P
RINCIPAL
A
MOUNT
$/S
HARES
S
ECURITY
D
ESCRIPTION
R
ATE
M
ATURITY
V
ALUE
$
SHORT
TERM
INVESTMENTS
100.2%
723,820
JPMorgan
U.S.
Government
Money
Market
Fund
-
Class
IM
4.26%
(a)(b)
723,820
723,820
Morgan
Stanley
Institutional
Liquidity
Funds
Government
Portfolio
-
Institutional
Share
Class
4.23%
(a)(b)
723,820
1,500,000
U.S.
Treasury
Bills
0.00%
(b)
07/22/2025
1,496,362
4,100,000
U.S.
Treasury
Bills
0.00%
(b)
07/31/2025
4,085,831
200,000
U.S.
Treasury
Bills
0.00%
(b)
08/21/2025
198,779
4,700,000
U.S.
Treasury
Bills
0.00%
(b)
11/06/2025
4,630,925
7,900,000
U.S.
Treasury
Bills
0.00%
(b)
11/13/2025
7,777,704
Total
Short
Term
Investments
(Cost
$19,638,267)
19,637,241
Total
Investments
100.2%
(Cost
$19,638,267)
19,637,241
Liabilities
in
Excess
of
Other
Assets
(0.2)%
(40,576)
NET
ASSETS
100.0%
$19,596,665
(a)
Seven-day
yield
as
of
period
end.
(b)
All
or
a
portion
of
this
security
is
owned
by
DoubleLine
Commodity
ETF
Ltd.,
which
is
a
wholly-owned
subsidiary
of
the
DoubleLine
Commodity
Strategy
ETF.
Excess
Return
Swaps
Reference
Entity
Counterparty
Long/Short
Financing
Rate
Payment
Frequency
Termination
Date
Notional
Amount
Value
Upfront
Premiums
Paid/
(Received)
Unrealized
Appreciation
(Depreciation)
Barclays
Backwardation
Tilt
Multi-Strategy
Index
(1)(2)
Barclays
Bank
plc
Long
0.25%
Termination
07/23/2025
$
19,700,000
$
(
32,342
)
$
—
$
(
32,342
)
$(32,342)
$—
$(32,342)
(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.