DoubleLine Flexible Income Fund Class N NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22378

DoubleLine Funds Trust

(Exact name of Registrant as specified in charter)

2002 North Tampa Street, Suite 200

Tampa, FL 33602

(Address of principal executive offices) (Zip code)

Ronald R. Redell

President

DoubleLine Funds Trust

2002 North Tampa Street, Suite 200

Tampa, FL 33602

(Name and address of agent for service)

(813) 791-7333

Registrant’s telephone number, including area code

Date of fiscal year end: March 31

Date of reporting period: September 30, 2023

Item 1. Reports to Stockholders.

(a)

Semi-Annual Report

September 30, 2023

Class

Shares

DoubleLine Total Return Bond Fund

DBLTX

DLTNX

–

DDTRX

DoubleLine Core Fixed Income Fund

DBLFX

DLFNX

–

DDCFX

DoubleLine Emerging Markets Fixed Income Fund

DBLEX

DLENX

–

DoubleLine Multi-Asset Growth Fund

DMLIX

DMLNX

DMLAX

–

DoubleLine Low Duration Bond Fund

DBLSX

DLSNX

–

DDLDX

DoubleLine Floating Rate Fund

DBFRX

DLFRX

–

DoubleLine Shiller Enhanced CAPE^®

DSEEX

DSENX

–

DDCPX

DoubleLine Flexible Income Fund

DFLEX

DLINX

–

DFFLX

DoubleLine Low Duration Emerging Markets
Fixed Income Fund

DBLLX

DELNX

–

DoubleLine Long Duration Total Return Bond Fund

DBLDX

DLLDX

–

DoubleLine Strategic Commodity Fund

DBCMX

DLCMX

–

DoubleLine Global Bond Fund

DBLGX

DLGBX

–

DoubleLine Infrastructure Income Fund

BILDX

BILTX

–

DoubleLine Shiller Enhanced International CAPE^®

DSEUX

DLEUX

–

DoubleLine Real Estate and Income Fund

DBRIX

DLREX

–

DoubleLine Emerging Markets Local Currency Bond Fund

DBELX

DLELX

–

DoubleLine Income Fund

DBLIX

DBLNX

–

DoubleLine Multi-Asset Trend Fund

DBMOX

DLMOX

–

DoubleLine || 2002 North Tampa Street, Suite 200 || Tampa, FL 33602 || (813) 791 7333

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

LOGO

Table of Contents



	Page


President’s Letter		4

Schedules of Investments / Schedules of Investments - Summary		5

Statements of Assets and Liabilities		78

Statements of Operations		81

Statements of Changes in Net Assets		84

Financial Highlights		93

Notes to Financial Statements		102

Shareholder Expenses		131

Information About Proxy Voting		133

Information About Portfolio Holdings		133

Householding — Important Notice Regarding Delivery of Shareholder Documents		133

Privacy Policy		134


				Semi-Annual Report		_\|		September 30, 2023		3

President’s Letter

(Unaudited)

September 30, 2023

Dear DoubleLine Funds Shareholder,

On behalf of the DoubleLine Funds, I am pleased to deliver the Semi-Annual Report for the six-month period ended September 30, 2023. On the following pages, you will find specific information regarding each Fund’s operations and holdings.

If you have any questions regarding the DoubleLine Funds, please don’t hesitate to call us at 1 (877) DLINE 11 / 1 (877) 354-6311 or visit our website www.doubleline.com, where our investment management team offers deeper insights and analysis on relevant capital market activity impacting investors today. We value the trust that you have placed with us, and we will continue to strive to offer thoughtful investment solutions to our shareholders.

Sincerely,

Ronald Redell, CFA

President

DoubleLine Funds Trust

November 1, 2023


4		DoubleLine Funds Trust

Schedule of Investments - Summary DoubleLine Total Return Bond Fund

(Unaudited)

September 30, 2023


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $		% OF NET ASSETS
	ASSET BACKED OBLIGATIONS^(a)
		Total Asset Backed Obligations (Cost $1,630,100,444)							1,441,523,126		4.5%

	COLLATERALIZED LOAN OBLIGATIONS^(a)
		Total Collateralized Loan Obligations (Cost $1,076,136,112)							1,071,478,814		3.3%

	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS

		BX Trust,
	173,184,000	Series 2019-OC11-E		4.08%	^(b)(c)		12/09/2041		138,639,663		0.4%

	Other Non-Agency Commercial Mortgage Backed Obligations^(a)								2,199,085,142		6.9%

		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $3,231,071,203)							2,337,724,805		7.3%

	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS

		CAFL Issuer LLC,
	100,200,000	Series 2021-RTL1-A1		2.24%	^(b)(d)		03/28/2029		93,044,698		0.3%

		Citigroup Mortgage Loan Trust,
	107,930,582	Series 2019-A-PT1		3.92%	^(b)		10/25/2058		86,315,443		0.3%
	165,978,189	Series 2019-D-PT1		3.46%	^(b)(c)		04/25/2064		129,130,351		0.4%
	209,458,575	Series 2020-RP1-A1		1.50%	^(b)(c)		08/25/2064		181,067,470		0.6%
	274,618,803	Series 2021-RP2-A1		1.75%	^(b)(c)		03/25/2065		236,191,037		0.7%

		CSMC Trust,
	177,729,514	Series 2019-RPL6-PT1		4.01%	^(b)(c)		11/25/2058		146,644,889		0.5%
	174,188,581	Series 2020-RPL1-PT1		3.34%	^(b)(c)		10/25/2069		137,145,045		0.4%

		Federal Home Loan Mortgage Corporation STACR REMIC Trust,
	75,600,000	Series 2022-DNA3-M1B (Secured Overnight Financing Rate 30 Day Average + 2.90%)		8.21%	^(b)		04/25/2042		77,386,428		0.2%

		GS Mortgage-Backed Securities Trust,
	107,298,406	Series 2020-RPL2-A1		1.75%	^(b)(c)		05/25/2060		92,087,580		0.3%

		Legacy Mortgage Asset Trust,
	120,589,419	Series 2019-RPL3-PT1		0.00%	^(b)		06/25/2058		100,744,163		0.3%

		PR Mortgage Loan Trust,
	115,398,215	Series 2014-1-APT		5.85%	^(b)(c)		10/25/2049		103,132,608		0.3%

		PRPM LLC,
	177,299,477	Series 2021-10-A1		2.49%	^(b)(d)		10/25/2026		165,269,974		0.5%
	91,008,122	Series 2021-11-A1		2.49%	^(b)(d)		11/25/2026		86,391,243		0.3%

		Securitized Mortgage Asset Loan Trust,
	186,945,239	Series 2015-1-PC		3.99%	^(b)(c)		02/25/2054		152,495,868		0.5%

	167,456,156	Citigroup Mortgage Loan Trust		3.25% – 6.01%	^(b)(c)		03/25/2065		129,750,324		0.4%

	Other Non-Agency Residential Collateralized Mortgage Obligations^(a)								6,463,906,201		20.2%

		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $10,694,301,779)							8,380,703,322		26.2%

	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS

		Federal Home Loan Mortgage Corporation Pass-Thru,
	95,295,246	Pool G08648		3.00%			06/01/2045		80,810,849		0.3%
	140,631,293	Pool G08675		3.00%			11/01/2045		119,166,598		0.4%

	325,353,899	Federal Home Loan Mortgage Corporation Pass-Thru,		4.50%			08/01/2052		299,122,871		0.9%
		Pool RA7642
		Pool RA7784

	84,647,016	Federal Home Loan Mortgage Corporation Pass-Thru,		4.50%			07/01/2052		77,827,937		0.2%
		Pool RA7672

	117,289,935	Federal Home Loan Mortgage Corporation Pass-Thru,		2.00%			09/01/2051		88,243,631		0.3%
		Pool SD0715
		Pool SE9043
		Pool QU7965
		Pool QU7970

	203,101,355	Federal Home Loan Mortgage Corporation Pass-Thru,		2.50%			02/01/2051		165,315,227		0.5%
		Pool SD7534

	139,503,652	Federal Home Loan Mortgage Corporation Pass-Thru,		3.00%			04/01/2045		118,770,347		0.4%
		Pool Z40117
		Pool G08635


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		5


Schedule of Investments - Summary DoubleLine Total Return Bond Fund (Cont.)


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $		% OF NET ASSETS

	91,027,867	Federal Home Loan Mortgage Corporation,		5.00%			09/01/2052		86,030,143		0.3%
		Pool RA7939

	186,894,236	Federal Home Loan Mortgage Corporation REMICS,		3.00%	^(g)		09/15/2044		154,436,509		0.5%
		Series 4390-NZ
		Series 4384-ZY

	89,565,024	Federal Home Loan Mortgage Corporation REMICS,		3.00%			06/15/2044		82,060,099		0.3%
		Series 4483-CA
		Series 4533-AB

	91,520,695	Federal Home Loan Mortgage Corporation REMICS,		2.00%			02/25/2037		78,693,054		0.2%
		Series 5105-NH
		Series 5126-AH

	3,297,288,290	Federal Home Loan Mortgage Corporation REMICS		0.00% – 6.00%	^{(c)(e)(f)(g)(h)}		12/15/2030 – 03/25/2052		2,040,948,263		6.4%
	1,397,414,853	Federal Home Loan Mortgage Corporation Pass-Thru		1.50% – 5.10%			04/01/2028 – 06/01/2053		1,208,287,194		3.8%
	947,289,153	Federal Home Loan Mortgage Corporation Pass-Thru		2.50% – 5.00%			03/01/2028 – 06/01/2048		822,751,295		2.6%

	112,814,968	Federal National Mortgage Association Pass-Thru,		3.00%			03/01/2045		95,537,276		0.3%
		Pool AS4625
		Pool AS4645
		Pool AY3974
		Pool AY5471

	95,214,502	Federal National Mortgage Association Pass-Thru,		5.00%			08/01/2052		89,994,340		0.3%
		Pool CB4291

	120,149,050	Federal National Mortgage Association Pass-Thru,		2.50%			11/01/2050		96,485,504		0.3%
		Pool FM4792
		Pool FM4752
		Pool FM4913

	171,923,019	Federal National Mortgage Association Pass-Thru,		2.50%			09/01/2051		138,226,968		0.4%
		Pool FM8769
		Pool FM8435
		Pool FM8780

	176,602,377	Federal National Mortgage Association Pass-Thru,		3.50%			11/01/2051		152,740,095		0.5%
		Pool FM9958
		Pool FS0009

	181,375,937	Federal National Mortgage Association Pass-Thru,		2.50%			04/01/2051		144,605,219		0.4%
		Pool MA4306
		Pool FS2320

	165,043,553	Federal National Mortgage Association Pass-Thru,		4.50%			08/01/2052		151,914,293		0.5%
		Pool MA4701
		Pool CB4391
		Pool FS2588
		Pool BV8021

	93,393,227	Federal National Mortgage Association Pass-Thru,		4.50%			09/01/2052		85,854,238		0.3%
		Pool MA4733
		Pool CB4613

	192,149,460	Federal National Mortgage Association REMICS,		3.00%	^(g)		10/25/2044		161,002,607		0.5%
		Series 2014-60-EZ
		Series 2014-61-ZV
		Series 2014-64-NZ
		Series 2016-32-LA
		Series 2014-67-DZ

		Federal National Mortgage Association REMICS,
	152,730,452	Series 2022-3-AB		2.00%			11/25/2047		127,694,907		0.4%

		Federal National Mortgage Association,
	217,500,000	Pool AN6680		3.37%			11/01/2047		154,089,774		0.5%
	171,023,888	Pool BM6831		1.93%	^(c)		10/01/2033		128,851,951		0.4%
	177,318,741	Pool BM6857		1.83%	^(c)		12/01/2031		138,395,763		0.4%
	159,468,000	Pool BS6912		4.33%			12/01/2032		147,350,092		0.5%
	91,699,457	Pool CB3488		3.00%			05/01/2052		76,261,696		0.2%

	4,907,222,907	Federal National Mortgage Association		1.20% – 6.50%			04/01/2026 – 09/01/2053		4,039,288,322		12.6%

	4,569,823,785	Federal National Mortgage Association		0.48% – 4.66%	^(c)(e)		08/25/2024 – 12/25/2033		311,965,119		1.0%

	2,837,030,052	Federal National Mortgage Association REMICS		0.00% – 6.00%	^{(c)(e)(f)(g)(h)}		01/25/2026 – 09/25/2060		1,782,473,154		5.6%


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

(Unaudited)

September 30, 2023

PRINCIPAL
AMOUNT $/
SHARES

SECURITY DESCRIPTION

RATE

MATURITY

VALUE $

% OF NET
ASSETS

212,910,182

Government National Mortgage Association Pass-Thru,

2.50%

03/20/2051

173,655,943

0.5%

Pool 785412

Pool 785595

Pool 785374

Pool MA7255

Pool CB2017

Pool CB4182

Pool CB5487

99,651,560

Government National Mortgage Association Pass-Thru,

2.50%

08/20/2051

81,283,228

0.2%

Pool 785609

Pool 785639

Pool 785638

512,924,386

Government National Mortgage Association,

3.00%

^(e)

08/20/2051

78,436,029

0.2%

Series 2021-142-XI

Series 2022-207-IO

Series 2021-136-EI

Series 2021-135-GI

Series 2021-140-IJ

Series 2021-138-KI

Series 2021-138-IL

Series 2021-142-IO

124,425,997

Government National Mortgage Association,

Series 2021-193-FW (Secured Overnight Financing Rate 30 Day Average + 0.45%, 0.45% Floor, 3.00% Cap)

3.00%

11/20/2051

104,104,195

0.3%

15,332,799,902

Government National Mortgage Association

0.00% – 6.00%

^{(c)(e)(f)(g)(h)}

08/20/2033 – 08/16/2065

1,684,104,929

5.3%

335,552,714

Government National Mortgage Association Pass-Thru

2.00% – 3.50%

01/20/2045 – 02/20/2052

271,309,125

0.8%

Other US Government and Agency Mortgage Backed Obligations^(a)

269,082,538

0.8%

Total US Government and Agency Mortgage Backed Obligations
(Cost $18,785,628,034)

16,107,171,322

50.3%

US GOVERNMENT AND AGENCY OBLIGATIONS

1,280,000,000

United States Treasury Notes

3.63%

05/15/2053

1,060,099,994

3.3%

1,130,000,000

United States Treasury Notes

4.13%

08/15/2053

1,026,004,687

3.2%

Other US Government and Agency Obligations^(a)

44,013,297

0.2%

Total US Government and Agency Obligations
(Cost $2,328,222,869)

2,130,117,978

6.7%

SHORT TERM INVESTMENTS

83,938,272

First American Government Obligations Fund - Class U

5.28%

⁽ⁱ⁾

83,938,272

0.3%

83,938,271

JP Morgan U.S. Government Money Market Fund - Institutional Share Class

5.27%

⁽ⁱ⁾

83,938,271

0.3%

83,938,271

Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class

5.27%

⁽ⁱ⁾

83,938,271

0.2%

Total Short Term Investments
(Cost $251,814,814)

251,814,814

0.8%

Total Investments
(Cost $37,997,275,255)

31,720,534,181

99.1%

Other Assets in Excess of Liabilities

272,154,372

0.9%

NET ASSETS

31,992,688,553

100.0%


SECURITY TYPE BREAKDOWN as a % of Net Assets:
US Government and Agency Mortgage Backed Obligations				50.3%
Non-Agency Residential Collateralized Mortgage Obligations				26.2%
Non-Agency Commercial Mortgage Backed Obligations				7.3%
US Government and Agency Obligations				6.7%
Asset Backed Obligations				4.5%
Collateralized Loan Obligations				3.3%
Short Term Investments				0.8%
Other Assets and Liabilities				0.9%

				100.0%


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		7


Schedule of Investments - Summary DoubleLine Total Return Bond Fund (Cont.)

(a)

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

(b)

Includes securities 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.

(c)

Includes securities where 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)

Includes interest only securities

(f)

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

(g)

Includes securities that accrue interest which is added to the outstanding principal balance. The interest payment will be deferred until all other tranches in the structure are paid off. The rate disclosed is as of period end.

(h)

Includes principal only securities

(i)

Seven-day yield as of period end



Futures Contracts
Description	Long/Short	Contract Quantity		Expiration Date		Notional Amount⁽¹⁾			Unrealized Appreciation (Depreciation)/Value
10-Year US Treasury Ultra Note Future	Long		11,800		12/19/2023		$	1,316,437,500		$	(37,758,357	)
US Treasury Ultra Long Bond Future	Long		13,000		12/19/2023			1,542,937,500			(113,556,700	)

										$	(151,315,057	)

(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.


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

Schedule of Investments - Summary DoubleLine Core Fixed Income Fund

(Unaudited)

September 30, 2023

PRINCIPAL
AMOUNT $

SECURITY DESCRIPTION

RATE

MATURITY

VALUE $

% OF NET
ASSETS

ASSET BACKED OBLIGATIONS

Primrose Funding LLC,

19,350,000

Series 2019-1A-A2

4.48%

^(b)

07/30/2049

18,012,830

0.3%

Other Asset Backed Obligations^(a)

233,341,070

3.5%

Total Asset Backed Obligations
(Cost $279,960,527)

251,353,900

3.8%

BANK LOANS^(a)

Total Bank Loans
(Cost $251,528,826)

244,956,027

3.7%

COLLATERALIZED LOAN OBLIGATIONS^(a)

Total Collateralized Loan Obligations
(Cost $276,692,035)

264,785,319

4.0%

FOREIGN CORPORATE BONDS^(a)

Total Foreign Corporate Bonds
(Cost $473,049,744)

393,330,054

5.9%

FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS^(a)

Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations
(Cost $94,946,475)

73,651,791

1.1%

MUNICIPAL BONDS^(a)

Total Municipal Bonds
(Cost $6,199,443)

5,222,379

0.1%

NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS^(a)

Total Non-Agency Commercial Mortgage Backed Obligations
(Cost $511,218,385)

352,116,530

5.3%

NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS

Citigroup Mortgage Loan Trust,

25,565,771

Series 2019-A-PT1

3.92%

^(b)

10/25/2058

20,445,742

0.3%

45,578,320

Series 2021-RP2-A1

1.75%

^(b)(c)

03/25/2065

39,200,486

0.6%

CSMC Trust,

30,086,335

Series 2020-RPL1-PT1

3.34%

^(b)(c)

10/25/2069

23,688,073

0.4%

Impac Secured Assets Trust,

23,751,508

Series 2006-5-1A1C (Secured Overnight Financing Rate 1 Month + 0.65%, 0.54% Floor, 11.50% Cap)

5.97%

02/25/2037

21,046,432

0.3%

Legacy Mortgage Asset Trust,

22,912,868

Series 2019-RPL3-PT1

0.00%

^(b)

06/25/2058

19,142,124

0.3%

Redwood Funding Trust,

20,425,847

Series 2019-1-PT

4.97%

^(b)(e)

09/27/2024

20,058,888

0.3%

Securitized Mortgage Asset Loan Trust,

23,445,121

Series 2015-1-PC

3.99%

^(b)(c)

02/25/2054

19,124,767

0.3%

Other Non-Agency Residential Collateralized Mortgage Obligations^(a)

613,996,253

9.2%

Total Non-Agency Residential Collateralized Mortgage Obligations
(Cost $964,332,761)

776,702,765

11.7%

US CORPORATE BONDS^(a)

Total US Corporate Bonds
(Cost $1,196,824,104)

1,043,451,278

15.8%

US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS

Federal Home Loan Mortgage Corporation Pass-Thru,

25,098,145

Pool RA7672

4.50%

07/01/2052

23,076,263

0.3%

28,639,627

Pool SD1966

4.00%

11/01/2052

25,534,795

0.4%

60,923,996

Pool SD7538

2.00%

04/01/2051

47,638,963

0.7%

Federal Home Loan Mortgage Corporation REMICS,

34,934,000

Series 5138-HM

2.00%

04/25/2051

24,969,076

0.4%


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		9


Schedule of Investments - Summary DoubleLine Core Fixed Income Fund (Cont.)


PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $		% OF NET ASSETS

		Federal Home Loan Mortgage Corporation,
	40,190,829	Pool RA9843		5.50%			09/01/2053		38,985,415		0.6%
	26,269,956	Pool SD2912		5.00%			05/01/2053		24,879,552		0.4%
	29,826,297	Pool SD3721		5.00%			07/01/2053		28,284,959		0.4%
	20,155,208	Pool SD3892		5.50%			09/01/2053		19,545,436		0.3%
	26,360,856	Pool SD7564		5.00%			06/01/2053		25,113,835		0.4%
	92,899,489	Federal Home Loan Mortgage Corporation REMICS		0.00% – 5.50%	^{(c)(d)(f)(g)(h)}		12/15/2030 – 01/15/2054		70,002,386		1.1%
	46,152,005	Federal Home Loan Mortgage Corporation Pass-Thru		2.00% – 4.50%			04/01/2047 – 08/01/2052		39,474,353		0.6%

		Federal National Mortgage Association Pass-Thru,
	26,952,899	Pool CB3127		3.50%			03/01/2052		23,408,676		0.3%
	49,514,692	Pool CB4794		4.50%			10/01/2052		45,523,216		0.7%
	29,175,695	Pool FM8214		4.00%			05/01/2049		26,452,446		0.4%
	23,096,318	Pool FM8972		4.00%			06/01/2049		20,974,320		0.3%
	40,209,032	Pool FS1472		3.50%			11/01/2050		35,101,044		0.5%

		Federal National Mortgage Association REMICS,
	31,147,483	Series 2018-35-PO		0.00%	^(g)		05/25/2048		21,410,188		0.3%
	33,080,140	Series 2020-49-ZD		2.00%	^(h)		07/25/2050		19,045,977		0.3%
	67,573,140	Series 2022-3-ZW		2.00%	^(h)		02/25/2052		35,068,703		0.5%

		Federal National Mortgage Association,
	28,707,000	Pool BL4425		2.14%			10/01/2029		24,294,777		0.4%
	32,930,000	Pool BL4592		2.28%			11/01/2029		27,845,162		0.4%
	36,599,790	Pool BS4941		2.46%			04/01/2032		29,585,741		0.4%
	18,187,231	Pool MA5086		5.00%			07/01/2043		17,332,576		0.3%
	202,915,672	Federal National Mortgage Association Pass-Thru		2.00% – 5.00%			12/01/2029 – 01/01/2053		172,262,094		2.6%
	157,413,935	Federal National Mortgage Association REMICS		0.00% – 5.00%	^(d)(f)(g)(h)		04/25/2026 – 06/25/2057		86,814,646		1.3%

		Government National Mortgage Association Pass-Thru,
	28,848,092	Pool 779384		3.50%			06/15/2042		25,952,433		0.4%

	71,477,164	Government National Mortgage Association Pass-Thru,		2.50%			10/20/2051		57,745,339		0.9%
		Pool 785662
		Pool 785713

		Government National Mortgage Association Pass-Thru,
	33,224,705	Pool 786009		3.00%			02/20/2052		28,041,879		0.4%
	29,101,534	Pool MA5076		3.00%			03/20/2048		24,976,870		0.4%

	20,684,733	Government National Mortgage Association, Series 2020-62-KF (Secured Overnight Financing Rate 1 Month + 0.46%, 0.35% Floor, 6.50% Cap)		5.79%			05/20/2050		19,833,167		0.3%

		Government National Mortgage Association,
	18,629,206	Series 2022-188-LA		5.00%			04/20/2050		18,013,427		0.3%
	51,020,972	Government National Mortgage Association Pass-Thru		2.50% – 3.50%			04/20/2047 – 04/20/2052		43,918,549		0.7%
	136,418,423	Government National Mortgage Association		0.16% – 6.06%	^(d)(f)(h)		08/20/2033 – 05/20/2052		56,330,528		0.8%

	Other US Government and Agency Mortgage Backed Obligations^(a)								53,527,375		0.8%

		Total US Government and Agency Mortgage Backed Obligations (Cost $1,495,195,978)							1,280,964,166		19.3%

	US GOVERNMENT AND AGENCY OBLIGATIONS

	58,700,000	United States Treasury Notes		4.50%			11/30/2024		58,118,733		0.9%
	122,100,000	United States Treasury Notes		3.88%			03/31/2025		119,686,618		1.8%
	222,350,000	United States Treasury Notes		3.63%			05/15/2026		215,549,216		3.2%
	208,600,000	United States Treasury Notes		4.00%			06/30/2028		203,054,989		3.1%
	178,500,000	United States Treasury Notes		3.75%			05/31/2030		169,491,328		2.6%
	76,800,000	United States Treasury Notes		3.50%			02/15/2033		70,476,000		1.1%
	121,200,000	United States Treasury Notes		3.88%			08/15/2033		114,534,000		1.7%
	56,300,000	United States Treasury Notes		2.25%			05/15/2041		38,651,270		0.6%
	85,000,000	United States Treasury Notes		3.88%			05/15/2043		73,910,156		1.1%
	46,800,000	United States Treasury Notes		2.88%			05/15/2052		33,193,265		0.5%
	50,400,000	United States Treasury Notes		4.00%			11/15/2052		44,682,750		0.7%
	300,000,000	United States Treasury Notes		4.13%			08/15/2053		272,390,625		4.1%
	39,300,000	United States Treasury Notes		3.63% – 5.00%			02/28/2025 – 05/15/2053		37,415,092		0.5%

		Total US Government and Agency Obligations (Cost $1,521,988,819)							1,451,154,042		21.9%

	AFFILIATED MUTUAL FUNDS

	12,929,742	DoubleLine Global Bond Fund (Class I)⁽ⁱ⁾							103,437,938		1.6%
	32,972,257	DoubleLine Infrastructure Income Fund (Class I)							290,155,865		4.4%
	5,000,000	DoubleLine Long Duration Total Return Bond Fund (Class I)							30,650,000		0.4%

		Total Affiliated Mutual Funds (Cost $504,557,903)							424,243,803		6.4%


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

(Unaudited)

September 30, 2023

SECURITY DESCRIPTION

RATE

MATURITY

VALUE $

% OF NET
ASSETS

COMMON STOCKS^(a)(j)

Total Common Stocks
(Cost $1,618,803)

567,534

0.0%

ESCROW NOTES^(a)(j)

Total Escrow Notes
(Cost $—)

3,187

0.0%

RIGHTS^(a)(j)

Total Rights
(Cost $—)

23,325

0.0%

WARRANTS^(a)(j)

Total Warrants
(Cost $—)

18,950

0.0%

SHORT TERM INVESTMENTS^(a)

Total Short Term Investments
(Cost $47,174,328)

47,174,347

0.7%

Total Investments
(Cost $7,625,288,131)

6,609,719,397

99.7%

Other Assets in Excess of Liabilities

20,490,109

0.3%

NET ASSETS

6,630,209,506

100.0%


SECURITY TYPE BREAKDOWN as a % of Net Assets:
US Government and Agency Obligations	21.9%
US Government and Agency Mortgage Backed Obligations	19.3%
US Corporate Bonds	15.8%
Non-Agency Residential Collateralized Mortgage Obligations	11.7%
Affiliated Mutual Funds	6.4%
Foreign Corporate Bonds	5.9%
Non-Agency Commercial Mortgage Backed Obligations	5.3%
Collateralized Loan Obligations	4.0%
Asset Backed Obligations	3.8%
Bank Loans	3.7%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	1.1%
Short Term Investments	0.7%
Municipal Bonds	0.1%
Common Stocks	0.0%	^(j)
Rights	0.0%	^(j)
Warrants	0.0%	^(j)
Escrow Notes	0.0%	^(j)
Other Assets and Liabilities	0.3%

	100.0%


INVESTMENT BREAKDOWN as a % of Net Assets:
US Government and Agency Obligations				21.9%
US Government and Agency Mortgage Backed Obligations				19.3%
Non-Agency Residential Collateralized Mortgage Obligations				11.7%
Affiliated Mutual Funds				6.4%
Non-Agency Commercial Mortgage Backed Obligations				5.3%
Banking				4.4%
Collateralized Loan Obligations				4.0%
Asset Backed Obligations				3.8%
Utilities				2.2%
Energy				2.0%
Technology				1.8%
Healthcare				1.5%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations				1.1%
Media				1.0%
Telecommunications				1.0%
Transportation				0.9%
Pharmaceuticals				0.9%
Insurance				0.8%
Short Term Investments				0.7%
Retailers (other than Food/Drug)				0.7%
Automotive				0.7%
Finance				0.7%
Mining				0.5%
Hotels/Motels/Inns and Casinos				0.5%
Food Products				0.5%
Real Estate				0.5%
Aerospace & Defense				0.5%
Electronics/Electric				0.4%
Business Equipment and Services				0.4%
Diversified Manufacturing				0.4%
Chemicals/Plastics				0.4%
Commercial Services				0.4%
Construction				0.3%
Consumer Products				0.3%
Leisure				0.3%
Pulp & Paper				0.2%
Industrial Equipment				0.2%
Beverage and Tobacco				0.2%
Containers and Glass Products				0.2%


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		11


Schedule of Investments - Summary DoubleLine Core Fixed Income Fund (Cont.)


INVESTMENT BREAKDOWN as a % of Net Assets: (Cont.)
Building and Development (including Steel/Metals)	0.2%
Food Service	0.2%
Financial Intermediaries	0.1%
Municipal Bonds	0.1%
Chemical Products	0.1%
Cosmetics/Toiletries	0.0%	^(j)
Environmental Control	0.0%	^(j)
Other Assets and Liabilities	0.3%

	100.0%

(a)

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

(b)

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.

(c)

(d)

Includes interest only securities

(e)

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.

(f)

(g)

Includes principal only securities

(h)

(i)

Non-income producing security

(j)

Represents less than 0.05% of net assets



Futures Contracts
Description	Long/Short	Contract Quantity		Expiration Date		Notional Amount⁽¹⁾			Unrealized Appreciation (Depreciation)/Value
10-Year US Treasury Ultra Note Future	Long		1,800		12/19/2023		$	200,812,500		$	(5,759,749	)
US Treasury Ultra Long Bond Future	Long		2,100		12/19/2023			249,243,750			(19,071,634	)

										$	(24,831,383	)

(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.

Affiliated Mutual Funds

A summary of DoubleLine Core Fixed Income Fund’s investments in affiliated mutual funds for the period ended September 30, 2023 is as follows:


Fund	Value at March 31, 2023			Gross Purchases			Gross Sales			Net Realized Gain (Loss) for the Period Ended September 30, 2023			Change in Unrealized for the Period Ended September 30, 2023				Value at September 30, 2023			Shares Held at September 30, 2023		Dividend Income Earned for the Period Ended September 30, 2023
DoubleLine Infrastructure Income Fund (Class I)		$	298,398,929		$	—		$	—		$	—		$	(8,243,064	)		$	290,155,865		32,972,257		$	5,129,125
DoubleLine Global Bond Fund (Class I)			109,385,620			—			—			—			(5,947,682	)			103,437,938		12,929,742			—
DoubleLine Long Duration Total Return Bond Fund (Class I)			35,750,000			—			—			—			(5,100,000	)			30,650,000		5,000,000			543,966

		$	443,534,549		$	—		$	—		$	—		$	(19,290,746	)		$	424,243,803		50,901,999		$	5,673,091


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

Schedule of Investments DoubleLine Emerging Markets Fixed Income Fund

(Unaudited)

September 30, 2023


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN CORPORATE BONDS 74.7%

	BRAZIL 9.4%
	505,000	Banco do Estado do Rio Grande do Sul S.A. (5 Year CMT Rate + 4.93%)		5.38%	^(a)		01/28/2031		462,120
	2,300,000	Banco do Estado do Rio Grande do Sul S.A. (5 Year CMT Rate + 4.93%)		5.38%			01/28/2031		2,104,705
	7,700,000	Braskem Netherlands Finance B.V. (5 Year CMT Rate + 8.22%)		8.50%			01/23/2081		7,587,710
	2,300,000	BRF S.A.		4.88%			01/24/2030		1,864,126
	7,200,000	Cosan Overseas Ltd.		8.25%	^(b)		11/05/2023		7,187,364
	2,750,000	CSN Resources S.A.		5.88%			04/08/2032		2,233,001
	3,568,873	Guara Notre SARL		5.20%			06/15/2034		3,040,943
	1,929,352	Invepar Holdings		0.00%	^(c)(d)		12/30/2028		—
	700,000	JBS USA LUX SA / JBS USA Food Company / JBS USA Finance, Inc.		3.00%			02/02/2029		587,978
	4,700,000	MARB BondCo PLC		3.95%			01/29/2031		3,489,720
	3,575,131	MC Brazil Downstream Trading SARL		7.25%			06/30/2031		2,746,398
	4,700,000	Minerva Luxembourg S.A.		4.38%			03/18/2031		3,641,490
	1,100,000	Minerva Luxembourg S.A.		8.88%	^(a)		09/13/2033		1,093,146
	6,472,543	MV24 Capital B.V.		6.75%			06/01/2034		5,715,825
	500,000	NBM US Holdings, Inc.		7.00%			05/14/2026		496,233
	250,000	NBM US Holdings, Inc.		6.63%			08/06/2029		228,234
	775,000	Simpar Europe S.A.		5.20%			01/26/2031		624,649
	850,000	Unigel Luxembourg S.A.		8.75%	^(d)		10/01/2026		286,875

									43,390,517

	CHILE 8.7%
	1,000,000	AES Andes S.A. (5 Year CMT Rate + 4.92%)		6.35%			10/07/2079		944,543
	4,800,000	AES Andes S.A. (5 Year Swap Rate USD + 4.64%)		7.13%	^(a)		03/26/2079		4,532,424
	4,803,000	AES Andes S.A. (5 Year Swap Rate USD + 4.64%)		7.13%			03/26/2079		4,535,257
	1,000,000	Agrosuper S.A.		4.60%	^(a)		01/20/2032		803,468
	2,011,000	Agrosuper S.A.		4.60%			01/20/2032		1,615,774
	2,900,000	CAP S.A.		3.90%	^(a)		04/27/2031		2,140,630
	5,600,000	CAP S.A.		3.90%			04/27/2031		4,133,630
	12,135,000	Chile Electricity PEC S.p.A.		0.00%	^(a)		01/25/2028		9,441,000
	2,868,250	Empresa Electrica Angamos S.A.		4.88%			05/25/2029		2,587,119
	3,508,672	Empresa Electrica Cochrane S.p.A.		5.50%			05/14/2027		3,282,690
	4,400,000	Inversiones La Construccion S.A.		4.75%			02/07/2032		3,435,872
	1,800,000	VTR Comunicaciones S.p.A.		5.13%			01/15/2028		1,015,079
	4,000,000	VTR Finance NV		6.38%			07/15/2028		1,512,942

									39,980,428

	COLOMBIA 8.5%
	839,166	AI Candelaria Spain S.A.		7.50%			12/15/2028		765,885
	3,800,000	AI Candelaria Spain S.A.		5.75%	^(a)		06/15/2033		2,692,864
	3,280,000	AI Candelaria Spain S.A.		5.75%			06/15/2033		2,324,367
	2,850,000	Banco Davivienda S.A. (10 Year CMT Rate + 5.10%)		6.65%	^(a)(b)		04/22/2031		1,930,875
	400,000	Banco GNB Sudameris S.A. (5 Year CMT Rate + 4.56%)		7.05%			04/03/2027		376,683
	10,100,000	Bancolombia S.A. (5 Year CMT Rate + 2.94%)		4.63%			12/18/2029		8,707,466


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	2,292,000	Canacol Energy Ltd.		5.75%			11/24/2028		1,819,928
	8,200,000	Empresas Publicas de Medellin ESP		4.25%			07/18/2029		6,602,563
	4,392,000	Empresas Publicas de Medellin ESP		4.38%			02/15/2031		3,372,095
	1,274,000	Fideicomiso P.A. Pacifico Tres		8.25%			01/15/2035		1,155,518
	746,000	Geopark Ltd.		5.50%			01/17/2027		640,350
	400,000	Gran Tierra Energy International Holdings Ltd.		6.25%	^(a)		02/15/2025		377,628
	7,200,000	Gran Tierra Energy International Holdings Ltd.		6.25%			02/15/2025		6,797,307
	2,100,000	Gran Tierra Energy International Ltd.		7.75%	^(a)		05/23/2027		1,803,547

									39,367,076

	DOMINICAN REPUBLIC 0.8%
	4,000,000	AES Andres B.V.		5.70%	^(a)		05/04/2028		3,577,329

	GUATEMALA 3.3%
	3,550,000	Banco Industrial S.A. (5 Year CMT Rate + 4.44%)		4.88%			01/29/2031		3,276,871
	5,331,000	CT Trust		5.13%			02/03/2032		4,164,144
	3,974,400	Millicom International Cellular S.A.		6.63%			10/15/2026		3,743,676
	1,890,000	Millicom International Cellular S.A.		5.13%			01/15/2028		1,599,035
	2,700,000	Millicom International Cellular S.A.		6.25%			03/25/2029		2,294,973

									15,078,699

	INDIA 9.1%
	3,888,000	Adani Electricity Mumbai Ltd.		3.95%			02/12/2030		2,859,049
	3,426,000	Adani Electricity Mumbai Ltd.		3.87%			07/22/2031		2,394,098
	2,840,000	Adani International Container Terminal Private Ltd.		3.00%	^(a)		02/16/2031		2,142,562
	4,140,375	Adani International Container Terminal Private Ltd.		3.00%			02/16/2031		3,123,596
	2,400,000	Adani Ports & Special Economic Zone Ltd.		4.00%			07/30/2027		2,027,583
	400,000	Adani Ports & Special Economic Zone Ltd.		4.20%			08/04/2027		339,510
	900,000	Adani Ports & Special Economic Zone Ltd.		4.38%			07/03/2029		720,688
	4,450,000	Adani Ports & Special Economic Zone Ltd.		3.10%			02/02/2031		3,077,654
	1,500,000	Adani Ports & Special Economic Zone Ltd.		3.83%			02/02/2032		1,063,343
	1,300,000	Adani Transmission Step-One Ltd.		4.00%			08/03/2026		1,137,544
	1,548,500	Adani Transmission Step-One Ltd.		4.25%			05/21/2036		1,161,755
	168,000	JSW Hydro Energy Ltd.		4.13%			05/18/2031		139,932
	3,200,000	JSW Steel Ltd.		5.05%			04/05/2032		2,572,515
	1,900,000	Network i2i Ltd. (5 Year CMT Rate + 4.27%)		5.65%	^(b)		01/15/2025		1,857,250
	500,000	Reliance Industries Ltd.		8.25%			01/15/2027		535,219
	8,265,000	UPL Corporation Ltd.		4.63%			06/16/2030		6,696,523
	4,800,000	Vedanta Resources Finance PLC		9.25%	^(a)		04/23/2026		3,092,160
	10,900,000	Vedanta Resources Ltd.		6.13%			08/09/2024		6,884,671

									41,825,652

	INDONESIA 7.5%
	3,100,000	Freeport Indonesia PT		5.32%	^(a)		04/14/2032		2,817,683
	2,000,000	Freeport Indonesia PT		6.20%			04/14/2052		1,678,011


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		13


Schedule of Investments DoubleLine Emerging Markets Fixed Income Fund (Cont.)


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	200,000	Freeport-McMoRan, Inc.		4.38%			08/01/2028		183,598
	1,000,000	Freeport-McMoRan, Inc.		5.25%			09/01/2029		945,976
	4,500,000	Freeport-McMoRan, Inc.		4.63%			08/01/2030		4,060,179
	4,600,000	Indonesia Asahan Aluminium Persero PT		5.45%			05/15/2030		4,302,288
	6,839,100	LLPL Capital Pte Ltd.		6.88%	^(a)		02/04/2039		6,100,614
	3,379,320	LLPL Capital Pte Ltd.		6.88%			02/04/2039		3,014,421
	4,500,000	Minejesa Capital B.V.		4.63%			08/10/2030		4,015,125
	9,500,000	Minejesa Capital B.V.		5.63%			08/10/2037		7,281,755

									34,399,650

	ISRAEL 2.6%
	8,400,000	Bank Hapoalim B.M.		3.26%	^(a)(e)		01/21/2032		7,192,450
	5,300,000	Bank Leumi (5 Year CMT Rate + 1.63%)		3.28%	^(a)		01/29/2031		4,744,300

									11,936,750

	JAMAICA 0.1%
	1,644,665	Digicel Group Holdings Ltd. (5.00% + 3.00% PIK)		8.00%	^(a)(d)		04/01/2025		361,826
	3,337,636	Digicel Group Holdings Ltd. (7.00% PIK)		7.00%	^(a)(b)(d)		10/16/2023		196,537

									558,363

	KUWAIT 0.4%
	1,000,000	Equate Petrochemical B.V.		2.63%			04/28/2028		866,113
	1,000,000	MEGlobal Canada ULC		5.00%			05/18/2025		976,609

									1,842,722

	MEXICO 7.5%
	800,000	Banco Mercantil del Norte S.A. (10 Year CMT Rate + 5.03%)		6.63%	^(b)		01/24/2032		628,200
	4,400,000	Banco Mercantil del Norte S.A. (10 Year CMT Rate + 5.35%)		7.63%	^(b)		01/10/2028		4,053,985
	5,000,000	Banco Mercantil del Norte S.A. (10 Year CMT Rate + 5.47%)		7.50%	^(a)(b)		06/27/2029		4,456,875
	1,600,000	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand (5 Year CMT Rate + 3.00%)		5.95%			10/01/2028		1,581,601
	8,500,000	BBVA Bancomer S.A. (5 Year CMT Rate + 2.65%)		5.13%			01/18/2033		7,325,382
	2,000,000	BBVA Bancomer S.A. (5 Year CMT Rate + 4.31%)		5.88%			09/13/2034		1,752,101
	2,400,000	Braskem Idesa SAPI		6.99%			02/20/2032		1,445,347
	300,000	Cemex S.A.B. de C.V. (5 Year CMT Rate + 5.16%)		9.13%	^(a)(b)		03/14/2028		312,676
	8,900,000	CEMEX S.A.B. de C.V. (5 Year CMT Rate + 4.53%)		5.13%	^(b)		06/08/2026		8,339,946
	5,200,000	Credito Real S.A.B. de C.V. (5 Year CMT Rate + 7.03%)		9.13%	^(b)(d)		11/29/2027		71,500
	2,600,000	Industrias Penoles SAB de CV		4.15%			09/12/2029		2,281,398
	4,600,000	Mexarrend SAPI de C.V.		10.25%	^(a)(d)		07/24/2024		1,043,152


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	1,315,620	Mexico Generadora de Energia S. de R.L.		5.50%			12/06/2032		1,252,424
	16,033,000	Unifin Financiera S.A.B. de C.V. (5 Year CMT Rate + 6.31%)		8.88%	^(b)(d)		01/29/2025		96,198

									34,640,785

	PANAMA 3.1%
	1,300,000	Banistmo S.A.		4.25%			07/31/2027		1,160,819
	3,650,000	C&W Senior Financing		6.88%			09/15/2027		3,213,673
	3,450,000	Global Bank Corporation (3 Month LIBOR USD + 3.30%)		5.25%	^(h)		04/16/2029		3,134,135
	1,872,000	Multibank, Inc.		7.75%	^(a)		02/03/2028		1,889,119
	4,828,212	UEP Penonome S.A.		6.50%	^(a)		10/01/2038		3,658,711
	1,384,027	UEP Penonome S.A.		6.50%			10/01/2038		1,048,785

									14,105,242

	PARAGUAY 1.0%
	2,224,000	Frigorifico Concepcion S.A.		7.70%			07/21/2028		1,841,216
	4,051,666	Rutas 2 and 7 Finance Ltd.		0.00%			09/30/2036		2,601,879

									4,443,095

	PERU 5.1%
	200,000	Banco de Credito del Peru S.A. (5 Year CMT Rate + 2.45%)		3.25%			09/30/2031		175,898
	4,400,000	Banco de Credito del Peru S.A. (5 Year CMT Rate + 3.00%)		3.13%			07/01/2030		4,043,774
	12,172,000	Banco Internacional del Peru S.A.A. Interbank (5 Year CMT Rate + 3.71%)		4.00%			07/08/2030		11,213,133
	5,604,000	Inkia Energy Ltd.		5.88%			11/09/2027		5,386,845
	925,000	Nexa Resources S.A.		5.38%			05/04/2027		856,458
	2,110,000	Orazul Energy Peru S.A.		5.63%			04/28/2027		1,924,204

									23,600,312

	SINGAPORE 4.8%
	6,100,000	DBS Group Holdings Ltd. (5 Year CMT Rate + 1.10%)		1.82%			03/10/2031		5,544,178
	8,500,000	Oversea-Chinese Banking Corporation Ltd. (5 Year CMT Rate + 1.58%)		1.83%			09/10/2030		7,823,711
	1,500,000	United Overseas Bank Ltd. (5 Year CMT Rate + 1.23%)		2.00%			10/14/2031		1,331,039
	8,400,000	United Overseas Bank Ltd. (5 Year CMT Rate + 1.52%)		1.75%			03/16/2031		7,575,783

									22,274,711

	SOUTH AFRICA 0.8%
	1,200,000	Sasol Financing USA LLC		4.38%			09/18/2026		1,064,958
	3,600,000	Sasol Financing USA LLC		5.50%			03/18/2031		2,825,431

									3,890,389

	UNITED ARAB EMIRATES 1.5%
	8,494,400	Galaxy Pipeline Assets Bidco Ltd.		2.16%	^(a)		03/31/2034		7,096,479


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

(Unaudited)

September 30, 2023


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	VIETNAM 0.5%
	2,500,000	Mong Duong Finance Holdings B.V.		5.13%			05/07/2029		2,271,276

		Total Foreign Corporate Bonds (Cost $417,259,233)							344,279,475

	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS 23.9%

	BRAZIL 2.6%
	4,000,000	Banco do Brasil S.A. (10 Year CMT Rate + 4.40%)		6.25%	^(b)		04/15/2024		3,700,478
	5,900,000	Banco do Brasil S.A. (10 Year CMT Rate + 6.36%)		9.00%	^(b)		06/18/2024		5,923,677
	2,500,000	Petrobras Global Finance B.V.		6.75%			06/03/2050		2,269,548

									11,893,703

	CHILE 0.9%
	3,500,000	Chile Government International Bond		3.50%			01/25/2050		2,339,790
	3,500,000	Chile Government International Bond		3.10%			01/22/2061		2,013,888

									4,353,678

	COLOMBIA 5.3%
	4,000,000	Colombia Government International Bond		3.25%			04/22/2032		2,883,572
	7,700,000	Colombia Government International Bond		5.00%			06/15/2045		5,072,165
	5,100,000	Colombia Government International Bond		4.13%			05/15/2051		2,859,831
	7,200,000	Ecopetrol S.A.		4.63%			11/02/2031		5,503,477
	800,000	Ecopetrol S.A.		5.88%			05/28/2045		527,892
	10,300,000	Ecopetrol S.A.		5.88%			11/02/2051		6,573,614
	1,000,000	Oleoducto Central S.A.		4.00%			07/14/2027		891,986

									24,312,537

	INDONESIA 0.1%
	500,000	Perusahaan Penerbit		3.80%			06/23/2050		359,870

	MEXICO 6.2%
	7,000,000	Banco Nacional de Comercio Exterior (5 Year CMT Rate + 2.00%)		2.72%			08/11/2031		5,800,987
	11,000,000	Mexico Government International Bond		4.40%			02/12/2052		7,651,482
	12,000,000	Mexico Government International Bond		6.34%			05/04/2053		10,950,804
	7,400,000	Petroleos Mexicanos		6.75%			09/21/2047		4,392,243

									28,795,516

	PANAMA 2.3%
	1,500,000	Panama Government International Bond		4.30%			04/29/2053		981,880
	2,000,000	Panama Government International Bond		4.50%			04/01/2056		1,322,331
	14,100,000	Panama Government International Bond		3.87%			07/23/2060		8,198,943

									10,503,154
								��
	PARAGUAY 0.4%
	2,849,840	Bioceanico Sovereign Certificate Ltd.		0.00%			06/05/2034		1,997,416


PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	PERU 2.2%
	4,362,000	Corporacion Financiera de Desarrollo S.A. (3 Month LIBOR USD + 5.61%)		5.25%	^(h)		07/15/2029		4,258,448
	903,229	Lima Metro Finance Ltd.		5.88%			07/05/2034		872,230
	4,700,000	Petroleos del Peru S.A.		4.75%			06/19/2032		3,326,455
	2,800,000	Petroleos del Peru S.A.		5.63%			06/19/2047		1,695,043

									10,152,176

	PHILIPPINES 0.6%
	3,200,000	Philippine Government International Bond		2.95%			05/05/2045		2,037,532
	1,100,000	Philippine Government International Bond		2.65%			12/10/2045		665,129

									2,702,661

	SAUDI ARABIA 2.5%
	4,000,000	EIG Pearl Holdings SARL		3.55%			08/31/2036		3,249,864
	13,500,000	Saudi Government International Bond		3.45%			02/02/2061		8,302,298

									11,552,162

	SOUTH AFRICA 0.8%
	4,200,000	Republic of South Africa Government Bond		4.30%			10/12/2028		3,643,433

		Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $145,212,493)							110,266,306

	SHORT TERM INVESTMENTS 0.0%^(g)
	145	First American Government Obligations Fund - Class U		5.28%	^(f)				145
	145	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		5.27%	^(f)				145
	145	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		5.27%	^(f)				145

		Total Short Term Investments (Cost $435)							435

		Total Investments 98.6% (Cost $562,472,161)							454,546,216
		Other Assets in Excess of Liabilities 1.4%							6,602,980

		NET ASSETS 100.0%						$	461,149,196


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		15


Schedule of Investments DoubleLine Emerging Markets Fixed Income Fund (Cont.)


INVESTMENT BREAKDOWN as a % of Net Assets:
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	23.9%
Banking	20.1%
Utilities	17.9%
Mining	7.2%
Transportation	6.5%
Energy	5.1%
Consumer Products	5.0%
Telecommunications	4.3%
Building and Development (including Steel/Metals)	2.9%
Chemical Products	2.4%
Chemicals/Plastics	2.3%
Finance	1.0%
Short Term Investments	0.0%	^(g)
Other Assets and Liabilities	1.4%

	100.0%


COUNTRY BREAKDOWN as a % of Net Assets:
Colombia	13.8%
Mexico	13.7%
Brazil	12.0%
Chile	9.6%
India	9.1%
Indonesia	7.6%
Peru	7.3%
Panama	5.4%
Singapore	4.8%
Guatemala	3.3%
Israel	2.6%
Saudi Arabia	2.5%
South Africa	1.6%
United Arab Emirates	1.5%
Paraguay	1.4%
Dominican Republic	0.8%
Philippines	0.6%
Vietnam	0.5%
Kuwait	0.4%
Jamaica	0.1%
United States	0.0%	^(g)
Other Assets and Liabilities	1.4%

	100.0%

(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.

(b)

Perpetual maturity. The date disclosed is the next call date of the security.

(c)

Value determined using significant unobservable inputs.

(d)

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

(e)

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.

(f)

Seven-day yield as of period end

(g)

Represents less than 0.05% of net assets

(h)

Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.

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.


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

Schedule of Investments DoubleLine Multi-Asset Growth Fund (Consolidated)

(Unaudited)

September 30, 2023

SECURITY DESCRIPTION

RATE

VALUE $

AFFILIATED MUTUAL FUNDS 40.7%

124,955

DoubleLine Core Fixed Income Fund (Class R6)

1,109,600

188,730

DoubleLine Flexible Income Fund (Class R6)

1,579,666

84,586

DoubleLine Total Return Bond Fund (Class R6)

711,372

Total Affiliated Mutual Funds
(Cost $3,726,410)

3,400,638

EXCHANGE TRADED FUNDS 17.0%

13,200

iShares ESG MSCI USA Leaders ETF

995,412

8,900

Janus Henderson B-BBB CLO ETF

422,750

Total Exchange Traded Funds
(Cost $1,303,939)

1,418,162

SHORT TERM INVESTMENTS 42.9%

1,193,498

First American Government Obligations Fund Class U

5.28%^(a)

1,193,498

JP Morgan U.S. Government Money Market Fund Institutional Share Class

5.27%^(a)

1,193,498

1,193,499

Morgan Stanley Institutional Liquidity Funds Government Portfolio Institutional Share Class

5.27%^(a)

1,193,499

Total Short Term Investments
(Cost $3,580,495)

3,580,495

Total Investments 100.6%
(Cost $8,610,844)

8,399,295

Liabilities in Excess of Other Assets (0.6)%

(48,599

)

NET ASSETS 100.0%

8,350,696



SECURITY TYPE BREAKDOWN as a % of Net Assets:
Short Term Investments				42.9%
Affiliated Mutual Funds				40.7%
Exchange Traded Funds				17.0%
Other Assets and Liabilities				(0.6)%

				100.0%

(a)

Seven-day yield as of period end

Affiliated Mutual Funds

A summary of DoubleLine Multi-Asset Growth Fund’s investments in affiliated mutual funds for the period ended September 30, 2023 is as follows:


Fund	Value at March 31, 2023			Gross Purchases			Gross Sales				Net Realized Gain (Loss) for the Period Ended September 30, 2023				Change in Unrealized for the Period Ended September 30, 2023				Value at September 30, 2023			Shares Held at September 30, 2023		Dividend Income Earned for the Period Ended September 30, 2023
DoubleLine Flexible Income Fund (Class R6)		$	1,590,990		$	—		$	—			$	—			$	(11,324	)		$	1,579,666		188,730		$	47,651
DoubleLine Core Fixed Income Fund (Class R6)			1,175,826			—			—				—				(66,226	)			1,109,600		124,955			27,173
DoubleLine Total Return Bond Fund (Class R6)			1,177,747			—			(400,000	)			(41,908	)			(24,467	)			711,372		84,586			23,517

		$	3,944,563		$	—		$	(400,000	)		$	(41,908	)		$	(102,017	)		$	3,400,638		398,271		$	98,341


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		17

Schedule of Investments DoubleLine Low Duration Bond Fund

(Unaudited)

September 30, 2023


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 6.1%

		AccessLex Institute,
	2,349,976	Series 2007-A-B (3 Month LIBOR USD + 0.55%)		6.20%	^(k)		02/25/2037		2,270,462

		ACHV Trust,
	543,382	Series 2023-1PL-A		6.42%	^(a)		03/18/2030		543,557
	3,771,666	Series 2023-3PL-A		6.60%	^(a)		08/19/2030		3,774,549

		ACM Auto Trust,
	3,326,641	Series 2023-1A-A		6.61%	^(a)		01/22/2030		3,323,633

		Affirm Asset Securitization Trust,
	15,834	Series 2020-Z1-A		3.46%	^(a)		10/15/2024		15,815
	721,554	Series 2020-Z2-A		1.90%	^(a)		01/15/2025		716,385
	3,217,981	Series 2021-Z1-A		1.07%	^(a)		08/15/2025		3,164,399

		Aqua Finance Trust,
	2,546,193	Series 2020-AA-A		1.90%	^(a)		07/17/2046		2,355,401

		Arivo Acceptance Auto Loan Receivables Trust,
	904,185	Series 2021-1A-A		1.19%	^(a)		01/15/2027		884,364

		CAL Funding Ltd.,
	8,008,750	Series 2020-1A-A		2.22%	^(a)		09/25/2045		6,983,097

		Commonbond Student Loan Trust,
	11,000,000	Series 2023-N3-A		6.41%	^(a)		09/10/2027		11,022,644

		Citizens Auto Receivables Trust,
	15,250,000	Series 2023-2-A2A		6.09%	^(a)		10/15/2026		15,255,144

		Commonbond Student Loan Trust,
	1,089,683	Series 2017-BGS-A1		2.68%	^(a)		09/25/2042		980,934
	1,003,294	Series 2020-AGS-A		1.98%	^(a)		08/25/2050		845,476

		Consumer Loan Underlying Bond Credit Trust,
	612,523	Series 2020-P1-C		4.61%	^(a)		03/15/2028		607,406

		CPS Auto Receivables Trust,
	1,607,027	Series 2022-D-A		6.09%	^(a)		01/15/2027		1,605,740

		DataBank Issuer,
	10,000,000	Series 2023-1A-A2		5.12%	^(a)		02/25/2053		9,099,188

		Diamond Resorts Owner Trust,
	1,954,806	Series 2021-1A-B		2.05%	^(a)		11/21/2033		1,801,515

		Drive Auto Receivables Trust,
	3,000,000	Series 2021-3-C		1.47%			01/15/2027		2,908,508

		Exeter Automobile Receivables Trust,
	5,159,770	Series 2021-1A-C		0.74%			01/15/2026		5,123,820
	4,100,000	Series 2023-3A-A3		6.04%			07/15/2026		4,095,113

		ExteNet LLC,
	4,250,000	Series 2019-1A-B		4.14%	^(a)		07/25/2049		4,079,950

		Foundation Finance Trust,
	797,614	Series 2019-1A-A		3.86%	^(a)		11/15/2034		788,185

		Global SC Finance SRL,
	3,328,016	Series 2020-1A-A		2.17%	^(a)		10/17/2040		2,967,015

		GLS Auto Receivables Issuer Trust,
	1,250,000	Series 2021-1A-D		1.68%	^(a)		01/15/2027		1,193,016
	6,949,302	Series 2021-2A-C		1.08%	^(a)		06/15/2026		6,802,330

		Hertz Vehicle Financing LLC,
	10,200,000	Series 2021-1A-B		1.56%	^(a)		12/26/2025		9,669,891

		Hilton Grand Vacations Trust,
	826,806	Series 2018-AA-A		3.54%	^(a)		02/25/2032		800,619
	427,272	Series 2020-AA-A		2.74%	^(a)		02/25/2039		400,544

		Laurel Road Prime Student Loan Trust,
	530,644	Series 2019-A-A1FX		2.34%	^(a)		10/25/2048		513,630

		Lendbuzz Securitization Trust,
	10,257,443	Series 2023-1A-A2		6.92%	^(a)		08/15/2028		10,219,885
	4,250,000	Series 2023-2A-A2		7.09%	^(a)		10/16/2028		4,241,568

		LendingPoint Asset Securitization Trust,
	8,622,260	Series 2022-C-A		6.56%	^(a)		02/15/2030		8,611,240

		Loanpal Solar Loan Ltd.,
	8,394,735	Series 2020-3GS-A		2.47%	^(a)		12/20/2047		6,343,346
	3,565,000	Marlette Funding Trust		5.50%	^(a)		08/15/2032		3,528,293
	2,309,694	Marlette Funding Trust		2.34%	^(a)		04/15/2032		2,266,927

		Marlette Funding Trust,
	1,513,015	Series 2019-4A-C		3.76%	^(a)		12/17/2029		1,499,769


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $

		MVW Owner Trust,
	573,466	Series 2018-1A-C		3.90%	^(a)		01/21/2036		558,118

		Navient Private Education Loan Trust,
	3,051,418	Series 2020-FA-A		1.22%	^(a)		07/15/2069		2,718,114
	1,720,246	Series 2020-GA-A		1.17%	^(a)		09/16/2069		1,523,713

		NP SPE LLC,
	2,689,879	Series 2019-1A-A1		2.57%	^(a)		09/20/2049		2,520,869

		Oxford Finance Funding LLC,
	1,558,993	Series 2019-1A-A2		4.46%	^(a)		02/15/2027		1,557,097
	4,760,698	Series 2020-1A-A2		3.10%	^(a)		02/15/2028		4,593,817

		Pagaya AI Debt Selection Trust,
	5,848,726	Series 2021-5-A		1.53%	^(a)		08/15/2029		5,771,271
	5,883,250	Series 2021-HG1-A		1.22%	^(a)		01/16/2029		5,666,409
	11,305,845	Series 2022-1-A		2.03%	^(a)		10/15/2029		11,071,284

		Pagaya AI Debt Trust,
	7,638,816	Series 2023-3-A		7.60%	^(a)		12/16/2030		7,677,741

		Pagaya Al Debt Selection Trust,
	446,715	Series 2021-3-A		1.15%	^(a)		05/15/2029		445,066
	11,772,262	Series 2022-3-A		6.06%	^(a)		03/15/2030		11,715,859

		Pagaya Al Debt Trust,
	17,770,798	Series 2023-1-A		7.56%	^(a)		07/15/2030		17,846,347

		Santander Drive Auto Receivables Trust,
	4,656,645	Series 2020-4-D		1.48%			01/15/2027		4,536,643

		Sierra Timeshare Receivables Funding LLC,
	1,573,479	Series 2021-2A-C		1.95%	^(a)		09/20/2038		1,438,615

		SLM Private Credit Student Loan Trust,
	5,294,873	Series 2006-A-A5, Series 2006-A-A5 (Secured Overnight Financing Rate 3 Month + 0.55%)		5.96%			06/15/2039		5,109,055
	3,167,331	Series 2006-B-A5, Series 2006-B-A5 (Secured Overnight Financing Rate 3 Month + 0.53%)		5.94%			12/15/2039		3,041,233

		SoFi Alternative Consumer Loan Program,
	10,698,066	Series 2021-2-A		1.25%	^(a)		08/15/2030		10,230,785

		SoFi Alternative Trust,
	7,839,840	Series 2021-1-PT1		9.72%	^(a)(b)		05/25/2030		7,688,939
	19,999,040	Series 2021-3-A		1.50%	^(a)		11/15/2030		19,092,303

		SoFi Consumer Loan Program Trust,
	4,133,491	Series 2022-1S-A		6.21%	^(a)		04/15/2031		4,128,992
	2,171,538	Series 2023-1S-A		5.81%	^(a)		05/15/2031		2,166,635

		SoFi Professional Loan Program Trust,
	1,178,177	Series 2018-D-A2FX		3.60%	^(a)		02/25/2048		1,127,251
	4,279,129	Series 2020-C-AFX		1.95%	^(a)		02/15/2046		3,821,023

		Stack Infrastructure Issuer LLC,
	2,685,491	Series 2019-1A-A2		4.54%	^(a)		02/25/2044		2,659,707

		TAL Advantage LLC,
	3,425,000	Series 2020-1A-A		2.05%	^(a)		09/20/2045		3,013,535

		Tesla Auto Lease Trust,
	12,250,000	Series 2021-B-B		0.91%	^(a)		09/22/2025		11,782,721

		UPCL,
	25,000,000	Series 2023-1-A		7.65%	^(c)		04/22/2030		24,872,500

		Upgrade Master Pass-Thru Trust,
	1,929,852	Series 2021-PT3-A		13.88%	^(a)(b)		07/15/2027		1,766,694

		Upstart Pass-Through Trust,
	1,102,605	Series 2020-ST5-A		3.00%	^(a)		12/20/2026		1,080,073
	1,473,786	Series 2021-ST5-A		2.00%	^(a)		07/20/2027		1,410,434
	4,248,719	Series 2021-ST6-A		1.85%	^(a)		08/20/2027		4,054,161

		Upstart Securitization Trust,
	339,654	Series 2021-3-A		0.83%	^(a)		07/20/2031		338,528
	2,000,000	Series 2021-3-B		1.66%	^(a)		07/20/2031		1,957,903
	2,652,674	Series 2023-1-A		6.59%	^(a)		02/20/2033		2,647,987
	11,164,596	Series 2023-2-A		6.77%	^(a)		06/20/2033		11,152,943


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

(Unaudited)

September 30, 2023


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $

		Westgate Resorts LLC,
	6,137,418	Series 2022-1A-C		2.49%	^(a)		08/20/2036		5,768,821

		Total Asset Backed Obligations (Cost $360,431,252)							349,856,544

	BANK LOANS 3.9%

		1011778 B.C. Unlimited Liability Company,
	7,088,311	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.25%)		7.57%			09/12/2030		7,069,881

		Aramark Services, Inc.,
	369,075	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.61%)		7.93%			06/24/2030		369,306

		Asplundh Tree Expert LLC,
	7,509,515	Senior Secured First Lien Term Loan(1 Month Secured Overnight Financing Rate + 1.85%)		7.17%			09/07/2027		7,510,004

		Avantor Funding, Inc.,
	3,161,431	Senior Secured First Lien Term Loan(1 Month Secured Overnight Financing Rate + 2.35%, 0.50% Floor)		7.67%			11/08/2027		3,164,846

		Axalta Coating Systems US Holdings, Inc.,
	3,956,833	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.50%, 0.50% Floor)		7.81%			12/20/2029		3,968,585

		Berry Global, Inc.,
	6,859,165	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.01%)		7.29%			07/01/2026		6,866,745

		Calpine Corporation,
	1,404,657	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.11%)		7.43%			04/06/2026		1,405,465
	5,420,773	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.61%)		7.93%			12/16/2027		5,424,947

		Catalent Pharma Solutions, Inc.,
	2,898,866	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.11%, 0.50% Floor)		7.44%			02/22/2028		2,841,352

		Charter Communications Operating LLC,
	9,522,260	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 1.75%)		7.12%			02/01/2027		9,522,879

		Element Solutions, Inc.,
	4,311,114	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.00%)		7.32%			01/30/2026		4,312,019


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $

		Energizer Holdings, Inc.,
	4,814,511	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.36%, 0.50% Floor)		7.69%			12/22/2027		4,810,900

		Fleetcor Technologies Operating Company LLC,
	7,497,016	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 1.85%)		7.17%			04/28/2028		7,482,959

		Focus Financial Partners LLC,
	2,500,412	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.50%, 0.50% Floor)		7.82%			06/30/2028		2,496,199

		Gardner Denver, Inc.,
	2,854,167	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 1.85%)		7.17%			03/01/2027		2,861,787

		Generac Power Systems, Inc.,
	890,307	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 1.85%)		7.18%			12/11/2026		891,046
	7,503,154	Go Daddy Operating Company LLC (1 Month Secured Overnight Financing Rate + 2.50%)		7.82%			11/09/2029		7,519,173

		Grifols Worldwide Operations USA, Inc.,
	9,508,028	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.15%)		7.42%			11/15/2027		9,360,653

		Horizon Therapeutics USA, Inc.,
	11,409,007	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 1.86%, 0.50% Floor)		7.18%			03/15/2028		11,412,886

		ICON Luxembourg SARL,
	6,091,106	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.51%, 0.50% Floor)		7.90%			07/03/2028		6,096,284

		IQVIA, Inc.,
	7,528,665	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 1.75%)		7.29%	^(k)		06/11/2025		7,558,215

		Iron Mountain Information Management LLC,
	10,583,213	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 1.86%)		7.18%			01/02/2026		10,580,567

		KFC Holding Company,
	6,770,589	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 1.86%)		7.20%			03/15/2028		6,777,834

		Lamar Media Corporation,
	1,940,438	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 1.60%)		6.92%			01/29/2027		1,921,518

		Marriott Ownership Resorts, Inc.,
	3,968,960	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 1.85%)		7.17%			08/29/2025		3,968,960


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		19


Schedule of Investments DoubleLine Low Duration Bond Fund (Cont.)


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $

		Nexstar Broadcasting, Inc.,
	7,533,969	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.61%)		7.93%		09/18/2026		7,533,969

		NortonLifeLock, Inc.,
	7,175,708	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.10%, 0.50% Floor)		7.42%		09/12/2029		7,161,823

		Pilot Travel Centers LLC,
	7,493,455	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.40%)		7.42%		08/04/2028		7,493,455

		PRA Health Sciences, Inc.,
	1,517,603	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.51%, 0.50% Floor)		7.90%		07/03/2028		1,518,893

		Resideo Funding, Inc.,
	4,464,702	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate, + 2.36%, 0.50% Floor)		7.69%		02/11/2028		4,482,828
	1,282,923	(1 Month Secured Overnight Financing Rate, + 2.36%, 0.50% Floor)		7.70%		02/11/2028		1,288,132

		Reynolds Consumer Products LLC,
	8,169,324	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 1.85%)		7.17%		02/04/2027		8,167,854

		SS&C Technologies, Inc.,
	4,065,998	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 1.86%)		7.18%		04/16/2025		4,069,719

		Standard Industries, Inc.,
	4,832,540	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.61%, 0.50% Floor)		7.94%		09/22/2028		4,839,740

		Stars Group Holdings B.V.,
	8,546,672	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.51%)		7.90%		07/21/2026		8,552,014

		Trans Union LLC,
	8,679,143	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 1.85%)		7.17%		11/13/2026		8,682,745

		US Foods, Inc.,
	4,584,533	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.11%)		7.43%		09/14/2026		4,589,645

		Vistra Operations Company LLC,
	8,414,538	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 1.86%)		7.18%		12/31/2025		8,421,102

		WMG Acquisition Corporation,
	7,520,888	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.51%)		7.56%		01/20/2028		7,527,469


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $

		Wyndham Hotels & Resorts, Inc.,
	1,157,100	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.35%)		7.67%			05/24/2030		1,159,374

		Total Bank Loans (Cost $221,006,850)							221,683,772

	COLLATERALIZED LOAN OBLIGATIONS 16.4%

		AIG LLC,
	20,000,000	Series 2018-1A-A1R (Secured Overnight Financing Rate 3 Month + 1.38%, 1.38% Floor)		6.71%	^(a)		04/20/2032		19,965,000
	10,000,000	Series 2021-2A-A (Secured Overnight Financing Rate 3 Month + 1.43%, 1.17% Floor)		6.76%	^(a)		07/20/2034		9,956,793

		Allegro Ltd.,
	20,000,000	Series 2019-1A-AR (Secured Overnight Financing Rate 3 Month + 1.41%, 1.15% Floor)		6.74%	^(a)		07/20/2032		19,869,518

		Bain Capital Credit Ltd.,
	10,500,000	Series 2019-1A-AR (Secured Overnight Financing Rate 3 Month + 1.39%)		6.71%	^(a)		04/19/2034		10,417,087

		Battalion Ltd.,
	30,000,000	Series 2017-11A-AR (Secured Overnight Financing Rate 3 Month + 1.41%, 1.15% Floor)		6.76%	^(a)		04/24/2034		29,780,886
	22,000,000	Series 2021-20A-A (Secured Overnight Financing Rate 3 Month + 1.44%, 1.18% Floor)		6.75%	^(a)		07/15/2034		21,884,500

		BlueMountain Ltd.,
	22,000,000	Series 2021-31A-A1 (Secured Overnight Financing Rate 3 Month + 1.41%, 1.15% Floor)		6.73%	^(a)		04/19/2034		21,818,659

		Bridge Street Ltd.,
	20,000,000	Series 2021-1A-A1A (Secured Overnight Financing Rate 3 Month + 1.49%, 1.23% Floor)		6.82%	^(a)		07/20/2034		19,838,066

		Capital Four Ltd.,
	15,000,000	Series 2021-1A-A (Secured Overnight Financing Rate 3 Month + 1.47%, 1.21% Floor)		6.78%	^(a)		01/18/2035		14,801,405

		Carlyle Global Market Strategies Ltd.,
	25,000,000	Series 2016-1A-A1R2 (Secured Overnight Financing Rate 3 Month + 1.40%, 1.14% Floor)		6.73%	^(a)		04/20/2034		24,862,500
	11,000,000	Series 2021-1A-A1 (Secured Overnight Financing Rate 3 Month + 1.40%, 1.14% Floor)		6.71%	^(a)		04/15/2034		10,936,292


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

(Unaudited)

September 30, 2023


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $

		Carlyle Global Market Strategies Ltd.,
	11,000,000	Series 2021-7A-A1 (Secured Overnight Financing Rate 3 Month + 1.42%, 1.16% Floor)		6.73%	^(a)		10/15/2035		10,923,834

		CarVal Ltd.,
	42,000,000	Series 2019-1A-ANR (Secured Overnight Financing Rate 3 Month + 1.37%, 1.37% Floor)		6.70%	^(a)		04/20/2032		41,875,130

		Cathedral Lake Ltd.,
	29,739,805	Series 2018-5A-A1 (Secured Overnight Financing Rate 3 Month + 1.46%, 1.20% Floor)		6.80%	^(a)		10/21/2030		29,658,445

		CBAM Ltd.,
	10,000,000	Series 2017-2A-AR (Secured Overnight Financing Rate 3 Month + 1.45%, 1.19% Floor)		6.76%	^(a)		07/17/2034		9,930,304
	10,500,000	Series 2019-10A-A1R (Secured Overnight Financing Rate 3 Month + 1.38%, 1.12% Floor)		6.71%	^(a)		04/20/2032		10,411,682

		CFIP Ltd.,
	20,000,000	Series 2021-1A-A (Secured Overnight Financing Rate 3 Month + 1.48%, 1.22% Floor)		6.81%	^(a)		01/20/2035		19,804,136

		CQS Ltd.,
	25,000,000	Series 2021-1A-A (Secured Overnight Financing Rate 3 Month + 1.48%, 1.22% Floor)		6.81%	^(a)		01/20/2035		24,755,218

		Crown City,
	18,000,000	Series 2021-1A-A1A (Secured Overnight Financing Rate 3 Month + 1.43%, 1.17% Floor)		6.76%	^(a)		07/20/2034		17,815,892

		Galaxy Ltd.,
	25,500,000	Series 2016-22A-ARR (Secured Overnight Financing Rate 3 Month + 1.46%, 1.20% Floor)		6.77%	^(a)		04/16/2034		25,264,865

		Generate Ltd.,
	10,000,000	Series 6A-A1R (Secured Overnight Financing Rate 3 Month + 1.46%, 1.20% Floor)		6.81%	^(a)		01/22/2035		9,981,163
	14,000,000	Series 8A-AR (Secured Overnight Financing Rate 3 Month + 1.46%, 1.20% Floor)		6.79%	^(a)		10/20/2034		13,955,549
	46,500,000	Series 9A-A (Secured Overnight Financing Rate 3 Month + 1.46%, 1.20% Floor)		6.79%	^(a)		10/20/2034		46,348,340

		Greywolf Ltd.,
	14,100,000	Series 2018-2A-A1 (Secured Overnight Financing Rate 3 Month + 1.44%, 1.44% Floor)		6.77%	^(a)		10/20/2031		14,047,448

		Gulf Stream Meridian Ltd.,
	17,500,000	Series 2021-4A-A1 (Secured Overnight Financing Rate 3 Month + 1.46%, 1.20% Floor)		6.77%	^(a)		07/15/2034		17,399,576

		Halsey Point Ltd.,
	52,000,000	Series 2021-5A-A1A (Secured Overnight Financing Rate 3 Month + 1.47%, 1.21% Floor)		6.84%	^(a)		01/30/2035		51,646,442


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $

		Harbourview LLC,
	8,296,821	Series 7RA-A1 (Secured Overnight Financing Rate 3 Month + 1.39%, 1.13% Floor)		6.70%	^(a)		07/18/2031		8,271,221

		Hayfin Ltd.,
	21,923,277	Series 2018-8A-A (Secured Overnight Financing Rate 3 Month + 1.38%, 1.12% Floor)		6.71%	^(a)		04/20/2031		21,864,395

		Jefferson Mill Ltd.,
	9,968,710	Series 2015-1A-AR (Secured Overnight Financing Rate 3 Month + 1.44%)		6.76%	^(a)		10/20/2031		9,903,041

		Marathon Ltd.,
	3,000,000	Series 2017-9A-A2 (Secured Overnight Financing Rate 3 Month + 2.01%)		7.32%	^(a)		04/15/2029		2,987,400
	23,812,987	Series 2018-12A-A1 (Secured Overnight Financing Rate 3 Month + 1.44%)		6.75%	^(a)		04/18/2031		23,755,014

		Marble Point Ltd.,
	20,000,000	Series 2018-2A-A1R (Secured Overnight Financing Rate 3 Month + 1.54%, 1.28% Floor)		6.87%	^(a)		01/20/2032		19,899,678
	35,000,000	Series 2021-2A-A (Secured Overnight Financing Rate 3 Month + 1.46%, 1.20% Floor)		6.81%	^(a)		07/25/2034		34,646,049

		MP Ltd.,
	15,000,000	Series 2015-2A-ARR (3 Month LIBOR USD + 1.20%, 1.20% Floor)		6.83%	^(a)(k)		04/28/2034		14,883,975

		Ocean Trails,
	23,835,703	Series 2014-5A-ARR (Secured Overnight Financing Rate 3 Month + 1.54%, 1.28% Floor)		6.84%	^(a)		10/13/2031		23,690,772

		Palmer Square Ltd.,
	8,700,000	Series 2021-2A-A (Secured Overnight Financing Rate 3 Month + 1.41%, 1.41% Floor)		6.72%	^(a)		07/15/2034		8,649,792

		Prudential PLC,
	20,000,000	Series 2021-5A-A (Secured Overnight Financing Rate 3 Month + 1.46%, 1.20% Floor)		6.77%	^(a)		10/18/2034		19,789,664

		Riserva Ltd.,
	10,000,000	Series 2016-3A-ARR (Secured Overnight Financing Rate 3 Month + 1.32%, 1.06% Floor)		6.63%	^(a)		01/18/2034		9,902,500

		Romark Ltd.,
	21,550,314	Series 2018-1A-A1 (Secured Overnight Financing Rate 3 Month + 1.29%)		6.62%	^(a)		04/20/2031		21,421,415

		RR Ltd.,
	18,875,000	Series 2021-14A-A1 (Secured Overnight Financing Rate 3 Month + 1.38%, 1.38% Floor)		6.69%	^(a)		04/15/2036		18,795,255

		Shackleton Ltd.,
	20,000,000	Series 2015-7RA-AR (Secured Overnight Financing Rate 3 Month + 1.41%, 1.15% Floor)		6.72%	^(a)		07/15/2031		19,961,236


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		21


Schedule of Investments DoubleLine Low Duration Bond Fund (Cont.)


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $

		Sound Point Ltd.,
	16,000,000	Series 2014-2RA-A (Secured Overnight Financing Rate 3 Month + 1.51%, 1.25% Floor)		6.84%	^(a)		10/20/2031		15,870,742
	25,000,000	Series 2020-1A-AR (Secured Overnight Financing Rate 3 Month + 1.43%, 1.43% Floor)		6.76%	^(a)		07/20/2034		24,832,298

		Steele Creek Ltd.,
	900,000	Series 2019-1A-BR (Secured Overnight Financing Rate 3 Month + 2.06%, 1.80% Floor)		7.37%	^(a)		04/15/2032		884,970
	18,000,000	Series 2019-2A-AR (Secured Overnight Financing Rate 3 Month + 1.43%, 1.17% Floor)		6.74%	^(a)		07/15/2032		17,868,182

		Symphony Ltd.,
	12,925,000	Series 2014-15A-AR3 (Secured Overnight Financing Rate 3 Month + 1.34%, 1.08% Floor)		6.65%	^(a)		01/17/2032		12,785,906

		Trestles Ltd.,
	20,000,000	Series 2021-4A-A (Secured Overnight Financing Rate 3 Month + 1.43%, 1.17% Floor)		6.77%	^(a)		07/21/2034		19,825,278

		Trimaran CAVU LLC,
	5,750,000	Series 2021-1A-A (Secured Overnight Financing Rate 3 Month + 1.47%, 1.21% Floor)		6.82%	^(a)		04/23/2032		5,713,260
	10,000,000	Series 2021-3A-A (Secured Overnight Financing Rate 3 Month + 1.47%, 1.21% Floor)		6.78%	^(a)		01/18/2035		9,915,772

		Wellfleet Ltd.,
	8,558,709	Series 2017-2A-A1R (Secured Overnight Financing Rate 3 Month + 1.32%)		6.65%	^(a)		10/20/2029		8,552,290
	5,500,000	Series 2018-1A-A (Secured Overnight Financing Rate 3 Month + 1.36%, 1.10% Floor)		6.67%	^(a)		07/17/2031		5,468,027
	10,000,000	Series 2021-2A-A1 (Secured Overnight Financing Rate 3 Month + 1.46%, 1.20% Floor)		6.77%	^(a)		07/15/2034		9,918,247

		Total Collateralized Loan Obligations (Cost $943,715,405)							938,005,109

	FOREIGN CORPORATE BONDS 8.2%
	2,740,425	Adani International Container Terminal Private Ltd.		3.00%			02/16/2031		2,067,441
	4,900,000	Adani Ports & Special Economic Zone Ltd.		3.38%			07/24/2024		4,753,129
	3,100,000	Adani Ports & Special Economic Zone Ltd.		4.00%			07/30/2027		2,618,962
	2,800,000	Adani Transmission Step-One Ltd.		4.00%			08/03/2026		2,450,095


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	5,579,000	AerCap Global Aviation Trust		1.75%			10/29/2024		5,320,581
	2,800,000	AES Andes S.A. (5 Year Swap Rate USD + 4.64%)		7.13%	^(a)		03/26/2079		2,643,914
	3,000,000	AES Andes S.A. (5 Year Swap Rate USD + 4.64%)		7.13%			03/26/2079		2,832,765
	7,288,376	AI Candelaria Spain S.A.		7.50%			12/15/2028		6,651,910
	5,485,000	Avolon Holdings Funding Ltd.		2.13%	^(a)		02/21/2026		4,916,510
	4,870,000	Axiata SPV2 BHD		4.36%			03/24/2026		4,712,924
	400,000	Banco Continental SAECA		2.75%			12/10/2025		363,816
	3,000,000	Banco Continental SAECA		2.75%	^(a)		12/10/2025		2,728,623
	3,000,000	Banco de Bogota S.A.		6.25%			05/12/2026		2,864,372
	9,350,000	Banco de Credito del Peru S.A. (5 Year CMT Rate + 2.45%)		3.25%	^(a)		09/30/2031		8,223,230
	1,800,000	Banco de Credito del Peru S.A. (5 Year CMT Rate + 2.45%)		3.25%			09/30/2031		1,583,082
	3,050,000	Banco de Credito del Peru S.A. (5 Year CMT Rate + 3.00%)		3.13%			07/01/2030		2,803,070
	400,000	Banco Inbursa S.A. Institucion De Banca Multiple Grupo Financiero Inbursa		4.38%			04/11/2027		374,285
	2,500,000	Banco Internacional del Peru S.A.A. Interbank (3 Month LIBOR USD + 5.76%)		6.63%	^(k)		03/19/2029		2,471,042
	8,750,000	Banco Internacional del Peru S.A.A. Interbank (5 Year CMT Rate + 3.71%)		4.00%			07/08/2030		8,060,706
	2,900,000	Banco Latinoamericano de Comercio Exterior S.A.		2.38%			09/14/2025		2,701,698
	2,000,000	Banco Latinoamericano de Comercio Exterior S.A.		2.38%	^(a)		09/14/2025		1,863,240
	4,400,000	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand (5 Year CMT Rate + 3.00%)		5.95%			10/01/2028		4,349,403
	3,200,000	Bancolombia S.A. (5 Year CMT Rate + 2.93%)		6.91%			10/18/2027		2,975,151
	11,800,000	Bancolombia S.A. (5 Year CMT Rate + 2.94%)		4.63%			12/18/2029		10,173,080
	11,262,000	Bank Hapoalim B.M.		3.26%	^(a)(b)		01/21/2032		9,643,020
	7,580,000	Bank Leumi (5 Year CMT Rate + 1.63%)		3.28%	^(a)		01/29/2031		6,785,245
	2,945,000	Bank of Montreal		1.50%			01/10/2025		2,784,789
	2,688,000	Bank of Nova Scotia		4.75%			02/02/2026		2,624,750
	5,420,000	Barclays PLC (1 Year CMT Rate + 0.80%)		1.01%			12/10/2024		5,361,329
	1,965,000	BAT Capital Corporation		2.79%			09/06/2024		1,907,276
	3,900,000	BAT International Finance PLC		1.67%			03/25/2026		3,515,121
	2,700,000	BBVA Banco Continental S.A. (5 Year CMT Rate + 2.75%)		5.25%			09/22/2029		2,636,689
	6,221,000	BBVA Bancomer S.A. (5 Year CMT Rate + 3.00%)		5.35%			11/12/2029		5,996,798
	3,990,000	BHP Billiton Finance USA Ltd.		5.25%			09/08/2026		3,965,570
	2,790,000	BMW US Capital LLC		5.97%	^(a)(d)		08/11/2025		2,796,323


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

(Unaudited)

September 30, 2023


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	5,220,000	BNP Paribas S.A. (Secured Overnight Financing Rate 3 Month + 2.50%)		4.71%	^(a)		01/10/2025		5,194,495
	5,525,000	BPCE S.A.		2.38%	^(a)		01/14/2025		5,237,514
	8,800,000	Braskem Netherlands Finance B.V. (5 Year CMT Rate + 8.22%)		8.50%			01/23/2081		8,671,669
	1,127,000	BRF GmbH		4.35%			09/29/2026		1,037,048
	1,750,000	Camposol S.A.		6.00%			02/03/2027		1,020,718
	3,325,000	Canadian Imperial Bank of Commerce		3.95%			08/04/2025		3,211,514
	5,690,000	Canadian Pacific Railway Company		1.35%			12/02/2024		5,395,869
	1,100,000	Cencosud S.A.		5.15%			02/12/2025		1,081,263
	12,000,000	Chile Electricity PEC S.p.A.		0.00%	^(a)		01/25/2028		9,335,970
	4,920,000	Commonwealth Bank of Australia (Secured Overnight Financing Rate + 0.40%)		5.68%	^(a)		07/07/2025		4,904,595
	8,100,000	Cosan Overseas Ltd.		7.00%			01/20/2027		8,079,610
	1,400,000	Credicorp Ltd.		2.75%			06/17/2025		1,312,875
	3,200,000	CSN Steel S.L.		7.63%			04/17/2026		3,204,189
	2,185,000	Daimler Truck Finance North America LLC		5.15%	^(a)		01/16/2026		2,157,074
	3,320,000	Daimler Trucks Finance North America LLC		1.63%	^(a)		12/13/2024		3,155,574
	13,000,000	DBS Group Holdings Ltd. (5 Year CMT Rate + 1.10%)		1.82%			03/10/2031		11,815,461
	300,000	DBS Group Holdings Ltd. (5 Year Mid Swap Rate USD + 1.59%)		4.52%			12/11/2028		299,086
	895,726	Digicel Group Holdings Ltd. (5.00% + 3.00% PIK)		8.00%	^(a)(e)		04/01/2025		197,060
	201,465	Digicel Group Holdings Ltd. (7.00% PIK)		7.00%	^(a)(e)(f)		10/16/2023		11,863
	2,242,450	Empresa Electrica Angamos S.A.		4.88%			05/25/2029		2,022,656
	3,334,440	Empresa Electrica Cochrane S.p.A.		5.50%			05/14/2027		3,119,680
	100,000	Enbridge, Inc.		4.00%			10/01/2023		100,000
	2,320,000	Enbridge, Inc.		0.55%			10/04/2023		2,319,624
	2,825,000	Enbridge, Inc.		2.50%			02/14/2025		2,692,757
	7,000,000	Enel Generacion Chile S.A.		4.25%			04/15/2024		6,895,687
	500,000	Equate Petrochemical B.V.		4.25%			11/03/2026		475,675
	9,638,235	Fenix Power Peru S.A.		4.32%			09/20/2027		8,923,175
	1,350,000	Freeport Indonesia PT		4.76%	^(a)		04/14/2027		1,288,078
	3,700,000	Freeport Indonesia PT		4.76%			04/14/2027		3,530,289
	5,950,000	Freeport-McMoRan, Inc.		5.00%			09/01/2027		5,657,567
	5,500,000	Freeport-McMoRan, Inc.		4.13%			03/01/2028		5,045,507
	11,888,731	Galaxy Pipeline Assets Bidco Ltd.		1.75%			09/30/2027		10,991,021
	1,045,000	Glencore Funding LLC		4.13%	^(a)		03/12/2024		1,036,188
	3,990,000	Glencore Funding LLC		4.00%	^(a)		04/16/2025		3,873,574
	3,779,000	Global Bank Corporation (3 Month LIBOR USD + 3.30%)		5.25%	^(k)		04/16/2029		3,433,014
	6,989,400	GNL Quintero S.A.		4.63%			07/31/2029		6,680,471
	400,000	Gold Fields Orogen Holdings BVI Ltd.		5.13%			05/15/2024		396,328
	3,615,000	Grupo de Inversiones Suramericana S.A.		5.50%			04/29/2026		3,443,668
	2,475,928	Guara Notre SARL		5.20%			06/15/2034		2,109,673
	5,425,000	HSBC Holdings PLC (Secured Overnight Financing Rate + 0.58%)		1.16%			11/22/2024		5,374,212
	3,000,000	Industrias Penoles SAB de CV		4.15%			09/12/2029		2,632,382
	7,334,000	Inkia Energy Ltd.		5.88%			11/09/2027		7,049,808
	896,211	Interoceanica Finance Ltd.		0.00%			11/30/2025		831,235


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	8,000,000	Itau Unibanco Holding S.A. (5 Year CMT Rate + 3.45%)		3.88%			04/15/2031		7,366,555
	2,000,000	JBS USA LUX SA / JBS USA Food Company / JBS USA Finance, Inc.		2.50%			01/15/2027		1,768,380
	900,000	JBS USA LUX SA / JBS USA Food Company / JBS USA Finance, Inc.		3.00%			02/02/2029		755,971
	2,845,000	JDE Peet’s NV		0.80%	^(a)		09/24/2024		2,701,089
	1,000,000	Kallpa Generacion S.A.		4.88%			05/24/2026		953,838
	3,500,000	KT Corporation		1.00%			09/01/2025		3,202,006
	2,000,000	KT Corporation		2.50%			07/18/2026		1,838,559
	7,000,000	LG Chem Ltd.		3.25%			10/15/2024		6,808,862
	13,090,000	MEGlobal Canada ULC		5.00%	^(a)		05/18/2025		12,783,812
	200,000	MEGlobal Canada ULC		5.00%			05/18/2025		195,322
	2,000,000	Mercury Chile Holdco LLC		6.50%	^(a)		01/24/2027		1,841,809
	200,000	Mercury Chile Holdco LLC		6.50%			01/24/2027		184,181
	986,715	Mexico Generadora de Energia S. de R.L.		5.50%			12/06/2032		939,318
	3,235,500	Millicom International Cellular S.A.		6.63%			10/15/2026		3,047,671
	6,570,000	Millicom International Cellular S.A.		5.13%			01/15/2028		5,558,550
	11,500,000	Minejesa Capital B.V.		4.63%			08/10/2030		10,260,875
	5,120,000	Mitsubishi UFJ Financial Group, Inc.		3.78%			03/02/2025		4,965,541
	2,801,000	Mizuho Financial Group, Inc. (Secured Overnight Financing Rate + 0.96%)		6.31%			05/22/2026		2,801,376
	1,750,000	Mong Duong Finance Holdings B.V.		5.13%			05/07/2029		1,589,893
	2,000,000	Multibank, Inc.		7.75%	^(a)		02/03/2028		2,018,290
	6,123,698	MV24 Capital B.V.		6.75%			06/01/2034		5,407,764
	6,900,000	NBM US Holdings, Inc.		7.00%			05/14/2026		6,848,016
	2,809,000	NXP B.V.		4.40%			06/01/2027		2,666,029
	5,400,000	Orazul Energy Peru S.A.		5.63%			04/28/2027		4,924,503
	9,000,000	Oversea-Chinese Banking Corporation Ltd. (5 Year CMT Rate + 1.58%)		1.83%	^(a)		09/10/2030		8,283,929
	10,000,000	Reliance Industries Ltd.		4.13%			01/28/2025		9,762,308
	2,390,000	Royal Bank of Canada		5.84%	^(d)		01/20/2026		2,368,095
	6,858,000	Sable International Finance Ltd.		5.75%			09/07/2027		6,230,664
	3,100,000	Sasol Financing USA LLC		4.38%			09/18/2026		2,751,142
	4,700,000	Sociedad Quimica y Minera de Chile S.A.		4.38%			01/28/2025		4,576,455
	1,162,000	St Marys Cement, Inc.		5.75%			01/28/2027		1,130,502
	5,180,000	Sumitomo Mitsui Trust Bank Ltd.		5.65%	^(a)		03/09/2026		5,167,448
	2,100,000	Telefonica Celular del Paraguay S.A.		5.88%			04/15/2027		1,913,688
	2,950,000	Toronto-Dominion Bank		0.70%			09/10/2024		2,810,400
	3,830,000	TransCanada PipeLines Ltd.		6.20%			03/09/2026		3,825,892
	5,000,000	Transportadora de Gas del Peru S.A.		4.25%			04/30/2028		4,729,229
	7,000,000	United Overseas Bank Ltd. (5 Year CMT Rate + 1.50%)		3.75%			04/15/2029		6,910,739
	5,400,000	United Overseas Bank Ltd. (5 Year CMT Rate + 1.52%)		1.75%			03/16/2031		4,870,146
	3,200,000	UPL Corporation Ltd.		4.50%			03/08/2028		2,766,773
	1,000,000	Vedanta Resources Ltd.		6.13%			08/09/2024		631,621
	3,155,000	Volkswagen Group of America Finance LLC		0.88%	^(a)		11/22/2023		3,133,904
	300,000	Volkswagen Group of America Finance LLC		4.35%	^(a)		06/08/2027		285,605
	4,500,000	VTR Comunicaciones S.p.A.		5.13%			01/15/2028		2,537,697


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		23


Schedule of Investments DoubleLine Low Duration Bond Fund (Cont.)


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	2,000,000	VTR Finance NV		6.38%			07/15/2028		756,471

		Total Foreign Corporate Bonds (Cost $500,063,640)							470,636,573

	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS 2.1%
	5,986,000	Banco Nacional de Comercio Exterior (5 Year CMT Rate + 2.00%)		2.72%			08/11/2031		4,960,673
	1,891,581	Bioceanico Sovereign Certificate Ltd.		0.00%			06/05/2034		1,325,784
	18,000,000	Colombia Government International Bond		4.50%			01/28/2026		17,269,421
	5,536,000	Corporacion Financiera de Desarrollo S.A. (3 Month LIBOR USD + 5.61%)		5.25%	^(k)		07/15/2029		5,404,578
	2,000,000	Dominican Republic International Bond		5.50%			01/27/2025		1,974,069
	7,900,000	Ecopetrol S.A.		4.13%			01/16/2025		7,632,283
	2,400,000	Indonesia Asahan Aluminium Persero PT		4.75%			05/15/2025		2,348,004
	11,000,000	Korea Development Bank		0.80%			04/27/2026		9,757,342
	3,300,000	Korea Development Bank		1.00%			09/09/2026		2,897,273
	2,000,000	Korea East-West Power Company Ltd.		1.75%			05/06/2025		1,877,325
	4,000,000	Korea East-West Power Company Ltd.		1.75%	^(a)		05/06/2025		3,754,651
	4,200,000	Korea Hydro & Nuclear Power Company Ltd.		1.25%	^(a)		04/27/2026		3,760,110
	7,000,000	Korea Southern Power Company Ltd.		0.75%	^(a)		01/27/2026		6,246,711
	1,038,713	Lima Metro Finance Ltd.		5.88%			07/05/2034		1,003,064
	1,000,000	Oleoducto Central S.A.		4.00%			07/14/2027		891,986
	900,000	ONGC Videsh Ltd.		4.63%			07/15/2024		888,710
	2,850,000	ONGC Videsh Vankorneft Pte Ltd.		3.75%			07/27/2026		2,699,321
	4,500,000	Panama Government International Bond		3.75%			03/16/2025		4,354,451
	9,000,000	Pertamina Persero PT		1.40%			02/09/2026		8,126,227
	1,400,000	Perusahaan Perseroan Persero PT Perusahaan Listrik Negara		4.13%			05/15/2027		1,317,750
	3,634,000	Petrobras Global Finance B.V.		7.38%			01/17/2027		3,748,613
	2,500,000	Petronas Capital Ltd.		3.50%			03/18/2025		2,422,121
	5,000,000	Republic of South Africa Government Bond		4.67%			01/17/2024		4,965,853
	1,800,000	Republic of South Africa Government Bond		4.88%			04/14/2026		1,719,540
	4,000,000	SingTel Group Treasury Pte Ltd.		2.38%			10/03/2026		3,657,792
	14,000,000	TNB Global Ventures Capital BHD		3.24%			10/19/2026		13,070,187

		Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $127,050,278)							118,073,839


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 13.8%

		ACRE Commercial Mortgage Ltd.,
	5,000,000	Series 2021-FL4-AS (Secured Overnight Financing Rate 1 Month + 1.21%, 1.10% Floor)		6.55%	^(a)		12/18/2037		4,928,455

		ACREC Ltd.,
	16,345,162	Series 2021-FL1-A (Secured Overnight Financing Rate 1 Month + 1.26%, 1.15% Floor)		6.60%	^(a)		10/16/2036		16,175,041

		Arbor Multifamily Mortgage Securities Trust,
	14,340,000	Series 2021-MF2-A2		2.02%	^(a)		06/15/2054		12,855,575

		Arbor Realty Ltd.,
	5,000,000	Series 2021-FL1-AS (Secured Overnight Financing Rate 1 Month + 1.31%, 1.20% Floor)		6.65%	^(a)		12/15/2035		4,920,160
	3,000,000	Series 2021-FL2-A (Secured Overnight Financing Rate 1 Month + 1.21%, 1.10% Floor)		6.55%	^(a)		05/15/2036		2,973,378

		AREIT Trust,
	4,591,074	Series 2022-CRE6-A (Secured Overnight Financing Rate 30 Day Average + 1.25%, 1.25% Floor)		6.56%	^(a)		01/20/2037		4,527,130

		Atrium Hotel Portfolio Trust,
	2,579,000	Series 2018-ATRM-A (Secured Overnight Financing Rate 1 Month + 1.25%, 0.95% Floor)		6.58%	^(a)		06/15/2035		2,529,875

		Bank of America Merrill Lynch Commercial Mortgage Trust,
	31,207,893	Series 2016-UB10-XA		1.89%	^(b)(g)		07/15/2049		997,239

		BANK,
	73,170,091	Series 2017-BNK5-XA		1.08%	^(b)(g)		06/15/2060		1,950,473
	90,962,303	Series 2017-BNK6-XA		0.91%	^(b)(g)		07/15/2060		1,981,459
	21,347,857	Series 2019-BN20-XA		0.94%	^(b)(g)		09/15/2062		795,586
	190,406,279	Series 2020-BN26-XA		1.34%	^(b)(g)		03/15/2063		10,540,035

		BANK5,
	4,466,612	Series 2023-5YR2-A1		6.20%			03/15/2028		4,457,866

		BBCMS Mortgage Trust,
	79,553,409	Series 2017-C1-XA		1.62%	^(b)(g)		02/15/2050		3,070,276
	174,875	Series 2018-BXH-A (Secured Overnight Financing Rate 1 Month + 1.05%, 1.00% Floor)		6.38%	^(a)		10/15/2037		172,276
	17,989,000	Series 2018-TALL-A (Secured Overnight Financing Rate 1 Month + 0.92%, 0.87% Floor)		6.25%	^(a)		03/15/2037		16,676,593
	10,696,000	Series 2018-TALL-B (Secured Overnight Financing Rate 1 Month + 1.17%, 1.12% Floor)		6.50%	^(a)		03/15/2037		9,181,820
	118,167,336	Series 2020-C6-XA		1.16%	^(b)(g)		02/15/2053		5,550,875
	59,000,000	Series 2020-C6-XB		0.79%	^(b)(g)		02/15/2053		2,187,555

		BDS Ltd.,
	5,280,330	Series 2021-FL8-A (Secured Overnight Financing Rate 1 Month + 1.03%, 0.92% Floor)		6.37%	^(a)		01/18/2036		5,229,945

		Benchmark Mortgage Trust,
	91,623,704	Series 2018-B1-XA		0.68%	^(b)(g)		01/15/2051		1,662,851
	174,562,216	Series 2020-B16-XA		0.92%	^(b)(g)		02/15/2053		7,548,472
	35,720,000	Series 2020-IG1-XB		0.24%	^(b)(g)		09/15/2043		320,230
	2,428,879	Series 2023-B39-A1		6.04%			07/15/2056		2,415,374
	1,843,959	Series 2023-V2-A1		5.85%			05/15/2055		1,815,100

		BMO Mortgage Trust,
	2,514,866	Series 2023-C5-A1		5.74%			06/15/2056		2,468,911


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

(Unaudited)

September 30, 2023


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $

		BPR Trust,
	8,789,000	Series 2021-TY-A (Secured Overnight Financing Rate 1 Month + 1.16%, 1.05% Floor)		6.50%	^(a)		09/15/2038		8,472,191

		BRSP Ltd.,
	16,859,000	Series 2021-FL1-A (Secured Overnight Financing Rate 1 Month + 1.26%, 1.15% Floor)		6.59%	^(a)		08/19/2038		16,480,296

		BSPRT Issuer Ltd.,
	20,000,000	Series 2021-FL6-A (Secured Overnight Financing Rate 1 Month + 1.21%, 1.10% Floor)		6.55%	^(a)		03/15/2036		19,761,960
	13,851,000	Series 2021-FL7-A (Secured Overnight Financing Rate 1 Month + 1.43%, 1.43% Floor)		6.77%	^(a)		12/15/2038		13,690,121

		BSREP Commercial Mortgage Trust,
	12,366,617	Series 2021-DC-A (Secured Overnight Financing Rate 1 Month + 1.06%, 0.95% Floor)		6.40%	^(a)		08/15/2038		11,608,569

		BX Commercial Mortgage Trust,
	7,030,822	Series 2020-VKNG-A (Secured Overnight Financing Rate 1 Month + 1.04%, 0.93% Floor)		6.38%	^(a)		10/15/2037		6,963,066

		BX Trust,
	4,314,362	Series 2021-21M-A (Secured Overnight Financing Rate 1 Month + 0.84%, 0.73% Floor)		6.18%	^(a)		10/15/2036		4,233,198
	7,752,000	Series 2021-VIEW-A (Secured Overnight Financing Rate 1 Month + 1.39%, 1.28% Floor)		6.73%	^(a)		06/15/2036		7,394,958
	16,787,000	Series 2021-VOLT-B (Secured Overnight Financing Rate 1 Month + 1.06%, 0.95% Floor)		6.40%	^(a)		09/15/2036		16,247,988
	13,130,171	Series 2021-XL2-B (Secured Overnight Financing Rate 1 Month + 1.11%, 1.00% Floor)		6.44%	^(a)		10/15/2038		12,802,113

		BXMT Ltd.,
	1,024,511	Series 2020-FL2-A (Secured Overnight Financing Rate 1 Month + 1.01%, 1.01% Floor)		6.35%	^(a)		02/15/2038		967,062
	20,000,000	Series 2021-FL4-A (Secured Overnight Financing Rate 1 Month + 1.16%, 1.05% Floor)		6.50%	^(a)		05/15/2038		18,838,120

		CD Commercial Mortgage Trust,
	20,603,095	Series 2017-CD4-XA		1.38%	^(b)(g)		05/10/2050		678,734

		CFCRE Commercial Mortgage Trust,
	42,452,000	Series 2017-C8-XB		1.06%	^(b)(g)		06/15/2050		1,168,398

		CFK Trust,
	116,365,000	Series 2020-MF2-X		0.89%	^(a)(b)(g)		03/15/2039		2,648,118

		CHCP Ltd.,
	5,773,232	Series 2021-FL1-A (Secured Overnight Financing Rate 1 Month + 1.16%, 1.05% Floor)		6.50%	^(a)		02/15/2038		5,702,753
	4,590,000	Series 2021-FL1-AS (Secured Overnight Financing Rate 1 Month + 1.41%, 1.30% Floor)		6.75%	^(a)		02/15/2038		4,485,270

		Citigroup Commercial Mortgage Trust,
	1,264,196	Series 2014-FL2-A (Secured Overnight Financing Rate 1 Month + 1.97%, 1.85% Floor)		7.30%	^(a)		11/15/2031		1,258,450


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $

		Citigroup Commercial Mortgage Trust, (Cont.)
	7,987,303	Series 2014-GC23-A3		3.36%			07/10/2047		7,857,466
	3,099,807	Series 2015-P1-A4		3.46%			09/15/2048		2,983,248
	30,281,728	Series 2016-GC36-XA		1.37%	^(b)(g)		02/10/2049		666,973
	52,286,593	Series 2016-P3-XA		1.82%	^(b)(g)		04/15/2049		1,393,171
	9,000,000	Series 2018-TBR-A (Secured Overnight Financing Rate 1 Month + 1.07%, 0.83% Floor)		6.40%	^(a)		12/15/2036		8,869,407
	242,000	Series 2019-PRM-D		4.35%	^(a)		05/10/2036		240,982

		CLNC Ltd.,
	42,773	Series 2019-FL1-A (Secured Overnight Financing Rate 1 Month + 1.36%, 1.25% Floor)		6.69%	^(a)		08/20/2035		42,816
	16,415,000	Series 2019-FL1-AS (Secured Overnight Financing Rate 1 Month + 1.66%, 1.55% Floor)		6.99%	^(a)		08/20/2035		16,280,397

		COMM Mortgage Trust,
	225,000	Series 2014-CR18-AM		4.10%			07/15/2047		218,867
	13,027,200	Series 2014-UBS5-A3		3.57%			09/10/2047		12,831,789

		Commercial Mortgage Pass-Through Trust,
	34,795,911	Series 2013-CR12-XA		0.99%	^(b)(g)		10/10/2046		1,708
	137,183,885	Series 2015-CR25-XA		0.94%	^(b)(g)		08/10/2048		1,603,309
	6,818,000	Series 2015-DC1-A5		3.35%			02/10/2048		6,526,084
	11,308,000	Series 2018-HCLV-A (Secured Overnight Financing Rate 1 Month + 1.15%, 1.00% Floor)		6.63%	^(a)		09/15/2033		10,374,180

		CSAIL Commercial Mortgage Trust,
	2,435,663	Series 2015-C3-A3		3.45%			08/15/2048		2,333,925
	89,130,067	Series 2017-C8-XA		1.24%	^(b)(g)		06/15/2050		2,747,987
	12,900,178	Series 2017-CX9-XA		0.75%	^(b)(g)		09/15/2050		169,772

		DBCG Mortgage Trust,
	12,925,000	Series 2017-BBG-B (Prime Rate)		8.50%	^(a)		06/15/2034		12,761,183

		DBJPM Mortgage Trust,
	700,000	Series 2016-C3-A5		2.89%			08/10/2049		637,367

		EQUS Mortgage Trust,
	18,292,633	Series 2021-EQAZ-A (Secured Overnight Financing Rate 1 Month + 0.87%, 0.76% Floor)		6.20%	^(a)		10/15/2038		17,878,521

		Extended Stay America Trust,
	4,030,067	Series 2021-ESH-A (Secured Overnight Financing Rate 1 Month + 1.19%, 1.08% Floor)		6.53%	^(a)		07/15/2038		3,999,758

		FS Rialto,
	7,778,247	Series 2019-FL1-A (Secured Overnight Financing Rate 1 Month + 1.31%, 1.20% Floor)		6.65%	^(a)		12/16/2036		7,661,815
	20,160,154	Series 2021-FL2-A (Secured Overnight Financing Rate 1 Month + 1.33%, 1.33% Floor)		6.67%	^(a)		05/16/2038		19,843,479
	9,289,000	Series 2021-FL3-A (Secured Overnight Financing Rate 1 Month + 1.36%, 1.25% Floor)		6.70%	^(a)		11/16/2036		9,170,816

		GPMT Ltd,
	9,225,000	Series 2021-FL4-A (Secured Overnight Financing Rate 1 Month + 1.46%, 1.35% Floor)		6.79%	^(a)		12/15/2036		8,960,658
	4,157,629	Series 2021-FL3-A (Secured Overnight Financing Rate 1 Month + 1.36%, 1.36% Floor)		6.70%	^(a)		07/16/2035		4,109,712


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		25


Schedule of Investments DoubleLine Low Duration Bond Fund (Cont.)


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $

		Great Wolf Trust,
	15,959,000	Series 2019-WOLF-A (Secured Overnight Financing Rate 1 Month + 1.15%, 1.03% Floor)		6.48%	^(a)		12/15/2036		15,885,887

		Greystone Commercial Real Estate Notes,
	12,813,000	Series 2021-FL3-A (Secured Overnight Financing Rate 1 Month + 1.13%, 1.02% Floor)		6.47%	^(a)		07/15/2039		12,689,380

		GS Mortgage Securities Corporation II,
	6,615,000	Series 2023-SHIP-A		4.47%	^(a)(b)		09/10/2038		6,326,952

		GS Mortgage Securities Corporation Trust,
	2,615,000	Series 2018-TWR-A (Secured Overnight Financing Rate 1 Month + 1.20%, 0.90% Floor)		6.53%	^(a)		07/15/2031		2,205,099
	9,296,000	Series 2021-IP-A (Secured Overnight Financing Rate 1 Month + 1.06%, 0.95% Floor)		6.40%	^(a)		10/15/2036		8,869,145

		GS Mortgage Securities Trust,
	3,560,000	Series 2014-GC20-A5		4.00%			04/10/2047		3,525,894
	1,860,000	Series 2014-GC26-A5		3.63%			11/10/2047		1,793,053
	106,043,788	Series 2017-GS6-XA		1.16%	^(b)(g)		05/10/2050		3,117,868
	126,098,454	Series 2017-GS7-XA		1.23%	^(b)(g)		08/10/2050		3,946,705
	138,247,375	Series 2017-GS8-XA		1.08%	^(b)(g)		11/10/2050		4,026,676
	54,603,237	Series 2019-GC42-XA		0.93%	^(b)(g)		09/10/2052		1,854,080

		HGI CRE Ltd.,
	3,824,095	Series 2021-FL1-A (Secured Overnight Financing Rate 1 Month + 1.16%, 1.16% Floor)		6.50%	^(a)		06/16/2036		3,797,242

		JP Morgan Chase Commercial Mortgage Securities Trust,
	7,400,456	Series 2014-C20-XA		0.86%	^(b)(g)		07/15/2047		8,590
	56,132,808	Series 2016-JP4-XA		0.71%	^(b)(g)		12/15/2049		773,645
	59,178,200	Series 2020-ACE-XA		0.47%	^(a)(b)(g)		01/10/2037		214,876
	117,285,000	Series 2020-MKST-XCP		0.00%	^(a)(b)(g)		12/15/2036		1,173

		JPMBB Commercial Mortgage Securities Trust,
	3,350,000	Series 2014-C18-A5		4.08%			02/15/2047		3,315,228
	2,550,000	Series 2014-C25-B		4.35%	^(b)		11/15/2047		2,383,707
	1,183,810	Series 2015-C30-A4		3.55%			07/15/2048		1,122,990
	51,097,481	Series 2015-C32-XA		1.26%	^(b)(g)		11/15/2048		625,597
	425,336	Series 2016-C1-A5		3.58%			03/17/2049		400,563

		JPMCC Commercial Mortgage Securities Trust,
	25,041,061	Series 2019-COR5-XA		1.63%	^(b)(g)		06/13/2052		1,378,450

		KREF Ltd.,
	11,569,000	Series 2021-FL2-A (Secured Overnight Financing Rate 1 Month + 1.18%, 1.07% Floor)		6.52%	^(a)		02/15/2039		11,453,541

		LCCM Trust,
	12,816,979	Series 2021-FL2-A (Secured Overnight Financing Rate 1 Month + 1.31%, 1.31% Floor)		6.65%	^(a)		12/13/2038		12,516,562
	10,000,000	Series 2021-FL3-A (Secured Overnight Financing Rate 1 Month + 1.56%, 1.56% Floor)		6.90%	^(a)		11/15/2038		9,924,210

		Life Mortgage Trust,
	5,652,078	Series 2021-BMR-A (Secured Overnight Financing Rate 1 Month + 0.81%, 0.70% Floor)		6.15%	^(a)		03/15/2038		5,543,735

		LoanCore Issuer Ltd.,
	9,954,080	Series 2019-CRE2-AS (Secured Overnight Financing Rate 1 Month + 1.61%, 1.50% Floor)		6.95%	^(a)		05/15/2036		9,932,181


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $

		LoanCore Issuer Ltd., (Cont.)
	1,899,388	Series 2019-CRE3-AS (Secured Overnight Financing Rate 1 Month + 1.48%, 1.37% Floor)		6.82%	^(a)		04/15/2034		1,896,349
	9,550,000	Series 2021-CRE5-A (1 Month LIBOR USD + 1.30%, 1.30% Floor)		6.75%	^(a)(k)		07/15/2036		9,440,528
	13,235,000	Series 2021-CRE6-A (Secured Overnight Financing Rate 1 Month + 1.41%, 1.30% Floor)		6.75%	^(a)		11/15/2038		12,982,410

		LSTAR Commercial Mortgage Trust,
	50,672,885	Series 2017-5-X		0.96%	^(a)(b)(g)		03/10/2050		863,876

		Lument Finance Trust, Inc.,
	13,700,000	Series 2021-FL1-A (Secured Overnight Financing Rate 1 Month + 1.28%, 1.28% Floor)		6.62%	^(a)		06/15/2039		13,570,713

		MF1 Ltd.,
	15,764,122	Series 2021-FL6-A (Secured Overnight Financing Rate 1 Month + 1.21%, 1.10% Floor)		6.55%	^(a)		07/16/2036		15,421,931
	5,000,000	Series 2022-FL8-A (Secured Overnight Financing Rate 1 Month + 1.35%, 1.35% Floor)		6.68%	^(a)		02/19/2037		4,943,297

		MF1 Multifamily Housing Mortgage Loan Trust,
	1,573,025	Series 2021-FL5-A (Secured Overnight Financing Rate 1 Month + 0.96%, 0.96% Floor)		6.30%	^(a)		07/15/2036		1,557,328
	10,343,000	Series 2021-FL5-AS (Secured Overnight Financing Rate 1 Month + 1.31%, 1.31% Floor)		6.65%	^(a)		07/15/2036		10,129,489

		MHP,
	5,652,138	Series 2022-MHIL-A (Secured Overnight Financing Rate 1 Month + 0.81%, 0.82% Floor)		6.15%	^(a)		01/15/2027		5,527,440

		Morgan Stanley Bank of America Merrill Lynch Trust,
	518,683	Series 2013-C10-AS		4.09%	^(b)		07/15/2046		503,544
	2,245,000	Series 2014-C16-A5		3.89%			06/15/2047		2,210,563
	13,853,522	Series 2014-C19-LNCX		0.76%	^(a)(b)(g)		12/15/2046		61,052

		Morgan Stanley Capital I Trust,
	401,946	Series 2021-L5-A1		0.79%			05/15/2054		370,765

		Morgan Stanley Capital Trust,
	1,119,235	Series 2006-HQ10-X1		0.59%	^(a)(b)(g)		11/12/2041		12,025
	59,648,504	Series 2017-H1-XA		1.48%	^(b)(g)		06/15/2050		1,794,472
	7,895,000	Series 2019-PLND-D (Secured Overnight Financing Rate 1 Month + 1.86%, 1.75% Floor)		7.20%	^(a)		05/15/2036		6,245,995
	18,374,239	Series 2021-ILP-A (Secured Overnight Financing Rate 1 Month + 0.89%, 0.78% Floor)		6.23%	^(a)		11/15/2023		17,980,486
	14,862,000	Series 2021-L6-A2		2.13%	^(b)		06/15/2054		13,318,715

		Natixis Commercial Mortgage Securities Trust,
	3,276,668	Series 2018-FL1-A (Secured Overnight Financing Rate 1 Month + 1.06%, 0.95% Floor)		6.40%	^(a)		06/15/2035		3,096,774

		PFP Ltd.,
	8,181,546	Series 2021-7-AS (Secured Overnight Financing Rate 1 Month + 1.26%, 1.15% Floor)		6.60%	^(a)		04/14/2038		8,128,750
	4,805,600	Series 2021-8-A (Secured Overnight Financing Rate 1 Month + 1.11%, 1.00% Floor)		6.45%	^(a)		08/09/2037		4,742,873


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

(Unaudited)

September 30, 2023


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $

		SREIT Trust,
	9,803,000	Series 2021-MFP-A (Secured Overnight Financing Rate 1 Month + 0.85%, 0.73% Floor)		6.18%	^(a)		11/15/2038		9,628,671

		STWD Ltd.,
	12,887,000	Series 2019-FL1-AS (Secured Overnight Financing Rate 1 Month + 1.51%, 1.51% Floor)		6.85%	^(a)		07/15/2038		12,519,721
	10,995,000	Series 2021-FL2-A (Secured Overnight Financing Rate 1 Month + 1.31%, 1.20% Floor)		6.65%	^(a)		04/18/2038		10,790,669

		TRTX Issuer Ltd.,
	13,118,757	Series 2021-FL4-A (Secured Overnight Financing Rate 1 Month + 1.31%, 1.20% Floor)		6.65%	^(a)		03/15/2038		12,865,172

		TTAN,
	4,657,312	Series 2021-MHC-A (Secured Overnight Financing Rate 1 Month + 0.96%, 0.85% Floor)		6.30%	^(a)		03/15/2038		4,594,325

		UBS Commercial Mortgage Trust,
	52,478,003	Series 2017-C1-XA		1.68%	^(b)(g)		06/15/2050		2,192,510
	86,555,427	Series 2017-C3-XA		1.26%	^(b)(g)		08/15/2050		2,425,309
	94,284,300	Series 2018-C8-XA		0.97%	^(b)(g)		02/15/2051		2,775,504

		Wells Fargo Commercial Mortgage Trust,
	24,314,283	Series 2015-LC22-XA		0.90%	^(b)(g)		09/15/2058		277,890
	173,713,940	Series 2019-C51-XA		1.48%	^(b)(g)		06/15/2052		8,866,325
	14,728,803	Series 2020-C58-XA		1.92%	^(b)(g)		07/15/2053		1,334,829
	11,851,000	Series 2021-C60-A2		2.04%			08/15/2054		10,592,587
	3,201,089	Series 2021-SAVE-A (Secured Overnight Financing Rate 1 Month + 1.26%, 1.15% Floor)		6.60%	^(a)		02/15/2040		3,064,148
	4,472,000	Series 2021-SAVE-B (Secured Overnight Financing Rate 1 Month + 1.56%, 1.45% Floor)		6.90%	^(a)		02/15/2040		4,213,341

		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $909,506,714)							790,072,710

	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 13.0%

		Angel Oak Mortgage Trust,
	15,510,902	Series 2021-7-A1		1.98%	^(a)(b)		10/25/2066		12,615,764

		Arroyo Mortgage Trust,
	5,261,099	Series 2019-3-A2		3.21%	^(a)(b)		10/25/2048		4,783,621
	2,843,357	Series 2019-3-A3		3.42%	^(a)(b)		10/25/2048		2,586,304

		Banc of America Mortgage Trust,
	334,115	Series 2005-E-2A1		4.59%	^(b)		06/25/2035		279,273

		BCAP LLC Trust,
	508,423	Series 2011-RR1-8A3		5.39%	^(a)(b)		09/30/2056		368,467

		Bear Stearns Adjustable Rate Mortgage Trust,
	1,292,111	Series 2003-9-4A1		4.26%	^(b)		02/25/2034		1,269,724

		Bear Stearns Asset Backed Securities Trust,
	157,962	Series 2004-AC2-2A		5.00%			05/25/2034		133,296

		BRAVO Residential Funding Trust,
	4,544,979	Series 2020-RPL1-A1		2.50%	^(a)(b)		05/26/2059		4,289,638


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $

		BRAVO Residential Funding Trust, (Cont.)
	12,917,709	Series 2021-A-A1		1.99%	^(a)(h)		10/25/2059		12,387,644
	17,329,119	Series 2021-B-A1		2.12%	^(a)(h)		04/01/2069		16,799,373
	6,981,451	Series 2022-RPL1-A1		2.75%	^(a)(b)		09/25/2061		6,088,862

		Carrington Mortgage Loan Trust,
	2,114,659	Series 2006-NC3-A3 (Secured Overnight Financing Rate 1 Month + 0.26%, 0.15% Floor, 12.50% Cap)		5.58%			08/25/2036		1,988,358

		Chase Funding Mortgage Loan,
	2,180,381	Series 2004-2-1A5		6.20%	^(h)		02/26/2035		2,117,852

		CHL Mortgage Pass-Through Trust,
	376,061	Series 2004-HYB9-1A1		3.86%	^(b)		02/20/2035		373,253
	3,873,041	Series 2005-3-1A2 (Secured Overnight Financing Rate 1 Month + 0.69%, 0.58% Floor)		6.01%			04/25/2035		3,505,947

		Citigroup Mortgage Loan Trust, Inc.,
	344,299	Series 2006-AR1-2A1 (1 Year CMT Rate + 2.40%, 2.40% Floor, 9.87% Cap)		6.38%			03/25/2036		314,583

		Citigroup Mortgage Loan Trust,
	2,026,760	Series 2020-EXP1-A1A		1.80%	^(a)(b)		05/25/2060		1,815,422

		COLT Mortgage Loan Trust,
	297,792	Series 2020-2-A1		1.85%	^(a)(b)		03/25/2065		295,966
	5,521,191	Series 2021-1R-A1		0.86%	^(a)(b)		05/25/2065		4,616,228
	5,770,366	Series 2021-5-A1		1.73%	^(a)(b)		11/26/2066		4,754,564
	15,468,831	Series 2021-RPL1-A1		1.67%	^(a)(b)		09/25/2061		13,300,137
	3,829,654	Series 2023-2-A1		6.60%	^(a)(h)		07/25/2068		3,819,696

		Credit Suisse First Boston Mortgage Securities Corporation,
	26,475	Series 2005-11-5A1		5.25%			06/25/2026		18,472

		Credit Suisse Mortgage-Backed Trust,
	30,693,907	Series 2019-RP10-A1		3.06%	^(a)(b)		12/26/2059		30,340,810
	2,969,558	Series 2022-NQM5-A1		5.17%	^(a)(b)		05/25/2067		2,885,616

		CSMC Trust,
	11,046,344	Series 2020-RPL3-A1		2.69%	^(a)(b)		03/25/2060		10,843,986
	1,966,790	Series 2021-NQM1-A2		0.99%	^(a)(b)		05/25/2065		1,638,639
	3,277,983	Series 2021-NQM1-A3		1.20%	^(a)(b)		05/25/2065		2,737,758
	7,749,671	Series 2021-NQM5-A3		1.35%	^(a)(b)		05/25/2066		5,857,467
	5,137,290	Series 2021-RPL4-A1		1.80%	^(a)(b)		12/27/2060		4,806,901
	17,697,623	Series 2022-NQM1-A1		2.27%	^(a)(b)		11/25/2066		14,602,574
	9,000,441	Series 2022-RPL4-A1		3.90%	^(a)(b)		04/25/2062		8,277,804

		Ellington Financial Mortgage Trust,
	1,148,618	Series 2020-1-A1		2.01%	^(a)(b)		05/25/2065		1,100,968

		Federal Home Loan Mortgage Corporation STACR REMICS,
	2,390,220	Series 2022-DNA2-M1A (Secured Overnight Financing Rate 30 Day Average + 1.30%)		6.61%	^(a)		02/25/2042		2,385,315

		First Horizon Mortgage Pass-Through Trust,
	1,831,227	Series 2007-AR2-1A1		5.54%	^(b)		08/25/2037		613,445

		FirstKey Homes Trust,
	7,481,677	Series 2020-SFR2-A		1.27%	^(a)		10/19/2037		6,791,382

		GCAT Trust,
	5,470,047	Series 2022-NQM4-A1		5.27%	^(a)(h)		08/25/2067		5,346,419

		GSR Mortgage Loan Trust,
	2,406,879	Series 2005-9F-2A2		6.00%			01/25/2036		1,128,851
	147,107	Series 2005-AR7-3A1		6.11%	^(b)		11/25/2035		135,267

		HOMES Trust,
	14,322,180	Series 2023-NQM2-A1		6.46%	^(a)(h)		02/25/2068		14,319,102

		Homeward Opportunities Fund Trust,
	12,409,587	Series 2022-1-A1		5.08%	^(a)(h)		07/25/2067		12,039,250

		JP Morgan Alternative Loan Trust,
	21,789	Series 2006-S4-A6		6.21%	^(h)		12/25/2036		20,806


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		27


Schedule of Investments DoubleLine Low Duration Bond Fund (Cont.)


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $

		Legacy Mortgage Asset Trust,
	16,087,898	Series 2019-GS7-A1		6.25%	^(a)(h)		11/25/2059		15,954,195
	10,028,205	Series 2020-GS5-A1		6.25%	^(a)(h)		06/25/2060		9,928,658
	830,541	Series 2020-SL1-A		5.73%	^(a)(h)		01/25/2060		829,820
	956,819	Series 2021-GS1-A1		1.89%	^(a)(h)		10/25/2066		890,155
	10,675,324	Series 2021-GS2-A1		1.75%	^(a)(h)		04/25/2061		9,910,987
	19,003,469	Series 2021-GS3-A1		1.75%	^(a)(h)		07/25/2061		17,786,780
	24,786,993	Series 2021-GS4-A1		1.65%	^(a)(h)		11/25/2060		22,559,408
	3,864,672	Series 2021-SL1-A		1.99%	^(a)(b)		09/25/2060		3,836,567

		LHOME Mortgage Trust,
	4,825,692	Series 2021-RTL1-A1		2.09%	^(a)(b)		02/25/2026		4,806,146

		MASTR Adjustable Rate Mortgages Trust,
	1,757,363	Series 2006-2-2A1		4.96%	^(b)		04/25/2036		961,016

		Merrill Lynch Mortgage Investors Trust,
	527,071	Series 2005-3-2A		4.58%	^(b)		11/25/2035		503,955

		MFA Trust,
	2,133,581	Series 2021-NPL1-A1		2.36%	^(a)(h)		03/25/2060		2,054,943
	10,751,557	Series 2021-NQM2-A1		1.03%	^(a)(b)		11/25/2064		8,795,767
	1,392,838	Series 2021-NQM2-A2		1.32%	^(a)(b)		11/25/2064		1,150,124

		Mill City Mortgage Loan Trust,
	2,599,297	Series 2017-3-A1		2.75%	^(a)(b)		01/25/2061		2,523,604

		Morgan Stanley Mortgage Loan Trust,
	7,105	Series 2004-1-1A1		5.00%			11/25/2033		5,160

		OBX Trust,
	1,314,891	Series 2018-1-A2 (Secured Overnight Financing Rate 1 Month + 0.76%)		6.08%	^(a)		06/25/2057		1,252,290
	10,378,429	Series 2022-NQM1-A1		2.31%	^(a)(b)		11/25/2061		8,637,061
	2,638,928	Series 2022-NQM7-A1		5.11%	^(a)(h)		08/25/2062		2,569,477
	9,655,938	Series 2023-NQM5-A1A		6.57%	^(a)(h)		06/25/2063		9,669,254

		Pretium Mortgage Credit Partners LLC,
	8,833,756	Series 2021-NPL1-A1		2.24%	^(a)(h)		09/27/2060		8,552,756
	3,274,425	Series 2021-NPL2-A1		1.99%	^(a)(h)		06/27/2060		3,046,160
	27,141,700	Series 2021-NPL3-A1		1.87%	^(a)(h)		07/25/2051		25,230,433
	15,926,919	Series 2021-RN1-A1		1.99%	^(a)(h)		02/25/2061		15,093,548
	5,419,882	Series 2021-RN2-A1		1.74%	^(a)(h)		07/25/2051		5,053,158
	18,187,397	Series 2021-RN3-A1		1.84%	^(a)(h)		09/25/2051		16,538,633

		PRPM LLC,
	6,771,599	Series 2020-4-A1		2.95%	^(a)(h)		10/25/2025		6,637,901
	14,291,588	Series 2021-1-A1		2.12%	^(a)(b)		01/25/2026		13,525,660
	10,129,568	Series 2021-2-A1		2.12%	^(a)(b)		03/25/2026		9,753,137
	10,168,363	Series 2021-3-A1		1.87%	^(a)(h)		04/25/2026		9,586,096
	14,213,579	Series 2021-4-A1		1.87%	^(a)(h)		04/25/2026		13,131,713
	10,616,629	Series 2021-5-A1		1.79%	^(a)(h)		06/25/2026		9,842,728
	13,595,432	Series 2021-6-A1		1.79%	^(a)(h)		07/25/2026		12,788,642
	24,602,763	Series 2021-7-A1		1.87%	^(a)(h)		08/25/2026		22,707,703

		Securitized Asset Backed Receivables LLC Trust,
	3,928,667	Series 2006-NC1-A3 (Secured Overnight Financing Rate 1 Month + 0.65%, 0.54% Floor)		5.97%			03/25/2036		3,401,903

		Starwood Mortgage Residential Trust,
	624,097	Series 2020-3-A1		1.49%	^(a)(b)		04/25/2065		578,133
	25,936,173	Series 2021-5-A1		1.92%	^(a)(b)		09/25/2066		20,331,885

		Structured Asset Securities Corporation,
	89,597	Series 2003-24A-1A3		6.54%	^(b)		07/25/2033		86,983

		Terwin Mortgage Trust,
	778,562	Series 2003-4HE-M1 (Secured Overnight Financing Rate 1 Month + 1.24%, 1.13% Floor)		6.56%			09/25/2034		769,310

		VCAT LLC,
	9,164,618	Series 2021-NPL1-A1		2.29%	^(a)(h)		12/26/2050		8,894,814
	5,237,164	Series 2021-NPL3-A1		1.74%	^(a)(h)		05/25/2051		4,889,628
	18,356,825	Series 2021-NPL4-A1		1.87%	^(a)(h)		08/25/2051		17,211,051
	7,712,284	Series 2021-NPL5-A1		1.87%	^(a)(h)		08/25/2051		7,300,843
	10,155,390	Series 2021-NPL6-A1		1.92%	^(a)(h)		09/25/2051		9,386,574

		Velocity Commercial Capital Loan Trust,
	2,355,847	Series 2019-2-A		3.13%	^(a)(b)		07/25/2049		2,175,536
	5,436,884	Series 2021-1-M1		1.79%	^(a)(b)		05/25/2051		4,244,386


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $

		Velocity Commercial Capital Loan Trust, (Cont.)
	20,499,973	Series 2021-2-A		1.52%	^(a)(b)		08/25/2051		16,720,627
	4,760,699	Series 2021-2-M1		1.82%	^(a)(b)		08/25/2051		3,767,036

		Verus Securitization Trust,
	1,176,719	Series 2020-2-A1		2.23%	^(a)(b)		05/25/2060		1,150,549
	788,233	Series 2020-INV1-A1		1.98%	^(a)(b)		03/25/2060		772,814
	8,420,194	Series 2021-4-A3		1.35%	^(a)(b)		07/25/2066		6,387,400
	7,603,921	Series 2021-7-A1		1.83%	^(a)(b)		10/25/2066		6,370,742
	13,382,712	Series 2022-INV1-A1		5.04%	^(a)(h)		08/25/2067		12,990,889
	446,090	Series 2022-INV1-A2		5.80%	^(a)(h)		08/25/2067		435,880
	21,566,506	Series 2023-4-A1		5.81%	^(a)(h)		05/25/2068		21,150,999

		VOLT LLC,
	8,384,371	Series 2021-NP10-A1		1.99%	^(a)(h)		05/25/2051		7,697,689
	19,701,953	Series 2021-NP11-A1		1.87%	^(a)(h)		08/25/2051		18,310,715
	11,069,168	Series 2021-NPL1-A1		1.89%	^(a)(h)		02/27/2051		10,455,456
	6,834,454	Series 2021-NPL3-A1		2.24%	^(a)(h)		02/27/2051		6,471,001
	5,497,787	Series 2021-NPL5-A1		2.12%	^(a)(h)		03/27/2051		5,227,458
	4,873,787	Series 2021-NPL6-A1		2.24%	^(a)(h)		04/25/2051		4,562,154
	21,505,097	Series 2021-NPL8-A1		2.12%	^(a)(h)		04/25/2051		20,108,283
	3,233,309	Series 2021-NPL9-A1		1.99%	^(a)(h)		05/25/2051		3,004,324

		Washington Mutual Mortgage Pass-Through Certificates Trust,
	144,946	Series 2002-AR16-A		4.33%	^(b)		12/25/2032		137,044

		Wells Fargo Mortgage Backed Securities Trust,
	223,422	Series 2007-7-A36		6.00%			06/25/2037		193,907

		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $812,215,029)							745,694,452

	US CORPORATE BONDS 6.7%
	2,515,000	AbbVie, Inc.		2.60%			11/21/2024		2,425,486
	5,350,000	Amazon.com, Inc.		4.60%			12/01/2025		5,283,000
	905,000	American Express Company		3.38%			05/03/2024		891,189
	1,575,000	American Express Company		5.99%	^(d)		11/04/2026		1,561,438
	2,457,000	American Express Company (Secured Overnight Financing Rate + 0.93%)		6.28%			03/04/2025		2,467,497
	2,670,000	Amgen, Inc.		5.51%			03/02/2026		2,654,588
	2,625,000	Arrow Electronics, Inc.		6.13%			03/01/2026		2,615,345
	3,335,000	AT&T, Inc.		5.54%			02/20/2026		3,308,882
	7,950,000	Athene Global Funding		6.05%	^(a)(d)		05/24/2024		7,918,060
	1,625,000	Avery Dennison Corporation		0.85%			08/15/2024		1,555,335
	4,615,000	Aviation Capital Group LLC		1.95%	^(a)		09/20/2026		4,032,233
	13,130,000	Bank of America Corporation (Secured Overnight Financing Rate 3 Month + 1.23%)		3.46%			03/15/2025		12,956,585
	425,000	Boeing Company		4.88%			05/01/2025		417,766
	2,970,000	Broadcom, Inc.		3.15%			11/15/2025		2,808,265
	170,000	Broadcom, Inc.		3.88%			01/15/2027		159,789
	5,245,000	Campbell Soup Company		3.95%			03/15/2025		5,097,350
	2,800,000	Capital One Financial Corporation (Secured Overnight Financing Rate + 2.16%)		4.99%			07/24/2026		2,717,867
	7,355,000	Cardinal Health, Inc.		3.08%			06/15/2024		7,203,014
	3,895,000	Caterpillar Financial Services Corporation		3.65%			08/12/2025		3,774,729
	1,565,000	Caterpillar Financial Services Corporation		4.35%			05/15/2026		1,530,366


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

(Unaudited)

September 30, 2023


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	2,370,000	Charles Schwab Corporation		6.40%	^(d)		03/03/2027		2,346,381
	3,150,000	Citigroup, Inc. (Secured Overnight Financing Rate + 1.53%)		3.29%			03/17/2026		3,015,374
	5,587,000	Citigroup, Inc. (Secured Overnight Financing Rate 3 Month + 1.16%)		3.35%			04/24/2025		5,488,459
	2,665,000	Constellation Brands, Inc.		3.60%			05/09/2024		2,626,610
	2,770,000	Crown Castle, Inc.		4.80%			09/01/2028		2,631,661
	2,705,000	CVS Health Corporation		5.00%			02/20/2026		2,663,521
	2,425,000	Dell International LLC		4.00%			07/15/2024		2,387,951
	415,000	Dell International LLC		5.85%			07/15/2025		414,531
	2,645,000	Dollar General Corporation		4.15%			11/01/2025		2,549,278
	4,915,000	Dollar Tree, Inc.		4.00%			05/15/2025		4,759,120
	2,770,000	DTE Energy Company		4.88%			06/01/2028		2,678,976
	7,664,000	Elevance Health, Inc.		3.50%			08/15/2024		7,508,288
	3,335,000	Eli Lilly & Company		5.00%			02/27/2026		3,323,318
	3,940,000	Energy Transfer LP		5.88%			01/15/2024		3,937,975
	1,215,000	Energy Transfer LP		4.50%			04/15/2024		1,204,804
	160,000	Energy Transfer LP		4.05%			03/15/2025		155,642
	5,775,000	Entergy Corporation		0.90%			09/15/2025		5,246,800
	5,430,000	Equinix, Inc.		1.25%			07/15/2025		4,997,192
	5,060,000	Expedia Group, Inc.		6.25%	^(a)		05/01/2025		5,070,797
	2,690,000	General Mills, Inc.		4.00%			04/17/2025		2,617,147
	2,250,000	General Mills, Inc.		5.24%			11/18/2025		2,230,483
	5,225,000	General Motors Financial Company, Inc.		5.25%			03/01/2026		5,106,315
	2,690,000	Gilead Sciences, Inc.		3.65%			03/01/2026		2,576,110
	5,347,000	Goldman Sachs Group, Inc.		3.50%			04/01/2025		5,149,915
	5,417,000	HCA, Inc.		5.00%			03/15/2024		5,390,068
	3,980,000	Hewlett Packard Enterprise Company		5.90%			10/01/2024		3,977,867
	4,405,000	Hyatt Hotels Corporation		5.75%			01/30/2027		4,378,822
	5,245,000	Hyundai Capital America		1.00%	^(a)		09/17/2024		4,998,112
	2,360,000	Intel Corporation		4.88%			02/10/2026		2,332,209
	2,490,000	Intuit, Inc.		5.25%			09/15/2026		2,484,632
	5,405,000	John Deere Capital Corporation		4.75%			01/20/2028		5,309,723
	5,254,000	JPMorgan Chase & Company		3.90%			07/15/2025		5,090,155
	2,177,000	JPMorgan Chase & Company (Secured Overnight Financing Rate + 0.42%)		0.56%			02/16/2025		2,128,562
	8,125,000	JPMorgan Chase & Company (Secured Overnight Financing Rate 3 Month + 1.42%)		3.22%			03/01/2025		8,019,646
	5,010,000	Keurig Dr Pepper, Inc.		0.75%			03/15/2024		4,892,513
	200,000	Keurig Dr Pepper, Inc.		4.60%			05/25/2028		192,357
	2,706,000	Kinder Morgan, Inc.		4.30%			06/01/2025		2,637,442
	1,750,000	Lowe’s Companies, Inc.		4.40%			09/08/2025		1,711,357
	5,460,000	Marriott International, Inc.		3.60%			04/15/2024		5,393,583
	5,230,000	Marsh & McLennan Companies, Inc.		3.88%			03/15/2024		5,181,369
	2,574,000	McDonald’s Corporation		3.38%			05/26/2025		2,486,598
	2,850,000	McDonald’s Corporation		1.45%			09/01/2025		2,639,866
	2,705,000	McKesson Corporation		5.25%			02/15/2026		2,675,612
	1,645,000	Meta Platforms, Inc.		4.60%			05/15/2028		1,609,753
	5,095,000	Microchip Technology, Inc.		0.97%			02/15/2024		5,001,835
	4,420,000	Morgan Stanley (Secured Overnight Financing Rate + 0.46%)		5.79%			01/25/2024		4,419,554
	5,905,000	Morgan Stanley (Secured Overnight Financing Rate + 0.53%)		0.79%			05/30/2025		5,673,197
	4,303,000	Mosaic Company		4.25%			11/15/2023		4,292,369
	2,120,000	New York Life Global Funding		3.60%	^(a)		08/05/2025		2,049,710
	1,750,000	NextEra Energy Capital Holdings, Inc.		4.20%			06/20/2024		1,727,160
	950,000	NextEra Energy Capital Holdings, Inc.		4.26%			09/01/2024		934,974
	2,740,000	NiSource, Inc.		5.25%			03/30/2028		2,687,131


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	3,954,000	Northrop Grumman Corporation		2.93%			01/15/2025		3,814,285
	1,325,000	Northrop Grumman Corporation		3.25%			01/15/2028		1,215,961
	5,495,000	NVIDIA Corporation		0.58%			06/14/2024		5,305,894
	4,100,000	Omnicom Group, Inc.		3.65%			11/01/2024		4,001,750
	5,037,000	Oracle Corporation		5.80%			11/10/2025		5,056,998
	2,705,000	Pacific Gas and Electric Company		3.25%			02/16/2024		2,673,646
	2,555,000	Pacific Gas and Electric Company		4.95%			06/08/2025		2,495,975
	5,140,000	Parker-Hannifin Corporation		3.65%			06/15/2024		5,061,337
	5,660,000	Penske Truck Leasing Company LP		4.40%	^(a)		07/01/2027		5,307,665
	995,000	Pfizer Investment Enterprises Pte Ltd.		4.65%			05/19/2025		981,613
	5,245,000	Philip Morris International, Inc.		4.88%			02/13/2026		5,160,183
	1,442,000	Phillips 66		3.85%			04/09/2025		1,403,154
	1,260,000	Phillips 66		1.30%			02/15/2026		1,139,737
	3,520,000	PNC Financial Services Group, Inc. (Secured Overnight Financing Rate + 1.32%)		5.81%			06/12/2026		3,492,891
	4,165,000	Public Service Enterprise Group, Inc.		0.84%			11/08/2023		4,142,221
	2,690,000	Raytheon Technologies Corporation		5.00%			02/27/2026		2,658,295
	5,220,000	Republic Services, Inc.		2.50%			08/15/2024		5,071,802
	500,000	Royalty Pharma PLC		1.75%			09/02/2027		426,888
	5,429,000	Ryder System, Inc.		5.25%			06/01/2028		5,288,438
	2,464,000	Sabine Pass Liquefaction LLC		5.63%			03/01/2025		2,449,121
	4,490,000	Simon Property Group LP		2.00%			09/13/2024		4,324,076
	3,280,000	Southern California Edison Company		6.18%	^(d)		04/01/2024		3,280,286
	1,655,000	Southern California Edison Company		4.90%			06/01/2026		1,626,356
	2,665,000	Southern Company		5.15%			10/06/2025		2,639,088
	2,087,000	Synchrony Financial		4.38%			03/19/2024		2,061,772
	2,233,000	Synchrony Financial		4.25%			08/15/2024		2,181,288
	5,100,000	Thermo Fisher Scientific, Inc.		4.95%			08/10/2026		5,049,367
	2,145,000	T-Mobile USA, Inc.		4.75%			02/01/2028		2,058,144
	2,965,000	T-Mobile USA, Inc.		4.80%			07/15/2028		2,850,997
	2,410,000	Truist Financial Corporation (Secured Overnight Financing Rate + 0.40%)		5.75%			06/09/2025		2,357,189
	5,427,000	Union Pacific Corporation		4.75%			02/21/2026		5,361,221
	1,775,000	UnitedHealth Group, Inc.		0.55%			05/15/2024		1,719,447
	1,670,000	UnitedHealth Group, Inc.		3.70%			05/15/2027		1,583,730
	2,680,000	Veralto Corporation		5.50%	^(a)		09/18/2026		2,668,845
	2,695,000	Viatris, Inc.		1.65%			06/22/2025		2,490,451
	2,735,000	WEC Energy Group, Inc.		4.75%			01/09/2026		2,680,053
	9,465,000	Wells Fargo & Company (Secured Overnight Financing Rate 3 Month + 1.09%)		2.41%			10/30/2025		9,073,567
	4,955,000	Welltower, Inc.		3.63%			03/15/2024		4,899,059
	2,765,000	Workday, Inc.		3.50%			04/01/2027		2,580,993
	5,260,000	Zimmer Biomet Holdings, Inc.		1.45%			11/22/2024		4,997,275

		Total US Corporate Bonds (Cost $395,431,496)							386,012,666


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		29


Schedule of Investments DoubleLine Low Duration Bond Fund (Cont.)


