Schedule

of

Investments

DoubleLine

Opportunistic

Core

Bond

ETF

(Unaudited)

December

31,

2025

|

December

31,

2025

1

P

RINCIPAL

A

MOUNT

$/S

HARES

S

ECURITY

D

ESCRIPTION

R

ATE

M

ATURITY

V

ALUE

$

COMMON

STOCKS  0.0%

(a)

767

Altice

France

SA

(b)

13,746

Total

Common

Stock

(Cost

$12,263)

13,746

ASSET

BACKED

OBLIGATIONS

8.5%

Aaset

LLC

,

416,273

Series

2022-1A-A

6.00%

(c)

05/16/2047

425,273

Aaset

Ltd.

,

382,914

Series

2024-2A-B

6.61%

(c)

09/16/2049

387,096

Aaset

MT-1

Ltd.

,

497,756

Series

2025-3A-B

5.73%

(c)

02/16/2050

497,063

Aaset

Trust

,

387,844

Series

2021-2A-A

2.80%

(c)

01/15/2047

367,992

247,571

Series

2024-1A-A1

6.26%

(c)

05/16/2049

253,363

408,500

Series

2024-1A-B

6.90%

(c)

05/16/2049

416,181

581,431

Series

2025-1A-A

5.94%

(c)

02/16/2050

594,931

Affirm

Asset

Securitization

Trust

,

975,000

Series

2025-X1-B

5.19%

(c)

04/15/2030

977,888

875,000

Series

2025-X2-D

5.23%

(c)

10/15/2030

877,300

Affirm

Master

Trust

,

1,250,000

Series

2025-1A-C

5.28%

(c)

02/15/2033

1,259,590

AMSR

Trust

,

2,100,000

Series

2023-SFR2-A

3.95%

(c)

06/17/2040

2,081,468

Avant

Loans

Funding

Trust

,

600,000

Series

2024-REV1-B

6.17%

(c)

10/15/2033

608,605

1,300,000

Series

2025-REV1-C

6.06%

(c)

05/15/2034

1,310,198

Business

Jet

Securities

LLC

,

407,309

Series

2024-2A-B

5.75%

(c)

09/15/2039

407,796

Castlelake

Aircraft

Structured

Trust

,

467,320

Series

2025-1A-A

5.78%

(c)

02/15/2050

475,196

Cherry

Securitization

Trust

,

550,000

Series

2025-1A-A

6.13%

(c)

11/15/2032

558,744

Cloud

Capital

Holdco

LP

,

500,000

Series

2024-2A-A2

5.92%

(c)

11/22/2049

506,482

Cologix

Data

Centers

US

Issuer

LLC

,

750,000

Series

2021-1A-A2

3.30%

(c)

12/26/2051

737,406

Compass

Datacenters

Issuer

II

LLC

,

250,000

Series

2024-2A-B2

6.00%

(c)

08/25/2049

251,883

DataBank

Issuer

,

500,000

Series

2023-1A-A2

5.12%

(c)

02/25/2053

497,751

DataBank

Issuer

II

LLC

,

1,000,000

Series

2025-1A-A2

5.18%

(c)

09/27/2055

986,953

Dividend

Solar

Loans

LLC

,

364,338

Series

2018-1-B

4.29%

(c)

07/20/2038

344,444

EWC

Master

Issuer

LLC

,

482,500

Series

2022-1A-A2

5.50%

(c)

03/15/2052

477,257

ExteNet

Issuer

LLC

,

500,000

Series

2024-1A-B

6.15%

(c)

07/25/2054

506,972

GoodLeap

Home

Improvement

Solutions

Trust

,

867,755

Series

2025-2A-B

5.98%

(c)

06/20/2049

875,432

GreenSky

Home

Improvement

Issuer

Trust

,

135,000

Series

2025-2A-B

5.07%

(c)

06/25/2060

136,488

700,000

Series

2025-3A-D

5.15%

(c)

12/27/2060

700,209

Hilton

Grand

Vacations

Trust

,

96,376

Series

2022-1D-C

4.69%

(c)

06/20/2034

96,290

1,100,000

Series

2025-3EXT-B

4.90%

(c)

10/25/2044

1,105,502

Horizon

Aircraft

Finance

IV

Ltd.

,

468,750

Series

2024-1-A

5.38%

(c)

09/15/2049

471,223

Hyundai

Auto

Receivables

Trust

,

950,000

Series

2024-C-B

4.67%

01/15/2031

964,314

Invitation

Homes

Trust

,

1,167,000

Series

2024-SFR1-D

4.25%

(c)

09/17/2041

1,132,459

Jack

in

the

Box

Funding

LLC

,

231,250

Series

2022-1A-A2II

4.14%

(c)

02/26/2052

202,961

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

1,010,481

Lunar

Structured

Aircraft

Portfolio

Notes

,

654,881

Series

2021-1-A

2.64%

(c)

10/15/2046

624,465

Mosaic

Solar

Loan

Trust

,

418,723

Series

2018-2GS-A

4.20%

(c)

02/22/2044

394,065

509,560

Series

2024-1A-A

5.50%

(c)

09/20/2049

495,514

Pagaya

AI

Debt

Trust

,

128,992

Series

2024-1-A

6.66%

(c)

07/15/2031

129,329

Pret

LLC

,

1,430,890

Series

2024-NPL6-A1

5.93%

(c)(d)

10/25/2054

1,432,773

1,549,454

Series

2025-NPL2-A1

5.84%

(c)(d)

03/25/2055

1,554,934

957,845

Series

2025-NPL7-A1

5.66%

(c)(d)

07/25/2055

961,048

Progress

Residential

Trust

,

2,670,872

Series

2024-SFR2-A

3.30%

(c)

04/17/2041

2,580,069

2,500,000

Series

2024-SFR4-C

3.33%

(c)

07/17/2041

2,371,260

QTS

Issuer

ABS

II

LLC

,

1,000,000

Series

2025-1A-B

5.78%

(c)

10/05/2055

972,350

Redaptive

Eaas

Issuer

LLC

,

750,000

Series

2025-1A-A

5.94%

(c)

03/25/2042

752,764

Retained

Vantage

Data

Centers

Issuer

LLC

,

500,000

Series

2023-1A-B

5.75%

(c)

09/15/2048

499,573

Sabey

Data

Center

Issuer

LLC

,

650,000

Series

2024-1-A2

6.00%

(c)

04/20/2049

657,469

Scalelogix

Abs

Us

Issuer

LLC

,

1,000,000

Series

2025-1A-B

6.16%

(c)

07/25/2055

1,005,983

SEB

Funding

LLC

,

498,750

Series

2021-1A-A2

4.97%

(c)

01/30/2052

498,410

SERVPRO

Master

Issuer

LLC

,

491,250

Series

2024-1A-A2

6.17%

(c)

01/25/2054

507,863

SMB

Private

Education

Loan

Trust

,

323,337

Series

2021-A-B

2.31%

(c)

01/15/2053

316,656

SoFi

Consumer

Loan

Program

Trust

,

500,000

Series

2025-1-C

5.42%

(c)

02/27/2034

508,186

1,500,000

Series

2025-2-B

4.97%

(c)

06/25/2034

1,515,988

500,000

Series

2025-3-C

5.04%

(c)

08/15/2034

503,140

Stellantis

Financial

Underwritten

Enhanced

Lease

Trust

,

1,200,000

Series

2025-CA-C

4.44%

(c)

08/20/2030

1,202,663

Subway

Funding

LLC

,

297,000

Series

2024-1A-A23

6.51%

(c)

07/30/2054

307,603

396,000

Series

2024-3A-A23

5.91%

(c)

07/30/2054

394,068

Switch

ABS

Issuer

LLC

,

500,000

Series

2024-2A-B

6.20%

(c)

06/25/2054

504,138

500,000

Series

2025-2A-B

6.24%

(c)

10/25/2055

501,661

Textainer

Marine

Containers

VII

Ltd.

,

307,417

Series

2024-1A-A

5.25%

(c)

08/20/2049

309,475

Tricon

Residential

Trust

,

2,000,000

Series

2024-SFR3-C

5.25%

(c)

08/17/2041

1,998,210

1,106,547

Series

2025-SFR2-A

5.20%

(c)

08/17/2044

1,117,773

Upstart

Securitization

Trust

,

848,905

Series

2025-2-A2

5.22%

(c)

06/20/2035

853,374

939,000

Series

2025-3-A2

4.60%

(c)

09/20/2035

941,406

USQ

Rail

III

LLC

,

483,026

Series

2024-1A-A

4.99%

(c)

09/28/2054

484,214

VCAT

LLC

,

738,099

Series

2025-NPL1-A1

5.88%

(c)(d)

01/25/2055

741,260

VOLT

C

LLC

,

127,797

Series

2021-NPL9-A1

5.99%

(c)(d)

05/25/2051

127,878

2

DoubleLine

ETF

Trust

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Washington

Mutual

WMABS

Trust

,

3,477,883

Series

2007-HE2-

2A2

(CME

Term

SOFR

1

Month

+

0.55%,

0.44%

Floor

)

4.29%

02/25/2037

1,103,730

Willis

Engine

Structured

Trust

IX

,

1,000,000

Series

2025-B-A

5.16%

(c)

12/15/2050

1,004,659

Zayo

Issuer

LLC

,

385,000

Series

2025-1A-B

6.09%

(c)

03/20/2055

392,152

Total

Asset

Backed

Obligations

(Cost

$51,801,525)

52,769,294

BANK

LOANS

2.3%

1261229

BC

Ltd.

,

24,875

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

6.25%

)

9.97%

10/08/2030

24,359

AAdvantage

Loyalty

IP

Ltd.

,

89,550

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.25%

)

7.13%

05/28/2032

90,110

Acrisure

LLC

,

292,985

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%

)

6.72%

11/06/2030

293,123

ADMI

Corp.

,

93,440

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.75%,

0.50%

Floor

)

7.58%

12/23/2027

88,884

AI

Aqua

Merger

Sub,

Inc.

,

226,938

Senior

Secured

First

Lien

Term

Loan

(TSFR1M

+

3%;

TSFR3M

+

3%

+

3.00%,

0.50%

Floor

)

6.86%

07/31/2028

227,693

Alera

Group,

Inc.

,

89,775

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%

)

6.97%

05/31/2032

90,309

Allied

Universal

Holdco

LLC

,

89,775

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%

)

6.97%

08/20/2032

90,350

Allison

Transmission,

Inc.

,

140,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

12

Month

+

1.75%

)

5.43%

01/03/2033

140,904

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Altice

France

SA

,

140,626

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

6.88%

)

10.86%

05/30/2031

140,772

American

Axle

&

Manufacturing,

Inc.

,

80,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

12

Month

+

3.25%

)

6.98%

09/20/2032

80,166

AmWINS

Group,

Inc.

,

128,949

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.25%,

0.75%

Floor

)

5.97%

01/30/2032

129,465

Applied

Systems,

Inc.

,

10,000

Senior

Secured

Second

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.50%

)

8.17%

02/23/2032

10,195

Apro

LLC

,

113,835

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.75%

)

7.68%

07/09/2031

114,547

Ardonagh

Group

Finco

Pty.

Ltd.

,

124,376

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.75%

)

6.42%

02/18/2031

124,350

Ascend

Learning

LLC

,

232,637

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%,

0.50%

Floor

)

6.72%

12/11/2028

233,737

Aspire

Bakeries

Holdings

LLC

,

59,400

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.50%

)

7.22%

12/23/2030

59,816

Asurion

LLC

,

54,812

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.25%

)

7.97%

09/19/2030

54,859

30,000

Senior

Secured

Second

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

5.25%

)

9.08%

01/19/2029

29,546

|

December

31,

2025

3

Schedule

of

Investments

DoubleLine

Opportunistic

Core

Bond

ETF

(Cont.)

(Unaudited)

December

31,

2025

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

AthenaHealth

Group,

Inc.

,

258,697

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.75%,

0.50%

Floor

)

6.47%

02/15/2029

259,505

Aveanna

Healthcare

LLC

,

104,738

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.75%

)

7.47%

09/17/2032

105,529

Bausch

+

Lomb

Corp.

,

29,325

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.00%

)

7.72%

09/29/2028

29,398

25,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

12

Month

+

4.00%

)

7.51%

01/15/2031

25,294

203,975

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.25%

)

7.97%

01/15/2031

206,372

BCPE

Empire

Holdings,

Inc.

,

127,515

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%,

0.50%

Floor

)

6.97%

12/11/2030

126,399

Blackfin

Pipeline

LLC

,

90,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%

)

6.75%

10/01/2032

90,281

Boots

Group

Bidco

Ltd.

(The)

,

75,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.50%

)

7.21%

08/30/2032

75,500

Boxer

Parent

Co.,

Inc.

,

158,800

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.00%

)

6.82%

07/30/2032

158,574

Bradyplus

Holdings

LLC

,

25,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.50%

)

7.19%

12/13/2032

24,776

Caesars

Entertainment,

Inc.

,

154,607

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.25%

)

5.97%

02/06/2031

153,447

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Camelot

U.S.

Acquisition

LLC

,

75,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.75%

)

6.47%

01/31/2031

74,145

Cengage

Learning,

Inc.

,

29,626

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.50%,

1.00%

Floor

)

7.23%

03/24/2031

29,783

Clarios

Global

LP

,

209,475

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.75%

)

6.47%

01/28/2032

210,817

Clydesdale

Acquisition

Holdings,

Inc.

,

63,029

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.18%,

0.50%

Floor

)

6.89%

04/13/2029

63,152

Colossus

Acquireco

LLC

,

244,388

Senior

Secured

First

Lien

Term

Loan

(TSFR1D

+

1.75%

)

5.41%

07/30/2032

244,497

CommScope,

Inc.

,

297,834

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.75%

)

8.47%

12/18/2029

298,781

Construction

Partners,

Inc.

,

69,300

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.50%

)

6.22%

11/03/2031

69,906

Corpay

Technologies

Operating

Co.

LLC

,

19,800

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

1.75%

)

5.47%

04/28/2028

19,842

Cotiviti,

Inc.

,

53,445

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.75%

)

6.62%

05/01/2031

51,486

89,550

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.75%

)

6.62%

03/26/2032

86,192

CPI

Holdco

B

LLC

,

19,949

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.00%

)

5.92%

05/19/2031

20,015

4

DoubleLine

ETF

Trust

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Crown

Finance

U.S.,

Inc.

,

139,250

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.50%

)

8.34%

12/02/2031

137,597

CSC

Holdings

LLC

,

19,534

Senior

Secured

First

Lien

Term

Loan

(US

Prime

Rate

+

1.50%

)

8.25%

04/15/2027

17,120

Dawn

Bidco

LLC

,

285,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

12

Month

+

3.50%

)

6.73%

10/07/2032

284,493

DG

Investment

Intermediate

Holdings

2,

Inc.

,

245,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.75%

)

7.47%

07/09/2032

245,919

DIRECTV

Financing

LLC

,

1,135

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

5.00%,

0.75%

Floor

)

9.10%

08/02/2027

1,139

EAB

Global,

Inc.

,

25

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%

)

6.72%

08/16/2030

23

Eagle

Parent

Corp.

,

143,264

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.25%,

0.50%

Floor

)

7.92%

04/02/2029

143,826

Edelman

Financial

Engines

Center

LLC

(The)

,

30,000

Senior

Secured

Second

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

5.25%

)

8.97%

10/20/2028

30,013

EG

America

LLC

,

30,184

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.50%

)

7.32%

02/07/2028

30,338

EMRLD

Borrower

LP

,

64,190

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

6

Month

+

2.25%

)

6.12%

08/04/2031

64,396

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Flutter

Financing

BV

,

34,825

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.00%

)

5.67%

06/04/2032

34,879

Focus

Financial

Partners

LLC

,

143,089

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.50%

)

6.42%

09/15/2031

143,491

Freeport

LNG

Investments

LLLP

,

99,947

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%

)

7.12%

12/21/2028

100,479

Froneri

U.S.,

Inc.

,

255,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

6

Month

+

2.25%

)

6.12%

09/30/2032

255,356

Frontier

Communications

Holdings

LLC

,

109,724

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.50%

)

6.24%

07/01/2031

109,947

Gainwell

Acquisition

Corp.

,

204,145

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.00%,

0.75%

Floor

)

7.77%

10/01/2027

200,929

Garda

World

Security

Corp.

,

158,300

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%

)

6.75%

02/01/2029

159,171

GBT

U.S.

III

LLC

,

39,600

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.50%

)

6.36%

07/25/2031

39,784

Gen

Digital,

Inc.

,

99,500

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

1.75%

)

5.47%

04/16/2032

99,699

Genmab

A/S

,

75,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.00%

)

6.73%

12/13/2032

75,446

|

December

31,

2025

5

Schedule

of

Investments

DoubleLine

Opportunistic

Core

Bond

ETF

(Cont.)

(Unaudited)

December

31,

2025

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

GFL

Environmental

Services,

Inc.

,

124,688

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.50%

)

6.27%

03/03/2032

125,373

GIP

Pilot

Acquisition

Partners

LP

,

19,483

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.00%

)

5.94%

10/04/2030

19,553

Golden

State

Foods

LLC

,

49,488

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.00%

)

8.00%

12/04/2031

49,859

Grant

Thornton

Advisors

LLC

,

149,624

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.75%

)

6.47%

06/02/2031

150,092

84,788

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%

)

6.72%

06/02/2031

85,227

Green

Infrastructure

Partners,

Inc.

,

230,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.75%

)

6.48%

09/24/2032

230,862

Hamilton

Projects

Acquiror

LLC

,

13,823

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.50%

)

6.22%

05/30/2031

13,941

Herc

Holdings,

Inc.

,

30,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

1.75%

)

5.52%

06/02/2032

30,194

Hexion

Holdings

Corp.

,

78,501

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.00%,

0.50%

Floor

)

7.73%

03/15/2029

75,907

Hightower

Holding

LLC

,

268,128

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.75%

)

6.65%

02/03/2032

268,967

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

HUB

International

Ltd.

,

63,670

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.25%,

0.75%

Floor

)

6.12%

06/20/2030

64,072

Hunter

Douglas,

Inc.

,

72,157

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.00%,

0.50%

Floor

)

6.67%

01/16/2032

72,647

Husky

Injection

Molding

Systems

Ltd.

,

137,824

Senior

Secured

First

Lien

Term

Loan

(TSFR1M

+

3.75%;

TSFR3M

+

3.75%

+

3.75%

)

7.53%

02/15/2029

139,040

INEOS

U.S.

Finance

LLC

,

23,024

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%

)

6.97%

02/18/2030

18,743

INEOS

U.S.

Petrochem

LLC

,

24,688

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.25%

)

7.97%

10/07/2031

16,649

ION

Platform

Finance

U.S.,

Inc.

,

170,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.75%

)

7.42%

09/30/2032

160,043

Kaman

Corp.

,

127,585

Senior

Secured

First

Lien

Term

Loan

(TSFR3M

+

2.5%;

TSFR6M

+

2.5%

+

2.50%

)

6.38%

02/26/2032

128,256

1,156

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.50%

)

6.38%

02/26/2032

1,162

Kenan

Advantage

Group,

Inc.

(The)

,

69,646

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%

)

6.97%

01/25/2029

69,159

Lavender

Dutch

BorrowerCo

BV

,

70,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

12

Month

+

3.25%

)

7.01%

12/02/2032

70,656

6

DoubleLine

ETF

Trust

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

LBM

Acquisition

LLC

,

78,034

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.75%,

0.75%

Floor

)

7.58%

06/06/2031

73,408

LC

Ahab

U.S.

Bidco

LLC

,

94,122

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%

)

6.72%

05/01/2031

94,515

Life

Time,

Inc.

,

49,626

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.00%

)

5.78%

11/05/2031

49,879

LifePoint

Health,

Inc.

,

138,306

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.75%

)

7.65%

05/19/2031

138,915

Live

Nation

Entertainment,

Inc.

,

105,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.00%

)

5.73%

10/21/2032

105,263

Lumen

Technologies,

Inc.

,

136,453

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.35%

)

6.18%

04/16/2029

135,933

Madison

IAQ

LLC

,

100,259

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.75%

)

6.64%

05/06/2032

101,016

Madison

Safety

&

Flow

LLC

,

28,933

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.50%

)

6.23%

09/26/2031

29,174

McAfee

Corp.

,

59,101

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%,

0.50%

Floor

)

6.72%

03/01/2029

54,736

Meade

Pipeline

Co.

LLC

,

90,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.00%

)

5.69%

09/22/2032

90,619

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Medline

Borrower

LP

,

49,377

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

1.75%

)

5.47%

10/23/2030

49,616

MH

Sub

I

LLC

,

141,704

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.25%,

0.50%

Floor

)

7.97%

12/31/2031

121,932

Mitchell

International,

Inc.

,

128,060

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%,

0.50%

Floor

)

6.97%

06/17/2031

128,637

25,000

Senior

Secured

Second

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

5.25%,

0.50%

Floor

)

8.97%

06/07/2032

24,903

MIWD

Holdco

II

LLC

,

94,287

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.75%

)

6.47%

03/28/2031

94,493

Motion

Finco

Sarl

,

59,850

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.50%

)

7.17%

11/13/2029

53,229

MX

Holdings

U.S.,

Inc.

,

24,875

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.00%

)

5.72%

03/17/2032

25,010

NEP

Group,

Inc.

,

35,126

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.50%

)

8.22%

10/17/2031

32,359

Nexstar

Media,

Inc.

,

109,725

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.50%

)

6.22%

06/28/2032

110,370

OneDigital

Borrower

LLC

,

118,500

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%,

0.50%

Floor

)

6.72%

07/02/2031

118,947

|

December

31,

2025

7

Schedule

of

Investments

DoubleLine

Opportunistic

Core

Bond

ETF

(Cont.)

(Unaudited)

December

31,

2025

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Ontario

Gaming

GTA

LP

,

64,172

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.25%,

0.50%

Floor

)

8.24%

08/01/2030

59,542

OPAL

U.S.

LLC

,

199,500

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.00%

)

6.69%

04/28/2032

200,996

Openlane

,

Inc.

,

100,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.50%

)

6.36%

10/01/2032

100,251

OVG

Business

Services

LLC

,

249,369

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%

)

6.72%

06/25/2031

250,148

Pacific

Dental

Services,

Inc.

,

64,837

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.50%

)

6.24%

03/17/2031

65,163

PetSmart

LLC

,

75,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.00%

)

7.73%

08/18/2032

74,789

Pinnacle

Buyer

LLC

,

33,548

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.50%

)

6.49%

10/01/2032

33,716

Polaris

Newco

LLC

,

108,391

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.75%,

0.50%

Floor

)

7.85%

06/02/2028

104,774

Prime

Security

Services

Borrower

LLC

,

124,687

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

1.75%

)

5.58%

03/08/2032

124,523

Project

Aurora

U.S.

Finco

,

Inc.

,

49,875

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.75%

)

6.49%

09/30/2032

50,187

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Pye-Barker

Fire

&

Safety

LLC

,

39,150

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.50%

)

6.21%

12/16/2032

39,440

Quikrete

Holdings,

Inc.

,

24,376

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.25%

)

5.97%

03/19/2029

24,491

79,400

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.25%

)

5.97%

02/10/2032

79,735

Radiology

Partners,

Inc.

,

144,638

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.50%

)

8.22%

06/30/2032

144,559

RealPage,

Inc.

,

64,831

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.00%

)

6.93%

04/24/2028

64,856

29,775

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.75%,

0.50%

Floor

)

7.45%

04/24/2028

29,908

Sabre

GLBL,

Inc.

,

12,301

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

6.00%,

0.50%

Floor

)

9.82%

11/15/2029

11,071

Savor

Acquisition,

Inc.

,

73,806

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.00%

)

6.84%

02/19/2032

74,205

Signia

Aerospace

LLC

,

108,880

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.75%

)

6.57%

12/11/2031

109,417

Six

Flags

Entertainment

Corp.

,

39,400

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.00%

)

5.72%

05/01/2031

39,014

Staples,

Inc.

,

34,824

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

5.75%

)

9.60%

08/23/2029

33,159

8

DoubleLine

ETF

Trust

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

StubHub

Holdco

Sub

LLC

,

88,760

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.75%

)

8.47%

03/15/2030

88,150

Sunrise

Financing

Partnership

,

105,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.50%

)

6.43%

02/17/2032

105,507

Talen

Energy

Supply

LLC

,

100,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.00%

)

5.67%

11/25/2032

100,141

Team

Health

Holdings,

Inc.

,

79,600

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.50%

)

8.34%

06/30/2028

79,967

Tecta

America

Corp.

,

79,600

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.75%

)

6.47%

02/18/2032

80,004

TKO

Worldwide

Holdings

LLC

,

39,800

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.00%

)

5.87%

11/21/2031

40,027

TransDigm

,

Inc.

,

314,213

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.50%

)

6.22%

08/19/2032

315,876

Trident

TPI

Holdings,

Inc.

,

64,836

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.75%,

0.50%

Floor

)

7.42%

09/15/2028

62,438

Trucordia

Insurance

Holdings

LLC

,

109,725

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%

)

6.97%

06/17/2032

109,176

Univision

Communications,

Inc.

,

164,582

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.50%

)

7.42%

01/23/2029

164,454

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Verde

Purchaser

LLC

,

44,599

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.00%

)

7.67%

11/30/2030

44,657

Vestis

Corp.

,

89,094

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.25%

)

6.07%

02/24/2031

82,078

Victory

Capital

Holdings,

Inc.

,

29,925

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.00%

)

5.67%

09/23/2032

30,135

Victra

Holdings

LLC

,

303,376

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.75%

)

7.42%

03/30/2029

304,182

Virgin

Media

Bristol

LLC

,

105,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

6

Month

+

3.18%

)

7.05%

03/31/2031

104,195

Voyager

Parent

LLC

,

35,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

12

Month

+

4.25%

)

8.02%

07/01/2032

35,069

134,663

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.75%

)

8.42%

07/01/2032

134,928

Wand

NewCo

3,

Inc.

,

152,960

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.50%

)

6.22%

01/30/2031

153,295

White

Cap

Supply

Holdings

LLC

,

104,011

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%

)

6.97%

10/19/2029

104,553

WhiteWater

Matterhorn

Holdings

LLC

,

25,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.25%

)

6.31%

06/16/2032

25,130

X

Corp.

,

70,000

Senior

Secured

First

Lien

Term

Loan

9.50%

10/26/2029

69,887

|

December

31,

2025

9

Schedule

of

Investments

DoubleLine

Opportunistic

Core

Bond

ETF

(Cont.)

(Unaudited)

December

31,

2025

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

234,051

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

6

Month

+

6.50%

)

10.45%

10/26/2029

230,457

Zayo

Group

Holdings,

Inc.

,

102,361

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%

+

0.50%

PIK)

7.35%

03/11/2030

97,430

Zelis

Payments

Buyer,

Inc.

,

123,924

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%

)

6.97%

11/26/2031

123,149

Total

Bank

Loans

(Cost

$14,398,558)

14,443,106

COLLATERALIZED

LOAN

OBLIGATIONS

3.1%

Anthelion

CLO

Ltd.

,

1,000,000

Series

2025-1A-A1

(CME

Term

SOFR

3

Month

+

1.50%

)

5.82%

(c)

07/20/2036

1,003,515

Apidos

CLO

XXXIX

Ltd.

,

500,000

Series

2022-39A-A1R

(CME

Term

SOFR

3

Month

+

1.23%

)

5.40%

(c)

10/21/2038

501,212

Apidos

Loan

Fund

Ltd.

,

500,000

Series

2024-1A-A1R

(CME

Term

SOFR

3

Month

+

1.25%

)

5.38%

(c)

10/25/2038

501,493

AREIT

Ltd.

,

200,000

Series

2024-CRE9-B

(CME

Term

SOFR

1

Month

+

2.54%,

2.54%

Floor

)

6.29%

(c)

05/17/2041

200,153

Bain

Capital

Credit

CLO

Ltd.

,

500,000

Series

2025-4A-D1

(CME

Term

SOFR

3

Month

+

2.60%

)

6.46%

(c)

01/17/2039

503,455

BDS

LLC

,

280,000

Series

2022-FL11-B

(CME

Term

SOFR

1

Month

+

2.35%,

2.35%

Floor

)

6.08%

(c)

03/19/2039

281,819

Benefit

Street

Partners

CLO

46

Ltd.

,

500,000

Series

2025-46A-A

(CME

Term

SOFR

3

Month

+

1.21%

)

0.00%

(c)

01/25/2039

500,000

Benefit

Street

Partners

CLO

XXXVI

Ltd.

,

500,000

Series

2024-36A-D1

(CME

Term

SOFR

3

Month

+

2.95%,

2.95%

Floor

)

6.81%

(c)

01/25/2038

500,153

BRSP

Ltd.

,

116,797

Series

2021-FL1-A

(CME

Term

SOFR

1

Month

+

1.26%,

1.15%

Floor

)

5.00%

(c)

08/19/2038

116,663

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

BSPRT

Issuer

Ltd.

,

270,000

Series

2023-FL10-B

(CME

Term

SOFR

1

Month

+

3.27%,

3.27%

Floor

)

7.02%

(c)

09/15/2035

270,951

Carlyle

US

CLO

Ltd.

,

500,000

Series

2021-8A-A1R

(CME

Term

SOFR

3

Month

+

1.27%

)

5.25%

(c)

10/15/2038

501,560

CBAM

Ltd.

,

500,000

Series

2017-2A-BR

(CME

Term

SOFR

3

Month

+

2.11%,

1.85%

Floor

)

5.99%

(c)

07/17/2034

500,440

Crown

City

CLO

I

,

500,000

Series

2020-1A-A1RR

(CME

Term

SOFR

3

Month

+

1.37%

)

5.53%

(c)

07/20/2038

501,964

FS

Rialto

Issuer

LLC

,

300,000

Series

2025-FL10-A

(CME

Term

SOFR

1

Month

+

1.39%,

1.39%

Floor

)

5.12%

(c)

08/19/2042

300,718

GoldenTree

Loan

Management

US

CLO

27

Ltd.

,

500,000

Series

2025-27A-D

(CME

Term

SOFR

3

Month

+

2.60%

)

6.42%

(c)

01/20/2039

503,777

Greystone

CRE

Notes

Ltd.

,

240,000

Series

2021-FL3-B

(CME

Term

SOFR

1

Month

+

1.76%,

1.65%

Floor

)

5.51%

(c)

07/15/2039

239,946

ICG

US

CLO

I

Ltd.

,

500,000

Series

2023-1A-AR

(CME

Term

SOFR

3

Month

+

1.38%

)

5.26%

(c)

07/18/2038

502,009

Invesco

CLO

Ltd.

,

500,000

Series

2021-3A-DR

(CME

Term

SOFR

3

Month

+

3.10%

)

6.96%

(c)

10/22/2034

502,753

Jamestown

CLO

XII

Ltd.

,

500,000

Series

2019-1A-ARR

(CME

Term

SOFR

3

Month

+

1.37%

)

5.60%

(c)

03/20/2038

502,002

Kennedy

Lewis

CLO

12

Ltd.

,

500,000

Series

2023-12A-AR

(CME

Term

SOFR

3

Month

+

1.33%

)

5.61%

(c)

07/20/2038

501,996

Kennedy

Lewis

CLO

13

Ltd.

,

500,000

Series

2023-13A-A1

(CME

Term

SOFR

3

Month

+

1.80%

)

5.67%

(c)

01/20/2037

500,451

KREF

Ltd.

,

210,000

Series

2021-FL2-AS

(CME

Term

SOFR

1

Month

+

1.41%,

1.30%

Floor

)

5.15%

(c)

02/15/2039

210,068

LoanCore

Issuer

Ltd.

,

67,126

Series

2021-CRE6-A

(CME

Term

SOFR

1

Month

+

1.41%,

1.30%

Floor

)

5.16%

(c)

11/15/2038

67,241

10

DoubleLine

ETF

Trust

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Madison

Park

Funding

LXIII

Ltd.

,

500,000

Series

2023-63A-A1R

(CME

Term

SOFR

3

Month

+

1.40%

)

5.27%

(c)

07/21/2038

502,167

Magnetite

XXXV

Ltd.

,

500,000

Series

2022-35A-A1RR

(CME

Term

SOFR

3

Month

+

1.20%

)

4.92%

(c)

01/25/2039

500,000

Marble

Point

CLO

XIX

Ltd.

,

500,000

Series

2020-3A-AR2

(CME

Term

SOFR

3

Month

+

1.30%

)

5.44%

(c)

10/19/2038

501,529

MF1

Multifamily

Housing

Mortgage

Loan

Trust

,

39,318

Series

2021-FL7-A

(CME

Term

SOFR

1

Month

+

1.19%,

1.08%

Floor

)

4.93%

(c)

10/16/2036

39,355

260,000

Series

2024-FL14-

AS

(CME

Term

SOFR

1

Month

+

2.24%,

2.24%

Floor

)

5.97%

(c)

03/19/2039

260,871

280,000

Series

2024-FL15-A

(CME

Term

SOFR

1

Month

+

1.69%,

1.69%

Floor

)

5.42%

(c)

08/18/2041

281,030

Neuberger

Berman

Loan

Advisers

CLO

44

Ltd.

,

500,000

Series

2021-44A-DR

(CME

Term

SOFR

3

Month

+

2.65%,

2.65%

Floor

)

6.54%

(c)

10/16/2035

502,024

Sound

Point

CLO

XXXI

Ltd.

,

500,000

Series

2021-3A-D

(CME

Term

SOFR

3

Month

+

3.51%,

3.25%

Floor

)

7.37%

(c)

10/25/2034

484,208

STWD

Ltd.

,

67,037

Series

2021-FL2-A

(CME

Term

SOFR

1

Month

+

1.31%,

1.20%

Floor

)

5.05%

(c)

04/18/2038

67,123

Trestles

CLO

VI

Ltd.

,

1,000,000

Series

2023-6A-A1R

(CME

Term

SOFR

3

Month

+

1.18%,

1.18%

Floor

)

5.04%

(c)

04/25/2038

1,000,077

Trestles

CLO

VIII

Ltd.

,

500,000

Series

2025-8A-A1

(CME

Term

SOFR

3

Month

+

1.33%

)

5.63%

(c)

06/11/2035

500,797

Vibrant

CLO

IV-R

Ltd.

,

500,000

Series

2024-4RA-D1

(CME

Term

SOFR

3

Month

+

3.75%,

3.75%

Floor

)

7.63%

(c)

10/20/2037

503,233

Voya

CLO

Ltd.

,

1,000,000

Series

2013-1A-BR

(CME

Term

SOFR

3

Month

+

2.16%

)

6.07%

(c)

10/15/2030

1,002,963

500,000

Series

2014-4A-CR2

(CME

Term

SOFR

3

Month

+

3.61%

)

7.52%

(c)

07/14/2031

500,781

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

500,000

Series

2021-1A-DR

(CME

Term

SOFR

3

Month

+

2.80%,

2.80%

Floor

)

6.70%

(c)

07/15/2034

501,573

500,000

Series

2023-1A-A1R

(CME

Term

SOFR

3

Month

+

1.21%

)

4.96%

(c)

01/20/2039

500,560

Warwick

Capital

CLO

6

Ltd.

,

500,000

Series

2025-6A-A1

(CME

Term

SOFR

3

Month

+

1.43%

)

5.53%

(c)

07/20/2038

502,310

Wind

River

CLO

Ltd.

,

1,000,000

Series

2021-1A-D1R

(CME

Term

SOFR

3

Month

+

3.95%,

3.95%

Floor

)

7.83%

(c)

07/20/2037

1,012,005

500,000

Series

2021-3A-D1AR

(CME

Term

SOFR

3

Month

+

3.00%,

3.00%

Floor

)

6.88%

(c)

04/20/2038

500,892

Total

Collateralized

Loan

Obligations

(Cost

$19,247,989)

19,377,837

FOREIGN

CORPORATE

BONDS

7.6%

AUSTRALIA

0.1%

500,000

AngloGold

Ashanti

Holdings

plc

3.38%

11/01/2028

485,294

234,000

Rio

Tinto

Finance

USA

plc

5.75%

03/14/2055

238,898

724,192

BERMUDA

0.0%

(a)

234,000

Triton

Container

International

Ltd.

3.25%

03/15/2032

212,867

BRAZIL

0.9%

221,049

Acu

Petroleo

Luxembourg

Sarl

7.50%

01/13/2032

225,847

700,000

Cosan

Overseas

Ltd.

8.25%

(e)

02/05/2026

708,225

600,000

CSN

Resources

SA

5.88%

04/08/2032

473,235

400,000

Itau

Unibanco

Holding

SA

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.45%)

3.88%

04/15/2031

399,144

300,000

MARB

BondCo

plc

3.95%

01/29/2031

272,212

350,000

Minerva

Luxembourg

SA

5.88%

01/19/2028

349,787

416,418

MV24

Capital

BV

6.75%

06/01/2034

413,620

200,000

NBM

US

Holdings,

Inc.

6.63%

08/06/2029

202,593

211,000

Nexa

Resources

SA

6.50%

(c)

01/18/2028

216,323

200,000

Petrobras

Global

Finance

BV

5.13%

09/10/2030

196,236

405,260

Prumo

Participacoes

e

Investimentos

S/A

7.50%

12/31/2031

416,078

200,000

Raizen

Fuels

Finance

SA

5.70%

01/17/2035

153,163

200,000

Raizen

Fuels

Finance

SA

6.70%

02/25/2037

161,896

|

December

31,

2025

11

Schedule

of

Investments

DoubleLine

Opportunistic

Core

Bond

ETF

(Cont.)

(Unaudited)

December

31,

2025

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

600,000

Simpar

Europe

SA

5.20%

01/26/2031

483,750

179,000

Suzano

Netherlands

BV

5.50%

01/15/2036

177,569

200,000

Ultrapar

International

SA

5.25%

10/06/2026

200,210

173,000

Vale

Overseas

Ltd.

6.40%

06/28/2054

176,720

200,000

Vamos

Europe

SA

9.20%

(c)

01/26/2031

191,200

200,000

Yinson

Bergenia

Production

BV

8.50%

(c)

01/31/2045

209,925

5,627,733

CANADA

0.7%

65,000

Bausch

Health

Cos.,

Inc.

4.88%

(c)

06/01/2028

58,224

60,000

Bausch

Health

Cos.,

Inc.

5.25%

(c)

01/30/2030

42,275

228,000

Bell

Canada

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.39%)

6.88%

09/15/2055

236,180

624,000

Canadian

Imperial

Bank

of

Commerce

(SOFR

Compounded

Index

+

0.60%)

4.24%

09/08/2028

626,548

281,000

CCL

Industries,

Inc.

3.05%

(c)

06/01/2030

265,305

243,000

Element

Fleet

Management

Corp.

