UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-23746

DoubleLine ETF Trust

(Exact name of registrant as specified in charter)

2002 N. Tampa Street, Suite 200

Tampa, FL 33602

(Address of principal executive offices) (Zip code)

Ronald R. Redell, President

2002 N. Tampa Street, Suite 200

Tampa, FL 33602

(Name and Address of Agent for Service)

Registrant’s telephone number, including area code: (813) 791-7333

Date of fiscal year end: September 30

Date of reporting period: March 31, 2026

Item 1. Reports to Stockholders.

(a) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (“1940 Act”).

Semi-Annual Shareholder Report

DoubleLine Opportunistic Core Bond ETF

NYSE Arca: DBND (Inception Date: March 31, 2022)

March 31, 2026

This semi-annual shareholder report contains important information about the DoubleLine Opportunistic Core Bond ETF for the period of 10/1/2025 to 3/31/2026. You can find additional information about the Fund at doubleline.com/doubleline-exchange-traded-funds/. You can also request this information by contacting us at (855) 937-0772.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
DBND	$21	0.42%

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Net Assets$712,288,162
Number of Portfolio Holdings1,168
Portfolio Turnover Rate25%

What did the Fund invest in?

Sector Breakdown (% of Net Assets)

Table Summary
U.S. Government and Agency Mortgage-Backed Obligations	21.3
U.S. Government and Agency Obligations	17.5
U.S. Corporate Bonds	13.4
Non-Agency Residential Collateralized Mortgage Obligations	10.7
Foreign Corporate Bonds	8.2
Asset-Backed Obligations	7.6
Non-Agency Commercial Mortgage-Backed Obligations	6.9
Affiliated Mutual Funds	4.9
Collateralized Loan Obligations	3.6
Short-Term Investments	3.2
Bank Loans	2.4
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	0.6
Common Stocks	0.0
Other	-0.3

Credit Quality Breakdown (% of Net Assets)

Table Summary
Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody’s Ratings, if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.
Government	20.9
Agency	18.2
AAA	12.7
AA	4.0
A	10.1
BBB	19.0
BB	6.3
B	3.2
CCC and Below	0.7
Unrated Securities	1.1
Other	3.8

Top Holdings (% of Net Assets)

Table Summary
U.S. Treasury Notes, 0.63%, 08/15/2030	4.8
U.S. Treasury Notes, 0.63%, 05/15/2030	4.6
U.S. Treasury Notes, 0.88%, 11/15/2030	4.5
DoubleLine Emerging Markets Local Currency Bond Fund	2.7
DoubleLine Global Bond Fund	2.2
U.S. Treasury Bonds, 1.38%, 11/15/2040	1.0
U.S. Treasury Bonds, 1.13%, 05/15/2040	0.8
FHLMC UMBS, Pool SD3081, 5.50%, 06/01/2053	0.8
OBX Trust, Series 2026-NQM5-A1, 5.32%, 01/25/2066	0.7
Verus Securitization Trust, Series 2026-R2-M1, 5.53%, 10/25/2067	0.7

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents.

Householding

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your DoubleLine documents not be householded, please contact DoubleLine at (855) 937-0772, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by DoubleLine or your financial intermediary.

DoubleLine^® is a registered trademark of DoubleLine Capital LP

DBND326

Semi-Annual Shareholder Report

DoubleLine Shiller CAPE^® U.S. Equities ETF

NYSE Arca: CAPE (Inception Date: March 31, 2022)

March 31, 2026

This semi-annual shareholder report contains important information about the DoubleLine Shiller CAPE^® U.S. Equities ETF for the period of 10/1/2025 to 3/31/2026. You can find additional information about the Fund at doubleline.com/doubleline-exchange-traded-funds/. You can also request this information by contacting us at (855) 937-0772.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
CAPE	$32	0.65%

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Net Assets$260,731,064
Number of Portfolio Holdings194
Portfolio Turnover Rate215%

What did the Fund invest in?

Sector Breakdown (% of Net Assets)

Table Summary
Consumer Discretionary	25.0
Communication Services	24.9
Health Care	24.9
Real Estate	24.1
Financials	0.7
Short-Term Investments	0.3
Consumer Staples	0.0
Other	0.1

Portfolio Characteristics

Table Summary
^{Footnote Reference1} Forward 12-Month Price-to-Earnings Ratio.
Median Mkt Cap ($B)	$23.74
Average Mkt Cap ($B)	$120.94
Price-to-Earnings^{Footnote Reference1}	20.66%
Price-to-Book	3.95%

Top Holdings (% of Net Assets)

Table Summary
Amazon.com, Inc.	5.7
Tesla, Inc.	4.7
Meta Platforms, Inc. - Class A	4.5
Eli Lilly & Co.	3.4
Johnson & Johnson	2.8
Alphabet, Inc. - Class A	2.6
Welltower, Inc.	2.4
Prologis, Inc.	2.3
Alphabet, Inc. - Class C	2.1
AbbVie, Inc.	1.8

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents.

Householding

DoubleLine^® is a registered trademark of DoubleLine Capital LP

CAPE326

Semi-Annual Shareholder Report

DoubleLine Commercial Real Estate Debt ETF

NYSE Arca: DCRE (Inception Date: March 31, 2023)

March 31, 2026

This semi-annual shareholder report contains important information about the DoubleLine Commercial Real Estate Debt ETF (formerly known as DoubleLine Commercial Real Estate ETF) for the period of 10/1/2025 to 3/31/2026. You can find additional information about the Fund at doubleline.com/doubleline-exchange-traded-funds/. You can also request this information by contacting us at (855) 937-0772.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
DCRE	$20	0.39%

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Net Assets$405,932,280
Number of Portfolio Holdings259
Portfolio Turnover Rate44%

What did the Fund invest in?

Sector Breakdown (% of Net Assets)

Table Summary
Non-Agency Commercial Mortgage-Backed Obligations	62.4
Collateralized Loan Obligations	19.9
U.S. Government and Agency Mortgage-Backed Obligations	14.3
Short-Term Investments	5.7
Non-Agency Residential Collateralized Mortgage Obligations	0.4
Other	-2.7

Credit Quality Breakdown (% of Net Assets)

Table Summary
Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody’s Ratings, if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.
Agency	14.3
AAA	70.8
AA	4.7
A	7.2
Other	3.0

Top Holdings (% of Net Assets)

Table Summary
FNMA ACES, Series 2024-M5-1A1, 4.45%, 01/25/2034	1.7
FNMA, Pool BZ3936, 4.78%, 05/01/2030	1.6
FNMA, Other, Pool BZ0220, 5.00%, 01/01/2029	1.5
MF1 LLC, Series 2026-FL21-ASFX, 5.12%, 02/18/2041	1.2
FNMA, Pool BZ1029, 4.93%, 06/01/2029	1.1
GPMT Ltd., Series 2021-FL4-A (CME Term SOFR 1 Month + 1.46%, 1.35% Floor), 5.14%, 12/15/2036	1.1
Wells Fargo Commercial Mortgage Trust, Series 2025-5C5-A3, 5.59%, 07/15/2058	1.0
FNMA, Pool BZ0638, 4.82%, 04/01/2029	1.0
Wells Fargo Commercial Mortgage Trust, Series 2026-C66-A1, 4.89%, 04/15/2059	1.0
BANK5, Series 2024-5YR5-A3, 5.70%, 02/15/2029	1.0

How has the Fund changed?

Effective February 2, 2026, the Fund's name was changed from DoubleLine Commercial Real Estate ETF to DoubleLine Commercial Real Estate Debt ETF.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents.

Householding

DoubleLine^® is a registered trademark of DoubleLine Capital LP

DCRE326

Semi-Annual Shareholder Report

DoubleLine Mortgage ETF

NYSE Arca: DMBS (Inception Date: March 31, 2023)

March 31, 2026

This semi-annual shareholder report contains important information about the DoubleLine Mortgage ETF for the period of 10/1/2025 to 3/31/2026. You can find additional information about the Fund at doubleline.com/doubleline-exchange-traded-funds/. You can also request this information by contacting us at (855) 937-0772.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
DMBS	$20	0.39%

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Net Assets$694,683,413
Number of Portfolio Holdings194
Portfolio Turnover Rate184%

What did the Fund invest in?

Sector Breakdown (% of Net Assets)

Table Summary
U.S. Government and Agency Mortgage-Backed Obligations	93.3
Non-Agency Residential Collateralized Mortgage Obligations	19.6
Short-Term Investments	4.1
Other	-17.0

Credit Quality Breakdown (% of Net Assets)

Table Summary
Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody’s Ratings, if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.
Government	12.8
Agency	80.3
AAA	1.5
AA	0.1
A	2.0
BBB	16.0
Other	-12.7

Top Holdings (% of Net Assets)

Table Summary
FNMA/FHLMC UMBS, 30 Year, Single Family, Pool, 5.00%, 04/25/2056	8.7
FNMA/FHLMC UMBS, 30 Year, Single Family, Pool, 2.00%, 04/25/2056	4.9
FNMA UMBS, Pool BR0386, 2.00%, 01/01/2051	2.4
FNMA UMBS, Pool FA3421, 2.00%, 11/01/2051	2.4
FNMA UMBS, Pool FA2724, 5.50%, 09/01/2055	2.1
FNMA REMICS, Series 2026-10-FA (SOFR 30 Day Average + 0.95%, 6.00% Cap), 4.61%, 10/25/2054	2.0
FNMA UMBS, Pool FA1705, 2.50%, 03/01/2052	2.0
FHLMC UMBS, Pool SD8492, 5.00%, 01/01/2055	2.0
FHLMC UMBS, Pool QD3879, 2.50%, 12/01/2051	2.0
FNMA UMBS, Pool FM7418, 2.50%, 06/01/2051	1.9

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents.

Householding

DoubleLine^® is a registered trademark of DoubleLine Capital LP

DMBS326

Semi-Annual Shareholder Report

DoubleLine Commodity Strategy ETF

NYSE Arca: DCMT (Inception Date: January 31, 2024)

March 31, 2026

This semi-annual shareholder report contains important information about the DoubleLine Commodity Strategy ETF for the period of 10/1/2025 to 3/31/2026. You can find additional information about the Fund at doubleline.com/doubleline-exchange-traded-funds/. You can also request this information by contacting us at (855) 937-0772.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
DCMT	$37	0.65%

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Net Assets$34,677,013
Number of Portfolio Holdings14
Portfolio Turnover Rate0%

What did the Fund invest in?

Collateral (% of Net Assets)

Table Summary
Treasury Bills	94.2
Cash	5.8

Commodity Exposure (% of Net Assets)

Table Summary
The Fund gained exposure to these allocations through the use of swap contracts.
Energy	54.7
Agriculture	18.8
Industrial Metals	10.3
Livestock	8.4
Precious Metals	7.8

Top Holdings (% of Net Assets)

Table Summary
U.S. Treasury Bills, 0.00%, 06/11/2026	57.6
U.S. Treasury Bills, 0.00%, 07/21/2026	17.1
U.S. Treasury Bills, 0.00%, 04/14/2026	5.8
U.S. Treasury Bills, 0.00%, 04/30/2026	5.8
U.S. Treasury Bills, 0.00%, 06/23/2026	4.6
JPMorgan U.S. Government Money Market Fund - Class IM, 3.60%	3.7
U.S. Treasury Bills, 0.00%, 05/14/2026	3.4
Goldman Sachs plc - USD Treasury Liquid Reserves Fund, 3.53%	0.9
JPMorgan Liquidity Funds - JPM USD Treasury CNAV Fund, 3.49%	0.9

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents.

Householding

DoubleLine^® is a registered trademark of DoubleLine Capital LP

DCMT326

Semi-Annual Shareholder Report

DoubleLine Fortune 500 Equal Weight ETF

NYSE Arca: DFVE (Inception Date: January 31, 2024)

March 31, 2026

This semi-annual shareholder report contains important information about the DoubleLine Fortune 500 Equal Weight ETF for the period of 10/1/2025 to 3/31/2026. You can find additional information about the Fund at doubleline.com/doubleline-exchange-traded-funds/. You can also request this information by contacting us at (855) 937-0772.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
DFVE	$10	0.20%

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Net Assets$27,297,127
Number of Portfolio Holdings448
Portfolio Turnover Rate8%

What did the Fund invest in?

Sector Breakdown (% of Net Assets)

Table Summary
Industrials	17.0
Consumer Discretionary	15.4
Financials	15.3
Health Care	9.7
Information Technology	9.6
Consumer Staples	8.9
Energy	6.6
Materials	6.0
Utilities	5.5
Communication Services	4.4
Real Estate	1.3
Short-Term Investments	0.2
Other	0.1

Portfolio Characteristics

Table Summary
^{Footnote Reference1} Forward 12-Month Price-to-Earnings Ratio.
Median Market Cap ($B)	$33.04
Average Mkt Cap ($B)	$118.95
Price-to-Earnings^{Footnote Reference1}	14.96%
Price-to-Book	2.62%

Top Holdings (% of Net Assets)

Table Summary
Avis Budget Group, Inc.	0.4
Par Pacific Holdings, Inc.	0.4
APA Corp.	0.4
PBF Energy, Inc. - Class A	0.3
Dell Technologies, Inc. - Class C	0.3
Dow, Inc.	0.3
Delek US Holdings, Inc.	0.3
Caesars Entertainment, Inc.	0.3
Murphy USA, Inc.	0.3
HF Sinclair Corp.	0.3

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents.

Householding

DoubleLine^® is a registered trademark of DoubleLine Capital LP

DFVE326

Semi-Annual Shareholder Report

DoubleLine Multi-Sector Income ETF

NYSE Arca: DMX (Inception Date: November 29, 2024)

March 31, 2026

This semi-annual shareholder report contains important information about the DoubleLine Multi-Sector Income ETF for the period of 10/1/2025 to 3/31/2026. You can find additional information about the Fund at doubleline.com/doubleline-exchange-traded-funds/. You can also request this information by contacting us at (855) 937-0772.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
DMX	$25	0.49%

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Net Assets$81,936,923
Number of Portfolio Holdings532
Portfolio Turnover Rate29%

What did the Fund invest in?

Sector Breakdown (% of Net Assets)

Table Summary
U.S. Corporate Bonds	40.0
Non-Agency Residential Collateralized Mortgage Obligations	18.3
Bank Loans	14.5
Non-Agency Commercial Mortgage-Backed Obligations	9.8
Short-Term Investments	6.2
Collateralized Loan Obligations	5.4
Foreign Corporate Bonds	4.0
Asset-Backed Obligations	2.7
Common Stocks	0.0
Other	-0.9

Credit Quality Breakdown (% of Net Assets)

Table Summary
Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody’s Ratings, if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.
Investment Grade	33.8
Below Investment Grade	60.9
Unrated	0.1
Other	5.2

Top Holdings (% of Net Assets)

Table Summary
Bain Capital Credit CLO, Series 2018-2A-DR (CME Term SOFR 3 Month + 2.95%, 2.95% Floor), 6.62%, 07/19/2031	1.2
Verus Securitization Trust, Series 2025-5-B1, 7.06%, 06/25/2070	0.9
MFA Trust, Series 2025-NQM5-M1, 5.89%, 11/25/2070	0.9
Verus Securitization Trust, Series 2025-6-B1, 6.87%, 07/25/2070	0.9
PRPM Trust, Series 2025-NQM3-B1, 6.89%, 05/25/2070	0.9
EFMT, Series 2025-INV2-B2, 7.50%, 05/26/2070	0.9
Verus Securitization Trust, Series 2025-9-B2, 7.38%, 10/27/2070	0.9
Morgan Stanley Residential Mortgage Loan Trust, Series 2025-NQM5-B1, 7.07%, 07/25/2070	0.9
New Residential Mortgage Loan Trust, Series 2026-NQM1-B1, 6.60%, 11/25/2065	0.9
Verus Securitization Trust, Series 2025-11-B1, 6.41%, 11/25/2070	0.8

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents.

Householding

DoubleLine^® is a registered trademark of DoubleLine Capital LP

DMX326

Semi-Annual Shareholder Report

DoubleLine Asset-Backed Securities ETF

NYSE Arca: DABS (Inception Date: February 28, 2025)

March 31, 2026

This semi-annual shareholder report contains important information about the DoubleLine Asset-Backed Securities ETF for the period of 10/1/2025 to 3/31/2026. You can find additional information about the Fund at doubleline.com/doubleline-exchange-traded-funds/. You can also request this information by contacting us at (855) 937-0772.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
DABS	$20	0.39%

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Net Assets$116,579,394
Number of Portfolio Holdings126
Portfolio Turnover Rate15%

What did the Fund invest in?

Sector Breakdown (% of Net Assets)

Table Summary
Consumer Loans	22.35
Aircraft	21.60
Data Infrastructure	17.59
Auto Loans	12.77
Whole Business	9.70
Residential Solar	4.21
Home Improvement	4.01
Timeshare	1.78
Student Loans	1.22
Railcar	0.94
Equipment	0.61
Commercial Solar	0.41
Container	0.17
Other	2.64

Credit Quality Breakdown (% of Net Assets)

Table Summary
Credit quality ratings reflect the highest rating assigned by S&P Global Ratings, Fitch Ratings Inc. or Moody’s Ratings, if ratings differ. These ratings agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are BBB/Baa or higher. Below investment grade ratings are BB/Ba or lower.
AAA	15.2
AA	15.9
A	30.7
BBB	36.0
Not Rated	1.3
Other	0.9

Top Holdings (% of Net Assets)

Table Summary
Upstart Securitization Trust, Series 2025-4-A2, 4.56%, 11/20/2035	4.3
SoFi Consumer Loan Program Trust, Series 2026-1-B, 4.44%, 12/26/2035	2.6
RCKT Trust, Series 2025-1A-A, 4.90%, 07/25/2034	2.3
Stellantis Financial Underwritten Enhanced Lease Trust, Series 2025-CA-C, 4.44%, 08/20/2030	2.1
Upstart Securitization Trust, Series 2025-3-A2, 4.60%, 09/20/2035	1.9
EWC Master Issuer LLC, Series 2022-1A-A2, 5.50%, 03/15/2052	1.8
GreenSky Home Improvement Issuer Trust, Series 2025-3A-A3, 4.52%, 12/27/2060	1.8
Bridgecrest Lending Auto Securitization Trust, Series 2025-1-A3, 4.67%, 08/15/2028	1.8
MAPS Trust, Series 2026-1A-B, 6.13%, 01/15/2051	1.7
Hilton Grand Vacations Trust, Series 2025-3EXT-B, 4.90%, 10/25/2044	1.5

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://doubleline.com/fund-documents.

Householding

DoubleLine^® is a registered trademark of DoubleLine Capital LP

DABS326

(b) Not applicable.

Item 2. Code of Ethics.

Disclosure required in Registrant’s annual Form N-CSR filing.

Item 3. Audit Committee Financial Expert.

Disclosure required in Registrant’s annual Form N-CSR filing.

Item 4. Principal Accountant Fees and Services.

Disclosure required in Registrant’s annual Form N-CSR filing.

Item 5. Audit Committee of Listed Registrants.

Disclosure required in Registrant’s annual Form N-CSR filing.

Item 6. Investments

(a) The Registrant’s Schedule of Investments is included as part of the Financial Statements filed under Item 7(a) of this Form.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a) Copy of the most recent financial statements:

(b) Included as part of the financial statements filed under Item 7(a) of this Form.

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

DoubleLine

Opportunistic

Core

Bond

ETF

NYSE

ARCA:

DBND

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

NYSE

ARCA:

CAPE

DoubleLine

Commercial

Real

Estate

Debt

ETF*

NYSE

ARCA:

DCRE

DoubleLine

Mortgage

ETF

NYSE

ARCA:

DMBS

DoubleLine

Commodity

Strategy

ETF

NYSE

ARCA:

DCMT

DoubleLine

Fortune

500

Equal

Weight

ETF

NYSE

ARCA:

DFVE

DoubleLine

Multi-Sector

Income

ETF

NYSE

ARCA:

DMX

DoubleLine

Asset-Backed

Securities

ETF

NYSE

ARCA:

DABS

Form

erly

known

the

DoubleLine

Commercial

Real

Estate

ETF

DoubleLine

2002

North

Tampa

Street,

Suite

200

Tampa,

33602

(813)

791-7333

ETFinfo@doubleline.com

www.doubleline.com

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

Table

Contents

Page

Schedules

Investments

Statements

Assets

and

Liabilities

Statements

Operations

Statements

Changes

Net

Assets

Financial

Highlights

Notes

Financial

Statements

Form

N-CSR

–

Items

8-11

101

Schedule

Investments

DoubleLine

Opportunistic

Core

Bond

ETF

(Unaudited)

March

31,

2026

DoubleLine

ETF

Trust

The

accompanying

notes

are

integral

part

these

financial

statements.

RINCIPAL

MOUNT

$/S

HARES

ECURITY

ESCRIPTION

ATE

ATURITY

ALUE

COMMON

STOCKS 0.0%

(a)

767

Altice

France

(b)

12,966

Total

Common

Stock

(Cost

$12,263)

12,966

ASSET-BACKED

OBLIGATIONS

7.6%

Aaset

LLC

404,102

Series

2022-1A-A

6.00%

(c)

05/16/2047

409,511

Aaset

Ltd.

375,536

Series

2024-2A-B

6.61%

(c)

09/16/2049

375,700

Aaset

MT-1

Ltd.

490,283

Series

2025-3A-B

5.73%

(c)

02/16/2050

483,999

Aaset

Trust

379,567

Series

2021-2A-A

2.80%

(c)

01/15/2047

358,558

243,708

Series

2024-1A-A1

6.26%

(c)

05/16/2049

245,533

402,126

Series

2024-1A-B

6.90%

(c)

05/16/2049

404,895

569,840

Series

2025-1A-A

5.94%

(c)

02/16/2050

565,207

Affirm

Asset

Securitization

Trust

975,000

Series

2025-X1-B

5.19%

(c)

04/15/2030

975,999

875,000

Series

2025-X2-D

5.23%

(c)

10/15/2030

872,836

Affirm

Master

Trust

1,250,000

Series

2025-1A-C

5.28%

(c)

02/15/2033

1,252,366

AMSR

Trust

2,100,000

Series

2023-SFR2-A

3.95%

(c)

06/17/2040

2,066,545

Avant

Loans

Funding

Trust

600,000

Series

2024-REV1-B

6.17%

(c)

10/15/2033

600,952

1,300,000

Series

2025-REV1-C

6.06%

(c)

05/15/2034

1,304,999

Business

Jet

Securities

LLC

390,055

Series

2024-2A-B

5.75%

(c)

09/15/2039

386,615

Castlelake

Aircraft

Structured

Trust

453,544

Series

2025-1A-A

5.78%

(c)

02/15/2050

457,144

1,200,000

Series

2026-1A-B

5.76%

(c)

03/15/2051

1,183,107

Cherry

Securitization

Trust

550,000

Series

2025-1A-A

6.13%

(c)

11/15/2032

555,690

Cloud

Capital

Holdco

500,000

Series

2024-2A-A2

5.92%

(c)

11/22/2049

501,279

Compass

Datacenters

Issuer

LLC

250,000

Series

2024-2A-B2

6.00%

(c)

08/25/2049

249,499

DataBank

Issuer

500,000

Series

2023-1A-A2

5.12%

(c)

02/25/2053

497,446

DataBank

Issuer

LLC

1,000,000

Series

2025-1A-A2

5.18%

(c)

09/27/2055

971,990

Dividend

Solar

Loans

LLC

350,697

Series

2018-1-B

4.29%

(c)

07/20/2038

331,550

EWC

Master

Issuer

LLC

481,250

Series

2022-1A-A2

5.50%

(c)

03/15/2052

477,808

ExteNet

Issuer

LLC

500,000

Series

2024-1A-B

6.15%

(c)

07/25/2054

505,292

GoodLeap

Home

Improvement

Solutions

Trust

774,389

Series

2025-2A-B

5.98%

(c)

06/20/2049

782,649

GreenSky

Home

Improvement

Issuer

Trust

135,000

Series

2025-2A-B

5.07%

(c)

06/25/2060

134,871

700,000

Series

2025-3A-D

5.15%

(c)

12/27/2060

691,037

Hilton

Grand

Vacations

Trust

85,406

Series

2022-1D-C

4.69%

(c)

06/20/2034

85,271

989,708

Series

2025-3EXT-B

4.90%

(c)

10/25/2044

984,196

Horizon

Aircraft

Finance

Ltd.

462,500

Series

2024-1-A

5.38%

(c)

09/15/2049

459,354

Hyundai

Auto

Receivables

Trust

950,000

Series

2024-C-B

4.67%

01/15/2031

958,658

Invitation

Homes

Trust

1,167,000

Series

2024-SFR1-D

4.25%

(c)

09/17/2041

1,125,944

Jack

the

Box

Funding

LLC

230,000

Series

2022-1A-A2II

4.14%

(c)

02/26/2052

197,027

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

Lmrk

Issuer

Co.

LLC

1,000,000

Series

2025-1A-A

5.52%

(c)

09/15/2055

999,810

Lunar

Structured

Aircraft

Portfolio

Notes

638,260

Series

2021-1-A

2.64%

(c)

10/15/2046

603,967

MAST

Ltd.

1,192,857

Series

2026-1A-A

5.13%

(c)

02/15/2051

1,167,719

Mosaic

Solar

Loan

Trust

398,688

Series

2018-2GS-A

4.20%

(c)

02/22/2044

372,993

495,587

Series

2024-1A-A

5.50%

(c)

09/20/2049

470,744

Phantom

Aviation

996,342

Series

2026-1A-B

6.03%

(c)

01/15/2051

1,005,535

PRET

LLC

900,950

Series

2025-NPL7-A1

5.66%

(c)(d)

07/25/2055

903,335

Progress

Residential

Trust

2,669,229

Series

2024-SFR2-A

3.30%

(c)

04/17/2041

2,561,219

2,500,000

Series

2024-SFR4-C

3.33%

(c)

07/17/2041

2,361,722

QTS

Issuer

ABS

LLC

1,000,000

Series

2025-1A-B

5.78%

(c)

10/05/2055

969,803

Redaptive

Eaas

Issuer

LLC

708,890

Series

2025-1A-A

5.94%

(c)

03/25/2042

708,562

Retained

Vantage

Data

Centers

Issuer

LLC

500,000

Series

2023-1A-B

5.75%

(c)

09/15/2048

493,998

Sabey

Data

Center

Issuer

LLC

650,000

Series

2024-1-A2

6.00%

(c)

04/20/2049

654,137

Scalelogix

Abs

Issuer

LLC

1,000,000

Series

2025-1A-B

6.16%

(c)

07/25/2055

985,060

SERVPRO

Master

Issuer

LLC

490,000

Series

2024-1A-A2

6.17%

(c)

01/25/2054

502,414

SFS

Auto

Receivables

Securitization

Trust

2,469,164

Series

2025-3A-A2

4.11%

(c)

03/20/2029

2,469,553

SMB

Private

Education

Loan

Trust

238,858

Series

2021-A-B

2.31%

(c)

01/15/2053

233,499

SoFi

Consumer

Loan

Program

Trust

500,000

Series

2025-1-C

5.42%

(c)

02/27/2034

506,420

1,500,000

Series

2025-2-B

4.97%

(c)

06/25/2034

1,509,544

500,000

Series

2025-3-C

5.04%

(c)

08/15/2034

496,611

Stellantis

Financial

Underwritten

Enhanced

Lease

Trust

1,200,000

Series

2025-CA-C

4.44%

(c)

08/20/2030

1,192,007

Subway

Funding

LLC

296,250

Series

2024-1A-A23

6.51%

(c)

07/30/2054

297,237

395,000

Series

2024-3A-A23

5.91%

(c)

07/30/2054

386,131

Switch

ABS

Issuer

LLC

500,000

Series

2024-2A-B

6.20%

(c)

06/25/2054

493,156

500,000

Series

2025-2A-B

6.24%

(c)

10/25/2055

489,533

300,000

Series

2026-1A-A21

5.61%

(c)

03/27/2056

300,679

Textainer

Marine

Containers

VII

Ltd.

300,679

Series

2024-1A-A

5.25%

(c)

08/20/2049

299,733

Tricon

Residential

Trust

2,000,000

Series

2024-SFR3-C

5.25%

(c)

08/17/2041

1,989,305

1,103,714

Series

2025-SFR2-A

5.20%

(c)

08/17/2044

1,101,563

Upstart

Securitization

Trust

591,702

Series

2025-2-A2

5.22%

(c)

06/20/2035

593,510

827,845

Series

2025-3-A2

4.60%

(c)

09/20/2035

828,091

1,750,000

Series

2025-4-A2

4.56%

(c)

11/20/2035

1,750,807

USQ

Rail

III

LLC

474,717

Series

2024-1A-A

4.99%

(c)

09/28/2054

465,787

VOLT

LLC

101,462

Series

2021-NPL9-A1

5.99%

(c)(d)

05/25/2051

101,528

Washington

Mutual

WMABS

Trust

3,452,570

Series

2007-HE2-2A2

(CME

Term

SOFR

Month

0.55%,

0.44%

Floor)

4.23%

02/25/2037

1,084,332

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

The

accompanying

notes

are

integral

part

these

financial

statements.

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

Willis

Engine

Structured

Trust

988,623

Series

2025-B-A

5.16%

(c)

12/15/2050

982,277

Zayo

Issuer

LLC

385,000

Series

2025-1A-B

6.09%

(c)

03/20/2055

389,010

Total

Asset-Backed

Obligations

(Cost

$53,740,091)

54,174,858

BANK

LOANS

2.4%

1261229

Ltd.

24,813

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

6.25%)

9.92%

10/08/2030

24,013

Acrisure

LLC

292,245

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.00%)

6.67%

11/06/2030

283,697

ADMI

Corp.

93,196

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.75%,

0.50%

Floor)

7.53%

12/23/2027

87,651

Alera

Group,

Inc.

89,551

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.75%)

6.42%

05/31/2032

87,042

Alkermes,

Inc.

105,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.75%)

6.42%

08/12/2031

105,919

Allied

Universal

Holdco

LLC

89,550

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.25%)

6.92%

08/20/2032

89,662

Allison

Transmission,

Inc.

90,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

1.75%)

5.42%

01/03/2033

90,427

Alterra

Mountain

Co.

64,837

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.50%)

6.17%

08/17/2028

64,898

Altice

France

138,720

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

6.88%)

10.55%

05/30/2031

139,270

American

Axle

Manufacturing,

Inc.

79,200

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.25%)

6.91%

02/03/2033

79,002

AmWINS

Group,

Inc.

128,623

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.00%)

5.67%

01/30/2032

127,917

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

Applied

Systems,

Inc.

10,000

Senior

Secured

Second

Lien

Term

Loan

(CME

Term

SOFR

Month

4.50%)

8.20%

02/23/2032

9,906

Apro

LLC

113,547

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.75%)

7.43%

07/09/2031

114,044

Ardonagh

Group

Finco

Pty.

Ltd.

124,065

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.75%)

6.45%

02/18/2031

121,352

Ascend

Learning

LLC

232,051

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.00%,

0.50%

Floor)

6.67%

12/11/2028

227,062

Aspire

Bakeries

Holdings

LLC

59,400

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.00%)

6.67%

12/23/2030

59,548

Asurion

LLC

54,675

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

4.25%)

7.92%

09/19/2030

54,128

11,776

Senior

Secured

Second

Lien

Term

Loan

(CME

Term

SOFR

Month

5.25%)

9.03%

01/19/2029

11,718

AthenaHealth

Group,

Inc.

64,836

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.75%,

0.50%

Floor)

6.42%

02/15/2029

63,742

Aveanna

Healthcare

LLC

134,738

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.75%)

7.42%

09/17/2032

134,830

Bausch

Lomb

Corp.

258,300

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.75%)

7.42%

01/15/2031

259,189

BCPE

Empire

Holdings,

Inc.

127,193

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.25%,

0.50%

Floor)

6.92%

12/11/2030

125,497

25,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.50%)

7.17%

12/29/2032

24,656

DoubleLine

ETF

Trust

Schedule

Investments

DoubleLine

Opportunistic

Core

Bond

ETF

(Cont.)

The

accompanying

notes

are

integral

part

these

financial

statements.

(Unaudited)

March

31,

2026

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

BioMarin

Pharmaceutical,

Inc.

110,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

1.75%)

5.17%

01/28/2033

109,863

Blackfin

Pipeline

LLC

89,775

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.00%)

6.69%

09/29/2032

90,378

Boots

Group

Finco

74,813

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.25%)

6.92%

08/30/2032

75,171

Boxer

Parent

Co.,

Inc.

158,400

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.00%)

6.67%

07/30/2031

147,295

Caesars

Entertainment,

Inc.

238,997

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.25%)

5.92%

02/06/2031

232,723

Camelot

U.S.

Acquisition

LLC

55,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.75%)

6.42%

01/31/2031

47,793

Cengage

Learning,

Inc.

214,552

Senior

Secured

First

Lien

Term

Loan

(TSFR1M

3%;

TSFR3M

3.00%)

6.67%

03/24/2031

210,618

Chariot

Buyer

LLC

144,636

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.75%)

6.42%

09/08/2032

143,486

Clear

Channel

Outdoor

Holdings,

Inc.

105,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

4.00%)

7.79%

08/23/2028

105,420

Cloud

Software

Group,

Inc.

29,925

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.25%)

6.92%

08/16/2032

27,467

Clydesdale

Acquisition

Holdings,

Inc.

33,029

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.18%,

0.50%

Floor)

6.84%

04/13/2029

31,591

19,950

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.25%)

6.92%

04/01/2032

18,686

Colossus

Acquireco

LLC

243,775

Senior

Secured

First

Lien

Term

Loan

(TSFR1D

1.75%)

5.38%

07/30/2032

243,261

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

Columbus

McKinnon

Corp.

141,284

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.50%)

7.20%

02/03/2033

140,931

CompoSecure

Holdings

LLC

65,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.25%)

5.93%

01/14/2033

64,960

Construction

Partners,

Inc.

69,125

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.50%)

6.17%

11/03/2031

69,201

Corpay

Technologies

Operating

Co.

LLC

19,750

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

1.75%)

5.42%

04/28/2028

19,760

Cotiviti,

Inc.

53,310

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.75%)

6.42%

05/01/2031

49,245

89,325

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.75%)

6.42%

03/26/2032

82,447

CPI

Holdco

LLC

19,899

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.00%)

5.67%

05/19/2031

19,793

Crown

Finance

U.S.,

Inc.

139,250

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

4.50%)

8.17%

12/02/2031

138,097

CSC

Holdings

LLC

19,482

Senior

Secured

First

Lien

Term

Loan

(US

Prime

Rate

1.50%)

8.25%

04/15/2027

17,217

Dayforce

Bidco

LLC

330,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.00%)

6.66%

02/04/2033

313,041

Delta

(Lux)

Sarl

355,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

1.75%)

5.45%

09/30/2031

354,778

Investment

Intermediate

Holdings

Inc.

245,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.25%)

6.92%

07/09/2032

245,153

Eagle

Parent

Corp.

142,893

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

4.25%,

0.50%

Floor)

7.92%

04/02/2029

143,355

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

The

accompanying

notes

are

integral

part

these

financial

statements.

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

Edelman

Financial

Engines

Center

LLC

(The)

55,000

Senior

Secured

Second

Lien

Term

Loan

(CME

Term

SOFR

Month

5.25%)

8.92%

10/20/2028

54,601

America

LLC

210,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.25%)

6.92%

02/10/2031

210,420

Eisner

Advisory

Group

LLC

99,749

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

4.00%)

7.67%

02/28/2031

95,261

EMRLD

Borrower

64,029

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.25%)

6.12%

08/04/2031

63,995

Fertitta

Entertainment

LLC

179,532

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.25%,

0.50%

Floor)

6.92%

01/29/2029

176,391

First

Advantage

Holdings

LLC

54,350

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.75%)

6.45%

10/31/2031

53,036

Focus

Financial

Partners

LLC

217,851

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.50%)

6.17%

09/15/2031

211,304

Freeport

LNG

Investments

LLLP

175,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.25%)

6.89%

02/11/2033

175,292

Froneri

U.S.,

Inc.

314,213

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.25%)

5.88%

09/30/2032

308,736

Gainwell

Acquisition

Corp.

203,607

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

4.00%,

0.75%

Floor)

7.80%

10/01/2027

198,094

Garda

World

Security

Corp.

157,902

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.75%)

6.42%

02/01/2029

157,112

GBT

U.S.

III

LLC

79,399

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.00%)

5.67%

07/25/2031

77,930

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

Gen

Digital,

Inc.

99,250

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

1.75%)

5.42%

04/16/2032

97,917

Genmab

A/S

73,125

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.00%)

6.73%

12/13/2032

73,485

GIP

Pilot

Acquisition

Partners

19,483

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.00%)

5.65%

10/04/2030

19,532

Golden

State

Foods

LLC

49,488

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.50%)

7.20%

12/04/2031

49,615

Graham

Packaging

Co.,

Inc.

170,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.25%)

5.92%

01/26/2033

168,548

Grant

Thornton

Advisors

LLC

328,584

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.75%)

6.42%

06/02/2031

307,568

Great

Outdoors

Group

LLC

90,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.25%,

0.75%

Floor)

6.92%

01/23/2032

89,966

Green

Infrastructure

Partners,

Inc.

230,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.75%)

6.45%

09/24/2032

230,000

Herc

Holdings,

Inc.

29,925

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

1.75%)

5.43%

06/02/2032

30,019

Hexion

Holdings

Corp.

58,501

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

4.00%,

0.50%

Floor)

7.67%

03/15/2029

56,100

Hightower

Holding

LLC

267,454

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.75%)

6.41%

02/03/2032

265,115

Hologic,

Inc.

335,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.25%)

5.75%

01/14/2033

331,421

DoubleLine

ETF

Trust

Schedule

Investments

DoubleLine

Opportunistic

Core

Bond

ETF

(Cont.)

The

accompanying

notes

are

integral

part

these

financial

statements.

(Unaudited)

March

31,

2026

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

HUB

International

Ltd.

63,295

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.25%,

0.75%

Floor)

5.92%

06/20/2030

63,225

INEOS

U.S.

Finance

LLC

23,024

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.25%)

6.92%

02/18/2030

20,189

INEOS

U.S.

Petrochem

LLC

24,688

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

4.25%)

7.92%

10/07/2031

17,605

ION

Platform

Finance

U.S.,

Inc.

170,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.75%)

7.42%

09/30/2032

137,558

Kaman

Corp.

2,362

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.50%)

6.15%

02/26/2032

2,366

127,265

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.50%)

6.17%

02/26/2032

127,459

Lavender

Dutch

BorrowerCo

69,825

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.25%)

6.94%

12/30/2032

68,952

LBM

Acquisition

LLC

32,950

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.75%,

0.75%

Floor)

7.52%

06/06/2031

26,591

Ahab

U.S.

Bidco

LLC

163,707

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.50%)

6.17%

05/01/2031

162,377

Life

Time,

Inc.

49,501

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.00%)

5.67%

11/05/2031

49,563

LifePoint

Health,

Inc.

137,957

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.75%)

7.42%

05/19/2031

138,156

Live

Nation

Entertainment,

Inc.

104,738

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.00%)

5.67%

10/21/2032

104,912

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

Madison

IAQ

LLC

100,259

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.75%)

6.51%

05/06/2032

100,592

Madison

Safety

Flow

LLC

26,854

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.50%)

6.18%

09/26/2031

26,899

McAfee

Corp.

34,015

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.00%,

0.50%

Floor)

6.67%

03/01/2029

30,486

Meade

Pipeline

Co.

LLC

90,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.00%)

5.69%

09/22/2032

90,150

Medline

Borrower

49,253

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

1.75%)

5.42%

10/23/2030

49,368

Sub

LLC

141,346

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

4.25%,

0.50%

Floor)

7.92%

12/31/2031

94,878

Michaels

Cos.,

Inc.

(The)

45,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

5.00%)

8.67%

03/15/2033

43,765

Mitchell

International,

Inc.

137,715

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.00%)

6.67%

06/17/2031

131,783

25,000

Senior

Secured

Second

Lien

Term

Loan

(CME

Term

SOFR

Month

5.25%,

0.50%

Floor)

8.92%

06/07/2032

22,648

MIWD

Holdco

LLC

148,912

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.75%)

6.42%

03/28/2031

137,681

Motion

Finco

Sarl

99,700

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.50%)

7.20%

11/13/2029

87,701

Holdings

U.S.,

Inc.

24,751

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.00%)

5.67%

03/17/2032

24,843

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

The

accompanying

notes

are

integral

part

these

financial

statements.

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

NEP

Group,

Inc.

35,126

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

4.50%)

8.17%

10/17/2031

31,912

Neptune

Bidco

US,

Inc.

30,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

5.00%)

8.76%

02/03/2033

28,680

Nexstar

Media,

Inc.

109,175

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.50%)

6.17%

06/28/2032

108,190

225,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.75%)

6.22%

03/18/2033

222,750

NGL

Energy

Operating

LLC

35,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.50%)

7.18%

03/11/2033

35,082

OAK-Eagle

Acquireco,

Inc.

280,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.50%)

6.97%

03/23/2033

278,600

OneDigital

Borrower

LLC

118,200

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.00%,

0.50%

Floor)

6.67%

07/02/2031

114,580

Ontario

Gaming

GTA

64,008

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

4.25%,

0.50%

Floor)

7.95%

08/01/2030

60,139

OPAL

U.S.

LLC

199,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.00%)

6.70%

04/28/2032

199,124

OPENLANE,

Inc.

99,750

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.50%)

6.14%

10/08/2032

99,875

Osmosis

Buyer

Ltd.

226,367

Senior

Secured

First

Lien

Term

Loan

(TSFR1M

2.75%;

TSFR3M

2.75%

2.75%)

6.41%

07/31/2028

226,120

Ovg

Business

Services

LLC

248,737

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.00%)

6.67%

06/25/2031

249,048

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

Pacific

Dental

Services,

Inc.

64,674

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.50%)

6.18%

03/17/2031

64,795

PetSmart

LLC

75,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

4.00%)

7.67%

08/18/2032

74,644

Pinnacle

Buyer

LLC

33,465

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.50%)

6.16%

10/01/2032

33,543

Primo

Brands

Corp.

115,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.75%)

6.22%

03/19/2031

115,323

Project

Aurora

U.S.

Finco,

Inc.

50,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.75%)

6.49%

12/06/2032

50,156

Pye-Barker

Fire

Safety

LLC

39,150

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.50%)

6.21%

12/16/2032

39,255

Quikrete

Holdings,

Inc.

24,314

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.25%)

5.92%

03/19/2029

24,321

79,200

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.25%)

5.92%

02/10/2032

79,150

Radiology

Partners,

Inc.

144,275

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

4.50%)

8.17%

06/30/2032

142,394

RealPage,

Inc.

64,661

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.00%)

6.96%

04/24/2028

62,093

94,775

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.75%,

0.50%

Floor)

7.45%

04/24/2028

92,300

Sabre

GLBL,

Inc.

12,270

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

6.00%,

0.50%

Floor)

9.77%

11/15/2029

9,755

Savor

Acquisition,

Inc.

73,621

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.00%)

6.67%

02/19/2032

73,805

DoubleLine

ETF

Trust

Schedule

Investments

DoubleLine

Opportunistic

Core

Bond

ETF

(Cont.)

The

accompanying

notes

are

integral

part

these

financial

statements.

(Unaudited)

March

31,

2026

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

Sedgwick

Claims

Management

Services,

Inc.

109,724

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.50%)

6.17%

07/31/2031

107,882

Select

Medical

Corp.

95,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.25%)

6.72%

12/31/2031

94,881

Signia

Aerospace

LLC

108,876

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.75%)

6.42%

12/11/2031

109,284

Six

Flags

Entertainment

Corp.

39,300

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.00%)

5.67%

05/01/2031

38,760

Southern

Veterinary

Partners

LLC

304,236

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.50%)

6.18%

12/04/2031

302,006

Staples,

Inc.

34,736

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

5.75%)

9.41%

08/23/2029

31,658

StubHub

Holdco

Sub

LLC

33,760

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

4.75%)

8.42%

03/15/2030

33,328

Sunrise

Financing

Partnership

235,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.47%)

6.10%

02/16/2032

233,874

Talen

Energy

Supply

LLC

99,750

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.00%)

5.67%

11/25/2032

99,946

Team

Health

Holdings,

Inc.

79,401

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

4.00%)

7.66%

06/30/2028

79,233

Tecta

America

Corp.

79,600

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.75%)

6.25%

02/18/2032

79,407

TKO

Worldwide

Holdings

LLC

79,599

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.00%)

5.66%

11/21/2031

79,649

TransDigm,

Inc.

283,500

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.50%)

6.17%

08/19/2032

283,814

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

5,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.50%)

6.16%

02/14/2033

5,008

Trident

TPI

Holdings,

Inc.

49,673

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.75%,

0.50%

Floor)

7.45%

09/15/2028

47,166

Trucordia

Insurance

Holdings

LLC

34,363

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.25%)

6.92%

06/17/2032

31,786

UKG,

Inc.

184,536

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.50%)

6.17%

02/10/2031

176,590

Univision

Communications,

Inc.

164,165

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.50%)

7.28%

01/23/2029

162,832

Verde

Purchaser

LLC

64,435

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

4.00%)

7.67%

11/30/2030

62,778

Vestis

Corp.

88,625

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.25%)

5.92%

02/24/2031

85,745

Victory

Capital

Holdings,

Inc.

29,850

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.00%)

5.70%

09/23/2032

29,816

Victra

Holdings

LLC

299,487

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.75%)

7.45%

03/30/2029

295,743

Virgin

Media

Bristol

LLC

120,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.25%)

7.04%

01/31/2029

116,050

105,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.18%)

7.05%

03/31/2031

96,130

Voyager

Parent

LLC

169,151

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

4.25%)

7.95%

07/01/2032

168,217

VSE

Corp.

65,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.00%)

5.47%

03/17/2033

65,014

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

The

accompanying

notes

are

integral

part

these

financial

statements.

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

Wand

NewCo

Inc.

152,553

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.50%)

6.17%

01/30/2031

151,512

White

Cap

Supply

Holdings

LLC

53,749

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.25%)

6.92%

10/19/2029

51,821

WhiteWater

Matterhorn

Holdings

LLC

49,938

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

1.75%)

5.44%

06/16/2032

49,771

Zayo

Group

Holdings,

Inc.

272,530

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.00%

0.50%

PIK)

6.79%

03/11/2030

268,086

Zelis

Payments

Buyer,

Inc.

123,611

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.25%)

6.92%

11/26/2031

119,918

Total

Bank

Loans

(Cost

$17,082,451)

16,861,444

COLLATERALIZED

LOAN

OBLIGATIONS

3.6%

Anthelion

CLO

Ltd.

1,000,000

Series

2025-1A-A1

(CME

Term

SOFR

Month

1.50%)

5.17%

(c)

07/20/2036

1,000,955

Apidos

CLO

XXXIX

Ltd.

500,000

Series

2022-39A-A1R

(CME

Term

SOFR

Month

1.23%)

4.90%

(c)

10/21/2038

500,119

Apidos

Loan

Fund

Ltd.

500,000

Series

2024-1A-A1R

(CME

Term

SOFR

Month

1.25%)

4.92%

(c)

10/25/2038

499,750

AREIT

Ltd.

200,000

Series

2024-CRE9-B

(CME

Term

SOFR

Month

2.54%,

2.54%

Floor)

6.21%

(c)

05/17/2041

200,187

Bain

Capital

Credit

CLO

Ltd.

500,000

Series

2019-4A-A1RR

(CME

Term

SOFR

Month

0.99%)

4.66%

(c)

04/23/2035

499,099

1,000,000

Series

2021-3A-AR

(CME

Term

SOFR

Month

1.06%)

4.73%

(c)

07/24/2034

998,661

500,000

Series

2025-4A-D1

(CME

Term

SOFR

Month

2.60%)

6.46%

(c)

01/17/2039

497,954

Benefit

Street

Partners

CLO

Ltd.

500,000

Series

2025-46A-A

(CME

Term

SOFR

Month

1.21%)

4.88%

(c)

01/25/2039

499,731

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

Benefit

Street

Partners

CLO

XXXVI

Ltd.

500,000

Series

2024-36A-D1

(CME

Term

SOFR

Month

2.95%,

2.95%

Floor)

6.62%

(c)

01/25/2038

498,266

BRSP

Ltd.

510,000

Series

2026-FL3-D

(CME

Term

SOFR

Month

2.85%)

6.53%

(c)

08/19/2043

511,896

BSPRT

Issuer

LLC

710,000

Series

2026-FL13-A

(CME

Term

SOFR

Month

1.50%)

0.00%

(c)

10/18/2043

711,775

BSPRT

Issuer

Ltd.

270,000

Series

2023-FL10-B

(CME

Term

SOFR

Month

3.27%,

3.27%

Floor)

6.94%

(c)

09/15/2035

270,857

BXMT

Ltd.

750,000

Series

2026-FL6-A

(CME

Term

SOFR

Month

1.45%)

5.13%

(c)

08/19/2043

750,709

Carlyle

CLO

Ltd.

500,000

Series

2021-8A-A1R

(CME

Term

SOFR

Month

1.27%)

4.94%

(c)

10/15/2038

500,184

500,000

Series

2026-1A-D1

(CME

Term

SOFR

Month

2.60%)

0.00%

(c)

04/25/2039

496,752

CBAM

Ltd.

500,000

Series

2017-2A-BR

(CME

Term

SOFR

Month

2.11%,

1.85%

Floor)

5.78%

(c)

07/17/2034

500,257

Columbia

Cent

CLO

Ltd.

1,000,000

Series

2021-31A-A1R

(CME

Term

SOFR

Month

1.10%)

4.77%

(c)

04/20/2034

998,756

Crown

City

CLO

500,000

Series

2020-1A-A1RR

(CME

Term

SOFR

Month

1.37%)

5.04%

(c)

07/20/2038

500,535

Rialto

Issuer

LLC

300,000

Series

2025-FL10-A

(CME

Term

SOFR

Month

1.39%,

1.39%

Floor)

5.06%

(c)

08/19/2042

300,722

GoldenTree

Loan

Management

CLO

Ltd.

500,000

Series

2025-27A-D

(CME

Term

SOFR

Month

2.60%)

6.32%

(c)

01/20/2039

502,107

ICG

CLO

Ltd.

500,000

Series

2023-1A-AR

(CME

Term

SOFR

Month

1.38%)

5.05%

(c)

07/18/2038

500,558

Invesco

CLO

Ltd.

500,000

Series

2021-3A-DR

(CME

Term

SOFR

Month

3.10%)

6.77%

(c)

10/22/2034

485,223

Jamestown

CLO

XII

Ltd.

500,000

Series

2019-1A-ARR

(CME

Term

SOFR

Month

1.37%)

5.04%

(c)

03/20/2038

500,614

DoubleLine

ETF

Trust

Schedule

Investments

DoubleLine

Opportunistic

Core

Bond

ETF

(Cont.)

The

accompanying

notes

are

integral

part

these

financial

statements.

(Unaudited)

March

31,

2026

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

Kennedy

Lewis

CLO

Ltd.

500,000

Series

2023-12A-AR

(CME

Term

SOFR

Month

1.33%)

5.00%

(c)

07/20/2038

500,555

KREF

Ltd.

210,000

Series

2021-FL2-AS

(CME

Term

SOFR

Month

1.41%,

1.30%

Floor)

5.09%

(c)

02/15/2039

210,367

LoanCore

Issuer

Ltd.

31,033

Series

2021-CRE6-A

(CME

Term

SOFR

Month

1.41%,

1.30%

Floor)

5.09%

(c)

11/15/2038

31,112

Madison

Park

Funding

LXIII

Ltd.

500,000

Series

2023-63A-A1R

(CME

Term

SOFR

Month

1.40%)

5.07%

(c)

07/21/2038

500,503

Magnetite

XXXV

Ltd.

500,000

Series

2022-35A-A1RR

(CME

Term

SOFR

Month

1.20%)

4.92%

(c)

01/25/2039

499,525

Marble

Point

CLO

XIX

Ltd.

500,000

Series

2020-3A-AR2

(CME

Term

SOFR

Month

1.30%)

4.97%

(c)

10/19/2038

500,259

MF1

LLC

730,000

Series

2026-FL21-B

(CME

Term

SOFR

Month

1.75%)

5.43%

(c)

02/18/2041

732,977

MF1

Multifamily

Housing

Mortgage

Loan

Trust

27,350

Series

2021-FL7-A

(CME

Term

SOFR

Month

1.19%,

1.08%

Floor)

4.87%

(c)

10/16/2036

27,380

260,000

Series

2024-FL14-AS

(CME

Term

SOFR

Month

2.24%,

2.24%

Floor)

5.91%

(c)

03/19/2039

260,594

280,000

Series

2024-FL15-A

(CME

Term

SOFR

Month

1.69%,

1.69%

Floor)

5.37%

(c)

08/18/2041

280,881

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

500,000

Series

2021-44A-DR

(CME

Term

SOFR

Month

2.65%,

2.65%

Floor)

6.32%

(c)

10/16/2035

492,159

Octagon

Investment

Partners

Ltd.

500,000

Series

2021-1A-AR

(CME

Term

SOFR

Month

0.99%)

4.66%

(c)

07/20/2034

499,375

Point

Roche

Park

CLO

Ltd.

500,000

Series

2021-1A-AR

(CME

Term

SOFR

Month

1.17%)

4.83%

(c)

01/20/2039

499,503

Sound

Point

CLO

XXXI

Ltd.

500,000

Series

2021-3A-D

(CME

Term

SOFR

Month

3.51%,

3.25%

Floor)

7.18%

(c)

10/25/2034

471,772

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

STWD

Ltd.

16,587

Series

2021-FL2-A

(CME

Term

SOFR

Month

1.31%,

1.20%

Floor)

4.99%

(c)

04/18/2038

16,591

Trestles

CLO

Ltd.

1,000,000

Series

2023-6A-A1R

(CME

Term

SOFR

Month

1.18%,

1.18%

Floor)

4.85%

(c)

04/25/2038

998,705

Trestles

CLO

VIII

Ltd.

500,000

Series

2025-8A-A1

(CME

Term

SOFR

Month

1.33%)

5.00%

(c)

06/11/2035

500,131

TRTX

Issuer

Ltd.

650,000

Series

2022-FL5-B

(CME

Term

SOFR

Month

2.45%)

6.13%

(c)

02/15/2039

651,202

Vibrant

CLO

IV-R

Ltd.

500,000

Series

2024-4RA-D1

(CME

Term

SOFR

Month

3.75%,

3.75%

Floor)

7.42%

(c)

10/20/2037

496,884

Voya

CLO

Ltd.

1,000,000

Series

2013-1A-BR

(CME

Term

SOFR

Month

2.16%)

5.83%

(c)

10/15/2030

1,004,389

500,000

Series

2014-4A-CR2

(CME

Term

SOFR

Month

3.61%)

7.28%

(c)

07/14/2031

502,521

500,000

Series

2021-1A-DR

(CME

Term

SOFR

Month

2.80%,

2.80%

Floor)

6.47%

(c)

07/15/2034

491,625

500,000

Series

2023-1A-A1R

(CME

Term

SOFR

Month

1.21%)

4.88%

(c)

01/20/2039

499,957

Warwick

Capital

CLO

Ltd.

500,000

Series

2025-6A-A1

(CME

Term

SOFR

Month

1.43%)

5.10%

(c)

07/20/2038

500,542

Wind

River

CLO

Ltd.

1,000,000

Series

2021-1A-D1R

(CME

Term

SOFR

Month

3.95%,

3.95%

Floor)

7.62%

(c)

07/20/2037

998,639

500,000

Series

2021-3A-D1AR

(CME

Term

SOFR

Month

3.00%,

3.00%

Floor)

6.67%

(c)

04/20/2038

498,354

Total

Collateralized

Loan

Obligations

(Cost

$25,370,293)

25,392,169

FOREIGN

CORPORATE

BONDS

8.2%

AUSTRALIA

0.1%

700,000

AngloGold

Ashanti

Holdings

plc

3.38%

11/01/2028

673,073

403,000

Glencore

Funding

LLC

5.20%

(c)

07/01/2033

403,663

1,076,736

BERMUDA

0.0%

(a)

385,000

Triton

Container

International

Ltd.

5.15%

02/15/2033

377,221

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

The

accompanying

notes

are

integral

part

these

financial

statements.

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

BRAZIL

0.8%

210,909

Acu

Petroleo

Luxembourg

Sarl

7.50%

01/13/2032

214,480

700,000

Cosan

Overseas

Ltd.

8.25%

(e)

05/05/2026

663,880

600,000

CSN

Resources

5.88%

04/08/2032

368,253

200,000

Luxembourg

Sarl

8.13%

(c)

02/11/2036

183,940

147,330

Guara

Norte

Sarl

5.20%

06/15/2034

142,928

300,000

MARB

BondCo

plc

3.95%

01/29/2031

266,069

624,627

MV24

Capital

6.75%

06/01/2034

623,822

200,000

NBM

Holdings,

Inc.

6.63%

08/06/2029

200,285

211,000

Nexa

Resources

6.50%

(c)

01/18/2028

214,824

200,000

Petrobras

Global

Finance

5.13%

09/10/2030

196,220

392,231

Prumo

Participacoes

Investimentos

S/A

7.50%

12/31/2031

395,653

600,000

Simpar

Europe

5.20%

01/26/2031

509,100

373,000

Suzano

Netherlands

5.50%

01/15/2036

361,111

200,000

Ultrapar

International

5.25%

10/06/2026

199,918

173,000

Vale

Overseas

Ltd.

6.40%

06/28/2054

175,370

200,000

Vamos

Europe

9.20%

(c)

01/26/2031

189,824

394,680

Yinson

Bergenia

Production

8.50%

01/31/2045

417,776

197,340

Yinson

Bergenia

Production

8.50%

(c)

01/31/2045

208,888

5,532,341

CANADA

0.7%

359,000

Bank

Nova

Scotia

(The)

(SOFR

1.05%)

4.81%

02/02/2034

354,047

60,000

Bausch

Health

Cos.,

Inc.

5.25%

(c)

01/30/2030

38,829

394,000

Bell

Canada

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.36%)

7.00%

09/15/2055

403,422

624,000

Canadian

Imperial

Bank

Commerce

(SOFR

Compounded

Index

0.60%)

4.24%

09/08/2028

622,595

281,000

CCL

Industries,

Inc.

3.05%

(c)

06/01/2030

262,339

187,000

Cenovus

Energy,

Inc.

5.40%

03/20/2036

186,136

243,000

Element

Fleet

Management

Corp.

5.04%

(c)

03/25/2030

245,447

165,000

Enbridge,

Inc.

5.45%

03/27/2036

166,484

125,000

Garda

World

Security

Corp.

6.50%

(c)

01/15/2031

126,823

370,000

Garda

World

Security

Corp.

8.25%

(c)

08/01/2032

366,638

375,000

Ontario

Gaming

GTA

8.00%

(c)

08/01/2030

359,691

759,000

Royal

Bank

Canada

(SOFR

0.98%)

4.31%

11/03/2031

746,482

279,000

TELUS

Corp.

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.71%)

7.00%

10/15/2055

284,940

160,000

Toronto-Dominion

Bank

(The)

4.93%

10/15/2035

157,475

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

438,000

Videotron

Ltd.

5.70%

(c)

01/15/2035

442,326

490,000

WSP

Global,

Inc.

5.04%

(c)

09/18/2031

486,115

5,249,789

CAYMAN

ISLANDS

0.1%

530,000

Global

Aircraft

Leasing

Co.

Ltd.

8.75%

(c)

09/01/2027

538,369

CHILE

0.6%

150,000

Agrosuper

4.60%

01/20/2032

142,330

400,000

Antofagasta

plc

5.63%

05/13/2032

405,892

450,000

Banco

Santander

Chile

4.55%

(c)

11/20/2030

444,658

400,000

CAP

3.90%

04/27/2031

334,648

200,000

Cencosud

4.38%

07/17/2027

199,208

388,348

Chile

Electricity

Lux

MPC

Sarl

5.67%

10/20/2035

392,452

388,348

Chile

Electricity

Lux

MPC

Sarl

5.67%

(c)

10/20/2035

392,452

743,900

Chile

Electricity

Lux

MPC

Sarl

6.01%

01/20/2033

769,460

148,053

Chile

Electricity

PEC

SpA

0.00%

01/25/2028

134,580

400,000

Corp.

Nacional

del

Cobre

Chile

3.00%

09/30/2029

375,647

247,200

GNL

Quintero

4.63%

07/31/2029

246,502

200,000

Inversiones

CMPC

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.83%)

6.70%

(c)

12/09/2057

195,470

4,033,299

COLOMBIA

0.4%

147,916

Candelaria

Spain

7.50%

12/15/2028

150,880

750,000

Candelaria

Spain

5.75%

06/15/2033

661,931

200,000

Aris

Mining

Corp.

8.00%

(c)

10/31/2029

207,312

300,000

Banco

Davivienda

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

4.59%)

8.13%

07/02/2035

304,350

400,000

Banco

Davivienda

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

4.59%)

8.13%

(c)

07/02/2035

405,800

150,000

Banco

GNB

Sudameris

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

6.66%)

7.50%

04/16/2031

150,012

450,000

Empresas

Publicas

Medellin

ESP

4.38%

02/15/2031

408,919

149,020

Fideicomiso

Pacifico

Tres

8.25%

01/15/2035

154,213

400,000

Frontera

Energy

Corp.

7.88%

06/21/2028

391,935

200,000

SURA

Asset

Management

6.35%

(c)

05/13/2032

210,542

3,045,894

FRANCE

0.3%

189,077

Altice

France

6.88%

(c)

07/15/2032

179,327

DoubleLine

ETF

Trust

Schedule

Investments

DoubleLine

Opportunistic

Core

Bond

ETF

(Cont.)

The

accompanying

notes

are

integral

part

these

financial

statements.

(Unaudited)

March

31,

2026

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

351,000

BPCE

(SOFR

1.27%)

4.76%

(c)

01/13/2032

346,288

418,000

Credit

Agricole

(SOFR

1.36%)

4.82%

(c)

09/25/2033

409,658

428,000

Electricite

France

4.88%

(c)

09/21/2038

396,953

200,000

Opal

Bidco

SAS

6.50%

(c)

03/31/2032

200,314

574,000

Societe

Generale

(SOFR

1.73%)

5.44%

(c)

10/03/2036

561,923

2,094,463

GERMANY

0.1%

399,000

Daimler

Truck

Finance

North

America

LLC

4.50%

(c)

04/12/2031

391,804

GUATEMALA

0.1%

200,000

Industrial

Subordinated

Trust

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.86%)

6.55%

(c)

04/15/2036

200,250

450,000

Millicom

International

Cellular

6.25%

03/25/2029

448,621

648,871

HONG

KONG

0.0%

(a)

210,000

Seaspan

Corp.

