)		(189,398,234	)			(2,093,784,400	)		(324,432,292	)			(3,571,368,311	)
Class N		(175,175,210	)			(1,858,753,921	)		(240,153,238	)			(2,567,148,680	)		(21,793,297	)			(237,505,405	)		(35,360,020	)			(388,343,400	)
Class R6		(9,564,534	)			(102,827,673	)		(434,514	)			(4,594,528	)		(5,347,289	)			(59,570,614	)		(8,780	)			(100,000	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		(34,792,816	)		$	(322,537,325	)		102,049,693			$	1,134,644,960			(50,188,464	)		$	(549,720,606	)		23,366,352			$	280,176,634
	DoubleLine Emerging Markets Fixed Income Fund														DoubleLine Multi-Asset Growth Fund (Consolidated)
	Period Ended September 30, 2020							Year Ended March 31, 2020							Period Ended September 30, 2020							Year Ended March 31, 2020
	Shares			Amount				Shares			Amount				Shares			Amount				Shares			Amount
Shares Sold
Class I		19,218,123			$	187,596,336			47,202,020			$	496,223,444			2,608,449			$	22,327,901			1,645,387			$	15,385,456
Class N		1,063,173				10,160,677			10,123,471				106,118,057			—				—			—				—
Class A		—				—			—				—			294,121				2,407,533			4,424,651				40,672,511
Reinvested Dividends
Class I		1,261,355				12,470,860			3,198,800				33,170,752			27,287				238,839			68,490				612,445
Class N		125,109				1,233,556			462,629				4,799,019			—				—			—				—
Class A		—				—			—				—			1,838				16,402			18,062				162,839
Shares Redeemed
Class I		(37,182,959	)			(365,389,885	)		(56,059,511	)			(569,212,146	)		(1,793,198	)			(15,871,114	)		(4,415,047	)			(40,122,522	)
Class N		(9,792,544	)			(94,163,902	)		(12,560,686	)			(127,795,738	)		—				—			—				—
Class A		—				—			—				—			(2,638,235	)			(22,380,199	)		(21,374,834	)			(195,576,787	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		(25,307,743	)		$	(248,092,358	)		(7,633,277	)		$	(56,696,612	)		(1,499,738	)		$	(13,260,638	)		(19,633,291	)		$	(178,866,058	)

150 DoubleLine Funds Trust

(Unaudited)

September 30, 2020

	DoubleLine Low Duration Bond Fund														DoubleLine Floating Rate Fund
	Period Ended September 30, 2020							Year Ended March 31, 2020							Period Ended September 30, 2020							Year Ended March 31, 2020
	Shares			Amount				Shares			Amount				Shares			Amount				Shares			Amount
Shares Sold
Class I		165,439,368			$	1,627,302,513			413,299,047			$	4,142,041,555			3,285,977			$	29,829,493			4,897,503			$	46,272,444
Class N		16,061,652				157,239,576			68,201,797				683,148,009			382,973				3,431,424			2,844,946				27,251,918
Class R6		570,026				5,484,281			38,536				371,585			—				—			—				—
Reinvested Dividends
Class I		4,802,992				47,148,457			14,612,138				145,904,774			120,903				1,093,833			642,036				6,126,407
Class N		1,101,218				10,800,101			3,383,533				33,746,613			50,730				459,981			212,025				2,022,529
Class R6		5,139				50,687			283				2,785			—				—			—				—
Shares Redeemed
Class I		(159,994,620	)			(1,566,138,289	)		(418,140,806	)			(4,156,392,730	)		(4,345,059	)			(39,105,961	)~		(24,754,479	)			(232,990,598	)^
Class N		(48,711,779	)			(477,383,331	)		(64,123,211	)			(637,373,765	)		(3,769,992	)			(33,640,535	)~		(8,984,612	)			(85,788,588	)^
Class R6		(79,298	)			(776,537	)		—				—			—				—			—				—
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		(20,805,302	)		$	(196,272,542	)		17,271,317			$	211,448,826			(4,274,468	)		$	(37,931,765	)		(25,142,581	)		$	(237,105,888	)
	DoubleLine Shiller Enhanced CAPE®														DoubleLine Flexible Income Fund
	Period Ended September 30, 2020							Year Ended March 31, 2020							Period Ended September 30, 2020							Year Ended March 31, 2020
	Shares			Amount				Shares			Amount				Shares			Amount				Shares			Amount
Shares Sold
Class I		134,780,919			$	1,941,096,210			213,871,084			$	3,255,382,681			25,902,137			$	235,542,786			60,811,160			$	587,177,744
Class N		11,833,361				158,256,394			63,934,509				968,063,993			3,541,675				31,701,593			18,048,736				174,437,169
Class R6		71,235				1,120,637			10,276				162,682			—				—			10,267				100,000
Reinvested Dividends
Class I		2,924,662				43,342,589			16,977,686				261,778,092			1,332,721				12,088,786			3,760,894				36,060,759
Class N		367,135				5,396,036			3,632,280				56,263,787			372,839				3,379,224			934,670				8,941,661
Class R6		289				4,410			358				5,500			220				1,996			297				2,816
Shares Redeemed
Class I		(119,645,405	)			(1,658,367,955	)		(143,599,930	)			(1,972,998,010	)		(28,522,245	)			(254,453,233	)		(73,191,440	)			(682,283,958	)
Class N		(76,478,806	)			(1,093,653,316	)		(44,377,265	)			(647,384,753	)		(11,314,619	)			(102,029,820	)		(13,080,764	)			(122,209,441	)
Class R6		(3,105	)			(49,417	)		(5	)			(73	)		—				—			—				—
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		(46,149,715	)		$	(602,854,412	)		110,448,993			$	1,921,273,899			(8,687,272	)		$	(73,768,668	)		(2,706,180	)		$	2,226,750
	DoubleLine Low Duration Emerging Markets Fixed Income Fund														DoubleLine Long Duration Total Return Bond Fund
	Period Ended September 30, 2020							Year Ended March 31, 2020							Period Ended September 30, 2020							Year Ended March 31, 2020
	Shares			Amount				Shares			Amount				Shares			Amount				Shares			Amount
Shares Sold
Class I		5,418,247			$	52,534,938			6,511,312			$	64,411,677			1,012,237			$	11,967,642			2,475,975			$	26,253,003
Class N		1,090,074				10,587,902			950,189				9,409,964			481,612				5,732,176			1,624,424				17,424,363
Reinvested Dividends
Class I		169,862				1,656,963			474,868				4,692,687			23,857				282,536			93,786				994,938
Class N		27,170				265,724			70,197				694,641			12,496				147,998			61,399				649,692
Shares Redeemed
Class I		(4,174,329	)			(40,501,256	)		(7,843,036	)			(76,698,056	)		(1,661,443	)			(20,032,767	)		(1,825,854	)			(19,401,359	)
Class N		(225,778	)			(2,193,620	)		(1,668,978	)			(16,475,093	)		(957,148	)			(11,316,737	)		(1,412,741	)			(14,926,614	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		2,305,246			$	22,350,651			(1,505,448	)		$	(13,964,180	)		(1,088,389	)		$	(13,219,152	)		1,016,989			$	10,994,023

Semi-Annual Report September 30, 2020 151

Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2020

	DoubleLine Strategic Commodity Fund (Consolidated)														DoubleLine Global Bond Fund
	Period Ended September 30, 2020							Year Ended March 31, 2020							Period Ended September 30, 2020							Year Ended March 31, 2020
	Shares			Amount				Shares			Amount				Shares			Amount				Shares			Amount
Shares Sold
Class I		5,681,541			$	39,797,153			20,623,212			$	183,631,088			2,472,724			$	25,548,771			19,247,504			$	200,229,741
Class N		578,502				4,049,333			1,911,244				17,239,232			32,044				329,481			87,124				903,488
Reinvested Dividends
Class I		—				—			348,516				3,213,314			—				—			8,715				91,029
Class N		—				—			36,492				334,269			—				—			5,694				59,631
Shares Redeemed
Class I		(6,482,427	)			(45,094,192	)		(49,835,301	)			(411,996,736	)		(41,907,562	)			(444,642,543	)		(2,555,226	)			(26,434,299	)
Class N		(883,479	)			(6,150,007	)		(5,009,510	)			(43,737,335	)		(65,428	)			(681,055	)		(1,487,227	)			(15,520,722	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		(1,105,863	)		$	(7,397,713	)		(31,925,347	)		$	(251,316,168	)		(39,468,222	)		$	(419,445,346	)		15,306,584			$	159,328,868
	DoubleLine Infrastructure Income Fund														DoubleLine Ultra Short Bond Fund
	Period Ended September 30, 2020							Year Ended March 31, 2020							Period Ended September 30, 2020							Year Ended March 31, 2020
	Shares			Amount				Shares			Amount				Shares			Amount				Shares			Amount
Shares Sold
Class I		2,690,071			$	27,206,319			2,567,017			$	26,138,314			5,853,391			$	58,743,382			13,315,273			$	133,720,564
Class N		109,074				1,123,463			920,832				9,590,935			79,025				789,578			373,762				3,749,983
Reinvested Dividends
Class I		43,968				454,953			49,970				517,158			9,713				97,109			67,680				678,943
Class N		13,343				137,461			9,293				95,470			557				5,560			7,040				70,733
Shares Redeemed
Class I		(651,211	)			(6,728,552	)		(2,940,267	)			(30,060,535	)		(4,539,109	)			(45,490,987	)		(13,157,246	)			(131,840,786	)
Class N		(234,247	)			(2,431,454	)		(170,711	)			(1,732,790	)		(46,066	)			(461,546	)		(347,238	)			(3,488,272	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		1,970,998			$	19,762,190			436,134			$	4,548,552			1,357,511			$	13,683,096			259,271			$	2,891,165
	DoubleLine Shiller Enhanced International CAPE®														DoubleLine Colony Real Estate and Income Fund
	Period Ended September 30, 2020							Year Ended March 31, 2020							Period Ended September 30, 2020							Year Ended March 31, 2020
	Shares			Amount				Shares			Amount				Shares			Amount				Shares			Amount
Shares Sold
Class I		233,324			$	2,148,625			1,678,761			$	17,835,556			72,947			$	674,282			1,634,476			$	19,520,897
Class N		235,350				2,097,444			740,096				7,485,413			106,134				922,295			280,709				3,262,973
Reinvested Dividends
Class I		20,957				200,708			75,291				782,116			7,992				77,084			45,274				522,681
Class N		14,920				143,147			45,512				472,474			3,535				34,134			14,102				162,272
Shares Redeemed
Class I		(1,004,908	)			(9,553,535	)		(2,450,928	)			(23,334,333	)		(397,833	)			(3,794,826	)		(1,327,759	)			(12,401,165	)
Class N		(530,225	)			(5,006,303	)		(1,091,672	)			(10,995,774	)		(135,906	)			(1,281,434	)		(233,942	)			(2,571,293	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		(1,030,582	)		$	(9,969,914	)		(1,002,940	)		$	(7,754,548	)		(343,131	)		$	(3,368,465	)		412,860			$	8,496,365

152 DoubleLine Funds Trust

(Unaudited)

September 30, 2020

	DoubleLine Emerging Markets Local Currency Bond Fund										DoubleLine Income Fund
	Period Ended September 30, 2020					Period Ended March 31, 2020					Period Ended September 30, 2020							Period Ended March 31, 2020
	Shares		Amount			Shares		Amount			Shares			Amount				Shares			Amount
Shares Sold
Class I		—		$	—		990,000		$	9,900,000		6,183,099			$	52,295,459			9,700,301			$	96,648,583
Class N		—			—		10,000			100,000		256,234				2,120,281			112,263				1,111,380
Reinvested Dividends
Class I		10,927			101,735		12,331			118,826		61,810				529,158			27,151				260,324
Class N		97			907		105			1,016		3,352				28,538			1,435				13,697
Shares Redeemed
Class I		—			—		—			—		(5,861,571	)			(49,650,197	)		(1,078,584	)			(10,744,370	)
Class N		—			—		—			—		(68,338	)			(561,364	)		(40,116	)			(383,413	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		11,024		$	102,642		1,012,436		$	10,119,842		574,586			$	4,761,875			8,722,450			$	86,906,201

~ Net of redemption fees of $8,914 and $2,815 for Class I and Class N, respectively.

^ Net of redemption fees of $13,891 and $4,763 for Class I and Class N, respectively.

8.  Trustees Fees

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

For the period ended September 30, 2020, the Trustees received as a group:

	Current Fees			Increase/(Decrease) in Value of Deferred Amount				Trustees Fees
DoubleLine Total Return Bond Fund		$	248,297		$	1,315			$	249,612
DoubleLine Core Fixed Income Fund			48,151			568				48,719
DoubleLine Emerging Markets Fixed Income Fund			5,588			(66	)			5,522
DoubleLine Multi-Asset Growth Fund (Consolidated)			683			2				685
DoubleLine Low Duration Bond Fund			35,891			(161	)			35,730
DoubleLine Floating Rate Fund			392			(13	)			379
DoubleLine Shiller Enhanced CAPE®			38,390			456				38,846
DoubleLine Flexible Income Fund			6,178			(107	)			6,071
DoubleLine Low Duration Emerging Markets Fixed Income Fund			1,124			20				1,144
DoubleLine Long Duration Total Return Bond Fund			517			6				523
DoubleLine Strategic Commodity Fund (Consolidated)			1,855			(73	)			1,782
DoubleLine Global Bond Fund			6,939			65				7,004
DoubleLine Infrastructure Income Fund			1,740			73				1,813
DoubleLine Ultra Short Bond Fund			1,336			(7	)			1,329
DoubleLine Shiller Enhanced International CAPE®			157			2				159
DoubleLine Colony Real Estate and Income Fund			—			—				—
DoubleLine Emerging Markets Local Currency Bond Fund			1			1				2
DoubleLine Income Fund			371			1				372

9.  Additional Disclosures about Derivative Instruments

The following disclosures provide information on the Funds’ use of derivatives and certain related risks. The location and fair value amounts of these instruments on the Statements of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statements of Operations, each categorized by type of derivative contract, are included in the following tables.

Semi-Annual Report September 30, 2020 153

Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2020

The average volume of derivative activity during the period ended September 30, 2020 is as follows:

	DoubleLine Total Return Bond Fund			DoubleLine Multi-Asset Growth Fund (Consolidated)			DoubleLine Shiller Enhanced CAPE®			DoubleLine Long Duration Total Return Bond Fund				DoubleLine Strategic Commodity Fund (Consolidated)			DoubleLine Global Bond Fund			DoubleLine Shiller Enhanced International CAPE®			DoubleLine Colony Real Estate and Income Fund
Average Market Value
Futures Contracts - Long		$	33,526,368		$	310,838		$	—		$	1,084,351			$	—		$	—		$	—		$	—
Futures Contracts - Short			—			7,972			—			(652,561	)			—			—			—			—
Average Notional Balance
Excess Return Swaps			—			12,740,000			6,811,133,333			—				146,666,667			—			41,133,333			117,533,333
Forward Currency Exchange Contracts			—			—			—			—				—			57,617,314			62,797,743			—

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

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

Forward Foreign Currency Contracts  Forward foreign currency contracts are agreements between two parties to buy and sell a currency at a set exchange rate on a future date. Unless a Fund’s registration statement expressly states otherwise, each Fund may enter into forward foreign currency contracts for any investment purpose. The market value of a forward foreign currency contract fluctuates with the changes in foreign currency exchange rates. The contract is marked-to-market daily and the change in market value is recorded in net unrealized appreciation (depreciation) on forwards on the Statements of Assets and Liabilities. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the value at the time it was opened and

154 DoubleLine Funds Trust

(Unaudited)

September 30, 2020

the value at the time it was closed on the Statements of Operations. The use of foreign currency exchange contracts involves the risk that the value of a foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies and the risk that a counterparty to the contract does not perform its obligations under the agreement.

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

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

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

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

Excess Return Swap Agreements  The Funds may enter into excess return swaps for investment purposes. Excess return swaps are agreements to exchange the return generated by one instrument for the return generated by another instrument. For example, the agreement to pay a predetermined or fixed interest rate in exchange for a market-linked return based on a notional amount. To the extent the total return of a referenced index or instrument exceeds the offsetting interest obligation, a Fund will receive a payment from the counterparty. To the extent it is less, a Fund will make a payment to the counterparty. The marked-to-market value less a financing rate, if any, is recorded in net unrealized appreciation (depreciation) on swaps on the Statements of Assets and Liabilities. At termination or maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any, and is recorded in net realized gain (loss) on swaps on the Statements of Operations. To the extent the marked-to-market value of an excess return swap appreciates to the benefit of a Fund and exceeds certain contractual thresholds, a Fund’s counterparty may be contractually required to provide collateral. If the marked-to-market value of an excess return swap depreciates in value to the benefit of a counterparty and exceeds certain contractual thresholds, a Fund would generally be required to provide collateral

Semi-Annual Report September 30, 2020 155

Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2020

for the benefit of its counterparty. Assets provided by the Funds as collateral are reflected as a component of investments in unaffiliated securities at value on the Statements of Assets and Liabilities and are noted on the Schedules of Investments. Assets provided to a Fund by a counterparty as collateral are not assets of the Fund and are not a component of a Fund’s net asset value.

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

The effect of derivative instruments on the Statements of Assets and Liabilities for the period ended September 30, 2020 was as follows:

	Derivatives not accounted for as hedging instruments
Statements of Assets and Liabilities Location		Commodity Risk			Credit Risk		Equity Risk			Foreign Exchange Rate Risk		Interest Rate Risk			Total
Net Unrealized Appreciation (Depreciation) on:
Forwards
DoubleLine Global Bond Fund		$	—		$	—	$	—		$	239,311	$	—		$	239,311
DoubleLine Shiller Enhanced International CAPE®			—			—		—			1,654,524		—			1,654,524
Futures
DoubleLine Multi-Asset Growth Fund (Consolidated)		$	—		$	—	$	(102,455	)	$	23,915	$	(3,635	)	$	(82,175	)
DoubleLine Long Duration Total Return Bond Fund			—			—		—			—		(528,410	)		(528,410	)
Swaps
DoubleLine Multi-Asset Growth Fund (Consolidated)		$	9,331		$	—	$	251,219		$	—	$	—		$	260,550
DoubleLine Shiller Enhanced CAPE®			—			—		603,747,079			—		—			603,747,079
DoubleLine Strategic Commodity Fund (Consolidated)			(799,503	)		—		—			—		—			(799,503	)
DoubleLine Shiller Enhanced International CAPE®			—			—		(1,120,724	)		—		—			(1,120,724	)
DoubleLine Colony Real Estate and Income Fund			—			—		(5,850,804	)		—		—			(5,850,804	)

The effect of derivative instruments on the Statements of Operations for the period ended September 30, 2020 was as follows:

	Derivatives not accounted for as hedging instruments
Statements of Operations Location		Commodity Risk			Equity Risk			Foreign Exchange Rate Risk			Interest Rate Risk			Total
Net Realized Gain (Loss) on:
Forwards
DoubleLine Global Bond Fund		$	—		$	—		$	(4,709,050	)	$	—		$	(4,709,050	)
DoubleLine Shiller Enhanced International CAPE®			—			—			(95,238	)		—			(95,238	)
Futures
DoubleLine Total Return Bond Fund		$	—		$	—		$	—		$	95,215,506		$	95,215,506
DoubleLine Multi-Asset Growth Fund (Consolidated)			—			2,594,792			37,401			210,439			2,842,632
DoubleLine Long Duration Total Return Bond Fund			—			—			—			1,276,154			1,276,154
Swaps
DoubleLine Multi-Asset Growth Fund (Consolidated)		$	(32,101	)	$	691,240		$	—		$	—		$	659,139
DoubleLine Shiller Enhanced CAPE®			—			148,478,000			—			—			148,478,000
DoubleLine Strategic Commodity Fund (Consolidated)			(15,162,283	)		—			—			—			(15,162,283	)
DoubleLine Shiller Enhanced International CAPE®			—			18,316			—			—			18,316
DoubleLine Colony Real Estate and Income Fund			—			933,911			—			—			933,911
Net Change in Unrealized Appreciation (Depreciation) on:
Forwards
DoubleLine Global Bond Fund		$	—		$	—		$	(391,517	)	$	—		$	(391,517	)
DoubleLine Shiller Enhanced International CAPE®			—			—			2,713,273			—			2,713,273
Futures
DoubleLine Total Return Bond Fund		$	—		$	—		$	—		$	(100,579,104	)	$	(100,579,104	)
DoubleLine Multi-Asset Growth Fund (Consolidated)			—			(900,949	)		18,874			(196,812	)		(1,078,887	)
DoubleLine Long Duration Total Return Bond Fund			—			—			—			(2,010,847	)		(2,010,847	)
Swaps
DoubleLine Multi-Asset Growth Fund (Consolidated)		$	(37,988	)	$	1,908,275		$	—		$	—		$	1,870,287
DoubleLine Shiller Enhanced CAPE®			—			1,656,723,526			—			—			1,656,723,526
DoubleLine Strategic Commodity Fund (Consolidated)			24,185,093			—			—			—			24,185,093
DoubleLine Shiller Enhanced International CAPE®			—			6,522,748			—			—			6,522,748
DoubleLine Colony Real Estate and Income Fund			—			11,492,485			—			—			11,492,485

156 DoubleLine Funds Trust

(Unaudited)

September 30, 2020

10.  Offsetting Assets and Liabilities

The Funds are subject to various Master Netting Arrangements, which govern the terms of certain transactions with select counterparties. The Master Netting Arrangements are intended to allow the Funds to close out and net their total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty. The Master Netting Arrangements also specify collateral posting arrangements at pre-arranged exposure levels. Under the Master Netting Arrangements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Netting Arrangement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of Master Netting Arrangement.

As of September 30, 2020 the Funds held the following derivative instruments that were subject to offsetting on the Statements of Assets and Liabilities:

DoubleLine Multi-Asset Growth Fund (Consolidated)

Assets:

Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities				Net Amounts presented in the Statement of Assets and Liabilities			Gross Amounts not offset in the Statement of Assets and Liabilities						Net Amount
											Financial Instruments			Collateral Received
Swap Contracts		$	263,170		$	(2,620	)		$	260,550		$	251,219		$	—		$	9,331

Liabilities:

Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Assets and Liabilities				Net Amounts presented in the Statement of Assets and Liabilities			Gross Amounts not offset in the Statement of Assets and Liabilities						Net Amount
											Financial Instruments			Collateral Pledged
Swap Contracts		$	2,620		$	(2,620	)		$	—		$	—		$	—		$	—

DoubleLine Shiller Enhanced CAPE^®

Assets:

Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities				Net Amounts presented in the Statement of Assets and Liabilities			Gross Amounts not offset in the Statement of Assets and Liabilities						Net Amount
											Financial Instruments			Collateral Received
Swap Contracts		$	618,166,373		$	(14,419,292	)		$	603,747,081		$	586,805,574		$	—		$	16,941,507

Liabilities:

Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Assets and Liabilities				Net Amounts presented in the Statement of Assets and Liabilities			Gross Amounts not offset in the Statement of Assets and Liabilities						Net Amount
											Financial Instruments			Collateral Pledged
Swap Contracts		$	14,419,292		$	(14,419,292	)		$	—		$	—		$	—		$	—

DoubleLine Strategic Commodity Fund (Consolidated)

Assets:

Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities				Net Amounts presented in the Statement of Assets and Liabilities			Gross Amounts not offset in the Statement of Assets and Liabilities						Net Amount
											Financial Instruments			Collateral Received
Swap Contracts		$	539,825		$	(285,971	)		$	253,854		$	—		$	—		$	253,854

Liabilities:

Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Assets and Liabilities				Net Amounts presented in the Statement of Assets and Liabilities			Gross Amounts not offset in the Statement of Assets and Liabilities						Net Amount
											Financial Instruments			Collateral Pledged
Swap Contracts		$	1,339,328		$	(285,971	)		$	1,053,357		$	1,053,357		$	—		$	—

Semi-Annual Report September 30, 2020 157

Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2020

DoubleLine Global Bond Fund

Assets:

Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities				Net Amounts presented in the Statement of Assets and Liabilities			Gross Amounts not offset in the Statement of Assets and Liabilities						Net Amount
											Financial Instruments			Collateral Received
Forwards		$	324,291		$	(84,980	)		$	239,311		$	—		$	—		$	239,311

Liabilities:

Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Assets and Liabilities				Net Amounts presented in the Statement of Assets and Liabilities			Gross Amounts not offset in the Statement of Assets and Liabilities						Net Amount
											Financial Instruments			Collateral Pledged
Forwards		$	84,980		$	(84,980	)		$	—		$	—		$	—		$	—

DoubleLine Shiller Enhanced International CAPE^®

Assets:

Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities				Net Amounts presented in the Statement of Assets and Liabilities			Gross Amounts not offset in the Statement of Assets and Liabilities						Net Amount
											Financial Instruments			Collateral Received
Forwards		$	1,731,762		$	(77,238	)		$	1,654,524		$	1,617,504		$	—		$	37,020

Liabilities:

Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Assets and Liabilities				Net Amounts presented in the Statement of Assets and Liabilities			Gross Amounts not offset in the Statement of Assets and Liabilities						Net Amount
											Financial Instruments			Collateral Pledged
Forwards		$	77,238		$	(77,238	)		$	—		$	—		$	—		$	—
Swap Contracts			1,120,724			—				1,120,724			1,120,724			—			—
		$	1,197,962		$	(77,238	)		$	1,120,724		$	1,120,724		$	—		$	—

DoubleLine Colony Real Estate and Income Fund

Assets:

Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities				Net Amounts presented in the Statement of Assets and Liabilities			Gross Amounts not offset in the Statement of Assets and Liabilities						Net Amount
											Financial Instruments			Collateral Received
Swap Contracts		$	2,690,033		$	(2,690,033	)		$	—		$	—		$	—		$	—

Liabilities:

Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Assets and Liabilities				Net Amounts presented in the Statement of Assets and Liabilities			Gross Amounts not offset in the Statement of Assets and Liabilities						Net Amount
											Financial Instruments			Collateral Pledged
Swap Contracts		$	8,540,837		$	(2,690,033	)		$	5,850,804		$	5,850,804		$	—		$	—

11.  Bank Loans

The Funds may make loans directly to borrowers and may acquire or invest in loans made by others (“loans”). The Funds may acquire a loan interest directly by acting as a member of the original lending syndicate. Alternatively, the Funds may acquire some or all of the interest of a bank or other lending institution in a loan to a particular borrower by means of a novation, an assignment or a participation. The loans in which the Funds may invest include those that pay fixed rates of interest and those that pay floating rates—i.e., rates that adjust periodically based on a known lending rate, such as a bank’s prime rate. The Funds may purchase and sell interests in bank loans on a when-issued and delayed delivery basis, with payment delivery scheduled for a future date.

158 DoubleLine Funds Trust

(Unaudited)

September 30, 2020

Securities purchased on a delayed delivery basis are marked to market daily and no income accrues to the Funds prior to the date the Funds actually take delivery of such securities. These transactions are subject to market fluctuations and are subject, among other risks, to the risk that the value at delivery may be more or less than the trade purchase price.

12.  Credit Facility

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

The Bank has also made available to the DoubleLine Floating Rate Fund a committed $50,000,000 credit facility. Borrowings under this credit facility bear interest at the Bank’s prime rate less 0.50% annually and the credit facility bears an unused commitment fee equal to 0.12% annually on the unused portion of the credit facility.

For the period ended September 30, 2020, the Funds’ credit facility activity is as follows:

	Average Borrowings			Maximum Amount Outstanding			Interest Expense			Commitment Fee			Average Interest Rate
DoubleLine Emerging Markets Fixed Income Fund		$	10,320,727		$	24,782,000		$	8,672		$	—		2.75%
DoubleLine Multi-Asset Growth Fund (Consolidated)			4,352,667			5,689,000			997			—		2.75%
DoubleLine Floating Rate Fund			4,897,242			13,744,000			12,345			29,994		2.75%
DoubleLine Low Duration Emerging Markets Fixed Income Fund			2,727,000			2,727,000			208			—		2.75%
DoubleLine Strategic Commodity Fund (Consolidated)			635,000			635,000			49			—		2.75%

13.  Significant Shareholder Holdings

As of September 30, 2020, a single beneficial shareholder otherwise unaffiliated with the Funds held 92% of the outstanding Class I shares of DoubleLine Colony Real Estate and Income Fund and 88% of DoubleLine Colony Real Estate and Income Fund’s total outstanding shares. That shareholder may be deemed to control the DoubleLine Colony Real Estate and Income Fund and a redemption of all or a substantial portion of that shareholder’s investment in DoubleLine Colony Real Estate and Income Fund may adversely affect its investment performance.

As of September 30, 2020, otherwise unaffiliated shareholders owned 5% or more of the following Funds’ share classes:

	Shares		% of Total Outstanding Shares - Per Class		% of Total Outstanding Shares - Total Fund
DoubleLine Colony Real Estate and Income Fund - Class I		9,855,511		92%		88%

As of September 30, 2020, shareholders affiliated with the Funds and/or Advisers (other than other DoubleLine Funds) owned shares of the Funds as follows:

	Shares		% of Total Outstanding Shares - Per Class		% of Total Outstanding Shares - Total Fund
DoubleLine Shiller Enhanced CAPE® - Class R6		6,724		9%		0%
DoubleLine Flexible Income Fund - Class R6		10,784		100%		0%
DoubleLine Ultra Short Bond Fund - Class I		1,492,918		6%		6%
DoubleLine Emerging Markets Local Currency Bond Fund - Class I		1,013,259		100%		100%
DoubleLine Emerging Markets Local Currency Bond Fund - Class N		10,202		100%		100%
DoubleLine Income Fund - Class I		1,033,573		11%		11%

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

Semi-Annual Report September 30, 2020 159

Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2020

14.  Principal Risks:

Below are summaries of some, but not all, of the principal risks of investing in one or more of the Funds, each of which could adversely affect a Fund’s NAV, yield and total return. Each risk listed below does not necessarily apply to each Fund, and you should read each Fund’s prospectus carefully for a description of the principal risks associated with investing in a particular Fund.

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

• asset allocation risk:  the risk that a Fund’s investment performance may depend, at least in part, on how its assets are allocated and reallocated among asset classes, sectors, underlying funds and/or investments and that such allocation will focus on asset classes, sectors, underlying funds, or investments that perform poorly or underperform other asset classes, sectors, underlying funds, or available investments.

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

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

• collateralized debt obligations risk:  the risks of an investment in a collateralized debt obligation (“CDO”) depend largely on the quality and type of the collateral and the tranche of the CDO in which a Fund invests. Normally, collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other CDOs are privately offered and sold, and thus are not registered under the securities laws. As a result, investments in CDOs may be 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.

• commodities risk:  the risk that the value of a Fund’s shares may be affected by changes in the values of the Fund’s investment exposures to commodities or commodity-related instruments, which may be extremely volatile and difficult to value. The value of commodities and commodity-related instruments may be affected by market movements, commodity index volatility, changes in interest rates, or factors affecting a particular sector, industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. A Fund will likely at times have significant exposure to particular sectors through its commodities-related investments, including, for example, the energy, industrial metals, and agricultural and livestock sectors and may be exposed to greater risk associated with events affecting those sectors.

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

• counterparty risk:  the risk that a Fund will be subject to credit risk with respect to the counterparties to the derivative contracts and other instruments, such as repurchase and reverse repurchase agreements, entered into directly by the Fund or held by special purpose or structured vehicles in which the Fund invests; that the Fund’s counterparty will be unable or unwilling to perform its obligations; that the Fund will be unable to enforce contractual remedies if its counterparty defaults; that if a counterparty becomes bankrupt, the Fund may experience significant delays in obtaining any recovery under the derivative contract or may obtain limited or no recovery in a bankruptcy or other insolvency proceeding. Subject to certain U.S. federal income tax limitations, the Fund is not subject to any limit with respect to the number of transactions it can enter into with a single counterparty. To the extent that a Fund enters into multiple transactions with a single or a small set of counterparties, it will be subject to increased counterparty risk.

160 DoubleLine Funds Trust

(Unaudited)

September 30, 2020

• debt securities risks:

° credit risk:  the risk that an issuer or counterparty will fail to pay its obligations to a Fund when they are due. As a result, a Fund’s income might be reduced, the value of the Fund’s investment might fall, and/or the Fund could lose the entire amount of its investment. Changes in the financial condition of an issuer or counterparty, changes in specific economic, social or political conditions that affect a particular type of security or other instrument or an issuer, and changes in economic, social or political conditions generally can increase the risk of default by an issuer or counterparty, which can affect a security’s or other instrument’s credit quality or value and an issuer’s or counterparty’s ability to pay interest and principal when due. The values of lower-quality debt securities (commonly known as “junk bonds”), including floating rate loans, tend to be particularly sensitive to these changes. The values of securities also may decline for a number of other reasons that relate directly to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods and services, as well as the historical and prospective earnings of the issuer and the value of its assets.

° extension risk:  the risk that if interest rates rise, repayments of principal on certain debt securities, including, but not limited to, floating rate loans and mortgage-related securities, may occur at a slower rate than expected and the expected maturity of those securities could lengthen as a result. Securities that are subject to extension risk generally have a greater potential for loss when prevailing interest rates rise, which could cause their values to fall sharply.

° interest rate risk:  the risk that debt instruments will change in value because of changes in interest rates. The value of an instrument with a longer duration (whether positive or negative) will be more sensitive to changes in interest rates than a similar instrument with a shorter duration.

° prepayment risk:  the risk that the issuer of a debt security, including floating rate loans and mortgage-related securities, repays all or a portion of the principal prior to the security’s maturity. In times of declining interest rates, there is a greater likelihood that a Fund’s higher yielding securities will be pre-paid with the Fund being unable to reinvest the proceeds in an investment with as great a yield. Prepayments can therefore result in lower yields to shareholders of a Fund.

° LIBOR risk:  LIBOR is 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 may also be a significant factor in determining payment obligations under a derivative investment and may be used in other ways that affect the Fund’s investment performance. Plans are underway to phase out the use of LIBOR by the end of 2021. The transition from LIBOR and the terms of any replacement rate(s) may adversely affect transactions that use LIBOR as a reference rate, financial institutions that engage in such transactions, and the financial markets generally. As such, the transition away from LIBOR may adversely affect the Fund’s performance.

• defaulted securities risk:  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.

• derivatives risk:  the risk that an investment in derivatives will not perform as anticipated by an Adviser, may not be available at the time or price desired, cannot be closed out at a favorable time or price, will increase a Fund’s transaction costs, or will increase a Fund’s volatility; that derivatives may create investment leverage; that, when a derivative is used as a substitute for or alternative to a direct cash investment, the transaction may not provide a return that corresponds precisely or at all with that of the cash investment; or that, when used for hedging purposes, derivatives will not provide the anticipated protection, causing a Fund to lose money on both the derivatives transaction and the exposure the Fund sought to hedge.

• emerging market country risk:  the risk that investing in emerging markets, as compared to foreign developed markets, increases the likelihood that a Fund will lose money, due to more limited information about the issuer and/or the security; higher brokerage costs; different accounting, auditing and financial reporting standards; less developed legal systems and thinner trading markets; the possibility of currency blockages or transfer restrictions; an emerging market country’s dependence on revenue from particular commodities or international aid; and expropriation, nationalization or other adverse political or economic developments.

• equity issuer risk:  the risk that the market price of common stocks and other equity securities may go up or down, sometimes rapidly or unpredictably, including due to factors affecting equity securities markets generally, particular industries represented in those markets, or the issuer itself.

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

• financial services risk:  the risk that an investment in issuers in the financial services sector or transactions with one or more counterparties in the financial services sector may be adversely affected by, among other things: (i) changes in

Semi-Annual Report September 30, 2020 161

Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2020

governmental regulation, which may limit both the amounts and the types of loans and other financial commitments financial services companies can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain; (ii) fluctuations, including as a result of interest rate changes or increased competition, in the availability and cost of capital of funds on which the profitability of financial services companies is largely dependent; (iii) deterioration of the credit markets; (iv) credit losses resulting from financial difficulties of borrowers, especially when financial services companies are exposed to non-diversified or concentrated loan portfolios; (v) financial losses associated with investment activities, especially when financial services companies are exposed to financial leverage; (vi) the risk that any financial services company experiences substantial declines in the valuations of its assets, takes action to raise capital, or ceases operations; (vii) the risk that a market shock or other unexpected market, economic, political, regulatory, or other event might lead to a sudden decline in the values of most or all companies in the financial services sector; and (viii) the interconnectedness or interdependence among financial services companies, including the risk that the financial distress or failure of one financial services company may materially and adversely affect a number of other financial services companies.

• focused investment risk:  the risk that a Fund that invests a substantial portion of its assets in a particular market, industry, sector, group of industries or sectors, country, region, group of countries or asset class is, relative to a Fund that invests in a more diverse investment portfolio, more susceptible to any single economic, market, political, regulatory or other occurrence. This is because, for example, issuers in a particular market, industry, region, sector or asset class may react similarly to specific economic, market, regulatory, political or other developments. The particular markets, industries, regions, sectors or asset classes in which the Fund may focus its investments may change over time and the Fund may alter its focus at inopportune times.

• foreign currency risk:  the risk that fluctuations in exchange rates may adversely affect the value of a Fund’s investments denominated in foreign currencies.

• foreign investing risk:  the risk that investments in foreign securities or in issuers with significant exposure to foreign markets, as compared to investments in U.S. securities or in issuers with predominantly domestic market exposure, may be more vulnerable to economic, political, and social instability and subject to less government supervision, lack of transparency, inadequate regulatory and accounting standards, and foreign taxes. If a Fund buys securities denominated in a foreign currency, receives income in foreign currencies, or holds foreign currencies from time to time, the value of the Fund’s assets, as measured in U.S. dollars, can be affected unfavorably by changes in exchange rates relative to the U.S. dollar or other foreign currencies. Foreign markets are also subject to the risk that a foreign government could restrict foreign exchange transactions or otherwise implement unfavorable currency regulations.

• high yield risk:  the risk that debt instruments rated below investment grade or debt instruments that are unrated and of comparable or lesser quality are predominantly speculative. These instruments, commonly known as “junk bonds”, have a higher degree of default risk and may be less liquid than higher-rated bonds. These instruments may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of high yield investments generally, and less secondary market liquidity.

• index risk:  the risk that the portion of a Fund invested in instruments based on an index or basket of commodities or that use an index or basket of commodities as the reference asset may not match or may underperform the return of the index or basket for a number of reasons, including, for example, (i) the performance of derivatives related to an index or basket in which a Fund invests may not correlate with the performance of the index or basket and/or may underperform the index or basket due to by transaction costs, fees, or other aspects of the transaction’s pricing; (ii) the Fund may not be able to find counterparties willing to enter into derivative instruments whose returns are based on the return of the index or basket, or the Fund may be unable to find parties who are willing to do so transactions at an acceptable cost or level of risk to the Fund; and (iii) errors may arise in carrying out an index’s methodology, or an index provider may incorrectly report information concerning the index. There can be no guarantee that any index, will be maintained indefinitely or that a Fund will be able to continue to utilize a specific index to implement the Fund’s principal investment strategies indefinitely.

• inflation-indexed bond risk:  the risk that such bonds will change in value in response to actual or anticipated changes in inflation rates in a manner unanticipated by a Fund’s portfolio management team or investors generally. Inflation-indexed bonds are subject to debt securities risks.

• investment company and exchange-traded fund risk:  the risk that an investment company or other pooled investment vehicle, including any exchange-traded funds (“ETFs”) or money market funds, in which a Fund invests will not achieve its investment objective or execute its investment strategies effectively or that significant purchase or redemption activity by shareholders of such an investment company might negatively affect the value of the investment company’s shares. A Fund must pay its pro rata portion of an investment company’s fees and expenses.

162 DoubleLine Funds Trust

(Unaudited)

September 30, 2020

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

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

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

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

• loan risk:  the risk that (i) if a Fund holds a loan through another financial institution, or relies on a financial institution to administer the loan, its receipt of principal and interest on the loan may be subject to the credit risk of that financial institution; (ii) any collateral securing a loan may be insufficient or unavailable to a Fund because, for example, the value of the collateral securing a loan can decline, be insufficient to meet the obligations of the borrower, or be difficult to liquidate, and the Fund’s rights to collateral may be limited by bankruptcy or insolvency laws; (iii) investments in highly leveraged loans or loans of stressed, distressed, or defaulted issuers may be subject to significant credit and liquidity risk; (iv) a bankruptcy or other court proceeding could delay or limit the ability of a Fund to collect the principal and interest payments on that borrower’s loans or adversely affect the Fund’s rights in collateral relating to a loan; (v) there may be limited public information available regarding the loan and the relevant borrower(s); (vi) the use of a particular interest rate benchmark, such as LIBOR, may limit the Fund’s ability to achieve a net return to shareholders that consistently approximates the average published Prime Rate of U.S. banks; (vii) the prices of certain floating rate loans that include a feature that prevents their interest rates from adjusting if market interest rates are below a specified minimum level appreciate less than other instruments in response to changes in interest rates should interest rates rise but remain below the applicable minimum level; (viii) if a borrower fails to comply with various restrictive covenants that may be found in loan agreements, the borrower may default in payment of the loan; (ix) if a Fund invests in loans that contain fewer or less restrictive constraints on the borrower than certain other types of loans (“covenant-lite” loans), it may have fewer rights against the borrowers of such loans, including fewer protections against the possibility of default and fewer remedies in the event of default; (x) the 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 a Fund’s redemption obligations until potentially a substantial period after the sale of the loans; and (xiii) loans may be difficult to value and may be illiquid, which may adversely affect an investment in the Fund.

• market capitalization risk:  the risk that investing substantially in issuers in one market capitalization category (large, medium or small) may adversely affect a Fund because of unfavorable market conditions particular to that category of issuers, such as larger, more established companies being unable to respond quickly to new competitive challenges or attain the high growth rates of successful smaller companies, or, conversely, stocks of smaller companies being more volatile than those of larger companies due to, among other things, narrower product lines, more limited financial resources, fewer experienced managers and there typically being less publicly available information about small capitalization companies.

• market risk:  the risk that markets will perform poorly or that the returns from the securities in which a Fund invests will underperform returns from the general securities markets or other types of investments. Markets may, in response to governmental actions or intervention, political, economic or market developments, or other external factors, such as those experienced recently in the first calendar quarter of 2020 in response to an outbreak of respiratory disease caused by a novel coronavirus designated as COVID-19, experience periods of high volatility and reduced liquidity. During those periods, the Fund may experience high levels of shareholder redemptions, and may have to sell securities at times when the Fund would otherwise not do so, and potentially at unfavorable prices. Certain securities may be difficult to value during such periods. These risks may be heightened for fixed income securities due to the current low interest rate environment.

• mortgage-backed securities risk:  the risk that borrowers may default on their mortgage obligations or the guarantees underlying the mortgage-backed securities will default or otherwise fail and that, during periods of falling interest rates, mortgage-backed securities will be called or prepaid, which may result in a Fund having to reinvest proceeds in other

Semi-Annual Report September 30, 2020 163

Notes to Financial Statements  (Cont.) (Unaudited) September 30, 2020

investments at a lower interest rate. During periods of rising interest rates, the average life of a mortgage-backed security may extend, which may lock in a below-market interest rate, increase the security’s duration, and reduce the value of the security. Enforcing rights against the underlying assets or collateral may be difficult, or the underlying assets or collateral may be insufficient if the issuer defaults. The values of certain types of mortgage-backed securities, such as inverse floaters and interest-only and principal-only securities, may be extremely sensitive to changes in interest rates and prepayment rates. A Fund may invest in mortgage-backed securities that are subordinate in their right to receive payment of interest and re-payment of principal to other classes of the issuer’s securities.

• operational risk:  an investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in investment losses to a Fund, a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on a Fund. While the Funds seek to minimize such events through controls and oversight, there may still be failures that could cause losses to a Fund.

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

• portfolio turnover risk:  the risk that frequent purchases and sales of portfolio securities may result in higher Fund expenses and may result in larger distributions of taxable capital gains to investors as compared to a fund that trades less frequently.

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

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

• real estate risk:  the risk that real estate-related investments may decline in value as a result of factors affecting the real estate sector, such as the supply of real property in certain markets, changes in zoning laws, delays in completion of construction, changes in real estate values, changes in property taxes, levels of occupancy, and local and regional market conditions. Along with the risks common to different types of real estate-related investments, real estate investment trusts (“REITs”), no matter the type, involve additional risk factors, including poor performance by the REIT’s manager, adverse changes to the tax laws, and the possible failure by the REIT to qualify for the favorable tax treatment available to REITs under the Internal Revenue Code of 1986, as amended (the “Code”), or the exemption from registration under the 1940 Act. REITs are not diversified and are heavily dependent on cash flow earned on the property interests they hold.

• reliance on each adviser:  the risk associated with each Fund’s ability to achieve its investment objective being dependent upon each Adviser’s ability to identify profitable investment opportunities for the Fund. While the portfolio managers of a Fund may have considerable experience in managing other portfolios with investment objectives, policies and strategies that are similar, the past experience of the portfolio managers, including with other strategies and funds, does not guarantee future results for the Fund.

• restricted securities risk:  the risk that a Fund may be prevented or limited by law or the terms of an agreement from selling a security (a “restricted security”). To the extent that a Fund is permitted to sell a restricted security, there can be no assurance that a trading market will exist at any particular time and a Fund may be unable to dispose of the security promptly at reasonable prices or at all. A Fund may have to bear the expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Also, restricted securities may be difficult to value because market quotations may not be readily available, and the values of restricted securities may have significant volatility.

• securities or sector selection risk:  the risk that the securities held by a Fund will underperform securities held in other funds investing in similar asset classes or comparable benchmarks because of the portfolio managers’ choice of securities or sectors for investment. To the extent a Fund focuses or concentrates its investments in a particular sector or related sectors, the Fund will be more susceptible to events or factors affecting companies in that sector or related sectors.

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

164 DoubleLine Funds Trust

(Unaudited)

September 30, 2020

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

• structured products and structured notes risk:  the risk that an investment in a structured product, 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 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. In addition to the general risks associated with fixed income securities discussed herein, structured products carry additional risks including, but not limited to: (i) the possibility that distributions from underlying investments will not be adequate to make interest or other payments; (ii) the quality of the underlying investments may decline in value or default; (iii) the possibility that the security may be subordinate to other classes of the issuer’s securities; (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; and (v) because the structured products are generally privately offered and sold, they may be thinly traded or have a limited trading market, which may increase a Fund’s illiquidity and reduce the Fund’s income and the value of the investment, and the Fund may be unable to find qualified buyers for these securities.

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

• U.S. Government securities risk:  the risk that debt securities issued or guaranteed by certain U.S. Government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. Government, and so investments in their securities or obligations issued by them involve credit risk greater than investments in other types of U.S. Government securities.

• valuation risk:  the risk that a Fund will not value its investments in a manner that accurately reflects their market values or that the Fund will not be able to sell any investment at a price equal to the valuation ascribed to that investment for purposes of calculating the Fund’s net asset value (“NAV”). The valuation of a Fund’s investments involves subjective judgment. Certain securities in which the Fund may invest may be more difficult to value accurately, especially during periods of market disruptions or extreme market volatility. Incorrect valuations of the Fund’s portfolio holdings could result in the Fund’s shareholder transactions being effected at an NAV that does not accurately reflect the underlying value of the Fund’s portfolio, resulting in the dilution of shareholder interests.

14.  Recently Issued Accounting Pronouncements

In March 2020, FASB issued Accounting Standards Update (ASU) 2020-04, Reference Rate Reform (Topic 848)—Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying this ASU.

15.  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.

Semi-Annual Report September 30, 2020 165

Shareholder Expenses (Unaudited) September 30, 2020

Example

As a shareholder of the Funds, you incur two basic types of costs: (1) transaction costs , including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution (12b-1) fees and other Fund expenses.

This Example is intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period 4/1/20 through 9/30/20. Expenses paid during the period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 183/365 (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 U.S. Bancorp Fund Services, LLC, the Fund’s transfer agent. Currently, if you request a redemption be made by wire, a $15.00 fee is charged by the Fund’s transfer agent. You will be charged a redemption fee equal to 1.00% of the net amount of the redemption if you redeem shares that have been held for less than 90 days in the DoubleLine Floating Rate Fund. An Individual Retirement Account (“IRA”) will be charged a $15.00 annual maintenance fee. The transfer agent charges a transaction fee of $25.00 on returned checks and stop payment orders. If you paid a transaction fee, you would add the fee amount to the expenses paid on your account this period to obtain your total expenses paid.

Hypothetical Example for Comparison Purposes

The hypothetical return columns in the following table provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect the transaction fees discussed above. Therefore, those columns are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

							Actual						Hypothetical (5% return before expenses)
		Fund’s Annualized Expense  Ratio1		Beginning Account Value			Ending Account Value 9/30/20			Expenses Paid During Period*1			Ending Account Value 9/30/20			Expenses Paid  During Period*1
DoubleLine Total Return Bond Fund	Class I		0.49%		$	1,000		$	1,045		$	2.51		$	1,023		$	2.48
	Class N		0.74%		$	1,000		$	1,043		$	3.79		$	1,021		$	3.75
	Class R6		0.45%		$	1,000		$	1,045		$	2.31		$	1,023		$	2.28
DoubleLine Core Fixed Income Fund	Class I		0.41%		$	1,000		$	1,074		$	2.13		$	1,023		$	2.08
	Class N		0.66%		$	1,000		$	1,072		$	3.43		$	1,022		$	3.35
	Class R6		0.38%		$	1,000		$	1,074		$	1.98		$	1,023		$	1.93
DoubleLine Emerging Markets Fixed Income Fund	Class I		0.90%		$	1,000		$	1,181		$	4.92		$	1,021		$	4.56
	Class N		1.14%		$	1,000		$	1,180		$	6.23		$	1,019		$	5.77
DoubleLine Multi-Asset Growth Fund (Consolidated)	Class I		1.05%		$	1,000		$	1,174		$	5.72		$	1,020		$	5.32
	Class A		1.28%		$	1,000		$	1,174		$	6.98		$	1,019		$	6.48
DoubleLine Low Duration Bond Fund	Class I		0.42%		$	1,000		$	1,057		$	2.17		$	1,023		$	2.13
	Class N		0.67%		$	1,000		$	1,057		$	3.46		$	1,022		$	3.40
	Class R6		0.39%		$	1,000		$	1,058		$	2.01		$	1,023		$	1.98

166 DoubleLine Funds Trust

(Unaudited)

September 30, 2020

							Actual						Hypothetical (5% return before expenses)
		Fund’s Annualized Expense  Ratio1		Beginning Account Value			Ending Account Value 9/30/20			Expenses Paid During Period*1			Ending Account Value 9/30/20			Expenses Paid  During Period*1
DoubleLine Floating Rate Fund	Class I		0.75%		$	1,000		$	1,120		$	3.99		$	1,021		$	3.80
	Class N		0.99%		$	1,000		$	1,119		$	5.26		$	1,020		$	5.01
DoubleLine Shiller Enhanced CAPE®	Class I		0.55%		$	1,000		$	1,397		$	3.31		$	1,022		$	2.79
	Class N		0.80%		$	1,000		$	1,396		$	4.80		$	1,021		$	4.05
	Class R6		0.50%		$	1,000		$	1,397		$	3.00		$	1,023		$	2.54
DoubleLine Flexible Income Fund	Class I		0.72%		$	1,000		$	1,137		$	3.86		$	1,021		$	3.65
	Class N		0.97%		$	1,000		$	1,136		$	5.19		$	1,020		$	4.91
	Class R6		0.66%		$	1,000		$	1,138		$	3.54		$	1,022		$	3.35
DoubleLine Low Duration Emerging Markets Fixed Income Fund	Class I		0.59%		$	1,000		$	1,068		$	3.06		$	1,022		$	2.99
	Class N		0.84%		$	1,000		$	1,066		$	4.35		$	1,021		$	4.26
DoubleLine Long Duration Total Return Bond Fund	Class I		0.52%		$	1,000		$	1,010		$	2.62		$	1,022		$	2.64
	Class N		0.78%		$	1,000		$	1,009		$	3.93		$	1,021		$	3.95
DoubleLine Strategic Commodity Fund (Consolidated)	Class I		1.10%		$	1,000		$	1,064		$	5.69		$	1,020		$	5.57
	Class N		1.35%		$	1,000		$	1,063		$	6.98		$	1,018		$	6.83
DoubleLine Global Bond Fund	Class I		0.55%		$	1,000		$	1,044		$	2.82		$	1,022		$	2.79
	Class N		0.80%		$	1,000		$	1,042		$	4.10		$	1,021		$	4.05
DoubleLine Infrastructure Income Fund	Class I		0.56%		$	1,000		$	1,113		$	2.97		$	1,022		$	2.84
	Class N		0.81%		$	1,000		$	1,112		$	4.29		$	1,021		$	4.10
DoubleLine Ultra Short Bond Fund	Class I		0.25%		$	1,000		$	1,028		$	1.27		$	1,024		$	1.27
	Class N		0.50%		$	1,000		$	1,025		$	2.54		$	1,023		$	2.54
DoubleLine Shiller Enhanced International CAPE®	Class I		0.62%		$	1,000		$	1,302		$	3.58		$	1,022		$	3.14
	Class N		0.87%		$	1,000		$	1,301		$	5.02		$	1,021		$	4.41
DoubleLine Colony Real Estate and Income Fund	Class I		0.62%		$	1,000		$	1,167		$	3.37		$	1,022		$	3.14
	Class N		0.87%		$	1,000		$	1,167		$	4.73		$	1,021		$	4.41
DoubleLine Emerging Markets Local Currency Bond Fund	Class I		0.90%		$	1,000		$	1,088		$	4.71		$	1,021		$	4.56
	Class N		1.15%		$	1,000		$	1,087		$	6.02		$	1,019		$	5.82
DoubleLine Income Fund	Class I		0.65%		$	1,000		$	1,117		$	3.45		$	1,022		$	3.29
	Class N		0.91%		$	1,000		$	1,118		$	4.83		$	1,021		$	4.61

* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

¹ Reflects fee waiver and expense limitation arrangements in effect during the period.

Semi-Annual Report September 30, 2020 167

Federal Tax Information (Unaudited) September 30, 2020

For the fiscal year ended March 31, 2020, certain dividends paid by the Funds may be subject to a maximum tax rate of 15% (20% for taxpayers with taxable income greater than $425,800 for single individuals and $479,000 for married couples filing jointly), as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and The Tax Cuts and Jobs Act of 2017. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

Qualified Dividend Income
DoubleLine Total Return Bond Fund	0.00%
DoubleLine Core Fixed Income Fund	0.03%
DoubleLine Emerging Markets Fixed Income Fund	0.40%
DoubleLine Multi-Asset Growth Fund (Consolidated)	14.38%
DoubleLine Low Duration Bond Fund	0.04%
DoubleLine Floating Rate Fund	0.00%
DoubleLine Shiller Enhanced CAPE®	0.00%
DoubleLine Flexible Income Fund	0.01%
DoubleLine Low Duration Emerging Markets Fixed Income Fund	0.23%
DoubleLine Long Duration Total Return Bond Fund	0.00%
DoubleLine Strategic Commodity Fund (Consolidated)	0.00%
DoubleLine Global Bond Fund	0.00%
DoubleLine Infrastructure Income Fund	0.00%
DoubleLine Ultra Short Bond Fund	0.00%
DoubleLine Shiller Enhanced International CAPE®	0.00%
DoubleLine Colony Real Estate and Income Fund	0.00%
DoubleLine Emerging Markets Local Currency Bond Fund	0.00%
DoubleLine Income Fund	0.00%

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended March 31, 2020 was as follows:

Dividends Received Deduction
DoubleLine Total Return Bond Fund	0.00%
DoubleLine Core Fixed Income Fund	0.00%
DoubleLine Emerging Markets Fixed Income Fund	0.00%
DoubleLine Multi-Asset Growth Fund (Consolidated)	4.91%
DoubleLine Low Duration Bond Fund	0.00%
DoubleLine Floating Rate Fund	0.00%
DoubleLine Shiller Enhanced CAPE®	0.00%
DoubleLine Flexible Income Fund	0.00%
DoubleLine Low Duration Emerging Markets Fixed Income Fund	0.00%
DoubleLine Long Duration Total Return Bond Fund	0.00%
DoubleLine Strategic Commodity Fund (Consolidated)	0.00%
DoubleLine Global Bond Fund	0.00%
DoubleLine Infrastructure Income Fund	0.00%
DoubleLine Ultra Short Bond Fund	0.00%
DoubleLine Shiller Enhanced International CAPE®	0.00%
DoubleLine Colony Real Estate and Income Fund	0.00%
DoubleLine Emerging Markets Local Currency Bond Fund	0.00%
DoubleLine Income Fund	0.00%

168 DoubleLine Funds Trust

(Unaudited)

September 30, 2020

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(c) for the fiscal year ended March 31, 2020 for each Fund was as follows:

Qualified Short-Term Gains
DoubleLine Total Return Bond Fund	0.00%
DoubleLine Core Fixed Income Fund	0.00%
DoubleLine Emerging Markets Fixed Income Fund	0.00%
DoubleLine Multi-Asset Growth Fund (Consolidated)	0.00%
DoubleLine Low Duration Bond Fund	0.00%
DoubleLine Floating Rate Fund	0.00%
DoubleLine Shiller Enhanced CAPE®	0.00%
DoubleLine Flexible Income Fund	0.00%
DoubleLine Low Duration Emerging Markets Fixed Income Fund	19.39%
DoubleLine Long Duration Total Return Bond Fund	0.00%
DoubleLine Strategic Commodity Fund (Consolidated)	0.00%
DoubleLine Global Bond Fund	0.00%
DoubleLine Infrastructure Income Fund	0.00%
DoubleLine Ultra Short Bond Fund	0.00%
DoubleLine Shiller Enhanced International CAPE®	0.09%
DoubleLine Colony Real Estate and Income Fund	28.33%
DoubleLine Emerging Markets Local Currency Bond Fund	0.00%
DoubleLine Income Fund	0.00%

The percentage of taxable ordinary income distributions that are designated as interest related dividends under Internal Revenue Section 871(k)(1)(c) for the fiscal year ended March 31, 2020 for each Fund was as follows:

Qualified Interest Income
DoubleLine Total Return Bond Fund	100.00%
DoubleLine Core Fixed Income Fund	85.90%
DoubleLine Emerging Markets Fixed Income Fund	4.04%
DoubleLine Multi-Asset Growth Fund (Consolidated)	49.65%
DoubleLine Low Duration Bond Fund	72.02%
DoubleLine Floating Rate Fund	96.41%
DoubleLine Shiller Enhanced CAPE®	79.15%
DoubleLine Flexible Income Fund	63.59%
DoubleLine Low Duration Emerging Markets Fixed Income Fund	26.03%
DoubleLine Long Duration Total Return Bond Fund	56.74%
DoubleLine Strategic Commodity Fund (Consolidated)	95.52%
DoubleLine Global Bond Fund	23.49%
DoubleLine Infrastructure Income Fund	66.64%
DoubleLine Ultra Short Bond Fund	76.67%
DoubleLine Shiller Enhanced International CAPE®	72.08%
DoubleLine Colony Real Estate and Income Fund	68.76%
DoubleLine Emerging Markets Local Currency Bond Fund	9.38%
DoubleLine Income Fund	96.82%

Semi-Annual Report September 30, 2020 169

Federal Tax Information  (Cont.) (Unaudited) September 30, 2020

For the year ended March 31, 2020, each fund earned foreign source income and paid foreign taxes, which each intend to pass through to its shareholders pursuant to Section 853 of the Internal Revenue Code as follows:

	Foreign Source Income Earned			Foreign Taxes Paid
DoubleLine Global Bond Fund		$	23,771,337		$	13,787
DoubleLine Emerging Markets Fixed Income Fund		$	68,226,206		$	34,078

Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Funds.

170 DoubleLine Funds Trust

Information About Proxy Voting (Unaudited) September 30, 2020

Information about how a Fund voted proxies relating to portfolio securities held during the most recent twelve month period ended June 30^th is available no later than the following August 31^st without charge, upon request, by calling 877-DLine11 (877-354-6311) and on the Securities and Exchange Commission’s (the “SEC”) website at www.sec.gov.

A description of the Funds’ proxy voting policies and procedures is available (i) without charge, upon request, by calling 877-DLine11 (877-354-6311); and (ii) on the SEC’s website at www.sec.gov.

Information About Portfolio Holdings

It is the policy of the Trust to provide certain unaudited information regarding the portfolio composition of the Funds as of month-end to shareholders and others upon request to the Funds, beginning on the 15th calendar day after the end of the month (or, if not a business day, the next business day thereafter).

Shareholders and others who wish to obtain portfolio holdings for a particular month may make a request by contacting the Funds at no charge at 877-DLine11 (877-354-6311) between the hours of 7:00 a.m. and 5:00 p.m. Pacific time, Monday through Friday, beginning on the 15th day following the end of that month (or, if not a business day, the next business day thereafter). Requests for portfolio holdings may be made on a monthly basis pursuant to this procedure, or standing requests for portfolio holdings may be accepted.

The Trust is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Part F of Form N-PORT. When available, Part F of Form N-PORT (and Form N-Q prior to March 31, 2019) is available on the SEC website at www.sec.gov.

This report includes summary Schedules of Investments for the DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund, DoubleLine Shiller Enhanced CAPE^® and DoubleLine Flexible Income Fund. A complete Schedule of Investments for each Fund may be obtained, without charge, upon request, by calling 877-DLine11 (877-354-6311) and on the SEC website at www.sec.gov.

Householding — Important Notice Regarding Delivery of Shareholder Documents

In an effort to conserve resources, the Funds intend to reduce the number of duplicate Prospectuses and Annual and Semi-Annual Reports you receive by sending only one copy of each to addresses where we reasonably believe two or more accounts are from the same family. If you would like to discontinue householding of your accounts, please call toll-free 877-DLine11 (877-354-6311) to request individual copies of these documents. We will begin sending individual copies thirty days after receiving your request to stop householding.

Semi-Annual Report September 30, 2020 171

Privacy Policy (Unaudited) September 30, 2020

What Does DoubleLine Do With Your Personal Information?

This notice provides information about how DoubleLine (“we” and “our”) collects, shares, and protects your personal information, and how you might choose to limit our ability to share certain information about you. Please read this notice carefully.

Why do we need your personal information?

All financial companies need to share customers’ personal information to run their everyday businesses, to appropriately tailor the services offered to you (where applicable), and to comply with our regulatory obligations. Accordingly, information, confidential and proprietary, plays an important role in the success of our business. However, we recognize that you have entrusted us with your personal and financial data, and we recognize our obligation to keep this information secure. Maintaining your privacy is important to us, and we hold ourselves to a high standard in its safekeeping and use. Most importantly, DoubleLine does not sell its customers’ non-public personal information to any third parties. DoubleLine uses its customers’ non-public personal information primarily to complete financial transactions that its customers request (where applicable), to make its customers aware of other financial products and services offered by a DoubleLine affiliated company, and to satisfy obligations we owe to regulatory bodies.

Information we may collect

We may collect various types of personal data about you, including:

• Your personal identification information, which may include your name and passport information, your IP address, politically exposed person (“PEP”) status, and such other information as may be necessary for us to provide our services to you and to complete our customer due diligence process and discharge anti-money laundering obligations;

• Your contact information, which may include postal address and e-mail address and your home and mobile telephone numbers;

• Your family relationships, which may include your marital status, the identity of your spouse and the number of children that you have;

• Your professional and employment information, which may include your level of education and professional qualifications, your employment, employer’s name and details of directorships and other offices which you may hold; and

• Financial information, risk tolerance, sources of wealth and your assets, which may include details of shareholdings and beneficial interests in financial instruments, your bank details and your credit history.

Where we obtain your personal information

DoubleLine may collect non-public information about you from the following sources:

• Information we receive about you on applications or other forms;

• Information you may give us orally;

• Information about your transactions with us or others;

• Information you submit to us in correspondence, including emails or other electronic communications; and

• Information about any bank account you use for transfers between your bank account and any Fund account, including information provided when effecting wire transfers.

Information Collected from Websites

Websites maintained by DoubleLine or its service providers may use a variety of technologies to collect information that help DoubleLine and its service providers understand how the website is used. Information collected from your web browser (including small files stored on your device that are commonly referred to as “cookies”) allow the websites to recognize your web browser and help to personalize and improve your user experience and enhance navigation of the website. You can change your cookie preferences by changing the setting on your web browser to delete or reject cookies. If you delete or reject cookies, some website pages may not function properly. Our websites may contain links that 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 website 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.

172 DoubleLine Funds Trust

(Unaudited)

September 30, 2020

How and why we may share 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 authorized by law to do so, such as in the case of a court order, legal investigation, or other properly executed governmental request.

• In order to alert a customer to other financial products and services offered by an affiliate, DoubleLine may share information with an affiliate, including companies using the DoubleLine name. Such products and services may include, for example, other investment products offered by a DoubleLine company. If you prefer that we not 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 calling 1 (213) 633-8200. If you limit this sharing and you have a joint account, your decision will be applied to all owners of the account.

We will limit access to your personal account information to those agents and vendors who need to know that information to provide products and services to you. Your information is not provided by us to nonaffiliated third parties for marketing purposes. We maintain physical, electronic, and procedural safeguards to guard 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, website visitors and consumers is covered under the Gramm-Leach-Bliley Act and is therefore excluded from the scope of the California Consumer Privacy Act.

Notice to “natural persons” residing in the European Economic Area (the “EEA”)

If you reside in the EEA, we may transfer your personal information outside the EEA, and will ensure that it is protected and transferred in a manner consistent with legal requirements applicable to the information. This can be done in a number of different ways, for instance:

• the country to which we send the personal information may have been assessed by the European Commission as providing an “adequate” level of protection for personal data;

• the recipient may have signed a contract based on standard contractual clauses approved by the European Commission; or

• where the recipient is located in the U.S., it may be a certified member of the EU-U.S. Privacy Shield scheme.

In other circumstances, the law may permit us to otherwise transfer your personal information outside the EEA. In all cases, however, any transfer of your personal information will be compliant with applicable data protection law.

Retention of personal information and security

Your personal information will be retained for as long as required:

• for the purposes for which the personal information was collected;

• in order to establish or defend legal rights or obligations or to satisfy any reporting or accounting obligations; and/or

• as required by data protection laws and any other applicable laws or regulatory requirements, including, but not limited to, U.S. laws and regulations applicable to our business.

We will undertake commercially reasonable efforts to protect the personal information that we hold with appropriate security measures.

Access To and Control of Your Personal Information

Depending on your country of domicile, you may have the following rights in respect of the personal information about you that we process:

• the right to access and port personal information;

• the right to rectify personal information;

• the right to restrict the use of personal information;

• the right to request that personal information is erased; and

• the right to object to processing of personal information.

Semi-Annual Report September 30, 2020 173

Privacy Policy  (Cont.) (Unaudited) September 30, 2020

Although you have the right to request that your personal information be deleted at any time, applicable laws or regulatory requirements may prohibit us from doing so. If you are an investor in the DoubleLine funds, certain of the rights described above that may apply to direct clients of DoubleLine domiciled or resident outside the United States will not apply to you. In addition, if you invest in a DoubleLine fund through a financial intermediary, DoubleLine may not have access to personal information about you.

If you wish to exercise any of the rights set out above, please contact privacy@doubleline.com.

Changes to DoubleLine’s Privacy Policy

As required by U.S. federal law, DoubleLine will notify customers of DoubleLine’s Privacy Policy annually. DoubleLine reserves the right to modify its privacy policy at any time, but in the event that there is a change, that affects the content of this notice materially, DoubleLine will promptly inform its customers of that change, in accordance with applicable law.

174 DoubleLine Funds Trust

Investment Advisers:

DoubleLine Capital LP and

DoubleLine Alternatives LP

333 South Grand Avenue

18th Floor

Los Angeles, CA 90071

Distributor:

Quasar Distributors, LLC

111 East Kilbourn Avenue

Suite 2200

Milwaukee, WI 53202

Administrator and Transfer Agent:

U.S. Bancorp Fund Services, LLC

P.O. Box 701

Milwaukee, WI 53201

Custodians:

U.S. Bank National Association

1555 North Rivercenter Drive

Suite 302

Milwaukee, WI 53212

State Street Bank and Trust Company

Channel Center

1 Iron Street

Boston, MA 02210

Independent Registered Public Accounting Firm:

PricewaterhouseCoopers LLP

601 South Figueroa Street

Los Angeles, CA 90017

Legal Counsel:

Ropes & Gray LLP

Prudential Tower

800 Boylston Street Boston, MA 02199

Contact Information:

doublelinefunds.com

fundinfo@doubleline.com

(877) DLine11 or (877) 354-6311

DL-SEMI-DFT

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

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

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

Item 6. Investments.

The information required by this Item 6 (except with respect to the DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund, DoubleLine Shiller Enhanced CAPE and DoubleLine Flexible Income Fund) is included as part of the semi-annual report to shareholders filed under Item 1 of this Form N-CSR.

Please note that the Registrant has included a summary schedule of portfolio securities of the DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund, DoubleLine Shiller Enhanced CAPE, and DoubleLine Flexible Income Fund in its semi-annual report to shareholders, a copy of which is included under Item 1, for this reporting period. The DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund, DoubleLine Shiller Enhanced CAPE and DoubleLine Flexible Income Fund’s complete schedule of investments in securities of unaffiliated issuers as of the close of this period as set forth in Section 210.12-12 of Regulation S-X is set forth below:

2

DoubleLine Total Return Bond Fund

Schedule of Investments

September 30, 2020 (Unaudited)

Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	Asset Backed Obligations - 4.0%
	37,165,935	AASET Ltd., Series 2019-2-A		3.38	% ^		10/16/2039		34,912,527
	25,238,242	AASET Trust, Series 2020-1A-A		3.35	% ^		01/15/2040		23,245,279
	45,000,000	Affirm Asset Securitization Trust, Series 2020-A-A		2.10	% ^		02/18/2025		45,107,838
	13,522,319	Affirm Asset Securitization Trust, Series 2020-Z1-A		3.46	% ^		10/15/2024		13,618,024
	9,536,957	Aqua Finance Trust, Series 2017-A-A		3.72	% ^		11/15/2035		9,577,350
	21,500,000	Bojangles LLC, Series 2020-1A-A2		3.83	% ^		10/20/2050		21,666,647
	50,000,000	CAL Funding IV Ltd., Series 2020-1A-A		2.22	% ^		09/25/2045		50,311,830
	18,497,295	Castlelake Aircraft Securitization Trust, Series 2016-1-A		4.50	%		08/15/2041		17,365,501
	34,988,432	Castlelake Aircraft Securitization Trust, Series 2017-1-A		3.97	%		07/15/2042		32,491,553
	8,641,417	Castlelake Aircraft Securitization Trust, Series 2018-1-A		4.13	% ^		06/15/2043		8,099,903
	28,630,107	CLI Funding LLC, Series 2019-1A-A		3.71	% ^		05/18/2044		29,228,825
	20,500,000	CLI Funding LLC, Series 2020-1A-A		2.08	% ^		09/18/2045		20,480,628
	12,379,163	Coinstar Funding LLC, Series 2017-1A-A2		5.22	% ^		04/25/2047		11,775,134
	2,145,522	Commonbond Student Loan Trust, Series 2015-A-A		3.20	% ^		06/25/2032		2,147,997
	6,517,004	Commonbond Student Loan Trust, Series 2016-A-A1		3.32	% ^		05/25/2040		6,695,418
	2,892,915	Consumer Installment Loan Trust, Series 2018-6-PT		10.41	% # ^		06/17/2041		2,751,082
	344,157	Credit Acceptance Auto Loan Trust, Series 2017-3A-A		2.65	% ^		06/15/2026		344,455
	12,629,832	Credit Acceptance Auto Loan Trust, Series 2018-1A-A		3.01	% ^		02/16/2027		12,680,235
	20,100,000	Credit Suisse ABS Trust, Series 2020-AT1-A		2.63	% ^		10/15/2026		20,165,807
	7,920,000	DB Master Finance LLC, Series 2019-1A-A2I		3.79	% ^		05/20/2049		8,210,913
	28,806,043	Dividend SLR, Series 2019-1-A		3.67	% ^		08/22/2039		29,640,531
	46,895,625	Domino’s Pizza Master Issuer LLC, Series 2019-1A-A2		3.67	% ^		10/25/2049		50,018,320
	3,633,873	Earnest Student Loan Program LLC, Series 2016-B-A2		3.02	% ^		05/25/2034		3,666,642
	4,781,443	Earnest Student Loan Program LLC, Series 2016-D-A2		2.72	% ^		01/25/2041		4,833,534
	34,526,312	ECAF Ltd., Series 2015-1A-A2		4.95	% ^		06/15/2040		30,264,073
	4,495,601	Falcon Aerospace Ltd., Series 2017-1-A		4.63	% ^		02/15/2042		4,335,413
	1,997,731	Foundation Finance Trust, Series 2016-1A-A		3.96	% ^		06/15/2035		2,022,487
	7,820,343	Foundation Finance Trust, Series 2019-1A-A		3.86	% ^		11/15/2034		8,071,996
	26,010,505	GAIA Aviation Ltd., Series 2019-1-A		3.97	% ^§		12/15/2044		23,445,297
	33,350,000	Global SC Finance SRL, Series 2020-1A-A		2.17	% ^		10/17/2040		33,408,109
	23,084,540	Harbour Aircraft Investments Ltd., Series 2017-1-A		4.00	%		11/15/2037		21,519,569
	4,835,524	HERO Funding Trust, Series 2016-3A-A2		3.91	% ^		09/20/2042		5,007,829
	12,340,227	HERO Funding Trust, Series 2016-4A-A2		4.29	% ^		09/20/2047		13,004,543
	3,150,000	Hertz Vehicle Financing II LP, Series 2019-2A-B		3.67	% ^		05/25/2025		3,143,258
	12,426,880	Horizon Aircraft Finance Ltd., Series 2018-1-A		4.46	% ^		12/15/2038		11,620,662
	26,873,001	Horizon Aircraft Finance Ltd., Series 2019-1-A		3.72	% ^		07/15/2039		24,304,694
	47,640,000	JACK, Series 2019-1A-A23		4.97	% ^		08/25/2049		50,629,648
	56,405,500	Jimmy Johns Funding LLC, Series 2017-1A-A2II		4.85	% ^		07/30/2047		57,387,881
	21,919,257	JOL Air Ltd., Series 2019-1-A		3.97	% ^		04/15/2044		20,824,017
	681,948	Kabbage Funding LLC, Series 2019-1-A		3.83	% ^		03/15/2024		679,503
	21,750,000	Kabbage Funding LLC, Series 2019-1-B		4.07	% ^		03/15/2024		21,618,715
	7,381,874	Kestrel Aircraft Funding Ltd., Series 2018-1A-A		4.25	% ^		12/15/2038		6,522,491
	72,458,333	Labrador Aviation Finance Ltd., Series 2016-1A-A1		4.30	% ^		01/15/2042		64,257,209
	17,560,941	LendingClub Receivables Trust, Series 2020-3-A		3.50	% ^		01/16/2046		17,859,776
	23,896,017	LendingClub Receivables Trust, Series 2020-5A-A		3.50	% ^		03/15/2046		24,297,852
	15,849,815	Lunar Aircraft Ltd., Series 2020-1A-A		3.38	% ^		02/15/2045		14,556,835
	2,422,485	Marlette Funding Trust, Series 2018-4A-A		3.71	% ^		12/15/2028		2,439,312
	24,437,141	Mosaic Solar Loan Trust, Series 2017-2A-A		3.82	% ^		06/22/2043		25,821,251
	14,160,198	Mosaic Solar Loan Trust, Series 2018-1A-A		4.01	% ^		06/22/2043		14,998,137
	17,847,144	Mosaic Solar Loan Trust, Series 2018-2GS-A		4.20	% ^		02/22/2044		19,043,650
	3,062,434	Mosaic Solar Loan Trust, Series 2019-1A-A		4.37	% ^		12/21/2043		3,289,760
	23,000,000	Navient Private Education Loan Trust, Series 2017-A-B		3.91	% ^		12/16/2058		23,469,297
	30,000,000	Navient Private Education Loan Trust, Series 2018-BA-B		4.13	% ^		12/15/2059		30,558,330
	6,955,137	Newtek Small Business Loan Trust, Series 2018-1-A (1 Month LIBOR USD + 1.70%)		1.85	% ^		02/25/2044		6,792,174
	20,356,048	NP SPE II LLC, Series 2019-2A-A1		2.86	% ^		11/19/2049		20,548,097
	20,514,268	OneMain Financial Issuance Trust, Series 2017-1A-A1		2.37	% ^		09/14/2032		20,556,472
	3,054,458	Oxford Finance Funding LLC, Series 2016-1A-A		3.97	% ^		06/17/2024		3,055,734
	12,500,000	Oxford Finance Funding LLC, Series 2019-1A-A2		4.46	% ^		02/15/2027		12,939,505
	49,133,358	Pioneer Aircraft Finance Ltd., Series 2019-1-A		3.97	% ^		06/15/2044		45,587,354
	17,433,263	Primose Funding LLC, Series 2019-1A-A2		4.48	% ^		07/30/2049		18,147,012
	3,340,556	Prosper Marketplace Issuance Trust, Series 2018-1A-C		4.87	% ^		06/17/2024		3,347,451
	26,086,723	Prosper Trust, Series 2019-ST1-A		4.50	% ^		07/15/2025		26,481,911
	19,494,313	Raptor Aircraft Finance LLC, Series 2019-1-A		4.21	% ^		08/23/2044		17,299,137
	13,275,674	Renew, Series 2017-2A-A		3.22	% ^		09/22/2053		13,686,384
	47,661,747	Sapphire Aviation Finance Ltd., Series 2020-1A-A		3.23	% ^		03/15/2040		42,595,684
	16,832,409	Sapphire Aviation Finance Ltd., Series 2020-1A-B		4.34	% ^		03/15/2040		9,664,008
	40,000,000	SBA Tower Trust		1.88	% ^		01/15/2026		41,016,360
	6,002,223	SCF Equipment Leasing LLC, Series 2017-2A-A		3.41	% ^		12/20/2023		6,020,504
	27,918,759	Shenton Aircraft Investment Ltd., Series 2015-1A-A		4.75	% ^		10/15/2042		26,034,745
	10,138,999	Sierra Timeshare Receivables Funding LLC, Series 2020-2A-B		2.32	% ^		07/20/2037		10,161,641
	5,657,075	Sierra Timeshare Receivables Funding LLC, Series 2020-2A-C		3.51	% ^		07/20/2037		5,732,891
	8,288,644	SLM Private Credit Student Loan Trust, Series 2006-A-A5 (3 Month LIBOR USD + 0.29%, 0.29% Floor)		0.54	%		06/15/2039		7,891,829
	6,375,007	SLM Private Credit Student Loan Trust, Series 2006-B-A5 (3 Month LIBOR USD + 0.27%, 0.27% Floor)		0.52	%		12/15/2039		5,955,407
	34,615,055	SLVRR, Series 2019-1-A		3.97	% ^		07/15/2044		32,448,395
	773,656	SoFi Consumer Loan Program LLC, Series 2016-1-A		3.26	% ^		08/25/2025		778,807
	1,720,009	SoFi Consumer Loan Program Trust, Series 2017-2-A		3.28	% ^		02/25/2026		1,723,270
	3,473,517	SoFi Consumer Loan Program Trust, Series 2017-5-A2		2.78	% ^		09/25/2026		3,507,148
	1,580,949	SoFi Consumer Loan Program Trust, Series 2018-4-A		3.54	% ^		11/26/2027		1,593,981
	5,577,103	SoFi Professional Loan Program, Series 2016-A-A2		2.76	% ^		12/26/2036		5,648,826
	20,000,000	SoFi Professional Loan Program, Series 2017-E-B		3.49	% ^		11/26/2040		20,912,436
	13,000,000	SoFi Professional Loan Program, Series 2017-E-C		4.16	% ^		11/26/2040		13,661,721
	22,800,000	SoFi Professional Loan Program, Series 2018-A-B		3.61	% ^		02/25/2042		23,472,267
	18,000,000	SoFi Professional Loan Program, Series 2018-B-BFX		3.83	% ^		08/25/2047		19,031,159
	1,682,315	SoFi Professional Loan Program, Series 2019-A-A1FX		3.18	% ^		06/15/2048		1,691,517
	54,842,645	Springleaf Funding Trust, Series 2017-AA-A		2.68	% ^		07/15/2030		54,934,594
	24,054,050	Sprite Ltd., Series 2017-1-A		4.25	% ^		12/15/2037		21,946,915
	718,570	Spruce Asset Backed Securities Trust, Series 2016-E1-A		4.32	% ^		06/15/2028		736,669
	19,790,000	Stack Infrastructure Issuer LLC, Series 2020-1A-A2		1.89	% ^		08/25/2045		19,983,400
	23,252,813	Start Ltd., Series 2018-1-A		4.09	% ^		05/15/2043		21,402,726
	52,472,203	Sunbird Engine Finance LLC, Series 2020-1A-A		3.67	% ^		02/15/2045		45,073,832
	13,955,911	Sunnova Helios Issuer LLC, Series 2018-1A-A		4.87	% ^		07/20/2048		15,082,792
	16,627,563	Sunnova Helios Issuer LLC, Series 2019-AA-A		3.75	% ^		06/20/2046		17,434,582
	48,257,406	Sunnova Sol LLC, Series 2020-1A-A		3.35	% ^		02/01/2055		48,868,654
	32,677,950	Taco Bell Funding LLC, Series 2018-1A-A2I		4.32	% ^		11/25/2048		33,535,419
	20,000,000	TAL Advantage VII LLC, Series 2020-1A-A		2.05	% ^		09/20/2045		20,068,286
	4,250,000	TAL Advantage VII LLC, Series 2020-1A-B		3.29	% ^		09/20/2045		4,255,655
	12,890,693	Textainer Marine Containers Ltd., Series 2020-1A-A		2.73	% ^		08/21/2045		13,206,590
	10,750,000	Textainer Marine Containers Ltd., Series 2020-2A-A		2.10	% ^		09/20/2045		10,786,732
	3,500,000	Textainer Marine Containers Ltd., Series 2020-2A-B		3.34	% ^		09/20/2045		3,505,677
	8,558,057	Upgrade Master Pass-Thru Trust, Series 2019-ST2-A		3.90	% ^		09/15/2025		8,638,023
	16,267,000	Upgrade Receivables Trust, Series 2019-1A-C		5.15	% ^		03/15/2025		16,439,295
	11,497,632	Upstart Securitization Trust, Series 2019-2-A		2.90	% ^		09/20/2029		11,594,359
	17,500,000	Upstart Securitization Trust, Series 2019-2-A		2.31	% ^		11/20/2030		17,510,182
	17,632,417	Vantage Data Centers Issuer LLC, Series 2018-1A-A2		4.07	% ^		02/16/2043		18,283,213
	18,546,875	Vantage Data Centers Issuer LLC, Series 2019-1A-A2		3.19	% ^		07/15/2044		18,984,316
	32,425,000	Vantage Data Centers Issuer LLC, Series 2020-2A-A2		1.99	% ^		09/15/2045		32,520,946
	18,146,002	Vivint Colar Financing LLC, Series 2018-1A-A		4.73	% ^		04/30/2048		18,773,517
	42,792,581	Waterfall Commercial Mortgage Trust, Series 2015-SBC5-A		4.10	% # ^		09/20/2022		42,243,980
	6,861,315	Wave LLC, Series 2019-1-A		3.60	% ^		09/15/2044		6,293,445
	20,527,500	Wendy’s Funding LLC, Series 2019-1A-A2II		4.08	% ^		06/15/2049		22,122,267
	4,421,912	Westlake Automobile Receivables Trust, Series 2019-2A-A2A		2.57	% ^		02/15/2023		4,452,137
	52,037,465	Willis Engine Structured Trust, Series 2020-A-A		3.23	% ^		03/15/2045		43,153,993
	15,334,051	Zephyrus Capital Aviation Partners Ltd., Series 2018-1-A		4.61	% ^		10/15/2038		14,076,122
	Total Asset Backed Obligations (Cost $2,155,607,941)								2,111,329,712
	Collateralized Loan Obligations - 3.6%
	12,000,000	522 Funding Ltd., Series 2019-1A-A1 (3 Month LIBOR USD + 1.39%, 1.39% Floor)		1.67	% ^		01/18/2033		11,982,277
	10,000,000	AGL Ltd., Series 2020-5A-B (3 Month LIBOR USD + 2.78%, 2.78% Floor)		3.08	% ^		07/22/2030		10,035,695
	2,000,000	Anchorage Capital Ltd., Series 2014-3RA-B (3 Month LIBOR USD + 1.50%)		1.75	% ^		01/28/2031		1,976,274
	36,000,000	Anchorage Capital Ltd., Series 2018-10A-A1A (3 Month LIBOR USD + 1.20%, 1.20% Floor)		1.48	% ^		10/15/2031		35,741,367
	3,000,000	Apidos, Series 2013-12A-CR (3 Month LIBOR USD + 1.80%)		2.08	% ^		04/15/2031		2,858,402
	35,000,000	Assurant Ltd., Series 2018-2A-A (3 Month LIBOR USD + 1.23%, 1.23% Floor)		1.50	% ^		10/20/2031		34,738,733
	10,450,000	Bain Capital Credit Ltd., Series 2019-3A-B2 (3 Month LIBOR USD + 1.87%, 1.87% Floor)		2.14	% ^		10/21/2032		10,398,194
	5,000,000	BlueMountain Ltd., Series 2018-2A-B (3 Month LIBOR USD + 1.70%, 0.17% Floor)		1.98	% ^		08/15/2031		4,965,945
	5,000,000	Broad River BSL Funding , Series 2020-1A-B (3 Month LIBOR USD + 2.38%, 2.38% Floor)		2.59	% ^		04/20/2029		5,001,887
	31,500,000	Catamaran Ltd., Series 2018-1A-A1 (3 Month LIBOR USD + 1.25%, 1.25% Floor)		1.49	% ^		10/27/2031		31,345,559
	5,065,000	CFIP Ltd., Series 2017-1A-C (3 Month LIBOR USD + 2.10%)		2.37	% ^		01/18/2030		4,880,814
	83,000,000	CVP Ltd., Series 2017-1A-A (3 Month LIBOR USD + 1.34%)		1.61	% ^		07/22/2030		82,732,875
	61,250,000	CVP Ltd., Series 2017-2A-A (3 Month LIBOR USD + 1.19%, 1.19% Floor)		1.46	% ^		01/21/2031		60,838,226
	3,500,000	Dryden Ltd., Series 2017-53A-B (3 Month LIBOR USD + 1.40%)		1.68	% ^		01/15/2031		3,425,621
	35,250,000	Elevation Ltd., Series 2014-2A-A1R (3 Month LIBOR USD + 1.23%)		1.51	% ^		10/12/2029		35,005,659
	25,500,000	Elevation Ltd., Series 2018-9A-A1 (3 Month LIBOR USD + 1.12%, 1.12% Floor)		1.40	% ^		07/15/2031		25,154,630
	5,500,000	Elmwood Ltd., Series 2019-2A-B (3 Month LIBOR USD + 2.10%, 2.10% Floor)		2.37	% ^		04/21/2031		5,505,471
	20,250,000	Fort Washington, Series 2019-1A-A (3 Month LIBOR USD + 1.42%, 1.42% Floor)		1.69	% ^		10/20/2032		19,940,880
	76,100,000	Greywolf Ltd., Series 2018-1A-A1 (3 Month LIBOR USD + 1.03%)		1.27	% ^		04/26/2031		75,168,515
	20,000,000	Greywolf Ltd., Series 2018-2A-A1 (3 Month LIBOR USD + 1.18%, 1.18% Floor)		1.45	% ^		10/20/2031		19,878,578
	17,500,000	Gulf Stream Meridian Ltd., Series 2020-IA-A1 (3 Month LIBOR USD + 1.37%, 1.37% Floor)		1.65	% ^		04/15/2033		17,487,554
	1,806,550	Halcyon Loan Advisors Funding Ltd., Series 2014-2A-D (3 Month LIBOR USD + 5.00%)		5.25	% ^ Þ		04/28/2025		609,277
	5,000,000	Halcyon Loan Advisors Funding Ltd., Series 2014-3A-D (3 Month LIBOR USD + 3.65%)		3.91	% ^		10/22/2025		4,022,166
	40,255,027	Halcyon Loan Advisors Funding Ltd., Series 2015-3A-A1R (3 Month LIBOR USD + 0.90%)		1.17	% ^		10/18/2027		39,923,152
	25,000,000	Halsey Point Ltd., Series 2019-1A-A1A1 (3 Month LIBOR USD + 1.35%, 1.35% Floor)		1.62	% ^		01/20/2033		24,904,549
	13,000,000	Halsey Point Ltd., Series 2019-1A-B1 (3 Month LIBOR USD + 2.20%, 2.20% Floor)		2.47	% ^		01/20/2033		12,995,088
	30,726,013	Harbourview Ltd., Series 7RA-A1 (3 Month LIBOR USD + 1.13%, 1.13% Floor)		1.40	% ^		07/18/2031		30,508,160
	10,000,000	Highbridge Loan Management Ltd., Series 7A-2015-BR (3 Month LIBOR USD + 1.18%)		1.46	% ^		03/15/2027		9,741,001
	6,000,000	Jamestown Ltd., Series 2018-11A-A2 (3 Month LIBOR USD + 1.70%)		1.97	% ^		07/14/2031		5,895,000
	56,695,000	Jamestown Ltd., Series 2018-6RA-A1 (3 Month LIBOR USD + 1.15%, 1.15% Floor)		1.39	% ^		04/25/2030		56,452,531
	5,000,000	Jamestown Ltd., Series 2018-6RA-A2A (3 Month LIBOR USD + 1.78%, 1.78% Floor)		2.02	% ^		04/25/2030		4,946,250
	20,000,000	Jamestown Ltd., Series 2019-14A-A1 (3 Month LIBOR USD + 1.38%, 1.38% Floor)		1.65	% ^		10/20/2032		19,883,188
	9,500,000	Jamestown Ltd., Series 2019-14A-A2 (3 Month LIBOR USD + 2.20%, 2.20% Floor)		2.47	% ^		10/20/2032		9,503,470
	4,500,000	Jamestown Ltd., Series 2019-1A-A2 (3 Month LIBOR USD + 2.15%, 2.15% Floor)		2.42	% ^		04/20/2032		4,580,680
	12,950,000	Kayne Ltd., Series 2019-5A-B1 (3 Month LIBOR USD + 2.00%, 2.00% Floor)		2.26	% ^		07/26/2032		12,801,313
	30,000,000	LCM LP, Series 17A-A2RR (3 Month LIBOR USD + 1.15%, 1.15% Floor)		1.43	% ^		10/15/2031		29,499,784
	2,181,000	Madison Park Funding Ltd., Series 2014-15A-A2R (3 Month LIBOR USD + 1.50%)		1.74	% ^		01/27/2026		2,169,351
	5,500,000	Madison Park Funding Ltd., Series 2014-15A-CR (3 Month LIBOR USD + 3.45%)		3.69	% ^		01/27/2026		5,445,000
	5,000,000	Madison Park Funding Ltd., Series 2014-15A-DR (3 Month LIBOR USD + 5.44%)		5.68	% ^		01/27/2026		4,550,753
	6,000,000	Madison Park Funding Ltd., Series 2015-17A-B1R (3 Month LIBOR USD + 1.75%)		2.02	% ^		07/21/2030		5,964,507
	12,500,000	Marble Point Ltd., Series 2020-1A-A (3 Month LIBOR USD + 1.90%, 1.90% Floor)		2.07	% ^		10/15/2031		12,501,552
	25,000,000	Marble Point Ltd., Series 2018-2A-A1 (3 Month LIBOR USD + 1.33%, 1.33% Floor)		1.60	% ^		01/20/2032		24,925,204
	54,500,000	Midocean Credit Partners, Series 2018-9A-A1 (3 Month LIBOR USD + 1.15%, 1.15% Floor)		1.42	% ^		07/21/2031		53,970,145
	65,000,000	MP Ltd., Series 2013-1A-AR (3 Month LIBOR USD + 1.25%)		1.52	% ^		10/21/2030		64,496,466
	55,000,000	MP Ltd., Series 2013-2A-ARR (3 Month LIBOR USD + 1.28%)		1.52	% ^		07/25/2029		54,717,202
	30,000,000	Nassau Ltd., Series 2018-IA-A (3 Month LIBOR USD + 1.15%)		1.43	% ^		07/15/2031		29,100,000
	19,280,834	Northwoods Capital Ltd., Series 2017-16A-A (3 Month LIBOR USD + 1.27%)		1.55	% ^		11/15/2030		19,247,785
	38,668,291	Northwoods Capital Ltd., Series 2018-11BA-A1 (3 Month LIBOR USD + 1.10%, 1.10% Floor)		1.37	% ^		04/19/2031		38,409,225
	20,000,000	Ocean Trails, Series 2019-7A-A1 (3 Month LIBOR USD + 1.40%, 1.40% Floor)		1.67	% ^		04/17/2030		19,983,819
	2,000,000	OCP Ltd., Series 2020-18A-B1 (3 Month LIBOR USD + 2.40%)		2.65	% ^		04/22/2030		2,002,970
	3,038,855	Octagon Investment Partners Ltd., Series 2017-1A-C (3 Month LIBOR USD + 2.40%)		2.67	% ^		07/22/2030		3,009,073
	10,000,000	Octagon Investment Partners Ltd., Series 2020-1A-B (3 Month LIBOR USD + 2.60%, 2.60% Floor)		2.85	% ^		04/21/2031		10,036,015
	75,000,000	OFSI Fund Ltd., Series 2018-1A-A (3 Month LIBOR USD + 1.15%, 1.15% Floor)		1.43	% ^		07/15/2031		74,363,599
	38,000,000	Park Avenue Institutional Advisers Ltd., Series 2016-1A-A1R (3 Month LIBOR USD + 1.20%)		1.46	% ^		08/25/2031		37,805,881
	28,000,000	Prudential PLC, Series 2018-1A-A (3 Month LIBOR USD + 1.15%)		1.43	% ^		07/15/2031		27,761,780
	2,500,000	Regatta Funding Ltd., Series 2018-1A-B (3 Month LIBOR USD + 1.65%)		1.92	% ^		07/17/2031		2,469,244
	20,000,000	Regatta Funding Ltd., Series 2018-3A-A (3 Month LIBOR USD + 1.19%)		1.43	% ^		10/27/2031		19,800,178
	25,500,000	Rockford Tower Ltd., Series 2017-3A-A (3 Month LIBOR USD + 1.19%)		1.46	% ^		10/21/2030		25,350,825
	39,000,000	Rockford Tower Ltd., Series 2018-1A-A (3 Month LIBOR USD + 1.10%)		1.35	% ^		05/20/2031		38,650,255
	50,000,000	Sound Point Ltd., Series 2013-3RA-A (3 Month LIBOR USD + 1.15%, 1.15% Floor)		1.42	% ^		04/18/2031		49,250,000
	36,500,000	Sound Point Ltd., Series 2015-2A-ARR (3 Month LIBOR USD + 1.39%, 1.39% Floor)		1.66	% ^		07/20/2032		36,159,177
	18,000,000	Sound Point Ltd., Series 2018-2A-C (3 Month LIBOR USD + 1.95%)		2.19	% ^		07/26/2031		17,138,552
	28,000,000	Sound Point Ltd., Series 2018-3A-A1A (3 Month LIBOR USD + 1.18%, 1.18% Floor)		1.42	% ^		10/27/2031		27,765,033
	25,750,000	Sound Point Ltd., Series 2019-4A-A1A (3 Month LIBOR USD + 1.40%, 1.40% Floor)		1.68	% ^		01/18/2033		25,696,311
	30,000,000	Steele Creek Ltd., Series 2014-1RA-A (3 Month LIBOR USD + 1.07%, 1.07% Floor)		1.34	% ^		04/21/2031		29,762,712
	20,000,000	Steele Creek Ltd., Series 2015-1A-AR (3 Month LIBOR USD + 1.26%)		1.51	% ^		05/21/2029		19,862,096
	34,000,000	Steele Creek Ltd., Series 2016-1A-AR (3 Month LIBOR USD + 1.12%, 1.12% Floor)		1.37	% ^		06/16/2031		33,658,525
	10,000,000	Steele Creek Ltd., Series 2019-1A-B (3 Month LIBOR USD + 2.20%, 2.20% Floor)		2.48	% ^		04/15/2032		10,018,070
	4,000,000	THL Credit Wind River Ltd., Series 2013-2A-CR (3 Month LIBOR USD + 2.00%)		2.27	% ^		10/18/2030		3,803,987
	6,971,311	THL Credit Wind River Ltd., Series 2014-1A-ARR (3 Month LIBOR USD + 1.05%, 1.05% Floor)		1.32	% ^		07/18/2031		6,900,393
	19,878,268	Venture Ltd., Series 2013-15A-A1R2 (3 Month LIBOR USD + 13.70%)		1.65	% ^		07/15/2032		19,848,139
	25,000,000	Venture Ltd., Series 2014-19A-ARR (3 Month LIBOR USD + 1.26%, 1.26% Floor)		1.54	% ^		01/15/2032		24,843,740
	75,000,000	Vibrant Ltd., Series 2018-10A-A1 (3 Month LIBOR USD + 1.20%, 1.20% Floor)		1.47	% ^		10/20/2031		74,358,972
	25,000,000	Wellfleet Ltd., Series 2018-1A-A (3 Month LIBOR USD + 0.11%, 0.11% Floor)		1.37	% ^		07/17/2031		24,707,563
	46,000,000	Wellfleet Ltd., Series 2018-2A-A1 (3 Month LIBOR USD + 1.20%, 1.20% Floor)		1.47	% ^		10/20/2031		45,742,423
	40,000,000	Wind River Ltd., Series 2014-2A-AR (3 Month LIBOR USD + 1.14%, 1.14% Floor)		1.42	% ^		01/15/2031		39,600,993
	30,000,000	York Ltd., Series 2019-1A-A1 (3 Month LIBOR USD + 1.35%)		1.61	% ^		07/22/2032		29,925,088
	2,461,335	Zais Ltd., Series 2016-2A-A1 (3 Month LIBOR USD + 1.53%)		1.81	% ^		10/16/2028		2,449,666
	Total Collateralized Loan Obligations (Cost $1,872,428,010)								1,863,551,034
	Non-Agency Commercial Mortgage Backed Obligations - 8.8%
	7,949,000	20 Times Square Trust, Series 2018-20TS-F		3.20	% # ^		05/17/2035		7,318,283
	5,856,000	20 Times Square Trust, Series 2018-20TS-G		3.20	% # ^		05/17/2035		5,239,937
	260,247,235	Arbor Multifamily Mortgage Securities Trust, Series 2020-MF1-XA		1.09	% # ^ I/O		05/16/2053		18,437,996
	3,725,000	Arbor Realty Ltd., Series 2019-FL1-B (1 Month LIBOR USD + 1.70%)		1.85	% ^		05/15/2037		3,641,187
	2,531,000	Arbor Realty Ltd., Series 2020-FL1 (1 Month LIBOR USD + 1.40%, 1.40% Floor)		1.55	% ^		02/15/2035		2,477,925
	6,725,000	Arbor Realty Ltd., Series 2020-FL1 (1 Month LIBOR USD + 1.80%, 1.80% Floor)		1.95	% ^		02/15/2035		6,538,583
	2,837,533	Ashford Hospitality Trust, Series 2018-ASHF-A (1 Month LIBOR USD + 0.90%, 0.90% Floor)		1.05	% ^		04/16/2035		2,714,532
	11,007,000	Atrium Hotel Portfolio Trust, Series 2017-ATRM-E (1 Month LIBOR USD + 3.05%, 3.05% Floor)		3.20	% ^		12/15/2036		9,131,680
	29,257,000	Atrium Hotel Portfolio Trust, Series 2018-ATRM-A (1 Month LIBOR USD + 0.95%, 0.95% Floor)		1.10	% ^		06/15/2035		27,900,499
	28,877,000	Atrium Hotel Portfolio Trust, Series 2018-ATRM-D (1 Month LIBOR USD + 2.30%, 2.30% Floor)		2.45	% ^		06/15/2035		26,440,907
	13,685,000	Atrium Hotel Portfolio Trust, Series 2018-ATRM-E (1 Month LIBOR USD + 3.40%, 3.40% Floor)		3.55	% ^		06/15/2035		11,812,689
	7,469,000	BAMLL Commercial Mortgage Securities Trust, Series 2015-200P-F		3.72	% # ^		04/14/2033		7,527,230
	35,435,000	BAMLL Commercial Mortgage Securities Trust, Series 2020-BOC-D		3.29	% # ^		01/16/2032		30,072,444
	7,505,000	BAMLL Commercial Mortgage Securities Trust, Series 2020-BOC-E		3.29	% # ^		01/16/2032		6,457,032
	12,336,238	Banc of America Commercial Mortgage Trust, Series 2007-5-XW		0.00	% # ^ I/O		02/10/2051		123
	4,000,000	Banc of America Commercial Mortgage Trust, Series 2015-UBS7-B		4.50	% #		09/17/2048		4,342,765
	55,881,101	Banc of America Commercial Mortgage Trust, Series 2015-UBS7-XA		0.94	% # I/O		09/17/2048		1,837,348
	5,018,000	Bancorp Commercial Mortgage Trust, Series 2018-CRE4-D (1 Month LIBOR USD + 2.10%, 0.25% Floor)		2.25	% ^		09/17/2035		4,646,729
	6,530,000	Bancorp Commercial Mortgage Trust, Series 2019-CRE5-B (1 Month LIBOR USD + 1.50%, 1.50% Floor)		1.65	% ^		03/17/2036		6,241,311
	1,057,000	Bancorp Commercial Mortgage Trust, Series 2019-CRE5-D (1 Month LIBOR USD + 2.35%, 2.35% Floor)		2.50	% ^		03/17/2036		966,421
	4,671,084	Bancorp Commercial Mortgage Trust, Series 2019-CRE6-A (1 Month LIBOR USD + 1.05%, 1.05% Floor)		1.20	% ^		09/17/2036		4,620,607
	39,016,910	BANK, Series 2017-BNK4-XA		1.57	% # I/O		05/17/2050		2,598,842
	4,916,000	BANK, Series 2017-BNK5-B		3.90	% #		06/15/2060		5,391,319
	87,997,865	BANK, Series 2017-BNK5-XA		1.21	% # I/O		06/17/2060		4,266,189
	1,750,000	BANK, Series 2018-BN10-AS		3.90	% #		02/17/2061		2,014,127
	150,760,332	BANK, Series 2018-BN10-XA		0.88	% # I/O		02/17/2061		6,815,452
	94,569,723	BANK, Series 2019-BN16-XA		1.12	% # I/O		02/16/2052		6,081,212
	43,097,000	BANK, Series 2019-BN19-AS		3.45	%		08/17/2061		48,802,306
	1,099,000	BANK, Series 2019-BN20-AS		3.24	% #		09/15/2062		1,231,731
	10,035,000	BANK, Series 2020-BN26-AS		2.69	%		03/16/2063		10,785,403
	11,924,000	BANK, Series 2020-BN26-ASB		2.31	%		03/16/2063		12,915,924
	55,806,008	BANK, Series 2020-BN27-XA		1.27	% # I/O		04/17/2063		5,315,522
	12,089,000	Barclays Commercial Mortgage Securities LLC, Series 2017-DELC-C (1 Month LIBOR USD + 1.20%, 1.20% Floor)		1.35	% ^		08/15/2036		11,318,581
	13,777,000	Barclays Commercial Mortgage Securities LLC, Series 2017-DELC-D (1 Month LIBOR USD + 1.70%, 1.70% Floor)		1.85	% ^		08/15/2036		12,636,033
	28,585,000	Barclays Commercial Mortgage Securities LLC, Series 2017-DELC-E (1 Month LIBOR USD + 2.50%, 2.50% Floor)		2.65	% ^		08/15/2036		26,043,010
	30,209,000	Barclays Commercial Mortgage Securities LLC, Series 2017-DELC-F (1 Month LIBOR USD + 3.50%, 3.50% Floor)		3.65	% ^		08/15/2036		27,316,736
	186,727,878	Barclays Commercial Mortgage Trust, Series 2019-C4-XA		1.74	% # I/O		08/16/2052		20,427,881
	74,902,180	Barclays Commercial Mortgage Trust, Series 2019-C5-XA		1.02	% # I/O		11/18/2052		4,486,663
	12,406,000	BBCMS Mortgage Trust, Series 2017-DELC-A (1 Month LIBOR USD + 0.85%, 0.85% Floor)		1.00	% ^		08/15/2036		12,078,247
	13,279,071	BBCMS Mortgage Trust, Series 2018-BXH-A (1 Month LIBOR USD + 1.00%, 1.00% Floor)		1.15	% ^		10/15/2037		12,625,605
	67,548,000	BBCMS Mortgage Trust, Series 2018-CBM-A (1 Month LIBOR USD + 1.00%, 1.00% Floor)		1.15	% ^		07/15/2037		64,788,029
	21,385,000	BBCMS Mortgage Trust, Series 2018-CBM-E (1 Month LIBOR USD + 3.15%, 3.15% Floor)		3.70	% ^		07/15/2037		17,524,360
	9,135,000	BBCMS Mortgage Trust, Series 2018-TALL-A (1 Month LIBOR USD + 0.72%, 0.72% Floor)		0.87	% ^		03/15/2037		8,800,640
	5,775,000	BBCMS Mortgage Trust, Series 2018-TALL-F (1 Month LIBOR USD + 3.24%, 3.24% Floor)		3.39	% ^		03/16/2037		5,228,678
	11,799,000	BBCMS Mortgage Trust, Series 2020-C6-F5TB		3.81	% # ^		02/18/2053		11,764,146
	12,284,000	BBCMS Mortgage Trust, Series 2020-C6-F5TC		3.81	% # ^		02/18/2053		12,121,593
	189,514,379	BBCMS Mortgage Trust, Series 2020-C6-XA		1.17	% # I/O		02/18/2053		14,929,185
	4,125,000	BDS Ltd., Series 2019-FL4-B (1 Month LIBOR USD + 1.75%, 1.75% Floor)		1.90	% ^		08/15/2036		4,024,268
	37,563,129	Benchmark Mortgage Trust, Series 2018-B7-XA		0.60	% # I/O		05/16/2053		1,046,993
	133,935,680	Benchmark Mortgage Trust, Series 2019-B15-XA		0.95	% # I/O		12/16/2072		7,926,822
	239,804,000	Benchmark Mortgage Trust, Series 2019-B19-XA		1.78	% # I/O		09/15/2053		29,553,205
	80,722,209	Benchmark Mortgage Trust, Series 2019-B9-XA		1.21	% # I/O		03/15/2052		5,810,861
	4,585,000	Benchmark Mortgage Trust, Series 2020-B16-B		3.18	% #		02/18/2053		4,953,843
	75,368,956	Benchmark Mortgage Trust, Series 2020-B16-XA		1.05	% # I/O		02/18/2053		5,515,704
	75,536,650	Benchmark Mortgage Trust, Series 2020-B17-XA		1.54	% # I/O		03/17/2053		7,239,576
	13,462,000	Benchmark Mortgage Trust, Series 2020-B18-AGND		3.74	% ^		07/15/2053		13,741,161
	2,432,000	Benchmark Mortgage Trust, Series 2020-B18-AGNE		3.76	% ^		07/15/2053		2,461,644
	91,533,530	Benchmark Mortgage Trust, Series 2020-B18-XA		1.92	% # I/O		07/15/2053		11,187,228
	276,099,000	Benchmark Mortgage Trust, Series 2020-IG1-XA		0.51	% # I/O		09/17/2043		10,908,119
	672,000	BFLD, Series 2019-DPLO-B (1 Month LIBOR USD + 1.34%, 1.34% Floor)		1.49	% ^		10/16/2034		635,850
	6,223,000	BFLD, Series 2019-DPLO-E (1 Month LIBOR USD + 2.24%, 2.24% Floor)		2.39	% ^		10/16/2034		5,610,174
	75,399,000	BHMS Trust, Series 2018-ATLS-A (1 Month LIBOR USD + 1.25%, 1.25% Floor)		1.40	% ^		07/16/2035		72,601,169
	13,367,000	BHMS Trust, Series 2018-ATLS-C (1 Month LIBOR USD + 1.90%, 1.90% Floor)		2.05	% ^		07/16/2035		12,208,612
	27,680,000	Bremar Hotels and Resorts Trust, Series 2018-PRME-A (1 Month LIBOR USD + 0.82%, 0.82% Floor)		0.97	% ^		06/15/2035		26,247,906
	2,600,000	Bsprt Issuer Ltd., Series 2018-FL4-A (1 Month LIBOR USD + 1.05%, 1.05% Floor)		1.20	% ^		09/17/2035		2,551,900
	3,333,000	Bsprt Issuer Ltd., Series 2019-FL5-A (1 Month LIBOR USD + 1.15%, 1.15% Floor)		1.30	% ^		05/15/2029		3,276,382
	6,663,000	BX Commercial Mortgage Trust, Series 2018-BIOA-D (1 Month LIBOR USD + 1.32%, 1.35% Floor)		1.47	% ^		03/16/2037		6,594,896
	35,415,000	BX Commercial Mortgage Trust, Series 2018-BIOA-E (1 Month LIBOR USD + 1.95%, 1.98% Floor)		2.10	% ^		03/16/2037		34,938,718
	21,611,049	BX Trust, Series 2017-APPL-E (1 Month LIBOR USD + 3.15%, 3.15% Floor)		3.30	% ^		07/17/2034		21,282,328
	23,862,843	BX Trust, Series 2017-SLCT-D (1 Month LIBOR USD + 2.05%, 2.05% Floor)		2.20	% ^		07/17/2034		23,850,840
	63,983,750	BX Trust, Series 2017-SLCT-E (1 Month LIBOR USD + 3.15%, 3.15% Floor)		3.30	% ^		07/17/2034		63,164,035
	41,318,786	BX Trust, Series 2018-EXCL-A (1 Month LIBOR USD + 1.09%, 1.09% Floor)		1.24	% ^		09/15/2037		37,830,035
	2,447,000	BX Trust, Series 2018-GW-D (1 Month LIBOR USD + 1.77%, 1.77% Floor)		1.92	% ^		05/15/2037		2,294,028
	4,437,000	BX Trust, Series 2018-GW-E (1 Month LIBOR USD + 1.97%, 1.97% Floor)		2.12	% ^		05/15/2037		4,073,779
	7,481,000	BX Trust, Series 2018-GW-F (1 Month LIBOR USD + 2.42%, 2.42% Floor)		2.57	% ^		05/15/2037		6,798,865
	2,014,000	BX Trust, Series 2019-ATL-E (1 Month LIBOR USD + 2.24%, 2.24% Floor)		2.39	% ^		10/15/2036		1,769,093
	8,644,000	BX Trust, Series 2019-MMP-D (1 Month LIBOR USD + 1.60%, 1.60% Floor)		1.75	% ^		08/15/2036		8,231,670
	180,761,000	BX Trust, Series 2019-OC11-E		4.08	% # ^		12/11/2041		164,544,569
	326,679,000	BX Trust, Series 2019-OC11-XB		0.32	% # ^ I/O		12/11/2041		6,182,400
	47,798,528	CD Commercial Mortgage Trust, Series 2017-CD6-XA		1.07	% # I/O		11/15/2050		2,035,959
	5,394,250	CF Trust, Series 2019-MF1-A (1 Month LIBOR USD + 1.05%, 1.05% Floor)		2.05	% ^		08/21/2032		5,395,716
	4,517,000	CFCRE Commercial Mortgage Trust 2016-C4, Series 2016-C4-AM		3.69	%		05/10/2058		4,998,220
	7,155,000	CFCRE Commercial Mortgage Trust, Series 2016-C4-C		5.03	% #		05/10/2058		7,148,325
	89,455,309	CFCRE Commercial Mortgage Trust, Series 2016-C4-XA		1.85	% # I/O		05/10/2058		6,492,353
	43,541,814	CFCRE Commercial Mortgage Trust, Series 2017-C8-XA		1.77	% # I/O		06/17/2050		3,203,959
	6,952,979	CGDBB Commercial Mortgage Trust, Series 2017-BIOC-E (1 Month LIBOR USD + 2.15%, 2.25% Floor)		2.30	% ^		07/15/2032		6,896,611
	32,223,000	CHT Mortgage Trust, Series 2017-CSMO-E (1 Month LIBOR USD + 3.00%, 3.00% Floor)		3.15	% ^		11/17/2036		30,311,438
	11,209,000	CHT Mortgage Trust, Series 2017-CSMO-F (1 Month LIBOR USD + 3.74%, 3.74% Floor)		3.89	% ^		11/15/2036		10,435,502
	182,447,961	Citigroup Commercial Mortgage Trust, Series 2012-GC8-XA		1.92	% # ^ I/O		09/10/2045		4,765,924
	144,862,179	Citigroup Commercial Mortgage Trust, Series 2014-GC19-XA		1.31	% # I/O		03/12/2047		4,706,500
	78,439,227	Citigroup Commercial Mortgage Trust, Series 2014-GC21-XA		1.34	% # I/O		05/10/2047		2,751,468
	183,901,847	Citigroup Commercial Mortgage Trust, Series 2014-GC25-XA		1.14	% # I/O		10/11/2047		6,057,396
	6,265,000	Citigroup Commercial Mortgage Trust, Series 2015-GC27-B		3.77	%		02/10/2048		6,565,553
	7,278,000	Citigroup Commercial Mortgage Trust, Series 2015-GC27-C		4.57	% #		02/12/2048		7,442,944
	3,685,000	Citigroup Commercial Mortgage Trust, Series 2015-GC27-D		4.57	% # ^		02/12/2048		3,013,011
	199,642,834	Citigroup Commercial Mortgage Trust, Series 2015-GC27-XA		1.49	% # I/O		02/12/2048		9,441,669
	14,310,000	Citigroup Commercial Mortgage Trust, Series 2015-GC33-C		4.72	% #		09/10/2058		13,941,291
	170,137,457	Citigroup Commercial Mortgage Trust, Series 2015-GC33-XA		1.04	% # I/O		09/10/2058		6,218,286
	104,255,413	Citigroup Commercial Mortgage Trust, Series 2016-C1-XA		2.03	% # I/O		05/10/2049		8,667,785
	209,376,855	Citigroup Commercial Mortgage Trust, Series 2016-GC36-XA		1.41	% # I/O		02/12/2049		10,978,089
	42,760,191	Citigroup Commercial Mortgage Trust, Series 2016-GC37-XA		1.90	% # I/O		04/12/2049		3,142,357
	103,497,187	Citigroup Commercial Mortgage Trust, Series 2016-P3-XA		1.86	% # I/O		04/16/2049		7,092,476
	59,337,988	Citigroup Commercial Mortgage Trust, Series 2016-P4-XA		2.12	% # I/O		07/10/2049		4,786,167
	37,093,102	Citigroup Commercial Mortgage Trust, Series 2016-P5-XA		1.65	% # I/O		10/13/2049		2,304,416
	46,384,748	Citigroup Commercial Mortgage Trust, Series 2017-P7-XA		1.27	% # I/O		04/15/2050		2,559,181
	23,804,000	Citigroup Commercial Mortgage Trust, Series 2020-555-E		3.62	% ^		12/12/2041		21,050,520
	4,175,000	Citigroup Commercial Mortgage Trust, Series 2020-555-F		3.62	% ^		12/12/2041		3,644,783
	17,251,000	Citigroup Commercial Mortgage Trust, Series 2020-GC46-B		3.15	% #		02/15/2053		18,664,204
	63,849,000	CLNC Ltd., Series 2019-FL1-A (1 Month LIBOR USD + 1.25%, 1.25% Floor)		1.41	% ^		08/17/2035		62,795,492
	32,731,000	CLNC Ltd., Series 2019-FL1-AS (1 Month LIBOR USD + 1.55%, 1.55% Floor)		1.71	% ^		08/20/2035		32,054,319
	29,797,989	CLNC Ltd., Series 2019-FL1-B (1 Month LIBOR USD + 1.90%, 1.90% Floor)		2.06	% ^		08/20/2035		29,006,137
	1,375,279	Commercial Mortgage Pass Through Certificates, Series 2014-CR14-A2		3.15	%		02/12/2047		1,390,509
	30,818,071	Commercial Mortgage Pass-Through Certificates, Series 2012-CR2-XA		1.79	% # I/O		08/17/2045		680,894
	137,089,457	Commercial Mortgage Pass-Through Certificates, Series 2012-CR3-XA		2.01	% # I/O		10/17/2045		3,832,569
	104,159,496	Commercial Mortgage Pass-Through Certificates, Series 2012-LC4-XA		2.18	% # ^ I/O		12/12/2044		1,844,644
	142,202,493	Commercial Mortgage Pass-Through Certificates, Series 2013-CR10-XA		0.82	% # I/O		08/10/2046		2,349,982
	186,572,901	Commercial Mortgage Pass-Through Certificates, Series 2013-CR12-XA		1.29	% # I/O		10/15/2046		5,434,122
	843,000	Commercial Mortgage Pass-Through Certificates, Series 2013-CR13-C		5.05	% #		11/13/2046		835,985
	7,635,000	Commercial Mortgage Pass-Through Certificates, Series 2014-CR19-C		4.87	% #		08/10/2047		7,859,089
	30,400,000	Commercial Mortgage Pass-Through Certificates, Series 2014-CR20-C		4.66	% #		11/10/2047		30,883,907
	94,593,558	Commercial Mortgage Pass-Through Certificates, Series 2014-UBS3-XA		1.23	% # I/O		06/12/2047		3,130,252
	185,027,172	Commercial Mortgage Pass-Through Certificates, Series 2015-CR22-XA		1.03	% # I/O		03/12/2048		5,432,694
	9,110,000	Commercial Mortgage Pass-Through Certificates, Series 2015-CR26-B		4.63	% #		10/10/2048		9,882,487
	82,649,981	Commercial Mortgage Pass-Through Certificates, Series 2015-CR26-XA		1.08	% # I/O		10/10/2048		3,165,817
	17,822,000	Commercial Mortgage Pass-Through Certificates, Series 2015-DC1-C		4.45	% #		02/12/2048		17,009,160
	335,612,910	Commercial Mortgage Pass-Through Certificates, Series 2015-DC1-XA		1.17	% # I/O		02/12/2048		11,100,061
	26,930,000	Commercial Mortgage Pass-Through Certificates, Series 2016-CR28-C		4.79	% #		02/12/2049		27,543,142
	29,783,000	Commercial Mortgage Pass-Through Certificates, Series 2016-GCT-E		3.58	% # ^		08/10/2029		29,789,243
	1,617,000	Commercial Mortgage Pass-Through Certificates, Series 2017-PANW-D		4.34	% # ^		10/12/2029		1,670,655
	5,524,000	Commercial Mortgage Pass-Through Certificates, Series 2017-PANW-E		4.13	% # ^		10/12/2029		5,484,521
	18,570,000	Commercial Mortgage Pass-Through Certificates, Series 2018-HCLV-A (1 Month LIBOR USD + 1.00%, 1.00% Floor)		1.15	% ^		09/15/2033		17,991,699
	833,000	Commercial Mortgage Trust, Series 2015-3BP-F		3.35	% # ^		02/12/2035		773,875
	5,248,500	Commercial Mortgage Trust, Series 2018-COR3-C		4.71	% #		05/10/2051		5,402,431
	1,782,000	Core Mortgage Trust, Series 2019-CORE-E (1 Month LIBOR USD + 1.90%, 1.90% Floor)		2.05	% ^		12/15/2031		1,745,924
	148,395,303	Credit Suisse Mortgage Capital Certificates, Series 2014-USA-X1		0.69	% # ^ I/O		09/17/2037		3,323,253
	21,821,000	Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4-A (1 Month LIBOR USD + 0.98%, 0.98% Floor)		1.13	% ^		05/15/2036		21,841,819
	21,723,000	Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4-E (1 Month LIBOR USD + 2.15%, 2.15% Floor)		2.30	% ^		05/15/2036		21,495,167
	4,165,000	Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4-F (1 Month LIBOR USD + 2.65%, 2.65% Floor)		2.80	% ^		05/15/2036		4,103,125
	4,606,000	CSAIL Commercial Mortgage Trust, Series 2015-C1-C		4.41	% #		04/15/2050		4,269,218
	13,360,000	CSAIL Commercial Mortgage Trust, Series 2015-C2-AS		3.85	% #		06/15/2057		14,119,598
	9,205,000	CSAIL Commercial Mortgage Trust, Series 2015-C3-B		4.24	% #		08/17/2048		8,397,827
	9,759,000	CSAIL Commercial Mortgage Trust, Series 2015-C4-C		4.71	% #		11/18/2048		9,630,752
	292,829,598	CSAIL Commercial Mortgage Trust, Series 2015-C4-XA		0.98	% # I/O		11/18/2048		10,296,826
	2,085,000	CSAIL Commercial Mortgage Trust, Series 2016-C7-C		4.53	% #		11/18/2049		1,999,935
	185,738,859	CSAIL Commercial Mortgage Trust, Series 2017-C8-XA		1.38	% # I/O		06/17/2050		9,456,690
	4,399,000	CSAIL Commercial Mortgage Trust, Series 2017-CX10-B		3.89	% #		11/15/2050		4,712,142
	5,511,000	CSAIL Commercial Mortgage Trust, Series 2017-CX10-C		4.25	% #		11/17/2050		5,360,658
	91,148,873	CSAIL Commercial Mortgage Trust, Series 2017-CX10-XA		0.86	% # I/O		11/17/2050		3,600,891
	1,677,000	CSAIL Commercial Mortgage Trust, Series 2018-C14-C		5.05	% #		11/17/2051		1,817,309
	4,393,000	CSAIL Commercial Mortgage Trust, Series 2019-C16-AS		3.61	%		06/17/2052		4,958,485
	15,894,000	CSAIL Commercial Mortgage Trust, Series 2019-C16-B		3.88	%		06/17/2052		17,005,482
	26,556,698	CSAIL Commercial Mortgage Trust, Series 2019-C17-XA		1.51	% # I/O		09/17/2052		2,482,626
	7,924,000	CSAIL Commercial Mortgage Trust, Series 2019-C18-B		3.59	%		12/17/2052		8,301,070
	255,128,416	CSAIL Commercial Mortgage Trust, Series 2019-C18-XA		1.21	% # I/O		12/17/2052		18,079,599
	3,652,000	CSAIL Commercial Mortgage Trust, Series 2020-C19-C		3.73	% #		03/15/2053		3,640,478
	269,395,097	CSAIL Commercial Mortgage Trust, Series 2020-C19-XA		1.24	% # I/O		03/17/2053		22,665,422
	81,465,000	CSAIL Commercial Mortgage Trust, Series 2020-C19-XB		0.15	% # I/O		03/17/2053		701,715
	7,050,000	CSMC Trust, Series 2017-CALI-E		3.90	% # ^		11/12/2032		7,005,589
	6,050,000	CSMC Trust, Series 2017-CALI-F		3.90	% # ^		11/12/2032		5,819,464
	12,164,000	CSMC Trust, Series 2017-CHOP-D (1 Month LIBOR USD + 1.90%, 1.90% Floor)		2.05	% ^		07/15/2032		10,347,578
	18,903,000	CSMC Trust, Series 2017-CHOP-E (1 Month LIBOR USD + 3.30%, 3.30% Floor)		3.45	% ^		07/15/2032		15,207,533
	3,818,000	CSMC Trust, Series 2017-MOON-D		3.30	% # ^		07/12/2034		3,789,875
	4,673,000	CSMC Trust, Series 2017-MOON-E		3.30	% # ^		07/12/2034		4,459,849
	50,000,000	CSMC Trust, Series 2020-LOTS-A (1 Month LIBOR USD + 0.75%, 0.75% Floor)		4.72	% ^		07/15/2022		50,443,440
	33,136,000	CSMC Trust, Series 2020-NET-A		2.26	% ^		08/15/2037		34,270,815
	12,769,000	CSMC Trust, Series 2020-NET-B		2.82	% ^		08/15/2037		13,229,167
	144,920,000	CSMC Trust, Series 2020-NET-X		1.38	% # ^ I/O		08/15/2037		8,098,202
	70,500,000	CSMC Trust, Series 2020-WHHQ-A (1 Month LIBOR USD + 3.42%, 3.42% Floor)		4.42	% ^		02/10/2023		70,499,577
	26,621,678	CSWF Trust, Series 2018-TOP-A (1 Month LIBOR USD + 1.00%, 1.00% Floor)		1.15	% ^		08/15/2035		26,014,960
	60,001,452	DBJPM Mortgage Trust, Series 2020-C9-XA		1.83	% # I/O		09/15/2053		6,830,367
	89,360,804	DBUBS Mortgage Trust, Series 2011-LC2A-XA		1.15	% # ^ I/O		07/10/2044		212,956
	2,996,000	DBUBS Mortgage Trust, Series 2011-LC3A-PM2		5.27	% # ^		08/12/2044		2,904,895
	9,390,000	DBUBS Mortgage Trust, Series 2017-BRBK-E		3.65	% # ^		10/10/2034		9,548,828
	17,163,305	DBWF Mortgage Trust, Series 2018-GLKS-A (1 Month LIBOR USD + 1.03%, 1.03% Floor)		1.19	% ^		12/19/2030		16,714,253
	120,211,566	Deutsche Bank Commercial Mortgage Trust, Series 2016-C1-XA		1.59	% # I/O		05/10/2049		7,244,959
	32,559,686	Exantas Capital Corporation Ltd., Series 2019-RSO7-A (1 Month LIBOR USD + 1.00%, 1.00% Floor)		1.15	% ^		04/17/2036		32,156,239
	6,625,000	Exantas Capital Corporation Ltd., Series 2020-RSO8-B (1 Month LIBOR USD + 1.75%, 1.75% Floor)		1.90	% ^		03/15/2035		6,534,337
	28,473,000	Fontainebleau Miami Beach Trust, Series 2019-FBLU-E		4.09	% # ^		12/12/2036		26,937,779
	7,180,000	Fontainebleau Miami Beach Trust, Series 2019-FBLU-F		4.09	% # ^		12/12/2036		6,579,069
	8,302,000	Fontainebleau Miami Beach Trust, Series 2019-FBLU-G		4.09	% # ^		12/12/2036		7,341,650
	2,787,376	FREMF Mortgage Trust, Series 2017-KF34-B (1 Month LIBOR USD + 2.70%, 2.55% Floor)		2.86	% ^		08/25/2024		2,758,158
	3,723,616	FREMF Mortgage Trust, Series 2017-KF36-B (1 Month LIBOR USD + 2.65%, 2.65% Floor)		2.81	% ^		08/25/2024		3,646,344
	18,328,350	FREMF Mortgage Trust, Series 2018-KC02-C		0.00	% ^ P/O		08/25/2025		12,611,928
	24,196,261	FREMF Mortgage Trust, Series 2019-K99-D		0.00	% ^ P/O		10/25/2052		10,404,910
	3,015,000	FS Rialto, Series 2019-FL1-A (1 Month LIBOR USD + 1.20%, 1.20% Floor)		1.35	% ^		12/16/2036		2,966,006
	6,053,000	GB Trust, Series 2020-FLIX-D (1 Month LIBOR USD + 2.35%, 2.35% Floor)		2.50	% ^		08/15/2037		6,093,193
	3,000,000	GPMT Ltd., Series 2019-FL2-A (1 Month LIBOR USD + 1.30%, 1.30% Floor)		1.46	% ^		02/21/2036		2,984,250
	68,881,000	Great Wolf Trust, Series 2019-WOLF-E (1 Month LIBOR USD + 2.73%, 2.73% Floor)		2.88	% ^		12/15/2036		62,516,706
	75,048,000	Great Wolf Trust, Series 2019-WOLF-F (1 Month LIBOR USD + 3.13%, 3.13% Floor)		3.28	% ^		12/15/2036		65,760,292
	25,725,000	Greystone Commercial Real Estate Notes, Series 2019-FL2-B (1 Month LIBOR USD + 1.60%, 1.60% Floor)		1.75	% ^		09/15/2037		25,107,600
	5,997,000	Greystone Commercial Real Estate Notes, Series 2019-FL2-C (1 Month LIBOR USD + 2.00%, 2.00% Floor)		2.15	% ^		09/15/2037		5,800,298
	9,980,847	GS Mortgage Securities Corporation Trust, Series 2012-ALOH-A		3.55	% ^		04/12/2034		10,076,376
	7,968,000	GS Mortgage Securities Corporation Trust, Series 2019-BOCA-A (1 Month LIBOR USD + 1.20%, 1.20% Floor)		1.35	% ^		06/15/2038		7,803,662
	7,561,000	GS Mortgage Securities Corporation Trust, Series 2020-UPTN-D		3.35	% # ^		03/12/2037		7,373,263
	8,967,000	GS Mortgage Securities Corporation Trust, Series 2020-UPTN-E		3.35	% # ^		03/12/2037		8,413,589
	6,760,500	GS Mortgage Securities Corporation Trust, Series 2020-UPTN-F		3.35	% # ^		03/12/2037		6,114,168
	12,128,369	GS Mortgage Securities Corporation, Series 2011-GC3-X		0.66	% # ^ I/O		03/10/2044		3,557
	21,543,342	GS Mortgage Securities Corporation, Series 2013-GC10-XA		1.64	% # I/O		02/10/2046		666,840
	216,608,327	GS Mortgage Securities Corporation, Series 2015-GC28-XA		1.14	% # I/O		02/12/2048		7,721,675
	222,794,548	GS Mortgage Securities Corporation, Series 2015-GC32-XA		0.89	% # I/O		07/10/2048		6,690,387
	162,142,256	GS Mortgage Securities Corporation, Series 2015-GC34-XA		1.40	% # I/O		10/10/2048		7,942,490
	205,959,042	GS Mortgage Securities Corporation, Series 2018-GS9-XA		0.59	% # I/O		03/10/2051		5,761,272
	16,399,000	GS Mortgage Securities Corporation, Series 2018-LUAU-A (1 Month LIBOR USD + 1.00%, 1.00% Floor)		1.15	% ^		11/15/2032		15,683,800
	34,121,000	GS Mortgage Securities Corporation, Series 2018-TWR-A (1 Month LIBOR USD + 0.90%, 0.85% Floor)		1.05	% ^		07/15/2031		33,428,286
	3,897,000	GS Mortgage Securities Corporation, Series 2018-TWR-D (1 Month LIBOR USD + 1.60%, 1.50% Floor)		1.75	% ^		07/15/2031		3,649,906
	11,950,000	GS Mortgage Securities Corporation, Series 2018-TWR-E (1 Month LIBOR USD + 2.10%, 2.10% Floor)		2.25	% ^		07/15/2031		11,082,432
	11,242,000	GS Mortgage Securities Corporation, Series 2018-TWR-F (1 Month LIBOR USD + 2.80%, 2.80% Floor)		2.95	% ^		07/15/2031		10,233,752
	4,648,000	GS Mortgage Securities Corporation, Series 2018-TWR-G (1 Month LIBOR USD + 3.92%, 3.98% Floor)		4.08	% ^		07/15/2031		4,111,314
	23,022,000	GS Mortgage Securities Corporation, Series 2019-SOHO-E (1 Month LIBOR USD + 1.87%, 1.87% Floor)		2.03	% ^		06/16/2036		21,694,404
	90,023,495	GS Mortgage Securities Trust, Series 2012-GC6-XA		2.11	% # ^ I/O		01/10/2045		1,230,099
	3,500,000	GS Mortgage Securities Trust, Series 2015-GC28-C		4.47	% #		02/12/2048		3,408,273
	66,732,378	GS Mortgage Securities Trust, Series 2015-GS1-XA		0.92	% # I/O		11/10/2048		2,266,185
	54,894,407	GS Mortgage Securities Trust, Series 2016-GS2-XA		1.79	% # I/O		05/12/2049		3,372,410
	304,429,008	GS Mortgage Securities Trust, Series 2016-GS3-XA		1.36	% # I/O		10/13/2049		16,118,329
	68,419,839	GS Mortgage Securities Trust, Series 2016-GS4-XA		0.68	% # I/O		11/15/2049		1,566,924
	189,428,731	GS Mortgage Securities Trust, Series 2017-GS7-XA		1.27	% # I/O		08/12/2050		11,031,534
	98,700,000	GS Mortgage Securities Trust, Series 2017-GS7-XB		0.50	% # I/O		08/12/2050		2,123,688
	3,443,000	GS Mortgage Securities Trust, Series 2018-GS10-WLSA		5.07	% # ^		07/12/2051		3,386,067
	6,834,000	GS Mortgage Securities Trust, Series 2018-GS10-WLSB		5.07	% # ^		07/12/2051		6,555,362
	9,287,000	GS Mortgage Securities Trust, Series 2018-GS10-WLSC		5.07	% # ^		07/12/2051		8,754,764
	8,990,000	GS Mortgage Securities Trust, Series 2018-GS10-WLSD		5.07	% # ^		07/12/2051		8,035,715
	11,236,750	GS Mortgage Securities Trust, Series 2018-GS10-WLSE		5.07	% # ^		07/12/2051		9,699,423
	60,935,010	GS Mortgage Securities Trust, Series 2019-GC38-XA		1.12	% # I/O		02/12/2052		4,094,522
	17,178,864	GS Mortgage Securities Trust, Series 2019-GC39-XA		1.29	% # I/O		05/10/2052		1,254,603
	182,162,738	GS Mortgage Securities Trust, Series 2020-GC45-XA		0.68	% # I/O		02/14/2053		9,241,826
	4,628,000	GS MTG SECS TR, Series 2015-GC32-C		4.57	% #		07/10/2048		4,573,835
	2,496,000	Hilton Orlando Trust, Series 2018-ORL-E (1 Month LIBOR USD + 2.65%, 2.65% Floor)		2.80	% ^		12/15/2034		2,182,024
	5,692,000	Hilton USA Trust, Series 2016-SFP-A		2.83	% ^		11/07/2035		5,705,449
	33,850,825	HPLY Trust, Series 2019-HIT-F (1 Month LIBOR USD + 3.15%, 3.15% Floor)		3.30	% ^		11/17/2036		29,523,843
	8,420,221	IMT Trust, Series 2017-APTS-BFL (1 Month LIBOR USD + 0.95%, 0.95% Floor)		1.10	% ^		06/15/2034		8,302,306
	2,636,233	IMT Trust, Series 2017-APTS-CFL (1 Month LIBOR USD + 1.10%, 1.10% Floor)		1.25	% ^		06/15/2034		2,590,886
	476,132	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2004-CBX-X1		1.12	% # ^ I/O		01/12/2037		4,144
	1,077,906	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2006-LDP8-X		0.29	% # I/O		05/15/2045		8
	18,383,515	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2007-CB18-X		0.63	% # I/O		06/12/2047		219
	47,255,211	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2007-CB20-X1		0.00	% # ^ I/O		02/12/2051		473
	125,679,133	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2012-C6-XA		1.73	% # I/O		05/17/2045		2,291,608
	256,515,523	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2012-C8-XA		1.92	% # I/O		10/17/2045		7,178,613
	104,479,272	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2012-CBX-XA		1.64	% # I/O		06/16/2045		1,149,251
	1,892,000	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2014-C20-B		4.40	% #		07/15/2047		1,979,481
	74,312,643	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2015-JP1-XA		1.19	% # I/O		01/15/2049		2,315,277
	1,130,205	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2017-FL10-D (1 Month LIBOR USD + 1.90%, 1.90% Floor)		2.05	% ^		06/15/2032		1,086,318
	4,416,000	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2018-AON-E		4.77	% # ^		07/05/2031		4,455,909
	56,312,107	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2018-LAQ-A (1 Month LIBOR USD + 1.00%, 1.00% Floor)		1.15	% ^		06/15/2032		53,978,100
	9,343,000	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2018-MINN-E (1 Month LIBOR USD + 2.50%, 2.50% Floor)		3.50	% ^ Þ		11/15/2035		6,960,535
	1,307,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2011-C4-C		5.53	% # ^		07/17/2046		1,317,730
	4,857,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-WIKI-E		4.14	% # ^		10/05/2031		4,302,502
	428,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2017-C5-AS		3.86	% #		03/17/2050		481,890
	6,954,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-ASH8-B (1 Month LIBOR USD + 1.10%, 1.14% Floor)		1.25	% ^		02/15/2035		6,383,510
	905,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-ASH8-C (1 Month LIBOR USD + 1.30%, 1.34% Floor)		1.45	% ^		02/15/2035		794,356
	1,145,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-BCON-E		3.88	% # ^		01/07/2031		1,109,804
	5,831,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-WPT-EFX		5.54	% ^		07/08/2033		5,696,691
	6,097,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-WPT-FFX		5.54	% ^		07/08/2033		5,828,834
	13,604,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-COR6-AS		3.41	% #		11/18/2052		15,219,778
	7,366,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2020-ACE-C		3.82	% # ^		01/12/2037		6,823,325
	40,424,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2020-NNN-EFX		3.97	% ^		01/16/2037		38,815,970
	122,500,000	JP Morgan Structure Products		1.17	%		10/25/2030		122,551,450
	146,000,000	JP Morgan Structure Products		1.40	%		11/25/2032		146,189,800
	80,118,018	JPMBB Commercial Mortgage Securities Trust, Series 2014-C18-XA		0.99	% # I/O		02/15/2047		1,787,008
	3,396,000	JPMBB Commercial Mortgage Securities Trust, Series 2014-C21-C		4.81	% #		08/16/2047		3,293,267
	177,503,650	JPMBB Commercial Mortgage Securities Trust, Series 2014-C25-XA		1.00	% # I/O		11/18/2047		5,162,853
	6,499,000	JPMBB Commercial Mortgage Securities Trust, Series 2014-C26-C		4.52	% #		01/17/2048		6,688,722
	187,971,526	JPMBB Commercial Mortgage Securities Trust, Series 2014-C26-XA		1.11	% # I/O		01/17/2048		6,301,163
	12,055,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C27-C		4.44	% #		02/18/2048		12,120,701
	10,425,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C27-D		3.94	% # ^		02/18/2048		8,284,012
	305,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C28-B		3.99	%		10/19/2048		311,374
	20,569,088	JPMBB Commercial Mortgage Securities Trust, Series 2015-C28-C		4.29	% #		10/15/2048		19,411,733
	33,677,875	JPMBB Commercial Mortgage Securities Trust, Series 2015-C28-XA		1.11	% # I/O		10/19/2048		1,157,818
	40,986,186	JPMBB Commercial Mortgage Securities Trust, Series 2015-C29-XA		0.83	% # I/O		05/15/2048		1,058,243
	146,263,139	JPMBB Commercial Mortgage Securities Trust, Series 2015-C30-XA		0.65	% # I/O		07/15/2048		3,089,253
	23,865,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C32-C		4.80	% #		11/15/2048		22,042,358
	79,474,598	JPMBB Commercial Mortgage Securities Trust, Series 2015-C32-XA		1.43	% # I/O		11/15/2048		2,473,353
	17,630,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C33-C		4.77	% #		12/17/2048		18,604,541
	32,345,000	JPMBB Commercial Mortgage Securities Trust, Series 2016-C1-C		4.89	% #		03/17/2049		34,895,002
	145,079,207	JPMBB Commercial Mortgage Securities Trust, Series 2016-C2-XA		1.81	% # I/O		06/17/2049		7,886,085
	159,862,723	JPMBB Commercial Mortgage Securities Trust, Series 2017-C5-XA		1.09	% # I/O		03/17/2050		7,716,893
	92,914,445	JPMCC Commercial Mortgage Securities Trust, Series 2019-COR5-XA		1.66	% # I/O		06/14/2052		9,107,047
	1,844,000	JPMDB Commercial Mortgage Securities Trust, Series 2018-C8-C		4.90	% #		06/15/2051		1,885,149
	1,435,000	JPMDB Commercial Mortgage Securities Trust, Series 2020-COR7-B		3.29	% #		05/15/2053		1,568,818
	282,172,465	JPMDB Commercial Mortgage Securities Trust, Series 2020-COR7-XA		1.79	% # I/O		05/15/2053		33,203,516
	12,155,731	KKR Industrial Portfolio Trust, Series 2020-AIP-C (1 Month LIBOR USD + 1.63%, 1.63% Floor)		1.79	% ^		03/16/2037		12,140,920
	21,135,288	KKR Industrial Portfolio Trust, Series 2020-AIP-F (1 Month LIBOR USD + 3.43%, 3.43% Floor)		3.58	% ^		03/15/2037		20,900,318
	3,500,000	KREF Ltd., Series 2018-FL1-AS (1 Month LIBOR USD + 1.35%, 1.35% Floor)		1.50	% ^		06/17/2036		3,477,250
	7,887,471	LB-UBS Commercial Mortgage Trust, Series 2006-C7-XCL		0.87	% # ^ I/O		11/15/2038		1,693
	23,953,000	LMREC, Inc., Series 2019-CRE3-A (1 Month LIBOR USD + 1.40%, 1.40% Floor)		1.55	% ^		12/22/2035		23,533,870
	2,984,852	LoanCore Issuer Ltd., Series 2018-CRE1-A (1 Month LIBOR USD + 1.13%, 1.13% Floor)		1.28	% ^		05/15/2028		2,969,928
	24,463,000	LoanCore Issuer Ltd., Series 2019-CRE2-A (1 Month LIBOR USD + 1.13%, 1.13% Floor)		1.28	% ^		05/15/2036		24,193,907
	45,101,000	LoanCore Issuer Ltd., Series 2019-CRE2-AS (1 Month LIBOR USD + 1.50%, 1.50% Floor)		1.65	% ^		05/15/2036		44,266,632
	12,625,000	LoanCore Issuer Ltd., Series 2019-CRE2-B (1 Month LIBOR USD + 1.70%, 1.70% Floor)		1.85	% ^		05/15/2036		12,151,563
	20,521,294	LSTAR Commercial Mortgage Trust, Series 2017-5-X		1.15	% # ^ I/O		03/11/2050		679,821
	5,731,000	Manhattan West Mortgage Trust, Series 2020-1MW-C		2.41	% # ^		09/10/2039		5,744,765
	3,510,000	Manhattan West Mortgage Trust, Series 2020-1MW-D		2.41	% # ^		09/10/2039		3,433,372
	9,397,025	Marathon CRE, Series 2018-FL1-A (1 Month LIBOR USD + 1.15%, 1.15% Floor)		1.30	% ^		06/15/2028		9,323,023
	3,559,000	MBRT, Series 2019-MBR-A (1 Month LIBOR USD + 0.85%, 0.85% Floor)		1.00	% ^		11/17/2036		3,447,635
	10,350,000	Merit 2020-HILL Commercial mortgage Pass-Through Certificates, Series 2020-HILL-E (1 Month LIBOR USD + 3.10%, 3.10% Floor)		3.25	% ^		08/15/2037		10,395,333
	5,950,000	Merit 2020-HILL Commercial Mortgage Pass-Through Certificates, Series 2020-HILL-F (1 Month LIBOR USD + 4.10%, 4.10% Floor)		4.25	% ^		08/15/2037		5,977,923
	170,880,000	Merit 2020-HILL Commercial mortgage Pass-Through Certificates, Series 2020-HILL-XCP		0.74	% # ^ I/O		08/15/2037		1,725,888
	5,737,312	Merrill Lynch Mortgage Investors Trust, Series 1998-C1-IO		1.36	% # I/O		11/15/2026		233
	11,498,000	MF1 Ltd., Series 2020-FL3-A (1 Month LIBOR USD + 2.05%)		2.20	% ^		07/16/2035		11,588,547
	12,625,000	MFT Trust, Series 2020-ABC-A		3.36	% ^		02/12/2042		13,138,542
	5,326,000	MFT Trust, Series 2020-ABC-B		3.59	% # ^		02/12/2042		5,449,268
	1,000,000	MKT Mortgage Trust, Series 2020-525M-F		3.04	% # ^		02/12/2040		907,095
	11,401,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-CKSV-CK		4.30	% # ^		10/18/2030		8,613,316
	139,771,844	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C12-XA		0.75	% # I/O		10/15/2046		2,053,989
	30,285,694	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7-XA		1.47	% # I/O		02/16/2046		756,906
	13,450,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C18-C		4.67	% #		10/15/2047		13,186,863
	37,950,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C19-C		4.00	%		12/17/2047		37,988,770
	20,087,700	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C20-B		4.16	%		02/15/2048		21,134,410
	5,457,500	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C20-C		4.61	% #		02/15/2048		5,545,078
	210,949,345	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C20-XA		1.46	% # I/O		02/18/2048		8,996,357
	10,616,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C23-C		4.29	% #		07/15/2050		10,884,624
	8,460,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C25-C		4.68	% #		10/15/2048		9,075,686
	10,056,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27-B		4.68	% #		12/15/2047		10,853,639
	19,422,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27-C		4.68	% #		12/15/2047		19,251,428
	1,517,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27-D		3.24	% # ^		12/17/2047		1,132,544
	151,975,749	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C28-XA		1.35	% # I/O		01/15/2049		7,112,222
	2,314,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C31-C		4.45	% #		11/18/2049		2,107,265
	51,086,336	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2017-C33-XA		1.56	% # I/O		05/17/2050		3,050,554
	19,675,534	Morgan Stanley Capital Trust, Series 2006-HQ10-X1		0.71	% # ^ I/O		11/12/2041		270
	7,137,000	Morgan Stanley Capital Trust, Series 2015-UBS8-B		4.32	% #		12/17/2048		7,462,961
	26,438,571	Morgan Stanley Capital Trust, Series 2015-UBS8-XA		1.03	% # I/O		12/17/2048		1,012,600
	12,140,000	Morgan Stanley Capital Trust, Series 2017-ASHF-D (1 Month LIBOR USD + 2.20%, 2.20% Floor)		2.35	% ^		11/15/2034		10,265,390
	17,935,000	Morgan Stanley Capital Trust, Series 2017-ASHF-E (1 Month LIBOR USD + 3.15%, 3.15% Floor)		3.30	% ^		11/15/2034		14,666,364
	9,187,000	Morgan Stanley Capital Trust, Series 2017-ASHF-F (1 Month LIBOR USD + 4.35%, 4.35% Floor)		4.50	% ^		11/15/2034		6,713,832
	159,110,389	Morgan Stanley Capital Trust, Series 2017-H1-XA		1.58	% # I/O		06/17/2050		10,101,044
	8,000,000	Morgan Stanley Capital Trust, Series 2018-MP-E		4.42	% # ^		07/12/2040		6,473,914
	11,392,000	Morgan Stanley Capital Trust, Series 2018-SUN-D (1 Month LIBOR USD + 1.65%, 1.65% Floor)		2.05	% ^		07/16/2035		10,654,894
	20,425,000	Morgan Stanley Capital Trust, Series 2018-SUN-F (1 Month LIBOR USD + 2.55%, 2.55% Floor)		2.95	% ^		07/16/2035		19,084,370
	10,748,000	Morgan Stanley Capital Trust, Series 2018-SUN-G (1 Month LIBOR USD + 3.05%, 3.05% Floor)		3.45	% ^		07/16/2035		9,665,661
	5,305,000	Morgan Stanley Capital Trust, Series 2019-H7-AS		3.52	%		07/17/2052		5,973,270
	79,114,880	Morgan Stanley Capital Trust, Series 2019-L2-XA		1.19	% # I/O		03/15/2052		5,737,696
	3,845,000	Morgan Stanley Capital Trust, Series 2019-L3-AS		3.49	%		11/18/2052		4,354,861
	157,444,287	Morgan Stanley Capital Trust, Series 2019-L3-XA		0.77	% # I/O		11/18/2052		7,815,109
	1,315,000	Morgan Stanley Capital Trust, Series 2019-PLND-B (1 Month LIBOR USD + 1.30%, 1.30% Floor)		1.45	% ^		05/15/2036		1,231,736
	6,002,000	Morgan Stanley Capital Trust, Series 2019-PLND-E (1 Month LIBOR USD + 2.15%, 2.15% Floor)		2.30	% ^		05/15/2036		5,193,806
	2,200,000	Morgan Stanley Capital Trust, Series 2020-HR8-B		2.70	%		07/15/2053		2,274,873
	5,650,000	Morgan Stanley Capital Trust, Series 2020-HR8-C		3.71	% #		07/15/2053		5,997,199
	24,004,000	Morgan Stanley Capital Trust, Series 2020-L4-B		3.08	%		02/18/2053		25,280,998
	288,353,734	Morgan Stanley Capital Trust, Series 2020-L4-XA		1.20	% # I/O		02/18/2053		24,474,110
	932,726	Motel 6 Trust, Series 2017-MTL6-A (1 Month LIBOR USD + 0.92%, 0.92% Floor)		1.07	% ^		08/15/2034		918,758
	7,794,000	MRCD Mortgage Trust, Series 2019-PARK-F		2.72	% ^		12/15/2036		7,453,977
	46,459,000	MRCD Mortgage Trust, Series 2019-PARK-G		2.72	% ^		12/15/2036		43,558,834
	2,116,000	MSCG Trust, Series 2018-SELF-F (1 Month LIBOR USD + 3.05%, 3.05% Floor)		3.20	% ^		10/15/2037		2,008,811
	14,551,496	Natixis Commercial Mortgage Securities Trust, Series 2018-FL1-A (1 Month LIBOR USD + 0.95%, 0.95% Floor)		1.11	% ^		06/15/2035		14,058,286
	13,188,800	Natixis Commercial Mortgage Securities Trust, Series 2020-2PAC-D		3.75	% ^		12/16/2038		13,216,129
	14,792,000	NLY Commercial Mortgage Trust, Series 2019-FL2-AS (1 Month LIBOR USD + 1.60%, 1.60% Floor)		1.75	% ^		02/15/2036		14,679,433
	3,725,000	NLY Commercial Mortgage Trust, Series 2019-FL2-B (1 Month LIBOR USD + 1.90%, 1.90% Floor)		2.05	% ^		02/15/2036		3,691,475
	6,901,000	One Market Plaza Trust, Series 2017-1MKT-C		4.02	% ^		02/10/2032		7,112,133
	3,453,000	One Market Plaza Trust, Series 2017-1MKT-E		4.14	% ^		02/10/2032		3,507,457
	12,079,946	Rosslyn Portfolio Trust, Series 2017-ROSS-A (1 Month LIBOR USD + 0.95%, 1.94% Floor)		1.94	% ^		06/15/2033		11,908,960
	13,415,147	Rosslyn Portfolio Trust, Series 2017-ROSS-B (1 Month LIBOR USD + 1.25%, 2.24% Floor)		2.24	% ^		06/15/2033		13,004,390
	7,562,909	Tharaldson Hotel Portfolio Trust, Series 2018-THL-E (1 Month LIBOR USD + 3.18%, 3.10% Floor)		3.34	% ^		11/13/2034		6,386,593
	3,150,000	TRTX Issuer Ltd., Series 2019-FL3-A (1 Month LIBOR USD + 1.15%, 1.15% Floor)		1.30	% ^		10/17/2034		3,105,900
	31,066,000	TRTX Issuer Ltd., Series 2019-FL3-AS (1 Month LIBOR USD + 1.45%, 1.45% Floor)		1.60	% ^		10/17/2034		30,398,081
	75,869,661	UBS Commercial Mortgage Trust, Series 2017-C1-XA		1.71	% # I/O		06/17/2050		5,889,527
	1,154,000	UBS Commercial Mortgage Trust, Series 2017-C2-C		4.30	% #		08/17/2050		1,086,225
	12,583,599	UBS Commercial Mortgage Trust, Series 2017-C3-XA		1.25	% # I/O		08/17/2050		704,322
	3,561,000	UBS Commercial Mortgage Trust, Series 2017-C4-B		4.24	% #		10/15/2050		3,849,249
	2,886,000	UBS Commercial Mortgage Trust, Series 2017-C6-C		4.60	% #		12/16/2050		2,793,513
	2,137,000	UBS Commercial Mortgage Trust, Series 2018-C12-B		4.79	% #		08/17/2051		2,391,330
	8,530,000	UBS Commercial Mortgage Trust, Series 2018-C8-C		4.86	% #		02/17/2051		8,374,375
	1,500,000	UBS Commercial Mortgage Trust, Series 2018-C9-C		5.05	% #		03/15/2051		1,475,272
	43,503,171	UBS Commercial Mortgage Trust, Series 2018-C9-XA		1.05	% # I/O		03/17/2051		2,441,241
	5,213,000	UBS Commercial Mortgage Trust, Series 2019-C16-AS		3.89	%		04/17/2052		5,990,376
	6,114,000	UBS Commercial Mortgage Trust, Series 2019-C16-B		4.32	% #		04/15/2052		6,754,896
	8,350,000	UBS Commercial Mortgage Trust, Series 2019-C17-AS		3.20	%		10/18/2052		9,200,446
	14,858,000	UBS Commercial Mortgage Trust, Series 2019-C18-AS		3.38	%		12/17/2052		16,401,127
	9,705,000	UBS Commercial Mortgage Trust, Series 2019-C18-B		3.68	%		12/17/2052		10,434,333
	72,100,693	UBS-Barclays Commercial Mortgage Trust, Series 2012-C3-XA		1.98	% # ^ I/O		08/12/2049		1,997,730
	4,346,710	Wells Fargo Commercial Mortgage Trust, Series 2014-LC18-B		3.96	%		12/17/2047		4,634,860
	11,460,000	Wells Fargo Commercial Mortgage Trust, Series 2015-C26-C		4.07	% #		02/18/2048		10,826,275
	380,117,469	Wells Fargo Commercial Mortgage Trust, Series 2015-C26-XA		1.35	% # I/O		02/18/2048		16,651,350
	5,450,000	Wells Fargo Commercial Mortgage Trust, Series 2015-C27-C		3.89	%		02/18/2048		5,232,594
	222,573,635	Wells Fargo Commercial Mortgage Trust, Series 2015-C27-XA		1.03	% # I/O		02/18/2048		6,954,514
	9,701,000	Wells Fargo Commercial Mortgage Trust, Series 2015-C31-C		4.76	% #		11/15/2048		9,548,041
	132,440,831	Wells Fargo Commercial Mortgage Trust, Series 2015-C31-XA		1.14	% # I/O		11/15/2048		5,580,911
	243,483,072	Wells Fargo Commercial Mortgage Trust, Series 2015-LC20-XA		1.46	% # I/O		04/15/2050		9,783,564
	12,000,000	Wells Fargo Commercial Mortgage Trust, Series 2015-LC22-C		4.69	% #		09/15/2058		12,007,826
	1,794,000	Wells Fargo Commercial Mortgage Trust, Series 2015-NXS4-C		4.82	% #		12/17/2048		1,896,491
	121,219,288	Wells Fargo Commercial Mortgage Trust, Series 2015-P2-XA		1.08	% # I/O		12/17/2048		4,302,048
	11,469,000	Wells Fargo Commercial Mortgage Trust, Series 2016-C32-C		4.88	% #		01/17/2059		11,387,767
	5,888,000	Wells Fargo Commercial Mortgage Trust, Series 2016-C34-C		5.19	% #		06/17/2049		5,327,993
	209,530,110	Wells Fargo Commercial Mortgage Trust, Series 2017-C39-XA		1.26	% # I/O		09/16/2050		12,220,886
	1,904,000	Wells Fargo Commercial Mortgage Trust, Series 2017-C42-C		4.30	% #		12/15/2050		1,983,888
	50,300,095	Wells Fargo Commercial Mortgage Trust, Series 2017-C42-XA		1.03	% # I/O		12/16/2050		2,677,031
	163,830,222	Wells Fargo Commercial Mortgage Trust, Series 2018-C43-XA		0.83	% # I/O		03/17/2051		6,868,287
	137,286,718	Wells Fargo Commercial Mortgage Trust, Series 2019-C50-XA		1.59	% # I/O		05/17/2052		12,749,859
	3,193,000	Wells Fargo Commercial Mortgage Trust, Series 2019-C51-B		3.84	% #		06/17/2052		3,404,458
	50,501,589	Wells Fargo Commercial Mortgage Trust, Series 2019-C51-XA		1.53	% # I/O		06/17/2052		4,565,510
	24,972,000	Wells Fargo Commercial Mortgage Trust, Series 2019-C52-AS		3.14	%		08/16/2052		27,362,547
	82,151,670	Wells Fargo Commercial Mortgage Trust, Series 2019-C52-XA		1.77	% # I/O		08/15/2052		8,978,044
	5,000,000	Wells Fargo Commercial Mortgage Trust, Series 2019-C53-C		3.58	% #		10/18/2052		5,080,170
	143,707,597	Wells Fargo Commercial Mortgage Trust, Series 2019-C54-XA		0.97	% # I/O		12/17/2052		9,099,967
	28,088,000	Wells Fargo Commercial Mortgage Trust, Series 2020-C55-AS		2.94	%		02/18/2053		30,542,301
	52,886,315	Wells Fargo Commercial Mortgage Trust, Series 2020-C55-XB		0.95	% # I/O		02/18/2053		3,590,965
	7,034,000	Wells Fargo Commercial Mortgage Trust, Series 2020-C56-B		3.87	% #		06/17/2053		7,813,856
	164,468,404	Wells Fargo Commercial Mortgage Trust, Series 2020-C56-XA		1.55	% # I/O		06/17/2053		16,973,205
	120,042,642	Wells Fargo Commercial Mortgage Trust, Series 2020-C57-XA		2.24	% # I/O		08/15/2053		19,067,477
	55,171,682	WF-RBS Commercial Mortgage Trust, Series 2011-C4-XA		0.49	% # ^ I/O		06/17/2044		62,057
	75,477,205	WF-RBS Commercial Mortgage Trust, Series 2012-C6-XA		2.24	% # ^ I/O		04/17/2045		1,158,379
	87,590,857	WF-RBS Commercial Mortgage Trust, Series 2012-C8-XA		1.96	% # ^ I/O		08/17/2045		1,996,458
	34,904,320	WF-RBS Commercial Mortgage Trust, Series 2012-C9-XA		2.04	% # ^ I/O		11/17/2045		1,034,096
	131,708,190	WF-RBS Commercial Mortgage Trust, Series 2013-C18-XA		0.88	% # I/O		12/17/2046		2,256,886
	156,127,327	WF-RBS Commercial Mortgage Trust, Series 2014-C19-XA		1.19	% # I/O		03/15/2047		3,837,703
	3,253,000	WF-RBS Commercial Mortgage Trust, Series 2014-C23-B		4.53	% #		10/15/2057		3,534,121
	8,000,000	WF-RBS Commercial Mortgage Trust, Series 2014-C25-C		4.46	% #		11/18/2047		7,672,817
	180,231,647	WF-RBS Commercial Mortgage Trust, Series 2014-C25-XA		0.96	% # I/O		11/18/2047		4,942,474
	134,909,835	WF-RBS Commercial Mortgage Trust, Series 2016-NXS6-XA		1.76	% # I/O		11/18/2049		8,270,459
	Total Non-Agency Commercial Mortgage Backed Obligations (Cost $5,017,660,978)								4,571,364,355
	Non-Agency Residential Collateralized Mortgage Obligations - 27.8%
	115,722,528	ABFC Trust, Series 2007-WMC1-A1A (1 Month LIBOR USD + 1.25%, 1.25% Floor)		1.40	%		06/25/2037		99,422,524
	9,671,155	Accredited Mortgage Loan Trust, Series 2005-4-M1 (1 Month LIBOR USD + 0.40%, 0.40% Floor)		0.55	%		12/25/2035		9,622,473
	1,900,202	ACE Securities Corporation Home Equity Loan Trust, Series 2007-ASAP1-A2C (1 Month LIBOR USD + 0.26%, 0.26% Floor)		0.41	%		03/25/2037		1,186,874
	13,331,616	ACE Securities Corporation Home Equity Loan Trust, Series 2007-HE1-A2B (1 Month LIBOR USD + 0.12%, 0.12% Floor)		0.27	%		01/25/2037		9,900,603
	1,743,761	ACE Securities Corporation Home Equity Loan Trust, Series 2007-HE1-A2C (1 Month LIBOR USD + 0.17%, 0.17% Floor)		0.32	%		01/25/2037		1,307,033
	1,634,776	ACE Securities Corporation Home Equity Loan Trust, Series 2007-HE1-A2D (1 Month LIBOR USD + 0.25%, 0.25% Floor)		0.40	%		01/25/2037		1,243,411
	82,328,117	ACE Securities Corporation Home Equity Loan Trust, Series 2007-WM1-A1A (1 Month LIBOR USD + 0.14%, 0.14% Floor)		0.29	%		11/25/2036		38,532,490
	4,527,304	ACE Securities Corporation Home Equity Loan Trust, Series 2007-WM1-A2A (1 Month LIBOR USD + 0.07%, 0.07% Floor)		0.22	%		11/25/2036		2,451,054
	4,894,367	ACE Securities Corporation Home Equity Loan Trust, Series 2007-WM1-A2D (1 Month LIBOR USD + 0.22%, 0.22% Floor)		0.37	%		11/25/2036		2,768,003
	3,313,755	ACE Securities Corporation Home Equity Loan Trust, Series 2007-WM2-A2C (1 Month LIBOR USD + 0.28%, 0.28% Floor)		0.43	%		02/25/2037		1,852,482
	2,905,039	ACE Securities Corporation Home Equity Loan Trust, Series 2007-WM2-A2D (1 Month LIBOR USD + 0.37%, 0.37% Floor)		0.52	%		02/25/2037		1,652,530
	2,085,285	Adjustable Rate Mortgage Trust, Series 2005-10-3A31		3.08	% #		01/25/2036		1,991,371
	27,827,312	Adjustable Rate Mortgage Trust, Series 2005-11-4A1		3.15	% #		02/25/2036		20,906,078
	3,821,064	Adjustable Rate Mortgage Trust, Series 2005-2-6M2 (1 Month LIBOR USD + 0.98%, 0.48% Floor, 11.00% Cap)		1.13	%		06/25/2035		3,775,683
	3,197,199	Adjustable Rate Mortgage Trust, Series 2005-4-2A1		3.88	% #		08/25/2035		3,099,592
	474,907	Adjustable Rate Mortgage Trust, Series 2005-7-3A1		3.42	% #		10/25/2035		426,577
	6,602,527	Adjustable Rate Mortgage Trust, Series 2005-8-3A21		3.11	% #		11/25/2035		5,693,182
	14,326,021	Adjustable Rate Mortgage Trust, Series 2006-1-2A1		3.99	% #		03/25/2036		10,289,879
	9,315,673	Adjustable Rate Mortgage Trust, Series 2006-2-3A1		3.94	% #		05/25/2036		8,917,883
	13,067,913	Adjustable Rate Mortgage Trust, Series 2006-2-5A1		4.24	% #		05/25/2036		6,208,220
	9,692,336	Adjustable Rate Mortgage Trust, Series 2007-1-3A1		3.83	% #		03/25/2037		8,882,290
	1,409,495	Adjustable Rate Mortgage Trust, Series 2007-3-1A1		4.53	% # ^		11/25/2037		1,489,271
	512,814	Aegis Asset Backed Securities Trust, Series 2003-2-M2 (1 Month LIBOR USD + 2.55%, 1.70% Floor)		2.70	%		11/25/2033		502,189
	1,463,886	Aegis Asset Backed Securities Trust, Series 2004-1-M2 (1 Month LIBOR USD + 2.03%, 1.35% Floor)		2.18	%		04/25/2034		1,299,956
	617,792	Aegis Asset Backed Securities Trust, Series 2004-2-M2 (1 Month LIBOR USD + 1.95%, 1.30% Floor)		2.10	%		06/25/2034		622,260
	9,373,218	Aegis Asset Backed Securities Trust, Series 2004-6-M2 (1 Month LIBOR USD + 1.00%, 1.00% Floor, 15.00% Cap)		1.15	%		03/25/2035		9,127,715
	55,886,258	Ajax Master Trust, Series 2016-1-PC		4.33	% # ^		01/01/2057		51,862,905
	63,208,762	Ajax Master Trust, Series 2016-2-PC		3.02	% # ^		10/25/2056		54,336,844
	72,712,337	Ajax Master Trust, Series 2017-1-PC		0.05	% # ^		06/25/2057		64,688,392
	87,043,144	Ajax Mortgage Loan Trust, Series 2018-C-A		4.36	% # ^		09/25/2065		88,651,405
	7,136,300	Ajax Mortgage Loan Trust, Series 2018-E-A		4.38	% # ^		06/25/2058		7,391,086
	11,915,786	Ajax Mortgage Loan Trust, Series 2019-C-A		3.95	% # ^		10/25/2058		11,985,568
	43,006,108	Alternative Loan Trust, Series 2005-55CB-1A1		5.50	%		11/25/2035		39,273,689
	4,019,561	Alternative Loan Trust, Series 2006-12CB-A8		6.00	%		05/25/2036		3,208,618
	12,771,338	Alternative Loan Trust, Series 2006-13T1-A1		6.00	%		05/25/2036		8,975,614
	3,586,393	Alternative Loan Trust, Series 2006-16CB-A7		6.00	%		06/25/2036		2,867,979
	2,526,364	Alternative Loan Trust, Series 2006-2CB-A9		6.00	%		03/25/2036		1,809,547
	9,306,908	Alternative Loan Trust, Series 2006-41CB-1A15 (-1 x 1 Month LIBOR USD + 5.40%, 5.40% Cap)		5.25	% I/O I/F		01/25/2037		2,031,342
	9,306,908	Alternative Loan Trust, Series 2006-41CB-1A2 (1 Month LIBOR USD + 0.60%, 0.60% Floor, 6.00% Cap)		0.75	%		01/25/2037		4,410,191
	4,497,064	Alternative Loan Trust, Series 2006-42-1A1 (1 Month LIBOR USD + 0.60%, 0.60% Floor, 6.00% Cap)		0.75	%		01/25/2047		1,825,841
	4,497,064	Alternative Loan Trust, Series 2006-42-1A2 (-1 x 1 Month LIBOR USD + 5.40%, 5.40% Cap)		5.25	% I/O I/F		01/25/2047		1,374,547
	7,252,912	Alternative Loan Trust, Series 2007-15CB-A2		5.75	%		07/25/2037		6,078,594
	8,700,868	Alternative Loan Trust, Series 2007-15CB-A5		5.75	%		07/25/2037		7,298,879
	19,322,071	Alternative Loan Trust, Series 2007-5CB-1A31		5.50	%		04/25/2037		14,757,728
	7,023,870	Alternative Loan Trust, Series 2007-5CB-2A1		6.00	%		04/25/2037		4,757,655
	6,229,878	Alternative Loan Trust, Series 2007-6-A1		5.75	%		04/25/2047		5,069,685
	47,721,806	Alternative Loan Trust, Series 2007-HY4-4A1		3.47	% #		06/25/2037		45,082,480
	4,747,031	American Home Assets, Series 2006-2-2A1 (1 Month LIBOR USD + 0.19%, 0.19% Floor)		0.34	%		09/25/2046		4,609,960
	5,086,227	American Home Mortgage Investment Trust, Series 2005-4-3A1 (1 Month LIBOR USD + 0.30%, 0.30% Floor, 11.00% Cap)		0.45	%		11/25/2045		4,362,723
	18,865,044	American Home Mortgage Investment Trust, Series 2005-4-5A (6 Month LIBOR USD + 1.75%, 1.75% Floor, 11.00% Cap)		2.06	%		11/25/2045		12,815,117
	2,217,489	American Home Mortgage Investment Trust, Series 2006-2-3A4		7.10	%		06/25/2036		646,423
	7,714,866	American Home Mortgage Investment Trust, Series 2007-A-13A1		6.60	% ^		01/25/2037		2,961,920
	134,631,528	Ameriquest Mortgage Securities Trust, Series 2006-M3-A1 (1 Month LIBOR USD + 0.18%, 0.18% Floor)		0.32	%		10/25/2036		94,272,550
	6,862,903	Ameriquest Mortgage Securities, Inc., Series 2004-FR1-M1		4.24	%		05/25/2034		7,170,931
	15,064,729	Ameriquest Mortgage Securities, Inc., Series 2004-R8-M2 (1 Month LIBOR USD + 1.02%, 0.68% Floor)		1.17	%		09/25/2034		15,006,703
	7,245,967	Amortizing Residential Collateral Trust, Series 2002-BC7-M1 (1 Month LIBOR USD + 1.20%, 0.80% Floor)		1.35	%		10/25/2032		6,273,677
	41,588,000	AMSR Trust, Series 2019-SFR1-E		3.47	% # ^		01/20/2039		42,259,239
	30,156,000	AMSR Trust, Series 2020-SFR4-G1		4.00	% ^		11/17/2037		30,380,843
	10,640,545	Angel Oak Mortgage Trust LLC, Series 2018-1-A1		3.26	% # ^		04/25/2048		10,718,882
	10,500,000	Angel Oak Mortgage Trust LLC, Series 2019-2-M1		4.07	% # ^		03/25/2049		10,907,275
	1,316,026	Asset Backed Securities Corporation Home Equity Loan Trust, Series 2003-HE6-M1 (1 Month LIBOR USD + 0.98%, 0.65% Floor)		1.12	%		11/25/2033		1,311,376
	540,789	Asset Backed Securities Corporation Home Equity Loan Trust, Series 2004-HE3-M2 (1 Month LIBOR USD + 1.68%, 1.12% Floor)		1.83	%		06/26/2034		541,288
	28,718,431	Asset Backed Securities Corporation Home Equity Loan Trust, Series 2006-HE7-A1 (1 Month LIBOR USD + 0.14%, 0.14% Floor)		0.28	%		11/25/2036		26,096,441
	1,287,610	Banc of America Alternative Loan Trust, Series 2005-10-4A1		5.75	%		11/25/2035		1,270,724
	4,327,357	Banc of America Alternative Loan Trust, Series 2005-11-2CB1		6.00	%		12/25/2035		4,334,606
	1,609,998	Banc of America Alternative Loan Trust, Series 2005-5-2CB1		6.00	%		06/25/2035		1,609,047
	1,064,098	Banc of America Alternative Loan Trust, Series 2005-8-2CB1		6.00	%		09/25/2035		1,069,028
	4,824,815	Banc of America Alternative Loan Trust, Series 2006-1-3CB1		6.50	%		02/25/2036		4,776,696
	2,625,768	Banc of America Alternative Loan Trust, Series 2006-2-1CB1		6.00	%		03/25/2036		2,538,591
	3,667,183	Banc of America Alternative Loan Trust, Series 2006-2-3CB1		6.50	%		03/25/2036		3,413,983
	2,610,825	Banc of America Alternative Loan Trust, Series 2006-3-4CB1		6.50	%		04/25/2036		2,551,829
	858,276	Banc of America Alternative Loan Trust, Series 2006-5-CB14 (1 Month LIBOR USD + 1.10%, 6.00% Floor, 6.00% Cap)		6.00	%		06/25/2046		835,504
	1,899,058	Banc of America Alternative Loan Trust, Series 2006-6-CB3		6.00	%		07/25/2046		1,845,027
	9,986,205	Banc of America Alternative Loan Trust, Series 2006-7-A4		6.50	%		10/25/2036		4,494,537
	2,636,351	Banc of America Alternative Loan Trust, Series 2006-8-1A1 (-1 x 1 Month LIBOR USD + 6.50%, 6.50% Cap)		6.35	% I/F I/O		11/25/2036		458,132
	939,580	Banc of America Alternative Loan Trust, Series 2006-8-1A2 (1 Month LIBOR USD + 0.45%, 0.45% Floor, 7.00% Cap)		0.60	%		11/25/2036		768,905
	4,526,351	Banc of America Alternative Loan Trust, Series 2006-9-1CB1		6.00	%		01/25/2037		4,351,282
	759,476	Banc of America Alternative Loan Trust, Series 2007-2-2A1		6.00	%		06/25/2037		764,694
	4,621,271	Banc of America Funding Corporation, Series 2006-2-3A1		6.00	%		03/25/2036		4,645,955
	123,071	Banc of America Funding Corporation, Series 2006-2-4A1 (-3 x 1 Month LIBOR USD + 22.80%, 22.80% Cap)		22.36	% I/F		03/25/2036		187,338
	407,464	Banc of America Funding Corporation, Series 2006-2-6A2		5.50	%		03/25/2036		408,372
	772,236	Banc of America Funding Corporation, Series 2006-3-1A1		6.00	%		03/25/2036		740,590
	597,319	Banc of America Funding Corporation, Series 2006-3-6A1		6.21	% #		03/25/2036		622,019
	2,590,033	Banc of America Funding Corporation, Series 2006-6-1A7		6.25	%		08/25/2036		2,537,277
	937,265	Banc of America Funding Corporation, Series 2006-7-T2A5		6.54	%		10/25/2036		916,206
	4,417,613	Banc of America Funding Corporation, Series 2006-7-T2A8		6.41	%		10/25/2036		4,318,746
	1,056,668	Banc of America Funding Corporation, Series 2006-8T2-A8		6.60	%		10/25/2036		1,038,498
	421,901	Banc of America Funding Corporation, Series 2006-B-7A1		3.69	% #		03/20/2036		381,884
	6,262,588	Banc of America Funding Corporation, Series 2006-D-6A1		3.32	% #		05/20/2036		6,123,694
	152,220	Banc of America Funding Corporation, Series 2006-G-2A1 (1 Month LIBOR USD + 0.44%, 0.22% Floor, 10.50% Cap)		0.60	%		07/20/2036		152,926
	213,569	Banc of America Funding Corporation, Series 2006-H-3A1		3.11	% #		09/20/2046		191,403
	36,332,145	Banc of America Funding Corporation, Series 2006-H-5A1 (1 Month LIBOR USD + 0.18%, 0.18% Floor, 10.50% Cap)		0.34	%		10/20/2036		18,749,538
	772,872	Banc of America Funding Corporation, Series 2007-1-TA10		5.84	% ß		01/25/2037		777,752
	1,036,794	Banc of America Funding Corporation, Series 2007-3-TA1B		5.83	% #		04/25/2037		1,050,122
	1,984,347	Banc of America Funding Corporation, Series 2007-5-1A1		5.50	%		07/25/2037		1,927,771
	1,585,871	Banc of America Funding Corporation, Series 2009-R14A-3A (- 2 x 1 Month LIBOR USD + 16.57%, 5.50% Floor, 16.57% Cap)		15.69	% ^I/F		06/26/2035		2,085,856
	2,713,232	Banc of America Funding Corporation, Series 2009-R15A-4A2		5.75	% # ^		12/29/2036		2,557,129
	1,029,824	Banc of America Funding Corporation, Series 2010-R1-3A (-2 x 1 Month LIBOR USD + 14.28%, 6.00% Floor, 14.28% Cap)		14.01	% ^I/F		07/28/2036		1,329,182
	2,141,431	Banc of America Mortgage Securities Trust, Series 2006-1-A9		6.00	%		05/25/2036		2,139,674
	220,883	Banc of America Mortgage Securities Trust, Series 2007-1-2A5		5.75	%		01/25/2037		218,854
	5,440,675	Banc of America Mortgage Trust, Series 2007-3-2A8		7.00	%		09/25/2037		5,406,310
	12,323,562	BankUnited Trust, Series 2005-1-2A1		3.61	% #		09/25/2045		11,751,183
	1,330,789	Bayview Commercial Asset Trust, Series 2007-3-A2 (1 Month LIBOR USD + 0.29%)		0.44	% ^		07/25/2037		1,183,719
	19,332,030	Bayview Opportunity Master Fund Trust, Series 2019-SBR1-A1		3.47	% ^§		06/28/2034		19,396,189
	4,543,699	BCAP LLC Trust, Series 2006-AA2-A1 (1 Month LIBOR USD + 0.17%, 0.17% Floor)		0.32	%		01/25/2037		4,760,729
	49,572,031	BCAP LLC Trust, Series 2007-AA2-11A (1 Month LIBOR USD + 1.90%, 0.19% Floor)		0.34	% ^		05/25/2047		48,295,110
	2,603,922	BCAP LLC Trust, Series 2007-AA2-2A7		6.00	%		04/25/2037		1,998,617
	2,819,063	BCAP LLC Trust, Series 2007-AA2-2A8		5.75	%		04/25/2037		2,119,630
	10,758,322	BCAP LLC Trust, Series 2008-RR3-A1B		6.67	% # ^		10/25/2036		5,865,308
	2,461,812	BCAP LLC Trust, Series 2009-RR13-18A2		5.75	% # ^		07/26/2037		2,027,182
	3,517,465	BCAP LLC Trust, Series 2009-RR4-4A2		5.75	% ^		02/26/2036		2,580,569
	1,383,903	BCAP LLC Trust, Series 2010-RR10-5A1		0.51	% # ^		04/27/2037		1,454,620
	2,328,364	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-12-13A1		3.61	% #		02/25/2036		2,231,902
	4,070,227	Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-4-4A1		3.37	% #		10/25/2036		3,661,307
	4,122,535	Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-1-2A1		4.14	% #		02/25/2047		3,939,753
	1,896,870	Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-1-3A1		3.75	% #		02/25/2047		1,790,446
	20,482,128	Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-2-2A1 (12 Month LIBOR USD + 1.88%, 1.88% Floor, 11.15% Cap)		3.83	%		12/25/2046		17,797,540
	1,545,926	Bear Stearns Alt-A Trust, Series 2004-11-2A3		2.88	% #		11/25/2034		1,488,229
	7,575,527	Bear Stearns Alt-A Trust, Series 2006-1-11A1 (1 Month LIBOR USD + 0.48%, 0.24% Floor, 11.50% Cap)		0.63	%		02/25/2036		7,398,274
	18,399,181	Bear Stearns Alt-A Trust, Series 2006-3-21A1		3.49	% #		05/25/2036		15,607,486
	6,488,834	Bear Stearns Alt-A Trust, Series 2006-5-1A1 (1 Month LIBOR USD + 0.34%, 0.17% Floor, 11.50% Cap)		0.49	%		08/25/2036		5,806,186
	8,643,192	Bear Stearns Alt-A Trust, Series 2006-6-2A1		3.62	% #		11/25/2036		6,257,044
	4,361,026	Bear Stearns Alt-A Trust, Series 2006-8-2A1		3.49	% #		08/25/2046		3,463,960
	8,341,836	Bear Stearns Alt-A Trust, Series 2007-1-1A1 (1 Month LIBOR USD + 0.32%, 0.16% Floor, 11.50% Cap)		0.47	%		01/25/2047		7,254,114
	4,247,497	Bear Stearns Asset Backed Securities Trust, Series 2004-AC4-A2		6.00	%		08/25/2034		4,474,318
	10,753,435	Bear Stearns Asset Backed Securities Trust, Series 2005-AC2-1A		5.75	%		04/25/2035		10,426,698
	2,914,196	Bear Stearns Asset Backed Securities Trust, Series 2005-AC2-2A1		5.75	%		04/25/2035		3,037,405
	43,124,001	Bear Stearns Asset Backed Securities Trust, Series 2005-AC6-22A		5.32	% #		09/25/2035		40,575,325
	6,810,113	Bear Stearns Asset Backed Securities Trust, Series 2005-AC7-A4		6.00	%		10/25/2035		6,002,185
	10,846,086	Bear Stearns Asset Backed Securities Trust, Series 2006-AC1-1A1		6.25	%		02/25/2036		7,467,331
	4,101,607	Bear Stearns Asset Backed Securities Trust, Series 2006-AC5-A1		6.25	% ß		12/25/2036		4,025,832
	18,371,603	Bear Stearns Asset Backed Securities Trust, Series 2007-HE2-2A3 (1 Month LIBOR USD + 0.16%, 0.16% Floor)		0.31	%		01/25/2037		18,723,320
	40,758,977	Bear Stearns Asset Backed Securities Trust, Series 2007-HE4-2A (1 Month LIBOR USD + 0.22%, 0.22% Floor)		0.37	%		05/25/2037		37,775,566
	18,039,557	Bear Stearns Asset Backed Securities Trust, Series 2007-HE6-2A (1 Month LIBOR USD + 1.05%, 1.05% Floor)		1.20	%		08/25/2037		16,419,302
	15,000,000	Bear Stearns Asset Backed Securities Trust, Series 2007-HE7-1A2 (1 Month LIBOR USD + 1.60%, 1.60% Floor)		1.75	%		10/25/2037		14,360,732
	1,422,530	Bear Stearns Asset Backed Securities Trust, Series 2007-SD1-1A2A		6.00	%		10/25/2036		1,003,332
	1,315,453	Bear Stearns Asset Backed Securities Trust, Series 2007-SD1-1A3A		6.50	%		10/25/2036		977,405
	2,213,784	Bear Stearns Asset Backed Securities Trust, Series 2007-SD1-23A1		3.63	% #		10/25/2036		1,926,864
	11,858,065	Bear Stearns Mortgage Funding Trust, Series 2006-AR3-2A1 (1 Month LIBOR USD + 0.20%, 0.20% Floor, 10.50% Cap)		0.35	%		11/25/2036		10,177,776
	5,055,396	Bear Stearns Mortgage Funding Trust, Series 2006-AR4-A2 (1 Month LIBOR USD + 0.18%, 0.18% Floor, 10.50% Cap)		0.33	%		12/25/2037		4,577,582
	10,886,405	Bear Stearns Mortgage Funding Trust, Series 2007-AR3-22A1 (1 Month LIBOR USD + 0.16%, 0.16% Floor, 10.50% Cap)		0.31	%		04/25/2037		9,567,790
	13,777,342	Bellemeade Ltd., Series 2019-2A-M1B (1 Month LIBOR USD + 1.45%, 1.45% Floor)		1.60	% ^		04/25/2029		13,757,542
	17,117,941	BNC Mortgage Loan Trust, Series 2006-2-A4 (1 Month LIBOR USD + 0.16%, 0.16% Floor)		0.31	%		11/25/2036		16,478,528
	12,123,179	BNC Mortgage Loan Trust, Series 2007-1-A4 (1 Month LIBOR USD + 0.16%, 0.16% Floor)		0.31	%		03/25/2037		11,697,029
	33,785,574	BNPP Mortgage Securities LLC Trust, Series 2009-1-B1		6.00	% ^		08/27/2037		25,771,619
	5,678,722	Carrington Mortgage Loan Trust, Series 2006-FRE2-A2 (1 Month LIBOR USD + 0.12%, 0.12% Floor, 12.50% Cap)		0.27	%		03/25/2035		4,839,396
	27,382,091	Carrington Mortgage Loan Trust, Series 2006-FRE2-A3 (1 Month LIBOR USD + 0.16%, 0.16% Floor, 12.50% Cap)		0.31	%		09/25/2036		23,444,264
	8,428,000	Carrington Mortgage Loan Trust, Series 2006-FRE2-A4 (1 Month LIBOR USD + 0.25%, 0.25% Floor, 12.50% Cap)		0.40	%		09/25/2036		7,291,658
	8,435,959	Carrington Mortgage Loan Trust, Series 2006-NC3-A3 (1 Month LIBOR USD + 0.15%, 0.15% Floor, 12.50% Cap)		0.30	%		08/25/2036		7,981,419
	88,847,313	Carrington Mortgage Loan Trust, Series 2006-NC4-A3 (1 Month LIBOR USD + 0.16%, 0.16% Floor, 12.50% Cap)		0.31	%		07/25/2036		85,093,167
	19,106,535	Carrington Mortgage Loan Trust, Series 2006-NC5-A3 (1 Month LIBOR USD + 0.15%, 0.15% Floor, 14.50% Cap)		0.30	%		01/25/2037		16,009,769
	27,480,119	Carrington Mortgage Loan Trust, Series 2007-RFC1-A3 (1 Month LIBOR USD + 0.14%, 0.14% Floor, 14.50% Cap)		0.29	%		09/25/2036		26,092,351
	24,067,496	Cascade MH Asset Trust, Series 2019-MH1-A		4.00	% # ^		11/25/2044		24,837,923
	2,750,000	Centex Home Equity, Series 2004-A-AF5		5.43	%		01/25/2034		2,815,320
	559,178	Chase Funding Mortgage Loan Asset-Backed Certificates, Series 2003-4-2M1 (1 Month LIBOR USD + 0.90%, 0.60% Floor)		1.05	%		03/25/2033		548,846
	4,478,607	Chase Mortgage Finance Trust, Series 2005-A1-2A4		3.77	% #		12/25/2035		4,358,398
	8,604,690	Chase Mortgage Finance Trust, Series 2006-S1-A5		6.50	%		05/25/2036		6,284,319
	9,434,049	Chase Mortgage Finance Trust, Series 2006-S2-1A9		6.25	%		10/25/2036		7,024,541
	5,573,869	Chase Mortgage Finance Trust, Series 2006-S3-1A2		6.00	%		11/25/2036		3,827,785
	15,630,659	Chase Mortgage Finance Trust, Series 2006-S4-A8		6.00	%		12/25/2036		10,913,937
	4,621,944	Chase Mortgage Finance Trust, Series 2007-A2-6A4		3.57	% #		07/25/2037		4,355,887
	4,889,260	Chase Mortgage Finance Trust, Series 2007-S1-A7		6.00	%		02/25/2037		3,090,097
	2,805,571	Chase Mortgage Finance Trust, Series 2007-S3-1A5		6.00	%		05/25/2037		1,979,048
	1,296,326	Chase Mortgage Finance Trust, Series 2007-S3-2A1		5.50	%		05/25/2037		295,265
	2,741,674	Chase Mortgage Finance Trust, Series 2007-S5-1A18		6.00	%		07/25/2037		2,010,981
	3,299,672	ChaseFlex Trust, Series 2005-1-3A1		6.00	%		02/25/2035		3,238,588
	386,846	ChaseFlex Trust, Series 2006-1-A5		4.54	% #		06/25/2036		364,175
	3,916,438	ChaseFlex Trust, Series 2006-2-A2B (1 Month LIBOR USD + 0.20%, 0.20% Floor, 11.50% Cap)		0.35	%		09/25/2036		3,174,761
	3,762,200	ChaseFlex Trust, Series 2007-1-1A1		6.50	%		02/25/2037		2,063,150
	7,689,645	ChaseFlex Trust, Series 2007-M1-2F4		4.19	% ß		08/25/2037		7,426,293
	7,997,915	ChaseFlex Trust, Series 2007-M1-2F5		4.19	% ß		08/25/2037		7,723,437
	3,568,368	CHL Mortgage Pass Through Trust, Series 2005-26-1A12		5.50	%		11/25/2035		3,085,639
	20,601,638	CHL Mortgage Pass-Through Trust, Series 2005-17-2A1		5.50	%		09/25/2035		16,733,629
	3,630,612	CHL Mortgage Pass-Through Trust, Series 2005-18-A1		5.50	%		10/25/2035		2,950,006
	6,566,094	CHL Mortgage Pass-Through Trust, Series 2006-14-A5		6.25	%		09/25/2036		5,126,062
	29,843,143	CHL Mortgage Pass-Through Trust, Series 2006-8-1A3		6.00	%		05/25/2036		26,209,143
	1,993,396	CHL Mortgage Pass-Through Trust, Series 2007-15-1A2		6.25	%		09/25/2037		1,708,956
	45,242,666	CHL Mortgage Pass-Through Trust, Series 2007-21-1A1		6.25	%		02/25/2038		36,520,373
	2,073,262	CHL Mortgage Pass-Through Trust, Series 2007-2-A2		6.00	%		03/25/2037		1,606,605
	2,725,193	CHL Mortgage Pass-Through Trust, Series 2007-7-A11		5.50	%		06/25/2037		2,149,338
	5,007,451	CHL Mortgage Pass-Through Trust, Series 2007-8-1A8		6.00	%		01/25/2038		3,698,193
	13,750,555	CHL Mortgage Pass-Through Trust, Series 2007-HYB1-2A1		3.16	% #		03/25/2037		12,616,508
	65,927,528	CIM Trust, Series 2016-1RR-B2		6.34	% # ^ Þ		08/26/2055		62,542,776
	75,440,246	CIM Trust, Series 2016-2RR-B2		6.32	% # ^ Þ		02/29/2056		72,679,495
	73,074,681	CIM Trust, Series 2016-3RR-B2		6.30	% # ^ Þ		02/29/2056		69,489,542
	54,248,672	CIM Trust, Series 2017-3RR-B2		10.51	% # ^ Þ		01/29/2057		51,792,390
	41,066,410	CIM Trust, Series 2017-6-A1		3.02	% # ^		06/25/2057		41,872,026
	9,269,846	CIM Trust, Series 2017-8-A1		3.00	% # ^		12/25/2065		9,296,826
	4,421,079	CitiCorporationMortgage Securities, Inc., Series 2005-1-1A4		5.50	%		02/25/2035		4,567,285
	876,084	CitiCorporationMortgage Securities, Inc., Series 2006-7-1A1		6.00	%		12/25/2036		846,688
	3,387,701	CitiCorporationResidential Mortgage Securities, Inc., Series 2006-2-A5		5.26	%		09/25/2036		3,480,766
	1,703,344	Citigroup Mortgage Loan Trust, Inc., Series 2005-5-2A2		5.75	%		08/25/2035		1,390,534
	811,392	Citigroup Mortgage Loan Trust, Inc., Series 2005-9-21A1		5.50	%		10/25/2035		792,170
	2,158,317	Citigroup Mortgage Loan Trust, Inc., Series 2006-4-2A1A		6.00	%		12/25/2035		2,182,323
	29,147,250	Citigroup Mortgage Loan Trust, Inc., Series 2006-AMC1-A1 (1 Month LIBOR USD + 0.15%, 0.15% Floor)		0.29	% ^		09/25/2036		27,908,655
	7,104,731	Citigroup Mortgage Loan Trust, Inc., Series 2006-AR3-1A1A		4.02	% #		06/25/2036		6,810,650
	3,040,258	Citigroup Mortgage Loan Trust, Inc., Series 2006-FX1-A6		5.85	% ß		10/25/2036		2,559,816
	1,619,699	Citigroup Mortgage Loan Trust, Inc., Series 2006-WF1-A2D		4.84	% ß		03/25/2036		1,058,123
	11,078,162	Citigroup Mortgage Loan Trust, Inc., Series 2006-WF2-A2D		4.59	% ß		05/25/2036		5,963,512
	662,826	Citigroup Mortgage Loan Trust, Inc., Series 2006-WFH3-M1 (1 Month LIBOR USD + 0.29%, 0.29% Floor)		0.44	%		10/25/2036		663,392
	3,629,803	Citigroup Mortgage Loan Trust, Inc., Series 2007-10-1A1A		5.53	% #		04/25/2037		3,795,383
	686,007	Citigroup Mortgage Loan Trust, Inc., Series 2007-12-2A1		6.50	% ^		04/25/2037		542,947
	93,517	Citigroup Mortgage Loan Trust, Inc., Series 2007-2-2A		6.00	%		11/25/2036		94,796
	19,448,467	Citigroup Mortgage Loan Trust, Inc., Series 2007-9-1A1		5.75	% ^		04/25/2047		16,086,953
	1,049,810	Citigroup Mortgage Loan Trust, Inc., Series 2007-9-2A2		6.50	% # ^ Þ		05/25/2037		1,055,171
	66,863,416	Citigroup Mortgage Loan Trust, Inc., Series 2007-AMC2-A1 (1 Month LIBOR USD + 0.14%, 0.14% Floor)		0.29	% ^		01/25/2037		61,495,647
	1,538,801	Citigroup Mortgage Loan Trust, Inc., Series 2007-AR5-1A3A		4.03	% #		04/25/2037		1,452,199
	3,431,296	Citigroup Mortgage Loan Trust, Inc., Series 2007-AR8-1A1A		3.39	% #		07/25/2047		3,145,197
	4,484,113	Citigroup Mortgage Loan Trust, Inc., Series 2007-OPX1-A3A		5.97	% ß		01/25/2037		2,842,037
	9,884,599	Citigroup Mortgage Loan Trust, Inc., Series 2007-OPX1-A5A		5.76	% ß		01/25/2037		6,266,530
	5,237,186	Citigroup Mortgage Loan Trust, Inc., Series 2010-7-9A4		6.00	% # ^		10/25/2037		4,990,202
	34,328,130	Citigroup Mortgage Loan Trust, Inc., Series 2010-8-7A4		6.00	% # ^ Þ		06/25/2037		34,802,514
	169,937,154	Citigroup Mortgage Loan Trust, Inc., Series 2017-RP2-A1A		3.94	% # ^		07/25/2067		176,692,445
	15,144,909	Citigroup Mortgage Loan Trust, Inc., Series 2018-A-A1		4.00	% # ^		01/25/2068		15,238,898
	21,557,310	Citigroup Mortgage Loan Trust, Inc., Series 2018-C-A1		4.13	% ^§		03/25/2059		22,130,482
	4,555,508	Citigroup Mortgage Loan Trust, Series 2007-OPX1-A2 (1 Month LIBOR USD + 2.00%, 2.00% Floor)		0.35	%		01/25/2037		2,533,342
	166,992,326	Citigroup Mortgage Loan Trust, Series 2019-A-PT1		3.92	% ^		10/25/2058		167,447,714
	33,148,848	Citigroup Mortgage Loan Trust, Series 2019-B-A1		3.26	% # ^		04/25/2066		33,580,148
	84,074,517	Citigroup Mortgage Loan Trust, Series 2019-C-A1		3.23	% ^§		09/25/2059		84,918,844
	247,757,873	Citigroup Mortgage Loan Trust, Series 2019-D-PT1		3.27	% ^		04/25/2064		252,310,622
	375,242,600	Citigroup Mortgage Loan Trust, Series 2020-RP1-A1		1.50	% # ^		08/25/2064		379,722,246
	26,293,400	Citigroup Mortgage Loan Trust, Series 2020-RP1-M1		2.00	% # ^		08/25/2064		25,801,251
	22,116,950	Citigroup Mortgage Loan Trust, Series 2020-RP1-M2		2.50	% # ^		08/25/2064		21,547,739
	18,676,200	Citigroup Mortgage Loan Trust, Series 2020-RP1-M3		2.75	% # ^		08/25/2064		17,531,986
	49,418,330	Citigroup Mortgage Loan Trust, Series 2020-RP1-PT5		9.26	% ^		08/25/2064		48,925,180
	2,903,146	CitiMortgage Alternative Loan Trust, Series 2006-A1-1A5		5.50	%		04/25/2036		2,901,771
	3,128,733	CitiMortgage Alternative Loan Trust, Series 2006-A2-A2		6.00	%		05/25/2036		3,074,793
	3,061,090	CitiMortgage Alternative Loan Trust, Series 2006-A3-1A13		6.00	%		07/25/2036		3,044,700
	2,170,210	CitiMortgage Alternative Loan Trust, Series 2006-A4-1A8		6.00	%		09/25/2036		2,124,598
	550,644	CitiMortgage Alternative Loan Trust, Series 2006-A5-2A1		5.50	%		10/25/2021		574,237
	2,173,605	CitiMortgage Alternative Loan Trust, Series 2006-A5-3A3		6.00	%		10/25/2036		2,047,933
	6,700,655	CitiMortgage Alternative Loan Trust, Series 2006-A6-1A2 (1 Month LIBOR USD + 0.50%, 6.00% Floor, 6.00% Cap)		6.00	%		11/25/2036		6,616,234
	3,525,142	CitiMortgage Alternative Loan Trust, Series 2007-A1-1A5		6.00	%		01/25/2037		3,546,087
	1,718,740	CitiMortgage Alternative Loan Trust, Series 2007-A1-1A7		6.00	%		01/25/2037		1,728,953
	4,660,412	CitiMortgage Alternative Loan Trust, Series 2007-A1-1A8 (1 Month LIBOR USD + 0.60%, 0.60% Floor, 6.00% Cap)		0.75	%		01/25/2037		3,717,509
	4,397,616	CitiMortgage Alternative Loan Trust, Series 2007-A1-1A9 (-1 x 1 Month LIBOR USD + 5.40%, 5.40% Cap)		5.25	% I/F I/O		01/25/2037		812,233
	3,846,060	CitiMortgage Alternative Loan Trust, Series 2007-A3-1A1		6.00	% ±		03/25/2037		3,882,050
	8,851,016	CitiMortgage Alternative Loan Trust, Series 2007-A3-1A3 (-1 x 1 Month LIBOR USD + 5.40%, 5.40% Cap)		5.25	% I/F I/O		03/25/2037		1,727,855
	3,468,523	CitiMortgage Alternative Loan Trust, Series 2007-A3-1A4		5.75	%		03/25/2037		3,469,951
	6,111,505	CitiMortgage Alternative Loan Trust, Series 2007-A4-1A3 (1 Month LIBOR USD + 0.33%, 0.33% Floor, 7.00% Cap)		0.48	%		04/25/2037		4,699,183
	6,111,505	CitiMortgage Alternative Loan Trust, Series 2007-A4-1A4 (-1 x 1 Month LIBOR USD + 6.67%, 6.67% Cap)		6.52	% I/F I/O		04/25/2037		1,245,710
	6,472,398	CitiMortgage Alternative Loan Trust, Series 2007-A4-1A5		5.75	%		04/25/2037		6,461,517
	853,935	CitiMortgage Alternative Loan Trust, Series 2007-A5-1A11		6.00	%		05/25/2037		852,772
	11,258,508	CitiMortgage Alternative Loan Trust, Series 2007-A5-1A8		6.00	%		05/25/2037		11,243,181
	369,632	CitiMortgage Alternative Loan Trust, Series 2007-A8-A1		6.00	%		10/25/2037		363,949
	80,000,000	Connecticut Avenue Securities Trust, Series 2020-R02-2M2 (1 Month LIBOR USD + 20.00%)		2.15	% ^		01/25/2040		78,374,136
	9,000,000	CoreVest American Finance Trust, Series 2020-3-D		2.95	% ^		08/15/2053		9,067,149
	37,699,797	Countrywide Alternative Loan Trust, Series 2004-36CB-1A1		6.00	%		02/25/2035		35,424,852
	4,245,904	Countrywide Alternative Loan Trust, Series 2005-13CB-A3		5.50	%		05/25/2035		4,383,165
	3,122,672	Countrywide Alternative Loan Trust, Series 2005-20CB-2A1 (1 Month LIBOR USD + 0.50%, 0.50% Floor, 5.50% Cap)		0.65	%		07/25/2035		2,143,912
	6,375,456	Countrywide Alternative Loan Trust, Series 2005-20CB-2A2 (-1 x 1 Month LIBOR USD + 5.00%, 5.00% Cap)		4.85	% I/F I/O		07/25/2035		960,751
	3,547	Countrywide Alternative Loan Trust, Series 2005-20CB-4A1		5.25	%		10/25/2020		3,545
	2,330,520	Countrywide Alternative Loan Trust, Series 2005-26CB-A11 (-2 x 1 Month LIBOR USD + 13.05%, 13.05% Cap)		12.78	% I/F		07/25/2035		2,537,378
	3,286,287	Countrywide Alternative Loan Trust, Series 2005-28CB-1A2 (1 Month LIBOR USD + 0.75%, 0.75% Floor, 5.50% Cap)		0.90	%		08/25/2035		2,647,728
	1,314,343	Countrywide Alternative Loan Trust, Series 2005-28CB-3A6		6.00	%		08/25/2035		895,096
	1,655,204	Countrywide Alternative Loan Trust, Series 2005-46CB-A20		5.50	%		10/25/2035		1,574,275
	5,430,674	Countrywide Alternative Loan Trust, Series 2005-48T1-A2		5.50	%		11/25/2035		4,509,586
	1,927,763	Countrywide Alternative Loan Trust, Series 2005-54CB-3A4		5.50	%		11/25/2035		1,565,964
	17,774,889	Countrywide Alternative Loan Trust, Series 2005-57CB-1A1		5.50	%		12/25/2035		16,716,208
	459,363	Countrywide Alternative Loan Trust, Series 2005-60T1-A7 (-7 x 1 Month LIBOR USD + 35.93%, 35.93% Cap)		34.85	% I/F		12/25/2035		927,031
	580,549	Countrywide Alternative Loan Trust, Series 2005-64CB-1A14		5.50	%		12/25/2035		569,294
	8,425,947	Countrywide Alternative Loan Trust, Series 2005-64CB-1A4		5.50	%		12/25/2035		8,262,586
	1,563,769	Countrywide Alternative Loan Trust, Series 2005-73CB-1A5 (1 Month LIBOR USD + 0.80%, 0.80% Floor, 5.50% Cap)		0.95	%		01/25/2036		1,296,775
	3,934,119	Countrywide Alternative Loan Trust, Series 2005-73CB-1A6 (-1 x 1 Month LIBOR USD + 4.70%, 4.70% Cap)		4.55	% I/F I/O		01/25/2036		675,472
	38,283,373	Countrywide Alternative Loan Trust, Series 2005-77T1-1A1		6.00	%		02/25/2036		27,106,393
	707,231	Countrywide Alternative Loan Trust, Series 2005-79CB-A5		5.50	%		01/25/2036		593,914
	24,847,269	Countrywide Alternative Loan Trust, Series 2005-85CB-1A1		6.00	%		02/25/2036		16,772,337
	1,918,423	Countrywide Alternative Loan Trust, Series 2005-85CB-2A6 (-4 x 1 Month LIBOR USD + 21.63%, 21.63% Cap)		21.09	% I/F		02/25/2036		2,756,378
	1,214,203	Countrywide Alternative Loan Trust, Series 2005-86CB-A5		5.50	%		02/25/2036		1,021,347
	2,087,455	Countrywide Alternative Loan Trust, Series 2005-J10-1A11		5.50	%		10/25/2035		1,958,817
	475,056	Countrywide Alternative Loan Trust, Series 2005-J10-1A13 (1 Month LIBOR USD + 0.70%, 0.70% Floor, 5.50% Cap)		0.85	%		10/25/2035		349,712
	222,537	Countrywide Alternative Loan Trust, Series 2005-J10-1A15		5.50	%		10/25/2035		208,823
	531,215	Countrywide Alternative Loan Trust, Series 2005-J11-1A3		5.50	%		11/25/2035		439,749
	785,356	Countrywide Alternative Loan Trust, Series 2005-J11-6A1		6.50	%		09/25/2032		780,094
	694,177	Countrywide Alternative Loan Trust, Series 2005-J13-2A5 (1 Month LIBOR USD + 0.48%, 0.48% Floor, 5.50% Cap)		0.63	%		11/25/2035		451,706
	1,388,353	Countrywide Alternative Loan Trust, Series 2005-J13-2A6 (-1 x 1 Month LIBOR USD + 5.02%, 5.02% Cap)		4.87	% I/F I/O		11/25/2035		270,868
	3,891,000	Countrywide Alternative Loan Trust, Series 2005-J1-5A3		5.50	%		02/25/2035		4,011,389
	19,181	Countrywide Alternative Loan Trust, Series 2005-J1-7A1		5.50	%		01/25/2021		18,503
	692,635	Countrywide Alternative Loan Trust, Series 2005-J2-1A5 (1 Month LIBOR USD + 0.50%, 0.50% Floor, 5.50% Cap)		0.65	%		04/25/2035		566,959
	2,131,183	Countrywide Alternative Loan Trust, Series 2005-J2-1A6 (-1 x 1 Month LIBOR USD + 5.00%, 5.00% Cap)		4.85	% I/F I/O		04/25/2035		225,443
	5,981,865	Countrywide Alternative Loan Trust, Series 2005-J3-2A8 (1 Month LIBOR USD + 0.30%, 0.30% Floor, 5.50% Cap)		0.45	%		05/25/2035		5,008,416
	5,981,865	Countrywide Alternative Loan Trust, Series 2005-J3-2A9 (-1 x 1 Month LIBOR USD + 5.20%, 5.20% Cap)		5.05	% I/F I/O		05/25/2035		756,739
	3,261,375	Countrywide Alternative Loan Trust, Series 2006-12CB-A3 (1 Month LIBOR USD + 5.75%, 5.75% Floor)		5.75	%		05/25/2036		2,538,385
	34,559,955	Countrywide Alternative Loan Trust, Series 2006-15CB-A1		6.50	%		06/25/2036		26,755,768
	982,389	Countrywide Alternative Loan Trust, Series 2006-18CB-A12 (1 Month LIBOR USD + 0.60%, 0.60% Floor, 6.00% Cap)		0.75	%		07/25/2036		461,853
	982,389	Countrywide Alternative Loan Trust, Series 2006-18CB-A13 (-1 x 1 Month LIBOR USD + 5.50%, 5.50% Cap)		5.35	% I/F I/O		07/25/2036		215,578
	4,844,790	Countrywide Alternative Loan Trust, Series 2006-19CB-A12 (1 Month LIBOR USD + 0.40%, 0.40% Floor, 6.00% Cap)		0.55	%		08/25/2036		2,587,460
	6,569,826	Countrywide Alternative Loan Trust, Series 2006-19CB-A13 (-1 x 1 Month LIBOR USD + 5.60%, 5.60% Cap)		5.45	% I/F I/O		08/25/2036		1,193,549
	1,011,371	Countrywide Alternative Loan Trust, Series 2006-19CB-A15		6.00	%		08/25/2036		848,452
	1,766,766	Countrywide Alternative Loan Trust, Series 2006-24CB-A11		5.75	%		08/25/2036		1,412,616
	5,171,107	Countrywide Alternative Loan Trust, Series 2006-24CB-A14 (-1 x 1 Month LIBOR USD + 7.15%, 7.15% Cap)		7.00	% I/F I/O		08/25/2036		1,518,730
	4,146,554	Countrywide Alternative Loan Trust, Series 2006-24CB-A22		6.00	%		08/25/2036		3,386,016
	4,450,499	Countrywide Alternative Loan Trust, Series 2006-24CB-A5 (1 Month LIBOR USD + 0.60%, 0.06% Floor, 6.00% Cap)		0.75	%		08/25/2036		2,177,799
	1,659,596	Countrywide Alternative Loan Trust, Series 2006-26CB-A17		6.25	%		09/25/2036		1,229,686
	2,130,232	Countrywide Alternative Loan Trust, Series 2006-26CB-A9		6.50	%		09/25/2036		1,619,277
	3,745,165	Countrywide Alternative Loan Trust, Series 2006-29T1-1A2		6.25	%		10/25/2036		2,942,878
	520,792	Countrywide Alternative Loan Trust, Series 2006-29T1-2A12 (-7 x 1 Month LIBOR USD + 46.15%, 46.15% Cap)		45.19	% I/F		10/25/2036		1,304,333
	318,996	Countrywide Alternative Loan Trust, Series 2006-29T1-2A23 (-4 x 1 Month LIBOR USD + 33.37%, 33.37% Cap)		32.72	% I/F		10/25/2036		612,046
	3,610,265	Countrywide Alternative Loan Trust, Series 2006-30T1-1A2		6.25	%		11/25/2036		3,226,480
	2,692,565	Countrywide Alternative Loan Trust, Series 2006-32CB-A1 (1 Month LIBOR USD + 0.67%, 0.67% Floor, 6.00% Cap)		0.82	%		11/25/2036		1,229,772
	4,491,199	Countrywide Alternative Loan Trust, Series 2006-32CB-A2 (-1 x 1 Month LIBOR USD + 5.33%, 5.33% Cap)		5.18	% I/F I/O		11/25/2036		1,087,315
	4,834,819	Countrywide Alternative Loan Trust, Series 2006-36T2-2A1		6.25	%		12/25/2036		3,215,001
	1,257,293	Countrywide Alternative Loan Trust, Series 2006-39CB-1A10		6.00	%		01/25/2037		1,271,514
	14,258,328	Countrywide Alternative Loan Trust, Series 2006-39CB-2A2 (-1 x 1 Month LIBOR USD + 6.55%, 6.55% Cap)		6.40	% I/F I/O		01/25/2037		3,485,049
	4,855,634	Countrywide Alternative Loan Trust, Series 2006-39CB-2A4 (1 Month LIBOR USD + 0.45%, 0.45% Floor, 7.00% Cap)		0.60	%		01/25/2037		306,453
	1,882,571	Countrywide Alternative Loan Trust, Series 2006-40T1-1A11		6.00	%		01/25/2037		1,666,228
	3,204,119	Countrywide Alternative Loan Trust, Series 2006-40T1-1A4 (-1 x 1 Month LIBOR USD + 5.45%, 5.45% Cap)		5.30	% I/F I/O		01/25/2037		549,104
	3,805,451	Countrywide Alternative Loan Trust, Series 2006-41CB-1A10		6.00	%		01/25/2037		3,073,571
	4,007,221	Countrywide Alternative Loan Trust, Series 2006-41CB-1A9		6.00	%		01/25/2037		3,236,536
	3,927,112	Countrywide Alternative Loan Trust, Series 2006-45T1-1A4 (1 Month LIBOR USD + 0.60%, 0.60% Floor, 6.00% Cap)		0.75	%		02/25/2037		918,526
	3,927,112	Countrywide Alternative Loan Trust, Series 2006-45T1-1A5 (-1 x 1 Month LIBOR USD + 5.40%, 5.40% Cap)		5.25	% I/F I/O		02/25/2037		864,874
	990,907	Countrywide Alternative Loan Trust, Series 2006-6CB-1A4		5.50	%		05/25/2036		977,587
	3,006,469	Countrywide Alternative Loan Trust, Series 2006-J1-1A10		5.50	%		02/25/2036		2,751,535
	6,100,010	Countrywide Alternative Loan Trust, Series 2006-J1-1A3		5.50	%		02/25/2036		5,582,758
	1,213,632	Countrywide Alternative Loan Trust, Series 2006-J4-2A2		6.00	%		07/25/2036		1,011,028
	764,318	Countrywide Alternative Loan Trust, Series 2007-11T1-A24 (-6 x 1 Month LIBOR USD + 39.90%, 39.90% Cap)		39.01	% I/F		05/25/2037		1,715,294
	12,169,107	Countrywide Alternative Loan Trust, Series 2007-15CB-A1		6.00	%		07/25/2037		10,410,815
	9,133,738	Countrywide Alternative Loan Trust, Series 2007-16CB-2A1 (1 Month LIBOR USD + 0.45%, 0.45% Floor, 7.00% Cap)		0.60	%		08/25/2037		3,268,291
	2,644,902	Countrywide Alternative Loan Trust, Series 2007-16CB-2A2 (-8 x 1 Month LIBOR USD + 54.58%, 54.58% Cap)		53.35	% I/F		08/25/2037		7,133,504
	4,101,969	Countrywide Alternative Loan Trust, Series 2007-16CB-4A7		6.00	%		08/25/2037		3,936,456
	6,628,307	Countrywide Alternative Loan Trust, Series 2007-17CB-1A10 (-5 x 1 Month LIBOR USD + 29.90%, 29.90% Cap)		29.22	% I/F		08/25/2037		11,192,173
	1,026,907	Countrywide Alternative Loan Trust, Series 2007-18CB-2A25		6.00	%		08/25/2037		883,293
	735,189	Countrywide Alternative Loan Trust, Series 2007-19-1A10 (-6 x 1 Month LIBOR USD + 39.00%, 39.00% Cap)		38.11	% I/F		08/25/2037		1,803,150
	10,805,699	Countrywide Alternative Loan Trust, Series 2007-19-1A4		6.00	%		08/25/2037		8,052,408
	30,728,518	Countrywide Alternative Loan Trust, Series 2007-19-2A1		6.50	%		08/25/2037		19,926,086
	3,559,403	Countrywide Alternative Loan Trust, Series 2007-21CB-2A2 (-4 x 1 Month LIBOR USD + 28.40%, 28.40% Cap)		27.81	% I/F		09/25/2037		4,572,417
	20,736,149	Countrywide Alternative Loan Trust, Series 2007-22-2A16		6.50	%		09/25/2037		12,381,380
	8,753,070	Countrywide Alternative Loan Trust, Series 2007-23CB-A3 (1 Month LIBOR USD + 0.50%, 0.50% Floor, 7.00% Cap)		0.65	%		09/25/2037		3,404,124
	12,422,422	Countrywide Alternative Loan Trust, Series 2007-23CB-A4 (-1 x 1 Month LIBOR USD + 6.50%, 6.50% Cap)		6.35	% I/F I/O		09/25/2037		4,186,791
	15,421,238	Countrywide Alternative Loan Trust, Series 2007-4CB-2A1		7.00	%		03/25/2037		3,038,453
	4,851,160	Countrywide Alternative Loan Trust, Series 2007-5CB-1A18 (-1 x 1 Month LIBOR USD + 5.65%, 5.65% Cap)		5.50	% I/F I/O		04/25/2037		1,335,537
	4,851,160	Countrywide Alternative Loan Trust, Series 2007-5CB-1A23 (1 Month LIBOR USD + 0.55%, 0.55% Floor, 6.00% Cap)		0.70	%		04/25/2037		2,171,257
	4,111,316	Countrywide Alternative Loan Trust, Series 2007-6-A4		5.75	%		04/25/2047		3,345,664
	327,349	Countrywide Alternative Loan Trust, Series 2007-8CB-A12 (-6 x 1 Month LIBOR USD + 40.20%, 40.20% Cap)		39.31	% I/F		05/25/2037		791,147
	349,440	Countrywide Alternative Loan Trust, Series 2007-8CB-A8 (-6 x 1 Month LIBOR USD + 40.08%, 40.08% Cap)		39.19	% I/F		05/25/2037		842,119
	527,792	Countrywide Alternative Loan Trust, Series 2007-9T1-1A4 (1 Month LIBOR USD + 0.50%, 0.50% Floor, 6.00% Cap)		0.65	%		05/25/2037		172,821
	527,792	Countrywide Alternative Loan Trust, Series 2007-9T1-1A5 (-1 x 1 Month LIBOR USD + 5.50%, 5.50% Cap)		5.35	% I/F I/O		05/25/2037		131,291
	1,559,240	Countrywide Alternative Loan Trust, Series 2007-9T1-2A1		6.00	%		05/25/2037		973,800
	32,051,619	Countrywide Alternative Loan Trust, Series 2007-HY2-1A		3.52	% #		03/25/2047		30,948,604
	2,311,343	Countrywide Asset Backed Certificates, Series 2003-BC6-M1 (1 Month LIBOR USD + 0.83%, 0.55% Floor)		0.97	%		11/25/2033		2,263,998
	11,191,383	Countrywide Asset Backed Certificates, Series 2005-4-AF5B		4.27	%		10/25/2035		11,504,035
	31,115,532	Countrywide Asset Backed Certificates, Series 2006-25-1A (1 Month LIBOR USD + 0.14%, 0.14% Floor)		0.29	%		07/25/2035		28,345,316
	8,559,459	Countrywide Asset Backed Certificates, Series 2006-26-1A (1 Month LIBOR USD + 0.14%, 0.14% Floor)		0.29	%		08/25/2035		7,903,732
	17,184,676	Countrywide Asset Backed Certificates, Series 2007-BC1-1A (1 Month LIBOR USD + 0.14%, 0.14% Floor)		0.29	%		05/25/2037		15,624,512
	3,699,412	Countrywide Asset Backed Certificates, Series 2007-BC3-2A3 (1 Month LIBOR USD + 0.18%, 0.18% Floor)		0.33	%		09/25/2037		3,668,575
	254,099	Countrywide Asset-Backed Certificates, Series 2005-13-AF3		4.51	% #		02/25/2033		243,502
	994,742	Countrywide Home Loans, Series 2003-60-4A1		3.89	% #		02/25/2034		1,028,695
	1,622,807	Countrywide Home Loans, Series 2004-R2-1AF1 (1 Month LIBOR USD + 0.42%, 0.42% Floor, 9.50% Cap)		0.58	% ^		11/25/2034		1,461,129
	1,578,988	Countrywide Home Loans, Series 2004-R2-1AS		5.97	% # ^ I/O		11/25/2034		133,507
	3,711,109	Countrywide Home Loans, Series 2005-20-A5		5.50	%		10/25/2035		3,246,725
	2,745,061	Countrywide Home Loans, Series 2005-20-A8		5.25	%		10/25/2035		2,436,773
	8,758,454	Countrywide Home Loans, Series 2005-23-A1		5.50	%		11/25/2035		6,964,117
	2,110,015	Countrywide Home Loans, Series 2005-24-A8		5.50	%		11/25/2035		1,719,202
	716,584	Countrywide Home Loans, Series 2005-27-2A1		5.50	%		12/25/2035		535,719
	1,386,127	Countrywide Home Loans, Series 2005-28-A7		5.25	%		11/01/2035		1,104,673
	12,320,769	Countrywide Home Loans, Series 2005-HYB1-4A1		3.54	% #		03/25/2035		12,652,831
	857,640	Countrywide Home Loans, Series 2005-HYB8-1A1		3.24	% #		12/20/2035		769,914
	1,822,535	Countrywide Home Loans, Series 2005-J3-2A4		4.50	%		09/25/2035		1,792,917
	1,043,436	Countrywide Home Loans, Series 2005-J4-A5		5.50	%		11/25/2035		1,015,755
	520,227	Countrywide Home Loans, Series 2005-R1-1AF1 (1 Month LIBOR USD + 0.36%, 0.36% Floor, 9.50% Cap)		0.51	% ^		03/25/2035		479,816
	515,085	Countrywide Home Loans, Series 2005-R1-1AS		5.94	% # ^ I/O		03/25/2035		88,841
	4,276,430	Countrywide Home Loans, Series 2006-16-2A1		6.50	%		11/25/2036		2,755,489
	4,315,502	Countrywide Home Loans, Series 2006-1-A2		6.00	%		03/25/2036		3,389,055
	1,792,783	Countrywide Home Loans, Series 2006-20-1A21		6.00	%		02/25/2037		1,413,726
	1,046,824	Countrywide Home Loans, Series 2006-J3-A4		5.50	%		05/25/2036		1,096,469
	5,565,868	Countrywide Home Loans, Series 2007-10-A7		6.00	%		07/25/2037		4,278,831
	15,902,290	Countrywide Home Loans, Series 2007-11-A1		6.00	%		08/25/2037		11,762,147
	9,540,167	Countrywide Home Loans, Series 2007-12-A9		5.75	%		08/25/2037		7,795,962
	4,153,643	Countrywide Home Loans, Series 2007-13-A1		6.00	%		08/25/2037		3,247,948
	6,805,973	Countrywide Home Loans, Series 2007-13-A10		6.00	%		08/25/2037		5,321,942
	4,955,488	Countrywide Home Loans, Series 2007-15-1A1		6.25	%		09/25/2037		4,257,309
	692,169	Countrywide Home Loans, Series 2007-15-1A16		6.25	%		09/25/2037		594,649
	2,435,056	Countrywide Home Loans, Series 2007-15-1A29		6.25	%		09/25/2037		2,091,741
	5,262,314	Countrywide Home Loans, Series 2007-17-1A2		6.00	%		10/25/2037		4,756,443
	732,276	Countrywide Home Loans, Series 2007-18-1A1		6.00	%		11/25/2037		590,650
	5,123,749	Countrywide Home Loans, Series 2007-3-A1		6.00	%		04/25/2037		3,935,422
	1,973,337	Countrywide Home Loans, Series 2007-3-A12		6.00	%		04/25/2037		1,515,670
	4,124,235	Countrywide Home Loans, Series 2007-4-1A39		6.00	%		05/25/2037		2,969,619
	1,688,026	Countrywide Home Loans, Series 2007-5-A2		5.75	%		05/25/2037		1,330,943
	6,063,890	Countrywide Home Loans, Series 2007-7-A1		6.00	%		06/25/2037		4,985,356
	1,817,747	Countrywide Home Loans, Series 2007-7-A2		5.75	%		06/25/2037		1,464,041
	5,887,093	Countrywide Home Loans, Series 2007-8-1A4		6.00	%		01/25/2038		4,347,841
	3,089,525	Countrywide Home Loans, Series 2007-8-1A5		5.44	%		01/25/2038		2,160,290
	7,173,226	Countrywide Home Loans, Series 2007-8-1A9 (1 Month LIBOR USD + 6.00%, 4.00% Floor, 6.00% Cap)		6.00	%		01/25/2038		5,266,678
	1,142,660	Countrywide Home Loans, Series 2007-9-A11		5.75	%		07/25/2037		888,408
	6,510,848	Countrywide Home Loans, Series 2007-HY1-1A1		3.70	% #		04/25/2037		6,201,183
	18,643,312	Countrywide Home Loans, Series 2007-J1-2A1		6.00	%		02/25/2037		11,525,728
	465,639	Countrywide Home Loans, Series 2007-J3-A1 (1 Month LIBOR USD + 0.50%, 0.50% Floor, 6.00% Cap)		0.65	%		07/25/2037		168,850
	2,328,194	Countrywide Home Loans, Series 2007-J3-A2 (-1 x 1 Month LIBOR USD + 5.50%, 5.50% Cap)		5.35	% I/F I/O		07/25/2037		553,527
	4,400,170	Credit Suisse First Boston Mortgage Backed Trust, Series 2006-3-A4B		6.61	%		11/25/2036		1,303,635
	2,642,514	Credit Suisse First Boston Mortgage Backed Trust, Series 2006-4-A6A		6.18	%		12/25/2036		859,468
	9,561,317	Credit Suisse First Boston Mortgage Backed Trust, Series 2007-1-1A1A		5.90	% #		05/25/2037		3,556,189
	24,924	Credit Suisse First Boston Mortgage Securities Corporation, Series 2004-AR8-2A1		2.99	% #		09/25/2034		24,981
	2,975,746	Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-10-5A4		5.50	%		11/25/2035		2,703,791
	626,424	Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-10-5A5		5.50	%		11/25/2035		569,175
	8,465,082	Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-12-5A1		5.25	%		01/25/2036		8,366,156
	9,644,989	Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-12-7A1		7.00	%		01/25/2036		2,263,710
	3,994,203	Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-8-3A10		5.50	%		09/25/2035		4,007,445
	3,966,918	Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-8-7A1		7.00	%		09/25/2035		2,791,164
	1,417,564	Credit Suisse Mortgage Capital Certificates, Series 2005-1R-2A5		5.75	% ^		12/26/2035		1,292,480
	13,042,171	Credit Suisse Mortgage Capital Certificates, Series 2006-1-2A1		6.00	%		02/25/2036		7,420,044
	2,327,181	Credit Suisse Mortgage Capital Certificates, Series 2006-2-3A1		6.50	%		03/25/2036		1,029,138
	2,793,376	Credit Suisse Mortgage Capital Certificates, Series 2006-2-5A1 (1 Month LIBOR USD + 0.70%, 0.70% Floor, 6.00% Cap)		0.85	%		03/25/2036		928,992
	15,613,690	Credit Suisse Mortgage Capital Certificates, Series 2006-2-5A2 (-1 x 1 Month LIBOR USD + 5.30%, 5.30% Cap)		5.15	% I/F I/O		03/25/2036		3,946,343
	3,252,310	Credit Suisse Mortgage Capital Certificates, Series 2006-2-5A3		6.25	%		03/25/2036		2,245,120
	8,802,051	Credit Suisse Mortgage Capital Certificates, Series 2006-2-5A4		6.00	%		03/25/2036		5,910,441
	1,984,936	Credit Suisse Mortgage Capital Certificates, Series 2006-3-4A3		5.50	%		04/25/2036		1,723,626
	1,199,945	Credit Suisse Mortgage Capital Certificates, Series 2006-3-4A4		5.50	%		04/25/2036		1,043,856
	3,210,722	Credit Suisse Mortgage Capital Certificates, Series 2006-4-1A8 (1 Month LIBOR USD + 1.00%, 1.00% Floor, 6.00% Cap)		6.00	%		05/25/2036		2,459,740
	20,284,130	Credit Suisse Mortgage Capital Certificates, Series 2006-4-4A1		7.00	%		05/25/2036		7,814,106
	8,412,131	Credit Suisse Mortgage Capital Certificates, Series 2006-6-1A4		6.00	%		07/25/2036		6,743,788
	10,176,975	Credit Suisse Mortgage Capital Certificates, Series 2006-6-3A1		7.00	%		07/25/2036		2,083,133
	155,091	Credit Suisse Mortgage Capital Certificates, Series 2006-7-3A11		6.00	%		08/25/2036		104,638
	2,380,867	Credit Suisse Mortgage Capital Certificates, Series 2006-7-7A5		6.00	%		08/25/2036		2,251,808
	4,650,247	Credit Suisse Mortgage Capital Certificates, Series 2006-9-2A1		5.50	%		11/25/2036		4,421,878
	17,404,274	Credit Suisse Mortgage Capital Certificates, Series 2006-9-3A1		6.00	%		11/25/2036		16,509,874
	4,943,201	Credit Suisse Mortgage Capital Certificates, Series 2006-9-4A1		6.00	%		11/25/2036		3,806,138
	2,535,251	Credit Suisse Mortgage Capital Certificates, Series 2006-9-6A14		6.00	%		11/25/2036		2,490,561
	411,921	Credit Suisse Mortgage Capital Certificates, Series 2006-9-6A15 (-6 x 1 Month LIBOR USD + 39.90%, 39.90% Cap)		38.85	% I/F		11/25/2036		914,425
	9,965,823	Credit Suisse Mortgage Capital Certificates, Series 2007-1-1A4		6.13	% #		02/25/2037		4,377,679
	4,445,458	Credit Suisse Mortgage Capital Certificates, Series 2007-1-5A14		6.00	%		02/25/2037		4,032,299
	6,867,299	Credit Suisse Mortgage Capital Certificates, Series 2007-3-2A10		6.00	%		04/25/2037		4,526,565
	4,674,196	Credit Suisse Mortgage Capital Certificates, Series 2007-5-2A5		5.00	%		08/25/2037		4,412,506
	39,188,810	Credit Suisse Mortgage Capital Certificates, Series 2007-5-3A19		6.00	%		08/25/2037		33,114,047
	17,368,136	Credit Suisse Mortgage Capital Certificates, Series 2007-5-3A9		6.00	%		08/25/2037		14,672,668
	5,460,173	Credit Suisse Mortgage Capital Certificates, Series 2008-2R-1A1		6.00	% ^		07/25/2037		4,617,094
	916,854	Credit Suisse Mortgage Capital Certificates, Series 2009-1R-4A2		3.18	% # ^		07/26/2035		865,133
	2,770,440	Credit Suisse Mortgage Capital Certificates, Series 2010-13R-1A2		5.50	% # ^		12/27/2035		2,769,705
	49,560,313	Credit Suisse Mortgage Capital Certificates, Series 2010-17R-6A1		3.16	% # ^		06/26/2037		49,886,459
	7,543,009	Credit Suisse Mortgage Capital Certificates, Series 2010-4R-8A17		6.00	% # ^		06/26/2037		7,777,045
	10,067,940	Credit Suisse Mortgage Capital Certificates, Series 2012-10R-4A2		3.52	% # ^		08/29/2046		8,766,296
	28,881,964	Credit Suisse Mortgage Capital Certificates, Series 2013-9R-A1		3.00	% # ^		05/28/2043		28,232,830
	10,964,469	Credit Suisse Mortgage Capital Certificates, Series 2020-BPL1-A2		4.52	% ^§		02/25/2024		10,918,450
	11,342,052	Credit-Based Asset Servicing and Securitization LLC, Series 2006-CB4-AV3 (1 Month LIBOR USD + 0.15%, 0.15% Floor)		0.30	%		05/25/2036		9,258,813
	3,332,491	Credit-Based Asset Servicing and Securitization LLC, Series 2007-MX1-A3		5.83	% ^ ß		12/25/2036		3,354,760
	8,431,150	CSMC Mortgage-Backed Trust, Series 2006-4-6A1		6.00	%		05/25/2036		5,149,733
	5,453,118	CSMC Mortgage-Backed Trust, Series 2007-1-3A1		6.00	%		02/25/2022		1,706,502
	57,168	CSMC Mortgage-Backed Trust, Series 2007-2-2A1		5.00	%		03/25/2037		55,651
	11,545,183	CSMC Mortgage-Backed Trust, Series 2019-RPL6-CERT		4.10	% ^		11/27/2058		10,101,522
	272,579,509	CSMC Mortgage-Backed Trust, Series 2019-RPL6-PT1		3.88	% # ^		11/25/2058		284,411,804
	23,438,900	CSMC Mortgage-Backed Trust, Series 2019-RPL8-A1		3.32	% # ^		10/25/2058		23,662,181
	8,469,953	CSMC Trust, Series 2009-12R-5A1		6.00	% ^ Þ		06/27/2036		7,996,666
	15,277,770	CSMC Trust, Series 2010-4R-3A17		6.00	% # ^		06/26/2037		15,350,972
	50,062,395	CSMC Trust, Series 2018-RPL2-A1		4.31	% ^§		08/25/2062		50,533,217
	159,447,535	CSMC Trust, Series 2018-RPL7-A1		4.00	% ^		08/26/2058		163,521,929
	69,475,006	CSMC Trust, Series 2018-RPL8-A1		4.13	% # ^		07/25/2058		69,783,690
	107,513,480	CSMC Trust, Series 2019-JR1-A1		4.10	% # ^		09/27/2066		108,981,770
	64,134,672	CSMC Trust, Series 2019-RPL2-A1		3.86	% # ^		11/25/2058		67,274,705
	4,227,000	CSMC Trust, Series 2020-AFC1-B1		3.45	% # ^		02/25/2050		3,606,708
	13,796,437	CSMC Trust, Series 2020-RPL1-CERT		3.23	% ^		01/25/2046		12,284,540
	263,910,269	CSMC Trust, Series 2020-RPL1-PT1		3.47	% ^		01/29/2050		250,669,099
	98,921,378	CSMCM Trust, Series 2017-RPL2-CERT		11.67	% ^		02/25/2056		84,327,586
	11,123,667	CSMCM Trust, Series 2018-RPL7-A1		3.91	% ^ I/O Þ		09/25/2048		11,793,995
	18,418,460	CSMCM Trust, Series 2018-RPL8-A1		4.06	% ^ I/O		07/25/2058		18,892,219
	3,068,046	Deephaven Residential Mortgage Trust, Series 2018-3A-A2		3.89	% # ^		08/25/2058		3,084,872
	2,986,561	Deephaven Residential Mortgage Trust, Series 2018-3A-A3		3.96	% # ^		08/25/2058		3,003,744
	24,338,465	Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA3-A2 (1 Month LIBOR USD + 0.25%, 0.25% Floor)		0.40	%		07/25/2047		21,390,459
	11,623,323	Deutsche ALT-A Securities, Inc. Mortgage Loan Trust, Series 2005-4-A5		5.50	% #		09/25/2035		11,580,231
	620,732	Deutsche ALT-A Securities, Inc. Mortgage Loan Trust, Series 2005-5-1A6 (-7 x 1 Month LIBOR USD + 35.93%, 35.93% Cap)		34.85	% I/F		11/25/2035		1,086,963
	761,121	Deutsche ALT-A Securities, Inc. Mortgage Loan Trust, Series 2005-5-2A1 (1 Month LIBOR USD + 0.20%, 0.20% Floor, 5.50% Cap)		0.35	%		11/25/2035		306,415
	2,297,145	Deutsche ALT-A Securities, Inc. Mortgage Loan Trust, Series 2005-5-2A2 (-1 x 1 Month LIBOR USD + 5.30%, 5.30% Cap)		5.15	% I/F I/O		11/25/2035		247,245
	19,969,714	Deutsche ALT-A Securities, Inc. Mortgage Loan Trust, Series 2007-2-2A1 (1 Month LIBOR USD + 0.30%, 0.30% Floor)		0.45	%		09/25/2047		17,382,148
	13,088,189	Deutsche ALT-A Securities, Inc. Mortgage Loan Trust, Series 2007-OA5-A1B (1 Month LIBOR USD + 0.22%, 0.22% Floor)		0.37	%		08/25/2047		12,228,758
	4,867,313	Deutsche ALT-B Securities Mortgage Loan Trust, Series 2006-AB1-A1C		5.67	% #		02/25/2036		4,861,511
	682,582	Deutsche ALT-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB2-A2		5.03	% #		06/25/2036		663,616
	16,370,430	Deutsche ALT-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB4-A2		5.65	% #		10/25/2036		15,759,410
	1,166,196	Deutsche ALT-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB4-A3		5.90	% #		10/25/2036		1,122,474
	1,709,631	Deutsche ALT-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB4-A3A1		5.90	% #		10/25/2036		1,643,930
	3,392,296	Deutsche ALT-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB4-A6A1		6.37	%		10/25/2036		3,259,308
	5,895,584	Deutsche Mortgage Securities, Inc., Series 2006-PR1-3A1 (-1 x 1 Month LIBOR USD + 12.12%, 12.12% Cap)		11.91	% ^I/F		04/15/2036		5,446,190
	3,698,936	Deutsche Mortgage Securities, Inc., Series 2006-PR1-4AI1 (-1 x 1 Month LIBOR USD + 12.11%, 12.11% Cap)		11.90	% ^I/F		04/15/2036		3,710,590
	6,020,827	Deutsche Mortgage Securities, Inc., Series 2006-PR1-4AI2 (-2 x 1 Month LIBOR USD + 14.60%, 14.61% Cap)		14.31	% ^I/F		04/15/2036		6,335,227
	465,368	Deutsche Mortgage Securities, Inc., Series 2006-PR1-5AI1 (-3 x 1 Month LIBOR USD + 19.35%, 19.35% Cap)		18.89	% ^I/F		04/15/2036		582,810
	4,072,026	Deutsche Mortgage Securities, Inc., Series 2006-PR1-5AI3 (-1 x 1 Month LIBOR USD + 12.57%, 12.57% Cap)		12.36	% ^I/F		04/15/2036		4,146,308
	67,441,989	Deutsche Mortgage Securities, Inc., Series 2006-PR1-5AI4 (-1 x 1 Month LIBOR USD + 12.12%, 12.12% Cap)		11.91	% ^I/F		04/15/2036		68,161,338
	7,495,393	Deutsche Securities, Inc., Series 2005-6-2A1		5.50	%		12/25/2035		7,365,027
	1,172,317	Deutsche Securities, Inc., Series 2006-AB4-A1A		6.01	% #		10/25/2036		1,128,282
	24,664,155	Eagle Ltd., Series 2019-1-M1B (1 Month LIBOR USD + 1.80%)		1.95	% ^		04/25/2029		24,513,546
	15,780,349	Equifirst Loan Securitization Trust, Series 2007-1-A2B (1 Month LIBOR USD + 0.19%, 0.19% Floor)		0.34	%		04/25/2037		14,961,690
	63,414,922	Figure Line of Credit Trust, Series 2020-1-A		4.04	% # ^		09/25/2049		61,747,534
	2,940,502	First Franklin Mortgage Loan Trust, Series 2006-FF3-A2B (1 Month LIBOR USD + 0.20%, 0.20% Floor)		0.35	%		02/25/2036		2,935,931
	23,992,027	First Franklin Mortgage Loan Trust, Series 2007-FF2-A1 (1 Month LIBOR USD + 0.14%, 0.14% Floor)		0.29	%		03/25/2037		17,093,458
	4,943,416	First Horizon Alternative Mortgage Securities Trust, Series 2005-AA4-1A1		3.18	% #		05/25/2035		3,712,176
	5,480,579	First Horizon Alternative Mortgage Securities Trust, Series 2005-FA8-1A4		5.50	%		11/25/2035		4,213,972
	309,911	First Horizon Alternative Mortgage Securities Trust, Series 2005-FA8-2A1		5.00	%		11/25/2020		302,537
	2,330,926	First Horizon Alternative Mortgage Securities Trust, Series 2006-AA3-A1		3.27	% #		06/25/2036		2,113,064
	2,421,599	First Horizon Alternative Mortgage Securities Trust, Series 2006-FA1-1A12		6.00	%		04/25/2036		1,758,899
	8,125,974	First Horizon Alternative Mortgage Securities Trust, Series 2006-FA1-1A3		5.75	%		04/25/2036		5,756,686
	1,794,593	First Horizon Alternative Mortgage Securities Trust, Series 2006-FA2-1A5		6.00	%		05/25/2036		1,296,381
	2,467,025	First Horizon Alternative Mortgage Securities Trust, Series 2006-FA8-1A5		6.00	%		02/25/2037		1,680,585
	4,691,158	First Horizon Alternative Mortgage Securities Trust, Series 2006-RE1-A1		5.50	%		05/25/2035		4,118,402
	13,668,845	First Horizon Alternative Mortgage Securities Trust, Series 2007-FA3-A3		6.00	%		06/25/2037		8,863,590
	703,332	First Horizon Alternative Mortgage Securities Trust, Series 2007-FA3-A4		6.00	%		06/25/2037		456,077
	813,433	First Horizon Alternative Mortgage Securities Trust, Series 2007-FA4-1A13		6.25	%		08/25/2037		565,747
	2,511,128	First Horizon Alternative Mortgage Securities Trust, Series 2007-FA4-1A4		6.25	%		08/25/2037		1,746,504
	1,179,870	First Horizon Alternative Mortgage Securities Trust, Series 2007-FA4-1A5		6.25	%		08/25/2037		820,606
	1,349,063	First Horizon Mortgage Pass-Through Trust, Series 2006-1-1A2		6.00	%		05/25/2036		1,014,844
	3,614,089	First Horizon Mortgage Pass-Through Trust, Series 2007-1-A3		6.00	%		03/25/2037		2,679,936
	2,531,036	First Horizon Mortgage Pass-Through Trust, Series 2007-4-1A1		6.00	%		08/25/2037		1,889,334
	9,000,000	FirstKey Homes Trust, Series 2020-SFR1-E		2.79	% ^		08/17/2037		9,236,419
	72,500,000	FMC GMSR Issuer Trust, Series 2019-GT1-A		5.07	% # ^		05/25/2026		73,405,206
	75,700,000	FMC GMSR Issuer Trust, Series 2019-GT2-A		4.23	% # ^		09/25/2026		74,254,592
	148,700,149	Fremont Home Loan Trust, Series 2006-D-1A1 (1 Month LIBOR USD + 0.14%, 0.14% Floor)		0.29	%		11/25/2036		102,913,588
	2,751,000	GCAT LLC, Series 2019-NQM3-M1		3.45	% # ^		11/25/2059		2,643,824
	16,617,589	GCAT LLC, Series 2020-1-A1		2.98	% ^§		01/25/2060		16,427,594
	32,380,971	GCAT LLC, Series 2020-2-A1		3.72	% ^§		06/25/2025		32,454,618
	46,273,000	GE-WMC Asset-Backed Pass-Through Certificates, Series 2005-2-A2D (1 Month LIBOR USD + 0.64%, 0.32% Floor)		0.79	%		12/01/2035		43,465,682
	39,706,423	GE-WMC Mortgage Securities Trust, Series 2006-1-A2B (1 Month LIBOR USD + 0.15%, 0.15% Floor)		0.30	%		08/25/2036		24,786,341
	3,424,466	GMACM Mortgage Loan Trust, Series 2005-AR5-3A1		3.61	% #		09/19/2035		3,174,222
	27,314,168	GreenPoint Mortgage Funding Trust, Series 2005-AR3-2A1 (1 Month LIBOR USD + 0.26%, 0.26% Floor, 10.50% Cap)		0.41	%		08/25/2045		17,456,515
	16,519,781	GreenPoint Mortgage Funding Trust, Series 2006-AR7-2A1 (1 Month LIBOR USD + 0.20%, 0.20% Floor)		0.35	%		12/25/2046		16,212,802
	27,532,521	GreenPoint Mortgage Funding Trust, Series 2007-AR2-1A3 (1 Month LIBOR USD + 0.24%, 0.24% Floor)		0.39	%		04/25/2047		24,927,097
	1,044,971	GS Mortgage Securities Corporation, Series 2008-2R-1A1		9.97	% # ^ Þ		09/25/2036		714,312
	162,329	GSAA Home Equity Trust, Series 2005-12-AF3		5.07	% #		09/25/2035		140,454
	9,232,926	GSAA Home Equity Trust, Series 2006-10-AF3		5.98	% #		06/25/2036		3,838,224
	6,608,163	GSAA Home Equity Trust, Series 2006-10-AF4		6.30	% ß		06/25/2036		2,745,416
	12,274,073	GSAA Home Equity Trust, Series 2006-15-AF4		5.96	% ß		09/25/2036		5,198,120
	2,050,823	GSAA Home Equity Trust, Series 2006-18-AF3A		5.77	% #		11/25/2036		904,612
	4,603,834	GSAA Home Equity Trust, Series 2006-18-AF6		5.68	% ß		11/25/2036		1,865,461
	8,698,850	GSAA Home Equity Trust, Series 2006-19-A1 (1 Month LIBOR USD + 0.09%, 0.09% Floor)		0.24	%		12/25/2036		3,604,674
	5,116,868	GSAA Home Equity Trust, Series 2007-10-A1A		6.00	%		11/25/2037		4,046,952
	2,731,558	GSAA Home Equity Trust, Series 2007-10-A2A		6.50	%		11/25/2037		1,688,241
	22,264,577	GSAMP Trust, Series 2006-HE6-A3 (1 Month LIBOR USD + 0.15%, 0.15% Floor)		0.30	%		08/25/2036		19,212,050
	8,640,270	GSAMP Trust, Series 2007-H1-A2B (1 Month LIBOR USD + 0.20%, 0.20% Floor)		0.35	%		01/25/2047		5,953,520
	9,588,956	GSMPS Mortgage Loan Trust, Series 2005-RP2-1AF (1 Month LIBOR USD + 0.35%, 0.35% Floor)		0.50	% ^		03/25/2035		8,690,703
	9,588,956	GSMPS Mortgage Loan Trust, Series 2005-RP2-1AS		4.41	% # ^ I/O		03/25/2035		1,415,185
	5,831,728	GSMPS Mortgage Loan Trust, Series 2005-RP3-1AF (1 Month LIBOR USD + 0.35%, 0.35% Floor, 9.50% Cap)		0.50	% ^		09/25/2035		4,864,385
	5,831,728	GSMPS Mortgage Loan Trust, Series 2005-RP3-1AS		4.24	% # ^ I/O		09/25/2035		860,709
	22,057,205	GSMPS Mortgage Loan Trust, Series 2006-RP1-1AF1 (1 Month LIBOR USD + 0.35%, 0.35% Floor, 9.15% Cap)		0.50	% ^		01/25/2036		17,964,279
	22,057,205	GSMPS Mortgage Loan Trust, Series 2006-RP1-1AS		4.16	% # ^ I/O		01/25/2036		2,759,630
	265,690,000	GSMPS Mortgage Loan Trust, Series 2020-RPL2-PT		1.00	% ^		07/25/2059		273,034,203
	23,417,546	GSMSC Resecuritization Trust, Series 2014-3R-2B (1 Month LIBOR USD + 0.18%, 0.18% Floor)		0.36	% ^		09/26/2036		16,311,304
	1,221,728	GSR Mortgage Loan Trust, Series 2005-1F-1A2		5.50	%		02/25/2035		1,261,087
	2,507,914	GSR Mortgage Loan Trust, Series 2005-1F-3A3		6.00	%		01/25/2035		2,585,648
	398,265	GSR Mortgage Loan Trust, Series 2005-6F-3A5		6.00	%		07/25/2035		430,009
	4,042,915	GSR Mortgage Loan Trust, Series 2005-6F-3A9 (-1 x 1 Month LIBOR USD + 6.90%, 6.90% Cap)		6.75	% I/F I/O		07/25/2035		451,598
	350,824	GSR Mortgage Loan Trust, Series 2005-6F-4A1 (1 Month LIBOR USD + 0.50%, 0.50% Floor, 6.00% Cap)		0.65	%		06/25/2035		319,736
	191,254	GSR Mortgage Loan Trust, Series 2005-7F-3A1 (1 Month LIBOR USD + 0.50%, 0.50% Floor, 6.00% Cap)		0.65	%		09/25/2035		181,361
	8,308,993	GSR Mortgage Loan Trust, Series 2005-8F-3A5		6.00	%		11/25/2035		5,492,139
	2,515,125	GSR Mortgage Loan Trust, Series 2005-8F-4A1		6.00	%		11/25/2035		1,798,686
	566,544	GSR Mortgage Loan Trust, Series 2006-1F-1A2		5.50	%		02/25/2036		706,592
	538,083	GSR Mortgage Loan Trust, Series 2006-2F-2A3		5.75	%		02/25/2036		531,735
	2,239,933	GSR Mortgage Loan Trust, Series 2006-2F-3A3		6.00	%		02/25/2036		1,624,013
	2,690,144	GSR Mortgage Loan Trust, Series 2006-2F-3A6		6.00	%		02/25/2036		1,946,303
	21,679,714	GSR Mortgage Loan Trust, Series 2006-5F-3A1		6.50	%		06/25/2036		15,505,234
	7,902,897	GSR Mortgage Loan Trust, Series 2006-6F-2A3		6.00	%		07/25/2036		6,620,585
	4,318,854	GSR Mortgage Loan Trust, Series 2006-7F-3A4		6.25	%		08/25/2036		2,405,545
	803,615	GSR Mortgage Loan Trust, Series 2006-9F-2A1		6.00	%		10/25/2036		743,629
	14,241,424	GSR Mortgage Loan Trust, Series 2006-9F-4A1		6.50	%		10/25/2036		10,609,447
	681,208	GSR Mortgage Loan Trust, Series 2007-1F-2A2		5.50	%		01/25/2037		892,509
	1,338,201	GSR Mortgage Loan Trust, Series 2007-4F-1A1		5.00	%		07/25/2037		1,629,433
	16,640,630	GSR Mortgage Loan Trust, Series 2007-4F-3A11		6.00	%		07/25/2037		14,920,548
	841,917	HarborView Mortgage Loan Trust, Series 2005-14-3A1A		3.68	% #		12/19/2035		800,147
	26,538,267	HarborView Mortgage Loan Trust, Series 2005-8-1A1A (1 Month LIBOR USD + 0.62%, 0.31% Floor, 11.00% Cap)		0.78	%		09/19/2035		17,533,438
	51,179,973	HarborView Mortgage Loan Trust, Series 2005-8-2A1A (12 Month US Treasury Average + 1.55%, 1.55% Floor)		2.57	%		09/19/2035		34,540,084
	5,404,683	HarborView Mortgage Loan Trust, Series 2006-10-2A1A (1 Month LIBOR USD + 0.18%, 0.18% Floor)		0.34	%		11/19/2036		5,253,096
	9,672,966	HarborView Mortgage Loan Trust, Series 2006-11-A1A (1 Month LIBOR USD + 0.17%, 0.17% Floor)		0.33	%		12/19/2036		8,721,987
	47,840,345	HarborView Mortgage Loan Trust, Series 2006-14-1A1A (1 Month LIBOR USD + 0.18%, 0.18% Floor)		0.34	%		02/19/2037		45,720,491
	81,950,339	HarborView Mortgage Loan Trust, Series 2006-8-1A1 (1 Month LIBOR USD + 0.20%)		0.56	%		07/21/2036		52,121,341
	14,850,517	HarborView Mortgage Loan Trust, Series 2006-BU1-1A1A (1 Month LIBOR USD + 0.21%, 0.21% Floor, 10.50% Cap)		0.37	%		02/19/2046		13,394,829
	12,813,994	HarborView Mortgage Loan Trust, Series 2007-4-1A1 (1 Month LIBOR USD + 0.22%, 10.00% Cap)		0.38	%		07/19/2047		13,172,685
	20,997,351	HarborView Mortgage Loan Trust, Series 2007-7-1A1 (1 Month LIBOR USD + 1.00%, 10.50% Cap)		1.15	%		10/25/2037		18,822,993
	6,620,894	HMIR, Series 2019-1-M1 (1 Month LIBOR USD + 1.65%)		1.80	% ^		05/25/2029		6,559,474
	793,085	Home Equity Asset Trust, Series 2003-3-M1 (1 Month LIBOR USD + 1.29%, 0.86% Floor)		1.44	%		08/25/2033		788,964
	896,504	Home Equity Asset Trust, Series 2004-7-M2 (1 Month LIBOR USD + 0.99%, 0.66% Floor)		1.14	%		01/25/2035		893,069
	12,182,000	Home Equity Mortgage Loan Asset Backed Trust, Series 2006-B-2A4 (1 Month LIBOR USD + 0.28%, 0.28% Floor)		0.43	%		06/25/2036		10,809,957
	9,263,967	Home Equity Mortgage Loan Asset Backed Trust, Series 2006-D-2A4 (1 Month LIBOR USD + 0.24%, 0.24% Floor)		0.39	%		11/25/2036		8,069,038
	9,425,887	Home Equity Mortgage Loan Asset Backed Trust, Series 2007-B-1A1 (1 Month LIBOR USD + 0.19%, 0.19% Floor)		0.34	%		07/25/2037		5,212,745
	9,425,887	Home Equity Mortgage Loan Asset Backed Trust, Series 2007-B-1A2 (1 Month LIBOR USD + 0.19%, 0.19% Floor)		0.34	%		07/25/2037		5,212,745
	3,926,141	Home Partners of America Trust, Series 2019-2-C		3.02	% ^		10/19/2039		4,107,984
	4,176,745	Home Partners of America Trust, Series 2019-2-D		3.12	% ^		10/19/2039		4,365,434
	7,862,109	Home Partners of America Trust, Series 2019-2-E		3.32	% ^		10/19/2039		8,116,103
	746,725	HomeBanc Mortgage Trust, Series 2005-1-M2 (1 Month LIBOR USD + 0.49%, 0.49% Floor, 11.50% Cap)		0.64	%		03/25/2035		658,279
	3,249,048	HomeBanc Mortgage Trust, Series 2005-3-A1 (1 Month LIBOR USD + 0.24%, 0.24% Floor, 11.50% Cap)		0.39	%		07/25/2035		3,259,828
	65,500,000	Homeward Opportunities Fund Trust, Series 2020-BPL1-A1		3.23	% ^§		08/25/2025		65,647,329
	22,482,568	HSI Asset Loan Obligation Trust, Series 2007-2-3A6		6.00	%		09/25/2037		12,442,770
	1,222,474	HSI Asset Loan Obligation Trust, Series 2007-AR1-3A1		3.64	% #		01/25/2037		1,167,518
	16,354,953	HSI Asset Loan Obligation Trust, Series 2007-WF1-A3		4.82	% ß		12/25/2036		8,255,101
	32,360,314	HSI Asset Securitization Corporation, Series 2006-HE1-1A1 (1 Month LIBOR USD + 0.14%, 0.14% Floor)		0.29	%		10/25/2036		14,650,281
	8,212,470	Impac Secured Assets Trust, Series 2007-1-A2 (1 Month LIBOR USD + 0.16%, 0.16% Floor, 11.50% Cap)		0.31	%		03/25/2037		7,891,903
	431,665	Impac Trust, Series 2002-9F-A1		5.22	%		12/25/2032		447,585
	4,380,653	IndyMac IMSC Mortgage Loan Trust, Series 2007-HOA1-A11 (1 Month LIBOR USD + 0.18%, 0.18% Floor)		0.33	%		12/25/2046		3,403,629
	8,356,391	IndyMac Mortgage Loan Trust , Series 2005-AR15-A1		3.18	% #		09/25/2035		7,975,664
	7,924,805	IndyMac Mortgage Loan Trust , Series 2007-AR21-8A1		3.23	% #		09/25/2037		7,646,258
	1,387,786	IndyMac Mortgage Loan Trust, Series 2006-AR2-1A1		3.15	% #		09/25/2036		1,128,155
	1,959,195	IndyMac Mortgage Loan Trust, Series 2006-AR2-4A1		3.22	% #		09/25/2036		1,776,247
	13,415,371	IndyMac Mortgage Loan Trust, Series 2006-AR3-1A1		3.70	% #		12/25/2036		12,229,744
	4,214,692	IndyMac Mortgage Loan Trust, Series 2006-AR7-3A1		3.35	% #		05/25/2036		3,740,702
	3,576,597	IndyMac Mortgage Loan Trust, Series 2007-A1-A1		6.00	%		08/25/2037		2,229,598
	2,618,349	IndyMac Mortgage Loan Trust, Series 2007-A1-A7		6.00	%		08/25/2037		1,632,240
	10,251,551	IndyMac Mortgage Loan Trust, Series 2007-A2-1A1		6.00	%		10/25/2037		8,356,339
	13,130,820	IndyMac Mortgage Loan Trust, Series 2007-A2-2A3		6.50	%		10/25/2037		10,554,335
	19,865,831	IndyMac Mortgage Loan Trust, Series 2007-A2-3A1		7.00	%		10/25/2037		9,960,591
	18,573,051	IndyMac Mortgage Loan Trust, Series 2007-A3-A1		6.25	%		11/25/2037		12,409,153
	5,615,905	IndyMac Mortgage Loan Trust, Series 2007-AR13-2A1		3.24	% #		07/25/2037		4,474,467
	4,341,387	IndyMac Mortgage Loan Trust, Series 2007-AR1-3A1		3.12	% #		03/25/2037		4,129,062
	3,368,535	IndyMac Mortgage Loan Trust, Series 2007-AR3-3A1		2.89	% #		07/25/2037		3,230,685
	31,545,993	IndyMac Mortgage Loan Trust, Series 2007-F1-2A1		6.50	%		06/25/2037		14,474,790
	365,018	IndyMac Mortgage Loan Trust, Series 2007-F2-1A2		6.00	%		07/25/2037		354,469
	25,400,622	IndyMac Mortgage Loan Trust, Series 2007-F2-2A1		6.50	%		07/25/2037		14,007,165
	8,141,558	JP Morgan Alternative Loan Trust, Series 2005-S1-2A11		6.00	%		12/25/2035		7,459,952
	2,610,010	JP Morgan Alternative Loan Trust, Series 2005-S1-2A9		6.00	%		12/25/2035		2,391,501
	4,920,179	JP Morgan Alternative Loan Trust, Series 2006-A2-1A1 (1 Month LIBOR USD + 0.18%, 0.18% Floor, 11.50% Cap)		0.33	%		05/25/2036		4,536,699
	3,041,815	JP Morgan Alternative Loan Trust, Series 2006-S1-1A8		5.75	%		03/25/2036		2,395,548
	11,597,756	JP Morgan Alternative Loan Trust, Series 2006-S2-A4		6.69	%		05/25/2036		11,190,625
	18,432,057	JP Morgan Alternative Loan Trust, Series 2006-S4-A4		5.96	% ß		12/25/2036		18,269,501
	2,179,200	JP Morgan Mortgage Acquisition Corporation, Series 2005-WMC1-M4 (1 Month LIBOR USD + 0.90%, 0.60% Floor)		1.05	%		09/25/2035		1,838,806
	8,424,333	JP Morgan Mortgage Acquisition Trust, Series 2006-CH2-AF3		4.78	% ß		10/25/2036		6,959,084
	14,957,611	JP Morgan Mortgage Acquisition Trust, Series 2006-HE3-A1 (1 Month LIBOR USD + 0.14%, 0.14% Floor)		0.29	%		11/25/2036		13,736,957
	27,250,654	JP Morgan Mortgage Acquisition Trust, Series 2006-RM1-A3 (1 Month LIBOR USD + 0.12%, 0.12% Floor)		0.27	%		11/25/2035		15,586,905
	25,186,269	JP Morgan Mortgage Acquisition Trust, Series 2006-RM1-A4 (1 Month LIBOR USD + 0.18%, 0.18% Floor)		0.33	%		07/25/2036		14,632,807
	3,538,121	JP Morgan Mortgage Acquisition Trust, Series 2006-WF1-A5		6.91	%		07/25/2036		1,707,667
	5,518,486	JP Morgan Mortgage Acquisition Trust, Series 2006-WMC4-A1A (1 Month LIBOR USD + 0.13%, 0.13% Floor)		0.28	%		12/25/2036		4,185,592
	23,000,000	JP Morgan Mortgage Acquisition Trust, Series 2007-CH1-AF5		4.85	% ß		11/25/2036		25,067,548
	9,690,000	JP Morgan Mortgage Acquisition Trust, Series 2007-CH3-M2 (1 Month LIBOR USD + 0.32%, 0.32% Floor)		0.47	%		03/25/2037		8,387,366
	874,614	JP Morgan Mortgage Trust, Series 2005-A6-5A1		2.94	% #		08/25/2035		839,112
	6,019,646	JP Morgan Mortgage Trust, Series 2005-S1-1A2		6.50	%		01/25/2035		6,908,672
	595,018	JP Morgan Mortgage Trust, Series 2005-S2-2A13		5.50	%		09/25/2035		583,557
	1,267,719	JP Morgan Mortgage Trust, Series 2006-S2-3A3		6.00	%		07/25/2036		796,089
	4,044,163	JP Morgan Mortgage Trust, Series 2006-S2-3A5		6.25	%		07/25/2036		2,714,457
	2,492,095	JP Morgan Mortgage Trust, Series 2006-S3-1A2		6.00	%		08/25/2036		1,782,976
	7,931,743	JP Morgan Mortgage Trust, Series 2006-S3-1A21 (1 Month LIBOR USD + 0.38%, 0.38% Floor, 7.50% Cap)		0.53	%		08/25/2036		1,511,567
	7,931,743	JP Morgan Mortgage Trust, Series 2006-S3-1A22 (-1 x 1 Month LIBOR USD + 7.12%, 7.12% Cap)		6.97	% I/F I/O		08/25/2036		2,881,884
	1,161,251	JP Morgan Mortgage Trust, Series 2006-S3-1A9		6.00	%		08/25/2036		830,821
	7,148,045	JP Morgan Mortgage Trust, Series 2006-S4-A3		6.00	%		01/25/2037		4,794,046
	2,976,284	JP Morgan Mortgage Trust, Series 2006-S4-A5		6.00	%		01/25/2037		2,035,822
	6,691,036	JP Morgan Mortgage Trust, Series 2006-S4-A8 (1 Month LIBOR USD + 0.38%, 0.38% Floor, 7.00% Cap)		0.53	%		01/25/2037		2,131,806
	6,691,036	JP Morgan Mortgage Trust, Series 2006-S4-A9 (-1 x 1 Month LIBOR USD + 6.62%, 6.62% Cap)		6.47	% I/F I/O		01/25/2037		2,286,780
	1,265,072	JP Morgan Mortgage Trust, Series 2007-A2-2A1		3.68	% #		04/25/2037		1,148,384
	7,968,429	JP Morgan Mortgage Trust, Series 2007-S1-2A6		6.00	%		03/25/2037		5,401,145
	2,351,442	JP Morgan Mortgage Trust, Series 2007-S3-1A1		5.50	%		08/25/2037		1,716,365
	5,238,315	JP Morgan Mortgage Trust, Series 2007-S3-1A35		6.00	%		08/25/2037		3,868,613
	1,968,488	JP Morgan Mortgage Trust, Series 2007-S3-1A64		7.50	%		08/25/2037		1,209,668
	882,691	JP Morgan Mortgage Trust, Series 2007-S3-1A9		6.00	%		08/25/2037		649,419
	4,829,979	JP Morgan Mortgage Trust, Series 2007-S3-1A96		6.00	%		08/25/2037		3,562,154
	5,504,874	JP Morgan Mortgage Trust, Series 2007-S3-1A97		6.00	%		08/25/2037		4,061,157
	338,096	JP Morgan Mortgage Trust, Series 2007-S3-2A2		5.50	%		08/25/2022		362,485
	6,591,808	JP Morgan Resecuritization Trust, Series 2009-4-3A2		6.00	% ^		02/26/2037		4,992,775
	16,566,666	JP Morgan Resecuritization Trust, Series 2009-7-7A1		7.00	% # ^ Þ		09/27/2037		11,737,995
	12,159,553	JP Morgan Resecuritization Trust, Series 2010-1-1A4		6.00	% ^		02/26/2037		9,588,757
	6,155,753	JP Morgan Resecuritization Trust, Series 2010-1-2A11		7.11	% ^		01/27/2037		4,394,318
	49,737,967	Legacy Mortgage Asset Trust, Series 2018-GS3-A1		4.00	% ^§		06/25/2058		50,372,176
	40,303,534	Legacy Mortgage Asset Trust, Series 2019-GS1-A1		4.00	% ^§		01/25/2059		41,404,924
	39,488,234	Legacy Mortgage Asset Trust, Series 2019-GS2-A1		3.75	% ^§		01/25/2059		40,445,113
	25,880,005	Legacy Mortgage Asset Trust, Series 2019-GS5-A1		3.20	% ^§		05/25/2059		26,163,624
	185,440,489	Legacy Mortgage Asset Trust, Series 2019-RPL3-PT1		4.30	% ^		06/25/2058		184,926,448
	42,572,630	Legacy Mortgage Asset Trust, Series 2019-SL1-A		4.00	% # ^		12/25/2054		43,397,049
	106,952,530	Legacy Mortgage Asset Trust, Series 2019-SL3-A		3.47	% ^§		11/25/2061		107,166,018
	40,516,761	Legacy Mortgage Asset Trust, Series 2020-GS2-A1		2.75	% ^§		03/25/2060		40,696,489
	2,234,354	Lehman Mortgage Trust, Series 2005-2-3A5		5.50	%		12/25/2035		1,727,125
	1,837,147	Lehman Mortgage Trust, Series 2005-2-5A5		5.75	%		12/25/2035		1,700,262
	2,536,886	Lehman Mortgage Trust, Series 2005-3-2A1		6.00	%		01/25/2036		2,744,864
	216,025	Lehman Mortgage Trust, Series 2005-3-2A3		5.50	%		01/25/2036		229,153
	1,160,259	Lehman Mortgage Trust, Series 2005-3-2A7		6.00	%		01/25/2036		1,270,976
	1,285,069	Lehman Mortgage Trust, Series 2006-1-1A1 (1 Month LIBOR USD + 0.75%, 0.75% Floor, 5.50% Cap)		0.90	%		02/25/2036		684,456
	3,855,206	Lehman Mortgage Trust, Series 2006-1-1A2 (-1 x 1 Month LIBOR USD + 4.75%, 4.75% Cap)		4.60	% I/F I/O		02/25/2036		859,651
	4,108,916	Lehman Mortgage Trust, Series 2006-1-3A1 (1 Month LIBOR USD + 0.75%, 0.75% Floor, 5.50% Cap)		0.90	%		02/25/2036		3,455,819
	4,108,916	Lehman Mortgage Trust, Series 2006-1-3A2 (-1 x 1 Month LIBOR USD + 4.75%, 4.75% Cap)		4.60	% I/F I/O		02/25/2036		556,871
	2,647,339	Lehman Mortgage Trust, Series 2006-1-3A4		5.50	%		02/25/2036		2,605,289
	2,817,580	Lehman Mortgage Trust, Series 2006-4-1A3 (-1 x 1 Month LIBOR USD + 5.40%, 5.40% Cap)		5.25	% I/F I/O		08/25/2036		549,331
	1,790,793	Lehman Mortgage Trust, Series 2006-4-1A4		6.00	%		08/25/2036		1,778,013
	6,117,687	Lehman Mortgage Trust, Series 2006-5-2A1 (1 Month LIBOR USD + 0.35%, 0.35% Floor, 7.50% Cap)		0.50	%		09/25/2036		582,714
	12,743,075	Lehman Mortgage Trust, Series 2006-5-2A2 (-1 x 1 Month LIBOR USD + 7.15%, 7.15% Cap)		7.00	% I/F I/O		09/25/2036		3,762,281
	7,624,617	Lehman Mortgage Trust, Series 2006-6-3A9		5.50	%		10/25/2036		6,151,185
	1,752,948	Lehman Mortgage Trust, Series 2006-6-4A5		6.00	%		12/25/2036		1,691,886
	3,317,609	Lehman Mortgage Trust, Series 2006-7-2A2 (1 Month LIBOR USD + 0.45%, 0.45% Floor, 7.00% Cap)		0.60	%		11/25/2036		692,206
	11,887,580	Lehman Mortgage Trust, Series 2006-7-2A5 (-1 x 1 Month LIBOR USD + 6.55%, 6.55% Cap)		6.40	% I/F I/O		11/25/2036		3,930,439
	2,345,382	Lehman Mortgage Trust, Series 2006-9-1A19 (-5 x 1 Month LIBOR USD + 30.68%, 30.68% Cap)		30.00	% I/F		01/25/2037		4,171,393
	2,564,701	Lehman Mortgage Trust, Series 2006-9-1A5 (1 Month LIBOR USD + 0.60%, 0.60% Floor, 5.75% Cap)		0.75	%		01/25/2037		1,591,558
	7,653,191	Lehman Mortgage Trust, Series 2006-9-1A6 (-1 x 1 Month LIBOR USD + 5.15%, 5.15% Cap)		5.00	% I/F I/O		01/25/2037		1,448,611
	3,968,287	Lehman Mortgage Trust, Series 2006-9-2A1 (1 Month LIBOR USD + 0.38%, 0.38% Floor, 7.00% Cap)		0.53	%		01/25/2037		664,418
	7,178,407	Lehman Mortgage Trust, Series 2006-9-2A2 (-1 x 1 Month LIBOR USD + 6.62%, 6.62% Cap)		6.47	% I/F I/O		01/25/2037		2,187,734
	7,182,934	Lehman Mortgage Trust, Series 2007-10-2A1		6.50	%		01/25/2038		4,009,094
	24,657,499	Lehman Mortgage Trust, Series 2007-1-1A1 (1 Month LIBOR USD + 0.21%, 0.21% Floor)		0.36	% ^		06/25/2037		20,521,630
	1,985,817	Lehman Mortgage Trust, Series 2007-2-1A1		5.75	%		03/25/2037		1,697,411
	2,592,976	Lehman Mortgage Trust, Series 2007-4-2A11 (1 Month LIBOR USD + 0.33%, 0.33% Floor, 7.00% Cap)		0.48	%		05/25/2037		635,042
	12,335,341	Lehman Mortgage Trust, Series 2007-4-2A8 (-1 x 1 Month LIBOR USD + 6.67%, 6.67% Cap)		6.52	% I/F I/O		05/25/2037		4,128,382
	878,252	Lehman Mortgage Trust, Series 2007-4-2A9 (1 Month LIBOR USD + 0.33%, 0.33% Floor, 7.00% Cap)		0.48	%		05/25/2037		242,696
	9,810,615	Lehman Mortgage Trust, Series 2007-5-11A1		5.07	% #		06/25/2037		7,740,300
	426,798	Lehman Mortgage Trust, Series 2007-5-3A4		5.00	%		12/25/2035		400,214
	1,019,850	Lehman Mortgage Trust, Series 2007-5-4A3 (-6 x 1 Month LIBOR USD + 40.08%, 40.08% Cap)		39.19	% I/F		08/25/2036		1,667,184
	783,213	Lehman Mortgage Trust, Series 2007-5-7A3		7.50	%		10/25/2036		551,397
	215,595	Lehman Mortgage Trust, Series 2007-6-1A8		6.00	%		07/25/2037		215,205
	6,880,314	Lehman Mortgage Trust, Series 2007-9-2A2		6.50	%		10/25/2037		3,762,690
	4,016,869	Lehman Mortgage Trust, Series 2008-2-1A6		6.00	%		03/25/2038		2,378,435
	4,609,099	Lehman Trust, Series 2005-4-2A3A		5.00	% ß		10/25/2035		5,045,530