5.04%

(c)

03/25/2030

248,473

125,000

Garda

World

Security

Corp.

6.50%

(c)

01/15/2031

127,984

370,000

Garda

World

Security

Corp.

8.25%

(c)

08/01/2032

377,524

395,000

Husky

Injection

Molding

Systems

Ltd.

9.00%

(c)

02/15/2029

414,742

250,000

Ontario

Gaming

GTA

LP

8.00%

(c)

08/01/2030

237,237

699,000

Royal

Bank

of

Canada

(SOFR

+

0.98%)

4.31%

11/03/2031

695,918

279,000

TELUS

Corp.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.71%)

7.00%

10/15/2055

290,587

160,000

Toronto-Dominion

Bank

(The)

4.93%

10/15/2035

159,954

438,000

Videotron

Ltd.

5.70%

(c)

01/15/2035

447,999

4,228,950

CAYMAN

ISLANDS

0.1%

530,000

Global

Aircraft

Leasing

Co.

Ltd.

8.75%

(c)

09/01/2027

550,298

CHILE

0.5%

400,000

CAP

SA

3.90%

04/27/2031

327,370

200,000

Cencosud

SA

4.38%

07/17/2027

200,200

388,348

Chile

Electricity

Lux

MPC

II

Sarl

5.67%

(c)

10/20/2035

404,364

194,174

Chile

Electricity

Lux

MPC

II

Sarl

5.67%

10/20/2035

202,182

774,175

Chile

Electricity

Lux

MPC

Sarl

6.01%

01/20/2033

814,363

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

180,834

Chile

Electricity

PEC

SpA

0.00%

01/25/2028

162,976

400,000

Corp.

Nacional

del

Cobre

de

Chile

3.00%

09/30/2029

379,913

282,480

GNL

Quintero

SA

4.63%

07/31/2029

282,790

200,000

Inversiones

CMPC

SA

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.83%)

6.70%

(c)

12/09/2057

201,112

2,975,270

COLOMBIA

0.4%

147,916

AL

Candelaria

Spain

SA

7.50%

12/15/2028

150,008

250,000

AL

Candelaria

Spain

SA

5.75%

06/15/2033

222,036

200,000

Aris

Mining

Corp.

8.00%

(c)

10/31/2029

208,893

400,000

Banco

Davivienda

SA

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.59%)

8.13%

(c)

07/02/2035

419,952

300,000

Banco

de

Bogota

SA

6.25%

05/12/2026

301,502

150,000

Banco

GNB

Sudameris

SA

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

6.66%)

7.50%

04/16/2031

148,986

450,000

Empresas

Publicas

de

Medellin

ESP

4.38%

02/15/2031

412,008

160,900

Fideicomiso

PA

Pacifico

Tres

8.25%

01/15/2035

168,945

200,000

SURA

Asset

Management

SA

6.35%

(c)

05/13/2032

213,766

2,246,096

FRANCE

0.1%

90,000

Altice

France

SA

6.88%

(c)

07/15/2032

86,364

318,000

Credit

Agricole

SA

(SOFR

+

1.36%)

4.82%

(c)

09/25/2033

317,703

324,000

Societe

Generale

SA

(SOFR

+

1.73%)

5.44%

(c)

10/03/2036

324,826

728,893

GUATEMALA

0.2%

500,000

Banco

Industrial

SA

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.44%)

4.88%

01/29/2031

498,800

450,000

Millicom

International

Cellular

SA

6.25%

03/25/2029

454,443

953,243

HONG

KONG

0.0%

(a)

210,000

Seaspan

Corp.

5.50%

(c)

08/01/2029

199,614

INDIA

0.7%

200,000

Adani

Electricity

Mumbai

Ltd.

3.95%

02/12/2030

186,436

12

DoubleLine

ETF

Trust

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

200,000

Adani

Electricity

Mumbai

Ltd.

3.87%

07/22/2031

180,018

306,000

Adani

International

Container

Terminal

Pvt.

Ltd.

3.00%

02/16/2031

282,146

200,000

Adani

Ports

&

Special

Economic

Zone

Ltd.

3.10%

02/02/2031

177,433

164,250

Adani

Renewable

Energy

RJ

Ltd.

4.63%

10/15/2039

139,903

665,000

Adani

Transmission

Step-One

Ltd.

4.25%

05/21/2036

600,827

400,000

BPRL

International

Singapore

Pte.

Ltd.

4.38%

01/18/2027

400,286

695,000

JSW

Hydro

Energy

Ltd.

4.13%

05/18/2031

647,227

400,000

JSW

Infrastructure

Ltd.

4.95%

01/21/2029

401,200

800,000

ONGC

Videsh

Vankorneft

Pte.

Ltd.

3.75%

07/27/2026

797,642

250,000

Reliance

Industries

Ltd.

3.67%

11/30/2027

248,036

200,000

Wipro

IT

Services

LLC

1.50%

06/23/2026

197,432

4,258,586

INDONESIA

0.4%

200,000

Bank

Negara

Indonesia

Persero

Tbk

.

PT

3.75%

03/30/2026

198,997

400,000

Freeport

Indonesia

PT

4.76%

04/14/2027

402,687

575,360

Minejesa

Capital

BV

4.63%

08/10/2030

573,696

700,000

Pertamina

Persero

PT

1.40%

02/09/2026

697,413

700,000

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

4.13%

05/15/2027

698,875

200,000

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

3.88%

07/17/2029

195,382

2,767,050

IRELAND

0.2%

367,000

AerCap

Ireland

Capital

DAC

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.72%)

6.95%

03/10/2055

384,997

580,000

Avolon

Holdings

Funding

Ltd.

5.75%

(c)

03/01/2029

600,418

104,000

Avolon

Holdings

Funding

Ltd.

4.70%

(c)

01/30/2031

103,357

140,000

GGAM

Finance

Ltd.

6.88%

(c)

04/15/2029

145,556

1,234,328

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

ITALY

0.0%

(a)

315,000

Enel

Finance

International

NV

4.13%

(c)

09/30/2028

314,532

JAPAN

0.0%

(a)

300,000

Renesas

Electronics

Corp.

2.17%

(c)

11/25/2026

294,631

KUWAIT

0.0%

(a)

200,000

EQUATE

Petrochemical

Co.

KSC

4.25%

11/03/2026

199,747

LUXEMBOURG

0.0%

(a)

169,000

ArcelorMittal

SA

6.00%

06/17/2034

182,000

MALAYSIA

0.1%

400,000

MISC

Capital

Two

Labuan

Ltd.

3.75%

04/06/2027

397,586

MEXICO

0.8%

200,000

Banco

Mercantil

del

Norte

SA

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.07%)

8.38%

(c)(e)

05/20/2031

210,250

200,000

Banco

Nacional

de

Comercio

Exterior

SNC

5.88%

(c)

05/07/2030

207,240

300,000

BBVA

Mexico

SA

Institucion

De

Banca

Multiple

Grupo

Financiero

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.21%)

8.13%

01/08/2039

324,746

300,000

BBVA

Mexico

SA

Institucion

De

Banca

Multiple

Grupo

Financiero

BBVA

Mexico

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.31%)

5.88%

09/13/2034

299,724

198,982

Buffalo

Energy

Mexico

Holdings

7.88%

(c)

02/15/2039

218,557

500,000

Cemex

SAB

de

CV

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.53%)

5.13%

(e)

06/08/2026

500,251

200,000

Cemex

SAB

de

CV

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.52%)

7.20%

(c)(e)

06/10/2030

208,830

220,500

Cometa

Energia

SA

de

CV

6.38%

04/24/2035

231,402

400,000

Comision

Federal

de

Electricidad

3.35%

02/09/2031

363,683

|

December

31,

2025

13

Schedule

of

Investments

DoubleLine

Opportunistic

Core

Bond

ETF

(Cont.)

(Unaudited)

December

31,

2025

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

396,203

FIEMEX

Energia

-

Banco

Actinver

SA

Institucion

de

Banca

Multiple

7.25%

(c)

01/31/2041

417,115

198,101

FIEMEX

Energia

-

Banco

Actinver

SA

Institucion

de

Banca

Multiple

7.25%

01/31/2041

208,557

400,000

Mexico

City

Airport

Trust

3.88%

04/30/2028

391,477

415,696

Mexico

Generadora

de

Energia

S

de

rl

5.50%

12/06/2032

422,778

200,000

Orbia

Advance

Corp.

SAB

de

CV

6.75%

09/19/2042

174,285

200,000

Saavi

Energia

Sarl

8.88%

(c)

02/10/2035

217,160

337,369

Tierra

Mojada

Luxembourg

II

Sarl

5.75%

12/01/2040

332,059

4,728,114

MOROCCO

0.1%

400,000

OCP

SA

6.75%

05/02/2034

431,264

NETHERLANDS

0.0%

(a)

239,000

NXP

BV

4.85%

08/19/2032

240,684

PARAGUAY

0.2%

654,642

Bioceanico

Sovereign

Certificate

Ltd.

0.00%

06/05/2034

536,970

586,667

Rutas

2

&

7

Finance

Ltd.

0.00%

09/30/2036

446,277

300,000

Telefonica

Celular

del

Paraguay

SA

5.88%

04/15/2027

299,469

1,282,716

PERU

0.6%

850,000

Banco

de

Credito

del

Peru

SA

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.45%)

3.25%

09/30/2031

838,801

150,000

Banco

Internacional

del

Peru

SAA

Interbank

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.07%)

6.40%

(c)

04/30/2035

157,688

400,000

Banco

Internacional

del

Peru

SAA

Interbank

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.07%)

6.40%

04/30/2035

420,500

700,000

InRetail

Consumer

3.25%

03/22/2028

684,187

400,000

Intercorp

Financial

Services,

Inc.

4.13%

10/19/2027

399,255

381,206

Lima

Metro

Line

2

Finance

Ltd.

5.88%

07/05/2034

396,878

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

229,419

Lima

Metro

Line

2

Finance

Ltd.

4.35%

04/05/2036

224,489

200,000

Minsur

SA

4.50%

10/28/2031

191,689

450,060

Peru

LNG

Srl

5.38%

03/22/2030

436,188

200,000

Volcan

Cia

Minera

SAA

8.50%

(c)

10/28/2032

206,126

3,955,801

SAUDI

ARABIA

0.1%

400,000

Avilease

Capital

Ltd.

4.75%

(c)

11/12/2030

397,124

SINGAPORE

0.4%

700,000

DBS

Group

Holdings

Ltd.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.10%)

1.82%

03/10/2031

695,600

900,000

Oversea-Chinese

Banking

Corp.

Ltd.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.58%)

4.60%

06/15/2032

903,803

800,000

United

Overseas

Bank

Ltd.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.23%)

2.00%

10/14/2031

785,686

2,385,089

SOUTH

AFRICA

0.1%

400,000

Gold

Fields

Orogen

Holdings

BVI

Ltd.

6.13%

05/15/2029

420,699

200,000

Sasol

Financing

USA

LLC

4.38%

09/18/2026

199,209

619,908

SOUTH

KOREA

0.2%

1,015,000

SK

hynix

,

Inc.

4.25%

(c)

09/11/2028

1,018,589

SWITZERLAND

0.1%

318,000

UBS

Group

AG

(SOFR

+

1.34%)

5.01%

(c)

03/23/2037

315,320

UNITED

KINGDOM

0.5%

400,000

180

Medical,

Inc.

5.30%

(c)

10/08/2035

399,607

400,000

Ashtead

Capital,

Inc.

5.55%

(c)

05/30/2033

412,907

293,000

Barclays

plc

(SOFR

+

1.83%)

5.86%

08/11/2046

300,416

242,000

BAT

Capital

Corp.

5.63%

08/15/2035

252,213

402,000

BAT

Capital

Corp.

4.54%

08/15/2047

333,794

200,000

Belron

UK

Finance

plc

5.75%

(c)

10/15/2029

204,342

400,000

Froneri

Lux

FinCo

.

Sarl

6.00%

(c)

08/01/2032

405,810

120,000

Macquarie

Airfinance

Holdings

Ltd.

5.20%

(c)

03/27/2028

121,844

254,000

Macquarie

Airfinance

Holdings

Ltd.

5.15%

(c)

03/17/2030

257,680

14

DoubleLine

ETF

Trust

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

323,000

Nationwide

Building

Society

(SOFR

+

1.65%)

5.54%

(c)

07/14/2036

333,780

3,022,393

VIETNAM

0.1%

434,536

Mong

Duong

Finance

Holdings

BV

5.13%

05/07/2029

430,132

Total

Foreign

Corporate

Bonds

(Cost

$45,939,719)

46,922,750

FOREIGN

GOVERNMENT

BONDS,

FOREIGN

AGENCIES

AND

FOREIGN

GOVERNMENT

SPONSORED

CORPORATIONS

0.4%

BRAZIL

0.0%

(a)

400,000

Brazil

Government

Bond

4.75%

01/14/2050

292,200

DOMINICAN

REPUBLIC

0.1%

300,000

Dominican

Republic

Government

Bond

5.95%

01/25/2027

303,615

150,000

Dominican

Republic

Government

Bond

5.50%

02/22/2029

152,190

200,000

Dominican

Republic

Government

Bond

4.50%

01/30/2030

195,800

651,605

GUATEMALA

0.1%

200,000

Republic

of

Guatemala

4.38%

06/05/2027

199,000

200,000

Republic

of

Guatemala

4.88%

02/13/2028

201,433

400,433

MEXICO

0.0%

(a)

250,000

Mexico

Government

Bond

4.50%

04/22/2029

251,375

MOROCCO

0.1%

500,000

Morocco

Government

Bond

2.38%

12/15/2027

480,242

PARAGUAY

0.1%

343,000

Republic

of

Paraguay

4.70%

03/27/2027

345,916

Total

Foreign

Government

Bonds,

Foreign

Agencies

and

Foreign

Government

Sponsored

Corporations

(Cost

$2,400,477)

2,421,771

NON-AGENCY

COMMERCIAL

MORTGAGE

BACKED

OBLIGATIONS

4.4%

1211

Avenue

of

the

Americas

Trust

,

260,000

Series

2015-1211-A1A2

3.90%

(c)

08/10/2035

251,778

280

Park

Avenue

Mortgage

Trust

,

250,000

Series

2017-280P-A

(CME

Term

SOFR

1

Month

+

1.18%,

1.13%

Floor

)

4.93%

(c)

09/15/2034

249,251

BANK

,

300,000

Series

2018-BN11-C

4.37%

(f)

03/15/2061

273,100

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

160,000

Series

2019-BN23-A3

2.92%

12/15/2052

151,615

299,416

Series

2020-BN26-A2

2.04%

03/15/2063

285,895

220,000

Series

2021-BN32-A4

2.35%

04/15/2054

201,612

260,445

Series

2021-BN33-A5

2.56%

05/15/2064

235,685

300,000

Series

2021-BN38-A5

2.52%

12/15/2064

266,557

307,000

Series

2022-BNK43-C

5.23%

(f)

08/15/2055

281,437

5,991,924

Series

2023-BNK46-XA

0.62%

(f)(g)

08/15/2056

200,279

11,745,630

Series

2025-BNK50-XA

0.34%

(f)(g)

05/15/2068

328,584

450,000

Series

2025-BNK51-C

5.95%

(f)

12/25/2067

451,751

Bank

of

America

Merrill

Lynch

Commercial

Mortgage

Trust

,

266,000

Series

2016-UB10-C

4.87%

(f)

07/15/2049

258,111

BANK5

,

10,523,618

Series

2023-5YR1-XA

0.27%

(f)(g)

04/15/2056

57,659

326,000

Series

2024-5YR10-AS

5.64%

10/15/2057

335,371

370,000

Series

2024-5YR10-B

6.14%

(f)

10/15/2057

381,150

302,000

Series

2024-5YR9-A3

5.61%

08/15/2057

314,513

250,000

Series

2025-5YR15-AS

5.76%

07/15/2058

259,416

517,000

Series

2025-5YR16-AS

5.75%

(f)

08/15/2063

535,757

500,000

Series

2025-5YR17-AS

5.63%

(f)

11/15/2058

516,107

455,000

Series

2025-5YR19-AS

5.61%

12/15/2058

471,352

BBCMS

Mortgage

Trust

,

300,000

Series

2021-C11-ASB

2.11%

09/15/2054

284,546

300,000

Series

2021-C12-A5

2.69%

11/15/2054

269,236

180,000

Series

2021-C12-AS

2.90%

11/15/2054

158,542

250,000

Series

2021-C9-A5

2.30%

02/15/2054

225,370

100,000

Series

2022-C16-A5

4.60%

(f)

06/15/2055

99,499

200,000

Series

2022-C17-A5

4.44%

09/15/2055

197,499

314,000

Series

2024-5C29-A3

5.21%

09/15/2057

322,926

330,000

Series

2025-5C34-A3

5.66%

05/15/2058

345,758

375,000

Series

2025-5C36-A3

5.52%

08/15/2058

391,480

408,000

Series

2025-5C37-AS

5.38%

(f)

09/15/2058

416,811

Benchmark

Mortgage

Trust

,

6,639,166

Series

2018-B2-XA

0.43%

(f)(g)

02/15/2051

44,053

350,000

Series

2019-B13-A3

2.70%

08/15/2057

331,708

117,190

Series

2019-B14-ASB

2.96%

12/15/2062

114,656

310,000

Series

2019-B15-A4

2.67%

12/15/2072

289,674

250,000

Series

2021-B31-A5

2.67%

12/15/2054

224,262

250,000

Series

2022-B35-C

4.44%

(f)

05/15/2055

204,527

200,000

Series

2023-B38-A4

5.52%

04/15/2056

209,253

368,000

Series

2023-V3-AS

7.10%

(f)

07/15/2056

388,660

7,089,853

Series

2023-V3-XA

0.81%

(f)(g)

07/15/2056

127,947

343,000

Series

2024-V11-A3

5.91%

(f)

11/15/2057

360,745

|

December

31,

2025

15

Schedule

of

Investments

DoubleLine

Opportunistic

Core

Bond

ETF

(Cont.)

(Unaudited)

December

31,

2025

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

434,000

Series

2024-V11-C

6.29%

(f)

11/15/2057

441,798

274,000

Series

2024-V8-A2

5.71%

07/15/2057

285,440

342,000

Series

2024-V8-A3

6.19%

(f)

07/15/2057

361,381

300,000

Series

2024-V9-A3

5.60%

08/15/2057

311,932

231,000

Series

2025-V15-AS

6.17%

06/15/2058

242,711

250,000

Series

2025-V16-A3

5.44%

(f)

08/15/2058

260,008

434,000

Series

2025-V16-C

5.95%

(f)

08/15/2058

435,369

409,000

Series

2025-V17-AM

5.42%

(f)

09/15/2058

418,532

415,000

Series

2025-V18-AS

5.59%

10/15/2058

427,858

455,000

Series

2025-V19-B

5.90%

(f)

01/15/2058

470,449

BFLD

Trust

,

221,000

Series

2025-FPM-A

5.01%

(c)(f)

10/10/2040

223,768

BMO

Mortgage

Trust

,

250,000

Series

2023-C6-ASB

6.21%

09/15/2056

267,703

225,000

Series

2024-5C3-AS

6.29%

(f)

02/15/2057

234,719

309,000

Series

2024-5C6-A3

5.32%

09/15/2057

317,994

223,000

Series

2024-5C7-AS

5.89%

(f)

11/15/2057

229,446

410,000

Series

2025-5C12-AS

5.56%

10/15/2058

420,701

460,000

Series

2025-5C13-AS

5.58%

12/15/2058

474,052

BPR

Commercial

Mortgage

Trust

,

208,000

Series

2025-STAR-A

4.95%

(c)(f)

11/05/2042

209,476

BSTN

Commercial

Mortgage

Trust

,

210,000

Series

2025-HUB-A

4.90%

(c)(f)

04/13/2041

211,103

BX

Trust

,

268,704

Series

2025-ARIA-C

5.52%

(c)(f)

12/13/2042

271,025

CENT

,

244,000

Series

2025-CITY-A

4.92%

(c)(f)

07/10/2040

247,218

CFCRE

Commercial

Mortgage

Trust

,

300,000

Series

2016-C7-AM

4.16%

12/10/2054

294,794

Citigroup

Commercial

Mortgage

Trust

,

289,812

Series

2018-B2-A3

3.74%

03/10/2051

287,185

100,000

Series

2022-GC48-A5

4.58%

(f)

05/15/2054

99,868

Commercial

Mortgage

Trust

,

205,000

Series

2016-DC2-C

4.66%

(f)

02/10/2049

203,690

CSMC

Trust

,

273,000

Series

2021-B33-A2

3.17%

(c)

10/10/2043

245,776

DBJPM

Mortgage

Trust

,

233,333

Series

2020-C9-ASB

1.88%

08/15/2053

222,571

Del

Amo

Fashion

Center

Trust

,

250,000

Series

2017-AMO-C

3.64%

(c)(f)

06/05/2035

239,010

FIVE

Mortgage

Trust

,

250,000

Series

2023-V1-D

6.35%

(c)(f)

02/10/2056

240,619

GS

Mortgage

Securities

Corp.

Trust

,

250,000

Series

2023-SHIP-A

4.32%

(c)(f)

09/10/2038

249,666

GS

Mortgage

Securities

Trust

,

8,871,234

Series

2017-GS7-XA

1.02%

(f)(g)

08/10/2050

102,828

250,000

Series

2019-GC42-A3

2.75%

09/10/2052

237,549

250,000

Series

2019-GSA1-C

3.80%

(f)

11/10/2052

229,204

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

380,000

Series

2015-JP1-AS

4.12%

(f)

01/15/2049

376,575

281,782

Series

2022-NLP-A

(CME

Term

SOFR

1

Month

+

0.85%,

0.60%

Floor

)

4.60%

(c)

04/15/2037

278,506

JPMCC

Commercial

Mortgage

Securities

Trust

,

7,560,687

Series

2017-JP6-XA

1.00%

(f)(g)

07/15/2050

60,510

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

250,000

Series

2016-C31-C

4.24%

(f)

11/15/2049

227,424

422,000

Series

2025-5C2-A3

5.11%

11/15/2058

432,905

500,000

Series

2025-5C2-AS

5.38%

11/15/2058

512,570

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Morgan

Stanley

Capital

I

Trust

,

283,000

Series

2018-L1-C

4.79%

(f)

10/15/2051

262,113

NJ

Trust

,

250,000

Series

2023-GSP-A

6.48%

(c)(f)

01/06/2029

262,333

555,000

Series

2025-WBRK-A

5.87%

(c)(f)

03/05/2035

577,057

NYC

Commercial

Mortgage

Trust

,

250,000

Series

2025-3BP-A

(CME

Term

SOFR

1

Month

+

1.21%,

1.21%

Floor

)

4.96%

(c)

02/15/2042

248,104

UBS

Commercial

Mortgage

Trust

,

273,308

Series

2017-C4-A3

3.30%

10/15/2050

270,921

200,000

Series

2018-C8-C

4.68%

(f)

02/15/2051

186,727

VEGAS

Trust

,

120,000

Series

2024-TI-A

5.52%

(c)

11/10/2039

121,689

Wells

Fargo

Commercial

Mortgage

Trust

,

250,000

Series

2019-C50-C

4.35%

05/15/2052

229,592

210,000

Series

2020-C57-A4

2.12%

08/15/2053

191,225

260,311

Series

2020-C58-A3

1.81%

07/15/2053

236,673

246,000

Series

2021-C60-A3

2.06%

08/15/2054

222,035

250,000

Series

2024-5C1-A3

5.93%

07/15/2057

261,918

250,000

Series

2024-C63-C

6.12%

(f)

08/15/2057

252,185

345,000

Series

2025-5C4-A3

5.67%

05/15/2058

360,878

410,000

Series

2025-5C6-C

5.83%

(f)

10/15/2058

410,522

452,000

Series

2025-5C7-B

5.86%

(f)

12/15/2058

466,218

Total

Non-Agency

Commercial

Mortgage

Backed

Obligations

(Cost

$26,587,403)

27,178,255

NON-AGENCY

RESIDENTIAL

COLLATERALIZED

MORTGAGE

OBLIGATIONS

9.2%

BRAVO

Residential

Funding

Trust

,

938,015

Series

2023-NQM3-A1

4.85%

(c)(d)

09/25/2062

937,887

1,151,333

Series

2023-NQM5-A1

6.50%

(c)(d)

06/25/2063

1,157,854

Citigroup

Mortgage

Loan

Trust

,

432,875

Series

2007-AR8-2A1A

5.02%

(f)

07/25/2037

384,905

COLT

Mortgage

Loan

Trust

,

743,307

Series

2024-5-A2

5.38%

(c)(d)

08/25/2069

744,702

Connecticut

Avenue

Securities

Trust

,

697,151

Series

2024-R03-

2M1

(SOFR

30

Day

Average

+

1.15%

)

5.02%

(c)

03/25/2044

697,764

Cross

Mortgage

Trust

,

1,000,000

Series

2024-H1-M1

7.07%

(c)(f)

12/25/2068

1,013,054

Deephaven

Residential

Mortgage

Trust

,

715,573

Series

2022-2-A1

4.30%

(c)(f)

03/25/2067

701,049

2,300,000

Series

2025-INV1-M1

5.73%

(c)(f)

11/25/2060

2,302,409

EFMT

,

1,500,000

Series

2025-INV4-M1

6.00%

(c)(f)

10/25/2070

1,509,918

FHLMC

STACR

REMICS

Trust

,

2,665,350

Series

2025-DNA1-M1

(SOFR

30

Day

Average

+

1.05%

)

4.92%

(c)

01/25/2045

2,666,715

GS

Mortgage-Backed

Securities

Corp.

Trust

,

1,945,486

Series

2025-NQM6-A3

5.28%

(c)(d)

11/25/2029

1,945,405

1,070,000

Series

2025-NQM6-M1

5.70%

(c)(f)

11/25/2029

1,066,434

16

DoubleLine

ETF

Trust

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

GS

Mortgage-Backed

Securities

Trust

,

1,160,874

Series

2025-NQM2-A1

5.65%

(c)(d)

06/25/2065

1,173,665

497,518

Series

2025-NQM2-A3

5.90%

(c)(d)

06/25/2065

502,118

1,365,000

Series

2025-NQM3-M1

5.93%

(c)(f)

11/25/2065

1,371,360

HOMES

Trust

,

1,573,946

Series

2023-NQM1-A1

6.18%

(c)(d)

01/25/2068

1,571,706

Legacy

Mortgage

Asset

Trust

,

336,852

Series

2021-GS2-A1

5.75%

(c)(d)

04/25/2061

337,220

New

Residential

Mortgage

Loan

Trust

,

614,409

Series

2019-RPL2-A1

3.25%

(c)(f)

02/25/2059

601,954

590,686

Series

2024-NQM1-A1

6.13%

(c)(d)

03/25/2064

597,261

OBX

Trust

,

951,629

Series

2023-NQM10-A1

6.46%

(c)(d)

10/25/2063

961,287

637,595

Series

2023-NQM2-A1

6.32%

(c)(d)

01/25/2062

636,955

592,192

Series

2023-NQM3-A3

6.76%

(c)(d)

02/25/2063

592,887

1,726,367

Series

2024-NQM16-A2

5.73%

(c)(d)

10/25/2064

1,744,252

920,426

Series

2024-NQM6-A1

6.45%

(c)(d)

02/25/2064

933,399

1,400,000

Series

2025-NQM23-M1

5.67%

(c)(f)

10/25/2065

1,410,535

PRPM

,

900,015

Series

2025-3-A1

6.26%

(c)(d)

05/25/2030

902,392

PRPM

LLC

,

1,850,038

Series

2025-4-A1

6.18%

(c)(d)

06/25/2030

1,854,934

960,476

Series

2025-5-A1

5.73%

(c)(d)

07/25/2030

961,968

1,293,876

Series

2025-6-A1

5.77%

(c)(d)

08/25/2028

1,296,930

PRPM

Trust

,

1,162,645

Series

2024-NQM4-A1

5.67%

(c)(d)

12/26/2069

1,171,812

4,700,000

Series

2025-NQM4-M1

5.83%

(c)(f)

07/25/2070

4,708,203

RFMSI

Trust

,

1,123,459

Series

2006-S4-A7

6.00%

04/25/2036

902,954

Structured

Asset

Mortgage

Investments

II

Trust

,

1,003,284

Series

2007-AR3-

1A3

(CME

Term

SOFR

1

Month

+

0.53%,

0.42%

Floor

)

4.27%

09/25/2047

907,509

Towd

Point

Mortgage

Trust

,

1,230,769

Series

2018-5-A1

3.25%

(c)(f)

07/25/2058

1,190,537

1,788,272

Series

2020-2-A1A

1.64%

(c)(f)

04/25/2060

1,644,648

148,701

Series

2020-3-A1

3.09%

(c)(f)

02/25/2063

145,061

768,439

Series

2022-1-A1

3.75%

(c)(f)

07/25/2062

739,442

Verus

Securitization

Trust

,

383,866

Series

2021-8-A1

2.82%

(c)(f)

11/25/2066

356,760

682,402

Series

2023-4-A1

5.81%

(c)(d)

05/25/2068

683,109

557,783

Series

2023-INV1-A3

6.76%

(c)(d)

02/25/2068

557,008

1,646,968

Series

2023-INV3-A1

6.88%

(c)(f)

11/25/2068

1,671,291

689,831

Series

2024-1-A1

5.71%

(c)(d)

01/25/2069

693,697

1,200,000

Series

2025-11-M1

5.66%

(c)(f)

11/25/2070

1,197,701

2,171,630

Series

2025-3-A1

5.62%

(c)(d)

05/25/2070

2,195,507

3,504,254

Series

2025-4-A1

5.45%

(c)(d)

05/25/2070

3,538,167

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

1,300,000

Series

2025-R2-M1

5.82%

(c)(f)

07/25/2067

1,310,921

WaMu

Mortgage-Backed

Pass-Through

Certificates

Trust

,

315,775

Series

2006-AR16-2A1

4.13%

(f)

12/25/2036

280,026

Wells

Fargo

Mortgage-Backed

Securities

Trust

,

236,020

Series

2006-AR14-2A1

6.50%

(f)

10/25/2036

217,292

Total

Non-Agency

Residential

Collateralized

Mortgage

Obligations

(Cost

$56,291,911)

56,690,564

US

CORPORATE

BONDS

13.6%

400,000

1261229

BC

Ltd.

10.00%

(c)

04/15/2032

416,307

250,000

200

Park

Funding

Trust

5.74%

(c)

02/15/2055

249,186

70,000

AAR

Escrow

Issuer

LLC

6.75%

(c)

03/15/2029

72,475

340,000

AbbVie,

Inc.

4.70%

05/14/2045

307,661

165,000

Academy

Ltd.

6.00%

(c)

11/15/2027

165,707

395,000

Acrisure

LLC

6.75%

(c)

07/01/2032

408,643

150,000

Acushnet

Co.

5.63%

(c)

12/01/2033

152,060

60,000

AdaptHealth

LLC

5.13%

(c)

03/01/2030

58,809

90,000

AEP

Texas,

Inc.

5.45%

05/15/2029

93,207

160,000

Aethon

United

BR

LP

7.50%

(c)

10/01/2029

167,710

376,000

Agree

LP

5.63%

06/15/2034

394,217

350,000

Aircastle

Ltd.

5.25%

(c)

03/15/2030

357,773

172,000

Alliant

Energy

Corp.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.08%)

5.75%

04/01/2056

171,935

90,000

Alliant

Holdings

Intermediate

LLC

6.50%

(c)

10/01/2031

92,874

320,000

Allied

Universal

Holdco

LLC

7.88%

(c)

02/15/2031

337,432

85,000

Amentum

Holdings,

Inc.

7.25%

(c)

08/01/2032

89,648

128,000

American

Airlines,

Inc.

8.50%

(c)

05/15/2029

133,954

120,000

American

Axle

&

Manufacturing,

Inc.

6.38%

(c)

10/15/2032

122,271

85,000

American

Axle

&

Manufacturing,

Inc.

7.75%

(c)

10/15/2033

86,627

530,000

American

Express

Co.

(SOFR

+

1.44%)

5.02%

04/25/2031

546,317

383,000

American

Homes

4

Rent

LP

5.50%

02/01/2034

396,598

450,000

American

Tower

Corp.

5.55%

07/15/2033

471,473

191,000

American

Tower

Corp.

3.70%

10/15/2049

142,146

400,000

Amgen,

Inc.

5.75%

03/02/2063

390,599

459,000

Amphenol

Corp.

5.30%

11/15/2055

438,809

102,000

Amrize

Finance

US

LLC

4.95%

04/07/2030

104,341

249,000

Antero

Midstream

Partners

LP

5.75%

(c)

07/01/2034

251,003

125,000

Anywhere

Real

Estate

Group

LLC

5.25%

(c)

04/15/2030

117,267

110,000

Anywhere

Real

Estate

Group

LLC

7.00%

(c)

04/15/2030

109,980

|

December

31,

2025

17

Schedule

of

Investments

DoubleLine

Opportunistic

Core

Bond

ETF

(Cont.)

(Unaudited)

December

31,

2025

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

115,000

APH

Somerset

Investor

2

LLC

7.88%

(c)

11/01/2029

116,236

329,000

AppLovin

Corp.

5.38%

12/01/2031

341,627

145,000

Archrock

Partners

LP

6.63%

(c)

09/01/2032

149,644

607,000

Arizona

Public

Service

Co.

5.90%

08/15/2055

617,949

262,000

Arrow

Electronics,

Inc.

5.88%

04/10/2034

274,078

120,000

Arthur

J

Gallagher

&

Co.

4.85%

12/15/2029

122,872

659,000

AT&T,

Inc.

3.50%

09/15/2053

441,352

242,000

AT&T,

Inc.

6.05%

08/15/2056

244,331

308,000

AthenaHealth

Group,

Inc.

6.50%

(c)

02/15/2030

307,335

199,000

Athene

Global

Funding

4.72%

(c)

10/08/2029

199,336

158,000

Athene

Global

Funding

5.03%

(c)

07/17/2030

159,277

140,000

Atlassian

Corp.

5.25%

05/15/2029

144,084

374,000

AutoZone,

Inc.

5.13%

06/15/2030

385,893

331,000

Aviation

Capital

Group

LLC

5.38%

(c)

07/15/2029

339,316

90,000

Azorra

Finance

Ltd.

7.75%

(c)

04/15/2030

95,381

195,000

Azorra

Finance

Ltd.

7.25%

(c)

01/15/2031

205,098

129,000

Bank

of

America

Corp.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.68%)

6.63%

(e)

05/01/2030

134,514

235,000

Bank

of

America

Corp.

(SOFR

+

1.65%)

5.47%

01/23/2035

244,884

232,000

Bank

of

America

Corp.

(SOFR

+

1.70%)

5.74%

02/12/2036

241,838

360,000

Bank

of

New

York

Mellon

Corp.

(The)

(SOFR

+

1.23%)

5.06%

07/22/2032

373,285

189,000

Bausch

+

Lomb

Corp.

8.38%

(c)

10/01/2028

197,505

503,000

Biogen,

Inc.

5.05%

01/15/2031

519,242

317,000

Black

Hills

Corp.

6.00%

01/15/2035

338,469

455,000

Black

Hills

Corp.

3.88%

10/15/2049

340,645

319,000

Block

Financial

LLC

5.38%

09/15/2032

321,163

635,000

Broadcom,

Inc.

3.50%

02/15/2041

517,076

114,000

Brown

&

Brown,

Inc.

6.25%

06/23/2055

118,693

120,000

Buckeye

Partners

LP

6.88%

(c)

07/01/2029

125,278

155,000

Builders

FirstSource

,

Inc.

6.38%

(c)

03/01/2034

160,453

130,000

Builders

FirstSource

,

Inc.

6.75%

(c)

05/15/2035

136,080

374,000

Bunge

Ltd.

Finance

Corp.

4.65%

09/17/2034

367,123

391,000

Burlington

Northern

Santa

Fe

LLC

5.50%

03/15/2055

386,028

225,000

Caesars

Entertainment,

Inc.

6.00%

(c)

10/15/2032

218,972

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

170,000

Campbell's

Co.

(The)

5.40%

03/21/2034

173,204

292,000

Cardinal

Health,

Inc.

4.60%

03/15/2043

257,122

27,000

Cardinal

Health,

Inc.

4.50%

11/15/2044

23,265

172,000

Carlisle

Cos.,

Inc.

5.55%

09/15/2040

174,442

106,000

Carnival

Corp.

5.13%

(c)

05/01/2029

107,229

125,000

Carnival

Corp.

5.75%

(c)

08/01/2032

128,441

148,000

Carnival

Corp.

6.13%

(c)

02/15/2033

152,901

150,000

CCO

Holdings

LLC

5.13%

(c)

05/01/2027

149,881

240,000

CCO

Holdings

LLC

4.75%

(c)

03/01/2030

229,360

165,000

CCO

Holdings

LLC

4.75%

(c)

02/01/2032

150,923

90,000

CCO

Holdings

LLC

4.25%

(c)

01/15/2034

76,610

50,000

Celanese

US

Holdings

LLC

6.50%

04/15/2030

50,291

50,000

Celanese

US

Holdings

LLC

6.75%

04/15/2033

49,783

233,000

Cheniere

Energy

Partners

LP

4.00%

03/01/2031

226,958

552,000

Cheniere

Energy,

Inc.

4.63%

10/15/2028

551,258

174,000

Cheniere

Energy,

Inc.

5.65%

04/15/2034

180,585

105,000

Chord

Energy

Corp.

6.00%

(c)

10/01/2030

106,687

172,000

Chord

Energy

Corp.

6.75%

(c)

03/15/2033

177,982

150,000

CHS/Community

Health

Systems,

Inc.

6.00%

(c)

01/15/2029

150,542

120,000

Cipher

Compute

LLC

7.13%

(c)

11/15/2030

122,368

382,000

Citigroup,

Inc.

(SOFR

+

1.46%)

4.95%

05/07/2031

390,315

184,000

Citigroup,

Inc.

(SOFR

+

1.17%)

4.50%

09/11/2031

184,620

481,000

Citigroup,

Inc.

(SOFR

+

1.35%)

3.06%

01/25/2033

440,746

145,000

Citigroup,

Inc.

(5-

year

CMT

T-Note

+

2.89%)

6.88%

(e)

08/15/2030

150,764

335,000

Clarios

Global

LP

6.75%

(c)

02/15/2030

350,598

315,000

Clarios

Global

LP

6.75%

(c)

09/15/2032

326,840

25,000

Clear

Channel

Outdoor

Holdings,

Inc.

7.75%

(c)

04/15/2028

25,037

100,000

Clear

Channel

Outdoor

Holdings,

Inc.