5.50%

(c)

08/01/2029

196,961

INDIA

0.6%

200,000

Adani

Electricity

Mumbai

Ltd.

3.95%

02/12/2030

183,062

200,000

Adani

Electricity

Mumbai

Ltd.

3.87%

07/22/2031

176,301

306,000

Adani

International

Container

Terminal

Pvt.

Ltd.

3.00%

02/16/2031

279,340

200,000

Adani

Ports

Special

Economic

Zone

Ltd.

3.10%

02/02/2031

175,843

164,250

Adani

Renewable

Energy

Ltd.

4.63%

10/15/2039

132,972

665,000

Adani

Transmission

Step-One

Ltd.

4.25%

05/21/2036

581,405

400,000

BPRL

International

Singapore

Pte.

Ltd.

4.38%

01/18/2027

399,113

695,000

JSW

Hydro

Energy

Ltd.

4.13%

05/18/2031

636,645

400,000

JSW

Infrastructure

Ltd.

4.95%

01/21/2029

389,908

600,000

ONGC

Videsh

Vankorneft

Pte.

Ltd.

3.75%

07/27/2026

598,308

250,000

Reliance

Industries

Ltd.

3.67%

11/30/2027

246,613

200,000

Wipro

Services

LLC

1.50%

06/23/2026

198,678

3,998,188

INDONESIA

0.6%

600,000

Freeport

Indonesia

4.76%

04/14/2027

601,697

600,000

Indofood

CBP

Sukses

Makmur

Tbk.

3.40%

06/09/2031

551,875

778,800

Minejesa

Capital

4.63%

08/10/2030

771,028

600,000

Pertamina

Persero

3.65%

07/30/2029

575,604

200,000

Pertamina

Persero

2.30%

02/09/2031

175,934

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

700,000

Perusahaan

Perseroan

Persero

Perusahaan

Listrik

Negara

4.13%

05/15/2027

695,394

200,000

Perusahaan

Perseroan

Persero

Perusahaan

Listrik

Negara

3.88%

07/17/2029

192,157

446,250

Star

Energy

Geothermal

Wayang

Windu

Ltd.

6.75%

04/24/2033

448,591

4,012,280

IRELAND

0.2%

517,000

AerCap

Ireland

Capital

DAC

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.72%)

6.95%

03/10/2055

529,427

400,000

AIB

Group

plc

(SOFR

Compounded

Index

1.91%)

5.87%

(c)

03/28/2035

413,505

580,000

Avolon

Holdings

Funding

Ltd.

5.75%

(c)

03/01/2029

593,250

104,000

Avolon

Holdings

Funding

Ltd.

4.70%

(c)

01/30/2031

101,961

140,000

GGAM

Finance

Ltd.

6.88%

(c)

04/15/2029

143,464

1,781,607

ISRAEL

0.1%

394,000

Teva

Pharmaceutical

Finance

Co.

LLC

6.15%

02/01/2036

406,424

ITALY

0.0%

(a)

315,000

ENEL

Finance

International

4.13%

(c)

09/30/2028

312,470

JAPAN

0.1%

600,000

Mitsubishi

UFJ

Financial

Group,

Inc.

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

0.90%)

5.06%

01/14/2037

589,733

300,000

Renesas

Electronics

Corp.

2.17%

(c)

11/25/2026

295,399

885,132

LUXEMBOURG

0.0%

(a)

169,000

ArcelorMittal

6.00%

06/17/2034

177,839

MALAYSIA

0.1%

400,000

MISC

Capital

Two

Labuan

Ltd.

3.75%

04/06/2027

396,516

MEXICO

0.7%

200,000

Banco

Mercantil

del

Norte

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

4.07%)

8.38%

(c)(e)

05/20/2031

205,750

200,000

Banco

Nacional

Comercio

Exterior

SNC

5.88%

(c)

05/07/2030

204,940

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

The

accompanying

notes

are

integral

part

these

financial

statements.

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

200,000

Banco

Santander

Mexico

Institucion

Banca

Multiple

Grupo

Financiero

Santand

5.62%

12/10/2029

204,940

200,000

BBVA

Mexico

Institucion

Banca

Multiple

Grupo

Financiero

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.65%)

5.13%

01/18/2033

194,513

300,000

BBVA

Mexico

Institucion

Banca

Multiple

Grupo

Financiero

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

4.31%)

5.88%

09/13/2034

294,848

300,000

BBVA

Mexico

Institucion

Banca

Multiple

Grupo

Financiero

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

4.21%)

8.13%

01/08/2039

316,138

198,268

Buffalo

Energy

Mexico

Holdings

7.88%

(c)

02/15/2039

207,693

500,000

Cemex

SAB

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

4.53%)

5.13%

(e)

06/08/2026

498,233

200,000

Cemex

SAB

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

3.52%)

7.20%

(c)(e)

06/10/2030

202,750

220,500

Cometa

Energia

6.38%

04/24/2035

224,328

200,000

Comision

Federal

Electricidad

4.69%

05/15/2029

196,616

400,000

Comision

Federal

Electricidad

3.35%

02/09/2031

358,616

396,203

FIEMEX

Energia

Banco

Actinver

Institucion

Banca

Multiple

7.25%

(c)

01/31/2041

397,293

198,101

FIEMEX

Energia

Banco

Actinver

Institucion

Banca

Multiple

7.25%

01/31/2041

198,646

400,000

Mexico

City

Airport

Trust

3.88%

04/30/2028

392,548

415,696

Mexico

Generadora

Energia

5.50%

12/06/2032

416,740

200,000

Orbia

Advance

Corp.

SAB

6.75%

09/19/2042

159,903

200,000

Saavi

Energia

Sarl

8.88%

(c)

02/10/2035

210,130

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

506,053

Tierra

Mojada

Luxembourg

Sarl

5.75%

12/01/2040

482,015

5,366,640

MOROCCO

0.1%

400,000

OCP

6.75%

05/02/2034

416,527

NETHERLANDS

0.1%

455,000

ING

Groep

(SOFR

Compounded

Index

1.61%)

5.42%

03/23/2037

453,853

239,000

NXP

4.85%

08/19/2032

235,848

689,701

PARAGUAY

0.2%

654,642

Bioceanico

Sovereign

Certificate

Ltd.

0.00%

06/05/2034

534,633

792,000

Rutas

Finance

Ltd.

0.00%

09/30/2036

605,879

300,000

Telefonica

Celular

del

Paraguay

5.88%

04/15/2027

299,688

1,440,200

PERU

0.8%

200,000

Banco

BBVA

Peru

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.00%)

6.20%

06/07/2034

202,502

850,000

Banco

Credito

del

Peru

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.45%)

3.25%

09/30/2031

836,704

150,000

Banco

Internacional

del

Peru

SAA

Interbank

4.80%

(c)

07/15/2031

147,840

550,000

Banco

Internacional

del

Peru

SAA

Interbank

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.07%)

6.40%

04/30/2035

557,672

150,000

Banco

Internacional

del

Peru

SAA

Interbank

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.07%)

6.40%

(c)

04/30/2035

152,093

150,000

Fondo

MIVIVIENDA

5.40%

(c)

03/31/2031

150,188

700,000

InRetail

Consumer

3.25%

03/22/2028

673,506

400,000

Intercorp

Financial

Services,

Inc.

4.13%

10/19/2027

396,472

372,797

Lima

Metro

Line

Finance

Ltd.

5.88%

07/05/2034

381,140

225,080

Lima

Metro

Line

Finance

Ltd.

4.35%

04/05/2036

214,110

200,000

Marcobre

SAC

5.75%

(c)

01/22/2036

193,352

1,000,000

Minsur

4.50%

10/28/2031

941,598

400,080

Peru

LNG

Srl

5.38%

03/22/2030

388,631

200,000

Volcan

Cia

Minera

SAA

8.50%

(c)

10/28/2032

203,130

5,438,938

DoubleLine

ETF

Trust

Schedule

Investments

DoubleLine

Opportunistic

Core

Bond

ETF

(Cont.)

The

accompanying

notes

are

integral

part

these

financial

statements.

(Unaudited)

March

31,

2026

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

SAUDI

ARABIA

0.1%

800,000

Avilease

Capital

Ltd.

4.75%

(c)

11/12/2030

779,312

SINGAPORE

0.3%

900,000

Oversea-Chinese

Banking

Corp.

Ltd.

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.58%)

4.60%

06/15/2032

901,124

800,000

United

Overseas

Bank

Ltd.

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.23%)

2.00%

10/14/2031

789,329

200,000

United

Overseas

Bank

Ltd.

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.45%)

3.86%

10/07/2032

198,166

1,888,619

SOUTH

AFRICA

0.2%

316,000

Anglo

American

Capital

plc

5.25%

(c)

03/19/2036

309,117

600,000

Gold

Fields

Orogen

Holdings

BVI

Ltd.

6.13%

05/15/2029

611,885

200,000

Sasol

Financing

USA

LLC

4.38%

09/18/2026

199,158

1,120,160

SOUTH

KOREA

0.1%

1,015,000

hynix,

Inc.

4.25%

(c)

09/11/2028

1,009,602

SWITZERLAND

0.0%

(a)

400,000

UBS

Group

(SOFR

1.34%)

5.01%

(c)

03/23/2037

386,977

UNITED

KINGDOM

0.6%

600,000

180

Medical,

Inc.

5.30%

(c)

10/08/2035

589,682

400,000

Ashtead

Capital,

Inc.

5.55%

(c)

05/30/2033

404,099

293,000

Barclays

plc

(SOFR

1.83%)

5.86%

08/11/2046

287,912

242,000

BAT

Capital

Corp.

5.63%

08/15/2035

248,976

472,000

BAT

Capital

Corp.

4.54%

08/15/2047

383,561

200,000

Belron

Finance

plc

5.75%

(c)

10/15/2029

201,393

200,000

Froneri

Lux

FinCo.

Sarl

6.00%

(c)

08/01/2032

195,195

400,000

Lloyds

Banking

Group

plc

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.60%)

6.07%

06/13/2036

406,737

120,000

Macquarie

Airfinance

Holdings

Ltd.

5.20%

(c)

03/27/2028

120,485

254,000

Macquarie

Airfinance

Holdings

Ltd.

5.15%

(c)

03/17/2030

252,822

200,000

Merlin

Entertainments

Group

Holdings,

Inc.

7.38%

(c)

02/15/2031

167,066

323,000

Nationwide

Building

Society

(SOFR

1.65%)

5.54%

(c)

07/14/2036

324,058

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

340,000

NatWest

Group

plc

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.30%)

5.91%

03/03/2047

331,513

180,000

nVent

Finance

Sarl

5.65%

05/15/2033

184,801

4,098,300

VIETNAM

0.1%

434,536

Mong

Duong

Finance

Holdings

5.13%

05/07/2029

427,837

Total

Foreign

Corporate

Bonds

(Cost

$58,300,656)

58,219,017

FOREIGN

GOVERNMENT

BONDS,

FOREIGN

AGENCIES

AND

FOREIGN

GOVERNMENT

Sponsored

Corporations

(Cost

$4,228,664)

4,205,731

NON-AGENCY

COMMERCIAL

MORTGAGE-BACKED

OBLIGATIONS

6.9%

1211

Avenue

the

Americas

Trust

260,000

Series

2015-1211-A1A2

3.90%

(c)

08/10/2035

249,243

280

Park

Avenue

Mortgage

Trust

250,000

Series

2017-280P-A

(CME

Term

SOFR

Month

1.18%,

1.13%

Floor)

4.85%

(c)

09/15/2034

248,813

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

The

accompanying

notes

are

integral

part

these

financial

statements.

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

BANK

300,000

Series

2018-BN11-C

4.37%

(f)

03/15/2061

274,214

735,000

Series

2018-BN13-B

4.56%

(f)

08/15/2061

702,390

160,000

Series

2019-BN23-A3

2.92%

12/15/2052

150,917

299,416

Series

2020-BN26-A2

2.04%

03/15/2063

288,684

220,000

Series

2021-BN32-A4

2.35%

04/15/2054

200,483

260,445

Series

2021-BN33-A5

2.56%

05/15/2064

234,666

300,000

Series

2021-BN38-A5

2.52%

12/15/2064

265,187

307,000

Series

2022-BNK43-C

5.23%

(f)

08/15/2055

278,796

5,988,814

Series

2023-BNK46-XA

0.62%

(f)(g)

08/15/2056

192,407

11,726,822

Series

2025-BNK50-XA

0.34%

(f)(g)

05/15/2068

320,978

450,000

Series

2025-BNK51-C

5.95%

(f)

12/25/2067

445,979

Bank

America

Merrill

Lynch

Commercial

Mortgage

Trust

266,000

Series

2016-UB10-C

4.91%

(f)

07/15/2049

257,927

BANK5

10,133,774

Series

2023-5YR1-XA

0.15%

(f)(g)

04/15/2056

46,190

326,000

Series

2024-5YR10-AS

5.64%

10/15/2057

331,860

370,000

Series

2024-5YR10-B

6.14%

(f)

10/15/2057

379,120

248,000

Series

2024-5YR8-A3

5.88%

08/15/2057

257,293

302,000

Series

2024-5YR9-A3

5.61%

08/15/2057

310,647

250,000

Series

2025-5YR15-AS

5.76%

07/15/2058

256,491

517,000

Series

2025-5YR16-AS

5.75%

(f)

08/15/2063

530,114

500,000

Series

2025-5YR17-AS

5.63%

(f)

11/15/2058

510,747

455,000

Series

2025-5YR19-AS

5.61%

12/15/2058

465,751

240,000

Series

2026-5YR20-A3

5.10%

02/15/2059

243,692

564,000

Series

2026-5YR21-A3

5.53%

04/15/2059

581,827

BBCMS

Mortgage

Trust

300,000

Series

2021-C11-ASB

2.11%

09/15/2054

283,417

300,000

Series

2021-C12-A5

2.69%

11/15/2054

266,769

180,000

Series

2021-C12-AS

2.90%

11/15/2054

157,590

250,000

Series

2021-C9-A5

2.30%

02/15/2054

223,591

100,000

Series

2022-C16-A5

4.60%

(f)

06/15/2055

98,177

200,000

Series

2022-C17-A5

4.44%

09/15/2055

195,573

869,000

Series

2024-5C27-AS

6.41%

(f)

07/15/2057

903,103

314,000

Series

2024-5C29-A3

5.21%

09/15/2057

319,781

787,000

Series

2024-5C31-A3

5.61%

12/15/2057

812,222

500,000

Series

2025-5C33-A4

5.84%

03/15/2058

520,123

330,000

Series

2025-5C34-A3

5.66%

05/15/2058

341,220

375,000

Series

2025-5C36-A3

5.52%

08/15/2058

386,632

408,000

Series

2025-5C37-AS

5.38%

(f)

09/15/2058

413,605

500,000

Series

2025-5C38-A3

5.15%

11/15/2058

508,259

248,000

Series

2026-5C40-C

5.81%

(f)

02/15/2059

247,511

Benchmark

Mortgage

Trust

6,611,782

Series

2018-B2-XA

0.43%

(f)(g)

02/15/2051

37,890

350,000

Series

2019-B13-A3

2.70%

08/15/2057

329,636

500,000

Series

2019-B13-C

3.84%

(f)

08/15/2057

430,028

109,489

Series

2019-B14-ASB

2.96%

12/15/2062

106,874

310,000

Series

2019-B15-A4

2.67%

12/15/2072

288,259

250,000

Series

2021-B31-A5

2.67%

12/15/2054

223,030

250,000

Series

2022-B35-C

4.44%

(f)

05/15/2055

201,868

200,000

Series

2023-B38-A4

5.52%

04/15/2056

206,272

7,088,396

Series

2023-V3-XA

0.81%

(f)(g)

07/15/2056

112,504

343,000

Series

2024-V11-A3

5.91%

(f)

11/15/2057

356,501

434,000

Series

2024-V11-C

6.29%

(f)

11/15/2057

439,171

337,000

Series

2024-V5-C

6.97%

(f)

01/10/2057

344,728

274,000

Series

2024-V8-A2

5.71%

07/15/2057

281,368

342,000

Series

2024-V8-A3

6.19%

(f)

07/15/2057

355,879

278,000

Series

2024-V8-D

4.00%

(c)

07/15/2057

247,722

300,000

Series

2024-V9-A3

5.60%

08/15/2057

307,960

750,000

Series

2024-V9-D

4.50%

08/15/2057

677,579

231,000

Series

2025-V15-AS

6.17%

06/15/2058

240,309

250,000

Series

2025-V16-A3

5.44%

(f)

08/15/2058

256,831

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

434,000

Series

2025-V16-C

5.95%

(f)

08/15/2058

438,632

409,000

Series

2025-V17-AM

5.42%

(f)

09/15/2058

412,965

311,000

Series

2025-V18-AS

5.59%

10/15/2058

316,223

455,000

Series

2025-V19-B

5.90%

(f)

01/15/2058

465,178

635,000

Series

2026-B42-ASB

4.94%

03/15/2059

641,903

90,000

Series

2026-V20-C

5.44%

02/15/2059

89,655

531,000

Series

2026-V21-A3

5.13%

03/15/2031

537,558

8,423,000

Series

2026-V21-XA

1.65%

(f)(g)

11/15/2030

533,344

BMO

Mortgage

Trust

250,000

Series

2023-C6-ASB

6.21%

09/15/2056

264,933

225,000

Series

2024-5C3-AS

6.29%

(f)

02/15/2057

232,308

309,000

Series

2024-5C6-A3

5.32%

09/15/2057

314,679

223,000

Series

2024-5C7-AS

5.89%

(f)

11/15/2057

226,914

410,000

Series

2025-5C12-AS

5.56%

10/15/2058

419,067

460,000

Series

2025-5C13-AS

5.58%

12/15/2058

464,706

472,000

Series

2026-C14-B

5.82%

(f)

02/15/2059

475,378

BSTN

Commercial

Mortgage

Trust

210,000

Series

2025-HUB-A

4.57%

(c)(f)

04/13/2041

209,973

370,000

Series

2025-HUB-D

5.75%

(c)(f)

04/13/2041

367,556

Commercial

Mortgage

Trust

560,000

Series

2026-ALOHA-D

(CME

Term

SOFR

Month

2.15%)

0.00%

(c)

04/15/2043

561,400

510,000

Series

2026-CSMO-C

(CME

Term

SOFR

Month

2.00%)

5.67%

(c)

02/15/2043

511,546

380,000

Series

2026-XL6-B

(CME

Term

SOFR

Month

1.45%)

5.12%

(c)

03/15/2043

377,810

Trust

268,704

Series

2025-ARIA-C

5.52%

(c)(f)

12/13/2042

268,187

315,195

Series

2025-LUNR-A

(CME

Term

SOFR

Month

1.50%)

5.17%

(c)

06/15/2040

315,926

BXP

Trust

420,000

Series

2017-GM-C

3.42%

(c)(f)

06/13/2039

410,118

CENT

244,000

Series

2025-CITY-A

4.92%

(c)(f)

07/10/2040

245,967

CFCRE

Commercial

Mortgage

Trust

300,000

Series

2016-C7-AM

4.16%

12/10/2054

295,794

Citigroup

Commercial

Mortgage

Trust

277,405

Series

2018-B2-A3

3.74%

03/10/2051

273,645

100,000

Series

2022-GC48-A5

4.58%

(f)

05/15/2054

99,039

Commercial

Mortgage

Trust

205,000

Series

2016-DC2-C

4.73%

(f)

02/10/2049

202,111

244,000

Series

2024-277P-B

7.00%

(c)(f)

08/10/2044

258,567

CSMC

Trust

273,000

Series

2021-B33-A2

3.17%

(c)

10/10/2043

242,721

CSTL

Commercial

Mortgage

Trust

370,000

Series

2026-GATE3-D

5.52%

(c)(f)

02/10/2043

364,641

DBJPM

Mortgage

Trust

218,611

Series

2020-C9-ASB

1.88%

08/15/2053

207,465

Del

Amo

Fashion

Center

Trust

250,000

Series

2017-AMO-C

3.64%

(c)(f)

06/05/2035

239,729

ELP

Commercial

Mortgage

Trust

370,000

Series

2025-ELP-C

4.80%

(c)(f)

11/13/2042

367,677

250,000

Series

2025-ELP-E

6.02%

(c)(f)

11/13/2042

247,379

Extended

Stay

America

Trust

366,551

Series

2026-ESH2-D

(CME

Term

SOFR

Month

2.25%)

5.92%

(c)

02/15/2043

368,194

FIVE

Mortgage

Trust

250,000

Series

2023-V1-D

6.35%

(c)(f)

02/10/2056

239,494

DoubleLine

ETF

Trust

Schedule

Investments

DoubleLine

Opportunistic

Core

Bond

ETF

(Cont.)

The

accompanying

notes

are

integral

part

these

financial

statements.

(Unaudited)

March

31,

2026

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

GGP

380,000

Series

2026-TY-A

4.67%

(c)(f)

03/05/2043

375,834

Mortgage

Securities

Corp.

Trust

370,000

Series

2017-375H-A

3.48%

(c)(f)

09/10/2037

360,180

Mortgage

Securities

Trust

8,851,632

Series

2017-GS7-XA

1.02%

(f)(g)

08/10/2050

79,985

250,000

Series

2019-GC42-A3

2.75%

09/10/2052

236,436

250,000

Series

2019-GSA1-C

3.80%

(f)

11/10/2052

225,865

GSMS

Trust

420,000

Series

2026-DAWN-A

5.82%

(c)(f)

04/10/2043

419,964

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

380,000

Series

2015-JP1-AS

4.12%

(f)

01/15/2049

376,784

281,782

Series

2022-NLP-A

(CME

Term

SOFR

Month

0.85%,

0.60%

Floor)

4.52%

(c)

04/15/2037

279,092

JPMCC

Commercial

Mortgage

Securities

Trust

7,519,359

Series

2017-JP6-XA

0.98%

(f)(g)

07/15/2050

43,844

LBTY

Commercial

Mortgage

Trust

140,000

Series

2026-225L-C

5.08%

(c)(f)

02/10/2043

137,856

MAD

Commercial

Mortgage

Trust

490,000

Series

2025-11MD-D

5.94%

(c)(f)

10/15/2042

498,391

Morgan

Stanley

Bank

America

Merrill

Lynch

Trust

250,000

Series

2016-C31-C

4.24%

(f)

11/15/2049

234,466

375,000

Series

2025-5C1-D

4.00%

(c)

03/15/2058

339,405

422,000

Series

2025-5C2-A3

5.11%

11/15/2058

427,972

500,000

Series

2025-5C2-AS

5.38%

11/15/2058

506,673

Morgan

Stanley

Capital

Trust

283,000

Series

2018-L1-C

4.78%

(f)

10/15/2051

261,007

Neighborly

Issuer

672,000

Series

2022-1A-A2

3.70%

(c)

01/30/2052

634,071

Trust

250,000

Series

2023-GSP-A

6.48%

(c)(f)

01/06/2029

259,298

555,000

Series

2025-WBRK-A

5.87%

(c)(f)

03/05/2035

570,815

NYC

Commercial

Mortgage

Trust

250,000

Series

2025-3BP-A

(CME

Term

SOFR

Month

1.21%,

1.21%

Floor)

4.89%

(c)

02/15/2042

248,540

Oceanview

Mortgage

Trust

984,856

Series

2026-1-A

5.10%

(c)(f)

08/25/2055

976,333

PENN

Commercial

Mortgage

Trust

490,000

Series

2025-P11-C

6.51%

(c)(f)

08/10/2042

509,121

PLYM

Commercial

Mortgage

Trust

390,000

Series

2026-IND-C

(CME

Term

SOFR

Month

1.65%)

5.32%

(c)

03/15/2043

387,358

RFR

Trust

300,000

Series

2025-SGRM-B

5.67%

(c)(f)

03/11/2041

302,632

370,000

Series

2025-SGRM-E

7.27%

(c)(f)

03/11/2041

372,058

ROCK

Trust

202,000

Series

2024-CNTR-C

6.47%

(c)

11/13/2041

208,430

SFO

Commercial

Mortgage

Trust

500,000

Series

2021-555-B

(CME

Term

SOFR

Month

1.61%)

5.29%

(c)

05/15/2038

499,264

SLG

Office

Trust

420,000

Series

2026-OMA-C

1.00%

(c)(f)

04/15/2041

421,050

UBS

Commercial

Mortgage

Trust

273,032

Series

2017-C4-A3

3.30%

10/15/2050

269,297

735,000

Series

2017-C6-B

4.15%

(f)

12/15/2050

676,691

200,000

Series

2018-C8-C

4.68%

(f)

02/15/2051

183,778

VEGAS

Trust

120,000

Series

2024-TI-A

5.52%

(c)

11/10/2039

120,321

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

Wells

Fargo

Commercial

Mortgage

Trust

735,000

Series

2017-C42-B

4.00%

(f)

12/15/2050

682,614

250,000

Series

2019-C50-C

4.35%

05/15/2052

228,102

210,000

Series

2020-C57-A4

2.12%

08/15/2053

190,398

260,311

Series

2020-C58-A3

1.81%

07/15/2053

235,055

246,000

Series

2021-C60-A3

2.06%

08/15/2054

221,474

250,000

Series

2024-5C1-A3

5.93%

07/15/2057

258,709

250,000

Series

2024-C63-C

6.12%

(f)

08/15/2057

248,580

345,000

Series

2025-5C4-A3

5.67%

05/15/2058

356,552

792,000

Series

2025-5C5-A3

5.59%

07/15/2058

817,537

489,000

Series

2025-5C6-AS

5.58%

(f)

10/15/2058

497,896

410,000

Series

2025-5C6-C

5.83%

(f)

10/15/2058

403,696

452,000

Series

2025-5C7-B

5.86%

(f)

12/15/2058

458,202

463,000

Series

2025-5C7-D

4.25%

(c)

12/15/2058

385,839

200,000

Series

2026-1250B-A

4.83%

(c)(f)

03/10/2041

198,246

774,000

Series

2026-5C8-A3

5.03%

03/15/2059

782,331

387,000

Series

2026-5C8-C

5.55%

03/15/2059

379,314

Total

Non-Agency

Commercial

Mortgage-Backed

Obligations

(Cost

$49,282,702)

49,442,136

NON-AGENCY

RESIDENTIAL

COLLATERALIZED

MORTGAGE

OBLIGATIONS

10.7%

BRAVO

Residential

Funding

Trust

905,338

Series

2023-NQM3-A1

4.85%

(c)(d)

09/25/2062

904,633

1,082,949

Series

2023-NQM5-A1

6.50%

(c)(d)

06/25/2063

1,084,666

1,000,000

Series

2026-NQM3-M1

5.63%

(c)(f)

11/25/2065

1,001,000

Citigroup

Mortgage

Loan

Trust

416,233

Series

2007-AR8-2A1A

4.97%

(f)

07/25/2037

372,692

COLT

Mortgage

Loan

Trust

682,764

Series

2024-5-A2

5.38%

(c)(d)

08/25/2069

682,082

Connecticut

Avenue

Securities

Trust

500,936

Series

2024-R03-

2M1

(SOFR

Day

Average

1.15%)

4.81%

(c)

03/25/2044

500,580

Cross

Mortgage

Trust

1,000,000

Series

2024-H1-M1

7.07%

(c)(f)

12/25/2068

1,006,529

Deephaven

Residential

Mortgage

Trust

693,680

Series

2022-2-A1

5.30%

(c)(f)

03/25/2067

677,039

2,300,000

Series

2025-INV1-M1

5.73%

(c)(f)

11/25/2060

2,267,361

EFMT

1,500,000

Series

2025-INV4-M1

6.00%

(c)(f)

10/25/2070

1,498,101

2,843,000

Series

2026-NQM1-M1

5.64%

(c)(f)

02/25/2071

2,794,420

FHLMC

STACR

REMICS

Trust

1,902,597

Series

2025-DNA1-M1

(SOFR

Day

Average

1.05%)

4.71%

(c)

01/25/2045

1,899,350

Mortgage-Backed

Securities

Corp.

Trust

1,795,200

Series

2025-NQM6-A3

5.28%

(c)(d)

02/25/2066

1,789,453

1,070,000

Series

2025-NQM6-M1

5.70%

(c)(f)

02/25/2066

1,058,832

Mortgage-Backed

Securities

Trust

1,058,816

Series

2025-NQM2-A1

5.65%

(c)(d)

06/25/2065

1,065,475

453,778

Series

2025-NQM2-A3

5.90%

(c)(d)

06/25/2065

455,922

1,365,000

Series

2025-NQM3-M1

5.93%

(c)(f)

11/25/2065

1,358,678

HOMES

Trust

1,497,935

Series

2023-NQM1-A1

6.18%

(c)(d)

01/25/2068

1,492,158

J.P.

Morgan

Mortgage

Trust

2,000,000

Series

2026-VIS1-M1

5.50%

(c)(f)

06/25/2066

1,968,636

Legacy

Mortgage

Asset

Trust

329,793

Series

2021-GS2-A1

5.75%

(c)(d)

04/25/2061

330,617

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

The

accompanying

notes

are

integral

part

these

financial

statements.

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

New

Residential

Mortgage

Loan

Trust

584,219

Series

2019-RPL2-A1

3.25%

(c)(f)

02/25/2059

569,915

539,512

Series

2024-NQM1-A1

6.13%

(c)(d)

03/25/2064

543,457

242,550

Series

2026-NQM1-A1

4.82%

(c)(f)

11/25/2065

240,490

242,550

Series

2026-NQM1-A2

5.08%

(c)(d)

11/25/2065

240,151

242,550

Series

2026-NQM1-A3

5.18%

(c)(d)

11/25/2065

240,189

1,100,000

Series

2026-NQM3-M1

5.42%

(c)(f)

02/25/2066

1,072,737

OBX

Trust

896,393

Series

2023-NQM10-A1

6.46%

(c)(d)

10/25/2063

902,820

566,523

Series

2023-NQM3-A3

6.76%

(c)(d)

02/25/2063

564,989

1,513,599

Series

2024-NQM16-A2

5.73%

(c)(d)

10/25/2064

1,521,773

805,708

Series

2024-NQM6-A1

6.45%

(c)(d)

02/25/2064

813,807

1,400,000

Series

2025-NQM23-M1

5.67%

(c)(f)

10/25/2065

1,388,776

984,330

Series

2026-NQM2-A1

4.82%

(c)(f)

12/01/2065

977,455

5,000,000

Series

2026-NQM5-A1

5.32%

(c)(f)

01/25/2066

4,999,981

PRPM

798,284

Series

2025-3-A1

6.26%

(c)(d)

05/25/2030

796,633

PRPM

LLC

1,802,140

Series

2025-4-A1

6.18%

(c)(d)

06/25/2030

1,800,268

900,540

Series

2025-5-A1

5.73%

(c)(d)

07/25/2030

899,339

1,256,847

Series

2025-6-A1

5.77%

(c)(d)

08/25/2028

1,255,089

PRPM

Trust

1,101,793

Series

2024-NQM4-A1

5.67%

(c)(d)

12/26/2069

1,106,502

4,700,000

Series

2025-NQM4-M1

5.83%

(c)(f)

07/25/2070

4,676,779

1,600,000

Series

2026-NQM1-M1

5.72%

(c)(f)

02/25/2071

1,600,566

RFMSI

Trust

1,168,141

Series

2006-S4-A7

6.00%

04/25/2036

932,707

Santander

Mortgage

Asset

Receivable

Trust

1,500,000

Series

2026-NQM1-M1

5.80%

(c)(f)

11/25/2065

1,485,061

Structured

Asset

Mortgage

Investments

Trust

973,148

Series

2007-AR3-1A3

(CME

Term

SOFR

Month

0.53%,

0.42%

Floor)

4.21%

09/25/2047

902,767

Towd

Point

Mortgage

Trust

1,180,414

Series

2018-5-A1

3.25%

(c)(f)

07/25/2058

1,139,508

1,708,085

Series

2020-2-A1A

1.64%

(c)(f)

04/25/2060

1,562,912

138,287

Series

2020-3-A1

3.09%

(c)(f)

02/25/2063

134,738

745,615

Series

2022-1-A1

3.75%

(c)(f)

07/25/2062

707,871

Verus

Securitization

Trust

376,281

Series

2021-8-A1

2.82%

(c)(f)

11/25/2066

345,197

608,814

Series

2023-4-A1

5.81%

(c)(d)

05/25/2068

607,808

1,530,579

Series

2023-INV3-A1

6.88%

(c)(f)

11/25/2068

1,543,620

600,690

Series

2024-1-A1

5.71%

(c)(d)

01/25/2069

602,408

1,200,000

Series

2025-11-M1

5.66%

(c)(f)

11/25/2070

1,186,903

1,980,600

Series

2025-3-A1

5.62%

(c)(d)

05/25/2070

1,996,449

3,232,236

Series

2025-4-A1

5.45%

(c)(d)

05/25/2070

3,246,344

1,300,000

Series

2025-R2-M1

5.82%

(c)(f)

07/25/2067

1,304,156

2,000,000

Series

2026-1-M1

5.67%

(c)(f)

01/25/2071

1,977,654

244,977

Series

2026-R1-A1

4.83%

(c)(f)

10/25/2067

243,006

244,977

Series

2026-R1-A2

5.03%

(c)(d)

10/25/2067

243,025

248,122

Series

2026-R1-A3

5.19%

(c)(d)

10/25/2067

246,144

5,000,000

Series

2026-R2-M1

5.53%

(c)(f)

10/25/2067

4,925,110

WaMu

Mortgage-Backed

Pass-Through

Certificates

Trust

312,160

Series

2006-AR16-2A1

4.12%

(f)

12/25/2036

279,336

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

Wells

Fargo

Mortgage-Backed

Securities

Trust

216,847

Series

2006-AR14-2A1

6.49%

(f)

10/25/2036

200,837

Total

Non-Agency

Residential

Collateralized

Mortgage

Obligations

(Cost

$76,239,646)

76,233,501

U.S.

CORPORATE

BONDS

13.4%

400,000

1261229

Ltd.

10.00%

(c)

04/15/2032

409,876

70,000

AAR

Escrow

Issuer

LLC

6.75%

(c)

03/15/2029

71,295

340,000

AbbVie,

Inc.

4.70%

05/14/2045

303,479

165,000

Academy

Ltd.

6.00%

(c)

11/15/2027

165,623

395,000

Acrisure

LLC

6.75%

(c)

07/01/2032

381,014

270,000

Acushnet

Co.

5.63%

(c)

12/01/2033

268,586

60,000

AdaptHealth

LLC

5.13%

(c)

03/01/2030

57,527

80,000

Advanced

Drainage

Systems,

Inc.

5.38%

(c)

03/01/2034

78,050

90,000

AEP

Texas,

Inc.

5.45%

05/15/2029

92,319

137,000

AEP

Texas,

Inc.

5.20%

04/15/2036

134,786

160,000

Aethon

United

7.50%

(c)

10/01/2029

166,968

376,000

Agree

5.63%

06/15/2034

384,136

388,000

Airbnb,

Inc.

5.25%

03/16/2036

388,545

350,000

Aircastle

Ltd.

5.25%

(c)

03/15/2030

353,151

372,000

Alliant

Energy

Corp.

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.08%)

5.75%

04/01/2056

361,798

145,000

Alliant

Holdings

Intermediate

LLC

6.50%

(c)

10/01/2031

142,564

320,000

Allied

Universal

Holdco

LLC

7.88%

(c)

02/15/2031

330,203

85,000

Amentum

Holdings,

Inc.

7.25%

(c)

08/01/2032

88,040

120,000

American

Axle

Manufacturing,

Inc.

6.38%

(c)

10/15/2032

118,866

85,000

American

Axle

Manufacturing,

Inc.

7.75%

(c)

10/15/2033

82,799

445,000

American

Express

Co.

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.15%)

5.41%

02/08/2041

442,037

450,000

American

Tower

Corp.

5.55%

07/15/2033

462,646

191,000

American

Tower

Corp.

3.70%

10/15/2049

137,418

400,000

Amgen,

Inc.

5.75%

03/02/2063

385,049

459,000

Amphenol

Corp.

5.30%

11/15/2055

431,386

249,000

Antero

Midstream

Partners

5.75%

(c)

07/01/2034

245,539

125,000

Anywhere

Real

Estate

Group

LLC

5.25%

(c)

04/15/2030

118,203

110,000

Anywhere

Real

Estate

Group

LLC

7.00%

(c)

04/15/2030

110,242

80,000

Anywhere

Real

Estate

Group

LLC

9.75%

(c)

04/15/2030

84,993

182,000

APA

Corp.

6.10%

02/15/2035

186,981

329,000

AppLovin

Corp.

5.38%

12/01/2031

332,347

145,000

Archrock

Partners

6.63%

(c)

09/01/2032

147,932

607,000

Arizona

Public

Service

Co.

5.90%

08/15/2055

597,670

DoubleLine

ETF

Trust

Schedule

Investments

DoubleLine

Opportunistic

Core

Bond

ETF

(Cont.)

The

accompanying

notes

are

integral

part

these

financial

statements.

(Unaudited)

March

31,

2026

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

262,000

Arrow

Electronics,

Inc.

5.88%

04/10/2034

268,699

120,000

Arthur

Gallagher

Co.

4.85%

12/15/2029

121,354

659,000

AT&T,

Inc.

3.50%

09/15/2053

432,453

242,000

AT&T,

Inc.

6.05%

08/15/2056

238,510

258,000

AthenaHealth

Group,

Inc.

6.50%

(c)

02/15/2030

242,441

199,000

Athene

Global

Funding

4.72%

(c)

10/08/2029

195,894

158,000

Athene

Global

Funding

5.03%

(c)

07/17/2030

156,432

140,000

Atlassian

Corp.

5.25%

05/15/2029

140,874

163,000

Augusta

SpinCo

Corp.

5.25%

03/23/2036

163,102

374,000

AutoZone,

Inc.

5.13%

06/15/2030

380,581

331,000

Aviation

Capital

Group

LLC

5.38%

(c)

07/15/2029

336,418

90,000

Azorra

Finance

Ltd.

7.75%

(c)

04/15/2030

92,774

195,000

Azorra

Finance

Ltd.

7.25%

(c)

01/15/2031

197,062

307,000

Baker

Hughes

Holdings

LLC

5.00%

06/15/2036

301,532

179,000

Bank

America

Corp.

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.68%)

6.63%

(e)

05/01/2030

183,637

235,000

Bank

America

Corp.

(SOFR

1.65%)

5.47%

01/23/2035

239,963

232,000

Bank

America

Corp.

(SOFR

1.70%)

5.74%

02/12/2036

236,091

360,000

Bank

New

York

Mellon

Corp.

(The)

(SOFR

1.23%)

5.06%

07/22/2032

367,075

307,000

Bank

New

York

Mellon

Corp.

(The)

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.03%)

5.63%

(e)

03/20/2031

300,866

189,000

Bausch

Lomb

Corp.

8.38%

(c)

10/01/2028

195,379

317,000

Black

Hills

Corp.

6.00%

01/15/2035

329,231

455,000

Black

Hills

Corp.

3.88%

10/15/2049

332,049

319,000

Block

Financial

LLC

5.38%

09/15/2032

309,741

176,000

Broadcom,

Inc.

4.95%

01/15/2036

173,647

114,000

Brown

Brown,

Inc.

6.25%

06/23/2055

113,785

120,000

Buckeye

Partners

6.88%

(c)

07/01/2029

123,574

155,000

Builders

FirstSource,

Inc.

6.38%

(c)

03/01/2034

153,212

130,000

Builders

FirstSource,

Inc.

6.75%

(c)

05/15/2035

130,038

374,000

Bunge

Ltd.

Finance

Corp.

4.65%

09/17/2034

362,500

391,000

Burlington

Northern

Santa

LLC

5.50%

03/15/2055

377,219

150,000

Caesars

Entertainment,

Inc.

6.00%

(c)

10/15/2032

138,184

292,000

Cardinal

Health,

Inc.

4.60%

03/15/2043

252,768

27,000

Cardinal

Health,

Inc.

4.50%

11/15/2044

22,671

106,000

Carnival

Corp.

5.13%

(c)

05/01/2029

105,280

270,000

Carnival

Corp.

5.75%

(c)

08/01/2032

270,250

148,000

Carnival

Corp.

6.13%

(c)

02/15/2033

149,558

46,000

CCO

Holdings

LLC

5.13%

(c)

05/01/2027

45,979

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

280,000

CCO

Holdings

LLC

4.75%

(c)

03/01/2030

265,861

230,000

CCO

Holdings

LLC

4.75%

(c)

02/01/2032

208,141

90,000

CCO

Holdings

LLC

4.25%

(c)

01/15/2034

77,078

85,000

CCO

Holdings

LLC

7.38%

(c)

02/01/2036

84,723

145,000

Celanese

Holdings

LLC

6.50%

04/15/2030

148,069

80,000

Celanese

Holdings

LLC

6.75%

04/15/2033

82,128

190,000

Charles

Schwab

Corp.

(The)

(SOFR

0.94%)

4.34%

11/14/2031

187,973

50,000

Chemours

Co.

(The)

7.88%

(c)

03/15/2034

50,035

552,000

Cheniere

Energy,

Inc.

4.63%

10/15/2028

550,717

336,000

Cheniere

Energy,

Inc.

5.65%

04/15/2034

346,027

31,000

Cheniere

Energy,

Inc.

6.00%

(c)

07/30/2056

30,911

105,000

Chord

Energy

Corp.

6.00%

(c)

10/01/2030

106,455

172,000

Chord

Energy

Corp.

6.75%

(c)

03/15/2033

177,689

150,000

CHS/Community

Health

Systems,

Inc.

6.00%

(c)

01/15/2029

148,441

120,000

Cipher

Compute

LLC

7.13%

(c)

11/15/2030

124,473

382,000

Citigroup,

Inc.

(SOFR

1.46%)

4.95%

05/07/2031

384,608

184,000

Citigroup,

Inc.

(SOFR

1.17%)

4.50%

09/11/2031

181,952

481,000

Citigroup,

Inc.

(SOFR

1.35%)

3.06%

01/25/2033

435,100

245,000

Citigroup,

Inc.

(5-year

CMT

T-Note

2.89%)

6.88%

(e)

08/15/2030

246,888

335,000

Clarios

Global

6.75%

(c)

02/15/2030

342,774

315,000

Clarios

Global

6.75%

(c)

09/15/2032

317,718

25,000

Clear

Channel

Outdoor

Holdings,

Inc.

7.75%

(c)

04/15/2028

25,136

100,000

Clear

Channel

Outdoor

Holdings,

Inc.

7.50%

(c)

06/01/2029

100,480

185,000

Clear

Channel

Outdoor

Holdings,

Inc.

7.13%

(c)

02/15/2031

193,937

80,000

Cloud

Software

Group,

Inc.

9.00%

(c)

09/30/2029

77,250

100,000

Cloud

Software

Group,

Inc.

6.63%

(c)

08/15/2033

88,998

210,000

Clydesdale

Acquisition

Holdings,

Inc.

6.75%

(c)

04/15/2032

198,940

189,000

CMS

Energy

Corp.

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.96%)

6.50%

06/01/2055

192,498

191,000

CNH

Industrial

Capital

LLC

4.38%

03/07/2031

186,748

170,000

CNX

Resources

Corp.

5.88%

(c)

03/01/2034

165,680

176,000

Colonial

Enterprises,

Inc.

5.63%

(c)

11/15/2035

175,968

260,000

Columbus

McKinnon

Corp.

7.13%

(c)

02/01/2033

260,123

511,000

Commonwealth

Edison

Co.

5.95%

06/01/2055

518,302

338,000

Constellation

Energy

Generation

LLC

4.40%

01/15/2031

333,733

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

The

accompanying

notes

are

integral

part

these

financial

statements.

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

287,000

Consumers

Energy

Co.

4.50%

01/15/2031

287,617

75,000

CoreWeave,

Inc.

9.25%

(c)

06/01/2030

72,946

65,000

Cougar

Subsidiary

LLC

8.00%

(c)

05/15/2032

67,257

250,000

CQP

Holdco

5.50%

(c)

06/15/2031

243,926

51,000

Crescent

Energy

Finance

LLC

7.88%

(c)

04/15/2032

52,142

371,000

CRH

America

Finance,

Inc.

4.40%

02/09/2031

365,800

660,000

CSX

Corp.

3.80%

11/01/2046

507,478

325,000

Dcli

Bidco

LLC

7.75%

(c)

11/15/2029

328,915

530,000

Dealer

Tire

LLC

8.00%

(c)

02/01/2028

518,543

166,000

Dell,

Inc.

6.50%

04/15/2038

176,516

198,000

Delta

Air

Lines,

Inc.

5.25%

07/10/2030

199,388

60,000

Directv

Financing

LLC

5.88%

(c)

08/15/2027

59,974

270,000

Directv

Financing

LLC

8.88%

(c)

02/01/2030

269,737

145,000

Discovery

Global

Holdings,

Inc.

4.05%

03/15/2029

140,378

60,000

Discovery

Global

Holdings,

Inc.

4.28%

03/15/2032

53,175

105,000

Discovery

Global

Holdings,

Inc.

5.05%

03/15/2042

69,437

275,000

DISH

DBS

Corp.

5.75%

(c)

12/01/2028

266,144

200,000

DISH

DBS

Corp.

5.13%

06/01/2029

178,952

160,000

Dornoch

Debt

Merger

Sub,

Inc.

6.63%

(c)

10/15/2029

142,996

246,000

DTE

Energy

Co.

5.85%

06/01/2034

257,673

105,000

Duke

Energy

Corp.

5.00%

08/15/2052

89,929

384,000

Duke

Energy

Corp.

5.80%

06/15/2054

367,939

258,000

Eastern

Energy

Gas

Holdings

LLC

5.65%

10/15/2054

243,175

300,000

Eaton

Corp.

4.80%

03/06/2036

296,303

70,000

EchoStar

Corp.

10.75%

11/30/2029

75,661

210,000

Elevance

Health,

Inc.

4.55%

05/15/2052

169,309

225,000

Ellucian

Holdings,

Inc.

6.50%

(c)

12/01/2029

220,334

265,000

EMRLD

Borrower

6.63%

(c)

12/15/2030

269,852

260,000

Energizer

Holdings,

Inc.

6.00%

(c)

09/15/2033

243,824

377,000

Energy

Transfer

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

5.31%)

7.13%

(e)

05/15/2030

384,713

350,000

Entergy

Corp.

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.67%)

7.13%

12/01/2054

358,835

439,000

Entergy

Louisiana

LLC

5.80%

03/15/2055

430,795

260,000

Enterprise

Products

Operating

LLC

5.70%

02/15/2042

260,567

170,000

Equinix,

Inc.

3.90%

04/15/2032

160,568

340,000

Equinix,

Inc.

2.95%

09/15/2051

208,275

374,000

Essential

Properties

5.40%

12/01/2035

368,357

203,000

Essential

Utilities,

Inc.

5.13%

03/15/2036

200,246

315,000

Evergy

Kansas

Central,

Inc.

4.13%

03/01/2042

264,205

269,000

Evergy

Kansas

Central,

Inc.

5.70%

03/15/2053

264,872

241,000

Expand

Energy

Corp.

6.75%

(c)

04/15/2029

241,173

188,000

Expand

Energy

Corp.

4.75%

02/01/2032

183,256

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

329,000

Extra

Space

Storage

5.40%

06/15/2035

330,662

59,000

Fedex

Freight

Holding

Co.,

Inc.

4.95%

(c)

03/15/2033

57,564

85,000

Fertitta

Entertainment

LLC

6.75%

(c)

01/15/2030

79,459

327,000

First

Industrial

5.25%

01/15/2031

330,583

299,000

Fiserv,

Inc.

4.55%

02/15/2031

292,908

170,000

Flash

Compute

LLC

7.25%

(c)

12/31/2030

171,367

165,000

Flex

Ltd.

5.38%

11/13/2035

162,216

161,000

Florida

Gas

Transmission

Co.

LLC

5.75%

(c)

07/15/2035

165,265

105,000

Freedom

Mortgage

Holdings

LLC

8.38%

(c)

04/01/2032

103,397

140,000

Full

House

Resorts,

Inc.

8.25%

(c)

02/15/2028

127,750

219,000

Gabx

Leasing

LLC

4.63%

(c)

04/15/2031

215,958

561,000

GATX

Corp.

5.20%

03/15/2044

517,013

554,000

HealthCare

Technologies,

Inc.

4.80%

01/15/2031

557,600

190,000

HealthCare

Technologies,

Inc.

4.95%

12/15/2035

186,408

365,000

Vernova,

Inc.

5.50%

02/04/2056

351,379

355,000

General

Motors

Financial

Co.,

Inc.

4.60%

01/08/2031

350,027

355,000

Genesee

Wyoming,

Inc.

6.25%

(c)

04/15/2032

359,686

195,000

Getty

Images,

Inc.

10.50%

(c)

11/15/2030

175,067

350,000

GFL

Environmental

Holdings

US,

Inc.

5.50%

(c)

02/01/2034

343,716

170,000

Global

Payments,

Inc.

4.95%

08/15/2027

170,370

161,000

Global

Payments,

Inc.

5.55%

11/15/2035

155,223

304,000

GLP

Capital

5.63%

03/01/2036

295,951

95,000

Goat

Holdco

LLC

6.75%

(c)

02/01/2032

95,664

131,000

Goldman

Sachs

Group,

Inc.

(The)

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.46%)

6.85%

(e)

02/10/2030

133,612

322,000

Goldman

Sachs

Group,

Inc.

(The)

(SOFR

1.06%)

4.37%

10/21/2031

315,794

179,000

Goldman

Sachs

Group,

Inc.

(The)

(SOFR

0.96%)

4.52%

01/21/2032

176,324

316,000

Goldman

Sachs

Group,

Inc.

(The)

(SOFR

1.33%)

4.94%

10/21/2036

306,134

300,000

Graham

Holdings

Co.

5.63%

(c)

12/01/2033

294,638

220,000

Gray

Media,

Inc.

9.63%

(c)

07/15/2032

220,191

140,000

Gray

Media,

Inc.

7.25%

(c)

08/15/2033

141,181

365,000

Griffon

Corp.

5.75%

03/01/2028

364,507

215,000

Guardian

Life

Global

Funding

4.80%

(c)

04/28/2030

216,370

155,000

Gulfport

Energy

Operating

Corp.

6.75%

(c)

09/01/2029

158,715

160,000

Harvest

Midstream

7.50%

(c)

05/15/2032

163,409

130,000

Herc

Holdings,

Inc.

7.00%

(c)

06/15/2030

133,391

50,000

Herc

Holdings,

Inc.

5.75%

(c)

03/15/2031

49,288

50,000

Herc

Holdings,

Inc.

6.00%

(c)

03/15/2034

48,389

140,000

Hightower

Holding

LLC

6.75%

(c)

04/15/2029

137,577

DoubleLine

ETF

Trust

Schedule

Investments

DoubleLine

Opportunistic

Core

Bond

ETF

(Cont.)

The

accompanying

notes

are

integral

part

these

financial

statements.

(Unaudited)

March

31,

2026

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

170,000

Hilcorp

Energy

7.25%

(c)

02/15/2035

169,613

175,000

Hilton

Domestic

Operating

Co.,

Inc.

5.75%

(c)

09/15/2033

174,348

325,000

Honeywell

Aerospace,

Inc.

4.95%

(c)

03/16/2036

322,591

95,000

HUB

International

Ltd.

7.25%

(c)

06/15/2030

97,373

332,000

Hubbell,

Inc.

4.80%

11/15/2035

323,477

213,000

Huntington

Bancshares,

Inc.

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.17%)

2.49%

08/15/2036

182,962

410,000

Hyundai

Capital

America

5.30%

(c)

01/08/2029

415,705

327,000

Illumina,

Inc.

4.75%

12/12/2030

325,598

187,000

Jabil,

Inc.

4.75%

02/01/2033

182,165

620,000

Jacobs

Solutions,

Inc.

5.38%

03/03/2036

605,062

125,000

JBS

5.63%

(c)

03/10/2037

125,469

403,000

JBS

6.25%

03/01/2056

395,565

55,000

JetBlue

Airways

Corp.

9.88%

(c)

09/20/2031

52,053

284,000

JPMorgan

Chase

Co.

(SOFR

1.01%)

5.14%

01/24/2031

289,261

466,000

JPMorgan

Chase

Co.

(SOFR

1.44%)

5.10%

04/22/2031

474,548

182,000

JPMorgan

Chase

Co.

(SOFR

1.64%)

5.58%

07/23/2036

184,379

328,000

JPMorgan

Chase

Co.

(SOFR

1.19%)

4.81%

10/22/2036

318,597

192,000

Kentucky

Utilities

Co.

5.85%

08/15/2055

191,051

167,000

Kinder

Morgan

Energy

Partners

6.95%

01/15/2038

186,548

120,000

Kodiak

Gas

Services

LLC

7.25%

(c)

02/15/2029

124,393

80,000

Kodiak

Gas

Services

LLC

6.50%

(c)

10/01/2033

80,919

80,000

Kodiak

Gas

Services

LLC

6.75%

(c)

10/01/2035

81,333

289,000

Kroger

Co.

(The)

5.65%

09/15/2064

268,158

690,000

Kyndryl

Holdings,

Inc.

4.10%

10/15/2041

481,046

386,000

Laboratory

Corp.

America

Holdings

4.55%

04/01/2032

381,411

165,000

Laboratory

Corp.

America

Holdings

4.70%

02/01/2045

144,645

270,000

Lamar

Media

Corp.

5.38%

(c)

11/01/2033

264,494

245,000

Level

Financing,

Inc.

6.88%

(c)

06/30/2033

249,682

90,000

LFS

Topco

LLC

8.75%

(c)

07/15/2030

86,082

560,000

Life

Time,

Inc.

6.00%

(c)

11/15/2031

564,736

115,000

LifePoint

Health,

Inc.

10.00%

(c)

06/01/2032

117,585

170,000

Light

Wonder

International,

Inc.

6.25%

(c)

10/01/2033

166,680

140,000

Lindblad

Expeditions

LLC

7.00%

(c)

09/15/2030

143,023

293,000

Lockheed

Martin

Corp.

5.00%

08/15/2035

295,809

195,000

Lowe's

Cos.,

Inc.

5.63%

04/15/2053

184,509

180,000

Madison

IAQ

LLC

5.88%

(c)

06/30/2029

176,640

300,000

Marriott

International,

Inc.

4.50%

10/15/2031

296,624

320,000

Marriott

International,

Inc.

5.30%

05/15/2034

323,109

335,000

Mars,

Inc.

5.70%

(c)

05/01/2055

326,877

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

180,000

Marsh

McLennan

Cos.,

Inc.

4.95%

03/15/2036

178,394

358,000

Marvell

Technology,

Inc.

5.95%

09/15/2033

379,018

549,000

MasTec,

Inc.

5.90%

06/15/2029

567,434

100,000

Matador

Resources

Co.

6.50%

(c)

04/15/2032

101,162

110,000

Matador

Resources

Co.

6.00%

(c)

04/15/2034

109,372

75,000

Match

Group

Holdings

LLC

5.00%

(c)

12/15/2027

74,736

90,000

Mativ

Holdings,

Inc.

8.00%

(c)

10/01/2029

83,937

330,000

Mattel,

Inc.

5.00%

11/17/2030

328,087

40,000

Mavis

Tire

Express

Services

Topco

Corp.

6.50%

(c)

05/15/2029

39,715

310,000

McDonald's

Corp.

4.45%

03/01/2047

258,765

255,000

McDonald's

Corp.

5.45%

08/14/2053

242,000

55,000

McGraw-Hill

Education,

Inc.

5.75%

(c)

08/01/2028

54,423

175,000

McGraw-Hill

Education,

Inc.

7.38%

(c)

09/01/2031

178,764

504,000

Medline

Borrower

5.25%

(c)

10/01/2029

499,866

384,000

Merck

Co.,

Inc.

5.70%

09/15/2055

381,617

570,000

MetLife,

Inc.

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.08%)

6.35%

03/15/2055

578,673

110,000

Michaels

Cos.,

Inc.

(The)

8.50%

(c)

03/15/2033

107,200

135,000

Midwest

Gaming

Borrower

LLC

4.88%

(c)

05/01/2029

131,000

265,000

Miter

Brands

Acquisition

Holdco,

Inc.

6.75%

(c)

04/01/2032

253,970

297,000

Molex

Electronic

Technologies

LLC

5.25%

(c)

04/30/2032

301,381

178,000

Morgan

Stanley

(SOFR

0.80%)

4.24%

01/09/2030

176,241

205,000

Morgan

Stanley

(SOFR

1.18%)

5.07%

01/30/2037

200,919

107,000

Morgan

Stanley

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.43%)

5.95%

01/19/2038

109,666

209,000

Morgan

Stanley

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.80%)

5.94%

02/07/2039

213,742

159,000

Morgan

Stanley

(SOFR

1.07%)

4.36%

10/22/2031

155,855

218,000

Motorola

Solutions,

Inc.

5.20%

08/15/2032

221,196

373,000

Motorola

Solutions,

Inc.

5.50%

09/01/2044

357,715

200,000

MPLX

5.30%

04/01/2036

197,214

110,000

Nabors

Industries,

Inc.

9.13%

(c)

01/31/2030

115,562

105,000

Nabors

Industries,

Inc.

7.63%

(c)

11/15/2032

107,550

89,000

National

Fuel

Gas

Co.

5.95%

03/15/2035

92,126

80,000

NCL

Corp.

Ltd.

5.88%

(c)

01/15/2031

77,773

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

The

accompanying

notes

are

integral

part

these

financial

statements.

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

80,000

NCL

Corp.

Ltd.

6.25%

(c)

09/15/2033

77,683

100,000

Neptune

Bidco

US,

Inc.

10.38%

(c)

05/15/2031

100,991

137,000

New

York

Life

Insurance

Co.

6.75%

(c)

11/15/2039

153,159

95,000

Newell

Brands,

Inc.

6.38%

05/15/2030

91,267

260,000

Nexstar

Media,

Inc.

6.50%

(c)

09/15/2033

262,138

55,000

Nexstar

Media,

Inc.

7.25%

(c)

04/15/2034

55,222

154,000

NextEra

Energy

Capital

Holdings,

Inc.

5.90%

03/15/2055

151,281

60,000

NGL

Energy

Operating

LLC

8.13%

(c)

02/15/2029

61,848

340,000

NiSource,

Inc.

5.35%

04/01/2034

346,085

214,000

NiSource,

Inc.

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.45%)

6.95%

11/30/2054

220,209

197,000

NiSource,

Inc.

5.85%

04/01/2055

191,641

140,000

Nissan

Motor

Acceptance

Co.

LLC

6.13%

(c)

09/30/2030

134,667

355,000

Northrop

Grumman

Corp.

5.20%

06/01/2054

327,397

409,000

Novartis

Capital

Corp.

5.70%

03/18/2056

412,211

145,000

Novelis

Corp.

6.88%

(c)

01/30/2030

146,370

140,000

NRG

Energy,

Inc.

6.00%

(c)

02/01/2033

140,125

200,000

NRG

Energy,

Inc.

5.75%

(c)

01/15/2034

197,417

120,000

OAK-Eagle

Acquireco,

Inc.

7.25%

(c)

07/01/2033

124,409

65,000

OAK-Eagle

Acquireco,

Inc.

8.75%

(c)

07/01/2034

68,091

95,000

Olin

Corp.

6.63%

(c)

04/01/2033

93,050

389,000

Omega

Healthcare

Investors,

Inc.

3.38%

02/01/2031

359,886

135,000

OneMain

Finance

Corp.

7.50%

05/15/2031

135,807

200,000

OneMain

Finance

Corp.

6.50%

03/15/2033

191,368

201,000

ONEOK,

Inc.

4.55%

07/15/2028

201,282

176,000

O'Reilly

Automotive,

Inc.

5.00%

08/19/2034

174,132

99,000

Outfront

Media

Capital

LLC

7.38%

(c)

02/15/2031

103,285

160,000

Owens

Corning

5.70%

06/15/2034

165,460

200,000

Panther

Escrow

Issuer

LLC

7.13%

(c)

06/01/2031

200,773

230,000

Park

Intermediate

Holdings

LLC

7.00%

(c)

02/01/2030

232,967

476,000

Paychex,

Inc.

5.35%

04/15/2032

478,615

95,000

Penn

Entertainment,

Inc.

6.75%

(c)

04/01/2031

92,372

155,000

PennyMac

Financial

Services,

Inc.

7.88%

(c)

12/15/2029

158,653

230,000

PennyMac

Financial

Services,

Inc.

6.88%

(c)

05/15/2032

222,184

432,000

Penske

Truck

Leasing

Co.

5.25%

(c)

02/01/2030

438,663

125,000

Performance

Food

Group,

Inc.

5.63%

(c)

03/01/2034

120,700

216,000

Permian

Resources

Operating

LLC

6.25%

(c)

02/01/2033

220,174

250,000

PetSmart

LLC

7.50%

(c)

09/15/2032

251,404

250,000

PetSmart

LLC

10.00%

(c)

09/15/2033

249,707

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

282,000

Philip

Morris

International,

Inc.

5.38%

02/15/2033

289,980

175,000

Philip

Morris

International,

Inc.

5.25%

02/13/2034

178,279

331,000

Phillips

Edison

Grocery

Center

Operating

Partnership

5.25%

08/15/2032

332,505

189,000

PNC

Financial

Services

Group,

Inc.

(The)

(SOFR

1.42%)

5.37%

07/21/2036

189,909

179,000

PNC

Financial

Services

Group,

Inc.

(The)

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.17%)

5.42%

01/25/2041

175,435

300,000

Post

Holdings,

Inc.

6.38%

(c)

03/01/2033

295,814

395,000

Progressive

Corp.

(The)

5.15%

03/26/2036

395,728

177,000

PSEG

Power

LLC

5.20%

(c)

05/15/2030

179,819

110,000

Qnity

Electronics,

Inc.

6.25%

(c)

08/15/2033

111,363

374,000

Qorvo,

Inc.

3.38%

(c)

04/01/2031

338,521

483,000

Quest

Diagnostics,

Inc.

5.00%

12/15/2034

479,868

390,000

Quikrete

Holdings,

Inc.

6.75%

(c)

03/01/2033

396,402

105,000

QXO

Building

Products,

Inc.

6.75%

(c)

04/30/2032

107,191

265,000

Radiology

Partners,

Inc.

