DoubleLine
Shiller
Enhanced
International
CAPE
®
Schedule
of
Investments
June
30,
2026
(Unaudited)
1
PRINCIPAL
AMOUNT
$
S
ECURITY
D
ESCRIPTION
R
ATE
M
ATURITY
V
ALUE
$
a
a
a
a
a
ASSET
BACKED
OBLIGATIONS
-
7.9%
Affirm,
Inc.
150,000
Series
2025-1A-B
(a)
...................................................
5.13%
2/15/2033
150,374
39,407
Series
2025-X2-A
(a)
...................................................
4.45%
10/15/2030
39,438
AmeriCredit
Automobile
Receivables
Trust
33,751
Series
2026-1-A1
(a)
...................................................
3.99%
3/18/2027
33,754
AutoNation
Finance
Trust
95,301
Series
2026-1A-A2
(a)
..................................................
3.95%
1/11/2029
95,180
CarMax
Auto
Owner
Trust
100,000
Series
2026-1-A3
....................................................
4.04%
3/17/2031
99,334
Commonbond
Student
Loan
Trust
219,684
Series
2017-BGS-B
(a)
.................................................
3.26%
9/25/2042
182,351
DigitalBridge
Group,
Inc.
250,000
Series
2023-1A-A2A
(a)
.................................................
5.00%
9/15/2048
247,655
Mosaic
Solar
Loans
LLC
289,263
Series
2021-3A-A
(a)
...................................................
1.44%
6/20/2052
239,635
National
Collegiate
Student
Loan
Trust
117,447
Series
2006-1-A5
(1
mo.
Term
SOFR
+
0.46%,
0.00%
Floor)
......................
4.11%
3/25/2033
117,088
Navient
Student
Loan
Trust
147,113
Series
2018-A-B
(a)
....................................................
3.68%
2/18/2042
145,335
SOFI
Consumer
Loan
Program
Trust
49,694
Series
2025-1-A
(a)
....................................................
4.80%
2/27/2034
49,772
150,000
Series
2025-2-B
(a)
....................................................
4.97%
6/25/2034
150,394
150,000
Series
2025-4-B
(a)
....................................................
4.60%
8/25/2035
149,373
87,353
Series
2026-1-A
(a)
....................................................
4.06%
12/26/2035
87,100
92,286
Series
2026-2-A
(a)
....................................................
4.27%
3/25/2036
92,189
Switch
Ltd.
100,000
Series
2026-1A-A21
(a)
.................................................
5.61%
3/27/2056
100,528
Tesla
Sustainable
Energy
Trust
81,155
Series
2024-1A-A2
(a)
..................................................
5.08%
6/21/2050
81,189
Upstart
Securitization
Trust
150,000
Series
2026-1-A2
(a)
...................................................
4.30%
3/20/2036
149,492
150,000
Series
2026-3-A2
(a)
...................................................
4.77%
7/20/2036
150,343
Wendy's
SPV
Guarantor
LLC
84,149
Series
2018-1A-A2II
(a)
.................................................
3.88%
3/15/2048
82,282
Westlake
Automobile
Receivables
Trust
150,000
Series
2026-1A-A2A
(a)
.................................................
4.02%
9/15/2028
149,859
Total
Asset
Backed
Obligations
(Cost
$2,613,589)
2,592,665
COLLATERALIZED
LOAN
OBLIGATIONS
-
8.6%
Apidos
CLO
500,000
Series
2022-39A-A1R
(3
mo.
Term
SOFR
+
1.23%,
1.23%
Floor)
(a)
..................
4.90%
10/21/2038
500,700
Carlyle
Global
Market
Strategies
500,000
Series
2023-3A-A1R
(3
mo.
Term
SOFR
+
1.23%,
1.23%
Floor)
(a)
...................
4.90%
10/15/2038
500,696
CBAMR
Ltd.
500,000
Series
2017-2A-A1RR
(3
mo.
Term
SOFR
+
1.32%,
1.32%
Floor)
(a)
..................
5.01%
4/17/2039
501,088
Highbridge
Loan
Management
Ltd.
323,838
Series
3A-2014-CR
(3
mo.
Term
SOFR
+
3.86%,
3.60%
Floor)
(a)
...................
7.54%
7/18/2029
323,986
RR
Ltd./Cayman
Islands
500,000
Series
2021-14A-A1
(3
mo.
Term
SOFR
+
1.38%,
1.38%
Floor)
(a)
...................
5.05%
4/15/2036
500,361
Sound
Point
CLO
Ltd.
500,000
Series
2019-2A-AR
(3
mo.
Term
SOFR
+
1.43%,
1.17%
Floor)
(a)
....................
5.10%
7/15/2034
500,346
Total
Collateralized
Loan
Obligations
(Cost
$2,824,343)
2,827,177
DoubleLine
Shiller
Enhanced
International
CAPE
®
Schedule
of
Investments
(Continued)
June
30,
2026
(Unaudited)
2
P
RINCIPAL
A
MOUNT
$
S
ECURITY
D
ESCRIPTION
R
ATE
M
ATURITY
V
ALUE
$
a
a
a
a
a
FOREIGN
CORPORATE
BONDS
-
2.5%
61,000
ArcelorMittal
SA
.....................................................
4.25%
7/16/2029
60,140
24,000
Avolon
Holdings
Funding
Ltd.
(a)
...........................................
6.38%
5/4/2028
24,626
59,000
Avolon
Holdings
Funding
Ltd.
(a)
...........................................
5.38%
5/30/2030
59,611
59,000
Bank
of
Montreal
(SOFR
+
1.25%)
........................................
4.64%
9/10/2030
58,852
11,000
BAT
Capital
Corp.
....................................................
4.91%
4/2/2030
11,057
25,000
BAT
International
Finance
PLC
...........................................