7.50%

(c)

06/01/2029

99,386

185,000

Clear

Channel

Outdoor

Holdings,

Inc.

7.13%

(c)

02/15/2031

194,377

80,000

Cloud

Software

Group,

Inc.

9.00%

(c)

09/30/2029

83,376

100,000

Cloud

Software

Group,

Inc.

6.63%

(c)

08/15/2033

99,168

210,000

Clydesdale

Acquisition

Holdings,

Inc.

6.75%

(c)

04/15/2032

216,078

189,000

CMS

Energy

Corp.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.96%)

6.50%

06/01/2055

194,451

60,000

CNX

Resources

Corp.

6.00%

(c)

01/15/2029

60,481

18

DoubleLine

ETF

Trust

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

176,000

Colonial

Enterprises,

Inc.

5.63%

(c)

11/15/2035

177,871

511,000

Commonwealth

Edison

Co.

5.95%

06/01/2055

531,800

30,000

CommScope

LLC

9.50%

(c)

12/15/2031

30,327

287,000

Consumers

Energy

Co.

4.50%

01/15/2031

290,511

75,000

CoreWeave

,

Inc.

9.25%

(c)

06/01/2030

69,811

105,000

Cornerstone

Building

Brands,

Inc.

9.50%

(c)

08/15/2029

77,786

65,000

Cougar

JV

Subsidiary

LLC

8.00%

(c)

05/15/2032

69,733

321,000

CRH

America

Finance,

Inc.

4.40%

02/09/2031

321,607

400,000

CSX

Corp.

3.80%

11/01/2046

314,077

200,000

Dcli

Bidco

LLC

7.75%

(c)

11/15/2029

205,742

235,000

Dealer

Tire

LLC

8.00%

(c)

02/01/2028

236,264

256,000

Dell,

Inc.

6.50%

04/15/2038

275,608

60,000

Directv

Financing

LLC

5.88%

(c)

08/15/2027

60,386

165,000

Directv

Financing

LLC

8.88%

(c)

02/01/2030

167,152

145,000

DISH

DBS

Corp.

5.75%

(c)

12/01/2028

142,445

90,000

DISH

DBS

Corp.

5.13%

06/01/2029

79,955

70,000

Dornoch

Debt

Merger

Sub,

Inc.

6.63%

(c)

10/15/2029

60,689

111,000

DT

Midstream,

Inc.

4.13%

(c)

06/15/2029

109,589

246,000

DTE

Energy

Co.

5.85%

06/01/2034

262,470

105,000

Duke

Energy

Corp.

5.00%

08/15/2052

92,786

384,000

Duke

Energy

Corp.

5.80%

06/15/2054

381,542

242,000

Eastern

Energy

Gas

Holdings

LLC

5.65%

10/15/2054

234,301

70,000

EchoStar

Corp.

10.75%

11/30/2029

77,461

210,000

Elevance

Health,

Inc.

4.55%

05/15/2052

174,907

165,000

Ellucian

Holdings,

Inc.

6.50%

(c)

12/01/2029

168,655

265,000

EMRLD

Borrower

LP

6.63%

(c)

12/15/2030

276,332

160,000

Energizer

Holdings,

Inc.

6.00%

(c)

09/15/2033

153,673

350,000

Entergy

Corp.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.67%)

7.13%

12/01/2054

367,732

439,000

Entergy

Louisiana

LLC

5.80%

03/15/2055

442,935

260,000

Enterprise

Products

Operating

LLC

5.70%

02/15/2042

265,255

170,000

Equinix,

Inc.

3.90%

04/15/2032

163,453

340,000

Equinix,

Inc.

2.95%

09/15/2051

214,238

165,000

Essential

Properties

LP

5.40%

12/01/2035

165,385

315,000

Evergy

Kansas

Central,

Inc.

4.13%

03/01/2042

266,422

269,000

Evergy

Kansas

Central,

Inc.

5.70%

03/15/2053

267,534

241,000

Expand

Energy

Corp.

6.75%

(c)

04/15/2029

242,434

329,000

Extra

Space

Storage

LP

5.40%

06/15/2035

337,426

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

85,000

Fertitta

Entertainment

LLC

6.75%

(c)

01/15/2030

80,877

327,000

First

Industrial

LP

5.25%

01/15/2031

333,923

299,000

Fiserv,

Inc.

4.55%

02/15/2031

296,109

335,000

Fiserv,

Inc.

5.45%

03/15/2034

339,790

170,000

Flash

Compute

LLC

7.25%

(c)

12/31/2030

168,642

165,000

Flex

Ltd.

5.38%

11/13/2035

164,674

161,000

Florida

Gas

Transmission

Co.

LLC

5.75%

(c)

07/15/2035

167,514

234,000

Flowers

Foods,

Inc.

5.75%

03/15/2035

235,123

65,000

Freedom

Mortgage

Holdings

LLC

8.38%

(c)

04/01/2032

68,474

60,000

FTAI

Aviation

Investors

LLC

5.88%

(c)

04/15/2033

61,027

140,000

Full

House

Resorts,

Inc.

8.25%

(c)

02/15/2028

122,150

329,000

GATX

Corp.

5.50%

06/15/2035

337,438

361,000

GATX

Corp.

5.20%

03/15/2044

341,682

554,000

GE

HealthCare

Technologies,

Inc.

4.80%

01/15/2031

564,417

140,000

GE

HealthCare

Technologies,

Inc.

4.95%

12/15/2035

139,745

260,000

Genesee

&

Wyoming,

Inc.

6.25%

(c)

04/15/2032

268,451

170,000

Global

Payments,

Inc.

4.95%

08/15/2027

171,940

161,000

Global

Payments,

Inc.

5.55%

11/15/2035

160,086

95,000

Goat

Holdco

LLC

6.75%

(c)

02/01/2032

97,647

595,000

Goldman

Sachs

Group,

Inc.

(The)

(SOFR

+

0.82%)

4.60%

09/10/2027

596,240

131,000

Goldman

Sachs

Group,

Inc.

(The)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.46%)

6.85%

(e)

02/10/2030

136,756

322,000

Goldman

Sachs

Group,

Inc.

(The)

(SOFR

+

1.06%)

4.37%

10/21/2031

321,301

316,000

Goldman

Sachs

Group,

Inc.

(The)

(SOFR

+

1.33%)

4.94%

10/21/2036

313,821

300,000

Graham

Holdings

Co.

5.63%

(c)

12/01/2033

303,635

220,000

Gray

Media,

Inc.

9.63%

(c)

07/15/2032

228,475

125,000

Gray

Media,

Inc.

7.25%

(c)

08/15/2033

127,804

365,000

Griffon

Corp.

5.75%

03/01/2028

365,908

215,000

Guardian

Life

Global

Funding

4.80%

(c)

04/28/2030

219,806

155,000

Gulfport

Energy

Operating

Corp.

6.75%

(c)

09/01/2029

160,259

231,000

Gulfstream

Natural

Gas

System

LLC

5.60%

(c)

07/23/2035

237,330

130,000

Harvest

Midstream

I

LP

7.50%

(c)

05/15/2032

135,609

130,000

Herc

Holdings,

Inc.

7.00%

(c)

06/15/2030

136,893

50,000

Herc

Holdings,

Inc.

5.75%

(c)

03/15/2031

50,772

50,000

Herc

Holdings,

Inc.

6.00%

(c)

03/15/2034

50,698

|

December

31,

2025

19

Schedule

of

Investments

DoubleLine

Opportunistic

Core

Bond

ETF

(Cont.)

(Unaudited)

December

31,

2025

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

487,000

Hewlett

Packard

Enterprise

Co.

5.00%

10/15/2034

482,891

95,000

Hilcorp

Energy

I

LP

7.25%

(c)

02/15/2035

90,343

95,000

HUB

International

Ltd.

7.25%

(c)

06/15/2030

99,796

332,000

Hubbell,

Inc.

4.80%

11/15/2035

329,982

410,000

Hyundai

Capital

America

5.30%

(c)

01/08/2029

420,861

327,000

Illumina,

Inc.

4.75%

12/12/2030

330,220

225,000

IQVIA,

Inc.

6.25%

02/01/2029

237,312

336,000

JBS

USA

Holding

Lux

Sarl

3.75%

12/01/2031

319,760

45,000

JetBlue

Airways

Corp.

9.88%

(c)

09/20/2031

45,375

234,000

JPMorgan

Chase

&

Co.

(SOFR

+

1.01%)

5.14%

01/24/2031

241,906

466,000

JPMorgan

Chase

&

Co.

(SOFR

+

1.44%)

5.10%

04/22/2031

481,333

182,000

JPMorgan

Chase

&

Co.

(SOFR

+

1.64%)

5.58%

07/23/2036

188,339

328,000

JPMorgan

Chase

&

Co.

(SOFR

+

1.19%)

4.81%

10/22/2036

325,818

122,000

Kentucky

Utilities

Co.

5.85%

08/15/2055

123,106

132,000

Kinder

Morgan

Energy

Partners

LP

6.95%

01/15/2038

148,460

120,000

Kodiak

Gas

Services

LLC

7.25%

(c)

02/15/2029

124,914

80,000

Kodiak

Gas

Services

LLC

6.50%

(c)

10/01/2033

81,739

80,000

Kodiak

Gas

Services

LLC

6.75%

(c)

10/01/2035

82,294

289,000

Kroger

Co.

(The)

5.65%

09/15/2064

275,909

590,000

Kyndryl

Holdings,

Inc.

4.10%

10/15/2041

469,696

386,000

Laboratory

Corp.

of

America

Holdings

4.55%

04/01/2032

385,727

165,000

Laboratory

Corp.

of

America

Holdings

4.70%

02/01/2045

147,276

160,000

Lamar

Media

Corp.

5.38%

(c)

11/01/2033

159,152

245,000

Level

3

Financing,

Inc.

6.88%

(c)

06/30/2033

250,904

460,000

Life

Time,

Inc.

6.00%

(c)

11/15/2031

471,563

115,000

LifePoint

Health,

Inc.

10.00%

(c)

06/01/2032

122,283

180,000

Light

&

Wonder

International,

Inc.

6.25%

(c)

10/01/2033

182,316

140,000

Lindblad

Expeditions

LLC

7.00%

(c)

09/15/2030

146,112

269,000

Lineage

OP

LP

5.25%

(c)

07/15/2030

271,653

293,000

Lockheed

Martin

Corp.

5.00%

08/15/2035

298,541

195,000

Lowe's

Cos.,

Inc.

5.63%

04/15/2053

189,281

180,000

Madison

IAQ

LLC

5.88%

(c)

06/30/2029

179,050

300,000

Marriott

International,

Inc.

4.50%

10/15/2031

300,784

320,000

Marriott

International,

Inc.

5.30%

05/15/2034

330,146

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

335,000

Mars,

Inc.

5.70%

(c)

05/01/2055

333,941

358,000

Marvell

Technology,

Inc.

5.95%

09/15/2033

382,961

549,000

MasTec

,

Inc.

5.90%

06/15/2029

572,844

100,000

Matador

Resources

Co.

6.50%

(c)

04/15/2032

101,481

75,000

Match

Group

Holdings

II

LLC

5.00%

(c)

12/15/2027

75,187

330,000

Mattel,

Inc.

5.00%

11/17/2030

332,387

40,000

Mavis

Tire

Express

Services

Topco

Corp.

6.50%

(c)

05/15/2029

39,635

310,000

McDonald's

Corp.

4.45%

03/01/2047

265,424

255,000

McDonald's

Corp.

5.45%

08/14/2053

247,780

55,000

McGraw-Hill

Education,

Inc.

5.75%

(c)

08/01/2028

55,320

45,000

McGraw-Hill

Education,

Inc.

7.38%

(c)

09/01/2031

47,512

150,000

Medline

Borrower

LP

5.25%

(c)

10/01/2029

150,899

384,000

Merck

&

Co.,

Inc.

5.70%

09/15/2055

388,324

491,000

Meta

Platforms,

Inc.

5.50%

11/15/2045

477,068

470,000

MetLife,

Inc.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.08%)

6.35%

03/15/2055

495,911

65,000

Michaels

Cos.,

Inc.

(The)

5.25%

(c)

05/01/2028

62,563

135,000

Midwest

Gaming

Borrower

LLC

4.88%

(c)

05/01/2029

132,886

135,000

Miter

Brands

Acquisition

Holdco,

Inc.

6.75%

(c)

04/01/2032

138,485

297,000

Molex

Electronic

Technologies

LLC

5.25%

(c)

04/30/2032

304,986

107,000

Morgan

Stanley

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.43%)

5.95%

01/19/2038

112,630

209,000

Morgan

Stanley

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.80%)

5.94%

02/07/2039

219,760

159,000

Morgan

Stanley

(SOFR

+

1.07%)

4.36%

10/22/2031

158,512

218,000

Motorola

Solutions,

Inc.

5.20%

08/15/2032

224,883

305,000

Motorola

Solutions,

Inc.

5.50%

09/01/2044

298,509

110,000

Nabors

Industries,

Inc.

9.13%

(c)

01/31/2030

115,417

105,000

Nabors

Industries,

Inc.

7.63%

(c)

11/15/2032

103,269

89,000

National

Fuel

Gas

Co.

5.95%

03/15/2035

93,276

80,000

NCL

Corp.

Ltd.

5.88%

(c)

01/15/2031

79,742

80,000

NCL

Corp.

Ltd.

6.25%

(c)

09/15/2033

80,004

100,000

Neptune

Bidco

US,

Inc.

10.38%

(c)

05/15/2031

102,591

20

DoubleLine

ETF

Trust

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

240,000

NetApp,

Inc.

2.70%

06/22/2030

223,678

320,000

NetApp,

Inc.

5.50%

03/17/2032

333,037

261,000

Netflix,

Inc.

5.40%

08/15/2054

253,105

137,000

New

York

Life

Insurance

Co.

6.75%

(c)

11/15/2039

156,734

85,000

Newell

Brands,

Inc.

6.38%

05/15/2030

83,119

154,000

NextEra

Energy

Capital

Holdings,

Inc.

5.90%

03/15/2055

155,811

60,000

NGL

Energy

Operating

LLC

8.13%

(c)

02/15/2029

62,315

340,000

NiSource,

Inc.

5.35%

04/01/2034

351,335

214,000

NiSource,

Inc.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.45%)

6.95%

11/30/2054

223,860

197,000

NiSource,

Inc.

5.85%

04/01/2055

196,535

140,000

Nissan

Motor

Acceptance

Co.

LLC

6.13%

(c)

09/30/2030

140,122

355,000

Northrop

Grumman

Corp.

5.20%

06/01/2054

332,612

145,000

Novelis

Corp.

6.88%

(c)

01/30/2030

150,632

140,000

NRG

Energy,

Inc.

6.00%

(c)

02/01/2033

143,050

200,000

NRG

Energy,

Inc.

5.75%

(c)

01/15/2034

202,139

80,000

Olin

Corp.

6.63%

(c)

04/01/2033

79,497

389,000

Omega

Healthcare

Investors,

Inc.

3.38%

02/01/2031

363,424

135,000

OneMain

Finance

Corp.

7.50%

05/15/2031

142,139

200,000

OneMain

Finance

Corp.

6.50%

03/15/2033

202,425

167,000

Oracle

Corp.

5.20%

09/26/2035

160,060

248,000

Oracle

Corp.

5.88%

09/26/2045

224,099

176,000

O'Reilly

Automotive,

Inc.

5.00%

08/19/2034

177,340

99,000

Outfront

Media

Capital

LLC

7.38%

(c)

02/15/2031

104,848

160,000

Owens

Corning

5.70%

06/15/2034

168,340

200,000

Panther

Escrow

Issuer

LLC

7.13%

(c)

06/01/2031

207,376

230,000

Park

Intermediate

Holdings

LLC

7.00%

(c)

02/01/2030

236,914

476,000

Paychex,

Inc.

5.35%

04/15/2032

493,279

155,000

PennyMac

Financial

Services,

Inc.

7.88%

(c)

12/15/2029

165,026

230,000

PennyMac

Financial

Services,

Inc.

6.88%

(c)

05/15/2032

240,912

432,000

Penske

Truck

Leasing

Co.

LP

5.25%

(c)

02/01/2030

445,001

216,000

Permian

Resources

Operating

LLC

6.25%

(c)

02/01/2033

221,672

282,000

Philip

Morris

International,

Inc.

5.38%

02/15/2033

295,059

175,000

Philip

Morris

International,

Inc.

5.25%

02/13/2034

180,944

331,000

Phillips

Edison

Grocery

Center

Operating

Partnership

I

LP

5.25%

08/15/2032

339,098

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

189,000

PNC

Financial

Services

Group,

Inc.

(The)

(SOFR

+

1.42%)

5.37%

07/21/2036

194,466

300,000

Post

Holdings,

Inc.

6.38%

(c)

03/01/2033

303,294

291,000

Prudential

Financial,

Inc.

5.20%

03/14/2035

298,621

177,000

PSEG

Power

LLC

5.20%

(c)

05/15/2030

181,139

110,000

Qnity

Electronics,

Inc.

6.25%

(c)

08/15/2033

114,158

374,000

Qorvo,

Inc.

3.38%

(c)

04/01/2031

347,234

375,000

Quanta

Services,

Inc.

5.25%

08/09/2034

384,660

483,000

Quest

Diagnostics,

Inc.

5.00%

12/15/2034

489,232

390,000

Quikrete

Holdings,

Inc.

6.75%

(c)

03/01/2033

407,543

85,000

QXO

Building

Products,

Inc.

6.75%

(c)

04/30/2032

88,844

215,000

Radiology

Partners,

Inc.

8.50%

(c)

07/15/2032

224,866

400,000

Rentokil

Terminix

Funding

LLC

5.00%

(c)

04/28/2030

407,142

297,000

Republic

Services,

Inc.

5.15%

03/15/2035

307,029

205,000

RHP

Hotel

Properties

LP

6.50%

(c)

06/15/2033

213,931

295,000

Rivers

Enterprise

Borrower

LLC

6.63%

(c)

02/01/2033

301,786

270,000

Rivers

Enterprise

Lender

LLC

6.25%

(c)

10/15/2030

275,724

125,000

Rocket

Cos.,

Inc.

6.38%

(c)

08/01/2033

130,484

93,000

Rollins,

Inc.

5.25%

02/24/2035

94,932

304,000

Roper

Technologies,

Inc.

4.25%

09/15/2028

305,145

161,000

Royal

Caribbean

Cruises

Ltd.

5.38%

(c)

07/15/2027

162,266

266,000

Royal

Caribbean

Cruises

Ltd.

5.38%

01/15/2036

267,215

169,000

Royalty

Pharma

plc

5.15%

09/02/2029

173,773

439,000

Royalty

Pharma

plc

3.30%

09/02/2040

340,044

210,000

Sabra

Health

Care

LP

3.90%

10/15/2029

206,109

51,000

Sabre

GLBL,

Inc.

10.75%

(c)

11/15/2029

43,403

71,000

Sabre

GLBL,

Inc.

10.75%

(c)

03/15/2030

58,439

235,000

Sirius

XM

Radio

LLC

5.50%

(c)

07/01/2029

237,059

70,000

SM

Energy

Co.

7.00%

(c)

08/01/2032

68,859

30,000

Solstice

Advanced

Materials,

Inc.

5.63%

(c)

09/30/2033

30,282

194,000

Solventum

Corp.

5.40%

03/01/2029

200,967

215,000

Sonoco

Products

Co.

4.60%

09/01/2029

216,834

161,000

Southern

Co.

(The)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.07%)

6.38%

03/15/2055

168,126

170,000

Southern

Natural

Gas

Co.

LLC

5.45%

(c)

08/01/2035

174,033

318,000

Southern

Power

Co.

4.90%

10/01/2035

314,767

265,000

Standard

Building

Solutions,

Inc.

6.50%

(c)

08/15/2032

273,015

|

December

31,

2025

21

Schedule

of

Investments

DoubleLine

Opportunistic

Core

Bond

ETF

(Cont.)

(Unaudited)

December

31,

2025

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

105,000

Standard

Building

Solutions,

Inc.

5.88%

(c)

03/15/2034

105,373

160,000

Staples,

Inc.

10.75%

(c)

09/01/2029

159,271

85,000

Star

Leasing

Co.

LLC

7.63%

(c)

02/15/2030

79,149

235,000

Starwood

Property

Trust,

Inc.

5.25%

(c)

10/15/2028

237,598

585,000

Sun

Communities

Operating

LP

2.70%

07/15/2031

531,934

285,000

Takeda

US

Financing,

Inc.

5.90%

07/07/2055

288,585

120,000

Talen

Energy

Supply

LLC

6.25%

(c)

02/01/2034

122,446

60,000

Tallgrass

Energy

Partners

LP

7.38%

(c)

02/15/2029

62,238

80,000

Tallgrass

Energy

Partners

LP

6.75%

(c)

03/15/2034

80,047

150,000

Taylor

Morrison

Communities,

Inc.

5.75%

(c)

11/15/2032

154,428

25,000

Tenet

Healthcare

Corp.

5.50%

(c)

11/15/2032

25,359

25,000

Tenet

Healthcare

Corp.

6.00%

(c)

11/15/2033

25,755

307,000

Textron,

Inc.

5.50%

05/15/2035

318,785

200,000

T-Mobile

USA,

Inc.

5.50%

01/15/2055

189,649

204,000

T-Mobile

USA,

Inc.

5.25%

06/15/2055

186,008

96,000

T-Mobile

USA,

Inc.

5.88%

11/15/2055

96,310

474,000

Trans-Allegheny

Interstate

Line

Co.

5.00%

(c)

01/15/2031

487,227

100,000

TransDigm

,

Inc.

6.88%

(c)

12/15/2030

104,703

235,000

TransDigm

,

Inc.

6.38%

(c)

05/31/2033

241,300

20,000

TransDigm

,

Inc.

6.25%

(c)

01/31/2034

20,764

30,000

TransDigm

,

Inc.

6.75%

(c)

01/31/2034

31,269

170,000

Travelers

Cos.,

Inc.

(The)

5.70%

07/24/2055

173,755

110,000

Trident

TPI

Holdings,

Inc.

12.75%

(c)

12/31/2028

112,846

54,000

Truist

Financial

Corp.

(SOFR

+

2.45%)

7.16%

10/30/2029

58,264

359,000

Truist

Financial

Corp.

(SOFR

+

1.57%)

5.15%

08/05/2032

371,088

359,000

Uber

Technologies,

Inc.

4.80%

09/15/2034

359,138

260,000

UKG,

Inc.

6.88%

(c)

02/01/2031

267,486

365,000

United

Natural

Foods,

Inc.

6.75%

(c)

10/15/2028

367,095

230,000

United

Rentals

North

America,

Inc.

5.38%

(c)

11/15/2033

229,976

115,000

Uniti

Group

LP

8.63%

(c)

06/15/2032

113,372

130,000

Univision

Communications,

Inc.

7.38%

(c)

06/30/2030

132,599

225,000

US

Foods,

Inc.

5.75%

(c)

04/15/2033

229,391

60,000

Vail

Resorts,

Inc.

6.50%

(c)

05/15/2032

62,301

95,000

Venture

Global

LNG,

Inc.

8.13%

(c)

06/01/2028

96,277

90,000

Venture

Global

LNG,

Inc.

8.38%

(c)

06/01/2031

89,551

45,000

Venture

Global

LNG,

Inc.

9.88%

(c)

02/01/2032

46,516

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

80,000

Venture

Global

Plaquemines

LNG

LLC

6.13%

(c)

12/15/2030

81,514

205,000

Venture

Global

Plaquemines

LNG

LLC

7.50%

(c)

05/01/2033

221,616

145,000

Venture

Global

Plaquemines

LNG

LLC

6.50%

(c)

01/15/2034

148,589

147,000

Veralto

Corp.

5.45%

09/18/2033

153,481

283,000

VeriSign,

Inc.

5.25%

06/01/2032

291,009

405,000

Verisk

Analytics,

Inc.

5.25%

06/05/2034

415,849

210,000

Veritiv

Operating

Co.

10.50%

(c)

11/30/2030

226,057

401,000

Verizon

Communications,

Inc.

5.75%

11/30/2045

398,370

330,000

Vertiv

Group

Corp.

4.13%

(c)

11/15/2028

326,139

479,000

VICI

Properties

LP

4.63%

(c)

12/01/2029

478,255

380,000

Victra

Holdings

LLC

8.75%

(c)

09/15/2029

402,792

265,000

Viking

Cruises

Ltd.

5.88%

(c)

10/15/2033

269,228

99,000

Viper

Energy

Partners

LLC

4.90%

08/01/2030

100,199

131,000

Virginia

Electric

and

Power

Co.

5.55%

08/15/2054

127,096

206,000

Virginia

Electric

and

Power

Co.

5.60%

09/15/2055

200,270

353,000

Vistra

Operations

Co.

LLC

4.38%

(c)

05/01/2029

348,743

60,000

Vistra

Operations

Co.

LLC

7.75%

(c)

10/15/2031

63,579

51,000

Vital

Energy,

Inc.

7.88%

(c)

04/15/2032

50,284

205,000

Voyager

Parent

LLC

9.25%

(c)

07/01/2032

217,655

238,000

VSP

Optical

Group,

Inc.

5.45%

(c)

12/01/2035

239,674

115,000

VT

Topco,

Inc.

8.50%

(c)

08/15/2030

120,651

165,000

Wand

NewCo

3,

Inc.

7.63%

(c)

01/30/2032

174,707

115,000

Warnermedia

Holdings,

Inc.

4.05%

03/15/2029

111,882

45,000

Warnermedia

Holdings,

Inc.

4.28%

03/15/2032

39,558

80,000

Warnermedia

Holdings,

Inc.

5.05%

03/15/2042

56,500

216,000

Waste

Connections,

Inc.

5.25%

09/01/2035

223,689

145,000

Watco

Cos.

LLC

7.13%

(c)

08/01/2032

151,941

105,000

Wayfair

LLC

7.25%

(c)

10/31/2029

109,694

100,000

Wayfair

LLC

6.75%

(c)

11/15/2032

102,925

250,000

WBI

Operating

LLC

6.50%

(c)

10/15/2033

249,187

275,000

Weatherford

International

Ltd.

6.75%

(c)

10/15/2033

281,777

229,000

WEC

Energy

Group,

Inc.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.91%)

5.63%

05/15/2056

230,613

730,000

Wells

Fargo

&

Co.

(SOFR

+

1.50%)

5.15%

04/23/2031

753,689

656,000

Wells

Fargo

&

Co.

(SOFR

+

1.34%)

4.89%

09/15/2036

654,202

185,000

WESCO

Distribution,

Inc.

6.38%

(c)

03/15/2033

193,271

22

DoubleLine

ETF

Trust

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

512,000

Westinghouse

Air

Brake

Technologies

Corp.

4.90%

05/29/2030

524,751

125,000

Whirlpool

Corp.

6.50%

06/15/2033

121,302

349,000

Willis

North

America,

Inc.

4.55%

03/15/2031

349,572

100,000

Windstream

Services

LLC

8.25%

(c)

10/01/2031

105,071

60,000

Windstream

Services

LLC

7.50%

(c)

10/15/2033

61,557

231,000

Workday,

Inc.

3.80%

04/01/2032

221,098

185,000

WR

Grace

Holdings

LLC

5.63%

(c)

08/15/2029

176,819

250,000

WRKCo

,

Inc.

4.90%

03/15/2029

254,790

210,000

XHR

LP

6.63%

(c)

05/15/2030

217,000

160,000

XPO,

Inc.

7.13%

(c)

06/01/2031

167,482

400,000

Zimmer

Biomet

Holdings,

Inc.

5.20%

09/15/2034

407,990

319,000

Zoetis,

Inc.

4.70%

02/01/2043

292,967

Total

US

Corporate

Bonds

(Cost

$82,830,847)

84,432,389

US

GOVERNMENT

AND

AGENCY

MORTGAGE

BACKED

OBLIGATIONS

22.9%

FHLMC

REMICS

,

1,905,868

Series

5015-CG

1.00%

09/25/2050

1,505,579

1,967,184

Series

5527-FC

(SOFR

30

Day

Average

+

1.20%,

1.20%

Floor,

6.50%

Cap

)

5.07%

09/25/2054

1,975,473

FHLMC

UMBS

,

3,746,679

Pool

QY4482

5.50%

06/01/2055

3,817,422

1,590,254

Pool

RA7939

5.00%

09/01/2052

1,595,375

1,114,184

Pool

SD2347

5.50%

02/01/2053

1,146,820

2,811,359

Pool

SD2969

2.50%

05/01/2052

2,431,812

1,440,226

Pool

SD3033

5.50%

05/01/2053

1,497,338

1,388,085

Pool

SD3803

2.00%

02/01/2052

1,149,593

1,273,575

Pool

SD3892

5.50%

09/01/2053

1,303,836

1,038,684

Pool

SD4301

6.00%

11/01/2053

1,093,219

875,991

Pool

SD4888

6.00%

02/01/2054

912,805

2,518,209

Pool

SD5249

5.50%

04/01/2054

2,592,867

3,709,688

Pool

SD5573

3.00%

08/01/2052

3,349,058

1,931,023

Pool

SD5617

6.00%

06/01/2054

2,017,892

2,668,178

Pool

SD6002

5.50%

07/01/2054

2,750,158

2,352,938

Pool

SD6977

4.50%

03/01/2049

2,337,553

1,339,334

Pool

SD7553

3.00%

03/01/2052

1,206,495

2,005,922

Pool

SD7556

3.00%

08/01/2052

1,797,282

1,136,924

Pool

SD8146

2.00%

05/01/2051

927,858

2,384,278

Pool

SD8276

5.00%

12/01/2052

2,389,005

4,110,975

Pool

SL0638

2.50%

02/01/2052

3,530,623

2,274,846

Pool

SL1124

6.00%

04/01/2055

2,357,217

2,132,514

Pool

SL1712

6.00%

12/01/2054

2,211,773

FNMA

,

1,940,000

Pool

BS9945

6.13%

11/01/2033

2,079,610

1,603,000

Pool

BZ0238

5.79%

01/01/2029

1,630,405

2,053,000

Pool

BZ3117

5.06%

03/01/2035

2,114,521

2,010,000

Pool

BZ3627

4.90%

04/01/2030

2,049,624

1,366,000

Pool

BZ4051

5.10%

03/01/2030

1,398,888

FNMA

REMICS

,

1,343,825

Series

2018-62-B

3.50%

09/25/2048

1,234,890

2,249,649

Series

2019-5-FE

(SOFR

30

Day

Average

+

0.56%,

0.45%

Floor,

6.50%

Cap

)

4.44%

03/25/2049

2,220,266

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

1,909,000

Series

2022-M2-A2

2.40%

11/25/2031

1,741,457

2,076,011

Series

2025-31-FA

(SOFR

30

Day

Average

+

1.30%,

6.50%

Cap

)

5.17%

06/25/2054

2,089,035

FNMA

UMBS

,

2,960,170

Pool

CA6032

2.50%

06/01/2050

2,556,460

2,138,283

Pool

CA8494

2.00%

01/01/2051

1,762,666

2,002,363

Pool

CB3240

3.00%

04/01/2052

1,798,035

1,576,357

Pool

CB4573

5.00%

09/01/2052

1,578,237

891,190

Pool

CB7272

6.00%

10/01/2053

927,416

795,631

Pool

CB7781

5.50%

01/01/2054

809,413

1,397,800

Pool

CB8692

5.50%

06/01/2054

1,440,748

3,488,179

Pool

CB8851

6.00%

07/01/2054

3,633,724

4,485,624

Pool

FA0561

5.00%

01/01/2055

4,529,530

801,225

Pool

FA1142

6.00%

10/01/2054

832,162

3,129,475

Pool

FA1613

5.00%

04/01/2055

3,163,655

2,545,694

Pool

FA1622

2.50%

06/01/2052

2,169,435

646,909

Pool

FA2510

5.50%

08/01/2055

662,812

4,759,761

Pool

FA3443

2.00%

05/01/2052

3,905,962

4,592,765

Pool

FM6660

2.50%

03/01/2051

3,904,807

1,611,103

Pool

FS1472

3.50%

11/01/2050

1,505,199

2,298,923

Pool

FS3708

5.00%

01/01/2053

2,306,090

1,010,284

Pool

FS5082

5.00%

02/01/2053

1,024,737

1,555,453

Pool

FS5420

2.50%

03/01/2052

1,341,822

1,614,724

Pool

FS5600

2.50%

06/01/2052

1,396,734

3,993,248

Pool

FS5719

3.00%

05/01/2052

3,597,481

852,465

Pool

FS6309

6.00%

12/01/2053

897,223

2,477,596

Pool

FS6517

2.50%

04/01/2052

2,147,167

2,664,902

Pool

FS7738

6.00%

03/01/2054

2,797,393

1,362,751

Pool

FS8659

5.50%

07/01/2054

1,397,503

903,805

Pool

FS9728

3.00%

03/01/2052

814,975

3,484,825

Pool

MA5553

5.50%

12/01/2054

3,536,231

GNMA

,

1,011,820

Pool

785717

3.00%

11/20/2051

903,964

2,828,772

Pool

785805

2.50%

12/20/2051

2,422,088

2,445,059

Pool

786184

3.00%

02/20/2052

2,176,807

722,564

Pool

786227

3.00%

04/20/2052

644,167

1,497,216

Pool

786726

2.00%

03/20/2051

1,221,835

2,422,301

Pool

787800

2.50%

12/20/2050

2,060,822

3,982,476

Pool

787829

2.50%

03/20/2052

3,422,302

1,597,818

Pool

787830

2.50%

12/20/2050

1,372,101

3,164,983

Pool

787831

2.50%

10/20/2050

2,704,913

2,254,471

Pool

787860

3.00%

05/20/2051

2,035,077

1,642,108

Pool

MA5191

3.50%

05/20/2048

1,524,628

661,948

Series

2013-116-WU

3.00%

12/20/2042

655,373

973,115

Series

2021-58-HP

3.00%

08/20/2050

875,142

881,753

Series

2022-23-BA

3.00%

05/20/2049

824,681

Total

US

Government

and

Agency

Mortgage

Backed

Obligations

(Cost

$139,632,074)

141,737,266

US

GOVERNMENT

AND

AGENCY

OBLIGATIONS

14.0%

8,700,000

U.S.

Treasury

Bonds

1.13%

05/15/2040

5,523,480

19,000,000

U.S.

Treasury

Bonds

1.38%

11/15/2040

12,340,352

3,000,000

U.S.

Treasury

Bonds

1.88%

02/15/2041

2,096,953

1,180,000

U.S.

Treasury

Inflation

Linked

Notes

0.38%

07/15/2027

1,552,689

|

December

31,

2025

23

Schedule

of

Investments

DoubleLine

Opportunistic

Core

Bond

ETF

(Cont.)

(Unaudited)

December

31,

2025

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

1,860,000

U.S.

Treasury

Inflation

Linked

Notes

1.63%

10/15/2027

2,060,251

1,200,000

U.S.

Treasury

Inflation

Linked

Notes

0.50%

01/15/2028

1,556,472

100,000

U.S.

Treasury

Notes

0.75%

03/31/2026

99,348

2,800,000

U.S.

Treasury

Notes

0.75%

01/31/2028

2,647,695

15,950,000

U.S.

Treasury

Notes

0.63%

05/15/2030

14,000,175

28,450,000

U.S.

Treasury

Notes

0.63%

08/15/2030

24,760,391

22,950,000

U.S.

Treasury

Notes

0.88%

11/15/2030

20,066,010

Total

US

Government

and

Agency

Obligations

(Cost

$85,805,776)

86,703,816

AFFILIATED

MUTUAL

FUNDS  4.2%

1,178,775

DoubleLine

Emerging

Markets

Local

Currency

Bond

Fund

-

Class

I

11,328,026

1,662,896

DoubleLine

Global

Bond

Fund

-

Class

I

14,666,742

Total

Affiliated

Mutual

Funds

(Cost

$25,700,000)

25,994,768

SHORT

TERM

INVESTMENTS

8.6%

11,620,127

JPMorgan

U.S.

Government

Money

Market

Fund

-

Class

IM

3.72%

(h)

11,620,127

11,620,127

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

-

Institutional

Share

Class

3.69%

(h)

11,620,127

30,000,000

U.S.

Treasury

Bills

0.00%

03/03/2026

29,823,181

Total

Short

Term

Investments

(Cost

$53,048,815)

53,063,435

Total

Investments

98.8%

(Cost

$603,697,357)

611,748,997

Other

Assets

in

Excess

of

Liabilities

1.2%

7,262,650

NET

ASSETS

100.0%

$619,011,647

A

INVESTMENT

BREAKDOWN

as

a

%

of

Net

Assets:

US

Government

and

Agency

Mortgage

Backed

Obligations

22.9

%

US

Government

and

Agency

Obligations

14.0

Non-Agency

Residential

Collateralized

Mortgage

Obligations

9.2

Short

Term

Investments

8.6

Asset

Backed

Obligations

8.5

Non-Agency

Commercial

Mortgage

Backed

Obligations

4.4

Affiliated

Mutual

Funds

4.2

Collateralized

Loan

Obligations

3.1

Banks

2.3

Electric

Utilities

1.9

Oil,

Gas

&

Consumable

Fuels

1.7

Hotels,

Restaurants

&

Leisure

0.9

Insurance

0.7

Consumer

Finance

0.7

Ground

Transportation

0.7

Metals

&

Mining

0.7

Software

0.6

Diversified

Telecommunication

Services

0.6

Food

Products

0.5

Commercial

Services

&

Supplies

0.5

Media

0.5

Capital

Markets

0.5

Building

Products

0.5

Specialty

Retail

0.5

Semiconductors

&

Semiconductor

Equipment

0.5

Multi-Utilities

0.5

Health

Care

Providers

&

Services

0.4

Financial

Services

0.4

Health

Care

Equipment

&

Supplies

0.4

Construction

&

Engineering

0.4

Foreign

Government

Bonds,

Foreign

Agencies

and

Foreign

Government

Sponsored

Corporations

0.4

Transportation

Infrastructure

0.4

Aerospace

&

Defense

0.3

Pharmaceuticals

0.3

Trading

Companies

&

Distributors

0.3

Independent

Power

and

Renewable

Electricity

Producers

0.3

IT

Services

0.3

Chemicals

0.2

Automobile

Components

0.2

Professional

Services

0.2

Specialized

REITs

0.2

Technology

Hardware,

Storage

&

Peripherals

0.2

Diversified

Consumer

Services

0.2

Biotechnology

0.2

Wireless

Telecommunication

Services

0.2

Energy

Equipment

&

Services

0.2

Containers

&

Packaging

0.2

Consumer

Staples

Distribution

&

Retail

0.2

Residential

REITs

0.2

Tobacco

0.2

Machinery

0.2

Entertainment

0.2

Marine

Transportation

0.2

Electrical

Equipment

0.2

Electronic

Equipment,

Instruments

&

Components

0.2

Construction

Materials

0.1

Communications

Equipment

0.1

Household

Durables

0.1

Retail

REITs

0.1

Hotel

&

Resort

REITs

0.1

24

DoubleLine

ETF

Trust

INVESTMENT

BREAKDOWN

as

a

%

of

Net

Assets:

(Cont.)