8.50%

(c)

07/15/2032

269,007

400,000

Rentokil

Terminix

Funding

LLC

5.00%

(c)

04/28/2030

401,749

205,000

RHP

Hotel

Properties

6.50%

(c)

06/15/2033

208,892

105,000

RHP

Hotel

Properties

5.75%

(c)

03/15/2034

103,703

270,000

Rivers

Enterprise

Borrower

LLC

6.25%

(c)

10/15/2030

269,477

295,000

Rivers

Enterprise

Borrower

LLC

6.63%

(c)

02/01/2033

293,068

125,000

Rocket

Cos.,

Inc.

6.38%

(c)

08/01/2033

126,499

378,000

Rollins,

Inc.

5.25%

02/24/2035

377,930

304,000

Roper

Technologies,

Inc.

4.25%

09/15/2028

302,140

161,000

Royal

Caribbean

Cruises

Ltd.

5.38%

(c)

07/15/2027

161,626

266,000

Royal

Caribbean

Cruises

Ltd.

5.38%

01/15/2036

261,440

169,000

Royalty

Pharma

plc

5.15%

09/02/2029

172,074

439,000

Royalty

Pharma

plc

3.30%

09/02/2040

333,149

210,000

Sabra

Health

Care

3.90%

10/15/2029

203,955

51,000

Sabre

GLBL,

Inc.

10.75%

(c)

11/15/2029

43,605

71,000

Sabre

GLBL,

Inc.

10.75%

(c)

03/15/2030

60,052

90,000

Select

Medical

Corp.

6.25%

(c)

12/01/2032

85,863

235,000

Sirius

Radio

LLC

5.50%

(c)

07/01/2029

234,366

90,000

Sirius

Radio

LLC

5.88%

(c)

04/15/2032

89,492

145,000

Energy

Co.

7.00%

(c)

08/01/2032

148,168

175,000

Solstice

Advanced

Materials,

Inc.

5.63%

(c)

09/30/2033

172,731

194,000

Solventum

Corp.

5.40%

03/01/2029

198,485

115,000

Sonoco

Products

Co.

4.60%

09/01/2029

114,712

91,000

Sonoco

Products

Co.

5.00%

09/01/2034

89,062

DoubleLine

ETF

Trust

Schedule

Investments

DoubleLine

Opportunistic

Core

Bond

ETF

(Cont.)

The

accompanying

notes

are

integral

part

these

financial

statements.

(Unaudited)

March

31,

2026

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

161,000

Southern

Co.

(The)

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.07%)

6.38%

03/15/2055

165,659

198,000

Southern

Natural

Gas

Co.

LLC

5.45%

(c)

08/01/2035

201,704

145,000

Spirit

AeroSystems,

Inc.

4.60%

06/15/2028

145,143

265,000

Standard

Building

Solutions,

Inc.

6.50%

(c)

08/15/2032

265,372

105,000

Standard

Building

Solutions,

Inc.

5.88%

(c)

03/15/2034

101,350

160,000

Staples,

Inc.

10.75%

(c)

09/01/2029

148,094

235,000

Starwood

Property

Trust,

Inc.

5.25%

(c)

10/15/2028

232,473

62,000

Store

Capital

LLC

4.95%

(c)

02/11/2031

61,490

240,000

RNO

Property

Owner

LLC

5.88%

(c)

03/01/2031

237,381

600,000

Takeda

Financing,

Inc.

5.90%

07/07/2055

598,150

120,000

Talen

Energy

Supply

LLC

6.25%

(c)

02/01/2034

118,748

60,000

Tallgrass

Energy

Partners

7.38%

(c)

02/15/2029

61,761

80,000

Tallgrass

Energy

Partners

6.75%

(c)

03/15/2034

80,454

202,000

Targa

Resources

Corp.

4.35%

01/15/2029

201,199

150,000

Taylor

Morrison

Communities,

Inc.

5.75%

(c)

11/15/2032

150,310

25,000

Tenet

Healthcare

Corp.

5.50%

(c)

11/15/2032

24,787

25,000

Tenet

Healthcare

Corp.

6.00%

(c)

11/15/2033

25,316

377,000

Textron,

Inc.

5.50%

05/15/2035

383,706

280,000

T-Mobile

USA,

Inc.

5.50%

01/15/2055

257,122

204,000

T-Mobile

USA,

Inc.

5.25%

06/15/2055

181,594

96,000

T-Mobile

USA,

Inc.

5.88%

11/15/2055

93,679

474,000

Trans-Allegheny

Interstate

Line

Co.

5.00%

(c)

01/15/2031

481,724

100,000

TransDigm,

Inc.

6.88%

(c)

12/15/2030

102,529

235,000

TransDigm,

Inc.

6.38%

(c)

05/31/2033

233,933

70,000

TransDigm,

Inc.

6.25%

(c)

01/31/2034

70,829

70,000

TransDigm,

Inc.

6.75%

(c)

01/31/2034

70,970

309,000

Travelers

Cos.,

Inc.

(The)

4.60%

08/01/2043

273,168

54,000

Truist

Financial

Corp.

(SOFR

2.45%)

7.16%

10/30/2029

57,414

359,000

Truist

Financial

Corp.

(SOFR

1.57%)

5.15%

08/05/2032

363,853

359,000

Uber

Technologies,

Inc.

4.80%

09/15/2034

351,660

320,000

UKG,

Inc.

6.88%

(c)

02/01/2031

313,015

149,000

United

Airlines

Holdings,

Inc.

4.88%

03/01/2029

146,107

630,000

United

Airlines

Holdings,

Inc.

5.38%

03/01/2031

617,757

355,000

United

Airlines,

Inc.

4.63%

(c)

04/15/2029

348,532

281,000

United

Natural

Foods,

Inc.

6.75%

(c)

10/15/2028

281,481

275,000

United

Rentals

North

America,

Inc.

5.38%

(c)

11/15/2033

267,693

115,000

Uniti

Group

8.63%

(c)

06/15/2032

117,208

105,000

Uniti

Services

LLC

7.50%

(c)

10/15/2033

109,239

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

255,000

Univision

Communications,

Inc.

7.38%

(c)

06/30/2030

250,052

225,000

Foods,

Inc.

5.75%

(c)

04/15/2033

224,219

60,000

Vail

Resorts,

Inc.

6.50%

(c)

05/15/2032

60,711

95,000

Venture

Global

LNG,

Inc.

8.13%

(c)

06/01/2028

97,206

155,000

Venture

Global

LNG,

Inc.

8.38%

(c)

06/01/2031

161,277

45,000

Venture

Global

LNG,

Inc.

9.88%

(c)

02/01/2032

48,351

80,000

Venture

Global

Plaquemines

LNG

LLC

6.13%

(c)

12/15/2030

82,318

205,000

Venture

Global

Plaquemines

LNG

LLC

7.50%

(c)

05/01/2033

225,457

145,000

Venture

Global

Plaquemines

LNG

LLC

6.50%

(c)

01/15/2034

151,246

147,000

Veralto

Corp.

5.45%

09/18/2033

150,188

353,000

VeriSign,

Inc.

5.25%

06/01/2032

355,695

405,000

Verisk

Analytics,

Inc.

5.25%

06/05/2034

403,602

210,000

Veritiv

Operating

Co.

10.50%

(c)

11/30/2030

218,505

551,000

Verizon

Communications,

Inc.

5.75%

11/30/2045

536,993

799,000

Vertiv

Group

Corp.

4.13%

(c)

11/15/2028

787,384

135,000

Vertiv

Holdings

Co.

5.80%

03/15/2056

129,868

479,000

VICI

Properties

4.63%

(c)

12/01/2029

471,066

690,000

Victra

Holdings

LLC

8.75%

(c)

09/15/2029

716,684

805,000

Viking

Cruises

Ltd.

5.88%

(c)

10/15/2033

795,362

199,000

Viper

Energy

Partners

LLC

4.90%

08/01/2030

199,241

231,000

Virginia

Electric

and

Power

Co.

5.55%

08/15/2054

218,979

206,000

Virginia

Electric

and

Power

Co.

5.60%

09/15/2055

196,184

353,000

Vistra

Operations

Co.

LLC

4.38%

(c)

05/01/2029

344,820

60,000

Vistra

Operations

Co.

LLC

7.75%

(c)

10/15/2031

62,878

205,000

Voyager

Parent

LLC

9.25%

(c)

07/01/2032

212,962

238,000

VSP

Optical

Group,

Inc.

5.45%

(c)

12/01/2035

233,395

115,000

Topco,

Inc.

8.50%

(c)

08/15/2030

117,021

90,000

Walker

Dunlop,

Inc.

6.63%

(c)

04/01/2033

88,064

350,000

Wand

NewCo

Inc.

7.63%

(c)

01/30/2032

358,061

216,000

Waste

Connections,

Inc.

5.25%

09/01/2035

220,662

145,000

Watco

Cos.

LLC

7.13%

(c)

08/01/2032

149,059

105,000

Wayfair

LLC

7.25%

(c)

10/31/2029

107,252

140,000

Wayfair

LLC

6.75%

(c)

11/15/2032

141,175

250,000

WBI

Operating

LLC

6.50%

(c)

10/15/2033

248,264

275,000

Weatherford

International

Ltd.

6.75%

(c)

10/15/2033

281,165

229,000

WEC

Energy

Group,

Inc.

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.91%)

5.63%

05/15/2056

224,651

730,000

Wells

Fargo

Co.

(SOFR

1.50%)

5.15%

04/23/2031

742,608

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

The

accompanying

notes

are

integral

part

these

financial

statements.

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

656,000

Wells

Fargo

Co.

(SOFR

1.34%)

4.89%

09/15/2036

638,498

263,000

WESCO

Distribution,

Inc.

6.38%

(c)

03/15/2033

268,161

95,000

WESCO

Distribution,

Inc.

5.50%

(c)

04/15/2034

93,798

201,000

Western

Midstream

Operating

5.50%

12/15/2035

197,780

512,000

Westinghouse

Air

Brake

Technologies

Corp.

4.90%

05/29/2030

517,769

125,000

Whirlpool

Corp.

6.50%

06/15/2033

118,579

346,000

Williams

Cos.,

Inc.

(The)

5.95%

03/15/2056

340,780

349,000

Willis

North

America,

Inc.

4.55%

03/15/2031

344,159

100,000

Windstream

Services

LLC

8.25%

(c)

10/01/2031

104,584

231,000

Workday,

Inc.

3.80%

04/01/2032

214,523

185,000

Grace

Holdings

LLC

5.63%

(c)

08/15/2029

170,327

250,000

WRKCo,

Inc.

4.90%

03/15/2029

252,426

210,000

XHR

6.63%

(c)

05/15/2030

212,280

160,000

XPO,

Inc.

7.13%

(c)

06/01/2031

164,915

319,000

Zoetis,

Inc.

4.70%

02/01/2043

284,723

Total

U.S.

Corporate

Bonds

(Cost

$95,704,889)

95,346,856

U.S.

GOVERNMENT

AND

AGENCY

MORTGAGE-BACKED

OBLIGATIONS

21.3%

FHLMC

REMICS

1,850,681

Series

5015-CG

1.00%

09/25/2050

1,475,265

FHLMC

UMBS

3,573,414

Pool

QY4482

5.50%

06/01/2055

3,610,171

1,556,943

Pool

RA7939

5.00%

09/01/2052

1,546,723

1,078,087

Pool

SD2347

5.50%

02/01/2053

1,101,665

2,756,229

Pool

SD2969

2.50%

05/01/2052

2,372,336

1,391,696

Pool

SD3033

5.50%

05/01/2053

1,433,272

5,367,043

Pool

SD3081

5.50%

06/01/2053

5,448,995

1,355,818

Pool

SD3803

2.00%

02/01/2052

1,119,431

1,239,564

Pool

SD3892

5.50%

09/01/2053

1,263,038

1,001,331

Pool

SD4301

6.00%

11/01/2053

1,041,136

816,548

Pool

SD4888

6.00%

02/01/2054

847,032

2,437,534

Pool

SD5249

5.50%

04/01/2054

2,493,557

3,624,803

Pool

SD5573

3.00%

08/01/2052

3,221,817

1,872,007

Pool

SD5617

6.00%

06/01/2054

1,944,965

2,604,976

Pool

SD6002

5.50%

07/01/2054

2,673,422

2,303,134

Pool

SD6977

4.50%

03/01/2049

2,265,652

1,307,380

Pool

SD7553

3.00%

03/01/2052

1,168,714

1,961,786

Pool

SD7556

3.00%

08/01/2052

1,748,104

1,119,323

Pool

SD8146

2.00%

05/01/2051

910,471

2,327,091

Pool

SD8276

5.00%

12/01/2052

2,307,757

4,028,753

Pool

SL0638

2.50%

02/01/2052

3,450,670

2,160,061

Pool

SL1124

6.00%

04/01/2055

2,217,868

2,015,285

Pool

SL1712

6.00%

12/01/2054

2,075,427

2,899,625

Pool

SL2456

5.50%

08/01/2055

2,934,301

3,569,868

Pool

SL3934

5.00%

02/01/2053

3,540,209

FNMA

1,940,000

Pool

BS9945

6.13%

11/01/2033

2,083,864

1,603,000

Pool

BZ0238

5.79%

01/01/2029

1,618,814

2,053,000

Pool

BZ3117

5.06%

03/01/2035

2,114,823

2,010,000

Pool

BZ3627

4.90%

04/01/2030

2,028,997

1,366,000

Pool

BZ4051

5.10%

03/01/2030

1,375,927

FNMA

ACES

1,909,000

Series

2022-M2-A2

2.40%

11/25/2031

1,737,321

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

FNMA

REMICS

1,298,047

Series

2018-62-B

3.50%

09/25/2048

1,181,330

FNMA

UMBS

2,888,010

Pool

CA6032

2.50%

06/01/2050

2,480,037

5,276,451

Pool

CA6275

2.00%

07/01/2050

4,344,769

2,103,789

Pool

CA8494

2.00%

01/01/2051

1,729,659

1,953,729

Pool

CB3240

3.00%

04/01/2052

1,738,867

1,539,523

Pool

CB4573

5.00%

09/01/2052

1,526,312

749,936

Pool

CB7781

5.50%

01/01/2054

756,229

1,373,768

Pool

CB8692

5.50%

06/01/2054

1,409,864

3,316,385

Pool

CB8851

6.00%

07/01/2054

3,439,212

4,389,554

Pool

FA0561

5.00%

01/01/2055

4,385,187

766,806

Pool

FA1142

6.00%

10/01/2054

791,438

2,501,299

Pool

FA1622

2.50%

06/01/2052

2,120,954

627,493

Pool

FA2510

5.50%

08/01/2055

637,268

4,699,874

Pool

FA3443

2.00%

05/01/2052

3,856,377

2,903,489

Pool

FA4225

5.00%

02/01/2053

2,879,515

1,773,536

Pool

FA4457

2.00%

02/01/2052

1,451,964

4,507,039

Pool

FM6660

2.50%

03/01/2051

3,813,226

1,777,534

Pool

FM9785

2.00%

12/01/2051

1,447,716

2,243,472

Pool

FS3708

5.00%

01/01/2053

2,228,400

986,242

Pool

FS5082

5.00%

02/01/2053

989,936

1,539,606

Pool

FS5420

2.50%

03/01/2052

1,322,488

1,587,736

Pool

FS5600

2.50%

06/01/2052

1,366,601

3,912,312

Pool

FS5719

3.00%

05/01/2052

3,501,136

810,655

Pool

FS6309

6.00%

12/01/2053

848,761

2,428,356

Pool

FS6517

2.50%

04/01/2052

2,094,101

2,580,558

Pool

FS7738

6.00%

03/01/2054

2,689,887

1,331,285

Pool

FS8659

5.50%

07/01/2054

1,359,344

3,266,284

Pool

FS9708

3.00%

06/01/2052

2,919,836

890,535

Pool

FS9728

3.00%

03/01/2052

797,080

3,281,097

Pool

MA5553

5.50%

12/01/2054

3,299,444

FNMA,

Other

1,204,628

Pool

BS9685

5.63%

10/01/2033

1,265,336

GNMA

985,813

Pool

785717

3.00%

11/20/2051

875,173

2,775,219

Pool

785805

2.50%

12/20/2051

2,384,033

2,406,892

Pool

786184

3.00%

02/20/2052

2,129,266

710,995

Pool

786227

3.00%

04/20/2052

629,845

1,468,152

Pool

786726

2.00%

03/20/2051

1,194,830

2,346,116

Pool

787800

2.50%

12/20/2050

1,992,458

3,910,202

Pool

787829

2.50%

03/20/2052

3,371,184

1,561,073

Pool

787830

2.50%

12/20/2050

1,338,184

3,131,204

Pool

787831

2.50%

10/20/2050

2,671,301

2,213,585

Pool

787860

3.00%

05/20/2051

1,985,699

1,605,828

Pool

MA5191

3.50%

05/20/2048

1,506,954

588,129

Series

2013-116-WU

3.00%

12/20/2042

581,983

952,240

Series

2021-58-HP

3.00%

08/20/2050

845,930

860,479

Series

2022-23-BA

3.00%

05/20/2049

797,278

Total

U.S.

Government

and

Agency

Mortgage-

Backed

Obligations

(Cost

$151,227,355)

152,148,136

U.S.

GOVERNMENT

AND

AGENCY

OBLIGATIONS

17.5%

8,700,000

U.S.

Treasury

Bonds

1.13%

05/15/2040

5,483,379

11,000,000

U.S.

Treasury

Bonds

1.38%

11/15/2040

7,089,199

3,000,000

U.S.

Treasury

Bonds

1.88%

02/15/2041

2,079,434

1,315,000

U.S.

Treasury

Inflation

Linked

Notes

0.38%

07/15/2027

1,748,435

1,995,000

U.S.

Treasury

Inflation

Linked

Notes

1.63%

10/15/2027

2,225,166

DoubleLine

ETF

Trust

Schedule

Investments

DoubleLine

Opportunistic

Core

Bond

ETF

(Cont.)

The

accompanying

notes

are

integral

part

these

financial

statements.

(Unaudited)

March

31,

2026

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

1,335,000

U.S.

Treasury

Inflation

Linked

Notes

0.50%

01/15/2028

1,747,147

4,800,000

U.S.

Treasury

Notes

0.75%

01/31/2028

4,540,781

37,750,000

U.S.

Treasury

Notes

0.63%

05/15/2030

33,072,539

39,500,000

U.S.

Treasury

Notes

0.63%

08/15/2030

34,308,682

37,000,000

U.S.

Treasury

Notes

0.88%

11/15/2030

32,256,484

Total

U.S.

Government

and

Agency

Obligations

(Cost

$124,490,092)

124,551,246

AFFILIATED

MUTUAL

FUNDS 4.9%

2,052,015

DoubleLine

Emerging

Markets

Local

Currency

Bond

Fund

19,124,775

1,853,272

DoubleLine

Global

Bond

Fund

15,956,672

Total

Affiliated

Mutual

Funds

(Cost

$36,152,000)

35,081,447

SHORT

TERM

INVESTMENTS

3.2%

22,988,988

JPMorgan

U.S.

Government

Money

Market

Fund

Class

3.60%

(h)

22,988,988

Total

Short

Term

Investments

(Cost

$22,988,988)

22,988,988

Total

Investments

100.3%

(Cost

$714,820,090)

714,658,495

Liabilities

Excess

Other

Assets

(0.3)%

(2,370,333)

NET

ASSETS

100.0%

$712,288,162

INVESTMENT

BREAKDOWN

Net

Assets:

Government

and

Agency

Mortgage

Backed

Obligations

21.3

Government

and

Agency

Obligations

17.5

Non-Agency

Residential

Collateralized

Mortgage

Obligations

10.7

Asset

Backed

Obligations

7.6

Non-Agency

Commercial

Mortgage

Backed

Obligations

6.9

Affiliated

Mutual

Funds

4.9

Collateralized

Loan

Obligations

3.6

Short

Term

Investments

3.2

Banks

2.5

Oil,

Gas

Consumable

Fuels

1.8

Electric

Utilities

1.7

Hotels,

Restaurants

Leisure

1.0

Metals

Mining

0.8

Consumer

Finance

0.7

Media

0.7

Insurance

0.7

Ground

Transportation

0.6

Diversified

Telecommunication

Services

0.6

Foreign

Government

Bonds,

Foreign

Agencies

and

Foreign

Government

Sponsored

Corporations

0.6

Specialty

Retail

0.5

Software

0.5

Capital

Markets

0.5

Pharmaceuticals

0.5

Health

Care

Equipment

Supplies

0.5

Food

Products

0.5

Commercial

Services

Supplies

0.5

Health

Care

Providers

Services

0.5

INVESTMENT

BREAKDOWN

Net

Assets:

(Cont.)

Building

Products

0.4

Multi-Utilities

0.4

Aerospace

Defense

0.4

Financial

Services

0.4

Construction

Engineering

0.4

Semiconductors

Semiconductor

Equipment

0.4

Electrical

Equipment

0.3

Transportation

Infrastructure

0.3

Professional

Services

0.3

Trading

Companies

Distributors

0.3

Machinery

0.3

Independent

Power

and

Renewable

Electricity

Producers

0.3

Marine

Transportation

0.2

Energy

Equipment

Services

0.2

Chemicals

0.2

Diversified

Consumer

Services

0.2

Services

0.2

Entertainment

0.2

Specialized

REITs

0.2

Wireless

Telecommunication

Services

0.2

Containers

Packaging

0.2

Consumer

Staples

Distribution

Retail

0.2

Automobile

Components

0.2

Electronic

Equipment,

Instruments

Components

0.2

Tobacco

0.2

Passenger

Airlines

0.2

Distributors

0.1

Biotechnology

0.1

Construction

Materials

0.1

Electric

0.1

Diversified

REITs

0.1

Hotel

Resort

REITs

0.1

Retail

REITs

0.1

Communications

Equipment

0.1

Health

Care

REITs

0.1

Automobiles

0.1

Broadline

Retail

0.1

Leisure

Products

0.1

Household

Durables

0.1

Residential

REITs

0.1

Personal

Care

Products

0.1

Paper

Forest

Products

0.1

Airlines

0.1

Industrial

REITs

0.1

Life

Sciences

Tools

Services

0.1

Real

Estate

Management

Development

(a)

Household

Products

0.0

(a)

Gas

Utilities

0.0

(a)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.0

(a)

Water

Utilities

0.0

(a)

Banking

0.0

(a)

Technology

Hardware,

Storage

Peripherals

0.0

(a)

Food

and

Beverage

0.0

(a)

Beverages

0.0

(a)

Health

Care

Technology

0.0

(a)

Common

Stocks

0.0

(a)

Other

Assets

and

Liabilities

(0.3)

100.0

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

The

accompanying

notes

are

integral

part

these

financial

statements.

(a)

Represents

less

than

0.05%

net

assets.

(b)

Value

determined

using

significant

unobservable

inputs.

(c)

Security

exempt

from

registration

under

Rule

144A

the

Securities

Act

1933.

These

securities

may

resold

transactions

exempt

from

registration

qualified

institutional

buyers.

March

31,

2026,

the

value

these

securities

amounted

approximately

$225,355,020

31.64%

net

assets.

(d)

Step

bond;

coupon

rate

changes

based

predetermined

schedule

event.

The

interest

rate

shown

the

rate

effect

period

end.

(e)

Perpetual

maturity.

The

date

disclosed

the

call

date

the

security.

(f)

Coupon

rate

variable

floats

based

components

including

but

not

limited

reference

rate

and

spread.

These

securities

may

not

indicate

reference

rate

and/or

spread

their

description.

The

rate

disclosed

period

end.

(g)

Interest

only

security.

(h)

Seven-day

yield

period

end.

PIK

payment-in-kind

security

which

the

issuer

may

make

interest

dividend

payments

cash

additional

securities.

These

additional

securities

generally

have

the

same

terms

the

original

holdings.

Abbreviations:

FHLMC

Federal

Home

Loan

Mortgage

Corporation

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

SOFR

Secured

Overnight

Financing

Rate

UMBS

Uniform

Mortgage

Backed

Securities

STACR

Structured

Agency

Credit

Risk

REMIC

Real

Estate

Mortgage

Investment

Conduit

ACES

Alternative

Credit

Enhancement

Securities

Futures

Contracts

Description

Long/Short

Contract

Quantity

Expiration

Date

Notional

Amount

(1)

Unrealized

Appreciation

(Depreciation)

Value

U.S.

Treasury

Ultra

Bonds

Short

(243)

06/18/2026

(28,324,688)

776,228

U.S.

Treasury

Year

Ultra

Bonds

Short

(45)

06/18/2026

(5,108,203)

93,243

U.S.

Treasury

Year

Notes

Long

190

06/30/2026

20,554,141

(201,094)

U.S.

Treasury

Long

Bonds

Long

575

06/18/2026

65,478,125

(1,718,627)

U.S.

Treasury

Year

Notes

Long

1,755

06/30/2026

364,066,523

(2,492,962)

$(3,543,212)

(1)

Notional

Amount

determined

based

the

number

contracts

multiplied

the

contract

size

and

the

quoted

daily

settlement

price

dollars.

summary

the

DoubleLine

Opportunistic

Core

Bond

ETF's

investments

affiliated

mutual

funds

for

the

period

ended

March

31,

2026

follows:

Fund

Value

September

2025

Gross

Purchases

Gross

Sales

Net

Realized

Gain

(Loss)

for

the

period

Ended

March

2026

Change

Unrealized

for

the

period

Ended

March

2026

Value

March

2026

Held

March

2026

Dividend

Income

Earned

for

the

period

Ended

March

2026

DoubleLine

Global

Bond

Fund

13,100,000

3,321,000

—

(464,328)

15,956,672

1,853,272

250,544

DoubleLine

Emerging

Markets

Local

Currency

Bond

Fund

5,238,738

14,631,000

—

(744,963)

19,124,775

2,052,015

376,626

18,338,738

17,952,000

—

$(1,209,291)

$35,081,447

3,905,287

627,170

Schedule

Investments

DoubleLine

Shiller

CAPE

U.S.

Equities

ETF

(Unaudited)

March

31,

2026

DoubleLine

ETF

Trust

The

accompanying

notes

are

integral

part

these

financial

statements.

SECURITY

DESCRIPTION

VALUE

COMMON

STOCKS

99.6%

AUTOMOBILE

COMPONENTS

0.1%

3,518

Aptiv

plc

(a)

244,290

AUTOMOBILES

5.4%

64,532

Ford

Motor

Co.

744,699

15,272

General

Motors

Co.

1,137,764

32,984

Tesla,

Inc.

(a)

12,261,802

14,144,265

BIOTECHNOLOGY

4.7%

21,524

AbbVie,

Inc.

4,681,254

6,562

Amgen,

Inc.

2,308,840

1,798

Biogen,

Inc.

(a)

329,627

15,167

Gilead

Sciences,

Inc.

2,113,825

2,024

Incyte

Corp.

(a)

190,499

4,226

Moderna,

Inc.

(a)

214,681

1,233

Regeneron

Pharmaceuticals,

Inc.

952,665

3,102

Vertex

Pharmaceuticals,

Inc.

(a)

1,385,167

12,176,558

BROADLINE

RETAIL

5.9%

70,975

Amazon.com,

Inc.

(a)

14,781,963

7,387

eBay,

Inc.

672,365

15,454,328

CONSUMER

STAPLES

DISTRIBUTION

RETAIL

0.0%

(b)

35,955

Walgreens

Boots

Alliance,

Inc.,

CVR

(a)(c)

19,056

DISTRIBUTORS

0.1%

2,283

Genuine

Parts

Co.

241,427

539

Pool

Corp.

109,056

350,483

DIVERSIFIED

REITS

0.3%

11,357

Carey,

Inc.

771,822

DIVERSIFIED

TELECOMMUNICATION

SERVICES

4.1%

126,344

AT&T,

Inc.

3,662,713

112,327

Comcast

Corp.

Class

3,224,908

77,197

Verizon

Communications,

Inc.

3,875,289

10,762,910

ENTERTAINMENT

7.0%

15,174

Electronic

Arts,

Inc.

3,093,523

14,053

Live

Nation

Entertainment,

Inc.

(a)

2,143,223

40,236

Netflix,

Inc.

(a)

3,868,692

12,541

Take-Two

Interactive

Software,

Inc.

(a)

2,476,848

5,853

TKO

Group

Holdings,

Inc.

Class

1,180,257

28,223

Walt

Disney

Co.

(The)

2,720,133

104,442

Warner

Bros

Discovery,

Inc.

(a)

2,867,977

18,350,653

HEALTH

CARE

EQUIPMENT

SUPPLIES

4.7%

21,362

Abbott

Laboratories

2,193,238

823

Align

Technology,

Inc.

(a)

141,087

6,318

Baxter

International,

Inc.

106,142

3,525

Becton

Dickinson

Co.

554,236

18,128

Boston

Scientific

Corp.

(a)

1,137,532

2,453

Cooper

Cos.,

Inc.

(The)

(a)

175,390

4,785

Dexcom,

Inc.

(a)

300,498

7,122

Edwards

Lifesciences

Corp.

(a)

570,330

5,586

HealthCare

Technologies,

Inc.

397,611

2,735

Hologic,

Inc.

(a)

206,739

982

IDEXX

Laboratories,

Inc.

(a)

551,776

866

Insulet

Corp.

(a)

181,721

4,338

Intuitive

Surgical,

Inc.

(a)

1,999,775

SECURITY

DESCRIPTION

VALUE

15,699

Medtronic

plc

1,360,318

1,782

ResMed,

Inc.

400,023

1,800

Solventum

Corp.

(a)

117,540

1,194

STERIS

plc

264,029

4,241

Stryker

Corp.

1,393,550

2,439

Zimmer

Biomet

Holdings,

Inc.

220,534

12,272,069

HEALTH

CARE

PROVIDERS

SERVICES

4.1%

2,925

Cardinal

Health,

Inc.

618,082

2,365

Cencora,

Inc.

742,941

5,712

Centene

Corp.

(a)

187,011

3,273

Cigna

Group

(The)

873,073

15,597

CVS

Health

Corp.

1,120,177

434

DaVita,

Inc.

(a)

66,701

2,722

Elevance

Health,

Inc.

796,866

1,956

HCA

Healthcare,

Inc.

925,657

1,226

Henry

Schein,

Inc.

(a)

90,356

1,472

Humana,

Inc.

255,230

1,020

Labcorp

Holdings,

Inc.

272,146

1,515

McKesson

Corp.

1,311,020

627

Molina

Healthcare,

Inc.

(a)

83,579

1,365

Quest

Diagnostics,

Inc.

267,513

11,127

UnitedHealth

Group,

Inc.

3,010,855

676

Universal

Health

Services,

Inc.

Class

120,984

10,742,191

HEALTH

CARE

REITS

4.0%

8,042

Alexandria

Real

Estate

Equities,

Inc.

373,310

18,085

Healthcare

Realty

Trust,

Inc.

Class

307,264

35,846

Healthpeak

Properties,

Inc.

588,950

15,313

Omega

Healthcare

Investors,

Inc.

671,016

12,938

Sabra

Health

Care

REIT,

Inc.

248,798

24,278

Ventas,

Inc.

1,985,455

32,062

Welltower,

Inc.

6,338,977

10,513,770

HOTEL

RESORT

REITS

0.2%

33,235

Host

Hotels

Resorts,

Inc.

636,783

HOTELS,

RESTAURANTS

LEISURE

6.1%

7,011

Airbnb,

Inc.

Class

(a)

885,349

531

Booking

Holdings,

Inc.

2,235,680

17,789

Carnival

Corp.

460,379

21,782

Chipotle

Mexican

Grill,

Inc.

Class

(a)

697,242

1,920

Darden

Restaurants,

Inc.

376,397

513

Domino's

Pizza,

Inc.

184,059

6,177

DoorDash,

Inc.

Class

(a)

927,477

1,915

Expedia

Group,

Inc.

442,154

3,811

Hilton

Worldwide

Holdings,

Inc.

1,158,849

5,009

Las

Vegas

Sands

Corp.

269,885

3,649

Marriott

International,

Inc.

Class

1,193,478

10,384

McDonald's

Corp.

3,227,243

3,376

MGM

Resorts

International

(a)

124,946

7,463

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

139,558

4,178

Royal

Caribbean

Cruises

Ltd.

1,149,702

18,685

Starbucks

Corp.

1,673,989

1,384

Wynn

Resorts

Ltd.

140,545

4,574

Yum!

Brands,

Inc.

711,166

15,998,098

HOUSEHOLD

DURABLES

0.9%

4,496

Horton,

Inc.

616,941

2,686

Garmin

Ltd.

623,180

3,548

Lennar

Corp.

Class

308,108

NVR,

Inc.

(a)

309,722

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

The

accompanying

notes

are

integral

part

these

financial

statements.

SECURITY

DESCRIPTION

VALUE

3,212

PulteGroup,

Inc.

377,763

2,235,714

INDUSTRIAL

REITS

3.0%

14,706

Americold

Realty

Trust,

Inc.

168,531

2,758

EastGroup

Properties,

Inc.

510,478

6,850

First

Industrial

Realty

Trust,

Inc.

396,273

2,955

Lineage,

Inc.

96,806

45,076

Prologis,

Inc.

5,958,145

11,910

Rexford

Industrial

Realty,

Inc.

389,814

9,665

STAG

Industrial,

Inc.

348,520

7,868,567

INTERACTIVE

MEDIA

SERVICES

9.6%

23,549

Alphabet,

Inc.

Class

6,771,750

18,830

Alphabet,

Inc.

Class

5,401,574

21,218

Match

Group,

Inc.

651,605

20,719

Meta

Platforms,

Inc.

Class

11,853,961

24,678,890

LEISURE

PRODUCTS

0.1%

2,193

Hasbro,

Inc.

205,265

LIFE

SCIENCES

TOOLS

SERVICES

2.2%

3,460

Agilent

Technologies,

Inc.

394,371

1,903

Bio-Techne

Corp.

99,451

603

Charles

River

Laboratories

International,

Inc.

(a)

104,018

7,655

Danaher

Corp.

1,451,388

2,096

IQVIA

Holdings,

Inc.

(a)

357,452

250

Mettler-Toledo

International,

Inc.

(a)

315,300

1,384

Revvity,

Inc.

121,252

4,580

Thermo

Fisher

Scientific,

Inc.

2,251,207

1,213

Waters

Corp.

(a)

361,231

886

West

Pharmaceutical

Services,

Inc.

222,067

5,677,737

MEDIA

3.0%

7,897

Charter

Communications,

Inc.

Class

(a)

1,704,805

18,516

Fox

Corp.

Class

1,081,334

13,191

Fox

Corp.

Class

700,442

33,422

News

Corp.

Class

833,210

11,004

News

Corp.

Class

313,724

28,528

Omnicom

Group,

Inc.

2,148,445

28,210

Paramount

Skydance

Corp.

Class

254,454

39,286

Trade

Desk,

Inc.

(The)

Class

(a)

891,399

7,927,813

MORTGAGE

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

0.7%

55,560

AGNC

Investment

Corp.

557,267

35,324

Annaly

Capital

Management,

Inc.

747,103

28,704

Rithm

Capital

Corp.

272,114

18,060

Starwood

Property

Trust,

Inc.

310,993

1,887,477

OFFICE

REITS

0.4%

7,625

BXP,

Inc.

395,737

8,750

Cousins

Properties,

Inc.

197,488

5,651

Kilroy

Realty

Corp.

159,415

8,393

Vornado

Realty

Trust

218,134

970,774

PHARMACEUTICALS

9.2%

25,015

Bristol-Myers

Squibb

Co.

1,517,160

9,741

Eli

Lilly

Co.

8,959,479

29,413

Johnson

7,189,713

30,395

Merck

Co.,

Inc.

3,656,215

69,670

Pfizer,

Inc.

1,956,334

SECURITY

DESCRIPTION

VALUE

14,096

Viatris,

Inc.

190,437

5,429

Zoetis,

Inc.

Class

641,762

24,111,100

REAL

ESTATE

MANAGEMENT

DEVELOPMENT

1.6%

15,177

CBRE

Group,

Inc.

Class

(a)

2,055,876

22,085

CoStar

Group,

Inc.

(a)

890,909

2,464

Jones

Lang

LaSalle,

Inc.

(a)

749,844

2,597

Zillow

Group,

Inc.

Class

(a)

107,490

9,110

Zillow

Group,

Inc.

Class

(a)

376,972

4,181,091

RESIDENTIAL

REITS

2.9%

16,884

American

Homes

Rent

Class

471,401

7,331

AvalonBay

Communities,

Inc.

1,197,520

5,534

Camden

Property

Trust

540,450

10,049

Equity

LifeStyle

Properties,

Inc.

627,259

17,922

Equity

Residential

1,060,086

3,337

Essex

Property

Trust,

Inc.

807,554

29,317

Invitation

Homes,

Inc.

728,527

6,060

Mid-America

Apartment

Communities,

Inc.

740,047

6,017

Sun

Communities,

Inc.

757,901

15,546

UDR,

Inc.

525,144

7,455,889

RETAIL

REITS

3.4%

5,948

Agree

Realty

Corp.

448,360

15,869

Brixmor

Property

Group,

Inc.

457,027

4,070

Federal

Realty

Investment

Trust

432,275

35,071

Kimco

Realty

Corp.

788,045

9,840

NNN

REIT,

Inc.

413,575

46,991

Realty

Income

Corp.

2,874,909

8,511

Regency

Centers

Corp.

643,942

15,439

Simon

Property

Group,

Inc.

2,879,838

8,937,971

SPECIALIZED

REITS

8.2%

16,255

American

Tower

Corp.

2,805,288

22,494

Crown

Castle,

Inc.

1,828,987

11,853

CubeSmart

434,412

16,759

Digital

Realty

Trust,

Inc.

3,020,139

3,291

Equinix,

Inc.

3,225,971

11,022

Extra

Space

Storage,

Inc.

1,445,315

14,675

Gaming

and

Leisure

Properties,

Inc.

651,130

15,281

Iron

Mountain,

Inc.

1,560,801

4,494

Lamar

Advertising

Co.

Class

569,210

8,006

Millrose

Properties,

Inc.

Class

224,168

8,195

Public

Storage

2,219,862

5,530

SBA

Communications

Corp.

Class

951,768

55,361

VICI

Properties,

Inc.

Class

1,512,463

37,643

Weyerhaeuser

Co.

919,618

21,369,132

SPECIALTY

RETAIL

5.5%

271

AutoZone,

Inc.

(a)

915,378

3,236

Best

Buy

Co.,

Inc.

207,751

2,299

Carvana

Co.

Class

(a)

722,760

11,694

Home

Depot,

Inc.

(The)

3,846,040

9,217

Lowe's

Cos.,

Inc.

2,177,793

13,857

O'Reilly

Automotive,

Inc.

(a)

1,279,140

5,361

Ross

Stores,

Inc.

1,161,353

18,331

TJX

Cos.,

Inc.

(The)

2,927,461

8,707

Tractor

Supply

Co.

394,427

737

Ulta

Beauty,

Inc.

(a)

385,237

1,967

Williams-Sonoma,

Inc.

358,643

14,375,983

DoubleLine

ETF

Trust

Schedule

Investments

DoubleLine

Shiller

CAPE

U.S.

Equities

ETF

(Cont.)

The

accompanying

notes

are

integral

part

these

financial

statements.

(Unaudited)

March

31,

2026

SECURITY

DESCRIPTION

VALUE

TEXTILES,

APPAREL

LUXURY

GOODS

0.9%

2,385

Deckers

Outdoor

Corp.

(a)

238,715

1,765

Lululemon

Athletica,

Inc.

(a)

270,222

19,504

NIKE,

Inc.

Class

1,030,200

643

Ralph

Lauren

Corp.

Class

221,186

3,366

Tapestry,

Inc.

474,976

2,235,299

WIRELESS

TELECOMMUNICATION

SERVICES

1.3%

15,796

T-Mobile

US,

Inc.

3,317,634

Total

Common

Stocks

(Cost

$266,801,631)

259,873,612

SHORT

TERM

INVESTMENTS

0.3%

680,605

JPMorgan

U.S.

Government

Money

Market

Fund

Class

3.60%

(d)

680,605

Total

Short

Term

Investments

(Cost

$680,605)

680,605

Total

Investments

99.9%

(Cost

$267,482,236)

260,554,217

Other

Assets

Excess

Liabilities

0.1%

176,847

NET

ASSETS

100.0%

$260,731,064

(a)

Non-income

producing

security.

(b)

Represents

less

than

0.05%

net

assets.

(c)

Value

determined

using

significant

unobservable

inputs.

(d)

Seven-day

yield

period

end.

Abbreviations:

CVR

Contingent

Value

Rights

Schedule

Investments

DoubleLine

Commercial

Real

Estate

Debt

ETF

(Unaudited)

March

31,

2026

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

The

accompanying

notes

are

integral

part

these

financial

statements.

RINCIPAL

MOUNT

$/S

HARES

ECURITY

ESCRIPTION

ATE

ATURITY

ALUE

COLLATERALIZED

LOAN

OBLIGATIONS

19.9%

ACRES

LLC

2,000,000

Series

2025-FL3-A

(CME

Term

SOFR

Month

1.62%)

5.30%

(a)

08/18/2040

2,005,082

Arbor

Realty

Collateralized

Loan

Obligation

Ltd.

3,100,000

Series

2025-BTR1-A

(CME

Term

SOFR

Month

1.93%)

5.60%

(a)

01/20/2041

3,105,168

2,000,000

Series

2025-BTR1-AS

(CME

Term

SOFR

Month

2.64%)

6.31%

(a)

01/20/2041

2,002,966

Arbor

Realty

Commercial

Real

Estate

Notes

LLC

1,456,000

Series

2026-FL1-A

(CME

Term

SOFR

Month

1.50%)

5.17%

(a)

09/20/2043

1,457,816

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.

1,800,538

Series

2021-FL4-A

(CME

Term

SOFR

Month

1.46%,

1.46%

Floor)

5.14%

(a)

11/15/2036

1,802,806

644,565

Series

2022-FL1-A

(SOFR

Day

Average

1.45%,

1.45%

Floor)

5.12%

(a)

01/15/2037

645,383

AREIT

LLC

360,131

Series

2022-CRE7-A

(CME

Term

SOFR

Month

2.24%)

5.92%

(a)

06/17/2039

360,778

3,000,000

Series

2025-CRE11-A

(CME

Term

SOFR

Month

1.55%)

5.23%

(a)

07/25/2043

3,005,379

BDS

LLC

2,000,000

Series

2025-FL16-C

(CME

Term

SOFR

Month

2.10%)

5.78%

(a)

06/19/2043

1,997,018

BDS

Ltd.

83,447

Series

2021-FL10-A

(CME

Term

SOFR

Month

1.46%)

5.14%

(a)

12/16/2036

83,661

BSPDF

Issuer

LLC

1,000,000

Series

2025-FL2-A

(CME

Term

SOFR

Month

1.52%)

5.20%

(a)

12/15/2042

1,003,046

BSPRT

Issuer

LLC

2,500,000

Series

2026-FL13-A

(CME

Term

SOFR

Month

1.50%)

0.00%

(a)

10/18/2043

2,506,250

BSPRT

Issuer

Ltd.

1,208,721

Series

2023-FL10-A

(CME

Term

SOFR

Month

2.26%,

2.26%

Floor)

5.93%

(a)

09/15/2035

1,211,801

BXMT

Ltd.

28,404

Series

2020-FL2-A

(CME

Term

SOFR

Month

1.26%,

1.01%

Floor)

4.94%

(a)

02/15/2038

28,419

1,750,000

Series

2020-FL2-B

(CME

Term

SOFR

Month

1.76%)

5.44%

(a)

02/15/2038

1,747,251

3,000,000

Series

2026-FL6-A

(CME

Term

SOFR

Month

1.45%)

5.13%

(a)

08/19/2043

3,002,835

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

Rialto

463,549

Series

2021-FL2-A

(CME

Term

SOFR

Month

1.33%,

1.33%

Floor)

5.01%

(a)

05/16/2038

464,105

1,250,000

Series

2021-FL2-AS

(CME

Term

SOFR

Month

1.66%)

5.34%

(a)

05/16/2038

1,252,765

837,320

Series

2021-FL3-A

(CME

Term

SOFR

Month

1.36%,

1.36%

Floor)

5.04%

(a)

11/16/2036

839,102

3,500,000

Series

2021-FL3-AS

(CME

Term

SOFR

Month

1.66%)

5.34%

(a)

11/16/2036

3,505,155

1,300,000

Series

2021-FL3-C

(CME

Term

SOFR

Month

2.16%)

5.84%

(a)

11/16/2036

1,304,472

GPMT

Ltd.

1,960,423

Series

2021-FL3-AS

(CME

Term

SOFR

Month

1.96%)

5.64%

(a)

07/16/2035

1,963,838

4,400,250

Series

2021-FL4-A

(CME

Term

SOFR

Month

1.46%,

1.35%

Floor)

5.14%

(a)

12/15/2036

4,414,027

1,320,000

Series

2021-FL4-AS

(CME

Term

SOFR

Month

1.81%,

1.70%

Floor)

5.49%

(a)

12/15/2036

1,322,783

1,000,000

Series

2021-FL4-B

(CME

Term

SOFR

Month

2.06%)

5.74%

(a)

12/15/2036

996,914

REFT

Issuer

Ltd.

3,500,000

Series

2026-FL1-A

(CME

Term

SOFR

Month

1.50%)

5.17%

(a)

04/19/2043

3,508,750

INCREF

LLC

2,500,000

Series

2025-FL1-A

(CME

Term

SOFR

Month

1.73%)

5.41%

(a)

10/19/2042

2,506,585

KREF

Ltd.

837,029

Series

2021-FL2-A

(CME

Term

SOFR

Month

1.18%,

1.07%

Floor)

4.86%

(a)

02/15/2039

839,011

3,000,000

Series

2021-FL2-AS

(CME

Term

SOFR

Month

1.41%,

1.30%

Floor)

5.09%

(a)

02/15/2039

3,005,241

100,000

Series

2021-FL2-C

(CME

Term

SOFR

Month

2.11%,

2.00%

Floor)

5.79%

(a)

02/15/2039

99,883

250,000

Series

2022-FL3-AS

(CME

Term

SOFR

Month

1.90%,

1.90%

Floor)

5.58%

(a)

02/17/2039

250,719

250,000

Series

2022-FL3-B

(CME

Term

SOFR

Month

2.10%,

2.10%

Floor)

5.78%

(a)

02/17/2039

250,823

LMNT

CRE

LLC

3,000,000

Series

2025-FL3-C

(CME

Term

SOFR

Month

2.75%)

6.42%

(a)

07/21/2043

3,036,948

DoubleLine

ETF

Trust

Schedule

Investments

DoubleLine

Commercial

Real

Estate

Debt

ETF

(Cont.)

The

accompanying

notes

are

integral

part

these

financial

statements.

(Unaudited)

March

31,

2026

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

LoanCore

Issuer

Ltd.

512,126

Series

2021-CRE5-AS

(CME

Term

SOFR

Month

1.86%,

1.86%

Floor)

5.54%

(a)

07/15/2036

514,730

101,093

Series

2021-CRE6-A

(CME

Term

SOFR

Month

1.41%,

1.30%

Floor)

5.09%

(a)

11/15/2038

101,349

1,600,000

Series

2021-CRE6-C

(CME

Term

SOFR

Month

2.41%)

6.09%

(a)

11/15/2038

1,604,839

MF1

LLC

5,000,000

Series

2026-FL21-ASFX

5.12%

(a)

02/18/2041

5,002,305

MF1

Ltd.

2,530,539

Series

2022-FL8-A

(CME

Term

SOFR

Month

1.35%)

5.03%

(a)

02/19/2037

2,533,689

1,430,000

Series

2022-FL8-AS

(CME

Term

SOFR

Month

1.75%)

5.43%

(a)

02/19/2037

1,431,160

MF1

Multifamily

Housing

Mortgage

Loan

Trust

230,767

Series

2021-FL7-A

(CME

Term

SOFR

Month

1.19%,

1.08%

Floor)

4.87%

(a)

10/16/2036

231,016

1,000,000

Series

2021-FL7-B

(CME

Term

SOFR

Month

1.86%,

1.75%

Floor)

5.54%

(a)

10/16/2036

1,001,277

PFP

Ltd.

3,000,000

Series

2026-13-A

(CME

Term

SOFR

Month

1.50%)

5.18%

(a)

08/18/2043

3,006,195

STWD

Ltd.

3,000,000

Series

2021-FL2-AS

(CME

Term

SOFR

Month

1.56%)

5.24%

(a)

04/18/2038

3,002,877

164,364

Series

2022-FL3-A

(SOFR

Day

Average

1.35%,

1.35%

Floor)

5.02%

(a)

11/15/2038

164,561

TRTX

Issuer

Ltd.

1,488,015

Series

2022-FL5-A

(CME

Term

SOFR

Month

1.65%,

1.65%

Floor)

5.33%

(a)

02/15/2039

1,489,868

2,100,000

Series

2022-FL5-AS

(CME

Term

SOFR

Month

2.15%,

2.15%

Floor)

5.83%

(a)

02/15/2039

2,102,612

3,000,000

Series

2022-FL5-B

(CME

Term

SOFR

Month

2.45%)

6.13%

(a)

02/15/2039

3,005,547

Total

Collateralized

Loan

Obligations

(Cost

$80,302,816)

80,718,805

NON-AGENCY

COMMERCIAL

MORTGAGE-BACKED

OBLIGATIONS

62.4%

1211

Avenue

the

Americas

Trust

1,600,000

Series

2015-1211-A1A2

3.90%

(a)

08/10/2035

1,533,800

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

280

Park

Avenue

Mortgage

Trust

1,500,000

Series

2017-280P-A

(CME

Term

SOFR

Month

1.18%,

1.13%

Floor)

4.85%

(a)

09/15/2034

1,492,877

Arbor

Multifamily

Mortgage

Securities

Trust

1,454,000

Series

2021-MF2-ASB

2.24%

(a)

06/15/2054

1,376,911

ARDN

Mortgage

Trust

1,860,000

Series

2025-ARCP-A

(CME

Term

SOFR

Month

1.75%)

5.42%

(a)

06/15/2035

1,855,654

BAMLL

Commercial

Mortgage

Securities

Trust

2,000,000

Series

2015-HAUL-B

4.31%

(a)

07/07/2043

1,954,057

BANK

536,360

Series

2017-BNK5-A4

3.13%

06/15/2060

530,495

334,922

Series

2018-BN14-A2

4.13%

09/15/2060

332,841

969,015

Series

2019-BN19-A2

2.93%

08/15/2061

927,711

1,044,735

Series

2021-BN32-ASB

2.33%

04/15/2054

993,931

638,528

Series

2021-BN36-A2

2.13%

09/15/2064

629,418

86,987

Series

2021-BN37-A1

1.19%

11/15/2064

86,349

400,000

Series

2021-BN38-ASB

2.51%

12/15/2064

376,384

312,857

Series

2022-BNK39-A1

1.74%

02/15/2055

309,499

1,130,048

Series

2023-BNK46-A1

6.01%

08/15/2056

1,143,354

1,419,625

Series

2024-BNK47-A1

5.52%

06/15/2057

1,440,030

2,274,453

Series

2025-BNK49-A1

4.77%

03/15/2058

2,280,445

2,599,710

Series

2025-BNK50-A1

4.73%

05/15/2068

2,604,093

BANK5

3,000,000

Series

2023-5YR1-A3

6.26%

(b)

04/15/2056

3,081,221

244,671

Series

2023-5YR2-A1

6.20%

07/15/2056

248,076

3,000,000

Series

2023-5YR2-A3

6.66%

(b)

07/15/2056

3,115,584

3,000,000

Series

2023-5YR2-AS

7.14%

(b)

07/15/2056

3,135,711

1,500,000

Series

2024-5YR10-A3

5.30%

10/15/2057

1,529,405

3,500,000

Series

2024-5YR12-A3

5.90%

(b)

12/15/2057

3,637,050

3,880,199

Series

2024-5YR5-A3

5.70%

02/15/2029

3,980,563

608,696

Series

2024-5YR7-A1

5.82%

06/15/2057

616,492

1,351,738

Series

2024-5YR8-A1

5.19%

08/15/2057

1,365,146

1,000,000

Series

2024-5YR9-A3

5.61%

08/15/2057

1,028,631

826,167

Series

2025-5YR14-A1

4.82%

04/15/2058

827,726

19,595,846

Series

2025-5YR17-XA

1.19%

(b)(c)

11/15/2058

914,346

43,582,056

Series

2025-5YR18-XA

1.05%

(b)(c)

12/15/2058

1,897,214

19,957,000

Series

2025-5YR19-XA

1.13%

(b)(c)

12/15/2058

941,352

52,717,058

Series

2026-5YR20-XA

1.31%

(b)(c)

02/15/2059

2,931,638

3,109,000

Series

2026-5YR21-A1

4.78%

04/15/2059

3,114,934

47,490,000

Series

2026-5YR21-XA

1.00%

(b)(c)

04/15/2059

1,668,480

BANK5

Trust

1,412,250

Series

2024-5YR6-A1

5.86%

05/15/2057

1,436,285

1,248,000

Series

2024-5YR6-A3

6.23%

05/15/2057

1,298,953

BBCMS

Mortgage

Trust

33,975

Series

2017-C1-ASB

3.49%

02/15/2050

33,826

3,250,000

Series

2023-5C23-A3

6.68%

(b)

12/15/2056

3,402,389

674,189

Series

2024-5C25-A1

5.49%

03/15/2057

681,110

2,500,000

Series

2024-5C25-AS

6.36%

(b)

03/15/2057

2,594,356

1,161,282

Series

2024-C24-A1

5.23%

02/15/2057

1,167,838

1,529,273

Series

2024-C28-A1

4.91%

09/15/2057

1,536,274

1,101,622

Series

2025-5C34-A1

4.81%

05/15/2058

1,105,210

19,622,738

Series

2025-5C34-XA

1.17%

(b)(c)

05/15/2058

839,249

21,354,804

Series

2025-5C36-XA

1.07%

(b)(c)

08/15/2058

879,410

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

The

accompanying

notes

are

integral

part

these

financial

statements.

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

14,246,235

Series

2025-5C37-XA

1.66%

(a)

(b)(c)

09/15/2058

900,265

31,690,000

Series

2025-5C38-XA

1.46%

(b)(c)

11/15/2058

1,874,571

2,952,729

Series

2026-5C40-A1

4.43%

02/15/2059

2,933,743

36,226,786

Series

2026-5C40-XA

1.23%

(b)(c)

02/15/2059

1,912,195

Benchmark

Mortgage

Trust

500,000

Series

2018-B7-A3

4.24%

05/15/2053

495,680

1,379,000

Series

2019-B13-A3

2.70%

08/15/2057

1,298,765

449,575

Series

2019-B13-ASB

2.89%

08/15/2057

438,435

11,218,021

Series

2019-B14-XA

0.74%

(b)(c)

12/15/2062

206,524

668,274

Series

2019-B15-A2

2.91%

12/15/2072

645,966

288,497

Series

2020-B22-ASB

1.73%

01/15/2054

272,910

2,630,863

Series

2021-B24-ASB

2.26%

03/15/2054

2,501,253

1,230,802

Series

2021-B25-A3

1.91%

04/15/2054

1,134,488

2,500,000

Series

2023-B38-A2

5.63%

04/15/2056

2,528,661

774,878

Series

2023-V2-A2

5.36%

05/15/2055

782,988

167,341

Series

2024-V10-A1

4.48%

09/15/2057

166,955

3,000,000

Series

2024-V11-A3

5.91%

(b)

11/15/2057

3,118,084

157,317

Series

2024-V12-A1

5.05%

12/15/2057

158,598

215,205

Series

2024-V5-A1

5.32%

01/10/2057

217,176

3,000,000

Series

2024-V5-A3

5.81%

01/10/2057

3,085,694

1,618,567

Series

2024-V7-A1

5.63%

05/15/2056

1,640,959

668,965

Series

2024-V8-A1

5.51%

07/15/2057

677,447

1,500,000

Series

2024-V8-A3

6.19%

(b)

07/15/2057

1,560,874

2,000,000

Series

2024-V9-A3

5.60%

08/15/2057

2,053,066

300,000

Series

2025-V13-A1

5.09%

02/15/2058

302,465

300,000

Series

2025-V13-A4

5.82%

(b)

02/15/2058

311,089

1,665,171

Series

2025-V14-A1

4.84%

04/15/2057

1,676,378

876,376

Series

2025-V15-A1

4.91%

06/15/2058

879,144

15,350,000

Series

2025-V17-XA

1.51%

(b)(c)

09/15/2058

901,714

20,633,000

Series

2025-V19-XA

1.10%

(b)(c)

01/15/2058

953,812

4,000,000

Series

2026-B42-A1

4.22%

03/15/2059

3,978,446

55,598,161

Series

2026-V20-XA

1.22%

(b)(c)

02/15/2059

2,937,974

39,727,000

Series

2026-V21-XA

1.65%

(b)(c)

11/15/2030

2,515,514

BMARK

434,632

Series

2023-V4-A1

6.45%

11/15/2056

441,869

BMO

Mortgage

Trust

88,768

Series

2022-C1-A1

2.20%

02/15/2055

88,290

38,384

Series

2022-C3-A1

5.25%

(b)

09/15/2054

38,422

299,026

Series

2023-5C2-A1

6.80%

11/15/2056

304,822

277,510

Series

2023-C4-A1

5.29%

02/15/2056

278,080

498,528

Series

2023-C5-A2

6.52%

06/15/2056

508,486

74,606

Series

2024-5C3-A1

5.14%

02/15/2057

74,992

1,357,246

Series

2024-5C4-A1

6.02%

05/15/2057

1,382,408

372,760

Series

2024-5C5-A1

5.20%

02/15/2057

372,802

2,000,000

Series

2024-5C6-A3

5.32%

09/15/2057

2,036,761

963,822

Series

2024-5C7-A1

4.83%

11/15/2057

969,275

1,100,133

Series

2024-C9-A1

5.48%

07/15/2057

1,111,727

353,671

Series

2025-5C10-A1

4.74%

05/15/2058

354,177

17,430,332

Series

2025-5C10-XA

1.35%

(b)(c)

05/15/2058

825,678

15,840,769

Series

2025-5C12-XA

1.44%

(b)(c)

10/15/2058

914,066

39,056,995

Series

2025-5C13-XA

1.20%

(b)(c)

12/15/2058

1,905,731

925,020

Series

2025-5C9-A1

4.97%

04/15/2058

929,771

1,707,832

Series

2025-C11-A1

4.97%

02/15/2058

1,724,468

897,214

Series

2025-C12-A1

4.90%

06/15/2058

901,289

Commercial

Mortgage

Trust

409,752

Series

2019-IMC-A

(CME

Term

SOFR

Month

1.05%,

1.00%

Floor)

4.72%

(a)

04/15/2034

407,773

267,766

Series

2021-21M-A

(CME

Term

SOFR

Month

0.84%,

0.73%

Floor)

4.52%

(a)

10/15/2036

267,633

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

448,231

Series

2021-ACNT-C

(CME

Term

SOFR

Month

1.61%,

1.50%

Floor)

5.29%

(a)

11/15/2038

448,068

439,200

Series

2022-LP2-C

(CME

Term

SOFR

Month

1.56%)

5.23%

(a)

02/15/2039

439,387

1,751,847

Series

2024-AIRC-A

(CME

Term

SOFR

Month

1.69%)

5.36%

(a)

08/15/2041

1,755,722

319,673

Series

2024-XL4-A

(CME

Term

SOFR

Month

1.44%)

5.11%

(a)

02/15/2039

320,432

89,509

Series

2024-XL4-B

(CME

Term

SOFR

Month

1.79%)

5.46%

(a)

02/15/2039

89,702

1,500,000

Series

2026-ALOHA-C

(CME

Term

SOFR

Month

1.70%)

0.00%

(a)

04/15/2043

1,503,750

2,500,000

Series

2026-CSMO-B

(CME

Term

SOFR

Month

1.70%)

5.37%

(a)

02/15/2043

2,504,531

2,000,000

Series

2026-XL6-C

(CME

Term

SOFR

Month

1.60%)

5.27%

(a)

03/15/2043

1,986,338

Mortgage

Trust

1,500,000

Series

2021-PAC-A

(CME

Term

SOFR

Month

0.80%)

4.48%

(a)

10/15/2036

1,496,790

Trust

2,500,000

Series

2019-OC11-A

3.20%

(a)

12/09/2041

2,362,379

1,790,564

Series

2021-BXMF-B

(CME

Term

SOFR

Month

1.16%,

1.04%

Floor)

4.83%

(a)

10/15/2026

1,788,655

320,000

Series

2021-LBA-DJV

(CME

Term

SOFR

Month

1.96%)

5.64%

(a)

02/15/2036

319,903

1,000,000

Series

2021-LGCY-B

(CME

Term

SOFR

Month

0.97%,

0.86%

Floor)

4.64%

(a)

10/15/2036

999,214

1,267,994

Series

2021-RISE-B

(CME

Term

SOFR

Month

1.36%,

1.25%

Floor)

5.04%

(a)

11/15/2036

1,267,890

1,960,000

Series

2026-CART-C

(CME

Term

SOFR

Month

1.55%)

5.22%

(a)

02/15/2036

1,946,911

BXP

Trust

1,500,000

Series

2017-GM-C

3.42%

(a)(b)

06/13/2039

1,464,708

Cantor

Commercial

Real

Estate

Lending

1,255,997

Series

2019-CF1-A2

3.62%

05/15/2052

1,239,949

200,000

Series

2019-CF3-A4

3.01%

01/15/2053

187,287

CFCRE

Commercial

Mortgage

Trust

2,123,831

Series

2016-C4-AHR

3.12%

05/10/2058

2,118,766

Citigroup

Commercial

Mortgage

Trust

1,751,000

Series

2016-P4-A4

2.90%

07/10/2049

1,744,270

1,069,340

Series

2019-GC43-AAB

2.96%

11/10/2052

1,040,475

Commercial

Mortgage

Trust

2,500,000

Series

2016-COR1-A4

3.09%

10/10/2049

2,483,390

1,606,413

Series

2016-DC2-B

4.73%

(b)

02/10/2049

1,607,892

CSAIL

Commercial

Mortgage

Trust

1,962,263

Series

2017-CX9-A4

3.18%

09/15/2050

1,940,636

DoubleLine

ETF

Trust

Schedule

Investments

DoubleLine

Commercial

Real

Estate

Debt

ETF

(Cont.)

The

accompanying

notes

are

integral

part

these

financial

statements.