5.93%
2/2/2029
25,772
86,000
Canadian
Imperial
Bank
of
Commerce
(SOFR
+
0.60%)
.........................
4.24%
9/8/2028
85,737
62,000
Canadian
Pacific
Railway
Co.
............................................
4.80%
3/30/2030
62,335
58,000
Cenovus
Energy,
Inc.
.................................................
4.65%
3/20/2031
57,279
111,000
Element
Fleet
Management
Corp.
(a)
.......................................
5.04%
3/25/2030
111,652
9,000
Element
Fleet
Management
Corp.
(a)
.......................................
4.64%
11/24/2030
8,892
12,000
Enbridge,
Inc.
.......................................................
6.00%
11/15/2028
12,369
35,000
Rio
Tinto
Finance
USA
PLC
.............................................
4.88%
3/14/2030
35,339
43,000
Royal
Bank
of
Canada
(SOFR
+
0.86%)
....................................
4.49%
10/18/2028
43,155
66,000
Suzano
Austria
GmbH
.................................................
3.75%
1/15/2031
62,027
64,000
Triton
Container
International
Ltd.
(a)
........................................
3.15%
6/15/2031
57,987
57,000
Vale
Overseas
Ltd.
...................................................
3.75%
7/8/2030
54,360
Total
Foreign
Corporate
Bonds
(Cost
$834,795)
831,190
NON-AGENCY
COMMERCIAL
MORTGAGE
BACKED
OBLIGATIONS
-
12.7%
280
Park
Avenue
Mortgage
Trust
100,000
Series
2017-280P-A
(1
mo.
Term
SOFR
+
1.18%,
1.13%
Floor)
(a)
...................
4.79%
9/15/2034
99,884
ACRES
Commercial
Realty
Ltd.
94,587
Series
2025-FL3-A
(1
mo.
Term
SOFR
+
1.62%,
1.62%
Floor)
(a)
....................
5.26%
8/18/2040
94,814
Arbor
Realty
Trust,
Inc.
1,600,718
Series
2021-MF2-XA
(a)(b)(c)
..............................................
1.20%
6/15/2054
64,620
ARDN
Mortgage
Trust
100,000
Series
2025-ARCP-A
(1
mo.
Term
SOFR
+
1.75%,
1.75%
Floor)
(a)
..................
5.38%
6/15/2035
100,184
AREIT
Trust
19,917
Series
2022-CRE6-A
(30
day
avg
SOFR
US
+
1.25%,
1.25%
Floor)
(a)
................
4.86%
1/20/2037
19,944
BANK
2,565,178
Series
2021-BN36-XA
(b)(c)
...............................................
0.96%
9/15/2064
75,730
BANK5
Trust
100,000
Series
2023-5YR2-A3
(c)
................................................
6.66%
7/15/2056
102,903
Barclays
Commercial
Mortgage
Trust
1,959,064
Series
2025-5C34-XA
(b)(c)
...............................................
1.39%
5/15/2058
77,768
BDS
Ltd.
100,000
Series
2025-FL15-A
(1
mo.
Term
SOFR
+
1.40%,
1.40%
Floor)
(a)
...................
5.04%
3/19/2043
100,026
100,000
Series
2026-FL17-A
(1
mo.
Term
SOFR
+
1.35%,
1.35%
Floor)
(a)
...................
4.99%
5/19/2043
100,276
Benchmark
Mortgage
Trust
4,125,516
Series
2018-B2-XA
(b)(c)
.................................................
0.57%
2/15/2051
19,963
2,271,000
Series
2021-B26-XB
(a)(b)(c)
...............................................
0.64%
6/15/2054
59,401
1,708,078
Series
2021-B28-XA
(b)(c)
................................................
1.33%
8/15/2054
75,794
93,971
Series
2026-B42-A1
..................................................
4.22%
3/15/2059
93,074
1,191,460
Series
2026-V20-XA
(b)(c)
................................................
1.44%
2/15/2059
59,266
Blackstone
Mortgage
Trust,
Inc.
22,355
Series
2021-FL4-A
(1
mo.
Term
SOFR
+
1.41%,
1.30%
Floor)
(a)
....................
5.05%
5/15/2038
22,371
BrightSpire
Capital,
Inc.
100,000
Series
2024-FL2-A
(1
mo.
Term
SOFR
+
1.95%,
1.95%
Floor)
(a)
....................
5.58%
8/19/2037
100,211
BSPRT
Co-Issuer
LLC
100,000
Series
2026-FL13-A
(1
mo.
Term
SOFR
+
1.50%,
1.50%
Floor)
(a)
...................
5.14%
10/18/2043
100,236
BX
Trust
95,026
Series
2021-ACNT-C
(1
mo.
Term
SOFR
+
1.61%,
1.50%
Floor)
(a)
..................
5.24%
11/15/2038
95,041
100,000
Series
2022-LBA6-C
(1
mo.
Term
SOFR
+
1.60%,
1.60%
Floor)
(a)
...................
5.23%
1/15/2039
100,064
104,070
Series
2024-AIRC-A
(1
mo.
Term
SOFR
+
1.69%,
1.69%
Floor)
(a)
...................
5.32%
8/15/2041
104,576
100,000
Series
2026-ALOHA-A
(1
mo.
Term
SOFR
+
1.35%,
1.35%
Floor)
(a)
.................
4.98%
4/15/2043
100,204
50,000
Series
2026-CSMO-A
(1
mo.
Term
SOFR
+
1.40%,
1.40%
Floor)
(a)
..................
5.03%
2/15/2043
50,178
36,168
Series
2026-XL6-A
(1
mo.
Term
SOFR
+
1.20%,
1.20%
Floor)
(a)
....................
4.83%
3/15/2043
36,213
BXP
Trust
100,000
Series
2017-GM-A
(a)
..................................................