Distributors

0.1

%

Industrial

REITs

0.1

Electric

0.1

Health

Care

REITs

0.1

Automobiles

0.1

Health

Care

Technology

0.1

Diversified

REITs

0.1

Interactive

Media

&

Services

0.1

Leisure

Products

0.1

Life

Sciences

Tools

&

Services

0.1

Banking

0.1

Broadline

Retail

0.0

(a)

Passenger

Airlines

0.0

(a)

Gas

Utilities

0.0

(a)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.0

(a)

Real

Estate

Management

&

Development

0.0

(a)

Household

Products

0.0

(a)

Personal

Care

Products

0.0

(a)

Paper

&

Forest

Products

0.0

(a)

Common

Stocks

0.0

(a)

Other

Assets

and

Liabilities

1.2

100.0

%

(a)

Represents

less

than

0.05%

of

net

assets.

(b)

Value

determined

using

significant

unobservable

inputs.

(c)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

buyers.

At

December

31,

2025,

the

value

of

these

securities

amounted

to

approximately

$175,001,320

or

28.27%

of

net

assets.

(d)

Step

bond;

coupon

rate

changes

based

on

a

predetermined

schedule

or

event.

The

interest

rate

shown

is

the

rate

in

effect

as

of

period

end.

(e)

Perpetual

maturity.

The

date

disclosed

is

the

next

call

date

of

the

security.

(f)

Coupon

rate

is

variable

or

floats

based

on

components

including

but

not

limited

to

reference

rate

and

spread.

These

securities

may

not

indicate

a

reference

rate

and/or

spread

in

their

description.

The

rate

disclosed

is

as

of

period

end.

(g)

Interest

only

security.

(h)

Seven-day

yield

as

of

period

end.

PIK

A

payment-in-kind

security

in

which

the

issuer

may

make

interest

or

dividend

payments

in

cash

or

additional

securities.

These

additional

securities

generally

have

the

same

terms

as

the

original

holdings.

Abbreviations:

FHLMC

Federal

Home

Loan

Mortgage

Corporation

FNMA

Federal

National

Mortgage

Association

FTAI

Fortress

Transportation

and

Infrastructure

Investors

LLC

GNMA

Government

National

Mortgage

Association

SOFR

Secured

Overnight

Financing

Rate

UMBS

Uniform

Mortgage

Backed

Securities

STACR

Structured

Agency

Credit

Risk

REMIC

Real

Estate

Mortgage

Investment

Conduit

Futures

Contracts

Description

Long/Short

Contract

Quantity

Expiration

Date

Notional

Amount

(1)

Unrealized

Appreciation

(Depreciation)

/

Value

U.S.

Treasury

Ultra

Bonds

Short

(193)

03/20/2026

$

(22,774,000)

$

270,036

U.S.

Treasury

2

Year

Notes

Long

1,635

03/31/2026

341,370,116

43,509

U.S.

Treasury

10

Year

Ultra

Bonds

Short

(35)

03/20/2026

(4,025,547)

18,522

U.S.

Treasury

5

Year

Notes

Long

445

03/31/2026

48,640,586

(40,521)

U.S.

Treasury

Long

Bonds

Long

407

03/20/2026

47,046,656

(208,132)

$83,414

(1)

Notional

Amount

is

determined

based

on

the

number

of

contracts

multiplied

by

the

contract

size

and

the

quoted

daily

settlement

price

in

US

dollars.

|

December

31,

2025

25

Schedule

of

Investments

DoubleLine

Opportunistic

Core

Bond

ETF

(Cont.)

(Unaudited)

December

31,

2025

A

summary

of

the

DoubleLine

Opportunistic

Core

Bond

ETF's

investments

in

affiliated

mutual

funds

for

the

period

ended

December

31,

2025

is

as

follows:

    Fund

Value

at

September

30

,

2025

Gross

Purchases

Gross

Sales

Net

Realized

Gain

(Loss)

for

the

period

Ended

December

31

,

2025

Change

in

Unrealized

for

the

period

Ended

December

31

,

2025

Value

at

December

31

,

2025

Shares

Held

at

December

31

,

2025

Dividend

Income

Earned

for

the

period

Ended

December

31

,

2025

DoubleLine

Emerging

Markets

Local

Currency

Bond

Fund

-

Class

I

$

5,238,738

$

5,900,000

$

—

$

—

$

189,288

$

11,328,026

1,178,775

$

163,212

DoubleLine

Global

Bond

Fund

-

Class

I

13,100,000

1,600,000

—

—

(33,258)

14,666,742

1,662,896

119,744

$

18,338,738

$

7,500,000

$

—

$

—

$156,030

$25,994,768

2,841,671

$

282,956

Schedule

of

Investments

DoubleLine

Shiller

CAPE

®

U.S.

Equities

ETF

(Unaudited)

December

31,

2025

26

DoubleLine

ETF

Trust

SHARES

SECURITY

DESCRIPTION

VALUE

$

COMMON

STOCKS

99.7%

AUTOMOBILE

COMPONENTS

0.1%

4,271

Aptiv

plc

(a)

324,980

AUTOMOBILES

6.0%

76,708

Ford

Motor

Co.

1,006,409

18,774

General

Motors

Co.

1,526,702

38,890

Tesla,

Inc.

(a)

17,489,610

20,022,721

BEVERAGES

4.8%

9,726

Brown-Forman

Corp.

-

Class

B

253,460

74,829

Coca-Cola

Co.

(The)

5,231,295

7,885

Constellation

Brands,

Inc.

-

Class

A

1,087,815

75,011

Keurig

Dr

Pepper,

Inc.

2,101,058

9,368

Molson

Coors

Beverage

Co.

-

Class

B

437,298

39,419

Monster

Beverage

Corp.

(a)

3,022,255

26,560

PepsiCo,

Inc.

3,811,891

15,945,072

BROADLINE

RETAIL

5.9%

81,262

Amazon.com,

Inc.

(a)

18,756,895

8,964

eBay,

Inc.

780,764

19,537,659

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

7.9%

8,553

Costco

Wholesale

Corp.

7,375,594

12,090

Dollar

General

Corp.

1,605,189

10,762

Dollar

Tree,

Inc.

(a)

1,323,834

33,718

Kroger

Co.

(The)

2,106,701

26,464

Sysco

Corp.

1,950,132

25,036

Target

Corp.

2,447,269

35,955

Walgreens

Boots

Alliance,

Inc.,

CVR

(a)(b)

19,056

84,850

Walmart,

Inc.

9,453,139

26,280,914

DISTRIBUTORS

0.2%

2,731

Genuine

Parts

Co.

335,803

5,049

LKQ

Corp.

152,480

641

Pool

Corp.

146,629

634,912

DIVERSIFIED

REITS

0.3%

14,154

WP

Carey,

Inc.

910,951

DIVERSIFIED

TELECOMMUNICATION

SERVICES

2.1%

136,621

AT&T,

Inc.

3,393,666

88,692

Verizon

Communications,

Inc.

3,612,425

7,006,091

ENTERTAINMENT

8.2%

18,980

Electronic

Arts,

Inc.

3,878,183

22,559

Live

Nation

Entertainment,

Inc.

(a)

3,214,658

40,861

Netflix,

Inc.

(a)

3,831,127

14,741

Take-Two

Interactive

Software,

Inc.

(a)

3,774,138

9,788

TKO

Group

Holdings,

Inc.

-

Class

A

2,045,692

33,397

Walt

Disney

Co.

(The)

3,799,577

212,769

Warner

Bros

Discovery,

Inc.

(a)

6,132,004

26,675,379

FOOD

PRODUCTS

4.0%

26,556

Archer-Daniels-Midland

Co.

1,526,704

7,743

Bunge

Global

SA

689,746

10,854

Campbell's

Co.

(The)

302,501

26,506

Conagra

Brands,

Inc.

458,819

29,547

General

Mills,

Inc.

1,373,936

8,172

Hershey

Co.

(The)

1,487,141

SHARES

SECURITY

DESCRIPTION

VALUE

$

16,094

Hormel

Foods

Corp.

381,428

5,911

J

M

Smucker

Co.

(The)

578,155

47,103

Kraft

Heinz

Co.

(The)

1,142,248

7,704

Lamb

Weston

Holdings,

Inc.

322,721

13,954

McCormick

&

Co.,

Inc.

(Non-Voting)

950,407

60,415

Mondelez

International,

Inc.

-

Class

A

3,252,138

15,814

Tyson

Foods,

Inc.

-

Class

A

927,017

13,392,961

HEALTH

CARE

REITS

3.8%

9,972

Alexandria

Real

Estate

Equities,

Inc.

488,030

22,741

Healthcare

Realty

Trust,

Inc.

-

Class

A

385,460

44,886

Healthpeak

Properties,

Inc.

721,767

19,050

Omega

Healthcare

Investors,

Inc.

844,677

15,524

Sabra

Health

Care

REIT,

Inc.

294,025

29,416

Ventas,

Inc.

2,276,210

41,208

Welltower,

Inc.

7,648,616

12,658,785

HOTEL

&

RESORT

REITS

0.2%

41,443

Host

Hotels

&

Resorts,

Inc.

734,784

HOTELS,

RESTAURANTS

&

LEISURE

6.2%

8,417

Airbnb,

Inc.

-

Class

A

(a)

1,142,355

635

Booking

Holdings,

Inc.

3,400,634

21,344

Carnival

Corp.

(a)

651,846

26,238

Chipotle

Mexican

Grill,

Inc.

-

Class

A

(a)

970,806

2,297

Darden

Restaurants,

Inc.

422,694

612

Domino's

Pizza,

Inc.

255,094

7,237

DoorDash,

Inc.

-

Class

A

(a)

1,639,036

2,320

Expedia

Group,

Inc.

657,279

4,610

Hilton

Worldwide

Holdings,

Inc.

1,324,223

6,059

Las

Vegas

Sands

Corp.

394,380

4,416

Marriott

International,

Inc.

-

Class

A

1,370,020

11,950

McDonald's

Corp.

3,652,278

3,995

MGM

Resorts

International

(a)

145,778

8,880

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

198,202

4,962

Royal

Caribbean

Cruises

Ltd.

1,384,001

22,259

Starbucks

Corp.

1,874,430

1,651

Wynn

Resorts

Ltd.

198,665

5,437

Yum!

Brands,

Inc.

822,509

20,504,230

HOUSEHOLD

DURABLES

0.9%

5,435

DR

Horton,

Inc.

782,803

3,209

Garmin

Ltd.

650,946

4,318

Lennar

Corp.

-

Class

A

443,890

1,022

Mohawk

Industries,

Inc.

(a)

111,705

55

NVR,

Inc.

(a)

401,102

3,865

PulteGroup,

Inc.

453,210

2,843,656

HOUSEHOLD

PRODUCTS

4.1%

13,463

Church

&

Dwight

Co.,

Inc.

1,128,873

6,749

Clorox

Co.

(The)

680,502

44,694

Colgate-Palmolive

Co.

3,531,720

18,339

Kimberly-Clark

Corp.

1,850,222

45,261

Procter

&

Gamble

Co.

(The)

6,486,353

13,677,670

INDUSTRIAL

REITS

3.0%

18,322

Americold

Realty

Trust,

Inc.

235,621

3,441

EastGroup

Properties,

Inc.

612,979

8,565

First

Industrial

Realty

Trust,

Inc.

490,518

3,696

Lineage,

Inc.

129,360

57,318

Prologis,

Inc.

7,317,215

15,323

Rexford

Industrial

Realty,

Inc.

593,307

|

December

31,

2025

27

SHARES

SECURITY

DESCRIPTION

VALUE

$

12,126

STAG

Industrial,

Inc.

445,752

9,824,752

INTERACTIVE

MEDIA

&

SERVICES

8.9%

29,739

Alphabet,

Inc.

-

Class

A

9,308,307

23,874

Alphabet,

Inc.

-

Class

C

7,491,661

34,399

Match

Group,

Inc.

1,110,744

17,050

Meta

Platforms,

Inc.

-

Class

A

11,254,535

29,165,247

LEISURE

PRODUCTS

0.1%

2,625

Hasbro,

Inc.

215,250

MEDIA

5.6%

13,327

Charter

Communications,

Inc.

-

Class

A

(a)

2,782,011

122,008

Comcast

Corp.

-

Class

A

3,646,819

30,043

Fox

Corp.

-

Class

A

2,195,242

21,248

Fox

Corp.

-

Class

B

1,379,633

53,818

News

Corp.

-

Class

A

1,405,726

17,792

News

Corp.

-

Class

B

527,177

45,936

Omnicom

Group,

Inc.

3,709,332

43,846

Paramount

Skydance

Corp.

-

Class

B

587,536

63,336

Trade

Desk,

Inc.

(The)

-

Class

A

(a)

2,404,235

18,637,711

MORTGAGE

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

0.7%

67,432

AGNC

Investment

Corp.

722,871

41,638

Annaly

Capital

Management,

Inc.

931,026

34,383

Rithm

Capital

Corp.

374,775

22,346

Starwood

Property

Trust,

Inc.

402,451

2,431,123

OFFICE

REITS

0.5%

9,531

BXP,

Inc.

643,152

10,866

Cousins

Properties,

Inc.

280,125

7,045

Kilroy

Realty

Corp.

263,272

10,423

Vornado

Realty

Trust

346,877

1,533,426

PERSONAL

CARE

PRODUCTS

1.0%

13,568

Estee

Lauder

Cos.,

Inc.

(The)

-

Class

A

1,420,841

105,963

Kenvue,

Inc.

1,827,862

3,248,703

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

2.1%

18,987

CBRE

Group,

Inc.

-

Class

A

(a)

3,052,920

27,475

CoStar

Group,

Inc.

(a)

1,847,419

3,066

Jones

Lang

LaSalle,

Inc.

(a)

1,031,617

3,245

Zillow

Group,

Inc.

-

Class

A

(a)

221,406

11,332

Zillow

Group,

Inc.

-

Class

C

(a)

773,069

6,926,431

RESIDENTIAL

REITS

3.0%

21,059

American

Homes

4

Rent

-

Class

A

675,994

9,201

AvalonBay

Communities,

Inc.

1,668,233

6,916

Camden

Property

Trust

761,313

12,521

Equity

LifeStyle

Properties,

Inc.

758,898

22,496

Equity

Residential

1,418,148

4,174

Essex

Property

Trust,

Inc.

1,092,252

36,523

Invitation

Homes,

Inc.

1,014,974

7,581

Mid-America

Apartment

Communities,

Inc.

1,053,077

7,608

Sun

Communities,

Inc.

942,707

19,539

UDR,

Inc.

716,691

10,102,287

RETAIL

REITS

3.2%

7,138

Agree

Realty

Corp.

514,150

SHARES

SECURITY

DESCRIPTION

VALUE

$

19,819

Brixmor

Property

Group,

Inc.

519,654

5,077

Federal

Realty

Investment

Trust

511,762

43,850

Kimco

Realty

Corp.

888,840

12,200

NNN

REIT,

Inc.

483,486

59,001

Realty

Income

Corp.

3,325,886

10,570

Regency

Centers

Corp.

729,647

20,257

Simon

Property

Group,

Inc.

3,749,773

10,723,198

SPECIALIZED

REITS

7.7%

20,279

American

Tower

Corp.

3,560,384

28,096

Crown

Castle,

Inc.

2,496,892

14,776

CubeSmart

532,675

20,666

Digital

Realty

Trust,

Inc.

3,197,237

4,710

Equinix,

Inc.

3,608,613

13,759

Extra

Space

Storage,

Inc.

1,791,697

18,339

Gaming

and

Leisure

Properties,

Inc.

819,570

19,075

Iron

Mountain,

Inc.

1,582,271

5,615

Lamar

Advertising

Co.

-

Class

A

710,747

9,963

Millrose

Properties,

Inc.

-

Class

A

297,595

10,225

Public

Storage

2,653,388

6,943

SBA

Communications

Corp.

-

Class

A

1,342,984

69,006

VICI

Properties,

Inc.

-

Class

A

1,940,449

46,539

Weyerhaeuser

Co.

1,102,509

25,637,011

SPECIALTY

RETAIL

4.9%

327

AutoZone,

Inc.

(a)

1,109,021

3,864

Best

Buy

Co.,

Inc.

258,618

13,785

Home

Depot,

Inc.

(The)

4,743,418

10,994

Lowe's

Cos.,

Inc.

2,651,313

16,648

O'Reilly

Automotive,

Inc.

(a)

1,518,464

6,412

Ross

Stores,

Inc.

1,155,058

21,905

TJX

Cos.,

Inc.

(The)

3,364,826

10,398

Tractor

Supply

Co.

520,004

884

Ulta

Beauty,

Inc.

(a)

534,829

2,420

Williams-Sonoma,

Inc.

432,188

16,287,739

TEXTILES,

APPAREL

&

LUXURY

GOODS

0.9%

2,904

Deckers

Outdoor

Corp.

(a)

301,058

2,137

Lululemon

Athletica,

Inc.

(a)

444,090

23,359

NIKE,

Inc.

-

Class

B

1,488,201

759

Ralph

Lauren

Corp.

-

Class

A

268,390

4,080

Tapestry,

Inc.

521,302

3,023,041

TOBACCO

2.4%

56,892

Altria

Group,

Inc.

3,280,393

30,109

Philip

Morris

International,

Inc.

4,829,483

8,109,876

WIRELESS

TELECOMMUNICATION

SERVICES

1.0%

16,111

T-Mobile

US,

Inc.

3,271,177

Total

Common

Stocks

(Cost

$317,517,734)

330,287,737

SHORT

TERM

INVESTMENTS

0.2%

267,252

JPMorgan

U.S.

Government

Money

Market

Fund

-

Class

IM

3.72%

(c)

267,252

28

DoubleLine

ETF

Trust

Schedule

of

Investments

DoubleLine

Shiller

CAPE

®

U.S.

Equities

ETF

(Cont.)

(Unaudited)

December

31,

2025

SHARES

SECURITY

DESCRIPTION

VALUE

$

267,252

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

-

Institutional

Share

Class

3.69%

(c)

267,252

Total

Short

Term

Investments

(Cost

$534,504)

534,504

Total

Investments

99.9%

(Cost

$318,052,238)

330,822,241

Other

Assets

in

Excess

of

Liabilities

0.1%

444,174

NET

ASSETS

100.0%

$331,266,415

(a)

Non-income

producing

security.

(b)

Value

determined

using

significant

unobservable

inputs.

(c)

Seven-day

yield

as

of

period

end.

Schedule

of

Investments

DoubleLine

Commercial

Real

Estate

ETF

(Unaudited)

December

31,

2025

|

December

31,

2025

29

P

RINCIPAL

A

MOUNT

$/S

HARES

S

ECURITY

D

ESCRIPTION

R

ATE

M

ATURITY

V

ALUE

$

COLLATERALIZED

LOAN

OBLIGATIONS

15.8%

ACRES

LLC

,

4,000,000

Series

2025-FL3-A

(CME

Term

SOFR

1

Month

+

1.62%

)

5.35%

(a)

08/18/2040

4,014,652

Arbor

Realty

Collateralized

Loan

Obligation

Ltd.

,

3,100,000

Series

2025-BTR1-A

(CME

Term

SOFR

1

Month

+

1.93%

)

5.66%

(a)

01/20/2041

3,113,609

2,000,000

Series

2025-BTR1-

AS

(CME

Term

SOFR

1

Month

+

2.64%

)

6.37%

(a)

01/20/2041

2,021,016

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.

,

2,581,866

Series

2021-FL4-A

(CME

Term

SOFR

1

Month

+

1.46%,

1.46%

Floor

)

5.21%

(a)

11/15/2036

2,585,117

807,888

Series

2022-FL1-A

(SOFR

30

Day

Average

+

1.45%,

1.45%

Floor

)

5.43%

(a)

01/15/2037

808,924

AREIT

LLC

,

413,339

Series

2022-CRE7-A

(CME

Term

SOFR

1

Month

+

2.24%

)

5.98%

(a)

06/17/2039

414,283

3,000,000

Series

2025-CRE11-A

(CME

Term

SOFR

1

Month

+

1.55%

)

5.55%

(a)

07/25/2043

3,007,488

BDS

LLC

,

2,000,000

Series

2025-FL16-C

(CME

Term

SOFR

1

Month

+

2.10%

)

5.83%

(a)

07/19/2043

2,005,408

BDS

Ltd.

,

113,230

Series

2021-FL10-A

(CME

Term

SOFR

1

Month

+

1.46%

)

5.20%

(a)

12/16/2036

113,525

BRSP

Ltd.

,

1,058,469

Series

2021-FL1-A

(CME

Term

SOFR

1

Month

+

1.26%,

1.15%

Floor

)

5.00%

(a)

08/19/2038

1,057,262

BSPDF

Issuer

LLC

,

1,000,000

Series

2025-FL2-A

(CME

Term

SOFR

1

Month

+

1.52%

)

5.27%

(a)

12/15/2042

1,003,289

BSPRT

Issuer

Ltd.

,

1,289,495

Series

2023-FL10-A

(CME

Term

SOFR

1

Month

+

2.26%,

2.26%

Floor

)

6.01%

(a)

09/15/2035

1,293,343

BXMT

Ltd.

,

89,875

Series

2020-FL2-A

(CME

Term

SOFR

1

Month

+

1.26%,

1.01%

Floor

)

5.00%

(a)

02/15/2038

89,764

FS

Rialto

,

743,475

Series

2021-FL2-A

(CME

Term

SOFR

1

Month

+

1.33%,

1.33%

Floor

)

5.07%

(a)

05/16/2038

744,231

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

837,320

Series

2021-FL3-A

(CME

Term

SOFR

1

Month

+

1.36%,

1.36%

Floor

)

5.10%

(a)

11/16/2036

838,766

GPMT

Ltd.

,

124,883

Series

2021-FL3-A

(CME

Term

SOFR

1

Month

+

1.61%,

1.36%

Floor

)

5.35%

(a)

07/16/2035

125,110

3,000,000

Series

2021-FL3-AS

(CME

Term

SOFR

1

Month

+

1.96%

)

5.70%

(a)

07/16/2035

3,005,175

3,604,624

Series

2021-FL4-A

(CME

Term

SOFR

1

Month

+

1.46%,

1.35%

Floor

)

5.20%

(a)

12/15/2036

3,614,033

1,320,000

Series

2021-FL4-AS

(CME

Term

SOFR

1

Month

+

1.81%,

1.70%

Floor

)

5.55%

(a)

12/15/2036

1,322,186

1,000,000

Series

2021-FL4-B

(CME

Term

SOFR

1

Month

+

2.06%

)

5.80%

(a)

12/15/2036

995,592

Greystone

CRE

Notes

Ltd.

,

341,150

Series

2021-FL3-A

(CME

Term

SOFR

1

Month

+

1.13%,

1.02%

Floor

)

4.88%

(a)

07/15/2039

341,877

550,000

Series

2021-FL3-B

(CME

Term

SOFR

1

Month

+

1.76%,

1.65%

Floor

)

5.51%

(a)

07/15/2039

549,875

INCREF

LLC

,

2,500,000

Series

2025-FL1-A

(CME

Term

SOFR

1

Month

+

1.73%

)

5.46%

(a)

10/19/2042

2,508,223

KREF

Ltd.

,

1,264,057

Series

2021-FL2-A

(CME

Term

SOFR

1

Month

+

1.18%,

1.07%

Floor

)

4.92%

(a)

02/15/2039

1,266,686

100,000

Series

2021-FL2-C

(CME

Term

SOFR

1

Month

+

2.11%,

2.00%

Floor

)

5.85%

(a)

02/15/2039

99,223

250,000

Series

2022-FL3-AS

(CME

Term

SOFR

1

Month

+

1.90%,

1.90%

Floor

)

5.63%

(a)

02/17/2039

250,648

250,000

Series

2022-FL3-B

(CME

Term

SOFR

1

Month

+

2.10%,

2.10%

Floor

)

5.83%

(a)

02/17/2039

250,235

LMNT

CRE

LLC

,

3,000,000

Series

2025-FL3-C

(CME

Term

SOFR

1

Month

+

2.75%

)

6.48%

(a)

07/21/2043

3,007,479

LoanCore

Issuer

Ltd.

,

1,137,049

Series

2021-CRE5-

AS

(CME

Term

SOFR

1

Month

+

1.86%,

1.86%

Floor

)

5.61%

(a)

07/15/2036

1,138,338

30

DoubleLine

ETF

Trust

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

218,666

Series

2021-CRE6-A

(CME

Term

SOFR

1

Month

+

1.41%,

1.30%

Floor

)

5.16%

(a)

11/15/2038

219,042

1,600,000

Series

2021-CRE6-C

(CME

Term

SOFR

1

Month

+

2.41%

)

6.16%

(a)

11/15/2038

1,604,034

MF1

Multifamily

Housing

Mortgage

Loan

Trust

,

331,742

Series

2021-FL7-A

(CME

Term

SOFR

1

Month

+

1.19%,

1.08%

Floor

)

4.93%

(a)

10/16/2036

332,054

1,000,000

Series

2021-FL7-B

(CME

Term

SOFR

1

Month

+

1.86%,

1.75%

Floor

)

5.60%

(a)

10/16/2036

1,001,115

Ready

Capital

Mortgage

Financing

LLC

,

602,073

Series

2021-FL7-A

(CME

Term

SOFR

1

Month

+

1.31%,

1.20%

Floor

)

5.05%

(a)

11/25/2036

602,837

STWD

Ltd.

,

3,000,000

Series

2021-FL2-AS

(CME

Term

SOFR

1

Month

+

1.56%

)

5.30%

(a)

04/18/2038

3,007,650

456,848

Series

2022-FL3-A

(SOFR

30

Day

Average

+

1.35%,

1.35%

Floor

)

5.33%

(a)

11/15/2038

457,417

TRTX

Issuer

Ltd.

,

1,729,391

Series

2022-FL5-A

(CME

Term

SOFR

1

Month

+

1.65%,

1.65%

Floor

)

5.39%

(a)

02/15/2039

1,731,544

2,100,000

Series

2022-FL5-AS

(CME

Term

SOFR

1

Month

+

2.15%,

2.15%

Floor

)

5.89%

(a)

02/15/2039

2,101,142

Total

Collateralized

Loan

Obligations

(Cost

$52,196,004)

52,642,192

NON-AGENCY

COMMERCIAL

MORTGAGE

BACKED

OBLIGATIONS

64.6%

1211

Avenue

of

the

Americas

Trust

,

1,600,000

Series

2015-1211-A1A2

3.90%

(a)

08/10/2035

1,549,400

280

Park

Avenue

Mortgage

Trust

,

1,500,000

Series

2017-280P-A

(CME

Term

SOFR

1

Month

+

1.18%,

1.13%

Floor

)

4.93%

(a)

09/15/2034

1,495,504

AG

Trust

,

1,744,000

Series

2024-NLP-B

(CME

Term

SOFR

1

Month

+

2.76%

)

6.51%

(a)

08/15/2041

1,756,603

Arbor

Multifamily

Mortgage

Securities

Trust

,

1,454,000

Series

2021-MF2-ASB

2.24%

(a)

06/15/2054

1,382,352

ARDN

Mortgage

Trust

,

1,860,000

Series

2025-ARCP-A

(CME

Term

SOFR

1

Month

+

1.75%

)

5.50%

(a)

06/15/2035

1,866,050

BAMLL

Commercial

Mortgage

Securities

Trust

,

2,000,000

Series

2015-HAUL-B

4.31%

(a)

07/07/2043

1,975,686

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

BANK

,

551,233

Series

2017-BNK5-A4

3.13%

06/15/2060

544,931

335,859

Series

2018-BN14-A2

4.13%

09/15/2060

334,664

969,599

Series

2019-BN19-A2

2.93%

08/15/2061

926,549

1,050,000

Series

2021-BN32-ASB

2.33%

04/15/2054

1,002,409

650,000

Series

2021-BN36-A2

2.13%

09/15/2064

636,320

140,157

Series

2021-BN37-A1

1.19%

11/15/2064

138,629

400,000

Series

2021-BN38-ASB

2.51%

12/15/2064

377,663

415,221

Series

2022-BNK39-A1

1.74%

02/15/2055

409,725

1,261,618

Series

2023-BNK46-A1

6.01%

08/15/2056

1,282,003

1,505,776

Series

2024-BNK47-A1

5.52%

06/15/2057

1,537,489

1,113,212

Series

2024-BNK48-A1

4.33%

10/15/2057

1,114,399

2,404,357

Series

2025-BNK49-A1

4.77%

03/15/2058

2,430,999

2,741,283

Series

2025-BNK50-A1

4.73%

05/15/2068

2,769,580

BANK5

,

3,000,000

Series

2023-5YR1-A3

6.26%

(b)

04/15/2056

3,112,309

273,234

Series

2023-5YR2-A1

6.20%

07/15/2056

278,628

3,000,000

Series

2023-5YR2-A3

6.66%

(b)

07/15/2056

3,155,033

1,500,000

Series

2024-5YR10-A3

5.30%

10/15/2057

1,546,803

2,586,800

Series

2024-5YR5-A3

5.70%

02/15/2029

2,683,142

659,944

Series

2024-5YR7-A1

5.82%

06/15/2057

672,687

1,457,912

Series

2024-5YR8-A1

5.19%

08/15/2057

1,482,188

1,000,000

Series

2024-5YR9-A3

5.61%

08/15/2057

1,041,433

878,331

Series

2025-5YR14-A1

4.82%

04/15/2058

886,693

19,609,777

Series

2025-5YR17-XA

1.19%

(b)(c)

11/15/2058

964,554

43,620,000

Series

2025-5YR18-XA

1.05%

(b)(c)

12/15/2058

1,968,553

19,959,000

Series

2025-5YR19-XA

1.13%

(b)(c)

12/15/2058

999,646

BANK5

Trust

,

1,506,590

Series

2024-5YR6-A1

5.86%

05/15/2057

1,542,699

1,248,000

Series

2024-5YR6-A3

6.23%

05/15/2057

1,315,801

BBCMS

Mortgage

Trust

,

44,512

Series

2017-C1-ASB

3.49%

02/15/2050

44,268

2,177,000

Series

2021-C11-ASB

2.11%

09/15/2054

2,064,853

707,636

Series

2024-5C25-A1

5.49%

03/15/2057

719,677

2,240,000

Series

2024-5C29-AS

5.63%

09/15/2057

2,305,056

|

December

31,

2025

31

Schedule

of

Investments

DoubleLine

Commercial

Real

Estate

ETF

(Cont.)

(Unaudited)

December

31,

2025

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

1,281,785

Series

2024-C24-A1

5.23%

02/15/2057

1,295,431

1,639,395

Series

2024-C28-A1

4.91%

09/15/2057

1,658,817

1,168,973

Series

2025-5C34-A1

4.81%

05/15/2058

1,182,322

19,625,203

Series

2025-5C34-XA

1.17%

(b)(c)

05/15/2058

895,716

21,360,417

Series

2025-5C36-XA

1.07%

(b)(c)

08/15/2058

929,659

2,500,000

Series

2025-5C37-AS

5.38%

(b)

09/15/2058

2,553,992

14,248,204

Series

2025-5C37-XA

1.66%

(a)(b)(c)

09/15/2058

948,981

31,690,000

Series

2025-5C38-XA

1.46%

(b)(c)

11/15/2058

1,959,187

BBCMS

Trust

,

550,000

Series

2018-CBM-A

(CME

Term

SOFR

1

Month

+

1.30%,

1.25%

Floor

)

5.05%

(a)

07/15/2037

537,828

Benchmark

Mortgage

Trust

,

500,000

Series

2018-B7-A3

4.24%

05/15/2053

499,383

1,379,000

Series

2019-B13-A3

2.70%

08/15/2057

1,306,931

482,902

Series

2019-B13-ASB

2.89%

08/15/2057

473,032

11,242,381

Series

2019-B14-XA

0.75%

(b)(c)

12/15/2062

220,554

668,274

Series

2019-B15-A2

2.91%

12/15/2072

638,942

300,000

Series

2020-B22-ASB

1.73%

01/15/2054

283,860

1,250,000

Series

2021-B25-A3

1.91%

04/15/2054

1,147,069

2,500,000

Series

2023-B38-A2

5.63%

04/15/2056

2,551,711

146,724

Series

2023-V2-A1

5.85%

05/15/2055

147,476

775,000

Series

2023-V2-A2

5.36%

05/15/2055

789,720

2,500,000

Series

2023-V3-AS

7.10%

(b)

07/15/2056

2,640,354

179,918

Series

2024-V10-A1

4.48%

09/15/2057

180,520

3,000,000

Series

2024-V11-A3

5.91%

(b)

11/15/2057

3,155,207

168,808

Series

2024-V12-A1

5.05%

12/15/2057

171,169

235,729

Series

2024-V5-A1

5.32%

01/10/2057

239,177

3,000,000

Series

2024-V5-A3

5.81%

01/10/2057

3,123,594

1,629,069

Series

2024-V7-A1

5.63%

05/15/2056

1,664,430

721,000

Series

2024-V8-A1

5.51%

07/15/2057

733,918

1,500,000

Series

2024-V8-A3

6.19%

(b)

07/15/2057

1,585,003

2,000,000

Series

2024-V9-A3

5.60%

08/15/2057

2,079,547

300,000

Series

2025-V13-A1

5.09%

02/15/2058

305,390

1,770,037

Series

2025-V14-A1

4.84%

04/15/2057

1,795,938

920,890

Series

2025-V15-A1

4.91%

06/15/2058

931,609

1,000,000

Series

2025-V16-AS

5.86%

(b)

08/15/2058

1,040,330

3,000,000

Series

2025-V17-AM

5.42%

(b)

09/15/2058

3,069,917

15,350,000

Series

2025-V17-XA

1.51%

(b)(c)

09/15/2058

946,351

2,000,000

Series

2025-V18-AS

5.59%

10/15/2058

2,061,965

20,633,000

Series

2025-V19-XA

1.10%

(b)(c)

01/15/2058

996,782

BFLD

Trust

,

2,000,000

Series

2025-FPM-A

5.01%

(a)(b)

10/10/2040

2,025,048

BMARK

,

491,984

Series

2023-V4-A1

6.45%

11/15/2056

502,558

BMO

Mortgage

Trust

,

150,069

Series

2022-C1-A1

2.20%

02/15/2055

148,885

53,301

Series

2022-C3-A1

5.25%

(b)

09/15/2054

53,450

336,862

Series

2023-5C2-A1

6.80%

11/15/2056

345,005

342,797

Series

2023-C4-A1

5.29%

02/15/2056

344,242

500,000

Series

2023-C5-A2

6.52%

06/15/2056

514,954

1,119,399

Series

2023-C7-A1

5.90%

12/15/2056

1,137,630

82,423

Series

2024-5C3-A1

5.14%

02/15/2057

83,230

1,459,996

Series

2024-5C4-A1

6.02%

05/15/2057

1,496,399

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

372,760

Series

2024-5C5-A1

5.20%

02/15/2057

373,295

2,000,000

Series

2024-5C6-A3

5.32%

09/15/2057

2,058,216

1,036,110

Series

2024-5C7-A1

4.83%

11/15/2057

1,048,188

1,179,028

Series

2024-C9-A1

5.48%

07/15/2057

1,199,688

377,316

Series

2025-5C10-A1

4.74%

05/15/2058

380,572

17,431,283

Series

2025-5C10-XA

1.35%

(b)(c)

05/15/2058

875,777

15,842,845

Series

2025-5C12-XA

1.44%

(b)(c)

10/15/2058

957,348

39,091,000

Series

2025-5C13-XA

1.20%

(b)(c)

12/15/2058

1,998,719

988,690

Series

2025-5C9-A1

4.97%

04/15/2058

1,000,998

1,779,157

Series

2025-C11-A1

4.97%

02/15/2058

1,810,748

934,270

Series

2025-C12-A1

4.90%

06/15/2058

946,584

BPR

Commercial

Mortgage

Trust

,

2,000,000

Series

2025-STAR-A

4.95%

(a)(b)

11/05/2042

2,014,193

BPR

Trust

,

340,000

Series

2021-TY-B

(CME

Term

SOFR

1

Month

+

1.26%,

1.15%

Floor

)

5.02%

(a)

09/15/2038

339,671

BX

Commercial

Mortgage

Trust

,

409,752

Series

2019-IMC-A

(CME

Term

SOFR

1

Month

+

1.05%,

1.00%

Floor

)

4.80%

(a)

04/15/2034

407,869

267,766

Series

2021-21M-A

(CME

Term

SOFR

1

Month

+

0.84%,

0.73%

Floor

)

4.59%

(a)

10/15/2036

267,653

468,097

Series

2021-ACNT-C

(CME

Term

SOFR

1

Month

+

1.61%,

1.50%

Floor

)

5.36%

(a)

11/15/2038

467,706

1,060,841

Series

2021-XL2-A

(CME

Term

SOFR

1

Month

+

0.80%,

0.69%

Floor

)

4.55%

(a)

10/15/2038

1,060,781

1,134,000

Series

2021-XL2-D

(CME

Term

SOFR

1

Month

+

1.51%

)

5.26%

(a)

10/15/2038

1,133,738

BX

Mortgage

Trust

,

1,500,000

Series

2021-PAC-A

(CME

Term

SOFR

1

Month

+

0.80%

)

4.55%

(a)

10/15/2036

1,495,957

BX

Trust

,

1,790,564

Series

2021-BXMF-B

(CME

Term

SOFR

1

Month

+

1.16%,

1.04%

Floor

)

4.91%

(a)

10/15/2026

1,788,342

320,000

Series

2021-LBA-

DJV

(CME

Term

SOFR

1

Month

+

1.71%

)

5.47%

(a)

02/15/2036

319,944

1,000,000

Series

2021-LGCY-B

(CME

Term

SOFR

1

Month

+

0.97%,

0.86%

Floor

)

4.72%

(a)

10/15/2036

997,263

1,267,994

Series

2021-RISE-B

(CME

Term

SOFR

1

Month

+

1.36%,

1.25%

Floor

)

5.11%

(a)

11/15/2036

1,267,619

32

DoubleLine

ETF

Trust

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

860,000

Series

2021-VIEW-C

(CME

Term

SOFR

1

Month

+

2.46%,

2.35%

Floor

)

6.21%

(a)