(Unaudited)

March

31,

2026

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

19,051

Series

2020-C19-A1

1.30%

03/15/2053

17,379

1,737,266

Series

2020-C19-ASB

2.55%

03/15/2053

1,672,963

CSMC

Trust

1,439,472

Series

2016-NXSR-A4

3.79%

(b)

12/15/2049

1,434,166

674,000

Series

2021-B33-A2

3.17%

(a)

10/10/2043

599,246

CSTL

Commercial

Mortgage

Trust

2,500,000

Series

2026-GATE3-C

5.13%

(a)(b)

02/10/2043

2,452,348

DBJPM

Mortgage

Trust

1,385,000

Series

2016-C3-A5

2.89%

08/10/2049

1,378,885

2,886,677

Series

2020-C9-A3

1.88%

08/15/2053

2,700,733

Del

Amo

Fashion

Center

Trust

1,500,000

Series

2017-AMO-A

3.64%

(a)(b)

06/05/2035

1,459,562

DTP

Commercial

Mortgage

Trust

2,000,000

Series

2023-STE2-B

5.40%

(a)(b)

01/15/2041

2,004,208

ELP

Commercial

Mortgage

Trust

2,000,000

Series

2025-ELP-C

4.80%

(a)(b)

11/13/2042

1,987,440

EQUS

Mortgage

Trust

1,510,696

Series

2021-EQAZ-B

(CME

Term

SOFR

Month

1.36%)

5.04%

(a)

10/15/2038

1,510,532

Trust

2,500,000

Series

2026-HULA-A

(CME

Term

SOFR

Month

1.45%)

5.13%

(a)

03/15/2041

2,503,177

Mortgage

Securities

Trust

123,282

Series

2013-GC13-AS

3.86%

(a)(b)

07/10/2046

122,386

3,000,000

Series

2013-GC13-B

3.86%

(a)(b)

07/10/2046

2,943,706

3,117,886

Series

2017-GS5-A3

3.41%

03/10/2050

3,099,058

Series

2018-GS10-A2

4.00%

07/10/2051

300,000

Series

2019-GC38-A3

3.70%

02/10/2052

294,221

221,646

Series

2019-GC39-A3

3.31%

05/10/2052

215,099

142,574

Series

2019-GSA1-AAB

2.99%

11/10/2052

139,323

Hilton

USA

Trust

300,000

Series

2016-HHV-A

3.72%

(a)

11/05/2038

298,474

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

463,091

Series

2016-JP3-A4

2.63%

08/15/2049

460,610

1,331,457

Series

2019-UES-A

3.81%

(a)

05/05/2032

1,328,128

JPMBB

Commercial

Mortgage

Securities

Trust

126,642

Series

2015-C27-A4

3.18%

02/15/2048

124,773

JPMCC

Commercial

Mortgage

Securities

Trust

137,082

Series

2017-JP5-A4

3.46%

03/15/2050

136,734

1,640,000

Series

2017-JP5-A5

3.72%

03/15/2050

1,630,637

2,000,000

Series

2019-COR5-A3

3.12%

06/13/2052

1,923,138

JPMDB

Commercial

Mortgage

Securities

Trust

500,381

Series

2018-C8-A3

3.94%

06/15/2051

494,644

Key

Commercial

Mortgage

Securities

Trust

1,156,820

Series

2018-S1-A3

4.50%

(a)

10/15/2053

1,143,905

KIND

Commercial

Mortgage

Trust

1,500,000

Series

2024-1-A

(CME

Term

SOFR

Month

1.89%)

5.56%

(a)

08/15/2041

1,501,247

LCCM

Trust

514,483

Series

2017-LC26-A3

3.29%

(a)

07/12/2050

508,072

Morgan

Stanley

Bank

America

Merrill

Lynch

Trust

1,260,443

Series

2013-C9-B

3.71%

(b)

05/15/2046

1,204,003

331,019

Series

2025-5C1-A1

4.92%

03/15/2058

332,391

3,000,000

Series

2025-5C2-A3

5.11%

11/15/2058

3,042,450

27,505,000

Series

2025-5C2-XA

1.25%

(b)(c)

11/15/2058

1,402,343

Morgan

Stanley

Capital

1,608,660

Series

2017-HR2-A3

3.33%

12/15/2050

1,581,035

Morgan

Stanley

Capital

Trust

2,838,462

Series

2019-H7-ASB

3.17%

07/15/2052

2,789,864

7,759,879

Series

2019-L2-XA

0.97%

(b)(c)

03/15/2052

184,220

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

888,799

Series

2024-NSTB-A

3.90%

(a)(b)

09/24/2057

877,599

MSWF

Commercial

Mortgage

Trust

1,224,166

Series

2023-1-A1

5.54%

05/15/2056

1,233,300

1,753,732

Series

2023-2-A2

6.89%

12/15/2056

1,824,886

Trust

2,000,000

Series

2025-WBRK-A

5.87%

(a)(b)

03/05/2035

2,056,992

NXPT

Commercial

Mortgage

Trust

1,000,000

Series

2024-STOR-C

4.98%

(a)(b)

11/05/2041

989,640

PLYM

Commercial

Mortgage

Trust

2,260,000

Series

2026-IND-C

(CME

Term

SOFR

Month

1.65%)

5.32%

(a)

03/15/2043

2,244,689

PRM

Trust

1,750,000

Series

2025-PRM6-A

4.48%

(a)(b)

07/05/2033

1,737,346

PRM5

Trust

1,750,000

Series

2025-PRM5-A

4.17%

(a)(b)

03/10/2033

1,740,057

SMRT

1,100,000

Series

2022-MINI-B

(CME

Term

SOFR

Month

1.35%)

5.02%

(a)

01/15/2039

1,098,944

UBS

Commercial

Mortgage

Trust

502,127

Series

2017-C7-A3

3.42%

12/15/2050

496,300

294,424

Series

2018-C13-A3

4.07%

10/15/2051

292,032

537,614

Series

2018-C15-ASB

4.20%

12/15/2051

534,391

1,600,366

Series

2018-C8-A3

3.72%

02/15/2051

1,576,707

Wells

Fargo

Commercial

Mortgage

Trust

210,695

Series

2016-BNK1-A2

2.40%

08/15/2049

209,626

91,292

Series

2017-C38-A4

3.19%

07/15/2050

90,199

2,448,048

Series

2019-C50-A4

3.47%

05/15/2052

2,386,765

487,758

Series

2019-C53-A3

2.79%

10/15/2052

462,427

2,178,879

Series

2020-C57-ASB

1.91%

08/15/2053

2,085,726

926,082

Series

2024-5C1-A1

5.23%

07/15/2057

933,449

1,500,000

Series

2024-5C1-A3

5.93%

07/15/2057

1,552,253

1,807,339

Series

2024-C63-A1

4.89%

08/15/2057

1,817,440

20,639,726

Series

2025-5C4-XA

1.12%

(b)(c)

05/15/2058

839,731

4,000,000

Series

2025-5C5-A3

5.59%

07/15/2058

4,128,976

17,124,112

Series

2025-5C6-XA

1.37%

(b)(c)

10/15/2058

907,248

750,000

Series

2025-5C7-A3

5.20%

12/15/2058

762,665

16,135,512

Series

2025-5C7-XA

1.44%

(b)(c)

12/15/2058

951,674

720,745

Series

2025-C64-A1

5.02%

02/15/2058

725,309

1,000,000

Series

2025-VTT-C

5.45%

(a)(b)

03/15/2038

1,002,324

1,000,000

Series

2026-1250B-A

4.83%

(a)(b)

03/10/2041

991,229

42,062,000

Series

2026-5C8-XA

1.58%

(b)(c)

03/15/2059

2,461,994

4,000,000

Series

2026-C66-A1

4.89%

04/15/2059

4,004,916

WFRBS

Commercial

Mortgage

Trust

56,299

Series

2013-C14-AS

3.49%

06/15/2046

55,343

1,000,000

Series

2014-C22-B

4.37%

(b)

09/15/2057

936,057

Total

Non-Agency

Commercial

Mortgage-Backed

Obligations

(Cost

$252,087,793)

253,463,059

NON-AGENCY

RESIDENTIAL

COLLATERALIZED

MORTGAGE

OBLIGATIONS

0.4%

AREIT

Trust

1,482,478

Series

2022-CRE6-A

(SOFR

Day

Average

1.25%,

1.25%

Floor)

4.92%

(a)

01/20/2037

1,484,723

PFP

Ltd.

87,114

Series

2024-11-A

(CME

Term

SOFR

Month

1.83%)

5.50%

(a)

09/17/2039

87,465

Total

Non-Agency

Residential

Collateralized

Mortgage

Obligations

(Cost

$1,555,316)

1,572,188

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

The

accompanying

notes

are

integral

part

these

financial

statements.

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

U.S.

GOVERNMENT

AND

AGENCY

MORTGAGE-BACKED

OBLIGATIONS

14.3%

FHLMC

2,500,000

Pool

WN1487

4.55%

11/01/2029

2,514,638

FHLMC,

Multifamily

Structured

Pass-Through

Certificates

2,987,756

Series

K094-A1

2.70%

04/25/2029

2,923,811

FNMA

4,000,000

Pool

BZ0638

4.82%

04/01/2029

4,073,236

4,500,000

Pool

BZ1029

4.93%

06/01/2029

4,593,486

2,500,000

Pool

BZ2695

5.01%

12/01/2029

2,514,548

2,473,368

Pool

BZ3803

4.46%

05/01/2030

2,493,965

6,343,262

Pool

BZ3936

4.78%

05/01/2030

6,393,426

2,500,000

Pool

BZ4251

4.65%

07/01/2030

2,535,224

2,500,000

Pool

BZ4252

4.65%

07/01/2030

2,539,132

2,000,000

Pool

BZ4253

4.65%

07/01/2030

2,034,437

2,500,000

Pool

BZ4565

4.53%

08/01/2030

2,522,620

FNMA

ACES

6,798,599

Series

2024-M5-1A1

4.45%

01/25/2034

6,825,892

FNMA,

Other

6,149,000

Pool

BZ0220

5.00%

01/01/2029

6,271,465

2,993,441

Pool

BZ2979

4.65%

01/01/2030

3,037,469

3,000,000

Pool

BZ3424

4.63%

03/01/2030

3,021,840

2,290,000

Pool

BZ5879

3.90%

01/01/2031

2,264,545

1,400,000

Pool

BZ6435

5.07%

02/01/2031

1,442,898

Total

U.S.

Government

and

Agency

Mortgage-

Backed

Obligations

(Cost

$58,065,846)

58,002,632

SHORT

TERM

INVESTMENTS

5.7%

23,247,365

JPMorgan

U.S.

Government

Money

Market

Fund

Class

3.60%

(d)

23,247,365

Total

Short

Term

Investments

(Cost

$23,247,365)

23,247,365

Total

Investments

102.7%

(Cost

$415,259,136)

417,004,049

Liabilities

Excess

Other

Assets

(2.7)%

(11,071,769)

NET

ASSETS

100.0%

$405,932,280

(a)

Security

exempt

from

registration

under

Rule

144A

the

Securities

Act

1933.

These

securities

may

resold

transactions

exempt

from

registration

qualified

institutional

buyers.

March

31,

2026,

the

value

these

securities

amounted

approximately

$145,875,594

35.94%

net

assets.

(b)

Coupon

rate

variable

floats

based

components

including

but

not

limited

reference

rate

and

spread.

These

securities

may

not

indicate

reference

rate

and/or

spread

their

description.

The

rate

disclosed

period

end.

(c)

Interest

only

security.

(d)

Seven-day

yield

period

end.

Abbreviations:

FHLMC

Federal

Home

Loan

Mortgage

Corporation

FNMA

Federal

National

Mortgage

Association

SOFR

Secured

Overnight

Financing

Rate

ACES

Alternative

Credit

Enhancement

Securities

Schedule

Investments

DoubleLine

Mortgage

ETF

(Unaudited)

March

31,

2026

DoubleLine

ETF

Trust

The

accompanying

notes

are

integral

part

these

financial

statements.

RINCIPAL

MOUNT

$/S

HARES

ECURITY

ESCRIPTION

ATE

ATURITY

ALUE

NON-AGENCY

RESIDENTIAL

COLLATERALIZED

MORTGAGE

OBLIGATIONS

19.6%

Angel

Oak

Mortgage

Trust

1,300,000

Series

2025-11-M1

5.62%

(a)(b)

10/25/2070

1,288,584

1,000,000

Series

2025-8-M1

6.22%

(a)(c)

07/25/2070

1,003,262

2,176,000

Series

2026-1-M1

5.53%

(a)(c)

02/25/2071

2,140,703

Barclays

Mortgage

Loan

Trust

3,000,000

Series

2025-NQM3-M1

6.37%

(a)(c)

05/25/2065

3,023,703

BRAVO

Residential

Funding

Trust

1,000,000

Series

2025-NQM6-B1A

6.47%

(a)(c)

06/25/2065

1,001,519

1,450,000

Series

2025-NQM7-M1

6.23%

(a)(c)

07/25/2065

1,455,618

2,300,000

Series

2026-NQM1-M1

5.65%

(a)(c)

12/25/2065

2,286,621

COLT

Mortgage

Loan

Trust

2,675,000

Series

2026-1-M1

5.53%

(a)(c)

02/25/2071

2,622,770

Connecticut

Avenue

Securities

Trust

265,912

Series

2023-R07-

2M1

(SOFR

Day

Average

1.95%)

5.61%

(a)

09/25/2043

266,369

2,000,000

Series

2024-R01-

1M2

(SOFR

Day

Average

1.80%,

1.80%

Floor)

5.46%

(a)

01/25/2044

2,018,033

1,500,000

Series

2024-R02-

1M2

(SOFR

Day

Average

1.80%,

1.80%

Floor)

5.46%

(a)

02/25/2044

1,502,511

2,871,114

Series

2024-R05-

2M2

(SOFR

Day

Average

1.70%,

1.90%

Floor)

5.36%

(a)

07/25/2044

2,877,549

Cross

Mortgage

Trust

1,861,000

Series

2025-H4-M1

6.45%

(a)(c)

06/25/2070

1,874,796

Deephaven

Residential

Mortgage

Trust

635,874

Series

2022-2-A1

5.30%

(a)(c)

03/25/2067

620,619

4,600,000

Series

2026-INV1-M1

5.77%

(a)(c)

12/25/2070

4,556,040

EFMT

3,600,000

Series

2025-NQM2-M1B

6.91%

(a)(c)

06/25/2070

3,633,747

1,148,000

Series

2025-NQM3-M1B

6.45%

(a)(c)

08/25/2070

1,151,777

2,000,000

Series

2026-INV2-M1

5.33%

(a)(c)

02/25/2071

1,951,080

3,000,000

Series

2026-NQM1-M1

5.64%

(a)(c)

02/25/2071

2,948,738

FHLMC

STACR

REMICS

Trust

1,000,000

Series

2022-DNA3-

M1B

(SOFR

Day

Average

2.90%)

6.56%

(a)

04/25/2042

1,018,393

230,834

Series

2023-HQA2-

M1A

(SOFR

Day

Average

2.00%)

5.66%

(a)

06/25/2043

230,935

6,000,000

Series

2024-DNA1-M2

(SOFR

Day

Average

1.95%)

5.61%

(a)

02/25/2044

6,057,580

2,000,000

Series

2024-HQA1-M2

(SOFR

Day

Average

2.00%)

5.66%

(a)

03/25/2044

2,021,969

Mortgage-Backed

Securities

Trust

8,523,000

Series

2025-NQM2-M1

6.27%

(a)(c)

06/25/2065

8,620,459

2,100,000

Series

2025-NQM3-M1

5.93%

(a)(c)

11/25/2065

2,090,273

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

3,000,000

Series

2026-NQM1-M1

5.74%

(a)(c)

03/25/2066

2,963,846

HOMES

Trust

1,000,000

Series

2026-NQM1-M1

5.71%

(a)(c)

09/25/2070

990,837

J.P.

Morgan

Mortgage

Trust

3,533,000

Series

2025-NQM2-M1A

6.36%

(a)(c)

09/25/2065

3,553,700

1,300,000

Series

2025-NQM3-M1B

6.42%

(a)(c)

11/25/2065

1,303,187

1,000,000

Series

2025-VIS2-M1

6.20%

(a)(c)

12/25/2055

1,004,050

5,108,000

Series

2026-NQM1-M1

5.68%

(a)(c)

06/25/2066

5,055,397

MFA

Trust

1,635,000

Series

2025-NQM5-M1

5.89%

(a)(c)

11/25/2070

1,642,837

Morgan

Stanley

Residential

Mortgage

Loan

Trust

3,588,000

Series

2025-NQM3-M1

6.56%

(a)(c)

05/25/2070

3,625,705

682,000

Series

2025-NQM5-M1

6.14%

(a)(c)

07/25/2070

683,903

4,100,000

Series

2025-NQM9-M1

5.91%

(a)(c)

09/25/2070

4,078,180

New

Residential

Mortgage

Loan

Trust

3,156,147

Series

2024-NQM1-A1

6.13%

(a)(b)

03/25/2064

3,179,222

3,750,000

Series

2026-NQM1-M1

5.70%

(a)(c)

11/25/2065

3,700,218

NYMT

Loan

Trust

3,799,000

Series

2026-INV1-M1

5.77%

(a)(c)

02/25/2061

3,753,120

OBX

Trust

790,935

Series

2023-NQM10-A1

6.46%

(a)(b)

10/25/2063

796,606

566,507

Series

2023-NQM3-A1

5.95%

(a)(b)

02/25/2063

565,059

990,371

Series

2023-NQM5-A1A

6.57%

(a)(b)

06/25/2063

991,444

524,412

Series

2024-NQM4-A1

6.07%

(a)(b)

01/25/2064

527,563

1,074,277

Series

2024-NQM6-A1

6.45%

(a)(b)

02/25/2064

1,085,076

2,550,000

Series

2025-NQM13-M1

6.28%

(a)(c)

05/25/2065

2,561,628

5,200,000

Series

2025-NQM8-M1

6.39%

(a)(c)

03/25/2065

5,240,510

3,000,000

Series

2026-NQM2-M1

5.61%

(a)(c)

12/01/2065

2,960,664

PRPM

Trust

4,111,000

Series

2025-NQM2-M1A

6.63%

(a)(c)

04/25/2070

4,155,824

4,000,000

Series

2025-NQM5-M1

5.90%

(a)(c)

10/25/2070

3,978,427

Verus

Securitization

Trust

810,354

Series

2023-5-A1

6.48%

(a)(b)

06/25/2068

810,662

491,324

Series

2023-7-A1

7.07%

(a)(b)

10/25/2068

495,046

890,458

Series

2023-8-A1

6.26%

(a)(b)

12/25/2068

895,452

612,232

Series

2023-INV3-A1

6.88%

(a)(c)

11/25/2068

617,448

6,800,000

Series

2025-11-M1

5.66%

(a)(c)

11/25/2070

6,725,781

3,272,000

Series

2025-12-M1

5.76%

(a)(c)

12/25/2070

3,242,555

1,450,000

Series

2025-3-M1

6.65%

(a)(c)

05/25/2070

1,467,126

1,089,000

Series

2025-4-M1

6.30%

(a)(c)

05/25/2070

1,096,467

875,000

Series

2026-1-M1

5.67%

(a)(c)

01/25/2071

865,224

3,591,000

Series

2026-R1-M1

5.69%

(a)(c)

10/25/2067

3,578,180

Total

Non-Agency

Residential

Collateralized

Mortgage

Obligations

(Cost

$136,598,389)

136,454,592

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

The

accompanying

notes

are

integral

part

these

financial

statements.

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

U.S.

GOVERNMENT

AND

AGENCY

MORTGAGE-BACKED

OBLIGATIONS

93.3%

FHLMC

REMICS

1,091,879

Series

5008-DI

3.00%

(d)

09/25/2050

152,822

6,421,060

Series

5020-IH

3.00%

(d)

08/25/2050

1,103,280

5,401,819

Series

5057-TI

3.00%

(d)

11/25/2050

860,774

13,363,164

Series

5072-MI

3.50%

(d)

01/25/2051

2,556,020

5,706,106

Series

5083-IH

2.50%

(d)

03/25/2051

877,704

3,133,975

Series

5092-FK

(SOFR

Day

Average

0.70%,

0.70%

Floor,

4.00%

Cap)

4.00%

03/25/2051

2,639,871

9,221,324

Series

5162-CI

3.00%

(d)

11/25/2050

1,481,240

9,273,353

Series

5163-GI

3.00%

(d)

03/25/2050

1,619,175

5,096,933

Series

5188-IA

3.00%

(d)

02/25/2052

819,514

8,059,561

Series

5377-

2.50%

(d)

12/25/2051

981,824

13,540,537

Series

5392-CI

3.50%

(d)

05/25/2051

2,594,952

10,871,742

Series

5531-

3.00%

(d)

06/25/2041

1,191,194

FHLMC

STRIPS

6,281,912

Series

389-C19

2.50%

(d)

04/15/2052

1,118,439

11,687,745

Series

399-C28

1.50%

(d)

04/25/2052

1,099,539

FHLMC

UMBS

5,079,823

Pool

QA6656

3.00%

02/01/2050

4,518,918

5,433,280

Pool

QC8218

2.00%

10/01/2051

4,464,261

15,979,429

Pool

QD3879

2.50%

12/01/2051

13,537,525

8,929,481

Pool

QD8212

3.00%

03/01/2052

7,933,576

11,099,888

Pool

QE0536

3.00%

04/01/2052

9,904,421

4,692,555

Pool

RA2853

2.50%

06/01/2050

3,991,131

8,792,659

Pool

RJ3490

6.00%

02/01/2055

9,099,721

2,019,625

Pool

SD2912

5.00%

05/01/2053

2,015,359

10,267,406

Pool

SD2988

3.50%

05/01/2052

9,427,004

3,606,828

Pool

SD3354

5.00%

06/01/2053

3,576,808

2,472,960

Pool

SD3489

2.00%

03/01/2052

2,021,347

4,219,157

Pool

SD4296

2.00%

02/01/2052

3,464,050

4,107,948

Pool

SD4650

5.00%

01/01/2054

4,090,156

2,201,063

Pool

SD4888

6.00%

02/01/2054

2,283,236

6,179,333

Pool

SD5525

5.50%

06/01/2054

6,318,365

2,280,544

Pool

SD5617

6.00%

06/01/2054

2,369,424

2,023,892

Pool

SD5726

3.00%

07/01/2052

1,800,043

9,900,907

Pool

SD7535

2.50%

02/01/2051

8,508,171

5,426,110

Pool

SD7550

3.00%

02/01/2052

4,865,300

3,980,377

Pool

SD7565

5.50%

09/01/2053

4,057,675

5,948,911

Pool

SD7567

5.50%

02/01/2054

6,087,126

2,537,878

Pool

SD8288

5.00%

01/01/2053

2,516,792

3,828,788

Pool

SD8329

5.00%

06/01/2053

3,796,189

2,386,043

Pool

SD8469

5.50%

10/01/2054

2,399,749

13,736,759

Pool

SD8492

5.00%

01/01/2055

13,565,167

9,048,728

Pool

SL0810

5.50%

04/01/2055

9,146,234

3,903,154

Pool

SL1460

5.50%

06/01/2055

3,945,978

13,974,448

Pool

SL1637

2.00%

12/01/2051

11,418,434

6,366,931

Pool

SL2062

5.50%

07/01/2055

6,534,235

13,744,141

Pool

SL2311

2.50%

05/01/2052

11,742,459

FNMA

REMICS

1,117,222

Series

2017-99-PY

4.00%

12/25/2047

1,048,385

3,180,542

Series

2021-3-NI

2.50%

(d)

02/25/2051

481,051

3,124,628

Series

2021-42-IA

3.00%

(d)

02/25/2051

448,590

7,080,097

Series

2021-43-

2.50%

(d)

06/25/2051

1,093,125

11,597,943

Series

2021-56-WI

2.50%

(d)

09/25/2051

1,336,276

4,882,804

Series

2021-88-KI

3.50%

(d)

03/25/2046

779,821

5,219,426

Series

2021-94-

3.00%

(d)

01/25/2052

868,941

4,471,408

Series

2023-51-BI

3.50%

(d)

04/25/2053

857,289

5,010,154

Series

2024-9-BI

3.00%

(d)

03/25/2051

828,835

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

14,105,590

Series

2026-10-FA

(SOFR

Day

Average

0.95%,

6.00%

Cap)

4.61%

10/25/2054

14,008,145

FNMA

STRIPS

9,572,599

Series

427-C16

2.50%

(d)

06/25/2040

985,209

7,384,545

Series

427-C84

3.50%

(d)

11/25/2040

997,362

6,370,213

Series

437-C8

2.50%

(d)

06/25/2052

967,733

FNMA

UMBS

7,366,557

Pool

BQ9004

2.50%

11/01/2050

6,259,303

20,687,463

Pool

BR0386

2.00%

01/01/2051

16,726,606

7,847,128

Pool

BU6901

2.50%

04/01/2052

6,643,027

8,617,117

Pool

BV5391

3.00%

04/01/2047

7,728,667

9,967,944

Pool

BV8526

3.00%

05/01/2052

8,769,068

6,301,113

Pool

CA6032

2.50%

06/01/2050

5,410,990

4,896,089

Pool

CA7028

2.50%

09/01/2050

4,212,457

2,249,808

Pool

CB7781

5.50%

01/01/2054

2,268,688

2,788,871

Pool

CB9654

5.00%

12/01/2054

2,771,133

9,085,499

Pool

FA0950

5.50%

03/01/2055

9,283,906

9,966,051

Pool

FA1285

3.00%

06/01/2052

8,859,373

16,071,376

Pool

FA1705

2.50%

03/01/2052

13,887,326

14,164,418

Pool

FA2724

5.50%

09/01/2055

14,335,157

20,097,428

Pool

FA3421

2.00%

11/01/2051

16,368,491

8,018,346

Pool

FA4843

2.00%

03/01/2052

6,607,297

5,986,428

Pool

FM3302

3.00%

03/01/2050

5,327,248

15,574,729

Pool

FM7418

2.50%

06/01/2051

13,387,904

5,553,796

Pool

FS0717

3.00%

02/01/2052

4,929,273

3,584,009

Pool

FS2040

2.00%

02/01/2052

2,913,002

2,482,577

Pool

FS5704

2.00%

04/01/2052

2,021,953

6,138,329

Pool

FS5793

3.50%

07/01/2050

5,650,899

3,381,675

Pool

FS7114

5.50%

02/01/2054

3,470,520

5,340,954

Pool

FS7252

5.00%

11/01/2053

5,287,459

5,362,510

Pool

FS7819

2.00%

03/01/2052

4,406,992

4,560,834

Pool

FS8652

2.50%

04/01/2052

3,887,887

7,418,087

Pool

FS8660

5.50%

08/01/2054

7,613,002

8,211,782

Pool

FS9026

5.50%

09/01/2053

8,389,369

3,241,166

Pool

MA4733

4.50%

09/01/2052

3,143,627

396,316

Pool

MA5038

5.00%

06/01/2053

392,942

2,167,766

Pool

MA5039

5.50%

06/01/2053

2,186,952

7,154,158

Pool

MA5503

5.50%

10/01/2044

7,223,745

FNMA/FHLMC

UMBS,

Year,

Single

Family

42,578,000

Pool

2.00%

(e)

04/25/2056

34,305,227

15,509,000

Pool

2.50%

(e)

04/25/2056

13,042,100

6,875,000

Pool

3.00%

(e)

04/25/2056

6,039,632

11,200,000

Pool

3.50%

(e)

04/25/2056

10,269,038

61,290,000

Pool

5.00%

(e)

04/25/2056

60,454,067

GNMA

13,719,945

Pool

787697

3.00%

05/20/2052

12,289,851

14,049,445

Pool

787829

2.50%

03/20/2052

12,112,742

9,174,973

Pool

787860

3.00%

05/20/2051

8,230,423

19,170,792

Series

2020-116-HI

3.00%

(d)

08/20/2050

3,236,775

6,680,317

Series

2020-126-KI

2.50%

(d)

08/20/2050

948,639

8,783,856

Series

2020-146-DI

2.50%

(d)

10/20/2050

1,239,462

14,930,503

Series

2020-151-MI

2.50%

(d)

10/20/2050

2,180,503

3,100,832

Series

2020-153-CI

2.50%

(d)

10/20/2050

439,119

5,892,380

Series

2020-160-VI

2.50%

(d)

10/20/2050

865,269

8,497,519

Series

2020-167-WI

4.00%

(d)

08/20/2046

1,188,144

2,409,999

Series

2020-17-IG

3.00%

(d)

02/20/2050

404,839

6,762,958

Series

2020-173-MI

2.50%

(d)

11/20/2050

993,846

3,536,614

Series

2020-183-JI

2.50%

(d)

11/20/2050

497,823

9,330,544

Series

2020-185-MI

2.50%

(d)

12/20/2050

1,367,063

8,832,111

Series

2020-188-BI

2.50%

(d)

12/20/2050

1,365,274

5,075,873

Series

2020-51-ID

3.50%

(d)

04/20/2050

933,145

5,592,063

Series

2021-115-MI

2.50%

(d)

05/20/2051

609,439

DoubleLine

ETF

Trust

Schedule

Investments

DoubleLine

Mortgage

ETF

(Cont.)

The

accompanying

notes

are

integral

part

these

financial

statements.

(Unaudited)

March

31,

2026

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

27,811,822

Series

2021-121-TI

3.00%

(d)

07/20/2051

3,475,869

25,475,641

Series

2021-136-IE

2.50%

(d)

08/20/2051

2,433,474

7,742,117

Series

2021-140-IH

2.50%

(d)

08/20/2051

1,070,639

1,836,221

Series

2021-142-

3.00%

(d)

08/20/2051

321,335

13,000,783

Series

2021-162-IP

3.00%

(d)

09/20/2051

2,022,189

3,364,814

Series

2021-206-AI

3.50%

(d)

11/20/2051

630,157

21,484,282

Series

2021-46-EI

2.50%

(d)

03/20/2051

2,640,526

5,241,796

Series

2021-57-JI

3.00%

(d)

03/20/2051

880,741

10,335,823

Series

2021-77-IW

2.50%

(d)

12/20/2050

1,374,988

7,342,207

Series

2021-78-TI

3.00%

(d)

05/20/2051

1,141,594

5,903,892

Series

2022-207-

3.00%

(d)

08/20/2051

1,033,398

3,155,888

Series

2022-61-HI

3.00%

(d)

02/20/2052

536,424

6,929,279

Series

2022-83-

2.50%

(d)

11/20/2051

985,802

4,376,895

Series

2023-24-IH

3.50%

(d)

07/20/2051

825,045

5,327,852

Series

2023-79-JI

2.50%

(d)

02/20/2051

729,844

5,152,002

Series

2024-24-BI

3.00%

(d)

12/20/2051

868,130

7,816,635

Series

2024-61-IA

2.50%

(d)

02/20/2051

1,135,787

7,384,467

Series

2024-79-CI

3.50%

(d)

02/20/2052

1,217,678

5,946,613

Series

2025-196-

(SOFR

Day

Average

1.15%,

6.00%

Cap)

4.82%

11/20/2055

5,955,870

11,923,516

Series

2025-205-

(SOFR

Day

Average

1.15%,

6.00%

Cap)

4.82%

11/20/2055

11,933,279

Total

U.S.

Government

and

Agency

Mortgage-

Backed

Obligations

(Cost

$647,934,834)

647,785,416

SHORT

TERM

INVESTMENTS

4.1%

28,809,420

JPMorgan

U.S.

Government

Money

Market

Fund

Class

3.60%

(f)

28,809,420

Total

Short

Term

Investments

(Cost

$28,809,420)

28,809,420

Total

Investments

117.0%

(Cost

$813,342,644)

813,049,428

Liabilities

Excess

Other

Assets

(17.0)%

(118,366,015)

NET

ASSETS

100.0%

$694,683,413

(a)

Security

exempt

from

registration

under

Rule

144A

the

Securities

Act

1933.

These

securities

may

resold

transactions

exempt

from

registration

qualified

institutional

buyers.

March

31,

2026,

the

value

these

securities

amounted

approximately

$136,454,592

19.64%

net

assets.

(b)

Step

bond;

coupon

rate

changes

based

predetermined

schedule

event.

The

interest

rate

shown

the

rate

effect

period

end.

(c)

Coupon

rate

variable

floats

based

components

including

but

not

limited

reference

rate

and

spread.

These

securities

may

not

indicate

reference

rate

and/or

spread

their

description.

The

rate

disclosed

period

end.

(d)

Interest

only

security.

(e)

Represents

includes

TBA

transaction.

(f)

Seven-day

yield

period

end.

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

The

accompanying

notes

are

integral

part

these

financial

statements.

Abbreviations:

FHLMC

Federal

Home

Loan

Mortgage

Corporation

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

SOFR

Secured

Overnight

Financing

Rate

UMBS

Uniform

Mortgage

Backed

Securities

STACR

Structured

Agency

Credit

Risk

STRIPS

Separate

Trading

Registered

Interest

and

Principal

Securities

REMIC

Real

Estate

Mortgage

Investment

Conduit

Futures

Contracts

Description

Long/Short

Contract

Quantity

Expiration

Date

Notional

Amount

(1)

Unrealized

Appreciation

(Depreciation)

Value

U.S.

Treasury

Year

Notes

Short

(1,242)

06/30/2026

(

257,647,078

)

1,552,288

U.S.

Treasury

Ultra

Bonds

Short

(119)

06/18/2026

(

13,870,938

)

358,345

U.S.

Treasury

Year

Ultra

Bonds

Long

170

06/18/2026

19,297,656

(

66,853

)

U.S.

Treasury

Long

Bonds

Long

158

06/18/2026

17,992,250

(

513,421

)

U.S.

Treasury

Year

Notes

Long

2,200

06/30/2026

237,995,314

(

2,578,742

)

$(1,248,383)

(1)

Notional

Amount

determined

based

the

number

contracts

multiplied

the

contract

size

and

the

quoted

daily

settlement

price

dollars.

Schedule

Investments

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

(Unaudited)

March

31,

2026

DoubleLine

ETF

Trust

The

accompanying

notes

are

integral

part

these

financial

statements.

RINCIPAL

MOUNT

$/S

HARES

ECURITY

ESCRIPTION

ATE

ATURITY

ALUE

SHORT

TERM

INVESTMENTS

99.6%

303,381

Goldman

Sachs

plc

USD

Treasury

Liquid

Reserves

Fund

3.53%

(a)(b)

303,381

JPMorgan

Liquidity

Funds

JPM

USD

Treasury

CNAV

Fund

3.49%

(a)(b)

303,381

1,275,400

JPMorgan

U.S.

Government

Money

Market

Fund

Class

3.60%

(a)(b)

1,275,400

2,000,000

U.S.

Treasury

Bills

0.00%

(b)

04/14/2026

1,997,382

2,000,000

U.S.

Treasury

Bills

0.00%

(b)

04/30/2026

1,994,160

1,200,000

U.S.

Treasury

Bills

0.00%

(b)

05/14/2026

1,194,794

20,100,000

U.S.

Treasury

Bills

0.00%

(b)

06/11/2026

19,957,615

1,600,000

U.S.

Treasury

Bills

0.00%

(b)(c)

06/23/2026

1,586,829

6,000,000

U.S.

Treasury

Bills

0.00%

(b)

07/21/2026

5,933,492

Total

Short

Term

Investments

(Cost

$34,545,417)

34,546,434

Total

Investments

99.6%

(Cost

$34,545,417)

34,546,434

Other

Assets

Excess

Liabilities

0.4%

130,579

NET

ASSETS

100.0%

$34,677,013

(a)

Seven-day

yield

period

end.

(b)

All

portion

this

security

owned

DoubleLine

Commodity

ETF

Ltd.,

which

wholly-owned

subsidiary

the

DoubleLine

Commodity

Strategy

ETF.

(c)

All

portion

this

security

was

pledged

collateral.

The

total

value

pledged

collateral

was

$282,649,

which

represented

0.82%

the

net

assets

the

fund.

Excess

Return

Swaps

Reference

Entity

Counterparty

Long/Short

Financing

Rate

Payment

Frequency

Termination

Date

Notional

Amount

Value

Upfront

Premiums

Paid/

(Received)

Unrealized

Appreciation

(Depreciation)

Barclays

Backwardation

Tilt

Multi-Strategy

Index

(1)(2)

Barclays

Bank

Plc

Long

0.25%

Maturity

04/15/2026

500,000

3,421

—

3,421

Barclays

Backwardation

Tilt

Multi-Strategy

Index

(1)(2)

Barclays

Bank

Plc

Long

0.25%

Maturity

04/15/2026

34,000,000

134,030

—

134,030

$137,451

$—

$137,451

(1)

All

portion

this

security

owned

DoubleLine

Commodity

ETF

Ltd.,

which

wholly-owned

subsidiary

the

DoubleLine

Commodity

Strategy

ETF.

(2)

Barclays

Backwardation

Tilt

Multi-Strategy

Index

(the

"Barclays

Index")

seeks

capture

two

sources

potential

outperformance

commodity

futures

markets.

The

first

source

potential

outperformance

comes

through

selecting,

for

each

relevant

commodity,

the

eligible

futures

contract

that

expected

offer

the

best

outperformance

relative

the

front-month

contract

rolling

exposure

used

the

Bloomberg

Commodity

Index.

This

achieved

through

the

use

certain

futures

contract

selection

methodologies

referred

together

“Multi-Strategy.”

These

Multi-Strategy

methodologies

select

futures

contract

for

each

commodity

that

may

differ

from

the

futures

contract

selected

the

Bloomberg

Commodity

Index,

based

the

factors

described

above

including

carry,

seasonality

and

momentum.

The

second

source

potential

outperformance

comes

through

overweighting

(relative

the

weightings

the

Bloomberg

Commodity

Index)

the

exposure

the

Barclays

Index

the

futures

contracts

commodities

that

exhibit

the

highest

degree

backwardation

the

term

structures

their

futures

contracts,

while

simultaneously

underweighting

the

exposure

the

futures

contracts

commodities

that

exhibit

lower

degree

backwardation.

Historically,

the

commodities

with

higher

degree

backwardation

have

generally

had

better

historical

average

performance

than

the

commodities

with

lower

degree

backwardation.

Information

the

index

constituents

period

end,

available

the

Barclays

Capital,

Inc.

website

https://indices.cib.barclays/IM/12/en/indices/details.app;ticker=BXCS1496.

Schedule

Investments

DoubleLine

Fortune

500

Equal

Weight

ETF

(Unaudited)

March

31,

2026

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

The

accompanying

notes

are

integral

part

these

financial

statements.

SECURITY

DESCRIPTION

VALUE

COMMON

STOCKS

99.7%

AEROSPACE

DEFENSE

2.3%

275

Boeing

Co.

(The)

(a)

54,733

185

Aerospace

52,497

182

General

Dynamics

Corp.

62,466

246

Howmet

Aerospace,

Inc.

56,693

143

Huntington

Ingalls

Industries,

Inc.

54,326

180

L3Harris

Technologies,

Inc.

62,127

Lockheed

Martin

Corp.

58,021

Northrop

Grumman

Corp.

59,355

322

RTX

Corp.

62,114

646

Textron,

Inc.

56,564

TransDigm

Group,

Inc.

57,948

636,844

AIR

FREIGHT

LOGISTICS

1.1%

360

Robinson

Worldwide,

Inc.

59,785

463

Expeditors

International

Washington,

Inc.

66,315

166

FedEx

Corp.

59,126

1,014

GXO

Logistics,

Inc.

(a)

52,576

555

United

Parcel

Service,

Inc.

Class

54,601

292,403

AUTOMOBILE

COMPONENTS

1.0%

518

Autoliv,

Inc.

(Sweden)

54,473

1,091

BorgWarner,

Inc.

59,198

1,805

Dana,

Inc.

60,738

7,313

Goodyear

Tire

Rubber

Co.

(The)

(a)

48,485

478

Lear

Corp.

57,876

280,770

AUTOMOBILES

0.8%

4,499

Ford

Motor

Co.

51,918

785

General

Motors

Co.

58,483

156

Tesla,

Inc.

(a)

57,993

590

Thor

Industries,

Inc.

47,135

215,529

BANKS

3.1%

1,272

Bank

America

Corp.

62,010

587

Citigroup,

Inc.

66,572

1,035

Citizens

Financial

Group,

Inc.

62,069

1,274

Fifth

Third

Bancorp

59,190

First

Citizens

BancShares,

Inc.

Class

60,309

3,763

Huntington

Bancshares,

Inc.

58,891

215

JPMorgan

Chase

Co.

63,244

3,053

KeyCorp

61,213

293

M&T

Bank

Corp.

60,569

294

PNC

Financial

Services

Group,

Inc.

(The)

61,178

2,250

Regions

Financial

Corp.

58,770

1,292

Truist

Financial

Corp.

59,393

1,161

Bancorp

60,384

759

Wells

Fargo

Co.

60,424

854,216

BEVERAGES

1.3%

793

Coca-Cola

Co.

(The)

60,309

400

Constellation

Brands,

Inc.

Class

60,000

2,059

Keurig

Pepper,

Inc.

54,213

1,285

Molson

Coors

Beverage

Co.

Class

55,332

751

Monster

Beverage

Corp.

(a)

54,417

379

PepsiCo,

Inc.

58,855

343,126

BIOTECHNOLOGY

1.3%

280

AbbVie,

Inc.

60,897

168

Amgen,

Inc.

59,111

SECURITY

DESCRIPTION

VALUE

327

Biogen,

Inc.

(a)

59,949

433

Gilead

Sciences,

Inc.

60,347

Regeneron

Pharmaceuticals,

Inc.

64,129

131

Vertex

Pharmaceuticals,

Inc.

(a)

58,497

362,930

BROADLINE

RETAIL

1.1%

307

Amazon.com,

Inc.

(a)

63,939

3,458

Coupang,

Inc.

(South

Korea)

(a)

65,287

751

eBay,

Inc.

68,356

3,624

Kohl's

Corp.

46,750

3,080

Macy's,

Inc.

55,717

300,049

BUILDING

PRODUCTS

0.8%

585

Builders

FirstSource,

Inc.

(a)

48,163

1,005

Carrier

Global

Corp.

56,591

865

Masco

Corp.

52,220

498

Owens

Corning

53,894

210,868

CAPITAL

MARKETS

3.6%

138

Ameriprise

Financial,

Inc.

61,327

549

Bank

New

York

Mellon

Corp.

(The)

65,129

Blackrock,

Inc.

56,741

687

Charles

Schwab

Corp.

(The)

64,564

2,361

Franklin

Resources,

Inc.

55,767

Goldman

Sachs

Group,

Inc.

(The)

60,065

891

Interactive

Brokers

Group,

Inc.

Class

59,759

412

Intercontinental

Exchange,

Inc.

64,799

1,273

Jefferies

Financial

Group,

Inc.

52,537

208

LPL

Financial

Holdings,

Inc.

62,573

381

Morgan

Stanley

62,701

453

Northern

Trust

Corp.

63,225

414

Raymond

James

Financial,

Inc.

59,943

153

S&P

Global,

Inc.

65,077

504

State

Street

Corp.

63,786

754

StoneX

Group,

Inc.

(a)

60,810

978,803

CHEMICALS

2.8%

228

Air

Products

and

Chemicals,

Inc.

66,232

1,200

Celanese

Corp.

Class

78,924

824

Corteva,

Inc.

68,977

2,066

Dow,

Inc.

86,049

1,256

DuPont

Nemours,

Inc.

57,525

832

Eastman

Chemical

Co.

63,498

208

Ecolab,

Inc.

55,332

779

International

Flavors

Fragrances,

Inc.

56,516

2,239

Mosaic

Co.

(The)

57,095

509

PPG

Industries,

Inc.

54,402

176

Sherwin-Williams

Co.

(The)

56,417

616

Westlake

Corp.

71,961

772,928

COMMERCIAL

SERVICES

SUPPLIES

0.9%

1,445

ABM

Industries,

Inc.

55,661

323

Cintas

Corp.

54,632

290

Republic

Services,

Inc.

Class

63,516

278

Waste

Management,

Inc.

63,882

237,691

COMMUNICATIONS

EQUIPMENT

0.4%

818

Cisco

Systems,

Inc.

63,469

136

Motorola

Solutions,

Inc.

59,020

122,489

DoubleLine

ETF

Trust

Schedule

Investments

DoubleLine

Fortune

500

Equal

Weight

ETF

(Cont.)

The

accompanying

notes

are

integral

part

these

financial

statements.

(Unaudited)

March

31,

2026

SECURITY

DESCRIPTION

VALUE

CONSTRUCTION

ENGINEERING

1.1%

673

AECOM

57,084

EMCOR

Group,

Inc.

59,065

1,212

Fluor

Corp.

(a)

56,540

222

MasTec,

Inc.

(a)

71,426

113

Quanta

Services,

Inc.

62,039

306,154

CONSTRUCTION

MATERIALS

0.2%

204

Vulcan

Materials

Co.

55,549

CONSUMER

FINANCE

0.9%

1,572

Ally

Financial,

Inc.

61,670

200

American

Express

Co.

60,496

325

Capital

One

Financial

Corp.

59,290

908

Synchrony

Financial

61,761

243,217

CONSUMER

STAPLES

DISTRIBUTION

RETAIL

3.4%

3,432

Albertsons

Cos.,

Inc.

Class

58,481

995

Andersons,

Inc.

(The)

71,421

647

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

63,678

Casey's

General

Stores,

Inc.

68,419

Costco

Wholesale

Corp.

64,768

419

Dollar

General

Corp.

49,748

488

Dollar

Tree,

Inc.

(a)

53,441

924

Kroger

Co.

(The)

66,861

662

Performance

Food

Group

Co.

(a)

56,707

879

Sprouts

Farmers

Market,

Inc.

(a)

67,797

713

Sysco

Corp.

50,858

557

Target

Corp.

67,508

1,664

United

Natural

Foods,

Inc.

(a)

74,979

666

Foods

Holding

Corp.

(a)

61,412

3,094

Walgreens

Boots

Alliance,

Inc.,

CVR

(a)(b)

1,640

506

Walmart,

Inc.

62,886

940,604

CONTAINERS

PACKAGING

1.2%

324

Avery

Dennison

Corp.

55,948

963

Ball

Corp.

56,923

551

Crown

Holdings,

Inc.

55,238

5,235

Graphic

Packaging

Holding

Co.

52,036

1,447

International

Paper

Co.

51,658

280

Packaging

Corp.

America

59,421

331,224

DISTRIBUTORS

0.6%

540

Genuine

Parts

Co.

57,106

1,118

Gold.com,

Inc.

44,809

1,920

LKQ

Corp.

56,390

158,305

DIVERSIFIED

TELECOMMUNICATION

SERVICES

0.9%

2,257

AT&T,

Inc.

65,430

2,022

Comcast

Corp.

Class

58,052

8,516

Lumen

Technologies,

Inc.

(a)

59,186

1,288

Verizon

Communications,

Inc.

64,658

247,326

ELECTRIC

UTILITIES

3.2%

485

American

Electric

Power

Co.,

Inc.

63,574

206

Constellation

Energy

Corp.

57,526

499

Duke

Energy

Corp.

65,339

853

Edison

International

62,423

606

Entergy

Corp.

68,089

854

Eversource

Energy

59,165

1,320

Exelon

Corp.

64,706

SECURITY

DESCRIPTION

VALUE

1,265

FirstEnergy

Corp.

64,085

669

NextEra

Energy,

Inc.

62,137

350

NRG

Energy,

Inc.

51,149

3,430

PG&E

Corp.

60,265

1,686

PPL

Corp.

64,405

668

Southern

Co.

(The)

64,475

765

Xcel

Energy,

Inc.

60,772

868,110

ELECTRICAL

EQUIPMENT

0.9%

425

Emerson

Electric

Co.

55,684

Vernova,

Inc.

63,722

158

Rockwell

Automation,

Inc.

56,703

255

Vertiv

Holdings

Co.

Class

63,897

240,006

ELECTRONIC

EQUIPMENT,

INSTRUMENTS

COMPONENTS

2.2%

424

Amphenol

Corp.

Class

53,572

408

Arrow

Electronics,

Inc.

(a)

58,511

957

Avnet,

Inc.

58,970

510

CDW

Corp.

61,720

423

Corning,

Inc.

57,515

3,140

Ingram

Micro

Holding

Corp.

73,194

772

Insight

Enterprises,

Inc.

(a)

51,732

240

Jabil,

Inc.

63,751

402

Sanmina

Corp.

(a)

52,115

406

SYNNEX

Corp.

68,497

599,577

ENERGY

EQUIPMENT

SERVICES

0.7%

990

Baker

Hughes

Co.

Class

60,440

1,797

Halliburton

Co.

70,064

3,095

NOV,

Inc.

58,217

188,721

ENTERTAINMENT

1.2%

319

Electronic

Arts,

Inc.

65,035

404

Live

Nation

Entertainment,

Inc.

(a)

61,614

829

Netflix,

Inc.

(a)

79,708

605

Walt

Disney

Co.

(The)

58,310

2,198

Warner

Bros

Discovery,

Inc.

(a)

60,357

325,024

FINANCIAL

SERVICES

2.5%

129

Berkshire

Hathaway,

Inc.

Class

(a)

61,817

1,259

Block,

Inc.

Class

(a)

75,767

2,334

Corebridge

Financial,

Inc.

55,689

1,566

Equitable

Holdings,

Inc.

58,114

1,335

Fidelity

National

Information

Services,

Inc.

62,625

1,089

Fiserv,

Inc.

(a)

60,766

814

Global

Payments,

Inc.

54,782

129

Mastercard,

Inc.

Class

64,456

1,447

PayPal

Holdings,

Inc.

65,448

209

Visa,

Inc.

Class

63,168

921

Voya

Financial,

Inc.

62,923

685,555

FOOD

PRODUCTS

2.8%

939

Archer-Daniels-Midland

Co.

68,256

2,360

Campbell's

Co.

(The)

52,557

3,360

Conagra

Brands,

Inc.

52,819

1,413

General

Mills,

Inc.

52,592

279

Hershey

Co.

(The)

58,001

2,487

Hormel

Foods

Corp.

56,331

543

Ingredion,

Inc.

61,174

585

Smucker

Co.

(The)

56,417

2,587

Kraft

Heinz

Co.

(The)

58,182

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

The

accompanying

notes

are

integral

part

these

financial

statements.

SECURITY

DESCRIPTION

VALUE

1,048

Mondelez

International,

Inc.

Class

60,407

607

Post

Holdings,

Inc.

(a)

60,008

Seaboard

Corp.

73,502

1,010

Tyson

Foods,

Inc.

Class

64,711

774,957

GROUND

TRANSPORTATION

2.2%

695

Avis

Budget

Group,

Inc.

(a)

101,366

1,508

CSX

Corp.

61,903

14,446

Hertz

Global

Holdings,

Inc.

(a)

66,596

289

Hunt

Transport

Services,

Inc.

61,239

204

Norfolk

Southern

Corp.

58,548

286

Ryder

System,

Inc.

58,547

901

Uber

Technologies,

Inc.

(a)

64,809

241

Union

Pacific

Corp.

58,471

314

XPO,

Inc.

(a)

61,089

592,568

HEALTH

CARE

EQUIPMENT

SUPPLIES

1.8%

559

Abbott

Laboratories

57,393

3,082

Baxter

International,

Inc.

51,778

350

Becton

Dickinson

Co.

55,031

849

Boston

Scientific

Corp.

(a)

53,275

760

HealthCare

Technologies,

Inc.

54,097

129

Intuitive

Surgical,

Inc.

(a)

59,467

870

Solventum

Corp.

(a)

56,811

168

Stryker

Corp.

55,203

640

Zimmer

Biomet

Holdings,

Inc.

57,868

500,923

HEALTH

CARE

PROVIDERS

SERVICES

4.3%

24,287

Accendra

Health,

Inc.

(a)

55,374

1,590

BrightSpring

Health

Services,

Inc.

(a)

67,749

285

Cardinal

Health,

Inc.

60,223

176

Cencora,

Inc.

55,289

1,530

Centene

Corp.

(a)

50,092

227

Cigna

Group

(The)

60,552

18,550

Community

Health

Systems,

Inc.

(a)

54,537

867

CVS

Health

Corp.

62,268

425

DaVita,

Inc.

(a)

65,318

196

Elevance

Health,

Inc.

57,379

122

HCA

Healthcare,

Inc.

57,735

765

Henry

Schein,

Inc.

(a)

56,381

368

Humana,

Inc.

63,808

223

Labcorp

Holdings,

Inc.

59,499

McKesson

Corp.

57,979

435

Molina

Healthcare,

Inc.

(a)

57,986

307

Quest

Diagnostics,

Inc.

60,166

271

Tenet

Healthcare

Corp.

(a)

51,140

235

UnitedHealth

Group,

Inc.

63,589

277

Universal

Health

Services,

Inc.

Class

49,575

1,166,639

HEALTH

CARE

REITS

0.2%

305

Welltower,

Inc.

60,302

HOTELS,

RESTAURANTS

LEISURE

3.7%

508

Airbnb,

Inc.

Class

(a)

64,150

1,565

Aramark

63,445

Booking

Holdings,

Inc.

67,365

3,147

Caesars

Entertainment,

Inc.

(a)

83,176

1,768

Chipotle

Mexican

Grill,

Inc.

Class

(a)

56,594

299

Darden

Restaurants,

Inc.

58,616

389

DoorDash,

Inc.

Class

(a)

58,408

324

Expedia

Group,

Inc.

74,808

205

Hilton

Worldwide

Holdings,

Inc.

62,336

SECURITY

DESCRIPTION

VALUE

1,153

Las

Vegas

Sands

Corp.

62,124

186

Marriott

International,

Inc.

Class

60,835

192

McDonald's

Corp.

59,672

1,818

MGM

Resorts

International

(a)

67,284

663

Starbucks

Corp.

59,398

1,145

Yum

China

Holdings,

Inc.

(China)

55,853

387

Yum!

Brands,

Inc.

60,171

1,014,235

HOUSEHOLD

DURABLES

1.7%

389

Horton,

Inc.

53,379

549

Lennar

Corp.

Class

47,675

508

Mohawk

Industries,

Inc.

(a)

50,018

13,958

Newell

Brands,

Inc.

47,876

NVR,

Inc.

(a)

59,308

453

PulteGroup,

Inc.

53,277

955

Taylor

Morrison

Home

Corp.

Class

(a)

55,619

401

Toll

Brothers,

Inc.

54,724

893

Whirlpool

Corp.

48,151

470,027

HOUSEHOLD

PRODUCTS

0.6%

655

Colgate-Palmolive

Co.

55,826

576

Kimberly-Clark

Corp.

55,567

387

Procter

Gamble

Co.

(The)

55,898

167,291

INDEPENDENT

POWER

AND

RENEWABLE

ELECTRICITY

PRODUCERS

0.4%

3,909

AES

Corp.

(The)

55,078

376

Vistra

Corp.

56,524

111,602

INDUSTRIAL

CONGLOMERATES

0.4%

384

Co.

55,768

262

Honeywell

International,

Inc.

59,220

114,988

INDUSTRIAL

REITS

0.2%

456

Prologis,

Inc.

60,274

INSURANCE

5.2%

570

Aflac,

Inc.

62,535

305

Allstate

Corp.

(The)

63,239

490

American

Financial

Group,

Inc.

62,578

801

American

International

Group,

Inc.

60,275

297

Arthur

Gallagher

Co.

64,324

286

Assurant,

Inc.

62,294

400

Cincinnati

Financial

Corp.

62,940

1,235

Fidelity

National

Financial,

Inc.

57,279

453

Hartford

Insurance

Group,

Inc.

(The)

61,259

1,804

Lincoln

National

Corp.

64,042

587

Loews

Corp.

62,656

Markel

Group,

Inc.

(a)

59,336

361

Marsh

McLennan

Cos.,

Inc.

62,615

848

MetLife,

Inc.

59,971

1,524

Old

Republic

International

Corp.

60,808

5,265

Oscar

Health,

Inc.

Class

(a)

60,390

675

Principal

Financial

Group,

Inc.

60,824

311

Progressive

Corp.

(The)

61,653

638

Prudential

Financial,

Inc.

62,326

293

Reinsurance

Group

America,

Inc.

59,819

210

Travelers

Cos.,

Inc.

(The)

61,253

897

Unum

Group

65,507

895

Berkley

Corp.

59,321

1,417,244

DoubleLine

ETF

Trust

Schedule

Investments

DoubleLine

Fortune

500

Equal

Weight

ETF

(Cont.)

The

accompanying

notes

are

integral

part

these

financial

statements.

(Unaudited)

March

31,

2026

SECURITY

DESCRIPTION

VALUE

INTERACTIVE

MEDIA

SERVICES

0.4%

206

Alphabet,

Inc.

Class

59,237

100

Meta

Platforms,

Inc.

Class

57,213

116,450

SERVICES

1.0%

1,046

Cognizant

Technology

Solutions

Corp.

Class

64,172

5,395

DXC

Technology

Co.

(a)

67,815

279

International

Business

Machines

Corp.

67,627

5,484

Kyndryl

Holdings,

Inc.

(a)

71,950

271,564

LIFE

SCIENCES

TOOLS

SERVICES

0.7%

305

Danaher

Corp.

57,828

388

IQVIA

Holdings,

Inc.

(a)

66,169

124

Thermo

Fisher

Scientific,

Inc.

60,950

184,947

MACHINERY

2.7%

470

AGCO

Corp.

54,459

Caterpillar,

Inc.

58,802

107

Cummins,

Inc.

57,568

Deere

Co.

55,767

276

Dover

Corp.

57,532

218

Illinois

Tool

Works,

Inc.

56,743

359

Oshkosh

Corp.

52,848

711

Otis

Worldwide

Corp.

54,804

506

PACCAR,

Inc.

58,443

Parker-Hannifin

Corp.

55,505

715

Stanley

Black

Decker,

Inc.

50,808

242

Westinghouse

Air

Brake

Technologies

Corp.

60,479

500

Xylem,

Inc.

59,750

733,508

MEDIA

1.9%

276

Charter

Communications,

Inc.

Class

(a)

59,583

601

EchoStar

Corp.

Class

(a)

70,359

1,147

Fox

Corp.

Class

66,985

2,769

News

Corp.

Class

69,031

775

Omnicom

Group,

Inc.

58,365

42,807

Optimum

Communications,

Inc.

Class

(a)

55,649

6,162

Paramount

Skydance

Corp.

Class

55,581

3,066

Sirius

Holdings,

Inc.

70,764

506,317

METALS

MINING

1.7%

1,038

Alcoa

Corp.

68,851

6,011

Cleveland-Cliffs,

Inc.

(a)

50,793

859

Commercial

Metals

Co.

52,768

942

Freeport-McMoRan,

Inc.

55,371

515

Newmont

Corp.

55,749

364

Nucor

Corp.

61,552

202

Reliance,

Inc.

61,392

334

Steel

Dynamics,

Inc.

60,120

466,596

MULTI-UTILITIES

1.9%

1,497

CenterPoint

Energy,

Inc.

64,611

835

CMS

Energy

Corp.

64,779

576

Consolidated

Edison,

Inc.

65,191

1,002

Dominion

Energy,

Inc.

61,944

439

DTE

Energy

Co.

64,191

743

Public

Service

Enterprise

Group,

Inc.

60,146

681

Sempra

66,172

552

WEC

Energy

Group,

Inc.

63,905

510,939

SECURITY

DESCRIPTION

VALUE

OIL,

GAS

CONSUMABLE

FUELS

6.0%

2,236

APA

Corp.

94,896

345

Chevron

Corp.

71,381

578

ConocoPhillips

76,296

1,890

Delek

Holdings,

Inc.

85,182

1,475

Devon

Energy

Corp.

74,222

368

Diamondback

Energy,

Inc.

72,787

516

EOG

Resources,

Inc.

74,598

428

Exxon

Mobil

Corp.

72,614

1,297

Sinclair

Corp.

80,920

1,966

Kinder

Morgan,

Inc.

65,920

330

Marathon

Petroleum

Corp.

80,579

1,228

Occidental

Petroleum

Corp.

79,820

775

ONEOK,

Inc.

70,052

1,274

Ovintiv,

Inc.

75,625

1,563

Par

Pacific

Holdings,

Inc.

(a)

97,907

1,847

PBF

Energy,

Inc.

Class

87,954

415

Phillips

75,605

278

Targa

Resources

Corp.

69,703

322

Valero

Energy

Corp.

79,560

874

Williams

Cos.,

Inc.

(The)

63,610

2,545

World

Kinect

Corp.

58,713

1,607,944

PASSENGER

AIRLINES

1.1%

1,214

Alaska

Air

Group,

Inc.

(a)

44,651

4,876

American

Airlines

Group,

Inc.

(a)

52,368

925

Delta

Air

Lines,

Inc.

61,495

11,257

JetBlue

Airways

Corp.

(a)

49,756

1,271

Southwest

Airlines

Co.

47,751

572

United

Airlines

Holdings,

Inc.

(a)

52,664

308,685

PERSONAL

CARE

PRODUCTS

0.4%

558

Estee

Lauder

Cos.,

Inc.

(The)

Class

40,048

3,366

Kenvue,

Inc.

58,030

98,078

PHARMACEUTICALS

1.6%

1,039

Bristol-Myers

Squibb

Co.

63,015

Eli

Lilly

Co.

56,106

261

Johnson

63,799

515

Merck

Co.,

Inc.

61,949

2,357

Pfizer,

Inc.

66,185

3,964

Viatris,

Inc.

53,554

499

Zoetis,

Inc.

Class

58,987

423,595

PROFESSIONAL

SERVICES

2.1%

314

Automatic

Data

Processing,

Inc.

63,799

849

Booz

Allen

Hamilton

Holding

Corp.

Class

66,247

110

CACI

International,

Inc.

Class

(a)

59,826

2,119

Concentrix

Corp.

57,976

475

Jacobs

Solutions,

Inc.

60,458

1,588

KBR,

Inc.

58,534

367

Leidos

Holdings,

Inc.

57,076

2,481

ManpowerGroup,

Inc.

73,089

730

Science

Applications

International

Corp.

69,292

566,297

REAL

ESTATE

MANAGEMENT

DEVELOPMENT

0.4%

437

CBRE

Group,

Inc.

Class

(a)

59,196

207

Jones

Lang

LaSalle,

Inc.

(a)

62,994

122,190

SEMICONDUCTORS

SEMICONDUCTOR

EQUIPMENT

2.5%

300

Advanced

Micro

Devices,

Inc.

(a)

61,029

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

The

accompanying

notes

are

integral

part

these

financial

statements.

SECURITY

DESCRIPTION

VALUE

179

Analog

Devices,

Inc.

56,947

169

Applied

Materials,

Inc.

57,763

198

Broadcom,

Inc.