3.38%
6/13/2039
98,573
DoubleLine
Shiller
Enhanced
International
CAPE
®
Schedule
of
Investments
(Continued)
June
30,
2026
(Unaudited)
3
PRINCIPAL
AMOUNT
$
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
a
a
a
a
a
CFCRE
Commercial
Mortgage
Trust
100,000
Series
2016-C7-A3
...................................................
3.84%
12/10/2054
99,585
Citigroup/Deutsche
Bank
Commercial
Mortgage
Trust
100,000
Series
2016-C1-B
(c)
...................................................
4.20%
5/10/2049
94,254
Commercial
Mortgage
Pass
Through
Certificates
5,899,257
Series
2015-LC21-XD
(a)(b)(c)
..............................................
1.14%
7/10/2048
156
Commercial
Mortgage
Trust
2,400,000
Series
2021-PF1-XD
(a)(b)(c)
..............................................
1.22%
11/15/2054
116,532
Extended
Stay
America
Trust
28,108
Series
2026-ESH2-A
(1
mo.
Term
SOFR
+
1.20%,
1.20%
Floor)
(a)
...................
4.83%
2/15/2043
28,177
FS
Commercial
Mortgage
Trust
50,000
Series
2026-HULA-A
(1
mo.
Term
SOFR
+
1.45%,
1.45%
Floor)
(a)
..................
5.08%
3/15/2041
50,182
FS
Rialto
15,469
Series
2021-FL2-A
(1
mo.
Term
SOFR
+
1.58%,
1.58%
Floor)
(a)
....................
5.22%
5/16/2038
15,489
35,904
Series
2021-FL3-A
(1
mo.
Term
SOFR
+
1.36%,
1.36%
Floor)
(a)
....................
5.00%
11/16/2036
35,994
100,000
Series
2026-FL11-A
(1
mo.
Term
SOFR
+
1.45%,
1.45%
Floor)
(a)
...................
5.09%
1/19/2044
100,190
Great
Wolf
Trust
100,000
Series
2024-WOLF-A
(1
mo.
Term
SOFR
+
1.54%,
1.54%
Floor)
(a)
..................
5.17%
3/15/2039
100,311
GS
Mortgage
Securities
Corp.
II
2,822,913
Series
2016-GS4-XA
(b)(c)
...............................................
0.57%
11/10/2049
162
INCREF
LLC
100,000
Series
2026-FL2-A
(1
mo.
Term
SOFR
+
1.45%,
1.45%
Floor)
(a)
....................
5.12%
12/19/2043
100,124
LoanCore
1,122
Series
2021-CRE6-A
(1
mo.
Term
SOFR
+
1.41%,
1.30%
Floor)
(a)
..................
5.04%
11/15/2038
1,125
100,000
Series
2025-CRE9-A
(1
mo.
Term
SOFR
+
1.45%,
1.45%
Floor)
(a)
..................
5.09%
8/18/2042
100,259
MF1
Multifamily
Housing
Mortgage
Loan
Trust
33,149
Series
2022-FL8-A
(1
mo.
Term
SOFR
+
1.35%,
1.35%
Floor)
(a)
....................
4.99%
2/19/2037
33,190
33,310
Series
2022-FL9-A
(1
mo.
Term
SOFR
+
2.15%,
2.15%
Floor)
(a)
....................
5.79%
6/19/2037
33,360
100,000
Series
2026-FL21-A
(1
mo.
Term
SOFR
+
1.35%,
1.35%
Floor)
(a)
...................
4.99%
2/18/2041
100,157
100,000
Series
2026-FL22-A
(1
mo.
Term
SOFR
+
1.40%,
1.40%
Floor)
(a)
...................
5.04%
11/18/2043
100,208
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
4,953,748
Series
2017-C34-XE
(a)(b)(c)
...............................................
1.01%
11/15/2052
52,642
NYO
Commercial
Mortgage
Trust
50,000
Series
2021-1290-A1
(1
mo.
Term
SOFR
+
1.21%,
1.10%
Floor)
(a)
..................
4.84%
11/15/2038
50,049
PFP
III
Ltd.
90,000
Series
2026-13-A
(1
mo.
Term
SOFR
+
1.50%,
1.50%
Floor)
(a)
.....................
5.14%
8/18/2043
90,180
SFO
Commerical
Mortgage
Trust
100,000
Series
2021-555-A
(1
mo.
Term
SOFR
+
1.51%,
1.15%
Floor)
(a)
....................
5.14%
5/15/2038
100,019
SG
Commercial
Mortgage
Securities
LLC
317,637
Series
2016-C5-XA
(b)(c)
.................................................
1.81%
10/10/2048
14
SLG
Office
Trust
18,169,000
Series
2021-OVA-X
(a)(b)(c)
...............................................
0.26%
7/15/2041
186,165
SMRT
100,000
Series
2022-MINI-C
(1
mo.
Term
SOFR
+
1.55%,
1.55%
Floor)
(a)
...................
5.18%
1/15/2039
99,929
SREIT
Trust
100,000
Series
2021-MFP2-A
(1
mo.
Term
SOFR
+
0.94%,
0.82%
Floor)
(a)
..................
4.56%
11/15/2036
99,979
TPG
Real
Estate
Finance
Issuer
Ltd.
100,000
Series
2025-FL6-A
(1
mo.
Term
SOFR
+
1.54%,
1.54%
Floor)
(a)
....................
5.17%
9/18/2042
100,366
UBS
Commercial
Mortgage
Trust
5,378,000
Series
2017-C3-XB
(b)(c)
.................................................
0.51%
8/15/2050
26,294
Wells
Fargo
Commercial
Mortgage
Trust
135,921
Series
2015-NXS2-XA
(b)(c)
..............................................