	10,769,412	Lehman Trust, Series 2005-9N-2A1 (12 Month US Treasury Average + 1.06%, 1.06% Floor)		2.08	%		02/25/2036		9,877,129
	2,741,781	Lehman Trust, Series 2006-17-1A2 (1 Month LIBOR USD + 0.17%, 0.17% Floor)		0.32	%		08/25/2046		3,133,078
	10,221,609	Lehman Trust, Series 2006-5-1A1A (1 Month LIBOR USD + 0.21%, 0.21% Floor)		0.36	%		04/25/2036		9,344,504
	177,506	Lehman Trust, Series 2006-5-2A4A		4.84	%		04/25/2036		179,788
	11,728,979	Lehman Trust, Series 2006-GP3-1A1 (1 Month LIBOR USD + 0.20%, 0.20% Floor)		0.35	%		06/25/2046		11,069,068
	10,397,830	Lehman Trust, Series 2007-1-2A1		4.53	% #		02/25/2037		11,256,195
	16,835,234	Lehman Trust, Series 2007-12N-1A3A (1 Month LIBOR USD + 0.20%, 0.20% Floor)		0.35	%		07/25/2047		15,942,773
	7,389,175	Lehman XS Trust, Series 2005-2-2A3B		4.69	%		08/25/2035		7,427,284
	11,293,484	Lehman XS Trust, Series 2006-3-A3 (1 Month LIBOR USD + 0.30%, 0.30% Floor)		0.45	%		03/25/2036		10,750,270
	19,200,000	LHOME Mortgage Trust 2019-RTL3, Series 2019-RTL3-A1		3.87	% ^		07/25/2024		19,401,158
	86,200,000	LHOME Mortgage Trust, Series 2019-RTL2-A1		3.84	% ^		03/25/2024		86,860,456
	19,200,000	LHOME Mortgage Trust, Series 2020-RTL1-A1		3.23	% ^		10/25/2024		19,242,436
	33,619,999	Long Beach Mortgage Loan Trust, Series 2006-3-2A3 (1 Month LIBOR USD + 0.18%, 0.18% Floor)		0.33	%		05/25/2046		15,670,873
	5,475,562	Long Beach Mortgage Loan Trust, Series 2006-3-2A4 (1 Month LIBOR USD + 0.27%, 0.27% Floor)		0.42	%		04/25/2046		2,637,193
	35,057,243	Long Beach Mortgage Loan Trust, Series 2006-6-1A (1 Month LIBOR USD + 0.15%, 0.15% Floor)		0.29	%		07/25/2036		28,308,675
	5,118,679	Luminent Mortgage Trust, Series 2005-1-A1 (1 Month LIBOR USD + 0.26%, 0.26% Floor, 11.50% Cap)		0.41	%		11/25/2035		4,887,192
	3,605,922	MASTR Adjustable Rate Mortgages Trust, Series 2005-2-2A1		3.02	% #		03/25/2035		2,875,673
	1,358,538	MASTR Adjustable Rate Mortgages Trust, Series 2005-6-5A1		2.94	% #		07/25/2035		1,282,120
	8,705,094	MASTR Adjustable Rate Mortgages Trust, Series 2007-1-2A1		3.77	% #		11/25/2036		9,822,917
	1,436,188	MASTR Alternative Loans Trust, Series 2005-2-3A1		6.00	%		03/25/2035		1,466,631
	234,775	MASTR Alternative Loans Trust, Series 2005-5-2A3		5.50	%		07/25/2025		235,172
	8,389,316	MASTR Alternative Loans Trust, Series 2005-5-3A1		5.75	%		08/25/2035		6,283,414
	2,497,169	MASTR Alternative Loans Trust, Series 2005-6-1A5		5.50	%		12/25/2035		2,281,738
	1,725,661	MASTR Alternative Loans Trust, Series 2006-3-1A2		6.25	%		07/25/2036		1,473,443
	2,527,849	MASTR Alternative Loans Trust, Series 2007-1-1A5		5.75	%		10/25/2036		2,461,350
	4,606,114	MASTR Alternative Loans Trust, Series 2007-1-2A7		6.00	%		10/25/2036		2,443,386
	3,743,547	MASTR Asset Backed Securities Trust, Series 2003-OPT1-M3 (1 Month LIBOR USD + 4.13%, 2.75% Floor)		4.27	%		12/25/2032		3,767,422
	9,338,045	MASTR Asset Backed Securities Trust, Series 2006-AM2-A3 (1 Month LIBOR USD + 0.17%, 0.17% Floor)		0.32	%		06/25/2036		8,894,714
	19,898,172	MASTR Asset Backed Securities Trust, Series 2007-HE1-A3 (1 Month LIBOR USD + 0.21%, 0.21% Floor)		0.36	%		05/25/2037		19,106,044
	6,005,637	MASTR Asset Backed Securities Trust, Series 2007-WMC1-A1 (1 Month LIBOR USD + 0.15%, 0.15% Floor)		0.29	%		01/25/2037		2,436,375
	2,639,493	MASTR Asset Securitization Trust, Series 2006-1-1A4		5.75	%		05/25/2036		2,339,334
	1,968,574	MASTR Asset Securitization Trust, Series 2006-2-1A11 (1 Month LIBOR USD + 6.00%, 6.00% Floor)		6.00	%		06/25/2036		1,761,691
	3,166,158	MASTR Asset Securitization Trust, Series 2007-1-1A3		6.25	%		11/25/2037		2,231,983
	20,600,467	MASTR Resecuritization Trust, Series 2008-1-A1		6.00	% # ^ Þ		09/27/2037		19,554,394
	11,572,593	MASTR Resecuritization Trust, Series 2008-4-A1		6.00	% # ^		06/27/2036		10,853,184
	2,179,073	MASTR Seasoned Securitization Trust, Series 2005-2-1A4		6.00	%		10/25/2032		2,300,682
	796,655	MASTR Seasoned Securitization Trust, Series 2005-2-2A1 (1 Month LIBOR USD + 0.40%, 0.40% Floor, 7.50% Cap)		0.55	%		10/25/2032		722,695
	16,388,332	Merrill Lynch Alternative Note Asset Trust, Series 2007-F1-2A4 (1 Month LIBOR USD + 0.32%, 0.32% Floor, 7.00% Cap)		0.47	%		03/25/2037		4,500,466
	16,388,332	Merrill Lynch Alternative Note Asset Trust, Series 2007-F1-2A5 (-1 x 1 Month LIBOR USD + 6.68%, 6.68% Cap)		6.53	% I/F I/O		03/25/2037		5,302,533
	1,168,227	Merrill Lynch Mortgage Investors Trust, Series 2006-3-1A		3.02	% #		10/25/2036		1,126,379
	1,176,200	Merrill Lynch Mortgage Investors Trust, Series 2006-F1-1A2		6.00	%		04/25/2036		886,547
	29,445,007	Merrill Lynch Mortgage Investors Trust, Series 2006-FM1-A1 (1 Month LIBOR USD + 0.15%, 0.15% Floor)		0.48	%		04/25/2037		22,341,204
	105,117,857	Merrill Lynch Mortgage Investors Trust, Series 2007-HE2-A1 (1 Month LIBOR USD + 0.25%, 0.25% Floor)		0.40	%		02/25/2037		64,169,553
	3,545,398	Merrill Lynch Mortgage Investors Trust, Series 2007-HE3-A3 (1 Month LIBOR USD + 0.19%, 0.19% Floor)		0.34	%		04/25/2047		2,234,488
	1,984,376	Merrill Lynch Mortgage Investors Trust, Series 2007-HE3-A4 (1 Month LIBOR USD + 0.27%, 0.27% Floor)		0.42	%		04/25/2047		1,266,142
	20,382,188	MFA LLC, Series 2017-NPL1-A1		3.35	% ^§		11/25/2047		20,474,531
	52,073,725	MFA LLC, Series 2018-NPL1-A1		3.88	% ^§		05/26/2048		52,077,073
	52,261,107	MFA LLC, Series 2018-NPL2-A1		4.16	% ^§		07/27/2048		52,422,829
	13,075,727	Morgan Stanley Capital Trust, Series 2006-NC2-M1 (1 Month LIBOR USD + 0.36%, 0.36% Floor)		0.51	%		02/25/2036		12,199,205
	31,352,677	Morgan Stanley Home Equity Loan Trust, Series 2007-1-A4 (1 Month LIBOR USD + 0.22%, 0.22% Floor)		0.37	%		12/25/2036		19,107,105
	5,933,748	Morgan Stanley IXIS Real Estate Capital Trust, Series 2006-2-AFPT (1 Month LIBOR USD + 0.07%, 0.07% Floor)		0.22	%		11/25/2036		2,850,410
	1,011,294	Morgan Stanley Mortgage Loan Trust, Series 2005-10-1A1 (1 Month LIBOR USD + 0.70%, 0.70% Floor, 5.75% Cap)		0.85	%		12/25/2035		759,378
	2,533,758	Morgan Stanley Mortgage Loan Trust, Series 2005-10-1A6		5.75	%		12/25/2035		2,211,916
	3,784,770	Morgan Stanley Mortgage Loan Trust, Series 2005-10-2A1		5.47	% #		12/25/2035		3,792,057
	5,191,553	Morgan Stanley Mortgage Loan Trust, Series 2006-11-1A6		6.73	%		08/25/2036		1,729,470
	8,479,548	Morgan Stanley Mortgage Loan Trust, Series 2006-11-2A1		6.00	%		08/25/2036		5,967,069
	7,620,765	Morgan Stanley Mortgage Loan Trust, Series 2006-16AX-2A2 (1 Month LIBOR USD + 0.17%, 0.17% Floor)		0.32	%		11/25/2036		3,073,633
	6,178,383	Morgan Stanley Mortgage Loan Trust, Series 2006-17XS-A3A		5.65	% ß		10/25/2046		2,621,324
	2,051,206	Morgan Stanley Mortgage Loan Trust, Series 2006-17XS-A6		5.58	% ß		10/25/2046		737,406
	3,582,137	Morgan Stanley Mortgage Loan Trust, Series 2006-2-2A3		5.75	%		02/25/2036		3,694,245
	21,602,593	Morgan Stanley Mortgage Loan Trust, Series 2006-7-3A		5.01	% #		06/25/2036		17,994,967
	2,163,938	Morgan Stanley Mortgage Loan Trust, Series 2006-7-4A4		6.00	%		06/25/2036		1,731,015
	2,190,613	Morgan Stanley Mortgage Loan Trust, Series 2006-7-4A7		6.00	%		06/25/2036		1,752,352
	3,326,665	Morgan Stanley Mortgage Loan Trust, Series 2007-13-6A1		6.00	%		10/25/2037		2,626,881
	6,958,754	Morgan Stanley Mortgage Loan Trust, Series 2007-14AR-2A3		2.86	% #		10/25/2037		5,802,019
	3,363,590	Morgan Stanley Mortgage Loan Trust, Series 2007-1XS-2A3		5.92	% ß		09/25/2046		1,276,623
	2,325,642	Morgan Stanley Mortgage Loan Trust, Series 2007-1XS-2A4A		6.08	% ß		09/25/2046		1,027,554
	713,993	Morgan Stanley Mortgage Loan Trust, Series 2007-3XS-1A2A		5.62	% ß		01/25/2047		689,338
	6,365,836	Morgan Stanley Mortgage Loan Trust, Series 2007-3XS-2A3S		5.86	% ß		01/25/2047		3,577,830
	3,723,414	Morgan Stanley Mortgage Loan Trust, Series 2007-3XS-2A4S		5.96	% ß		01/25/2047		2,092,378
	7,167,160	Morgan Stanley Re-Remic Trust, Series 2010-R5-4B		1.38	% ^		06/26/2036		6,602,919
	11,777,154	Morgan Stanley Re-Remic Trust, Series 2010-R5-5B		0.65	% ^		01/27/2037		10,833,960
	15,434,698	Morgan Stanley Re-Remic Trust, Series 2010-R9-3C		6.00	% # ^		11/26/2036		15,836,779
	2,447,127	Morgan Stanley Re-Remic Trust, Series 2011-R1-1A		5.94	% # ^ Þ		02/26/2037		2,595,141
	13,104,310	Morgan Stanley Re-Remic Trust, Series 2013-R2-1B		3.38	% # ^		10/28/2036		11,744,869
	5,139,325	Morgan Stanley Resecuritization Trust, Series 2014-R7-B1		3.87	% # ^		01/26/2051		5,253,012
	12,029,036	New Century Alternative Mortgage Loan Trust, Series 2006-ALT1-AF3		6.17	% #		07/25/2036		5,071,505
	14,382,377	New Century Alternative Mortgage Loan Trust, Series 2006-ALT2-AF5		5.04	%		10/25/2036		5,353,040
	12,500,000	New Century Home Equity Loan Trust, Series 2006-1-A2C (1 Month LIBOR USD + 0.28%, 0.28% Floor, 12.50% Cap)		0.43	%		05/25/2036		9,852,896
	54,463,209	New Residential Mortgage Loan Trust, Series 2018-FNT1-A		3.61	% ^		05/25/2023		54,555,654
	18,369,565	New Residential Mortgage Loan Trust, Series 2018-FNT2-A		3.79	% ^		07/25/2024		18,045,965
	110,528,093	New Residential Mortgage Loan Trust, Series 2020-NPL1-A1		4.34	% ^ §		07/25/2060		110,853,775
	62,504,400	New Residential Mortgage Loan Trust, Series 2020-RPL1-M1		3.25	% # ^		11/25/2059		65,614,456
	16,345,550	New Residential Mortgage Loan Trust, Series 2020-RPL1-M2		3.50	% # ^		11/25/2059		16,064,255
	401,881	New York Mortgage Trust, Series 2005-2-A (1 Month LIBOR USD + 0.66%, 0.33% Floor, 10.50% Cap)		0.81	%		08/25/2035		386,194
	103,782,771	New York Mortgage Trust, Series 2020-SP1-A1		3.96	% ^		06/25/2025		104,349,435
	114,939	Nomura Asset Acceptance Corporation, Series 2005-AP1-2A5		5.36	%		02/25/2035		117,641
	14,283,992	Nomura Asset Acceptance Corporation, Series 2006-AF1-1A2		6.16	% #		05/25/2036		4,861,704
	2,902,762	Nomura Asset Acceptance Corporation, Series 2006-AF1-1A3		6.41	% #		05/25/2036		989,005
	16,374,063	Nomura Asset Acceptance Corporation, Series 2006-AP1-A2		5.52	% #		01/25/2036		7,301,046
	2,767,562	Nomura Asset Acceptance Corporation, Series 2006-AP1-A3		5.65	% #		01/25/2036		1,233,790
	1,375,984	Nomura Asset Acceptance Corporation, Series 2006-WF1-A2		5.76	% #		06/25/2036		573,169
	16,703,327	Nomura Home Equity Loan, Inc., Series 2006-AF1-A2		5.80	% ß		10/25/2036		7,037,498
	2,906,024	Nomura Home Equity Loan, Inc., Series 2007-1-1A1		6.06	% ß		02/25/2037		1,195,838
	14,484,294	Nomura Home Equity Loan, Inc., Series 2007-1-1A3		5.99	% ß		02/25/2037		5,961,107
	5,770,887	Nomura Resecuritization Trust, Series 2014-2R-4A9		4.39	% ^		07/28/2036		5,382,454
	47,891,550	Nomura Resecuritization Trust, Series 2015-4R-1A14 (1 Month LIBOR USD + 0.19%, 0.19% Floor)		0.36	% ^		03/26/2047		37,336,846
	9,208,637	NovaStar Mortgage Funding Trust Series, Series 2006-3-A2C (1 Month LIBOR USD + 0.16%, 0.16% Floor)		0.31	%		10/25/2036		7,123,516
	19,717,027	NRPL Trust, Series 2018-2A-A1		2.59	% ^§		07/25/2067		20,340,180
	32,652,625	NRZ Excess Spread-Collateralized Notes, Series 2018-PLS2-A		3.27	% ^		02/25/2023		32,950,227
	784,310	Option One Mortgage Loan Trust, Series 2004-3-M3 (1 Month LIBOR USD + 0.98%, 0.65% Floor)		1.12	%		11/25/2034		774,339
	7,395,627	Option One Mortgage Loan Trust, Series 2007-1-2A3 (1 Month LIBOR USD + 0.14%, 0.14% Floor)		0.29	%		01/25/2037		5,230,556
	78,611,782	Option One Mortgage Loan Trust, Series 2007-6-1A1 (1 Month LIBOR USD + 0.19%, 0.19% Floor)		0.34	%		07/25/2037		71,345,805
	99,616,190	OSAT Trust, Series 2020-RPL1-A1		3.07	% ^§		12/25/2059		102,103,387
	13,000,000	Park Place Securities, Inc., Series 2005-WHQ4-M2 (1 Month LIBOR USD + 0.49%, 0.49% Floor)		0.64	%		09/25/2035		12,828,638
	5,045,353	PHH Alternative Mortgage Trust, Series 2007-1-1A1 (1 Month LIBOR USD + 0.16%, 0.16% Floor, 10.10% Cap)		0.31	%		02/25/2037		3,997,327
	13,262,445	PHH Alternative Mortgage Trust, Series 2007-2-2A1		6.00	%		05/25/2037		13,008,928
	6,188,472	PHH Alternative Mortgage Trust, Series 2007-2-2A2		6.00	%		05/25/2037		6,070,177
	432,256	PHH Alternative Mortgage Trust, Series 2007-2-3A1		6.00	%		05/25/2037		396,657
	103,956,719	PMT Credit Risk Transfer Trust 2019-2R, Series 2019-2R-A (1 Month LIBOR USD + 2.75%, 2.75% Floor)		2.90	% ^		05/30/2023		98,388,859
	10,800,807	PMT Credit Risk Transfer Trust, Series 2019-1R-A (1 Month LIBOR USD + 2.00%, 2.00% Floor)		2.15	% ^		03/29/2022		9,734,230
	40,363,903	PMT Credit Risk Transfer Trust, Series 2019-3R-A (1 Month LIBOR USD + 2.70%, 2.70% Floor)		2.85	% ^		10/27/2022		39,032,778
	107,506,849	PMT Credit Risk Transfer Trust, Series 2020-1R-A (1 Month LIBOR USD + 2.35%, 2.35% Floor)		2.50	% ^		02/27/2023		104,272,505
	181,125,984	PR Mortgage Loan Trust, Series 2014-1-APT		5.91	% # ^		10/25/2049		179,377,358
	23,881,724	Pretium Mortgage Credit Partners LLC, Series 2019-1A-A1		4.50	% ^§		01/25/2024		24,106,515
	71,126,366	Pretium Mortgage Credit Partners LLC, Series 2019-CFL1-A1		3.72	% ^§		01/29/2059		71,695,121
	86,571,027	Pretium Mortgage Credit Partners LLC, Series 2019-NPL2-A1		3.84	% ^§		12/30/2058		86,893,660
	51,460,367	Pretium Mortgage Credit Partners LLC, Series 2019-NPL3-A1		3.10	% ^§		01/28/2060		51,763,587
	69,845,657	Pretium Mortgage Credit Partners LLC, Series 2020-CFL1-A1		3.10	% ^§		02/27/2060		69,420,646
	67,369,897	Pretium Mortgage Credit Partners LLC, Series 2020-NPL1-A1		2.86	% ^§		05/29/2059		67,190,443
	5,923,302	Pretium Mortgage Credit Partners LLC, Series 2020-RPL1-A1		3.82	% ^§		05/27/2060		5,992,486
	8,274,367	Prime Mortgage Trust, Series 2006-DR1-2A1		5.50	% ^		05/25/2035		6,923,825
	4,068,229	Prime Mortgage Trust, Series 2006-DR1-2A2		6.00	% ^		05/25/2035		3,396,513
	117,612,506	PRPM LLC, Series 2019-2A-A1		3.97	% ^§		04/25/2024		118,799,452
	54,536,622	PRPM LLC, Series 2019-3A-A1		3.35	% ^§		07/25/2024		54,469,799
	111,171,368	PRPM LLC, Series 2019-4A-A1		3.35	% ^§		11/25/2024		111,638,865
	102,064,629	PRPM LLC, Series 2019-GS1-A1		3.50	% # ^		10/25/2024		102,375,549
	108,272,073	PRPM LLC, Series 2020-1A-A1		2.98	% ^§		02/25/2025		108,064,645
	26,366,832	PRPM LLC, Series 2020-2-A1		3.67	% ^§		08/25/2025		26,415,023
	157,702,000	PRPM LLC, Series 2020-3-A1		2.86	% ^§		09/25/2025		157,699,351
	34,704,365	RALI Trust, Series 2007-QA5-1A1		5.29	% #		09/25/2037		29,121,161
	17,655,784	RALI Trust, Series 2007-QH7-2A1 (1 Month LIBOR USD + 0.30%, 0.30% Floor)		0.45	%		08/25/2037		15,823,267
	38,110,134	RALI Trust, Series 2007-QS10-A1		6.50	%		09/25/2037		37,883,707
	19,455,535	RAMP Series Trust, Series 2006-RS3-A4 (1 Month LIBOR USD + 0.30%, 0.30% Floor, 14.00% Cap)		0.45	%		05/25/2036		18,429,852
	20,359,666	RBSGC Structured Trust, Series 2008-B-A1		6.00	% ^		06/25/2037		20,393,235
	26,431,190	RBSSP Resecuritization Trust , Series 2009-12-20A2		3.54	% # ^		12/27/2035		24,219,198
	5,796,399	RBSSP Resecuritization Trust, Series 2009-12-17A2		2.84	% # ^		10/26/2035		4,927,058
	4,230,944	RBSSP Resecuritization Trust, Series 2010-4-7A2		6.00	% ^		07/27/2037		3,259,532
	79,015,148	Redwood Funding Trust, Series 2019-1-PT		4.21	% ^§		09/27/2024		79,763,342
	1,126,654	Renaissance Home Equity Loan Trust, Series 2006-1-AF6		5.75	% ß		05/25/2036		803,999
	2,122,101	Renaissance Home Equity Loan Trust, Series 2006-2-AF5		6.25	% ß		08/25/2036		1,342,694
	7,009,080	Renaissance Home Equity Loan Trust, Series 2006-3-AF3		5.59	% ß		11/25/2036		3,953,876
	13,972,453	Renaissance Home Equity Loan Trust, Series 2006-3-AF4		5.81	% ß		11/25/2036		8,187,936
	10,340,045	Renaissance Home Equity Loan Trust, Series 2006-4-AF4		5.47	% ß		01/25/2037		5,383,958
	20,361,654	Renaissance Home Equity Loan Trust, Series 2006-4-AF5		5.69	% ß		01/25/2037		11,007,396
	8,192,822	Renaissance Home Equity Loan Trust, Series 2007-1-AF1		5.74	% ß		04/25/2037		3,586,959
	5,779,950	Renaissance Home Equity Loan Trust, Series 2007-1-AF1Z		5.35	% ß		04/25/2037		2,375,362
	3,486,895	Renaissance Home Equity Loan Trust, Series 2007-1-AF2		5.51	% ß		04/25/2037		1,465,008
	5,072,268	Renaissance Home Equity Loan Trust, Series 2007-1-AF3		5.61	% ß		04/25/2037		2,170,022
	8,232,817	Renaissance Home Equity Loan Trust, Series 2007-1-AF5		5.91	% ß		04/25/2037		3,710,478
	17,696,892	Renaissance Home Equity Loan Trust, Series 2007-2-AF2		5.68	% ß		06/25/2037		6,661,919
	9,571,061	Renaissance Home Equity Loan Trust, Series 2007-2-AF5		6.20	% ß		06/25/2037		3,975,776
	21,891,478	Residential Accredit Loans, Inc., Series 2005-QA11-4A1		4.24	% #		10/25/2035		17,791,673
	11,559,069	Residential Accredit Loans, Inc., Series 2005-QA13-2A1		4.37	% #		12/25/2035		10,413,039
	9,412,772	Residential Accredit Loans, Inc., Series 2005-QA3-CB1		3.67	% #		03/25/2035		4,959,264
	349,625	Residential Accredit Loans, Inc., Series 2005-QS12-A11 (-11 x 1 Month LIBOR USD + 51.15%, 51.15% Cap)		49.52	% I/F		08/25/2035		863,432
	1,286,016	Residential Accredit Loans, Inc., Series 2005-QS13-1A6		5.50	%		09/25/2035		1,228,932
	2,624,927	Residential Accredit Loans, Inc., Series 2005-QS13-2A1 (1 Month LIBOR USD + 0.70%, 0.70% Floor, 5.75% Cap)		0.85	%		09/25/2035		2,165,045
	10,762,200	Residential Accredit Loans, Inc., Series 2005-QS13-2A2 (-1 x 1 Month LIBOR USD + 5.05%, 5.05% Cap)		4.90	% I/F I/O		09/25/2035		1,589,845
	6,487,919	Residential Accredit Loans, Inc., Series 2005-QS14-2A1		6.00	%		09/25/2035		3,780,184
	1,945,907	Residential Accredit Loans, Inc., Series 2005-QS15-2A		6.00	%		10/25/2035		1,756,311
	2,616,858	Residential Accredit Loans, Inc., Series 2005-QS15-3A		6.00	%		10/25/2035		2,572,978
	2,694,652	Residential Accredit Loans, Inc., Series 2005-QS16-A1 (1 Month LIBOR USD + 0.70%, 0.70% Floor, 5.50% Cap)		0.85	%		11/25/2035		2,131,327
	2,694,186	Residential Accredit Loans, Inc., Series 2005-QS16-A2 (-1 x 1 Month LIBOR USD + 4.80%, 4.80% Cap)		4.65	% I/F I/O		11/25/2035		389,111
	1,384,532	Residential Accredit Loans, Inc., Series 2005-QS17-A1		6.00	%		12/25/2035		1,371,900
	959,410	Residential Accredit Loans, Inc., Series 2005-QS17-A10		6.00	%		12/25/2035		950,656
	4,012,667	Residential Accredit Loans, Inc., Series 2005-QS17-A11		6.00	%		12/25/2035		3,976,057
	2,852,077	Residential Accredit Loans, Inc., Series 2005-QS17-A2 (1 Month LIBOR USD + 0.85%, 0.85% Floor, 6.00% Cap)		1.00	%		12/25/2035		2,230,769
	2,852,077	Residential Accredit Loans, Inc., Series 2005-QS17-A4 (-1 x 1 Month LIBOR USD + 5.15%, 5.15% Cap)		5.00	% I/F I/O		12/25/2035		446,498
	2,294,870	Residential Accredit Loans, Inc., Series 2005-QS17-A6		6.00	%		12/25/2035		2,273,932
	1,087,649	Residential Accredit Loans, Inc., Series 2005-QS5-A3		5.70	%		04/25/2035		1,114,221
	1,071,344	Residential Accredit Loans, Inc., Series 2006-QS10-A4		5.75	%		08/25/2036		1,054,825
	7,039,752	Residential Accredit Loans, Inc., Series 2006-QS11-1A1		6.50	%		08/25/2036		6,892,304
	1,585,796	Residential Accredit Loans, Inc., Series 2006-QS12-1A1		6.50	%		09/25/2036		1,143,088
	3,015,187	Residential Accredit Loans, Inc., Series 2006-QS12-2A18		5.75	%		09/25/2036		2,944,878
	4,445,726	Residential Accredit Loans, Inc., Series 2006-QS14-A18		6.25	%		11/25/2036		4,328,761
	2,081,422	Residential Accredit Loans, Inc., Series 2006-QS15-A1		6.50	%		10/25/2036		2,063,236
	924,600	Residential Accredit Loans, Inc., Series 2006-QS16-A10		6.00	%		11/25/2036		890,612
	3,287,730	Residential Accredit Loans, Inc., Series 2006-QS16-A11		6.00	%		11/25/2036		3,167,513
	959,725	Residential Accredit Loans, Inc., Series 2006-QS16-A7		6.00	%		11/25/2036		924,446
	1,037,096	Residential Accredit Loans, Inc., Series 2006-QS16-A8		6.00	%		11/25/2036		998,973
	410,399	Residential Accredit Loans, Inc., Series 2006-QS16-A9		6.00	%		11/25/2036		395,312
	1,870,220	Residential Accredit Loans, Inc., Series 2006-QS17-A4		6.00	%		12/25/2036		1,824,184
	10,390,131	Residential Accredit Loans, Inc., Series 2006-QS17-A5		6.00	%		12/25/2036		10,134,376
	1,149,899	Residential Accredit Loans, Inc., Series 2006-QS1-A6 (-8 x 1 Month LIBOR USD + 42.86%, 42.86% Cap)		41.72	% I/F		01/25/2036		2,504,759
	7,361,055	Residential Accredit Loans, Inc., Series 2006-QS3-1A11		6.00	%		03/25/2036		7,430,341
	1,691,991	Residential Accredit Loans, Inc., Series 2006-QS4-A8 (-790 x 1 Month LIBOR USD + 5143.00%, 1.10% Floor, 8.00% Cap)		8.00	% I/F		04/25/2036		1,575,203
	4,549,114	Residential Accredit Loans, Inc., Series 2006-QS5-A3		6.00	%		05/25/2036		4,358,669
	13,558,071	Residential Accredit Loans, Inc., Series 2006-QS5-A4		6.00	%		05/25/2036		12,990,473
	2,144,687	Residential Accredit Loans, Inc., Series 2006-QS6-1A16		6.00	%		06/25/2036		2,087,342
	3,111,474	Residential Accredit Loans, Inc., Series 2006-QS6-1A2		6.00	%		06/25/2036		3,028,280
	6,216,923	Residential Accredit Loans, Inc., Series 2006-QS8-A1		6.00	%		08/25/2036		6,090,573
	10,781,053	Residential Accredit Loans, Inc., Series 2006-QS8-A5 (-1 x 1 Month LIBOR USD + 5.55%, 5.55% Cap)		5.40	% I/F I/O		08/25/2036		1,776,680
	3,812,823	Residential Accredit Loans, Inc., Series 2006-QS9-1A6 (-1 x 1 Month LIBOR USD + 5.30%, 5.30% Cap)		5.15	% I/F I/O		07/25/2036		704,836
	28,208,124	Residential Accredit Loans, Inc., Series 2007-QH5-AII (1 Month LIBOR USD + 0.23%, 0.23% Floor)		0.38	%		06/25/2037		14,151,728
	3,647,198	Residential Accredit Loans, Inc., Series 2007-QS11-A1		7.00	%		10/25/2037		3,434,485
	12,520,365	Residential Accredit Loans, Inc., Series 2007-QS1-1A2 (-1 x 1 Month LIBOR USD + 5.45%, 5.45% Cap)		5.30	% I/F I/O		01/25/2037		2,484,701
	1,260,307	Residential Accredit Loans, Inc., Series 2007-QS1-1A4		6.00	%		01/25/2037		1,230,212
	3,084,167	Residential Accredit Loans, Inc., Series 2007-QS1-2A10		6.00	%		01/25/2037		2,972,254
	4,641,391	Residential Accredit Loans, Inc., Series 2007-QS2-A6		6.25	%		01/25/2037		4,480,072
	21,337,972	Residential Accredit Loans, Inc., Series 2007-QS3-A1		6.50	%		02/25/2037		20,936,964
	3,402,473	Residential Accredit Loans, Inc., Series 2007-QS3-A4		6.25	%		02/25/2037		3,296,953
	5,610,810	Residential Accredit Loans, Inc., Series 2007-QS4-3A3		6.00	%		03/25/2037		5,423,195
	2,337,546	Residential Accredit Loans, Inc., Series 2007-QS5-A1		5.50	%		03/25/2037		2,217,355
	964,333	Residential Accredit Loans, Inc., Series 2007-QS5-A5 (1 Month LIBOR USD + 0.30%, 0.30% Floor, 7.00% Cap)		0.45	%		03/25/2037		701,165
	3,202,770	Residential Accredit Loans, Inc., Series 2007-QS5-A8 (-1 x 1 Month LIBOR USD + 6.70%, 6.70% Cap)		6.55	% I/F I/O		03/25/2037		675,974
	2,572,759	Residential Accredit Loans, Inc., Series 2007-QS6-A102		5.75	%		04/25/2037		2,468,905
	827,217	Residential Accredit Loans, Inc., Series 2007-QS6-A13 (-8 x 1 Month LIBOR USD + 55.00%, 55.00% Cap)		53.77	% I/F		04/25/2037		1,615,068
	3,683,990	Residential Accredit Loans, Inc., Series 2007-QS6-A45		5.75	%		04/25/2037		3,535,275
	5,871,141	Residential Accredit Loans, Inc., Series 2007-QS6-A6		6.25	%		04/25/2037		5,771,999
	405,501	Residential Accredit Loans, Inc., Series 2007-QS6-A77 (-8 x 1 Month LIBOR USD + 55.83%, 55.83% Cap)		54.60	% I/F		04/25/2037		802,148
	6,628,649	Residential Accredit Loans, Inc., Series 2007-QS7-2A1		6.75	%		06/25/2037		4,193,617
	21,267,599	Residential Accredit Loans, Inc., Series 2007-QS9-A33		6.50	%		07/25/2037		20,756,949
	2,538,005	Residential Asset Mortgage Products, Inc., Series 2004-RS7-A3		3.30	% #		07/25/2034		2,419,270
	1,638,515	Residential Asset Mortgage Products, Inc., Series 2005-RS1-AI5		5.64	%		12/25/2034		1,676,188
	18,856,176	Residential Asset Mortgage Products, Inc., Series 2006-RS2-A3A (1 Month LIBOR USD + 0.30%, 0.30% Floor, 14.00% Cap)		0.45	%		03/25/2036		18,473,313
	214,382	Residential Asset Mortgage Products, Inc., Series 2006-RZ3-A3 (1 Month LIBOR USD + 0.29%, 0.29% Floor, 14.00% Cap)		0.44	%		08/25/2036		214,678
	4,829,049	Residential Asset Mortgage Products, Inc., Series 2006-RZ5-A3 (1 Month LIBOR USD + 0.25%, 0.25% Floor, 14.00% Cap)		0.40	%		08/25/2046		4,809,897
	1,307,486	Residential Asset Securities Corporation, Series 2006-EMX5-A3 (1 Month LIBOR USD + 0.16%, 0.16% Floor, 14.00% Cap)		0.31	%		05/25/2036		1,302,224
	23,735,656	Residential Asset Securities Corporation, Series 2007-EMX1-A13 (1 Month LIBOR USD + 0.20%, 0.20% Floor, 14.00% Cap)		0.35	%		10/25/2036		21,699,652
	9,390,067	Residential Asset Securities Corporation, Series 2007-KS3-AI3 (1 Month LIBOR USD + 0.25%, 0.25% Floor, 14.00% Cap)		0.40	%		11/25/2036		9,338,470
	5,267,624	Residential Asset Securitization Trust, Series 2005-A11-2A4		6.00	%		10/25/2035		3,846,466
	2,051,052	Residential Asset Securitization Trust, Series 2005-A12-A7 (-1 x 1 Month LIBOR USD + 5.00%, 5.00% Cap)		4.85	% I/F I/O		11/25/2035		430,952
	2,049,049	Residential Asset Securitization Trust, Series 2005-A12-A8 (1 Month LIBOR USD + 0.55%, 0.55% Floor, 5.50% Cap)		0.70	%		11/25/2035		1,115,750
	17,769,219	Residential Asset Securitization Trust, Series 2005-A13-2A1		5.50	%		10/25/2035		11,364,295
	2,985,391	Residential Asset Securitization Trust, Series 2005-A15-1A7		6.00	%		02/25/2036		3,103,509
	8,797,917	Residential Asset Securitization Trust, Series 2005-A15-5A3		5.75	%		02/25/2036		6,102,061
	9,131,935	Residential Asset Securitization Trust, Series 2005-A16-A1		5.00	%		02/25/2036		5,580,730
	1,658,977	Residential Asset Securitization Trust, Series 2005-A7-A3		5.50	%		06/25/2035		1,348,452
	3,973,565	Residential Asset Securitization Trust, Series 2005-A8CB-A11		6.00	%		07/25/2035		3,719,543
	4,001,131	Residential Asset Securitization Trust, Series 2005-A8CB-A2 (-1 x 1 Month LIBOR USD + 5.00%, 5.00% Cap)		4.85	% I/F I/O		07/25/2035		687,043
	5,205,816	Residential Asset Securitization Trust, Series 2006-A10-A5		6.50	%		09/25/2036		3,233,852
	769,310	Residential Asset Securitization Trust, Series 2006-A1-1A3		6.00	%		04/25/2036		553,236
	7,617,429	Residential Asset Securitization Trust, Series 2006-A12-A1		6.25	%		11/25/2036		4,583,580
	7,590,251	Residential Asset Securitization Trust, Series 2006-A13-A1		6.25	%		12/25/2036		4,010,904
	12,466,612	Residential Asset Securitization Trust, Series 2006-A1-3A2		6.00	%		04/25/2036		9,143,683
	14,422,662	Residential Asset Securitization Trust, Series 2006-A14C-2A6 (1 Month LIBOR USD + 0.45%, 0.45% Floor, 7.00% Cap)		0.60	%		12/25/2036		1,491,410
	31,828,652	Residential Asset Securitization Trust, Series 2006-A14C-2A7 (-1 x 1 Month LIBOR USD + 6.55%, 6.55% Cap)		6.40	% I/F I/O		12/25/2036		9,751,990
	6,228,361	Residential Asset Securitization Trust, Series 2006-A2-A11		6.00	%		01/25/2046		4,068,653
	4,312,937	Residential Asset Securitization Trust, Series 2006-A2-A4		6.00	%		05/25/2036		2,761,640
	446,083	Residential Asset Securitization Trust, Series 2006-A4-2A5		6.00	%		05/25/2036		438,144
	3,461,161	Residential Asset Securitization Trust, Series 2006-A4-2A9		6.00	%		05/25/2036		3,389,694
	3,313,421	Residential Asset Securitization Trust, Series 2006-A8-1A1		6.00	%		08/25/2036		2,847,712
	5,343,365	Residential Asset Securitization Trust, Series 2006-R1-A1 (-4 x 1 Month LIBOR USD + 28.40%, 28.40% Cap)		27.81	% I/F Þ		01/25/2046		7,857,604
	25,426,419	Residential Asset Securitization Trust, Series 2007-A2-1A2		6.00	%		04/25/2037		20,463,948
	860,716	Residential Asset Securitization Trust, Series 2007-A3-1A2 (-8 x 1 Month LIBOR USD + 46.38%, 46.38% Cap)		45.25	% I/F		04/25/2037		2,369,084
	22,834,011	Residential Asset Securitization Trust, Series 2007-A5-1A4 (-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)		5.95	% I/F I/O		05/25/2037		5,486,753
	5,877,707	Residential Asset Securitization Trust, Series 2007-A5-1A6 (1 Month LIBOR USD + 0.40%, 0.40% Floor, 6.50% Cap)		0.55	%		05/25/2037		459,459
	5,257,792	Residential Asset Securitization Trust, Series 2007-A5-2A3		6.00	%		05/25/2037		4,250,483
	2,304,222	Residential Asset Securitization Trust, Series 2007-A5-2A5		6.00	%		05/25/2037		1,862,770
	9,500,484	Residential Asset Securitization Trust, Series 2007-A6-1A2		6.00	%		06/25/2037		8,086,825
	8,189,322	Residential Asset Securitization Trust, Series 2007-A7-A1		6.00	%		07/25/2037		4,768,731
	36,021,898	Residential Asset Securitization Trust, Series 2007-A7-A2		6.00	%		07/25/2037		21,038,842
	15,960,541	Residential Asset Securitization Trust, Series 2007-A7-A6		6.00	%		07/25/2037		9,321,866
	6,849,435	Residential Funding Mortgage Securities Trust, Series 2006-S10-1A1		6.00	%		10/25/2036		6,433,086
	11,602,877	Residential Funding Mortgage Securities Trust, Series 2006-S11-A1		6.00	%		11/25/2036		11,390,941
	2,187,458	Residential Funding Mortgage Securities Trust, Series 2006-S5-A12		6.00	%		06/25/2036		2,156,061
	149,763	Residential Funding Mortgage Securities Trust, Series 2006-S5-A15		6.00	%		06/25/2036		147,613
	3,746,869	Residential Funding Mortgage Securities Trust, Series 2006-S9-A1		6.25	%		09/25/2036		3,683,088
	4,973,227	Residential Funding Mortgage Securities Trust, Series 2007-S1-A7		6.00	%		01/25/2037		4,898,655
	2,591,801	Residential Funding Mortgage Securities Trust, Series 2007-S2-A1		6.00	%		02/25/2037		2,489,376
	2,919,949	Residential Funding Mortgage Securities Trust, Series 2007-S2-A4		6.00	%		02/25/2037		2,804,556
	5,451,212	Residential Funding Mortgage Securities Trust, Series 2007-S2-A5		6.00	%		02/25/2037		5,235,785
	851,843	Residential Funding Mortgage Securities Trust, Series 2007-S2-A9		6.00	%		02/25/2037		818,179
	2,320,975	Residential Funding Mortgage Securities Trust, Series 2007-S3-1A4		6.00	%		03/25/2037		2,100,744
	2,723,826	Residential Funding Mortgage Securities Trust, Series 2007-S4-A1		6.00	%		04/25/2037		2,597,733
	1,525,423	Residential Funding Mortgage Securities Trust, Series 2007-S4-A2		6.00	%		04/25/2037		1,462,412
	17,314,300	Residential Funding Mortgage Securities Trust, Series 2007-S5-A1		6.00	%		05/25/2037		17,755,305
	5,017,752	Residential Funding Mortgage Securities Trust, Series 2007-S5-A8		6.00	%		05/25/2037		5,161,097
	2,481,342	Residential Funding Mortgage Securities Trust, Series 2007-S6-2A4		6.00	%		06/25/2037		2,445,629
	13,432,907	Residential Funding Mortgage Securities Trust, Series 2007-S7-A20		6.00	%		07/25/2037		12,650,191
	7,294,248	Residential Funding Mortgage Securities Trust, Series 2007-S8-1A1		6.00	%		09/25/2037		6,846,566
	586,097	Residential Funding Mortgage Securities Trust, Series 2007-SA1-4A		5.31	% #		02/25/2037		465,600
	5,172,267	Residential Funding Mortgage Securities Trust, Series 2007-SA2-2A1		4.27	% #		04/25/2037		4,653,859
	10,395,651	RMAT LLC, Series 2015-PR2-A1		9.85	% ^		11/25/2035		10,375,496
	38,579,104	RSFR, Series 2020-1-PT		4.21	% ^§		02/17/2025		37,841,625
	26,978,062	Saxon Asset Securities Trust, Series 2006-3-A3 (1 Month LIBOR USD + 0.17%, 0.17% Floor, 12.25% Cap)		0.32	%		11/25/2036		26,472,361
	269,448,199	Securitized Mortgage Asset Loan Trust, Series 2015-1-PC		2.23	% # ^		02/25/2045		228,461,490
	49,500,393	Securitized Mortgage Asset Loan Trust, Series 2015-2-PC		2.45	% # ^		12/26/2059		44,601,502
	60,215,797	Securitized Mortgage Asset Loan Trust, Series 2015-3-PC		3.05	% # ^		10/25/2044		57,871,488
	121,469	Sequoia Mortgage Trust, Series 2003-4-2A1 (1 Month LIBOR USD + 0.35%, 0.35% Floor, 11.50% Cap)		0.51	%		07/20/2033		116,917
	10,820,470	SG Mortgage Securities Trust, Series 2006-FRE1-A1A (1 Month LIBOR USD + 0.17%, 0.17% Floor)		0.32	%		02/25/2036		10,406,193
	2,910,518	SG Mortgage Securities Trust, Series 2006-FRE1-A2C (1 Month LIBOR USD + 0.27%, 0.27% Floor)		0.42	%		02/25/2036		2,144,888
	17,768,066	Soundview Home Loan Trust, Series 2007-NS1-A3 (1 Month LIBOR USD + 0.20%, 0.20% Floor)		0.35	%		01/25/2037		17,464,550
	4,505,037	Soundview Home Loan Trust, Series 2007-OPT1-2A2 (1 Month LIBOR USD + 0.15%, 0.15% Floor)		0.30	%		06/25/2037		3,699,985
	8,325,292	Soundview Home Loan Trust, Series 2007-OPT3-1A1 (1 Month LIBOR USD + 0.17%, 0.17% Floor)		0.32	%		08/25/2037		7,557,191
	25,234,311	Soundview Home Loan Trust, Series 2007-OPT4-1A1 (1 Month LIBOR USD + 1.00%, 1.00% Floor)		1.15	%		09/25/2037		20,587,397
	46,119,863	Soundview Home Loan Trust, Series 2007-WM1W-2A1 (1 Month LIBOR USD + 1.80%, 1.80% Floor)		0.39	%		02/25/2037		36,796,184
	9,826,000	Spruce Hill Mortgage Loan Trust, Series 2020-SH1-M1		3.22	% # ^		01/25/2050		9,630,517
	100,343,445	Stanwich Mortgage Loan Company, Series 2019-NPB1-A1		3.38	% ^§		08/15/2024		99,832,597
	63,957,051	Stanwich Mortgage Loan Company, Series 2019-RPL1-A		3.72	% ^§		02/15/2049		64,999,768
	5,150,054	STARM Mortgage Loan Trust, Series 2007-2-1A1		3.66	% #		04/25/2037		3,112,481
	2,280,633	STARM Mortgage Loan Trust, Series 2007-3-1A1		3.80	% #		06/25/2037		1,922,064
	1,297,003	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-12-8A		3.45	% #		09/25/2034		1,278,282
	2,989,521	Structured Adjustable Rate Mortgage Loan Trust, Series 2005-22-4A1		3.92	% #		12/25/2035		2,857,595
	3,464,902	Structured Adjustable Rate Mortgage Loan Trust, Series 2006-12-2A1		4.03	% #		01/25/2037		3,137,439
	1,806,820	Structured Adjustable Rate Mortgage Loan Trust, Series 2006-1-8A1		3.30	% #		02/25/2036		1,322,973
	6,149,706	Structured Adjustable Rate Mortgage Loan Trust, Series 2006-8-4A4		3.51	% #		09/25/2036		5,767,732
	11,551,879	Structured Adjustable Rate Mortgage Loan Trust, Series 2007-7-1A1 (1 Month LIBOR USD + 0.30%, 0.30% Floor)		0.45	%		08/25/2037		11,085,116
	96,420,364	Structured Asset Investment Loan Trust, Series 2006-3-A1 (1 Month LIBOR USD + 0.16%, 0.16% Floor)		0.31	%		06/25/2036		74,041,275
	11,083,644	Structured Asset Investment Loan Trust, Series 2006-4-A1 (1 Month LIBOR USD + 0.17%, 0.17% Floor)		0.32	%		07/25/2036		8,057,191
	12,031,053	Structured Asset Mortgage Investments Trust, Series 2006-AR3-12A2 (1 Month LIBOR USD + 0.20%, 0.20% Floor, 10.50% Cap)		0.35	%		04/25/2036		10,271,266
	94,128,898	Structured Asset Securities Corporation Mortgage Loan Trust, Series 2006-BC4-A1 (1 Month LIBOR USD + 0.16%, 0.16% Floor)		0.31	%		12/25/2036		70,035,778
	1,636,681	Structured Asset Securities Corporation, Series 2003-24A-1A3		2.82	% #		07/25/2033		1,621,113
	10,798,370	Structured Asset Securities Corporation, Series 2005-5-3A1		6.00	%		04/25/2035		8,690,897
	29,764,807	Structured Asset Securities Corporation, Series 2006-BC4-A4 (1 Month LIBOR USD + 0.17%, 0.17% Floor)		0.32	%		12/25/2036		29,222,191
	75,164,932	Structured Asset Securities Corporation, Series 2007-4-1A3 (-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)		6.10	% ^I/F I/O Þ		03/28/2045		8,041,216
	20,820,092	Structured Asset Securities Corporation, Series 2007-RF1-1A (1 Month LIBOR USD + 0.19%, 0.19% Floor)		0.34	% ^		03/25/2037		16,478,630
	440,419	Suntrust Alternative Loan Trust, Series 2005-1F-2A3		5.75	%		12/25/2035		437,715
	749,630	Suntrust Alternative Loan Trust, Series 2006-1F-1A3		6.00	%		04/25/2036		595,582
	13,502,444	Terwin Mortgage Trust, Series 2006-7-2A3 (1 Month LIBOR USD + 0.27%, 0.27% Floor)		0.42	% ^		08/25/2037		8,008,753
	264,033	Thornburg Mortgage Securities Trust, Series 2003-6-A2 (1 Month LIBOR USD + 0.50%, 0.50% Floor, 11.50% Cap)		0.65	%		12/25/2033		260,763
	4,285,097	Thornburg Mortgage Securities Trust, Series 2004-4-5A		3.21	% #		12/25/2044		4,153,841
	12,433,227	Thornburg Mortgage Securities Trust, Series 2007-1-A1 (12 Month LIBOR USD + 1.30%, 0.11% Floor, 10.75% Cap)		1.67	%		03/25/2037		11,846,908
	2,540,496	Thornburg Mortgage Securities Trust, Series 2007-1-A2A (12 Month LIBOR USD + 1.30%, 0.11% Floor, 10.75% Cap)		1.67	%		03/25/2037		2,299,721
	65,000,000	Toorak Mortgage Corporation Ltd., Series 2019-1-A1		4.46	% ^§		03/25/2022		66,726,413
	70,000,000	Toorak Mortgage Corporation Ltd., Series 2019-2-A1		3.72	% §		09/25/2022		71,533,525
	207,354	Towd Point Mortgage Trust, Series 2015-1-AES		3.00	% # ^		10/25/2053		207,228
	5,000,000	Tricon American Homes Trust, Series 2019-SFR1-E		3.40	% ^		03/18/2038		5,164,189
	8,900,000	Tricon American Homes Trust, Series 2020-SFR1-D		2.55	% ^		07/17/2038		9,122,377
	1,600,000	Tricon American Homes Trust, Series 2020-SFR1-E		3.54	% ^		07/17/2038		1,696,528
	20,800,000	TVC Mortgage Trust, Series 2020-RTL1-A1		3.47	% ^		09/25/2024		21,234,520
	45,267,738	VCAT LLC, Series 2019-NPL2-A1		3.57	% # ^ §		11/25/2049		45,249,495
	13,493,139	VCAT LLC, Series 2020-NPL1-A1		3.67	% ^§		08/25/2050		13,512,089
	23,113,106	Velocity Commercial Capital Loan Trust, Series 2017-2-AFX		3.07	% # ^		11/25/2047		23,358,221
	25,250,589	Velocity Commercial Capital Loan Trust, Series 2018-2-A		4.05	% # ^		10/25/2048		25,692,464
	65,618,235	Velocity Commercial Capital Loan Trust, Series 2019-1-A		3.76	% # ^		03/25/2049		67,947,078
	4,961,588	Velocity Commercial Capital Loan Trust, Series 2019-1-M4		4.61	% # ^		03/25/2049		4,795,573
	22,058,650	Velocity Commercial Capital Loan Trust, Series 2019-2-A		3.13	% # ^		07/25/2049		22,099,723
	9,054,342	Velocity Commercial Capital Loan Trust, Series 2019-2-M1		3.26	% # ^		07/25/2049		8,797,624
	3,231,611	Velocity Commercial Capital Loan Trust, Series 2020-1-M4		3.54	% # ^		02/25/2050		2,965,932
	4,806,042	Vericrest Opportunity Loan Trust, Series 2019-NPL2-A1		3.97	% ^§		02/25/2049		4,817,809
	12,689,272	Vericrest Opportunity Loan Trust, Series 2019-NPL4-A1A		3.35	% ^§		08/25/2049		12,724,114
	39,622,373	Vericrest Opportunity Loan Trust, Series 2019-NPL5-A1A		3.35	% ^§		09/25/2049		39,736,795
	36,691,231	Vericrest Opportunity Loan Trust, Series 2019-NPL8-A1A		3.28	% ^§		11/25/2049		36,788,139
	79,637,894	Vericrest Opportunity Loan Trust, Series 2020-NPL2-A1A		2.98	% ^§		02/25/2050		79,782,468
	30,343,008	Vericrest Opportunity Loan Trust, Series 2020-NPL5-A1A		2.98	% ^§		03/25/2050		30,375,614
	19,484,035	VOLT LLC, Series 2019-NP10-A1A		3.43	% ^§		12/25/2049		19,525,264
	154,245,670	VOLT LLC, Series 2019-NPL6-A1A		3.23	% ^§		10/25/2049		154,582,219
	88,128,679	VOLT LLC, Series 2019-NPL9-A1A		3.33	% ^§		11/25/2049		88,501,887
	41,473,184	VOLT LLC, Series 2020-NPL1-A1A		3.23	% ^§		01/25/2050		41,624,014
	73,138,595	VOLT LLC, Series 2020-NPL3-A1A		2.98	% ^§		02/25/2050		73,265,769
	9,876,079	WaMu Asset-Backed Certificates Trust, Series 2007-HE1-2A2 (1 Month LIBOR USD + 0.11%, 0.11% Floor)		0.26	%		01/25/2037		6,312,346
	15,512,622	WaMu Asset-Backed Certificates Trust, Series 2007-HE4-1A (1 Month LIBOR USD + 0.17%, 0.17% Floor)		0.32	%		07/25/2047		12,859,500
	5,572,445	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-1-2A		6.00	%		03/25/2035		5,577,484
	1,556,147	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-4-5A1		5.50	%		06/25/2035		1,455,370
	657,458	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-5-CB12 (-11 x 1 Month LIBOR USD + 50.60%, 50.60% Cap)		48.97	% I/F		07/25/2035		1,557,032
	2,129,009	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-5-CB6 (1 Month LIBOR USD + 0.60%, 0.60% Floor, 7.50% Cap)		0.75	%		07/25/2035		1,833,649
	558,348	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-6-2A7		5.50	%		08/25/2035		550,825
	7,928,942	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-7-2CB6 (1 Month LIBOR USD + 1.45%, 1.45% Floor, 6.00% Cap)		1.60	%		08/25/2035		7,186,568
	720,813	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-7-2CB7 (-11 x 1 Month LIBOR USD + 50.05%, 50.05% Cap)		48.42	% I/F		08/25/2035		1,536,180
	3,167,740	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-7-3CB		6.50	%		08/25/2035		2,991,793
	8,481,883	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-8-1A2		5.50	%		10/25/2035		8,585,687
	6,744,186	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-9-2A2		5.50	%		11/25/2035		6,931,728
	1,836,725	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-9-CX		5.50	% I/O		11/25/2035		343,399
	2,563,986	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-1-3A1		5.75	%		02/25/2036		2,410,586
	1,298,143	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-1-3A2		5.75	%		02/25/2036		1,210,248
	1,102,646	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-1-3A7		5.75	%		02/25/2036		1,037,292
	3,183,555	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-3-3CB4		6.00	%		04/25/2036		3,046,039
	1,869,746	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-5-1A8		5.75	%		07/25/2036		1,723,172
	3,469,901	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-5-2CB1		6.00	%		07/25/2036		3,046,072
	6,302,800	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-5-2CB6		6.00	%		07/25/2036		5,532,949
	15,245,243	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-5-3A3		6.22	% ß		07/25/2036		5,846,462
	6,353,064	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-5-3A5		6.45	% ß		07/25/2036		2,435,188
	9,303,196	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-8-A4		4.23	% ß		10/25/2036		4,889,160
	3,312,087	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-9-A7		4.57	%		10/25/2036		1,445,782
	6,253,443	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR10-1A1		3.03	% #		09/25/2036		5,934,367
	5,674,593	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR10-A1 (1 Month LIBOR USD + 0.10%, 0.10% Floor)		0.25	%		12/25/2036		3,821,500
	10,180,583	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR15-1A (12 Month US Treasury Average + 0.84%, 0.84% Floor)		1.86	%		11/25/2046		9,214,415
	7,528,891	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR4-2A (12 Month US Treasury Average + 0.95%, 0.95% Floor)		1.97	%		05/25/2046		6,090,711
	6,473,827	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR5-4A (12 Month US Treasury Average + 0.99%, 0.99% Floor)		2.01	%		06/25/2046		5,493,333
	765,763	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR6-2A3		3.16	% #		08/25/2036		682,845
	10,161,431	Washington Mutual Mortgage Pass-Through Certificates, Series 2007-2-1A6		6.00	%		02/25/2037		9,152,010
	4,352,665	Washington Mutual Mortgage Pass-Through Certificates, Series 2007-3-A2		6.00	%		04/25/2037		4,190,472
	5,942,544	Washington Mutual Mortgage Pass-Through Certificates, Series 2007-3-A3		6.00	%		04/25/2037		5,721,231
	4,094,413	Washington Mutual Mortgage Pass-Through Certificates, Series 2007-4-1A1		5.50	%		06/25/2037		4,225,107
	279,970	Washington Mutual Mortgage Pass-Through Certificates, Series 2007-5-A11 (-6 x 1 Month LIBOR USD + 39.48%, 39.48% Cap)		38.59	% I/F		06/25/2037		625,172
	6,999,242	Washington Mutual Mortgage Pass-Through Certificates, Series 2007-5-A6		6.00	%		06/25/2037		7,248,740
	9,079,380	Washington Mutual Mortgage Pass-Through Certificates, Series 2007-HY3-4A1		3.47	% #		08/25/2036		8,978,878
	11,623,505	Washington Mutual Mortgage Pass-Through Certificates, Series 2007-HY5-1A1		3.24	% #		05/25/2037		11,037,607
	8,310,274	Washington Mutual Mortgage Pass-Through Certificates, Series 2007-OC1-A2 (1 Month LIBOR USD + 0.12%, 0.12% Floor)		0.27	%		05/25/2037		7,681,099
	1,029,430	Wells Fargo Alternative Loan Trust, Series 2007-PA1-A10		6.00	%		03/25/2037		1,027,538
	4,519,999	Wells Fargo Alternative Loan Trust, Series 2007-PA1-A3		6.00	%		03/25/2037		4,511,690
	3,897,228	Wells Fargo Alternative Loan Trust, Series 2007-PA1-A5		6.00	%		03/25/2037		3,890,064
	6,387,361	Wells Fargo Alternative Loan Trust, Series 2007-PA1-A6		6.00	%		03/25/2037		6,375,620
	25,437,951	Wells Fargo Alternative Loan Trust, Series 2007-PA2-1A1		6.00	%		06/25/2037		25,775,490
	3,656,041	Wells Fargo Alternative Loan Trust, Series 2007-PA2-3A1 (1 Month LIBOR USD + 0.35%, 0.35% Floor, 7.00% Cap)		0.50	%		06/25/2037		3,129,981
	5,385,915	Wells Fargo Alternative Loan Trust, Series 2007-PA2-3A2 (-1 x 1 Month LIBOR USD + 6.65%, 6.65% Cap)		6.50	% I/F I/O		06/25/2037		848,829
	387,327	Wells Fargo Alternative Loan Trust, Series 2007-PA3-1A4		5.75	%		07/25/2037		370,162
	7,141,912	Wells Fargo Alternative Loan Trust, Series 2007-PA3-2A1		6.00	%		07/25/2037		7,127,895
	2,837,527	Wells Fargo Alternative Loan Trust, Series 2007-PA3-2A4		6.00	%		07/25/2037		2,831,958
	6,855,884	Wells Fargo Alternative Loan Trust, Series 2007-PA3-3A1		6.25	%		07/25/2037		6,809,263
	43,463,180	Wells Fargo Alternative Loan Trust, Series 2007-PA5-1A1		6.25	%		11/25/2037		42,984,068
	8,762,306	Wells Fargo Alternative Loan Trust, Series 2007-PA6-A1		3.46	% #		12/28/2037		8,441,320
	3,653,413	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR12-1A1		2.94	% #		09/25/2036		3,455,734
	1,445,857	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR13-A2		3.08	% #		09/25/2036		1,362,746
	1,749,452	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR4-2A1		4.02	% #		04/25/2036		1,685,339
	2,727,885	Wells Fargo Mortgage Backed Securities Trust, Series 2007-7-A1		6.00	%		06/25/2037		2,753,417
	189,719	Wells Fargo Mortgage Backed Securities Trust, Series 2007-7-A32		5.75	%		06/25/2037		191,470
	6,142,996	Wells Fargo Mortgage Backed Securities Trust, Series 2007-7-A34		6.00	%		06/25/2037		6,240,028
	1,663,823	Wells Fargo Mortgage Backed Securities Trust, Series 2007-7-A36		6.00	%		06/25/2037		1,690,104
	565,840	Wells Fargo Mortgage Backed Securities Trust, Series 2007-7-A43 (1 Month LIBOR USD + 0.50%, 0.50% Floor, 7.00% Cap)		0.65	%		06/25/2037		465,674
	1,545,862	Wells Fargo Mortgage Backed Securities Trust, Series 2007-7-A49		6.00	%		06/25/2037		1,570,280
	654,436	Wells Fargo Mortgage Backed Securities Trust, Series 2007-7-A8 (1 Month LIBOR USD + 0.50%, 0.50% Floor, 7.00% Cap)		0.65	%		06/25/2037		538,587
	295,228	Wells Fargo Mortgage Backed Securities Trust, Series 2007-7-A9 (-6 x 1 Month LIBOR USD + 39.00%, 39.00% Cap)		38.11	% I/F		06/25/2037		527,760
	25,246,130	Wells Fargo Mortgage Backed Securities Trust, Series 2007-AR9-A1		4.24	% #		12/25/2037		23,779,701
	Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $14,854,099,560)								14,530,109,129
	US Government and Agency Mortgage Backed Obligations - 49.2%
	4,778,040	Federal Home Loan Mortgage Corporation, Pool C03490		4.50	%		08/01/2040		5,366,871
	32,032,155	Federal Home Loan Mortgage Corporation, Pool C91388		3.50	%		02/01/2032		34,630,445
	16,760,229	Federal Home Loan Mortgage Corporation, Pool C91403		3.50	%		03/01/2032		18,108,868
	16,642,438	Federal Home Loan Mortgage Corporation, Pool C91413		3.50	%		12/01/2031		17,700,400
	8,378,765	Federal Home Loan Mortgage Corporation, Pool C91417		3.50	%		01/01/2032		9,059,065
	34,610,173	Federal Home Loan Mortgage Corporation, Pool C91447		3.50	%		05/01/2032		37,407,740
	40,785,719	Federal Home Loan Mortgage Corporation, Pool C91594		3.00	%		01/01/2033		43,252,960
	11,941,237	Federal Home Loan Mortgage Corporation, Pool C91596		3.00	%		02/01/2033		12,661,779
	6,165,617	Federal Home Loan Mortgage Corporation, Pool D98901		3.50	%		01/01/2032		6,561,601
	16,369,730	Federal Home Loan Mortgage Corporation, Pool D98923		3.50	%		01/01/2032		17,418,867
	16,291,616	Federal Home Loan Mortgage Corporation, Pool D99724		3.00	%		11/01/2032		17,282,703
	12,997,506	Federal Home Loan Mortgage Corporation, Pool G01840		5.00	%		07/01/2035		14,960,534
	2,619,588	Federal Home Loan Mortgage Corporation, Pool G04817		5.00	%		09/01/2038		3,014,300
	12,242,319	Federal Home Loan Mortgage Corporation, Pool G07801		4.00	%		10/01/2044		13,454,870
	25,640,315	Federal Home Loan Mortgage Corporation, Pool G07862		4.00	%		01/01/2044		28,369,563
	29,264,647	Federal Home Loan Mortgage Corporation, Pool G07905		4.00	%		01/01/2042		32,340,933
	52,907,946	Federal Home Loan Mortgage Corporation, Pool G08534		3.00	%		06/01/2043		56,390,959
	17,074,416	Federal Home Loan Mortgage Corporation, Pool G08537		3.00	%		07/01/2043		18,194,405
	37,057,018	Federal Home Loan Mortgage Corporation, Pool G08614		3.00	%		11/01/2044		39,225,989
	43,020,639	Federal Home Loan Mortgage Corporation, Pool G08619		3.00	%		12/01/2044		45,405,638
	57,682,288	Federal Home Loan Mortgage Corporation, Pool G08622		3.00	%		01/01/2045		60,848,446
	107,335,329	Federal Home Loan Mortgage Corporation, Pool G08626		3.00	%		02/01/2045		113,237,377
	58,257,598	Federal Home Loan Mortgage Corporation, Pool G08631		3.00	%		03/01/2045		61,447,922
	154,759,239	Federal Home Loan Mortgage Corporation, Pool G08635		3.00	%		04/01/2045		163,417,461
	46,161,112	Federal Home Loan Mortgage Corporation, Pool G08640		3.00	%		05/01/2045		48,726,310
	243,252,235	Federal Home Loan Mortgage Corporation, Pool G08648		3.00	%		06/01/2045		256,605,184
	47,131,251	Federal Home Loan Mortgage Corporation, Pool G08653		3.00	%		07/01/2045		49,751,034
	26,268,625	Federal Home Loan Mortgage Corporation, Pool G08658		3.00	%		08/01/2045		27,696,183
	30,791,975	Federal Home Loan Mortgage Corporation, Pool G08670		3.00	%		10/01/2045		32,450,014
	365,040,510	Federal Home Loan Mortgage Corporation, Pool G08675		3.00	%		11/01/2045		384,645,441
	153,549,964	Federal Home Loan Mortgage Corporation, Pool G08680		3.00	%		12/01/2045		161,770,198
	63,483,092	Federal Home Loan Mortgage Corporation, Pool G08686		3.00	%		01/01/2046		66,842,966
	143,012,004	Federal Home Loan Mortgage Corporation, Pool G08692		3.00	%		02/01/2046		150,603,240
	46,997,469	Federal Home Loan Mortgage Corporation, Pool G08705		3.00	%		05/01/2046		49,423,606
	53,115,577	Federal Home Loan Mortgage Corporation, Pool G08715		3.00	%		08/01/2046		55,890,851
	5,068,964	Federal Home Loan Mortgage Corporation, Pool G08741		3.00	%		01/01/2047		5,340,182
	3,622,760	Federal Home Loan Mortgage Corporation, Pool G08800		3.50	%		02/01/2048		3,835,947
	24,132,126	Federal Home Loan Mortgage Corporation, Pool G16072		3.00	%		02/01/2032		26,234,727
	50,319,907	Federal Home Loan Mortgage Corporation, Pool G60251		3.50	%		10/01/2045		55,139,720
	141,271,874	Federal Home Loan Mortgage Corporation, Pool G60393		3.50	%		01/01/2046		153,760,856
	21,907,596	Federal Home Loan Mortgage Corporation, Pool J22834		2.50	%		03/01/2028		22,943,176
	45,181,519	Federal Home Loan Mortgage Corporation, Pool Q13637		3.00	%		11/01/2042		48,085,316
	47,020,557	Federal Home Loan Mortgage Corporation, Pool Q13638		3.00	%		11/01/2042		50,121,703
	74,849,624	Federal Home Loan Mortgage Corporation, Pool Q16672		3.00	%		03/01/2043		79,801,281
	4,491,367	Federal Home Loan Mortgage Corporation, Pool Q23595		4.00	%		12/01/2043		5,044,350
	6,107,468	Federal Home Loan Mortgage Corporation, Pool Q24052		4.00	%		01/01/2044		6,859,513
	4,830,369	Federal Home Loan Mortgage Corporation, Pool Q24172		4.00	%		01/01/2044		5,424,036
	4,211,132	Federal Home Loan Mortgage Corporation, Pool Q24979		4.00	%		02/01/2044		4,728,789
	26,969,372	Federal Home Loan Mortgage Corporation, Pool Q31596		3.50	%		02/01/2045		28,779,435
	10,513,845	Federal Home Loan Mortgage Corporation, Pool Q32861		3.50	%		04/01/2045		11,301,728
	29,774,397	Federal Home Loan Mortgage Corporation, Pool Q32921		3.50	%		04/01/2045		31,939,224
	20,299,812	Federal Home Loan Mortgage Corporation, Pool Q39502		3.50	%		03/01/2046		22,130,982
	65,510,551	Federal Home Loan Mortgage Corporation, Pool Q44073		3.00	%		09/01/2046		68,970,084
	86,989,882	Federal Home Loan Mortgage Corporation, Pool RA3280		2.50	%		08/01/2050		91,336,900
	34,334,733	Federal Home Loan Mortgage Corporation, Pool RB5011		3.00	%		10/01/2039		35,964,372
	126,928,158	Federal Home Loan Mortgage Corporation, Pool RB5022		3.00	%		11/01/2039		132,993,703
	50,957,074	Federal Home Loan Mortgage Corporation, Pool RB5026		2.50	%		11/01/2039		53,503,477
	149,939,784	Federal Home Loan Mortgage Corporation, Pool RB5076		2.00	%		08/01/2040		155,076,263
	52,475,540	Federal Home Loan Mortgage Corporation, Pool RE6066		2.00	%		10/01/2050		53,784,781
	12,716,087	Federal Home Loan Mortgage Corporation, Pool SB0039		2.50	%		04/01/2033		13,517,593
	42,672,868	Federal Home Loan Mortgage Corporation, Pool SD0035		3.00	%		04/01/2047		44,756,205
	149,522,693	Federal Home Loan Mortgage Corporation, Pool SD8090		2.00	%		09/01/2050		154,644,884
	65,000,000	Federal Home Loan Mortgage Corporation, Pool SD8098		2.00	%		10/01/2050		67,226,702
	340,700,000	Federal Home Loan Mortgage Corporation, Pool SD8104		1.50	%		10/01/2050		342,702,406
	3,301,596	Federal Home Loan Mortgage Corporation, Pool T60392		4.00	%		10/01/2041		3,508,514
	4,272,342	Federal Home Loan Mortgage Corporation, Pool T60681		4.00	%		05/01/2042		4,566,880
	15,244,038	Federal Home Loan Mortgage Corporation, Pool T60782		3.50	%		07/01/2042		15,939,832
	22,429,872	Federal Home Loan Mortgage Corporation, Pool T60853		3.50	%		09/01/2042		23,417,308
	19,783,044	Federal Home Loan Mortgage Corporation, Pool T60854		3.50	%		09/01/2042		20,686,362
	1,763,536	Federal Home Loan Mortgage Corporation, Pool T65110		3.50	%		10/01/2042		1,839,574
	32,634,181	Federal Home Loan Mortgage Corporation, Pool T65492		3.00	%		06/01/2048		33,670,001
	3,073,309	Federal Home Loan Mortgage Corporation, Pool T69016		5.00	%		06/01/2041		3,375,467
	18,945,577	Federal Home Loan Mortgage Corporation, Pool T69050		3.50	%		05/01/2046		20,082,745
	445,679	Federal Home Loan Mortgage Corporation, Pool U60299		4.00	%		11/01/2040		488,952
	2,735,216	Federal Home Loan Mortgage Corporation, Pool U99125		3.00	%		01/01/2043		2,909,024
	47,562,235	Federal Home Loan Mortgage Corporation, Pool U99193		3.50	%		03/01/2044		51,722,276
	102,691,792	Federal Home Loan Mortgage Corporation, Pool V81821		3.00	%		08/01/2045		110,111,829
	28,516,108	Federal Home Loan Mortgage Corporation, Pool V82117		3.00	%		12/01/2045		30,570,289
	29,729,539	Federal Home Loan Mortgage Corporation, Pool V82209		3.50	%		02/01/2046		32,399,559
	12,056,512	Federal Home Loan Mortgage Corporation, Pool V82248		3.50	%		03/01/2046		13,219,585
	165,419,290	Federal Home Loan Mortgage Corporation, Pool Z40117		3.00	%		04/01/2045		175,428,914
	19,953,542	Federal Home Loan Mortgage Corporation, Pool ZS4750		3.00	%		01/01/2048		20,898,877
	35,959,827	Federal Home Loan Mortgage Corporation, Pool ZT1827		3.00	%		07/01/2047		37,837,633
	33,934,137	Federal Home Loan Mortgage Corporation, Series 2015-SC02-1A		3.00	%		09/25/2045		34,747,036
	21,773,974	Federal Home Loan Mortgage Corporation, Series 2016-SC01-1A		3.00	%		07/25/2046		22,260,653
	65,800,000	Federal Home Loan Mortgage Corporation, Series 2020-DNA2-M2 (1 Month LIBOR USD + 1.85%, 1.85% Floor)		2.00	% ^		02/25/2050		64,407,231
	821,551	Federal Home Loan Mortgage Corporation, Series 2519-ZD		5.50	%		11/15/2032		940,340
	473,119	Federal Home Loan Mortgage Corporation, Series 2596-ZL		5.00	%		04/15/2033		530,738
	29,422,893	Federal Home Loan Mortgage Corporation, Series 267-30		3.00	%		08/15/2042		31,010,551
	311,597	Federal Home Loan Mortgage Corporation, Series 2684-ZN		4.00	%		10/15/2033		345,835
	55,947,793	Federal Home Loan Mortgage Corporation, Series 269-30		3.00	%		08/15/2042		59,871,451
	22,026,896	Federal Home Loan Mortgage Corporation, Series 274-30		3.00	%		08/15/2042		23,347,533
	2,041,721	Federal Home Loan Mortgage Corporation, Series 2750-ZT		5.00	%		02/15/2034		2,298,637
	71,897,743	Federal Home Loan Mortgage Corporation, Series 280-30		3.00	%		09/15/2042		76,357,874
	5,238,269	Federal Home Loan Mortgage Corporation, Series 2825-PZ		5.50	%		07/15/2034		6,139,050
	15,681,807	Federal Home Loan Mortgage Corporation, Series 284-300		3.00	%		10/15/2042		16,919,190
	3,222,263	Federal Home Loan Mortgage Corporation, Series 2898-JZ		5.00	%		12/15/2034		3,681,105
	7,449,926	Federal Home Loan Mortgage Corporation, Series 2899-AZ		5.00	%		12/15/2034		8,530,469
	4,863,506	Federal Home Loan Mortgage Corporation, Series 2909-Z		5.00	%		12/15/2034		5,582,819
	8,793,503	Federal Home Loan Mortgage Corporation, Series 2932-Z		5.00	%		02/15/2035		10,122,752
	443,193	Federal Home Loan Mortgage Corporation, Series 2990-JL (-1 x 1 Month LIBOR USD + 6.65%, 6.65% Cap)		6.50	% I/F I/O		03/15/2035		33,170
	3,323,493	Federal Home Loan Mortgage Corporation, Series 3002-SN (-1 x 1 Month LIBOR USD + 6.50%, 6.50% Cap)		6.35	% I/F I/O		07/15/2035		687,405
	2,331,650	Federal Home Loan Mortgage Corporation, Series 3030-SL (-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)		5.95	% I/F I/O		09/15/2035		361,213
	695,850	Federal Home Loan Mortgage Corporation, Series 3045-DI (-1 x 1 Month LIBOR USD + 6.73%, 6.73% Cap)		6.58	% I/F I/O		10/15/2035		128,966
	5,185,507	Federal Home Loan Mortgage Corporation, Series 3116-Z		5.50	%		02/15/2036		5,972,103
	1,073,698	Federal Home Loan Mortgage Corporation, Series 3117-ZN		4.50	%		02/15/2036		1,150,231
	2,673,094	Federal Home Loan Mortgage Corporation, Series 3174-PZ		5.00	%		01/15/2036		3,078,902
	666,621	Federal Home Loan Mortgage Corporation, Series 3187-JZ		5.00	%		07/15/2036		762,302
	1,801,643	Federal Home Loan Mortgage Corporation, Series 3188-ZK		5.00	%		07/15/2036		2,072,535
	2,952,501	Federal Home Loan Mortgage Corporation, Series 3203-SE (-1 x 1 Month LIBOR USD + 6.50%, 6.50% Cap)		6.35	% I/F I/O		08/15/2036		616,470
	4,025,406	Federal Home Loan Mortgage Corporation, Series 3203-Z		5.00	%		07/15/2036		4,638,888
	6,378,285	Federal Home Loan Mortgage Corporation, Series 3203-ZC		5.00	%		07/15/2036		7,350,351
	3,620,454	Federal Home Loan Mortgage Corporation, Series 3261-SA (-1 x 1 Month LIBOR USD + 6.43%, 6.43% Cap)		6.28	% I/F I/O		01/15/2037		849,210
	12,963,488	Federal Home Loan Mortgage Corporation, Series 326-300		3.00	%		03/15/2044		14,079,131
	4,166,694	Federal Home Loan Mortgage Corporation, Series 3275-SC (-1 x 1 Month LIBOR USD + 6.08%, 6.08% Cap)		5.93	% I/F I/O		02/15/2037		687,844
	1,038,433	Federal Home Loan Mortgage Corporation, Series 3315-HZ		6.00	%		05/15/2037		1,190,408
	3,052,260	Federal Home Loan Mortgage Corporation, Series 3326-GS (-1 x 1 Month LIBOR USD + 6.65%, 6.65% Cap)		6.50	% I/F I/O		06/15/2037		541,738
	625,496	Federal Home Loan Mortgage Corporation, Series 3351-ZC		5.50	%		07/15/2037		735,994
	7,689,918	Federal Home Loan Mortgage Corporation, Series 3355-BI (-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)		5.90	% I/F I/O		08/15/2037		1,477,632
	304,660	Federal Home Loan Mortgage Corporation, Series 3369-Z		6.00	%		09/15/2037		350,319
	815,150	Federal Home Loan Mortgage Corporation, Series 3405-ZG		5.50	%		01/15/2038		915,196
	1,582,270	Federal Home Loan Mortgage Corporation, Series 3417-SI (-1 x 1 Month LIBOR USD + 6.18%, 6.18% Cap)		6.03	% I/F I/O		02/15/2038		219,449
	1,960,235	Federal Home Loan Mortgage Corporation, Series 3423-GS (-1 x 1 Month LIBOR USD + 5.65%, 5.65% Cap)		5.50	% I/F I/O		03/15/2038		243,488
	321,891	Federal Home Loan Mortgage Corporation, Series 3423-SG (-1 x 1 Month LIBOR USD + 5.65%, 5.65% Cap)		5.50	% I/F I/O		03/15/2038		39,975
	466,261	Federal Home Loan Mortgage Corporation, Series 3451-S (-1 x 1 Month LIBOR USD + 6.03%, 6.03% Cap)		5.88	% I/F I/O		02/15/2037		77,315
	436,898	Federal Home Loan Mortgage Corporation, Series 3455-SC (-1 x 1 Month LIBOR USD + 6.06%, 6.06% Cap)		5.91	% I/F I/O		06/15/2038		66,714
	259,133	Federal Home Loan Mortgage Corporation, Series 3473-SM (-1 x 1 Month LIBOR USD + 6.07%, 6.07% Cap)		5.92	% I/F I/O		07/15/2038		38,045
	3,081,678	Federal Home Loan Mortgage Corporation, Series 3484-SE (-1 x 1 Month LIBOR USD + 5.85%, 5.85% Cap)		5.70	% I/F I/O		08/15/2038		577,637
	3,973,879	Federal Home Loan Mortgage Corporation, Series 3519-SD (-1 x 1 Month LIBOR USD + 5.55%, 5.55% Cap)		5.40	% I/F I/O		02/15/2038		747,795
	1,304,413	Federal Home Loan Mortgage Corporation, Series 3524-LB		3.55	% I/O		06/15/2038		1,408,826
	77,149	Federal Home Loan Mortgage Corporation, Series 3530-GZ		4.50	% >		05/15/2039		80,580
	4,796,700	Federal Home Loan Mortgage Corporation, Series 3541-EI (-1 x 1 Month LIBOR USD + 6.75%, 6.75% Cap)		6.60	% I/F I/O		06/15/2039		1,057,842
	504,011	Federal Home Loan Mortgage Corporation, Series 3545-SA (-1 x 1 Month LIBOR USD + 6.15%, 6.15% Cap)		6.00	% I/F I/O		06/15/2039		88,353
	209,667	Federal Home Loan Mortgage Corporation, Series 3549-SA (-1 x 1 Month LIBOR USD + 5.80%, 5.80% Cap)		5.65	% I/F I/O		07/15/2039		26,471
	5,109,297	Federal Home Loan Mortgage Corporation, Series 3577-LS (-1 x 1 Month LIBOR USD + 7.20%, 7.20% Cap)		7.05	% I/F I/O		08/15/2035		1,047,723
	1,184,158	Federal Home Loan Mortgage Corporation, Series 3582-SA (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		5.85	% I/F I/O		10/15/2049		213,246
	29,976,278	Federal Home Loan Mortgage Corporation, Series 358-300		3.00	%		10/15/2047		31,762,882
	1,599,711	Federal Home Loan Mortgage Corporation, Series 3583-GB		4.50	%		10/15/2039		1,746,671
	3,162,790	Federal Home Loan Mortgage Corporation, Series 3616-SG (-1 x 1 Month LIBOR USD + 6.35%, 6.35% Cap)		6.20	% I/F I/O		03/15/2032		528,794
	4,455,649	Federal Home Loan Mortgage Corporation, Series 3626-AZ		5.50	%		08/15/2036		5,185,594
	6,232,380	Federal Home Loan Mortgage Corporation, Series 3641-Z		5.50	%		02/15/2036		7,259,854
	5,909,243	Federal Home Loan Mortgage Corporation, Series 3654-ZB		5.50	%		11/15/2037		6,728,813
	14,198,100	Federal Home Loan Mortgage Corporation, Series 3666-VZ		5.50	%		08/15/2036		16,359,065
	762,100	Federal Home Loan Mortgage Corporation, Series 3667-SB (-1 x 1 Month LIBOR USD + 6.45%, 6.45% Cap)		6.30	% I/F I/O		05/15/2040		82,174
	5,643,063	Federal Home Loan Mortgage Corporation, Series 3702-SG (-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)		5.90	% I/F I/O		08/15/2032		891,370
	1,525,301	Federal Home Loan Mortgage Corporation, Series 3704-EI		5.00	% I/O		12/15/2036		379,317
	2,565,100	Federal Home Loan Mortgage Corporation, Series 3712-SG (-5 x 1 Month LIBOR USD + 25.00%, 25.00% Cap)		24.22	% I/F		08/15/2040		3,886,160
	3,501,055	Federal Home Loan Mortgage Corporation, Series 3724-CM		5.50	%		06/15/2037		3,990,583
	11,746,196	Federal Home Loan Mortgage Corporation, Series 3726-SA (-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)		5.90	% I/F I/O		09/15/2040		2,397,813
	2,090,287	Federal Home Loan Mortgage Corporation, Series 3741-SC (-2 x 1 Month LIBOR USD + 10.00%, 10.00% Cap)		9.70	% I/F		10/15/2040		2,518,022
	13,975,230	Federal Home Loan Mortgage Corporation, Series 3752-BS (-2 x 1 Month LIBOR USD + 10.00%, 10.00% Cap)		9.69	% I/F		11/15/2040		17,071,874
	19,519,107	Federal Home Loan Mortgage Corporation, Series 3768-ZX		5.00	% >		12/15/2040		23,286,837
	4,199,879	Federal Home Loan Mortgage Corporation, Series 3771-AL		4.00	%		12/15/2030		4,541,946
	11,672,279	Federal Home Loan Mortgage Corporation, Series 3779-BY		3.50	%		12/15/2030		12,639,677
	25,441,504	Federal Home Loan Mortgage Corporation, Series 3779-DZ		4.50	%		12/15/2040		28,402,579
	12,290,803	Federal Home Loan Mortgage Corporation, Series 3779-LB		4.00	%		12/15/2030		13,550,195
	3,157,998	Federal Home Loan Mortgage Corporation, Series 3779-YA		3.50	%		12/15/2030		3,433,996
	10,650,114	Federal Home Loan Mortgage Corporation, Series 3783-AC		4.00	%		01/15/2031		11,802,190
	8,053,659	Federal Home Loan Mortgage Corporation, Series 3786-SG (-2 x 1 Month LIBOR USD + 9.50%, 9.50% Cap)		9.20	% I/F		01/15/2041		9,509,952
	9,174,609	Federal Home Loan Mortgage Corporation, Series 3788-AY		3.50	%		01/15/2031		9,943,687
	2,127,750	Federal Home Loan Mortgage Corporation, Series 3790-Z		4.00	%		01/15/2041		2,329,050
	9,623,691	Federal Home Loan Mortgage Corporation, Series 3795-VZ		4.00	%		01/15/2041		10,427,869
	10,245,308	Federal Home Loan Mortgage Corporation, Series 3798-FG (1 Month LIBOR USD + 0.51%, 0.51% Floor, 7.00% Cap)		0.66	%		01/15/2041		10,361,682
	419,734	Federal Home Loan Mortgage Corporation, Series 3798-SD (-2 x 1 Month LIBOR USD + 9.60%, 9.60% Cap)		9.30	% I/F		12/15/2040		465,055
	23,887,274	Federal Home Loan Mortgage Corporation, Series 3800-VZ		4.50	% >		02/15/2041		27,424,781
	3,458,462	Federal Home Loan Mortgage Corporation, Series 3803-ZM		4.00	%		02/15/2041		3,774,243
	30,424,679	Federal Home Loan Mortgage Corporation, Series 3806-CZ		5.50	%		07/15/2034		35,359,105
	12,790,488	Federal Home Loan Mortgage Corporation, Series 3808-DB		3.50	%		02/15/2031		13,789,565
	10,718,031	Federal Home Loan Mortgage Corporation, Series 3812-EY		3.50	%		02/15/2031		11,607,081
	4,518,948	Federal Home Loan Mortgage Corporation, Series 3818-CZ		4.50	%		03/15/2041		5,155,485
	5,276,090	Federal Home Loan Mortgage Corporation, Series 3819-MS (-1 x 1 Month LIBOR USD + 6.47%, 6.47% Cap)		6.32	% I/F I/O		06/15/2040		472,731
	6,926,108	Federal Home Loan Mortgage Corporation, Series 3819-ZU		5.50	%		07/15/2034		8,090,250
	24,843,340	Federal Home Loan Mortgage Corporation, Series 3824-EY		3.50	%		03/15/2031		26,961,195
	3,350,433	Federal Home Loan Mortgage Corporation, Series 3828-SW (-3 x 1 Month LIBOR USD + 13.20%, 13.20% Cap)		12.74	% I/F		02/15/2041		5,520,636
	10,048,939	Federal Home Loan Mortgage Corporation, Series 3829-VZ		4.00	%		03/15/2041		11,356,131
	7,998,812	Federal Home Loan Mortgage Corporation, Series 3843-PZ		5.00	% >		04/15/2041		9,733,502
	19,842,661	Federal Home Loan Mortgage Corporation, Series 3863-ZA		5.50	%		08/15/2034		22,681,670
	7,346,401	Federal Home Loan Mortgage Corporation, Series 3870-PB		4.50	%		06/15/2041		8,179,064
	32,521,354	Federal Home Loan Mortgage Corporation, Series 3871-LZ		5.50	%		06/15/2041		38,060,511
	9,988,147	Federal Home Loan Mortgage Corporation, Series 3872-BA		4.00	%		06/15/2041		10,829,788
	7,894,124	Federal Home Loan Mortgage Corporation, Series 3877-EY		4.50	%		06/15/2041		8,461,040
	3,091,829	Federal Home Loan Mortgage Corporation, Series 3877-GY		4.50	%		06/15/2041		3,286,065
	14,548,177	Federal Home Loan Mortgage Corporation, Series 3877-ZU		4.50	%		06/15/2041		15,461,182
	24,150,793	Federal Home Loan Mortgage Corporation, Series 3888-ZU		4.50	% >		06/15/2041		28,019,895
	4,304,113	Federal Home Loan Mortgage Corporation, Series 3900-SB (-1 x 1 Month LIBOR USD + 5.97%, 5.97% Cap)		5.82	% I/F I/O		07/15/2041		696,644
	21,663,697	Federal Home Loan Mortgage Corporation, Series 3901-VZ		4.00	%		07/15/2041		24,183,423
	26,027,762	Federal Home Loan Mortgage Corporation, Series 3910-GZ		5.00	%		08/15/2041		30,648,081
	4,415,366	Federal Home Loan Mortgage Corporation, Series 3910-ZE		5.00	%		10/15/2034		5,073,622
	6,246,536	Federal Home Loan Mortgage Corporation, Series 3919-KL		4.50	%		09/15/2041		6,687,548
	25,610,006	Federal Home Loan Mortgage Corporation, Series 3919-ZJ		4.00	%		09/15/2041		28,708,420
	1,655,395	Federal Home Loan Mortgage Corporation, Series 3942-JZ		4.00	%		10/15/2041		1,751,738
	8,606,581	Federal Home Loan Mortgage Corporation, Series 3944-AZ		4.00	%		10/15/2041		9,425,946
	2,973,918	Federal Home Loan Mortgage Corporation, Series 3946-SM (-3 x 1 Month LIBOR USD + 14.70%, 14.70% Cap)		14.24	% I/F		10/15/2041		4,883,799
	20,307,647	Federal Home Loan Mortgage Corporation, Series 3969-AB		4.00	%		10/15/2033		22,191,414
	7,754,916	Federal Home Loan Mortgage Corporation, Series 3982-AZ		3.50	%		01/15/2042		8,482,628
	68,018,720	Federal Home Loan Mortgage Corporation, Series 3990-ZA		3.50	% >		01/15/2042		75,414,205
	8,847,416	Federal Home Loan Mortgage Corporation, Series 3999-EZ		4.00	%		02/15/2042		9,606,088
	51,687,908	Federal Home Loan Mortgage Corporation, Series 3999-ZB		4.00	%		02/15/2042		56,585,668
	33,549,871	Federal Home Loan Mortgage Corporation, Series 4016-KZ		4.00	% >		03/15/2042		38,459,975
	8,051,778	Federal Home Loan Mortgage Corporation, Series 4050-BC		2.00	%		05/15/2041		8,121,769
	3,980,030	Federal Home Loan Mortgage Corporation, Series 4050-ND		2.50	%		09/15/2041		4,096,158
	83,412,300	Federal Home Loan Mortgage Corporation, Series 4057-ZA		4.00	% >		06/15/2042		95,201,186
	83,107,471	Federal Home Loan Mortgage Corporation, Series 4084-TZ		4.00	% >		07/15/2042		94,832,747
	2,608,291	Federal Home Loan Mortgage Corporation, Series 4097-TG		2.00	%		05/15/2039		2,623,451
	45,690,339	Federal Home Loan Mortgage Corporation, Series 4097-ZA		3.50	% >		08/15/2042		49,966,909
	91,048,599	Federal Home Loan Mortgage Corporation, Series 4109-GE		4.50	%		10/15/2041		101,471,715
	27,702,566	Federal Home Loan Mortgage Corporation, Series 4116-AP		1.35	%		08/15/2042		27,844,578
	4,393,805	Federal Home Loan Mortgage Corporation, Series 4121-AV		3.00	%		12/15/2035		4,741,709
	29,209,687	Federal Home Loan Mortgage Corporation, Series 4160-HP		2.50	%		01/15/2033		30,833,541
	31,634,861	Federal Home Loan Mortgage Corporation, Series 4162-ZJ		3.00	%		02/15/2033		33,915,710
	6,724,186	Federal Home Loan Mortgage Corporation, Series 4165-ZT		3.00	% >		02/15/2043		6,783,796
	46,860,664	Federal Home Loan Mortgage Corporation, Series 4174-Z		3.50	% >		03/15/2043		53,155,972
	119,135,066	Federal Home Loan Mortgage Corporation, Series 4179-AZ		4.00	% >		01/15/2041		134,891,990
	33,784,668	Federal Home Loan Mortgage Corporation, Series 4183-ZB		3.00	% >		03/15/2043		34,094,223
	13,764,058	Federal Home Loan Mortgage Corporation, Series 4186-ZJ		3.00	%		03/15/2033		14,441,674
	13,000,000	Federal Home Loan Mortgage Corporation, Series 4189-ML		3.00	%		04/15/2038		14,133,340
	124,323,392	Federal Home Loan Mortgage Corporation, Series 4212-US (-1 x 1 Month LIBOR USD + 5.40%, 5.40% Cap)		5.21	% I/F		06/15/2043		136,960,007
	775,843	Federal Home Loan Mortgage Corporation, Series 4215-KC		2.25	%		03/15/2038		776,412
	55,356,313	Federal Home Loan Mortgage Corporation, Series 4223-US (-1 x 1 Month LIBOR USD + 5.43%, 5.43% Cap)		5.24	% I/F		07/15/2043		61,679,205
	26,626,906	Federal Home Loan Mortgage Corporation, Series 4223-ZV		4.00	% >		07/15/2043		30,321,123
	24,711,288	Federal Home Loan Mortgage Corporation, Series 4229-TZ		3.00	%		06/15/2043		25,933,446
	33,283,633	Federal Home Loan Mortgage Corporation, Series 4229-ZA		4.00	% >		07/15/2043		37,764,988
	17,474,537	Federal Home Loan Mortgage Corporation, Series 4249-CS (-1 x 1 Month LIBOR USD + 4.65%, 4.65% Cap)		4.53	% I/F		09/15/2043		19,203,697
	23,541,788	Federal Home Loan Mortgage Corporation, Series 4250-BZ		3.00	% >		09/15/2033		25,585,677
	23,761,924	Federal Home Loan Mortgage Corporation, Series 4267-BZ		4.00	%		10/15/2040		26,048,886
	23,258,863	Federal Home Loan Mortgage Corporation, Series 4283-ZL		3.00	% >		08/15/2033		25,476,435
	20,543,609	Federal Home Loan Mortgage Corporation, Series 4323-GA		3.00	%		06/15/2040		20,813,067
	20,535,867	Federal Home Loan Mortgage Corporation, Series 4355-ZX		4.00	% >		05/15/2044		23,696,107
	13,631,596	Federal Home Loan Mortgage Corporation, Series 4360-KA		3.00	%		05/15/2040		13,887,703
	19,441,174	Federal Home Loan Mortgage Corporation, Series 4375-CG		3.00	%		04/15/2039		19,794,918
	16,199,201	Federal Home Loan Mortgage Corporation, Series 4376-GZ		3.00	% >		08/15/2044		18,169,556
	51,501,178	Federal Home Loan Mortgage Corporation, Series 4377-LZ		3.00	% >		08/15/2044		57,707,672
	45,786,556	Federal Home Loan Mortgage Corporation, Series 4377-UZ		3.00	%		08/15/2044		47,025,938
	3,250,381	Federal Home Loan Mortgage Corporation, Series 4379-KA		3.00	%		08/15/2044		3,493,526
	11,766,528	Federal Home Loan Mortgage Corporation, Series 4384-A		3.00	%		12/15/2040		12,118,533
	28,151,399	Federal Home Loan Mortgage Corporation, Series 4384-ZY		3.00	% >		09/15/2044		31,032,694
	638,962	Federal Home Loan Mortgage Corporation, Series 4386-US (-2 x 1 Month LIBOR USD + 8.14%, 8.14% Cap)		7.87	% I/F		09/15/2044		653,681
	96,471,421	Federal Home Loan Mortgage Corporation, Series 4390-NY		3.00	%		06/15/2040		99,222,738
	142,676,258	Federal Home Loan Mortgage Corporation, Series 4390-NZ		3.00	% >		09/15/2044		157,970,040
	24,485,452	Federal Home Loan Mortgage Corporation, Series 4391-MA		3.00	%		07/15/2040		25,176,466
	37,883,948	Federal Home Loan Mortgage Corporation, Series 4408-PB		3.00	%		04/15/2044		39,341,661
	48,279,440	Federal Home Loan Mortgage Corporation, Series 4427-CE		3.00	%		02/15/2034		50,993,807
	34,626,511	Federal Home Loan Mortgage Corporation, Series 4427-MA		3.00	%		02/15/2034		36,778,698
	20,290,203	Federal Home Loan Mortgage Corporation, Series 4427-PS (-1 x 1 Month LIBOR USD + 5.60%, 5.60% Cap)		5.45	% I/F I/O		07/15/2044		2,921,189
	25,410,330	Federal Home Loan Mortgage Corporation, Series 4429-HA		3.00	%		04/15/2034		26,326,997
	27,188,258	Federal Home Loan Mortgage Corporation, Series 4434-LZ		3.00	% >		02/15/2045		30,508,858
	5,752,952	Federal Home Loan Mortgage Corporation, Series 4438-B		3.00	%		10/15/2043		5,920,378
	10,166,044	Federal Home Loan Mortgage Corporation, Series 4441-VZ		3.00	% >		02/15/2045		11,427,964
	27,988,156	Federal Home Loan Mortgage Corporation, Series 4444-CH		3.00	%		01/15/2041		28,709,769
	29,552,454	Federal Home Loan Mortgage Corporation, Series 4444-CZ		3.00	% >		02/15/2045		32,720,129
	26,097,305	Federal Home Loan Mortgage Corporation, Series 4447-A		3.00	%		06/15/2041		26,906,744
	28,649,281	Federal Home Loan Mortgage Corporation, Series 4447-YZ		4.00	% >		08/15/2043		32,429,485
	8,843,627	Federal Home Loan Mortgage Corporation, Series 4450-JZ		3.00	% >		03/15/2045		9,383,600
	7,690,724	Federal Home Loan Mortgage Corporation, Series 4461-LZ		3.00	% >		03/15/2045		8,184,899
	9,070,930	Federal Home Loan Mortgage Corporation, Series 4462-ZA		3.00	% >		04/15/2045		9,696,351
	52,929,440	Federal Home Loan Mortgage Corporation, Series 4463-ZC		3.00	% >		04/15/2045		57,351,165
	29,405,244	Federal Home Loan Mortgage Corporation, Series 4467-ZA		3.00	% >		04/15/2045		31,689,902
	85,613,461	Federal Home Loan Mortgage Corporation, Series 4471-BA		3.00	%		12/15/2041		88,601,474
	74,445,651	Federal Home Loan Mortgage Corporation, Series 4471-BC		3.00	%		12/15/2041		77,127,377
	84,913,411	Federal Home Loan Mortgage Corporation, Series 4471-GA		3.00	%		02/15/2044		89,932,422
	31,754,184	Federal Home Loan Mortgage Corporation, Series 4481-B		3.00	%		12/15/2042		32,801,507
	141,561,401	Federal Home Loan Mortgage Corporation, Series 4483-CA		3.00	%		06/15/2044		149,102,066
	62,712,349	Federal Home Loan Mortgage Corporation, Series 4483-PA		2.50	%		06/15/2045		65,527,143
	17,555,261	Federal Home Loan Mortgage Corporation, Series 4484-ZL		3.00	% >		06/15/2045		18,462,025
	9,583,201	Federal Home Loan Mortgage Corporation, Series 4492-GZ		3.50	% >		07/15/2045		10,324,068
	16,878,603	Federal Home Loan Mortgage Corporation, Series 4498-PD		2.50	%		08/15/2042		17,190,891
	17,604,066	Federal Home Loan Mortgage Corporation, Series 4499-AB		3.00	%		06/15/2042		18,134,064
	31,626,196	Federal Home Loan Mortgage Corporation, Series 4504-CA		3.00	%		04/15/2044		33,366,535
	10,823,257	Federal Home Loan Mortgage Corporation, Series 4510-HB		2.00	%		03/15/2040		10,840,557
	7,598,261	Federal Home Loan Mortgage Corporation, Series 4511-QA		3.00	%		01/15/2041		7,647,601
	6,271,528	Federal Home Loan Mortgage Corporation, Series 4511-QC		3.00	%		12/15/2040		6,309,375
	95,427,080	Federal Home Loan Mortgage Corporation, Series 4527-CA		3.00	%		02/15/2044		99,641,979
	42,644,706	Federal Home Loan Mortgage Corporation, Series 4527-GA		3.00	%		02/15/2044		45,262,089
	90,514,780	Federal Home Loan Mortgage Corporation, Series 4533-AB		3.00	%		06/15/2044		94,319,767
	86,030,504	Federal Home Loan Mortgage Corporation, Series 4543-HG		2.70	%		04/15/2044		90,303,949
	133,773,683	Federal Home Loan Mortgage Corporation, Series 4573-CA		3.00	%		11/15/2044		141,505,053
	38,682,264	Federal Home Loan Mortgage Corporation, Series 4573-DA		3.00	%		03/15/2045		41,625,590
	92,962,879	Federal Home Loan Mortgage Corporation, Series 4582-HA		3.00	%		09/15/2045		98,130,444
	44,795,518	Federal Home Loan Mortgage Corporation, Series 4588-DA		3.00	%		02/15/2044		46,274,773
	45,701,199	Federal Home Loan Mortgage Corporation, Series 4629-KA		3.00	%		03/15/2045		47,158,213
	23,319,474	Federal Home Loan Mortgage Corporation, Series 4738-LA		3.00	%		11/15/2043		23,646,455
	26,377,743	Federal Home Loan Mortgage Corporation, Series 4744-KA		3.00	%		08/15/2046		27,474,759
	34,924,437	Federal Home Loan Mortgage Corporation, Series 4750-PA		3.00	%		07/15/2046		36,166,867
	53,436,977	Federal Home Loan Mortgage Corporation, Series 4752-PL		3.00	%		09/15/2046		55,220,693
	27,658,204	Federal Home Loan Mortgage Corporation, Series 4763-QA		3.00	%		06/15/2043		28,056,294
	34,639,138	Federal Home Loan Mortgage Corporation, Series 4766-JA		3.00	%		07/15/2044		35,517,597
	15,903,822	Federal Home Loan Mortgage Corporation, Series 4778-NA		4.50	%		06/15/2044		16,182,864
	18,576,666	Federal Home Loan Mortgage Corporation, Series 4791-IO		3.00	% I/O		05/15/2048		1,276,269
	131,572,730	Federal Home Loan Mortgage Corporation, Series 4791-JT		3.00	%		05/15/2048		137,302,828
	16,730,747	Federal Home Loan Mortgage Corporation, Series 4791-LI		3.00	% I/O		05/15/2048		1,134,885
	16,730,747	Federal Home Loan Mortgage Corporation, Series 4791-LO		0.00	% P/O		05/15/2048		15,869,614
	59,924,729	Federal Home Loan Mortgage Corporation, Series 4791-PO		0.00	% P/O		05/15/2048		56,358,045
	50,255,981	Federal Home Loan Mortgage Corporation, Series 4792-A		3.00	%		05/15/2048		52,993,113
	25,888,629	Federal Home Loan Mortgage Corporation, Series 4793-C		3.00	%		06/15/2048		27,239,710
	26,764,846	Federal Home Loan Mortgage Corporation, Series 4795-AO		0.00	% P/O		05/15/2048		26,448,844
	28,155,643	Federal Home Loan Mortgage Corporation, Series 4800-MZ		4.00	% >		06/15/2048		30,939,791
	27,363,624	Federal Home Loan Mortgage Corporation, Series 4801-OG		0.00	% P/O		06/15/2048		25,891,045
	17,965,623	Federal Home Loan Mortgage Corporation, Series 4827-KA		4.00	%		06/15/2044		18,163,161
	4,081,291	Federal Home Loan Mortgage Corporation, Series 4868-Z		4.00	% >		03/15/2049		4,401,810
	23,693,608	Federal Home Loan Mortgage Corporation, Series 4901-BD		3.00	%		07/25/2049		25,356,724
	44,953,914	Federal Home Loan Mortgage Corporation, Series R003-ZA		5.50	%		10/15/2035		52,470,505
	95,000,000	Federal Home Loan Mortgage Corporation, Series-1517-A2		1.72	%		07/25/2035		98,509,623
	125,000,000	Federal National Mortage Association		2.00	%		03/25/2050		129,228,516
	1,700,000,000	Federal National Mortage Association		2.00	%		04/25/2050		1,753,307,257
	100,000,000	Federal National Mortage Association		1.50	%		10/15/2050		100,625,001
	6,528,090	Federal National Mortgage Association Pass-Thru, Pool 555743		5.00	%		09/01/2033		7,488,256
	4,882,237	Federal National Mortgage Association Pass-Thru, Pool 735382		5.00	%		04/01/2035		5,613,913
	7,948,437	Federal National Mortgage Association Pass-Thru, Pool 735402		5.00	%		04/01/2035		9,139,759
	5,567,295	Federal National Mortgage Association Pass-Thru, Pool 735484		5.00	%		05/01/2035		6,401,580
	2,201,646	Federal National Mortgage Association Pass-Thru, Pool 735667		5.00	%		07/01/2035		2,530,445
	1,830,375	Federal National Mortgage Association Pass-Thru, Pool 735893		5.00	%		10/01/2035		2,107,019
	4,479,208	Federal National Mortgage Association Pass-Thru, Pool 745275		5.00	%		02/01/2036		5,154,618
	184,149	Federal National Mortgage Association Pass-Thru, Pool 888695		5.00	%		08/01/2037		211,486
	1,056,752	Federal National Mortgage Association Pass-Thru, Pool 888968		5.00	%		08/01/2035		1,215,606
	8,958,865	Federal National Mortgage Association Pass-Thru, Pool 890549		4.00	%		11/01/2043		10,043,293
	11,254,362	Federal National Mortgage Association Pass-Thru, Pool 890565		3.00	%		11/01/2043		11,991,475
	593,059	Federal National Mortgage Association Pass-Thru, Pool 931104		5.00	%		05/01/2039		661,773
	141,869	Federal National Mortgage Association Pass-Thru, Pool 975116		5.00	%		05/01/2038		163,120
	1,221,048	Federal National Mortgage Association Pass-Thru, Pool 986864		6.50	%		08/01/2038		1,460,256
	918,400	Federal National Mortgage Association Pass-Thru, Pool 987316		6.50	%		09/01/2038		1,114,204
	8,725,031	Federal National Mortgage Association Pass-Thru, Pool 995203		5.00	%		07/01/2035		10,028,403
	14,536,769	Federal National Mortgage Association Pass-Thru, Pool 995849		5.00	%		08/01/2036		16,714,330
	12,890,265	Federal National Mortgage Association Pass-Thru, Pool AB2123		4.00	%		01/01/2031		14,055,089
	189,745	Federal National Mortgage Association Pass-Thru, Pool AB2370		4.50	%		09/01/2035		201,812
	917,395	Federal National Mortgage Association Pass-Thru, Pool AB3713		4.00	%		10/01/2031		982,816
	6,502,359	Federal National Mortgage Association Pass-Thru, Pool AB3796		3.50	%		11/01/2031		6,983,289
	2,928,616	Federal National Mortgage Association Pass-Thru, Pool AB3850		4.00	%		11/01/2041		3,080,528
	3,946,301	Federal National Mortgage Association Pass-Thru, Pool AB3923		4.00	%		11/01/2041		4,145,123
	23,822,547	Federal National Mortgage Association Pass-Thru, Pool AB4167		3.50	%		01/01/2032		25,758,886
	21,099,369	Federal National Mortgage Association Pass-Thru, Pool AB4261		3.50	%		01/01/2032		22,746,385
	4,057,061	Federal National Mortgage Association Pass-Thru, Pool AB5084		3.50	%		05/01/2032		4,380,819
	7,996,360	Federal National Mortgage Association Pass-Thru, Pool AB5156		3.50	%		05/01/2032		8,636,381
	13,502,320	Federal National Mortgage Association Pass-Thru, Pool AB5212		3.50	%		05/01/2032		14,570,950
	6,116,131	Federal National Mortgage Association Pass-Thru, Pool AB5243		4.00	%		05/01/2042		6,424,483
	20,529,289	Federal National Mortgage Association Pass-Thru, Pool AB5911		3.00	%		08/01/2032		21,760,003
	6,604,993	Federal National Mortgage Association Pass-Thru, Pool AB6280		3.00	%		09/01/2042		7,026,853
	8,818,690	Federal National Mortgage Association Pass-Thru, Pool AB6349		3.00	%		10/01/2032		9,348,637
	26,025,251	Federal National Mortgage Association Pass-Thru, Pool AB6750		3.00	%		10/01/2032		27,593,910
	13,040,664	Federal National Mortgage Association Pass-Thru, Pool AB6751		3.00	%		10/01/2032		13,779,573
	79,442,922	Federal National Mortgage Association Pass-Thru, Pool AB6854		3.00	%		11/01/2042		84,566,417
	56,918,459	Federal National Mortgage Association Pass-Thru, Pool AB7077		3.00	%		11/01/2042		60,603,484
	43,470,923	Federal National Mortgage Association Pass-Thru, Pool AB7344		3.00	%		12/01/2032		46,087,124
	23,568,305	Federal National Mortgage Association Pass-Thru, Pool AB7776		3.00	%		02/01/2043		25,068,661
	26,309,899	Federal National Mortgage Association Pass-Thru, Pool AB7877		3.00	%		02/01/2043		27,984,622
	11,491,939	Federal National Mortgage Association Pass-Thru, Pool AB8418		3.00	%		02/01/2033		12,186,351
	15,425,100	Federal National Mortgage Association Pass-Thru, Pool AB8520		3.00	%		02/01/2033		16,354,012
	21,530,486	Federal National Mortgage Association Pass-Thru, Pool AB8703		3.00	%		03/01/2038		22,768,590
	9,135,499	Federal National Mortgage Association Pass-Thru, Pool AB8858		3.00	%		04/01/2033		9,685,580
	17,060,942	Federal National Mortgage Association Pass-Thru, Pool AB9020		3.00	%		04/01/2038		18,015,239
	14,596,684	Federal National Mortgage Association Pass-Thru, Pool AB9197		3.00	%		05/01/2033		15,481,487
	44,885,889	Federal National Mortgage Association Pass-Thru, Pool AB9406		3.00	%		05/01/2033		47,598,663
	7,899,044	Federal National Mortgage Association Pass-Thru, Pool AB9409		3.00	%		05/01/2033		8,369,653
	739,458	Federal National Mortgage Association Pass-Thru, Pool AD2177		4.50	%		06/01/2030		813,965
	707,387	Federal National Mortgage Association Pass-Thru, Pool AD6438		5.00	%		06/01/2040		808,897
	492,065	Federal National Mortgage Association Pass-Thru, Pool AD7859		5.00	%		06/01/2040		558,717
	5,653,953	Federal National Mortgage Association Pass-Thru, Pool AH0607		4.00	%		12/01/2040		6,178,843
	571,394	Federal National Mortgage Association Pass-Thru, Pool AH1140		4.50	%		12/01/2040		611,446
	5,369,675	Federal National Mortgage Association Pass-Thru, Pool AH4437		4.00	%		01/01/2041		5,638,998
	1,439,347	Federal National Mortgage Association Pass-Thru, Pool AH7309		4.00	%		02/01/2031		1,547,682
	4,306,511	Federal National Mortgage Association Pass-Thru, Pool AH9323		4.00	%		04/01/2026		4,574,402
	1,567,056	Federal National Mortgage Association Pass-Thru, Pool AI9831		4.00	%		09/01/2041		1,642,503
	872,268	Federal National Mortgage Association Pass-Thru, Pool AJ1265		4.00	%		09/01/2041		940,363
	1,592,582	Federal National Mortgage Association Pass-Thru, Pool AJ1399		4.00	%		09/01/2041		1,672,732
	2,897,218	Federal National Mortgage Association Pass-Thru, Pool AJ1467		4.00	%		10/01/2041		3,041,729
	2,792,434	Federal National Mortgage Association Pass-Thru, Pool AJ3392		4.00	%		10/01/2041		2,936,033
	1,197,624	Federal National Mortgage Association Pass-Thru, Pool AJ3854		4.00	%		10/01/2041		1,255,947
	11,418,560	Federal National Mortgage Association Pass-Thru, Pool AJ4118		4.00	%		11/01/2041		11,977,367
	3,649,439	Federal National Mortgage Association Pass-Thru, Pool AJ4131		4.00	%		10/01/2041		3,838,897
	1,150,596	Federal National Mortgage Association Pass-Thru, Pool AJ5172		4.00	%		11/01/2041		1,209,852
	18,830,148	Federal National Mortgage Association Pass-Thru, Pool AJ5322		4.00	%		11/01/2041		20,564,777
	10,849,251	Federal National Mortgage Association Pass-Thru, Pool AJ7677		3.50	%		12/01/2041		11,301,244
	1,682,059	Federal National Mortgage Association Pass-Thru, Pool AJ8334		4.00	%		12/01/2041		1,764,882
	21,977,561	Federal National Mortgage Association Pass-Thru, Pool AK0713		3.50	%		01/01/2032		23,357,739
	4,568,890	Federal National Mortgage Association Pass-Thru, Pool AK4039		4.00	%		02/01/2042		4,796,687
	4,696,039	Federal National Mortgage Association Pass-Thru, Pool AK4763		4.00	%		02/01/2042		4,938,934
	4,276,229	Federal National Mortgage Association Pass-Thru, Pool AK9438		4.00	%		03/01/2042		4,491,256
	5,112,649	Federal National Mortgage Association Pass-Thru, Pool AK9439		4.00	%		03/01/2042		5,377,558
	587,197	Federal National Mortgage Association Pass-Thru, Pool AK9446		4.50	%		03/01/2042		642,985
	92,683,672	Federal National Mortgage Association Pass-Thru, Pool AL3699		3.00	%		06/01/2043		98,604,314
	46,305,135	Federal National Mortgage Association Pass-Thru, Pool AL3883		3.00	%		07/01/2043		49,256,985
	1,892,092	Federal National Mortgage Association Pass-Thru, Pool AL4292		4.50	%		04/01/2026		2,006,518
	7,485,259	Federal National Mortgage Association Pass-Thru, Pool AL4312		4.00	%		10/01/2043		8,405,033
	18,471,062	Federal National Mortgage Association Pass-Thru, Pool AL6075		3.50	%		09/01/2053		19,206,685
	26,314,553	Federal National Mortgage Association Pass-Thru, Pool AL6076		3.00	%		06/01/2053		27,163,911
	56,093,960	Federal National Mortgage Association Pass-Thru, Pool AL6141		4.00	%		04/01/2042		61,828,226
	45,779,032	Federal National Mortgage Association Pass-Thru, Pool AL6325		3.00	%		10/01/2044		48,761,105
	15,963,224	Federal National Mortgage Association Pass-Thru, Pool AL6486		4.50	%		02/01/2045		17,686,976
	47,777,645	Federal National Mortgage Association Pass-Thru, Pool AL6538		4.50	%		06/01/2044		53,628,926
	44,553,673	Federal National Mortgage Association Pass-Thru, Pool AL8304		3.50	%		03/01/2046		48,784,723
	17,586,421	Federal National Mortgage Association Pass-Thru, Pool AO2980		4.00	%		05/01/2042		18,469,572
	39,304,614	Federal National Mortgage Association Pass-Thru, Pool AP4787		3.50	%		09/01/2042		40,936,407
	40,621,882	Federal National Mortgage Association Pass-Thru, Pool AP4789		3.50	%		09/01/2042		42,373,045
	11,784,019	Federal National Mortgage Association Pass-Thru, Pool AQ5541		3.00	%		12/01/2042		12,548,096
	14,301,949	Federal National Mortgage Association Pass-Thru, Pool AR9856		3.00	%		04/01/2043		15,248,825
	16,270,335	Federal National Mortgage Association Pass-Thru, Pool AS1927		4.50	%		03/01/2044		18,184,918
	15,169,390	Federal National Mortgage Association Pass-Thru, Pool AS2038		4.50	%		03/01/2044		16,895,691
	13,450,718	Federal National Mortgage Association Pass-Thru, Pool AS2517		4.50	%		05/01/2044		14,891,032
	5,226,577	Federal National Mortgage Association Pass-Thru, Pool AS2551		4.50	%		06/01/2044		5,753,673
	5,134,476	Federal National Mortgage Association Pass-Thru, Pool AS2765		4.50	%		07/01/2044		5,679,161
	22,795,560	Federal National Mortgage Association Pass-Thru, Pool AS3201		3.00	%		08/01/2034		24,128,872
	11,389,186	Federal National Mortgage Association Pass-Thru, Pool AS3456		3.00	%		10/01/2034		12,062,668
	19,408,580	Federal National Mortgage Association Pass-Thru, Pool AS3666		3.00	%		10/01/2034		20,548,820
	87,160,156	Federal National Mortgage Association Pass-Thru, Pool AS3961		3.00	%		12/01/2044		91,908,446
	26,060,092	Federal National Mortgage Association Pass-Thru, Pool AS4154		3.00	%		12/01/2044		27,456,410
	18,254,012	Federal National Mortgage Association Pass-Thru, Pool AS4212		3.00	%		01/01/2035		19,335,747
	26,547,593	Federal National Mortgage Association Pass-Thru, Pool AS4281		3.00	%		01/01/2035		27,939,703
	20,957,847	Federal National Mortgage Association Pass-Thru, Pool AS4345		3.50	%		01/01/2045		22,963,220
	22,050,245	Federal National Mortgage Association Pass-Thru, Pool AS4360		3.00	%		01/01/2035		23,211,443
	178,555,530	Federal National Mortgage Association Pass-Thru, Pool AS4625		3.00	%		03/01/2045		188,079,498
	78,337,689	Federal National Mortgage Association Pass-Thru, Pool AS4645		3.00	%		03/01/2045		82,547,221
	28,001,930	Federal National Mortgage Association Pass-Thru, Pool AS4779		3.00	%		04/01/2035		29,478,450
	24,078,289	Federal National Mortgage Association Pass-Thru, Pool AS4780		3.00	%		04/01/2035		25,342,599
	33,073,540	Federal National Mortgage Association Pass-Thru, Pool AS4840		3.00	%		04/01/2035		34,815,697
	17,388,223	Federal National Mortgage Association Pass-Thru, Pool AS4881		3.00	%		05/01/2035		18,301,083
	19,303,529	Federal National Mortgage Association Pass-Thru, Pool AS4882		3.00	%		05/01/2035		20,320,137
	36,740,780	Federal National Mortgage Association Pass-Thru, Pool AX9696		3.00	%		07/01/2045		38,024,491
	46,902,976	Federal National Mortgage Association Pass-Thru, Pool AY3974		3.00	%		03/01/2045		49,514,012
	12,477,881	Federal National Mortgage Association Pass-Thru, Pool AY4295		3.00	%		02/01/2045		12,917,448
	6,373,844	Federal National Mortgage Association Pass-Thru, Pool AY4296		3.00	%		01/01/2045		6,594,116
	10,484,049	Federal National Mortgage Association Pass-Thru, Pool AY5471		3.00	%		03/01/2045		10,879,102
	16,364,634	Federal National Mortgage Association Pass-Thru, Pool BC0785		3.50	%		04/01/2046		17,934,774
	37,579,810	Federal National Mortgage Association Pass-Thru, Pool BC9003		3.00	%		11/01/2046		39,535,008
	1,568,718	Federal National Mortgage Association Pass-Thru, Pool MA0264		4.50	%		12/01/2029		1,709,833
	5,886,925	Federal National Mortgage Association Pass-Thru, Pool MA0353		4.50	%		03/01/2030		6,492,598
	1,264,790	Federal National Mortgage Association Pass-Thru, Pool MA0406		4.50	%		05/01/2030		1,394,819
	85,150	Federal National Mortgage Association Pass-Thru, Pool MA0445		5.00	%		06/01/2040		91,704
	149,521	Federal National Mortgage Association Pass-Thru, Pool MA0468		5.00	%		07/01/2040		160,983
	1,869,614	Federal National Mortgage Association Pass-Thru, Pool MA0534		4.00	%		10/01/2030		2,010,913
	497	Federal National Mortgage Association Pass-Thru, Pool MA0536		4.00	%		10/01/2020		498
	22,702	Federal National Mortgage Association Pass-Thru, Pool MA0580		4.00	%		11/01/2020		22,728
	407,894	Federal National Mortgage Association Pass-Thru, Pool MA0587		4.00	%		12/01/2030		438,819
	10,255,360	Federal National Mortgage Association Pass-Thru, Pool MA0616		4.00	%		01/01/2031		11,031,895
	3,887,510	Federal National Mortgage Association Pass-Thru, Pool MA0896		4.00	%		11/01/2041		4,090,138
	78,333,156	Federal National Mortgage Association Pass-Thru, Pool MA0919		3.50	%		12/01/2031		83,305,977
	33,108,069	Federal National Mortgage Association Pass-Thru, Pool MA0949		3.50	%		01/01/2032		35,207,825
	40,462,468	Federal National Mortgage Association Pass-Thru, Pool MA0976		3.50	%		02/01/2032		43,709,837
	20,004,681	Federal National Mortgage Association Pass-Thru, Pool MA1010		3.50	%		03/01/2032		21,618,046
	5,706,788	Federal National Mortgage Association Pass-Thru, Pool MA1039		3.50	%		04/01/2042		5,947,984
	27,452,238	Federal National Mortgage Association Pass-Thru, Pool MA1059		3.50	%		05/01/2032		29,394,762
	3,656,933	Federal National Mortgage Association Pass-Thru, Pool MA1068		3.50	%		05/01/2042		3,811,589
	58,167,529	Federal National Mortgage Association Pass-Thru, Pool MA1084		3.50	%		06/01/2032		63,067,894
	8,212,432	Federal National Mortgage Association Pass-Thru, Pool MA1093		3.50	%		06/01/2042		8,564,799
	5,921,982	Federal National Mortgage Association Pass-Thru, Pool MA1094		4.00	%		06/01/2042		6,222,376
	35,717,699	Federal National Mortgage Association Pass-Thru, Pool MA1107		3.50	%		07/01/2032		38,609,269
	84,077,011	Federal National Mortgage Association Pass-Thru, Pool MA1117		3.50	%		07/01/2042		87,713,939
	94,552,225	Federal National Mortgage Association Pass-Thru, Pool MA1136		3.50	%		08/01/2042		98,593,943
	24,122,146	Federal National Mortgage Association Pass-Thru, Pool MA1138		3.50	%		08/01/2032		26,064,333
	24,419,698	Federal National Mortgage Association Pass-Thru, Pool MA1179		3.50	%		09/01/2042		25,443,717
	4,623,204	Federal National Mortgage Association Pass-Thru, Pool MA1201		3.50	%		10/01/2032		4,998,595
	51,705,586	Federal National Mortgage Association Pass-Thru, Pool MA1209		3.50	%		10/01/2042		53,873,662
	31,049,560	Federal National Mortgage Association Pass-Thru, Pool MA1237		3.00	%		11/01/2032		32,693,469
	3,559,567	Federal National Mortgage Association Pass-Thru, Pool MA1242		3.50	%		11/01/2042		3,711,671
	17,324,619	Federal National Mortgage Association Pass-Thru, Pool MA1338		3.00	%		02/01/2033		18,372,055
	68,104,261	Federal National Mortgage Association Pass-Thru, Pool MA1366		3.00	%		03/01/2033		71,682,100
	41,594,560	Federal National Mortgage Association Pass-Thru, Pool MA1401		3.00	%		04/01/2033		43,966,188
	72,159,313	Federal National Mortgage Association Pass-Thru, Pool MA1459		3.00	%		06/01/2033		76,254,105
	9,133,539	Federal National Mortgage Association Pass-Thru, Pool MA1490		3.00	%		07/01/2033		9,685,255
	47,718,531	Federal National Mortgage Association Pass-Thru, Pool MA2018		3.50	%		09/01/2034		50,696,363
	16,467,963	Federal National Mortgage Association Pass-Thru, Pool MA2114		3.50	%		12/01/2044		17,156,819
	13,036,647	Federal National Mortgage Association Pass-Thru, Pool MA2151		3.50	%		01/01/2045		13,582,914
	28,359,210	Federal National Mortgage Association Pass-Thru, Pool MA2164		3.50	%		02/01/2035		30,460,934
	46,640,330	Federal National Mortgage Association Pass-Thru, Pool MA2166		3.50	%		02/01/2045		48,570,533
	52,158,626	Federal National Mortgage Association Pass-Thru, Pool MA2248		3.00	%		04/01/2045		53,969,142
	54,723,483	Federal National Mortgage Association Pass-Thru, Pool MA2270		3.00	%		05/01/2045		56,622,352
	64,025,826	Federal National Mortgage Association Pass-Thru, Pool MA2650		3.50	%		06/01/2046		66,633,939
	32,121,675	Federal National Mortgage Association Pass-Thru, Pool MA2833		3.00	%		12/01/2046		33,793,295
	5,305,101	Federal National Mortgage Association Pass-Thru, Pool MA3894		4.00	%		09/01/2031		5,782,004
	22,945,297	Federal National Mortgage Association, Pool AL9220		3.00	%		06/01/2045		24,428,115
	37,923,598	Federal National Mortgage Association, Pool AL9445		3.00	%		07/01/2031		40,846,354
	26,769,638	Federal National Mortgage Association, Pool AM8510		3.15	%		05/01/2035		30,345,490
	30,893,412	Federal National Mortgage Association, Pool AM8950		3.14	%		06/01/2040		34,911,223
	7,887,000	Federal National Mortgage Association, Pool AN0091		3.46	%		10/01/2030		8,759,947
	14,498,113	Federal National Mortgage Association, Pool AN1210		2.85	%		05/01/2031		16,278,811
	14,000,000	Federal National Mortgage Association, Pool AN4764		3.40	%		02/01/2029		15,944,180
	5,132,988	Federal National Mortgage Association, Pool AN5480		3.43	%		06/01/2037		5,949,260
	217,500,000	Federal National Mortgage Association, Pool AN6680		3.37	%		11/01/2047		254,502,124
	5,500,000	Federal National Mortgage Association, Pool AN7330		3.26	%		12/01/2037		6,537,025
	10,026,000	Federal National Mortgage Association, Pool AN7452		3.12	%		11/01/2032		11,659,539
	12,000,000	Federal National Mortgage Association, Pool AN8121		3.16	%		01/01/2035		13,886,284
	49,749,796	Federal National Mortgage Association, Pool AS7473		3.00	%		07/01/2046		51,397,902
	92,677,455	Federal National Mortgage Association, Pool AS7661		3.00	%		08/01/2046		95,986,447
	48,505,385	Federal National Mortgage Association, Pool AS8056		3.00	%		10/01/2046		51,010,957
	62,164,701	Federal National Mortgage Association, Pool AS8111		3.00	%		10/01/2041		65,156,746
	41,641,720	Federal National Mortgage Association, Pool AS8269		3.00	%		11/01/2046		43,682,945
	39,271,716	Federal National Mortgage Association, Pool AS8306		3.00	%		11/01/2041		41,132,283
	58,672,407	Federal National Mortgage Association, Pool AS8356		3.00	%		11/01/2046		60,561,950
	14,545,112	Federal National Mortgage Association, Pool AZ0576		3.50	%		04/01/2042		15,409,779
	13,347,541	Federal National Mortgage Association, Pool BC9081		3.00	%		12/01/2046		14,376,083
	115,758,757	Federal National Mortgage Association, Pool BF0314		3.00	%		01/01/2053		122,628,809
	99,387,026	Federal National Mortgage Association, Pool BF0353		3.00	%		05/01/2053		105,285,912
	56,115,868	Federal National Mortgage Association, Pool BF0391		3.00	%		09/01/2053		59,446,328
	63,578,000	Federal National Mortgage Association, Pool BL1276		3.79	%		01/01/2029		73,568,683
	33,500,000	Federal National Mortgage Association, Pool BL1300		4.20	%		01/01/2029		39,578,153
	20,000,000	Federal National Mortgage Association, Pool BL1752		3.68	%		03/01/2029		23,004,419
	5,000,000	Federal National Mortgage Association, Pool BL2303		3.36	%		05/01/2031		5,838,732
	8,250,000	Federal National Mortgage Association, Pool BL2998		2.97	%		07/01/2029		9,254,736
	41,755,800	Federal National Mortgage Association, Pool BL3480		2.75	%		08/01/2029		46,810,237
	30,826,135	Federal National Mortgage Association, Pool BL3647		2.69	%		08/01/2030		34,430,246
	50,173,000	Federal National Mortgage Association, Pool BL4008		2.37	%		10/01/2031		54,753,262
	27,690,000	Federal National Mortgage Association, Pool BL4098		2.27	%		09/01/2029		30,197,787
	13,075,000	Federal National Mortgage Association, Pool BL4198		2.31	%		10/01/2031		14,183,259
	25,800,000	Federal National Mortgage Association, Pool BL4214		2.37	%		10/01/2031		28,155,266
	3,206,000	Federal National Mortgage Association, Pool BL4339		2.29	%		10/01/2031		3,501,424
	6,496,000	Federal National Mortgage Association, Pool BL4354		2.37	%		10/01/2031		7,150,967
	107,000,000	Federal National Mortgage Association, Pool BL4468		2.41	%		10/01/2029		117,535,987
	24,380,000	Federal National Mortgage Association, Pool BL4656		2.29	%		10/01/2029		26,622,251
	63,966,000	Federal National Mortgage Association, Pool BL4808		2.80	%		11/01/2039		73,153,160
	75,725,000	Federal National Mortgage Association, Pool BL4881		2.31	%		12/01/2029		82,863,839
	73,850,000	Federal National Mortgage Association, Pool BL4937		2.32	%		12/01/2029		80,900,621
	34,160,000	Federal National Mortgage Association, Pool BL4938		2.32	%		12/01/2029		37,421,330
	14,220,000	Federal National Mortgage Association, Pool BL4939		2.32	%		12/01/2029		15,577,615
	65,121,000	Federal National Mortgage Association, Pool BL4969		2.35	%		11/01/2029		71,515,572
	21,686,000	Federal National Mortgage Association, Pool BL5111		2.41	%		01/01/2030		23,828,447
	17,125,000	Federal National Mortgage Association, Pool BL5256		2.28	%		02/01/2032		18,530,940
	30,200,000	Federal National Mortgage Association, Pool BL5315		2.44	%		01/01/2032		33,356,831
	46,800,000	Federal National Mortgage Association, Pool BL5400		2.54	%		02/01/2030		51,869,551
	103,889,000	Federal National Mortgage Association, Pool BL5401		2.54	%		02/01/2030		115,142,645
	24,557,000	Federal National Mortgage Association, Pool BL5833		2.60	%		03/01/2030		27,410,685
	8,190,000	Federal National Mortgage Association, Pool BL5840		2.73	%		02/01/2035		9,026,567
	22,828,000	Federal National Mortgage Association, Pool BL5870		2.30	%		02/01/2032		24,745,476
	60,000,000	Federal National Mortgage Association, Pool BL5953		2.15	%		03/01/2030		64,892,779
	20,570,000	Federal National Mortgage Association, Pool BL6297		2.08	%		05/01/2030		22,162,385
	6,872,088	Federal National Mortgage Association, Pool BL6639		2.66	%		05/01/2050		7,375,099
	28,785,015	Federal National Mortgage Association, Pool BL6913		1.96	%		05/01/2035		30,697,347
	36,488,000	Federal National Mortgage Association, Pool BL7110		1.76	%		07/01/2035		37,667,884
	3,568,101	Federal National Mortgage Association, Pool BL7331		2.23	%		07/01/2040		3,797,334
	20,400,000	Federal National Mortgage Association, Pool BL7424		1.65	%		08/01/2035		20,745,687
	40,000,000	Federal National Mortgage Association, Pool BL8165		1.35	%		09/01/2032		40,179,668
	49,000,000	Federal National Mortgage Association, Pool BL8177		1.10	%		09/01/2030		49,050,001
	32,000,000	Federal National Mortgage Association, Pool BL8269		1.51	%		09/01/2035		32,056,497
	79,396,991	Federal National Mortgage Association, Pool BM5112		3.00	%		11/01/2033		85,172,296
	43,634,207	Federal National Mortgage Association, Pool BM5299		3.00	%		12/01/2046		45,895,754
	66,421,459	Federal National Mortgage Association, Pool BM5633		3.00	%		07/01/2047		69,853,897
	15,900,910	Federal National Mortgage Association, Pool BM5834		3.00	%		04/01/2048		16,408,613
	26,051,640	Federal National Mortgage Association, Pool CA0862		3.50	%		09/01/2047		27,575,145
	12,488,843	Federal National Mortgage Association, Pool CA3898		3.00	%		07/01/2034		13,546,713
	9,130,253	Federal National Mortgage Association, Pool CA4413		3.00	%		10/01/2049		9,566,585
	115,344,052	Federal National Mortgage Association, Pool FM1000		3.00	%		04/01/2047		121,232,460
	77,782,344	Federal National Mortgage Association, Pool MA2259		3.00	%		05/01/2035		81,467,420
	60,409,985	Federal National Mortgage Association, Pool MA2621		3.50	%		05/01/2046		62,876,479
	58,009,970	Federal National Mortgage Association, Pool MA2649		3.00	%		06/01/2046		59,839,539
	21,112,385	Federal National Mortgage Association, Pool MA2673		3.00	%		07/01/2046		21,779,639
	66,430,827	Federal National Mortgage Association, Pool MA2711		3.00	%		08/01/2046		68,528,649
	6,274,704	Federal National Mortgage Association, Pool MA2743		3.00	%		09/01/2046		6,476,759
	103,692,358	Federal National Mortgage Association, Pool MA2806		3.00	%		11/01/2046		109,030,370
	38,239,041	Federal National Mortgage Association, Pool MA2895		3.00	%		02/01/2047		40,206,687
	10,593,633	Federal National Mortgage Association, Pool MA3830		2.50	%		11/01/2039		11,123,014
	66,728,055	Federal National Mortgage Association, Pool MA4074		2.00	%		07/01/2035		69,391,786
	86,403,329	Federal National Mortgage Association, Pool MA4077		2.00	%		07/01/2050		89,363,243
	98,272,373	Federal National Mortgage Association, Pool MA4094		2.50	%		08/01/2040		103,183,194
	35,188,509	Federal National Mortgage Association, Pool MA4097		3.00	%		08/01/2050		37,016,909
	181,929,107	Federal National Mortgage Association, Pool MA4100		2.00	%		08/01/2050		188,161,443
	49,868,628	Federal National Mortgage Association, Pool MA4119		2.00	%		09/01/2050		51,576,975
	161,715,602	Federal National Mortgage Association, Pool MA4123		2.00	%		09/01/2035		168,183,243
	20,000,000	Federal National Mortgage Association, Pool MA4152		2.00	%		10/01/2040		20,693,044
	100,000,000	Federal National Mortgage Association, Pool MA4157		1.50	%		10/01/2050		101,620,127
	100,000,000	Federal National Mortgage Association, Pool MA4158		2.00	%		10/01/2050		103,425,695
	150,000,000	Federal National Mortgage Association, Pool MA4159		2.50	%		10/01/2050		157,513,279
	169,957,059	Federal National Mortgage Association, Pool MA4165		2.00	%		10/01/2050		174,197,299
	100,000,000	Federal National Mortgage Association, Pool MA4176		2.00	%		10/01/2040		103,465,215
	148,100,000	Federal National Mortgage Association, Pool MA4178		1.50	%		10/01/2035		151,610,277
	200,000,000	Federal National Mortgage Association, Pool MA4181		1.50	%		10/01/2050		203,579,814
	57,607,682	Federal National Mortgage Association, Pool SD8079		2.00	%		07/01/2050		59,696,928
	49,582,056	Federal National Mortgage Association, Pool SD8097		2.00	%		08/01/2050		51,280,586
	234,007,705	Federal National Mortgage Association, Pool TB5071		2.00	%		09/01/2040		242,116,641
	574,250	Federal National Mortgage Association, Series 2002-70-QZ		5.50	%		11/25/2032		657,397
	810,778	Federal National Mortgage Association, Series 2002-75-ZG		5.50	%		11/25/2032		910,915
	11,821,982	Federal National Mortgage Association, Series 2003-129-ZT		5.50	%		01/25/2034		13,640,338
	2,224,264	Federal National Mortgage Association, Series 2003-29-ZL		5.00	%		04/25/2033		2,542,160
	1,157,843	Federal National Mortgage Association, Series 2003-64-ZG		5.50	%		07/25/2033		1,326,819
	8,520,353	Federal National Mortgage Association, Series 2003-84-PZ		5.00	%		09/25/2033		9,815,117
	8,168,298	Federal National Mortgage Association, Series 2003-W17-1A7		5.75	%		08/25/2043		9,395,642
	2,071,848	Federal National Mortgage Association, Series 2004-46-PJ (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		5.85	% I/F I/O		03/25/2034		233,257
	2,221,754	Federal National Mortgage Association, Series 2004-51-XP (-1 x 1 Month LIBOR USD + 7.70%, 7.70% Cap)		7.55	% I/F I/O		07/25/2034		470,943
	3,417,813	Federal National Mortgage Association, Series 2004-W10-A6		5.75	%		08/25/2034		3,933,264
	140,565	Federal National Mortgage Association, Series 2005-107-EG		4.50	%		01/25/2026		149,023
	517,518	Federal National Mortgage Association, Series 2005-37-ZK		4.50	%		05/25/2035		568,768
	3,965,840	Federal National Mortgage Association, Series 2005-87-SG (-1 x 1 Month LIBOR USD + 6.70%, 6.70% Cap)		6.52	% I/F I/O		10/25/2035		797,065
	3,444,912	Federal National Mortgage Association, Series 2006-101-SA (-1 x 1 Month LIBOR USD + 6.58%, 6.58% Cap)		6.43	% I/F I/O		10/25/2036		785,653
	1,408,110	Federal National Mortgage Association, Series 2006-123-LI (-1 x 1 Month LIBOR USD + 6.32%, 6.32% Cap)		6.17	% I/F I/O		01/25/2037		301,413
	729,302	Federal National Mortgage Association, Series 2006-16-HZ		5.50	%		03/25/2036		846,189
	5,771,542	Federal National Mortgage Association, Series 2006-56-SM (-1 x 1 Month LIBOR USD + 6.75%, 6.75% Cap)		6.60	% I/F I/O		07/25/2036		934,719
	821,526	Federal National Mortgage Association, Series 2006-93-SN (-1 x 1 Month LIBOR USD + 6.60%, 6.60% Cap)		6.45	% I/F I/O		10/25/2036		116,766
	7,999,010	Federal National Mortgage Association, Series 2007-109-VZ		5.00	%		10/25/2035		9,164,967
	828,982	Federal National Mortgage Association, Series 2007-116-BI (-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)		6.10	% I/F I/O		05/25/2037		128,595
	5,154,628	Federal National Mortgage Association, Series 2007-14-PS (-1 x 1 Month LIBOR USD + 6.81%, 6.81% Cap)		6.66	% I/F I/O		03/25/2037		1,074,039
	2,634,325	Federal National Mortgage Association, Series 2007-30-OI (-1 x 1 Month LIBOR USD + 6.44%, 6.44% Cap)		6.29	% I/F I/O		04/25/2037		593,679
	357,641	Federal National Mortgage Association, Series 2007-30-SI (-1 x 1 Month LIBOR USD + 6.11%, 6.11% Cap)		5.96	% I/F I/O		04/25/2037		57,661
	2,633,257	Federal National Mortgage Association, Series 2007-32-SG (-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)		5.95	% I/F I/O		04/25/2037		476,261
	2,240,548	Federal National Mortgage Association, Series 2007-57-SX (-1 x 1 Month LIBOR USD + 6.62%, 6.62% Cap)		6.47	% I/F I/O		10/25/2036		452,093
	3,372,488	Federal National Mortgage Association, Series 2007-60-VZ		6.00	%		07/25/2037		3,938,938
	1,776,211	Federal National Mortgage Association, Series 2007-71-GZ		6.00	%		07/25/2047		1,929,534
	2,772,163	Federal National Mortgage Association, Series 2007-75-ID (-1 x 1 Month LIBOR USD + 5.87%, 5.87% Cap)		5.72	% I/F I/O		08/25/2037		579,088
	792,427	Federal National Mortgage Association, Series 2007-9-SD (-1 x 1 Month LIBOR USD + 6.65%, 6.65% Cap)		6.50	% I/F I/O		03/25/2037		159,710
	484,456	Federal National Mortgage Association, Series 2008-27-B		5.50	%		04/25/2038		557,551
	3,248,668	Federal National Mortgage Association, Series 2008-29-ZA		4.50	%		04/25/2038		3,571,785
	6,259,317	Federal National Mortgage Association, Series 2008-48-BE		5.00	%		06/25/2034		7,254,218
	611,414	Federal National Mortgage Association, Series 2008-48-SD (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		5.85	% I/F I/O		06/25/2037		88,437
	900,746	Federal National Mortgage Association, Series 2008-53-LI (-1 x 1 Month LIBOR USD + 6.15%, 6.15% Cap)		6.00	% I/F I/O		07/25/2038		100,121
	611,242	Federal National Mortgage Association, Series 2008-57-SE (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		5.85	% I/F I/O		02/25/2037		95,313
	1,055,994	Federal National Mortgage Association, Series 2008-5-MS (-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)		6.10	% I/F I/O		02/25/2038		202,437
	660,272	Federal National Mortgage Association, Series 2008-61-SC (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		5.85	% I/F I/O		07/25/2038		94,789
	566,711	Federal National Mortgage Association, Series 2008-62-SC (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		5.85	% I/F I/O		07/25/2038		80,225
	1,521,325	Federal National Mortgage Association, Series 2008-65-SA (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		5.85	% I/F I/O		08/25/2038		312,224
	532,367	Federal National Mortgage Association, Series 2008-81-LP		5.50	%		09/25/2038		605,429
	4,185,803	Federal National Mortgage Association, Series 2009-106-EZ		4.50	%		01/25/2040		4,539,597
	688,476	Federal National Mortgage Association, Series 2009-111-SE (-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)		6.10	% I/F I/O		01/25/2040		109,841
	450,535	Federal National Mortgage Association, Series 2009-16-MZ		5.00	%		03/25/2029		494,555
	1,553,540	Federal National Mortgage Association, Series 2009-42-SI (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		5.85	% I/F I/O		06/25/2039		256,349
	973,201	Federal National Mortgage Association, Series 2009-42-SX (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		5.85	% I/F I/O		06/25/2039		127,740
	633,850	Federal National Mortgage Association, Series 2009-47-SA (-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)		5.95	% I/F I/O		07/25/2039		90,361
	415,421	Federal National Mortgage Association, Series 2009-48-WS (-1 x 1 Month LIBOR USD + 5.95%, 5.95% Cap)		5.80	% I/F I/O		07/25/2039		73,523
	4,182,875	Federal National Mortgage Association, Series 2009-49-S (-1 x 1 Month LIBOR USD + 6.75%, 6.75% Cap)		6.60	% I/F I/O		07/25/2039		774,956
	496,515	Federal National Mortgage Association, Series 2009-51-BZ		4.50	%		07/25/2039		546,503
	1,297,235	Federal National Mortgage Association, Series 2009-54-EZ		5.00	%		07/25/2039		1,446,706
	612,197	Federal National Mortgage Association, Series 2009-70-SA (-1 x 1 Month LIBOR USD + 5.80%, 5.80% Cap)		5.65	% I/F I/O		09/25/2039		92,045
	3,044,119	Federal National Mortgage Association, Series 2009-80-PM		4.50	%		10/25/2039		3,240,203
	2,367,611	Federal National Mortgage Association, Series 2009-83-Z		4.50	%		10/25/2039		2,582,490
	9,558,514	Federal National Mortgage Association, Series 2009-85-ES (-1 x 1 Month LIBOR USD + 7.23%, 7.23% Cap)		7.08	% I/F I/O		01/25/2036		2,112,754
	13,040,779	Federal National Mortgage Association, Series 2009-85-JS (-1 x 1 Month LIBOR USD + 6.75%, 6.75% Cap)		6.60	% I/F I/O		10/25/2039		3,225,768
	954,844	Federal National Mortgage Association, Series 2009-90-IB (-1 x 1 Month LIBOR USD + 5.72%, 5.72% Cap)		5.57	% I/F I/O		04/25/2037		149,483
	923,865	Federal National Mortgage Association, Series 2009-94-BC		5.00	%		11/25/2039		989,442
	11,948,674	Federal National Mortgage Association, Series 2010-101-SA (-1 x 1 Month LIBOR USD + 4.48%, 4.48% Cap)		4.33	% I/F I/O		09/25/2040		1,763,125
	5,381,763	Federal National Mortgage Association, Series 2010-101-ZC		4.50	%		09/25/2040		6,115,485
	14,234,074	Federal National Mortgage Association, Series 2010-101-ZH		4.50	%		07/25/2040		15,135,099
	3,485,966	Federal National Mortgage Association, Series 2010-10-SA (-1 x 1 Month LIBOR USD + 6.35%, 6.35% Cap)		6.20	% I/F I/O		02/25/2040		707,968
	1,399,880	Federal National Mortgage Association, Series 2010-10-ZA		4.50	%		02/25/2040		1,516,597
	919,313	Federal National Mortgage Association, Series 2010-111-S (-1 x 1 Month LIBOR USD + 5.95%, 5.95% Cap)		5.80	% I/F I/O		10/25/2050		121,860
	2,557,881	Federal National Mortgage Association, Series 2010-116-Z		4.00	%		10/25/2040		2,844,730
	749,154	Federal National Mortgage Association, Series 2010-117-SA (-1 x 1 Month LIBOR USD + 4.50%, 4.50% Cap)		4.35	% I/F I/O		10/25/2040		65,307
	2,022,290	Federal National Mortgage Association, Series 2010-120-KD		4.00	%		10/25/2040		2,155,874
	18,384,633	Federal National Mortgage Association, Series 2010-121-SD (-1 x 1 Month LIBOR USD + 4.50%, 4.50% Cap)		4.35	% I/F I/O		10/25/2040		2,465,357
	242,685	Federal National Mortgage Association, Series 2010-126-SU (-11 x 1 Month LIBOR USD + 55.00%, 55.00% Cap)		53.29	% I/F		11/25/2040		1,031,898
	178,693	Federal National Mortgage Association, Series 2010-126-SX (-3 x 1 Month LIBOR USD + 15.00%, 15.00% Cap)		14.53	% I/F		11/25/2040		318,250
	3,647,834	Federal National Mortgage Association, Series 2010-128-HZ		4.00	%		11/25/2040		4,004,832
	2,467,565	Federal National Mortgage Association, Series 2010-132-Z		4.50	%		11/25/2040		2,628,527
	88,008	Federal National Mortgage Association, Series 2010-137-VS (-3 x 1 Month LIBOR USD + 15.00%, 15.00% Cap)		14.53	% I/F		12/25/2040		136,981
	8,163,815	Federal National Mortgage Association, Series 2010-142-AZ		4.00	%		12/25/2040		8,941,535
	6,538,858	Federal National Mortgage Association, Series 2010-148-SA (-1 x 1 Month LIBOR USD + 6.65%, 6.65% Cap)		6.50	% I/F I/O		01/25/2026		639,079
	8,924,918	Federal National Mortgage Association, Series 2010-150-FD (1 Month LIBOR USD + 0.51%, 0.51% Floor, 7.00% Cap)		0.66	%		01/25/2041		9,008,542
	19,875,008	Federal National Mortgage Association, Series 2010-150-ZA		4.00	%		01/25/2041		22,134,733
	7,164,356	Federal National Mortgage Association, Series 2010-16-SA (-1 x 1 Month LIBOR USD + 5.45%, 5.45% Cap)		5.30	% I/F I/O		03/25/2040		1,214,050
	2,266,440	Federal National Mortgage Association, Series 2010-21-DZ		5.00	%		03/25/2040		2,626,473
	1,035,508	Federal National Mortgage Association, Series 2010-21-KS (-1 x 1 Month LIBOR USD + 4.95%, 4.95% Cap)		4.80	% I/F I/O		03/25/2040		111,780
	398,342	Federal National Mortgage Association, Series 2010-2-GS (-1 x 1 Month LIBOR USD + 6.45%, 6.45% Cap)		6.30	% I/F I/O		12/25/2049		30,799
	1,772,634	Federal National Mortgage Association, Series 2010-2-MS (-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)		6.10	% I/F I/O		02/25/2050		359,131
	1,296,072	Federal National Mortgage Association, Series 2010-31-SA (-1 x 1 Month LIBOR USD + 5.00%, 5.00% Cap)		4.85	% I/F I/O		04/25/2040		137,346
	3,748,480	Federal National Mortgage Association, Series 2010-31-VZ		4.00	%		04/25/2040		3,933,025
	2,218,038	Federal National Mortgage Association, Series 2010-34-PS (-1 x 1 Month LIBOR USD + 4.93%, 4.93% Cap)		4.78	% I/F I/O		04/25/2040		259,121
	509,095	Federal National Mortgage Association, Series 2010-35-ES (-1 x 1 Month LIBOR USD + 6.45%, 6.45% Cap)		6.30	% I/F I/O		04/25/2040		60,726
	493,325	Federal National Mortgage Association, Series 2010-35-SV (-1 x 1 Month LIBOR USD + 6.45%, 6.45% Cap)		6.30	% I/F I/O		04/25/2040		77,432
	883,568	Federal National Mortgage Association, Series 2010-46-MS (-1 x 1 Month LIBOR USD + 4.95%, 4.95% Cap)		4.80	% I/F I/O		05/25/2040		106,668
	6,129,149	Federal National Mortgage Association, Series 2010-49-ZW		4.50	%		05/25/2040		6,515,927
	1,819,170	Federal National Mortgage Association, Series 2010-4-SK (-1 x 1 Month LIBOR USD + 6.23%, 6.23% Cap)		6.08	% I/F I/O		02/25/2040		334,357
	697,334	Federal National Mortgage Association, Series 2010-58-ES (-3 x 1 Month LIBOR USD + 12.47%, 12.47% Cap)		12.09	% I/F		06/25/2040		903,566
	5,276,631	Federal National Mortgage Association, Series 2010-59-MS (-1 x 1 Month LIBOR USD + 5.77%, 5.77% Cap)		5.62	% I/F I/O		06/25/2040		1,181,798
	948,256	Federal National Mortgage Association, Series 2010-59-PS (-1 x 1 Month LIBOR USD + 6.45%, 6.45% Cap)		6.30	% I/F I/O		03/25/2039		13,354
	5,528,159	Federal National Mortgage Association, Series 2010-59-SC (-1 x 1 Month LIBOR USD + 5.00%, 5.00% Cap)		4.85	% I/F I/O		01/25/2040		911,869
	592,046	Federal National Mortgage Association, Series 2010-60-VZ		5.00	%		10/25/2039		676,487
	454,820	Federal National Mortgage Association, Series 2010-61-EL		4.50	%		06/25/2040		487,399
	5,717,604	Federal National Mortgage Association, Series 2010-64-EZ		5.00	%		06/25/2040		6,600,841
	12,843,815	Federal National Mortgage Association, Series 2010-64-FC (1 Month LIBOR USD + 0.50%, 0.50% Floor, 7.00% Cap)		0.65	%		06/25/2040		12,976,682
	17,598,965	Federal National Mortgage Association, Series 2010-76-ZK		4.50	%		07/25/2040		19,761,695
	4,277,345	Federal National Mortgage Association, Series 2010-79-CZ		4.00	%		07/25/2040		4,551,943
	16,383,623	Federal National Mortgage Association, Series 2010-79-VZ		4.50	%		07/25/2040		18,474,989
	2,527,072	Federal National Mortgage Association, Series 2010-84-ZC		4.50	%		08/25/2040		2,753,650
	5,054,133	Federal National Mortgage Association, Series 2010-84-ZD		4.50	%		08/25/2040		5,507,288
	6,517,246	Federal National Mortgage Association, Series 2010-84-ZG		4.50	%		08/25/2040		6,946,346
	474,746	Federal National Mortgage Association, Series 2010-90-SA (-1 x 1 Month LIBOR USD + 5.85%, 5.85% Cap)		5.70	% I/F I/O		08/25/2040		68,094
	1,494,607	Federal National Mortgage Association, Series 2010-94-Z		4.50	%		08/25/2040		1,616,259
	7,795,069	Federal National Mortgage Association, Series 2010-99-SG (-5 x 1 Month LIBOR USD + 25.00%, 25.00% Cap)		24.22	% I/F		09/25/2040		13,935,435
	1,110,288	Federal National Mortgage Association, Series 2010-9-DS (-1 x 1 Month LIBOR USD + 5.30%, 0.50% Floor, 5.30% Cap)		5.15	% I/F I/O		02/25/2040		166,824
	33,486,178	Federal National Mortgage Association, Series 2011-106-LZ		3.50	%		10/25/2041		36,715,190
	520,021	Federal National Mortgage Association, Series 2011-110-LS (-2 x 1 Month LIBOR USD + 10.10%, 10.10% Cap)		9.79	% I/F		11/25/2041		752,701
	5,651,180	Federal National Mortgage Association, Series 2011-111-CZ		4.00	%		11/25/2041		6,226,429
	8,612,825	Federal National Mortgage Association, Series 2011-111-EZ		5.00	%		11/25/2041		9,980,915
	3,366,865	Federal National Mortgage Association, Series 2011-111-VZ		4.00	%		11/25/2041		3,756,101
	30,000,000	Federal National Mortgage Association, Series 2011-131-PB		4.50	%		12/25/2041		35,818,422
	20,707,610	Federal National Mortgage Association, Series 2011-16-AL		3.50	%		03/25/2031		22,435,387
	38,800,000	Federal National Mortgage Association, Series 2011-17-NY		3.50	%		03/25/2031		41,871,455
	680,636	Federal National Mortgage Association, Series 2011-17-SA (-1 x 1 Month LIBOR USD + 6.47%, 6.47% Cap)		6.32	% I/F I/O		03/25/2041		114,805
	5,664,545	Federal National Mortgage Association, Series 2011-25-KY		3.00	%		04/25/2026		5,907,046
	4,222,896	Federal National Mortgage Association, Series 2011-27-BS (-2 x 1 Month LIBOR USD + 9.00%, 9.00% Cap)		8.69	% I/F		04/25/2041		4,880,096
	41,255,245	Federal National Mortgage Association, Series 2011-29-AL		3.50	%		04/25/2031		44,339,236
	8,083,040	Federal National Mortgage Association, Series 2011-2-GZ		4.00	%		02/25/2041		8,934,597
	19,990,722	Federal National Mortgage Association, Series 2011-32-ZG		4.00	%		04/25/2041		21,390,351
	3,652,539	Federal National Mortgage Association, Series 2011-36-VZ		4.50	%		05/25/2041		3,851,126
	9,074,379	Federal National Mortgage Association, Series 2011-37-Z		4.50	%		05/25/2041		10,350,180
	8,003,059	Federal National Mortgage Association, Series 2011-38-BZ		4.00	%		05/25/2041		8,799,824
	5,175,404	Federal National Mortgage Association, Series 2011-39-CB		3.00	%		05/25/2026		5,397,145
	9,989,057	Federal National Mortgage Association, Series 2011-39-ZD		4.00	%		02/25/2041		11,060,442
	2,737,403	Federal National Mortgage Association, Series 2011-40-LZ		4.50	%		05/25/2041		2,961,421
	5,731,663	Federal National Mortgage Association, Series 2011-42-MZ		4.50	%		05/25/2041		6,208,340
	21,809,718	Federal National Mortgage Association, Series 2011-45-ZA		4.00	% >		05/25/2031		23,846,211
	7,256,249	Federal National Mortgage Association, Series 2011-45-ZB		4.50	%		05/25/2041		7,700,707
	312,635	Federal National Mortgage Association, Series 2011-48-SC (-2 x 1 Month LIBOR USD + 9.20%, 9.20% Cap)		8.90	% I/F		06/25/2041		319,420
	18,270,488	Federal National Mortgage Association, Series 2011-51-FJ (1 Month LIBOR USD + 0.45%, 0.45% Floor, 7.00% Cap)		0.60	%		06/25/2041		18,402,167
	1,165,261	Federal National Mortgage Association, Series 2011-59-MA		4.50	%		07/25/2041		1,305,486
	8,926,278	Federal National Mortgage Association, Series 2011-60-EL		3.00	%		07/25/2026		9,311,449
	12,478,648	Federal National Mortgage Association, Series 2011-64-DB		4.00	%		07/25/2041		13,983,223
	18,631,917	Federal National Mortgage Association, Series 2011-77-Z		3.50	%		08/25/2041		20,394,224
	29,963,345	Federal National Mortgage Association, Series 2011-99-CZ		4.50	% >		10/25/2041		34,563,288
	65,081,044	Federal National Mortgage Association, Series 2011-99-DZ		5.00	%		10/25/2041		74,676,606
	13,664,240	Federal National Mortgage Association, Series 2012-104-Z		3.50	% >		09/25/2042		15,370,441
	7,166,181	Federal National Mortgage Association, Series 2012-111-LB		3.50	%		05/25/2041		7,620,766
	27,971,749	Federal National Mortgage Association, Series 2012-111-MJ		4.00	%		04/25/2042		31,673,659
	3,509,717	Federal National Mortgage Association, Series 2012-114-DC		2.00	%		08/25/2039		3,520,860
	34,017,093	Federal National Mortgage Association, Series 2012-122-AD		2.00	%		02/25/2040		34,354,563
	40,176,153	Federal National Mortgage Association, Series 2012-122-DB		3.00	%		11/25/2042		43,231,497
	45,768,777	Federal National Mortgage Association, Series 2012-125-LA		3.00	%		11/25/2042		49,252,587
	26,151,982	Federal National Mortgage Association, Series 2012-132-KH		1.75	%		12/25/2032		27,153,436
	25,597,099	Federal National Mortgage Association, Series 2012-144-PT		4.18	% #		11/25/2049		28,465,812
	11,453,678	Federal National Mortgage Association, Series 2012-14-BZ		4.00	%		03/25/2042		12,710,578
	27,367,765	Federal National Mortgage Association, Series 2012-15-PZ		4.00	% >		03/25/2042		32,272,949
	20,247,465	Federal National Mortgage Association, Series 2012-20-ZT		3.50	% >		03/25/2042		22,284,044
	63,186,905	Federal National Mortgage Association, Series 2012-30-DZ		4.00	% >		04/25/2042		70,815,093
	48,352,693	Federal National Mortgage Association, Series 2012-31-Z		4.00	%		04/25/2042		53,641,733
	2,864,105	Federal National Mortgage Association, Series 2012-63-EB		2.00	%		08/25/2040		2,874,400
	18,069,486	Federal National Mortgage Association, Series 2012-70-FY (1 Month LIBOR USD + 0.45%, 0.45% Floor, 7.00% Cap)		0.60	%		07/25/2042		18,203,959
	37,326,283	Federal National Mortgage Association, Series 2012-74-Z		4.00	% >		07/25/2042		42,427,726
	4,646,938	Federal National Mortgage Association, Series 2012-80-EA		2.00	%		04/25/2042		4,716,220
	26,883,047	Federal National Mortgage Association, Series 2012-86-ZC		3.50	% >		08/25/2042		30,809,768
	37,455,127	Federal National Mortgage Association, Series 2012-96-VZ		3.50	% >		09/25/2042		41,806,417
	18,159,744	Federal National Mortgage Association, Series 2012-98-BG		4.50	%		08/25/2040		20,522,719
	33,561,565	Federal National Mortgage Association, Series 2012-99-QE		3.00	%		09/25/2042		36,533,432
	17,849,898	Federal National Mortgage Association, Series 2013-100-PJ		3.00	%		03/25/2043		19,101,844
	27,472,390	Federal National Mortgage Association, Series 2013-130-ZE		3.00	% >		01/25/2044		29,617,904
	24,683,775	Federal National Mortgage Association, Series 2013-133-ZT		3.00	% >		01/25/2039		26,916,901
	13,145,697	Federal National Mortgage Association, Series 2013-36-Z		3.00	% >		04/25/2043		14,498,613
	16,663,734	Federal National Mortgage Association, Series 2013-41-ZH		3.00	%		05/25/2033		17,886,907
	19,292,416	Federal National Mortgage Association, Series 2013-51-HS (-1 x 1 Month LIBOR USD + 5.40%, 5.40% Cap)		5.22	% I/F		04/25/2043		19,793,513
	2,772,426	Federal National Mortgage Association, Series 2013-53-AB		1.50	%		03/25/2028		2,831,334
	5,594,608	Federal National Mortgage Association, Series 2013-58-SC (-2 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)		5.78	% I/F		06/25/2043		5,838,890
	90,710,023	Federal National Mortgage Association, Series 2013-81-ZQ		3.00	%		08/25/2043		95,248,699
	16,918,491	Federal National Mortgage Association, Series 2013-82-SH (-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)		5.90	% I/F I/O		12/25/2042		2,376,136
	16,057,186	Federal National Mortgage Association, Series 2013-8-Z		3.00	%		02/25/2043		16,458,296
	25,174,047	Federal National Mortgage Association, Series 2014-12-GZ		3.50	% >		03/25/2044		28,378,491
	26,730,336	Federal National Mortgage Association, Series 2014-21-GZ		3.00	% >		04/25/2044		28,661,047
	31,195,193	Federal National Mortgage Association, Series 2014-37-ZY		2.50	% >		07/25/2044		33,144,188
	50,649,818	Federal National Mortgage Association, Series 2014-39-ZA		3.00	% >		07/25/2044		52,893,574
	7,696,585	Federal National Mortgage Association, Series 2014-46-NZ		3.00	%		06/25/2043		7,855,393
	22,589,657	Federal National Mortgage Association, Series 2014-55-MA		3.00	%		10/25/2039		23,008,114
	60,705,634	Federal National Mortgage Association, Series 2014-60-EZ		3.00	% >		10/25/2044		67,862,786
	42,851,254	Federal National Mortgage Association, Series 2014-61-ZV		3.00	% >		10/25/2044		47,755,966
	36,136,473	Federal National Mortgage Association, Series 2014-64-NZ		3.00	% >		10/25/2044		38,570,427
	52,722,078	Federal National Mortgage Association, Series 2014-65-CD		3.00	%		06/25/2040		54,104,894
	12,724,313	Federal National Mortgage Association, Series 2014-67-DZ		3.00	% >		10/25/2044		14,052,828
	49,901,092	Federal National Mortgage Association, Series 2014-68-MA		3.00	%		11/25/2040		51,308,488
	40,677,593	Federal National Mortgage Association, Series 2014-68-MZ		3.00	% >		11/25/2044		43,747,397
	28,347,735	Federal National Mortgage Association, Series 2014-6-Z		2.50	% >		02/25/2044		30,327,750
	20,661,941	Federal National Mortgage Association, Series 2014-73-CQ		3.00	%		06/25/2040		21,185,604
	22,962,928	Federal National Mortgage Association, Series 2014-77-VZ		3.00	% >		11/25/2044		25,369,117
	13,414,205	Federal National Mortgage Association, Series 2014-82-YA		3.00	%		04/25/2041		13,857,555
	29,490,428	Federal National Mortgage Association, Series 2014-84-KZ		3.00	% >		12/25/2044		33,002,314
	58,439,529	Federal National Mortgage Association, Series 2014-95-NA		3.00	%		04/25/2041		60,151,620
	125,709,468	Federal National Mortgage Association, Series 2014-M11-1A		3.22	% #		08/25/2024		135,261,765
	19,892,585	Federal National Mortgage Association, Series 2015-11-A		3.00	%		05/25/2034		20,919,056
	56,642,168	Federal National Mortgage Association, Series 2015-21-G		3.00	%		02/25/2042		58,802,075
	12,963,245	Federal National Mortgage Association, Series 2015-42-CA		3.00	%		03/25/2044		13,530,689
	42,423,878	Federal National Mortgage Association, Series 2015-49-A		3.00	%		03/25/2044		44,495,202
	3,811,697	Federal National Mortgage Association, Series 2015-63-KD		3.00	%		07/25/2041		3,851,160
	32,087,852	Federal National Mortgage Association, Series 2015-88-AC		3.00	%		04/25/2043		32,872,974
	106,568,151	Federal National Mortgage Association, Series 2015-88-BA		3.00	%		04/25/2044		110,966,623
	30,397,702	Federal National Mortgage Association, Series 2015-8-AP		2.00	%		03/25/2045		31,273,250
	10,946,115	Federal National Mortgage Association, Series 2015-94-MA		3.00	%		01/25/2046		11,625,926
	45,240,000	Federal National Mortgage Association, Series 2015-9-HA		3.00	%		01/25/2045		48,692,201
	28,358,775	Federal National Mortgage Association, Series 2016-2-JA		2.50	%		02/25/2046		29,698,532
	69,613,736	Federal National Mortgage Association, Series 2016-32-LA		3.00	%		10/25/2044		74,871,112
	70,573,287	Federal National Mortgage Association, Series 2016-72-PA		3.00	%		07/25/2046		73,864,302
	49,910,125	Federal National Mortgage Association, Series 2016-74-PA		3.00	%		12/25/2044		50,846,908
	25,865,371	Federal National Mortgage Association, Series 2016-79-EP		3.00	%		01/25/2044		26,699,886
	66,287,068	Federal National Mortgage Association, Series 2016-81-PA		3.00	%		02/25/2044		68,621,673
	36,099,379	Federal National Mortgage Association, Series 2016-94-PA		3.00	%		03/25/2044		36,799,541
	28,353,339	Federal National Mortgage Association, Series 2017-13-ML		3.00	%		08/25/2041		28,756,212
	10,600,312	Federal National Mortgage Association, Series 2017-2-HA		3.00	%		09/25/2041		10,722,154
	6,105,930	Federal National Mortgage Association, Series 2017-4-CH		3.00	%		06/25/2042		6,165,120
	10,275,218	Federal National Mortgage Association, Series 2017-51-EA		3.00	%		11/25/2042		10,542,136
	15,835,207	Federal National Mortgage Association, Series 2017-61-TA		3.00	%		02/25/2043		16,131,592
	36,539,603	Federal National Mortgage Association, Series 2018-21-IO		3.00	% I/O		04/25/2048		2,773,374
	60,351,153	Federal National Mortgage Association, Series 2018-21-PO		0.00	% P/O		04/25/2048		56,379,612
	3,179,591	Federal National Mortgage Association, Series 2018-23-CG		2.75	%		12/25/2043		3,208,027
	92,486,380	Federal National Mortgage Association, Series 2018-27-AO		0.00	% P/O		05/25/2048		89,478,556
	32,952,526	Federal National Mortgage Association, Series 2018-27-JA		3.00	%		12/25/2047		34,367,613
	40,286,741	Federal National Mortgage Association, Series 2018-33-A		3.00	%		05/25/2048		42,665,826
	16,085,636	Federal National Mortgage Association, Series 2018-33-C		3.00	%		05/25/2048		16,859,358
	121,195,270	Federal National Mortgage Association, Series 2018-36-A		3.00	%		06/25/2048		127,494,007
	42,725,061	Federal National Mortgage Association, Series 2018-38-JB		3.00	%		06/25/2048		45,367,837
	133,632,503	Federal National Mortgage Association, Series 2018-39-AB		3.00	%		06/25/2048		141,898,395
	25,306,763	Federal National Mortgage Association, Series 2018-64-A		3.00	%		09/25/2048		26,627,371
	67,155,854	Federal National Mortgage Association, Series 2018-85-PO		0.00	% P/O		12/25/2048		62,449,659
	50,616,852	Federal National Mortgage Association, Series 2019-12-BA		3.00	%		04/25/2049		53,015,048
	18,696,168	Federal National Mortgage Association, Series 2019-64-D		2.50	%		11/25/2049		19,564,971
	255,759,610	Federal National Mortgage Association, Series 2019-M24-2XA		1.15	% # I/O		03/25/2031		25,375,497
	10,000,000	Federal National Mortgage Association, Series 2020-2-MB		2.00	%		11/25/2059		10,041,021
	26,204,280	Federal National Mortgage Association, Series 2020-2-MT		2.00	%		11/25/2059		27,001,954
	6,259,770	Federal National Mortgage Association, Series 400-S4 (-1 x 1 Month LIBOR USD + 5.45%, 5.45% Cap)		5.30	% I/F I/O		11/25/2039		1,122,932
	67,839,108	Federal National Mortgage Association, Series 412-A3		3.00	%		08/01/2042		71,981,102
	2,050,929	Government National Mortgage Association, Pool MA2511		3.50	%		01/20/2045		2,127,633
	9,156,566	Government National Mortgage Association, Series 2003-67-SP (-1 x 1 Month LIBOR USD + 7.10%, 7.10% Cap)		6.94	% I/F I/O		08/20/2033		1,708,857
	3,781,534	Government National Mortgage Association, Series 2003-86-ZK		5.00	%		10/20/2033		4,248,012
	2,032,710	Government National Mortgage Association, Series 2004-49-Z		6.00	%		06/20/2034		2,328,030
	4,110,737	Government National Mortgage Association, Series 2004-83-CS (-1 x 1 Month LIBOR USD + 6.08%, 6.08% Cap)		5.92	% I/F I/O		10/20/2034		734,700
	995,132	Government National Mortgage Association, Series 2005-21-Z		5.00	%		03/20/2035		1,133,427
	11,021,967	Government National Mortgage Association, Series 2005-39-ZB		5.00	%		07/20/2034		12,480,355
	783,360	Government National Mortgage Association, Series 2006-24-CX (-7 x 1 Month LIBOR USD + 39.97%, 39.97% Cap)		38.82	% I/F		05/20/2036		1,477,176
	4,663,470	Government National Mortgage Association, Series 2007-26-SJ (-1 x 1 Month LIBOR USD + 4.69%, 4.69% Cap)		4.53	% I/F I/O		04/20/2037		504,824
	3,601,478	Government National Mortgage Association, Series 2008-2-SM (-1 x 1 Month LIBOR USD + 6.50%, 6.50% Cap)		6.35	% I/F I/O		01/16/2038		798,095
	6,369,654	Government National Mortgage Association, Series 2008-42-AI (-1 x 1 Month LIBOR USD + 7.69%, 7.69% Cap)		7.54	% I/F I/O		05/16/2038		1,721,193
	2,540,803	Government National Mortgage Association, Series 2008-43-SH (-1 x 1 Month LIBOR USD + 6.34%, 6.34% Cap)		6.18	% I/F I/O		05/20/2038		327,843
	2,839,195	Government National Mortgage Association, Series 2008-51-SC (-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)		6.09	% I/F I/O		06/20/2038		610,046
	2,087,076	Government National Mortgage Association, Series 2008-51-SE (-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)		6.10	% I/F I/O		06/16/2038		438,797
	913,220	Government National Mortgage Association, Series 2008-82-SM (-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)		5.89	% I/F I/O		09/20/2038		117,282
	1,925,424	Government National Mortgage Association, Series 2008-83-SD (-1 x 1 Month LIBOR USD + 6.56%, 6.56% Cap)		6.41	% I/F I/O		11/16/2036		335,530
	6,966,006	Government National Mortgage Association, Series 2009-106-VZ		4.50	%		11/20/2039		7,755,127
	4,453,792	Government National Mortgage Association, Series 2009-10-NS (-1 x 1 Month LIBOR USD + 6.65%, 6.65% Cap)		6.50	% I/F I/O		02/16/2039		861,370
	1,361,132	Government National Mortgage Association, Series 2009-24-SN (-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)		5.94	% I/F I/O		09/20/2038		187,487
	3,884,033	Government National Mortgage Association, Series 2009-32-ZE		4.50	%		05/16/2039		4,319,682
	22,372,124	Government National Mortgage Association, Series 2009-35-DZ		4.50	%		05/20/2039		25,167,942
	8,117	Government National Mortgage Association, Series 2009-41-ZQ		4.50	% >		06/16/2039		10,087
	2,310,120	Government National Mortgage Association, Series 2009-48-Z		5.00	%		06/16/2039		2,578,257
	455,397	Government National Mortgage Association, Series 2009-50-KP		4.50	%		06/20/2039		494,495
	1,938,773	Government National Mortgage Association, Series 2009-69-TS (-1 x 1 Month LIBOR USD + 6.20%, 6.20% Cap)		6.05	% I/F I/O		04/16/2039		269,536
	3,233,272	Government National Mortgage Association, Series 2009-75-GZ		4.50	%		09/20/2039		3,597,121
	2,257,429	Government National Mortgage Association, Series 2009-87-IG (-1 x 1 Month LIBOR USD + 6.74%, 6.74% Cap)		6.58	% I/F I/O		03/20/2037		218,321
	16,750,398	Government National Mortgage Association, Series 2010-106-PS (-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)		5.89	% I/F I/O		03/20/2040		2,251,011
	5,171,969	Government National Mortgage Association, Series 2010-1-SA (-1 x 1 Month LIBOR USD + 5.75%, 5.75% Cap)		5.60	% I/F I/O		01/16/2040		1,044,723
	4,127,302	Government National Mortgage Association, Series 2010-25-ZB		4.50	% >		02/16/2040		4,657,685
	45,008,769	Government National Mortgage Association, Series 2010-26-QS (-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)		6.09	% I/F I/O		02/20/2040		8,891,860
	3,840,566	Government National Mortgage Association, Series 2010-42-AY		5.00	%		11/20/2039		4,399,438
	3,765,032	Government National Mortgage Association, Series 2010-42-ES (-1 x 1 Month LIBOR USD + 5.68%, 5.68% Cap)		5.52	% I/F I/O		04/20/2040		696,440
	1,168,681	Government National Mortgage Association, Series 2010-61-AS (-1 x 1 Month LIBOR USD + 6.55%, 6.55% Cap)		6.39	% I/F I/O		09/20/2039		205,642
	11,520,765	Government National Mortgage Association, Series 2010-62-SB (-1 x 1 Month LIBOR USD + 5.75%, 5.75% Cap)		5.59	% I/F I/O		05/20/2040		2,107,269
	9,950,635	Government National Mortgage Association, Series 2010-62-ZG		5.50	%		05/16/2040		11,591,055
	5,976,278	Government National Mortgage Association, Series 2011-18-SN (-2 x 1 Month LIBOR USD + 9.50%, 9.50% Cap)		9.19	% I/F		12/20/2040		6,736,161
	5,983,738	Government National Mortgage Association, Series 2011-18-YS (-2 x 1 Month LIBOR USD + 9.50%, 9.50% Cap)		9.19	% I/F		12/20/2040		6,704,777
	2,596,065	Government National Mortgage Association, Series 2011-51-UZ		4.50	%		04/20/2041		2,909,019
	1,763,434	Government National Mortgage Association, Series 2011-69-OC		0.00	% P/O		05/20/2041		1,718,722
	16,506,069	Government National Mortgage Association, Series 2011-69-SB (-1 x 1 Month LIBOR USD + 5.35%, 5.35% Cap)		5.19	% I/F I/O		05/20/2041		2,807,971
	15,814,438	Government National Mortgage Association, Series 2011-71-ZA		4.50	%		02/20/2041		17,712,082
	6,079,019	Government National Mortgage Association, Series 2011-72-AS (-1 x 1 Month LIBOR USD + 5.38%, 5.38% Cap)		5.22	% I/F I/O		05/20/2041		1,042,230
	4,808,509	Government National Mortgage Association, Series 2011-72-SK (-1 x 1 Month LIBOR USD + 6.15%, 6.15% Cap)		5.99	% I/F I/O		05/20/2041		1,052,942
	1,191,088	Government National Mortgage Association, Series 2012-105-SE (-1 x 1 Month LIBOR USD + 6.20%, 6.20% Cap)		6.04	% I/F I/O		01/20/2041		29,276
	2,986,357	Government National Mortgage Association, Series 2012-52-PN		2.00	%		12/20/2039		3,008,777
	16,124,650	Government National Mortgage Association, Series 2013-116-LS (-1 x 1 Month LIBOR USD + 6.15%, 6.15% Cap)		5.99	% I/F I/O		08/20/2043		3,290,432
	19,641,007	Government National Mortgage Association, Series 2013-136-CS (-1 x 1 Month LIBOR USD + 6.20%, 6.20% Cap)		6.05	% I/F I/O		09/16/2043		3,826,447
	20,121,478	Government National Mortgage Association, Series 2013-182-WZ		2.50	% >		12/20/2043		20,880,331
	62,025,501	Government National Mortgage Association, Series 2013-182-ZW		2.50	% >		12/20/2043		64,364,706
	11,277,010	Government National Mortgage Association, Series 2013-186-SG (-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)		6.10	% I/F I/O		02/16/2043		1,711,032
	11,051,841	Government National Mortgage Association, Series 2013-26-MS (-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)		6.09	% I/F I/O		02/20/2043		2,218,654
	22,851,490	Government National Mortgage Association, Series 2013-34-PL		3.00	%		03/20/2042		23,960,363
	20,720,194	Government National Mortgage Association, Series 2014-163-PS (-1 x 1 Month LIBOR USD + 5.60%, 5.60% Cap)		5.44	% I/F I/O		11/20/2044		3,411,943
	21,542,053	Government National Mortgage Association, Series 2014-167-SA (-1 x 1 Month LIBOR USD + 5.60%, 5.60% Cap)		5.44	% I/F I/O		11/20/2044		3,910,678
	34,129,928	Government National Mortgage Association, Series 2014-21-SE (-1 x 1 Month LIBOR USD + 5.55%, 5.55% Cap)		5.39	% I/F I/O		02/20/2044		6,369,051
	19,584,008	Government National Mortgage Association, Series 2014-39-SK (-1 x 1 Month LIBOR USD + 6.20%, 6.20% Cap)		6.04	% I/F I/O		03/20/2044		4,062,029
	19,100,917	Government National Mortgage Association, Series 2014-59-DS (-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)		6.10	% I/F I/O		04/16/2044		4,140,057
	9,070,053	Government National Mortgage Association, Series 2016-99-TL		2.00	%		04/16/2044		9,118,576
	219,524,446	Government National Mortgage Association, Series 2020-140-ES		6.15	% ±		09/20/2050		58,516,985
	Total US Government and Agency Mortgage Backed Obligations (Cost $24,363,955,268)								25,688,545,479
	US Government and Agency Obligations - 5.0%
	54,900,000	Tennessee Valley Authority		4.25	%		09/15/2065		82,957,976
	300,000,000	United States Treasury Notes		1.50	%		02/15/2030		323,625,000
	600,000,000	United States Treasury Notes		1.13	%		05/15/2040		590,718,750
	275,000,000	United States Treasury Notes		2.00	%		02/15/2050		312,082,100
	1,400,000,000	United States Treasury Notes		1.25	%		05/15/2050		1,327,046,868
	Total US Government and Agency Obligations (Cost $2,656,684,199)								2,636,430,694
	Affiliated Mutual Funds - 0.0%
	2,213,946	Doubleline Income Fund (Class I)							19,571,282
	Total Affiliated Mutual Funds (Cost $21,976,350)								19,571,282
	Short Term Investments - 8.2%
	1,423,615,840	First American Government Obligations Fund - Class U		0.07	% ¨				1,423,615,840
	1,423,594,628	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		0.07	% ¨				1,423,594,628
	1,423,594,629	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.02	% ¨				1,423,594,629
	Total Short Term Investments (Cost $4,270,805,097)								4,270,805,097
	Total Investments - 106.6% (Cost $55,213,217,403)								55,691,706,782
	Liabilities in Excess of Other Assets - (6.6)%								(3,452,564,812	)
	NET ASSETS - 100.0%							$	52,239,141,970