61,282

1,377

Intel

Corp.

(a)

60,767

KLA

Corp.

61,840

263

Lam

Research

Corp.

56,193

837

Microchip

Technology,

Inc.

54,079

153

Micron

Technology,

Inc.

51,690

332

NVIDIA

Corp.

57,901

440

QUALCOMM,

Inc.

56,663

299

Texas

Instruments,

Inc.

58,048

694,202

SOFTWARE

1.9%

251

Adobe,

Inc.

(a)

61,013

179

Intuit,

Inc.

77,397

165

Microsoft

Corp.

61,078

439

Oracle

Corp.

64,581

451

Palo

Alto

Networks,

Inc.

(a)

72,304

346

Salesforce,

Inc.

64,588

627

ServiceNow,

Inc.

(a)

65,553

495

Workday,

Inc.

Class

(a)

64,310

530,824

SPECIALIZED

REITS

0.5%

339

American

Tower

Corp.

58,505

Equinix,

Inc.

66,656

125,161

SPECIALTY

RETAIL

5.7%

1,182

Advance

Auto

Parts,

Inc.

62,351

291

Asbury

Automotive

Group,

Inc.

(a)

56,864

323

AutoNation,

Inc.

(a)

63,069

AutoZone,

Inc.

(a)

57,422

1,023

Best

Buy

Co.,

Inc.

65,677

208

Burlington

Stores,

Inc.

(a)

67,679

1,485

CarMax,

Inc.

(a)

61,746

195

Carvana

Co.

Class

(a)

61,304

2,526

Chewy,

Inc.

Class

(a)

68,202

302

Dick's

Sporting

Goods,

Inc.

59,884

2,342

Gap,

Inc.

(The)

56,676

192

Group

Automotive,

Inc.

63,481

166

Home

Depot,

Inc.

(The)

54,596

225

Lithia

Motors,

Inc.

Class

56,187

229

Lowe's

Cos.,

Inc.

54,108

165

Murphy

USA,

Inc.

81,506

681

O'Reilly

Automotive,

Inc.

(a)

62,863

395

Penske

Automotive

Group,

Inc.

59,060

319

Ross

Stores,

Inc.

69,105

1,024

Sonic

Automotive,

Inc.

Class

70,216

405

TJX

Cos.,

Inc.

(The)

64,679

1,201

Tractor

Supply

Co.

54,405

Ulta

Beauty,

Inc.

(a)

49,135

869

Wayfair,

Inc.

Class

(a)

65,357

307

Williams-Sonoma,

Inc.

55,975

1,541,547

TECHNOLOGY

HARDWARE,

STORAGE

PERIPHERALS

1.5%

235

Apple,

Inc.

59,641

533

Dell

Technologies,

Inc.

Class

87,481

3,181

Hewlett

Packard

Enterprise

Co.

75,740

3,502

HP,

Inc.

67,273

2,059

Super

Micro

Computer,

Inc.

(a)

46,883

236

Western

Digital

Corp.

63,836

400,854

SECURITY

DESCRIPTION

VALUE

TEXTILES,

APPAREL

LUXURY

GOODS

0.8%

358

Lululemon

Athletica,

Inc.

(a)

54,810

999

NIKE,

Inc.

Class

52,767

924

PVH

Corp.

64,458

3,229

Corp.

54,861

226,896

TOBACCO

0.4%

927

Altria

Group,

Inc.

61,173

342

Philip

Morris

International,

Inc.

56,546

117,719

TRADING

COMPANIES

DISTRIBUTORS

1.5%

1,145

Core

Main,

Inc.

Class

(a)

56,563

1,411

Fastenal

Co.

65,471

246

Ferguson

Enterprises,

Inc.

57,382

United

Rentals,

Inc.

52,456

156

Watsco,

Inc.

56,751

216

WESCO

International,

Inc.

59,102

Grainger,

Inc.

62,176

409,901

Total

Common

Stocks

(Cost

$26,726,110)

27,213,282

SHORT

TERM

INVESTMENTS

0.2%

64,505

JPMorgan

U.S.

Government

Money

Market

Fund

Class

3.60%

(c)

64,505

Total

Short

Term

Investments

(Cost

$64,505)

64,505

Total

Investments

99.9%

(Cost

$26,790,615)

27,277,787

Other

Assets

Excess

Liabilities

0.1%

19,340

NET

ASSETS

100.0%

$27,297,127

(a)

Non-income

producing

security.

(b)

Value

determined

using

significant

unobservable

inputs.

(c)

Seven-day

yield

period

end.

Abbreviations:

CVR

Contingent

Value

Rights

Schedule

Investments

DoubleLine

Multi-Sector

Income

ETF

(Unaudited)

March

31,

2026

DoubleLine

ETF

Trust

The

accompanying

notes

are

integral

part

these

financial

statements.

RINCIPAL

MOUNT

$/S

HARES

ECURITY

ESCRIPTION

ATE

ATURITY

ALUE

COMMON

STOCKS 0.0%

(a)

837

Altice

France

(b)

14,149

Total

Common

Stock

(Cost

$13,382)

14,149

ASSET-BACKED

OBLIGATIONS

2.7%

AmeriCredit

Automobile

Receivables

Trust

100,000

Series

2026-1-A2

4.03%

(c)

04/18/2029

99,970

DataBank

Issuer

LLC

100,000

Series

2025-1A-B

5.67%

(c)

09/27/2055

96,370

Dividend

Solar

Loans

LLC

246,543

Series

2017-1-C

7.00%

(c)

03/22/2038

222,940

EDI

ABS

Issuer

LLC

100,000

Series

2025-1A-B

4.55%

(c)

07/25/2055

92,661

Hilton

Grand

Vacations

Trust

89,973

Series

2025-3EXT-C

5.39%

(c)

10/25/2044

89,738

Horizon

Aircraft

Finance

Ltd.

286,750

Series

2024-1-A

5.38%

(c)

09/15/2049

284,800

Lunar

Structured

Aircraft

Portfolio

Notes

260,361

Series

2021-1-B

3.43%

(c)

10/15/2046

247,877

MetroNet

Infrastructure

Issuer

LLC

100,000

Series

2026-1A-A2

5.27%

(c)

04/20/2056

100,574

Pagaya

Debt

Grantor

Trust

144,353

Series

2024-9-D

6.17%

(c)

03/15/2032

144,825

Pagaya

Debt

Grantor

Trust

111,372

Series

2024-8-D

6.53%

(c)

01/15/2032

111,811

QTS

Issuer

ABS

LLC

150,000

Series

2025-1A-B

5.93%

(c)

05/25/2055

147,017

Retained

Vantage

Data

Centers

Issuer

LLC

150,000

Series

2024-1A-B

5.78%

(c)

09/15/2049

145,756

Vital

Care

Issuer

LLC

250,000

Series

2025-1A-A2

6.74%

(c)

01/30/2056

251,673

Willis

Engine

Structured

Trust

163,177

Series

2020-A-C

6.66%

(c)

03/15/2045

161,616

Total

Asset-Backed

Obligations

(Cost

$2,189,957)

2,197,628

BANK

LOANS

14.5%

1261229

Ltd.

29,775

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

6.25%)

9.92%

10/08/2030

28,815

Acrisure

LLC

243,766

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.00%)

6.67%

11/06/2030

236,636

ADMI

Corp.

78,072

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.75%,

0.50%

Floor)

7.53%

12/23/2027

73,426

Alera

Group,

Inc.

89,551

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.75%)

6.42%

05/31/2032

87,042

Alkermes,

Inc.

90,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.75%)

6.42%

08/12/2031

90,788

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

Allied

Universal

Holdco

LLC

99,500

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.25%)

6.92%

08/20/2032

99,624

Allison

Transmission,

Inc.

115,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

1.75%)

5.42%

01/03/2033

115,546

Alterra

Mountain

Co.

54,862

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.50%)

6.17%

08/17/2028

54,914

Altice

France

120,809

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

6.88%)

10.55%

05/30/2031

121,287

American

Axle

Manufacturing,

Inc.

84,150

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.25%)

6.91%

02/03/2033

83,940

Apro

LLC

113,844

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.75%)

7.43%

07/09/2031

114,342

Ardonagh

Group

Finco

Pty.

Ltd.

133,990

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.75%)

6.45%

02/18/2031

131,060

Ascend

Learning

LLC

253,719

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.00%,

0.50%

Floor)

6.67%

12/11/2028

248,264

Asurion

LLC

43,928

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

4.25%)

7.92%

09/19/2030

43,514

9,813

Senior

Secured

Second

Lien

Term

Loan

(CME

Term

SOFR

Month

5.25%)

9.03%

01/19/2029

9,765

AthenaHealth

Group,

Inc.

54,861

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.75%,

0.50%

Floor)

6.42%

02/15/2029

53,936

Aveanna

Healthcare

LLC

109,725

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.75%)

7.42%

09/17/2032

109,801

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

The

accompanying

notes

are

integral

part

these

financial

statements.

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

Bausch

Lomb

Corp.

233,925

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.75%)

7.42%

01/15/2031

234,730

BCPE

Empire

Holdings,

Inc.

153,063

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.25%,

0.50%

Floor)

6.92%

12/11/2030

151,021

BioMarin

Pharmaceutical,

Inc.

95,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

1.75%)

5.17%

01/28/2033

94,882

Blackfin

Pipeline

LLC

94,763

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.00%)

6.69%

09/29/2032

95,399

Boots

Group

Finco

79,800

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.25%)

6.92%

08/30/2032

80,182

Boxer

Parent

Co.,

Inc.

138,600

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.00%)

6.67%

07/30/2031

128,883

Caesars

Entertainment,

Inc.

213,845

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.25%)

5.92%

02/06/2031

208,232

Camelot

U.S.

Acquisition

LLC

50,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.75%)

6.42%

01/31/2031

43,448

Cengage

Learning,

Inc.

153,450

Senior

Secured

First

Lien

Term

Loan

(TSFR1M

3%;

TSFR3M

3.00%)

6.67%

03/24/2031

150,636

Chariot

Buyer

LLC

119,698

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.75%)

6.42%

09/08/2032

118,747

Clear

Channel

Outdoor

Holdings,

Inc.

70,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

4.00%)

7.79%

08/23/2028

70,280

Cloud

Software

Group,

Inc.

29,925

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.25%)

6.92%

08/16/2032

27,467

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

Clydesdale

Acquisition

Holdings,

Inc.

25,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.18%,

0.50%

Floor)

6.84%

04/13/2029

23,912

9,975

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.25%)

6.92%

04/01/2032

9,343

Columbus

McKinnon

Corp.

123,623

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.50%)

7.20%

02/03/2033

123,314

Compass

Power

Generation

LLC

126,965

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.25%)

6.92%

04/16/2029

127,895

CompoSecure

Holdings

LLC

55,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.25%)

5.93%

01/14/2033

54,966

Cotiviti,

Inc.

18,993

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.75%)

6.42%

05/01/2031

17,544

104,213

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.75%)

6.42%

03/26/2032

96,189

CPI

Holdco

LLC

14,924

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.00%)

5.67%

05/19/2031

14,845

Crown

Finance

U.S.,

Inc.

114,350

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

4.50%)

8.17%

12/02/2031

113,403

Curium

BidCo

Sarl

48,865

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.00%)

6.67%

08/06/2031

48,834

Dayforce

Bidco

LLC

125,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.00%)

6.66%

02/04/2033

118,576

Delta

(Lux)

Sarl

115,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

1.75%)

5.45%

09/30/2031

114,928

Eagle

Parent

Corp.

108,179

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

4.25%,

0.50%

Floor)

7.92%

04/02/2029

108,529

DoubleLine

ETF

Trust

Schedule

Investments

DoubleLine

Multi-Sector

Income

ETF

(Cont.)

The

accompanying

notes

are

integral

part

these

financial

statements.

(Unaudited)

March

31,

2026

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

Edelman

Financial

Engines

Center

LLC

(The)

40,000

Senior

Secured

Second

Lien

Term

Loan

(CME

Term

SOFR

Month

5.25%)

8.92%

10/20/2028

39,710

America

LLC

185,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.25%)

6.92%

02/10/2031

185,370

Eisner

Advisory

Group

LLC

84,787

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

4.00%)

7.67%

02/28/2031

80,972

Fertitta

Entertainment

LLC

124,675

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.25%,

0.50%

Floor)

6.92%

01/29/2029

122,493

First

Advantage

Holdings

LLC

34,586

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.75%)

6.45%

10/31/2031

33,750

Focus

Financial

Partners

LLC

147,962

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.50%)

6.17%

09/15/2031

143,515

Freeport

LNG

Investments

LLLP

155,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.25%)

6.89%

02/11/2033

155,259

Froneri

U.S.,

Inc.

254,363

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.25%)

5.88%

09/30/2032

249,929

Gainwell

Acquisition

Corp.

192,927

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

4.00%,

0.75%

Floor)

7.80%

10/01/2027

187,702

Garda

World

Security

Corp.

104,211

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.75%)

6.42%

02/01/2029

103,689

GBT

U.S.

III

LLC

69,773

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.00%)

5.67%

07/25/2031

68,483

Genmab

A/S

63,375

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.00%)

6.73%

12/13/2032

63,687

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

Golden

State

Foods

LLC

14,924

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.50%)

7.20%

12/04/2031

14,963

Grant

Thornton

Advisors

LLC

278,697

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.75%)

6.42%

06/02/2031

260,872

Great

Outdoors

Group

LLC

65,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.25%,

0.75%

Floor)

6.92%

01/23/2032

64,976

Green

Infrastructure

Partners,

Inc.

230,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.75%)

6.45%

09/24/2032

230,000

Hexion

Holdings

Corp.

47,241

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

4.00%,

0.50%

Floor)

7.67%

03/15/2029

45,302

Hologic,

Inc.

235,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.25%)

5.75%

01/14/2033

232,489

INEOS

U.S.

Finance

LLC

19,585

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.25%)

6.92%

02/18/2030

17,174

ION

Platform

Finance

U.S.,

Inc.

150,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.75%)

7.42%

09/30/2032

121,375

Kaman

Corp.

1,940

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.50%)

6.15%

02/26/2032

1,943

104,539

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.50%)

6.17%

02/26/2032

104,699

Lavender

Dutch

BorrowerCo

74,813

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.25%)

6.94%

12/30/2032

73,877

LBM

Acquisition

LLC

30,540

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.75%,

0.75%

Floor)

7.52%

06/06/2031

24,646

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

The

accompanying

notes

are

integral

part

these

financial

statements.

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

Ahab

U.S.

Bidco

LLC

149,020

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.50%)

6.17%

05/01/2031

147,809

LifePoint

Health,

Inc.

137,160

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.75%)

7.42%

05/19/2031

137,357

Live

Nation

Entertainment,

Inc.

84,788

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.00%)

5.67%

10/21/2032

84,929

Madison

IAQ

LLC

76,388

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.75%)

6.51%

05/06/2032

76,641

McAfee

Corp.

29,437

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.00%,

0.50%

Floor)

6.67%

03/01/2029

26,383

Meade

Pipeline

Co.

LLC

90,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.00%)

5.69%

09/22/2032

90,150

Sub

LLC

147,731

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

4.25%,

0.50%

Floor)

7.92%

12/31/2031

99,165

Michaels

Cos.,

Inc.

(The)

30,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

5.00%)

8.67%

03/15/2033

29,177

Mitchell

International,

Inc.

44,888

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.00%)

6.67%

06/17/2031

42,954

MIWD

Holdco

LLC

104,175

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.75%)

6.42%

03/28/2031

96,318

Motion

Finco

Sarl

69,700

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.50%)

7.20%

11/13/2029

61,311

NEP

Group,

Inc.

25,513

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

4.50%)

8.17%

10/17/2031

23,179

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

Neptune

Bidco

US,

Inc.

30,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

5.00%)

8.76%

02/03/2033

28,680

Nexstar

Media,

Inc.

109,175

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.50%)

6.17%

06/28/2032

108,190

145,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.75%)

6.22%

03/18/2033

143,550

NGL

Energy

Operating

LLC

25,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.50%)

7.18%

03/11/2033

25,059

OAK-Eagle

Acquireco,

Inc.

190,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.50%)

6.97%

03/23/2033

189,050

OneDigital

Borrower

LLC

74,810

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.00%,

0.50%

Floor)

6.67%

07/02/2031

72,519

Ontario

Gaming

GTA

64,405

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

4.25%,

0.50%

Floor)

7.95%

08/01/2030

60,512

OPENLANE,

Inc.

104,738

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.50%)

6.14%

10/08/2032

104,868

Ovg

Business

Services

LLC

203,965

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.00%)

6.67%

06/25/2031

204,220

Pacific

Dental

Services,

Inc.

49,749

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.50%)

6.18%

03/17/2031

49,843

PetSmart

LLC

80,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

4.00%)

7.67%

08/18/2032

79,620

Pinnacle

Buyer

LLC

33,465

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.50%)

6.16%

10/01/2032

33,543

DoubleLine

ETF

Trust

Schedule

Investments

DoubleLine

Multi-Sector

Income

ETF

(Cont.)

The

accompanying

notes

are

integral

part

these

financial

statements.

(Unaudited)

March

31,

2026

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

Primo

Brands

Corp.

75,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.75%)

6.22%

03/19/2031

75,211

Project

Aurora

U.S.

Finco,

Inc.

55,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.75%)

6.49%

12/06/2032

55,172

Pye-Barker

Fire

Safety

LLC

34,800

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.50%)

6.21%

12/16/2032

34,893

Radiology

Partners,

Inc.

134,325

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

4.50%)

8.17%

06/30/2032

132,574

RealPage,

Inc.

179,063

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.00%)

6.96%

04/24/2028

171,950

19,850

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.75%,

0.50%

Floor)

7.45%

04/24/2028

19,332

Savor

Acquisition,

Inc.

55,436

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.00%)

6.67%

02/19/2032

55,575

Sedgwick

Claims

Management

Services,

Inc.

202,951

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.50%)

6.17%

07/31/2031

199,545

Select

Medical

Corp.

65,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.25%)

6.72%

12/31/2031

64,919

Staples,

Inc.

34,736

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

5.75%)

9.41%

08/23/2029

31,658

StubHub

Holdco

Sub

LLC

26,578

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

4.75%)

8.42%

03/15/2030

26,238

Sunrise

Financing

Partnership

200,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.47%)

6.10%

02/16/2032

199,042

Talen

Energy

Supply

LLC

104,738

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.00%)

5.67%

11/25/2032

104,943

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

Team

Health

Holdings,

Inc.

84,364

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

4.00%)

7.66%

06/30/2028

84,185

Tecta

America

Corp.

59,700

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.75%)

6.25%

02/18/2032

59,555

Tiger

Acquisition

LLC

138,515

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.50%)

6.18%

08/23/2032

138,809

TKO

Worldwide

Holdings

LLC

64,637

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.00%)

5.66%

11/21/2031

64,678

TransDigm,

Inc.

20,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.50%)

6.16%

02/14/2033

20,032

Trident

TPI

Holdings,

Inc.

39,748

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.75%,

0.50%

Floor)

7.45%

09/15/2028

37,742

Trucordia

Insurance

Holdings

LLC

24,363

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.25%)

6.92%

06/17/2032

22,536

UKG,

Inc.

129,674

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.50%)

6.17%

02/10/2031

124,090

Univision

Communications,

Inc.

169,139

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.50%)

7.28%

01/23/2029

167,766

Verde

Purchaser

LLC

54,473

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

4.00%)

7.67%

11/30/2030

53,072

Vestis

Corp.

79,579

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.25%)

5.92%

02/24/2031

76,993

Victory

Capital

Holdings,

Inc.

29,850

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.00%)

5.70%

09/23/2032

29,816

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

The

accompanying

notes

are

integral

part

these

financial

statements.

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

Victra

Holdings

LLC

245,996

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.75%)

7.45%

03/30/2029

242,921

Virgin

Media

Bristol

LLC

75,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.25%)

7.04%

01/31/2029

72,531

110,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.18%)

7.05%

03/31/2031

100,708

Voyager

Parent

LLC

139,301

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

4.25%)

7.95%

07/01/2032

138,532

VSE

Corp.

45,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.00%)

5.47%

03/17/2033

45,009

Wand

NewCo

Inc.

165,004

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

2.50%)

6.17%

01/30/2031

163,879

White

Cap

Supply

Holdings

LLC

34,187

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.25%)

6.92%

10/19/2029

32,961

WhiteWater

Matterhorn

Holdings

LLC

44,938

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

1.75%)

5.44%

06/16/2032

44,788

Zayo

Group

Holdings,

Inc.

188,913

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.00%

0.50%

PIK)

6.79%

03/11/2030

185,833

Zelis

Payments

Buyer,

Inc.

118,809

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

Month

3.25%)

6.92%

11/26/2031

115,260

Total

Bank

Loans

(Cost

$12,103,769)

11,913,535

COLLATERALIZED

LOAN

OBLIGATIONS

5.4%

ACREC

LLC

130,000

Series

2026-FL4-C

(CME

Term

SOFR

Month

2.00%)

5.68%

(c)

01/18/2043

129,817

AREIT

LLC

110,000

Series

2025-CRE11-C

(CME

Term

SOFR

Month

2.25%)

5.93%

(c)

07/25/2043

110,165

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

Bain

Capital

Credit

CLO

1,000,000

Series

2018-2A-DR

(CME

Term

SOFR

Month

2.95%,

2.95%

Floor)

6.62%

(c)

07/19/2031

1,004,353

BDS

LLC

140,000

Series

2025-FL16-C

(CME

Term

SOFR

Month

2.10%)

5.78%

(c)

06/19/2043

139,791

BRSP

Ltd.

140,000

Series

2026-FL3-D

(CME

Term

SOFR

Month

2.85%)

6.53%

(c)

08/19/2043

140,521

BSPRT

Issuer

LLC

100,000

Series

2024-FL11-C

(CME

Term

SOFR

Month

2.64%)

6.32%

(c)

07/15/2039

100,070

140,000

Series

2026-FL13-A

(CME

Term

SOFR

Month

1.50%)

0.00%

(c)

10/18/2043

140,350

BSPRT

Issuer

Ltd.

126,916

Series

2023-FL10-A

(CME

Term

SOFR

Month

2.26%,

2.26%

Floor)

5.93%

(c)

09/15/2035

127,239

Carlyle

CLO

Ltd.

500,000

Series

2020-2A-CR2

(CME

Term

SOFR

Month

2.90%)

6.57%

(c)

01/25/2035

484,031

Rialto

Issuer

LLC

110,000

Series

2026-FL11-C

(CME

Term

SOFR

Month

2.05%)

5.73%

(c)

01/19/2044

110,342

REFT

Issuer

Ltd.

150,000

Series

2026-FL1-A

(CME

Term

SOFR

Month

1.50%)

5.17%

(c)

04/19/2043

150,375

Harvest

CLO

Ltd.

500,000

Series

2023-1A-DR

(CME

Term

SOFR

Month

2.85%)

6.52%

(c)

01/15/2037

494,606

KREF

Ltd.

150,000

Series

2021-FL2-AS

(CME

Term

SOFR

Month

1.41%,

1.30%

Floor)

5.09%

(c)

02/15/2039

150,262

130,000

Series

2022-FL3-C

(CME

Term

SOFR

Month

2.30%)

5.98%

(c)

02/17/2039

130,480

LoanCore

Issuer

Ltd.

150,000

Series

2021-CRE6-C

(CME

Term

SOFR

Month

2.41%)

6.09%

(c)

11/15/2038

150,454

100,000

Series

2021-CRE6-D

(CME

Term

SOFR

Month

2.96%)

6.64%

(c)

11/15/2038

100,331

MF1

LLC

170,000

Series

2026-FL21-C

(CME

Term

SOFR

Month

1.95%)

5.63%

(c)

02/18/2041

170,625

MF1

Ltd.

100,000

Series

2021-FL7-D

(CME

Term

SOFR

Month

2.66%)

6.34%

(c)

10/16/2036

100,134

DoubleLine

ETF

Trust

Schedule

Investments

DoubleLine

Multi-Sector

Income

ETF

(Cont.)

The

accompanying

notes

are

integral

part

these

financial

statements.

(Unaudited)

March

31,

2026

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

130,000

Series

2022-FL8-B

(CME

Term

SOFR

Month

1.95%)

5.63%

(c)

02/19/2037

129,887

MF1

Multifamily

Housing

Mortgage

Loan

Trust

150,000

Series

2021-FL7-E

(CME

Term

SOFR

Month

2.91%,

2.80%

Floor)

6.59%

(c)

10/16/2036

148,718

PFP

Ltd.

150,000

Series

2025-12-C

(CME

Term

SOFR

Month

2.54%)

6.22%

(c)

12/18/2042

150,336

90,000

Series

2026-13-C

(CME

Term

SOFR

Month

2.00%)

5.68%

(c)

08/18/2043

90,287

Total

Collateralized

Loan

Obligations

(Cost

$4,458,338)

4,453,174

FOREIGN

CORPORATE

BONDS

4.0%

BERMUDA

0.1%

108,000

Triton

Container

International

Ltd.

5.15%

02/15/2033

105,818

BRAZIL

0.1%

95,000

Suzano

Netherlands

5.50%

01/15/2036

91,972

CANADA

1.3%

32,000

Bank

Nova

Scotia

(The)

(SOFR

1.05%)

4.81%

02/02/2034

31,558

94,000

Bell

Canada

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.36%)

7.00%

09/15/2055

96,248

51,000

Cenovus

Energy,

Inc.

5.40%

03/20/2036

50,764

83,000

Element

Fleet

Management

Corp.

5.04%

(c)

03/25/2030

83,836

90,000

Garda

World

Security

Corp.

6.50%

(c)

01/15/2031

91,312

250,000

Garda

World

Security

Corp.

8.25%

(c)

08/01/2032

247,729

260,000

Ontario

Gaming

GTA

8.00%

(c)

08/01/2030

249,386

89,000

TELUS

Corp.

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.71%)

7.00%

10/15/2055

90,895

97,000

WSP

Global,

Inc.

5.04%

(c)

09/18/2031

96,231

1,037,959

CAYMAN

ISLANDS

0.7%

539,000

Global

Aircraft

Leasing

Co.

Ltd.

8.75%

(c)

09/01/2027

547,511

FRANCE

0.3%

94,384

Altice

France

6.88%

(c)

07/15/2032

89,517

200,000

Societe

Generale

(SOFR

1.73%)

5.44%

(c)

10/03/2036

195,792

285,309

HONG

KONG

0.3%

290,000

Seaspan

Corp.

5.50%

(c)

08/01/2029

271,993

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

IRELAND

0.3%

150,000

AerCap

Ireland

Capital

DAC

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.72%)

6.95%

03/10/2055

153,605

64,000

Avolon

Holdings

Funding

Ltd.

4.90%

(c)

10/10/2030

63,587

217,192

ISRAEL

0.1%

102,000

Teva

Pharmaceutical

Finance

Co.

LLC

6.15%

02/01/2036

105,216

UNITED

KINGDOM

0.8%

200,000

180

Medical,

Inc.

5.30%

(c)

10/08/2035

196,561

62,000

BAT

Capital

Corp.

5.63%

08/15/2035

63,787

200,000

Froneri

Lux

FinCo.

Sarl

6.00%

(c)

08/01/2032

195,195

200,000

Merlin

Entertainments

Group

Holdings,

Inc.

7.38%

(c)

02/15/2031

167,066

622,609

Total

Foreign

Corporate

Bonds

(Cost

$3,322,189)

3,285,579

NON-AGENCY

COMMERCIAL

MORTGAGE-BACKED

OBLIGATIONS

9.8%

1211

Avenue

the

Americas

Trust

100,000

Series

2015-1211-A1A2

3.90%

(c)

08/10/2035

95,862

1345T

100,000

Series

2025-AOA-D

(CME

Term

SOFR

Month

3.00%)

6.67%

(c)

06/15/2042

99,902

ALA

Trust

150,000

Series

2025-OANA-A

(CME

Term

SOFR

Month

1.74%)

5.42%

(c)

06/15/2040

150,610

Arbor

Multifamily

Mortgage

Securities

Trust

3,718,190

Series

2020-MF1-XA

0.92%

(c)

(d)(e)

05/15/2053

112,285

130,000

Series

2021-MF3-A2

2.21%

(c)

10/15/2054

128,135

ARDN

Mortgage

Trust

100,000

Series

2025-ARCP-A

(CME

Term

SOFR

Month

1.75%)

5.42%

(c)

06/15/2035

99,766

BANK

4,077,128

Series

2021-BN32-XA

0.76%

(d)(e)

04/15/2054

109,541

BANK5

1,078,646

Series

2025-5YR16-XA

1.07%

(d)(e)

08/15/2063

45,072

1,998,740

Series

2025-5YR17-XA

1.19%

(d)(e)

11/15/2058

93,262

1,801,968

Series

2026-5YR20-XA

1.31%

(d)(e)

02/15/2059

100,209

3,161,000

Series

2026-5YR21-XA

1.00%

(d)(e)

04/15/2059

111,056

BBCMS

Mortgage

Trust

100,000

Series

2023-C19-B

6.35%

(d)

04/15/2056

100,748

171,000

Series

2024-5C29-D

4.00%

(c)

09/15/2057

150,828

170,000

Series

2024-5C31-D

4.25%

(c)

12/15/2057

150,222

122,000

Series

2025-5C38-B

5.72%

(d)

11/15/2058

124,058

103,000

Series

2026-5C40-D

4.25%

(c)

02/15/2059

86,662

Benchmark

Mortgage

Trust

3,967,642

Series

2024-V12-XA

0.85%

(d)(e)

12/15/2057

115,520

100,000

Series

2024-V6-D

4.00%

03/15/2057

90,170

3,565,296

Series

2025-V15-XA

1.12%

(d)(e)

06/15/2058

147,888

100,000

Series

2025-V16-C

5.95%

(d)

08/15/2058

101,067

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

The

accompanying

notes

are

integral

part

these

financial

statements.

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

3,149,492

Series

2025-V16-XA

0.96%

(d)(e)

08/15/2058

114,855

250,000

Series

2025-V18-C

6.14%

10/15/2058

249,591

3,474,939

Series

2025-V18-XA

1.26%

(c)

(d)(e)

10/15/2058

176,227

128,000

Series

2025-V19-C

5.75%

(d)

01/15/2058

127,299

1,143,000

Series

2026-V21-XD

2.25%

(c)

(d)(e)

12/15/2030

108,057

BMO

Mortgage

Trust

150,000

Series

2024-5C3-D

4.00%

(c)

02/15/2057

134,182

150,000

Series

2024-5C5-D

4.50%

(c)

02/15/2057

133,816

150,000

Series

2025-5C10-C

6.49%

(d)

05/15/2058

152,330

136,000

Series

2025-5C13-C

5.88%

(d)

12/15/2058

134,327

2,648,694

Series

2025-5C13-XA

1.20%

(d)(e)

12/15/2058

129,239

BMP

Trust

100,000

Series

2024-MF23-D

(CME

Term

SOFR

Month

2.39%,

2.39%

Floor)

6.06%

(c)

06/15/2041

100,171

Commercial

Mortgage

Trust

97,464

Series

2024-GPA2-D

(CME

Term

SOFR

Month

2.59%,

2.59%

Floor)

6.26%

(c)

11/15/2041

97,540

70,000

Series

2024-MDHS-D

(CME

Term

SOFR

Month

2.69%,

2.69%

Floor)

6.36%

(c)

05/15/2041

69,958

88,545

Series

2024-MF-D

(CME

Term

SOFR

Month

2.69%,

2.69%

Floor)

6.36%

(c)

02/15/2039

88,717

110,000

Series

2026-ALOHA-D

(CME

Term

SOFR

Month

2.15%)

0.00%

(c)

04/15/2043

110,275

100,000

Series

2026-CSMO-D

(CME

Term

SOFR

Month

2.45%)

6.12%

(c)

02/15/2043

100,406

100,000

Series

2026-XL6-D

(CME

Term

SOFR

Month

2.10%)

5.77%

(c)

03/15/2043

99,610

Trust

100,000

Series

2021-LGCY-D

(CME

Term

SOFR

Month

1.42%)

5.09%

(c)

10/15/2036

99,927

84,533

Series

2021-RISE-D

(CME

Term

SOFR

Month

1.86%)

5.54%

(c)

11/15/2036

84,542

100,000

Series

2022-LBA6-C

(CME

Term

SOFR

Month

1.60%)

5.27%

(c)

01/15/2039

100,042

71,296

Series

2024-CNYN-D

(CME

Term

SOFR

Month

2.69%,

2.69%

Floor)

6.36%

(c)

04/15/2041

71,381

100,000

Series

2025-ARIA-C

5.52%

(c)(d)

12/13/2042

99,808

100,000

Series

2026-CART-D

(CME

Term

SOFR

Month

1.90%)

5.57%

(c)

02/15/2036

99,258

100,000

Series

2026-OPTM-D

(CME

Term

SOFR

Month

2.00%)

5.75%

(c)

03/15/2039

99,571

BXP

Trust

100,000

Series

2017-GM-C

3.42%

(c)(d)

06/13/2039

97,647

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

DBC

Mortgage

Trust

100,000

Series

2025-DBC-D

(CME

Term

SOFR

Month

2.60%)

6.27%

(c)

11/15/2042

99,886

ELP

Commercial

Mortgage

Trust

100,000

Series

2025-ELP-E

6.02%

(c)(d)

11/13/2042

98,952

Great

Wolf

Trust

100,000

Series

2024-WOLF-D

(CME

Term

SOFR

Month

2.89%,

2.89%

Floor)

6.56%

(c)

03/15/2039

100,407

Hilton

USA

Trust

100,000

Series

2016-HHV-C

4.19%

(c)(d)

11/05/2038

99,663

100,000

Series

2016-SFP-A

2.83%

(c)

11/05/2035

85,740

INV

Mortgage

Trust

100,000

Series

2024-IND-A

(CME

Term

SOFR

Month

1.74%)

5.41%

(c)

11/15/2041

98,859

JPMDB

Commercial

Mortgage

Securities

Trust

140,000

Series

2017-C7-B

3.99%

10/15/2050

133,169

LBTY

Commercial

Mortgage

Trust

100,000

Series

2026-225L-D

5.71%

(c)(d)

02/10/2043

98,160

MHP

Commercial

Mortgage

Trust

100,000

Series

2021-STOR-D

(CME

Term

SOFR

Month

1.46%,

1.35%

Floor)

5.14%

(c)

07/15/2038

99,984

100,000

Series

2021-STOR-E

(CME

Term

SOFR

Month

1.86%)

5.54%

(c)

07/15/2038

99,997

Morgan

Stanley

Bank

America

Merrill

Lynch

Trust

93,957

Series

2013-C11-AS

3.89%

(d)

08/15/2046

91,077

104,000

Series

2025-5C1-C

6.64%

(d)

03/15/2058

107,377

100,000

Series

2025-5C2-C

5.74%

(d)

11/15/2058

98,242

Morgan

Stanley

Capital

Trust

150,000

Series

2018-H3-C

4.86%

(d)

07/15/2051

143,717

MTN

Commercial

Mortgage

Trust

100,000

Series

2022-LPFL-D

(CME

Term

SOFR

Month

2.94%,

2.94%

Floor)

6.62%

(c)

03/15/2039

99,880

Natixis

Commercial

Mortgage

Securities

Trust

100,000

Series

2019-10K-E

4.13%

(c)(d)

05/15/2039

92,734

NYC

Commercial

Mortgage

Trust

100,000

Series

2025-300P-E

7.39%

(c)(d)

07/13/2042

100,716

PLYM

Commercial

Mortgage

Trust

100,000

Series

2026-IND-D

(CME

Term

SOFR

Month

2.15%)

5.82%

(c)

03/15/2043

99,252

RFR

Trust

100,000

Series

2025-SGRM-E

7.27%

(c)(d)

03/11/2041

100,556

UBS

Commercial

Mortgage

Trust

150,000

Series

2018-C13-B

4.79%

(d)

10/15/2051

142,320

Wells

Fargo

Commercial

Mortgage

Trust

200,000

Series

2025-5C4-D

4.50%

(c)

05/15/2058

177,080

2,066,968

Series

2025-5C4-XA

1.12%

(d)(e)

05/15/2058

84,095

123,000

Series

2025-5C7-C

5.80%

(d)

12/15/2058

120,990

150,000

Series

2025-5C7-D

4.25%

(c)

12/15/2058

125,002

100,000

Series

2025-AGLN-B

(CME

Term

SOFR

Month

1.94%)

5.61%

(c)

07/15/2037

99,755

104,000

Series

2026-5C8-D

4.50%

(c)

03/15/2059

88,356

DoubleLine

ETF

Trust

Schedule

Investments

DoubleLine

Multi-Sector

Income

ETF

(Cont.)

The

accompanying

notes

are

integral

part

these

financial

statements.

(Unaudited)

March

31,

2026

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

2,641,000

Series

2026-5C8-XA

1.58%

(d)(e)

03/15/2059

154,584

Total

Non-Agency

Commercial

Mortgage-Backed

Obligations

(Cost

$8,032,959)

8,032,189

NON-AGENCY

RESIDENTIAL

COLLATERALIZED

MORTGAGE

OBLIGATIONS

18.3%

Aspire

Mortgage

Trust

500,000

Series

2026-1-M1

5.40%

(c)(d)

01/25/2066

501,481

BRAVO

Residential

Funding

Trust

650,000

Series

2026-NQM1-B1

6.45%

(c)(d)

12/25/2065

649,565

500,000

Series

2026-NQM2-M1

5.45%

(c)(d)

11/25/2065

489,179

COLT

Mortgage

Loan

Trust

500,000

Series

2026-2-M1

5.42%

(c)(d)

03/25/2071

503,031

EFMT

750,000

Series

2025-INV2-B2

7.50%

(c)(d)

05/26/2070

745,491

FHLMC

STACR

REMICS

Trust

300,000

Series

2024-HQA1-M2

(SOFR

Day

Average

2.00%)

5.66%

(c)

03/25/2044

303,295

J.P.

Morgan

Mortgage

Trust

500,000

Series

2024-VIS2-B2

7.69%

(c)(d)

11/25/2064

499,176

600,000

Series

2025-NQM5-M1A

5.67%

(c)(d)

05/25/2066

594,327

MFA

Trust

750,000

Series

2025-NQM5-M1

5.89%

(c)(d)

11/25/2070

753,595

Morgan

Stanley

Residential

Mortgage

Loan

Trust

740,000

Series

2025-NQM5-B1

7.07%

(c)(d)

07/25/2070

741,142

New

Residential

Mortgage

Loan

Trust

750,000

Series

2026-NQM1-B1

6.60%

(c)(d)

11/25/2065

740,866

OBX

Trust

600,000

Series

2024-NQM17-M1

6.65%

(c)(d)

11/25/2064

605,828

625,000

Series

2024-NQM18-M1

6.17%

(c)(d)

10/25/2064

626,599

600,000

Series

2025-NQM23-M1

5.67%

(c)(d)

10/25/2065

595,190

PRPM

Trust

750,000

Series

2025-NQM3-B1

6.89%

(c)(d)

05/25/2070

751,139

600,000

Series

2025-NQM6-B1

6.96%

(c)(d)

12/25/2070

595,704

Verus

Securitization

Trust

625,000

Series

2024-9-B1

6.85%

(c)(d)

11/25/2069

626,768

500,000

Series

2025-1-B1

7.01%

(c)(d)

01/25/2070

505,613

700,000

Series

2025-11-B1

6.41%

(c)(d)

11/25/2070

690,745

625,000

Series

2025-2-B1

6.97%

(c)

03/25/2070

627,783

750,000

Series

2025-5-B1

7.06%

(c)(d)

06/25/2070

753,842

750,000

Series

2025-6-B1

6.87%

(c)(d)

07/25/2070

752,007

750,000

Series

2025-9-B2

7.38%

(c)(d)

10/27/2070

745,434

600,000

Series

2026-1-B1

6.47%

(c)(d)

01/25/2071

592,567

Total

Non-Agency

Residential

Collateralized

Mortgage

Obligations

(Cost

$15,016,951)

14,990,367

U.S.

CORPORATE

BONDS

40.0%

250,000

1261229

Ltd.

10.00%

(c)

04/15/2032

256,172

295,000

Acrisure

LLC

6.75%

(c)

07/01/2032

284,555

220,000

Acushnet

Co.

5.63%

(c)

12/01/2033

218,848

210,000

Advanced

Drainage

Systems,

Inc.

5.38%

(c)

03/01/2034

204,880

96,000

Alliant

Energy

Corp.

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.08%)

5.75%

04/01/2056

93,367

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

120,000

Alliant

Holdings

Intermediate

LLC

6.50%

(c)

10/01/2031

117,984

174,000

Allied

Universal

Holdco

LLC

7.88%

(c)

02/15/2031

179,548

100,000

American

Axle

Manufacturing,

Inc.

6.38%

(c)

10/15/2032

99,055

90,000

American

Axle

Manufacturing,

Inc.

7.75%

(c)

10/15/2033

87,670

84,000

American

Express

Co.

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.15%)

5.41%

02/08/2041

83,441

50,000

Antero

Midstream

Partners

5.75%

(c)

07/01/2034

49,305

85,000

Anywhere

Real

Estate

Group

LLC

5.25%

(c)

04/15/2030

80,378

65,000

Anywhere

Real

Estate

Group

LLC

9.75%

(c)

04/15/2030

69,057

50,000

APA

Corp.

6.10%

02/15/2035

51,369

186,000

AthenaHealth

Group,

Inc.

6.50%

(c)

02/15/2030

174,783

50,000

Atlassian

Corp.

5.25%

05/15/2029

50,312

155,000

Azorra

Finance

Ltd.

7.25%

(c)

01/15/2031

156,639

102,000

Bank

America

Corp.

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.68%)

6.63%

(f)

05/01/2030

104,642

112,000

Bank

New

York

Mellon

Corp.

(The)

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.03%)

5.63%

(f)

03/20/2031

109,762

224,000

Bausch

Lomb

Corp.

8.38%

(c)

10/01/2028

231,560

76,000

Block

Financial

LLC

5.38%

09/15/2032

73,794

95,000

Brown

Brown,

Inc.

5.25%

06/23/2032

94,882

320,000

Builders

FirstSource,

Inc.

6.38%

(c)

03/01/2034

316,309

170,000

Builders

FirstSource,

Inc.

6.75%

(c)

05/15/2035

170,050

50,000

CACI

International,

Inc.

6.38%

(c)

06/15/2033

50,931

120,000

Caesars

Entertainment,

Inc.

6.00%

(c)

10/15/2032

110,547

41,000

Carnival

Corp.

5.13%

(c)

05/01/2029

40,722

250,000

Carnival

Corp.

5.88%

(c)

06/15/2031

253,230

220,000

Carnival

Corp.

5.75%

(c)

08/01/2032

220,203

33,000

CCO

Holdings

LLC

5.13%

(c)

05/01/2027

32,984

345,000

CCO

Holdings

LLC

4.75%

(c)

03/01/2030

327,579

171,000

CCO

Holdings

LLC

4.75%

(c)

02/01/2032

154,749

60,000

CCO

Holdings

LLC

4.25%

(c)

01/15/2034

51,385

90,000

CCO

Holdings

LLC

7.38%

(c)

02/01/2036

89,707

60,000

Celanese

Holdings

LLC

6.50%

04/15/2030

61,270

60,000

Celanese

Holdings

LLC

6.75%

04/15/2033

61,596

40,000

Chemours

Co.

(The)

7.88%

(c)

03/15/2034

40,028

43,000

Cheniere

Energy,

Inc.

5.65%

04/15/2034

44,283

180,000

Chord

Energy

Corp.

6.00%

(c)

10/01/2030

182,495

115,000

Chord

Energy

Corp.

6.75%

(c)

03/15/2033

118,803

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

The

accompanying

notes

are

integral

part

these

financial

statements.

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

190,000

CHS/Community

Health

Systems,

Inc.

6.00%

(c)

01/15/2029

188,025

85,000

Cipher

Compute

LLC

7.13%

(c)

11/15/2030

88,169

95,000

Citigroup,

Inc.

(5-year

CMT

T-Note

2.89%)

6.88%

(f)

08/15/2030

95,732

190,000

Clarios

Global

6.75%

(c)

02/15/2030

194,409

300,000

Clarios

Global

6.75%

(c)

09/15/2032

302,589

65,000

Clear

Channel

Outdoor

Holdings,

Inc.

7.50%

(c)

06/01/2029

65,312

205,000

Clear

Channel

Outdoor

Holdings,

Inc.

7.13%

(c)

02/15/2031

214,903

50,000

Cloud

Software

Group,

Inc.

9.00%

(c)

09/30/2029

48,281

160,000

Cloud

Software

Group,

Inc.

6.63%

(c)

08/15/2033

142,397

80,000

Clydesdale

Acquisition

Holdings,

Inc.

6.75%

(c)

04/15/2032

75,787

94,000

CMS

Energy

Corp.

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.96%)

6.50%

06/01/2055

95,740

52,000

CNH

Industrial

Capital

LLC

4.38%

03/07/2031

50,842

75,000

CNX

Midstream

Partners

4.75%

(c)

04/15/2030

71,357

140,000

CNX

Resources

Corp.

5.88%

(c)

03/01/2034

136,442

250,000

Columbus

McKinnon

Corp.

7.13%

(c)

02/01/2033

250,119

85,000

CoreWeave,

Inc.

9.25%

(c)

06/01/2030

82,672

35,000

Crescent

Energy

Finance

LLC

7.88%

(c)

04/15/2032

35,784

235,000

Dcli

Bidco

LLC

7.75%

(c)

11/15/2029

237,831

580,000

Dealer

Tire

LLC

8.00%

(c)

02/01/2028

567,462

39,000

Dell

International

LLC

5.10%

02/15/2036

38,149

176,000

Directv

Financing

LLC

5.88%

(c)

08/15/2027

175,923

180,000

Directv

Financing

LLC

8.88%

(c)

02/01/2030

179,824

115,000

Discovery

Global

Holdings,

Inc.

4.05%

03/15/2029

111,334

45,000

Discovery

Global

Holdings,

Inc.

4.28%

03/15/2032

39,881

80,000

Discovery

Global

Holdings,

Inc.

5.05%

03/15/2042

52,905

225,000

DISH

DBS

Corp.

5.75%

(c)

12/01/2028

217,754

165,000

DISH

DBS

Corp.

5.13%

06/01/2029

147,635

276,000

Dornoch

Debt

Merger

Sub,

Inc.

6.63%

(c)

10/15/2029

246,669

84,000

EchoStar

Corp.

10.75%

11/30/2029

90,793

190,000

Ellucian

Holdings,

Inc.

6.50%

(c)

12/01/2029

186,060

205,000

EMRLD

Borrower

6.63%

(c)

12/15/2030

208,753

185,000

Energizer

Holdings,

Inc.

6.00%

(c)

09/15/2033

173,490

77,000

Energy

Transfer

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

5.31%)

7.13%

(f)

05/15/2030

78,575

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

72,000

Entergy

Corp.

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.67%)

7.13%

12/01/2054

73,818

98,000

Essential

Properties

5.40%

12/01/2035

96,521

64,000

Extra

Space

Storage

5.40%

06/15/2035

64,323

8,000

Fedex

Freight

Holding

Co.,

Inc.

4.95%

(c)

03/15/2033

7,805

116,000

Fertitta

Entertainment

LLC

6.75%

(c)

01/15/2030

108,439

69,000

Fiserv,

Inc.

4.55%

02/15/2031

67,594

125,000

Flash

Compute

LLC

7.25%

(c)

12/31/2030

126,005

40,000

Flex

Ltd.

5.25%

01/15/2032

40,174

63,000

Florida

Gas

Transmission

Co.

LLC

5.75%

(c)

07/15/2035

64,669

115,000

Freedom

Mortgage

Holdings

LLC

8.38%

(c)

04/01/2032

113,244

85,000

Full

House

Resorts,

Inc.

8.25%

(c)

02/15/2028

77,563

31,000

Gabx

Leasing

LLC

4.63%

(c)

04/15/2031

30,569

92,000

General

Motors

Financial

Co.,

Inc.

4.60%

01/08/2031

90,711

290,000

Genesee

Wyoming,

Inc.

6.25%

(c)

04/15/2032

293,828

170,000

Getty

Images,

Inc.

10.50%

(c)

11/15/2030

152,622

285,000

GFL

Environmental

Holdings

US,

Inc.

5.50%

(c)

02/01/2034

279,883

40,000

Global

Payments,

Inc.

5.20%

11/15/2032

38,851

86,000

GLP

Capital

5.63%

03/01/2036

83,723

150,000

Goat

Holdco

LLC

6.75%

(c)

02/01/2032

151,049

90,000

Goldman

Sachs

Group,

Inc.

(The)

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.46%)

6.85%

(f)

02/10/2030

91,794

62,000

Goldman

Sachs

Group,

Inc.

(The)

(SOFR

1.55%)

5.33%

07/23/2035

62,231

280,000

Graham

Holdings

Co.

5.63%

(c)

12/01/2033

274,995

75,000

Gray

Media,

Inc.

9.63%

(c)

07/15/2032

75,065

115,000

Gray

Media,

Inc.

7.25%

(c)

08/15/2033

115,970

295,000

Griffon

Corp.

5.75%

03/01/2028

294,602

179,000

Gulfport

Energy

Operating

Corp.

6.75%

(c)

09/01/2029

183,291

70,000

Herc

Holdings,

Inc.

7.00%

(c)

06/15/2030

71,826

35,000

Herc

Holdings,

Inc.

5.75%

(c)

03/15/2031

34,502

135,000

Herc

Holdings,

Inc.

6.00%

(c)

03/15/2034

130,651

110,000

Hightower

Holding

LLC

6.75%

(c)

04/15/2029

108,096

130,000

Hilcorp

Energy

7.25%

(c)

02/15/2035

129,704

145,000

Hilton

Domestic

Operating

Co.,

Inc.

5.75%

(c)

09/15/2033

144,460

92,000

HUB

International

Ltd.

7.25%

(c)

06/15/2030

94,298

30,000

Huntington

Bancshares,

Inc.

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.17%)

2.49%

08/15/2036

25,769

DoubleLine

ETF

Trust

Schedule

Investments

DoubleLine

Multi-Sector

Income

ETF

(Cont.)

The

accompanying

notes

are

integral

part

these

financial

statements.

(Unaudited)

March

31,

2026

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

35,000

Icahn

Enterprises

5.25%

05/15/2027

34,325

67,000

Illumina,

Inc.

4.75%

12/12/2030

66,713

280,000

Installed

Building

Products,

Inc.

5.63%

(c)

02/01/2034

273,923

19,000

Jabil,

Inc.

4.75%

02/01/2033

18,509

90,000

JBS

5.50%

01/15/2036

90,098

40,000

JetBlue

Airways

Corp.

9.88%

(c)

09/20/2031

37,857

195,000

Kodiak

Gas

Services

LLC

6.50%

(c)

10/01/2033

197,241

135,000

Kodiak

Gas

Services

LLC

6.75%

(c)

10/01/2035

137,249

250,000

Lamar

Media

Corp.

5.38%

(c)

11/01/2033

244,902

225,000

Level

Financing,

Inc.

6.88%

(c)

06/30/2033

229,300

500,000

Life

Time,

Inc.

6.00%

(c)

11/15/2031

504,229

110,000

LifePoint

Health,

Inc.

8.38%

(c)

02/15/2032

117,551

104,000

LifePoint

Health,

Inc.

10.00%

(c)

06/01/2032

106,338

135,000

Light

Wonder

International,

Inc.

6.25%

(c)

10/01/2033

132,363

100,000

Lindblad

Expeditions

LLC

7.00%

(c)

09/15/2030

102,160

245,000

Madison

IAQ

LLC

5.88%

(c)

06/30/2029

240,427

41,000

Marriott

International,

Inc.

4.50%

10/15/2031

40,539

62,000

MasTec,

Inc.

5.90%

06/15/2029

64,082

100,000

Matador

Resources

Co.

6.50%

(c)

04/15/2032

101,162

85,000

Matador

Resources

Co.

6.00%

(c)

04/15/2034

84,514

75,000

Mativ

Holdings,

Inc.

8.00%

(c)

10/01/2029

69,947

16,000

Mattel,

Inc.

5.00%

11/17/2030

15,907

110,000

McGraw-Hill

Education,

Inc.

7.38%

(c)

09/01/2031

112,366

136,000

Medline

Borrower

5.25%

(c)

10/01/2029

134,885

92,000

MetLife,

Inc.

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.08%)

6.35%

03/15/2055

93,400

90,000

Michaels

Cos.,

Inc.

(The)

8.50%

(c)

03/15/2033

87,709

85,000

Midwest

Gaming

Borrower

LLC

4.88%

(c)

05/01/2029

82,481

115,000

Miter

Brands

Acquisition

Holdco,

Inc.

6.75%

(c)

04/01/2032

110,213

63,000

Motorola

Solutions,

Inc.

5.20%

08/15/2032

63,924

215,000

Nabors

Industries,

Inc.

9.13%

(c)

01/31/2030

225,871

130,000

Nabors

Industries,

Inc.

7.63%

(c)

11/15/2032

133,157

50,000

NCL

Corp.

Ltd.

5.88%

(c)

01/15/2031

48,608

50,000

NCL

Corp.

Ltd.

6.25%

(c)

09/15/2033

48,552

70,000

Neptune

Bidco

US,

Inc.

10.38%

(c)

05/15/2031

70,694

75,000

Newell

Brands,

Inc.

6.38%

05/15/2030

72,053

210,000

Nexstar

Media,

Inc.

6.50%

(c)

09/15/2033

211,727

45,000

Nexstar

Media,

Inc.

7.25%

(c)

04/15/2034

45,182

30,000

NGL

Energy

Operating

LLC

8.13%

(c)

02/15/2029

30,924

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

82,000

NiSource,

Inc.

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.45%)

6.95%

11/30/2054

84,379

90,000

Nissan

Motor

Acceptance

Co.

LLC

6.13%

(c)

09/30/2030

86,572

35,000

Novelis

Corp.

6.88%

(c)

01/30/2030

35,331

100,000

NRG

Energy,

Inc.

6.00%

(c)

02/01/2033

100,090

100,000

OAK-Eagle

Acquireco,

Inc.

7.25%

(c)

07/01/2033

103,675

55,000

OAK-Eagle

Acquireco,

Inc.

8.75%

(c)

07/01/2034

57,615

70,000

Olin

Corp.

6.63%

(c)

04/01/2033

68,563

84,000

Omega

Healthcare

Investors,

Inc.

3.25%

04/15/2033

73,972

100,000

OneMain

Finance

Corp.

6.13%

05/15/2030

97,853

89,000

OneMain

Finance

Corp.

7.50%

05/15/2031

89,532

135,000

OneMain

Finance

Corp.

6.50%

03/15/2033

129,173

179,000

Panther

Escrow

Issuer

LLC

7.13%

(c)

06/01/2031

179,692

165,000

Park

Intermediate

Holdings

LLC

7.00%

(c)

02/01/2030

167,128

62,000

Paychex,

Inc.

5.35%

04/15/2032

62,341

85,000

Penn

Entertainment,

Inc.

6.75%

(c)

04/01/2031

82,649

320,000

PennyMac

Financial

Services,

Inc.

6.88%

(c)

05/15/2032

309,126

105,000

Performance

Food

Group,

Inc.

5.63%

(c)

03/01/2034

101,388

250,000

PetSmart

LLC

7.50%

(c)

09/15/2032

251,404

78,000

PSEG

Power

LLC

5.20%

(c)

05/15/2030

79,242

70,000

Qnity

Electronics,

Inc.

6.25%

(c)

08/15/2033

70,867

72,000

Qorvo,

Inc.

3.38%

(c)

04/01/2031

65,170

240,000

Quikrete

Holdings,

Inc.

6.75%

(c)

03/01/2033

243,940

350,000

QXO

Building

Products,

Inc.

6.75%

(c)

04/30/2032

357,303

140,000

Radiology

Partners,

Inc.

8.50%

(c)

07/15/2032

142,117

220,000

RHP

Hotel

Properties

6.50%

(c)

06/15/2033

224,177

85,000

RHP

Hotel

Properties

5.75%

(c)

03/15/2034

83,950

195,000

Rivers

Enterprise

Borrower

LLC

6.25%

(c)

10/15/2030

194,622

305,000

Rivers

Enterprise

Borrower

LLC

6.63%

(c)

02/01/2033

303,003

70,000

Rocket

Cos.,

Inc.

6.13%

(c)

08/01/2030

70,689

70,000

Rocket

Cos.,

Inc.

6.38%

(c)

08/01/2033

70,840

63,000

Rollins,

Inc.

5.25%

02/24/2035

62,988

61,000

Royal

Caribbean

Cruises

Ltd.

5.38%

01/15/2036

59,954

55,000

Sabra

Health

Care

3.20%

12/01/2031

49,686

63,000

Sabre

GLBL,

Inc.

10.75%

(c)

11/15/2029

53,865

47,000

Sabre

GLBL,

Inc.

10.75%

(c)

03/15/2030

39,753

75,000

Select

Medical

Corp.

6.25%

(c)

12/01/2032

71,552

210,000

Sirius

Radio

LLC

5.50%

(c)

07/01/2029

209,433

80,000

Sirius

Radio

LLC

5.88%

(c)

04/15/2032

79,549

65,000

Energy

Co.

7.00%

(c)

08/01/2032

66,420

280,000

Solstice

Advanced

Materials,

Inc.

5.63%

(c)

09/30/2033

276,369

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

The

accompanying

notes

are

integral

part

these

financial

statements.

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

92,000

Southern

Co.

(The)

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.07%)

6.38%

03/15/2055

94,662

20,000

Spirit

AeroSystems,

Inc.

4.60%

06/15/2028

20,020

90,000

Standard

Building

Solutions,

Inc.

6.50%

(c)

08/15/2032

90,126

75,000

Standard

Building

Solutions,

Inc.

5.88%

(c)

03/15/2034

72,393

185,000

Staples,

Inc.

10.75%

(c)

09/01/2029

171,234

155,000

Starwood

Property

Trust,

Inc.

5.25%

(c)

10/15/2028

153,333

55,000

Store

Capital

LLC

4.95%

(c)

02/11/2031

54,548

255,000

RNO

Property

Owner

LLC

5.88%

(c)

03/01/2031

252,217

80,000

Talen

Energy

Supply

LLC

6.25%

(c)

02/01/2034

79,165

65,000

Tallgrass

Energy

Partners

7.38%

(c)

02/15/2029

66,907

105,000

Tallgrass

Energy

Partners

6.75%

(c)

03/15/2034

105,596

100,000

Taylor

Morrison

Communities,

Inc.

5.75%

(c)

11/15/2032

100,206

120,000

Tenet

Healthcare

Corp.

5.50%

(c)

11/15/2032

118,976

120,000

Tenet

Healthcare

Corp.

6.00%

(c)

11/15/2033

121,516

57,000

Textron,

Inc.

5.50%

05/15/2035

58,014

40,000

T-Mobile

USA,

Inc.

4.63%

01/15/2033

39,287

90,000

TransDigm,

Inc.

6.88%

(c)

12/15/2030

92,276

130,000

TransDigm,

Inc.

6.38%

(c)

05/31/2033

129,410

60,000

TransDigm,

Inc.

6.25%

(c)

01/31/2034

60,711

60,000

TransDigm,

Inc.

6.75%

(c)

01/31/2034

60,831

264,000

UKG,

Inc.

6.88%

(c)

02/01/2031

258,237

21,000

United

Airlines

Holdings,

Inc.

4.88%

03/01/2029

20,592

271,000

United

Airlines

Holdings,

Inc.

5.38%

03/01/2031

265,734

51,000

United

Airlines,

Inc.

4.63%

(c)

04/15/2029

50,071

223,000

United

Natural

Foods,

Inc.

6.75%

(c)

10/15/2028

223,382

245,000

United

Rentals

North

America,

Inc.

5.38%

(c)

11/15/2033

238,490

60,000

Uniti

Group

8.63%

(c)

06/15/2032

61,152

85,000

Uniti

Services

LLC

7.50%

(c)

10/15/2033

88,431

200,000

Univision

Communications,

Inc.

7.38%

(c)

06/30/2030

196,119

190,000

Foods,

Inc.

5.75%

(c)

04/15/2033

189,341

85,000

Vail

Resorts,

Inc.

6.50%

(c)

05/15/2032

86,007

140,000

Venture

Global

LNG,

Inc.

8.38%

(c)

06/01/2031

145,669

83,000

Venture

Global

LNG,

Inc.

9.88%

(c)

02/01/2032

89,182

55,000

Venture

Global

Plaquemines

LNG

LLC

6.13%

(c)

12/15/2030

56,593

110,000

Venture

Global

Plaquemines

LNG

LLC

7.50%

(c)

05/01/2033

120,977

85,000

Venture

Global

Plaquemines

LNG

LLC

6.50%

(c)

01/15/2034

88,662

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

195,000

Veritiv

Operating

Co.

10.50%

(c)

11/30/2030

202,897

40,000

Verizon

Communications,

Inc.

4.75%

01/15/2033

39,520

116,000

Vertiv

Group

Corp.

4.13%

(c)

11/15/2028

114,314

37,000

VICI

Properties

5.13%

05/15/2032

36,479

589,000

Victra

Holdings

LLC

8.75%

(c)

09/15/2029

611,778

660,000

Viking

Cruises

Ltd.

5.88%

(c)

10/15/2033

652,098

43,000

Viper

Energy

Partners

LLC

4.90%

08/01/2030

43,052

91,000

Vistra

Operations

Co.

LLC

4.38%

(c)

05/01/2029

88,891

140,000

Voyager

Parent

LLC

9.25%

(c)

07/01/2032

145,437

107,000

VSP

Optical

Group,

Inc.

5.45%

(c)

12/01/2035

104,930

79,000

Topco,

Inc.

8.50%

(c)

08/15/2030

80,388

175,000

Walker

Dunlop,

Inc.

6.63%

(c)

04/01/2033

171,236

544,000

Wand

NewCo

Inc.

7.63%

(c)

01/30/2032

556,529

340,000

Watco

Cos.

LLC

7.13%

(c)

08/01/2032

349,518

260,000

Wayfair

LLC

7.25%

(c)

10/31/2029

265,577

70,000

Wayfair

LLC

6.75%

(c)

11/15/2032

70,587

165,000

WBI

Operating

LLC

6.50%

(c)

10/15/2033

163,854

180,000

Weatherford

International

Ltd.

6.75%

(c)

10/15/2033

184,035

87,000

WEC

Energy

Group,

Inc.

(US

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.91%)

5.63%

05/15/2056

85,348

87,000

Wells

Fargo

Co.