0.00%
7/15/2058
1
153,196
Series
2018-C43-A3
..................................................
3.75%
3/15/2051
151,346
2,330,241
Series
2018-C48-XA
(b)(c)
................................................
1.10%
1/15/2052
41,001
77,828
Series
2019-C53-ASB
.................................................
2.96%
10/15/2052
76,332
822,917
Series
2021-C59-XA
(b)(c)
................................................
1.59%
4/15/2054
42,716
Total
Non-Agency
Commercial
Mortgage
Backed
Obligations
(Cost
$5,565,074)
4,177,802
DoubleLine
Shiller
Enhanced
International
CAPE
®
Schedule
of
Investments
(Continued)
June
30,
2026
(Unaudited)
4
PRINCIPAL
AMOUNT
$
S
ECURITY
D
ESCRIPTION
R
ATE
M
ATURITY
V
ALUE
$
a
a
a
a
a
NON-AGENCY
RESIDENTIAL
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
12.2%
AJAX
Mortgage
Loan
Trust
128,926
Series
2021-C-A
(a)(d)
..................................................
6.12%
1/25/2061
129,128
Chase
Mortgage
Finance
Corp.
504,288
Series
2006-A1-2A2
(c)
.................................................
4.92%
9/25/2036
446,495
Citigroup
Mortgage
Loan
Trust,
Inc.
28,198
Series
2006-AR2-1A2
(c)
................................................
4.93%
3/25/2036
28,022
COLT
Funding
LLC
372,970
Series
2021-HX1-A1
(a)(c)
................................................
1.11%
10/25/2066
321,112
Countrywide
Alternative
Loan
Trust
310,693
Series
2007-9T1-1A6
.................................................
6.00%
5/25/2037
146,487
Credit
Suisse
Mortgage
Capital
Certificates
547,259
Series
2022-NQM1-A1
(a)(c)
..............................................
3.27%
11/25/2066
497,315
Deutsche
ALT-A
Securities,
Inc.
250,357
Series
2006-AR6-A6
(1
mo.
Term
SOFR
+
0.49%,
0.38%
Floor,
10.50%
Cap)
..........
4.14%
2/25/2037
225,026
Lehman
XS
Trust
112,476
Series
2007-6-2A1
(1
mo.
Term
SOFR
+
0.53%,
0.42%
Floor)
.....................
4.18%
5/25/2037
99,820
Merrill
Lynch
Alternative
Note
Asset
740,659
Series
2007-OAR5-1A1
(c)
...............................................
3.29%
10/25/2047
175,878
Merrill
Lynch
Mortgage
Backed
Securities
Trust
727,154
Series
2007-2-1A1
(1
yr.
CMT
Rate
+
2.40%,
2.40%
Floor)
.......................
6.20%
8/25/2036
626,279
Onslow
Bay
Mortgage
Loan
Trust
136,751
Series
2020-EXP2-A3
(a)(c)
...............................................
2.50%
5/25/2060
115,305
RALI
Trust
543,318
Series
2007-QS8-A3
(1
mo.
Term
SOFR
+
0.71%,
0.60%
Floor,
6.00%
Cap)
...........
4.36%
6/25/2037
409,902
Starwood
Mortgage
Residential
Trust
165,792
Series
2020-2-M1E
(a)
..................................................
3.00%
4/25/2060
165,014
266,842
Series
2021-5-A1
(a)(c)
..................................................
1.92%
9/25/2066
228,110
Velocity
Commercial
Capital
Loan
Trust
85,964
Series
2018-2-A
(a)(c)
...................................................
4.05%
10/26/2048
84,083
352,635
Series
2021-2-M2
(a)(c)
..................................................
2.20%
8/25/2051
286,592
Total
Non-Agency
Residential
Collateralized
Mortgage
Obligations
(Cost
$4,937,734)
3,984,568
US
CORPORATE
BONDS
-
13.9%
45,000
Agree
LP
..........................................................
2.90%
10/1/2030
41,780
59,000
Airbnb,
Inc.
........................................................
4.40%
3/16/2029
58,709
8,000
Altria
Group,
Inc.
.....................................................
6.20%
11/1/2028
8,278
24,000
Altria
Group,
Inc.
.....................................................
4.50%
8/6/2030
23,822
72,000
American
Electric
Power
Co.,
Inc.
.........................................
5.20%
1/15/2029
73,107
90,000
American
Express
Co.
(SOFR
+
1.26%)
....................................
4.73%
4/25/2029
90,255
113,000
American
Tower
Corp.
.................................................
4.90%
3/15/2030
113,550
42,000
Amgen,
Inc.
........................................................
4.20%
2/19/2031
41,196
59,000
Augusta
SpinCo
Corp.
.................................................
4.40%
3/23/2029
58,595
5,000
Avery
Dennison
Corp.
.................................................
4.88%
12/6/2028
5,023
4,000
Aviation
Capital
Group
LLC
(a)
............................................
6.25%
4/15/2028
4,094
58,000
Aviation
Capital
Group
LLC
(a)
............................................
4.80%
10/24/2030
57,458
50,000
Bank
of
America
Corp.
(SOFR
+
0.83%)
....................................
4.98%
1/24/2029
50,281
28,000
Bank
of
America
Corp.
(SOFR
+
1.00%)
....................................
5.16%
1/24/2031
28,385
40,000
Biogen,
Inc.
........................................................
5.05%
1/15/2031
40,503
58,000
Black
Hills
Corp.
.....................................................
4.55%
1/31/2031
57,144
16,000
Boardwalk
Pipelines
LP
................................................
4.45%
7/15/2027
15,979
8,000
Brown
&
Brown,
Inc.
..................................................
4.70%
6/23/2028
7,999
7,000
Brown
&
Brown,
Inc.
..................................................
4.50%
3/15/2029
6,953
27,000
Bunge
Ltd.