SECURITY TYPE BREAKDOWN as a % of Net Assets:

US Government and Agency Mortgage Backed Obligations	49.2	%
Non-Agency Residential Collateralized Mortgage Obligations	27.8	%
Non-Agency Commercial Mortgage Backed Obligations	8.8	%
Short Term Investments	8.2	%
US Government and Agency Obligations	5.0	%
Asset Backed Obligations	4.0	%
Collateralized Loan Obligations	3.6	%
Affiliated Mutual Funds	0.0	% ~
Other Assets and Liabilities	(6.6	)%
	100.0	%

^	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers.
#	Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of September 30, 2020.
I/O	Interest only security
§	The interest rate will step up if the issuer does not redeem the bond on or before a scheduled redemption date in accordance with the terms of the instrument. The interest rate shown is the rate in effect as of September 30, 2020.
±	Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of September 30, 2020.
Þ	Value determined using significant unobservable inputs.
P/O	Principal only security
I/F	Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. Interest rate may also be subject to a cap or floor.
ß	The interest rate may step up conditioned upon the aggregate remaining principal balance of the underlying mortgage loans being reduced below a targeted percentage of the aggregate original principal balance of the mortgage loans. The interest rate shown is the rate in effect as of September 30, 2020.
¨	Seven-day yield as of September 30, 2020
>	This U.S. Agency bond accrues interest which is added to the outstanding principal balance. The interest payment will be deferred until all other tranches in the structure are paid off. The rate disclosed is as of September 30, 2020.
~	Represents less than 0.05% of net assets

A summary of the DoubleLine Total Return Bond Fund’s investments in affiliated mutual funds for the period ended September 30, 2020 is as follows:

Fund	Value at March 31, 2020		Gross Purchases		Gross Sales			Shares Held at September 30, 2020		Value at September 30, 2020		Change in Unrealized for the Period Ended September 30, 2020		Dividend Income Earned in the Period Ended September 30, 2020		Net Realized Gain (Loss) in the Period Ended September 30, 2020
DoubleLine Income Fund (Class I)	$	56,624,814	$	—	$	(40,650,000	)		2,213,946	$	19,571,282	$	11,029,760	$	586,751	$	(7,433,292	)

DoubleLine Core Fixed Income Fund

Schedule of Investments

September 30, 2020 (Unaudited)

Principal Amount $/Shares	Security Description	Rate		Maturity	Value $
Asset Backed Obligations - 2.7%
6,039,464	AASET Ltd., Series 2019-2-A	3.38%	^	10/16/2039	5,673,286
5,068,259	Castlelake Aircraft Securitization Trust, Series 2016-1-A	4.50%		08/15/2041	4,758,147
3,682,993	Castlelake Aircraft Securitization Trust, Series 2017-1-A	3.97%		07/15/2042	3,420,163
3,927,917	Castlelake Aircraft Securitization Trust, Series 2018-1-A	4.13%	^	06/15/2043	3,681,774
6,650,117	Castlelake Aircraft Securitization Trust, Series 2019-1A-A	3.97%	^	04/15/2039	6,149,304
7,374,421	CLI Funding LLC, Series 2019-1A-A	3.71%	^	05/18/2044	7,528,637
6,500,000	CLI Funding LLC, Series 2020-1A-A	2.08%	^	09/18/2045	6,493,857
1,788,742	CLUB Credit Trust, Series 2018-P3-A	3.82%	^	01/15/2026	1,803,106
8,348,346	College Ave Student Loans LLC, Series 2018-A-A1 (1 Month LIBOR USD + 1.20%)	1.35%	^	12/26/2047	8,004,407
1,485,000	DB Master Finance LLC, Series 2019-1A-A2I	3.79%	^	05/20/2049	1,539,546
5,300,000	Element Rail Leasing LLC, Series 2014-1A-A2	3.67%	^	04/19/2044	5,336,186
3,689,433	GAIA Aviation Ltd., Series 2019-1-A	3.97%	^§	12/15/2044	3,325,574
5,000,000	Global SC Finance SRL, Series 2020-1A-A	2.17%	^	10/17/2040	5,008,712
4,180,918	GLS Auto Receivables Trust, Series 2018-2A-B	3.71%	^	03/15/2023	4,231,534
7,694,847	Harbour Aircraft Investments Ltd., Series 2017-1-A	4.00%		11/15/2037	7,173,190
8,449,451	Helios Issuer LLC, Series 2017-1A-A	4.94%	^	09/20/2049	9,010,538
3,067,029	HERO Funding Trust, Series 2016-1A-A	4.05%	^	09/20/2041	3,187,104
13,690,723	Horizon Aircraft Finance Ltd., Series 2019-2-A	3.43%	^	11/15/2039	12,475,452
4,850,000	Jimmy Johns Funding LLC, Series 2017-1A-A2II	4.85%	^	07/30/2047	4,934,469
2,683,991	JOL Air Ltd., Series 2019-1-A	3.97%	^	04/15/2044	2,549,880
16,200,325	MACH 1 Cayman Ltd., Series 2019-1-A	3.47%	^	10/15/2039	14,481,487
1,807,685	Mosaic Solar Loan Trust, Series 2018-1A-A	4.01%	^	06/22/2043	1,914,656
3,000,000	Mosaic Solar Loan Trust, Series 2019-2A-B	3.28%	^	09/20/2040	3,079,571
7,500,000	Navient Private Education Loan Trust, Series 2018-A-B	3.68%	^	02/18/2042	7,645,776
8,556,806	NP SPE LLC, Series 2016-1A-A1	4.16%	^	04/20/2046	8,968,138
5,000,000	NP SPE LLC, Series 2019-1A-A2	3.24%	^	09/20/2049	5,025,999
4,679,367	Pioneer Aircraft Finance Ltd., Series 2019-1-A	3.97%	^	06/15/2044	4,341,653
19,850,000	Primose Funding LLC, Series 2019-1A-A2	4.48%	^	07/30/2049	20,662,695
4,582,860	Sapphire Aviation Finance Ltd., Series 2020-1A-A	3.23%	^	03/15/2040	4,095,739
6,000,000	SBA Tower Trust	3.17%	^	04/15/2047	6,077,911
2,481,266	SERVPRO Master Issuer LLC, Series 2019-1A-A2	3.88%	^	10/25/2049	2,630,626
5,164,880	Shenton Aircraft Investment Ltd., Series 2015-1A-A	4.75%	^	10/15/2042	4,816,344
46,832	SoFi Consumer Loan Program Trust, Series 2017-1-A	3.28%	^	01/26/2026	46,915
500,000	SoFi Consumer Loan Program Trust, Series 2017-1-B	4.73%	# ^	01/26/2026	505,395
32,607	SoFi Consumer Loan Program Trust, Series 2017-2-A	3.28%	^	02/25/2026	32,669
1,736,758	SoFi Consumer Loan Program Trust, Series 2017-5-A2	2.78%	^	09/25/2026	1,753,574
1,991,823	SoFi Professional Loan Program, Series 2016-A-A2	2.76%	^	12/26/2036	2,017,438
5,000,000	SoFi Professional Loan Program, Series 2017-B-BFX	3.70%	# ^	05/25/2040	5,223,956
2,000,000	SoFi Professional Loan Program, Series 2017-C-C	4.21%	# ^	07/25/2040	2,027,149
239,523	Spruce Asset Backed Securities Trust, Series 2016-E1-A	4.32%	^	06/15/2028	245,556
3,000,000	Stack Infrastructure Issuer LLC, Series 2019-2A-A2	3.08%	^	10/25/2044	3,079,480
2,638,613	START Ireland, Series 2019-1-A	4.09%	^	03/15/2044	2,482,853
3,633,252	Start Ltd., Series 2018-1-A	4.09%	^	05/15/2043	3,344,176
594,815	Start Ltd., Series 2019-2-A	3.54%	^	11/15/2044	542,837
4,651,970	Sunnova Helios Issuer LLC, Series 2018-1A-A	4.87%	^	07/20/2048	5,027,597
5,472,489	Sunnova Sol LLC, Series 2020-1A-A	3.35%	^	02/01/2055	5,541,806
4,914,406	Sunrun Atlas Issuer LLC, Series 2019-2-A	3.61%	^	01/30/2055	5,168,642
14,737,500	Taco Bell Funding LLC, Series 2018-1A-A2I	4.32%	^	11/25/2048	15,124,212
7,000,000	TAL Advantage VII LLC, Series 2020-1A-A	2.05%	^	09/20/2045	7,023,900
223,333	Textainer Marine Containers Ltd., Series 2019-1A-A	3.96%	^	04/20/2044	223,356
3,250,000	Upstart Securitization Trust, Series 2019-2-A	2.31%	^	11/20/2030	3,251,891
3,077,299	USQ Rail LLC, Series 2018-1-A1	3.78%	^	04/25/2048	3,149,378
12,664,167	Vantage Data Centers Issuer LLC, Series 2018-1A-A2	4.07%	^	02/16/2043	13,131,590
8,000,000	Vantage Data Centers Issuer LLC, Series 2020-2A-A2	1.99%	^	09/15/2045	8,023,672
5,000,000	VB-S1 Issuer LLC, Series 2018-1A-C	3.41%	^	02/15/2048	5,146,708
2,500,000	VB-S1 Issuer LLC, Series 2020-1A-C2	3.03%	^	06/15/2050	2,613,974
17,050,000	Vivint Colar Financing LLC, Series 2020-1A-A	2.21%	^	07/31/2051	17,178,762
12,776,241	Wave LLC, Series 2019-1-A	3.60%	^	09/15/2044	11,718,828
Total Asset Backed Obligations (Cost $317,254,248)					313,651,775

Bank Loans - 3.5%
1,271,796	1011778 B.C. Unlimited Liability Company, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)	1.91%		11/13/2026	1,222,247
2,121,499	Access CIG LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.75%)	3.91%		02/27/2025	2,080,734
1,571,420	Achilles Acquisition LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)	4.19%		10/13/2025	1,547,848
1,928,525	Acrisure LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)	3.65%		02/16/2027	1,867,911
439,691	Advanced Drainage Systems, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	2.44%		07/31/2026	440,058
2,717,335	Agiliti Health, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	3.19%		10/18/2025	2,642,608
1,657,720	Air Medical Group Holdings, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.25%, 1.00% Floor)	4.25%		04/28/2022	1,656,170
1,561,291	Air Methods Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%, 1.00% Floor)	4.50%		04/22/2024	1,374,912
1,626,438	Aldevron LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%, 1.00% Floor)	5.25%		10/13/2026	1,629,821
2,497,165	Alera Group Intermediate Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)	5.07%		08/01/2025	2,462,829
2,496,534	AlixPartners LLP, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	2.66%		04/04/2024	2,441,149
1,759,223	Alliant Holdings Intermediate LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	3.40%		05/09/2025	1,730,820
2,699,600	Allied Universal Holdco LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)	4.41%		07/10/2026	2,675,736
1,308,354	Almonde, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.50%, 1.00% Floor)	4.50%		06/13/2024	1,226,909
450,000	Almonde, Inc., Senior Secured Second Lien Term Loan (6 Month LIBOR USD + 7.25%, 1.00% Floor)	8.25%		06/16/2025	425,025
2,151,970	Alterra Mountain Company, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	2.91%		09/30/2024	2,083,817
329,175	Amentum Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)	3.66%		01/22/2027	326,022
335,000	American Airlines, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)	1.91%		10/11/2021	247,238
437,806	American Airlines, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)	2.15%		12/14/2023	361,886
	American Tire Distributors, Inc., Senior Secured First Lien Term Loan
805,345	(1 Month LIBOR USD + 7.50%, 1.00% Floor, 1 Month LIBOR USD + 13.00%, 1.50% PIK)	8.50%		09/02/2024	692,021
97,061	(3 Month LIBOR USD + 7.50%, 1.00% Floor, 1 Month LIBOR USD + 13.00%, 1.50% PIK)	8.50%		09/02/2024	83,403
2,714,524	Applied Systems, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%, 1.00% Floor)	4.25%		09/19/2024	2,703,354
1,645,000	Aramark Services, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)	1.90%		03/11/2025	1,579,200
726,350	Aramark Services, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)	1.90%		01/15/2027	697,147
653,175	Arctic Glacier, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%, 1.00% Floor)	4.50%		03/20/2024	565,160
2,521,444	Ascend Learning LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)	4.00%		07/12/2024	2,494,653
1,215,000	Asplundh Tree Expert LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.50%)	2.65%		09/07/2027	1,215,255
2,539,570	AssuredPartners, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)	3.66%		02/12/2027	2,470,634
3,167,615	Asurion LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	3.15%		11/03/2023	3,126,373
1,479,634	Asurion LLC, Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.50%)	6.66%		07/14/2025	1,485,028
	Athenahealth, Inc., Senior Secured First Lien Term Loan
1,412	(1 Month LIBOR USD + 4.50%)	5.31%		02/11/2026	1,396
1,286,634	(1 Month LIBOR USD + 4.50%)	4.75%		02/11/2026	1,272,159
1,115,321	Auris Luxembourg III Sarl, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	3.91%		07/25/2025	1,035,392
657,532	Avantor, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%, 1.00% Floor)	3.25%		09/16/2024	649,861
843,321	Avaya, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)	4.40%		12/16/2024	840,294
1,047,606	Avaya, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%, 1.00% Floor)	5.25%		12/15/2027	1,025,019
1,285,127	Azalea TopCo, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)	3.76%		07/27/2026	1,240,957
1,738,915	Bass Pro Group LLC, Senior Secured First Lien Term Loan (6 Month LIBOR USD + 5.00%, 0.75% Floor)	6.07%		12/15/2023	1,726,969
1,340,000	Bausch Health Companies, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	2.90%		11/27/2025	1,311,244
1,018,632	Bausch Health Companies, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	3.15%		06/02/2025	1,000,383
871,063	BellRing Brands LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.00%, 1.00% Floor)	6.00%		10/10/2024	874,150
235,867	Berry Global, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)	2.16%		10/03/2022	234,153
2,305,813	Berry Global, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)	2.16%		07/01/2026	2,244,144
1,444,607	BJ’s Wholesale Club, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)	2.15%		02/02/2024	1,422,114
1,874,153	Blackhawk Network Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	3.16%		06/16/2025	1,773,708
1,637,712	Blackstone CQP Holdco LP, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)	3.73%		09/30/2024	1,605,776
1,848,057	Boxer Parent Company, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)	4.40%		10/02/2025	1,798,705
1,748,808	Brand Energy & Infrastructure Services, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.25%, 1.00% Floor)	5.25%		07/30/2024	1,633,632
1,649,160	Brazos Delaware LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)	4.16%		05/21/2025	1,259,843
1,131,521	Bright Bidco B.V., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.50%, 1.00% Floor)	4.57%		06/30/2024	554,151
1,168,623	Brookfield WEC Holdings Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 0.75% Floor)	3.75%		08/01/2025	1,141,908
1,830,800	Buckeye Partners LP, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	2.91%		11/30/2026	1,800,290
830,000	Cablevision Lightpath LLC, Senior Secured First Lien Term Loan	3.48%	±	09/29/2027	826,543
2,578,486	Caesars Resort Collection LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	2.90%		12/23/2024	2,423,029
1,020,000	Caesars Resort Collection LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)	4.73%		07/21/2025	990,109
217,800	Calpine Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)	2.16%		08/12/2026	211,984
3,205,653	Calpine Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	2.40%		04/06/2026	3,127,291
530,000	Camelot Finance SA, Senior Secured First Lien Term Loan	4.00%	±	10/31/2026	528,344
2,507,322	Camelot US Acquisition Company, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	3.16%		11/30/2026	2,464,622
2,320,334	Capri Acquisitions BidCo Ltd., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.00%)	3.26%		11/01/2024	2,318,884
618,450	Carnival Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 7.50%, 1.00% Floor)	8.50%		06/30/2025	628,586
2,575,019	Castle US Holding Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.75%)	3.97%		01/29/2027	2,482,602
955,816	Catalent Pharma Solutions, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%, 1.00% Floor)	3.25%		05/18/2026	953,427
1,756,840	Cengage Learning, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 4.25%, 1.00% Floor)	5.25%		06/07/2023	1,473,865
2,566,297	CenturyLink, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	2.41%		03/15/2027	2,471,215
	Change Healthcare Holdings, Inc., Senior Secured First Lien Term Loan
71,161	(3 Month LIBOR USD + 2.50%, 1.00% Floor)	3.50%		03/01/2024	69,777
2,603,258	(3 Month LIBOR USD + 2.50%, 1.00% Floor)	3.50%		03/01/2024	2,552,625
964,129	Charter NEX US, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	3.41%		05/16/2024	943,844
2,519,016	CHG Healthcare Services, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.00%, 1.00% Floor)	4.07%		06/07/2023	2,481,458
2,289,353	CHG PPC Parent LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	2.91%		03/31/2025	2,209,225
798,697	Cincinnati Bell, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)	4.25%		10/02/2024	799,699
316,800	Clear Channel Outdoor Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)	3.76%		08/07/2026	289,536
1,006,224	ClubCorporationHoldings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%)	3.06%		08/16/2024	864,543
2,126,439	Compass Power Generation LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%, 1.00% Floor)	4.50%		12/20/2024	2,095,074
666,650	Connect U.S. Finco LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%, 1.00% Floor)	5.50%		09/23/2026	647,904
1,025,000	Conservice Midco LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.25%)	4.56%		05/13/2027	1,016,031
390,000	Consolidated Communications, Inc., Senior Secured First Lien Term Loan	5.75%	±	10/18/2027	386,831
1,700,000	Cornerstone OnDemand, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)	4.41%		04/22/2027	1,699,295
764,278	Covia Holdings Corporation, Senior Secured First Lien Term Loan (Prime Rate + 5.00%, 1.00% Floor)	8.25%	W	06/02/2025	563,655
1,170,035	CSC Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	2.40%		07/17/2025	1,135,033
522,050	CSC Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	2.40%		01/15/2026	505,953
1,429,218	CSC Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	2.65%		04/15/2027	1,389,622
1,351,971	CSM Bakery Solutions LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 6.25%, 1.00% Floor)	7.25%		01/04/2022	1,262,741
2,550,940	Cvent, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	3.91%		11/29/2023	2,318,613
484,917	Cyanco Intermediate Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)	3.66%		03/07/2025	479,462
1,325,593	Cyxtera DC Holdings, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.00%, 1.00% Floor)	4.00%		05/01/2024	1,150,064

2,470,000	Datatel, Senior Secured First Lien Term Loan	4.50%	±	10/06/2027	2,457,650
	Dealer Tire LLC, Senior Secured First Lien Term Loan
123,023	(1 Month LIBOR USD + 4.25%)	4.40%		12/12/2025	120,562
70,515	(1 Month LIBOR USD + 4.25%)	4.41%		12/12/2025	69,105
1,850,363	Deerfield Holdings Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 1.00% Floor)	4.75%		04/09/2027	1,843,424
3,029,552	Dell International LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%, 0.75% Floor)	2.75%		09/19/2025	3,020,357
2,274,853	DentalCorporationPerfect Smile ULC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 1.00% Floor)	4.75%		06/06/2025	2,155,424
2,160,540	Diamond B.V., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.00%)	3.26%		09/06/2024	2,028,207
981,400	Diamond Sports Group LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	3.41%		08/24/2026	770,399
702,412	Digicel International Finance Ltd., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.25%)	3.80%		05/27/2024	619,882
1,248,725	DigiCert Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)	4.16%		10/16/2026	1,236,044
2,722,267	Dun & Bradstreet Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	3.89%		02/06/2026	2,699,128
337,760	Dynasty Acquisition Company, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)	3.81%		04/01/2026	300,065
628,234	Dynasty Acquisition Company, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)	3.81%		04/06/2026	558,120
499,914	Dynatrace LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	2.41%		08/25/2025	493,040
2,728,101	E.W. Scripps Company, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	2.65%		05/01/2026	2,666,296
2,154,458	EAB Global, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.75%, 1.00% Floor)	4.75%		11/15/2024	2,068,280
535,000	ECI Macola, Senior Secured First Lien Term Loan	4.50%	±	09/17/2027	531,490
822,519	EG America LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%)	5.07%		02/06/2025	808,767
2,521,520	Elanco Animal Health, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)	1.91%		02/04/2027	2,454,536
1,520,529	Envision Healthcare Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	3.91%		10/10/2025	1,104,558
976,479	Equinox Holdings, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.00%, 1.00% Floor)	4.07%		03/08/2024	758,177
844,486	ESH Hospitality, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)	2.16%		09/18/2026	824,074
1,865,256	Excelitas Technologies Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%, 1.00% Floor)	4.50%		11/15/2024	1,850,110
295,829	Exgen Renewables IV LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.00%, 1.00% Floor)	4.00%		11/29/2024	295,923
2,084,475	Filtration Group Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	3.15%		03/31/2025	2,048,653
2,044,102	Financial & Risk US Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	3.41%		10/01/2025	2,026,032
	Flex Acquisition Company Inc, Senior Secured First Lien Term Loan
60,154	(1 Month LIBOR USD + 3.00%, 1.00% Floor)	4.00%		12/29/2023	58,970
729,769	(3 Month LIBOR USD + 3.00%, 1.00% Floor)	4.00%		12/29/2023	715,403
1,115,000	Flex Acquisition Company, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%)	3.55%		06/20/2025	1,084,878
1,978,085	Flexential Intermediate Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)	3.81%		08/01/2024	1,706,099
1,303,345	Flexera Software LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%, 1.00% Floor)	4.25%		02/26/2025	1,297,030
606,057	Foresight Energy LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 8.00%, 1.50% Floor)	9.50%	Þ	06/30/2027	606,057
2,378,258	Formula One Management Ltd., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%, 1.00% Floor)	3.50%		02/01/2024	2,316,827
532,761	Forterra Finance LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)	4.00%		10/25/2023	528,544
2,640,807	Froneri US, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	2.41%		01/29/2027	2,544,140
654,134	Frontdoor, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	2.69%		08/18/2025	650,863
797,535	Frontera Generation Holdings LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.25%, 1.00% Floor)	5.25%		05/02/2025	276,745
2,195,000	Garda World Security Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.75%)	4.90%		10/30/2026	2,187,592
552,225	Gardner Denver, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)	1.91%		03/01/2027	535,084
491,202	Gates Global LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%, 1.00% Floor)	3.75%		04/01/2024	485,023
535,000	Gavilan Resources LLC, Senior Secured Second Lien Term Loan (3 Month LIBOR USD + 6.00%, 1.00% Floor)	7.00%	W	03/01/2024	6,687
2,720,067	Genesys Telecommunications Laboratories, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	3.41%		02/01/2023	2,717,809
2,735,267	Gentiva Health Services, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	3.44%		07/02/2025	2,683,994
1,382,297	Getty Images, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)	4.69%		02/19/2026	1,296,595
1,446,375	Go Daddy Operating Co LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	2.65%		08/10/2027	1,428,295
1,783,230	Go Daddy Operating Company LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)	1.91%		02/15/2024	1,753,557
2,760,397	GOBP Holdings Inc, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	2.90%		10/22/2025	2,722,731
	Golden Nugget, Inc., Senior Secured First Lien Term Loan
1,176,262	(1 Month LIBOR USD + 2.50%, 0.75% Floor)	3.25%		10/04/2023	1,056,654
1,379,245	(2 Month LIBOR USD + 2.50%, 0.75% Floor)	3.25%		10/04/2023	1,238,996
2,501,131	GoodRX, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	2.91%		10/10/2025	2,460,875
1,330,942	GrafTech Finance, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%, 1.00% Floor)	4.50%		02/12/2025	1,319,296
1,360,000	Graham Packaging Company, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 0.75% Floor)	4.50%		08/04/2027	1,354,716
	Granite US Holdings Corporation, Senior Secured First Lien Term Loan
160,025	(3 Month LIBOR USD + 5.25%)	6.32%		09/30/2026	152,024
800,126	(6 Month LIBOR USD + 5.25%)	6.32%		09/30/2026	760,119
2,420,332	Gray Television, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	2.66%		01/02/2026	2,384,027
987,651	GTT Communications, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%)	2.91%		06/02/2025	856,047
937,301	Gulf Finance LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.25%, 1.00% Floor)	6.25%		08/25/2023	665,095
797,846	Harbor Freight Tools USA, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%, 0.75% Floor)	3.25%		08/18/2023	787,809
482,050	Hayward Industries, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)	3.66%		08/05/2024	470,452
2,499,629	HC Group Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)	4.65%		08/06/2026	2,482,969
770,250	Hexion, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)	3.80%		07/01/2026	761,200
2,114,108	H-Food Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.69%)	3.84%		05/17/2025	2,061,255
2,133,995	Hilton Worldwide Finance LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)	1.93%		06/22/2026	2,064,245
826,544	Houston Foods, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	3.91%		06/27/2025	796,409
3,337,931	Hyland Software, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 0.75% Floor)	4.00%		07/01/2024	3,328,885
488,254	Hyland Software, Inc., Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 7.00%, 0.75% Floor)	7.75%		05/31/2025	487,238
440,213	IAA, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	2.44%		06/29/2026	434,710
1,118,558	IHeartCommunications, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	3.16%		05/01/2026	1,064,028
1,500,000	Illuminate Buyer LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)	4.31%		06/30/2027	1,490,783
1,786,025	Informatica LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	3.41%		02/25/2027	1,753,100
411,928	Intelsat Jackson Holdings S.A., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.50%, 1.00% Floor)	6.50%	&	07/14/2021	420,338
2,739,533	Intelsat Jackson Holdings S.A., Senior Secured First Lien Term Loan (Prime Rate + 4.75%, 1.00% Floor)	8.00%		11/30/2023	2,762,353
1,751,897	ION Trading Technologies SARL, Senior Secured First Lien Term Loan (6 Month LIBOR USD + 4.00%, 1.00% Floor)	5.07%		11/21/2024	1,726,591
1,812,304	IQVIA, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)	1.91%		01/17/2025	1,793,619
	IRB Holding Corporation, Senior Secured First Lien Term Loan
6,764	(1 Month LIBOR USD + 2.75%, 1.00% Floor)	3.75%		02/05/2025	6,475
2,631,143	(6 Month LIBOR USD + 2.75%, 1.00% Floor)	3.75%		02/05/2025	2,518,952
2,498,984	IRI Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)	4.41%		11/07/2025	2,477,905
2,558,756	Iron Mountain Information Management LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)	1.91%		01/02/2026	2,469,200
1,830,302	Jaguar Holding Company, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%, 1.00% Floor)	3.50%		08/18/2022	1,826,385
2,447,725	JBS USA Lux S.A., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)	3.07%		05/29/2026	2,389,286
325,084	Jo-Ann Stores LLC, Senior Secured First Lien Term Loan (6 Month LIBOR USD + 5.00%, 1.00% Floor)	6.00%		10/20/2023	280,894
578,891	KAR Auction Services, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	2.44%		09/19/2026	560,078
967,566	KBR, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	2.91%		02/05/2027	960,310
1,419,275	Kestrel Bidco, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.00%, 1.00% Floor)	4.00%		08/07/2026	1,237,054
1,240,721	Kindred Healthcare, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.00%)	5.19%		06/23/2025	1,228,314

821,692	Klockner-Pentaplast of America, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 4.25%, 1.00% Floor)	5.25%		06/30/2022	800,468
2,257,340	Kronos Acquisition Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%, 1.00% Floor)	5.00%		08/26/2022	2,248,852
90,393	Lealand Finance Company BV, Senior Secured First Lien Term Loan	4.15%	±	06/30/2025	68,698
499,245	Level 3 Financing, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)	1.91%		03/01/2027	484,580
1,881,881	Life Time Fitness, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 2.75%, 1.00% Floor)	3.75%		06/10/2022	1,721,131
2,517,260	Lineage Logistics LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)	4.00%		02/27/2025	2,488,550
442,131	Lions Gate Capital Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	2.41%		03/24/2025	427,762
865,000	LogMeIn, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.75%)	4.91%		08/31/2027	837,701
1,560,494	Lower Cadence Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)	4.16%		05/22/2026	1,448,529
1,620,089	Lucid Energy Group II Borrower LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)	4.00%		02/18/2025	1,490,482
989,982	Marriott Ownership Resorts, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)	1.91%		08/29/2025	953,629
1,848,789	Mavis Tire Express Services Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%)	3.56%		02/20/2025	1,759,825
274,404	MED ParentCo LP, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)	4.41%	&	08/31/2026	261,957
1,094,264	MED ParentCo LP, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)	4.41%		08/31/2026	1,044,628
639,618	Messer Industries LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.50%)	2.81%		10/01/2025	627,545
2,070,000	Milano Acquisition Corporation, Senior Secured First Lien Term Loan	4.75%	±	08/17/2027	2,053,181
1,085,000	Mileage Plus Holdings LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.25%, 1.00% Floor)	6.25%		07/30/2027	1,104,519
2,277,096	Millennium Trust Company LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.00%)	5.16%		03/27/2026	2,178,429
2,172,118	Mister Car Wash Holdings, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.25%)	4.38%		05/14/2026	2,063,317
1,476,163	Mitchell International, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	3.40%		11/29/2024	1,415,685
335,000	Mitchell International, Inc., Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 7.25%)	7.40%		12/01/2025	319,255
811,959	MLN US HoldCo LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)	4.66%		07/11/2025	697,778
58,223	Motion Finco LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%)	4.32%		11/04/2026	51,003
442,999	Motion Finco LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%)	4.32%		11/30/2026	388,067
1,372,840	MPH Acquisition Holdings LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%, 1.00% Floor)	3.75%		06/07/2023	1,353,476
764,973	Nascar Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	2.89%		07/27/2026	748,878
534,600	NCR Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	2.66%		08/28/2026	523,908
2,643,645	Nexstar Broadcasting, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	2.91%		09/18/2026	2,591,327
2,503,105	Numericable U.S. LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)	4.15%		08/14/2026	2,440,740
393,000	Outcomes Group Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%)	3.81%		10/24/2025	386,122
1,311,713	Pacific Gas and Electric Company, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.50%, 1.00% Floor)	5.50%		06/23/2025	1,287,662
635,000	Packaging Coordinators Midco, Senior Secured First Lien Term Loan	4.50%	±	09/25/2027	633,019
2,203,863	Panther BF Aggregator LP, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)	3.66%		04/30/2026	2,152,899
2,619,628	Parexel International Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	2.90%		09/27/2024	2,519,767
157,844	Pathway Vet Alliance	4.35%	± &	03/31/2027	155,733
1,932,445	Pathway Vet Alliance, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)	4.16%		03/31/2027	1,906,599
500,613	PCI Gaming Authority, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	2.66%		05/29/2026	487,958
1,282,889	Penn National Gaming, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%, 0.75% Floor)	3.00%		10/15/2025	1,250,817
2,263,744	PetSmart, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.50%, 1.00% Floor)	5.00%		03/10/2022	2,262,125
491,221	Phoenix Services International LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 1.00% Floor)	4.75%		03/03/2025	472,801
804,250	Pisces Midco, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	3.92%		04/12/2025	792,817
825,000	Playtika Holding Corporation, Senior Secured First Lien Term Loan	7.00%	±	12/10/2024	827,273
1,701,949	PODS LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%, 1.00% Floor)	3.75%		12/06/2024	1,670,752
959,380	PowerTeam Services LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%, 1.00% Floor)	4.25%		03/06/2025	937,199
661,586	Prairie ECI Acquiror LP, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.75%)	4.91%		03/11/2026	599,562
1,612,813	Pregis Topco LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	3.91%		07/31/2026	1,593,257
284,288	Presidio Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)	3.77%		01/22/2027	281,268
	Prime Security Services Borrower LLC, Senior Secured First Lien Term Loan
715,376	(1 Month LIBOR USD + 3.25%, 1.00% Floor)	4.25%		09/14/2026	710,010
331,530	(6 Month LIBOR USD + 3.25%, 1.00% Floor)	4.25%		09/14/2026	329,044
331,530	(9 Month LIBOR USD + 3.25%, 1.00% Floor)	4.25%		09/14/2026	329,044
663,061	(12 Month LIBOR USD + 3.25%, 1.00% Floor)	4.25%		09/14/2026	658,087
966,541	Pro Mach Group, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	2.92%		03/07/2025	931,301
2,491,603	Project Alpha Intermediate Holding, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.50%, 1.00% Floor)	4.50%		04/26/2024	2,455,786
491,288	Pug LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)	3.66%		01/29/2027	436,018
2,199,870	Radiate Holdco LLC, Senior Secured First Lien Term Loan	3.65%	±	09/25/2026	2,166,113
	Radiology Partners, Inc., Senior Secured First Lien Term Loan
1,185,658	(3 Month LIBOR USD + 4.25%)	5.29%		07/09/2025	1,140,899
1,382,853	(3 Month LIBOR USD + 4.25%)	5.99%		07/09/2025	1,330,651
940,000	Redstone Buyer LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.00%, 1.00% Floor)	6.00%		09/01/2027	937,650
2,168,370	RegionalCare Hospital Partners Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	3.91%		11/14/2025	2,110,995
2,068,941	Renaissance Holding Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	3.41%		06/02/2025	2,000,842
282,896	RentPath, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 7.00%, 1.00% Floor)	8.00%		11/30/2020	264,508
1,629,122	RentPath, Inc., Senior Secured First Lien Term Loan (Prime Rate + 3.75%, 1.00% Floor)	7.00%	W	12/17/2021	1,186,880
750,000	Reynolds Group Holdings, Inc., Senior Secured First Lien Term Loan	3.40%	±	02/16/2026	738,750
1,644,175	Reynolds Group Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	2.91%		02/06/2023	1,628,046
1,132,163	RP Crown Parent LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)	4.00%		02/02/2026	1,121,548
435,000	Ryan Specialty Group LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 0.75% Floor)	4.00%		09/01/2027	431,740
867,769	Sabre GLBL, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)	2.15%		02/22/2024	815,087
1,621,125	Science Applications International Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.88%)	2.03%		11/05/2025	1,585,833
539,167	Science Applications International Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	2.41%		03/12/2027	534,112
	Scientific Games International, Inc., Senior Secured First Lien Term Loan
370,776	(1 Month LIBOR USD + 2.75%)	2.90%		08/14/2024	349,816
1,515,638	(6 Month LIBOR USD + 2.75%)	3.06%		08/14/2024	1,429,959
1,469,384	Securus Technologies Holdings, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 4.50%, 1.00% Floor)	5.50%		06/20/2024	1,223,725
1,754,481	Sedgwick Claims Management Services, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	3.41%		11/06/2025	1,696,373
2,540,000	Select Medical Corporation, Senior Secured First Lien Term Loan (6 Month LIBOR USD + 2.50%)	2.78%		03/06/2025	2,481,262
2,558,710	Severin Acquisition LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	3.41%		07/31/2025	2,491,544
2,544,300	Sinclair Television Group, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	2.66%		07/17/2026	2,488,961
1,736,003	SIWF Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)	5.32%		06/13/2025	1,673,802
937,044	Six Flags Theme Parks, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)	1.90%		04/17/2026	879,655
905,000	SkyMiles IP Ltd., Senior Secured First Lien Term Loan	3.90%	±	10/20/2027	912,760
	SMG US Midco 2, Inc., Senior Secured First Lien Term Loan
417,786	(1 Month LIBOR USD + 2.50%)	2.65%		01/23/2025	366,085
1,014,799	(3 Month LIBOR USD + 2.50%)	2.76%		01/23/2025	889,218
2,724,658	SolarWinds Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	2.90%		02/05/2024	2,679,919
	Solenis International LP, Senior Secured First Lien Term Loan
1,292,669	(1 Month LIBOR USD + 4.00%)	4.26%		12/26/2023	1,266,951
192,667	(3 Month LIBOR USD + 4.00%)	4.26%		12/26/2023	188,834
80,000	Solenis International LP, Senior Secured Second Lien Term Loan (3 Month LIBOR USD + 8.50%)	8.76%		06/18/2024	74,880