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS 3.0%

		Federal National Mortgage Association,
	4,410,800	Pool MA5112		5.00%			08/01/2043		4,203,517

		Federal Home Loan Mortgage Corporation Pass-Thru,
	110,449	Pool N70081		5.50%			07/01/2038		107,015
	14,799,612	Pool SC0321		3.50%			10/01/2042		12,964,871

		Federal Home Loan Mortgage Corporation REMICS,
	11,759	Series 3872-BA		4.00%			06/15/2041		11,036
	459,041	Series 4203-NB		2.00%			10/15/2040		441,832
	5,340,889	Series 4211-AP		1.60%			03/15/2043		4,768,173
	2,755,493	Series 4484-CD		1.75%			07/15/2030		2,519,656
	2,827,066	Series 4878-FA (Secured Overnight Financing Rate 30 Day Average + 0.51%, 0.40% Floor, 6.50% Cap)		5.83%			05/15/2049		2,737,550
	4,210,897	Series 4987-BF (Secured Overnight Financing Rate 30 Day Average + 0.51%, 0.40% Floor, 6.50% Cap)		5.83%			06/25/2050		4,062,385
	5,801,639	Series 5105-NH		2.00%			02/25/2037		4,988,474

		Federal Home Loan Mortgage Corporation,
	504,623	Pool 840632		4.43%	^(d)		05/01/2045		506,308

		Federal National Mortgage Association Pass-Thru,
	18,095	Pool AB3850		4.00%			11/01/2041		16,324
	369,627	Pool AL4292		4.50%			04/01/2026		356,737
	13,838,079	Pool MA4176		2.00%			11/01/2040		11,241,172

		Federal National Mortgage Association REMICS,
	42,311	Series 2011-64-DB		4.00%			07/25/2041		39,708
	9,635,518	Series 2021-21-HG		2.00%			11/25/2047		8,236,358
	11,886,065	Series 2021-31-AB		2.00%			06/25/2041		10,224,031

		Federal National Mortgage Association,
	903,569	Pool AL2987		4.41%	^(d)		11/01/2042		903,105
	2,674,276	Pool AL9932		3.04%	^(b)		01/01/2024		2,644,770
	1,137,688	Pool BC0057		3.85%	^(d)		12/01/2045		1,134,259
	797,461	Pool BM3520		5.30%	^(d)		05/01/2045		790,074
	12,783,000	Pool BS7010		4.81%			09/01/2029		12,385,271
	7,183,784	Pool BS7011		4.81%			09/01/2029		6,987,212
	7,568,262	Pool FS2844		3.50%			10/01/2042		6,631,426
	7,621,416	Pool MA4643		3.00%			05/01/2042		6,457,327
	6,863,890	Pool MA4660		3.00%			07/01/2042		5,811,353
	8,173,811	Pool RB5163		3.00%			05/01/2042		6,925,371
	11,905,590	Series 2019-43-FD (Secured Overnight Financing Rate 30 Day Average + 0.51%, 0.40% Floor, 6.50% Cap)		5.83%			08/25/2049		11,484,478
	3,645,312	Series 2019-M21-3A1		2.10%			06/25/2034		3,315,978
	12,130,358	Series 2020-M49-1A1		1.30%	^(b)		11/25/2030		10,443,753
	16,038,435	Series 2021-M7-A1		1.78%	^(b)		03/25/2031		14,020,891
	2,980,795	Series 2023-M4-A1		3.89%	^(b)		06/25/2032		2,799,709

		Federal Home Loan Mortgage Corporation REMICS,
	4,770,844	Series 4068-UF (Secured Overnight Financing Rate 30 Day Average + 0.61%, 0.50% Floor, 6.50% Cap)		5.93%			06/15/2042		4,633,515

		Government National Mortgage Association,
	4,588,947	Series 2013-116-WU		3.00%			12/20/2042		4,362,429
		Government National Mortgage Association,
	5,151,132	Series 2022-183-B		5.00%			04/20/2047		4,979,606

		Total US Government and Agency Mortgage Backed Obligations (Cost $191,761,479)							174,135,674


PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	US GOVERNMENT AND AGENCY OBLIGATIONS 19.7%
	108,900,000	United States Treasury Notes		4.25%			12/31/2024		107,443,037
	54,600,000	United States Treasury Notes		4.13%			01/31/2025		53,761,805
	68,700,000	United States Treasury Notes		3.88%			03/31/2025		67,342,102
	189,800,000	United States Treasury Notes		3.88%			04/30/2025		185,955,808
	287,900,000	United States Treasury Notes		4.25%			05/31/2025		283,648,978
	54,600,000	United States Treasury Notes		4.63%			06/30/2025		54,137,180
	8,000,000	United States Treasury Notes		3.13%			08/15/2025		7,719,062
	95,000,000	United States Treasury Notes		3.88%			01/15/2026		92,777,148
	165,500,000	United States Treasury Notes		3.63%			05/15/2026		160,438,027
	116,500,000	United States Treasury Notes		4.13%			06/15/2026		114,352,031

		Total US Government and Agency Obligations (Cost $1,144,949,243)							1,127,575,178

	SHORT TERM INVESTMENTS 6.9%
	59,289,853	First American Government Obligations Fund - Class U		5.28%	⁽ⁱ⁾				59,289,853
	59,289,853	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		5.27%	⁽ⁱ⁾				59,289,853
	59,289,853	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		5.27%	⁽ⁱ⁾				59,289,853
	222,900,000	United States Treasury Bills		0.00%			05/16/2024		215,509,486

		Total Short Term Investments (Cost $393,837,871)							393,379,045

		Total Investments 99.8% (Cost $5,999,969,257)							5,715,125,562
		Other Assets in Excess of Liabilities 0.2%							11,116,015

		NET ASSETS 100.0%						$	5,726,241,577


SECURITY TYPE BREAKDOWN as a % of Net Assets:
US Government and Agency Obligations				19.7%
Collateralized Loan Obligations				16.4%
Non-Agency Commercial Mortgage Backed Obligations				13.8%
Non-Agency Residential Collateralized Mortgage Obligations				13.0%
Foreign Corporate Bonds				8.2%
Short Term Investments				6.9%
US Corporate Bonds				6.7%
Asset Backed Obligations				6.1%
Bank Loans				3.9%
US Government and Agency Mortgage Backed Obligations				3.0%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations				2.1%
Other Assets and Liabilities				0.2%

				100.0%


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

(Unaudited)

September 30, 2023


INVESTMENT BREAKDOWN as a % of Net Assets:
US Government and Agency Obligations	19.7%
Collateralized Loan Obligations	16.4%
Non-Agency Commercial Mortgage Backed Obligations	13.8%
Non-Agency Residential Collateralized Mortgage Obligations	13.0%
Short Term Investments	6.9%
Asset Backed Obligations	6.1%
Banking	4.4%
US Government and Agency Mortgage Backed Obligations	3.0%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	2.1%
Utilities	1.9%
Transportation	1.1%
Healthcare	1.0%
Telecommunications	0.7%
Business Equipment and Services	0.7%
Pharmaceuticals	0.7%
Technology	0.7%
Energy	0.7%
Hotels/Motels/Inns and Casinos	0.5%
Mining	0.5%
Automotive	0.5%
Chemicals/Plastics	0.5%
Food Products	0.4%
Media	0.4%
Electronics/Electric	0.4%
Chemical Products	0.4%
Finance	0.4%
Retailers (other than Food/Drug)	0.4%
Food Service	0.3%
Consumer Products	0.3%
Containers and Glass Products	0.3%
Insurance	0.3%
Construction	0.2%
Beverage and Tobacco	0.2%
Real Estate	0.2%
Aerospace & Defense	0.1%
Building and Development (including Steel/Metals)	0.1%
Diversified Manufacturing	0.1%
Leisure	0.1%
Commercial Services	0.1%
Environmental Control	0.1%
Industrial Equipment	0.1%
Financial Intermediaries	0.0%	^(j)
Conglomerates	0.0%	^(j)
Other Assets and Liabilities	0.2%

	100.0%

(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.

(b)

(c)

Value determined using significant unobservable inputs.

(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)

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

(f)

Perpetual maturity. The date disclosed is the next call date of the security.

(g)

Interest only security

(h)

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.

(i)

Seven-day yield as of period end

(j)

Represents less than 0.05% of net assets

(k)

Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.

PIK


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		31

Schedule of Investments DoubleLine Floating Rate Fund

(Unaudited)

September 30, 2023


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	BANK LOANS 91.5%

	AEROSPACE & DEFENSE 4.6%

		AAdvantage Loyalty IP Ltd.,
	845,500	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 5.01%, 0.75% Floor)		10.34%			04/20/2028		872,505

		Air Canada,
	538,188	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.76%, 0.75% Floor)		9.13%			08/11/2028		539,310

		American Airlines, Inc.,
	852,858	Senior Secured First Lien Term Loan (6 Month Secured Overnight Financing Rate + 1.85%)		7.32%			01/29/2027		840,065

		Dynasty Acquisition Company, Inc.,
	615,025	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.00%)		9.32%			08/24/2028		614,514
	263,582	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.00%)		9.32%			08/24/2028		263,363

		Echo Global Logistics, Inc.,
	386,389	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.60%, 0.50% Floor)		8.92%			11/24/2028		374,266

		Kestrel Bidco, Inc.,
	714,847	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.10%, 1.00% Floor)		8.42%			12/11/2026		701,444

		KKR Apple Bidco LLC,
	560,025	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.86%, 0.50% Floor)		8.18%			09/22/2028		557,085

		Mileage Plus Holdings LLC,
	337,500	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 5.40%, 1.00% Floor)		10.80%			06/21/2027		351,153

		SkyMiles IP Ltd.,
	314,500	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.86%, 1.00% Floor)		9.08%			10/20/2027		326,000

		Spirit AeroSystems, Inc.,
	387,075	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.51%, 0.50% Floor)		9.62%			01/15/2027		386,978

		Transdigm, Inc.,
	1,800,950	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%)		8.49%	^(g)		08/24/2028		1,803,904


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $

		United Airlines, Inc.,
	1,258,243	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.11%, 0.75% Floor)		9.18%			04/21/2028		1,262,175

									8,892,762

	AUTOMOTIVE 1.8%

		American Tire Distributors, Inc.,
	528,313	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 6.51%, 0.75% Floor)		11.81%			10/20/2028		464,281

		Clarios Global LP,
	1,010,000	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.75%)		9.07%			05/06/2030		1,009,530

		Mavis Tire Express Services Topco Corporation,
	1,165,758	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.11%, 0.75% Floor)		9.43%			05/04/2028		1,164,300

		Wand NewCo, Inc.,
	941,228	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.24%)		8.17%			02/05/2026		940,786

									3,578,897

	BEVERAGE AND TOBACCO 0.6%

		Triton Water Holdings, Inc.,
	1,159,828	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.85%, 0.50% Floor)		8.75%			03/31/2028		1,132,764

	BUILDING AND DEVELOPMENT (INCLUDING STEEL/METALS) 2.0%

		Cornerstone Building Brands, Inc,
	417,857	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.35%, 0.50% Floor)		8.68%			04/12/2028		408,848

		Foresight Energy LLC,
	389,634	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 8.10%, 1.50% Floor)		13.49%	^(a)		06/30/2027		389,634

		LBM Acquisition LLC,
	787,494	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.85%, 0.75% Floor)		9.18%			12/17/2027		770,493

		Park River Holdings, Inc.,
	614,091	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%, 0.75% Floor)		8.52%	^(g)		12/28/2027		594,833

		SRS Distribution, Inc.,
	1,142,545	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.35%, 0.50% Floor)		8.93%			06/02/2028		1,132,724


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

(Unaudited)

September 30, 2023


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $

		Tecta America Corporation,
	563,858	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.61%, 0.75% Floor)		9.43%			04/06/2028		563,557

									3,860,089

	BUSINESS EQUIPMENT AND SERVICES 10.3%

		AlixPartners LLP,
	1,127,915	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.86%, 0.50% Floor)		8.18%			02/04/2028		1,128,479

		Allied Universal Holdco LLC,
	774,076	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.85%, 0.50% Floor)		9.17%			05/12/2028		748,961

		APX Group, Inc.,
	617,400	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.69%			07/10/2028		618,085

		Camelot US Acquisition Company,
	825,685	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.11%)		8.43%			10/30/2026		826,201
	403,550	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.11%, 1.00% Floor)		8.43%			10/30/2026		403,383

		Clear Channel Outdoor Holdings, Inc.,
	778,176	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.76%)		9.13%			08/21/2026		757,586

		Conair Holdings LLC,
	201,544	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.86%, 0.50% Floor)		9.18%			05/17/2028		193,649

		Deerfield Dakota Holding LLC,
	1,008,283	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.75%, 1.00% Floor)		9.14%			04/09/2027		985,389

		EAB Global, Inc.,
	769,129	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.50%, 0.50% Floor)		8.87%	^(g)		08/16/2028		764,802

		Eisner Advisory Group LLC,
	504,706	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.36%, 0.75% Floor)		10.68%			07/28/2028		504,600

		Element Materials Technology Group US Holdings, Inc.,
	184,918	Senior Secured First Lien Delayed-Draw Term Loan (3 Month Secured Overnight Financing Rate + 4.35%, 0.50% Floor)		9.74%			06/22/2029		183,224


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $

		Element Materials Technology Group US Holdings, Inc., (Cont.)
	400,657	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.35%, 0.50% Floor)		9.74%			06/22/2029		396,985

		Endurance International Group, Inc.,
	794,214	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.50%, 0.75% Floor)		8.79%	^(g)		02/10/2028		773,700

		FINThrive Software Intermediate Holdings, Inc.,
	699,350	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.11%, 0.50% Floor)		9.43%			12/18/2028		574,341

		First Advantage Holdings LLC,
	745,013	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.86%)		8.18%			01/29/2027		746,529

		Garda World Security Corporation,
	598,950	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.35%)		9.65%			02/01/2029		599,606

		Grab Holdings, Inc.,
	217,616	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.61%, 1.00% Floor)		9.93%			01/29/2026		219,317

		Greeneden US Holdings LLC,
	1,127,166	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.11%, 0.75% Floor)		9.43%			12/01/2027		1,129,409

		Hunter Douglas Holding B.V.,
	1,217,900	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.50%, 0.50% Floor)		8.89%			02/26/2029		1,188,975

		ION Trading Technologies SARL,
	778,010	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.85%)		10.24%			03/31/2028		769,012

		Ivanti Software, Inc.,
	314,782	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.51%, 0.75% Floor)		9.76%			12/01/2027		273,272

		Mitchell International, Inc.,
	820,199	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.86%, 0.50% Floor)		9.18%			10/16/2028		808,133
	130,000	Senior Secured Second Lien Term Loan (1 Month Secured Overnight Financing Rate + 6.61%, 0.50% Floor)		11.93%			10/15/2029		120,108

		Packaging Coordinators Midco, Inc.,
	1,155,000	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.76%, 0.75% Floor)		9.15%			11/30/2027		1,151,841


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		33


Schedule of Investments DoubleLine Floating Rate Fund (Cont.)


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $

		Pike Corporation,
	201,370	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.25%)		8.43%			01/21/2028		201,401

		Restoration Hardware, Inc.,
	485,367	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.50%, 0.50% Floor)		7.93%	^(g)		10/20/2028		467,571

		SMG US Midco, Inc.,
	1,263,410	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.11%)		8.13%			01/23/2025		1,264,004

		Spin Holdco, Inc.,
	854,006	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.00%, 0.75% Floor)		9.66%	^(g)		03/06/2028		741,452

		SWF Holdings Corporation,
	802,345	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.86%, 0.75% Floor)		9.43%			10/06/2028		684,833

		Travelport Finance (Luxembourg) SARL,
	495,517	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.51%, 1.00% Floor)		12.33%			02/28/2025		472,307

		VT Topco, Inc.,
	295,000	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 6.01%, 0.50% Floor)		9.66%			08/09/2030		295,524

									19,992,679

	CHEMICALS/PLASTICS 4.7%

		Charter Next Generation, Inc.,
	1,157,707	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.86%, 0.75% Floor)		9.18%			12/01/2027		1,148,781

		Hexion Holdings Corporation,
	198,992	Term Loan (3 Month Secured Overnight Financing Rate + 4.50%, 0.50% Floor)		10.03%			03/15/2029		189,678

		Ineos US Finance LLC,
	1,446,375	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.60%)		8.92%			02/19/2030		1,437,335

		Lummus Technology Holdings LLC,
	1,129,822	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.61%)		8.93%			06/30/2027		1,128,489

		Nouryon Finance B.V.,
	728,863	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.10%)		9.43%			04/03/2028		721,268


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $

		Olympus Water US Holding Corporation,
	541,750	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.60%, 0.50% Floor)		9.99%		11/09/2028		540,647
	628,800	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.01%, 0.50% Floor)		9.40%		11/09/2028		621,390

		PMHC, Inc.,
	608,850	Senior Secured First Lien Term Loan (6 Month Secured Overnight Financing Rate + 4.85%, 0.50% Floor)		9.70%		04/23/2029		576,261

		Polar US Borrower LLC,
		Senior Secured First Lien Term Loan
	258,548	(6 Month Secured Overnight Financing Rate + 4.85%)		9.82%		10/15/2025		208,939
	220,967	(3 Month Secured Overnight Financing Rate + 4.85%)		10.15%		10/15/2025		178,569

		PQ Corporation,
	800,553	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.75%, 0.50% Floor)		7.97%		06/09/2028		799,155

		Pregis Topco LLC,
	994,695	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.11%)		9.07%		07/31/2026		994,337

		Pretium PKG Holdings, Inc.,
		Senior Secured First Lien Term Loan
	524,371	(3 Month Secured Overnight Financing Rate + 4.26%, 0.50% Floor)		9.53%		10/02/2028		325,311
	168,292	(1 Month Secured Overnight Financing Rate + 4.11%, 0.50% Floor)		9.44%		10/02/2028		104,406
		Senior Secured Second Lien Term Loan
	77,500	(3 Month Secured Overnight Financing Rate + 7.01%, 0.50% Floor)		12.28%		09/30/2029		24,856
	77,500	(1 Month Secured Overnight Financing Rate + 6.86%, 0.50% Floor)		12.19%		09/30/2029		24,855

		Vantage Specialty Chemicals, Inc.,
	129,025	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		10.08%		10/26/2026		126,735

								9,151,012

	COMMERCIAL SERVICES 1.1%

		Flame Newco LLC,
	263,686	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.10%, 4.00% PIK, 1.00% Floor)		7.43%		06/30/2028		246,216

		OMNIA Partners LLC,
	402,216	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.25%)		9.60%		07/25/2030		403,179


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

(Unaudited)

September 30, 2023


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $

		Prime Security Services Borrower, LLC,
	1,037,937	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.61%, 0.75% Floor)		8.19%			09/23/2026		1,037,584

		Tempo Acquisition LLC,
	555,134	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.35%, 0.50% Floor)		8.32%			08/31/2028		556,175

									2,243,154

	CONSTRUCTION 0.6%

		Brand Industrial Services, Inc.,
	415,000	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 5.50%, 0.50% Floor)		10.87%			07/25/2030		405,434

		QUIKRETE Holdings, Inc.,
	398,990	Senior Secured First Lien Term Loan (6 Month Secured Overnight Financing Rate + 4.68%)		8.18%			03/19/2029		399,535

		TAMKO Building Products LLC,
	400,000	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.00%)		8.90%			09/13/2030		398,752

									1,203,721

	CONTAINERS AND GLASS PRODUCTS 1.7%

		Graham Packaging Company, Inc.,
	1,051,214	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.11%, 0.75% Floor)		8.43%			08/04/2027		1,050,367

		Kleopatra Finco SARL,
	270,000	Senior Secured First Lien Term Loan (0.50% Floor)		10.17%	^(b)		02/12/2026		260,719

		TricorBraun Holdings, Inc.,
	800,000	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.60%, 0.50% Floor)		8.68%			03/03/2028		786,320

		Trident TPI Holdings, Inc.,
	1,138,168	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.01%, 0.50% Floor)		9.65%			09/15/2028		1,135,954

									3,233,360

	COSMETICS/TOILETRIES 0.6%

		Bausch & Lomb Corporation,
	1,151,039	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.35%, 0.50% Floor)		8.76%			05/10/2027		1,120,985


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
	ELECTRONICS/ELECTRIC 11.6%

		Access CIG LLC,
	1,030,000	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.00%, 0.50% Floor)		10.32%		08/15/2028		1,018,413

		Acuris Finance, Inc.,
	1,231,458	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.10%, 0.50% Floor)		9.54%		02/16/2028		1,217,912

		Applied Systems, Inc.,
	969,421	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.50%, 0.50% Floor)		9.89%		09/19/2026		973,483
	855,000	Senior Secured Second Lien Term Loan (3 Month Secured Overnight Financing Rate + 6.75%, 0.75% Floor)		12.14%		09/17/2027		860,344

		Astra Acquisition Corporation,
	747,411	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 5.36%, 0.50% Floor)		10.90%		10/25/2028		564,669
	514,876	Senior Secured Second Lien Term Loan (3 Month Secured Overnight Financing Rate + 8.99%, 0.75% Floor)		14.53%		10/25/2029		321,798

		Asurion LLC,
	79,800	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.35%)		9.67%		08/21/2028		77,665

		Boxer Parent Company, Inc.,
	750,254	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.86%)		9.18%		10/02/2025		750,355

		Bright Bidco B.V.,
	92,032	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 1.00% + 1.00% PIK, 1.00% Floor)		13.32%		10/29/2027		37,273

		Castle US Holding Corporation,
	1,399,498	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.01%)		9.43%		01/29/2027		1,106,849

		Central Parent, Inc.,
	664,975	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.25%, 0.50% Floor)		9.64%		07/06/2029		665,923

		Conservice Midco LLC,
	451,050	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.35%)		9.72%		05/13/2027		452,038

		Constant Contact, Inc.,
	601,652	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.26%, 0.75% Floor)		9.56%		02/10/2028		583,509


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		35


Schedule of Investments DoubleLine Floating Rate Fund (Cont.)


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $

		Cornerstone Building Brands, Inc.,
	527,732	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.01%, 0.50% Floor)		9.18%		10/16/2028		502,583

		DCert Buyer, Inc.,
	285,000	Senior Secured Second Lien Term Loan (3 Month Secured Overnight Financing Rate + 7.00%)		12.32%		02/16/2029		267,425

		DG Investment Intermediate Holdings 2, Inc.,
	254,358	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.75%, 0.75% Floor)		10.08%		03/31/2028		252,768

		DG Investment Intermediate Holdings, Inc.,
	150,000	Senior Secured Second Lien Term Loan (1 Month Secured Overnight Financing Rate + 6.86%, 0.75% Floor)		12.18%		03/29/2029		133,313

		Energizer Holdings, Inc.,
	364,158	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.36%, 0.50% Floor)		7.69%		12/22/2027		363,885

		Go Daddy Operating Company LLC
	258,053	(1 Month Secured Overnight Financing Rate + 2.50%)		7.82%		11/09/2029		258,604

		Helios Software Holdings, Inc.,
	445,000	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.35%)		9.66%		07/18/2030		443,665

		Informatica LLC,
	1,053,950	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.86%)		8.18%		10/27/2028		1,052,801

		LogMeIn, Inc.,
	519,365	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.90%)		10.27%		08/31/2027		347,385

		McAfee Corporation,
	771,010	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.85%, 0.50% Floor)		9.18%		03/01/2029		754,383

		Milano Acquisition Corporation,
	1,320,504	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.10%, 0.75% Floor)		9.49%		10/01/2027		1,291,618

		Mirion Technologies (US), Inc.,
	656,965	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.01%, 0.50% Floor)		8.40%		10/20/2028		657,313

		NCR Corporation,
	1,531,678	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.61%)		7.93%		08/28/2026		1,533,209


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $

		PointClickCare Technologies, Inc.,
	288,620	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.11%, 0.75% Floor)		8.76%			12/29/2027		288,259

		Polaris Newco LLC,
	557,449	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.51%, 0.50% Floor)		9.43%			06/02/2028		535,151

		Proofpoint, Inc.,
	1,581,825	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.86%, 0.50% Floor)		8.68%			08/31/2028		1,570,729

		RealPage, Inc.,
	839,979	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.61%, 0.50% Floor)		8.43%			04/24/2028		831,403

		Rentpath, Inc.,
	61,011	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.50%)		8.00%			04/25/2024		915

		Sophia LP,
	1,132,243	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.26%, 0.50% Floor)		8.92%			10/07/2027		1,131,065

		UKG, Inc.,
	590,308	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.86%)		9.22%			05/04/2026		590,403
	553,161	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.35%, 0.50% Floor)		8.62%			05/04/2026		552,218
	230,000	Senior Secured Second Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.25%, 0.50% Floor)		10.62%			05/03/2027		230,225

		Ultra Clean Holdings, Inc.,
	288,649	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.75%)		9.18%			08/27/2025		289,777

									22,509,328

	ENERGY 2.3%

		BCP Renaissance Parent LLC,
	531,628	Term Loan		8.83%	^(b)		10/31/2028		531,463

		Blackstone CQP Holdco LP,
	562,125	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.60%, 0.50% Floor)		8.99%			06/05/2028		563,339

		Delek US Holdings, Inc.,
	314,771	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.60%, 0.50% Floor)		8.92%			11/19/2029		313,238


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

(Unaudited)

September 30, 2023


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $

		Freeport LNG Investments LLP,
	683,693	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.76%, 0.50% Floor)		9.09%			12/21/2028		678,354

		GIP II Blue Holding LP,
	284,768	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.61%, 1.00% Floor)		9.93%			09/29/2028		286,073

		GIP Pilot Acquisition Partners LP,
	350,000	Term Loan		8.33%	^(b)		09/30/2030		349,563

		Oryx Midstream Services Permian Basin LLC
	811,712	(1 Month Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.69%			10/05/2028		812,475

		Par Petroleum, LLC,
	238,800	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.35%, 0.50% Floor)		9.77%			02/28/2030		238,849

		Traverse Midstream Partners LLC,
	248,027	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.75%, 0.50% Floor)		9.22%			02/16/2028		248,319

		WaterBridge Midstream Operating LLC,
	380,654	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.26%, 1.00% Floor)		11.36%			06/22/2026		381,667

									4,403,340

	ENVIRONMENTAL CONTROL 0.2%

		Packers Holdings LLC,
	603,152	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.35%, 0.75% Floor)		8.67%			03/06/2028		363,185

	FINANCIAL INTERMEDIARIES 3.6%

		Castlelake Aviation LLC,
	1,137,389	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%, 0.50% Floor)		8.42%	^(g)		10/22/2026		1,137,583

		Corelogic, Inc.,
	1,013,772	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.61%, 0.50% Floor)		8.93%			06/02/2028		940,481

		Focus Financial Partners LLC,
	669,698	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.50%, 0.50% Floor)		7.82%			06/30/2028		668,570

		Greystone Select Financial LLC,
	222,923	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 5.26%, 0.75% Floor)		10.58%			06/16/2028		220,694


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $

		Hightower Holding LLC,
	784,826	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.26%, 0.75% Floor)		9.61%			04/21/2028		784,826

		Minotaur Acquisition, Inc.,
	1,027,004	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.85%)		10.17%			03/27/2026		1,024,724

		The Edelman Financial Engines Centre LLC,
	677,132	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.00%, 0.75% Floor)		8.93%	^(g)		04/07/2028		671,123
	413,234	Senior Secured Second Lien Term Loan (6 Month Secured Overnight Financing Rate + 3.93%)		12.18%			07/20/2026		412,717

		Walker & Dunlop, Inc.,
	358,613	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.11%, 0.50% Floor)		7.67%			12/15/2028		358,388

		Zebra Buyer LLC,
	752,158	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.50%, 0.50% Floor)		8.95%			11/01/2028		746,047

									6,965,153

	FOOD PRODUCTS 1.2%

		CHG PPC Parent LLC,
	1,024,332	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.11%, 0.50% Floor)		8.45%			12/08/2028		1,019,851

		H-Food Holdings LLC,
	586,822	Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.69%)		9.27%	^(g)		05/23/2025		514,367

		Monogram Food Solutions LLC,
	835,125	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.11%, 0.50% Floor)		9.43%			08/28/2028		823,642

									2,357,860

	FOOD SERVICE 1.4%

		AI Aqua Merger Sub, Inc.,
	1,139,012	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.75%, 0.50% Floor)		9.06%			07/31/2028		1,129,313

		IRB Holding Corporation,
	175,199	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.10%, 0.75% Floor)		8.42%			12/15/2027		174,769

		MIC Glen LLC,
	669,897	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.68%			07/21/2028		664,333


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		37


Schedule of Investments DoubleLine Floating Rate Fund (Cont.)


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $

		Whatabrands LLC,
	805,650	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.11%, 0.50% Floor)		8.43%			08/03/2028		803,636

									2,772,051

	HEALTHCARE 10.4%

		ADMI Corporation,
	593,434	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.11%)		8.43%			04/30/2025		584,322
	413,944	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.86%, 0.50% Floor)		9.18%			12/23/2027		387,185

		Air Methods Corporation,
	264,607	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%, 1.00% Floor)		9.23%	^(g)		04/22/2024		81,699

		Athenahealth Group, Inc.,
	1,150,389	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.25%, 0.50% Floor)		8.57%			02/15/2029		1,132,057

		Aveanna Healthcare LLC,
	454,908	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.85%, 0.50% Floor)		9.27%			07/17/2028		410,879
	376,650	Senior Secured Second Lien Term Loan (3 Month Secured Overnight Financing Rate + 7.15%, 0.50% Floor)		12.57%			12/10/2029		248,589

		Bausch & Lomb Corporation,
	280,000	Senior Secured First Lien Term Loan		9.32%	^(b)		09/29/2028		276,850

		CHG Healthcare Services, Inc,
	552,183	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.68%			09/29/2028		550,584
	590,000	Senior Secured First Lien Term Loan		9.08%	^(b)		09/29/2028		590,369

		Envision Healthcare Corporation,
	682,964	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.75%, 1.00% Floor)		8.99%	^(d)		03/31/2027		3,073
	279,445	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.25%, 1.00% Floor)		9.49%	^(d)		03/31/2027		65,146

		Fortrea Holdings, Inc.,
	144,638	Term Loan (1 Month Secured Overnight Financing Rate + 3.75%, 0.50% Floor)		9.07%			07/01/2030		144,336

		LifePoint Health, Inc.,
	1,154,919	Term Loan		10.82%	^(b)		11/16/2028		1,120,271


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $

		Maravai Intermediate Holdings LLC,
	496,094	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.00%, 0.50% Floor)		8.32%		10/19/2027		484,311

		Medline Borrower LP,
	1,151,126	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.68%		10/23/2028		1,149,359

		Organon & Company,
	1,237,350	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.11%, 0.50% Floor)		8.44%		06/02/2028		1,237,041

		Outcomes Group Holdings, Inc.,
	309,271	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.76%)		9.13%		10/24/2025		308,387

		Parexel International,
	1,523,401	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.68%		11/15/2028		1,514,572

		Perrigo Investments LLC,
	712,791	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.35%, 0.50% Floor)		7.67%		04/20/2029		711,230

		PetVet Care Centers LLC,
	557,845	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.60%, 0.75% Floor)		8.92%		02/14/2025		556,101
	583,036	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.85%)		8.17%		02/14/2025		580,850

		Radiology Partners, Inc.,
	519,046	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.51%)		10.18%		07/09/2025		393,237

		RegionalCare Hospital Partners Holdings, Inc.,
	884,980	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.61%)		9.38%		11/14/2025		884,520

		Select Medical Corporation,
	1,029,053	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.76%)		8.32%		03/06/2027		1,027,767

		Sotera Health Holdings LLC,
	977,550	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.75%, 0.50% Floor)		9.07%		12/11/2026		981,216
	150,000	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.25%, 0.50% Floor)		8.18%		12/11/2026		149,119


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

(Unaudited)

September 30, 2023


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $

		Sound Inpatient Physicians, Inc.,
	1,009,012	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.26%)		8.63%			06/27/2025		466,562
	300,000	Senior Secured Second Lien Term Loan (3 Month Secured Overnight Financing Rate + 6.75%)		12.12%			06/26/2026		52,500

		Southern Veterinary Partners LLC,
	1,116,825	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.61%, 1.00% Floor)		9.43%			10/05/2027		1,111,414

		Sunshine Luxembourg SARL,
	1,281,209	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.11%, 0.75% Floor)		9.24%			10/01/2026		1,280,677

		Syneos Health,
	560,000	Term Loan		9.31%	^(b)		09/18/2030		548,372

		Team Health,
	245,000	Term Loan		10.58%	^(b)		03/02/2027		187,364

		Verscend Holding Corporation,
	965,736	Senior Secured First Lien Term Loan (6 Month Secured Overnight Financing Rate + 3.35%)		9.43%			08/27/2025		967,204

									20,187,163

	HOTELS/MOTELS/INNS AND CASINOS 4.8%

		1011778 B.C. Unlimited Liability Company,
	1,135,000	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.25%)		7.57%			09/12/2030		1,132,049

		Alterra Mountain Company,
	299,250	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.85%)		9.17%			05/31/2030		299,998

		Bally’s Corporation,
	770,588	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.51%, 0.50% Floor)		8.84%			10/02/2028		756,883

		Caesars Entertainment, Inc.,
	268,650	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.35%, 0.50% Floor)		8.67%			02/06/2030		269,070

		Carnival Corporation,
	114,713	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.00%, 0.75% Floor)		8.33%			08/09/2027		114,617

		Fertitta Entertainment LLC,
	1,134,491	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.00%, 0.50% Floor)		9.32%			01/29/2029		1,124,978


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $

		Ontario Gaming GTA LP,
	945,479	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.25%, 0.50% Floor)		9.64%		08/01/2030		947,351

		PCI Gaming Authority,
	404,519	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.61%)		7.93%		05/29/2026		404,748

		Penn National Gaming, Inc.,
	1,510,865	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.85%, 0.50% Floor)		8.17%		05/03/2029		1,510,865

		Playa Resorts Holding BV,
	943,911	Senior Secured First Lien Term Loan (6 Month Secured Overnight Financing Rate + 3.43%, 0.50% Floor)		9.58%		01/05/2029		945,360

		Scientific Games Holdings LP,
	1,096,692	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.61%, 0.50% Floor)		8.77%		04/04/2029		1,091,894

		Scientific Games International, Inc.,
	651,750	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.00%, 0.50% Floor)		8.43%		04/16/2029		652,565

								9,250,378

	INDUSTRIAL EQUIPMENT 3.9%

		American Trailer World Corporation,
	355,084	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.85%, 0.75% Floor)		9.17%		03/03/2028		342,065

		BCPE Empire Holdings, Inc.,
	1,436,481	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.75%, 0.50% Floor)		10.07%		12/11/2028		1,438,098

		Columbus McKinnon Corporation,
	519,832	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.86%, 0.50% Floor)		8.42%		05/15/2028		520,809

		DexKo Global, Inc.,
	672,471	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.01%, 0.50% Floor)		9.40%		10/04/2028		657,761

		Gates Global LLC,
	292,050	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.50%, 0.50% Floor)		8.93%		11/16/2029		292,552


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		39


Schedule of Investments DoubleLine Floating Rate Fund (Cont.)


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $

		Madison IAQ LLC,
	1,142,050	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.69%			06/21/2028		1,125,422

		PECF USS Intermediate Holding Corporation,
	497,904	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.51%, 0.50% Floor)		9.88%			12/15/2028		401,524

		Tiger Acquisition LLC,
	572,604	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.25%, 0.50% Floor)		8.67%			06/01/2028		566,609

		Titan Acquisition Limited,
	1,224,593	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 7.10%)		8.73%			03/28/2025		1,216,480

		TK Elevator Midco GMBH,
	965,156	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.85%, 0.50% Floor)		9.38%			07/30/2027		964,191

									7,525,511

	INSURANCE 3.6%

		Acrisure LLC,
	703,492	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)		8.93%	^(g)		02/16/2027		695,075
	442,125	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%, 0.50% Floor)		9.68%	^(g)		02/15/2027		441,988

		Alliant Holdings Intermediate LLC,
	1,191,000	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.50%, 0.50% Floor)		8.83%			11/05/2027		1,190,440

		AmWINS Group, Inc.,
	1,108,665	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.36%, 0.75% Floor)		7.70%			02/22/2028		1,103,376

		AssuredPartners, Inc.,
	369,375	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.50%, 0.50% Floor)		8.82%			02/12/2027		368,797
	805,365	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.61%)		8.95%			02/12/2027		804,298

		Asurion LLC,
	701,263	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.25%)		8.68%			07/30/2027		678,998
	423,161	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.36%)		9.67%			12/23/2026		415,226


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $

		Asurion LLC, (Cont.)
	135,000	Senior Secured Second Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.36%)		10.68%			01/31/2028		122,103
	500,000	Senior Secured Second Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.36%)		10.68%			01/22/2029		445,355

		Cross Financial Corporation,
	538,622	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.11%, 0.75% Floor)		9.43%			09/15/2027		540,389

		HUB International Ltd.,
	215,000	Term Loan (3 Month Secured Overnight Financing Rate + 4.25%, 0.75% Floor)		9.58%			06/20/2030		215,829

									7,021,874

	LEISURE 2.7%

		Alterra Mountain Company,
	829,441	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.61%, 0.50% Floor)		8.93%			08/17/2028		829,789

		AMC Entertainment Holdings, Inc.,
	219,246	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.11%)		8.43%			04/22/2026		177,291

		Carnival Corporation,
	457,557	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.36%, 0.75% Floor)		8.68%			10/18/2028		456,031

		ClubCorp Holdings, Inc.,
	398,969	Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		8.18%	^(g)		09/18/2024		393,609

		Nascar Holdings LLC,
	261,201	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.61%)		7.93%			10/19/2026		261,953

		Pug LLC,
	931,575	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.36%)		8.93%			02/12/2027		882,085

		UFC Holdings LLC,
	1,550,755	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 5.35%, 0.75% Floor)		8.37%			04/29/2026		1,550,840

		Viad Corporation,
	558,086	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.11%, 0.50% Floor)		10.43%			07/31/2028		548,782
	121,323	(Prime Rate + 4.00%, 0.50% Floor)		12.50%					119,301

									5,219,681


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

(Unaudited)

September 30, 2023


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	MEDIA 5.8%

		Ascend Learning LLC,
	1,177,908	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.60%, 0.50% Floor)		8.92%			12/11/2028		1,126,469
	285,000	Senior Secured Second Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.85%, 0.50% Floor)		11.17%			12/10/2029		246,405

		Cengage Learning, Inc.,
	1,175,312	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 5.01%, 1.00% Floor)		10.32%			07/14/2026		1,171,639

		CMG Media Corporation,
	650,376	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.60%)		8.99%			12/17/2026		597,803

		CSC Holdings LLC,
	715,000	Senior Secured First Lean Term Loan		7.93%	^(b)		04/15/2027		649,756

		Delta 2 SARL,
	1,255,000	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.00%, 0.50% Floor)		8.32%			01/15/2030		1,256,412

		Diamond Sports Group LLC,
	322,044	Senior Secured Second Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.40%)		10.57%	^(d)		08/24/2026		7,729

		DirectTV Financing LLC,
	934,792	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.11%, 0.75% Floor)		10.43%			08/02/2027		915,708

		EW Scripps Company,
	944,192	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.68%, 0.75% Floor)		7.99%			05/01/2026		932,782

		Getty Images, Inc.,
	526,503	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.60%)		9.99%			02/19/2026		528,609

		Gray Television, Inc.,
	572,231	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.61%)		7.94%			01/02/2026		569,727

		GRCR W Merger Sub LLC,
	690,000	Senior Secured First Lean Term Loan		8.33%	^(b)		09/20/2030		690,252

		IHeartCommunications, Inc.,
	546,864	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.11%)		8.43%			05/01/2026		493,274

		NEP Group, Inc.,
	470,129	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.36%)		8.68%			10/20/2025		455,952


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $

		Radiate Holdco LLC,
	572,348	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.11%, 0.75% Floor)		8.68%			09/25/2026		470,316

		Simon & Schuster,
	155,000	Term Loan		9.32%	^(b)		09/19/2030		154,225

		Sinclair Television Group, Inc.,
	300,226	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.60%)		7.93%			09/30/2026		261,196

		Univision Communications, Inc.,
	207,375	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.11%, 0.50% Floor)		9.64%			06/24/2029		207,427

		Ziggo Financing Partnership,
	470,000	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.00%)		7.95%			04/28/2028		460,109

									11,195,790

	PHARMACEUTICALS 1.6%

		Catalent Pharma Solutions, Inc.,
	572,066	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.11%, 0.50% Floor)		7.44%			02/22/2028		560,717

		Curium BidCo SARL,
	723,188	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.50%)		9.89%			07/31/2029		723,187

		Grifols Worldwide Operations USA, Inc.,
	795,000	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.15%)		7.42%			11/15/2027		782,677

		Jazz Pharmaceuticals, Inc.,
	1,133,281	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.61%, 0.50% Floor)		8.93%			05/05/2028		1,133,678

									3,200,259

	REAL ESTATE 0.3%

		Starwood Property Mortgage LLC,
	511,138	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.25%, 0.50% Floor)		8.57%			11/18/2027		511,352

	RETAILERS (OTHER THAN FOOD/DRUG) 3.7%

		EG America LLC,
	159,365	Senior Secured First Lien Delayed-Draw Term Loan (Daily Secured Overnight Financing Rate + 4.36%, 0.50% Floor)		9.66%			03/31/2026		159,540


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		41


Schedule of Investments DoubleLine Floating Rate Fund (Cont.)


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $

		Great Outdoors Group LLC,
	972,353	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.86%, 0.75% Floor)		9.40%		03/06/2028		971,575

		Harbor Freight Tools USA, Inc.,
	473,782	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.86%, 0.50% Floor)		8.18%		10/19/2027		470,901

		Jo-Ann Stores LLC,
	872,200	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 5.01%, 0.75% Floor)		10.36%		07/07/2028		292,187

		Michaels Stores, Inc.,
	367,407	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.51%, 0.75% Floor)		9.90%		04/14/2028		336,342

		Petco Health and Wellness Company, Inc.,
	1,374,730	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.51%, 0.75% Floor)		8.90%		03/03/2028		1,361,629

		PetSmart, Inc.,
	1,277,510	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.85%, 0.75% Floor)		9.17%		02/11/2028		1,275,568

		Pug LLC,
	401,924	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.36%, 0.50% Floor)		9.68%		02/13/2027		382,833

		Rent-A-Center, Inc.,
	371,011	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.10%, 0.50% Floor)		8.88%		02/17/2028		370,722

		Staples, Inc.,
	910,122	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.85%)		10.63%		04/16/2026		782,933

		Victoria’s Secret & Company,
	578,200	Senior secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.50%, 0.50% Floor)		8.90%		08/02/2028		566,636

		WWEX UNI TopCo Holdings LLC,
	204,316	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.61%, 0.75% Floor)		9.65%		07/26/2028		201,528

								7,172,394


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	TECHNOLOGY 0.1%

		CommScope, Inc.,
	234,390	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.36%)		8.68%			04/06/2026		214,584

	TELECOMMUNICATIONS 3.1%

		Altice France S.A.,
	523,688	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 5.50%)		10.81%			08/15/2028		475,574

		Connect US Finco LLC,
	289,500	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.50%, 1.00% Floor)		8.82%			12/11/2026		284,615

		Cyxtera DC Holdings, Inc.,
	829,596	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.00%, 1.00% Floor)		8.31%	^(d)		05/01/2024		490,126

		Gogo Intermediate Holdings LLC,
	711,167	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.86%, 0.75% Floor)		9.18%			04/28/2028		710,470

		Intelsat Jackson Holdings S.A.,
	1,146,987	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.50%, 0.50% Floor)		9.77%			02/01/2029		1,145,881

		Level 3 Financing, Inc.,
	485,000	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 1.86%)		7.18%			03/01/2027		459,023

		Securus Technologies Holdings, Inc.,
	449,995	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.75%, 1.00% Floor)		10.23%			11/01/2024		406,651

		Telesat Canada,
	374,852	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 6.86%)		8.43%			12/07/2026		276,648

		Virgin Media Bristol LLC,
	1,120,000	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.85%)		8.31%			10/15/2031		1,095,203

		Zayo Group Holdings, Inc.,
	948,773	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.28%)		8.43%			03/09/2027		777,567

									6,121,758


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

(Unaudited)

September 30, 2023


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
	TRANSPORTATION 1.2%

		Kenan Advantage Group, Inc.,
	1,130,078	Senior Secured First Lien Term Loan (6 Month Secured Overnight Financing Rate + 4.18%, 0.75% Floor)		9.30%		03/24/2026		1,128,744

		LaserShip, Inc.,
	436,100	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.76%, 0.75% Floor)		10.40%		05/08/2028		407,099

		LaserShip, Inc.,
	135,000	Senior Secured Second Lien Term Loan (3 Month Secured Overnight Financing Rate + 7.76%, 0.75% Floor)		13.40%		04/30/2029		112,725

		Uber Technologies, Inc.,
	689,788	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.60%)		8.16%		03/04/2030		690,336

								2,338,904

	UTILITIES 2.0%

		Brookfield WEC Holdings, Inc.,
	1,123,020	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.86%, 0.50% Floor)		8.18%		08/01/2025		1,123,671

		Calpine Corporation,
	134,400	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.11%)		7.43%		08/12/2026		134,514
	1,061	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.11%)		7.43%		04/06/2026		1,061

		Compass Power Generation LLC,
	951,232	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.36%, 1.00% Floor)		9.68%		04/16/2029		949,929

		Exgen Renewables LLC,
	317,531	Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.76%, 1.00% Floor)		8.18%		12/15/2027		317,134

		PG&E Corporation,
	1,445,296	Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.11%, 0.50% Floor)		8.43%		06/23/2025		1,448,613

								3,974,922

		Total Bank Loans (Cost $182,759,099)						177,714,910


PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	COLLATERALIZED LOAN OBLIGATIONS 1.0%
	2,000,000	Katayma Ltd., Series 2023-1A-A1 (Secured Overnight Financing Rate 3 Month + 2.00%, 2.00% Floor)		2.00%	^(e)		10/20/2036		2,000,000

		Total Collateralized Loan Obligations (Cost $2,000,000)							2,000,000

	FOREIGN CORPORATE BONDS 0.3%

	RETAILERS (OTHER THAN FOOD/DRUG) 0.3%
	650,000	eG Global Finance PLC		6.75%	^(e)		02/07/2025		639,347

		Total Foreign Corporate Bonds (Cost $650,000)							639,347

	US CORPORATE BONDS 2.4%

	COMMERCIAL SERVICES 0.3%
	725,000	Allied Universal Holdco LLC		6.63%	^(e)		07/15/2026		687,959

	FOOD SERVICE 0.5%
	1,000,000	IRB Holding Corporation		7.00%	^(e)		06/15/2025		1,001,380

	HOTELS/MOTELS/INNS AND CASINOS 0.8%
	1,531,000	Caesars Entertainment, Inc.		6.25%	^(e)		07/01/2025		1,511,392

	LEISURE 0.6%
	1,000,000	Carnival Corporation		4.00%	^(e)		08/01/2028		867,897
	252,000	Six Flags Theme Parks, Inc.		7.00%	^(e)		07/01/2025		251,598

									1,119,495

	MEDIA 0.2%
	400,000	Univision Communications, Inc.		7.38%	^(e)		06/30/2030		366,051

		Total US Corporate Bonds (Cost $4,832,726)							4,686,277

	COMMON STOCKS 0.1%
	2,640	Bright Bidco B.V.^(a)(c)							1,716
	22,003	Flame Aggregator - Class R^(a)(c)							121,236
	2,186	Flame Aggregator - Class U^(a)(c)							12,045

		Total Common Stocks (Cost $179,531)							134,997

	SHORT TERM INVESTMENTS 7.7%
	4,975,549	First American Government Obligations Fund - Class U		5.28%	^(f)				4,975,549
	4,975,550	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		5.27%	^(f)				4,975,550


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		43


Schedule of Investments DoubleLine Floating Rate Fund (Cont.)

SECURITY DESCRIPTION

RATE

MATURITY

VALUE $

4,975,550

Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class

5.27%

^(f)

4,975,550

Total Short Term Investments
(Cost $14,926,649)

14,926,649

Total Investments 103.0%
(Cost $205,348,005)

200,102,180

Liabilities in Excess of Other Assets (3.0)%

(5,763,668

)

NET ASSETS 100.0%

194,338,512



SECURITY TYPE BREAKDOWN as a % of Net Assets:
Bank Loans				91.5%
Short Term Investments				7.7%
US Corporate Bonds				2.4%
Collateralized Loan Obligations				1.0%
Foreign Corporate Bonds				0.3%
Common Stocks				0.1%
Other Assets and Liabilities				(3.0)%

				100.0%

(a)

Value determined using significant unobservable inputs.

(b)

(c)

Non-income producing security

(d)

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

(e)

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.

(f)

Seven-day yield as of period end

(g)

Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.

PIK


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

Schedule of Investments - Summary DoubleLine Shiller Enhanced CAPE^®

(Unaudited)

September 30, 2023


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $		% OF NET ASSETS
	ASSET BACKED OBLIGATIONS

		Pagaya AI Debt Selection Trust,
	16,647,798	Series 2022-1-B		3.34%	^(b)		10/15/2029		15,736,147		0.4%

		SoFi Alternative Trust,
	17,614,539	Series 2021-3-A		1.50%	^(b)		11/15/2030		16,815,913		0.4%

	Other Asset Backed Obligations^(a)								227,929,875		5.8%

		Total Asset Backed Obligations (Cost $287,165,390)							260,481,935		6.6%

	BANK LOANS^(a)
		Total Bank Loans (Cost $222,239,649)							221,602,573		5.6%

	COLLATERALIZED LOAN OBLIGATIONS

		37 Capital,
	27,000,000	Series 2021-1A-A (Secured Overnight Financing Rate 3 Month + 1.46%, 1.20% Floor)		6.77%	^(b)		10/15/2034		26,783,978		0.7%

		Anchorage Capital Ltd.,
	23,000,000	Series 2021-19A-A (Secured Overnight Financing Rate 3 Month + 1.47%, 1.21% Floor)		6.78%	^(b)		10/15/2034		22,850,792		0.6%

		Battalion Ltd.,
	29,500,000	Series 2017-11A-AR (Secured Overnight Financing Rate 3 Month + 1.41%, 1.15% Floor)		6.76%	^(b)		04/24/2034		29,284,538		0.8%

		Benefit Street Partners Ltd.,
	14,000,000	Series 2021-24A-A (Secured Overnight Financing Rate 3 Month + 1.43%, 1.17% Floor)		6.76%	^(b)		10/20/2034		13,931,737		0.4%

		Cathedral Lake Ltd.,
	20,000,000	Series 2021-8A-A1 (Secured Overnight Financing Rate 3 Month + 1.48%, 1.22% Floor)		6.82%	^(b)		01/20/2035		19,769,168		0.5%

		CBAM Ltd.,
	20,000,000	Series 2017-2A-AR (Secured Overnight Financing Rate 3 Month + 1.45%, 1.19% Floor)		6.76%	^(b)		07/17/2034		19,860,608		0.5%

		CQS Ltd.,
	25,000,000	Series 2021-1A-A (Secured Overnight Financing Rate 3 Month + 1.48%, 1.22% Floor)		6.81%	^(b)		01/20/2035		24,755,217		0.6%

		Dryden Ltd.,
	25,000,000	Series 2020-85A-AR (Secured Overnight Financing Rate 3 Month + 1.41%, 1.15% Floor)		6.72%	^(b)		10/15/2035		24,750,408		0.6%

		Elevation Ltd.,
	20,000,000	Series 2018-9A-A1 (Secured Overnight Financing Rate 3 Month + 1.38%, 1.38% Floor)		6.69%	^(b)		07/15/2031		19,934,040		0.5%

		Gulf Stream Meridian Ltd.,
	13,500,000	Series 2021-IIIA-A1 (Secured Overnight Financing Rate 3 Month + 1.58%, 1.32% Floor)		6.89%	^(b)		04/15/2034		13,375,125		0.3%

		Jamestown Ltd.,
	15,000,000	Series 2016-9A-A1RR (Secured Overnight Financing Rate 3 Month + 1.50%, 1.24% Floor)		6.85%	^(b)		07/25/2034		14,916,309		0.4%

		Logan Ltd.,
	14,000,000	Series 2022-1A-B (Secured Overnight Financing Rate 3 Month + 2.05%, 2.05% Floor)		7.38%	^(b)		04/21/2035		13,946,800		0.4%

		Marble Point Ltd.,
	25,000,000	Series 2018-2A-A1R (Secured Overnight Financing Rate 3 Month + 1.54%, 1.28% Floor)		6.87%	^(b)		01/20/2032		24,874,598		0.6%
	29,500,000	Series 2020-1A-A (Secured Overnight Financing Rate 3 Month + 1.56%, 1.30% Floor)		6.89%	^(b)		04/20/2033		29,238,571		0.7%
	25,000,000	Series 2021-2A-A (Secured Overnight Financing Rate 3 Month + 1.46%, 1.20% Floor)		6.81%	^(b)		07/25/2034		24,747,178		0.6%
	23,000,000	Series 2021-3A-A1 (Secured Overnight Financing Rate 3 Month + 1.50%, 1.24% Floor)		6.81%	^(b)		10/17/2034		22,729,258		0.6%

		MKS Ltd.,
	20,534,556	Series 2017-1A-AR (Secured Overnight Financing Rate 3 Month + 1.26%, 1.00% Floor)		6.59%	^(b)		07/20/2030		20,478,928		0.5%

		Nassau Ltd.,
	22,600,000	Series 2018-IA-A (Secured Overnight Financing Rate 3 Month + 1.41%)		6.72%	^(b)		07/15/2031		22,416,393		0.6%

		OFSI Fund Ltd.,
	15,000,000	Series 2018-1A-A (Secured Overnight Financing Rate 3 Month + 1.41%, 1.15% Floor)		6.72%	^(b)		07/15/2031		14,909,757		0.4%

		Sandstone Peak Ltd.,
	14,000,000	Series 2021-1A-A1 (Secured Overnight Financing Rate 3 Month + 1.48%, 1.22% Floor)		6.79%	^(b)		10/15/2034		13,945,872		0.4%

		Sound Point Ltd.,
	25,000,000	Series 2019-2A-AR (Secured Overnight Financing Rate 3 Month + 1.43%, 1.17% Floor)		6.74%	^(b)		07/15/2034		24,662,278		0.6%

		Steele Creek Ltd.,
	18,000,000	Series 2019-2A-AR (Secured Overnight Financing Rate 3 Month + 1.43%, 1.17% Floor)		6.74%	^(b)		07/15/2032		17,868,182		0.5%

		Trimaran CAVU LLC,
	20,000,000	Series 2021-3A-A (Secured Overnight Financing Rate 3 Month + 1.47%, 1.21% Floor)		6.78%	^(b)		01/18/2035		19,831,544		0.5%

		Wellfleet Ltd.,
	15,990,000	Series 2020-2A-AR (Secured Overnight Financing Rate 3 Month + 1.48%, 1.22% Floor)		6.79%	^(b)		07/15/2034		15,843,560		0.4%

		Whitebox Ltd.,
	25,000,000	Series 2021-3A-A1 (Secured Overnight Financing Rate 3 Month + 1.48%, 1.22% Floor)		6.79%	^(b)		10/15/2034		24,806,250		0.6%

	Other Collateralized Loan Obligations^(a)								158,013,781		4.0%

		Total Collateralized Loan Obligations (Cost $683,404,103)							678,524,870		17.3%


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		45


Schedule of Investments - Summary DoubleLine Shiller Enhanced CAPE^® (Cont.)


PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $		% OF NET ASSETS
	FOREIGN CORPORATE BONDS^(a)
		Total Foreign Corporate Bonds (Cost $225,420,958)							213,334,018		5.4%

	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS^(a)
		Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $36,854,119)							34,225,385		0.9%

	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS

		CLNC Ltd.,
	19,958,000	Series 2019-FL1-D (Secured Overnight Financing Rate 1 Month + 3.01%, 2.90% Floor)		8.34%	^(b)		08/20/2035		18,930,163		0.5%

	20,416,000	JP Morgan Chase Commercial Mortgage Securities Trust,		4.60%	^(b)(c)		05/05/2032		19,460,810		0.5%
		Series 2019-UES-G
		Series 2019-UES-F
		Series 2019-UES-E
		Series 2019-UES-D

		SMR Mortgage Trust,
	15,697,103	Series 2022-IND-A (Secured Overnight Financing Rate 1 Month + 1.65%, 1.65% Floor)		6.98%	^(b)		02/15/2039		14,815,695		0.4%

	Other Non-Agency Commercial Mortgage Backed Obligations^(a)								412,288,527		10.5%

		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $616,334,411)							465,495,195		11.9%

	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS

		BRAVO Residential Funding Trust,
	16,246,049	Series 2021-B-A1		2.12%	^(b)(d)		04/01/2069		15,749,413		0.4%

		Credit Suisse Mortgage-Backed Trust,
	21,485,735	Series 2019-RP10-A1		3.06%	^(b)(c)		12/26/2059		21,238,567		0.5%

		CSMC Trust,
	17,697,623	Series 2022-NQM1-A1		2.27%	^(b)(c)		11/25/2066		14,602,574		0.4%

		Pretium Mortgage Credit Partners LLC,
	27,141,700	Series 2021-NPL3-A1		1.87%	^(b)(d)		07/25/2051		25,230,433		0.7%

		VOLT LLC,
	22,017,305	Series 2021-NPL8-A1		2.12%	^(b)(d)		04/25/2051		20,587,222		0.5%

	Other Non-Agency Residential Collateralized Mortgage Obligations^(a)								354,683,381		9.0%

		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $557,306,599)							452,091,590		11.5%

	US CORPORATE BONDS^(a)
		Total US Corporate Bonds (Cost $270,469,359)							263,980,361		6.7%

	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS

		Federal National Mortgage Association,
	22,137,903	Series 2020-M49-1A1		1.30%	^(c)		11/25/2030		19,059,849		0.5%

	Other US Government and Agency Mortgage Backed Obligations^(a)								84,458,523		2.1%

		Total US Government and Agency Mortgage Backed Obligations (Cost $117,613,122)							103,518,372		2.6%

	US GOVERNMENT AND AGENCY OBLIGATIONS

	70,900,000	United States Treasury Notes		4.25%			12/31/2024		69,951,435		1.8%
	36,300,000	United States Treasury Notes		4.13%			01/31/2025		35,742,738		0.9%
	44,700,000	United States Treasury Notes		3.88%			03/31/2025		43,816,477		1.1%
	123,700,000	United States Treasury Notes		3.88%			04/30/2025		121,194,591		3.1%
	187,700,000	United States Treasury Notes		4.25%			05/31/2025		184,928,493		4.7%
	35,600,000	United States Treasury Notes		4.63%			06/30/2025		35,298,234		0.9%
	63,300,000	United States Treasury Notes		3.88%			01/15/2026		61,818,879		1.6%
	108,300,000	United States Treasury Notes		3.63%			05/15/2026		104,987,543		2.7%
	76,200,000	United States Treasury Notes		4.13%			06/15/2026		74,795,063		1.9%

		Total US Government and Agency Obligations (Cost $742,937,447)							732,533,453		18.7%

	COMMON STOCKS^(a)(f)
		Total Common Stocks (Cost $20,580)							55,298		0.0%


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

(Unaudited)

September 30, 2023


SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $		% OF NET ASSETS
	SHORT TERM INVESTMENTS
	70,960,505	First American Government Obligations Fund - Class U		5.28%	^(g)				70,960,505		1.8%
	70,960,505	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		5.27%	^(g)				70,960,505		1.8%
	70,960,505	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		5.27%	^(g)				70,960,505		1.8%
	70,000,000	United States Treasury Bills		0.00%			10/05/2023		69,969,287		1.8%
	152,800,000	United States Treasury Bills		0.00%	^(e)		05/16/2024		147,733,734		3.8%

		Total Short Term Investments (Cost $430,902,288)							430,584,536		11.0%

		Total Investments (Cost $4,190,668,025)							3,856,427,586		98.2%
		Other Assets in Excess of Liabilities							70,522,879		1.8%

		NET ASSETS						$	3,926,950,465		100.0%


SECURITY TYPE BREAKDOWN as a % of Net Assets:
US Government and Agency Obligations	18.7%
Collateralized Loan Obligations	17.3%
Non-Agency Commercial Mortgage Backed Obligations	11.9%
Non-Agency Residential Collateralized Mortgage Obligations	11.5%
Short Term Investments	11.0%
US Corporate Bonds	6.7%
Asset Backed Obligations	6.6%
Bank Loans	5.6%
Foreign Corporate Bonds	5.4%
US Government and Agency Mortgage Backed Obligations	2.6%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	0.9%
Common Stocks	0.0%	^(f)
Other Assets and Liabilities	1.8%

	100.0%


INVESTMENT BREAKDOWN as a % of Net Assets:
US Government and Agency Obligations				18.7%
Collateralized Loan Obligations				17.3%
Non-Agency Commercial Mortgage Backed Obligations				11.9%
Non-Agency Residential Collateralized Mortgage Obligations				11.5%
Short Term Investments				11.0%
Asset Backed Obligations				6.6%
Banking				3.5%
US Government and Agency Mortgage Backed Obligations				2.6%
Utilities				1.5%
Healthcare				1.1%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations				0.9%
Business Equipment and Services				0.9%
Technology				0.7%
Hotels/Motels/Inns and Casinos				0.7%


INVESTMENT BREAKDOWN as a % of Net Assets: (Cont.)
Transportation	0.7%
Pharmaceuticals	0.7%
Electronics/Electric	0.5%
Energy	0.5%
Retailers (other than Food/Drug)	0.5%
Finance	0.5%
Telecommunications	0.5%
Automotive	0.5%
Food Service	0.4%
Aerospace & Defense	0.4%
Media	0.4%
Food Products	0.4%
Mining	0.4%
Chemicals/Plastics	0.4%
Containers and Glass Products	0.3%
Insurance	0.2%
Chemical Products	0.2%
Leisure	0.2%
Building and Development (including Steel/Metals)	0.2%
Consumer Products	0.2%
Beverage and Tobacco	0.2%
Construction	0.2%
Real Estate	0.2%
Financial Intermediaries	0.2%
Diversified Manufacturing	0.2%
Commercial Services	0.1%
Environmental Control	0.1%
Conglomerates	0.0%	^(f)
Industrial Equipment	0.0%	^(f)
Other Assets and Liabilities	1.8%

	100.0%

(a)

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

(b)

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.

(c)

(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 this security has been pledged as collateral.

(f)

Represents less than 0.05% of net assets

(g)

Seven-day yield as of period end


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		47


Schedule of Investments - Summary DoubleLine Shiller Enhanced CAPE^® (Cont.)



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^® US Sector II ER USD Index⁽¹⁾	BNP Paribas		Long		0.39	%		Termination		11/29/2023	$	70,000,000	$	8,960,900	$	—	$	8,960,900
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	Barclays Capital, Inc.		Long		0.40	%		Termination		12/07/2023		60,000,000		8,145,296		—		8,145,296
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	Bank of America Merrill Lynch		Long		0.38	%		Termination		11/21/2023		100,000,000		7,423,079		—		7,423,079
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		01/16/2024		75,000,000		7,187,371		—		7,187,371
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	BNP Paribas		Long		0.39	%		Termination		01/31/2024		65,000,000		7,180,697		—		7,180,697
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	Bank of America Merrill Lynch		Long		0.38	%		Termination		01/23/2024		70,000,000		6,833,749		—		6,833,749
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	BNP Paribas		Long		0.39	%		Termination		01/10/2024		70,000,000		5,460,049		—		5,460,049
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		02/20/2024		85,000,000		5,045,126		—		5,045,126
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		01/04/2024		50,000,000		4,696,873		—		4,696,873
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	Bank of America Merrill Lynch		Long		0.38	%		Termination		03/26/2024		75,000,000		4,665,646		—		4,665,646
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		02/06/2024		50,000,000		4,539,126		—		4,539,126
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	BNP Paribas		Long		0.39	%		Termination		05/01/2024		80,000,000		4,527,002		—		4,527,002
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	Barclays Capital, Inc.		Long		0.40	%		Termination		05/09/2024		70,000,000		3,965,689		—		3,965,689
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	BNP Paribas		Long		0.39	%		Termination		12/27/2023		100,000,000		3,471,270		—		3,471,270
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	BNP Paribas		Long		0.39	%		Termination		12/20/2023		90,000,000		3,384,113		—		3,384,113
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	Bank of America Merrill Lynch		Long		0.38	%		Termination		11/14/2023		70,000,000		3,057,928		—		3,057,928
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		05/21/2024		69,000,000		2,973,190		—		2,973,190
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	BNP Paribas		Long		0.39	%		Termination		06/05/2024		65,000,000		2,686,904		—		2,686,904
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	Barclays Capital, Inc.		Long		0.40	%		Termination		06/13/2024		100,000,000		2,640,507		—		2,640,507
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	Barclays Capital, Inc.		Long		0.40	%		Termination		11/09/2023		80,000,000		2,322,870		—		2,322,870
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		12/21/2023		80,000,000		2,260,147		—		2,260,147
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	Bank of America Merrill Lynch		Long		0.38	%		Termination		10/10/2023		85,000,000		2,242,342		—		2,242,342
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		05/28/2024		62,000,000		2,037,681		—		2,037,681
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	Bank of America Merrill Lynch		Long		0.38	%		Termination		04/16/2024		64,000,000		2,028,072		—		2,028,072
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	Bank of America Merrill Lynch		Long		0.38	%		Termination		03/12/2024		80,000,000		1,817,955		—		1,817,955
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	Bank of America Merrill Lynch		Long		0.38	%		Termination		11/07/2023		85,000,000		1,538,763		—		1,538,763
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		03/19/2024		90,000,000		1,529,305		—		1,529,305
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	Bank of America Merrill Lynch		Long		0.38	%		Termination		12/12/2023		50,000,000		1,406,928		—		1,406,928
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		04/23/2024		75,000,000		1,279,321		—		1,279,321
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	BNP Paribas		Long		0.39	%		Termination		10/18/2023		75,000,000		1,142,609		—		1,142,609


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

(Unaudited)

September 30, 2023


Reference Entity	Counterparty	Long/Short		Financing Rate			Payment Frequency		Termination Date			Notional Amount		Value			Upfront Premiums Paid/ (Received)		Unrealized Appreciation (Depreciation)
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	Barclays Capital, Inc.		Long		0.40	%		Termination		10/26/2023		$	65,000,000	$	847,589		$	—	$	847,589
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	BNP Paribas		Long		0.39	%		Termination		10/09/2024			75,000,000		348,171			—		348,171
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		02/29/2024			55,000,000		316,174			—		316,174
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		10/24/2023	��		70,000,000		(224,945	)		—		(224,945	)
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	Bank of America Merrill Lynch		Long		0.38	%		Termination		06/18/2024			80,000,000		(241,608	)		—		(241,608	)
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	Barclays Capital, Inc.		Long		0.40	%		Termination		06/27/2024			86,000,000		(501,868	)		—		(501,868	)
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	Bank of America Merrill Lynch		Long		0.38	%		Termination		09/03/2024			55,000,000		(1,716,764	)		—		(1,716,764	)
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	BNP Paribas		Long		0.39	%		Termination		08/28/2024			50,000,000		(2,273,849	)		—		(2,273,849	)
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	Barclays Capital, Inc.		Long		0.40	%		Termination		08/22/2024			65,000,000		(2,425,944	)		—		(2,425,944	)
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	BNP Paribas		Long		0.39	%		Termination		10/02/2024			80,000,000		(2,665,158	)		—		(2,665,158	)
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	Barclays Capital, Inc.		Long		0.40	%		Termination		07/11/2024			88,000,000		(2,883,984	)		—		(2,883,984	)
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	Barclays Capital, Inc.		Long		0.40	%		Termination		10/12/2023			90,000,000		(3,660,715	)		—		(3,660,715	)
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		09/19/2024			88,000,000		(3,774,386	)		—		(3,774,386	)
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		07/16/2024			96,000,000		(3,984,838	)		—		(3,984,838	)
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	Barclays Capital, Inc.		Long		0.40	%		Termination		09/26/2024			77,000,000		(4,257,488	)		—		(4,257,488	)
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	Barclays Capital, Inc.		Long		0.40	%		Termination		09/12/2024			100,000,000		(4,522,443	)		—		(4,522,443	)
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	BNP Paribas		Long		0.39	%		Termination		07/24/2024			80,000,000		(4,860,980	)		—		(4,860,980	)
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	Bank of America Merrill Lynch		Long		0.38	%		Termination		07/30/2024			80,000,000		(5,150,514	)		—		(5,150,514	)
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	BNP Paribas		Long		0.39	%		Termination		08/14/2024			95,000,000		(5,644,495	)		—		(5,644,495	)
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	Bank of America Merrill Lynch		Long		0.38	%		Termination		08/13/2024			85,000,000		(6,031,291	)		—		(6,031,291	)
Shiller Barclays CAPE^® US Sector II ER USD Index⁽¹⁾	Barclays Capital, Inc.		Long		0.40	%		Termination		08/08/2024			95,000,000		(6,110,402	)		—		(6,110,402	)

														$	57,030,770		$	—	$	57,030,770

(1)

Shiller Barclays CAPE^® US Sector II ER USD Index aims to provide notional long exposure to the top four United States equity sectors that are relatively undervalued, as defined by a modified version of the classic CAPE^® Ratio (the “Relative CAPE^® Indicator”) and that possess relatively strong price momentum over the prior twelve months. Each U.S. equity sector is represented by an index of equity securities of companies in the relevant sector. Information on the sector constituents as of September 30, 2023, is available on the Barclays Capital, Inc. website at https://indices.cib.barclays/IM/12/en/indices/details.app;ticker=BXIICS2E


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		49

Schedule of Investments - Summary DoubleLine Flexible Income Fund

(Unaudited)

September 30, 2023


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $		% OF NET ASSETS
	ASSET BACKED OBLIGATIONS

		ExteNet LLC,
	6,250,000	Series 2019-1A-C		5.22%	^(b)		07/25/2049		5,935,119		0.7%

		Pagaya AI Debt Selection Trust,
	5,499,701	Series 2021-3-C		3.27%	^(b)		05/15/2029		4,762,994		0.6%

		Regional Ltd.,
	3,855,334	Series 2021-1A-A		5.75%			04/15/2041		3,458,382		0.4%

		Vivint Solar Financing LLC,
	4,484,158	Series 2018-1A-A		4.73%	^(b)		04/30/2048		4,029,247		0.5%

	Other Asset Backed Obligations^(a)								23,306,568		2.8%

		Total Asset Backed Obligations (Cost $55,512,040)							41,492,310		5.0%

	BANK LOANS^(a)
		Total Bank Loans (Cost $80,153,794)							78,248,283		9.4%

	COLLATERALIZED LOAN OBLIGATIONS

		BlueMountain Ltd.,
	3,770,000	Series 2013-2A-DR (Secured Overnight Financing Rate 3 Month + 3.16%)		8.51%	^(b)		10/22/2030		3,498,243		0.4%

		Cathedral Lake Ltd.,
	3,500,000	Series 2021-8A-D1 (Secured Overnight Financing Rate 3 Month + 3.68%, 3.42% Floor)		9.02%	^(b)		01/20/2035		3,456,951		0.4%

		LCM LP,
	5,000,000	Series 26A-D (Secured Overnight Financing Rate 3 Month + 2.76%, 2.50% Floor)		8.09%	^(b)		01/20/2031		4,475,106		0.5%

		Madison Park Funding Ltd.,
	4,500,000	Series 2015-18A-BR (Secured Overnight Financing Rate 3 Month + 1.86%)		7.20%	^(b)		10/21/2030		4,474,350		0.5%

		Marble Point Ltd.,
	3,500,000	Series 2021-3A-D1 (Secured Overnight Financing Rate 3 Month + 3.76%, 3.50% Floor)		9.07%	^(b)		10/17/2034		3,454,597		0.4%

		Neuberger Berman Loan Advisers Ltd.,
	4,000,000	Series 2017-16SA-DR (Secured Overnight Financing Rate 3 Month + 3.16%, 2.90% Floor)		8.47%	^(b)		04/15/2034		3,878,884		0.5%

		Octagon Investment Partners Ltd.,
	4,500,000	Series 2012-1A-CRR (Secured Overnight Financing Rate 3 Month + 4.16%, 3.90% Floor)		9.47%	^(b)		07/15/2029		4,321,505		0.5%
	4,000,000	Series 2018-1A-C (Secured Overnight Financing Rate 3 Month + 2.86%, 2.60% Floor)		8.19%	^(b)		01/20/2031		3,744,856		0.5%

		RR Ltd.,
	4,000,000	Series 2018-4A-C (Secured Overnight Financing Rate 3 Month + 3.21%, 0.26% Floor)		8.52%	^(b)		04/15/2030		3,845,876		0.5%

		Sound Point Ltd.,
	6,000,000	Series 2019-2A-DR (Secured Overnight Financing Rate 3 Month + 3.56%, 3.30% Floor)		8.87%	^(b)		07/15/2034		5,666,134		0.7%
	5,000,000	Series 2020-2A-DR (Secured Overnight Financing Rate 3 Month + 3.61%, 3.35% Floor)		8.96%	^(b)		10/25/2034		4,765,350		0.6%

		Steele Creek Ltd.,
	5,000,000	Series 2019-2A-BR (Secured Overnight Financing Rate 3 Month + 2.11%, 1.85% Floor)		7.42%	^(b)		07/15/2032		4,928,000		0.6%

		THL Credit Wind River Ltd.,
	4,000,000	Series 2014-2A-DR (Secured Overnight Financing Rate 3 Month + 3.16%, 2.90% Floor)		8.47%	^(b)		01/15/2031		3,596,725		0.4%

		Trimaran CAVU LLC,
	6,000,000	Series 2019-1A-B (Secured Overnight Financing Rate 3 Month + 2.46%, 2.20% Floor)		7.79%	^(b)		07/20/2032		5,988,600		0.7%

		Voya Ltd.,
	3,900,000	Series 2013-1A-CR (Secured Overnight Financing Rate 3 Month + 3.21%)		8.52%	^(b)		10/15/2030		3,629,611		0.4%

	Other Collateralized Loan Obligations^(a)								103,467,640		12.4%

		Total Collateralized Loan Obligations (Cost $176,055,415)							167,192,428		20.0%

	FOREIGN CORPORATE BONDS^(a)
		Total Foreign Corporate Bonds (Cost $48,242,918)							38,910,535		4.7%

	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS^(a)
		Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $13,328,406)							10,105,065		1.2%


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

(Unaudited)

September 30, 2023


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $		% OF NET ASSETS
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS

	3,708,000	JP Morgan Chase Commercial Mortgage Securities Trust,		4.60%	^(b)(e)		05/05/2032		3,534,517		0.4%
		Series 2019-UES-G
		Series 2019-UES-F
		Series 2019-UES-E
		Series 2019-UES-D

	Other Non-Agency Commercial Mortgage Backed Obligations ^(a)								78,631,653		9.4%

		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $112,464,183)							82,166,170		9.8%

	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS

		AMSR Trust,
	5,122,000	Series 2021-SFR3-G		3.80%	^(b)		10/17/2038		4,321,544		0.5%

		APS Resecuritization Trust,
	7,938,935	Series 2015-3-1MZ (12 Month US Treasury Average + 0.96%, 0.96% Floor)		4.25%	^(b)		10/27/2046		6,538,013		0.8%

		CSMC Trust,
	7,700,000	Series 2020-RPL6-A2		3.37%	^(b)(e)		03/25/2059		6,739,892		0.8%

		FirstKey Homes Trust,
	6,452,000	Series 2021-SFR1-F1		3.24%	^(b)		08/17/2038		5,587,749		0.7%

		FMC GMSR Issuer Trust,
	8,000,000	Series 2021-GT1-A		3.62%	^(b)(e)		07/25/2026		6,578,966		0.8%

		Home Partners of America Trust,
	6,456,524	Series 2019-2-F		3.87%	^(b)		10/19/2039		5,454,966		0.7%

		Morgan Stanley Resecuritization Trust,
	7,545,308	Series 2013-R7-8B (12 Month US Treasury Average + 0.96%, 0.96% Floor)		5.39%	^(b)(c)		12/26/2046		6,743,649		0.8%

		NovaStar Mortgage Funding Trust,
	9,774,483	Series 2006-3-A2C (Secured Overnight Financing Rate 1 Month + 0.43%, 0.32% Floor, 11.00% Cap)		5.75%			10/25/2036		5,153,472		0.6%

		Progress Residential Trust,
	7,500,000	Series 2021-SFR2-F		3.40%	^(b)		04/19/2038		6,557,973		0.8%
	8,100,000	Series 2021-SFR3-F		3.44%	^(b)		05/17/2026		7,047,936		0.8%

		Residential Mortgage Loan Trust,
	5,750,000	Series 2020-1-B1		3.95%	^(b)(e)		01/26/2060		4,540,820		0.5%

		Structured Asset Securities Corporation,
	7,725,727	Series 2007-OSI-A4 (Secured Overnight Financing Rate 1 Month + 0.31%, 0.20% Floor)		5.63%			06/25/2037		4,925,012		0.6%
	5,283,464	Series 2007-RF1-1A (Secured Overnight Financing Rate 1 Month + 0.30%, 0.19% Floor)		5.62%	^(b)		03/25/2037		4,231,353		0.5%

		Toorak Mortgage Corporation Ltd.,
	6,600,000	Series 2021-1-A2		3.10%	^(b)(d)		06/25/2024		6,372,860		0.8%

		Tricon American Homes Trust,
	5,000,000	Series 2019-SFR1-F		3.75%	^(b)		03/17/2038		4,567,105		0.6%

	Other Non-Agency Residential Collateralized Mortgage Obligations^(a)								67,914,749		8.1%

		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $194,949,238)							153,276,059		18.4%

	US CORPORATE BONDS^(a)
		Total US Corporate Bonds (Cost $36,661,206)							32,048,100		3.8%

	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS

		Federal Home Loan Mortgage Corporation Pass-Thru,
	7,643,176	Series KF89-AS (Secured Overnight Financing Rate 30 Day Average + 0.37%)		5.68%			09/25/2030		7,533,815		0.9%

		Federal Home Loan Mortgage Corporation REMICS,
	13,542,385	Series 4851-PF (Secured Overnight Financing Rate 30 Day Average + 0.51%, 0.40% Floor, 6.50% Cap)		5.83%			08/15/2057		12,877,386		1.5%
	11,697,336	Series 4944-F (Secured Overnight Financing Rate 30 Day Average + 0.56%, 0.45% Floor, 6.50% Cap)		5.88%			01/25/2050		11,389,816		1.4%
	15,322,428	Federal Home Loan Mortgage Corporation REMICS		1.02% – 5.93%	^(f)(g)		04/15/2040 – 09/25/2051		5,449,089		0.7%


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		51


Schedule of Investments - Summary DoubleLine Flexible Income Fund (Cont.)


PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $			% OF NET ASSETS

		Federal National Mortgage Association REMICS,
	6,445,578	Series 2013-12-FT (Secured Overnight Financing Rate 30 Day Average + 0.46%, 0.35% Floor, 6.50% Cap)		5.78%			02/25/2043		6,207,063			0.7%
	4,353,551	Series 2018-86-MF (Secured Overnight Financing Rate 30 Day Average + 0.41%, 0.30% Floor, 6.50% Cap)		5.73%			12/25/2048		4,231,324			0.5%
	5,405,248	Series 2022-43-FA (Secured Overnight Financing Rate 30 Day Average + 0.55%, 0.55% Floor, 6.00% Cap)		5.86%			07/25/2052		5,129,470			0.6%
	25,447,420	Federal National Mortgage Association REMICS		0.62% – 3.00%	^(f)(g)		05/25/2046 – 08/25/2050		2,603,927			0.3%

		Government National Mortgage Association,
	36,764,828	Series 2020-146-IJ		2.50%	^(f)		10/20/2050		4,404,360			0.5%
	190,617,231	Government National Mortgage Association		0.00% – 1.03%	^(e)(f)(g)		10/20/2049 – 08/16/2064		8,245,474			1.0%

	Other US Government and Agency Mortgage Backed Obligations^(a)								7,203,700			0.9%

		Total US Government and Agency Mortgage Backed Obligations (Cost $89,820,980)							75,275,424			9.0%

	US GOVERNMENT AND AGENCY OBLIGATIONS
	15,000,000	United States Treasury Notes		3.13%			08/15/2025		14,473,242			1.7%
	5,000,000	United States Treasury Notes		3.13%			08/31/2027		4,719,727			0.6%

		Total US Government and Agency Obligations (Cost $19,449,999)							19,192,969			2.3%

	COMMON STOCKS^(a)(i)
		Total Common Stocks (Cost $395,053)							137,626			0.0%

	ESCROW NOTES^(a)(i)
		Total Escrow Notes (Cost $—)							752			0.0%

	RIGHTS^(a)(i)
		Total Rights (Cost $—)							5,580			0.0%

	WARRANTS^(a)(i)
		Total Warrants (Cost $—)							2,135			0.0%

	SHORT TERM INVESTMENTS
	7,076,092	First American Government Obligations Fund - Class U		5.28%	^(h)				7,076,092			0.8%
	7,076,092	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		5.27%	^(h)				7,076,092			0.8%
	7,076,092	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		5.27%	^(h)				7,076,092			0.9%
	5,000,000	United States Treasury Bills		0.00%			11/02/2023		4,977,246			0.6%
	100,000,000	United States Treasury Bills		0.00%			11/09/2023		99,441,611			11.9%
	15,000,000	United States Treasury Bills		0.00%			12/12/2023		14,843,061			1.8%

		Total Short Term Investments (Cost $140,480,062)							140,490,194			16.8%

		Total Investments (Cost $967,513,294)							838,543,630			100.4%
		Liabilities in Excess of Other Assets							(3,391,038	)		(0.4	)%

		NET ASSETS						$	835,152,592			100.0%


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

(Unaudited)

September 30, 2023


SECURITY TYPE BREAKDOWN as a % of Net Assets:
Collateralized Loan Obligations	20.0%
Non-Agency Residential Collateralized Mortgage Obligations	18.4%
Short Term Investments	16.8%
Non-Agency Commercial Mortgage Backed Obligations	9.8%
Bank Loans	9.4%
US Government and Agency Mortgage Backed Obligations	9.0%
Asset Backed Obligations	5.0%
Foreign Corporate Bonds	4.7%
US Corporate Bonds	3.8%
US Government and Agency Obligations	2.3%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	1.2%
Common Stocks	0.0%	⁽ⁱ⁾
Rights	0.0%	⁽ⁱ⁾
Warrants	0.0%	⁽ⁱ⁾
Escrow Notes	0.0%	⁽ⁱ⁾
Other Assets and Liabilities	(0.4)%

	100.0%


INVESTMENT BREAKDOWN as a % of Net Assets:
Collateralized Loan Obligations				20.0%
Non-Agency Residential Collateralized Mortgage Obligations				18.4%
Short Term Investments				16.8%
Non-Agency Commercial Mortgage Backed Obligations				9.8%
US Government and Agency Mortgage Backed Obligations				9.0%
Asset Backed Obligations				5.0%
US Government and Agency Obligations				2.3%
Utilities				1.5%
Healthcare				1.4%
Energy				1.3%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations				1.2%
Banking				1.0%
Electronics/Electric				1.0%
Business Equipment and Services				1.0%
Media				0.9%
Transportation				0.8%
Telecommunications				0.7%
Retailers (other than Food/Drug)				0.7%
Hotels/Motels/Inns and Casinos				0.6%
Chemicals/Plastics				0.6%
Aerospace & Defense				0.5%
Insurance				0.5%
Leisure				0.4%
Industrial Equipment				0.4%
Mining				0.4%


INVESTMENT BREAKDOWN as a % of Net Assets: (Cont.)
Automotive	0.4%
Food Service	0.4%
Pharmaceuticals	0.4%
Consumer Products	0.3%
Containers and Glass Products	0.3%
Commercial Services	0.3%
Technology	0.3%
Construction	0.3%
Financial Intermediaries	0.3%
Building and Development (including Steel/Metals)	0.3%
Food Products	0.2%
Finance	0.2%
Chemical Products	0.1%
Cosmetics/Toiletries	0.1%
Real Estate	0.1%
Beverage and Tobacco	0.1%
Diversified Manufacturing	0.1%
Environmental Control	0.0%	⁽ⁱ⁾
Pulp & Paper	0.0%	⁽ⁱ⁾
Other Assets and Liabilities	(0.4)%

	100.0%

(a)

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

(b)

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.

(c)

Value determined using significant unobservable inputs.

(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)

(f)

Includes interest only securities

(g)

(h)

Seven-day yield as of period end

(i)

Represents less than 0.05% of net assets


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		53

Schedule of Investments DoubleLine Low Duration Emerging Markets Fixed Income Fund

(Unaudited)

September 30, 2023


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN CORPORATE BONDS 75.5%

	BRAZIL 9.5%
	3,800,000	Braskem Netherlands Finance B.V. (5 Year CMT Rate + 8.22%)		8.50%			01/23/2081		3,744,584
	376,000	BRF GmbH		4.35%			09/29/2026		345,989
	3,100,000	Cosan Overseas Ltd.		7.00%			01/20/2027		3,092,196
	1,200,000	CSN Steel S.L.		7.63%			04/17/2026		1,201,571
	1,812,733	Guara Notre SARL		5.20%			06/15/2034		1,544,582
	105,102	Invepar Holdings		0.00%	^(a)(b)		12/30/2028		—
	2,000,000	JBS USA LUX SA / JBS USA Food Company / JBS USA Finance, Inc.		2.50%			01/15/2027		1,768,380
	400,000	JBS USA LUX SA / JBS USA Food Company / JBS USA Finance, Inc.		3.00%			02/02/2029		335,987
	2,072,054	MV24 Capital B.V.		6.75%			06/01/2034		1,829,806
	2,800,000	NBM US Holdings, Inc.		7.00%			05/14/2026		2,778,905
	400,000	St Marys Cement, Inc.		5.75%			01/28/2027		389,158

									17,031,158

	CHILE 8.5%
	4,850,000	Chile Electricity PEC S.p.A.		0.00%	^(c)		01/25/2028		3,773,288
	521,500	Empresa Electrica Angamos S.A.		4.88%			05/25/2029		470,385
	1,742,320	Empresa Electrica Cochrane S.p.A.		5.50%			05/14/2027		1,630,103
	4,500,000	Enel Generacion Chile S.A.		4.25%			04/15/2024		4,432,941
	1,694,400	GNL Quintero S.A.		4.63%			07/31/2029		1,619,508
	700,000	Mercury Chile Holdco LLC		6.50%	^(c)		01/24/2027		644,633
	900,000	Mercury Chile Holdco LLC		6.50%			01/24/2027		828,814
	788,000	Sociedad Quimica y Minera de Chile S.A.		4.38%			01/28/2025		767,287
	1,478,000	VTR Comunicaciones S.p.A.		5.13%			01/15/2028		833,493
	700,000	VTR Finance NV		6.38%			07/15/2028		264,765

									15,265,217

	COLOMBIA 4.2%
	4,103,079	AI Candelaria Spain S.A.		7.50%			12/15/2028		3,744,773
	500,000	Banco de Bogota S.A.		6.25%			05/12/2026		477,395
	2,700,000	Bancolombia S.A. (5 Year CMT Rate + 2.94%)		4.63%			12/18/2029		2,327,739
	1,100,000	Grupo de Inversiones Suramericana S.A.		5.50%			04/29/2026		1,047,866

									7,597,773

	GUATEMALA 1.6%
	1,350,000	Millicom International Cellular S.A.		6.63%			10/15/2026		1,271,629
	1,936,800	Millicom International Cellular S.A.		5.13%			01/15/2028		1,638,630

									2,910,259

	INDIA 5.7%
	1,281,000	Adani International Container Terminal Private Ltd.		3.00%			02/16/2031		966,416
	2,700,000	Adani Ports & Special Economic Zone Ltd.		3.38%			07/24/2024		2,619,071
	1,700,000	Adani Ports & Special Economic Zone Ltd.		4.00%			07/30/2027		1,436,205
	2,400,000	Adani Transmission Step-One Ltd.		4.00%			08/03/2026		2,100,081
	3,150,000	Reliance Industries Ltd.		4.13%			01/28/2025		3,075,127

									10,196,900


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	INDONESIA 6.0%
	400,000	Freeport Indonesia PT		4.76%	^(c)		04/14/2027		381,653
	1,800,000	Freeport Indonesia PT		4.76%			04/14/2027		1,717,438
	4,900,000	Freeport-McMoRan, Inc.		4.13%			03/01/2028		4,495,088
	4,800,000	Minejesa Capital B.V.		4.63%			08/10/2030		4,282,800

									10,876,979

	ISRAEL 4.7%
	4,600,000	Bank Hapoalim B.M.		3.26%	^(c)(d)		01/21/2032		3,938,722
	5,000,000	Bank Leumi (5 Year CMT Rate + 1.63%)		3.28%	^(c)		01/29/2031		4,475,755

									8,414,477

	JAMAICA 0.0%^(g)
	263,447	Digicel Group Holdings Ltd. (5.00% + 3.00% PIK)		8.00%	^(a)(c)		04/01/2025		57,958
	59,154	Digicel Group Holdings Ltd. (7.00% PIK)		7.00%	^(a)(c)(e)		10/16/2023		3,484

									61,442

	KOREA 3.6%
	3,500,000	KT Corporation		1.00%			09/01/2025		3,202,006
	3,300,000	LG Chem Ltd.		3.25%			10/15/2024		3,209,892

									6,411,898

	KUWAIT 2.1%
	400,000	Equate Petrochemical B.V.		4.25%			11/03/2026		380,540
	3,400,000	MEGlobal Canada ULC		5.00%			05/18/2025		3,320,471

									3,701,011

	MALAYSIA 0.7%
	1,244,000	Axiata SPV2 BHD		4.36%			03/24/2026		1,203,876

	MEXICO 3.4%
	1,200,000	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand (5 Year CMT Rate + 3.00%)		5.95%			10/01/2028		1,186,201
	1,800,000	BBVA Bancomer S.A. (5 Year CMT Rate + 3.00%)		5.35%			11/12/2029		1,735,129
	2,000,000	Industrias Penoles SAB de CV		4.15%			09/12/2029		1,754,921
	1,466,916	Mexico Generadora de Energia S. de R.L.		5.50%			12/06/2032		1,396,453

									6,072,704

	PANAMA 2.7%
	1,877,000	Global Bank Corporation (3 Month LIBOR USD + 3.30%)		5.25%	^(h)		04/16/2029		1,705,152
	1,000,000	Multibank, Inc.		7.75%	^(c)		02/03/2028		1,009,145
	2,450,000	Sable International Finance Ltd.		5.75%			09/07/2027		2,225,886

									4,940,183

	PARAGUAY 1.2%
	1,050,000	Banco Continental SAECA		2.75%			12/10/2025		955,018
	1,282,000	Telefonica Celular del Paraguay S.A.		5.88%			04/15/2027		1,168,261

									2,123,279


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

(Unaudited)

September 30, 2023


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	PERU 10.5%
	2,000,000	Banco de Credito del Peru S.A. (5 Year CMT Rate + 2.45%)		3.25%	^(c)		09/30/2031		1,758,980
	1,750,000	Banco de Credito del Peru S.A. (5 Year CMT Rate + 3.00%)		3.13%			07/01/2030		1,608,319
	3,200,000	Banco Internacional del Peru S.A.A. Interbank (3 Month LIBOR USD + 5.76%)		6.63%	^(h)		03/19/2029		3,162,933
	1,400,000	Banco Internacional del Peru S.A.A. Interbank (5 Year CMT Rate + 3.71%)		4.00%			07/08/2030		1,289,713
	500,000	BBVA Banco Continental S.A. (5 Year CMT Rate + 2.75%)		5.25%			09/22/2029		488,276
	500,000	Camposol S.A.		6.00%			02/03/2027		291,634
	200,000	Credicorp Ltd.		2.75%			06/17/2025		187,554
	2,825,000	Fenix Power Peru S.A.		4.32%			09/20/2027		2,615,413
	2,355,000	Inkia Energy Ltd.		5.88%			11/09/2027		2,263,744
	168,831	Interoceanica Finance Ltd.		0.00%			11/30/2025		156,591
	2,300,000	Kallpa Generacion S.A.		4.88%			05/24/2026		2,193,827
	1,200,000	Orazul Energy Peru S.A.		5.63%			04/28/2027		1,094,334
	1,800,000	Transportadora de Gas del Peru S.A.		4.25%			04/30/2028		1,702,522

									18,813,840

	SINGAPORE 7.2%
	4,800,000	DBS Group Holdings Ltd. (5 Year CMT Rate + 1.10%)		1.82%			03/10/2031		4,362,632
	4,500,000	Oversea-Chinese Banking Corporation Ltd. (5 Year CMT Rate + 1.58%)		1.83%			09/10/2030		4,141,965
	1,000,000	United Overseas Bank Ltd. (5 Year CMT Rate + 1.50%)		3.75%			04/15/2029		987,248
	3,800,000	United Overseas Bank Ltd. (5 Year CMT Rate + 1.52%)		1.75%			03/16/2031		3,427,140

									12,918,985

	SOUTH AFRICA 1.1%
	2,300,000	Sasol Financing USA LLC		4.38%			09/18/2026		2,041,169

	UNITED ARAB EMIRATES 2.3%
	4,522,094	Galaxy Pipeline Assets Bidco Ltd.		1.75%			09/30/2027		4,180,634

	VIETNAM 0.5%
	1,000,000	Mong Duong Finance Holdings B.V.		5.13%			05/07/2029		908,510

		Total Foreign Corporate Bonds (Cost $145,304,142)							135,670,294

	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS 22.3%

	BRAZIL 0.6%
	1,100,000	Petrobras Global Finance B.V.		7.38%			01/17/2027		1,134,693


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	COLOMBIA 6.0%
	5,800,000	Colombia Government International Bond		4.50%			01/28/2026		5,564,591
	3,100,000	Ecopetrol S.A.		4.13%			01/16/2025		2,994,947
	2,500,000	Oleoducto Central S.A.		4.00%			07/14/2027		2,229,964

									10,789,502

	DOMINICAN REPUBLIC 0.4%
	700,000	Dominican Republic International Bond		5.50%			01/27/2025		690,924

	INDIA 2.1%
	1,500,000	ONGC Videsh Ltd.		4.63%			07/15/2024		1,481,183
	2,500,000	ONGC Videsh Vankorneft Pte Ltd.		3.75%			07/27/2026		2,367,825

									3,849,008

	INDONESIA 0.4%
	800,000	Indonesia Asahan Aluminium Persero PT		4.75%			05/15/2025		782,668

	KOREA 3.2%
	1,600,000	Korea East-West Power Company Ltd.		1.75%			05/06/2025		1,501,860
	200,000	Korea Electric Power Corporation		1.13%	^(c)		06/15/2025		185,420
	1,000,000	Korea Electric Power Corporation		1.13%			06/15/2025		927,098
	1,100,000	Korea Hydro & Nuclear Power Company Ltd.		1.25%	^(c)		04/27/2026		984,791
	2,500,000	Korea Southern Power Company Ltd.		0.75%	^(c)		01/27/2026		2,230,968

									5,830,137

	MALAYSIA 2.8%
	5,300,000	TNB Global Ventures Capital BHD		3.24%			10/19/2026		4,947,999

	MEXICO 1.5%
	3,200,000	Banco Nacional de Comercio Exterior (5 Year CMT Rate + 2.00%)		2.72%			08/11/2031		2,651,880

	PANAMA 0.8%
	1,500,000	Panama Government International Bond		3.75%			03/16/2025		1,451,484

	PARAGUAY 0.3%
	667,931	Bioceanico Sovereign Certificate Ltd.		0.00%			06/05/2034		468,144

	PERU 1.4%
	1,959,000	Corporacion Financiera de Desarrollo S.A. (3 Month LIBOR USD + 5.61%)		5.25%	^(h)		07/15/2029		1,912,494
	541,937	Lima Metro Finance Ltd.		5.88%			07/05/2034		523,338

									2,435,832

	SINGAPORE 1.3%
	2,500,000	SingTel Group Treasury Pte Ltd.		2.38%			10/03/2026		2,286,120


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		55


Schedule of Investments DoubleLine Low Duration Emerging Markets Fixed Income Fund (Cont.)

PRINCIPAL
AMOUNT $/
SHARES

SECURITY DESCRIPTION

RATE

MATURITY

VALUE $

SOUTH AFRICA 1.5%

1,500,000

Republic of South Africa Government Bond

4.67%

01/17/2024

1,489,756

1,300,000

Republic of South Africa Government Bond

4.88%

04/14/2026

1,241,890

2,731,646

Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations
(Cost $42,568,999)

40,050,037

SHORT TERM INVESTMENTS 1.5%

872,842

First American Government Obligations Fund -Class U

5.28%

^(f)

872,842

872,843

JP Morgan U.S. Government Money Market Fund - Institutional Share Class

5.27%

^(f)

872,843

Morgan Stanley Institutional Liquidity Funds Government Portfolio -Institutional Share Class

5.27%

^(f)

872,843

Total Short Term Investments
(Cost $2,618,528)

2,618,528

Total Investments 99.3%
(Cost $190,491,669)

178,338,859

Other Assets in Excess of Liabilities 0.7%

1,286,595

NET ASSETS 100.0%

179,625,454


SECURITY TYPE BREAKDOWN as a % of Net Assets:
Foreign Corporate Bonds				75.5%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations				22.3%
Short Term Investments				1.5%
Other Assets and Liabilities				0.7%

				100.0%



INVESTMENT BREAKDOWN as a % of Net Assets:
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations				22.3%
Banking				21.7%
Utilities				15.9%
Transportation				9.1%
Telecommunications				6.6%
Consumer Products				4.8%
Mining				4.6%
Chemical Products				4.2%
Energy				3.6%
Chemicals/Plastics				3.4%
Short Term Investments				1.5%
Finance				0.7%
Building and Development (including Steel/Metals)				0.7%
Conglomerates				0.2%
Other Assets and Liabilities				0.7%

				100.0%


COUNTRY BREAKDOWN as a % of Net Assets:
Peru	11.9%
Colombia	10.2%
Brazil	10.1%
Chile	8.5%
Singapore	8.5%
India	7.8%
Korea	6.8%
Indonesia	6.4%
Mexico	4.9%
Israel	4.7%
Panama	3.5%
Malaysia	3.5%
South Africa	2.6%
United Arab Emirates	2.3%
Kuwait	2.1%
Guatemala	1.6%
United States	1.5%
Paraguay	1.5%
Vietnam	0.5%
Dominican Republic	0.4%
Jamaica	0.0%	^(g)
Other Assets and Liabilities	0.7%

	100.0%

(a)

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

(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.

(d)

(e)

Perpetual maturity. The date disclosed is the next call date of the security.

(f)

Seven-day yield as of period end

(g)

Represents less than 0.05% of net assets

(h)

Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.

PIK


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

Schedule of Investments DoubleLine Long Duration Total Return Bond Fund

(Unaudited)

September 30, 2023



PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS 78.8%

		Federal Home Loan Mortgage Corporation REMICS,
	1,441,085	Series 4057-ZB		3.50%			06/15/2042		1,285,954
	1,366,305	Series 4194-ZL		3.00%	^(a)		04/15/2043		1,126,704
	2,152,447	Series 4206-LZ		3.50%	^(a)		05/15/2043		1,817,738
	2,933,332	Series 4390-NZ		3.00%	^(a)		09/15/2044		2,421,033
	1,061,513	Series 4460-KB		3.50%			03/15/2045		894,367
	593,227	Series 4839-WO		0.00%	^(b)		08/15/2056		383,633
	1,914,396	Series 5017-VZ		2.00%	^(a)		09/25/2050		1,130,629
	1,818,453	Series 5105-GZ		2.50%	^(a)		05/25/2051		1,004,427
	1,508,721	Series 5160-ZY		3.00%	^(a)		10/25/2050		949,901
	1,422,647	Series 5319-PO		0.00%	^(b)		08/25/2050		942,724
	368,652	Series 5326-UO		0.00%	^(b)		10/25/2050		239,654

		Federal Home Loan Mortgage Corporation,
	1,020,000	Pool WN2410		4.59%			05/01/2033		947,531

		Federal National Mortgage Association REMICS,
	1,260,000	Series 2012-128-UC		2.50%			11/25/2042		871,949
	631,652	Series 2013-66-ZK		3.00%	^(a)		07/25/2043		414,932
	1,709,395	Series 2013-74-ZH		3.50%			07/25/2043		1,517,938
	1,525,014	Series 2014-42-BZ		3.00%	^(a)		07/25/2044		1,251,631
	384,969	Series 2014-68-TD		3.00%			11/25/2044		330,756
	487,754	Series 2014-80-KL		2.00%			05/25/2043		296,590
	807,517	Series 2016-64-SA (-1 x Secured Overnight Financing Rate 30 Day Average + 5.89%, 6.00% Cap)		0.57%	^(c)(d)		09/25/2046		66,980
	238,444	Series 2018-21-PO		0.00%	^(b)		04/25/2048		174,466
	2,756,896	Series 2019-68-ZL		2.50%	^(a)		11/25/2049		1,908,057
	1,904,240	Series 2021-17-SB (-1 x Secured Overnight Financing Rate 30 Day Average + 3.30%, 3.30% Cap)		0.00%	^(c)(d)		04/25/2051		18,527

		Federal National Mortgage Association,
	1,000,000	Pool AN7330		3.26%			12/01/2037		797,477
	1,500,000	Pool BL2643		3.39%			07/01/2034		1,270,521
	996,000	Pool BS7172		5.27%			11/01/2032		981,669
	967,000	Pool BS7220		5.23%			11/01/2032		962,514
	1,000,000	Pool BS8657		5.10%			06/01/2030		979,889
	1,008,000	Pool BS8919		4.69%			07/01/2033		952,747
	1,000,000	Pool WN2312		4.60%			01/01/2030		952,440
	3,178,000	Series 2023-M1-2A2		4.05%	^(e)		07/25/2040		2,645,176
	1,733,947	Government National Mortgage Association REMIC Trust		3.50%			01/20/2052		1,171,716

		Government National Mortgage Association,
	257,535	Series 2013-180-LO		0.00%	^(b)		11/16/2043		187,901
	3,776,059	Series 2015-53-EZ		2.00%	^(a)		04/16/2045		2,168,228
	3,440,777	Series 2015-79-VZ		2.50%	^(a)		05/20/2045		2,769,001
	340,015	Series 2016-12-MZ		3.00%	^(a)		01/20/2046		242,736
	1,160,343	Series 2017-122-CZ		3.00%	^(a)		08/20/2047		841,695
	1,678,792	Series 2021-105-JS (-1 x Secured Overnight Financing Rate 30 Day Average + 3.65%, 3.65% Cap)		0.00%	^(c)(d)		06/20/2051		24,292
	1,336,937	Series 2021-223-EZ		3.00%	^(a)		12/20/2051		881,069
	788,998	Series 2021-42-SB (-1 x Secured Overnight Financing Rate 1 Month + 6.24%, 6.35% Cap)		0.91%	^(c)(d)		03/20/2051		86,558


PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $

		Government National Mortgage Association, (Cont.)
	1,729,145	Series 2021-89-SA (-1 x Secured Overnight Financing Rate 1 Month + 3.64%, 3.75% Cap)		0.00%	^(c)(d)		05/20/2051		37,384
	1,052,000	Series 2022-99-QG		3.50%			01/20/2052		844,043
	1,292,000	Series 2023-81-YJ		3.50%			06/20/2053		1,039,413

		Seasoned Credit Risk Transfer Trust,
	1,005,000	Series 2021-2-MBU		2.50%			11/25/2060		634,653

		Total US Government and Agency Mortgage Backed Obligations (Cost $48,995,315)							40,467,243

	US GOVERNMENT AND AGENCY OBLIGATIONS 18.9%
	5,200,000	United States Treasury Notes		3.88%			05/15/2043		4,521,563
	5,700,000	United States Treasury Notes		4.13%			08/15/2053		5,175,422

		Total US Government and Agency Obligations (Cost $10,234,159)							9,696,985

	SHORT TERM INVESTMENTS 4.4%
	759,294	First American Government Obligations Fund -Class U		5.28%	^(f)				759,294
	759,294	JP Morgan U.S. Government Money Market Fund -Institutional Share Class		5.27%	^(f)				759,294
	759,294	Morgan Stanley Institutional Liquidity Funds Government Portfolio -Institutional Share Class		5.27%	^(f)				759,294

		Total Short Term Investments (Cost $2,277,882)							2,277,882

		Total Investments 102.1% (Cost $61,507,356)							52,442,110
		Liabilities in Excess of Other Assets (2.1)%							(1,103,288	)

		NET ASSETS 100.0%						$	51,338,822


SECURITY TYPE BREAKDOWN as a % of Net Assets:
US Government and Agency Mortgage Backed Obligations				78.8%
US Government and Agency Obligations				18.9%
Short Term Investments				4.4%
Other Assets and Liabilities				(2.1)%

				100.0%

(a)

This security accrues interest which is added to the outstanding principal balance. The interest payment will be deferred until all other tranches in the structure are paid off. The rate disclosed is as of period end.

(b)

Principal only security

(c)

Interest only security

(d)

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

(e)

(f)

Seven-day yield as of period end


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		57


Schedule of Investments DoubleLine Long Duration Total Return Bond Fund (Cont.)



Futures Contracts
Description	Long/Short	Contract Quantity			Expiration Date		Notional Amount⁽¹⁾				Unrealized Appreciation (Depreciation)/Value
10-Year US Treasury Ultra Note Future	Short		(160	)		12/19/2023		$	(17,850,000	)		$	515,177
5-Year US Treasury Note Future	Short		(163	)		12/29/2023			(17,173,578	)			151,193
2-Year US Treasury Note Future	Long		137			12/29/2023			27,771,399				(60,638	)
US Treasury Long Bond Future	Long		31			12/19/2023			3,527,219				(193,025	)
US Treasury Ultra Long Bond Future	Long		167			12/19/2023			19,820,813				(1,463,006	)

												$	(1,050,299	)
													��

(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.


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

Schedule of Investments DoubleLine Strategic Commodity Fund (Consolidated)

(Unaudited)

September 30, 2023


PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	SHORT TERM INVESTMENTS 102.1%
	11,942,985	First American Government Obligations Fund - Class U		5.28%	^(a)(b)				11,942,985
	11,942,985	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		5.27%	^(a)(b)				11,942,985
	11,942,985	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		5.27%	^(a)(b)				11,942,985
	3,580,000	United States Treasury Bills		0.00%			10/05/2023		3,578,429
	20,500,000	United States Treasury Bills		0.00%	^(b)		10/17/2023		20,455,007
	10,000,000	United States Treasury Bills		0.00%	^(b)(c)		11/02/2023		9,954,490

PRINCIPAL
AMOUNT $

SECURITY DESCRIPTION

RATE

MATURITY

VALUE $

9,000,000

United States Treasury Bills

0.00%

11/30/2023

8,921,456

17,000,000

United States Treasury Bills

0.00%

^(b)

12/05/2023

16,839,475

17,500,000

United States Treasury Bills

0.00%

^(b)(c)

01/04/2024

17,257,819

64,000,000

United States Treasury Bills

0.00%

^(b)

02/22/2024

62,651,987

7,500,000

United States Treasury Bills

0.00%

^(b)

03/07/2024

7,326,259

Total Short Term Investments (Cost $182,795,130)

182,813,877

Total Investments 102.1% (Cost $182,795,130)

182,813,877

Liabilities in Excess of Other Assets (2.1)%

(3,702,389

)

NET ASSETS 100.0%

179,111,488


SECURITY TYPE BREAKDOWN as a % of Net Assets:
Short Term Investments				102.1%
Other Assets and Liabilities				(2.1)%

				100.0%

(a)

Seven-day yield as of period end

(b)

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

(c)

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



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)
Commodity Beta Basket Swap⁽¹⁾⁽²⁾	Canadian Imperial Bank of Commerce		Long		0.21	%		Termination		10/02/2023	$	59,500,000	$	(1,166,201	)	$	—	$	(1,166,201	)
Commodity Beta Basket Swap⁽¹⁾⁽²⁾	Bank of America Merrill Lynch		Long		0.23	%		Termination		10/02/2023		59,500,000		(1,167,146	)		—		(1,167,146	)
Commodity Beta Basket Swap⁽¹⁾⁽²⁾	Barclays Capital, Inc.		Long		0.20	%		Termination		10/02/2023		63,500,000		(1,255,698	)		—		(1,255,698	)

													$	(3,589,045	)	$	—	$	(3,589,045	)

(1)

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

(2)

Commodity Beta Basket Swap represents a swap on a basket of commodity indices designed to approximate the broad commodity market. At September 30, 2023, all constituents and their weightings were as follows:


Index	Ticker		Contract Value⁽³⁾		Value of Index			Weightings
Soybean Future		S1		0.34		$	146		20.0	%
Electrolytic Copper Future		LP1		0.22			132		18.1	%
Crude Oil Future		CL1		0.10			80		10.9	%
Brent Crude Future		CO1		0.10			78		10.8	%
Nickel Future		LN1		0.17			60		8.3	%
Sugar No. 11 Future		SB1		0.22			53		7.3	%
Low Sulphur Gas Oil Future		QS1		0.09			43		5.9	%
Live Cattle Future		LC1		0.21			42		5.8	%
Gasoline RBOB Future		XB1		0.06			40		5.4	%
Cotton No. 2 Future		CT1		0.41			30		4.1	%
NY Harbor ULSD Heating Oil Future		HO1		0.07			25		3.4	%

						$	729		100.0	%

(3)

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


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		59

Schedule of Investments DoubleLine Global Bond Fund

(Unaudited)

September 30, 2023


PRINCIPAL AMOUNT			SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS 54.8%

	AUSTRALIA 3.2%
	1,050,000	AUD	Australia Government Bond		2.75%			04/21/2024		669,828
	1,300,000	AUD	Australia Government Bond		1.00%			12/21/2030		664,703
	5,817,000	AUD	Australia Government Bond		1.50%			06/21/2031		3,042,623

										4,377,154

	BELGIUM 3.8%
	2,300,000	EUR	Kingdom of Belgium Government Bond		1.00%	^(a)		06/22/2026		2,294,694
	3,126,000	EUR	Kingdom of Belgium Government Bond		0.90%	^(a)		06/22/2029		2,922,616

										5,217,310

	CANADA 1.7%
	3,800,000	CAD	Canadian Government Bond		1.50%			06/01/2031		2,325,351

	FRANCE 5.8%
	1,070,000	EUR	French Republic Government Bond		0.25%			11/25/2026		1,033,439
	1,545,000	EUR	French Republic Government Bond		1.00%			05/25/2027		1,513,909
	660,000	EUR	French Republic Government Bond		0.00%			11/25/2029		576,554
	3,372,529	EUR	French Republic Government Bond		0.70%	^(a)		07/25/2030		3,567,347
	1,290,000	EUR	French Republic Government Bond OAT		2.00%			11/25/2032		1,222,497

										7,913,746

	GERMANY 7.1%
	4,390,000	EUR	Bundesrepublik Deutschland Bundesanleihe		0.00%			08/15/2030		3,865,057
	4,950,000	EUR	Bundesrepublik Deutschland Bundesanleihe		0.00%			02/15/2031		4,295,711
	1,630,000	EUR	Bundesrepublik Deutschland Bundesanleihe		1.70%			08/15/2032		1,580,567

										9,741,335

	IRELAND 2.6%
	1,020,000	EUR	Ireland Government Bond		1.00%			05/15/2026		1,021,413
	680,000	EUR	Ireland Government Bond		0.90%			05/15/2028		651,965
	1,910,000	EUR	Ireland Government Bond		1.10%			05/15/2029		1,811,436

										3,484,814

	JAPAN 11.5%
	361,000,000	JPY	Japan Government Ten Year Bond		0.10%			12/20/2026		2,413,512
	1,061,000,000	JPY	Japan Government Ten Year Bond		0.10%			12/20/2027		7,057,730
	500,000,000	JPY	Japan Government Twenty Year Bond		1.90%			03/20/2031		3,668,843
	418,000,000	JPY	Japan Government Twenty Year Bond		0.50%			03/20/2038		2,565,384

										15,705,469


PRINCIPAL AMOUNT			SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	MEXICO 3.3%
	295,000	MXN	Mexican Bonos		5.00%	^(b)		03/06/2025		1,567,956
	276,800	MXN	Mexican Bonos		7.75%	^(b)		05/29/2031		1,399,844
	300,000	MXN	Mexican Bonos		7.50%	^(b)		05/26/2033		1,463,239

										4,431,039

	NEW ZEALAND 1.9%
	5,800,000	NZD	New Zealand Government Bond		1.50%			05/15/2031		2,658,463

	PERU 1.5%
	8,100,000	PEN	Peru Government Bond		6.15%			08/12/2032		1,991,899

	PORTUGAL 2.1%
	1,590,000	EUR	Portugal Obrigacoes do Tesouro OT		1.95%	^(a)		06/15/2029		1,567,872
	1,420,000	EUR	Portugal Obrigacoes do Tesouro OT		0.48%	^(a)		10/18/2030		1,232,869

										2,800,741

	ROMANIA 3.2%
	21,250,000	RON	Romania Government Bond		3.70%			11/25/2024		4,407,623

	SOUTH AFRICA 2.5%
	6,290,000	ZAR	Republic of South Africa Government Bond		8.00%			01/31/2030		290,120
	74,470,000	ZAR	Republic of South Africa Government Bond		8.88%			02/28/2035		3,106,039

										3,396,159

	SPAIN 4.6%
	1,470,000	EUR	Spain Government Bond		1.30%	^(a)		10/31/2026		1,457,913
	4,440,000	EUR	Spain Government Bond		0.60%	^(a)		10/31/2029		3,948,551
	970,000	EUR	Spain Government Bond		0.50%	^(a)		04/30/2030		842,988

										6,249,452

			Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $89,864,992)							74,700,555

	US GOVERNMENT AND AGENCY OBLIGATIONS 37.2%

	UNITED STATES 37.2%
	660,000	USD	United States Treasury Notes		4.13%			01/31/2025		649,868
	2,230,000	USD	United States Treasury Notes		4.63%			02/28/2025		2,210,052
	2,260,000	USD	United States Treasury Notes		4.63%			06/30/2025		2,240,843
	2,180,000	USD	United States Treasury Notes		4.75%			07/31/2025		2,165,651
	2,410,000	USD	United States Treasury Notes		4.00%			02/15/2026		2,359,258
	1,680,000	USD	United States Treasury Notes		4.13%			06/15/2026		1,649,025
	2,190,000	USD	United States Treasury Notes		4.38%			08/15/2026		2,162,967
	2,180,000	USD	United States Treasury Notes		4.13%			09/30/2027		2,134,952
	2,210,000	USD	United States Treasury Notes		4.13%			10/31/2027		2,163,297
	2,230,000	USD	United States Treasury Notes		3.88%			11/30/2027		2,162,055
	2,240,000	USD	United States Treasury Notes		3.88%			12/31/2027		2,171,225
	2,240,000	USD	United States Treasury Notes		4.00%			02/29/2028		2,182,338


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

(Unaudited)

September 30, 2023


PRINCIPAL AMOUNT/ SHARES			SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	2,200,000	USD	United States Treasury Notes		4.13%			07/31/2028		2,152,734
	2,220,000	USD	United States Treasury Notes		3.88%			12/31/2029		2,126,951
	2,220,000	USD	United States Treasury Notes		4.00%			02/28/2030		2,141,259
	2,110,000	USD	United States Treasury Notes		3.75%			06/30/2030		2,003,016
	1,720,000	USD	United States Treasury Notes		4.00%			07/31/2030		1,657,113
	1,650,000	USD	United States Treasury Notes		4.13%			11/15/2032		1,591,606
	2,350,000	USD	United States Treasury Notes		3.50%			02/15/2033		2,156,492
	2,380,000	USD	United States Treasury Notes		3.38%			05/15/2033		2,158,734
	2,480,000	USD	United States Treasury Notes		4.00%			11/15/2042		2,201,581
	2,840,000	USD	United States Treasury Notes		3.88%			02/15/2043		2,472,131
	1,390,000	USD	United States Treasury Notes		3.88%			05/15/2043		1,208,649
	2,180,000	USD	United States Treasury Notes		4.00%			11/15/2052		1,932,706
	2,590,000	USD	United States Treasury Notes		3.63%			02/15/2053		2,142,618
	450,000	USD	United States Treasury Notes		4.13%			08/15/2053		408,586

			Total US Government and Agency Obligations (Cost $52,776,170)							50,605,707

	SHORT TERM INVESTMENTS 5.1%
	1,546,385		First American Government Obligations Fund - Class U		5.28%	^(c)				1,546,385
	1,546,385		JP Morgan U.S. Government Money Market Fund - Institutional Share Class		5.27%	^(c)				1,546,385
	1,546,385		Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		5.27%	^(c)				1,546,385
	2,400,000	USD	United States Treasury Bills		0.00%			02/22/2024		2,349,448

			Total Short Term Investments (Cost $6,993,032)							6,988,603

			Total Investments 97.1% (Cost $149,634,194)							132,294,865
			Other Assets in Excess of Liabilities 2.9%							3,974,846

			NET ASSETS 100.0%						$	136,269,711



SECURITY TYPE BREAKDOWN as a % of Net Assets:
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations				54.8%
US Government and Agency Obligations				37.2%
Short Term Investments				5.1%
Other Assets and Liabilities				2.9%

				100.0%


COUNTRY BREAKDOWN as a % of Net Assets:
United States				42.3%
Japan				11.5%
Germany				7.1%
France				5.8%
Spain				4.6%
Belgium				3.8%
Mexico				3.3%
Romania				3.2%
Australia				3.2%
Ireland				2.6%
South Africa				2.5%
Portugal				2.1%
New Zealand				1.9%
Canada				1.7%
Peru				1.5%
Other Assets and Liabilities				2.9%

				100.0%

(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.

(b)

Principal amount is stated in 100 Mexican Peso Units.

(c)

Seven-day yield as of period end

AUD

Australian Dollar

EUR

Euro

CAD

Canadian Dollar

JPY

Japanese Yen

MXN

Mexican Peso

NZD

New Zealand Dollar

PEN

Peruvian Sol

RON

Romanian Leu

ZAR

South African Rand

USD

US Dollar


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		61

Schedule of Investments DoubleLine Infrastructure Income Fund

(Unaudited)

September 30, 2023


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 38.3%

		American Airlines, Inc.,
	1,741,915	Series 2016-3-A		3.25%			10/15/2028		1,493,501
	1,937,884	Series 2019-1-B		3.85%			02/15/2028		1,704,211

		Blackbird Capital Aircraft Lease Securitization Ltd.,
	4,509,895	Series 2016-1A-B		5.68%	^(a)(b)		12/16/2041		3,352,945

		Blue Stream Issuer LLC,
	2,000,000	Series 2023-1A-C		8.90%	^(a)		05/20/2053		1,790,669

		Cologix Data Centers Issuer LLC,
	2,250,000	Series 2021-1A-B		3.79%	^(a)		12/26/2051		1,954,854

		CyrusOne Data Centers Issuer I LLC,
	2,000,000	Series 2023-1A-A2		4.30%	^(a)		04/20/2048		1,767,097
	1,458,331	Series 2023-1A-B		5.45%	^(a)		04/20/2048		1,241,676

		DataBank Issuer,
	6,900,000	Series 2021-1A-A2		2.06%	^(a)		02/27/2051		6,068,715
	2,100,000	Series 2021-1A-C		4.43%	^(a)		02/27/2051		1,672,463
	6,000,000	Series 2021-2A-A2		2.40%	^(a)		10/25/2051		5,177,487

		Diamond Infrastructure Funding LLC,
	2,250,000	Series 2021-1A-B		2.36%	^(a)		04/15/2049		1,913,827

		Falcon Aerospace Ltd.,
	2,150,760	Series 2017-1-A		4.58%	^(a)		02/15/2042		2,029,328

		GAIA Aviation Ltd.,
	2,689,835	Series 2019-1-A		3.97%	^(a)(b)		12/15/2044		2,402,224

		Goodgreen Trust,
	3,596,905	Series 2020-1A-A		2.63%	^(a)		04/15/2055		2,997,174

		GoodLeap Sustainable Home Solutions Trust,
	3,455,503	Series 2021-3CS-B		2.41%	^(a)		05/20/2048		2,381,514

		HERO Funding Trust,
	12,347	Series 2015-2A-A		3.99%	^(a)		09/20/2040		10,983
	359,855	Series 2016-3A-A2		3.91%	^(a)		09/20/2042		318,123
	889,042	Series 2016-4A-A2		4.29%	^(a)		09/20/2047		792,102

		Horizon Aircraft Finance Ltd.,
	4,080,535	Series 2019-1-A		3.72%	^(a)		07/15/2039		3,527,614

		ITE Rail Fund Levered LP,
	3,531,529	Series 2021-1A-A		2.25%	^(a)		02/28/2051		3,002,743
	2,257,503	Series 2021-3A-A		2.21%	^(a)		06/28/2051		1,946,762

		JOL Air Ltd.,
	3,376,359	Series 2019-1-A		3.97%	^(a)		04/15/2044		3,063,644

		Kestrel Aircraft Funding Ltd.,
	1,362,514	Series 2018-1A-A		4.25%	^(a)		12/15/2038		1,184,167

		Loanpal Solar Loan Ltd.,
	5,226,294	Series 2020-3GS-A		2.47%	^(a)		12/20/2047		3,949,165

		Mosaic Solar Loan Trust,
	1,596,887	Series 2018-1A-A		4.01%	^(a)		06/22/2043		1,437,707
	2,267,179	Series 2019-2A-B		3.28%	^(a)		09/20/2040		1,959,484
	2,284,365	Series 2020-1A-A		2.10%	^(a)		04/20/2046		1,930,074
	3,104,705	Series 2020-2A-B		2.21%	^(a)		08/20/2046		2,416,987
	3,274,384	Series 2021-3A-B		1.92%	^(a)		06/20/2052		2,312,331
	2,208,979	Series 2022-1A-B		3.16%	^(a)		01/20/2053		1,709,156

		NP SPE LLC,
	68,085	Series 2016-1A-A1		4.16%	^(a)		04/20/2046		65,393
	1,448,906	Series 2017-1A-A1		3.37%	^(a)		10/21/2047		1,358,785
	3,978,883	Series 2021-1A-A1		2.23%	^(a)		03/19/2051		3,483,278

		Purewest Funding LLC,
	3,004,794	Series 2021-1-A1		4.09%	^(a)		12/22/2036		2,851,939

		Regional Ltd.,
	3,855,334	Series 2021-1A-A		5.75%			04/15/2041		3,458,381

		Retained Vantage Data Centers Issuer LLC,
	2,500,000	Series 2023-1A-B		5.75%	^(a)		09/15/2048		2,229,225

		Shenton Aircraft Investment Ltd.,
	111,852	Series 2015-1A-A		4.75%	^(a)		10/15/2042		95,431

		Signal Rail LLC,
	4,601,491	Series 2021-1-A		2.23%	^(a)		08/17/2051		3,836,257


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $

		Start Ltd.,
	940,281	Series 2018-1-A		4.09%	^(a)		05/15/2043		832,770

		Sunnova Helios Issuer LLC,
	2,474,352	Series 2018-1A-A		4.87%	^(a)		07/20/2048		2,254,577
	2,138,081	Series 2020-AA-A		2.98%	^(a)		06/20/2047		1,905,182
	4,040,984	Series 2021-A-A		1.80%	^(a)		02/20/2048		3,405,215
	2,492,093	Series 2021-B-B		2.01%	^(a)		07/20/2048		2,007,849

		Sunnova Helios Sol Issuer LLC,
	7,307,883	Series 2020-2A-A		2.73%	^(a)		11/01/2055		5,753,367

		Sunrun Demeter Issuer LLC,
	5,460,467	Series 2021-2A-A		2.27%	^(a)		01/30/2057		4,327,026

		Thunderbolt Aircraft Lease Ltd.,
	1,139,629	Series 2017-A-A		4.21%	^(a)(b)		05/17/2032		1,054,435
	1,189,449	Series 2017-A-B		5.75%	^(a)(b)(c)		05/17/2032		945,835
	1,327,451	Series 2018-A-A		4.15%	^(a)(b)		09/15/2038		1,125,503
	2,678,571	Series 2018-A-B		5.07%	^(a)(b)		09/15/2038		1,714,312

		Trinity Rail Leasing LLC,
	2,944,760	Series 2010-1A-A		5.19%	^(a)		10/16/2040		2,808,904

		United Airlines, Inc.,
	1,337,677	Series 2016-1-B		3.65%			01/07/2026		1,257,054
	4,231,482	Series 2016-2-B		3.65%			10/07/2025		3,982,882

		Vault DI Issuer LLC,
	5,000,000	Series 2021-1A-A2		2.80%	^(a)		07/15/2046		4,353,665

		Vivint Solar Financing LLC,
	4,484,158	Series 2018-1A-A		4.73%	^(a)		04/30/2048		4,029,247

		WAVE Trust,
	1,952,398	Series 2017-1A-A		3.84%	^(a)		11/15/2042		1,601,835

		Total Asset Backed Obligations (Cost $149,954,586)							128,247,074

	FOREIGN CORPORATE BONDS 12.6%
	3,650,000	Adani Ports & Special Economic Zone Ltd.		4.00%	^(a)		07/30/2027		3,083,616
	10,500,000	APA Infrastructure Ltd.		4.25%	^(a)		07/15/2027		9,910,345
	2,000,000	Emirates Semb Corporation Water and Power Company PJSC		4.45%	^(a)		08/01/2035		1,844,400
	2,080,942	Energia Eolica S.A.		6.00%	^(c)		08/30/2034		2,008,109
	2,532,475	Fermaca Enterprises S. de R.L. de C.V.		6.38%	^(a)		03/30/2038		2,458,579
	1,379,710	Fermaca Enterprises S. de R.L. de C.V.		6.38%			03/30/2038		1,339,452
	703,462	Interoceanica Finance Ltd.		0.00%	^(a)		11/30/2025		652,461
	1,617,964	Interoceanica Finance Ltd.		0.00%			11/30/2025		1,500,662
	4,216,000	Sydney Airport Finance Company Pty Ltd.		3.38%	^(a)		04/30/2025		4,048,299
	2,440,000	Sydney Airport Finance Company Pty Ltd.		3.63%	^(a)		04/28/2026		2,309,991
	8,299,000	TransCanada PipeLines Ltd.		4.63%			03/01/2034		7,235,842
	500,000	Transelec S.A.		4.25%	^(a)		01/14/2025		485,889
	6,000,000	Transelec S.A.		3.88%	^(a)		01/12/2029		5,463,280

		Total Foreign Corporate Bonds (Cost $45,247,033)							42,340,925

	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS 2.0%
	3,640,000	Israel Electric Corporation Ltd.		5.00%	^(a)		11/12/2024		3,594,591
	2,935,494	Lima Metro Finance Ltd.		5.88%	^(a)		07/05/2034		2,834,747


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

(Unaudited)

September 30, 2023


PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	158,065	Lima Metro Finance Ltd.		5.88%			07/05/2034		152,640

		Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $6,894,220)							6,581,978

	US CORPORATE BONDS 45.5%
	4,000,000	Ameren Illinois Company		3.85%			09/01/2032		3,507,357
	1,500,000	Ameren Illinois Company		4.95%			06/01/2033		1,420,851
	12,000,000	American Tower Corporation		2.30%			09/15/2031		9,115,346
	11,015,000	AT&T, Inc.		4.30%			12/15/2042		8,503,006
	8,000,000	Crown Castle, Inc.		5.10%			05/01/2033		7,402,677
	10,250,000	Dominion Energy, Inc.		3.38%			04/01/2030		8,824,296
	6,655,000	Duquesne Light Holdings, Inc.		3.62%	^(a)		08/01/2027		5,967,176
	8,000,000	Energy Transfer LP		5.75%			02/15/2033		7,698,826
	11,450,000	Equinix, Inc.		2.15%			07/15/2030		9,002,212
	8,500,000	Eversource Energy		5.13%			05/15/2033		7,912,719
	7,688,000	Exelon Corporation		4.05%			04/15/2030		6,925,046
	2,250,000	FirstEnergy Corporation		2.25%			09/01/2030		1,746,568
	5,750,000	Flex Intermediate Holdco LLC		4.32%	^(a)		12/30/2039		3,964,245
	2,000,000	Foundry JV Holdco LLC		5.88%	^(a)		01/25/2034		1,912,677
	7,500,000	ITC Holdings Corporation		5.40%	^(a)		06/01/2033		7,132,961
	8,000,000	MPLX LP		5.00%			03/01/2033		7,295,158
	8,000,000	NextEra Energy Capital Holdings, Inc.		2.44%			01/15/2032		6,194,757
	9,900,000	NiSource, Inc.		3.60%			05/01/2030		8,631,217
	8,500,000	Ohio Power Company		5.00%			06/01/2033		7,986,098
	5,000,000	Sempra		5.50%			08/01/2033		4,788,741
	10,000,000	Southern Company		3.70%			04/30/2030		8,865,658
	4,500,000	T-Mobile USA, Inc.		3.88%			04/15/2030		3,988,570
	5,000,000	Venture Global Calcasieu Pass LLC		6.25%	^(a)		01/15/2030		4,774,422
	10,000,000	Verizon Communications, Inc.		3.15%			03/22/2030		8,539,143

		Total US Corporate Bonds (Cost $170,142,956)							152,099,727

	SHORT TERM INVESTMENTS 1.0%
	1,112,558	First American Government Obligations Fund - Class U		5.28%	^(d)				1,112,558
	1,112,558	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		5.27%	^(d)				1,112,558

SECURITY DESCRIPTION

RATE

MATURITY

VALUE $

1,112,559

Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class

5.27%

^(d)

1,112,559

Total Short Term Investments
(Cost $3,337,675)

3,337,675

Total Investments 99.4%
(Cost $375,576,470)

332,607,379

Other Assets in Excess of Liabilities 0.6%

1,927,992

NET ASSETS 100.0%

334,535,371


SECURITY TYPE BREAKDOWN as a % of Net Assets:
US Corporate Bonds				45.5%
Asset Backed Obligations				38.3%
Foreign Corporate Bonds				12.6%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations				2.0%
Short Term Investments				1.0%
Other Assets and Liabilities				0.6%

				100.0%


INVESTMENT BREAKDOWN as a % of Net Assets:
Asset Backed Obligations				38.3%
Utilities				22.8%
Energy				16.3%
Telecommunications				11.2%
Transportation				4.5%
Technology				3.3%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations				2.0%
Short Term Investments				1.0%
Other Assets and Liabilities				0.6%

				100.0%

(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.

(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)

Value determined using significant unobservable inputs.

(d)

Seven-day yield as of period end


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		63

Schedule of Investments DoubleLine Shiller Enhanced International CAPE^®

(Unaudited)

September 30, 2023

PRINCIPAL
AMOUNT $

SECURITY DESCRIPTION

RATE

MATURITY

VALUE $

ASSET BACKED OBLIGATIONS 3.8%

Commonbond Student Loan Trust,

421,081

Series 2017-BGS-B

3.26%

^(a)

09/25/2042

370,192

Diamond Resorts Owner Trust,

375,924

Series 2021-1A-A

1.51%

^(a)

11/21/2033

345,084

National Collegiate Student Loan Trust,

487,309

Series 2006-1-A5 (1 Month LIBOR USD + 0.35%)

5.78%

^(h)

03/25/2033

460,196

Navient Private Education Loan Trust,

489,841

Series 2018-A-B

3.68%

^(a)

02/18/2042

461,532

Total Asset Backed Obligations
(Cost $1,714,689)

1,637,004

COLLATERALIZED LOAN OBLIGATIONS 20.3%

Allegro Ltd.,

500,000

Series 2019-1A-AR (Secured Overnight Financing Rate 3 Month + 1.41%, 1.15% Floor)

6.74%

^(a)

07/20/2032

496,738

Cathedral Lake Ltd.,

1,000,000

Series 2021-8A-A1 (Secured Overnight Financing Rate 3 Month + 1.48%, 1.22% Floor)

6.82%

^(a)

01/20/2035

988,458

CBAM Ltd.,

500,000

Series 2017-2A-AR (Secured Overnight Financing Rate 3 Month + 1.45%, 1.19% Floor)

6.76%

^(a)

07/17/2034

496,515

CFIP Ltd.,

500,000

Series 2021-1A-A (Secured Overnight Financing Rate 3 Month + 1.48%, 1.22% Floor)

6.81%

^(a)

01/20/2035

495,103

Generate Ltd.,

1,000,000

Series 6A-A1R (Secured Overnight Financing Rate 3 Month + 1.46%, 1.20% Floor)

6.81%

^(a)

01/22/2035

998,116

Highbridge Loan Management Ltd.,

500,000

Series 3A-2014-CR (Secured Overnight Financing Rate 3 Month + 3.86%)

9.17%

^(a)

07/18/2029

483,736

Logan Ltd.,

500,000

Series 2022-1A-B (Secured Overnight Financing Rate 3 Month + 2.05%, 2.05% Floor)

7.38%

^(a)

04/21/2035

498,100

MKS Ltd.,

410,691

Series 2017-1A-AR (Secured Overnight Financing Rate 3 Month + 1.26%, 1.00% Floor)

6.59%

^(a)

07/20/2030

409,579

Palmer Square Ltd.,

500,000

Series 2021-2A-A (Secured Overnight Financing Rate 3 Month + 1.41%, 1.41% Floor)

6.72%

^(a)

07/15/2034

497,114

RR Ltd.,

500,000

Series 2021-14A-A1 (Secured Overnight Financing Rate 3 Month + 1.38%, 1.38% Floor)

6.69%

^(a)

04/15/2036

497,888

Shackleton Ltd.,

500,000

Series 2015-7RA-AR (Secured Overnight Financing Rate 3 Month + 1.41%, 1.15% Floor)

6.72%

^(a)

07/15/2031

499,031


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $

		Sound Point Ltd.,
	500,000	Series 2019-2A-AR (Secured Overnight Financing Rate 3 Month + 1.43%, 1.17% Floor)		6.74%	^(a)		07/15/2034		493,246
	1,000,000	Series 2020-1A-AR (Secured Overnight Financing Rate 3 Month + 1.43%, 1.43% Floor)		6.76%	^(a)		07/20/2034		993,292

		Venture Ltd.,
	439,464	Series 2017-29A-AR (Secured Overnight Financing Rate 3 Month + 1.25%, 0.99% Floor)		6.62%	^(a)		09/07/2030		436,669

		Wellfleet Ltd.,
	500,000	Series 2020-2A-AR (Secured Overnight Financing Rate 3 Month + 1.48%, 1.22% Floor)		6.79%	^(a)		07/15/2034		495,421

		Total Collateralized Loan Obligations (Cost $8,842,728)							8,779,006

	FOREIGN CORPORATE BONDS 5.4%
	183,000	Adani International Container Terminal Private Ltd.		3.00%			02/16/2031		138,059
	90,000	Avolon Holdings Funding Ltd.		5.13%	^(a)		10/01/2023		90,000
	20,000	Banco de Credito del Peru S.A. (5 Year CMT Rate + 3.00%)		3.13%			07/01/2030		18,381
	200,000	Bank Hapoalim B.M.		3.26%	^(b)(a)		01/21/2032		171,249
	200,000	Bank Leumi (5 Year CMT Rate + 1.63%)		3.28%	^(a)		01/29/2031		179,030
	90,000	Bank of Montreal		6.06%	^(c)		03/08/2024		90,121
	80,000	Bank of Nova Scotia		4.75%			02/02/2026		78,118
	200,000	Braskem Netherlands Finance B.V. (5 Year CMT Rate + 8.22%)		8.50%			01/23/2081		197,083
	85,000	Canadian Pacific Railway Company		1.35%			12/02/2024		80,606
	80,000	Commonwealth Bank of Australia (Secured Overnight Financing Rate + 0.63%)		5.98%	^(a)		09/12/2025		80,070
	104,300	Empresa Electrica Angamos S.A.		4.88%			05/25/2029		94,077
	15,000	Glencore Funding LLC		4.00%	^(a)		04/16/2025		14,562
	80,000	Glencore Funding LLC		1.63%	^(a)		09/01/2025		73,818
	200,000	Inkia Energy Ltd.		5.88%			11/09/2027		192,250
	50,000	JBS USA LUX SA / JBS USA Food Company / JBS USA Finance, Inc.		2.50%			01/15/2027		44,209
	180,000	Millicom International Cellular S.A.		5.13%			01/15/2028		152,289
	200,000	Multibank, Inc.		7.75%	^(a)		02/03/2028		201,829
	85,000	NXP B.V.		4.40%			06/01/2027		80,674
	80,000	Royal Bank of Canada		3.38%			04/14/2025		77,205
	200,000	Sasol Financing USA LLC		4.38%			09/18/2026		177,493
	85,000	Toronto-Dominion Bank		0.70%			09/10/2024		80,978

		Total Foreign Corporate Bonds (Cost $2,374,678)							2,312,101

	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS 0.9%
	200,000	Banco Nacional de Comercio Exterior (5 Year CMT Rate + 2.00%)		2.72%			08/11/2031		165,742
	133,586	Bioceanico Sovereign Certificate Ltd.		0.00%			06/05/2034		93,629


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

(Unaudited)

September 30, 2023


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	90,323	Lima Metro Finance Ltd.		5.88%			07/05/2034		87,223
	50,000	Petrobras Global Finance B.V.		7.38%			01/17/2027		51,577

		Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $413,710)							398,171

	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 13.9%

		ACREC LLC,
	150,000	Series 2023-FL2-A (Secured Overnight Financing Rate 1 Month + 2.23%, 2.23% Floor)		7.56%	^(a)		02/19/2038		149,906

		Arbor Multifamily Mortgage Securities Trust,
	1,632,718	Series 2021-MF2-XA		1.23%	^(a)(b)(d)		06/15/2054		97,694

		AREIT Trust,
	231,000	Series 2019-CRE3-D (Secured Overnight Financing Rate 1 Month + 2.76%, 2.76% Floor)		8.10%	^(a)		09/14/2036		214,136
	89,407	Series 2022-CRE6-A (Secured Overnight Financing Rate 30 Day Average + 1.25%, 1.25% Floor)		6.56%	^(a)		01/20/2037		88,162

		BANK,
	2,747,517	Series 2021-BN36-XA		1.01%	^(b)(d)		09/15/2064		115,258

		BB-UBS Trust,
	3,844,000	Series 2012-SHOW-XB		0.28%	^(a)(b)(d)		11/05/2036		6,603

		BDS Ltd.,
	100,000	Series 2021-FL10-A (Secured Overnight Financing Rate 1 Month + 1.46%, 1.46% Floor)		6.80%	^(a)		12/16/2036		98,616

		Benchmark Mortgage Trust,
	4,827,376	Series 2018-B2-XA		0.60%	^(b)(d)		02/15/2051		68,154
	2,271,000	Series 2021-B26-XB		0.64%	^(a)(b)(d)		06/15/2054		84,217
	1,798,398	Series 2021-B28-XA		1.39%	^(b)(d)		08/15/2054		119,796

		BRSP Ltd.,
	100,000	Series 2021-FL1-A (Secured Overnight Financing Rate 1 Month + 1.26%, 1.15% Floor)		6.59%	^(a)		08/19/2038		97,754

		BSPRT Issuer Ltd.,
	100,000	Series 2022-FL8-A (Secured Overnight Financing Rate 30 Day Average + 1.50%, 1.50% Floor)		6.81%	^(a)		02/15/2037		99,141

		BSREP Commercial Mortgage Trust,
	171,535	Series 2021-DC-D (Secured Overnight Financing Rate 1 Month + 2.01%, 1.90% Floor)		7.35%	^(a)		08/15/2038		138,381

		BX Commercial Mortgage Trust,
	101,377	Series 2020-VKNG-A (Secured Overnight Financing Rate 1 Month + 1.04%, 0.93% Floor)		6.38%	^(a)		10/15/2037		100,400

		BX Trust,
	100,000	Series 2021-VIEW-D (Secured Overnight Financing Rate 1 Month + 3.01%, 2.90% Floor)		8.35%	^(a)		06/15/2036		91,845

		CD Commercial Mortgage Trust,
	250,000	Series 2017-CD6-C		4.37%	^(b)		11/13/2050		196,487

		CHCP Ltd.,
	100,000	Series 2021-FL1-C (Secured Overnight Financing Rate 1 Month + 2.21%, 2.10% Floor)		7.55%	^(a)		02/15/2038		96,541


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $

		Citigroup Commercial Mortgage Trust,
	2,011,331	Series 2014-GC19-XA		1.24%	^(b)(d)		03/11/2047		332
	2,679,235	Series 2016-C1-XA		1.98%	^(b)(d)		05/10/2049		97,812

		COMM Mortgage Trust,
	99,976	Series 2014-UBS5-A3		3.57%			09/10/2047		98,476

		Commercial Mortgage Pass-Through Trust,
	5,936,632	Series 2015-CR27-XA		1.05%	^(b)(d)		10/10/2048		83,647
	186,000	Series 2015-DC1-C		4.44%	^(b)		02/10/2048		154,882
	5,899,257	Series 2015-LC21-XD		1.22%	^(a)(b)(d)		07/10/2048		95,999

		CSAIL Commercial Mortgage Trust,
	179,000	Series 2016-C7-B		4.47%	^(b)		11/15/2049		154,386

		CSMC Trust,
	164,000	Series 2017-TIME-A		3.65%	^(a)		11/13/2039		136,950

		DBJPM Mortgage Trust,
	165,000	Series 2016-C1-B		4.20%	^(b)		05/10/2049		143,359
	170,000	Series 2016-C3-B		3.26%			08/10/2049		136,231

		Extended Stay America Trust,
	114,059	Series 2021-ESH-A (Secured Overnight Financing Rate 1 Month + 1.19%, 1.08% Floor)		6.53%	(a)		07/15/2038		113,201

		FS Rialto,
	98,342	Series 2021-FL2-A (Secured Overnight Financing Rate 1 Month + 1.33%, 1.33% Floor)		6.67%	(a)		05/16/2038		96,797

		Greystone Commercial Real Estate Notes,
	100,000	Series 2021-FL3-A (Secured Overnight Financing Rate 1 Month + 1.13%, 1.02% Floor)		6.47%	^(a)		07/15/2039		99,035

		GS Mortgage Securities Corporation Trust,
	186,000	Series 2020-UPTN-F		3.35%	^(b)(a)		02/10/2037		160,611

		GS Mortgage Securities Trust,
	4,236,997	Series 2016-GS4-XA		0.69%	^(b)(d)		11/10/2049		58,840

		Helios Issuer LLC,
	2,400,000	Series 2021-PF1-XD		1.22%	^(a)(b)(d)		11/15/2054		159,942

		JPMBB Commercial Mortgage Securities Trust,
	200,000	Series 2015-C27-C		4.44%	^(b)		02/15/2048		158,988

		LCCM Trust,
	125,000	Series 2021-FL3-AS (Secured Overnight Financing Rate 1 Month + 1.91%, 1.91% Floor)		7.25%	^(a)		11/15/2038		122,630
	125,000	Series 2021-FL3-B (Secured Overnight Financing Rate 1 Month + 2.31%, 2.31% Floor)		7.65%	^(a)		11/15/2038		122,358

		LoanCore Issuer Ltd.,
	100,000	Series 2021-CRE5-A (1 Month LIBOR USD + 1.30%, 1.30% Floor)		6.75%	^(a)(h)		07/15/2036		98,854
	100,000	Series 2021-CRE6-A (Secured Overnight Financing Rate 1 Month + 1.41%, 1.30% Floor)		6.75%	^(a)		11/15/2038		98,091

		Med Trust,
	119,427	Series 2021-MDLN-A (Secured Overnight Financing Rate 1 Month + 1.06%, 0.95% Floor)		6.40%	^(a)		11/15/2038		116,589

		MF1 Ltd.,
	150,000	Series 2021-FL6-C (Secured Overnight Financing Rate 1 Month + 1.96%, 1.85% Floor)		7.30%	^(a)		07/16/2036		144,796
	100,000	Series 2022-FL8-A (Secured Overnight Financing Rate 1 Month + 1.35%, 1.35% Floor)		6.68%	^(a)		02/19/2037		98,866


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		65


Schedule of Investments DoubleLine Shiller Enhanced International CAPE^® (Cont.)