06/15/2036

859,710

1,791,362

Series

2025-ARIA-C

5.52%

(a)(b)

12/13/2042

1,806,838

Cantor

Commercial

Real

Estate

Lending

,

1,256,004

Series

2019-CF1-A2

3.62%

05/15/2052

1,241,034

200,000

Series

2019-CF3-A4

3.01%

01/15/2053

188,649

CEDR

Commercial

Mortgage

Trust

,

1,000,000

Series

2022-SNAI-A

(CME

Term

SOFR

1

Month

+

0.99%,

0.99%

Floor

)

4.74%

(a)

02/15/2039

986,822

Citigroup

Commercial

Mortgage

Trust

,

155,243

Series

2016-C1-A3

2.94%

05/10/2049

154,797

1,751,000

Series

2016-P4-A4

2.90%

07/10/2049

1,737,565

1,145,892

Series

2019-GC43-AAB

2.96%

11/10/2052

1,119,802

Commercial

Mortgage

Trust

,

2,500,000

Series

2016-COR1-A4

3.09%

10/10/2049

2,473,838

2,000,000

Series

2016-DC2-B

4.66%

(b)

02/10/2049

1,995,308

CSAIL

Commercial

Mortgage

Trust

,

1,962,263

Series

2017-CX9-A4

3.18%

09/15/2050

1,931,959

19,051

Series

2020-C19-A1

1.30%

03/15/2053

17,451

1,846,718

Series

2020-C19-ASB

2.55%

03/15/2053

1,785,877

CSMC

Trust

,

1,600,000

Series

2016-NXSR-A4

3.79%

(b)

12/15/2049

1,591,368

DBJPM

Mortgage

Trust

,

1,385,000

Series

2016-C3-A5

2.89%

08/10/2049

1,374,605

24,788

Series

2020-C9-A2

1.90%

08/15/2053

24,745

3,000,000

Series

2020-C9-A3

1.88%

08/15/2053

2,815,174

Del

Amo

Fashion

Center

Trust

,

1,500,000

Series

2017-AMO-A

3.64%

(a)(b)

06/05/2035

1,459,629

DTP

Commercial

Mortgage

Trust

,

2,000,000

Series

2023-STE2-B

5.79%

(a)(b)

01/15/2041

2,035,389

ELP

Commercial

Mortgage

Trust

,

2,000,000

Series

2025-ELP-C

5.14%

(a)(b)

11/13/2042

2,002,105

EQUS

Mortgage

Trust

,

1,510,696

Series

2021-EQAZ-B

(CME

Term

SOFR

1

Month

+

1.36%

)

5.12%

(a)

10/15/2038

1,511,117

GS

Mortgage

Securities

Trust

,

129,314

Series

2013-GC13-AS

3.86%

(a)(b)

07/10/2046

127,754

3,000,000

Series

2013-GC13-B

3.86%

(a)(b)

07/10/2046

2,919,838

20,392

Series

2015-GC34-A4

3.51%

10/10/2048

20,194

980,000

Series

2018-GS10-A2

4.00%

07/10/2051

971,096

300,000

Series

2019-GC38-A3

3.70%

02/10/2052

296,575

221,646

Series

2019-GC39-A3

3.31%

05/10/2052

213,341

153,776

Series

2019-GSA1-AAB

2.99%

11/10/2052

150,676

2,427,625

Series

2020-GC45-AAB

2.84%

02/13/2053

2,371,513

Hilton

USA

Trust

,

300,000

Series

2016-HHV-A

3.72%

(a)

11/05/2038

298,014

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

470,088

Series

2016-JP3-A4

2.63%

08/15/2049

465,929

1,331,457

Series

2019-UES-A

3.81%

(a)

05/05/2032

1,322,422

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

JPMBB

Commercial

Mortgage

Securities

Trust

,

157,428

Series

2015-C27-A4

3.18%

02/15/2048

153,991

JPMCC

Commercial

Mortgage

Securities

Trust

,

137,082

Series

2017-JP5-A4

3.46%

03/15/2050

136,733

1,640,000

Series

2017-JP5-A5

3.72%

03/15/2050

1,630,708

2,000,000

Series

2019-COR5-A3

3.12%

06/13/2052

1,934,698

JPMDB

Commercial

Mortgage

Securities

Trust

,

500,381

Series

2018-C8-A3

3.94%

06/15/2051

497,108

LCCM

Trust

,

514,483

Series

2017-LC26-A3

3.29%

(a)

07/12/2050

507,589

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

1,322,074

Series

2013-C9-B

3.71%

(b)

05/15/2046

1,288,315

211,606

Series

2017-C33-A3

3.30%

05/15/2050

209,944

355,356

Series

2025-5C1-A1

4.92%

03/15/2058

359,091

3,000,000

Series

2025-5C2-A3

5.11%

11/15/2058

3,077,522

27,505,000

Series

2025-5C2-XA

1.25%

(b)(c)

11/15/2058

1,461,148

Morgan

Stanley

Capital

I

,

1,608,856

Series

2017-HR2-A3

3.33%

12/15/2050

1,584,129

Morgan

Stanley

Capital

I

Trust

,

53,219

Series

2016-UBS9-A4

3.59%

03/15/2049

53,105

7,777,810

Series

2019-L2-XA

0.99%

(b)(c)

03/15/2052

201,747

932,201

Series

2024-NSTB-A

3.90%

(a)(b)

09/24/2057

921,261

MSBAM

Commercial

Mortgage

Securities

Trust

,

2,842,811

Series

2012-CKSV-A2

3.28%

(a)

10/15/2030

2,739,021

MSWF

Commercial

Mortgage

Trust

,

1,402,202

Series

2023-1-A1

5.54%

05/15/2056

1,418,139

645,654

Series

2023-2-A1

5.96%

12/15/2056

651,873

2,200,000

Series

2023-2-A2

6.89%

12/15/2056

2,320,802

SCOTT

Trust

,

2,000,000

Series

2023-SFS-AS

6.20%

(a)

03/10/2040

2,036,614

STDIO

Commercial

Mortgage

Trust

,

986,000

Series

2025-RLGH-A

5.54%

(a)(b)

09/15/2038

989,687

UBS

Commercial

Mortgage

Trust

,

502,127

Series

2017-C7-A3

3.42%

12/15/2050

496,863

368,543

Series

2018-C13-A3

4.07%

10/15/2051

366,985

568,748

Series

2018-C15-ASB

4.20%

12/15/2051

568,800

1,600,366

Series

2018-C8-A3

3.72%

02/15/2051

1,585,774

Wells

Fargo

Commercial

Mortgage

Trust

,

666,422

Series

2016-BNK1-A2

2.40%

08/15/2049

662,856

389,798

Series

2016-C33-A4

3.43%

03/15/2059

388,860

1,250,000

Series

2016-C34-A4

3.10%

06/15/2049

1,243,707

96,436

Series

2017-C38-A4

3.19%

07/15/2050

95,285

2,448,048

Series

2019-C50-A4

3.47%

05/15/2052

2,403,794

500,000

Series

2019-C53-A3

2.79%

10/15/2052

475,996

2,320,089

Series

2020-C57-ASB

1.91%

08/15/2053

2,228,677

399,344

Series

2021-SAVE-A

(CME

Term

SOFR

1

Month

+

1.36%,

1.15%

Floor

)

5.12%

(a)

02/15/2040

399,580

1,016,264

Series

2024-5C1-A1

5.23%

07/15/2057

1,029,135

1,500,000

Series

2024-5C1-A3

5.93%

07/15/2057

1,571,505

1,929,803

Series

2024-C63-A1

4.89%

08/15/2057

1,953,225

20,649,765

Series

2025-5C4-XA

1.12%

(b)(c)

05/15/2058

890,719

2,000,000

Series

2025-5C6-AS

5.58%

(b)

10/15/2058

2,063,163

17,126,633

Series

2025-5C6-XA

1.37%

(b)(c)

10/15/2058

952,624

2,500,000

Series

2025-5C7-B

5.86%

(b)

12/15/2058

2,578,639

16,142,000

Series

2025-5C7-XA

1.44%

(b)(c)

12/15/2058

992,885

|

December

31,

2025

33

Schedule

of

Investments

DoubleLine

Commercial

Real

Estate

ETF

(Cont.)

(Unaudited)

December

31,

2025

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

789,604

Series

2025-C64-A1

5.02%

02/15/2058

798,723

1,000,000

Series

2025-VTT-C

5.83%

(a)(b)

03/15/2038

1,005,040

WFRBS

Commercial

Mortgage

Trust

,

66,806

Series

2013-C14-AS

3.49%

06/15/2046

65,674

1,000,000

Series

2014-C22-B

4.37%

(b)

09/15/2057

914,760

Total

Non-Agency

Commercial

Mortgage

Backed

Obligations

(Cost

$213,299,182)

216,096,688

NON-AGENCY

RESIDENTIAL

COLLATERALIZED

MORTGAGE

OBLIGATIONS

0.5%

AREIT

Trust

,

1,704,668

Series

2022-CRE6-A

(SOFR

30

Day

Average

+

1.25%,

1.25%

Floor

)

5.19%

(a)

01/20/2037

1,707,458

PFP

Ltd.

,

106,257

Series

2024-11-A

(CME

Term

SOFR

1

Month

+

1.83%

)

5.61%

(a)

09/17/2039

106,766

Total

Non-Agency

Residential

Collateralized

Mortgage

Obligations

(Cost

$1,794,843)

1,814,224

US

GOVERNMENT

AND

AGENCY

MORTGAGE

BACKED

OBLIGATIONS

13.2%

FHLMC

,

2,500,000

Pool

WN1487

4.55%

11/01/2029

2,531,434

FHLMC

Multifamily

Structured

Pass-Through

Certificates

,

4,100,000

Series

K088-A2

3.69%

01/25/2029

4,080,535

4,000,000

Series

K518-A2

5.40%

01/25/2029

4,158,463

FNMA

,

3,500,000

Pool

BL2869

2.79%

07/01/2029

3,366,425

4,000,000

Pool

BZ0638

4.82%

04/01/2029

4,097,745

4,500,000

Pool

BZ1029

4.93%

06/01/2029

4,631,887

2,500,000

Pool

BZ2695

5.01%

12/01/2029

2,546,600

2,481,933

Pool

BZ3803

4.46%

05/01/2030

2,521,265

6,343,262

Pool

BZ3936

4.78%

05/01/2030

6,445,771

2,500,000

Pool

BZ4251

4.65%

07/01/2030

2,548,704

2,500,000

Pool

BZ4252

4.65%

07/01/2030

2,552,841

2,000,000

Pool

BZ4253

4.65%

07/01/2030

2,045,588

2,500,000

Pool

BZ4565

4.53%

08/01/2030

2,539,476

Total

US

Government

and

Agency

Mortgage

Backed

Obligations

(Cost

$43,824,619)

44,066,734

SHORT

TERM

INVESTMENTS

5.5%

9,175,965

JPMorgan

U.S.

Government

Money

Market

Fund

-

Class

IM

3.72%

(d)

9,175,965

9,175,965

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

-

Institutional

Share

Class

3.69%

(d)

9,175,965

Total

Short

Term

Investments

(Cost

$18,351,930)

18,351,930

Total

Investments

99.6%

(Cost

$329,466,578)

332,971,768

Other

Assets

in

Excess

of

Liabilities

0.4%

1,355,795

NET

ASSETS

100.0%

$334,327,563

34

DoubleLine

ETF

Trust

(a)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

buyers.

At

December

31,

2025,

the

value

of

these

securities

amounted

to

approximately

$103,483,034

or

30.95%

of

net

assets.

(b)

Coupon

rate

is

variable

or

floats

based

on

components

including

but

not

limited

to

reference

rate

and

spread.

These

securities

may

not

indicate

a

reference

rate

and/or

spread

in

their

description.

The

rate

disclosed

is

as

of

period

end.

(c)

Interest

only

security.

(d)

Seven-day

yield

as

of

period

end.

Abbreviations:

FHLMC

Federal

Home

Loan

Mortgage

Corporation

FNMA

Federal

National

Mortgage

Association

SOFR

Secured

Overnight

Financing

Rate

Schedule

of

Investments

DoubleLine

Mortgage

ETF

(Unaudited)

December

31,

2025

|

December

31,

2025

35

P

RINCIPAL

A

MOUNT

$/S

HARES

S

ECURITY

D

ESCRIPTION

R

ATE

M

ATURITY

V

ALUE

$

NON-AGENCY

RESIDENTIAL

COLLATERALIZED

MORTGAGE

OBLIGATIONS

14.4%

Angel

Oak

Mortgage

Trust

,

1,300,000

Series

2025-11-M1

5.62%

(a)(b)

10/25/2070

1,302,717

1,000,000

Series

2025-8-M1

6.22%

(a)(c)

07/25/2070

1,013,593

Barclays

Mortgage

Loan

Trust

,

3,000,000

Series

2025-NQM3-M1

6.37%

(a)(c)

05/25/2065

3,048,214

BRAVO

Residential

Funding

Trust

,

1,000,000

Series

2025-NQM6-B1A

6.47%

(a)(c)

06/25/2065

1,010,931

1,450,000

Series

2025-NQM7-M1

6.23%

(a)(c)

07/25/2065

1,464,793

Connecticut

Avenue

Securities

Trust

,

352,812

Series

2023-R07-

2M1

(SOFR

30

Day

Average

+

1.95%

)

5.82%

(a)

09/25/2043

354,537

2,000,000

Series

2024-R01-

1M2

(SOFR

30

Day

Average

+

1.80%,

1.80%

Floor

)

5.67%

(a)

01/25/2044

2,014,450

1,500,000

Series

2024-R02-

1M2

(SOFR

30

Day

Average

+

1.80%,

1.80%

Floor

)

5.67%

(a)

02/25/2044

1,510,010

3,000,000

Series

2024-R05-

2M2

(SOFR

30

Day

Average

+

1.70%,

1.90%

Floor

)

5.57%

(a)

07/25/2044

3,013,327

Cross

Mortgage

Trust

,

1,861,000

Series

2025-H4-M1

6.45%

(a)(c)

06/25/2070

1,892,768

Deephaven

Residential

Mortgage

Trust

,

655,942

Series

2022-2-A1

4.30%

(a)(c)

03/25/2067

642,628

EFMT

,

3,600,000

Series

2025-NQM2-M1B

6.91%

(a)(c)

06/25/2070

3,663,177

1,148,000

Series

2025-NQM3-M1B

6.45%

(a)(c)

08/25/2070

1,158,962

FHLMC

STACR

REMICS

Trust

,

1,000,000

Series

2022-DNA3-

M1B

(SOFR

30

Day

Average

+

2.90%

)

6.77%

(a)

04/25/2042

1,025,405

371,350

Series

2023-HQA2-

M1A

(SOFR

30

Day

Average

+

2.00%

)

5.87%

(a)

06/25/2043

371,986

6,000,000

Series

2024-DNA1-M2

(SOFR

30

Day

Average

+

1.95%

)

5.82%

(a)

02/25/2044

6,065,014

2,000,000

Series

2024-HQA1-M2

(SOFR

30

Day

Average

+

2.00%

)

5.87%

(a)

03/25/2044

2,015,231

GS

Mortgage-Backed

Securities

Trust

,

8,523,000

Series

2025-NQM2-M1

6.27%

(a)(c)

06/25/2065

8,629,218

2,100,000

Series

2025-NQM3-M1

5.93%

(a)(c)

11/25/2065

2,109,784

J.P.

Morgan

Mortgage

Trust

,

3,533,000

Series

2025-NQM2-M1A

6.36%

(a)(c)

09/25/2065

3,590,858

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

1,300,000

Series

2025-NQM3-M1B

6.42%

(a)(c)

11/25/2065

1,314,425

1,000,000

Series

2025-VIS2-M1

6.20%

(a)(c)

12/25/2055

1,012,049

MFA

Trust

,

1,635,000

Series

2025-NQM5-M1

5.89%

(a)(c)

11/25/2070

1,648,327

Morgan

Stanley

Residential

Mortgage

Loan

Trust

,

3,588,000

Series

2025-NQM3-M1

6.56%

(a)(c)

05/25/2070

3,657,086

4,100,000

Series

2025-NQM9-M1

5.91%

(a)(c)

09/25/2070

4,106,661

New

Residential

Mortgage

Loan

Trust

,

3,455,514

Series

2024-NQM1-A1

6.13%

(a)(b)

03/25/2064

3,493,976

OBX

Trust

,

839,673

Series

2023-NQM10-A1

6.46%

(a)(b)

10/25/2063

848,194

592,175

Series

2023-NQM3-A1

5.95%

(a)(b)

02/25/2063

592,499

1,099,105

Series

2023-NQM5-A1A

6.57%

(a)(b)

06/25/2063

1,105,518

564,711

Series

2024-NQM4-A1

6.07%

(a)(b)

01/25/2064

569,955

1,227,234

Series

2024-NQM6-A1

6.45%

(a)(b)

02/25/2064

1,244,532

2,550,000

Series

2025-NQM13-M1

6.28%

(a)(c)

05/25/2065

2,588,424

5,200,000

Series

2025-NQM8-M1

6.39%

(a)(c)

03/25/2065

5,280,414

PRPM

Trust

,

4,111,000

Series

2025-NQM2-M1A

6.63%

(a)(c)

04/25/2070

4,191,985

4,000,000

Series

2025-NQM5-M1

5.90%

(a)(c)

10/25/2070

4,014,559

Verus

Securitization

Trust

,

896,566

Series

2023-5-A1

6.48%

(a)(b)

06/25/2068

900,408

551,421

Series

2023-7-A1

7.07%

(a)(b)

10/25/2068

558,819

994,627

Series

2023-8-A1

6.26%

(a)(b)

12/25/2068

1,004,737

658,787

Series

2023-INV3-A1

6.88%

(a)(c)

11/25/2068

668,516

6,800,000

Series

2025-11-M1

5.66%

(a)(c)

11/25/2070

6,786,971

2,000,000

Series

2025-12-M1

5.76%

(a)(c)

12/25/2070

2,027,866

1,450,000

Series

2025-3-M1

6.65%

(a)(c)

05/25/2070

1,481,532

1,089,000

Series

2025-4-M1

6.30%

(a)(c)

05/25/2070

1,108,646

Total

Non-Agency

Residential

Collateralized

Mortgage

Obligations

(Cost

$95,096,818)

96,103,702

US

GOVERNMENT

AND

AGENCY

MORTGAGE

BACKED

OBLIGATIONS

92.5%

FHLMC

REMICS

,

1,764,029

Series

4631-GF

(SOFR

30

Day

Average

+

0.61%,

0.50%

Floor,

6.50%

Cap

)

4.60%

11/15/2046

1,742,553

1,127,559

Series

5008-DI

3.00%

(d)

09/25/2050

159,203

6,519,344

Series

5020-IH

3.00%

(d)

08/25/2050

1,043,787

5,493,891

Series

5057-TI

3.00%

(d)

11/25/2050

885,567

13,854,624

Series

5072-MI

3.50%

(d)

01/25/2051

2,659,621

5,797,988

Series

5083-IH

2.50%

(d)

03/25/2051

930,564

3,133,976

Series

5092-FK

(SOFR

30

Day

Average

+

0.70%,

0.70%

Floor,

4.00%

Cap

)

4.00%

03/25/2051

2,683,133

36

DoubleLine

ETF

Trust

Schedule

of

Investments

DoubleLine

Mortgage

ETF

(Cont.)

(Unaudited)

December

31,

2025

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

9,442,666

Series

5162-CI

3.00%

(d)

11/25/2050

1,447,710

5,217,417

Series

5188-IA

3.00%

(d)

02/25/2052

837,444

8,211,901

Series

5377-

2.50%

(d)

12/25/2051

1,009,317

13,847,575

Series

5392-CI

3.50%

(d)

05/25/2051

2,674,080

11,280,421

Series

5531-

3.00%

(d)

06/25/2041

1,258,807

FHLMC

STRIPS

,

6,374,258

Series

389-C19

2.50%

(d)

04/15/2052

1,141,726

11,814,777

Series

399-C28

1.50%

(d)

04/25/2052

1,100,607

FHLMC

UMBS

,

5,218,302

Pool

QA6656

3.00%

02/01/2050

4,673,404

5,606,520

Pool

QC8218

2.00%

10/01/2051

4,618,456

15,850,846

Pool

QC9560

2.00%

10/01/2051

12,977,121

9,147,430

Pool

QD8212

3.00%

03/01/2052

8,182,974

7,840,839

Pool

QG1227

3.00%

04/01/2053

6,949,819

4,792,805

Pool

RA2853

2.50%

06/01/2050

4,097,835

9,010,482

Pool

RJ3490

6.00%

02/01/2055

9,400,565

6,355,293

Pool

RJ4841

5.50%

09/01/2055

6,549,095

2,102,661

Pool

SD2912

5.00%

05/01/2053

2,118,252

10,675,619

Pool

SD2988

3.50%

05/01/2052

9,899,651

1,841,853

Pool

SD3139

3.50%

07/01/2052

1,707,976

3,732,170

Pool

SD3354

5.00%

06/01/2053

3,737,209

2,504,720

Pool

SD3489

2.00%

03/01/2052

2,052,650

4,300,269

Pool

SD4296

2.00%

02/01/2052

3,540,884

4,245,555

Pool

SD4650

5.00%

01/01/2054

4,267,341

2,361,298

Pool

SD4888

6.00%

02/01/2054

2,460,532

6,383,534

Pool

SD5525

5.50%

06/01/2054

6,565,939

8,484,525

Pool

SD5573

3.00%

08/01/2052

7,659,719

2,352,438

Pool

SD5617

6.00%

06/01/2054

2,458,266

2,054,523

Pool

SD5726

3.00%

07/01/2052

1,840,098

6,301,491

Pool

SD6874

5.50%

11/01/2054

6,495,107

4,853,381

Pool

SD7512

3.00%

02/01/2050

4,390,078

10,110,560

Pool

SD7535

2.50%

02/01/2051

8,762,297

5,545,242

Pool

SD7550

3.00%

02/01/2052

5,017,156

4,110,430

Pool

SD7565

5.50%

09/01/2053

4,230,391

6,122,920

Pool

SD7567

5.50%

02/01/2054

6,319,670

2,598,251

Pool

SD8288

5.00%

01/01/2053

2,603,268

3,940,213

Pool

SD8329

5.00%

06/01/2053

3,946,199

2,550,773

Pool

SD8469

5.50%

10/01/2054

2,588,923

14,038,819

Pool

SD8492

5.00%

01/01/2055

14,015,989

9,182,933

Pool

SL0810

5.50%

04/01/2055

9,360,836

4,002,460

Pool

SL1460

5.50%

06/01/2055

4,079,850

14,325,010

Pool

SL1637

2.00%

12/01/2051

11,744,920

6,419,113

Pool

SL2062

5.50%

07/01/2055

6,616,354

FNMA

REMICS

,

1,137,991

Series

2017-99-PY

4.00%

12/25/2047

1,077,336

3,231,030

Series

2021-3-NI

2.50%

(d)

02/25/2051

491,230

3,218,857

Series

2021-42-IA

3.00%

(d)

02/25/2051

468,890

7,205,510

Series

2021-43-

2.50%

(d)

06/25/2051

1,124,478

11,753,599

Series

2021-56-WI

2.50%

(d)

09/25/2051

1,388,257

5,008,476

Series

2021-88-KI

3.50%

(d)

03/25/2046

816,075

5,323,507

Series

2021-94-

3.00%

(d)

01/25/2052

898,820

4,578,988

Series

2023-51-BI

3.50%

(d)

04/25/2053

877,319

2,716,117

Series

2024-82-FH

(SOFR

30

Day

Average

+

1.15%,

1.15%

Floor,

6.50%

Cap

)

5.02%

11/25/2054

2,724,444

5,113,897

Series

2024-9-BI

3.00%

(d)

03/25/2051

857,208

FNMA

STRIPS

,

9,871,449

Series

427-C16

2.50%

(d)

06/25/2040

1,016,143

7,641,745

Series

427-C84

3.50%

(d)

11/25/2040

1,050,478

6,492,599

Series

437-C8

2.50%

(d)

06/25/2052

988,401

FNMA

UMBS

,

7,419,831

Pool

BQ9004

2.50%

11/01/2050

6,337,762

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

14,969,123

Pool

BR3319

2.00%

03/01/2051

12,116,853

7,676,541

Pool

BV3049

3.00%

02/01/2052

6,900,652

6,458,553

Pool

CA6032

2.50%

06/01/2050

5,577,731

5,028,019

Pool

CA7028

2.50%

09/01/2050

4,352,545

10,340,563

Pool

CB3095

2.00%

03/01/2052

8,370,235

2,386,894

Pool

CB7781

5.50%

01/01/2054

2,428,239

2,832,669

Pool

CB9654

5.00%

12/01/2054

2,855,677

9,148,694

Pool

FA0950

5.50%

03/01/2055

9,429,790

10,211,754

Pool

FA1285

3.00%

06/01/2052

9,172,913

16,328,107

Pool

FA1705

2.50%

03/01/2052

14,179,076

12,878,859

Pool

FA1962

5.50%

02/01/2055

13,274,559

21,329,643

Pool

FA1995

2.50%

04/01/2052

18,198,375

14,526,311

Pool

FA2724

5.50%

09/01/2055

14,781,122

20,816,024

Pool

FA3421

2.00%

11/01/2051

17,011,943

23,765,049

Pool

FM6941

2.50%

05/01/2051

20,117,188

15,982,593

Pool

FM7418

2.50%

06/01/2051

13,781,067

5,085,265

Pool

FM7529

3.00%

05/01/2051

4,583,022

5,404,197

Pool

FS0984

3.00%

04/01/2052

4,868,554

3,637,455

Pool

FS2040

2.00%

02/01/2052

2,953,256

2,519,206

Pool

FS5704

2.00%

04/01/2052

2,058,832

3,529,969

Pool

FS7114

5.50%

02/01/2054

3,638,417

5,488,751

Pool

FS7252

5.00%

11/01/2053

5,495,676

5,453,452

Pool

FS7819

2.00%

03/01/2052

4,494,488

4,633,225

Pool

FS8652

2.50%

04/01/2052

3,963,611

7,506,937

Pool

FS8660

5.50%

08/01/2054

7,737,594

8,449,831

Pool

FS9026

5.50%

09/01/2053

8,695,923

3,306,491

Pool

MA4733

4.50%

09/01/2052

3,242,874

408,832

Pool

MA5038

5.00%

06/01/2053

409,917

2,277,912

Pool

MA5039

5.50%

06/01/2053

2,318,770

7,859,295

Pool

MA5503

5.50%

10/01/2044

8,008,596

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

,

7,500,000

Pool

2.00%

(e)

01/25/2056

6,064,423

7,459,000

Pool

2.50%

(e)

01/25/2056

6,306,934

53,679,000

Pool

3.00%

(e)

02/25/2056

47,449,301

11,200,000

Pool

3.50%

(e)

02/25/2056

10,320,188

GNMA

,

14,074,857

Pool

787697

3.00%

05/20/2052

12,687,115

14,309,129

Pool

787829

2.50%

03/20/2052

12,296,409

9,344,440

Pool

787860

3.00%

05/20/2051

8,435,087

1,196,924

Series

2019-31-GF

(CME

Term

SOFR

1

Month

+

0.56%,

0.45%

Floor,

6.50%

Cap

)

4.30%

03/20/2049

1,182,233

19,967,966

Series

2020-116-HI

3.00%

(d)

08/20/2050

3,387,330

6,840,148

Series

2020-126-KI

2.50%

(d)

08/20/2050

980,247

8,976,679

Series

2020-146-DI

2.50%

(d)

10/20/2050

1,278,033

15,267,414

Series

2020-151-MI

2.50%

(d)

10/20/2050

2,204,408

3,210,164

Series

2020-153-CI

2.50%

(d)

10/20/2050

460,802

6,029,084

Series

2020-160-VI

2.50%

(d)

10/20/2050

897,395

8,843,972

Series

2020-167-WI

4.00%

(d)

08/20/2046

1,267,326

2,444,149

Series

2020-17-IG

3.00%

(d)

02/20/2050

414,539

6,904,038

Series

2020-173-MI

2.50%

(d)

11/20/2050

991,433

3,584,944

Series

2020-183-JI

2.50%

(d)

11/20/2050

519,543

9,499,913

Series

2020-185-MI

2.50%

(d)

12/20/2050

1,384,648

8,983,193

Series

2020-188-BI

2.50%

(d)

12/20/2050

1,407,866

5,181,278

Series

2020-51-ID

3.50%

(d)

04/20/2050

949,978

5,742,730

Series

2021-115-MI

2.50%

(d)

05/20/2051

618,012

25,966,162

Series

2021-136-IE

2.50%

(d)

08/20/2051

2,546,860

7,876,303

Series

2021-140-IH

2.50%

(d)

08/20/2051

1,099,543

1,870,192

Series

2021-142-

3.00%

(d)

08/20/2051

325,644

3,439,068

Series

2021-206-AI

3.50%

(d)

11/20/2051

631,245

22,208,956

Series

2021-46-EI

2.50%

(d)

03/20/2051

2,775,473

5,348,715

Series

2021-57-JI

3.00%

(d)

03/20/2051

911,813

|

December

31,

2025

37

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

10,554,876

Series

2021-77-IW

2.50%

(d)

12/20/2050

1,427,581

7,488,614

Series

2021-78-TI

3.00%

(d)

05/20/2051

1,177,083

6,019,309

Series

2022-207-

3.00%

(d)

08/20/2051

1,011,761

3,207,501

Series

2022-61-HI

3.00%

(d)

02/20/2052

548,751

7,060,802

Series

2022-83-

2.50%

(d)

11/20/2051

1,012,109

4,468,705

Series

2023-24-IH

3.50%

(d)

07/20/2051

911,972

5,406,225

Series

2023-79-JI

2.50%

(d)

02/20/2051

749,180

5,275,648

Series

2024-24-BI

3.00%

(d)

12/20/2051

897,212

7,952,354

Series

2024-61-IA

2.50%

(d)

02/20/2051

1,168,111

7,598,653

Series

2024-79-CI

3.50%

(d)

02/20/2052

1,279,774

6,012,418

Series

2025-196-QF

(SOFR

30

Day

Average

+

1.15%,

6.00%

Cap

)

5.07%

11/20/2055

6,016,831

Total

US

Government

and

Agency

Mortgage

Backed

Obligations

(Cost

$611,270,526)

616,631,472

SHORT

TERM

INVESTMENTS

2.9%

9,776,876

JPMorgan

U.S.

Government

Money

Market

Fund

-

Class

IM

3.72%

(f)

9,776,876

9,776,876

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

-

Institutional

Share

Class

3.69%

(f)

9,776,876

Total

Short

Term

Investments

(Cost

$19,553,752)

19,553,752

Total

Investments

109.8%

(Cost

$725,921,096)

732,288,926

Liabilities

in

Excess

of

Other

Assets

(9.8)%

(65,478,340)

NET

ASSETS

100.0%

$666,810,586

(a)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

buyers.

At

December

31,

2025,

the

value

of

these

securities

amounted

to

approximately

$96,103,702

or

14.41%

of

net

assets.

(b)

Step

bond;

coupon

rate

changes

based

on

a

predetermined

schedule

or

event.

The

interest

rate

shown

is

the

rate

in

effect

as

of

period

end.

(c)

Coupon

rate

is

variable

or

floats

based

on

components

including

but

not

limited

to

reference

rate

and

spread.

These

securities

may

not

indicate

a

reference

rate

and/or

spread

in

their

description.

The

rate

disclosed

is

as

of

period

end.

(d)

Interest

only

security.

(e)

Represents

or

includes

a

TBA

transaction.

(f)

Seven-day

yield

as

of

period

end.

Abbreviations:

FHLMC

Federal

Home

Loan

Mortgage

Corporation

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

SOFR

Secured

Overnight

Financing

Rate

UMBS

Uniform

Mortgage

Backed

Securities

STACR

Structured

Agency

Credit

Risk

STRIPS

Separate

Trading

of

Registered

Interest

and

Principal

of

Securities

REMIC

Real

Estate

Mortgage

Investment

Conduit

38

DoubleLine

ETF

Trust

Schedule

of

Investments

DoubleLine

Mortgage

ETF

(Cont.)

(Unaudited)

December

31,

2025

Schedule

of

TBA

sales

commitments

-

(%

of

Net

Assets)

Principal

Amounts

Value

Securities

Sold

Short

-

(4.5)%

Mortgage-Backed

Securities

-

(4.5)%

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

2.00%,

TBA,

1/25/56

$

(36,740,000)

$

(29,707,588)

Total

Securities

Sold

Short

(proceeds

$29,826,508)

$

(29,707,588)

Futures

Contracts

Description

Long/Short

Contract

Quantity

Expiration

Date

Notional

Amount

(1)

Unrealized

Appreciation

(Depreciation)

/

Value

U.S.

Treasury

Ultra

Bonds

Short

(450)

03/20/2026

$

(53,100,000)

$

613,066

U.S.

Treasury

10

Year

Ultra

Bonds

Long

100

03/20/2026

11,501,563

(31,652)

U.S.

Treasury

5

Year

Notes

Long

2,320

03/31/2026

253,586,876

(67,078)

U.S.

Treasury

Long

Bonds

Long

328

03/20/2026

37,914,750

(78,752)

U.S.

Treasury

2

Year

Notes

Short

(1,040)

03/31/2026

(217,140,624)

(244,288)

$191,296

(1)

Notional

Amount

is

determined

based

on

the

number

of

contracts

multiplied

by

the

contract

size

and

the

quoted

daily

settlement

price

in

US

dollars.

Schedule

of

Investments

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

(Unaudited)

December

31,

2025

|

December

31,

2025

39

P

RINCIPAL

A

MOUNT

$/S

HARES

S

ECURITY

D

ESCRIPTION

R

ATE

M

ATURITY

V

ALUE

$

SHORT

TERM

INVESTMENTS

98.8%

101,566

Goldman

Sachs

plc

-

US$

Treasury

Liquid

Reserves

Fund

3.63%

(a)(b)

101,566

101,566

JPMorgan

Liquidity

Funds

-

JPM

USD

Treasury

CNAV

Fund

3.65%

(a)(b)

101,566

593,228

JPMorgan

U.S.

Government

Money

Market

Fund

-

Class

IM

3.72%

(a)

593,228

593,228

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

-

Institutional

Share

Class

3.69%

(a)

593,228

20,500,000

U.S.

Treasury

Bills

0.00%

(b)

03/10/2026

20,367,586

2,000,000

U.S.

Treasury

Bills

0.00%

04/14/2026

1,980,075

Total

Short

Term

Investments

(Cost

$23,723,586)

23,737,249

Total

Investments

98.8%

(Cost

$23,723,586)

23,737,249

Other

Assets

in

Excess

of

Liabilities

1.2%

281,317

NET

ASSETS

100.0%

$24,018,566

(a)

Seven-day

yield

as

of

period

end.

(b)

All

or

a

portion

of

this

security

is

owned

by

DoubleLine

Commodity

ETF

Ltd.,

which

is

a

wholly-owned

subsidiary

of

the

DoubleLine

Commodity

Strategy

ETF.

Excess

Return

Swaps

Reference

Entity

Counterparty

Long/Short

Financing

Rate

Payment

Frequency

Termination

Date

Notional

Amount

Value

Upfront

Premiums

Paid/

(Received)

Unrealized

Appreciation

(Depreciation)

Barclays

Backwardation

Tilt

Multi-Strategy

Index

(1)(2)

Barclays

Bank

Plc

Long

0.25%

At

Maturity

01/14/2026

$

24,000,000

$

278,604

$

—

$

278,604

$278,604

$—

$278,604

(1)

All

or

a

portion

of

this

security

is

owned

by

DoubleLine

Commodity

ETF

Ltd.,

which

is

a

wholly-owned

subsidiary

of

the

DoubleLine

Commodity

Strategy

ETF.

(2)

Barclays

Backwardation

Tilt

Multi-Strategy

Index

(the

"Barclays

Index")

seeks

to

capture

two

sources

of

potential

outperformance

in

commodity

futures

markets.

The

first

source

of

potential

outperformance

comes

through

selecting,

for

each

relevant

commodity,

the

eligible

futures

contract

that

is

expected

to

offer

the

best

outperformance

relative

to

the

front-month

contract

rolling

exposure

used

by

the

Bloomberg

Commodity

Index.

This

is

achieved

through

the

use

of

certain

futures

contract

selection

methodologies

referred

to

together

as

“Multi-Strategy.”

These

Multi-Strategy

methodologies

select

a

futures

contract

for

each

commodity

that

may

differ

from

the

futures

contract

selected

by

the

Bloomberg

Commodity

Index,

based

on

the

factors

described

above

including

carry,

seasonality

and

momentum.

The

second

source

of

potential

outperformance

comes

through

overweighting

(relative

to

the

weightings

in

the

Bloomberg

Commodity

Index)

the

exposure

of

the

Barclays

Index

to

the

futures

contracts

of

commodities

that

exhibit

the

highest

degree

of

backwardation

in

the

term

structures

of

their

futures

contracts,

while

simultaneously

underweighting

the

exposure

to

the

futures

contracts

of

commodities

that

exhibit

a

lower

degree

of

backwardation.

Historically,

the

commodities

with

a

higher

degree

of

backwardation

have

generally

had

better

historical

average

performance

than

the

commodities

with

a

lower

degree

of

backwardation.

Information

on

the

index

constituents

as

of

period

end,

is

available

on

the

Barclays

Capital,

Inc.

website

at

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

Schedule

of

Investments

DoubleLine

Fortune

500

Equal

Weight

ETF

(Unaudited)

December

31,

2025

40

DoubleLine

ETF

Trust

SHARES

SECURITY

DESCRIPTION

VALUE

$

COMMON

STOCKS

99.8%

AEROSPACE

&

DEFENSE

2.5%

256

Boeing

Co.

(The)

(a)

55,582

155

GE

Aerospace

47,745

135

General

Dynamics

Corp.

45,449

227

Howmet

Aerospace,

Inc.

46,540

146

Huntington

Ingalls

Industries,

Inc.

49,649

166

L3Harris

Technologies,

Inc.

48,733

101

Lockheed

Martin

Corp.

48,851

81

Northrop

Grumman

Corp.

46,187

264

RTX

Corp.

48,418

552

Textron,

Inc.

48,118

34

TransDigm

Group,

Inc.

45,215

530,487

AIR

FREIGHT

&

LOGISTICS

1.1%

292

CH

Robinson

Worldwide,

Inc.

46,942

317

Expeditors

International

of

Washington,

Inc.

47,236

169

FedEx

Corp.

48,817

952

GXO

Logistics,

Inc.

(a)

50,113

482

United

Parcel

Service,

Inc.