2,548,103	Solera LLC, Senior Secured First Lien Term Loan (2 Month LIBOR USD + 2.75%)	2.94%		03/03/2023	2,505,282
2,096,313	Sophia LP, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)	4.25%		09/30/2022	2,090,202
2,497,450	Sotera Health Holdings LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.50%, 1.00% Floor)	5.50%		11/20/2026	2,490,170
2,749,045	Sound Inpatient Physicians, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	2.91%		06/27/2025	2,703,796
746,634	Southern Graphics, Inc., Senior Secured First Lien Term Loan   (1 Month LIBOR USD + 3.25%)	3.41%		12/30/2022	450,221
1,625,811	SS&C Technologies, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)	1.91%		04/16/2025	1,579,971
889,659	Staples, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.00%)	5.25%		04/16/2026	829,883
778,286	Starfruit US Holdco LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	3.15%		10/01/2025	756,051
1,111,201	Stars Group Holdings B.V., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)	3.81%		07/10/2025	1,110,546
339,150	STG-Fairway Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	4.32%		01/29/2027	332,367
456,550	Sunshine Luxembourg VII SARL, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.25%, 1.00% Floor)	5.32%		07/17/2026	454,874
2,299,238	Surf Holdings LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)	3.75%		03/05/2027	2,255,713
259,043	Syncreon Group Holdings B.V., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.00%)	6.07%		10/01/2024	249,491
1,134,753	TAMKO Building Products LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	3.41%		05/31/2026	1,120,569
18,726	Tapstone Energy Holdings LLC, Unsecured First Lien Term Loan (1 Month LIBOR USD + 4.00%, 1.00% Floor)	5.00%	Þ	04/17/2024	18,421
807,570	Team Health Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%, 1.00% Floor)	3.75%		02/06/2024	680,939
1,835,000	Tech Data Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)	3.64%		06/26/2025	1,850,368
785,000	Tech Data Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.50%)	5.64%		06/30/2025	769,300
1,781,538	Telesat LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	2.91%		12/07/2026	1,728,091
2,408,955	Tempo Acquisition LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 0.50% Floor)	3.75%		11/02/2026	2,343,467
1,592,963	Terrier Media Buyer, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)	4.41%		12/12/2026	1,557,973
2,582,200	The Edelman Financial Center LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	3.14%		07/21/2025	2,500,099
2,495,000	Thyssenkrupp Elevator, Senior Secured First Lien Term Loan (6 Month LIBOR USD + 4.25%)	4.57%		09/30/2027	2,478,970
2,557,963	TIBCO Software Inc, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	3.90%		06/30/2026	2,503,606
155,000	TIBCO Software Inc, Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 7.25%)	7.41%		03/03/2028	152,578
2,086,669	Titan Acquisition Ltd., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.00%)	3.36%		03/28/2025	1,977,881
1,906,276	TKC Holdings, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.75%, 1.00% Floor)	4.75%		02/01/2023	1,794,883
1,645,875	T-Mobile USA, Inc., First Lien Term Loan (1 Month LIBOR USD + 3.00%)	3.16%		04/01/2027	1,646,607
1,900	TransDigm, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	2.41%		05/30/2025	1,800
2,526,545	TransDigm, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)	2.41%		12/09/2025	2,393,194
777,051	Travel Leaders Group LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)	4.16%		01/25/2024	579,470
397,550	Travelport Finance SARL, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 7.00%, 1.00% Floor)	8.00%		02/28/2025	383,264
434,034	Travelport Finance SARL, Senior Secured First Lien Term Loan (6 Month LIBOR USD + 5.00%)	6.07%		03/18/2026	328,781
821,552	Trident TPI Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.00%, 1.00% Floor)	4.07%		10/31/2024	803,581
2,081,537	Uber Technologies, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%, 1.00% Floor)	5.00%		04/04/2025	2,069,641
64,165	Uber Technologies, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)	3.66%		07/13/2023	63,322
2,533,140	UFC Holdings LLC, Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.25%, 1.00% Floor)	4.25%		04/29/2026	2,495,941
789,616	UGI Energy Services LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	3.91%		08/13/2026	787,642
1,182,779	Ultimate Software Group, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	3.91%		05/04/2026	1,174,731
1,885,000	Ultimate Software Group, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%, 0.75% Floor)	4.75%		06/23/2025	1,883,124
210,000	Ultimate Software Group, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 6.75%, 0.75% Floor)	7.50%		05/03/2027	214,551
737,909	United Natural Foods, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)	4.41%		10/22/2025	721,712
332,488	Univar Solutions USA, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)	2.16%		07/01/2026	324,124
454,806	Univision Communications, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 1.00% Floor)	4.75%		03/13/2026	443,965
676,600	Upstream Newco, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)	4.66%		10/22/2026	638,541
2,544,300	US Foods, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)	3.07%		09/14/2026	2,443,329
1,142,529	USIC Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)	4.25%		12/08/2023	1,127,053
2,716,032	Verscend Holding Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)	4.66%		08/27/2025	2,698,038
581,298	Victory Capital Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.50%)	2.80%		07/01/2026	573,790
885,000	Virgin Media Bristol LLC, Senior Secured First Lien Term Loan	3.41%	±	01/10/2029	872,141
500,000	Virgin Media Bristol LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	2.65%		01/31/2028	486,425
2,483,011	VS Buyer LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)	3.40%		02/26/2027	2,451,974
1,711,797	Wand NewCo 3, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	4.07%		02/05/2026	1,656,163
821,356	Web.Com Group, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)	3.90%		10/10/2025	797,229
1,282,074	Whatabrands LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)	2.91%		08/03/2026	1,258,035
2,515,052	Wink Holdco, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)	4.00%		12/02/2024	2,511,593
2,577,050	Zayo Group Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)	3.16%		03/09/2027	2,506,645
1,231,363	Zelis Cost Management Buyer, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.75%)	4.91%		09/25/2026	1,224,325
230,000	Ziggo Financing Partnership, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)	2.65%		04/17/2028	221,950
Total Bank Loans (Cost $420,366,396)					410,880,225
Collateralized Loan Obligations - 2.9%
875,000	Adams Mill Ltd., Series 2014-1A-D1 (3 Month LIBOR USD + 3.50%)	3.78%	^	07/15/2026	833,451
1,000,000	AIMCO, Series 2018-AA-D (3 Month LIBOR USD + 2.55%)	2.82%	^	04/17/2031	942,406
3,000,000	ALM LLC, Series 2013-7RA-CR (3 Month LIBOR USD + 4.04%)	4.32%	^	10/16/2028	2,985,048
7,500,000	Anchorage Capital Ltd, Series 2019-13A-B (3 Month LIBOR USD + 2.00%, 2.00% Floor)	2.28%	^	04/15/2032	7,501,524
1,000,000	Apidos Ltd., Series 2013-12A-DR (3 Month LIBOR USD + 2.60%)	2.88%	^	04/15/2031	915,927
1,500,000	Apidos Ltd., Series 2015-20A-CR (3 Month LIBOR USD + 2.95%)	3.22%	^	07/16/2031	1,448,017
2,500,000	Apidos, Series 2020-33A-B (3 Month LIBOR USD + 2.20%, 2.00% Floor)	2.47%	^	07/24/2031	2,501,669
5,000,000	Atrium Corporation, Series 9A-DR (3 Month LIBOR USD + 3.60%)	3.86%	^	05/28/2030	4,852,573
4,500,000	Avery Point Ltd., Series 2015-7A-DR (3 Month LIBOR USD + 3.60%)	3.88%	^	01/15/2028	4,404,407
5,000,000	Babson Ltd., Series 2015-2A-DR (3 Month LIBOR USD + 2.95%)	3.22%	^	10/21/2030	4,687,557
3,400,000	Babson Ltd., Series 2015-IA-DR (3 Month LIBOR USD + 2.60%, 2.60% Floor)	2.87%	^	01/21/2031	3,155,664
3,250,000	Babson Ltd., Series 2017-1A-D (3 Month LIBOR USD + 3.60%)	3.87%	^	07/18/2029	3,250,410
2,000,000	Bain Capital Credit Ltd., Series 2016-2A-DR (3 Month LIBOR USD + 4.10%, 4.10% Floor)	4.38%	^	01/16/2029	1,894,513
2,000,000	Barings Ltd., Series 2018-1A-C (3 Month LIBOR USD + 2.60%)	2.88%	^	04/15/2031	1,832,377
5,100,000	Barings Ltd., Series 2018-3A-D (3 Month LIBOR USD + 2.90%)	3.17%	^	07/20/2029	4,659,249
2,000,000	Barings Ltd., Series 2018-4A-D (3 Month LIBOR USD + 2.90%, 2.90% Floor)	3.18%	^	10/15/2030	1,933,856
3,000,000	Barings Ltd., Series 2019-1A-D (3 Month LIBOR USD + 3.85%, 3.85% Floor)	4.13%	^	04/15/2031	3,001,409
2,250,000	Barings Ltd., Series 2019-2A-C (3 Month LIBOR USD + 3.85%, 3.85% Floor)	4.13%	^	04/15/2031	2,250,676
3,000,000	BlueMountain Ltd., Series 2013-1A-CR (3 Month LIBOR USD + 4.15%, 4.15% Floor)	4.42%	^	01/22/2029	2,887,802
4,000,000	BlueMountain Ltd., Series 2015-3A-CR (3 Month LIBOR USD + 2.60%)	2.87%	^	04/21/2031	3,402,360
2,000,000	BlueMountain Ltd., Series 2016-3A-DR (3 Month LIBOR USD + 3.10%, 3.10% Floor)	3.38%	^	11/15/2030	1,747,588
4,500,000	Canyon Capital Ltd., Series 2012-1RA-D (3 Month LIBOR USD + 3.00%)	3.28%	^	07/15/2030	4,240,319
2,750,000	Canyon Capital Ltd., Series 2014-1A-CR (3 Month LIBOR USD + 2.75%, 2.75% Floor)	3.02%	^	01/30/2031	2,425,667
1,500,000	Canyon Capital Ltd., Series 2014-2A-DR (3 Month LIBOR USD + 3.65%)	3.93%	^	04/15/2029	1,460,209
3,000,000	Canyon Capital Ltd., Series 2016-1A-DR (3 Month LIBOR USD + 2.80%)	3.08%	^	07/15/2031	2,768,565
1,500,000	Canyon Capital Ltd., Series 2017-1A-D (3 Month LIBOR USD + 3.60%)	3.88%	^	07/15/2030	1,485,938
4,000,000	Canyon Capital Ltd., Series 2018-1A-D (3 Month LIBOR USD + 2.90%, 2.90% Floor)	3.18%	^	07/15/2031	3,622,267
2,500,000	Carlyle US Ltd., Series 2016-4A-CR (3 Month LIBOR USD + 2.80%, 2.80% Floor)	3.07%	^	10/20/2027	2,248,075

1,000,000	Catamaran Ltd., Series 2018-1A-C (3 Month LIBOR USD + 2.50%, 2.50% Floor)	2.74%	^	10/25/2031	985,669
5,000,000	CIFC Funding Ltd., Series 2015-4A-CR (3 Month LIBOR USD + 4.00%, 4.00% Floor)	4.27%	^	10/20/2027	5,001,194
1,000,000	CIFC Funding Ltd., Series 2020-1A-B (3 Month LIBOR USD + 2.30%, 2.30% Floor)	2.54%	^	07/15/2032	1,000,556
1,000,000	CIFC Funding Ltd., Series 2020-2A-B (3 Month LIBOR USD + 2.20%, 2.20% Floor)	2.48%	^	08/24/2032	1,000,744
4,500,000	Columbia Cent CLO 29 Ltd., Series 2020-29A-B1 (3 Month LIBOR USD + 2.46%, 2.46% Floor)	2.68%	^	07/20/2031	4,506,551
3,250,000	Cook Park Ltd., Series 2018-1A-D (3 Month LIBOR USD + 2.60%)	2.87%	^	04/17/2030	3,008,461
2,150,000	CRMN Mortgage Trust, Series 2016-1A-C (3 Month LIBOR USD + 3.85%)	4.12%	^	01/18/2029	2,070,033
1,000,000	Crown Point Ltd., Series 2020-9A-C (3 Month LIBOR USD + 3.60%, 3.60% Floor)	3.92%	^	07/14/2032	1,001,267
10,000,000	Dryden Senior Loan Fund, Series 2014-33A-DR2 (3 Month LIBOR USD + 3.85%, 3.85% Floor)	4.13%	^	04/16/2029	9,999,675
3,000,000	Dryden Senior Loan Fund, Series 2015-40A-DR (3 Month LIBOR USD + 3.10%, 3.10% Floor)	3.38%	^	08/15/2031	2,926,957
2,200,000	Dryden Senior Loan Fund, Series 2016-43A-DRR (3 Month LIBOR USD + 3.55%, 3.55% Floor)	3.82%	^	07/20/2029	2,182,496
2,000,000	Dryden Senior Loan Fund, Series 2018-57A-D (3 Month LIBOR USD + 2.55%, 2.55% Floor)	2.83%	^	05/15/2031	1,839,537
5,000,000	Elmwood Ltd., Series 2019-2A-B (3 Month LIBOR USD + 2.10%, 2.10% Floor)	2.37%	^	04/21/2031	5,004,973
2,250,000	Fillmore Park Ltd., Series 2018-1A-D (3 Month LIBOR USD + 2.90%)	3.18%	^	07/15/2030	2,172,342
2,000,000	Gilbert Park Ltd., Series 2017-1A-D (3 Month LIBOR USD + 2.95%)	3.23%	^	10/15/2030	1,932,444
4,000,000	Gilbert Park Ltd., Series 2017-1A-E (3 Month LIBOR USD + 6.40%)	6.68%	^	10/15/2030	3,692,209
5,000,000	GoldenTree Loan Management Ltd., Series 2018-3A-D (3 Month LIBOR USD + 2.85%)	3.12%	^	04/22/2030	4,799,436
3,500,000	GoldenTree Loan Opportunities Ltd., Series 2015-11A-DR2 (3 Month LIBOR USD + 2.40%)	2.67%	^	01/21/2031	3,252,081
2,000,000	Grippen Park Ltd., Series 2017-1A-D (3 Month LIBOR USD + 3.30%)	3.57%	^	01/20/2030	1,942,620
740,000	Halcyon Loan Advisors Funding Ltd., Series 2013-2A-C (3 Month LIBOR USD + 2.70%)	2.95%	^	08/01/2025	734,482
1,500,000	Halcyon Loan Advisors Funding Ltd., Series 2014-3A-D (3 Month LIBOR USD + 3.65%)	3.91%	^	10/22/2025	1,206,650
5,000,000	Hayfin Kingsland Ltd., Series 2018-9A-BR (3 Month LIBOR USD + 1.80%)	2.05%	^	04/28/2031	4,982,477
1,000,000	Hayfin Kingsland Ltd., Series 2019-1A-B1 (3 Month LIBOR USD + 2.25%, 2.25% Floor)	2.50%	^	04/28/2031	999,641
1,481,500	Highbridge Loan Management Ltd., Series 4A-2014-A2R (3 Month LIBOR USD + 1.50%)	1.75%	^	01/28/2030	1,453,704
2,500,000	Highbridge Loan Management Ltd., Series 8A-2016-DR (3 Month LIBOR USD + 2.90%, 2.90% Floor)	3.17%	^	07/22/2030	2,212,882
1,500,000	HPS Loan Management Ltd., Series 13A-18-D (3 Month LIBOR USD + 3.00%, 3.00% Floor)	3.28%	^	10/15/2030	1,365,949
4,000,000	LCM LP, Series 14A-DR (3 Month LIBOR USD + 2.75%)	3.02%	^	07/21/2031	3,468,507
2,000,000	LCM LP, Series 19A-D (3 Month LIBOR USD + 3.45%, 3.45% Floor)	3.73%	^	07/15/2027	1,917,931
2,000,000	LCM LP, Series 20A-DR (3 Month LIBOR USD + 2.80%, 2.80% Floor)	3.07%	^	10/20/2027	1,869,276
2,000,000	LCM Ltd., Series 25A-D (3 Month LIBOR USD + 3.45%)	3.72%	^	07/20/2030	1,797,707
3,250,000	LCM Ltd., Series 28A-D (3 Month LIBOR USD + 2.95%, 2.95% Floor)	3.22%	^	10/21/2030	2,865,055
4,000,000	LCM Ltd., Series 30A-D (3 Month LIBOR USD + 3.75%, 3.75% Floor)	4.02%	^	04/21/2031	3,674,595
2,466,019	Longfellow Place Ltd., Series 2013-1A-ARR (3 Month LIBOR USD + 1.34%)	1.62%	^	04/15/2029	2,442,588
4,000,000	Madison Park Funding Ltd., Series 2014-14A-DRR (3 Month LIBOR USD + 2.95%, 2.95% Floor)	3.21%	^	10/22/2030	3,862,349
2,000,000	Madison Park Funding Ltd., Series 2014-15A-CR (3 Month LIBOR USD + 3.45%)	3.69%	^	01/27/2026	1,980,000
1,250,000	Madison Park Funding Ltd., Series 2014-15A-DR (3 Month LIBOR USD + 5.44%)	5.68%	^	01/27/2026	1,137,688
1,000,000	Madison Park Funding Ltd., Series 2015-16A-D (3 Month LIBOR USD + 5.50%)	5.77%	^	04/20/2026	906,968
5,000,000	Madison Park Funding Ltd., Series 2015-18A-DR (3 Month LIBOR USD + 2.95%)	3.22%	^	10/21/2030	4,744,508
3,750,000	Madison Park Funding Ltd., Series 2019-34A-D (3 Month LIBOR USD + 3.70%, 3.70% Floor)	3.94%	^	04/25/2031	3,747,678
4,000,000	Magnetite Ltd., Series 2015-14RA-D (3 Month LIBOR USD + 2.85%)	3.12%	^	10/20/2031	3,854,695
1,500,000	Magnetite Ltd., Series 2016-18A-DR (3 Month LIBOR USD + 2.70%)	2.98%	^	11/15/2028	1,434,952
3,900,000	Marble Point CLO XVIII Ltd., Series 2020-1A-B1 (3 Month LIBOR USD + 2.60%, 2.60% Floor)	2.77%	^	10/15/2031	3,898,892
2,500,000	Marble Point Ltd., Series 2017-1A-B (3 Month LIBOR USD + 1.80%)	2.08%	^	10/15/2030	2,493,061
2,000,000	MDPK, Series 2018-32A-D (3 Month LIBOR USD + 4.10%, 4.10% Floor)	4.36%	^	01/22/2031	2,000,683
1,000,000	Myers Park Ltd., Series 2018-1A-D (3 Month LIBOR USD + 3.05%, 3.05% Floor)	3.32%	^	10/21/2030	970,644
3,500,000	Neuberger Berman Loan Advisers Ltd., Series 2016-23A-DR (3 Month LIBOR USD + 2.90%, 2.90% Floor)	3.17%	^	10/18/2027	3,375,158
2,500,000	Neuberger Berman Loan Advisers Ltd., Series 2018-29A-D (3 Month LIBOR USD + 3.10%, 3.10% Floor)	3.37%	^	10/20/2031	2,445,053
2,000,000	Neuberger Berman Loan Advisers Ltd., Series 2019-32A-D (3 Month LIBOR USD + 3.85%, 3.85% Floor)	4.12%	^	01/20/2032	1,988,970
2,000,000	Newark BSL Ltd., Series 2017-1A-C (3 Month LIBOR USD + 3.65%)	3.89%	^	07/25/2030	1,947,148
6,000,000	Oak Hill Credit Partners Ltd., Series 2014-10RA-D (3 Month LIBOR USD + 3.15%, 3.15% Floor)	3.42%	^	12/12/2030	5,748,892
1,000,000	Ocean Trails, Series 2019-7A-B (3 Month LIBOR USD + 2.00%, 2.00% Floor)	2.27%	^	04/17/2030	1,000,651
3,500,000	Ocean Trails, Series 2020-8A-B (3 Month LIBOR USD + 2.50%, 2.50% Floor)	2.77%	^	07/16/2029	3,505,044
5,600,000	Octagon Investment Partners Ltd., Series 2012-1A-CR (3 Month LIBOR USD + 4.00%)	4.28%	^	07/16/2029	5,468,681
2,000,000	Octagon Investment Partners Ltd., Series 2013-1A-DR (3 Month LIBOR USD + 3.00%, 3.00% Floor)	3.27%	^	07/17/2030	1,886,600
6,900,000	Octagon Investment Partners Ltd., Series 2013-1A-DR (3 Month LIBOR USD + 3.70%)	3.97%	^	07/19/2030	6,667,410
2,250,000	Octagon Investment Partners Ltd., Series 2014-1A-CRR (3 Month LIBOR USD + 3.95%, 3.95% Floor)	4.21%	^	02/17/2032	2,259,098
2,500,000	Octagon Investment Partners Ltd., Series 2014-1A-ERR (3 Month LIBOR USD + 5.45%, 5.45% Floor)	5.71%	^	01/22/2030	2,143,220
10,000,000	Octagon Investment Partners Ltd., Series 2016-1A-DR (3 Month LIBOR USD + 2.95%)	3.23%	^	07/15/2030	9,306,677
4,000,000	Octagon Investment Partners Ltd., Series 2017-1A-C (3 Month LIBOR USD + 3.50%)	3.77%	^	03/17/2030	3,862,832
1,760,000	Octagon Investment Partners Ltd., Series 2017-1A-D (3 Month LIBOR USD + 6.20%)	6.47%	^	03/17/2030	1,560,003
2,500,000	Octagon Investment Partners Ltd., Series 2018-2A-C (3 Month LIBOR USD + 2.85%)	3.09%	^	07/25/2030	2,328,179
2,000,000	OHA Credit Funding Ltd., Series 2018-1A-D (3 Month LIBOR USD + 3.05%, 3.05% Floor)	3.32%	^	10/21/2030	1,941,936
4,000,000	Sound Point Ltd., Series 2020-1A-C (3 Month LIBOR USD + 3.30%, 3.30% Floor)	3.62%	^	07/22/2030	4,003,511
1,000,000	Sound Point Ltd., Series 2020-1A-D (3 Month LIBOR USD + 4.70%, 4.70% Floor)	5.02%	^	07/22/2030	1,002,261
10,000,000	Stewart Park Ltd., Series 2015-1A-DR (3 Month LIBOR USD + 2.60%, 2.60% Floor)	2.88%	^	01/15/2030	9,278,119
3,000,000	Symphony Ltd., Series 2015-16A-DR (3 Month LIBOR USD + 3.05%, 3.05% Floor)	3.33%	^	10/15/2031	2,835,566
2,500,000	Symphony Ltd., Series 2016-17A-DR (3 Month LIBOR USD + 2.65%)	2.93%	^	04/17/2028	2,383,821
2,000,000	Thacher Park Ltd., Series 2014-1A-D1R (3 Month LIBOR USD + 3.40%)	3.67%	^	10/20/2026	1,980,229
2,000,000	Venture Ltd., Series 2013-14A-BRR (3 Month LIBOR USD + 1.55%, 1.55% Floor)	1.81%	^	08/28/2029	1,977,951
2,000,000	Venture Ltd., Series 2014-18A-BR (3 Month LIBOR USD + 1.65%)	1.93%	^	10/15/2029	1,985,060
3,000,000	Venture Ltd., Series 2018-33A-B (3 Month LIBOR USD + 1.85%, 1.85% Floor)	2.13%	^	07/15/2031	2,980,896
1,000,000	VERDE, Series 2019-1A-D (3 Month LIBOR USD + 3.80%, 3.80% Floor)	4.08%	^	04/15/2032	998,000
3,000,000	Voya Ltd., Series 2014-1A-CR2 (3 Month LIBOR USD + 2.80%)	3.07%	^	04/18/2031	2,617,765
2,000,000	Voya Ltd., Series 2015-2A-DR (3 Month LIBOR USD + 2.95%)	3.21%	^	07/23/2027	1,860,180
2,000,000	Voya Ltd., Series 2017-3A-C (3 Month LIBOR USD + 3.55%)	3.82%	^	07/22/2030	1,918,703
4,000,000	Voya Ltd., Series 2018-2A-D (3 Month LIBOR USD + 2.75%, 2.75% Floor)	3.03%	^	07/15/2031	3,661,801
2,250,000	Wind River Ltd., Series 2014-1A-DRR (3 Month LIBOR USD + 3.00%, 3.00% Floor)	3.27%	^	07/18/2031	1,977,908
1,000,000	Wind River Ltd., Series 2014-2A-ER (3 Month LIBOR USD + 5.75%, 5.75% Floor)	6.03%	^	01/15/2031	765,186
3,000,000	Wind River Ltd., Series 2016-1A-DR (3 Month LIBOR USD + 2.85%)	3.13%	^	07/17/2028	2,836,774
6,500,000	Wind River Ltd., Series 2017-1A-C (3 Month LIBOR USD + 2.30%)	2.57%	^	04/18/2029	6,415,287
3,000,000	Wind River Ltd., Series 2017-1A-D (3 Month LIBOR USD + 3.75%)	4.02%	^	04/18/2029	2,912,995
3,000,000	Wind River Ltd., Series 2017-3A-D (3 Month LIBOR USD + 3.15%)	3.43%	^	10/15/2030	2,865,181
4,000,000	Wind River Ltd., Series 2018-1A-D (3 Month LIBOR USD + 2.90%)	3.18%	^	07/15/2030	3,729,379
2,500,000	Wind River Ltd., Series 2018-2A-D (3 Month LIBOR USD + 3.00%)	3.28%	^	07/15/2030	2,218,555
3,000,000	Wind River Ltd., Series 2018-3A-D (3 Month LIBOR USD + 2.95%, 2.95% Floor)	3.22%	^	01/21/2031	2,797,032
10,000,000	Wind River Ltd., Series 2019-3A-B (3 Month LIBOR USD + 2.10%)	2.38%	^	04/15/2031	10,003,640
Total Collateralized Loan Obligations (Cost $347,164,989)					333,123,682
Foreign Corporate Bonds - 8.6%
2,800,000	Adani Ports & Special Economic Zone Ltd.	3.95%		01/19/2022	2,859,119

16,915,000	AerCap Global Aviation Trust	3.50%		01/15/2025	16,483,982
6,200,000	AES Andres B.V.	7.95%	^	05/11/2026	6,324,062
5,850,000	AES Dominicana	7.95%		05/11/2026	5,967,059
1,700,000	AES Gener S.A.	5.00%		07/14/2025	1,760,350
2,600,000	AES Gener S.A. (5 Year CMT Rate + 4.92%)	6.35%	^	10/07/2079	2,627,625
3,700,000	AES Gener S.A. (5 Year CMT Rate + 4.92%)	6.35%		10/07/2079	3,739,313
9,300,000	AES Gener S.A. (5 Year Swap Rate USD + 4.64%)	7.13%	^	03/26/2079	9,523,479
1,903,000	AES Gener S.A. (5 Year Swap Rate USD + 4.64%)	7.13%		03/26/2079	1,948,729
4,300,000	AES Panama Generation Holdings SRL	4.38%	^	05/31/2030	4,427,925
1,170,000	Aker BP ASA	4.75%	^	06/15/2024	1,203,153
800,000	Altice Financing S.A.	5.00%	^	01/15/2028	778,052
2,275,000	Altice France S.A.	7.38%	^	05/01/2026	2,386,361
1,305,000	Altice France Holding S.A.	6.00%	^	02/15/2028	1,247,117
13,320,000	Anglo American Capital PLC	4.50%	^	03/15/2028	15,248,612
6,100,000	Anheuser-Busch InBev Worldwide, Inc.	4.90%		02/01/2046	7,584,905
8,205,000	Anheuser-Busch InBev Worldwide, Inc.	4.60%		04/15/2048	9,795,675
540,000	ARD Finance S.A. (PIK 9.13%)	6.50%	^	06/30/2027	537,867
1,775,000	Avation Capital S.A.	6.50%	^	05/15/2021	1,208,997
12,170,000	Avolon Holdings Funding Ltd.	3.25%	^	02/15/2027	10,882,197
9,000,000	Axiata SPV2 BHD	3.47%		11/19/2020	9,030,330
200,000	Baidu, Inc.	3.43%		04/07/2030	220,802
6,490,000	Banco BTG Pactual S.A. (5 Year CMT Rate + 5.26%)	7.75%	^	02/15/2029	6,655,495
1,677,000	Banco de Bogota S.A.	5.38%		02/19/2023	1,770,912
1,800,000	Banco de Credito del Peru (3 Month LIBOR USD + 7.04%)	6.13%		04/24/2027	1,903,500
1,500,000	Banco de Credito del Peru (5 Year CMT Rate + 3.00%)	3.13%	^	07/01/2030	1,507,320
1,000,000	Banco de Reservas de la Republica Dominicana	7.00%	^	02/01/2023	1,027,510
4,100,000	Banco de Reservas de la Republica Dominicana	7.00%		02/01/2023	4,212,791
2,660,000	Banco Internacional del Peru S.A.A. (3 Month LIBOR USD + 5.76%)	6.63%		03/19/2029	2,935,470
500,000	Banco Latinoamericano de Comercio Exterior S.A.	2.38%	^	09/14/2025	507,500
2,247,000	Banco Macro S.A. (5 Year Swap Rate USD + 5.46%)	6.75%	^	11/04/2026	1,724,595
7,603,000	Banco Macro S.A. (5 Year Swap Rate USD + 5.46%)	6.75%		11/04/2026	5,835,379
10,323,000	Banco Mercantil del Norte S.A. (10 Year CMT Rate + 5.35%)	7.63%	†	01/10/2028	10,316,806
2,521,000	Banco Mercantil del Norte S.A. (10 Year CMT Rate + 5.47%)	7.50%	^†	06/27/2029	2,487,319
1,000,000	Banco Mercantil del Norte S.A. (10 Year CMT Rate + 5.47%)	7.50%	†	06/27/2029	986,640
643,000	Banco Mercantil del Norte S.A. (5 Year CMT Rate + 5.04%)	6.88%	†	07/06/2022	636,972
1,900,000	Banco Nacional de Panama	2.50%	^	08/11/2030	1,882,425
13,400,000	Banco Santander (3 Month LIBOR USD + 1.09%)	1.35%		02/23/2023	13,435,463
2,700,000	Bancolombia S.A.	3.00%		01/29/2025	2,706,912
3,500,000	Bancolombia S.A. (5 Year CMT Rate + 2.94%)	4.63%		12/18/2029	3,408,125
2,500,000	Banistmo S.A.	3.65%	^	09/19/2022	2,535,937
1,500,000	Banistmo S.A.	3.65%		09/19/2022	1,521,563
4,350,000	Bank of Montreal (5 Year Swap Rate USD + 1.43%)	3.80%		12/15/2032	4,849,464
13,220,000	Bank of New Zealand	3.50%	^	02/20/2024	14,412,577
580,000	Bank of Nova Scotia	1.63%		05/01/2023	595,249
9,675,000	Bank of Nova Scotia	3.40%		02/11/2024	10,516,519
1,250,000	Bantrab Senior Trust	9.00%		11/14/2020	1,246,887
14,360,000	Barclays PLC (3 Month LIBOR USD + 1.38%)	1.66%		05/16/2024	14,406,505
21,700,000	BAT Capital Corporation	3.46%		09/06/2029	23,134,939
1,100,000	BBVA Banco Continental S.A.	5.00%		08/26/2022	1,178,117
9,208,000	BBVA Bancomer S.A. (5 Year CMT Rate + 2.65%)	5.13%		01/18/2033	8,877,893
300,000	BBVA Bancomer S.A. (5 Year CMT Rate + 3.00%)	5.35%		11/12/2029	298,500
500,000	BBVA Bancomer S.A. (5 Year CMT Rate + 4.31%)	5.88%	^	09/13/2034	508,750
1,000,000	BBVA Colombia S.A.	4.88%		04/21/2025	1,036,885
800,000	BDO Unibank, Inc.	2.63%		10/24/2021	814,509
16,900,000	BDO Unibank, Inc.	2.95%		03/06/2023	17,575,508
13,455,000	BNP Paribas S.A. (Secured Overnight Financing Rate + 1.51%)	3.05%	^	01/13/2031	14,469,751
1,010,000	Bombardier, Inc.	6.00%	^	10/15/2022	938,037
1,120,000	Bombardier, Inc.	7.88%	^	04/15/2027	851,166
7,200,000	Braskem Finance Company (5 Year CMT Rate + 8.22%)	8.50%	^	01/23/2081	7,240,572
6,000,000	Braskem Idesa SAPI	7.45%	^	11/15/2029	5,656,560
1,500,000	C&W Senior Financing DAC	6.88%		09/15/2027	1,561,988
700,000	Canacol Energy Ltd.	7.25%	^	05/03/2025	720,569
8,100,000	Canacol Energy Ltd.	7.25%		05/03/2025	8,338,019
5,840,000	CCL Industries, Inc.	3.05%	^	06/01/2030	6,242,101
1,110,000	Cenovus Energy, Inc.	5.38%		07/15/2025	1,069,646
1,185,000	CIMB Bank BHD (3 Month LIBOR USD + 0.78%)	1.05%		10/09/2024	1,179,377
3,500,000	CK Hutchison International Ltd.	2.50%	^	05/08/2030	3,671,132
1,900,000	CNAC HK Finbridge Company Ltd.,	3.50%		07/19/2022	1,949,822
2,600,000	CNAC HK Finbridge Company Ltd.,	3.38%		06/19/2024	2,706,210
1,500,000	CNOOC Finance Ltd.	3.88%		05/02/2022	1,566,377
7,400,000	CNOOC Finance Ltd.	3.00%		05/09/2023	7,765,108
900,000	CNPC General Capital Ltd.	3.95%		04/19/2022	941,063
4,300,000	CNPC General Capital Ltd.	1.35%		06/23/2025	4,313,265
2,200,000	CNPC Global Capital Ltd.	1.13%		06/23/2023	2,199,782
2,000,000	CNPC Overseas Capital Ltd.	4.50%		04/28/2021	2,040,780
950,000	Cometa Energia S.A. de C.V.	6.38%		04/24/2035	1,042,744
11,855,000	Commonwealth Bank of Australia	4.32%	^	01/10/2048	14,482,580
6,610,000	Cosan Overseas Ltd.	8.25%	†	12/29/2099	6,775,250
13,395,000	Credit Agricole S.A.	3.75%	^	04/24/2023	14,385,456
15,120,000	Credit Suisse Group AG (3 Month LIBOR USD + 1.24%)	1.49%	^	06/12/2024	15,249,877
7,900,000	Credito Real S.A.B. de C.V.	9.50%	^	02/07/2026	7,605,725
6,550,000	Credito Real S.A.B. de C.V. (5 Year CMT Rate + 7.03%)	9.13%	†	11/29/2022	4,994,441
6,793,000	CSN Islands Corporation	7.00%	†	09/23/2020	5,952,434
5,300,000	CSN Resources S.A.	7.63%	^	04/17/2026	5,329,812
500,000	CSN Resources S.A.	7.63%		04/17/2026	502,813
3,000,000	DBS Group Holdings Ltd. (3 Month LIBOR USD + 0.62%)	0.86%		07/25/2022	3,007,853
2,000,000	DBS Group Holdings Ltd. (5 Year Mid Swap Rate USD + 1.59%)	4.52%		12/11/2028	2,185,965
11,350,000	DBS Group Holdings Ltd. (5 Year Swap Rate USD + 2.39%)	3.60%	†	12/29/2049	11,451,753
785,000	Delek & Avner Tamar Bond Ltd.	5.08%	^	12/30/2023	799,200
1,760,000	Delek & Avner Tamar Bond Ltd.	5.41%	^	12/30/2025	1,791,813

1,684,786	Digicel Group Ltd. (PIK 7.00%)	7.00%	^†	12/01/2021	219,022
1,126,910	Digicel Group Ltd. (PIK 8.00%)	5.00%	^	04/01/2025	400,053
5,400,000	Docuformas SAPI de C.V.	10.25%	^	07/24/2024	4,002,750
2,060,000	eG Global Finance PLC	8.50%	^	10/30/2025	2,172,012
1,844,000	Embotelladora Andina S.A.	5.00%		10/01/2023	2,038,801
8,500,000	Empresa Electrica Guacolda S.A.	4.56%		04/30/2025	6,992,228
5,020,032	ENA Norte Trust	4.95%		04/25/2028	5,064,008
1,682,000	Export Import Bank of Thailand (3 Month LIBOR USD + 0.90%)	1.15%		11/20/2023	1,676,946
2,100,000	Fideicomiso Pacifico Tres	8.25%		01/15/2035	2,467,500
2,200,000	Freeport-McMoRan, Inc.	4.63%		08/01/2030	2,317,095
1,761,000	Garda World Security Corporation	8.75%	^	05/15/2025	1,784,096
2,050,000	Garda World Security Corporation	4.63%	^	02/15/2027	2,065,375
12,375,000	Geopark Ltd.	6.50%		09/21/2024	11,682,000
860,000	GFL Environmental, Inc.	3.75%	^	08/01/2025	859,462
1,535,000	GFL Environmental, Inc.	5.13%	^	12/15/2026	1,598,472
558,000	GFL Environmental, Inc.	8.50%	^	05/01/2027	606,476
4,250,000	Gilex Holding Sarl	8.50%		05/02/2023	4,332,386
1,600,000	Gilex Holding Sarl	8.50%	^	05/02/2023	1,631,016
2,600,000	Global Bank Corporation	4.50%		10/20/2021	2,662,400
800,000	Global Bank Corporation	4.50%	^	10/20/2021	819,200
3,715,000	Global Bank Corporation (3 Month LIBOR USD + 3.30%)	5.25%	^	04/16/2029	3,898,428
3,800,000	Globo Comunicacao e Participacoes S.A.	4.88%	^	01/22/2030	3,756,870
3,600,000	Gohl Capital Ltd.	4.25%		01/24/2027	3,595,536
300,000	Gran Tierra Energy International Holdings Ltd.	6.25%	^	02/15/2025	103,410
10,498,000	Gran Tierra Energy International Holdings Ltd.	6.25%		02/15/2025	3,618,661
3,500,000	Gran Tierra Energy, Inc.	7.75%	^	05/23/2027	1,222,847
2,700,000	Grupo Aval Ltd.	4.75%		09/26/2022	2,767,838
1,400,000	Grupo Aval Ltd.	4.38%	^	02/04/2030	1,353,100
6,150,900	Grupo Idesa S.A. de C.V. (PIK 10.38%)	10.13%	^	05/22/2026	3,429,127
600,000	Guatemala Energuate Trust	5.88%	^	05/03/2027	621,937
21,080,000	HSBC Holdings PLC (3 Month LIBOR USD + 1.38%)	1.63%		09/12/2026	20,897,116
3,450,000	Hunt Oil Company of Peru LLC Sucursal Del Peru	6.38%		06/01/2028	3,454,313
1,000,000	Hutchison Whampoa International Ltd.	3.25%		11/08/2022	1,045,185
6,600,000	Imperial Brands Finance PLC	3.50%	^	07/26/2026	7,149,454
3,108,000	Indian Oil Corporation Ltd.	5.63%		08/02/2021	3,202,246
3,157,000	Indian Oil Corporation Ltd.	5.75%		08/01/2023	3,450,936
5,084,000	Industrial Senior Trust	5.50%		11/01/2022	5,256,856
170,000	Intelligent Packaging Ltd.	6.00%	^	09/15/2028	172,707
1,585,000	Intelsat Jackson Holdings S.A.	5.50%	W	08/01/2023	998,550
1,260,000	Intelsat Jackson Holdings S.A.	8.50%	^W	10/15/2024	815,724
3,324,583	Interoceanica Finance Ltd.	0.00%		11/30/2025	3,112,641
1,192,690	Invepar Holdings	0.00%	W Þ	12/30/2028	51,002
3,000,000	Inversiones CMPC S.A.	4.50%		04/25/2022	3,130,545
1,200,000	Israel Electric Corporation Ltd.	5.00%	^	11/12/2024	1,354,374
1,800,000	Itau Unibanco Holding S.A. (5 Year CMT Rate + 3.22%)	4.63%	^†	08/27/2025	1,576,800
500,000	JD.com, Inc.	3.13%		04/29/2021	505,756
6,700,000	JD.com, Inc.	3.38%		01/14/2030	7,268,379
400,000	JSL Europe S.A.	7.75%		07/26/2024	413,500
1,400,000	Korea East-West Power Company Ltd.	1.75%	^	05/06/2025	1,448,043
3,000,000	Korea Electric Power Corporation	1.13%	^	06/15/2025	3,019,050
1,640,000	Kronos Acquisition Holdings, Inc.	9.00%	^	08/15/2023	1,666,650
3,049,000	Latam Finance Ltd.	6.88%	W	04/11/2024	1,135,753
8,000,000	Latam Finance Ltd.	7.00%	^W	03/01/2026	2,980,000
2,128,849	Lima Metro Finance Ltd.	5.88%		07/05/2034	2,600,517
12,925,000	Lloyds Banking Group PLC (3 Month LIBOR USD + 1.21%)	3.57%		11/07/2028	14,161,992
6,760,800	LLPL Capital Pte Ltd.	6.88%	^	02/04/2039	7,813,490
7,150,000	Macquarie Group Ltd. (3 Month LIBOR USD + 1.02%)	3.19%	^	11/28/2023	7,481,667
7,884,000	Macquarie Group Ltd. (3 Month LIBOR USD + 1.33%)	4.15%	^	03/27/2024	8,457,892
13,300,000	Malayan Banking BHD (5 Year Swap Rate USD + 2.54%)	3.91%		10/29/2026	13,584,819
1,340,000	Mattamy Group Corporation	4.63%	^	03/01/2030	1,359,189
2,400,000	Medco Bell Pte Ltd.	6.38%	^	01/30/2027	2,076,000
2,050,000	MEG Energy Corporation	7.13%	^	02/01/2027	1,843,626
7,200,000	MEGlobal Canada ULC	5.00%	^	05/18/2025	7,795,541
1,507,468	Mexico Generadora de Energia	5.50%		12/06/2032	1,705,323
4,100,000	Minejesa Capital B.V.	4.63%		08/10/2030	4,227,797
5,000,000	Minejesa Capital B.V.	5.63%		08/10/2037	5,165,775
14,475,000	Mitsubishi UFJ Financial Group, Inc.	1.41%		07/17/2025	14,677,293
2,210,000	Multibank, Inc.	4.38%		11/09/2022	2,252,023
2,000,000	Network i2i Ltd. (5 Year CMT Rate + 4.28%)	5.65%	^†	01/15/2025	2,010,000
900,000	NongHyup Bank	1.25%	^	07/20/2025	909,723
10,969,000	Nutrien Ltd.	4.20%		04/01/2029	13,047,552
6,365,000	NXP Funding LLC	3.88%	^	06/18/2026	7,141,628
818,000	ONGC Videsh Ltd.	2.88%		01/27/2022	825,554
200,000	ONGC Videsh Ltd.	3.75%		05/07/2023	207,527
200,000	ONGC Videsh Ltd.	4.63%		07/15/2024	214,394
8,700,000	ONGC Videsh Ltd.	3.75%		07/27/2026	9,072,838
7,100,000	Ooredoo International Finance Ltd.	3.25%		02/21/2023	7,435,830
500,000	Ooredoo International Finance Ltd.	3.75%		06/22/2026	559,512
4,800,000	Operadora de Servicios Mega S.A.	8.25%	^	02/11/2025	4,425,000
500,000	Oversea-Chinese Banking Corporation	4.25%		06/19/2024	547,526
5,100,000	Oversea-Chinese Banking Corporation Ltd. (5 Year CMT Rate + 1.58%)	1.83%	^	09/10/2030	5,093,506
7,900,000	Pampa Energia S.A.	7.50%		01/24/2027	5,976,943
150,000	Pampa Energia S.A.	9.13%		04/15/2029	117,591
5,072,968	Panama Metro Line SP	0.00%	^	12/05/2022	4,927,171
7,129,423	Panama Metro Line SP	0.00%		12/05/2022	6,924,523
1,845,000	Parkland Fuel Corporation	5.88%	^	07/15/2027	1,943,016
1,500,000	Pertamina Persero PT	4.30%		05/20/2023	1,610,042
7,600,000	Peru LNG SRL	5.38%		03/22/2030	5,848,200
2,100,000	POSCO	2.38%		11/12/2022	2,153,112
5,800,000	POSCO	2.38%		01/17/2023	5,948,509

1,900,000	POSCO	2.75%		07/15/2024	1,992,598
4,100,000	PSA Treasury Pte Ltd.	2.13%		09/05/2029	4,281,802
800,000	PTTEP Treasury Center Company Ltd.	2.59%	^	06/10/2027	828,871
8,100,000	Radiant Access Ltd.	4.60%	†	11/18/2020	8,126,284
12,500,000	Reliance Industries Ltd.	5.40%		02/14/2022	13,178,094
4,000,000	SACI Falabella	3.75%		04/30/2023	4,183,933
13,300,000	Sinopec Group Overseas Development Ltd.	2.70%	^	05/13/2030	14,003,776
6,076,900	Star Energy Geothermal Wayang Windu Ltd.	6.75%		04/24/2033	6,706,732
181,400	Star Energy Geothermal Wayang Windu Ltd.	6.75%	^	04/24/2033	200,201
530,000	Starfruit Finco B.V.	8.00%	^	10/01/2026	562,667
2,165,000	Stars Group Holdings B.V.	7.00%	^	07/15/2026	2,304,372
1,024,000	State Grid Overseas Investment Ltd.	3.75%		05/02/2023	1,096,617
2,000,000	State Grid Overseas Investment Ltd.	3.13%		05/22/2023	2,108,130
9,829,971	Stoneway Capital Corporation	10.00%	W	03/01/2027	4,226,986
22,810,000	Sumitomo Mitsui Financial Group, Inc. (3 Month LIBOR USD + 0.74%)	1.01%		01/17/2023	22,920,463
2,805,000	Superior Plus LP	7.00%	^	07/15/2026	3,004,323
350,000	Sydney Airport Finance Company Pty Ltd.	3.63%	^	04/28/2026	378,504
550,000	Syngenta Finance N.V.	4.38%		03/28/2042	533,681
500,000	Syngenta Finance N.V.	5.68%	^	04/24/2048	536,919
8,450,000	Syngenta Finance N.V.	5.68%		04/24/2048	9,073,923
1,200,000	Tecnoglass, Inc.	8.20%		01/31/2022	1,246,230
4,000,000	Telefonica Chile S.A.	3.88%		10/12/2022	4,207,000
1,230,000	Telesat LLC	4.88%	^	06/01/2027	1,238,825
934,000	Telesat LLC	6.50%	^	10/15/2027	942,032
8,800,000	Temasek Financial Ltd.	1.00%	^	10/06/2030	8,685,118
9,200,000	Tencent Holdings Ltd.	2.39%	^	06/03/2030	9,364,487
1,935,000	Tervita Escrow Corporation	7.63%	^	12/01/2021	1,771,135
500,000	Titan Acquisition Ltd.	7.75%	^	04/15/2026	498,750
5,000,000	TransCanada PipeLines Ltd.	4.25%		05/15/2028	5,780,914
2,000,000	Transelec S.A.	4.63%		07/26/2023	2,156,270
500,000	Transelec S.A.	3.88%		01/12/2029	547,530
1,120,000	Trivium Packaging Finance BV	5.50%	^	08/15/2026	1,162,532
4,500,000	Unifin Financiera S.A.B. de C.V.	7.38%		02/12/2026	3,622,545
13,900,000	Unifin Financiera S.A.B. de C.V. (5 Year CMT Rate + 6.31%)	8.88%	†	07/29/2025	9,695,250
1,418,000	Union Bank of the Philippines	3.37%		11/29/2022	1,476,627
8,883,000	United Overseas Bank Ltd. (5 Year Swap Rate USD + 1.79%)	3.88%	†	10/19/2023	9,132,168
8,000,000	United Overseas Bank Ltd. (5 Year Swap Rate USD + 2.24%)	3.50%		09/16/2026	8,162,120
9,500,000	UPL Corporation	3.25%		10/13/2021	9,630,112
5,600,000	Vedanta Resources Finance PLC	9.25%	^	04/23/2026	4,216,800
2,500,000	Vedanta Resources Ltd.	7.13%		05/31/2023	1,907,500
15,000,000	Vedanta Resources Ltd.	6.13%		08/09/2024	10,622,874
2,300,000	Vertical Newco, Inc.	5.25%	^	07/15/2027	2,394,622
685,000	Virgin Media Finance Plc	5.00%	^	07/15/2030	682,431
7,430,000	Volkswagen Group of America Finance LLC	4.25%	^	11/13/2023	8,171,750
1,010,000	Ziggo B.V.	4.88%	^	01/15/2030	1,047,244
Total Foreign Corporate Bonds (Cost $1,009,521,519)					998,834,703
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations - 1.1%
1,700,000	Abu Dhabi Government International Bond	0.75%	^	09/02/2023	1,700,042
2,200,000	Abu Dhabi Government International Bond	2.50%	^	04/16/2025	2,345,112
3,100,000	Abu Dhabi Government International Bond	3.13%	^	04/16/2030	3,480,928
13,405,000	BOC Aviation Ltd. (3 Month LIBOR USD + 1.13%)	1.36%	^	09/26/2023	13,145,144
13,450,000	CNOOC Finance Ltd.	3.75%		05/02/2023	14,365,336
2,000,000	Indonesia Government International Bond	3.38%		04/15/2023	2,114,320
7,500,000	Malaysia Sovereign Sukuk BHD	3.04%		04/22/2025	8,182,187
500,000	Malaysia Sukuk Global BHD	3.18%		04/27/2026	557,110
7,121,000	Mexico Government International Bond	4.15%		03/28/2027	7,924,783
14,415,000	Mexico Government International Bond	3.75%		01/11/2028	15,529,496
200,000	Perusahaan Penerbit	3.40%		03/29/2022	207,427
720,000	Perusahaan Penerbit	3.75%		03/01/2023	765,824
2,600,000	Perusahaan Penerbit	4.15%		03/29/2027	2,929,212
3,050,000	Peruvian Government International Bond	2.39%		01/23/2026	3,200,975
10,250,000	Peruvian Government International Bond	2.78%		01/23/2031	11,118,790
3,800,000	Philippine Government International Bond	2.46%		05/05/2030	4,106,233
3,100,000	Philippine Government International Bond	2.95%		05/05/2045	3,289,575
3,700,000	Qatar Government International Bond	3.88%		04/23/2023	3,978,998
8,100,000	Qatar Government International Bond	3.38%		03/14/2024	8,739,212
4,700,000	Saudi Government International Bond	2.88%		03/04/2023	4,916,412
8,100,000	Saudi Government International Bond	2.90%	^	10/22/2025	8,667,421
8,500,000	Saudi Government International Bond	2.38%		10/26/2021	8,655,363
Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $123,077,745)					129,919,900
Municipal Bonds - 0.1%
3,290,000	Missouri Highway & Transportation Commission Revenue Bond	5.06%		05/01/2024	3,712,633
4,430,000	State of California General Obligation	7.55%		04/01/2039	7,760,253
Total Municipal Bonds (Cost $9,883,676)					11,472,886
Non-Agency Commercial Mortgage Backed Obligations - 7.0%
2,000,000	Arbor Multifamily Mortgage Securities Trust, Series 2020-MF1-C	3.72%	# ^	05/15/2053	2,105,348
12,071,000	Atrium Hotel Portfolio Trust, Series 2018-ATRM-D (1 Month LIBOR USD + 2.30%, 2.30% Floor)	2.45%	^	06/15/2035	11,052,678
2,638,666	BAMLL Commercial Mortgage Securities Trust, Series 2016-ISQ-C	3.73%	# ^	08/16/2034	2,744,230
1,045,000	Bancorp Commercial Mortgage Trust, Series 2019-CRE5-B (1 Month LIBOR USD + 1.50%, 1.50% Floor)	1.65%	^	03/17/2036	998,801
4,259,000	Bancorp Commercial Mortgage Trust, Series 2019-CRE5-D (1 Month LIBOR USD + 2.35%, 2.35% Floor)	2.50%	^	03/17/2036	3,894,029
4,975,201	BANK, Series 2017-BNK8-XA	0.87%	# I/O	11/17/2050	214,680
1,821,000	BANK, Series 2018-BN10-B	4.08%	#	02/17/2061	1,988,560
1,857,000	BANK, Series 2018-BN10-C	4.16%	#	02/17/2061	1,872,267
405,000	BANK, Series 2018-BN13-B	4.70%	#	08/17/2061	469,385
1,005,000	BANK, Series 2020-BN28-AS	2.14%		03/15/2063	1,037,737
5,927,000	BANK, Series 2020-BN28-B	2.34%		03/15/2063	6,122,175
2,906,000	BANK, Series 2020-BN28-C	3.15%	#	03/15/2063	3,005,535

1,508,000	Barclays Commercial Mortgage Securities LLC, Series 2017-DELC-C (1 Month LIBOR USD + 1.20%, 1.20% Floor)	1.35%	^	08/15/2036	1,411,897
1,719,000	Barclays Commercial Mortgage Securities LLC, Series 2017-DELC-D (1 Month LIBOR USD + 1.70%, 1.70% Floor)	1.85%	^	08/15/2036	1,576,638
1,355,000	Barclays Commercial Mortgage Securities LLC, Series 2017-DELC-E (1 Month LIBOR USD + 2.50%, 2.50% Floor)	2.65%	^	08/15/2036	1,234,503
3,451,000	Barclays Commercial Mortgage Securities LLC, Series 2017-DELC-F (1 Month LIBOR USD + 3.50%, 3.50% Floor)	3.65%	^	08/15/2036	3,120,595
13,951,000	Barclays Commercial Mortgage Trust, Series 2019-C3-B	4.10%		05/17/2052	15,359,909
63,099,295	BBCMS Mortgage Trust, Series 2020-C7-XA	1.75%	# I/O	04/17/2053	6,954,583
3,318,000	Benchmark Mortgage Trust, Series 2019-B10-C	3.75%		03/17/2062	3,304,085
4,549,000	Benchmark Mortgage Trust, Series 2019-B19-AS	2.15%		09/15/2053	4,704,739
3,983,000	Benchmark Mortgage Trust, Series 2020-B18-AGNF	4.14%	^	07/15/2053	4,000,772
11,563,000	Benchmark Mortgage Trust, Series 2020-B18-C	3.77%	#	07/15/2053	12,404,317
3,193,000	Benchmark Mortgage Trust, Series 2020-B19-B	2.35%		09/15/2053	3,308,781
1,091,000	Benchmark Mortgage Trust, Series 2020-B19-C	3.21%		09/15/2053	1,133,753
14,713,000	BFLD, Series 2019-DPLO-E (1 Month LIBOR USD + 2.24%, 2.24% Floor)	2.39%	^	10/16/2034	13,264,099
10,076,000	BHMS Trust, Series 2018-ATLS-C (1 Month LIBOR USD + 1.90%, 1.90% Floor)	2.05%	^	07/16/2035	9,202,811
3,283,000	BX Commercial Mortgage Trust, Series 2018-BIOA-D (1 Month LIBOR USD + 1.32%, 1.35% Floor)	1.47%	^	03/16/2037	3,249,444
8,207,000	BX Commercial Mortgage Trust, Series 2018-BIOA-E (1 Month LIBOR USD + 1.95%, 1.98% Floor)	2.10%	^	03/16/2037	8,096,627
2,187,893	BX Trust, Series 2017-SLCT-D (1 Month LIBOR USD + 2.05%, 2.05% Floor)	2.20%	^	07/17/2034	2,186,792
5,361,800	BX Trust, Series 2017-SLCT-E (1 Month LIBOR USD + 3.15%, 3.15% Floor)	3.30%	^	07/17/2034	5,293,108
12,349,000	BX Trust, Series 2019-OC11-E	4.08%	# ^	12/11/2041	11,241,146
71,774,707	CFCRE Commercial Mortgage Trust, Series 2016-C3-XA	1.16%	# I/O	01/10/2048	3,247,662
3,267,000	CFCRE Commercial Mortgage Trust, Series 2017-C8-B	4.20%	#	06/17/2050	3,436,094
3,053,000	CHT Mortgage Trust, Series 2017-CSMO-B (1 Month LIBOR USD + 1.40%, 1.40% Floor)	1.55%	^	11/17/2036	2,956,484
5,198,000	CHT Mortgage Trust, Series 2017-CSMO-E (1 Month LIBOR USD + 3.00%, 3.00% Floor)	3.15%	^	11/17/2036	4,889,640
1,628,000	CHT Mortgage Trust, Series 2017-CSMO-F (1 Month LIBOR USD + 3.74%, 3.74% Floor)	3.89%	^	11/15/2036	1,515,657
7,109,547	Citigroup Commercial Mortgage Trust, Series 2012-GC8-XA	1.92%	# ^ I/O	09/10/2045	185,716
1,898,500	Citigroup Commercial Mortgage Trust, Series 2015-GC27-D	4.57%	# ^	02/12/2048	1,552,293
3,810,334	Citigroup Commercial Mortgage Trust, Series 2015-GC27-XA	1.49%	# I/O	02/12/2048	180,201
4,470,000	Citigroup Commercial Mortgage Trust, Series 2016-GC36-D	2.85%	^	02/10/2049	3,015,011
41,548,539	Citigroup Commercial Mortgage Trust, Series 2016-P3-XA	1.86%	# I/O	04/16/2049	2,847,247
43,885,407	Citigroup Commercial Mortgage Trust, Series 2016-P4-XA	2.12%	# I/O	07/10/2049	3,539,771
81,435,219	Citigroup Commercial Mortgage Trust, Series 2016-P5-XA	1.65%	# I/O	10/13/2049	5,059,179
11,770,000	Citigroup Commercial Mortgage Trust, Series 2017-C4-B	4.10%	#	10/14/2050	12,828,370
321,000	Citigroup Commercial Mortgage Trust, Series 2018-B2-B	4.28%	#	03/10/2051	361,796
1,977,000	Citigroup Commercial Mortgage Trust, Series 2018-C5-C	4.88%	#	06/12/2051	2,092,809
9,344,000	Citigroup Commercial Mortgage Trust, Series 2019-GC41-B	3.20%		08/10/2056	10,129,449
8,478,000	Citigroup Commercial Mortgage Trust, Series 2020-555-F	3.62%	^	12/12/2041	7,401,311
7,003,000	Citigroup Commercial Mortgage Trust, Series 2020-555-G	3.62%	^	12/12/2041	5,502,054
21,487,713	Commercial Mortgage Pass-Through Certificates, Series 2012-CR3-XA	2.01%	# I/O	10/17/2045	600,726
8,626,000	Commercial Mortgage Pass-Through Certificates, Series 2012-CR4-D	4.74%	# ^ Þ	10/17/2045	918,652
3,197,745	Commercial Mortgage Pass-Through Certificates, Series 2012-LC4-XA	2.18%	# ^ I/O	12/12/2044	56,631
55,559,084	Commercial Mortgage Pass-Through Certificates, Series 2015-CR26-XA	1.08%	# I/O	10/10/2048	2,128,130
4,310,000	Commercial Mortgage Pass-Through Certificates, Series 2015-LC21-C	4.48%	#	07/10/2048	4,221,066
5,579,000	Commercial Mortgage Pass-Through Certificates, Series 2015-LC23-C	4.79%	#	10/10/2048	5,609,322
5,997,000	Commercial Mortgage Pass-Through Certificates, Series 2016-CR28-C	4.79%	#	02/12/2049	6,133,540
57,000,207	Commercial Mortgage Pass-Through Certificates, Series 2016-DC2-XA	1.14%	# I/O	02/12/2049	2,371,174
9,383,000	Commercial Mortgage Pass-Through Certificates, Series 2016-GCT-E	3.58%	# ^	08/10/2029	9,384,967
2,808,000	Commercial Mortgage Pass-Through Certificates, Series 2016-GCT-F	3.58%	# ^	08/10/2029	2,766,496
12,424,000	Commercial Mortgage Pass-Through Certificates, Series 2018-HCLV-C (1 Month LIBOR USD + 1.70%, 1.70% Floor)	1.85%	^	09/15/2033	11,850,280
8,464,000	Core Mortgage Trust, Series 2019-CORE-E (1 Month LIBOR USD + 1.90%, 1.90% Floor)	2.05%	^	12/15/2031	8,292,648
2,064,000	Core Mortgage Trust, Series 2019-CORE-F (1 Month LIBOR USD + 2.35%, 2.35% Floor)	2.50%	^	12/15/2031	1,989,999
5,597,000	CSAIL Commercial Mortgage Trust, Series 2015-C4-C	4.71%	#	11/18/2048	5,523,447
3,461,000	CSAIL Commercial Mortgage Trust, Series 2016-C6-D	5.09%	# ^	01/15/2049	3,144,901
44,297,773	CSAIL Commercial Mortgage Trust, Series 2016-C6-XA	2.06%	# I/O	01/15/2049	3,282,199
11,488,000	CSAIL Commercial Mortgage Trust, Series 2018-C14-C	5.05%	#	11/17/2051	12,449,162
400,000	CSAIL Commercial Mortgage Trust, Series 2018-CX12-B	4.61%	#	08/17/2051	435,815
3,800,000	CSAIL Commercial Mortgage Trust, Series 2018-CX12-C	4.92%	#	08/17/2051	3,769,740
9,269,000	CSAIL Commercial Mortgage Trust, Series 2019-C16-AS	3.61%		06/17/2052	10,462,145
9,269,000	CSAIL Commercial Mortgage Trust, Series 2019-C16-B	3.88%		06/17/2052	9,917,190
6,238,000	CSAIL Commercial Mortgage Trust, Series 2020-C19-C	3.73%	#	03/15/2053	6,218,320
127,219,952	CSAIL Commercial Mortgage Trust, Series 2020-C19-XA	1.24%	# I/O	03/17/2053	10,703,587
798,000	CSMC Trust, Series 2017-CALI-D	3.90%	# ^	11/10/2032	823,849
4,944,000	CSMC Trust, Series 2017-CHOP-D (1 Month LIBOR USD + 1.90%, 1.90% Floor)	2.05%	^	07/15/2032	4,205,724
4,359,000	CSMC Trust, Series 2017-CHOP-E (1 Month LIBOR USD + 3.30%, 3.30% Floor)	3.45%	^	07/15/2032	3,506,832
6,269,000	CSMC Trust, Series 2020-NET-C	3.53%	^	08/15/2037	6,505,216
4,503,000	DBGS Mortgage Trust, Series 2018-5BP-D (1 Month LIBOR USD + 1.35%, 1.35% Floor)	1.50%	^	06/15/2033	4,346,179
186,000	DBGS Mortgage Trust, Series 2018-5BP-F (1 Month LIBOR USD + 2.45%, 2.45% Floor)	2.60%	^	06/15/2033	170,239
2,588,184	DBUBS Mortgage Trust, Series 2011-LC2A-XA	1.15%	# ^ I/O	07/10/2044	6,168
4,475,000	Deutsche Bank Commercial Mortgage Trust, Series 2016-C1-C	3.50%	#	05/12/2049	4,064,780
59,535,224	Deutsche Bank Commercial Mortgage Trust, Series 2016-C1-XA	1.59%	# I/O	05/10/2049	3,588,093
1,500,000	Exantas Capital Corporation, Series 2020-RSO8-D (1 Month LIBOR USD + 2.50%, 2.50% Floor)	2.65%	^	03/15/2035	1,404,415
8,242,000	Fontainebleau Miami Beach Trust, Series 2019-FBLU-E	4.09%	# ^	12/12/2036	7,797,604
6,410,000	Fontainebleau Miami Beach Trust, Series 2019-FBLU-F	4.09%	# ^	12/12/2036	5,873,514
7,412,000	Fontainebleau Miami Beach Trust, Series 2019-FBLU-G	4.09%	# ^	12/12/2036	6,554,602
1,014,301	FREMF Mortgage Trust, Series 2016-KF22-B (1 Month LIBOR USD + 5.05%, 5.05% Floor)	5.21%	^	07/25/2023	1,073,046
9,365,000	FREMF Mortgage Trust, Series 2018-KC02-C	0.00%	^ P/O	08/25/2025	6,444,154
1,217,000	FREMF Mortgage Trust, Series 2019-K102-B	3.65%	# ^	10/25/2029	1,335,675
4,262,000	FREMF Mortgage Trust, Series 2019-K93-C	4.26%	# ^	05/25/2029	4,583,946
14,819,000	FREMF Mortgage Trust, Series 2019-K99-D	0.00%	^ P/O	10/25/2052	6,372,487
4,000,000	Great Wolf Trust, Series 2019-WOLF-F (1 Month LIBOR USD + 3.13%, 3.13% Floor)	3.28%	^	12/15/2036	3,504,972
4,424,000	GS Mortgage Securities Corporation Trust, Series 2018-RIVR-C (1 Month LIBOR USD + 1.25%, 1.25% Floor)	1.40%	^	07/16/2035	4,125,528
4,256,000	GS Mortgage Securities Corporation, Series 2019-SOHO-E (1 Month LIBOR USD + 1.87%, 1.87% Floor)	2.03%	^	06/16/2036	4,010,572
2,729,815	GS Mortgage Securities Trust, Series 2011-GC5-XA	1.49%	# ^ I/O	08/10/2044	15,406
4,550,086	GS Mortgage Securities Trust, Series 2012-GC6-XA	2.11%	# ^ I/O	01/10/2045	62,173
9,506,000	GS Mortgage Securities Trust, Series 2014-GC26-D	4.66%	# ^	11/13/2047	5,929,260
95,553,106	GS Mortgage Securities Trust, Series 2015-GS1-XA	0.92%	# I/O	11/10/2048	3,244,917
1,825,000	GS Mortgage Securities Trust, Series 2016-GS2-C	4.68%	#	05/10/2049	1,963,325
60,838,168	GS Mortgage Securities Trust, Series 2016-GS2-XA	1.79%	# I/O	05/12/2049	3,737,562
5,801,000	GS Mortgage Securities Trust, Series 2017-GS6-B	3.87%		05/12/2050	6,453,333
10,779,000	GS Mortgage Securities Trust, Series 2019-GC39-B	3.97%		05/10/2052	11,810,559
4,854,000	GS MTG SECS TR, Series 2016-GS2-B	3.76%	#	05/10/2049	5,249,471

9,879,000	GSCG Trust, Series 2019-600C-D	3.76%	^	09/12/2034	9,745,727
791,000	GSCG Trust, Series 2019-600C-E	4.12%	# ^	09/06/2034	774,763
11,170,231	HPLY Trust, Series 2019-HIT-F (1 Month LIBOR USD + 3.15%, 3.15% Floor)	3.30%	^	11/17/2036	9,742,396
296,178	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2006-LDP8-X	0.29%	# I/O	05/15/2045	2
755,407	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2011-C4-XA	1.31%	# ^ I/O	07/17/2046	2,530
18,075,457	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2012-C8-XA	1.92%	# I/O	10/17/2045	505,843
4,632,312	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2012-CBX-XA	1.64%	# I/O	06/16/2045	50,954
73,472,158	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2015-JP1-XA	1.19%	# I/O	01/15/2049	2,289,091
2,976,800	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2018-LAQ-D (1 Month LIBOR USD + 2.30%, 2.30% Floor)	2.28%	^	06/15/2032	2,795,818
2,704,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2-B	3.46%		08/17/2049	2,737,302
592,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP3-C	3.60%	#	08/17/2049	538,872
1,000,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-COR4-C	4.94%	#	03/12/2052	1,053,624
7,958,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2020-LOOP-E	3.99%	# ^	12/07/2038	7,217,738
43,800,283	JPMBB Commercial Mortgage Securities Trust, Series 2014-C18-XA	0.99%	# I/O	02/15/2047	976,952
3,000,000	JPMBB Commercial Mortgage Securities Trust, Series 2014-C21-C	4.81%	#	08/16/2047	2,909,247
2,766,125	JPMBB Commercial Mortgage Securities Trust, Series 2014-C23-C	4.62%	#	09/15/2047	2,775,253
3,766,500	JPMBB Commercial Mortgage Securities Trust, Series 2014-C25-C	4.60%	#	11/18/2047	3,613,453
46,774,476	JPMBB Commercial Mortgage Securities Trust, Series 2014-C25-XA	1.00%	# I/O	11/18/2047	1,360,478
12,131,110	JPMBB Commercial Mortgage Securities Trust, Series 2015-C27-D	3.94%	# ^	02/18/2048	9,639,737
1,846,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C28-B	3.99%		10/19/2048	1,884,581
9,974,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C29-C	4.35%	#	05/15/2048	9,427,439
56,512,346	JPMBB Commercial Mortgage Securities Trust, Series 2015-C30-XA	0.65%	# I/O	07/15/2048	1,193,609
44,952,063	JPMBB Commercial Mortgage Securities Trust, Series 2015-C31-XA	1.03%	# I/O	08/17/2048	1,550,747
4,138,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C32-C	4.80%	#	11/15/2048	3,821,969
6,470,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C33-C	4.77%	#	12/17/2048	6,827,645
1,447,000	JPMBB Commercial Mortgage Securities Trust, Series 2016-C1-C	4.89%	#	03/17/2049	1,561,078
61,750,943	JPMBB Commercial Mortgage Securities Trust, Series 2016-C2-XA	1.81%	# I/O	06/17/2049	3,356,602
1,638,000	JPMCC Commercial Mortgage Securities Trust, Series 2019-COR4-B	4.44%		03/12/2052	1,817,623
9,960,000	JPMDB Commercial Mortgage Securities Trust, Series 2020-COR7-C	3.85%	#	05/15/2053	10,356,836
472,678	LB-UBS Commercial Mortgage Trust, Series 2006-C7-XCL	0.87%	# ^ I/O	11/15/2038	101
381,208	LB-UBS Commercial Mortgage Trust, Series 2006-C7-XW	0.87%	# ^ I/O	11/15/2038	82
5,425,000	LSTAR Commercial Mortgage Trust, Series 2016-4-C	4.74%	# ^	03/12/2049	4,937,123
13,184,000	MBRT, Series 2019-MBR-F (1 Month LIBOR USD + 2.55%, 2.55% Floor)	2.70%	^	11/17/2036	11,432,677
4,306,000	MF1 Ltd., Series 2020-FL3-AS (1 Month LIBOR USD + 2.85%)	3.00%	^	07/16/2035	4,358,748
4,500,000	MKT Mortgage Trust, Series 2020-525M-F	3.04%	# ^	02/12/2040	4,081,927
1,861,313	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-C5-XA	1.57%	# ^ I/O	08/17/2045	35,361
2,500,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C17-C	4.64%	#	08/15/2047	2,510,130
3,000,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C18-C	4.67%	#	10/15/2047	2,941,308
1,508,500	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C19-C	4.00%		12/17/2047	1,510,041
1,406,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C20-B	4.16%		02/15/2048	1,479,262
3,620,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C20-C	4.61%	#	02/15/2048	3,678,091
33,396,257	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C20-XA	1.46%	# I/O	02/18/2048	1,424,250
75,089,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C23-XB	0.28%	# ^ I/O	07/15/2050	644,789
2,957,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C25-C	4.68%	#	10/15/2048	3,172,199
4,674,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27-C	4.68%	#	12/15/2047	4,632,951
6,710,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27-D	3.24%	# ^	12/17/2047	5,009,471
47,959,418	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C30-XA	1.55%	# I/O	09/17/2049	3,064,238
3,194,000	Morgan Stanley Capital Trust , Series 2018-H3-C	5.01%	#	07/17/2051	3,331,759
1,626,480	Morgan Stanley Capital Trust, Series 2011-C1-XA	0.64%	# ^ I/O	09/17/2047	21
29,952,034	Morgan Stanley Capital Trust, Series 2016-UB11-XA	1.72%	# I/O	08/17/2049	1,882,599
3,022,000	Morgan Stanley Capital Trust, Series 2017-ASHF-D (1 Month LIBOR USD + 2.20%, 2.20% Floor)	2.35%	^	11/15/2034	2,555,355
4,533,000	Morgan Stanley Capital Trust, Series 2017-ASHF-E (1 Month LIBOR USD + 3.15%, 3.15% Floor)	3.30%	^	11/15/2034	3,706,865
2,183,000	Morgan Stanley Capital Trust, Series 2017-ASHF-F (1 Month LIBOR USD + 4.35%, 4.35% Floor)	4.50%	^	11/15/2034	1,595,330
11,179,000	MSCG Trust, Series 2018-SELF-F (1 Month LIBOR USD + 3.05%, 3.05% Floor)	3.20%	^	10/15/2037	10,612,710
2,108,000	Natixis Commercial Mortgage Securities Trust, Series 2018-FL1-C (1 Month LIBOR USD + 2.20%, 2.20% Floor)	2.36%	^	06/15/2035	1,919,528
916,736	PFP Ltd., Series 2019-5-A (1 Month LIBOR USD + 0.97%, 0.97% Floor)	1.12%	^	04/14/2036	905,048
52,819,597	SG Commercial Mortgage Securities Trust, Series 2016-C5-XA	2.12%	# I/O	10/13/2048	3,905,518
1,374,000	UBS Commercial Mortgage Trust, Series 2013-C5-D	4.23%	# ^	03/12/2046	728,043
6,795,000	UBS Commercial Mortgage Trust, Series 2017-C1-B	4.04%		06/15/2050	7,050,181
11,933,000	UBS Commercial Mortgage Trust, Series 2017-C2-B	3.99%	#	08/15/2050	12,790,510
2,491,000	UBS Commercial Mortgage Trust, Series 2017-C6-B	4.15%	#	12/16/2050	2,642,388
6,958,000	UBS Commercial Mortgage Trust, Series 2017-C7-C	4.74%	#	12/16/2050	6,988,239
559,000	UBS Commercial Mortgage Trust, Series 2018-C10-C	5.26%	#	05/15/2051	611,859
7,293,000	UBS Commercial Mortgage Trust, Series 2018-C11-C	5.06%	#	06/16/2051	7,148,660
2,896,000	UBS Commercial Mortgage Trust, Series 2018-C12-C	5.13%	#	08/17/2051	2,813,980
5,698,000	UBS Commercial Mortgage Trust, Series 2018-C8-C	4.86%	#	02/17/2051	5,594,043
9,831,913	UBS-Barclays Commercial Mortgage Trust, Series 2012-C3-XA	1.98%	# ^ I/O	08/12/2049	272,418
416,395	Wachovia Bank Commercial Mortgage Trust, Series 2006-C29-IO	0.46%	# I/O	11/15/2048	3
9,344,000	Wells Fargo Commercial Mortgage Trust 2019-C51, Series 2019-C51-B	3.84%	#	06/17/2052	9,962,812
2,031,000	Wells Fargo Commercial Mortgage Trust, Series 2014-LC16-D	3.94%	^	08/17/2050	1,194,345
2,200,000	Wells Fargo Commercial Mortgage Trust, Series 2015-C28-C	4.24%	#	05/15/2048	2,144,293
4,891,000	Wells Fargo Commercial Mortgage Trust, Series 2015-C31-C	4.76%	#	11/15/2048	4,813,882
42,322,010	Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1-XA	1.23%	# I/O	05/15/2048	1,661,833
4,207,000	Wells Fargo Commercial Mortgage Trust, Series 2015-NXS3-C	4.65%	#	09/15/2057	4,442,136
7,353,000	Wells Fargo Commercial Mortgage Trust, Series 2015-NXS4-C	4.82%	#	12/17/2048	7,773,075
72,908,506	Wells Fargo Commercial Mortgage Trust, Series 2015-P2-XA	1.08%	# I/O	12/17/2048	2,587,508
4,650,000	Wells Fargo Commercial Mortgage Trust, Series 2016-C32-C	4.88%	#	01/17/2059	4,617,065
4,483,000	Wells Fargo Commercial Mortgage Trust, Series 2016-C33-C	3.90%		03/17/2059	4,493,652
7,687,000	Wells Fargo Commercial Mortgage Trust, Series 2016-C35-B	3.44%		07/15/2048	7,863,211
2,518,000	Wells Fargo Commercial Mortgage Trust, Series 2016-C37-C	4.64%	#	12/15/2049	2,636,957
2,574,000	Wells Fargo Commercial Mortgage Trust, Series 2016-LC25-B	4.56%	#	12/17/2059	2,771,922
2,638,000	Wells Fargo Commercial Mortgage Trust, Series 2018-C45-C	4.73%		06/16/2051	2,707,422
7,228,000	Wells Fargo Commercial Mortgage Trust, Series 2018-C46-C	5.14%	#	08/17/2051	7,333,059
12,408,000	Wells Fargo Commercial Mortgage Trust, Series 2018-C47-C	5.10%	#	09/16/2061	12,352,849
6,546,000	Wells Fargo Commercial Mortgage Trust, Series 2018-C48-C	5.29%	#	01/18/2052	6,921,160
2,558,000	Wells Fargo Commercial Mortgage Trust, Series 2019-C49-B	4.55%		03/15/2052	2,957,944
21,194,087	Wells Fargo Commercial Mortgage Trust, Series 2019-C49-XA	1.45%	# I/O	03/15/2052	1,784,515
10,776,000	Wells Fargo Commercial Mortgage Trust, Series 2019-C50-B	4.19%		05/15/2052	11,338,552
10,776,000	Wells Fargo Commercial Mortgage Trust, Series 2019-C50-C	4.35%		05/17/2052	10,566,726
12,577,227	WF-RBS Commercial Mortgage Trust, Series 2012-C9-XA	2.04%	# ^ I/O	11/17/2045	372,620

69,141,201	WF-RBS Commercial Mortgage Trust, Series 2014-C21-XA	1.19%	# I/O	08/16/2047	2,152,981
48,732,311	WF-RBS Commercial Mortgage Trust, Series 2014-C22-XA	0.95%	# I/O	09/17/2057	1,224,380
79,176,075	WF-RBS Commercial Mortgage Trust, Series 2016-NXS6-XA	1.76%	# I/O	11/18/2049	4,853,778
Total Non-Agency Commercial Mortgage Backed Obligations (Cost $872,315,629)					812,312,898
Non-Agency Residential Collateralized Mortgage Obligations - 10.9%
8,415,145	Adjustable Rate Mortgage Trust, Series 2007-1-4A1	4.62%	#	03/25/2037	6,959,133
31,693	Adjustable Rate Mortgage Trust, Series 2007-3-1A1	4.53%	# ^	11/25/2037	33,487
11,421,966	Alternative Loan Trust, Series 2005-49CB-A2	5.50%		11/25/2035	10,456,657
8,038,955	Alternative Loan Trust, Series 2007-8CB-A1	5.50%		05/25/2037	6,303,405
8,496,505	Alternative Loan Trust, Series 2007-OA8-2A1 (1 Month LIBOR USD + 0.18%, 0.18% Floor)	0.33%		06/25/2047	6,501,992
3,100,000	AMSR Trust, Series 2019-SFR1-E	3.47%	# ^	01/20/2039	3,150,035
3,790,937	Angel Oak Mortgage Trust LLC, Series 2018-3-A1	3.65%	# ^	09/25/2048	3,883,588
4,127,884	Angel Oak Mortgage Trust LLC, Series 2018-3-A2	3.75%	# ^	09/25/2048	4,227,944
3,927,810	Angel Oak Mortgage Trust LLC, Series 2018-3-A3	3.85%	# ^	09/25/2048	4,016,731
357,711	Banc of America Funding Corporation, Series 2005-G-A3	3.71%	#	10/20/2035	347,340
266,665	Banc of America Funding Corporation, Series 2006-2-6A2	5.50%		03/25/2036	267,259
169,375	Banc of America Funding Corporation, Series 2006-6-1A2	6.25%		08/25/2036	165,925
1,657,031	Bayview Opportunity Master Fund Trust, Series 2019-SBR1-A1	3.47%	^§	06/28/2034	1,662,530
254,604	Bear Stearns Asset Backed Securities Trust, Series 2007-SD1-1A3A	6.50%		10/25/2036	189,175
2,058,427	Chase Mortgage Finance Trust, Series 2007-A2-6A4	3.57%	#	07/25/2037	1,939,936
959,202	Chase Mortgage Finance Trust, Series 2007-S3-2A1	5.50%		05/25/2037	218,478
20,000,000	CIM Trust, Series 2016-2RR-B2	6.32%	# ^ Þ	02/29/2056	19,268,096
20,000,000	CIM Trust, Series 2016-3RR-B2	6.30%	# ^ Þ	02/29/2056	19,018,774
23,055,856	CIM Trust, Series 2017-6-A1	3.02%	# ^	06/25/2057	23,508,152
6,953,000	CIM Trust, Series 2020-R2-M2	3.00%	# ^	10/25/2059	7,064,469
53,413	CitiCorporationMortgage Securities, Inc., Series 2005-1-1A4	5.50%		02/25/2035	55,179
924,759	CitiCorporationResidential Mortgage Securities, Inc., Series 2006-2-A5	5.26%		09/25/2036	950,164
238,333	Citigroup Mortgage Loan Trust, Inc., Series 2006-WF2-A2C	4.59%	ß	05/25/2036	128,358
850,300	Citigroup Mortgage Loan Trust, Inc., Series 2008-AR4-2A1B	3.87%	# ^	05/25/2037	854,584
5,144,304	Citigroup Mortgage Loan Trust, Series 2007-OPX1-A1A (1 Month LIBOR USD + 0.07%, 0.07% Floor)	0.22%		01/25/2037	2,922,673
10,945,764	Citigroup Mortgage Loan Trust, Series 2009-3-5A3	6.00%	# ^	02/25/2037	10,322,043
39,555,866	Citigroup Mortgage Loan Trust, Series 2019-A-PT1	3.92%	^	10/25/2058	39,663,735
4,505,601	Citigroup Mortgage Loan Trust, Series 2019-C-A1	3.23%	^§	09/25/2059	4,550,849
3,794,500	Citigroup Mortgage Loan Trust, Series 2020-RP1-M3	3.00%	# ^	09/25/2064	3,856,837
102,466	CitiMortgage Alternative Loan Trust, Series 2006-A2-A2	6.00%		05/25/2036	100,700
49,341	CitiMortgage Alternative Loan Trust, Series 2006-A5-3A3	6.00%		10/25/2036	46,488
385,840	CitiMortgage Alternative Loan Trust, Series 2007-A1-1A7	6.00%		01/25/2037	388,132
5,865,071	CitiMortgage Alternative Loan Trust, Series 2007-A5-1A10	5.75%		05/25/2037	5,797,072
1,072,326	Countrywide Alternative Loan Trust, Series 2004-22CB-1A1	6.00%		10/25/2034	1,118,217
117,220	Countrywide Alternative Loan Trust, Series 2005-20CB-1A1	5.50%		07/25/2035	113,294
172,742	Countrywide Alternative Loan Trust, Series 2005-28CB-3A6	6.00%		08/25/2035	117,641
720,137	Countrywide Alternative Loan Trust, Series 2005-46CB-A22	5.25%		10/25/2035	673,520
118,764	Countrywide Alternative Loan Trust, Series 2005-J10-1A13 (1 Month LIBOR USD + 0.70%, 0.70% Floor, 5.50% Cap)	0.85%		10/25/2035	87,428
291,558	Countrywide Alternative Loan Trust, Series 2006-26CB-A9	6.50%		09/25/2036	221,625
7,608,927	Countrywide Alternative Loan Trust, Series 2006-42-1A8	6.00%		01/25/2047	6,177,414
1,206,089	Countrywide Alternative Loan Trust, Series 2007-12T1-A1	6.00%		06/25/2037	893,563
1,274,475	Countrywide Alternative Loan Trust, Series 2007-16CB-2A1 (1 Month LIBOR USD + 0.45%, 0.45% Floor, 7.00% Cap)	0.60%		08/25/2037	456,041
369,056	Countrywide Alternative Loan Trust, Series 2007-16CB-2A2 (-8 x 1 Month LIBOR USD + 54.58%, 54.58% Cap)	53.35%	I/F	08/25/2037	995,373
75,322	Countrywide Alternative Loan Trust, Series 2007-17CB-1A10 (-5 x 1 Month LIBOR USD + 29.90%, 29.90% Cap)	29.22%	I/F	08/25/2037	127,184
358,172	Countrywide Alternative Loan Trust, Series 2007-18CB-2A17	6.00%		08/25/2037	303,905
1,713,796	Countrywide Alternative Loan Trust, Series 2007-23CB-A3 (1 Month LIBOR USD + 0.50%, 0.50% Floor, 7.00% Cap)	0.65%		09/25/2037	666,506
1,683,513	Countrywide Alternative Loan Trust, Series 2007-23CB-A4 (-1 x 1 Month LIBOR USD + 6.50%, 6.50% Cap)	6.35%	I/F I/O	09/25/2037	567,403
722,069	Countrywide Alternative Loan Trust, Series 2007-4CB-2A1	7.00%		03/25/2037	142,270
16,219	Countrywide Asset-Backed Certificates, Series 2005-13-AF3	4.51%	#	02/25/2033	15,543
262,167	Countrywide Home Loans, Series 2005-28-A7	5.25%		11/01/2035	208,934
589,684	Countrywide Home Loans, Series 2007-10-A5	6.00%		07/25/2037	453,327
226,776	Countrywide Home Loans, Series 2007-15-1A16	6.25%		09/25/2037	194,826
616,483	Countrywide Home Loans, Series 2007-3-A17	6.00%		04/25/2037	473,505
85,058	Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-10-5A5	5.50%		11/25/2035	77,285
967,144	Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-8-1A3	5.25%		09/25/2035	956,640
4,140,338	Credit Suisse Mortgage Capital Certificates, Series 2009-3R-19A2	6.00%	^	01/27/2038	3,021,321
8,867,612	Credit-Based Asset Servicing & Securitization LLC, Series 2007-RP1-A (1 Month LIBOR USD + 0.31%, 0.31% Floor)	2.02%	^	04/25/2037	8,065,182
2,810,383	CSMC Mortgage-Backed Trust, Series 2006-4-6A1	6.00%		05/25/2036	1,716,578
33,657	CSMC Mortgage-Backed Trust, Series 2006-4-7A1	5.50%		05/25/2021	30,187
61,757	CSMC Mortgage-Backed Trust, Series 2007-1-3A1	6.00%		02/25/2022	19,326
22,502	CSMC Mortgage-Backed Trust, Series 2007-2-2A1	5.00%		03/25/2037	21,905
11,160,902	CSMC Mortgage-Backed Trust, Series 2019-RPL8-A1	3.32%	# ^	10/25/2058	11,267,222
1,568,560	CSMC Trust, Series 2010-4R-3A17	6.00%	# ^	06/26/2037	1,576,075
18,645,781	CSMC Trust, Series 2018-RPL7-A1	4.00%	^	08/26/2058	19,122,241
36,954,790	CSMC Trust, Series 2018-RPL8-A1	4.13%	# ^	07/25/2058	37,118,984
21,992,822	CSMC Trust, Series 2019-JR1-A1	4.10%	# ^	09/27/2066	22,293,173
45,583,314	CSMC Trust, Series 2020-RPL1-PT1	3.47%	^	01/29/2050	43,296,262
9,035,400	CSMC Trust, Series 2020-RPL4-M1	2.50%	# ^	01/25/2060	9,210,857
544,701	Deutsche Mortgage Securities, Inc., Series 2006-PR1-3A1 (-1 x 1 Month LIBOR USD + 12.12%, 12.12% Cap)	11.91%	^I/F	04/15/2036	503,181
104,840	Deutsche Mortgage Securities, Inc., Series 2006-PR1-4AI2 (-2 x 1 Month LIBOR USD + 14.60%, 14.61% Cap)	14.31%	^I/F	04/15/2036	110,315
1,099,171	Deutsche Mortgage Securities, Inc., Series 2006-PR1-5AI4 (-1 x 1 Month LIBOR USD + 12.12%, 12.12% Cap)	11.91%	^I/F	04/15/2036	1,110,895
7,049,677	Deutsche Securities, Inc., Series 2005-6-2A1	5.50%		12/25/2035	6,927,063
14,370,565	First Franklin Mortgage Loan Trust, Series 2007-FF2-A1 (1 Month LIBOR USD + 0.14%, 0.14% Floor)	0.29%		03/25/2037	10,238,512
292,519	First Horizon Alternative Mortgage Securities Trust, Series 2006-FA2-1A5	6.00%		05/25/2036	211,310
3,374,968	First Horizon Alternative Mortgage Securities Trust, Series 2006-FA8-1A1	6.25%		02/25/2037	2,355,996
60,107	First Horizon Alternative Mortgage Securities Trust, Series 2006-RE1-A1	5.50%		05/25/2035	52,769
19,200,000	FMC GMSR Issuer Trust, Series 2019-GT2-A	4.23%	# ^	09/25/2026	18,833,397
16,985,972	GCAT LLC, Series 2020-2-A1	3.72%	^§	06/25/2025	17,024,604
2,460,768	GMACM Mortgage Loan Trust, Series 2006-J1-A6	5.75%		04/25/2036	2,456,733
7,546,000	GS Mortgage-Backed Securities Trust, Series 2020-NQM1-M1	3.29%	# ^	09/27/2060	7,607,606
35,719	GSAA Home Equity Trust, Series 2005-7-AF5	5.11%		05/25/2035	36,342
1,223,422	GSAA Home Equity Trust, Series 2007-10-A1A	6.00%		11/25/2037	967,609
1,025,937	GSAA Home Equity Trust, Series 2007-10-A2A	6.50%		11/25/2037	634,081
2,401,488	GSR Mortgage Loan Trust, Series 2006-3F-4A1	6.00%		03/25/2036	2,415,789

25,771,381	GSR Mortgage Loan Trust, Series 2006-OA1-1A1 (1 Month LIBOR USD + 0.22%, 0.22% Floor)	0.37%		08/25/2046	9,087,785
282,701	GSR Mortgage Loan Trust, Series 2007-1F-2A2	5.50%		01/25/2037	370,391
19,200,000	Headlands Residential LLC, Series 2019-RPL1-NOTE	3.97%	^§	06/25/2024	19,346,849
5,250,000	Homeward Opportunities Fund Trust, Series 2020-2-M1	3.90%	# ^	05/25/2065	5,454,092
9,000,000	Homeward Opportunities Fund Trust, Series 2020-BPL1-A1	3.23%	^§	08/25/2025	9,020,244
25,888,251	HSI Asset Securitization Corporation, Series 2006-HE1-1A1 (1 Month LIBOR USD + 0.14%, 0.14% Floor)	0.29%		10/25/2036	11,720,225
34,329,445	Impac Secured Assets Trust, Series 2006-5-1A1C (1 Month LIBOR USD + 0.27%, 0.27% Floor, 11.50% Cap)	0.42%		02/25/2037	29,740,803
297,378	JP Morgan Alternative Loan Trust, Series 2006-S2-A4	6.69%		05/25/2036	286,939
6,411,113	JP Morgan Alternative Loan Trust, Series 2006-S3-A4	6.31%	ß	08/25/2036	6,186,247
159,460	JP Morgan Alternative Loan Trust, Series 2006-S3-A6	6.12%	ß	08/25/2036	156,125
157,467	JP Morgan Alternative Loan Trust, Series 2006-S4-A6	5.71%	ß	12/25/2036	157,044
17,082,571	JP Morgan Mortgage Acquisition Trust, Series 2006-WMC2-A5 (1 Month LIBOR USD + 0.25%, 0.25% Floor)	0.40%		07/25/2036	10,809,837
21,867,208	JP Morgan Mortgage Acquisition Trust, Series 2006-WMC3-A4 (1 Month LIBOR USD + 0.15%, 0.15% Floor)	0.30%		08/25/2036	17,908,869
4,166,292	JP Morgan Mortgage Trust, Series 2006-S1-2A9	6.50%		04/25/2036	4,643,669
215,217	JP Morgan Mortgage Trust, Series 2007-S3-1A7	6.00%		08/25/2037	158,341
32,823,286	Legacy Mortgage Asset Trust, Series 2018-GS2-A1	4.00%	^§	04/25/2058	33,434,784
1,351,299	Legacy Mortgage Asset Trust, Series 2019-GS5-A1	3.20%	^§	05/25/2059	1,366,108
35,235,043	Legacy Mortgage Asset Trust, Series 2019-RPL3-PT1	4.30%	^	06/25/2058	35,137,372
5,048,862	Legacy Mortgage Asset Trust, Series 2019-SL3-A	3.47%	^§	11/25/2061	5,058,940
37,002,054	Legacy Mortgage Asset Trust, Series 2020-GS2-A1	2.75%	^§	03/25/2060	37,166,191
478,419	Lehman Mortgage Trust, Series 2006-3-1A5	6.00%		07/25/2036	335,603
35,469	Lehman Mortgage Trust, Series 2006-9-1A19 (-5 x 1 Month LIBOR USD + 30.68%, 30.68% Cap)	30.00%	I/F	01/25/2037	63,083
624,603	Lehman Mortgage Trust, Series 2007-10-2A1	6.50%		01/25/2038	348,617
124,926	Lehman Mortgage Trust, Series 2007-2-1A1	5.75%		03/25/2037	106,782
4,921,356	Lehman Trust, Series 2005-9N-1A1 (1 Month LIBOR USD + 0.27%, 0.27% Floor)	0.42%		02/25/2036	4,629,839
6,894,121	Lehman XS Trust, Series 2007-1-1A2 (1 Month LIBOR USD + 0.16%, 0.16% Floor)	0.31%		02/25/2037	6,549,026
39,178,860	Long Beach Mortgage Loan Trust, Series 2006-2-2A3 (1 Month LIBOR USD + 0.19%, 0.19% Floor)	0.34%		03/25/2046	19,379,667
15,070,648	Long Beach Mortgage Loan Trust, Series 2006-3-2A3 (1 Month LIBOR USD + 0.18%, 0.18% Floor)	0.33%		05/25/2046	7,024,694
18,337,629	Long Beach Mortgage Loan Trust, Series 2006-6-2A3 (1 Month LIBOR USD + 0.15%, 0.15% Floor)	0.30%		07/25/2036	9,733,109
95,298	MASTR Alternative Loans Trust, Series 2005-2-3A1	6.00%		03/25/2035	97,319
6,160,297	MASTR Alternative Loans Trust, Series 2006-1-A5	6.00%		02/25/2036	4,466,996
40,235	MASTR Alternative Loans Trust, Series 2007-1-2A7	6.00%		10/25/2036	21,343
1,381,455	MASTR Asset Securitization Trust, Series 2006-2-1A11 (1 Month LIBOR USD + 6.00%, 6.00% Floor)	6.00%		06/25/2036	1,236,275
13,663,872	Merrill Lynch Alternative Asset Trust, Series 2007-OAR4-A1 (1 Month LIBOR USD + 0.25%, 0.25% Floor)	0.40%		08/25/2037	13,057,470
2,079,100	Merrill Lynch Alternative Note Asset Trust, Series 2007-F1-2A8	6.00%		03/25/2037	1,312,556
15,300,801	MFA LLC, Series 2018-NPL1-A1	3.88%	^§	05/26/2048	15,301,785
20,126	Morgan Stanley Mortgage Loan Trust, Series 2004-1-1A1	5.00%		11/25/2033	20,310
748,005	Morgan Stanley Mortgage Loan Trust, Series 2005-7-7A4	5.50%		11/25/2035	742,244
2,304,277	Morgan Stanley Mortgage Loan Trust, Series 2006-7-3A	5.01%	#	06/25/2036	1,919,463
646,032	Morgan Stanley Re-Remic Trust, Series 2010-R6-5C	5.75%	# ^	05/27/2037	640,874
1,939,089	New Residential Mortgage Loan Trust, Series 2020-NPL1-A1	4.34%	^§	07/25/2060	1,944,803
39,106,812	New Residential Mortgage Loan Trust, Series 2020-NPL2-A1	3.23%	^§	08/25/2060	39,179,234
188,650	Nomura Asset Acceptance Corporation, Series 2006-AP1-A2	5.52%	#	01/25/2036	84,117
564,275	Nomura Home Equity Loan, Inc., Series 2006-AF1-A2	5.80%	ß	10/25/2036	237,742
968,675	Nomura Home Equity Loan, Inc., Series 2007-1-1A1	6.06%	ß	02/25/2037	398,613
10,998,315	NRPL Trust, Series 2019-3A-A1	3.00%	^§	07/25/2059	11,112,535
46,628	Option One Mortgage Loan Trust, Series 2004-3-M3 (1 Month LIBOR USD + 0.98%, 0.65% Floor)	1.12%		11/25/2034	46,035
25,819,504	Option One Mortgage Loan Trust, Series 2007-6-1A1 (1 Month LIBOR USD + 0.19%, 0.19% Floor)	0.34%		07/25/2037	23,433,043
16,641,927	PMT Credit Risk Transfer Trust, Series 2020-1R-A (1 Month LIBOR USD + 2.35%, 2.35% Floor)	2.50%	^	02/27/2023	16,141,255
8,224,353	PR Mortgage Loan Trust, Series 2014-1-APT	5.91%	# ^	10/25/2049	8,144,954
3,357,819	Pretium Mortgage Credit Partners LLC, Series 2019-CFL1-A1	3.72%	^§	01/29/2059	3,384,670
12,362,022	PRPM LLC, Series 2019-2A-A1	3.97%	^§	04/25/2024	12,486,779
30,213,187	PRPM LLC, Series 2019-3A-A1	3.35%	^§	07/25/2024	30,176,166
14,206,925	PRPM LLC, Series 2019-GS1-A1	3.50%	# ^	10/25/2024	14,250,204
12,362,000	PRPM LLC, Series 2020-3-A1	2.86%	^§	09/25/2025	12,361,792
8,173,749	RBSGC Mortgage Loan Trust, Series 2005-A-3A	6.00%		04/25/2035	5,598,874
29,091,756	Redwood Funding Trust, Series 2019-1-PT	4.21%	^§	09/27/2024	29,367,225
230,921	Residential Accredit Loans, Inc., Series 2005-QS14-3A3	6.00%		09/25/2035	227,012
283,175	Residential Accredit Loans, Inc., Series 2006-QS10-A4	5.75%		08/25/2036	278,808
3,089,996	Residential Accredit Loans, Inc., Series 2006-QS10-A9	6.50%		08/25/2036	3,140,993
2,982,172	Residential Accredit Loans, Inc., Series 2006-QS4-A10	6.00%		04/25/2036	2,900,540
605,048	Residential Accredit Loans, Inc., Series 2006-QS6-1A15	6.00%		06/25/2036	588,870
28,511	Residential Accredit Loans, Inc., Series 2006-QS6-2A1	6.00%		06/25/2021	27,770
1,012,641	Residential Accredit Loans, Inc., Series 2007-QS3-A4	6.25%		02/25/2037	981,236
3,574,386	Residential Accredit Loans, Inc., Series 2007-QS9-A33	6.50%		07/25/2037	3,488,563
119,362	Residential Asset Mortgage Products, Inc., Series 2005-RS1-AI5	5.64%		12/25/2034	122,106
206,665	Residential Asset Securitization Trust, Series 2005-A10-A3	5.50%		09/25/2035	158,202
263,381	Residential Asset Securitization Trust, Series 2005-A11-2A4	6.00%		10/25/2035	192,323
51,309	Residential Asset Securitization Trust, Series 2005-A7-A3	5.50%		06/25/2035	41,705
1,613,806	Residential Asset Securitization Trust, Series 2006-A6-1A1	6.50%		07/25/2036	640,142
131,394	Residential Asset Securitization Trust, Series 2006-R1-A1 (-4 x 1 Month LIBOR USD + 28.40%, 28.40% Cap)	27.81%	I/F Þ	01/25/2046	193,220
73,018	Residential Funding Mortgage Securities Trust, Series 2006-S10-1A2	6.00%		10/25/2036	68,580
361,391	Residential Funding Mortgage Securities Trust, Series 2006-S11-A3	6.00%		11/25/2036	354,790
729,987	Residential Funding Mortgage Securities Trust, Series 2007-S2-A4	6.00%		02/25/2037	701,139
464,195	Residential Funding Mortgage Securities Trust, Series 2007-S3-1A4	6.00%		03/25/2037	420,149
5,154,000	Residential Mortgage Loan Trust, Series 2020-1-M1	3.24%	# ^	01/25/2060	5,000,953
8,598,022	Seasoned Credit Risk Transfer Trust, Series 2018-2-HV	3.00%	#	11/26/2057	9,578,298
23,939,974	Seasoned Credit Risk Transfer Trust, Series 2019-4-M55D	4.00%		02/25/2059	26,611,182
21,955,176	Securitized Asset Backed Receivables LLC Trust, Series 2007-HE1-A2C (1 Month LIBOR USD + 0.16%, 0.16% Floor)	0.31%		12/25/2036	7,517,608
33,791,958	Securitized Mortgage Asset Loan Trust, Series 2015-1-PC	2.23%	# ^	02/25/2045	28,651,745
5,812,078	Securitized Mortgage Asset Loan Trust, Series 2015-2-PC	2.45%	# ^	12/26/2059	5,236,876
6,646,756	Securitized Mortgage Asset Loan Trust, Series 2015-3-PC	3.05%	# ^	10/25/2044	6,387,986
6,424,266	Sequoia Mortgage Trust, Series 2007-3-2AA1	3.26%	#	07/20/2037	5,848,880
8,923,173	Soundview Home Loan Trust, Series 2007-OPT4-1A1 (1 Month LIBOR USD + 1.00%, 1.00% Floor)	1.15%		09/25/2037	7,279,965
5,910,000	Starwood Mortgage Residential Trust, Series 2020-1-B1	3.73%	# ^	02/25/2050	5,812,419
4,142,958	Structured Asset Investment Loan Trust, Series 2006-BNC3-A1 (1 Month LIBOR USD + 0.18%, 0.18% Floor)	0.33%		09/25/2036	3,177,574
1,087,588	Structured Asset Securities Corporation, Series 2005-RF1-A (1 Month LIBOR USD + 0.35%, 0.35% Floor)	0.50%	^	03/25/2035	965,634
1,087,588	Structured Asset Securities Corporation, Series 2005-RF1-AIO	4.67%	# ^ I/O	03/25/2035	192,455
14,000,000	Toorak Mortgage Corporation Ltd., Series 2019-2-A1	3.72%	§	09/25/2022	14,306,705
21,474,130	Velocity Commercial Capital Loan Trust, Series 2018-1-A	3.59%	^	04/25/2048	21,632,274

3,263,681	Velocity Commercial Capital Loan Trust, Series 2018-1-M1	3.91%	^	04/25/2048	3,299,103
1,492,240	Velocity Commercial Capital Loan Trust, Series 2018-1-M2	4.26%	^	04/25/2048	1,507,336
985,251	Velocity Commercial Capital Loan Trust, Series 2018-1-M3	4.41%	^	04/25/2048	986,165
12,276,937	Velocity Commercial Capital Loan Trust, Series 2018-2-A	4.05%	# ^	10/25/2048	12,491,778
4,852,861	Velocity Commercial Capital Loan Trust, Series 2019-1-M1	3.94%	# ^	03/25/2049	4,954,144
1,309,464	Velocity Commercial Capital Loan Trust, Series 2019-1-M2	4.01%	# ^	03/25/2049	1,310,749
1,478,948	Velocity Commercial Capital Loan Trust, Series 2019-1-M3	4.12%	# ^	03/25/2049	1,450,960
4,680,469	Vericrest Opportunity Loan Trust, Series 2019-NPL4-A1A	3.35%	^§	08/25/2049	4,693,321
2,193,186	Vericrest Opportunity Loan Trust, Series 2019-NPL5-A1A	3.35%	^§	09/25/2049	2,199,519
2,545,027	Vericrest Opportunity Loan Trust, Series 2019-NPL7-A1A	3.18%	^§	10/25/2049	2,554,418
9,310,828	Vericrest Opportunity Loan Trust, Series 2020-NPL5-A1A	2.98%	^§	03/25/2050	9,320,834
14,000,000	Verus Securitization Trust, Series 2017-1A-A1	3.60%	^	08/25/2050	14,107,408
7,151,000	Verus Securitization Trust, Series 2020-3-M1	3.97%	# ^	04/25/2060	7,177,730
1,935,914	VOLT LLC, Series 2019-NP10-A1A	3.43%	^§	12/25/2049	1,940,010
13,744,323	VOLT LLC, Series 2019-NPL6-A1A	3.23%	^§	10/25/2049	13,774,312
20,415,154	VOLT LLC, Series 2020-NPL1-A1A	3.23%	^§	01/25/2050	20,489,399
11,271,447	VOLT LLC, Series 2020-NPL3-A1A	2.98%	^§	02/25/2050	11,291,046
7,044,329	WaMu Mortgage Pass Through Certificates Trust, Series 2007-HY7-2A1	3.07%	#	07/25/2037	6,723,995
8,632,944	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-8-A5	4.23%	ß	10/25/2036	4,538,411
110,637	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-1-2A	6.00%		03/25/2035	110,737
659,368	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-1-3A1	5.75%		02/25/2036	619,919
1,804,881	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-2-4CB	6.00%		02/25/2036	1,856,335
3,836,558	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-8-A6	4.23%	ß	10/25/2036	2,015,912
2,376,422	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR19-2A (11th District Cost of Funds Index + 1.25%, 1.25% Floor)	1.93%		01/25/2047	2,261,381
6,964,774	Washington Mutual Mortgage Pass-Through Certificates, Series 2007-2-1A3	6.00%		02/25/2037	6,314,059
1,274,159	Washington Mutual Mortgage Pass-Through Certificates, Series 2007-3-A6	6.00%		04/25/2037	1,229,396
90,103	Washington Mutual Mortgage Pass-Through Certificates, Series 2007-5-A11 (-6 x 1 Month LIBOR USD + 39.48%, 39.48% Cap)	38.59%	I/F	06/25/2037	201,201
8,213,151	Washington Mutual Mortgage Pass-Through Certificates, Series 2007-5-A3	7.00%		06/25/2037	5,632,210
643,125	Wells Fargo Alternative Loan Trust, Series 2007-PA5-1A1	6.25%		11/25/2037	636,036
19,003	Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR14-A6	3.09%	#	08/25/2035	19,038
554,758	Wells Fargo Mortgage Backed Securities Trust, Series 2006-7-2A1	6.00%		06/25/2036	556,766
44,627	Wells Fargo Mortgage Backed Securities Trust, Series 2007-7-A1	6.00%		06/25/2037	45,044
Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $1,273,426,367)					1,273,688,204
US Corporate Bonds - 14.2%
13,171,000	AbbVie, Inc.	4.70%		05/14/2045	16,210,943
3,420,000	Activision Blizzard, Inc.	1.35%		09/15/2030	3,341,476
1,235,000	Advanced Drainage Systems, Inc.	5.00%	^	09/30/2027	1,294,972
12,868,000	Air Lease Corporation	3.75%		02/01/2022	13,132,061
1,620,000	Air Lease Corporation	2.30%		02/01/2025	1,592,324
1,495,000	Air Medical Merger Sub Corporation	6.38%	^	05/15/2023	1,500,449
1,285,000	Albertsons LLC	4.63%	^	01/15/2027	1,316,155
1,215,000	Albertsons LLC	3.50%	^	03/15/2029	1,181,587
1,750,000	Alcoa Nederland Holding B.V.	6.13%	^	05/15/2028	1,847,344
10,410,000	Alexandria Real Estate Equities, Inc.	4.00%		01/15/2024	11,458,882
1,235,000	Alliant Holdings Intermediate LLC	6.75%	^	10/15/2027	1,297,750
1,120,000	Allied Universal Holding Company	6.63%	^	07/15/2026	1,194,200
2,155,000	Allied Universal Holding Company	9.75%	^	07/15/2027	2,345,200
12,330,000	Altria Group, Inc.	4.80%		02/14/2029	14,642,552
1,126,000	AMC Merger, Inc.	8.00%	^	05/15/2025	888,014
1,085,000	American Axle & Manufacturing, Inc.	6.25%		03/15/2026	1,052,775
4,433,000	American Tower Corporation	3.38%		10/15/2026	4,911,736
14,172,000	American Tower Corporation	3.60%		01/15/2028	15,918,782
989,000	Antero Midstream Partners LP	5.75%	^	03/01/2027	820,870
4,135,000	Anthem, Inc.	2.38%		01/15/2025	4,397,062
650,000	Apache Corporation	4.63%		11/15/2025	620,750
1,165,000	Apache Corporation	4.38%		10/15/2028	1,068,159
11,345,000	Apple, Inc.	4.65%		02/23/2046	15,849,560
1,540,000	Aramark Services, Inc.	6.38%	^	05/01/2025	1,606,104
590,000	Arconic Corporation	6.00%	^	05/15/2025	631,182
2,000,000	Arconic Corporation	6.13%	^	02/15/2028	2,058,750
398,000	Ardagh Packaging Finance, Inc.	6.00%	^	02/15/2025	413,641
300,000	Ardagh Packaging Finance, Inc.	5.25%	^	04/30/2025	313,903
975,000	Ardagh Packaging Finance, Inc.	5.25%	^	08/15/2027	994,500
1,185,000	Argos Merger Sub, Inc.	7.13%	^	03/15/2023	1,196,850
4,590,000	Arizona Public Service Company	3.35%		05/15/2050	5,057,531
7,320,000	Arrow Electronics, Inc.	3.88%		01/12/2028	8,148,856
340,000	Asbury Automotive Group, Inc.	4.50%	^	03/01/2028	342,762
340,000	Asbury Automotive Group, Inc.	4.75%	^	03/01/2030	343,187
690,000	Ascend Learning LLC	6.88%	^	08/01/2025	704,735
2,655,000	Ascend Learning LLC	6.88%	^	08/01/2025	2,740,478
1,000,000	ASGN, Inc.	4.63%	^	05/15/2028	1,005,810
2,980,000	AssuredPartners, Inc.	7.00%	^	08/15/2025	3,044,562
23,410,000	AT&T, Inc.	3.50%	^	09/15/2053	22,917,108
13,989,000	Athene Global Funding	3.00%	^	07/01/2022	14,450,145
885,000	Avantor, Inc.	4.63%	^	07/15/2028	919,294
1,285,000	Avaya, Inc.	6.13%	^	09/15/2028	1,317,125
13,368,000	AXA Equitable Holdings, Inc.	3.90%		04/20/2023	14,369,134
685,000	Axalta Coating Systems LLC	4.75%	^	06/15/2027	704,694
990,000	B&G Foods, Inc.	5.25%		04/01/2025	1,018,215
785,000	B&G Foods, Inc.	5.25%		09/15/2027	819,744
535,000	Banff Merger Sub, Inc.	9.75%	^	09/01/2026	566,297
12,495,000	Bank of America Corporation (3 Month LIBOR USD + 1.21%)	3.97%		02/07/2030	14,542,276
1,090,000	Bausch Health Companies, Inc.	7.00%	^	03/15/2024	1,129,240
2,355,000	Bausch Health Companies, Inc.	7.00%	^	01/15/2028	2,494,392
1,040,000	Bausch Health Companies, Inc.	6.25%	^	02/15/2029	1,071,200
1,315,000	Bausch Health Companies, Inc.	5.25%	^	01/30/2030	1,297,090
2,045,000	Beacon Roofing Supply, Inc.	4.88%	^	11/01/2025	2,007,812
820,000	Beacon Roofing Supply, Inc.	4.50%	^	11/15/2026	845,371
21,165,000	Becton Dickinson and Company	2.89%		06/06/2022	21,900,859

13,015,000	Boston Properties LP	3.40%		06/21/2029	14,182,691
125,000	Boxer Parent Company, Inc.	7.13%	^	10/02/2025	133,687
2,065,000	Boyd Gaming Corporation	4.75%		12/01/2027	2,030,535
3,465,000	Boyne USA, Inc.	7.25%	^	05/01/2025	3,633,555
12,260,000	Bristol-Myers Squibb Company	4.35%		11/15/2047	16,250,953
11,507,000	Broadcom, Inc.	3.15%		11/15/2025	12,425,636
11,625,000	Brooklyn Union Gas Company	4.49%	^	03/04/2049	14,946,472
599,000	Builders FirstSource, Inc.	6.75%	^	06/01/2027	642,427
1,300,000	Builders FirstSource, Inc.	5.00%	^	03/01/2030	1,347,937
7,580,000	Burlington Northern Santa Fe LLC	3.05%		02/15/2051	8,292,007
860,000	BWX Technologies, Inc.	4.13%	^	06/30/2028	882,037
680,000	BY Crown Parent LLC	4.25%	^	01/31/2026	693,175
900,000	Cablevision Lightpath LLC	3.88%	^	09/15/2027	901,687
500,000	Cablevision Lightpath LLC	5.63%	^	09/15/2028	508,987
890,000	Calpine Corporation	4.50%	^	02/15/2028	912,980
555,000	Calpine Corporation	5.13%	^	03/15/2028	575,210
600,000	Calpine Corporation	4.63%	^	02/01/2029	600,375
400,000	Camelot Finance S.A.	4.50%	^	11/01/2026	409,936
4,070,000	Campbell Soup Company	2.38%		04/24/2030	4,236,379
4,050,000	Capital One Financial Corporation (3 Month LIBOR USD + 0.72%)	0.99%		01/30/2023	4,053,427
595,000	Carnival Corporation	11.50%	^	04/01/2023	667,849
8,420,000	Carrier Global Corporation	3.38%	^	04/05/2040	8,818,949
705,000	Carvana Company	8.88%	^	10/01/2023	736,288
525,000	Carvana Company	5.63%	^	10/01/2025	519,094
580,000	Castle US Holding Corporation	9.50%	^	02/15/2028	554,535
2,165,000	Catalent Pharma Solutions, Inc.	5.00%	^	07/15/2027	2,255,259
4,771,000	CCO Holdings LLC	5.75%	^	02/15/2026	4,967,804
1,255,000	CCO Holdings LLC	5.00%	^	02/01/2028	1,320,574
2,520,000	CCO Holdings LLC	4.75%	^	03/01/2030	2,671,200
1,275,000	CCO Holdings LLC	4.50%	^	08/15/2030	1,340,407
1,830,000	Cedar Fair LP	5.25%		07/15/2029	1,740,458
1,165,000	Cengage Learning, Inc.	9.50%	^	06/15/2024	773,146
1,580,000	Centene Corporation	4.25%		12/15/2027	1,657,017
660,000	Centene Corporation	3.00%		10/15/2030	673,200
1,165,000	Century Communities, Inc.	6.75%		06/01/2027	1,238,284
1,305,000	CenturyLink, Inc.	5.13%	^	12/15/2026	1,342,643
1,170,000	CenturyLink, Inc.	4.00%	^	02/15/2027	1,190,218
1,645,000	CFX Escrow Corporation	6.38%	^	02/15/2026	1,746,274
1,230,000	Charles River Laboratories International, Inc.	4.25%	^	05/01/2028	1,292,951
14,165,000	Charles Schwab Corporation	3.55%		02/01/2024	15,488,880
12,776,000	Charter Communications Operating LLC	4.91%		07/23/2025	14,782,711
2,670,000	Cheniere Energy Partners LP	5.25%		10/01/2025	2,734,080
390,000	Cheniere Energy Partners LP	5.63%		10/01/2026	406,263
8,755,000	Cigna Corporation	4.90%		12/15/2048	11,428,053
7,655,000	Cigna Corporation (3 Month LIBOR USD + 0.89%)	1.17%		07/15/2023	7,738,322
1,765,000	Cincinnati Bell, Inc.	7.00%	^	07/15/2024	1,822,371
23,400,000	Citigroup, Inc. (3 Month LIBOR USD + 1.10%)	1.38%		05/17/2024	23,614,933
2,140,000	Clean Harbors, Inc.	4.88%	^	07/15/2027	2,223,867
460,000	Clean Harbors, Inc.	5.13%	^	07/15/2029	500,390
1,284,000	Clear Channel Worldwide Holdings, Inc.	9.25%		02/15/2024	1,248,054
1,265,000	Clearway Energy Operating LLC	4.75%	^	03/15/2028	1,313,627
1,710,000	CNX Midstream Partners LP	6.50%	^	03/15/2026	1,737,463
5,155,000	Comcast Corporation	3.95%		10/15/2025	5,918,231
7,085,000	Comcast Corporation	3.40%		04/01/2030	8,192,394
10,690,000	Comcast Corporation	1.50%		02/15/2031	10,544,723
6,495,000	Constellation Brands, Inc.	3.15%		08/01/2029	7,102,595
815,000	Constellation Brands, Inc.	2.88%		05/01/2030	881,920
1,380,000	Constellation Merger Sub, Inc.	8.50%	^	09/15/2025	1,150,430
953,000	Cornerstone Building Brands, Inc.	6.13%	^	01/15/2029	965,508
6,377,000	Corning, Inc.	4.38%		11/15/2057	7,781,943
2,595,000	Costco Wholesale Corporation	1.75%		04/20/2032	2,668,339
1,810,000	CRC Issuer LLC	5.25%	^	10/15/2025	1,753,555
1,945,000	Credit Acceptance Corporation	6.63%		03/15/2026	2,016,722
12,965,000	Crown Castle International Corporation	3.65%		09/01/2027	14,522,052
815,000	Crown Castle International Corporation	3.80%		02/15/2028	923,971
2,940,000	CSC Holdings LLC	5.75%	^	01/15/2030	3,128,057
1,200,000	CSC Holdings LLC	4.63%	^	12/01/2030	1,207,338
2,325,000	CSI Compressco LP	7.50%	^	04/01/2025	2,053,010
13,890,000	CSX Corporation	3.80%		11/01/2046	16,190,562
5,420,000	CVS Health Corporation	5.05%		03/25/2048	6,914,939
2,200,000	Dana Financing Ltd.	5.75%	^	04/15/2025	2,256,375
410,000	Dana, Inc.	5.38%		11/15/2027	421,019
965,000	Dana, Inc.	5.63%		06/15/2028	997,940
785,000	DaVita, Inc.	4.63%	^	06/01/2030	806,215
575,000	Dealer Tire LLC	8.00%	^	02/01/2028	587,937
460,000	Delta Air Lines, Inc.	7.00%	^	05/01/2025	505,694
695,000	Delta Air Lines, Inc.	4.75%	^	10/20/2028	722,093
1,565,000	Diamond Sports Group LLC	5.38%	^	08/15/2026	1,111,017
3,690,000	Diamondback Energy, Inc.	2.88%		12/01/2024	3,740,491
3,500,000	Digital Realty Trust	3.70%		08/15/2027	3,939,716
3,000,000	Digital Realty Trust	3.60%		07/01/2029	3,444,856
17,835,000	Discover Financial Services	4.10%		02/09/2027	19,785,752
1,330,000	DISH DBS Corporation	5.88%		11/15/2024	1,371,562
890,000	Dollar Tree, Inc.	4.00%		05/15/2025	1,005,178
4,400,000	DTE Energy Company	2.95%		03/01/2030	4,751,636
2,095,000	Duke Energy Corporation	3.75%		09/01/2046	2,388,270
7,615,000	Duke Energy Corporation	3.95%		08/15/2047	8,998,161
9,090,000	Duke Energy Progress, Inc.	4.15%		12/01/2044	11,338,710
564,000	Dun & Bradstreet Corporation	6.88%	^	08/15/2026	606,822
852,000	Dun & Bradstreet Corporation	10.25%	^	02/15/2027	966,862

5,315,000	DuPont de Nemours, Inc.	5.42%		11/15/2048	7,130,585
8,228,000	East Ohio Gas Company	3.00%	^	06/15/2050	8,588,660
1,180,000	EES Finance Corporation	8.13%		05/01/2025	1,011,726
1,425,000	Eldorado Resorts, Inc.	6.25%	^	07/01/2025	1,487,351
17,075,000	Eli Lilly and Company	2.25%		05/15/2050	16,178,260
1,256,000	Embarq Corporation	8.00%		06/01/2036	1,489,534
535,000	Emergent BioSolutions, Inc.	3.88%	^	08/15/2028	538,440
5,525,000	Enable Midstream Partners LP	4.40%		03/15/2027	5,312,535
620,000	Encompass Health Corporation	4.50%		02/01/2028	624,148
215,000	Encompass Health Corporation	4.75%		02/01/2030	218,489
940,000	Encompass Health Corporation	4.63%		04/01/2031	940,000
790,000	Endeavor Energy Resources LP	6.63%	^	07/15/2025	812,957
500,000	Endo Finance LLC	6.00%	^	07/15/2023	396,557
2,310,000	Energizer Holdings, Inc.	7.75%	^	01/15/2027	2,528,006
13,325,000	Energy Transfer Operating LP	4.75%		01/15/2026	14,208,078
1,250,000	Energy Transfer Operating LP	4.20%		04/15/2027	1,294,842
3,785,000	Entergy Corporation	2.80%		06/15/2030	4,107,134
880,000	Envision Healthcare Corporation	8.75%	^	10/15/2026	407,933
2,445,000	EOG Resources, Inc.	4.38%		04/15/2030	2,885,832
425,000	EQM Midstream Partners LP	6.50%	^	07/01/2027	451,110
1,095,000	EQT Corporation	7.88%		02/01/2025	1,215,280
5,010,000	Equinix, Inc.	1.80%		07/15/2027	5,061,799
1,651,000	ESH Hospitality, Inc.	5.25%	^	05/01/2025	1,669,945
7,850,000	Essential Utilities, Inc.	2.70%		04/15/2030	8,411,065
8,130,000	Eversource Energy	1.65%		08/15/2030	8,114,514
3,954,000	Exelon Corporation	3.40%		04/15/2026	4,431,525
7,820,000	Expedia Group, Inc.	3.80%		02/15/2028	7,880,488
755,000	Extraction Oil & Gas, Inc.	5.63%	^W	02/01/2026	191,438
5,840,000	Exxon Mobil Corporation	2.61%		10/15/2030	6,315,560
6,320,000	Exxon Mobil Corporation	4.23%		03/19/2040	7,761,841
6,367,000	FedEx Corporation	4.75%		11/15/2045	7,886,599
1,560,000	Financial & Risk US Holdings, Inc.	8.25%	^	11/15/2026	1,712,100
2,165,000	FirstEnergy Corporation	2.25%		09/01/2030	2,119,645
2,125,000	Flex Acquisition Company, Inc.	6.88%	^	01/15/2025	2,130,312
605,000	Ford Motor Company	9.00%		04/22/2025	694,416
1,535,000	Ford Motor Company	7.45%		07/16/2031	1,763,231
2,700,000	Ford Motor Credit Company LLC	5.75%		02/01/2021	2,727,999
2,800,000	Ford Motor Credit Company LLC	4.25%		09/20/2022	2,828,840
2,900,000	Ford Motor Credit Company LLC	4.39%		01/08/2026	2,871,000
1,535,000	Front Range BidCo, Inc.	4.00%	^	03/01/2027	1,512,789
720,000	Front Range BidCo, Inc.	6.13%	^	03/01/2028	743,278
2,535,000	Frontdoor, Inc.	6.75%	^	08/15/2026	2,708,800
525,000	Frontier Communications Corporation	8.50%	W	04/15/2020	206,062
945,000	Frontier Communications Corporation	7.13%	W	01/15/2023	363,825
765,000	Frontier Communications Corporation	8.50%	^	04/01/2026	772,650
1,335,000	Frontier Communications Corporation	8.00%	^	04/01/2027	1,332,497
1,068,000	FTS International, Inc.	0.00%		05/01/2022	368,460
1,455,000	Gates Global LLC	6.25%	^	01/15/2026	1,497,442
1,140,000	GCI LLC	4.75%	^	10/15/2028	1,157,111
6,426,000	General Electric Company	5.88%		01/14/2038	7,506,616
6,205,000	General Motors Financial Company	3.95%		04/13/2024	6,569,418
13,645,000	General Motors Financial Company (3 Month LIBOR USD + 0.99%)	1.29%		01/05/2023	13,502,359
3,440,000	Genesys Telecommunications Laboratories, Inc.	10.00%	^	11/30/2024	3,633,500
13,980,000	Georgia Power Company	2.20%		09/15/2024	14,753,720
1,782,350	Global Aircraft Leasing Company (PIK 7.25%)	6.50%	^	09/15/2024	1,000,344
1,660,000	Gogo Intermediate	9.88%	^	05/01/2024	1,777,652
1,035,000	Golden Entertainment, Inc.	7.63%	^	04/15/2026	1,025,131
2,445,000	Golden Nugget, Inc.	6.75%	^	10/15/2024	2,044,631
500,000	Golden Nugget, Inc.	8.75%	^	10/01/2025	395,312
18,188,000	Goldman Sachs Group, Inc. (3 Month LIBOR USD + 1.17%)	1.45%		05/15/2026	18,381,213
860,000	Gray Television, Inc.	5.13%	^	10/15/2024	878,813
1,510,000	Gray Television, Inc.	7.00%	^	05/15/2027	1,638,935
1,295,000	Griffon Corporation	5.75%		03/01/2028	1,354,868
420,000	Group 1 Automotive, Inc.	4.00%	^	08/15/2028	413,438
1,090,000	GTT Communications, Inc.	7.88%	^	12/31/2024	565,437
1,695,000	Gulfport Energy Corporation	6.38%		05/15/2025	1,040,128
4,305,000	Halliburton Company	2.92%		03/01/2030	4,235,647
8,467,000	Hasbro, Inc.	3.50%		09/15/2027	8,825,862
3,225,000	HCA, Inc.	5.38%		09/01/2026	3,569,672