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $

		MFT Trust,
	186,000	Series 2020-ABC-D		3.59%	^(b)(a)		02/10/2042		75,856

		Morgan Stanley Bank of America Merrill Lynch Trust,
	4,953,748	Series 2017-C34-XE		1.01%	^(a)(b)(d)		11/15/2052		146,243

		Morgan Stanley Capital Trust,
	15,277,000	Series 2017-ASHF-XCP		0.00%	^(a)(b)(d)		11/15/2024		15

		Ready Capital Mortgage Financing LLC,
	85,725	Series 2021-FL7-A (Secured Overnight Financing Rate 1 Month + 1.31%, 1.20% Floor)		6.63%	^(a)		11/25/2036		84,765

		RLGH Trust,
	150,000	Series 2021-TROT-D (Secured Overnight Financing Rate 1 Month + 1.83%, 1.71% Floor)		7.16%	^(a)		04/15/2036		142,701

		SG Commercial Mortgage Securities Trust,
	200,000	Series 2016-C5-B		3.93%			10/10/2048		169,066
	2,198,062	Series 2016-C5-XA		2.02%	^(b)(d)		10/10/2048		75,963

		SLG Office Trust,
	18,169,000	Series 2021-OVA-X		0.26%	^(a)(b)(d)		07/15/2041		257,449

		UBS Commercial Mortgage Trust,
	5,378,000	Series 2017-C3-XB		0.54%	^(b)(d)		08/15/2050		85,395

		VMC Finance LLC,
	100,000	Series 2022-FL5-A (Secured Overnight Financing Rate 30 Day Average + 1.90%, 1.90% Floor)		7.21%	^(a)		02/18/2039		97,903

		Wells Fargo Commercial Mortgage Trust,
	5,725,653	Series 2015-NXS2-XA		0.74%	^(b)(d)		07/15/2058		45,418
	3,522,898	Series 2015-P2-XA		1.08%	^(b)(d)		12/15/2048		57,068
	2,495,476	Series 2018-C48-XA		1.11%	^(b)(d)		01/15/2052		92,923
	853,677	Series 2021-C59-XA		1.66%	^(b)(d)		04/15/2054		65,037

		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $8,069,195)							6,010,565

	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 14.3%

		AJAX Mortgage Loan Trust,
	267,176	Series 2021-C-A		2.12%	^(a)(e)		01/25/2061		252,052

		Chase Mortgage Finance Trust,
	726,629	Series 2006-A1-2A2		5.21%	^(b)		09/25/2036		638,622

		Citigroup Mortgage Loan Trust, Inc.,
	64,717	Series 2006-AR2-1A2		4.11%	^(b)		03/25/2036		60,645

		COLT Mortgage Loan Trust,
	484,370	Series 2021-HX1-A1		1.11%	^(a)(b)		10/25/2066		386,411

		Countrywide Alternative Loan Trust,
	317,634	Series 2007-9T1-1A6		6.00%			05/25/2037		159,514

		CSMC Trust,
	700,896	Series 2022-NQM1-A1		2.27%	^(a)(b)		11/25/2066		578,320

		Deutsche ALT-A Securities, Inc. Mortgage Loan Trust,
	337,067	Series 2006-AR6-A6 (Secured Overnight Financing Rate 1 Month + 0.49%, 0.38% Floor, 10.50% Cap)		5.81%			02/25/2037		285,998

		Lehman Mortgage Trust,
	152,438	Series 2007-6-2A1 (Secured Overnight Financing Rate 1 Month + 0.53%, 0.42% Floor)		5.85%			05/25/2037		126,642

		Merrill Lynch Alternative Note Asset Trust,
	796,737	Series 2007-OAR5-1A1		3.41%	^(b)		10/25/2047		245,757


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $

		Merrill Lynch Mortgage Backed Securities Trust,
	1,013,853	Series 2007-2-1A1 (1 Year CMT Rate + 2.40%, 2.40% Floor)		7.79%			08/25/2036		882,998

		OBX Trust,
	193,699	Series 2020-EXP2-A3		2.50%	^(a)(b)		05/25/2060		153,731

		PRPM LLC,
	323,624	Series 2021-4-A1		1.87%	^(a)(e)		04/25/2026		298,992

		Residential Accredit Loans, Inc.,
	705,243	Series 2007-QS8-A3 (Secured Overnight Financing Rate 1 Month + 0.71%, 0.60% Floor, 6.00% Cap)		6.00%			06/25/2037		484,412

		Starwood Mortgage Residential Trust,
	500,000	Series 2020-2-M1E		3.00%	^(a)		04/25/2060		475,417
	364,272	Series 2021-5-A1		1.92%	^(a)(b)		09/25/2066		285,560

		Velocity Commercial Capital Loan Trust,
	232,152	Series 2018-2-A		4.05%	^(a)(b)		10/26/2048		218,488
	488,046	Series 2021-2-M2		2.20%	^(a)(b)		08/25/2051		385,421

		VOLT LLC,
	276,729	Series 2021-NPL1-A1		1.89%	^(a)(e)		02/27/2051		261,386

		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $7,228,698)							6,180,366

	US CORPORATE BONDS 7.2%
	80,000	American Express Company (Secured Overnight Financing Rate + 1.00%)		4.99%			05/01/2026		78,623
	80,000	Amgen, Inc.		5.51%			03/02/2026		79,538
	80,000	Athene Global Funding		6.05%	^(a)(c)		05/24/2024		79,679
	80,000	Bank of America Corporation (Secured Overnight Financing Rate 3 Month + 1.23%)		3.46%			03/15/2025		78,943
	85,000	Broadcom, Inc.		3.15%			11/15/2025		80,371
	80,000	Capital One Financial Corporation (Secured Overnight Financing Rate + 2.16%)		4.99%			07/24/2026		77,653
	80,000	Caterpillar Financial Services Corporation		4.35%			05/15/2026		78,230
	25,000	Citigroup, Inc. (Secured Overnight Financing Rate + 1.53%)		3.29%			03/17/2026		23,932
	95,000	Citigroup, Inc. (Secured Overnight Financing Rate 3 Month + 1.16%)		3.35%			04/24/2025		93,324
	80,000	Constellation Brands, Inc.		5.00%			02/02/2026		78,587
	85,000	Dollar Tree, Inc.		4.00%			05/15/2025		82,304
	80,000	Elevance Health, Inc.		3.50%			08/15/2024		78,375
	80,000	Energy Transfer LP		5.88%			01/15/2024		79,959
	80,000	Entergy Louisiana LLC		0.95%			10/01/2024		76,300
	80,000	Expedia Group, Inc.		6.25%	^(a)		05/01/2025		80,171
	80,000	General Motors Financial Company, Inc.		5.25%			03/01/2026		78,183
	85,000	Goldman Sachs Group, Inc.		3.50%			04/01/2025		81,867
	80,000	HCA, Inc.		5.00%			03/15/2024		79,602
	85,000	Hyundai Capital America		1.00%	^(a)		09/17/2024		80,999
	80,000	John Deere Capital Corporation		4.75%			01/20/2028		78,590
	80,000	JPMorgan Chase & Company		3.90%			07/15/2025		77,505
	40,000	JPMorgan Chase & Company (Secured Overnight Financing Rate 3 Month + 1.42%)		3.22%			03/01/2025		39,481
	80,000	Marriott International, Inc.		3.60%			04/15/2024		79,027


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

(Unaudited)

September 30, 2023


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	50,000	Meta Platforms, Inc.		4.60%			05/15/2028		48,929
	80,000	Microchip Technology, Inc.		0.97%			02/15/2024		78,537
	85,000	Morgan Stanley (Secured Overnight Financing Rate + 0.46%)		5.79%			01/25/2024		84,991
	80,000	Oracle Corporation		5.80%			11/10/2025		80,318
	10,000	Pacific Gas and Electric Company		3.25%			02/16/2024		9,884
	70,000	Pacific Gas and Electric Company		4.95%			06/08/2025		68,383
	80,000	Parker-Hannifin Corporation		3.65%			06/15/2024		78,776
	85,000	Penske Truck Leasing Company LP		4.40%	^(a)		07/01/2027		79,709
	80,000	Philip Morris International, Inc.		4.88%			02/13/2026		78,706
	40,000	PNC Financial Services Group, Inc. (Secured Overnight Financing Rate + 1.32%)		5.81%			06/12/2026		39,692
	80,000	Raytheon Technologies Corporation		5.00%			02/27/2026		79,057
	85,000	Republic Services, Inc.		2.50%			08/15/2024		82,587
	10,000	Royalty Pharma PLC		1.75%			09/02/2027		8,538
	80,000	Ryder System, Inc.		5.25%			06/01/2028		77,929
	80,000	Southern California Edison Company		4.90%			06/01/2026		78,615
	80,000	Truist Financial Corporation (Secured Overnight Financing Rate + 1.46%)		4.26%			07/28/2026		77,041
	80,000	Veralto Corporation		5.50%	^(a)		09/18/2026		79,667
	85,000	Wells Fargo & Company (Secured Overnight Financing Rate 3 Month + 1.09%)		2.41%			10/30/2025		81,485
	80,000	Welltower, Inc.		3.63%			03/15/2024		79,097
	85,000	Zimmer Biomet Holdings, Inc.		1.45%			11/22/2024		80,754

		Total US Corporate Bonds (Cost $3,184,803)							3,113,938

	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS 3.5%

		Federal National Mortgage Association REMIC Trust,
	1,483,378	Series 2013-92-FA (Secured Overnight Financing Rate 30 Day Average + 0.66%, 0.55% Floor, 6.50% Cap)		5.98%			09/25/2043		1,442,071

		Federal Home Loan Mortgage Corporation,
	47,299	Series 2021-MN1-M1 (Secured Overnight Financing Rate 30 Day Average + 2.00%)		7.31%	^(a)		01/25/2051		45,919

		Total US Government and Agency Mortgage Backed Obligations (Cost $1,482,699)							1,487,990

	US GOVERNMENT AND AGENCY OBLIGATIONS 20.8%
	640,000	United States Treasury Notes		4.25%			12/31/2024		631,437
	320,000	United States Treasury Notes		4.13%			01/31/2025		315,087
	400,000	United States Treasury Notes		3.88%			03/31/2025		392,094
	1,110,000	United States Treasury Notes		3.88%			04/30/2025		1,087,518
	1,690,000	United States Treasury Notes		4.25%			05/31/2025		1,665,046
	320,000	United States Treasury Notes		4.63%			06/30/2025		317,288


PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	2,500,000	United States Treasury Notes		3.13%	^(f)		08/15/2025		2,412,207
	560,000	United States Treasury Notes		3.88%			01/15/2026		546,897
	970,000	United States Treasury Notes		3.63%			05/15/2026		940,332
	680,000	United States Treasury Notes		4.13%			06/15/2026		667,463

		Total US Government and Agency Obligations (Cost $9,095,153)							8,975,369

	AFFILIATED MUTUAL FUNDS 6.4%
	304,569	DoubleLine Floating Rate Fund (Class I)							2,741,119

		Total Affiliated Mutual Funds (Cost $2,900,964)							2,741,119

	SHORT TERM INVESTMENTS 4.6%
	216,222	First American Government Obligations Fund - Class U		5.28%	^(g)				216,222
	216,222	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		5.27%	^(g)				216,222
	216,222	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		5.27%	^(g)				216,222
	1,380,000	United States Treasury Bills		0.00%	^(f)		05/16/2024		1,334,246

		Total Short Term Investments (Cost $1,985,770)							1,982,912

		Total Investments 101.1% (Cost $47,293,087)							43,618,541
		Liabilities in Excess of Other Assets (1.1)%							(468,903	)

		NET ASSETS 100.0%						$	43,149,638


SECURITY TYPE BREAKDOWN as a % of Net Assets:
US Government and Agency Obligations				20.8%
Collateralized Loan Obligations				20.3%
Non-Agency Residential Collateralized Mortgage Obligations				14.3%
Non-Agency Commercial Mortgage Backed Obligations				13.9%
US Corporate Bonds				7.2%
Affiliated Mutual Funds				6.4%
Foreign Corporate Bonds				5.4%
Short Term Investments				4.6%
Asset Backed Obligations				3.8%
US Government and Agency Mortgage Backed Obligations				3.5%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations				0.9%
Other Assets and Liabilities				(1.1)%

				100.0%


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		67


Schedule of Investments DoubleLine Shiller Enhanced International CAPE^® (Cont.)


INVESTMENT BREAKDOWN as a % of Net Assets:
US Government and Agency Obligations				20.8%
Collateralized Loan Obligations				20.3%
Non-Agency Residential Collateralized Mortgage Obligations				14.3%
Non-Agency Commercial Mortgage Backed Obligations				13.9%
Affiliated Mutual Funds				6.4%
Short Term Investments				4.6%
Banking				4.0%
Asset Backed Obligations				3.8%
US Government and Agency Mortgage Backed Obligations				3.5%
Utilities				1.0%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations				0.9%
Transportation				0.9%
Technology				0.8%
Healthcare				0.6%
Chemical Products				0.5%
Chemicals/Plastics				0.4%
Automotive				0.4%
Diversified Manufacturing				0.4%
Construction				0.4%
Telecommunications				0.4%
Finance				0.2%
Mining				0.2%
Pharmaceuticals				0.2%
Environmental Control				0.2%
Retailers (other than Food/Drug)				0.2%
Commercial Services				0.2%
Energy				0.2%
Insurance				0.2%
Real Estate				0.2%
Aerospace & Defense				0.2%
Hotels/Motels/Inns and Casinos				0.2%
Beverage and Tobacco				0.2%
Food Products				0.2%
Media				0.1%
Consumer Products				0.1%
Other Assets and Liabilities				(1.1)%

				100.0%

(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.

(b)

(c)

(d)

Interest only security

(e)

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.

(f)

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

(g)

Seven-day yield as of period end

(h)

Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.



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		Long		0.20%		Termination		04/17/2024		14,000,000	EUR		$	148,769			$	—		$	148,769
Shiller Barclays CAPE^® Europe Sector Net ER NoC Index⁽¹⁾	BNP Paribas		Long		0.20%		Termination		12/13/2023		15,000,000	EUR			(18,532	)			—			(18,532	)
Shiller Barclays CAPE^® Europe Sector Net ER NoC Index⁽¹⁾	Barclays Capital, Inc.		Long		0.20%		Termination		09/19/2024		11,800,000	EUR			(54,278	)			—			(54,278	)

														$	75,959			$	—		$	75,959

(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 September 30, 2023, is available on the Barclays Capital, Inc. website at https://indices.barclays/IM/12/en/indices/details.app;ticker=BXIIESAE.

EUR

Euro


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

(Unaudited)

September 30, 2023



Forward Currency Exchange Contracts
Settlement Date	Counterparty	Currency to be Delivered			Value		Currency to be Received			Value			Unrealized Appreciation (Depreciation)
02/07/2024	JP Morgan Securities LLC		1,500,000	EUR	$	1,596,182		1,652,862	USD	$	1,652,862		$	56,680
10/04/2023	JP Morgan Securities LLC		9,300,000	EUR		9,834,431		9,883,656	USD		9,883,656			49,225
10/04/2023	Goldman Sachs		7,100,000	EUR		7,508,007		7,551,984	USD		7,551,984			43,977
02/07/2024	Goldman Sachs		1,000,000	EUR		1,064,121		1,090,731	USD		1,090,731			26,610
06/04/2024	Goldman Sachs		2,000,000	EUR		2,139,991		2,165,628	USD		2,165,628	��		25,637
10/09/2024	JP Morgan Securities LLC		8,821,011	USD		8,821,011		8,200,000	EUR		8,826,271			5,260
10/09/2024	Goldman Sachs		3,227,897	USD		3,227,897		3,000,000	EUR		3,229,124			1,227
02/07/2024	Barclays Capital, Inc.		800,000	EUR		851,297		851,923	USD		851,923			626
10/09/2024	Barclays Capital, Inc.		322,691	USD		322,691		300,000	EUR		322,912			221
10/04/2023	Barclays Capital, Inc.		300,000	EUR		317,240		317,053	USD		317,053			(187	)
06/04/2024	Barclays Capital, Inc.		330,194	USD		330,194		300,000	EUR		320,998			(9,196	)
10/04/2023	Barclays Capital, Inc.		336,857	USD		336,857		300,000	EUR		317,240			(19,617	)
02/07/2024	JP Morgan Securities LLC		1,654,845	USD		1,654,845		1,500,000	EUR		1,596,182			(58,663	)
02/07/2024	Goldman Sachs		7,273,319	USD		7,273,319		6,700,000	EUR		7,129,613			(143,706	)
10/04/2023	Goldman Sachs		7,656,440	USD		7,656,440		7,100,000	EUR		7,508,007			(148,433	)
10/04/2023	JP Morgan Securities LLC		10,042,198	USD		10,042,198		9,300,000	EUR		9,834,431			(207,767	)
02/07/2024	Barclays Capital, Inc.		10,638,150	USD		10,638,150		9,800,000	EUR		10,428,390			(209,760	)
06/04/2024	Goldman Sachs		17,772,544	USD		17,772,544		16,300,000	EUR		17,440,931			(331,613	)

													$	(919,479	)

EUR

Euro

USD

US Dollar

Affiliated Mutual Funds

A summary of DoubleLine Shiller Enhanced International CAPE^®’s investments in affiliated mutual funds for the period ended September 30, 2023 is as follows:


Fund	Value at March 31, 2023			Gross Purchases			Gross Sales				Net Realized Gain (Loss) for the Period Ended September 30, 2023				Change in Unrealized for the Period Ended September 30, 2023			Value at September 30, 2023			Shares Held at September 30, 2023		Dividend Income Earned for the Period Ended September 30, 2023
DoubleLine Floating Rate Fund (Class I)		$	3,931,367		$	—		$	(1,200,000	)		$	(87,016	)		$	96,768		$	2,741,119		304,569		$	132,986


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		69

Schedule of Investments DoubleLine Real Estate and Income Fund

(Unaudited)

September 30, 2023

PRINCIPAL
AMOUNT $/
SHARES

SECURITY DESCRIPTION

RATE

MATURITY

VALUE $

US GOVERNMENT AND AGENCY OBLIGATIONS 31.2%

800,000

United States Treasury Notes

3.13%

08/15/2025

771,907

1,650,000

United States Treasury Notes

3.25%

06/30/2027

1,567,951

Total US Government and Agency Obligations
(Cost $2,422,454)

2,339,858

SHORT TERM INVESTMENTS 68.7%

1,421,919

First American Government Obligations Fund - Class U

5.28%

^(a)

1,421,919

JP Morgan U.S. Government Money Market Fund - Institutional Share Class

5.27%

^(a)

1,421,919

Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class

5.27%

^(a)

1,421,919

890,000

United States Treasury Bills

0.00%

10/05/2023

889,610

Total Short Term Investments
(Cost $5,155,317)

5,155,367

Total Investments 99.9%
(Cost $7,577,771)

7,495,225

Other Assets in Excess of Liabilities 0.1%

8,090

NET ASSETS 100.0%

7,503,315



SECURITY TYPE BREAKDOWN as a % of Net Assets:
Short Term Investments				68.7%
US Government and Agency Obligations				31.2%
Other Assets and Liabilities				0.1%

				100.0%

(a)

Seven-day yield as of period end



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)
DigitalBridge Fundamental US Real Estate Index Excess Return⁽¹⁾	Barclays Capital, Inc.	Long		0.45	%		Termination		10/26/2023		$	8,000,000		$	(194,590	)		$	—		$	(194,590	)

(1)

The DigitalBridge Fundamental US Real Estate Index Excess Return aims to provide notional long exposure to Real Estate Investment Trusts (REITs) excluding mortgage REITs that meet certain market capitalization, liquidity and fundamental criteria. The constituents of the index are ordinary shares, which are REITs. Information on the sector constituents as of September 30, 2023, is available on the Barclays Capital, Inc. website at https://indices.barclays/IM/33/en/indices/details.app;ticker=BXIICCRE.


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

Schedule of Investments DoubleLine Emerging Markets Local Currency Bond Fund

(Unaudited)

September 30, 2023


PRINCIPAL AMOUNT			SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN CORPORATE BONDS 21.7%

	BRAZIL 0.7%
	550,000	BRL	Simpar Finance SARL		10.75%	^(a)		02/12/2028		87,546

	CHINA 4.8%
	2,000,000	CNY	European Bank for Reconstruction & Development		2.75%			04/27/2032		278,804
	2,210,000	CNY	International Bank for Reconstruction & Development		2.00%			02/18/2026		298,426

										577,230

	COLOMBIA 1.4%
	833,000,000	COP	Empresas Publicas de Medellin ESP		8.38%	^(a)		11/08/2027		165,353

	INDIA 1.8%
	18,000,000	INR	International Bank for Reconstruction & Development		6.85%			04/24/2028		212,762

	INDONESIA 2.4%
	4,800,000,000	IDR	European Bank for Reconstruction & Development		4.25%			02/07/2028		289,211

	MEXICO 6.0%
	7,000,000	MXN	Corp Andina de Fomento		8.50%			03/08/2028		359,690
	6,900,000	MXN	International Finance Corporation		7.50%			01/18/2028		356,290

										715,980

	PERU 0.7%
	325,000	PEN	Banco de Credito del Peru S.A.		4.65%	^(a)		09/17/2024		82,808

	POLAND 3.9%
	1,840,000	PLN	European Investment Bank		3.00%			11/25/2029		361,691
	500,000	PLN	Kreditanstalt fuer Wiederaufbau		3.90%			01/18/2024		114,137

										475,828

			Total Foreign Corporate Bonds (Cost $2,777,875)							2,606,718

	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS 72.1%

	BRAZIL 11.1%
	2,000	BRL	Brazil Notas de Tesouro Nacional -Serie F		10.00%			01/01/2031		369,742
	2,000	BRL	Brazil Notas de Tesouro Nacional - Serie F		10.00%			01/01/2029		378,094
	2,000	BRL	Brazil Notas do Tesouro Nacional -Serie F		10.00%			01/01/2027		388,396
	1,000	BRL	Brazil Notas do Tesouro Nacional - Serie F		10.00%			01/01/2025		196,857

										1,333,089

	CHILE 1.5%
	75,000,000	CLP	Bonos de la Tesoreria de la Republica en pesos		5.80%	^(a)		06/01/2024		83,455
	90,000,000	CLP	Bonos de la Tesoreria de la Republica en pesos		4.50%			03/01/2026		96,466

										179,921


PRINCIPAL AMOUNT			SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	COLOMBIA 1.3%
	350,000,000	COP	Colombian TES		6.25%			11/26/2025		79,047
	350,000,000	COP	Colombian TES		7.50%			08/26/2026		78,950

										157,997

	CZECH REPUBLIC 4.5%
	9,840,000	CZK	Czech Republic Government Bond		0.45%			10/25/2023		424,379
	2,700,000	CZK	Czech Republic Government Bond		4.90%			04/14/2034		118,302

										542,681

	HUNGARY 3.3%
	64,000,000	HUF	Hungary Government Bond		3.00%			06/26/2024		166,979
	90,000,000	HUF	Hungary Government Bond		2.50%			10/24/2024		229,745

										396,724

	INDONESIA 8.2%
	6,065,000,000	IDR	Indonesia Treasury Bond		8.25%			05/15/2029		421,513
	6,170,000,000	IDR	Indonesia Treasury Bond		8.38%			03/15/2034		441,541
	1,862,000,000	IDR	Indonesia Treasury Bond		7.50%			06/15/2035		125,780

										988,834

	MALAYSIA 5.2%
	1,700,000	MYR	Malaysia Government Bond		3.50%			05/31/2027		359,328
	1,300,000	MYR	Malaysia Government Bond		3.58%			07/15/2032		267,903

										627,231

	MEXICO 5.5%
	21,000	MXN	Mexican Bonos		8.00%	^(b)		09/05/2024		116,974
	59,800	MXN	Mexican Bonos		7.75%	^(b)		05/29/2031		302,423
	50,000	MXN	Mexican Bonos		7.50%	^(b)		05/26/2033		243,873

										663,270

	PERU 3.2%
	600,000	PEN	Peru Government Bond		6.15%			08/12/2032		147,548
	1,030,000	PEN	Peru Government Bond		5.40%			08/12/2034		232,362

										379,910

	PHILIPPINES 2.5%
	4,500,000	PHP	Philippine Government International Bond		6.88%			01/10/2029		81,375
	13,000,000	PHP	Philippine Government International Bond		6.25%			01/14/2036		220,556

										301,931

	POLAND 3.5%
	700,000	PLN	Republic of Poland Government Bond		2.50%			04/25/2024		158,174
	1,160,000	PLN	Republic of Poland Government Bond		3.25%			07/25/2025		257,872

										416,046

	ROMANIA 4.4%
	830,000	RON	Romania Government Bond		3.70%			11/25/2024		172,157
	1,600,000	RON	Romania Government Bond		8.00%			04/29/2030		359,538

										531,695

	SINGAPORE 1.4%
	110,000	SGD	Singapore Government Bond		2.00%			02/01/2024		79,919
	115,000	SGD	Singapore Government Bond		2.88%			07/01/2029		81,938

										161,857


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		71


Schedule of Investments DoubleLine Emerging Markets Local Currency Bond Fund (Cont.)


PRINCIPAL AMOUNT/ SHARES			SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	SOUTH AFRICA 9.9%
	3,900,000	ZAR	Republic of South Africa Government Bond		8.00%			01/31/2030		179,884
	4,060,000	ZAR	Republic of South Africa Government Bond		8.25%			03/31/2032		175,062
	10,760,000	ZAR	Republic of South Africa Government Bond		8.88%			02/28/2035		448,784
	10,120,000	ZAR	Republic of South Africa Government Bond		8.50%			01/31/2037		391,518

										1,195,248

	THAILAND 6.6%
	6,150,000	THB	Thailand Government Bond		3.85%			12/12/2025		173,655
	15,580,000	THB	Thailand Government Bond		3.35%			06/17/2033		432,788
	8,000,000	THB	Thailand Government Bond		1.59%			12/17/2035		182,253

										788,696

			Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $9,883,392)							8,665,130

	SHORT TERM INVESTMENTS 3.1%
	126,163		BlackRock Liquidity Funds FedFund - Institutional Shares		5.23%	^(c)				126,163
	126,161		Fidelity Institutional Money Market Government Portfolio - Class I		5.23%	^(c)				126,161
	126,173		Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		5.27%	^(c)				126,173

			Total Short Term Investments (Cost $378,497)							378,497

			Total Investments 96.9% (Cost $13,039,764)							11,650,345
			Other Assets in Excess of Liabilities 3.1%							371,036

			NET ASSETS 100.0%						$	12,021,381



SECURITY TYPE BREAKDOWN as a % of Net Assets:
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations				72.1%
Foreign Corporate Bonds				21.7%
Short Term Investments				3.1%
Other Assets and Liabilities				3.1%

				100.0%


COUNTRY BREAKDOWN as a % of Net Assets:
Brazil				11.8%
Mexico				11.5%
Indonesia				10.6%
South Africa				9.9%
Poland				7.4%
Thailand				6.6%
Malaysia				5.2%
China				4.8%
Czech Republic				4.5%
Romania				4.4%
Peru				3.9%
Hungary				3.3%
United States				3.1%
Colombia				2.7%
Philippines				2.5%
India				1.8%
Chile				1.5%
Singapore				1.4%
Other Assets and Liabilities				3.1%

				100.0%

(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.

(b)

Principal amount is stated in 100 Mexican Peso Units.

(c)

Seven-day yield as of period end

BRL

Brazilian Real

CLP

Chilean Peso

CNY

Chinese Yuan

COP

Colombian Peso

CZK

Czech Republic Koruna

HUF

Hungarian Forint

IDR

Indonesian Rupiah

INR

Indian Rupee

MXN

Mexican Peso

MYR

Malaysian Ringgit

PEN

Peruvian Sol

PHP

Philippine Peso

PLN

Polish Zloty

RON

Romanian Leu

SGD

Singapore Dollar

THB

Thai Baht

ZAR

South African Rand


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

Schedule of Investments DoubleLine Income Fund

(Unaudited)

September 30, 2023


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 6.3%

		Affirm Asset Securitization Trust,
	500,000	Series 2023-B-D		8.78%	^(a)		09/15/2028		502,076

		Business Jet Securities LLC,
	521,158	Series 2021-1A-C		5.07%	^(a)(b)		04/15/2036		483,397

		Flagship Credit Auto Trust,
	9,500	Series 2018-4-R		0.00%	^(a)(b)(c)		03/16/2026		447,313

		SoFi Professional Loan Program Trust,
	10,000	Series 2021-B-R1		0.00%	^(a)(b)(c)		02/15/2047		399,462

		START Ireland,
	924,658	Series 2019-1-C		6.41%	^(a)(b)		03/15/2044		384,732

		Sunnova Helios Issuer LLC,
	1,168,733	Series 2019-AA-B		4.49%	^(a)		06/20/2046		999,289

		WAVE LLC,
	2,345,268	Series 2019-1-C		6.41%	^(a)(b)		09/15/2044		317,993

		Total Asset Backed Obligations (Cost $6,247,530)							3,534,262

	COLLATERALIZED LOAN OBLIGATIONS 24.7%

		AIMCO Ltd.,
	700,000	Series 2021-15A-E (Secured Overnight Financing Rate 3 Month + 6.21%, 5.95% Floor)		11.52%	^(a)		10/17/2034		670,975

		Apidos,
	1,250,000	Series 2021-35A-E (Secured Overnight Financing Rate 3 Month + 6.01%, 5.75% Floor)		11.34%	^(a)		04/20/2034		1,199,357

		Barings Ltd.,
	500,000	Series 2021-1A-E (Secured Overnight Financing Rate 3 Month + 6.56%, 6.30% Floor)		11.91%	^(a)		04/25/2034		476,071

		Canyon Capital Ltd.,
	500,000	Series 2021-1A-E (Secured Overnight Financing Rate 3 Month + 6.67%, 6.41% Floor)		11.98%	^(a)		04/15/2034		470,925
	500,000	Series 2021-3A-E (Secured Overnight Financing Rate 3 Month + 6.46%, 6.20% Floor)		11.77%	^(a)		07/15/2034		470,591

		CIFC Funding Ltd.,
	500,000	Series 2021-4A-E (Secured Overnight Financing Rate 3 Month + 6.26%, 6.00% Floor)		11.57%	^(a)		07/15/2033		476,176

		Highbridge Loan Management Ltd.,
	1,000,000	Series 12A-18-C (Secured Overnight Financing Rate 3 Month + 3.01%, 2.75% Floor)		8.32%	^(a)		07/18/2031		974,403

		Katayma Ltd.,
	1,000,000	Series 2023-1A-D (Secured Overnight Financing Rate 3 Month + 5.25%, 5.25% Floor)		0.00%	^(a)		10/20/2036		1,000,000

		Octagon Investment Partners Ltd.,
	1,000,000	Series 2012-1A-CRR (Secured Overnight Financing Rate 3 Month + 4.16%, 3.90% Floor)		9.47%	^(a)		07/15/2029		960,334
	500,000	Series 2018-2A-C (Secured Overnight Financing Rate 3 Month + 3.11%)		8.46%	^(a)		07/25/2030		468,778

PRINCIPAL
AMOUNT $

SECURITY DESCRIPTION

RATE

MATURITY

VALUE $

Octagon Investment Partners Ltd., (Cont.)

500,000

Series 2021-1A-E (Secured Overnight Financing Rate 3 Month + 6.76%, 6.50% Floor)

12.07%

^(a)

04/15/2034

441,748

Point Au Roche Park Ltd.,

500,000

Series 2021-1A-E (Secured Overnight Financing Rate 3 Month + 6.36%, 6.10% Floor)

11.69%

^(a)

07/20/2034

465,020

RR Ltd.,

1,000,000

Series 2017-2A-DR (Secured Overnight Financing Rate 3 Month + 6.06%, 5.80% Floor)

11.37%

^(a)

04/15/2036

926,982

Sound Point Ltd.,

1,000,000

Series 2020-1A-ER (Secured Overnight Financing Rate 3 Month + 7.12%, 7.12% Floor)

12.45%

^(a)

07/20/2034

866,843

Trimaran CAVU LLC,

2,000,000

Series 2019-2A-C (Secured Overnight Financing Rate 3 Month + 4.98%, 4.72% Floor)

10.29%

^(a)

11/26/2032

2,013,648

Venture Ltd.,

500,000

Series 2020-39A-D (Secured Overnight Financing Rate 3 Month + 4.51%, 4.51% Floor)

9.82%

^(a)

04/15/2033

491,153

Wellfleet Ltd.,

1,500,000

Series 2020-2A-AR (Secured Overnight Financing Rate 3 Month + 1.48%, 1.22% Floor)

6.79%

^(a)

07/15/2034

1,486,263

Total Collateralized Loan Obligations
(Cost $14,314,295)

13,859,267

NON-AGENCY COMMERCIAL MORTGAGE BACKED
OBLIGATIONS 15.9%

Alen Mortgage Trust,

1,000,000

Series 2021-ACEN-F (Secured Overnight Financing Rate 1 Month + 5.11%, 5.00% Floor)

10.45%

^(a)

04/15/2034

446,522

Arbor Realty Commercial Real Estate,

800,000

Series 2022-FL1-A (Secured Overnight Financing Rate 30 Day Average + 1.45%, 1.45% Floor)

6.76%

^(a)

01/15/2037

793,828

BANK,

13,409,430

Series 2019-BN19-XFG

1.16%

^(a)(d)(e)

08/15/2061

570,987

BSREP Commercial Mortgage Trust,

1,184,633

Series 2021-DC-G (Secured Overnight Financing Rate 1 Month + 3.96%, 3.85% Floor)

9.30%

^(a)

08/15/2038

797,795

BX Trust,

1,275,000

Series 2021-VIEW-F (Secured Overnight Financing Rate 1 Month + 4.04%, 3.93% Floor)

9.38%

^(a)

06/15/2036

1,133,104


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		73


Schedule of Investments DoubleLine Income Fund (Cont.)


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $

		CSAIL Commercial Mortgage Trust,
	8,120,000	Series 2021-C20-XD		1.58%	^(a)(d)(e)		03/15/2054		679,037

		GS Mortgage Securities Corporation Trust,
	1,250,000	Series 2021-ARDN-G (Secured Overnight Financing Rate 1 Month + 5.11%, 5.00% Floor)		10.45%	^(a)		11/15/2036		1,154,801

		JP Morgan Chase Commercial Mortgage Securities Trust,
	1,000,000	Series 2019-UES-G		4.60%	^(a)(d)		05/05/2032		943,563

		SMR Mortgage Trust,
	1,159,656	Series 2022-IND-G (Secured Overnight Financing Rate 1 Month + 7.50%, 7.50% Floor)		12.83%	^(a)		02/15/2039		946,464

		UBS-Barclays Commercial Mortgage Trust,
	1,562,000	Series 2013-C5-D		3.86%	^(a)(d)		03/10/2046		988,746

		Wells Fargo Commercial Mortgage Trust,
	48,314,000	Series 2016-C37-XB		0.36%	^(d)(e)		12/15/2049		446,243

		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $11,696,265)							8,901,090

	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 26.9%

		Connecticut Avenue Securities Trust,
	1,250,000	Series 2021-R01-1M2 (Secured Overnight Financing Rate 30 Day Average + 1.55%)		6.86%	^(a)		10/25/2041		1,248,506
	1,300,000	Series 2022-R01-1M2 (Secured Overnight Financing Rate 30 Day Average + 1.90%)		7.21%	^(a)		12/25/2041		1,277,932
	1,250,000	Series 2023-R01-1M2 (Secured Overnight Financing Rate 30 Day Average + 3.75%)		9.06%	^(a)		12/25/2042		1,314,139

		CSMC Trust,
	1,372,000	Series 2021-NQM4-B2		4.18%	^(a)(d)		05/25/2066		807,494

		Federal Home Loan Mortgage Corporation REMICS,
	1,500,000	Series 2021-DNA6-B1 (Secured Overnight Financing Rate 30 Day Average + 3.40%)		8.71%	^(a)		10/25/2041		1,519,703

		FMC GMSR Issuer Trust,
	1,750,000	Series 2021-GT2-B		4.44%	^(a)(d)		10/25/2026		1,345,406

		LHOME Mortgage Trust,
	1,400,000	Series 2021-RTL1-M		5.46%	^(a)(d)		02/25/2026		1,260,370

		PRPM LLC,
	1,400,000	Series 2021-2-A2		3.77%	^(a)(d)		03/25/2026		1,263,868

		SG Residential Mortgage Trust,
	1,250,000	Series 2021-1-B2		4.30%	^(a)(d)		07/25/2061		747,554

		Velocity Commercial Capital Loan Trust,
	186,166	Series 2019-1-M4		4.61%	^(a)(d)		03/25/2049		143,111
	98,154	Series 2019-1-M5		5.70%	^(a)(d)		03/25/2049		75,105
	178,411	Series 2019-1-M6		6.79%	^(a)(d)		03/25/2049		120,396

		Verus Securitization Trust,
	1,400,000	Series 2020-5-B2		4.71%	^(a)(d)		05/25/2065		1,130,120
	1,500,000	Series 2021-3-B2		3.96%	^(a)(d)		06/25/2066		915,808
	1,080,838	Series 2023-1-A1		5.85%	^(a)(f)		12/25/2067		1,067,272

		VOLT LLC,
	1,100,000	Series 2021-NPL5-A2		4.83%	^(a)(f)		03/27/2051		871,091

		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $17,900,929)							15,107,875


PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS 5.3%

		Federal Home Loan Mortgage Corporation REMICS,
	1,291,075	Series 5004-LS (-1 x Secured Overnight Financing Rate 30 Day Average + 6.04%, 6.15% Cap)		0.72%	^(e)(g)		07/25/2050		130,981
	4,300,139	Series 5112-SC (-1 x Secured Overnight Financing Rate 30 Day Average + 2.50%, 2.50% Cap)		0.00%	^(e)(g)		06/25/2051		14,475

		Federal National Mortgage Association REMICS,
	1,162,843	Series 2020-54-AS (-1 x Secured Overnight Financing Rate 30 Day Average + 6.04%, 6.15% Cap)		0.72%	^(e)(g)		08/25/2050		117,974
	1,277,933	Series 2020-77-S (-1 x Secured Overnight Financing Rate 30 Day Average + 4.15%, 4.15% Cap)		0.00%	^(e)(g)		11/25/2050		39,809
	2,263,490	Series 2020-77-SB (-1 x Secured Overnight Financing Rate 30 Day Average + 4.10%, 4.10% Cap)		0.00%	^(e)(g)		11/25/2050		57,198

		Federal National Mortgage Association,
	1,091,910	Pool CB3168		3.00%			03/01/2052		905,634
	968,424	Series 2020-M10-X2		1.83%	^(d)(e)		12/25/2030		70,195
	1,970,427	Series 2020-M17-X1		1.46%	^(d)(e)		01/25/2028		73,452

		Government National Mortgage Association,
	2,386,434	Series 2020-138-IL		3.50%	^(e)		09/20/2050		400,738
	1,733,487	Series 2020-142-SD (-1 x Secured Overnight Financing Rate 1 Month + 6.19%, 6.30% Cap)		0.86%	^(e)(g)		09/20/2050		199,411
	1,015,573	Series 2020-189-SP (-1 x Secured Overnight Financing Rate 1 Month + 6.19%, 6.30% Cap)		0.86%	^(e)(g)		12/20/2050		98,146
	2,441,641	Series 2020-196-DI		2.50%	^(e)		12/20/2050		294,504
	3,864,478	Series 2021-125-AS (-1 x Secured Overnight Financing Rate 30 Day Average + 3.25%, 3.25% Cap)		0.00%	^(e)(g)		07/20/2051		18,896
	2,454,203	Series 2021-2-IO		0.87%	^(d)(e)		06/16/2063		149,881
	2,922,637	Series 2021-46-ES (-1 x Secured Overnight Financing Rate 1 Month + 2.69%, 2.80% Cap)		0.00%	^(e)(g)		03/20/2051		12,329
	4,527,861	Series 2021-59-S (-1 x Secured Overnight Financing Rate 30 Day Average + 2.60%, 2.60% Cap)		0.00%	^(e)(g)		04/20/2051		20,177
	3,393,573	Series 2021-80-IO		0.90%	^(d)(e)		12/16/2062		224,065
	1,657,616	Series 2021-98-SB (-1 x Secured Overnight Financing Rate 1 Month + 6.19%, 6.30% Cap)		0.86%	^(e)(g)		06/20/2051		156,649

		Total US Government and Agency Mortgage Backed Obligations (Cost $4,944,650)							2,984,514

	US GOVERNMENT AND AGENCY OBLIGATIONS 4.0%
	1,500,000	United States Treasury Notes		1.38%			10/31/2028		1,279,980
	1,000,000	United States Treasury Notes		3.88%			08/15/2033		945,000

		Total US Government and Agency Obligations (Cost $2,325,593)							2,224,980


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

(Unaudited)

September 30, 2023

SECURITY DESCRIPTION

RATE

MATURITY

VALUE $

SHORT TERM INVESTMENTS 16.1%

3,017,645

First American Government Obligations Fund - Class U

5.28%

^(h)

3,017,645

3,017,644

JP Morgan U.S. Government Money Market Fund - Institutional Share Class

5.27%

^(h)

3,017,644

Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class

5.27%

^(h)

3,017,644

Total Short Term Investments
(Cost $9,052,933)

9,052,933

Total Investments 99.2%
(Cost $66,482,195)

55,664,921

Other Assets in Excess of Liabilities 0.8%

472,567

NET ASSETS 100.0%

56,137,488



SECURITY TYPE BREAKDOWN as a % of Net Assets:
Non-Agency Residential Collateralized Mortgage Obligations				26.9%
Collateralized Loan Obligations				24.7%
Short Term Investments				16.1%
Non-Agency Commercial Mortgage Backed Obligations				15.9%
Asset Backed Obligations				6.3%
US Government and Agency Mortgage Backed Obligations				5.3%
US Government and Agency Obligations				4.0%
Other Assets and Liabilities				0.8%

				100.0%

(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.

(b)

Value determined using significant unobservable inputs.

(c)

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

(d)

(e)

Interest only security

(f)

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.

(g)

(h)

Seven-day yield as of period end


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		75

Schedule of Investments DoubleLine Multi-Asset Trend Fund (Consolidated)

(Unaudited)

September 30, 2023


PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	US GOVERNMENT AND AGENCY OBLIGATIONS 5.9%
	660,000	United States Treasury Notes		3.25%			06/30/2027		627,180
	140,000	United States Treasury Notes		0.75%			11/15/2024		133,000

		Total US Government and Agency Obligations (Cost $773,162)							760,180

	AFFILIATED MUTUAL FUNDS 75.1%
	215,135	DoubleLine Floating Rate Fund (Class I)							1,936,212
	176,467	Doubleline Income Fund (Class I)							1,312,915
	689,286	DoubleLine Low Duration Bond Fund (Class R6)							6,506,856

		Total Affiliated Mutual Funds (Cost $10,303,410)							9,755,983

	SHORT TERM INVESTMENTS 21.6%
	406,906	First American Government Obligations Fund - Class U		5.28%	^(a)(b)				406,906
	406,906	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		5.27%	^(a)(b)				406,906

PRINCIPAL
AMOUNT $/
SHARES

SECURITY DESCRIPTION

RATE

MATURITY

VALUE $

406,906

Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class

5.27%

^(a)(b)

406,906

700,000

United States Treasury Bills

0.00%

^(a)

10/5/2023

699,693

900,000

United States Treasury Bills

0.00%

^(a)(c)

1/2/2024

887,824

Total Short Term Investments
(Cost $2,808,050)

2,808,235

Total Investments 102.6%
(Cost $13,884,622)

13,324,398

Liabilities in Excess of Other Assets (2.6)%

(334,091

)

NET ASSETS 100.0%

12,990,307


SECURITY TYPE BREAKDOWN as a % of Net Assets:
Affiliated Mutual Funds				75.1%
Short Term Investments				21.6%
US Government and Agency Obligations				5.9%
Other Assets and Liabilities				(2.6)%

				100.0%

(a)

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

(b)

Seven-day yield as of period end

(c)

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



Swap Agreements

Excess Return Swaps
Reference Entity	Counterparty	Long/Short	Financing Rate			Entry Fee⁽³⁾			Exit Fee⁽⁴⁾			Payment Frequency		Termination Date		Notional Amount			Value				Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
BNP Paribas Multi-Asset Trend Index ER USD Commodity Sub-Basket⁽²⁾	BNP Paribas	Long		0.00	%		0.05	%		0.05	%		Termination		10/18/2023		$	166,119		$	5,494			$	—		$	5,494
BNP Paribas Multi-Asset Trend Index ER USD ex-Commodity Sub-Basket⁽¹⁾	BNP Paribas	Long		0.00	%		0.05	%		0.05	%		Termination		10/18/2023			433,881			(4,830	)			—			(4,830	)
BNP Paribas Multi-Asset Trend Index ER USD Commodity Sub-Basket⁽²⁾	BNP Paribas	Long		0.00	%		0.05	%		0.05	%		Termination		04/17/2024			3,693,588			(129,724	)			—			(129,724	)
BNP Paribas Multi-Asset Trend Index ER USD ex-Commodity Sub-Basket⁽¹⁾	BNP Paribas	Long		0.00	%		0.05	%		0.05	%		Termination		04/17/2024			9,106,409			(196,382	)			—			(196,382	)

																				$	(325,442	)		$	—		$	(325,442	)

(1)

The BNP Paribas Multi-Asset Trend Index aims to generate excess return by using a trend following strategy and to offer diversification in a multi-asset class universe. Ex-Commodity Sub-Basket Swap represents a swap on a basket of indices without commodities. Information on the sector constituents as of September 30, 2023, is available on the BNP Paribas website https://marketing-indx.bnpparibas.com/multi-asset-trend/.

(2)

All or a portion of this security is owned by DoubleLine Multi-Asset Trend Ltd., which is a wholly-owned subsidiary of the DoubleLine Multi-Asset Trend Fund. The BNP Paribas Multi-Asset Trend Index aims to generate excess return by using a trend following strategy and to offer diversification in a multi-asset class universe. Commodity Sub-Basket Swap represents a swap on a basket of commodity indices. Information on the sector constituents as of September 30, 2023, is available on the BNP Paribas website https://marketing-indx.bnpparibas.com/multi-asset-trend/.

(3)

Entry fee incurs when the Fund puts on new swap exposure. It is a trading cost and incorporated in the cost of the swap.

(4)

Exit fee incurs when the Fund terminates the swap exposure. It is incorporated into daily valuation of the swap.


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

(Unaudited)

September 30, 2023

Affiliated Mutual Funds

A summary of DoubleLine Multi-Asset Trend Fund’s investments in affiliated mutual funds for the period ended September 30, 2023 is as follows:


Fund	Value at March 31, 2023			Gross Purchases			Gross Sales			Net Realized Gain (Loss) for the Period Ended September 30, 2023			Change in Unrealized for the Period Ended September 30, 2023				Value at September 30, 2023			Shares Held at September 30, 2023		Dividend Income Earned for the Period Ended September 30, 2023
DoubleLine Low Duration Bond Fund (Class R6)		$	6,520,642		$	—		$	—		$	—		$	(13,786	)		$	6,506,856		689,286		$	150,412
DoubleLine Floating Rate Fund (Class I)			1,929,758			—			—			—			6,454				1,936,212		215,135			81,729
Doubleline Income Fund (Class I)			1,328,797			—			—			—			(15,882	)			1,312,915		176,467			44,595

		$	9,779,197		$	—		$	—		$	—		$	(23,214	)		$	9,755,983		1,080,888		$	276,736


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		77

Statements of Assets and Liabilities

(Unaudited)

September 30, 2023


	DoubleLine Total Return Bond Fund				DoubleLine Core Fixed Income Fund				DoubleLine Emerging Markets Fixed Income Fund				DoubleLine Multi-Asset Growth Fund (Consolidated)				DoubleLine Low Duration Bond Fund				DoubleLine Floating Rate Fund

ASSETS
Investments in Unaffiliated Securities, at Value *		$	31,468,719,367			$	6,138,301,247			$	454,545,781			$	1,418,162			$	5,321,746,517			$	185,175,531
Investments in Affiliated Mutual Funds, at Value *			—				424,243,803				—				3,400,638				—				—
Short Term Investments, at Value *			251,814,814				47,174,347				435				3,580,495				393,379,045				14,926,649
Cash			—				2,344,345				—				—				2,802,607				1,720,190
Foreign Currency, at Value *			—				—				—				—				—				—
Interest and Dividends Receivable			161,005,841				52,385,925				6,881,428				34,677				45,132,698				1,007,474
Receivable for Investments Sold			152,701,682				9,606,503				4,481,632				13,270				5,201,869				4,384,805
Deposit at Broker for Futures			111,040,000				17,640,000				—				—				—				—
Receivable for Fund Shares Sold			48,497,874				30,331,087				449,107				1,788				6,271,131				55,653
Variation Margin Receivable			7,640,625				1,209,375				—				—				—				—
Prepaid Expenses and Other Assets			1,033,065				293,489				51,464				25,067				198,973				51,723
Net Unrealized Appreciation on Unfunded Loan Commitments			—				124				—				—				—				90
Due from Advisor (See Note 3)			—				—				—				7,469				—				—
Net Unrealized Appreciation on Swaps			—				—				—				—				—				—
Total Assets			32,202,453,268				6,723,530,245				466,409,847				8,481,566				5,774,732,840				207,322,115

LIABILITIES
Payable for Fund Shares Redeemed			80,832,634				11,993,778				1,435,906				67,119				26,213,391				258,867
Payable for Investments Purchased			73,175,664				68,613,007				319,717				—				12,107,699				11,621,184
Distribution Payable			31,923,578				8,440,538				652,107				7,025				5,873,551				853,139
Investment Advisory Fees Payable			10,735,569				2,036,222				315,403				—				1,654,963				80,849
Administration, Fund Accounting and Custodian Fees Payable			3,925,864				1,081,106				67,755				13,640				783,561				95,025
Sub-Transfer Agent Expenses Payable			3,175,120				354,088				74,091				1,619				355,541				9,373
Distribution Fees Payable			2,372,313				60,548				5,210				4,079				807,391				5,364
Transfer Agent Expenses Payable			1,415,589				223,919				19,167				1,162				402,896				12,325
Trustees Fees Payable (See Note 7)			1,360,830				259,058				24,840				2,368				157,056				9,654
Professional Fees Payable			604,233				215,727				62,422				29,610				119,154				32,545
Accrued Expenses			243,321				42,748				6,439				4,248				14,797				278
Loans Payable			—				—				2,269,000				—				—				—
Interest Expense Payable			—				—				8,594				—				1,263				5,000
Net Unrealized Depreciation on Swaps			—				—				—				—				—				—
Payable to Broker for Swaps			—				—				—				—				—				—
Net Unrealized Depreciation on Forward Currency Exchange Contracts			—				—				—				—				—				—
Total Liabilities			209,764,715				93,320,739				5,260,651				130,870				48,491,263				12,983,603
Commitments and Contingencies (See Note 2)
Net Assets		$	31,992,688,553			$	6,630,209,506			$	461,149,196			$	8,350,696			$	5,726,241,577			$	194,338,512

NET ASSETS CONSIST OF:
Paid-in Capital		$	44,328,740,103			$	8,561,767,920			$	715,388,405			$	19,338,089			$	6,251,755,040			$	253,385,871
Total Distributable Earnings (Loss)			(12,336,051,550	)			(1,931,558,414	)			(254,239,209	)			(10,987,393	)			(525,513,463	)			(59,047,359	)
Net Assets		$	31,992,688,553			$	6,630,209,506			$	461,149,196			$	8,350,696			$	5,726,241,577			$	194,338,512

*Identified Cost:
Investments in Unaffiliated Securities		$	37,745,460,441			$	7,073,555,900			$	562,471,726			$	1,303,939			$	5,606,131,386			$	190,421,356
Investments in Affiliated Mutual Funds			—				504,557,903				—				3,726,410				—				—
Short Term Investments			251,814,814				47,174,328				435				3,580,495				393,837,871				14,926,649
Foreign Currency			—				—				—				—				—				—

Class I (unlimited shares authorized):
Net Assets		$	25,734,451,155			$	6,109,435,511			$	436,521,885			$	6,998,660			$	4,790,515,026			$	177,663,886
Shares Outstanding			3,060,970,178				688,575,019				52,694,922				876,151				507,748,109				19,739,954
Net Asset Value, Offering and Redemption Price per Share		$	8.41			$	8.87			$	8.28			$	7.99			$	9.43			$	9.00

Class N (unlimited shares authorized):
Net Assets		$	4,736,056,021			$	243,000,278			$	24,627,311			$	—			$	787,932,345			$	16,674,626
Shares Outstanding			563,587,276				27,413,710				2,970,429				—				83,574,622				1,847,961
Net Asset Value, Offering and Redemption Price per Share		$	8.40			$	8.86			$	8.29			$	—			$	9.43			$	9.02

Class A (unlimited shares authorized):
Net Assets		$	—			$	—			$	—			$	1,352,036			$	—			$	—
Shares Outstanding			—				—				—				168,958				—				—
Net Asset Value, Offering Price per Share		$	—			$	—			$	—			$	8.36			$	—			$	—
Net Asset Value, Redemption Price per Share		$	—			$	—			$	—			$	8.00			$	—			$	—

Class R6 (unlimited shares authorized):
Net Assets		$	1,522,181,377			$	277,773,717			$	—			$	—			$	147,794,206			$	—
Shares Outstanding			181,029,027				31,297,055				—				—				15,658,712				—
Net Asset Value, Offering and Redemption Price per Share		$	8.41			$	8.88			$	—			$	—			$	9.44			$	—


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

(Unaudited)

September 30, 2023


	DoubleLine Shiller Enhanced CAPE^®				DoubleLine Flexible Income Fund				DoubleLine Low Duration Emerging Markets Fixed Income Fund				DoubleLine Long Duration Total Return Bond Fund				DoubleLine Strategic Commodity Fund (Consolidated)			DoubleLine Global Bond Fund

ASSETS
Investments in Unaffiliated Securities, at Value *		$	3,425,843,050			$	698,053,436			$	175,720,331			$	50,164,228			$	—		$	125,306,262
Investments in Affiliated Mutual Funds, at Value *			—				—				—				—				—			—
Short Term Investments, at Value *			430,584,536				140,490,194				2,618,528				2,277,882				182,813,877			6,988,603
Cash			3,128,332				1,052,288				—				—				—			—
Foreign Currency, at Value *			—				—				—				—				—			1,522,031
Interest and Dividends Receivable			31,012,520				6,575,908				2,045,925				236,302				81,308			1,275,740
Receivable for Investments Sold			1,470,602				270,607				552,178				59,235				—			1,369,868
Deposit at Broker for Futures			—				—				—				855,716				—			—
Receivable for Fund Shares Sold			4,557,501				2,859,267				156,460				61,871				437,641			107
Variation Margin Receivable			—				—				—				22,289				—			—
Prepaid Expenses and Other Assets			122,801				57,545				32,592				23,405				32,032			22,226
Net Unrealized Appreciation on Unfunded Loan Commitments			—				32				—				—				—			—
Due from Advisor (See Note 3)			—				—				—				—				—			—
Net Unrealized Appreciation on Swaps			63,471,663				—				—				—				—			—
Total Assets			3,960,191,005				849,359,277				181,126,014				53,700,928				183,364,858			136,484,837

LIABILITIES
Payable for Fund Shares Redeemed			4,112,960				844,484				831,234				8,810				451,943			—
Payable for Investments Purchased			2,898,164				11,032,442				393,621				2,202,663				—			—
Distribution Payable			9,874,550				1,307,912				120,530				96,224				—			—
Investment Advisory Fees Payable			1,505,061				429,920				52,927				10,216				134,519			56,672
Administration, Fund Accounting and Custodian Fees Payable			743,476				310,522				33,993				9,539				14,311			50,703
Sub-Transfer Agent Expenses Payable			411,092				63,077				31,714				508				18,802			1,959
Distribution Fees Payable			90,808				60,916				—				1,519				3,275			—
Transfer Agent Expenses Payable			197,135				62,602				9,470				1,449				8,028			27,967
Trustees Fees Payable (See Note 7)			154,966				25,425				5,963				1,912				5,574			17,753
Professional Fees Payable			299,897				52,373				21,108				25,520				23,597			35,010
Accrued Expenses			148,181				17,012				—				3,746				4,276			25,062
Loans Payable			—				—				—				—				—			—
Interest Expense Payable			—				—				—				—				—			—
Net Unrealized Depreciation on Swaps			6,440,893				—				—				—				3,589,045			—
Payable to Broker for Swaps			6,363,357				—				—				—				—			—
Net Unrealized Depreciation on Forward Currency Exchange Contracts			—				—				—				—				—			—
Total Liabilities			33,240,540				14,206,685				1,500,560				2,362,106				4,253,370			215,126
Commitments and Contingencies (See Note 2)
Net Assets		$	3,926,950,465			$	835,152,592			$	179,625,454			$	51,338,822			$	179,111,488		$	136,269,711

NET ASSETS CONSIST OF:
Paid-in Capital		$	5,206,477,909			$	1,064,121,214			$	203,084,824			$	77,900,330			$	172,789,894		$	184,648,326
Total Distributable Earnings (Loss)			(1,279,527,444	)			(228,968,622	)			(23,459,370	)			(26,561,508	)			6,321,594			(48,378,615	)
Net Assets		$	3,926,950,465			$	835,152,592			$	179,625,454			$	51,338,822			$	179,111,488		$	136,269,711

*Identified Cost:
Investments in Unaffiliated Securities		$	3,759,765,737			$	827,033,232			$	187,873,141			$	59,229,474			$	—		$	142,641,162
Investments in Affiliated Mutual Funds			—				—				—				—				—			—
Short Term Investments			430,902,288				140,480,062				2,618,528				2,277,882				182,795,130			6,993,032
Foreign Currency			—				—				—				—				—			1,562,412

Class I (unlimited shares authorized):
Net Assets		$	3,610,099,052			$	686,608,661			$	175,353,665			$	43,377,390			$	163,307,210		$	136,107,865
Shares Outstanding			282,229,457				82,054,817				19,317,646				7,072,841				20,566,809			17,020,846
Net Asset Value, Offering and Redemption Price per Share		$	12.79			$	8.37			$	9.08			$	6.13			$	7.94		$	8.00

Class N (unlimited shares authorized):
Net Assets		$	296,723,451			$	65,460,951			$	4,271,789			$	7,961,432			$	15,804,278		$	161,846
Shares Outstanding			23,218,770				7,828,299				469,794				1,301,341				2,021,268			20,389
Net Asset Value, Offering and Redemption Price per Share		$	12.78			$	8.36			$	9.09			$	6.12			$	7.82		$	7.94

Class A (unlimited shares authorized):
Net Assets		$	—			$	—			$	—			$	—			$	—		$	—
Shares Outstanding			—				—				—				—				—			—
Net Asset Value, Offering Price per Share		$	—			$	—			$	—			$	—			$	—		$	—
Net Asset Value, Redemption Price per Share		$	—			$	—			$	—			$	—			$	—		$	—

Class R6 (unlimited shares authorized):
Net Assets		$	20,127,962			$	83,082,980			$	—			$	—			$	—		$	—
Shares Outstanding			1,572,490				9,922,863				—				—				—			—
Net Asset Value, Offering and Redemption Price per Share		$	12.80			$	8.37			$	—			$	—			$	—		$	—


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		79


Statements of Assets and Liabilities (Cont.)


	DoubleLine Infrastructure Income Fund				DoubleLine Shiller Enhanced International CAPE^®				DoubleLine Real Estate and Income Fund				DoubleLine Emerging Markets Local Currency Bond Fund				DoubleLine Income Fund				DoubleLine Multi-Asset Trend Fund (Consolidated)

ASSETS
Investments in Unaffiliated Securities, at Value *		$	329,269,704			$	38,894,510			$	2,339,858			$	11,271,848			$	46,611,988			$	760,180
Investments in Affiliated Mutual Funds, at Value *			—				2,741,119				—				—				—				9,755,983
Short Term Investments, at Value *			3,337,675				1,982,912				5,155,367				378,497				9,052,933				2,808,235
Cash			—				—				266,000				227,311				—				—
Foreign Currency, at Value *			—				—				—				8,972				—				—
Interest and Dividends Receivable			3,074,522				401,380				39,049				233,746				468,924				57,174
Receivable for Investments Sold			112,741				—				—				166,045				—				—
Deposit at Broker for Futures			—				—				—				—				—				—
Receivable for Fund Shares Sold			13,925				92,788				1,173				101				1,987,372				13,376
Variation Margin Receivable			—				—				—				—				—				—
Prepaid Expenses and Other Assets			32,850				18,615				19,928				21,808				45,551				18,185
Net Unrealized Appreciation on Unfunded Loan Commitments			—				—				—				—				—				—
Due from Advisor (See Note 3)			—				—				229				6,390				—				4,123
Net Unrealized Appreciation on Swaps			—				130,237				—				—				—				—
Total Assets			335,841,417				44,261,561				7,821,604				12,314,718				58,166,768				13,417,256

LIABILITIES
Payable for Fund Shares Redeemed			2,743				44,307				486				12,900				901,661				7,423
Payable for Investments Purchased			—				—				—				218,508				1,000,000				—
Distribution Payable			1,023,641				11,204				1,769				2,684				20,595				821
Investment Advisory Fees Payable			138,660				8,183				—				—				10,397				—
Administration, Fund Accounting and Custodian Fees Payable			61,298				35,061				10,741				5,985				42,034				536
Sub-Transfer Agent Expenses Payable			15,707				5,235				635				195				4,267				2,236
Distribution Fees Payable			—				1,035				890				587				1,284				270
Transfer Agent Expenses Payable			10,810				1,141				247				287				2,188				720
Trustees Fees Payable (See Note 7)			11,339				1,413				2,083				418				1,363				80
Professional Fees Payable			34,871				25,411				58,096				30,499				31,476				82,004
Accrued Expenses			6,977				5,176				48,752				21,274				14,015				7,417
Loans Payable			—				—				—				—				—				—
Interest Expense Payable			—				—				—				—				—				—
Net Unrealized Depreciation on Swaps			—				54,278				194,590				—				—				325,442
Payable to Broker for Swaps			—				—				—				—				—				—
Net Unrealized Depreciation on Forward Currency Exchange Contracts			—				919,479				—				—				—				—
Total Liabilities			1,306,046				1,111,923				318,289				293,337				2,029,280				426,949
Commitments and Contingencies (See Note 2)
Net Assets		$	334,535,371			$	43,149,638			$	7,503,315			$	12,021,381			$	56,137,488			$	12,990,307

NET ASSETS CONSIST OF:
Paid-in Capital		$	400,742,602			$	63,777,788			$	11,325,647			$	13,799,318			$	81,282,849			$	16,538,158
Total Distributable Earnings (Loss)			(66,207,231	)			(20,628,150	)			(3,822,332	)			(1,777,937	)			(25,145,361	)			(3,547,851	)
Net Assets		$	334,535,371			$	43,149,638			$	7,503,315			$	12,021,381			$	56,137,488			$	12,990,307

*Identified Cost:
Investments in Unaffiliated Securities		$	372,238,795			$	42,406,353			$	2,422,454			$	12,661,267			$	57,429,262			$	773,162
Investments in Affiliated Mutual Funds			—				2,900,964				—				—				—				10,303,410
Short Term Investments			3,337,675				1,985,770				5,155,317				378,497				9,052,933				2,808,050
Foreign Currency			—				—				—				8,971				—				—

Class I (unlimited shares authorized):
Net Assets		$	333,945,254			$	39,138,499			$	6,823,050			$	10,689,096			$	53,032,255			$	12,728,163
Shares Outstanding			37,959,848				3,537,756				765,388				1,276,223				7,126,770				1,627,561
Net Asset Value, Offering and Redemption Price per Share		$	8.80			$	11.06			$	8.91			$	8.38			$	7.44			$	7.82

Class N (unlimited shares authorized):
Net Assets		$	590,117			$	4,011,139			$	680,265			$	1,332,285			$	3,105,233			$	262,144
Shares Outstanding			67,009				362,589				76,091				159,404				416,559				33,507
Net Asset Value, Offering and Redemption Price per Share		$	8.81			$	11.06			$	8.94			$	8.36			$	7.45			$	7.82

Class A (unlimited shares authorized):
Net Assets		$	—			$	—			$	—			$	—			$	—			$	—
Shares Outstanding			—				—				—				—				—				—
Net Asset Value, Offering Price per Share		$	—			$	—			$	—			$	—			$	—			$	—
Net Asset Value, Redemption Price per Share		$	—			$	—			$	—			$	—			$	—			$	—

Class R6 (unlimited shares authorized):
Net Assets		$	—			$	—			$	—			$	—			$	—			$	—
Shares Outstanding			—				—				—				—				—				—
Net Asset Value, Offering and Redemption Price per Share		$	—			$	—			$	—			$	—			$	—			$	—


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

Statements of Operations

(Unaudited)

For the Period Ended September 30, 2023


	DoubleLine Total Return Bond Fund				DoubleLine Core Fixed Income Fund				DoubleLine Emerging Markets Fixed Income Fund				DoubleLine Multi-Asset Growth Fund (Consolidated)				DoubleLine Low Duration Bond Fund				DoubleLine Floating Rate Fund

INVESTMENT INCOME
Income:
Interest		$	774,107,039			$	165,682,305			$	16,199,102			$	324,702			$	149,733,524			$	9,137,746
Dividends from Affiliated Mutual Funds			—				5,673,091				—				98,341				—				—
Dividends from Unaffiliated Securities			—				—				—				62,831				—				—
Non-Cash Interest			—				—				—				—				—				—
Total Investment Income			774,107,039				171,355,396				16,199,102				485,874				149,733,524				9,137,746

Expenses:
Investment Advisory Fees			67,080,684				14,009,230				1,968,809				86,942				10,487,858				505,398
Distribution Fees - Class N			6,282,640				326,790				34,000				—				1,034,585				22,044
Distribution Fees - Class A			—				—				—				1,879				—				—
Sub-Transfer Agent Expenses - Class I			8,584,377				936,085				205,157				6,231				990,807				27,890
Sub-Transfer Agent Expenses - Class N			1,585,597				37,072				11,233				—				160,579				2,667
Sub-Transfer Agent Expenses - Class A			—				—				—				558				—				—
Administration, Fund Accounting and Custodian Fees			2,693,670				728,480				57,229				12,073				561,779				68,410
Professional Fees			802,135				229,240				66,714				49,011				173,268				25,187
Transfer Agent Expenses			620,205				69,869				8,231				598				254,717				6,482
Trustees Fees			448,882				96,136				7,443				584				80,674				3,243
Shareholder Reporting Expenses			339,137				43,863				12,905				8,727				43,095				6,253
Insurance Expenses			222,158				49,537				4,307				330				41,955				2,362
Registration Fees			158,613				65,324				12,966				6,748				24,700				7,538
Miscellaneous Expenses			109,119				30,605				12,194				2,041				26,688				5,202
Interest Expense			—				—				4,807				—				—				30,500
Total Expenses			88,927,217				16,622,231				2,405,995				175,722				13,880,705				713,176
Less: Investment Advisory Fees (Waived)			—				(1,069,274	)			—				(9,579	)			—				—
Less: Other Fees (Reimbursed)/Recouped			—				—				—				(69,258	)			—				—
Net Expenses			88,927,217				15,552,957				2,405,995				96,885				13,880,705				713,176

Net Investment Income (Loss)			685,179,822				155,802,439				13,793,107				388,989				135,852,819				8,424,570

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS

Net Realized Gain (Loss) on:

Investments in Unaffiliated Securities			(404,679,111	)			(149,375,628	)			(28,879,337	)			(3,103,802	)			(16,472,382	)			(3,944,490	)

Investments in Affiliated Mutual Funds			—				—				—				(41,908	)			—				—

Foreign Currency			—				—				—				1,581				—				—

Forwards			—				—				—				—				—				—

Futures			(178,323,921	)			(23,090,107	)			—				(99,603	)			—				—

Swaps			—				—				—				1,059,982				—				—

Net Change in Unrealized Appreciation (Depreciation) on:

Investments in Unaffiliated Securities			(1,286,006,680	)			(159,851,908	)			19,620,577				2,595,714				3,717,048				4,276,632

Investments in Affiliated Mutual Funds			—				(19,290,746	)			—				(102,017	)			—				—

Short Term Investments			—				(36,224	)			—				9,803				(470,733	)			—

Unfunded Loan Commitments			—				2,401				—				—				—				1,462

Foreign Currency			—				—				—				(772	)			—				—

Forwards			—				—				—				—				—				—

Futures			(272,394,859	)			(43,418,049	)			—				(165,850	)			—				—

Swaps			—				—				—				(512,419	)			—				—
Translation of Other Assets and Liabilities Denominated in Foreign Currency			—				—				—				—				—				—
Net Realized and Unrealized Gain (Loss) on Investments			(2,141,404,571	)			(395,060,261	)			(9,258,760	)			(359,291	)			(13,226,067	)			333,604

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	(1,456,224,749	)		$	(239,257,822	)		$	4,534,347			$	29,698			$	122,626,752			$	8,758,174


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		81


Statements of Operations (Cont.)


	DoubleLine Shiller Enhanced CAPE^®				DoubleLine Flexible Income Fund				DoubleLine Low Duration Emerging Markets Fixed Income Fund				DoubleLine Long Duration Total Return Bond Fund				DoubleLine Strategic Commodity Fund (Consolidated)				DoubleLine Global Bond Fund

INVESTMENT INCOME
Income:
Interest		$	111,016,023			$	28,678,048			$	3,933,584			$	468,553			$	4,206,575			$	2,205,075
Dividends from Affiliated Mutual Funds			—				—				—				—				—				—
Dividends from Unaffiliated Securities			—				—				—				—				—				—
Non-Cash Interest			—				—				—				469,833				—				—
Total Investment Income			111,016,023				28,678,048				3,933,584				938,386				4,206,575				2,205,075

Expenses:
Investment Advisory Fees			9,487,152				2,732,152				453,688				87,432				779,888				355,731
Distribution Fees - Class N			390,066				83,912				5,622				3,059				20,267				239
Distribution Fees - Class A			—				—				—				—				—				—
Sub-Transfer Agent Expenses - Class I			1,125,165				175,941				81,846				1,569				52,111				—
Sub-Transfer Agent Expenses - Class N			90,100				16,670				2,100				122				5,374				—
Sub-Transfer Agent Expenses - Class A			—				—				—				—				—				—
Administration, Fund Accounting and Custodian Fees			475,398				229,014				30,470				13,372				17,572				21,050
Professional Fees			294,580				50,442				29,539				22,096				33,235				20,991
Transfer Agent Expenses			44,037				38,041				4,452				—				4,573				—
Trustees Fees			59,370				12,601				2,984				772				2,537				1,391
Shareholder Reporting Expenses			74,247				16,044				11,525				2,803				5,425				1,947
Insurance Expenses			29,933				7,585				1,839				676				1,743				1,438
Registration Fees			12,761				14,121				9,668				6,331				9,512				6,456
Miscellaneous Expenses			22,689				6,733				24,619				2,907				3,058				1,245
Interest Expense			—				—				877				324				—				—
Total Expenses			12,105,498				3,383,256				659,229				141,463				935,295				410,488
Less: Investment Advisory Fees (Waived)			—				—				—				—				—				—
Less: Other Fees (Reimbursed)/Recouped			—				—				(118,442	)			(13,855	)			—				—
Net Expenses			12,105,498				3,383,256				540,787				127,608				935,295				410,488

Net Investment Income (Loss)			98,910,525				25,294,792				3,392,797				810,778				3,271,280				1,794,587

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS

Net Realized Gain (Loss) on:

Investments in Unaffiliated Securities			(20,952,964	)			(18,124,900	)			(2,048,660	)			(1,303,787	)			(9,161	)			(2,048,324	)

Investments in Affiliated Mutual Funds			—				—				—				—				—				—

Foreign Currency			—				—				—				—				—				25,575

Forwards			—				—				—				—				—				—

Futures			—				—				—				(488,523	)			—				—

Swaps			(20,806,955	)			—				—				—				6,506,240				—

Net Change in Unrealized Appreciation (Depreciation) on:

Investments in Unaffiliated Securities			(24,570,956	)			12,926,860				2,523,565				(4,237,515	)			—				(7,536,899	)

Investments in Affiliated Mutual Funds			—				—				—				—				—				—

Short Term Investments			(324,495	)			104,861				—				(2,483	)			116,854				(12,706	)

Unfunded Loan Commitments			455				592				—				—				—				—

Foreign Currency			—				—				—				—				—				(53,559	)

Forwards			—				—				—				—				—				—

Futures			—				—				—				(1,731,847	)			—				—

Swaps			126,135,802				—				—				—				(1,218,045	)			—
Translation of Other Assets and Liabilities Denominated in Foreign Currency			—				—				—				—				—				(33,167	)
Net Realized and Unrealized Gain (Loss) on Investments			59,480,887				(5,092,587	)			474,905				(7,764,155	)			5,395,888				(9,659,080	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	158,391,412			$	20,202,205			$	3,867,702			$	(6,953,377	)		$	8,667,168			$	(7,864,493	)


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

(Unaudited)

For the Period Ended September 30, 2023


	DoubleLine Infrastructure Income Fund				DoubleLine Shiller Enhanced International CAPE^®				DoubleLine Real Estate and Income Fund				DoubleLine Emerging Markets Local Currency Bond Fund				DoubleLine Income Fund				DoubleLine Multi-Asset Trend Fund (Consolidated)

INVESTMENT INCOME
Income:
Interest		$	7,023,183			$	1,446,000			$	268,839			$	324,466			$	1,746,827			$	73,525
Dividends from Affiliated Mutual Funds			—				132,986				—				—				—				276,736
Dividends from Unaffiliated Securities			—				—				—				—				—				—
Non-Cash Interest			—				—				—				—				—				—
Total Investment Income			7,023,183				1,578,986				268,839				324,466				1,746,827				350,261

Expenses:
Investment Advisory Fees			857,355				132,783				20,204				41,279				123,461				33,082
Distribution Fees - Class N			753				11,443				1,080				1,101				3,884				355
Distribution Fees - Class A			—				—				—				—				—				—
Sub-Transfer Agent Expenses - Class I			—				12,654				255				—				14,192				—
Sub-Transfer Agent Expenses - Class N			—				2,615				27				—				939				—
Sub-Transfer Agent Expenses - Class A			—				—				—				—				—				—
Administration, Fund Accounting and Custodian Fees			47,702				30,536				12,438				10,338				32,083				6,605
Professional Fees			27,805				27,505				14,400				27,146				25,149				35,287
Transfer Agent Expenses			2,358				—				—				98				—				398
Trustees Fees			5,015				828				134				157				832				298
Shareholder Reporting Expenses			3,033				4,515				2,545				1,253				2,905				1,867
Insurance Expenses			3,013				948				229				238				758				291
Registration Fees			8,729				6,799				5,379				6,394				6,887				5,827
Miscellaneous Expenses			6,859				6,661				3,110				19,688				3,737				4,001
Interest Expense			789				—				—				—				—				—
Total Expenses			963,411				237,287				59,801				107,692				214,827				88,011
Less: Investment Advisory Fees (Waived)			—				(8,093	)			—				—				—				(19,553	)
Less: Other Fees (Reimbursed)/Recouped			—				(51,039	)			(29,547	)			(57,057	)			(50,497	)			(46,027	)
Net Expenses			963,411				178,155				30,254				50,635				164,330				22,431

Net Investment Income (Loss)			6,059,772				1,400,831				238,585				273,831				1,582,497				327,830

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS

Net Realized Gain (Loss) on:

Investments in Unaffiliated Securities			(8,622,752	)			(408,221	)			(491,470	)			(113,975	)			(2,334,904	)			(15,025	)

Investments in Affiliated Mutual Funds			—				(87,016	)			—				—				—				—

Foreign Currency			—				888				—				(6,865	)			—				—

Forwards			—				(2,465,940	)			—				—				—				—

Futures			—				—				—				—				—				—

Swaps			—				310,527				(2,493,696	)			—				—				(1,344,698	)

Net Change in Unrealized Appreciation (Depreciation) on:

Investments in Unaffiliated Securities			(1,000,865	)			54,533				302,010				(311,395	)			1,744,319				(16,218	)

Investments in Affiliated Mutual Funds			—				96,768				—				—				—				(23,214	)

Short Term Investments			—				6,355				801				—				—				2,713

Unfunded Loan Commitments			—				—				—				—				—				—

Foreign Currency			—				—				—				(12	)			—				—

Forwards			—				691,720				—				—				—				—

Futures			—				—				—				—				—				—

Swaps			—				(2,127,477	)			1,496,799				—				—				1,103,783
Translation of Other Assets and Liabilities Denominated in Foreign Currency			—				—				—				(5,783	)			—				—
Net Realized and Unrealized Gain (Loss) on Investments			(9,623,617	)			(3,927,863	)			(1,185,556	)			(438,030	)			(590,585	)			(292,659	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	(3,563,845	)		$	(2,527,032	)		$	(946,971	)		$	(164,199	)		$	991,912			$	35,171


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		83

Statements of Changes in Net Assets


	DoubleLine Total Return Bond Fund								DoubleLine Core Fixed Income Fund
	Period Ended September 30, 2023 (Unaudited)				Year Ended March 31, 2023				Period Ended September 30, 2023 (Unaudited)				Year Ended March 31, 2023

OPERATIONS
Net Investment Income (Loss)		$	685,179,822			$	1,186,218,807			$	155,802,439			$	305,039,769
Net Realized Gain (Loss) on Investments			(583,003,032	)			(1,493,804,927	)			(172,465,735	)			(560,681,990	)
Net Change in Unrealized Appreciation (Depreciation) on Investments			(1,558,401,539	)			(1,938,176,230	)			(222,594,526	)			(293,016,454	)
Net Increase (Decrease) in Net Assets Resulting from Operations			(1,456,224,749	)			(2,245,762,350	)			(239,257,822	)			(548,658,675	)

DISTRIBUTIONS TO SHAREHOLDERS
From Earnings
Class I			(583,378,360	)			(1,133,672,670	)			(153,420,150	)			(310,579,203	)
Class N			(101,377,893	)			(176,439,753	)			(5,757,457	)			(13,631,858	)
Class R6			(29,125,679	)			(48,939,575	)			(3,506,076	)			(4,129,937	)

Total Distributions to Shareholders			(713,881,932	)			(1,359,051,998	)			(162,683,683	)			(328,340,998	)

NET SHARE TRANSACTIONS
Class I			2,832,831				(6,854,848,412	)			(402,985,962	)			(2,128,401,225	)
Class N			(50,057,543	)			556,592,256				(16,457,535	)			(126,447,238	)
Class R6			391,720,156				(361,855,711	)			169,386,049				34,352,610
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			344,495,444				(6,660,111,867	)			(250,057,448	)			(2,220,495,853	)

Total Increase (Decrease) in Net Assets		$	(1,825,611,237	)		$	(10,264,926,215	)		$	(651,998,953	)		$	(3,097,495,526	)

NET ASSETS
Beginning of Period		$	33,818,299,790			$	44,083,226,005			$	7,282,208,459			$	10,379,703,985
End of Period		$	31,992,688,553			$	33,818,299,790			$	6,630,209,506			$	7,282,208,459


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


	DoubleLine Emerging Markets Fixed Income Fund								DoubleLine Multi-Asset Growth Fund (Consolidated)
	Period Ended September 30, 2023 (Unaudited)				Year Ended March 31, 2023				Period Ended September 30, 2023 (Unaudited)				Year Ended March 31, 2023

OPERATIONS
Net Investment Income (Loss)		$	13,793,107			$	28,304,571			$	388,989			$	793,879
Net Realized Gain (Loss) on Investments			(28,879,337	)			(70,584,947	)			(2,183,750	)			(2,520,360	)
Net Change in Unrealized Appreciation (Depreciation) on Investments			19,620,577				(21,120,187	)			1,824,459				(1,307,836	)
Net Increase (Decrease) in Net Assets Resulting from Operations			4,534,347				(63,400,563	)			29,698				(3,034,317	)

DISTRIBUTIONS TO SHAREHOLDERS
From Earnings
Class I			(13,872,962	)			(28,239,825	)			(379,719	)			(701,825	)
Class N			(727,261	)			(1,431,212	)			—				—
Class A			—				—				(44,495	)			(49,417	)

Total Distributions to Shareholders			(14,600,223	)			(29,671,037	)			(424,214	)			(751,242	)

NET SHARE TRANSACTIONS
Class I			(46,817,597	)			(139,814,008	)			(10,547,979	)			(5,702,055	)
Class N			(2,541,492	)			(6,328,453	)			—				—
Class A			—				—				(136,750	)			(924,209	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			(49,359,089	)			(146,142,461	)			(10,684,729	)			(6,626,264	)

Total Increase (Decrease) in Net Assets		$	(59,424,965	)		$	(239,214,061	)		$	(11,079,245	)		$	(10,411,823	)

NET ASSETS
Beginning of Period		$	520,574,161			$	759,788,222			$	19,429,941			$	29,841,764
End of Period		$	461,149,196			$	520,574,161			$	8,350,696			$	19,429,941


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		85

Statements of Changes in Net Assets (Cont.)


	DoubleLine Low Duration Bond Fund								DoubleLine Floating Rate Fund
	Period Ended September 30, 2023 (Unaudited)				Year Ended March 31, 2023				Period Ended September 30, 2023 (Unaudited)				Year Ended March 31, 2023

OPERATIONS
Net Investment Income (Loss)		$	135,852,819			$	192,805,910			$	8,424,570			$	17,350,887
Net Realized Gain (Loss) on Investments			(16,472,382	)			(125,179,923	)			(3,944,490	)			(10,471,808	)
Net Change in Unrealized Appreciation (Depreciation) on Investments			3,246,315				(34,718,469	)			4,278,094				(6,853,536	)
Net Increase (Decrease) in Net Assets Resulting from Operations			122,626,752				32,907,518				8,758,174				25,543

DISTRIBUTIONS TO SHAREHOLDERS
From Earnings
Class I			(115,672,770	)			(170,179,376	)			(7,714,729	)			(15,628,546	)
Class N			(17,759,661	)			(25,550,460	)			(704,279	)			(1,768,371	)
Class R6			(1,616,022	)			(1,755,927	)			—				—

Total Distributions to Shareholders			(135,048,453	)			(197,485,763	)			(8,419,008	)			(17,396,917	)

NET SHARE TRANSACTIONS
Class I			(455,485,881	)			(827,959,245	)			(22,839,226	)			(118,075,555	)
Class N			(56,775,218	)			(174,619,414	)			(3,968,033	)			(22,626,454	)
Class R6			94,191,080				13,776,622				—				—
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			(418,070,019	)			(988,802,037	)			(26,807,259	)			(140,702,009	)

Total Increase (Decrease) in Net Assets		$	(430,491,720	)		$	(1,153,380,282	)		$	(26,468,093	)		$	(158,073,383	)

NET ASSETS
Beginning of Period		$	6,156,733,297			$	7,310,113,579			$	220,806,605			$	378,879,988
End of Period		$	5,726,241,577			$	6,156,733,297			$	194,338,512			$	220,806,605


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


	DoubleLine Shiller Enhanced CAPE^®								DoubleLine Flexible Income Fund
	Period Ended September 30, 2023 (Unaudited)				Year Ended March 31, 2023				Period Ended September 30, 2023 (Uaudited)				Year Ended March 31, 2023

OPERATIONS
Net Investment Income (Loss)		$	98,910,525			$	199,664,900			$	25,294,792			$	48,462,923
Net Realized Gain (Loss) on Investments			(41,759,919	)			(923,040,150	)			(18,124,900	)			(29,811,153	)
Net Change in Unrealized Appreciation (Depreciation) on Investments			101,240,806				(372,891,957	)			13,032,313				(66,340,683	)
Net Increase (Decrease) in Net Assets Resulting from Operations			158,391,412				(1,096,267,207	)			20,202,205				(47,688,913	)

DISTRIBUTIONS TO SHAREHOLDERS
From Earnings
Class I			(96,185,288	)			(650,038,241	)			(21,246,740	)			(38,406,012	)
Class N			(7,344,477	)			(51,023,171	)			(1,882,964	)			(4,735,103	)
Class R6			(233,427	)			(1,612,841	)			(2,683,661	)			(6,781,634	)

Total Distributions to Shareholders			(103,763,192	)			(702,674,253	)			(25,813,365	)			(49,922,749	)

NET SHARE TRANSACTIONS
Class I			(429,906,888	)			(2,166,818,800	)			(35,043,657	)			(168,776,775	)
Class N			(19,801,253	)			(131,268,786	)			(29,245,446	)			(36,501,181	)
Class R6			12,613,057				(3,700,587	)			(41,596,081	)			23,412,123
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			(437,095,084	)			(2,301,788,173	)			(105,885,184	)			(181,865,833	)

Total Increase (Decrease) in Net Assets		$	(382,466,864	)		$	(4,100,729,633	)		$	(111,496,344	)		$	(279,477,495	)

NET ASSETS
Beginning of Period		$	4,309,417,329			$	8,410,146,962			$	946,648,936			$	1,226,126,431
End of Period		$	3,926,950,465			$	4,309,417,329			$	835,152,592			$	946,648,936


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		87

Statements of Changes in Net Assets (Cont.)


	DoubleLine Low Duration Emerging Markets Fixed Income Fund								DoubleLine Long Duration Total Return Bond Fund
	Period Ended September 30, 2023 (Unaudited)				Year Ended March 31, 2023				Period Ended September 30, 2023 (Unaudited)				Year Ended March 31, 2023

OPERATIONS
Net Investment Income (Loss)		$	3,392,797			$	6,918,266			$	810,778			$	1,443,592
Net Realized Gain (Loss) on Investments			(2,048,660	)			(9,229,837	)			(1,792,310	)			(7,721,335	)
Net Change in Unrealized Appreciation (Depreciation) on Investments			2,523,565				(1,099,992	)			(5,971,845	)			(3,556,796	)
Net Increase (Decrease) in Net Assets Resulting from Operations			3,867,702				(3,411,563	)			(6,953,377	)			(9,834,539	)

DISTRIBUTIONS TO SHAREHOLDERS
From Earnings
Class I			(3,215,429	)			(6,405,153	)			(759,677	)			(1,395,538	)
Class N			(74,364	)			(428,580	)			(43,056	)			(48,695	)

Total Distributions to Shareholders			(3,289,793	)			(6,833,733	)			(802,733	)			(1,444,233	)

NET SHARE TRANSACTIONS
Class I			(7,228,695	)			(47,129,892	)			1,683,808				4,497,689
Class N			(1,084,629	)			(16,377,784	)			6,859,015				(2,928,587	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			(8,313,324	)			(63,507,676	)			8,542,823				1,569,102

Total Increase (Decrease) in Net Assets		$	(7,735,415	)		$	(73,752,972	)		$	786,713			$	(9,709,670	)

NET ASSETS
Beginning of Period		$	187,360,869			$	261,113,841			$	50,552,109			$	60,261,779
End of Period		$	179,625,454			$	187,360,869			$	51,338,822			$	50,552,109


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


	DoubleLine Strategic Commodity Fund (Consolidated)								DoubleLine Global Bond Fund
	Period Ended September 30, 2023 (Unaudited)				Year Ended March 31, 2023				Period Ended September 30, 2023 (Unaudited)				Year Ended March 31, 2023

OPERATIONS
Net Investment Income (Loss)		$	3,271,280			$	1,336,306			$	1,794,587			$	1,622,078
Net Realized Gain (Loss) on Investments			6,497,079				(12,670,604	)			(2,022,749	)			(20,226,964	)
Net Change in Unrealized Appreciation (Depreciation) on Investments			(1,101,191	)			(17,431,981	)			(7,636,331	)			6,094,281
Net Increase (Decrease) in Net Assets Resulting from Operations			8,667,168				(28,766,279	)			(7,864,493	)			(12,510,605	)

DISTRIBUTIONS TO SHAREHOLDERS
From Earnings
Class I			—				(59,541,258	)			—				—
Class N			—				(5,999,114	)			—				—

Total Distributions to Shareholders			—				(65,540,372	)			—				—

NET SHARE TRANSACTIONS
Class I			(3,080,160	)			20,462,781				(493,910	)			(119,629,668	)
Class N			(1,833,028	)			1,496,327				(68,248	)			(137,882	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			(4,913,188	)			21,959,108				(562,158	)			(119,767,550	)

Total Increase (Decrease) in Net Assets		$	3,753,980			$	(72,347,543	)		$	(8,426,651	)		$	(132,278,155	)

NET ASSETS
Beginning of Period		$	175,357,508			$	247,705,051			$	144,696,362			$	276,974,517
End of Period		$	179,111,488			$	175,357,508			$	136,269,711			$	144,696,362


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		89

Statements of Changes in Net Assets (Cont.)


	DoubleLine Infrastructure Income Fund								DoubleLine Shiller Enhanced International CAPE^®
	Period Ended September 30, 2023 (Unaudited)				Year Ended March 31, 2023				Period Ended September 30, 2023 (Unaudited)				Year Ended March 31, 2023

OPERATIONS
Net Investment Income (Loss)		$	6,059,772			$	12,750,009			$	1,400,831			$	2,512,563
Net Realized Gain (Loss) on Investments			(8,622,752	)			(14,491,616	)			(2,649,762	)			(14,293,448	)
Net Change in Unrealized Appreciation (Depreciation) on Investments			(1,000,865	)			(17,544,166	)			(1,278,101	)			4,877,553
Net Increase (Decrease) in Net Assets Resulting from Operations			(3,563,845	)			(19,285,773	)			(2,527,032	)			(6,903,332	)

DISTRIBUTIONS TO SHAREHOLDERS
From Earnings
Class I			(5,920,839	)			(13,587,479	)			(1,205,602	)			(2,446,375	)
Class N			(9,645	)			(20,057	)			(224,902	)			(317,577	)

Total Distributions to Shareholders			(5,930,484	)			(13,607,536	)			(1,430,504	)			(2,763,952	)

NET SHARE TRANSACTIONS
Class I			(2,804,316	)			(142,837,231	)			(2,923,826	)			(38,995,905	)
Class N			5,805				(1,124,509	)			(4,568,778	)			2,809,445
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			(2,798,511	)			(143,961,740	)			(7,492,604	)			(36,186,460	)

Total Increase (Decrease) in Net Assets		$	(12,292,840	)		$	(176,855,049	)		$	(11,450,140	)		$	(45,853,744	)

NET ASSETS
Beginning of Period		$	346,828,211			$	523,683,260			$	54,599,778			$	100,453,522
End of Period		$	334,535,371			$	346,828,211			$	43,149,638			$	54,599,778


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


	DoubleLine Real Estate and Income Fund								DoubleLine Emerging Markets Local Currency Bond Fund
	Period Ended September 30, 2023 (Unaudited)				Year Ended March 31, 2023				Period Ended September 30, 2023 (Unaudited)				Year Ended March 31, 2023

OPERATIONS
Net Investment Income (Loss)		$	238,585			$	353,915			$	273,831			$	373,748
Net Realized Gain (Loss) on Investments			(2,985,166	)			(435,749	)			(120,840	)			(213,661	)
Net Change in Unrealized Appreciation (Depreciation) on Investments			1,799,610				(3,254,321	)			(317,190	)			(315,586	)
Net Increase (Decrease) in Net Assets Resulting from Operations			(946,971	)			(3,336,155	)			(164,199	)			(155,499	)

DISTRIBUTIONS TO SHAREHOLDERS
From Earnings
Class I			(216,088	)			(309,725	)			(139,357	)			(182,403	)
Class N			(21,723	)			(43,320	)			(16,072	)			(2,547	)

Total Distributions to Shareholders			(237,811	)			(353,045	)			(155,429	)			(184,950	)

NET SHARE TRANSACTIONS
Class I			(547,312	)			(3,018,512	)			1,539,958				524,065
Class N			(117,919	)			(782,903	)			1,169,485				83,359
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			(665,231	)			(3,801,415	)			2,709,443				607,424

Total Increase (Decrease) in Net Assets		$	(1,850,013	)		$	(7,490,615	)		$	2,389,815			$	266,975

NET ASSETS
Beginning of Period		$	9,353,328			$	16,843,943			$	9,631,566			$	9,364,591
End of Period		$	7,503,315			$	9,353,328			$	12,021,381			$	9,631,566


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		91

Statements of Changes in Net Assets (Cont.)


	DoubleLine Income Fund								DoubleLine Multi-Asset Trend Fund (Consolidated)
	Period Ended September 30, 2023 (Unaudited)				Year Ended March 31, 2023				Period Ended September 30, 2023 (Unaudited)				Year Ended March 31, 2023

OPERATIONS
Net Investment Income (Loss)		$	1,582,497			$	3,498,791			$	327,830			$	474,865
Net Realized Gain (Loss) on Investments			(2,334,904	)			(8,161,598	)			(1,359,723	)			(597,318	)
Net Change in Unrealized Appreciation (Depreciation) on Investments			1,744,319				(2,250,669	)			1,067,064				(1,555,238	)
Net Increase (Decrease) in Net Assets Resulting from Operations			991,912				(6,913,476	)			35,171				(1,677,691	)

DISTRIBUTIONS TO SHAREHOLDERS
From Earnings
Class I			(1,580,064	)			(2,942,942	)			(300,979	)			(2,306,129	)
Class N			(100,746	)			(416,205	)			(6,105	)			(89,716	)

Total Distributions to Shareholders			(1,680,810	)			(3,359,147	)			(307,084	)			(2,395,845	)

NET SHARE TRANSACTIONS
Class I			2,953,837				(30,180,303	)			145,959				2,990,773
Class N			(53,032	)			(8,191,153	)			(97,234	)			330,542
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			2,900,805				(38,371,456	)			48,725				3,321,315

Total Increase (Decrease) in Net Assets		$	2,211,907			$	(48,644,079	)		$	(223,188	)		$	(752,221	)

NET ASSETS
Beginning of Period		$	53,925,581			$	102,569,660			$	13,213,495			$	13,965,716
End of Period		$	56,137,488			$	53,925,581			$	12,990,307			$	13,213,495


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

Financial Highlights


				Income (Loss) from Investment Operations:								Less Distributions:																		Ratios to Average Net Assets:
For the Year or Period Ended	Net Asset Value, Beginning of Period			Net Investment Income (Loss)^(a)		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period			Total Return^(c)			Net Assets, End of Period (000’s)			Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped^(d)			Expenses After Investment Advisory Fees (Waived)^(d)			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped^(d)			Net Investment Income (Loss)^(d)

DoubleLine Total Return Bond Fund - Class I:
9/30/2023^(e)		$	8.97		0.18		(0.55	)		(0.37	)		(0.19	)		—			(0.19	)		$	8.41		(4.20	)%		$	25,734,452		0.50	%		0.50	%		0.50	%		4.12	%
3/31/2023		$	9.82		0.30		(0.80	)		(0.50	)		(0.35	)		—			(0.35	)		$	8.97		(5.08	)%		$	27,489,784		0.49	%		0.49	%		0.49	%		3.28	%
3/31/2022		$	10.46		0.29		(0.60	)		(0.31	)		(0.33	)		—			(0.33	)		$	9.82		(3.14	)%		$	37,399,379		0.48	%		0.48	%		0.48	%		2.75	%
3/31/2021		$	10.46		0.31		0.04			0.35			(0.35	)		—			(0.35	)		$	10.46		3.32	%		$	42,909,929		0.49	%		0.49	%		0.49	%		2.95	%
3/31/2020		$	10.53		0.34		(0.03	)		0.31			(0.38	)		—			(0.38	)		$	10.46		2.97	%		$	44,623,760		0.49	%		0.48	%		0.48	%		3.28	%
3/31/2019		$	10.48		0.36		0.08			0.44			(0.39	)		—			(0.39	)		$	10.53		4.31	%		$	43,682,910		0.48	%		0.48	%		0.48	%		3.39	%

DoubleLine Total Return Bond Fund - Class N:
9/30/2023^(e)		$	8.97		0.17		(0.56	)		(0.39	)		(0.18	)		—			(0.18	)		$	8.40		(4.43	)%		$	4,736,056		0.75	%		0.75	%		0.75	%		3.88	%
3/31/2023		$	9.82		0.28		(0.80	)		(0.52	)		(0.33	)		—			(0.33	)		$	8.97		(5.32	)%		$	5,109,737		0.74	%		0.74	%		0.74	%		3.08	%
3/31/2022		$	10.46		0.26		(0.60	)		(0.34	)		(0.30	)		—			(0.30	)		$	9.82		(3.38	)%		$	4,972,381		0.73	%		0.73	%		0.73	%		2.50	%
3/31/2021		$	10.46		0.29		0.03			0.32			(0.32	)		—			(0.32	)		$	10.46		3.06	%		$	5,239,001		0.74	%		0.74	%		0.74	%		2.70	%
3/31/2020		$	10.53		0.32		(0.03	)		0.29			(0.36	)		—			(0.36	)		$	10.46		2.71	%		$	6,552,760		0.73	%		0.73	%		0.73	%		3.03	%
3/31/2019		$	10.48		0.33		0.08			0.41			(0.36	)		—			(0.36	)		$	10.53		4.05	%		$	6,831,035		0.73	%		0.73	%		0.73	%		3.14	%

DoubleLine Total Return Bond Fund - Class R6:
9/30/2023^(e)		$	8.98		0.19		(0.57	)		(0.38	)		(0.19	)		—			(0.19	)		$	8.41		(4.28	)%		$	1,522,181		0.43	%		0.43	%		0.43	%		4.22	%
3/31/2023		$	9.83		0.31		(0.81	)		(0.50	)		(0.35	)		—			(0.35	)		$	8.98		(5.02	)%		$	1,218,779		0.44	%		0.44	%		0.44	%		3.35	%
3/31/2022		$	10.46		0.29		(0.59	)		(0.30	)		(0.33	)		—			(0.33	)		$	9.83		(2.99	)%		$	1,711,466		0.43	%		0.43	%		0.43	%		2.81	%
3/31/2021		$	10.46		0.31		0.05			0.36			(0.36	)		—			(0.36	)		$	10.46		3.38	%		$	2,071,388		0.44	%		0.44	%		0.44	%		2.89	%
3/31/2020^(b)		$	10.66		0.24		(0.18	)		0.06			(0.26	)		—			(0.26	)		$	10.46		0.52	%		$	65,403		0.45	%		0.45	%		0.45	%		3.33	%

																								For the Year or Period Ended
																								9/30/2023^(e)			3/31/2023			3/31/2022			3/31/2021			3/31/2020			3/31/2019

Portfolio turnover rate for all share classes^(c)																									17%				37%		89%			91%			31%			28%

^(a) Calculated based on average shares outstanding during the period. ^(b) Commencement of operations on July 31, 2019. Total return is based on operations for a period that is less than a year. ^(c) Not annualized for periods less than one year. ^(d) Annualized for periods less than one year. ^(e) Unaudited.

				Income (Loss) from Investment Operations:								Less Distributions:																		Ratios to Average Net Assets:
For the Year or Period Ended	Net Asset Value, Beginning of Period			Net Investment Income (Loss)^(a)		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period			Total Return^(c)			Net Assets, End of Period (000’s)			Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped^(d)			Expenses After Investment Advisory Fees (Waived)^(d)			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped^(d)			Net Investment Income (Loss)^(d)

DoubleLine Core Fixed Income Fund - Class I:
9/30/2023^(e)		$	9.41		0.21		(0.53	)		(0.32	)		(0.22	)		—			(0.22	)		$	8.87		(3.50	)%		$	6,109,436		0.47	%		0.44	%		0.44	%		4.46	%
3/31/2023		$	10.33		0.36		(0.88	)		(0.52	)		(0.40	)		—			(0.40	)		$	9.41		(5.03	)%		$	6,889,213		0.47	%		0.44	%		0.44	%		3.75	%
3/31/2022		$	11.01		0.28		(0.62	)		(0.34	)		(0.31	)		(0.03	)		(0.34	)		$	10.33		(3.19	)%		$	9,843,189		0.46	%		0.42	%		0.42	%		2.55	%
3/31/2021		$	10.62		0.32		0.42			0.74			(0.33	)		(0.02	)		(0.35	)		$	11.01		6.94	%		$	10,772,238		0.47	%		0.42	%		0.42	%		2.83	%
3/31/2020		$	10.83		0.36		(0.20	)		0.16			(0.37	)		—			(0.37	)		$	10.62		1.42	%		$	10,724,409		0.47	%		0.41	%		0.41	%		3.30	%
3/31/2019		$	10.81		0.37		0.02			0.39			(0.37	)		—			(0.37	)		$	10.83		3.71	%		$	10,672,087		0.47	%		0.42	%		0.42	%		3.42	%

DoubleLine Core Fixed Income Fund - Class N:
9/30/2023^(e)		$	9.40		0.19		(0.53	)		(0.34	)		(0.20	)		—			(0.20	)		$	8.86		(3.62	)%		$	243,000		0.72	%		0.69	%		0.69	%		4.21	%
3/31/2023		$	10.32		0.33		(0.88	)		(0.55	)		(0.37	)		—			(0.37	)		$	9.40		(5.27	)%		$	274,332		0.72	%		0.69	%		0.69	%		3.48	%
3/31/2022		$	11.00		0.25		(0.61	)		(0.36	)		(0.29	)		(0.03	)		(0.32	)		$	10.32		(3.43	)%		$	443,006		0.71	%		0.67	%		0.67	%		2.30	%
3/31/2021		$	10.61		0.29		0.42			0.71			(0.30	)		(0.02	)		(0.32	)		$	11.00		6.67	%		$	544,493		0.72	%		0.66	%		0.66	%		2.58	%
3/31/2020		$	10.82		0.34		(0.20	)		0.14			(0.35	)		—			(0.35	)		$	10.61		1.17	%		$	706,970		0.72	%		0.66	%		0.66	%		3.05	%
3/31/2019		$	10.80		0.34		0.02			0.36			(0.34	)		—			(0.34	)		$	10.82		3.45	%		$	841,190		0.72	%		0.67	%		0.67	%		3.15	%

DoubleLine Core Fixed Income Fund - Class R6:
9/30/2023^(e)		$	9.41		0.21		(0.52	)		(0.31	)		(0.22	)		—			(0.22	)		$	8.88		(3.38	)%		$	277,774		0.44	%		0.41	%		0.41	%		4.56	%
3/31/2023		$	10.33		0.37		(0.89	)		(0.52	)		(0.40	)		—			(0.40	)		$	9.41		(5.00	)%		$	118,663		0.44	%		0.41	%		0.41	%		3.88	%
3/31/2022		$	11.01		0.28		(0.61	)		(0.33	)		(0.32	)		(0.03	)		(0.35	)		$	10.33		(3.16	)%		$	93,509		0.44	%		0.39	%		0.39	%		2.58	%
3/31/2021		$	10.62		0.32		0.42			0.74			(0.33	)		(0.02	)		(0.35	)		$	11.01		6.94	%		$	104,731		0.44	%		0.38	%		0.38	%		2.88	%
3/31/2020^(b)		$	11.05		0.24		(0.42	)		(0.18	)		(0.25	)		—			(0.25	)		$	10.62		(1.72	)%		$	112,911		0.45	%		0.39	%		0.39	%		3.26	%

																								For the Year or Period Ended
																								9/30/2023^(e)			3/31/2023			3/31/2022			3/31/2021			3/31/2020			3/31/2019

Portfolio turnover rate for all share classes^(c)																									44%				119%		177%			155%			43%			66%

^(a) Calculated based on average shares outstanding during the period. ^(b) Commencement of operations on July 31, 2019. Total return is based on operations for a period that is less than a year. ^(c) Not annualized for periods less than one year. ^(d) Annualized for periods less than one year. ^(e) Unaudited.


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		93

Financial Highlights (Cont.)


				Income (Loss) from Investment Operations:								Less Distributions:																		Ratios to Average Net Assets:
For the Year or Period Ended	Net Asset Value, Beginning of Period			Net Investment Income (Loss)^(a)		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period			Total Return^(b)			Net Assets, End of Period (000’s)			Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped^(c)			Expenses After Investment Advisory Fees (Waived)^(c)			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped^(c)			Net Investment Income (Loss)^(c)

DoubleLine Emerging Markets Fixed Income Fund - Class I:
9/30/2023^(d)		$	8.46		0.22		(0.16	)		0.06			(0.24	)		—			(0.24	)		$	8.28		0.70	%		$	436,522		0.90	%		0.90	%		0.90	%		5.27	%
3/31/2023		$	9.71		0.42		(1.22	)		(0.80	)		(0.45	)		—			(0.45	)		$	8.46		(8.22	)%		$	492,903		0.90	%		0.90	%		0.90	%		4.80	%
3/31/2022		$	10.55		0.39		(0.84	)		(0.45	)		(0.39	)		—			(0.39	)		$	9.71		(4.46	)%		$	721,060		0.87	%		0.87	%		0.87	%		3.76	%
3/31/2021		$	8.83		0.41		1.75			2.16			(0.44	)		—			(0.44	)		$	10.55		24.72	%		$	799,879		0.89	%		0.89	%		0.89	%		4.06	%
3/31/2020		$	10.34		0.49		(1.51	)		(1.02	)		(0.49	)		—			(0.49	)		$	8.83		(10.43	)%		$	755,648		0.90	%		0.90	%		0.90	%		4.69	%
3/31/2019		$	10.42		0.41		(0.06	)		0.35			(0.41	)		(0.02	)		(0.43	)		$	10.34		3.52	%		$	943,368		0.89	%		0.89	%		0.89	%		3.99	%

DoubleLine Emerging Markets Fixed Income Fund - Class N:
9/30/2023^(d)		$	8.46		0.21		(0.15	)		0.06			(0.23	)		—			(0.23	)		$	8.29		0.69	%		$	24,627		1.15	%		1.15	%		1.15	%		5.02	%
3/31/2023		$	9.71		0.40		(1.23	)		(0.83	)		(0.42	)		—			(0.42	)		$	8.46		(8.45	)%		$	27,671		1.15	%		1.15	%		1.15	%		4.56	%
3/31/2022		$	10.55		0.37		(0.85	)		(0.48	)		(0.36	)		—			(0.36	)		$	9.71		(4.70	)%		$	38,728		1.12	%		1.12	%		1.12	%		3.51	%
3/31/2021		$	8.83		0.39		1.74			2.13			(0.41	)		—			(0.41	)		$	10.55		24.38	%		$	44,972		1.14	%		1.14	%		1.14	%		3.86	%
3/31/2020		$	10.34		0.47		(1.51	)		(1.04	)		(0.47	)		—			(0.47	)		$	8.83		(10.68	)%		$	122,727		1.15	%		1.15	%		1.15	%		4.46	%
3/31/2019		$	10.43		0.37		(0.06	)		0.31			(0.38	)		(0.02	)		(0.40	)		$	10.34		3.16	%		$	164,101		1.14	%		1.14	%		1.14	%		3.66	%

																								For the Year or Period Ended
																								9/30/2023^(d)			3/31/2023			3/31/2022			3/31/2021			3/31/2020			3/31/2019
Portfolio turnover rate for all share classes^(b)																									23%				34%		51%			81%			37%			66%

^(a) Calculated based on average shares outstanding during the period. ^(b) Not annualized for periods less than one year. ^(c) Annualized for periods less than one year. ^(d) Unaudited.

				Income (Loss) from Investment Operations:								Less Distributions:																		Ratios to Average Net Assets:
For the Year or Period Ended	Net Asset Value, Beginning of Period			Net Investment Income (Loss)^(a)		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period			Total Return^(b)(c)			Net Assets, End of Period (000’s)			Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped^(d)			Expenses After Investment Advisory Fees (Waived)^(d)			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped^(d)			Net Investment Income (Loss)^(d)

DoubleLine Multi-Asset Growth Fund (Consolidated) - Class I:
9/30/2023^(e)		$	8.40		0.18		(0.32	)		(0.14	)		(0.27	)		—			(0.27	)		$	7.99		(1.76	)%		$	6,999		1.89	%		1.78	%		1.04	%		4.27	%
3/31/2023		$	9.63		0.29		(1.24	)		(0.95	)		(0.28	)		—			(0.28	)		$	8.40		(9.68	)%		$	17,871		1.77	%		1.69	%		1.07	%		3.42	%
3/31/2022		$	9.68		0.24		—			0.24			(0.29	)		—			(0.29	)		$	9.63		2.43	%		$	27,033		1.59	%		1.51	%		1.07	%		2.44	%
3/31/2021		$	7.77		0.22		2.01			2.23			(0.32	)		—			(0.32	)		$	9.68		29.01	%		$	26,517		1.67	%		1.57	%		1.05	%		2.40	%
3/31/2020		$	9.17		0.20		(1.30	)		(1.10	)		(0.30	)		—			(0.30	)		$	7.77		(12.32	)%		$	16,739		1.22	%		1.09	%		1.00	%		2.53	%
3/31/2019		$	9.43		0.24		(0.21	)		0.03			(0.29	)		—			(0.29	)		$	9.17		0.42	%		$	44,493		1.12	%		1.00	%		1.03	%		2.58	%

DoubleLine Multi-Asset Growth Fund (Consolidated) - Class A:
9/30/2023^(e)		$	8.41		0.17		(0.32	)		(0.15	)		(0.26	)		—			(0.26	)		$	8.00		(1.80	)%		$	1,352		2.27	%		2.17	%		1.30	%		4.04	%
3/31/2023		$	9.64		0.26		(1.24	)		(0.98	)		(0.25	)		—			(0.25	)		$	8.41		(9.93	)%		$	1,559		2.02	%		1.94	%		1.32	%		3.07	%
3/31/2022		$	9.70		0.22		(0.01	)		0.21			(0.27	)		—			(0.27	)		$	9.64		2.10	%		$	2,809		1.85	%		1.77	%		1.34	%		2.22	%
3/31/2021		$	7.75		0.19		2.00			2.19			(0.24	)		—			(0.24	)		$	9.70		28.47	%		$	1,533		1.85	%		1.73	%		1.30	%		2.26	%
3/31/2020		$	9.13		0.20		(1.30	)		(1.10	)		(0.28	)		—			(0.28	)		$	7.75		(12.42	)%		$	19,548		1.38	%		1.27	%		1.26	%		2.13	%
3/31/2019		$	9.40		0.21		(0.21	)		—			(0.27	)		—			(0.27	)		$	9.13		0.07	%		$	177,602		1.37	%		1.24	%		1.28	%		2.28	%

																								For the Year or Period Ended
																								9/30/2023^(e)			3/31/2023			3/31/2022			3/31/2021			3/31/2020			3/31/2019
Portfolio turnover rate for all share classes^(c)																									3%				40%		27%			29%			13%			45%

^(a) Calculated based on average shares outstanding during the period. ^(b) Total return does not include the effects of sales charges for Class A. ^(c) Not annualized for periods less than one year. ^(d) Annualized for periods less than one year. ^(e) Unaudited.


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


				Income (Loss) from Investment Operations:								Less Distributions:																	Ratios to Average Net Assets:
For the Year or Period Ended	Net Asset Value, Beginning of Period			Net Investment Income (Loss)^(a)		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain		Total Distributions			Net Asset Value, End of Period			Total Return^(c)			Net Assets, End of Period (000’s)			Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped^(d)			Expenses After Investment Advisory Fees (Waived)^(d)			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped^(d)			Net Investment Income (Loss)^(d)

DoubleLine Low Duration Bond Fund - Class I:
9/30/2023^(e)		$	9.46		0.22		(0.03	)		0.19			(0.22	)		—		(0.22	)		$	9.43		1.99	%		$	4,790,515		0.43	%		0.43	%		0.43	%		4.57	%
3/31/2023		$	9.67		0.28		(0.19	)		0.09			(0.30	)		—		(0.30	)		$	9.46		0.94	%		$	5,256,310		0.43	%		0.43	%		0.43	%		2.98	%
3/31/2022		$	9.97		0.15		(0.29	)		(0.14	)		(0.16	)		—		(0.16	)		$	9.67		(1.42	)%		$	6,224,937		0.41	%		0.41	%		0.41	%		1.55	%
3/31/2021		$	9.51		0.20		0.47			0.67			(0.21	)		—		(0.21	)		$	9.97		7.08	%		$	5,689,932		0.42	%		0.42	%		0.42	%		2.05	%
3/31/2020		$	9.97		0.30		(0.45	)		(0.15	)		(0.31	)		—		(0.31	)		$	9.51		(1.59	)%		$	5,296,795		0.42	%		0.41	%		0.41	%		3.05	%
3/31/2019		$	9.97		0.31		—			0.31			(0.31	)		—		(0.31	)		$	9.97		3.13	%		$	5,455,532		0.42	%		0.41	%		0.41	%		3.10	%

DoubleLine Low Duration Bond Fund - Class N:
9/30/2023^(e)		$	9.45		0.20		(0.02	)		0.18			(0.20	)		—		(0.20	)		$	9.43		1.97	%		$	787,933		0.68	%		0.68	%		0.68	%		4.32	%
3/31/2023		$	9.67		0.26		(0.21	)		0.05			(0.27	)		—		(0.27	)		$	9.45		0.58	%		$	846,389		0.67	%		0.67	%		0.67	%		2.73	%
3/31/2022		$	9.96		0.13		(0.28	)		(0.15	)		(0.14	)		—		(0.14	)		$	9.67		(1.57	)%		$	1,043,811		0.66	%		0.66	%		0.66	%		1.30	%
3/31/2021		$	9.50		0.18		0.46			0.64			(0.18	)		—		(0.18	)		$	9.96		6.82	%		$	1,194,295		0.67	%		0.67	%		0.67	%		1.83	%
3/31/2020		$	9.96		0.28		(0.45	)		(0.17	)		(0.29	)		—		(0.29	)		$	9.50		(1.84	)%		$	1,483,316		0.67	%		0.66	%		0.66	%		2.80	%
3/31/2019		$	9.96		0.28		—			0.28			(0.28	)		—		(0.28	)		$	9.96		2.87	%		$	1,480,796		0.67	%		0.66	%		0.66	%		2.83	%

DoubleLine Low Duration Bond Fund - Class R6:
9/30/2023^(e)		$	9.46		0.22		(0.02	)		0.20			(0.22	)		—		(0.22	)		$	9.44		2.12	%		$	147,794		0.39	%		0.39	%		0.39	%		4.68	%
3/31/2023		$	9.67		0.30		(0.21	)		0.09			(0.30	)		—		(0.30	)		$	9.46		0.97	%		$	54,035		0.39	%		0.39	%		0.39	%		3.13	%
3/31/2022		$	9.97		0.15		(0.29	)		(0.14	)		(0.16	)		—		(0.16	)		$	9.67		(1.39	)%		$	41,366		0.39	%		0.39	%		0.39	%		1.53	%
3/31/2021		$	9.51		0.20		0.47			0.67			(0.21	)		—		(0.21	)		$	9.97		7.12	%		$	8,840		0.40	%		0.39	%		0.39	%		2.05	%
3/31/2020^(b)		$	10.03		0.20		(0.52	)		(0.32	)		(0.20	)		—		(0.20	)		$	9.51		(3.25	)%		$	369		0.39	%		0.38	%		0.38	%		2.98	%

																							For the Year or Period Ended
																							9/30/2023^(e)			3/31/2023			3/31/2022			3/31/2021			3/31/2020			3/31/2019

Portfolio turnover rate for all share classes^(c)																								27%				72%		80%			71%			60%			54%

^(a) Calculated based on average shares outstanding during the period. ^(b) Commencement of operations on July 31, 2019. Total return is based on operations for a period that is less than a year. ^(c) Not annualized for periods less than one year. ^(d) Annualized for periods less than one year. ^(e) Unaudited.

				Income (Loss) from Investment Operations:								Less Distributions:																	Ratios to Average Net Assets:
For the Year or Period Ended	Net Asset Value, Beginning of Period			Net Investment Income (Loss)^(a)		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain		Total Distributions			Net Asset Value, End of Period			Total Return^(b)			Net Assets, End of Period (000’s)			Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped^(c)			Expenses After Investment Advisory Fees (Waived)^(c)			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped^(c)			Net Investment Income (Loss)^(c)

DoubleLine Floating Rate Fund - Class I:
9/30/2023^(d)		$	8.97		0.38		0.03			0.41			(0.38	)		—		(0.38	)		$	9.00		4.66	%		$	177,664		0.68	%		0.68	%		0.68	%		8.36	%
3/31/2023		$	9.42		0.53		(0.42	)		0.11			(0.56	)		—		(0.56	)		$	8.97		1.31	%		$	200,203		0.68	%		0.68	%		0.68	%		5.81	%
3/31/2022		$	9.51		0.32		(0.09	)		0.23			(0.32	)		—		(0.32	)		$	9.42		2.40	%		$	333,518		0.64	%		0.64	%		0.64	%		3.37	%
3/31/2021		$	8.44		0.34		1.07			1.41			(0.34	)		—		(0.34	)		$	9.51		16.95	%		$	240,442		0.72	%		0.72	%		0.72	%		3.69	%
3/31/2020		$	9.65		0.47		(1.20	)		(0.73	)		(0.48	)		—		(0.48	)		$	8.44		(7.99	)%		$	150,892		0.70	%		0.70	%		0.70	%		4.84	%
3/31/2019		$	9.94		0.49		(0.28	)		0.21			(0.50	)		—		(0.50	)		$	9.65		2.15	%		$	358,062		0.64	%		0.64	%		0.64	%		5.00	%

DoubleLine Floating Rate Fund - Class N:
9/30/2023^(d)		$	8.99		0.37		0.03			0.40			(0.37	)		—		(0.37	)		$	9.02		4.52	%		$	16,675		0.93	%		0.93	%		0.93	%		8.10	%
3/31/2023		$	9.44		0.48		(0.40	)		0.08			(0.53	)		—		(0.53	)		$	8.99		1.04	%		$	20,603		0.92	%		0.92	%		0.92	%		5.32	%
3/31/2022		$	9.53		0.30		(0.10	)		0.20			(0.29	)		—		(0.29	)		$	9.44		2.15	%		$	45,362		0.90	%		0.90	%		0.90	%		3.16	%
3/31/2021		$	8.45		0.32		1.08			1.40			(0.32	)		—		(0.32	)		$	9.53		16.73	%		$	18,339		0.98	%		0.98	%		0.98	%		3.54	%
3/31/2020		$	9.67		0.44		(1.20	)		(0.76	)		(0.46	)		—		(0.46	)		$	8.45		(8.32	)%		$	51,646		0.95	%		0.95	%		0.95	%		4.59	%
3/31/2019		$	9.95		0.47		(0.28	)		0.19			(0.47	)		—		(0.47	)		$	9.67		1.99	%		$	116,374		0.88	%		0.88	%		0.88	%		4.74	%

																							For the Year or Period Ended
																							9/30/2023^(d)			3/31/2023			3/31/2022			3/31/2021			3/31/2020			3/31/2019

Portfolio turnover rate for all share classes^(b)																								20%				17%		40%			76%			58%			88%

^(a) Calculated based on average shares outstanding during the period. ^(b) Not annualized for periods less than one year. ^(c) Annualized for periods less than one year. ^(d) Unaudited.


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		95

Financial Highlights (Cont.)


				Income (Loss) from Investment Operations:								Less Distributions:																		Ratios to Average Net Assets:
For the Year or Period Ended	Net Asset Value, Beginning of Period			Net Investment Income (Loss)^(a)		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period			Total Return^(c)			Net Assets, End of Period (000’s)			Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped^(d)			Expenses After Investment Advisory Fees (Waived)^(d)			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped^(d)			Net Investment Income (Loss)^(d)

DoubleLine Shiller Enhanced CAPE^® - Class I:
9/30/2023^(e)		$	12.66		0.31		0.15			0.46			(0.33	)		—			(0.33	)		$	12.79		3.57	%		$	3,610,099		0.56	%		0.56	%		0.56	%		4.71	%
3/31/2023		$	16.79		0.49		(2.60	)		(2.11	)		(0.54	)		(1.48	)		(2.02	)		$	12.66		(12.06	)%		$	3,988,448		0.55	%		0.55	%		0.55	%		3.48	%
3/31/2022		$	19.62		0.26		2.00			2.26			(0.30	)		(4.79	)		(5.09	)		$	16.79		10.96	%		$	7,828,188		0.54	%		0.53	%		0.53	%		1.29	%
3/31/2021		$	11.69		0.27		7.95			8.22			(0.29	)		—			(0.29	)		$	19.62		70.87	%		$	8,169,623		0.55	%		0.54	%		0.54	%		1.64	%
3/31/2020		$	14.81		0.42		(2.72	)		(2.30	)		(0.43	)		(0.39	)		(0.82	)		$	11.69		(16.78	)%		$	4,633,848		0.55	%		0.54	%		0.54	%		2.70	%
3/31/2019		$	15.16		0.45		1.19			1.64			(0.46	)		(1.53	)		(1.99	)		$	14.81		11.78	%		$	4,577,386		0.56	%		0.55	%		0.55	%		2.99	%

DoubleLine Shiller Enhanced CAPE^® - Class N:
9/30/2023^(e)		$	12.65		0.29		0.15			0.44			(0.31	)		—			(0.31	)		$	12.78		3.45	%		$	296,723		0.81	%		0.81	%		0.81	%		4.46	%
3/31/2023		$	16.78		0.46		(2.61	)		(2.15	)		(0.50	)		(1.48	)		(1.98	)		$	12.65		(12.29	)%		$	312,867		0.80	%		0.80	%		0.80	%		3.26	%
3/31/2022		$	19.61		0.21		1.99			2.20			(0.24	)		(4.79	)		(5.03	)		$	16.78		10.69	%		$	566,561		0.79	%		0.78	%		0.78	%		1.03	%
3/31/2021		$	11.68		0.24		7.93			8.17			(0.24	)		—			(0.24	)		$	19.61		70.45	%		$	705,156		0.80	%		0.79	%		0.79	%		1.56	%
3/31/2020		$	14.80		0.38		(2.72	)		(2.34	)		(0.39	)		(0.39	)		(0.78	)		$	11.68		(17.00	)%		$	1,246,723		0.80	%		0.79	%		0.79	%		2.46	%
3/31/2019		$	15.14		0.42		1.19			1.61			(0.42	)		(1.53	)		(1.95	)		$	14.80		11.59	%		$	1,236,075		0.81	%		0.80	%		0.80	%		2.75	%

DoubleLine Shiller Enhanced CAPE^® - Class R6:
9/30/2023^(e)		$	12.67		0.31		0.15			0.46			(0.33	)		—			(0.33	)		$	12.80		3.60	%		$	20,128		0.51	%		0.51	%		0.51	%		4.81	%
3/31/2023		$	16.80		0.50		(2.60	)		(2.10	)		(0.55	)		(1.48	)		(2.03	)		$	12.67		(12.00	)%		$	8,103		0.50	%		0.50	%		0.50	%		3.58	%
3/31/2022		$	19.62		0.27		2.01			2.28			(0.31	)		(4.79	)		(5.10	)		$	16.80		11.07	%		$	15,398		0.49	%		0.49	%		0.49	%		1.35	%
3/31/2021		$	11.70		0.27		7.95			8.22			(0.30	)		—			(0.30	)		$	19.62		70.82	%		$	12,333		0.51	%		0.51	%		0.51	%		1.47	%
3/31/2020^(b)		$	15.69		0.27		(3.59	)		(3.32	)		(0.28	)		(0.39	)		(0.67	)		$	11.70		(22.15	)%		$	124		0.49	%		0.48	%		0.48	%		2.60	%

																								For the Year or Period Ended
																								9/30/2023^(e)			3/31/2023			3/31/2022			3/31/2021			3/31/2020			3/31/2019

Portfolio turnover rate for all share classes^(c)																									24%				77%		110%			69%			62%			55%

^(a) Calculated based on average shares outstanding during the period. ^(b) Commencement of operations on July 31, 2019. Total return is based on operations for a period that is less than a year. ^(c) Not annualized for periods less than one year. ^(d) Annualized for periods less than one year. ^(e) Unaudited.

				Income (Loss) from Investment Operations:								Less Distributions:																		Ratios to Average Net Assets:
For the Year or Period Ended	Net Asset Value, Beginning of Period			Net Investment Income (Loss)^(a)		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period			Total Return^(c)			Net Assets, End of Period (000’s)			Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped^(d)			Expenses After Investment Advisory Fees (Waived)^(d)			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped^(d)			Net Investment Income (Loss)^(d)

DoubleLine Flexible Income Fund - Class I:
9/30/2023^(e)		$	8.42		0.24		(0.04	)		0.20			(0.25	)		—			(0.25	)		$	8.37		2.41	%		$	686,609		0.75	%		0.75	%		0.75	%		5.76	%
3/31/2023		$	9.21		0.41		(0.78	)		(0.37	)		(0.42	)		—			(0.42	)		$	8.42		(3.99	)%		$	726,230		0.74	%		0.74	%		0.74	%		4.74	%
3/31/2022		$	9.65		0.35		(0.43	)		(0.08	)		(0.36	)		—			(0.36	)		$	9.21		(0.91	)%		$	971,543		0.73	%		0.71	%		0.71	%		3.65	%
3/31/2021		$	8.40		0.35		1.28			1.63			(0.38	)		—			(0.38	)		$	9.65		19.59	%		$	1,086,763		0.76	%		0.73	%		0.73	%		3.71	%
3/31/2020		$	9.65		0.39		(1.22	)		(0.83	)		(0.42	)		—			(0.42	)		$	8.40		(9.06	)%		$	874,594		0.73	%		0.69	%		0.69	%		4.12	%
3/31/2019		$	9.81		0.42		(0.14	)		0.28			(0.44	)		—			(0.44	)		$	9.65		2.95	%		$	1,088,368		0.74	%		0.72	%		0.72	%		4.26	%

DoubleLine Flexible Income Fund - Class N:
9/30/2023^(e)		$	8.42		0.23		(0.05	)		0.18			(0.24	)		—			(0.24	)		$	8.36		2.16	%		$	65,461		1.00	%		1.00	%		1.00	%		5.48	%
3/31/2023		$	9.20		0.39		(0.77	)		(0.38	)		(0.40	)		—			(0.40	)		$	8.42		(4.13	)%		$	95,069		0.99	%		0.99	%		0.99	%		4.47	%
3/31/2022		$	9.65		0.33		(0.44	)		(0.11	)		(0.34	)		—			(0.34	)		$	9.20		(1.26	)%		$	142,205		0.98	%		0.96	%		0.96	%		3.39	%
3/31/2021		$	8.39		0.32		1.29			1.61			(0.35	)		—			(0.35	)		$	9.65		19.43	%		$	155,408		1.01	%		0.97	%		0.97	%		3.49	%
3/31/2020		$	9.64		0.37		(1.22	)		(0.85	)		(0.40	)		—			(0.40	)		$	8.39		(9.30	)%		$	230,033		0.98	%		0.94	%		0.94	%		3.83	%
3/31/2019		$	9.81		0.39		(0.14	)		0.25			(0.42	)		—			(0.42	)		$	9.64		2.59	%		$	207,491		0.99	%		0.97	%		0.97	%		4.01	%

DoubleLine Flexible Income Fund - Class R6:
9/30/2023^(e)		$	8.43		0.24		(0.05	)		0.19			(0.25	)		—			(0.25	)		$	8.37		2.31	%		$	83,083		0.70	%		0.70	%		0.70	%		5.78	%
3/31/2023		$	9.21		0.42		(0.78	)		(0.36	)		(0.42	)		—			(0.42	)		$	8.43		(3.84	)%		$	125,350		0.70	%		0.70	%		0.70	%		4.86	%
3/31/2022		$	9.66		0.34		(0.43	)		(0.09	)		(0.36	)		—			(0.36	)		$	9.21		(0.98	)%		$	112,378		0.70	%		0.68	%		0.68	%		3.55	%
3/31/2021		$	8.40		0.32		1.32			1.64			(0.38	)		—			(0.38	)		$	9.66		19.78	%		$	758		0.72	%		0.70	%		0.70	%		3.42	%
3/31/2020^(b)		$	9.74		0.25		(1.32	)		(1.07	)		(0.27	)		—			(0.27	)		$	8.40		(11.26	)%		$	89		0.68	%		0.65	%		0.65	%		3.91	%

																								For the Year or Period Ended
																								9/30/2023^(e)			3/31/2023			3/31/2022			3/31/2021			3/31/2020			3/31/2019

Portfolio turnover rate for all share classes^(c)																									7%				13%		41%			46%			41%			44%

^(a) Calculated based on average shares outstanding during the period. ^(b) Commencement of operations on July 31, 2019. Total return is based on operations for a period that is less than a year. ^(c) Not annualized for periods less than one year. ^(d) Annualized for periods less than one year. ^(e) Unaudited.


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


				Income (Loss) from Investment Operations:								Less Distributions:																		Ratios to Average Net Assets:
For the Year or Period Ended	Net Asset Value, Beginning of Period			Net Investment Income (Loss)^(a)		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period			Total Return^(b)			Net Assets, End of Period (000’s)			Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped^(c)			Expenses After Investment Advisory Fees (Waived)^(c)			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped^(c)			Net Investment Income (Loss)^(c)

DoubleLine Low Duration Emerging Markets Fixed Income Fund - Class I:
9/30/2023^(d)		$	9.05		0.17		0.03			0.20			(0.17	)		—			(0.17	)		$	9.08		2.17	%		$	175,353		0.72	%		0.72	%		0.59	%		1.87	%
3/31/2023		$	9.40		0.26		(0.35	)		(0.09	)		(0.26	)		—			(0.26	)		$	9.05		(0.90	)%		$	182,023		0.69	%		0.69	%		0.59	%		2.81	%
3/31/2022		$	9.90		0.16		(0.45	)		(0.29	)		(0.17	)		(0.04	)		(0.21	)		$	9.40		(3.00	)%		$	238,613		0.68	%		0.68	%		0.59	%		1.67	%
3/31/2021		$	9.36		0.22		0.56			0.78			(0.24	)		—			(0.24	)		$	9.90		8.33	%		$	215,744		0.66	%		0.66	%		0.59	%		2.21	%
3/31/2020		$	9.80		0.32		(0.36	)		(0.04	)		(0.32	)		(0.08	)		(0.40	)		$	9.36		(0.62	)%		$	180,730		0.63	%		0.63	%		0.59	%		3.24	%
3/31/2019		$	9.70		0.28		0.12			0.40			(0.29	)		(0.01	)		(0.30	)		$	9.80		4.22	%		$	197,585		0.65	%		0.65	%		0.59	%		3.02	%

DoubleLine Low Duration Emerging Markets Fixed Income Fund - Class N:
9/30/2023^(d)		$	9.06		0.16		0.02			0.18			(0.15	)		—			(0.15	)		$	9.09		2.04	%		$	4,272		0.97	%		0.97	%		0.84	%		1.76	%
3/31/2023		$	9.41		0.23		(0.34	)		(0.11	)		(0.24	)		—			(0.24	)		$	9.06		(1.18	)%		$	5,337		0.93	%		0.93	%		0.84	%		2.51	%
3/31/2022		$	9.91		0.14		(0.46	)		(0.32	)		(0.14	)		(0.04	)		(0.18	)		$	9.41		(3.24	)%		$	22,501		0.93	%		0.93	%		0.84	%		1.42	%
3/31/2021		$	9.38		0.19		0.55			0.74			(0.21	)		—			(0.21	)		$	9.91		7.94	%		$	25,849		0.91	%		0.91	%		0.84	%		1.95	%
3/31/2020		$	9.81		0.30		(0.36	)		(0.06	)		(0.29	)		(0.08	)		(0.37	)		$	9.38		(0.77	)%		$	16,922		0.88	%		0.88	%		0.84	%		3.03	%
3/31/2019		$	9.71		0.25		0.12			0.37			(0.26	)		(0.01	)		(0.27	)		$	9.81		3.93	%		$	24,075		0.93	%		0.93	%		0.84	%		2.54	%

																								For the Year or Period Ended
																								9/30/2023^(d)			3/31/2023			3/31/2022			3/31/2021			3/31/2020			3/31/2019
Portfolio turnover rate for all share classes^(b)																									14%				37%		39%			72%			65%			42%

^(a) Calculated based on average shares outstanding during the period. ^(b) Not annualized for periods less than one year. ^(c) Annualized for periods less than one year. ^(d) Unaudited.

				Income (Loss) from Investment Operations:								Less Distributions:																		Ratios to Average Net Assets:
For the Year or Period Ended	Net Asset Value, Beginning of Period			Net Investment Income (Loss)^(a)		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period			Total Return^(b)			Net Assets, End of Period (000’s)			Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped^(c)			Expenses After Investment Advisory Fees (Waived)^(c)			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped^(c)			Net Investment Income (Loss)^(c)

DoubleLine Long Duration Total Return Bond Fund - Class I:
9/30/2023^(d)		$	7.15		0.11		(1.02	)		(0.91	)		(0.11	)		—			(0.11	)		$	6.13		(12.87	)%		$	43,377		0.55	%		0.55	%		0.50	%		3.25	%
3/31/2023		$	8.84		0.22		(1.69	)		(1.47	)		(0.22	)		—			(0.22	)		$	7.15		(16.66	)%		$	48,859		0.59	%		0.59	%		0.50	%		2.97	%
3/31/2022		$	9.37		0.28		(0.53	)		(0.25	)		(0.28	)		—			(0.28	)		$	8.84		(2.89	)%		$	54,898		0.54	%		0.54	%		0.50	%		2.87	%
3/31/2021		$	11.75		0.29		(1.62	)		(1.33	)		(0.29	)		(0.76	)		(1.05	)		$	9.37		(12.24	)%		$	71,267		0.55	%		0.55	%		0.51	%		2.56	%
3/31/2020		$	9.88		0.28		2.11			2.39			(0.27	)		(0.25	)		(0.52	)		$	11.75		24.85	%		$	87,469		0.68	%		0.68	%		0.65	%		2.55	%
3/31/2019		$	9.73		0.29		0.16			0.45			(0.30	)		—			(0.30	)		$	9.88		4.77	%		$	66,226		0.70	%		0.70	%		0.65	%		3.15	%

DoubleLine Long Duration Total Return Bond Fund - Class N:
9/30/2023^(d)		$	7.13		0.10		(1.01	)		(0.91	)		(0.10	)		—			(0.10	)		$	6.12		(12.87	)%		$	7,962		0.83	%		0.83	%		0.75	%		3.16	%
3/31/2023		$	8.81		0.21		(1.69	)		(1.48	)		(0.20	)		—			(0.20	)		$	7.13		(16.83	)%		$	1,693		0.83	%		0.83	%		0.75	%		2.73	%
3/31/2022		$	9.37		0.25		(0.56	)		(0.31	)		(0.25	)		—			(0.25	)		$	8.81		(3.48	)%		$	5,364		0.77	%		0.77	%		0.75	%		2.59	%
3/31/2021		$	11.74		0.26		(1.61	)		(1.35	)		(0.26	)		(0.76	)		(1.02	)		$	9.37		(12.38	)%		$	11,234		0.80	%		0.80	%		0.76	%		2.29	%
3/31/2020		$	9.88		0.24		2.11			2.35			(0.24	)		(0.25	)		(0.49	)		$	11.74		24.44	%		$	20,225		0.93	%		0.93	%		0.90	%		2.31	%
3/31/2019		$	9.72		0.27		0.16			0.43			(0.27	)		—			(0.27	)		$	9.88		4.61	%		$	14,317		0.95	%		0.95	%		0.90	%		2.90	%

																								For the Year or Period Ended
																								9/30/2023^(d)			3/31/2023			3/31/2022			3/31/2021			3/31/2020			3/31/2019
Portfolio turnover rate for all share classes^(b)																									76%				227%		95%			89%			40%			25%

^(a) Calculated based on average shares outstanding during the period. ^(b) Not annualized for periods less than one year. ^(c) Annualized for periods less than one year. ^(d) Unaudited.