Finance
Corp.
..............................................
4.20%
9/17/2029
26,684
25,000
Cardinal
Health,
Inc.
..................................................
5.13%
2/15/2029
25,306
15,000
CenterPoint
Energy,
Inc.
...............................................
5.40%
6/1/2029
15,320
42,000
Charles
Schwab
Corp.
(SOFR
+
0.94%)
....................................
4.34%
11/14/2031
41,320
40,000
Cheniere
Energy
Partners
LP
............................................
4.50%
10/1/2029
39,744
30,000
Citigroup,
Inc.
(SOFR
+
0.87%)
..........................................
4.79%
3/4/2029
30,078
74,000
Citigroup,
Inc.
(SOFR
+
1.34%)
..........................................
4.54%
9/19/2030
73,491
29,000
Citigroup,
Inc.
(SOFR
+
1.17%)
..........................................
4.50%
9/11/2031
28,629
DoubleLine
Shiller
Enhanced
International
CAPE
®
Schedule
of
Investments
(Continued)
June
30,
2026
(Unaudited)
5
PRINCIPAL
AMOUNT
$
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
a
a
a
a
a
59,000
CNH
Industrial
Capital
LLC
.............................................
4.50%
10/16/2030
58,143
40,000
Constellation
Energy
Generation
LLC
......................................
3.90%
1/8/2028
39,669
109,000
CubeSmart
LP
......................................................
4.38%
2/15/2029
108,126
12,000
Darden
Restaurants,
Inc.
...............................................
4.35%
10/15/2027
11,965
7,000
DCP
Midstream
Operating
LP
............................................
5.13%
5/15/2029
7,080
35,000
Dell
International
LLC
/
EMC
Corp.
........................................
4.50%
2/15/2031
34,524
7,000
Devon
Energy
Corp.
..................................................
5.25%
10/15/2027
7,001
30,000
Dominion
Energy,
Inc.
.................................................
5.00%
6/15/2030
30,346
8,000
DT
Midstream,
Inc.
(a)
..................................................
4.13%
6/15/2029
7,842
58,000
DTE
Energy
Co.
.....................................................
5.20%
4/1/2030
58,854
44,000
Energy
Transfer
LP
...................................................
6.05%
12/1/2026
44,286
36,000
Equifax,
Inc.
........................................................
4.80%
9/15/2029
36,058
50,000
Equinix
Europe
2
Financing
Corp.
LLC
.....................................
4.60%
11/15/2030
49,434
18,000
ERAC
USA
Finance
LLC
(a)
..............................................
4.50%
10/30/2029
17,881
50,000
Essential
Properties
LP
................................................
2.95%
7/15/2031
45,219
28,000
Essential
Utilities,
Inc.
.................................................
4.80%
8/15/2027
28,092
2,000
Essential
Utilities,
Inc.
.................................................
3.57%
5/1/2029
1,941
51,000
Evergy
Kansas
Central,
Inc.
.............................................
4.70%
3/13/2028
51,109
4,000
Evergy
,
Inc.
........................................................
4.25%
3/15/2029
3,956
32,000
Exelon
Corp.
.......................................................
5.15%
3/15/2029
32,442
115,000
Extra
Space
Storage
LP
...............................................
5.50%
7/1/2030
117,712
61,000
Ferguson
Enterprises,
Inc.
..............................................
4.35%
3/15/2031
59,922
2,000
FirstEnergy
Transmission
LLC
...........................................
4.55%
1/15/2030
1,986
26,000
GATX
Corp.
........................................................
4.70%
4/1/2029
25,979
26,000
GATX
Corp.
........................................................
4.00%
6/30/2030
25,342
25,000
GE
HealthCare
Technologies,
Inc.
.........................................
4.15%
12/15/2028
24,781
72,000
GE
HealthCare
Technologies,
Inc.
.........................................
4.80%
8/14/2029
72,393
26,000
Goldman
Sachs
Group,
Inc.
(SOFR
+
0.90%)
.................................
4.15%
10/21/2029
25,636
12,000
Goldman
Sachs
Group,
Inc.
(SOFR
+
0.96%)
.................................
4.52%
1/21/2032
11,776
7,000
Hubbell,
Inc.
........................................................
4.65%
6/15/2031
6,974
36,000
Hyundai
Capital
America
(a)
..............................................
4.55%
9/26/2029
35,733
45,000
Hyundai
Capital
America
(a)
..............................................
5.40%
6/24/2031
45,664
22,000
Illumina,
Inc.
........................................................
4.65%
9/9/2026
22,008
26,000
Jacobs
Solutions,
Inc.
.................................................
4.75%
3/3/2031
25,778
59,000
JPMorgan
Chase
&
Co.
(SOFR
+
0.92%)
....................................
4.55%
4/22/2028
59,215
36,000
JPMorgan
Chase
&
Co.
(SOFR
+
0.80%)
....................................
4.92%
1/24/2029
36,181
133,000
JPMorgan
Chase
&
Co.
(3
mo.
Term
SOFR
+
1.42%)
...........................
3.70%
5/6/2030
129,365
25,000
Kinder
Morgan,
Inc.
...................................................
5.00%
2/1/2029
25,230
36,000
Laboratory
Corp.
of
America
Holdings
......................................
4.35%
4/1/2030
35,527
61,000
Laboratory
Corp.
of
America
Holdings
......................................
2.70%
6/1/2031
55,417
29,000
M&T
Bank
Corp.
(SOFR
+
0.93%)
.........................................
4.83%
1/16/2029
29,064
36,000
Marriott
International,
Inc./MD
............................................
4.80%
3/15/2030
36,168
62,000
Mars,
Inc.
(a)
........................................................
4.80%
3/1/2030
62,197
56,000
MasTec
,
Inc.