(SOFR

1.50%)

5.15%

04/23/2031

88,503

405,000

WESCO

Distribution,

Inc.

6.38%

(c)

03/15/2033

412,947

75,000

WESCO

Distribution,

Inc.

5.50%

(c)

04/15/2034

74,051

26,000

Western

Midstream

Operating

5.50%

12/15/2035

25,584

95,000

Whirlpool

Corp.

6.50%

06/15/2033

90,120

12,000

Willis

North

America,

Inc.

4.55%

03/15/2031

11,834

55,000

Windstream

Services

LLC

8.25%

(c)

10/01/2031

57,521

206,000

Grace

Holdings

LLC

5.63%

(c)

08/15/2029

189,661

269,000

XHR

6.63%

(c)

05/15/2030

271,920

100,000

XPO,

Inc.

7.13%

(c)

06/01/2031

103,072

Total

U.S.

Corporate

Bonds

(Cost

$32,969,046)

32,737,919

SHORT

TERM

INVESTMENTS

6.2%

5,045,607

JPMorgan

U.S.

Government

Money

Market

Fund

Class

3.60%

(g)

5,045,607

Total

Short

Term

Investments

(Cost

$5,045,607)

5,045,607

Total

Investments

100.9%

(Cost

$83,152,198)

82,670,147

Liabilities

Excess

Other

Assets

(0.9)%

(733,224)

NET

ASSETS

100.0%

$81,936,923

DoubleLine

ETF

Trust

Schedule

Investments

DoubleLine

Multi-Sector

Income

ETF

(Cont.)

The

accompanying

notes

are

integral

part

these

financial

statements.

(Unaudited)

March

31,

2026

(a)

Represents

less

than

0.05%

net

assets.

(b)

Value

determined

using

significant

unobservable

inputs.

(c)

Security

exempt

from

registration

under

Rule

144A

the

Securities

Act

1933.

These

securities

may

resold

transactions

exempt

from

registration

qualified

institutional

buyers.

March

31,

2026,

the

value

these

securities

amounted

approximately

$56,936,598

69.49%

net

assets.

(d)

Coupon

rate

variable

floats

based

components

including

but

not

limited

reference

rate

and

spread.

These

securities

may

not

indicate

reference

rate

and/or

spread

their

description.

The

rate

disclosed

period

end.

(e)

Interest

only

security.

(f)

Perpetual

maturity.

The

date

disclosed

the

call

date

the

security.

(g)

Seven-day

yield

period

end.

PIK

payment-in-kind

security

which

the

issuer

may

make

interest

dividend

payments

cash

additional

securities.

These

additional

securities

generally

have

the

same

terms

the

original

holdings.

Abbreviations:

FHLMC

Federal

Home

Loan

Mortgage

Corporation

SOFR

Secured

Overnight

Financing

Rate

STACR

Structured

Agency

Credit

Risk

REMIC

Real

Estate

Mortgage

Investment

Conduit

Schedule

Investments

DoubleLine

Asset-Backed

Securities

ETF

(Unaudited)

March

31,

2026

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

The

accompanying

notes

are

integral

part

these

financial

statements.

RINCIPAL

MOUNT

$/S

HARES

ECURITY

ESCRIPTION

ATE

ATURITY

ALUE

ASSET-BACKED

OBLIGATIONS

98.3%

Aaset

MT-1

Ltd.

946,357

Series

2025-2A-A

5.52%

(a)

02/16/2050

940,109

980,566

Series

2025-3A-B

5.73%

(a)

02/16/2050

967,998

Aaset

Trust

568,080

Series

2021-2A-A

2.80%

(a)

01/15/2047

536,638

637,572

Series

2021-2A-B

3.54%

(a)

01/15/2047

606,388

598,619

Series

2024-1A-B

6.90%

(a)

05/16/2049

602,742

Issuer

LLC

703,803

Series

2021-1-A2

3.73%

(a)

07/30/2051

670,833

Affirm

Asset

Securitization

Trust

1,500,000

Series

2024-B-A

4.62%

(a)

09/15/2029

1,503,108

127,697

Series

2025-X2-A

4.45%

(a)

10/15/2030

127,805

Ally

Auto

Receivables

Trust

819,657

Series

2022-3-A4

5.07%

10/16/2028

820,423

ALTDE

Trust

925,681

Series

2025-1A-B

6.53%

(a)

08/15/2050

924,323

APL

Finance

DAC

950,000

Series

2025-1A-B

5.28%

(a)

03/20/2036

936,447

AutoNation

Finance

Trust

750,000

Series

2025-1A-C

5.19%

(a)

12/10/2030

761,022

700,000

Series

2025-1A-D

5.63%

(a)

09/10/2032

709,301

Avant

Loans

Funding

Trust

275,000

Series

2025-REV1-B

5.42%

(a)

05/15/2034

275,777

BHG

Securitization

Trust

23,715

Series

2022-A-B

2.70%

(a)

02/20/2035

23,686

Blackbird

Capital

Aircraft

Lease

Ltd.

1,074,818

Series

2021-1A-A

2.44%

(a)

07/15/2046

1,020,247

348,564

Series

2021-1A-B

3.45%

(a)

07/15/2046

330,077

Bojangles

Issuer

LLC

920,375

Series

2024-1A-A2

6.58%

(a)

11/20/2054

926,695

Bridgecrest

Lending

Auto

Securitization

Trust

2,076,565

Series

2025-1-A3

4.67%

08/15/2028

2,079,551

Carvana

Auto

Receivables

Trust

457,245

Series

2021-N1-E

2.88%

(a)

01/10/2028

454,749

1,553,000

Series

2021-P2-C

1.60%

06/10/2027

1,541,720

144,595

Series

2021-P4-A4

1.64%

12/10/2027

143,847

1,568,234

Series

2022-P1-A4

3.52%

02/10/2028

1,566,008

Castlelake

Aircraft

Structured

Trust

1,372,700

Series

2025-1A-B

6.50%

(a)

02/15/2050

1,387,385

1,500,000

Series

2026-1A-B

5.76%

(a)

03/15/2051

1,478,883

Cherry

Securitization

Trust

1,500,000

Series

2024-1A-A

5.70%

(a)

04/15/2032

1,506,828

Cloud

Capital

Holdco

1,000,000

Series

2024-1A-A3

6.07%

(a)

11/22/2049

994,423

Clsec

Holdings

LLC

1,545,383

Series

2021-1-A

2.87%

(a)

05/11/2037

1,451,793

Compass

Datacenters

Issuer

LLC

1,000,000

Series

2024-1A-A2

5.75%

(a)

02/25/2049

1,003,581

250,000

Series

2024-2A-B2

6.00%

(a)

08/25/2049

249,499

CPS

Auto

Receivables

Trust

56,388

Series

2022-A-D

2.84%

(a)

04/16/2029

56,242

500,000

Series

2022-A-E

4.88%

(a)

04/16/2029

500,355

1,000,000

Series

2024-D-C

4.76%

(a)

01/15/2031

1,001,406

CyrusOne

Data

Centers

Issuer

LLC

1,000,000

Series

2024-3A-A2

4.65%

(a)

05/20/2049

951,755

DataBank

Issuer

500,000

Series

2023-1A-A2

5.12%

(a)

02/25/2053

497,446

DataBank

Issuer

LLC

500,000

Series

2025-1A-B

5.67%

(a)

09/27/2055

481,850

Master

Finance

LLC

287,250

Series

2021-1A-A23

2.79%

(a)

11/20/2051

254,652

Dividend

Solar

Loans

LLC

911,812

Series

2018-1-B

4.29%

(a)

07/20/2038

862,029

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

359,450

Series

2018-2-B

4.25%

(a)

12/20/2038

338,211

252,496

Series

2019-1-A

3.67%

(a)

08/22/2039

235,328

Domino's

Pizza

Master

Issuer

LLC

500,000

Series

2025-1A-A2II

5.22%

(a)

07/25/2055

498,595

EDI

ABS

Issuer

LLC

1,000,000

Series

2025-1A-B

4.55%

(a)

07/25/2055

926,609

EWC

Master

Issuer

LLC

2,165,625

Series

2022-1A-A2

5.50%

(a)

03/15/2052

2,150,138

Foundation

Finance

Trust

632,799

Series

2023-1A-B

6.27%

(a)

12/15/2043

648,754

GBX

Leasing

LLC

999,000

Series

2026-1A-A

5.13%

(a)

02/20/2056

995,220

Gilead

Aviation

LLC

949,909

Series

2025-1A-A

5.79%

(a)

03/15/2050

950,511

Global

Finance

VII

Srl

102,710

Series

2020-2A-A

2.26%

(a)

11/19/2040

98,856

Financial

Consumer

Automobile

Receivables

Trust

837,000

Series

2022-4-A4

4.88%

08/16/2028

839,237

Goodgreen

Trust

50,774

Series

2017-2A-A

3.26%

(a)

10/15/2053

46,244

147,472

Series

2021-1A-A

2.66%

(a)

10/15/2056

122,654

GoodLeap

Home

Improvement

Solutions

Trust

923,373

Series

2025-1A-B

6.27%

(a)

02/20/2049

940,098

GoodLeap

Sustainable

Home

Solutions

Trust

60,499

Series

2021-3CS-A

2.10%

(a)

05/20/2048

46,990

GreenSky

Home

Improvement

Issuer

Trust

975,000

Series

2025-1A-D

6.22%

(a)

03/25/2060

981,584

2,106,450

Series

2025-3A-A3

4.52%

(a)

12/27/2060

2,105,318

Hardee's

Funding

LLC

947,500

Series

2020-1A-A2

3.98%

(a)

12/20/2050

912,981

Hilton

Grand

Vacations

Trust

1,799,469

Series

2025-3EXT-B

4.90%

(a)

10/25/2044

1,789,447

Horizon

Aircraft

Finance

Ltd.

693,750

Series

2024-1-A

5.38%

(a)

09/15/2049

689,031

Jack

the

Box

Funding

LLC

184,000

Series

2022-1A-A2II

4.14%

(a)

02/26/2052

157,622

JGWPT

XXVII

LLC

1,154,863

Series

2012-3A-A

3.22%

(a)

09/15/2065

1,052,574

Labrador

Aviation

Finance

Ltd.

128,158

Series

2016-1A-A1

4.30%

(a)

01/15/2042

131,779

Loanpal

Solar

Loan

Ltd.

176,870

Series

2020-2GF-A

2.75%

(a)

07/20/2047

147,529

563,995

Series

2021-2GS-A

2.22%

(a)

03/20/2048

445,498

Lunar

Structured

Aircraft

Portfolio

Notes

351,050

Series

2021-1-A

2.64%

(a)

10/15/2046

332,188

1,568,675

Series

2021-1-B

3.43%

(a)

10/15/2046

1,493,457

MACH

Cayman

Ltd.

21,544

Series

2019-1-B

4.34%

(a)

10/15/2039

21,392

MAPS

Trust

1,975,756

Series

2026-1A-B

6.13%

(a)

01/15/2051

1,968,985

Mariner

Finance

Issuance

Trust

720,000

Series

2021-AA-D

3.83%

(a)

03/20/2036

695,615

MAST

Ltd.

1,491,071

Series

2026-1A-A

5.13%

(a)

02/15/2051

1,459,649

MetroNet

Infrastructure

Issuer

LLC

1,250,000

Series

2026-1A-A2

5.27%

(a)

04/20/2056

1,257,177

Mill

City

Solar

Loan

Ltd.

1,395,182

Series

2019-1A-A

4.34%

(a)

03/20/2043

1,308,363

Mosaic

Solar

Loan

Trust

305,316

Series

2020-1A-A

2.10%

(a)

04/20/2046

269,693

108,439

Series

2021-3A-B

1.92%

(a)

06/20/2052

78,524

1,088,263

Series

2023-1A-A

5.32%

(a)

06/20/2053

1,009,547

LLC

989,470

Series

2025-1A-A

5.55%

(a)

11/15/2065

983,152

DoubleLine

ETF

Trust

Schedule

Investments

DoubleLine

Asset-Backed

Securities

ETF

(Cont.)

The

accompanying

notes

are

integral

part

these

financial

statements.

(Unaudited)

March

31,

2026

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

Navient

Private

Education

Refi

Loan

Trust

1,500,000

Series

2020-BA-B

2.77%

(a)

01/15/2069

1,308,949

125,000

Series

2020-HA-B

2.78%

(a)

01/15/2069

108,765

Navigator

Aircraft

ABS

Ltd.

417,629

Series

2021-1-A

2.77%

(a)(b)

11/15/2046

396,104

854,062

Series

2021-1-B

3.57%

(a)(b)

11/15/2046

814,913

Navigator

Aviation

Ltd.

1,108,631

Series

2024-1-B

6.09%

(a)

08/15/2049

1,114,977

976,046

Series

2025-1-B

5.89%

(a)

10/15/2050

955,374

Pagaya

Debt

Grantor

Trust

549,577

Series

2024-5-C

7.27%

(a)

10/15/2031

550,883

458,780

Series

2024-6-C

7.07%

(a)

11/15/2031

459,486

Phantom

Aviation

1,494,513

Series

2026-1A-B

6.03%

(a)

01/15/2051

1,508,302

Alift

Loan

Funding

1,750,000

Series

2026-1-D

5.60%

(a)

09/15/2043

1,724,117

Planet

Fitness

Master

Issuer

LLC

1,000,000

Series

2025-1A-A2II

5.65%

(a)

12/06/2055

989,142

Primrose

Funding

LLC

796,000

Series

2025-1A-A2

6.46%

(a)

07/30/2055

810,628

QTS

Issuer

ABS

LLC

1,750,000

Series

2025-1A-B

5.93%

(a)

05/25/2055

1,715,203

QTS

Issuer

ABS

LLC

1,500,000

Series

2025-1A-B

5.78%

(a)

10/05/2055

1,454,705

1,000,000

Series

2026-1A-B

6.73%

(a)

01/05/2056

992,721

RCKT

Trust

2,661,367

Series

2025-1A-A

4.90%

(a)

07/25/2034

2,667,202

Redaptive

Eaas

Issuer

LLC

708,890

Series

2025-1A-A

5.94%

(a)

03/25/2042

708,562

Retained

Vantage

Data

Centers

Issuer

LLC

1,000,000

Series

2024-1A-B

5.78%

(a)

09/15/2049

971,708

Sabey

Data

Center

Issuer

LLC

1,000,000

Series

2022-1-A2

5.00%

(a)

06/20/2047

984,631

1,500,000

Series

2025-2-A2

5.97%

(a)

04/20/2050

1,517,996

Santander

Drive

Auto

Receivables

Trust

61,361

Series

2023-5-A3

6.02%

09/15/2028

61,401

Scalelogix

Abs

Issuer

LLC

1,250,000

Series

2025-1A-B

6.16%

(a)

07/25/2055

1,231,325

Sierra

Timeshare

Receivables

Funding

LLC

279,681

Series

2023-2A-B

6.28%

(a)

04/20/2040

286,048

SoFi

Consumer

Loan

Program

Trust

1,250,000

Series

2025-1-C

5.42%

(a)

02/27/2034

1,266,051

1,250,000

Series

2025-1-D

5.72%

(a)

02/27/2034

1,265,047

750,000

Series

2025-3-C

5.04%

(a)

08/15/2034

744,916

3,000,000

Series

2026-1-B

4.44%

(a)

12/26/2035

2,983,465

SSI

ABS

Issuer

LLC

482,205

Series

2025-1-A

6.15%

(a)

07/25/2065

479,062

Stellantis

Financial

Underwritten

Enhanced

Lease

Trust

2,500,000

Series

2025-CA-C

4.44%

(a)

08/20/2030

2,483,348

Subway

Funding

LLC

987,500

Series

2024-1A-A23

6.51%

(a)

07/30/2054

990,790

Switch

ABS

Issuer

LLC

1,000,000

Series

2025-1A-B

6.49%

(a)

03/25/2055

981,939

1,300,000

Series

2026-1A-A21

5.61%

(a)

03/27/2056

1,302,941

Textainer

Marine

Containers

VII

Ltd.

104,305

Series

2020-1A-A

2.73%

(a)

08/21/2045

100,641

TRP

LLC

100,000

Series

2021-1-B

3.06%

(a)

06/19/2051

96,987

Upgrade

Master

Pass-Thru

Trust

808,121

Series

2025-ST2-A

6.11%

(a)

06/15/2032

814,577

Upstart

Securitization

Trust

11,249

Series

2023-3-A

6.90%

(a)

10/20/2033

11,261

1,000,000

Series

2025-2-C

6.02%

(a)

06/20/2035

1,010,156

2,204,061

Series

2025-3-A2

4.60%

(a)

09/20/2035

2,204,714

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

1,500,000

Series

2025-3-B

5.02%

(a)

09/20/2035

1,501,841

1,500,000

Series

2025-3-C

5.43%

(a)

09/20/2035

1,494,021

4,950,000

Series

2025-4-A2

4.56%

(a)

11/20/2035

4,952,284

Vantage

Data

Centers

Issuer

LLC

1,500,000

Series

2025-2A-A2

5.24%

(a)

11/15/2055

1,479,882

1,300,000

Series

2025-3A-B

6.00%

(a)

11/15/2055

1,261,736

VB-S1

Issuer

LLC

VBTEL

245,000

Series

2024-1A-C2

5.59%

(a)

05/15/2054

246,857

Vital

Care

Issuer

LLC

750,000

Series

2025-1A-A2

6.74%

(a)

01/30/2056

755,017

Wendy's

Funding

LLC

361,947

Series

2021-1A-A2II

2.78%

(a)

06/15/2051

320,233

962,253

Series

2022-1A-A2II

4.54%

(a)

03/15/2052

919,167

Westlake

Automobile

Receivables

Trust

1,361,027

Series

2022-2A-D

5.48%

(a)

09/15/2027

1,364,240

500,000

Series

2025-2A-D

5.08%

(a)

05/15/2031

500,147

Willis

Engine

Structured

Trust

465,011

Series

2021-A-A

3.10%

(a)

05/15/2046

436,896

Total

Asset-Backed

Obligations

(Cost

$114,726,245)

114,577,529

NON-AGENCY

COMMERCIAL

MORTGAGE-BACKED

OBLIGATIONS

0.8%

Neighborly

Issuer

1,013,760

Series

2022-1A-A2

3.70%

(a)

01/30/2052

956,541

Total

Non-Agency

Commercial

Mortgage-Backed

Obligations

(Cost

$939,687)

956,541

SHORT

TERM

INVESTMENTS

0.7%

791,567

JPMorgan

U.S.

Government

Money

Market

Fund

Class

3.60%

(c)

791,567

Total

Short

Term

Investments

(Cost

$791,567)

791,567

Total

Investments

99.8%

(Cost

$116,457,499)

116,325,637

Other

Assets

Excess

Liabilities

0.2%

253,757

NET

ASSETS

100.0%

$116,579,394

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

The

accompanying

notes

are

integral

part

these

financial

statements.

(a)

Security

exempt

from

registration

under

Rule

144A

the

Securities

Act

1933.

These

securities

may

resold

transactions

exempt

from

registration

qualified

institutional

buyers.

March

31,

2026,

the

value

these

securities

amounted

approximately

$108,481,883

93.05%

net

assets.

(b)

Step

bond;

coupon

rate

changes

based

predetermined

schedule

event.

The

interest

rate

shown

the

rate

effect

period

end.

(c)

Seven-day

yield

period

end.

Statements

Assets

and

Liabilities

DoubleLine

ETF

Trust

(Unaudited)

March

31,

2026

The

accompanying

notes

are

integral

part

these

financial

statements.

DoubleLine

Opportunistic

Core

Bond

ETF

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

DoubleLine

Commercial

Real

Estate

Debt

ETF

DoubleLine

Mortgage

ETF

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

ASSETS

Investments

Unaffiliated

Securities,

Value*

656,588,060

259,873,612

393,756,684

784,240,008

—

Investments

Affiliated

Securities,

Value*

35,081,447

—

Short

Term

Investments*

22,988,988

680,605

23,247,365

28,809,420

34,546,434

Cash

413,787

—

550,006

—

Deposit

Broker

for

Futures

Contracts

3,582,970

—

3,532,760

—

Net

Unrealized

Appreciation

Swaps

—

137,451

Receivable

for

Variation

Margin

Futures

Contracts

341,171

—

296,036

—

Receivable

for

Investments

Sold

908,802

—

167,707,416

—

Interest

and

Dividends

Receivable

4,171,417

324,734

1,911,474

3,598,845

11,455

Net

Unrealized

Appreciation

Unfunded

Loan

Commitments

103

—

Total

Assets

724,076,745

260,878,951

418,915,523

988,734,491

34,695,340

LIABILITIES

Payable

for

Investments

Purchased

11,541,200

—

12,809,690

293,820,117

Advisory

Fees

Payable

247,383

147,887

122,397

230,961

18,312

Due

Custodian

—

51,156

—

Total

Liabilities

11,788,583

147,887

12,983,243

294,051,078

18,327

Commitments

and

Contingencies

(See

Notes

Net

Assets

712,288,162

260,731,064

405,932,280

694,683,413

34,677,013

NET

ASSETS

CONSISTS

OF:

Paid-In

Capital

718,770,886

253,510,850

402,411,977

692,355,975

27,827,429

Total

Distributable

Earnings

(Loss)

(

6,482,724

)

7,220,214

3,520,303

2,327,438

6,849,584

Net

Assets

712,288,162

260,731,064

405,932,280

694,683,413

34,677,013

*Identified

Cost:

Investments

Unaffiliated

Securities

655,679,102

266,801,631

392,011,771

784,533,224

—

Investments

Affiliated

Securities

36,152,000

—

Short

Term

Investments

22,988,988

680,605

23,247,365

28,809,420

34,545,417

Outstanding

and

Net

Asset

Value

Per

Outstanding

(unlimited

number

authorized

0.001

par

value)

15,561,000

8,442,000

7,820,001

14,060,001

1,040,001

Net

Asset

Value

Per

45.77

30.88

51.91

49.41

33.34

Statements

Assets

and

Liabilities

(Cont.)

(Unaudited)

March

31,

2026

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

The

accompanying

notes

are

integral

part

these

financial

statements.

DoubleLine

Fortune

500

Equal

Weight

ETF

DoubleLine

Multi-Sector

Income

ETF

DoubleLine

Asset-Backed

Securities

ETF

ASSETS

Investments

Unaffiliated

Securities,

Value*

27,213,282

77,624,540

115,534,070

Short

Term

Investments*

64,505

5,045,607

791,567

Cash

69,517

Receivable

for

Investments

Sold

—

850,902

—

Interest

and

Dividends

Receivable

23,845

829,809

291,962

Net

Unrealized

Appreciation

Unfunded

Loan

Commitments

—

Total

Assets

27,301,633

84,420,440

116,617,600

LIABILITIES

Advisory

Fees

Payable

4,506

32,898

38,206

Payable

for

Investments

Purchased

—

2,450,619

—

Total

Liabilities

4,506

2,483,517

38,206

Commitments

and

Contingencies

(See

Notes

Net

Assets

27,297,127

81,936,923

116,579,394

NET

ASSETS

CONSISTS

OF:

Paid-In

Capital

25,857,658

82,201,436

116,257,111

Total

Distributable

Earnings

(Loss)

1,439,469

(

264,513

)

322,283

Net

Assets

27,297,127

81,936,923

116,579,394

*Identified

Cost:

Investments

Unaffiliated

Securities

26,726,110

78,106,591

115,665,932

Short

Term

Investments

64,505

5,045,607

791,567

Outstanding

and

Net

Asset

Value

Per

Outstanding

(unlimited

number

authorized

0.001

par

value)

840,001

1,640,001

2,300,001

Net

Asset

Value

Per

32.50

49.96

50.69

Statements

Operations

DoubleLine

ETF

Trust

(Unaudited)

March

31,

2026

The

accompanying

notes

are

integral

part

these

financial

statements.

DoubleLine

Opportunistic

Core

Bond

ETF

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

DoubleLine

Commercial

Real

Estate

Debt

ETF

DoubleLine

Mortgage

ETF

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

INVESTMENT

INCOME

Income:

Interest

15,105,961

—

8,276,699

17,387,944

446,783

Dividends

from

Affiliated

Securities

627,170

—

Dividends

from

Unaffiliated

Securities

1,013

3,283,790

374,656

309,916

39,056

Foreign

taxes

withheld

(

)

—

(

828

)

Total

Investment

Income

15,734,132

3,283,790

8,651,355

17,697,860

485,011

Expenses:

Advisory

Fees

1,396,320

1,022,931

660,294

1,259,731

83,256

Total

Expenses

1,396,320

1,022,931

660,294

1,259,731

83,256

Less:

Fees

Waived

(

83,331

)

—

Net

Expenses

1,312,989

1,022,931

660,294

1,259,731

83,256

Net

Investment

Income

(Loss)

14,421,143

2,260,859

7,991,061

16,438,129

401,755

REALIZED

UNREALIZED

GAIN

(LOSS)

INVESTMENTS

Net

Realized

Gain

(Loss)

on:

Investments

Unaffiliated

Securities

722,998

636,149

155,219

842,767

475

Foreign

Currency

663

—

In-kind

redemptions

investments

securities

—

13,912,753

266,632

—

TBA

sales

commitments

—

329,530

—

Futures

contracts

273,811

—

1,738,182

—

Swap

contracts

—

6,686,129

Net

Change

Unrealized

Appreciation

(Depreciation)

on:

Investments

Unaffiliated

Securities

(

7,766,565

)

(

26,939,513

)

(

1,894,988

)

(

6,857,134

)

—

Investments

Affiliates

Securities

(

1,209,291

)

—

Short

Term

Investments

—

(

1,202

)

Unfunded

Loan

Commitments

—

TBA

sales

commitments

—

(

5,169

)

—

Futures

contracts

(

4,022,046

)

—

(

1,020,776

)

—

Swap

contracts

—

251,171

Net

Realized

and

Unrealized

Gain

(Loss)

Investments

(

12,000,408

)

(

12,390,611

)

(

1,473,137

)

(

4,972,600

)

6,936,573

NET

INCREASE

(DECREASE)

NET

ASSETS

RESULTING

FROM

OPERATIONS

2,420,735

(

10,129,752

)

6,517,924

11,465,529

7,338,328

Statements

Operations

(Cont.)

(Unaudited)

March

31,

2026

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

The

accompanying

notes

are

integral

part

these

financial

statements.

DoubleLine

Fortune

500

Equal

Weight

ETF

DoubleLine

Multi-Sector

Income

ETF

DoubleLine

Asset-Backed

Securities

ETF

INVESTMENT

INCOME

Income:

Interest

—

2,037,935

2,364,979

Dividends

from

Unaffiliated

Securities

209,096

84,559

86,162

Foreign

taxes

withheld

—

(

)

—

Total

Investment

Income

209,096

2,122,482

2,451,141

Expenses:

Advisory

Fees

22,102

161,940

181,232

Total

Expenses

22,102

161,940

181,232

Net

Expenses

22,102

161,940

181,232

Net

Investment

Income

(Loss)

186,994

1,960,542

2,269,909

REALIZED

UNREALIZED

GAIN

(LOSS)

INVESTMENTS

Net

Realized

Gain

(Loss)

on:

Investments

Unaffiliated

Securities

(

279,211

)

(

15,261

)

7,436

Foreign

Currency

—

391

—

In-kind

redemptions

investments

securities

1,540,012

—

Net

Change

Unrealized

Appreciation

(Depreciation)

on:

Investments

Unaffiliated

Securities

(

541,101

)

(

1,047,561

)

(

895,419

)

Unfunded

Loan

Commitments

—

Net

Realized

and

Unrealized

Gain

(Loss)

Investments

719,700

(

1,062,410

)

(

887,983

)

NET

INCREASE

(DECREASE)

NET

ASSETS

RESULTING

FROM

OPERATIONS

906,694

898,132

1,381,926

Statements

Changes

Net

Assets

DoubleLine

ETF

Trust

(Unaudited)

March

31,

2026

The

accompanying

notes

are

integral

part

these

financial

statements.

DoubleLine

Opportunistic

Core

Bond

ETF

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

Period

Ended

March

31,

2026

(Unaudited)

Year

Ended

September

30,

2025

Period

Ended

March

31,

2026

(Unaudited)

Year

Ended

September

30,

2025

OPERATIONS

Net

Investment

Income

(Loss)

14,421,143

21,426,021

2,260,859

4,715,017

Net

Realized

Gain

(Loss)

Investments

997,472

(

1,955,854

)

14,548,902

54,731,214

Net

Change

Unrealized

Appreciation

(Depreciation)

Investments

(

12,997,880

)

(

421,926

)

(

26,939,513

)

(

20,775,899

)

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

2,420,735

19,048,241

(

10,129,752

)

38,670,332

DISTRIBUTIONS

SHAREHOLDERS

Distributable

Earnings

(

14,109,946

)

(

20,563,092

)

(

2,701,353

)

(

4,529,438

)

Total

Distributions

Shareholders

(

14,109,946

)

(

20,563,092

)

(

2,701,353

)

(

4,529,438

)

NET

TRANSACTIONS

(a)

Proceeds

from

Issued

165,316,532

232,665,058

56,405,901

102,023,143

Cost

of Shares

Redeemed

—

(

11,012,296

)

(

113,793,853

)

(

214,590,559

)

Increase

(Decrease)

Net

Assets

Resulting

from

Net

Transactions

165,316,532

221,652,762

(

57,387,952

)

(

112,567,416

)

Total

Increase

(Decrease)

Net

Assets

153,627,321

220,137,911

(

70,219,057

)

(

78,426,522

)

NET

ASSETS

Beginning

Period

558,660,841

338,522,930

330,950,121

409,376,643

End

Period

712,288,162

558,660,841

260,731,064

330,950,121

TRANSACTIONS

Beginning

of Period

12,001,000

7,161,000

10,162,000

13,802,000

Issued

2,280,000

1,600,000

1,640,000

3,000,000

Issued

In-Kind

1,280,000

3,480,000

80,000

240,000

Redeemed

In-Kind

—

(

240,000

)

(

3,440,000

)

(

6,880,000

)

Outstanding,

End

of Period

15,561,000

12,001,000

8,442,000

10,162,000

(a)

Capital

transactions

may

include

transaction

fees

associated

with

Creation

and

Redemption

transactions

which

occurred

during

the

period.

See

Note

the

Financial

Statements.

Statements

Changes

Net

Assets

(Cont.)

(Unaudited)

March

31,

2026

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

The

accompanying

notes

are

integral

part

these

financial

statements.

DoubleLine

Commercial

Real

Estate

Debt

ETF

DoubleLine

Mortgage

ETF

Period

Ended

March

31,

2026

(Unaudited)

Year

Ended

September

30,

2025

Period

Ended

March

31,

2026

(Unaudited)

Year

Ended

September

30,

2025

OPERATIONS

Net

Investment

Income

(Loss)

7,991,061

13,255,755

16,438,129

20,579,600

Net

Realized

Gain

(Loss)

Investments

421,851

49,315

2,910,479

(

1,965,552

)

Net

Change

Unrealized

Appreciation

(Depreciation)

Investments

(

1,894,988

)

1,305,063

(

7,883,079

)

638,383

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

6,517,924

14,610,133

11,465,529

19,252,431

DISTRIBUTIONS

SHAREHOLDERS

Distributable

Earnings

(

7,906,315

)

(

12,973,259

)

(

15,831,131

)

(

19,959,697

)

Total

Distributions

Shareholders

(

7,906,315

)

(

12,973,259

)

(

15,831,131

)

(

19,959,697

)

NET

TRANSACTIONS

(a)

Proceeds

from

Issued

117,574,017

123,065,799

165,445,339

229,991,953

Cost

of Shares

Redeemed

(

28,161,105

)

(

19,625,724

)

—

(

29,973,151

)

Increase

(Decrease)

Net

Assets

Resulting

from

Net

Transactions

89,412,912

103,440,075

165,445,339

200,018,802

Total

Increase

(Decrease)

Net

Assets

88,024,521

105,076,949

161,079,737

199,311,536

NET

ASSETS

Beginning

Period

317,907,759

212,830,810

533,603,676

334,292,140

End

Period

405,932,280

317,907,759

694,683,413

533,603,676

TRANSACTIONS

Beginning

of Period

6,100,001

4,100,001

10,740,001

6,640,001

Issued

2,260,000

2,380,000

3,320,000

4,520,000

Issued

In-Kind

—

200,000

Redeemed

—

(

340,000

)

—

(

620,000

)

Redeemed

In-Kind

(

540,000

)

(

40,000

)

—

Outstanding,

End

of Period

7,820,001

6,100,001

14,060,001

10,740,001

(a)

Capital

transactions

may

include

transaction

fees

associated

with

Creation

and

Redemption

transactions

which

occurred

during

the

period.

See

Note

the

Financial

Statements.

Statements

Changes

Net

Assets

(Cont.)

DoubleLine

ETF

Trust

The

accompanying

notes

are

integral

part

these

financial

statements.

(Unaudited)

March

31,

2026

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

DoubleLine

Fortune

500

Equal

Weight

ETF

Period

Ended

March

31,

2026

(Unaudited)

Year

Ended

September

30,

2025

Period

Ended

March

31,

2026

(Unaudited)

Year

Ended

September

30,

2025

OPERATIONS

Net

Investment

Income

(Loss)

401,755

812,735

186,994

248,279

Net

Realized

Gain

(Loss)

Investments

6,686,604

910,881

1,260,801

1,491,743

Net

Change

Unrealized

Appreciation

(Depreciation)

Investments

249,969

10,781

(

541,101

)

(

123,978

)

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

7,338,328

1,734,397

906,694

1,616,044

DISTRIBUTIONS

SHAREHOLDERS

Distributable

Earnings

(

881,595

)

(

357,427

)

(

150,536

)

(

233,439

)

Total

Distributions

Shareholders

(

881,595

)

(

357,427

)

(

150,536

)

(

233,439

)

NET

TRANSACTIONS

(a)

Proceeds

from

Issued

6,637,217

16,699,725

13,449,827

10,409,760

Cost

of Shares

Redeemed

—

(

13,684,322

)

(

3,897,594

)

(

8,732,816

)

Increase

(Decrease)

Net

Assets

Resulting

from

Net

Transactions

6,637,217

3,015,403

9,552,233

1,676,944

Total

Increase

(Decrease)

Net

Assets

13,093,950

4,392,373

10,308,391

3,059,549

NET

ASSETS

Beginning

Period

21,583,063

17,190,690

16,988,736

13,929,187

End

Period

34,677,013

21,583,063

27,297,127

16,988,736

TRANSACTIONS

Beginning

of Period

800,001

680,001

540,001

480,001

Issued

240,000

640,000

—

Issued

In-Kind

—

420,000

360,000

Redeemed

—

(

520,000

)

—

Redeemed

In-Kind

—

(

120,000

)

(

300,000

)

Outstanding,

End

of Period

1,040,001

800,001

840,001

540,001

(a)

Capital

transactions

may

include

transaction

fees

associated

with

Creation

and

Redemption

transactions

which

occurred

during

the

period.

See

Note

the

Financial

Statements.

Statements

Changes

Net

Assets

(Cont.)

(Unaudited)

March

31,

2026

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

The

accompanying

notes

are

integral

part

these

financial

statements.

DoubleLine

Multi-Sector

Income

ETF

DoubleLine

Asset-Backed

Securities

ETF

Period

Ended

March

31,

2026

(Unaudited)

Period

Ended

September

30,

2025

(a)

Period

Ended

March

31,

2026

(Unaudited)

Period

Ended

September

30,

2025

(b)

OPERATIONS

Net

Investment

Income

(Loss)

1,960,542

1,902,327

2,269,909

1,488,846

Net

Realized

Gain

(Loss)

Investments

(

14,870

)

(

136,581

)

7,436

(

34,162

)

Net

Change

Unrealized

Appreciation

(Depreciation)

Investments

(

1,047,540

)

565,554

(

895,419

)

763,557

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

898,132

2,331,300

1,381,926

2,218,241

DISTRIBUTIONS

SHAREHOLDERS

Distributable

Earnings

(

1,867,650

)

(

1,626,295

)

(

2,063,690

)

(

1,214,194

)

Total

Distributions

Shareholders

(

1,867,650

)

(

1,626,295

)

(

2,063,690

)

(

1,214,194

)

NET

TRANSACTIONS

(c)

Proceeds

from

Issued

29,260,465

52,940,971

43,815,648

76,430,199

Cost

of Shares

Redeemed

—

(

3,988,736

)

Increase

(Decrease)

Net

Assets

Resulting

from

Net

Transactions

29,260,465

52,940,971

43,815,648

72,441,463

Total

Increase

(Decrease)

Net

Assets

28,290,947

53,645,976

43,133,884

73,445,510

NET

ASSETS

Beginning

Period

53,645,976

—

73,445,510

—

End

Period

81,936,923

53,645,976

116,579,394

73,445,510

TRANSACTIONS

Beginning

of Period

1,060,001

—

1,440,001

—

Issued

140,000

720,001

860,000

1,520,001

Issued

In-Kind

440,000

340,000

—

Redeemed

—

(

80,000

)

Outstanding,

End

of Period

1,640,001

1,060,001

2,300,001

1,440,001

(a)

Commenced

operations

November

29,

2024.

(b)

Commenced

operations

February

28,

2025.

(c)

Capital

transactions

may

include

transaction

fees

associated

with

Creation

and

Redemption

transactions

which

occurred

during

the

period.

See

Note

the

Financial

Statements.

Financial

Highlights

DoubleLine

ETF

Trust

March

31,

2026

The

accompanying

notes

are

integral

part

these

financial

statements.

DoubleLine

Opportunistic

Core

Bond

ETF

Period

Ended

March

31,

2026

(Unaudited)

Year

Ended

September

30,

2025

Year

Ended

September

30,

2024

Year

Ended

September

30,

2023

Period

Ended

September

30,

2022

(a)

Net

Asset

Value,

Beginning

Period

46.55

47.27

44.14

45.61

50.00

Income

(Loss)

from

Investment

Operations:

Net

Investment

Income

(Loss)

(b)

1.07

2.29

2.37

2.08

0.82

Net

Gain

(Loss)

Investments

(Realized

and

Unrealized)

(0.77)

(0.76)

3.09

(1.65)

(4.59)

Total

from

Investment

Operations

0.30

1.53

5.46

0.43

(3.77)

Less

Distributions:

Distributions

from

Net

Investment

Income

(1.08)

(2.25)

(2.33)

(1.90)

(0.62)

Total

Distributions

(1.08)

(2.25)

(2.33)

(1.90)

(0.62)

Net

Asset

Value,

End

Period

45.77

46.55

47.27

44.14

45.61

Total

Return

(c)

0.63%

3.41%

12.76%

(d)

0.84%

(d)

(7.60)%

Supplemental

Data:

Net

Assets,

End

Period

(000's)

712,288

558,661

338,523

188,077

46,572

Ratios

Average

Net

Assets:

Expenses

Before

Advisory

Fees

Waived

0.45%

0.46%

0.50%

Expenses

After

Advisory

Fees

Waived

(e)

0.42%

0.46%

0.50%

Net

Investment

Income

(Loss)

(e)

4.64%

5.00%

5.20%

4.55%

3.38%

Portfolio

Turnover

Rate

(c)(f)

25%

39%

142%

169%

183%

(a)

Commencement

operations

March

31,

2022.

Total

return

based

operations

for

period

that

less

than

year.

(b)

Calculated

based

average

outstanding

during

the

period.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

The

return

includes

adjustments

accordance

with

generally

accepted

accounting

principles

required

period

end

date.

(e)

Annualized

for

periods

less

than

one

year.

(f)

In-kind

transactions

are

not

included

portfolio

turnover

calculations.

Financial

Highlights

(Cont.)

March

31,

2026

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

The

accompanying

notes

are

integral

part

these

financial

statements.

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

Period

Ended

March

31,

2026

(Unaudited)

Year

Ended

September

30,

2025

Year

Ended

September

30,

2024

Year

Ended

September

30,

2023

Period

Ended

September

30,

2022

(a)

Net

Asset

Value,

Beginning

Period

32.57

29.66

23.70

20.01

25.00

Income

(Loss)

from

Investment

Operations:

Net

Investment

Income

(Loss)

(b)

0.23

0.43

0.36

0.25

0.14

Net

Gain

(Loss)

Investments

(Realized

and

Unrealized)

(1.66)

2.88

5.92

3.65

(5.07)

Total

from

Investment

Operations

(1.43)

3.31

6.28

3.90

(4.93)

Less

Distributions:

Distributions

from

Net

Investment

Income

(0.26)

(0.40)

(0.32)

(0.21)

(0.06)

Total

Distributions

(0.26)

(0.40)

(0.32)

(0.21)

(0.06)

Net

Asset

Value,

End

Period

30.88

32.57

29.66

23.70

20.01

Total

Return

(c)

(4.39)%

11.23%

26.70%

19.54%

(19.72)%

Supplemental

Data:

Net

Assets,

End

Period

(000's)

260,731

330,950

409,377

283,446

128,899

Ratios

Average

Net

Assets:

Expenses

(d)

0.65%

Net

Investment

Income

(Loss)

(d)

1.44%

1.39%

1.32%

1.08%

1.30%

Portfolio

Turnover

Rate

(c)(e)

215%

255%

290%

217%

175%

(a)

Commencement

operations

March

31,

2022.

Total

return

based

operations

for

period

that

less

than

year.

(b)

Calculated

based

average

outstanding

during

the

period.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Annualized

for

periods

less

than

one

year.

(e)

In-kind

transactions

are

not

included

portfolio

turnover

calculations.

Financial

Highlights

(Cont.)

DoubleLine

ETF

Trust

The

accompanying

notes

are

integral

part

these

financial

statements.

March

31,

2026

DoubleLine

Commercial

Real

Estate

Debt

ETF

Period

Ended

March

31,

2026

(Unaudited)

Year

Ended

September

30,

2025

Year

Ended

September

30,

2024

Period

Ended

September

30,

2023

(a)

Net

Asset

Value,

Beginning

Period

52.12

51.91

50.36

50.00

Income

(Loss)

from

Investment

Operations:

Net

Investment

Income

(Loss)

(b)

1.22

2.63

2.90

1.35

Net

Gain

(Loss)

Investments

(Realized

and

Unrealized)

(0.21)

0.20

1.35

(0.01)

Total

from

Investment

Operations

1.01

2.83

4.25

1.34

Less

Distributions:

Distributions

from

Net

Investment

Income

(1.22)

(2.60)

(2.70)

(0.98)

Distributions

from

Net

Realized

Gain

—

(0.02)

—

Total

Distributions

(1.22)

(2.62)

(2.70)

(0.98)

Net

Asset

Value,

End

Period

51.91

52.12

51.91

50.36

Total

Return

(c)

1.98%

5.60%

8.70%

2.69%

Supplemental

Data:

Net

Assets,

End

Period

(000's)

405,932

317,908

212,831

60,438

Ratios

Average

Net

Assets:

Expenses

(d)

0.39%

Net

Investment

Income

(Loss)

(d)

4.71%

5.08%

5.68%

5.33%

Portfolio

Turnover

Rate

(c)(e)

44%

66%

74%

36%

(a)

Commencement

operations

March

31,

2023.

Total

return

based

operations

for

period

that

less

than

year.

(b)

Calculated

based

average

outstanding

during

the

period.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Annualized

for

periods

less

than

one

year.

(e)

In-kind

transactions

are

not

included

portfolio

turnover

calculations.

Financial

Highlights

(Cont.)

March

31,

2026

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

The

accompanying

notes

are

integral

part

these

financial

statements.

DoubleLine

Mortgage

ETF

Period

Ended

March

31,

2026

(Unaudited)

Year

Ended

September

30,

2025

Year

Ended

September

30,

2024

Period

Ended

September

30,

2023

(a)

Net

Asset

Value,

Beginning

Period

49.68

50.35

46.96

50.00

Income

(Loss)

from

Investment

Operations:

Net

Investment

Income

(Loss)

(b)

1.26

2.49

2.38

1.04

Net

Gain

(Loss)

Investments

(Realized

and

Unrealized)

(0.29)

(0.68)

3.23

(3.35)

Total

from

Investment

Operations

0.97

1.81

5.61

(2.31)

Less

Distributions:

Distributions

from

Net

Investment

Income

(1.24)

(2.48)

(2.22)

(0.73)

Total

Distributions

(1.24)

(2.48)

(2.22)

(0.73)

Net

Asset

Value,

End

Period

49.41

49.68

50.35

46.96

Total

Return

(c)

1.95%

3.82%

12.27%

(4.67)%

Supplemental

Data:

Net

Assets,

End

Period

(000's)

694,683

533,604

334,292

98,615

Ratios

Average

Net

Assets:

Expenses

(d)

0.39%

0.48%

0.49%

Net

Investment

Income

(Loss)

(d)

5.07%

5.10%

4.90%

4.23%

Portfolio

Turnover

Rate

(c)

184%

247%

197%

31%

Portfolio

Turnover

Rate

excluding

Mortgage

Dollar

Rolls

(e)

48%

55%

–%

(a)

Commencement

operations

March

31,

2023.

Total

return

based

operations

for

period

that

less

than

year.

(b)

Calculated

based

average

outstanding

during

the

period.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Annualized

for

periods

less

than

one

year.

(e)

See

Note

2(J)

regarding

Mortgage

Dollar

Rolls.

Financial

Highlights

(Cont.)

DoubleLine

ETF

Trust

The

accompanying

notes

are

integral

part

these

financial

statements.

March

31,

2026

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

Period

Ended

March

31,

2026

(Unaudited)

Year

Ended

September

30,

2025

Period

Ended

September

30,

2024

(a)

Net

Asset

Value,

Beginning

Period

26.98

25.28

25.00

Income

(Loss)

from

Investment

Operations:

Net

Investment

Income

(Loss)

(b)

0.44

0.97

0.79

Net

Gain

(Loss)

Investments

(Realized

and

Unrealized)

6.88

1.14

(0.51)

Total

from

Investment

Operations

7.32

2.11

0.28

Less

Distributions:

Distributions

from

Net

Investment

Income

(0.96)

(0.41)

—

Total

Distributions

(0.96)

(0.41)

—

Net

Asset

Value,

End

Period

33.34

26.98

25.28

Total

Return

(c)

28.09%

8.44%

1.12%

Supplemental

Data:

Net

Assets,

End

Period

(000's)

34,677

21,583

17,191

Ratios

Average

Net

Assets:

Expenses

(d)

0.65%

Net

Investment

Income

(Loss)

(d)

3.12%

3.73%

4.64%

Portfolio

Turnover

Rate

(c)

82%

111%

(a)

Commencement

operations

January

31,

2024.

Total

return

based

operations

for

period

that

less

than

year.

(b)

Calculated

based

average

outstanding

during

the

period.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Annualized

for

periods

less

than

one

year.

Financial

Highlights

(Cont.)

March

31,

2026

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

The

accompanying

notes

are

integral

part

these

financial

statements.

DoubleLine

Fortune

500

Equal

Weight

ETF

Period

Ended

March

31,

2026

(Unaudited)

Year

Ended

September

30,

2025

Period

Ended

September

30,

2024

(a)

Net

Asset

Value,

Beginning

Period

31.46

29.02

25.00

Income

(Loss)

from

Investment

Operations:

Net

Investment

Income

(Loss)

(b)

0.27

0.49

0.31

Net

Gain

(Loss)

Investments

(Realized

and

Unrealized)

1.02

2.42

3.91

Total

from

Investment

Operations

1.29

2.91

4.22

Less

Distributions:

Distributions

from

Net

Investment

Income

(0.25)

(0.47)

(0.20)

Total

Distributions

(0.25)

(0.47)

(0.20)

Net

Asset

Value,

End

Period

32.50

31.46

29.02

Total

Return

(c)

4.11%

10.20%

16.93%

Supplemental

Data:

Net

Assets,

End

Period

(000's)

27,297

16,989

13,929

Ratios

Average

Net

Assets:

Expenses

(d)

0.20%

Net

Investment

Income

(Loss)

(d)

1.68%

1.69%

1.75%

Portfolio

Turnover

Rate

(c)(e)

17%

12%

(a)

Commencement

operations

January

31,

2024.

Total

return

based

operations

for

period

that

less

than

year.

(b)

Calculated

based

average

outstanding

during

the

period.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Annualized

for

periods

less

than

one

year.

(e)

In-kind

transactions

are

not

included

portfolio

turnover

calculations.

Financial

Highlights

(Cont.)

DoubleLine

ETF

Trust

The

accompanying

notes

are

integral

part

these

financial

statements.

March

31,

2026

DoubleLine

Multi-Sector

Income

ETF

Period

Ended

March

31,

2026

(Unaudited)

Period

Ended

September

30,

2025

(a)

Net

Asset

Value,

Beginning

Period

50.61

50.00

Income

(Loss)

from

Investment

Operations:

Net

Investment

Income

(Loss)

(b)

1.49

2.63

Net

Gain

(Loss)

Investments

(Realized

and

Unrealized)

(0.67)

0.20

Total

from

Investment

Operations

0.82

2.83

Less

Distributions:

Distributions

from

Net

Investment

Income

(1.47)

(2.22)

Total

Distributions

(1.47)

(2.22)

Net

Asset

Value,

End

Period

49.96

50.61

Total

Return

(c)

1.64%

5.81%

Supplemental

Data:

Net

Assets,

End

Period

(000's)

81,937

53,646

Ratios

Average

Net

Assets:

Expenses

(d)

0.49%

Net

Investment

Income

(Loss)

(d)

5.91%

6.36%

Portfolio

Turnover

Rate

(c)(e)

29%

54%

(a)

Commenced

operations

November

29,

2024.

Total

return

based

operations

for

period

that

less

than

year.

(b)

Calculated

based

average

outstanding

during

the

period.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Annualized

for

periods

less

than

one

year.

(e)

In-kind

transactions

are

not

included

portfolio

turnover

calculations.

Financial

Highlights

(Cont.)

March

31,

2026

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

The

accompanying

notes

are

integral

part

these

financial

statements.

DoubleLine

Asset-Backed

Securities

ETF

Period

Ended

March

31,

2026

(Unaudited)

Period

Ended

September

30,

2025

(a)

Net

Asset

Value,

Beginning

Period

51.00

50.00

Income

(Loss)

from

Investment

Operations:

Net

Investment

Income

(Loss)

(b)

1.24

1.46

Net

Gain

(Loss)

Investments

(Realized

and

Unrealized)

(0.38)

0.68

Total

from

Investment

Operations

0.86

2.14

Less

Distributions:

Distributions

from

Net

Investment

Income

(1.17)

(1.14)

Total

Distributions

(1.17)

(1.14)

Net

Asset

Value,

End

Period

50.69

51.00

Total

Return

(c)

1.70%

4.35%

Supplemental

Data:

Net

Assets,

End

Period

(000's)

116,579

73,446

Ratios

Average

Net

Assets:

Expenses

(d)

0.39%

Net

Investment

Income

(Loss)

(d)

4.87%

4.99%

Portfolio

Turnover

Rate

(c)

15%

31%

(a)

Commencement

operations

February

28,

2025.

Total

return

based

operations

for

period

that

less

than

year.

(b)

Calculated

based

average

outstanding

during

the

period.

(c)

Not

annualized

for

periods

less

than

one

year.

(d)

Annualized

for

periods

less

than

one

year.

Notes

Financial

Statements

DoubleLine

ETF

Trust

(Unaudited)

March

31,

2026

1. Organization

DoubleLine

ETF

Trust,

Delaware

statutory

trust

(the

“Trust”),

was

formed

September

27,

2021

and

registered

with

the

Securities

and

Exchange

Commission

open-end

management

investment

company.

March

31,

2026,

the

Trust

consists

ten

series.

These

Financial

Statements

are

for

eight of

those

series

follows:

DoubleLine

Opportunistic

Core

Bond

ETF

(the

“Opportunistic

Core

Bond

ETF”),

DoubleLine

Shiller

CAPE

U.S.

Equities

ETF

(the

“Equities

ETF”),

DoubleLine

Commercial

Real

Estate

Debt

ETF

(the

"Commercial

Real

Estate

Debt

ETF")

(formerly

known

DoubleLine

Commercial

Real

Estate

ETF),

DoubleLine

Mortgage

ETF

(the

"Mortgage

ETF"),

DoubleLine

Commodity

Strategy

ETF

(the

"Commodity

Strategy

ETF"),

DoubleLine

Fortune

500

Equal

Weight

ETF

(the

"Fortune

500

ETF"),

DoubleLine

Multi-Sector

Income

ETF

(the

"Multi-Sector

Income

ETF"),

and

DoubleLine

Asset-Backed

Securities

ETF

(the

"Asset-Backed

Securities

ETF")

(each

“Fund”

and

collectively

the

“Funds”),

along

with

the

DoubleLine

Securitized

Credit

ETF

(the

“Securitized

Credit

ETF”). The

Opportunistic

Core

Bond

ETF,

Equities

ETF,

Commercial

Real

Estate

Debt

ETF,

Mortgage

ETF,

Fortune

500

ETF,

Multi-Sector

Income

ETF,

Asset-Backed

Securities

ETF, and

Securitized

Credit

ETF are

managed

DoubleLine

ETF

Adviser

LP,

and

the

Commodity

Strategy

ETF

managed

DoubleLine

Alternatives

(each,

“Adviser”

and

collectively,

the

“Advisers”),

which

are

registered

investment

advisers

with

the

U.S.

Securities

and

Exchange

Commission.

Each

Fund

offers

one

class

shares.

For

financial

information

the

Securitized

Credit

ETF,

please

refer

the

Securitized

Credit

ETF’s

separate

annual

report.

Each

Fund

classified

non-diversified

under

the

Investment

Company

Act

1940,

amended

(the

“1940

Act”),

except

the

Fortune

500

ETF,

which

classified

diversified

fund.

Currently

under

the

1940

Act,

diversified

fund

generally

may

not,

with

respect

75%

its

total

assets,

invest

than

its

total

assets

the

securities

any

one

issuer

own

than

10%

the

outstanding

voting

securities

such

issuer

(except,

each

case,

U.S.

Government

securities,

cash,

cash

items

and

the

securities

other

investment

companies).

The

remaining

25%

fund's

total

assets

not

subject

this

limitation.

The

Funds'

investment

objectives

and

dates

each

Fund

commenced

operations

and

public

trading are

follows:

The

fiscal

year

end

for

the

Funds

September

30,

and

the

period

covered

these

Financial

Statements

for

the

period ended

March

31,

2026.

2. Significant

Accounting

Policies

Each Fund

investment

company

that

applies

the

accounting

and

reporting

guidance

issued

Topic

946,

Financial

Services

–

Investment

Companies,

the

Financial

Accounting

Standards

Board

(“FASB”).

The

following

summary

the

significant

accounting

policies

the

Funds.

These

policies

are

conformity

with

accounting

principles

generally

accepted

the

United

States

America

(“US

GAAP”).

A. Security

Valuation.

The

Funds

have

adopted

GAAP

fair

value

accounting

standards

which

establish

definition

fair

value

and

set

out

hierarchy

for

measuring

fair

value.

These

standards

require

additional

disclosures

about

the

various

inputs

and

valuation

Fund

Name

Investment

Objective

Commencement

Operations

Commencement

Public

Trading

DoubleLine

Opportunistic

Core

Bond

ETF

Seek

maximize

current

income

and

total

return

3/31/2022

4/5/2022

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

Seek

total

return

which

exceeds

the

total

return

the

S&P

500®

Index

3/31/2022

4/5/2022

DoubleLine

Commercial

Real

Estate

Debt

ETF

Seek

current

income

and

capital

preservation

and

secondary

objective,

seek

long-term

capital

appreciation

3/31/2023

4/4/2023

DoubleLine

Mortgage

ETF

Seek

total

return

(capital

appreciation

and

current

income)

which

exceeds

the

total

return

its

benchmark

index,

the

Bloomberg

U.S.

Mortgage-Backed

Securities

Index,

over

full

market

cycle

3/31/2023

4/4/2023

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

Seek

total

return

(capital

appreciation

and

current

income)

1/31/2024

2/1/2024

DoubleLine

Fortune

500

Equal

Weight

ETF

Seek

track

the

investment

results

(before

fees

and

expenses)

the

Barclays

Fortune

500

Equal

Weighted

Total

Return

Index

1/31/2024

2/1/2024

DoubleLine

Multi-Sector

Income

ETF

provide

income,

with

secondary

objective

capital

appreciation.

11/29/2024

12/3/2024

DoubleLine

Asset-Backed

Securities

ETF

Seek

long-term

total

return

while

striving

generate

current

income.

2/28/2025

3/4/2025

Notes

Financial

Statements

(Cont.)

(Unaudited)

March

31,

2026

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

techniques

used

develop

the

measurements

fair

value

and

discussion

changes

valuation

techniques

and

inputs

during

the

period ended

March

31,

2026.

These

inputs

are

summarized

the

three

broad

levels

listed

below:

Level

1—

Unadjusted

quoted

market

prices

active

markets

for

identical

securities

Level

2—

Quoted

prices

for

identical

similar

assets

markets

that

are

not

active,

inputs

derived

from

observable

market

data

Level

3—

Significant

unobservable

inputs

(including

the

reporting

entity’s

estimates

and

assumptions)

Valuations for

domestic

and

foreign

fixed

income

securities

are

normally

determined

the

basis

evaluations

provided

independent

pricing

services.

Vendors

typically

value

such

securities

based

one

inputs

described

the

following

table

which

not

intended

complete

list.

The

table

provides

examples

inputs

that

are

commonly

relevant

for

valuing

particular

classes

fixed

income

securities

which

the

Funds

are

authorized

invest.

However,

these

classifications

are

not

exclusive,

and

any

the

inputs

may

used

value

any

other

class

fixed-income

securities.

Securities

that

use

similar

valuation

techniques

and

inputs

described

the

following

table

are

categorized

Level

the

fair

value

hierarchy.

the

extent

the

significant

inputs

are

unobservable,

the

values

generally

would

categorized

Level

Assets

and

liabilities

may

transferred

between

levels.

Investments

registered

open-end

management

investment

companies

will

valued

based

upon

the

net

asset

value

("NAV")

such

investments

and

are

categorized

Level

the

fair

value

hierarchy.

Common

stocks,

exchange-traded

funds

and

financial

derivative

instruments,

such

futures

contracts

options

contracts,

that

are

traded

national

securities

commodities

exchange,

are

typically

valued

the

last

reported

sales

price,

the

case

common

stocks

and

exchange-traded

funds,

or,

the

case

futures

contracts

options

contracts,

the

settlement

price

determined

the

relevant

exchange.

the

extent

these

securities

are

actively

traded

and

valuation

adjustments

are

not

applied,

they

are

categorized

Level

the

fair

value

hierarchy.

The

Funds'

holdings

whole

loans,

securitizations

and

certain

other

types

alternative

lending-related

instruments

may

valued

based

prices

provided

third-party

pricing

service.

Senior

secured

floating

rate

loans

for

which

active

secondary

market

exists

reliable

degree

will

valued

the

mean

the

last

available

bid/ask

prices

the

market

for

such

loans,

provided

independent

pricing

service.

Where

active

secondary

market

does

not

exist

reliable

degree

the

judgment

the

Adviser,

such

loans

will

valued

fair

value

based

certain

factors.

respect

certain

commercial

real

estate-related,

residential

real

estate-related

and

certain

other

investments

for

which

limited

market

may

exist,

the

Funds

may

value

such

investments

based

appraisals

conducted

independent

valuation

advisor

similar

pricing

agent.

However,

independent

valuation

firm

may

not

retained

undertake

evaluation

asset

unless

the

NAV,

market

price

and

other

aspects

investment

exceed

certain

significance

thresholds.

Over-the-counter

financial

derivative

instruments,

such

forward

currency

exchange

contracts,

options

contracts,

swap

agreements,

derive

their

values

from

underlying

asset

prices,

indices,

reference

rates,

other

inputs

combination

these

factors.

These

instruments

are

normally

valued

the

basis

valuations

obtained

from

counterparties,

published

index

closing

levels

evaluated

prices

supplied

independent

pricing

services,

some

all

which

may

based

market

data

from

trading

exchanges

that

closed

significantly

before

the

time

which

a Fund

calculates

its

NAV.

Forward

foreign

currency

contracts

are

generally

valued

based

rates

provided

independent

data

providers.

Exchange

traded

futures

and

options

futures

are

Fixed-income

class

Examples

Inputs

All

Benchmark

yields,

transactions,

bids,

offers,

quotations

from

dealers

and

trading

systems,

new

issues,

spreads

and

other

relationships

observed

the

markets

among

comparable

securities;

and

proprietary

pricing

models

such

yield

measures

calculated

using

factors

such

cash

flows,

financial

collateral

performance

and

other

reference

data

(collectively

referred

“standard

inputs”)

Corporate

bonds

and

notes;

convertible

securities

Standard

inputs

and

underlying

equity

the

issuer

bonds

and

notes

government

and

government

agencies

Standard

inputs

Residential

and

commercial

mortgage-backed

obligations;

asset-backed

obligations

(including

collateralized

loan

obligations)

Standard

inputs

and

cash

flows,

prepayment

information,

default

rates,

delinquency

and

loss

assumptions,

collateral

characteristics,

credit

enhancements

and

specific

deal

information,

trustee

reports

Bank

loans

Standard

inputs

Notes

Financial

Statements

(Cont.)

DoubleLine

ETF

Trust

(Unaudited)

March

31,

2026

generally

valued

the

settlement

price

determined

the

relevant

exchange

which

they

principally

trade,

and

exchange

traded

options

are

generally

valued

the

last

trade

price

the

exchange

which

they

principally

trade. A

Fund

does

not

normally

take

into

account

trading,

clearances

settlements

that

take

place

after

the

principal

exchange

market

which

such

securities

are

traded.

Depending

the

instrument

and

the

terms

the

transaction,

the

value

the

derivative

instruments

can

estimated

pricing

service

provider

using

series

techniques,

such

simulation

pricing

models.

The

pricing

models

use

issuer

details

and

other

inputs

that

are

observed

from

actively

quoted

markets

such

indices,

spreads,

interest

rates,

curves,

dividends

and

exchange

rates.

Derivatives

that

use

similar

valuation

techniques

and

inputs

described

above

are

normally

categorized

Level

the

fair

value

hierarchy.

The

Board

Trustees

(the

“Board”)

has

adopted

pricing

and

valuation

policy

for

use

by each

Fund

and

its

Valuation

Designee

(as

defined

below)

calculating each

Fund’s

NAV.