5,240,000	HCA, Inc.	4.13%		06/15/2029	5,927,111
1,805,000	Health Care Service Corporation and Mutual Legal Reserve Company	3.20%	^	06/01/2050	1,877,108
1,540,000	Hess Midstream Operations LP	5.63%	^	02/15/2026	1,571,732
1,075,000	Hess Midstream Operations LP	5.13%	^	06/15/2028	1,073,549
985,000	Hexion, Inc.	7.88%	^	07/15/2027	989,777
1,797,000	HilCorporationEnergy LP	6.25%	^	11/01/2028	1,641,488
755,000	Hillman Group, Inc.	6.38%	^	07/15/2022	740,666
975,000	Hill-Rom Holdings, Inc.	4.38%	^	09/15/2027	1,011,940
80,000	Hilton Domestic Operating Company, Inc.	5.38%	^	05/01/2025	83,182
90,000	Hilton Domestic Operating Company, Inc.	5.75%	^	05/01/2028	95,344
5,830,000	Home Depot, Inc.	3.90%		06/15/2047	7,194,513
2,410,000	Horizon Pharma USA, Inc.	5.50%	^	08/01/2027	2,561,685
14,325,000	Hyundai Capital America	2.65%	^	02/10/2025	14,778,842
660,000	Hyundai Capital America	1.80%	^	10/15/2025	657,147
1,890,000	IAA, Inc.	5.50%	^	06/15/2027	1,971,506
2,405,000	Icahn Enterprises LP	6.25%		05/15/2026	2,512,840
1,300,000	Icahn Enterprises LP	5.25%		05/15/2027	1,358,403
230,000	iHeartCommunications, Inc.	8.38%		05/01/2027	226,967
960,000	iHeartCommunications, Inc.	5.25%	^	08/15/2027	937,622
1,115,000	Illuminate Buyer LLC	9.00%	^	07/01/2028	1,197,231
875,000	Indigo Natural Resources LLC	6.88%	^	02/15/2026	853,808
1,435,000	Installed Building Products, Inc.	5.75%	^	02/01/2028	1,515,446
2,045,000	IQVIA, Inc.	5.00%	^	05/15/2027	2,148,344
864,000	IRB Holding Corporation	7.00%	^	06/15/2025	922,774
2,054,000	IRB Holding Corporation	6.75%	^	02/15/2026	2,057,851
1,380,000	Iron Mountain, Inc.	4.88%	^	09/15/2029	1,405,530
850,000	Iron Mountain, Inc.	4.50%	^	02/15/2031	856,282
1,000,000	iStar, Inc.	4.75%		10/01/2024	969,275
625,000	Jaguar Holding Company	5.00%	^	06/15/2028	653,125
216,000	JBS Finance, Inc.	5.88%	^	07/15/2024	220,477
275,000	JBS Finance, Inc.	5.75%	^	06/15/2025	284,158
1,140,000	JBS Finance, Inc.	6.50%	^	04/15/2029	1,266,791
600,000	JBS Finance, Inc.	5.50%	^	01/15/2030	654,750
2,160,000	JELD-WEN, Inc.	4.63%	^	12/15/2025	2,178,673
9,885,000	JP Morgan Chase & Company (Secured Overnight Financing Rate + 2.04%)	2.52%		04/22/2031	10,548,435
2,465,000	KAR Auction Services, Inc.	5.13%	^	06/01/2025	2,468,032
4,727,000	Keurig Dr Pepper, Inc.	3.80%		05/01/2050	5,445,755
10,619,000	Kinder Morgan Energy Partners LP	6.95%		01/15/2038	13,907,727
1,445,000	Kraft Heinz Foods Company	5.00%		07/15/2035	1,665,970
4,000,000	Kraft Heinz Foods Company	5.20%		07/15/2045	4,377,430
1,525,000	Kraton Polymers LLC	7.00%	^	04/15/2025	1,558,359
1,475,000	Kratos Defense & Security Solutions, Inc.	6.50%	^	11/30/2025	1,545,217
6,515,000	Kroger Company	3.40%		04/15/2022	6,759,821
6,585,000	Lam Research Corporation	2.88%		06/15/2050	6,835,361
790,000	LifePoint Health, Inc.	6.75%	^	04/15/2025	833,450
1,320,000	LifePoint Health, Inc.	4.38%	^	02/15/2027	1,324,950
1,480,000	Lions Gate Capital Holdings LLC	6.38%	^	02/01/2024	1,469,810
2,990,000	Live Nation Entertainment, Inc.	5.63%	^	03/15/2026	2,892,825
650,000	Live Nation Entertainment, Inc.	6.50%	^	05/15/2027	702,338
10,312,000	Lockheed Martin Corporation	4.70%		05/15/2046	14,057,102
560,000	Logan Merger Sub, Inc.	5.50%	^	09/01/2027	569,450
2,240,000	LTF Merger Sub, Inc.	8.50%	^	06/15/2023	2,158,565
1,235,000	M/I Homes, Inc.	4.95%		02/01/2028	1,275,909
12,569,000	Marathon Petroleum Corporation	5.13%		12/15/2026	14,579,600
1,925,000	Marriott Ownership Resorts, Inc.	6.50%		09/15/2026	1,979,747
13,510,000	Marvell Technology Group Ltd.	4.20%		06/22/2023	14,592,449
2,250,000	Masonite International Corporation	5.75%	^	09/15/2026	2,353,635
1,085,000	Match Group, Inc.	5.00%	^	12/15/2027	1,148,538
590,000	Match Group, Inc.	4.63%	^	06/01/2028	608,806
1,520,000	Matterhorn Merger Sub LLC	8.50%	^	06/01/2026	1,491,082
6,880,000	McDonald’s Corporation	3.60%		07/01/2030	8,004,337
7,020,000	McDonald’s Corporation	4.45%		03/01/2047	8,728,921
13,650,000	Merck & Company, Inc.	3.40%		03/07/2029	15,907,742
50,000	Metropolitan Edison Company	4.00%	^	04/15/2025	55,504
1,710,000	MGM Growth Properties Operating Partnership LP	5.75%		02/01/2027	1,845,201
1,495,000	MGM Resorts International	6.75%		05/01/2025	1,569,159
755,000	MGM Resorts International	5.75%		06/15/2025	793,260
6,665,000	Micron Technology, Inc.	2.50%		04/24/2023	6,926,676
1,385,000	Mileage Plus Holdings LLC	6.50%	^	06/20/2027	1,445,594
4,610,000	Mondelez International, Inc.	1.50%		05/04/2025	4,737,000
7,850,000	Mondelez International, Inc.	1.88%		10/15/2032	7,833,286
6,255,000	Monongahela Power Company	5.40%	^	12/15/2043	8,813,741
12,769,000	Morgan Stanley (3 Month LIBOR USD + 1.34%)	3.59%		07/22/2028	14,380,264
1,272,000	Moss Creek Resources Holdings, Inc.	7.50%	^	01/15/2026	767,728
1,735,000	MPH Acquisition Holdings LLC	7.13%	^	06/01/2024	1,784,881
1,250,000	MPLX LP	4.00%		03/15/2028	1,365,657
3,720,000	MPT Operating Partnership LP	5.00%		10/15/2027	3,885,447
940,000	Murphy Oil USA, Inc.	4.75%		09/15/2029	1,003,276
1,020,000	Nabors Industries Ltd.	7.25%	^	01/15/2026	506,175
1,160,000	National FINL Partners Corporation	6.88%	^	08/15/2028	1,174,036
3,675,000	National Retail Properties, Inc.	2.50%		04/15/2030	3,673,874
235,000	Nationstar Mortgage Holdings, Inc.	6.00%	^	01/15/2027	239,954
1,325,000	Nationstar Mortgage Holdings, Inc.	5.50%	^	08/15/2028	1,325,828
2,795,000	Navient Corporation	6.50%		06/15/2022	2,857,888
955,000	Navient Corporation	5.00%		03/15/2027	898,092
1,935,000	NCL Corporation	3.63%	^	12/15/2024	1,358,128
7,668,000	NetApp, Inc.	1.88%		06/22/2025	7,956,684
860,000	Netflix, Inc.	5.88%		02/15/2025	971,245

765,000	Netflix, Inc.	5.38%	^	11/15/2029	902,624
550,000	Netflix, Inc.	4.88%	^	06/15/2030	628,031
590,000	Newell Brands, Inc.	4.88%		06/01/2025	637,200
1,025,000	Nexstar Broadcasting, Inc.	5.63%	^	07/15/2027	1,076,778
7,092,000	NextEra Energy Capital Holdings, Inc.	3.55%		05/01/2027	8,002,655
3,500,000	NextEra Energy Capital Holdings, Inc.	2.25%		06/01/2030	3,651,730
175,000	NFP Corporation	7.00%	^	05/15/2025	186,266
840,000	NGL Energy Partners LP	7.50%		04/15/2026	522,434
3,865,000	NiSource, Inc.	3.60%		05/01/2030	4,411,770
8,815,000	Northrop Grumman Corporation	5.15%		05/01/2040	11,868,331
775,000	Novelis Corporation	4.75%	^	01/30/2030	757,938
1,650,000	NuStar Logistics LP	6.00%		06/01/2026	1,657,483
1,095,000	Oasis Petroleum, Inc.	6.88%	W	03/15/2022	259,378
1,055,000	Oasis Petroleum, Inc.	6.25%	^W	05/01/2026	252,572
1,303,000	Occidental Petroleum Corporation	2.70%		08/15/2022	1,219,862
820,000	Occidental Petroleum Corporation	8.00%		07/15/2025	826,646
2,480,000	Occidental Petroleum Corporation	3.50%		08/15/2029	1,905,632
1,920,000	Occidental Petroleum Corporation	6.63%		09/01/2030	1,774,800
148,000	Oncor Electric Delivery Company LLC	2.95%		04/01/2025	161,727
13,103,000	Oncor Electric Delivery Company LLC	3.10%		09/15/2049	14,414,333
4,060,000	ONEOK, Inc.	3.40%		09/01/2029	3,993,117
265,000	OPE KAG Finance Sub, Inc.	7.88%	^	07/31/2023	258,016
9,455,000	ORACLE Corporation	3.85%		04/01/2060	11,167,452
230,000	Ortho Clinical Diagnostics, Inc.	7.38%	^	06/01/2025	233,881
1,275,000	Ortho-Clinical Diagnostics Inc.	7.25%	^	02/01/2028	1,328,391
7,645,000	Owens Corning	4.40%		01/30/2048	8,538,196
6,235,000	Packaging Corporation of America	3.40%		12/15/2027	6,968,021
1,445,000	Panther BF Aggregator LP	6.25%	^	05/15/2026	1,517,864
745,000	Panther BF Aggregator LP	8.50%	^	05/15/2027	774,167
2,235,000	Par Petroleum Finance Corporation	7.75%	^	12/15/2025	1,986,122
1,985,000	Parsley Energy LLC	5.63%	^	10/15/2027	1,978,797
775,000	PBF Holding LLC	6.00%	^	02/15/2028	521,517
1,260,000	Peabody Securities Finance Corporation	6.00%	^	03/31/2022	743,400
2,085,000	Penn National Gaming, Inc.	5.63%	^	01/15/2027	2,165,585
1,170,000	PennyMac Financial Services, Inc.	5.38%	^	10/15/2025	1,186,088
6,620,000	Penske Truck Leasing Company	4.20%	^	04/01/2027	7,428,667
1,915,000	Performance Food Group, Inc.	5.50%	^	10/15/2027	1,975,954
1,018,000	PetSmart, Inc.	5.88%	^	06/01/2025	1,044,570
650,000	PG&E Corporation	5.00%		07/01/2028	631,361
1,200,000	Pike Corporation	5.50%	^	09/01/2028	1,211,178
1,435,000	Pilgrim’s Pride Corporation	5.88%	^	09/30/2027	1,483,431
7,635,000	Pinnacle West Capital Corporation	1.30%		06/15/2025	7,757,952
8,225,000	Pioneer Natural Resources Corporation	1.90%		08/15/2030	7,740,877
1,670,000	Polaris Intermediate Corporation (PIK 9.25%)	8.50%	^	12/01/2022	1,701,313
430,000	Post Holdings, Inc.	5.50%	^	12/15/2029	460,648
1,785,000	Post Holdings, Inc.	4.63%	^	04/15/2030	1,838,550
715,000	Prime Security Services Borrower LLC	3.38%	^	08/31/2027	688,634
1,095,000	Prime Security Services Borrower LLC	6.25%	^	01/15/2028	1,110,231
7,705,000	Prudential Financial, Inc.	3.91%		12/07/2047	8,567,688
10,235,000	PSEG Power LLC	3.85%		06/01/2023	11,019,299
1,280,000	QEP Resources, Inc.	5.25%		05/01/2023	933,600
1,175,000	QEP Resources, Inc.	5.63%		03/01/2026	669,750
950,000	Radiate Finance, Inc.	4.50%	^	09/15/2026	953,363
355,000	Radiate Finance, Inc.	6.50%	^	09/15/2028	364,900
1,520,000	Radiology Partners, Inc.	9.25%	^	02/01/2028	1,584,600
940,000	Rattler Midstream LP	5.63%	^	07/15/2025	949,306
640,000	Realogy Group LLC	7.63%	^	06/15/2025	671,370
1,905,000	Resideo Funding, Inc.	6.13%	^	11/01/2026	1,881,188
725,000	Reynolds Group Holdings, Inc.	4.00%	^	10/15/2027	730,583
1,023,000	Riverbed Technology, Inc.	8.88%	^	03/01/2023	716,100
16,420,000	Roper Technologies, Inc.	1.75%		02/15/2031	16,402,239
8,145,000	Royalty Pharma PLC	3.30%	^	09/02/2040	8,008,900
6,428,000	Sabine Pass Liquefaction LLC	5.00%		03/15/2027	7,237,916
655,000	Sabre Global, Inc.	9.25%	^	04/15/2025	722,101
3,520,000	Schlumberger Investment S.A.	2.65%		06/26/2030	3,569,587
1,580,000	Schweitzer-Mauduit International, Inc.	6.88%	^	10/01/2026	1,672,525
590,000	Science Applications International Corporation	4.88%	^	04/01/2028	600,036
1,820,000	Scientific Games International, Inc.	5.00%	^	10/15/2025	1,834,788
735,000	Scientific Games International, Inc.	8.25%	^	03/15/2026	770,438
1,450,000	Scotts Miracle-Gro Company	4.50%		10/15/2029	1,540,669
1,145,000	Scripps Escrow, Inc.	5.88%	^	07/15/2027	1,106,356
2,895,000	Select Medical Corporation	6.25%	^	08/15/2026	3,015,258
13,839,000	Shire Acquisitions Investments Ireland DAC	2.88%		09/23/2023	14,697,149
2,022,000	Silgan Holdings, Inc.	4.13%		02/01/2028	2,067,495
1,722,000	Simon Property Group LP	2.45%		09/13/2029	1,707,780
1,395,000	Sirius XM Radio, Inc.	5.38%	^	07/15/2026	1,455,264
1,100,000	Sirius XM Radio, Inc.	5.50%	^	07/01/2029	1,184,783
690,000	Sirius XM Radio, Inc.	4.13%	^	07/01/2030	707,968
2,520,000	Six Flags Entertainment Corporation	4.88%	^	07/31/2024	2,374,672

840,000	Six Flags Theme Parks, Inc.	7.00%	^	07/01/2025	895,125
14,091,000	Smithfield Foods, Inc.	4.25%	^	02/01/2027	15,418,589
7,820,000	Southwest Airlines Company	4.75%		05/04/2023	8,357,817
1,230,000	Spectrum Brands, Inc.	5.00%	^	10/01/2029	1,279,200
850,000	Springleaf Finance Corporation	6.88%		03/15/2025	944,818
280,000	Springleaf Finance Corporation	7.13%		03/15/2026	313,167
390,000	Springleaf Finance Corporation	6.63%		01/15/2028	433,481
825,000	Springleaf Finance Corporation	5.38%		11/15/2029	860,063
3,965,000	Sprint Capital Corporation	6.88%		11/15/2028	4,945,188
1,175,000	Staples, Inc.	7.50%	^	04/15/2026	1,084,678
500,000	Staples, Inc.	10.75%	^	04/15/2027	401,563
1,745,000	Stevens Holding Company, Inc.	6.13%	^	10/01/2026	1,873,362
2,608,000	SunCoke Energy Partners Finance Corporation	7.50%	^	06/15/2025	2,358,988
1,910,000	Sunoco LP	5.50%		02/15/2026	1,914,412
1,010,000	Sunoco LP	6.00%		04/15/2027	1,039,669
700,000	Switch Ltd.	3.75%	^	09/15/2028	708,750
15,110,000	Synchrony Financial	3.95%		12/01/2027	16,261,961
12,585,000	Sysco Corporation	3.30%		02/15/2050	12,049,796
800,000	Targa Resources Partners Finance Corporation	6.50%		07/15/2027	836,000
2,090,000	Targa Resources Partners Finance Corporation	4.88%	^	02/01/2031	2,027,927
14,277,000	Target Corporation	3.38%		04/15/2029	16,602,026
3,600,000	Tempo Acquisition LLC	6.75%	^	06/01/2025	3,680,946
3,115,000	Tempur Sealy International, Inc.	5.50%		06/15/2026	3,240,425
1,760,000	Tenet Healthcare Corporation	7.00%		08/01/2025	1,814,868
1,800,000	Tenet Healthcare Corporation	4.88%	^	01/01/2026	1,829,232
1,930,000	Tenet Healthcare Corporation	6.25%	^	02/01/2027	1,994,858
750,000	Tenet Healthcare Corporation	5.13%	^	11/01/2027	773,325
1,940,000	TerraForm Power Operating LLC	4.25%	^	01/31/2023	1,992,923
520,000	Terrier Media Buyer, Inc.	8.88%	^	12/15/2027	524,875
3,715,000	Texas Instruments, Inc.	1.75%		05/04/2030	3,840,786
10,850,000	The Interpublic Group of Companies, Inc.	5.40%		10/01/2048	12,796,872
2,525,000	The ServiceMaster Company LLC	5.13%	^	11/15/2024	2,588,125
1,600,000	The William Carter Company	5.63%	^	03/15/2027	1,674,000
7,375,000	T-Mobile USA, Inc.	3.50%	^	04/15/2025	8,099,373
1,640,000	T-Mobile USA, Inc.	1.50%	^	02/15/2026	1,646,650
340,000	TransDigm, Inc.	8.00%	^	12/15/2025	370,090
2,205,000	TransDigm, Inc.	6.25%	^	03/15/2026	2,314,820
1,365,000	TransDigm, Inc.	6.38%		06/15/2026	1,373,531
1,190,000	TransDigm, Inc.	5.50%		11/15/2027	1,145,911
2,120,000	Transocean Poseidon Ltd.	6.88%	^	02/01/2027	1,706,600
1,391,000	Transocean Proteus Ltd.	6.25%	^	12/01/2024	1,239,729
475,000	Transocean, Inc.	11.50%	^	01/30/2027	191,781
1,320,000	Trident TPI Holdings, Inc.	6.63%	^	11/01/2025	1,305,011
495,000	Triumph Group, Inc.	6.25%	^	09/15/2024	422,245
992,000	Triumph Group, Inc.	7.75%		08/15/2025	639,840
2,240,000	Twin River Worldwide Holdings, Inc.	6.75%	^	06/01/2027	2,235,520
1,265,000	Uber Technologies, Inc.	8.00%	^	11/01/2026	1,348,490
700,000	Uber Technologies, Inc.	7.50%	^	09/15/2027	748,125
300,000	United Rentals North America, Inc.	5.25%		01/15/2030	327,938
1,270,000	United Rentals North America, Inc.	4.00%		07/15/2030	1,300,163
215,000	United Rentals North America, Inc.	3.88%		02/15/2031	218,628
1,185,000	Univision Communications, Inc.	6.63%	^	06/01/2027	1,159,819
4,490,000	Upjohn, Inc.	1.65%	^	06/22/2025	4,602,366
130,000	US Foods, Inc.	6.25%	^	04/15/2025	137,811
3,040,000	USA Compression Partners LP	6.88%		09/01/2027	3,019,662
1,000,000	Verizon Communications, Inc.	3.15%		03/22/2030	1,132,023
12,882,000	Verizon Communications, Inc.	4.40%		11/01/2034	16,106,034
2,365,000	Verscend Escrow Corporation	9.75%	^	08/15/2026	2,577,353
1,400,000	ViaSat, Inc.	6.50%	^	07/15/2028	1,404,193
220,000	VICI Properties LP	3.75%	^	02/15/2027	216,700
1,110,000	VICI Properties LP	4.13%	^	08/15/2030	1,094,738
440,000	Viking Cruises Ltd.	13.00%	^	05/15/2025	510,400
3,150,000	Viking Cruises Ltd.	5.88%	^	09/15/2027	2,455,031
570,000	Vine Oil & Gas Finance Corporation	8.75%	^	04/15/2023	387,600
1,215,000	Viper Energy Partners LP	5.38%	^	11/01/2027	1,198,828
1,320,000	Vizient, Inc.	6.25%	^	05/15/2027	1,387,399
1,255,000	Waste Pro, Inc.	5.50%	^	02/15/2026	1,273,693
68,000	Weatherford International Ltd.	11.00%	^	12/01/2024	40,970
6,905,000	Wells Fargo & Company (3 Month LIBOR USD + 1.17%)	3.20%		06/17/2027	7,502,871
5,900,000	Wells Fargo & Company (3 Month LIBOR USD + 1.17%)	2.88%		10/30/2030	6,303,096
2,120,000	West Street Merger Sub, Inc.	6.38%	^	09/01/2025	2,167,255
1,340,000	Western Midstream Operating LP	3.85%		02/01/2025	1,278,481
1,400,000	Western Midstream Operating LP	5.05%		02/01/2030	1,366,750
725,000	WeWork Cos, Inc.	7.88%	^	05/01/2025	464,446
13,740,000	Willis North America, Inc.	4.50%		09/15/2028	16,393,296
1,050,000	Wolverine Escrow LLC	9.00%	^	11/15/2026	868,219
1,430,000	WPX Energy, Inc.	5.25%		10/15/2027	1,453,867
1,045,000	WPX Energy, Inc.	5.88%		06/15/2028	1,093,352
805,000	WPX Energy, Inc.	4.50%		01/15/2030	796,423
13,095,000	WRKCo, Inc.	3.75%		03/15/2025	14,652,598
1,215,000	Wyndham Hotels & Resorts	4.38%	^	08/15/2028	1,180,828
415,000	XHR LP	6.38%	^	08/15/2025	415,778
7,630,000	Xilinx, Inc.	2.38%		06/01/2030	8,049,567
610,000	Yum! Brands, Inc.	7.75%	^	04/01/2025	674,813
1,245,000	Yum! Brands, Inc.	4.75%	^	01/15/2030	1,343,822
1,125,000	Yum! Brands, Inc.	3.63%		03/15/2031	1,127,109
Total US Corporate Bonds (Cost $1,560,332,755)					1,656,354,856

US Government and Agency Mortgage Backed Obligations - 19.7%
486,606	Federal Home Loan Mortgage Corporation, Pool G01840	5.00%		07/01/2035	560,099
259,496	Federal Home Loan Mortgage Corporation, Pool G04817	5.00%		09/01/2038	298,596
11,233,168	Federal Home Loan Mortgage Corporation, Pool G08537	3.00%		07/01/2043	11,970,003
7,558,369	Federal Home Loan Mortgage Corporation, Pool G08622	3.00%		01/01/2045	7,973,245
7,225,718	Federal Home Loan Mortgage Corporation, Pool G08686	3.00%		01/01/2046	7,608,143
29,191,924	Federal Home Loan Mortgage Corporation, Pool G08701	3.00%		04/01/2046	30,702,778
1,724,902	Federal Home Loan Mortgage Corporation, Pool G08737	3.00%		12/01/2046	1,815,314
30,201,261	Federal Home Loan Mortgage Corporation, Pool G61645	4.00%		10/01/2048	32,201,570
1,625,623	Federal Home Loan Mortgage Corporation, Pool N70081	5.50%		07/01/2038	1,852,351
7,945,720	Federal Home Loan Mortgage Corporation, Pool Q33789	3.50%		06/01/2045	8,717,248
40,145,653	Federal Home Loan Mortgage Corporation, Pool RB5022	3.00%		11/01/2039	42,064,103
8,460,377	Federal Home Loan Mortgage Corporation, Pool RC1060	2.50%		09/01/2034	9,068,429
21,600,000	Federal Home Loan Mortgage Corporation, Pool RE6066	2.00%		10/01/2050	22,138,910
13,444,711	Federal Home Loan Mortgage Corporation, Pool SB0048	3.00%		08/01/2034	14,229,517
39,994,855	Federal Home Loan Mortgage Corporation, Pool SD0035	3.00%		04/01/2047	41,947,449
29,516,201	Federal Home Loan Mortgage Corporation, Pool SD8089	2.50%		07/01/2050	30,991,171
2,469,176	Federal Home Loan Mortgage Corporation, Pool T60854	3.50%		09/01/2042	2,581,922
458,513	Federal Home Loan Mortgage Corporation, Pool U60299	4.00%		11/01/2040	503,032
10,120,426	Federal Home Loan Mortgage Corporation, Pool V83144	4.00%		04/01/2047	10,879,100
26,969,870	Federal Home Loan Mortgage Corporation, Pool ZT1827	3.00%		07/01/2047	28,378,225
52,830	Federal Home Loan Mortgage Corporation, Series 2692-SC (-2 x 1 Month LIBOR USD + 13.29%, 13.29% Cap)	12.98%	I/F	07/15/2033	71,243
1,490,622	Federal Home Loan Mortgage Corporation, Series 2722-PS (-1 x 1 Month LIBOR USD + 9.89%, 9.89% Cap)	9.72%	I/F	12/15/2033	1,913,072
70,404	Federal Home Loan Mortgage Corporation, Series 2750-ZT	5.00%		02/15/2034	79,263
151,068	Federal Home Loan Mortgage Corporation, Series 3002-SN (-1 x 1 Month LIBOR USD + 6.50%, 6.50% Cap)	6.35%	I/F I/O	07/15/2035	31,246
68,367	Federal Home Loan Mortgage Corporation, Series 3045-DI (-1 x 1 Month LIBOR USD + 6.73%, 6.73% Cap)	6.58%	I/F I/O	10/15/2035	12,671
233,348	Federal Home Loan Mortgage Corporation, Series 3116-Z	5.50%		02/15/2036	268,745
23,100	Federal Home Loan Mortgage Corporation, Series 3117-ZN	4.50%		02/15/2036	24,747
283,479	Federal Home Loan Mortgage Corporation, Series 3203-ZC	5.00%		07/15/2036	326,682
85,035	Federal Home Loan Mortgage Corporation, Series 3275-SC (-1 x 1 Month LIBOR USD + 6.08%, 6.08% Cap)	5.93%	I/F I/O	02/15/2037	14,038
229,795	Federal Home Loan Mortgage Corporation, Series 3382-SB (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)	5.85%	I/F I/O	11/15/2037	32,221
222,209	Federal Home Loan Mortgage Corporation, Series 3384-S (-1 x 1 Month LIBOR USD + 6.39%, 6.39% Cap)	6.24%	I/F I/O	11/15/2037	27,399
340,188	Federal Home Loan Mortgage Corporation, Series 3417-SX (-1 x 1 Month LIBOR USD + 6.18%, 6.18% Cap)	6.03%	I/F I/O	02/15/2038	43,732
33,014	Federal Home Loan Mortgage Corporation, Series 3423-GS (-1 x 1 Month LIBOR USD + 5.65%, 5.65% Cap)	5.50%	I/F I/O	03/15/2038	4,101
33,014	Federal Home Loan Mortgage Corporation, Series 3423-SG (-1 x 1 Month LIBOR USD + 5.65%, 5.65% Cap)	5.50%	I/F I/O	03/15/2038	4,100
107,504	Federal Home Loan Mortgage Corporation, Series 3524-LB	3.55%	I/O	06/15/2038	116,109
14,833,123	Federal Home Loan Mortgage Corporation, Series 355-300	3.00%		08/15/2047	16,027,527
102,984	Federal Home Loan Mortgage Corporation, Series 3562-WS (-1 x 1 Month LIBOR USD + 4.95%, 4.95% Cap)	4.80%	I/F I/O	08/15/2039	13,518
154,455	Federal Home Loan Mortgage Corporation, Series 3582-SA (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)	5.85%	I/F I/O	10/15/2049	27,815
48,348,835	Federal Home Loan Mortgage Corporation, Series 358-300	3.00%		10/15/2047	51,230,454
193,148	Federal Home Loan Mortgage Corporation, Series 3616-SG (-1 x 1 Month LIBOR USD + 6.35%, 6.35% Cap)	6.20%	I/F I/O	03/15/2032	32,293
802,017	Federal Home Loan Mortgage Corporation, Series 3626-AZ	5.50%		08/15/2036	933,407
286,511	Federal Home Loan Mortgage Corporation, Series 3666-SC (-1 x 1 Month LIBOR USD + 5.77%, 5.77% Cap)	5.62%	I/F I/O	05/15/2040	58,785
204,740	Federal Home Loan Mortgage Corporation, Series 3666-VZ	5.50%		08/15/2036	235,902
2,286,778	Federal Home Loan Mortgage Corporation, Series 3779-DZ	4.50%		12/15/2040	2,552,931
1,263,199	Federal Home Loan Mortgage Corporation, Series 3779-YA	3.50%		12/15/2030	1,373,598
439,290	Federal Home Loan Mortgage Corporation, Series 3786-SG (-2 x 1 Month LIBOR USD + 9.50%, 9.50% Cap)	9.20%	I/F	01/15/2041	518,725
4,906,417	Federal Home Loan Mortgage Corporation, Series 3792-SE (-2 x 1 Month LIBOR USD + 9.86%, 9.86% Cap)	9.56%	I/F	01/15/2041	6,871,160
1,924,738	Federal Home Loan Mortgage Corporation, Series 3795-VZ	4.00%		01/15/2041	2,085,574
52,467	Federal Home Loan Mortgage Corporation, Series 3798-SD (-2 x 1 Month LIBOR USD + 9.60%, 9.60% Cap)	9.30%	I/F	12/15/2040	58,132
800,649	Federal Home Loan Mortgage Corporation, Series 3806-CZ	5.50%		07/15/2034	930,503
821,885	Federal Home Loan Mortgage Corporation, Series 3808-DB	3.50%		02/15/2031	886,083
1,643,254	Federal Home Loan Mortgage Corporation, Series 3818-CZ	4.50%		03/15/2041	1,874,722
859,255	Federal Home Loan Mortgage Corporation, Series 3819-ZU	5.50%		07/15/2034	1,003,678
2,615,046	Federal Home Loan Mortgage Corporation, Series 3824-EY	3.50%		03/15/2031	2,837,975
251,282	Federal Home Loan Mortgage Corporation, Series 3828-SW (-3 x 1 Month LIBOR USD + 13.20%, 13.20% Cap)	12.74%	I/F	02/15/2041	414,048
1,280,172	Federal Home Loan Mortgage Corporation, Series 3863-ZA	5.50%		08/15/2034	1,463,334
6,632,750	Federal Home Loan Mortgage Corporation, Series 3889-VZ	4.00%		07/15/2041	7,251,254
3,142,965	Federal Home Loan Mortgage Corporation, Series 3910-GZ	5.00%		08/15/2041	3,700,889

24,288,411	Federal Home Loan Mortgage Corporation, Series 3967-ZP	4.00%	>	09/15/2041	28,495,749
2,971,717	Federal Home Loan Mortgage Corporation, Series 3972-AZ	3.50%		12/15/2041	3,249,899
9,910,254	Federal Home Loan Mortgage Corporation, Series 4096-DZ	3.50%	>	08/15/2042	10,767,578
30,707,114	Federal Home Loan Mortgage Corporation, Series 4165-ZT	3.00%	>	02/15/2043	30,979,336
4,249,360	Federal Home Loan Mortgage Corporation, Series 4291-MS (-1 x 1 Month LIBOR USD + 5.90%, 5.90% Cap)	5.75%	I/F I/O	01/15/2054	854,694
19,911,424	Federal Home Loan Mortgage Corporation, Series 4341-AZ	3.00%	>	05/15/2044	21,108,802
6,405,638	Federal Home Loan Mortgage Corporation, Series 4377-A	3.00%		06/15/2039	6,481,006
5,696,610	Federal Home Loan Mortgage Corporation, Series 4391-MA	3.00%		07/15/2040	5,857,376
14,713,658	Federal Home Loan Mortgage Corporation, Series 4413-AZ	3.50%	>	11/15/2044	15,632,477
12,225,723	Federal Home Loan Mortgage Corporation, Series 4423-Z	3.50%	>	12/15/2044	12,948,480
9,695,423	Federal Home Loan Mortgage Corporation, Series 4427-MA	3.00%		02/15/2034	10,298,035
13,357,151	Federal Home Loan Mortgage Corporation, Series 4471-BA	3.00%		12/15/2041	13,823,331
24,260,975	Federal Home Loan Mortgage Corporation, Series 4471-GA	3.00%		02/15/2044	25,694,978
12,213,148	Federal Home Loan Mortgage Corporation, Series 4481-B	3.00%		12/15/2042	12,615,964
3,039,304	Federal Home Loan Mortgage Corporation, Series 4511-QA	3.00%		01/15/2041	3,059,041
36,267,811	Federal Home Loan Mortgage Corporation, Series 4542-AC	2.70%		01/15/2045	38,133,877
52,432,023	Federal Home Loan Mortgage Corporation, Series 4750-PA	3.00%		07/15/2046	54,297,282
39,666,000	Federal Home Loan Mortgage Corporation, Series 4752-PL	3.00%		09/15/2046	40,990,043
2,445,081	Federal Home Loan Mortgage Corporation, Series 4951-EA	2.50%		09/15/2044	2,582,904
310,241	Federal Home Loan Mortgage Corporation, Series R003-ZA	5.50%		10/15/2035	362,115
50,000,000	Federal National Mortage Association TBA	2.00%		03/25/2050	51,691,406
250,000,000	Federal National Mortage Association TBA	2.00%		04/25/2050	257,839,302
95,720	Federal National Mortgage Association Pass-Thru, Pool 555743	5.00%		09/01/2033	109,798
81,371	Federal National Mortgage Association Pass-Thru, Pool 735382	5.00%		04/01/2035	93,565
662,259	Federal National Mortgage Association Pass-Thru, Pool 735383	5.00%		04/01/2035	761,468
331,185	Federal National Mortgage Association Pass-Thru, Pool 735402	5.00%		04/01/2035	380,823
473,772	Federal National Mortgage Association Pass-Thru, Pool 735484	5.00%		05/01/2035	544,769
98,843	Federal National Mortgage Association Pass-Thru, Pool 931104	5.00%		05/01/2039	110,295
559,938	Federal National Mortgage Association Pass-Thru, Pool 995203	5.00%		07/01/2035	643,583
532,596	Federal National Mortgage Association Pass-Thru, Pool AB2123	4.00%		01/01/2031	580,723
36,633	Federal National Mortgage Association Pass-Thru, Pool AB2370	4.50%		09/01/2035	38,962
20,885	Federal National Mortgage Association Pass-Thru, Pool AD2177	4.50%		06/01/2030	22,989
863,608	Federal National Mortgage Association Pass-Thru, Pool AH7309	4.00%		02/01/2031	928,609
18,350,997	Federal National Mortgage Association Pass-Thru, Pool AS4645	3.00%		03/01/2045	19,337,101
9,571,671	Federal National Mortgage Association Pass-Thru, Pool BC0785	3.50%		04/01/2046	10,490,046
376,492	Federal National Mortgage Association Pass-Thru, Pool MA0264	4.50%		12/01/2029	410,360
267,431	Federal National Mortgage Association Pass-Thru, Pool MA0353	4.50%		03/01/2030	294,945
9,570	Federal National Mortgage Association Pass-Thru, Pool MA0468	5.00%		07/01/2040	10,303
7,456,098	Federal National Mortgage Association Pass-Thru, Pool MA2151	3.50%		01/01/2045	7,768,527
5,215,863	Federal National Mortgage Association Pass-Thru, Pool MA2248	3.00%		04/01/2045	5,396,914
10,133,441	Federal National Mortgage Association, Pool AL9238	3.00%		10/01/2041	10,710,019
2,280,777	Federal National Mortgage Association, Pool AL9445	3.00%		07/01/2031	2,456,555
25,441,718	Federal National Mortgage Association, Pool AS7661	3.00%		08/01/2046	26,350,099
7,154,270	Federal National Mortgage Association, Pool AS7724	2.50%		08/01/2046	7,616,333
19,039,875	Federal National Mortgage Association, Pool BC9081	3.00%		12/01/2046	20,507,060
15,977,457	Federal National Mortgage Association, Pool BD8013	2.50%		09/01/2046	17,004,816
4,800,000	Federal National Mortgage Association, Pool BL3973	2.32%		10/01/2031	5,255,291
3,060,000	Federal National Mortgage Association, Pool BL4357	2.31%		10/01/2029	3,339,472
12,425,000	Federal National Mortgage Association, Pool BL4409	2.39%		10/01/2031	13,696,622
15,640,000	Federal National Mortgage Association, Pool BL4419	2.14%		10/01/2029	16,878,607
39,950,000	Federal National Mortgage Association, Pool BL4421	2.14%		10/01/2029	43,113,834
25,972,000	Federal National Mortgage Association, Pool BL4424	2.14%		10/01/2029	28,028,848
28,707,000	Federal National Mortgage Association, Pool BL4425	2.14%		10/01/2029	30,980,446
32,930,000	Federal National Mortgage Association, Pool BL4592	2.28%		11/01/2029	35,962,774
49,345,000	Federal National Mortgage Association, Pool BL5156	2.37%		12/01/2029	54,294,449
18,090,000	Federal National Mortgage Association, Pool BL5484	2.26%		01/01/2030	19,735,725
5,062,231	Federal National Mortgage Association, Pool BM4094	3.00%		03/01/2043	5,375,918
26,102,219	Federal National Mortgage Association, Pool BM6089	3.50%		12/01/2044	28,382,304
13,483,400	Federal National Mortgage Association, Pool BN7712	2.50%		08/01/2034	14,396,420
19,598,987	Federal National Mortgage Association, Pool CA3903	3.00%		07/01/2034	20,733,063
12,920,149	Federal National Mortgage Association, Pool CA4508	2.50%		11/01/2034	13,816,849
26,117,030	Federal National Mortgage Association, Pool FM1000	3.00%		04/01/2047	27,450,326
7,549,386	Federal National Mortgage Association, Pool MA2621	3.50%		05/01/2046	7,857,621
14,102,876	Federal National Mortgage Association, Pool MA2649	3.00%		06/01/2046	14,547,665
5,776,046	Federal National Mortgage Association, Pool MA2711	3.00%		08/01/2046	5,958,448
25,984,454	Federal National Mortgage Association, Pool MA2806	3.00%		11/01/2046	27,322,116
35,410,661	Federal National Mortgage Association, Pool MA3867	2.50%		12/01/2039	37,180,186
13,414,197	Federal National Mortgage Association, Pool MA4123	2.00%		09/01/2035	13,950,684
9,500,000	Federal National Mortgage Association, Pool MA4152	2.00%		10/01/2040	9,829,196
12,600,000	Federal National Mortgage Association, Pool MA4154	1.50%		10/01/2035	12,898,648
13,500,000	Federal National Mortgage Association, Pool MA4158	2.00%		10/01/2050	13,962,469
102,936,215	Federal National Mortgage Association, Pool MA4165	2.00%		10/01/2050	105,504,359
39,665,645	Federal National Mortgage Association, Pool SD8097	2.00%		08/01/2050	41,024,469
209,444	Federal National Mortgage Association, Series 2003-W17-1A7	5.75%		08/25/2043	240,914

1,587,203	Federal National Mortgage Association, Series 2005-20-QH	5.00%		03/25/2035	1,824,217
287,266	Federal National Mortgage Association, Series 2006-101-SA (-1 x 1 Month LIBOR USD + 6.58%, 6.58% Cap)	6.43%	I/F I/O	10/25/2036	65,514
123,236	Federal National Mortgage Association, Series 2006-56-SM (-1 x 1 Month LIBOR USD + 6.75%, 6.75% Cap)	6.60%	I/F I/O	07/25/2036	19,958
89,271	Federal National Mortgage Association, Series 2007-116-BI (-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)	6.10%	I/F I/O	05/25/2037	13,848
1,161,421	Federal National Mortgage Association, Series 2007-30-FS (-5 x 1 Month LIBOR USD + 29.83%, 29.83% Cap)	29.14%	I/F	04/25/2037	2,019,456
451,599	Federal National Mortgage Association, Series 2007-30-OI (-1 x 1 Month LIBOR USD + 6.44%, 6.44% Cap)	6.29%	I/F I/O	04/25/2037	101,774
78,961	Federal National Mortgage Association, Series 2008-29-ZA	4.50%		04/25/2038	86,814
37,781	Federal National Mortgage Association, Series 2008-62-SC (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)	5.85%	I/F I/O	07/25/2038	5,348
398,078	Federal National Mortgage Association, Series 2009-111-EZ	5.00%		01/25/2040	457,259
12,150	Federal National Mortgage Association, Series 2009-111-SE (-1 x 1 Month LIBOR USD + 6.25%, 6.25% Cap)	6.10%	I/F I/O	01/25/2040	1,938
51,830	Federal National Mortgage Association, Series 2009-16-MZ	5.00%		03/25/2029	56,894
48,873	Federal National Mortgage Association, Series 2009-48-WS (-1 x 1 Month LIBOR USD + 5.95%, 5.95% Cap)	5.80%	I/F I/O	07/25/2039	8,650
153,908	Federal National Mortgage Association, Series 2009-62-PS (-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)	5.95%	I/F I/O	08/25/2039	21,301
832,229	Federal National Mortgage Association, Series 2009-77-ZA	4.50%		10/25/2039	911,704
210,454	Federal National Mortgage Association, Series 2009-83-Z	4.50%		10/25/2039	229,555
77,209	Federal National Mortgage Association, Series 2010-101-ZH	4.50%		07/25/2040	82,096
309,729	Federal National Mortgage Association, Series 2010-112-ZA	4.00%		10/25/2040	321,711
184,867	Federal National Mortgage Association, Series 2010-121-SD (-1 x 1 Month LIBOR USD + 4.50%, 4.50% Cap)	4.35%	I/F I/O	10/25/2040	24,790
29,336	Federal National Mortgage Association, Series 2010-137-VS (-3 x 1 Month LIBOR USD + 15.00%, 15.00% Cap)	14.53%	I/F	12/25/2040	45,660
38,120	Federal National Mortgage Association, Series 2010-31-SA (-1 x 1 Month LIBOR USD + 5.00%, 5.00% Cap)	4.85%	I/F I/O	04/25/2040	4,040
42,930	Federal National Mortgage Association, Series 2010-34-PS (-1 x 1 Month LIBOR USD + 4.93%, 4.93% Cap)	4.78%	I/F I/O	04/25/2040	5,015
148,066	Federal National Mortgage Association, Series 2010-35-SP (-1 x 1 Month LIBOR USD + 6.35%, 6.35% Cap)	6.20%	I/F I/O	04/25/2050	25,753
22,723	Federal National Mortgage Association, Series 2010-35-SV (-1 x 1 Month LIBOR USD + 6.45%, 6.45% Cap)	6.30%	I/F I/O	04/25/2040	3,567
1,436,572	Federal National Mortgage Association, Series 2010-37-MY	4.50%		04/25/2040	1,538,492
14,709	Federal National Mortgage Association, Series 2010-59-PS (-1 x 1 Month LIBOR USD + 6.45%, 6.45% Cap)	6.30%	I/F I/O	03/25/2039	207
185,509	Federal National Mortgage Association, Series 2010-59-SC (-1 x 1 Month LIBOR USD + 5.00%, 5.00% Cap)	4.85%	I/F I/O	01/25/2040	30,600
529,288	Federal National Mortgage Association, Series 2010-60-VZ	5.00%		10/25/2039	604,777
157,560	Federal National Mortgage Association, Series 2010-64-EZ	5.00%		06/25/2040	181,899
220,666	Federal National Mortgage Association, Series 2010-7-PE	5.00%		02/25/2040	253,095
90,747	Federal National Mortgage Association, Series 2010-90-GS (-1 x 1 Month LIBOR USD + 6.00%, 6.00% Cap)	5.85%	I/F I/O	08/25/2040	12,434
51,967	Federal National Mortgage Association, Series 2010-99-SG (-5 x 1 Month LIBOR USD + 25.00%, 25.00% Cap)	24.22%	I/F	09/25/2040	92,903
4,255,704	Federal National Mortgage Association, Series 2011-141-PZ	4.00%		01/25/2042	4,624,025
789,904	Federal National Mortgage Association, Series 2011-25-KY	3.00%		04/25/2026	823,720
736,701	Federal National Mortgage Association, Series 2011-29-AL	3.50%		04/25/2031	791,772
808,184	Federal National Mortgage Association, Series 2011-59-MA	4.50%		07/25/2041	905,439
26,787,137	Federal National Mortgage Association, Series 2013-45-LZ	3.00%	>	05/25/2043	29,608,235
34,396,383	Federal National Mortgage Association, Series 2013-6-ZB	3.00%	>	02/25/2043	35,454,309
4,755,717	Federal National Mortgage Association, Series 2014-55-MA	3.00%		10/25/2039	4,843,814
27,560,261	Federal National Mortgage Association, Series 2014-70-VZ	3.00%	>	11/25/2044	30,110,109
9,225,439	Federal National Mortgage Association, Series 2014-73-CZ	3.00%	>	11/25/2044	10,150,030
15,788,456	Federal National Mortgage Association, Series 2015-9-HA	3.00%		01/25/2045	16,993,251
6,843,926	Federal National Mortgage Association, Series 2016-55-EA	1.75%		07/25/2043	7,007,859
5,271,715	Federal National Mortgage Association, Series 2017-46-ZL	3.50%	>	06/25/2057	5,948,693
2,631,487	Federal National Mortgage Association, Series 2017-86-MA	3.00%		04/25/2046	2,757,092
36,539,603	Federal National Mortgage Association, Series 2018-21-IO	3.00%	I/O	04/25/2048	2,773,374
57,488,947	Federal National Mortgage Association, Series 2018-21-PO	0.00%	P/O	04/25/2048	53,705,760
34,766,588	Federal National Mortgage Association, Series 2018-27-JA	3.00%		12/25/2047	36,259,576
25,701,112	Federal National Mortgage Association, Series 2018-35-IO	3.00%	I/O	05/25/2048	1,658,254
98,596,034	Federal National Mortgage Association, Series 2018-35-PO	0.00%	P/O	05/25/2048	94,492,073
35,256,806	Federal National Mortgage Association, Series 2018-36-A	3.00%		06/25/2048	37,089,166
22,116,502	Federal National Mortgage Association, Series 2018-39-AB	3.00%		06/25/2048	23,484,527
8,143,313	Federal National Mortgage Association, Series 2019-67-GA	3.00%		02/25/2045	8,448,153
213,401	Federal National Mortgage Association, Series 400-S4 (-1 x 1 Month LIBOR USD + 5.45%, 5.45% Cap)	5.30%	I/F I/O	11/25/2039	38,282
160,577	Government National Mortgage Association, Pool 752494	5.50%		09/20/2039	176,891
169,350	Government National Mortgage Association, Series 2003-67-SP (-1 x 1 Month LIBOR USD + 7.10%, 7.10% Cap)	6.94%	I/F I/O	08/20/2033	31,605
91,322	Government National Mortgage Association, Series 2008-82-SM (-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)	5.89%	I/F I/O	09/20/2038	11,728
1,235,829	Government National Mortgage Association, Series 2009-32-ZE	4.50%		05/16/2039	1,374,444
1,423,681	Government National Mortgage Association, Series 2009-35-DZ	4.50%		05/20/2039	1,601,596
1,414,557	Government National Mortgage Association, Series 2009-75-GZ	4.50%		09/20/2039	1,573,740
1,733,515	Government National Mortgage Association, Series 2009-75-HZ	5.00%		09/20/2039	1,981,662
4,396,135	Government National Mortgage Association, Series 2010-113-SM (-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)	5.89%	I/F I/O	09/20/2040	861,875
142,676	Government National Mortgage Association, Series 2010-25-ZB	4.50%	>	02/16/2040	161,011
2,924,937	Government National Mortgage Association, Series 2011-45-GZ	4.50%		03/20/2041	3,137,836
7,578,684	Government National Mortgage Association, Series 2011-71-ZA	4.50%		02/20/2041	8,488,084
7,352,650	Government National Mortgage Association, Series 2013-117-MS (-1 x 1 Month LIBOR USD + 6.15%, 6.15% Cap)	5.99%	I/F I/O	02/20/2043	954,642
4,140,342	Government National Mortgage Association, Series 2013-122-SB (-1 x 1 Month LIBOR USD + 6.10%, 6.10% Cap)	5.95%	I/F I/O	08/16/2043	741,226
18,057,449	Government National Mortgage Association, Series 2013-169-SE (-1 x 1 Month LIBOR USD + 6.05%, 6.05% Cap)	5.90%	I/F I/O	11/16/2043	3,584,422
6,229,743	Government National Mortgage Association, Series 2014-102-TS (-1 x 1 Month LIBOR USD + 5.60%, 5.60% Cap)	5.44%	I/F I/O	07/20/2044	1,110,488
5,102,414	Government National Mortgage Association, Series 2014-118-PS (-1 x 1 Month LIBOR USD + 6.20%, 6.20% Cap)	6.04%	I/F I/O	08/20/2044	914,893
4,464,612	Government National Mortgage Association, Series 2014-118-SA (-1 x 1 Month LIBOR USD + 6.20%, 6.20% Cap)	6.04%	I/F I/O	08/20/2044	800,531
Total US Government and Agency Mortgage Backed Obligations (Cost $2,169,388,877)					2,288,408,397

US Government and Agency Obligations - 17.5%
15,800,000	United States Treasury Notes	1.75%	11/30/2021	16,096,250
5,600,000	United States Treasury Notes	0.13%	09/30/2022	5,599,888
88,400,000	United States Treasury Notes	0.13%	09/15/2023	88,320,578
108,900,000	United States Treasury Notes	2.13%	09/30/2024	117,203,625
115,600,000	United States Treasury Notes	2.25%	10/31/2024	125,146,031
65,400,000	United States Treasury Notes	2.75%	02/28/2025	72,622,102
104,650,000	United States Treasury Notes	3.00%	09/30/2025	118,769,575
209,400,000	United States Treasury Notes	0.25%	09/30/2025	209,179,083
23,100,000	United States Treasury Notes	2.63%	01/31/2026	25,925,238
87,900,000	United States Treasury Notes	2.25%	03/31/2026	97,102,031
104,700,000	United States Treasury Notes	1.63%	10/31/2026	112,523,871
25,350,000	United States Treasury Notes	2.25%	08/15/2027	28,436,560
311,900,000	United States Treasury Notes	0.38%	09/30/2027	310,023,610
106,900,000	United States Treasury Notes	2.25%	11/15/2027	120,191,512
155,800,000	United States Treasury Notes	0.63%	08/15/2030	154,911,454
83,000,000	United States Treasury Notes	1.13%	08/15/2040	81,463,203
12,650,000	United States Treasury Notes	2.75%	11/15/2042	16,202,377
68,050,000	United States Treasury Notes	3.13%	02/15/2043	92,226,358
64,050,000	United States Treasury Notes	3.63%	08/15/2043	93,402,914
71,600,000	United States Treasury Notes	2.75%	11/15/2047	93,066,016
64,400,000	United States Treasury Notes	1.38%	08/15/2050	63,021,437
Total US Government and Agency Obligations (Cost $1,915,195,978)				2,041,433,713
Affiliated Mutual Funds - 10.2%
60,545,035	DoubleLine Global Bond Fund (Class I)			645,410,078
45,674,545	DoubleLine Infrastructure Income Fund (Class I)			478,669,229
5,000,000	DoubleLine Long Duration Total Return Bond Fund (Class I)			58,650,000
Total Affiliated Mutual Funds (Cost $1,122,958,174)				1,182,729,307
Common Stocks - 0.0%
72,582	Foresight Equity * Þ			1,164,935
135,690	Frontera Energy Corporation			218,461
39,969	McDermott International Ltd. *			95,927
24,339	Tapstone Energy Holdings III LLC * Þ			16,307
9,463	Weatherford International PLC *			18,453
37,825	Whiting Petroleum Corporation *			653,994
Total Common Stocks (Cost $14,371,667)				2,168,077
Warrants - 0.0%
995,158	OAS S.A., Expiration 5/16/2039, Strike Price BRL 1.00* Þ			-
Total Warrants (Cost $–)				0
Short Term Investments - 4.6%
176,949,518	First American Government Obligations Fund - Class U	0.07% ◆		176,949,518
176,949,518	JP Morgan U.S. Government Money Market Fund - Institutional Share Class	0.07% ◆		176,949,518
176,949,518	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class	0.02% ◆		176,949,518
3,100,000	United States Treasury Bills	0.00%	11/05/2020	3,099,750
Total Short Term Investments (Cost $533,943,927)				533,948,304
Total Investments - 103.0% (Cost $11,689,201,947)				11,988,926,927
Liabilities in Excess of Other Assets - (3.0)%				(345,253,305)
NET ASSETS - 100.0%				$                11,643,673,622

SECURITY TYPE BREAKDOWN as a % of Net Assets:
US Government and Agency Mortgage Backed Obligations	19.7%
US Government and Agency Obligations	17.5%
US Corporate Bonds	14.2%
Non-Agency Residential Collateralized Mortgage Obligations	10.9%
Affiliated Mutual Funds	10.2%
Foreign Corporate Bonds	8.6%
Non-Agency Commercial Mortgage Backed Obligations	7.0%
Short Term Investments	4.6%
Bank Loans	3.5%
Collateralized Loan Obligations	2.9%
Asset Backed Obligations	2.7%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	1.1%
Municipal Bonds	0.1%
Common Stocks	0.0%	~
Warrants	0.0%	~
Other Assets and Liabilities	(3.0)%
	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:
US Government and Agency Mortgage Backed Obligations	19.7%
US Government and Agency Obligations	17.5%
Non-Agency Residential Collateralized Mortgage Obligations	10.9%
Affiliated Mutual Funds	10.2%
Non-Agency Commercial Mortgage Backed Obligations	7.0%
Short Term Investments	4.6%
Banking	4.3%
Collateralized Loan Obligations	2.9%
Asset Backed Obligations	2.7%
Energy	2.7%
Utilities	2.0%
Healthcare	1.3%
Technology	1.3%
Telecommunications	1.3%
Media	1.2%
Finance	1.1%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	1.1%
Pharmaceuticals	1.0%
Food Products	0.9%
Transportation	0.7%
Electronics/Electric	0.7%
Insurance	0.7%
Automotive	0.6%
Real Estate	0.5%
Retailers (other than Food/Drug)	0.5%
Chemicals/Plastics	0.5%
Aerospace & Defense	0.5%
Beverage and Tobacco	0.4%
Diversified Manufacturing	0.4%
Business Equipment and Services	0.4%
Mining	0.4%
Hotels/Motels/Inns and Casinos	0.4%
Food Service	0.3%
Leisure	0.3%
Commercial Services	0.3%
Building and Development (including Steel/Metals)	0.2%
Chemical Products	0.2%
Consumer Products	0.2%
Pulp & Paper	0.2%
Containers and Glass Products	0.2%
Construction	0.2%
Food/Drug Retailers	0.1%
Municipal Bonds	0.1%
Financial Intermediaries	0.1%
Industrial Equipment	0.1%
Environmental Control	0.1%
Conglomerates	0.0%	~
Cosmetics/Toiletries	0.0%	~
Other Assets and Liabilities	(3.0)%
	100.0%

^	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers.
§	The interest rate will step up if the issuer does not redeem the bond on or before a scheduled redemption date in accordance with the terms of the instrument. The interest rate shown is the rate in effect as of September 30, 2020.
†	Perpetual Maturity
W	Security is in default or has failed to make a scheduled payment. Income is not being accrued.
Þ	Value determined using significant unobservable inputs.
#	Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of September 30, 2020.
±	Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of September 30, 2020.
I/O	Interest only security
P/O	Principal only security
ß	The interest rate may step up conditioned upon the aggregate remaining principal balance of the underlying mortgage loans being reduced below a targeted percentage of the aggregate original principal balance of the mortgage loans. The interest rate shown is the rate in effect as of September 30, 2020.
I/F	Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. Interest rate may also be subject to a cap or floor.
*	Non-income producing security
◆	Seven-day yield as of September 30, 2020
BRL	Brazilian Real
~	Represents less than 0.05% of net assets
PIK	A payment-in-kind security in which the issuer may make interest or dividend payments in cash or additional securities. These additional securities generally have the same terms as the original holdings.
>	This U.S. Agency bond accrues interest which is added to the outstanding principal balance. The interest payment will be deferred until all other tranches in the structure are paid off. The rate disclosed is as of September 30, 2020.
&	Unfunded or partially unfunded loan commitment. At September 30, 2020, the value of these securities amounted to $444,572 or 0.0% of net assets.

A summary of the DoubleLine Core Fixed Income Fund’s investments in affiliated mutual funds for the period ended September 30, 2020 is as follows:

Fund	Value at March 31, 2020		Gross Purchases		Gross Sales			Shares Held at September 30, 2020		Value at September 30, 2020		Change in Unrealized for the Period Ended September 30, 2020			Dividend Income Earned in the Period Ended September 30, 2020		Net Realized Gain (Loss) in the Period Ended September 30, 2020
DoubleLine Global Bond Fund (Class I)	$	935,717,064	$	-	$	(330,400,000	)		60,545,035	$	645,410,078	$	37,134,840		$	-	$	2,958,174
DoubleLine Infrastructure Income Fund (Class I)		436,648,648		-		-			45,674,545		478,669,229		42,020,581			7,101,199		-
DoubleLine Long Duration Total Return Bond Fund (Class I)		58,750,000		-		-			5,000,000		58,650,000		(100,000	)		676,160		-
	$	1,431,115,712	$	-	$	(330,400,000	)		111,219,580	$	1,182,729,307	$	79,055,421		$	7,777,359	$	2,958,174

DoubleLine Shiller Enhanced CAPE^®

Schedule of Investments

September 30, 2020 (Unaudited)