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		97

Financial Highlights (Cont.)


				Income (Loss) from Investment Operations:									Less Distributions:																	Ratios to Average Net Assets:
For the Year or Period Ended	Net Asset Value, Beginning of Period			Net Investment Income (Loss)^(a)			Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain		Total Distributions			Net Asset Value, End of Period			Total Return^(b)			Net Assets, End of Period (000’s)			Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped^(c)			Expenses After Investment Advisory Fees (Waived)^(c)			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped^(c)			Net Investment Income (Loss)^(c)

DoubleLine Strategic Commodity Fund (Consolidated) - Class I:
9/30/2023^(d)		$	7.54		0.14			0.26			0.40			—			—		—			$	7.94		5.31	%		$	163,307		1.06	%		1.06	%		1.06	%		3.80	%
3/31/2023		$	12.56		0.07			(1.47	)		(1.40	)		(3.62	)		—		(3.62	)		$	7.54		(11.83	)%		$	158,615		1.02	%		1.02	%		1.02	%		0.64	%
3/31/2022		$	9.61		(0.11	)		4.41			4.30			(1.35	)		—		(1.35	)		$	12.56		48.24	%		$	223,799		1.04	%		1.04	%		1.10	%		(0.97	)%
3/31/2021		$	6.91		(0.05	)		2.75			2.70			—			—		—			$	9.61		39.07	%		$	151,565		1.14	%		1.14	%		1.10	%		(0.66	)%
3/31/2020		$	9.72		0.07			(2.78	)		(2.71	)		(0.10	)		—		(0.10	)		$	6.91		(28.25	)%		$	116,739		1.09	%		1.09	%		1.10	%		1.00	%
3/31/2019		$	10.11		0.12			(0.40	)		(0.28	)		(0.11	)		—		(0.11	)		$	9.72		(2.59	)%		$	444,918		1.02	%		1.02	%		1.10	%		1.14	%

DoubleLine Strategic Commodity Fund (Consolidated) - Class N:
9/30/2023^(d)		$	7.43		0.13			0.26			0.39			—			—		—			$	7.82		5.25	%		$	15,804		1.31	%		1.31	%		1.31	%		3.56	%
3/31/2023		$	12.42		0.04			(1.44	)		(1.40	)		(3.59	)		—		(3.59	)		$	7.43		(12.02	)%		$	16,743		1.27	%		1.27	%		1.27	%		0.40	%
3/31/2022		$	9.52		(0.13	)		4.35			4.22			(1.32	)		—		(1.32	)		$	12.42		47.78	%		$	23,906		1.29	%		1.29	%		1.35	%		(1.22	)%
3/31/2021		$	6.87		(0.07	)		2.72			2.65			—			—		—			$	9.52		38.57	%		$	20,205		1.39	%		1.39	%		1.34	%		(0.88	)%
3/31/2020		$	9.65		0.07			(2.78	)		(2.71	)		(0.07	)		—		(0.07	)		$	6.87		(28.28	)%		$	25,421		1.34	%		1.34	%		1.35	%		0.75	%
3/31/2019		$	10.04		0.09			(0.40	)		(0.31	)		(0.08	)		—		(0.08	)		$	9.65		(2.97	)%		$	65,292		1.27	%		1.27	%		1.35	%		0.87	%

																								For the Year or Period Ended
																								9/30/2023^(d)			3/31/2023			3/31/2022			3/31/2021			3/31/2020			3/31/2019
Portfolio turnover rate for all share classes^(b)																									0%				0%		0%			0%			0%			0%

^(a) Calculated based on average shares outstanding during the period. ^(b) Not annualized for periods less than one year. ^(c) Annualized for periods less than one year. ^(d) Unaudited.



				Income (Loss) from Investment Operations:								Less Distributions:																					Ratios to Average Net Assets:
For the Year or Period Ended	Net Asset Value, Beginning of Period			Net Investment Income (Loss)^(a)		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Distribution in Excess			Total Distributions			Net Asset Value, End of Period			Total Return^(b)			Net Assets, End of Period (000’s)			Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped^(c)			Expenses After Investment Advisory Fees (Waived)^(c)			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped^(c)			Net Investment Income (Loss)^(c)

DoubleLine Global Bond Fund - Class I:
9/30/2023^(d)		$	8.46		0.11		(0.57	)		(0.46	)		—			—			—			—			$	8.00		(5.44	)%		$	136,108		0.58	%		0.58	%		0.58	%		2.52	%
3/31/2023		$	9.26		0.11		(0.91	)		(0.80	)		—			—			—			—			$	8.46		(8.64	)%		$	144,457		0.66	%		0.66	%		0.65	%		1.26	%
3/31/2022		$	10.21		0.04		(0.88	)		(0.84	)		(0.03	)		(0.08	)		—	^(e)		(0.11	)		$	9.26		(8.29	)%		$	276,559		0.56	%		0.56	%		0.56	%		0.37	%
3/31/2021		$	10.21		0.05		0.12			0.17			—			(0.17	)		—			(0.17	)		$	10.21		1.59	%		$	787,064		0.55	%		0.55	%		0.55	%		0.50	%
3/31/2020		$	10.28		0.15		(0.10	)		0.05			(0.12	)		—	^(e)		—			(0.12	)		$	10.21		0.43	%		$	1,217,100		0.55	%		0.55	%		0.55	%		1.34	%
3/31/2019		$	10.71		0.12		(0.42	)		(0.30	)		(0.13	)		—			—			(0.13	)		$	10.28		(2.80	)%		$	1,053,218		0.55	%		0.55	%		0.55	%		1.22	%

DoubleLine Global Bond Fund - Class N:
9/30/2023^(d)		$	8.41		0.09		(0.56	)		(0.47	)		—			—			—			—			$	7.94		(5.59	)%		$	162		0.83	%		0.83	%		0.83	%		2.18	%
3/31/2023		$	9.23		0.08		(0.90	)		(0.82	)		—			—			—			—			$	8.41		(8.88	)%		$	240		0.92	%		0.92	%		0.91	%		0.95	%
3/31/2022		$	10.18		0.01		(0.87	)		(0.86	)		(0.01	)		(0.08	)		—	^(e)		(0.09	)		$	9.23		(8.45	)%		$	416		0.81	%		0.81	%		0.81	%		0.12	%
3/31/2021		$	10.21		0.03		0.11			0.14			—			(0.17	)		—			(0.17	)		$	10.18		1.30	%		$	815		0.80	%		0.80	%		0.80	%		0.29	%
3/31/2020		$	10.26		0.12		(0.10	)		0.02			(0.07	)		—	^(e)		—			(0.07	)		$	10.21		0.23	%		$	2,407		0.80	%		0.80	%		0.80	%		1.13	%
3/31/2019		$	10.69		0.09		(0.42	)		(0.33	)		(0.10	)		—			—			(0.10	)		$	10.26		(3.08	)%		$	16,278		0.80	%		0.80	%		0.80	%		0.89	%

																											For the Year or Period Ended
																											9/30/2023^(d)			3/31/2023			3/31/2022			3/31/2021			3/31/2020			3/31/2019
Portfolio turnover rate for all share classes^(b)																												22%				112%		83%			63%			21%			24%

^(a) Calculated based on average shares outstanding during the period. ^(b) Not annualized for periods less than one year. ^(c) Annualized for periods less than one year. ^(d) Unaudited. ^(e) Less than $0.005 per share.


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


				Income (Loss) from Investment Operations:								Less Distributions:																		Ratios to Average Net Assets:
For the Year or Period Ended	Net Asset Value, Beginning of Period			Net Investment Income (Loss)^(a)		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period			Total Return^(b)			Net Assets, End of Period (000’s)			Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped^(c)			Expenses After Investment Advisory Fees (Waived)^(c)			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped^(c)			Net Investment Income (Loss)^(c)

DoubleLine Infrastructure Income Fund - Class I:
9/30/2023^(d)		$	9.05		0.16		(0.25	)		(0.09	)		(0.16	)		—			(0.16	)		$	8.80		(1.06	)%		$	333,945		0.56	%		0.56	%		0.56	%		3.54	%
3/31/2023		$	9.67		0.28		(0.60	)		(0.32	)		(0.27	)		(0.03	)		(0.30	)		$	9.05		(3.24	)%		$	346,227		0.57	%		0.57	%		0.57	%		3.02	%
3/31/2022		$	10.46		0.27		(0.71	)		(0.44	)		(0.28	)		(0.07	)		(0.35	)		$	9.67		(4.39	)%		$	521,889		0.57	%		0.57	%		0.57	%		2.63	%
3/31/2021		$	9.56		0.29		0.92			1.21			(0.31	)		—			(0.31	)		$	10.46		12.73	%		$	566,994		0.56	%		0.56	%		0.56	%		2.82	%
3/31/2020		$	10.11		0.33		(0.54	)		(0.21	)		(0.34	)		—			(0.34	)		$	9.56		(2.32	)%		$	503,146		0.56	%		0.56	%		0.56	%		3.19	%
3/31/2019		$	10.00		0.32		0.11			0.43			(0.32	)		—	^(e)		(0.32	)		$	10.11		4.47	%		$	535,621		0.58	%		0.58	%		0.58	%		3.30	%

DoubleLine Infrastructure Income Fund - Class N:
9/30/2023^(d)		$	9.06		0.15		(0.26	)		(0.11	)		(0.14	)		—			(0.14	)		$	8.81		(1.18	)%		$	590		0.81	%		0.81	%		0.81	%		3.29	%
3/31/2023		$	9.68		0.25		(0.59	)		(0.34	)		(0.25	)		(0.03	)		(0.28	)		$	9.06		(3.49	)%		$	601		0.82	%		0.82	%		0.82	%		2.74	%
3/31/2022		$	10.46		0.25		(0.71	)		(0.46	)		(0.25	)		(0.07	)		(0.32	)		$	9.68		(4.60	)%		$	1,794		0.82	%		0.82	%		0.82	%		2.38	%
3/31/2021		$	9.56		0.27		0.92			1.19			(0.29	)		—			(0.29	)		$	10.46		12.45	%		$	9,700		0.81	%		0.81	%		0.81	%		2.58	%
3/31/2020		$	10.11		0.30		(0.54	)		(0.24	)		(0.31	)		—			(0.31	)		$	9.56		(2.55	)%		$	9,784		0.81	%		0.81	%		0.81	%		2.93	%
3/31/2019		$	10.00		0.30		0.11			0.41			(0.30	)		—	^(e)		(0.30	)		$	10.11		4.17	%		$	2,672		0.83	%		0.83	%		0.83	%		3.00	%

																								For the Year or Period Ended
																								9/30/2023^(d)			3/31/2023			3/31/2022			3/31/2021			3/31/2020			3/31/2019
Portfolio turnover rate for all share classes^(b)																									28%				8%		23%			39%			10%			15%

^(a) Calculated based on average shares outstanding during the period. ^(b) Not annualized for periods less than one year. ^(c) Annualized for periods less than one year. ^(d) Unaudited. ^(e) Less than $0.005 per share.

				Income (Loss) from Investment Operations:								Less Distributions:																		Ratios to Average Net Assets:
For the Year or Period Ended	Net Asset Value, Beginning of Period			Net Investment Income (Loss)^(a)		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period			Total Return^(b)			Net Assets, End of Period (000’s)			Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped^(c)			Expenses After Investment Advisory Fees (Waived)^(c)			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped^(c)			Net Investment Income (Loss)^(c)

DoubleLine Shiller Enhanced International CAPE^® - Class I:
9/30/2023^(d)		$	12.01		0.32		(0.94	)		(0.62	)		(0.33	)		—			(0.33	)		$	11.06		(5.30	)%		$	39,139		0.85	%		0.82	%		0.62	%		5.33	%
3/31/2023		$	13.07		0.48		(0.99	)		(0.51	)		(0.55	)		—			(0.55	)		$	12.01		(3.48	)%		$	45,489		0.93	%		0.89	%		0.61	%		4.17	%
3/31/2022		$	12.75		0.26		0.39			0.65			(0.33	)		—			(0.33	)		$	13.07		5.05	%		$	94,443		0.79	%		0.75	%		0.61	%		1.91	%
3/31/2021		$	7.88		0.21		4.88			5.09			(0.22	)		—			(0.22	)		$	12.75		65.24	%		$	40,292		0.93	%		0.91	%		0.62	%		1.96	%
3/31/2020		$	10.17		0.29		(2.29	)		(2.00	)		(0.29	)		—			(0.29	)		$	7.88		(20.29	)%		$	27,523		0.80	%		0.77	%		0.62	%		2.84	%
3/31/2019		$	11.24		0.34		(0.52	)		(0.18	)		(0.43	)		(0.46	)		(0.89	)		$	10.17		(1.13	)%		$	42,621		0.96	%		0.91	%		0.60	%		3.25	%

DoubleLine Shiller Enhanced International CAPE^® - Class N:
9/30/2023^(d)		$	12.01		0.30		(0.94	)		(0.64	)		(0.31	)		—			(0.31	)		$	11.06		(5.44	)%		$	4,011		1.09	%		1.06	%		0.87	%		5.03	%
3/31/2023		$	13.07		0.47		(1.01	)		(0.54	)		(0.52	)		—			(0.52	)		$	12.01		(3.73	)%		$	9,111		1.20	%		1.16	%		0.86	%		4.13	%
3/31/2022		$	12.76		0.22		0.39			0.61			(0.30	)		—			(0.30	)		$	13.07		4.70	%		$	6,011		1.03	%		0.99	%		0.86	%		1.59	%
3/31/2021		$	7.88		0.19		4.88			5.07			(0.19	)		—			(0.19	)		$	12.76		64.90	%		$	6,002		1.18	%		1.16	%		0.87	%		1.85	%
3/31/2020		$	10.17		0.27		(2.29	)		(2.02	)		(0.27	)		—			(0.27	)		$	7.88		(20.50	)%		$	13,044		1.05	%		1.02	%		0.87	%		2.61	%
3/31/2019		$	11.23		0.32		(0.52	)		(0.20	)		(0.40	)		(0.46	)		(0.86	)		$	10.17		(1.29	)%		$	19,953		1.20	%		1.15	%		0.85	%		3.03	%

																								For the Year or Period Ended
																								9/30/2023^(d)			3/31/2023			3/31/2022			3/31/2021			3/31/2020			3/31/2019
Portfolio turnover rate for all share classes^(b)																									26%				91%		125%			97%			48%			72%

^(a) Calculated based on average shares outstanding during the period. ^(b) Not annualized for periods less than one year. ^(c) Annualized for periods less than one year. ^(d) Unaudited.


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		99

Financial Highlights (Cont.)


				Income (Loss) from Investment Operations:								Less Distributions:																		Ratios to Average Net Assets:
For the Year or Period Ended	Net Asset Value, Beginning of Period			Net Investment Income (Loss)^(a)		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period			Total Return^(c)			Net Assets, End of Period (000’s)			Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped^(d)			Expenses After Investment Advisory Fees (Waived)^(d)			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped^(d)			Net Investment Income (Loss)^(d)

DoubleLine Real Estate and Income Fund - Class I:
9/30/2023^(e)		$	10.27		0.27		(1.36	)		(1.09	)		(0.27	)		—			(0.27	)		$	8.91		(10.81	)%		$	6,823		1.31	%		1.31	%		0.65	%		5.34	%
3/31/2023		$	13.58		0.35		(3.30	)		(2.95	)		(0.36	)		—			(0.36	)		$	10.27		(21.80	)%		$	8,443		2.08	%		2.08	%		0.65	%		3.08	%
3/31/2022		$	11.44		0.13		2.70			2.83			(0.13	)		(0.56	)		(0.69	)		$	13.58		24.60	%		$	14,666		1.71	%		1.71	%		0.65	%		0.95	%
3/31/2021		$	8.51		0.16		2.97			3.13			(0.20	)		—			(0.20	)		$	11.44		37.15	%		$	13,527		0.65	%		0.65	%		0.63	%		1.60	%
3/31/2020		$	11.30		0.25		(2.65	)		(2.40	)		(0.28	)		(0.11	)		(0.39	)		$	8.51		(22.08	)%		$	94,289		0.86	%		0.85	%		0.62	%		2.29	%
3/31/2019^(b)		$	10.00		0.10		1.26			1.36			(0.06	)		—			(0.06	)		$	11.30		13.69	%		$	121,180		1.46	%		1.42	%		0.61	%		3.00	%

DoubleLine Real Estate and Income Fund - Class N:
9/30/2023^(e)		$	10.30		0.25		(1.35	)		(1.10	)		(0.26	)		—			(0.26	)		$	8.94		(10.93	)%		$	680		1.56	%		1.56	%		0.90	%		5.07	%
3/31/2023		$	13.62		0.32		(3.31	)		(2.99	)		(0.33	)		—			(0.33	)		$	10.30		(22.01	)%		$	910		2.35	%		2.35	%		0.90	%		2.85	%
3/31/2022		$	11.47		0.09		2.72			2.81			(0.10	)		(0.56	)		(0.66	)		$	13.62		24.31	%		$	2,178		1.94	%		1.94	%		0.90	%		0.70	%
3/31/2021		$	8.51		0.13		3.00			3.13			(0.17	)		—			(0.17	)		$	11.47		37.12	%		$	1,636		0.97	%		0.97	%		0.88	%		1.28	%
3/31/2020		$	11.29		0.24		(2.65	)		(2.41	)		(0.26	)		(0.11	)		(0.37	)		$	8.51		(22.21	)%		$	3,809		1.11	%		1.10	%		0.87	%		2.03	%
3/31/2019^(b)		$	10.00		0.09		1.26			1.35			(0.06	)		—			(0.06	)		$	11.29		13.53	%		$	4,369		1.67	%		1.62	%		0.87	%		2.79	%

																								For the Year or Period Ended
																								9/30/2023^(e)			3/31/2023			3/31/2022			3/31/2021			3/31/2020			3/31/2019
Portfolio turnover rate for all share classes^(c)																									13%				106%		201%			157%			100%			70%

^(a) Calculated based on average shares outstanding during the period. ^(b) Commencement of operations on December 17, 2018. Total return is based on operations for a period that is less than a year. ^(c) Not annualized for periods less than one year. ^(d) Annualized for periods less than one year. ^(e) Unaudited.

				Income (Loss) from Investment Operations:								Less Distributions:																		Ratios to Average Net Assets:
For the Year or Period Ended	Net Asset Value, Beginning of Period			Net Investment Income (Loss)^(a)		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period			Total Return^(b)			Net Assets, End of Period (000’s)			Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped^(c)			Expenses After Investment Advisory Fees (Waived)^(c)			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped^(c)			Net Investment Income (Loss)^(c)

DoubleLine Emerging Markets Local Currency Bond Fund - Class I:
9/30/2023^(d)		$	8.55		0.22		(0.28	)		(0.06	)		(0.11	)		—			(0.11	)		$	8.38		(0.68	)%		$	10,689		1.92	%		1.92	%		0.90	%		4.98	%
3/31/2023		$	8.91		0.35		(0.54	)		(0.19	)		(0.17	)		—			(0.17	)		$	8.55		(1.92	)%		$	9,423		2.45	%		2.45	%		0.90	%		4.21	%
3/31/2022		$	9.38		0.32		(0.68	)		(0.36	)		(0.11	)		—			(0.11	)		$	8.91		(3.90	)%		$	9,238		2.75	%		2.75	%		0.90	%		3.51	%
3/31/2021		$	8.64		0.30		0.61			0.91			(0.17	)		—			(0.17	)		$	9.38		10.60	%		$	9,604		2.57	%		2.57	%		0.90	%		3.11	%
3/31/2020^(e)		$	10.00		0.25		(1.49	)		(1.24	)		(0.12	)		—			(0.12	)		$	8.64		(12.52	)%		$	8,664		6.23	%		6.23	%		0.90	%		3.45	%

DoubleLine Emerging Markets Local Currency Bond Fund - Class N:
9/30/2023^(d)		$	8.53		0.21		(0.28	)		(0.07	)		(0.10	)		—			(0.10	)		$	8.36		(0.77	)%		$	1,332		2.36	%		2.36	%		1.15	%		4.92	%
3/31/2023		$	8.90		0.33		(0.54	)		(0.21	)		(0.16	)		—			(0.16	)		$	8.53		(2.21	)%		$	209		2.66	%		2.66	%		1.15	%		3.99	%
3/31/2022		$	9.37		0.30		(0.68	)		(0.38	)		(0.09	)		—			(0.09	)		$	8.90		(4.08	)%		$	127		2.90	%		2.90	%		1.15	%		3.27	%
3/31/2021		$	8.64		0.27		0.61			0.88			(0.15	)		—			(0.15	)		$	9.37		10.24	%		$	96		2.82	%		2.82	%		1.15	%		2.86	%
3/31/2020^(e)		$	10.00		0.23		(1.49	)		(1.26	)		(0.10	)		—			(0.10	)		$	8.64		(12.69	)%		$	87		6.48	%		6.48	%		1.15	%		3.19	%

																								For the Year or Period Ended
																											9/30/2023^(d)			3/31/2023			3/31/2022			3/31/2021			3/31/2020
Portfolio turnover rate for all share classes^(b)																													12%		20%			36%			20%			13%

^(a) Calculated based on average shares outstanding during the period. ^(b) Not annualized for periods less than one year. ^(c) Annualized for periods less than one year. ^(d) Unaudited. ^(e) Commenced operations on June 28, 2019. Total return is based on operations for a period that is less than a year.


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



				Income (Loss) from Investment Operations:								Less Distributions:																				Ratios to Average Net Assets:
For the Year or Period Ended	Net Asset Value, Beginning of Period			Net Investment Income (Loss)^(a)		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain		Distribution in Excess			Total Distributions			Net Asset Value, End of Period			Total Return^(b)			Net Assets, End of Period (000’s)			Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped^(c)			Expenses After Investment Advisory Fees (Waived)^(c)			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped^(c)			Net Investment Income (Loss)^(c)

DoubleLine Income Fund - Class I:
9/30/2023^(d)		$	7.53		0.24		(0.08	)		0.16			(0.25	)		—		—			(0.25	)		$	7.44		2.20	%		$	53,032		0.85	%		0.85	%		0.65	%		6.42	%
3/31/2023		$	8.62		0.40		(1.09	)		(0.69	)		(0.40	)		—		—			(0.40	)		$	7.53		(8.10	)%		$	50,732		0.83	%		0.83	%		0.65	%		5.01	%
3/31/2022		$	9.28		0.42		(0.63	)		(0.21	)		(0.44	)		—		(0.01	)		(0.45	)		$	8.62		(2.42	)%		$	89,732		0.72	%		0.72	%		0.65	%		4.55	%
3/31/2021		$	8.05		0.36		1.20			1.56			(0.33	)		—		—			(0.33	)		$	9.28		19.70	%		$	136,369		0.74	%		0.74	%		0.65	%		4.07	%
3/31/2020^(e)		$	10.00		0.24		(1.94	)		(1.70	)		(0.25	)		—		—			(0.25	)		$	8.05		(17.35	)%		$	69,580		1.13	%		1.13	%		0.65	%		4.07	%

DoubleLine Income Fund - Class N:
9/30/2023^(d)		$	7.54		0.23		(0.08	)		0.15			(0.24	)		—		—			(0.24	)		$	7.45		2.07	%		$	3,105		1.10	%		1.10	%		0.90	%		6.17	%
3/31/2023		$	8.63		0.38		(1.09	)		(0.71	)		(0.38	)		—		—			(0.38	)		$	7.54		(8.35	)%		$	3,194		1.08	%		1.08	%		0.90	%		4.73	%
3/31/2022		$	9.30		0.39		(0.63	)		(0.24	)		(0.42	)		—		(0.01	)		(0.43	)		$	8.63		(2.75	)%		$	12,838		1.03	%		1.03	%		0.90	%		4.30	%
3/31/2021		$	8.05		0.34		1.22			1.56			(0.31	)		—		—			(0.31	)		$	9.30		19.67	%		$	2,676		0.99	%		0.99	%		0.90	%		3.84	%
3/31/2010^(e)		$	10.00		0.23		(1.94	)		(1.71	)		(0.24	)		—		—			(0.24	)		$	8.05		(17.46	)%		$	592		1.26	%		1.26	%		0.90	%		4.13	%

																													For the Year or Period Ended
																													9/30/2023^(d)			3/31/2023			3/31/2022			3/31/2021			3/31/2020
Portfolio turnover rate for all share classes^(b)																															9%		23%			14%			30%			33%

^{(a) Calculated based on average shares outstanding during the period.} ^(b) Not annualized for periods less than one year. ^(c) Annualized for periods less than one year. ^(d) Unaudited. ^(e) Commencement of operations on September 3, 2019. Total return is based on operations for a period that is less than a year.



				Income (Loss) from Investment Operations:								Less Distributions:																		Ratios to Average Net Assets:
For the Year or Period Ended	Net Asset Value, Beginning of Period			Net Investment Income (Loss)^(a)		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period			Total Return^(c)			Net Assets, End of Period (000’s)			Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped^(d)			Expenses After Investment Advisory Fees (Waived)^(d)			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped^(d)			Net Investment Income (Loss)^(d)

DoubleLine Multi-Asset Trend Fund (Consolidated) - Class I:
9/30/2023^(e)		$	7.98		0.20		(0.17	)		0.03			(0.19	)		—			(0.19	)		$	7.82		0.30	%		$	12,728		1.35	%		1.03	%		0.33	%		4.96	%
3/31/2023		$	10.56		0.29		(1.25	)		(0.96	)		(1.62	)		—			(1.62	)		$	7.98		(10.67	)%		$	12,849		2.14	%		1.87	%		0.38	%		3.21	%
3/31/2022		$	9.87		0.17		0.73			0.90			(0.20	)		(0.01	)		(0.21	)		$	10.56		9.12	%		$	13,761		5.51	%		5.21	%		0.35	%		1.68	%
3/31/2021^(b)		$	10.00		0.01		(0.13	)		(0.12	)		(0.01	)		—			(0.01	)		$	9.87		(1.15	)%		$	10,547		11.70	%		11.39	%		0.34	%		1.61	%

DoubleLine Multi-Asset Trend Fund (Consolidated) - Class N:
9/30/2023^(e)		$	7.99		0.19		(0.18	)		0.01			(0.18	)		—			(0.18	)		$	7.82		0.05	%		$	262		1.59	%		1.27	%		0.58	%		4.63	%
3/31/2023		$	10.56		0.27		(1.24	)		(0.97	)		(1.60	)		—			(1.60	)		$	7.99		(10.78	)%		$	365		2.43	%		2.17	%		0.64	%		2.98	%
3/31/2022		$	9.87		0.14		0.73			0.87			(0.17	)		(0.01	)		(0.18	)		$	10.56		8.85	%		$	205		6.04	%		5.74	%		0.60	%		1.33	%
3/31/2021^(b)		$	10.00		0.01		(0.13	)		(0.12	)		(0.01	)		—			(0.01	)		$	9.87		(1.17	)%		$	130		12.06	%		11.75	%		0.58	%		1.52	%

																														For the Year or Period Ended
																														9/30/2023^(e)			3/31/2023			3/31/2022			3/31/2021
Portfolio turnover rate for all share classes^(c)																															11%			119%			183%			0%

^(a) Calculated based on average shares outstanding during the period.

^(b) Commenced operations on February 26, 2021. Total return is based on operations for a period that is less than one year.

^(c) Not annualized for periods less than one year.

^(d) Annualized for periods less than one year.

^(e) Unaudited.


The accompanying notes are an integral part of these financial statements.		Semi-Annual Report		_\|		September 30, 2023		101

Notes to Financial Statements

(Unaudited)

September 30, 2023

1. Organization

DoubleLine Funds Trust, a Delaware statutory trust (the “Trust”), is an open-end investment management company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust consists of 19 funds, the DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund, DoubleLine Emerging Markets Fixed Income Fund, DoubleLine Multi-Asset Growth Fund, DoubleLine Low Duration Bond Fund, DoubleLine Floating Rate Fund, DoubleLine Shiller Enhanced CAPE^®, DoubleLine Flexible Income Fund, DoubleLine Low Duration Emerging Markets Fixed Income Fund, DoubleLine Long Duration Total Return Bond Fund, DoubleLine Strategic Commodity Fund, DoubleLine Global Bond Fund, DoubleLine Infrastructure Income Fund, DoubleLine Shiller Enhanced International CAPE^®, DoubleLine Real Estate and Income Fund, DoubleLine Emerging Markets Local Currency Bond Fund, DoubleLine Income Fund and DoubleLine Multi-Asset Trend Fund (each, a “Fund” and, collectively, the “Funds”), along with DoubleLine Selective Credit Fund. For financial information related to the DoubleLine Selective Credit Fund, please refer to the DoubleLine Selective Credit Fund’s separate semi-annual report.

On August 17, 2023, the Board of Trustees of the Trust approved a plan to liquidate the DoubleLine Multi-Asset Growth Fund and the DoubleLine Real Estate and Income Fund, with such liquidations effective October 31, 2023. For more information regarding the liquidations, see Note 16.

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

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

Commencement of Operations

Fund Name

Investment Objective

I Shares

N Shares

A Shares

R6 Shares

DoubleLine Total Return Bond Fund

Maximize total return

4/6/2010

—

7/31/2019

DoubleLine Core Fixed Income Fund

Maximize current income and total return

6/1/2010

—

7/31/2019

DoubleLine Emerging Markets Fixed Income Fund

Seek high total return from current income and capital appreciation

4/6/2010

—

DoubleLine Multi-Asset Growth Fund (Consolidated)

Seek long-term capital appreciation

12/20/2010

—

12/20/2010

—

DoubleLine Low Duration Bond Fund

Seek current income

9/30/2011

—

7/31/2019

DoubleLine Floating Rate Fund

Seek a high level of current income

2/1/2013

—

DoubleLine Shiller Enhanced CAPE^®

Seek total return which exceeds the total return of its benchmark index over a full market cycle

10/31/2013

—

7/31/2019

DoubleLine Flexible Income Fund

Seek long-term total return while striving to generate current income

4/7/2014

—

7/31/2019

DoubleLine Low Duration Emerging Markets Fixed Income Fund

Seek long-term total return

4/7/2014

—

DoubleLine Long Duration Total Return Bond Fund

Seek long-term total return

12/15/2014

—

DoubleLine Strategic Commodity Fund (Consolidated)

Seek long-term total return

5/18/2015

—

DoubleLine Global Bond Fund

Seek long-term total return

12/17/2015

—

DoubleLine Infrastructure Income Fund

Seek long-term total return while striving to generate current income

4/1/2016

—

DoubleLine Shiller Enhanced International CAPE^®

Seek total return which exceeds the total return of its benchmark index over a full market cycle

12/23/2016

—

DoubleLine Real Estate and Income Fund

Seek total return (capital appreciation and current income) which exceeds the total return of its benchmark index over a full market cycle

12/17/2018

—

DoubleLine Emerging Markets Local Currency Bond Fund

Seek high total return from current income and capital appreciation

6/28/2019

—

DoubleLine Income Fund

Maximize total return through investment principally in income-producing securities

9/3/2019

—

DoubleLine Multi-Asset Trend Fund (Consolidated)

Seek total return (capital appreciation and current income) which exceeds the total return of its benchmark index over a full market cycle

2/26/2021

—

The fiscal year end for the Funds is March 31, and the period covered by these financial statements is for the six months ended September 30, 2023 (the “period end”).


102		DoubleLine Funds Trust

(Unaudited)

September 30, 2023

2. Significant Accounting Policies

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

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

•

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

•

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

•

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

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.



Fixed-income class						Examples of Inputs

All						Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”)

Corporate bonds and notes; convertible securities						Standard inputs and underlying equity of the issuer

US bonds and notes of government and government agencies						Standard inputs

Residential and commercial mortgage-backed obligations; asset-backed obligations (including collateralized loan obligations)						Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information, trustee reports

Bank loans						Standard inputs

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

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

Over-the-counter financial derivative instruments, such as forward currency exchange contracts, options contracts, or swap agreements, derive their values from underlying asset prices, indices, reference rates, other inputs or a combination of these factors. These instruments are normally valued on the basis of 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. Exchange traded futures and options on futures are generally valued at the settlement price determined by the relevant exchange on which they principally trade, and exchange traded options are generally valued at the last trade price on the exchange on which they principally trade. 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. 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


				Semi-Annual Report		_\|		September 30, 2023		103


Notes to Financial Statements (Cont.)

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 primary investment adviser, either DoubleLine Capital LP (“DoubleLine Capital”) or DoubleLine Alternatives LP (“DoubleLine Alternatives”) (each, an “Adviser” and collectively, the “Advisers”), as applicable, 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 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 September 30, 2023:



Category	DoubleLine Total Return Bond Fund				DoubleLine Core Fixed Income Fund				DoubleLine Emerging Markets Fixed Income Fund			DoubleLine Multi-Asset Growth Fund (Consolidated)			DoubleLine Low Duration Bond Fund			DoubleLine Floating Rate Fund

Investments in Securities

Level 1

Short Term Investments		$	251,814,814			$	45,845,811			$	435		$	3,580,495		$	177,869,559		$	14,926,649

Affiliated Mutual Funds			—				424,243,803				—			3,400,638			—			—

Warrants			—				18,950				—			—			—			—

Exchange Traded Funds			—				—				—			1,418,162			—			—

Total Level 1			251,814,814				470,108,564				435			8,399,295			177,869,559			14,926,649

Level 2

US Government and Agency Mortgage Backed Obligations			16,107,171,322				1,280,964,166				—			—			174,135,674			—

Non-Agency Residential Collateralized Mortgage Obligations			8,152,963,428				776,000,904				—			—			745,694,452			—

Non-Agency Commercial Mortgage Backed Obligations			2,337,724,805				352,116,530				—			—			790,072,710			—

US Government and Agency Obligations			2,130,117,978				1,451,154,042				—			—			1,127,575,178			—

Asset Backed Obligations			1,396,750,023				245,360,242				—			—			324,984,044			—

Collateralized Loan Obligations			1,070,983,182				264,016,782				—			—			938,005,109			2,000,000

US Corporate Bonds			—				1,043,451,278				—			—			386,012,666			4,686,277

Foreign Corporate Bonds			—				393,330,054				344,279,475			—			470,636,573			639,347

Bank Loans			—				244,469,460				—			—			221,683,772			177,325,276

Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations			—				73,651,791				110,266,306			—			118,073,839			—

Municipal Bonds			—				5,222,379				—			—			—			—

Short Term Investments			—				1,328,536				—			—			215,509,486			—

Escrow Notes			—				3,187				—			—			—			—

Total Level 2			31,195,710,738				6,131,069,351				454,545,781			—			5,512,383,503			184,650,900

Level 3

Non-Agency Residential Collateralized Mortgage Obligations			227,739,894				701,861				—			—			—			—

Asset Backed Obligations			44,773,103				5,993,658				—			—			24,872,500			—

Collateralized Loan Obligations			495,632				768,537				—			—			—			—

Common Stocks			—				567,534				—			—			—			134,997

Bank Loans			—				486,567				—			—			—			389,634

Rights			—				23,325				—			—			—			—

Escrow Notes			—				—				—			—			—			—

Foreign Corporate Bonds			—				—				—			—			—			—

Total Level 3			273,008,629				8,541,482				—			—			24,872,500			524,631

Total		$	31,720,534,181			$	6,609,719,397			$	454,546,216		$	8,399,295		$	5,715,125,562		$	200,102,180

Other Financial Instruments

Level 1

Futures Contracts		$	(151,315,057	)		$	(24,831,383	)		$	—		$	—		$	—		$	—

Total Level 1			(151,315,057	)			(24,831,383	)			—			—			—			—

Level 2

Unfunded Loan Commitments			—				124				—			—			—			90

Total Level 2			—				124				—			—			—			90

Level 3			—				—				—			—			—			—

Total		$	(151,315,057	)		$	(24,831,259	)		$	—		$	—		$	—		$	90


104		DoubleLine Funds Trust

(Unaudited)

September 30, 2023



Category	DoubleLine Shiller Enhanced CAPE^®			DoubleLine Flexible Income Fund			DoubleLine Low Duration Emerging Markets Fixed Income Fund			DoubleLine Long Duration Total Return Bond Fund				DoubleLine Strategic Commodity Fund (Consolidated)				DoubleLine Global Bond Fund

Investments in Securities

Level 1

Short Term Investments		$	212,881,515		$	21,228,276		$	2,618,528		$	2,277,882			$	35,828,955			$	4,639,155

Warrants			—			2,135			—			—				—				—

Total Level 1			212,881,515			21,230,411			2,618,528			2,277,882				35,828,955				4,639,155

Level 2

US Government and Agency Obligations			732,533,453			19,192,969			—			9,696,985				—				50,605,707

Collateralized Loan Obligations			678,524,870			163,973,791			—			—				—				—

Non-Agency Commercial Mortgage Backed Obligations			460,300,500			80,265,690			—			—				—				—

Non-Agency Residential Collateralized Mortgage Obligations			449,490,580			146,532,410			—			—				—				—

US Corporate Bonds			263,980,361			32,048,100			—			—				—				—

Asset Backed Obligations			260,481,935			37,294,556			—			—				—				—

Bank Loans			221,602,573			78,141,893			—			—				—				—

Short Term Investments			217,703,021			119,261,918			—			—				146,984,922				2,349,448

Foreign Corporate Bonds			213,334,018			38,910,535			135,670,294			—				—				—

US Government and Agency Mortgage Backed Obligations			103,518,372			75,275,424			—			40,467,243				—				—

Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations			34,225,385			10,105,065			40,050,037			—				—				74,700,555

Escrow Notes			—			752			—			—				—				—

Total Level 2			3,635,695,068			801,003,103			175,720,331			50,164,228				146,984,922				127,655,710

Level 3

Non-Agency Commercial Mortgage Backed Obligations			5,194,695			1,900,480			—			—				—				—

Non-Agency Residential Collateralized Mortgage Obligations			2,601,010			6,743,649			—			—				—				—

Common Stocks			55,298			137,626			—			—				—				—

Foreign Corporate Bonds			—			—			—			—				—				—

Asset Backed Obligations			—			4,197,754			—			—				—				—

Collateralized Loan Obligations			—			3,218,637			—			—				—				—

Bank Loans			—			106,390			—			—				—				—

Rights			—			5,580			—			—				—				—

Escrow Notes			—			—			—			—				—				—

Total Level 3			7,851,003			16,310,116			—			—				—				—

Total		$	3,856,427,586		$	838,543,630		$	178,338,859		$	52,442,110			$	182,813,877			$	132,294,865

Other Financial Instruments

Level 1

Futures Contracts		$	—		$	—		$	—		$	(1,050,299	)		$	—			$	—

Total Level 1			—			—			—			(1,050,299	)			—				—

Level 2

Excess Return Swaps			57,030,770			—			—			—				(3,589,045	)			—

Unfunded Loan Commitments			—			32			—			—				—				—

Total Level 2			57,030,770			32			—			—				(3,589,045	)			—

Level 3			—			—			—			—				—				—

Total		$	57,030,770		$	32		$	—		$	(1,050,299	)		$	(3,589,045	)		$	—


				Semi-Annual Report		_\|		September 30, 2023		105


Notes to Financial Statements (Cont.)



Category	DoubleLine Infrastructure Income Fund			DoubleLine Shiller Enhanced International CAPE^®				Doubleline Real Estate and Income Fund				Doubleline Emerging Markets Local Currency Bond Fund			Doubleline Income Fund			DoubleLine Multi-Asset Trend Fund (Consolidated)

Investments in Securities

Level 1

Short Term Investments		$	3,337,675		$	648,666			$	4,265,757			$	378,497		$	9,052,933		$	1,220,718

Affiliated Mutual Funds			—			2,741,119				—				—			—			9,755,983

Total Level 1			3,337,675			3,389,785				4,265,757				378,497			9,052,933			10,976,701

Level 2

US Corporate Bonds			152,099,727			3,113,938				—				—			—			—

Asset Backed Obligations			127,301,239			1,637,004				—				—			1,501,365			—

Foreign Corporate Bonds			40,332,816			2,312,101				—				2,606,718			—			—

Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations			6,581,978			398,171				—				8,665,130			—			—

US Government and Agency Obligations			—			8,975,369				2,339,858				—			2,224,980			760,180

Collateralized Loan Obligations			—			8,779,006				—				—			13,859,267			—

Non-Agency Residential Collateralized Mortgage Obligations			—			6,180,366				—				—			15,107,875			—

Non-Agency Commercial Mortgage Backed Obligations			—			6,010,565				—				—			8,901,090			—

US Government and Agency Mortgage Backed Obligations			—			1,487,990				—				—			2,984,514			—

Short Term Investments			—			1,334,246				889,610				—			—			1,587,517

Total Level 2			326,315,760			40,228,756				3,229,468				11,271,848			44,579,091			2,347,697

Level 3

Foreign Corporate Bonds			2,008,109			—				—				—			—			—

Asset Backed Obligations			945,835			—				—				—			2,032,897			—

Total Level 3			2,953,944			—				—				—			2,032,897			—

Total		$	332,607,379		$	43,618,541			$	7,495,225			$	11,650,345		$	55,664,921		$	13,324,398

Other Financial Instruments

Level 1		$	—		$	—			$	—			$	—		$	—		$	—

Level 2

Excess Return Swaps			—			75,959				(194,590	)			—			—			(325,442	)

Forward Currency Exchange Contracts			—			(919,479	)			—				—			—			—

Total Level 2			—			(843,520	)			(194,590	)			—			—			(325,442	)

Level 3			—			—				—				—			—			—

Total		$	—		$	(843,520	)		$	(194,590	)		$	—		$	—		$	(325,442	)

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


106		DoubleLine Funds Trust

(Unaudited)

September 30, 2023

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



DoubleLine Flexible Income Fund	Fair Value as of March 31, 2023			Net Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)^(c)				Net Accretion (Amortization)			Purchases^(a)			Sales^(b)				Transfers Into Level 3^(d)			Transfers Out of Level 3^(d)			Fair Value as of September 30, 2023			Net Change in Unrealized Appreciation (Depreciation) on securities held at September 30, 2023^(c)
Investments in Securities
Non-Agency Residential Collateralized Mortgage Obligations		$	7,119,685		$	16,820			$	(228,073	)		$	37,425		$	—		$	(202,208	)		$	—		$	—		$	6,743,649		$	(227,098	)
Asset Backed Obligations			8,405,530			(883,975	)			(3,041,723	)			—			338,609			(620,687	)			—			—			4,197,754			(3,375,121	)
Collateralized Loan Obligations			1,520,905			—				75,839				383			10,753			—				1,610,757			—			3,218,637			83,987
Non-Agency Commercial Mortgage Backed Obligations			983,389			1,882				49,901				3,712			—			(81,747	)			943,343			—			1,900,480			32,067
Common Stocks			290,300			(32,896	)			43,930				—			20,803			(184,511	)			—			—			137,626			(36,481	)
Bank Loans			107,055			198				(2,571	)			2,372			—			(664	)			—			—			106,390			(2,362	)
Rights			6,138			—				(558	)			—			—			—				—			—			5,580			(558	)
Escrow Notes			—			—				—				—			—			—				—			—			—			—
Foreign Corporate Bonds			—			—				—				—			—			—				—			—			—			—
Warrants			—			—				—				—			—			—				—			—			—			—
Total		$	18,433,002		$	(897,971	)		$	(3,103,255	)		$	43,892		$	370,165		$	(1,089,817	)		$	2,554,100		$	—		$	16,310,116		$	(3,525,566	)



DoubleLine Income Fund	Fair Value as of March 31, 2023			Net Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)^(c)			Net Accretion (Amortization)				Purchases^(a)			Sales^(b)				Transfers Into Level 3^(d)			Transfers Out of Level 3^(d)			Fair Value as of September 30, 2023			Net Change in Unrealized Appreciation (Depreciation) on securities held at September 30, 2023^(c)
Investments in Securities
Asset Backed Obligations		$	4,079,163		$	(2,093,983	)		$	1,472,643		$	(218	)		$	118,778		$	(1,543,486	)		$	—		$	—		$	2,032,897		$	(538,120	)

^(a)

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

^(b)

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

^(c)

Any difference between Net Change in Unrealized Appreciation (Depreciation) and Net Change in Unrealized Appreciation (Depreciation) on securities held at September 30, 2023 may be due to a security that was not held or categorized as Level 3 at either period end.

^(d)

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


				Semi-Annual Report		_\|		September 30, 2023		107


Notes to Financial Statements (Cont.)

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



DoubleLine Flexible Income Fund	Fair Value as of September 30, 2023			Valuation Techniques	Unobservable Input	Unobservable Input Values (Weighted Average)^(e)			Impact to valuation from an increase to input

Non-Agency Residential Collateralized Mortgage Obligations		$	6,743,649	Market Comparables	Market Quotes		$89.38 ($89.38	)	Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security

Asset Backed Obligations		$	4,197,754	Market Comparables	Market Quotes		$13.56-$88.72 ($60.38	)	Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security

Collateralized Loan Obligations		$	3,218,637	Market Comparables	Market Quotes		$23.50-$80.54 ($77.52	)	Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security

Non-Agency Commercial Mortgage Backed Obligations		$	1,900,480	Market Comparables	Market Quotes		$21.00-$78.72 ($59.99	)	Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security

Common Stocks		$	137,626	Market Comparables	Market Quotes		$0.65-$22.75 ($15.63	)	Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security

Bank Loans		$	106,390	Market Comparables	Market Quotes		$100.00 ($100.00	)	Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security

Rights		$	5,580	Market Comparables	Market Quotes		$7.00-$8.00 ($7.53	)	Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security

Escrow Notes		$	—	Income Approach	Expected Value		$0.00 ($0.00	)	Significant changes in the expected value would have resulted in direct changes in the fair value of the security

Foreign Corporate Bonds		$	—	Market Comparables	Market Quotes		$0.00 ($0.00	)	Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security


DoubleLine Income Fund	Fair Value as of September 30, 2023			Valuation Techniques	Unobservable Input	Unobservable Input Values (Weighted Average)^(e)			Impact to valuation from an increase to input

Asset Backed Obligations		$	2,032,897	Market Comparables	Market Quotes		$13.56-$4,708.56 ($1,853.05)		Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security

^(e)

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

B. Federal Income Taxes. Each Fund has elected to be taxed as a “regulated investment company” and intends to distribute substantially all of its taxable income to its shareholders and otherwise comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies. Therefore, no provision for U.S. federal income taxes has been made.

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

The Funds have adopted financial reporting rules that require the Funds to analyze all open tax years, as defined by the applicable statute of limitations, for all major jurisdictions. Open tax years 2020-2022 (Federal) and 2019-2022 (CA/DE) for the Funds, are those that are open for exam by taxing authorities to the extent that each Fund operated within those respective tax years. As of September 30, 2023, the Funds have no examinations in progress.


108		DoubleLine Funds Trust

(Unaudited)

September 30, 2023

Management has analyzed the Funds’ tax positions, and has concluded that no liability should be recorded related to uncertain tax positions expected to be taken on the tax return for the fiscal year ended March 31, 2023. The Funds identify their major tax jurisdictions as U.S. Federal, the State of Delaware and the State of Florida. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Each Fund’s tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances.

C. Security Transactions, Investment Income. Investment securities transactions are accounted for on trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Interest income, including non-cash interest, is recorded on an accrual basis. Discounts/premiums on debt securities purchased, which may include residual and subordinate notes, are accreted/amortized over the life of the respective securities using the effective interest method except for certain deep discount bonds where management does not expect the par value above the bond’s cost to be fully realized. Dividend income and corporate action transactions, if any, are recorded on the ex-date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of securities received. Paydown gains and losses on mortgage-related and other asset-backed securities are recorded as components of interest income on the Statements of Operations. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income on the Statements of Operations.

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

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

Income and capital gain distributions are determined in accordance with income tax regulations which may differ from US GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications between paid-in capital, undistributed (accumulated) net investment income (loss), and/or undistributed (accumulated) realized gain (loss). Undistributed (accumulated) net investment income or loss may include temporary book and tax basis differences which will reverse in a subsequent period. Any taxable income or capital gain remaining at fiscal year end is distributed in the following year.

Distributions from investment companies will be classified as investment income or realized gains in the Statements of Operations based on the U.S. income tax characteristics of the distribution if such information is available. In cases where the tax characteristics are not available, such distributions are generally classified as investment income.

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

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


				Semi-Annual Report		_\|		September 30, 2023		109


Notes to Financial Statements (Cont.)

H. Unfunded Loan Commitments. The Funds may enter into certain credit agreements, of which all or a portion may be unfunded. As of September 30, 2023, the below Funds had the following unfunded positions.

DoubleLine Core Fixed Income Fund



Borrower	Par			Commitment Amount			Fair Value			Unrealized Appreciation (Depreciation)

OMNIA Partners LLC		$	51,953		$	51,953		$	52,077		$	124

DoubleLine Floating Rate Fund



Borrower	Par			Commitment Amount			Fair Value			Unrealized Appreciation (Depreciation)

OMNIA Partners LLC		$	37,784		$	37,784		$	37,874		$	90

DoubleLine Flexible Income Fund



Borrower	Par			Commitment Amount			Fair Value			Unrealized Appreciation (Depreciation)

OMNIA Partners LLC		$	13,310		$	13,310		$	13,342		$	32

The Funds are obligated to fund these commitments at the borrower’s discretion. At the end of the period, the Funds maintained with their custodian liquid investments having an aggregate value at least equal to the par value of their respective unfunded loan commitments and bridge loans.

I. Contingencies. Between 2011 and 2014, the Commonwealth of Puerto Rico issued certain general obligation bonds, which are currently the subject of litigation. The DoubleLine Multi-Asset Growth Fund previously purchased and sold certain of these general obligation bonds. A plan of adjustment of the Commonwealth was confirmed and, as a result, the litigation concerning the general obligation bonds was dismissed. The order confirming the plan has been appealed and, if the order is modified, stayed, or reversed on appeal, the litigation concerning the general obligation bonds could be reopened. At this time, it is anticipated that a material adverse effect on the DoubleLine Multi-Asset Growth Fund as a result of this litigation is remote. As of the period end, no loss contingency has been recorded in the financial statements.

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

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

As of September 30, 2023, the relationship of the Subsidiary to each respective Fund was as follows:



	DoubleLine Multi-Asset Growth Fund (Consolidated)			DoubleLine Strategic Commodity Fund (Consolidated)			DoubleLine Multi-Asset Trend Fund (Consolidated)

Commencement of Operations			6/15/2011			5/18/2015			2/26/2021

Fund Net Assets		$	8,350,696		$	179,111,488		$	12,990,307

Subsidiary % of Fund Net Assets			N/A			22.65%			15.52%

Subsidiary Financial Statement Information

Net Assets			N/A		$	40,572,848		$	2,015,747

Total Income			65,843			969,191			41,181

Net Realized Gain/(Loss)			144,260			6,499,201			(915,829	)


110		DoubleLine Funds Trust

(Unaudited)

September 30, 2023

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

3. Related and Other Party Transactions

The Advisers provide the Funds with investment management services under Investment Management Agreements (the “Agreements”). Under the Agreements, each Adviser manages the investment of the assets of the applicable Fund, places orders for the purchase and sale of its portfolio securities and is responsible for providing certain resources to assist with the day-to-day management of the Trust’s business affairs. As compensation for its services, each Adviser is entitled to a monthly fee at the annual rates of the average daily net assets of the Funds (the “Advisory Fee”) in the following table. Each Adviser has arrangements with DoubleLine Group LP to provide personnel and other resources to the Funds. On December 11, 2018, DoubleLine Alternatives, the investment adviser of the DoubleLine Real Estate and Income Fund, engaged DoubleLine Capital to serve as sub- adviser to the DoubleLine Real Estate and Income Fund to manage its investment in debt instruments. On February 18, 2021, DoubleLine Alternatives, the investment adviser of the DoubleLine Multi-Asset Trend Fund, engaged DoubleLine Capital to serve as sub-adviser to the DoubleLine Multi-Asset Trend Fund to manage its investment in debt instruments. Effective as of July 29, 2022, DoubleLine Alternatives became the investment adviser to DoubleLine Shiller Enhanced CAPE^® and DoubleLine Capital became the sub-adviser to the Fund. Prior to July 29, 2022, DoubleLine Capital was the sole investment adviser to DoubleLine Shiller Enhanced CAPE^®.

Each Adviser has contractually agreed to limit certain of the Funds’ ordinary operating expenses so that its ratio of such expenses to average net assets will not exceed the following ratios (the “Expense Caps”). For the purposes of the expense limitation agreement between each Adviser and the applicable Funds, “ordinary operating expenses” excludes taxes, commissions, mark-ups, litigation expenses, indemnification expenses, interest expenses, acquired fund fees and expenses, and any extraordinary expenses. Each applicable Fund’s expense limitation is expected to apply until at least August 1, 2024. Each applicable expense limitation may be terminated during the term only by a majority vote of the disinterested Trustees of the Board.



			Expense Caps

	Advisory Fee		I Shares		N Shares		A Shares		R6 Shares

DoubleLine Total Return Bond Fund		0.40%		N/A		N/A		N/A		N/A

DoubleLine Core Fixed Income Fund		0.40%		N/A		N/A		N/A		N/A

DoubleLine Emerging Markets Fixed Income Fund		0.75%		0.95%		1.20%		N/A		N/A

DoubleLine Multi-Asset Growth Fund (Consolidated)		0.95%		1.15%		N/A		1.40%		N/A

DoubleLine Low Duration Bond Fund		0.35%		0.47%		0.72%		N/A		0.42%

DoubleLine Floating Rate Fund		0.50%		0.75%		1.00%		N/A		N/A

DoubleLine Shiller Enhanced CAPE^®		0.45%		0.65%		0.90%		N/A		0.60%

DoubleLine Flexible Income Fund		0.62%		0.82%		1.07%		N/A		0.77%

DoubleLine Low Duration Emerging Markets Fixed Income Fund		0.50%		0.59%		0.84%		N/A		N/A

DoubleLine Long Duration Total Return Bond Fund		0.35%		0.50%		0.75%		N/A		N/A

DoubleLine Strategic Commodity Fund (Consolidated)		0.90%		1.10%		1.35%		N/A		N/A

DoubleLine Global Bond Fund		0.50%		0.70%		0.95%		N/A		N/A

DoubleLine Infrastructure Income Fund		0.50%		0.65%		0.90%		N/A		N/A

DoubleLine Shiller Enhanced International CAPE^®		0.50%		0.65%		0.90%		N/A		N/A

DoubleLine Real Estate and Income Fund		0.45%		0.65%		0.90%		N/A		N/A

DoubleLine Emerging Markets Local Currency Bond Fund		0.75%		0.90%		1.15%		N/A		N/A

DoubleLine Income Fund		0.50%		0.65%		0.90%		N/A		N/A

DoubleLine Multi-Asset Trend Fund (Consolidated)		0.50%		0.65%		0.90%		N/A		N/A

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


				Semi-Annual Report		_\|		September 30, 2023		111


Notes to Financial Statements (Cont.)

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



	March 31,

	2024			2025			2026			2027

DoubleLine Multi-Asset Growth Fund (Consolidated)		$	163,391		$	132,394		$	145,752		$	69,258

DoubleLine Low Duration Emerging Markets Fixed Income Fund		$	171,094		$	236,853		$	234,164		$	118,442

DoubleLine Long Duration Total Return Bond Fund		$	31,892		$	27,645		$	44,196		$	13,855

DoubleLine Global Bond Fund		$	—		$	—		$	10,628		$	—

DoubleLine Shiller Enhanced International CAPE^®		$	124,784		$	120,695		$	170,757		$	51,039

DoubleLine Real Estate and Income Fund		$	32,734		$	172,146		$	166,141		$	29,547

DoubleLine Emerging Markets Local Currency Fund		$	161,999		$	182,623		$	137,372		$	57,057

DoubleLine Income Fund		$	79,680		$	100,221		$	129,356		$	50,497

DoubleLine Multi-Asset Trend Fund (Consolidated)		$	99,689		$	596,575		$	221,908		$	46,027

If a Fund invested in other investment vehicles sponsored by an Adviser (“other DoubleLine Funds”) during the period, such Adviser waived its advisory fee to the Fund in an amount equal to the advisory fees paid to the Adviser by the other DoubleLine Funds in

respect of Fund assets so invested. Accordingly, the Adviser waived the following fees for the period ended September 30, 2023:



DoubleLine Core Fixed Income Fund	$	1,069,274

DoubleLine Multi-Asset Growth Fund (Consolidated)	$	9,579

DoubleLine Shiller Enhanced International CAPE^®	$	8,093

DoubleLine Multi-Asset Trend Fund (Consolidated)	$	19,553

As of September 30, 2023, greater than 5% of the following DoubleLine Funds was held by other DoubleLine Funds as follows:

Affiliated Fund Held

% Owned

Significant Owner

DoubleLine Global Bond Fund

76%

DoubleLine Core Fixed Income Fund

DoubleLine Infrastructure Income Fund

87%

DoubleLine Core Fixed Income Fund

DoubleLine Long Duration Total Return Bond Fund

60%

DoubleLine Core Fixed Income Fund

DoubleLine Capital LP and certain DoubleLine affiliated advisers provide investment advisory, sub-advisory, or consulting services to a variety of investors, including investment program sponsors, separate accounts, and mutual funds sponsored by third parties (collectively “third-party accounts”). Those services may result, directly or indirectly, in investments by the third-party accounts in one or more of the Funds. At times, the third-party accounts’ investments, individually or in the aggregate, may represent material interests in one or more of the Funds. The third-party accounts’ transaction activity in a Fund may cause a Fund to incur material transaction costs, to realize taxable gains distributable to shareholders, and/or to buy or sell assets at a time when the Fund might not otherwise do so, each of which may adversely affect a Fund’s performance. See the description of Large Shareholder Risk in the Principal Risks Note for more information. Records available to the Funds reflect that greater than 25% of the following Funds were held by third-party accounts as of September 30, 2023:



	% Owned

DoubleLine Shiller Enhanced CAPE^®		46%

4. Distribution, Sales Charge and Redemption Fees

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

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


112		DoubleLine Funds Trust

(Unaudited)

September 30, 2023

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

5. Purchases and Sales of Securities

Investment transactions (excluding short-term investments) for the period ended September 30, 2023 were as follows:



	All Other						U.S. Government¹

	Purchases at Cost			Sales or Maturity Proceeds			Purchases at Cost			Sales or Maturity Proceeds

DoubleLine Total Return Bond Fund		$	3,313,995,092		$	3,949,863,869		$	2,868,073,438		$	1,607,029,688

DoubleLine Core Fixed Income Fund		$	667,260,836		$	1,350,948,934		$	2,366,189,734		$	1,797,153,820

DoubleLine Emerging Markets Fixed Income Fund		$	115,978,117		$	159,306,694		$	—		$	—

DoubleLine Multi-Asset Growth Fund (Consolidated)		$	326,483		$	7,839,235		$	—		$	—

DoubleLine Low Duration Bond Fund		$	553,046,698		$	827,840,042		$	914,789,410		$	921,973,957

DoubleLine Floating Rate Fund		$	37,458,129		$	55,598,714		$	—		$	—

Doubleline Shiller Enhanced CAPE^®		$	185,618,895		$	561,602,770		$	680,390,035		$	719,851,566

DoubleLine Flexible Income Fund		$	55,424,910		$	149,870,744		$	—		$	12,846,836

DoubleLine Low Duration Emerging Markets Fixed Income Fund		$	25,805,644		$	34,336,779		$	—		$	—

DoubleLine Long Duration Total Return Bond Fund		$	10,167,744		$	16,169,209		$	36,100,932		$	19,652,022

DoubleLine Strategic Commodity Fund (Consolidated)		$	—		$	—		$	—		$	—

DoubleLine Global Bond Fund		$	9,061,382		$	32,081,857		$	20,343,480		$	—

DoubleLine Infrastructure Income Fund		$	85,783,962		$	86,694,016		$	9,435,547		$	15,165,658

Doubleline Shiller Enhanced International CAPE^®		$	4,184,072		$	8,535,266		$	7,248,973		$	5,411,091

Doubleline Real Estate and Income Fund		$	1,123,329		$	8,273,620		$	—		$	—

DoubleLine Emerging Markets Local Currency Bond Fund		$	3,524,586		$	1,203,087		$	—		$	—

DoubleLine Income Fund		$	2,500,097		$	4,942,363		$	1,937,500		$	1,379,238

DoubleLine Multi-Asset Trend Fund (Consolidated)		$	—		$	1,325,750		$	1,199,105		$	856,246

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


				Semi-Annual Report		_\|		September 30, 2023		113


Notes to Financial Statements (Cont.)

6. Share Transactions

Transactions in each Fund’s shares were as follows:



	DoubleLine Total Return Bond Fund														DoubleLine Core Fixed Income Fund

	Period Ended September 30, 2023							Year Ended March 31, 2023							Period Ended September 30, 2023							Year Ended March 31, 2023

	Shares			Amount				Shares			Amount				Shares			Amount				Shares			Amount

Shares Sold

Class I		441,346,260			$	3,886,407,332			1,171,725,790			$	10,693,301,956			104,647,967			$	965,113,781			350,423,068			$	3,365,689,036

Class N		53,277,748				469,036,597			274,438,789				2,482,424,967			3,596,675				33,091,963			15,128,315				145,162,360

Class R6		70,295,945				612,940,109			53,181,967				486,371,241			18,775,471				170,219,470			6,913,054				65,426,487

Reinvested Dividends

Class I		48,849,845				427,004,294			92,280,941				838,310,245			11,539,876				106,105,721			22,599,033				214,003,885

Class N		10,645,733				92,961,819			17,775,176				160,921,176			579,956				5,326,956			1,355,076				12,839,905

Class R6		2,018,883				17,644,039			3,637,242				33,036,800			304,238				2,796,895			432,199				4,076,907

Shares Redeemed

Class I		(492,325,072	)			(4,310,578,795	)		(2,007,758,181	)			(18,386,460,613	)		(160,042,820	)			(1,474,205,464	)		(593,397,316	)			(5,708,094,146	)

Class N		(69,954,214	)			(612,055,959	)		(228,946,594	)			(2,086,753,887	)		(5,956,188	)			(54,876,454	)		(30,207,922	)			(284,449,503	)

Class R6		(27,074,477	)			(238,863,992	)		(95,210,530	)			(881,263,752	)		(395,232	)			(3,630,316	)		(3,782,783	)			(35,150,784	)

Increase (Decrease) in Net Assets Resulting from Net Share Transactions		37,080,651			$	344,495,444			(718,875,400	)		$	(6,660,111,867	)		(26,950,057	)		$	(250,057,448	)		(230,537,276	)		$	(2,220,495,853	)


	DoubleLine Emerging Markets Fixed Income Fund														DoubleLine Multi-Asset Growth Fund (Consolidated)

	Period Ended September 30, 2023							Year Ended March 31, 2023							Period Ended September 30, 2023							Year Ended March 31, 2023

	Shares			Amount				Shares			Amount				Shares			Amount				Shares			Amount

Shares Sold

Class I		7,732,688			$	65,679,079			35,747,836			$	308,847,991			96,875			$	817,237			583,159			$	4,976,014

Class N		480,065				4,080,683			2,051,383				17,712,348			—				—			—				—

Class A		—				—			—				—			2,586				21,778			6,642				56,322

Reinvested Dividends

Class I		1,122,983				9,491,983			2,241,448				19,193,620			28,312				232,338			36,349				287,790

Class N		81,061				685,785			156,692				1,341,240			—				—			—				—

Class A		—				—			—				—			4,988				40,976			5,715				45,287

Shares Redeemed

Class I		(14,451,058	)			(121,988,659	)		(53,968,673	)			(467,855,618	)		(1,377,537	)			(11,597,554	)		(1,299,111	)			(10,965,859	)

Class N		(860,588	)			(7,307,960	)		(2,924,590	)			(25,382,042	)		—				—			—				—

Class A		—				—			—				—			(23,887	)			(199,504	)		(118,444	)			(1,025,818	)

Increase (Decrease) in Net Assets Resulting from Net Share Transactions		(5,894,849	)		$	(49,359,089	)		(16,695,904	)		$	(146,142,461	)		(1,268,663	)		$	(10,684,729	)		(785,690	)		$	(6,626,264	)


114		DoubleLine Funds Trust

(Unaudited)

September 30, 2023



	DoubleLine Low Duration Bond Fund														DoubleLine Floating Rate Fund

	Period Ended September 30, 2023							Year Ended March 31, 2023							Period Ended September 30, 2023							Year Ended March 31, 2023

	Shares			Amount				Shares			Amount				Shares			Amount				Shares			Amount

Shares Sold

Class I		59,120,411			$	559,721,402			267,961,761			$	2,542,655,473			1,688,973			$	15,214,678			6,795,806			$	61,845,213

Class N		4,788,213				45,259,937			10,474,023				99,179,098			137,424				1,242,779			1,209,455				11,202,825

Class R6		11,183,074				105,900,066			4,212,724				40,140,888			—				—			—				—

Reinvested Dividends

Class I		9,208,627				86,969,107			13,485,368				127,299,824			313,767				2,812,205			679,023				6,105,332

Class N		1,548,411				14,615,728			2,246,787				21,198,187			62,347				559,943			167,531				1,511,625

Class R6		19,406				183,331			34,618				326,721			—				—			—				—

Shares Redeemed

Class I		(116,484,970	)			(1,102,176,390	)		(369,014,298	)			(3,497,914,542	)		(4,576,355	)			(40,866,109	)^(a)		(20,563,940	)			(186,026,100	)^(b)

Class N		(12,341,821	)			(116,650,883	)		(31,124,498	)			(294,996,699	)		(642,597	)			(5,770,755	)^(a)		(3,891,989	)			(35,340,904	)^(b)

Class R6		(1,257,826	)			(11,892,317	)		(2,808,821	)			(26,690,987	)		—				—			—				—

Increase (Decrease) in Net Assets Resulting from Net Share Transactions		(44,216,475	)		$	(418,070,019	)		(104,532,336	)		$	(988,802,037	)		(3,016,441	)		$	(26,807,259	)		(15,604,114	)		$	(140,702,009	)

^(a)

Net of redemption fees of $209,679 and $20,039 for Class I and Class N, respectively.

^(b)

Net of redemption fees of $91,678 and $10,897 for Class I and Class N, respectively.



	DoubleLine Shiller Enhanced CAPE^®														DoubleLine Flexible Income Fund

	Period Ended September 30, 2023							Year Ended March 31, 2023							Period Ended September 30, 2023							Year Ended March 31, 2023

	Shares			Amount				Shares			Amount				Shares			Amount				Shares			Amount

Shares Sold

Class I		26,009,612			$	339,804,622			90,409,831			$	1,248,654,538			6,067,640			$	51,059,079			28,200,508			$	242,025,623

Class N		1,604,346				21,087,684			7,902,683				105,974,145			931,774				7,834,850			6,847,879				58,591,923

Class R6		1,195,511				16,039,489			489,616				7,025,998			2,437,927				20,520,984			11,979,759				102,537,959

Reinvested Dividends

Class I		3,094,785				40,441,242			41,224,552				517,080,043			1,881,302				15,787,880			3,291,714				28,201,414

Class N		465,746				6,092,577			3,451,900				43,469,224			211,554				1,773,945			523,761				4,489,741

Class R6		11,760				153,703			114,045				1,437,113			44,848				376,573			74,770				639,326

Shares Redeemed

Class I		(61,806,439	)			(810,152,752	)		(282,818,689	)			(3,932,553,381	)		(12,114,594	)			(101,890,616	)		(50,737,988	)			(439,003,812	)

Class N		(3,577,612	)			(46,981,514	)		(20,390,208	)			(280,712,155	)		(4,609,344	)			(38,854,241	)		(11,526,147	)			(99,582,845	)

Class R6		(274,230	)			(3,580,135	)		(880,743	)			(12,163,698	)		(7,436,713	)			(62,493,638	)		(9,372,890	)			(79,765,162	)

Increase (Decrease) in Net Assets Resulting from Net Share Transactions		(33,276,521	)		$	(437,095,084	)		(160,497,013	)		$	(2,301,788,173	)		(12,585,606	)		$	(105,885,184	)		(20,718,634	)		$	(181,865,833	)


	DoubleLine Low Duration Emerging Markets Fixed Income Fund														DoubleLine Long Duration Total Return Bond Fund

	Period Ended September 30, 2023							Year Ended March 31, 2023							Period Ended September 30, 2023							Year Ended March 31, 2023

	Shares			Amount				Shares			Amount				Shares			Amount				Shares			Amount

Shares Sold

Class I		2,171,619			$	19,866,775			13,406,902			$	122,332,808			1,119,149			$	7,705,134			1,525,549			$	11,354,482

Class N		35,380				323,075			848,737				7,730,071			1,130,099				7,300,935			159,325				1,189,184

Reinvested Dividends

Class I		286,220				2,606,297			590,385				5,332,023			29,961				201,228			38,917				284,611

Class N		7,761				70,793			45,488				411,406			6,296				40,545			6,029				44,512

Shares Redeemed

Class I		(3,259,578	)			(29,701,767	)		(19,274,905	)			(174,794,723	)		(909,939	)			(6,222,554	)		(941,886	)			(7,141,404	)

Class N		(162,291	)			(1,478,497	)		(2,696,281	)			(24,519,261	)		(72,311	)			(482,465	)		(536,683	)			(4,162,283	)

Increase (Decrease) in Net Assets Resulting from Net Share Transactions		(920,889	)		$	(8,313,324	)		(7,079,674	)		$	(63,507,676	)		1,303,255			$	8,542,823			251,251			$	1,569,102


				Semi-Annual Report		_\|		September 30, 2023		115


Notes to Financial Statements (Cont.)



	DoubleLine Strategic Commodity Fund (Consolidated)														DoubleLine Global Bond Fund

	Period Ended September 30, 2023							Year Ended March 31, 2023							Period Ended September 30, 2023							Year Ended March 31, 2023

	Shares			Amount				Shares			Amount				Shares			Amount				Shares			Amount

Shares Sold

Class I		2,262,484			$	17,399,003			6,122,585			$	64,461,145			24,709			$	207,744			2,632,319			$	21,865,746

Class N		258,747				1,880,144			626,665				6,506,706			564				4,663			696				5,907

Reinvested Dividends

Class I		—				—			6,489,578				50,099,541			—				—			—				—

Class N		—				—			759,847				5,790,033			—				—			—				—

Shares Redeemed

Class I		(2,732,210	)			(20,479,163	)		(9,400,328	)			(94,097,905	)		(84,723	)			(701,654	)		(15,407,720	)			(141,495,414	)

Class N		(489,715	)			(3,713,172	)		(1,058,352	)			(10,800,412	)		(8,683	)			(72,911	)		(17,278	)			(143,789	)

Increase (Decrease) in Net Assets Resulting from Net Share Transactions		(700,694	)		$	(4,913,188	)		3,539,995			$	21,959,108			(68,133	)		$	(562,158	)		(12,791,983	)		$	(119,767,550	)


	DoubleLine Infrastructure Income Fund														DoubleLine Shiller Enhanced International CAPE^®

	Period Ended September 30, 2023							Year Ended March 31, 2023							Period Ended September 30, 2023							Year Ended March 31, 2023

	Shares			Amount				Shares			Amount				Shares			Amount				Shares			Amount

Shares Sold

Class I		155,291			$	1,395,705			1,004,157			$	9,359,697			443,633			$	5,299,486			1,560,171			$	18,010,356

Class N		3,897				35,044			7,911				71,688			354,778				4,175,251			891,840				9,726,423

Reinvested Dividends

Class I		20,982				187,982			43,198				389,605			97,745				1,153,811			189,804				2,128,990

Class N		896				8,034			1,836				16,614			18,290				217,518			27,127				306,449

Shares Redeemed

Class I		(488,322	)			(4,388,003	)		(16,759,064	)			(152,586,533	)		(792,642	)			(9,377,123	)		(5,189,304	)			(59,135,251	)

Class N		(4,153	)			(37,273	)		(128,821	)			(1,212,811	)		(769,303	)			(8,961,547	)		(620,058	)			(7,223,427	)

Increase (Decrease) in Net Assets Resulting from Net Share Transactions		(311,409	)		$	(2,798,511	)		(15,830,783	)		$	(143,961,740	)		(647,499	)		$	(7,492,604	)		(3,140,420	)		$	(36,186,460	)


	DoubleLine Real Estate and Income Fund														DoubleLine Emerging Markets Local Currency Bond Fund

	Period Ended September 30, 2023							Year Ended March 31, 2023							Period Ended September 30, 2023							Year Ended March 31, 2023

	Shares			Amount				Shares			Amount				Shares			Amount				Shares			Amount

Shares Sold

Class I		3,244			$	32,657			50,003			$	582,103			200,012			$	1,783,607			108,294			$	885,160

Class N		711				7,221			19,442				227,441			138,460				1,200,295			11,352				92,808

Reinvested Dividends

Class I		20,527				202,136			27,010				292,914			16,503				139,065			23,004				182,403

Class N		1,864				18,439			3,571				38,733			1,594				13,386			320				2,519

Shares Redeemed

Class I		(80,224	)			(782,105	)		(334,990	)			(3,893,529	)		(42,908	)			(382,714	)		(65,807	)			(543,498	)

Class N		(14,809	)			(143,579	)		(94,656	)			(1,049,077	)		(5,109	)			(44,196	)		(1,449	)			(11,968	)

Increase (Decrease) in Net Assets Resulting from Net Share Transactions		(68,687	)		$	(665,231	)		(329,620	)		$	(3,801,415	)		308,552			$	2,709,443			75,714			$	607,424


116		DoubleLine Funds Trust

(Unaudited)

September 30, 2023



	DoubleLine Income Fund														DoubleLine Multi-Asset Trend Fund (Consolidated)

	Period Ended September 30, 2023							Year Ended March 31, 2023							Period Ended September 30, 2023							Year Ended March 31, 2023

	Shares			Amount				Shares			Amount				Shares			Amount				Shares			Amount

Shares Sold

Class I		2,260,745			$	16,921,099			4,938,495			$	38,578,899			22,754			$	181,244			242,165			$	2,332,953

Class N		59,876				448,145			764,876				6,331,745			3,907				31,380			99,558				982,674

Reinvested Dividends

Class I		195,853				1,459,492			303,925				2,392,781			37,115				296,823			248,242				2,269,903

Class N		12,399				92,578			48,549				389,110			763				6,105			9,202				84,198

Shares Redeemed

Class I		(2,066,425	)			(15,426,754	)		(8,917,631	)			(71,151,983	)		(41,475	)			(332,108	)		(184,450	)			(1,612,083	)

Class N		(79,042	)			(593,755	)		(1,877,788	)			(14,912,008	)		(16,826	)			(134,719	)		(82,483	)			(736,330	)

Increase (Decrease) in Net Assets Resulting from Net Share Transactions		383,406			$	2,900,805			(4,739,574	)		$	(38,371,456	)		6,238			$	48,725			332,234			$	3,321,315

7. Trustees Fees

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

For the period ended September 30, 2023, the Trustees received as a group:



	Current Fees			Increase/(Decrease) in Value of Deferred Amount			Trustees Fees

DoubleLine Total Return Bond Fund		$	218,999		$	229,883		$	448,882

DoubleLine Core Fixed Income Fund		$	49,172		$	46,964		$	96,136

DoubleLine Emerging Markets Fixed Income Fund		$	3,796		$	3,647		$	7,443

DoubleLine Multi-Asset Growth Fund (Consolidated)		$	454		$	130		$	584

DoubleLine Low Duration Bond Fund		$	40,759		$	39,915		$	80,674

DoubleLine Floating Rate Fund		$	1,930		$	1,313		$	3,243

DoubleLine Shiller Enhanced CAPE^®		$	30,519		$	28,851		$	59,370

DoubleLine Flexible Income Fund		$	6,804		$	5,797		$	12,601

DoubleLine Low Duration Emerging Markets Fixed Income Fund		$	1,721		$	1,263		$	2,984

DoubleLine Long Duration Total Return Bond Fund		$	441		$	331		$	772

DoubleLine Strategic Commodity Fund (Consolidated)		$	1,316		$	1,221		$	2,537

DoubleLine Global Bond Fund		$	419		$	972		$	1,391

DoubleLine Infrastructure Income Fund		$	2,680		$	2,335		$	5,015

DoubleLine Shiller Enhanced International CAPE^®		$	469		$	359		$	828

DoubleLine Real Estate and Income Fund		$	73		$	61		$	134

DoubleLine Emerging Markets Local Currency Bond Fund		$	69		$	88		$	157

DoubleLine Income Fund		$	505		$	327		$	832

DoubleLine Multi-Asset Trend Fund (Consolidated)		$	208		$	90		$	298

8. Additional Disclosures about Derivative Instruments

The following disclosures provide information on the Funds’ use of derivatives and certain related risks. The location and fair value amounts of these instruments on the Statements of Assets and Liabilities and the realized gains and losses and changes in


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Notes to Financial Statements (Cont.)

unrealized gains and losses on the Statements of Operations, each categorized by type of derivative contract, are included in the following tables.

The average volume of derivative activity for the period ended September 30, 2023, is as follows:



	DoubleLine Total Return Bond Fund				DoubleLine Core Fixed Income Fund				DoubleLine Multi-Asset Growth Fund (Consolidated)				DoubleLine Shiller Enhanced CAPE^®			DoubleLine Long Duration Total Return Bond Fund				DoubleLine Strategic Commodity Fund (Consolidated)			DoubleLine Shiller Enhanced International CAPE^®			DoubleLine Real Estate and Income Fund			DoubleLine Multi-Asset Trend Fund (Consolidated)

Average Market Value

Futures Contracts - Long		$	(8,112,099	)		$	(1,904,068	)		$	44,766			$	—		$	(82,887	)		$	—		$	—		$	—		$	—

Futures Contracts - Short			—				—				(2,842	)			—			162,885				—			—			—			—

Average Notional Balance

Excess Return Swaps			—				—				3,000,000				4,098,666,667			—				151,433,333			45,766,667			10,116,667			13,866,664

Forward Currency Exchange Contracts			—				—				—				—			—				—			86,788,847			—			—

Options Contracts The Funds may purchase or sell put and call options. When a Fund purchases an option it pays a premium in return for the potential to profit from the change in value of an underlying investment or index during the term of the option. The option premium is included on the Funds’ Statements of Assets and Liabilities as an investment and marked-to-market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses and are recorded in net realized gain (loss) on investments on the Statements of Operations. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing options is limited to the loss of the premium paid. Premiums paid for purchasing options which are

exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss and are recorded in net realized gain (loss) on investments on the Statements of Operations. When a Fund writes (i.e., sells) an option it receives a premium in return for bearing the risk of the change in value of an underlying instrument during the term off the option. Writing put options tends to increase a Fund’s exposure to the risk that the value of the underlying instrument will depreciate. Writing call options tends to decrease a Fund’s ability to benefit from appreciation in the value in the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded as a liability on the Fund’s Statement of Assets and Liabilities and marked-to-market to reflect the current value of the option written.

Premiums received from writing options which expire are treated as realized gains and are recorded in net realized gain (loss) on written options on the Statements of Operations. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying instrument to determine the realized gain or loss when the underlying instrument is sold and are recorded in net realized gain (loss) on written options on the Statements of Operations. A Fund as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put), and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk that the market for options contracts may be illiquid and that a Fund may not be able to close out or sell an option at a particular time or at an anticipated price.

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

Forward Foreign Currency Contracts Forward foreign currency contracts are agreements between two parties to buy and sell a currency at a set exchange rate on a future date. Unless a Fund’s registration statement expressly states otherwise, each Fund may


118		DoubleLine Funds Trust

(Unaudited)

September 30, 2023

enter into forward foreign currency contracts for any investment purpose. The market value of a forward foreign currency contract fluctuates with the changes in foreign currency exchange rates. The contract is marked-to-market daily and the change in market value is recorded in net unrealized appreciation (depreciation) on forwards on the Statements of Assets and Liabilities. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed on the Statements of Operations. The use of foreign currency exchange contracts involves the risk that the value of a foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies and the risk that a counterparty to the contract does not perform its obligations under the agreement.

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

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

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

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

Excess Return Swap Agreements The Funds may enter into excess return swaps for investment purposes. Excess return swaps are agreements to exchange the return generated by one instrument for the return generated by another instrument. For example, the agreement to pay a predetermined or fixed interest rate in exchange for a market-linked return based on a notional amount. To the extent the total return of a referenced index or instrument exceeds the offsetting interest obligation, a Fund will receive a payment from the counterparty. To the extent it is less, a Fund will make a payment to the counterparty. The marked-to-market


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Notes to Financial Statements (Cont.)

value less a financing rate, if any, is recorded in net unrealized appreciation (depreciation) on swaps on the Statements of Assets and Liabilities. At termination or maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any, and is recorded in net realized gain (loss) on swaps on the Statements of Operations. To the extent the marked-to- market value of an excess return swap appreciates to the benefit of a Fund and exceeds certain contractual thresholds, a Fund’s counterparty may be contractually required to provide collateral. If the marked-to-market value of an excess return swap depreciates in value to the benefit of a counterparty and exceeds certain contractual thresholds, a Fund would generally be required to provide collateral for the benefit of its counterparty. Assets provided by the Funds as collateral are reflected as a component of investments in unaffiliated securities at value on the Statements of Assets and Liabilities and are noted on the Schedules of Investments. Assets provided to a Fund by a counterparty as collateral are not assets of the Fund and are not a component of a Fund’s NAV.

The Funds’ derivative instrument holdings are summarized in the following tables.

The effect of derivative instruments on the Statements of Assets and Liabilities for the period ended September 30, 2023 was as follows:



	Derivatives not accounted for as hedging instruments

Statements of Assets and Liabilities Location	Commodity Risk			Equity Risk			Foreign Exchange Rate Risk			Interest Rate Risk			Total
Net Unrealized Appreciation (Depreciation) on:
Forwards
DoubleLine Shiller Enhanced International CAPE^®	$	—		$	—		$	(919,479	)	$	—		$	(919,479	)
Futures
DoubleLine Total Return Bond Fund	$	—		$	—		$	—		$	(151,315,057	)	$	(151,315,057	)
DoubleLine Core Fixed Income Fund		—			—			—			(24,831,383	)		(24,831,383	)
DoubleLine Long Duration Total Return Bond Fund		—			—			—			(1,050,299	)		(1,050,299	)
Swaps
DoubleLine Shiller Enhanced CAPE^®	$	—		$	57,030,770		$	—		$	—		$	57,030,770
DoubleLine Strategic Commodity Fund (Consolidated)		(3,589,045	)		—			—			—			(3,589,045	)
DoubleLine Shiller Enhanced International CAPE^®		—			75,959			—			—			75,959
DoubleLine Real Estate and Income Fund		—			(194,590	)		—			—			(194,590	)
DoubleLine Multi-Asset Trend Fund (Consolidated)		(124,230	)		(201,212	)		—			—			(325,442	)


120		DoubleLine Funds Trust

(Unaudited)

September 30, 2023

The effect of derivative instruments on the Statements of Operations for the period ended September 30, 2023 was as follows:



	Derivatives not accounted for as hedging instruments

Statements of Operations Location		Commodity Risk			Equity Risk			Foreign Exchange Rate Risk			Interest Rate Risk			Total
Net Realized Gain (Loss) on:
Forwards
DoubleLine Shiller Enhanced International CAPE^®		$	—		$	—		$	(2,465,940	)	$	—		$	(2,465,940	)
Futures
DoubleLine Total Return Bond Fund		$	—			—			—			(178,323,921	)		(178,323,921	)
DoubleLine Core Fixed Income Fund			—			—			—			(23,090,107	)		(23,090,107	)
DoubleLine Multi-Asset Growth Fund (Consolidated)			—			7,880			(14,743	)		(92,740	)		(99,603	)
DoubleLine Long Duration Total Return Bond Fund			—			—			—			(488,523	)		(488,523	)
Swaps
DoubleLine Multi-Asset Growth Fund (Consolidated)		$	144,260		$	915,722		$	—		$	—		$	1,059,982
DoubleLine Shiller Enhanced CAPE^®			—			(20,806,955	)		—			—			(20,806,955	)
DoubleLine Strategic Commodity Fund (Consolidated)			6,506,240			—			—			—			6,506,240
DoubleLine Shiller Enhanced International CAPE^®			—			310,527			—			—			310,527
DoubleLine Real Estate and Income Fund			—			(2,493,696	)		—			—			(2,493,696	)
DoubleLine Multi-Asset Trend Fund (Consolidated)			(915,527	)		(429,171	)		—			—			(1,344,698	)
Net Change in Unrealized Appreciation (Depreciation) on:
Forwards
DoubleLine Shiller Enhanced International CAPE^®		$	—		$	—		$	691,720		$	—		$	691,720
Futures
DoubleLine Total Return Bond Fund		$	—		$	—		$	—		$	(272,394,859	)	$	(272,394,859	)
DoubleLine Core Fixed Income Fund			—			—			—			(43,418,049	)		(43,418,049	)
DoubleLine Multi-Asset Growth Fund (Consolidated)			—			(164,361	)		8,527			(10,016	)		(165,850	)
DoubleLine Long Duration Total Return Bond Fund			—			—			—			(1,731,847	)		(1,731,847	)
Swaps
DoubleLine Multi-Asset Growth Fund (Consolidated)		$	(7,064	)	$	(505,355	)	$	—		$	—		$	(512,419	)
DoubleLine Shiller Enhanced CAPE^®			—			126,135,802			—			—			126,135,802
DoubleLine Strategic Commodity Fund (Consolidated)			(1,218,045	)		—			—			—			(1,218,045	)
DoubleLine Shiller Enhanced International CAPE^®			—			(2,127,477	)		—			—			(2,127,477	)
DoubleLine Real Estate and Income Fund			—			1,496,799			—			—			1,496,799
DoubleLine Multi-Asset Trend Fund (Consolidated)			714,817			388,966			—			—			1,103,783

9. Offsetting Assets and Liabilities

The Funds are subject to various Master Netting Arrangements, which govern the terms of certain transactions with select counterparties. The Master Netting Arrangements are intended to allow the Funds to close out and net their total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty. The Master Netting Arrangements also specify collateral posting arrangements at pre-arranged exposure levels. Under the Master Netting Arrangements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Netting Arrangement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of Master Netting Arrangement.

As of September 30, 2023, the Funds held the following derivative instruments that were subject to offsetting on the Statements of Assets and Liabilities:

DoubleLine Shiller Enhanced CAPE^®

Assets:


Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities				Net Amounts presented in the Statement of Assets and Liabilities			Gross Amounts not offset in the Statement of Assets and Liabilities					Net Amount
Description	Gross Amounts of Recognized Assets										Financial Instruments			Cash Collateral Received		Net Amount

Swap Contracts		$	117,962,442		$	(54,490,779	)		$	63,471,663		$	60,142,623		$ —		$	3,329,040


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Notes to Financial Statements (Cont.)

Liabilities:


Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Assets and Liabilities				Net Amounts presented in the Statement of Assets and Liabilities			Gross Amounts not offset in the Statement of Assets and Liabilities					Net Amount
Description	Gross Amounts of Recognized Liabilities										Financial Instruments			Cash Collateral Pledged		Net Amount

Swap Contracts		$	60,931,672		$	(54,490,779	)		$	6,440,893		$	3,514,744		$ —		$	2,926,149

DoubleLine Strategic Commodity Fund (Consolidated)

Liabilities:


Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts presented in the Statement of Assets and Liabilities			Gross Amounts not offset in the Statement of Assets and Liabilities					Net Amount
Description	Gross Amounts of Recognized Liabilities									Financial Instruments			Cash Collateral Pledged		Net Amount

Swap Contracts		$	3,589,045		$	—		$	3,589,045		$	3,285,670		$ —		$	303,375

DoubleLine Shiller Enhanced International CAPE^®

Assets:


Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities				Net Amounts presented in the Statement of Assets and Liabilities			Gross Amounts not offset in the Statement of Assets and Liabilities					Net Amount
Description	Gross Amounts of Recognized Assets										Financial Instruments			Cash Collateral Received		Net Amount

Forwards		$	209,463		$	(209,463	)		$	—		$	—		$ —		$	—

Swap Contracts			148,769			(18,532	)			130,237			—		—			130,237

		$	358,232		$	(227,995	)		$	130,237		$	—		$ —		$	130,237

Liabilities:


Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Assets and Liabilities				Net Amounts presented in the Statement of Assets and Liabilities			Gross Amounts not offset in the Statement of Assets and Liabilities					Net Amount
Description	Gross Amounts of Recognized Liabilities										Financial Instruments			Cash Collateral Pledged		Net Amount

Forwards		$	1,128,942		$	(209,463	)		$	919,479		$	764,214		$ —		$	155,265

Swap Contracts			72,810			(18,532	)			54,278			22,774		—			31,504

		$	1,201,752		$	(227,995	)		$	973,757		$	786,988		$ —		$	186,769

DoubleLine Real Estate and Income Fund

Liabilities:


Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts presented in the Statement of Assets and Liabilities			Gross Amounts not offset in the Statement of Assets and Liabilities					Net Amount
Description	Gross Amounts of Recognized Liabilities									Financial Instruments			Cash Collateral Pledged		Net Amount

Swap Contracts		$	194,590		$	—		$	194,590		$	—		$194,590		$	—

DoubleLine Multi-Asset Trend Fund (Consolidated)

Assets:


Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities				Net Amounts presented in the Statement of Assets and Liabilities			Gross Amounts not offset in the Statement of Assets and Liabilities					Net Amount
Description	Gross Amounts of Recognized Assets										Financial Instruments			Cash Collateral Received		Net Amount

Swap Contracts		$	5,494		$	(5,494	)		$	—		$	—		$ —		$	—


122		DoubleLine Funds Trust

(Unaudited)

September 30, 2023

Liabilities:


Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Assets and Liabilities				Net Amounts presented in the Statement of Assets and Liabilities			Gross Amounts not offset in the Statement of Assets and Liabilities					Net Amount
Description	Gross Amounts of Recognized Liabilities										Financial Instruments			Cash Collateral Pledged		Net Amount

Swap Contracts		$	330,936		$	(5,494	)		$	325,442		$	325,442		$ —		$	—

10. Bank Loans

The Funds may make loans directly to borrowers and may acquire or invest in loans made by others (“loans”). The Funds may acquire a loan interest directly by acting as a member of the original lending syndicate. Alternatively, the Funds may acquire some or all of the interest of a bank or other lending institution in a loan to a particular borrower by means of a novation, an assignment or a participation. The loans in which the Funds may invest include those that pay fixed rates of interest and those that pay floating rates—i.e., rates that adjusted periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the Secured Overnight Financing Rate (SOFR) and secondarily, the prime rate offered by one or more United States banks (the Prime Rate). Base lending rates may be subject to a floor, or minimum rate. Rates for SOFR are generally 1 or 3 month tenors and may also be subject to a credit spread adjustment. The Funds may purchase and sell interests in bank loans on a when-issued and delayed delivery basis, with payment delivery scheduled for a future date.

Securities purchased on a delayed delivery basis are marked-to-market daily and no income accrues to the Funds prior to the date the Funds actually take delivery of such securities. These transactions are subject to market fluctuations and are subject, among other risks, to the risk that the value at delivery may be more or less than the trade purchase price.

11. Credit Facility

U.S. Bank, N.A. (the “Bank”) has made available to the Trust, excluding the DoubleLine Emerging Markets Local Currency Bond Fund, (the “DoubleLine Funds”) an uncommitted $725,000,000 credit facility for short term liquidity in connection with shareholder redemptions. Under the terms of the credit facility, borrowings for each DoubleLine Fund are limited to one-third of the total assets (including the amount borrowed) of such DoubleLine Fund. Fifty percent of the credit facility is available to all of the DoubleLine Funds, on a first come, first served basis. The remaining 50% of the credit facility is allocated among the DoubleLine Funds in accordance with procedures adopted by the Board. Borrowings under this credit facility bear interest at the greater of 0.00% or the Bank’s prime rate less 1.00%.

The Bank has also made available to the DoubleLine Floating Rate Fund a committed $50,000,000 credit facility. Borrowings under this credit facility bear interest at the greater of 0.00% or the Bank’s prime rate less 1.00%.

State Street Bank and Trust Company has made available to the DoubleLine Emerging Markets Local Currency Bond Fund an uncommitted $30,000,000 credit facility with an annual non-refundable facility fee of $50,000. Under the terms of the credit facility, borrowings are limited to 15% of the Fund’s total assets. Borrowings under this credit facility bear interest at 0.10% plus 1.25% plus the greater of the Federal Funds Rate or the Overnight Bank Funding Rate as in effect on that day.

For the period ended September 30, 2023, the Funds’ credit facility activity is as follows:



	Average Borrowings			Maximum Amount Outstanding			Interest Expense			Commitment Fee			Average Interest Rate

DoubleLine Emerging Markets Fixed Income Fund		$	1,303,778		$	3,023,000		$	4,807		$	—		7.40%

DoubleLine Floating Rate Fund		$	—		$	—		$	—		$	30,500		—

DoubleLine Low Duration Emerging Markets Fixed Income Fund		$	188,826		$	607,000		$	877		$	—		7.25%

DoubleLine Long Duration Total Return Bond Fund		$	1,609,000		$	1,609,000		$	324		$	—		7.25%

DoubleLine Infrastructure Income Fund		$	783,400		$	1,941,000		$	789		$	—		7.25%


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Notes to Financial Statements (Cont.)

12. Significant Shareholder Holdings

As of September 30, 2023, shareholders affiliated with the Funds and/or Advisers (other than other DoubleLine Funds) owned shares of the Funds as follows:



	Shares		% of Total Outstanding Shares - Per Class		% of Total Outstanding Shares - Total Fund

DoubleLine Emerging Markets Local Currency Bond Fund - Class I		1,070,026		84%		75%

DoubleLine Emerging Markets Local Currency Bond Fund - Class N		10,716		7%		75%

DoubleLine Real Estate and Income Fund - Class I		580,361		76%		70%

DoubleLine Real Estate and Income Fund - Class N		11,698		15%		70%

DoubleLine Multi-Asset Trend Fund (Consolidated) - Class I		1,223,474		75%		74%

DoubleLine Multi-Asset Trend Fund (Consolidated) - Class N		12,280		37%		74%

Investment activities of these shareholders could have a material affect on each Fund. See the description of Large Shareholder Risk in the following Principal Risks Note. For information on greater than 5% holders of certain Funds by other DoubleLine Funds, see Note 3 on Related and Other Party Transactions.

13. To-Be-Announced Securities

The Funds may invest in to-be-announced securities (“TBAs”). TBAs is a term that is generally used to describe forward-settling mortgage-backed securities. These TBAs are generally issued by U.S. Government Agencies or U.S. Government Sponsored Entities such as Freddie Mac, Fannie Mae and Ginnie Mae. The actual mortgage-backed security that will be delivered to the buyer at the time TBAs trades are entered is not known, however, the terms of the acceptable pools of loans that will comprise the mortgage- backed security are determined at the time the trade is entered into (coupon rate, maturity, credit quality, etc.). Investment in TBAs will generally increase the Fund’s exposure to interest rate risk and could also expose the Fund to counterparty default risk. In order to mitigate counterparty default risk, the Fund only enters TBAs with counterparties for which the risk of default is determined to be remote.

14. Principal Risks:

Below are summaries of some, but not all, of the principal risks of investing in one or more of the Funds, each of which could adversely affect a Fund’s NAV, yield and total return. Each risk listed below does not necessarily apply to each Fund, and you should read each Fund’s prospectus carefully for a description of the principal risks associated with investing in a particular Fund.

•

active management risk: the risk that a Fund will fail to meet its investment objective and that the Fund’s investment performance will depend, at least in part, on how its assets are allocated and reallocated among asset classes, sectors, underlying funds and/or investments and that such allocation will focus on asset classes, sectors, underlying funds, and/or investments that perform poorly or underperform other asset classes, sectors, underlying funds, and/or available investments. Any given investment strategy may fail to produce the intended results, and Fund’s portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the selection of investments, portfolio construction, risk assessments, and/or the outlook on market trends and opportunities.

•

asset-backed securities investment risk: the risk that borrowers may default on the obligations that underlie the asset- backed security and that, during periods of falling interest rates, asset-backed securities may be called or prepaid, which may result in a Fund having to reinvest proceeds in other investments at a lower interest rate, and the risk that the impairment of the value of the collateral underlying a security in which a Fund invests (due, for example, to non-payment of loans) will result in a reduction in the value of the security.

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cash position risk: the risk that to the extent that a Fund holds assets in cash, cash equivalents, and other short-term investments, the ability of the Fund to meet its objective may be limited.

•

collateralized debt obligations risk: the risks of an investment in a collateralized debt obligation (“CDO”) depend largely on the quality and type of the collateral and the tranche of the CDO in which a Fund invests. Normally, collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other CDOs are privately offered and sold, and thus are not registered under the securities laws. As a result, investments in CDOs may be illiquid. In addition to the risks associated with debt instruments (e.g., interest rate risk and credit risk), CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility that a Fund may invest in CDOs that are subordinate to other


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classes of the issuer’s securities; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

•

commodities risk: the risk that the value of a Fund’s shares may be affected by changes in the values of the Fund’s investment exposures to commodities or commodity-related instruments, which may be extremely volatile and difficult to value. The value of commodities and commodity-related instruments may be affected by market movements, commodity index volatility, changes in interest rates, or factors affecting supply, demand and/or other market fundamentals with respect to a particular sector, industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. A Fund will likely at times have significant exposure to particular sectors through its commodities-related investments, including, for example, the energy sector, industrial metals precious metals, and agricultural and livestock sectors and may be exposed to greater risk associated with events affecting those sectors.

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confidential information access risk: the risk that the intentional or unintentional receipt of material, non-public information (“Confidential Information”) by the Adviser could limit a Fund’s ability to sell certain investments held by the Fund or pursue certain investment opportunities on behalf of the Fund, potentially for a substantial period of time.

•

counterparty risk: the risk that a Fund will be subject to credit risk with respect to the counterparties to the derivative contracts and other instruments entered into directly by the Fund or held by special purpose or structured vehicles in which the Fund invests; that the Fund’s counterparty will be unable or unwilling to perform its obligations; that the Fund will be unable to enforce contractual remedies if its counterparty defaults; that if a counterparty (or an affiliate of a counterparty) becomes bankrupt, the Fund may experience significant delays in obtaining any recovery or may obtain limited or no recovery in a bankruptcy or other insolvency proceeding. To the extent that a Fund enters into multiple transactions with a single or a small set of counterparties, it will be subject to increased counterparty risk.

•

debt securities risks:

credit risk: the risk that an issuer, counterparty or other obligor to a Fund will fail to pay its obligations to the Fund when they are due, which may reduce the Fund’s income and/or reduce, in whole or in part, the value of the Fund’s investment. Actual or perceived changes in the financial condition of an obligor, changes in economic, social or political conditions that affect a particular type of security, instrument, or obligor, and changes in economic, social or political conditions generally can increase the risk of default by an obligor, which can affect a security’s or other instrument’s credit quality or value and an obligor’s ability to honor its obligations when due. The values of lower-quality debt securities (commonly known as “junk bonds”), including floating rate loans, tend to be particularly sensitive to these changes. The values of securities or instruments also may decline for a number of other reasons that relate directly to the obligor, such as management performance, financial leverage, and reduced demand for the obligor’s goods and services, as well as the historical and prospective earnings of the obligor and the value of its assets.

extension risk: the risk that if interest rates rise, repayments of principal on certain debt securities, including, but not limited to, floating rate loans and mortgage-related securities, may occur at a slower rate than expected and the expected maturity of those securities could lengthen as a result. Securities that are subject to extension risk generally have a greater potential for loss when prevailing interest rates rise, which could cause their values to fall sharply.

interest rate risk: the risk that debt instruments will change in value because of changes in interest rates. The value of an instrument with a longer duration (whether positive or negative) will be more sensitive to changes in interest rates than a similar instrument with a shorter duration.

prepayment risk: the risk that the issuer of a debt security, including floating rate loans and mortgage-related securities, repays all or a portion of the principal prior to the security’s maturity. In times of declining interest rates, there is a greater likelihood that a Fund’s higher yielding securities will be pre-paid with the Fund being unable to reinvest the proceeds in an investment with as great a yield. Prepayments can therefore result in lower yields to shareholders of a Fund.

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defaulted securities risk: the significant risk of the uncertainty of repayment of defaulted securities (e.g., a security on which a principal or interest payment is not made when due) and obligations of distressed issuers.

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derivatives risk: the risk that an investment in derivatives will not perform as anticipated by an Adviser, may not be available at the time or price desired, cannot be closed out at a favorable time or price, will increase a Fund’s transaction costs, or will increase a Fund’s volatility; that derivatives may create investment leverage; that, when a derivative is used as a substitute for or alternative to a direct cash investment, the transaction may not provide a return that corresponds precisely or at all with that of the cash investment; that the positions may be improperly executed or constructed; that the Fund’s


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Notes to Financial Statements (Cont.)

counterparty will be unable or unwilling to perform its obligations; or that, when used for hedging purposes, derivatives will not provide the anticipated protection, causing a Fund to lose money on both the derivatives transaction and the exposure the Fund sought to hedge. Recent changes in regulation relating to a Fund’s use of derivatives and related instruments could potentially limit or impact the Fund’s ability to invest in derivatives, limit the Fund’s ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund’s performance.

•

emerging market country risk: the risk that investing in emerging markets, as compared to foreign developed markets, increases the likelihood that a Fund will lose money, due to more limited information about the issuer and/or the security; higher brokerage costs; different accounting, auditing and financial reporting standards; less developed legal systems; fewer investor protections; less regulatory oversight; thinner trading markets; the possibility of currency blockages or transfer restrictions; an emerging market country’s dependence on revenue from particular commodities or international aid; and expropriation, nationalization or other adverse political or economic developments.

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equity issuer risk: the risk that the market price of common stocks and other equity securities may go up or down, sometimes rapidly or unpredictably, including due to factors affecting equity securities markets generally, particular industries represented in those markets, or the issuer itself.

•

financial services risk: the risk that an investment in issuers in the financial services sector or transactions with one or more counterparties in the financial services sector may be adversely affected by, among other things: (i) changes in governmental regulation, which may limit both the amounts and the types of loans and other financial commitments financial services companies can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain; (ii) fluctuations, including as a result of interest rate changes or increased competition, in the availability and cost of capital of funds on which the profitability of financial services companies is largely dependent; (iii) deterioration of the credit markets; (iv) credit losses resulting from financial difficulties of borrowers, especially when financial services companies are exposed to non-diversified or concentrated loan portfolios; (v) financial losses associated with investment activities, especially when financial services companies are exposed to financial leverage; (vi) the risk that any financial services company experiences substantial declines in the valuations of its assets, takes action to raise capital, or ceases operations; (vii) the risk that a market shock or other unexpected market, economic, political, regulatory, or other event might lead to a sudden decline in the values of most or all companies in the financial services sector; (viii) events leading to limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, leading to market-wide liquidity problems; and (ix) the interconnectedness or interdependence among financial services companies, including the risk that the financial distress or failure of one financial services company may materially and adversely affect a number of other financial services companies.

•

focused investment risk: the risk that a Fund that invests a substantial portion of its assets in a particular market, industry, sector, group of industries or sectors, country, region, group of countries or asset class is, relative to a Fund that invests in a more diverse investment portfolio, more susceptible to any single economic, market, political, regulatory or other occurrence. This is because, for example, issuers in a particular market, industry, region, sector or asset class may react similarly to specific economic, market, regulatory, political or other developments. The particular markets, industries, regions, sectors or asset classes in which the Fund may focus its investments may change over time and the Fund may alter its focus at inopportune times.

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foreign currency risk: the risk that fluctuations in exchange rates may adversely affect the value of a Fund’s investments denominated in foreign currencies.

•

foreign investing risk: the risk that investments in foreign securities or in issuers with significant exposure to foreign markets, as compared to investments in U.S. securities or in issuers with predominantly domestic market exposure, may be more vulnerable to economic, political, and social instability and subject to less government supervision, less protective custody practices, lack of transparency, inadequate regulatory and accounting standards, delayed or infrequent settlement of transactions, and foreign taxes. If a Fund buys securities denominated in a foreign currency, receives income in foreign currencies, or holds foreign currencies from time to time, the value of the Fund’s assets, as measured in U.S. dollars, can be affected unfavorably by changes in exchange rates relative to the U.S. dollar or other foreign currencies. Foreign markets are also subject to the risk that a foreign government could restrict foreign exchange transactions or otherwise implement unfavorable currency regulations. In addition, foreign securities may be subject to currency exchange rates or regulations, the imposition of economic sanctions, tariffs or other government restrictions, higher transaction and other costs, reduced liquidity, and delays in settlement.

•

high yield risk: the risk that debt instruments rated below investment grade or debt instruments that are unrated and of comparable or lesser quality are predominantly speculative. These instruments, commonly known as “junk bonds”, have a


126		DoubleLine Funds Trust

(Unaudited)

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higher degree of default risk and may be less liquid than higher-rated bonds. These instruments may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of high yield investments generally, and less secondary market liquidity.

•

index risk: the risk that the portion of a Fund invested in instruments based on an index or basket of commodities or that use an index or basket of commodities as the reference asset may not match or may underperform the return of the index or basket for a number of reasons, including, for example, (i) the performance of derivatives related to an index or basket in which a Fund invests may not correlate with the performance of the index or basket and/or may underperform the index or basket due to transaction costs, fees, or other aspects of the transaction’s pricing; (ii) the Fund may not be able to find counterparties willing to enter into derivative instruments whose returns are based on the return of the index or basket, or the Fund may be unable to find parties who are willing to do so at an acceptable cost or level of risk to the Fund; and (iii) errors may arise in carrying out an index’s methodology, or an index provider may incorrectly report information concerning the index. There can be no guarantee that any index, will be maintained indefinitely or that a Fund will be able to continue to utilize a specific index to implement the Fund’s principal investment strategies indefinitely.

•

inflation-indexed bond risk: the risk that such bonds will change in value in response to actual or anticipated changes in inflation rates in a manner unanticipated by a Fund’s portfolio management team or investors generally. Inflation-indexed bonds are subject to debt securities risks.

•

investment company and exchange-traded fund risk: the risk that an investment company or other pooled investment vehicle, including any exchange-traded funds (“ETFs”) or money market funds, in which a Fund invests will not achieve its investment objective or execute its investment strategies effectively or that significant purchase or redemption activity by shareholders of such an investment company might negatively affect the value of its shares. A Fund must pay its pro rata portion of an investment company’s fees and expenses. To the extent the Adviser determines to invest Fund assets in other investment companies, the Adviser will have an incentive to invest in other DoubleLine funds over investment companies sponsored or managed by others and to maintain such investments once made due to its own financial interest in those products and other business considerations.

•

large shareholder risk: the risk that certain account holders, including an Adviser or funds or accounts over which an Adviser (or related parties of an Adviser) has investment discretion, may from time to time own or control a significant percentage of a Fund’s shares. A Fund is subject to the risk that a redemption by those shareholders of all or a portion of their Fund shares, including as a result of an asset allocation decision made by an Adviser (or related parties of an Adviser), will adversely affect the Fund’s performance if it is forced to sell portfolio securities or invest cash when the Adviser would not otherwise choose to do so. Redemptions of a large number of shares may affect the liquidity of a Fund’s portfolio, increase a Fund’s transaction costs, and accelerate the realization of taxable income and/or gains to shareholders.

•

leveraging risk: the risk that certain investments by a Fund involving leverage may have the effect of increasing the volatility of value of the Fund’s portfolio, and the risk of loss in excess of invested capital.

•

limited operating history risk: the risk that a recently formed fund has a limited operating history to evaluate and may not attract sufficient assets to achieve or maximize investment and operational efficiencies.

•

liquidity risk: the risk that a Fund may be unable to sell a portfolio investment at a desirable time or at the value the Fund has placed on the investment.

•

loan risk: the risk that (i) if a Fund holds a loan through another financial institution, or relies on a financial institution to administer the loan, its receipt of principal and interest on the loan may be subject to the credit risk of that financial institution; (ii) any collateral securing a loan may be insufficient or unavailable to a Fund because, for example, the value of the collateral securing a loan can decline, be insufficient to meet the obligations of the borrower, or be difficult to liquidate, and the Fund’s rights to collateral may be limited by bankruptcy or insolvency laws; (iii) investments in highly leveraged loans or loans of stressed, distressed, or defaulted issuers may be subject to significant credit and liquidity risk; (iv) a bankruptcy or other court proceeding could delay or limit the ability of a Fund to collect the principal and interest payments on that borrower’s loans or adversely affect the Fund’s rights in collateral relating to a loan; (v) there may be limited public information available regarding the loan and the relevant borrower(s); (vi) the use of a particular interest rate benchmark may limit the Fund’s ability to achieve a net return to shareholders that consistently approximates the average published Prime Rate of U.S. banks; (vii) the prices of certain floating rate loans that include a feature that prevents their interest rates from adjusting if market interest rates are below a specified minimum level may appreciate less than other instruments in response to changes in interest rates should interest rates rise but remain below the applicable minimum level; (viii) if a borrower fails to comply with various restrictive covenants that may be found in loan agreements, the borrower may default in payment of the loan; (ix) if a Fund invests in loans that contain fewer or less restrictive constraints on the borrower than


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Notes to Financial Statements (Cont.)

certain other types of loans (“covenant-lite” loans), it may have fewer rights against the borrowers of such loans, including fewer protections against the possibility of default and fewer remedies in the event of default; (x) the loan is unsecured; (xi) there is a limited secondary market; (xii) transactions in loans may settle on a delayed basis, and the Fund may not receive the proceeds from the sale of a loan for a substantial period of time after the sale, which may result in sale proceeds related to the sale of loans not being available to make additional investments or to meet a Fund’s redemption obligations until potentially a substantial period after the sale of the loans; and (xiii) loans may be difficult to value and may be illiquid, which may adversely affect an investment in the Fund.

•

market capitalization risk: the risk that investing substantially in issuers in one market capitalization category (large, medium or small) may adversely affect a Fund because of unfavorable market conditions particular to that category of issuers, such as larger, more established companies being unable to respond quickly to new competitive challenges or attain the high growth rates of successful smaller companies, or, conversely, stocks of smaller companies being more volatile than those of larger companies due to, among other things, narrower product lines, more limited financial resources, fewer experienced managers and there typically being less publicly available information about small capitalization companies.

•

market risk: the risk that markets will perform poorly or that the returns from the securities in which a Fund invests will underperform returns from the general securities markets or other types of investments. Markets may, in response to governmental actions or intervention or general market conditions, including real or perceived adverse, political, economic or market conditions, tariffs and trade disruptions, inflation, recession, changes in interest or currency rates, lack of liquidity in the bond markets or adverse investor sentiments, or other external factors, experience periods of high volatility and reduced liquidity. During those periods, the Fund may experience high levels of shareholder redemptions, and may have to sell securities at times when the Fund would otherwise not do so, and potentially at unfavorable prices. Certain securities may be difficult to value during such periods. Market risk involves the risk that the value of the Fund’s investment portfolio will change, potentially frequently and in large amounts, as the prices of its investments go up or down. During periods of severe market stress, it is possible that the market for some or all of a Fund’s investments may become highly illiquid. Recently, there have been inflationary price movements. As such, fixed income securities markets may experience heightened levels of interest rate volatility and liquidity risk. The U.S. Federal Reserve has been raising interest rates from historically low levels and may continue to raise interest rates. Any additional interest rate increases in the future could cause the value of a Fund’s holdings to decrease.

•

mortgage-backed securities risk: the risk that borrowers may default on their mortgage obligations or the guarantees underlying the mortgage-backed securities will default or otherwise fail and that, during periods of falling interest rates, mortgage-backed securities will be called or prepaid, which may result in a Fund having to reinvest proceeds in other investments at a lower interest rate. During periods of rising interest rates, the average life of a mortgage-backed security may extend, which may lock in a below-market interest rate, increase the security’s duration, and reduce the value of the security. Enforcing rights against the underlying assets or collateral may be difficult, or the underlying assets or collateral may be insufficient if the issuer defaults. The values of certain types of mortgage-backed securities, such as inverse floaters and interest-only and principal-only securities, may be extremely sensitive to changes in interest rates and prepayment rates. A Fund may invest in mortgage-backed securities that are subordinate in their right to receive payment of interest and re-payment of principal to other classes of the issuer’s securities.

•

operational and information security risks: an investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in investment losses to a Fund, a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on a Fund. While a Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

•

portfolio turnover risk: the risk that frequent purchases and sales of portfolio securities may result in higher Fund expenses and may result in larger distributions of taxable capital gains to investors as compared to a fund that trades less frequently.

•

real estate sector risk: the risk that real estate-related investments may decline in value as a result of factors affecting the real estate sector, such as the supply of real property in certain markets, changes in zoning laws, delays in completion of construction, changes in real estate values, changes in property taxes, levels of occupancy, and local, regional, and general market conditions. Along with the risks common to different types of real estate-related investments, real estate investment trusts (“REITs”), no matter the type, involve additional risk factors, including poor performance by the REIT’s manager, adverse changes to the tax laws, and the possible failure by the REIT to qualify for the favorable tax treatment available to REITs under the Internal Revenue Code, or the exemption from registration under the 1940 Act. REITs are not diversified and are heavily dependent on cash flow earned on the property interests they hold.


128		DoubleLine Funds Trust

(Unaudited)

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•

restricted securities risk: the risk that a Fund may be prevented or limited by law or the terms of an agreement from selling a security (a “restricted security”). To the extent that a Fund is permitted to sell a restricted security, there can be no assurance that a trading market will exist at any particular time and a Fund may be unable to dispose of the security promptly at reasonable prices or at all. A Fund may have to bear the expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Also, restricted securities may be difficult to value because market quotations may not be readily available, and the values of restricted securities may have significant volatility.

•

securities or sector selection risk: the risk that the securities held by a Fund will underperform securities held in other funds investing in similar asset classes or comparable benchmarks because of the portfolio managers’ choice of securities or sectors for investment. To the extent a Fund allocates a higher percentage of its investment portfolio to a particular sector or related sectors, the Fund will be more susceptible to events or factors affecting companies in that sector or related sectors.

•

short position risk: the risk that an increase in the value of an instrument, index or interest rate with respect to which a Fund has established a short position will result in a loss to the Fund.

•

sovereign debt obligations risk: the risk that investments in debt obligations of sovereign governments may lose value due to the government entity’s unwillingness or inability to repay principal and interest when due in accordance with the terms of the debt or otherwise in a timely manner.

•

structured products and structured notes risk: the risk that an investment in a structured product, which includes, among other things, CDOs, mortgage-backed securities, other types of asset-backed securities and certain types of structured notes, may decline in value due to changes in the underlying instruments, indexes, interest rates or other factors on which the product is based (“reference measure”). Depending on the reference measure used and the use of multipliers or deflators (if any), changes in interest rates and movement of the reference measure may cause significant price and cash flow fluctuations. In addition to the general risks associated with fixed income securities discussed herein, structured products carry additional risks including, but not limited to: (i) the possibility that distributions from underlying investments will not be adequate to make interest or other payments; (ii) the quality of the underlying investments may decline in value or default; (iii) the possibility that the security may be subordinate to other classes of the issuer’s securities; (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results; and (v) because the structured products are generally privately offered and sold, they may be thinly traded or have a limited trading market, which may increase a Fund’s illiquidity and reduce the Fund’s income and the value of the investment, and the Fund may be unable to find qualified buyers for these securities.

•

tax risk: in order to qualify as a regulated investment company under the Internal Revenue Code, a Fund must meet requirements regarding, among other things, the source of its income. Certain investments in commodity-linked derivatives do not give rise to qualifying income for this purpose, and it is possible that certain investments in other commodity-linked instruments, ETFs and other investment pools will not give rise to qualifying income. Any income a Fund derives from investments in instruments that do not generate qualifying income must be limited to a maximum of 10% of a Fund’s annual gross income. If a Fund were to earn non-qualifying income in excess of 10% of its annual gross income, it could fail to qualify as a regulated investment company for that year. If a Fund were to fail to qualify as a regulated investment company, the Fund would be subject to tax and shareholders of the Fund would be subject to the risk of diminished returns.

•

U.S. Government securities risk: the risk that debt securities issued or guaranteed by certain U.S. Government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. Government, and so investments in their securities or obligations issued by them involve credit risk greater than investments in other types of U.S. Government securities.

•

valuation risk: the risk that a Fund will not value its investments in a manner that accurately reflects their market values or that the Fund will not be able to sell any investment at a price equal to the valuation ascribed to that investment for purposes of calculating the Fund’s NAV. The valuation of a Fund’s investments involves subjective judgment. Certain securities in which the Fund may invest may be more difficult to value accurately, especially during periods of market disruptions or extreme market volatility. Incorrect valuations of the Fund’s portfolio holdings could result in the Fund’s shareholder transactions being effected at an NAV that does not accurately reflect the underlying value of the Fund’s portfolio, resulting in the dilution of shareholder interests.


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Notes to Financial Statements (Cont.)

15. Recently Issued Accounting Pronouncements and Other Regulatory Matters

In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”). ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the London Interbank Offered Rate and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact of these amendments on the Funds’ financial statements.

In October 2022, the Securities and Exchange Commission (the “SEC”) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment. Management is currently evaluating the impact of these amendments on the Funds’ financial statements.

16. Subsequent Events

In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. On October 31, 2023, the DoubleLine Multi-Asset Growth Fund and the DoubleLine Real Estate and Income Fund were liquidated under a plan of liquidation previously approved by the Board. The Funds have determined there are no additional subsequent events that would need to be disclosed in the Funds’ financial statements.


130		DoubleLine Funds Trust

Shareholder Expenses

(Unaudited)

September 30, 2023

Example

As a shareholder of the Funds, you incur two basic types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution (12b-1) fees and other Fund expenses.

This Example is intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period April 1, 2023 through September 30, 2023. Expenses paid during the period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

Actual Expenses

The actual return columns in the following table provide information about account values based on actual returns and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the respective line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. In addition to the expenses shown below in the table, as a shareholder you will be assessed fees for outgoing wire transfers, returned checks and stop payment orders at prevailing rates charged by the funds’ transfer agent, U.S. Bancorp Fund Services, LLC (doing business as U.S. Bank Global Fund Services). Currently, if you request a redemption be made by wire, a $15.00 fee is charged by the Fund’s transfer agent. You will be charged a redemption fee equal to 1.00% of the net amount of the redemption if you redeem shares that have been held for 90 days or less in the DoubleLine Floating Rate Fund. An Individual Retirement Account (“IRA”) will be charged a $15.00 annual maintenance fee. The transfer agent charges a transaction fee of $25.00 on returned checks and stop payment orders. If you paid a transaction fee, you would add the fee amount to the expenses paid on your account this period to obtain your total expenses paid.

Hypothetical Example for Comparison Purposes

The hypothetical return columns in the following table provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect the transaction fees discussed above. Therefore, those columns are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.



								Actual						Hypothetical (5% return before expenses)

		Fund’s Annualized Expense Ratio^(b)			Beginning Account Value			Ending Account Value at 9/30/23			Expenses Paid During Period^(a)(b)			Ending Account Value at 9/30/23			Expenses Paid During Period^(a)(b)

DoubleLine Total Return Bond Fund	Class I		0.50	%		$	1,000		$	958		$	2.45		$	1,023		$	2.53

	Class N		0.75	%		$	1,000		$	956		$	3.67		$	1,021		$	3.79

	Class R6		0.43	%		$	1,000		$	957		$	2.10		$	1,023		$	2.17

DoubleLine Core Fixed Income Fund	Class I		0.44	%		$	1,000		$	965		$	2.16		$	1,023		$	2.23

	Class N		0.69	%		$	1,000		$	964		$	3.39		$	1,022		$	3.49

	Class R6		0.41	%		$	1,000		$	966		$	2.02		$	1,023		$	2.07

DoubleLine Emerging Markets Fixed Income Fund	Class I		0.90	%		$	1,000		$	1,007		$	4.52		$	1,021		$	4.55

	Class N		1.15	%		$	1,000		$	1,007		$	5.77		$	1,019		$	5.81

DoubleLine Multi-Asset Growth Fund (Consolidated)	Class I		1.04	%		$	1,000		$	982		$	5.15		$	1,020		$	5.25

	Class A		1.30	%		$	1,000		$	982		$	6.44		$	1,019		$	6.56

DoubleLine Low Duration Bond Fund	Class I		0.43	%		$	1,000		$	1,020		$	2.17		$	1,023		$	2.17

	Class N		0.68	%		$	1,000		$	1,020		$	3.43		$	1,022		$	3.44

	Class R6		0.39	%		$	1,000		$	1,021		$	1.97		$	1,023		$	1.97


				Semi-Annual Report		_\|		September 30, 2023		131


Shareholder Expenses (Cont.)



								Actual						Hypothetical (5% return before expenses)

		Fund’s Annualized Expense Ratio^(b)			Beginning Account Value			Ending Account Value at 9/30/23			Expenses Paid During Period^(a)(b)			Ending Account Value at 9/30/23			Expenses Paid During Period^(a)(b)

DoubleLine Floating Rate Fund	Class I		0.68	%		$	1,000		$	1,047		$	3.48		$	1,022		$	3.44

	Class N		0.93	%		$	1,000		$	1,045		$	4.76		$	1,020		$	4.70

DoubleLine Shiller Enhanced CAPE^®	Class I		0.56	%		$	1,000		$	1,036		$	2.85		$	1,022		$	2.83

	Class N		0.81	%		$	1,000		$	1,035		$	4.12		$	1,021		$	4.09

	Class R6		0.51	%		$	1,000		$	1,036		$	2.60		$	1,022		$	2.58

DoubleLine Flexible Income Fund	Class I		0.75	%		$	1,000		$	1,024		$	3.80		$	1,021		$	3.79

	Class N		1.00	%		$	1,000		$	1,022		$	5.05		$	1,020		$	5.05

	Class R6		0.70	%		$	1,000		$	1,023		$	3.54		$	1,022		$	3.54

DoubleLine Low Duration Emerging Markets Fixed Income Fund	Class I		0.59	%		$	1,000		$	1,022		$	2.98		$	1,022		$	2.98

	Class N		0.84	%		$	1,000		$	1,020		$	4.24		$	1,021		$	4.24

DoubleLine Long Duration Total Return Bond Fund	Class I		0.50	%		$	1,000		$	871		$	2.34		$	1,023		$	2.53

	Class N		0.75	%		$	1,000		$	871		$	3.51		$	1,021		$	3.79

DoubleLine Strategic Commodity Fund (Consolidated)	Class I		1.06	%		$	1,000		$	1,053		$	5.44		$	1,020		$	5.35

	Class N		1.31	%		$	1,000		$	1,053		$	6.72		$	1,018		$	6.61

DoubleLine Global Bond Fund	Class I		0.58	%		$	1,000		$	946		$	2.82		$	1,022		$	2.93

	Class N		0.83	%		$	1,000		$	944		$	4.03		$	1,021		$	4.19

DoubleLine Infrastructure Income Fund	Class I		0.56	%		$	1,000		$	989		$	2.79		$	1,022		$	2.83

	Class N		0.81	%		$	1,000		$	988		$	4.03		$	1,021		$	4.09

DoubleLine Shiller Enhanced International CAPE^®	Class I		0.62	%		$	1,000		$	947		$	3.02		$	1,022		$	3.13

	Class N		0.87	%		$	1,000		$	946		$	4.23		$	1,021		$	4.39

DoubleLine Real Estate and Income Fund	Class I		0.65	%		$	1,000		$	892		$	3.07		$	1,022		$	3.29

	Class N		0.90	%		$	1,000		$	891		$	4.25		$	1,021		$	4.55

DoubleLine Emerging Markets Local Currency Bond Fund	Class I		0.90	%		$	1,000		$	993		$	4.48		$	1,021		$	4.55

	Class N		1.15	%		$	1,000		$	992		$	5.73		$	1,019		$	5.81

DoubleLine Income Fund	Class I		0.65	%		$	1,000		$	1,022		$	3.29		$	1,022		$	3.29

	Class N		0.90	%		$	1,000		$	1,021		$	4.55		$	1,021		$	4.55

DoubleLine Multi-Asset Trend Fund (Consolidated)	Class I		0.33	%		$	1,000		$	1,003		$	1.65		$	1,023		$	1.67

	Class N		0.58	%		$	1,000		$	1,001		$	2.90		$	1,022		$	2.93

^(a) Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

^(b) Reflects fee waiver and expense limitation arrangements in effect during the period.


132		DoubleLine Funds Trust

Information About Proxy Voting

(Unaudited)

September 30, 2023

Information about how a Fund voted proxies relating to portfolio securities held during the most recent twelve month period ended June 30th is available no later than the following August 31st without charge, upon request, by calling 877-DLine11 (877-354-6311) and on the SEC’s website at www.sec.gov.

A description of the Funds’ proxy voting policies and procedures is available (i) without charge, upon request, by calling 877-DLine11 (877-354-6311); and (ii) on the SEC’s website at www.sec.gov.

Information About Portfolio Holdings

It is the policy of the Trust to provide certain unaudited information regarding the portfolio composition of the Funds as of each month-end to shareholders and others upon request to the Funds, beginning on the 15th calendar day after the end of the month (or, if not a business day, the next business day thereafter).

Shareholders and others who wish to obtain portfolio holdings for a particular month may make a request by contacting the Funds at no charge at 877-DLine11 (877-354-6311) between the hours of 7:00 a.m. and 5:00 p.m. Pacific time, Monday through Friday, beginning on the 15th day following the end of that month (or, if not a business day, the next business day thereafter). Requests for portfolio holdings may be made on a monthly basis pursuant to this procedure, or standing requests for portfolio holdings may be accepted.

The Trust is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Part F of Form N-PORT. When available, Part F of Form N-PORT is available on the SEC website at www.sec.gov.

This report includes summary Schedules of Investments for the DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund, DoubleLine Shiller Enhanced CAPE^® and DoubleLine Flexible Income Fund. A complete Schedule of Investments for each Fund may be obtained, without charge, upon request, by calling 877-DLine11 (877-354-6311) and on the SEC website at www.sec.gov.

Householding — Important Notice Regarding Delivery of Shareholder Documents

In an effort to conserve resources, the Funds intend to reduce the number of duplicate Prospectuses and Annual and Semi-Annual Reports you receive by sending only one copy of each to addresses where we reasonably believe two or more accounts are from the same family. If you would like to discontinue householding of your accounts, please call toll-free 877-DLine11 (877-354-6311) to request individual copies of these documents. We will begin sending individual copies thirty days after receiving your request to stop householding.


				Semi-Annual Report		_\|		September 30, 2023		133

Privacy Policy

(Unaudited)

September 30, 2023

What Does DoubleLine Do With Your Personal Information?

This notice provides information about how DoubleLine (“we,” “our” and “us”) collects, discloses, and protects your personal information, and how you might choose to limit our ability to disclose certain information about you. Please read this notice carefully.

Why We Need Your Personal Information

All financial companies need to disclose customers’ personal information to run their everyday businesses, to appropriately tailor the services offered (where applicable), and to comply with our regulatory obligations. Accordingly, information, confidential and proprietary, plays an important role in the success of our business. However, we recognize that you have entrusted us with your personal and financial data, and we recognize our obligation to keep this information secure. Maintaining your privacy is important to us, and we hold ourselves to a high standard in its safekeeping and use. Most importantly, DoubleLine does not sell its customers’ non-public personal information to any third parties. DoubleLine uses its customers’ non-public personal information primarily to complete financial transactions that its customers request (where applicable), to make its customers aware of other financial products and services offered by a DoubleLine affiliated company, and to satisfy obligations we owe to regulatory bodies.

Information We May Collect

We may collect various types of personal data about you, including:

•

Your personal identification information, which may include your name and passport information, your IP address, politically exposed person (“PEP”) status, and such other information as may be necessary for us to provide our services to you and to complete our customer due diligence process and discharge anti-money laundering obligations;

•

Your contact information, which may include postal address and e-mail address and your home and mobile telephone numbers;

•

Your family relationships, which may include your marital status, the identity of your spouse and the number of children that you have;

•

Your professional and employment information, which may include your level of education and professional qualifications, your employment, employer’s name and details of directorships and other offices which you may hold; and

•

Financial information, risk tolerance, sources of wealth and your assets, which may include details of shareholdings and beneficial interests in financial instruments, your bank details and your credit history.

Where We Obtain Your Personal Information

•

Information we receive about you on applications or other forms;

•

Information you may give us orally;

•

Information about your transactions with us or others;

•

Information you submit to us in correspondence, including emails or other electronic communications; and

•

Information about any bank account you use for transfers between your bank account and any DoubleLine investment account, including information provided when effecting wire transfers.

Information Collected From Websites

Websites maintained by DoubleLine or its service providers may use a variety of technologies to collect information that help DoubleLine and its service providers understand how the website is used. Information collected from your web browser (including small files stored on your device that are commonly referred to as “cookies”) allow the websites to recognize your web browser and help to personalize and improve your user experience and enhance navigation of the website. You can change your cookie preferences by changing the setting on your web browser to delete or reject cookies. If you delete or reject cookies, some website pages may not function properly. Our websites may contain links that are maintained or controlled by third parties with privacy policies that may differ, in some cases significantly, from the privacy policies described in this notice. Please read the privacy policies of such third parties and understand that accessing their websites is at your own risk. Please contact your DoubleLine representative if you would like to receive more information about the privacy policies of third parties.

We also use web analytics services, which currently include but are not limited to Google Analytics and Adobe Analytics. Such web analytics services use cookies and similar technologies to evaluate visitor’s use of the domain, compile statistical reports on domain activity, and provide other services related to our websites. For more information about Google Analytics, or to opt out of Google Analytics, please go to https://tools.google.com/dlpage/gaoptout. For more information about Adobe Analytics, or to opt out of Adobe Analytics, please go to: http://www.adobe.com/privacy/opt-out.html.


134		DoubleLine Funds Trust

(Unaudited)

September 30, 2023

How And Why We May Disclose Your Information

DoubleLine does not disclose any non-public personal information about our customers or former customers without the customer’s authorization, except that we may disclose the information listed above, as follows:

•

It may be necessary for DoubleLine to provide information to nonaffiliated third parties in connection with our performance of the services we have agreed to provide to you. For example, it might be necessary to do so in order to process transactions and maintain accounts.

•

DoubleLine will release any of the non-public information listed above about a customer if directed to do so by that customer or if DoubleLine is required or authorized by law to do so, such as for the purpose of compliance with regulatory requirements or in the case of a court order, legal investigation, or other properly executed governmental request.

•

In order to alert a customer to other financial products and services offered by an affiliate, DoubleLine may disclose information to an affiliate, including companies using the DoubleLine name. Such products and services may include, for example, other investment products offered by a DoubleLine company. If you prefer that we not disclose non-public personal information about you to our affiliates for this purpose, you may direct us not to make such disclosures (other than disclosures permitted by law) by contacting us at Privacy@DoubleLine.com or at 1 (800) 285-1545. If you limit this sharing and you have a joint account, your decision will be applied to all owners of the account.

We will limit access to your personal account information to those agents and vendors who need to know that information to provide products and services to you. We do not share your information to nonaffiliated third parties for marketing purposes. We maintain physical, electronic, and procedural safeguards to guard your non-public personal information.

Notice Related To The California Consumer Privacy Act (CCPA) And To “Natural Persons” Residing In The State Of California

DoubleLine collects and uses information that identifies, describes, references, links or relates to, or is associated with, a particular consumer or device (“Personal Information”). Personal Information we collect from our customers and consumers is covered under the Gramm-Leach-Bliley Act (“GLBA”) and is therefore excluded from the scope of the California Consumer Privacy Act, as amended by the California Privacy Rights Act (together, “CCPA”).

However, for California residents who are not DoubleLine customers or consumers, as those terms are defined by GLBA, the personal information we collect about you is subject to the CCPA. As such, you have privacy rights with respect to your personal information. Please review the following applicable California privacy notice that is available at https://www.doubleline.com, or by contacting us at Privacy@DoubleLine.com or at 1 (800) 285-1545.

CA Privacy Notice for Website Visitors, Media Subscribers and Business Representatives

CA Privacy Notice for Employees

Notice To “Natural Persons” Residing In The European Economic Area (The “EEA”)

If you reside in the EEA, we may transfer your personal information outside the EEA, and will ensure that it is protected and transferred in a manner consistent with legal requirements applicable to the information. This can be done in a number of different ways, for instance:

•

the country to which we send the personal information may have been assessed by the European Commission as providing an “adequate” level of protection for personal data; or

•

the recipient may have signed a contract based on standard contractual clauses approved by the European Commission.

In other circumstances, the law may permit us to otherwise transfer your personal information outside the EEA. In all cases, however, any transfer of your personal information will be compliant with applicable data protection law.

Notice To Investors In Cayman Islands Investment Funds

If you are a natural person, please review this notice as it applies to you directly. If you are a legal representative of a corporate or entity investor that provides us with any personal information about individuals (i.e., natural persons), you agree to furnish a copy of this notice to each such individual or otherwise advise them of its content.

Any international transfer of personal information will be compliant with the requirements of the Data Protection Act, 2017 of the Cayman Islands.

Privacy For Children

DoubleLine is concerned about the privacy of children. Our website and our services are not targeted at individuals under 18 years of age, and we do not knowingly collect any personal information from an individual under 18. If we learn that a child under the


				Semi-Annual Report		_\|		September 30, 2023		135


Privacy Policy (Cont.)

age of 13 (or such higher age as required by applicable law) has submitted personally identifiable information online without parental consent, we will take all reasonable measures to delete such information from its databases and to not use such information for any purpose (except where necessary to protect the safety of the child or others as required or allowed by law). If you become aware of any personally identifiable information, we have collected from children under 13 (or such higher age as required by applicable law), please contact us at Privacy@DoubleLine.com or at 1 (800) 285-1545. We do not sell or share any personal information and have no actual knowledge about selling or sharing personal information of individuals under the age of 16.

Retention Of Personal Information And Security

Your personal information will be retained for as long as required:

•

for the purposes for which the personal information was collected;

•

in order to establish or defend legal rights or obligations or to satisfy any reporting or accounting obligations; and/or

•

as required by data protection laws and any other applicable laws or regulatory requirements, including, but not limited to, U.S. laws and regulations applicable to our business.

We will undertake commercially reasonable efforts to protect the personal information that we hold with appropriate security measures.

Access To And Control Of Your Personal Information

Depending on your country of domicile or applicable law, you may have the following rights in respect of the personal information about you that we process:

•

the right to access and port personal information;

•

the right to rectify personal information;

•

the right to restrict the use of personal information;

•

the right to request that personal information is erased; and

•

the right to object to processing of personal information.

Although you have the right to request that your personal information be deleted at any time, applicable laws or regulatory requirements may prohibit us from doing so. In addition, if you invest in a DoubleLine fund through a financial intermediary, DoubleLine may not have access to personal information about you.

If you wish to exercise any of the rights set out above, please contact us at Privacy@DoubleLine.com or at 1 (800) 285-1545.

Changes To DoubleLine’s Privacy Policy

DoubleLine reserves the right to modify its privacy policy at any time, but in the event that there is a change that affects the content of this notice materially, DoubleLine will promptly inform its customers of such changes in accordance with applicable law.


136		DoubleLine Funds Trust

Investment Advisers:

DoubleLine Capital LP and DoubleLine Alternatives LP

2002 North Tampa Street

Suite 200

Tampa, FL 33602

Distributor:

Quasar Distributors, LLC

615 East Michigan Street

Milwaukee, WI 53202

Administrator and Transfer Agent:

U.S. Bancorp Fund Services, LLC

P.O. Box 701

Milwaukee, WI 53201

Custodians:

U.S. Bank, N.A.

1555 North River Center Drive

Suite 302

Milwaukee, WI 53212

State Street Bank and Trust Company

Channel Center

1 Iron Street

Boston, MA 02210

Independent Registered Public Accounting Firm:

PricewaterhouseCoopers LLP

601 South Figueroa Street

Los Angeles, CA 90017

Legal Counsel:

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

Contact Information:

doubleline.com

fundinfo@doubleline.com

(877) DLine11 or (877) 354-6311

DL-SEMI-ANNUAL-SC

DoubleLine || 2002 North Tampa Street, Suite 200 || Tampa, FL 33602 || (813) 791 7333

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

LOGO

(b) Not applicable.

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable to Registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

Item 6. Investments.

The information required by this Item 6 (except with respect to the DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund, DoubleLine Shiller Enhanced CAPE^® and DoubleLine Flexible Income Fund) is included as part of the semi-annual report to shareholders filed under Item 1 of this Form N-CSR.