Pursuant

Rule

2a-5

under

the

1940

Act, each

Fund

has

designated

its

Adviser

the

“Valuation

Designee”

perform

all

the

fair

value

determinations

well

perform

all

the

responsibilities

that

may

performed

the

Valuation

Designee

accordance

with

Rule

2a-5. Each Adviser,

the

Valuation

Designee,

authorized

make

all

necessary

determinations

the

fair

values

portfolio

securities

and

other

assets

for

which

market

quotations

are

not

readily

available

deemed

that

the

prices

obtained

from

brokers

and

dealers

independent

pricing

services

are

unreliable.

The

following

summary

the

fair

valuations

according

the

inputs

used

value

the

Funds’

investments

March

31,

2026:

Sponsored

Corporations

4,205,731

—

Total

Level

656,575,094

—

393,756,684

784,240,008

32,664,272

Level

Common

Stocks

12,966

19,056

—

Total

Level

12,966

19,056

—

Total

714,658,495

260,554,217

417,004,049

813,049,428

34,546,434

Other

Financial

Instruments

Assets

Level

Futures

869,471

—

1,910,633

—

Level

Excess

Return

Swaps

—

137,451

Unfunded

Loan

Commitments

112

—

Total

Level

—

Level

—

Liabilities

Level

Notes

Financial

Statements

(Cont.)

(Unaudited)

March

31,

2026

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

B. Federal

Income

Taxes.

Each

Fund

has

elected

taxed

"regulated

investment

company"

and

intends

distribute

substantially

all

its

taxable

income

its

shareholders

and

otherwise

comply

with

the

provisions

Subchapter

the

Internal

Revenue

Code

1986,

amended

(the

"Internal

Revenue

Code")

applicable

regulated

investment

companies.

Therefore,

provision

for

U.S.

federal

income

taxes

has

been

made.

The

Funds

may

subject

nondeductible

excise

tax

calculated

percentage

certain

undistributed

amounts

net

investment

income

and

net

capital

gains.

The

Funds

adopted

FASB

Accounting

Standards

Update

2023-09,

Income

Taxes

(Topic

740)—Improvements

Income

Tax

Disclosures

(“ASU

2023-09”).

The

amendments

enhance

income

tax

disclosures

requiring

greater

disclosure

income

taxes

paid

jurisdiction.

During

the

period

ended

March 31,

2026,

the

Funds

did

not

pay

significant

amount

foreign

U.S.

federal,

state

local

income

taxes

and

therefore

did

not

include

any

additional

disclosures

these

financial

statements.

Management

has

analyzed

the

Funds’

tax

positions,

and

has

concluded

that

liability

should

recorded

uncertain

tax

positions

expected

taken

the

tax

return

for

the period. The

Funds

identify

their

major

tax

jurisdictions

U.S.

Federal,

Category

DoubleLine

Fortune

500

Equal

Weight

ETF

DoubleLine

Multi-Sector

Income

ETF

DoubleLine

Asset-Backed

Securities

ETF

Investments

Securities

Level

Common

Stocks

27,211,642

—

Money

Market

Funds

64,505

5,045,607

791,567

Total

Level

27,276,147

5,045,607

791,567

Level

Asset-Backed

Obligations

—

2,197,628

114,577,529

U.S.

Corporate

Bonds

—

32,737,919

—

Non-Agency

Residential

Collateralized

Mortgage

Obligations

—

14,990,367

—

Bank

Loans

—

11,913,535

—

Non-Agency

Commercial

Mortgage-Backed

Obligations

—

8,032,189

956,541

Collateralized

Loan

Obligations

—

4,453,174

—

Foreign

Corporate

Bonds

—

3,285,579

—

Total

Level

—

77,610,391

115,534,070

Level

Common

Stocks

1,640

14,149

—

Total

Level

1,640

14,149

—

Total

27,277,787

82,670,147

116,325,637

Other

Financial

Instruments

Assets

Level

—

Level

Unfunded

Loan

Commitments

—

Level

—

Liabilities

Level

—

Level

Unfunded

Loan

Commitments

—

(8)

—

Level

—

Total

—

Notes

Financial

Statements

(Cont.)

DoubleLine

ETF

Trust

(Unaudited)

March

31,

2026

the State

Florida and

the

State

Delaware.

The

Funds

are

not

aware

any

tax

positions

for

which

reasonably

possible

that

the

total

amounts

unrecognized

tax

benefits

will

significantly

change

the

twelve

months.

C. Security

Transactions,

Investment

Income.

Investment

securities

transactions

are

accounted

for

trade

date.

Gains

and

losses

realized

sales

securities

are

determined

specific

identification

basis.

Interest

income,

including

non-cash

interest,

recorded

accrual

basis.

Discounts/premiums

debt

securities

purchased,

which

may

include

residual

and

subordinated

notes,

are

accreted/amortized

over

the

life

the

respective

securities

using

the

effective

interest

method

except

for

certain

deep

discount

bonds

where

management

does

not

expect

the

par

value

above

the

bond's

cost

fully

realized.

Dividend

income

and

corporate

action

transactions,

any,

are

recorded

the

ex-date.

Non-cash

dividends

included

dividend

income,

any,

are

recorded

the

fair

market

value

securities

received.

Paydown

gains

and

losses

mortgage-related

and

other

asset-backed

securities

are

recorded

components

interest

income

the

Statements

Operations.

D. Dividends

and

Distributions

Shareholders.

The

Asset-Backed

Securities

ETF,

the

Multi-Sector

Income

ETF,

the

Commercial

Real

Estate

Debt

ETF,

the

Mortgage

ETF

and

the

Opportunistic

Core

Bond

ETF

will

distribute

dividends

net

investment

income

least

monthly,

the

Equities

ETF

and

the

Fortune

500

ETF

will

distribute

dividends

net

investment

income

least

quarterly,

and

the

Commodity

Strategy

ETF

will

distribute

dividends

net

investment

income

least

annually.

Each

Fund

will

distribute

net

realized

short-term

capital

gains

and

net

realized

long-term

capital

gains,

any,

least

annually.

Distributions

are

recorded

the

exdividend

date.

Income

and

capital

gain

distributions

are

determined

accordance

with

income

tax

regulations

which

may

differ

from

GAAP.

Permanent

book

and

tax

basis

differences

relating

shareholder

distributions

will

result

reclassifications

between

paid-in

capital,

undistributed

(accumulated)

net

investment

income

(loss),

and/or

undistributed

(accumulated)

realized

gain

(loss).

Undistributed

(accumulated)

net

investment

income

loss

may

include

temporary

book

and

tax

basis

differences

which

will

reverse

subsequent

period.

Any

taxable

income

capital

gain

remaining

fiscal

year

end

distributed

the

following

year.

Distributions

from

investment

companies

will

classified

investment

income

realized

gains

the

Statements

Operations

based

the

U.S.

income

tax

characteristics

the

distribution

such

information

available.

cases

where

the

tax

characteristics

are

not

available,

such

distributions

are

generally

classified

investment

income.

The

Equities

ETF

may

hold

the

securities

real

estate

investment

trusts

(“REITs”).

Distributions

from

such

investments

may

comprised

return

capital,

capital

gains

and

income.

The

actual

character

amounts

received

during

the

year

not

known

until

after

the

REIT’s

fiscal

year

end.

The

Fund

records

the

character

distributions

received

from

REITs

during

the

year

based

estimates

available.

The

characterization

distributions

received

the

Fund

may

subsequently

revised

based

information

received

from

the

REITs

after

their

tax

reporting

periods

concluded.

E. Use

Estimates.

The

preparation

financial

statements

conformity

with

GAAP

requires

management

make

estimates

and

assumptions

that

affect

the

reported

amounts

assets

and

liabilities

and

disclosure

contingent

assets

and

liabilities

the

date

the

financial

statements,

well

the

reported

amounts

revenues

and

expenses

during

the

period.

Actual

results

could

differ

from

those

estimates.

F. Share

Valuation.

The

NAV

per

each

Fund

calculated

dividing

the

sum

the

value

the

securities

held

the

Fund,

plus

cash

and

other

assets,

minus

all

liabilities

(including

estimated

accrued

expenses),

the

total

number

outstanding,

rounded

the

nearest

cent.

The

NAV

typically

calculated

days

when

the

New

York

Stock

Exchange

("NYSE")

opens

for

regular

trading.

G. Unfunded

Loan

Commitments.

The

Funds

may

enter

into

certain

credit

agreements,

which

all

portion

may

unfunded.

March

31,

2026,

the

Funds

have

the

following

unfunded

positions.

DoubleLine

Opportunistic

Core

Bond

ETF

Borrower

Par

Commitment

Amount

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Net

Assets

Pye-Barker

Fire

Safety

LLC

5,850

5,821

5,866

0.00

Pinnacle

Buyer

LLC

6,452

6,435

6,467

0.00

Signia

Aerospace

LLC

5,308

5,294

5,328

0.00

Savor

Acquisition,

Inc.

6,035

6,059

6,050

(9)

0.00

Notes

Financial

Statements

(Cont.)

(Unaudited)

March

31,

2026

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

The

Funds

are obligated

fund

these

commitments

the

borrower’s

discretion.

the

end

the

period,

the

Funds

maintained

with

their

custodian

liquid

investments

having

aggregate

value

least

equal

the

par

value

their

respective

unfunded

loan

commitments

and

bridge

loans.

H. Guarantees

and

Indemnifications.

Under

the

Trust's

organizational

documents,

each

Trustee

and

officer

the

Funds

indemnified,

the

extent

permitted

the

1940

Act,

against

certain

liabilities

that

may

arise

out

performance

their

duties

the

Fund.

Additionally,

the

normal

course

business,

the

Funds

enter

into

contracts

that

contain

variety

indemnification

clauses.

Each

Fund's

maximum

exposure

under

these

arrangements

unknown

this

would

involve

future

claims

that

may

made

against

the

Funds

that

have

not

yet

occurred.

However,

the

Funds

have

not

had

prior

claims

losses

pursuant

these

contracts.

I. Basis

for

Consolidation.

The

Commodity

Strategy

ETF

may

invest

25%

its

total

assets

the

DoubleLine

Commodity

ETF

Ltd.

(the

“Subsidiary”).

The

Subsidiary,

which

organized

under

the

laws

the

Cayman

Islands,

wholly-owned

and

controlled

the

Commodity

Strategy

ETF.

The

Subsidiary

invests

commodity-related

investments

and

other

investments.

The

consolidated

financial

statements

include

the

accounts

and

balances

the

Subsidiary.

Intercompany

balances

and

transactions

have

been

eliminated

consolidation.

March

31,

2026,

the

relationship

the

Subsidiary

the

Commodity

Strategy

ETF

was

follows:

J. Mortgage

Dollar

Rolls.

The

Funds

have

entered

into

mortgage

dollar

roll

transactions

TBA

securities

which

the

Funds

sell

TBA

mortgage-backed

security

counterparty

and

simultaneously

enter

into

agreement

with

the

same

counterparty

buy

back

similar

TBA

security

specific

future

date

predetermined

price.

Mortgage

dollar

rolls

are

accounted

for

purchase

and

sale

transactions

and

may

result

increase

the

fund

portfolio

turnover

rate.

Portfolio

turnover

rates

excluding

and

including

mortgage

dollar

rolls

are

presented

the

Financial

Highlights.

K. Segment

Reporting.

The

Funds

have

adopted

FASB

ASU

2023-07,

Segment

Reporting

(Topic

280)

Improvements

Reportable

Segment

Disclosures

(“ASU

2023-07”),

which

requires

incremental

disclosures

relating

public

entity's

reportable

segments.

Each

Fund

operates

single

operating

segment,

which

investment

portfolio.

The

Trust's

president

and

principal

executive

officer

and

the

Trust's

treasurer

and

principal

financial

and

accounting

officer

together

serve

each

Fund's

chief

operating

decision

maker

(“CODM”).

Each

Fund's

total

returns,

expense

ratios,

and

changes

net

assets,

which

are

used

the

CODM

assess

segment

performance

and

make

resource

allocation

decisions

the

segment,

are

consistent

with

that

presented

within

the

Fund's

financial

statements

and

financial

highlights.

Segment

assets

are

reflected

each

Fund's

Statement

Assets

and

Liabilities

Kaman

Corp.

9,726

9,738

9,741

0.00

DoubleLine

Multi-Sector

Income

ETF

Borrower

Par

Commitment

Amount

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Net

Assets

Pye-Barker

Fire

Safety

LLC

5,200

5,174

5,214

0.01

Pinnacle

Buyer

LLC

6,452

6,435

6,467

0.01

Savor

Acquisition,

Inc.

4,310

4,329

4,321

(8)

0.00

Kaman

Corp.

7,989

7,999

8,001

0.01

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

Commencement

Operations

01/31/2024

Fund

Net

Assets

34,677,013

Subsidiary

Fund

Net

Assets

23.56%

Subsidiary

Financial

Statement

Information

Net

Assets

8,170,034

Total

Income

101,476

Net

Realized

Gain/(Loss)

6,686,129

Notes

Financial

Statements

(Cont.)

DoubleLine

ETF

Trust

(Unaudited)

March

31,

2026

“net

assets,”

which

consist

primarily

investment

securities,

value,

and

significant

segment

expenses

are

listed

each

Fund's

accompanying

Statement

Operations.

3. Related

Party

Transactions

The

Trust

and

the

Advisers

entered

into

Investment

Management

Agreement,

under

the

terms

which

the

Advisers

manage

the

investment

the

assets

the applicable

Funds,

place

orders

for

the

purchase

and

sale

its

portfolio

securities,

and

is responsible

for

providing

resources

assist

with

the

day-to-day

management

the

Trust's

business

affairs.

compensation

for their

services,

the

Advisers

are entitled

monthly

fee

the

annual

rates

the

average

daily

net

assets

the

Funds

the

following

table. The

Advisers

will

pay

all

operating

expenses

the

Funds,

except

the

advisory fees,

interest

expenses,

dividends

and

other

expenses

securities

sold

short,

taxes,

expenses

incurred

with

respect

the

acquisition

and

disposition

portfolio

securities

and

the

execution

portfolio

transactions,

including

brokerage

commissions,

acquired

fund

fees

and

expenses,

accrued

deferred

tax

liabilities,

distribution

fees

expenses,

and

any

extraordinary

expenses

(such

litigation).

If a Fund

invested

other

investment

vehicles

sponsored

Adviser

(“other

DoubleLine

Funds”)

during

the

period,

such

Adviser

waived

its

advisory

fee

the

Fund

amount

equal

the

advisory

fees

paid

the

Adviser

the

other

DoubleLine

Funds

respect

Fund

assets

invested.

The

adviser

may

not

seek

reimbursement

from

the

Fund

with

respect

any

advisory

fees

waived. Accordingly,

the

Adviser

waived

the

following

fees

for

the

period

ended

March 31,

2026: DoubleLine

Opportunistic

Core

Bond

ETF,

$83,331.

4. Distribution

Fees

Foreside

Fund

Services,

LLC

serves

the

Funds’

Distributor.

The

Trust

has

adopted

Plan

Distribution

Pursuant

Rule

12b-1

under

the

Investment

Company

Act

1940

(the

“Plan”),

however

the

Plan

has

yet

implemented

commence

operations.

Under

the

Plan, each Fund

would

authorized

pay

distribution

fees

the

Distributor,

who

turn

would

permitted

pay

other

firms

that

provide

distribution

and

shareholder

services

(“Service

Providers”).

Service

Provider

were

provide

such

services,

the

Funds

would

permitted

pay

fees

annual

rate

not

exceed

0.25%

average

daily

net

assets,

pursuant

the

terms

the

Plan

and

Rule

12b-1

under

the

1940

Act.

Because

the

Plan

has

not

been

implemented

commenced

operations,

distribution

service

fees

are

currently

paid

the

Funds

and

there

are

current

plans

impose

these

fees.

the

event

the

Plan

ever

implemented

and

commences

operations

and

Rule

12b-1

fees

are

charged,

over

time

they

would

increase

the

cost

investment

the

Funds

and

may

cost

you

than

other

types

sales

charges.

5. Administrator,

Transfer

Agent,

Custodian

and

Distributor

JPMorgan

Chase

Bank,

N.A.

provides

fund

accounting,

fund

administrative

and

transfer

agency

services

the

Funds

pursuant

Fund

Services

Agreement.

JPMorgan

Chase

Bank,

N.A.

serves

the

Funds’

Custodian

pursuant

Custody

Agreement.

Foreside

Fund

Services,

LLC

serves

the

Funds’

distributor

pursuant

Distribution

Agreement.

6. Issuance

and

Redemption

Fund Shares

The

Funds

are

exchange-traded

funds

“ETFs.”

The

Funds

will

only

issue

redeem

aggregated

into

blocks

20,000

(in

the

case

the

Opportunistic

Core

Bond

ETF,

the

Commercial

Real

Estate

Debt

ETF,

the

Mortgage

ETF,

the

Multi-Sector

Income

ETF,

and

the

Asset-Backed

Securities

ETF),

40,000

(in

the

case

the

Equities

ETF

and

the

Commodity

Strategy

ETF)

and

60,000

(in

the

case

the

Fortune

500

ETF)

multiples

thereof

(“Creation

Units”)

Authorized

Participants

who

have

entered

into

Advisory

Fees

DoubleLine

Opportunistic

Core

Bond

ETF

0.45%

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

0.65%

DoubleLine

Commercial

Real

Estate

Debt

ETF

0.39%

DoubleLine

Mortgage

ETF

0.39%

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

0.65%

DoubleLine

Fortune

500

Equal

Weight

ETF

0.20%

DoubleLine

Multi-Sector

Income

ETF

0.49%

DoubleLine

Asset-Backed

Securities

ETF

0.39%

Prior

February

2025,

the

Advisory

Fee

was

0.50%.

Notes

Financial

Statements

(Cont.)

(Unaudited)

March

31,

2026

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

agreements

with

Foreside

Fund

Services,

LLC

the

Funds’

distributor

(the

“Distributor”).

Authorized

Participant

either

(1)

“Participating

Party,”

(i.e.,

broker-dealer

other

participant

the

clearing

process

the

Continuous

Net

Settlement

System

the

NSCC),

(2)

participant

DTC,

and,

each

case,

must

have

executed

agreement

with

the

distributor

with

respect

creations

and

redemptions

Creation

Units.

The

Funds

will

issue

redeem

Creation

Units

return

for

basket

securities

and/or

cash

(including

any

portion

such

securities

for

which

cash

may

substituted)

that

the

Funds

specify

each

day.

Cash

may

substituted

equivalent

the

value

certain

securities

generally

when

they

are

not

available

sufficient

quantity

for

delivery.

the

case

the

Equities

ETF,

Authorized

Participants

transact

with

the

Fund

through

another

broker-dealer

that

acts

Representative

and

maintains

the

basket

contents

confidence.

Individual

Fund

may

only

purchased

and

sold

national

securities

exchange

through

broker-dealer

and

investors

may

pay

commission

such

broker-dealers

connection

with

their

purchase

sale.

The

price

Fund

based

market

price,

and

because

ETF

trade

market

prices

rather

than

NAV,

may

trade

price

greater

than

NAV

premium)

less

than

NAV

discount).

NAV

per

calculated

dividing

Fund’s

net

assets

the

number

Fund

outstanding.

Your

transaction

will

priced

NAV

you

purchase

redeem

Fund

Creation

Units.

The

Fund’s

NAV

per

computed

the

New

York

Stock

Exchange

("NYSE").

However,

the

NAV

per

may

calculated

time

other

than

the

normal

the

NYSE

trading

the

NYSE

restricted,

the

NYSE

closes

earlier,

may

permitted

the

SEC.

Authorized

Participants

purchasing

and

redeeming

Creation

Units

may

pay

purchase

transaction

fee

and

redemption

transaction

fee

directly

the

Funds’

Administrator

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

Creation

Units,

including

Creation

Units

for

cash.

Additionally,

portion

the

transaction

fee

used

offset

transactional

costs

typically

accrued

the

Funds’

custody

expenses

directly

the

issuance

and

redemption

Creation

Units.

additional

variable

fee

may

charged

for

certain

transactions.

Such

fees

would

included

the

receivable

for

capital

issued

the

Statements

Assets

and

Liabilities.

7. Purchases

and

Sales

Securities

Investment

transactions

(excluding

short-term

investments

and

in-kind

transactions)

for

the period

ended

March

31,

2026 were

follows:

Investment

transactions

in-kind purchases

and

sales

for the

period

ended

March

31,

2026 were

follows:

All

Other

U.S.

Government

Purchases

Cost

Sales

Maturity

Proceeds

Purchases

Cost

Sales

Maturity

Proceeds

DoubleLine

Opportunistic

Core

Bond

ETF

233,750,205

98,141,354

37,459,688

45,866,484

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

726,436,154

672,727,103

—

DoubleLine

Commercial

Real

Estate

Debt

ETF

255,438,128

147,861,114

—

DoubleLine

Mortgage

ETF

1,485,827,812

1,261,538,697

—

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

—

3,900,000

—

DoubleLine

Fortune

500

Equal

Weight

ETF

1,831,585

1,915,854

—

DoubleLine

Multi-Sector

Income

ETF

35,825,635

18,062,816

—

DoubleLine

Asset-Backed

Securities

ETF

57,423,916

13,912,833

—

U.S.

Government

transactions

are

defined

those

involving

long-term

U.S.

Treasury

bills,

bonds

and

notes.

Purchases

Cost

Sales

Maturity

Proceeds

Net

Realized

Gains

(Losses)

DoubleLine

Opportunistic

Core

Bond

ETF

22,771,212

—

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

2,545,933

113,568,933

13,912,753

DoubleLine

Commercial

Real

Estate

Debt

ETF

—

25,089,792

266,632

DoubleLine

Mortgage

ETF

—

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

—

DoubleLine

Fortune

500

Equal

Weight

ETF

13,426,213

3,814,514

1,540,012

DoubleLine

Multi-Sector

Income

ETF

9,177,938

—

DoubleLine

Asset-Backed

Securities

ETF

—

Notes

Financial

Statements

(Cont.)

DoubleLine

ETF

Trust

(Unaudited)

March

31,

2026

8. Income

Tax

Information

and

Distributions

Shareholders

The

cost

basis

investments

for

federal

income

tax

purposes

of period

March

31,

2026 were

follows:

9. Remuneration

Paid

Trustees,

Officers

and

Others

Because

the

Advisers

have

agreed

the

Advisory

Agreements

cover

all

operating

expenses

the

Funds,

subject

certain

exclusions

provided

for

therein,

the

Advisers

pay

the

compensation

each

Trustee

who

not

considered

“interested

person”

(as

defined

the

1940

Act)

the

Trust

for

services

the

Funds

from

the

Advisers’

advisory

fees.

Certain

Trustees

and

officers

the

Funds

are

also

officers

the

Advisers;

such

Trustees

and

officers

are

not

compensated

the

Funds.

10. Additional

Disclosures

about

Derivative

Instruments

The

following

disclosures

provide

information

the

Funds’

use

derivatives

and

certain

risks.

The

location

and

fair

value

amounts

these

instruments

the

Statements

Assets

and

Liabilities

and

the

realized

gains

and

losses

and

changes

unrealized

gains

and

losses

the

Statements

Operations,

each

categorized

type

derivative

contract,

are

included

the

following

tables.

The

average

volume

derivative

activity

for the

period ended

March

31,

2026 is

follows:

Futures

Contracts.

Futures

contracts

typically

involve

contractual

commitment

buy

sell

particular

instrument

index

unit

specified

price

future

date.

Risks

associated

with

the

use

futures

contracts

include

the

potential

for

imperfect

correlation

between

the

change

market

value

the

securities

held

the

Funds

and

the

prices

futures

contracts

and

the

possibility

illiquid

market.

Futures

contracts

are

valued

based

upon

their

quoted

daily

settlement

prices

determined

the

relevant

exchange.

Upon

entering

into

futures

contract,

Fund

required

deposit

with

its

futures

broker

amount

cash

accordance

with

the

initial

margin

requirements

the

broker

exchange.

Such

collateral

recorded

deposit

broker

for

futures

the

Statements

Assets

and

Liabilities.

Futures

contracts

are

marked-to-market

daily

and

appropriate

payment

reflecting

the

change

value

(“variation

margin”)

made

received

for

the

accounts

the

Funds.

The

variation

margin

recorded

the

Statements

Assets

and

Liabilities.

The

cumulative

change

value

futures

contracts

recorded

net

unrealized

appreciation

(depreciation)

futures

the

Statements

Assets

and

Liabilities.

Gains

losses

are

recognized

but

not

considered

realized

until

the

contracts

DoubleLine

Opportunistic

Core

Bond

ETF

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

DoubleLine

Commercial

Real

Estate

Debt

ETF

DoubleLine

Mortgage

ETF

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

Tax

Cost

Investments

714,820,090

267,482,236

415,259,136

813,342,644

34,545,417

Gross

Tax

Unrealized

Appreciation

6,190,450

12,489,159

2,504,550

6,994,506

138,658

Gross

Tax

Unrealized

Depreciation

(9,895,257)

(19,417,178)

(759,637)

(8,536,105)

(190)

Net

Tax

Unrealized

Appreciation

(Depreciation)

(3,704,807)

(6,928,019)

1,744,913

(1,541,599)

138,468

DoubleLine

Fortune

500

Equal

Weight

ETF

DoubleLine

Multi-

Sector

Income

ETF

DoubleLine

Asset-

Backed

Securities

ETF

Tax

Cost

Investments

26,790,615

83,152,198

116,457,498

Gross

Tax

Unrealized

Appreciation

2,302,638

337,471

446,437

Gross

Tax

Unrealized

Depreciation

(1,815,466)

(819,522)

(578,298)

Net

Tax

Unrealized

Appreciation

(Depreciation)

487,172

(482,051)

(131,861)

DoubleLine

Opportunistic

Core

Bond

ETF

DoubleLine

Mortgage

ETF

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

Average

Market

Value

Futures

Contracts

Long

444,396,456

320,444,533

–

Futures

Contracts

Short

(32,159,986)

(263,157,860)

–

Average

Notional

Balance

Excess

Return

Swaps

–

26,566,667

Notes

Financial

Statements

(Cont.)

(Unaudited)

March

31,

2026

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

expire

are

closed

and

are

recorded

net

realized

gain

(loss)

futures

the

Statements

Operations.

Futures

contracts

involve,

varying

degrees,

risk

loss

excess

the

variation

margin

disclosed

the

Statements

Assets

and

Liabilities.

Excess

Return

Swap

Agreements.

The

Funds

may

enter

into

excess

return

swaps

for

investment

purposes.

Excess

return

swaps

are

agreements

exchange

the

return

generated

one

instrument

for

the

return

generated

another

instrument.

For

example,

the

agreement

pay

predetermined

fixed

interest

rate

exchange

for

market-linked

return

based

notional

amount.

the

extent

the

total

return

referenced

index

instrument

exceeds

the

offsetting

interest

obligation,

Fund

will

receive

payment

from

the

counterparty.

the

extent

less,

Fund

will

make

payment

the

counterparty.

The

marked-to-market

value

less

financing

rate,

any,

recorded

net

unrealized

appreciation

(depreciation)

swaps

the

Statements

Assets

and

Liabilities.

termination

maturity

date,

net

cash

flow

exchanged

where

the

total

return

equivalent

the

return

the

underlying

reference

asset

less

financing

rate,

any,

and

recorded

net

realized

gain

(loss)

swaps

the

Statements

Operations.

the

extent

the

marked-to-

market

value

excess

return

swap

appreciates

the

benefit

Fund

and

exceeds

certain

contractual

thresholds,

Fund’s

counterparty

may

contractually

required

provide

collateral.

the

marked-to-market

value

excess

return

swap

depreciates

value

the

benefit

counterparty

and

exceeds

certain

contractual

thresholds,

Fund

would

generally

required

provide

collateral

for

the

benefit

its

counterparty.

Assets

provided

the

Funds

collateral

are

reflected

component

investments

unaffiliated

securities

value

the

Statements

Assets

and

Liabilities

and

are

noted

the

Schedules

Investments.

Assets

provided

Fund

counterparty

collateral

are

not

assets

the

Fund

and

are

not

component

Fund’s

NAV.

The

effect

derivative

instruments

the

Statements

Assets

and

Liabilities for

the

period ended

March

31,

2026 was

follows:

The

effect

derivative

instruments

the

Statements

Operations

for

the

period ended

March

31,

2026 was

follows:

Derivatives

not

accounted

for

hedging

instruments

Statements

Assets

and

Liabilities

Location

Commodity

Risk

Interest

Rate

Risk

Total

Unrealized

Appreciation

on:

–

Futures

–

DoubleLine

Opportunistic

Core

Bond

ETF

–

869,471

DoubleLine

Mortgage

ETF

–

1,910,633

Swaps

–

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

137,451

–

137,451

Unrealized

Depreciation

on:

Futures

DoubleLine

Opportunistic

Core

Bond

ETF

–

(4,412,683)

DoubleLine

Mortgage

ETF

–

(3,159,016)

exchange

traded

investment's

value

reflects

the

cumulative

value.

Only

the

current

day's

variation

margin

reported

the

Statements

Assets

and

Liabilities.

Derivatives

not

accounted

for

hedging

instruments

Statements

Operations

Location

Commodity

Risk

Interest

Rate

Risk

Total

Net

Realized

Gain

(Loss)

on:

–

Futures

–

DoubleLine

Opportunistic

Core

Bond

ETF

–

273,811

DoubleLine

Mortgage

ETF

–

1,738,182

Swaps

–

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

6,686,129

–

6,686,129

Net

Change

Unrealized

Appreciation

(Depreciation)

on:

–

Futures

–

DoubleLine

Opportunistic

Core

Bond

ETF

–

(4,022,046)

DoubleLine

Mortgage

ETF

–

(1,020,776)

Swaps

–

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

251,171

–

251,171

Notes

Financial

Statements

(Cont.)

DoubleLine

ETF

Trust

(Unaudited)

March

31,

2026

11. Offsetting

Assets

and

Liabilities

Each

Fund is

subject

various

Master

Netting

Arrangements,

which

govern

the

terms

certain

transactions

with

select

counterparties.

The

Master

Netting

Arrangements are

intended

allow the

Fund

out

and

net

its

total

exposure

counterparty

the

event

default

with

respect

all

the

transactions

governed

under

single

agreement

with

counterparty.

The

Master

Netting

Arrangements

also

specify

collateral

posting

arrangements

pre-arranged

exposure

levels.

Under

the

Master

Netting

Arrangements,

collateral

routinely

transferred

the

total

net

exposure

certain

transactions

(net

existing

collateral

already

place)

governed

under

the

relevant

Master

Netting

Arrangement

with

counterparty

given

account

exceed

specified

threshold

depending

the

counterparty

and

the

type

Master

Netting

Arrangement.

the

period

ended

March

31,

2026,

the

Funds

held

the

following

derivative

instruments

that

were

subject

offsetting

the

Statements

Assets

and

Liabilities:

12. Bank

Loans

The

Funds

may

make

loans

directly

borrowers

and

may

acquire

invest

loans

made

others

(“loans”).

The

Funds

may

acquire

loan

interest

directly

acting

member

the

original

lending

syndicate.

Alternatively,

the

Funds

may

acquire

some

all

the

interest

bank

other

lending

institution

loan

particular

borrower

means

novation,

assignment

participation.

The

loans

which

the

Funds

may

invest

include

those

that

pay

fixed

rates

interest

and

those

that

pay

floating

rates—i.e.,

rates

that

adjusted

periodically

reference

base

lending

rate,

plus

spread.

These

base

lending

rates

are

primarily

the

Secured

Overnight

Financing

Rate

(SOFR)

and

secondarily,

the

prime

rate

offered

one

major

United

States

banks

(the

Prime

Rate).

Base

lending

rates

may

subject

floor,

minimum

rate.

Rates

for

SOFR

are

generally

3-month

tenors

and

may

also

subject

credit

spread

adjustment.

The

Funds

may

purchase

and

sell

interests

bank

loans

when-issued

and

delayed

delivery

basis,

with

payment

delivery

scheduled

for

future

date.

Securities

purchased

delayed

delivery

basis

are

marked-to-market

daily

and

income

accrues

the

Funds

prior

the

date

the

Funds

actually

take

delivery

such

securities.

These

transactions

are

subject

market

fluctuations

and

are

subject,

among

other

risks,

the

risk

that

the

value

delivery

may

less

than

the

trade

purchase

price.

13. To-Be-Announced

Securities

The

Funds

may

invest

to-be-announced

securities

(“TBAs”).

TBAs

term

that

generally

used

describe

forward-settling

mortgage-backed

securities.

These

TBAs

are

generally

issued

U.S.

Government

Agencies

U.S.

Government

Sponsored

Entities

such

Freddie

Mac,

Fannie

Mae

and

Ginnie

Mae.

The

actual

mortgage-backed

security

that

will

delivered

the

buyer

the

time

TBAs

trades

are

entered

not

known,

however,

the

terms

the

acceptable

pools

loans

that

will

comprise

the

mortgage

backed

security

are

determined

the

time

the

trade

entered

into

(coupon

rate,

maturity,

credit

quality,

etc.).

Investment

TBAs

will

generally

increase

the

Fund’s

exposure

interest

rate

risk

and

could

also

expose

the

Fund

counterparty

default

risk.

order

mitigate

counterparty

default

risk,

the

Fund

only

enters

TBAs

with

counterparties

for

which

the

risk

default

determined

remote.

14. Principal

Risks

Active

Management

Risk:

The

risk

that

the

Fund

will

fail

meet

its

investment

objective

and

that

the

Fund's

investment

performance will

depend,

least

part,

how

its

assets

are

allocated

and

reallocated

among

asset

classes,

sectors,

underlying

funds

and/or

investments

and

that

such

allocation

will

focus

asset

classes,

sectors,

underlying

funds,

and/

investments

that

perform

poorly

underperform

other

asset

classes,

sectors,

underlying

funds,

and/or

available

investments.

Any

given

investment

strategy

may

fail

produce

the

intended

results,

and

the

Fund's

portfolio

may

underperform

other

comparable

funds

because

portfolio

management

decisions

to,

among

other

things,

the

selection

investments,

portfolio

construction,

risk

assessments,

and/or

the

outlook

market

trends

and

opportunities.

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

Assets:

Gross

Amounts

Gross

Amounts

Offset

the

Statement

Net

Amounts

presented

the

Statement

Gross

Amounts

Not

Offset

the

Statements

Assets

and

Liabilities

Description

Recognized

Assets

and

Liabilities

Assets

and

Liabilities

Financial

Instruments

Cash

Collateral

Received

Net

Amount

Swap

contracts

137,451

—

137,451

(137,451)

—

Notes

Financial

Statements

(Cont.)

(Unaudited)

March

31,

2026

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

Asset-Backed

Securities

Investment

Risk:

The

risk

that

borrowers

may

default

the

obligations

that

underlie

the

asset-

backed

security

and

that,

during

periods

falling

interest

rates,

asset-backed

securities

may

called

prepaid,

which

may

result

Fund

having

reinvest

proceeds

other

investments

lower

interest

rate,

and

the

risk

that

the

impairment

the

value

the

collateral

underlying

security

which

the

Fund

invests

(due,

for

example,

non-payment

loans)

will

result

reduction

the

value

the

security.

Cash

Position Risk:

The

risk

that

the

extent

that

the

Fund

holds

assets

cash,

cash

equivalents,

and

other

shortterm

investments,

the

ability

the

Fund

meet

its

objective

may

limited.

Cash

equivalents

and

other

short-term

investments

include

short-term

U.S.

Treasury

securities,

commercial

paper,

repurchase

agreements

and

money

market

funds.

Cash

Transactions

Risk:

Unlike

most

other

ETFs,

the

Fund

may,

from

time

time,

effect

creations

and

redemptions

cash

partially

cash.

Therefore,

may

required

sell

portfolio

securities

and

subsequently

recognize

gains

such

sales

that

the

Fund

might

not

have

recognized

were

distribute

portfolio

securities

in-kind.

such,

investments

the

Fund

may

less

tax-efficient

than

investment

ETF

that

distributes

portfolio

securities

entirely

in-kind.

Collateralized

Debt

Obligations

Risk:

The risks

investment

collateralized

debt

obligation ("

CDO

depend

largely

the

quality

and

type

the

collateral

and

the

tranche

the

CDO

which

Fund

invests.

Normally,

collateralized

bond

obligations, collateralized

loan

obligations and

other

CDOs

are

privately

offered

and

sold,

and

thus

are

not

registered

under

the

securities

laws.

result,

investments

CDOs

may

illiquid.

addition

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

adequate

make

interest

other

payments;

(ii)

the

quality

the

collateral

may

decline

value

default;

(iii)

the

possibility

that

Fund

may

invest

CDOs

that

are

subordinate

other

classes

the

issuer's

securities;

and

(iv)

the

complex

structure

the

security

may

not

fully

understood

the

time

investment

and

may

produce

disputes

with

the

issuer

unexpected

investment

results.

Commodities

Risk:

The

risk

that

the

value

the

Fund’s

may

affected

changes

the

values

the

Fund’s

investment

exposures

commodities

commodity-related

instruments,

which

may

extremely

volatile

and

difficult

value.

The

value

commodities

and

commodity-related

instruments

may

affected

by,

among

other

factors,

market

movements,

commodity

index

volatility,

changes

interest

rates,

factors

affecting

supply,

demand

and/or

other

market

fundamentals

with

respect

particular

sector,

industry

commodity,

such

drought,

floods,

weather,

livestock

disease,

embargoes,

tariffs

and

international

economic,

political

and

regulatory

developments.

The

Fund

expects

have

significant

exposure

particular

sectors

through

its

commodities-related

investments,

including,

for

example,

the

energy,

industrial

metals,

precious

metals,

and

agricultural

and

livestock

sectors

and

may

exposed

greater

risk

associated

with

events

affecting

those

sectors.

Commodity

Pool

Regulatory Risk:

The

Fund’s

investment

exposure

instruments

such

futures

swaps

will

cause

deemed

commodity

pool,

thereby

subjecting

the

Fund

regulation

under

the

Commodity

Exchange

Act

(“CEA”)

and

CFTC

rules.

The

Adviser

registered

commodity

pool

operator

(“CPO”),

and

the

Fund

will

operated

accordance

with

applicable

CFTC

rules,

well

the

regulatory

scheme

applicable

registered

investment

companies.

Registration

CPO

imposes

additional

compliance

obligations

the

Adviser

and

the

Fund

additional

laws,

regulations,

and

enforcement

policies,

which

could

increase

compliance

costs

and

may

affect

the

operations

and

financial

performance

the

Fund.

However,

the

Fund’s

status

commodity

pool

and

the

Adviser’s

registration

CPO

are

not

expected

materially

adversely

affect

the

Fund’s

ability

achieve

its

investment

objective.

Counterparty Risk:

The

risk

that

the

Funds

will

subject

credit

risk

with

respect

the

counterparties

the

derivative

contracts

and

other

instruments

entered

into

directly

the

Funds

held

special

purpose

structured

vehicles

which

the

Funds

invest;

that

the

Funds

counterparty

will

unable

unwilling

perform

its

obligations;

that

the

Funds

will

unable

enforce

contractual

remedies

its

counterparty

defaults;

that

counterparty

(or

affiliate

counterparty)

becomes

bankrupt,

the

Funds

may

experience

significant

delays

obtaining

any

recovery

may

obtain

limited

recovery

bankruptcy

other

insolvency

proceeding.

the

extent

that

the

Funds

enter

into

multiple

transactions

with

single

small

set

counterparties,

will

subject

increased

counterparty

risk.

Swap Risk:

The

Funds

expects

enter

into

swap

transactions

the

Barclays

Index

with

single

limited

number

counterparties

for

the

foreseeable

future

and,

the

time

the

Funds'

inception,

the

Funds

expects

obtain

exposure

the

Barclays

Index

through

swap

transactions

with

single

counterparty.

the

extent

that

the

Funds

enters

into

multiple

transactions

with

single

small

set

counterparties,

will

subject

increased

counterparty

risk.

Notes

Financial

Statements

(Cont.)

DoubleLine

ETF

Trust

(Unaudited)

March

31,

2026

Debt

Securities

Risks

Credit Risk:

The

risk

that

issuer,

counterparty

other

obligor

the

Fund

will

fail

pay

its

obligations

the

Fund

when

they

are

due,

which

may

reduce

the

Fund’s

income

and/or

reduce,

whole

part,

the

value

the

Fund’s

investment.

Actual

perceived

changes

the

financial

condition

obligor,

changes

economic,

social

political

conditions

that

affect

particular

type

security,

instrument,

obligor,

and

changes

economic,

social

political

conditions

generally

can

increase

the

risk

default

obligor,

which

can

affect

security’s

other

instrument’s

credit

quality

value

and

obligor’s

ability

honor

its

obligations

when

due.

The

values

lower-quality

debt

securities

(including

debt

securities

commonly

known

"high

yield"

securities

“junk

bonds”),

including

floating

rate

loans,

tend

particularly

sensitive

these

changes.

Certain

debt

securities

the

lowest

investment

grade

category

also

may

considered

possess

some

speculative

characteristics

certain

rating

agencies.

The

values

securities

instruments

also

may

decline

for

number

other

reasons

that

relate

directly

the

obligor,

such

management

performance,

financial

leverage,

and

reduced

demand

for

the

obligor’s

goods

and

services,

well

the

historical

and

prospective

earnings

the

obligor

and

the

value

its

assets.

Extension

Risk:

The

risk

that

interest

rates

rise,

repayments

principal

certain

debt

securities,

including,

but

not

limited

to,

floating

rate

loans

and

mortgage-related

securities,

may

occur

slower

rate

than

expected

and

the

expected

maturity

those

securities

could

lengthen

result.

Securities

that

are

subject

extension

risk

generally

have

greater

potential

for

loss

when

prevailing

interest

rates

rise,

which

could

cause

their

values

fall

sharply.

Interest

Rate

Risk:

The risk

that

debt

instruments

will

change

value

because

changes

interest

rates.

The

value

instrument

with

longer

duration

(whether

positive

negative)

will

sensitive

changes

interest

rates

than

similar

instrument

with

shorter

duration.

Bonds

and

other

debt

instruments

typically

have

positive

duration.

The

value

debt

instrument

with

positive

duration

will

generally

decline

interest

rates

increase.

Certain

other

investments,

such

inverse

floaters

and

certain

derivative

instruments,

may

have

negative

duration.

The

value

instruments

with

negative

duration

will

generally

decline

interest

rates

decrease.

Inverse

floaters,

interest-only

and

principal-only

securities

are

especially

sensitive

interest

rate

changes,

which

can

affect

not

only

their

prices

but

can

also

change

the

income

flows

and

repayment

assumptions

about

those

investments.

The

U.S.

government

and

the

U.S.

Federal

Reserve,

well

certain

foreign

governments

and

central

banks,

have

from

time

taken

steps

support

financial

markets.

The

U.S.

government

and

the

U.S.

Federal

Reserve

may,

conversely,

reduce

market

support

activities,

including

taking

action

intended

increase

certain

interest

rates.

This

and

other

government

intervention

may

not

work

intended,

particularly

the

efforts

are

perceived

investors

being

unlikely

achieve

the

desired

results.

Changes

government

activities

this

regard,

such

changes

interest

rate

policy,

can

negatively

affect

financial

markets

generally,

increase

market

volatility

and

reduce

the

value

and

liquidity

securities

which

the

Fund

invests.

Further,

market

environments

where

interest

rates

are

rising,

issuers

may

less

willing

able

make

principal

and

interest

payments

fixed-income

investments

when

due.

Prepayment Risk.

The

risk

that

the

issuer

debt

security,

including

floating

rate

loans

and

mortgage-related

securities,

repays

all

portion

the

principal

prior

the

security's

maturity.

times

declining

interest

rates,

there

greater

likelihood

that

the

Fund's

higher

yielding

securities

will

pre-paid

with

the

Fund

being

unable

reinvest

the

proceeds

investment

with

great

yield.

Prepayments

can

therefore

result

lower

yields

shareholders

Fund.

Defaulted

Securities

Risk:

the

significant

risk

the

uncertainty

repayment

defaulted

securities

(e.g.,

security

which

principal

interest

payment

not

made

when

due)

and

obligations

distressed

issuers

(including

insolvent

issuers

payment

covenant

default,

workout

restructuring

bankruptcy

similar

proceedings).

Such

investments

entail

high

risk

and

have

speculative

characteristics.

Derivatives

Risk:

the

risk

that

investment

derivatives

will

not

perform

anticipated

the

Advisers,

may

not

available

the

time

price

desired,

cannot

closed

out

favorable

time

price,

will

increase

the

Fund’s

transaction

costs,

will

increase

the

Fund’s

volatility;

that

derivatives

may

create

investment

leverage;

that,

when

derivative

used

substitute

for

alternative

direct

cash

investment,

the

transaction

may

not

provide

return

that

corresponds

precisely

all

with

that

the

cash

investment;

that

the

positions

may

improperly

executed

constructed;

that

the

Fund’s

counterparty

will

unable

unwilling

perform

its

obligations;

that,

when

used

for

hedging

purposes,

derivatives

will

not

provide

the

anticipated

protection,

causing

the

Fund

lose

money

both

the

derivatives

transaction

and

the

exposure

the

Fund

sought

hedge.

Notes

Financial

Statements

(Cont.)

(Unaudited)

March

31,

2026

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

Equity

Issuer

Risk:

The

risk

that

the

market

price

common

stocks

and

other

equity

securities

may

down,

sometimes

rapidly

unpredictably,

including

due

factors

affecting

equity

securities

markets

generally,

particular

industries

represented

those

markets,

the

issuer

itself.

Emerging

Market

Country

Risk:

the

risk

that

investing

emerging

markets,

compared

foreign

developed

markets,

increases

the

likelihood

that

the

Fund

will

lose

money,

due

limited

information

about

the

issuer

and/or

the

security;

higher

brokerage

costs;

different

accounting,

auditing

and

financial

reporting

standards;

less

developed

legal

systems;

fewer

investor

protections;

less

regulatory

oversight;

thinner

trading

markets;

the

possibility

currency

blockages

transfer

restrictions;

emerging

market

country’s

dependence

revenue

from

particular

commodities

international

aid;

and

expropriation,

nationalization

other

adverse

political

economic

developments.

ETF

risks:

Active

Non-Transparent

Structure Risk:

For

CAPE

Only:

the

Fund

ETF

that

subject

the

risks

described

below.

Additionally,

because

the

ETF

utilizes

the

ActiveShares

non-transparent

ETF

structure,

subject

additional

enhanced

ETF-related

risks.

Unlike

most

actively

managed

ETFs,

the

Fund

does

not

provide

daily

disclosure

its

portfolio

holdings.

Instead,

the

Fund

provides

verified

intraday

indicative

value

(“VIIV”),

calculated

and

disseminated

every

second

throughout

the

trading

day.

The

VIIV

intended

provide

investors

with

intra-

day

highly-correlated

per

value

the

Fund

that

can

compared

the

current

market

price.

The

VIIV

designed

provide

sufficient

information

allow

for

effective

arbitrage

mechanism

that

will

keep

the

market

price

the

Fund’s

trading

the

underlying

net

asset

value

("NAV")

per

the

Fund.

traded

intraday

basis

exchange,

however,

will

not

have

fixed

relationship

the

day’s

the

current

day’s

NAV.

There

is,

however,

risk,

which

may

increase

during

periods

market

disruption

volatility,

that

market

prices

will

vary

significantly

from

the

underlying

NAV

the

Fund.

Similarly,

because

the

Fund’s

trade

with

reference

published

VIIV,

they

may

trade

wider

bid/ask

spread

when

compared

ETFs

that

publish

their

portfolios

daily

basis,

especially

during

periods

market

disruption

volatility,

and

therefore,

may

cost

investors

trade.

Although

the

Fund

seeks

benefit

from

keeping

its

portfolio

information

secret,

some

market

participants

may

attempt

use

information,

including

the

VIIV,

identify

the

Fund’s

trading

strategy

and

the

securities

held

the

Fund,

which

successful,

could

result

such

market

participants

engaging

certain

predatory

trading

practices

that

may

have

the

potential

harm

the

Fund

and

its

shareholders.

the

event

system

failure

other

interruption,

including

disruptions

involving

limited

number

institutional

investors

(known

“Authorized

Participants"),

unaffiliated

broker-dealers

with

which

such

Authorized

Participant

has

signed

agreement

establish

confidential

account

for

the

benefit

such

Authorized

Participant

(an

“AP

Representative”),

market

makers,

orders

create

redeem

Creation

Units

(as

defined

below)

either

may

not

executed

according

Authorized

Participant’s

instructions

may

not

executed

all,

Authorized

Participant

may

not

able

place

change

orders.

such

event

were

occur,

the

Fund’s

may

trade

the

secondary

market

greater

premium

discount

the

Fund’s

NAV,

and

investors

may

pay

greater

bid/ask

spread

purchase

sell

the

Fund’s

shares.

addition

risks

operation

ETFs,

the

use

this

structure

exposes

the

Fund

and

Fund

shareholders

additional

risks.

Authorized

Participant

and

Representative

Concentration

Risk:

For

CAPE

Only:

As an

ETF,

the

Fund

issues

and

redeems

continuous

basis

NAV

only

in Creation

Units. Only

Authorized

Participants

are

authorized

purchase

(or

create)

and

redeem

directly

from

the

Fund.

Each

the

Fund's

Authorized

Participants

will

engage

all

creation

and

redemption

activity

through

Representative.

The

Representative

will

deliver

receive,

behalf

the

Authorized

Participant,

all

consideration

from

the

Fund

creation

redemption.

Representatives

have

knowledge

the

composition

the

Fund's

portfolio

holdings,

and

are

restricted

from

disclosing

such

composition,

including

the

Authorized

Participants.

result

the

Fund's

use

the

ActiveShares

structure

for

non-transparent

ETFs,

there

may

limited

number

institutions

that

are

willing

act

Authorized

Participants

Representatives.

During

times

market

stress,

Authorized

Participants

may

likely

step

away

from

non-transparent

ETF

than

traditional

ETF.

the

extent

these

institutions

exit

the

business

are

unable

proceed

with

creation

and/or

redemption

orders

with

respect

the

Fund,

are

unavailable

purchase

and

sell

securities

connection

with

creation

and/or

redemption

orders,

applicable,

and

other

Authorized

Participant

Representative

agrees

create

redeem,

purchase

sell

securities,

applicable,

the

arbitrage

mechanism

for

keeping

the

market

price

Fund

trading

the

Fund’s

per

NAV

may

impaired,

and

Fund

may

trade

premium

discount

NAV

and

possibly

face

trading

halts

and/or

delisting.

These

risks

may

pronounced

volatile

markets,

particularly

where

there

are

significant

redemptions

ETFs

generally.

Notes

Financial

Statements

(Cont.)

DoubleLine

ETF

Trust

(Unaudited)

March

31,

2026

Authorized

Participant

Concentration

Risk: For

Funds

other

than

semitransparent

ETF's:

ETF,

the

Fund

issues

and

redeems

continuous

basis

net

asset

value

(“NAV”)

only

large

specified

number

called

“Creation

Unit.”

Only

limited

number

institutional

investors

(known

“Authorized

Participants”)

are

authorized

purchase

(or

create)

and

redeem

directly

from

the

Fund.

the

extent

that

these

institutions

exit

the

business

are

unable

proceed

with

creation

and/or

redemption

orders

with

respect

the

Fund

and

other

Authorized

Participant

able

step

forward

create

redeem,

either

these

cases,

Fund

may

trade

discount

NAV

and

possibly

face

trading

halts

and/or

delisting.

Secondary

Market

Trading

Risk:

ETF,

the

Fund

trade

exchange,

the

NYSE

Arca,

Inc.

(the

"Exchange").

The

Fund

faces

numerous

market

trading

risks,

including

the

potential

lack

active

market

for

Fund

shares,

losses

from

trading

secondary

markets,

periods

high

volatility

and

disruptions

the

creation/

redemption

process.

Any

these

factors,

among

others,

may

lead

the

Fund's

trading

premium

discount

NAV.

Absence

Active

Market:

although

the

Fund's

are

currently

listed

for

trading

the

Exchange,

there

can

assurance

that

active

trading

market

for

such

will

develop

maintained

market

makers

Authorized

Participants.

Authorized

Participants

are

not

obligated

execute

purchase

redemption

orders

for

Creation

Units.

periods

market

volatility,

market

makers

and/or

Authorized

Participants

may

less

willing

transact

Fund

shares.

The

absence

active

market

for

the

Fund's

may

contribute

the

Fund's

trading

premium

discount

NAV.

Early

Close/Trading

Halt/Delisting

Risk:

Trading

Fund

may

halted

due

market

conditions

for

other

reasons

that,

the

view

the

Exchange,

make

trading

the

Fund

inadvisable.

Additionally,

exchange

market

may

issue

trading

halts

specific

securities,

the

ability

buy

sell

certain

securities

financial

instruments

may

restricted,

which

may

result

the

Fund

being

unable

buy

sell

certain

securities

financial

instruments.

such

circumstances,

the

Fund

may

unable

rebalance

its

portfolio,

may

unable

accurately

price

its

investments

and/or

may

incur

substantial

trading

losses.

The

Fund

must

satisfy

various

standards

established

the

Exchange

order

ensure

that

Fund

can

continue

listed

for

trading.

There

can

assurance

that

the

requirements

the

Exchange

necessary

maintain

the

listing

the

Fund

will

continue

met.

For

CAPE

Only:

trading

Fund

may

halted

due

market

conditions

for

other

reasons

that,

the

view

the

Exchange,

make

trading

Fund

inadvisable.

Additionally,

exchange

market

may

issue

trading

halts

specific

securities,

the

ability

buy

sell

certain

securities

financial

instruments

may

restricted,

which

may

result

the

Fund

being

unable

buy

sell

certain

securities

financial

instruments.

such

circumstances,

the

Fund

may

unable

rebalance

its

portfolio,

may

unable

accurately

price

its

investments

and/or

may

incur

substantial

trading

losses.

any

time

securities

representing

10%

the

Fund’s

portfolio

become

subject

trading

halt

otherwise

not

have

readily

available

market

quotations,

the

Fund

will

request

that

the

Exchange

halt

trading

the

Fund’s

shares.

Further,

there

discrepancy

sufficient

magnitude

between

the

value

the

Fund’s

portfolio

securities

calculated

the

Fund’s

two

calculation

engines

for

VIIV

purposes,

the

Exchange

will

have

the

ability

halt

trading

the

Fund’s

shares.

During

such

trading

halts,

although

the

primary

VIIV

would

continue

calculated

and

disseminated,

investors

the

Fund’s

will

not

able

freely

trade

their

shares.

Additionally,

the

Fund

must

satisfy

various

other

standards

established

the

Exchange

order

ensure

that

Fund

can

continue

listed

for

trading.

There

can

assurance

that

the

requirements

the

Exchange

necessary

maintain

the

listing

the

Fund

will

continue

met.

Trading

fund

subject

expenses:

Most

Fund

investors

will

buy

and

sell

Fund

the

Exchange

another

secondary

market.

When

buying

selling

the

Fund,

investors

typically

will

pay

brokerage

commissions

other

charges

imposed

brokers

determined

that

broker.

addition,

secondary

market

investors

will

also

incur

the

cost

the

difference

between

the

price

that

buyer

willing

pay

for

(the

"bid"

price)

and

the

price

which

seller

willing

sell

(the

"ask"

price).

This

difference

bid

and

ask

prices

often

referred

the

"spread"

"bid/ask

spread."

Fund

may

sold

short:

the

Fund,

similar

other

issuers

listed

stock

exchange,

may

sold

short

and

are

therefore

subject

the

risk

increased

volatility

and

price

decreases

associated

with

short

selling

activity.

Fund

may

trade

prices

other

than

NAV

the

Fund

trade

the

Exchange

prices

at,

above

below

the

Fund’s

most

recent

NAV.

The

NAV

the

Fund

calculated

the

end

each

business

day

and

Notes

Financial

Statements

(Cont.)

(Unaudited)

March

31,

2026

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

fluctuates

with

changes

the

market

value

the

Fund’s

holdings.

The

trading

price

the

Fund’s

fluctuates

continuously

throughout

trading

hours

response

relative

supply

and

demand

for

Fund

the

Exchange

and

the

underlying

value

the

Fund’s

portfolio

holdings

NAV.

result,

the

trading

prices

the

Fund’s

may

deviate

significantly

from

NAV

during

periods

market

volatility,

including

during

periods

high

redemption

requests

other

unusual

market

conditions.

Any of

these

factors, among

others, may lead to the fund's shares trading at a premium or discount to

NAV.

Disruptions

creations

and

redemptions,

the

existence

extreme

market

volatility

potential

lack

active

trading

market

for

Fund

may

result

trading

significant

premium

discount

NAV

and/or

reduced

liquidity

shareholder’s

investment.

During

such

periods,

shareholders

may

unable

sell

their

shares,

may

pay

significantly

than

NAV

when

buying

Fund

shares,

may

receive

significantly

less

than

NAV

when

selling

Fund

shares.

For

CAPE

Only:

the

Fund

trade

the

Exchange

prices

at,

above

below

the

Fund’s

most

recent

NAV.

The

NAV

the

Fund

calculated

the

end

each

business

day

and

fluctuates

with

changes

the

market

value

the

Fund’s

holdings.

The

trading

price

the

Fund’s

will

fluctuate,

some

cases

materially,

throughout

trading

hours

response

changes

the

Fund’s

VIIV,

the

relative

supply

and

demand

for

Fund

the

Exchange

and

the

underlying

value

the

Fund’s

portfolio

holdings

NAV.

result,

the

trading

prices

the

Fund’s

may

deviate

significantly

from

NAV

during

periods

market

volatility,

including

during

periods

high

redemption

requests

other

unusual

market

conditions.

Any

these

factors,

among

others,

may

lead

the

fund's

trading

premium

discount

NAV.

This

risk

may

greater

for

the

Fund

than

for

traditional

ETFs

that

disclose

their

full

portfolio

holdings

daily

basis.

Disruptions

creations

and

redemptions,

the

existence

extreme

market

volatility

potential

lack

active

trading

market

for

Fund

may

result

trading

significant

premium

discount

NAV

and/or

reduced

liquidity

shareholder’s

investment.

During

such

periods,

shareholders

may

unable

sell

their

shares,

may

pay

significantly

than

NAV

when

buying

Fund

shares,

may

receive

significantly

less

than

NAV

when

selling

Fund

shares.

Portfolio

Security

Trading

Risk:

For

CAPE

Only

exchange

market

may

issue

trading

halts

specific

securities,

the

ability

buy

sell

certain

securities

financial

instruments

may

restricted,

which

may

result

the

Fund

being

unable

buy

sell

certain

portfolio

securities

financial

instruments.

such

circumstances,

the

Fund

may

unable

engage

Fund

portfolio

transactions

rebalance

its

portfolio,

may

unable

have

its

investments

accurately

priced

for

purposes

determining

its

VIIV,

and

may

have

difficulty

calculating

its

NAV.

These

events

may

result

losses

shareholders.

Any

extended

trading

halt

portfolio

security

may

exacerbate

discrepancies

between

the

VIIV

and

the

underlying

NAV

the

Fund.

portfolio

security

does

not

have

readily

available

market

quotations,

e.g.,

subject

extended

trading

halt,

that

fact,

along

with

the

identity

and

weighting

that

security

the

Fund’s

VIIV

calculation,

will

publicly

disclosed

the

Fund’s

website.

Trading

halts

portfolio

securities

may

have

greater

impact

the

Fund,

compared

with

traditional

ETFs,

due

less

frequent

dissemination

the

Fund’s

portfolio

holdings.

Financial

Services

Risk:

The

risk

that

investment

issuers

the

financial

services

sector

transactions

with

one

counterparties

the

financial

services

sector

may

adversely

affected

by,

among

other

things:

(i)

changes

governmental

regulation,

which

may

limit

both

the

amounts

and

the

types

loans

and

other

financial

commitments

financial

services

companies

can

make,

the

interest

rates

and

fees

they

can

charge,

the

scope

their

activities,

the

prices

they

can

charge

and

the

amount

capital

they

must

maintain;

(ii)

fluctuations,

including

result

interest

rate

changes

increased

competition,

the

availability

and

cost

capital

funds

which

the

profitability

financial

services

companies

largely

dependent;

(iii)

deterioration

the

credit

markets;

(iv)

credit

losses

resulting

from

financial

difficulties

borrowers,

especially

when

financial

services

companies

are

exposed

non-diversified

concentrated

loan

portfolios;

(v)

financial

losses

associated

with

investment

activities,

especially

when

financial

services

companies

are

exposed

financial

leverage;

(vi)

the

risk

that

any

financial

services

company

experiences

substantial

declines

the

valuations

its

assets,

takes

action

raise

capital,

ceases

operations;

(vii)

the

risk

that

market

shock

other

unexpected

market,

economic,

political,

regulatory,

other

event

might

lead

sudden

decline

the

values

most

all

companies

the

financial

services

sector;

(viii)

events

leading

limited

liquidity,

defaults,

non-performance

other

adverse

developments

that

affect

financial

institutions

the

financial

services

industry

generally,

concerns

rumors

about

any

events

these

kinds

other

similar

risks,

leading

market-wide

liquidity

problems;

and

(ix)

the

interconnectedness

interdependence

among

financial

services

companies,

including

the

risk

that

the

financial

distress

failure

one

financial

services

company

may

materially

and

adversely

affect

number

other

financial

services

companies.

Focused

Investment Risk:

The

risk

that

fund

that

invests

substantial

portion

its

assets

particular

market,

industry,

sector,

group

industries

sectors,

country,

region,

group

countries

asset

class

is,

relative

fund

that

invests

Notes

Financial

Statements

(Cont.)

DoubleLine

ETF

Trust

(Unaudited)

March

31,

2026

diverse

investment

portfolio,

susceptible

any

single

economic,

market,

political,

regulatory

other

occurrence.

This

because,

for

example,

issuers

particular

market,

industry,

region,

sector

asset

class

may

react

similarly

specific

economic,

market,

regulatory,

political

other

developments.

The

particular

markets,

industries,

regions,

sectors

asset

classes

which

the

Fund

may

focus

its

investments

may

change

over

time

and

the

Fund

may

alter

its

focus

inopportune

times.

Foreign

Currency

Risk:

The

risk

that

fluctuations

exchange

rates

may

adversely

affect

the

value

Fund’s

investments

denominated

foreign

currencies.

Foreign

Investing Risk:

The

risk

that

investments

foreign

securities

issuers

with

significant

exposure

foreign

markets,

compared

investments

U.S.

securities

issuers

with

predominantly

domestic

market

exposure,

may

vulnerable

economic,

political,

and

social

instability

and

subject

less

government

supervision,

less

protective

custody

practices,

lack

transparency,

inadequate

regulatory

and

accounting

standards,

delayed

infrequent

settlement

transactions,

and non-U.S.

taxes.