-

Class

B

47,810

240,918

AUTOMOBILE

COMPONENTS

1.2%

394

Autoliv,

Inc.

(Sweden)

46,768

1,057

BorgWarner,

Inc.

47,628

2,080

Dana,

Inc.

49,421

5,579

Goodyear

Tire

&

Rubber

Co.

(The)

(a)

48,872

431

Lear

Corp.

49,393

242,082

AUTOMOBILES

0.9%

3,514

Ford

Motor

Co.

46,104

640

General

Motors

Co.

52,045

109

Tesla,

Inc.

(a)

49,019

439

Thor

Industries,

Inc.

45,072

192,240

BANKS

3.4%

872

Bank

of

America

Corp.

47,960

455

Citigroup,

Inc.

53,094

861

Citizens

Financial

Group,

Inc.

50,291

1,073

Fifth

Third

Bancorp

50,227

25

First

Citizens

BancShares,

Inc.

-

Class

A

53,654

2,852

Huntington

Bancshares,

Inc.

49,482

154

JPMorgan

Chase

&

Co.

49,622

2,537

KeyCorp

52,364

242

M&T

Bank

Corp.

48,758

241

PNC

Financial

Services

Group,

Inc.

(The)

50,304

1,825

Regions

Financial

Corp.

49,458

998

Truist

Financial

Corp.

49,112

950

US

Bancorp

50,692

540

Wells

Fargo

&

Co.

50,328

705,346

BEVERAGES

1.3%

630

Coca-Cola

Co.

(The)

44,043

346

Constellation

Brands,

Inc.

-

Class

A

47,734

1,671

Keurig

Dr

Pepper,

Inc.

46,805

989

Molson

Coors

Beverage

Co.

-

Class

B

46,167

620

Monster

Beverage

Corp.

(a)

47,535

312

PepsiCo,

Inc.

44,778

277,062

BIOTECHNOLOGY

1.3%

199

AbbVie,

Inc.

45,470

136

Amgen,

Inc.

44,514

SHARES

SECURITY

DESCRIPTION

VALUE

$

256

Biogen,

Inc.

(a)

45,053

365

Gilead

Sciences,

Inc.

44,800

59

Regeneron

Pharmaceuticals,

Inc.

45,540

107

Vertex

Pharmaceuticals,

Inc.

(a)

48,510

273,887

BROADLINE

RETAIL

1.2%

201

Amazon.com,

Inc.

(a)

46,395

1,657

Coupang,

Inc.

(South

Korea)

(a)

39,089

565

eBay,

Inc.

49,212

2,871

Kohl's

Corp.

58,596

2,256

Macy's,

Inc.

49,745

243,037

BUILDING

PRODUCTS

0.9%

455

Builders

FirstSource,

Inc.

(a)

46,815

883

Carrier

Global

Corp.

46,658

741

Masco

Corp.

47,024

435

Owens

Corning

48,680

189,177

CAPITAL

MARKETS

3.7%

103

Ameriprise

Financial,

Inc.

50,505

421

Bank

of

New

York

Mellon

Corp.

(The)

48,874

45

Blackrock,

Inc.

48,165

502

Charles

Schwab

Corp.

(The)

50,155

2,075

Franklin

Resources,

Inc.

49,572

57

Goldman

Sachs

Group,

Inc.

(The)

50,103

728

Interactive

Brokers

Group,

Inc.

-

Class

A

46,818

299

Intercontinental

Exchange,

Inc.

48,426

826

Jefferies

Financial

Group,

Inc.

51,187

131

LPL

Financial

Holdings,

Inc.

46,789

281

Morgan

Stanley

49,886

353

Northern

Trust

Corp.

48,216

297

Raymond

James

Financial,

Inc.

47,695

94

S&P

Global,

Inc.

49,123

395

State

Street

Corp.

50,959

544

StoneX

Group,

Inc.

(a)

51,752

788,225

CHEMICALS

2.7%

178

Air

Products

and

Chemicals,

Inc.

43,970

1,183

Celanese

Corp.

-

Class

A

50,017

696

Corteva,

Inc.

46,653

2,032

Dow,

Inc.

47,508

1,188

DuPont

de

Nemours,

Inc.

47,758

779

Eastman

Chemical

Co.

49,724

170

Ecolab,

Inc.

44,628

668

International

Flavors

&

Fragrances,

Inc.

45,017

1,937

Mosaic

Co.

(The)

46,662

470

PPG

Industries,

Inc.

48,156

135

Sherwin-Williams

Co.

(The)

43,744

754

Westlake

Corp.

55,750

569,587

COMMERCIAL

SERVICES

&

SUPPLIES

0.9%

1,088

ABM

Industries,

Inc.

46,022

251

Cintas

Corp.

47,206

211

Republic

Services,

Inc.

-

Class

A

44,717

213

Waste

Management,

Inc.

46,798

184,743

COMMUNICATIONS

EQUIPMENT

0.4%

596

Cisco

Systems,

Inc.

45,910

124

Motorola

Solutions,

Inc.

47,532

93,442

|

December

31,

2025

41

SHARES

SECURITY

DESCRIPTION

VALUE

$

CONSTRUCTION

&

ENGINEERING

1.1%

440

AECOM

41,945

75

EMCOR

Group,

Inc.

45,884

1,105

Fluor

Corp.

(a)

43,791

224

MasTec,

Inc.

(a)

48,692

103

Quanta

Services,

Inc.

43,472

223,784

CONSTRUCTION

MATERIALS

0.2%

159

Vulcan

Materials

Co.

45,350

CONSUMER

FINANCE

1.0%

1,147

Ally

Financial,

Inc.

51,948

128

American

Express

Co.

47,354

217

Capital

One

Financial

Corp.

52,591

606

Synchrony

Financial

50,559

202,452

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

3.4%

2,603

Albertsons

Cos.,

Inc.

-

Class

A

44,694

910

Andersons,

Inc.

(The)

48,385

519

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

46,726

84

Casey's

General

Stores,

Inc.

46,428

51

Costco

Wholesale

Corp.

43,979

449

Dollar

General

Corp.

59,613

456

Dollar

Tree,

Inc.

(a)

56,093

705

Kroger

Co.

(The)

44,048

484

Performance

Food

Group

Co.

(a)

43,521

575

Sprouts

Farmers

Market,

Inc.

(a)

45,810

609

Sysco

Corp.

44,877

541

Target

Corp.

52,883

1,279

United

Natural

Foods,

Inc.

(a)

43,064

597

US

Foods

Holding

Corp.

(a)

44,966

3,094

Walgreens

Boots

Alliance,

Inc.,

CVR

(a)(b)

1,640

434

Walmart,

Inc.

48,352

715,079

CONTAINERS

&

PACKAGING

1.4%

271

Avery

Dennison

Corp.

49,289

927

Ball

Corp.

49,103

475

Crown

Holdings,

Inc.

48,911

2,897

Graphic

Packaging

Holding

Co.

43,629

1,216

International

Paper

Co.

47,898

230

Packaging

Corp.

of

America

47,433

286,263

DISTRIBUTORS

0.7%

361

Genuine

Parts

Co.

44,389

1,755

Gold.com,

Inc.

59,758

1,551

LKQ

Corp.

46,840

150,987

DIVERSIFIED

TELECOMMUNICATION

SERVICES

0.7%

1,784

AT&T,

Inc.

44,315

5,935

Lumen

Technologies,

Inc.

(a)

46,115

1,137

Verizon

Communications,

Inc.

46,310

136,740

ELECTRIC

UTILITIES

2.9%

374

American

Electric

Power

Co.,

Inc.

43,126

128

Constellation

Energy

Corp.

45,219

371

Duke

Energy

Corp.

43,485

769

Edison

International

46,155

476

Entergy

Corp.

43,997

695

Eversource

Energy

46,793

989

Exelon

Corp.

43,111

962

FirstEnergy

Corp.

43,069

SHARES

SECURITY

DESCRIPTION

VALUE

$

539

NextEra

Energy,

Inc.

43,271

272

NRG

Energy,

Inc.

43,313

2,871

PG&E

Corp.

46,137

1,249

PPL

Corp.

43,740

509

Southern

Co.

(The)

44,385

566

Xcel

Energy,

Inc.

41,805

617,606

ELECTRICAL

EQUIPMENT

0.9%

352

Emerson

Electric

Co.

46,717

79

GE

Vernova,

Inc.

51,632

118

Rockwell

Automation,

Inc.

45,910

268

Vertiv

Holdings

Co.

-

Class

A

43,419

187,678

ELECTRONIC

EQUIPMENT,

INSTRUMENTS

&

COMPONENTS

2.2%

330

Amphenol

Corp.

-

Class

A

44,596

432

Arrow

Electronics,

Inc.

(a)

47,598

986

Avnet,

Inc.

47,407

322

CDW

Corp.

43,856

553

Corning,

Inc.

48,421

2,187

Ingram

Micro

Holding

Corp.

46,671

545

Insight

Enterprises,

Inc.

(a)

44,401

230

Jabil,

Inc.

52,444

298

Sanmina

Corp.

(a)

44,721

304

TD

SYNNEX

Corp.

45,670

465,785

ENERGY

EQUIPMENT

&

SERVICES

0.7%

926

Baker

Hughes

Co.

-

Class

A

42,170

1,761

Halliburton

Co.

49,766

3,018

NOV,

Inc.

47,171

139,107

ENTERTAINMENT

1.2%

225

Electronic

Arts,

Inc.

45,974

364

Live

Nation

Entertainment,

Inc.

(a)

51,870

432

Netflix,

Inc.

(a)

40,504

448

Walt

Disney

Co.

(The)

50,969

1,954

Warner

Bros

Discovery,

Inc.

(a)

56,315

245,632

FINANCIAL

SERVICES

2.5%

91

Berkshire

Hathaway,

Inc.

-

Class

B

(a)

45,741

739

Block,

Inc.

-

Class

A

(a)

48,102

1,604

Corebridge

Financial,

Inc.

48,393

1,005

Equitable

Holdings,

Inc.

47,888

710

Fidelity

National

Information

Services,

Inc.

47,187

754

Fiserv,

Inc.

(a)

50,645

628

Global

Payments,

Inc.

48,607

85

Mastercard,

Inc.

-

Class

A

48,525

755

PayPal

Holdings,

Inc.

44,077

138

Visa,

Inc.

-

Class

A

48,398

650

Voya

Financial,

Inc.

48,419

525,982

FOOD

PRODUCTS

2.8%

780

Archer-Daniels-Midland

Co.

44,842

1,487

Campbell's

Co.

(The)

41,443

2,609

Conagra

Brands,

Inc.

45,162

969

General

Mills,

Inc.

45,059

244

Hershey

Co.

(The)

44,403

2,023

Hormel

Foods

Corp.

47,944

432

Ingredion,

Inc.

47,632

438

J

M

Smucker

Co.

(The)

42,841

1,812

Kraft

Heinz

Co.

(The)

43,941

814

Mondelez

International,

Inc.

-

Class

A

43,818

42

DoubleLine

ETF

Trust

Schedule

of

Investments

DoubleLine

Fortune

500

Equal

Weight

ETF

(Cont.)

(Unaudited)

December

31,

2025

SHARES

SECURITY

DESCRIPTION

VALUE

$

471

Post

Holdings,

Inc.

(a)

46,653

10

Seaboard

Corp.

44,448

799

Tyson

Foods,

Inc.

-

Class

A

46,837

585,023

GROUND

TRANSPORTATION

2.0%

347

Avis

Budget

Group,

Inc.

(a)

44,527

1,324

CSX

Corp.

47,995

9,000

Hertz

Global

Holdings,

Inc.

(a)

46,260

273

JB

Hunt

Transport

Services,

Inc.

53,055

160

Norfolk

Southern

Corp.

46,195

267

Ryder

System,

Inc.

51,101

546

Uber

Technologies,

Inc.

(a)

44,614

203

Union

Pacific

Corp.

46,958

339

XPO,

Inc.

(a)

46,073

426,778

HEALTH

CARE

EQUIPMENT

&

SUPPLIES

1.9%

354

Abbott

Laboratories

44,353

2,515

Baxter

International,

Inc.

48,061

237

Becton

Dickinson

&

Co.

45,995

463

Boston

Scientific

Corp.

(a)

44,147

580

GE

HealthCare

Technologies,

Inc.

47,571

81

Intuitive

Surgical,

Inc.

(a)

45,875

545

Solventum

Corp.

(a)

43,186

123

Stryker

Corp.

43,231

489

Zimmer

Biomet

Holdings,

Inc.

43,971

406,390

HEALTH

CARE

PROVIDERS

&

SERVICES

4.3%

1,277

BrightSpring

Health

Services,

Inc.

(a)

47,824

214

Cardinal

Health,

Inc.

43,977

123

Cencora,

Inc.

41,543

1,180

Centene

Corp.

(a)

48,557

169

Cigna

Group

(The)

46,514

13,564

Community

Health

Systems,

Inc.

(a)

42,320

583

CVS

Health

Corp.

46,267

383

DaVita,

Inc.

(a)

43,513

137

Elevance

Health,

Inc.

48,025

91

HCA

Healthcare,

Inc.

42,484

612

Henry

Schein,

Inc.

(a)

46,255

200

Humana,

Inc.

51,226

171

Labcorp

Holdings,

Inc.

42,900

53

McKesson

Corp.

43,475

315

Molina

Healthcare,

Inc.

(a)

54,665

16,789

Owens

&

Minor,

Inc.

(a)

47,009

240

Quest

Diagnostics,

Inc.

41,647

212

Tenet

Healthcare

Corp.

(a)

42,129

143

UnitedHealth

Group,

Inc.

47,206

193

Universal

Health

Services,

Inc.

-

Class

B

42,078

909,614

HEALTH

CARE

REITS

0.2%

224

Welltower,

Inc.

41,577

HOTELS,

RESTAURANTS

&

LEISURE

3.7%

400

Airbnb,

Inc.

-

Class

A

(a)

54,288

1,204

Aramark

44,379

9

Booking

Holdings,

Inc.

48,198

2,189

Caesars

Entertainment,

Inc.

(a)

51,201

1,466

Chipotle

Mexican

Grill,

Inc.

-

Class

A

(a)

54,242

264

Darden

Restaurants,

Inc.

48,581

243

DoorDash,

Inc.

-

Class

A

(a)

55,036

184

Expedia

Group,

Inc.

52,129

167

Hilton

Worldwide

Holdings,

Inc.

47,971

693

Las

Vegas

Sands

Corp.

45,107

155

Marriott

International,

Inc.

-

Class

A

48,087

SHARES

SECURITY

DESCRIPTION

VALUE

$

149

McDonald's

Corp.

45,539

1,412

MGM

Resorts

International

(a)

51,524

545

Starbucks

Corp.

45,894

961

Yum

China

Holdings,

Inc.

(China)

45,878

303

Yum!

Brands,

Inc.

45,838

783,892

HOUSEHOLD

DURABLES

1.9%

313

DR

Horton,

Inc.

45,081

372

Lennar

Corp.

-

Class

A

38,242

417

Mohawk

Industries,

Inc.

(a)

45,578

13,213

Newell

Brands,

Inc.

49,152

6

NVR,

Inc.

(a)

43,757

383

PulteGroup,

Inc.

44,911

766

Taylor

Morrison

Home

Corp.

-

Class

A

(a)

45,094

349

Toll

Brothers,

Inc.

47,192

609

Whirlpool

Corp.

43,933

402,940

HOUSEHOLD

PRODUCTS

0.6%

573

Colgate-Palmolive

Co.

45,279

435

Kimberly-Clark

Corp.

43,887

310

Procter

&

Gamble

Co.

(The)

44,426

133,592

INDEPENDENT

POWER

AND

RENEWABLE

ELECTRICITY

PRODUCERS

0.4%

3,268

AES

Corp.

(The)

46,863

261

Vistra

Corp.

42,107

88,970

INDUSTRIAL

CONGLOMERATES

0.4%

269

3M

Co.

43,067

243

Honeywell

International,

Inc.

47,407

90,474

INDUSTRIAL

REITS

0.2%

358

Prologis,

Inc.

45,702

INSURANCE

5.1%

414

Aflac,

Inc.

45,652

216

Allstate

Corp.

(The)

44,960

334

American

Financial

Group,

Inc.

45,651

606

American

International

Group,

Inc.

51,843

184

Arthur

J

Gallagher

&

Co.

47,617

200

Assurant,

Inc.

48,170

275

Cincinnati

Financial

Corp.

44,913

46

F&G

Annuities

&

Life,

Inc.

1,419

783

Fidelity

National

Financial,

Inc.

42,744

333

Hartford

Insurance

Group,

Inc.

(The)

45,887

1,128

Lincoln

National

Corp.

50,230

424

Loews

Corp.

44,651

22

Markel

Group,

Inc.

(a)

47,292

255

Marsh

&

McLennan

Cos.,

Inc.

47,308

606

MetLife,

Inc.

47,838

993

Old

Republic

International

Corp.

45,321

2,752

Oscar

Health,

Inc.

-

Class

A

(a)

39,546

537

Principal

Financial

Group,

Inc.

47,369

201

Progressive

Corp.

(The)

45,772

424

Prudential

Financial,

Inc.

47,861

243

Reinsurance

Group

of

America,

Inc.

49,441

157

Travelers

Cos.,

Inc.

(The)

45,539

600

Unum

Group

46,500

590

W

R

Berkley

Corp.

41,371

1,064,895

INTERACTIVE

MEDIA

&

SERVICES

0.4%

143

Alphabet,

Inc.

-

Class

A

44,759

|

December

31,

2025

43

SHARES

SECURITY

DESCRIPTION

VALUE

$

75

Meta

Platforms,

Inc.

-

Class

A

49,507

94,266

IT

SERVICES

0.9%

604

Cognizant

Technology

Solutions

Corp.

-

Class

A

50,132

3,580

DXC

Technology

Co.

(a)

52,447

151

International

Business

Machines

Corp.

44,728

1,875

Kyndryl

Holdings,

Inc.

(a)

49,800

197,107

LIFE

SCIENCES

TOOLS

&

SERVICES

0.6%

200

Danaher

Corp.

45,784

200

IQVIA

Holdings,

Inc.

(a)

45,082

77

Thermo

Fisher

Scientific,

Inc.

44,618

135,484

MACHINERY

2.9%

422

AGCO

Corp.

44,023

82

Caterpillar,

Inc.

46,975

94

Cummins,

Inc.

47,982

93

Deere

&

Co.

43,298

249

Dover

Corp.

48,615

189

Illinois

Tool

Works,

Inc.

46,551

365

Oshkosh

Corp.

45,855

523

Otis

Worldwide

Corp.

45,684

441

PACCAR,

Inc.

48,294

55

Parker-Hannifin

Corp.

48,343

680

Stanley

Black

&

Decker,

Inc.

50,510

229

Westinghouse

Air

Brake

Technologies

Corp.

48,880

320

Xylem,

Inc.

43,578

608,588

MEDIA

2.1%

230

Charter

Communications,

Inc.

-

Class

A

(a)

48,013

1,728

Comcast

Corp.

-

Class

A

51,650

644

EchoStar

Corp.

-

Class

A

(a)

70,003

701

Fox

Corp.

-

Class

A

51,222

1,812

News

Corp.

-

Class

A

47,329

609

Omnicom

Group,

Inc.

49,177

26,002

Optimum

Communications,

Inc.

-

Class

A

(a)

42,903

2,977

Paramount

Skydance

Corp.

-

Class

B

39,892

2,184

Sirius

XM

Holdings,

Inc.

43,669

443,858

METALS

&

MINING

2.0%

1,174

Alcoa

Corp.

62,386

3,830

Cleveland-Cliffs,

Inc.

(a)

50,862

757

Commercial

Metals

Co.

52,400

1,113

Freeport-McMoRan,

Inc.

56,529

522

Newmont

Corp.

52,122

296

Nucor

Corp.

48,281

167

Reliance,

Inc.

48,241

283

Steel

Dynamics,

Inc.

47,954

418,775

MULTI-UTILITIES

1.7%

1,145

CenterPoint

Energy,

Inc.

43,899

612

CMS

Energy

Corp.

42,797

457

Consolidated

Edison,

Inc.

45,390

736

Dominion

Energy,

Inc.

43,122

334

DTE

Energy

Co.

43,079

553

Public

Service

Enterprise

Group,

Inc.

44,407

484

Sempra

42,732

409

WEC

Energy

Group,

Inc.

43,133

348,559

SHARES

SECURITY

DESCRIPTION

VALUE

$

OIL,

GAS

&

CONSUMABLE

FUELS

4.4%

1,870

APA

Corp.

45,740

304

Chevron

Corp.

46,333

522

ConocoPhillips

48,863

1,196

Delek

US

Holdings,

Inc.

35,473

1,264

Devon

Energy

Corp.

46,300

308

Diamondback

Energy,

Inc.

46,302

429

EOG

Resources,

Inc.

45,049

393

Exxon

Mobil

Corp.

47,294

860

HF

Sinclair

Corp.

39,629

1,702

Kinder

Morgan,

Inc.

46,788

239

Marathon

Petroleum

Corp.

38,869

1,103

Occidental

Petroleum

Corp.

45,355

647

ONEOK,

Inc.

47,555

1,151

Ovintiv,

Inc.

45,108

1,015

Par

Pacific

Holdings,

Inc.

(a)

35,667

1,316

PBF

Energy,

Inc.

-

Class

A

35,690

341

Phillips

66

44,003

269

Targa

Resources

Corp.

49,630

262

Valero

Energy

Corp.

42,651

769

Williams

Cos.,

Inc.

(The)

46,225

1,916

World

Kinect

Corp.

44,892

923,416

PASSENGER

AIRLINES

1.5%

1,135

Alaska

Air

Group,

Inc.

(a)

57,091

3,462

American

Airlines

Group,

Inc.

(a)

53,072

754

Delta

Air

Lines,

Inc.

52,328

10,859

JetBlue

Airways

Corp.

(a)

49,408

1,365

Southwest

Airlines

Co.

56,415

475

United

Airlines

Holdings,

Inc.

(a)

53,115

321,429

PERSONAL

CARE

PRODUCTS

0.5%

487

Estee

Lauder

Cos.,

Inc.

(The)

-

Class

A

50,999

2,728

Kenvue,

Inc.

47,058

98,057

PHARMACEUTICALS

1.6%

948

Bristol-Myers

Squibb

Co.

51,135

43

Eli

Lilly

&

Co.

46,211

222

Johnson

&

Johnson

45,943

450

Merck

&

Co.,

Inc.

47,367

1,794

Pfizer,

Inc.

44,671

4,338

Viatris,

Inc.

54,008

372

Zoetis,

Inc.

-

Class

A

46,805

336,140

PROFESSIONAL

SERVICES

2.0%

183

Automatic

Data

Processing,

Inc.

47,073

566

Booz

Allen

Hamilton

Holding

Corp.

-

Class

A

47,748

75

CACI

International,

Inc.

-

Class

A

(a)

39,961

1,293

Concentrix

Corp.

53,763

344

Jacobs

Solutions,

Inc.

45,566

1,147

KBR,

Inc.

46,109

245

Leidos

Holdings,

Inc.

44,198

1,665

ManpowerGroup,

Inc.

49,500

538

Science

Applications

International

Corp.

54,156

428,074

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

0.5%

288

CBRE

Group,

Inc.

-

Class

A

(a)

46,308

144

Jones

Lang

LaSalle,

Inc.

(a)

48,451

94,759

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

2.8%

210

Advanced

Micro

Devices,

Inc.

(a)

44,974

44

DoubleLine

ETF

Trust

Schedule

of

Investments

DoubleLine

Fortune

500

Equal

Weight

ETF

(Cont.)

(Unaudited)

December

31,

2025

SHARES

SECURITY

DESCRIPTION

VALUE

$

189

Analog

Devices,

Inc.

51,257

196

Applied

Materials,

Inc.

50,370

120

Broadcom,

Inc.

41,532

1,273

Intel

Corp.

(a)

46,974

40

KLA

Corp.

48,603

300

Lam

Research

Corp.

51,354

892

Microchip

Technology,

Inc.

56,838

203

Micron

Technology,

Inc.

57,937

251

NVIDIA

Corp.

46,812

274

QUALCOMM,

Inc.

46,868

284

Texas

Instruments,

Inc.

49,271

592,790

SOFTWARE

1.8%

144

Adobe,

Inc.

(a)

50,399

70

Intuit,

Inc.

46,369

96

Microsoft

Corp.

46,428

229

Oracle

Corp.

44,634

248

Palo

Alto

Networks,

Inc.

(a)

45,682

202

Salesforce,

Inc.

53,511

280

ServiceNow,

Inc.

(a)

42,893

200

Workday,

Inc.

-

Class

A

(a)

42,956

372,872

SPECIALIZED

REITS

0.4%

254

American

Tower

Corp.

44,595

60

Equinix,

Inc.

45,969

90,564

SPECIALTY

RETAIL

5.6%

897

Advance

Auto

Parts,

Inc.

35,252

205

Asbury

Automotive

Group,

Inc.

(a)

47,669

218

AutoNation,

Inc.

(a)

45,013

12

AutoZone,

Inc.

(a)

40,698

601

Best

Buy

Co.,

Inc.

40,225

161

Burlington

Stores,

Inc.

(a)

46,505

1,283

CarMax,

Inc.

(a)

49,575

138

Carvana

Co.

-

Class

A

(a)

58,238

1,406

Chewy,

Inc.

-

Class

A

(a)

46,468

222

Dick's

Sporting

Goods,

Inc.

43,949

1,838

Gap,

Inc.

(The)

47,053

114

Group

1

Automotive,

Inc.

44,836

136

Home

Depot,

Inc.

(The)

46,798

149

Lithia

Motors,

Inc.

-

Class

A

49,517

200

Lowe's

Cos.,

Inc.

48,232

124

Murphy

USA,

Inc.

50,036

459

O'Reilly

Automotive,

Inc.

(a)

41,865

289

Penske

Automotive

Group,

Inc.

45,746

263

Ross

Stores,

Inc.

47,377

753

Sonic

Automotive,

Inc.

-

Class

A

46,581

SHARES

SECURITY

DESCRIPTION

VALUE

$

307

TJX

Cos.,

Inc.

(The)

47,158

862

Tractor

Supply

Co.

43,109

88

Ulta

Beauty,

Inc.

(a)

53,240

435

Wayfair,

Inc.

-

Class

A

(a)

43,678

264

Williams-Sonoma,

Inc.

47,148

1,155,966

TECHNOLOGY

HARDWARE,

STORAGE

&

PERIPHERALS

1.3%

164

Apple,

Inc.

44,585

357

Dell

Technologies,

Inc.

-

Class

C

44,939

2,150

Hewlett

Packard

Enterprise

Co.

51,643

1,875

HP,

Inc.

41,775

1,372

Super

Micro

Computer,

Inc.

(a)

40,158

300

Western

Digital

Corp.

51,682

274,782

TEXTILES,

APPAREL

&

LUXURY

GOODS

0.9%

270

Lululemon

Athletica,

Inc.

(a)

56,108

738

NIKE,

Inc.

-

Class

B

47,018

585

PVH

Corp.

39,207

2,785

VF

Corp.

50,353

192,686

TOBACCO

0.4%

798

Altria

Group,

Inc.

46,013

303

Philip

Morris

International,

Inc.

48,601

94,614

TRADING

COMPANIES

&

DISTRIBUTORS

1.6%

1,018

Core

&

Main,

Inc.

-

Class

A

(a)

52,906

1,154

Fastenal

Co.

46,310

190

Ferguson

Enterprises,

Inc.

42,300

56

United

Rentals,

Inc.

45,322

138

Watsco,

Inc.

46,499

180

WESCO

International,

Inc.

44,035

49

WW

Grainger,

Inc.

49,443

326,815

Total

Common

Stocks

(Cost

$20,066,764)

21,002,126

SHORT

TERM

INVESTMENTS

0.1%

6,049

JPMorgan

U.S.

Government

Money

Market

Fund

-

Class

IM

3.72%

(c)

6,049

6,049

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

-

Institutional

Share

Class

3.69%

(c)

6,048

Total

Short

Term

Investments

(Cost

$12,097)

12,097

Total

Investments

99.9%

(Cost

$20,078,861)

21,014,223

Other

Assets

in

Excess

of

Liabilities

0.1%

15,437

NET

ASSETS

100.0%

$21,029,660

(a)

Non-income

producing

security.

(b)

Value

determined

using

significant

unobservable

inputs.

(c)

Seven-day

yield

as

of

period

end.

Schedule

of

Investments

DoubleLine

Multi-Sector

Income

ETF

(Unaudited)

December

31,

2025

|

December

31,

2025

45

P

RINCIPAL

A

MOUNT

$/S

HARES

S

ECURITY

D

ESCRIPTION

R

ATE

M

ATURITY

V

ALUE

$

COMMON

STOCKS  0.0%

(a)

837

Altice

France

SA

(b)

15,001

Total

Common

Stock

(Cost

$13,383)

15,001

ASSET

BACKED

OBLIGATIONS

3.3%

DataBank

Issuer

II

LLC

,

100,000

Series

2025-1A-B

5.67%

(c)

09/27/2055

97,964

Dividend

Solar

Loans

LLC

,

256,401

Series

2017-1-C

7.00%

(c)

03/22/2038

234,925

EDI

ABS

Issuer

LLC

,

100,000

Series

2025-1A-B

4.55%

(c)

07/25/2055

95,298

Hilton

Grand

Vacations

Trust

,

100,000

Series

2025-3EXT-C

5.39%

(c)

10/25/2044

100,493

Horizon

Aircraft

Finance

IV

Ltd.

,

290,625

Series

2024-1-A

5.38%

(c)

09/15/2049

292,158

Lunar

Structured

Aircraft

Portfolio

Notes

,

266,843

Series

2021-1-B

3.43%

(c)

10/15/2046

254,999

Pagaya

Ai

Debt

Grantor

Trust

,

173,063

Series

2024-9-D

6.17%

(c)

03/15/2032

174,106

Pagaya

AI

Debt

Grantor

Trust

,

133,552

Series

2024-8-D

6.53%

(c)

01/15/2032

134,565

QTS

Issuer

ABS

I

LLC

,

150,000

Series

2025-1A-B

5.93%

(c)

05/25/2055

150,943

Retained

Vantage

Data

Centers

Issuer

LLC

,

150,000

Series

2024-1A-B

5.78%

(c)

09/15/2049

149,417

Vital

Care

Issuer

LLC

,

250,000

Series

2025-1A-A2

6.74%

(c)

01/30/2056

252,862

Willis

Engine

Structured

Trust

V

,

183,706

Series

2020-A-C

6.66%

(c)

03/15/2045

181,865

Total

Asset

Backed

Obligations

(Cost

$2,089,457)

2,119,595

BANK

LOANS

18.3%

1261229

BC

Ltd.

,

29,850

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

6.25%

)

9.97%

10/08/2030

29,231

AAdvantage

Loyalty

IP

Ltd.

,

89,550

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.25%

)

7.13%

05/28/2032

90,110

Acrisure

LLC

,

244,383

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%

)

6.72%

11/06/2030

244,498

ADMI

Corp.

,

78,276

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.75%,

0.50%

Floor

)

7.58%

12/23/2027

74,460

Alera

Group,

Inc.

,

89,775

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%

)

6.97%

05/31/2032

90,309

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Allied

Universal

Holdco

LLC

,

99,750

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%

)

6.97%

08/20/2032

100,389

Allison

Transmission,

Inc.

,

115,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

12

Month

+

1.75%

)

5.43%

01/03/2033

115,743

Altice

France

SA

,

122,469

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

6.88%

)

10.86%

05/30/2031

122,596

American

Axle

&

Manufacturing,

Inc.

,

85,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

12

Month

+

3.25%

)

6.98%

09/20/2032

85,177

Apro

LLC

,

114,133

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.75%

)

7.68%

07/09/2031

114,847

Ardonagh

Group

Finco

Pty.

Ltd.

,

133,990

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.75%

)

6.42%

02/18/2031

133,963

Ascend

Learning

LLC

,

254,359

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%,

0.50%

Floor

)

6.72%

12/11/2028

255,562

Asurion

LLC

,

19,900

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.25%

)

7.97%

09/19/2030

19,917

24,139

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.25%

)

8.17%

09/19/2030

24,173

25,000

Senior

Secured

Second

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

5.25%

)

9.08%

01/19/2029

24,621

Aveanna

Healthcare

LLC

,

109,725

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.75%

)

7.47%

09/17/2032

110,555

46

DoubleLine

ETF

Trust

Schedule

of

Investments

DoubleLine

Multi-Sector

Income

ETF

(Cont.)

(Unaudited)

December

31,

2025

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Bausch

+

Lomb

Corp.

,

20,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

12

Month

+

4.00%

)

7.51%

01/15/2031

20,235

213,925

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.25%

)

7.97%

01/15/2031

216,439

BCPE

Empire

Holdings,

Inc.

,

153,450

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%,

0.50%

Floor

)

6.97%

12/11/2030

152,107

Blackfin

Pipeline

LLC

,

95,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%

)

6.75%

10/01/2032

95,297

Boots

Group

Bidco

Ltd.

(The)

,

80,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.50%

)

7.21%

08/30/2032

80,533

Boxer

Parent

Co.,

Inc.

,

138,950

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.00%

)

6.82%

07/30/2032

138,752

Caesars

Entertainment,

Inc.

,

239,391

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.25%

)

5.97%

02/06/2031

237,595

Camelot

U.S.

Acquisition

LLC

,

65,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.75%

)

6.47%

01/31/2031

64,259

Cengage

Learning,

Inc.

,

153,838

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.50%,

1.00%

Floor

)

7.23%

03/24/2031

154,651

Clydesdale

Acquisition

Holdings,

Inc.

,

70,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.18%,

0.50%

Floor

)

6.89%

04/13/2029

70,137

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Colossus

Acquireco

LLC

,

229,425

Senior

Secured

First

Lien

Term

Loan

(TSFR1D

+

1.75%

)

5.41%

07/30/2032

229,528

CommScope,

Inc.

,

265,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.75%

)

8.47%

12/18/2029

265,843

Compass

Power

Generation

LLC

,

127,316

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%

)

6.97%

04/16/2029

128,335

Cotiviti,

Inc.

,

19,041

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.75%

)

6.62%

05/01/2031

18,343

104,475

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.75%

)

6.62%

03/26/2032

100,558

CPI

Holdco

B

LLC

,

14,962

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.00%

)

5.92%

05/19/2031

15,011

Crown

Finance

U.S.,

Inc.

,

114,350

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.50%

)

8.34%

12/02/2031

112,993

Curium

BidCo

Sarl

,

49,019

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.00%

)

6.67%

08/06/2031

49,571

Dawn

Bidco

LLC

,

240,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

12

Month

+

3.50%

)

6.73%

10/07/2032

239,573

DG

Investment

Intermediate

Holdings

2,

Inc.

,

230,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.75%

)

7.47%

07/09/2032

230,863

EAB

Global,

Inc.

,

25

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%

)

6.72%

08/16/2030

23

|

December

31,

2025

47

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Eagle

Parent

Corp.

,

108,436

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.25%,

0.50%

Floor

)

7.92%

04/02/2029

108,861

Edelman

Financial

Engines

Center

LLC

(The)

,

25,000

Senior

Secured

Second

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

5.25%

)

8.97%

10/20/2028

25,010

EG

America

LLC

,

44,439

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.50%

)

7.32%

02/07/2028

44,666

Flutter

Financing

BV

,

34,825

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.00%

)

5.67%

06/04/2032

34,879

Focus

Financial

Partners

LLC

,

118,611

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.50%

)

6.42%

09/15/2031

118,945

Freeport

LNG

Investments

LLLP

,

66,632

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%

)

7.12%

12/21/2028

66,986

Froneri

U.S.,

Inc.

,

120,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

6

Month

+

2.25%

)

6.12%

09/30/2032

120,167

Frontier

Communications

Holdings

LLC

,

99,749

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.50%

)

6.24%

07/01/2031

99,952

Gainwell

Acquisition

Corp.

,

193,436

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.00%,

0.75%

Floor

)

7.77%

10/01/2027

190,389

Garda

World

Security

Corp.

,

104,474

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%

)

6.75%

02/01/2029

105,048

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

GBT

U.S.

III

LLC

,

4,950

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.50%

)

6.36%

07/25/2031

4,973

Genmab

A/S

,

65,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.00%

)

6.73%

12/13/2032

65,386

GFL

Environmental

Services,

Inc.

,

14,963

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.50%

)

6.27%

03/03/2032

15,045

Golden

State

Foods

LLC

,

14,924

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.00%

)

8.00%

12/04/2031

15,036

Grant

Thornton

Advisors

LLC

,

154,612

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.75%

)

6.47%

06/02/2031

155,095

84,788

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%

)

6.72%

06/02/2031

85,227

Green

Infrastructure

Partners,

Inc.

,

230,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.75%

)

6.48%

09/24/2032

230,863

Hexion

Holdings

Corp.

,

62,241

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.00%,

0.50%

Floor

)

7.73%

03/15/2029

60,185

Hunter

Douglas,

Inc.

,

55,750

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.00%,

0.50%

Floor

)

6.67%

01/16/2032

56,128

Husky

Injection

Molding

Systems

Ltd.

,

128,632

Senior

Secured

First

Lien

Term

Loan

(TSFR1M

+

3.75%;

TSFR3M

+

3.75%

+

3.75%

)

7.53%

02/15/2029

129,767

48

DoubleLine

ETF

Trust

Schedule

of

Investments

DoubleLine

Multi-Sector

Income

ETF

(Cont.)

(Unaudited)

December

31,

2025

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

INEOS

U.S.

Finance

LLC

,

19,585

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%

)

6.97%

02/18/2030

15,944

ION

Platform

Finance

U.S.,

Inc.

,

150,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.75%

)

7.42%

09/30/2032

141,215

Kaman

Corp.

,

104,802

Senior

Secured

First

Lien

Term

Loan

(TSFR3M

+

2.5%;

TSFR6M

+

2.5%

+

2.50%

)

6.38%

02/26/2032

105,353

949

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.50%

)

6.38%

02/26/2032

954

Kenan

Advantage

Group,

Inc.

(The)

,

74,621

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%

)

6.97%

01/25/2029

74,099

Lavender

Dutch

BorrowerCo

BV

,

75,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

12

Month

+

3.25%

)

7.01%

12/02/2032

75,703

LBM

Acquisition

LLC

,

65,618

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.75%,

0.75%

Floor

)

7.58%

06/06/2031

61,728

LC

Ahab

U.S.

Bidco

LLC

,

64,398

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%

)

6.72%

05/01/2031

64,667

LifePoint

Health,

Inc.