Please note that the Registrant has included a summary schedule of portfolio securities of the DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund, DoubleLine Shiller Enhanced CAPE^®, and DoubleLine Flexible Income Fund in its semi-annual report to shareholders, a copy of which is included under Item 1, for this reporting period. The DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund, DoubleLine Shiller Enhanced CAPE^® and DoubleLine Flexible Income Fund’s complete schedule of investments in securities of unaffiliated issuers as of the close of this period as set forth in Section 210.12-12 of Regulation S-X is set forth below:

DoubleLine Total Return Bond Fund

Schedule of Investments

September 30, 2023 (Unaudited)


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $

	Asset Backed Obligations—4.5%
	3,596,243	AASET Ltd., Series 2018-1A-B		5.44	%(a)(b)		01/16/2038		755,179
	11,724,168	AASET Ltd., Series 2020-1A-A		3.35	%(a)		01/16/2040		9,980,456
	26,635,000	Affirm Asset Securitization Trust, Series 2023-B-A		6.82	%(a)		09/15/2028		26,688,749
	12,950,000	Aligned Data Centers Issuer LLC, Series 2021-1A-A2		1.94	%(a)		08/15/2046		11,343,196
	11,550,000	Aligned Data Centers Issuer LLC, Series 2021-1A-B		2.48	%(a)		08/15/2046		9,938,736
	1,093,912	Aqua Finance Trust, Series 2017-A-A		3.72	%(a)		11/15/2035		1,083,974
	21,177,500	Bojangles Issuer LLC, Series 2020-1A-A2		3.83	%(a)		10/20/2050		19,422,787
	2,321,049	Business Jet Securities LLC, Series 2020-1A-A		2.98	%(a)		11/15/2035		2,180,512
	9,737,500	Cajun Global LLC, Series 2021-1-A2		3.93	%(a)		11/20/2051		8,545,183
	12,977,900	CAL Funding Ltd., Series 2020-1A-A		2.22	%(a)		09/25/2045		11,315,864
	15,000,000	CANON, Series 2021-0001		3.50	%(b)		11/05/2023		15,000,000
	19,484,652	Carbon Level Mitigation Trust, Series 2021-3-CERT		1.93	%(a)(c)		09/08/2051		12,282,170
	9,921,162	Castlelake Aircraft Structured Trust, Series 2017-1R-A		2.74	%(a)		08/15/2041		9,077,447
	5,190,000	CLI Funding LLC, Series 2020-1A-A		2.08	%(a)		09/18/2045		4,490,518
	29,884,416	CLMTE, Series 2022-3		0.23	%(a)		11/21/2052		22,035,633
	11,995,313	Coinstar Funding LLC, Series 2017-1A-A2		5.22	%(a)		04/25/2047		10,031,710
	2,221,198	Commonbond Student Loan Trust, Series 2016-A-A1		3.32	%(a)		05/25/2040		2,084,994
	2,691,194	Credit Suisse ABS Trust, Series 2020-AT1-A		2.61	%(a)		10/15/2026		2,659,149
	18,200,000	CyrusOne Data Centers Issuer I LLC, Series 2023-1A-A2		4.30	%(a)		04/20/2048		16,080,579
	39,300,000	DataBank Issuer, Series 2021-1A-A2		2.06	%(a)		02/27/2051		34,565,289
	31,000,000	DataBank Issuer, Series 2021-2A-A2		2.40	%(a)		10/25/2051		26,750,350
	3,350,000	DataBank Issuer, Series 2021-2A-B		2.79	%(a)		10/25/2051		2,822,721
	28,246,875	DB Master Finance LLC, Series 2021-1A-A23		2.79	%(a)		11/20/2051		21,852,308
	6,000,000	Diamond Issuer, Series 2021-1A-B		2.70	%(a)		11/20/2051		4,912,950
	16,697,444	Dividend Solar Loans LLC, Series 2019-1-A		3.67	%(a)		08/22/2039		14,269,940
	28,611,516	ECAF Ltd., Series 2015-1A-A2		4.95	%(a)		06/15/2040		17,774,046
	1,433,840	Falcon Aerospace Ltd., Series 2017-1-A		4.58	%(a)		02/15/2042		1,352,885
	1,044,495	Foundation Finance Trust, Series 2019-1A-A		3.86	%(a)		11/15/2034		1,032,147
	9,817,897	GAIA Aviation Ltd., Series 2019-1-A		3.97	%(a)(d)		12/15/2044		8,768,118


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	22,197,870	Global SC Finance SRL, Series 2020-1A-A		2.17	%(a)		10/17/2040		19,789,992
	2,009,559	HERO Funding Trust, Series 2016-3A-A2		3.91	%(a)		09/20/2042		1,776,512
	5,334,253	HERO Funding Trust, Series 2016-4A-A2		4.29	%(a)		09/20/2047		4,752,612
	13,725,436	Horizon Aircraft Finance Ltd., Series 2019-1-A		3.72	%(a)		07/15/2039		11,865,612
	37,050,000	Jack in the Box Funding LLC, Series 2019-1A-A23		4.97	%(a)		08/25/2049		33,164,952
	5,508,375	Jersey Mike’s Funding, Series 2019-1A-A2		4.43	%(a)		02/15/2050		5,074,349
	20,640,000	Jimmy Johns Funding LLC, Series 2017-1A-A2II		4.85	%(a)		07/30/2047		19,037,764
	8,290,311	JOL Air Ltd., Series 2019-1-A		3.97	%(a)		04/15/2044		7,522,471
	53,858,461	Labrador Aviation Finance Ltd., Series 2016-1A-A1		4.30	%(a)		01/15/2042		46,273,143
	1,505,359	Loanpal Solar Loan Ltd., Series 2021-1GS-B		2.84	%(a)		01/20/2048		1,065,306
	11,762,700	Lunar Aircraft Ltd., Series 2020-1A-A		3.38	%(a)		02/15/2045		10,207,024
	1,083,594	Lunar Structured Aircraft Portfolio Notes, Series 2021-1-B		3.43	%(a)		10/15/2046		905,320
	32,850,125	ME Funding LLC, Series 2019-1-A2		6.45	%(a)		07/30/2049		32,240,414
	12,600,020	Mosaic Solar Loan Trust, Series 2017-2A-A		3.82	%(a)		06/22/2043		11,297,555
	7,505,369	Mosaic Solar Loan Trust, Series 2018-1A-A		4.01	%(a)		06/22/2043		6,757,221
	9,816,289	Mosaic Solar Loan Trust, Series 2018-2GS-A		4.20	%(a)		02/22/2044		8,750,792
	1,620,691	Mosaic Solar Loan Trust, Series 2019-1A-A		4.37	%(a)		12/21/2043		1,467,648
	23,000,000	Navient Private Education Loan Trust, Series 2017-A-B		3.91	%(a)		12/16/2058		22,037,002
	11,000,000	Navient Private Education Loan Trust, Series 2018-BA-B		4.13	%(a)		12/15/2059		9,903,112
	11,404,017	Navigator Aircraft Ltd., Series 2021-1-B		3.57	%(a)(d)		11/15/2046		9,347,736
	14,418,125	Neighborly Issuer LLC, Series 2021-1A-A2		3.58	%(a)		04/30/2051		12,078,295
	1,855,944	Oxford Finance Funding LLC, Series 2019-1A-A2		4.46	%(a)		02/15/2027		1,853,687
	13,600,000	Pagaya AI Debt Trust, Series 2023-5-A		7.18	%(a)		04/15/2031		13,624,071
	16,043,000	Pagaya AI Debt Trust, Series 2023-6-A		7.13	%(a)		06/16/2031		16,087,824
	33,354,724	Pioneer Aircraft Finance Ltd., Series 2019-1-A		3.97	%(a)		06/15/2044		28,874,117
	12,529,125	Primrose Funding LLC, Series 2019-1A-A2		4.48	%(a)		07/30/2049		11,663,307
	27,774,980	Project Silver, Series 2019-1-A		3.97	%(a)		07/15/2044		23,789,660
	25,039,950	Purewest Funding LLC, Series 2021-1-A1		4.09	%(a)		12/22/2036		23,766,160
	13,486,041	Raptor Aircraft Finance LLC, Series 2019-1-A		4.21	%(a)		08/23/2044		10,823,923
	33,926,943	Regional Ltd., Series 2021-1A-A		5.75	%		04/15/2041		30,433,757


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	6,832,330	Renew, Series 2017-2A-A		3.22	%(a)		09/22/2053		5,896,456
	29,811,127	Research-Driven Pagaya Motor Asset Trust, Series 2021-2A-A		2.65	%(a)		03/25/2030		26,617,860
	34,510,034	Sapphire Aviation Finance Ltd., Series 2020-1A-A		3.23	%(a)		03/15/2040		29,060,175
	9,037,185	Sapphire Aviation Finance Ltd., Series 2020-1A-B		4.34	%(a)(b)		03/15/2040		6,425,944
	17,705,625	SEB Funding LLC, Series 2021-1A-A2		4.97	%(a)		01/30/2052		15,851,901
	3,953,677	ServiceMaster Funding LLC, Series 2020-1-A2II		3.34	%(a)		01/30/2051		3,116,830
	18,894,210	Shenton Aircraft Investment Ltd., Series 2015-1A-A		4.75	%(a)		10/15/2042		16,120,351
	1,966,849	Sierra Timeshare Receivables Funding LLC, Series 2021-2A-C		1.95	%(a)		09/20/2038		1,798,269
	2,360,219	Sierra Timeshare Receivables Funding LLC, Series 2021-2A-D		3.23	%(a)		09/20/2038		2,130,016
	4,793,625	SLM Private Credit Student Loan Trust, Series 2006-A-A5, Series 2006-A-A5 (Secured Overnight Financing Rate 3 Month + 0.55%)		5.96	%		06/15/2039		4,625,398
	3,678,855	SLM Private Credit Student Loan Trust, Series 2006-B-A5, Series 2006-B-A5 (Secured Overnight Financing Rate 3 Month + 0.53%)		5.94	%		12/15/2039		3,532,392
	33,446,826	SoFi Alternative Consumer Loan Program, Series 2021-2-A		1.25	%(a)		08/15/2030		31,985,902
	500,000	SoFi Alternative Consumer Loan Program, Series 2021-2-R1		0.00	%(a)(b)(e)		08/15/2030		6,624,388
	8,752,063	SoFi Alternative Trust, Series 2021-1-PT2		9.72	%(a)(c)		05/25/2030		8,583,604
	36,921,304	SoFi Alternative Trust, Series 2021-3-A		1.50	%(a)		11/15/2030		35,247,329
	950,000	SoFi Alternative Trust, Series 2021-3-R1		0.00	%(a)(b)(e)		11/15/2030		15,967,592
	17,758,168	SoFi Professional Loan Program LLC, Series 2017-E-B		3.49	%(a)		11/26/2040		16,879,045
	13,000,000	SoFi Professional Loan Program LLC, Series 2017-E-C		4.16	%(a)		11/26/2040		11,658,772
	22,800,000	SoFi Professional Loan Program LLC, Series 2018-A-B		3.61	%(a)		02/25/2042		20,092,817
	18,000,000	SoFi Professional Loan Program Trust, Series 2018-B-BFX		3.83	%(a)		08/25/2047		16,072,961
	20,215,756	Sprite Ltd., Series 2021-1-A		3.75	%(a)		11/15/2046		18,151,363
	5,750,000	Stack Infrastructure Issuer LLC, Series 2020-1A-A2		1.89	%(a)		08/25/2045		5,224,444
	15,044,492	Start Ltd., Series 2018-1-A		4.09	%(a)		05/15/2043		13,324,320
	3,106,938	Stonepeak, Series 2021-1A-A		2.68	%(a)		02/28/2033		2,815,498
	5,955,805	Stonepeak, Series 2021-1A-B		3.82	%(a)		02/28/2033		5,105,620
	35,553,666	Sunbird Engine Finance LLC, Series 2020-1A-A		3.67	%(a)		02/15/2045		30,067,629
	12,371,758	Sunnova Helios Issuer LLC, Series 2018-1A-A		4.87	%(a)		07/20/2048		11,272,883
	11,687,329	Sunnova Helios Issuer LLC, Series 2019-AA-A		3.75	%(a)		06/20/2046		10,325,378
	12,517,171	Sunnova Helios Issuer LLC, Series 2021-C-B		2.33	%(a)		10/20/2048		10,200,148
	29,000,269	Sunnova Helios Sol Issuer LLC, Series 2020-2A-A		2.73	%(a)		11/01/2055		22,831,399


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	7,417,875	Taco Bell Funding LLC, Series 2021-1A-A23		2.54	%(a)		08/25/2051		5,663,594
	5,207,250	Taco Bell Funding LLC, Series 2021-1A-A2I		1.95	%(a)		08/25/2051		4,516,671
	13,700,000	TAL Advantage LLC, Series 2020-1A-A		2.05	%(a)		09/20/2045		12,054,140
	2,911,250	TAL Advantage LLC, Series 2020-1A-B		3.29	%(a)		09/20/2045		2,565,236
	8,558,455	Textainer Marine Containers Ltd., Series 2020-1A-A		2.73	%(a)		08/21/2045		7,784,025
	7,637,748	Textainer Marine Containers Ltd., Series 2020-2A-A		2.10	%(a)		09/20/2045		6,705,974
	2,488,120	Textainer Marine Containers Ltd., Series 2020-2A-B		3.34	%(a)		09/20/2045		2,192,407
	6,666,667	Textainer Marine Containers Ltd., Series 2021-3A-A		1.94	%(a)		08/20/2046		5,473,301
	1,980,633	Upgrade Master Credit Pass-Thru Trust, Series 2021-PT1-A		26.53	%(a)(c)		08/15/2027		1,615,503
	4,078,588	Upgrade Master Pass-Thru Trust, Series 2021-PT1-A		14.29	%(a)(c)		04/15/2027		3,800,106
	3,859,704	Upgrade Master Pass-Thru Trust, Series 2021-PT3-A		13.88	%(a)(c)		07/15/2027		3,533,389
	2,421,579	Upgrade Master Pass-Thru Trust, Series 2021-PT4-A		10.39	%(a)(c)		08/15/2027		2,307,634
	6,681,538	Upgrade Master Pass-Thru Trust, Series 2021-PT5-A		17.19	%(a)(c)		10/15/2027		6,185,581
	4,438,828	Upstart Pass-Through Trust, Series 2020-ST5-A		3.00	%(a)		12/20/2026		4,348,120
	3,728,867	Upstart Pass-Through Trust, Series 2021-ST1-A		2.75	%(a)		02/20/2027		3,632,118
	1,817,093	Upstart Securitization Trust, Series 2020-2-A		2.31	%(a)		11/20/2030		1,786,859
	271,723	Upstart Securitization Trust, Series 2021-3-A		0.83	%(a)		07/20/2031		270,822
	10,000,000	Upstart Securitization Trust, Series 2021-3-B		1.66	%(a)		07/20/2031		9,789,517
	7,500,000	Upstart Securitization Trust, Series 2021-3-C		3.28	%(a)		07/20/2031		6,850,568
	32,425,000	Vantage Data Centers LLC, Series 2020-2A-A2		1.99	%(a)		09/15/2045		27,161,712
	54,400,000	Vault DI Issuer LLC, Series 2021-1A-A2		2.80	%(a)		07/15/2046		47,367,881
	16,815,592	Vivint Solar Financing LLC, Series 2018-1A-A		4.73	%(a)		04/30/2048		15,109,675
	15,983,941	VR Funding LLC, Series 2020-1A-A		2.79	%(a)		11/15/2050		14,024,272
	6,663,755	Waterfall Commercial Mortgage Trust, Series 2015-SBC5-A		4.10	%(a)(c)		01/14/2026		6,361,820
	18,952,500	Wendy’s Funding LLC, Series 2019-1A-A2II		4.08	%(a)		06/15/2049		16,699,825
	43,163,730	Willis Engine Structured Trust, Series 2020-A-A		3.23	%(a)		03/15/2045		36,363,026
	10,342,500	Wingstop Funding LLC, Series 2020-1A-A2		2.84	%(a)		12/05/2050		8,982,400
	6,245,353	Zephyrus Capital Aviation Partners Ltd., Series 2018-1-A		4.61	%(a)		10/15/2038		5,441,338

	Total Asset Backed Obligations (Cost $1,630,100,444)								1,441,523,126


Principal Amount $/Shares			Security Description	Rate			Maturity		Value $

	Collateralized Loan Obligations—3.3%
	2,000,000		Anchorage Capital Ltd., Series 2014-3RA-B (Secured Overnight Financing Rate 3 Month + 1.76%)		7.13	%(a)		01/28/2031		1,972,000
	20,000,000		Anchorage Capital Ltd., Series 2018-10A-A1A (Secured Overnight Financing Rate 3 Month + 1.46%, 1.20% Floor)		6.77	%(a)		10/15/2031		19,967,000
	3,000,000		Apidos, Series 2013-12A-CR (Secured Overnight Financing Rate 3 Month + 2.06%)		7.37	%(a)		04/15/2031		2,926,255
	5,000,000		BlueMountain Ltd., Series 2018-2A-B (Secured Overnight Financing Rate 3 Month + 1.96%, 1.70% Floor)		7.33	%(a)		08/15/2031		4,930,000
	16,500,000	��	Capital Four Ltd., Series 2021-1A-A (Secured Overnight Financing Rate 3 Month + 1.47%, 1.21% Floor)		6.78	%(a)		01/18/2035		16,281,545
	18,500,000		Carlyle Global Market Strategies Ltd., Series 2022-2A-A2 (Secured Overnight Financing Rate 3 Month + 2.00%, 2.00% Floor)		7.33	%(a)		04/20/2035		18,383,450
	10,000,000		Cathedral Lake Ltd., Series 2021-8A-A1 (Secured Overnight Financing Rate 3 Month + 1.48%, 1.22% Floor)		6.82	%(a)		01/20/2035		9,884,584
	11,500,000		CIFC Funding Ltd., Series 2022-3A-B (Secured Overnight Financing Rate 3 Month + 2.00%, 2.00% Floor)		7.33	%(a)		04/21/2035		11,445,950
	3,500,000		Dryden Ltd., Series 2017-53A-B (Secured Overnight Financing Rate 3 Month + 1.66%)		6.97	%(a)		01/15/2031		3,468,850
	25,500,000		Elevation Ltd., Series 2018-9A-A1 (Secured Overnight Financing Rate 3 Month + 1.38%, 1.38% Floor)		6.69	%(a)		07/15/2031		25,415,901
	13,000,000		Franklin Park Place LLC, Series 2022-1A-A (Secured Overnight Financing Rate 3 Month + 1.40%, 1.40% Floor)		6.71	%(a)		04/14/2035		12,862,946
	58,370,000		Greywolf Ltd., Series 2018-1A-A1 (Secured Overnight Financing Rate 3 Month + 1.29%)		6.64	%(a)		04/26/2031		58,150,768
	2,108,959		Halcyon Loan Advisors Funding Ltd., Series 2014-2A-D (Secured Overnight Financing Rate 3 Month + 5.26%)		10.63	%(a)(b)		04/28/2025		495,632
	13,000,000		Halsey Point Ltd., Series 2019-1A-B1 (Secured Overnight Financing Rate 3 Month + 2.46%, 2.20% Floor)		7.79	%(a)		01/20/2033		12,994,939
	28,577,939		Harbourview LLC, Series 7RA-A1 (Secured Overnight Financing Rate 3 Month + 1.39%, 1.13% Floor)		6.70	%(a)		07/18/2031		28,489,762
	6,000,000		Jamestown Ltd., Series 2018-11A-A2 (Secured Overnight Financing Rate 3 Month + 1.96%)		7.27	%(a)		07/14/2031		5,952,000
	49,914,757		Jamestown Ltd., Series 2018-6RA-A1 (Secured Overnight Financing Rate 3 Month + 1.41%, 1.15% Floor)		6.76	%(a)		04/25/2030		49,802,449
	5,000,000		Jamestown Ltd., Series 2018-6RA-A2A (Secured Overnight Financing Rate 3 Month + 2.04%, 1.78% Floor)		7.39	%(a)		04/25/2030		4,983,500
	4,500,000		Jamestown Ltd., Series 2019-1A-A2 (Secured Overnight Financing Rate 3 Month + 2.41%, 2.15% Floor)		7.74	%(a)		04/20/2032		4,501,223
	15,000,000		LCM LP, Series 17A-A2RR (Secured Overnight Financing Rate 3 Month + 1.41%, 1.15% Floor)		6.72	%(a)		10/15/2031		14,852,907
	12,500,000		Marble Point Ltd., Series 2020-2A-A1R (Secured Overnight Financing Rate 3 Month + 1.47%, 1.21% Floor)		6.78	%(a)		10/15/2034		12,365,774
	55,000,000		Marble Point Ltd., Series 2021-2A-A (Secured Overnight Financing Rate 3 Month + 1.46%, 1.20% Floor)		6.81	%(a)		07/25/2034		54,443,790
	50,000,000		Marble Point Ltd., Series 2021-4A-A1 (3 Month LIBOR USD + 1.21%, 1.21% Floor)		6.82	%(a)		01/22/2035		49,827,545
	54,500,000		MidOcean Credit, Series 2018-9A-A1 (Secured Overnight Financing Rate 3 Month + 1.41%, 1.15% Floor)		6.74	%(a)		07/20/2031		54,377,375
	57,907,447		MKS Ltd., Series 2017-1A-AR (Secured Overnight Financing Rate 3 Month + 1.26%, 1.00% Floor)		6.59	%(a)		07/20/2030		57,750,576
	54,217,212		MKS Ltd., Series 2017-2A-A (Secured Overnight Financing Rate 3 Month + 1.45%, 1.19% Floor)		6.78	%(a)		01/20/2031		54,025,272
	34,148,131		MP Ltd., Series 2013-1A-AR (Secured Overnight Financing Rate 3 Month + 1.51%)		6.84	%(a)		10/20/2030		34,128,472
	30,000,000		Nassau Ltd., Series 2018-IA-A (Secured Overnight Financing Rate 3 Month + 1.41%)		6.72	%(a)		07/15/2031		29,756,274
	25,616,514		Northwoods Capital Ltd., Series 2018-11BA-A1 (Secured Overnight Financing Rate 3 Month + 1.36%, 1.10% Floor)		6.68	%(a)		04/19/2031		25,538,365


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	75,000,000	OFSI Fund Ltd., Series 2018-1A-A (Secured Overnight Financing Rate 3 Month + 1.41%, 1.15% Floor)		6.72	%(a)		07/15/2031		74,548,785
	8,000,000	Prudential PLC, Series 2018-1A-A (Secured Overnight Financing Rate 3 Month + 1.41%)		6.72	%(a)		07/15/2031		7,959,412
	2,500,000	Regatta Funding Ltd., Series 2018-1A-B (Secured Overnight Financing Rate 3 Month + 1.91%)		7.22	%(a)		07/17/2031		2,482,250
	25,000,000	Sound Point Ltd., Series 2013-3RA-A (Secured Overnight Financing Rate 3 Month + 1.41%, 1.15% Floor)		6.72	%(a)		04/18/2031		24,792,943
	18,000,000	Sound Point Ltd., Series 2018-2A-C (Secured Overnight Financing Rate 3 Month + 2.21%)		7.56	%(a)		07/26/2031		17,362,440
	28,000,000	Sound Point Ltd., Series 2018-3A-A1A (Secured Overnight Financing Rate 3 Month + 1.44%, 1.18% Floor)		6.79	%(a)		10/26/2031		27,687,850
	25,250,000	Sound Point Ltd., Series 2020-2A-AR (Secured Overnight Financing Rate 3 Month + 1.44%, 1.18% Floor)		6.79	%(a)		10/25/2034		25,056,918
	12,808,983	Steele Creek Ltd., Series 2014-1RA-A (Secured Overnight Financing Rate 3 Month + 1.33%, 1.07% Floor)		6.67	%(a)		04/21/2031		12,792,972
	32,659,932	Steele Creek Ltd., Series 2016-1A-AR (Secured Overnight Financing Rate 3 Month + 1.38%, 1.12% Floor)		6.79	%(a)		06/15/2031		32,402,852
	10,000,000	Steele Creek Ltd., Series 2019-1A-BR (Secured Overnight Financing Rate 3 Month + 2.06%, 1.80% Floor)		7.37	%(a)		04/15/2032		9,833,000
	4,000,000	THL Credit Wind River Ltd., Series 2013-2A-CR (Secured Overnight Financing Rate 3 Month + 2.26%)		7.57	%(a)		10/18/2030		3,892,444
	17,389,727	THL Credit Wind River Ltd., Series 2014-2A-AR (Secured Overnight Financing Rate 3 Month + 1.40%, 1.14% Floor)		6.71	%(a)		01/15/2031		17,304,592
	20,000,000	Trimaran CAVU LLC, Series 2021-3A-A (Secured Overnight Financing Rate 3 Month + 1.47%, 1.21% Floor)		6.78	%(a)		01/18/2035		19,831,544
	15,000,000	Unity-Peace Park Ltd., Series 2022-1A-B (Secured Overnight Financing Rate 3 Month + 2.00%, 2.00% Floor)		7.33	%(a)		04/20/2035		14,907,000
	60,500,000	Vibrant Ltd., Series 2018-10A-A1 (Secured Overnight Financing Rate 3 Month + 1.46%, 1.20% Floor)		6.79	%(a)		10/20/2031		60,219,583
	40,500,000	Wellfleet Ltd., Series 2018-2A-A1 (Secured Overnight Financing Rate 3 Month + 1.46%, 1.20% Floor)		6.79	%(a)		10/20/2031		40,429,125

	Total Collateralized Loan Obligations (Cost $1,076,136,112)								1,071,478,814

	Non-Agency Commercial Mortgage Backed Obligations—7.3%
	7,949,000	20 Times Square Trust, Series 2018-20TS-F		3.20	%(a)(c)		05/15/2035		5,567,605
	5,856,000	20 Times Square Trust, Series 2018-20TS-G		3.20	%(a)(c)		05/15/2035		3,984,515
	2,010,000	ACRE Commercial Mortgage Ltd., Series 2021-FL4-B (Secured Overnight Financing Rate 1 Month + 1.51%, 1.40% Floor)		6.85	%(a)		12/18/2037		1,943,358
	11,551,000	Alen Mortgage Trust, Series 2021-ACEN-E (Secured Overnight Financing Rate 1 Month + 4.11%, 4.00% Floor)		9.45	%(a)		04/15/2034		6,011,556
	21,947,000	Arbor Multifamily Mortgage Securities Trust, Series 2021-MF3-XB		0.60	%(a)(c)(f)		10/15/2054		695,237
	6,300,000	Arbor Realty Ltd., Series 2021-FL1-B (Secured Overnight Financing Rate 1 Month + 1.61%, 1.50% Floor)		6.95	%(a)		12/15/2035		6,131,941
	10,001,000	Atrium Hotel Portfolio Trust, Series 2018-ATRM-A (Secured Overnight Financing Rate 1 Month + 1.25%, 0.95% Floor)		6.58	%(a)		06/15/2035		9,810,502
	35,435,000	BAMLL Commercial Mortgage Securities Trust, Series 2020-BOC-D		3.29	%(a)(c)		01/15/2032		22,874,423
	7,505,000	BAMLL Commercial Mortgage Securities Trust, Series 2020-BOC-E		3.29	%(a)(c)		01/15/2032		4,617,816
	43,949,756	Bank of America Merrill Lynch Commercial Mortgage Trust, Series 2015-UBS7-XA		0.89	%(c)(f)		09/15/2048		498,636
	2,121,000	Bank of America Merrill Lynch Commercial Mortgage Trust, Series 2016-UB10-C		4.99	%(c)		07/15/2049		1,830,607


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	3,554,000	BANK, Series 2017-BNK4-C		4.37	%(c)		05/15/2050		2,887,572
	32,117,383	BANK, Series 2017-BNK4-XA		1.50	%(c)(f)		05/15/2050		1,160,449
	4,916,000	BANK, Series 2017-BNK5-B		3.90	%(c)		06/15/2060		4,208,359
	1,960,000	BANK, Series 2017-BNK5-C		4.33	%(c)		06/15/2060		1,582,059
	73,132,851	BANK, Series 2017-BNK5-XA		1.08	%(c)(f)		06/15/2060		1,949,480
	144,087,425	BANK, Series 2018-BN10-XA		0.83	%(c)(f)		02/15/2061		3,532,865
	90,680,220	BANK, Series 2019-BN16-XA		1.10	%(c)(f)		02/15/2052		3,568,992
	43,097,000	BANK, Series 2019-BN19-AS		3.45	%		08/15/2061		35,293,594
	1,099,000	BANK, Series 2019-BN20-AS		3.24	%(c)		09/15/2062		888,028
	5,000,000	BANK, Series 2019-BN21-C		3.52	%(c)		10/17/2052		3,235,725
	62,007,000	BANK, Series 2020-BN30-XB		0.83	%(c)(f)		12/15/2053		2,537,940
	112,743,000	BANK, Series 2021-BN35-XB		0.70	%(c)(f)		06/15/2064		4,252,035
	174,257,690	Barclays Commercial Mortgage Trust, Series 2019-C4-XA		1.70	%(c)(f)		08/15/2052		11,105,931
	73,270,102	Barclays Commercial Mortgage Trust, Series 2019-C5-XA		1.00	%(c)(f)		11/15/2052		2,463,253
	158,210	BBCMS Mortgage Trust, Series 2018-BXH-A (Secured Overnight Financing Rate 1 Month + 1.05%, 1.00% Floor)		6.38	%(a)		10/15/2037		155,859
	45,454,000	BBCMS Mortgage Trust, Series 2018-CBM-A (Secured Overnight Financing Rate 1 Month + 1.30%, 1.25% Floor)		6.63	%(a)		07/15/2037		44,728,250
	15,385,000	BBCMS Mortgage Trust, Series 2018-CBM-E (Secured Overnight Financing Rate 1 Month + 3.85%, 3.55% Floor)		9.18	%(a)		07/15/2037		14,059,993
	5,775,000	BBCMS Mortgage Trust, Series 2018-TALL-F (Secured Overnight Financing Rate 1 Month + 3.43%, 3.39% Floor)		8.77	%(a)		03/15/2037		2,920,018
	11,799,000	BBCMS Mortgage Trust, Series 2020-C6-F5TB		3.81	%(a)(c)		02/15/2053		7,778,521
	12,497,250	BBCMS Mortgage Trust, Series 2020-C6-F5TC		3.81	%(a)(c)		02/15/2053		7,937,200
	93,426,050	BBCMS Mortgage Trust, Series 2020-C6-XA		1.16	%(c)(f)		02/15/2053		4,388,661
	34,040,000	BBCMS Mortgage Trust, Series 2021-C11-XB		1.08	%(c)(f)		09/15/2054		2,130,427
	135,762,173	BBCMS Mortgage Trust, Series 2021-C9-XA		1.74	%(c)(f)		02/15/2054		11,203,977
	68,467,000	BBCMS Mortgage Trust, Series 2021-C9-XB		1.12	%(c)(f)		02/15/2054		3,944,528
	35,406,798	Benchmark Mortgage Trust, Series 2018-B7-XA		0.57	%(c)(f)		05/15/2053		537,801
	27,699,093	Benchmark Mortgage Trust, Series 2018-B8-XA		0.78	%(c)(f)		01/15/2052		663,895
	77,218,610	Benchmark Mortgage Trust, Series 2019-B9-XA		1.18	%(c)(f)		03/15/2052		3,218,719
	74,929,211	Benchmark Mortgage Trust, Series 2020-B16-XA		0.92	%(c)(f)		02/15/2053		3,240,111
	75,209,912	Benchmark Mortgage Trust, Series 2020-B17-XA		1.54	%(c)(f)		03/15/2053		3,949,701
	13,462,000	Benchmark Mortgage Trust, Series 2020-B18-AGND		3.74	%(a)		07/15/2053		12,053,949


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	2,432,000	Benchmark Mortgage Trust, Series 2020-B18-AGNE		3.76	%(a)		07/15/2053		2,148,079
	90,988,117	Benchmark Mortgage Trust, Series 2020-B18-XA		1.91	%(c)(f)		07/15/2053		6,206,891
	237,583,655	Benchmark Mortgage Trust, Series 2020-B19-XA		1.88	%(c)(f)		09/15/2053		16,231,121
	70,759,583	Benchmark Mortgage Trust, Series 2020-B22-XA		1.63	%(c)(f)		01/15/2054		5,722,582
	275,367,278	Benchmark Mortgage Trust, Series 2020-IG1-XA		0.61	%(c)(f)		09/15/2043		6,339,505
	232,496,212	Benchmark Mortgage Trust, Series 2021-B24-XA		1.27	%(c)(f)		03/15/2054		12,976,590
	121,115,558	Benchmark Mortgage Trust, Series 2021-B28-XA		1.39	%(c)(f)		08/15/2054		8,067,798
	59,609,000	Benchmark Mortgage Trust, Series 2021-B28-XB		1.07	%(c)(f)		08/15/2054		3,604,556
	66,420,000	Benchmark Mortgage Trust, Series 2021-B29-XB		0.81	%(c)(f)		09/15/2054		2,951,618
	364,095,274	Benchmark Mortgage Trust, Series 2021-B30-XA		0.92	%(c)(f)		11/15/2054		17,601,749
	30,009,000	BF Mortgage Trust, Series 2019-NYT-D (Secured Overnight Financing Rate 1 Month + 2.05%, 2.00% Floor)		7.38	%(a)		12/15/2035		19,639,039
	14,537,000	BHMS Mortgage Trust, Series 2018-ATLS-A (Secured Overnight Financing Rate 1 Month + 1.55%, 1.50% Floor)		6.88	%(a)		07/15/2035		14,364,767
	598,840	Braemar Hotels & Resorts Trust, Series 2018-PRME-A (Secured Overnight Financing Rate 1 Month + 0.99%, 0.95% Floor)		6.33	%(a)		06/15/2035		594,315
	10,579,000	BSPRT Issuer Ltd., Series 2021-FL6-A (Secured Overnight Financing Rate 1 Month + 1.21%, 1.10% Floor)		6.55	%(a)		03/15/2036		10,453,089
	5,160,000	BX Trust, Series 2019-IMC-F (Secured Overnight Financing Rate 1 Month + 3.01%, 2.90% Floor)		8.35	%(a)		04/15/2034		5,062,009
	173,184,000	BX Trust, Series 2019-OC11-E		4.08	%(a)(c)		12/09/2041		138,639,663
	326,679,000	BX Trust, Series 2019-OC11-XB		0.32	%(a)(c)(f)		12/09/2041		3,662,856
	3,450,000	BX Trust, Series 2021-VIEW-F (Secured Overnight Financing Rate 1 Month + 4.04%, 3.93% Floor)		9.38	%(a)		06/15/2036		3,066,047
	56,748,000	BX Trust, Series 2021-VOLT-E (Secured Overnight Financing Rate 1 Month + 2.11%, 2.00% Floor)		7.45	%(a)		09/15/2036		54,241,129
	3,745,000	BX Trust, Series 2021-VOLT-F (Secured Overnight Financing Rate 1 Month + 2.51%, 2.40% Floor)		7.85	%(a)		09/15/2036		3,527,578
	3,926,071	BX Trust, Series 2021-XL2-E (Secured Overnight Financing Rate 1 Month + 1.96%, 1.85% Floor)		7.29	%(a)		10/15/2038		3,786,513
	63,384,099	California Housing Finance, Series 2021-2-X		0.82	%(c)		03/25/2035		3,125,470
	70,687,084	CD Commercial Mortgage Trust, Series 2017-CD4-XA		1.38	%(c)(f)		05/10/2050		2,328,666
	5,723,000	CD Commercial Mortgage Trust, Series 2017-CD6-B		3.91	%(c)		11/13/2050		4,599,466
	5,175,000	CD Commercial Mortgage Trust, Series 2017-CD6-C		4.37	%(c)		11/13/2050		4,067,285
	42,467,863	CD Commercial Mortgage Trust, Series 2017-CD6-XA		1.01	%(c)(f)		11/13/2050		981,250
	7,155,000	CFCRE Commercial Mortgage Trust, Series 2016-C4-C		5.00	%(c)		05/10/2058		6,349,382
	76,359,958	CFCRE Commercial Mortgage Trust, Series 2016-C4-XA		1.76	%(c)(f)		05/10/2058		2,272,564
	5,000,000	CFCRE Commercial Mortgage Trust, Series 2016-C6-C		4.32	%(c)		11/10/2049		4,050,631
	5,275,000	CHCP Ltd., Series 2021-FL1-B (Secured Overnight Financing Rate 1 Month + 1.76%, 1.65% Floor)		7.10	%(a)		02/15/2038		5,113,807


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	101,424,292	Citigroup Commercial Mortgage Trust, Series 2014-GC19-XA		1.24	%(c)(f)		03/11/2047		16,745
	65,390,911	Citigroup Commercial Mortgage Trust, Series 2014-GC21-XA		1.28	%(c)(f)		05/10/2047		171,030
	157,383,075	Citigroup Commercial Mortgage Trust, Series 2014-GC25-XA		1.09	%(c)(f)		10/10/2047		879,803
	9,978,000	Citigroup Commercial Mortgage Trust, Series 2015-GC27-C		4.57	%(c)		02/10/2048		9,095,410
	3,685,000	Citigroup Commercial Mortgage Trust, Series 2015-GC27-D		4.57	%(a)(c)		02/10/2048		3,107,904
	163,174,133	Citigroup Commercial Mortgage Trust, Series 2015-GC27-XA		1.45	%(c)(f)		02/10/2048		1,841,991
	14,310,000	Citigroup Commercial Mortgage Trust, Series 2015-GC33-C		4.73	%(c)		09/10/2058		11,455,566
	153,437,669	Citigroup Commercial Mortgage Trust, Series 2015-GC33-XA		1.02	%(c)(f)		09/10/2058		2,092,920
	95,041,444	Citigroup Commercial Mortgage Trust, Series 2016-C1-XA		1.98	%(c)(f)		05/10/2049		3,469,706
	191,629,902	Citigroup Commercial Mortgage Trust, Series 2016-GC36-XA		1.37	%(c)(f)		02/10/2049		4,220,764
	32,830,351	Citigroup Commercial Mortgage Trust, Series 2016-GC37-XA		1.81	%(c)(f)		04/10/2049		995,715
	91,336,637	Citigroup Commercial Mortgage Trust, Series 2016-P3-XA		1.82	%(c)(f)		04/15/2049		2,433,656
	52,102,447	Citigroup Commercial Mortgage Trust, Series 2016-P4-XA		2.05	%(c)(f)		07/10/2049		2,010,988
	84,871,889	Citigroup Commercial Mortgage Trust, Series 2016-P5-XA		1.52	%(c)(f)		10/10/2049		2,611,584
	220,696,990	Citigroup Commercial Mortgage Trust, Series 2017-B1-XA		0.87	%(c)(f)		08/15/2050		5,080,224
	37,637,079	Citigroup Commercial Mortgage Trust, Series 2017-P7-XA		1.26	%(c)(f)		04/14/2050		1,101,171
	3,625,000	Citigroup Commercial Mortgage Trust, Series 2020-420K-D		3.42	%(a)(c)		11/10/2042		2,582,584
	7,800,000	Citigroup Commercial Mortgage Trust, Series 2020-420K-E		3.42	%(a)(c)		11/10/2042		5,263,167
	23,804,000	Citigroup Commercial Mortgage Trust, Series 2020-555-E		3.62	%(a)(c)		12/10/2041		17,086,764
	4,175,000	Citigroup Commercial Mortgage Trust, Series 2020-555-F		3.62	%(a)(c)		12/10/2041		2,915,123
	2,853,000	Citigroup Commercial Mortgage Trust, Series 2020-GC46-B		3.15	%(c)		02/15/2053		2,022,135
	1,280,182	CLNC Ltd., Series 2019-FL1-A (Secured Overnight Financing Rate 1 Month + 1.36%, 1.25% Floor)		6.69	%(a)		08/20/2035		1,281,462
	32,731,000	CLNC Ltd., Series 2019-FL1-AS (Secured Overnight Financing Rate 1 Month + 1.66%, 1.55% Floor)		6.99	%(a)		08/20/2035		32,462,606
	29,797,989	CLNC Ltd., Series 2019-FL1-B (Secured Overnight Financing Rate 1 Month + 2.01%, 1.90% Floor)		7.34	%(a)		08/20/2035		29,128,667
	10,585,000	COMM Mortgage Trust, Series 2014-LC17-AM		4.19	%(c)		10/10/2047		10,165,705
	4,400,000	COMM Mortgage Trust, Series 2015-PC1-A5		3.90	%		07/10/2050		4,230,032
	1,058,398	Commercial Mortgage Pass-Through Trust, Series 2012-CR3-XA		1.02	%(c)(f)		10/15/2045		49
	61,441,262	Commercial Mortgage Pass-Through Trust, Series 2013-CR12-XA		0.99	%(c)(f)		10/10/2046		3,017
	843,000	Commercial Mortgage Pass-Through Trust, Series 2013-CR13-C		4.95	%(c)		11/10/2046		754,489
	4,345,000	Commercial Mortgage Pass-Through Trust, Series 2014-CR16-C		5.08	%(c)		04/10/2047		3,691,354


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	7,635,000	Commercial Mortgage Pass-Through Trust, Series 2014-CR19-C		4.85	%(c)		08/10/2047		7,015,448
	25,400,000	Commercial Mortgage Pass-Through Trust, Series 2014-CR20-C		4.60	%(c)		11/10/2047		22,840,485
	88,343,181	Commercial Mortgage Pass-Through Trust, Series 2014-UBS3-XA		1.21	%(c)(f)		06/10/2047		204,170
	833,000	Commercial Mortgage Pass-Through Trust, Series 2015-3BP-F		3.35	%(a)(c)		02/10/2035		696,151
	147,021,539	Commercial Mortgage Pass-Through Trust, Series 2015-CR22-XA		0.95	%(c)(f)		03/10/2048		1,215,030
	5,360,000	Commercial Mortgage Pass-Through Trust, Series 2015-CR23-C		4.44	%(c)		05/10/2048		4,693,838
	73,806,518	Commercial Mortgage Pass-Through Trust, Series 2015-CR26-XA		1.04	%(c)(f)		10/10/2048		961,204
	17,822,000	Commercial Mortgage Pass-Through Trust, Series 2015-DC1-C		4.44	%(c)		02/10/2048		14,840,411
	256,997,686	Commercial Mortgage Pass-Through Trust, Series 2015-DC1-XA		1.12	%(c)(f)		02/10/2048		2,129,329
	1,403,000	Commercial Mortgage Pass-Through Trust, Series 2016-DC2-C		4.81	%(c)		02/10/2049		1,243,222
	5,524,000	Commercial Mortgage Pass-Through Trust, Series 2017-PANW-E		4.13	%(a)(c)		10/10/2029		4,485,547
	18,570,000	Commercial Mortgage Pass-Through Trust, Series 2018-HCLV-A (Secured Overnight Financing Rate 1 Month + 1.15%, 1.00% Floor)		6.63	%(a)		09/15/2033		17,036,480
	16,496,958	Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4-E (Secured Overnight Financing Rate 1 Month + 2.20%, 2.15% Floor)		7.53	%(a)		05/15/2036		16,389,445
	4,606,000	CSAIL Commercial Mortgage Trust, Series 2015-C1-C		4.39	%(c)		04/15/2050		3,407,334
	13,360,000	CSAIL Commercial Mortgage Trust, Series 2015-C2-AS		3.85	%(c)		06/15/2057		12,544,946
	9,205,000	CSAIL Commercial Mortgage Trust, Series 2015-C3-B		4.25	%(c)		08/15/2048		7,969,329
	2,299,000	CSAIL Commercial Mortgage Trust, Series 2015-C4-C		4.71	%(c)		11/15/2048		2,046,155
	272,864,213	CSAIL Commercial Mortgage Trust, Series 2015-C4-XA		0.95	%(c)(f)		11/15/2048		3,412,167
	9,425,000	CSAIL Commercial Mortgage Trust, Series 2016-C5-C		4.80	%(c)		11/15/2048		8,483,241
	35,405,355	CSAIL Commercial Mortgage Trust, Series 2016-C6-XA		2.02	%(c)(f)		01/15/2049		1,238,748
	11,020,000	CSAIL Commercial Mortgage Trust, Series 2016-C7-B		4.47	%(c)		11/15/2049		9,504,677
	131,862,531	CSAIL Commercial Mortgage Trust, Series 2017-C8-XA		1.24	%(c)(f)		06/15/2050		4,065,480
	4,399,000	CSAIL Commercial Mortgage Trust, Series 2017-CX10-B		3.89	%(c)		11/15/2050		3,630,913
	3,356,000	CSAIL Commercial Mortgage Trust, Series 2017-CX10-C		4.31	%(c)		11/15/2050		2,290,487
	77,398,003	CSAIL Commercial Mortgage Trust, Series 2017-CX10-XA		0.89	%(c)(f)		11/15/2050		1,738,406
	1,677,000	CSAIL Commercial Mortgage Trust, Series 2018-C14-C		5.06	%(c)		11/15/2051		1,283,662
	15,894,000	CSAIL Commercial Mortgage Trust, Series 2019-C16-B		3.88	%		06/15/2052		12,744,516
	25,982,532	CSAIL Commercial Mortgage Trust, Series 2019-C17-XA		1.49	%(c)(f)		09/15/2052		1,352,648
	7,924,000	CSAIL Commercial Mortgage Trust, Series 2019-C18-B		3.59	%		12/15/2052		6,240,788
	244,516,769	CSAIL Commercial Mortgage Trust, Series 2019-C18-XA		1.18	%(c)(f)		12/15/2052		9,916,378


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	196,167,319	CSAIL Commercial Mortgage Trust, Series 2020-C19-XA		1.22	%(c)(f)		03/15/2053		10,005,436
	81,465,000	CSAIL Commercial Mortgage Trust, Series 2020-C19-XB		0.15	%(c)(f)		03/15/2053		427,479
	147,561,481	CSMC Trust, Series 2014-USA-X1		0.69	%(a)(c)(f)		09/15/2037		1,082,762
	3,799,000	CSMC Trust, Series 2017-CALI-E		3.90	%(a)(c)		11/10/2032		1,033,211
	6,050,000	CSMC Trust, Series 2017-CALI-F		3.90	%(a)(c)		11/10/2032		1,017,523
	4,847,000	CSMC Trust, Series 2017-TIME-A		3.65	%(a)		11/13/2039		4,047,549
	32,164,706	CSMC Trust, Series 2020-NET-A		2.26	%(a)		08/15/2037		28,831,198
	3,894,000	CSMC Trust, Series 2020-NET-B		2.82	%(a)		08/15/2037		3,509,253
	141,563,132	CSMC Trust, Series 2020-NET-X		1.38	%(a)(c)(f)		08/15/2037		2,644,286
	1,961,542	CSWF Trust, Series 2018-TOP-G (Secured Overnight Financing Rate 1 Month + 3.50%, 3.45% Floor)		8.83	%(a)		08/15/2035		1,866,685
	5,903,500	CSWF Trust, Series 2021-B33-A1		3.05	%(a)		10/10/2043		4,848,419
	23,397,500	CSWF Trust, Series 2021-B33-A2		3.17	%(a)		10/10/2043		16,693,047
	4,887,333	CSWF Trust, Series 2021-B33-B		3.77	%(a)(c)		10/10/2043		3,337,562
	109,000,000	CSWF Trust, Series 2021-B33-X		0.62	%(a)(c)(f)		10/10/2043		3,185,198
	7,447,000	DBGS Mortgage Trust, Series 2018-5BP-D (Secured Overnight Financing Rate 1 Month + 1.60%, 1.35% Floor)		6.93	%(a)		06/15/2033		6,124,252
	5,161,000	DBJPM Mortgage Trust, Series 2016-C1-B		4.20	%(c)		05/10/2049		4,484,103
	103,553,034	DBJPM Mortgage Trust, Series 2016-C1-XA		1.52	%(c)(f)		05/10/2049		2,575,519
	59,629,871	DBJPM Mortgage Trust, Series 2020-C9-XA		1.82	%(c)(f)		09/15/2053		3,562,092
	5,750,000	DOLP Trust, Series 2021-NYC-E		3.70	%(a)(c)		05/10/2041		3,447,480
	11,475,000	DOLP Trust, Series 2021-NYC-F		3.70	%(a)(c)		05/10/2041		5,418,092
	6,520,000	Fontainebleau Miami Beach Trust, Series 2019-FBLU-G		4.09	%(a)(c)		12/10/2036		6,069,282
	1,225,577	FS Rialto, Series 2019-FL1-A (Secured Overnight Financing Rate 1 Month + 1.31%, 1.20% Floor)		6.65	%(a)		12/16/2036		1,207,231
	18,410,000	GPMT Ltd, Series 2021-FL4-A (Secured Overnight Financing Rate 1 Month + 1.46%, 1.35% Floor)		6.79	%(a)		12/15/2036		17,882,461
	38,881,000	Great Wolf Trust, Series 2019-WOLF-E (Secured Overnight Financing Rate 1 Month + 2.85%, 2.73% Floor)		8.18	%(a)		12/15/2036		38,399,782
	35,048,000	Great Wolf Trust, Series 2019-WOLF-F (Secured Overnight Financing Rate 1 Month + 3.25%, 3.13% Floor)		8.58	%(a)		12/15/2036		34,500,477
	25,725,000	Greystone Commercial Real Estate Notes, Series 2019-FL2-B (1 Month LIBOR USD + 1.60%, 1.60% Floor)		7.05	%(a)		09/15/2037		25,413,959
	14,873,000	Greystone Commercial Real Estate Notes, Series 2019-FL2-C (1 Month LIBOR USD + 2.00%, 2.00% Floor)		7.45	%(a)		09/15/2037		14,721,102
	6,250,000	Greystone Commercial Real Estate Notes, Series 2021-FL3-B (Secured Overnight Financing Rate 1 Month + 1.76%, 1.65% Floor)		7.10	%(a)		07/15/2039		5,961,825
	3,443,000	GS Mortgage Securities Corporation Trust, Series 2018-GS10-WLSA		5.07	%(a)(c)		03/10/2033		3,102,865
	6,834,000	GS Mortgage Securities Corporation Trust, Series 2018-GS10-WLSB		5.07	%(a)(c)		03/10/2033		6,048,344


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	9,287,000	GS Mortgage Securities Corporation Trust, Series 2018-GS10-WLSC		5.07	%(a)(c)		03/10/2033		8,042,887
	8,990,000	GS Mortgage Securities Corporation Trust, Series 2018-GS10-WLSD		5.07	%(a)(c)		03/10/2033		7,572,162
	11,236,750	GS Mortgage Securities Corporation Trust, Series 2018-GS10-WLSE		5.07	%(a)(c)		03/10/2033		9,251,072
	12,875,000	GS Mortgage Securities Corporation Trust, Series 2018-LUAU-A (Secured Overnight Financing Rate 1 Month + 1.05%, 1.00% Floor)		6.38	%(a)		11/15/2032		12,759,170
	15,571,000	GS Mortgage Securities Corporation Trust, Series 2018-TWR-A (Secured Overnight Financing Rate 1 Month + 1.20%, 0.90% Floor)		6.53	%(a)		07/15/2031		13,130,246
	3,897,000	GS Mortgage Securities Corporation Trust, Series 2018-TWR-D (Secured Overnight Financing Rate 1 Month + 1.90%, 1.60% Floor)		7.23	%(a)		07/15/2031		1,929,015
	11,950,000	GS Mortgage Securities Corporation Trust, Series 2018-TWR-E (Secured Overnight Financing Rate 1 Month + 2.40%, 2.10% Floor)		7.73	%(a)		07/15/2031		4,959,250
	11,242,000	GS Mortgage Securities Corporation Trust, Series 2018-TWR-F (Secured Overnight Financing Rate 1 Month + 3.10%, 2.80% Floor)		8.43	%(a)		07/15/2031		3,305,148
	4,648,000	GS Mortgage Securities Corporation Trust, Series 2018-TWR-G (Secured Overnight Financing Rate 1 Month + 4.22%, 3.93% Floor)		9.55	%(a)		07/15/2031		402,633
	7,561,000	GS Mortgage Securities Corporation Trust, Series 2020-UPTN-D		3.35	%(a)(c)		02/10/2037		6,663,560
	6,760,500	GS Mortgage Securities Corporation Trust, Series 2020-UPTN-F		3.35	%(a)(c)		02/10/2037		5,837,681
	56,900,000	GS Mortgage Securities Corporation Trust, Series 2021-1HTL-A (Secured Overnight Financing Rate 1 Month + 3.59%, 3.48% Floor)		8.92	%(a)		10/15/2023		56,393,704
	3,280,000	GS Mortgage Securities Corporation Trust, Series 2021-ARDN-E (Secured Overnight Financing Rate 1 Month + 3.46%, 3.35% Floor)		8.80	%(a)		11/15/2036		3,049,096
	16,787,000	GS Mortgage Securities Corporation Trust, Series 2021-ARDN-G (Secured Overnight Financing Rate 1 Month + 5.11%, 5.00% Floor)		10.45	%(a)		11/15/2036		15,508,512
	591,827	GS Mortgage Securities Trust, Series 2011-GC3-X		0.00	%(a)(c)(f)		03/10/2044		6
	5,500,000	GS Mortgage Securities Trust, Series 2014-GC18-A4		4.07	%		01/10/2047		5,465,817
	4,000,000	GS Mortgage Securities Trust, Series 2015-GC28-C		4.45	%(c)		02/10/2048		3,669,002
	194,162,957	GS Mortgage Securities Trust, Series 2015-GC28-XA		1.11	%(c)(f)		02/10/2048		1,607,902
	194,807,401	GS Mortgage Securities Trust, Series 2015-GC32-XA		0.84	%(c)(f)		07/10/2048		1,919,671
	143,477,526	GS Mortgage Securities Trust, Series 2015-GC34-XA		1.35	%(c)(f)		10/10/2048		2,737,121
	63,880,358	GS Mortgage Securities Trust, Series 2015-GS1-XA		0.90	%(c)(f)		11/10/2048		832,719
	39,775,969	GS Mortgage Securities Trust, Series 2016-GS2-XA		1.88	%(c)(f)		05/10/2049		1,317,332
	256,826,674	GS Mortgage Securities Trust, Series 2016-GS3-XA		1.32	%(c)(f)		10/10/2049		6,878,306
	47,853,463	GS Mortgage Securities Trust, Series 2016-GS4-XA		0.69	%(c)(f)		11/10/2049		664,555
	180,214,739	GS Mortgage Securities Trust, Series 2017-GS7-XA		1.23	%(c)(f)		08/10/2050		5,640,469
	98,700,000	GS Mortgage Securities Trust, Series 2017-GS7-XB		0.48	%(c)(f)		08/10/2050		1,158,501
	194,196,255	GS Mortgage Securities Trust, Series 2018-GS9-XA		0.56	%(c)(f)		03/10/2051		2,962,775
	60,256,116	GS Mortgage Securities Trust, Series 2019-GC38-XA		1.11	%(c)(f)		02/10/2052		2,290,124
	16,509,037	GS Mortgage Securities Trust, Series 2019-GC39-XA		1.26	%(c)(f)		05/10/2052		658,006
	179,981,220	GS Mortgage Securities Trust, Series 2020-GC45-XA		0.78	%(c)(f)		02/13/2053		5,215,892


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	55,616,527	GS Mortgage Securities Trust, Series 2020-GSA2-XA		1.83	%(a)(c)(f)		12/12/2053		4,664,447
	5,692,000	Hilton USA Trust, Series 2016-SFP-A		2.83	%(a)		11/05/2035		4,526,030
	5,926,211	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2007-CB18-X		1.06	%(c)(f)		06/12/2047		265
	682,116	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2007-CB20-X1		0.00	%(a)(c)(f)		02/12/2051		1
	5,744,704	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11-AS		3.22	%		04/15/2046		5,423,001
	9,535,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2014-C20-B		4.40	%(c)		07/15/2047		8,760,194
	49,301,309	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2015-JP1-XA		1.04	%(c)(f)		01/15/2049		770,604
	9,343,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-MINN-E (Secured Overnight Financing Rate 1 Month + 2.80%, 3.50% Floor)		8.13	%(a)		11/15/2035		7,633,810
	5,831,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-WPT-EFX		5.54	%(a)(c)		07/05/2033		4,279,954
	6,097,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-WPT-FFX		5.54	%(a)(c)		07/05/2033		3,719,170
	7,366,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2020-ACE-C		3.82	%(a)(c)		01/10/2037		6,509,548
	40,424,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2020-NNN-EFX		3.97	%(a)		01/16/2037		32,197,170
	1,900,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2021-MHC-E (Secured Overnight Financing Rate 1 Month + 2.56%, 2.45% Floor)		7.90	%(a)		04/15/2038		1,836,224
	55,791,445	JPMBB Commercial Mortgage Securities Trust, Series 2014-C18-XA		0.81	%(c)(f)		02/15/2047		2,148
	4,787,000	JPMBB Commercial Mortgage Securities Trust, Series 2014-C21-C		4.80	%(c)		08/15/2047		4,292,204
	150,301,051	JPMBB Commercial Mortgage Securities Trust, Series 2014-C25-XA		0.95	%(c)(f)		11/15/2047		877,638
	156,333,911	JPMBB Commercial Mortgage Securities Trust, Series 2014-C26-XA		1.07	%(c)(f)		01/15/2048		1,056,067
	13,992,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C27-C		4.44	%(c)		02/15/2048		11,122,771
	10,425,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C27-D		3.94	%(a)(c)		02/15/2048		6,374,044
	10,663,088	JPMBB Commercial Mortgage Securities Trust, Series 2015-C28-C		4.27	%(c)		10/15/2048		9,698,692
	28,853,155	JPMBB Commercial Mortgage Securities Trust, Series 2015-C28-XA		1.06	%(c)(f)		10/15/2048		261,865
	28,005,566	JPMBB Commercial Mortgage Securities Trust, Series 2015-C29-XA		0.69	%(c)(f)		05/15/2048		191,779
	120,084,447	JPMBB Commercial Mortgage Securities Trust, Series 2015-C30-XA		0.56	%(c)(f)		07/15/2048		745,556
	23,865,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C32-C		4.80	%(c)		11/15/2048		16,400,730
	54,315,455	JPMBB Commercial Mortgage Securities Trust, Series 2015-C32-XA		1.26	%(c)(f)		11/15/2048		664,995
	7,394,000	JPMBB Commercial Mortgage Securities Trust, Series 2016-C1-C		4.86	%(c)		03/17/2049		6,529,400
	17,099,115	JPMBB Commercial Mortgage Securities Trust, Series 2016-C1-XA		1.32	%(c)(f)		03/17/2049		360,366
	1,725,000	JPMCC Commercial Mortgage Securities Trust, Series 2017-JP5-C		3.90	%(c)		03/15/2050		1,287,883
	89,111,860	JPMCC Commercial Mortgage Securities Trust, Series 2019-COR5-XA		1.63	%(c)(f)		06/13/2052		4,905,394
	104,513,958	JPMDB Commercial Mortgage Securities Trust, Series 2016-C2-XA		1.63	%(c)(f)		06/15/2049		2,944,681


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	139,316,748	JPMDB Commercial Mortgage Securities Trust, Series 2017-C5-XA		1.03	%(c)(f)		03/15/2050		2,981,183
	180,085,274	JPMDB Commercial Mortgage Securities Trust, Series 2017-C7-XA		0.97	%(c)(f)		10/15/2050		4,514,108
	1,844,000	JPMDB Commercial Mortgage Securities Trust, Series 2018-C8-C		4.92	%(c)		06/15/2051		1,408,482
	13,604,000	JPMDB Commercial Mortgage Securities Trust, Series 2019-COR6-AS		3.41	%(c)		11/13/2052		11,023,780
	1,435,000	JPMDB Commercial Mortgage Securities Trust, Series 2020-COR7-B		3.29	%(c)		05/13/2053		1,028,986
	278,492,069	JPMDB Commercial Mortgage Securities Trust, Series 2020-COR7-XA		1.77	%(c)(f)		05/13/2053		17,377,460
	7,875,000	KKR Industrial Portfolio Trust, Series 2021-KDIP-F (Secured Overnight Financing Rate 1 Month + 2.16%, 2.05% Floor)		7.50	%(a)		12/15/2037		7,636,344
	13,713,000	LCCM Trust, Series 2021-FL3-A (Secured Overnight Financing Rate 1 Month + 1.56%, 1.56% Floor)		6.90	%(a)		11/15/2038		13,609,069
	5,840,699	LMREC, Inc., Series 2019-CRE3-A (Secured Overnight Financing Rate 1 Month + 1.51%, 1.40% Floor)		6.84	%(a)		12/22/2035		5,805,824
	24,568,432	LoanCore Issuer Ltd., Series 2019-CRE2-AS (Secured Overnight Financing Rate 1 Month + 1.61%, 1.50% Floor)		6.95	%(a)		05/15/2036		24,514,381
	12,625,000	LoanCore Issuer Ltd., Series 2019-CRE2-B (Secured Overnight Financing Rate 1 Month + 1.81%, 1.70% Floor)		7.15	%(a)		05/15/2036		12,544,200
	1,360,000	LSTAR Commercial Mortgage Trust, Series 2015-3-D		3.28	%(a)(c)		04/20/2048		1,232,536
	16,114,701	LSTAR Commercial Mortgage Trust, Series 2017-5-X		0.96	%(a)(c)(f)		03/10/2050		274,725
	25,000,000	M360 Ltd., Series 2021-CRE3-A (Secured Overnight Financing Rate 1 Month + 1.61%, 1.50% Floor)		6.94	%(a)		11/22/2038		24,710,375
	7,162,000	M360 Ltd., Series 2021-CRE3-B (Secured Overnight Financing Rate 1 Month + 2.36%, 2.25% Floor)		7.69	%(a)		11/22/2038		7,052,020
	5,731,000	Manhattan West Mortgage Trust, Series 2020-1MW-C		2.41	%(a)(c)		09/10/2039		4,763,972
	16,653,078	Med Trust, Series 2021-MDLN-G (Secured Overnight Financing Rate 1 Month + 5.36%, 5.25% Floor)		10.70	%(a)		11/15/2038		15,811,808
	3,040,837	MF1 Multifamily Housing Mortgage Loan Trust, Series 2021-FL5-A (Secured Overnight Financing Rate 1 Month + 0.96%, 0.96% Floor)		6.30	%(a)		07/15/2036		3,010,493
	10,000,000	MF1 Multifamily Housing Mortgage Loan Trust, Series 2021-FL5-AS (Secured Overnight Financing Rate 1 Month + 1.31%, 1.31% Floor)		6.65	%(a)		07/15/2036		9,793,570
	12,625,000	MFT Trust, Series 2020-ABC-A		3.36	%(a)		02/10/2042		8,069,865
	5,326,000	MFT Trust, Series 2020-ABC-B		3.59	%(a)(c)		02/10/2042		3,155,453
	3,892,912	MHC Commercial Mortgage Trust, Series 2021-MHC-A (Secured Overnight Financing Rate 1 Month + 0.92%, 0.80% Floor)		6.25	%(a)		04/15/2038		3,843,285
	10,797,194	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-CKSV-CK		4.09	%(a)(c)		10/15/2030		6,046,428
	23,212,203	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C12-XA		0.68	%(c)(f)		10/15/2046		541
	13,450,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C18-C		4.62	%(c)		10/15/2047		12,581,082
	6,693,500	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C19-C		4.00	%		12/15/2047		6,059,553
	5,457,500	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C20-C		4.60	%(c)		02/15/2048		4,899,839
	163,679,941	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C20-XA		1.38	%(c)(f)		02/15/2048		1,494,480
	14,422,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27-C		4.64	%(c)		12/15/2047		12,484,207
	129,666,352	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C28-XA		1.30	%(c)(f)		01/15/2049		2,530,465


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	7,564,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C31-C		4.40	%(c)		11/15/2049		5,786,603
	39,494,909	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2017-C33-XA		1.41	%(c)(f)		05/15/2050		1,255,456
	15,669,289	Morgan Stanley Capital Trust, Series 2006-HQ10-X1		0.59	%(a)(c)(f)		11/12/2041		168,349
	7,137,000	Morgan Stanley Capital Trust, Series 2015-UBS8-B		4.32	%(c)		12/15/2048		6,140,152
	23,692,288	Morgan Stanley Capital Trust, Series 2015-UBS8-XA		0.99	%(c)(f)		12/15/2048		326,503
	139,381,599	Morgan Stanley Capital Trust, Series 2017-H1-XA		1.48	%(c)(f)		06/15/2050		4,193,170
	4,661,000	Morgan Stanley Capital Trust, Series 2017-HR2-C		4.46	%(c)		12/15/2050		3,763,575
	8,000,000	Morgan Stanley Capital Trust, Series 2018-MP-E		4.42	%(a)(c)		07/11/2040		5,263,232
	5,305,000	Morgan Stanley Capital Trust, Series 2019-H7-AS		3.52	%		07/15/2052		4,500,312
	77,150,709	Morgan Stanley Capital Trust, Series 2019-L2-XA		1.17	%(c)(f)		03/15/2052		3,161,019
	3,845,000	Morgan Stanley Capital Trust, Series 2019-L3-AS		3.49	%		11/15/2052		3,200,011
	156,033,456	Morgan Stanley Capital Trust, Series 2019-L3-XA		0.75	%(c)(f)		11/15/2052		4,548,141
	3,355,000	Morgan Stanley Capital Trust, Series 2019-NUGS-D (Secured Overnight Financing Rate 1 Month + 1.91%, 3.30% Floor)		7.25	%(a)		12/15/2036		1,325,225
	1,315,000	Morgan Stanley Capital Trust, Series 2019-PLND-B (Secured Overnight Financing Rate 1 Month + 1.41%, 1.30% Floor)		6.75	%(a)		05/15/2036		1,165,265
	6,002,000	Morgan Stanley Capital Trust, Series 2019-PLND-E (Secured Overnight Financing Rate 1 Month + 2.26%, 2.15% Floor)		7.60	%(a)		05/15/2036		4,463,285
	2,200,000	Morgan Stanley Capital Trust, Series 2020-HR8-B		2.70	%		07/15/2053		1,571,580
	24,004,000	Morgan Stanley Capital Trust, Series 2020-L4-B		3.08	%		02/15/2053		17,622,193
	286,080,745	Morgan Stanley Capital Trust, Series 2020-L4-XA		1.19	%(c)(f)		02/15/2053		15,373,951
	4,353,603	Morgan Stanley Capital Trust, Series 2021-ILP-A (Secured Overnight Financing Rate 1 Month + 0.89%, 0.78% Floor)		6.23	%(a)		11/15/2023		4,260,307
	17,326,703	Morgan Stanley Capital Trust, Series 2021-ILP-D (Secured Overnight Financing Rate 1 Month + 1.69%, 1.58% Floor)		7.02	%(a)		11/15/2023		16,708,665
	10,779,000	Morgan Stanley Capital Trust, Series 2021-L6-C		3.58	%(c)		06/15/2054		7,282,066
	7,794,000	MRCD Mortgage Trust, Series 2019-PARK-F		2.72	%(a)		12/15/2036		4,406,544
	32,926,000	MRCD Mortgage Trust, Series 2019-PARK-G		2.72	%(a)		12/15/2036		18,146,552
	1,060,091	MSCG Trust, Series 2018-SELF-F (Secured Overnight Financing Rate 1 Month + 3.10%, 3.05% Floor)		8.43	%(a)		10/15/2037		1,042,360
	3,972,186	Natixis Commercial Mortgage Securities Trust, Series 2018-FL1-A (Secured Overnight Financing Rate 1 Month + 1.06%, 0.95% Floor)		6.40	%(a)		06/15/2035		3,754,107
	13,188,800	Natixis Commercial Mortgage Securities Trust, Series 2020-2PAC-D		3.75	%(a)		12/15/2038		10,849,562
	7,147,821	OPG Trust, Series 2021-PORT-D (Secured Overnight Financing Rate 1 Month + 1.25%, 1.13% Floor)		6.58	%(a)		10/15/2036		6,890,758
	37,079,000	SLG Office Trust, Series 2021-OVA-F		2.85	%(a)		07/15/2041		24,960,952
	4,185,894	SMR Mortgage Trust, Series 2022-IND-G (Secured Overnight Financing Rate 1 Month + 7.50%, 7.50% Floor)		12.83	%(a)		02/15/2039		3,416,355
	2,985,000	Soho Trust, Series 2021-SOHO-B		2.79	%(a)(c)		08/10/2038		1,969,940


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	47,000,000	SREIT Trust, Series 2021-IND-G (Secured Overnight Financing Rate 1 Month + 3.38%, 3.27% Floor)		8.71	%(a)		10/15/2038		43,788,875
	5,300,000	SREIT Trust, Series 2021-MFP-E (Secured Overnight Financing Rate 1 Month + 2.14%, 2.03% Floor)		7.47	%(a)		11/15/2038		5,169,388
	14,894,419	TRTX Issuer Ltd., Series 2021-FL4-A (Secured Overnight Financing Rate 1 Month + 1.31%, 1.20% Floor)		6.65	%(a)		03/15/2038		14,606,510
	9,819,789	TTAN, Series 2021-MHC-F (Secured Overnight Financing Rate 1 Month + 3.01%, 2.90% Floor)		8.35	%(a)		03/15/2038		9,358,667
	8,000,000	UBS Commercial Mortgage Trust, Series 2017-C1-C		4.44	%		06/15/2050		6,434,709
	82,601,402	UBS Commercial Mortgage Trust, Series 2017-C1-XA		1.68	%(c)(f)		06/15/2050		3,451,054
	1,124,000	UBS Commercial Mortgage Trust, Series 2017-C2-C		4.30	%(c)		08/15/2050		889,872
	6,857,000	UBS Commercial Mortgage Trust, Series 2017-C3-B		4.09	%(c)		08/15/2050		5,715,588
	10,419,654	UBS Commercial Mortgage Trust, Series 2017-C3-XA		1.26	%(c)(f)		08/15/2050		291,962
	3,561,000	UBS Commercial Mortgage Trust, Series 2017-C4-B		4.24	%(c)		10/15/2050		3,090,999
	2,886,000	UBS Commercial Mortgage Trust, Series 2017-C6-C		4.77	%(c)		12/15/2050		2,292,919
	1,500,000	UBS Commercial Mortgage Trust, Series 2018-C9-C		5.11	%(c)		03/15/2051		1,076,710
	38,045,649	UBS Commercial Mortgage Trust, Series 2018-C9-XA		1.08	%(c)(f)		03/15/2051		1,260,703
	8,350,000	UBS Commercial Mortgage Trust, Series 2019-C17-AS		3.20	%		10/15/2052		6,760,672
	14,858,000	UBS Commercial Mortgage Trust, Series 2019-C18-AS		3.38	%(c)		12/15/2052		12,152,936
	9,705,000	UBS Commercial Mortgage Trust, Series 2019-C18-B		3.68	%(c)		12/15/2052		7,662,795
	4,300,000	Wells Fargo Commercial Mortgage Trust, Series 2014-LC16-A5		3.82	%		08/15/2050		4,206,570
	4,346,710	Wells Fargo Commercial Mortgage Trust, Series 2014-LC18-B		3.96	%		12/15/2047		4,018,232
	11,460,000	Wells Fargo Commercial Mortgage Trust, Series 2015-C26-C		4.07	%(c)		02/15/2048		10,345,496
	328,127,036	Wells Fargo Commercial Mortgage Trust, Series 2015-C26-XA		1.32	%(c)(f)		02/15/2048		3,755,709
	3,187,500	Wells Fargo Commercial Mortgage Trust, Series 2015-C27-C		3.89	%		02/15/2048		2,571,245
	181,114,534	Wells Fargo Commercial Mortgage Trust, Series 2015-C27-XA		0.98	%(c)(f)		02/15/2048		1,461,667
	9,701,000	Wells Fargo Commercial Mortgage Trust, Series 2015-C31-C		4.75	%(c)		11/15/2048		8,461,560
	118,001,930	Wells Fargo Commercial Mortgage Trust, Series 2015-C31-XA		1.10	%(c)(f)		11/15/2048		1,781,900
	213,586,453	Wells Fargo Commercial Mortgage Trust, Series 2015-LC20-XA		1.42	%(c)(f)		04/15/2050		2,771,049
	3,000,000	Wells Fargo Commercial Mortgage Trust, Series 2015-LC22-C		4.70	%(c)		09/15/2058		2,701,000
	8,438,000	Wells Fargo Commercial Mortgage Trust, Series 2015-NXS2-C		4.42	%(c)		07/15/2058		7,487,597
	82,726,828	Wells Fargo Commercial Mortgage Trust, Series 2015-P2-XA		1.08	%(c)(f)		12/15/2048		1,340,108
	10,085,000	Wells Fargo Commercial Mortgage Trust, Series 2016-C32-C		4.89	%(c)		01/15/2059		8,873,370
	4,250,000	Wells Fargo Commercial Mortgage Trust, Series 2016-C34-B		4.09	%		06/15/2049		3,676,430


Principal Amount $/Shares		Security Description		Rate			Maturity		Value $
	5,888,000	Wells Fargo Commercial Mortgage Trust, Series 2016-C34-C			5.23	%(c)		06/15/2049		4,590,211
	5,890,000	Wells Fargo Commercial Mortgage Trust, Series 2016-LC24-C			4.58	%(c)		10/15/2049		4,784,733
	98,765,524	Wells Fargo Commercial Mortgage Trust, Series 2016-NXS6-XA			1.73	%(c)(f)		11/15/2049		3,224,487
	184,898,433	Wells Fargo Commercial Mortgage Trust, Series 2017-C39-XA			1.23	%(c)(f)		09/15/2050		5,671,852
	8,014,000	Wells Fargo Commercial Mortgage Trust, Series 2017-C41-C			4.64	%(c)		11/15/2050		6,179,168
	1,904,000	Wells Fargo Commercial Mortgage Trust, Series 2017-C42-C			4.30	%(c)		12/15/2050		1,455,963
	48,592,608	Wells Fargo Commercial Mortgage Trust, Series 2017-C42-XA			1.01	%(c)(f)		12/15/2050		1,413,068
	1,758,000	Wells Fargo Commercial Mortgage Trust, Series 2017-RC1-C			4.59	%		01/15/2060		1,491,336
	141,102,456	Wells Fargo Commercial Mortgage Trust, Series 2018-C43-XA			0.74	%(c)(f)		03/15/2051		3,045,894
	73,777,630	Wells Fargo Commercial Mortgage Trust, Series 2019-C50-XA			1.58	%(c)(f)		05/15/2052		4,013,769
	3,193,000	Wells Fargo Commercial Mortgage Trust, Series 2019-C51-B			3.84	%(c)		06/15/2052		2,586,241
	47,857,881	Wells Fargo Commercial Mortgage Trust, Series 2019-C51-XA			1.48	%(c)(f)		06/15/2052		2,442,657
	24,972,000	Wells Fargo Commercial Mortgage Trust, Series 2019-C52-AS			3.14	%		08/15/2052		20,497,440
	76,583,739	Wells Fargo Commercial Mortgage Trust, Series 2019-C52-XA			1.75	%(c)(f)		08/15/2052		4,792,909
	5,000,000	Wells Fargo Commercial Mortgage Trust, Series 2019-C53-C			3.58	%(c)		10/15/2052		3,581,800
	141,127,643	Wells Fargo Commercial Mortgage Trust, Series 2019-C54-XA			0.95	%(c)(f)		12/15/2052		5,387,858
	28,088,000	Wells Fargo Commercial Mortgage Trust, Series 2020-C55-AS			2.94	%		02/15/2053		22,887,712
	52,886,315	Wells Fargo Commercial Mortgage Trust, Series 2020-C55-XB			0.94	%(c)(f)		02/15/2053		2,188,356
	159,810,991	Wells Fargo Commercial Mortgage Trust, Series 2020-C56-XA	��		1.52	%(c)(f)		06/15/2053		9,375,264
	92,614,259	Wells Fargo Commercial Mortgage Trust, Series 2020-C58-XA			1.92	%(c)(f)		07/15/2053		8,393,362
	173,436,059	Wells Fargo Commercial Mortgage Trust, Series 2021-C61-XA			1.49	%(c)(f)		11/15/2054		11,798,942
	1,780,000	Wells Fargo Commercial Mortgage Trust, Series 2021-SAVE-C (Secured Overnight Financing Rate 1 Month + 1.91%, 1.80% Floor)			7.25	%(a)		02/15/2040		1,654,576
	580,000	Wells Fargo Commercial Mortgage Trust, Series 2021-SAVE-D (Secured Overnight Financing Rate 1 Month + 2.61%, 2.50% Floor)			7.95	%(a)		02/15/2040		522,414
	1,460,000	Wells Fargo Commercial Mortgage Trust, Series 2021-SAVE-E (Secured Overnight Financing Rate 1 Month + 3.76%, 3.65% Floor)			9.10	%(a)		02/15/2040		1,307,530
	81,284,656	WF-RBS Commercial Mortgage Trust, Series 2013-C18-XA			0.87	%(c)(f)		12/15/2046		3,414
	89,671,666	WF-RBS Commercial Mortgage Trust, Series 2014-C19-XA			1.11	%(c)(f)		03/15/2047		132,723
	10,000,000	WF-RBS Commercial Mortgage Trust, Series 2014-C21-B			4.21	%(c)		08/15/2047		9,062,152
	3,147,000	WF-RBS Commercial Mortgage Trust, Series 2014-C21-C			4.23	%(c)		08/15/2047		2,677,286
	158,072,920	WF-RBS Commercial Mortgage Trust, Series 2014-C25-XA			0.93	%(c)(f)		11/15/2047		910,184

	Total Non-Agency Commercial Mortgage Backed Obligations (Cost $3,231,071,203)									2,337,724,805


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $

	Non-Agency Residential Collateralized Mortgage Obligations—26.2%
	86,942,972	ABFC Trust, Series 2007-WMC1-A1A (Secured Overnight Financing Rate 1 Month + 1.36%, 1.25% Floor)		6.68	%		06/25/2037		59,962,612
	12,875,000	Accredited Mortgage Loan Trust, Series 2006-1-M2 (Secured Overnight Financing Rate 1 Month + 0.45%, 0.34% Floor)		1.02	%		04/25/2036		9,297,228
	13,085,000	Accredited Mortgage Loan Trust, Series 2006-2-M2 (Secured Overnight Financing Rate 1 Month + 0.40%, 0.29% Floor)		5.72	%		09/25/2036		9,710,818
	1,548,551	ACE Securities Corporation Home Equity Loan Trust, Series 2007-ASP1-A2C (Secured Overnight Financing Rate 1 Month + 0.63%, 0.52% Floor)		5.95	%		03/25/2037		656,560
	10,498,808	ACE Securities Corporation Home Equity Loan Trust, Series 2007-HE1-A2B (Secured Overnight Financing Rate 1 Month + 0.35%, 0.24% Floor)		5.67	%		01/25/2037		6,153,980
	2,446,469	ACE Securities Corporation Home Equity Loan Trust, Series 2007-HE1-A2C (Secured Overnight Financing Rate 1 Month + 0.45%, 0.34% Floor)		5.77	%		01/25/2037		1,433,995
	2,293,565	ACE Securities Corporation Home Equity Loan Trust, Series 2007-HE1-A2D (Secured Overnight Financing Rate 1 Month + 0.61%, 0.50% Floor)		5.93	%		01/25/2037		1,344,330
	71,974,094	ACE Securities Corporation Home Equity Loan Trust, Series 2007-WM1-A1A (Secured Overnight Financing Rate 1 Month + 0.25%, 0.14% Floor)		5.57	%		11/25/2036		22,383,497
	3,965,875	ACE Securities Corporation Home Equity Loan Trust, Series 2007-WM1-A2A (Secured Overnight Financing Rate 1 Month + 0.18%, 0.07% Floor)		5.50	%		11/25/2036		1,641,638
	4,287,419	ACE Securities Corporation Home Equity Loan Trust, Series 2007-WM1-A2D (Secured Overnight Financing Rate 1 Month + 0.33%, 0.22% Floor)		5.65	%		11/25/2036		1,775,315
	2,783,069	ACE Securities Corporation Home Equity Loan Trust, Series 2007-WM2-A2C (Secured Overnight Financing Rate 1 Month + 0.39%, 0.28% Floor)		5.71	%		02/25/2037		1,181,801
	2,439,807	ACE Securities Corporation Home Equity Loan Trust, Series 2007-WM2-A2D (Secured Overnight Financing Rate 1 Month + 0.48%, 0.37% Floor)		5.80	%		02/25/2037		1,036,014
	2,933,590	Adjustable Rate Mortgage Trust, Series 2004-4-CB1 (Secured Overnight Financing Rate 1 Month + 1.26%, 1.15% Floor, 10.00% Cap)		6.58	%		03/25/2035		2,418,853
	580,084	Adjustable Rate Mortgage Trust, Series 2005-10-3A31		3.65	%(c)		01/25/2036		534,822
	18,649,147	Adjustable Rate Mortgage Trust, Series 2005-11-4A1		4.49	%(c)		02/25/2036		10,868,999
	1,392,223	Adjustable Rate Mortgage Trust, Series 2005-4-2A1		4.87	%(c)		08/25/2035		1,307,773
	133,401	Adjustable Rate Mortgage Trust, Series 2005-7-3A1		4.98	%(c)		10/25/2035		127,417
	4,041,310	Adjustable Rate Mortgage Trust, Series 2005-8-3A21		4.51	%(c)		11/25/2035		2,966,969
	11,323,571	Adjustable Rate Mortgage Trust, Series 2006-1-2A1		5.02	%(c)		03/25/2036		6,075,835
	6,671,746	Adjustable Rate Mortgage Trust, Series 2006-2-3A1		5.11	%(c)		05/25/2036		5,707,602
	9,918,664	Adjustable Rate Mortgage Trust, Series 2006-2-5A1		5.12	%(c)		05/25/2036		2,287,626
	5,135,891	Adjustable Rate Mortgage Trust, Series 2007-1-3A1		5.06	%(c)		03/25/2037		4,522,512
	880,092	Adjustable Rate Mortgage Trust, Series 2007-3-1A1		4.76	%(a)(c)		11/25/2037		859,226
	191,819	Aegis Asset Backed Securities Corporation Mortgage Pass-Through Certificates, Series 2003-2-M2 (Secured Overnight Financing Rate 1 Month + 2.66%, 2.55% Floor)		7.98	%		11/25/2033		163,382
	800,034	Aegis Asset Backed Securities Corporation Mortgage Pass-Through Certificates, Series 2004-1-M2 (Secured Overnight Financing Rate 1 Month + 2.14%, 2.03% Floor)		7.46	%		04/25/2034		721,832


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	617,792	Aegis Asset Backed Securities Corporation Mortgage Pass-Through Certificates, Series 2004-2-M2 (Secured Overnight Financing Rate 1 Month + 2.06%, 1.95% Floor)		7.38	%		06/25/2034		569,574
	4,494,929	Aegis Asset Backed Securities Trust, Series 2004-6-M2 (Secured Overnight Financing Rate 1 Month + 1.11%, 1.00% Floor, 15.00% Cap)		6.43	%		03/25/2035		4,178,338
	9,482,143	Aegis Asset Backed Securities Trust, Series 2006-1-A2 (Secured Overnight Financing Rate 1 Month + 0.28%, 0.17% Floor, 12.00% Cap)		5.60	%		01/25/2037		6,912,536
	33,449,288	Ajax Master Trust, Series 2016-1-PC		4.14	%(a)(c)		01/01/2057		24,895,432
	35,429,954	Ajax Master Trust, Series 2016-2-PC		3.11	%(a)(b)(c)		10/25/2056		25,260,799
	43,270,656	Ajax Master Trust, Series 2017-1-PC		4.58	%(a)(b)(c)		06/25/2057		32,494,930
	14,623,471	AJAX Mortgage Loan Trust, Series 2020-D-A		2.25	%(a)(d)		06/25/2060		14,146,811
	11,973,642	AlphaFlow Transitional Mortgage Trust, Series 2021-WL1-A1		3.28	%(a)(d)		01/25/2026		11,661,705
	2,942,731	American Home Mortgage Assets Trust, Series 2006-2-2A1 (Secured Overnight Financing Rate 1 Month + 0.49%, 0.38% Floor)		5.81	%		09/25/2046		2,776,050
	2,831,762	American Home Mortgage Investment Trust, Series 2005-4-3A1 (Secured Overnight Financing Rate 1 Month + 0.71%, 0.60% Floor, 11.00% Cap)		6.03	%		11/25/2045		1,977,736
	12,591,909	American Home Mortgage Investment Trust, Series 2005-4-5A		7.65	%(g)		11/25/2045		5,411,115
	2,146,383	American Home Mortgage Investment Trust, Series 2006-2-3A4		7.10	%(d)		06/25/2036		327,764
	7,248,123	American Home Mortgage Investment Trust, Series 2007-A-13A1		6.60	%(a)(d)		01/25/2037		1,205,314
	6,675,701	Ameriquest Mortgage Securities Trust, Series 2004-FR1-M1		3.87	%(d)		05/25/2034		6,434,875
	106,057,852	Ameriquest Mortgage Securities Trust, Series 2006-M3-A1 (Secured Overnight Financing Rate 1 Month + 0.29%, 0.18% Floor)		5.61	%		10/25/2036		58,528,004
	4,865,399	Amortizing Residential Collateral Trust, Series 2002-BC7-M1 (Secured Overnight Financing Rate 1 Month + 1.31%, 1.20% Floor)		6.63	%		10/25/2032		3,667,891
	41,588,000	AMSR Trust, Series 2019-SFR1-E		3.47	%(a)		01/19/2039		37,195,292
	30,156,000	AMSR Trust, Series 2020-SFR4-G1		4.00	%(a)		11/17/2037		27,645,109
	10,000,000	AMSR Trust, Series 2020-SFR5-F		2.69	%(a)		11/17/2037		9,000,656
	6,500,000	AMSR Trust, Series 2021-SFR3-E1		2.33	%(a)		10/17/2038		5,531,351
	11,000,000	AMSR Trust, Series 2021-SFR3-E2		2.43	%(a)		10/17/2038		9,312,745
	18,500,000	AMSR Trust, Series 2021-SFR3-F		3.23	%(a)		10/17/2038		15,590,281
	6,500,000	AMSR Trust, Series 2021-SFR4-D		2.77	%(a)		12/17/2038		5,659,891
	10,500,000	AMSR Trust, Series 2021-SFR4-E1		2.97	%(a)		12/17/2038		9,039,155
	5,604,331	Angel Oak Mortgage Trust LLC, Series 2019-2-M1		4.07	%(a)(c)		03/25/2049		5,508,764
	9,121,000	Angel Oak Mortgage Trust LLC, Series 2021-7-M1		3.26	%(a)(c)		10/25/2066		5,471,709
	9,652,851	Argent Securities Trust, Series 2004-W11-M6 (Secured Overnight Financing Rate 1 Month + 1.99%, 1.88% Floor)		7.31	%		11/25/2034		7,896,955
	12,136,187	Argent Securities Trust, Series 2006-W5-A1A (Secured Overnight Financing Rate 1 Month + 0.41%, 0.30% Floor)		5.73	%		06/25/2036		7,788,817
	1,483,885	Asset Backed Securities Corporation Home Equity Loan Trust, Series 2004-HE3-M2 (Secured Overnight Financing Rate 1 Month + 1.79%, 1.68% Floor)		7.11	%		06/25/2034		1,423,685
	18,936,049	Asset Backed Securities Corporation Home Equity Loan Trust, Series 2006-HE7-A1 (Secured Overnight Financing Rate 1 Month + 0.38%, 0.27% Floor)		3.66	%		11/25/2036		16,805,980


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	453,681	Banc of America Alternative Loan Trust, Series 2005-10-4A1		5.75	%		11/25/2035		274,234
	2,267,086	Banc of America Alternative Loan Trust, Series 2005-11-2CB1		6.00	%		12/25/2035		1,987,154
	1,551,802	Banc of America Alternative Loan Trust, Series 2006-2-1CB1		6.00	%		03/25/2036		1,356,122
	1,842,280	Banc of America Alternative Loan Trust, Series 2006-2-3CB1		6.50	%		03/25/2036		1,574,298
	489,523	Banc of America Alternative Loan Trust, Series 2006-5-CB14 (Secured Overnight Financing Rate 1 Month + 1.21%, 6.00% Floor, 6.00% Cap)		6.00	%		06/25/2046		418,383
	1,095,970	Banc of America Alternative Loan Trust, Series 2006-6-CB3		6.00	%		07/25/2046		897,818
	8,087,892	Banc of America Alternative Loan Trust, Series 2006-7-A4		6.50	%(d)		10/25/2036		2,330,963
	1,497,566	Banc of America Alternative Loan Trust, Series 2006-8-1A1 (-1 x Secured Overnight Financing Rate 1 Month + 6.39%, 6.50% Cap)		1.07	%(f)(h)		11/25/2036		86,398
	533,724	Banc of America Alternative Loan Trust, Series 2006-8-1A2 (Secured Overnight Financing Rate 1 Month + 0.56%, 0.45% Floor, 7.00% Cap)		5.88	%		11/25/2036		421,514
	2,607,053	Banc of America Alternative Loan Trust, Series 2006-9-1CB1		6.00	%		01/25/2037		2,183,603
	410,296	Banc of America Alternative Loan Trust, Series 2007-2-2A1		6.00	%		06/25/2037		329,014
	2,355,081	Banc of America Funding Trust, Series 2006-2-3A1		6.00	%		03/25/2036		2,012,270
	72,082	Banc of America Funding Trust, Series 2006-2-4A1 (-3 x Secured Overnight Financing Rate 1 Month + 22.46%, 22.80% Cap)		6.50	%(h)		03/25/2036		61,186
	173,954	Banc of America Funding Trust, Series 2006-2-6A2		5.50	%		03/25/2036		162,550
	280,336	Banc of America Funding Trust, Series 2006-3-1A1		6.00	%		03/25/2036		228,272
	213,458	Banc of America Funding Trust, Series 2006-3-6A1		6.37	%(c)		03/25/2036		208,726
	1,290,869	Banc of America Funding Trust, Series 2006-6-1A7		6.25	%		08/25/2036		1,056,273
	494,082	Banc of America Funding Trust, Series 2006-7-T2A5		6.54	%(d)		10/25/2036		409,784
	2,328,763	Banc of America Funding Trust, Series 2006-7-T2A8		6.41	%(d)		10/25/2036		1,931,566
	581,370	Banc of America Funding Trust, Series 2006-8T2-A8		6.60	%(d)		10/25/2036		495,985
	241,421	Banc of America Funding Trust, Series 2006-B-7A1		3.63	%(c)		03/20/2036		201,152
	4,100,097	Banc of America Funding Trust, Series 2006-D-6A1		3.45	%(c)		05/20/2036		3,301,893
	119,463	Banc of America Funding Trust, Series 2006-H-3A1		4.72	%(c)		09/20/2046		97,880
	45,079,601	Banc of America Funding Trust, Series 2006-H-5A1 (Secured Overnight Financing Rate 1 Month + 0.47%, 0.36% Floor, 10.50% Cap)		5.80	%		10/20/2036		15,794,680
	478,948	Banc of America Funding Trust, Series 2007-1-TA10		6.34	%(d)		01/25/2037		417,959
	650,213	Banc of America Funding Trust, Series 2007-3-TA1B		5.83	%(c)		04/25/2037		538,807
	1,140,359	Banc of America Funding Trust, Series 2007-5-1A1		5.50	%		07/25/2037		860,117
	717,806	Banc of America Funding Trust, Series 2009-R14A-3A (-2 x Secured Overnight Financing Rate 1 Month + 16.30%, 5.50% Floor, 16.57% Cap)		5.50	%(a)(h)		06/26/2035		599,373
	1,071,641	Banc of America Funding Trust, Series 2009-R15A-4A2		5.75	%(a)(c)		12/26/2036		859,915
	594,324	Banc of America Funding Trust, Series 2010-R1-3A (-2 x Secured Overnight Financing Rate 1 Month + 14.10%, 6.00% Floor, 14.28% Cap)		6.00	%(a)(h)		07/26/2036		521,965


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	4,773,141	Banc of America Funding Trust, Series 2014-R6-3A2		5.60	%(a)(b)(c)(i)		10/26/2036		4,154,483
	12,171,393	Banc of America Funding Trust, Series 2014-R8-A2 (Secured Overnight Financing Rate 1 Month + 0.35%, 0.24% Floor)		5.67	%(a)		06/26/2036		9,478,203
	19,974,016	Banc of America Funding Trust, Series 2015-R2-4A2 (Secured Overnight Financing Rate 1 Month + 0.28%, 0.17% Floor)		3.97	%(a)		09/29/2036		14,428,081
	1,029,499	Banc of America Mortgage Trust, Series 2006-1-A9		6.00	%		05/25/2036		837,898
	156,487	Banc of America Mortgage Trust, Series 2007-1-2A5		5.75	%		01/25/2037		124,359
	3,304,539	Banc of America Mortgage Trust, Series 2007-3-2A8		7.00	%		09/25/2037		2,619,040
	5,390,445	BankUnited Trust, Series 2005-1-2A1		4.44	%(c)		09/25/2045		4,697,069
	770,430	Bayview Commercial Asset Trust, Series 2007-3-A2 (Secured Overnight Financing Rate 1 Month + 0.55%)		5.87	%(a)		07/25/2037		681,130
	2,496,211	Bayview Financial Mortgage Pass-Through Trust, Series 2006-C-2A4 (Secured Overnight Financing Rate 1 Month + 0.53%)		5.85	%		11/28/2036		2,181,374
	22,407,446	BCAP LLC Trust, Series 2007-AA2-11A (Secured Overnight Financing Rate 1 Month + 0.49%, 0.38% Floor)		5.81	%(a)		05/25/2047		22,794,279
	2,050,667	BCAP LLC Trust, Series 2007-AA2-2A7		6.00	%		04/25/2037		961,440
	2,220,394	BCAP LLC Trust, Series 2007-AA2-2A8		5.75	%		04/25/2037		1,006,546
	10,218,819	BCAP LLC Trust, Series 2008-RR3-A1B		6.69	%(a)(c)		10/25/2036		2,852,059
	1,460,081	BCAP LLC Trust, Series 2009-RR13-18A2		5.75	%(a)(c)		07/26/2037		700,764
	2,566,127	BCAP LLC Trust, Series 2009-RR4-4A2		5.75	%(a)(c)		02/26/2036		1,139,657
	6,412,874	BCAP LLC Trust, Series 2010-RR6-7A10		6.99	%(a)(c)		02/26/2037		2,741,061
	621,624	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-12-13A1		4.77	%(c)		02/25/2036		468,629
	2,318,663	Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-4-4A1		4.41	%(c)		10/25/2046		1,926,424
	2,854,216	Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-1-2A1		4.25	%(c)		02/25/2047		2,453,552
	801,290	Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-1-3A1		3.88	%(c)		02/25/2047		751,075
	9,353,864	Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-2-2A1 (12 Month LIBOR USD + 1.88%, 1.88% Floor, 11.15% Cap)		6.66	%		12/25/2046		7,571,889
	228,278	Bear Stearns ALT-A Trust, Series 2004-11-2A3		5.44	%(c)		11/25/2034		225,995
	3,622,354	Bear Stearns ALT-A Trust, Series 2006-1-11A1 (Secured Overnight Financing Rate 1 Month + 0.59%, 0.48% Floor, 11.50% Cap)		5.91	%		02/25/2036		3,181,615
	10,322,906	Bear Stearns ALT-A Trust, Series 2006-3-21A1		3.98	%(c)		05/25/2036		7,439,438
	3,942,973	Bear Stearns ALT-A Trust, Series 2006-5-1A1 (Secured Overnight Financing Rate 1 Month + 0.45%, 0.34% Floor, 11.50% Cap)		5.77	%		08/25/2036		3,590,830
	6,537,707	Bear Stearns ALT-A Trust, Series 2006-6-2A1		4.03	%(c)		11/25/2036		3,030,882
	3,119,611	Bear Stearns ALT-A Trust, Series 2006-8-2A1		3.94	%(c)		08/25/2046		2,190,481
	5,593,247	Bear Stearns ALT-A Trust, Series 2007-1-1A1 (Secured Overnight Financing Rate 1 Month + 0.43%, 0.32% Floor, 11.50% Cap)		5.75	%		01/25/2047		4,494,419
	2,527,083	Bear Stearns Asset Backed Securities Trust, Series 2004-AC4-A2		5.50	%(d)		08/25/2034		2,361,639
	5,771,574	Bear Stearns Asset Backed Securities Trust, Series 2005-AC2-1A		5.75	%(d)		04/25/2035		4,789,847


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	1,854,729	Bear Stearns Asset Backed Securities Trust, Series 2005-AC2-2A1		5.75	%(d)		04/25/2035		1,670,881
	23,061,407	Bear Stearns Asset Backed Securities Trust, Series 2005-AC6-22A		5.16	%(c)		09/25/2035		17,851,556
	4,820,553	Bear Stearns Asset Backed Securities Trust, Series 2005-AC7-A4		6.00	%(d)		10/25/2035		3,078,026
	6,406,761	Bear Stearns Asset Backed Securities Trust, Series 2006-AC1-1A1		6.25	%(d)		02/25/2036		2,992,156
	1,022,862	Bear Stearns Asset Backed Securities Trust, Series 2006-AC5-A1		6.75	%(d)		12/25/2036		992,781
	1,905,399	Bear Stearns Asset Backed Securities Trust, Series 2007-HE2-2A3 (Secured Overnight Financing Rate 1 Month + 0.27%, 0.16% Floor)		5.59	%		02/25/2037		1,885,031
	22,973,161	Bear Stearns Asset Backed Securities Trust, Series 2007-HE4-2A (Secured Overnight Financing Rate 1 Month + 0.33%, 0.22% Floor)		5.65	%		05/25/2037		20,638,989
	12,113,084	Bear Stearns Asset Backed Securities Trust, Series 2007-HE6-2A (Secured Overnight Financing Rate 1 Month + 1.16%, 1.05% Floor)		6.48	%		08/25/2037		10,362,228
	1,020,891	Bear Stearns Asset Backed Securities Trust, Series 2007-SD1-1A2A		6.00	%		10/25/2036		449,500
	1,319,071	Bear Stearns Asset Backed Securities Trust, Series 2007-SD1-1A3A		6.50	%		10/25/2036		569,597
	1,444,247	Bear Stearns Asset Backed Securities Trust, Series 2007-SD1-23A1		4.78	%(c)		10/25/2036		805,477
	6,316,279	Bear Stearns Mortgage Funding Trust, Series 2006-AR3-2A1 (Secured Overnight Financing Rate 1 Month + 0.51%, 0.40% Floor, 10.50% Cap)		5.83	%		11/25/2036		5,457,689
	2,953,294	Bear Stearns Mortgage Funding Trust, Series 2006-AR4-A2 (Secured Overnight Financing Rate 1 Month + 0.47%, 0.36% Floor, 10.50% Cap)		5.79	%		12/25/2037		2,739,258
	6,332,549	Bear Stearns Mortgage Funding Trust, Series 2007-AR3-22A1 (Secured Overnight Financing Rate 1 Month + 0.43%, 0.32% Floor, 10.50% Cap)		5.75	%		04/25/2037		6,195,326
	6,720,734	BNC Mortgage Loan Trust, Series 2006-2-A4 (Secured Overnight Financing Rate 1 Month + 0.43%, 0.32% Floor)		5.75	%		11/25/2036		6,390,552
	5,472,547	BNC Mortgage Loan Trust, Series 2007-1-A4 (Secured Overnight Financing Rate 1 Month + 0.27%, 0.16% Floor)		5.59	%		03/25/2037		5,079,365
	5,675,301	BNC Mortgage Loan Trust, Series 2007-4-A4 (Secured Overnight Financing Rate 1 Month + 1.61%, 1.50% Floor)		6.93	%		11/25/2037		4,500,589
	23,908,698	BNPP Mortgage Securities LLC Trust, Series 2009-1-B1		6.00	%(a)		08/27/2037		11,865,625
	100,200,000	CAFL Issuer LLC, Series 2021-RTL1-A1		2.24	%(a)(d)		03/28/2029		93,044,698
	12,750,000	CAFL Issuer LLC, Series 2021-RTL1-A2		3.10	%(a)(d)		03/28/2029		11,650,032
	4,099,574	Carrington Mortgage Loan Trust, Series 2006-FRE2-A2 (Secured Overnight Financing Rate 1 Month + 0.23%, 0.12% Floor, 12.50% Cap)		5.55	%		10/25/2036		3,154,471
	19,767,634	Carrington Mortgage Loan Trust, Series 2006-FRE2-A3 (Secured Overnight Financing Rate 1 Month + 0.27%, 0.16% Floor, 12.50% Cap)		5.59	%		10/25/2036		15,210,400
	6,084,328	Carrington Mortgage Loan Trust, Series 2006-FRE2-A4 (Secured Overnight Financing Rate 1 Month + 0.36%, 0.25% Floor, 12.50% Cap)		5.68	%		10/25/2036		4,681,599
	4,293,604	Carrington Mortgage Loan Trust, Series 2006-NC3-A3 (Secured Overnight Financing Rate 1 Month + 0.26%, 0.15% Floor, 12.50% Cap)		5.58	%		08/25/2036		4,037,161
	37,264,778	Carrington Mortgage Loan Trust, Series 2006-NC4-A3 (Secured Overnight Financing Rate 1 Month + 0.27%, 0.16% Floor, 12.50% Cap)		5.59	%		10/25/2036		35,761,237
	24,086,572	Carrington Mortgage Loan Trust, Series 2006-NC5-A3 (Secured Overnight Financing Rate 1 Month + 0.26%, 0.15% Floor, 14.50% Cap)		5.58	%		01/25/2037		21,592,355
	12,311,123	Carrington Mortgage Loan Trust, Series 2007-RFC1-A3 (Secured Overnight Financing Rate 1 Month + 0.25%, 0.14% Floor, 14.50% Cap)		5.57	%		12/25/2036		11,772,491
	16,505,272	Cascade MH Asset Trust, Series 2019-MH1-A		4.00	%(a)(c)		11/25/2044		15,709,011
	2,750,000	Centex Home Equity Loan Trust, Series 2004-A-AF5		5.43	%(d)		01/25/2034		2,543,224
	2,579,741	Chase Mortgage Finance Trust, Series 2005-A1-2A4		4.03	%(c)		12/25/2035		2,389,461


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	7,040,062	Chase Mortgage Finance Trust, Series 2006-S1-A5		6.50	%		05/25/2036		3,216,342
	6,758,689	Chase Mortgage Finance Trust, Series 2006-S2-1A9		6.25	%		10/25/2036		2,787,439
	4,627,486	Chase Mortgage Finance Trust, Series 2006-S3-1A2		6.00	%		11/25/2036		1,941,596
	13,231,485	Chase Mortgage Finance Trust, Series 2006-S4-A8		6.00	%		12/25/2036		5,760,265
	2,825,633	Chase Mortgage Finance Trust, Series 2007-A2-6A4		4.63	%(c)		07/25/2037		2,474,941
	3,914,433	Chase Mortgage Finance Trust, Series 2007-S1-A7		6.00	%		02/25/2037		1,521,078
	2,287,592	Chase Mortgage Finance Trust, Series 2007-S3-1A5		6.00	%		05/25/2037		1,030,543
	1,076,530	Chase Mortgage Finance Trust, Series 2007-S3-2A1		5.50	%		05/25/2037		11
	2,181,869	Chase Mortgage Finance Trust, Series 2007-S5-1A18		6.00	%		07/25/2037		986,007
	4,923,921	ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates, Series 2007-M1-2F4		4.19	%(d)		08/25/2037		3,726,915
	5,121,315	ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates, Series 2007-M1-2F5		4.19	%(d)		08/25/2037		3,875,926
	1,197,712	ChaseFlex Trust, Series 2005-1-3A1		6.00	%		02/25/2035		982,469
	98,307	ChaseFlex Trust, Series 2006-1-A5		6.16	%(c)		06/25/2036		89,480
	2,379,187	ChaseFlex Trust, Series 2006-2-A2B (Secured Overnight Financing Rate 1 Month + 0.31%, 0.20% Floor, 11.50% Cap)		4.28	%		09/25/2036		1,917,822
	3,207,611	ChaseFlex Trust, Series 2007-1-1A1		6.50	%		02/25/2037		1,152,316
	449,010	CHL Mortgage Pass-Through Trust, Series 2003-60-4A1		4.21	%(c)		02/25/2034		433,750
	11,696,968	CHL Mortgage Pass-Through Trust, Series 2005-17-2A1		5.50	%		09/25/2035		5,387,163
	2,454,508	CHL Mortgage Pass-Through Trust, Series 2005-18-A1		5.50	%		10/25/2035		1,383,099
	1,904,198	CHL Mortgage Pass-Through Trust, Series 2005-20-A5		5.50	%		10/25/2035		1,164,775
	1,406,796	CHL Mortgage Pass-Through Trust, Series 2005-20-A8		5.25	%		10/25/2035		857,484
	6,271,617	CHL Mortgage Pass-Through Trust, Series 2005-23-A1		5.50	%		11/25/2035		3,444,347
	1,345,458	CHL Mortgage Pass-Through Trust, Series 2005-24-A8		5.50	%		11/25/2035		746,731
	2,152,871	CHL Mortgage Pass-Through Trust, Series 2005-26-1A12		5.50	%		11/25/2035		1,320,556
	428,439	CHL Mortgage Pass-Through Trust, Series 2005-27-2A1		5.50	%		12/25/2035		184,904
	789,704	CHL Mortgage Pass-Through Trust, Series 2005-28-A7		5.25	%		01/25/2036		422,283
	6,870,799	CHL Mortgage Pass-Through Trust, Series 2005-HYB1-4A1		3.92	%(c)		03/25/2035		6,212,173
	249,773	CHL Mortgage Pass-Through Trust, Series 2005-HYB8-1A1		4.09	%(c)		12/20/2035		224,876
	6,656,854	CHL Mortgage Pass-Through Trust, Series 2005-HYB8-4A1		3.88	%(c)		12/20/2035		5,784,929
	656,329	CHL Mortgage Pass-Through Trust, Series 2005-J3-2A4		4.50	%		09/25/2035		555,074
	673,169	CHL Mortgage Pass-Through Trust, Series 2005-J4-A5		5.50	%		11/25/2035		521,660


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	4,576,867	CHL Mortgage Pass-Through Trust, Series 2006-14-A5		6.25	%		09/25/2036		2,104,179
	3,124,493	CHL Mortgage Pass-Through Trust, Series 2006-16-2A1		6.50	%		11/25/2036		1,050,883
	6,530,816	CHL Mortgage Pass-Through Trust, Series 2006-1-A2		6.00	%		03/25/2036		3,499,656
	1,357,529	CHL Mortgage Pass-Through Trust, Series 2006-20-1A21		6.00	%		02/25/2037		667,203
	16,037,401	CHL Mortgage Pass-Through Trust, Series 2006-8-1A3		6.00	%		05/25/2036		9,823,179
	187,943	CHL Mortgage Pass-Through Trust, Series 2006-J3-A4		5.50	%		05/25/2036		178,218
	3,834,550	CHL Mortgage Pass-Through Trust, Series 2007-10-A7		6.00	%		07/25/2037		1,766,148
	13,303,384	CHL Mortgage Pass-Through Trust, Series 2007-11-A1		6.00	%		08/25/2037		5,859,941
	6,489,959	CHL Mortgage Pass-Through Trust, Series 2007-12-A9		5.75	%		08/25/2037		3,388,718
	2,826,272	CHL Mortgage Pass-Through Trust, Series 2007-13-A1		6.00	%		08/25/2037		1,407,667
	4,631,003	CHL Mortgage Pass-Through Trust, Series 2007-13-A10		6.00	%		08/25/2037		2,306,539
	3,639,498	CHL Mortgage Pass-Through Trust, Series 2007-15-1A1		6.25	%		09/25/2037		2,230,382
	508,355	CHL Mortgage Pass-Through Trust, Series 2007-15-1A16		6.25	%		09/25/2037		311,533
	1,464,328	CHL Mortgage Pass-Through Trust, Series 2007-15-1A2		6.25	%		09/25/2037		896,926
	1,788,409	CHL Mortgage Pass-Through Trust, Series 2007-15-1A29		6.25	%		09/25/2037		1,095,929
	2,678,077	CHL Mortgage Pass-Through Trust, Series 2007-17-1A2		6.00	%		10/25/2037		1,863,141
	415,420	CHL Mortgage Pass-Through Trust, Series 2007-18-1A1		6.00	%		11/25/2037		167,687
	37,066,302	CHL Mortgage Pass-Through Trust, Series 2007-21-1A1		6.25	%		02/25/2038		18,261,633
	1,343,400	CHL Mortgage Pass-Through Trust, Series 2007-2-A2		6.00	%		03/25/2037		573,424
	3,495,728	CHL Mortgage Pass-Through Trust, Series 2007-3-A1		6.00	%		04/25/2037		1,666,449
	1,346,329	CHL Mortgage Pass-Through Trust, Series 2007-3-A12		6.00	%		04/25/2037		641,808
	3,165,052	CHL Mortgage Pass-Through Trust, Series 2007-4-1A39		6.00	%		05/25/2037		1,342,505
	1,191,594	CHL Mortgage Pass-Through Trust, Series 2007-5-A2		5.75	%		05/25/2037		591,741
	4,357,137	CHL Mortgage Pass-Through Trust, Series 2007-7-A1		6.00	%		06/25/2037		2,254,301
	1,958,156	CHL Mortgage Pass-Through Trust, Series 2007-7-A11		5.50	%		06/25/2037		937,897
	1,306,121	CHL Mortgage Pass-Through Trust, Series 2007-7-A2		5.75	%		06/25/2037		650,728
	4,292,694	CHL Mortgage Pass-Through Trust, Series 2007-8-1A4		6.00	%		01/25/2038		1,954,425
	2,252,790	CHL Mortgage Pass-Through Trust, Series 2007-8-1A5		5.44	%		01/25/2038		954,182
	3,651,285	CHL Mortgage Pass-Through Trust, Series 2007-8-1A8		6.00	%		01/25/2038		1,662,398
	5,230,504	CHL Mortgage Pass-Through Trust, Series 2007-8-1A9 (Secured Overnight Financing Rate 1 Month + 6.00%, 4.00% Floor, 6.00% Cap)		6.00	%		01/25/2038		2,340,222


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	5,149,411	CHL Mortgage Pass-Through Trust, Series 2007-9-A1		5.75	%		07/25/2037		2,506,878
	677,703	CHL Mortgage Pass-Through Trust, Series 2007-9-A11		5.75	%		07/25/2037		329,925
	3,537,534	CHL Mortgage Pass-Through Trust, Series 2007-HY1-1A1		3.83	%(c)		04/25/2037		3,205,440
	8,099,788	CHL Mortgage Pass-Through Trust, Series 2007-HYB1-2A1		3.76	%(c)		03/25/2037		6,926,923
	15,659,671	CHL Mortgage Pass-Through Trust, Series 2007-J1-2A1		6.00	%		02/25/2037		6,069,130
	387,801	CHL Mortgage Pass-Through Trust, Series 2007-J3-A1 (Secured Overnight Financing Rate 1 Month + 0.61%, 0.50% Floor, 6.00% Cap)		5.93	%		07/25/2037		121,048
	1,939,005	CHL Mortgage Pass-Through Trust, Series 2007-J3-A2 (-1 x Secured Overnight Financing Rate 1 Month + 5.39%, 5.50% Cap)		0.07	%(f)(h)		07/25/2037		115,326
	625,256	Citicorp Mortgage Securities Trust, Series 2006-7-1A1		6.00	%		12/25/2036		509,050
	1,830,030	Citicorp Mortgage Securities, Inc., Series 2005-1-1A4		5.50	%		02/25/2035		1,682,524
	982,605	Citigroup Mortgage Loan Trust, Inc., Series 2005-5-2A2		5.75	%		08/25/2035		681,918
	417,729	Citigroup Mortgage Loan Trust, Inc., Series 2005-9-21A1		5.50	%		11/25/2035		373,095
	1,021,835	Citigroup Mortgage Loan Trust, Inc., Series 2006-4-2A1A		6.00	%		12/25/2035		959,752
	4,486,747	Citigroup Mortgage Loan Trust, Inc., Series 2006-AR3-1A1A		4.51	%(c)		06/25/2036		4,006,923
	2,257,225	Citigroup Mortgage Loan Trust, Inc., Series 2006-FX1-A6		7.35	%(d)		10/25/2036		1,281,503
	8,936,940	Citigroup Mortgage Loan Trust, Inc., Series 2006-WF1-A2D		4.59	%(d)		03/25/2036		4,206,243
	9,015,271	Citigroup Mortgage Loan Trust, Inc., Series 2006-WF2-A2D		6.66	%(d)		05/25/2036		3,388,262
	1,594,918	Citigroup Mortgage Loan Trust, Inc., Series 2007-10-1A1A		5.16	%(c)		04/25/2037		1,423,202
	528,400	Citigroup Mortgage Loan Trust, Inc., Series 2007-12-2A1		6.50	%(a)(c)		10/25/2036		275,670
	14,518,077	Citigroup Mortgage Loan Trust, Inc., Series 2007-9-1A1		5.75	%(a)		04/25/2047		7,942,488
	680,411	Citigroup Mortgage Loan Trust, Inc., Series 2007-9-2A2		6.50	%(a)(c)		05/25/2037		611,880
	40,920,364	Citigroup Mortgage Loan Trust, Inc., Series 2007-AMC2-A1 (Secured Overnight Financing Rate 1 Month + 0.25%, 0.14% Floor)		5.57	%(a)		01/25/2037		35,842,016
	1,511,448	Citigroup Mortgage Loan Trust, Inc., Series 2007-AMC3-A2D (Secured Overnight Financing Rate 1 Month + 0.46%, 0.35% Floor)		5.78	%		03/25/2037		1,237,343
	152,924	Citigroup Mortgage Loan Trust, Inc., Series 2007-AR5-1A3A		4.15	%(c)		04/25/2037		151,691
	1,895,524	Citigroup Mortgage Loan Trust, Inc., Series 2007-AR8-1A1A		3.69	%(c)		08/25/2047		1,654,112
	3,478,243	Citigroup Mortgage Loan Trust, Inc., Series 2007-OPX1-A3A		5.97	%(d)		01/25/2037		1,540,211
	7,667,299	Citigroup Mortgage Loan Trust, Inc., Series 2007-OPX1-A5A		5.76	%(d)		01/25/2037		3,396,429
	2,939,856	Citigroup Mortgage Loan Trust, Inc., Series 2010-7-9A4		6.00	%(a)(c)		10/25/2037		2,514,541
	14,538,172	Citigroup Mortgage Loan Trust, Inc., Series 2010-8-7A4		6.00	%(a)(c)		06/25/2037		12,560,190
	17,290,168	Citigroup Mortgage Loan Trust, Inc., Series 2021-JL1-A		2.75	%(a)(c)		02/27/2062		16,076,671
	3,533,623	Citigroup Mortgage Loan Trust, Series 2007-OPX1-A2 (Secured Overnight Financing Rate 1 Month + 0.31%, 0.20% Floor)		5.63	%		01/25/2037		1,492,849


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	2,714,660	Citigroup Mortgage Loan Trust, Series 2014-8-3A2		6.00	%(a)(c)		03/25/2037		2,276,218
	107,930,582	Citigroup Mortgage Loan Trust, Series 2019-A-PT1		3.92	%(a)		10/25/2058		86,315,443
	165,978,189	Citigroup Mortgage Loan Trust, Series 2019-D-PT1		3.46	%(a)(c)		04/25/2064		129,130,351
	209,458,575	Citigroup Mortgage Loan Trust, Series 2020-RP1-A1		1.50	%(a)(c)		08/25/2064		181,067,470
	26,293,400	Citigroup Mortgage Loan Trust, Series 2020-RP1-M1		2.00	%(a)(c)		08/25/2064		19,137,838
	22,116,950	Citigroup Mortgage Loan Trust, Series 2020-RP1-M2		2.50	%(a)(c)		08/25/2064		16,099,706
	18,676,200	Citigroup Mortgage Loan Trust, Series 2020-RP1-M3		2.75	%(a)(c)		08/25/2064		13,030,502
	49,015,791	Citigroup Mortgage Loan Trust, Series 2020-RP1-PT5		7.06	%(a)(c)		08/25/2064		33,937,882
	274,618,803	Citigroup Mortgage Loan Trust, Series 2021-RP2-A1		1.75	%(a)(c)		03/25/2065		236,191,037
	34,186,100	Citigroup Mortgage Loan Trust, Series 2021-RP2-M1		3.25	%(a)(c)		03/25/2065		27,199,360
	28,635,750	Citigroup Mortgage Loan Trust, Series 2021-RP2-M2		3.40	%(a)(c)		03/25/2065		21,356,923
	26,589,300	Citigroup Mortgage Loan Trust, Series 2021-RP2-M3		3.40	%(a)(c)		03/25/2065		18,849,192
	78,045,006	Citigroup Mortgage Loan Trust, Series 2021-RP2-PT1		6.01	%(a)(c)		03/25/2065		62,344,848
	1,502,234	CitiMortgage Alternative Loan Trust, Series 2006-A1-1A5		5.50	%		04/25/2036		1,308,513
	1,709,440	CitiMortgage Alternative Loan Trust, Series 2006-A2-A2		6.00	%		05/25/2036		1,448,819
	1,814,059	CitiMortgage Alternative Loan Trust, Series 2006-A3-1A13		6.00	%		07/25/2036		1,505,032
	1,374,896	CitiMortgage Alternative Loan Trust, Series 2006-A4-1A8		6.00	%		09/25/2036		1,173,468
	414,664	CitiMortgage Alternative Loan Trust, Series 2006-A5-2A1		5.50	%		10/25/2030		400,218
	1,576,873	CitiMortgage Alternative Loan Trust, Series 2006-A5-3A3		6.00	%		10/25/2036		1,277,462
	4,201,031	CitiMortgage Alternative Loan Trust, Series 2006-A6-1A2 (1 Month LIBOR USD + 0.50%, 6.00% Floor, 6.00% Cap)		6.00	%		11/25/2036		3,663,771
	2,111,435	CitiMortgage Alternative Loan Trust, Series 2007-A1-1A5		6.00	%		01/25/2037		1,838,669
	1,029,464	CitiMortgage Alternative Loan Trust, Series 2007-A1-1A7		6.00	%		01/25/2037		896,473
	2,791,422	CitiMortgage Alternative Loan Trust, Series 2007-A1-1A8 (Secured Overnight Financing Rate 1 Month + 0.71%, 0.60% Floor, 6.00% Cap)		6.00	%		01/25/2037		2,303,100
	2,634,017	CitiMortgage Alternative Loan Trust, Series 2007-A1-1A9 (-1 x Secured Overnight Financing Rate 1 Month + 5.29%, 5.40% Cap)		0.00	%(f)(h)		01/25/2037		54,500
	2,200,525	CitiMortgage Alternative Loan Trust, Series 2007-A3-1A1		6.00	%(g)		03/25/2037		1,933,971
	5,064,112	CitiMortgage Alternative Loan Trust, Series 2007-A3-1A3 (-1 x Secured Overnight Financing Rate 1 Month + 5.29%, 5.40% Cap)		0.00	%(f)(h)		03/25/2037		140,033
	1,984,517	CitiMortgage Alternative Loan Trust, Series 2007-A3-1A4		5.75	%		03/25/2037		1,766,031
	3,551,033	CitiMortgage Alternative Loan Trust, Series 2007-A4-1A3 (Secured Overnight Financing Rate 1 Month + 0.44%, 0.33% Floor, 7.00% Cap)		5.76	%		04/25/2037		2,945,760
	3,551,033	CitiMortgage Alternative Loan Trust, Series 2007-A4-1A4 (-1 x Secured Overnight Financing Rate 1 Month + 6.56%, 6.67% Cap)		1.24	%(f)(h)		04/25/2037		199,627
	3,760,727	CitiMortgage Alternative Loan Trust, Series 2007-A4-1A5		5.75	%		04/25/2037		3,299,375


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	488,339	CitiMortgage Alternative Loan Trust, Series 2007-A5-1A11		6.00	%		05/25/2037		419,287
	6,438,398	CitiMortgage Alternative Loan Trust, Series 2007-A5-1A8		6.00	%		05/25/2037		5,527,999
	207,490	CitiMortgage Alternative Loan Trust, Series 2007-A8-A1		6.00	%		10/25/2037		178,365
	14,812,000	COLT Mortgage Loan Trust, Series 2021-5-M1		3.26	%(a)(c)		11/26/2066		9,354,005
	4,294,000	COLT Mortgage Loan Trust, Series 2021-HX1-B1		3.11	%(a)(c)		10/25/2066		2,624,523
	4,130,000	COLT Mortgage Loan Trust, Series 2021-HX1-B2		3.86	%(a)(c)		10/25/2066		2,471,224
	6,000,000	COLT Mortgage Loan Trust, Series 2021-HX1-M1		2.36	%(a)(c)		10/25/2066		3,602,083
	11,833,268	COLT Mortgage Loan Trust, Series 2022-4-A1		4.30	%(a)(c)		03/25/2067		11,134,051
	9,000,000	CoreVest American Finance Trust, Series 2020-3-D		2.95	%(a)(c)		08/15/2053		6,778,064
	25,662,197	Countrywide Alternative Loan Trust, Series 2004-36CB-1A1		6.00	%		02/25/2035		18,421,283
	5,389,825	Countrywide Alternative Loan Trust, Series 2005-13CB-A1 (Secured Overnight Financing Rate 1 Month + 0.61%, 0.50% Floor, 5.50% Cap)		5.50	%		05/25/2035		4,419,065
	2,461,857	Countrywide Alternative Loan Trust, Series 2005-13CB-A3		5.50	%		05/25/2035		2,045,814
	2,191,630	Countrywide Alternative Loan Trust, Series 2005-20CB-2A1 (Secured Overnight Financing Rate 1 Month + 0.61%, 0.50% Floor, 5.50% Cap)		5.50	%		07/25/2035		1,333,417
	4,474,579	Countrywide Alternative Loan Trust, Series 2005-20CB-2A2 (-1 x Secured Overnight Financing Rate 1 Month + 4.89%, 5.00% Cap)		0.00	%(f)(h)		07/25/2035		89,717
	1,402,776	Countrywide Alternative Loan Trust, Series 2005-26CB-A11 (-2 x Secured Overnight Financing Rate 1 Month + 12.84%, 13.05% Cap)		3.20	%(h)		07/25/2035		896,766
	1,914,925	Countrywide Alternative Loan Trust, Series 2005-28CB-1A2 (Secured Overnight Financing Rate 1 Month + 0.86%, 0.75% Floor, 5.50% Cap)		5.50	%		08/25/2035		1,524,512
	938,252	Countrywide Alternative Loan Trust, Series 2005-28CB-3A6		6.00	%		08/25/2035		404,301
	5,283,535	Countrywide Alternative Loan Trust, Series 2005-32T1-A9		5.50	%		08/25/2035		3,023,054
	2,063,450	Countrywide Alternative Loan Trust, Series 2005-46CB-A14		5.50	%		10/25/2035		1,434,163
	1,045,383	Countrywide Alternative Loan Trust, Series 2005-46CB-A20		5.50	%		10/25/2035		726,574
	3,684,555	Countrywide Alternative Loan Trust, Series 2005-48T1-A2		5.50	%		11/25/2035		2,129,702
	1,260,247	Countrywide Alternative Loan Trust, Series 2005-54CB-3A4		5.50	%		11/25/2035		696,602
	28,382,158	Countrywide Alternative Loan Trust, Series 2005-55CB-1A1		5.50	%		11/25/2035		18,833,912
	11,244,945	Countrywide Alternative Loan Trust, Series 2005-57CB-1A1		5.50	%		12/25/2035		8,041,675
	297,916	Countrywide Alternative Loan Trust, Series 2005-60T1-A7 (-7 x Secured Overnight Financing Rate 1 Month + 35.09%, 35.93% Cap)		0.00	%(h)		12/25/2035		100,067
	332,070	Countrywide Alternative Loan Trust, Series 2005-64CB-1A14		5.50	%		12/25/2035		282,888
	4,819,583	Countrywide Alternative Loan Trust, Series 2005-64CB-1A4		5.50	%		12/25/2035		4,105,769
	962,648	Countrywide Alternative Loan Trust, Series 2005-73CB-1A5 (Secured Overnight Financing Rate 1 Month + 0.91%, 0.80% Floor, 5.50% Cap)		5.50	%		01/25/2036		862,771
	2,421,823	Countrywide Alternative Loan Trust, Series 2005-73CB-1A6 (-1 x Secured Overnight Financing Rate 1 Month + 4.59%, 4.70% Cap)		0.00	%(f)(h)		01/25/2036		23,355
	29,549,887	Countrywide Alternative Loan Trust, Series 2005-77T1-1A1		6.00	%		02/25/2036		14,409,828


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	425,279	Countrywide Alternative Loan Trust, Series 2005-79CB-A5		5.50	%		01/25/2036		245,765
	17,075,644	Countrywide Alternative Loan Trust, Series 2005-80CB-4A1		6.00	%		02/25/2036		8,391,547
	18,910,203	Countrywide Alternative Loan Trust, Series 2005-85CB-1A1		6.00	%		02/25/2036		8,165,513
	1,205,725	Countrywide Alternative Loan Trust, Series 2005-85CB-2A6 (-4 x Secured Overnight Financing Rate 1 Month + 21.21%, 21.63% Cap)		1.71	%(h)		02/25/2036		782,899
	842,409	Countrywide Alternative Loan Trust, Series 2005-86CB-A5		5.50	%		02/25/2036		489,083
	1,202,396	Countrywide Alternative Loan Trust, Series 2005-J10-1A11		5.50	%		10/25/2035		816,689
	273,637	Countrywide Alternative Loan Trust, Series 2005-J10-1A13 (Secured Overnight Financing Rate 1 Month + 0.81%, 0.70% Floor, 5.50% Cap)		5.50	%		10/25/2035		171,428
	128,184	Countrywide Alternative Loan Trust, Series 2005-J10-1A15		5.50	%		10/25/2035		87,065
	362,413	Countrywide Alternative Loan Trust, Series 2005-J11-1A3		5.50	%		11/25/2035		203,697
	78,444	Countrywide Alternative Loan Trust, Series 2005-J11-6A1		6.50	%		09/25/2032		72,366
	384,444	Countrywide Alternative Loan Trust, Series 2005-J13-2A5 (Secured Overnight Financing Rate 1 Month + 0.59%, 0.48% Floor, 5.50% Cap)		5.50	%		11/25/2035		242,125
	768,888	Countrywide Alternative Loan Trust, Series 2005-J13-2A6 (-1 x Secured Overnight Financing Rate 1 Month + 4.91%, 5.02% Cap)		0.00	%(f)(h)		11/25/2035		19,975
	3,398,674	Countrywide Alternative Loan Trust, Series 2005-J1-5A3		5.50	%		02/25/2035		3,102,388
	14,680	Countrywide Alternative Loan Trust, Series 2005-J1-7A1		5.50	%		12/25/2023		12,640
	445,810	Countrywide Alternative Loan Trust, Series 2005-J2-1A5 (Secured Overnight Financing Rate 1 Month + 0.61%, 0.50% Floor, 5.50% Cap)		5.50	%		04/25/2035		343,692
	1,371,722	Countrywide Alternative Loan Trust, Series 2005-J2-1A6 (-1 x Secured Overnight Financing Rate 1 Month + 4.89%, 5.00% Cap)		0.00	%(f)(h)		04/25/2035		20,043
	2,760,185	Countrywide Alternative Loan Trust, Series 2005-J3-2A8 (Secured Overnight Financing Rate 1 Month + 0.41%, 0.30% Floor, 5.50% Cap)		5.50	%		05/25/2035		1,996,371
	2,760,185	Countrywide Alternative Loan Trust, Series 2005-J3-2A9 (-1 x Secured Overnight Financing Rate 1 Month + 5.09%, 5.20% Cap)		0.00	%(f)(h)		05/25/2035		65,688
	2,554,743	Countrywide Alternative Loan Trust, Series 2006-12CB-A3 (Secured Overnight Financing Rate 1 Month + 5.75%, 5.75% Floor)		5.75	%		05/25/2036		1,294,837
	3,148,656	Countrywide Alternative Loan Trust, Series 2006-12CB-A8		6.00	%		05/25/2036		1,652,557
	10,739,286	Countrywide Alternative Loan Trust, Series 2006-13T1-A1		6.00	%		05/25/2036		5,381,407
	27,626,553	Countrywide Alternative Loan Trust, Series 2006-15CB-A1		6.50	%		06/25/2036		13,226,019
	2,658,082	Countrywide Alternative Loan Trust, Series 2006-16CB-A7		6.00	%		06/25/2036		1,438,450
	700,474	Countrywide Alternative Loan Trust, Series 2006-18CB-A12 (Secured Overnight Financing Rate 1 Month + 0.71%, 0.60% Floor, 6.00% Cap)		6.00	%		07/25/2036		303,254
	700,474	Countrywide Alternative Loan Trust, Series 2006-18CB-A13 (-1 x Secured Overnight Financing Rate 1 Month + 5.39%, 5.50% Cap)		0.07	%(f)(h)		07/25/2036		33,569
	3,402,988	Countrywide Alternative Loan Trust, Series 2006-19CB-A12 (Secured Overnight Financing Rate 1 Month + 0.51%, 0.40% Floor, 6.00% Cap)		5.83	%		08/25/2036		1,640,552
	4,614,656	Countrywide Alternative Loan Trust, Series 2006-19CB-A13 (-1 x Secured Overnight Financing Rate 1 Month + 5.49%, 5.60% Cap)		0.17	%(f)(h)		08/25/2036		250,997
	710,330	Countrywide Alternative Loan Trust, Series 2006-19CB-A15		6.00	%		08/25/2036		417,510
	4,115,958	Countrywide Alternative Loan Trust, Series 2006-23CB-2A3		6.50	%		08/25/2036		1,309,588
	1,280,244	Countrywide Alternative Loan Trust, Series 2006-24CB-A11		5.75	%		08/25/2036		684,177


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	3,747,117	Countrywide Alternative Loan Trust, Series 2006-24CB-A14 (-1 x Secured Overnight Financing Rate 1 Month + 7.04%, 7.15% Cap)		1.72	%(f)(h)		08/25/2036		509,031
	3,004,699	Countrywide Alternative Loan Trust, Series 2006-24CB-A22		6.00	%		08/25/2036		1,658,420
	3,224,945	Countrywide Alternative Loan Trust, Series 2006-24CB-A5 (Secured Overnight Financing Rate 1 Month + 0.71%, 0.06% Floor, 6.00% Cap)		6.00	%		08/25/2036		1,553,889
	1,434,183	Countrywide Alternative Loan Trust, Series 2006-26CB-A17		6.25	%		09/25/2036		743,320
	1,840,896	Countrywide Alternative Loan Trust, Series 2006-26CB-A9		6.50	%		09/25/2036		987,069
	2,603,254	Countrywide Alternative Loan Trust, Series 2006-29T1-1A2		6.25	%		10/25/2036		1,515,479
	371,404	Countrywide Alternative Loan Trust, Series 2006-29T1-2A12 (-7 x Secured Overnight Financing Rate 1 Month + 45.41%, 46.15% Cap)		10.83	%(h)		10/25/2036		392,640
	227,493	Countrywide Alternative Loan Trust, Series 2006-29T1-2A23 (-4 x Secured Overnight Financing Rate 1 Month + 32.87%, 33.37% Cap)		9.82	%(h)		10/25/2036		202,279
	1,888,611	Countrywide Alternative Loan Trust, Series 2006-2CB-A9		6.00	%		03/25/2036		839,820
	2,560,603	Countrywide Alternative Loan Trust, Series 2006-30T1-1A2		6.25	%		11/25/2036		1,899,917
	2,037,746	Countrywide Alternative Loan Trust, Series 2006-32CB-A1 (Secured Overnight Financing Rate 1 Month + 0.78%, 0.67% Floor, 6.00% Cap)		6.00	%		11/25/2036		1,040,083
	3,398,960	Countrywide Alternative Loan Trust, Series 2006-32CB-A2 (-1 x Secured Overnight Financing Rate 1 Month + 5.22%, 5.33% Cap)		0.00	%(f)(h)		11/25/2036		157,560
	7,347,931	Countrywide Alternative Loan Trust, Series 2006-36T2-2A1		6.25	%		12/25/2036		3,160,330
	593,108	Countrywide Alternative Loan Trust, Series 2006-36T2-2A4		6.25	%		12/25/2036		255,095
	781,293	Countrywide Alternative Loan Trust, Series 2006-39CB-1A10		6.00	%		01/25/2037		611,567
	13,274,697	Countrywide Alternative Loan Trust, Series 2006-39CB-2A2 (-1 x Secured Overnight Financing Rate 1 Month + 6.44%, 6.55% Cap)		1.12	%(f)(h)		01/25/2037		656,188
	4,520,661	Countrywide Alternative Loan Trust, Series 2006-39CB-2A4 (Secured Overnight Financing Rate 1 Month + 0.56%, 0.45% Floor, 7.00% Cap)		5.88	%		01/25/2037		634,126
	1,151,502	Countrywide Alternative Loan Trust, Series 2006-40T1-1A11		6.00	%		01/25/2037		741,942
	1,959,965	Countrywide Alternative Loan Trust, Series 2006-40T1-1A4 (-1 x Secured Overnight Financing Rate 1 Month + 5.34%, 5.45% Cap)		0.02	%(f)(h)		01/25/2037		92,254
	2,816,432	Countrywide Alternative Loan Trust, Series 2006-41CB-1A10		6.00	%		01/25/2037		1,487,629
	6,888,077	Countrywide Alternative Loan Trust, Series 2006-41CB-1A15 (-1 x Secured Overnight Financing Rate 1 Month + 5.29%, 5.40% Cap)		0.00	%(f)(h)		01/25/2037		435,616
	6,888,077	Countrywide Alternative Loan Trust, Series 2006-41CB-1A2 (Secured Overnight Financing Rate 1 Month + 0.71%, 0.60% Floor, 6.00% Cap)		6.00	%		01/25/2037		2,878,448
	2,965,763	Countrywide Alternative Loan Trust, Series 2006-41CB-1A9		6.00	%		01/25/2037		1,566,505
	3,540,930	Countrywide Alternative Loan Trust, Series 2006-42-1A1 (Secured Overnight Financing Rate 1 Month + 0.71%, 0.60% Floor, 6.00% Cap)		6.00	%		01/25/2047		1,578,437
	3,540,930	Countrywide Alternative Loan Trust, Series 2006-42-1A2 (-1 x Secured Overnight Financing Rate 1 Month + 5.29%, 5.40% Cap)		0.00	%(f)(h)		01/25/2047		225,131
	2,358,075	Countrywide Alternative Loan Trust, Series 2006-42-1A3		6.00	%		01/25/2047		1,275,423
	2,680,252	Countrywide Alternative Loan Trust, Series 2006-43CB-1A12		5.75	%		02/25/2037		1,403,079
	9,273,155	Countrywide Alternative Loan Trust, Series 2006-43CB-1A6		6.00	%		02/25/2037		4,987,397
	9,743,283	Countrywide Alternative Loan Trust, Series 2006-45T1-1A1 (Secured Overnight Financing Rate 1 Month + 0.61%, 6.00% Floor, 6.00% Cap)		6.00	%		02/25/2037		3,853,650
	3,142,995	Countrywide Alternative Loan Trust, Series 2006-45T1-1A4 (Secured Overnight Financing Rate 1 Month + 0.71%, 0.60% Floor, 6.00% Cap)		6.00	%		02/25/2037		959,947


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	3,142,995	Countrywide Alternative Loan Trust, Series 2006-45T1-1A5 (-1 x Secured Overnight Financing Rate 1 Month + 5.29%, 5.40% Cap)		0.00	%(f)(h)		02/25/2037		159,105
	1,335,441	Countrywide Alternative Loan Trust, Series 2006-45T1-2A2		6.00	%		02/25/2037		706,338
	5,470,136	Countrywide Alternative Loan Trust, Series 2006-4CB-1A1		6.00	%		04/25/2036		2,779,644
	610,018	Countrywide Alternative Loan Trust, Series 2006-6CB-1A4		5.50	%		05/25/2036		489,498
	4,146,083	Countrywide Alternative Loan Trust, Series 2006-7CB-1A14		6.00	%		05/25/2036		2,249,028
	7,230,020	Countrywide Alternative Loan Trust, Series 2006-7CB-1A16		6.00	%		05/25/2036		3,921,898
	2,215,278	Countrywide Alternative Loan Trust, Series 2006-7CB-1A6		6.00	%		05/25/2036		1,219,060
	2,243,659	Countrywide Alternative Loan Trust, Series 2006-7CB-1A9		6.00	%		05/25/2036		1,217,065
	814,937	Countrywide Alternative Loan Trust, Series 2006-9T1-A11		6.00	%		05/25/2036		336,945
	1,844,005	Countrywide Alternative Loan Trust, Series 2006-J1-1A10		5.50	%		02/25/2036		1,274,363
	3,741,414	Countrywide Alternative Loan Trust, Series 2006-J1-1A3		5.50	%		02/25/2036		2,585,634
	791,821	Countrywide Alternative Loan Trust, Series 2006-J4-2A2		6.00	%		07/25/2036		469,229
	1,017,477	Countrywide Alternative Loan Trust, Series 2006-J7-1A1		6.25	%		11/25/2036		475,839
	28,879,980	Countrywide Alternative Loan Trust, Series 2006-OA21-A1 (Secured Overnight Financing Rate 1 Month + 0.30%, 0.19% Floor)		5.63	%		03/20/2047		23,375,057
	2,594,291	Countrywide Alternative Loan Trust, Series 2006-OA7-1A2 (12 Month US Treasury Average + 0.94%, 0.94% Floor)		5.57	%		06/25/2046		2,171,169
	586,978	Countrywide Alternative Loan Trust, Series 2007-11T1-A24 (-6 x Secured Overnight Financing Rate 1 Month + 39.21%, 39.90% Cap)		7.29	%(h)		05/25/2037		430,339
	9,197,839	Countrywide Alternative Loan Trust, Series 2007-12T1-A11		6.00	%		06/25/2037		4,244,434
	8,558,033	Countrywide Alternative Loan Trust, Series 2007-15CB-A1		6.00	%		07/25/2037		5,135,772
	5,103,816	Countrywide Alternative Loan Trust, Series 2007-15CB-A2		5.75	%		07/25/2037		2,951,034
	6,122,731	Countrywide Alternative Loan Trust, Series 2007-15CB-A5		5.75	%		07/25/2037		3,540,172
	7,250,265	Countrywide Alternative Loan Trust, Series 2007-16CB-2A1 (Secured Overnight Financing Rate 1 Month + 0.56%, 0.45% Floor, 7.00% Cap)		5.88	%		08/25/2037		2,642,110
	2,099,495	Countrywide Alternative Loan Trust, Series 2007-16CB-2A2 (-8 x Secured Overnight Financing Rate 1 Month + 53.63%, 54.58% Cap)		9.30	%(h)		08/25/2037		2,135,991
	2,552,806	Countrywide Alternative Loan Trust, Series 2007-16CB-4A7		6.00	%		08/25/2037		1,919,928
	4,783,715	Countrywide Alternative Loan Trust, Series 2007-17CB-1A10 (-5 x Secured Overnight Financing Rate 1 Month + 29.37%, 29.90% Cap)		4.90	%(h)		08/25/2037		3,370,547
	724,268	Countrywide Alternative Loan Trust, Series 2007-18CB-2A25		6.00	%		08/25/2037		404,613
	595,928	Countrywide Alternative Loan Trust, Series 2007-19-1A10 (-6 x Secured Overnight Financing Rate 1 Month + 38.31%, 39.00% Cap)		6.39	%(h)		08/25/2037		469,581
	10,680,783	Countrywide Alternative Loan Trust, Series 2007-19-1A34		6.00	%		08/25/2037		5,419,660
	8,758,865	Countrywide Alternative Loan Trust, Series 2007-19-1A4		6.00	%		08/25/2037		4,444,437
	27,027,222	Countrywide Alternative Loan Trust, Series 2007-19-2A1		6.50	%		08/25/2037		11,208,916
	2,692,808	Countrywide Alternative Loan Trust, Series 2007-21CB-2A2 (-4 x Secured Overnight Financing Rate 1 Month + 27.94%, 28.40% Cap)		6.66	%(h)		09/25/2037		1,741,489


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	17,824,607	Countrywide Alternative Loan Trust, Series 2007-22-2A16		6.50	%		09/25/2037		6,901,736
	6,831,060	Countrywide Alternative Loan Trust, Series 2007-23CB-A3 (Secured Overnight Financing Rate 1 Month + 0.61%, 0.50% Floor, 7.00% Cap)		5.93	%		09/25/2037		2,738,728
	9,694,690	Countrywide Alternative Loan Trust, Series 2007-23CB-A4 (-1 x Secured Overnight Financing Rate 1 Month + 6.39%, 6.50% Cap)		1.07	%(f)(h)		09/25/2037		1,037,782
	997,475	Countrywide Alternative Loan Trust, Series 2007-24-A2 (-6 x Secured Overnight Financing Rate 1 Month + 41.01%, 41.70% Cap)		9.09	%(h)		10/25/2037		765,737
	1,994,529	Countrywide Alternative Loan Trust, Series 2007-24-A3 (-1 x Secured Overnight Financing Rate 1 Month + 6.84%, 6.95% Cap)		1.52	%(f)(h)		10/25/2037		261,259
	3,272,029	Countrywide Alternative Loan Trust, Series 2007-24-A4 (Secured Overnight Financing Rate 1 Month + 0.81%, 0.70% Floor, 7.00% Cap)		6.13	%		10/25/2037		757,816
	4,327,745	Countrywide Alternative Loan Trust, Series 2007-24-A6 (Secured Overnight Financing Rate 1 Month + 1.11%, 1.00% Floor, 7.00% Cap)		6.43	%		10/25/2037		1,074,791
	3,144,488	Countrywide Alternative Loan Trust, Series 2007-2CB-1A4 (Secured Overnight Financing Rate 1 Month + 1.11%, 5.75% Floor, 100.00% Cap)		6.44	%		03/25/2037		1,692,210
	15,342,616	Countrywide Alternative Loan Trust, Series 2007-4CB-2A1		7.00	%		03/25/2037		1,588,286
	3,524,048	Countrywide Alternative Loan Trust, Series 2007-5CB-1A18 (-1 x Secured Overnight Financing Rate 1 Month + 5.54%, 5.65% Cap)		0.22	%(f)(h)		04/25/2037		252,828
	3,524,048	Countrywide Alternative Loan Trust, Series 2007-5CB-1A23 (Secured Overnight Financing Rate 1 Month + 0.66%, 0.55% Floor, 6.00% Cap)		5.98	%		04/25/2037		1,504,881
	14,036,211	Countrywide Alternative Loan Trust, Series 2007-5CB-1A31		5.50	%		04/25/2037		7,228,807
	5,808,665	Countrywide Alternative Loan Trust, Series 2007-5CB-2A1		6.00	%		04/25/2037		2,646,804
	4,702,081	Countrywide Alternative Loan Trust, Series 2007-6-A1		5.75	%		04/25/2047		2,524,936
	5,155,870	Countrywide Alternative Loan Trust, Series 2007-6-A4		5.75	%		04/25/2047		2,768,613
	1,312,463	Countrywide Alternative Loan Trust, Series 2007-7T2-A8		6.00	%		04/25/2037		590,973
	236,583	Countrywide Alternative Loan Trust, Series 2007-8CB-A12 (-6 x Secured Overnight Financing Rate 1 Month + 39.51%, 40.20% Cap)		7.59	%(h)		05/25/2037		186,296
	252,549	Countrywide Alternative Loan Trust, Series 2007-8CB-A8 (-6 x Secured Overnight Financing Rate 1 Month + 39.39%, 40.08% Cap)		7.47	%(h)		05/25/2037		197,616
	394,268	Countrywide Alternative Loan Trust, Series 2007-9T1-1A4 (Secured Overnight Financing Rate 1 Month + 0.61%, 0.50% Floor, 6.00% Cap)		5.93	%		05/25/2037		149,897
	394,268	Countrywide Alternative Loan Trust, Series 2007-9T1-1A5 (-1 x Secured Overnight Financing Rate 1 Month + 5.39%, 5.50% Cap)		0.07	%(f)(h)		05/25/2037		20,992
	1,421,970	Countrywide Alternative Loan Trust, Series 2007-9T1-2A1		6.00	%		05/25/2037		648,348
	19,471,112	Countrywide Alternative Loan Trust, Series 2007-HY2-1A		4.15	%(c)		03/25/2047		16,692,949
	18,071,156	Countrywide Alternative Loan Trust, Series 2007-HY4-4A1		4.09	%(c)		06/25/2037		15,975,404
	19,531,807	Countrywide Asset Backed Certificates, Series 2006-25-1A (Secured Overnight Financing Rate 1 Month + 0.25%, 0.14% Floor)		5.57	%		06/25/2047		17,642,581
	5,563,882	Countrywide Asset Backed Certificates, Series 2006-26-1A (Secured Overnight Financing Rate 1 Month + 0.25%, 0.14% Floor)		5.57	%		06/25/2037		5,086,734
	21,486,472	Countrywide Asset Backed Certificates, Series 2007-4-A5		4.44	%(d)		04/25/2047		14,572,013
	10,844,676	Countrywide Asset Backed Certificates, Series 2007-BC1-1A (Secured Overnight Financing Rate 1 Month + 0.39%, 0.28% Floor)		5.71	%		05/25/2037		9,925,785
	1,902,235	Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-10-5A4		5.50	%		11/25/2035		1,371,874
	400,595	Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-10-5A5		5.50	%		11/25/2035		288,879