Principal Amount         $/Shares		Security Description	Rate			Maturity		Value $
	Asset Backed Obligations - 6.1%
	2,954,057	AASET Ltd., Series 2018-1A-A		3.84	% ^		01/16/2038		2,733,776
	10,220,632	AASET Ltd., Series 2019-2-A		3.38	% ^		10/16/2039		9,600,945
	12,500,000	Affirm Asset Securitization Trust, Series 2020-A-A		2.10	% ^		02/18/2025		12,529,955
	370,301	Avant Loans Funding Trust, Series 2019-A-A		3.48	% ^		07/15/2022		370,721
	4,671,068	Avant Loans Funding Trust, Series 2019-B-A		2.72	% ^		10/15/2026		4,690,086
	12,125,000	CAL Funding IV Ltd., Series 2020-1A-A		2.22	% ^		09/25/2045		12,200,619
	4,156,323	Castlelake Aircraft Securitization Trust, Series 2019-1A-A		3.97	% ^		04/15/2039		3,843,315
	5,205,474	CLI Funding LLC, Series 2019-1A-A		3.71	% ^		05/18/2044		5,314,332
	2,250,000	College Ave Student Loans LLC, Series 2017-A-B		4.50	% ^		11/26/2046		2,374,142
	217,373	CPS Auto Receivables Trust, Series 2019-B-A		2.89	% ^		05/16/2022		217,589
	11,000,000	Credit Suisse ABS Trust, Series 2020-AT1-A		2.63	% ^		10/15/2026		11,036,014
	1,494,236	DRB Prime Student Loan Trust, Series 2017-A-B		3.10	% # ^		05/27/2042		1,554,804
	870,471	DT Auto Owner Trust, Series 2019-2A-A		2.85	% ^		09/15/2022		873,822
	2,203,488	Earnest Student Loan Program, Series 2017-A-A2		2.65	% ^		01/25/2041		2,235,140
	2,956,490	Flagship Credit Auto Trust, Series 2016-4-C		2.71	% ^		11/15/2022		2,969,445
	3,145,198	Flagship Credit Auto Trust, Series 2017-1-C		3.22	% ^		05/15/2023		3,160,333
	4,225,782	Flagship Credit Auto Trust, Series 2017-4-B		2.66	% ^		10/17/2022		4,242,306
	5,687,522	Foundation Finance Trust, Series 2019-1A-A		3.86	% ^		11/15/2034		5,870,543
	101,100	Freed Trust, Series 2019-1-A		3.42	% ^		06/18/2026		101,282
	7,378,867	GAIA Aviation Ltd., Series 2019-1-A		3.97	% ^§		12/15/2044		6,651,148
	5,000,000	Global SC Finance SRL, Series 2020-1A-A		2.17	% ^		10/17/2040		5,008,712
	3,174,384	GLS Auto Receivables Issuer Trust, Series 2019-2A-A		3.06	% ^		04/17/2023		3,204,991
	8,719,013	GLS Auto Receivables Issuer Trust, Series 2020-2A-A		1.58	% ^		08/15/2024		8,805,331
	9,800,000	Hardee’s Funding LLC, Series 2018-1A-A2I		4.25	% ^		06/20/2048		9,893,955
	4,858,434	Helios Issuer LLC, Series 2017-1A-A		4.94	% ^		09/20/2049		5,181,060
	1,840,217	HERO Funding Trust, Series 2016-1A-A		4.05	% ^		09/20/2041		1,912,262
	4,438,172	Horizon Aircraft Finance Ltd., Series 2018-1-A		4.46	% ^		12/15/2038		4,150,236
	20,318,387	Horizon Aircraft Finance Ltd., Series 2019-2-A		3.43	% ^		11/15/2039		18,514,805
	18,478,500	Jimmy Johns Funding LLC, Series 2017-1A-A2II		4.85	% ^		07/30/2047		18,800,329
	681,948	Kabbage Funding LLC, Series 2019-1-A		3.83	% ^		03/15/2024		679,503
	515,396	Laurel Road Prime Student Loan Trust, Series 2017-B-CFX		3.61	% ^		08/25/2042		517,154
	14,037,811	LendingClub Receivables Trust, Series 2020-3-A		3.50	% ^		01/16/2046		14,276,692
	11,526,151	LendingClub Receivables Trust, Series 2020-5A-A		3.50	% ^		03/15/2046		11,719,975
	949,553	Lendingpoint Asset Securitization Trust, Series 2019-1-A		3.15	% ^		08/15/2025		950,184
	5,196,661	Lunar Aircraft Ltd., Series 2020-1A-A		3.38	% ^		02/15/2045		4,772,733
	1,453,491	Marlette Funding Trust, Series 2018-4A-A		3.71	% ^		12/15/2028		1,463,587
	2,651,346	Marlette Funding Trust, Series 2019-3A-A		2.69	% ^		09/17/2029		2,676,762
	1,424,131	Mosaic Solar Loan Trust, Series 2017-1A-A		4.45	% ^		06/20/2042		1,532,161
	10,150,000	Mosaic Solar Loan Trust, Series 2020-2A-B		2.21	% ^		08/20/2046		10,004,370
	4,500,000	Navient Private Education Loan Trust, Series 2018-A-B		3.68	% ^		02/18/2042		4,587,466
	1,059,195	Navient Private Education Refinance Loan Trust, Series 2019-CA-A1		2.82	% ^		04/15/2027		1,065,381
	14,847,941	NP SPE II LLC, Series 2019-2A-A1		2.86	% ^		11/19/2049		14,988,023
	16,000,000	Oxford Finance Funding LLC, Series 2020-1A-A2		3.10	% ^		02/15/2028		16,277,530
	5,607,813	Pagaya AI Debt Selection Trust, Series 2019-2-A1		3.93	% ^		09/15/2026		5,604,029
	9,553,183	Pagaya AI Debt Selection Trust, Series 2019-3-A		3.82	% ^		11/15/2026		9,537,162
	20,622,871	Sapphire Aviation Finance Ltd., Series 2020-1A-A		3.23	% ^		03/15/2040		18,430,825
	20,000,000	SBA Tower Trust		3.17	% ^		04/15/2047		20,259,704
	1,506,779	Sierra Timeshare Receivables Funding LLC, Series 2016-3A-A		2.43	% ^		10/20/2033		1,519,012
	5,493,210	SLM Private Credit Student Loan Trust, Series 2006-A-A5 (3 Month LIBOR USD + 0.29%, 0.29% Floor)		0.54	%		06/15/2039		5,230,226
	357,072	SoFi Consumer Loan Program LLC, Series 2016-1-A		3.26	% ^		08/25/2025		359,450
	156,107	SoFi Consumer Loan Program Trust, Series 2017-1-A		3.28	% ^		01/26/2026		156,384
	163,034	SoFi Consumer Loan Program Trust, Series 2017-2-A		3.28	% ^		02/25/2026		163,343
	152,051	SoFi Consumer Loan Program Trust, Series 2017-3-A		2.77	% ^		05/26/2026		152,898
	173,676	SoFi Consumer Loan Program Trust, Series 2017-5-A2		2.78	% ^		09/25/2026		175,357
	1,932,046	SoFi Consumer Loan Program Trust, Series 2019-1-A		3.24	% ^		02/25/2028		1,951,666
	8,559,015	SoFi Consumer Loan Program Trust, Series 2019-F-PT1		1.87	% # ^		02/15/2045		8,795,125
	2,556,446	SoFi Professional Loan Program, Series 2017-A-A2B		2.40	% ^		03/26/2040		2,586,624
	16,432,253	Springleaf Funding Trust, Series 2017-AA-A		2.68	% ^		07/15/2030		16,459,803
	287,428	Spruce Asset Backed Securities Trust, Series 2016-E1-A		4.32	% ^		06/15/2028		294,668
	1,814,047	START Ireland, Series 2019-1-A		4.09	% ^		03/15/2044		1,706,962
	3,633,252	Start Ltd., Series 2018-1-A		4.09	% ^		05/15/2043		3,344,176
	7,860,000	Taco Bell Funding LLC, Series 2018-1A-A2I		4.32	% ^		11/25/2048		8,066,246
	6,450,000	TAL Advantage VII LLC, Series 2020-1A-A		2.05	% ^		09/20/2045		6,472,022
	3,200,000	Tesla Auto Lease Trust, Series 2019-A-D		3.37	% ^		01/20/2023		3,307,269
	12,622,649	Thunderbolt Aircraft Lease Ltd., Series 2018-A-A		4.15	% ^§		09/15/2038		11,928,454
	1,339,286	Thunderbolt Aircraft Lease Ltd., Series 2018-A-B		5.07	% ^§		09/15/2038		955,371
	4,670,000	Upgrade Receivables Trust, Series 2019-1A-C		5.15	% ^		03/15/2025		4,719,463
	12,080,541	Upstart Pass-Through Trust Series, Series 2020-ST2-A		3.50	% ^		03/20/2028		11,957,492
	2,075,866	Upstart Securitization Trust, Series 2019-1-B		4.19	% ^		04/20/2026		2,082,296
	4,258,382	Upstart Securitization Trust, Series 2019-2-A		2.90	% ^		09/20/2029		4,294,207
	9,684,521	Upstart Securitization Trust, Series 2020-1-A		2.32	% ^		04/22/2030		9,757,937
	5,250,000	Upstart Securitization Trust, Series 2020-1-B		3.09	% ^		04/22/2030		5,187,724
	7,913,333	Vantage Data Centers Issuer LLC, Series 2019-1A-A2		3.19	% ^		07/15/2044		8,099,975
	17,034,988	Wave LLC, Series 2019-1-A		3.60	% ^		09/15/2044		15,625,104
	7,329,220	Willis Engine Structured Trust, Series 2020-A-A		3.23	% ^		03/15/2045		6,078,027
	Total Asset Backed Obligations (Cost $455,843,085)								448,812,520
	Bank Loans - 3.9%
	3,030,354	1011778 B.C. Unlimited Liability Company, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91	%		11/13/2026		2,912,292
	812,097	Acadia Healthcare Company, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		2.66	%		02/16/2023		807,021
	1,511,047	Access CIG LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.75%)		3.91	%		02/27/2025		1,482,012
	867,668	Achilles Acquisition LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		4.19	%		10/13/2025		854,653
	412,454	Advanced Drainage Systems, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		2.44	%		07/31/2026		412,798
	991,302	Agiliti Health, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		3.19	%		10/18/2025		964,041
	1,142,168	Air Methods Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%, 1.00% Floor)		4.50	%		04/22/2024		1,005,822
	1,833,903	Alera Group Intermediate Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		5.07	%		08/01/2025		1,808,687
	1,668,505	AlixPartners LLP, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		2.66	%		04/04/2024		1,631,489
	1,798,685	Alliant Holdings Intermediate LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		3.40	%		05/09/2025		1,769,646
	1,354,763	Allied Universal Holdco LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)		4.41	%		07/10/2026		1,342,786
	928,646	Almonde, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.50%, 1.00% Floor)		4.50	%		06/13/2024		870,838
	315,000	Almonde, Inc., Senior Secured Second Lien Term Loan (6 Month LIBOR USD + 7.25%, 1.00% Floor)		8.25	%		06/16/2025		297,517
	1,690,523	Alterra Mountain Company, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.91	%		09/30/2024		1,636,985
	344,138	Amentum Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)		3.66	%		01/22/2027		340,841
	350,000	American Airlines, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91	%		10/11/2021		258,309
	244,948	American Airlines, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		2.16	%		04/28/2023		202,572
	324,286	American Airlines, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		2.15	%		12/14/2023		268,051
		American Tire Distributors, Inc., Senior Secured First Lien Term Loan
	773,061	(1 Month LIBOR USD + 7.50%, 1.00% Floor, 1 Month LIBOR USD + 13.00%, 1.50% PIK)		8.50	%		09/02/2024		664,279
	93,170	(3 Month LIBOR USD + 7.50%, 1.00% Floor, 1 Month LIBOR USD + 13.00%, 1.50% PIK)		8.50	%		09/02/2024		80,060
	1,680,000	Applied Systems, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%, 1.00% Floor)		4.25	%		09/19/2024		1,673,087
	1,725,000	Aramark Services, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.90	%		03/11/2025		1,656,000
	741,275	Aramark Services, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.90	%		01/15/2027		711,472
	539,033	Arctic Glacier, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%, 1.00% Floor)		4.50	%		03/20/2024		466,398
	1,780,000	Ascend Learning LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.00	%		07/12/2024		1,761,087
	860,000	Asplundh Tree Expert LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.50%)		2.65	%		09/07/2027		860,181
	1,701,429	AssuredPartners, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)		3.66	%		02/12/2027		1,655,243
	790,809	Asurion LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		3.15	%		11/03/2023		780,512
	386,464	Asurion LLC, Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.50%)		6.66	%		07/14/2025		387,872
	796,587	Athenahealth, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.50%)		4.75	%		02/11/2026		787,625
	793,202	Auris Luxembourg III Sarl, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.91	%		07/25/2025		736,357
	671,103	Avantor, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%, 1.00% Floor)		3.25	%		09/16/2024		663,275
	535,880	Avaya, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)		4.40	%		12/16/2024		533,956
	665,690	Avaya, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%, 1.00% Floor)		5.25	%		12/15/2027		651,338
	791,978	Azalea TopCo, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)		3.76	%		07/27/2026		764,758
	1,167,618	Bass Pro Group LLC, Senior Secured First Lien Term Loan (6 Month LIBOR USD + 5.00%, 0.75% Floor)		6.07	%		12/15/2023		1,159,596
	1,212,000	Bausch Health Companies, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.90	%		11/27/2025		1,185,990
	356,301	Bausch Health Companies, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		3.15	%		06/02/2025		349,917
	189,225	Berry Global, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		2.16	%		10/03/2022		187,850
	745,000	BJ’s Wholesale Club, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		2.15	%		02/02/2024		733,400
	1,448,841	Blackhawk Network Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		3.16	%		06/16/2025		1,371,190
	1,741,523	Blackstone CQP Holdco LP, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)		3.73	%		09/30/2024		1,707,564
	1,205,000	Boxer Parent Company, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)		4.40	%		10/02/2025		1,172,820
	1,181,637	Brand Energy & Infrastructure Services, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.25%, 1.00% Floor)		5.25	%		07/30/2024		1,103,814
	1,464,600	Brazos Delaware LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		4.16	%		05/21/2025		1,118,852
	1,022,572	Bright Bidco B.V., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.50%, 1.00% Floor)		4.57	%		06/30/2024		500,795
	1,064,650	Buckeye Partners LP, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.91	%		11/30/2026		1,046,908
	590,000	Cablevision Lightpath LLC, Senior Secured First Lien Term Loan		3.48	% ±		09/29/2027		587,543
		Caesars Resort Collection LLC, Senior Secured First Lien Term Loan
	460,000	(1 Month LIBOR USD + 4.50%)		4.65	%		07/21/2025		446,520
	230,000	(3 Month LIBOR USD + 4.50%)		4.77	%		07/21/2025		223,260
	158,400	Calpine Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		2.16	%		08/12/2026		154,170
	738,131	Calpine Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		2.40	%		04/06/2026		720,088
	385,000	Camelot Finance SA, Senior Secured First Lien Term Loan		4.00	% ±		10/31/2026		383,797
	1,668,970	Camelot US Acquisition Company, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		3.16	%		11/30/2026		1,640,548
	1,757,894	Capri Acquisitions BidCo Ltd., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.00%)		3.26	%		11/01/2024		1,756,795
	438,900	Carnival Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 7.50%, 1.00% Floor)		8.50	%		06/30/2025		446,094
	1,856,117	Castle US Holding Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.75%)		3.97	%		01/29/2027		1,789,501
	986,302	Catalent Pharma Solutions, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%, 1.00% Floor)		3.25	%		05/18/2026		983,836
	1,159,517	Cengage Learning, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 4.25%, 1.00% Floor)		5.25	%		06/07/2023		972,754
	1,698,792	CenturyLink, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		2.41	%		03/15/2027		1,635,852
	1,027,290	Charter NEX US, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		3.41	%		05/16/2024		1,005,676
	827,337	CHG Healthcare Services, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.07	%		06/07/2023		815,001
	1,694,829	CHG PPC Parent LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.91	%		03/31/2025		1,635,510
	732,609	Cincinnati Bell, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)		4.25	%		10/02/2024		733,528
	316,800	Clear Channel Outdoor Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)		3.76	%		08/07/2026		289,536
	890,114	ClubCorporationHoldings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%)		3.06	%		08/16/2024		764,782
	1,419,907	Compass Power Generation LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%, 1.00% Floor)		4.50	%		12/20/2024		1,398,963
	442,775	Connect U.S. Finco LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%, 1.00% Floor)		5.50	%		09/23/2026		430,324
	690,000	Conservice Midco LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.25%)		4.56	%		05/13/2027		683,963
	275,000	Consolidated Communications, Inc., Senior Secured First Lien Term Loan		5.75	% ±		10/18/2027		272,766
	1,510,000	Cornerstone OnDemand, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)		4.41	%		04/22/2027		1,509,373
	669,953	Covia Holdings Corporation, Senior Secured First Lien Term Loan (1 Week LIBOR USD + 3.75%, 1.00% Floor)		8.25	% W		06/02/2025		494,091
	1,169,668	CSC Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		2.40	%		07/17/2025		1,134,677
	458,025	CSC Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		2.40	%		01/15/2026		443,902
	1,075,040	CSM Bakery Solutions LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 6.25%, 1.00% Floor)		7.25	%		01/04/2022		1,004,087
	1,798,486	Cvent, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.91	%		11/29/2023		1,634,689
	509,657	Cyanco Intermediate Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)		3.66	%		03/07/2025		503,924
	1,186,809	Cyxtera DC Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.00	%		05/01/2024		1,029,657
	1,800,000	Datatel, Senior Secured First Lien Term Loan		4.50	% ±		10/06/2027		1,791,000
	208,425	Dealer Tire LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)		4.41	%		12/12/2025		204,257
	1,421,438	Deerfield Holdings Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 1.00% Floor)		4.75	%		04/09/2027		1,416,107
	1,667,688	DentalCorporationPerfect Smile ULC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 1.00% Floor)		4.75	%		06/06/2025		1,580,134
	1,536,889	Diamond B.V., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.00%)		3.26	%		09/06/2024		1,442,754
	696,700	Diamond Sports Group LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		3.41	%		08/24/2026		546,909
	623,804	Digicel International Finance Ltd., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.25%)		3.80	%		05/27/2024		550,510
	855,700	DigiCert Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		4.16	%		10/16/2026		847,010
	1,743,661	Dun & Bradstreet Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.89	%		02/06/2026		1,728,840
	275,405	Dynasty Acquisition Company, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)		3.81	%		04/01/2026		244,668
	512,253	Dynasty Acquisition Company, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)		3.81	%		04/06/2026		455,083
	426,503	Dynatrace LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		2.41	%		08/25/2025		420,639
	1,424,219	EAB Global, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.75%, 1.00% Floor)		4.75	%		11/15/2024		1,367,250
	375,000	ECI Macola, Senior Secured First Lien Term Loan		4.50	% ±		09/17/2027		372,540
	838,006	EG America LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%)		5.07	%		02/06/2025		823,995
	825,234	Elanco Animal Health, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91	%		02/04/2027		803,312
	1,603,423	Envision Healthcare Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.91	%		10/10/2025		1,164,775
	720,460	Equinox Holdings, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.00%, 1.00% Floor)		4.07	%		03/08/2024		559,394
	1,741,378	ESH Hospitality, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		2.16	%		09/18/2026		1,699,289
	1,637,251	Excelitas Technologies Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%, 1.00% Floor)		4.50	%		11/15/2024		1,623,956
	589,793	Exgen Renewables IV LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.00%, 1.00% Floor)		4.00	%		11/29/2024		589,978
	1,538,046	Filtration Group Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		3.15	%		03/31/2025		1,511,615
	2,731,070	Financial & Risk US Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.41	%		10/01/2025		2,706,927
		Flex Acquisition Company Inc, Senior Secured First Lien Term Loan
	823,214	(3 Month LIBOR USD + 3.00%, 1.00% Floor)		4.00	%		12/29/2023		807,010
	67,857	(1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.00	%		12/29/2023		66,521
	785,000	Flex Acquisition Company, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%)		3.55	%		06/20/2025		763,793
	1,326,842	Flexential Intermediate Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)		3.81	%		08/01/2024		1,144,401
	1,390,075	Flexera Software LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%, 1.00% Floor)		4.25	%		02/26/2025		1,383,340
	494,304	Foresight Energy LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 8.00%, 1.50% Floor)		9.50	% Þ		06/30/2027		494,304
	419,731	Forterra Finance LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.00	%		10/25/2023		416,409
	1,760,588	Froneri US, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		2.41	%		01/29/2027		1,696,141
	681,174	Frontdoor, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		2.69	%		08/18/2025		677,768
	1,510,000	Garda World Security Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.75%)		4.90	%		10/30/2026		1,504,904
	587,050	Gardner Denver, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91	%		03/01/2027		568,828
	525,934	Gates Global LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%, 1.00% Floor)		3.75	%		04/01/2024		519,317
	480,000	Gavilan Resources LLC, Senior Secured Second Lien Term Loan (3 Month LIBOR USD + 6.00%, 1.00% Floor)		7.00	% W		03/01/2024		6,000
	2,086,838	Genesys Telecommunications Laboratories, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		3.41	%		02/01/2023		2,085,106
	1,721,350	Gentiva Health Services, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		3.44	%		07/02/2025		1,689,083
	1,179,106	Getty Images, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)		4.69	%		02/19/2026		1,106,002
	725,000	GFL Environmental, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.00%, 1.00% Floor)		4.00	%		05/30/2025		722,916
	1,017,450	Go Daddy Operating Co LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		2.65	%		08/10/2027		1,004,732
	2,131,552	GOBP Holdings Inc, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%)		2.90	%		10/22/2025		2,102,467
		Golden Nugget, Inc., Senior Secured First Lien Term Loan
	979,298	(2 Month LIBOR USD + 2.50%, 0.75% Floor)		3.25	%		10/04/2023		879,718
	835,176	(1 Month LIBOR USD + 2.50%, 0.75% Floor)		3.25	%		10/04/2023		750,251
	1,782,049	GoodRX, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.91	%		10/10/2025		1,753,366
	1,288,976	GrafTech Finance, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%, 1.00% Floor)		4.50	%		02/12/2025		1,277,697
	970,000	Graham Packaging Company, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 0.75% Floor)		4.50	%		08/04/2027		966,232
	636,784	Granite US Holdings Corporation, Senior Secured First Lien Term Loan (6 Month LIBOR USD + 5.25%)		6.32	%		09/30/2026		604,945
	2,378,074	Gray Television, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		2.66	%		01/02/2026		2,342,403
	953,775	GTT Communications, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%)		2.91	%		06/02/2025		826,685
	662,575	Gulf Finance LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.25%, 1.00% Floor)		6.25	%		08/25/2023		470,154
	698,483	Harbor Freight Tools USA, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%, 0.75% Floor)		3.25	%		08/18/2023		689,696
	543,820	Harsco Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%, 1.00% Floor)		3.25	%		12/06/2024		540,193
	463,927	Hayward Industries, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)		3.66	%		08/05/2024		452,765
	1,870,863	HC Group Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)		4.65	%		08/06/2026		1,858,393
	671,500	Hexion, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)		3.80	%		07/01/2026		663,610
	1,427,443	H-Food Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.69%)		3.84	%		05/17/2025		1,391,757
	1,420,886	Hilton Worldwide Finance LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 1.75%)		1.93	%		06/22/2026		1,374,444
	846,342	Houston Foods, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.91	%		06/27/2025		815,484
	2,402,260	Hyland Software, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 0.75% Floor)		4.00	%		07/01/2024		2,395,750
	512,560	Hyland Software, Inc., Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 7.00%, 0.75% Floor)		7.75	%		05/31/2025		511,494
	454,725	IAA, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		2.44	%		06/29/2026		449,041
	742,818	IHeartCommunications, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		3.16	%		05/01/2026		706,606
	1,015,000	Illuminate Buyer LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		4.31	%		06/30/2027		1,008,763
	661,675	Informatica LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		3.41	%		02/25/2027		649,477
	159,468	Intelsat Jackson Holdings S.A., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.50%, 1.00% Floor)		6.50	% &		07/14/2021		162,724
	1,060,545	Intelsat Jackson Holdings S.A., Senior Secured First Lien Term Loan (Prime Rate USD + 4.75%, 1.00% Floor)		8.00	%		11/30/2023		1,069,379
	1,223,296	ION Trading Technologies SARL, Senior Secured First Lien Term Loan (6 Month LIBOR USD + 4.00%, 1.00% Floor)		5.07	%		11/21/2024		1,205,625
	1,782,835	IQVIA, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.00%)		1.91	%		01/17/2025		1,764,454
	1,824,232	IRB Holding Corporation, Senior Secured First Lien Term Loan (6 Month LIBOR USD + 2.75%, 1.00% Floor)		3.75	%		02/05/2025		1,746,446
	1,806,710	IRI Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.25%)		4.41	%		11/07/2025		1,791,470
	2,598,350	Iron Mountain Information Management LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91	%		01/02/2026		2,507,408
	2,382,190	Jaguar Holding Company, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%, 1.00% Floor)		3.50	%		08/18/2022		2,377,092
	2,605,325	JBS USA Lux S.A., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		3.07	%		05/29/2026		2,543,123
	308,897	Jo-Ann Stores LLC, Senior Secured First Lien Term Loan (6 Month LIBOR USD + 5.00%, 1.00% Floor)		6.00	%		10/20/2023		266,907
	550,245	KAR Auction Services, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		2.44	%		09/19/2026		532,362
	898,568	KBR, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.91	%		02/05/2027		891,829
	1,285,288	Kestrel Bidco, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.00%, 1.00% Floor)		4.00	%		08/07/2026		1,120,269
	1,194,981	Kindred Healthcare, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.00%)		5.19	%		06/23/2025		1,183,031
	545,497	Klockner-Pentaplast of America, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 4.25%, 1.00% Floor)		5.25	%		06/30/2022		531,406
	1,512,221	Kronos Acquisition Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%, 1.00% Floor)		5.00	%		08/26/2022		1,506,535
	89,290	Lealand Finance Company BV, Senior Secured First Lien Term Loan		4.15	% ±		06/30/2025		67,861
	2,639,245	Level 3 Financing, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91	%		03/01/2027		2,561,717
	1,705,171	Life Time Fitness, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 2.75%, 1.00% Floor)		3.75	%		06/10/2022		1,559,515
	1,174,571	Lineage Logistics LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.00	%		02/27/2025		1,161,175
	442,589	Lions Gate Capital Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		2.41	%		03/24/2025		428,204
	630,000	LogMeIn, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.75%)		4.91	%		08/31/2027		610,117
	1,407,810	Lower Cadence Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		4.16	%		05/22/2026		1,306,799
	1,464,478	Lucid Energy Group II Borrower LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.00	%		02/18/2025		1,347,320
	842,223	Marriott Ownership Resorts, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91	%		08/29/2025		811,297
	1,215,736	Mavis Tire Express Services Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%)		3.56	%		02/20/2025		1,157,235
	836,360	MED ParentCo LP, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)		4.41	%		08/31/2026		798,423
	209,731	MED ParentCo LP, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)		4.41	% &		08/31/2026		200,217
	1,037,598	Messer Industries LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.50%)		2.81	%		10/01/2025		1,018,013
	1,515,000	Milano Acquisition Corporation, Senior Secured First Lien Term Loan		4.75	% ±		08/17/2027		1,502,691
	735,000	Mileage Plus Holdings LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.25%, 1.00% Floor)		6.25	%		07/30/2027		748,223
	1,757,900	Millennium Trust Company LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.00%)		5.16	%		03/27/2026		1,681,730
	1,611,886	Mister Car Wash Holdings, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.50%)		4.38	%		05/14/2026		1,531,146
	360,000	Mitchell International, Inc., Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 7.25%)		7.40	%		12/01/2025		343,080
	718,214	MLN US HoldCo LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)		4.66	%		07/11/2025		617,216
	57,070	Motion Finco LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%)		4.32	%		11/04/2026		49,993
	434,227	Motion Finco LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%)		4.32	%		11/30/2026		380,383
	1,394,205	MPH Acquisition Holdings LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%, 1.00% Floor)		3.75	%		06/07/2023		1,374,540
	689,884	Nascar Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.89	%		07/27/2026		675,368
	480,150	NCR Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		2.66	%		08/28/2026		470,547
	187,448	Nexstar Broadcasting, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		2.39	%		01/17/2024		183,265
	1,804,570	Numericable U.S. LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		4.15	%		08/14/2026		1,759,609
	348,788	Outcomes Group Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%)		3.81	%		10/24/2025		342,684
	882,788	Pacific Gas and Electric Company, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.50%, 1.00% Floor)		5.50	%		06/23/2025		866,602
	465,000	Packaging Coordinators Midco, Senior Secured First Lien Term Loan		4.50	% ±		09/25/2027		463,549
	657,156	Panther BF Aggregator LP, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)		3.66	%		04/30/2026		641,960
	1,828,129	Parexel International Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.90	%		09/27/2024		1,758,440
	105,605	Pathway Vet Alliance		4.35	% ± &		03/31/2027		104,193
	1,292,898	Pathway Vet Alliance, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		4.16	%		03/31/2027		1,275,605
	522,570	PCI Gaming Authority, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		2.66	%		05/29/2026		509,360
	1,150,301	Penn National Gaming, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%, 0.75% Floor)		3.00	%		10/15/2025		1,121,543
	1,366,406	PetSmart, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		5.00	%		03/10/2022		1,365,429
	525,954	Phoenix Services International LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 1.00% Floor)		4.75	%		03/03/2025		506,231
	735,010	Pisces Midco, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.92	%		04/12/2025		724,562
	610,000	Playtika Holding Corporation, Senior Secured First Lien Term Loan		7.00	% ±		12/10/2024		611,681
	1,136,532	PODS LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%, 1.00% Floor)		3.75	%		12/06/2024		1,115,700
	915,869	PowerTeam Services LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%, 1.00% Floor)		4.25	%		03/06/2025		894,694
	696,782	Prairie ECI Acquiror LP, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.75%)		4.91	%		03/11/2026		631,459
	1,245,588	Pregis Topco LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.91	%		07/31/2026		1,230,485
	294,263	Presidio Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)		3.77	%		01/22/2027		291,137
		Prime Security Services Borrower LLC, Senior Secured First Lien Term Loan		4.25	%		09/14/2026
	550,241	(1 Month LIBOR USD + 3.25%, 1.00% Floor)		4.25	%		09/14/2026		546,114
	255,000	(6 Month LIBOR USD + 3.25%, 1.00% Floor)		4.25	%		09/14/2026		253,087
	255,000	(9 Month LIBOR USD + 3.25%, 1.00% Floor)		4.25	%		09/14/2026		253,087
	510,001	(12 Month LIBOR USD + 3.25%, 1.00% Floor)		4.25	%		09/14/2026		506,177
	873,478	Pro Mach Group, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.92	%		03/07/2025		841,631
	1,815,387	Project Alpha Intermediate Holding, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.50%, 1.00% Floor)		4.50	%		04/26/2024		1,789,290
	516,100	Pug LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)		3.66	%		01/29/2027		458,039
	1,565,000	Radiate Holdco LLC, Senior Secured First Lien Term Loan		3.65	% ±		09/25/2026		1,540,985
	1,829,636	Radiology Partners, Inc., Senior Secured First Lien Term Loan (2 Month LIBOR USD + 4.25%)		5.67	%		07/09/2025		1,760,567
	635,000	Redstone Buyer LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.00%, 1.00% Floor)		6.00	%		09/01/2027		633,413
	1,423,771	RegionalCare Hospital Partners Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.91	%		11/14/2025		1,386,098
	1,695,619	Renaissance Holding Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		3.41	%		06/02/2025		1,639,808
	301,756	RentPath, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 7.00%, 1.00% Floor)		8.00	%		11/30/2020		282,142
	1,737,730	RentPath, Inc., Senior Secured First Lien Term Loan (Prime Rate + 3.75%, 1.00% Floor)		7.00	% W		12/17/2021		1,266,006
	530,000	Reynolds Group Holdings, Inc., Senior Secured First Lien Term Loan		3.40	% ±		02/16/2026		522,050
	1,323,113	Reynolds Group Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.91	%		02/06/2023		1,310,133
	802,988	RP Crown Parent LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.00	%		02/02/2026		795,459
	315,000	Ryan Specialty Group LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 0.75% Floor)		4.00	%		09/01/2027		312,639
	628,385	Sabre GLBL, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		2.15	%		02/22/2024		590,235
	1,429,538	Science Applications International Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.88%)		2.03	%		11/05/2025		1,398,416
	415,158	Science Applications International Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		2.41	%		03/12/2027		411,266
		Scientific Games International, Inc., Senior Secured First Lien Term Loan
	997,736	(6 Month LIBOR USD + 2.75%)		3.06	%		08/14/2024		941,334
	244,080	(1 Month LIBOR USD + 2.75%)		2.90	%		08/14/2024		230,282
	1,561,543	Securus Technologies Holdings, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 4.50%, 1.00% Floor)		5.50	%		06/20/2024		1,300,476
	1,074,493	Sedgwick Claims Management Services, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		3.41	%		11/06/2025		1,038,906
	1,079,034	Select Medical Corporation, Senior Secured First Lien Term Loan (6 Month LIBOR USD + 2.50%)		2.78	%		03/06/2025		1,054,081
	1,710,993	Severin Acquisition LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		3.41	%		07/31/2025		1,666,080
	2,603,700	Sinclair Television Group, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		2.66	%		07/17/2026		2,547,070
	1,237,203	SIWF Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)		5.32	%		06/13/2025		1,192,874
	928,063	Six Flags Theme Parks, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.90	%		04/17/2026		871,223
	645,000	SkyMiles IP Ltd., Senior Secured First Lien Term Loan		3.90	% ±		10/20/2027		650,531
		SMG US Midco 2, Inc., Senior Secured First Lien Term Loan
	415,456	(1 Month LIBOR USD + 2.50%)		2.65	%		01/23/2025		364,043
	1,009,141	(1 Month LIBOR USD + 2.50%)		2.76	%		01/23/2025		884,260
		Solenis International LP, Senior Secured First Lien Term Loan
	1,353,085	(1 Month LIBOR USD + 4.00%)		4.26	%		12/26/2023		1,326,166
	201,671	(3 Month LIBOR USD + 4.00%)		4.26	%		12/26/2023		197,659
	85,000	Solenis International LP, Senior Secured Second Lien Term Loan (3 Month LIBOR USD + 8.50%)		8.76	%		06/18/2024		79,560
	1,546,901	Solera LLC, Senior Secured First Lien Term Loan (2 Month LIBOR USD + 2.75%)		2.94	%		03/03/2023		1,520,905
	1,386,736	Sophia LP, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)		4.25	%		09/30/2022		1,382,693
	1,661,650	Sotera Health Holdings LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.50%, 1.00% Floor)		5.50	%		11/20/2026		1,656,806
	1,926,913	Sound Inpatient Physicians, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.91	%		06/27/2025		1,895,196
	675,193	Southern Graphics, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		3.41	%		12/30/2022		407,141
	1,601,882	SS&C Technologies, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91	%		04/16/2025		1,556,717
	638,203	Staples, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.00%)		5.25	%		04/16/2026		595,322
	814,627	Starfruit US Holdco LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		3.15	%		10/01/2025		791,353
	760,981	Stars Group Holdings B.V., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)		3.81	%		07/10/2025		760,532
	359,100	STG-Fairway Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		4.32	%		01/29/2027		351,918
	401,963	Sunshine Luxembourg VII SARL, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.25%, 1.00% Floor)		5.32	%		07/17/2026		400,487
	1,735,650	Surf Holdings LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)		3.75	%		03/05/2027		1,702,794
	283,441	Syncreon Group Holdings B.V., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.00%)		6.07	%		10/01/2024		272,989
	871,696	TAMKO Building Products LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		3.41	%		05/31/2026		860,800
	837,300	Team Health Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%, 1.00% Floor)		3.75	%		02/06/2024		706,007
	1,235,000	Tech Data Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)		3.64	%		06/26/2025		1,245,343
	530,000	Tech Data Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.50%)		5.64	%		06/30/2025		519,400
	878,363	Telesat LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.91	%		12/07/2026		852,012
	565,725	Terrier Media Buyer, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)		4.41	%		12/12/2026		553,299
	1,635,875	The Edelman Financial Center LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		3.14	%		07/21/2025		1,583,863
	1,765,000	Thyssenkrupp Elevator, Senior Secured First Lien Term Loan (6 Month LIBOR USD + 4.25%)		4.57	%		09/30/2027		1,753,660
	1,345,900	TIBCO Software Inc, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.90	%		06/30/2026		1,317,300
	165,000	TIBCO Software Inc, Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 7.25%)		7.41	%		03/03/2028		162,422
	1,391,359	Titan Acquisition Ltd., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.00%)		3.36	%		03/28/2025		1,318,820
	1,463,023	TKC Holdings, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.75%, 1.00% Floor)		4.75	%		02/01/2023		1,377,531
	1,027,425	T-Mobile USA, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		3.16	%		04/01/2027		1,027,882
	2,228,221	TransDigm, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		2.41	%		05/30/2025		2,110,693
	816,889	Travel Leaders Group LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		4.16	%		01/25/2024		609,179
	270,961	Travelport Finance SARL, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 7.00%, 1.00% Floor)		8.00	%		02/28/2025		261,224
	295,828	Travelport Finance SARL, Senior Secured First Lien Term Loan (6 Month LIBOR USD + 5.00%)		6.07	%		03/18/2026		224,090
	836,399	Trident TPI Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.00%, 1.00% Floor)		4.07	%		10/31/2024		818,103
	774,990	UGI Energy Services LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.91	%		08/13/2026		773,052
	927,103	Ultimate Software Group, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.91	%		05/04/2026		920,794
	1,265,000	Ultimate Software Group, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%, 0.75% Floor)		4.75	%		06/23/2025		1,263,741
	140,000	Ultimate Software Group, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 6.75%, 0.75% Floor)		7.50	%		05/03/2027		143,034
	761,713	United Natural Foods, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)		4.41	%		10/22/2025		744,993
	342,413	Univar Solutions USA, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		2.16	%		07/01/2026		333,799
	463,994	Univision Communications, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 1.00% Floor)		4.75	%		03/13/2026		452,934
	661,675	Upstream Newco, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)		4.66	%		10/22/2026		624,456
	2,598,750	US Foods, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.00%)		3.07	%		09/14/2026		2,495,619
	774,606	USIC Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)		4.25	%		12/08/2023		764,114
	1,838,374	Verscend Holding Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)		4.66	%		08/27/2025		1,826,194
	2,625,000	VICI Properties LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91	%		12/20/2024		2,543,717
	597,445	Victory Capital Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.50%)		2.80	%		07/01/2026		589,729
	625,000	Virgin Media Bristol LLC, Senior Secured First Lien Term Loan		3.41	% ±		01/10/2029		615,919
	2,694,290	Virgin Media Bristol LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		2.65	%		01/31/2028		2,621,140
	453,154	Vistra Operations Company LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91	%		12/15/2025		447,236
	1,778,731	VS Buyer LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		3.40	%		02/26/2027		1,756,497
	1,210,802	Wand NewCo 3, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		4.07	%		02/05/2026		1,171,451
	876,776	Web.Com Group, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.90	%		10/10/2025		851,021
	1,301,875	Whatabrands LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.91	%		08/03/2026		1,277,465
	2,120,083	Wink Holdco, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.00	%		12/02/2024		2,117,168
	1,676,575	Zayo Group Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		3.16	%		03/09/2027		1,630,771
	906,325	Zelis Cost Management Buyer, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.75%)		4.91	%		09/25/2026		901,145
	235,000	Ziggo Financing Partnership, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		2.65	%		04/17/2028		226,775
	Total Bank Loans (Cost $298,312,403)								289,984,161
	Collateralized Loan Obligations - 12.5%
	6,500,000	522 Funding Ltd., Series 2019-1A-A1 (3 Month LIBOR USD + 1.39%, 1.39% Floor)		1.67	% ^		01/18/2033		6,490,400
	250,000	Adams Mill Ltd., Series 2014-1A-D1 (3 Month LIBOR USD + 3.50%)		3.78	% ^		07/15/2026		238,129
	14,000,000	AGL Ltd., Series 2020-3A-A (3 Month LIBOR USD + 1.30%, 1.30% Floor)		1.58	% ^		01/18/2033		13,910,750
	12,250,000	Allegro Ltd., Series 2018-1A-A (3 Month LIBOR USD + 1.10%, 1.10% Floor)		1.38	% ^		06/13/2031		12,041,842
	2,250,000	Anchorage Capital Ltd., Series 2014-3RA-A (3 Month LIBOR USD + 1.05%)		1.30	% ^		01/28/2031		2,236,436
	7,165,000	Anchorage Capital Ltd., Series 2015-6A-AR (3 Month LIBOR USD + 1.27%)		1.55	% ^		07/15/2030		7,129,456
	25,000,000	Anchorage Capital Ltd., Series 2016-9A-AR (3 Month LIBOR USD + 1.37%)		1.65	% ^		07/15/2032		24,914,891
	7,500,000	Anchorage Capital Ltd., Series 2018-1RA-A1 (3 Month LIBOR USD + 0.99%, 0.99% Floor)		1.26	% ^		04/14/2031		7,386,233
	8,800,000	Anchorage Capital Ltd., Series 2020-16A-B (3 Month LIBOR USD + 2.20%, 2.20% Floor)		0.01	% ^		10/20/2031		8,800,000
	12,500,000	Assurant Ltd., Series 2018-2A-A (3 Month LIBOR USD + 1.23%, 1.23% Floor)		1.50	% ^		10/20/2031		12,406,690
	14,868,261	Atlas Senior Loan Fund Ltd., Series 2013-1A-AR (3 Month LIBOR USD + 0.83%)		1.11	% ^		11/17/2027		14,714,280
	2,808,646	Atlas Senior Loan Fund Ltd., Series 2018-10A-A (3 Month LIBOR USD + 1.09%)		1.37	% ^		01/15/2031		2,779,288
	2,000,000	Atlas Senior Loan Fund XI Ltd., Series 2018-11A-B (3 Month LIBOR USD + 1.65%)		1.89	% ^		07/26/2031		1,966,159
	6,498,488	Avery Point Ltd., Series 2015-6A-AR (3 Month LIBOR USD + 1.05%)		1.30	% ^		08/05/2027		6,482,704
	2,500,000	Babson Ltd., Series 2015-2A-DR (3 Month LIBOR USD + 2.95%)		3.22	% ^		10/21/2030		2,343,779
	15,000,000	Ballyrock Ltd., Series 2019-2A-A2 (3 Month LIBOR USD + 2.00%, 2.00% Floor)		2.25	% ^		11/20/2030		15,038,042
	5,000,000	Battalion Ltd., Series 2019-16A-B (3 Month LIBOR USD + 2.00%, 2.00% Floor)		2.27	% ^		12/20/2032		5,001,689
	18,000,000	Battalion Ltd., Series 2020-15A-A1 (3 Month LIBOR USD + 1.35%, 1.35% Floor)		1.62	% ^		01/17/2033		17,933,748
	6,993,698	Benefit Street Partners Ltd., Series 2013-IIIA-A1R (3 Month LIBOR USD + 1.25%)		1.52	% ^		07/20/2029		7,001,064
	10,000,000	Birch Grove Ltd., Series 19A-A (3 Month LIBOR USD + 1.49%)		1.74	% ^		06/16/2031		10,008,332
	10,000,000	Carbone Ltd., Series 2017-1A-A1 (3 Month LIBOR USD + 1.14%)		1.41	% ^		01/21/2031		9,927,500
	5,965,555	Carlyle Global Market Strategies Ltd., Series 2017-1A-A1A (3 Month LIBOR USD + 1.30%)		1.57	% ^		04/21/2031		5,915,316
	30,000,000	CarVal Ltd., Series 2019-2A-A (3 Month LIBOR USD + 1.35%, 1.35% Floor)		1.62	% ^		07/20/2032		29,890,558
	8,350,000	Cathedral Lake Ltd., Series 2015-2A-A1R (3 Month LIBOR USD + 1.31%)		1.59	% ^		07/16/2029		8,334,291
	8,350,000	Cathedral Lake Ltd., Series 2015-3A-AR (3 Month LIBOR USD + 1.32%, 1.32% Floor)		1.60	% ^		07/16/2029		8,308,290
	2,500,000	CBAM Ltd., Series 2019-10A-B (3 Month LIBOR USD + 2.05%, 2.05% Floor)		2.32	% ^		04/20/2032		2,501,364
	301,873	Cent Ltd., Series 2013-19A-A1A (3 Month LIBOR USD + 1.33%)		1.60	% ^		10/29/2025		301,944
	22,000,000	CFIP Ltd., Series 2014-1A-AR (3 Month LIBOR USD + 1.32%)		1.59	% ^		07/13/2029		21,917,500
	10,350,000	CFIP Ltd., Series 2017-1A-A (3 Month LIBOR USD + 1.22%)		1.49	% ^		01/18/2030		10,309,434
	2,000,000	CFIP Ltd., Series 2017-1A-B (3 Month LIBOR USD + 1.65%)		1.92	% ^		01/18/2030		1,976,559
	1,800,000	CIFC Funding Ltd., Series 2014-5A-BR2 (3 Month LIBOR USD + 1.80%, 1.80% Floor)		2.07	% ^		10/17/2031		1,779,750
	14,735,301	Crown Point Ltd., Series 2018-6A-A1 (3 Month LIBOR USD + 1.17%, 1.17% Floor)		1.44	% ^		10/20/2028		14,603,025
	10,000,000	Crown Point Ltd., Series 2020-9A-A (3 Month LIBOR USD + 2.05%, 2.05% Floor)		2.37	% ^		07/14/2032		10,039,483
	5,000,000	Crown Point Ltd., Series 2020-9A-B (3 Month LIBOR USD + 2.69%, 2.69% Floor)		3.01	% ^		07/14/2032		5,012,380
	25,000,000	CVP Ltd., Series 2017-1A-A (3 Month LIBOR USD + 1.34%)		1.61	% ^		07/22/2030		24,919,541
	6,500,000	CVP Ltd., Series 2017-2A-A (3 Month LIBOR USD + 1.19%, 1.19% Floor)		1.46	% ^		01/21/2031		6,456,302
	5,000,000	Dryden Senior Loan Fund, Series 2013-28A-A1LR (3 Month LIBOR USD + 1.20%, 1.20% Floor)		1.48	% ^		08/15/2030		4,977,267
	20,000,000	Elevation Ltd., Series 2018-9A-A1 (3 Month LIBOR USD + 1.12%, 1.12% Floor)		1.40	% ^		07/15/2031		19,729,121
	9,000,000	Elmwood Ltd., Series 2019-2A-B (3 Month LIBOR USD + 2.10%, 2.10% Floor)		2.37	% ^		04/21/2031		9,008,952
	6,000,000	Elmwood Ltd., Series 2020-1A-A (3 Month LIBOR USD + 1.24%, 1.24% Floor)		2.42	% ^		04/15/2033		5,956,069
	8,000,000	Galaxy Ltd., Series 2016-22A-A2R (3 Month LIBOR USD + 0.85%, 0.85% Floor)		1.12	% ^		07/17/2028		7,958,316
	10,000,000	Greywolf Ltd., Series 2018-2A-A1 (3 Month LIBOR USD + 1.18%, 1.18% Floor)		1.45	% ^		10/20/2031		9,939,289
	5,000,000	Gulf Stream Meridian Ltd., Series 2020-IIA-A2A (3 Month LIBOR USD + 2.75%, 2.75% Floor)		3.03	% ^		10/15/2029		5,009,543
	500,000	Halcyon Loan Advisors Funding Ltd., Series 2013-2A-C (3 Month LIBOR USD + 2.70%)		2.95	% ^		08/01/2025		496,272
	250,000	Halcyon Loan Advisors Funding Ltd., Series 2013-2A-D (3 Month LIBOR USD + 3.80%)		4.05	% ^		08/01/2025		201,821
	16,634,309	Halcyon Loan Advisors Funding Ltd., Series 2015-3A-A1R (3 Month LIBOR USD + 0.90%)		1.17	% ^		10/18/2027		16,497,170
	6,500,000	Hayfin Kingsland Ltd., Series 2018-8A-B (3 Month LIBOR USD + 1.48%, 1.48% Floor)		1.75	% ^		04/21/2031		6,366,928
	549,284	Jamestown Ltd., Series 2014-4A-A1AR (3 Month LIBOR USD + 0.69%)		0.97	% ^		07/15/2026		549,304
	1,755,000	Jamestown Ltd., Series 2018-6RA-A1 (3 Month LIBOR USD + 1.15%, 1.15% Floor)		1.39	% ^		04/25/2030		1,747,494
	10,000,000	Kayne Ltd., Series 2020-7A-A1 (3 Month LIBOR USD + 1.20%, 1.20% Floor)		2.61	% ^		04/18/2033		9,915,020
	9,500,000	Kingsland Ltd., Series 2018-8A-A (3 Month LIBOR USD + 1.12%, 1.12% Floor)		1.39	% ^		04/21/2031		9,419,454
	3,349,968	KVK Ltd., Series 2018-1A-A (3 Month LIBOR USD + 0.93%)		1.18	% ^		05/21/2029		3,313,964
	20,000,000	LCM LP, Series 17A-A2RR (3 Month LIBOR USD + 1.15%, 1.15% Floor)		1.43	% ^		10/15/2031		19,666,523
	10,595,000	Madison Park Funding Ltd., Series 2013-11A-AR (3 Month LIBOR USD + 1.16%)		1.42	% ^		07/23/2029		10,569,776
	1,000,000	Madison Park Funding Ltd., Series 2014-15A-CR (3 Month LIBOR USD + 3.45%)		3.69	% ^		01/27/2026		990,000
	3,000,000	Madison Park Funding Ltd., Series 2017-26A-BR (3 Month LIBOR USD + 1.60%)		1.87	% ^		07/29/2030		2,962,500
	21,983,431	Marathon Ltd., Series 2013-5A-A1R (3 Month LIBOR USD + 0.87%)		1.12	% ^		11/22/2027		21,791,076
	4,452,808	Marathon Ltd., Series 2014-7A-A1R (3 Month LIBOR USD + 1.32%)		1.57	% ^		10/28/2025		4,452,027
	8,625,000	Marathon Ltd., Series 2017-9A-A2 (3 Month LIBOR USD + 1.75%)		2.03	% ^		04/16/2029		8,400,034
	4,500,000	Marble Point Ltd., Series 2017-2A-A (3 Month LIBOR USD + 1.18%, 1.18% Floor)		1.45	% ^		12/18/2030		4,443,778
	29,500,000	Marble Point Ltd., Series 2020-1A-A (3 Month LIBOR USD + 1.30%, 1.30% Floor)		1.57	% ^		04/20/2033		29,146,000
	2,000,000	MP Ltd., Series 2013-1A-AR (3 Month LIBOR USD + 1.25%)		1.52	% ^		10/21/2030		1,984,507
	25,000,000	MP Ltd., Series 2013-2A-ARR (3 Month LIBOR USD + 1.28%)		1.52	% ^		07/25/2029		24,871,455
	9,325,590	MP Ltd., Series 2015-2A-AR (3 Month LIBOR USD + 0.91%)		1.16	% ^		10/28/2027		9,261,723
	20,000,000	Nassau Ltd., Series 2018-IA-A (3 Month LIBOR USD + 1.15%)		1.43	% ^		07/15/2031		19,400,000
	8,898,846	Northwoods Capital Ltd., Series 2017-16A-A (3 Month LIBOR USD + 1.27%)		1.55	% ^		11/15/2030		8,883,593
	4,945,603	Ocean Trails, Series 2014-5A-ARR (3 Month LIBOR USD + 1.28%, 1.28% Floor)		1.55	% ^		10/14/2031		4,891,473
	10,000,000	Ocean Trails, Series 2020-10A-B1 (3 Month LIBOR USD + 2.10%, 2.10% Floor)		0.01	% ^		10/15/2031		10,000,000
	15,000,000	OFSI Fund Ltd., Series 2018-1A-A (3 Month LIBOR USD + 1.15%, 1.15% Floor)		1.43	% ^		07/15/2031		14,872,720
	15,000,000	Park Avenue Institutional Advisers Ltd., Series 2016-1A-A1R (3 Month LIBOR USD + 1.20%)		1.46	% ^		08/25/2031		14,923,374
	9,947,266	Race Point Ltd., Series 2015-9A-A1AR (3 Month LIBOR USD + 1.21%)		1.49	% ^		10/15/2030		9,914,732
	3,000,000	Sound Point Ltd., Series 2013-3RA-A (3 Month LIBOR USD + 1.15%, 1.15% Floor)		1.42	% ^		04/18/2031		2,955,000
	4,000,000	Sound Point Ltd., Series 2015-1RA-A (3 Month LIBOR USD + 1.36%, 1.36% Floor)		1.64	% ^		04/15/2030		3,993,858
	10,100,000	Sound Point Ltd., Series 2018-3A-A1A (3 Month LIBOR USD + 1.18%, 1.18% Floor)		1.42	% ^		10/27/2031		10,015,244
	10,500,000	Sound Point Ltd., Series 2019-1A-A (3 Month LIBOR USD + 1.37%, 1.37% Floor)		1.64	% ^		01/20/2032		10,484,250
	10,000,000	Steele Creek Ltd., Series 2014-1RA-A (3 Month LIBOR USD + 1.07%, 1.07% Floor)		1.34	% ^		04/21/2031		9,920,904
	10,000,000	Steele Creek Ltd., Series 2015-1A-AR (3 Month LIBOR USD + 1.26%)		1.51	% ^		05/21/2029		9,931,048
	8,000,000	Steele Creek Ltd., Series 2016-1A-AR (3 Month LIBOR USD + 1.12%, 1.12% Floor)		1.37	% ^		06/16/2031		7,919,653
	10,000,000	Steele Creek Ltd., Series 2017-1A-A (3 Month LIBOR USD + 1.25%)		1.53	% ^		10/15/2030		9,880,127
	6,000,000	Steele Creek Ltd., Series 2018-2A-A (3 Month LIBOR USD + 1.20%, 1.20% Floor)		1.47	% ^		08/18/2031		5,946,877
	10,000,000	Steele Creek Ltd., Series 2019-1A-B (3 Month LIBOR USD + 2.20%, 2.20% Floor)		2.48	% ^		04/15/2032		10,018,070
	18,000,000	Steele Creek Ltd., Series 2019-2A-A1 (3 Month LIBOR USD + 1.36%, 1.36% Floor)		1.64	% ^		07/15/2032		17,830,397
	9,000,000	Steele Creek Ltd., Series 2019-2A-B (3 Month LIBOR USD + 2.25%, 2.25% Floor)		2.53	% ^		07/15/2032		9,002,945
	10,000,000	Symphony Ltd., Series 2014-15A-AR2 (3 Month LIBOR USD + 1.26%, 1.26% Floor)		1.53	% ^		01/17/2032		9,976,061
	10,000,000	Venture Ltd., Series 2014-19A-ARR (3 Month LIBOR USD + 1.26%, 1.26% Floor)		1.54	% ^		01/15/2032		9,937,496
	12,758,646	Venture Ltd., Series 2015-20A-AR (3 Month LIBOR USD + 0.82%)		1.10	% ^		04/15/2027		12,698,989
	8,500,000	Venture Ltd., Series 2017-29A-A (3 Month LIBOR USD + 1.28%)		1.56	% ^		09/09/2030		8,425,604
	10,000,000	Venture Ltd., Series 2018-34A-A (3 Month LIBOR USD + 1.23%, 1.23% Floor)		1.51	% ^		10/15/2031		9,912,508
	3,981,911	Vibrant Ltd., Series 2015-3A-A1RR (3 Month LIBOR USD + 1.25%)		1.52	% ^		10/20/2031		3,940,407
	3,500,000	Vibrant Ltd., Series 2016-5A-B (3 Month LIBOR USD + 2.10%)		2.37	% ^		01/22/2029		3,513,248
	10,000,000	Vibrant Ltd., Series 2018-10A-A1 (3 Month LIBOR USD + 1.20%, 1.20% Floor)		1.47	% ^		10/20/2031		9,914,530
	15,000,000	Wellfleet Ltd., Series 2018-2A-A1 (3 Month LIBOR USD + 1.20%, 1.20% Floor)		1.47	% ^		10/20/2031		14,916,008
	10,000,000	Wellfleet Ltd., Series 2018-3A-A1A (3 Month LIBOR USD + 1.25%, 1.25% Floor)		1.52	% ^		01/20/2032		9,914,012
	17,500,000	Wellfleet Ltd., Series 2020-1A-A1A (3 Month LIBOR USD + 1.31%, 1.31% Floor)		2.49	% ^		04/15/2033		17,381,522
	3,000,000	Whitebox CLO II, Ltd., Series 2020-A-B (3 Month LIBOR USD + 2.25%)		2.49	% ^		10/24/2031		2,964,457
	633,285	WhiteHorse Ltd., Series 2014-1A-AR (3 Month LIBOR USD + 0.90%)		1.15	% ^		05/01/2026		632,758
	6,000,000	Whitehorse Ltd., Series 2018-12A-A (3 Month LIBOR USD + 1.25%, 1.25% Floor)		1.53	% ^		10/15/2031		5,935,500
	14,500,000	Wind River Ltd., Series 2014-2A-AR (3 Month LIBOR USD + 1.14%, 1.14% Floor)		1.42	% ^		01/15/2031		14,355,360
	4,000,000	Wind River Ltd., Series 2019-3A-B (3 Month LIBOR USD + 2.10%)		2.38	% ^		04/15/2031		4,001,456
	1,082,771	Zais Ltd., Series 2014-2A-A1AR (3 Month LIBOR USD + 1.20%)		1.44	% ^		07/27/2026		1,081,470
	Total Collateralized Loan Obligations (Cost $926,194,486)								920,928,183
	Foreign Corporate Bonds - 7.5%
	4,700,000	Adani Ports & Special Economic Zone Ltd.		3.95	%		01/19/2022		4,799,235
	1,400,000	Adani Ports & Special Economic Zone Ltd.		3.38	%		07/24/2024		1,426,360
	900,000	AES Dominicana		7.95	%		05/11/2026		918,009
	400,000	AES Gener S.A.		5.00	%		07/14/2025		414,200
	1,400,000	AES Gener S.A. (5 Year Swap Rate USD + 4.64%)		7.13	%		04/07/2024		1,433,642
	1,200,000	AES Gener S.A. (5 Year Swap Rate USD + 4.64%)		7.13	% ^		04/07/2024		1,228,836
	5,300,000	Alibaba Group Holding Ltd.		2.80	%		06/06/2023		5,583,136
	5,455,000	ANZ New Zealand International Ltd.		1.90	% ^		02/13/2023		5,621,513
	4,185,000	AstraZeneca PLC		2.38	%		11/16/2020		4,195,631
	1,325,000	AstraZeneca PLC		2.38	%		06/12/2022		1,366,807
	4,510,000	AstraZeneca PLC		3.50	%		08/17/2023		4,880,493
	5,926,000	Avolon Holdings Funding Ltd.		3.63	% ^		05/01/2022		5,825,913
	11,750,000	Axiata SPV2 BHD		3.47	%		11/19/2020		11,789,597
	1,600,000	Baidu, Inc.		3.50	%		11/28/2022		1,679,854
	4,800,000	Baidu, Inc.		3.88	%		09/29/2023		5,155,894
	6,500,000	Banco Bradesco S.A.		5.90	%		01/16/2021		6,556,940
	1,500,000	Banco Bradesco S.A.		2.85	% ^		01/27/2023		1,521,090
	1,600,000	Banco BTG Pactual S.A. (5 Year CMT Rate + 5.26%)		7.75	% ^		02/15/2029		1,640,800
	1,400,000	Banco de Credito del Peru (3 Month LIBOR USD + 7.04%)		6.13	%		04/24/2027		1,480,500
	1,500,000	Banco de Reservas de la Republica Dominicana		7.00	%		02/01/2023		1,541,265
	6,300,000	Banco do Brasil S.A. (10 Year CMT Rate + 7.78%)		8.50	% †		04/20/2021		6,311,876
	500,000	Banco Latinoamericano de Comercio Exterior S.A.		2.38	% ^		09/14/2025		507,500
	6,300,000	Banco Mercantil del Norte S.A. (5 Year CMT Rate + 5.04%)		6.88	% †		07/06/2022		6,240,938
	11,000,000	Banco Nacional de Comercio Exterior S.N.C. (5 Year CMT Rate + 3.00%)		3.80	%		08/11/2026		11,011,770
	250,000	Banco Santander (5 Year CMT Rate + 3.00%)		5.95	% ^		10/01/2028		264,094
	400,000	Banco Santander Chile		2.50	%		12/15/2020		402,186
	1,250,000	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand		5.38	% ^		04/17/2025		1,391,569
	4,350,000	Bangkok Bank PCL		4.80	%		10/18/2020		4,358,461
	2,900,000	Bangkok Bank PCL		3.88	%		09/27/2022		3,054,873
	800,000	Banistmo S.A.		3.65	% ^		09/19/2022		811,500
	10,200,000	Banistmo S.A.		3.65	%		09/19/2022		10,346,625
	7,865,000	Bank of Nova Scotia		0.55	%		09/15/2023		7,855,084
	2,870,000	Bank of the Philippine Islands		2.50	%		09/10/2024		2,953,212
	10,180,000	Barclays Bank PLC		2.65	%		01/11/2021		10,221,845
	5,150,000	BAT International Finance PLC		1.67	%		03/25/2026		5,172,900
	4,600,000	BBVA Banco Continental S.A.		5.00	%		08/26/2022		4,926,669
	2,330,000	BBVA Bancomer S.A. (5 Year CMT Rate + 3.00%)		5.35	%		11/12/2029		2,318,350
	2,000,000	BDO Unibank, Inc.		2.63	%		10/24/2021		2,036,273
	4,000,000	BDO Unibank, Inc.		2.95	%		03/06/2023		4,159,884
	4,320,000	BPCE S.A.		2.38	% ^		01/14/2025		4,494,149
	2,600,000	C&W Senior Financing DAC		7.50	%		10/15/2026		2,731,053
	1,750,000	Cemex S.A.B. de C.V.		7.75	%		04/16/2026		1,846,250
	2,600,000	CIMB Bank BHD (3 Month LIBOR USD + 0.78%)		1.05	%		10/09/2024		2,587,663
	10,200,000	CNAC HK Finbridge Company Ltd.		3.50	%		07/19/2022		10,467,463
	1,100,000	CNOOC Finance Ltd.		4.25	%		01/26/2021		1,111,748
	1,000,000	CNOOC Finance Ltd.		3.88	%		05/02/2022		1,044,251
	7,300,000	CNOOC Finance Ltd.		3.00	%		05/09/2023		7,660,175
	9,000,000	CNPC General Capital Ltd.		3.95	%		04/19/2022		9,410,625
	2,100,000	CNPC Overseas Capital Ltd.		4.50	%		04/28/2021		2,142,819
	5,285,000	Commonwealth Bank of Australia		2.75	% ^		03/10/2022		5,478,225
	600,000	Corp Nacional del Cobre de Chile		3.88	%		11/03/2021		616,775
	1,200,000	Corporacion Nacional del Cobre de Chile		3.00	%		07/17/2022		1,241,831
	1,100,000	Credicorp Ltd.		2.75	% ^		06/17/2025		1,115,400
	5,170,000	Credit Suisse Group AG (3 Month LIBOR USD + 1.24%)		1.49	% ^		06/12/2024		5,214,409
	3,400,000	Daimler Finance North America LLC		2.30	% ^		02/12/2021		3,421,025
	850,000	Daimler Finance North America LLC		3.40	% ^		02/22/2022		880,445
	750,000	DBS Group Holdings Ltd.		2.85	%		04/16/2022		774,635
	700,000	DBS Group Holdings Ltd. (3 Month LIBOR USD + 0.62%)		0.86	%		07/25/2022		701,832
	900,000	DBS Group Holdings Ltd. (5 Year Mid Swap Rate USD + 1.59%)		4.52	%		12/11/2028		983,684
	7,500,000	DBS Group Holdings Ltd. (5 Year Swap Rate USD + 2.39%)		3.60	% †		12/29/2049		7,567,238
	960,000	Delek & Avner Tamar Bond Ltd.		4.44	% ^		12/30/2020		960,115
	186,130	Digicel Group Ltd. (PIK 7.00%)		7.00	% ^†		12/01/2021		24,197
	465,957	Digicel Group Ltd. (PIK 8.00%)		5.00	% ^		04/01/2025		165,415
	1,728,543	Empresa Electrica Angamos S.A.		4.88	%		05/25/2029		1,736,857
	2,552,000	Empresa Electrica Guacolda S.A.		4.56	%		04/30/2025		2,099,313
	3,928,038	ENA Norte Trust		4.95	%		04/25/2028		3,962,447
	200,000	ENN Energy Holdings Ltd.		3.25	%		07/24/2022		205,779
	200,000	Equate Petrochemical B.V.		4.25	%		11/03/2026		210,375
	500,000	Export Import Bank of Thailand (3 Month LIBOR USD + 0.85%)		1.11	%		05/23/2024		496,722
	3,100,000	Export Import Bank of Thailand (3 Month LIBOR USD + 0.90%)		1.15	%		11/20/2023		3,090,684
	1,000,000	Geopark Ltd.		6.50	%		09/21/2024		944,000
	650,000	GlaxoSmithKline Capital PLC		3.13	%		05/14/2021		661,189
	9,070,000	GlaxoSmithKline Capital PLC		0.53	%		10/01/2023		9,079,409
	300,000	Global Bank Corporation		4.50	% ^		10/20/2021		307,200
	7,700,000	Global Bank Corporation		4.50	%		10/20/2021		7,884,800
	2,000,000	Grupo Aval Ltd.		4.75	%		09/26/2022		2,050,250
	3,700,000	Grupo Bimbo S.A.B. de C.V.		4.50	%		01/25/2022		3,874,963
	7,510,000	GrupoSura Finance S.A.		5.70	%		05/18/2021		7,762,524
	8,100,000	HPHT Finance Ltd.		2.88	%		11/05/2024		8,453,322
	5,789,000	HSBC Holdings PLC (3 Month LIBOR USD + 1.00%)		1.27	%		05/18/2024		5,770,499
	350,000	Indian Oil Corporation Ltd.		5.63	%		08/02/2021		360,613
	2,200,000	Indian Oil Corporation Ltd.		5.75	%		08/01/2023		2,404,834
	1,424,821	Interoceanica Finance Ltd.		0.00	%		11/30/2025		1,333,989
	35,034	Invepar Holdings		0.00	% W Þ		12/30/2028		1,498
	6,650,000	Inversiones CMPC S.A.		4.50	%		04/25/2022		6,939,375
	700,000	Israel Electric Corporation Ltd.		6.88	%		06/21/2023		803,268
	4,250,000	JD.com, Inc.		3.13	%		04/29/2021		4,298,923
	4,000,000	Korea East-West Power Company Ltd.		1.75	% ^		05/06/2025		4,137,265
	3,550,000	Korea Electric Power Corporation		1.13	% ^		06/15/2025		3,572,542
	4,150,000	Latam Finance Ltd.		6.88	% W		04/11/2024		1,545,875
	5,300,000	LG Chem Ltd.		3.25	%		10/15/2024		5,711,869
	4,920,000	Macquarie Bank Ltd.		2.10	% ^		10/17/2022		5,079,784
	3,000,000	Malayan Banking BHD (3 Month LIBOR USD + 0.80%)		1.08	%		08/16/2024		2,979,240
	8,700,000	Malayan Banking BHD (5 Year Swap Rate USD + 2.54%)		3.91	%		10/29/2026		8,886,310
	6,400,000	MEGlobal Canada ULC		5.00	% ^		05/18/2025		6,929,370
	10,020,000	Mitsubishi UFJ Financial Group, Inc. (3 Month LIBOR USD + 0.86%)		1.10	%		07/26/2023		10,117,933
	10,113,000	Mizuho Financial Group, Inc. (3 Month LIBOR USD + 0.79%)		1.04	%		03/05/2023		10,187,993
	5,200,000	Multibank, Inc.		4.38	%		11/09/2022		5,298,878
	1,110,000	Nacional Financiera S.N.C.		3.38	%		11/05/2020		1,113,164
	4,000,000	NongHyup Bank		1.25	% ^		07/20/2025		4,043,215
	8,961,000	ONGC Videsh Ltd.		2.88	%		01/27/2022		9,043,755
	1,000,000	ONGC Videsh Ltd.		3.75	%		05/07/2023		1,037,633
	1,000,000	Oversea-Chinese Banking Corporation		4.25	%		06/19/2024		1,095,052
	1,900,000	Oversea-Chinese Banking Corporation Ltd. (5 Year CMT Rate + 1.58%)		1.83	% ^		09/10/2030		1,897,581
	2,029,187	Panama Metro Line SP		0.00	% ^		12/05/2022		1,970,868
	7,717,887	Panama Metro Line SP		0.00	%		12/05/2022		7,496,075
	2,273,006	Peru Enhanced Pass-Through Finance Ltd.		0.00	%		06/02/2025		2,153,673
	1,766,000	Perusahaan Listrik Negara PT		5.50	%		11/22/2021		1,855,845
	1,550,000	Petrobras Global Finance B.V.		5.38	%		01/27/2021		1,565,500
	1,500,000	Petronas Capital Ltd.		3.13	%		03/18/2022		1,546,755
	4,105,000	POSCO		2.38	%		11/12/2022		4,208,821
	3,300,000	POSCO		2.38	%		01/17/2023		3,384,497
	1,000,000	POSCO		2.75	%		07/15/2024		1,048,736
	550,000	PSA Treasury Pte Ltd.		2.50	%		04/12/2026		588,547
	1,500,000	Reliance Industries Ltd.		4.50	%		10/19/2020		1,502,685
	10,250,000	Reliance Industries Ltd.		5.40	%		02/14/2022		10,806,037
	5,520,000	Royal Bank of Scotland Group PLC (3 Month LIBOR USD + 1.55%)		1.78	%		06/25/2024		5,546,888
	6,555,000	Santander UK PLC		2.50	%		01/05/2021		6,592,322
	2,515,000	Santander UK PLC		2.10	%		01/13/2023		2,596,133
	4,000,000	Saudi Arabian Oil Company		2.75	%		04/16/2022		4,100,113
	8,200,000	Scotiabank Peru S.A. (3 Month LIBOR USD + 3.86%)		4.50	%		12/13/2027		8,715,575
	1,400,000	SingTel Group Treasury Pte Ltd.		3.25	%		06/30/2025		1,546,118
	2,355,000	SingTel Group Treasury Pte Ltd.		2.38	%		10/03/2026		2,533,009
	5,250,000	Sinochem Overseas Capital Ltd.		4.50	%		11/12/2020		5,276,828
	2,500,000	Sinopec Group Overseas Development Ltd.		2.00	%		09/29/2021		2,526,537
	4,000,000	Sinopec Group Overseas Development Ltd.		2.15	% ^		05/13/2025		4,135,300
	1,000,000	State Grid Overseas Investment Ltd.		3.13	%		05/22/2023		1,054,065
	5,045,000	Sumitomo Mitsui Financial Group, Inc.		2.06	%		07/14/2021		5,114,693
	5,080,000	Sumitomo Mitsui Trust Bank Ltd.		0.80	% ^		09/12/2023		5,093,006
	4,945,000	Takeda Pharmaceutical Ltd.		4.00	%		11/26/2021		5,128,514
	2,400,000	Tecnoglass, Inc.		8.20	%		01/31/2022		2,492,460
	7,250,000	Telefonica Chile S.A.		3.88	%		10/12/2022		7,625,188
	2,000,000	Temasek Financial Ltd.		2.38	%		01/23/2023		2,087,376
	5,000,000	Tencent Holdings Ltd.		1.81	% ^		01/26/2026		5,105,140
	4,942,000	Toronto-Dominion Bank		3.25	%		06/11/2021		5,044,667
	5,350,000	Toronto-Dominion Bank (Secured Overnight Financing Rate + 4.80%)		0.57	%		01/27/2023		5,367,918
	5,130,000	UBS Group Funding Switzerland AG (1 Year CMT Rate + 0.83%)		1.01	% ^		07/30/2024		5,144,794
	4,150,000	Unifin Financiera S.A.B. de C.V.		7.25	%		09/27/2023		3,558,667
	2,750,000	Unifin Financiera S.A.B. de C.V.		7.00	%		01/15/2025		2,256,719
	1,900,000	Union Bank of the Philippines		3.37	%		11/29/2022		1,978,556
	200,000	United Overseas Bank Ltd. (3 Month LIBOR USD + 0.48%)		0.74	%		04/23/2021		200,271
	2,750,000	United Overseas Bank Ltd. (5 Year CMT Rate + 1.50%)		3.75	%		04/15/2029		2,935,041
	2,000,000	United Overseas Bank Ltd. (5 Year Swap Rate USD + 1.65%)		2.88	%		03/08/2027		2,037,030
	5,200,000	United Overseas Bank Ltd. (5 Year Swap Rate USD + 2.24%)		3.50	%		09/16/2026		5,305,378
	3,900,000	UPL Corporation		3.25	%		10/13/2021		3,953,414
	1,500,000	Vedanta Resources Ltd.		7.13	%		05/31/2023		1,144,500
	200,000	Vedanta Resources Ltd.		6.13	%		08/09/2024		141,638
	5,605,000	Volkswagen Group of America Finance LLC		4.00	% ^		11/12/2021		5,815,835
	Total Foreign Corporate Bonds (Cost $538,881,471)								543,738,770
	Foreign Government Bonds, Foreign Agencies and Foreign Government  Sponsored Corporations - 0.6%
	2,600,000	Abu Dhabi Government International Bond		0.75	% ^		09/02/2023		2,600,065
	3,000,000	Abu Dhabi Government International Bond		2.50	% ^		04/16/2025		3,197,880
	1,800,000	Brazilian Government International Bond		2.88	%		06/06/2025		1,815,750
	3,500,000	Colombia Government International Bond		2.63	%		03/15/2023		3,595,883
	3,700,000	Dominican Republic International Bond		7.50	%		05/06/2021		3,820,250
	1,759,000	Indonesia Government International Bond		3.75	%		04/25/2022		1,834,426
	2,130,000	Indonesia Government International Bond		3.38	%		04/15/2023		2,251,751
	500,000	Indonesia Government International Bond		2.95	%		01/11/2023		521,617
	300,000	Malaysia Sovereign Sukuk BHD		3.04	%		04/22/2025		327,287
	2,500,000	Mexico Government International Bond		3.90	%		04/27/2025		2,738,750
	800,000	Perusahaan Penerbit		3.30	%		11/21/2022		840,132
	2,000,000	Perusahaan Penerbit		3.75	%		03/01/2023		2,127,290
	1,500,000	Peruvian Government International Bond		2.39	%		01/23/2026		1,574,250
	4,300,000	Qatar Government International Bond		2.38	%		06/02/2021		4,350,461
	1,600,000	Qatar Government International Bond		4.50	%		01/20/2022		1,678,203
	6,000,000	Saudi Government International Bond		2.38	%		10/26/2021		6,109,668
	4,500,000	Saudi Government International Bond		2.88	%		03/04/2023		4,707,202
	1,700,000	Wakala Global Sukuk BHD		4.65	%		07/06/2021		1,750,706
	Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $44,831,620)								45,841,571
	Non-Agency Commercial Mortgage Backed Obligations - 11.5%
	3,553,000	20 Times Square Trust, Series 2018-20TS-F		3.20	% # ^		05/17/2035		3,271,085
	3,392,000	20 Times Square Trust, Series 2018-20TS-G		3.20	% # ^		05/17/2035		3,035,155
	2,000,000	Arbor Realty Ltd., Series 2019-FL1-B (1 Month LIBOR USD + 1.70%)		1.85	% ^		05/15/2037		1,955,000
	2,000,000	Arbor Realty Ltd., Series 2020-FL1 (1 Month LIBOR USD + 1.80%, 1.80% Floor)		1.95	% ^		02/15/2035		1,944,560
	12,000,000	AREIT Trust, Series 2019-CRE3-C (1 Month LIBOR USD + 1.90%, 1.90% Floor)		2.05	% ^		09/16/2036		11,455,584
	1,251,000	AREIT Trust, Series 2019-CRE3-D (1 Month LIBOR USD + 2.65%, 2.65% Floor)		2.80	% ^		09/14/2036		1,191,182
	9,763,000	Atrium Hotel Portfolio Trust, Series 2018-ATRM-E (1 Month LIBOR USD + 3.40%, 3.40% Floor)		3.55	% ^		06/15/2035		8,427,277
	7,231,000	BAMLL Commercial Mortgage Securities Trust, Series 2019-AHT-D (1 Month LIBOR USD + 2.50%, 2.50% Floor)		2.65	% ^		03/15/2034		6,325,535
	4,952,000	Bancorp Commercial Mortgage Trust, Series 2018-CRE4-D (1 Month LIBOR USD + 2.10%, 0.25% Floor)		2.25	% ^		09/17/2035		4,585,612
	3,711,000	Bancorp Commercial Mortgage Trust, Series 2019-CRE5-D (1 Month LIBOR USD + 2.35%, 2.35% Floor)		2.50	% ^		03/17/2036		3,392,989
	3,705,000	Bancorp Commercial Mortgage Trust, Series 2019-CRE6-E (1 Month LIBOR USD + 2.85%, 2.85% Floor)		3.00	% ^		09/17/2036		3,276,183
	1,174,000	Barclays Commercial Mortgage Securities LLC, Series 2017-DELC-C (1 Month LIBOR USD + 1.20%, 1.20% Floor)		1.35	% ^		08/15/2036		1,099,182
	1,338,000	Barclays Commercial Mortgage Securities LLC, Series 2017-DELC-D (1 Month LIBOR USD + 1.70%, 1.70% Floor)		1.85	% ^		08/15/2036		1,227,191
	17,543,000	Barclays Commercial Mortgage Securities LLC, Series 2017-DELC-F (1 Month LIBOR USD + 3.50%, 3.50% Floor)		3.65	% ^		08/15/2036		15,863,402
	4,779,000	BBCMS Mortgage Trust, Series 2018-BXH-C (1 Month LIBOR USD + 1.50%, 1.50% Floor)		1.65	% ^		10/15/2037		4,421,959
	10,250,000	BBCMS Mortgage Trust, Series 2018-CBM-E (1 Month LIBOR USD + 3.15%, 3.15% Floor)		3.70	% ^		07/15/2037		8,399,564
	15,176,000	BBCMS Mortgage Trust, Series 2018-TALL-F (1 Month LIBOR USD + 3.24%, 3.24% Floor)		3.39	% ^		03/16/2037		13,740,332
	1,160,000	BBCMS Mortgage Trust, Series 2019-BWAY-D (1 Month LIBOR USD + 2.16%, 2.16% Floor)		2.31	% ^		11/25/2034		1,079,385
	11,001,000	BBCMS Mortgage Trust, Series 2019-BWAY-E (1 Month LIBOR USD + 2.85%, 2.85% Floor)		3.00	% ^		11/15/2034		9,572,356
	7,538,000	BB-UBS Trust, Series 2012-TFT-TE		3.68	% # ^		06/07/2030		6,076,066
	2,000,000	BDS Ltd., Series 2019-FL4-B (1 Month LIBOR USD + 1.75%, 1.75% Floor)		1.90	% ^		08/15/2036		1,951,160
	14,962,000	BFLD, Series 2019-DPLO-F (1 Month LIBOR USD + 2.54%, 2.54% Floor)		2.69	% ^		10/16/2034		13,154,728
	9,345,000	BHMS Trust, Series 2018-ATLS-C (1 Month LIBOR USD + 1.90%, 1.90% Floor)		2.05	% ^		07/16/2035		8,535,159
	165,041,500	BHMS Trust, Series 2018-ATLS-XCP		0.00	% # ^ I/O		07/16/2035		1,650
	6,531,000	BHP Trust, Series 2019-BXHP-D (1 Month LIBOR USD + 1.77%, 1.77% Floor)		1.92	% ^		08/15/2036		6,036,027
	7,491,000	Braemar Hotels & Resorts Trust, Series 2018-PRME-E (1 Month LIBOR USD + 2.40%, 2.40% Floor)		2.55	% ^		06/15/2035		6,144,346
	2,608,000	BX Commercial Mortgage Trust, Series 2018-BIOA-D (1 Month LIBOR USD + 1.32%, 1.35% Floor)		1.47	% ^		03/16/2037		2,581,343
	12,515,000	BX Commercial Mortgage Trust, Series 2019-IMC-D (1 Month LIBOR USD + 1.90%, 1.90% Floor)		2.05	% ^		04/17/2034		11,516,829
	6,882,000	BX Commercial Mortgage Trust, Series 2019-IMC-F (1 Month LIBOR USD + 2.90%, 2.90% Floor)		3.05	% ^		04/17/2034		5,897,837
	2,940,107	BX Trust, Series 2017-APPL-E (1 Month LIBOR USD + 3.15%, 3.15% Floor)		3.30	% ^		07/17/2034		2,895,386
	1,680,598	BX Trust, Series 2017-SLCT-D (1 Month LIBOR USD + 2.05%, 2.05% Floor)		2.20	% ^		07/17/2034		1,679,752
	4,119,100	BX Trust, Series 2017-SLCT-E (1 Month LIBOR USD + 3.15%, 3.15% Floor)		3.30	% ^		07/17/2034		4,066,329
	3,159,000	BX Trust, Series 2018-GW-E (1 Month LIBOR USD + 1.97%, 1.97% Floor)		2.12	% ^		05/15/2037		2,900,399
	3,434,000	BX Trust, Series 2018-GW-F (1 Month LIBOR USD + 2.42%, 2.42% Floor)		2.57	% ^		05/15/2037		3,120,880
	1,414,000	BX Trust, Series 2018-GW-G (1 Month LIBOR USD + 2.92%, 2.92% Floor)		3.07	% ^		05/15/2037		1,231,243
	14,456,000	BX Trust, Series 2019-MMP-E (1 Month LIBOR USD + 1.90%, 1.90% Floor)		2.05	% ^		08/15/2036		13,649,980
	9,594,000	BX Trust, Series 2019-OC11-E		4.08	% # ^		12/11/2041		8,733,303
	11,389,000	Carbon Capital Commercial Mortgage Trust, Series 2019-FL2-B (1 Month LIBOR USD + 2.85%, 2.85% Floor)		3.00	% ^		11/18/2021		9,988,599
	48,470,182	CD Commercial Mortgage Trust, Series 2017-CD3-XA		1.16	% # I/O		02/11/2050		2,487,213
	66,454,546	CD Commercial Mortgage Trust, Series 2017-CD4-XA		1.45	% # I/O		05/12/2050		4,069,922
	3,553,000	CF Trust, Series 2019-MF1-E (1 Month LIBOR USD + 2.20%, 2.20% Floor)		3.20	% ^		08/16/2032		3,355,678
	21,160,220	CFCRE Commercial Mortgage Trust, Series 2016-C3-XA		1.16	% # I/O		01/10/2048		957,458
	22,617,418	CFCRE Commercial Mortgage Trust, Series 2016-C4-XA		1.85	% # I/O		05/10/2058		1,641,493
	56,596,447	CFCRE Commercial Mortgage Trust, Series 2017-C8-XA		1.77	% # I/O		06/17/2050		4,164,565
	16,201,000	CFCRE Commercial Mortgage Trust, Series 2017-C8-XB		1.11	% # I/O		06/17/2050		886,535
	39,410,000	CFCRE Commercial Mortgage Trust, Series 2018-TAN-X		1.85	% # ^ I/O		02/17/2033		1,315,100
	532,000	CHT Mortgage Trust, Series 2017-CSMO-E (1 Month LIBOR USD + 3.00%, 3.00% Floor)		3.15	% ^		11/17/2036		500,440
	441,000	CHT Mortgage Trust, Series 2017-CSMO-F (1 Month LIBOR USD + 3.74%, 3.74% Floor)		3.89	% ^		11/15/2036		410,568
	7,632,125	Citigroup Commercial Mortgage Trust, Series 2014-GC25-XA		1.14	% # I/O		10/11/2047		251,388
	641,000	Citigroup Commercial Mortgage Trust, Series 2015-GC27-D		4.57	% # ^		02/12/2048		524,109
	5,335,357	Citigroup Commercial Mortgage Trust, Series 2015-GC27-XA		1.49	% # I/O		02/12/2048		252,324
	1,750,000	Citigroup Commercial Mortgage Trust, Series 2015-GC31-C		4.19	% #		06/12/2048		1,711,256
	19,036,753	Citigroup Commercial Mortgage Trust, Series 2016-GC36-XA		1.41	% # I/O		02/12/2049		998,139
	13,059,167	Citigroup Commercial Mortgage Trust, Series 2016-P3-XA		1.86	% # I/O		04/16/2049		894,921
	13,436,232	Citigroup Commercial Mortgage Trust, Series 2016-P4-XA		2.12	% # I/O		07/10/2049		1,083,758
	13,547,129	Citigroup Commercial Mortgage Trust, Series 2017-P7-XA		1.27	% # I/O		04/15/2050		747,434
	4,865,000	Citigroup Commercial Mortgage Trust, Series 2019-SST2-D (1 Month LIBOR USD + 1.60%, 1.60% Floor)		1.75	% ^		02/15/2036		4,676,167
	7,736,000	Citigroup Commercial Mortgage Trust, Series 2019-SST2-E (1 Month LIBOR USD + 2.00%, 2.00% Floor)		2.15	% ^		02/15/2036		7,416,930
	2,000,000	CLNC Ltd., Series 2019-FL1-B (1 Month LIBOR USD + 1.90%, 1.90% Floor)		2.06	% ^		08/20/2035		1,946,852
	19,958,000	CLNC Ltd., Series 2019-FL1-D (1 Month LIBOR USD + 2.90%, 2.90% Floor)		3.06	% ^		08/17/2035		18,271,090
	5,636,000	Commercial Mortgage Pass-Through Certificates, Series 2012-CR4-D		4.74	% # ^ Þ		10/17/2045		600,223
	8,059,215	Commercial Mortgage Pass-Through Certificates, Series 2013-CR10-XA		0.82	% # I/O		08/10/2046		133,183
	24,487,150	Commercial Mortgage Pass-Through Certificates, Series 2013-CR12-XA		1.29	% # I/O		10/15/2046		713,213
	2,398,685	Commercial Mortgage Pass-Through Certificates, Series 2014-CR17-XA		1.13	% # I/O		05/10/2047		66,256
	233,000	Commercial Mortgage Pass-Through Certificates, Series 2014-CR19-C		4.87	% #		08/10/2047		239,839
	1,876,000	Commercial Mortgage Pass-Through Certificates, Series 2014-FL5-D (1 Month LIBOR USD + 4.00%, 4.00% Floor)		1.55	% ^		10/17/2031		1,600,188
	18,359,513	Commercial Mortgage Pass-Through Certificates, Series 2015-CR22-XA		1.03	% # I/O		03/12/2048		539,065
	33,970,108	Commercial Mortgage Pass-Through Certificates, Series 2015-CR25-XA		0.99	% # I/O		08/12/2048		1,157,491
	37,337,670	Commercial Mortgage Pass-Through Certificates, Series 2015-CR27-XA		1.09	% # I/O		10/13/2048		1,456,109
	5,373,000	Commercial Mortgage Pass-Through Certificates, Series 2015-DC1-C		4.45	% #		02/12/2048		5,127,944
	10,181,912	Commercial Mortgage Pass-Through Certificates, Series 2015-DC1-XA		1.17	% # I/O		02/12/2048		336,757
	47,724,360	Commercial Mortgage Pass-Through Certificates, Series 2015-LC21-XA		0.84	% # I/O		07/10/2048		1,309,208
	1,470,000	Commercial Mortgage Pass-Through Certificates, Series 2015-LC23-C		4.79	% #		10/10/2048		1,477,989
	1,769,000	Commercial Mortgage Pass-Through Certificates, Series 2016-CR28-C		4.79	% #		02/12/2049		1,809,277
	16,978,301	Commercial Mortgage Pass-Through Certificates, Series 2016-DC2-XA		1.14	% # I/O		02/12/2049		706,287
	11,396,000	Commercial Mortgage Pass-Through Certificates, Series 2018-HCLV-D (1 Month LIBOR USD + 2.18%, 2.18% Floor)		2.33	% ^		09/15/2033		10,437,380
	12,389	Credit Suisse Commercial Mortgage Trust, Series 2007-C1-AM		5.42	%		02/17/2040		12,399
	9,929,622	Credit Suisse Mortgage Capital Certificates, Series 2014-USA-X1		0.69	% # ^ I/O		09/17/2037		222,370
	27,358,861	CSAIL Commercial Mortgage Trust, Series 2015-C1-XA		0.98	% # I/O		04/15/2050		810,586
	3,594,304	CSAIL Commercial Mortgage Trust, Series 2016-C6-XA		2.06	% # I/O		01/15/2049		266,316
	1,538,000	CSAIL Commercial Mortgage Trust, Series 2020-C19-C		3.73	% #		03/15/2053		1,533,148
	6,499,000	CSMC Trust, Series 2017-CHOP-E (1 Month LIBOR USD + 3.30%, 3.30% Floor)		3.45	% ^		07/15/2032		5,228,470
	6,650,000	CSMC Trust, Series 2017-LSTK-E		3.44	% # ^		04/07/2033		6,297,257
	6,295,000	CSMC Trust, Series 2020-NET-D		3.83	% # ^		08/15/2037		6,335,856
	3,750,000	DBCG Mortgage Trust, Series 2017-BBG-C (1 Month LIBOR USD + 1.00%, 1.10% Floor)		1.15	% ^		06/16/2034		3,684,833
	9,876,000	DBGS Mortgage Trust, Series 2018-5BP-F (1 Month LIBOR USD + 2.45%, 2.45% Floor)		2.60	% ^		06/15/2033		9,039,129
	18,824,157	Deutsche Bank Commercial Mortgage Trust, Series 2016-C1-XA		1.59	% # I/O		05/10/2049		1,134,502
	2,000,000	Exantas Capital Corporation Ltd., Series 2020-RSO8-B (1 Month LIBOR USD + 1.75%, 1.75% Floor)		1.90	% ^		03/15/2035		1,972,630
	13,253,000	Fontainebleau Miami Beach Trust, Series 2019-FBLU-F		4.09	% # ^		12/12/2036		12,143,789
	14,992,000	Fontainebleau Miami Beach Trust, Series 2019-FBLU-G		4.09	% # ^		12/12/2036		13,257,770
	640,681	FREMF Mortgage Trust, Series 2016-KF22-B (1 Month LIBOR USD + 5.05%, 5.05% Floor)		5.21	% ^		07/25/2023		677,787
	9,365,000	FREMF Mortgage Trust, Series 2018-KC02-C		0.00	% ^ P/O		08/25/2025		6,444,154
	4,430,948	FREMF Mortgage Trust, Series 2018-KF49-B (1 Month LIBOR USD + 1.90%, 1.90% Floor)		2.06	% ^		06/25/2025		4,244,370
	14,819,000	FREMF Mortgage Trust, Series 2019-K99-D		0.00	% ^ P/O		10/25/2052		6,372,487
	4,250,000	GPMT Ltd., Series 2018-FL1-C (1 Month LIBOR USD + 2.15%, 2.15% Floor)		2.31	% ^		11/19/2035		4,063,000
	350,000	Grace Mortgage Trust, Series 2014-GRCE-A		3.37	% ^		06/12/2028		352,187
	13,636,000	Great Wolf Trust, Series 2019-WOLF-F (1 Month LIBOR USD + 3.13%, 3.13% Floor)		3.28	% ^		12/15/2036		11,948,451
	2,000,000	Greystone Commercial Real Estate Notes, Series 2019-FL2-B (1 Month LIBOR USD + 1.60%, 1.60% Floor)		1.75	% ^		09/15/2037		1,952,000
	810,000	Greystone Commercial Real Estate Notes, Series 2019-FL2-C (1 Month LIBOR USD + 2.00%, 2.00% Floor)		2.15	% ^		09/15/2037		783,432
	3,903,000	Greystone Commercial Real Estate Notes, Series 2019-FL2-D (1 Month LIBOR USD + 2.40%, 2.40% Floor)		2.56	% ^		09/15/2037		3,662,966
	12,469,000	GS Mortgage Securities Corporation Trust, Series 2012-ALOH-A		3.55	% ^		04/12/2034		12,588,343
	3,887,228	GS Mortgage Securities Corporation, Series 2014-GC24-XA		0.87	% # I/O		09/12/2047		92,668
	32,945,718	GS Mortgage Securities Corporation, Series 2015-GC32-XA		0.89	% # I/O		07/10/2048		989,340
	1,518,000	GS Mortgage Securities Corporation, Series 2018-LUAU-E (1 Month LIBOR USD + 2.55%, 2.55% Floor)		2.70	% ^		11/15/2032		1,326,908
	5,000,000	GS Mortgage Securities Corporation, Series 2018-TWR-E (1 Month LIBOR USD + 2.10%, 2.10% Floor)		2.25	% ^		07/15/2031		4,637,001
	5,000,000	GS Mortgage Securities Corporation, Series 2018-TWR-F (1 Month LIBOR USD + 2.80%, 2.80% Floor)		2.95	% ^		07/15/2031		4,551,571
	5,000,000	GS Mortgage Securities Corporation, Series 2018-TWR-G (1 Month LIBOR USD + 3.92%, 3.98% Floor)		4.08	% ^		07/15/2031		4,422,670
	13,059,000	GS Mortgage Securities Corporation, Series 2019-SOHO-E (1 Month LIBOR USD + 1.87%, 1.87% Floor)		2.03	% ^		06/16/2036		12,305,934
	8,000,000	GS Mortgage Securities Corporation, Series 2019-SOHO-F (1 Month LIBOR USD + 2.20%, 2.20% Floor)		2.35	% ^		06/16/2036		6,843,799
	2,030,000	GS Mortgage Securities Trust, Series 2014-GC26-D		4.66	% # ^		11/13/2047		1,266,190
	8,838,662	GS Mortgage Securities Trust, Series 2015-GS1-XA		0.92	% # I/O		11/10/2048		300,155
	19,458,556	GS Mortgage Securities Trust, Series 2016-GS2-XA		1.79	% # I/O		05/12/2049		1,195,427
	29,099,960	GS Mortgage Securities Trust, Series 2016-GS3-XA		1.36	% # I/O		10/13/2049		1,540,729
	887,000	GS Mortgage Securities Trust, Series 2018-GS10-WLSA		5.07	% # ^		07/12/2051		872,333
	1,760,000	GS Mortgage Securities Trust, Series 2018-GS10-WLSB		5.07	% # ^		07/12/2051		1,688,241
	2,391,000	GS Mortgage Securities Trust, Series 2018-GS10-WLSC		5.07	% # ^		07/12/2051		2,253,972
	2,314,000	GS Mortgage Securities Trust, Series 2018-GS10-WLSD		5.07	% # ^		07/12/2051		2,068,370
	2,893,000	GS Mortgage Securities Trust, Series 2018-GS10-WLSE		5.07	% # ^		07/12/2051		2,497,202
	12,284,000	GS Mortgage Securities Trust, Series 2019-SMP-E (1 Month LIBOR USD + 2.60%, 2.60% Floor)		2.75	% ^		08/16/2032		10,914,512
	6,838,000	GS Mortgage Securities Trust, Series 2019-SMP-F (1 Month LIBOR USD + 3.10%, 3.10% Floor)		3.25	% ^		08/16/2032		5,339,739
	14,505,000	GSCG Trust, Series 2019-600C-E		4.12	% # ^		09/06/2034		14,207,256
	15,347,000	Hawaii Hotel Trust, Series 2019-MAUI-G (1 Month LIBOR USD + 3.15%, 3.15% Floor)		3.30	% ^		05/17/2038		13,158,364
	1,064,651	HPLY Trust, Series 2019-HIT-D (1 Month LIBOR USD + 2.00%, 2.00% Floor)		2.15	% ^		11/17/2036		999,272
	1,944,894	HPLY Trust, Series 2019-HIT-E (1 Month LIBOR USD + 2.35%, 2.35% Floor)		2.50	% ^		11/17/2036		1,793,776
	10,609,630	HPLY Trust, Series 2019-HIT-F (1 Month LIBOR USD + 3.15%, 3.15% Floor)		3.30	% ^		11/17/2036		9,253,454
	8,000,000	Hunt Ltd., Series 2017-FL1-C (1 Month LIBOR USD + 2.40%)		2.55	% ^		08/17/2034		7,622,312
	4,916,390	IMT Trust, Series 2017-APTS-EFL (1 Month LIBOR USD + 2.15%, 2.15% Floor)		2.30	% ^		06/15/2034		4,790,186
	275,643	IMT Trust, Series 2017-APTS-FFL (1 Month LIBOR USD + 2.85%, 2.85% Floor)		3.00	% ^		06/15/2034		250,610
	6,339,000	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2014-C20-B		4.40	% #		07/15/2047		6,632,099
	21,197,672	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2015-JP1-XA		1.19	% # I/O		01/15/2049		660,433
	291,022	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2017-FL10-D (1 Month LIBOR USD + 1.90%, 1.90% Floor)		2.05	% ^		06/15/2032		279,721
	4,932,000	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2018-LAQ-C (1 Month LIBOR USD + 1.60%, 1.60% Floor)		1.75	% ^		06/15/2032		4,647,063
	690,400	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2018-LAQ-D (1 Month LIBOR USD + 2.10%, 2.30% Floor)		2.28	% ^		06/15/2032		648,425
	1,826,400	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2018-LAQ-E (1 Month LIBOR USD + 3.00%, 3.35% Floor)		3.18	% ^		06/15/2035		1,697,354
	967,841	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2006-LDP9-AMS		5.34	%		05/15/2047		764,595
	36,031,347	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4-XA		0.82	% # I/O		12/17/2049		1,007,173
	3,776,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-WIKI-E		4.14	% # ^		10/05/2031		3,344,914
	5,245,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-WPT-EFX		5.54	% ^		07/08/2033		5,124,188
	4,216,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-UES-C		4.34	% ^		05/05/2032		4,240,651
	4,314,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-UES-D		4.60	% # ^		05/05/2032		4,258,768
	5,040,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-UES-E		4.60	% # ^		05/05/2032		4,856,307
	5,287,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-UES-F		4.60	% # ^		05/05/2032		4,854,931
	5,775,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-UES-G		4.60	% # ^		05/05/2032		5,136,949
	11,575,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2020-NNN-EFX		3.97	% ^		01/16/2037		11,114,557
	5,475,035	JPMBB Commercial Mortgage Securities Trust, Series 2014-C18-XA		0.99	% # I/O		02/15/2047		122,119
	500,000	JPMBB Commercial Mortgage Securities Trust, Series 2014-C23-C		4.62	% #		09/15/2047		501,650
	360,000	JPMBB Commercial Mortgage Securities Trust, Series 2014-C23-D		4.12	% # ^		09/17/2047		309,838
	18,614,300	JPMBB Commercial Mortgage Securities Trust, Series 2014-C25-XA		1.00	% # I/O		11/18/2047		541,414
	1,303,000	JPMBB Commercial Mortgage Securities Trust, Series 2014-C26-C		4.52	% #		01/17/2048		1,341,038
	5,287,890	JPMBB Commercial Mortgage Securities Trust, Series 2015-C27-D		3.94	% # ^		02/18/2048		4,201,913
	125,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C29-C		4.35	% #		05/15/2048		118,150
	18,806,754	JPMBB Commercial Mortgage Securities Trust, Series 2015-C29-XA		0.83	% # I/O		05/15/2048		485,581
	26,038,771	JPMBB Commercial Mortgage Securities Trust, Series 2015-C30-XA		0.65	% # I/O		07/15/2048		549,970
	11,332,453	JPMBB Commercial Mortgage Securities Trust, Series 2015-C31-XA		1.03	% # I/O		08/17/2048		390,945
	20,507,925	JPMBB Commercial Mortgage Securities Trust, Series 2015-C32-XA		1.43	% # I/O		11/15/2048		638,233
	580,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C33-C		4.77	% #		12/17/2048		612,061
	9,040,000	JPMCC Commercial Mortgage Securities Trust, Series 2019-MFP-E (1 Month LIBOR USD + 2.10%, 2.16% Floor)		2.31	% ^		07/15/2036		8,526,828
	1,712,000	JPMCC Commercial Mortgage Securities Trust, Series 2019-MFP-F (1 Month LIBOR USD + 3.00%, 3.00% Floor)		3.15	% ^		07/15/2036		1,602,578
	10,000,000	LCCM, Series 2017-LC26-C		4.71	% ^		07/12/2050		9,558,862
	1,000,000	LoanCore Issuer Ltd., Series 2018-CRE1-C (1 Month LIBOR USD + 2.55%, 2.55% Floor)		2.70	% ^		05/15/2028		962,500
	1,000,000	LoanCore Issuer Ltd., Series 2018-CRE1-D (1 Month LIBOR USD + 2.95%, 2.95% Floor)		3.10	% ^		05/15/2028		945,000
	2,000,000	LoanCore Issuer Ltd., Series 2019-CRE2-B (1 Month LIBOR USD + 1.70%, 1.70% Floor)		1.85	% ^		05/15/2036		1,925,000
	8,883,308	LSTAR Commercial Mortgage Trust, Series 2016-4-XA		1.92	% # ^ I/O		03/12/2049		462,469
	80,829,030	LSTAR Commercial Mortgage Trust, Series 2017-5-X		1.15	% # ^ I/O		03/11/2050		2,677,672
	2,512,000	Marathon CRE, Series 2018-FL1-C (1 Month LIBOR USD + 2.60%, 2.60% Floor)		2.75	% ^		06/15/2028		2,395,192
	15,958,000	MBRT, Series 2019-MBR-F (1 Month LIBOR USD + 2.55%, 2.55% Floor)		2.70	% ^		11/17/2036		13,838,187
	11,933,000	MFT Trust, Series 2020-ABC-D		3.59	% # ^		02/12/2042		11,117,834
	3,575,000	MKT Mortgage Trust, Series 2020-525M-F		3.04	% # ^		02/12/2040		3,242,865
	10,600,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-CKSV-CK		4.30	% # ^		10/18/2030		8,008,171
	3,494,296	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C12-XA		0.75	% # I/O		10/15/2046		51,350
	14,896,231	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7-XA		1.47	% # I/O		02/16/2046		372,290
	5,802,388	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C14-XA		1.14	% # I/O		02/15/2047		114,838
	500,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C18-C		4.67	% #		10/15/2047		490,218
	120,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C20-C		4.61	% #		02/15/2048		121,926
	18,823,146	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C28-XA		1.35	% # I/O		01/15/2049		880,893
	2,330,000	Morgan Stanley Capital Trust, Series 2017-ASHF-D (1 Month LIBOR USD + 2.20%, 2.20% Floor)		2.35	% ^		11/15/2034		1,970,211
	8,494,000	Morgan Stanley Capital Trust, Series 2017-ASHF-E (1 Month LIBOR USD + 3.15%, 3.15% Floor)		3.30	% ^		11/15/2034		6,945,977
	1,683,000	Morgan Stanley Capital Trust, Series 2017-ASHF-F (1 Month LIBOR USD + 4.35%, 4.35% Floor)		4.50	% ^		11/15/2034		1,229,931
	2,935,000	Morgan Stanley Capital Trust, Series 2018-SUN-D (1 Month LIBOR USD + 1.65%, 1.65% Floor)		2.05	% ^		07/16/2035		2,745,094
	4,380,000	Morgan Stanley Capital Trust, Series 2018-SUN-F (1 Month LIBOR USD + 2.55%, 2.55% Floor)		2.95	% ^		07/16/2035		4,092,511
	2,935,000	Morgan Stanley Capital Trust, Series 2018-SUN-G (1 Month LIBOR USD + 3.05%, 3.05% Floor)		3.45	% ^		07/16/2035		2,639,441
	711,000	Morgan Stanley Capital Trust, Series 2019-NUGS-F (1 Month LIBOR USD + 2.84%, 4.34% Floor)		4.34	% ^		12/15/2036		636,232
	13,327,000	Morgan Stanley Capital Trust, Series 2019-PLND-E (1 Month LIBOR USD + 2.15%, 2.15% Floor)		2.30	% ^		05/15/2036		11,532,465
	1,331,000	Morgan Stanley Capital Trust, Series 2019-PLND-F (1 Month LIBOR USD + 2.80%, 2.80% Floor)		2.95	% ^		05/15/2036		1,116,602
	5,166,962	Motel 6 Trust, Series 2017-MTL6-D (1 Month LIBOR USD + 2.15%, 2.15% Floor)		2.30	% ^		08/15/2034		5,038,375
	5,336,278	Motel 6 Trust, Series 2017-MTL6-F (1 Month LIBOR USD + 4.25%, 4.25% Floor)		4.40	% ^		08/15/2034		5,222,024
	9,940,000	Natixis Commercial Mortgage Securities Trust, Series 2018-FL1-C (1 Month LIBOR USD + 2.20%, 2.20% Floor)		2.36	% ^		06/15/2035		9,051,286
	8,191,000	Natixis Commercial Mortgage Securities Trust, Series 2020-2PAC-AMZ1		3.62	% # ^		01/15/2037		8,116,360
	4,742,000	Natixis Commercial Mortgage Securities Trust, Series 2020-2PAC-AMZ2		3.62	% # ^		01/15/2037		4,558,495
	4,426,000	Natixis Commercial Mortgage Securities Trust, Series 2020-2PAC-AMZ3		3.62	% # ^		01/15/2037		4,108,013
	4,665,000	Natixis Commercial Mortgage Securities Trust, Series 2020-2PAC-MSK1		3.36	% # ^		12/17/2036		4,550,171
	4,414,000	Natixis Commercial Mortgage Securities Trust, Series 2020-2PAC-MSK2		3.36	% # ^		12/17/2036		4,161,163
	2,623,000	Natixis Commercial Mortgage Securities Trust, Series 2020-2PAC-MSK3		3.36	% # ^		12/17/2036		2,361,108
	12,315,000	New York Mortgage Trust, Series 2019-NYT-D (1 Month LIBOR USD + 2.00%, 2.00% Floor)		2.15	% ^		12/15/2035		12,008,780
	11,000,000	NLY Commercial Mortgage Trust, Series 2019-FL2-B (1 Month LIBOR USD + 1.90%, 1.90% Floor)		2.05	% ^		02/15/2036		10,901,000
	12,477,899	One Market Plaza Trust, Series 2017-1MKT-E		4.14	% ^		02/10/2032		12,674,685
	33,646,924	SLIDE, Series 2018-FUN-XCP		0.98	% # ^ I/O		12/15/2020		68,825
	459,000	STWD Ltd., Series 2019-FL1-C (1 Month LIBOR USD + 1.95%, 1.95% Floor)		2.10	% ^		07/15/2038		449,132
	14,307,000	STWD Ltd., Series 2019-FL1-D (1 Month LIBOR USD + 2.35%, 2.35% Floor)		2.50	% ^		07/15/2038		13,820,562
	8,426,455	Tharaldson Hotel Portfolio Trust, Series 2018-THL-E (1 Month LIBOR USD + 3.18%, 3.10% Floor)		3.34	% ^		11/13/2034		7,115,825
	2,034,000	UBS Commercial Mortgage Trust, Series 2017-C1-XB		1.05	% # I/O		06/17/2050		112,673
	84,663,829	UBS Commercial Mortgage Trust, Series 2018-C13-XA		0.91	% # I/O		10/17/2051		4,077,266
	6,009,000	UBS Commercial Mortgage Trust, Series 2018-C8-C		4.86	% #		02/17/2051		5,899,369
	1,067,000	UBS Commercial Mortgage Trust, Series 2018-C9-C		5.05	% #		03/15/2051		1,049,410
	187,000	UBS Commercial Mortgage Trust, Series 2018-NYCH-G (1 Month LIBOR USD + 4.84%, 4.84% Floor)		4.99	% ^		02/18/2032		157,572
	6,127,877	VMC Finance LLC, Series 2019-FL3-D (1 Month LIBOR USD + 2.65%, 2.65% Floor)		2.80	% ^		09/15/2036		5,642,806
	572,000	Wells Fargo Commercial Mortgage Trust, Series 2014-LC16-D		3.94	% ^		08/17/2050		336,369
	540,000	Wells Fargo Commercial Mortgage Trust, Series 2014-LC18-B		3.96	%		12/17/2047		575,797
	11,596,892	Wells Fargo Commercial Mortgage Trust, Series 2015-C27-XA		1.03	% # I/O		02/18/2048		362,355
	52,676,249	Wells Fargo Commercial Mortgage Trust, Series 2015-C30-XA		1.04	% # I/O		09/17/2058		1,945,824
	25,935,208	Wells Fargo Commercial Mortgage Trust, Series 2015-NXS2-XA		0.81	% # I/O		07/17/2058		700,095
	1,150,000	Wells Fargo Commercial Mortgage Trust, Series 2015-NXS4-E		3.82	% # ^		12/17/2048		848,349
	954,000	Wells Fargo Commercial Mortgage Trust, Series 2016-C32-C		4.88	% #		01/17/2059		947,243
	4,381,000	Wells Fargo Commercial Mortgage Trust, Series 2016-C33-D		3.12	% ^		03/17/2059		3,791,975
	13,771,385	Wells Fargo Commercial Mortgage Trust, Series 2016-C33-XA		1.87	% # I/O		03/15/2059		843,672
	75,980,735	Wells Fargo Commercial Mortgage Trust, Series 2017-C38-XA		1.19	% # I/O		07/15/2050		4,119,964
	71,721,768	Wells Fargo Commercial Mortgage Trust, Series 2020-C57-XA		2.24	% # I/O		08/15/2053		11,392,228
	3,255,959	WF-RBS Commercial Mortgage Trust, Series 2014-C19-XA		1.19	% # I/O		03/15/2047		80,033
	7,721,133	WF-RBS Commercial Mortgage Trust, Series 2014-C21-XA		1.19	% # I/O		08/16/2047		240,428
	28,438,159	WF-RBS Commercial Mortgage Trust, Series 2016-NXS6-XA		1.76	% # I/O		11/18/2049		1,743,362
	Total Non-Agency Commercial Mortgage Backed Obligations (Cost $945,336,138)								851,265,292
	Non-Agency Residential Collateralized Mortgage Obligations - 13.7%
	5,658,207	Ajax Mortgage Loan Trust, Series 2018-C-A		4.36	% # ^		10/25/2021		5,762,751
	18,395,101	Ajax Mortgage Loan Trust, Series 2019-C-A		3.95	% # ^		10/25/2058		18,502,826
	6,507,879	Alternative Loan Trust, Series 2005-49CB-A6		5.50	%		11/25/2035		5,957,876
	9,725,255	Alternative Loan Trust, Series 2005-62-1A1 (1 Month LIBOR USD + 0.30%, 0.30% Floor)		0.45	%		12/25/2035		8,259,974
	7,513,141	Alternative Loan Trust, Series 2006-36T2-1A3		5.75	%		12/25/2036		4,723,355
	9,193,139	Alternative Loan Trust, Series 2007-12T1-A5		6.00	%		06/25/2037		6,810,979
	5,912,159	Alternative Loan Trust, Series 2007-8CB-A1		5.50	%		05/25/2037		4,635,768
	2,572,288	American Home Mortgage Investment Trust, Series 2004-2-M1 (1 Month LIBOR USD + 0.90%, 0.06% Floor, 11.00% Cap)		1.05	%		02/25/2044		2,430,304
	1,650,000	Angel Oak Mortgage Trust LLC, Series 2020-6-A3		1.78	% # ^		09/25/2023		1,662,360
	9,339,812	Angel Oak Mortgage Trust, Series 2020-2-A1A		2.53	% # ^		05/25/2023		9,527,211
	11,272,977	Angel Oak Mortgage Trust, Series 2020-4-A1		1.47	% # ^		07/25/2023		11,337,433
	3,336,581	Arroyo Mortgage Trust, Series 2019-1-A1		3.81	% # ^		01/25/2049		3,446,488
	2,111,949	Arroyo Mortgage Trust, Series 2019-2-A2		3.50	% # ^		04/25/2049		2,185,492
	13,447,845	Arroyo Mortgage Trust, Series 2019-3-A3		3.42	% # ^		10/25/2048		13,720,745
	1,383,042	Banc of America Funding Corporation, Series 2005-B-3M1 (1 Month LIBOR USD + 0.68%, 0.45% Floor, 11.00% Cap)		0.83	%		04/20/2035		1,380,320
	1,945,096	Banc of America Funding Corporation, Series 2006-7-T2A1		5.88	% #		10/25/2036		1,902,298
	2,996,862	Banc of America Funding Corporation, Series 2015-R2-9A2		0.45	% ^ ±		03/27/2036		2,795,752
	1,933,470	Banc of America Mortgage Securities Trust, Series 2005-I-2A5		3.35	% #		10/25/2035		1,921,778
	5,209,395	Banc of America Mortgage Securities Trust, Series 2007-3-1A1		6.00	%		09/25/2037		5,200,878
	13,498,264	Bayview Opportunity Master Fund Trust, Series 2019-SBR2-A1		3.43	% ^§		06/28/2034		13,749,492
	3,212,935	Bayview Opportunity Master Fund Trust, Series 2020-RN1-A1		3.23	% ^§		02/28/2035		3,202,139
	1,956,093	BCAP LLC Trust, Series 2012-RR1-3A4		5.50	% # ^		10/26/2035		1,766,618
	1,064,157	Bellemeade Ltd., Series 2018-3A-M1B (1 Month LIBOR USD + 1.85%, 1.85% Floor)		2.00	% ^		10/25/2028		1,057,307
	2,808,492	BRAVO Residential Funding Trust, Series 2019-NQM1-A2		2.89	% # ^		07/25/2059		2,875,873
	25,835,432	Citigroup Mortgage Loan Trust, Inc., Series 2018-A-A1		4.00	% # ^		10/25/2020		25,995,767
	4,479,574	Citigroup Mortgage Loan Trust, Series 2019-B-A1		3.26	% # ^		07/25/2021		4,537,858
	9,389,673	Citigroup Mortgage Loan Trust, Series 2019-C-A1		3.23	% ^§		09/25/2059		9,483,969
	30,988,407	Citigroup Mortgage Loan Trust, Series 2019-E-A1		3.23	% ^§		11/25/2021		31,640,658
	15,826,281	Citigroup Mortgage Loan Trust, Series 2020-EXP1-A1A		1.80	% # ^		04/25/2060		15,956,310
	1,066,377	CitiMortgage Alternative Loan Trust, Series 2007-A5-1A10		5.75	%		05/25/2037		1,054,013
	1,218,903	COLT Mortgage Loan Trust, Series 2020-3-A3		2.38	% # ^		06/25/2023		1,223,355
	498,633	Countrywide Alternative Loan Trust, Series 2005-23CB-A15		5.50	%		07/25/2035		486,969
	1,746,352	Countrywide Alternative Loan Trust, Series 2005-28CB-1A6		5.50	%		08/25/2035		1,735,156
	1,813,746	Countrywide Alternative Loan Trust, Series 2006-J6-A5		6.00	%		09/25/2036		1,290,552
	413,148	Countrywide Alternative Loan Trust, Series 2007-15CB-A7		6.00	%		07/25/2037		353,608
	1,229,238	Countrywide Home Loans, Series 2005-10-A2		5.50	%		05/25/2035		1,194,473
	742,497	Countrywide Home Loans, Series 2007-14-A15		6.50	%		09/25/2037		621,189
	2,452	Credit Suisse First Boston Mortgage Securities Corporation, Series 2004-8-6A1		4.50	%		12/25/2019		2,465
	2,060,556	Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-11-2A1		6.00	%		12/25/2035		1,905,934
	75,580	Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-11-8A5		6.00	%		12/25/2035		75,974
	795,883	Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-9-5A9		5.50	%		10/25/2035		661,619
	1,000,000	Credit Suisse Mortgage Capital Certificates, Series 2011-12R-3A5		2.87	% # ^		07/27/2036		972,262
	281,855	Credit Suisse Mortgage Capital Certificates, Series 2011-5R-6A9		3.39	% # ^		11/30/2037		283,602
	20,427,463	Credit Suisse Mortgage Capital Certificates, Series 2019-RPL4-A1		3.51	% ^		08/26/2058		20,597,554
	36,393,733	Credit Suisse Mortgage Capital Certificates, Series 2020-BPL1-A1		3.39	% ^§		02/25/2024		36,454,696
	11,271,211	CSMC Trust, Series 2018-RPL8-A1		4.13	% # ^		07/25/2058		11,321,290
	3,204,668	CSMC Trust, Series 2019-JR1-A1		4.10	% # ^		04/25/2021		3,248,434
	61,245,735	CSMC Trust, Series 2019-RP10-A1		3.12	% # ^		12/25/2059		61,796,003
	17,706,904	CSMC Trust, Series 2019-RPL2-A1		3.86	% # ^		11/25/2058		18,573,834
	23,562,292	CSMC Trust, Series 2019-RPL9-A1		3.32	% # ^		10/25/2059		23,731,629
	15,200,000	CSMC Trust, Series 2020-BPL2-A1		3.45	% # ^		03/25/2026		15,237,574
	10,149,524	CSMC Trust, Series 2020-RPL2-A12		3.51	% ^		02/25/2060		10,172,342
	8,000,000	CSMC Trust, Series 2020-RPL3-A1		2.69	% # ^		03/25/2060		8,019,752
	19,966,415	CSMC Trust, Series 2020-SPT1-A1		1.70	% ^§		07/25/2023		20,070,506
	711,193	Deephaven Residential Mortgage Trust, Series 2017-1A-A1		2.73	% # ^		12/26/2046		713,774
	553,557	Deutsche Mortgage & Asset Receiving Corporation, Series 2014-RS1-1A2		6.48	% # ^		07/28/2037		507,450
	653,100	Deutsche Securities, Inc., Series 2006-AB4-A1A		6.01	% #		10/25/2036		628,568
	5,278,691	GCAT LLC, Series 2019-3-A1		3.35	% ^§		10/25/2049		5,183,479
	6,336,668	GCAT LLC, Series 2020-1-A1		2.98	% ^§		01/25/2060		6,264,219
	3,369,118	GCAT LLC, Series 2020-2-A1		3.72	% ^§		06/25/2025		3,376,781
	13,500,000	GCAT LLC, Series 2020-3-A1		2.98	% ^§		09/25/2025		13,532,413
	14,493,998	GCAT LLC, Series 2020-NQM2-A1		1.56	% ^§		07/25/2024		14,528,217
	5,220,881	GS Mortgage-Backed Securities Trust, Series 2019-SL1-A1		2.63	% # ^		01/25/2059		5,313,794
	221,691	GSAA Home Equity Trust, Series 2005-11-2A1 (1 Month LIBOR USD + 0.28%, 0.28% Floor)		0.43	%		10/25/2035		222,276
	477,203	GSR Mortgage Loan Trust, Series 2006-2F-3A4		6.00	%		02/25/2036		345,253
	1,056,291	Impac Secured Assets Trust, Series 2006-5-1A1C (1 Month LIBOR USD + 0.27%, 0.27% Floor, 11.50% Cap)		0.42	%		02/25/2037		915,102
	1,324,619	IndyMac Mortgage Loan Trust, Series 2006-AR5-2A1		3.48	% #		05/25/2036		1,282,651
	7,424,184	JP Morgan Alternative Loan Trust, Series 2007-S1-A2 (1 Month LIBOR USD + 0.34%, 0.34% Floor, 11.50% Cap)		0.49	%		06/25/2037		6,933,550
	12,935,600	Legacy Mortgage Asset Trust 2019-GS4, Series 2019-GS4-A1		3.44	% ^§		05/25/2059		13,092,823
	13,287,641	Legacy Mortgage Asset Trust, Series 2017-GS1-A1		6.50	% ^§		01/25/2057		13,580,659
	18,945,380	Legacy Mortgage Asset Trust, Series 2019-GS3-A1		3.75	% ^§		04/25/2059		19,468,102
	1,155,624	Legacy Mortgage Asset Trust, Series 2019-GS5-A1		3.20	% ^§		05/25/2059		1,168,288
	5,034,698	Legacy Mortgage Asset Trust, Series 2019-GS6-A1		3.00	% ^§		06/25/2059		5,060,716
	3,192,947	Legacy Mortgage Asset Trust, Series 2019-SL1-A		4.00	% # ^		12/25/2054		3,254,779
	7,799,845	Legacy Mortgage Asset Trust, Series 2020-GS3-A1		3.25	% ^§		05/25/2060		7,815,856
	9,488,252	Legacy Mortgage Asset Trust, Series 2020-GS4-A1		3.25	% ^§		02/25/2060		9,644,434
	7,600,000	Legacy Mortgage Asset Trust, Series 2020-SL1-A		2.73	% ^§		09/25/2022		7,656,954
	258,760	Lehman Mortgage Trust, Series 2006-1-1A3		5.50	%		02/25/2036		215,613
	11,052,596	Long Beach Mortgage Loan Trust, Series 2006-2-2A3 (1 Month LIBOR USD + 0.19%, 0.19% Floor)		0.34	%		03/25/2046		5,467,123
	112,798	MASTR Adjustable Rate Mortgages Trust, Series 2006-2-2A1		3.24	% #		04/25/2036		89,674
	425,430	Merrill Lynch Alternative Note Asset Trust, Series 2007-F1-2A6		6.00	%		03/25/2037		268,578
	1,464,968	Merrill Lynch Mortgage Investors Trust, Series 2006-AF1-AF2C		6.25	%		08/25/2036		966,950
	41,004,236	Merrill Lynch Mortgage Investors Trust, Series 2006-RM2-A1A (1 Month LIBOR USD + 0.37%, 0.19% Floor)		0.52	%		05/25/2037		17,100,960
	316,190	Morgan Stanley Mortgage Loan Trust, Series 2006-2-7A1		5.60	% #		02/25/2036		252,736
	14,543,170	New Residential Mortgage Loan Trust, Series 2020-NPL1-A1		4.34	% ^§		07/25/2060		14,586,023
	19,838,285	New Residential Mortgage Loan Trust, Series 2020-RPL2-A1		3.58	% # ^		08/25/2025		19,865,525
	1,634,205	OBX Trust, Series 2020-EXP2-A3		2.50	% # ^		05/25/2060		1,667,947
	334,547	Pretium Mortgage Credit Partners LLC, Series 2019-NPL2-A1		3.84	% ^§		12/30/2058		335,794
	12,296,384	Pretium Mortgage Credit Partners LLC, Series 2019-NPL3-A1		3.10	% ^§		01/28/2060		12,368,838
	7,287,132	Pretium Mortgage Credit Partners LLC, Series 2020-NPL2-A1		3.72	% ^§		02/25/2060		7,311,299
	4,435,806	PRPM LLC, Series 2018-1A-A1		3.75	% # ^		04/25/2023		4,481,824
	5,446,992	PRPM LLC, Series 2019-2A-A1		3.97	% ^§		04/25/2024		5,501,963
	9,321,458	PRPM LLC, Series 2019-3A-A1		3.35	% ^§		07/25/2024		9,310,036
	14,882,619	PRPM LLC, Series 2019-4A-A1		3.35	% ^§		11/25/2024		14,945,203
	5,284,283	PRPM LLC, Series 2019-GS1-A1		3.50	% # ^		10/25/2024		5,300,381
	12,429,183	PRPM LLC, Series 2020-1A-A1		2.98	% ^§		02/25/2025		12,405,371
	9,846,000	PRPM LLC, Series 2020-3-A1		2.86	% ^§		09/25/2025		9,845,835
	1,837,421	Radnor Ltd., Series 2019-2-M1A (1 Month LIBOR USD + 1.20%, 1.20% Floor)		1.35	% ^		06/25/2029		1,836,107
	2,232,643	RALI Trust, Series 2007-QS4-3A4		6.00	%		03/25/2037		2,157,988
	2,780,188	RALI Trust, Series 2007-QS4-3A9		6.00	%		03/25/2037		2,686,977
	1,870,416	RALI Trust, Series 2007-QS8-A3 (1 Month LIBOR USD + 0.60%, 0.60% Floor, 6.00% Cap)		0.75	%		06/25/2037		1,298,258
	1,074,891	RBSSP Resecuritization Trust , Series 2009-2-3A2 (1 Month LIBOR USD + 0.50%, 0.50% Floor)		0.68	% ^		04/26/2035		937,480
	3,338,464	RCO Trust, Series 2017-INV1-A		3.20	% # ^		11/25/2052		3,393,685
	1,897,038	RCO Trust, Series 2017-INV1-M1		3.90	% # ^		11/25/2052		1,876,813
	871,557	Residential Accredit Loans, Inc., Series 2006-QS12-2A3		6.00	%		09/25/2036		861,316
	1,178,296	Residential Accredit Loans, Inc., Series 2007-QS9-A33		6.50	%		07/25/2037		1,150,005
	785,220	Residential Asset Securitization Trust, Series 2006-A2-A11		6.00	%		01/25/2046		512,942
	3,431,444	Soundview Home Loan Trust, Series 2007-OPT3-2A3 (1 Month LIBOR USD + 0.18%, 0.18% Floor)		0.33	%		08/25/2037		3,311,292
	9,448,912	Starwood Mortgage Residential Trust, Series 2018-IMC1-A3		3.98	% # ^		03/25/2048		9,534,422
	2,848,900	Structured Adjustable Rate Mortgage Loan Trust, Series 2005-22-4A1		3.92	% #		12/25/2035		2,723,179
	40,000,000	Toorak Mortgage Corporation Ltd., Series 2020-1-A1		2.73	% ^§		03/25/2023		40,590,660
	6,383,912	VCAT LLC, Series 2019-NPL2-A1		3.57	% # ^ §		11/25/2049		6,381,339
	19,626,384	VCAT LLC, Series 2020-NPL1-A1		3.67	% ^§		08/25/2050		19,653,947
	7,980,009	Velocity Commercial Capital Loan Trust, Series 2018-2-A		4.05	% # ^		10/25/2048		8,119,656
	4,573,972	Velocity Commercial Capital Loan Trust, Series 2020-1-M2		2.98	% # ^		02/25/2050		4,576,853
	11,551,462	Vericrest Opportunity Loan Trust, Series 2019-NPL2-A1		3.97	% ^§		02/25/2049		11,579,745
	17,699,107	Vericrest Opportunity Loan Trust, Series 2019-NPL4-A1A		3.35	% ^§		08/25/2049		17,747,706
	6,558,338	Vericrest Opportunity Loan Trust, Series 2019-NPL7-A1A		3.18	% ^§		10/25/2049		6,582,540
	8,783,446	Vericrest Opportunity Loan Trust, Series 2019-NPL8-A1A		3.28	% ^§		11/25/2049		8,806,644
	26,765,780	Vericrest Opportunity Loan Trust, Series 2020-NPL2-A1A		2.98	% ^§		02/25/2050		26,814,371
	15,000,000	Verus Securitization Trust, Series 2017-1A-A1		3.60	% ^		08/25/2050		15,115,080
	1,139,939	Verus Securitization Trust, Series 2018-2-A2		3.78	% # ^		07/25/2058		1,153,891
	1,323,282	Verus Securitization Trust, Series 2018-2-A3		3.83	% # ^		07/25/2058		1,338,014
	9,639,500	Verus Securitization Trust, Series 2020-4-A1		1.50	% ^§		07/25/2023		9,698,849
	1,060,429	Verus Securitization Trust, Series 2020-4-A3		2.32	% ^§		07/25/2023		1,066,888
	1,500,000	Verus Securitization Trust, Series 2020-INV1-A2		3.04	% # ^		03/25/2060		1,545,133
	3,309,788	VOLT LLC, Series 2019-NP10-A1A		3.43	% ^§		12/25/2049		3,316,792
	1,477,515	VOLT LLC, Series 2019-NPL6-A1A		3.23	% ^§		10/25/2049		1,480,739
	4,861,314	VOLT LLC, Series 2019-NPL9-A1A		3.33	% ^§		11/25/2049		4,881,901
	8,005,943	VOLT LLC, Series 2020-NPL1-A1A		3.23	% ^§		01/25/2050		8,035,059
	7,870,157	VOLT LLC, Series 2020-NPL3-A1A		2.98	% ^§		02/25/2050		7,883,841
	2,066,388	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2005-8-2CB3 (1 Month LIBOR USD + 0.41%, 0.41% Floor, 5.50% Cap)		0.56	%		10/25/2035		1,864,590
	120,831	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-5-1A5		6.00	%		07/25/2036		113,504
	4,623,740	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR10-2A1		3.07	% #		09/25/2036		4,283,942
	975,135	Wells Fargo Alternative Loan Trust, Series 2007-PA5-1A1		6.25	%		11/25/2037		964,386
	4,605,996	Wells Fargo Mortgage Backed Securities Trust, Series 2007-15-A1		6.00	%		11/25/2037		4,664,632
	16,804,507	Wells Fargo Mortgage Backed Securities Trust, Series 2007-AR6-A2		3.04	% #		10/25/2037		16,172,231
	Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $1,008,391,294)								1,013,006,572
	US Corporate Bonds - 4.6%
	7,355,000	AbbVie, Inc.		2.30	% ^		11/21/2022		7,614,064
	5,080,000	American Express Company (3 Month LIBOR USD + 0.65%)		0.90	%		02/27/2023		5,113,142
	270,000	Amgen, Inc.		2.70	%		05/01/2022		279,272
	2,925,000	Amgen, Inc.		2.65	%		05/11/2022		3,025,058
	3,705,000	Amgen, Inc.		3.63	%		05/15/2022		3,870,229
	3,170,000	Amgen, Inc.		1.90	%		02/21/2025		3,322,852
	9,750,000	Anthem, Inc.		2.50	%		11/21/2020		9,779,300
	4,580,000	AT&T, Inc.		4.45	%		04/01/2024		5,125,009
	10,665,000	Bank of America Corporation (3 Month LIBOR USD + 0.79%)		1.04	%		03/05/2024		10,713,697
	4,670,000	BB&T Corporation		2.20	%		03/16/2023		4,860,971
	4,755,000	Bristol-Myers Squibb Company		2.60	%		05/16/2022		4,934,745
	3,660,000	Broadcom, Inc.		2.25	%		11/15/2023		3,807,675
	5,415,000	Capital One Financial Corporation		2.40	%		10/30/2020		5,415,000
	550,000	Capital One Financial Corporation		3.20	%		01/30/2023		580,971
	10,310,000	Cardinal Health, Inc.		2.62	%		06/15/2022		10,646,845
	5,100,000	Carrier Global Corporation		1.92	% ^		02/15/2023		5,250,031
	5,110,000	Cigna Corporation		3.40	%		09/17/2021		5,260,267
	4,855,000	Cintas Corporation		2.90	%		04/01/2022		5,023,990
	3,965,000	Citigroup, Inc.		2.75	%		04/25/2022		4,098,807
	5,072,000	Citigroup, Inc. (3 Month LIBOR USD + 1.02%)		1.27	%		06/01/2024		5,101,104
	1,845,000	Citigroup, Inc. (Secured Overnight Financing Rate + 8.67%)		2.31	%		11/04/2022		1,881,608
	1,580,000	Crown Castle International Corporation		1.35	%		07/15/2025		1,598,618
	4,271,000	CVS Health Corporation		3.70	%		03/09/2023		4,576,464
	3,060,000	Dollar Tree, Inc.		4.00	%		05/15/2025		3,456,007
	1,525,000	DOLLAR TREE, Inc.		3.70	%		05/15/2023		1,640,858
	590,000	DTE Energy Company		2.25	%		11/01/2022		610,197
	2,375,000	DTE Energy Company		2.53	%		10/01/2024		2,527,205
	1,920,000	DTE Energy Company		1.05	%		06/01/2025		1,925,729
	3,615,000	Duke Energy Corporation		0.90	%		09/15/2025		3,623,403
	3,580,000	DuPont de Nemours, Inc.		3.77	%		11/15/2020		3,594,822
	1,265,000	DuPont de Nemours, Inc.		4.49	%		11/15/2025		1,455,287
	4,800,000	eBay, Inc.		2.75	%		01/30/2023		5,035,621
	3,095,000	Energy Transfer Operating LP		4.25	%		03/15/2023		3,221,891
	1,800,000	Energy Transfer Operating LP		2.90	%		05/15/2025		1,812,042
	5,115,000	Entergy Corporation		0.90	%		09/15/2025		5,114,075
	5,075,000	Equinix, Inc.		1.25	%		07/15/2025		5,114,495
	805,000	Eversource Energy		0.80	%		08/15/2025		802,130
	4,755,000	Exxon Mobil Corporation		1.57	%		04/15/2023		4,894,794
	1,930,000	General Mills, Inc.		3.20	%		04/16/2021		1,958,857
	4,195,000	General Mills, Inc.		3.15	%		12/15/2021		4,306,989
	9,615,000	Goldman Sachs Group, Inc.		2.35	%		11/15/2021		9,637,282
	2,525,000	Honeywell International, Inc.		0.48	%		08/19/2022		2,529,323
	4,900,000	Hyundai Capital America		2.85	% ^		11/01/2022		5,070,129
	6,140,000	JPMorgan Chase & Company (3 Month LIBOR USD + 0.70%)		3.21	%		04/01/2023		6,381,990
	4,790,000	Kinder Morgan Energy Partners LP		3.95	%		09/01/2022		5,051,440
	4,465,000	Marsh & McLennan Companies, Inc. (3 Month LIBOR USD + 1.20%)		1.42	%		12/29/2021		4,469,431
	5,085,000	McDonald’s Corporation		2.63	%		01/15/2022		5,234,849
	5,100,000	Microchip Technology, Inc.		3.92	%		06/01/2021		5,212,120
	3,510,000	Mondelez International, Inc.		0.63	%		07/01/2022		3,524,241
	5,058,000	Mondelez International, Inc.		3.63	%		05/07/2023		5,481,960
	10,048,000	Morgan Stanley (3 Month LIBOR USD + 0.93%)		1.19	%		07/22/2022		10,095,370
	2,460,000	National Securities Clearing Corporation		1.20	% ^		04/23/2023		2,504,855
	5,411,000	Northrop Grumman Corporation		2.08	%		10/15/2020		5,414,616
	4,645,000	Northrop Grumman Corporation		3.25	%		08/01/2023		5,022,076
	2,880,000	Omnicom Capital, Inc.		3.63	%		05/01/2022		3,017,258
	3,305,000	ORACLE Corporation		2.50	%		04/01/2025		3,546,673
	4,970,000	PayPal Holdings, Inc.		2.20	%		09/26/2022		5,139,841
	165,000	PayPal Holdings, Inc.		1.35	%		06/01/2023		168,636
	5,995,000	Penske Truck Leasing Company		2.70	% ^		11/01/2024		6,366,194
	5,255,000	PepsiCo, Inc.		0.75	%		05/01/2023		5,315,090
	1,545,000	PNC Bank		2.45	%		11/05/2020		1,545,359
	1,775,000	PNC Bank (3 Month LIBOR USD + 0.42%)		2.03	%		12/09/2022		1,808,965
	2,500,000	PNC Funding Corporation		3.30	%		03/08/2022		2,600,131
	8,410,000	Prudential Financial, Inc.		3.50	%		05/15/2024		9,314,444
	4,665,000	PSEG Power LLC		3.85	%		06/01/2023		5,022,475
	4,805,000	Republic Services, Inc.		2.50	%		08/15/2024		5,116,403
	4,705,000	Royalty Pharma PLC		0.75	% ^		09/02/2023		4,695,533
	5,015,000	Schlumberger Holdings Corporation		3.75	% ^		05/01/2024		5,448,601
	6,095,000	Simon Property Group LP		2.00	%		09/13/2024		6,288,047
	5,000,000	Synchrony Financial		3.75	%		08/15/2021		5,104,654
	755,000	Synchrony Financial		2.85	%		07/25/2022		777,912
	4,924,000	Target Corporation		2.90	%		01/15/2022		5,095,311
	5,925,000	Union Pacific Corporation		3.20	%		06/08/2021		6,042,559
	1,560,000	Upjohn, Inc.		1.13	% ^		06/22/2022		1,572,826
	2,500,000	Valero Energy Corporation		1.20	%		03/15/2024		2,491,488
	5,300,000	Verizon Communications, Inc. (3 Month LIBOR USD + 1.10%)		1.38	%		05/15/2025		5,420,109
	5,019,000	Wells Fargo & Company		2.60	%		01/15/2021		5,052,884
	4,675,000	Welltower, Inc.		3.63	%		03/15/2024		5,058,483
	Total US Corporate Bonds (Cost $333,464,255)								340,613,679
	US Government and Agency Mortgage Backed Obligations - 7.9%
	31,036,521	Federal Home Loan Mortgage Corporation Pass-Thru, Series K722-X1		1.44	% # I/O		03/25/2023		755,379
	3,378,993	Federal Home Loan Mortgage Corporation, Pool 2B1122 (12 Month LIBOR USD + 1.65%, 1.65% Floor, 7.14% Cap)		3.65	%		02/01/2043		3,515,116
	1,207,426	Federal Home Loan Mortgage Corporation, Pool G08626		3.00	%		02/01/2045		1,273,818
	1,275,714	Federal Home Loan Mortgage Corporation, Pool G08631		3.00	%		03/01/2045		1,345,575
	22,164,081	Federal Home Loan Mortgage Corporation, Pool RB5048		2.50	%		05/01/2040		23,271,654
	16,700,000	Federal Home Loan Mortgage Corporation, Pool RB5085		2.00	%		10/01/2040		17,281,248
	7,676,473	Federal Home Loan Mortgage Corporation, Pool SB8049		2.50	%		06/01/2035		8,022,449
	28,000,000	Federal Home Loan Mortgage Corporation, Pool SB8068		1.50	%		10/01/2035		28,663,675
	10,825,973	Federal Home Loan Mortgage Corporation, Pool SN8061		2.00	%		09/01/2035		11,258,954
	45,005,338	Federal Home Loan Mortgage Corporation, Pool SN8067		1.50	%		09/01/2035		46,072,080
	456,659	Federal Home Loan Mortgage Corporation, Series 3417-SM (-1 x 1 Month LIBOR USD + 6.28%, 6.28% Cap)		6.13	% I/F I/O		02/15/2038		102,809
	5,185,171	Federal Home Loan Mortgage Corporation, Series 4060-QA		1.50	%		09/15/2026		5,229,863
	1,351,989	Federal Home Loan Mortgage Corporation, Series 4471-GA		3.00	%		02/15/2044		1,431,902
	4,306,436	Federal Home Loan Mortgage Corporation, Series 4734-A		3.00	%		07/15/2042		4,336,546
	8,237,938	Federal Home Loan Mortgage Corporation, Series 4738-LA		3.00	%		11/15/2043		8,353,449
	4,351,912	Federal Home Loan Mortgage Corporation, Series 4771-NA		4.00	%		11/15/2042		4,402,824
	4,076,129	Federal Home Loan Mortgage Corporation, Series 4773-EA		4.00	%		10/15/2042		4,129,238
	8,000,000	Federal Home Loan Mortgage Corporation, Series 4794-VB		4.00	%		05/15/2038		8,196,296
	3,768,266	Federal Home Loan Mortgage Corporation, Series 4824-EA		4.50	%		02/15/2045		3,819,717
	18,860,723	Federal Home Loan Mortgage Corporation, Series 4941-SW		5.78	% ± I/O I/F		12/15/2048		2,618,678
	2,635,700	Federal National Mortgage Association Pass-Thru, Pool AL2987 (12 Month LIBOR USD + 1.63%, 1.63% Floor, 7.33% Cap)		2.75	%		11/01/2042		2,744,417
	5,073,109	Federal National Mortgage Association Pass-Thru, Pool AP7870 (12 Month LIBOR USD + 1.70%, 1.70% Floor, 7.49% Cap)		2.44	%		07/01/2042		5,293,483
	1,835,100	Federal National Mortgage Association Pass-Thru, Pool AS4645		3.00	%		03/01/2045		1,933,710
	377,244	Federal National Mortgage Association Pass-Thru, Pool MA1200		3.00	%		10/01/2032		396,523
	2,792,020	Federal National Mortgage Association Pass-Thru, Pool MA2270		3.00	%		05/01/2045		2,888,902
	1,868,760	Federal National Mortgage Association, Pool BM3520 (12 Month LIBOR USD + 1.56%, 1.56% Floor, 7.00% Cap)		2.69	%		05/01/2045		1,936,436
	10,429,929	Federal National Mortgage Association, Pool BM4513 (12 Month LIBOR USD + 1.67%, 1.67% Floor, 7.72% Cap)		2.70	%		05/01/2044		10,815,587
	46,448,961	Federal National Mortgage Association, Pool MA4042		2.00	%		06/01/2035		48,300,603
	44,905,802	Federal National Mortgage Association, Pool MA4095		2.00	%		08/01/2035		46,700,985
	84,294,345	Federal National Mortgage Association, Pool MA4122		1.50	%		09/01/2035		86,292,343
	20,000,000	Federal National Mortgage Association, Pool MA4176		2.00	%		10/01/2040		20,693,043
	27,632,612	Federal National Mortgage Association, Pool QN2877		2.00	%		07/01/2035		28,737,766
	26,620,259	Federal National Mortgage Association, Pool SD8066		1.50	%		08/01/2035		27,251,209
	2,056,031	Federal National Mortgage Association, Series 2012-32-DA		2.00	%		11/25/2026		2,101,230
	7,871,996	Federal National Mortgage Association, Series 2013-28-ZJ		3.00	%		04/25/2043		7,957,319
	3,016,084	Federal National Mortgage Association, Series 2013-40-KP		3.50	%		04/25/2042		3,105,269
	1,933,742	Federal National Mortgage Association, Series 2015-59-A		3.00	%		06/25/2041		1,952,465
	2,125,369	Federal National Mortgage Association, Series 2015-9-HA		3.00	%		01/25/2045		2,287,553
	5,396,682	Federal National Mortgage Association, Series 2016-72-PA		3.00	%		07/25/2046		5,648,343
	4,331,505	Federal National Mortgage Association, Series 2017-13-ML		3.00	%		08/25/2041		4,393,051
	2,992,156	Federal National Mortgage Association, Series 2017-2-HA		3.00	%		09/25/2041		3,026,549
	2,492,216	Federal National Mortgage Association, Series 2017-4-CH		3.00	%		06/25/2042		2,516,375
	13,765,958	Federal National Mortgage Association, Series 2019-25-SB (-1x1 Month LIBOR USD + 6.05%, 6.05% Cap)		5.90	% I/O I/F		06/25/2049		3,051,574
	9,779,031	Federal National Mortgage Association, Series 2020-39-MH		3.00	%		06/25/2040		10,447,285
	32,183,200	Federal National Mortgage Association, Series 2020-45-JL		3.00	%		07/25/2040		34,413,869
	12,368,651	Federal National Mortgage Association, Series 2020-59-MK		3.00	%		08/25/2040		13,239,085
	13,076,340	Government National Mortgage Association, Series 2016-136-UD		3.00	%		04/20/2045		13,316,547
	1,862,049	Government National Mortgage Association, Series 2017-4-NC		3.00	%		10/20/2045		1,899,387
	10,339,965	Government National Mortgage Association, Series 2019-56-SE (-1x1 Month LIBOR USD + 6.10%, 6.10% Cap)		5.94	% I/O I/F		05/20/2049		1,789,771
	Total US Government and Agency Mortgage Backed Obligations (Cost $575,245,563)								579,211,949
	US Government and Agency Obligations - 17.7%
	259,400,000	United States Treasury Notes		2.63	%		05/15/2021		263,418,832
	325,600,000	United States Treasury Notes		1.50	%		09/30/2021		329,982,576
	130,600,000	United States Treasury Notes		1.38	%		01/31/2022		132,757,961
	186,300,000	United States Treasury Notes		0.13	%		05/15/2023		186,190,840
	309,950,000	United States Treasury Notes		2.25	%		12/31/2023		330,835,302
	66,800,000	United States Treasury Notes		0.38	%		07/31/2027		66,445,125
	Total US Government and Agency Obligations (Cost $1,293,604,638)								1,309,630,636
	Affiliated Mutual Funds - 2.7%
	19,895,522	DoubleLine Ultra Short Bond Fund (Class I)							199,949,999
	Total Affiliated Mutual Funds (Cost $199,501,692)								199,949,999
	Common Stocks - 0.0%
	58,790	Foresight Equity * Þ							943,581
	39,482	McDermott International Ltd. *							94,757
	Total Common Stocks (Cost $989,313)								1,038,338
	Warrants - 0.0%
	29,232	OAS S.A., Expiration 5/16/2039, Strike Price BRL 1.00* Þ							—
	Total Warrants (Cost $—)								—
	Short Term Investments - 4.5%
	113,411,755	First American Government Obligations Fund - Class U		0.07	% ¨				113,411,755
	113,411,754	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		0.07	% ¨				113,411,754
	113,411,755	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.02	% ¨				113,411,755
	Total Short Term Investments (Cost $340,235,264)								340,235,264
	Total Investments - 93.2% (Cost $6,960,831,222)								6,884,256,934
	Other Assets in Excess of Liabilities - 6.8%								503,981,329
	NET ASSETS - 100.0%							$	7,388,238,263

SECURITY TYPE BREAKDOWN as a % of Net Assets:

US Government and Agency Obligations	17.7	%
Non-Agency Residential Collateralized Mortgage Obligations	13.7	%
Collateralized Loan Obligations	12.5	%
Non-Agency Commercial Mortgage Backed Obligations	11.5	%
US Government and Agency Mortgage Backed Obligations	7.9	%
Foreign Corporate Bonds	7.5	%
Asset Backed Obligations	6.1	%
US Corporate Bonds	4.6	%
Short Term Investments	4.5	%
Bank Loans	3.9	%
Affiliated Mutual Funds	2.7	%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	0.6	%
Common Stocks	0.0	% ~
Warrants	0.0	% ~
Other Assets and Liabilities	6.8	%
	100.0	%

INVESTMENT BREAKDOWN as a % of Net Assets:

US Government and Agency Obligations	17.7	%
Non-Agency Residential Collateralized Mortgage Obligations	13.7	%
Collateralized Loan Obligations	12.5	%
Non-Agency Commercial Mortgage Backed Obligations	11.5	%
US Government and Agency Mortgage Backed Obligations	7.9	%
Asset Backed Obligations	6.1	%
Short Term Investments	4.5	%
Banking	4.5	%
Affiliated Mutual Funds	2.7	%
Energy	1.4	%
Healthcare	0.9	%
Pharmaceuticals	0.8	%
Electronics/Electric	0.7	%
Telecommunications	0.7	%
Transportation	0.7	%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	0.6	%
Utilities	0.6	%
Technology	0.5	%
Chemicals/Plastics	0.5	%
Business Equipment and Services	0.4	%
Food Products	0.4	%
Finance	0.4	%
Media	0.3	%
Insurance	0.3	%
Automotive	0.3	%
Retailers (other than Food/Drug)	0.3	%
Food Service	0.2	%
Aerospace & Defense	0.2	%
Building and Development (including Steel/Metals)	0.2	%
Industrial Equipment	0.2	%
Real Estate	0.2	%
Hotels/Motels/Inns and Casinos	0.1	%
Diversified Manufacturing	0.1	%
Chemical Products	0.1	%
Pulp & Paper	0.1	%
Environmental Control	0.1	%
Beverage and Tobacco	0.1	%
Commercial Services	0.1	%
Consumer Products	0.1	%
Leisure	0.1	%
Containers and Glass Products	0.1	%
Mining	0.1	%
Financial Intermediaries	0.1	%
Cosmetics/Toiletries	0.1	%
Food/Drug Retailers	0.0	% ~
Construction	0.0	% ~
Other Assets and Liabilities	6.8	%
	100.0	%

^	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers.
§	The interest rate will step up if the issuer does not redeem the bond on or before a scheduled redemption date in accordance with the terms of the instrument. The interest rate shown is the rate in effect as of September 30, 2020.
†	Perpetual Maturity
Þ	Value determined using significant unobservable inputs.
W	Security is in default or has failed to make a scheduled payment. Income is not being accrued.
I/O	Interest only security
P/O	Principal only security
I/F	Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. Interest rate may also be subject to a cap or floor.
#	Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of September 30, 2020.
±	Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of September 30, 2020.
*	Non-income producing security
¨	Seven-day yield as of September 30, 2020
&	Unfunded or partially unfunded loan commitment. At September 30, 2020, the value of these securities amounted to $240,257 or 0.0% of net assets.
PIK	A payment-in-kind security in which the issuer may make interest or dividend payments in cash or additional securities. These additional securities generally have the same terms as the original holdings.
BRL	Brazilian Real
~	Represents less than 0.05% of net assets

EXCESS RETURN SWAPS

Reference Entity	Counterparty	Long/Short		Financing Rate			Payment Frequency		Termination Date		Notional Amount		Unrealized Appreciation (Depreciation) / Value
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		Long		0.40	%		Termination		04/29/2021		100,000,000	$	24,415,032
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		05/25/2021		100,000,000		21,280,421
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		Long		0.40	%		Termination		05/13/2021		95,000,000		18,984,849
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		04/14/2021		100,000,000		18,410,314
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch		Long		0.38	%		Termination		06/02/2021		100,000,000		18,405,372
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas		Long		0.39	%		Termination		05/19/2021		80,000,000		17,645,274
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		05/11/2021		75,000,000		15,732,335
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch		Long		0.38	%		Termination		10/06/2020		100,000,000		14,244,331
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas		Long		0.39	%		Termination		04/07/2021		100,000,000		14,092,922
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		12/08/2020		100,000,000		13,976,595
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch		Long		0.38	%		Termination		10/14/2020		100,000,000		13,878,065
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas		Long		0.39	%		Termination		10/07/2020		100,000,000		13,325,299
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		Long		0.40	%		Termination		11/19/2020		100,000,000		13,049,642
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		12/15/2020		100,000,000		12,923,697
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		Long		0.40	%		Termination		07/01/2021		100,000,000		12,741,168
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		10/13/2020		100,000,000		12,515,627
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch		Long		0.38	%		Termination		03/16/2021		100,000,000		12,389,072
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		Long		0.40	%		Termination		04/01/2021		100,000,000		12,377,237
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		Long		0.40	%		Termination		06/17/2021		100,000,000		12,170,968
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas		Long		0.39	%		Termination		11/18/2020		100,000,000		12,099,689
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		10/20/2020		100,000,000		12,095,066
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		11/03/2020		100,000,000		11,850,484
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		11/10/2020		100,000,000		11,392,985
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas		Long		0.39	%		Termination		06/09/2021		100,000,000		11,168,406
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		Long		0.40	%		Termination		12/09/2020		90,000,000		10,969,441
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		Long		0.40	%		Termination		11/12/2020		100,000,000		10,633,856
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		12/29/2020		100,000,000		10,423,814
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		Long		0.40	%		Termination		11/05/2020		90,000,000		10,253,687
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		11/17/2020		100,000,000		10,201,214
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas		Long		0.39	%		Termination		11/11/2020		100,000,000		10,155,946
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch		Long		0.38	%		Termination		12/22/2020		100,000,000		9,844,114
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		Long		0.40	%		Termination		07/22/2021		100,000,000		9,686,348
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		Long		0.40	%		Termination		07/29/2021		100,000,000		9,642,176
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch		Long		0.38	%		Termination		12/01/2020		100,000,000		9,590,021
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		Long		0.40	%		Termination		04/08/2021		75,000,000		9,533,976
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch		Long		0.38	%		Termination		11/04/2020		100,000,000		9,175,874
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch		Long		0.38	%		Termination		03/23/2021		100,000,000		8,419,899
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		07/20/2021		100,000,000		8,412,498
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas		Long		0.39	%		Termination		07/14/2021		100,000,000		8,301,438
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch		Long		0.38	%		Termination		01/12/2021		100,000,000		8,062,489
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch		Long		0.38	%		Termination		01/05/2021		100,000,000		8,048,713
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch		Long		0.38	%		Termination		07/13/2021		100,000,000		7,946,248
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas		Long		0.39	%		Termination		03/10/2021		100,000,000		7,453,064
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		03/09/2021		100,000,000		7,447,118
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch		Long		0.38	%		Termination		03/02/2021		100,000,000		7,186,121
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas		Long		0.39	%		Termination		03/24/2021		100,000,000		7,174,534
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		Long		0.40	%		Termination		03/25/2021		100,000,000		7,168,779
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas		Long		0.39	%		Termination		12/16/2020		100,000,000		6,633,821
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		Long		0.40	%		Termination		07/15/2021		80,000,000		6,597,278
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		01/19/2021		100,000,000		6,545,453
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch		Long		0.38	%		Termination		02/09/2021		100,000,000		6,339,205
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		03/17/2021		50,000,000		5,680,220
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas		Long		0.39	%		Termination		07/07/2021		100,000,000		5,501,421
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		03/31/2021		35,000,000		3,964,877
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch		Long		0.38	%		Termination		08/10/2021		100,000,000		3,854,672
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch		Long		0.38	%		Termination		07/27/2021		100,000,000		3,590,408
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas		Long		0.39	%		Termination		07/28/2021		100,000,000		3,104,774
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas		Long		0.39	%		Termination		06/23/2021		70,000,000		2,948,508
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas		Long		0.39	%		Termination		08/11/2021		100,000,000		2,762,710
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		Long		0.40	%		Termination		08/12/2021		100,000,000		1,802,696
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		09/28/2021		100,000,000		678,967
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		Long		0.40	%		Termination		10/07/2021		80,000,000		402,858
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		Long		0.40	%		Termination		09/02/2021		100,000,000		335,370
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		Long		0.40	%		Termination		08/19/2021		100,000,000		247,519
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		Long		0.40	%		Termination		08/26/2021		35,000,000		228,282
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		Long		0.40	%		Termination		02/04/2021		50,000,000		30,973
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Barclays Capital, Inc.		Long		0.40	%		Termination		10/06/2020		4,000,000		20,143
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		09/14/2021		100,000,000		(203,380	)
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas		Long		0.39	%		Termination		09/15/2021		100,000,000		(1,768,769	)
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch		Long		0.38	%		Termination		09/21/2021		100,000,000		(2,414,178	)
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas		Long		0.39	%		Termination		09/29/2021		100,000,000		(2,831,578	)
Shiller Barclays CAPE® US Sector ER II USD Index ¤	BNP Paribas		Long		0.39	%		Termination		09/01/2021		100,000,000		(3,026,875	)
Shiller Barclays CAPE® US Sector ER II USD Index ¤	Bank of America Merrill Lynch		Long		0.38	%		Termination		09/07/2021		100,000,000		(4,174,512	)
													$	603,747,081

¤ Shiller Barclays CAPE^® US Sector ER II USD Index aims to provide notional long exposure to the top four United States equity sectors that are relatively undervalued, as defined by a modified version of the classic CAPE^® Ratio (the “Relative CAPE^® Indicator”) and that possess relatively strong price momentum over the prior twelve months. Each U.S. equity sector is represented by an index of equity securities of companies in the relevant sector. Information on the sector constituents as of September 30, 2020, is available on the Barclays Capital, Inc. website at https://indices.barclays/IM/12/en/indices/details.app;ticker=BXIICS2E.

A summary of the DoubleLine Shiller Enhanced CAPE^®’s investments in affiliated mutual funds for the period ended September 30, 2020 is as follows:

Fund	Value at March 31, 2020		Gross Purchases		Gross Sales		Shares Held at September 30, 2020		Value at September 30, 2020		Change in Unrealized for the Period Ended September 30, 2020		Dividend Income Earned in the Period Ended September 30, 2020		Net Realized Gain (Loss) in the Period Ended September 30, 2020
DoubleLine Ultra Short Bond Fund (Class I)	$	195,175,073	$	—	$	—		19,895,522	$	199,949,999	$	4,774,926	$	629,500	$	—

DoubleLine Flexible Income Fund

Schedule of Investments

September 30, 2020 (Unaudited)

Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	Asset Backed Obligations - 6.7%
	2,250,000	CAL Funding IV Ltd., Series 2020-1A-A		2.22	% ^		09/25/2045		2,264,032
	1,500,000	CAL Funding IV Ltd., Series 2020-1A-B		3.50	% ^		09/25/2045		1,503,214
	2,868,177	Castlelake Aircraft Securitization Trust, Series 2018-1-B		5.30	% ^		06/15/2043		2,005,272
	2,540,852	Castlelake Aircraft Securitization Trust, Series 2019-1A-C		6.90	% ^ Þ		04/15/2039		1,440,234
	6,250,000	ExteNet Issuer LLC, Series 2019-1A-C		5.22	% ^		07/25/2049		6,201,857
	1,498,718	GAIA Aviation Ltd., Series 2019-1-C		7.00	% ^§ Þ		12/15/2044		739,812
	980,000	Hardee’s Funding LLC, Series 2018-1A-A2I		4.25	% ^		06/20/2048		989,395
	4,086,169	Harley Marine Financing LLC, Series 2018-1A-A2		5.68	% ^		05/15/2043		3,668,976
	2,619,330	Helios Issuer LLC, Series 2017-1A-A		4.94	% ^		09/20/2049		2,793,267
	4,350,000	Hertz Vehicle Financing II LP, Series 2019-2A-B		3.67	% ^		05/25/2025		4,340,690
	950,000	Hertz Vehicle Financing LP, Series 2018-1A-B		3.60	% ^		02/25/2024		955,652
	1,861,185	Horizon Aircraft Finance Ltd., Series 2019-1-C		6.90	% ^ Þ		07/15/2039		709,052
	5,096,154	Jersey Mike’s Funding, Series 2019-1A-A2		4.43	% ^		02/15/2050		5,453,594
	1,940,000	Jimmy Johns Funding LLC, Series 2017-1A-A2II		4.85	% ^		07/30/2047		1,973,788
	1,134,247	JOL Air Ltd., Series 2019-1-B		4.95	% ^		04/15/2044		753,654
	4,571,066	Mosaic Solar Loan Trust, Series 2018-1A-C		0.00	% ^ P/O		06/22/2043		3,895,742
	1,875,000	Mosaic Solar Loan Trust, Series 2020-1A-C		4.47	% ^		04/20/2046		1,907,763
	500,000	SoFi Consumer Loan Program LLC, Series 2019-3-C		3.35	% ^		05/25/2028		515,715
	31,221	SoFi Consumer Loan Program Trust, Series 2017-1-A		3.28	% ^		01/26/2026		31,277
	500,000	SoFi Consumer Loan Program Trust, Series 2017-1-B		4.73	% # ^		01/26/2026		505,395
	65,214	SoFi Consumer Loan Program Trust, Series 2017-2-A		3.28	% ^		02/25/2026		65,337
	347,352	SoFi Consumer Loan Program Trust, Series 2017-5-A2		2.78	% ^		09/25/2026		350,715
	92,000	SoFi Professional Loan Program, Series 2018-C-R1		0.06	% ^ @ Þ		01/25/2048		3,414,250
	1,643,225	Springleaf Funding Trust, Series 2017-AA-A		2.68	% ^		07/15/2030		1,645,980
	1,787,463	Sunnova Helios Issuer LLC, Series 2019-AA-B		4.49	% ^		06/20/2046		1,758,295
	2,902,500	Taco Bell Funding LLC, Series 2016-1A-A2II		4.38	% ^		05/25/2046		2,929,526
	7,000,000	Textainer Marine Containers Ltd., Series 2020-2A-A		2.10	% ^		09/20/2045		7,023,918
	2,500,000	Textainer Marine Containers Ltd., Series 2020-2A-B		3.34	% ^		09/20/2045		2,504,055
	4,838,934	Vivint Colar Financing LLC, Series 2018-1A-A		4.73	% ^		04/30/2048		5,006,271
	8,469,135	Wave LLC, Series 2019-1-C		6.41	% ^ Þ		09/15/2044		4,623,674
	1,302,111	Willis Engine Structured Trust, Series 2018-A-A		4.75	% ^§		09/15/2043		1,100,109
	4,216,864	Zephyrus Capital Aviation Partners Ltd., Series 2018-1-A		4.61	% ^		10/15/2038		3,870,934
	Total Asset Backed Obligations (Cost $85,315,284)								76,941,445
	Bank Loans - 5.8%
	299,246	1011778 B.C. Unlimited Liability Company, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91	%		11/13/2026		287,588
	298,504	Access CIG LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.75%)		3.91	%		02/27/2025		292,768
	251,439	Achilles Acquisition LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		4.19	%		10/13/2025		247,667
	174,561	Acrisure LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)		3.65	%		02/16/2027		169,075
	97,277	Advanced Drainage Systems, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		2.44	%		07/31/2026		97,358
	226,513	Agiliti Health, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		3.19	%		10/18/2025		220,284
	257,059	Air Methods Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%, 1.00% Floor)		4.50	%		04/22/2024		226,373
	425,096	Alera Group Intermediate Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		5.07	%		08/01/2025		419,251
	277,732	AlixPartners LLP, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		2.66	%		04/04/2024		271,570
	405,246	Alliant Holdings Intermediate LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		3.40	%		05/09/2025		398,704
	347,375	Allied Universal Holdco LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)		4.41	%		07/10/2026		344,304
	173,651	Almonde, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.50%, 1.00% Floor)		4.50	%		06/13/2024		162,841
	60,000	Almonde, Inc., Senior Secured Second Lien Term Loan (6 Month LIBOR USD + 7.25%, 1.00% Floor)		8.25	%		06/16/2025		56,670
	348,289	Alterra Mountain Company, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.91	%		09/30/2024		337,259
	74,813	Amentum Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)		3.66	%		01/22/2027		74,096
	75,000	American Airlines, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91	%		10/11/2021		55,352
	75,408	American Airlines, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		2.15	%		12/14/2023		62,332
		American Tire Distributors, Inc., Senior Secured First Lien Term Loan
	179,974	(1 Month LIBOR USD + 7.50%, 1.00% Floor, 1 Month LIBOR USD + 13.00%, 1.50% PIK)		8.50	%		09/02/2024		154,649
	21,691	(3 Month LIBOR USD + 7.50%, 1.00% Floor, 1 Month LIBOR USD + 13.00%, 1.50% PIK)		8.50	%		09/02/2024		18,639
	395,000	Applied Systems, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%, 1.00% Floor)		4.25	%		09/19/2024		393,375
	370,000	Aramark Services, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.90	%		03/11/2025		355,200
	169,150	Aramark Services, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.90	%		01/15/2027		162,349
	144,885	Arctic Glacier, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%, 1.00% Floor)		4.50	%		03/20/2024		125,362
	405,000	Ascend Learning LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.00	%		07/12/2024		400,697
	160,000	Asplundh Tree Expert LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.50%)		2.65	%		09/07/2027		160,034
	348,246	AssuredPartners, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)		3.66	%		02/12/2027		338,793
	398,943	Asurion LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		3.15	%		11/03/2023		393,749
	20,850	Asurion LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		3.16	%		11/30/2024		20,533
	96,646	Asurion LLC, Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 6.50%)		6.66	%		07/14/2025		96,998
	180,958	Athenahealth, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.50%)		4.75	%		02/11/2026		178,922
	143,895	Auris Luxembourg III Sarl, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.91	%		07/25/2025		133,583
	152,506	Avantor, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%, 1.00% Floor)		3.25	%		09/16/2024		150,727
	119,134	Avaya, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)		4.40	%		12/16/2024		118,706
	147,992	Avaya, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%, 1.00% Floor)		5.25	%		12/15/2027		144,801
	180,229	Azalea TopCo, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)		3.76	%		07/27/2026		174,035
	237,036	Bass Pro Group LLC, Senior Secured First Lien Term Loan (6 Month LIBOR USD + 5.00%, 0.75% Floor)		6.07	%		12/15/2023		235,407
	316,000	Bausch Health Companies, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.90	%		11/27/2025		309,219
	107,273	Bausch Health Companies, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		3.15	%		06/02/2025		105,351
	53,400	Berry Global, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		2.16	%		10/03/2022		53,012
	300,155	Blackhawk Network Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		3.16	%		06/16/2025		284,068
	374,977	Blackstone CQP Holdco LP, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)		3.73	%		09/30/2024		367,665
	270,000	Boxer Parent Company, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)		4.40	%		10/02/2025		262,790
	243,256	Brand Energy & Infrastructure Services, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.25%, 1.00% Floor)		5.25	%		07/30/2024		227,235
	364,326	Brazos Delaware LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		4.16	%		05/21/2025		278,320
	251,530	Bright Bidco B.V., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.50%, 1.00% Floor)		4.57	%		06/30/2024		123,184
	243,775	Buckeye Partners LP, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.91	%		11/30/2026		239,713
	130,000	Cablevision Lightpath LLC, Senior Secured First Lien Term Loan		3.48	% ±		09/29/2027		129,459
	274,295	Caesars Resort Collection LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.90	%		12/23/2024		257,758
		Caesars Resort Collection LLC, Senior Secured First Lien Term Loan
	93,333	(1 Month LIBOR USD + 4.50%)		4.65	%		07/21/2025		90,598
	46,667	(3 Month LIBOR USD + 4.50%)		4.77	%		07/21/2025		45,299
	49,500	Calpine Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		2.16	%		08/12/2026		48,178
	90,000	Camelot Finance SA, Senior Secured First Lien Term Loan		4.00	% ±		10/31/2026		89,719
	341,093	Camelot US Acquisition Company, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		3.16	%		11/30/2026		335,284
	375,706	Capri Acquisitions BidCo Ltd., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.00%)		3.26	%		11/01/2024		375,471
	84,788	Carnival Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 7.50%, 1.00% Floor)		8.50	%		06/30/2025		86,177
	339,290	Castle US Holding Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.75%)		3.97	%		01/29/2027		327,113
	218,487	Catalent Pharma Solutions, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%, 1.00% Floor)		3.25	%		05/18/2026		217,941
	236,240	Cengage Learning, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 4.25%, 1.00% Floor)		5.25	%		06/07/2023		198,189
	238,200	CenturyLink, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		2.41	%		03/15/2027		229,375
	425,000	Change Healthcare Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.50%, 1.00% Floor)		3.50	%		03/01/2024		416,734
	220,258	Charter NEX US, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		3.41	%		05/16/2024		215,624
	427,526	CHG Healthcare Services, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.07	%		06/07/2023		421,151
	345,678	CHG PPC Parent LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.91	%		03/31/2025		333,579
	176,795	Cincinnati Bell, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)		4.25	%		10/02/2024		177,016
	74,250	Clear Channel Outdoor Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)		3.76	%		08/07/2026		67,860
	222,568	ClubCorporationHoldings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%)		3.06	%		08/16/2024		191,229
	291,699	Compass Power Generation LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%, 1.00% Floor)		4.50	%		12/20/2024		287,396
	89,550	Connect U.S. Finco LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%, 1.00% Floor)		5.50	%		09/23/2026		87,032
	140,000	Conservice Midco LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.25%)		4.56	%		05/13/2027		138,775
	60,000	Consolidated Communications, Inc., Senior Secured First Lien Term Loan		5.75	% ±		10/18/2027		59,513
	350,000	Cornerstone OnDemand, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)		4.41	%		04/22/2027		349,855
	168,876	Covia Holdings Corporation, Senior Secured First Lien Term Loan (1 Week LIBOR USD + 3.75%, 1.00% Floor)		8.25	% W		06/02/2025		124,546
	251,818	CSC Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		2.40	%		07/17/2025		244,285
	132,975	CSC Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		2.40	%		01/15/2026		128,875
	200,350	CSM Bakery Solutions LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 6.25%, 1.00% Floor)		7.25	%		01/04/2022		187,127
	360,039	Cvent, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.91	%		11/29/2023		327,249
	113,807	Cyanco Intermediate Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)		3.66	%		03/07/2025		112,527
	295,224	Cyxtera DC Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.00	%		05/01/2024		256,132
	420,000	Datatel, Senior Secured First Lien Term Loan		4.50	% ±		10/06/2027		417,900
		Dealer Tire LLC, Senior Secured First Lien Term Loan
	16,273	(1 Month LIBOR USD + 4.25%)		4.41	%		12/12/2025		15,947
	28,390	(1 Month LIBOR USD + 4.25%)		4.40	%		12/12/2025		27,822
	304,238	Deerfield Holdings Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 1.00% Floor)		4.75	%		04/09/2027		303,097
	317,522	DentalCorporationPerfect Smile ULC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 1.00% Floor)		4.75	%		06/06/2025		300,852
	287,201	Diamond B.V., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.00%)		3.26	%		09/06/2024		269,610
	129,200	Diamond Sports Group LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		3.41	%		08/24/2026		101,422
	155,174	Digicel International Finance Ltd., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.25%)		3.80	%		05/27/2024		136,942
	174,125	DigiCert Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		4.16	%		10/16/2026		172,357
	375,854	Dun & Bradstreet Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.89	%		02/06/2026		372,659
	77,945	Dynasty Acquisition Company, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)		3.81	%		04/01/2026		69,246
	144,978	Dynasty Acquisition Company, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)		3.81	%		04/06/2026		128,798
	51,697	Dynatrace LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		2.41	%		08/25/2025		50,987
	408,967	E.W. Scripps Company, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		2.65	%		05/01/2026		399,702
	295,077	EAB Global, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.75%, 1.00% Floor)		4.75	%		11/15/2024		283,274
	85,000	ECI Macola, Senior Secured First Lien Term Loan		4.50	% ±		09/17/2027		84,442
	189,196	EG America LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%)		5.07	%		02/06/2025		186,033
	175,789	Elanco Animal Health, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91	%		02/04/2027		171,120
	349,353	Envision Healthcare Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.91	%		10/10/2025		253,780
	146,548	Equinox Holdings, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.00%, 1.00% Floor)		4.07	%		03/08/2024		113,786
	182,294	ESH Hospitality, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		2.16	%		09/18/2026		177,888
	412,486	Excelitas Technologies Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%, 1.00% Floor)		4.50	%		11/15/2024		409,136
	65,688	Exgen Renewables IV LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.00%, 1.00% Floor)		4.00	%		11/29/2024		65,708
	403,923	Filtration Group Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		3.15	%		03/31/2025		396,982
	549,293	Financial & Risk US Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.41	%		10/01/2025		544,437
		Flex Acquisition Company Inc, Senior Secured First Lien Term Loan
	173,543	(3 Month LIBOR USD + 3.00%, 1.00% Floor)		4.00	%		12/29/2023		170,127
	14,305	(1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.00	%		12/29/2023		14,023
	185,000	Flex Acquisition Company, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%)		3.55	%		06/20/2025		180,002
	273,467	Flexential Intermediate Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)		3.81	%		08/01/2024		235,865
	296,075	Flexera Software LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%, 1.00% Floor)		4.25	%		02/26/2025		294,641
	132,517	Foresight Energy LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 8.00%, 1.50% Floor)		9.50	% Þ		06/30/2027		132,517
	420,000	Formula One Management Ltd., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%, 1.00% Floor)		3.50	%		02/01/2024		409,151
	103,249	Forterra Finance LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.00	%		10/25/2023		102,432
	224,438	Froneri US, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		2.41	%		01/29/2027		216,222
	147,855	Frontdoor, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		2.69	%		08/18/2025		147,116
	177,413	Frontera Generation Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%, 1.00% Floor)		5.25	%		05/02/2025		61,562
	355,000	Garda World Security Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.75%)		4.90	%		10/30/2026		353,802
	124,375	Gardner Denver, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91	%		03/01/2027		120,514
	109,156	Gates Global LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%, 1.00% Floor)		3.75	%		04/01/2024		107,783
	175,000	Gavilan Resources LLC, Senior Secured Second Lien Term Loan (3 Month LIBOR USD + 6.00%, 1.00% Floor)		7.00	% W		03/01/2024		2,188
	268,650	Genesee & Wyoming, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.00%)		2.31	%		11/06/2026		264,956
	459,536	Genesys Telecommunications Laboratories, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		3.41	%		02/01/2023		459,154
	430,000	Gentiva Health Services, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		3.44	%		07/02/2025		421,940
	253,385	Getty Images, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)		4.69	%		02/19/2026		237,675
	330,000	GFL Environmental, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.00%, 1.00% Floor)		4.00	%		05/30/2025		329,051
	189,525	Go Daddy Operating Co LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		2.65	%		08/10/2027		187,156
	467,254	GOBP Holdings Inc, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%)		2.90	%		10/22/2025		460,878
		Golden Nugget, Inc., Senior Secured First Lien Term Loan
	185,544	(2 Month LIBOR USD + 2.25%, 0.75% Floor)		3.25	%		10/04/2023		166,677
	158,238	(1 Month LIBOR USD + 2.25%, 0.75% Floor)		3.25	%		10/04/2023		142,148
	368,708	GoodRX, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.91	%		10/10/2025		362,773
	265,001	GrafTech Finance, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%, 1.00% Floor)		4.50	%		02/12/2025		262,682
	185,000	Graham Packaging Company, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 0.75% Floor)		4.50	%		08/04/2027		184,281
		Granite US Holdings Corporation, Senior Secured First Lien Term Loan
	107,789	(6 Month LIBOR USD + 5.25%)		6.32	%		09/30/2026		102,399
	21,558	(3 Month LIBOR USD + 5.25%)		6.32	%		09/30/2026		20,480
	601,856	Gray Television, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		2.66	%		01/02/2026		592,828
	221,465	GTT Communications, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%)		2.91	%		06/02/2025		191,955
	123,069	Gulf Finance LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.25%, 1.00% Floor)		6.25	%		08/25/2023		87,328
	351,181	Harbor Freight Tools USA, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%, 0.75% Floor)		3.25	%		08/18/2023		346,763
	108,202	Hayward Industries, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)		3.66	%		08/05/2024		105,599
	411,888	HC Group Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)		4.65	%		08/06/2026		409,142
	172,813	Hexion, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)		3.80	%		07/01/2026		170,782
	292,340	H-Food Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.69%)		3.84	%		05/17/2025		285,031
	291,560	Hilton Worldwide Finance LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 1.75%)		1.93	%		06/22/2026		282,031
	188,076	Houston Foods, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.91	%		06/27/2025		181,219
	479,508	Hyland Software, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 0.75% Floor)		4.00	%		07/01/2024		478,209
	106,771	Hyland Software, Inc., Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 7.00%, 0.75% Floor)		7.75	%		05/31/2025		106,549
	96,750	IAA, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		2.44	%		06/29/2026		95,541
	151,901	IHeartCommunications, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		3.16	%		05/01/2026		144,496
	425,000	Illuminate Buyer LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		4.31	%		06/30/2027		422,388
	139,300	Informatica LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		3.41	%		02/25/2027		136,732
	34,204	Intelsat Jackson Holdings S.A., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.50%, 1.00% Floor)		6.50	% &		07/14/2021		34,902
	227,473	Intelsat Jackson Holdings S.A., Senior Secured First Lien Term Loan (Prime Rate USD + 4.75%, 1.00% Floor)		8.00	%		11/30/2023		229,368
	285,901	ION Trading Technologies SARL, Senior Secured First Lien Term Loan (6 Month LIBOR USD + 4.00%, 1.00% Floor)		5.07	%		11/21/2024		281,771
	694,897	IQVIA, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.00%)		1.91	%		01/17/2025		687,732
		IRB Holding Corporation, Senior Secured First Lien Term Loan
	345,747	(6 Month LIBOR USD + 2.75%, 1.00% Floor)		3.75	%		02/05/2025		331,005
	889	(1 Month LIBOR USD + 2.75%, 1.00% Floor)		3.75	%		02/05/2025		851
	328,026	IRI Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.25%)		4.41	%		11/07/2025		325,259
	598,858	Iron Mountain Information Management LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91	%		01/02/2026		577,898
	561,624	Jaguar Holding Company, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%, 1.00% Floor)		3.50	%		08/18/2022		560,422
	536,825	JBS USA Lux S.A., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		3.07	%		05/29/2026		524,008
	76,176	Jo-Ann Stores LLC, Senior Secured First Lien Term Loan (6 Month LIBOR USD + 5.00%, 1.00% Floor)		6.00	%		10/20/2023		65,821
	360,558	KAR Auction Services, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		2.44	%		09/19/2026		348,840
	213,481	KBR, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.91	%		02/05/2027		211,879
	317,600	Kestrel Bidco, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.00%, 1.00% Floor)		4.00	%		08/07/2026		276,823
	279,756	Kindred Healthcare, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.00%)		5.19	%		06/23/2025		276,959
	114,499	Klockner-Pentaplast of America, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 4.25%, 1.00% Floor)		5.25	%		06/30/2022		111,541
	416,972	Kronos Acquisition Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%, 1.00% Floor)		5.00	%		08/26/2022		415,404
	20,552	Lealand Finance Company BV, Senior Secured First Lien Term Loan		4.15	% ±		06/30/2025		15,620
	107,945	Level 3 Financing, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91	%		03/01/2027		104,774
	389,293	Life Time Fitness, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 2.75%, 1.00% Floor)		3.75	%		06/10/2022		356,040
	418,393	Lineage Logistics LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.00	%		02/27/2025		413,621
	105,926	Lions Gate Capital Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		2.41	%		03/24/2025		102,483
	115,000	LogMeIn, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.75%)		4.91	%		08/31/2027		111,371
	345,183	Lower Cadence Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		4.16	%		05/22/2026		320,416
	358,360	Lucid Energy Group II Borrower LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.00	%		02/18/2025		329,691
	283,227	Mavis Tire Express Services Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%)		3.56	%		02/20/2025		269,598
	182,303	MED ParentCo LP, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)		4.41	%		08/31/2026		174,034
	45,716	MED ParentCo LP, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)		4.41	% &		08/31/2026		43,642
	352,106	Messer Industries LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.50%)		2.81	%		10/01/2025		345,460
	355,000	Milano Acquisition Corporation, Senior Secured First Lien Term Loan		4.75	% ±		08/17/2027		352,116
	150,000	Mileage Plus Holdings LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.25%, 1.00% Floor)		6.25	%		07/30/2027		152,699
	360,440	Millennium Trust Company LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.00%)		5.16	%		03/27/2026		344,822
	300,626	Mister Car Wash Holdings, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.50%)		4.38	%		05/14/2026		285,567
	334,143	Mitchell International, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		3.40	%		11/29/2024		320,453
	75,000	Mitchell International, Inc., Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 7.25%)		7.40	%		12/01/2025		71,475
	179,609	MLN US HoldCo LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)		4.66	%		07/11/2025		154,351
	13,259	Motion Finco LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%)		4.32	%		11/04/2026		11,615
	100,881	Motion Finco LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%)		4.32	%		11/30/2026		88,372
	424,130	MPH Acquisition Holdings LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%, 1.00% Floor)		3.75	%		06/07/2023		418,148
	168,951	Nascar Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.89	%		07/27/2026		165,396
	118,800	NCR Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		2.66	%		08/28/2026		116,424
	390,000	Nexstar Broadcasting, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.91	%		09/18/2026		382,282
	330,108	Numericable U.S. LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		4.15	%		08/14/2026		321,883
	118,800	ON Semiconductor Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		2.16	%		09/18/2026		117,271
	98,250	Outcomes Group Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%)		3.81	%		10/24/2025		96,531
	344,550	Pacific Gas and Electric Company, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.50%, 1.00% Floor)		5.50	%		06/23/2025		338,233
	110,000	Packaging Coordinators Midco, Senior Secured First Lien Term Loan		4.50	% ±		09/25/2027		109,657
	348,232	Panther BF Aggregator LP, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)		3.66	%		04/30/2026		340,179
	425,912	Parexel International Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.90	%		09/27/2024		409,676
	21,797	Pathway Vet Alliance		4.35	% ± &		03/31/2027		21,506
	266,862	Pathway Vet Alliance, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		4.16	%		03/31/2027		263,292
	109,784	PCI Gaming Authority, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		2.66	%		05/29/2026		107,008
	93,571	Penn National Gaming, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%, 0.75% Floor)		3.00	%		10/15/2025		91,232
	109,160	Phoenix Services International LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 1.00% Floor)		4.75	%		03/03/2025		105,067
	404,214	Pisces Midco, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.92	%		04/12/2025		398,468
	140,000	Playtika Holding Corporation, Senior Secured First Lien Term Loan		7.00	% ±		12/10/2024		140,386
	230,359	PODS LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%, 1.00% Floor)		3.75	%		12/06/2024		226,137
	212,484	PowerTeam Services LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%, 1.00% Floor)		4.25	%		03/06/2025		207,571
	150,500	Prairie ECI Acquiror LP, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.75%)		4.91	%		03/11/2026		136,391
	272,938	Pregis Topco LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.91	%		07/31/2026		269,628
	64,838	Presidio Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)		3.77	%		01/22/2027		64,149
		Prime Security Services Borrower LLC, Senior Secured First Lien Term Loan
	121,490	(1 Month LIBOR USD + 3.25%, 1.00% Floor)		4.25	%		09/23/2026		120,578
	56,302	(6 Month LIBOR USD + 3.25%, 1.00% Floor)		4.25	%		09/23/2026		55,880
	56,302	(9 Month LIBOR USD + 3.25%, 1.00% Floor)		4.25	%		09/23/2026		55,880
	112,605	(12 Month LIBOR USD + 3.25%, 1.00% Floor)		4.25	%		09/23/2026		111,760
	214,856	Pro Mach Group, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.92	%		03/07/2025		207,022
	424,149	Project Alpha Intermediate Holding, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.50%, 1.00% Floor)		4.50	%		04/26/2024		418,052
	109,175	Pug LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)		3.66	%		01/29/2027		96,893
	350,000	Radiate Holdco LLC, Senior Secured First Lien Term Loan		3.65	% ±		09/25/2026		344,629
	412,124	Radiology Partners, Inc., Senior Secured First Lien Term Loan (2 Month LIBOR USD + 4.25%)		5.67	%		07/09/2025		396,566
	130,000	Redstone Buyer LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.00%, 1.00% Floor)		6.00	%		09/01/2027		129,675
	185,961	RegionalCare Hospital Partners Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.91	%		11/14/2025		181,041
	342,739	Renaissance Holding Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		3.41	%		06/02/2025		331,457
	66,566	RentPath, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 7.00%, 1.00% Floor)		8.00	%		11/30/2020		62,239
	383,336	RentPath, Inc., Senior Secured First Lien Term Loan (Prime Rate + 3.75%, 1.00% Floor)		7.00	% W		12/17/2021		279,276
	138,416	Reynolds Consumer Products LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91	%		02/04/2027		136,842
	120,000	Reynolds Group Holdings, Inc., Senior Secured First Lien Term Loan		3.40	% ±		02/16/2026		118,200
	400,000	Reynolds Group Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.91	%		02/06/2023		396,076
	149,625	RP Crown Parent LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.00	%		02/02/2026		148,222
	165,000	RPI Intermediate Finance Trust, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91	%		02/11/2027		164,622
	60,000	Ryan Specialty Group LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 0.75% Floor)		4.00	%		09/01/2027		59,550
	114,705	Sabre GLBL, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		2.15	%		02/22/2024		107,741
	88,963	Science Applications International Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.25%)		2.41	%		03/12/2027		88,128
	279,284	Scientific Games International, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 2.75%)		3.61	%		08/14/2024		263,496
	331,069	Securus Technologies Holdings, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 4.50%, 1.00% Floor)		5.50	%		06/20/2024		275,720
	243,013	Sedgwick Claims Management Services, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		3.41	%		11/06/2025		234,964
	410,000	Select Medical Corporation, Senior Secured First Lien Term Loan (6 Month LIBOR USD + 2.50%)		2.78	%		03/06/2025		400,519
	352,226	Severin Acquisition LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		3.41	%		07/31/2025		342,980
	584,100	Sinclair Television Group, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		2.66	%		07/17/2026		571,396
	278,225	SIWF Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)		5.32	%		06/13/2025		268,256
	203,575	Six Flags Theme Parks, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.90	%		04/17/2026		191,107
	145,000	SkyMiles IP Ltd., Senior Secured First Lien Term Loan		3.90	% ±		10/20/2027		146,243
		SMG US Midco 2, Inc., Senior Secured First Lien Term Loan
	91,019	(3 Month LIBOR USD + 2.50%)		2.73	%		01/23/2025		79,755
	221,085	(1 Month LIBOR USD + 2.50%)		2.73	%		01/23/2025		193,726
	395,000	SolarWinds Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.90	%		02/05/2024		388,514
		Solenis International LP, Senior Secured First Lien Term Loan
	293,815	(1 Month LIBOR USD + 4.00%)		4.26	%		12/26/2023		287,970
	43,792	(3 Month LIBOR USD + 4.00%)		4.26	%		12/26/2023		42,921
	20,000	Solenis International LP, Senior Secured Second Lien Term Loan (3 Month LIBOR USD + 8.50%)		8.76	%		06/18/2024		18,720
	418,151	Solera LLC, Senior Secured First Lien Term Loan (2 Month LIBOR USD + 2.75%)		2.94	%		03/03/2023		411,124
	282,240	Sophia LP, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)		4.25	%		09/30/2022		281,417
	338,300	Sotera Health Holdings LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.50%, 1.00% Floor)		5.50	%		11/20/2026		337,314
	481,876	Sound Inpatient Physicians, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.91	%		06/27/2025		473,944
	166,090	Southern Graphics, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		3.41	%		12/30/2022		100,152
	367,322	SS&C Technologies, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91	%		04/16/2025		356,965
	146,254	Staples, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.00%)		5.25	%		04/16/2026		136,427
	338,299	Starfruit US Holdco LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		3.15	%		10/01/2025		328,634
	197,809	Stars Group Holdings B.V., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)		3.81	%		07/10/2025		197,692
	74,813	STG-Fairway Holdings LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		4.32	%		01/29/2027		73,316
	99,250	Sunshine Luxembourg VII SARL, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.25%, 1.00% Floor)		5.32	%		07/17/2026		98,886
	424,063	Surf Holdings LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%)		3.75	%		03/05/2027		416,035
	80,374	Syncreon Group Holdings B.V., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.00%)		6.07	%		10/01/2024		77,410
	193,174	TAMKO Building Products LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		3.41	%		05/31/2026		190,759
	4,454	Tapstone Energy Holdings LLC, Unsecured First Lien Term Loan (1 Month LIBOR USD + 4.00%, 1.00% Floor)		5.00	% Þ		04/17/2024		4,381
	183,306	Team Health Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%, 1.00% Floor)		3.75	%		02/06/2024		154,563
	250,000	Tech Data Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)		3.64	%		06/26/2025		252,094
	110,000	Tech Data Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 5.50%)		5.64	%		06/30/2025		107,800
	218,350	Telesat LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.91	%		12/07/2026		211,800
	400,000	Tempo Acquisition LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 0.50% Floor)		3.75	%		11/02/2026		389,126
	124,063	Terrier Media Buyer, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)		4.41	%		12/12/2026		121,337
	319,904	The Edelman Financial Center LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		3.14	%		07/21/2025		309,732
	410,000	Thyssenkrupp Elevator, Senior Secured First Lien Term Loan (6 Month LIBOR USD + 4.25%)		4.57	%		09/30/2027		407,366
	349,088	TIBCO Software Inc, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.90	%		06/30/2026		341,669
	35,000	TIBCO Software Inc, Senior Secured Second Lien Term Loan (1 Month LIBOR USD + 7.25%)		7.41	%		03/03/2028		34,453
	288,326	Titan Acquisition Ltd., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.00%)		3.36	%		03/28/2025		273,294
	295,395	TKC Holdings, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.75%, 1.00% Floor)		4.75	%		02/01/2023		278,133
	229,425	T-Mobile USA, Inc. (1 Month LIBOR USD + 3.00%)		3.16	%		04/01/2027		229,527
	106,002	Trans Union LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 1.75%)		1.91	%		11/13/2026		103,542
	166,811	Travel Leaders Group LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%)		4.16	%		01/25/2024		124,396
	54,748	Travelport Finance SARL, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 7.00%, 1.00% Floor)		8.00	%		02/28/2025		52,781
	59,772	Travelport Finance SARL, Senior Secured First Lien Term Loan (6 Month LIBOR USD + 5.00%)		6.07	%		03/18/2026		45,277
	193,015	Trident TPI Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.00%, 1.00% Floor)		4.07	%		10/31/2024		188,793
	270,000	Uber Technologies, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.00%, 1.00% Floor)		5.00	%		04/04/2025		268,457
	400,000	UFC Holdings LLC, Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.25%, 1.00% Floor)		4.25	%		04/29/2026		394,126
	182,613	UGI Energy Services LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.91	%		08/13/2026		182,157
	157,427	Ultimate Software Group, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.91	%		05/04/2026		156,356
	260,000	Ultimate Software Group, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%, 0.75% Floor)		4.75	%		06/23/2025		259,741
	30,000	Ultimate Software Group, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 6.75%, 0.75% Floor)		7.50	%		05/03/2027		30,650
	176,146	United Natural Foods, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%)		4.41	%		10/22/2025		172,280
	79,400	Univar Solutions USA, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.00%)		2.16	%		07/01/2026		77,403
	105,662	Univision Communications, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 1.00% Floor)		4.75	%		03/13/2026		103,143
	154,225	Upstream Newco, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)		4.66	%		10/22/2026		145,550
	589,050	US Foods, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.00%)		3.07	%		09/14/2026		565,674
	155,479	USIC Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%, 1.00% Floor)		4.25	%		12/08/2023		153,373
	452,180	Verscend Holding Corporation, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.50%)		4.66	%		08/27/2025		449,184
	129,177	Victory Capital Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.50%)		2.80	%		07/01/2026		127,509
	140,000	Virgin Media Bristol LLC, Senior Secured First Lien Term Loan		3.41	% ±		01/10/2029		137,966
	110,000	Virgin Media Bristol LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		2.65	%		01/31/2028		107,014
	403,598	VS Buyer LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.25%)		3.40	%		02/26/2027		398,553
	321,049	Wand NewCo 3, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%)		4.07	%		02/05/2026		310,615
	185,000	Web.Com Group, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%)		3.90	%		10/10/2025		179,566
	427,006	Whatabrands LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		2.91	%		08/03/2026		418,999
	342,405	Wink Holdco, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.00%, 1.00% Floor)		4.00	%		12/02/2024		341,934
	209,175	Zelis Cost Management Buyer, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.75%)		4.91	%		09/25/2026		207,980
	50,000	Ziggo Financing Partnership, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.50%)		2.65	%		04/17/2028		48,250
	Total Bank Loans (Cost $68,594,302)								66,466,842
	Collateralized Loan Obligations - 19.3%
	250,000	Adams Mill Ltd., Series 2014-1A-D1 (3 Month LIBOR USD + 3.50%)		3.78	% ^		07/15/2026		238,129
	2,500,000	AIMCO, Series 2015-AA-DR (3 Month LIBOR USD + 2.45%, 2.45% Floor)		2.73	% ^		01/15/2030		2,373,822
	2,000,000	Apidos Ltd., Series 2013-12A-DR (3 Month LIBOR USD + 2.60%)		2.88	% ^		04/15/2031		1,831,853
	1,500,000	Apidos Ltd., Series 2015-21A-CR (3 Month LIBOR USD + 2.45%, 2.45% Floor)		2.72	% ^		07/19/2027		1,419,895
	2,500,000	Apidos Ltd., Series 2016-24A-CR (3 Month LIBOR USD + 3.05%)		3.32	% ^		10/21/2030		2,343,445
	2,500,000	Apidos Ltd., Series 2018-29A-C (3 Month LIBOR USD + 2.75%)		2.99	% ^		07/25/2030		2,330,596
	1,000,000	Apidos Ltd., Series 2020-33A-B (3 Month LIBOR USD + 2.20%, 2.00% Floor)		2.47	% ^		07/24/2031		1,000,668
	2,500,000	Atrium Corporation, Series 13A-D (3 Month LIBOR USD + 2.70%)		2.96	% ^		11/21/2030		2,362,500
	1,000,000	Atrium Corporation, Series 14A-D (3 Month LIBOR USD + 2.95%, 2.95% Floor)		3.22	% ^		08/23/2030		963,484
	3,000,000	Atrium Corporation, Series 9A-DR (3 Month LIBOR USD + 3.60%)		3.86	% ^		05/28/2030		2,911,544
	1,500,000	Babson Ltd., Series 2015-2A-DR (3 Month LIBOR USD + 2.95%)		3.22	% ^		10/21/2030		1,406,267
	1,737,500	Babson Ltd., Series 2015-2A-ER (3 Month LIBOR USD + 6.45%)		6.72	% ^		10/21/2030		1,477,141
	1,250,000	Bain Capital Credit Ltd., Series 2020-2A-B1 (3 Month LIBOR USD + 2.50%, 2.50% Floor)		2.86	% ^		07/29/2031		1,251,802
	4,000,000	Barings Ltd., Series 2018-3A-D (3 Month LIBOR USD + 2.90%)		3.17	% ^		07/20/2029		3,654,313
	2,000,000	Barings Ltd., Series 2019-2A-C (3 Month LIBOR USD + 3.85%, 3.85% Floor)		4.13	% ^		04/15/2031		2,000,601
	2,000,000	Barings Ltd., Series 2020-1A-D (3 Month LIBOR USD + 3.75%)		0.01	% ^		10/15/2032		2,000,000
	3,770,000	BlueMountain Ltd., Series 2013-2A-DR (3 Month LIBOR USD + 2.90%)		3.16	% ^		10/22/2030		3,348,576
	1,750,000	BlueMountain Ltd., Series 2015-2A-DR (3 Month LIBOR USD + 2.75%, 2.75% Floor)		3.02	% ^		07/19/2027		1,619,637
	500,000	BlueMountain Ltd., Series 2015-3A-CR (3 Month LIBOR USD + 2.60%)		2.87	% ^		04/21/2031		425,295
	1,000,000	BlueMountain Ltd., Series 2016-3A-DR (3 Month LIBOR USD + 3.10%, 3.10% Floor)		3.38	% ^		11/15/2030		873,794
	1,000,000	BlueMountain Ltd., Series 2017-2A-C (3 Month LIBOR USD + 3.00%)		3.27	% ^		10/21/2030		914,244
	2,000,000	Canyon Capital Ltd., Series 2012-1RA-D (3 Month LIBOR USD + 3.00%)		3.28	% ^		07/15/2030		1,884,586
	2,000,000	Canyon Capital Ltd., Series 2014-1A-CR (3 Month LIBOR USD + 2.75%, 2.75% Floor)		3.02	% ^		01/30/2031		1,764,121
	2,000,000	Canyon Capital Ltd., Series 2014-2A-DR (3 Month LIBOR USD + 3.65%)		3.93	% ^		04/15/2029		1,946,945
	10,000,000	Canyon Capital Ltd., Series 2017-1A-B (3 Month LIBOR USD + 1.70%)		1.98	% ^		07/15/2030		9,948,084
	2,500,000	Canyon Capital Ltd., Series 2018-1A-D (3 Month LIBOR USD + 2.90%, 2.90% Floor)		3.18	% ^		07/15/2031		2,263,917
	3,000,000	Canyon Capital Ltd., Series 2020-2A-D (3 Month LIBOR USD + 3.85%, 3.85% Floor)		0.01	% ^		10/15/2031		3,000,000
	1,250,000	Carlyle Global Market Strategies Ltd., Series 2013-2A-DR (3 Month LIBOR USD + 2.40%)		2.67	% ^		01/18/2029		1,119,831
	1,500,000	Chenango Park Ltd., Series 2018-1A-C (3 Month LIBOR USD + 3.00%, 3.00% Floor)		3.28	% ^		04/15/2030		1,425,921
	1,000,000	Crown Point Ltd., Series 2020-9A-B (3 Month LIBOR USD + 2.69%, 2.69% Floor)		3.01	% ^		07/14/2032		1,002,476
	1,750,000	Dryden Senior Loan Fund, Series 2012-25A-CRR (3 Month LIBOR USD + 1.85%, 0.00%)		2.13	% ^		10/15/2027		1,707,097
	2,500,000	Dryden Senior Loan Fund, Series 2013-28A-B1LR (3 Month LIBOR USD + 3.15%)		3.43	% ^		08/15/2030		2,461,611
	3,900,000	Dryden Senior Loan Fund, Series 2014-33A-DR2 (3 Month LIBOR USD + 3.85%, 3.85% Floor)		4.13	% ^		04/16/2029		3,899,873
	3,000,000	Dryden Senior Loan Fund, Series 2015-37A-DR (3 Month LIBOR USD + 2.50%, 2.50% Floor)		2.78	% ^		01/15/2031		2,753,971
	1,000,000	Dryden Senior Loan Fund, Series 2016-45A-DR (3 Month LIBOR USD + 3.15%, 3.15% Floor)		3.43	% ^		10/15/2030		980,830
	1,000,000	Dryden Senior Loan Fund, Series 2017-50A-D (3 Month LIBOR USD + 3.25%, 3.25% Floor)		3.53	% ^		07/15/2030		978,506
	5,500,000	GoldenTree Loan Management Ltd., Series 2017-2A-D (3 Month LIBOR USD + 2.65%)		2.92	% ^		11/29/2030		5,208,955
	2,500,000	GoldenTree Loan Opportunities Ltd., Series 2016-12A-DR (3 Month LIBOR USD + 2.90%)		3.17	% ^		07/22/2030		2,403,504
	1,500,000	Greenwood Park Ltd., Series 2018-1A-D (3 Month LIBOR USD + 2.50%)		2.78	% ^		04/15/2031		1,391,794
	250,000	Halcyon Loan Advisors Funding Ltd., Series 2013-2A-C (3 Month LIBOR USD + 2.70%)		2.95	% ^		08/01/2025		248,136
	258,079	Halcyon Loan Advisors Funding Ltd., Series 2014-2A-D (3 Month LIBOR USD + 5.00%)		5.25	% ^ Þ		04/28/2025		87,040
	500,000	Halcyon Loan Advisors Funding Ltd., Series 2018-1A-A2 (3 Month LIBOR USD + 1.80%, 0.18% Floor)		2.07	% ^		07/21/2031		489,250
	2,000,000	Hayfin Kingsland Ltd., Series 2018-8A-B (3 Month LIBOR USD + 1.48%, 1.48% Floor)		1.75	% ^		04/21/2031		1,959,055
	2,000,000	Highbridge Loan Management Ltd., Series 2013-2A-CR (3 Month LIBOR USD + 2.90%)		3.17	% ^		10/22/2029		1,788,742
	1,500,000	HPS Loan Management Ltd., Series 13A-18-D (3 Month LIBOR USD + 3.00%, 3.00% Floor)		3.28	% ^		10/15/2030		1,365,949
	3,175,000	LCM LP, Series 14A-DR (3 Month LIBOR USD + 2.75%)		3.02	% ^		07/21/2031		2,753,127
	1,250,000	LCM LP, Series 19A-E2 (3 Month LIBOR USD + 5.70%, 5.70% Floor)		5.98	% ^		07/15/2027		999,474
	2,000,000	LCM LP, Series 20A-DR (3 Month LIBOR USD + 2.80%, 2.80% Floor)		3.07	% ^		10/20/2027		1,869,276
	5,000,000	LCM Ltd., Series 26A-D (3 Month LIBOR USD + 2.50%, 2.50% Floor)		2.77	% ^		01/21/2031		4,247,861
	1,500,000	LCM Ltd., Series 27A-D (3 Month LIBOR USD + 2.95%)		3.22	% ^		07/16/2031		1,306,838
	2,000,000	Madison Park Funding Ltd., Series 2012-10A-BR2 (3 Month LIBOR USD + 1.80%)		2.07	% ^		01/22/2029		2,003,822
	1,000,000	Madison Park Funding Ltd., Series 2014-15A-CR (3 Month LIBOR USD + 3.45%)		3.69	% ^		01/27/2026		990,000
	2,500,000	Madison Park Funding Ltd., Series 2014-15A-DR (3 Month LIBOR USD + 5.44%)		5.68	% ^		01/27/2026		2,275,377
	1,000,000	Madison Park Funding Ltd., Series 2015-16A-D (3 Month LIBOR USD + 5.50%)		5.77	% ^		04/20/2026		906,968
	4,500,000	Madison Park Funding Ltd., Series 2015-18A-BR (3 Month LIBOR USD + 1.60%)		1.87	% ^		10/21/2030		4,410,006
	500,000	Madison Park Funding Ltd., Series 2015-18A-DR (3 Month LIBOR USD + 2.95%)		3.22	% ^		10/21/2030		474,451
	3,000,000	Madison Park Funding Ltd., Series 2017-25A-C (3 Month LIBOR USD + 3.60%)		3.84	% ^		04/25/2029		2,956,788
	1,000,000	Madison Park Funding Ltd., Series 2018-30A-D (3 Month LIBOR USD + 2.50%, 2.50% Floor)		2.78	% ^		04/16/2029		896,371
	3,500,000	Magnetite Ltd., Series 2018-20A-D (3 Month LIBOR USD + 2.50%)		2.77	% ^		04/21/2031		3,295,966
	1,000,000	Marathon Ltd., Series 2017-9A-A2 (3 Month LIBOR USD + 1.75%)		2.03	% ^		04/16/2029		973,917
	6,500,000	Marble Point Ltd., Series 2019-1A-B (3 Month LIBOR USD + 2.15%)		2.41	% ^		07/23/2032		6,502,156
	1,550,000	Midocean Credit, Series 2016-5A-B1R (3 Month LIBOR USD + 1.60%)		1.87	% ^		07/19/2028		1,532,181
	1,000,000	Myers Park Ltd., Series 2018-1A-D (3 Month LIBOR USD + 3.05%, 3.05% Floor)		3.32	% ^		10/21/2030		970,644
	1,000,000	Neuberger Berman Loan Advisers Ltd., Series 2016-21A-DR (3 Month LIBOR USD + 2.40%, 2.40% Floor)		2.67	% ^		04/20/2027		950,005
	4,000,000	Neuberger Berman Loan Advisers Ltd., Series 2017-16SA-D (3 Month LIBOR USD + 2.50%)		2.78	% ^		01/18/2028		3,860,979
	1,500,000	Neuberger Berman Loan Advisers Ltd., Series 2017-25A-D (3 Month LIBOR USD + 3.25%)		3.52	% ^		10/18/2029		1,485,297
	1,000,000	Neuberger Berman Loan Advisers Ltd., Series 2017-26A-D (3 Month LIBOR USD + 2.65%, 2.65% Floor)		2.92	% ^		10/18/2030		954,291
	1,500,000	Neuberger Berman Loan Advisers Ltd., Series 2018-28A-D (3 Month LIBOR USD + 2.85%)		3.12	% ^		04/22/2030		1,434,326
	1,000,000	Neuberger Berman Loan Advisers Ltd., Series 2020-38A-D (3 Month LIBOR USD + 3.75%)		0.01	% ^		10/20/2032		1,000,000
	1,500,000	Ocean Trails, Series 2020-10A-C (3 Month LIBOR USD + 3.20%, 3.20% Floor)		0.01	% ^		10/15/2031		1,500,000
	4,500,000	Octagon Investment Partners Ltd., Series 2012-1A-CR (3 Month LIBOR USD + 4.00%)		4.28	% ^		07/16/2029		4,394,476
	500,000	Octagon Investment Partners Ltd., Series 2014-1A-CRR (3 Month LIBOR USD + 3.95%, 3.95% Floor)		4.21	% ^		02/17/2032		502,022
	2,500,000	Octagon Investment Partners Ltd., Series 2017-1A-C (3 Month LIBOR USD + 3.50%)		3.77	% ^		03/17/2030		2,414,270
	2,000,000	Octagon Investment Partners Ltd., Series 2017-1A-D (3 Month LIBOR USD + 3.70%)		3.97	% ^		07/22/2030		1,951,990
	1,250,000	Octagon Investment Partners Ltd., Series 2017-1A-D (3 Month LIBOR USD + 6.20%)		6.47	% ^		03/17/2030		1,107,957
	4,000,000	Octagon Investment Partners Ltd., Series 2018-1A-C (3 Month LIBOR USD + 2.60%, 2.60% Floor)		2.87	% ^		01/21/2031		3,678,534
	3,000,000	Octagon Investment Partners Ltd., Series 2018-2A-C (3 Month LIBOR USD + 2.85%)		3.09	% ^		07/25/2030		2,793,814
	1,000,000	OHA Credit Funding Ltd., Series 2018-1A-D (3 Month LIBOR USD + 3.05%, 3.05% Floor)		3.32	% ^		10/21/2030		970,968
	3,000,000	RRAM Ltd., Series 2018-4A-C (3 Month LIBOR USD + 2.95%)		3.23	% ^		04/15/2030		2,860,625
	5,000,000	Sound Point Ltd., Series 2020-2A-D (3 Month LIBOR USD + 4.00%, 4.00% Floor)		0.01	% ^		10/25/2031		4,999,883
	5,000,000	Steele Creek Ltd., Series 2019-2A-B (3 Month LIBOR USD + 2.25%, 2.25% Floor)		2.53	% ^		07/15/2032		5,001,636
	3,500,000	Stewart Park Ltd., Series 2015-1A-DR (3 Month LIBOR USD + 2.60%, 2.60% Floor)		2.88	% ^		01/15/2030		3,247,342
	1,500,000	Symphony Ltd., Series 2015-16A-DR (3 Month LIBOR USD + 3.05%, 3.05% Floor)		3.33	% ^		10/15/2031		1,417,783
	1,000,000	Symphony Ltd., Series 2016-17A-DR (3 Month LIBOR USD + 2.65%)		2.93	% ^		04/17/2028		953,529
	3,000,000	Thacher Park Ltd., Series 2014-1A-D1R (3 Month LIBOR USD + 3.40%)		3.67	% ^		10/20/2026		2,970,344
	1,500,000	TIAA Ltd., Series 2017-2A-B (3 Month LIBOR USD + 1.50%)		1.77	% ^		01/16/2031		1,468,088
	6,000,000	Trimaran CAVU LLC, Series 2019-1A-B (3 Month LIBOR USD + 2.20%, 2.20% Floor)		2.47	% ^		07/20/2032		5,981,108
	500,000	Vibrant Ltd., Series 2015-3A-A2RR (3 Month LIBOR USD + 1.85%)		2.12	% ^		10/20/2031		496,823
	3,900,000	Voya Ltd., Series 2013-1A-CR (3 Month LIBOR USD + 2.95%)		3.23	% ^		10/15/2030		3,463,336
	1,500,000	Voya Ltd., Series 2017-3A-C (3 Month LIBOR USD + 3.55%)		3.82	% ^		07/22/2030		1,439,027
	1,000,000	Westcott Park Ltd., Series 2016-1A-DR (3 Month LIBOR USD + 3.25%)		3.52	% ^		07/20/2028		973,453
	2,000,000	Wind River Ltd., Series 2013-2A-E1R (3 Month LIBOR USD + 6.75%)		7.02	% ^		10/18/2030		1,596,272
	2,000,000	Wind River Ltd., Series 2014-1A-DRR (3 Month LIBOR USD + 3.00%, 3.00% Floor)		3.27	% ^		07/18/2031		1,758,140
	4,000,000	Wind River Ltd., Series 2014-2A-DR (3 Month LIBOR USD + 2.90%, 2.90% Floor)		3.18	% ^		01/15/2031		3,466,357
	2,000,000	Wind River Ltd., Series 2014-2A-ER (3 Month LIBOR USD + 5.75%, 5.75% Floor)		6.03	% ^		01/15/2031		1,530,373
	7,975,000	Wind River Ltd., Series 2015-2A-ER (3 Month LIBOR USD + 5.55%)		5.83	% ^		10/15/2027		6,363,417
	3,500,000	Wind River Ltd., Series 2016-1A-DR (3 Month LIBOR USD + 2.85%)		3.13	% ^		07/17/2028		3,309,570
	2,000,000	Wind River Ltd., Series 2017-1A-D (3 Month LIBOR USD + 3.75%)		4.02	% ^		04/18/2029		1,941,997
	1,750,000	Wind River Ltd., Series 2017-1A-E (3 Month LIBOR USD + 6.42%)		6.69	% ^		04/18/2029		1,555,622
	1,500,000	Wind River Ltd., Series 2017-4A-D (3 Month LIBOR USD + 2.65%)		2.90	% ^		11/20/2030		1,389,174
	1,500,000	Wind River Ltd., Series 2018-1A-D (3 Month LIBOR USD + 2.90%)		3.18	% ^		07/15/2030		1,398,517
	3,500,000	Wind River Ltd., Series 2018-2A-D (3 Month LIBOR USD + 3.00%)		3.28	% ^		07/15/2030		3,105,977
	2,500,000	York Ltd., Series 2019-1A-B (3 Month LIBOR USD + 2.05%)		2.31	% ^		07/22/2032		2,479,465
	Total Collateralized Loan Obligations (Cost $235,843,740)								222,359,810
	Foreign Corporate Bonds - 11.4%
	969,000	Adani Ports & Special Economic Zone Ltd.		3.95	%		01/19/2022		989,459
	500,000	AES Andres B.V.		7.95	% ^		05/11/2026		510,005
	2,200,000	AES Dominicana		7.95	%		05/11/2026		2,244,022
	600,000	AES Gener S.A.		5.00	%		07/14/2025		621,300
	200,000	AES Gener S.A. (5 Year CMT Rate + 4.92%)		6.35	% ^		04/07/2025		202,125
	600,000	AES Gener S.A. (5 Year CMT Rate + 4.92%)		6.35	%		04/07/2025		606,375
	1,800,000	AES Gener S.A. (5 Year Swap Rate USD + 4.64%)		7.13	% ^		04/07/2024		1,843,254
	500,000	AES Gener S.A. (5 Year Swap Rate USD + 4.64%)		7.13	%		04/07/2024		512,015
	800,000	AES Panama Generation Holdings SRL		4.38	% ^		05/31/2030		823,800
	270,000	Aker BP ASA		4.75	% ^		06/15/2024		277,651
	400,000	Altice Financing S.A.		5.00	% ^		01/15/2028		389,026
	415,000	Altice France Holding S.A.		7.38	% ^		05/01/2026		435,314
	200,000	Altice France Holding S.A.		6.00	% ^		02/15/2028		191,129
	400,000	ARD Finance S.A. (PIK 9.13%)		6.50	% ^		06/30/2027		398,420
	200,000	Avation Capital S.A.		6.50	% ^		05/15/2021		136,225
	200,000	Baidu, Inc.		3.43	%		04/07/2030		220,802
	800,000	Banco BTG Pactual S.A. (5 Year CMT Rate + 5.26%)		7.75	% ^		02/15/2029		820,400
	350,000	Banco de Credito del Peru (3 Month LIBOR USD + 7.04%)		6.13	%		04/24/2027		370,125
	400,000	Banco de Credito del Peru (5 Year CMT Rate + 3.00%)		3.13	% ^		07/01/2030		401,952
	650,000	Banco de Reservas de la Republica Dominicana		7.00	%		02/01/2023		667,882
	200,000	Banco de Reservas de la Republica Dominicana		7.00	% ^		02/01/2023		205,502
	300,000	Banco GNB Sudameris S.A. (5 Year CMT Rate + 4.56%)		6.50	%		04/03/2027		302,799
	1,000,000	Banco Latinoamericano de Comercio Exterior S.A.		2.38	% ^		09/14/2025		1,015,000
	200,000	Banco Macro S.A. (5 Year Swap Rate USD + 5.46%)		6.75	% ^		11/04/2026		153,502
	1,500,000	Banco Macro S.A. (5 Year Swap Rate USD + 5.46%)		6.75	%		11/04/2026		1,151,265
	1,800,000	Banco Mercantil del Norte S.A. (10 Year CMT Rate + 5.35%)		7.63	% †		10/06/2020		1,798,920
	200,000	Banco Mercantil del Norte S.A. (10 Year CMT Rate + 5.47%)		7.50	% ^†		06/27/2029		197,328
	200,000	Banco Mercantil del Norte S.A. (10 Year CMT Rate + 5.47%)		7.50	% †		06/27/2029		197,328
	400,000	Banco Mercantil del Norte S.A. (5 Year CMT Rate + 5.04%)		6.88	% †		07/06/2022		396,250
	400,000	Banco Nacional de Panama		2.50	% ^		08/11/2030		396,300
	600,000	Bancolombia S.A. (5 Year CMT Rate + 2.93%)		4.88	%		10/18/2027		589,650
	600,000	Bancolombia S.A. (5 Year CMT Rate + 2.94%)		4.63	%		12/18/2029		584,250
	1,100,000	Banistmo S.A.		3.65	%		09/19/2022		1,115,813
	200,000	Banistmo S.A.		3.65	% ^		09/19/2022		202,875
	1,100,000	BBVA Bancomer S.A. (5 Year CMT Rate + 2.65%)		5.13	%		01/18/2033		1,060,565
	200,000	BBVA Bancomer S.A. (5 Year CMT Rate + 3.00%)		5.35	%		11/12/2029		199,000
	1,650,000	BBVA Colombia S.A.		4.88	%		04/21/2025		1,710,860
	3,150,000	BDO Unibank, Inc.		2.95	%		03/06/2023		3,275,908
	220,000	Bombardier, Inc.		6.00	% ^		10/15/2022		204,325
	265,000	Bombardier, Inc.		7.88	% ^		04/15/2027		201,392
	1,400,000	Braskem Finance Company (5 Year CMT Rate + 8.22%)		8.50	% ^		1024/2025		1,407,889
	1,100,000	Braskem Idesa SAPI		7.45	% ^		11/15/2029		1,037,036
	1,300,000	Canacol Energy Ltd.		7.25	%		05/03/2025		1,338,201
	205,000	Cenovus Energy, Inc.		5.38	%		07/15/2025		197,547
	1,000,000	CK Hutchison International Ltd.		2.50	% ^		05/08/2030		1,048,895
	300,000	CNAC HK Finbridge Company Ltd.,		3.38	%		06/19/2024		312,255
	600,000	CNOOC Finance Ltd.		3.88	%		05/02/2022		626,551
	1,000,000	CNOOC Finance Ltd.		3.00	%		05/09/2023		1,049,339
	1,000,000	CNPC General Capital Ltd.		1.35	%		06/23/2025		1,003,085
	1,000,000	CNPC Global Capital Ltd.		1.13	%		06/23/2023		999,901
	400,000	Cosan Overseas Ltd.		8.25	% †		12/29/2099		410,000
	375,000	Cott Holdings, Inc.		5.50	% ^		04/01/2025		384,844
	1,000,000	Credito Real S.A.B. de C.V.		9.50	% ^		02/07/2026		962,750
	1,650,000	Credito Real S.A.B. de C.V. (5 Year CMT Rate + 7.03%)		9.13	% †		11/29/2022		1,258,142
	1,550,000	CSN Islands Corporation		7.00	% †		12/23/2020		1,358,203
	900,000	CSN Resources S.A.		7.63	% ^		04/17/2026		905,062
	400,000	DBS Group Holdings Ltd. (5 Year Mid Swap Rate USD + 1.59%)		4.52	%		12/11/2028		437,193
	2,300,000	DBS Group Holdings Ltd. (5 Year Swap Rate USD + 2.39%)		3.60	% †		12/29/2049		2,320,619
	300,000	Delek & Avner Tamar Bond Ltd.		5.08	% ^		12/30/2023		305,427
	520,000	Delek & Avner Tamar Bond Ltd.		5.41	% ^		12/30/2025		529,399
	322,225	Digicel Group Ltd. (PIK 7.00%)		7.00	% ^†		12/01/2021		41,889
	300,893	Digicel Group Ltd. (PIK 8.00%)		5.00	% ^		04/01/2025		106,817
	1,000,000	Docuformas SAPI de C.V.		10.25	% ^		07/24/2024		741,250
	450,000	eG Global Finance PLC		8.50	% ^		10/30/2025		474,469
	860,750	Empresa Electrica Angamos S.A.		4.88	%		05/25/2029		864,890
	1,600,000	Empresa Electrica Guacolda S.A.		4.56	%		04/30/2025		1,316,184
	953,952	ENA Norte Trust		4.95	%		04/25/2028		962,309
	200,000	ENN Energy Holdings Ltd.		3.25	%		07/24/2022		205,779
	400,000	Fideicomiso Pacifico Tres		8.25	%		01/15/2035		470,000
	200,000	Fomento Economico Mexicano S.A.B. de C.V.		2.88	%		05/10/2023		208,322
	100,000	Freeport-McMoRan, Inc.		4.63	%		08/01/2030		105,322
	385,000	Garda World Security Corporation		8.75	% ^		05/15/2025		390,049
	475,000	Garda World Security Corporation		4.63	% ^		02/15/2027		478,562
	2,100,000	Geopark Ltd.		6.50	%		09/21/2024		1,982,400
	155,000	GFL Environmental, Inc.		3.75	% ^		08/01/2025		154,903
	365,000	GFL Environmental, Inc.		5.13	% ^		12/15/2026		380,093
	132,000	GFL Environmental, Inc.		8.50	% ^		05/01/2027		143,467
	400,000	Gilex Holding Sarl		8.50	% ^		05/02/2023		407,754
	750,000	Gilex Holding Sarl		8.50	%		05/02/2023		764,539
	1,500,000	Global Bank Corporation		4.50	%		10/20/2021		1,536,000
	700,000	Global Bank Corporation		4.50	% ^		10/20/2021		716,800
	700,000	Globo Comunicacao e Participacoes S.A.		4.88	% ^		01/22/2030		692,055
	2,600,000	Gran Tierra Energy International Holdings Ltd.		6.25	%		02/15/2025		896,220
	200,000	Gran Tierra Energy, Inc.		7.75	% ^		05/23/2027		69,877
	400,000	Grupo Aval Ltd.		4.75	%		09/26/2022		410,050
	202,000	Grupo Idesa S.A. de C.V. (PIK 10.38%)		10.13	% ^		05/22/2026		112,615
	400,000	Hunt Oil Company of Peru LLC Sucursal Del Peru		6.38	%		06/01/2028		400,500
	800,000	Indian Oil Corporation Ltd.		5.75	%		08/01/2023		874,485
	700,000	Industrial Senior Trust		5.50	%		11/01/2022		723,800
	600,000	Inkia Energy Ltd.		5.88	%		11/09/2027		626,700
	380,000	Intelligent Packaging Ltd.		6.00	% ^		09/15/2028		386,051
	380,000	Intelsat Jackson Holdings S.A.		5.50	% W		08/01/2023		239,400
	300,000	Intelsat Jackson Holdings S.A.		8.50	% ^W		10/15/2024		194,220
	35,079	Invepar Holdings		0.00	% W Þ		12/30/2028		1,500
	150,000	Inversiones CMPC S.A.		4.50	%		04/25/2022		156,527
	1,000,000	Inversiones CMPC S.A.		4.75	%		09/15/2024		1,102,000
	400,000	Israel Electric Corporation Ltd.		5.00	% ^		11/12/2024		451,458
	900,000	Itau Unibanco Holding S.A. (5 Year CMT Rate + 3.22%)		4.63	% ^†		08/27/2025		788,400
	1,700,000	JD.com, Inc.		3.38	%		01/14/2030		1,844,216
	300,000	Korea East-West Power Company Ltd.		1.75	% ^		05/06/2025		310,295
	600,000	Korea Electric Power Corporation		1.13	% ^		06/15/2025		603,810
	400,000	Kronos Acquisition Holdings, Inc.		9.00	% ^		08/15/2023		406,500
	1,307,000	Latam Finance Ltd.		6.88	% W		04/11/2024		486,858
	1,000,000	Latam Finance Ltd.		7.00	% ^W		03/01/2026		372,500
	1,032,900	LLPL Capital Pte Ltd.		6.88	% ^		02/04/2039		1,193,728
	2,800,000	Malayan Banking BHD (5 Year Swap Rate USD + 2.54%)		3.91	%		10/29/2026		2,859,962
	330,000	Mattamy Group Corporation		4.63	% ^		03/01/2030		334,726
	500,000	Medco Bell Pte Ltd.		6.38	% ^		01/30/2027		432,500
	480,000	MEG Energy Corporation		7.13	% ^		02/01/2027		431,678
	1,400,000	MEGlobal Canada ULC		5.00	% ^		05/18/2025		1,515,800
	300,000	Minejesa Capital B.V.		4.63	%		08/10/2030		309,351
	1,200,000	Minejesa Capital B.V.		5.63	%		08/10/2037		1,239,786
	600,000	Multibank, Inc.		4.38	%		11/09/2022		611,409
	500,000	Network i2i Ltd. (5 Year CMT Rate + 4.28%)		5.65	% ^†		10/15/2020		502,500
	515,000	New Red Finance, Inc.		5.00	% ^		10/15/2025		528,933
	500,000	NongHyup Bank		1.25	% ^		07/20/2025		505,402
	1,200,000	ONGC Videsh Ltd.		2.88	%		01/27/2022		1,211,082
	200,000	ONGC Videsh Ltd.		3.75	%		05/07/2023		207,527
	200,000	ONGC Videsh Ltd.		4.63	%		07/15/2024		214,394
	1,200,000	Ooredoo International Finance Ltd.		3.25	%		02/21/2023		1,256,760
	200,000	Ooredoo International Finance Ltd.		3.75	%		06/22/2026		223,805
	1,000,000	Operadora de Servicios Mega S.A.		8.25	% ^		02/11/2025		921,875
	400,000	Oversea-Chinese Banking Corporation		4.25	%		06/19/2024		438,021
	600,000	Oversea-Chinese Banking Corporation Ltd. (5 Year CMT Rate + 1.58%)		1.83	% ^		09/10/2030		599,236
	1,700,000	Pampa Energia S.A.		7.50	%		01/24/2027		1,286,178
	150,000	Pampa Energia S.A.		9.13	%		04/15/2029		117,591
	1,334,825	Panama Metro Line SP		0.00	% ^		12/05/2022		1,296,462
	1,331,654	Panama Metro Line SP		0.00	%		12/05/2022		1,293,382
	415,000	Parkland Fuel Corporation		5.88	% ^		07/15/2027		437,047
	1,500,000	Peru LNG SRL		5.38	%		03/22/2030		1,154,250
	200,000	Petrobras Global Finance B.V.		7.25	%		03/17/2044		228,380
	200,000	POSCO		2.38	%		11/12/2022		205,058
	600,000	POSCO		2.38	%		01/17/2023		615,363
	1,700,000	POSCO		2.75	%		07/15/2024		1,782,851
	800,000	PSA Treasury Pte Ltd.		2.13	%		09/05/2029		835,474
	200,000	PTTEP Treasury Center Company Ltd.		2.59	% ^		06/10/2027		207,218
	2,200,000	Radiant Access Ltd.		4.60	% †		11/18/2020		2,207,139
	2,500,000	Reliance Industries Ltd.		5.40	%		02/14/2022		2,635,619
	700,000	SACI Falabella		3.75	%		04/30/2023		732,188
	2,700,000	Sinopec Group Overseas Development Ltd.		2.70	% ^		05/13/2030		2,842,872
	200,000	Sociedad Quimica y Minera S.A.		4.38	%		01/28/2025		220,229
	907,000	Star Energy Geothermal Wayang Windu Ltd.		6.75	%		04/24/2033		1,001,005
	150,000	Starfruit Finco B.V.		8.00	% ^		10/01/2026		159,245
	500,000	Stars Group Holdings B.V.		7.00	% ^		07/15/2026		532,187
	400,000	State Grid Overseas Investment Ltd.		3.75	%		05/02/2023		428,366
	400,000	State Grid Overseas Investment Ltd.		3.13	%		05/22/2023		421,626
	1,726,887	Stoneway Capital Corporation		10.00	% W		03/01/2027		742,579
	585,000	Superior Plus LP		7.00	% ^		07/15/2026		626,570
	200,000	Syngenta Finance N.V.		5.68	% ^		04/24/2048		214,767
	1,400,000	Syngenta Finance N.V.		5.68	%		04/24/2048		1,503,372
	200,000	Tecnoglass, Inc.		8.20	%		01/31/2022		207,705
	1,000,000	Telefonica Chile S.A.		3.88	%		10/12/2022		1,051,750
	300,000	Telesat LLC		4.88	% ^		06/01/2027		302,152
	3,300,000	Temasek Financial Ltd.		1.00	% ^		10/06/2030		3,256,919
	1,900,000	Tencent Holdings Ltd.		2.39	% ^		06/03/2030		1,933,970
	405,000	Tervita Escrow Corporation		7.63	% ^		12/01/2021		370,703
	125,000	Titan Acquisition Ltd.		7.75	% ^		04/15/2026		124,687
	200,000	Transelec S.A.		4.63	%		07/26/2023		215,627
	400,000	Unifin Financiera S.A.B. de C.V.		7.38	%		02/12/2026		322,004
	3,200,000	Unifin Financiera S.A.B. de C.V. (5 Year CMT Rate + 6.31%)		8.88	% †		07/29/2025		2,232,000
	1,100,000	United Overseas Bank Ltd. (5 Year Swap Rate USD + 1.65%)		2.88	%		03/08/2027		1,120,366
	3,041,000	United Overseas Bank Ltd. (5 Year Swap Rate USD + 1.79%)		3.88	% †		10/19/2023		3,126,300
	3,000,000	UPL Corporation		3.25	%		10/13/2021		3,041,088
	1,100,000	Vedanta Resources Finance PLC		9.25	% ^		04/23/2026		828,300
	2,700,000	Vedanta Resources Ltd.		6.13	%		08/09/2024		1,912,117
	200,000	Vertical Holding Company GMBH		7.63	% ^		07/15/2028		211,750
	450,000	Vertical Newco, Inc.		5.25	% ^		07/15/2027		468,513
	400,000	Virgin Media Finance PLC		5.00	% ^		07/15/2030		398,500
	Total Foreign Corporate Bonds (Cost $135,592,523)								130,504,230
	Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations - 1.2%
	300,000	Abu Dhabi Government International Bond		0.75	% ^		09/02/2023		300,007
	400,000	Abu Dhabi Government International Bond		2.50	% ^		04/16/2025		426,384
	700,000	Abu Dhabi Government International Bond		3.13	% ^		04/16/2030		786,016
	400,000	Indonesia Government International Bond		3.38	%		04/15/2023		422,864
	700,000	Panama Government International Bond		4.00	%		09/22/2024		766,500
	600,000	Peruvian Government International Bond		2.39	%		01/23/2026		629,700
	2,250,000	Peruvian Government International Bond		2.78	%		01/23/2031		2,440,710
	800,000	Philippine Government International Bond		2.46	%		05/05/2030		864,470
	400,000	Philippine Government International Bond		2.95	%		05/05/2045		424,461
	700,000	Qatar Government International Bond		3.88	%		04/23/2023		752,784
	1,800,000	Qatar Government International Bond		3.38	%		03/14/2024		1,942,047
	1,800,000	Saudi Government International Bond		2.38	%		10/26/2021		1,832,900
	800,000	Saudi Government International Bond		2.88	%		03/04/2023		836,836
	1,750,000	Saudi Government International Bond		2.90	% ^		10/22/2025		1,872,591
	Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $13,673,629)								14,298,270
	Non-Agency Commercial Mortgage Backed Obligations - 14.1%
	689,000	20 Times Square Trust, Series 2018-20TS-F		3.20	% # ^		05/17/2035		634,331
	658,000	20 Times Square Trust, Series 2018-20TS-G		3.20	% # ^		05/17/2035		588,777
	30,927,918	Arbor Multifamily Mortgage Securities Trust, Series 2020-MF1-XA		1.09	% # ^ I/O		05/16/2053		2,191,181
	1,216,000	Arbor Realty Ltd., Series 2019-FL1-B (1 Month LIBOR USD + 1.70%)		1.85	% ^		05/15/2037		1,188,640
	1,216,000	Arbor Realty Ltd., Series 2020-FL1 (1 Month LIBOR USD + 1.80%, 1.80% Floor)		1.95	% ^		02/15/2035		1,182,292
	1,017,000	AREIT Trust, Series 2019-CRE3-D (1 Month LIBOR USD + 2.65%, 2.65% Floor)		2.80	% ^		09/14/2036		968,371
	1,532,000	Atrium Hotel Portfolio Trust, Series 2017-ATRM-E (1 Month LIBOR USD + 3.05%, 3.05% Floor)		3.20	% ^		12/15/2036		1,270,985
	1,898,000	Atrium Hotel Portfolio Trust, Series 2018-ATRM-E (1 Month LIBOR USD + 3.40%, 3.40% Floor)		3.55	% ^		06/15/2035		1,638,326
	1,399,000	Bancorp Commercial Mortgage Trust, Series 2019-CRE5-D (1 Month LIBOR USD + 2.35%, 2.35% Floor)		2.50	% ^		03/17/2036		1,279,114
	11,739,218	BANK, Series 2017-BNK5-XA		1.21	% # I/O		06/17/2060		569,124
	61,007,021	BANK, Series 2018-BN11-XA		0.63	% # I/O		03/17/2061		1,894,597
	465,000	Barclays Commercial Mortgage Securities LLC, Series 2017-DELC-F (1 Month LIBOR USD + 3.50%, 3.50% Floor)		3.65	% ^		08/15/2036		420,480
	240,000	BBCMS Mortgage Trust, Series 2018-CBM-D (1 Month LIBOR USD + 2.39%, 2.39% Floor)		2.54	% ^		07/15/2037		211,252
	1,958,000	BBCMS Mortgage Trust, Series 2018-CBM-E (1 Month LIBOR USD + 3.15%, 3.15% Floor)		3.70	% ^		07/15/2037		1,604,522
	956,000	BBCMS Mortgage Trust, Series 2018-TALL-E (1 Month LIBOR USD + 2.44%, 2.44% Floor)		2.59	% ^		03/16/2037		890,661
	1,675,000	BBCMS Mortgage Trust, Series 2019-BWAY-E (1 Month LIBOR USD + 2.85%, 2.85% Floor)		3.00	% ^		11/15/2034		1,457,476
	1,430,000	BB-UBS Trust, Series 2012-TFT-TE		3.68	% # ^		06/07/2030		1,152,663
	1,216,000	BDS Ltd., Series 2019-FL4-B (1 Month LIBOR USD + 1.75%, 1.75% Floor)		1.90	% ^		08/15/2036		1,186,305
	1,678,000	BFLD, Series 2019-DPLO-F (1 Month LIBOR USD + 2.54%, 2.54% Floor)		2.69	% ^		10/16/2034		1,475,313
	1,781,000	BHMS Trust, Series 2018-ATLS-C (1 Month LIBOR USD + 1.90%, 1.90% Floor)		2.05	% ^		07/16/2035		1,626,658
	2,373,000	BHP Trust, Series 2019-BXHP-D (1 Month LIBOR USD + 1.77%, 1.77% Floor)		1.92	% ^		08/15/2036		2,193,155
	925,000	Bsprt Issuer Ltd., Series 2018-FL4-D (1 Month LIBOR USD + 2.75%, 2.75% Floor)		2.90	% ^		09/17/2035		857,752
	487,000	BX Commercial Mortgage Trust, Series 2018-BIOA-D (1 Month LIBOR USD + 1.32%, 1.35% Floor)		1.47	% ^		03/16/2037		482,022
	2,000,000	BX Commercial Mortgage Trust, Series 2019-IMC-D (1 Month LIBOR USD + 1.90%, 1.90% Floor)		2.05	% ^		04/17/2034		1,840,484
	2,229,000	BX Commercial Mortgage Trust, Series 2019-IMC-F (1 Month LIBOR USD + 2.90%, 2.90% Floor)		3.05	% ^		04/17/2034		1,910,241
	505,302	BX Trust, Series 2017-APPL-E (1 Month LIBOR USD + 3.15%, 3.15% Floor)		3.30	% ^		07/17/2034		497,616
	289,799	BX Trust, Series 2017-SLCT-D (1 Month LIBOR USD + 2.05%, 2.05% Floor)		2.20	% ^		07/17/2034		289,653
	710,600	BX Trust, Series 2017-SLCT-E (1 Month LIBOR USD + 3.15%, 3.15% Floor)		3.30	% ^		07/17/2034		701,496
	611,000	BX Trust, Series 2018-GW-E (1 Month LIBOR USD + 1.97%, 1.97% Floor)		2.12	% ^		05/15/2037		560,982
	530,000	BX Trust, Series 2018-GW-F (1 Month LIBOR USD + 2.42%, 2.42% Floor)		2.57	% ^		05/15/2037		481,673
	367,000	BX Trust, Series 2018-GW-G (1 Month LIBOR USD + 2.92%, 2.92% Floor)		3.07	% ^		05/15/2037		319,566
	2,250,000	BX Trust, Series 2019-CALM-E (1 Month LIBOR USD + 2.00%, 2.00% Floor)		2.15	% ^		11/15/2032		2,148,098
	2,372,000	BX Trust, Series 2019-MMP-E (1 Month LIBOR USD + 1.90%, 1.90% Floor)		2.05	% ^		08/15/2036		2,239,745
	2,115,000	Carbon Capital Commercial Mortgage Trust, Series 2019-FL2-B (1 Month LIBOR USD + 2.85%, 2.85% Floor)		3.00	% ^		11/18/2021		1,854,938
	9,399,578	CD Commercial Mortgage Trust, Series 2017-CD3-XA		1.16	% # I/O		02/11/2050		482,333
	4,435,557	CFCRE Commercial Mortgage Trust, Series 2016-C4-XA		1.85	% # I/O		05/10/2058		321,917
	9,253,386	CFCRE Commercial Mortgage Trust, Series 2017-C8-XA		1.77	% # I/O		06/17/2050		680,897
	22,058,000	CFCRE Commercial Mortgage Trust, Series 2018-TAN-X		1.85	% # ^ I/O		02/17/2033		736,069
	454,031	CGDBB Commercial Mortgage Trust, Series 2017-BIOC-E (1 Month LIBOR USD + 2.15%, 2.25% Floor)		2.30	% ^		07/15/2032		450,350
	212,000	CHT Mortgage Trust, Series 2017-CSMO-F (1 Month LIBOR USD + 3.74%, 3.74% Floor)		3.89	% ^		11/15/2036		197,371
	1,734,845	Citigroup Commercial Mortgage Trust, Series 2014-GC25-XA		1.14	% # I/O		10/11/2047		57,143
	90,000	Citigroup Commercial Mortgage Trust, Series 2015-GC27-D		4.57	% # ^		02/12/2048		73,588
	2,484,842	Citigroup Commercial Mortgage Trust, Series 2016-P4-XA		2.12	% # I/O		07/10/2049		200,426
	530,000	Citigroup Commercial Mortgage Trust, Series 2018-TBR-E (1 Month LIBOR USD + 2.80%, 2.90% Floor)		2.95	% ^		12/15/2036		457,423
	1,040,000	Citigroup Commercial Mortgage Trust, Series 2018-TBR-F (1 Month LIBOR USD + 3.65%, 3.75% Floor)		3.80	% ^		12/15/2036		884,836
	2,051,000	Citigroup Commercial Mortgage Trust, Series 2019-SST2-E (1 Month LIBOR USD + 2.00%, 2.00% Floor)		2.15	% ^		02/15/2036		1,966,407
	19,315,643	Citigroup Commercial Mortgage Trust, Series 2020-GC46-XA		1.11	% # I/O		02/18/2053		1,433,381
	1,216,000	CLNC Ltd., Series 2019-FL1-B (1 Month LIBOR USD + 1.90%, 1.90% Floor)		2.06	% ^		08/20/2035		1,183,686
	1,187,000	Commercial Mortgage Pass-Through Certificates, Series 2012-CR4-D		4.74	% # ^ Þ		10/17/2045		126,413
	2,479,758	Commercial Mortgage Pass-Through Certificates, Series 2013-CR10-XA		0.82	% # I/O		08/10/2046		40,979
	996,377	Commercial Mortgage Pass-Through Certificates, Series 2014-CR17-XA		1.13	% # I/O		05/10/2047		27,522
	11,852,977	Commercial Mortgage Pass-Through Certificates, Series 2015-CR25-XA		0.99	% # I/O		08/12/2048		403,876
	7,123,539	Commercial Mortgage Pass-Through Certificates, Series 2015-CR27-XA		1.09	% # I/O		10/13/2048		277,807
	1,227,000	Commercial Mortgage Pass-Through Certificates, Series 2015-DC1-C		4.45	% #		02/12/2048		1,171,038
	2,036,382	Commercial Mortgage Pass-Through Certificates, Series 2015-DC1-XA		1.17	% # I/O		02/12/2048		67,351
	815,000	Commercial Mortgage Pass-Through Certificates, Series 2015-LC21-C		4.48	% #		07/10/2048		798,183
	10,693,703	Commercial Mortgage Pass-Through Certificates, Series 2015-LC21-XA		0.84	% # I/O		07/10/2048		293,357
	406,000	Commercial Mortgage Pass-Through Certificates, Series 2015-LC23-C		4.79	% #		10/10/2048		408,207
	3,454,788	Commercial Mortgage Pass-Through Certificates, Series 2016-DC2-XA		1.14	% # I/O		02/12/2049		143,717
	2,228,000	Commercial Mortgage Pass-Through Certificates, Series 2018-HCLV-D (1 Month LIBOR USD + 2.18%, 2.18% Floor)		2.33	% ^		09/15/2033		2,040,583
	174,000	Commercial Mortgage Trust, Series 2016-GCT-D		3.58	% # ^		08/10/2029		174,461
	2,692	Credit Suisse Commercial Mortgage Trust, Series 2007-C1-AM		5.42	%		02/17/2040		2,695
	1,985,981	Credit Suisse Mortgage Capital Certificates, Series 2014-USA-X1		0.69	% # ^ I/O		09/17/2037		44,475
	2,134,000	Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4-F (1 Month LIBOR USD + 2.65%, 2.65% Floor)		2.80	% ^		05/15/2036		2,102,298
	2,423,790	CSAIL Commercial Mortgage Trust, Series 2015-C1-XA		0.98	% # I/O		04/15/2050		71,812
	45,349,110	CSAIL Commercial Mortgage Trust, Series 2018-CX12-XA		0.77	% # I/O		08/17/2051		1,727,248
	1,084,000	CSMC Trust, Series 2017-CHOP-E (1 Month LIBOR USD + 3.30%, 3.30% Floor)		3.45	% ^		07/15/2032		872,082
	1,898,000	DBGS Mortgage Trust, Series 2018-5BP-F (1 Month LIBOR USD + 2.45%, 2.45% Floor)		2.60	% ^		06/15/2033		1,737,167
	1,980,649	DBGS Mortgage Trust, Series 2018-BIOD-F (1 Month LIBOR USD + 2.00%, 2.00% Floor)		2.15	% ^		05/15/2035		1,956,167
	1,216,000	Exantas Capital Corporation Ltd., Series 2020-RSO8-B (1 Month LIBOR USD + 1.75%, 1.75% Floor)		1.90	% ^		03/15/2035		1,199,359
	2,264,000	Fontainebleau Miami Beach Trust, Series 2019-FBLU-G		4.09	% # ^		12/12/2036		2,002,107
	107,692	FREMF Mortgage Trust, Series 2016-KF22-B (1 Month LIBOR USD + 5.05%, 5.05% Floor)		5.21	% ^		07/25/2023		113,929
	2,133,144	FREMF Mortgage Trust, Series 2018-KF49-B (1 Month LIBOR USD + 1.90%, 1.90% Floor)		2.06	% ^		06/25/2025		2,043,322
	100,000	Grace Mortgage Trust, Series 2014-GRCE-A		3.37	% ^		06/12/2028		100,625
	2,488,000	Great Wolf Trust, Series 2019-WOLF-F (1 Month LIBOR USD + 3.13%, 3.13% Floor)		3.28	% ^		12/15/2036		2,180,093
	1,216,000	Greystone Commercial Real Estate Notes, Series 2019-FL2-B (1 Month LIBOR USD + 1.60%, 1.60% Floor)		1.75	% ^		09/15/2037		1,186,816
	2,370,000	Greystone Commercial Real Estate Notes, Series 2019-FL2-D (1 Month LIBOR USD + 2.40%, 2.40% Floor)		2.56	% ^		09/15/2037		2,224,245
	2,265,000	GS Mortgage Securities Corporation Trust, Series 2012-ALOH-A		3.55	% ^		04/12/2034		2,286,679
	1,509,000	GS Mortgage Securities Corporation Trust, Series 2018-RIVR-E (1 Month LIBOR USD + 1.55%, 1.55% Floor)		1.70	% ^		07/15/2035		1,329,815
	2,479,503	GS Mortgage Securities Corporation, Series 2013-GC10-XA		1.64	% # I/O		02/10/2046		76,749
	7,998,588	GS Mortgage Securities Corporation, Series 2014-GC24-XA		0.87	% # I/O		09/12/2047		190,679
	850,000	GS Mortgage Securities Corporation, Series 2018-TWR-E (1 Month LIBOR USD + 2.10%, 2.10% Floor)		2.25	% ^		07/15/2031		788,290
	850,000	GS Mortgage Securities Corporation, Series 2018-TWR-F (1 Month LIBOR USD + 2.80%, 2.80% Floor)		2.95	% ^		07/15/2031		773,767
	850,000	GS Mortgage Securities Corporation, Series 2018-TWR-G (1 Month LIBOR USD + 3.92%, 3.98% Floor)		4.08	% ^		07/15/2031		751,854
	2,302,000	GS Mortgage Securities Corporation, Series 2019-SOHO-E (1 Month LIBOR USD + 1.87%, 1.87% Floor)		2.03	% ^		06/16/2036		2,169,252
	165,000	GS Mortgage Securities Trust, Series 2014-GC26-D		4.66	% # ^		11/13/2047		102,917
	7,166,483	GS Mortgage Securities Trust, Series 2015-GS1-XA		0.92	% # I/O		11/10/2048		243,369
	7,286,408	GS Mortgage Securities Trust, Series 2016-GS2-XA		1.79	% # I/O		05/12/2049		447,637
	169,000	GS Mortgage Securities Trust, Series 2018-GS10-WLSA		5.07	% # ^		07/12/2051		166,205
	336,000	GS Mortgage Securities Trust, Series 2018-GS10-WLSB		5.07	% # ^		07/12/2051		322,301
	457,000	GS Mortgage Securities Trust, Series 2018-GS10-WLSC		5.07	% # ^		07/12/2051		430,809
	442,000	GS Mortgage Securities Trust, Series 2018-GS10-WLSD		5.07	% # ^		07/12/2051		395,082
	553,000	GS Mortgage Securities Trust, Series 2018-GS10-WLSE		5.07	% # ^		07/12/2051		477,343
	725,000	GS Mortgage Securities Trust, Series 2019-SMP-E (1 Month LIBOR USD + 2.60%, 2.60% Floor)		2.75	% ^		08/16/2032		644,173
	23,984,729	GS Mortgage Securities Trust, Series 2020-GC47-XA		1.25	% # I/O		05/14/2053		2,172,897
	2,377,000	GSCG Trust, Series 2019-600C-E		4.12	% # ^		09/06/2034		2,328,207
	433,000	Hilton Orlando Trust, Series 2018-ORL-E (1 Month LIBOR USD + 2.65%, 2.65% Floor)		2.80	% ^		12/15/2034		378,532
	1,867,033	HPLY Trust, Series 2019-HIT-F (1 Month LIBOR USD + 3.15%, 3.15% Floor)		3.30	% ^		11/17/2036		1,628,379
	1,263,000	Hunt Ltd., Series 2017-FL1-C (1 Month LIBOR USD + 2.40%)		2.55	% ^		08/17/2034		1,203,373
	502,484	IMT Trust, Series 2017-APTS-EFL (1 Month LIBOR USD + 2.15%, 2.15% Floor)		2.30	% ^		06/15/2034		489,585
	502,484	IMT Trust, Series 2017-APTS-FFL (1 Month LIBOR USD + 2.85%, 2.85% Floor)		3.00	% ^		06/15/2034		456,849
	2,427,000	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2014-C20-B		4.40	% #		07/15/2047		2,539,218
	49,966	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2017-FL10-D (1 Month LIBOR USD + 1.90%, 1.90% Floor)		2.05	% ^		06/15/2032		48,026
	504,000	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2018-LAQ-C (1 Month LIBOR USD + 1.60%, 1.60% Floor)		1.75	% ^		06/15/2032		474,882
	200,000	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2018-LAQ-D (1 Month LIBOR USD + 2.10%, 2.30% Floor)		2.28	% ^		06/15/2032		187,840
	64,000	JP Morgan Chase Commercial Mortgage Securities Corporation, Series 2018-LAQ-E (1 Month LIBOR USD + 3.00%, 3.35% Floor)		3.18	% ^		06/15/2035		59,478
	128,333	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2006-LDP9-AMS		5.34	%		05/15/2047		101,383
	5,789,568	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4-XA		0.82	% # I/O		12/17/2049		161,834
	1,431,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-WIKI-E		4.14	% # ^		10/05/2031		1,267,630
	1,957,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-WPT-EFX		5.54	% ^		07/08/2033		1,911,923
	766,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-UES-C		4.34	% ^		05/05/2032		770,479
	784,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-UES-D		4.60	% # ^		05/05/2032		773,962
	915,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-UES-E		4.60	% # ^		05/05/2032		881,651
	960,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-UES-F		4.60	% # ^		05/05/2032		881,546
	1,049,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-UES-G		4.60	% # ^		05/05/2032		933,101
	1,685,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2020-NNN-EFX		3.97	% ^		01/16/2037		1,617,972
	1,642,511	JPMBB Commercial Mortgage Securities Trust, Series 2014-C18-XA		0.99	% # I/O		02/15/2047		36,636
	100,000	JPMBB Commercial Mortgage Securities Trust, Series 2014-C23-C		4.62	% #		09/15/2047		100,330
	150,000	JPMBB Commercial Mortgage Securities Trust, Series 2014-C25-C		4.60	% #		11/18/2047		143,905
	425,000	JPMBB Commercial Mortgage Securities Trust, Series 2014-C26-C		4.52	% #		01/17/2048		437,407
	2,134,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C28-B		3.99	%		10/19/2048		2,178,600
	2,230,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C29-C		4.35	% #		05/15/2048		2,107,799
	4,388,243	JPMBB Commercial Mortgage Securities Trust, Series 2015-C29-XA		0.83	% # I/O		05/15/2048		113,302
	4,973,688	JPMBB Commercial Mortgage Securities Trust, Series 2015-C31-XA		1.03	% # I/O		08/17/2048		171,581
	470,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C33-C		4.77	% #		12/17/2048		495,980
	2,555,000	JPMCC Commercial Mortgage Securities Trust, Series 2019-MFP-F (1 Month LIBOR USD + 3.00%, 3.00% Floor)		3.15	% ^		07/15/2036		2,391,698
	2,532,000	LCCM, Series 2017-LC26-C		4.71	% ^		07/12/2050		2,420,304
	1,216,000	LoanCore Issuer Ltd., Series 2019-CRE2-B (1 Month LIBOR USD + 1.70%, 1.70% Floor)		1.85	% ^		05/15/2036		1,170,400
	3,452,791	LSTAR Commercial Mortgage Trust, Series 2016-4-XA		1.92	% # ^ I/O		03/12/2049		179,754
	15,245,423	LSTAR Commercial Mortgage Trust, Series 2017-5-X		1.15	% # ^ I/O		03/11/2050		505,044
	2,538,000	MFT Trust, Series 2020-ABC-D		3.59	% # ^		02/12/2042		2,364,624
	2,500,000	MKT Mortgage Trust, Series 2020-525M-F		3.04	% # ^		02/12/2040		2,267,738
	100,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C18-C		4.67	% #		10/15/2047		98,044
	360,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C23-C		4.29	% #		07/15/2050		369,109
	274,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27-C		4.68	% #		12/15/2047		271,594
	1,200,000	Morgan Stanley Capital Trust, Series 2011-C1-D		5.67	% # ^		09/15/2047		1,203,996
	393,000	Morgan Stanley Capital Trust, Series 2017-ASHF-D (1 Month LIBOR USD + 2.20%, 2.20% Floor)		2.35	% ^		11/15/2034		332,315
	590,000	Morgan Stanley Capital Trust, Series 2017-ASHF-E (1 Month LIBOR USD + 3.15%, 3.15% Floor)		3.30	% ^		11/15/2034		482,473
	284,000	Morgan Stanley Capital Trust, Series 2017-ASHF-F (1 Month LIBOR USD + 4.35%, 4.35% Floor)		4.50	% ^		11/15/2034		207,546
	561,000	Morgan Stanley Capital Trust, Series 2018-SUN-D (1 Month LIBOR USD + 1.65%, 1.65% Floor)		2.05	% ^		07/16/2035		524,701
	837,000	Morgan Stanley Capital Trust, Series 2018-SUN-F (1 Month LIBOR USD + 2.55%, 2.55% Floor)		2.95	% ^		07/16/2035		782,062
	561,000	Morgan Stanley Capital Trust, Series 2018-SUN-G (1 Month LIBOR USD + 3.05%, 3.05% Floor)		3.45	% ^		07/16/2035		504,507
	2,489,000	Morgan Stanley Capital Trust, Series 2019-NUGS-F (1 Month LIBOR USD + 2.84%, 4.34% Floor)		4.34	% ^		12/15/2036		2,227,259
	935,654	Motel 6 Trust, Series 2017-MTL6-D (1 Month LIBOR USD + 2.15%, 2.15% Floor)		2.30	% ^		08/15/2034		912,369
	1,957,170	Motel 6 Trust, Series 2017-MTL6-F (1 Month LIBOR USD + 4.25%, 4.25% Floor)		4.40	% ^		08/15/2034		1,915,266
	2,500,000	MSCG Trust, Series 2018-SELF-F (1 Month LIBOR USD + 3.05%, 3.05% Floor)		3.20	% ^		10/15/2037		2,373,359
	1,919,000	Natixis Commercial Mortgage Securities Trust, Series 2018-FL1-C (1 Month LIBOR USD + 2.20%, 2.20% Floor)		2.36	% ^		06/15/2035		1,747,426
	71,041,072	Natixis Commercial Mortgage Securities Trust, Series 2018-FL1-XCP		0.62	% # ^ I/O		06/15/2021		60,690
	1,183,000	Natixis Commercial Mortgage Securities Trust, Series 2020-2PAC-AMZ1		3.62	% # ^		01/15/2037		1,172,220
	685,000	Natixis Commercial Mortgage Securities Trust, Series 2020-2PAC-AMZ2		3.62	% # ^		01/15/2037		658,492
	639,000	Natixis Commercial Mortgage Securities Trust, Series 2020-2PAC-AMZ3		3.62	% # ^		01/15/2037		593,091
	1,611,300	Natixis Commercial Mortgage Securities Trust, Series 2020-2PAC-MSK1		3.36	% # ^		12/17/2036		1,571,638
	1,216,000	NLY Commercial Mortgage Trust, Series 2019-FL2-B (1 Month LIBOR USD + 1.90%, 1.90% Floor)		2.05	% ^		02/15/2036		1,205,056
	2,521,000	One Market Plaza Trust, Series 2017-1MKT-E		4.14	% ^		02/10/2032		2,560,758
	1,573,000	STWD Ltd., Series 2019-FL1-D (1 Month LIBOR USD + 2.35%, 2.35% Floor)		2.50	% ^		07/15/2038		1,519,518
	1,283,167	Tharaldson Hotel Portfolio Trust, Series 2018-THL-E (1 Month LIBOR USD + 3.18%, 3.10% Floor)		3.34	% ^		11/13/2034		1,083,587
	1,097,000	UBS Commercial Mortgage Trust, Series 2018-C8-C		4.86	% #		02/17/2051		1,076,986
	15,805,206	UBS Commercial Mortgage Trust, Series 2018-C8-XA		1.03	% # I/O		02/17/2051		823,532
	1,373,963	VMC Finance LLC, Series 2019-FL3-D (1 Month LIBOR USD + 2.65%, 2.65% Floor)		2.80	% ^		09/15/2036		1,265,203
	150,000	Wells Fargo Commercial Mortgage Trust, Series 2014-LC16-D		3.94	% ^		08/17/2050		88,209
	200,000	Wells Fargo Commercial Mortgage Trust, Series 2015-C27-C		3.89	%		02/18/2048		192,022
	400,000	Wells Fargo Commercial Mortgage Trust, Series 2015-C28-C		4.24	% #		05/15/2048		389,871
	10,113,378	Wells Fargo Commercial Mortgage Trust, Series 2015-C30-XA		1.04	% # I/O		09/17/2058		373,581
	5,459,354	Wells Fargo Commercial Mortgage Trust, Series 2015-C31-XA		1.14	% # I/O		11/15/2048		230,051
	2,143,000	Wells Fargo Commercial Mortgage Trust, Series 2015-LC20-B		3.72	%		04/15/2050		2,238,165
	2,059,249	Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1-XA		1.23	% # I/O		05/15/2048		80,859
	7,073,239	Wells Fargo Commercial Mortgage Trust, Series 2015-NXS2-XA		0.81	% # I/O		07/17/2058		190,935
	2,497,779	Wells Fargo Commercial Mortgage Trust, Series 2016-C33-XA		1.87	% # I/O		03/15/2059		153,021
	15,336,803	Wells Fargo Commercial Mortgage Trust, Series 2017-C38-XA		1.19	% # I/O		07/15/2050		831,620
	2,423,000	Wells Fargo Commercial Mortgage Trust, Series 2017-C41-C		4.66	% #		11/17/2050		2,249,277
	2,999,763	Wells Fargo Commercial Mortgage Trust, Series 2017-RC1-XA		1.66	% # I/O		01/16/2060		197,123
	2,267,000	Wells Fargo Commercial Mortgage Trust, Series 2018-C47-C		5.10	% #		09/16/2061		2,256,924
	3,281,481	WF-RBS Commercial Mortgage Trust, Series 2014-C21-XA		1.19	% # I/O		08/16/2047		102,182
	4,865,280	WF-RBS Commercial Mortgage Trust, Series 2016-NXS6-XA		1.76	% # I/O		11/18/2049		298,259
	Total Non-Agency Commercial Mortgage Backed Obligations (Cost $175,259,996)								161,837,916
	Non-Agency Residential Collateralized Mortgage Obligations - 25.6%
	4,027,599	ACE Securities Corporation Home Equity Loan Trust, Series 2007-HE1-A2A (1 Month LIBOR USD + 0.09%, 0.09% Floor)		0.24	%		01/25/2037		2,974,368
	1,634,776	ACE Securities Corporation Home Equity Loan Trust, Series 2007-HE1-A2D (1 Month LIBOR USD + 0.25%, 0.25% Floor)		0.40	%		01/25/2037		1,243,411
	3,170,030	Alternative Loan Trust, Series 2006-OA6-1A1A (1 Month LIBOR USD + 0.21%, 0.21% Floor)		0.36	%		07/25/2046		2,842,781
	1,000,000	AMSR Trust, Series 2020-SFR4-E1		2.21	% ^		11/17/2037		1,007,455
	8,313,384	APS Resecuritization Trust, Series 2015-3-1MZ (12 Month US Treasury Average + 0.96%, 0.96% Floor)		1.21	% ^ D		10/27/2046		6,404,449
	592,732	Banc of America Funding Corporation, Series 2005-B-3M1 (1 Month LIBOR USD + 0.68%, 0.45% Floor, 11.00% Cap)		0.83	%		04/20/2035		591,566
	4,424,941	Bayview Koitere Fund Trust, Series 2018-SBR4-A1		4.38	% ^§		06/28/2033		4,511,671
	1,772,335	Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-2-2A1		3.54	% #		07/25/2036		1,670,957
	1,022,837	Bear Stearns Alt-A Trust, Series 2006-4-22A1		3.52	% #		08/25/2036		878,161
	2,525,065	Chase Mortgage Finance Trust, Series 2007-S4-A4 (1 Month LIBOR USD + 0.60%, 0.60% Floor, 6.00% Cap)		0.78	%		06/25/2037		857,567
	6,646,981	CHL Mortgage Pass-Through Trust, Series 2007-14-A19		6.00	%		09/25/2037		5,304,950
	5,066,830	CHL Mortgage Pass-Through Trust, Series 2007-9-A13		5.75	%		07/25/2037		3,939,417
	8,688,000	CHL Mortgage Pass-Through Trust, Series 2018-GT1-A (1 Month LIBOR USD + 2.75%)		2.90	% ^		05/25/2023		8,358,614
	13,420,000	CIM Trust, Series 2017-3RR-B2		10.51	% # ^ Þ		01/29/2057		12,812,367
	2,642,560	Citigroup Mortgage Loan Trust, Inc., Series 2006-AMC1-A1 (1 Month LIBOR USD + 0.15%, 0.15% Floor)		0.29	% ^		09/25/2036		2,530,266
	3,571,756	Citigroup Mortgage Loan Trust, Inc., Series 2006-AR6-2A3 (1 Month LIBOR USD + 0.25%, 0.25% Floor)		0.40	%		09/25/2036		3,428,165
	1,066,377	CitiMortgage Alternative Loan Trust, Series 2007-A5-1A10		5.75	%		05/25/2037		1,054,013
	12,300,000	Connecticut Avenue Securities Trust, Series 2020-R01-1M2 (1 Month LIBOR USD + 2.05%, 2.05% Floor)		2.20	% ^		01/25/2040		12,121,676
	380,735	Countrywide Alternative Loan Trust, Series 2005-75CB-A3		5.50	%		01/25/2036		340,545
	603,169	Countrywide Alternative Loan Trust, Series 2006-23CB-2A2		6.50	%		08/25/2036		342,011
	413,148	Countrywide Alternative Loan Trust, Series 2007-15CB-A7		6.00	%		07/25/2037		353,608
	586,578	Countrywide Alternative Loan Trust, Series 2008-1R-2A3		6.00	%		08/25/2037		430,481
	311,345	Countrywide Home Loans, Series 2005-HYB9-3A2A (12 Month LIBOR USD + 1.75%, 1.75% Floor, 11.00% Cap)		2.20	%		02/20/2036		272,979
	339,427	Countrywide Home Loans, Series 2007-14-A15		6.50	%		09/25/2037		283,972
	667,114	Countrywide Home Loans, Series 2007-HY1-1A1		3.70	% #		04/25/2037		635,385
	333,972	Credit Suisse First Boston Mortgage Backed Trust, Series 2006-2-A5A		6.58	%		09/25/2036		167,099
	558,963	Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-10-6A9		5.50	%		11/25/2035		405,792
	285,950	Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-9-5A9		5.50	%		10/25/2035		237,710
	1,500,000	Credit Suisse Mortgage Capital Certificates, Series 2011-12R-3A5		2.87	% # ^		07/27/2036		1,458,394
	113,306	Credit Suisse Mortgage Capital Certificates, Series 2011-5R-6A9		3.39	% # ^		11/30/2037		114,008
	169,456	Deutsche Mortgage & Asset Receiving Corporation, Series 2014-RS1-1A2		6.48	% # ^		07/28/2037		155,342
	303,316	Deutsche Securities, Inc., Series 2006-AB4-A1A		6.01	% #		10/25/2036		291,923
	15,000,000	FMC GMSR Issuer Trust, Series 2019-GT1-A		5.07	% # ^		05/25/2026		15,187,284
	500,000	GCAT LLC, Series 2019-NQM3-B1		3.95	% # ^		11/25/2059		481,020
	13,758,693	Home Partners of America Trust, Series 2019-2-F		3.87	% ^		10/19/2039		13,936,264
	1,056,291	Impac Secured Assets Trust, Series 2006-5-1A1C (1 Month LIBOR USD + 0.27%, 0.27% Floor, 11.50% Cap)		0.42	%		02/25/2037		915,102
	1,829,991	IndyMac Mortgage Loan Trust, Series 2004-AR4-3A		3.24	% #		08/25/2034		1,841,676
	1,994,382	IndyMac Mortgage Loan Trust, Series 2006-AR19-2A1		3.34	% #		08/25/2036		1,819,892
	515,634	JP Morgan Mortgage Trust, Series 2005-S3-1A2		5.75	%		01/25/2036		372,253
	593,940	JP Morgan Mortgage Trust, Series 2007-A2-4A1M		3.69	% #		04/25/2037		539,696
	800,000	Legacy Mortgage Asset Trust 2019-GS4, Series 2018-GS3-A2		4.25	% ^§		06/25/2058		802,833
	800,000	Legacy Mortgage Asset Trust, Series 2018-GS2-A2		4.25	% ^§		04/25/2058		799,000
	147,863	Lehman Mortgage Trust, Series 2006-1-1A3		5.50	%		02/25/2036		123,207
	7,767,268	Lehman Trust, Series 2006-GP3-1A1 (1 Month LIBOR USD + 0.20%, 0.20% Floor)		0.35	%		06/25/2046		7,330,256
	3,000,000	loanDepot GMSR Master Trust, Series 2018-GT1-A (1 Month LIBOR USD + 2.80%, 2.80% Floor)		2.95	% ^		10/16/2023		2,932,212
	112,798	MASTR Adjustable Rate Mortgages Trust, Series 2006-2-2A1		3.24	% #		04/25/2036		89,674
	2,690,000	Mello Warehouse Securitization Trust, Series 2019-1-F (1 Month LIBOR USD + 3.50%, 3.50% Floor)		3.65	% ^		06/25/2052		2,677,032
	331,747	Merrill Lynch Alternative Note Asset Trust, Series 2007-F1-2A7		6.00	%		03/25/2037		209,435
	674,065	Merrill Lynch Mortgage Investors Trust, Series 2006-AF1-AF2C		6.25	%		08/25/2036		444,915
	21,452,500	Merrill Lynch Mortgage Investors Trust, Series 2006-HE6-A1 (1 Month LIBOR USD + 0.14%, 0.14% Floor)		0.29	%		11/25/2037		14,427,982
	118,501	Morgan Stanley Mortgage Loan Trust, Series 2005-7-4A1		5.50	%		11/25/2035		102,175
	98,548	Morgan Stanley Mortgage Loan Trust, Series 2006-2-2A4		5.75	%		02/25/2036		101,633
	395,238	Morgan Stanley Mortgage Loan Trust, Series 2006-2-7A1		5.60	% #		02/25/2036		315,919
	577,114	Morgan Stanley Mortgage Loan Trust, Series 2007-8XS-A1		5.75	% #		04/25/2037		367,236
	10,574,940	Morgan Stanley Resecuritization Trust, Series 2013-R7-8B (12 Month US Treasury Average + 0.96%, 0.96% Floor)		2.13	% ^ Þ		12/27/2046		9,265,885
	3,429,294	New Century Home Equity Loan Trust, Series 2006-1-A2B (1 Month LIBOR USD + 0.18%, 0.18% Floor, 12.50% Cap)		0.33	%		05/25/2036		3,189,698
	5,190,772	New Residential Mortgage Loan Trust, Series 2018-FNT2-B		4.09	% ^		07/25/2024		5,060,528
	12,025,024	NovaStar Mortgage Funding Trust Series, Series 2006-3-A2C (1 Month LIBOR USD + 0.16%, 0.16% Floor)		0.31	%		10/25/2036		9,302,186
	15,663,644	PMT Credit Risk Transfer Trust 2019-2R, Series 2019-2R-A (1 Month LIBOR USD + 2.75%, 2.75% Floor)		2.90	% ^		05/30/2023		14,824,708
	1,812,750	PMT Credit Risk Transfer Trust, Series 2019-3R-A (1 Month LIBOR USD + 2.70%, 2.70% Floor)		2.85	% ^		10/27/2022		1,752,969
	17,600,000	PNMAC GMSR Trust, Series 2018-FT1-A (1 Month LIBOR USD + 2.35%)		2.50	% ^		04/25/2023		16,976,091
	900,000	Pretium Mortgage Credit Partners LLC, Series 2019-NPL3-A2		4.58	% ^§		07/27/2059		888,056
	3,100,000	Progress Residential Trust, Series 2019-SFR4-F		3.68	% ^		10/17/2036		3,172,624
	3,918,374	PRPM LLC, Series 2018-1A-A1		3.75	% # ^		04/25/2023		3,959,024
	7,103,463	PRPM LLC, Series 2019-GS1-A2		4.70	% # ^		10/25/2024		7,087,576
	3,918,000	PRPM LLC, Series 2020-3-A1		2.86	% ^§		09/25/2025		3,917,934
	207,628	Residential Accredit Loans, Inc., Series 2006-QS10-A9		6.50	%		08/25/2036		211,055
	467,665	Residential Accredit Loans, Inc., Series 2006-QS12-2A3		6.00	%		09/25/2036		462,170
	1,890,873	Residential Asset Securitization Trust, Series 2005-A15-5A2		5.75	%		02/25/2036		1,311,472
	392,610	Residential Asset Securitization Trust, Series 2006-A2-A11		6.00	%		01/25/2046		256,471
	5,209,748	Residential Funding Mortgage Securities Trust, Series 2006-S8-A10		6.00	%		09/25/2036		4,899,097
	5,750,000	Residential Mortgage Loan Trust, Series 2020-1-B1		3.95	% # ^		01/25/2060		5,643,139
	6,135,145	Soundview Home Loan Trust, Series 2007-OPT1-2A2 (1 Month LIBOR USD + 0.15%, 0.15% Floor)		0.30	%		06/25/2037		5,038,792
	8,259,000	Spruce Hill Mortgage Loan Trust, Series 2020-SH2-M1		4.33	% # ^		06/25/2055		8,291,730
	1,405,457	Structured Adjustable Rate Mortgage Loan Trust, Series 2005-22-4A1		3.92	% #		12/25/2035		1,343,435
	7,258,940	Structured Asset Securities Corporation, Series 2007-RF1-1A (1 Month LIBOR USD + 0.19%, 0.19% Floor)		0.34	% ^		03/25/2037		5,745,286
	13,564,834	TBW Mortgage Backed Pass Through, Series 2006-3-4A1 (1 Month LIBOR USD + 0.40%, 0.40% Floor, 7.50% Cap)		0.55	%		07/25/2036		708,929
	13,585,227	TBW Mortgage Backed Pass Through, Series 2006-3-4A3 (-1 x 1 Month LIBOR USD + 7.10%, 7.10% Cap)		6.95	% I/O I/F		07/25/2036		2,864,192
	5,000,000	Tricon American Homes Trust, Series 2019-SFR1-F		3.75	% ^		03/17/2039		5,165,246
	2,048,045	Velocity Commercial Capital Loan Trust, Series 2018-2-M1		4.26	% # ^		10/25/2048		2,078,527
	3,123,809	Velocity Commercial Capital Loan Trust, Series 2018-2-M2		4.51	% # ^		10/25/2048		3,073,701
	782,779	Velocity Commercial Capital Loan Trust, Series 2018-2-M3		4.72	% # ^		10/25/2048		753,624
	1,615,702	Velocity Commercial Capital Loan Trust, Series 2019-1-M5		5.70	% # ^		03/25/2049		1,473,867
	3,258,906	Velocity Commercial Capital Loan Trust, Series 2019-2-M4		3.99	% # ^		07/25/2049		2,887,083
	10,000,000	Verus Securitization Trust, Series 2017-1A-A1		3.60	% ^		08/25/2050		10,076,720
	651,350	Verus Securitization Trust, Series 2017-1A-A3		3.72	% # ^		01/25/2047		655,329
	3,100,000	Verus Securitization Trust, Series 2019-INV3-B1		3.73	% # ^		11/25/2059		2,847,687
	820,401	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-2-4CB		6.00	%		02/25/2036		843,789
	464,350	Wells Fargo Alternative Loan Trust, Series 2007-PA5-1A1		6.25	%		11/25/2037		459,231
	4,534,286	Wells Fargo Home Equity Asset-Backed Securities Trust, Series 2007-2-A4 (1 Month LIBOR USD + 0.30%, 0.30% Floor)		0.45	%		04/25/2037		3,717,463
	Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $305,356,290)								294,043,113
	US Corporate Bonds - 7.7%
	350,000	Acrisure LLC		8.13	% ^		02/15/2024		367,411
	435,000	Advanced Drainage Systems, Inc.		5.00	% ^		09/30/2027		456,124
	260,000	AECOM		5.13	%		03/15/2027		281,757
	350,000	Air Medical Merger Sub Corporation		6.38	% ^		05/15/2023		351,276
	495,000	Albertsons LLC		4.63	% ^		01/15/2027		507,001
	220,000	Albertsons LLC		3.50	% ^		03/15/2029		213,950
	320,000	Alcoa Nederland Holding B.V.		6.13	% ^		05/15/2028		337,800
	400,000	Alliant Holdings Intermediate LLC		6.75	% ^		10/15/2027		420,324
	205,000	Allied Universal Holding Company		6.63	% ^		07/15/2026		218,581
	475,000	Allied Universal Holding Company		9.75	% ^		07/15/2027		516,923
	230,000	AMC Merger, Inc.		8.00	% ^		05/15/2025		181,388
	250,000	American Axle & Manufacturing, Inc.		6.25	%		03/15/2026		242,575
	239,000	Antero Midstream Partners LP		5.75	% ^		03/01/2027		198,370
	120,000	Apache Corporation		4.63	%		11/15/2025		114,600
	225,000	Apache Corporation		4.38	%		10/15/2028		206,297
	320,000	Aramark Services, Inc.		6.38	% ^		05/01/2025		333,736
	120,000	Arconic Corporation		6.00	% ^		05/15/2025		128,376
	550,000	Arconic Corporation		6.13	% ^		02/15/2028		566,156
	220,000	Argos Merger Sub, Inc.		7.13	% ^		03/15/2023		222,200
	476,000	Asbury Automotive Group, Inc.		4.50	% ^		03/01/2028		479,867
	86,000	Asbury Automotive Group, Inc.		4.75	% ^		03/01/2030		86,806
	185,000	Ascend Learning LLC		6.88	% ^		08/01/2025		188,951
	580,000	Ascend Learning LLC		6.88	% ^		08/01/2025		598,673
	250,000	ASGN, Inc.		4.63	% ^		05/15/2028		251,452
	675,000	AssuredPartners, Inc.		7.00	% ^		08/15/2025		689,624
	165,000	Avantor, Inc.		4.63	% ^		07/15/2028		171,394
	445,000	Avaya, Inc.		6.13	% ^		09/15/2028		456,125
	385,000	Axalta Coating Systems LLC		4.75	% ^		06/15/2027		396,069
	240,000	B&G Foods, Inc.		5.25	%		04/01/2025		246,840
	185,000	B&G Foods, Inc.		5.25	%		09/15/2027		193,188
	110,000	Banff Merger Sub, Inc.		9.75	% ^		09/01/2026		116,435
	545,000	Bausch Health Companies, Inc.		7.00	% ^		01/15/2028		577,259
	210,000	Bausch Health Companies, Inc.		6.25	% ^		02/15/2029		216,300
	315,000	Bausch Health Companies, Inc.		5.25	% ^		01/30/2030		310,710
	570,000	Beacon Roofing Supply, Inc.		4.88	% ^		11/01/2025		559,635
	190,000	Beacon Roofing Supply, Inc.		4.50	% ^		11/15/2026		195,879
	500,000	Berry Global Escrow Corporation		5.63	% ^		07/15/2027		525,312
	175,000	Black Knight InfoServ LLC		3.63	% ^		09/01/2028		177,187
	25,000	Boxer Parent Company, Inc.		7.13	% ^		10/02/2025		26,737
	515,000	Boyd Gaming Corporation		4.75	%		12/01/2027		506,405
	360,000	Boyne USA, Inc.		7.25	% ^		05/01/2025		377,512
	139,000	Builders FirstSource, Inc.		6.75	% ^		06/01/2027		149,077
	395,000	Builders FirstSource, Inc.		5.00	% ^		03/01/2030		409,566
	165,000	BWX Technologies, Inc.		4.13	% ^		06/30/2028		169,228
	125,000	BY Crown Parent LLC		4.25	% ^		01/31/2026		127,422
	400,000	Cablevision Lightpath LLC		3.88	% ^		09/15/2027		400,750
	400,000	Cablevision Lightpath LLC		5.63	% ^		09/15/2028		407,190
	210,000	Calpine Corporation		4.50	% ^		02/15/2028		215,422
	130,000	Calpine Corporation		5.13	% ^		03/15/2028		134,734
	210,000	Calpine Corporation		4.63	% ^		02/01/2029		210,131
	325,000	Camelot Finance S.A.		4.50	% ^		11/01/2026		333,073
	225,000	Carnival Corporation		11.50	% ^		04/01/2023		252,548
	150,000	Carvana Company		8.88	% ^		10/01/2023		156,657
	115,000	Carvana Company		5.63	% ^		10/01/2025		113,706
	135,000	Castle US Holding Corporation		9.50	% ^		02/15/2028		129,073
	505,000	Catalent Pharma Solutions, Inc.		5.00	% ^		07/15/2027		526,053
	445,000	CCO Holdings LLC		5.75	% ^		02/15/2026		463,356
	1,005,000	CCO Holdings LLC		4.75	% ^		03/01/2030		1,065,300
	295,000	CCO Holdings LLC		4.50	% ^		08/15/2030		310,133
	420,000	Cedar Fair LP		5.25	%		07/15/2029		399,449
	285,000	Cengage Learning, Inc.		9.50	% ^		06/15/2024		189,139
	500,000	Centene Corporation		5.38	% ^		08/15/2026		531,150
	140,000	Centene Corporation		3.00	%		10/15/2030		142,800
	270,000	Century Communities, Inc.		6.75	%		06/01/2027		286,984
	310,000	CenturyLink, Inc.		5.13	% ^		12/15/2026		318,942
	280,000	CenturyLink, Inc.		4.00	% ^		02/15/2027		284,838
	300,000	Charles River Laboratories International, Inc.		4.25	% ^		05/01/2028		315,354
	165,000	Cheniere Energy Partners LP		5.25	%		10/01/2025		168,960
	595,000	Cheniere Energy Partners LP		5.63	%		10/01/2026		619,811
	490,000	Clean Harbors, Inc.		4.88	% ^		07/15/2027		509,203
	110,000	Clean Harbors, Inc.		5.13	% ^		07/15/2029		119,659
	302,000	Clear Channel Worldwide Holdings, Inc.		9.25	%		02/15/2024		293,546
	305,000	Clearway Energy Operating LLC		4.75	% ^		03/15/2028		316,724
	407,000	CNX Midstream Partners LP		6.50	% ^		03/15/2026		413,536
	310,000	Constellation Merger Sub, Inc.		8.50	% ^		09/15/2025		258,430
	360,000	Cornerstone Building Brands, Inc.		6.13	% ^		01/15/2029		364,725
	380,000	CRC Issuer LLC		5.25	% ^		10/15/2025		368,150
	375,000	Credit Acceptance Corporation		6.63	%		03/15/2026		388,828
	645,000	CSC Holdings LLC		5.75	% ^		01/15/2030		686,257
	200,000	CSC Holdings LLC		4.63	% ^		12/01/2030		201,223
	495,000	CSI Compressco LP		7.50	% ^		04/01/2025		437,092
	230,000	Dana Financing Ltd.		5.75	% ^		04/15/2025		235,894
	100,000	Dana, Inc.		5.38	%		11/15/2027		102,687
	160,000	DaVita, Inc.		4.63	% ^		06/01/2030		164,324
	125,000	Dealer Tire LLC		8.00	% ^		02/01/2028		127,812
	95,000	Delta Air Lines, Inc.		7.00	% ^		05/01/2025		104,437
	305,000	Delta Air Lines, Inc.		4.75	% ^		10/20/2028		316,890
	365,000	Diamond Sports Group LLC		5.38	% ^		08/15/2026		259,119
	300,000	DISH DBS Corporation		5.88	%		11/15/2024		309,375
	138,000	Dun & Bradstreet Corporation		6.88	% ^		08/15/2026		148,478
	96,000	Dun & Bradstreet Corporation		10.25	% ^		02/15/2027		108,942
	300,000	EES Finance Corporation		8.13	%		05/01/2025		257,218
	270,000	Eldorado Resorts, Inc.		6.25	% ^		07/01/2025		281,814
	295,000	Embarq Corporation		8.00	%		06/01/2036		349,851
	95,000	Emergent BioSolutions, Inc.		3.88	% ^		08/15/2028		95,611
	140,000	Encompass Health Corporation		4.50	%		02/01/2028		140,937
	45,000	Encompass Health Corporation		4.75	%		02/01/2030		45,730
	205,000	Encompass Health Corporation		4.63	%		04/01/2031		205,000
	150,000	Endeavor Energy Resources LP		6.63	% ^		07/15/2025		154,359
	540,000	Energizer Holdings, Inc.		7.75	% ^		01/15/2027		590,962
	215,000	Envision Healthcare Corporation		8.75	% ^		10/15/2026		99,665
	80,000	EQM Midstream Partners LP		6.50	% ^		07/01/2027		84,915
	220,000	EQT Corporation		7.88	%		02/01/2025		244,166
	301,000	ESH Hospitality, Inc.		5.25	% ^		05/01/2025		304,454
	155,000	Extraction Oil & Gas, Inc.		5.63	% ^W		02/01/2026		39,302
	460,000	Flex Acquisition Company, Inc.		6.88	% ^		01/15/2025		461,150
	130,000	Ford Motor Company		9.00	%		04/22/2025		149,213
	320,000	Ford Motor Company		7.45	%		07/16/2031		367,579
	600,000	Ford Motor Credit Company LLC		5.75	%		02/01/2021		606,222
	600,000	Ford Motor Credit Company LLC		4.25	%		09/20/2022		606,180
	400,000	Ford Motor Credit Company LLC		4.39	%		01/08/2026		396,000
	365,000	Front Range BidCo, Inc.		4.00	% ^		03/01/2027		359,718
	165,000	Front Range BidCo, Inc.		6.13	% ^		03/01/2028		170,334
	590,000	Frontdoor, Inc.		6.75	% ^		08/15/2026		630,450
	120,000	Frontier Communications Corporation		8.50	% W		04/15/2020		47,100
	220,000	Frontier Communications Corporation		7.13	% W		01/15/2023		84,700
	175,000	Frontier Communications Corporation		8.50	% ^		04/01/2026		176,750
	175,000	Frontier Communications Corporation		8.00	% ^		04/01/2027		174,672
	237,000	FTS International, Inc.		6.25	%		05/01/2022		81,765
	430,000	Gates Global LLC		6.25	% ^		01/15/2026		442,543
	250,000	GCI LLC		4.75	% ^		10/15/2028		253,752
	775,000	Genesys Telecommunications Laboratories, Inc.		10.00	% ^		11/30/2024		818,594
	336,781	Global Aircraft Leasing Company (PIK 7.25%)		6.50	% ^		09/15/2024		189,018
	240,000	Golden Entertainment, Inc.		7.63	% ^		04/15/2026		237,712
	470,000	Golden Nugget, Inc.		6.75	% ^		10/15/2024		393,038
	185,000	Golden Nugget, Inc.		8.75	% ^		10/01/2025		146,266
	475,000	GOGO Intermediate		9.88	% ^		05/01/2024		508,666
	200,000	Gray Television, Inc.		5.13	% ^		10/15/2024		204,375
	225,000	Gray Television, Inc.		7.00	% ^		05/15/2027		244,212
	305,000	Griffon Corporation		5.75	%		03/01/2028		319,100
	350,000	Group 1 Automotive, Inc.		4.00	% ^		08/15/2028		344,531
	220,000	GTT Communications, Inc.		7.88	% ^		12/31/2024		114,125
	400,000	Gulfport Energy Corporation		6.38	%		05/15/2025		245,458
	374,000	Hess Midstream Operations LP		5.63	% ^		02/15/2026		381,706
	115,000	Hess Midstream Operations LP		5.13	% ^		06/15/2028		114,845
	225,000	Hexion, Inc.		7.88	% ^		07/15/2027		226,091
	425,000	HilCorporationEnergy LP		6.25	% ^		11/01/2028		388,221
	135,000	Hillman Group, Inc.		6.38	% ^		07/15/2022		132,437
	230,000	Hill-Rom Holdings, Inc.		4.38	% ^		09/15/2027		238,714
	15,000	Hilton Domestic Operating Company, Inc.		5.38	% ^		05/01/2025		15,597
	20,000	Hilton Domestic Operating Company, Inc.		5.75	% ^		05/01/2028		21,188
	600,000	Horizon Pharma USA, Inc.		5.50	% ^		08/01/2027		637,764
	585,000	IAA, Inc.		5.50	% ^		06/15/2027		610,228
	300,000	Icahn Enterprises LP		5.25	%		05/15/2027		313,478
	55,000	iHeartCommunications, Inc.		8.38	%		05/01/2027		54,275
	175,000	iHeartCommunications, Inc.		5.25	% ^		08/15/2027		170,921
	325,000	Illuminate Buyer LLC		9.00	% ^		07/01/2028		348,969
	255,000	Indigo Natural Resources LLC		6.88	% ^		02/15/2026		248,824
	335,000	Installed Building Products, Inc.		5.75	% ^		02/01/2028		353,780
	175,000	IRB Holding Corporation		7.00	% ^		06/15/2025		186,904
	510,000	IRB Holding Corporation		6.75	% ^		02/15/2026		510,956
	145,000	Iron Mountain, Inc.		4.88	% ^		09/15/2029		147,683
	350,000	Iron Mountain, Inc.		4.50	% ^		02/15/2031		352,587
	235,000	iStar, Inc.		4.75	%		10/01/2024		227,780
	125,000	Jaguar Holding Company		5.00	% ^		06/15/2028		130,625
	47,000	JBS Finance, Inc.		5.88	% ^		07/15/2024		47,974
	65,000	JBS Finance, Inc.		5.75	% ^		06/15/2025		67,165
	260,000	JBS Finance, Inc.		6.50	% ^		04/15/2029		288,917
	165,000	JBS Finance, Inc.		5.50	% ^		01/15/2030		180,056
	190,000	JBS Finance, Inc.		6.75	% ^		02/15/2028		206,855
	455,000	JELD-WEN, Inc.		4.63	% ^		12/15/2025		458,933
	560,000	KAR Auction Services, Inc.		5.13	% ^		06/01/2025		560,689
	345,000	Kraft Heinz Foods Company		5.00	%		07/15/2035		397,758
	935,000	Kraft Heinz Foods Company		5.20	%		07/15/2045		1,023,224
	350,000	Kraton Polymers LLC		7.00	% ^		04/15/2025		357,656
	335,000	Kratos Defense & Security Solutions, Inc.		6.50	% ^		11/30/2025		350,948
	165,000	LifePoint Health, Inc.		6.75	% ^		04/15/2025		174,075
	240,000	LifePoint Health, Inc.		4.38	% ^		02/15/2027		240,900
	360,000	Lions Gate Capital Holdings LLC		6.38	% ^		02/01/2024		357,521
	680,000	Live Nation Entertainment, Inc.		5.63	% ^		03/15/2026		657,900
	130,000	Live Nation Entertainment, Inc.		6.50	% ^		05/15/2027		140,468
	200,000	Logan Merger Sub, Inc.		5.50	% ^		09/01/2027		203,375
	455,000	LTF Merger Sub, Inc.		8.50	% ^		06/15/2023		438,458
	285,000	M/I Homes, Inc.		4.95	%		02/01/2028		294,441
	440,000	Marriott Ownership Resorts, Inc.		6.50	%		09/15/2026		452,514
	470,000	Masonite International Corporation		5.75	% ^		09/15/2026		491,648
	120,000	Match Group, Inc.		4.63	% ^		06/01/2028		123,825
	360,000	Matterhorn Merger Sub LLC		8.50	% ^		06/01/2026		353,151
	430,000	MGM Growth Properties Operating Partnership LP		5.75	%		02/01/2027		463,998
	305,000	MGM Resorts International		6.75	%		05/01/2025		320,130
	335,000	MGM Resorts International		5.75	%		06/15/2025		351,976
	275,000	Mileage Plus Holdings LLC		6.50	% ^		06/20/2027		287,031
	290,000	Moss Creek Resources Holdings, Inc.		7.50	% ^		01/15/2026		175,032
	550,000	MPH Acquisition Holdings LLC		7.13	% ^		06/01/2024		565,813
	210,000	MPT Operating Partnership LP		5.00	%		10/15/2027		219,340
	225,000	Murphy Oil USA, Inc.		4.75	%		09/15/2029		240,146
	240,000	Nabors Industries Ltd.		7.25	% ^		01/15/2026		119,100
	210,000	National FINL Partners Corporation		6.88	% ^		08/15/2028		212,541
	50,000	Nationstar Mortgage Holdings, Inc.		6.00	% ^		01/15/2027		51,054
	240,000	Nationstar Mortgage Holdings, Inc.		5.50	% ^		08/15/2028		240,150
	640,000	Navient Corporation		6.50	%		06/15/2022		654,400
	225,000	Navient Corporation		5.00	%		03/15/2027		211,592
	365,000	NCL Corporation		3.63	% ^		12/15/2024		256,184
	120,000	Newell Brands, Inc.		4.88	%		06/01/2025		129,600
	245,000	Nexstar Broadcasting, Inc.		5.63	% ^		07/15/2027		257,376
	35,000	NFP Corporation		7.00	% ^		05/15/2025		37,253
	205,000	NGL Energy Partners LP		7.50	%		04/15/2026		127,499
	185,000	Novelis Corporation		4.75	% ^		01/30/2030		180,927
	590,000	NuStar Logistics LP		6.00	%		06/01/2026		592,676
	200,000	Oasis Petroleum, Inc.		6.88	% W		03/15/2022		47,375
	260,000	Oasis Petroleum, Inc.		6.25	% ^W		05/01/2026		62,245
	275,000	Occidental Petroleum Corporation		2.70	%		08/15/2022		257,454
	155,000	Occidental Petroleum Corporation		8.00	%		07/15/2025		156,256
	500,000	Occidental Petroleum Corporation		3.50	%		08/15/2029		384,200
	355,000	Occidental Petroleum Corporation		6.63	%		09/01/2030		328,153
	70,000	OPE KAG Finance Sub, Inc.		7.88	% ^		07/31/2023		68,155
	45,000	Ortho Clinical Diagnostics, Inc.		7.38	% ^		06/01/2025		45,759
	305,000	Ortho-Clinical Diagnostics Inc.		7.25	% ^		02/01/2028		317,772
	335,000	Panther BF Aggregator LP		6.25	% ^		05/15/2026		351,892
	240,000	Panther BF Aggregator LP		8.50	% ^		05/15/2027		249,396
	405,000	Par Petroleum Finance Corporation		7.75	% ^		12/15/2025		359,901
	475,000	Parsley Energy LLC		5.63	% ^		10/15/2027		473,516
	180,000	PBF Holding LLC		6.00	% ^		02/15/2028		121,127
	305,000	Peabody Securities Finance Corporation		6.00	% ^		03/31/2022		179,950
	460,000	Penn National Gaming, Inc.		5.63	% ^		01/15/2027		477,779
	255,000	PennyMac Financial Services, Inc.		5.38	% ^		10/15/2025		258,506
	595,000	Performance Food Group, Inc.		5.50	% ^		10/15/2027		613,939
	245,000	PetSmart, Inc.		5.88	% ^		06/01/2025		251,395
	340,000	PG&E Corporation		5.00	%		07/01/2028		330,251
	435,000	Pike Corporation		5.50	% ^		09/01/2028		439,052
	275,000	Pilgrim’s Pride Corporation		5.88	% ^		09/30/2027		284,281
	285,000	Polaris Intermediate Corporation (PIK 9.25%)		8.50	% ^		12/01/2022		290,344
	105,000	Post Holdings, Inc.		5.50	% ^		12/15/2029		112,484
	420,000	Post Holdings, Inc.		4.63	% ^		04/15/2030		432,600
	255,000	Prime Security Services Borrower LLC		6.25	% ^		01/15/2028		258,547
	315,000	QEP Resources, Inc.		5.25	%		05/01/2023		229,753
	245,000	QEP Resources, Inc.		5.63	%		03/01/2026		139,650
	350,000	Radiate Finance, Inc.		4.50	% ^		09/15/2026		351,239
	75,000	Radiate Finance, Inc.		6.50	% ^		09/15/2028		77,092
	325,000	Radiology Partners, Inc.		9.25	% ^		02/01/2028		338,813
	175,000	Rattler Midstream LP		5.63	% ^		07/15/2025		176,733
	120,000	Realogy Group LLC		7.63	% ^		06/15/2025		125,882
	350,000	Resideo Funding, Inc.		6.13	% ^		11/01/2026		345,625
	315,000	Reynolds Group Holdings, Inc.		4.00	% ^		10/15/2027		317,426
	215,000	Riverbed Technology, Inc.		8.88	% ^		03/01/2023		150,500
	120,000	Sabre Global, Inc.		9.25	% ^		04/15/2025		132,293
	360,000	Schweitzer-Mauduit International, Inc.		6.88	% ^		10/01/2026		381,082
	465,000	Science Applications International Corporation		4.88	% ^		04/01/2028		472,910
	410,000	Scientific Games International, Inc.		5.00	% ^		10/15/2025		413,331
	175,000	Scientific Games International, Inc.		8.25	% ^		03/15/2026		183,438
	335,000	Scotts Miracle-Gro Company		4.50	%		10/15/2029		355,948
	240,000	Scripps Escrow, Inc.		5.88	% ^		07/15/2027		231,900
	685,000	Select Medical Corporation		6.25	% ^		08/15/2026		713,455
	425,000	Silgan Holdings, Inc.		4.13	%		02/01/2028		434,563
	260,000	Sirius XM Radio, Inc.		5.50	% ^		07/01/2029		280,040
	135,000	Sirius XM Radio, Inc.		4.13	% ^		07/01/2030		138,515
	525,000	Six Flags Entertainment Corporation		4.88	% ^		07/31/2024		494,723
	175,000	Six Flags Theme Parks, Inc.		7.00	% ^		07/01/2025		186,484
	285,000	Spectrum Brands, Inc.		5.00	% ^		10/01/2029		296,400
	210,000	Springleaf Finance Corporation		6.88	%		03/15/2025		233,426
	60,000	Springleaf Finance Corporation		7.13	%		03/15/2026		67,107
	95,000	Springleaf Finance Corporation		6.63	%		01/15/2028		105,592
	245,000	Staples, Inc.		7.50	% ^		04/15/2026		226,167
	115,000	Staples, Inc.		10.75	% ^		04/15/2027		92,359
	425,000	Stevens Holding Company, Inc.		6.13	% ^		10/01/2026		456,263
	470,000	SunCoke Energy Partners Finance Corporation		7.50	% ^		06/15/2025		425,124
	430,000	Sunoco LP		5.50	%		02/15/2026		430,993
	230,000	Sunoco LP		6.00	%		04/15/2027		236,756
	540,000	Switch Ltd.		3.75	% ^		09/15/2028		546,750
	180,000	Targa Resources Partners Finance Corporation		6.50	%		07/15/2027		188,100
	385,000	Targa Resources Partners Finance Corporation		4.88	% ^		02/01/2031		373,566
	509,000	Tempo Acquisition LLC		6.75	% ^		06/01/2025		520,445
	395,000	Tenet Healthcare Corporation		7.00	%		08/01/2025		407,314
	410,000	Tenet Healthcare Corporation		4.88	% ^		01/01/2026		416,658
	435,000	Tenet Healthcare Corporation		6.25	% ^		02/01/2027		449,618
	175,000	Tenet Healthcare Corporation		5.13	% ^		11/01/2027		180,443
	125,000	Terrier Media Buyer, Inc.		8.88	% ^		12/15/2027		126,172
	365,000	The William Carter Company		5.63	% ^		03/15/2027		381,881
	70,000	TransDigm, Inc.		8.00	% ^		12/15/2025		76,195
	610,000	TransDigm, Inc.		6.25	% ^		03/15/2026		640,381
	305,000	TransDigm, Inc.		6.38	%		06/15/2026		306,906
	285,000	TransDigm, Inc.		5.50	%		11/15/2027		274,441
	435,000	Transocean Poseidon Ltd.		6.88	% ^		02/01/2027		350,175
	292,500	Transocean Proteus Ltd.		6.25	% ^		12/01/2024		260,691
	111,000	Transocean, Inc.		11.50	% ^		01/30/2027		44,816
	305,000	Trident TPI Holdings, Inc.		6.63	% ^		11/01/2025		301,537
	120,000	Triumph Group, Inc.		6.25	% ^		09/15/2024		102,362
	205,000	Triumph Group, Inc.		7.75	%		08/15/2025		132,225
	535,000	Twin River Worldwide Holdings, Inc.		6.75	% ^		06/01/2027		533,930
	295,000	Uber Technologies, Inc.		8.00	% ^		11/01/2026		314,470
	160,000	Uber Technologies, Inc.		7.50	% ^		09/15/2027		171,000
	85,000	United Rentals North America, Inc.		5.25	%		01/15/2030		92,916
	225,000	Univision Communications, Inc.		6.63	% ^		06/01/2027		220,219
	25,000	US Foods, Inc.		6.25	% ^		04/15/2025		26,502
	465,000	USA Compression Partners LP		6.88	%		09/01/2027		461,889
	538,000	Verscend Escrow Corporation		9.75	% ^		08/15/2026		586,307
	255,000	ViaSat, Inc.		6.50	% ^		07/15/2028		255,764
	85,000	Viking Cruises Ltd.		13.00	% ^		05/15/2025		98,600
	605,000	Viking Cruises Ltd.		5.88	% ^		09/15/2027		471,522
	130,000	Vine Oil & Gas Finance Corporation		8.75	% ^		04/15/2023		88,400
	300,000	Viper Energy Partners LP		5.38	% ^		11/01/2027		296,007
	285,000	Vizient, Inc.		6.25	% ^		05/15/2027		299,552
	295,000	Waste Pro, Inc.		5.50	% ^		02/15/2026		299,394
	14,000	Weatherford International Ltd.		11.00	% ^		12/01/2024		8,435
	470,000	West Street Merger Sub, Inc.		6.38	% ^		09/01/2025		480,476
	280,000	Western Midstream Operating LP		3.85	%		02/01/2025		267,145
	290,000	Western Midstream Operating LP		5.05	%		02/01/2030		283,113
	165,000	WeWork Cos, Inc.		7.88	% ^		05/01/2025		105,701
	215,000	Wolverine Escrow LLC		9.00	% ^		11/15/2026		177,778
	335,000	WPX Energy, Inc.		5.25	%		10/15/2027		340,591
	200,000	WPX Energy, Inc.		5.88	%		06/15/2028		209,254
	155,000	WPX Energy, Inc.		4.50	%		01/15/2030		153,348
	220,000	Wyndham Hotels & Resorts		4.38	% ^		08/15/2028		213,813
	80,000	XHR LP		6.38	% ^		08/15/2025		80,150
	120,000	Yum! Brands, Inc.		7.75	% ^		04/01/2025		132,750
	285,000	Yum! Brands, Inc.		4.75	% ^		01/15/2030		307,622
	230,000	Yum! Brands, Inc.		3.63	%		03/15/2031		230,431
	Total US Corporate Bonds (Cost $90,044,691)								89,004,097
	US Government and Agency Mortgage Backed Obligations - 1.4%
	5,993,329	Federal Home Loan Mortgage Corporation Pass-Thru, Series K722-X1		1.44	% # I/O		03/25/2023		145,868
	7,100,000	Federal Home Loan Mortgage Corporation, Series 2020-DNA2-B1 (1 Month LIBOR USD + 2.50%, 2.50% Floor)		2.65	% ^		02/25/2050		6,201,949
	1,839,196	Federal Home Loan Mortgage Corporation, Series 3926-HS (-1 x 1 Month LIBOR USD + 6.45%, 6.45% Cap)		6.30	% I/F I/O		09/15/2041		357,711
	298,673	Federal Home Loan Mortgage Corporation, Series 4390-NY		3.00	%		06/15/2040		307,191
	485,219	Federal Home Loan Mortgage Corporation, Series 4471-GA		3.00	%		02/15/2044		513,900
	386,748	Federal National Mortgage Association, Series 2015-59-A		3.00	%		06/25/2041		390,493
	79,125,927	Government National Mortgage Association, Series 2013-155-IB		0.11	% # I/O		09/16/2053		480,476
	18,803,063	Government National Mortgage Association, Series 2019-128-KS (-1x1 Month LIBOR USD + 2.85%, 2.85% Cap)		2.69	% I/O I/F		10/20/2049		1,391,637
	19,946,940	Government National Mortgage Association, Series 2020-115-YS (-1x1 Month LIBOR USD + 4.20%, 4.20% Cap)		4.04	% I/O I/F		08/20/2050		3,729,707
	9,508,512	Government National Mortgage Association, Series 2020-140-SB (-1x1 Month LIBOR USD + 6.15%, 6.15% Cap)		5.99	% I/O I/F		07/20/2050		2,738,737
	Total US Government and Agency Mortgage Backed Obligations (Cost $18,736,329)								16,257,669
	Affiliated Mutual Funds - 4.3%
	4,606,536	DoubleLine Global Bond Fund (Class I)							49,105,675
	Total Affiliated Mutual Funds (Cost $46,429,210)								49,105,675
	Common Stocks - 0.0%
	15,858	Foresight Equity *Þ							254,519
	5,568	Frontera Energy Corporation							8,965
	9,088	McDermott International Ltd. *							21,810
	5,789	Tapstone Energy Holdings III LLC *Þ							3,879
	1,977	Weatherford International PLC *							3,855
	8,717	Whiting Petroleum Corporation *							150,715
	Total Common Stocks (Cost $1,022,514)								443,743
	Warrants - 0.0%
	29,269	OAS S.A., Expiration 5/16/2039, Strike Price BRL 1.00* Þ							—
	Total Warrants (Cost $—)								—
	Short Term Investments - 4.2%
	16,334,743	First American Government Obligations Fund - Class U		0.07	% ¨				16,334,743
	16,334,743	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		0.07	% ¨				16,334,743
	16,334,743	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		0.02	% ¨				16,334,743
	Total Short Term Investments (Cost $49,004,229)								49,004,229
	Total Investments - 101.7% (Cost $1,224,872,737)								1,170,267,039
	Liabilities in Excess of Other Assets - (1.7)%								(20,073,544	)
	NET ASSETS - 100.0%							$	1,150,193,495

SECURITY TYPE BREAKDOWN as a % of Net Assets:

Non-Agency Residential Collateralized Mortgage Obligations	25.6	%
Collateralized Loan Obligations	19.3	%
Non-Agency Commercial Mortgage Backed Obligations	14.1	%
Foreign Corporate Bonds	11.4	%
US Corporate Bonds	7.7	%
Asset Backed Obligations	6.7	%
Bank Loans	5.8	%
Affiliated Mutual Funds	4.3	%
Short Term Investments	4.2	%
US Government and Agency Mortgage Backed Obligations	1.4	%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	1.2	%
Common Stocks	0.0	% ~
Warrants	0.0	% ~
Other Assets and Liabilities	(1.7	)%
	100.0	%

INVESTMENT BREAKDOWN as a % of Net Assets:

Non-Agency Residential Collateralized Mortgage Obligations	25.6	%
Collateralized Loan Obligations	19.3	%
Non-Agency Commercial Mortgage Backed Obligations	14.1	%
Asset Backed Obligations	6.7	%
Affiliated Mutual Funds	4.3	%
Short Term Investments	4.2	%
Energy	3.0	%
Banking	2.9	%
Utilities	1.9	%
Healthcare	1.4	%
US Government and Agency Mortgage Backed Obligations	1.4	%
Media	1.3	%
Finance	1.2	%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	1.2	%
Electronics/Electric	1.0	%
Telecommunications	0.8	%
Chemicals/Plastics	0.8	%
Technology	0.7	%
Business Equipment and Services	0.7	%
Transportation	0.7	%
Leisure	0.6	%
Hotels/Motels/Inns and Casinos	0.6	%
Building and Development (including Steel/Metals)	0.6	%
Food Products	0.6	%
Retailers (other than Food/Drug)	0.6	%
Automotive	0.5	%
Food Service	0.4	%
Mining	0.4	%
Construction	0.4	%
Containers and Glass Products	0.4	%
Chemical Products	0.4	%
Aerospace & Defense	0.4	%
Insurance	0.3	%
Pharmaceuticals	0.3	%
Industrial Equipment	0.3	%
Commercial Services	0.3	%
Real Estate	0.3	%
Diversified Manufacturing	0.2	%
Environmental Control	0.2	%
Consumer Products	0.2	%
Food/Drug Retailers	0.1	%
Pulp & Paper	0.1	%
Conglomerates	0.1	%
Cosmetics/Toiletries	0.1	%
Financial Intermediaries	0.1	%
Beverage and Tobacco	0.0	% ~
Other Assets and Liabilities	(1.7	)%
	100.0	%

^	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers.
Þ	Value determined using significant unobservable inputs.
§	The interest rate will step up if the issuer does not redeem the bond on or before a scheduled redemption date in accordance with the terms of the instrument. The interest rate shown is the rate in effect as of September 30, 2020.
P/O	Principal only security
I/O	Interest only security
I/F	Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. Interest rate may also be subject to a cap or floor.
†	Perpetual Maturity
W	Security is in default or has failed to make a scheduled payment. Income is not being accrued.
#	Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of September 30, 2020.
@	Security pays interest at rates that represent residual cashflows available after more senior tranches have been paid. The interest rate disclosed reflects the estimated rate in effect as of September 30, 2020.
±	Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of September 30, 2020.
*	Non-income producing security
BRL	Brazilian Real
PIK	A payment-in-kind security in which the issuer may make interest or dividend payments in cash or additional securities. These additional securities generally have the same terms as the original holdings.
D	This mortgage-backed bond accrues interest which is added to the outstanding principal balance. The interest payment will be deferred until all other tranches in the structure are paid off. The rate disclosed is as of September 30, 2020.
&	Unfunded or partially unfunded loan commitment. At September 30, 2020, the value of these securities amounted to $52,629 or 0.0% of net assets.
¨	Seven-day yield as of September 30, 2020
~	Represents less than 0.05% of net assets.

A summary of the DoubleLine Flexible Income Fund’s investments in affiliated mutual funds for the period ended September 30, 2020 is as follows:

												Change in Unrealized for the		Dividend Income Earned in the		Net Realized Gain (Loss) in the
	Value at							Shares Held at		Value at		Period Ended		Period Ended		Period Ended
Fund	March 31, 2020		Gross Purchases		Gross Sales			September 30, 2020		September 30, 2020		September 30, 2020		September 30, 2020		September 30, 2020
DoubleLine Global Bond Fund (Class I)	$	105,830,380	$	—	$	(61,000,000	)		4,606,536	$	49,105,675	$	3,264,128	$	—	$	1,011,167

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

3

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

Item 11. Controls and Procedures.

(a) The Registrant’s principal executive and principal financial officers have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a) (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not applicable for semi-annual reports.

(2) A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.

(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.

4

(b) Certifications pursuant to Section  906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

5

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)                 DoubleLine Funds Trust                                                                                                                              

By (Signature and Title)         /s/ Ronald R. Redell                                                                                                            

                  Ronald R. Redell, President

Date  December 3, 2020                                                                                                                                                                   

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)           /s/ Ronald R. Redell                                                                                                    

                    Ronald R. Redell, President

Date December 3, 2020                                                                                                                                                

By (Signature and Title)           /s/ Henry V. Chase                                                                                                     

                    Henry V. Chase, Treasurer and

                    Principal Financial and Accounting Officer

Date December 3, 2020                                                                                                                                               

6