Fund

buys

securities

denominated

foreign

currency,

receives

income

foreign

currencies,

holds

foreign

currencies

from

time

time,

the

value

the

Fund’s

assets,

measured

U.S.

dollars,

can

affected

unfavorably

changes

exchange

rates

relative

the

U.S.

dollar

other

foreign

currencies.

Foreign

markets

are

also

subject

the

risk

that

foreign

government

could

restrict

foreign

exchange

transactions

otherwise

implement

unfavorable

currency

regulations.

addition,

foreign

securities

may

subject

currency

exchange

rates

regulations,

the

imposition

economic

sanctions,

tariffs or

other

government

restrictions,

higher

transaction

and

other

costs,

reduced

liquidity,

and

delays

settlement.

High

Yield

Risk:

The

risk

that

debt

instruments

rated

below

investment

grade

debt

instruments

that

are

unrated

and

comparable

lesser

quality

are

predominantly

speculative.

These

instruments,

commonly

known

"junk

bonds,"

have

higher

degree

default

risk

and

may

less

liquid

than

higher-rated

bonds.

These

instruments

may

subject

greater

price

volatility

due

such

factors

specific

corporate

developments,

interest

rate

sensitivity,

negative

perceptions

high

yield

investments

generally,

and

less

secondary

market

liquidity.

index risk:

For

CAPE

Only:

although

the

Adviser

has

licensed

from

the

Index’s

sponsor

the

right

use

the

Index

part

implementing

the

Fund’s

principal

investment

strategies,

there

can

guarantee

that

the

Index

will

maintained

indefinitely

that

the

Fund

will

able

continue

utilize

the

Index

implement

the

Fund’s

principal

investment

strategies

indefinitely.

the

sponsor

the

Index

ceases

maintain

the

Index,

the

Fund

longer

has

the

ability

utilize

the

Index

implement

its

principal

investment

strategies,

other

circumstances

exist

that

the

Adviser

the

Fund’s

Board

Trustees

concludes

substantially

limit

the

Fund’s

ability

create

cost-effective

synthetic

investment

exposure

the

Index,

the

Adviser

the

Fund’s

Board

Trustees

may

substitute

the

Index

with

another

index

that

chooses

its

sole

discretion.

There

can

assurance

that

any

substitute

index

selected

will

similar

the

Index

will

perform

manner

similar

the

Index.

Unavailability

the

Index

could

affect

adversely

the

ability

the

Fund

achieve

its

investment

objective.

For

DCMT

only:

the

risk

that

the

portion

the

Fund

invested

instruments

based

index

basket

commodities

that

use

index

basket

commodities

the

reference

asset

may

not

match

may

underperform

the

return

the

index

basket

for

number

reasons,

including,

for

example,

(i)

the

performance

derivatives

index

basket

which

the

Fund

invests

may

not

correlate

with

the

performance

the

index

basket

and/or

may

underperform

the

index

basket

due

transaction

costs,

fees,

other

aspects

the

transaction’s

pricing;

(ii)

the

Fund

may

not

able

find

counterparties

willing

enter

into

derivative

instruments

whose

returns

are

based

the

return

the

index

basket,

the

Fund

may

unable

find

parties

who

are

willing

acceptable

cost

level

risk

the

Fund;

and

(iii)

errors

may

arise

carrying

out

index’s

methodology,

index

provider

may

incorrectly

report

information

concerning

the

index.

There

can

guarantee

that

any

index,

including

the

Barclays

Index,

will

maintained

indefinitely

that

the

Fund

will

able

continue

utilize

specific

index

implement

the

Fund’s

principal

investment

strategies

indefinitely.

Although

the

Adviser

has

licensed

the

right

use

the

Barclays

Index

part

implementing

the

Fund’s

principal

investment

strategies,

there

can

guarantee

that

the

Barclays

will

maintain

indefinitely,

that

the

Fund

will

use

the

Barclays

Index

implement

its

principal

investment

strategies,

that

other

circumstances

will

not

prevent

the

Fund

from

obtaining

cost-effective

synthetic

investment

exposure

the

Barclays

Index.

those

similar

conditions,

the

Adviser

the

Fund’s

Board

may,

its

sole

discretion

and

without

advance

notice

shareholders,

license

select

another

index

basket

commodities

use

implementing

the

Fund’s

principal

investment

strategies.

There

can

assurance

that

any

substitute

index

basket

selected

will

similar

the

Barclays

Index

will

perform

manner

similar

the

Notes

Financial

Statements

(Cont.)

(Unaudited)

March

31,

2026

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

Barclays

Index.

Unavailability

the

Barclays

Index

could

affect

adversely

the

ability

the

Fund

achieve

its

investment

objective.

The

Barclays

Index

consists

futures

contracts

that

were

selected,

part,

the

basis

their

historical

backwardation

relation

the

spot

price

for

the

underlying

commodity

and

carry

characteristics,

seasonality,

momentum,

and

fundamentals.

Any

investment

exposure

tied

the

Barclays

Index

subject

to,

among

other

things,

the

risk

that

the

historical

behavior

the

futures

contracts

comprising

the

Barclays

Index

may

not

continue

expected

and

that

the

prices

the

futures

contracts

held

the

Fund

may

depreciate.

For

DFVE

Only:

the

risk

that

the

Fund

may

underperform

the

return

the

Underlying

Index

for

number

reasons,

including,

for

example,

(i)

the

performance

investments

derivatives

the

Underlying

Index

may

not

correlate

with

the

Underlying

Index

and/or

may

underperform

the

Index

due

transaction

costs,

fees,

other

aspects

the

transaction’s

pricing;

(ii)

the

Fund

may

not

able

find

counterparties

willing

enter

into

derivative

instruments

whose

returns

are

based

the

return

the

Underlying

Index

find

parties

who

are

willing

acceptable

cost

level

risk

the

Fund;

and

(iii)

errors

may

arise

carrying

out

the

Underlying

Index’s

methodology,

the

Index

Provider

may

incorrectly

report

information

concerning

the

Index.

Although

the

Adviser

has

licensed

from

the

Index

Provider

the

right

use

the

Underlying

Index

part

implementing

the

Fund’s

principal

investment

strategies,

there

can

guarantee

that

the

Underlying

Index

will

maintained

indefinitely

that

the

Fund

will

able

continue

utilize

the

Underlying

Index

implement

the

Fund’s

principal

investment

strategies

indefinitely.

the

Index

Provider

ceases

maintain

the

Underlying

Index,

the

Fund

longer

has

the

ability

utilize

the

Underlying

Index

implement

its

principal

investment

strategies,

other

circumstances

exist

that

the

Adviser

the

Fund’s

Board

Trustees

concludes

substantially

limit

the

Fund’s

ability

gain

investment

exposure

the

Underlying

Index,

the

Adviser

the

Fund’s

Board

Trustees

may

substitute

the

Underlying

Index

with

another

index

that

chooses

its

sole

discretion

and

upon

days’

prior

written

notice

shareholders.

There

can

assurance

that

any

substitute

index

selected

will

similar

the

Underlying

Index

will

perform

manner

similar

the

Index.

Unavailability

the

Underlying

Index

could

affect

adversely

the

ability

the

Fund

achieve

its

investment

objective.

Index

Provider

Risk:

The

risk

that

the

Index

Provider

may

delay

add

rebalance

date,

which

may

adversely

impact

the

performance

the

Fund

and

its

correlation

the

Underlying

Index.

addition,

there

guarantee

that

the

methodology

used

the

Index

Provider

identify

constituents

for

the

Underlying

Index

will

achieve

its

intended

result

positive

performance.

The

Underlying

Index

relies

various

sources

information

assess

the

potential

constituents

the

Underlying

index,

including

information

that

may

based

assumptions

estimates.

There

assurance

that

the

sources

the

information

are

reliable,

and

the

Adviser

does

not

assess

the

due

diligence

conducted

the

Index

Provider

with

respect

the

data

uses

the

index

construction

and

computation

processes.

Errors

Underlying

Index

data,

computations,

the

construction

the

Underlying

Index

accordance

with

its

methodology

may

occur

from

time

and

may

not

identified

and/or

corrected

for

period

time

all,

which

may

have

adverse

impact

the

Fund.

Industry

Concentration

Risk:

The

risk

that,

following

its

methodology,

the

Underlying

Index

from

time

may

concentrated

significant

degree

securities

issuers

operating

single

industry

group.

the

extent

that

the

Underlying

Index

concentrates

the

securities

issuers

particular

industry

group,

the

Fund

will

also

concentrate

its

investments

approximately

the

same

extent.

concentrating

its

investments

industry

group,

the

Fund

may

face

risks

than

were

diversified

broadly

over

numerous

industries

industry

groups.

Such

industry-based

risks,

any

which

may

adversely

affect

the

companies

which

the

Fund

invests,

may

include,

but

are

not

limited

to,

the

following:

general

economic

conditions

cyclical

market

patterns

that

could

negatively

affect

supply

and

demand

particular

industry;

competition

for

resources;

adverse

labor

relations;

political

world

events;

obsolescence

technologies;

and

increased

competition

new

product

introductions

that

may

affect

the

profitability

viability

companies

industry.

addition,

times,

such

industry

group

may

out

favor

and

underperform

other

industries

the

market

whole.

Inflation-Indexed

Bond

Risk:

The

risk

that

such

bonds

will

change

value

response

actual

anticipated

changes

inflation

rates

manner

unanticipated

Fund's

portfolio

management

team

investors

generally.

Inflation-indexed

bonds

are

subject

debt

securities

risks.

Investment

Company

and

Exchange-Traded

Fund

Risk:

The

risk

that

investment

company

other

pooled

investment

vehicle,

including

any

ETFs

money

market

funds,

which

the

Fund

invests

will

not

achieve

its

investment

objective

execute

its

investment

strategies

effectively

that

significant

purchase

redemption

activity

shareholders

such

Notes

Financial

Statements

(Cont.)

DoubleLine

ETF

Trust

(Unaudited)

March

31,

2026

investment

company

might

negatively

affect

the

value

its

shares.

The

Fund

must

pay

its

pro

rata

portion

investment

company’s

fees

and

expenses.

the

extent

the

Advisers

determine

invest

Fund

assets

other

investment

companies,

the

Advisers

will

have

incentive

invest

other

investment

vehicles

sponsored

advised

the

Advisers

party

the

Advisers

over

investment

companies

sponsored

managed

others

and

maintain

such

investments

once

made

due

its

own

financial

interest

those

products

and

other

business

considerations.

Large

Capitalization

Risk:

The

risk

that

investing

substantially

issuers

one

market

capitalization

category

(large,

medium,

small)

may

adversely

affect

the

Fund

because

unfavorable

market

conditions

particularly

that

category

issuers,

such

larger,

established

companies

being

unable

respond

quickly

new

competitive

challenges

attain

the

high

growth

rates

successful

smaller

companies,

or,

conversely,

stocks

smaller

companies

being

volatile

than

those

larger

companies

due

to,

among

other

things,

narrower

product

lines,

limited

financial

resources,

fewer

experienced

managers

and

there

typically

being

less

publicly

available

information

about

small

capitalization

companies.

The

Fund

expects

have

exposure

particularly

larger

capitalization

issuers

through

its

exposure

the

Underlying

Index.

Large

Transactions Risk:

The

risk

that

certain

account

holders,

including

the

Advisers

funds

accounts

over

which

the

Advisers(or

parties

the

Advisers)

have

investment

discretion,

may

from

time

own

control

significant

percentage

the

Fund’s

shares.

The

Fund

subject

the

risk

that

redemption

those

shareholders

all

portion

their

Fund

shares,

including

result

asset

allocation

decision

made

the

Advisers

(or

parties

the

Advisers),

will

adversely

affect

the

Fund’s

performance

forced

sell

portfolio

securities

invest

cash

when

the

Advisers

would

not

otherwise

choose

so.

addition,

large

number

shareholders

collectively

may

purchase

sell

Fund

large

amounts

rapidly

unexpectedly.

Redemptions

large

number

may

affect

the

liquidity

the

Fund’s

portfolio,

increase

the

Fund’s

transaction

costs,

and

accelerate

the

realization

taxable

income

and/or

gains

shareholders.

Shareholder

redemptions

can

only

effected

Creation

Units.

Leverage

Risk:

The

risk

that

certain

investments

Fund

involving

leverage

may

have

the

effect

increasing

the

volatility

the

value

the

Fund's

portfolio,

and

the

risk

loss

excess

invested

capital.

Limited

Operating

History

Risk:

The

risk

that

Fund

that

has

recently

been

formed

has

limited

operating

history

evaluate.

The

Fund

may

not

attract

sufficient

assets

achieve

maximize

investment

and

operational

efficiencies

and

remain

viable.

the

Fund

fails

achieve

sufficient

scale,

may

liquidated.

Liquidity

Risk:

The

risk

that

the

Fund

may

unable

sell

portfolio

investment

desirable

time

the

value

the

Fund

has

placed

the

investment.

Illiquidity

may

the

result

of,

for

example,

low

trading

volume,

lack

market

maker,

contractual

legal

restrictions

that

limit

prevent

the

Fund

from

selling

securities

closing

derivative

positions.

During

periods

substantial

market

disruption,

large

portion

the

Fund’s

assets

could

potentially

experience

significant

levels

illiquidity.

The

values

illiquid

investments

are

often

volatile

than

the

values

liquid

investments.

may

difficult

for

the

Fund

determine

fair

value

illiquid

investment

than

that

liquid

comparable

investment.

Loan

Risk:

The

risk

that

(i)

the

Fund

holds

loan

through

another

financial

intermediary,

relies

financial

intermediary

administer

the

loan,

its

receipt

principal

and

interest

the

loan

may

subject

the

credit

risk

that

financial

intermediary;

(ii)

any

collateral

securing

loan

may

insufficient

unavailable

the

Fund,

because,

for

example,

the

value

the

collateral

securing

loan

can

decline,

insufficient

meet

the

obligations

the

borrower,

difficult

liquidate,

and

the

Fund's

rights

collateral

may

limited

bankruptcy

insolvency

laws;

(iii)

investments

highly

leveraged

loans

stressed,

distressed,

defaulted

issuers

may

subject

significant

credit

and

liquidity

risk;

(iv)

bankruptcy

other

court

proceeding

could

delay

limit

the

ability

the

Fund

collect

the

principal

and

interest

payments

that

borrower's

loans

adversely

affect

the

Fund's

rights

collateral

relating

loan;

(v)

there

may

limited

public

information

available

regarding

the

loan

and

the

relevant

borrower(s);

(vi)

the

use

particular

interest

rate

benchmark,

may

limit

the

Fund’s

ability

achieve

net

return

shareholders

that

consistently

approximates

the

average

published

Prime

Rate

U.S.

banks;

(vii)

the

prices

certain

floating

rate

loans

that

include

feature

that

prevents

their

interest

rates

from

adjusting

market

interest

rates

are

below

specified

minimum

level

may

appreciate

less

than

other

instruments

response

changes

interest

rates

should

interest

rates

rise

but

remain

below

the

applicable

minimum

level;

(viii)

borrower

fails

comply

with

various

restrictive

covenants

that

may

found

loan

agreements,

the

borrower

may

default

payment

the

loan;

(ix)

the

Fund

invests

loans

that

contain

fewer

less

restrictive

constraints

the

borrower

than

certain

other

types

loans

(“covenant-lite”

loans),

may

have

fewer

rights

against

the

borrowers

such

loans,

including

fewer

protections

against

the

possibility

default

and

fewer

remedies

the

event

default;

(x)

the

loan

unsecured;

(xi)

there

limited

secondary

market;

(xii)

transactions

loans

may

settle

delayed

basis,

and

the

Fund

may

not

receive

the

proceeds

from

the

sale

loan

for

substantial

period

time

after

the

Notes

Financial

Statements

(Cont.)

(Unaudited)

March

31,

2026

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

sale,

which

may

result

sale

proceeds

the

sale

loans

not

being

available

make

additional

investments

meet

the

Fund’s

redemption

obligations

until

potentially

substantial

period

after

the

sale

the

loans;

and

(xiii)

loans

may

difficult

value

and

may

illiquid,

which

may

adversely

affect

investment

the

Fund.

The

Fund

may

invest

loans

directly

indirectly

investing

another

investment

company

and

either

case

will

subject

the

risks

described

above.

Market

Capitalization

Risk:

For

CAPE

Only:

the

risk

that

investing

substantially

issuers

one

market

capitalization

category

(large,

medium

small)

may

adversely

affect

the

Fund

because

unfavorable

market

conditions

particular

that

category

issuers,

such

larger,

established

companies

being

unable

respond

quickly

new

competitive

challenges

attain

the

high

growth

rates

successful

smaller

companies,

or,

conversely,

stocks

smaller

companies

being

volatile

than

those

larger

companies

due

to,

among

other

things,

narrower

product

lines,

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

that

the

returns

from

the

securities

which

the

Fund

invests

will

underperform

returns

from

the

general

securities

markets

other

types

investments.

Markets

may,

response

governmental

actions

intervention

general

market

conditions,

including

real

perceived

adverse

political,

economic

market

conditions,

tariffs

and

trade

disruptions,

inflation,

recession,

changes

interest

currency

rates,

lack

liquidity

the

bond

markets

adverse

investor

sentiment,

other

external

factors,

experience

periods

high

volatility

and

reduced

liquidity.

During

those

periods,

the

Fund

may

experience

high

levels

shareholder

redemptions,

which

may

only

occur

Creation

Units.

satisfy

such

redemptions,

the

Fund

may

have

sell

securities

times

when

the

Fund

would

otherwise

not

so,

and

potentially

unfavorable

prices.

Certain

securities

may

difficult

value

during

such

periods.

Market

risk

involves

the

risk

that

the

value

the

Fund’s

investment

portfolio

will

change,

potentially

frequently

and

large

amounts,

the

prices

its

investments

down.

During

periods

severe

market

stress,

possible

that

the

market

for

some

all

the

Fund’s

investments

may

become

highly

illiquid.

The

U.S.

government

and

the

U.S.

Federal

Reserve,

well

certain

foreign

governments

and

central

banks,

have

from

time

taken

steps

support

financial

markets.

The

U.S.

government

and

the

U.S.

Federal

Reserve

may,

conversely,

reduce

market

support

activities,

including

taking

action

intended

increase

certain

interest

rates.

This

and

other

government

intervention

may

not

work

intended,

particularly

the

efforts

are

perceived

investors

being

unlikely

achieve

the

desired

results.

Changes

government

activities

this

regard,

such

changes

interest

rate

policy,

can

negatively

affect

financial

markets

generally,

increase

market

volatility

and

reduce

the

value

and

liquidity

securities

which

the

Fund

invests.

Models

and

Data

Risk:

The

risk

that

the

quantitative

models

data

used

managing

the

Fund

fail

identify

profitable

opportunities.

addition,

failures

properly

gather,

organize,

and

analyze

large

amounts

data

errors

model

data,

the

application

such

models,

may

result

in,

among

other

things,

execution

and

investment

allocation

failures

and

investment

losses.

For

example,

the

models

may

incorrectly

identify

opportunities

data

used

the

construction

and

application

models

may

prove

inaccurate

stale,

which

may

result

misidentified

opportunities

that

may

lead

substantial

losses

for

the

Fund.

given

model

may

effective

with

certain

instruments

strategies

than

others,

and

there

can

assurance

that

any

model

can

identify

and

incorporate

all

factors

that

will

affect

investment’s

price

performance.

Mortgage-Backed

Securities

Risk:

The

risk

that

borrowers

may

default

their

mortgage

obligations

the

guarantees

underlying

the

mortgage-backed

securities

will

default

otherwise

fail

and

that,

during

periods

falling

interest

rates,

mortgage-backed

securities

will

called

prepaid,

which

may

result

Fund

having

reinvest

proceeds

other

investments

lower

interest

rate.

During

periods

rising

interest

rates,

the

average

life

mortgage-backed

security

may

extend,

which

may

lock

below-market

interest

rate,

increase

the

security's

duration,

and

reduce

the

value

the

security.

Enforcing

rights

against

the

underlying

assets

collateral

may

difficult,

the

underlying

assets

collateral

may

insufficient

the

issuer

defaults.

The

values

certain

types

mortgage-backed

securities,

such

inverse

floaters

and

interest-only

and

principal-only

securities,

may

extremely

sensitive

changes

interest

rates

and

prepayment

rates.

Fund

may

invest

mortgage-backed

securities

that

are

subordinate

their

right

receive

payment

interest

and

repayment

principal

other

classes

the

issuer's

securities.

Non-Correlation

Risk:

The

risk

that

the

Fund’s

return

may

not

match

the

return

the

Underlying

Index

for

number

reasons.

For

example,

the

Fund

incurs

operating

expenses

not

applicable

the

Underlying

Index,

and

incurs

costs

buying

and

selling

securities,

especially

when

rebalancing

the

Fund’s

securities

holdings

reflect

changes

the

composition

the

Underlying

Index.

addition,

the

performance

the

Fund

and

the

Underlying

Index

may

vary

due

asset

valuation

differences

and

differences

between

the

Fund’s

portfolio

and

the

Underlying

Index

resulting

from

legal

restrictions,

costs

liquidity

constraints.

Notes

Financial

Statements

(Cont.)

DoubleLine

ETF

Trust

(Unaudited)

March

31,

2026

Non-Diversification

Risk:

the

risk

that,

because

relatively

higher

percentage

the

Fund's

assets

may

invested

limited

number

issuers,

the

Fund

may

susceptible

any

single

economic,

political,

regulatory

occurrence

than

diversified

fund

investing

broader

range

issuers.

decline

the

market

value

one

the

Fund's

investments

may

affect

the

Fund's

value

than

the

Fund

were

diversified

fund.

However,

the

Fund

intends

satisfy

the

asset

diversification

requirements

for

qualification

regulated

investment

company

under

Subchapter

the Internal

Revenue

Code.

Operational

And

Information

Security

Risks:

investment

Fund,

any

fund,

can

involve

operational

risks

arising

from

factors

such

processing

errors,

human

errors,

inadequate

failed

internal

external

processes,

failures

systems

and

technology,

changes

personnel

and

errors

caused

third-party

service

providers.

The

rapid

development

and

increasingly

widespread

use

artificial

intelligence

the

financial

services

industry,

including

machine

learning

technology

and

generative

artificial

intelligence

such

ChatGPT,

could

exacerbate

these

risks.

The

occurrence

any

these

failures,

errors

breaches

could

result

investment

losses

Fund,

loss

information,

regulatory

scrutiny,

reputational

damage

other

events,

any

which

could

have

material

adverse

effect

Fund.

While

the

Funds

seek

minimize

such

events

through

controls

and

oversight,

there

may

still

failures

that

could

cause

losses

Fund.

Passive

Investing

Risk:

Unlike

many

investment

companies,

the

Fund

does

not

utilize

investing

strategy

that

seeks

returns

excess

the

Underlying

Index.

Therefore,

the

Fund

would

not

necessarily

buy

sell

security

unless

that

security

added

removed,

respectively,

from

the

Underlying

Index,

even

that

security

generally

underperforming.

Additionally,

the

Fund

rebalances

its

portfolio

accordance

with

the

Underlying

Index,

and,

therefore,

any

changes

the

Underlying

Index’s

rebalance

schedule

will

result

corresponding

changes

the

Fund’s

rebalance

schedule.

Portfolio

Turnover

Risk:

the

risk

that

frequent

purchases

and

sales

portfolio

securities

may

result

higher

Fund

expenses

and

may

result

larger

distributions

taxable

capital

gains

investors

compared

fund

that

trades

less

frequently.

Real

Estate

Sector Risk:

The

risk

that

real

estate-related

investments

may

decline

value

result

factors

affecting

the

real

estate

sector,

such

the

supply

real

property

certain

markets,

changes

zoning

laws,

delays

completion

construction,

changes

real

estate

values,

changes

property

taxes,

levels

occupancy,

and

local,

regional

and

general

market

conditions.

Along

with

the

risks

common

different

types

real

estate-related

investments,

real

estate

investment

trusts

(“REITs”),

matter

the

type,

involve

additional

risk

factors,

including

poor

performance

the

REIT’s

manager,

adverse

changes

the

tax

laws,

and

the

possible

failure

the

REIT

qualify

for

the

favorable

tax

treatment

available

REITs

under

the

Internal

Revenue

Code

the

exemption

from

registration

under

the

1940

Act.

REITs

are

not

diversified

and

are

heavily

dependent

cash

flow

earned

the

property

interests

they

hold.

Real

Estate

Sector

And

Commercial

Real

Estate

Markets

Risk:

the

risk

that

commercial

real

estate-related

investments

may

decline

value

result

factors

affecting

the

real

estate

sector

(and,

particular,

the

commercial

real

estate

markets),

such

the

supply

real

property

certain

markets,

changes

zoning

laws,

delays

completion

construction,

changes

real

estate

values,

changes

property

taxes,

levels

occupancy,

and

local,

regional,

and

general

market

conditions.

Commercial

real

estate

loans

are

secured

commercial

property

and

are

subject

the

risks

delinquency

and

foreclosure.

The

ability

borrower

repay

loan

secured

income-producing

property

typically

dependent

primarily

the

successful

operation

such

property.

borrower’s

net

operating

income

reduced

due

changing

national,

regional

local

economic

conditions,

changes

business

demand,

social

unrest

and

civil

disturbances,

political

unrest,

global

health

crises,

other

reasons,

then

the

borrower’s

ability

repay

the

loan

may

impaired.

Tenant

mix,

success

tenant

businesses,

property

management

decisions,

property

location

and

conditions,

competition

from

comparable

properties,

changes

laws

that

increase

operating

expenses

limit

rents

that

may

charged,

the

need

address

environmental

issues

associated

with

property,

declines

real

estate

values,

increases

interest

rates

taxes,

and

increase

regulatory

and

compliance

costs

can

all

negatively

affect

returns

investments

commercial

real

estate.

Restricted

Securities

Risk:

The

risk

that

Fund

may

prevented

limited

law

the

terms

agreement

from

selling

security

restricted

security

").

the

extent

that

Fund

permitted

sell

restricted

security,

there

can

assurance

that

trading

market

will

exist

any

particular

time,

and

Fund

may

unable

dispose

the

security

promptly

reasonable

prices

all.

Fund

may

have

bear

the

expense

registering

the

securities

for

resale

and

the

risk

substantial

delays

effecting

the

registration.

Also,

restricted

securities

may

difficult

value

because

market

quotations

may

not

readily

available,

and

the

values

restricted

securities

may

have

significant

volatility.

Securities

Lending

Risk:

the

Fund

lends

securities,

and

the

borrower

defaults

its

obligation

return

the

securities

loaned

because

insolvency

other

reasons,

there

risk

that

the

securities

will

not

available

the

Fund

timely

basis.

borrower

defaults

and

the

Fund

not

able

recover

the

securities

loaned,

the

Fund

and,

indirectly,

its

Notes

Financial

Statements

(Cont.)

(Unaudited)

March

31,

2026

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

shareholders

will

bear

loss

the

extent

the

value

the

collateral

sold

not

equal

the

market

value

the

loaned

securities.

Loans

are

secured

collateral

consisting

cash

short-term

debt

obligations

and

the

Fund

may

invest

the

cash

collateral

received

(in

money

market

investments

money

market

funds)

and

the

Fund

and

its

shareholders

bears

the

risk

loss

such

reinvestment,

including

the

risk

total

loss

such

collateral.

addition,

with

other

extensions

credit,

there

the

risk

possible

delay

receiving

additional

collateral

the

recovery

the

securities

possible

loss

rights

the

collateral

should

the

borrower

fail

financially.

While

securities

are

loaned

out

the

Fund,

the

Fund

generally

will

receive

from

the

borrower

amounts

equal

any

dividends

interest

paid

the

borrowed

securities.

For

federal

income

tax

purposes,

payments

made

“in

lieu

of”

dividends

are

not

considered

dividend

income.

These

distributions

will

neither

qualify

for

the

reduced

rate

taxation

for

individuals

qualified

dividends

nor

the

50%

dividends

received

deduction

for

corporations.

The

costs

associated

with

the

Fund’s

securities

lending

activities

are

not

shown

the

Fund’s

fee

table.

Engaging

securities

lending

could

have

leveraging

effect,

which

may

intensify

the

other

risks

associated

with

investments

the

Fund.

Securities

Sector

Selection

Risk:

The

risk

that

the

securities

held

the

Fund

will

underperform

securities

held

other

funds

investing

similar

asset

classes

comparable

benchmarks

because

the

portfolio

managers’

choice

securities

sectors

for

investment.

the

extent

the

Fund

allocates

higher

percentage

its

investment

portfolio

particular

sector

sectors,

the

Fund

will

susceptible

events

factors

affecting

companies

that

sector

sectors.

For

example,

the

values

securities

companies

the

same

sectors

may

negatively

affected

the

common

characteristics

they

share,

the

common

business

risks

which

they

are

subject,

common

regulatory

burdens,

regulatory

changes

that

affect

them

similarly.

Such

characteristics,

risks,

burdens

changes

include,

but

are

not

limited

to,

changes

governmental

regulation,

inflation

deflation,

rising

falling

interest

rates,

competition

from

new

entrants,

and

other

economic,

market,

political

other

developments

specific

that

sector

sectors.

Structured

Products

and

Structured

Notes

Risk:

The

risk

that

investment

structured

product,

which

includes,

among

other

things,

CDOs,

mortgage-backed

securities,

other

types

asset-backed

securities

and

certain

types

structured

notes,

may

decline

value

due

changes

the

underlying

instruments,

indexes,

interest

rates

other

factors

which

the

product

based

(“

reference

measure

”).

Depending

the

reference

measure

used

and

the

use

multipliers

deflators

(if

any),

changes

interest

rates

and

movement

the

reference

measure

may

cause

significant

price

and

cash

flow

fluctuations.

Application

multiplier

comparable

the

use

financial

leverage,

speculative

technique.

Holders

structured

products

indirectly

bear

risks

associated

with

the

reference

measure,

are

subject

counterparty

risk

and

typically

not

have

direct

rights

against

the

reference

measure.

Structured

products

are

generally

privately

offered

and

sold,

and

thus,

are

not

registered

under

the

securities

laws

and

may

thinly

traded

have

limited

trading

market

and

may

have

the

effect

increasing

the

Fund’s

illiquidity,

reducing

the

Fund’s

income

and

the

value

the

investment.

particular

point

time,

the

Fund

may

unable

find

qualified

buyers

for

these

securities.

Investments

structured

notes

involve

risks

including

interest

rate

risk,

credit

risk

and

market

risk.

Tax

Risk:

order

qualify

regulated

investment

company

under

the

Internal

Revenue

Code,

the

Fund

must

meet

requirements

regarding,

among

other

things,

the

source

its

income.

Certain

investments

commodity-related

derivatives

not

give

rise

qualifying

income

for

this

purpose,

and

possible

that

certain

investments

other

commodity-related

instruments,

ETFs

and

other

investment

pools

will

not

give

rise

qualifying

income.

Any

income

the

Fund

derives

from

investments

instruments

that

not

generate

qualifying

income

must

limited

maximum

10%

the

Fund’s

annual

gross

income.

the

Fund

were

earn

non

qualifying

income

excess

10%

its

annual

gross

income,

could

fail

qualify

regulated

investment

company

for

that

year.

the

Fund

were

fail

qualify

regulated

investment

company,

the

Fund

would

subject

tax

and

shareholders

the

Fund

would

subject

the

risk

diminished

returns.

U.S.

Government

Securities

Risk:

The

risk

that

debt

securities

issued

guaranteed

certain

U.S.

government

agencies,

instrumentalities,

and

sponsored

enterprises

are

not

supported

the

full

faith

and

credit

the

U.S.

government,

and

investments

their

securities

obligations

issued

them

involve

credit

risk

greater

than

investments

other

types

U.S.

government

securities.

Valuation

Risk:

The

risk

that

Fund

will

not

value

its

investments

manner

that

accurately

reflects

their

market

values

that

the

Fund

will

not

able

sell

any

investment

price

equal

the

valuation

ascribed

that

investment

for

purposes

calculating

the

Fund's

NAV.

The

valuation

Fund's

investments

involves

subjective

judgment.

Certain

securities

which

the

Fund

may

invest

may

difficult

value

accurately,

especially

during

periods

market

disruptions

extreme

market

volatility.

Incorrect

valuations

the

Fund's

portfolio

holdings

could

result

the

Fund's

shareholder

transactions

being

effected

NAV

that

does

not

accurately

reflect

the

underlying

value

the

Fund's

portfolio,

resulting

the

dilution

shareholder

interests.

Notes

Financial

Statements

(Cont.)

100

DoubleLine

ETF

Trust

(Unaudited)

March

31,

2026

15. Subsequent

Events

preparing

these

financial

statements,

the

Funds'

have

evaluated

events

and

transactions

for

potential

recognition

disclosure

through

the

date

the

financial

statements

were

issued.

The

Funds'

have

determined

there

are

subsequent

events

that

would

need

disclosed

the

Funds'

financial

statements.

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

101

Form

N-CSR

–

Items

8-11

(Unaudited)

March

31,

2026

Item

Changes

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies

Not

applicable.

Item

Proxy

Disclosures

for

Open-End

Management

Investment

Companies.

There

were

matters

submitted

during

the

period

covered

the

report

vote

shareholders,

through

the

solicitation

proxies

otherwise.

Item

10.

Remuneration

Paid

Directors,

Officers,

and

Others

Open-End

Management

Investment

Companies.

The

information

included

part

the

Financial

Statements

filed

under

Item

this

Form.

Item

11.

Statement

Regarding

Basis

for

Approval

Investment

Advisory

Contract

Board

Considerations

Regarding

the

Approval

the

Advisory

Agreement

meeting

held

February

19,

2026

(the

“February

Meeting”),

the

Boards

Trustees

(collectively,

the

“Board”

the

“Trustees”)

the

DoubleLine

open-end

mutual

funds

(“mutual

funds”),

exchange-traded

funds

(“ETFs”),

and

closed-end

funds

(“CEFs”)

listed

above

(each,

“Fund”

and

collectively,

the

“Funds”)

approved

the

continuation

the

investment

advisory

and

sub-advisory

agreements,

applicable

(each,

“Advisory

Agreement”

and

collectively,

the

“Advisory

Agreements”),

between

DoubleLine

and

those

Funds.

That

approval

included

approval

the

Trustees

who

are

not

“interested

persons”

(as

defined

the

Investment

Company

Act

1940,

amended

(the

“1940

Act”))

the

Funds

(the

“Independent

Trustees”)

voting

separately.

When

used

this

summary,

“DoubleLine”

“Management”

refers

DoubleLine

Capital

LP,

DoubleLine

ETF

Adviser

LP,

and/or

DoubleLine

Alternatives

LP,

appropriate

the

context.

The

Trustees’

determination

approve

the

continuation

each

Advisory

Agreement

was

made

the

basis

each

Trustee’s

business

judgment

after

evaluation

all

the

relevant

information

provided

the

Trustees,

including

information

provided

for

their

consideration

their

February

Meeting

and

meetings

held

preparation

for

the

February

Meeting

with

management

and

representatives

ISS

Market

Intelligence,

independent

third-party

provider

investment

company

data

(“ISS

MI”),

and

additional

information

requested

the

Independent

Trustees.

The

Independent

Trustees

also

met

with

Independent

Trustee

counsel

outside

the

presence

management

prior

the

February

Meeting

consider

the

materials

and

information

the

proposed

continuation

the

Advisory

Agreements.

Throughout

the

year,

the

Trustees

also

met

regularly

with

investment

advisory,

compliance,

risk

management,

operational,

capital

markets

(with

respect

the

ETFs)

and

other

personnel

from

DoubleLine

and

regularly

reviewed

detailed

information,

presented

both

orally

and

writing,

regarding

the

services

performed

DoubleLine

for

the

benefit

the

Funds,

DoubleLine’s

investment

program

for

each

Fund,

the

performance

each

Fund,

the

fees

and

expenses

each

Fund,

and

the

operations

each

Fund.

considering

whether

approve

the

continuation

the

Advisory

Agreements,

the

Trustees

took

into

account

information

presented

them

over

the

course

the

past

year

and

not

just

that

which

was

provided

specifically

relation

the

proposed

renewal

the

Advisory

Agreements.

This

summary

describes

number,

but

not

necessarily

all,

the

most

important

factors

considered

the

Board

and

the

Independent

Trustees.

Individual

Trustees

may

have

given

different

weights

certain

factors

and

assigned

various

degrees

materiality

information

received

connection

with

the

approval

process.

single

factor

was

determined

decisive

controlling.

all

their

deliberations,

the

Independent

Trustees

were

advised

independent

counsel.

The

Trustees

also

considered

that,

although

the

reorganizations

DoubleLine

Floating

Rate

Fund

and

DoubleLine

Select

Income

Fund

(formerly,

DoubleLine

Infrastructure

Income

Fund)

with

and

into

corresponding

series

American

Beacon

Funds

were

expected

about

February

20,

2026,

the

renewal

applicable

advisory

and

other

arrangements

for

each

DoubleLine

Floating

Rate

Fund

and

DoubleLine

Select

Income

Fund

was

proposed

order

ensure

continuity

services

the

extent

that

the

reorganizations

occur

date

later

than

currently

anticipated.

Nature,

Extent,

and

Quality

Services.

Form

N-CSR

–

Items

8-11

(Cont.)

102

DoubleLine

ETF

Trust

The

Trustees

considered

the

nature,

extent,

and

quality

the

services,

including

the

expertise

and

experience

investment

personnel,

provided

and

expected

provided

DoubleLine

each

Fund.

this

regard,

the

Trustees

considered

that

DoubleLine

provides

full

investment

program

for

each

Fund,

with

emphasis

risk

management

for

the

Funds.

The

Board

considered,

where

applicable,

the

necessary

skills

and

resources

needed

manage

debt-related

portfolios,

noting

that

managing

such

portfolios

requires

portfolio

management

team

balance

number

factors,

which

may

include,

among

others,

securities

varying

maturities

and

durations,

actual

and

anticipated

interest

rate

changes

and

market

volatility,

prepayments,

collateral

management,

counterparty

management,

pay-downs,

credit

events,

workouts,

and

net

new

issuances.

their

evaluation

the

services

provided

DoubleLine

and

the

Funds’

contractual

relationships

with

DoubleLine,

the

Trustees

considered

generally

the

long-term

performance

record

the

firm’s

portfolio

management

personnel,

including,

among

others,

Mr.

Jeffrey

Gundlach,

and

the

strong

historical

investor

interest

products

managed

DoubleLine.

The

Trustees

considered

that

DoubleLine

provides

variety

other

services

the

Funds

addition

investment

advisory

services,

which

may

include,

among

others,

number

back-office

services,

valuation

services,

derivatives

risk

management

services,

compliance

services,

liquidity

monitoring

services,

certain

forms

information

technology

services

(such

internal

reporting),

assistance

with

accounting

and

distribution

services,

and

supervision

and

monitoring

the

Funds’

other

service

providers.

The

Trustees

considered

DoubleLine’s

ongoing

efforts

keep

the

Trustees

informed

about

matters

relevant

the

Funds

and

their

shareholders.

The

Trustees

also

considered

the

nature

and

structure

the

Funds’

compliance

program,

including

the

policies

and

procedures

the

Funds

and

their

various

service

providers

(including

DoubleLine),

and

information

regarding

DoubleLine’s

overall

risk

management

program.

The

Trustees

considered

the

quality

the

services

provided

the

Funds

part

their

overall

consideration

the

continuation

the

Advisory

Agreements.

The

Trustees

considered

information

provided

DoubleLine

relating

its

historical

and

continuing

commitment

hire

the

necessary

personnel

and

invest

technology

enhancements

support

DoubleLine’s

ability

provide

services

the

Funds.

The

Trustees

considered

DoubleLine’s

representations

regarding

the

depth

DoubleLine’s

personnel,

resources,

and

investment

methods

connection

with

the

services

DoubleLine

provides

the

Funds.

Performance

and

Fees

and

Expenses.

The

Trustees

reviewed

reports

prepared

ISS

(the

“ISS

Reports”)

that

compared,

among

other

information,

each

Fund’s

net

management

fee

rate

and

net

total

expense

ratio

(Class

with

respect

the

mutual

funds)

against

the

net

management

fee

rate

(with

respect

the

mutual

funds

and

the

closed-end

funds)

and

net

total

expense

ratio

group

peers

selected

ISS

MI,

and

each

Fund’s

performance

records

(Class

with

respect

the

mutual

funds)

for

the

one-,

three-,

five-,

and

ten-year

periods

ended

October

31,

2025,

applicable,

against

the

performance

records

those

funds

each

Fund’s

Morningstar

category

and

the

performance

one

the

Fund’s

benchmark

index(es),

selected

ISS

MI.

preparation

for

the

February

Meeting,

the

Independent

Trustees

met

with

ISS

representatives

January

2026

review

the

comparative

information

set

out

the

ISS

Reports,

the

methodologies

used

ISS

compiling

those

reports

and

selecting

the

peer

groups

used

within

those

reports,

and

the

considerations

for

evaluating

the

comparative

information

presented

those

reports.

The

Independent

Trustees

also

considered

the

information

ISS

provided

regarding

the

challenges

ISS

encountered

selecting

assembling

peer

groups

for

certain

the

Funds

due

to,

among

other

factors,

the

limited

number

possible

peer

funds

with

substantially

similar

principal

investment

strategies

investment

approaches.

Where

applicable,

the

Trustees

also

received

information

from

DoubleLine,

including

regarding

factors

consider

evaluating

Fund’s

performance

management

fees

relative

its

peer

groups

and

factors

that

contributed

the

relative

underperformance

certain

Funds

relative

the

index(es)

shown

the

median

their

Morningstar

categories.

The

Trustees

considered

DoubleLine’s

pricing

policy

for

its

advisory

fees

and

that

DoubleLine

does

not

seek

low

cost

provider,

nor

does

have

policy

set

its

advisory

fees

below

the

median

Fund’s

peers,

but

rather

seeks

set

fees

competitive

level

that

reflects

DoubleLine’s

demonstrated

significant

expertise

and

experience

the

investment

strategies

that

offers.

The

Trustees

also

considered

materials

relating

the

fees

charged

DoubleLine

non-Fund

clients

for

which

DoubleLine

employs

investment

strategies

substantially

similar

one

Funds’

investment

strategies,

including

other

funds

and

institutional

separate

accounts

advised

DoubleLine

and

mutual

funds

for

which

DoubleLine

serves

sub-adviser.

The

Trustees

noted

the

information

DoubleLine

provided

regarding

certain

funds

and

institutional

separate

accounts

advised

and

funds

sub-advised

that

are

subject

fee

schedules

that

differ

from,

and

are

most

cases

lower

than,

the

rates

paid

Fund

with

substantially

similar

investment

strategies.

The

Trustees

considered

DoubleLine’s

representations

that

administrative,

compliance,

operational,

legal,

and

other

burdens

providing

investment

advice

registered

investment

companies

(mutual

funds,

ETFs

and

closed-end

funds)

exceed

many

respects

those

required

provide

advisory

services

non-registered

investment

company

clients,

such

institutional

accounts

for

retirement

pension

plans,

which

may

have

differing

contractual

requirements.

The

Trustees

considered

DoubleLine’s

representations

that

DoubleLine

also

bears

substantially

greater

legal

and

other

responsibilities

and

risks

managing

(Unaudited)

March

31,

2026

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

103

and

sponsoring

registered

investment

companies

than

managing

private

accounts

sub-advising

funds,

including

registered

investment

companies,

sponsored

others.

The

Trustees

considered

that

the

services

and

resources

required

DoubleLine

when

sub-advises

registered

investment

companies

others

generally

are

less

extensive

than

those

required

DoubleLine

serve

the

Funds,

because,

where

DoubleLine

serves

sub-adviser,

many

the

sponsorship,

operational,

and

compliance

responsibilities

the

advisory

function

are

retained

the

primary

adviser.

respect

the

ETFs,

the

Trustees

also

considered

the

financial

risks

assumed

DoubleLine

respect

each

ETF’s

unitary

fee,

including

that

DoubleLine

would

generally

bear,

with

limited

exceptions,

any

increase

each

ETF’s

ordinary

operating

expenses.

Mutual

Funds

With

respect

the

mutual

funds,

the

Trustees

considered

that

many

the

mutual

funds

have

achieved

strong

performance

relative

the

median

their

Morningstar

categories

for

the

five-

and/or

ten-year

periods,

where

applicable,

ended

October

31,

2025,

notwithstanding,

some

cases,

recent

periods

relative

underperformance

for

the

one-

and/or

three-year

periods.

Those

Funds

included

DoubleLine

Emerging

Markets

Fixed

Income

Fund,

DoubleLine

Emerging

Markets

Local

Currency

Bond

Fund,

and

DoubleLine

Selective

Credit

Fund.

The

Trustees

also

considered

that

number

the

mutual

funds

had

achieved

strong

relative

performance

recently,

such

over

the

one-

and/or

three-year

periods

ended

October

31,

2025,

notwithstanding,

some

cases,

other

periods

longer-

term

unfavorable

relative

performance.

Those

mutual

funds

included

DoubleLine

Core

Fixed

Income

Fund,

DoubleLine

Floating

Rate

Fund,

and

DoubleLine

Long

Duration

Total

Return

Bond

Fund.

each

instance

where

Fund

exhibited

relative

underperformance

over

the

one-,

three-,

five-,

and/or

ten-year

periods,

applicable,

the

Trustees

considered

DoubleLine’s

explanations

for

the

periods

relative

underperformance,

including,

the

cases

DoubleLine

Shiller

Enhanced

CAPE®

and

DoubleLine

Shiller

Enhanced

International

CAPE®,

where

product

design,

investment

positioning

and/or

differences

the

Funds’

investment

approach

relative

their

Morningstar

categories,

among

other

things,

contributed

relative

underperformance

over

different

periods.

The

Trustees

noted

that

all

but

five

the

mutual

funds

had

net

management

fees

either

below

the

median

their

peer

group

within

five

basis

points

the

median

their

peer

group.

The

Trustees

noted

that

DoubleLine

Total

Return

Bond

Fund,

DoubleLine

Emerging

Markets

Fixed

Income

Fund,

DoubleLine

Flexible

Income

Fund,

DoubleLine

Select

Income

Fund,

and

DoubleLine

Emerging

Markets

Local

Currency

Bond

Fund

each

had

net

management

fees

than

five

basis

points

above

the

median

its

peer

group.

The

Trustees

discussed

with

management

the

reasons

for

the

relative

net

management

fees

these

mutual

funds.

The

Trustees

noted

that

none

the

mutual

funds,

other

than

DoubleLine

Emerging

Markets

Local

Currency

Bond

Fund

and

DoubleLine

Select

Income

Fund,

had

the

highest

net

management

fee

its

peer

group.

The

Trustees

also

considered

DoubleLine’s

belief

that

differences

between

DoubleLine

Select

Income

Fund

and

DoubleLine

Emerging

Markets

Local

Currency

Bond

Fund

and

their

respective

peer

groups,

together

with

and

the

limited

number

peers,

should

taken

into

account

evaluating

those

Funds’

relative

performance

and

net

management

fees.

The

Trustees

considered

each

Fund’s

net

management

fees

light

that

Fund’s

performance

net

expenses,

including

instances

where

the

mutual

fund

had

strong

relative

performance

and

net

management

fees

above

the

median

its

peer

group.

The

Trustees

noted

that

all

the

mutual

funds

had

net

total

expense

ratios

either

below

the

median

their

peer

groups

within

five

basis

points

the

median

their

peer

groups,

with

the

exception

DoubleLine

Emerging

Markets

Fixed

Income

Fund,

DoubleLine

Select

Income

Fund,

and

DoubleLine

Strategic

Commodity

Fund.

The

Trustees

discussed

with

management

the

reasons

for

each

Fund’s

relative

total

expenses

compared

that

Fund’s

expense

peers.

ETFs

With

respect

the

ETFs,

the

Trustees

considered

information

the

ISS

Reports

regarding

the

ETFs’

performance

records

and

net

total

expenses.

The

Trustees

considered

that

performance

since

inception

for

each

ETF

was

within

Management’s

expectations,

and,

each

instance

where

ETF

exhibited

relative

underperformance

over

the

one-

three-year

periods,

applicable,

the

Trustees

considered

DoubleLine’s

explanations

for

the

periods

relative

underperformance.

The

Trustees

noted

that

many

the

ETFs

had

only

recently,

have

not

yet,

achieved

three

years

investment

operations.

The

Trustees

considered

the

net

total

expenses

each

ETF.

The

Trustees

considered

that

under

the

ETFs’

unitary

fee

structure,

DoubleLine,

addition

providing

investment

management

services,

arranges

for

transfer

agency,

custody,

fund

administration

and

accounting,

and

other

non-distribution

services

necessary

for

the

Funds

operate.

The

Trustees

further

considered

that

under

the

unitary

fee

structure,

DoubleLine

pays

substantially

all

the

operating

expenses

the

Funds,

except

for,

among

other

things,

the

management

fees,

taxes

and

transaction

costs,

distribution

fees

expenses,

and

any

extraordinary

expenses

(such

litigation

expenses).

Form

N-CSR

–

Items

8-11

(Cont.)

104

DoubleLine

ETF

Trust

The

Trustees

considered

that

DoubleLine

Commercial

Real

Estate

Debt

ETF,

DoubleLine

Fortune

500

Equal

Weight

ETF,

DoubleLine

Opportunistic

Core

Bond

ETF,

DoubleLine

Mortgage

ETF,

and

DoubleLine

Multi-Sector

Income

ETF

each

had

net

total

expense

ratio

below

the

median

its

peer

group.

considering

the

net

total

expense

ratios

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

and

DoubleLine

Commodity

Strategy

ETF,

the

Trustees

considered

that

while

each

Fund

had

net

total

expense

ratio

that

was

above

the

median

its

peer

group,

each

case,

there

were

several

peer

funds

with

higher

net

total

expense

ratios

and

that

the

ETFs’

net

total

expense

ratios

were

within

six

basis

points

the

median

their

respective

peer

group.

The

Trustees

noted

that

DoubleLine

Asset-Backed

Securities

ETF

commenced

investment

operations

February

28,

2025

and

that

its

Advisory

Agreement

had

previously

been

approved

for

initial

two-year

period.

The

Trustees

noted

that

the

Fund’s

Advisory

Agreement

would

approved

for

only

stub

period

from

February

28,

2027

through

March

25,

2027,

generally

align

its

term

with

the

terms

the

other

Advisory

Agreements

for

the

Funds

and

that

certain

information

included

above

was

not

provided

given

the

ETF’s

short

operating

history.

approving

the

Advisory

Agreement

for

DoubleLine

Asset-Backed

Securities

ETF,

the

Trustees

considered

the

ETF’s

short

operating

history

and

that

the

Advisory

Agreement

was

only

being

approved

for

additional

month

period.

CEFs

With

respect

the

CEFs,

the

Trustees

considered

the

information

the

ISS

Reports

regarding

the

Funds’

performance

records

and

net

management

fees

and

net

total

expenses,

based

each

Fund’s

net

assets

(excluding

the

principal

amount

borrowings)

and,

separately,

each

Fund’s

total

managed

assets

(including

the

principal

amount

borrowings).

DoubleLine

Income

Solutions

Fund

(“DSL”),

the

Trustees

considered

that

the

Fund’s

net

management

fees

were

the

third

quartile

its

peer

group

both

net

assets

and

total

managed

assets

basis,

though

the

Fund’s

net

total

expenses

(excluding

investment

expenses)

was

below

the

median

its

expense

peer

group

those

bases.

The

Trustees

considered

DoubleLine’s

explanations

for

the

Fund’s

longer

term

relative

underperformance

with

the

Fund

falling

the

third

quartile

its

Morningstar

category

for

the

five-

and

ten-year

periods

ended

October

31,

2025

and

considered

the

Fund’s

stronger

recent

performance,

with

the

Fund

performing

the

second

quartile

and

the

first

quartile

its

Morningstar

category

for

the

one-

and

three-year

periods

ended

October

31,

2025,

respectively,

and

the

Fund

outperforming

its

index

for

the

one-,

three-,

five-,

and

ten-year

periods

ended

October

31,

2025.

DoubleLine

Opportunistic

Credit

Fund

(“DBL”),

the

Trustees

considered

that

DBL’s

net

management

fees

were

the

second

quartile

the

Fund’s

expense

group

net

assets

basis

and

the

fourth

quartile

the

expense

group

total

managed

assets

basis.

The

Trustees

also

considered

that

DBL’s

net

total

expense

ratio

(excluding

investment-related

expenses)

was

shown

the

ISS

Reports

the

third

quartile

the

Fund’s

expense

group

net

assets

basis

and

the

fourth

quartile

total

managed

assets

basis.

The

Trustees

considered

that

the

Fund’s

longer

term

relative

underperformance

with

the

Fund

falling

the

fourth

quartile

its

Morningstar

category

for

the

one-,

five-

and

ten-year

periods

ended

October

31,

2025

and

noted

the

Fund’s

stronger

performance

the

second

quartile

its

Morningstar

category

for

the

three-year

period

ended

October

31,

2025.

considering

the

Fund’s

performance,

the

Trustees

noted

also

that

the

Fund

had

outperformed

its

index

for

the

one-,

three-,

five-

and

ten-year

periods

ended

October

31,

2025.

DoubleLine

Yield

Opportunities

Fund

(“DLY”),

the

Trustees

considered

that

the

Fund’s

relative

performance

for

the

three-year

period

ended

October

31,

2025,

was

the

second

quartile

its

Morningstar

category.

They

noted

that

the

Fund

performed

the

fourth

and

third

quartiles

for

the

one-

and

five-year

periods

ended

October

31,

2025,

respectively,

though

had

outperformed

its

index

over

the

one-,

three-,

and

five-year

periods

ended

October

31,

2025.

The

Trustees

noted

that

the

Fund’s

net

management

fees

and

net

total

expenses

(excluding

investment

expenses),

though

above

the

medians

and

the

fourth

quartile

its

peers

total

managed

assets

basis,

were

the

second

quartile

and

below

the

median

its

peer

group

net

assets

basis.

considering

the

fees

and

expenses

the

Fund,

the

Trustees

took

into

account

DoubleLine’s

statement

that

the

Fund’s

terms

its

initial

offering

differed

from

many

closed-end

funds

that

came

market

before

that

DoubleLine,

the

Fund’s

sponsor,

bore

all

the

Fund’s

initial

organizational

and

offering

expenses

and

that

the

Fund

has

limited

life,

and

that

funds

offered

pursuant

such

arrangements

tend

pay

higher

advisory

fees

than

funds

whose

sponsors

not

bear

those

organizational

and

offering

expenses

and

the

risks.

The

Trustees

considered

that

ISS

had

developed

expense

group

comprising

Funds

with

similar

fee

and

expense

arrangements,

ISS

reported

that

had

done

for

number

other

fund

families.

The

Trustees

noted

that

each

DSL,

DBL,

and

DLY

had

employed

leverage

during

some

all

the

periods

shown

the

ISS

Reports,

and

considered

information

from

DoubleLine

that

they

receive

quarterly

regarding

the

estimated

spread

earned

respect

that

leverage,

after

taking

into

account

expenses

the

leverage,

including

incremental

management

fees.

(Unaudited)

March

31,

2026

Semi-Annual

Financial

Statements

and

Other

Information

March

31,

2026

105

Profitability.

The

Trustees

reviewed

information

general

estimates

DoubleLine’s

profitability

with

respect

each

Fund,

taking

into

account,

among

other

things,

information

about

both

the

direct

and

the

indirect

benefits

DoubleLine

from

managing

the

Funds.

The

Trustees

considered

information

provided

DoubleLine

the

methods

uses,

and

the

assumptions

makes,

calculating

its

profitability.

The

Trustees

considered

representations

from

DoubleLine

that

its

compensation

program,

which

comprised

several

components,

including

base

salary,

discretionary

bonus

and

potential

equity

participation

DoubleLine,

enables

DoubleLine

attract,

retain,

and

motivate

highly

qualified

and

experienced

employees.

The

Trustees

considered

that

DoubleLine

was

profitable

respect

certain

the

Funds,

but

noted

that

those

cases

would

appropriate

consider

that

profitability

light

various

other

considerations

such

the

nature,

extent,

and

quality

the

services

provided

DoubleLine,

the

relative

long-term

performance

the

relevant

Funds,

the

consistency

the

Funds’

investment

operations

over

time,

and

the

competitiveness

the

management

fees

(as

applicable)

and

total

operating

expenses

the

Funds.

The

Trustees

separately

considered

this

respect

information

provided

DoubleLine

regarding

its

reinvestment

its

business

accommodate

changing

regulatory

requirements

and

maintain

its

ability

provide

high-quality

services

the

Funds.

The

Trustees

considered

DoubleLine’s

view

that

the

levels

its

profitability

respect

DSL,

DBL,

and

DLY

are

appropriate

light

the

investment

has

made

these

Funds,

the

quality

the

investment

management

and

other

teams

provided

it,

and

its

continued

investments

its

own

business.

Economies

Scale.

their

evaluation

economies

scale,

the

Trustees

considered,

among

other

things,

the

pricing

the

Funds

and

DoubleLine’s

reported

profitability,

and

that

number

the

mutual

funds

had

achieved

significant

size,

though

some

the

largest

funds

have

experienced

significant

outflows

recently.

The

Trustees

considered

also

that

none

the

Funds

have

breakpoints

their

advisory

fee

schedules.

The

Trustees

considered

management’s

view

that

the

fee

schedules

for

the

Funds

remained

consistent

with

DoubleLine’s

original

pricing

philosophy

proposing

initial

management

fee

rate

that

generally,

when

taking

into

account

expense

limitations

(where

applicable),

reflects

reasonably

foreseeable

economies

scale.

this

regard,

the

Trustees

considered

also

that

the

information

provided

ISS

supported

the

view

that

the

net

management

fees

the

largest

mutual

funds

remained

competitively

priced

against

peer

group

that

was

selected

based

on,

part,

asset

size.

The

Trustees

separately

considered

that

DoubleLine

had

agreed

continue

the

expense

limitation

arrangements

(where

applicable)

for

number

the

mutual

funds

current

levels

for

additional

one-year

period,

with

the

prospect

recouping

any

waived

fees

reimbursed

expenses

later

date.

evaluating

economies

scale

generally,

the

Trustees

also

considered

ongoing

changes

the

regulatory

environment,

which

required

DoubleLine

re-invest

its

business

and

infrastructure.

With

regard

DSL,

DBL,

and

DLY,

the

Trustees

considered

that

these

Funds

have

not

increased

assets

significantly

from

their

initial

offerings

due

principally

their

status

closed-end

investment

companies

and

that

there

were

therefore

substantial

increases

economies

scale

realized

with

respect

these

Funds

since

their

inception.

With

regard

the

ETFs,

the

Trustees

noted

that

the

ETFs

have

recently

begun

operations

and

that

none

the

ETFs

has

achieved

significant

scale

that

exceeded

expectations

for

the

ETFs

the

time

their

launch.

Other

Benefits.

The

Trustees

considered

other

benefits

that

could

potentially

received

the

Adviser

and

its

affiliates

result

the

Adviser’s

relationship

with

the

Funds,

including

possible

ancillary

benefits

the

Adviser’s

retail

and

institutional

investment

management

businesses

due

the

reputation

and

potential

growth

the

Funds.

the

basis

these

considerations

well

others

and

the

exercise

their

business

judgment,

the

Trustees

determined

that

they

were

satisfied

with

the

nature,

extent,

and

quality

the

services

provided

each

Fund

under

its

Advisory

Agreement(s);

that

appeared

that

the

management

fees

paid

each

Fund

DoubleLine

were

generally

within

the

range

management

fees

paid

its

peer

funds,

and

generally

reasonable

light

the

services

provided,

the

quality

the

portfolio

management

teams,

and

each

Fund’s

performance

date;

that

the

historical

performance

records

the

Funds,

and

the

factors

cited

management

respect

the

underperforming

Funds,

were

consistent

with

the

continuance

the

Advisory

Agreement(s)

for

each

the

Funds;

that

the

fees

paid

each

Fund

did

not

appear

inappropriate

light

the

fee

schedules

charged

DoubleLine’s

other

clients

with

substantially

similar

investment

strategies

(where

applicable)

light

the

differences

the

services

provided

and

the

risks

borne

DoubleLine;

that

the

profitability

each

Fund

DoubleLine

did

not

appear

excessive

such

preclude

continuation

the

Fund’s

Advisory

Agreement(s);

that

the

extent

which

the

advisory

fees

paid

the

Funds

economies

scale

with

investors

Form

N-CSR

–

Items

8-11

(Cont.)

106

DoubleLine

ETF

Trust

generally

supported

the

renewal

each

Advisory

Agreement;

and

that

would

appropriate

approve

each

Advisory

Agreement

for

additional

one-year

period

or,

with

respect

DoubleLine

Asset-Backed

Securities

ETF,

additional

period

beginning

February

28,

2027

through

March

25,

2027.

March

31,

2026

Investment

Advisers:

DoubleLine

ETF

Adviser

and

DoubleLine

Alternatives

2002

North

Tampa

Street,

Suite

200

Tampa,

33602

Distributor:

Foreside

Fund

Services,

LLC

Three

Canal

Plaza,

Suite

100

Portland,

04101

Administrator

and

Transfer

Agent:

Morgan

Chase

Bank,

N.A.

Fargo

Street

Boston,

02210

Custodian:

Morgan

Chase

Bank,

N.A.

383

Madison

Avenue

New

York,

10017

Independent

Registered

Public

Accounting

Firm:

Deloitte

Touche

LLP

695

Town

Center

Drive,

Suite

100

Costa

Mesa,

92626

Legal

Counsel:

Ropes

Gray

LLP

1121

Avenue

the

Americas

New

York,

10036

Contact

Information:

doubleline.com

(855)

937-0772

DL-SARFINANCIALS-ETF

DoubleLine

2002

North

Tampa

Street,

Suite

200

Tampa,

33602

(813)

791-7333

ETFinfo@doubleline.com

www.doubleline.com

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 14. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the Registrant.

Item 15. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 16. Controls and Procedures.

(a) The Registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a - 3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1) Code of Ethics – Not required for this filing.

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable

(a)(3) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. ex99cert.docx

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable.

(a)(5) There has been no change to the Registrant’s independent public accountant during the reporting period.

(b) Certification required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto. ex99906cert.docx

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

DoubleLine ETF Trust

By: /s/Ronald Redell

Ronald R. Redell

President and Principal Executive Officer

May 28, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: /s/ Ronald Redell

Ronald R. Redell

President and Principal Executive Officer

May 28, 2026

By:

/s/ Henry Chase

Henry V. Chase

Treasurer and Principal Financial and Accounting Officer

May 28, 2026