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	3,902,886	Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-11-2A1		6.00	%		12/25/2035		2,724,137
	5,396,451	Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-12-5A1		5.25	%		01/25/2036		4,551,411
	9,678,653	Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-12-7A1		7.00	%		01/25/2036		1,496,195
	2,415,361	Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-8-3A10		5.50	%		09/25/2035		2,004,635
	3,569,595	Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-8-7A1		7.00	%		09/25/2035		1,683,262
	8,302,114	Credit Suisse Mortgage Capital Certificates, Series 2009-11R-4A1		7.00	%(a)(c)		09/26/2037		2,315,147
	5,758,984	Credit Suisse Mortgage Capital Certificates, Series 2009-12R-5A1		6.00	%(a)(b)		06/27/2036		2,993,767
	7,201,989	Credit Suisse Mortgage Capital Certificates, Series 2012-10R-4A2		3.94	%(a)(c)		08/26/2046		4,807,160
	28,900,728	Credit Suisse Mortgage Capital Certificates, Series 2021-RPL9-A1		2.44	%(a)(c)		02/25/2061		26,462,050
	68,536,406	Credit Suisse Mortgage-Backed Trust, Series 2017-RPL2-CERT		0.00	%(a)(b)(c)		02/25/2056		48,065,980
	4,227,000	Credit Suisse Mortgage-Backed Trust, Series 2020-AFC1-B1		3.45	%(a)(c)		02/25/2050		2,832,708
	9,167,446	Credit Suisse Mortgage-Backed Trust, Series 2020-RPL1-CERT		3.23	%(a)(c)		01/25/2046		6,741,408
	8,167,574	Credit-Based Asset Servicing and Securitization LLC, Series 2006-CB4-AV3 (Secured Overnight Financing Rate 1 Month + 0.41%, 0.30% Floor)		2.92	%		05/25/2036		5,198,149
	3,939,592	CSAB Mortgage Backed Trust, Series 2006-3-A4B		6.61	%(d)		11/25/2036		615,927
	2,255,502	CSAB Mortgage Backed Trust, Series 2006-4-A6A		6.18	%(d)		12/25/2036		424,501
	8,223,120	CSAB Mortgage Backed Trust, Series 2007-1-1A1A		5.90	%(c)		05/25/2037		1,963,413
	776,000	CSMC Mortgage-Backed Trust, Series 2005-1R-2A5		5.75	%(a)		12/26/2035		529,173
	11,281,244	CSMC Mortgage-Backed Trust, Series 2006-1-2A1		6.00	%		02/25/2036		3,421,936
	2,329,578	CSMC Mortgage-Backed Trust, Series 2006-2-5A1 (Secured Overnight Financing Rate 1 Month + 0.81%, 0.70% Floor, 6.00% Cap)		6.00	%		03/25/2036		746,560
	13,021,270	CSMC Mortgage-Backed Trust, Series 2006-2-5A2 (-1 x Secured Overnight Financing Rate 1 Month + 5.19%, 5.30% Cap)		0.00	%(f)(h)		03/25/2036		572,673
	2,712,312	CSMC Mortgage-Backed Trust, Series 2006-2-5A3		6.25	%		03/25/2036		1,200,580
	7,340,602	CSMC Mortgage-Backed Trust, Series 2006-2-5A4		6.00	%		03/25/2036		3,126,307
	1,113,965	CSMC Mortgage-Backed Trust, Series 2006-3-4A3		5.50	%		04/25/2036		777,562
	673,420	CSMC Mortgage-Backed Trust, Series 2006-3-4A4		5.50	%		04/25/2036		470,056
	2,429,173	CSMC Mortgage-Backed Trust, Series 2006-4-1A8 (Secured Overnight Financing Rate 1 Month + 1.11%, 6.00% Floor, 6.00% Cap)		6.00	%		05/25/2036		1,345,965
	20,278,943	CSMC Mortgage-Backed Trust, Series 2006-4-4A1		7.00	%		05/25/2036		5,016,392
	7,094,686	CSMC Mortgage-Backed Trust, Series 2006-4-6A1		6.00	%		05/25/2036		2,758,159
	6,701,125	CSMC Mortgage-Backed Trust, Series 2006-6-1A4		6.00	%		07/25/2036		3,236,146
	10,035,754	CSMC Mortgage-Backed Trust, Series 2006-6-3A1		7.00	%		07/25/2036		2,318,506
	113,952	CSMC Mortgage-Backed Trust, Series 2006-7-3A11		6.00	%		08/25/2036		44,947


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	1,559,221	CSMC Mortgage-Backed Trust, Series 2006-7-7A5		6.00	%		08/25/2036		1,187,289
	2,173,492	CSMC Mortgage-Backed Trust, Series 2006-9-2A1		5.50	%		11/25/2036		1,821,103
	9,091,555	CSMC Mortgage-Backed Trust, Series 2006-9-3A1		6.00	%		11/25/2036		7,552,290
	3,431,261	CSMC Mortgage-Backed Trust, Series 2006-9-4A1		6.00	%		11/25/2036		2,026,058
	1,308,069	CSMC Mortgage-Backed Trust, Series 2006-9-6A14		6.00	%		11/25/2036		997,297
	212,521	CSMC Mortgage-Backed Trust, Series 2006-9-6A15 (-6 x Secured Overnight Financing Rate 1 Month + 39.21%, 39.90% Cap)		7.32	%(h)		11/25/2036		199,315
	8,311,864	CSMC Mortgage-Backed Trust, Series 2007-1-1A4		6.13	%(c)		02/25/2037		1,977,472
	5,453,663	CSMC Mortgage-Backed Trust, Series 2007-1-3A1		6.00	%		02/25/2057		904,369
	2,853,480	CSMC Mortgage-Backed Trust, Series 2007-1-5A14		6.00	%		02/25/2037		1,565,384
	26,458	CSMC Mortgage-Backed Trust, Series 2007-2-2A1		5.00	%		03/25/2037		20,089
	5,166,866	CSMC Mortgage-Backed Trust, Series 2007-3-2A10		6.00	%		04/25/2037		1,903,890
	2,393,259	CSMC Mortgage-Backed Trust, Series 2007-5-2A5		5.00	%		08/25/2037		1,937,119
	22,841,538	CSMC Mortgage-Backed Trust, Series 2007-5-3A19		6.00	%		08/25/2037		16,557,712
	10,065,421	CSMC Mortgage-Backed Trust, Series 2007-5-3A9		6.00	%		08/25/2037		7,288,587
	2,296,151	CSMC Mortgage-Backed Trust, Series 2008-2R-1A1		6.00	%(a)(b)		07/25/2037		1,762,495
	1,419,491	CSMC Trust, Series 2010-13R-1A2		5.50	%(a)(c)		12/26/2035		1,165,964
	21,990,500	CSMC Trust, Series 2010-17R-6A1		3.83	%(a)(b)(c)		06/26/2037		20,661,227
	6,470,229	CSMC Trust, Series 2010-4R-3A17		6.00	%(a)(b)(c)		06/26/2037		5,686,452
	3,194,510	CSMC Trust, Series 2010-4R-8A17		6.00	%(a)(b)(c)		06/26/2037		2,807,540
	8,393,074	CSMC Trust, Series 2010-7R-1A17		6.00	%(a)(c)		01/26/2037		4,417,515
	8,591,554	CSMC Trust, Series 2013-9R-A1		3.00	%(a)(b)(c)		05/27/2043		7,123,356
	7,533,123	CSMC Trust, Series 2019-RPL6-CERT		0.00	%(a)(c)		11/25/2058		6,130,151
	177,729,514	CSMC Trust, Series 2019-RPL6-PT1		4.01	%(a)(c)		11/25/2058		146,644,889
	174,188,581	CSMC Trust, Series 2020-RPL1-PT1		3.34	%(a)(c)		10/25/2069		137,145,045
	13,229,314	CSMC Trust, Series 2021-JR1-A1		2.47	%(a)(c)		09/27/2066		12,838,293
	11,472,910	CSMC Trust, Series 2021-JR2-A1		2.22	%(a)(c)		11/25/2061		11,009,736
	7,469,850	CSMC Trust, Series 2021-NQM1-B1		2.83	%(a)(c)		05/25/2065		4,394,795
	6,225,825	CSMC Trust, Series 2021-NQM5-M1		2.17	%(a)(c)		05/25/2066		3,055,434
	3,180,040	CSMC Trust, Series 2021-NQM6-B1		3.29	%(a)(c)		07/25/2066		1,632,494
	7,445,317	CSMC Trust, Series 2021-NQM6-M1		2.58	%(a)(c)		07/25/2066		3,996,392


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	17,544,000	CWABS Asset-Backed Certificates Trust, Series 2005-11-MF1		5.35	%(c)		02/25/2036		13,763,449
	838,738	CWABS Asset-Backed Certificates Trust, Series 2005-4-AF5B		5.65	%(d)		10/25/2035		830,910
	7,535,494	Deutsche ALT-A Securities, Inc. Mortgage Loan Trust, Series 2005-4-A5		5.50	%(c)		09/25/2035		6,469,474
	215,422	Deutsche ALT-A Securities, Inc. Mortgage Loan Trust, Series 2005-5-1A6 (-7 x Secured Overnight Financing Rate 1 Month + 35.09%, 35.93% Cap)		0.00	%(h)		11/25/2035		295,926
	472,552	Deutsche ALT-A Securities, Inc. Mortgage Loan Trust, Series 2005-5-2A1 (Secured Overnight Financing Rate 1 Month + 0.31%, 0.20% Floor, 5.50% Cap)		5.50	%		11/25/2035		203,437
	1,426,213	Deutsche ALT-A Securities, Inc. Mortgage Loan Trust, Series 2005-5-2A2 (-1 x Secured Overnight Financing Rate 1 Month + 5.19%, 5.30% Cap)		0.00	%(f)(h)		11/25/2035		32,724
	4,773,490	Deutsche ALT-A Securities, Inc. Mortgage Loan Trust, Series 2005-6-2A1		5.50	%		12/25/2035		3,837,828
	12,953,216	Deutsche ALT-A Securities, Inc. Mortgage Loan Trust, Series 2007-2-2A1 (Secured Overnight Financing Rate 1 Month + 0.41%, 0.30% Floor)		5.73	%		09/25/2047		10,932,026
	15,583,463	Deutsche ALT-A Securities, Inc. Mortgage Loan Trust, Series 2007-OA3-A2 (Secured Overnight Financing Rate 1 Month + 0.36%, 0.25% Floor)		5.68	%		07/25/2047		13,270,645
	3,114,044	Deutsche ALT-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB1-A1C		5.67	%(c)		02/25/2036		2,633,991
	409,653	Deutsche ALT-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB2-A2		4.81	%(c)		06/25/2036		346,266
	683,824	Deutsche ALT-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB4-A1A		6.01	%(c)		10/25/2036		537,081
	9,549,038	Deutsche ALT-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB4-A2		5.65	%(c)		10/25/2036		7,502,347
	680,254	Deutsche ALT-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB4-A3		5.90	%(c)		10/25/2036		534,329
	991,437	Deutsche ALT-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB4-A3A1		5.90	%(c)		10/25/2036		778,158
	1,957,495	Deutsche ALT-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB4-A6A1		6.37	%(d)		10/25/2036		1,531,859
	3,784,051	Deutsche Mortgage & Asset Receiving Corporation, Series 2014-RS1-3A2 (Secured Overnight Financing Rate 1 Month + 0.51%, 0.40% Floor, 7.00% Cap)		5.83	%(a)(b)		10/27/2036		3,082,970
	4,272,240	Deutsche Mortgage Securities, Inc., Series 2006-PR1-3A1 (-1 x Secured Overnight Financing Rate 1 Month + 11.96%, 12.12% Cap)		4.50	%(a)(h)		04/15/2036		3,760,083
	1,260,869	Deutsche Mortgage Securities, Inc., Series 2006-PR1-4AI1 (-1 x Secured Overnight Financing Rate 1 Month + 11.95%, 12.11% Cap)		4.48	%(a)(h)		04/15/2036		1,107,533
	2,054,183	Deutsche Mortgage Securities, Inc., Series 2006-PR1-4AI2 (-2 x Secured Overnight Financing Rate 1 Month + 14.39%, 14.61% Cap)		4.21	%(a)(h)		04/15/2036		1,779,152
	296,750	Deutsche Mortgage Securities, Inc., Series 2006-PR1-5AI1 (-3 x Secured Overnight Financing Rate 1 Month + 19.01%, 19.35% Cap)		3.01	%(a)(h)		04/15/2036		238,219
	2,609,075	Deutsche Mortgage Securities, Inc., Series 2006-PR1-5AI3 (-1 x Secured Overnight Financing Rate 1 Month + 12.41%, 12.57% Cap)		4.94	%(a)(h)		04/15/2036		2,129,499
	43,221,453	Deutsche Mortgage Securities, Inc., Series 2006-PR1-5AI4 (-1 x Secured Overnight Financing Rate 1 Month + 11.96%, 12.12% Cap)		4.50	%(a)(h)		04/15/2036		35,283,409
	10,139,985	Equifirst Loan Securitization Trust, Series 2007-1-A2B (Secured Overnight Financing Rate 1 Month + 0.30%, 0.19% Floor)		5.62	%		04/25/2037		8,929,676
	22,750,000	FBR Securitization Trust, Series 2005-2-M4 (Secured Overnight Financing Rate 1 Month + 1.04%, 0.93% Floor, 14.00% Cap)		6.36	%		09/25/2035		19,573,249


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	5,500,000	FBR Securitization Trust, Series 2005-5-M3 (Secured Overnight Financing Rate 1 Month + 0.85%, 0.74% Floor, 14.00% Cap)		6.17	%		11/25/2035		4,993,046
	75,600,000	Federal Home Loan Mortgage Corporation STACR REMIC Trust, Series 2022-DNA3-M1B (Secured Overnight Financing Rate 30 Day Average + 2.90%)		8.21	%(a)		04/25/2042		77,386,428
	3,219,907	Fieldstone Mortgage Investment Trust, Series 2007-1-2A2 (Secured Overnight Financing Rate 1 Month + 0.38%, 0.27% Floor, 12.25% Cap)		5.97	%		04/25/2047		2,288,105
	18,773,738	Figure Line of Credit Trust, Series 2020-1-A		4.04	%(a)(c)		09/25/2049		17,761,787
	7,485,914	First Franklin Mortgage Loan Trust, Series 2006-FF8-M1 (Secured Overnight Financing Rate 1 Month + 0.49%, 0.38% Floor)		5.81	%		07/25/2036		6,967,839
	4,000,000	First Franklin Mortgage Loan Trust, Series 2006-FF9-2A4 (Secured Overnight Financing Rate 1 Month + 0.61%, 0.50% Floor)		5.93	%		06/25/2036		3,457,917
	17,884,550	First Franklin Mortgage Loan Trust, Series 2007-FF2-A1 (Secured Overnight Financing Rate 1 Month + 0.39%, 0.28% Floor)		5.71	%		03/25/2037		9,634,806
	21,299,953	First Franklin Mortgage Loan Trust, Series 2007-FF2-A2C (Secured Overnight Financing Rate 1 Month + 0.41%, 0.30% Floor)		5.73	%		03/25/2037		10,466,920
	2,768,817	First Horizon Alternative Mortgage Securities Trust, Series 2005-AA4-1A1		4.92	%(c)		05/25/2035		1,398,657
	3,393,364	First Horizon Alternative Mortgage Securities Trust, Series 2005-FA8-1A4		5.50	%		11/25/2035		1,682,912
	253,981	First Horizon Alternative Mortgage Securities Trust, Series 2005-FA8-2A1		5.00	%		02/25/2050		252,103
	1,024,034	First Horizon Alternative Mortgage Securities Trust, Series 2006-AA3-A1		5.45	%(c)		06/25/2036		796,365
	1,923,685	First Horizon Alternative Mortgage Securities Trust, Series 2006-FA1-1A12		6.00	%		04/25/2036		913,925
	6,455,160	First Horizon Alternative Mortgage Securities Trust, Series 2006-FA1-1A3		5.75	%		04/25/2036		2,949,573
	1,210,847	First Horizon Alternative Mortgage Securities Trust, Series 2006-FA2-1A5		6.00	%		05/25/2036		505,939
	1,923,600	First Horizon Alternative Mortgage Securities Trust, Series 2006-FA8-1A5		6.00	%		02/25/2037		791,415
	2,843,723	First Horizon Alternative Mortgage Securities Trust, Series 2006-RE1-A1		5.50	%(c)		05/25/2035		1,860,056
	10,551,027	First Horizon Alternative Mortgage Securities Trust, Series 2007-FA3-A3		6.00	%		06/25/2037		3,748,902
	542,904	First Horizon Alternative Mortgage Securities Trust, Series 2007-FA3-A4		6.00	%		06/25/2037		192,900
	604,898	First Horizon Alternative Mortgage Securities Trust, Series 2007-FA4-1A13		6.25	%		08/25/2037		252,925
	1,867,365	First Horizon Alternative Mortgage Securities Trust, Series 2007-FA4-1A4		6.25	%		08/25/2037		780,797
	1,061,711	First Horizon Alternative Mortgage Securities Trust, Series 2007-FA4-1A5		6.25	%		08/25/2037		443,931
	906,138	First Horizon Mortgage Pass-Through Trust, Series 2006-1-1A2		6.00	%		05/25/2036		412,832
	1,532,054	First Horizon Mortgage Pass-Through Trust, Series 2007-4-1A1		6.00	%		08/25/2037		623,466
	9,000,000	FirstKey Homes Trust, Series 2020-SFR1-E		2.79	%(a)		08/17/2037		8,278,488
	18,000,000	FirstKey Homes Trust, Series 2020-SFR2-D		1.97	%(a)		10/19/2037		16,360,659
	26,225,000	FirstKey Homes Trust, Series 2020-SFR2-E		2.67	%(a)		10/19/2037		23,896,626
	16,350,000	FirstKey Homes Trust, Series 2021-SFR1-E1		2.39	%(a)		08/17/2038		14,212,437
	11,500,000	FirstKey Homes Trust, Series 2021-SFR1-E2		2.49	%(a)		08/17/2038		9,946,342
	8,000,000	FirstKey Homes Trust, Series 2021-SFR2-D		2.06	%(a)		09/17/2038		6,920,910


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	8,000,000	FirstKey Homes Trust, Series 2021-SFR2-E1		2.26	%(a)		09/17/2038		6,875,123
	8,000,000	FirstKey Homes Trust, Series 2021-SFR2-E2		2.36	%(a)		09/17/2038		6,856,623
	34,891,000	FirstKey Homes Trust, Series 2021-SFR3-B		2.44	%(a)		12/17/2038		30,909,239
	29,584,000	FirstKey Homes Trust, Series 2021-SFR3-C		2.54	%(a)		12/17/2038		26,086,432
	22,626,000	FirstKey Homes Trust, Series 2021-SFR3-D		2.79	%(a)		12/17/2038		20,030,549
	45,314,000	FirstKey Homes Trust, Series 2021-SFR3-E1		2.99	%(a)		12/17/2038		39,656,715
	25,293,000	FirstKey Homes Trust, Series 2021-SFR3-E2		3.08	%(a)		12/17/2038		22,218,530
	10,174,000	FirstKey Homes Trust, Series 2021-SFR3-F1		3.58	%(a)		12/17/2038		8,977,117
	62,350,000	FMC GMSR Issuer Trust, Series 2020-GT1-A		4.45	%(a)(c)		01/25/2026		54,125,873
	72,500,000	FMC GMSR Issuer Trust, Series 2021-GT1-A		3.62	%(a)(c)		07/25/2026		59,621,883
	64,820,000	FMC GMSR Issuer Trust, Series 2021-GT2-A		3.85	%(a)(c)		10/25/2026		53,351,073
	114,474,501	Fremont Home Loan Trust, Series 2006-D-1A1 (Secured Overnight Financing Rate 1 Month + 0.25%, 0.14% Floor)		5.57	%		11/25/2036		66,651,450
	7,750,000	FRTKL, Series 2021-SFR1-E1		2.37	%(a)		09/17/2038		6,602,949
	6,650,000	FRTKL, Series 2021-SFR1-E2		2.52	%(a)		09/17/2038		5,653,629
	2,751,000	GCAT Trust, Series 2019-NQM3-M1		3.45	%(a)(c)		11/25/2059		2,077,897
	7,096,000	GCAT Trust, Series 2021-NQM2-M1		2.54	%(a)(c)		05/25/2066		4,196,783
	8,405,000	GCAT Trust, Series 2021-NQM6-B1		4.42	%(a)(c)		08/25/2066		5,446,638
	32,254,901	GE-WMC Mortgage Securities Trust, Series 2006-1-A2B (Secured Overnight Financing Rate 1 Month + 0.41%, 0.30% Floor)		5.73	%		08/25/2036		13,585,787
	1,684,811	GMACM Mortgage Loan Trust, Series 2005-AR5-3A1		4.27	%(c)		09/19/2035		1,332,321
	21,297,554	GreenPoint Mortgage Funding Trust, Series 2005-AR3-2A1 (Secured Overnight Financing Rate 1 Month + 0.63%, 0.52% Floor, 10.50% Cap)		5.95	%		08/25/2045		7,477,646
	17,198,719	GreenPoint Mortgage Funding Trust, Series 2007-AR2-1A3 (Secured Overnight Financing Rate 1 Month + 0.59%, 0.48% Floor)		5.91	%		04/25/2047		14,744,585
	890,035	GS Mortgage Securities Corporation Trust, Series 2008-2R-1A1		4.35	%(a)(c)		09/25/2036		295,820
	107,298,406	GS Mortgage-Backed Securities Trust, Series 2020-RPL2-A1		1.75	%(a)(c)		05/25/2060		92,087,580
	12,540,000	GS Mortgage-Backed Securities Trust, Series 2020-RPL2-M1		2.25	%(a)(c)		05/25/2060		9,323,114
	10,237,000	GS Mortgage-Backed Securities Trust, Series 2020-RPL2-M2		2.75	%(a)(c)		05/25/2060		7,485,993
	9,341,000	GS Mortgage-Backed Securities Trust, Series 2020-RPL2-M3		3.00	%(a)(c)		05/25/2060		6,606,786
	31,813,370	GS Mortgage-Backed Securities Trust, Series 2020-RPL2-PT4		6.59	%(a)(g)		05/25/2060		27,052,213
	107,755	GSAA Home Equity Trust, Series 2005-12-AF3		5.07	%(c)		09/25/2035		70,523
	7,770,596	GSAA Home Equity Trust, Series 2006-10-AF3		5.98	%(c)		06/25/2036		2,014,940
	5,561,549	GSAA Home Equity Trust, Series 2006-10-AF4		6.80	%(d)		06/25/2036		1,426,875


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	10,583,679	GSAA Home Equity Trust, Series 2006-15-AF4		6.46	%(d)		09/25/2036		2,687,573
	1,653,907	GSAA Home Equity Trust, Series 2006-18-AF3A		5.77	%(c)		11/25/2036		484,751
	3,871,522	GSAA Home Equity Trust, Series 2006-18-AF6		6.18	%(d)		11/25/2036		893,449
	7,280,233	GSAA Home Equity Trust, Series 2006-19-A1 (Secured Overnight Financing Rate 1 Month + 0.29%, 0.18% Floor)		5.61	%		12/25/2036		1,992,918
	3,429,124	GSAA Home Equity Trust, Series 2007-10-A1A		6.00	%		11/25/2037		1,967,408
	2,525,117	GSAA Home Equity Trust, Series 2007-10-A2A		6.50	%		11/25/2037		1,089,767
	5,751,438	GSAA Home Equity Trust, Series 2007-7-A5 (Secured Overnight Financing Rate 1 Month + 0.67%, 0.56% Floor)		5.99	%		07/25/2037		2,809,846
	15,765,960	GSAMP Trust, Series 2006-HE6-A3 (Secured Overnight Financing Rate 1 Month + 0.41%, 0.30% Floor)		5.73	%		08/25/2036		12,209,156
	6,687,159	GSAMP Trust, Series 2007-H1-A2B (Secured Overnight Financing Rate 1 Month + 0.51%, 0.40% Floor)		5.83	%		01/25/2047		3,570,443
	6,396,304	GSMPS Mortgage Loan Trust, Series 2005-RP2-1AF (Secured Overnight Financing Rate 1 Month + 0.46%, 0.35% Floor)		5.78	%(a)		03/25/2035		5,584,431
	6,396,304	GSMPS Mortgage Loan Trust, Series 2005-RP2-1AS		0.00	%(a)(c)(f)		03/25/2035		6,218
	4,133,830	GSMPS Mortgage Loan Trust, Series 2005-RP3-1AF (Secured Overnight Financing Rate 1 Month + 0.46%, 0.35% Floor, 9.50% Cap)		5.78	%(a)		09/25/2035		3,471,903
	4,133,830	GSMPS Mortgage Loan Trust, Series 2005-RP3-1AS		0.00	%(a)(c)(f)		09/25/2035		180
	15,542,146	GSMPS Mortgage Loan Trust, Series 2006-RP1-1AF1 (Secured Overnight Financing Rate 1 Month + 0.46%, 0.35% Floor, 9.15% Cap)		5.78	%(a)		01/25/2036		12,571,175
	15,542,146	GSMPS Mortgage Loan Trust, Series 2006-RP1-1AS		0.00	%(a)(c)(f)		01/25/2036		278
	16,662,154	GSMSC Resecuritization Trust, Series 2014-3R-2B (Secured Overnight Financing Rate 1 Month + 0.29%, 0.18% Floor)		5.61	%(a)		09/26/2036		8,932,576
	709,023	GSR Mortgage Loan Trust, Series 2005-1F-1A2		5.50	%		02/25/2035		648,483
	1,523,771	GSR Mortgage Loan Trust, Series 2005-1F-3A3		6.00	%		01/25/2035		1,334,210
	190,672	GSR Mortgage Loan Trust, Series 2005-6F-3A5		6.00	%		07/25/2035		174,693
	2,278,439	GSR Mortgage Loan Trust, Series 2005-6F-3A9 (-1 x Secured Overnight Financing Rate 1 Month + 6.79%, 6.90% Cap)		1.47	%(f)(h)		07/25/2035		141,073
	123,048	GSR Mortgage Loan Trust, Series 2005-6F-4A1 (Secured Overnight Financing Rate 1 Month + 0.61%, 0.50% Floor, 6.00% Cap)		5.93	%		07/25/2035		117,514
	100,252	GSR Mortgage Loan Trust, Series 2005-7F-3A1 (Secured Overnight Financing Rate 1 Month + 0.61%, 0.50% Floor, 6.00% Cap)		5.93	%		09/25/2035		97,454
	6,953,041	GSR Mortgage Loan Trust, Series 2005-8F-3A5		6.00	%		11/25/2035		2,669,943
	1,670,972	GSR Mortgage Loan Trust, Series 2005-8F-4A1		6.00	%		11/25/2035		655,712
	173,881	GSR Mortgage Loan Trust, Series 2006-1F-1A2		5.50	%		02/25/2036		257,595
	321,345	GSR Mortgage Loan Trust, Series 2006-2F-2A3		5.75	%		02/25/2036		277,075
	1,524,462	GSR Mortgage Loan Trust, Series 2006-2F-3A3		6.00	%		02/25/2036		691,736
	1,830,873	GSR Mortgage Loan Trust, Series 2006-2F-3A6		6.00	%		02/25/2036		830,717
	17,012,995	GSR Mortgage Loan Trust, Series 2006-5F-3A1		6.50	%		06/25/2036		7,646,650
	4,198,420	GSR Mortgage Loan Trust, Series 2006-6F-2A3		6.00	%		07/25/2036		2,353,559


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	3,655,257	GSR Mortgage Loan Trust, Series 2006-7F-3A4		6.25	%		08/25/2036		1,216,451
	9,637,156	GSR Mortgage Loan Trust, Series 2006-9F-4A1		6.50	%		10/25/2036		4,336,796
	28,008,092	GSR Mortgage Loan Trust, Series 2006-OA1-3A1		4.39	%(g)		08/25/2046		6,239,032
	171,339	GSR Mortgage Loan Trust, Series 2007-1F-2A2		5.50	%		01/25/2037		367,203
	522,318	GSR Mortgage Loan Trust, Series 2007-4F-1A1		5.00	%		07/25/2037		768,600
	12,382,964	GSR Mortgage Loan Trust, Series 2007-4F-3A11		6.00	%		07/25/2037		7,737,308
	41,019,519	GSR Mortgage Loan Trust, Series 2007-OA1-1A1 (Secured Overnight Financing Rate 1 Month + 0.34%, 0.23% Floor)		5.66	%		05/25/2037		20,645,234
	255,046	Harborview Mortgage Loan Trust, Series 2005-14-3A1A		5.73	%(c)		12/19/2035		239,378
	5,136,055	Harborview Mortgage Loan Trust, Series 2005-2-1A (Secured Overnight Financing Rate 1 Month + 0.63%, 0.52% Floor)		5.96	%		05/19/2035		1,597,237
	21,478,277	Harborview Mortgage Loan Trust, Series 2005-8-1A1A (Secured Overnight Financing Rate 1 Month + 0.73%, 0.62% Floor, 11.00% Cap)		6.06	%		09/19/2035		11,225,012
	40,763,122	Harborview Mortgage Loan Trust, Series 2005-8-2A1A (12 Month US Treasury Average + 1.55%, 1.55% Floor)		6.18	%		09/19/2035		18,027,421
	3,656,258	Harborview Mortgage Loan Trust, Series 2006-10-2A1A (Secured Overnight Financing Rate 1 Month + 0.29%, 0.18% Floor)		5.62	%		11/19/2036		3,168,761
	3,643,241	Harborview Mortgage Loan Trust, Series 2006-11-A1A (Secured Overnight Financing Rate 1 Month + 0.45%, 0.34% Floor)		5.78	%		12/19/2036		3,385,887
	31,044,576	Harborview Mortgage Loan Trust, Series 2006-14-1A1A (Secured Overnight Financing Rate 1 Month + 0.47%, 0.36% Floor)		5.80	%		01/25/2047		29,465,922
	5,368,221	Harborview Mortgage Loan Trust, Series 2006-4-1A2A (Secured Overnight Financing Rate 1 Month + 0.49%, 0.38% Floor)		5.82	%		05/19/2046		2,532,185
	56,114,661	Harborview Mortgage Loan Trust, Series 2006-8-1A1 (Secured Overnight Financing Rate 1 Month + 0.51%)		5.83	%		07/21/2036		27,413,594
	6,514,825	Harborview Mortgage Loan Trust, Series 2006-BU1-1A1A (Secured Overnight Financing Rate 1 Month + 0.53%, 0.42% Floor, 10.50% Cap)		5.86	%		02/19/2046		5,536,034
	13,381,916	Harborview Mortgage Loan Trust, Series 2007-7-1A1 (Secured Overnight Financing Rate 1 Month + 2.11%, 10.50% Cap)		6.43	%		10/25/2037		9,859,490
	395,495	Home Equity Asset Trust, Series 2003-3-M1 (Secured Overnight Financing Rate 1 Month + 1.40%, 1.29% Floor)		6.72	%		08/25/2033		381,305
	12,182,000	Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-B-2A4 (Secured Overnight Financing Rate 1 Month + 0.67%, 0.56% Floor)		5.99	%		06/25/2036		10,401,099
	8,528,139	Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-D-2A4 (Secured Overnight Financing Rate 1 Month + 0.35%, 0.24% Floor)		5.67	%		11/25/2036		6,390,950
	7,859,252	Home Equity Mortgage Loan Asset-Backed Trust, Series 2007-B-1A1 (Secured Overnight Financing Rate 1 Month + 0.30%, 0.19% Floor)		5.62	%		07/25/2037		3,186,560
	7,859,252	Home Equity Mortgage Loan Asset-Backed Trust, Series 2007-B-1A2 (Secured Overnight Financing Rate 1 Month + 0.30%, 0.19% Floor)		5.62	%		07/25/2037		3,186,560
	3,684,829	Home Partners of America Trust, Series 2019-2-C		3.02	%(a)		10/19/2039		3,224,949
	3,920,031	Home Partners of America Trust, Series 2019-2-D		3.12	%(a)		10/19/2039		3,391,996
	7,378,881	Home Partners of America Trust, Series 2019-2-E		3.32	%(a)		10/19/2039		6,202,359
	362,199	HomeBanc Mortgage Trust, Series 2005-1-M2 (Secured Overnight Financing Rate 1 Month + 0.85%, 0.74% Floor, 11.50% Cap)		6.17	%		03/25/2035		290,929
	10,350,000	HomeBanc Mortgage Trust, Series 2005-3-M5 (Secured Overnight Financing Rate 1 Month + 1.96%, 1.85% Floor, 11.50% Cap)		7.28	%		07/25/2035		8,574,067
	13,161,000	Homeward Opportunities Fund Trust, Series 2020-1-B1		5.74	%(a)(c)		11/25/2059		12,695,290
	13,276,000	Homeward Opportunities Fund Trust, Series 2020-1-B2		5.92	%(a)(c)		11/25/2059		13,015,100


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	28,994,000	Homeward Opportunities Fund Trust, Series 2020-2-B2		5.47	%(a)(c)		05/25/2065		26,525,071
	3,712,600	Homeward Opportunities Fund Trust, Series 2020-BPL1-A1		6.23	%(a)(d)		08/25/2025		3,717,972
	18,928,073	HSI Asset Loan Obligation Trust, Series 2007-2-3A6		6.00	%		09/25/2037		6,122,397
	13,685,475	HSI Asset Loan Obligation Trust, Series 2007-WF1-A3		4.51	%(d)		12/25/2036		4,367,884
	27,975,065	HSI Asset Securitization Corporation Trust, Series 2006-HE1-1A1 (Secured Overnight Financing Rate 1 Month + 0.39%, 0.28% Floor)		5.71	%		10/25/2036		8,933,602
	13,772,293	HSI Asset Securitization Corporation Trust, Series 2007-NC1-A2 (Secured Overnight Financing Rate 1 Month + 0.25%, 0.14% Floor)		5.57	%		04/25/2037		8,877,780
	59,707,305	HSI Asset Securitization Corporation Trust, Series 2007-NC1-A3 (Secured Overnight Financing Rate 1 Month + 0.29%, 0.18% Floor)		5.61	%		04/25/2037		38,495,509
	189,442	Impac CMB Trust, Series 2002-9F-A1		5.22	%(d)		12/25/2032		183,912
	9,552,732	Impac Secured Assets Trust, Series 2007-3-A1B (Secured Overnight Financing Rate 1 Month + 0.59%, 0.48% Floor, 11.50% Cap)		5.91	%		09/25/2037		8,039,486
	25,853,642	Imperial Fund Mortgage Trust, Series 2021-NQM4-A1		2.09	%(a)(c)		01/25/2057		20,987,407
	13,368,056	Imperial Fund Mortgage Trust, Series 2021-NQM4-A2		2.30	%(a)(c)		01/25/2057		10,729,336
	10,188,059	Imperial Fund Mortgage Trust, Series 2021-NQM4-A3		2.45	%(a)(c)		01/25/2057		8,110,961
	3,207,969	IndyMac IMJA Mortgage Loan Trust, Series 2007-A1-A1		6.00	%		08/25/2037		1,258,882
	2,348,484	IndyMac IMJA Mortgage Loan Trust, Series 2007-A1-A7		6.00	%		08/25/2037		921,600
	6,828,257	IndyMac IMJA Mortgage Loan Trust, Series 2007-A2-1A1		6.00	%		10/25/2037		2,996,692
	11,174,735	IndyMac IMJA Mortgage Loan Trust, Series 2007-A2-2A3		6.50	%		10/25/2037		5,724,693
	18,136,418	IndyMac IMJA Mortgage Loan Trust, Series 2007-A2-3A1		7.00	%		10/25/2037		5,233,069
	15,455,029	IndyMac IMJA Mortgage Loan Trust, Series 2007-A3-A1		6.25	%		11/25/2037		6,838,567
	12,645,060	IndyMac IMJA Mortgage Loan Trust, Series 2007-A4-A1		6.25	%		02/25/2038		4,101,136
	29,130,068	IndyMac IMSC Mortgage Loan Trust, Series 2007-F1-2A1		6.50	%		06/25/2037		7,658,050
	255,117	IndyMac IMSC Mortgage Loan Trust, Series 2007-F2-1A2		6.00	%		07/25/2037		178,307
	25,197,586	IndyMac IMSC Mortgage Loan Trust, Series 2007-F2-2A1		6.50	%		07/25/2037		7,977,719
	2,914,866	IndyMac IMSC Mortgage Loan Trust, Series 2007-HOA1-A11 (Secured Overnight Financing Rate 1 Month + 0.47%, 0.36% Floor)		5.79	%		07/25/2047		1,977,086
	771,891	IndyMac INDA Mortgage Loan Trust, Series 2006-AR2-1A1		4.44	%(c)		09/25/2036		526,614
	647,261	IndyMac INDA Mortgage Loan Trust, Series 2006-AR2-4A1		4.04	%(c)		09/25/2036		565,846
	7,765,274	IndyMac INDA Mortgage Loan Trust, Series 2006-AR3-1A1		3.73	%(c)		12/25/2036		6,625,404
	2,414,378	IndyMac INDA Mortgage Loan Trust, Series 2007-AR1-3A1		2.83	%(c)		03/25/2037		2,037,027
	2,289,823	IndyMac INDA Mortgage Loan Trust, Series 2007-AR3-3A1		3.67	%(c)		07/25/2037		2,002,331
	5,471,288	IndyMac INDX Mortgage Loan Trust, Series 2005-AR15-A1		3.76	%(c)		09/25/2035		4,778,307
	2,248,250	IndyMac INDX Mortgage Loan Trust, Series 2006-AR7-3A1		3.53	%(c)		05/25/2036		1,922,171


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	1,894,131	IndyMac INDX Mortgage Loan Trust, Series 2007-AR13-2A1		4.77	%(c)		07/25/2037		1,524,661
	4,842,628	IndyMac INDX Mortgage Loan Trust, Series 2007-AR21-8A1		4.19	%(c)		09/25/2037		4,691,429
	5,048,585	JP Morgan Alternative Loan Trust, Series 2005-S1-2A11		6.00	%		12/25/2035		3,372,970
	1,618,469	JP Morgan Alternative Loan Trust, Series 2005-S1-2A9		6.00	%		12/25/2035		1,081,302
	3,160,789	JP Morgan Alternative Loan Trust, Series 2006-A2-1A1 (Secured Overnight Financing Rate 1 Month + 0.47%, 0.36% Floor, 11.50% Cap)		5.79	%		05/25/2036		2,724,570
	2,151,781	JP Morgan Alternative Loan Trust, Series 2006-S1-1A8		5.75	%		03/25/2036		1,106,816
	2,310,874	JP Morgan Alternative Loan Trust, Series 2006-S2-A4		6.69	%(d)		05/25/2036		2,287,587
	6,244,681	JP Morgan Alternative Loan Trust, Series 2006-S4-A4		6.46	%(d)		12/25/2036		5,931,772
	2,179,200	JP Morgan Mortgage Acquisition Corporation, Series 2005-WMC1-M4 (Secured Overnight Financing Rate 1 Month + 1.01%, 0.90% Floor)		6.33	%		09/25/2035		1,921,331
	5,612,650	JP Morgan Mortgage Acquisition Trust, Series 2006-CH2-AF3		5.46	%(d)		09/25/2029		3,480,556
	9,880,770	JP Morgan Mortgage Acquisition Trust, Series 2006-HE3-A1 (Secured Overnight Financing Rate 1 Month + 0.39%, 0.28% Floor)		4.17	%		11/25/2036		8,839,455
	22,429,890	JP Morgan Mortgage Acquisition Trust, Series 2006-RM1-A3 (Secured Overnight Financing Rate 1 Month + 0.35%, 0.24% Floor)		5.67	%		08/25/2036		9,731,082
	20,730,704	JP Morgan Mortgage Acquisition Trust, Series 2006-RM1-A4 (Secured Overnight Financing Rate 1 Month + 0.47%, 0.36% Floor)		5.79	%		08/25/2036		8,994,578
	2,948,846	JP Morgan Mortgage Acquisition Trust, Series 2006-WF1-A5		6.91	%(d)		07/25/2036		847,464
	4,269,707	JP Morgan Mortgage Acquisition Trust, Series 2006-WMC4-A1A (Secured Overnight Financing Rate 1 Month + 0.24%, 0.13% Floor)		5.56	%		12/25/2036		2,522,837
	35,550,679	JP Morgan Mortgage Acquisition Trust, Series 2006-WMC4-A1B (Secured Overnight Financing Rate 1 Month + 0.34%, 0.23% Floor)		5.66	%		12/25/2036		2,762,178
	14,367,597	JP Morgan Mortgage Acquisition Trust, Series 2007-CH1-AF5		4.58	%(d)		11/25/2036		13,776,150
	9,690,000	JP Morgan Mortgage Acquisition Trust, Series 2007-CH3-M2 (Secured Overnight Financing Rate 1 Month + 0.43%, 0.32% Floor)		5.75	%		03/25/2037		8,121,330
	90,408	JP Morgan Mortgage Trust, Series 2005-A6-5A1		5.31	%(c)		08/25/2035		89,527
	3,485,091	JP Morgan Mortgage Trust, Series 2005-S1-1A2		6.50	%		01/25/2035		3,423,519
	349,857	JP Morgan Mortgage Trust, Series 2005-S2-2A13		5.50	%		09/25/2035		274,611
	931,836	JP Morgan Mortgage Trust, Series 2006-S2-3A3		6.00	%		07/25/2036		319,817
	3,405,451	JP Morgan Mortgage Trust, Series 2006-S2-3A5		6.25	%		07/25/2036		1,219,823
	1,786,086	JP Morgan Mortgage Trust, Series 2006-S3-1A2		6.00	%		08/25/2036		546,049
	7,294,656	JP Morgan Mortgage Trust, Series 2006-S3-1A21 (Secured Overnight Financing Rate 1 Month + 0.49%, 0.38% Floor, 7.50% Cap)		5.81	%		08/25/2036		1,597,371
	7,294,656	JP Morgan Mortgage Trust, Series 2006-S3-1A22 (-1 x Secured Overnight Financing Rate 1 Month + 7.01%, 7.12% Cap)		1.69	%(f)(h)		08/25/2036		929,141
	832,270	JP Morgan Mortgage Trust, Series 2006-S3-1A9		6.00	%		08/25/2036		254,445
	5,703,261	JP Morgan Mortgage Trust, Series 2006-S4-A3		6.00	%		01/25/2037		2,295,596
	2,375,221	JP Morgan Mortgage Trust, Series 2006-S4-A5		6.00	%		01/25/2037		960,898
	5,570,913	JP Morgan Mortgage Trust, Series 2006-S4-A8 (Secured Overnight Financing Rate 1 Month + 0.49%, 0.38% Floor, 7.00% Cap)		5.81	%		01/25/2037		1,624,707


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	5,570,913	JP Morgan Mortgage Trust, Series 2006-S4-A9 (-1 x Secured Overnight Financing Rate 1 Month + 6.51%, 6.62% Cap)		1.19	%(f)(h)		01/25/2037		704,836
	619,467	JP Morgan Mortgage Trust, Series 2007-A2-2A1		4.49	%(c)		04/25/2037		454,239
	2,430,154	JP Morgan Mortgage Trust, Series 2007-A3-3A2M		4.19	%(c)		05/25/2037		2,171,858
	6,161,215	JP Morgan Mortgage Trust, Series 2007-S1-2A6		6.00	%		03/25/2037		2,626,948
	1,726,545	JP Morgan Mortgage Trust, Series 2007-S3-1A1		5.50	%		08/25/2037		762,706
	3,924,226	JP Morgan Mortgage Trust, Series 2007-S3-1A35		6.00	%		08/25/2037		1,889,447
	1,691,642	JP Morgan Mortgage Trust, Series 2007-S3-1A64		7.50	%		08/25/2037		600,410
	660,393	JP Morgan Mortgage Trust, Series 2007-S3-1A9		6.00	%		08/25/2037		316,316
	3,618,323	JP Morgan Mortgage Trust, Series 2007-S3-1A96		6.00	%		08/25/2037		1,733,881
	4,124,606	JP Morgan Mortgage Trust, Series 2007-S3-1A97		6.00	%		08/25/2037		1,976,601
	4,991,439	JP Morgan Resecuritization Trust, Series 2009-4-3A2		6.00	%(a)(c)		02/26/2037		2,435,107
	16,376,315	JP Morgan Resecuritization Trust, Series 2009-7-7A1		7.00	%(a)(c)		09/27/2037		7,171,517
	7,722,342	JP Morgan Resecuritization Trust, Series 2010-1-1A4		6.00	%(a)		02/26/2037		3,502,407
	5,125,240	JP Morgan Resecuritization Trust, Series 2010-1-2A11		7.00	%(a)(c)		01/26/2037		2,334,231
	120,589,419	Legacy Mortgage Asset Trust, Series 2019-RPL3-PT1		0.00	%(a)		06/25/2058		100,744,163
	27,809,350	Legacy Mortgage Asset Trust, Series 2020-GS1-A2		7.00	%(a)(d)(i)		10/25/2059		24,305,492
	27,186,234	Legacy Mortgage Asset Trust, Series 2020-GS2-A2		7.00	%(a)(d)		03/25/2060		23,179,598
	24,000,000	Legacy Mortgage Asset Trust, Series 2021-GS4-A2		3.55	%(a)(d)		11/25/2060		19,129,430
	4,746,760	Lehman Mortgage Trust, Series 2005-2-2A3B		5.94	%(d)		08/25/2035		4,090,555
	1,594,591	Lehman Mortgage Trust, Series 2005-2-3A5		5.50	%		12/25/2035		844,829
	1,005,687	Lehman Mortgage Trust, Series 2005-2-5A5		5.75	%		12/25/2035		680,528
	1,838,851	Lehman Mortgage Trust, Series 2005-3-2A1		6.00	%		01/25/2036		1,481,371
	156,438	Lehman Mortgage Trust, Series 2005-3-2A3		5.50	%		01/25/2036		120,414
	840,414	Lehman Mortgage Trust, Series 2005-3-2A7		6.00	%		01/25/2036		676,973
	510,743	Lehman Mortgage Trust, Series 2005-4-2A3A		5.50	%(d)		10/25/2035		568,952
	6,950,078	Lehman Mortgage Trust, Series 2005-9N-2A1 (12 Month US Treasury Average + 1.06%, 1.06% Floor)		5.69	%		02/25/2036		5,969,758
	943,144	Lehman Mortgage Trust, Series 2006-1-1A1 (Secured Overnight Financing Rate 1 Month + 0.86%, 0.75% Floor, 5.50% Cap)		5.50	%		02/25/2036		385,473
	2,829,431	Lehman Mortgage Trust, Series 2006-1-1A2 (-1 x Secured Overnight Financing Rate 1 Month + 4.64%, 4.75% Cap)		0.00	%(f)(h)		02/25/2036		74,442
	1,944,228	Lehman Mortgage Trust, Series 2006-1-3A1 (Secured Overnight Financing Rate 1 Month + 0.86%, 0.75% Floor, 5.50% Cap)		5.50	%		02/25/2036		1,220,724
	1,944,228	Lehman Mortgage Trust, Series 2006-1-3A2 (-1 x Secured Overnight Financing Rate 1 Month + 4.64%, 4.75% Cap)		0.00	%(b)(f)(h)		02/25/2036		27,670


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	1,252,650	Lehman Mortgage Trust, Series 2006-1-3A4		5.50	%		02/25/2036		855,598
	5,570,791	Lehman Mortgage Trust, Series 2006-3-A3 (Secured Overnight Financing Rate 1 Month + 0.71%, 0.60% Floor)		6.03	%		03/25/2036		5,332,263
	1,508,474	Lehman Mortgage Trust, Series 2006-4-1A3 (-1 x Secured Overnight Financing Rate 1 Month + 5.29%, 5.40% Cap)		0.00	%(f)(h)		08/25/2036		54,621
	958,753	Lehman Mortgage Trust, Series 2006-4-1A4		6.00	%		08/25/2036		746,865
	6,578,622	Lehman Mortgage Trust, Series 2006-5-1A1A (Secured Overnight Financing Rate 1 Month + 0.53%, 0.42% Floor)		5.85	%		04/25/2036		5,600,879
	5,462,093	Lehman Mortgage Trust, Series 2006-5-2A1 (Secured Overnight Financing Rate 1 Month + 0.46%, 0.35% Floor, 7.50% Cap)		5.78	%		09/25/2036		824,448
	11,377,480	Lehman Mortgage Trust, Series 2006-5-2A2 (-1 x Secured Overnight Financing Rate 1 Month + 7.04%, 7.15% Cap)		1.72	%(f)(h)		09/25/2036		1,028,941
	37,018	Lehman Mortgage Trust, Series 2006-5-2A4A		6.39	%(d)		04/25/2036		43,469
	5,822,133	Lehman Mortgage Trust, Series 2006-6-3A9		5.50	%		10/25/2036		3,872,305
	166,234	Lehman Mortgage Trust, Series 2006-6-4A5		6.00	%		12/25/2036		161,926
	2,783,141	Lehman Mortgage Trust, Series 2006-7-2A2 (Secured Overnight Financing Rate 1 Month + 0.56%, 0.45% Floor, 7.00% Cap)		5.88	%		11/25/2036		655,439
	10,310,137	Lehman Mortgage Trust, Series 2006-7-2A5 (-1 x Secured Overnight Financing Rate 1 Month + 6.44%, 6.55% Cap)		1.12	%(f)(h)		11/25/2036		804,774
	1,677,490	Lehman Mortgage Trust, Series 2006-9-1A19 (-5 x Secured Overnight Financing Rate 1 Month + 30.16%, 30.68% Cap)		5.68	%(h)		01/25/2037		1,221,921
	1,822,623	Lehman Mortgage Trust, Series 2006-9-1A5 (Secured Overnight Financing Rate 1 Month + 0.71%, 0.60% Floor, 5.75% Cap)		5.75	%		01/25/2037		952,094
	5,449,019	Lehman Mortgage Trust, Series 2006-9-1A6 (-1 x Secured Overnight Financing Rate 1 Month + 5.04%, 5.15% Cap)		0.00	%(f)(h)		01/25/2037		165,426
	3,434,942	Lehman Mortgage Trust, Series 2006-9-2A1 (Secured Overnight Financing Rate 1 Month + 0.49%, 0.38% Floor, 7.00% Cap)		5.81	%		01/25/2037		795,362
	6,191,489	Lehman Mortgage Trust, Series 2006-9-2A2 (-1 x Secured Overnight Financing Rate 1 Month + 6.51%, 6.62% Cap)		1.19	%(f)(h)		01/25/2037		452,562
	7,856,900	Lehman Mortgage Trust, Series 2006-GP3-1A1 (Secured Overnight Financing Rate 1 Month + 0.51%, 0.40% Floor)		5.83	%		06/25/2046		7,027,097
	5,821,033	Lehman Mortgage Trust, Series 2007-10-2A1		6.50	%		01/25/2038		1,667,709
	19,557,024	Lehman Mortgage Trust, Series 2007-1-1A1 (Secured Overnight Financing Rate 1 Month + 0.32%, 0.21% Floor)		5.64	%(a)		06/25/2037		13,748,385
	5,094,742	Lehman Mortgage Trust, Series 2007-1-2A1		7.00	%(c)		02/25/2037		4,919,283
	5,681,512	Lehman Mortgage Trust, Series 2007-1-2A4 (Secured Overnight Financing Rate 1 Month + 0.41%, 0.30% Floor)		5.73	%(a)		06/25/2037		3,602,647
	9,725,305	Lehman Mortgage Trust, Series 2007-12N-1A3A (Secured Overnight Financing Rate 1 Month + 0.51%, 0.40% Floor)		5.83	%		07/25/2047		9,252,753
	9,793,975	Lehman Mortgage Trust, Series 2007-15N-4A1 (Secured Overnight Financing Rate 1 Month + 1.01%, 0.90% Floor)		6.33	%		08/25/2047		8,064,615
	1,435,148	Lehman Mortgage Trust, Series 2007-2-1A1		5.75	%		02/25/2037		915,630
	2,484,614	Lehman Mortgage Trust, Series 2007-4-2A11 (Secured Overnight Financing Rate 1 Month + 0.44%, 0.33% Floor, 7.00% Cap)		5.76	%		05/25/2037		733,111
	10,856,558	Lehman Mortgage Trust, Series 2007-4-2A8 (-1 x Secured Overnight Financing Rate 1 Month + 6.56%, 6.67% Cap)		1.24	%(f)(h)		05/25/2037		892,691
	744,105	Lehman Mortgage Trust, Series 2007-4-2A9 (Secured Overnight Financing Rate 1 Month + 0.44%, 0.33% Floor, 7.00% Cap)		5.76	%		05/25/2037		168,944


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	6,509,955	Lehman Mortgage Trust, Series 2007-5-11A1		4.54	%(c)		06/25/2037		3,566,986
	655,164	Lehman Mortgage Trust, Series 2007-5-4A3 (-6 x Secured Overnight Financing Rate 1 Month + 39.39%, 40.08% Cap)		7.47	%(h)		08/25/2036		639,394
	609,874	Lehman Mortgage Trust, Series 2007-5-7A3		7.50	%		10/25/2036		237,844
	72,375	Lehman Mortgage Trust, Series 2007-6-1A8		6.00	%		07/25/2037		58,531
	5,546,513	Lehman Mortgage Trust, Series 2007-9-2A2		6.50	%		10/25/2037		1,739,609
	3,268,147	Lehman Mortgage Trust, Series 2008-2-1A6		6.00	%		03/25/2038		1,116,567
	9,300,000	LHOME Mortgage Trust, Series 2021-RTL1-A2		3.86	%(a)(c)		02/25/2026		8,734,853
	70,233,579	LHOME Mortgage Trust, Series 2021-RTL2-A1		2.09	%(a)(d)		06/25/2026		69,196,636
	13,436,423	Long Beach Mortgage Loan Trust, Series 2006-2-2A4 (Secured Overnight Financing Rate 1 Month + 0.69%, 0.58% Floor)		6.01	%		03/25/2046		4,844,610
	48,039,581	Long Beach Mortgage Loan Trust, Series 2006-3-2A3 (Secured Overnight Financing Rate 1 Month + 0.47%, 0.36% Floor)		5.79	%		05/25/2046		14,572,024
	4,897,079	Long Beach Mortgage Loan Trust, Series 2006-3-2A4 (Secured Overnight Financing Rate 1 Month + 0.65%, 0.54% Floor)		5.97	%		05/25/2046		1,485,351
	15,182,022	Long Beach Mortgage Loan Trust, Series 2006-5-2A4 (Secured Overnight Financing Rate 1 Month + 0.59%, 0.48% Floor)		5.91	%		06/25/2036		7,192,254
	25,882,723	Long Beach Mortgage Loan Trust, Series 2006-6-1A (Secured Overnight Financing Rate 1 Month + 0.40%, 0.29% Floor)		5.72	%		07/25/2036		17,855,184
	11,640,099	Long Beach Mortgage Loan Trust, Series 2006-WL1-M2 (Secured Overnight Financing Rate 1 Month + 0.79%, 0.68% Floor)		6.11	%		01/25/2046		10,594,300
	1,776,850	Luminent Mortgage Trust, Series 2005-1-A1 (Secured Overnight Financing Rate 1 Month + 0.63%, 0.52% Floor, 11.50% Cap)		5.95	%		11/25/2035		1,664,519
	2,324,866	MASTR Adjustable Rate Mortgages Trust, Series 2005-2-2A1		3.63	%(c)		03/25/2035		1,993,824
	738,744	MASTR Adjustable Rate Mortgages Trust, Series 2005-6-5A1		3.24	%(c)		07/25/2035		639,754
	5,036,779	MASTR Adjustable Rate Mortgages Trust, Series 2007-1-2A1		3.75	%(c)		11/25/2036		2,839,464
	6,599,187	MASTR Alternative Loans Trust, Series 2004-9-M2		6.26	%(d)		08/25/2034		4,750,622
	1,111,612	MASTR Alternative Loans Trust, Series 2005-2-3A1		6.00	%		03/25/2035		929,922
	54,876	MASTR Alternative Loans Trust, Series 2005-5-2A3		5.50	%		07/25/2025		51,245
	6,678,747	MASTR Alternative Loans Trust, Series 2005-5-3A1		5.75	%		08/25/2035		3,411,982
	1,495,898	MASTR Alternative Loans Trust, Series 2005-6-1A5		5.50	%		12/25/2035		982,718
	1,276,618	MASTR Alternative Loans Trust, Series 2006-3-1A2		6.25	%		07/25/2036		701,823
	748,473	MASTR Alternative Loans Trust, Series 2007-1-1A5		5.75	%		10/25/2036		682,613
	3,703,696	MASTR Alternative Loans Trust, Series 2007-1-2A7		6.00	%		10/25/2036		1,098,624
	2,159,199	MASTR Asset Backed Securities Trust, Series 2003-OPT1-M3 (Secured Overnight Financing Rate 1 Month + 4.24%, 4.13% Floor)		9.56	%		12/25/2032		2,030,431
	6,284,365	MASTR Asset Backed Securities Trust, Series 2006-AM2-A3 (Secured Overnight Financing Rate 1 Month + 0.45%, 0.34% Floor)		5.77	%		06/25/2036		5,402,663
	9,255,021	MASTR Asset Backed Securities Trust, Series 2007-HE1-A3 (Secured Overnight Financing Rate 1 Month + 0.32%, 0.21% Floor)		5.64	%		05/25/2037		8,703,542
	13,234,404	MASTR Asset Backed Securities Trust, Series 2007-WMC1-A1 (Secured Overnight Financing Rate 1 Month + 0.26%, 0.15% Floor)		5.58	%		01/25/2037		3,639,547


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	1,512,461	MASTR Asset Securitization Trust, Series 2006-1-1A4		5.75	%		05/25/2036		971,330
	1,047,441	MASTR Asset Securitization Trust, Series 2006-2-1A11 (Secured Overnight Financing Rate 1 Month + 6.00%, 6.00% Floor)		6.00	%		06/25/2036		619,845
	2,421,256	MASTR Asset Securitization Trust, Series 2007-1-1A3		6.25	%		11/25/2037		1,036,593
	13,314,963	MASTR Resecuritization Trust, Series 2008-1-A1		6.00	%(a)(b)(c)		09/27/2037		8,991,838
	6,707,075	MASTR Resecuritization Trust, Series 2008-4-A1		6.00	%(a)(c)		06/27/2036		5,059,425
	1,182,744	MASTR Seasoned Securitization Trust, Series 2005-2-1A4		6.00	%		10/25/2032		1,132,286
	494,422	MASTR Seasoned Securitization Trust, Series 2005-2-2A1 (Secured Overnight Financing Rate 1 Month + 0.51%, 0.40% Floor, 7.50% Cap)		5.83	%		10/25/2032		446,385
	20,035,266	Merrill Lynch Alternative Note Asset Trust, Series 2007-A3-A2A (Secured Overnight Financing Rate 1 Month + 0.33%, 0.22% Floor)		5.65	%		04/25/2037		7,935,761
	10,274,466	Merrill Lynch Alternative Note Asset Trust, Series 2007-A3-A2B (Secured Overnight Financing Rate 1 Month + 0.53%, 0.42% Floor)		5.85	%		04/25/2037		4,085,399
	14,240,531	Merrill Lynch Alternative Note Asset Trust, Series 2007-A3-A2C (Secured Overnight Financing Rate 1 Month + 0.75%, 0.64% Floor)		6.07	%		04/25/2037		5,669,793
	13,022,228	Merrill Lynch Alternative Note Asset Trust, Series 2007-F1-2A4 (Secured Overnight Financing Rate 1 Month + 0.43%, 0.32% Floor, 7.00% Cap)		5.75	%		03/25/2037		3,300,446
	13,022,228	Merrill Lynch Alternative Note Asset Trust, Series 2007-F1-2A5 (-1 x Secured Overnight Financing Rate 1 Month + 6.57%, 6.68% Cap)		1.25	%(f)(h)		03/25/2037		1,472,613
	28,698,456	Merrill Lynch Alternative Note Asset Trust, Series 2007-OAR5-1A1		3.41	%(c)		10/25/2047		8,852,177
	2,207,574	Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-H1-1A2 (Secured Overnight Financing Rate 1 Month + 3.61%, 3.50% Floor)		8.93	%		10/25/2037		1,983,013
	17,591,481	Merrill Lynch Mortgage Investors Trust, Series 2005-AR1-M2 (Secured Overnight Financing Rate 1 Month + 1.12%, 1.01% Floor)		6.44	%		06/25/2036		13,222,726
	7,905,271	Merrill Lynch Mortgage Investors Trust, Series 2006-AR1-A2C (Secured Overnight Financing Rate 1 Month + 0.43%, 0.32% Floor)		5.75	%(a)		03/25/2037		2,185,155
	771,234	Merrill Lynch Mortgage Investors Trust, Series 2006-F1-1A2		6.00	%		04/25/2036		361,716
	22,650,867	Merrill Lynch Mortgage Investors Trust, Series 2006-FM1-A1 (Secured Overnight Financing Rate 1 Month + 0.41%, 0.30% Floor)		4.06	%		04/25/2037		12,980,000
	10,397,458	Merrill Lynch Mortgage Investors Trust, Series 2006-HE3-A4 (Secured Overnight Financing Rate 1 Month + 0.61%, 0.50% Floor)		5.93	%		06/25/2037		2,600,896
	7,575,636	Merrill Lynch Mortgage Investors Trust, Series 2006-HE4-A2B (Secured Overnight Financing Rate 1 Month + 0.31%, 0.20% Floor)		5.63	%		07/25/2037		1,762,063
	76,442,934	Merrill Lynch Mortgage Investors Trust, Series 2007-HE2-A1 (Secured Overnight Financing Rate 1 Month + 0.61%, 0.50% Floor)		5.93	%		02/25/2037		36,044,816
	8,494,320	Merrill Lynch Mortgage Investors Trust, Series 2007-HE3-A1 (Secured Overnight Financing Rate 1 Month + 0.25%, 0.14% Floor)		5.57	%		04/25/2047		3,508,468
	7,246,947	Merrill Lynch Mortgage Investors Trust, Series 2007-HE3-A3 (Secured Overnight Financing Rate 1 Month + 0.49%, 0.38% Floor)		5.81	%		04/25/2047		2,993,208
	3,035,452	Merrill Lynch Mortgage Investors Trust, Series 2007-HE3-A4 (Secured Overnight Financing Rate 1 Month + 0.65%, 0.54% Floor)		5.97	%		04/25/2047		1,253,754
	50,708,938	Merrill Lynch Mortgage Investors Trust, Series 2007-MLN1-A1 (Secured Overnight Financing Rate 1 Month + 0.36%, 0.25% Floor)		5.68	%		03/25/2037		37,261,628
	17,555,773	MFA Trust, Series 2021-NPL1-A1		2.36	%(a)(d)		03/25/2060		16,908,714
	16,819,816	Morgan Stanley Capital Trust, Series 2006-HE7-A2C (Secured Overnight Financing Rate 1 Month + 0.43%, 0.32% Floor)		5.75	%		09/25/2036		7,341,133


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	22,319,353	Morgan Stanley Capital Trust, Series 2006-HE7-A2D (Secured Overnight Financing Rate 1 Month + 0.57%, 0.46% Floor)		5.89	%		09/25/2036		9,741,096
	13,138,756	Morgan Stanley Capital Trust, Series 2006-NC2-M1 (Secured Overnight Financing Rate 1 Month + 0.65%, 0.54% Floor)		5.97	%		02/25/2036		11,492,566
	5,760,969	Morgan Stanley Capital Trust, Series 2007-HE4-A1 (Secured Overnight Financing Rate 1 Month + 0.24%, 0.13% Floor)		5.56	%(a)		02/25/2037		2,517,685
	25,139,591	Morgan Stanley Home Equity Loan Trust, Series 2007-1-A4 (Secured Overnight Financing Rate 1 Month + 0.33%, 0.22% Floor)		5.65	%		12/25/2036		12,157,677
	5,120,152	Morgan Stanley IXIS Real Estate Capital Trust, Series 2006-2-AFPT (Secured Overnight Financing Rate 1 Month + 0.18%, 0.07% Floor)		5.50	%		11/25/2036		1,796,147
	615,833	Morgan Stanley Mortgage Loan Trust, Series 2005-10-1A1 (Secured Overnight Financing Rate 1 Month + 0.81%, 0.70% Floor, 5.75% Cap)		5.75	%		12/25/2035		376,209
	1,542,945	Morgan Stanley Mortgage Loan Trust, Series 2005-10-1A6		5.75	%		12/25/2035		1,028,652
	1,860,923	Morgan Stanley Mortgage Loan Trust, Series 2005-10-2A1		5.29	%(c)		12/25/2035		1,655,100
	4,564,691	Morgan Stanley Mortgage Loan Trust, Series 2006-11-1A6		6.73	%(d)		08/25/2036		851,525
	6,713,421	Morgan Stanley Mortgage Loan Trust, Series 2006-11-2A1		6.00	%		08/25/2036		2,942,064
	6,680,428	Morgan Stanley Mortgage Loan Trust, Series 2006-16AX-2A2 (Secured Overnight Financing Rate 1 Month + 0.45%, 0.34% Floor)		5.77	%		11/25/2036		1,960,267
	5,216,303	Morgan Stanley Mortgage Loan Trust, Series 2006-17XS-A3A		6.15	%(d)		10/25/2046		1,512,774
	1,794,234	Morgan Stanley Mortgage Loan Trust, Series 2006-17XS-A6		6.08	%(d)		10/25/2046		422,725
	1,747,666	Morgan Stanley Mortgage Loan Trust, Series 2006-2-2A3		5.75	%		02/25/2036		1,539,426
	15,295,232	Morgan Stanley Mortgage Loan Trust, Series 2006-7-3A		5.22	%(c)		06/25/2036		9,685,724
	1,504,726	Morgan Stanley Mortgage Loan Trust, Series 2006-7-4A4		6.00	%		06/25/2036		767,723
	1,523,275	Morgan Stanley Mortgage Loan Trust, Series 2006-7-4A7		6.00	%		06/25/2036		777,187
	2,854,050	Morgan Stanley Mortgage Loan Trust, Series 2007-13-6A1		6.00	%		10/25/2037		1,514,820
	3,404,526	Morgan Stanley Mortgage Loan Trust, Series 2007-14AR-2A3		3.81	%(c)		10/25/2037		2,018,540
	2,899,268	Morgan Stanley Mortgage Loan Trust, Series 2007-1XS-2A3		6.42	%(d)		09/25/2046		645,632
	1,928,736	Morgan Stanley Mortgage Loan Trust, Series 2007-1XS-2A4A		6.58	%(d)		09/25/2046		518,048
	250,801	Morgan Stanley Mortgage Loan Trust, Series 2007-3XS-1A2A		6.12	%(d)		01/25/2047		224,098
	5,214,251	Morgan Stanley Mortgage Loan Trust, Series 2007-3XS-2A3S		6.36	%(d)		01/25/2047		1,969,353
	3,049,845	Morgan Stanley Mortgage Loan Trust, Series 2007-3XS-2A4S		6.46	%(d)		01/25/2047		1,151,636
	3,798,562	Morgan Stanley Re-Remic Trust, Series 2010-R5-4B		3.47	%(a)(d)		06/26/2036		3,285,902
	6,121,444	Morgan Stanley Re-Remic Trust, Series 2010-R5-5B		2.84	%(a)(d)		01/26/2037		5,176,558
	9,662,495	Morgan Stanley Re-Remic Trust, Series 2010-R9-3C		6.00	%(a)(b)(c)		11/26/2036		7,057,432
	40,275	Morgan Stanley Re-Remic Trust, Series 2011-R1-1A		5.94	%(a)(c)		02/26/2037		40,173
	7,360,294	Morgan Stanley Re-Remic Trust, Series 2012-R4-1B (Secured Overnight Financing Rate 1 Month + 0.11%)		2.99	%(a)		08/26/2036		5,511,379
	6,289,870	Morgan Stanley Re-Remic Trust, Series 2013-R2-1B		3.70	%(a)(b)(c)		10/26/2036		5,118,765


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	1,840,253	Morgan Stanley Resecuritization Trust, Series 2014-R7-B1		4.08	%(a)(c)		01/26/2051		1,810,844
	4,915,849	Morgan Stanley Resecuritization Trust, Series 2014-R7-B2		4.08	%(a)(c)(i)		01/26/2051		4,547,370
	20,607,540	Morgan Stanley Residential Mortgage Loan Trust, Series 2020-RPL1-A1		2.69	%(a)(c)		10/25/2060		19,959,721
	9,606,076	New Century Alternative Mortgage Loan Trust, Series 2006-ALT1-AF3		6.17	%(c)		07/25/2036		2,024,475
	12,198,011	New Century Alternative Mortgage Loan Trust, Series 2006-ALT2-AF5		4.65	%(d)		10/25/2036		2,523,218
	17,829,000	New Century Home Equity Loan Trust, Series 2005-4-M5 (Secured Overnight Financing Rate 1 Month + 1.13%, 1.02% Floor, 12.50% Cap)		6.45	%		09/25/2035		16,027,497
	12,500,000	New Century Home Equity Loan Trust, Series 2006-1-A2C (Secured Overnight Financing Rate 1 Month + 0.67%, 0.56% Floor, 12.50% Cap)		5.99	%		05/25/2036		10,885,315
	62,504,400	New Residential Mortgage Loan Trust, Series 2020-RPL1-M1		3.25	%(a)(c)		11/25/2059		50,217,154
	16,345,550	New Residential Mortgage Loan Trust, Series 2020-RPL1-M2		3.50	%(a)(c)		11/25/2059		12,845,832
	228,110	New York Mortgage Trust, Series 2005-2-A (Secured Overnight Financing Rate 1 Month + 0.77%, 0.66% Floor, 10.50% Cap)		5.76	%		08/25/2035		203,622
	22,915	Nomura Asset Acceptance Corporation, Series 2005-AP1-2A5		5.36	%(d)		02/25/2035		22,134
	12,891,695	Nomura Asset Acceptance Corporation, Series 2006-AF1-1A2		6.16	%(c)		05/25/2036		2,500,369
	2,619,823	Nomura Asset Acceptance Corporation, Series 2006-AF1-1A3		6.41	%(c)		05/25/2036		507,611
	14,239,587	Nomura Asset Acceptance Corporation, Series 2006-AP1-A2		5.52	%(c)		01/25/2036		4,385,939
	2,406,790	Nomura Asset Acceptance Corporation, Series 2006-AP1-A3		5.65	%(c)		01/25/2036		741,055
	1,134,924	Nomura Asset Acceptance Corporation, Series 2006-WF1-A2		5.76	%(c)		06/25/2036		299,645
	14,948,764	Nomura Home Equity Loan, Inc., Series 2006-AF1-A2		6.30	%(d)		10/25/2036		3,537,446
	2,555,281	Nomura Home Equity Loan, Inc., Series 2007-1-1A1		6.56	%(d)		02/25/2037		680,429
	12,736,108	Nomura Home Equity Loan, Inc., Series 2007-1-1A3		6.49	%(d)		02/25/2037		3,392,069
	2,825,683	Nomura Resecuritization Trust, Series 2014-1R-6A7		6.48	%(a)(c)		08/26/2036		2,163,862
	4,266,583	Nomura Resecuritization Trust, Series 2014-2R-4A9		4.08	%(a)(d)		07/26/2036		3,564,596
	7,340,080	Nomura Resecuritization Trust, Series 2015-4R-5A2 (Secured Overnight Financing Rate 1 Month + 0.54%, 0.43% Floor)		2.73	%(a)(b)(i)		03/26/2036		4,972,244
	14,094,059	NovaStar Mortgage Funding Trust, Series 2005-3-M4 (Secured Overnight Financing Rate 1 Month + 1.00%, 0.89% Floor, 11.00% Cap)		6.32	%		01/25/2036		11,256,266
	7,485,196	NovaStar Mortgage Funding Trust, Series 2006-3-A2C (Secured Overnight Financing Rate 1 Month + 0.43%, 0.32% Floor, 11.00% Cap)		5.75	%		10/25/2036		3,946,475
	43,687,746	NRZ Excess Spread-Collateralized Notes, Series 2020-PLS1-A		3.84	%(a)		12/25/2025		40,792,948
	43,227,304	NRZ Excess Spread-Collateralized Notes, Series 2021-FHT1-A		3.10	%(a)		07/25/2026		38,674,224
	9,694,000	OBX Trust, Series 2021-NQM3-M1		2.33	%(a)(c)		07/25/2061		4,594,676
	742,648	Option One Mortgage Loan Trust, Series 2004-3-M3 (Secured Overnight Financing Rate 1 Month + 1.09%, 0.98% Floor)		6.41	%		11/25/2034		736,029
	5,688,601	Option One Mortgage Loan Trust, Series 2007-1-2A3 (Secured Overnight Financing Rate 1 Month + 0.25%, 0.14% Floor)		5.57	%		01/25/2037		3,290,765
	53,619,065	Option One Mortgage Loan Trust, Series 2007-6-1A1 (Secured Overnight Financing Rate 1 Month + 0.30%, 0.19% Floor)		5.62	%		07/25/2037		45,382,973


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	10,080,000	People’s Choice Home Loan Securities Trust, Series 2005-1-M5 (Secured Overnight Financing Rate 1 Month + 1.61%, 1.50% Floor, 15.00% Cap)		6.93	%		01/25/2035		7,280,485
	3,029,555	PHH Alternative Mortgage Trust, Series 2007-1-1A1 (Secured Overnight Financing Rate 1 Month + 0.43%, 0.32% Floor, 10.10% Cap)		5.75	%		02/25/2037		2,229,273
	6,827,555	PHH Alternative Mortgage Trust, Series 2007-2-2A1		6.00	%		05/25/2037		5,571,551
	3,185,848	PHH Alternative Mortgage Trust, Series 2007-2-2A2		6.00	%		05/25/2037		2,599,777
	199,472	PHH Alternative Mortgage Trust, Series 2007-2-3A1		6.00	%		05/25/2037		170,777
	34,761,087	PMT Credit Risk Transfer Trust, Series 2019-2R-A (Secured Overnight Financing Rate 1 Month + 3.86%, 2.75% Floor)		9.18	%(a)		05/30/2025		34,753,561
	8,774,270	PMT Credit Risk Transfer Trust, Series 2019-3R-A (Secured Overnight Financing Rate 30 Day Average + 3.81%, 2.70% Floor)		9.13	%(a)		10/27/2024		8,738,728
	26,224,785	PMT Credit Risk Transfer Trust, Series 2020-1R-A (Secured Overnight Financing Rate 30 Day Average + 3.46%, 2.35% Floor)		8.78	%(a)		02/27/2025		25,985,638
	67,143,738	PMT Credit Risk Transfer Trust, Series 2021-1R-A (Secured Overnight Financing Rate 1 Month + 3.01%, 2.90% Floor)		8.33	%(a)		02/27/2024		66,877,446
	67,663,000	PMT Credit Risk Transfer Trust, Series 2021-FT1-A (1 Month LIBOR USD + 3.00%, 3.00% Floor)		8.43	%(a)		03/25/2026		66,069,442
	1,200,000	PNMAC GMSR Issuer Trust, Series 2018-GT1-A (1 Month LIBOR USD + 3.85%, 2.85% Floor)		9.28	%(a)		02/25/2025		1,201,941
	115,398,215	PR Mortgage Loan Trust, Series 2014-1-APT		5.85	%(a)(c)		10/25/2049		103,132,608
	46,247,566	Pretium Mortgage Credit Partners LLC, Series 2021-NPL1-A1		2.24	%(a)(d)		09/27/2060		44,776,440
	25,306,904	Pretium Mortgage Credit Partners LLC, Series 2021-NPL5-A1		2.49	%(a)(d)		10/25/2051		23,900,387
	16,598,389	Pretium Mortgage Credit Partners LLC, Series 2021-RN2-A1		1.74	%(a)(d)		07/25/2051		15,475,298
	31,247,539	Pretium Mortgage Credit Partners LLC, Series 2021-RN4-A1		2.49	%(a)(c)		10/25/2051		28,485,107
	4,760,278	Prime Mortgage Trust, Series 2006-DR1-2A1		5.50	%(a)		05/25/2035		4,015,395
	2,627,414	Prime Mortgage Trust, Series 2006-DR1-2A2		6.00	%(a)		05/25/2035		1,988,109
	57,551,560	Progress Residential Trust, Series 2021-SFR10-E1		3.57	%(a)		12/17/2040		48,250,146
	23,883,619	Progress Residential Trust, Series 2021-SFR10-E2		3.67	%(a)		12/17/2040		19,991,487
	12,936,960	Progress Residential Trust, Series 2021-SFR10-F		4.61	%(a)		12/17/2040		10,813,541
	29,000,000	Progress Residential Trust, Series 2021-SFR2-E1		2.55	%(a)		04/19/2038		25,506,898
	20,000,000	Progress Residential Trust, Series 2021-SFR2-E2		2.65	%(a)		04/19/2038		17,534,456
	62,271,000	Progress Residential Trust, Series 2021-SFR2-F		3.40	%(a)		04/19/2038		54,449,538
	7,000,000	Progress Residential Trust, Series 2021-SFR5-E1		2.21	%(a)		07/17/2038		6,019,346
	25,000,000	Progress Residential Trust, Series 2021-SFR8-E1		2.38	%(a)		10/17/2038		21,557,938
	23,900,000	Progress Residential Trust, Series 2021-SFR8-E2		2.53	%(a)		10/17/2038		20,485,706
	19,900,000	Progress Residential Trust, Series 2021-SFR8-F		3.18	%(a)		10/17/2038		16,872,330
	5,500,000	PRPM LLC, Series 2020-4-A2		3.44	%(a)(d)		10/25/2025		5,179,552
	177,299,477	PRPM LLC, Series 2021-10-A1		2.49	%(a)(d)		10/25/2026		165,269,974


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	91,008,122	PRPM LLC, Series 2021-11-A1		2.49	%(a)(d)		11/25/2026		86,391,243
	74,483,409	PRPM LLC, Series 2021-2-A1		2.12	%(a)(c)		03/25/2026		71,715,486
	7,100,000	PRPM LLC, Series 2021-2-A2		3.77	%(a)(c)		03/25/2026		6,409,618
	46,474,069	PRPM LLC, Series 2021-6-A1		1.79	%(a)(d)		07/25/2026		43,716,172
	39,979,489	PRPM LLC, Series 2021-7-A1		1.87	%(a)(d)		08/25/2026		36,900,017
	1,496,900	RAMP Trust, Series 2004-RS7-A3		5.31	%(c)		07/25/2034		1,260,879
	7,253,971	RAMP Trust, Series 2006-RS2-A3A (Secured Overnight Financing Rate 1 Month + 0.41%, 0.30% Floor, 14.00% Cap)		6.03	%		03/25/2036		6,963,944
	12,573,778	RAMP Trust, Series 2006-RS3-A4 (Secured Overnight Financing Rate 1 Month + 0.41%, 0.30% Floor, 14.00% Cap)		6.03	%		05/25/2036		11,301,186
	12,615,483	RAMP Trust, Series 2006-RS6-A4 (Secured Overnight Financing Rate 1 Month + 0.65%, 0.54% Floor)		5.97	%		11/25/2036		9,999,208
	11,781,478	RBSGC Structured Trust, Series 2008-B-A1		6.00	%(a)		06/25/2037		10,110,020
	1,396,254	RBSSP Resecuritization Trust, Series 2009-12-17A2		4.79	%(a)(c)		10/25/2035		1,372,635
	14,023,005	RBSSP Resecuritization Trust, Series 2009-12-20A2		3.79	%(a)(b)(c)		12/25/2035		11,692,816
	2,914,867	RBSSP Resecuritization Trust, Series 2010-4-7A2		6.00	%(a)		07/26/2037		1,448,289
	55,477,962	Redwood Funding Trust, Series 2019-1-PT		4.97	%(a)(d)		09/27/2024		54,481,278
	5,355,649	Renaissance Home Equity Loan Trust, Series 2006-1-AF6		5.75	%(d)		05/25/2036		2,599,248
	2,062,139	Renaissance Home Equity Loan Trust, Series 2006-2-AF5		6.25	%(d)		08/25/2036		885,192
	17,385,181	Renaissance Home Equity Loan Trust, Series 2006-3-AF3		5.59	%(d)		11/25/2036		6,287,516
	18,049,871	Renaissance Home Equity Loan Trust, Series 2006-3-AF4		5.81	%(d)		11/25/2036		6,781,423
	2,933,947	Renaissance Home Equity Loan Trust, Series 2006-3-AF5		6.12	%(d)		11/25/2036		1,158,553
	10,257,172	Renaissance Home Equity Loan Trust, Series 2006-4-AF4		5.47	%(d)		01/25/2037		3,569,906
	20,198,460	Renaissance Home Equity Loan Trust, Series 2006-4-AF5		5.69	%(d)		01/25/2037		7,303,557
	8,192,822	Renaissance Home Equity Loan Trust, Series 2007-1-AF1		5.74	%(d)		04/25/2037		2,290,137
	5,779,950	Renaissance Home Equity Loan Trust, Series 2007-1-AF1Z		5.35	%(d)		04/25/2037		1,526,348
	3,486,895	Renaissance Home Equity Loan Trust, Series 2007-1-AF2		5.51	%(d)		04/25/2037		936,171
	5,072,268	Renaissance Home Equity Loan Trust, Series 2007-1-AF3		5.61	%(d)		04/25/2037		1,412,699
	2,781,357	Renaissance Home Equity Loan Trust, Series 2007-1-AF4		5.76	%(d)		04/25/2037		780,015
	8,232,817	Renaissance Home Equity Loan Trust, Series 2007-1-AF5		5.91	%(d)		04/25/2037		2,367,569
	17,696,892	Renaissance Home Equity Loan Trust, Series 2007-2-AF2		5.68	%(d)		06/25/2037		4,681,486
	22,755,581	Renaissance Home Equity Loan Trust, Series 2007-2-AF5		6.20	%(d)		06/25/2037		6,670,068
	801,674	Reperforming Loan REMIC Trust, Series 2004-R2-1AF1 (Secured Overnight Financing Rate 1 Month + 0.53%, 0.42% Floor, 9.50% Cap)		5.86	%(a)		11/25/2034		755,914


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	780,027	Reperforming Loan REMIC Trust, Series 2004-R2-1AS		0.71	%(a)(c)(f)		11/25/2034		26,700
	242,746	Reperforming Loan REMIC Trust, Series 2005-R1-1AF1 (Secured Overnight Financing Rate 1 Month + 0.47%, 0.36% Floor, 9.50% Cap)		5.79	%(a)		03/25/2035		216,895
	241,103	Reperforming Loan REMIC Trust, Series 2005-R1-1AS		0.82	%(a)(c)(f)		03/25/2035		7,971
	14,779,213	Residential Accredit Loans, Inc., Series 2005-QA11-4A1		4.83	%(c)		10/25/2035		10,840,198
	7,773,213	Residential Accredit Loans, Inc., Series 2005-QA13-2A1		4.96	%(c)		12/25/2035		6,633,278
	5,712,283	Residential Accredit Loans, Inc., Series 2005-QA3-CB1		4.00	%(c)		03/25/2035		2,213,942
	181,184	Residential Accredit Loans, Inc., Series 2005-QS12-A11 (-11 x Secured Overnight Financing Rate 1 Month + 49.89%, 51.15% Cap)		0.00	%(h)		08/25/2035		113,993
	738,613	Residential Accredit Loans, Inc., Series 2005-QS13-1A6		5.50	%		09/25/2035		589,869
	1,529,770	Residential Accredit Loans, Inc., Series 2005-QS13-2A1 (Secured Overnight Financing Rate 1 Month + 0.81%, 0.70% Floor, 5.75% Cap)		5.75	%		09/25/2035		1,197,428
	6,272,057	Residential Accredit Loans, Inc., Series 2005-QS13-2A2 (-1 x Secured Overnight Financing Rate 1 Month + 4.94%, 5.05% Cap)		0.00	%(f)(h)		09/25/2035		137,394
	4,895,290	Residential Accredit Loans, Inc., Series 2005-QS14-2A1		6.00	%		09/25/2035		1,665,408
	1,219,323	Residential Accredit Loans, Inc., Series 2005-QS15-2A		6.00	%		10/25/2035		989,293
	1,452,004	Residential Accredit Loans, Inc., Series 2005-QS15-3A		6.00	%		10/25/2035		1,182,890
	1,371,517	Residential Accredit Loans, Inc., Series 2005-QS16-A1 (Secured Overnight Financing Rate 1 Month + 0.81%, 0.70% Floor, 5.50% Cap)		5.50	%		11/25/2035		1,095,271
	1,371,280	Residential Accredit Loans, Inc., Series 2005-QS16-A2 (-1 x Secured Overnight Financing Rate 1 Month + 4.69%, 4.80% Cap)		0.00	%(f)(h)		11/25/2035		16,004
	766,145	Residential Accredit Loans, Inc., Series 2005-QS17-A1		6.00	%		12/25/2035		649,129
	792,759	Residential Accredit Loans, Inc., Series 2005-QS17-A10		6.00	%		12/25/2035		671,679
	2,220,449	Residential Accredit Loans, Inc., Series 2005-QS17-A11		6.00	%		12/25/2035		1,881,314
	1,578,225	Residential Accredit Loans, Inc., Series 2005-QS17-A2 (Secured Overnight Financing Rate 1 Month + 0.96%, 0.85% Floor, 6.00% Cap)		6.00	%		12/25/2035		1,282,009
	1,578,225	Residential Accredit Loans, Inc., Series 2005-QS17-A4 (-1 x Secured Overnight Financing Rate 1 Month + 5.04%, 5.15% Cap)		0.00	%(f)(h)		12/25/2035		29,210
	1,269,889	Residential Accredit Loans, Inc., Series 2005-QS17-A6		6.00	%		12/25/2035		1,075,935
	569,689	Residential Accredit Loans, Inc., Series 2005-QS5-A3		5.70	%		04/25/2035		546,493
	1,972,562	Residential Accredit Loans, Inc., Series 2006-QS10-A1		6.00	%		08/25/2036		1,581,303
	606,583	Residential Accredit Loans, Inc., Series 2006-QS10-A4		5.75	%		08/25/2036		479,419
	4,482,931	Residential Accredit Loans, Inc., Series 2006-QS11-1A1		6.50	%		08/25/2036		3,503,373
	1,088,282	Residential Accredit Loans, Inc., Series 2006-QS12-1A1		6.50	%		09/25/2036		488,805
	1,774,423	Residential Accredit Loans, Inc., Series 2006-QS12-2A18		5.75	%		09/25/2036		1,360,494
	2,734,413	Residential Accredit Loans, Inc., Series 2006-QS14-A18		6.25	%		11/25/2036		2,138,190
	1,250,952	Residential Accredit Loans, Inc., Series 2006-QS15-A1		6.50	%		10/25/2036		1,026,534
	510,122	Residential Accredit Loans, Inc., Series 2006-QS16-A10		6.00	%		11/25/2036		372,264


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	1,813,914	Residential Accredit Loans, Inc., Series 2006-QS16-A11		6.00	%		11/25/2036		1,323,891
	1,445,861	Residential Accredit Loans, Inc., Series 2006-QS16-A7		6.00	%		11/25/2036		1,055,124
	572,189	Residential Accredit Loans, Inc., Series 2006-QS16-A8		6.00	%		11/25/2036		417,558
	226,426	Residential Accredit Loans, Inc., Series 2006-QS16-A9		6.00	%		11/25/2036		165,235
	1,054,617	Residential Accredit Loans, Inc., Series 2006-QS17-A4		6.00	%		12/25/2036		832,251
	5,858,996	Residential Accredit Loans, Inc., Series 2006-QS17-A5		6.00	%		12/25/2036		4,623,624
	614,381	Residential Accredit Loans, Inc., Series 2006-QS1-A6 (-8 x Secured Overnight Financing Rate 1 Month + 41.98%, 42.86% Cap)		1.19	%(h)		01/25/2036		424,566
	4,087,966	Residential Accredit Loans, Inc., Series 2006-QS3-1A11		6.00	%		03/25/2036		3,370,430
	1,003,273	Residential Accredit Loans, Inc., Series 2006-QS4-A8 (-790 x Secured Overnight Financing Rate 1 Month + 5052.56%, 0.10% Floor, 8.00% Cap)		8.00	%(h)		04/25/2036		829,947
	3,968,169	Residential Accredit Loans, Inc., Series 2006-QS4-A9		6.00	%		04/25/2036		3,110,818
	2,453,503	Residential Accredit Loans, Inc., Series 2006-QS5-A3		6.00	%		05/25/2036		1,924,482
	7,312,363	Residential Accredit Loans, Inc., Series 2006-QS5-A4		6.00	%		05/25/2036		5,735,680
	1,242,986	Residential Accredit Loans, Inc., Series 2006-QS6-1A16		6.00	%		06/25/2036		965,202
	1,803,303	Residential Accredit Loans, Inc., Series 2006-QS6-1A2		6.00	%		06/25/2036		1,400,298
	3,494,588	Residential Accredit Loans, Inc., Series 2006-QS8-A1		6.00	%		08/25/2036		2,768,123
	6,060,127	Residential Accredit Loans, Inc., Series 2006-QS8-A5 (-1 x Secured Overnight Financing Rate 1 Month + 5.44%, 5.55% Cap)		0.12	%(f)(h)		08/25/2036		273,643
	2,169,792	Residential Accredit Loans, Inc., Series 2006-QS9-1A6 (-1 x Secured Overnight Financing Rate 1 Month + 5.19%, 5.30% Cap)		0.00	%(f)(h)		07/25/2036		61,697
	21,276,234	Residential Accredit Loans, Inc., Series 2007-QA5-1A1		5.92	%(c)		09/25/2037		14,325,190
	24,700,631	Residential Accredit Loans, Inc., Series 2007-QH5-AII (Secured Overnight Financing Rate 1 Month + 0.57%, 0.46% Floor)		5.89	%		06/25/2037		9,904,385
	9,705,647	Residential Accredit Loans, Inc., Series 2007-QH7-2A1 (Secured Overnight Financing Rate 1 Month + 0.71%, 0.60% Floor)		6.03	%		08/25/2037		8,655,645
	22,413,883	Residential Accredit Loans, Inc., Series 2007-QS10-A1		6.50	%		09/25/2037		17,259,324
	2,337,206	Residential Accredit Loans, Inc., Series 2007-QS11-A1		7.00	%		10/25/2037		1,760,384
	7,569,463	Residential Accredit Loans, Inc., Series 2007-QS1-1A2 (-1 x Secured Overnight Financing Rate 1 Month + 5.34%, 5.45% Cap)		0.02	%(f)(h)		01/25/2037		235,416
	761,947	Residential Accredit Loans, Inc., Series 2007-QS1-1A4		6.00	%		01/25/2037		574,620
	1,844,645	Residential Accredit Loans, Inc., Series 2007-QS1-2A10		6.00	%		01/25/2037		1,365,402
	2,474,322	Residential Accredit Loans, Inc., Series 2007-QS2-A6		6.25	%		01/25/2037		1,952,545
	12,681,819	Residential Accredit Loans, Inc., Series 2007-QS3-A1		6.50	%		02/25/2037		10,229,752
	2,022,195	Residential Accredit Loans, Inc., Series 2007-QS3-A4		6.25	%		02/25/2037		1,605,750
	3,384,477	Residential Accredit Loans, Inc., Series 2007-QS4-3A3		6.00	%		03/25/2037		2,712,440
	1,360,438	Residential Accredit Loans, Inc., Series 2007-QS5-A1		5.50	%		03/25/2037		1,014,838


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	561,236	Residential Accredit Loans, Inc., Series 2007-QS5-A5 (Secured Overnight Financing Rate 1 Month + 0.41%, 0.41% Floor, 7.00% Cap)		5.73	%		03/25/2037		398,237
	1,863,993	Residential Accredit Loans, Inc., Series 2007-QS5-A8 (-1 x Secured Overnight Financing Rate 1 Month + 6.59%, -0.11% Floor, 6.70% Cap)		1.27	%(f)(h)		03/25/2037		122,608
	1,498,317	Residential Accredit Loans, Inc., Series 2007-QS6-A102		5.75	%		04/25/2037		1,143,066
	481,752	Residential Accredit Loans, Inc., Series 2007-QS6-A13 (-8 x Secured Overnight Financing Rate 1 Month + 54.05%, 55.00% Cap)		9.72	%(h)		04/25/2037		406,696
	2,145,472	Residential Accredit Loans, Inc., Series 2007-QS6-A45		5.75	%		04/25/2037		1,636,780
	3,419,220	Residential Accredit Loans, Inc., Series 2007-QS6-A6		6.25	%		04/25/2037		2,689,041
	236,155	Residential Accredit Loans, Inc., Series 2007-QS6-A77 (-8 x Secured Overnight Financing Rate 1 Month + 54.88%, 55.83% Cap)		10.55	%(h)		04/25/2037		204,700
	5,374,205	Residential Accredit Loans, Inc., Series 2007-QS7-2A1		6.75	%		06/25/2037		2,110,567
	12,880,231	Residential Accredit Loans, Inc., Series 2007-QS9-A33		6.50	%		07/25/2037		9,808,319
	3,860,296	Residential Asset Securities Corporation, Series 2005-KS4-M5 (Secured Overnight Financing Rate 1 Month + 1.31%, 1.80% Floor)		7.23	%		05/25/2035		3,657,374
	6,506,677	Residential Asset Securities Corporation, Series 2007-EMX1-A13 (Secured Overnight Financing Rate 1 Month + 0.31%, 0.20% Floor, 14.00% Cap)		5.63	%		01/25/2037		6,389,205
	4,470,572	Residential Asset Securitization Trust, Series 2005-A11-2A4		6.00	%		10/25/2035		2,059,313
	1,510,758	Residential Asset Securitization Trust, Series 2005-A12-A7 (-1 x Secured Overnight Financing Rate 1 Month + 4.89%, 5.00% Cap)		0.00	%(f)(h)		11/25/2035		48,156
	1,487,837	Residential Asset Securitization Trust, Series 2005-A12-A8 (Secured Overnight Financing Rate 1 Month + 0.66%, 0.55% Floor, 5.50% Cap)		5.50	%		11/25/2035		708,580
	1,554,519	Residential Asset Securitization Trust, Series 2005-A15-1A7		6.00	%		02/25/2036		1,424,988
	6,968,481	Residential Asset Securitization Trust, Series 2005-A15-5A3		5.75	%		02/25/2036		2,654,304
	7,093,234	Residential Asset Securitization Trust, Series 2005-A16-A1		5.00	%		02/25/2036		2,707,565
	2,852,972	Residential Asset Securitization Trust, Series 2005-A8CB-A11		6.00	%		07/25/2035		1,856,215
	2,886,272	Residential Asset Securitization Trust, Series 2005-A8CB-A2 (-1 x Secured Overnight Financing Rate 1 Month + 4.89%, 5.00% Cap)		0.00	%(f)(h)		07/25/2035		65,188
	4,929,117	Residential Asset Securitization Trust, Series 2006-A10-A5		6.50	%		09/25/2036		1,666,818
	643,345	Residential Asset Securitization Trust, Series 2006-A1-1A3		6.00	%		04/25/2036		273,629
	6,983,581	Residential Asset Securitization Trust, Series 2006-A12-A1		6.25	%		11/25/2036		2,519,751
	7,269,923	Residential Asset Securitization Trust, Series 2006-A13-A1		6.25	%		12/25/2036		2,535,805
	10,244,050	Residential Asset Securitization Trust, Series 2006-A1-3A2		6.00	%		04/25/2036		4,731,454
	14,018,440	Residential Asset Securitization Trust, Series 2006-A14C-2A6 (Secured Overnight Financing Rate 1 Month + 0.56%, 0.45% Floor, 7.00% Cap)		5.88	%		12/25/2036		2,616,390
	30,936,594	Residential Asset Securitization Trust, Series 2006-A14C-2A7 (-1 x Secured Overnight Financing Rate 1 Month + 6.44%, 6.55% Cap)		1.12	%(f)(h)		12/25/2036		3,246,087
	5,468,063	Residential Asset Securitization Trust, Series 2006-A2-A11		6.00	%		01/25/2046		2,268,640
	3,809,330	Residential Asset Securitization Trust, Series 2006-A2-A4		6.00	%		01/25/2046		1,573,271
	3,165,913	Residential Asset Securitization Trust, Series 2006-A2-A9		6.00	%		01/25/2046		1,307,538
	2,250,431	Residential Asset Securitization Trust, Series 2006-A8-1A1		6.00	%		08/25/2036		1,373,067


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	4,521,043	Residential Asset Securitization Trust, Series 2006-R1-A1 (-4 x Secured Overnight Financing Rate 1 Month + 27.94%, 28.40% Cap)		6.66	%(b)(h)		01/25/2046		4,800,127
	19,262,060	Residential Asset Securitization Trust, Series 2007-A2-1A2		6.00	%		04/25/2037		10,681,560
	724,395	Residential Asset Securitization Trust, Series 2007-A3-1A2 (-8 x Secured Overnight Financing Rate 1 Month + 45.51%, 46.38% Cap)		4.72	%(h)		04/25/2037		578,152
	22,893,375	Residential Asset Securitization Trust, Series 2007-A5-1A4 (-1 x Secured Overnight Financing Rate 1 Month + 5.99%, 6.10% Cap)		0.67	%(f)(h)		05/25/2037		805,584
	5,881,688	Residential Asset Securitization Trust, Series 2007-A5-1A6 (Secured Overnight Financing Rate 1 Month + 0.51%, 0.40% Floor, 6.50% Cap)		5.83	%		05/25/2037		792,953
	4,008,059	Residential Asset Securitization Trust, Series 2007-A5-2A3		6.00	%		05/25/2037		2,151,227
	1,756,528	Residential Asset Securitization Trust, Series 2007-A5-2A5		6.00	%		05/25/2037		942,773
	7,498,685	Residential Asset Securitization Trust, Series 2007-A6-1A2		6.00	%		06/25/2037		4,037,837
	7,757,587	Residential Asset Securitization Trust, Series 2007-A7-A1		6.00	%		07/25/2037		3,136,789
	34,122,849	Residential Asset Securitization Trust, Series 2007-A7-A2		6.00	%		07/25/2037		13,797,615
	15,119,114	Residential Asset Securitization Trust, Series 2007-A7-A6		6.00	%		07/25/2037		6,113,432
	3,741,962	Residential Funding Mortgage Securities Trust, Series 2006-S10-1A1		6.00	%		10/25/2036		2,754,056
	1,103,526	Residential Funding Mortgage Securities Trust, Series 2006-S5-A12		6.00	%		06/25/2036		893,640
	75,552	Residential Funding Mortgage Securities Trust, Series 2006-S5-A15		6.00	%		06/25/2036		61,182
	2,270,882	Residential Funding Mortgage Securities Trust, Series 2006-S9-A1		6.25	%		09/25/2036		1,709,599
	2,729,712	Residential Funding Mortgage Securities Trust, Series 2007-S1-A7		6.00	%		01/25/2037		2,018,891
	1,400,712	Residential Funding Mortgage Securities Trust, Series 2007-S2-A1		6.00	%		02/25/2037		1,001,717
	1,578,056	Residential Funding Mortgage Securities Trust, Series 2007-S2-A4		6.00	%		02/25/2037		1,128,545
	2,946,051	Residential Funding Mortgage Securities Trust, Series 2007-S2-A5		6.00	%		02/25/2037		2,106,864
	460,370	Residential Funding Mortgage Securities Trust, Series 2007-S2-A9		6.00	%		02/25/2037		329,233
	1,518,074	Residential Funding Mortgage Securities Trust, Series 2007-S3-1A4		6.00	%		03/25/2037		1,048,334
	1,398,050	Residential Funding Mortgage Securities Trust, Series 2007-S4-A1		6.00	%		04/25/2037		1,043,339
	782,949	Residential Funding Mortgage Securities Trust, Series 2007-S4-A2		6.00	%		04/25/2037		584,299
	10,588,993	Residential Funding Mortgage Securities Trust, Series 2007-S5-A1		6.00	%		05/25/2037		8,330,032
	3,068,732	Residential Funding Mortgage Securities Trust, Series 2007-S5-A8		6.00	%		05/25/2037		2,414,744
	1,271,999	Residential Funding Mortgage Securities Trust, Series 2007-S6-2A4		6.00	%		06/25/2037		900,860
	7,977,893	Residential Funding Mortgage Securities Trust, Series 2007-S7-A20		6.00	%		07/25/2037		5,974,121
	3,997,208	Residential Funding Mortgage Securities Trust, Series 2007-S8-1A1		6.00	%		09/25/2037		2,623,232
	257,416	Residential Funding Mortgage Securities Trust, Series 2007-SA1-4A		4.56	%(c)		02/25/2037		234,756
	2,676,227	Residential Funding Mortgage Securities Trust, Series 2007-SA2-2A1		4.57	%(c)		04/25/2037		2,208,783


Principal Amount $/Shares			Security Description	Rate			Maturity		Value $
	6,300,000		Residential Mortgage Loan Trust, Series 2020-2-M1		3.57	%(a)(c)		05/25/2060		5,193,483
	37,944,285		RSFR, Series 2020-1-PT		5.71	%(a)(d)		02/17/2025		35,427,288
	60,657,225		RSFR, Series 2021-1-PT		4.75	%(a)(d)		06/19/2026		56,149,240
	3,578,314		Securitized Asset Backed Receivables LLC Trust, Series 2006-NC3-A2B (Secured Overnight Financing Rate 1 Month + 0.41%, 0.30% Floor)		5.73	%		09/25/2036		1,268,517
	5,522,802		Securitized Asset Backed Receivables LLC Trust, Series 2007-BR3-A2A (Secured Overnight Financing Rate 1 Month + 0.18%, 0.07% Floor)		5.50	%		04/25/2037		3,724,300
	5,397,677		Securitized Asset Backed Receivables LLC Trust, Series 2007-BR3-A2B (Secured Overnight Financing Rate 1 Month + 0.33%, 0.22% Floor)		5.65	%		04/25/2037		3,639,832
	14,620,458		Securitized Asset Backed Receivables LLC Trust, Series 2007-BR4-A2B (Secured Overnight Financing Rate 1 Month + 0.31%, 0.20% Floor)		5.63	%		05/25/2037		8,820,233
	186,945,239		Securitized Mortgage Asset Loan Trust, Series 2015-1-PC		3.99	%(a)(c)		02/25/2054		152,495,868
	51,891		Sequoia Mortgage Trust, Series 2003-4-2A1 (1 Month LIBOR USD + 0.70%, 0.70% Floor, 11.50% Cap)		6.14	%		07/20/2033		47,040
	3,443,506		SG Mortgage Securities Trust, Series 2006-FRE1-A1A (Secured Overnight Financing Rate 1 Month + 0.45%, 0.34% Floor)		5.77	%		02/25/2036		3,319,898
	2,446,289		SG Mortgage Securities Trust, Series 2006-FRE1-A2C (Secured Overnight Financing Rate 1 Month + 0.65%, 0.54% Floor)		5.97	%		02/25/2036		1,244,932
	11,237,851		Soundview Home Loan Trust, Series 2007-NS1-M1 (Secured Overnight Financing Rate 1 Month + 0.46%, 0.35% Floor)		5.78	%		01/25/2037		10,411,478
	3,313,506		Soundview Home Loan Trust, Series 2007-OPT1-2A2 (Secured Overnight Financing Rate 1 Month + 0.26%, 0.15% Floor)		5.58	%		06/25/2037		2,191,918
	5,829,430		Soundview Home Loan Trust, Series 2007-OPT3-1A1 (Secured Overnight Financing Rate 1 Month + 0.28%, 0.17% Floor)		5.60	%		08/25/2037		4,741,307
	18,538,480		Soundview Home Loan Trust, Series 2007-OPT4-1A1 (Secured Overnight Financing Rate 1 Month + 1.11%, 1.00% Floor)		6.43	%		09/25/2037		12,545,308
	42,217,121		Soundview Home Loan Trust, Series 2007-WM1W-2A1 (1 Month LIBOR USD + 0.18%, 0.18% Floor)		4.14	%(b)		02/25/2037		30,985,003
	3,831,767		Specialty Underwriting & Residential Finance Trust, Series 2006-BC2-A2B		3.82	%(d)		02/25/2037		1,477,846
	13,365,858		Specialty Underwriting & Residential Finance Trust, Series 2007-AB1-A2C (Secured Overnight Financing Rate 1 Month + 0.36%, 0.25% Floor)		5.68	%		03/25/2037		7,310,098
	9,826,000		Spruce Hill Mortgage Loan Trust, Series 2020-SH1-M1		3.22	%(a)(c)		01/28/2050		9,289,577
	3,410,899		STARM Mortgage Loan Trust, Series 2007-2-1A1		4.16	%(c)		04/25/2037		1,396,114
	1,348,526		STARM Mortgage Loan Trust, Series 2007-3-1A1		5.07	%(c)		06/25/2037		866,331
	6,329,000		Starwood Mortgage Residential Trust, Series 2021-1-B2		4.52	%(a)(c)		05/25/2065		4,230,042
	5,000,000		Starwood Mortgage Residential Trust, Series 2021-2-B1		2.75	%(a)(c)		05/25/2065		3,257,091
	7,110,000		Starwood Mortgage Residential Trust, Series 2021-2-B2		3.00	%(a)(c)		05/25/2065		4,096,936
	9,103,000		Starwood Mortgage Residential Trust, Series 2021-5-M1		3.25	%(a)(c)		09/25/2066		5,434,004
	1,147,981		Structured Adjustable Rate Mortgage Loan Trust, Series 2005-22-4A1		4.38	%(c)		12/25/2035		1,019,469
	2,341,716		Structured Adjustable Rate Mortgage Loan Trust, Series 2006-12-2A1		4.23	%(c)		01/25/2037		1,659,110
	7,409,239		Structured Adjustable Rate Mortgage Loan Trust, Series 2006-1-8A1		5.10	%(c)		02/25/2036		4,497,671
	1,142,741	��	Structured Adjustable Rate Mortgage Loan Trust, Series 2006-8-4A4		4.78	%(c)		09/25/2036		1,014,758
	6,616,591		Structured Adjustable Rate Mortgage Loan Trust, Series 2007-7-1A1 (Secured Overnight Financing Rate 1 Month + 0.71%, 0.60% Floor)		6.03	%		08/25/2037		5,663,592


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	70,330,785	Structured Asset Investment Loan Trust, Series 2006-3-A1 (Secured Overnight Financing Rate 1 Month + 0.43%, 0.32% Floor)		5.75	%		06/25/2036		43,117,638
	8,118,391	Structured Asset Investment Loan Trust, Series 2006-4-A1 (Secured Overnight Financing Rate 1 Month + 0.29%, 0.17% Floor)		5.61	%		07/25/2036		4,771,550
	20,800,000	Structured Asset Investment Loan Trust, Series 2006-4-A5 (Secured Overnight Financing Rate 1 Month + 0.42%, 0.31% Floor)		5.74	%		07/25/2036		6,843,358
	8,760,291	Structured Asset Mortgage Investments Trust, Series 2006-AR3-12A2 (Secured Overnight Financing Rate 1 Month + 0.51%, 0.40% Floor, 10.50% Cap)		5.83	%		05/25/2036		6,854,986
	758,134	Structured Asset Securities Corporation, Series 2003-24A-1A3		6.54	%(c)		07/25/2033		736,018
	8,508,285	Structured Asset Securities Corporation, Series 2005-5-3A1		6.00	%		04/25/2035		4,589,937
	66,322,469	Structured Asset Securities Corporation, Series 2006-BC4-A1 (Secured Overnight Financing Rate 1 Month + 0.43%, 0.32% Floor)		5.75	%		12/25/2036		39,187,811
	10,970,128	Structured Asset Securities Corporation, Series 2006-BC4-A4 (Secured Overnight Financing Rate 1 Month + 0.45%, 0.34% Floor)		5.77	%		12/25/2036		10,490,396
	48,376,082	Structured Asset Securities Corporation, Series 2007-4-1A3 (-1 x Secured Overnight Financing Rate 1 Month + 6.14%, 6.25% Cap)		0.82	%(a)(f)(h)		03/28/2045		2,213,254
	20,127,500	Structured Asset Securities Corporation, Series 2007-BC4-M1 (Secured Overnight Financing Rate 1 Month + 0.61%, 0.50% Floor)		5.93	%		11/25/2037		14,517,823
	12,830,421	Structured Asset Securities Corporation, Series 2007-MN1A-A4 (Secured Overnight Financing Rate 1 Month + 0.35%, 0.24% Floor)		5.67	%(a)		01/25/2037		7,794,370
	15,154,032	Structured Asset Securities Corporation, Series 2007-RF1-1A (Secured Overnight Financing Rate 1 Month + 0.30%, 0.19% Floor)		5.62	%(a)		03/25/2037		12,136,365
	208,661	SunTrust Alternative Loan Trust, Series 2005-1F-2A3		5.75	%		12/25/2035		185,536
	455,823	SunTrust Alternative Loan Trust, Series 2006-1F-1A3		6.00	%		04/25/2036		193,527
	10,782,560	Terwin Mortgage Trust, Series 2006-7-2A3 (Secured Overnight Financing Rate 1 Month + 0.65%, 0.54% Floor)		5.97	%(a)		08/25/2037		4,614,260
	125,884	Thornburg Mortgage Securities Trust, Series 2003-6-A2 (Secured Overnight Financing Rate 1 Month + 1.11%, 1.00% Floor, 11.50% Cap)		6.43	%		12/25/2033		119,236
	2,445,277	Thornburg Mortgage Securities Trust, Series 2004-4-5A		2.60	%(c)		12/25/2044		2,110,655
	4,345,812	Thornburg Mortgage Securities Trust, Series 2007-1-A1		7.48	%(g)		03/25/2037		3,824,631
	1,444,725	Thornburg Mortgage Securities Trust, Series 2007-1-A2A		7.48	%(g)		03/25/2037		1,196,719
	22,887,985	Toorak Mortgage Corporation Ltd., Series 2021-1-A1		2.24	%(a)(d)		06/25/2024		22,310,862
	5,000,000	Tricon American Homes Trust, Series 2019-SFR1-E		3.40	%(a)		03/17/2038		4,589,772
	8,900,000	Tricon American Homes Trust, Series 2020-SFR1-D		2.55	%(a)		07/17/2038		7,989,524
	1,600,000	Tricon American Homes Trust, Series 2020-SFR1-E		3.54	%(a)		07/17/2038		1,464,088
	16,000,000	Tricon Residential Trust, Series 2021-SFR1-B		2.24	%(a)		07/17/2038		14,292,323
	13,250,000	Tricon Residential Trust, Series 2021-SFR1-C		2.34	%(a)		07/17/2038		11,814,613
	5,250,000	Tricon Residential Trust, Series 2021-SFR1-D		2.59	%(a)		07/17/2038		4,678,274
	10,000,000	Tricon Residential Trust, Series 2021-SFR1-E2		2.89	%(a)		07/17/2038		8,850,317
	11,300,000	Tricon Residential Trust, Series 2021-SFR1-F		3.69	%(a)		07/17/2038		9,856,222
	4,189,731	VCAT LLC, Series 2021-NPL3-A1		1.74	%(a)(d)		05/25/2051		3,911,702
	18,619,066	VCAT LLC, Series 2021-NPL4-A1		1.87	%(a)(d)		08/25/2051		17,456,923


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	30,849,136	VCAT LLC, Series 2021-NPL5-A1		1.87	%(a)(d)		08/25/2051		29,203,372
	13,540,521	VCAT LLC, Series 2021-NPL6-A1		1.92	%(a)(d)		09/25/2051		12,515,431
	7,790,418	Velocity Commercial Capital Loan Trust, Series 2017-2-AFX		3.07	%(a)(c)		11/25/2047		7,044,426
	9,549,593	Velocity Commercial Capital Loan Trust, Series 2018-2-A		4.05	%(a)(c)		10/26/2048		8,987,501
	25,226,642	Velocity Commercial Capital Loan Trust, Series 2019-1-A		3.76	%(a)(c)		03/25/2049		22,983,965
	2,494,623	Velocity Commercial Capital Loan Trust, Series 2019-1-M4		4.61	%(a)(c)		03/25/2049		1,917,681
	8,903,266	Velocity Commercial Capital Loan Trust, Series 2019-2-A		3.13	%(a)(c)		07/25/2049		8,221,832
	3,279,521	Velocity Commercial Capital Loan Trust, Series 2019-2-M1		3.26	%(a)(c)		07/25/2049		2,840,282
	2,082,402	Velocity Commercial Capital Loan Trust, Series 2020-1-M4		3.54	%(a)(c)		02/25/2050		1,615,272
	6,100,000	Verus Securitization Trust, Series 2021-3-M1		2.40	%(a)(c)		06/25/2066		3,724,439
	4,588,000	Verus Securitization Trust, Series 2021-4-B1		3.05	%(a)(c)		07/25/2066		2,568,398
	2,300,000	Verus Securitization Trust, Series 2021-4-B2		3.81	%(a)(c)		07/25/2066		1,306,172
	2,500,000	Verus Securitization Trust, Series 2021-4-M1		2.20	%(a)(c)		07/25/2066		1,348,876
	6,651,000	Verus Securitization Trust, Series 2021-5-B1		3.04	%(a)(c)		09/25/2066		3,794,187
	9,255,000	Verus Securitization Trust, Series 2021-5-M1		2.33	%(a)(c)		09/25/2066		5,478,396
	13,875,119	VOLT LLC, Series 2021-CF1-A1		1.99	%(a)(d)		08/25/2051		12,920,837
	12,196,107	VOLT LLC, Series 2021-CF2-A1		2.49	%(a)(d)		11/27/2051		11,133,002
	18,529,234	VOLT LLC, Series 2021-NPL1-A1		1.89	%(a)(d)		02/27/2051		17,501,910
	6,196,669	VOLT LLC, Series 2021-NPL2-A1		1.89	%(a)(d)		02/27/2051		5,785,924
	52,584,085	VOLT LLC, Series 2021-NPL3-A1		2.24	%(a)(d)		02/27/2051		49,787,689
	6,986,468	VOLT LLC, Series 2021-NPL5-A1		2.12	%(a)(d)		03/27/2051		6,642,940
	22,647,737	VOLT LLC, Series 2021-NPL6-A1		2.24	%(a)(d)		04/25/2051		21,199,623
	1,757,318	VOLT LLC, Series 2021-NPL9-A1		1.99	%(a)(d)		05/25/2051		1,632,863
	6,198,524	Voyager Trust, Series 2009-1-SAC3		5.10	%(a)(c)		02/25/2038		4,143,278
	1,154,433	Washington Mutual Asset-Backed Certificates Trust, Series 2006-HE2-A4 (Secured Overnight Financing Rate 1 Month + 0.59%, 0.48% Floor)		5.91	%		05/25/2036		868,363
	19,502,258	Washington Mutual Asset-Backed Certificates Trust, Series 2007-HE2-2A2 (Secured Overnight Financing Rate 1 Month + 0.33%, 0.22% Floor)		5.65	%		02/25/2037		5,500,764
	3,651,731	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2005-1-2A		6.00	%		03/25/2035		2,925,999
	919,323	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2005-4-5A1		5.50	%		06/25/2035		737,353
	383,116	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2005-5-CB12 (-11 x Secured Overnight Financing Rate 1 Month + 49.34%, 50.60% Cap)		0.00	%(h)		07/25/2035		246,512
	1,240,625	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2005-5-CB6 (Secured Overnight Financing Rate 1 Month + 0.71%, 0.60% Floor, 7.50% Cap)		6.03	%		07/25/2035		1,048,619


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	303,317	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2005-6-2A7		5.50	%		08/25/2035		250,273
	3,580,970	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2005-7-2CB6 (Secured Overnight Financing Rate 1 Month + 1.56%, 1.45% Floor, 6.00% Cap)		6.00	%		08/25/2035		3,369,672
	325,543	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2005-7-2CB7 (-11 x Secured Overnight Financing Rate 1 Month + 48.79%, 50.05% Cap)		0.00	%(h)		08/25/2035		221,526
	2,248,295	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2005-7-3CB		6.50	%		08/25/2035		1,783,733
	4,890,551	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2005-8-1A2		5.50	%		10/25/2035		4,212,330
	4,943,727	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2005-9-2A2		5.50	%		11/25/2035		4,145,505
	1,154,153	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2005-9-CX		5.50	%(f)		11/25/2035		201,519
	4,727,302	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2005-AR19-B1 (Secured Overnight Financing Rate 1 Month + 1.16%, 1.05% Floor, 10.50% Cap)		6.13	%		12/25/2045		3,917,022
	4,242,679	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-1-2CB1		7.00	%		02/25/2036		3,136,680
	1,468,259	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-1-3A1		5.75	%		02/25/2036		1,269,453
	742,034	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-1-3A2		5.75	%		02/25/2036		657,372
	630,666	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-1-3A7		5.75	%		02/25/2036		558,941
	1,959,755	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-3-3CB4		6.00	%		04/25/2036		1,586,895
	1,131,421	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-5-1A8		5.75	%		07/25/2036		830,932
	2,497,952	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-5-2CB1		6.00	%		07/25/2036		1,682,857
	4,537,333	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-5-2CB6		6.00	%		07/25/2036		3,056,777
	13,015,051	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-5-3A3		6.72	%(d)		07/25/2036		3,178,946
	5,423,689	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-5-3A5		6.95	%(d)		07/25/2036		1,323,780
	7,743,623	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-8-A4		4.16	%(d)		10/25/2036		2,748,178
	2,856,528	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-9-A7		4.30	%(d)		10/25/2036		894,419
	5,711,994	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-AR10-1A1		4.48	%(c)		09/25/2036		4,720,750
	3,743,582	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-AR10-A1 (Secured Overnight Financing Rate 1 Month + 0.31%, 0.20% Floor)		5.53	%		12/25/2036		1,837,997
	5,716,539	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-AR15-1A (12 Month US Treasury Average + 0.84%, 0.84% Floor)		5.47	%		11/25/2046		4,804,138
	5,151,065	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-AR4-2A (12 Month US Treasury Average + 0.95%, 0.95% Floor)		5.58	%		06/25/2046		3,694,182
	4,682,047	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-AR5-4A (12 Month US Treasury Average + 0.99%, 0.99% Floor)		5.62	%		06/25/2046		3,621,862
	3,304,426	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-AR5-A12B (12 Month US Treasury Average + 0.98%, 0.98% Floor)		5.61	%		06/25/2046		2,828,179


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	450,079	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-AR6-2A3		4.55	%(c)		08/25/2036		382,690
	7,148,982	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-2-1A6		6.00	%		04/25/2037		5,502,128
	2,201,393	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-3-A2		6.00	%		04/25/2037		1,815,180
	3,061,324	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-3-A3		6.00	%		04/25/2037		2,522,653
	2,225,008	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-4-1A1		5.50	%		06/25/2037		2,028,165
	160,157	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-5-A11 (-6 x Secured Overnight Financing Rate 1 Month + 38.79%, 39.48% Cap)		6.87	%(h)		06/25/2037		144,950
	4,003,927	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-5-A6		6.00	%		06/25/2037		3,415,818
	7,695,686	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-HE1-2A2 (Secured Overnight Financing Rate 1 Month + 0.22%, 0.22% Floor)		5.54	%		01/25/2037		3,563,637
	14,517,504	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-HE4-1A (Secured Overnight Financing Rate 1 Month + 0.28%, 0.28% Floor)		5.60	%		07/25/2047		10,130,396
	4,724,418	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-HY3-4A1		4.31	%(c)		03/25/2037		4,234,866
	7,525,725	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-HY5-1A1		3.67	%(c)		05/25/2037		6,378,721
	5,573,683	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-OC1-A2 (Secured Overnight Financing Rate 1 Month + 0.35%, 0.24% Floor)		5.55	%		01/25/2047		4,981,226
	502,401	Wells Fargo Alternative Loan Trust, Series 2007-PA1-A10		6.00	%		03/25/2037		427,584
	2,205,934	Wells Fargo Alternative Loan Trust, Series 2007-PA1-A3		6.00	%		03/25/2037		1,877,429
	1,901,997	Wells Fargo Alternative Loan Trust, Series 2007-PA1-A5		6.00	%		03/25/2037		1,618,755
	3,117,278	Wells Fargo Alternative Loan Trust, Series 2007-PA1-A6		6.00	%		03/25/2037		2,653,058
	12,060,483	Wells Fargo Alternative Loan Trust, Series 2007-PA2-1A1		6.00	%		06/25/2037		10,591,023
	2,044,691	Wells Fargo Alternative Loan Trust, Series 2007-PA2-3A1 (Secured Overnight Financing Rate 1 Month + 0.46%, 0.35% Floor, 7.00% Cap)		5.78	%		06/25/2037		1,434,247
	3,012,146	Wells Fargo Alternative Loan Trust, Series 2007-PA2-3A2 (-1 x Secured Overnight Financing Rate 1 Month + 6.54%, 6.65% Cap)		1.22	%(f)(h)		06/25/2037		139,312
	258,648	Wells Fargo Alternative Loan Trust, Series 2007-PA3-1A4		5.75	%		07/25/2037		211,514
	4,264,132	Wells Fargo Alternative Loan Trust, Series 2007-PA3-2A1		6.00	%		07/25/2037		3,577,301
	1,694,167	Wells Fargo Alternative Loan Trust, Series 2007-PA3-2A4		6.00	%		07/25/2037		1,421,285
	2,883,086	Wells Fargo Alternative Loan Trust, Series 2007-PA3-3A1		6.25	%		07/25/2037		2,383,687
	22,195,439	Wells Fargo Alternative Loan Trust, Series 2007-PA5-1A1		6.25	%		11/25/2037		18,618,635
	4,258,501	Wells Fargo Alternative Loan Trust, Series 2007-PA6-A1		5.23	%(c)		12/28/2037		3,857,077
	1,450,063	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR12-1A1		6.09	%(c)		09/25/2036		1,315,876
	678,399	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR13-A2		6.18	%(c)		09/25/2036		635,764
	748,593	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR4-2A1		4.77	%(c)		04/25/2036		698,305
	1,155,276	Wells Fargo Mortgage Backed Securities Trust, Series 2007-7-A1		6.00	%		06/25/2037		1,002,688
	80,347	Wells Fargo Mortgage Backed Securities Trust, Series 2007-7-A32		5.75	%		06/25/2037		68,964


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	2,601,596	Wells Fargo Mortgage Backed Securities Trust, Series 2007-7-A34		6.00	%		06/25/2037		2,257,980
	704,639	Wells Fargo Mortgage Backed Securities Trust, Series 2007-7-A36		6.00	%		06/25/2037		611,554
	239,637	Wells Fargo Mortgage Backed Securities Trust, Series 2007-7-A43 (Secured Overnight Financing Rate 1 Month + 0.61%, 0.50% Floor, 7.00% Cap)		5.93	%		06/25/2037		203,224
	654,682	Wells Fargo Mortgage Backed Securities Trust, Series 2007-7-A49		6.00	%		06/25/2037		568,212
	277,158	Wells Fargo Mortgage Backed Securities Trust, Series 2007-7-A8 (Secured Overnight Financing Rate 1 Month + 0.61%, 0.50% Floor, 7.00% Cap)		5.93	%		06/25/2037		235,044
	125,031	Wells Fargo Mortgage Backed Securities Trust, Series 2007-7-A9 (-6 x Secured Overnight Financing Rate 1 Month + 38.31%, 39.00% Cap)		6.39	%(h)		06/25/2037		128,975
	10,707,260	Wells Fargo Mortgage Backed Securities Trust, Series 2007-AR9-A1		4.79	%(c)		12/28/2037		9,299,993

	Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $10,694,301,779)								8,380,703,322

	US Government and Agency Mortgage Backed Obligations—50.3%
	59,456,293	Federal National Mortgage Association Interest Strip, Series 427-C69		3.00	%(f)		03/25/2047		9,305,497
	30,720,860	Federal National Mortgage Association Interest Strip, Series 432-C11		3.00	%(f)		08/25/2052		5,193,720
	66,967,142	Federal National Mortgage Association, Pool CB5221		5.00	%		12/01/2052		63,288,986
	9,697,912	Federal National Mortgage Association REMICS, Series 2016-95-AG		2.50	%		06/25/2037		8,767,295
	26,585,525	Federal National Mortgage Association REMICS, Series 2020-99-IQ		3.00	%(f)		01/25/2051		4,748,316
	39,083,387	Federal National Mortgage Association REMICS, Series 2021-43-EI		3.00	%(f)		07/25/2051		6,641,604
	76,521,129	Federal National Mortgage Association REMICS, Series 2021-43-LI		3.00	%(f)		07/25/2051		13,023,529
	19,471,384	Federal National Mortgage Association REMICS, Series 2021-63-G		2.00	%		06/25/2049		15,169,995
	22,538,880	Federal National Mortgage Association REMICS, Series 2021-73-JA		2.50	%		05/25/2049		18,895,732
	20,127,731	Federal National Mortgage Association REMICS, Series 2021-85-C		2.50	%		03/25/2049		16,907,288
	24,153,277	Federal National Mortgage Association REMICS, Series 2021-85-CJ		2.50	%		03/25/2049		20,288,746
	24,153,277	Federal National Mortgage Association REMICS, Series 2021-85-CK		2.50	%		03/25/2049		20,288,746
	55,323,826	Federal National Mortgage Association REMICS, Series 2021-86-MA		2.50	%		11/25/2047		47,388,453
	25,960,803	Federal National Mortgage Association REMICS, Series 2021-88-LB		2.50	%		03/25/2050		21,368,856
	32,132,804	Federal National Mortgage Association REMICS, Series 2022-6-M		2.50	%		06/25/2050		26,783,457
	24,965,820	Federal National Mortgage Association REMICS, Series 2022-71-A		3.00	%		12/25/2051		22,483,945
	19,898,966	Federal National Mortgage Association REMICS, Series 2023-29-DO		0.00	%(j)		11/25/2050		13,020,870
	36,076,115	Federal National Mortgage Association REMICS, Series 2023-30-NO		0.00	%(j)		10/25/2050		23,663,060
	99,118,012	Federal National Mortgage Association REMICS, Series 2023-39-IO		3.00	%(f)		10/25/2052		16,392,018
	15,958,759	Federal National Mortgage Association-Aces, Series 2023-M1S-A1X		4.66	%(c)		07/25/2033		15,377,321


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	1,967,111	Federal Home Loan Mortgage Corporation Pass-Thru, Pool C03490		4.50	%		08/01/2040		1,862,090
	13,912,229	Federal Home Loan Mortgage Corporation Pass-Thru, Pool C91388		3.50	%		02/01/2032		12,997,770
	7,194,494	Federal Home Loan Mortgage Corporation Pass-Thru, Pool C91403		3.50	%		03/01/2032		6,645,423
	7,269,071	Federal Home Loan Mortgage Corporation Pass-Thru, Pool C91413		3.50	%		12/01/2031		6,714,326
	3,690,073	Federal Home Loan Mortgage Corporation Pass-Thru, Pool C91417		3.50	%		01/01/2032		3,408,519
	14,866,544	Federal Home Loan Mortgage Corporation Pass-Thru, Pool C91447		3.50	%		05/01/2032		13,731,697
	5,690,903	Federal Home Loan Mortgage Corporation Pass-Thru, Pool C91596		3.00	%		02/01/2033		5,125,525
	2,698,073	Federal Home Loan Mortgage Corporation Pass-Thru, Pool D98901		3.50	%		01/01/2032		2,492,195
	5,940,258	Federal Home Loan Mortgage Corporation Pass-Thru, Pool D98923		3.50	%		01/01/2032		5,487,039
	7,245,443	Federal Home Loan Mortgage Corporation Pass-Thru, Pool D99724		3.00	%		11/01/2032		6,525,801
	6,560,625	Federal Home Loan Mortgage Corporation Pass-Thru, Pool G01840		5.00	%		07/01/2035		6,441,364
	1,339,855	Federal Home Loan Mortgage Corporation Pass-Thru, Pool G04817		5.00	%		09/01/2038		1,313,819
	5,256,110	Federal Home Loan Mortgage Corporation Pass-Thru, Pool G07801		4.00	%		10/01/2044		4,811,351
	11,226,787	Federal Home Loan Mortgage Corporation Pass-Thru, Pool G07862		4.00	%		01/01/2044		10,293,103
	12,220,775	Federal Home Loan Mortgage Corporation Pass-Thru, Pool G07905		4.00	%		01/01/2042		11,212,640
	24,889,985	Federal Home Loan Mortgage Corporation Pass-Thru, Pool G08534		3.00	%		06/01/2043		21,324,805
	8,057,373	Federal Home Loan Mortgage Corporation Pass-Thru, Pool G08537		3.00	%		07/01/2043		6,903,244
	14,793,223	Federal Home Loan Mortgage Corporation Pass-Thru, Pool G08614		3.00	%		11/01/2044		12,559,666
	17,046,080	Federal Home Loan Mortgage Corporation Pass-Thru, Pool G08619		3.00	%		12/01/2044		14,466,995
	21,939,804	Federal Home Loan Mortgage Corporation Pass-Thru, Pool G08622		3.00	%		01/01/2045		18,622,167
	41,619,747	Federal Home Loan Mortgage Corporation Pass-Thru, Pool G08626		3.00	%		02/01/2045		35,326,266
	21,075,468	Federal Home Loan Mortgage Corporation Pass-Thru, Pool G08631		3.00	%		03/01/2045		17,882,028
	59,644,359	Federal Home Loan Mortgage Corporation Pass-Thru, Pool G08635		3.00	%		04/01/2045		50,597,464
	95,295,246	Federal Home Loan Mortgage Corporation Pass-Thru, Pool G08648		3.00	%		06/01/2045		80,810,849
	18,228,504	Federal Home Loan Mortgage Corporation Pass-Thru, Pool G08653		3.00	%		07/01/2045		15,452,097
	10,575,094	Federal Home Loan Mortgage Corporation Pass-Thru, Pool G08658		3.00	%		08/01/2045		8,962,702
	11,991,891	Federal Home Loan Mortgage Corporation Pass-Thru, Pool G08670		3.00	%		10/01/2045		10,161,540
	140,631,293	Federal Home Loan Mortgage Corporation Pass-Thru, Pool G08675		3.00	%		11/01/2045		119,166,598
	57,785,305	Federal Home Loan Mortgage Corporation Pass-Thru, Pool G08680		3.00	%		12/01/2045		48,965,251
	24,354,237	Federal Home Loan Mortgage Corporation Pass-Thru, Pool G08686		3.00	%		01/01/2046		20,638,154


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	54,236,689	Federal Home Loan Mortgage Corporation Pass-Thru, Pool G08692		3.00	%		02/01/2046		45,960,713
	17,233,642	Federal Home Loan Mortgage Corporation Pass-Thru, Pool G08705		3.00	%		05/01/2046		14,603,842
	19,927,310	Federal Home Loan Mortgage Corporation Pass-Thru, Pool G08715		3.00	%		08/01/2046		16,886,337
	1,047,522	Federal Home Loan Mortgage Corporation Pass-Thru, Pool G08800		3.50	%		02/01/2048		918,927
	10,899,528	Federal Home Loan Mortgage Corporation Pass-Thru, Pool G16072		3.00	%		02/01/2032		10,141,508
	23,817,389	Federal Home Loan Mortgage Corporation Pass-Thru, Pool G60251		3.50	%		10/01/2045		20,967,745
	61,745,181	Federal Home Loan Mortgage Corporation Pass-Thru, Pool G60393		3.50	%		01/01/2046		54,341,570
	8,212,385	Federal Home Loan Mortgage Corporation Pass-Thru, Pool J22834		2.50	%		03/01/2028		7,803,723
	21,855,003	Federal Home Loan Mortgage Corporation Pass-Thru, Pool Q13637		3.00	%		11/01/2042		18,725,268
	21,833,237	Federal Home Loan Mortgage Corporation Pass-Thru, Pool Q13638		3.00	%		11/01/2042		18,706,541
	37,720,674	Federal Home Loan Mortgage Corporation Pass-Thru, Pool Q16672		3.00	%		03/01/2043		32,317,944
	2,490,518	Federal Home Loan Mortgage Corporation Pass-Thru, Pool Q23595		4.00	%		12/01/2043		2,284,958
	2,956,392	Federal Home Loan Mortgage Corporation Pass-Thru, Pool Q24052		4.00	%		01/01/2044		2,702,144
	2,267,334	Federal Home Loan Mortgage Corporation Pass-Thru, Pool Q24172		4.00	%		01/01/2044		2,079,714
	2,524,582	Federal Home Loan Mortgage Corporation Pass-Thru, Pool Q24979		4.00	%		02/01/2044		2,309,898
	9,739,152	Federal Home Loan Mortgage Corporation Pass-Thru, Pool Q31596		3.50	%		02/01/2045		8,579,940
	4,265,576	Federal Home Loan Mortgage Corporation Pass-Thru, Pool Q32861		3.50	%		04/01/2045		3,754,323
	10,349,444	Federal Home Loan Mortgage Corporation Pass-Thru, Pool Q32921		3.50	%		04/01/2045		9,106,829
	11,224,749	Federal Home Loan Mortgage Corporation Pass-Thru, Pool Q39502		3.50	%		03/01/2046		9,870,379
	24,672,585	Federal Home Loan Mortgage Corporation Pass-Thru, Pool Q44073		3.00	%		09/01/2046		20,891,953
	15,163,903	Federal Home Loan Mortgage Corporation Pass-Thru, Pool QU7965		2.00	%		09/01/2051		11,115,392
	14,289,650	Federal Home Loan Mortgage Corporation Pass-Thru, Pool QU7970		2.00	%		09/01/2051		10,470,980
	49,746,215	Federal Home Loan Mortgage Corporation Pass-Thru, Pool RA3515		2.50	%		09/01/2050		39,789,103
	20,985,630	Federal Home Loan Mortgage Corporation Pass-Thru, Pool RA4218		2.50	%		12/01/2050		16,801,218
	16,109,825	Federal Home Loan Mortgage Corporation Pass-Thru, Pool RA4968		2.50	%		04/01/2046		13,029,341
	60,614,394	Federal Home Loan Mortgage Corporation Pass-Thru, Pool RA5267		3.00	%		05/01/2051		50,320,215
	187,157,298	Federal Home Loan Mortgage Corporation Pass-Thru, Pool RA7642		4.50	%		08/01/2052		172,070,004
	84,647,016	Federal Home Loan Mortgage Corporation Pass-Thru, Pool RA7672		4.50	%		07/01/2052		77,827,937
	138,196,601	Federal Home Loan Mortgage Corporation Pass-Thru, Pool RA7784		4.50	%		08/01/2052		127,052,867
	75,788,951	Federal Home Loan Mortgage Corporation Pass-Thru, Pool RB5089		1.50	%		12/01/2040		58,850,627


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	8,373,426	Federal Home Loan Mortgage Corporation Pass-Thru, Pool RB5106		2.50	%		03/01/2041		6,981,505
	86,692,108	Federal Home Loan Mortgage Corporation Pass-Thru, Pool RB5110		1.50	%		05/01/2041		66,988,107
	16,133,129	Federal Home Loan Mortgage Corporation Pass-Thru, Pool SD0035		3.00	%		04/01/2047		13,706,270
	33,353,627	Federal Home Loan Mortgage Corporation Pass-Thru, Pool SD0699		2.00	%		11/01/2050		26,166,431
	46,450,116	Federal Home Loan Mortgage Corporation Pass-Thru, Pool SD0715		2.00	%		09/01/2051		36,330,340
	60,539,289	Federal Home Loan Mortgage Corporation Pass-Thru, Pool SD1914		4.00	%		10/01/2052		54,038,530
	25,537,001	Federal Home Loan Mortgage Corporation Pass-Thru, Pool SD1966		4.00	%		11/01/2052		22,768,526
	65,909,983	Federal Home Loan Mortgage Corporation Pass-Thru, Pool SD2120		3.00	%		10/01/2051		54,906,930
	40,841,454	Federal Home Loan Mortgage Corporation Pass-Thru, Pool SD2386		3.50	%		06/01/2052		35,309,543
	203,101,355	Federal Home Loan Mortgage Corporation Pass-Thru, Pool SD7534		2.50	%		02/01/2051		165,315,227
	84,720,118	Federal Home Loan Mortgage Corporation Pass-Thru, Pool SD8152		3.00	%		06/01/2051		70,379,829
	3,258,168	Federal Home Loan Mortgage Corporation Pass-Thru, Pool SD8168		3.00	%		09/01/2051		2,705,409
	9,059,301	Federal Home Loan Mortgage Corporation Pass-Thru, Pool SD8169		3.50	%		09/01/2051		7,803,217
	40,563,803	Federal Home Loan Mortgage Corporation Pass-Thru, Pool SD8214		3.50	%		05/01/2052		34,924,314
	41,386,265	Federal Home Loan Mortgage Corporation Pass-Thru, Pool SE9043		2.00	%		09/01/2051		30,326,919
	976,200	Federal Home Loan Mortgage Corporation Pass-Thru, Pool T60392		4.00	%		10/01/2041		866,716
	1,372,419	Federal Home Loan Mortgage Corporation Pass-Thru, Pool T60681		4.00	%		05/01/2042		1,220,891
	5,521,522	Federal Home Loan Mortgage Corporation Pass-Thru, Pool T60782		3.50	%		07/01/2042		4,737,861
	6,605,585	Federal Home Loan Mortgage Corporation Pass-Thru, Pool T60853		3.50	%		09/01/2042		5,668,083
	6,387,928	Federal Home Loan Mortgage Corporation Pass-Thru, Pool T60854		3.50	%		09/01/2042		5,481,344
	1,042,989	Federal Home Loan Mortgage Corporation Pass-Thru, Pool T65110		3.50	%		10/01/2042		910,491
	6,906,137	Federal Home Loan Mortgage Corporation Pass-Thru, Pool T65492		3.00	%		06/01/2048		5,696,425
	554,227	Federal Home Loan Mortgage Corporation Pass-Thru, Pool T69016		5.00	%		06/01/2041		522,739
	11,358,461	Federal Home Loan Mortgage Corporation Pass-Thru, Pool T69050		3.50	%		05/01/2046		9,825,275
	135,388	Federal Home Loan Mortgage Corporation Pass-Thru, Pool U60299		4.00	%		11/01/2040		123,590
	1,311,258	Federal Home Loan Mortgage Corporation Pass-Thru, Pool U99125		3.00	%		01/01/2043		1,121,703
	22,091,917	Federal Home Loan Mortgage Corporation Pass-Thru, Pool U99193		3.50	%		03/01/2044		19,513,962
	50,765,208	Federal Home Loan Mortgage Corporation Pass-Thru, Pool V81821		3.00	%		08/01/2045		43,057,175
	14,561,208	Federal Home Loan Mortgage Corporation Pass-Thru, Pool V82117		3.00	%		12/01/2045		12,338,716
	11,965,541	Federal Home Loan Mortgage Corporation Pass-Thru, Pool V82209		3.50	%		02/01/2046		10,539,933