,

137,507

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.75%

)

7.65%

05/19/2031

138,112

Lightning

Power

LLC

,

153,063

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.25%

)

5.97%

08/18/2031

154,044

Live

Nation

Entertainment,

Inc.

,

85,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.00%

)

5.73%

10/21/2032

85,213

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Lumen

Technologies,

Inc.

,

115,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.35%

)

6.18%

04/16/2029

114,562

Madison

IAQ

LLC

,

76,388

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.75%

)

6.64%

05/06/2032

76,965

McAfee

Corp.

,

64,511

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%,

0.50%

Floor

)

6.72%

03/01/2029

59,746

Meade

Pipeline

Co.

LLC

,

90,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.00%

)

5.69%

09/22/2032

90,619

MH

Sub

I

LLC

,

148,105

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.25%,

0.50%

Floor

)

7.97%

12/31/2031

127,440

MIWD

Holdco

II

LLC

,

74,437

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.75%

)

6.47%

03/28/2031

74,600

Motion

Finco

Sarl

,

49,875

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.50%

)

7.17%

11/13/2029

44,358

NEP

Group,

Inc.

,

25,513

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.50%

)

8.22%

10/17/2031

23,504

Nexstar

Media,

Inc.

,

109,725

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.50%

)

6.22%

06/28/2032

110,370

Ontario

Gaming

GTA

LP

,

64,569

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.25%,

0.50%

Floor

)

8.24%

08/01/2030

59,911

|

December

31,

2025

49

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Openlane,

Inc.

,

105,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.50%

)

6.36%

10/01/2032

105,263

OVG

Business

Services

LLC

,

204,482

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%

)

6.72%

06/25/2031

205,121

Pacific

Dental

Services,

Inc.

,

49,875

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.50%

)

6.24%

03/17/2031

50,126

PetSmart

LLC

,

80,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.00%

)

7.73%

08/18/2032

79,775

Pinnacle

Buyer

LLC

,

33,548

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.50%

)

6.49%

10/01/2032

33,716

Polaris

Newco

LLC

,

108,648

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.75%,

0.50%

Floor

)

7.85%

06/02/2028

105,022

Prime

Security

Services

Borrower

LLC

,

139,298

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

1.75%

)

5.58%

03/08/2032

139,115

Project

Aurora

U.S.

Finco,

Inc.

,

54,863

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.75%

)

6.49%

09/30/2032

55,205

Pye-Barker

Fire

&

Safety

LLC

,

34,800

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.50%

)

6.21%

12/16/2032

35,057

Quikrete

Holdings,

Inc.

,

238,548

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.25%

)

5.97%

02/10/2032

239,553

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Radiology

Partners,

Inc.

,

134,663

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.50%

)

8.22%

06/30/2032

134,589

RealPage,

Inc.

,

179,531

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.00%

)

6.93%

04/24/2028

179,600

19,850

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.75%,

0.50%

Floor

)

7.45%

04/24/2028

19,939

Savor

Acquisition,

Inc.

,

55,575

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.00%

)

6.84%

02/19/2032

55,876

Sedgwick

Claims

Management

Services,

Inc.

,

203,463

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.50%

)

6.22%

07/31/2031

204,332

Staples,

Inc.

,

34,824

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

5.75%

)

9.60%

08/23/2029

33,159

StubHub

Holdco

Sub

LLC

,

86,578

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

4.75%

)

8.47%

03/15/2030

85,983

Sunrise

Financing

Partnership

,

85,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.50%

)

6.43%

02/17/2032

85,410

Talen

Energy

Supply

LLC

,

105,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.00%

)

5.67%

11/25/2032

105,148

Team

Health

Holdings,

Inc.

,

84,575

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.50%

)

8.34%

06/30/2028

84,965

Tecta

America

Corp.

,

59,700

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.75%

)

6.47%

02/18/2032

60,003

50

DoubleLine

ETF

Trust

Schedule

of

Investments

DoubleLine

Multi-Sector

Income

ETF

(Cont.)

(Unaudited)

December

31,

2025

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Tiger

Acquisition

LLC

,

138,863

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.50%

)

6.23%

08/23/2032

139,470

TKO

Worldwide

Holdings

LLC

,

39,800

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.00%

)

5.87%

11/21/2031

40,027

TransDigm,

Inc.

,

157,995

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.50%

)

6.22%

02/28/2031

158,767

Trident

TPI

Holdings,

Inc.

,

49,874

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.75%,

0.50%

Floor

)

7.42%

09/15/2028

48,029

Trucordia

Insurance

Holdings

LLC

,

114,713

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%

)

6.97%

06/17/2032

114,139

Univision

Communications,

Inc.

,

169,570

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.50%

)

7.42%

01/23/2029

169,437

Verde

Purchaser

LLC

,

44,611

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.00%

)

7.67%

11/30/2030

44,669

Vestis

Corp.

,

80,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.25%

)

6.07%

02/24/2031

73,700

Victory

Capital

Holdings,

Inc.

,

29,925

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.00%

)

5.67%

09/23/2032

30,135

Victra

Holdings

LLC

,

249,191

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

3.75%

)

7.42%

03/30/2029

249,853

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Virgin

Media

Bristol

LLC

,

110,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

6

Month

+

3.18%

)

7.05%

03/31/2031

109,156

Voyager

Parent

LLC

,

30,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

12

Month

+

4.25%

)

8.02%

07/01/2032

30,059

109,725

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

4.75%

)

8.42%

07/01/2032

109,941

Wand

NewCo

3,

Inc.

,

165,445

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

2.50%

)

6.22%

01/30/2031

165,807

White

Cap

Supply

Holdings

LLC

,

49,312

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%

)

6.97%

10/19/2029

49,568

WhiteWater

Matterhorn

Holdings

LLC

,

25,000

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

3

Month

+

2.25%

)

6.31%

06/16/2032

25,130

X

Corp.

,

55,000

Senior

Secured

First

Lien

Term

Loan

9.50%

10/26/2029

54,911

184,166

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

6

Month

+

6.50%

)

10.45%

10/26/2029

181,339

Zayo

Group

Holdings,

Inc.

,

108,798

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.00%

+

0.50%

PIK)

7.35%

03/11/2030

103,557

Zelis

Payments

Buyer,

Inc.

,

119,110

Senior

Secured

First

Lien

Term

Loan

(CME

Term

SOFR

1

Month

+

3.25%

)

6.97%

11/26/2031

118,366

Total

Bank

Loans

(Cost

$11,781,626)

11,801,529

|

December

31,

2025

51

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

COLLATERALIZED

LOAN

OBLIGATIONS

4.7%

AREIT

LLC

,

110,000

Series

2025-CRE11-C

(CME

Term

SOFR

1

Month

+

2.25%

)

6.25%

(c)

07/25/2043

110,274

Bain

Capital

Credit

CLO

,

1,000,000

Series

2018-2A-DR

(CME

Term

SOFR

3

Month

+

2.95%,

2.95%

Floor

)

6.83%

(c)

07/19/2031

1,003,875

BDS

LLC

,

140,000

Series

2025-FL16-C

(CME

Term

SOFR

1

Month

+

2.10%

)

5.83%

(c)

07/19/2043

140,379

BRSP

Ltd.

,

150,000

Series

2021-FL1-D

(CME

Term

SOFR

1

Month

+

2.81%,

2.70%

Floor

)

6.55%

(c)

08/19/2038

150,540

Carlyle

US

CLO

Ltd.

,

500,000

Series

2020-2A-CR2

(CME

Term

SOFR

3

Month

+

2.90%

)

6.76%

(c)

01/25/2035

502,645

Greystone

CRE

Notes

Ltd.

,

100,000

Series

2021-FL3-D

(CME

Term

SOFR

1

Month

+

2.31%

)

6.06%

(c)

07/15/2039

100,297

HGI

CRE

CLO

Ltd.

,

62,489

Series

2021-FL2-D

(CME

Term

SOFR

1

Month

+

2.26%

)

6.00%

(c)

09/17/2036

62,658

KREF

Ltd.

,

150,000

Series

2021-FL2-AS

(CME

Term

SOFR

1

Month

+

1.41%,

1.30%

Floor

)

5.15%

(c)

02/15/2039

150,049

LoanCore

Issuer

Ltd.

,

150,000

Series

2021-CRE6-C

(CME

Term

SOFR

1

Month

+

2.41%

)

6.16%

(c)

11/15/2038

150,378

100,000

Series

2021-CRE6-D

(CME

Term

SOFR

1

Month

+

2.96%

)

6.71%

(c)

11/15/2038

100,274

MF1

Ltd.

,

100,000

Series

2021-FL7-D

(CME

Term

SOFR

1

Month

+

2.66%

)

6.40%

(c)

10/16/2036

99,782

MF1

Multifamily

Housing

Mortgage

Loan

Trust

,

150,000

Series

2021-FL7-E

(CME

Term

SOFR

1

Month

+

2.91%,

2.80%

Floor

)

6.65%

(c)

10/16/2036

148,041

PFP

Ltd.

,

150,000

Series

2025-12-C

(CME

Term

SOFR

1

Month

+

2.54%

)

6.28%

(c)

12/18/2042

150,096

Ready

Capital

Mortgage

Financing

LLC

,

150,000

Series

2023-FL11-B

(CME

Term

SOFR

1

Month

+

3.53%,

3.53%

Floor

)

7.26%

(c)

10/25/2039

150,880

Total

Collateralized

Loan

Obligations

(Cost

$3,001,943)

3,020,168

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

FOREIGN

CORPORATE

BONDS

3.0%

BERMUDA

0.1%

65,000

Triton

Container

International

Ltd.

3.25%

03/15/2032

59,130

BRAZIL

0.1%

40,000

Suzano

Netherlands

BV

5.50%

01/15/2036

39,680

CANADA

1.3%

82,000

Bell

Canada

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.39%)

6.88%

09/15/2055

84,942

36,000

Canadian

Imperial

Bank

of

Commerce

(SOFR

Compounded

Index

+

0.60%)

4.24%

09/08/2028

36,147

63,000

Element

Fleet

Management

Corp.

5.04%

(c)

03/25/2030

64,419

73,000

Enbridge,

Inc.

(CME

Term

SOFR

3

Month

+

4.15%)

6.00%

01/15/2077

73,416

90,000

Garda

World

Security

Corp.

6.50%

(c)

01/15/2031

92,148

230,000

Garda

World

Security

Corp.

8.25%

(c)

08/01/2032

234,677

150,000

Ontario

Gaming

GTA

LP

8.00%

(c)

08/01/2030

142,342

84,000

TELUS

Corp.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.71%)

7.00%

10/15/2055

87,489

815,580

CAYMAN

ISLANDS

0.8%

514,000

Global

Aircraft

Leasing

Co.

Ltd.

8.75%

(c)

09/01/2027

533,686

FRANCE

0.1%

60,000

Altice

France

SA

6.88%

(c)

07/15/2032

57,576

HONG

KONG

0.2%

130,000

Seaspan

Corp.

5.50%

(c)

08/01/2029

123,571

IRELAND

0.3%

150,000

AerCap

Ireland

Capital

DAC

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.72%)

6.95%

03/10/2055

157,356

64,000

Avolon

Holdings

Funding

Ltd.

4.90%

(c)

10/10/2030

64,367

221,723

UNITED

KINGDOM

0.1%

62,000

BAT

Capital

Corp.

5.63%

08/15/2035

64,616

Total

Foreign

Corporate

Bonds

(Cost

$1,898,850)

1,915,562

52

DoubleLine

ETF

Trust

Schedule

of

Investments

DoubleLine

Multi-Sector

Income

ETF

(Cont.)

(Unaudited)

December

31,

2025

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

NON-AGENCY

COMMERCIAL

MORTGAGE

BACKED

OBLIGATIONS

9.8%

1211

Avenue

of

the

Americas

Trust

,

100,000

Series

2015-1211-A1A2

3.90%

(c)

08/10/2035

96,838

1345T

,

100,000

Series

2025-AOA-D

(CME

Term

SOFR

1

Month

+

3.00%

)

6.75%

(c)

06/15/2042

100,461

ALA

Trust

,

150,000

Series

2025-OANA-A

(CME

Term

SOFR

1

Month

+

1.74%

)

5.49%

(c)

06/15/2040

150,806

Arbor

Multifamily

Mortgage

Securities

Trust

,

3,733,230

Series

2020-MF1-XA

0.92%

(c)(d)(e)

05/15/2053

120,021

130,000

Series

2021-MF3-A2

2.21%

(c)

10/15/2054

127,354

BANK

,

4,285,580

Series

2021-BN32-XA

0.76%

(d)(e)

04/15/2054

121,496

BANK5

,

1,079,255

Series

2025-5YR16-XA

1.07%

(d)(e)

08/15/2063

47,872

2,000,161

Series

2025-5YR17-XA

1.19%

(d)(e)

11/15/2058

98,383

BBCMS

Mortgage

Trust

,

100,000

Series

2023-C19-B

6.35%

(d)

04/15/2056

102,370

171,000

Series

2024-5C29-D

4.00%

(c)

09/15/2057

151,927

170,000

Series

2024-5C31-D

4.25%

(c)

12/15/2057

150,749

122,000

Series

2025-5C38-B

5.72%

(d)

11/15/2058

125,613

Benchmark

Mortgage

Trust

,

3,967,722

Series

2024-V12-XA

0.85%

(d)(e)

12/15/2057

124,754

100,000

Series

2024-V6-D

4.00%

03/15/2057

90,409

3,566,269

Series

2025-V15-XA

1.12%

(d)(e)

06/15/2058

156,640

100,000

Series

2025-V16-C

5.95%

(d)

08/15/2058

100,315

3,149,727

Series

2025-V16-XA

0.96%

(d)(e)

08/15/2058

122,164

250,000

Series

2025-V18-C

6.14%

10/15/2058

250,156

3,475,606

Series

2025-V18-XA

1.26%

(c)(d)(e)

10/15/2058

183,522

128,000

Series

2025-V19-C

5.75%

(d)

01/15/2058

128,629

BMO

Mortgage

Trust

,

150,000

Series

2024-5C3-D

4.00%

(c)

02/15/2057

134,849

150,000

Series

2024-5C5-D

4.50%

(c)

02/15/2057

134,825

150,000

Series

2025-5C10-C

6.49%

(d)

05/15/2058

153,956

136,000

Series

2025-5C13-C

5.88%

(d)

12/15/2058

136,211

2,651,000

Series

2025-5C13-XA

1.20%

(d)(e)

12/15/2058

135,545

BMP

Trust

,

100,000

Series

2024-MF23-D

(CME

Term

SOFR

1

Month

+

2.39%,

2.39%

Floor

)

6.14%

(c)

06/15/2041

100,426

BX

Commercial

Mortgage

Trust

,

150,000

Series

2022-CSMO-A

(CME

Term

SOFR

1

Month

+

2.11%

)

5.86%

(c)

06/15/2027

150,430

100,000

Series

2024-GPA2-D

(CME

Term

SOFR

1

Month

+

2.59%,

2.59%

Floor

)

6.34%

(c)

11/15/2041

100,275

73,062

Series

2024-MDHS-D

(CME

Term

SOFR

1

Month

+

2.69%,

2.69%

Floor

)

6.44%

(c)

05/15/2041

73,297

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

88,545

Series

2024-MF-D

(CME

Term

SOFR

1

Month

+

2.69%,

2.69%

Floor

)

6.44%

(c)

02/15/2039

88,925

BX

Trust

,

100,000

Series

2021-LGCY-D

(CME

Term

SOFR

1

Month

+

1.42%

)

5.17%

(c)

10/15/2036

99,706

84,533

Series

2021-RISE-D

(CME

Term

SOFR

1

Month

+

1.86%

)

5.61%

(c)

11/15/2036

84,526

100,000

Series

2021-VIEW-B

(CME

Term

SOFR

1

Month

+

1.91%,

1.80%

Floor

)

5.66%

(c)

06/15/2036

99,960

72,121

Series

2024-CNYN-D

(CME

Term

SOFR

1

Month

+

2.69%,

2.69%

Floor

)

6.44%

(c)

04/15/2041

72,611

100,000

Series

2025-ARIA-C

5.52%

(c)(d)

12/13/2042

100,864

CHI

Commercial

Mortgage

Trust

,

100,000

Series

2025-SFT-C

6.60%

(c)(d)

04/15/2042

103,769

DBC

Mortgage

Trust

,

100,000

Series

2025-DBC-D

(CME

Term

SOFR

1

Month

+

2.60%

)

6.35%

(c)

11/15/2042

100,702

ELP

Commercial

Mortgage

Trust

,

100,000

Series

2025-ELP-E

6.45%

(c)(d)

11/13/2042

100,705

Great

Wolf

Trust

,

100,000

Series

2024-WOLF-D

(CME

Term

SOFR

1

Month

+

2.89%,

2.89%

Floor

)

6.64%

(c)

03/15/2039

100,688

Hilton

USA

Trust

,

100,000

Series

2016-HHV-C

4.19%

(c)(d)

11/05/2038

99,465

100,000

Series

2016-SFP-A

2.83%

(c)

11/05/2035

86,702

JPMDB

Commercial

Mortgage

Securities

Trust

,

140,000

Series

2017-C7-B

3.99%

10/15/2050

133,066

MHP

,

100,000

Series

2021-STOR-E

(CME

Term

SOFR

1

Month

+

1.86%

)

5.62%

(c)

07/15/2038

99,829

MHP

Commercial

Mortgage

Trust

,

100,000

Series

2021-STOR-D

(CME

Term

SOFR

1

Month

+

1.46%,

1.35%

Floor

)

5.22%

(c)

07/15/2038

99,844

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

94,869

Series

2013-C11-AS

4.08%

(d)

08/15/2046

91,934

100,000

Series

2025-5C2-C

5.74%

(d)

11/15/2058

99,708

MSBAM

Commercial

Mortgage

Securities

Trust

,

96,914

Series

2012-CKSV-A2

3.28%

(c)

10/15/2030

93,376

MTN

Commercial

Mortgage

Trust

,

100,000

Series

2022-LPFL-D

(CME

Term

SOFR

1

Month

+

2.94%,

2.94%

Floor

)

6.70%

(c)

03/15/2039

100,111

Natixis

Commercial

Mortgage

Securities

Trust

,

100,000

Series

2019-10K-E

4.13%

(c)(d)

05/15/2039

93,205

NYC

Commercial

Mortgage

Trust

,

100,000

Series

2025-300P-E

7.39%

(c)(d)

07/13/2042

101,614

SCOTT

Trust

,

100,000

Series

2023-SFS-AS

6.20%

(c)

03/10/2040

101,831

|

December

31,

2025

53

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

UBS

Commercial

Mortgage

Trust

,

150,000

Series

2018-C13-B

4.79%

(d)

10/15/2051

143,791

Wells

Fargo

Commercial

Mortgage

Trust

,

200,000

Series

2025-5C4-D

4.50%

(c)

05/15/2058

180,000

2,067,974

Series

2025-5C4-XA

1.12%

(d)(e)

05/15/2058

89,201

123,000

Series

2025-5C7-C

5.80%

(d)

12/15/2058

123,025

Total

Non-Agency

Commercial

Mortgage

Backed

Obligations

(Cost

$6,306,573)

6,359,451

NON-AGENCY

RESIDENTIAL

COLLATERALIZED

MORTGAGE

OBLIGATIONS

18.0%

EFMT

,

750,000

Series

2025-INV2-B2

7.48%

(c)(d)

05/26/2070

749,598

FHLMC

STACR

REMICS

Trust

,

300,000

Series

2024-HQA1-M2

(SOFR

30

Day

Average

+

2.00%

)

5.87%

(c)

03/25/2044

302,285

J.P.

Morgan

Mortgage

Trust

,

500,000

Series

2024-VIS2-B2

7.71%

(c)(d)

11/25/2064

501,340

600,000

Series

2025-NQM5-M1A

5.67%

(c)(d)

05/25/2065

602,727

MFA

Trust

,

750,000

Series

2025-NQM5-M1

5.89%

(c)(d)

11/25/2070

756,113

Morgan

Stanley

Residential

Mortgage

Loan

Trust

,

740,000

Series

2025-NQM5-B1

7.00%

(c)(d)

07/25/2070

745,365

OBX

Trust

,

600,000

Series

2024-NQM17-M1

6.65%

(c)(d)

11/25/2064

611,132

625,000

Series

2024-NQM18-M1

6.17%

(c)(d)

10/25/2064

631,316

600,000

Series

2025-NQM23-M1

5.67%

(c)(d)

10/25/2065

604,515

PRPM

Trust

,

750,000

Series

2025-NQM3-B1

6.94%

(c)(d)

05/25/2070

753,541

600,000

Series

2025-NQM6-B1

6.96%

(c)(d)

12/25/2070

602,737

Verus

Securitization

Trust

,

625,000

Series

2024-9-B1

6.85%

(c)(d)

11/25/2069

630,052

500,000

Series

2025-1-B1

7.01%

(c)(d)

01/25/2070

509,699

700,000

Series

2025-11-B1

6.41%

(c)(d)

11/25/2070

698,679

625,000

Series

2025-2-B1

6.97%

(c)

03/25/2070

631,618

750,000

Series

2025-5-B1

7.06%

(c)(d)

06/25/2070

761,256

750,000

Series

2025-6-B1

6.87%

(c)(d)

07/25/2070

757,339

750,000

Series

2025-9-B2

7.38%

(c)(d)

10/27/2070

751,475

Total

Non-Agency

Residential

Collateralized

Mortgage

Obligations

(Cost

$11,522,515)

11,600,787

US

CORPORATE

BONDS

37.3%

250,000

1261229

BC

Ltd.

10.00%

(c)

04/15/2032

260,192

120,000

Acrisure

LLC

6.75%

(c)

07/01/2032

124,145

105,000

Acushnet

Co.

5.63%

(c)

12/01/2033

106,442

63,000

Agree

LP

5.63%

06/15/2034

66,052

76,000

Alliant

Energy

Corp.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.08%)

5.75%

04/01/2056

75,971

174,000

Allied

Universal

Holdco

LLC

7.88%

(c)

02/15/2031

183,478

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

44,000

American

Airlines,

Inc.

8.50%

(c)

05/15/2029

46,047

100,000

American

Axle

&

Manufacturing,

Inc.

6.38%

(c)

10/15/2032

101,893

65,000

American

Axle

&

Manufacturing,

Inc.

7.75%

(c)

10/15/2033

66,244

43,000

American

Express

Co.

(SOFR

+

1.44%)

5.02%

04/25/2031

44,324

40,000

Antero

Midstream

Partners

LP

5.75%

(c)

07/01/2034

40,322

85,000

Anywhere

Real

Estate

Group

LLC

5.25%

(c)

04/15/2030

79,741

70,000

APH

Somerset

Investor

2

LLC

7.88%

(c)

11/01/2029

70,752

206,000

AthenaHealth

Group,

Inc.

6.50%

(c)

02/15/2030

205,555

43,000

AutoZone,

Inc.

5.13%

06/15/2030

44,367

155,000

Azorra

Finance

Ltd.

7.25%

(c)

01/15/2031

163,027

82,000

Bank

of

America

Corp.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.68%)

6.63%

(f)

05/01/2030

85,505

174,000

Bausch

+

Lomb

Corp.

8.38%

(c)

10/01/2028

181,830

76,000

Block

Financial

LLC

5.38%

09/15/2032

76,515

95,000

Brown

&

Brown,

Inc.

5.25%

06/23/2032

97,365

295,000

Builders

FirstSource,

Inc.

6.38%

(c)

03/01/2034

305,379

170,000

Builders

FirstSource,

Inc.

6.75%

(c)

05/15/2035

177,950

50,000

CACI

International,

Inc.

6.38%

(c)

06/15/2033

51,796

155,000

Caesars

Entertainment,

Inc.

6.00%

(c)

10/15/2032

150,847

41,000

Carnival

Corp.

5.13%

(c)

05/01/2029

41,475

250,000

Carnival

Corp.

5.88%

(c)

06/15/2031

258,416

75,000

Carnival

Corp.

5.75%

(c)

08/01/2032

77,065

103,000

CCO

Holdings

LLC

5.13%

(c)

05/01/2027

102,918

170,000

CCO

Holdings

LLC

4.75%

(c)

03/01/2030

162,464

126,000

CCO

Holdings

LLC

4.75%

(c)

02/01/2032

115,250

60,000

CCO

Holdings

LLC

4.25%

(c)

01/15/2034

51,073

30,000

Celanese

US

Holdings

LLC

6.50%

04/15/2030

30,175

30,000

Celanese

US

Holdings

LLC

6.75%

04/15/2033

29,869

22,000

Cheniere

Energy,

Inc.

5.65%

04/15/2034

22,833

180,000

Chord

Energy

Corp.

6.00%

(c)

10/01/2030

182,892

115,000

Chord

Energy

Corp.

6.75%

(c)

03/15/2033

119,000

90,000

CHS/Community

Health

Systems,

Inc.

6.00%

(c)

01/15/2029

90,325

85,000

Cipher

Compute

LLC

7.13%

(c)

11/15/2030

86,677

63,000

Citigroup,

Inc.

(SOFR

+

1.46%)

4.95%

05/07/2031

64,372

54

DoubleLine

ETF

Trust

Schedule

of

Investments

DoubleLine

Multi-Sector

Income

ETF

(Cont.)

(Unaudited)

December

31,

2025

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

55,000

Citigroup,

Inc.

(5-

year

CMT

T-Note

+

2.89%)

6.88%

(f)

08/15/2030

57,186

190,000

Clarios

Global

LP

6.75%

(c)

02/15/2030

198,846

275,000

Clarios

Global

LP

6.75%

(c)

09/15/2032

285,337

65,000

Clear

Channel

Outdoor

Holdings,

Inc.

7.50%

(c)

06/01/2029

64,601

205,000

Clear

Channel

Outdoor

Holdings,

Inc.

7.13%

(c)

02/15/2031

215,391

50,000

Cloud

Software

Group,

Inc.

9.00%

(c)

09/30/2029

52,110

160,000

Cloud

Software

Group,

Inc.

6.63%

(c)

08/15/2033

158,668

80,000

Clydesdale

Acquisition

Holdings,

Inc.

6.75%

(c)

04/15/2032

82,316

84,000

CMS

Energy

Corp.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.96%)

6.50%

06/01/2055

86,423

75,000

CNX

Midstream

Partners

LP

4.75%

(c)

04/15/2030

73,064

85,000

CommScope

LLC

9.50%

(c)

12/15/2031

85,927

10,000

Consumers

Energy

Co.

4.50%

01/15/2031

10,122

45,000

CoreWeave,

Inc.

9.25%

(c)

06/01/2030

41,886

70,000

Cornerstone

Building

Brands,

Inc.

9.50%

(c)

08/15/2029

51,857

160,000

Dcli

Bidco

LLC

7.75%

(c)

11/15/2029

164,594

165,000

Dealer

Tire

LLC

8.00%

(c)

02/01/2028

165,887

55,000

Dell

International

LLC

5.10%

02/15/2036

54,342

64,000

Delta

Air

Lines,

Inc.

4.95%

07/10/2028

65,168

76,000

Directv

Financing

LLC

5.88%

(c)

08/15/2027

76,489

110,000

Directv

Financing

LLC

8.88%

(c)

02/01/2030

111,435

95,000

DISH

DBS

Corp.

5.75%

(c)

12/01/2028

93,326

55,000

DISH

DBS

Corp.

5.13%

06/01/2029

48,861

86,000

Dornoch

Debt

Merger

Sub,

Inc.

6.63%

(c)

10/15/2029

74,561

84,000

EchoStar

Corp.

10.75%

11/30/2029

92,953

70,000

Ellucian

Holdings,

Inc.

6.50%

(c)

12/01/2029

71,551

180,000

EMRLD

Borrower

LP

6.63%

(c)

12/15/2030

187,697

105,000

Energizer

Holdings,

Inc.

6.00%

(c)

09/15/2033

100,848

72,000

Entergy

Corp.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.67%)

7.13%

12/01/2054

75,648

88,000

Essential

Properties

LP

5.40%

12/01/2035

88,205

64,000

Extra

Space

Storage

LP

5.40%

06/15/2035

65,639

51,000

Fertitta

Entertainment

LLC

6.75%

(c)

01/15/2030

48,526

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

69,000

Fiserv,

Inc.

4.55%

02/15/2031

68,333

125,000

Flash

Compute

LLC

7.25%

(c)

12/31/2030

124,002

40,000

Flex

Ltd.

5.25%

01/15/2032

40,790

63,000

Florida

Gas

Transmission

Co.

LLC

5.75%

(c)

07/15/2035

65,549

40,000

Freedom

Mortgage

Holdings

LLC

8.38%

(c)

04/01/2032

42,138

35,000

FTAI

Aviation

Investors

LLC

5.88%

(c)

04/15/2033

35,599

85,000

Full

House

Resorts,

Inc.

8.25%

(c)

02/15/2028

74,162

20,000

GE

HealthCare

Technologies,

Inc.

4.15%

12/15/2028

20,058

64,000

GE

HealthCare

Technologies,

Inc.

4.80%

01/15/2031

65,203

90,000

Genesee

&

Wyoming,

Inc.

6.25%

(c)

04/15/2032

92,925

40,000

Global

Payments,

Inc.

5.20%

11/15/2032

40,047

50,000

Goat

Holdco

LLC

6.75%

(c)

02/01/2032

51,393

80,000

Goldman

Sachs

Group,

Inc.

(The)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.46%)

6.85%

(f)

02/10/2030

83,515

62,000

Goldman

Sachs

Group,

Inc.

(The)

(SOFR

+

1.55%)

5.33%

07/23/2035

63,724

255,000

Graham

Holdings

Co.

5.63%

(c)

12/01/2033

258,090

75,000

Gray

Media,

Inc.

9.63%

(c)

07/15/2032

77,889

115,000

Gray

Media,

Inc.

7.25%

(c)

08/15/2033

117,580

185,000

Griffon

Corp.

5.75%

03/01/2028

185,460

44,000

Guardian

Life

Global

Funding

4.80%

(c)

04/28/2030

44,984

179,000

Gulfport

Energy

Operating

Corp.

6.75%

(c)

09/01/2029

185,074

70,000

Herc

Holdings,

Inc.

7.00%

(c)

06/15/2030

73,712

35,000

Herc

Holdings,

Inc.

5.75%

(c)

03/15/2031

35,540

35,000

Herc

Holdings,

Inc.

6.00%

(c)

03/15/2034

35,488

70,000

Hewlett

Packard

Enterprise

Co.

4.40%

10/15/2030

69,807

65,000

Hilcorp

Energy

I

LP

7.25%

(c)

02/15/2035

61,814

92,000

HUB

International

Ltd.

7.25%

(c)

06/15/2030

96,644

35,000

Icahn

Enterprises

LP

5.25%

05/15/2027

34,545

32,000

Illumina,

Inc.

4.75%

12/12/2030

32,315

65,000

JBS

USA

Holding

Lux

Sarl

5.50%

(c)

01/15/2036

66,091

25,000

JetBlue

Airways

Corp.

9.88%

(c)

09/20/2031

25,208

62,000

JPMorgan

Chase

&

Co.

(SOFR

+

1.44%)

5.10%

04/22/2031

64,040

195,000

Kodiak

Gas

Services

LLC

6.50%

(c)

10/01/2033

199,238

95,000

Kodiak

Gas

Services

LLC

6.75%

(c)

10/01/2035

97,724

100,000

Lamar

Media

Corp.

5.38%

(c)

11/01/2033

99,470

|

December

31,

2025

55

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

225,000

Level

3

Financing,

Inc.

6.88%

(c)

06/30/2033

230,422

260,000

Life

Time,

Inc.

6.00%

(c)

11/15/2031

266,535

110,000

LifePoint

Health,

Inc.

8.38%

(c)

02/15/2032

119,491

104,000

LifePoint

Health,

Inc.

10.00%

(c)

06/01/2032

110,587

115,000

Light

&

Wonder

International,

Inc.

6.25%

(c)

10/01/2033

116,480

100,000

Lindblad

Expeditions

LLC

7.00%

(c)

09/15/2030

104,365

64,000

Lineage

OP

LP

5.25%

(c)

07/15/2030

64,631

245,000

Madison

IAQ

LLC

5.88%

(c)

06/30/2029

243,708

41,000

Marriott

International,

Inc.

4.50%

10/15/2031

41,107

64,000

Marvell

Technology,

Inc.

4.75%

07/15/2030

64,861

62,000

MasTec,

Inc.

5.90%

06/15/2029

64,693

100,000

Matador

Resources

Co.

6.50%

(c)

04/15/2032

101,481

16,000

Mattel,

Inc.

5.00%

11/17/2030

16,116

110,000

McGraw-Hill

Education,

Inc.

7.38%

(c)

09/01/2031

116,140

90,000

Medline

Borrower

LP

5.25%

(c)

10/01/2029

90,540

40,000

Meta

Platforms,

Inc.

4.60%

11/15/2032

40,333

92,000

MetLife,

Inc.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.08%)

6.35%

03/15/2055

97,072

40,000

Michaels

Cos.,

Inc.

(The)

5.25%

(c)

05/01/2028

38,501

85,000

Midwest

Gaming

Borrower

LLC

4.88%

(c)

05/01/2029

83,669

115,000

Miter

Brands

Acquisition

Holdco,

Inc.

6.75%

(c)

04/01/2032

117,969

44,000

Molex

Electronic

Technologies

LLC

4.75%

(c)

04/30/2028

44,525

63,000

Motorola

Solutions,

Inc.

5.20%

08/15/2032

64,989

215,000

Nabors

Industries,

Inc.

9.13%

(c)

01/31/2030

225,589

70,000

Nabors

Industries,

Inc.

7.63%

(c)

11/15/2032

68,846

50,000

NCL

Corp.

Ltd.

5.88%

(c)

01/15/2031

49,839

50,000

NCL

Corp.

Ltd.

6.25%

(c)

09/15/2033

50,003

70,000

Neptune

Bidco

US,

Inc.

10.38%

(c)

05/15/2031

71,814

55,000

Newell

Brands,

Inc.

6.38%

05/15/2030

53,783

30,000

NGL

Energy

Operating

LLC

8.13%

(c)

02/15/2029

31,158

82,000

NiSource,

Inc.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.45%)

6.95%

11/30/2054

85,778

90,000

Nissan

Motor

Acceptance

Co.

LLC

6.13%

(c)

09/30/2030

90,079

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

35,000

Novelis

Corp.

6.88%

(c)

01/30/2030

36,359

100,000

NRG

Energy,

Inc.

6.00%

(c)

02/01/2033

102,178

55,000

Olin

Corp.

6.63%

(c)

04/01/2033

54,655

74,000

Omega

Healthcare

Investors,

Inc.

3.25%

04/15/2033

65,901

100,000

OneMain

Finance

Corp.

6.13%

05/15/2030

102,193

89,000

OneMain

Finance

Corp.

7.50%

05/15/2031

93,706

135,000

OneMain

Finance

Corp.

6.50%

03/15/2033

136,637

40,000

Oracle

Corp.

4.80%

09/26/2032

38,628

179,000

Panther

Escrow

Issuer

LLC

7.13%

(c)

06/01/2031

185,601

165,000

Park

Intermediate

Holdings

LLC

7.00%

(c)

02/01/2030

169,960

62,000

Paychex,

Inc.

5.35%

04/15/2032

64,251

295,000

PennyMac

Financial

Services,

Inc.

6.88%

(c)

05/15/2032

308,996

63,000

PSEG

Power

LLC

5.20%

(c)

05/15/2030

64,473

70,000

Qnity

Electronics,

Inc.

6.25%

(c)

08/15/2033

72,646

72,000

Qorvo,

Inc.

3.38%

(c)

04/01/2031

66,847

69,000

Quanta

Services,

Inc.

4.50%

01/15/2031

69,182

240,000

Quikrete

Holdings,

Inc.

6.75%

(c)

03/01/2033

250,795

350,000

QXO

Building

Products,

Inc.

6.75%

(c)

04/30/2032

365,827

140,000

Radiology

Partners,

Inc.

8.50%

(c)

07/15/2032

146,424

120,000

RHP

Hotel

Properties

LP

6.50%

(c)

06/15/2033

125,228

305,000

Rivers

Enterprise

Borrower

LLC

6.63%

(c)

02/01/2033

312,017

145,000

Rivers

Enterprise

Lender

LLC

6.25%

(c)

10/15/2030

148,074

70,000

Rocket

Cos.,

Inc.

6.13%

(c)

08/01/2030

72,398

70,000

Rocket

Cos.,

Inc.

6.38%

(c)

08/01/2033

73,071

63,000

Rollins,

Inc.

5.25%

02/24/2035

64,309

61,000

Royal

Caribbean

Cruises

Ltd.

5.38%

01/15/2036

61,279

45,000

Sabra

Health

Care

LP

3.20%

12/01/2031

41,240

38,000

Sabre

GLBL,

Inc.

10.75%

(c)

11/15/2029

32,340

47,000

Sabre

GLBL,

Inc.

10.75%

(c)

03/15/2030

38,685

185,000

Sirius

XM

Radio

LLC

5.50%

(c)

07/01/2029

186,621

65,000

SM

Energy

Co.

7.00%

(c)

08/01/2032

63,940

280,000

Solstice

Advanced

Materials,

Inc.

5.63%

(c)

09/30/2033

282,636

92,000

Southern

Co.

(The)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.07%)

6.38%

03/15/2055

96,072

41,000

Southern

Power

Co.

4.90%

10/01/2035

40,583

90,000

Standard

Building

Solutions,

Inc.

6.50%

(c)

08/15/2032

92,722

75,000

Standard

Building

Solutions,

Inc.

5.88%

(c)

03/15/2034

75,266

185,000

Staples,

Inc.

10.75%

(c)

09/01/2029

184,157

50,000

Star

Leasing

Co.

LLC

7.63%

(c)

02/15/2030

46,558

56

DoubleLine

ETF

Trust

Schedule

of

Investments

DoubleLine

Multi-Sector

Income

ETF

(Cont.)

(Unaudited)

December

31,

2025

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

155,000

Starwood

Property

Trust,

Inc.

5.25%

(c)

10/15/2028

156,714

80,000

Talen

Energy

Supply

LLC

6.25%

(c)

02/01/2034

81,631

65,000

Tallgrass

Energy

Partners

LP

7.38%

(c)

02/15/2029

67,425

55,000

Tallgrass

Energy

Partners

LP

6.75%

(c)

03/15/2034

55,032

100,000

Taylor

Morrison

Communities,

Inc.

5.75%

(c)

11/15/2032

102,952

20,000

Tenet

Healthcare

Corp.

5.50%

(c)

11/15/2032

20,287

20,000

Tenet

Healthcare

Corp.

6.00%

(c)

11/15/2033

20,604

57,000

Textron,

Inc.