(a)
......................................................
4.50%
8/15/2028
55,473
58,000
Molex
Electronic
Technologies
LLC
(a)
.......................................
4.75%
4/30/2028
58,079
60,000
Morgan
Stanley
(SOFR
+
0.96%)
.........................................
4.56%
4/10/2030
59,627
51,000
MPLX
LP
..........................................................
4.80%
2/15/2029
51,121
4,000
New
York
Life
Global
Funding
(a)
..........................................
4.70%
1/29/2029
4,010
51,000
Niagara
Mohawk
Power
Corp.
(a)
..........................................
4.65%
10/3/2030
50,680
50,000
NiSource,
Inc.
.......................................................
5.20%
7/1/2029
50,789
8,000
NiSource,
Inc.
.......................................................
4.75%
5/18/2031
7,970
58,000
Northrop
Grumman
Corp.
..............................................
4.65%
7/15/2030
58,145
51,000
Northrop
Grumman
Systems
Corp.
........................................
7.75%
2/15/2031
57,431
47,000
Omega
Healthcare
Investors,
Inc.
.........................................
4.75%
1/15/2028
47,006
25,000
Otis
Worldwide
Corp.
..................................................
4.49%
5/7/2029
24,915
22,000
Paychex,
Inc.
.......................................................
5.10%
4/15/2030
22,195
58,000
Penske
Truck
Leasing
Co.
LP
/
PTL
Finance
Corp.
(a)
............................
5.25%
2/1/2030
58,718
52,000
Phillips
Edison
Grocery
Center
Operating
Partnership
I
LP
........................
2.63%
11/15/2031
46,382
14,000
Pinnacle
West
Capital
Corp.
.............................................
4.90%
5/15/2028
14,055
12,000
Pinnacle
West
Capital
Corp.
.............................................
4.65%
6/1/2029
12,004
41,000
Progressive
Corp.
....................................................
4.60%
3/26/2031
40,884
56,000
Public
Service
Enterprise
Group,
Inc.
......................................
5.88%
10/15/2028
57,458
29,000
Quanta
Services,
Inc.
.................................................
4.50%
1/15/2031
28,660
16,000
Quest
Diagnostics,
Inc.
................................................
4.20%
6/30/2029
15,830
52,000
Republic
Services,
Inc.
................................................
4.75%
7/15/2030
52,323
15,000
Roper
Technologies,
Inc.
...............................................
4.25%
9/15/2028
14,891
52,000
Royal
Caribbean
Cruises
Ltd.
(a)
...........................................
5.63%
9/30/2031
52,452
59,000
Royalty
Pharma
PLC
..................................................
4.45%
3/25/2031
58,034
29,000
Ryder
System,
Inc.
...................................................
4.30%
12/1/2030
28,617
22,000
Sonoco
Products
Co.
.................................................
4.45%
9/1/2026
22,002
DoubleLine
Shiller
Enhanced
International
CAPE
®
Schedule
of
Investments
(Continued)
June
30,
2026
(Unaudited)
6
PRINCIPAL
AMOUNT
$
SECURITY
DESCRIPTION
RATE
MATURITY
VALUE
$
a
a
a
a
a
6,000
Southern
Co.
Gas
Capital
Corp.
..........................................
4.05%
9/15/2028
5,939
23,000
Southern
Power
Co.
..................................................
4.25%
10/1/2030
22,602
43,000
Store
Capital
LLC
....................................................
4.95%
2/11/2031
42,467
24,000
Sysco
Corp.
........................................................
5.10%
9/23/2030
24,236
60,000
Targa
Resources
Corp.
................................................
4.35%
4/15/2031
58,635
45,000
Targa
Resources
Partners
LP
/
Targa
Resources
Partners
Finance
Corp.
.............
5.50%
3/1/2030
45,380
30,000
Textron,
Inc.
........................................................
3.90%
9/17/2029
29,263
107,000
T-Mobile
USA,
Inc.
...................................................
3.50%
4/15/2031
101,001
107,000
Truist
Financial
Corp.
(SOFR
+
2.45%)
.....................................
7.16%
10/30/2029
112,713
30,000
Uber
Technologies,
Inc.
................................................
4.15%
1/15/2031
29,312
8,000
Verisk
Analytics,
Inc.
..................................................
4.45%
3/15/2031
7,837
43,000
Wells
Fargo
&
Co.
(SOFR
+
1.07%)
.......................................
4.70%
4/22/2028
43,187
29,000
Wells
Fargo
&
Co.
(SOFR
+
0.72%)
.......................................
4.58%
5/20/2029
28,933
61,000
Wells
Fargo
&
Co.
(SOFR
+
1.79%)
.......................................
6.30%
10/23/2029
63,109
53,000
Wells
Fargo
&
Co.
(SOFR
+
1.50%)
.......................................
5.15%
4/23/2031
53,565
5,000
Western
Midstream
Operating
LP
.........................................
6.35%
1/15/2029
5,173
36,000
Western
Midstream
Operating
LP
.........................................
4.05%
2/1/2030
34,886
61,000
Westinghouse
Air
Brake
Technologies
Corp.
..................................
4.90%
5/29/2030
61,403
37,000
Williams
Cos.,
Inc.
...................................................
4.80%
11/15/2029
37,156
Total
US
Corporate
Bonds
(Cost
$4,577,394)
4,564,247
US
GOVERNMENT
AND
AGENCY
MORTGAGE
BACKED
OBLIGATIONS
-
8.2%
Federal
Home
Loan
Mortgage
Corp.
170,759
Pool
SD8342
.......................................................
5.50%
7/1/2053
172,601
624,864
Pool
SL2841
.......................................................
5.50%
8/1/2053
631,466
Federal
National
Mortgage
Association
262,430
Pool
FA4738
.......................................................