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	6,759,372	Federal Home Loan Mortgage Corporation Pass-Thru, Pool V82248		3.50	%		03/01/2046		5,941,672
	79,859,293	Federal Home Loan Mortgage Corporation Pass-Thru, Pool Z40117		3.00	%		04/01/2045		68,172,883
	6,720,258	Federal Home Loan Mortgage Corporation Pass-Thru, Pool ZS4750		3.00	%		01/01/2048		5,658,650
	14,675,384	Federal Home Loan Mortgage Corporation Pass-Thru, Pool ZT1827		3.00	%		07/01/2047		12,405,368
	398,813	Federal Home Loan Mortgage Corporation REMICS, Series 2519-ZD		5.50	%		11/15/2032		390,355
	223,155	Federal Home Loan Mortgage Corporation REMICS, Series 2596-ZL		5.00	%		04/15/2033		218,138
	147,394	Federal Home Loan Mortgage Corporation REMICS, Series 2684-ZN		4.00	%		10/15/2033		138,726
	959,076	Federal Home Loan Mortgage Corporation REMICS, Series 2750-ZT		5.00	%		02/15/2034		937,081
	2,629,457	Federal Home Loan Mortgage Corporation REMICS, Series 2825-PZ		5.50	%		07/15/2034		2,592,564
	1,577,261	Federal Home Loan Mortgage Corporation REMICS, Series 2898-JZ		5.00	%		12/15/2034		1,544,699
	3,891,877	Federal Home Loan Mortgage Corporation REMICS, Series 2899-AZ		5.00	%		12/15/2034		3,810,850
	2,094,902	Federal Home Loan Mortgage Corporation REMICS, Series 2909-Z		5.00	%		12/15/2034		2,051,260
	4,288,997	Federal Home Loan Mortgage Corporation REMICS, Series 2932-Z		5.00	%		02/15/2035		4,199,488
	1,663,389	Federal Home Loan Mortgage Corporation REMICS, Series 3002-SN (-1 x Secured Overnight Financing Rate 30 Day Average + 6.39%, 6.50% Cap)		1.07	%(f)(h)		07/15/2035		91,275
	1,025,876	Federal Home Loan Mortgage Corporation REMICS, Series 3030-SL (-1 x Secured Overnight Financing Rate 30 Day Average + 5.99%, 6.10% Cap)		0.67	%(f)(h)		09/15/2035		49,970
	380,388	Federal Home Loan Mortgage Corporation REMICS, Series 3045-DI (-1 x Secured Overnight Financing Rate 30 Day Average + 6.62%, 6.73% Cap)		1.30	%(f)(h)		10/15/2035		24,924
	2,716,007	Federal Home Loan Mortgage Corporation REMICS, Series 3116-Z		5.50	%		02/15/2036		2,677,872
	403,186	Federal Home Loan Mortgage Corporation REMICS, Series 3117-ZN		4.50	%		02/15/2036		371,881
	1,349,812	Federal Home Loan Mortgage Corporation REMICS, Series 3174-PZ		5.00	%		01/15/2036		1,321,726
	344,631	Federal Home Loan Mortgage Corporation REMICS, Series 3187-JZ		5.00	%		07/15/2036		337,475
	944,539	Federal Home Loan Mortgage Corporation REMICS, Series 3188-ZK		5.00	%		07/15/2036		924,846
	1,520,059	Federal Home Loan Mortgage Corporation REMICS, Series 3203-SE (-1 x Secured Overnight Financing Rate 30 Day Average + 6.39%, 6.50% Cap)		1.07	%(f)(h)		08/15/2036		86,650
	1,950,488	Federal Home Loan Mortgage Corporation REMICS, Series 3203-Z		5.00	%		07/15/2036		1,883,758
	3,090,562	Federal Home Loan Mortgage Corporation REMICS, Series 3203-ZC		5.00	%		07/15/2036		2,984,829
	2,028,424	Federal Home Loan Mortgage Corporation REMICS, Series 3261-SA (-1 x Secured Overnight Financing Rate 30 Day Average + 6.32%, 6.43% Cap)		1.00	%(f)(h)		01/15/2037		124,757
	1,833,312	Federal Home Loan Mortgage Corporation REMICS, Series 3275-SC (-1 x Secured Overnight Financing Rate 30 Day Average + 5.97%, 6.08% Cap)		0.65	%(f)(h)		02/15/2037		89,690
	400,916	Federal Home Loan Mortgage Corporation REMICS, Series 3315-HZ		6.00	%		05/15/2037		391,017
	1,314,706	Federal Home Loan Mortgage Corporation REMICS, Series 3326-GS (-1 x Secured Overnight Financing Rate 30 Day Average + 6.54%, 6.65% Cap)		1.22	%(f)(h)		06/15/2037		92,365
	344,460	Federal Home Loan Mortgage Corporation REMICS, Series 3351-ZC		5.50	%		07/15/2037		343,727
	4,396,556	Federal Home Loan Mortgage Corporation REMICS, Series 3355-BI (-1 x Secured Overnight Financing Rate 30 Day Average + 5.94%, 6.05% Cap)		0.62	%(f)(h)		08/15/2037		231,606


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	193,043	Federal Home Loan Mortgage Corporation REMICS, Series 3369-Z		6.00	%		09/15/2037		189,856
	534,847	Federal Home Loan Mortgage Corporation REMICS, Series 3405-ZG		5.50	%		01/15/2038		514,742
	260,362	Federal Home Loan Mortgage Corporation REMICS, Series 3417-SI (-1 x Secured Overnight Financing Rate 30 Day Average + 6.07%, 6.18% Cap)		0.75	%(f)(h)		02/15/2038		11,912
	846,412	Federal Home Loan Mortgage Corporation REMICS, Series 3423-GS (-1 x Secured Overnight Financing Rate 30 Day Average + 5.54%, 5.65% Cap)		0.22	%(f)(h)		03/15/2038		31,174
	138,990	Federal Home Loan Mortgage Corporation REMICS, Series 3423-SG (-1 x Secured Overnight Financing Rate 30 Day Average + 5.54%, 5.65% Cap)		0.22	%(f)(h)		03/15/2038		4,944
	224,188	Federal Home Loan Mortgage Corporation REMICS, Series 3451-S (-1 x Secured Overnight Financing Rate 30 Day Average + 5.92%, 6.03% Cap)		0.60	%(f)(h)		02/15/2037		10,537
	191,052	Federal Home Loan Mortgage Corporation REMICS, Series 3455-SC (-1 x Secured Overnight Financing Rate 30 Day Average + 5.95%, 6.06% Cap)		0.63	%(f)(h)		06/15/2038		8,764
	68,178	Federal Home Loan Mortgage Corporation REMICS, Series 3473-SM (-1 x Secured Overnight Financing Rate 30 Day Average + 5.96%, 6.07% Cap)		0.64	%(f)(h)		07/15/2038		3,478
	1,573,031	Federal Home Loan Mortgage Corporation REMICS, Series 3484-SE (-1 x Secured Overnight Financing Rate 30 Day Average + 5.74%, 5.85% Cap)		0.42	%(f)(h)		08/15/2038		61,390
	2,187,701	Federal Home Loan Mortgage Corporation REMICS, Series 3519-SD (-1 x Secured Overnight Financing Rate 30 Day Average + 5.44%, 5.55% Cap)		0.12	%(f)(h)		02/15/2038		75,717
	692,054	Federal Home Loan Mortgage Corporation REMICS, Series 3524-LB		3.35	%(c)(f)(j)		06/15/2038		631,491
	58,533	Federal Home Loan Mortgage Corporation REMICS, Series 3530-GZ		4.50	%(i)		05/15/2039		52,027
	2,043,552	Federal Home Loan Mortgage Corporation REMICS, Series 3541-EI (-1 x Secured Overnight Financing Rate 30 Day Average + 6.64%, 6.75% Cap)		1.32	%(f)(h)		06/15/2039		155,708
	138,643	Federal Home Loan Mortgage Corporation REMICS, Series 3545-SA (-1 x Secured Overnight Financing Rate 30 Day Average + 6.04%, 6.15% Cap)		0.72	%(f)(h)		06/15/2039		7,427
	57,675	Federal Home Loan Mortgage Corporation REMICS, Series 3549-SA (-1 x Secured Overnight Financing Rate 30 Day Average + 5.69%, 5.80% Cap)		0.37	%(f)(h)		07/15/2039		2,853
	2,525,619	Federal Home Loan Mortgage Corporation REMICS, Series 3577-LS (-1 x Secured Overnight Financing Rate 30 Day Average + 7.09%, 7.20% Cap)		1.77	%(f)(h)		08/15/2035		221,403
	804,778	Federal Home Loan Mortgage Corporation REMICS, Series 3582-SA (-1 x Secured Overnight Financing Rate 30 Day Average + 5.89%, 6.00% Cap)		0.57	%(f)(h)		10/15/2049		48,469
	801,474	Federal Home Loan Mortgage Corporation REMICS, Series 3583-GB		4.50	%		10/15/2039		768,614
	1,389,114	Federal Home Loan Mortgage Corporation REMICS, Series 3616-SG (-1 x Secured Overnight Financing Rate 30 Day Average + 6.24%, 6.35% Cap)		0.92	%(f)(h)		03/15/2032		47,659
	2,292,196	Federal Home Loan Mortgage Corporation REMICS, Series 3626-AZ		5.50	%		08/15/2036		2,259,838
	3,365,046	Federal Home Loan Mortgage Corporation REMICS, Series 3641-Z		5.50	%		02/15/2036		3,318,133
	3,095,218	Federal Home Loan Mortgage Corporation REMICS, Series 3654-ZB		5.50	%		11/15/2037		3,052,948
	7,423,299	Federal Home Loan Mortgage Corporation REMICS, Series 3666-VZ		5.50	%		08/15/2036		7,321,606


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	391,234	Federal Home Loan Mortgage Corporation REMICS, Series 3667-SB (-1 x Secured Overnight Financing Rate 30 Day Average + 6.34%, 6.45% Cap)		1.02	%(f)(h)		05/15/2040		21,545
	2,724,746	Federal Home Loan Mortgage Corporation REMICS, Series 3702-SG (-1 x Secured Overnight Financing Rate 30 Day Average + 5.94%, 6.05% Cap)		0.62	%(f)(h)		08/15/2032		78,926
	1,387,311	Federal Home Loan Mortgage Corporation REMICS, Series 3704-EI		5.00	%(f)		12/15/2036		213,333
	1,307,151	Federal Home Loan Mortgage Corporation REMICS, Series 3712-SG (-5 x Secured Overnight Financing Rate 30 Day Average + 24.43%, 25.00% Cap)		0.00	%(h)		08/15/2040		1,177,004
	1,852,658	Federal Home Loan Mortgage Corporation REMICS, Series 3724-CM		5.50	%		06/15/2037		1,840,933
	5,926,586	Federal Home Loan Mortgage Corporation REMICS, Series 3726-SA (-1 x Secured Overnight Financing Rate 30 Day Average + 5.94%, 6.05% Cap)		0.62	%(f)(h)		09/15/2040		386,828
	186,682	Federal Home Loan Mortgage Corporation REMICS, Series 3741-SC (-2 x Secured Overnight Financing Rate 30 Day Average + 9.77%, 10.00% Cap)		0.00	%(h)		10/15/2040		112,006
	4,674,509	Federal Home Loan Mortgage Corporation REMICS, Series 3752-BS (-2 x Secured Overnight Financing Rate 30 Day Average + 9.77%, 10.00% Cap)		0.00	%(h)		11/15/2040		2,972,820
	13,191,458	Federal Home Loan Mortgage Corporation REMICS, Series 3768-ZX		5.00	%		12/15/2040		12,868,331
	1,765,689	Federal Home Loan Mortgage Corporation REMICS, Series 3771-AL		4.00	%		12/15/2030		1,701,048
	4,672,752	Federal Home Loan Mortgage Corporation REMICS, Series 3779-BY		3.50	%		12/15/2030		4,431,302
	13,473,969	Federal Home Loan Mortgage Corporation REMICS, Series 3779-DZ		4.50	%		12/15/2040		12,592,549
	5,289,757	Federal Home Loan Mortgage Corporation REMICS, Series 3779-LB		4.00	%		12/15/2030		5,096,058
	1,264,238	Federal Home Loan Mortgage Corporation REMICS, Series 3779-YA		3.50	%		12/15/2030		1,198,913
	4,396,538	Federal Home Loan Mortgage Corporation REMICS, Series 3783-AC		4.00	%		01/15/2031		4,234,345
	2,984,617	Federal Home Loan Mortgage Corporation REMICS, Series 3786-SG (-2 x Secured Overnight Financing Rate 30 Day Average + 9.27%, 9.50% Cap)		0.00	%(h)		01/15/2041		1,812,776
	3,696,305	Federal Home Loan Mortgage Corporation REMICS, Series 3788-AY		3.50	%		01/15/2031		3,503,332
	473,446	Federal Home Loan Mortgage Corporation REMICS, Series 3790-Z		4.00	%		01/15/2041		436,906
	10,190,539	Federal Home Loan Mortgage Corporation REMICS, Series 3800-VZ		4.50	%		02/15/2041		9,682,371
	1,352,401	Federal Home Loan Mortgage Corporation REMICS, Series 3803-ZM		4.00	%		02/15/2041		1,248,136
	15,654,656	Federal Home Loan Mortgage Corporation REMICS, Series 3806-CZ		5.50	%		07/15/2034		15,432,957
	5,116,587	Federal Home Loan Mortgage Corporation REMICS, Series 3808-DB		3.50	%		02/15/2031		4,848,035
	4,318,370	Federal Home Loan Mortgage Corporation REMICS, Series 3812-EY		3.50	%		02/15/2031		4,091,853
	1,430,185	Federal Home Loan Mortgage Corporation REMICS, Series 3818-CZ		4.50	%		03/15/2041		1,359,272
	3,400,484	Federal Home Loan Mortgage Corporation REMICS, Series 3819-ZU		5.50	%		07/15/2034		3,352,305
	10,745,443	Federal Home Loan Mortgage Corporation REMICS, Series 3824-EY		3.50	%		03/15/2031		10,181,324
	3,350,433	Federal Home Loan Mortgage Corporation REMICS, Series 3828-SW (-3 x Secured Overnight Financing Rate 30 Day Average + 12.86%, 13.20% Cap)		0.00	%(h)		02/15/2041		2,106,668
	4,189,875	Federal Home Loan Mortgage Corporation REMICS, Series 3829-VZ		4.00	%		03/15/2041		3,890,010
	7,601,554	Federal Home Loan Mortgage Corporation REMICS, Series 3843-PZ		5.00	%		04/15/2041		7,421,999
	10,950,739	Federal Home Loan Mortgage Corporation REMICS, Series 3863-ZA		5.50	%		08/15/2034		10,796,069


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	3,660,433	Federal Home Loan Mortgage Corporation REMICS, Series 3870-PB		4.50	%		06/15/2041		3,457,747
	16,805,191	Federal Home Loan Mortgage Corporation REMICS, Series 3871-LZ		5.50	%		06/15/2041		16,603,759
	5,041,745	Federal Home Loan Mortgage Corporation REMICS, Series 3872-BA		4.00	%		06/15/2041		4,731,828
	2,718,245	Federal Home Loan Mortgage Corporation REMICS, Series 3877-EY		4.50	%		06/15/2041		2,585,270
	890,842	Federal Home Loan Mortgage Corporation REMICS, Series 3877-GY		4.50	%		06/15/2041		847,575
	7,298,070	Federal Home Loan Mortgage Corporation REMICS, Series 3877-ZU		4.50	%		06/15/2041		6,928,410
	2,190,332	Federal Home Loan Mortgage Corporation REMICS, Series 3900-SB (-1 x Secured Overnight Financing Rate 30 Day Average + 5.86%, 5.97% Cap)		0.54	%(f)(h)		07/15/2041		116,325
	9,314,260	Federal Home Loan Mortgage Corporation REMICS, Series 3901-VZ		4.00	%		07/15/2041		8,651,579
	15,419,879	Federal Home Loan Mortgage Corporation REMICS, Series 3910-GZ		5.00	%		08/15/2041		15,024,079
	2,199,353	Federal Home Loan Mortgage Corporation REMICS, Series 3910-ZE		5.00	%		10/15/2034		2,153,645
	3,353,105	Federal Home Loan Mortgage Corporation REMICS, Series 3919-KL		4.50	%		09/15/2041		3,188,500
	11,153,531	Federal Home Loan Mortgage Corporation REMICS, Series 3919-ZJ		4.00	%		09/15/2041		10,329,149
	585,518	Federal Home Loan Mortgage Corporation REMICS, Series 3942-JZ		4.00	%		10/15/2041		538,807
	3,626,173	Federal Home Loan Mortgage Corporation REMICS, Series 3944-AZ		4.00	%		10/15/2041		3,340,393
	1,454,946	Federal Home Loan Mortgage Corporation REMICS, Series 3946-SM (-3 x Secured Overnight Financing Rate 30 Day Average + 14.36%, 14.70% Cap)		0.00	%(h)		10/15/2041		886,728
	9,768,384	Federal Home Loan Mortgage Corporation REMICS, Series 3969-AB		4.00	%		10/15/2033		9,230,268
	1,794,001	Federal Home Loan Mortgage Corporation REMICS, Series 3982-AZ		3.50	%		01/15/2042		1,544,657
	43,427,612	Federal Home Loan Mortgage Corporation REMICS, Series 3990-ZA		3.50	%		01/15/2042		38,502,682
	2,768,654	Federal Home Loan Mortgage Corporation REMICS, Series 3999-EZ		4.00	%		02/15/2042		2,546,076
	18,726,671	Federal Home Loan Mortgage Corporation REMICS, Series 3999-ZB		4.00	%		02/15/2042		17,282,552
	32,136,232	Federal Home Loan Mortgage Corporation REMICS, Series 4016-KZ		4.00	%		03/15/2042		29,549,892
	439,604	Federal Home Loan Mortgage Corporation REMICS, Series 4050-ND		2.50	%		09/15/2041		422,626
	61,727,568	Federal Home Loan Mortgage Corporation REMICS, Series 4084-TZ		4.00	%		07/15/2042		56,870,065
	42,318,145	Federal Home Loan Mortgage Corporation REMICS, Series 4097-ZA		3.50	%		08/15/2042		37,596,778
	44,487,297	Federal Home Loan Mortgage Corporation REMICS, Series 4109-GE		4.50	%		10/15/2041		41,977,480
	12,530,411	Federal Home Loan Mortgage Corporation REMICS, Series 4116-AP		1.35	%		08/15/2042		10,371,673
	3,678,431	Federal Home Loan Mortgage Corporation REMICS, Series 4121-AV		3.00	%		12/15/2035		3,433,393
	14,791,448	Federal Home Loan Mortgage Corporation REMICS, Series 4160-HP		2.50	%		01/15/2033		13,755,297
	17,048,138	Federal Home Loan Mortgage Corporation REMICS, Series 4162-ZJ		3.00	%(i)		02/15/2033		15,363,600
	47,966,601	Federal Home Loan Mortgage Corporation REMICS, Series 4174-Z		3.50	%		03/15/2043		42,887,897


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	70,627,767	Federal Home Loan Mortgage Corporation REMICS, Series 4179-AZ		4.00	%		01/15/2041		65,456,712
	9,575,624	Federal Home Loan Mortgage Corporation REMICS, Series 4183-ZB		3.00	%(i)		03/15/2043		6,838,600
	3,410,703	Federal Home Loan Mortgage Corporation REMICS, Series 4186-ZJ		3.00	%(i)		03/15/2033		2,941,665
	8,972,698	Federal Home Loan Mortgage Corporation REMICS, Series 4189-ML		3.00	%		04/15/2038		8,111,682
	40,143,373	Federal Home Loan Mortgage Corporation REMICS, Series 4212-US (-1 x Secured Overnight Financing Rate 30 Day Average + 5.26%, 5.40% Cap)		0.00	%(h)		06/15/2043		22,679,898
	19,309,604	Federal Home Loan Mortgage Corporation REMICS, Series 4223-US (-1 x Secured Overnight Financing Rate 30 Day Average + 5.29%, 5.43% Cap)		0.00	%(h)		07/15/2043		11,239,076
	23,509,122	Federal Home Loan Mortgage Corporation REMICS, Series 4223-ZV		4.00	%		07/15/2043		21,623,970
	5,572,998	Federal Home Loan Mortgage Corporation REMICS, Series 4229-TZ		3.00	%		06/15/2043		4,820,349
	29,629,918	Federal Home Loan Mortgage Corporation REMICS, Series 4229-ZA		4.00	%		07/15/2043		27,263,435
	8,852,526	Federal Home Loan Mortgage Corporation REMICS, Series 4249-CS (-1 x Secured Overnight Financing Rate 30 Day Average + 4.56%, 4.65% Cap)		0.58	%(h)		09/15/2043		5,707,115
	20,214,998	Federal Home Loan Mortgage Corporation REMICS, Series 4250-BZ		3.00	%		09/15/2033		18,409,174
	9,283,781	Federal Home Loan Mortgage Corporation REMICS, Series 4267-BZ		4.00	%		10/15/2040		8,606,354
	22,551,933	Federal Home Loan Mortgage Corporation REMICS, Series 4283-ZL		3.00	%		08/15/2033		20,814,958
	19,172,312	Federal Home Loan Mortgage Corporation REMICS, Series 4355-ZX		4.00	%		05/15/2044		17,622,210
	17,722,759	Federal Home Loan Mortgage Corporation REMICS, Series 4376-GZ		3.00	%(i)		08/15/2044		14,521,674
	56,344,936	Federal Home Loan Mortgage Corporation REMICS, Series 4377-LZ		3.00	%(i)		08/15/2044		46,509,048
	1,521,117	Federal Home Loan Mortgage Corporation REMICS, Series 4379-KA		3.00	%		08/15/2044		1,384,842
	30,799,077	Federal Home Loan Mortgage Corporation REMICS, Series 4384-ZY		3.00	%(i)		09/15/2044		25,602,995
	156,095,159	Federal Home Loan Mortgage Corporation REMICS, Series 4390-NZ		3.00	%(i)		09/15/2044		128,833,514
	12,265,076	Federal Home Loan Mortgage Corporation REMICS, Series 4408-PB		3.00	%		04/15/2044		11,156,429
	14,089,236	Federal Home Loan Mortgage Corporation REMICS, Series 4427-CE		3.00	%		02/15/2034		13,524,374
	7,062,931	Federal Home Loan Mortgage Corporation REMICS, Series 4427-PS (-1 x Secured Overnight Financing Rate 30 Day Average + 5.49%, 5.60% Cap)		0.17	%(f)(h)		07/15/2044		281,465
	6,589,772	Federal Home Loan Mortgage Corporation REMICS, Series 4429-HA		3.00	%		04/15/2034		6,295,397
	29,745,352	Federal Home Loan Mortgage Corporation REMICS, Series 4434-LZ		3.00	%(i)		02/15/2045		23,778,193
	1,071,834	Federal Home Loan Mortgage Corporation REMICS, Series 4438-B		3.00	%		10/15/2043		1,003,691
	11,122,175	Federal Home Loan Mortgage Corporation REMICS, Series 4441-VZ		3.00	%(i)		02/15/2045		8,730,560
	32,331,904	Federal Home Loan Mortgage Corporation REMICS, Series 4444-CZ		3.00	%(i)		02/15/2045		26,320,171
	21,709,802	Federal Home Loan Mortgage Corporation REMICS, Series 4447-YZ		4.00	%		08/15/2043		19,955,214
	40,415,800	Federal Home Loan Mortgage Corporation REMICS, Series 4463-ZC		3.00	%		04/15/2045		34,675,519
	32,170,849	Federal Home Loan Mortgage Corporation REMICS, Series 4467-ZA		3.00	%(i)		04/15/2045		27,352,791


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	12,814,051	Federal Home Loan Mortgage Corporation REMICS, Series 4471-BA		3.00	%		12/15/2041		12,309,002
	11,142,526	Federal Home Loan Mortgage Corporation REMICS, Series 4471-BC		3.00	%		12/15/2041		10,703,358
	38,423,392	Federal Home Loan Mortgage Corporation REMICS, Series 4471-GA		3.00	%		02/15/2044		34,695,843
	52,096,072	Federal Home Loan Mortgage Corporation REMICS, Series 4483-CA		3.00	%		06/15/2044		47,724,503
	25,719,305	Federal Home Loan Mortgage Corporation REMICS, Series 4483-PA		2.50	%		06/15/2045		23,579,611
	7,884,153	Federal Home Loan Mortgage Corporation REMICS, Series 4492-GZ		3.50	%		07/15/2045		6,880,673
	428,689	Federal Home Loan Mortgage Corporation REMICS, Series 4498-PD		2.50	%		08/15/2042		424,094
	5,524,405	Federal Home Loan Mortgage Corporation REMICS, Series 4500-GO		0.00	%(j)		08/15/2045		4,075,991
	10,403,948	Federal Home Loan Mortgage Corporation REMICS, Series 4504-CA		3.00	%		04/15/2044		9,630,618
	18,365,140	Federal Home Loan Mortgage Corporation REMICS, Series 4527-GA		3.00	%		02/15/2044		16,753,178
	37,468,953	Federal Home Loan Mortgage Corporation REMICS, Series 4533-AB		3.00	%		06/15/2044		34,335,596
	33,860,328	Federal Home Loan Mortgage Corporation REMICS, Series 4543-HG		2.70	%		04/15/2044		30,950,500
	52,356,116	Federal Home Loan Mortgage Corporation REMICS, Series 4573-CA		3.00	%		11/15/2044		47,931,695
	10,730,151	Federal Home Loan Mortgage Corporation REMICS, Series 4573-DA		3.00	%		03/15/2045		9,896,040
	10,895,517	Federal Home Loan Mortgage Corporation REMICS, Series 4588-DA		3.00	%		02/15/2044		10,155,751
	6,637,916	Federal Home Loan Mortgage Corporation REMICS, Series 4629-KA		3.00	%		03/15/2045		6,252,216
	37,362,721	Federal Home Loan Mortgage Corporation REMICS, Series 4636-DZ		3.50	%		12/15/2046		32,837,789
	27,504,529	Federal Home Loan Mortgage Corporation REMICS, Series 4679-VZ		3.50	%(i)		02/15/2047		24,231,526
	5,788,036	Federal Home Loan Mortgage Corporation REMICS, Series 4744-KA		3.00	%		08/15/2046		5,293,774
	21,534,000	Federal Home Loan Mortgage Corporation REMICS, Series 4759-NL		3.00	%		02/15/2048		17,135,920
	5,550,879	Federal Home Loan Mortgage Corporation REMICS, Series 4791-IO		3.00	%(f)		05/15/2048		875,786
	29,617,309	Federal Home Loan Mortgage Corporation REMICS, Series 4791-JT		3.00	%		05/15/2048		25,491,790
	4,503,485	Federal Home Loan Mortgage Corporation REMICS, Series 4791-LI		3.00	%(f)		05/15/2048		561,488
	4,503,485	Federal Home Loan Mortgage Corporation REMICS, Series 4791-LO		0.00	%(j)		05/15/2048		3,138,237
	17,906,062	Federal Home Loan Mortgage Corporation REMICS, Series 4791-PO		0.00	%(j)		05/15/2048		13,081,671
	12,590,813	Federal Home Loan Mortgage Corporation REMICS, Series 4792-A		3.00	%		05/15/2048		10,836,862
	7,868,546	Federal Home Loan Mortgage Corporation REMICS, Series 4793-C		3.00	%		06/15/2048		6,822,882
	7,570,680	Federal Home Loan Mortgage Corporation REMICS, Series 4795-AO		0.00	%(j)		05/15/2048		5,357,469
	6,307,236	Federal Home Loan Mortgage Corporation REMICS, Series 4801-OG		0.00	%(j)		06/15/2048		4,612,571
	11,632,840	Federal Home Loan Mortgage Corporation REMICS, Series 4901-BD		3.00	%		07/25/2049		10,545,207


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	23,286,816	Federal Home Loan Mortgage Corporation REMICS, Series 4924-ST (-1 x Secured Overnight Financing Rate 30 Day Average + 5.89%, 6.00% Cap)		0.57	%(f)(h)		08/25/2048		1,590,916
	11,921,283	Federal Home Loan Mortgage Corporation REMICS, Series 5004-LS (-1 x Secured Overnight Financing Rate 30 Day Average + 6.04%, 6.15% Cap)		0.72	%(f)(h)		07/25/2050		1,209,427
	13,104,679	Federal Home Loan Mortgage Corporation REMICS, Series 5023-YI		3.00	%(f)		10/25/2050		2,035,715
	6,221,940	Federal Home Loan Mortgage Corporation REMICS, Series 5062-PA		1.25	%		01/25/2051		4,446,262
	13,068,596	Federal Home Loan Mortgage Corporation REMICS, Series 5081-MI		2.50	%(f)		03/25/2051		1,706,227
	50,474,256	Federal Home Loan Mortgage Corporation REMICS, Series 5105-NH		2.00	%		02/25/2037		43,399,729
	8,168,683	Federal Home Loan Mortgage Corporation REMICS, Series 5112-SC (-1 x Secured Overnight Financing Rate 30 Day Average + 2.50%, 2.50% Cap)		0.00	%(f)(h)		06/25/2051		27,497
	19,011,671	Federal Home Loan Mortgage Corporation REMICS, Series 5117-D		2.00	%		06/25/2051		16,040,445
	41,046,439	Federal Home Loan Mortgage Corporation REMICS, Series 5126-AH		2.00	%		02/25/2037		35,293,325
	69,465,315	Federal Home Loan Mortgage Corporation REMICS, Series 5130-IO		3.50	%(f)		08/25/2051		13,672,212
	12,275,506	Federal Home Loan Mortgage Corporation REMICS, Series 5140-B		2.00	%		05/25/2040		10,319,326
	41,047,054	Federal Home Loan Mortgage Corporation REMICS, Series 5145-SB (-1 x Secured Overnight Financing Rate 30 Day Average + 2.60%, 2.60% Cap)		0.00	%(f)(h)		09/25/2051		202,399
	47,014,583	Federal Home Loan Mortgage Corporation REMICS, Series 5157-EI		3.00	%(f)		10/25/2051		6,160,387
	11,231,295	Federal Home Loan Mortgage Corporation REMICS, Series 5159-CD		1.50	%		07/25/2041		9,305,426
	44,406,607	Federal Home Loan Mortgage Corporation REMICS, Series 5160-S (-1 x Secured Overnight Financing Rate 30 Day Average + 3.74%, 3.74% Cap)		0.00	%(f)(h)		08/25/2050		765,850
	18,496,555	Federal Home Loan Mortgage Corporation REMICS, Series 5160-ZY		3.00	%(i)		10/25/2050		11,645,560
	26,171,250	Federal Home Loan Mortgage Corporation REMICS, Series 5175-CZ		2.50	%(i)		09/25/2051		12,616,155
	19,622,716	Federal Home Loan Mortgage Corporation REMICS, Series 5319-PO		0.00	%(j)		08/25/2050		13,003,087
	23,046,542	Federal Home Loan Mortgage Corporation REMICS, Series R003-ZA		5.50	%		10/15/2035		22,750,332
	70,519,838	Federal Home Loan Mortgage Corporation, Pool Z40206		3.50	%		02/01/2047		61,902,887
	8,697,397	Federal Home Loan Mortgage Corporation, Series 2015-SC02-1A		3.00	%		09/25/2045		7,485,013
	4,800,051	Federal Home Loan Mortgage Corporation, Series 2016-SC01-1A		3.00	%		07/25/2046		4,129,242
	1,371,670	Federal Home Loan Mortgage Corporation, Series 2021-MN1-M1 (Secured Overnight Financing Rate 30 Day Average + 2.00%)		7.31	%(a)		01/25/2051		1,331,640
	1,250,000	Federal Home Loan Mortgage Corporation, Series 2021-MN1-M2 (Secured Overnight Financing Rate 30 Day Average + 3.75%)		9.06	%(a)		01/25/2051		1,210,180
	11,834,018	Federal Home Loan Mortgage Corporation, Series 267-30		3.00	%		08/15/2042		10,336,726
	8,465,136	Federal Home Loan Mortgage Corporation, Series 274-30		3.00	%		08/15/2042		7,595,147
	33,640,057	Federal Home Loan Mortgage Corporation, Series 280-30		3.00	%		09/15/2042		29,855,764
	6,056,284	Federal Home Loan Mortgage Corporation, Series 284-300		3.00	%		10/15/2042		5,352,695
	5,228,177	Federal Home Loan Mortgage Corporation, Series 326-300		3.00	%		03/15/2044		4,558,216
	35,936,237	Federal Home Loan Mortgage Corporation, Series 357-200		2.00	%		09/15/2047		29,917,619


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	13,772,500	Federal Home Loan Mortgage Corporation, Series 358-300		3.00	%		10/15/2047		11,958,705
	26,709,488	Federal Home Loan Mortgage Corporation, Series 4857-J		3.40	%		01/15/2049		24,132,832
	41,136,753	Federal Home Loan Mortgage Corporation, Series 5007-IP		3.00	%(f)		07/25/2050		6,675,384
	27,072,939	Federal Home Loan Mortgage Corporation, Series 5059-ID		3.00	%(f)		01/25/2051		3,970,761
	32,350,449	Federal Home Loan Mortgage Corporation, Series 5077-CI		3.50	%(f)		02/25/2051		5,770,298
	31,940,407	Federal Home Loan Mortgage Corporation, Series 5171-GI		3.00	%(f)		12/25/2051		5,283,266
	27,890,590	Federal Home Loan Mortgage Corporation, Series 5181-IL		3.00	%(f)		01/25/2052		4,478,219
	65,414,825	Federal Home Loan Mortgage Corporation, Series 5209-IO		3.00	%(f)		10/25/2051		10,353,950
	77,941,364	Federal Home Loan Mortgage Corporation, Series 5279-IO		3.00	%(f)		03/25/2051		12,324,424
	21,179,971	Federal Home Loan Mortgage Corporation, Series 5299-ZA		3.00	%(i)		03/25/2052		13,321,920
	3,195,323	Federal National Mortgage Association Pass-Thru, Pool 555743		5.00	%		09/01/2033		3,132,896
	2,330,071	Federal National Mortgage Association Pass-Thru, Pool 735382		5.00	%		04/01/2035		2,284,519
	3,941,119	Federal National Mortgage Association Pass-Thru, Pool 735402		5.00	%		04/01/2035		3,864,074
	2,642,730	Federal National Mortgage Association Pass-Thru, Pool 735484		5.00	%		05/01/2035		2,591,068
	1,102,656	Federal National Mortgage Association Pass-Thru, Pool 735667		5.00	%		07/01/2035		1,081,114
	897,690	Federal National Mortgage Association Pass-Thru, Pool 735893		5.00	%		10/01/2035		879,832
	2,183,417	Federal National Mortgage Association Pass-Thru, Pool 745275		5.00	%		02/01/2036		2,139,749
	90,955	Federal National Mortgage Association Pass-Thru, Pool 888695		5.00	%		08/01/2037		89,063
	561,181	Federal National Mortgage Association Pass-Thru, Pool 888968		5.00	%		08/01/2035		547,195
	4,355,578	Federal National Mortgage Association Pass-Thru, Pool 890549		4.00	%		11/01/2043		3,990,586
	5,245,077	Federal National Mortgage Association Pass-Thru, Pool 890565		3.00	%		11/01/2043		4,488,127
	299,913	Federal National Mortgage Association Pass-Thru, Pool 931104		5.00	%		05/01/2039		295,000
	64,294	Federal National Mortgage Association Pass-Thru, Pool 975116		5.00	%		05/01/2038		62,955
	916,503	Federal National Mortgage Association Pass-Thru, Pool 986864		6.50	%		08/01/2038		958,149
	480,299	Federal National Mortgage Association Pass-Thru, Pool 987316		6.50	%		09/01/2038		491,148
	4,329,062	Federal National Mortgage Association Pass-Thru, Pool 995203		5.00	%		07/01/2035		4,220,321
	7,229,583	Federal National Mortgage Association Pass-Thru, Pool 995849		5.00	%		08/01/2036		7,088,188
	5,712,080	Federal National Mortgage Association Pass-Thru, Pool AB2123		4.00	%		01/01/2031		5,307,090
	122,885	Federal National Mortgage Association Pass-Thru, Pool AB2370		4.50	%		09/01/2035		116,161
	412,883	Federal National Mortgage Association Pass-Thru, Pool AB3713		4.00	%		10/01/2031		383,599


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	3,062,467	Federal National Mortgage Association Pass-Thru, Pool AB3796		3.50	%		11/01/2031		2,824,782
	702,975	Federal National Mortgage Association Pass-Thru, Pool AB3850		4.00	%		11/01/2041		634,152
	538,393	Federal National Mortgage Association Pass-Thru, Pool AB3923		4.00	%		11/01/2041		476,351
	11,125,250	Federal National Mortgage Association Pass-Thru, Pool AB4167		3.50	%		01/01/2032		10,261,386
	9,097,023	Federal National Mortgage Association Pass-Thru, Pool AB4261		3.50	%		01/01/2032		8,390,649
	1,522,828	Federal National Mortgage Association Pass-Thru, Pool AB5084		3.50	%		05/01/2032		1,404,594
	4,025,696	Federal National Mortgage Association Pass-Thru, Pool AB5156		3.50	%		05/01/2032		3,713,169
	5,935,499	Federal National Mortgage Association Pass-Thru, Pool AB5212		3.50	%		05/01/2032		5,474,748
	3,661,452	Federal National Mortgage Association Pass-Thru, Pool AB5243		4.00	%		05/01/2042		3,238,965
	8,027,915	Federal National Mortgage Association Pass-Thru, Pool AB5911		3.00	%		08/01/2032		7,220,366
	3,074,163	Federal National Mortgage Association Pass-Thru, Pool AB6280		3.00	%		09/01/2042		2,625,904
	4,061,070	Federal National Mortgage Association Pass-Thru, Pool AB6349		3.00	%		10/01/2032		3,652,695
	11,406,206	Federal National Mortgage Association Pass-Thru, Pool AB6750		3.00	%		10/01/2032		10,258,705
	6,090,696	Federal National Mortgage Association Pass-Thru, Pool AB6751		3.00	%		10/01/2032		5,478,027
	32,231,652	Federal National Mortgage Association Pass-Thru, Pool AB6854		3.00	%		11/01/2042		27,576,487
	24,434,172	Federal National Mortgage Association Pass-Thru, Pool AB7077		3.00	%		11/01/2042		20,905,137
	18,586,644	Federal National Mortgage Association Pass-Thru, Pool AB7344		3.00	%		12/01/2032		16,716,760
	10,702,688	Federal National Mortgage Association Pass-Thru, Pool AB7776		3.00	%		02/01/2043		9,141,845
	11,777,870	Federal National Mortgage Association Pass-Thru, Pool AB7877		3.00	%		02/01/2043		10,060,230
	5,208,973	Federal National Mortgage Association Pass-Thru, Pool AB8418		3.00	%		02/01/2033		4,684,741
	8,076,380	Federal National Mortgage Association Pass-Thru, Pool AB8520		3.00	%		02/01/2033		7,263,444
	10,107,619	Federal National Mortgage Association Pass-Thru, Pool AB8703		3.00	%		03/01/2038		8,574,990
	3,972,350	Federal National Mortgage Association Pass-Thru, Pool AB8858		3.00	%		04/01/2033		3,572,740
	8,576,982	Federal National Mortgage Association Pass-Thru, Pool AB9020		3.00	%		04/01/2038		7,276,367
	6,498,800	Federal National Mortgage Association Pass-Thru, Pool AB9197		3.00	%		05/01/2033		5,844,660
	20,523,595	Federal National Mortgage Association Pass-Thru, Pool AB9406		3.00	%		05/01/2033		18,457,476
	3,766,411	Federal National Mortgage Association Pass-Thru, Pool AB9409		3.00	%		05/01/2033		3,387,494
	158,669	Federal National Mortgage Association Pass-Thru, Pool AD2177		4.50	%		06/01/2030		151,369
	314,150	Federal National Mortgage Association Pass-Thru, Pool AD6438		5.00	%		06/01/2040		306,778
	202,887	Federal National Mortgage Association Pass-Thru, Pool AD7859		5.00	%		06/01/2040		198,407


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	2,539,289	Federal National Mortgage Association Pass-Thru, Pool AH0607		4.00	%		12/01/2040		2,326,653
	130,084	Federal National Mortgage Association Pass-Thru, Pool AH1140		4.50	%		12/01/2040		119,028
	1,807,466	Federal National Mortgage Association Pass-Thru, Pool AH4437		4.00	%		01/01/2041		1,630,539
	652,594	Federal National Mortgage Association Pass-Thru, Pool AH7309		4.00	%		02/01/2031		606,381
	927,553	Federal National Mortgage Association Pass-Thru, Pool AH9323		4.00	%		04/01/2026		895,431
	788,200	Federal National Mortgage Association Pass-Thru, Pool AJ1265		4.00	%		09/01/2041		707,613
	54,205	Federal National Mortgage Association Pass-Thru, Pool AJ1399		4.00	%		09/01/2041		47,952
	1,514,353	Federal National Mortgage Association Pass-Thru, Pool AJ1467		4.00	%		10/01/2041		1,366,095
	2,057,935	Federal National Mortgage Association Pass-Thru, Pool AJ3392		4.00	%		10/01/2041		1,822,515
	1,086,681	Federal National Mortgage Association Pass-Thru, Pool AJ3854		4.00	%		10/01/2041		961,460
	5,050,455	Federal National Mortgage Association Pass-Thru, Pool AJ4118		4.00	%		11/01/2041		4,556,060
	1,308,863	Federal National Mortgage Association Pass-Thru, Pool AJ4131		4.00	%		10/01/2041		1,180,706
	7,574,877	Federal National Mortgage Association Pass-Thru, Pool AJ5322		4.00	%		11/01/2041		6,940,204
	1,847,249	Federal National Mortgage Association Pass-Thru, Pool AJ7677		3.50	%		12/01/2041		1,609,470
	987,052	Federal National Mortgage Association Pass-Thru, Pool AJ8334		4.00	%		12/01/2041		873,152
	8,892,180	Federal National Mortgage Association Pass-Thru, Pool AK0713		3.50	%		01/01/2032		8,202,260
	1,433,882	Federal National Mortgage Association Pass-Thru, Pool AK4039		4.00	%		02/01/2042		1,268,631
	2,712,657	Federal National Mortgage Association Pass-Thru, Pool AK4763		4.00	%		02/01/2042		2,447,553
	1,116,257	Federal National Mortgage Association Pass-Thru, Pool AK9438		4.00	%		03/01/2042		1,006,961
	1,722,359	Federal National Mortgage Association Pass-Thru, Pool AK9439		4.00	%		03/01/2042		1,523,933
	488,920	Federal National Mortgage Association Pass-Thru, Pool AK9446		4.50	%		03/01/2042		461,037
	46,918,860	Federal National Mortgage Association Pass-Thru, Pool AL3699		3.00	%		06/01/2043		40,076,007
	24,989,968	Federal National Mortgage Association Pass-Thru, Pool AL3883		3.00	%		07/01/2043		21,345,849
	395,903	Federal National Mortgage Association Pass-Thru, Pool AL4292		4.50	%		04/01/2026		382,097
	4,141,776	Federal National Mortgage Association Pass-Thru, Pool AL4312		4.00	%		10/01/2043		3,793,753
	8,859,678	Federal National Mortgage Association Pass-Thru, Pool AL6075		3.50	%		09/01/2053		7,540,583
	17,401,836	Federal National Mortgage Association Pass-Thru, Pool AL6076		3.00	%		06/01/2053		14,450,589
	23,148,864	Federal National Mortgage Association Pass-Thru, Pool AL6141		4.00	%		04/01/2042		21,216,498
	21,849,833	Federal National Mortgage Association Pass-Thru, Pool AL6325		3.00	%		10/01/2044		18,697,153
	6,899,518	Federal National Mortgage Association Pass-Thru, Pool AL6486		4.50	%		02/01/2045		6,479,252


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	21,412,353	Federal National Mortgage Association Pass-Thru, Pool AL6538		4.50	%		06/01/2044		20,241,896
	21,520,056	Federal National Mortgage Association Pass-Thru, Pool AL8304		3.50	%		03/01/2046		18,917,138
	10,546,643	Federal National Mortgage Association Pass-Thru, Pool AL9220		3.00	%		06/01/2045		9,024,966
	16,820,825	Federal National Mortgage Association Pass-Thru, Pool AL9445		3.00	%		07/01/2031		15,692,235
	4,152,469	Federal National Mortgage Association Pass-Thru, Pool AO2980		4.00	%		05/01/2042		3,673,999
	13,311,159	Federal National Mortgage Association Pass-Thru, Pool AP4787		3.50	%		09/01/2042		11,408,849
	10,460,508	Federal National Mortgage Association Pass-Thru, Pool AP4789		3.50	%		09/01/2042		8,965,490
	6,281,180	Federal National Mortgage Association Pass-Thru, Pool AQ5541		3.00	%		12/01/2042		5,373,927
	6,438,813	Federal National Mortgage Association Pass-Thru, Pool AR9856		3.00	%		04/01/2043		5,508,715
	5,364,250	Federal National Mortgage Association Pass-Thru, Pool AS1927		4.50	%		03/01/2044		5,037,347
	6,908,338	Federal National Mortgage Association Pass-Thru, Pool AS2038		4.50	%		03/01/2044		6,487,474
	3,545,488	Federal National Mortgage Association Pass-Thru, Pool AS2517		4.50	%		05/01/2044		3,329,519
	1,728,390	Federal National Mortgage Association Pass-Thru, Pool AS2551		4.50	%		06/01/2044		1,623,441
	1,892,292	Federal National Mortgage Association Pass-Thru, Pool AS2765		4.50	%		07/01/2044		1,777,288
	9,180,905	Federal National Mortgage Association Pass-Thru, Pool AS3201		3.00	%		08/01/2034		8,245,506
	4,388,399	Federal National Mortgage Association Pass-Thru, Pool AS3456		3.00	%		10/01/2034		3,939,103
	8,753,323	Federal National Mortgage Association Pass-Thru, Pool AS3666		3.00	%		10/01/2034		7,849,531
	29,576,423	Federal National Mortgage Association Pass-Thru, Pool AS3961		3.00	%		12/01/2044		25,069,399
	11,865,840	Federal National Mortgage Association Pass-Thru, Pool AS4154		3.00	%		12/01/2044		10,051,868
	7,200,794	Federal National Mortgage Association Pass-Thru, Pool AS4212		3.00	%		01/01/2035		6,457,579
	10,856,562	Federal National Mortgage Association Pass-Thru, Pool AS4281		3.00	%		01/01/2035		9,726,815
	8,536,407	Federal National Mortgage Association Pass-Thru, Pool AS4345		3.50	%		01/01/2045		7,542,779
	10,373,954	Federal National Mortgage Association Pass-Thru, Pool AS4360		3.00	%		01/01/2035		9,273,311
	67,326,893	Federal National Mortgage Association Pass-Thru, Pool AS4625		3.00	%		03/01/2045		57,046,416
	26,207,768	Federal National Mortgage Association Pass-Thru, Pool AS4645		3.00	%		03/01/2045		22,203,507
	11,150,389	Federal National Mortgage Association Pass-Thru, Pool AS4779		3.00	%		04/01/2035		9,966,970
	9,013,265	Federal National Mortgage Association Pass-Thru, Pool AS4780		3.00	%		04/01/2035		8,063,952
	11,563,624	Federal National Mortgage Association Pass-Thru, Pool AS4840		3.00	%		04/01/2035		10,345,188
	7,818,386	Federal National Mortgage Association Pass-Thru, Pool AS4881		3.00	%		05/01/2035		6,991,766
	13,501,919	Federal National Mortgage Association Pass-Thru, Pool AS7473		3.00	%		07/01/2046		11,242,382


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	27,646,034	Federal National Mortgage Association Pass-Thru, Pool AS7661		3.00	%		08/01/2046		23,025,581
	18,560,347	Federal National Mortgage Association Pass-Thru, Pool AS8056		3.00	%		10/01/2046		15,692,948
	26,567,811	Federal National Mortgage Association Pass-Thru, Pool AS8111		3.00	%		10/01/2041		22,686,023
	16,058,001	Federal National Mortgage Association Pass-Thru, Pool AS8269		3.00	%		11/01/2046		13,573,843
	13,516,258	Federal National Mortgage Association Pass-Thru, Pool AS8306		3.00	%		11/01/2041		11,566,186
	16,006,906	Federal National Mortgage Association Pass-Thru, Pool AS8356		3.00	%		11/01/2046		13,328,044
	13,071,135	Federal National Mortgage Association Pass-Thru, Pool AX9696		3.00	%		07/01/2045		10,885,448
	16,535,273	Federal National Mortgage Association Pass-Thru, Pool AY3974		3.00	%		03/01/2045		14,001,689
	5,981,942	Federal National Mortgage Association Pass-Thru, Pool AY4295		3.00	%		02/01/2045		5,062,358
	417,660	Federal National Mortgage Association Pass-Thru, Pool AY4296		3.00	%		01/01/2045		347,759
	2,745,034	Federal National Mortgage Association Pass-Thru, Pool AY5471		3.00	%		03/01/2045		2,285,664
	5,531,046	Federal National Mortgage Association Pass-Thru, Pool AZ0576		3.50	%		04/01/2042		4,778,551
	8,224,484	Federal National Mortgage Association Pass-Thru, Pool BC0785		3.50	%		04/01/2046		7,215,036
	15,569,136	Federal National Mortgage Association Pass-Thru, Pool BC9003		3.00	%		11/01/2046		13,167,193
	8,123,793	Federal National Mortgage Association Pass-Thru, Pool BC9081		3.00	%		12/01/2046		6,870,377
	76,549,648	Federal National Mortgage Association Pass-Thru, Pool BF0314		3.00	%		01/01/2053		64,386,925
	64,429,621	Federal National Mortgage Association Pass-Thru, Pool BF0353		3.00	%		05/01/2053		54,191,660
	34,035,346	Federal National Mortgage Association Pass-Thru, Pool BF0391		3.00	%		09/01/2053		28,648,836
	20,568,369	Federal National Mortgage Association Pass-Thru, Pool BK8257		1.50	%		12/01/2050		14,417,596
	17,910,008	Federal National Mortgage Association Pass-Thru, Pool BK8267		2.50	%		12/01/2050		14,445,304
	36,846,593	Federal National Mortgage Association Pass-Thru, Pool BM5112		3.00	%		11/01/2033		34,096,778
	18,155,312	Federal National Mortgage Association Pass-Thru, Pool BM5299		3.00	%		12/01/2046		15,350,587
	28,005,593	Federal National Mortgage Association Pass-Thru, Pool BM5633		3.00	%		07/01/2047		23,673,124
	4,166,278	Federal National Mortgage Association Pass-Thru, Pool BM5834		3.00	%		04/01/2048		3,469,398
	47,831,528	Federal National Mortgage Association Pass-Thru, Pool BM6779		2.00	%		08/01/2051		35,184,709
	21,950,642	Federal National Mortgage Association Pass-Thru, Pool BM7154 (Secured Overnight Financing Rate 30 Day Average + 2.28%, 2.28% Floor, 9.75% Cap)		4.75	%		03/01/2053		20,883,143
	8,252,030	Federal National Mortgage Association Pass-Thru, Pool BQ6432		2.00	%		08/01/2051		6,049,810
	16,351,229	Federal National Mortgage Association Pass-Thru, Pool BQ6564		2.00	%		09/01/2051		11,987,418
	27,380,845	Federal National Mortgage Association Pass-Thru, Pool BS4319		2.35	%		01/01/2039		18,929,357
	7,863,000	Federal National Mortgage Association Pass-Thru, Pool BS7410		5.48	%		01/01/2033		7,743,274


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	3,260,000	Federal National Mortgage Association Pass-Thru, Pool BS7503		4.87	%		04/01/2031		3,155,001
	10,467,000	Federal National Mortgage Association Pass-Thru, Pool BS8014		4.84	%		03/01/2033		9,991,985
	1,591,160	Federal National Mortgage Association Pass-Thru, Pool BT6556		2.00	%		07/01/2051		1,166,495
	7,894,995	Federal National Mortgage Association Pass-Thru, Pool CA0862		3.50	%		09/01/2047		6,916,892
	5,502,114	Federal National Mortgage Association Pass-Thru, Pool CA3898		3.00	%		07/01/2034		5,043,851
	4,312,796	Federal National Mortgage Association Pass-Thru, Pool CA4413		3.00	%		10/01/2049		3,515,971
	37,718,757	Federal National Mortgage Association Pass-Thru, Pool CA7235		2.50	%		10/01/2050		30,207,690
	12,521,246	Federal National Mortgage Association Pass-Thru, Pool CA7671		2.50	%		11/01/2040		10,439,901
	21,454,634	Federal National Mortgage Association Pass-Thru, Pool CA7789		2.50	%		11/01/2040		17,889,869
	16,738,978	Federal National Mortgage Association Pass-Thru, Pool CB0189		3.00	%		04/01/2051		13,947,701
	3,651,713	Federal National Mortgage Association Pass-Thru, Pool CB1648		2.00	%		09/01/2051		2,677,167
	13,788,457	Federal National Mortgage Association Pass-Thru, Pool CB3332		3.50	%		04/01/2052		11,975,521
	84,317,458	Federal National Mortgage Association Pass-Thru, Pool CB3618		4.00	%		05/01/2052		75,212,530
	26,703,296	Federal National Mortgage Association Pass-Thru, Pool CB3786		4.00	%		06/01/2052		23,835,367
	95,214,502	Federal National Mortgage Association Pass-Thru, Pool CB4291		5.00	%		08/01/2052		89,994,340
	46,638,188	Federal National Mortgage Association Pass-Thru, Pool CB4613		4.50	%		09/01/2052		42,878,509
	46,753,874	Federal National Mortgage Association Pass-Thru, Pool FM1000		3.00	%		04/01/2047		39,530,992
	24,126,684	Federal National Mortgage Association Pass-Thru, Pool FM4347		2.50	%		09/01/2050		19,322,537
	43,558,921	Federal National Mortgage Association Pass-Thru, Pool FM4752		2.50	%		11/01/2050		35,146,903
	49,000,647	Federal National Mortgage Association Pass-Thru, Pool FM4792		2.50	%		11/01/2050		39,243,090
	27,589,482	Federal National Mortgage Association Pass-Thru, Pool FM4913		2.50	%		11/01/2050		22,095,511
	34,753,738	Federal National Mortgage Association Pass-Thru, Pool FM5150		2.00	%		12/01/2050		26,627,875
	5,199,317	Federal National Mortgage Association Pass-Thru, Pool FM6864		1.50	%		04/01/2041		4,030,557
	65,437,691	Federal National Mortgage Association Pass-Thru, Pool FM7557		3.50	%		03/01/2050		57,466,968
	28,455,548	Federal National Mortgage Association Pass-Thru, Pool FM8158		2.50	%		07/01/2051		23,161,513
	65,465,009	Federal National Mortgage Association Pass-Thru, Pool FM8215		2.50	%		03/01/2051		52,842,869
	48,166,914	Federal National Mortgage Association Pass-Thru, Pool FM8304		4.00	%		07/01/2049		43,577,734
	63,817,215	Federal National Mortgage Association Pass-Thru, Pool FM8435		2.50	%		09/01/2051		51,354,750
	71,174,851	Federal National Mortgage Association Pass-Thru, Pool FM8769		2.50	%		09/01/2051		57,259,157
	36,930,953	Federal National Mortgage Association Pass-Thru, Pool FM8780		2.50	%		09/01/2051		29,613,061


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	10,466,866	Federal National Mortgage Association Pass-Thru, Pool FM9422		2.00	%		01/01/2051		8,024,455
	30,129,799	Federal National Mortgage Association Pass-Thru, Pool FM9490		2.00	%		11/01/2051		23,325,227
	141,238,558	Federal National Mortgage Association Pass-Thru, Pool FM9958		3.50	%		11/01/2051		122,233,227
	35,363,819	Federal National Mortgage Association Pass-Thru, Pool FS0009		3.50	%		11/01/2051		30,506,868
	55,546,442	Federal National Mortgage Association Pass-Thru, Pool FS1472		3.50	%		11/01/2050		48,490,053
	17,106,121	Federal National Mortgage Association Pass-Thru, Pool FS2588		4.50	%		08/01/2052		15,765,768
	16,012,852	Federal National Mortgage Association Pass-Thru, Pool FS2837		4.00	%		09/01/2052		14,280,162
	687,367	Federal National Mortgage Association Pass-Thru, Pool MA0264		4.50	%		12/01/2029		671,138
	2,467,661	Federal National Mortgage Association Pass-Thru, Pool MA0353		4.50	%		03/01/2030		2,409,353
	499,441	Federal National Mortgage Association Pass-Thru, Pool MA0406		4.50	%		05/01/2030		487,637
	36,679	Federal National Mortgage Association Pass-Thru, Pool MA0445		5.00	%		06/01/2040		34,407
	69,973	Federal National Mortgage Association Pass-Thru, Pool MA0468		5.00	%		07/01/2040		65,638
	752,869	Federal National Mortgage Association Pass-Thru, Pool MA0534		4.00	%		10/01/2030		699,537
	171,289	Federal National Mortgage Association Pass-Thru, Pool MA0587		4.00	%		12/01/2030		159,152
	4,471,990	Federal National Mortgage Association Pass-Thru, Pool MA0616		4.00	%		01/01/2031		4,155,063
	1,074,639	Federal National Mortgage Association Pass-Thru, Pool MA0896		4.00	%		11/01/2041		969,798
	14,468,873	Federal National Mortgage Association Pass-Thru, Pool MA0949		3.50	%		01/01/2032		13,345,629
	16,892,695	Federal National Mortgage Association Pass-Thru, Pool MA0976		3.50	%		02/01/2032		15,581,851
	8,625,012	Federal National Mortgage Association Pass-Thru, Pool MA1010		3.50	%		03/01/2032		7,955,648
	1,849,529	Federal National Mortgage Association Pass-Thru, Pool MA1039		3.50	%		04/01/2042		1,612,889
	11,599,771	Federal National Mortgage Association Pass-Thru, Pool MA1059		3.50	%		05/01/2032		10,699,328
	1,112,057	Federal National Mortgage Association Pass-Thru, Pool MA1068		3.50	%		05/01/2042		969,642
	25,575,816	Federal National Mortgage Association Pass-Thru, Pool MA1084		3.50	%		06/01/2032		23,590,242
	3,227,444	Federal National Mortgage Association Pass-Thru, Pool MA1093		3.50	%		06/01/2042		2,765,621
	1,951,374	Federal National Mortgage Association Pass-Thru, Pool MA1094		4.00	%		06/01/2042		1,726,516
	15,740,712	Federal National Mortgage Association Pass-Thru, Pool MA1107		3.50	%		07/01/2032		14,467,132
	27,206,516	Federal National Mortgage Association Pass-Thru, Pool MA1117		3.50	%		07/01/2042		23,312,059
	30,031,273	Federal National Mortgage Association Pass-Thru, Pool MA1136		3.50	%		08/01/2042		25,748,577
	11,012,613	Federal National Mortgage Association Pass-Thru, Pool MA1138		3.50	%		08/01/2032		10,140,272
	8,635,177	Federal National Mortgage Association Pass-Thru, Pool MA1179		3.50	%		09/01/2042		7,406,695


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	2,114,301	Federal National Mortgage Association Pass-Thru, Pool MA1201		3.50	%		10/01/2032		1,950,071
	14,619,129	Federal National Mortgage Association Pass-Thru, Pool MA1209		3.50	%		10/01/2042		12,529,255
	14,055,554	Federal National Mortgage Association Pass-Thru, Pool MA1237		3.00	%		11/01/2032		12,657,572
	1,319,476	Federal National Mortgage Association Pass-Thru, Pool MA1242		3.50	%		11/01/2042		1,131,045
	8,051,888	Federal National Mortgage Association Pass-Thru, Pool MA1338		3.00	%		02/01/2033		7,241,670
	32,059,621	Federal National Mortgage Association Pass-Thru, Pool MA1366		3.00	%		03/01/2033		28,833,361
	19,341,100	Federal National Mortgage Association Pass-Thru, Pool MA1401		3.00	%		04/01/2033		17,394,546
	33,785,083	Federal National Mortgage Association Pass-Thru, Pool MA1459		3.00	%		06/01/2033		30,383,779
	4,323,407	Federal National Mortgage Association Pass-Thru, Pool MA1490		3.00	%		07/01/2033		3,888,152
	21,717,843	Federal National Mortgage Association Pass-Thru, Pool MA2018		3.50	%		09/01/2034		19,989,349
	5,042,224	Federal National Mortgage Association Pass-Thru, Pool MA2114		3.50	%		12/01/2044		4,321,156
	3,950,670	Federal National Mortgage Association Pass-Thru, Pool MA2151		3.50	%		01/01/2045		3,388,296
	13,102,835	Federal National Mortgage Association Pass-Thru, Pool MA2164		3.50	%		02/01/2035		12,042,777
	10,111,085	Federal National Mortgage Association Pass-Thru, Pool MA2166		3.50	%		02/01/2045		8,665,080
	10,306,647	Federal National Mortgage Association Pass-Thru, Pool MA2248		3.00	%		04/01/2045		8,722,322
	14,872,925	Federal National Mortgage Association Pass-Thru, Pool MA2270		3.00	%		05/01/2045		12,384,796
	14,251,481	Federal National Mortgage Association Pass-Thru, Pool MA2621		3.50	%		05/01/2046		12,212,788
	15,987,798	Federal National Mortgage Association Pass-Thru, Pool MA2649		3.00	%		06/01/2046		13,312,017
	14,846,743	Federal National Mortgage Association Pass-Thru, Pool MA2650		3.50	%		06/01/2046		12,723,058
	4,966,650	Federal National Mortgage Association Pass-Thru, Pool MA2673		3.00	%		07/01/2046		4,135,411
	18,027,412	Federal National Mortgage Association Pass-Thru, Pool MA2711		3.00	%		08/01/2046		15,014,432
	1,744,430	Federal National Mortgage Association Pass-Thru, Pool MA2743		3.00	%		09/01/2046		1,452,463
	40,534,085	Federal National Mortgage Association Pass-Thru, Pool MA2806		3.00	%		11/01/2046		34,397,528
	13,030,469	Federal National Mortgage Association Pass-Thru, Pool MA2833		3.00	%		12/01/2046		11,058,853
	16,400,162	Federal National Mortgage Association Pass-Thru, Pool MA2895		3.00	%		02/01/2047		13,859,765
	9,681,347	Federal National Mortgage Association Pass-Thru, Pool MA3614		3.50	%		03/01/2049		8,481,550
	2,147,413	Federal National Mortgage Association Pass-Thru, Pool MA3894		4.00	%		09/01/2031		1,995,014
	35,944,071	Federal National Mortgage Association Pass-Thru, Pool MA4100		2.00	%		08/01/2050		27,565,004
	76,936,997	Federal National Mortgage Association Pass-Thru, Pool MA4191		2.00	%		11/01/2050		56,738,198
	94,483,005	Federal National Mortgage Association Pass-Thru, Pool MA4306		2.50	%		04/01/2051		75,302,582


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	78,707,557	Federal National Mortgage Association Pass-Thru, Pool MA4701		4.50	%		08/01/2052		72,346,264
	46,755,039	Federal National Mortgage Association Pass-Thru, Pool MA4733		4.50	%		09/01/2052		42,975,729
	36,085,404	Federal National Mortgage Association Pass-Thru, Series 2022-18-DZ		3.50	%(i)		04/25/2052		24,162,617
	286,896	Federal National Mortgage Association REMICS, Series 2002-70-QZ		5.50	%		11/25/2032		284,510
	418,911	Federal National Mortgage Association REMICS, Series 2002-75-ZG		5.50	%		11/25/2032		410,628
	5,945,999	Federal National Mortgage Association REMICS, Series 2003-129-ZT		5.50	%		01/25/2034		5,872,426
	1,034,280	Federal National Mortgage Association REMICS, Series 2003-29-ZL		5.00	%		04/25/2033		1,005,641
	490,208	Federal National Mortgage Association REMICS, Series 2003-64-ZG		5.50	%		07/25/2033		480,097
	3,935,516	Federal National Mortgage Association REMICS, Series 2003-84-PZ		5.00	%		09/25/2033		3,811,441
	601,660	Federal National Mortgage Association REMICS, Series 2004-46-PJ (-1 x Secured Overnight Financing Rate 30 Day Average + 5.89%, 6.00% Cap)		0.57	%(f)(h)		03/25/2034		5,990
	1,169,661	Federal National Mortgage Association REMICS, Series 2004-51-XP (-1 x Secured Overnight Financing Rate 30 Day Average + 7.59%, 7.70% Cap)		2.27	%(f)(h)		07/25/2034		80,542
	31,520	Federal National Mortgage Association REMICS, Series 2005-107-EG		4.50	%		01/25/2026		30,849
	218,158	Federal National Mortgage Association REMICS, Series 2005-37-ZK		4.50	%		05/25/2035		207,287
	2,081,126	Federal National Mortgage Association REMICS, Series 2005-87-SG (-1 x Secured Overnight Financing Rate 30 Day Average + 6.59%, 6.70% Cap)		1.27	%(f)(h)		10/25/2035		147,919
	1,807,951	Federal National Mortgage Association REMICS, Series 2006-101-SA (-1 x Secured Overnight Financing Rate 30 Day Average + 6.47%, 6.58% Cap)		1.15	%(f)(h)		10/25/2036		138,716
	727,319	Federal National Mortgage Association REMICS, Series 2006-123-LI (-1 x Secured Overnight Financing Rate 30 Day Average + 6.21%, 6.32% Cap)		0.89	%(f)(h)		01/25/2037		53,570
	273,911	Federal National Mortgage Association REMICS, Series 2006-16-HZ		5.50	%		03/25/2036		265,708
	2,902,390	Federal National Mortgage Association REMICS, Series 2006-56-SM (-1 x Secured Overnight Financing Rate 30 Day Average + 6.64%, 6.75% Cap)		1.32	%(f)(h)		07/25/2036		191,966
	253,434	Federal National Mortgage Association REMICS, Series 2006-93-SN (-1 x Secured Overnight Financing Rate 30 Day Average + 6.49%, 6.60% Cap)		1.17	%(f)(h)		10/25/2036		14,743
	3,861,030	Federal National Mortgage Association REMICS, Series 2007-109-VZ		5.00	%		10/25/2035		3,775,955
	444,472	Federal National Mortgage Association REMICS, Series 2007-116-BI (-1 x Secured Overnight Financing Rate 30 Day Average + 6.14%, 6.25% Cap)		0.82	%(f)(h)		05/25/2037		20,149
	2,956,884	Federal National Mortgage Association REMICS, Series 2007-14-PS (-1 x Secured Overnight Financing Rate 30 Day Average + 6.70%, 6.81% Cap)		1.38	%(f)(h)		03/25/2037		239,855
	1,422,234	Federal National Mortgage Association REMICS, Series 2007-30-OI (-1 x Secured Overnight Financing Rate 30 Day Average + 6.33%, 6.44% Cap)		1.01	%(f)(h)		04/25/2037		101,630
	138,760	Federal National Mortgage Association REMICS, Series 2007-30-SI (-1 x Secured Overnight Financing Rate 30 Day Average + 6.00%, 6.11% Cap)		0.68	%(f)(h)		04/25/2037		6,956
	1,317,964	Federal National Mortgage Association REMICS, Series 2007-32-SG (-1 x Secured Overnight Financing Rate 30 Day Average + 5.99%, 6.10% Cap)		0.67	%(f)(h)		04/25/2037		67,000
	1,187,237	Federal National Mortgage Association REMICS, Series 2007-57-SX (-1 x Secured Overnight Financing Rate 30 Day Average + 6.51%, 6.62% Cap)		1.19	%(f)(h)		10/25/2036		82,383
	2,019,414	Federal National Mortgage Association REMICS, Series 2007-60-VZ		6.00	%		07/25/2037		2,004,430
	1,133,478	Federal National Mortgage Association REMICS, Series 2007-71-GZ		6.00	%		07/25/2047		1,155,571
	1,486,363	Federal National Mortgage Association REMICS, Series 2007-75-ID (-1 x Secured Overnight Financing Rate 30 Day Average + 5.76%, 5.87% Cap)		0.44	%(f)(h)		08/25/2037		90,101
	192,829	Federal National Mortgage Association REMICS, Series 2007-9-SD (-1 x Secured Overnight Financing Rate 30 Day Average + 6.54%, 6.65% Cap)		1.22	%(f)(h)		03/25/2037		9,350


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	1,517,101	Federal National Mortgage Association REMICS, Series 2008-29-ZA		4.50	%		04/25/2038		1,453,305
	3,090,150	Federal National Mortgage Association REMICS, Series 2008-48-BE		5.00	%		06/25/2034		3,021,757
	285,016	Federal National Mortgage Association REMICS, Series 2008-48-SD (-1 x Secured Overnight Financing Rate 30 Day Average + 5.89%, 6.00% Cap)		0.57	%(f)(h)		06/25/2037		13,618
	112,222	Federal National Mortgage Association REMICS, Series 2008-53-LI (-1 x Secured Overnight Financing Rate 30 Day Average + 6.04%, 6.15% Cap)		0.72	%(f)(h)		07/25/2038		6,410
	275,326	Federal National Mortgage Association REMICS, Series 2008-57-SE (-1 x Secured Overnight Financing Rate 30 Day Average + 5.89%, 6.00% Cap)		0.57	%(f)(h)		02/25/2037		12,406
	403,215	Federal National Mortgage Association REMICS, Series 2008-5-MS (-1 x Secured Overnight Financing Rate 30 Day Average + 6.14%, 6.25% Cap)		0.82	%(f)(h)		02/25/2038		19,215
	302,062	Federal National Mortgage Association REMICS, Series 2008-61-SC (-1 x Secured Overnight Financing Rate 30 Day Average + 5.89%, 6.00% Cap)		0.57	%(f)(h)		07/25/2038		13,887
	195,245	Federal National Mortgage Association REMICS, Series 2008-62-SC (-1 x Secured Overnight Financing Rate 30 Day Average + 5.89%, 6.00% Cap)		0.57	%(f)(h)		07/25/2038		8,110
	810,058	Federal National Mortgage Association REMICS, Series 2008-65-SA (-1 x Secured Overnight Financing Rate 30 Day Average + 5.89%, 6.00% Cap)		0.57	%(f)(h)		08/25/2038		44,824
	156,628	Federal National Mortgage Association REMICS, Series 2008-81-LP		5.50	%		09/25/2038		152,752
	1,759,770	Federal National Mortgage Association REMICS, Series 2009-106-EZ		4.50	%		01/25/2040		1,655,542
	259,348	Federal National Mortgage Association REMICS, Series 2009-111-SE (-1 x Secured Overnight Financing Rate 30 Day Average + 6.14%, 6.25% Cap)		0.82	%(f)(h)		01/25/2040		19,070
	195,703	Federal National Mortgage Association REMICS, Series 2009-16-MZ		5.00	%		03/25/2029		191,224
	784,121	Federal National Mortgage Association REMICS, Series 2009-42-SI (-1 x Secured Overnight Financing Rate 30 Day Average + 5.89%, 6.00% Cap)		0.57	%(f)(h)		06/25/2039		32,608
	601,518	Federal National Mortgage Association REMICS, Series 2009-42-SX (-1 x Secured Overnight Financing Rate 30 Day Average + 5.89%, 6.00% Cap)		0.57	%(f)(h)		06/25/2039		32,058
	260,428	Federal National Mortgage Association REMICS, Series 2009-47-SA (-1 x Secured Overnight Financing Rate 30 Day Average + 5.99%, 6.10% Cap)		0.67	%(f)(h)		07/25/2039		13,487
	190,810	Federal National Mortgage Association REMICS, Series 2009-48-WS (-1 x Secured Overnight Financing Rate 30 Day Average + 5.84%, 5.95% Cap)		0.52	%(f)(h)		07/25/2039		10,515
	2,095,625	Federal National Mortgage Association REMICS, Series 2009-49-S (-1 x Secured Overnight Financing Rate 30 Day Average + 6.64%, 6.75% Cap)		1.32	%(f)(h)		07/25/2039		141,931
	218,771	Federal National Mortgage Association REMICS, Series 2009-51-BZ		4.50	%		07/25/2039		207,601
	580,885	Federal National Mortgage Association REMICS, Series 2009-54-EZ		5.00	%		07/25/2039		559,496
	265,863	Federal National Mortgage Association REMICS, Series 2009-70-SA (-1 x Secured Overnight Financing Rate 30 Day Average + 5.69%, 5.80% Cap)		0.37	%(f)(h)		09/25/2039		14,382
	1,203,952	Federal National Mortgage Association REMICS, Series 2009-80-PM		4.50	%		10/25/2039		1,144,047
	1,114,325	Federal National Mortgage Association REMICS, Series 2009-83-Z		4.50	%		10/25/2039		1,048,570
	4,977,298	Federal National Mortgage Association REMICS, Series 2009-85-ES (-1 x Secured Overnight Financing Rate 30 Day Average + 7.12%, 7.23% Cap)		1.80	%(f)(h)		01/25/2036		329,167
	7,899,748	Federal National Mortgage Association REMICS, Series 2009-85-JS (-1 x Secured Overnight Financing Rate 30 Day Average + 6.64%, 6.75% Cap)		1.32	%(f)(h)		10/25/2039		692,918
	449,573	Federal National Mortgage Association REMICS, Series 2009-90-IB (-1 x Secured Overnight Financing Rate 30 Day Average + 5.61%, 5.72% Cap)		0.29	%(f)(h)		04/25/2037		14,445
	343,826	Federal National Mortgage Association REMICS, Series 2009-94-BC		5.00	%		11/25/2039		333,509
	6,000,825	Federal National Mortgage Association REMICS, Series 2010-101-SA (-1 x Secured Overnight Financing Rate 30 Day Average + 4.37%, 4.48% Cap)		0.00	%(f)(h)		09/25/2040		154,909
	2,820,895	Federal National Mortgage Association REMICS, Series 2010-101-ZC		4.50	%		09/25/2040		2,675,595


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	5,885,929	Federal National Mortgage Association REMICS, Series 2010-101-ZH		4.50	%		07/25/2040		5,596,138
	1,883,631	Federal National Mortgage Association REMICS, Series 2010-10-SA (-1 x Secured Overnight Financing Rate 30 Day Average + 6.24%, 6.35% Cap)		0.92	%(f)(h)		02/25/2040		121,379
	607,311	Federal National Mortgage Association REMICS, Series 2010-10-ZA		4.50	%		02/25/2040		577,018
	719,560	Federal National Mortgage Association REMICS, Series 2010-111-S (-1 x Secured Overnight Financing Rate 30 Day Average + 5.84%, 5.95% Cap)		0.52	%(f)(h)		10/25/2050		49,401
	984,435	Federal National Mortgage Association REMICS, Series 2010-116-Z		4.00	%		10/25/2040		908,309
	248,782	Federal National Mortgage Association REMICS, Series 2010-117-SA (-1 x Secured Overnight Financing Rate 30 Day Average + 4.39%, 4.50% Cap)		0.00	%(f)(h)		10/25/2040		4,285
	729,893	Federal National Mortgage Association REMICS, Series 2010-120-KD		4.00	%		10/25/2040		673,965
	6,339,844	Federal National Mortgage Association REMICS, Series 2010-121-SD (-1 x Secured Overnight Financing Rate 30 Day Average + 4.39%, 4.50% Cap)		0.00	%(f)(h)		10/25/2040		158,492
	242,685	Federal National Mortgage Association REMICS, Series 2010-126-SU (-11 x Secured Overnight Financing Rate 30 Day Average + 53.74%, 55.00% Cap)		0.00	%(h)		11/25/2040		181,828
	178,693	Federal National Mortgage Association REMICS, Series 2010-126-SX (-3 x Secured Overnight Financing Rate 30 Day Average + 14.66%, 15.00% Cap)		0.00	%(h)		11/25/2040		123,122
	1,095,118	Federal National Mortgage Association REMICS, Series 2010-128-HZ		4.00	%		11/25/2040		1,009,672
	560,687	Federal National Mortgage Association REMICS, Series 2010-132-Z		4.50	%		11/25/2040		525,120
	85,068	Federal National Mortgage Association REMICS, Series 2010-137-VS (-3 x Secured Overnight Financing Rate 30 Day Average + 14.66%, 15.00% Cap)		0.00	%(h)		12/25/2040		71,429
	4,216,597	Federal National Mortgage Association REMICS, Series 2010-142-AZ		4.00	%		12/25/2040		3,902,309
	1,208,414	Federal National Mortgage Association REMICS, Series 2010-148-SA (-1 x Secured Overnight Financing Rate 30 Day Average + 6.54%, 6.65% Cap)		1.22	%(f)(h)		01/25/2026		12,436
	7,366,929	Federal National Mortgage Association REMICS, Series 2010-150-ZA		4.00	%		01/25/2041		6,802,921
	3,256,073	Federal National Mortgage Association REMICS, Series 2010-16-SA (-1 x Secured Overnight Financing Rate 30 Day Average + 5.34%, 5.45% Cap)		0.02	%(f)(h)		03/25/2040		144,585
	1,254,168	Federal National Mortgage Association REMICS, Series 2010-21-DZ		5.00	%		03/25/2040		1,226,292
	540,800	Federal National Mortgage Association REMICS, Series 2010-21-KS (-1 x Secured Overnight Financing Rate 30 Day Average + 4.84%, 4.95% Cap)		0.00	%(f)(h)		03/25/2040		6,163
	7,424	Federal National Mortgage Association REMICS, Series 2010-2-GS (-1 x Secured Overnight Financing Rate 30 Day Average + 6.34%, 6.45% Cap)		1.02	%(f)(h)		12/25/2049		7
	877,528	Federal National Mortgage Association REMICS, Series 2010-2-MS (-1 x Secured Overnight Financing Rate 30 Day Average + 6.14%, 6.25% Cap)		0.82	%(f)(h)		02/25/2050		65,010
	672,317	Federal National Mortgage Association REMICS, Series 2010-31-SA (-1 x Secured Overnight Financing Rate 30 Day Average + 4.89%, 5.00% Cap)		0.00	%(f)(h)		04/25/2040		14,562
	684,283	Federal National Mortgage Association REMICS, Series 2010-34-PS (-1 x Secured Overnight Financing Rate 30 Day Average + 4.82%, 4.93% Cap)		0.00	%(f)(h)		04/25/2040		17,258
	184,464	Federal National Mortgage Association REMICS, Series 2010-35-ES (-1 x Secured Overnight Financing Rate 30 Day Average + 6.34%, 6.45% Cap)		1.02	%(f)(h)		04/25/2040		4,827
	104,181	Federal National Mortgage Association REMICS, Series 2010-35-SV (-1 x Secured Overnight Financing Rate 30 Day Average + 6.34%, 6.45% Cap)		1.02	%(f)(h)		04/25/2040		1,435
	538,766	Federal National Mortgage Association REMICS, Series 2010-46-MS (-1 x Secured Overnight Financing Rate 30 Day Average + 4.84%, 4.95% Cap)		0.00	%(f)(h)		05/25/2040		13,564
	3,627,922	Federal National Mortgage Association REMICS, Series 2010-49-ZW		4.50	%		05/25/2040		3,451,410
	902,844	Federal National Mortgage Association REMICS, Series 2010-4-SK (-1 x Secured Overnight Financing Rate 30 Day Average + 6.12%, 6.23% Cap)		0.80	%(f)(h)		02/25/2040		42,848
	296,698	Federal National Mortgage Association REMICS, Series 2010-58-ES (-3 x Secured Overnight Financing Rate 30 Day Average + 12.18%, 12.47% Cap)		0.00	%(h)		06/25/2040		242,724


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	2,460,413	Federal National Mortgage Association REMICS, Series 2010-59-MS (-1 x Secured Overnight Financing Rate 30 Day Average + 5.66%, 5.77% Cap)		0.34	%(f)(h)		06/25/2040		116,811
	3,035,371	Federal National Mortgage Association REMICS, Series 2010-59-SC (-1 x Secured Overnight Financing Rate 30 Day Average + 4.89%, 5.00% Cap)		0.00	%(f)(h)		01/25/2040		59,052
	210,764	Federal National Mortgage Association REMICS, Series 2010-60-VZ		5.00	%		10/25/2039		204,920
	186,396	Federal National Mortgage Association REMICS, Series 2010-61-EL		4.50	%		06/25/2040		177,127
	2,862,073	Federal National Mortgage Association REMICS, Series 2010-64-EZ		5.00	%		06/25/2040		2,798,396
	6,691,554	Federal National Mortgage Association REMICS, Series 2010-64-FC (Secured Overnight Financing Rate 30 Day Average + 0.61%, 0.50% Floor, 7.00% Cap)		5.93	%		06/25/2040		6,579,887
	8,344,017	Federal National Mortgage Association REMICS, Series 2010-76-ZK		4.50	%		07/25/2040		7,939,431
	1,878,181	Federal National Mortgage Association REMICS, Series 2010-79-CZ		4.00	%		07/25/2040		1,741,207
	7,409,380	Federal National Mortgage Association REMICS, Series 2010-79-VZ		4.50	%		07/25/2040		7,042,504
	899,428	Federal National Mortgage Association REMICS, Series 2010-84-ZC		4.50	%		08/25/2040		854,265
	1,798,852	Federal National Mortgage Association REMICS, Series 2010-84-ZD		4.50	%		08/25/2040		1,708,527
	2,320,271	Federal National Mortgage Association REMICS, Series 2010-84-ZG		4.50	%		08/25/2040		2,202,862
	188,649	Federal National Mortgage Association REMICS, Series 2010-90-SA (-1 x Secured Overnight Financing Rate 30 Day Average + 5.74%, 5.85% Cap)		0.42	%(f)(h)		08/25/2040		8,702
	714,422	Federal National Mortgage Association REMICS, Series 2010-94-Z		4.50	%		08/25/2040		678,926
	3,687,730	Federal National Mortgage Association REMICS, Series 2010-99-SG (-5 x Secured Overnight Financing Rate 30 Day Average + 24.43%, 25.00% Cap)		0.00	%(h)		09/25/2040		3,528,452
	413,794	Federal National Mortgage Association REMICS, Series 2010-9-DS (-1 x Secured Overnight Financing Rate 30 Day Average + 5.19%, 0.50% Floor, 5.30% Cap)		0.50	%(f)(h)		02/25/2040		13,897
	12,969,693	Federal National Mortgage Association REMICS, Series 2011-106-LZ		3.50	%		10/25/2041		11,638,768
	520,021	Federal National Mortgage Association REMICS, Series 2011-110-LS (-2 x Secured Overnight Financing Rate 30 Day Average + 9.87%, 10.10% Cap)		0.00	%(h)		11/25/2041		331,344
	1,622,106	Federal National Mortgage Association REMICS, Series 2011-111-CZ		4.00	%		11/25/2041		1,495,755
	4,145,331	Federal National Mortgage Association REMICS, Series 2011-111-EZ		5.00	%		11/25/2041		4,053,328
	859,920	Federal National Mortgage Association REMICS, Series 2011-111-VZ		4.00	%		11/25/2041		791,394
	28,186,219	Federal National Mortgage Association REMICS, Series 2011-131-PB		4.50	%		12/25/2041		26,813,666
	8,098,454	Federal National Mortgage Association REMICS, Series 2011-16-AL		3.50	%		03/25/2031		7,665,589
	16,789,283	Federal National Mortgage Association REMICS, Series 2011-17-NY		3.50	%		03/25/2031		15,886,903
	348,304	Federal National Mortgage Association REMICS, Series 2011-17-SA (-1 x Secured Overnight Financing Rate 30 Day Average + 6.36%, 6.47% Cap)		1.04	%(f)(h)		03/25/2041		16,186
	1,312,064	Federal National Mortgage Association REMICS, Series 2011-25-KY		3.00	%		04/25/2026		1,275,057
	1,485,108	Federal National Mortgage Association REMICS, Series 2011-27-BS (-2 x Secured Overnight Financing Rate 30 Day Average + 8.77%, 9.00% Cap)		0.00	%(h)		04/25/2041		1,127,621
	17,747,126	Federal National Mortgage Association REMICS, Series 2011-29-AL		3.50	%		04/25/2031		16,793,889
	3,277,267	Federal National Mortgage Association REMICS, Series 2011-2-GZ		4.00	%		02/25/2041		3,038,581
	7,105,389	Federal National Mortgage Association REMICS, Series 2011-32-ZG		4.00	%		04/25/2041		6,560,786


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	1,232,649	Federal National Mortgage Association REMICS, Series 2011-36-VZ		4.50	%		05/25/2041		1,169,097
	3,360,139	Federal National Mortgage Association REMICS, Series 2011-37-Z		4.50	%		05/25/2041		3,156,753
	5,002,635	Federal National Mortgage Association REMICS, Series 2011-38-BZ		4.00	%		05/25/2041		4,697,920
	1,140,434	Federal National Mortgage Association REMICS, Series 2011-39-CB		3.00	%		05/25/2026		1,107,444
	3,689,218	Federal National Mortgage Association REMICS, Series 2011-39-ZD		4.00	%		02/25/2041		3,408,367
	1,141,274	Federal National Mortgage Association REMICS, Series 2011-40-LZ		4.50	%		05/25/2041		1,081,981
	1,809,746	Federal National Mortgage Association REMICS, Series 2011-42-MZ		4.50	%		05/25/2041		1,715,574
	10,004,712	Federal National Mortgage Association REMICS, Series 2011-45-ZA		4.00	%		05/25/2031		9,425,241
	2,771,571	Federal National Mortgage Association REMICS, Series 2011-45-ZB		4.50	%		05/25/2041		2,597,829
	9,437,865	Federal National Mortgage Association REMICS, Series 2011-51-FJ (Secured Overnight Financing Rate 30 Day Average + 0.56%, 0.45% Floor, 7.00% Cap)		5.88	%		06/25/2041		9,243,715
	675,492	Federal National Mortgage Association REMICS, Series 2011-59-MA		4.50	%		07/25/2041		631,248
	1,983,369	Federal National Mortgage Association REMICS, Series 2011-60-EL		3.00	%		07/25/2026		1,926,097
	6,246,186	Federal National Mortgage Association REMICS, Series 2011-64-DB		4.00	%		07/25/2041		5,861,867
	3,895,617	Federal National Mortgage Association REMICS, Series 2011-77-Z		3.50	%		08/25/2041		3,365,693
	26,556,988	Federal National Mortgage Association REMICS, Series 2011-99-CZ		4.50	%		10/25/2041		25,239,071
	14,139,256	Federal National Mortgage Association REMICS, Series 2012-104-Z		3.50	%		09/25/2042		12,602,350
	2,115,784	Federal National Mortgage Association REMICS, Series 2012-111-LB		3.50	%		05/25/2041		1,931,069
	13,968,626	Federal National Mortgage Association REMICS, Series 2012-111-MJ		4.00	%		04/25/2042		12,452,057
	15,812,327	Federal National Mortgage Association REMICS, Series 2012-122-DB		3.00	%		11/25/2042		13,720,835
	12,387,066	Federal National Mortgage Association REMICS, Series 2012-132-KH		1.75	%		12/25/2032		10,940,297
	12,798,378	Federal National Mortgage Association REMICS, Series 2012-144-PT		3.96	%(c)		11/25/2049		12,021,617
	4,447,783	Federal National Mortgage Association REMICS, Series 2012-14-BZ		4.00	%		03/25/2042		4,119,881
	28,163,933	Federal National Mortgage Association REMICS, Series 2012-15-PZ		4.00	%		03/25/2042		24,970,053
	9,762,217	Federal National Mortgage Association REMICS, Series 2012-20-ZT		3.50	%		03/25/2042		8,682,128
	34,621,379	Federal National Mortgage Association REMICS, Series 2012-30-DZ		4.00	%		04/25/2042		31,924,671
	18,295,178	Federal National Mortgage Association REMICS, Series 2012-31-Z		4.00	%		04/25/2042		16,895,258
	7,668,207	Federal National Mortgage Association REMICS, Series 2012-70-FY (Secured Overnight Financing Rate 30 Day Average + 0.56%, 0.45% Floor, 7.00% Cap)		5.88	%		07/25/2042		7,503,341
	27,355,995	Federal National Mortgage Association REMICS, Series 2012-74-Z		4.00	%		07/25/2042		25,188,870
	118,762	Federal National Mortgage Association REMICS, Series 2012-80-EA		2.00	%		04/25/2042		115,009
	18,187,690	Federal National Mortgage Association REMICS, Series 2012-86-ZC		3.50	%		08/25/2042		16,285,599


Principal Amount $/Shares		Security Description	Rate			Maturity ��		Value $
	31,621,451	Federal National Mortgage Association REMICS, Series 2012-96-VZ		3.50	%		09/25/2042		28,189,774
	7,504,042	Federal National Mortgage Association REMICS, Series 2012-98-BG		4.50	%		08/25/2040		7,135,531
	14,144,093	Federal National Mortgage Association REMICS, Series 2012-99-QE		3.00	%		09/25/2042		12,347,398
	9,481,164	Federal National Mortgage Association REMICS, Series 2013-100-PJ		3.00	%		03/25/2043		8,578,396
	20,660,295	Federal National Mortgage Association REMICS, Series 2013-130-ZE		3.00	%		01/25/2044		17,823,477
	27,005,318	Federal National Mortgage Association REMICS, Series 2013-133-ZT		3.00	%(i)		01/25/2039		23,762,117
	6,877,196	Federal National Mortgage Association REMICS, Series 2013-41-ZH		3.00	%(i)		05/25/2033		6,072,468
	5,692,246	Federal National Mortgage Association REMICS, Series 2013-51-HS (-1 x Secured Overnight Financing Rate 30 Day Average + 5.26%, 5.40% Cap)		0.00	%(h)		04/25/2043		3,394,552
	994,109	Federal National Mortgage Association REMICS, Series 2013-58-SC (-2 x Secured Overnight Financing Rate 30 Day Average + 5.83%, 6.00% Cap)		0.00	%(h)		06/25/2043		447,843
	1,777,961	Federal National Mortgage Association REMICS, Series 2013-81-ZQ		3.00	%(i)		08/25/2043		1,080,625
	6,154,612	Federal National Mortgage Association REMICS, Series 2013-82-SH (-1 x Secured Overnight Financing Rate 30 Day Average + 5.94%, 6.05% Cap)		0.62	%(f)(h)		12/25/2042		350,526
	23,019,070	Federal National Mortgage Association REMICS, Series 2014-12-GZ		3.50	%		03/25/2044		20,475,201
	14,176,673	Federal National Mortgage Association REMICS, Series 2014-21-GZ		3.00	%		04/25/2044		12,073,683
	33,622,181	Federal National Mortgage Association REMICS, Series 2014-37-ZY		2.50	%(i)		07/25/2044		27,296,262
	21,959,036	Federal National Mortgage Association REMICS, Series 2014-39-ZA		3.00	%		07/25/2044		19,048,432
	109,218	Federal National Mortgage Association REMICS, Series 2014-46-NZ		3.00	%(i)		06/25/2043		69,627
	66,415,084	Federal National Mortgage Association REMICS, Series 2014-60-EZ		3.00	%(i)		10/25/2044		54,726,959
	46,881,475	Federal National Mortgage Association REMICS, Series 2014-61-ZV		3.00	%(i)		10/25/2044		38,570,810
	39,535,159	Federal National Mortgage Association REMICS, Series 2014-64-NZ		3.00	%(i)		10/25/2044		32,741,137
	13,921,052	Federal National Mortgage Association REMICS, Series 2014-67-DZ		3.00	%(i)		10/25/2044		11,663,003
	44,503,378	Federal National Mortgage Association REMICS, Series 2014-68-MZ		3.00	%(i)		11/25/2044		36,663,596
	25,122,623	Federal National Mortgage Association REMICS, Series 2014-77-VZ		3.00	%(i)		11/25/2044		20,857,837
	138,346	Federal National Mortgage Association REMICS, Series 2014-82-YA		3.00	%		04/25/2041		137,684
	32,264,044	Federal National Mortgage Association REMICS, Series 2014-84-KZ		3.00	%(i)		12/25/2044		26,655,040
	5,327,840	Federal National Mortgage Association REMICS, Series 2015-11-A		3.00	%		05/25/2034		5,080,776
	4,443,341	Federal National Mortgage Association REMICS, Series 2015-21-G		3.00	%		02/25/2042		4,363,052
	4,852,418	Federal National Mortgage Association REMICS, Series 2015-42-CA		3.00	%		03/25/2044		4,445,173
	20,384,494	Federal National Mortgage Association REMICS, Series 2015-49-A		3.00	%		03/25/2044		18,528,441
	10,670,626	Federal National Mortgage Association REMICS, Series 2015-52-GZ		3.00	%(i)		07/25/2045		8,905,753
	5,489,741	Federal National Mortgage Association REMICS, Series 2015-88-AC		3.00	%		04/25/2043		5,219,911


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	39,700,973	Federal National Mortgage Association REMICS, Series 2015-88-BA		3.00	%		04/25/2044		36,423,273
	2,764,643	Federal National Mortgage Association REMICS, Series 2015-94-MA		3.00	%		01/25/2046		2,365,911
	11,451,256	Federal National Mortgage Association REMICS, Series 2016-2-JA		2.50	%		02/25/2046		10,654,242
	25,396,690	Federal National Mortgage Association REMICS, Series 2016-32-LA		3.00	%		10/25/2044		23,300,698
	18,610,178	Federal National Mortgage Association REMICS, Series 2016-72-PA		3.00	%		07/25/2046		16,163,286
	1,840,983	Federal National Mortgage Association REMICS, Series 2016-74-PA		3.00	%		12/25/2044		1,794,786
	1,936,287	Federal National Mortgage Association REMICS, Series 2016-79-EP		3.00	%		01/25/2044		1,862,428
	5,527,305	Federal National Mortgage Association REMICS, Series 2016-81-PA		3.00	%		02/25/2044		5,301,336
	10,103,580	Federal National Mortgage Association REMICS, Series 2018-21-IO		3.00	%(f)		04/25/2048		1,544,759
	16,687,721	Federal National Mortgage Association REMICS, Series 2018-21-PO		0.00	%(j)		04/25/2048		12,210,108
	41,255,097	Federal National Mortgage Association REMICS, Series 2018-27-AO		0.00	%(j)		05/25/2048		29,895,754
	12,123,485	Federal National Mortgage Association REMICS, Series 2018-33-A		3.00	%		05/25/2048		10,416,040
	14,077,451	Federal National Mortgage Association REMICS, Series 2018-38-JB		3.00	%		06/25/2048		12,147,700
	29,717,824	Federal National Mortgage Association REMICS, Series 2018-7-CD		3.00	%		02/25/2048		25,613,739
	22,078,044	Federal National Mortgage Association REMICS, Series 2018-85-PO		0.00	%(j)		12/25/2048		15,847,739
	5,261,738	Federal National Mortgage Association REMICS, Series 2019-48-AZ		3.50	%		09/25/2049		4,614,923
	5,318,417	Federal National Mortgage Association REMICS, Series 2019-64-D		2.50	%		11/25/2049		4,420,438
	15,498,171	Federal National Mortgage Association REMICS, Series 2019-69-DS (-1 x Secured Overnight Financing Rate 30 Day Average + 5.89%, 6.00% Cap)		0.57	%(f)(h)		12/25/2049		1,471,213
	43,350,736	Federal National Mortgage Association REMICS, Series 2019-78-ZB		3.00	%		01/25/2050		36,378,000
	33,836,047	Federal National Mortgage Association REMICS, Series 2020-47-GL		2.00	%		05/25/2046		28,453,250
	52,736,661	Federal National Mortgage Association REMICS, Series 2020-54-AB		1.00	%		08/25/2050		39,123,388
	11,700,156	Federal National Mortgage Association REMICS, Series 2020-54-AS (-1 x Secured Overnight Financing Rate 30 Day Average + 6.04%, 6.15% Cap)		0.72	%(f)(h)		08/25/2050		1,187,018
	20,209,536	Federal National Mortgage Association REMICS, Series 2020-61-AI		3.00	%(f)		09/25/2050		2,943,970
	9,497,757	Federal National Mortgage Association REMICS, Series 2020-61-DC		1.50	%		09/25/2060		6,900,684
	35,997,330	Federal National Mortgage Association REMICS, Series 2020-61-DI		3.00	%(f)		09/25/2060		5,694,868
	71,864,312	Federal National Mortgage Association REMICS, Series 2020-62-JD		1.25	%		09/25/2050		50,121,772
	22,655,030	Federal National Mortgage Association REMICS, Series 2020-97-EI		2.00	%(f)		01/25/2051		2,702,541
	17,777,386	Federal National Mortgage Association REMICS, Series 2021-13-AK		2.00	%		01/25/2049		14,774,450
	11,735,325	Federal National Mortgage Association REMICS, Series 2021-1-PA		1.00	%		11/25/2050		8,353,781
	14,150,127	Federal National Mortgage Association REMICS, Series 2021-21-DK		2.00	%		07/25/2043		11,709,469


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	14,120,455	Federal National Mortgage Association REMICS, Series 2021-29-BA		1.25	%		05/25/2041		11,924,672
	3,794,453	Federal National Mortgage Association REMICS, Series 2021-29-CG		1.25	%		05/25/2041		3,206,587
	43,539,531	Federal National Mortgage Association REMICS, Series 2021-3-KI		2.50	%(f)		02/25/2051		5,973,994
	30,341,536	Federal National Mortgage Association REMICS, Series 2021-58-SA (-1 x Secured Overnight Financing Rate 30 Day Average + 2.65%, 2.65% Cap)		0.00	%(f)(h)		09/25/2051		141,188
	6,520,929	Federal National Mortgage Association REMICS, Series 2021-61-KZ		2.50	%(i)		09/25/2051		3,324,956
	88,356,725	Federal National Mortgage Association REMICS, Series 2021-70-S (-1 x Secured Overnight Financing Rate 30 Day Average + 3.75%, 3.75% Cap)		0.00	%(f)(h)		10/25/2049		1,646,810
	28,095,822	Federal National Mortgage Association REMICS, Series 2021-85-DI		3.00	%(f)		12/25/2051		4,638,991
	34,252,556	Federal National Mortgage Association REMICS, Series 2021-9-CA		2.00	%		03/25/2051		27,255,910
	152,730,452	Federal National Mortgage Association REMICS, Series 2022-3-AB		2.00	%		11/25/2047		127,694,907
	84,581,859	Federal National Mortgage Association REMICS, Series 2022-3-EZ		2.00	%(i)		01/25/2052		40,641,583
	57,457,994	Federal National Mortgage Association REMICS, Series 2022-3-NZ		2.00	%(i)		02/25/2052		27,565,174
	83,488,293	Federal National Mortgage Association REMICS, Series 2022-3-Z		2.00	%(i)		02/25/2052		41,140,393
	85,226,433	Federal National Mortgage Association REMICS, Series 2022-4-EA		2.50	%		10/25/2047		73,398,675
	16,348,684	Federal National Mortgage Association REMICS, Series 2022-4-LG		3.00	%		02/25/2052		14,254,130
	122,382,441	Federal National Mortgage Association REMICS, Series 2023-2-IO		3.00	%(f)		12/25/2051		19,625,481
	11,195,078	Federal National Mortgage Association REMICS, Series 4341-AZ		3.00	%(i)		05/15/2044		9,581,206
	5,813,113	Federal National Mortgage Association REMICS, Series 4744-JA		3.00	%		09/15/2047		5,083,125
	18,373,793	Federal National Mortgage Association REMICS, Series 5010-KI		3.00	%(f)		09/25/2050		2,712,580
	60,713,472	Federal National Mortgage Association REMICS, Series 5040-GI		2.00	%(f)		11/25/2050		7,155,951
	11,212,655	Federal National Mortgage Association REMICS, Series 5053-PI		3.00	%(f)		11/25/2050		1,819,407
	23,564,538	Federal National Mortgage Association REMICS, Series 5059-HI		3.00	%(f)		09/25/2050		3,887,416
	12,156,002	Federal National Mortgage Association REMICS, Series 5086-IB		3.00	%(f)		03/25/2051		1,962,704
	15,587,672	Federal National Mortgage Association REMICS, Series 5086-IK		3.00	%(f)		03/25/2051		2,526,818
	18,907,952	Federal National Mortgage Association REMICS, Series 5118-PI		3.00	%(f)		03/25/2051		3,011,485
	35,610,278	Federal National Mortgage Association REMICS, Series 5140-AI		3.50	%(f)		09/25/2051		6,612,522
	18,347,608	Federal National Mortgage Association REMICS, Series 5149-CI		3.00	%(f)		12/25/2043		2,578,136
	18,339,946	Federal National Mortgage Association REMICS, Series 5159-DI		3.00	%(f)		04/25/2048		2,878,854
	33,377,213	Federal National Mortgage Association REMICS, Series 5159-UI		3.50	%(f)		08/25/2050		6,323,887
	17,584,971	Federal National Mortgage Association REMICS, Series 5187-LA		2.50	%		10/25/2049		14,771,706
	84,747,364	Federal National Mortgage Association REMICS, Series 5321-PO		0.00	%(j)		08/25/2050		56,684,139


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	16,231,634	Federal National Mortgage Association, Pool 387898		3.71	%		08/01/2030		14,765,010
	24,791,922	Federal National Mortgage Association, Pool AM8510		3.15	%		05/01/2035		20,412,140
	27,744,966	Federal National Mortgage Association, Pool AM8950		3.14	%		06/01/2040		23,283,183
	4,517,360	Federal National Mortgage Association, Pool AN5480		3.43	%		06/01/2037		3,958,676
	217,500,000	Federal National Mortgage Association, Pool AN6680		3.37	%		11/01/2047		154,089,774
	5,500,000	Federal National Mortgage Association, Pool AN7330		3.26	%		12/01/2037		4,386,125
	10,026,000	Federal National Mortgage Association, Pool AN7452		3.12	%		11/01/2032		8,566,926
	20,700,000	Federal National Mortgage Association, Pool AN8121		3.16	%		01/01/2035		16,999,610
	3,821,533	Federal National Mortgage Association, Pool AN9452		3.75	%		06/01/2030		3,434,206
	44,072,506	Federal National Mortgage Association, Pool BL0870		4.28	%		12/01/2048		36,789,242
	5,000,000	Federal National Mortgage Association, Pool BL2303		3.36	%		05/01/2031		4,438,907
	8,860,000	Federal National Mortgage Association, Pool BL4038		2.98	%		09/01/2034		7,239,919
	8,190,000	Federal National Mortgage Association, Pool BL5840		2.73	%		02/01/2035		6,289,448
	6,480,331	Federal National Mortgage Association, Pool BL6639		2.66	%		05/01/2050		4,651,795
	16,754,248	Federal National Mortgage Association, Pool BL6689		2.19	%		05/01/2032		13,429,311
	28,785,015	Federal National Mortgage Association, Pool BL6913		1.96	%		05/01/2035		21,170,215
	36,488,000	Federal National Mortgage Association, Pool BL7110		1.76	%		07/01/2035		26,122,903
	3,568,101	Federal National Mortgage Association, Pool BL7331		2.23	%		07/01/2040		2,208,093
	20,400,000	Federal National Mortgage Association, Pool BL7424		1.65	%		08/01/2035		14,172,740
	40,000,000	Federal National Mortgage Association, Pool BL8165		1.35	%		09/01/2032		29,445,194
	32,000,000	Federal National Mortgage Association, Pool BL8269		1.51	%		09/01/2035		22,430,035
	17,000,000	Federal National Mortgage Association, Pool BL8977		1.20	%		11/01/2030		12,900,740
	48,643,000	Federal National Mortgage Association, Pool BL9056		1.78	%		11/01/2035		32,618,361
	10,809,256	Federal National Mortgage Association, Pool BL9284		2.23	%		12/01/2050		7,019,016
	53,000,000	Federal National Mortgage Association, Pool BL9576		2.24	%		12/01/2050		32,763,090
	171,023,888	Federal National Mortgage Association, Pool BM6831		1.93	%(c)		10/01/2033		128,851,951
	177,318,741	Federal National Mortgage Association, Pool BM6857		1.83	%(c)		12/01/2031		138,395,763
	27,701,436	Federal National Mortgage Association, Pool BM7164 (Secured Overnight Financing Rate 30 Day Average + 2.28%, 2.28% Floor, 9.55% Cap)		4.55	%		03/01/2053		26,149,394
	17,133,065	Federal National Mortgage Association, Pool BR2181 (Secured Overnight Financing Rate 30 Day Average + 2.13%, 2.13% Floor, 7.13% Cap)		2.14	%		07/01/2051		14,718,472
	33,474,352	Federal National Mortgage Association, Pool BR2290 (Secured Overnight Financing Rate 30 Day Average + 2.12%, 2.12% Floor, 7.01% Cap)		2.01	%		08/01/2051		28,596,966


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	48,883,000	Federal National Mortgage Association, Pool BS2496		1.88	%		09/01/2033		36,355,581
	5,592,000	Federal National Mortgage Association, Pool BS2500		1.81	%		06/01/2030		4,506,713
	15,132,118	Federal National Mortgage Association, Pool BS2568		2.20	%		09/01/2046		10,423,580
	3,000,000	Federal National Mortgage Association, Pool BS2580		2.15	%		08/01/2033		2,292,931
	22,000,000	Federal National Mortgage Association, Pool BS2805		1.81	%		09/01/2033		16,465,116
	9,975,000	Federal National Mortgage Association, Pool BS2834		2.24	%		08/01/2041		6,240,076
	39,850,000	Federal National Mortgage Association, Pool BS3020		1.96	%		09/01/2033		29,705,870
	34,043,000	Federal National Mortgage Association, Pool BS3101		1.91	%		09/01/2033		25,578,263
	2,595,000	Federal National Mortgage Association, Pool BS3163		1.75	%		08/01/2030		2,076,745
	19,880,000	Federal National Mortgage Association, Pool BS3192		2.03	%		09/01/2036		13,651,917
	16,125,000	Federal National Mortgage Association, Pool BS3314		1.83	%		10/01/2033		12,056,549
	21,000,000	Federal National Mortgage Association, Pool BS3345		2.16	%		10/01/2036		15,157,241
	48,402,000	Federal National Mortgage Association, Pool BS3363		1.97	%		12/01/2035		33,960,875
	25,042,000	Federal National Mortgage Association, Pool BS3426		1.76	%		11/01/2031		19,099,489
	12,048,000	Federal National Mortgage Association, Pool BS3431		1.83	%		11/01/2033		8,947,110
	6,536,000	Federal National Mortgage Association, Pool BS3434		1.83	%		11/01/2033		4,853,777
	32,694,000	Federal National Mortgage Association, Pool BS3442		2.12	%		10/01/2036		22,884,808
	49,716,000	Federal National Mortgage Association, Pool BS3458		1.98	%		10/01/2033		37,957,762
	11,900,000	Federal National Mortgage Association, Pool BS3514		2.08	%		10/01/2033		8,922,979
	43,652,000	Federal National Mortgage Association, Pool BS3833		2.09	%		12/01/2033		33,191,188
	7,339,000	Federal National Mortgage Association, Pool BS3955		2.30	%		12/01/2036		5,219,124
	46,000,000	Federal National Mortgage Association, Pool BS3974		1.94	%		01/01/2032		35,798,545
	43,600,000	Federal National Mortgage Association, Pool BS4020		1.91	%		12/01/2031		34,185,043
	21,200,000	Federal National Mortgage Association, Pool BS4110		2.13	%		01/01/2034		16,223,071
	48,972,000	Federal National Mortgage Association, Pool BS4111		1.98	%		01/01/2032		38,524,588
	46,000,000	Federal National Mortgage Association, Pool BS4125		2.32	%		12/01/2031		37,037,109
	21,024,000	Federal National Mortgage Association, Pool BS4177		1.94	%		12/01/2031		16,715,491
	12,500,000	Federal National Mortgage Association, Pool BS4213		2.46	%		12/01/2036		9,299,665
	18,199,000	Federal National Mortgage Association, Pool BS4225		2.36	%		01/01/2037		13,155,972
	20,000,000	Federal National Mortgage Association, Pool BS4273		1.93	%		12/01/2031		15,809,902


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	33,675,000	Federal National Mortgage Association, Pool BS4276		2.03	%		01/01/2032		26,683,174
	43,878,000	Federal National Mortgage Association, Pool BS4296		1.80	%		01/01/2032		33,696,161
	51,025,000	Federal National Mortgage Association, Pool BS4306		1.92	%		01/01/2032		39,133,391
	60,975,000	Federal National Mortgage Association, Pool BS4328		1.88	%		02/01/2032		47,051,585
	19,170,000	Federal National Mortgage Association, Pool BS4330		1.92	%		01/01/2034		14,249,082
	30,761,000	Federal National Mortgage Association, Pool BS4333		1.89	%		01/01/2032		23,799,482
	12,000,000	Federal National Mortgage Association, Pool BS4334		2.01	%		01/01/2034		8,879,444
	18,383,759	Federal National Mortgage Association, Pool BS4359		1.99	%		01/01/2032		14,717,495
	21,800,000	Federal National Mortgage Association, Pool BS4360		2.14	%		01/01/2037		15,130,796
	91,797,434	Federal National Mortgage Association, Pool BS4383		2.07	%		01/01/2032		73,992,720
	53,950,000	Federal National Mortgage Association, Pool BS4453		1.96	%		01/01/2032		41,984,536
	51,688,000	Federal National Mortgage Association, Pool BS4524		2.02	%		01/01/2032		40,311,733
	41,850,000	Federal National Mortgage Association, Pool BS4736		2.00	%		02/01/2032		32,236,284
	24,500,000	Federal National Mortgage Association, Pool BS4737		2.00	%		02/01/2032		18,871,899
	20,155,000	Federal National Mortgage Association, Pool BS4951		2.63	%		04/01/2032		16,336,047
	11,154,019	Federal National Mortgage Association, Pool BS5636		3.72	%		06/01/2032		9,902,421
	4,200,000	Federal National Mortgage Association, Pool BS6131		3.89	%		07/01/2032		3,748,703
	3,600,000	Federal National Mortgage Association, Pool BS6419		3.89	%		09/01/2032		3,231,141
	24,762,678	Federal National Mortgage Association, Pool BS6649		3.89	%		10/01/2032		22,070,051
	159,468,000	Federal National Mortgage Association, Pool BS6912		4.33	%		12/01/2032		147,350,092
	4,131,000	Federal National Mortgage Association, Pool BS7305		5.22	%		01/01/2032		4,116,690
	39,897,392	Federal National Mortgage Association, Pool BS7329		5.41	%		12/01/2032		39,088,361
	8,333,000	Federal National Mortgage Association, Pool BS8657		5.10	%		06/01/2030		8,165,414
	11,184,637	Federal National Mortgage Association, Pool BV8021		4.50	%		08/01/2052		10,305,162
	14,565,860	Federal National Mortgage Association, Pool CB1055 (Secured Overnight Financing Rate 30 Day Average + 2.22%, 2.22% Floor, 6.87% Cap)		1.87	%		07/01/2051		12,374,660
	91,699,457	Federal National Mortgage Association, Pool CB3488		3.00	%		05/01/2052		76,261,696
	58,045,238	Federal National Mortgage Association, Pool CB4391		4.50	%		08/01/2052		53,497,099
	76,657,802	Federal National Mortgage Association, Pool FS1538		3.00	%		04/01/2052		63,535,127
	86,892,932	Federal National Mortgage Association, Pool FS2320		2.50	%		04/01/2051		69,302,637
	30,779,780	Federal National Mortgage Association, Pool FS4764		2.50	%		02/01/2052		24,736,977


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	7,485,580	Federal National Mortgage Association, Pool MA3357		4.00	%		05/01/2048		6,793,788
	16,751,993	Federal National Mortgage Association, Pool RA6135		2.50	%		10/01/2051		13,339,384
	29,504,307	Federal National Mortgage Association, Pool SD2839		3.00	%		08/01/2052		24,537,090
	18,173,287	Federal National Mortgage Association, Pool SD2971		2.50	%		03/01/2052		14,642,741
	72,654,510	Federal National Mortgage Association, Pool SD3093		2.50	%		03/01/2052		57,846,970
	10,500,000	Federal National Mortgage Association, Pool WN1221		4.80	%		12/01/2029		10,101,311
	19,180,000	Federal National Mortgage Association, Pool WN1240		4.40	%		12/01/2029		17,985,021
	23,230,000	Federal National Mortgage Association, Pool WN2311		4.80	%		01/01/2030		22,362,435
	16,361,000	Federal National Mortgage Association, Pool WN2312		4.60	%		01/01/2030		15,582,863
	14,700,000	Federal National Mortgage Association, Pool WN2334		4.30	%		01/01/2033		13,442,921
	50,000,000	Federal National Mortgage Association, Pool WN2337		4.35	%		01/01/2030		46,828,129
	45,015,000	Federal National Mortgage Association, Pool WN2358		4.30	%		01/01/2030		42,170,575
	12,262,996	Federal National Mortgage Association, Pool ZS4778		4.00	%		07/01/2048		11,128,364
	9,936,759	Federal National Mortgage Association, Pool ZS4790		4.00	%		09/01/2048		9,005,003
	5,129,615	Federal National Mortgage Association, Series 2003-W17-1A7		5.75	%		08/25/2033		5,061,029
	1,570,840	Federal National Mortgage Association, Series 2004-W10-A6		5.75	%		08/25/2034		1,543,891
	59,756,462	Federal National Mortgage Association, Series 2014-M11-1A		3.18	%(c)		08/25/2024		58,154,666
	206,235,405	Federal National Mortgage Association, Series 2019-M16-X		1.29	%(c)(f)		07/25/2031		11,709,056
	486,499,446	Federal National Mortgage Association, Series 2019-M18-X		0.82	%(c)(f)		08/25/2029		13,506,149
	211,844,590	Federal National Mortgage Association, Series 2019-M24-2XA		1.27	%(c)(f)		03/25/2031		11,915,114
	263,568,779	Federal National Mortgage Association, Series 2019-M24-XA		1.37	%(c)(f)		03/25/2029		13,447,384
	351,047,331	Federal National Mortgage Association, Series 2020-M10-X2		1.83	%(c)(f)		12/25/2030		25,445,350
	188,313,782	Federal National Mortgage Association, Series 2020-M10-X8		0.77	%(c)(f)		12/25/2027		3,558,641
	75,897,373	Federal National Mortgage Association, Series 2020-M13-X2		1.33	%(c)(f)		09/25/2030		3,618,772
	480,537,327	Federal National Mortgage Association, Series 2020-M15-X1		1.56	%(c)(f)		09/25/2031		31,015,513
	18,313,378	Federal National Mortgage Association, Series 2020-M17-X1		1.46	%(c)(f)		01/25/2028		682,671
	120,800,435	Federal National Mortgage Association, Series 2020-M27-X1		0.95	%(c)(f)		03/25/2031		4,744,328
	161,243,062	Federal National Mortgage Association, Series 2020-M54-X		1.60	%(c)(f)		12/25/2033		11,772,936
	53,111,702	Federal National Mortgage Association, Series 2020-M7-X2		1.33	%(c)(f)		03/25/2031		3,242,066
	11,223,817	Federal National Mortgage Association, Series 2021-M12-2A1		2.20	%(c)		05/25/2033		9,500,464


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	934,384,505	Federal National Mortgage Association, Series 2021-M14-X		1.05	%(c)(f)		10/25/2031		34,963,080
	176,475,850	Federal National Mortgage Association, Series 2021-M3-X2		1.02	%(c)(f)		08/25/2033		6,892,088
	22,418,601	Federal National Mortgage Association, Series 2021-M5-A1		1.51	%(c)		01/25/2033		19,499,280
	714,122,348	Federal National Mortgage Association, Series 2022-M2-X		0.48	%(c)(f)		01/25/2032		16,998,040
	18,070,834	Federal National Mortgage Association, Series 2022-M4-A1X		2.55	%(c)		05/25/2030		15,922,199
	2,844,955	Federal National Mortgage Association, Series 400-S4 (-1 x Secured Overnight Financing Rate 30 Day Average + 5.34%, 5.45% Cap)		0.02	%(f)(h)		11/25/2039		136,822
	28,846,929	Federal National Mortgage Association, Series 412-A3		3.00	%		08/25/2042		24,625,645
	9,313,505	Federal Home Loan Mortgage Corporation, Pool RA7554		4.00	%		06/01/2052		8,305,778
	91,027,867	Federal Home Loan Mortgage Corporation, Pool RA7939		5.00	%		09/01/2052		86,030,143
	58,353,601	Federal Home Loan Mortgage Corporation, Pool SD2692		4.50	%		04/01/2053		53,645,337
	50,107,434	Federal Home Loan Mortgage Corporation, Pool SD3354		5.00	%		06/01/2053		47,337,693
	24,647,401	Federal Home Loan Mortgage Corporation, Pool SD7564		5.00	%		06/01/2053		23,481,436
	11,278,000	Federal Home Loan Mortgage Corporation, Pool WN1257		4.84	%		04/01/2030		10,879,886
	50,000,000	Federal Home Loan Mortgage Corporation, Pool WN1265		4.68	%		05/01/2028		48,250,316
	40,000,000	Federal Home Loan Mortgage Corporation, Pool WN2184		2.50	%		04/01/2032		32,349,725
	21,615,000	Federal Home Loan Mortgage Corporation, Pool WN2396		4.79	%		03/01/2030		20,765,066
	11,220,000	Federal Home Loan Mortgage Corporation, Pool WN2408		4.66	%		04/01/2028		10,836,194
	20,487,000	Federal Home Loan Mortgage Corporation, Pool WN2410		4.59	%		05/01/2033		19,031,448
	15,225,000	Federal Home Loan Mortgage Corporation, Pool WN2423		4.19	%		06/01/2030		14,145,275
	27,276,000	Federal Home Loan Mortgage Corporation, Pool WN2424		5.10	%		06/01/2028		26,753,099
	60,933,770	Federal Home Loan Mortgage Corporation REMICS, Series 4673-KZ		3.50	%(i)		03/15/2047		53,388,957
	33,548,246	Federal Home Loan Mortgage Corporation REMICS, Series 5050-BN		3.00	%		11/25/2050		28,133,324
	33,637,967	Federal Home Loan Mortgage Corporation REMICS, Series 5053-AI		3.00	%(f)		11/25/2050		5,576,680
	111,385,911	Federal Home Loan Mortgage Corporation REMICS, Series 5129-GI		3.00	%(f)		08/25/2050		18,940,305
	27,039,813	Federal Home Loan Mortgage Corporation REMICS, Series 5142-IP		3.00	%(f)		09/25/2051		4,530,458
	22,221,773	Federal Home Loan Mortgage Corporation REMICS, Series 5150-AB		2.00	%		04/25/2049		17,285,086
	24,528,635	Federal Home Loan Mortgage Corporation REMICS, Series 5202-DB		3.00	%		05/25/2048		21,264,836
	52,290,621	Federal Home Loan Mortgage Corporation REMICS, Series 5218-NA		3.00	%		12/25/2044		47,826,879
	14,702,259	Federal Home Loan Mortgage Corporation REMICS, Series 5326-KO		0.00	%(j)		09/25/2050		9,827,985
	37,474,147	Federal Home Loan Mortgage Corporation REMICS, Series 5326-MO		0.00	%(j)		09/25/2050		24,678,015


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	17,674,989	Federal Home Loan Mortgage Corporation REMICS, Series 5326-OP		0.00	%(j)		09/25/2050		12,012,693
	30,723,348	Federal Home Loan Mortgage Corporation REMICS, Series 5326-UO		0.00	%(j)		10/25/2050		19,972,745
	28,921,685	Federal Home Loan Mortgage Corporation REMICS, Series 5334-PO		0.00	%(j)		12/25/2050		19,655,406
	1,479,905	FREMF Mortgage Trust, Series 2017-KF34-B (Secured Overnight Financing Rate 30 Day Average + 2.81%, 2.55% Floor)		8.13	%(a)		08/25/2024		1,462,381
	56,111,038	Government National Mortgage Association II, Pool 785717		3.00	%		11/20/2051		47,127,114
	27,015,040	Government National Mortgage Association, Series 2021-125 IO		3.00	%		06/20/2051		3,558,837
	27,533,656	Government National Mortgage Association Pass-Thru, Pool 785310		2.50	%		02/20/2051		22,442,045
	43,241,335	Government National Mortgage Association Pass-Thru, Pool 785346		2.00	%		03/20/2051		33,222,968
	12,920,600	Government National Mortgage Association Pass-Thru, Pool 785350		2.00	%		01/20/2051		9,939,920
	24,943,193	Government National Mortgage Association Pass-Thru, Pool 785374		2.50	%		03/20/2051		20,403,873
	89,477,173	Government National Mortgage Association Pass-Thru, Pool 785401		2.50	%		10/20/2050		71,625,575
	126,581,634	Government National Mortgage Association Pass-Thru, Pool 785412		2.50	%		03/20/2051		103,156,528
	28,368,790	Government National Mortgage Association Pass-Thru, Pool 785595		2.50	%		03/20/2051		23,196,988
	54,146,896	Government National Mortgage Association Pass-Thru, Pool 785609		2.50	%		08/20/2051		44,196,948
	13,902,862	Government National Mortgage Association Pass-Thru, Pool 785638		2.50	%		08/20/2051		11,328,903
	31,601,803	Government National Mortgage Association Pass-Thru, Pool 785639		2.50	%		08/20/2051		25,757,377
	13,221,100	Government National Mortgage Association Pass-Thru, Pool 785680		2.50	%		10/20/2051		10,772,811
	24,087,059	Government National Mortgage Association Pass-Thru, Pool 786510		3.00	%		02/20/2052		19,958,388
	9,871,453	Government National Mortgage Association Pass-Thru, Pool CB2017		2.50	%		03/20/2051		8,044,955
	9,763,423	Government National Mortgage Association Pass-Thru, Pool CB4182		2.50	%		03/20/2051		7,956,028
	2,550,737	Government National Mortgage Association Pass-Thru, Pool CB5487		2.50	%		03/20/2051		2,030,192
	8,357,014	Government National Mortgage Association Pass-Thru, Pool CB9135		2.50	%		04/20/2051		6,874,145
	7,875,236	Government National Mortgage Association Pass-Thru, Pool CH0426		2.50	%		02/20/2052		6,267,938
	6,512,781	Government National Mortgage Association Pass-Thru, Pool CI0294		2.50	%		01/20/2052		5,135,341
	27,754,023	Government National Mortgage Association Pass-Thru, Pool CI6428		2.50	%		01/20/2052		22,091,056
	578,336	Government National Mortgage Association Pass-Thru, Pool MA2511		3.50	%		01/20/2045		503,136
	17,883,362	Government National Mortgage Association Pass-Thru, Pool MA5076		3.00	%		03/20/2048		15,348,689
	10,830,952	Government National Mortgage Association Pass-Thru, Pool MA7255		2.50	%		03/20/2051		8,867,379
	90,194,928	Government National Mortgage Association REMICS, Series 2021-150-IO		1.03	%(c)(f)		11/16/2063		6,399,511
	34,405,338	Government National Mortgage Association REMICS, Series 2021-49-NI		2.50	%(f)		03/20/2051		4,183,004


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	4,497,556	Government National Mortgage Association, Series 2003-67-SP (-1 x Secured Overnight Financing Rate 1 Month + 6.99%, 7.10% Cap)		1.66	%(f)(h)		08/20/2033		75,500
	1,892,794	Government National Mortgage Association, Series 2003-86-ZK		5.00	%		10/20/2033		1,858,284
	1,148,126	Government National Mortgage Association, Series 2004-49-Z		6.00	%		06/20/2034		1,147,780
	2,089,726	Government National Mortgage Association, Series 2004-83-CS (-1 x Secured Overnight Financing Rate 1 Month + 5.97%, 6.08% Cap)		0.64	%(f)(h)		10/20/2034		84,329
	537,175	Government National Mortgage Association, Series 2005-21-Z		5.00	%		03/20/2035		527,202
	5,710,641	Government National Mortgage Association, Series 2005-39-ZB		5.00	%		07/20/2034		5,600,280
	402,994	Government National Mortgage Association, Series 2006-24-CX (-7 x Secured Overnight Financing Rate 1 Month + 39.13%, 39.97% Cap)		0.08	%(h)		05/20/2036		383,392
	2,052,528	Government National Mortgage Association, Series 2007-26-SJ (-1 x Secured Overnight Financing Rate 1 Month + 4.58%, 4.69% Cap)		0.00	%(f)(h)		04/20/2037		9,337
	2,136,383	Government National Mortgage Association, Series 2008-2-SM (-1 x Secured Overnight Financing Rate 1 Month + 6.39%, 6.50% Cap)		1.05	%(f)(h)		01/16/2038		125,402
	3,743,138	Government National Mortgage Association, Series 2008-42-AI (-1 x Secured Overnight Financing Rate 1 Month + 7.58%, 7.69% Cap)		2.24	%(f)(h)		05/16/2038		401,836
	1,392,239	Government National Mortgage Association, Series 2008-43-SH (-1 x Secured Overnight Financing Rate 1 Month + 6.22%, 6.34% Cap)		0.90	%(f)(h)		05/20/2038		27,548
	1,608,174	Government National Mortgage Association, Series 2008-51-SC (-1 x Secured Overnight Financing Rate 1 Month + 6.14%, 6.25% Cap)		0.81	%(f)(h)		06/20/2038		72,127
	1,290,712	Government National Mortgage Association, Series 2008-51-SE (-1 x Secured Overnight Financing Rate 1 Month + 6.14%, 6.25% Cap)		0.80	%(f)(h)		06/16/2038		68,450
	443,601	Government National Mortgage Association, Series 2008-82-SM (-1 x Secured Overnight Financing Rate 1 Month + 5.94%, 6.05% Cap)		0.61	%(f)(h)		09/20/2038		8,329
	752,167	Government National Mortgage Association, Series 2008-83-SD (-1 x Secured Overnight Financing Rate 1 Month + 6.45%, 6.56% Cap)		1.11	%(f)(h)		11/16/2036		21,950
	3,168,418	Government National Mortgage Association, Series 2009-106-VZ		4.50	%		11/20/2039		3,058,259
	2,694,270	Government National Mortgage Association, Series 2009-10-NS (-1 x Secured Overnight Financing Rate 1 Month + 6.54%, 6.65% Cap)		1.20	%(f)(h)		02/16/2039		178,008
	556,846	Government National Mortgage Association, Series 2009-24-SN (-1 x Secured Overnight Financing Rate 1 Month + 5.99%, 6.10% Cap)		0.66	%(f)(h)		09/20/2038		12,086
	1,870,576	Government National Mortgage Association, Series 2009-32-ZE		4.50	%		05/16/2039		1,800,425
	10,232,198	Government National Mortgage Association, Series 2009-35-DZ		4.50	%		05/20/2039		9,749,281
	9,288	Government National Mortgage Association, Series 2009-41-ZQ		4.50	%(i)		06/16/2039		8,946
	1,327,170	Government National Mortgage Association, Series 2009-48-Z		5.00	%		06/16/2039		1,292,783
	104,805	Government National Mortgage Association, Series 2009-50-KP		4.50	%		06/20/2039		103,135
	752,796	Government National Mortgage Association, Series 2009-69-TS (-1 x Secured Overnight Financing Rate 1 Month + 6.09%, 6.20% Cap)		0.75	%(f)(h)		04/16/2039		19,907
	1,450,496	Government National Mortgage Association, Series 2009-75-GZ		4.50	%		09/20/2039		1,400,501
	372,181	Government National Mortgage Association, Series 2009-87-IG (-1 x Secured Overnight Financing Rate 1 Month + 6.63%, 6.74% Cap)		1.30	%(f)(h)		03/20/2037		3,890
	6,655,403	Government National Mortgage Association, Series 2010-106-PS (-1 x Secured Overnight Financing Rate 1 Month + 5.94%, 6.05% Cap)		0.61	%(f)(h)		03/20/2040		153,547
	2,933,159	Government National Mortgage Association, Series 2010-1-SA (-1 x Secured Overnight Financing Rate 1 Month + 5.64%, 5.75% Cap)		0.30	%(f)(h)		01/16/2040		129,391
	2,621,473	Government National Mortgage Association, Series 2010-25-ZB		4.50	%		02/16/2040		2,510,830
	21,305,278	Government National Mortgage Association, Series 2010-26-QS (-1 x Secured Overnight Financing Rate 1 Month + 6.14%, 6.25% Cap)		0.81	%(f)(h)		02/20/2040		1,770,413


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	1,835,184	Government National Mortgage Association, Series 2010-42-AY		5.00	%		11/20/2039		1,796,427
	1,761,165	Government National Mortgage Association, Series 2010-42-ES (-1 x Secured Overnight Financing Rate 1 Month + 5.57%, 5.68% Cap)		0.24	%(f)(h)		04/20/2040		98,650
	514,788	Government National Mortgage Association, Series 2010-61-AS (-1 x Secured Overnight Financing Rate 1 Month + 6.44%, 6.55% Cap)		1.11	%(f)(h)		09/20/2039		21,534
	5,566,786	Government National Mortgage Association, Series 2010-62-SB (-1 x Secured Overnight Financing Rate 1 Month + 5.64%, 5.75% Cap)		0.31	%(f)(h)		05/20/2040		327,014
	6,419,890	Government National Mortgage Association, Series 2010-62-ZG		5.50	%		05/16/2040		6,308,195
	2,736,605	Government National Mortgage Association, Series 2011-18-SN (-2 x Secured Overnight Financing Rate 1 Month + 9.27%, 9.50% Cap)		0.00	%(h)		12/20/2040		2,074,664
	2,740,669	Government National Mortgage Association, Series 2011-18-YS (-2 x Secured Overnight Financing Rate 1 Month + 9.27%, 9.50% Cap)		0.00	%(h)		12/20/2040		2,056,304
	768,987	Government National Mortgage Association, Series 2011-69-OC		0.00	%(j)		05/20/2041		622,645
	7,811,638	Government National Mortgage Association, Series 2011-69-SB (-1 x Secured Overnight Financing Rate 1 Month + 5.24%, 5.35% Cap)		0.00	%(f)(h)		05/20/2041		411,113
	7,721,406	Government National Mortgage Association, Series 2011-71-ZA		4.50	%		02/20/2041		7,433,320
	2,975,193	Government National Mortgage Association, Series 2011-72-AS (-1 x Secured Overnight Financing Rate 1 Month + 5.27%, 5.38% Cap)		0.00	%(f)(h)		05/20/2041		154,798
	2,314,817	Government National Mortgage Association, Series 2011-72-SK (-1 x Secured Overnight Financing Rate 1 Month + 6.04%, 6.15% Cap)		0.71	%(f)(h)		05/20/2041		126,443
	7,789,811	Government National Mortgage Association, Series 2013-116-LS (-1 x Secured Overnight Financing Rate 1 Month + 6.04%, 6.15% Cap)		0.71	%(f)(h)		08/20/2043		622,942
	11,074,981	Government National Mortgage Association, Series 2013-136-CS (-1 x Secured Overnight Financing Rate 1 Month + 6.09%, 6.20% Cap)		0.75	%(f)(h)		09/16/2043		660,980
	18,354,157	Government National Mortgage Association, Series 2013-182-WZ		2.50	%		12/20/2043		15,717,302
	56,577,644	Government National Mortgage Association, Series 2013-182-ZW		2.50	%		12/20/2043		49,253,888
	4,010,848	Government National Mortgage Association, Series 2013-186-SG (-1 x Secured Overnight Financing Rate 1 Month + 6.14%, 6.25% Cap)		0.80	%(f)(h)		02/16/2043		170,297
	5,346,630	Government National Mortgage Association, Series 2013-26-MS (-1 x Secured Overnight Financing Rate 1 Month + 6.14%, 6.25% Cap)		0.81	%(f)(h)		02/20/2043		458,220
	3,153,994	Government National Mortgage Association, Series 2013-34-PL		3.00	%		03/20/2042		3,034,025
	9,235,121	Government National Mortgage Association, Series 2014-163-PS (-1 x Secured Overnight Financing Rate 1 Month + 5.49%, 5.60% Cap)		0.16	%(f)(h)		11/20/2044		548,301
	9,955,724	Government National Mortgage Association, Series 2014-167-SA (-1 x Secured Overnight Financing Rate 1 Month + 5.49%, 5.60% Cap)		0.16	%(f)(h)		11/20/2044		622,504
	16,987,361	Government National Mortgage Association, Series 2014-21-SE (-1 x Secured Overnight Financing Rate 1 Month + 5.44%, 5.55% Cap)		0.11	%(f)(h)		02/20/2044		914,700
	10,815,069	Government National Mortgage Association, Series 2014-30-EA		1.79	%(c)		02/16/2044		9,015,497
	10,230,100	Government National Mortgage Association, Series 2014-39-SK (-1 x Secured Overnight Financing Rate 1 Month + 6.09%, 6.20% Cap)		0.76	%(f)(h)		03/20/2044		797,763
	11,234,125	Government National Mortgage Association, Series 2014-59-DS (-1 x Secured Overnight Financing Rate 1 Month + 6.14%, 6.25% Cap)		0.80	%(f)(h)		04/16/2044		767,422
	10,652,796	Government National Mortgage Association, Series 2016-108-SM (-1 x Secured Overnight Financing Rate 1 Month + 5.99%, 6.10% Cap)		0.66	%(f)(h)		08/20/2046		957,208
	22,989,857	Government National Mortgage Association, Series 2019-122-IO		1.00	%(c)(f)		07/16/2061		1,428,889


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	189,654,875	Government National Mortgage Association, Series 2019-147-IO		0.40	%(c)(f)		06/16/2061		6,385,737
	10,308,656	Government National Mortgage Association, Series 2019-153-GF (Secured Overnight Financing Rate 1 Month + 0.56%, 0.45% Floor, 6.50% Cap)		5.89	%		12/20/2049		9,874,913
	20,151,833	Government National Mortgage Association, Series 2020-104-AI		3.00	%(f)		07/20/2050		2,815,044
	12,601,302	Government National Mortgage Association, Series 2020-104-EI		3.00	%(f)		07/20/2050		1,822,724
	10,815,289	Government National Mortgage Association, Series 2020-112-LS (-1 x Secured Overnight Financing Rate 30 Day Average + 6.20%, 6.20% Cap)		0.89	%(f)(h)		08/20/2050		1,121,102
	42,978,396	Government National Mortgage Association, Series 2020-115-IG		2.50	%(f)		08/20/2050		5,740,100
	20,794,830	Government National Mortgage Association, Series 2020-138-IC		3.50	%(f)		08/20/2050		3,374,945
	152,081,664	Government National Mortgage Association, Series 2020-140-ES (-1 x Secured Overnight Financing Rate 1 Month + 6.19%, 6.30% Cap)		0.86	%(f)(h)		09/20/2050		15,558,152
	38,896,070	Government National Mortgage Association, Series 2020-140-SG (-1 x Secured Overnight Financing Rate 1 Month + 6.24%, 6.35% Cap)		0.91	%(f)(h)		09/20/2050		4,251,586
	50,342,973	Government National Mortgage Association, Series 2020-146-CI		2.50	%(f)		10/20/2050		5,935,134
	26,961,219	Government National Mortgage Association, Series 2020-146-KI		2.50	%(f)		10/20/2050		3,483,468
	44,488,242	Government National Mortgage Association, Series 2020-148-AI		2.50	%(f)		10/20/2050		5,716,877
	37,397,151	Government National Mortgage Association, Series 2020-148-JL		1.00	%		10/20/2050		26,167,306
	156,223,383	Government National Mortgage Association, Series 2020-151-MI		2.50	%(f)		10/20/2050		20,781,834
	65,069,962	Government National Mortgage Association, Series 2020-152-IO		0.58	%(c)(f)		12/16/2062		3,142,333
	105,389,376	Government National Mortgage Association, Series 2020-153-EI		2.50	%(f)		10/20/2050		14,008,999
	46,270,630	Government National Mortgage Association, Series 2020-160-IA		2.50	%(f)		10/20/2050		6,252,342
	11,441,108	Government National Mortgage Association, Series 2020-160-IM		2.50	%(f)		10/20/2050		1,496,971
	37,009,439	Government National Mortgage Association, Series 2020-162-QS (-1 x Secured Overnight Financing Rate 1 Month + 6.19%, 6.30% Cap)		0.86	%(f)(h)		10/20/2050		3,403,717
	52,487,044	Government National Mortgage Association, Series 2020-166-SM (-1 x Secured Overnight Financing Rate 1 Month + 6.19%, 6.30% Cap)		0.86	%(f)(h)		11/20/2050		5,394,739
	74,519,286	Government National Mortgage Association, Series 2020-167-BI		2.50	%(f)		11/20/2050		9,659,115
	55,715,907	Government National Mortgage Association, Series 2020-167-DI		2.50	%(f)		11/20/2050		7,035,955
	34,810,116	Government National Mortgage Association, Series 2020-167-IA		2.50	%(f)		11/20/2050		4,837,816
	81,460,495	Government National Mortgage Association, Series 2020-167-JI		2.50	%(f)		11/20/2050		11,074,497
	15,276,897	Government National Mortgage Association, Series 2020-167-NS (-1 x Secured Overnight Financing Rate 1 Month + 6.19%, 6.30% Cap)		0.86	%(f)(h)		11/20/2050		1,385,767
	28,676,616	Government National Mortgage Association, Series 2020-167-YK		1.20	%		11/20/2050		20,415,688
	132,646,318	Government National Mortgage Association, Series 2020-173-MI		2.50	%(f)		11/20/2050		17,309,907
	42,513,765	Government National Mortgage Association, Series 2020-175-MI		2.50	%(f)		11/20/2050		5,679,393
	39,818,168	Government National Mortgage Association, Series 2020-175-SC (-1 x Secured Overnight Financing Rate 1 Month + 6.19%, 6.30% Cap)		0.86	%(f)(h)		11/20/2050		4,133,225
	85,251,393	Government National Mortgage Association, Series 2020-177-IO		0.82	%(c)(f)		06/16/2062		4,828,349


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	29,385,352	Government National Mortgage Association, Series 2020-181-AI		2.50	%(f)		12/20/2050		3,704,494
	50,369,570	Government National Mortgage Association, Series 2020-181-BI		2.50	%(f)		12/20/2050		6,813,462
	31,555,411	Government National Mortgage Association, Series 2020-181-SA (-1 x Secured Overnight Financing Rate 1 Month + 6.19%, 6.30% Cap)		0.86	%(f)(h)		12/20/2050		3,264,470
	28,965,040	Government National Mortgage Association, Series 2020-181-YM		1.17	%		12/20/2050		20,571,794
	67,470,892	Government National Mortgage Association, Series 2020-185-AI		2.50	%(f)		12/20/2050		9,133,285
	53,089,535	Government National Mortgage Association, Series 2020-185-KI		2.50	%(f)		12/20/2050		6,568,959
	36,856,494	Government National Mortgage Association, Series 2020-185-MI		2.50	%(f)		12/20/2050		4,925,723
	48,874,076	Government National Mortgage Association, Series 2020-187-AI		2.50	%(f)		12/20/2050		6,373,590
	5,683,178	Government National Mortgage Association, Series 2020-188-DI		2.50	%(f)		12/20/2050		776,232
	28,125,288	Government National Mortgage Association, Series 2020-188-GI		2.00	%(f)		12/20/2050		3,028,402
	41,896,368	Government National Mortgage Association, Series 2020-188-IQ		3.00	%(f)		10/20/2050		6,257,729
	93,533,893	Government National Mortgage Association, Series 2020-188-KI		2.50	%(f)		12/20/2050		12,837,845
	37,880,056	Government National Mortgage Association, Series 2020-188-NS (-1 x Secured Overnight Financing Rate 1 Month + 6.19%, 6.30% Cap)		0.86	%(f)(h)		12/20/2050		3,914,309
	40,321,407	Government National Mortgage Association, Series 2020-195-IX		1.13	%(c)(f)		12/16/2062		2,930,858
	5,432,986	Government National Mortgage Association, Series 2020-4-H		2.50	%		10/20/2049		4,551,064
	9,061,180	Government National Mortgage Association, Series 2020-79-KG		1.30	%		06/20/2050		6,825,086
	37,298,271	Government National Mortgage Association, Series 2020-7-FM (Secured Overnight Financing Rate 1 Month + 0.56%, 0.45% Floor, 6.50% Cap)		5.89	%		01/20/2050		36,069,666
	90,642,226	Government National Mortgage Association, Series 2020-89-IA		1.17	%(c)(f)		04/16/2062		6,882,111
	67,055,512	Government National Mortgage Association, Series 2020-94-IO		0.97	%(c)(f)		03/16/2062		4,290,426
	18,403,489	Government National Mortgage Association, Series 2020-98-SA (-1 x Secured Overnight Financing Rate 1 Month + 6.04%, 6.15% Cap)		0.71	%(f)(h)		07/20/2050		1,819,163
	118,655,221	Government National Mortgage Association, Series 2021-100-IO		0.97	%(c)(f)		06/16/2063		7,836,572
	66,727,250	Government National Mortgage Association, Series 2021-107-QI		2.50	%(f)		06/20/2051		9,138,984
	67,226,961	Government National Mortgage Association, Series 2021-10-IO		0.99	%(c)(f)		05/16/2063		4,565,497
	131,580,617	Government National Mortgage Association, Series 2021-110-IO		0.87	%(c)(f)		11/16/2063		8,352,856
	25,906,110	Government National Mortgage Association, Series 2021-114-SB (-1 x Secured Overnight Financing Rate 1 Month + 2.49%, 2.60% Cap)		0.00	%(f)(h)		06/20/2051		122,059
	46,454,929	Government National Mortgage Association, Series 2021-116-IA		2.50	%(f)		06/20/2051		6,297,277
	46,948,510	Government National Mortgage Association, Series 2021-116-XI		3.50	%(f)		03/20/2051		7,755,270
	22,557,468	Government National Mortgage Association, Series 2021-117-IJ		3.50	%(f)		06/20/2051		3,165,505
	17,160,420	Government National Mortgage Association, Series 2021-117-SH (-1 x Secured Overnight Financing Rate 1 Month + 6.19%, 6.30% Cap)		0.86	%(f)(h)		07/20/2051		1,352,636
	120,462,599	Government National Mortgage Association, Series 2021-122-SA (-1 x Secured Overnight Financing Rate 30 Day Average + 2.60%, 2.60% Cap)		0.00	%(f)(h)		07/20/2051		539,817