5.50%

05/15/2035

59,188

40,000

T-Mobile

USA,

Inc.

4.63%

01/15/2033

39,774

63,000

Trans-Allegheny

Interstate

Line

Co.

5.00%

(c)

01/15/2031

64,758

90,000

TransDigm,

Inc.

6.88%

(c)

12/15/2030

94,232

130,000

TransDigm,

Inc.

6.38%

(c)

05/31/2033

133,485

10,000

TransDigm,

Inc.

6.25%

(c)

01/31/2034

10,382

15,000

TransDigm,

Inc.

6.75%

(c)

01/31/2034

15,635

78,000

Trident

TPI

Holdings,

Inc.

12.75%

(c)

12/31/2028

80,018

174,000

UKG,

Inc.

6.88%

(c)

02/01/2031

179,010

175,000

United

Natural

Foods,

Inc.

6.75%

(c)

10/15/2028

176,004

160,000

United

Rentals

North

America,

Inc.

5.38%

(c)

11/15/2033

159,984

60,000

Uniti

Group

LP

8.63%

(c)

06/15/2032

59,150

80,000

Univision

Communications,

Inc.

7.38%

(c)

06/30/2030

81,600

190,000

US

Foods,

Inc.

5.75%

(c)

04/15/2033

193,708

85,000

Vail

Resorts,

Inc.

6.50%

(c)

05/15/2032

88,259

55,000

Venture

Global

LNG,

Inc.

8.38%

(c)

06/01/2031

54,725

83,000

Venture

Global

LNG,

Inc.

9.88%

(c)

02/01/2032

85,797

55,000

Venture

Global

Plaquemines

LNG

LLC

6.13%

(c)

12/15/2030

56,041

110,000

Venture

Global

Plaquemines

LNG

LLC

7.50%

(c)

05/01/2033

118,916

85,000

Venture

Global

Plaquemines

LNG

LLC

6.50%

(c)

01/15/2034

87,104

195,000

Veritiv

Operating

Co.

10.50%

(c)

11/30/2030

209,910

40,000

Verizon

Communications,

Inc.

4.75%

01/15/2033

39,981

76,000

Vertiv

Group

Corp.

4.13%

(c)

11/15/2028

75,111

37,000

VICI

Properties

LP

5.13%

05/15/2032

37,268

299,000

Victra

Holdings

LLC

8.75%

(c)

09/15/2029

316,933

335,000

Viking

Cruises

Ltd.

5.88%

(c)

10/15/2033

340,344

43,000

Viper

Energy

Partners

LLC

4.90%

08/01/2030

43,521

21,000

Vistra

Operations

Co.

LLC

4.38%

(c)

05/01/2029

20,747

35,000

Vital

Energy,

Inc.

7.88%

(c)

04/15/2032

34,509

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

70,000

Voyager

Parent

LLC

9.25%

(c)

07/01/2032

74,321

22,000

VSP

Optical

Group,

Inc.

5.45%

(c)

12/01/2035

22,155

79,000

VT

Topco,

Inc.

8.50%

(c)

08/15/2030

82,882

175,000

Walker

&

Dunlop,

Inc.

6.63%

(c)

04/01/2033

180,382

444,000

Wand

NewCo

3,

Inc.

7.63%

(c)

01/30/2032

470,121

75,000

Warnermedia

Holdings,

Inc.

4.05%

03/15/2029

72,967

25,000

Warnermedia

Holdings,

Inc.

4.28%

03/15/2032

21,977

45,000

Warnermedia

Holdings,

Inc.

5.05%

03/15/2042

31,781

300,000

Watco

Cos.

LLC

7.13%

(c)

08/01/2032

314,360

260,000

Wayfair

LLC

7.25%

(c)

10/31/2029

271,623

70,000

Wayfair

LLC

6.75%

(c)

11/15/2032

72,048

165,000

WBI

Operating

LLC

6.50%

(c)

10/15/2033

164,463

180,000

Weatherford

International

Ltd.

6.75%

(c)

10/15/2033

184,436

57,000

WEC

Energy

Group,

Inc.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.91%)

5.63%

05/15/2056

57,401

62,000

Wells

Fargo

&

Co.

(SOFR

+

1.50%)

5.15%

04/23/2031

64,012

355,000

WESCO

Distribution,

Inc.

6.38%

(c)

03/15/2033

370,872

53,000

Westinghouse

Air

Brake

Technologies

Corp.

4.90%

05/29/2030

54,320

70,000

Whirlpool

Corp.

6.50%

06/15/2033

67,929

12,000

Willis

North

America,

Inc.

4.55%

03/15/2031

12,020

55,000

Windstream

Services

LLC

8.25%

(c)

10/01/2031

57,789

40,000

Windstream

Services

LLC

7.50%

(c)

10/15/2033

41,038

131,000

WR

Grace

Holdings

LLC

5.63%

(c)

08/15/2029

125,207

269,000

XHR

LP

6.63%

(c)

05/15/2030

277,967

100,000

XPO,

Inc.

7.13%

(c)

06/01/2031

104,676

Total

US

Corporate

Bonds

(Cost

$23,690,335)

24,073,203

SHORT

TERM

INVESTMENTS

5.7%

1,845,961

JPMorgan

U.S.

Government

Money

Market

Fund

-

Class

IM

3.72%

(g)

1,845,961

1,845,961

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

-

Institutional

Share

Class

3.69%

(g)

1,845,961

Total

Short

Term

Investments

(Cost

$3,691,922)

3,691,922

Total

Investments

100.1%

(Cost

$63,996,604)

64,597,218

Liabilities

in

Excess

of

Other

Assets

(0.1)%

(63,736)

NET

ASSETS

100.0%

$64,533,482

|

December

31,

2025

57

(a)

Represents

less

than

0.05%

of

net

assets.

(b)

Value

determined

using

significant

unobservable

inputs.

(c)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

buyers.

At

December

31,

2025,

the

value

of

these

securities

amounted

to

approximately

$41,856,168

or

64.86%

of

net

assets.

(d)

Coupon

rate

is

variable

or

floats

based

on

components

including

but

not

limited

to

reference

rate

and

spread.

These

securities

may

not

indicate

a

reference

rate

and/or

spread

in

their

description.

The

rate

disclosed

is

as

of

period

end.

(e)

Interest

only

security.

(f)

Perpetual

maturity.

The

date

disclosed

is

the

next

call

date

of

the

security.

(g)

Seven-day

yield

as

of

period

end.

PIK

A

payment-in-kind

security

in

which

the

issuer

may

make

interest

or

dividend

payments

in

cash

or

additional

securities.

These

additional

securities

generally

have

the

same

terms

as

the

original

holdings.

Abbreviations:

FHLMC

Federal

Home

Loan

Mortgage

Corporation

FTAI

Fortress

Transportation

and

Infrastructure

Investors

LLC

SOFR

Secured

Overnight

Financing

Rate

STACR

Structured

Agency

Credit

Risk

REMIC

Real

Estate

Mortgage

Investment

Conduit

Schedule

of

Investments

DoubleLine

Asset-Backed

Securities

ETF

(Unaudited)

December

31,

2025

58

DoubleLine

ETF

Trust

P

RINCIPAL

A

MOUNT

$/S

HARES

S

ECURITY

D

ESCRIPTION

R

ATE

M

ATURITY

V

ALUE

$

ASSET

BACKED

OBLIGATIONS

98.5%

Aaset

Ltd.

,

963,717

Series

2025-2A-A

5.52%

(a)

02/16/2050

980,767

Aaset

MT-1

Ltd.

,

995,512

Series

2025-3A-B

5.73%

(a)

02/16/2050

994,125

Aaset

Trust

,

580,468

Series

2021-2A-A

2.80%

(a)

01/15/2047

550,757

651,413

Series

2021-2A-B

3.54%

(a)

01/15/2047

622,621

608,108

Series

2024-1A-B

6.90%

(a)

05/16/2049

619,542

AB

Issuer

LLC

,

705,665

Series

2021-1-A2

3.73%

(a)

07/30/2051

670,730

Affirm

Asset

Securitization

Trust

,

1,500,000

Series

2024-B-A

4.62%

(a)

09/15/2029

1,504,328

ALTDE

Trust

,

945,683

Series

2025-1A-B

6.53%

(a)

08/15/2050

955,364

APL

Finance

DAC

,

950,000

Series

2025-1A-B

5.28%

(a)

03/20/2036

944,864

AutoNation

Finance

Trust

,

750,000

Series

2025-1A-C

5.19%

(a)

12/10/2030

764,746

700,000

Series

2025-1A-D

5.63%

(a)

09/10/2032

713,645

Avant

Loans

Funding

Trust

,

275,000

Series

2025-REV1-B

5.42%

(a)

05/15/2034

276,731

BHG

Securitization

Trust

,

71,169

Series

2022-A-B

2.70%

(a)

02/20/2035

70,875

Blackbird

Capital

Aircraft

Lease

Securitization

Ltd.

,

83,529

Series

2016-1A-B

5.68%

(a)(b)

12/16/2041

83,862

Blackbird

Capital

II

Aircraft

Lease

Ltd.

,

1,103,879

Series

2021-1A-A

2.44%

(a)

07/15/2046

1,050,016

357,896

Series

2021-1A-B

3.45%

(a)

07/15/2046

344,190

Bojangles

Issuer

LLC

,

922,688

Series

2024-1A-A2

6.58%

(a)

11/20/2054

934,040

Carvana

Auto

Receivables

Trust

,

571,514

Series

2021-N1-E

2.88%

(a)

01/10/2028

566,407

1,553,000

Series

2021-P2-C

1.60%

06/10/2027

1,530,528

232,539

Series

2021-P4-A4

1.64%

12/10/2027

230,768

2,390,879

Series

2022-P1-A4

3.52%

02/10/2028

2,385,474

Castlelake

Aircraft

Structured

Trust

,

1,401,959

Series

2025-1A-B

6.50%

(a)

02/15/2050

1,429,663

Cherry

Securitization

Trust

,

1,500,000

Series

2024-1A-A

5.70%

(a)

04/15/2032

1,512,668

Cloud

Capital

Holdco

LP

,

1,000,000

Series

2024-1A-A3

6.07%

(a)

11/22/2049

1,002,237

Cologix

Data

Centers

US

Issuer

LLC

,

500,000

Series

2021-1A-A2

3.30%

(a)

12/26/2051

491,604

1,250,000

Series

2021-1A-B

3.79%

(a)

12/26/2051

1,217,975

Compass

Datacenters

Issuer

II

LLC

,

1,000,000

Series

2024-1A-A2

5.75%

(a)

02/25/2049

1,008,876

250,000

Series

2024-2A-B2

6.00%

(a)

08/25/2049

251,884

CPS

Auto

Receivables

Trust

,

97,305

Series

2022-A-D

2.84%

(a)

04/16/2029

96,894

1,000,000

Series

2024-D-C

4.76%

(a)

01/15/2031

1,002,508

CyrusOne

Data

Centers

Issuer

I

LLC

,

1,000,000

Series

2024-3A-A2

4.65%

(a)

05/20/2049

961,573

DataBank

Issuer

,

500,000

Series

2023-1A-A2

5.12%

(a)

02/25/2053

497,751

DataBank

Issuer

II

LLC

,

500,000

Series

2025-1A-B

5.67%

(a)

09/27/2055

489,822

DB

Master

Finance

LLC

,

288,000

Series

2021-1A-A23

2.79%

(a)

11/20/2051

257,160

Dividend

Solar

Loans

LLC

,

947,279

Series

2018-1-B

4.29%

(a)

07/20/2038

895,555

370,382

Series

2018-2-B

4.25%

(a)

12/20/2038

347,289

263,252

Series

2019-1-A

3.67%

(a)

08/22/2039

245,737

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

Domino's

Pizza

Master

Issuer

LLC

,

500,000

Series

2025-1A-A2II

5.22%

(a)

07/25/2055

504,944

EDI

ABS

Issuer

LLC

,

1,000,000

Series

2025-1A-B

4.55%

(a)

07/25/2055

952,980

EWC

Master

Issuer

LLC

,

2,171,250

Series

2022-1A-A2

5.50%

(a)

03/15/2052

2,147,657

Foundation

Finance

Trust

,

676,127

Series

2023-1A-B

6.27%

(a)

12/15/2043

697,000

Global

SC

Finance

VII

Srl

,

113,371

Series

2020-1A-A

2.17%

(a)

10/17/2040

108,967

108,864

Series

2020-2A-A

2.26%

(a)

11/19/2040

104,706

Goodgreen

Trust

,

51,489

Series

2017-2A-A

3.26%

(a)

10/15/2053

47,106

149,655

Series

2021-1A-A

2.66%

(a)

10/15/2056

123,810

GoodLeap

Home

Improvement

Solutions

Trust

,

982,244

Series

2025-1A-B

6.27%

(a)

02/20/2049

997,320

GoodLeap

Sustainable

Home

Solutions

Trust

,

61,857

Series

2021-3CS-A

2.10%

(a)

05/20/2048

50,440

GreenSky

Home

Improvement

Issuer

Trust

,

975,000

Series

2025-1A-D

6.22%

(a)

03/25/2060

991,241

2,400,000

Series

2025-3A-A3

4.52%

(a)

12/27/2060

2,407,313

Hardee's

Funding

LLC

,

950,000

Series

2020-1A-A2

3.98%

(a)

12/20/2050

920,301

Hilton

Grand

Vacations

Trust

,

2,000,000

Series

2025-3EXT-B

4.90%

(a)

10/25/2044

2,010,004

Horizon

Aircraft

Finance

IV

Ltd.

,

703,125

Series

2024-1-A

5.38%

(a)

09/15/2049

706,834

Jack

in

the

Box

Funding

LLC

,

185,000

Series

2022-1A-A2II

4.14%

(a)

02/26/2052

162,369

JGWPT

XXVII

LLC

,

1,177,738

Series

2012-3A-A

3.22%

(a)

09/15/2065

1,080,963

Labrador

Aviation

Finance

Ltd.

,

323,281

Series

2016-1A-A1

4.30%

(a)

01/15/2042

325,068

Loanpal

Solar

Loan

Ltd.

,

181,712

Series

2020-2GF-A

2.75%

(a)

07/20/2047

155,283

577,677

Series

2021-2GS-A

2.22%

(a)

03/20/2048

471,601

Lunar

Structured

Aircraft

Portfolio

Notes

,

360,185

Series

2021-1-A

2.64%

(a)

10/15/2046

343,455

1,607,728

Series

2021-1-B

3.43%

(a)

10/15/2046

1,536,371

MACH

1

Cayman

Ltd.

,

24,135

Series

2019-1-B

4.34%

(a)

10/15/2039

23,869

Mariner

Finance

Issuance

Trust

,

720,000

Series

2021-AA-D

3.83%

(a)

03/20/2036

701,047

Mill

City

Solar

Loan

Ltd.

,

1,443,744

Series

2019-1A-A

4.34%

(a)

03/20/2043

1,363,423

Mosaic

Solar

Loan

Trust

,

319,610

Series

2020-1A-A

2.10%

(a)

04/20/2046

283,574

111,647

Series

2021-3A-B

1.92%

(a)

06/20/2052

85,469

1,107,754

Series

2023-1A-A

5.32%

(a)

06/20/2053

1,060,430

MP

LLC

,

997,387

Series

2025-1A-A

5.55%

(a)

11/15/2065

999,694

Navient

Private

Education

Refi

Loan

Trust

,

1,500,000

Series

2020-BA-B

2.77%

(a)

01/15/2069

1,314,339

125,000

Series

2020-HA-B

2.78%

(a)

01/15/2069

109,133

Navigator

Aircraft

ABS

Ltd.

,

448,310

Series

2021-1-A

2.77%

(a)(b)

11/15/2046

428,628

916,669

Series

2021-1-B

3.57%

(a)(b)

11/15/2046

880,624

Navigator

Aviation

Ltd.

,

1,130,952

Series

2024-1-B

6.09%

(a)

08/15/2049

1,155,109

990,491

Series

2025-1-B

5.89%

(a)

10/15/2050

991,407

Neighborly

Issuer

,

1,016,400

Series

2022-1A-A2

3.70%

(a)

01/30/2052

963,553

Pagaya

AI

Debt

Grantor

Trust

,

658,275

Series

2024-5-C

7.27%

(a)

10/15/2031

662,841

|

December

31,

2025

59

Schedule

of

Investments

DoubleLine

Asset-Backed

Securities

ETF

(Cont.)

(Unaudited)

December

31,

2025

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

542,238

Series

2024-6-C

7.07%

(a)

11/15/2031

545,874

121,224

Series

2025-3-A1

5.03%

(a)

05/16/2032

121,254

Planet

Fitness

Master

Issuer

LLC

,

1,000,000

Series

2025-1A-A2II

5.65%

(a)

12/06/2055

1,002,872

Primrose

Funding

LLC

,

798,000

Series

2025-1A-A2

6.46%

(a)

07/30/2055

824,705

QTS

Issuer

ABS

II

LLC

,

1,500,000

Series

2025-1A-B

5.78%

(a)

10/05/2055

1,458,525

Redaptive

Eaas

Issuer

LLC

,

750,000

Series

2025-1A-A

5.94%

(a)

03/25/2042

752,764

Retained

Vantage

Data

Centers

Issuer

LLC

,

1,000,000

Series

2024-1A-B

5.78%

(a)

09/15/2049

996,111

Sabey

Data

Center

Issuer

LLC

,

1,000,000

Series

2022-1-A2

5.00%

(a)

06/20/2047

992,411

1,500,000

Series

2025-2-A2

5.97%

(a)

04/20/2050

1,543,470

Santander

Drive

Auto

Receivables

Trust

,

264,194

Series

2023-5-A3

6.02%

09/15/2028

264,948

Scalelogix

Abs

Us

Issuer

LLC

,

1,250,000

Series

2025-1A-B

6.16%

(a)

07/25/2055

1,257,479

Sierra

Timeshare

Receivables

Funding

LLC

,

314,024

Series

2023-2A-B

6.28%

(a)

04/20/2040

323,724

SoFi

Consumer

Loan

Program

Trust

,

1,250,000

Series

2025-1-C

5.42%

(a)

02/27/2034

1,270,465

1,250,000

Series

2025-1-D

5.72%

(a)

02/27/2034

1,270,695

750,000

Series

2025-3-C

5.04%

(a)

08/15/2034

754,710

SSI

ABS

Issuer

LLC

,

485,284

Series

2025-1-A

6.15%

(a)

07/25/2065

492,442

Stellantis

Financial

Underwritten

Enhanced

Lease

Trust

,

2,500,000

Series

2025-CA-C

4.44%

(a)

08/20/2030

2,505,547

Subway

Funding

LLC

,

990,000

Series

2024-1A-A23

6.51%

(a)

07/30/2054

1,025,344

Switch

ABS

Issuer

LLC

,

1,000,000

Series

2025-1A-B

6.49%

(a)

03/25/2055

1,011,466

Textainer

Marine

Containers

VII

Ltd.

,

114,939

Series

2020-1A-A

2.73%

(a)

08/21/2045

111,482

TRP

LLC

,

100,000

Series

2021-1-B

3.06%

(a)

06/19/2051

96,626

Upgrade

Master

Pass-Thru

Trust

,

944,532

Series

2025-ST2-A

6.11%

(a)

06/15/2032

956,622

Upstart

Securitization

Trust

,

141,144

Series

2023-3-A

6.90%

(a)

10/20/2033

141,637

1,000,000

Series

2025-2-C

6.02%

(a)

06/20/2035

1,010,362

2,500,000

Series

2025-3-A2

4.60%

(a)

09/20/2035

2,506,406

1,500,000

Series

2025-3-B

5.02%

(a)

09/20/2035

1,495,417

1,500,000

Series

2025-3-C

5.43%

(a)

09/20/2035

1,491,933

2,450,000

Series

2025-4-A2

4.56%

(a)

11/20/2035

2,453,969

Vantage

Data

Centers

Issuer

LLC

,

1,500,000

Series

2025-2A-A2

5.24%

(a)

11/15/2055

1,488,453

1,300,000

Series

2025-3A-B

6.00%

(a)

11/15/2055

1,299,779

VB-S1

Issuer

LLC

-

VBTEL

,

245,000

Series

2024-1A-C2

5.59%

(a)

05/15/2054

247,086

Vital

Care

Issuer

LLC

,

750,000

Series

2025-1A-A2

6.74%

(a)

01/30/2056

758,588

Wendy's

Funding

LLC

,

362,897

Series

2021-1A-A2II

2.78%

(a)

06/15/2051

324,493

964,778

Series

2022-1A-A2II

4.54%

(a)

03/15/2052

939,309

Westlake

Automobile

Receivables

Trust

,

500,000

Series

2025-2A-D

5.08%

(a)

05/15/2031

504,347

Willis

Engine

Structured

Trust

VI

,

470,279

Series

2021-A-A

3.10%

(a)

05/15/2046

444,709

Total

Asset

Backed

Obligations

(Cost

$90,337,209)

91,058,473

PRINCIPAL

AMOUNT

$/SHARES

SECURITY

DESCRIPTION

RATE

MATURITY

VALUE

$

SHORT

TERM

INVESTMENTS

1.3%

595,847

JPMorgan

U.S.

Government

Money

Market

Fund

-

Class

IM

3.72%

(c)

595,847

595,847

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

-

Institutional

Share

Class

3.69%

(c)

595,848

Total

Short

Term

Investments

(Cost

$1,191,695)

1,191,695

Total

Investments

99.8%

(Cost

$91,528,904)

92,250,168

Other

Assets

in

Excess

of

Liabilities

0.2%

189,736

NET

ASSETS

100.0%

$92,439,904

60

DoubleLine

ETF

Trust

(a)

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

buyers.

At

December

31,

2025,

the

value

of

these

securities

amounted

to

approximately

$86,646,755

or

93.73%

of

net

assets.

(b)

Step

bond;

coupon

rate

changes

based

on

a

predetermined

schedule

or

event.

The

interest

rate

shown

is

the

rate

in

effect

as

of

period

end.

(c)

Seven-day

yield

as

of

period

end.

|

December

31,

2025

61

Notes

to

Schedule

of

Investments

(Unaudited)

December

31,

2025

1. Organization

DoubleLine

ETF

Trust,

a

Delaware

statutory

trust

(the

“Trust”),

was

formed

on

September

27,

2021

and

is

registered

with

the

Securities

and

Exchange

Commission

as

an

open-end

management

investment

company.

As

of

December

31,

2025,

the

Trust

consists

of

eight series,

DoubleLine

Opportunistic

Core

Bond

ETF

(the

“Opportunistic

Core

Bond

ETF”)

(formerly

known

as

DoubleLine

Opportunistic

Bond

ETF),

DoubleLine

Shiller

CAPE

®

U.S.

Equities

ETF

(the

“Equities

ETF”),

DoubleLine

Commercial

Real

Estate

ETF

(the

"Commercial

Real

Estate

ETF"),

DoubleLine

Mortgage

ETF

(the

"Mortgage

ETF"),

DoubleLine

Commodity

Strategy

ETF

(the

"Commodity

Strategy

ETF"),

DoubleLine

Fortune

500

Equal

Weight

ETF

(the "Fortune

500

ETF"),

DoubleLine

Multi-Sector

Income

ETF

(the

"Multi-Sector

Income

ETF"),

and

DoubleLine

Asset-Backed

Securities

ETF (the

"Asset-Backed

Securities

ETF")

(each

a

“Fund”

and

collectively

the

“Funds”).

The

Opportunistic

Core

Bond

ETF,

Equities

ETF,

Commercial

Real

Estate

ETF,

Mortgage

ETF,

Fortune

500

ETF,

Multi-Sector

Income

ETF,

and Asset-Backed

Securities

ETF are

managed

by

DoubleLine

ETF

Adviser

LP,

and

the

Commodity

Strategy

ETF

is

managed

by

DoubleLine

Alternatives

LP

(each,

an

“Adviser”

and

collectively,

the

“Advisers”),

which

are

registered

as

an

investment

advisers

with

the

U.S.

Securities

and

Exchange

Commission.

Each

Fund

offers

one

class

of

shares.

Each

Fund

is classified

as

non-diversified

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

except

the

Fortune

500

ETF,

which

is

classified

as

a

diversified

fund.

Currently

under

the

1940

Act,

a

diversified

fund

generally

may

not,

with

respect

to

75%

of

its

total

assets,

invest

more

than

5%

of

its

total

assets in

the

securities

of

any

one

issuer

or

own

more

than

10%

of

the

outstanding

voting

securities

of

such

issuer

(except,

in

each

case,

U.S.

Government

securities,

cash,

cash

items

and

the

securities

of

other

investment

companies).

The

remaining

25%

of

a

fund's

total

assets

is

not

subject

to

this

limitation.

The

Funds'

investment

objectives

and

dates

each

Fund

commenced

operations

and

public

trading are

as

follows:

The

fiscal

year

end

for

the

Funds

is

September

30,

and

the

period

covered

by

these

Financial

Statements

is

for

the

period ended December

31,

2025. 

2. Significant

Accounting

Policies 

Each

Fund

is

an

investment

company

that

applies

the

accounting

and

reporting

guidance

issued

in

Topic

946,

"Financial

Services

-Investment

Companies",

by

the

Financial

Accounting

Standards

Board

("FASB").

The

following

is

a

summary

of

the

significant

accounting

policies

of

the

Funds.

These

policies

are

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

("US

GAAP"). 

A. Security

Valuation.

The

Funds

have

adopted

US

GAAP

fair

value

accounting

standards

which

establish

a

definition

of

fair

value

and

set

out

a

hierarchy

for

measuring

fair

value.

These

standards

require

additional

disclosures

about

the

various

inputs

and

valuation

techniques

used

to

develop

the

measurements

of

fair

value

and

a

discussion

of

changes

in

valuation

techniques

and

related

inputs

during

the

period.

These

inputs

are

summarized

in

the

three

broad

levels

listed

below: 

Fund

Name

Investment

Objective

Commencement

of

Operations

Commencement

of

Public

Trading

DoubleLine

Opportunistic

Core

Bond

ETF

Seek

to

maximize

current

income

and

total

return

3/31/2022

4/5/2022

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

Seek

total

return

which

exceeds

the

total

return

of

the

S&P

500®

Index

3/31/2022

4/5/2022

DoubleLine

Commercial

Real

Estate

ETF

Seek

current

income

and

capital

preservation

and

as

a

secondary

objective,

seek

long-term

capital

appreciation

3/31/2023

4/4/2023

DoubleLine

Mortgage

ETF

Seek

total

return

(capital

appreciation

and

current

income)

which

exceeds

the

total

return

of

its

benchmark

index,

the

Bloomberg

U.S.

Mortgage-Backed

Securities

Index,

over

a

full

market

cycle

3/31/2023

4/4/2023

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

Seek

total

return

(capital

appreciation

and

current

income)

1/31/2024

2/1/2024

DoubleLine

Fortune

500

Equal

Weight

ETF

Seek

to

track

the

investment

results

(before

fees

and

expenses)

of

the

Barclays

Fortune

500

Equal

Weighted

Total

Return

Index

1/31/2024

2/1/2024

DoubleLine

Multi-Sector

Income

ETF

To

provide

income,

with

a

secondary

objective

of

capital

appreciation.

11/29/2024

12/3/2024

DoubleLine

Asset-Backed

Securities

ETF

Seek

long-term

total

return

while

striving

to

generate

current

income.

2/28/2025

3/4/2025

Notes

to

Schedule

of

Investments

(Cont.)

62

DoubleLine

ETF

Trust

(Unaudited)

December

31,

2025

Level

1—

Unadjusted

quoted

market

prices

in

active

markets

for

identical

securities

Level

2—

Quoted

prices

for

identical

or

similar

assets

in

markets

that

are

not

active,

or

inputs

derived

from

observable

market

data

Level

3—

Significant

unobservable

inputs

(including

the

reporting

entity’s

estimates

and

assumptions)

Valuations for

domestic

and

foreign

fixed

income

securities

are

normally

determined

on

the

basis

of

evaluations

provided

by

independent

pricing

services.

Vendors

typically

value

such

securities

based

on

one

or

more

inputs

described

in

the

following

table

which

is

not

intended

to

be

a

complete

list.

The

table

provides

examples

of

inputs

that

are

commonly

relevant

for

valuing

particular

classes

of

fixed

income

securities

in

which

the

Funds

are

authorized

to

invest.

However,

these

classifications

are

not

exclusive,

and

any

of

the

inputs

may

be

used

to

value

any

other

class

of

fixed-income

securities.

Securities

that

use

similar

valuation

techniques

and

inputs

as

described

in

the

following

table

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

To

the

extent

the

significant

inputs

are

unobservable,

the

values

generally

would

be

categorized

as

Level

3.

Assets

and

liabilities

may

be

transferred

between

levels. 

Investments

in

registered

open-end

management

investment

companies

will

be

valued

based

upon

the

net

asset

value

("NAV")

of

such

investments

and

are

categorized

as

Level

1

of

the

fair

value

hierarchy. 

Common

stocks,

exchange-traded

funds

and

financial

derivative

instruments,

such

as

futures

contracts

or

options

contracts,

that

are

traded

on

a

national

securities

or

commodities

exchange,

are

typically

valued

at

the

last

reported

sales

price,

in

the

case

of

common

stocks

and

exchange-traded

funds,

or,

in

the

case

of

futures

contracts

or

options

contracts,

the

settlement

price

determined

by

the

relevant

exchange.

To

the

extent

these

securities

are

actively

traded

and

valuation

adjustments

are

not

applied,

they

are

categorized

as

Level

1

of

the

fair

value

hierarchy. 

The

Funds'

holdings

in

whole

loans,

securitizations

and

certain

other

types

of

alternative

lending-related

instruments

may

be

valued

based

on

prices

provided

by

a

third-party

pricing

service.

Senior

secured

floating

rate

loans

for

which

an

active

secondary

market

exists

to

a

reliable

degree

will

be

valued

at

the

mean

of

the

last

available

bid/ask

prices

in

the

market

for

such

loans,

as

provided

by

an

independent

pricing

service.

Where

an

active

secondary

market

does

not

exist

to

a

reliable

degree

in

the

judgment

of

the

Adviser,

such

loans

will

be

valued

at

fair

value

based

on

certain

factors.

In

respect

of

certain

commercial

real

estate-related,

residential

real

estate-related

and

certain

other

investments

for

which

a

limited

market

may

exist,

the

Funds

may

value

such

investments

based

on

appraisals

conducted

by

an

independent

valuation

advisor

or

a

similar

pricing

agent.

However,

an

independent

valuation

firm

may

not

be

retained

to

undertake

an

evaluation

of

an

asset

unless

the

NAV,

market

price

and

other

aspects

of

an

investment

exceed

certain

significance

thresholds.

Over-the-counter

financial

derivative

instruments,

such

as

forward

currency

exchange

contracts,

options

contracts,

or

swap

agreements,

derive

their

values

from

underlying

asset

prices,

indices,

reference

rates,

other

inputs

or

a

combination

of

these

factors.

These

instruments

are

normally

valued

on

the

basis

of

valuations

obtained

from

counterparties,

published

index

closing

levels

or

evaluated

prices

supplied

by

independent

pricing

services,

some

or

all

of

which

may

be

based

on

market

data

from

trading

on

exchanges

that

closed

significantly

before

the

time

as

of

which

a

Fund

calculates

its

NAV.

Forward

foreign

currency

contracts

are

generally

valued

based

on

rates

provided

by

independent

data

providers.

A

Fund

does

not

normally

take

into

account

trading,

clearances

or

settlements

that

take

place

after

the

close

of

the

principal

exchange

or

market

on

which

such

securities

are

traded.

Fixed-income

class

Examples

of

Inputs

All

Benchmark

yields,

transactions,

bids,

offers,

quotations

from

dealers

and

trading

systems,

new

issues,

spreads

and

other

relationships

observed

in

the

markets

among

comparable

securities;

and

proprietary

pricing

models

such

as

yield

measures

calculated

using

factors

such

as

cash

flows,

financial

or

collateral

performance

and

other

reference

data

(collectively

referred

to

as

“standard

inputs”)

Corporate

bonds

and

notes;

    convertible

securities

Standard

inputs

and

underlying

equity

of

the

issuer

US

bonds

and

notes

of

government

and  

    government

agencies

Standard

inputs

Residential

and

commercial

mortgage-backed

obligations;

asset-backed

obligations

(including

collateralized

loan

obligations)

Standard

inputs

and

cash

flows,

prepayment

information,

default

rates,

delinquency

and

loss

assumptions,

collateral

characteristics,

credit

enhancements

and

specific

deal

information,

trustee

reports

Bank

loans

Standard

inputs

Notes

to

Schedule

of

Investments

(Cont.)

(Unaudited)

December

31,

2025

|

December

31,

2025

63

Depending

on

the

instrument

and

the

terms

of

the

transaction,

the

value

of

the

derivative

instruments

can

be

estimated

by

a

pricing

service

provider

using

a

series

of

techniques,

such

as

simulation

pricing

models.

The

pricing

models

use

issuer

details

and

other

inputs

that

are

observed

from

actively

quoted

markets

such

as

indices,

spreads,

interest

rates,

curves,

dividends

and

exchange

rates.

Derivatives

that

use

similar

valuation

techniques

and

inputs

as

described

above

are

normally

categorized

as

Level

2

of

the

fair

value

hierarchy.

The

Board

of

Trustees

(the

“Board”)

has

adopted

a

pricing

and

valuation

policy

for

use

by each

Fund

and

its

Valuation

Designee

(as

defined

below)

in

calculating each

Fund’s

NAV.

Pursuant

to

Rule

2a-5

under

the

1940

Act, each

Fund

has

designated

its

Adviser,

as

the

“Valuation

Designee”

to

perform

all

of

the

fair

value

determinations

as

well

as

to

perform

all

of

the

responsibilities

that

may

be

performed

by

the

Valuation

Designee

in

accordance

with

Rule

2a-5.

Each

Adviser,

as

the

Valuation

Designee,

is

authorized

to

make

all

necessary

determinations

of

the

fair

values

of

portfolio

securities

and

other

assets

for

which

market

quotations

are

not

readily

available

or

if

it

is

deemed

that

the

prices

obtained

from

brokers

and

dealers

or

independent

pricing

services

are

unreliable.

The

following

is

a

summary

of

the

fair

valuations

according

to

the

inputs

used

to

value

the

Funds'

investments

as

of

December

31,

2025:

Category

DoubleLine

Opportunistic

Core

Bond

ETF

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

DoubleLine

Commercial

Real

Estate

ETF

DoubleLine

Mortgage

ETF

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

Investments

in

Securities

Level

1

Common

Stocks

$

—

$

330,268,681

$

—

$

—

$

—

Money

Market

Funds

23,240,254

534,504

18,351,930

19,553,752

1,389,588

Affiliated

Mutual

Funds

25,994,768

—

—

—

—

Total

Level

1

49,235,022

330,803,185

18,351,930

19,553,752

1,389,588

Level

2

US

Government

and

Agency

Mortgage

Backed

Obligations

141,737,266

—

44,066,734

616,631,472

—

Non-Agency

Commercial

Mortgage

Backed

Obligations

27,178,255

—

216,096,688

—

—

Non-Agency

Residential

Collateralized

Mortgage

Obligations

56,690,564

—

1,814,224

96,103,702

—

US

Government

and

Agency

Obligations

86,703,816

—

—

—

—

US

Corporate

Bonds

84,432,389

—

—

—

—

Collateralized

Loan

Obligations

19,377,837

—

52,642,192

—

—

Asset

Backed

Obligations

52,769,294

—

—

—

—

Other

Short

Term

Investments

29,823,181

—

—

—

22,347,661

Foreign

Corporate

Bonds

46,922,750

—

—

—

—

Bank

Loans

14,443,106

—

—

—

—

Foreign

Government

Bonds,

Foreign

Agencies

and

Foreign

Government

Sponsored

Corporations

2,421,771

—

—

—

—

Total

Level

2

562,500,229

—

314,619,838

712,735,174

22,347,661

Level

3

Common

Stocks

13,746

19,056

—

—

—

Total

Level

3

13,746

19,056

—

—

—

Total

$

611,748,997

$

330,822,241

$

332,971,768

$

732,288,926

$

23,737,249

Other

Financial

Instruments

Assets

Level

1

Futures

$

332,066

$

—

$

—

$

613,065

$

—

Level

2

Excess

Return

Swaps

—

—

—

—

278,604

Unfunded

Loan

Commitments

214

—

—

—

—

Total

Level

2

—

—

—

—

—

Level

3

—

—

—

—

—

Liabilities

Level

1

Futures

$

(248,653)

$

—

$

—

$

(421,769)

$

—

Level

2

Notes

to

Schedule

of

Investments

(Cont.)

64

DoubleLine

ETF

Trust

(Unaudited)

December

31,

2025

Category

(continued)

DoubleLine

Opportunistic

Core

Bond

ETF

(continued)

DoubleLine

Shiller

CAPE®

U.S.

Equities

ETF

(continued)

DoubleLine

Commercial

Real

Estate

ETF

(continued)

DoubleLine

Mortgage

ETF

(continued)

DoubleLine

Commodity

Strategy

ETF

(Consolidated)

(continued)

TBA

Sale

Commitments

$

—

$

—

$

—

$

(29,707,588)

$

—

Level

3

—

—

—

—

—

Total

$

83,627

$

—

$

—

$

(29,516,292)

$

278,604

Category

DoubleLine

Fortune

500

Equal

Weight

ETF

DoubleLine

Multi-Sector

Income

ETF

DoubleLine

Asset-Backed

Securities

ETF

Investments

in

Securities

Level

1

Common

Stocks

$

21,000,486

$

—

$

—

Money

Market

Funds

12,097

3,691,922

1,191,695

Total

Level

1

21,012,583

3,691,922

1,191,695

Level

2

Asset

Backed

Obligations

—

2,119,595

91,058,473

US

Corporate

Bonds

—

24,073,203

—

Bank

Loans

—

11,801,529

—

Non-Agency

Residential

Collateralized

Mortgage

Obligations

—

11,600,787

—

Non-Agency

Commercial

Mortgage

Backed

Obligations

—

6,359,451

—

Collateralized

Loan

Obligations

—

3,020,168

—

Foreign

Corporate

Bonds

—

1,915,562

—

Total

Level

2

—

60,890,295

91,058,473

Level

3

Common

Stocks

1,640

15,001

—

Total

Level

3

1,640

15,001

—

Total

$

21,014,223

$

64,597,218

$

92,250,168

Other

Financial

Instruments

Assets

Level

1

$

—

$

—

$

—

Level

2

Unfunded

Loan

Commitments

—

153

—

Level

3

—

—

—

Total

$

—

$

153

$

—

See

the

Schedules

of

Investments

for

further

disaggregation

of

investment

categories.