6.00%
6/1/2055
272,084
1,103,400
Series
2013-92-FA
(30
day
avg
SOFR
US
+
0.66%,
0.55%
Floor,
6.50%
Cap)
..........
4.29%
9/25/2043
1,098,237
508,719
Series
2024-67-FA
(30
day
avg
SOFR
US
+
1.17%,
1.17%
Floor,
6.50%
Cap)
..........
4.80%
9/25/2054
511,197
Total
US
Government
and
Agency
Mortgage
Backed
Obligations
(Cost
$2,655,536)
2,685,585
US
GOVERNMENT
AND
AGENCY
OBLIGATIONS
-
15.9%
280,731
United
States
Treasury
Inflation
Indexed
Bonds
...............................
2.38%
1/15/2027
280,033
342,046
United
States
Treasury
Inflation
Indexed
Notes
...............................
0.13%
4/15/2027
335,392
292,292
United
States
Treasury
Inflation
Indexed
Notes
...............................
1.63%
10/15/2027
290,935
1,700,000
United
States
Treasury
Notes
...........................................
3.50%
10/31/2027
1,685,523
1,000,000
United
States
Treasury
Notes
(e)
..........................................
3.50%
11/15/2028
985,059
1,900,000
United
States
Treasury
Notes
(e)
..........................................
0.88%
11/15/2030
1,650,180
Total
US
Government
and
Agency
Obligations
(Cost
$5,261,599)
5,227,122
SHARES
AFFILIATED
MUTUAL
FUNDS
-
2.0%
72,135
American
Beacon
DoubleLine
Floating
Rate
Fund
-
Class
Y
.......................
641,277
Total
Affiliated
Mutual
Funds
(Cost
$686,722)
641,277
R
ATE
SHORT
TERM
INVESTMENTS
-
17.4%
1,947,768
BNY
Dreyfus
Government
Cash
Management
-
Institutional
(f)
......................
3.54%
1,947,768
1,890,481
MSILF
Government
Portfolio
-
Institutional
(f)
..................................
3.56%
1,890,481
DoubleLine
Shiller
Enhanced
International
CAPE
®
Schedule
of
Investments
(Continued)
June
30,
2026
(Unaudited)
7
SHARES
SECURITY
DESCRIPTION
RATE
VALUE
$
a
a
a
a
a
1,890,481
Northern
Institutional
Funds
-Treasury
Portfolio
-
SHR
(f)
..........................
3.56%
1,890,481
Total
Short
Term
Investments
(Cost
$5,728,730)
5,728,730
Total
Investments
-
101.3%
(Cost
$35,685,516)
33,260,363
Other
Liabilities
in
Excess
of
Assets
-
(1.3)%
(417,783)
NET
ASSETS
-
100.0%
$32,842,580
(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.
As
of
June
30,
2026,
the
value
of
these
securities
total
10,944,727
or
33.32%
of
the
Fund’s
net
assets.
(b)
Interest
only
security
(c)
Coupon
rate
is
variable
based
on
the
weighted
average
coupon
of
the
underlying
collateral.
To
the
extent
the
weighted
average
coupon
of
the
underlying
assets
which
comprise
the
collateral
increases
or
decreases,
the
coupon
rate
of
this
security
will
increase
or
decrease
correspondingly.
The
rate
disclosed
is
as
of
period
end.
(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)
All
or
a
portion
of
security
has
been
pledged
as
collateral.
(f)
Seven-day
yield
as
of
period
end.
CMT
Constant
Maturity
Treasury
Rate
MSILF
Morgan
Stanley
Institutional
Liquidity
Funds
SOFR
Secured
Overnight
Financing
Rate
INVESTMENT
BREAKDOWN
as
a
%
of
Net
Assets:
Short
Term
Investments
........................................................................................
17.4‌%
US
Government
and
Agency
Obligations
............................................................................
15.9‌%
Non-Agency
Commercial
Mortgage
Backed
Obligations
.................................................................
12.7‌%
Non-Agency
Residential
Collateralized
Mortgage
Obligations
..............................................................
12.2‌%
Collateralized
Loan
Obligations
..................................................................................
8.6‌%
US
Government
and
Agency
Mortgage
Backed
Obligations
...............................................................
8.2‌%
Asset
Backed
Obligations
......................................................................................
7.9‌%
Banks
....................................................................................................
3.2‌%
Affiliated
Mutual
Funds
........................................................................................
2.0‌%
REITS
....................................................................................................
1.9‌%
Electric
...................................................................................................
1.6‌%
Pipelines
..................................................................................................
1.2‌%
Diversified
Financial
Services
....................................................................................
0.8‌%
Commercial
Services
.........................................................................................
0.8‌%
Biotechnology
...............................................................................................
0.5‌%
Healthcare-Products
..........................................................................................
0.5‌%
Machinery-Diversified
.........................................................................................
0.4‌%
Aerospace/Defense
...........................................................................................
0.3‌%
Iron/Steel
..................................................................................................
0.3‌%
Trucking
&
Leasing
...........................................................................................
0.3‌%
Healthcare-Services
..........................................................................................
0.3‌%
Telecommunications
..........................................................................................
0.3‌%
Agriculture
.................................................................................................
0.3‌%
Transportation
..............................................................................................
0.3‌%
Internet
...................................................................................................
0.3‌%
Food
.....................................................................................................
0.3‌%
Auto
Manufacturers
...........................................................................................
0.2‌%
Engineering
&
Construction
.....................................................................................
0.2‌%
Retail
....................................................................................................
0.2‌%
Gas
......................................................................................................
0.2‌%
Oil
&
Gas
..................................................................................................
0.2‌%
Forest
Products
&
Paper
.......................................................................................
0.2‌%
Insurance
..................................................................................................
0.2‌%
Electrical
Components
&
Equipments
..............................................................................
0.2‌%
Leisure
Time
...............................................................................................
0.2‌%
Environmental
Control
.........................................................................................
0.2‌%
Software
..................................................................................................
0.1‌%
Lodging
...................................................................................................
0.1‌%
Mining
....................................................................................................
0.1‌%
Computers
.................................................................................................
0.1‌%
Water
....................................................................................................
0.1‌%
Miscellaneous
Manufacturing
....................................................................................
0.1‌%
Pharmaceuticals
.............................................................................................
0.1‌%
DoubleLine
Shiller
Enhanced
International
CAPE
®
Schedule
of
Investments
(Continued)
June
30,
2026
(Unaudited)
8
Packaging
&
Containers
.......................................................................................
0.1‌%
Electronics
.................................................................................................
0.0‌%
(a)
Household
Products/Wares
.....................................................................................
0.0‌%
(a)
Other
Assets
and
Liabilities
.....................................................................................
(1.3‌)%
Net
Assets
.................................................................................................
100.0‌%
(a)
Represents
less
than
0.05%
of
net
assets.
Swap
Agreements
Excess
Return
Swaps
Reference
Entity
Counterparty
Long/
Short
Financing
Rate
Payment
Frequency
Termination
Date
Notional
Amount
Value
Upfront
Premiums
Paid/
(Received)
Unrealized
Appreciation
(Depreciation)
Shiller
Barclays
CAPE®
Europe
Sector
Net
ER
NoC
Index
(1)
BNP
Paribas
Securities
Corp.
Long
0.20%
Termination
03/17/2027
EUR
12,200,002‌
$
650,810‌
$
–‌
$
650,810‌
Shiller
Barclays
CAPE®
Europe
Sector
Net
ER
NoC
Index
(1)
BNP
Paribas
Securities
Corp.
Long
0.20%
Termination
06/23/2027
EUR
16,000,000‌
(222,079‌)
–‌
(222,079‌)
$
428,731‌
$
–‌
$
428,731‌
(1)
Shiller
Barclays
CAPE
®
Europe
Sector
Net
ER
NoC
Index
aims
to
provide
notional
long
exposure
to
the
top
four
European
equity
sectors
that
are
relatively
undervalued,
as
defined
by
a
modified
version
of
the
classic
CAPE
®
Ratio
(the
“Relative
CAPE
®
Indicator”)
and
that
possess
relatively
strong
price
momentum
over
the
prior
twelve
months.
Each
European
sector
is
represented
by
an
index
of
equity
securities
of
companies
in
the
relevant
sector.
Information
on
the
sector
constituents
as
of
June
30,
2026,
is
available
on
the
Barclays
Capital,
Inc.
website
at
https://indices.barclays/IM/12/en/indices/details.app;ticker=BXIIESAE.
EUR
Euro
Forward
Currency
Exchange
Contracts
Settlement
Date
Counterparty
Currency
to
be
Delivered
Value
Currency
to
be
Received
Value
Unrealized
Appreciation
(Depreciation)
10/07/2026
J.P.
Morgan
Securities,
Inc.
1,500,000‌
EUR
$
1,721,032‌
1,763,898‌
USD
$
1,763,898‌
$
42,866‌
06/16/2027
J.P.
Morgan
Securities,
Inc.
1,200,000‌
EUR
1,392,506‌
1,404,718‌
USD
1,404,718‌
12,212‌
02/03/2027
J.P.
Morgan
Securities,
Inc.
500,000‌
EUR
576,760‌
580,672‌
USD
580,672‌
3,912‌
06/16/2027
J.P.
Morgan
Securities,
Inc.
822,940‌
USD
822,940‌
700,000‌
EUR
812,295‌
(10,645‌)
10/07/2026
Barclays
Capital,
Inc.
2,462,943‌
USD
2,462,943‌
2,100,000‌
EUR
2,409,444‌
(53,499‌)
02/03/2027
J.P.
Morgan
Securities,
Inc.
2,831,539‌
USD
2,831,539‌
2,400,000‌
EUR
2,768,447‌
(63,092‌)
10/07/2026
Goldman
Sachs
1,787,817‌
USD
1,787,817‌
1,500,000‌
EUR
1,721,032‌
(66,785‌)
06/16/2027
Goldman
Sachs
11,473,732‌
USD
11,473,732‌
9,800,000‌
EUR
11,372,132‌
(101,600‌)
02/03/2027
Barclays
Capital,
Inc.
3,592,687‌
USD
3,592,687‌
3,000,000‌
EUR
3,460,558‌
(132,129‌)
02/03/2027
Goldman
Sachs
5,870,136‌
USD
5,870,136‌
4,900,000‌
EUR
5,652,245‌
(217,891‌)
10/07/2026
J.P.
Morgan
Securities,
Inc.
8,339,391‌
USD
8,339,391‌
7,000,000‌
EUR
8,031,481‌
(307,910‌)
$
(894,561‌)
EUR
Euro
USD
United
States
Dollar
A
summary
of
the
DoubleLine
Shiller
Enhanced
International
CAPE®'s
investments
in
affiliated
mutual
funds
for
the
period
ended
June
30,
2026
is
as
follows:
Fund
Value
at
March
31,
2026
Gross
Purchases
Gross
Sales
Net
Realized
Gain
(Loss)
for
the
Period
Ended
June
30,
2026
Change
in
Unrealized
for
the
Period
Ended
June
30,
2026
Value
at
June
30,
2026
Shares
Held
at
June
30,
2026
Dividend
Income
Earned
for
the
Period
Ended
June
30,
2026
American
Beacon
DoubleLine
Floating
Rate
Fund
-
Class
Y
$
639,113‌
$
–‌
$
–‌
$
–‌
$
2,164‌
$
641,277‌
72,135
$
10,625‌
a
a