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	241,183,862	Government National Mortgage Association, Series 2021-12-IO		0.95	%(c)(f)		03/16/2063		15,364,136
	64,446,057	Government National Mortgage Association, Series 2021-135-GI		3.00	%(f)		08/20/2051		9,244,394
	82,063,590	Government National Mortgage Association, Series 2021-135-SK (-1 x Secured Overnight Financing Rate 1 Month + 6.19%, 6.30% Cap)		0.86	%(f)(h)		08/20/2051		6,736,969
	66,468,141	Government National Mortgage Association, Series 2021-136-EI		3.00	%(f)		08/20/2051		9,626,042
	41,361,203	Government National Mortgage Association, Series 2021-138-IL		3.00	%(f)		08/20/2051		5,825,883
	40,240,161	Government National Mortgage Association, Series 2021-138-KI		3.00	%(f)		08/20/2051		6,167,223
	61,757,606	Government National Mortgage Association, Series 2021-138-PS (-1 x Secured Overnight Financing Rate 30 Day Average + 3.75%, 3.75% Cap)		0.00	%(f)(h)		08/20/2051		685,868
	15,783,435	Government National Mortgage Association, Series 2021-139-BI		3.50	%(f)		08/20/2051		2,208,521
	50,942,386	Government National Mortgage Association, Series 2021-140-IJ		3.00	%(f)		08/20/2051		8,028,036
	32,934,109	Government National Mortgage Association, Series 2021-142-IO		3.00	%(f)		08/20/2051		5,412,787
	124,210,608	Government National Mortgage Association, Series 2021-142-XI		3.00	%(f)		08/20/2051		19,571,356
	113,093,602	Government National Mortgage Association, Series 2021-143-IO		0.97	%(c)(f)		10/16/2063		7,349,512
	86,100,246	Government National Mortgage Association, Series 2021-144-IO		0.82	%(c)(f)		04/16/2063		5,075,265
	69,086,876	Government National Mortgage Association, Series 2021-151-IO		0.92	%(c)(f)		04/16/2063		4,597,027
	30,225,281	Government National Mortgage Association, Series 2021-155-IE		3.00	%(f)		09/20/2051		4,595,001
	84,659,408	Government National Mortgage Association, Series 2021-155-KI		4.00	%(f)		09/20/2051		12,460,688
	39,620,752	Government National Mortgage Association, Series 2021-155-S (-1 x Secured Overnight Financing Rate 30 Day Average + 3.20%, 3.20% Cap)		0.00	%(f)(h)		09/20/2051		288,031
	41,182,046	Government National Mortgage Association, Series 2021-155-SG (-1 x Secured Overnight Financing Rate 1 Month + 6.19%, 6.30% Cap)		0.86	%(f)(h)		09/20/2051		4,317,484
	23,711,137	Government National Mortgage Association, Series 2021-157-IO		0.89	%(c)(f)		09/16/2063		1,498,115
	48,547,115	Government National Mortgage Association, Series 2021-158-IO		3.00	%(f)		09/20/2051		7,286,572
	66,437,841	Government National Mortgage Association, Series 2021-158-IV		2.50	%(f)		09/20/2051		9,175,630
	242,349,697	Government National Mortgage Association, Series 2021-15-BI		2.50	%(f)		01/20/2051		32,215,521
	25,884,167	Government National Mortgage Association, Series 2021-160-IA		3.00	%(f)		09/20/2051		3,834,286
	83,093,333	Government National Mortgage Association, Series 2021-160-SQ (-1 x Secured Overnight Financing Rate 30 Day Average + 2.65%, 3.00% Cap)		0.00	%(f)(h)		09/20/2051		422,920
	37,318,093	Government National Mortgage Association, Series 2021-160-WI		2.50	%(f)		09/20/2051		4,758,296
	44,428,085	Government National Mortgage Association, Series 2021-160-XI		3.00	%(f)		09/20/2051		6,509,932
	45,647,155	Government National Mortgage Association, Series 2021-161-KI		3.50	%(f)		09/20/2051		7,609,910
	85,279,696	Government National Mortgage Association, Series 2021-161-UI		3.00	%(f)		09/20/2051		12,517,269
	29,131,384	Government National Mortgage Association, Series 2021-162-DI		3.00	%(f)		09/20/2051		4,392,418
	15,323,799	Government National Mortgage Association, Series 2021-170-IO		0.99	%(c)(f)		05/16/2063		1,071,719


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	42,352,340	Government National Mortgage Association, Series 2021-175-IM		3.00	%(f)		10/20/2051		5,979,291
	15,810,187	Government National Mortgage Association, Series 2021-175-IN		2.50	%(f)		07/20/2051		2,126,592
	54,551,796	Government National Mortgage Association, Series 2021-175-IU		2.50	%(f)		09/20/2051		7,260,920
	47,048,420	Government National Mortgage Association, Series 2021-176-TI		4.00	%(f)		10/20/2051		6,721,817
	124,221,915	Government National Mortgage Association, Series 2021-177-IA		2.50	%(f)		10/20/2051		16,088,949
	58,379,310	Government National Mortgage Association, Series 2021-180-IO		0.91	%(c)(f)		11/16/2063		3,939,506
	70,020,261	Government National Mortgage Association, Series 2021-184-IO		0.88	%(c)(f)		12/16/2061		4,456,397
	28,890,462	Government National Mortgage Association, Series 2021-188-IA		3.00	%(f)		10/20/2051		4,125,211
	49,917,344	Government National Mortgage Association, Series 2021-188-IN		2.50	%(f)		10/20/2051		6,933,769
	35,244,057	Government National Mortgage Association, Series 2021-188-IT		2.50	%(f)		10/20/2051		4,595,095
	24,252,782	Government National Mortgage Association, Series 2021-191-BI		2.50	%(f)		10/20/2051		3,341,704
	49,121,437	Government National Mortgage Association, Series 2021-191-CI		2.50	%(f)		10/20/2051		6,403,475
	29,986,079	Government National Mortgage Association, Series 2021-192-AI		3.00	%(f)		10/20/2051		4,568,580
	124,425,997	Government National Mortgage Association, Series 2021-193-FW (Secured Overnight Financing Rate 30 Day Average + 0.45%, 0.45% Floor, 3.00% Cap)		3.00	%		11/20/2051		104,104,195
	62,358,165	Government National Mortgage Association, Series 2021-193-I		3.00	%(f)		06/20/2051		8,793,337
	129,394,755	Government National Mortgage Association, Series 2021-193-SW (-1 x Secured Overnight Financing Rate 30 Day Average + 2.55%, 2.55% Cap)		0.00	%(f)(h)		11/20/2051		435,400
	73,703,802	Government National Mortgage Association, Series 2021-196-IO		2.50	%(f)		11/20/2051		10,066,207
	83,683,566	Government National Mortgage Association, Series 2021-1-EI		2.00	%(f)		01/20/2051		7,102,224
	35,968,637	Government National Mortgage Association, Series 2021-1-IA		2.50	%(f)		01/20/2051		4,685,642
	86,678,782	Government National Mortgage Association, Series 2021-200-IO		0.88	%(c)(f)		11/16/2063		5,805,849
	26,722,647	Government National Mortgage Association, Series 2021-205-DI		2.50	%(f)		11/20/2051		3,520,292
	182,113,325	Government National Mortgage Association, Series 2021-208-IO		0.76	%(c)(f)		06/16/2064		10,101,589
	32,159,610	Government National Mortgage Association, Series 2021-20-IO		1.15	%(c)(f)		08/16/2062		2,483,876
	184,126,915	Government National Mortgage Association, Series 2021-210-IO		0.98	%(c)(f)		05/16/2062		12,722,470
	52,728,176	Government National Mortgage Association, Series 2021-211-IO		0.97	%(c)(f)		01/16/2063		3,575,825
	34,732,791	Government National Mortgage Association, Series 2021-213-IH		3.00	%(f)		12/20/2051		5,033,674
	9,677,569	Government National Mortgage Association, Series 2021-226-TI		2.50	%(f)		12/20/2051		1,342,247
	269,663,103	Government National Mortgage Association, Series 2021-22-IO		0.98	%(c)(f)		05/16/2063		18,026,978
	78,003,460	Government National Mortgage Association, Series 2021-24-XI		2.00	%(f)		02/20/2051		7,903,100
	33,516,520	Government National Mortgage Association, Series 2021-24-YD		1.20	%		02/20/2051		24,686,335


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	11,685,508	Government National Mortgage Association, Series 2021-25-EI		2.50	%(f)		02/20/2051		1,454,617
	62,789,303	Government National Mortgage Association, Series 2021-2-IO		0.87	%(c)(f)		06/16/2063		3,834,618
	22,134,984	Government National Mortgage Association, Series 2021-30-IB		2.50	%(f)		02/20/2051		3,034,746
	26,812,696	Government National Mortgage Association, Series 2021-30-WI		2.50	%(f)		02/20/2051		3,676,994
	26,632,856	Government National Mortgage Association, Series 2021-35-IO		1.03	%(c)(f)		12/16/2062		1,878,477
	35,987,392	Government National Mortgage Association, Series 2021-35-IX		1.20	%(c)(f)		12/16/2062		2,918,541
	33,393,496	Government National Mortgage Association, Series 2021-40-IO		0.82	%(c)(f)		02/16/2063		2,005,573
	600,577,425	Government National Mortgage Association, Series 2021-45-IO		0.81	%(c)(f)		04/16/2063		35,196,119
	48,191,248	Government National Mortgage Association, Series 2021-49-QI		2.50	%(f)		03/20/2049		4,800,629
	28,974,772	Government National Mortgage Association, Series 2021-52-IO		0.72	%(c)(f)		04/16/2063		1,563,540
	8,539,933	Government National Mortgage Association, Series 2021-58-HP		3.00	%		08/20/2050		7,307,813
	207,870,049	Government National Mortgage Association, Series 2021-60-IO		0.83	%(c)(f)		05/16/2063		12,144,018
	238,649,205	Government National Mortgage Association, Series 2021-65-IO		0.88	%(c)(f)		08/16/2063		14,911,566
	181,075,444	Government National Mortgage Association, Series 2021-70-IO		0.71	%(c)(f)		04/16/2063		9,856,787
	164,692,986	Government National Mortgage Association, Series 2021-71-IO		0.87	%(c)(f)		10/16/2062		10,097,838
	160,960,870	Government National Mortgage Association, Series 2021-72-IO		0.57	%(c)(f)		01/16/2061		7,557,660
	109,984,602	Government National Mortgage Association, Series 2021-74-CI		3.00	%(f)		12/20/2050		16,540,771
	103,952,796	Government National Mortgage Association, Series 2021-77-SJ (-1 x Secured Overnight Financing Rate 1 Month + 3.64%, 3.75% Cap)		0.00	%(f)(h)		05/20/2051		1,922,586
	11,943,845	Government National Mortgage Association, Series 2021-78-IC		4.00	%(f)		05/20/2051		2,015,957
	42,629,400	Government National Mortgage Association, Series 2021-7-IP		3.50	%(f)		07/20/2050		6,868,977
	93,956,423	Government National Mortgage Association, Series 2021-7-KI		2.50	%(f)		01/20/2051		12,730,785
	55,054,611	Government National Mortgage Association, Series 2021-7-MI		2.50	%(f)		01/20/2051		7,557,583
	59,652,446	Government National Mortgage Association, Series 2021-80-IO		0.90	%(c)(f)		12/16/2062		3,938,624
	314,865,563	Government National Mortgage Association, Series 2021-85-IO		0.68	%(c)(f)		03/16/2063		16,798,833
	49,282,147	Government National Mortgage Association, Series 2021-87-ET		2.00	%		05/20/2051		39,260,889
	46,065,910	Government National Mortgage Association, Series 2021-96-TS (-1 x Secured Overnight Financing Rate 30 Day Average + 3.25%, 3.25% Cap)		0.00	%(f)(h)		06/20/2051		408,517
	43,978,912	Government National Mortgage Association, Series 2021-97-NI		2.50	%(f)		08/20/2049		4,686,375
	35,329,226	Government National Mortgage Association, Series 2021-97-SH (-1 x Secured Overnight Financing Rate 1 Month + 3.64%, 3.75% Cap)		0.00	%(f)(h)		06/20/2051		660,038
	114,117,621	Government National Mortgage Association, Series 2021-98-IG		3.00	%(f)		06/20/2051		17,103,949
	26,011,151	Government National Mortgage Association, Series 2021-98-MI		2.50	%(f)		06/20/2051		3,559,811


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	28,175,243	Government National Mortgage Association, Series 2021-98-SB (-1 x Secured Overnight Financing Rate 1 Month + 6.19%, 6.30% Cap)		0.86	%(f)(h)		06/20/2051		2,662,634
	72,866,159	Government National Mortgage Association, Series 2021-98-ST (-1 x Secured Overnight Financing Rate 30 Day Average + 2.73%, 2.73% Cap)		0.00	%(f)(h)		03/20/2051		292,405
	9,101,213	Government National Mortgage Association, Series 2021-98-SW (-1 x Secured Overnight Financing Rate 1 Month + 6.19%, 6.30% Cap)		0.86	%(f)(h)		06/20/2051		779,428
	41,826,172	Government National Mortgage Association, Series 2021-99-IO		0.59	%(c)(f)		05/16/2061		2,003,407
	61,695,965	Government National Mortgage Association, Series 2021-9-AI		2.00	%(f)		01/20/2051		6,207,101
	106,600,464	Government National Mortgage Association, Series 2021-9-MI		2.50	%(f)		01/20/2051		13,689,546
	206,120,486	Government National Mortgage Association, Series 2022-102-IO		0.48	%(c)(f)		06/16/2064		8,955,358
	28,336,153	Government National Mortgage Association, Series 2022-135-EB		4.50	%		01/20/2049		27,023,795
	68,683,117	Government National Mortgage Association, Series 2022-137-DI		2.50	%(f)		02/20/2051		8,663,050
	69,483,468	Government National Mortgage Association, Series 2022-137-EI		2.50	%(f)		06/20/2051		9,428,636
	87,749,365	Government National Mortgage Association, Series 2022-141-IO		0.78	%(c)(f)		06/16/2064		6,107,558
	115,611,478	Government National Mortgage Association, Series 2022-14-IO		0.66	%(c)(f)		12/01/2061		5,982,316
	96,996,486	Government National Mortgage Association, Series 2022-158-IO		0.88	%(c)(f)		08/16/2064		7,308,074
	62,222,951	Government National Mortgage Association, Series 2022-167-IO		0.82	%(c)(f)		08/16/2065		4,129,034
	134,058,118	Government National Mortgage Association, Series 2022-169-IO		0.89	%(c)(f)		01/16/2062		10,060,284
	15,219,253	Government National Mortgage Association, Series 2022-183-B		5.00	%		04/20/2047		14,712,471
	88,085,234	Government National Mortgage Association, Series 2022-188-IO		2.50	%(f)		02/20/2051		12,009,144
	80,831,419	Government National Mortgage Association, Series 2022-202-IO		0.72	%(c)(f)		10/16/2063		5,258,973
	88,069,599	Government National Mortgage Association, Series 2022-207-EI		3.50	%(f)		02/20/2052		15,392,655
	92,321,721	Government National Mortgage Association, Series 2022-207-IO		3.00	%(f)		08/20/2051		14,560,308
	57,657,197	Government National Mortgage Association, Series 2022-218-IO		3.50	%(f)		01/20/2052		10,040,343
	75,013,925	Government National Mortgage Association, Series 2022-21-IO		0.78	%(c)(f)		10/16/2063		4,622,951
	14,020,582	Government National Mortgage Association, Series 2022-23-BA		3.00	%		05/20/2049		12,294,624
	146,341,226	Government National Mortgage Association, Series 2022-27-IO		0.75	%(c)(f)		03/16/2064		8,466,030
	93,977,921	Government National Mortgage Association, Series 2022-35-IO		0.55	%(c)(f)		10/16/2063		4,817,571
	144,530,335	Government National Mortgage Association, Series 2022-38-IO		0.72	%(c)(f)		04/16/2064		8,253,809
	418,247,042	Government National Mortgage Association, Series 2022-39-IO		0.62	%(c)(f)		01/16/2064		23,277,205
	123,594,252	Government National Mortgage Association, Series 2022-42-IO		0.67	%(c)(f)		12/16/2063		6,782,531
	22,562,879	Government National Mortgage Association, Series 2022-44-TY		2.00	%		12/20/2051		16,876,882
	59,762,970	Government National Mortgage Association, Series 2022-48-IO		0.70	%(c)(f)		01/16/2064		3,623,279


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	67,033,868	Government National Mortgage Association, Series 2022-49-IO		0.76	%(c)(f)		03/16/2064		3,917,010
	126,445,249	Government National Mortgage Association, Series 2022-54-IO		0.59	%(c)(f)		10/16/2063		6,295,102
	35,151,490	Government National Mortgage Association, Series 2022-56-HI		2.50	%(f)		01/20/2052		4,760,848
	79,324,234	Government National Mortgage Association, Series 2022-62-IO		0.62	%(c)(f)		06/16/2064		4,176,770
	209,396,440	Government National Mortgage Association, Series 2022-71-IO		0.55	%(c)(f)		06/16/2064		9,468,216
	277,792,332	Government National Mortgage Association, Series 2022-72-DI		0.58	%(c)(f)		06/16/2064		13,548,432
	98,250,448	Government National Mortgage Association, Series 2022-73-IO		0.56	%(c)(f)		07/16/2064		5,140,110
	5,944,000	Government National Mortgage Association, Series 2022-78-HW		2.50	%		04/20/2052		4,202,946
	137,097,258	Government National Mortgage Association, Series 2022-83-IO		2.50	%(f)		11/20/2051		17,996,030
	126,897,776	Government National Mortgage Association, Series 2022-86-IO		0.53	%(c)(f)		10/16/2063		5,838,782
	192,976,822	Government National Mortgage Association, Series 2022-8-IO		0.85	%(c)(f)		09/16/2063		12,628,751
	98,159,753	Government National Mortgage Association, Series 2022-91-IO		0.43	%(c)(f)		07/16/2064		4,358,774
	61,645,817	Government National Mortgage Association, Series 2022-9-EI		3.00	%(f)		01/20/2052		7,990,592
	500,537,013	Government National Mortgage Association, Series 2023-108-IO		0.70	%(c)(f)		08/16/2059		17,654,141
	11,138,711	Government National Mortgage Association, Series 2023-140-AS (-2 x Secured Overnight Financing Rate 30 Day Average + 13.00%, 13.00% Cap)		2.37	%(h)		09/20/2053		8,957,551
	188,388,559	Government National Mortgage Association, Series 2023-19-IO		2.50	%(f)		02/20/2051		25,784,007
	73,684,131	Government National Mortgage Association, Series 2023-50-IO		0.86	%(c)(f)		06/16/2064		5,058,681
	35,331,381	Government National Mortgage Association, Series 2023-58-IO		2.50	%(f)		10/20/2050		4,517,272
	38,446,511	Government National Mortgage Association, Series 2023-60-PT		4.00	%		10/20/2049		34,815,996
	55,473,100	Government National Mortgage Association, Series 2023-77-IO		0.70	%(c)(f)		04/16/2065		3,274,100
	31,927,906	Government National Mortgage Association, Series 2023-81-YJ		3.50	%		06/20/2053		25,685,988
	12,026,562	Government National Mortgage Association, Series 2023-88-IO		0.92	%(c)(f)		03/16/2065		883,476
	19,382,306	Seasoned Credit Risk Transfer Trust, Series 2018-3-HA		3.00	%		08/25/2057		17,428,080
	34,499,063	Seasoned Credit Risk Transfer Trust, Series 2020-1-MB		2.50	%		08/25/2059		23,112,582
	10,000,000	Seasoned Credit Risk Transfer Trust, Series 2020-2-MB		2.00	%		11/25/2059		6,318,999
	16,702,411	Seasoned Credit Risk Transfer Trust, Series 2020-2-MT		2.00	%		11/25/2059		12,690,676
	35,000,000	Seasoned Credit Risk Transfer Trust, Series 2022-2-MB		3.00	%		04/25/2062		22,163,099

	Total US Government and Agency Mortgage Backed Obligations (Cost $18,785,628,034)								16,107,171,322


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	US Government and Agency Obligations—6.7%
	54,900,000	Tennessee Valley Authority		4.25	%		09/15/2065		44,013,297
	1,280,000,000	United States Treasury Notes		3.63	%		05/15/2053		1,060,099,994
	1,130,000,000	United States Treasury Notes		4.13	%		08/15/2053		1,026,004,687

	Total US Government and Agency Obligations (Cost $2,328,222,869)								2,130,117,978

	Short Term Investments—0.8%
	83,938,272	First American Government Obligations Fund—Class U		5.28	%(k)				83,938,272
	83,938,271	JP Morgan U.S. Government Money Market Fund—Institutional Share Class		5.27	%(k)				83,938,271
	83,938,271	Morgan Stanley Institutional Liquidity Funds Government Portfolio—Institutional Share Class		5.27	%(k)				83,938,271

	Total Short Term Investments (Cost $251,814,814)								251,814,814

	Total Investments—99.1% (Cost $37,997,275,255)								31,720,534,181
	Other Assets in Excess of Liabilities—0.9%								272,154,372

	NET ASSETS—100.0%							$	31,992,688,553

SECURITY TYPE BREAKDOWN as a % of Net Assets:


US Government and Agency Mortgage Backed Obligations	50.3	%
Non-Agency Residential Collateralized Mortgage Obligations	26.2	%
Non-Agency Commercial Mortgage Backed Obligations	7.3	%
US Government and Agency Obligations	6.7	%
Asset Backed Obligations	4.5	%
Collateralized Loan Obligations	3.3	%
Short Term Investments	0.8	%
Other Assets and Liabilities	0.9	%

	100.0	%

(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.

(b)	Value determined using significant unobservable inputs.

(c)

(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)	Security pays interest at rates that represent residual cashflows available after more senior tranches have been paid. The interest rate disclosed reflects the estimated rate in effect as of period end.

(f)	Interest only security

(g)	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.

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

(i)	This security accrues interest which is added to the outstanding principal balance. The interest payment will be deferred until all other tranches in the structure are paid off. The rate disclosed is as of period end.

(j)	Principal only security

(k)	Seven-day yield as of period end

FUTURES CONTRACTS


Description	Long/ Short		Contract Quantity		Expiration Date		Notional Amount (1)		Unrealized Appreciation (Depreciation)/ Value
10-Year US Treasury Ultra Note Future		Long		11,800		12/19/2023	$	1,316,437,500	$	(37,758,357	)
US Treasury Ultra Long Bond Future		Long		13,000		12/19/2023		1,542,937,500		(113,556,700	)

									$	(151,315,057	)

(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.

DoubleLine Core Fixed Income Fund

Schedule of Investments

September 30, 2023 (Unaudited)


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $

	Asset Backed Obligations—3.8%
	2,900,317	AASET Ltd., Series 2021-2A-B		3.54	%(a)		01/15/2047		2,278,866
	2,083,900	American Airlines, Inc., Series 2021-1-B		3.95	%		07/11/2030		1,811,189
	2,773,653	Business Jet Securities LLC, Series 2020-1A-A		2.98	%(a)		11/15/2035		2,605,711
��	5,000,000	CANON, Series 2021-0001		3.50	%(b)		11/05/2023		5,000,000
	20,211,733	Carbon Level Mitigation Trust, Series 2021-5-CERT		0.61	%(a)		10/13/2051		12,558,581
	6,927,719	Castlelake Aircraft Structured Trust, Series 2021-1A-A		3.47	%(a)		01/15/2046		6,322,382
	3,000,000	Diamond Infrastructure Funding LLC, Series 2021-1A-C		3.48	%(a)		04/15/2049		2,610,908
	7,000,000	Exeter Automobile Receivables Trust, Series 2021-1A-D		1.08	%		11/16/2026		6,744,900
	8,500,000	Exeter Automobile Receivables Trust, Series 2021-1A-E		2.21	%(a)		02/15/2028		7,961,358
	1,290,522	HERO Funding Trust, Series 2016-1A-A		4.05	%(a)		09/20/2041		1,158,605
	1,766,572	Horizon Aircraft Finance Ltd., Series 2019-2-A		3.43	%(a)		11/15/2039		1,398,337
	13,905,397	ITE Rail Fund Levered LP, Series 2021-1A-A		2.25	%(a)		02/28/2051		11,823,300
	9,802,745	LendingPoint Asset Securitization Trust, Series 2021-A-C		2.75	%(a)		12/15/2028		9,624,611
	10,779,684	MACH 1 Cayman Ltd., Series 2019-1-A		3.47	%(a)		10/15/2039		9,138,520
	958,132	Mosaic Solar Loan Trust, Series 2018-1A-A		4.01	%(a)		06/22/2043		862,624
	1,360,307	Mosaic Solar Loan Trust, Series 2019-2A-B		3.28	%(a)		09/20/2040		1,175,691
	7,347,617	Navient Private Education Loan Trust, Series 2018-A-B		3.68	%(a)		02/18/2042		6,922,970
	4,016,999	NP SPE LLC, Series 2016-1A-A1		4.16	%(a)		04/20/2046		3,858,198
	4,982,952	NP SPE LLC, Series 2019-1A-A2		3.24	%(a)		09/20/2049		4,477,562
	6,374,673	Pagaya AI Debt Selection Trust, Series 2021-2-NOTE		3.00	%(a)		01/25/2029		6,160,341
	19,350,000	Primrose Funding LLC, Series 2019-1A-A2		4.48	%(a)		07/30/2049		18,012,830
	6,500,000	Retained Vantage Data Centers Issuer LLC, Series 2023-1A-A2A		5.00	%(a)		09/15/2048		5,872,496
	3,075,152	Sapphire Aviation Finance Ltd., Series 2020-1A-A		3.23	%(a)		03/15/2040		2,589,520
	4,987,500	SEB Funding LLC, Series 2021-1A-A2		4.97	%(a)		01/30/2052		4,465,324
	962,500	SERVPRO Master Issuer LLC, Series 2019-1A-A2		3.88	%(a)		10/25/2049		882,457
	1,048,610	Shenton Aircraft Investment Ltd., Series 2015-1A-A		4.75	%(a)		10/15/2042		894,664
	4,918,651	SoFi Alternative Consumer Loan Program, Series 2021-2-A		1.25	%(a)		08/15/2030		4,703,809
	75,000	SoFi Alternative Consumer Loan Program, Series 2021-2-R1		0.00	%(a)(b)(c)		08/15/2030		993,658
	3,686,072	SoFi Alternative Trust, Series 2021-1-PT1		9.72	%(a)(d)		05/25/2030		3,615,122


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	5,000,000	SoFi Professional Loan Program LLC, Series 2017-B-BFX		3.70	%(a)(d)		05/25/2040		4,811,416
	2,000,000	SoFi Professional Loan Program LLC, Series 2017-C-C		4.21	%(a)(d)		07/25/2040		1,740,160
	2,350,702	Start Ltd., Series 2018-1-A		4.09	%(a)		05/15/2043		2,081,925
	1,804,420	START Ltd., Series 2019-1-A		4.09	%(a)		03/15/2044		1,564,564
	4,123,919	Sunnova Helios Issuer LLC, Series 2018-1A-A		4.87	%(a)		07/20/2048		3,757,628
	4,902,649	Sunnova Helios Sol Issuer LLC, Series 2020-1A-A		3.35	%(a)		02/01/2055		4,122,711
	4,462,534	Sunrun Atlas Issuer LLC, Series 2019-2-A		3.61	%(a)		02/01/2055		3,885,143
	1,197,863	Upgrade Master Credit Pass-Thru Trust, Series 2021-ST3-A		2.50	%(a)		07/15/2027		1,184,378
	964,926	Upgrade Master Pass-Thru Trust, Series 2021-PT3-A		13.88	%(a)(d)		07/15/2027		883,347
	4,223,267	Upgrade Master Pass-Thru Trust, Series 2021-PT4-A		10.39	%(a)(d)		08/15/2027		4,024,546
	1,916,245	Upstart Pass-Through Trust, Series 2021-ST2-A		2.50	%(a)		04/20/2027		1,855,597
	337,460	Upstart Securitization Trust, Series 2020-2-A		2.31	%(a)		11/20/2030		331,845
	17,250,000	Upstart Securitization Trust, Series 2021-2-C		3.61	%(a)		06/20/2031		16,109,392
	42,796	Upstart Securitization Trust, Series 2021-3-A		0.83	%(a)		07/20/2031		42,654
	6,000,000	Upstart Securitization Trust, Series 2021-3-C		3.28	%(a)		07/20/2031		5,480,454
	12,450,000	Upstart Securitization Trust, Series 2021-4-B		1.84	%(a)		09/20/2031		11,957,177
	15,550,000	Upstart Securitization Trust, Series 2021-4-C		3.19	%(a)		09/20/2031		13,804,422
	4,500,000	US Auto Funding LLC, Series 2021-1A-C		2.20	%(a)		05/15/2026		4,217,089
	8,000,000	Vantage Data Centers LLC, Series 2020-2A-A2		1.99	%(a)		09/15/2045		6,701,425
	10,489,604	Vivint Solar Financing LLC, Series 2020-1A-A		2.21	%(a)		07/31/2051		8,238,188
	9,718,783	WAVE LLC, Series 2019-1-A		3.60	%(a)		09/15/2044		8,035,305

	Total Asset Backed Obligations (Cost $279,960,527)								251,353,900

	Bank Loans—3.7%
	1,505,000	1011778 B.C. Unlimited Liability Company, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.25%)		7.57	%		09/12/2030		1,501,087
	1,249,250	AAdvantage Loyalty IP Ltd., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 5.01%, 0.75% Floor)		10.34	%		04/20/2028		1,289,151
	1,390,000	Access CIG LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.00%, 0.50% Floor)		10.32	%		08/15/2028		1,374,363
	792,946	Acrisure LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)		8.93	%		02/16/2027		783,458
	756,525	Acrisure LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%, 0.50% Floor)		9.68	%		02/15/2027		756,290
	677,083	Acuris Finance, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.10%, 0.50% Floor)		9.54	%		02/16/2028		669,635


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	782,935	ADMI Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.11%)		8.43	%		04/30/2025		770,913
	553,588	ADMI Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.86%, 0.50% Floor)		9.18	%		12/23/2027		517,801
	1,298,038	AI Aqua Merger Sub, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.75%, 0.50% Floor)		9.06	%		07/31/2028		1,286,986
	839,375	Air Canada, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.76%, 0.75% Floor)		9.13	%		08/11/2028		841,125
	321,193	Air Methods Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%, 1.00% Floor)		9.23	%		04/22/2024		99,170
	1,502,295	AlixPartners LLP, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.86%, 0.50% Floor)		8.18	%		02/04/2028		1,503,046
	857,500	Alliant Holdings Intermediate LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%, 0.50% Floor)		8.93	%		11/05/2027		856,741
	339,946	Alliant Holdings Intermediate LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.50%, 0.50% Floor)		8.83	%		11/05/2027		339,787
	1,671,429	Allied Universal Holdco LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.85%, 0.50% Floor)		9.17	%		05/12/2028		1,617,200
	1,135,157	Alterra Mountain Company, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.61%, 0.50% Floor)		8.93	%		08/17/2028		1,135,634
	387,831	Alterra Mountain Company, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.85%)		9.17	%		05/31/2030		388,800
	718,200	Altice France S.A., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 5.50%)		10.81	%		08/15/2028		652,215
	263,854	AMC Entertainment Holdings, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.11%)		8.43	%		04/22/2026		213,363
	1,100,059	American Airlines, Inc., Senior Secured First Lien Term Loan (6 Month Secured Overnight Financing Rate + 1.85%)		7.32	%		01/29/2027		1,083,558
	918,375	American Tire Distributors, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 6.51%, 0.75% Floor)		11.81	%		10/20/2028		807,068
	433,554	American Trailer World Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.85%, 0.75% Floor)		9.17	%		03/03/2028		417,658
	1,333,491	AmWINS Group, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.36%, 0.75% Floor)		7.70	%		02/22/2028		1,327,131
	2,475,229	Applied Systems, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.50%, 0.50% Floor)		9.89	%		09/19/2026		2,485,600
	1,260,000	Applied Systems, Inc., Senior Secured Second Lien Term Loan (3 Month Secured Overnight Financing Rate + 6.75%, 0.75% Floor)		12.14	%		09/17/2027		1,267,875
	1,058,400	APX Group, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.69	%		07/10/2028		1,059,575
	1,342,715	Ascend Learning LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.60%, 0.50% Floor)		8.92	%		12/11/2028		1,284,079
	351,328	Ascend Learning LLC, Senior Secured Second Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.85%, 0.50% Floor)		11.17	%		12/10/2029		303,751
	70,000	AssuredPartners, Inc., Senior Secured First Lien Term Loan		9.07	%(e)		02/12/2027		70,132
	586,075	AssuredPartners, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.50%, 0.50% Floor)		8.82	%		02/12/2027		585,158
	949,459	AssuredPartners, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.61%)		8.95	%		02/12/2027		948,201
	870,992	Astra Acquisition Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 5.36%, 0.50% Floor)		10.90	%		10/25/2028		658,034
	894,785	Astra Acquisition Corporation, Senior Secured Second Lien Term Loan (3 Month Secured Overnight Financing Rate + 8.99%, 0.75% Floor)		14.53	%		10/25/2029		559,241
	558,568	Asurion LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.25%)		8.68	%		07/30/2027		540,833
	119,699	Asurion LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.35%)		9.67	%		08/21/2028		116,497
	1,012,854	Asurion LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.36%)		9.67	%		12/23/2026		993,863


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	295,000	Asurion LLC, Senior Secured Second Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.36%)		10.68	%		01/31/2028		266,817
	485,000	Asurion LLC, Senior Secured Second Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.36%)		10.68	%		01/22/2029		431,994
	1,174,091	Athenahealth Group Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.25%, 0.50% Floor)		8.57	%		02/15/2029		1,155,382
	608,338	Aveanna Healthcare LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.85%, 0.50% Floor)		9.27	%		07/17/2028		549,460
	385,415	Aveanna Healthcare LLC, Senior Secured Second Lien Term Loan (3 Month Secured Overnight Financing Rate + 7.15%, 0.50% Floor)		12.57	%		12/10/2029		254,374
	857,873	Bally’s Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.51%, 0.50% Floor)		8.84	%		10/02/2028		842,616
	560,000	Bausch & Lomb Corporation, Senior Secured First Lien Term Loan		9.32	%(e)		09/29/2028		553,700
	1,567,425	Bausch & Lomb Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.35%, 0.50% Floor)		8.76	%		05/10/2027		1,526,500
	1,020,126	BCP Renaissance Parent LLC, Term Loan		8.83	%(e)		10/31/2028		1,019,810
	1,304,630	BCPE Empire Holdings, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.75%, 0.50% Floor)		10.07	%		12/11/2028		1,306,098
	1,320,366	Blackstone CQP Holdco LP, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.60%, 0.50% Floor)		8.99	%		06/05/2028		1,323,218
	1,036,300	Boxer Parent Company, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.86%)		9.18	%		10/02/2025		1,036,440
	565,000	Brand Industrial Services, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 5.50%, 0.50% Floor)		10.87	%		07/25/2030		551,977
	150,904	Bright Bidco B.V., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 1.00% + 1.00% PIK, 1.00% Floor)		13.32	%		10/29/2027		61,116
	1,519,962	Brookfield WEC Holdings, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.86%, 0.50% Floor)		8.18	%		08/01/2025		1,520,844
	185,124	Brown Group Holding LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.85%, 0.50% Floor)		8.17	%		06/07/2028		183,812
	328,350	Caesars Entertainment, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.35%, 0.50% Floor)		8.67	%		02/06/2030		328,864
	211,200	Calpine Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.11%)		7.43	%		08/12/2026		211,380
	1,525,000	Camelot US Acquisition Company, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.11%)		8.43	%		10/30/2026		1,525,953
	304,238	Carnival Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.00%, 0.75% Floor)		8.33	%		08/09/2027		303,983
	1,563,752	Carnival Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.36%, 0.75% Floor)		8.68	%		10/18/2028		1,558,537
	1,684,243	Castle US Holding Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.01%)		9.43	%		01/29/2027		1,332,051
	1,540,965	Castlelake Aviation LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%, 0.50% Floor)		8.42	%		10/22/2026		1,541,227
	2,601,340	Catalent Pharma Solutions, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.11%, 0.50% Floor)		7.44	%		02/22/2028		2,549,730
	1,339,465	Cengage Learning, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 5.01%, 1.00% Floor)		10.32	%		07/14/2026		1,335,279
	878,363	Central Parent, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.25%, 0.50% Floor)		9.64	%		07/06/2029		879,614
	1,228,500	Charter Next Generation, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.86%, 0.75% Floor)		9.18	%		12/01/2027		1,219,028
	736,244	CHG Healthcare Services, Inc, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.68	%		09/29/2028		734,112
	1,281,704	CHG PPC Parent LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.11%, 0.50% Floor)		8.45	%		12/08/2028		1,276,097
	1,240,000	Clarios Global LP, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.75%)		9.07	%		05/06/2030		1,239,423


Principal Amount $/Shares			Security Description	Rate			Maturity		Value $
	1,050,764		Clear Channel Outdoor Holdings, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.76%)		9.13	%		08/21/2026		1,022,961
	2,736		(1 Month Secured Overnight Financing Rate + 3.61%)		8.93	%		08/21/2026		2,664
	526,331		ClubCorp Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		8.18	%		09/18/2024		519,260
	777,225		CMG Media Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.60%)		8.99	%		12/17/2026		714,398
	129,958		Columbus McKinnon Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.86%, 0.50% Floor)		8.42	%		05/15/2028		130,202
	319,169		CommScope, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.36%)		8.68	%		04/06/2026		292,199
	1,279,243		Compass Power Generation LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.36%, 1.00% Floor)		9.68	%		04/16/2029		1,277,491
	269,701		Conair Holdings LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.86%, 0.50% Floor)		9.18	%		05/17/2028		259,137
	646,550		Connect US Finco LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.50%, 1.00% Floor)		8.82	%		12/11/2026		635,639
	994,250		Conservice Midco LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.35%)		9.72	%		05/13/2027		996,427
	683,776		Constant Contact, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.26%, 0.75% Floor)		9.56	%		02/10/2028		663,156
	1,137,075		Corelogic, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.61%, 0.50% Floor)		8.93	%		06/02/2028		1,054,870
	562,117		Cornerstone Building Brands, Inc, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.35%, 0.50% Floor)		8.68	%		04/12/2028		549,998
	645,795	��	Cornerstone Building Brands, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.01%, 0.50% Floor)		9.18	%		10/16/2028		615,020
	723,891		Cross Financial Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.11%, 0.75% Floor)		9.43	%		09/15/2027		726,266
	975,000		CSC Holdings LLC, Senior Secured First Lean Term Loan		7.93	%(e)		04/15/2027		886,031
	972,687		Curium BidCo SARL, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.50%)		9.89	%		07/31/2029		972,687
	1,291,340		Cyxtera DC Holdings, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.00%, 1.00% Floor)		8.31	%(f)		05/01/2024		762,923
	984,709		DCert Buyer, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.00%)		9.33	%		10/16/2026		980,125
	330,000		DCert Buyer, Inc., Senior Secured Second Lien Term Loan (3 Month Secured Overnight Financing Rate + 7.00%)		12.32	%		02/16/2029		309,651
	1,226,831		Deerfield Dakota Holding LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.75%, 1.00% Floor)		9.14	%		04/09/2027		1,198,975
	1,450,000		Delta 2 SARL, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.00%, 0.50% Floor)		8.32	%		01/15/2030		1,451,631
	862,620		DexKo Global, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.01%, 0.50% Floor)		9.40	%		10/04/2028		843,751
	1,244,628		DG Investment Intermediate Holdings, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.86%, 0.75% Floor)		9.18	%		03/31/2028		1,225,573
	250,000		DG Investment Intermediate Holdings, Inc., Senior Secured Second Lien Term Loan (1 Month Secured Overnight Financing Rate + 6.86%, 0.75% Floor)		12.18	%		03/29/2029		222,188
	708,901		Diamond Sports Group LLC, Senior Secured Second Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.40%)		10.57	%(f)		08/24/2026		17,014
	1,254,744		DirectTV Financing LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.11%, 0.75% Floor)		10.43	%		08/02/2027		1,229,128
	299,419		Dynasty Acquisition Company, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.00%)		9.32	%		08/24/2028		299,170
	698,644		Dynasty Acquisition Company, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.00%)		9.32	%		08/24/2028		698,064


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	1,037,360	EAB Global, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.50%, 0.50% Floor)		8.87	%		08/16/2028		1,031,525
	520,906	Echo Global Logistics, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.60%, 0.50% Floor)		8.92	%		11/24/2028		504,562
	651,909	EG Group Limited, Senior Secured First Lien Term Loan (Daily Secured Overnight Financing Rate + 4.11%)		9.41	%		02/06/2025		645,660
	87,016	(Daily Secured Overnight Financing Rate + 4.11%)		9.16	%		02/06/2025		86,182
	386,179	EG Group Ltd., Senior Secured First Lien Term Loan (Daily Secured Overnight Financing Rate + 4.36%)		9.66	%		03/31/2026		370,010
	197,150	EG Group Ltd., Senior Secured First Lien Term Loan (Daily Secured Overnight Financing Rate + 4.36%)		9.66	%		03/31/2026		197,150
	862,410	Eisner Advisory Group LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.36%, 0.75% Floor)		10.68	%		07/28/2028		862,229
	250,737	Element Materials Technology Group US Holdings, Inc., Senior Secured First Lien Delayed-Draw Term Loan (3 Month Secured Overnight Financing Rate + 4.35%, 0.50% Floor)		9.74	%		06/22/2029		248,439
	543,263	Element Materials Technology Group US Holdings, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.35%, 0.50% Floor)		9.74	%		06/22/2029		538,284
	1,075,609	Endurance International Group, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.50%, 0.75% Floor)		8.79	%		02/10/2028		1,047,826
	608,879	Energizer Holdings, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.36%, 0.50% Floor)		7.69	%		12/22/2027		608,422
	1,124,901	Envision Healthcare Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.75%, 1.00% Floor)		8.99	%(f)		03/31/2027		5,062
	460,270	Envision Healthcare Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.25%, 1.00% Floor)		9.49	%(f)		03/31/2027		107,300
	474,088	Everi Holdings, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.61%, 0.50% Floor)		7.93	%		08/03/2028		474,384
	998,178	EW Scripps Company, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.68%, 0.75% Floor)		7.99	%		05/01/2026		986,115
	765,553	Exgen Renewables LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.76%, 1.00% Floor)		8.18	%		12/15/2027		764,596
	1,549,058	Fertitta Entertainment LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.00%, 0.50% Floor)		9.32	%		01/29/2029		1,536,069
	1,186,925	FINThrive Software Intermediate Holdings, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.11%, 0.50% Floor)		9.43	%		12/18/2028		974,762
	1,127,777	First Advantage Holdings LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.86%)		8.18	%		01/29/2027		1,130,072
	448,698	Flame Newco LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.10%, 4.00% PIK, 1.00% Floor)		7.43	%		06/30/2028		418,972
	210,000	Focus Financial Partners, Term Loan (1 Month Secured Overnight Financing Rate + 3.50%, 0.50% Floor)		8.82	%		06/30/2028		210,057
	486,567	Foresight Energy LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 8.10%, 1.50% Floor)		13.49	%(b)		06/30/2027		486,567
	194,513	Fortrea Holdings, Inc., Term Loan (1 Month Secured Overnight Financing Rate + 3.75%, 0.50% Floor)		9.07	%		07/01/2030		194,107
	1,172,046	Freeport LNG Investments LLP, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.76%, 0.50% Floor)		9.09	%		12/21/2028		1,162,892
	637,930	Garda World Security Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.35%)		9.75	%		10/30/2026		638,559
	895,950	Garda World Security Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.35%)		9.65	%		02/01/2029		896,931
	331,650	Gates Global LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.50%, 0.50% Floor)		8.93	%		11/16/2029		332,220
	874,671	Getty Images, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.60%)		9.99	%		02/19/2026		878,169
	490,770	GIP II Blue Holding LP, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.61%, 1.00% Floor)		9.93	%		09/29/2028		493,020


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	465,000	GIP Pilot Acquisition Partners LP, Term Loan		8.33	%(e)		09/30/2030		464,419
	292,791	Go Daddy Operating Company LLC (1 Month Secured Overnight Financing Rate + 2.50%)		7.82	%		11/09/2029		293,416
	836,801	Gogo Intermediate Holdings LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.86%, 0.75% Floor)		9.18	%		04/28/2028		835,981
	273,674	Grab Holdings, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.61%, 1.00% Floor)		9.93	%		01/29/2026		275,813
	1,276,341	Graham Packaging Company, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.11%, 0.75% Floor)		8.43	%		08/04/2027		1,275,313
	769,104	Gray Television, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.11%)		8.44	%		12/01/2028		751,799
	915,000	GRCR W Merger Sub LLC, Senior Secured First Lean Term Loan		8.33	%(e)		09/20/2030		915,334
	1,286,556	Great Outdoors Group LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.86%, 0.75% Floor)		9.40	%		03/06/2028		1,285,526
	1,914,629	Greeneden US Holdings LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.11%, 0.75% Floor)		9.43	%		12/01/2027		1,918,439
	378,000	Greystone Select Financial LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 5.26%, 0.75% Floor)		10.58	%		06/16/2028		374,220
	1,055,000	Grifols Worldwide Operations USA, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.15%)		7.42	%		11/15/2027		1,038,648
	628,385	Harbor Freight Tools USA, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.86%, 0.50% Floor)		8.18	%		10/19/2027		624,564
	610,000	Helios Software Holdings, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.35%)		9.66	%		07/18/2030		608,170
	253,715	Hexion Holdings Corporation, Term Loan (3 Month Secured Overnight Financing Rate + 4.50%, 0.50% Floor)		10.03	%		03/15/2029		241,839
	758,838	H-Food Holdings LLC, Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.69%)		9.27	%		05/23/2025		665,144
	1,054,673	Hightower Holding LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.26%, 0.75% Floor)		9.61	%		04/21/2028		1,054,673
	290,000	HUB International Ltd., Term Loan (3 Month Secured Overnight Financing Rate + 4.25%, 0.75% Floor)		9.58	%		06/20/2030		291,118
	1,390,192	Hunter Douglas Holding B.V., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.50%, 0.50% Floor)		8.89	%		02/26/2029		1,357,175
	999,768	IHeartCommunications, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.11%)		8.43	%		05/01/2026		901,795
	1,261,838	Ineos US Finance LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.60%)		8.92	%		02/19/2030		1,253,951
	1,837,025	Informatica LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.86%)		8.18	%		10/27/2028		1,835,023
	1,671,375	Intelsat Jackson Holdings S.A., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.50%, 0.50% Floor)		9.77	%		02/01/2029		1,669,763
	1,132,446	ION Trading Technologies SARL, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.85%)		10.24	%		03/31/2028		1,119,349
	337,431	IRB Holding Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.10%, 0.75% Floor)		8.42	%		12/15/2027		336,602
	998,796	Iron Mountain Information Management LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 1.86%)		7.18	%		01/02/2026		998,547
	373,741	Ivanti Software, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.51%, 0.75% Floor)		9.76	%		12/01/2027		324,456
	1,511,394	Jazz Pharmaceuticals, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.61%, 0.50% Floor)		8.93	%		05/05/2028		1,511,923
	1,572,900	Jo-Ann Stores LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 5.01%, 0.75% Floor)		10.36	%		07/07/2028		526,922
	1,537,633	Kenan Advantage Group, Inc., Senior Secured First Lien Term Loan (6 Month Secured Overnight Financing Rate + 4.18%, 0.75% Floor)		9.30	%		03/24/2026		1,535,819
	958,503	Kestrel Bidco, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.10%, 1.00% Floor)		8.42	%		12/11/2026		940,531


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	933,375	KKR Apple Bidco LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.86%, 0.50% Floor)		8.18	%		09/22/2028		928,475
	781,140	Kronos Acquisition Holdings, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.01%, 0.50% Floor)		9.40	%		12/22/2026		778,750
	764,400	LaserShip, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.76%, 0.75% Floor)		10.40	%		05/08/2028		713,567
	240,000	LaserShip, Inc., Senior Secured Second Lien Term Loan (3 Month Secured Overnight Financing Rate + 7.76%, 0.75% Floor)		13.40	%		04/30/2029		200,400
	1,054,097	LBM Acquisition LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.85%, 0.75% Floor)		9.18	%		12/17/2027		1,031,339
	786,165	Leslie’s Poolmart, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.86%, 0.50% Floor)		8.18	%		03/09/2028		775,627
	592,020	Level 3 Financing, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 1.86%)		7.18	%		03/01/2027		560,311
	1,525,000	LifePoint Health, Inc., Term Loan		10.82	%(e)		11/16/2028		1,479,250
	759,153	LogMeIn, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.90%)		10.27	%		08/31/2027		507,771
	1,397,362	Lummus Technology Holdings LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.61%)		8.93	%		06/30/2027		1,395,713
	1,529,788	Madison IAQ LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.69	%		06/21/2028		1,507,514
	650,571	Maravai Intermediate Holdings LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.00%, 0.50% Floor)		8.32	%		10/19/2027		635,120
	875,821	Marriott Ownership Resorts, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 1.85%)		7.17	%		08/29/2025		875,821
	1,559,413	Mavis Tire Express Services Topco Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.11%, 0.75% Floor)		9.43	%		05/04/2028		1,557,464
	1,012,977	McAfee Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.85%, 0.50% Floor)		9.18	%		03/01/2029		991,132
	1,527,373	Medline Borrower LP, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.68	%		10/23/2028		1,525,029
	1,059,231	MIC Glen LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.68	%		07/21/2028		1,050,434
	536,671	Michaels Stores, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.51%, 0.75% Floor)		9.90	%		04/14/2028		491,295
	1,515,962	Milano Acquisition Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.10%, 0.75% Floor)		9.49	%		10/01/2027		1,482,800
	813,750	Mileage Plus Holdings LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 5.40%, 1.00% Floor)		10.80	%		06/21/2027		846,670
	1,287,503	Minotaur Acquisition, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.85%)		10.17	%		03/27/2026		1,284,645
	1,050,310	Mitchell International, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.86%, 0.50% Floor)		9.18	%		10/16/2028		1,034,860
	3,422	(3 Month LIBOR USD + 3.75%, 0.50% Floor)		8.94	%		10/16/2028		3,371
	220,000	Mitchell International, Inc., Senior Secured Second Lien Term Loan (1 Month Secured Overnight Financing Rate + 6.61%, 0.50% Floor)		11.93	%		10/15/2029		203,260
	1,039,709	Monogram Food Solutions LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.11%, 0.50% Floor)		9.43	%		08/28/2028		1,025,413
	240,541	Nascar Holdings LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.61%)		7.93	%		10/19/2026		241,233
	516,002	NCR Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.61%)		7.93	%		08/28/2026		516,518
	798,239	NEP Group, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.36%)		8.68	%		10/20/2025		774,168
	953,525	Nouryon Finance B.V., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.10%)		9.43	%		04/03/2028		943,589


Principal Amount $/Shares		Security Description	Rate			Maturity		�� Value $
	1,070,925	Olympus Water US Holding Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.01%, 0.50% Floor)		9.40	%		11/09/2028		1,058,304
	553,047	OMNIA Partners LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.25%)		9.60	%		07/25/2030		554,372
	1,572,277	OneDigital Borrower LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.50%, 0.50% Floor)		9.67	%		11/16/2027		1,572,929
	1,266,553	Ontario Gaming GTA LP, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.25%, 0.50% Floor)		9.64	%		08/01/2030		1,269,061
	2,114,512	Organon & Company, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.11%, 0.50% Floor)		8.44	%		06/02/2028		2,113,984
	1,308,792	Oryx Midstream Services Permian Basin LLC (1 Month Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.69	%		10/05/2028		1,310,022
	381,000	Outcomes Group Holdings, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.76%)		9.13	%		10/24/2025		379,910
	1,329,084	Packaging Coordinators Midco, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.76%, 0.75% Floor)		9.15	%		11/30/2027		1,325,449
	730,886	Packers Holdings LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.35%, 0.75% Floor)		8.67	%		03/06/2028		440,099
	273,625	Par Petroleum, LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.35%, 0.50% Floor)		9.77	%		02/28/2030		273,681
	701,510	Park River Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%, 0.75% Floor)		8.52	%		12/28/2027		679,510
	461,152	PCI Gaming Authority, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.61%)		7.93	%		05/29/2026		461,412
	660,162	PECF USS Intermediate Holding Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.51%, 0.50% Floor)		9.88	%		12/15/2028		532,375
	1,508,947	Penn National Gaming, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.85%, 0.50% Floor)		8.17	%		05/03/2029		1,508,947
	1,541,239	Peraton Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.85%, 0.75% Floor)		9.17	%		02/01/2028		1,539,960
	970,175	Perrigo Investments LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.35%, 0.50% Floor)		7.67	%		04/20/2029		968,051
	1,510,794	Petco Health and Wellness Company, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.51%, 0.75% Floor)		8.90	%		03/03/2028		1,496,396
	2,413,473	PetSmart, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.85%, 0.75% Floor)		9.17	%		02/11/2028		2,409,804
	1,193,472	PetVet Care Centers LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.60%, 0.75% Floor)		8.92	%		02/14/2025		1,189,742
	1,259,170	PG&E Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.11%, 0.50% Floor)		8.43	%		06/23/2025		1,262,059
	489,041	Pike Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.25%)		8.43	%		01/21/2028		489,117
	1,552,061	Pilot Travel Centers LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.40%)		7.42	%		08/04/2028		1,552,061
	1,277,372	Playa Resorts Holding BV, Senior Secured First Lien Term Loan (6 Month Secured Overnight Financing Rate + 3.43%, 0.50% Floor)		9.58	%		01/05/2029		1,279,333
	717,750	PMHC, Inc., Senior Secured First Lien Term Loan (6 Month Secured Overnight Financing Rate + 4.85%, 0.50% Floor)		9.70	%		04/23/2029		679,332
	575,250	PointClickCare Technologies, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.11%, 0.75% Floor)		8.76	%		12/29/2027		574,531
	344,850	Polar US Borrower LLC, Senior Secured First Lien Term Loan (6 Month Secured Overnight Financing Rate + 4.85%)		9.82	%		10/15/2025		278,682
	294,723	(3 Month Secured Overnight Financing Rate + 4.85%)		10.15	%		10/15/2025		238,173
	571,034	Polaris Newco LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.51%, 0.50% Floor)		9.43	%		06/02/2028		548,193
	913,863	PQ Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.75%, 0.50% Floor)		7.97	%		06/09/2028		912,268


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	1,275,764	Pregis Topco LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.11%)		9.07	%		07/31/2026		1,275,304
	911,141	Pretium PKG Holdings, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.26%, 0.50% Floor)		9.53	%		10/02/2028		565,258
	292,422	(1 Month Secured Overnight Financing Rate + 4.11%, 0.50% Floor)		9.44	%		10/02/2028		181,414
	137,500	Pretium PKG Holdings, Inc., Senior Secured Second Lien Term Loan (1 Month Secured Overnight Financing Rate + 6.86%, 0.50% Floor)		12.19	%		09/30/2029		44,099
	137,500	(3 Month Secured Overnight Financing Rate + 7.01%, 0.50% Floor)		12.28	%		09/30/2029		44,098
	1,273,469	Prime Security Services Borrower, LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.61%, 0.75% Floor)		8.19	%		09/23/2026		1,273,036
	1,434,450	Proofpoint, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.86%, 0.50% Floor)		8.68	%		08/31/2028		1,424,387
	1,603,996	Pug LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.36%)		8.93	%		02/12/2027		1,518,784
	594,123	QUIKRETE Holdings, Inc., Senior Secured First Lien Term Loan (6 Month Secured Overnight Financing Rate + 4.68%)		8.18	%		03/19/2029		594,934
	698,308	Radiate Holdco LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.11%, 0.75% Floor)		8.68	%		09/25/2026		573,821
	675,877	Radiology Partners, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.51%)		10.18	%		07/09/2025		512,055
	1,029,746	RealPage, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.61%, 0.50% Floor)		8.43	%		04/24/2028		1,019,232
	1,184,029	RegionalCare Hospital Partners Holdings, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.61%)		9.38	%		11/14/2025		1,183,414
	667,685	Rent-A-Center, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.10%, 0.50% Floor)		8.88	%		02/17/2028		667,164
	110,237	Rentpath, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.50%)		8.00	%		04/25/2024		1,654
	515,061	Restoration Hardware, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.50%, 0.50% Floor)		7.93	%		10/20/2028		496,176
	1,144,221	Scientific Games Holdings LP, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.61%, 0.50% Floor)		8.77	%		04/04/2029		1,139,215
	869,000	Scientific Games International, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.00%, 0.50% Floor)		8.43	%		04/16/2029		870,086
	530,142	Securus Technologies Holdings, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.75%, 1.00% Floor)		10.23	%		11/01/2024		479,079
	1,401,488	Select Medical Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.76%)		8.32	%		03/06/2027		1,399,736
	210,000	Simon & Schuster, Term Loan		9.32	%(e)		09/19/2030		208,950
	434,463	Sinclair Television Group, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.60%)		7.93	%		09/30/2026		377,982
	769,250	SkyMiles IP Ltd., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.86%, 1.00% Floor)		9.08	%		10/20/2027		797,378
	1,389,283	SMG US Midco, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.11%)		8.13	%		01/23/2025		1,389,936
	1,533,272	Sophia LP, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.26%, 0.50% Floor)		8.92	%		10/07/2027		1,531,677
	1,545,000	Sotera Health Holdings LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.25%, 0.50% Floor)		8.18	%		12/11/2026		1,535,923
	1,659,145	Southern Veterinary Partners LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.61%, 1.00% Floor)		9.43	%		10/05/2027		1,651,106
	1,197,625	Spin Holdco, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.00%, 0.75% Floor)		9.66	%		03/06/2028		1,039,784


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	446,625	Spirit AeroSystems, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.51%, 0.50% Floor)		9.62	%		01/15/2027		446,513
	1,543,267	SRS Distribution, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.35%, 0.50% Floor)		8.93	%		06/02/2028		1,530,003
	1,018,977	Staples, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.85%)		10.63	%		04/16/2026		876,575
	379,033	Starwood Property Mortgage LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.50%, 0.75% Floor)		8.67	%		07/27/2026		379,272
	1,289,678	Sunshine Luxembourg SARL, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.11%, 0.75% Floor)		9.24	%		10/01/2026		1,289,143
	1,063,386	SWF Holdings Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.86%, 0.75% Floor)		9.43	%		10/06/2028		907,642
	745,000	Syneos Health, Term Loan		9.31	%(e)		09/18/2030		729,530
	530,000	TAMKO Building Products LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.00%)		8.90	%		09/13/2030		528,346
	335,000	Team Health, Term Loan		10.58	%(e)		03/02/2027		256,191
	811,325	Tecta America Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.61%, 0.75% Floor)		9.43	%		04/06/2028		810,891
	588,821	Telesat Canada, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 6.86%)		8.43	%		12/07/2026		434,562
	849,609	Tempo Acquisition LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.35%, 0.50% Floor)		8.32	%		08/31/2028		851,202
	389,075	The Dun & Bradstreet Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.00%)		8.32	%		01/18/2029		388,978
	1,092,490	The Edelman Financial Engines Centre LLC, Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.00%, 0.75% Floor)		8.93	%		04/07/2028		1,082,794
	497,662	The Edelman Financial Engines Centre LLC, Senior Secured Second Lien Term Loan (6 Month Secured Overnight Financing Rate + 3.93%)		12.18	%		07/20/2026		497,040
	674,590	Tiger Acquisition LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.25%, 0.50% Floor)		8.67	%		06/01/2028		667,527
	1,221,161	Titan Acquisition Limited, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 7.10%)		8.73	%		03/28/2025		1,213,071
	1,273,406	TK Elevator Midco GMBH, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.85%, 0.50% Floor)		9.38	%		07/30/2027		1,272,132
	1,550,208	Transdigm, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%)		8.49	%		08/24/2028		1,552,750
	658,935	Travelport Finance (Luxembourg) SARL, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.51%, 1.00% Floor)		12.33	%		02/28/2025		628,070
	282,070	Traverse Midstream Partners LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.75%, 0.50% Floor)		9.22	%		02/16/2028		282,402
	1,141,814	TricorBraun Holdings, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.60%, 0.50% Floor)		8.68	%		03/03/2028		1,122,289
	1,050,234	Trident TPI Holdings, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.01%, 0.50% Floor)		9.65	%		09/15/2028		1,048,192
	1,576,890	Triton Water Holdings, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.85%, 0.50% Floor)		8.75	%		03/31/2028		1,540,093
	704,675	Uber Technologies, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.60%)		8.16	%		03/04/2030		705,235
	934,706	UFC Holdings LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 5.35%, 0.75% Floor)		8.37	%		04/29/2026		934,757
	423,938	UKG, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 0.50% Floor)		10.02	%		05/04/2026		425,792
	1,126,764	UKG, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.86%)		9.22	%		05/04/2026		1,126,944
	395,000	UKG, Inc., Senior Secured Second Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.25%, 0.50% Floor)		10.62	%		05/03/2027		395,387
	538,811	Ultra Clean Holdings, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.75%)		9.18	%		08/27/2025		540,918


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	1,615,929	United Airlines, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.11%, 0.75% Floor)		9.18	%		04/21/2028		1,620,979
	754,119	Univision Communications, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.11%, 0.50% Floor)		9.64	%		06/24/2029		754,308
	129,025	Vantage Specialty Chemicals, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		10.08	%		10/26/2026		126,735
	2,377,328	Verscend Holding Corporation, Senior Secured First Lien Term Loan (6 Month Secured Overnight Financing Rate + 3.35%)		9.43	%		08/27/2025		2,380,942
	738,781	Viad Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.11%, 0.50% Floor)		10.43	%		07/31/2028		726,466
	160,605	(Prime Rate + 4.00%, 0.50% Floor)		12.50	%		07/31/2028		157,928
	877,100	Victoria’s Secret & Company, Senior secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.50%, 0.50% Floor)		8.90	%		08/02/2028		859,558
	1,485,000	Virgin Media Bristol LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.85%)		8.31	%		10/15/2031		1,452,122
	400,000	VT Topco, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 6.01%, 0.50% Floor)		9.66	%		08/09/2030		400,710
	618,975	Walker & Dunlop, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.11%, 0.50% Floor)		7.67	%		12/15/2028		618,588
	1,274,405	Wand NewCo, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.24%)		8.17	%		02/05/2026		1,273,806
	769,894	WaterBridge Midstream Operating LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.26%, 1.00% Floor)		11.36	%		06/22/2026		771,942
	1,252,688	Whatabrands LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.11%, 0.50% Floor)		8.43	%		08/03/2028		1,249,556
	1,555,000	WMG Acquisition Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.51%)		7.56	%		01/20/2028		1,556,361
	272,287	WWEX UNI TopCo Holdings LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.61%, 0.75% Floor)		9.65	%		07/26/2028		268,571
	1,257,145	Zayo Group Holdings, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.28%)		8.43	%		03/09/2027		1,030,293
	1,026,704	Zebra Buyer LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.50%, 0.50% Floor)		8.95	%		11/01/2028		1,018,362
	850,000	Ziggo Financing Partnership, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.00%)		7.95	%		04/28/2028		832,112

	Total Bank Loans (Cost $251,528,826)								244,956,027

	Collateralized Loan Obligations—4.0%
	1,000,000	AIMCO Ltd., Series 2018-AA-D (Secured Overnight Financing Rate 3 Month + 2.81%)		8.12	%(a)		04/17/2031		977,841
	3,500,000	Aimco Ltd., Series 2020-11A-AR (Secured Overnight Financing Rate 3 Month + 1.39%, 1.13% Floor)		6.70	%(a)		10/17/2034		3,480,657
	5,000,000	Anchorage Capital Ltd., Series 2021-19A-A (Secured Overnight Financing Rate 3 Month + 1.47%, 1.21% Floor)		6.78	%(a)		10/15/2034		4,967,563
	1,000,000	Apidos, Series 2013-12A-DR (Secured Overnight Financing Rate 3 Month + 2.86%)		8.17	%(a)		04/15/2031		971,390
	3,400,000	Babson Ltd., Series 2015-IA-DR (Secured Overnight Financing Rate 3 Month + 2.86%, 2.60% Floor)		8.19	%(a)		01/20/2031		3,241,017
	500,000	Bain Capital Credit Ltd., Series 2017-2A-DR2 (Secured Overnight Financing Rate 3 Month + 3.36%, 3.10% Floor)		8.71	%(a)		07/25/2034		485,857
	1,000,000	Bain Capital Credit Ltd., Series 2022-3A-D (Secured Overnight Financing Rate 3 Month + 3.70%, 3.70% Floor)		9.01	%(a)		07/17/2035		982,018
	2,500,000	Barings Ltd., Series 2015-2A-DR (Secured Overnight Financing Rate 3 Month + 3.21%)		8.54	%(a)		10/20/2030		2,468,610


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	2,000,000	Barings Ltd., Series 2018-1A-C (Secured Overnight Financing Rate 3 Month + 2.86%)		8.17	%(a)		04/15/2031		1,885,697
	5,100,000	Barings Ltd., Series 2018-3A-D (Secured Overnight Financing Rate 3 Month + 3.16%)		8.49	%(a)		07/20/2029		5,031,644
	4,000,000	BlueMountain Ltd., Series 2015-3A-CR (Secured Overnight Financing Rate 3 Month + 2.86%)		8.19	%(a)		04/20/2031		3,725,429
	2,000,000	BlueMountain Ltd., Series 2016-3A-DR (Secured Overnight Financing Rate 3 Month + 3.36%, 3.10% Floor)		8.73	%(a)		11/15/2030		1,815,778
	2,400,000	BlueMountain Ltd., Series 2017-2A-C (Secured Overnight Financing Rate 3 Month + 3.26%)		8.59	%(a)		10/20/2030		2,206,464
	1,000,000	Buckhorn Park Ltd., Series 2019-1A-DR (Secured Overnight Financing Rate 3 Month + 3.36%, 3.10% Floor)		8.67	%(a)		07/18/2034		971,857
	2,500,000	Canyon Capital Ltd., Series 2012-1RA-D (Secured Overnight Financing Rate 3 Month + 3.26%)		8.57	%(a)		07/15/2030		2,429,072
	2,750,000	Canyon Capital Ltd., Series 2014-1A-CR (Secured Overnight Financing Rate 3 Month + 3.01%, 2.75% Floor)		8.38	%(a)		01/30/2031		2,590,019
	3,000,000	Canyon Capital Ltd., Series 2016-1A-DR (Secured Overnight Financing Rate 3 Month + 3.06%)		8.37	%(a)		07/15/2031		2,908,855
	2,500,000	Canyon Capital Ltd., Series 2021-1A-D (Secured Overnight Financing Rate 3 Month + 3.36%, 3.10% Floor)		8.67	%(a)		04/15/2034		2,424,348
	1,000,000	Canyon Capital Ltd., Series 2021-3A-D (Secured Overnight Financing Rate 3 Month + 3.31%, 3.05% Floor)		8.62	%(a)		07/15/2034		971,282
	5,000,000	Carlyle Global Market Strategies Ltd., Series 2016-3A-DRR (Secured Overnight Financing Rate 3 Month + 3.56%, 3.30% Floor)		8.89	%(a)		07/20/2034		4,864,854
	9,000,000	Carlyle Global Market Strategies Ltd., Series 2021-9A-D (Secured Overnight Financing Rate 3 Month + 3.46%, 3.20% Floor)		8.79	%(a)		10/20/2034		8,869,066
	6,000,000	Cathedral Lake Ltd., Series 2021-8A-C (Secured Overnight Financing Rate 3 Month + 2.88%, 2.62% Floor)		8.22	%(a)		01/20/2035		5,828,084
	5,000,000	Cathedral Lake Ltd., Series 2021-8A-D1 (Secured Overnight Financing Rate 3 Month + 3.68%, 3.42% Floor)		9.02	%(a)		01/20/2035		4,938,502
	1,000,000	CIFC Funding Ltd., Series 2018-3A-D (Secured Overnight Financing Rate 3 Month + 3.11%)		8.42	%(a)		07/18/2031		986,693
	9,500,000	Columbia Cent Ltd., Series 2018-27A-DR (Secured Overnight Financing Rate 3 Month + 4.09%, 3.83% Floor)		9.44	%(a)		01/25/2035		9,012,563
	3,250,000	Cook Park Ltd., Series 2018-1A-D (Secured Overnight Financing Rate 3 Month + 2.86%)		8.17	%(a)		04/17/2030		3,030,948
	2,000,000	Dryden Ltd., Series 2018-57A-D (Secured Overnight Financing Rate 3 Month + 2.81%, 2.55% Floor)		8.18	%(a)		05/15/2031		1,882,957
	3,000,000	Dryden Senior Loan Fund, Series 2015-40A-DR (Secured Overnight Financing Rate 3 Month + 3.36%, 3.10% Floor)		8.73	%(a)		08/15/2031		2,965,272
	2,006,000	Dryden Senior Loan Fund, Series 2016-42A-DR (Secured Overnight Financing Rate 3 Month + 3.19%)		8.50	%(a)		07/15/2030		1,903,182
	2,200,000	Dryden Senior Loan Fund, Series 2016-43A-DR3 (Secured Overnight Financing Rate 3 Month + 3.51%, 3.25% Floor)		8.84	%(a)		04/20/2034		2,142,835
	2,000,000	Gilbert Park Ltd., Series 2017-1A-D (Secured Overnight Financing Rate 3 Month + 3.21%)		8.52	%(a)		10/15/2030		1,973,418
	4,000,000	Gilbert Park Ltd., Series 2017-1A-E (Secured Overnight Financing Rate 3 Month + 6.66%)		11.97	%(a)		10/15/2030		3,600,752
	3,500,000	Goldentree Loan Opportunities Ltd., Series 2015-11A-DR2 (Secured Overnight Financing Rate 3 Month + 2.66%)		7.97	%(a)		01/18/2031		3,479,054
	5,000,000	Hayfin Ltd., Series 2018-9A-BR (Secured Overnight Financing Rate 3 Month + 2.06%, 1.80% Floor)		7.43	%(a)		04/28/2031		4,981,500
	1,000,000	Hayfin Ltd., Series 2019-1A-B1R (Secured Overnight Financing Rate 3 Month + 2.11%, 1.85% Floor)		7.48	%(a)		04/28/2031		995,200
	1,500,000	Highbridge Loan Management Ltd., Series 13A-18-D (Secured Overnight Financing Rate 3 Month + 3.26%, 3.00% Floor)		8.57	%(a)		10/15/2030		1,475,732
	4,000,000	LCM LP, Series 14A-DR (Secured Overnight Financing Rate 3 Month + 3.01%)		8.34	%(a)		07/20/2031		3,506,484
	2,000,000	LCM LP, Series 19A-D (Secured Overnight Financing Rate 3 Month + 3.71%, 3.45% Floor)		9.02	%(a)		07/15/2027		2,003,766


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	2,000,000	LCM LP, Series 20A-DR (Secured Overnight Financing Rate 3 Month + 3.06%)		8.39	%(a)		10/20/2027		2,004,940
	2,000,000	LCM LP, Series 25A-D (Secured Overnight Financing Rate 3 Month + 3.71%)		9.04	%(a)		07/20/2030		1,720,775
	3,250,000	LCM LP, Series 28A-D (Secured Overnight Financing Rate 3 Month + 3.21%, 2.95% Floor)		8.54	%(a)		10/20/2030		2,961,126
	4,000,000	LCM LP, Series 30A-DR (Secured Overnight Financing Rate 3 Month + 3.26%, 3.00% Floor)		8.59	%(a)		04/20/2031		3,728,420
	4,000,000	Magnetite Ltd., Series 2015-14RA-D (Secured Overnight Financing Rate 3 Month + 3.11%)		8.42	%(a)		10/18/2031		3,904,912
	1,500,000	Magnetite Ltd., Series 2016-18A-DR (Secured Overnight Financing Rate 3 Month + 2.96%)		8.33	%(a)		11/15/2028		1,497,228
	2,000,000	Magnetite Ltd., Series 2019-23A-DR (Secured Overnight Financing Rate 3 Month + 3.31%, 3.05% Floor)		8.66	%(a)		01/25/2035		1,976,173
	2,000,000	Neuberger Berman Loan Advisers Ltd., Series 2019-32A-DR (Secured Overnight Financing Rate 3 Month + 2.96%, 2.70% Floor)		8.28	%(a)		01/20/2032		1,939,340
	5,600,000	Octagon Investment Partners Ltd., Series 2012-1A-CRR (Secured Overnight Financing Rate 3 Month + 4.16%, 3.90% Floor)		9.47	%(a)		07/15/2029		5,377,873
	2,000,000	Octagon Investment Partners Ltd., Series 2013-1A-DR (Secured Overnight Financing Rate 3 Month + 3.26%, 3.00% Floor)		8.57	%(a)		07/17/2030		1,881,306
	2,000,000	Octagon Investment Partners Ltd., Series 2013-1A-DR2 (Secured Overnight Financing Rate 3 Month + 2.76%)		8.11	%(a)		01/25/2031		1,873,944
	2,250,000	Octagon Investment Partners Ltd., Series 2014-1A-CR3 (Secured Overnight Financing Rate 3 Month + 3.01%, 2.75% Floor)		8.38	%(a)		02/14/2031		2,159,153
	2,500,000	Octagon Investment Partners Ltd., Series 2014-1A-ERR (Secured Overnight Financing Rate 3 Month + 5.71%, 5.71% Floor)		11.06	%(a)		01/22/2030		2,095,084
	10,000,000	Octagon Investment Partners Ltd., Series 2016-1A-DR (Secured Overnight Financing Rate 3 Month + 3.21%)		8.52	%(a)		07/15/2030		9,371,384
	5,460,000	Octagon Investment Partners Ltd., Series 2017-1A-CR (Secured Overnight Financing Rate 3 Month + 3.56%)		8.89	%(a)		03/17/2030		5,024,567
	1,760,000	Octagon Investment Partners Ltd., Series 2017-1A-D (Secured Overnight Financing Rate 3 Month + 6.46%)		11.79	%(a)		03/17/2030		1,471,286
	1,500,000	Octagon Investment Partners Ltd., Series 2018-18A-C (Secured Overnight Financing Rate 3 Month + 2.96%)		8.27	%(a)		04/16/2031		1,405,202
	2,500,000	Octagon Investment Partners Ltd., Series 2018-2A-C (Secured Overnight Financing Rate 3 Month + 3.11%)		8.46	%(a)		07/25/2030		2,343,891
	3,500,000	Octagon Investment Partners Ltd., Series 2019-1A-DR (Secured Overnight Financing Rate 3 Month + 3.61%, 3.35% Floor)		8.94	%(a)		01/20/2035		3,353,370
	5,000,000	Race Point Ltd., Series 2013-8A-DR2 (Secured Overnight Financing Rate 3 Month + 3.76%, 3.50% Floor)		9.14	%(a)		02/20/2030		4,956,116
	3,500,000	Sound Point Ltd., Series 2016-2A-DR (Secured Overnight Financing Rate 3 Month + 4.11%, 3.85% Floor)		9.44	%(a)		10/20/2028		3,522,359
	9,000,000	Sound Point Ltd., Series 2016-3A-DR (Secured Overnight Financing Rate 3 Month + 3.91%, 3.65% Floor)		9.26	%(a)		01/23/2029		9,025,829
	1,000,000	Sound Point Ltd., Series 2018-2A-C (Secured Overnight Financing Rate 3 Month + 2.21%)		7.56	%(a)		07/26/2031		964,580
	7,000,000	Sound Point Ltd., Series 2019-2A-DR (Secured Overnight Financing Rate 3 Month + 3.56%, 3.30% Floor)		8.87	%(a)		07/15/2034		6,610,490
	7,000,000	Sound Point Ltd., Series 2019-3A-DR (Secured Overnight Financing Rate 3 Month + 3.76%, 3.76% Floor)		9.11	%(a)		10/25/2034		6,269,989
	2,000,000	Sound Point Ltd., Series 2020-1A-DR (Secured Overnight Financing Rate 3 Month + 3.61%, 3.61% Floor)		8.94	%(a)		07/20/2034		1,910,795
	4,000,000	Sound Point Ltd., Series 2020-3A-D (Secured Overnight Financing Rate 3 Month + 3.91%, 3.65% Floor)		9.26	%(a)		01/25/2032		3,832,444
	1,250,000	Sound Point Ltd., Series 2021-3A-D (Secured Overnight Financing Rate 3 Month + 3.51%, 3.25% Floor)		8.86	%(a)		10/25/2034		1,172,040
	1,000,000	Sound Point Ltd., Series 2021-4A-D (Secured Overnight Financing Rate 3 Month + 3.66%, 3.66% Floor)		9.01	%(a)		10/25/2034		937,979
	10,000,000	Steward Park Ltd., Series 2015-1A-DR (Secured Overnight Financing Rate 3 Month + 2.86%, 2.60% Floor)		8.17	%(a)		01/15/2030		9,439,959


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	3,000,000	Symphony Ltd., Series 2015-16A-DR (Secured Overnight Financing Rate 3 Month + 3.31%, 3.05% Floor)		8.62	%(a)		10/15/2031		2,854,758
	2,250,000	THL Credit Wind River Ltd., Series 2014-1A-DRR (Secured Overnight Financing Rate 3 Month + 3.26%, 3.00% Floor)		8.57	%(a)		07/18/2031		1,981,134
	1,000,000	THL Credit Wind River Ltd., Series 2014-2A-ER (Secured Overnight Financing Rate 3 Month + 6.01%, 5.75% Floor)		11.32	%(a)(b)		01/15/2031		768,537
	4,000,000	THL Credit Wind River Ltd., Series 2014-3A-DR2 (Secured Overnight Financing Rate 3 Month + 3.66%, 3.40% Floor)		9.01	%(a)		10/22/2031		3,573,103
	3,000,000	THL Credit Wind River Ltd., Series 2017-1A-DR (Secured Overnight Financing Rate 3 Month + 3.98%, 3.72% Floor)		9.29	%(a)		04/18/2036		2,830,461
	4,000,000	THL Credit Wind River Ltd., Series 2017-3A-DR (Secured Overnight Financing Rate 3 Month + 4.11%, 3.85% Floor)		9.42	%(a)		04/15/2035		3,846,216
	4,000,000	THL Credit Wind River Ltd., Series 2018-1A-D (Secured Overnight Financing Rate 3 Month + 3.16%)		8.47	%(a)		07/15/2030		3,768,317
	2,500,000	THL Credit Wind River Ltd., Series 2018-2A-D (Secured Overnight Financing Rate 3 Month + 3.26%)		8.57	%(a)		07/15/2030		2,324,544
	10,000,000	Trimaran CAVU LLC, Series 2021-3A-D (Secured Overnight Financing Rate 3 Month + 4.04%, 3.78% Floor)		9.35	%(a)		01/18/2035		9,899,659
	1,000,000	Upland Ltd., Series 2016-1A-CR (Secured Overnight Financing Rate 3 Month + 3.16%)		8.49	%(a)		04/20/2031		957,388
	3,000,000	Voya Ltd., Series 2014-1A-CR2 (Secured Overnight Financing Rate 3 Month + 3.06%)		8.37	%(a)		04/18/2031		2,664,443
	3,000,000	Voya Ltd., Series 2017-3A-CR (Secured Overnight Financing Rate 3 Month + 3.41%)		8.74	%(a)		04/20/2034		2,914,649
	4,000,000	Voya Ltd., Series 2018-2A-D (Secured Overnight Financing Rate 3 Month + 3.01%, 2.75% Floor)		8.32	%(a)		07/15/2031		3,731,949
	5,000,000	Wellfleet Ltd., Series 2019-XA-A1R (Secured Overnight Financing Rate 3 Month + 1.43%)		6.76	%(a)		07/20/2032		4,961,347

	Total Collateralized Loan Obligations (Cost $276,692,035)								264,785,319

	Foreign Corporate Bonds—5.9%
	263,000	1375209 B.C. Ltd.		9.00	%(a)		01/30/2028		260,281
	2,200,000	Adani Electricity Mumbai Ltd.		3.95	%		02/12/2030		1,617,775
	1,500,000	Adani Electricity Mumbai Ltd.		3.87	%		07/22/2031		1,048,204
	1,372,500	Adani International Container Terminal Private Ltd.		3.00	%(a)		02/16/2031		1,035,446
	2,928,000	Adani International Container Terminal Private Ltd.		3.00	%		02/16/2031		2,208,951
	1,000,000	Adani Ports & Special Economic Zone Ltd.		4.00	%		07/30/2027		844,826
	214,000	Adani Ports & Special Economic Zone Ltd.		4.20	%		08/04/2027		181,638
	1,700,000	Adani Ports & Special Economic Zone Ltd.		4.38	%		07/03/2029		1,361,300
	700,000	Adani Ports & Special Economic Zone Ltd.		3.10	%		02/02/2031		484,125
	400,000	Adani Ports & Special Economic Zone Ltd.		3.83	%		02/02/2032		283,558
	700,000	Adani Transmission Step-One Ltd.		4.00	%		08/03/2026		612,524
	1,214,350	Adani Transmission Step-One Ltd.		4.25	%		05/21/2036		911,060
	3,200,000	AES Andres B.V.		5.70	%(a)		05/04/2028		2,861,863


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	2,000,000	Agrosuper S.A.		4.60	%		01/20/2032		1,606,936
	220,833	AI Candelaria Spain S.A.		7.50	%		12/15/2028		201,549
	900,000	AI Candelaria Spain S.A.		5.75	%		06/15/2033		637,784
	3,200,000	AI Candelaria Spain S.A.		5.75	%(a)		06/15/2033		2,267,675
	1,345,000	Air Canada		3.88	%(a)		08/15/2026		1,221,970
	800,000	Altice Financing S.A.		5.00	%(a)		01/15/2028		684,227
	1,305,000	Altice France Holding S.A.		6.00	%(a)		02/15/2028		647,203
	1,660,000	Altice France Holding S.A.		5.50	%(a)		10/15/2029		1,196,171
	6,393,000	Anheuser-Busch InBev Worldwide, Inc.		4.60	%		04/15/2048		5,407,621
	340,000	ARD Finance S.A. (7.25% PIK)		6.50	%(a)		06/30/2027		257,054
	7,697,000	Australia & New Zealand Banking Group Ltd. (5 Year CMT Rate + 1.70%)		2.57	%(a)		11/25/2035		5,704,800
	1,079,926	Avation Capital S.A. (9.00% PIK)		8.25	%(a)		10/31/2026		924,843
	9,225,000	Avolon Holdings Funding Ltd.		3.25	%(a)		02/15/2027		8,223,645
	2,400,000	Banco Davivienda S.A. (10 Year CMT Rate + 5.10%)		6.65	%(a)(g)		04/22/2031		1,626,000
	500,000	Banco de Credito del Peru S.A. (5 Year CMT Rate + 2.45%)		3.25	%		09/30/2031		439,745
	500,000	Banco de Credito del Peru S.A. (5 Year CMT Rate + 3.00%)		3.13	%(a)		07/01/2030		459,520
	2,400,000	Banco de Credito del Peru S.A. (5 Year CMT Rate + 3.00%)		3.13	%		07/01/2030		2,205,695
	1,400,000	Banco do Estado do Rio Grande do Sul S.A. (5 Year CMT Rate + 4.93%)		5.38	%		01/28/2031		1,281,125
	250,000	Banco GNB Sudameris S.A. (5 Year CMT Rate + 4.56%)		7.05	%		04/03/2027		235,427
	1,600,000	Banco Industrial S.A. (5 Year CMT Rate + 4.44%)		4.88	%		01/29/2031		1,476,900
	626,000	Banco Internacional del Peru S.A.A. Interbank (3 Month LIBOR USD + 5.76%)		6.63	%		03/19/2029		618,749
	4,555,000	Banco Internacional del Peru S.A.A. Interbank (5 Year CMT Rate + 3.71%)		4.00	%		07/08/2030		4,196,173
	3,700,000	Banco Mercantil del Norte S.A. (10 Year CMT Rate + 5.35%)		7.63	%(g)		01/10/2028		3,409,033
	2,521,000	Banco Mercantil del Norte S.A. (10 Year CMT Rate + 5.47%)		7.50	%(a)(g)		06/27/2029		2,247,156
	300,000	Banco Mercantil del Norte S.A. (10 Year CMT Rate + 5.47%)		7.50	%(g)		06/27/2029		267,413
	1,000,000	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand (5 Year CMT Rate + 3.00%)		5.95	%		10/01/2028		988,501
	4,400,000	Bancolombia S.A. (5 Year CMT Rate + 2.94%)		4.63	%		12/18/2029		3,793,352
	700,000	Banistmo S.A.		4.25	%		07/31/2027		625,056
	4,100,000	Bank Hapoalim B.M.		3.26	%(a)(d)		01/21/2032		3,510,600
	2,500,000	Bank Leumi (5 Year CMT Rate + 1.63%)		3.28	%(a)		01/29/2031		2,237,878


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	9,226,000	Bank of Montreal (5 Year Swap Rate USD + 1.43%)		3.80	%		12/15/2032		8,065,978
	11,910,000	Bank of Nova Scotia (5 Year CMT Rate + 2.05%)		4.59	%		05/04/2037		9,934,666
	3,500,000	BBVA Bancomer S.A. (5 Year CMT Rate + 2.65%)		5.13	%		01/18/2033		3,016,334
	500,000	BBVA Bancomer S.A. (5 Year CMT Rate + 3.00%)		5.35	%		11/12/2029		481,980
	800,000	BBVA Bancomer S.A. (5 Year CMT Rate + 4.31%)		5.88	%		09/13/2034		700,840
	1,775,000	Bell Telephone Company of Canada		3.65	%		08/15/2052		1,192,313
	11,160,000	BHP Billiton Finance USA Ltd.		5.25	%		09/08/2030		10,907,593
	12,430,000	BNP Paribas S.A. (Secured Overnight Financing Rate + 1.51%)		3.05	%(a)		01/13/2031		10,241,467
	1,205,000	Bombardier, Inc.		7.88	%(a)		04/15/2027		1,176,811
	6,480,000	BPCE S.A.		1.00	%(a)		01/20/2026		5,797,543
	1,400,000	Braskem Idesa SAPI		6.99	%		02/20/2032		843,119
	2,500,000	Braskem Netherlands Finance B.V. (5 Year CMT Rate + 8.22%)		8.50	%		01/23/2081		2,463,542
	800,000	BRF S.A.		4.88	%		01/24/2030		648,392
	2,800,000	C&W Senior Financing		6.88	%		09/15/2027		2,465,283
	1,200,000	Canacol Energy Ltd.		5.75	%		11/24/2028		952,842
	2,100,000	CAP S.A.		3.90	%(a)		04/27/2031		1,550,111
	2,450,000	CAP S.A.		3.90	%		04/27/2031		1,808,463
	4,685,000	CCL Industries, Inc.		3.05	%(a)		06/01/2030		3,878,570
	300,000	Cemex S.A.B. de C.V. (5 Year CMT Rate + 5.16%)		9.13	%(a)(g)		03/14/2028		312,676
	4,500,000	Cemex S.A.B de C.V. (5 Year CMT Rate + 4.53%)		5.13	%(g)		06/08/2026		4,216,827
	5,000,000	Chile Electricity PEC S.p.A.		0.00	%(a)		01/25/2028		3,889,988
	4,325,000	CI Financial Corporation		4.10	%		06/15/2051		2,507,215
	5,185,000	Commonwealth Bank of Australia		4.32	%(a)		01/10/2048		3,658,113
	1,400,000	Cosan Luxembourg S.A.		7.50	%(a)		06/27/2030		1,390,960
	3,381,000	Cosan Overseas Ltd.		8.25	%(g)		11/05/2023		3,375,066
	5,400,000	Credito Real S.A.B. de C.V. (5 Year CMT Rate + 7.03%)		9.13	%(f)(g)		11/29/2027		74,250
	1,900,000	CSN Resources S.A.		5.88	%		04/08/2032		1,542,801
	2,500,000	CT Trust		5.13	%		02/03/2032		1,952,797
	2,900,000	DBS Group Holdings Ltd. (5 Year CMT Rate + 1.10%)		1.82	%		03/10/2031		2,635,757
	927,758	Digicel Group Holdings Ltd. (5.00% + 3.00% PIK)		8.00	%(f)(a)		04/01/2025		204,107


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	1,872,819	Digicel Group Holdings Ltd. (7.00% PIK)		7.00	%(f)(a)(g)		10/16/2023		110,281
	1,564,000	eG Global Finance PLC		8.50	%(a)		10/30/2025		1,541,040
	2,162,880	Empresa Electrica Cochrane S.p.A.		5.50	%		05/14/2027		2,023,576
	5,600,000	Empresas Publicas de Medellin ESP		4.25	%		07/18/2029		4,509,067
	2,000,000	Empresas Publicas de Medellin ESP		4.38	%		02/15/2031		1,535,562
	6,030,000	Enbridge, Inc.		3.40	%		08/01/2051		3,770,926
	819,000	Fideicomiso P.A. Pacifico Tres		8.25	%		01/15/2035		742,833
	1,000,000	Freeport Indonesia PT		5.32	%(a)		04/14/2032		908,930
	600,000	Freeport Indonesia PT		6.20	%		04/14/2052		503,403
	750,000	Freeport-McMoRan, Inc.		4.38	%		08/01/2028		688,493
	300,000	Freeport-McMoRan, Inc.		5.25	%		09/01/2029		283,793
	2,200,000	Freeport-McMoRan, Inc.		4.63	%		08/01/2030		1,984,976
	1,031,000	Frigorifico Concepcion S.A.		7.70	%		07/21/2028		853,549
	2,661,300	Galaxy Pipeline Assets Bidco Ltd.		2.16	%(a)		03/31/2034		2,223,331
	500,000	Galaxy Pipeline Assets Bidco Ltd.		2.63	%		03/31/2036		387,716
	1,899,700	Galaxy Pipeline Assets Bidco Ltd.		2.94	%		09/30/2040		1,468,588
	1,295,000	Garda World Security Corporation		4.63	%(a)		02/15/2027		1,186,272
	930,000	Garda World Security Corporation		6.00	%(a)		06/01/2029		761,641
	400,000	Geopark Ltd.		5.50	%		01/17/2027		343,351
	5,843,000	Glencore Funding LLC		1.63	%(a)		04/27/2026		5,264,486
	1,913,912	Global Aircraft Leasing Company (7.25% PIK)		6.50	%(a)		09/15/2024		1,825,978
	1,700,000	Global Bank Corporation (3 Month LIBOR USD + 3.30%)		5.25	%		04/16/2029		1,544,357
	1,500,000	Gran Tierra Energy International Holdings Ltd.		6.25	%		02/15/2025		1,416,106
	300,000	Gran Tierra Energy International Holdings Ltd.		6.25	%(a)		02/15/2025		283,221
	3,500,000	Gran Tierra Energy International Ltd.		7.75	%(a)		05/23/2027		3,005,911
	1,485,000	Grifols Escrow Issuer S.A.		4.75	%(a)		10/15/2028		1,267,900
	1,503,242	Guara Notre SARL		5.20	%		06/15/2034		1,280,873
	12,830,000	HSBC Holdings PLC (Secured Overnight Financing Rate 3 Month + 1.64%)		7.05	%		09/12/2026		12,949,267
	1,100,000	Industrias Penoles SAB de CV		4.15	%		09/12/2029		965,207
	1,900,000	Inkia Energy Ltd.		5.88	%		11/09/2027		1,826,375


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	885,000	Intelsat Jackson Holdings S.A.		6.50	%(a)		03/15/2030		787,069
	984,847	Interoceanica Finance Ltd.		0.00	%		11/30/2025		913,446
	1,192,690	Invepar Holdings		0.00	%(b)(f)		12/30/2028		—
	2,100,000	Inversiones La Construccion S.A.		4.75	%		02/07/2032		1,639,848
	200,000	Itau Unibanco Holding SA (5 Year CMT Rate + 3.22%)		4.63	%(g)		02/27/2025		164,467
	600,000	JBS USA LUX SA / JBS USA Food Company / JBS USA Finance, Inc.		3.00	%		02/02/2029		503,981
	1,092,000	JSW Hydro Energy Ltd.		4.13	%(a)		05/18/2031		909,560
	1,500,000	JSW Steel Ltd.		5.05	%		04/05/2032		1,205,866
	865,000	Kronos Acquisition Holdings, Inc.		5.00	%(a)		12/31/2026		789,639
	11,040,000	Lloyds Banking Group PLC (3 Month LIBOR USD + 1.21%)		3.57	%		11/07/2028		9,869,851
	5,793,120	LLPL Capital Pte Ltd.		6.88	%(a)		02/04/2039		5,167,579
	16,230,000	Macquarie Group Ltd. (Secured Overnight Financing Rate + 1.53%)		2.87	%(a)		01/14/2033		12,281,051
	3,000,000	MARB BondCo PLC		3.95	%		01/29/2031		2,227,481
	1,340,000	Mattamy Group Corporation		4.63	%(a)		03/01/2030		1,142,001
	1,835,878	MC Brazil Downstream Trading SARL		7.25	%		06/30/2031		1,410,312
	500,000	MEGlobal Canada ULC		5.00	%		05/18/2025		488,305
	1,200,000	Mercury Chile Holdco LLC		6.50	%(a)		01/24/2027		1,105,085
	2,550,000	Mexarrend SAPI de C.V.		10.25	%(f)(a)		07/24/2024		578,269
	1,315,620	Mexico Generadora de Energia S. de R.L.		5.50	%		12/06/2032		1,252,424
	810,000	Millicom International Cellular S.A.		6.63	%		10/15/2026		762,977
	900,000	Millicom International Cellular S.A.		5.13	%		01/15/2028		761,445
	1,800,000	Millicom International Cellular S.A.		6.25	%		03/25/2029		1,529,982
	6,800,000	Minejesa Capital B.V.		5.63	%		08/10/2037		5,212,204
	1,800,000	Minerva Luxembourg S.A.		4.38	%		03/18/2031		1,394,613
	1,100,000	Minerva Luxembourg S.A.		8.88	%(a)		09/13/2033		1,093,146
	1,050,000	Mong Duong Finance Holdings B.V.		5.13	%		05/07/2029		953,936
	1,200,000	Multibank, Inc.		7.75	%(a)		02/03/2028		1,210,974
	1,954,372	MV24 Capital B.V.		6.75	%		06/01/2034		1,725,882
	8,705,000	National Australia Bank Ltd.		2.99	%(a)		05/21/2031		6,768,433
	5,730,000	NatWest Markets PLC		0.80	%(a)		08/12/2024		5,478,626


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	600,000	NBM US Holdings, Inc.		7.00	%		05/14/2026		595,480
	4,785,000	NBN Company Ltd.		1.45	%(a)		05/05/2026		4,301,074
	1,100,000	Network i2i Ltd. (5 Year CMT Rate + 3.39%)		3.98	%(g)		03/03/2026		1,003,397
	650,000	Network i2i Ltd. (5 Year CMT Rate + 4.27%)		5.65	%(g)		01/15/2025		635,375
	600,000	Nexa Resources S.A.		5.38	%		05/04/2027		555,540
	6,205,000	NXP B.V.		3.88	%		06/18/2026		5,901,859
	1,265,000	Ontario Gaming GTA LP		8.00	%(a)		08/01/2030		1,266,189
	628,000	Orazul Energy Peru S.A.		5.63	%		04/28/2027		572,701
	500,000	Oversea-Chinese Banking Corporation Ltd. (5 Year CMT Rate + 1.58%)		1.83	%(a)		09/10/2030		460,218
	4,200,000	Oversea-Chinese Banking Corporation Ltd. (5 Year CMT Rate + 1.58%)		1.83	%		09/10/2030		3,865,834
	1,300,000	Parkland Corporation		4.50	%(a)		10/01/2029		1,114,795
	950,000	Parkland Corporation		4.63	%(a)		05/01/2030		811,086
	1,030,000	Primo Water Holdings, Inc.		4.38	%(a)		04/30/2029		881,762
	13,010,000	Renesas Electronics Corporation		2.17	%(a)		11/25/2026		11,479,281
	1,876,333	Rutas 2 and 7 Finance Ltd.		0.00	%		09/30/2036		1,204,934
	400,000	Sasol Financing USA LLC		4.38	%		09/18/2026		354,986
	2,700,000	Sasol Financing USA LLC		5.50	%		03/18/2031		2,119,074
	1,010,000	Seaspan Corporation		5.50	%(a)		08/01/2029		811,797
	200,000	Simpar Europe S.A.		5.20	%		01/26/2031		161,200
	1,455,000	Superior Plus LP		4.50	%(a)		03/15/2029		1,266,039
	350,000	Sydney Airport Finance Company Pty Ltd.		3.63	%(a)		04/28/2026		331,351
	315,000	Telesat LLC		4.88	%(a)		06/01/2027		204,696
	349,000	Telesat LLC		6.50	%(a)		10/15/2027		179,735
	1,000,000	Titan Acquisition Ltd.		7.75	%(a)		04/15/2026		981,275
	800,000	TK Elevator US Newco, Inc.		5.25	%(a)		07/15/2027		734,131
	11,335,000	Toronto-Dominion Bank		4.69	%		09/15/2027		10,906,496
	500,000	Transelec S.A.		3.88	%		01/12/2029		455,273
	4,546,000	Triton Container International Ltd		3.25	%		03/15/2032		3,404,851
	2,385,000	Triton Container International Ltd.		1.15	%(a)		06/07/2024		2,295,625
	7,366,000	TSMC Global Ltd.		1.25	%(a)		04/23/2026		6,632,398


Principal Amount $/Shares		Security Description	Rate			Maturity			Value $
	907,559	UEP Penonome S.A.		6.50	%		10/01/2038			687,728
	4,628,549	UEP Penonome S.A.		6.50	%(a)		10/01/2038			3,507,411
	9,700,000	Unifin Financiera S.A.B. de C.V. (5 Year CMT Rate + 6.31%)		8.88	%(f)(g)		01/29/2025			58,200
	400,000	Unigel Luxembourg S.A.		8.75	%		10/01/2026			135,000
	2,200,000	United Overseas Bank Ltd. (5 Year CMT Rate + 1.23%)		2.00	%		10/14/2031	��		1,952,190
	3,100,000	United Overseas Bank Ltd. (5 Year CMT Rate + 1.52%)		1.75	%		03/16/2031			2,795,825
	300,000	UPL Corporation Ltd.		4.50	%		03/08/2028			259,385
	3,350,000	UPL Corporation Ltd.		4.63	%		06/16/2030			2,714,259
	5,100,000	Vedanta Resources Finance PLC		9.25	%(a)		04/23/2026			3,285,420
	3,100,000	Vedanta Resources Ltd.		6.13	%		08/09/2024			1,958,026
	5,720,000	Volkswagen Group of America Finance LLC		4.25	%(a)		11/13/2023			5,708,281
	1,500,000	VTR Comunicaciones S.p.A.		5.13	%		01/15/2028			845,899
	1,702,000	VTR Finance NV		6.38	%		07/15/2028			643,757
	7,370,000	Weir Group PLC		2.20	%(a)		05/13/2026			6,626,296
	7,400,000	Westpac Banking Corporation (5 Year CMT Rate + 1.53%)		3.02	%		11/18/2036			5,482,614
	200,000	Woori Bank		4.75	%		04/30/2024			198,094

	Total Foreign Corporate Bonds (Cost $473,049,744)									393,330,054

	Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations—1.1%
	3,100,000	Banco do Brasil S.A. (10 Year CMT Rate + 4.40%)		6.25	%(g)		04/15/2024			2,867,871
	900,000	Banco do Brasil S.A. (10 Year CMT Rate + 6.36%)		9.00	%(g)		06/18/2024			903,612
	2,200,000	Banco Nacional de Comercio Exterior (5 Year CMT Rate + 2.00%)		2.72	%		08/11/2031			1,823,168
	1,157,747	Bioceanico Sovereign Certificate Ltd.		0.00	%		06/05/2034			811,450
	8,000,000	Chile Government International Bond		3.10	%		01/22/2061			4,603,173
	750,000	Colombia Government International Bond		5.00	%		06/15/2045			494,042
	11,150,000	Colombia Government International Bond		4.13	%		05/15/2051			6,252,376
	2,100,000	Corporacion Financiera de Desarrollo S.A. (3 Month LIBOR USD + 5.61%)		5.25	%		07/15/2029			2,050,147
	280,000	Dominican Republic International Bond		8.63	%		04/20/2027			289,116
	100,000	Ecopetrol S.A.		5.88	%		05/28/2045			65,987
	9,000,000	Ecopetrol S.A.		5.88	%		11/02/2051			5,743,935


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	2,500,000	EIG Pearl Holdings SARL		3.55	%		08/31/2036		2,031,165
	200,000	Indonesia Asahan Aluminium Persero PT		4.75	%		05/15/2025		195,667
	2,235,492	Lima Metro Finance Ltd.		5.88	%		07/05/2034		2,158,768
	16,520,000	Mexico Government International Bond		3.75	%		01/11/2028		15,320,890
	2,800,000	Mexico Government International Bond		4.40	%		02/12/2052		1,947,650
	7,000,000	Mexico Government International Bond		6.34	%		05/04/2053		6,387,969
	1,800,000	Oleoducto Central S.A.		4.00	%		07/14/2027		1,605,574
	200,000	Panama Government International Bond		2.25	%		09/29/2032		145,252
	200,000	Panama Government International Bond		4.30	%		04/29/2053		130,917
	1,700,000	Panama Government International Bond		4.50	%		04/01/2056		1,123,982
	5,800,000	Panama Government International Bond		3.87	%		07/23/2060		3,372,615
	1,500,000	Petrobras Global Finance B.V.		6.75	%		06/03/2050		1,361,729
	2,691,000	Petroleos del Peru S.A.		4.75	%		06/19/2032		1,904,572
	1,200,000	Petroleos del Peru S.A.		5.63	%		06/19/2047		726,447
	1,500,000	Petroleos Mexicanos		6.75	%		09/21/2047		890,319
	2,400,000	Philippine Government International Bond		2.95	%		05/05/2045		1,528,149
	300,000	Philippine Government International Bond		2.65	%		12/10/2045		181,399
	2,800,000	Republic of South Africa Government Bond		4.30	%		10/12/2028		2,428,955
	7,000,000	Saudi Government International Bond		3.45	%		02/02/2061		4,304,895

	Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $94,946,475)								73,651,791

	Municipal Bonds—0.1%
	4,430,000	State of California		7.55	%		04/01/2039		5,222,379

	Total Municipal Bonds (Cost $6,199,443)								5,222,379

	Non-Agency Commercial Mortgage Backed Obligations—5.3%
	22,775,500	Arbor Multifamily Mortgage Securities Trust, Series 2021-MF2-XB		0.86	%(a)(d)(h)		06/15/2054		1,076,937
	2,638,666	BAMLL Commercial Mortgage Securities Trust, Series 2016-ISQ-C		3.73	%(a)(d)		08/14/2034		1,638,764
	5,515,000	Bank of America Merrill Lynch Commercial Mortgage Trust, Series 2015-UBS7-C		4.49	%(d)		09/15/2048		4,004,864
	4,101,420	BANK, Series 2017-BNK8-XA		0.85	%(d)(h)		11/15/2050		95,912


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	1,005,000	BANK, Series 2020-BN28-AS		2.14	%		03/15/2063		759,911
	4,009,000	BANK, Series 2021-BN35-A5		2.29	%		06/15/2064		3,103,777
	3,109,000	BANK, Series 2021-BN37-C		3.21	%(d)		11/15/2064		1,987,464
	11,034,000	BANK, Series 2022-BNK39-AS		3.18	%		02/15/2055		8,548,998
	2,682,000	BANK, Series 2022-BNK39-E		2.50	%(a)		02/15/2055		1,281,328
	4,526,000	BBCMS Mortgage Trust, Series 2021-C12-A5		2.69	%		11/15/2054		3,597,322
	5,364,000	BBCMS Mortgage Trust, Series 2022-C14-A5		2.95	%(d)		02/15/2055		4,331,177
	5,785,000	BBCMS Mortgage Trust, Series 2022-C16-A5		4.60	%(d)		06/15/2055		5,284,171
	4,598,000	Benchmark Mortgage Trust, Series 2020-B18-AGNF		4.14	%(a)		07/15/2053		4,011,231
	4,549,000	Benchmark Mortgage Trust, Series 2020-B19-AS		2.15	%		09/15/2053		3,297,401
	1,091,000	Benchmark Mortgage Trust, Series 2020-B19-C		3.21	%		09/15/2053		640,713
	89,691,537	Benchmark Mortgage Trust, Series 2021-B28-XA		1.39	%(d)(h)		08/15/2054		5,974,569
	10,350,000	Benchmark Mortgage Trust, Series 2022-B32-AS		3.53	%(d)		01/15/2055		7,877,319
	11,798,000	BX Trust, Series 2019-OC11-E		4.08	%(a)(d)		12/09/2041		9,444,699
	4,955,000	CD Commercial Mortgage Trust, Series 2017-CD4-C		4.35	%(d)		05/10/2050		3,636,908
	2,069,742	CFCRE Commercial Mortgage Trust, Series 2016-C6-A2		2.95	%		11/10/2049		1,913,528
	3,267,000	CFCRE Commercial Mortgage Trust, Series 2017-C8-B		4.20	%(d)		06/15/2050		2,769,516
	1,898,500	Citigroup Commercial Mortgage Trust, Series 2015-GC27-D		4.57	%(a)(d)		02/10/2048		1,601,182
	3,114,301	Citigroup Commercial Mortgage Trust, Series 2015-GC27-XA		1.45	%(d)(h)		02/10/2048		35,156
	4,470,000	Citigroup Commercial Mortgage Trust, Series 2016-GC36-D		2.85	%(a)		02/10/2049		1,713,743
	36,666,734	Citigroup Commercial Mortgage Trust, Series 2016-P3-XA		1.82	%(d)(h)		04/15/2049		976,981
	38,534,119	Citigroup Commercial Mortgage Trust, Series 2016-P4-XA		2.05	%(d)(h)		07/10/2049		1,487,294
	66,137,566	Citigroup Commercial Mortgage Trust, Series 2016-P5-XA		1.52	%(d)(h)		10/10/2049		2,035,112
	13,720,000	Citigroup Commercial Mortgage Trust, Series 2017-C4-B		4.10	%(d)		10/12/2050		11,683,141
	4,534,000	Citigroup Commercial Mortgage Trust, Series 2019-GC41-B		3.20	%		08/10/2056		3,462,134
	8,478,000	Citigroup Commercial Mortgage Trust, Series 2020-555-F		3.62	%(a)(d)		12/10/2041		5,919,619
	7,003,000	Citigroup Commercial Mortgage Trust, Series 2020-555-G		3.62	%(a)(d)		12/10/2041		4,449,098
	10,383,000	Citigroup Commercial Mortgage Trust, Series 2022-GC48-A5		4.74	%(d)		05/15/2054		9,504,544
	165,896	Commercial Mortgage Pass-Through Trust, Series 2012-CR3-XA		1.02	%(d)(h)		10/15/2045		8
	1,815,000	Commercial Mortgage Pass-Through Trust, Series 2014-CR16-B		4.58	%		04/10/2047		1,645,488


Principal Amount $/Shares		Security Description		Rate			Maturity		Value $
	3,325,000	Commercial Mortgage Pass-Through Trust, Series 2015-CR25-B			4.67	%(d)		08/10/2048		3,099,484
	49,614,319	Commercial Mortgage Pass-Through Trust, Series 2015-CR26-XA	��		1.04	%(d)(h)		10/10/2048		646,142
	4,310,000	Commercial Mortgage Pass-Through Trust, Series 2015-LC21-C			4.47	%(d)		07/10/2048		3,735,003
	42,806,209	Commercial Mortgage Pass-Through Trust, Series 2016-DC2-XA			1.08	%(d)(h)		02/10/2049		702,600
	3,461,000	CSAIL Commercial Mortgage Trust, Series 2016-C6-D			5.08	%(a)(d)		01/15/2049		2,190,149
	35,470,165	CSAIL Commercial Mortgage Trust, Series 2016-C6-XA			2.02	%(d)(h)		01/15/2049		1,241,016
	6,000,000	CSAIL Commercial Mortgage Trust, Series 2018-C14-C			5.06	%(d)		11/15/2051		4,592,708
	400,000	CSAIL Commercial Mortgage Trust, Series 2018-CX12-B			4.61	%(d)		08/15/2051		340,402
	9,269,000	CSAIL Commercial Mortgage Trust, Series 2019-C16-B			3.88	%		06/15/2052		7,432,297
	62,537,569	CSAIL Commercial Mortgage Trust, Series 2020-C19-XA			1.22	%(d)(h)		03/15/2053		3,189,704
	6,269,000	CSMC Trust, Series 2020-NET-C			3.53	%(a)		08/15/2037		5,534,268
	7,968,667	CSWF Trust, Series 2021-B33-B			3.77	%(a)(d)		10/10/2043		5,441,807
	3,731,000	CSWF Trust, Series 2021-B33-C			3.77	%(a)(d)		10/10/2043		2,388,187
	4,475,000	DBJPM Mortgage Trust, Series 2016-C1-C			3.47	%(d)		05/10/2049		3,682,113
	51,285,024	DBJPM Mortgage Trust, Series 2016-C1-XA			1.52	%(d)(h)		05/10/2049		1,275,535
	4,550,000	DOLP Trust, Series 2021-NYC-D			3.70	%(a)(d)		05/10/2041		2,916,657
	5,000,000	DOLP Trust, Series 2021-NYC-E			3.70	%(a)(d)		05/10/2041		2,997,809
	2,588,000	GS Mortgage Securities Corporation Trust, Series 2018-RIVR-C (Secured Overnight Financing Rate 1 Month + 1.55%, 1.50% Floor)			6.88	%(a)		07/15/2035		1,522,227
	331,132	GS Mortgage Securities Trust, Series 2011-GC5-XA			0.09	%(a)(d)(h)		08/10/2044		3
	6,484,000	GS Mortgage Securities Trust, Series 2014-GC26-D			4.66	%(a)(d)		11/10/2047		4,360,569
	2,635,000	GS Mortgage Securities Trust, Series 2015-GC32-B			4.54	%(d)		07/10/2048		2,447,368
	91,469,341	GS Mortgage Securities Trust, Series 2015-GS1-XA			0.90	%(d)(h)		11/10/2048		1,192,358
	1,825,000	GS Mortgage Securities Trust, Series 2016-GS2-C			4.85	%(d)		05/10/2049		1,627,001
	44,082,763	GS Mortgage Securities Trust, Series 2016-GS2-XA			1.88	%(d)(h)		05/10/2049		1,459,968
	1,070,000	GS Mortgage Securities Trust, Series 2019-GC42-A3			2.75	%		09/10/2052		906,263
	48,743,706	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2015-JP1-XA			1.04	%(d)(h)		01/15/2049		761,889
	7,958,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2020-LOOP-E			3.99	%(a)(d)		12/05/2038		4,865,900
	30,501,018	JPMBB Commercial Mortgage Securities Trust, Series 2014-C18-XA			0.81	%(d)(h)		02/15/2047		1,174
	2,766,125	JPMBB Commercial Mortgage Securities Trust, Series 2014-C23-C			4.63	%(d)		09/15/2047		2,517,704
	8,204,658	JPMBB Commercial Mortgage Securities Trust, Series 2014-C23-D			4.13	%(a)(d)		09/15/2047		6,820,298


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $

	39,606,245	JPMBB Commercial Mortgage Securities Trust, Series 2014-C25-XA		0.95	%(d)(h)		11/15/2047		231,269
	1,684,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C27-B		3.90	%		02/15/2048		1,536,575
	12,131,110	JPMBB Commercial Mortgage Securities Trust, Series 2015-C27-D		3.94	%(a)(d)		02/15/2048		7,417,192
	4,987,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C29-C		4.33	%(d)		05/15/2048		4,389,340
	46,397,567	JPMBB Commercial Mortgage Securities Trust, Series 2015-C30-XA		0.56	%(d)(h)		07/15/2048		288,064
	36,326,983	JPMBB Commercial Mortgage Securities Trust, Series 2015-C31-XA		0.96	%(d)(h)		08/15/2048		444,337
	4,138,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C32-C		4.80	%(d)		11/15/2048		2,843,755
	1,000,000	JPMCC Commercial Mortgage Securities Trust, Series 2019-COR4-C		4.94	%(d)		03/10/2052		738,474
	7,675,000	JPMDB Commercial Mortgage Securities Trust, Series 2016-C2-AS		3.48	%		06/15/2049		6,936,796
	44,484,910	JPMDB Commercial Mortgage Securities Trust, Series 2016-C2-XA		1.63	%(d)(h)		06/15/2049		1,253,362
	5,425,000	LSTAR Commercial Mortgage Trust, Series 2016-4-C		4.76	%(a)(d)		03/10/2049		4,708,426
	3,000,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C18-C		4.62	%(d)		10/15/2047		2,806,189
	25,912,843	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C20-XA		1.38	%(d)(h)		02/15/2048		236,597
	75,089,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C23-XB		0.27	%(a)(d)(h)		07/15/2050		215,325
	43,512,683	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C30-XA		1.48	%(d)(h)		09/15/2049		1,243,614
	6,364,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2017-C33-B		4.11	%		05/15/2050		5,520,194
	5,238,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2017-C34-D		2.70	%(a)		11/15/2052		3,082,798
	23,939,946	Morgan Stanley Capital Trust, Series 2016-UB11-XA		1.57	%(d)(h)		08/15/2049		767,527
	2,108,000	Natixis Commercial Mortgage Securities Trust, Series 2018-FL1-C (Secured Overnight Financing Rate 1 Month + 2.31%, 2.20% Floor)		7.65	%(a)		06/15/2035		968,653
	1,789,000	SG Commercial Mortgage Securities Trust, Series 2016-C5-B		3.93	%		10/10/2048		1,512,300
	43,093,159	SG Commercial Mortgage Securities Trust, Series 2016-C5-XA		2.02	%(d)(h)		10/10/2048		1,489,261
	10,336,000	SLG Office Trust, Series 2021-OVA-E		2.85	%(a)		07/15/2041		7,182,813
	9,660,000	SLG Office Trust, Series 2021-OVA-F		2.85	%(a)		07/15/2041		6,502,948
	8,911,000	UBS Commercial Mortgage Trust, Series 2017-C1-B		4.04	%		06/15/2050		7,533,617
	2,491,000	UBS Commercial Mortgage Trust, Series 2017-C6-B		4.15	%(d)		12/15/2050		2,081,813
	1,450,000	UBS Commercial Mortgage Trust, Series 2017-C7-B		4.29	%(d)		12/15/2050		1,251,869
	6,958,000	UBS Commercial Mortgage Trust, Series 2017-C7-C		4.74	%(d)		12/15/2050		5,664,944
	559,000	UBS Commercial Mortgage Trust, Series 2018-C10-C		5.22	%(d)		05/15/2051		440,272
	7,293,000	UBS Commercial Mortgage Trust, Series 2018-C11-C		5.03	%(d)		06/15/2051		5,446,269
	2,896,000	UBS Commercial Mortgage Trust, Series 2018-C12-C		5.20	%(d)		08/15/2051		2,274,104


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	1,503,790	UBS-Barclays Commercial Mortgage Trust, Series 2013-C5-B		3.65	%(a)(d)		03/10/2046		1,379,258
	7,795,924	UBS-Barclays Commercial Mortgage Trust, Series 2013-C5-C		3.86	%(a)(d)		03/10/2046		5,646,178
	1,374,000	UBS-Barclays Commercial Mortgage Trust, Series 2013-C5-D		3.86	%(a)(d)		03/10/2046		869,742
	90,941	Wachovia Bank Commercial Mortgage Trust, Series 2006-C29-IO		0.45	%(d)(h)		11/15/2048		137
	4,891,000	Wells Fargo Commercial Mortgage Trust, Series 2015-C31-C		4.75	%(d)		11/15/2048		4,266,105
	36,299,019	Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1-XA		1.20	%(d)(h)		05/15/2048		364,696
	49,756,846	Wells Fargo Commercial Mortgage Trust, Series 2015-P2-XA		1.08	%(d)(h)		12/15/2048		806,021
	7,687,000	Wells Fargo Commercial Mortgage Trust, Series 2016-C35-B		3.44	%		07/15/2048		6,416,771
	57,963,650	Wells Fargo Commercial Mortgage Trust, Series 2016-NXS6-XA		1.73	%(d)(h)		11/15/2049		1,892,391
	2,638,000	Wells Fargo Commercial Mortgage Trust, Series 2018-C45-C		4.73	%		06/15/2051		2,193,005
	7,228,000	Wells Fargo Commercial Mortgage Trust, Series 2018-C46-C		5.14	%(d)		08/15/2051		5,799,345
	5,000,000	Wells Fargo Commercial Mortgage Trust, Series 2018-C47-C		5.09	%(d)		09/15/2061		4,089,790
	6,546,000	Wells Fargo Commercial Mortgage Trust, Series 2018-C48-C		5.30	%(d)		01/15/2052		5,210,351
	20,671,838	Wells Fargo Commercial Mortgage Trust, Series 2019-C49-XA		1.42	%(d)(h)		03/15/2052		995,717
	10,776,000	Wells Fargo Commercial Mortgage Trust, Series 2019-C50-C		4.35	%		05/15/2052		8,485,559
	2,705,000	Wells Fargo Commercial Mortgage Trust, Series 2020-C55-B		3.14	%		02/15/2053		2,015,587
	5,510,000	Wells Fargo Commercial Mortgage Trust, Series 2020-C58-B		2.70	%		07/15/2053		3,866,199
	118,487,809	Wells Fargo Commercial Mortgage Trust, Series 2021-C59-XA		1.66	%(d)(h)		04/15/2054		9,026,923
	2,436,000	Wells Fargo Commercial Mortgage Trust, Series 2021-C61-C		3.31	%		11/15/2054		1,567,797
	55,250,901	WF-RBS Commercial Mortgage Trust, Series 2014-C21-XA		1.15	%(d)(h)		08/15/2047		375,065
	39,263,010	WF-RBS Commercial Mortgage Trust, Series 2014-C22-XA		0.91	%(d)(h)		09/15/2057		162,584

	Total Non-Agency Commercial Mortgage Backed Obligations (Cost $511,218,385)								352,116,530

	Non-Agency Residential Collateralized Mortgage Obligations—11.7%
	6,146,810	Adjustable Rate Mortgage Trust, Series 2007-1-4A1		5.55	%(d)		03/25/2037		4,309,165
	19,789	Adjustable Rate Mortgage Trust, Series 2007-3-1A1		4.76	%(a)(d)		11/25/2037		19,320
	724,161	AJAX Mortgage Loan Trust, Series 2020-D-A		2.25	%(a)(i)		06/25/2060		700,557
	2,993,410	AlphaFlow Transitional Mortgage Trust, Series 2021-WL1-A1		3.28	%(a)(i)		01/25/2026		2,915,426
	3,100,000	AMSR Trust, Series 2019-SFR1-E		3.47	%(a)		01/19/2039		2,772,564
	10,000,000	AMSR Trust, Series 2021-SFR1-F		3.60	%(a)		06/17/2038		8,075,141


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	3,000,000	AMSR Trust, Series 2021-SFR2-E1		2.48	%(a)		08/17/2038		2,603,974
	2,500,000	AMSR Trust, Series 2021-SFR2-E2		2.58	%(a)		08/17/2038		2,156,547
	4,500,000	AMSR Trust, Series 2021-SFR2-F1		3.28	%(a)		08/17/2038		3,914,482
	2,000,000	AMSR Trust, Series 2021-SFR2-F2		3.67	%(a)		08/17/2038		1,743,229
	8,900,000	AMSR Trust, Series 2023-SFR2-A		3.95	%(a)		06/17/2040		8,134,394
	11,009,628	Argent Securities Trust, Series 2006-M1-A2C (Secured Overnight Financing Rate 1 Month + 0.41%, 0.30% Floor)		5.73	%		07/25/2036		2,827,913
	14,019,285	Argent Securities Trust, Series 2006-M1-A2D (Secured Overnight Financing Rate 1 Month + 0.59%, 0.48% Floor)		5.91	%		07/25/2036		3,600,685
	130,737	Banc of America Funding Trust, Series 2005-G-A3		2.28	%(d)		10/20/2035		86,149
	113,844	Banc of America Funding Trust, Series 2006-2-6A2		5.50	%		03/25/2036		106,381
	84,416	Banc of America Funding Trust, Series 2006-6-1A2		6.25	%		08/25/2036		69,075
	255,304	Bear Stearns Asset Backed Securities Trust, Series 2007-SD1-1A3A		6.50	%		10/25/2036		110,245
	9,100,000	CAFL Issuer LLC, Series 2021-RTL1-A1		2.24	%(a)(i)		03/28/2029		8,450,167
	5,771,810	Carrington Mortgage Loan Trust, Series 2006-NC5-A3 (Secured Overnight Financing Rate 1 Month + 0.26%, 0.15% Floor, 14.50% Cap)		5.58	%		01/25/2037		5,174,127
	1,258,423	Chase Mortgage Finance Trust, Series 2007-A2-6A4		4.63	%(d)		07/25/2037		1,102,238
	796,566	Chase Mortgage Finance Trust, Series 2007-S3-2A1		5.50	%		05/25/2037		8
	149,362	CHL Mortgage Pass-Through Trust, Series 2005-28-A7		5.25	%		01/25/2036		79,869
	406,257	CHL Mortgage Pass-Through Trust, Series 2007-10-A5		6.00	%		07/25/2037		187,117
	166,553	CHL Mortgage Pass-Through Trust, Series 2007-15-1A16		6.25	%		09/25/2037		102,068
	420,601	CHL Mortgage Pass-Through Trust, Series 2007-3-A17		6.00	%		04/25/2037		200,505
	6,953,000	CIM Trust, Series 2020-R2-M2		3.00	%(a)(d)		10/25/2059		4,983,926
	22,109	Citicorp Mortgage Securities, Inc., Series 2005-1-1A4		5.50	%		02/25/2035		20,327
	3,990,341	Citigroup Mortgage Loan Trust, Series 2007-OPX1-A1A (Secured Overnight Financing Rate 1 Month + 0.18%, 0.07% Floor)		5.50	%		01/25/2037		1,667,536
	25,565,771	Citigroup Mortgage Loan Trust, Series 2019-A-PT1		3.92	%(a)		10/25/2058		20,445,742
	45,578,320	Citigroup Mortgage Loan Trust, Series 2021-RP2-A1		1.75	%(a)(d)		03/25/2065		39,200,486
	5,674,000	Citigroup Mortgage Loan Trust, Series 2021-RP2-M1		3.25	%(a)(d)		03/25/2065		4,514,384
	4,752,000	Citigroup Mortgage Loan Trust, Series 2021-RP2-M2		3.40	%(a)(d)		03/25/2065		3,544,105
	4,413,000	Citigroup Mortgage Loan Trust, Series 2021-RP2-M3		3.40	%(a)(d)		03/25/2065		3,128,382
	12,953,240	Citigroup Mortgage Loan Trust, Series 2021-RP2-PT1		6.01	%(a)(d)		03/25/2065		10,347,462
	55,984	CitiMortgage Alternative Loan Trust, Series 2006-A2-A2		6.00	%		05/25/2036		47,449
	35,795	CitiMortgage Alternative Loan Trust, Series 2006-A5-3A3		6.00	%		10/25/2036		28,998


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	231,104	CitiMortgage Alternative Loan Trust, Series 2007-A1-1A7		6.00	%		01/25/2037		201,249
	6,976,801	CitiMortgage Alternative Loan Trust, Series 2007-A2-1A5		6.00	%		02/25/2037		6,043,883
	3,353,336	CitiMortgage Alternative Loan Trust, Series 2007-A5-1A10		5.75	%		05/25/2037		2,835,015
	1,000,000	CoreVest American Finance Trust, Series 2020-4-E		3.38	%(a)		12/15/2052		749,722
	62,353	Countrywide Alternative Loan Trust, Series 2005-20CB-1A1		5.50	%		07/25/2035		49,182
	123,313	Countrywide Alternative Loan Trust, Series 2005-28CB-3A6		6.00	%		08/25/2035		53,137
	12,025,002	Countrywide Alternative Loan Trust, Series 2005-37T1-A5 (Secured Overnight Financing Rate 1 Month + 0.56%, 0.45% Floor, 5.50% Cap)		5.50	%		09/25/2035		7,262,233
	454,196	Countrywide Alternative Loan Trust, Series 2005-46CB-A22		5.25	%		10/25/2035		309,749
	7,125,121	Countrywide Alternative Loan Trust, Series 2005-49CB-A2		5.50	%		11/25/2035		4,686,412
	68,409	Countrywide Alternative Loan Trust, Series 2005-J10-1A13 (Secured Overnight Financing Rate 1 Month + 0.81%, 0.70% Floor, 5.50% Cap)		5.50	%		10/25/2035		42,857
	251,957	Countrywide Alternative Loan Trust, Series 2006-26CB-A9		6.50	%		09/25/2036		135,097
	5,991,169	Countrywide Alternative Loan Trust, Series 2006-42-1A8		6.00	%		01/25/2047		3,240,472
	938,493	Countrywide Alternative Loan Trust, Series 2007-12T1-A1		6.00	%		06/25/2037		433,077
	5,942,472	Countrywide Alternative Loan Trust, Series 2007-12T1-A3		6.00	%		06/25/2037		2,742,212
	1,011,665	Countrywide Alternative Loan Trust, Series 2007-16CB-2A1 (Secured Overnight Financing Rate 1 Month + 0.56%, 0.45% Floor, 7.00% Cap)		5.88	%		08/25/2037		368,667
	292,953	Countrywide Alternative Loan Trust, Series 2007-16CB-2A2 (-8 x Secured Overnight Financing Rate 1 Month + 53.63%, 54.58% Cap)		9.30	%(j)		08/25/2037		298,045
	54,360	Countrywide Alternative Loan Trust, Series 2007-17CB-1A10 (-5 x Secured Overnight Financing Rate 1 Month + 29.37%, 29.90% Cap)		4.90	%(j)		08/25/2037		38,302
	252,616	Countrywide Alternative Loan Trust, Series 2007-18CB-2A17		6.00	%		08/25/2037		141,124
	1,337,478	Countrywide Alternative Loan Trust, Series 2007-23CB-A3 (Secured Overnight Financing Rate 1 Month + 0.61%, 0.50% Floor, 7.00% Cap)		5.93	%		09/25/2037		536,225
	1,313,845	Countrywide Alternative Loan Trust, Series 2007-23CB-A4 (-1 x Secured Overnight Financing Rate 1 Month + 6.39%, 6.50% Cap)		1.07	%(h)(j)		09/25/2037		140,642
	718,388	Countrywide Alternative Loan Trust, Series 2007-4CB-2A1		7.00	%		03/25/2037		74,368
	5,809,947	Countrywide Alternative Loan Trust, Series 2007-8CB-A1		5.50	%		05/25/2037		3,105,181
	4,973,606	Countrywide Alternative Loan Trust, Series 2007-OA8-2A1 (Secured Overnight Financing Rate 1 Month + 0.47%, 0.36% Floor)		5.79	%		06/25/2047		3,685,371
	54,394	Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-10-5A5		5.50	%		11/25/2035		39,225
	585,227	Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-8-1A3		5.25	%		09/25/2035		455,865
	3,019,020	Credit Suisse Mortgage Capital Certificates, Series 2009-3R-19A2		6.00	%(a)		01/27/2038		1,371,274
	6,854,835	Credit-Based Asset Servicing and Securitization LLC, Series 2007-RP1-A (Secured Overnight Financing Rate 1 Month + 0.42%, 0.31% Floor)		5.74	%(a)		05/25/2046		5,797,757
	2,364,895	CSMC Mortgage-Backed Trust, Series 2006-4-6A1		6.00	%		05/25/2036		919,386
	19,564	CSMC Mortgage-Backed Trust, Series 2006-4-7A1		5.50	%		09/25/2056		10,388
	61,763	CSMC Mortgage-Backed Trust, Series 2007-1-3A1		6.00	%		02/25/2057		10,242


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	10,414	CSMC Mortgage-Backed Trust, Series 2007-2-2A1		5.00	%		03/25/2037		7,907
	664,295	CSMC Trust, Series 2010-4R-3A17		6.00	%(a)(b)(d)		06/26/2037		583,825
	30,086,335	CSMC Trust, Series 2020-RPL1-PT1		3.34	%(a)(d)		10/25/2069		23,688,073
	9,035,400	CSMC Trust, Series 2020-RPL4-M1		2.50	%(a)		01/25/2060		6,255,523
	2,706,030	CSMC Trust, Series 2021-JR1-A1		2.47	%(a)(d)		09/27/2066		2,626,047
	6,928,895	Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA1-A1 (Secured Overnight Financing Rate 1 Month + 0.26%, 0.15% Floor)		5.58	%		02/25/2047		4,061,314
	4,489,632	Deutsche ALT-A Securities, Inc. Mortgage Loan Trust, Series 2005-6-2A1		5.50	%		12/25/2035		3,609,611
	4,402,944	Deutsche ALT-A Securities, Inc. Mortgage Loan Trust, Series 2005-AR2-2A1		4.41	%(d)		10/25/2035		3,616,489
	394,718	Deutsche Mortgage Securities, Inc., Series 2006-PR1-3A1 (-1 x Secured Overnight Financing Rate 1 Month + 11.96%, 12.12% Cap)		4.50	%(a)(j)		04/15/2036		347,399
	35,769	Deutsche Mortgage Securities, Inc., Series 2006-PR1-4AI2 (-2 x Secured Overnight Financing Rate 1 Month + 14.39%, 14.61% Cap)		4.21	%(a)(j)		04/15/2036		30,980
	704,424	Deutsche Mortgage Securities, Inc., Series 2006-PR1-5AI4 (-1 x Secured Overnight Financing Rate 1 Month + 11.96%, 12.12% Cap)		4.50	%(a)(j)		04/15/2036		575,050
	15,984,000	First Franklin Mortgage Loan Trust, Series 2006-FF15-A6 (Secured Overnight Financing Rate 1 Month + 0.42%, 0.31% Floor)		5.74	%		11/25/2036		12,532,933
	10,712,354	First Franklin Mortgage Loan Trust, Series 2007-FF2-A1 (Secured Overnight Financing Rate 1 Month + 0.39%, 0.28% Floor)		5.71	%		03/25/2037		5,770,984
	197,368	First Horizon Alternative Mortgage Securities Trust, Series 2006-FA2-1A5		6.00	%		05/25/2036		82,468
	2,631,545	First Horizon Alternative Mortgage Securities Trust, Series 2006-FA8-1A1		6.25	%		02/25/2037		1,120,659
	36,436	First Horizon Alternative Mortgage Securities Trust, Series 2006-RE1-A1		5.50	%(d)		05/25/2035		23,833
	16,440,000	FMC GMSR Issuer Trust, Series 2021-GT2-A		3.85	%(a)(d)		10/25/2026		13,531,189
	6,944,000	GCAT Trust, Series 2021-NQM6-M1		3.41	%(a)(d)		08/25/2066		4,511,431
	1,328,767	GMACM Mortgage Loan Trust, Series 2006-J1-A6		5.75	%		04/25/2036		1,115,076
	7,546,000	GS Mortgage-Backed Securities Trust, Series 2020-NQM1-M1		3.29	%(a)(d)		09/27/2060		6,098,098
	6,085	GSAA Home Equity Trust, Series 2005-7-AF5		5.11	%(i)		05/25/2035		5,850
	819,889	GSAA Home Equity Trust, Series 2007-10-A1A		6.00	%		11/25/2037		470,399
	948,401	GSAA Home Equity Trust, Series 2007-10-A2A		6.50	%		11/25/2037		409,302
	1,466,330	GSR Mortgage Loan Trust, Series 2006-3F-4A1		6.00	%		03/25/2036		1,121,399
	22,702,102	GSR Mortgage Loan Trust, Series 2006-OA1-1A1 (Secured Overnight Financing Rate 1 Month + 0.55%, 0.44% Floor)		5.87	%		08/25/2046		5,304,900
	71,106	GSR Mortgage Loan Trust, Series 2007-1F-2A2		5.50	%		01/25/2037		152,389
	10,585,027	Harborview Mortgage Loan Trust, Series 2005-7-2A1 (Secured Overnight Financing Rate 1 Month + 0.68%, 0.57% Floor, 11.00% Cap)		6.01	%		06/19/2045		6,428,742
	2,530,268	Home Partners of America Trust, Series 2021-1-D		2.48	%(a)		09/17/2041		2,017,649
	1,163,066	Home Partners of America Trust, Series 2021-1-E		2.58	%(a)		09/17/2041		920,495
	1,308,878	Home Partners of America Trust, Series 2021-1-F		3.33	%(a)		09/17/2041		1,043,087


Principal Amount $/Shares		Security Description	Rate			Maturity			Value $
	5,250,000	Homeward Opportunities Fund Trust, Series 2020-2-M1		3.90	%(a)(d)		05/25/2065			4,697,383
	510,128	Homeward Opportunities Fund Trust, Series 2020-BPL1-A1		6.23	%(a)(i)		08/25/2025			510,866
	22,380,052	HSI Asset Securitization Corporation Trust, Series 2006-HE1-1A1 (Secured Overnight Financing Rate 1 Month + 0.39%, 0.28% Floor)		5.71	%		10/25/2036			7,146,882
	9,729,279	HSI Asset Securitization Corporation Trust, Series 2007-NC1-A3 (Secured Overnight Financing Rate 1 Month + 0.29%, 0.18% Floor)		5.61	%		04/25/2037			6,272,826
	23,751,508	Impac Secured Assets Trust, Series 2006-5-1A1C (Secured Overnight Financing Rate 1 Month + 0.65%, 0.54% Floor, 11.50% Cap)		5.97	%		02/25/2037			21,046,432
	2,728,000	Imperial Fund Mortgage Trust, Series 2021-NQM4-M1		3.45	%(a)(d)		01/25/2057			1,723,354
	1,415,175	IndyMac IMSC Mortgage Loan Trust, Series 2007-HOA1-A11 (Secured Overnight Financing Rate 1 Month + 0.47%, 0.36% Floor)		5.79	%		07/25/2047			959,881
	1,407,300	IndyMac IMSC Mortgage Loan Trust, Series 2007-HOA1-A24 (Secured Overnight Financing Rate 1 Month + 0.73%, 0.62% Floor)		6.05	%		07/25/2047			1,028,287
	2,866,095	JP Morgan Alternative Loan Trust, Series 2005-A2-1M1 (Secured Overnight Financing Rate 1 Month + 0.80%, 0.69% Floor, 11.50% Cap)		6.12	%		01/25/2036			2,727,692
	59,253	JP Morgan Alternative Loan Trust, Series 2006-S2-A4		6.69	%(i)		05/25/2036			58,656
	2,524,864	JP Morgan Alternative Loan Trust, Series 2006-S3-A4		6.81	%(i)		08/25/2036			2,326,323
	30,951	JP Morgan Alternative Loan Trust, Series 2006-S3-A6		6.62	%(i)		08/25/2036	��		28,904
	32,684	JP Morgan Alternative Loan Trust, Series 2006-S4-A6		6.21	%(i)		12/25/2036			31,209
	13,671,420	JP Morgan Mortgage Acquisition Trust, Series 2006-WMC2-A5 (Secured Overnight Financing Rate 1 Month + 0.61%, 0.50% Floor)		5.93	%		07/25/2036			5,783,810
	15,915,338	JP Morgan Mortgage Acquisition Trust, Series 2006-WMC3-A4 (Secured Overnight Financing Rate 1 Month + 0.41%, 0.30% Floor)		5.73	%		08/25/2036			11,065,196
	13,097,017	JP Morgan Mortgage Acquisition Trust, Series 2006-WMC4-A5 (Secured Overnight Financing Rate 1 Month + 0.32%, 0.21% Floor)		5.64	%		12/25/2036			6,850,521
	2,175,999	JP Morgan Mortgage Trust, Series 2006-S1-2A9		6.50	%		04/25/2036			2,119,625
	161,016	JP Morgan Mortgage Trust, Series 2007-S3-1A7		6.00	%		08/25/2037			77,124
	22,912,868	Legacy Mortgage Asset Trust, Series 2019-RPL3-PT1		0.00	%(a)		06/25/2058			19,142,124
	7,000,000	Legacy Mortgage Asset Trust, Series 2021-GS3-A2		3.25	%(a)(i)		07/25/2061			5,756,217
	3,332,629	Lehman Mortgage Trust, Series 2005-9N-1A1 (Secured Overnight Financing Rate 1 Month + 0.38%, 0.27% Floor)		5.70	%		02/25/2036			2,929,615
	371,928	Lehman Mortgage Trust, Series 2006-3-1A5		6.00	%		07/25/2036			180,653
	25,368	Lehman Mortgage Trust, Series 2006-9-1A19 (-5 x Secured Overnight Financing Rate 1 Month + 30.16%, 30.68% Cap)		5.68	%(j)		01/25/2037			18,479
	506,177	Lehman Mortgage Trust, Series 2007-10-2A1		6.50	%		01/25/2038			145,018
	3,395,986	Lehman Mortgage Trust, Series 2007-1-1A2 (Secured Overnight Financing Rate 1 Month + 0.43%, 0.32% Floor)		5.75	%		02/25/2037			3,255,986
	9,365,287	Lehman Mortgage Trust, Series 2007-15N-3A1 (Secured Overnight Financing Rate 1 Month + 0.36%, 0.25% Floor)		5.68	%		08/25/2047			7,719,156
	90,284	Lehman Mortgage Trust, Series 2007-2-1A1		5.75	%		02/25/2037			57,601
	8,820,484	Lehman Mortgage Trust, Series 2007-3-2A3 (Secured Overnight Financing Rate 1 Month + 0.59%, 0.48% Floor)		5.91	%		03/25/2037			8,111,184
	4,200,000	LHOME Mortgage Trust, Series 2021-RTL1-A2		3.86	%(a)(d)		02/25/2026			3,944,772
	34,655,918	Long Beach Mortgage Loan Trust, Series 2006-2-2A3 (Secured Overnight Financing Rate 1 Month + 0.49%, 0.38% Floor)		5.81	%		03/25/2046			12,496,241


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	13,478,461	Long Beach Mortgage Loan Trust, Series 2006-3-2A3 (Secured Overnight Financing Rate 1 Month + 0.47%, 0.36% Floor)		5.79	%		05/25/2046		4,088,471
	15,594,609	Long Beach Mortgage Loan Trust, Series 2006-6-2A3 (Secured Overnight Financing Rate 1 Month + 0.41%, 0.30% Floor)		5.73	%		07/25/2036		6,071,658
	73,761	MASTR Alternative Loans Trust, Series 2005-2-3A1		6.00	%		03/25/2035		61,705
	4,552,313	MASTR Alternative Loans Trust, Series 2006-1-A5		6.00	%		02/25/2036		2,132,334
	32,352	MASTR Alternative Loans Trust, Series 2007-1-2A7		6.00	%		10/25/2036		9,597
	12,060,188	MASTR Asset Backed Securities Trust, Series 2005-NC2-A3 (Secured Overnight Financing Rate 1 Month + 0.61%, 0.50% Floor)		5.93	%		11/25/2035		6,895,374
	735,046	MASTR Asset Securitization Trust, Series 2006-2-1A11 (Secured Overnight Financing Rate 1 Month + 6.00%, 6.00% Floor)		6.00	%		06/25/2036		434,979
	1,652,060	Merrill Lynch Alternative Note Asset Trust, Series 2007-F1-2A8		6.00	%		03/25/2037		613,341
	8,599,779	Merrill Lynch Alternative Note Asset Trust, Series 2007-OAR4-A1 (Secured Overnight Financing Rate 1 Month + 0.61%, 0.50% Floor)		5.93	%		08/25/2037		7,326,782
	5,512,417	Merrill Lynch Mortgage Investors Trust, Series 2007-MLN1-A1 (Secured Overnight Financing Rate 1 Month + 0.36%, 0.25% Floor)		5.68	%		03/25/2037		4,050,600
	2,635,755	MFA Trust, Series 2021-NPL1-A1		2.36	%(a)(i)		03/25/2060		2,538,608
	7,567,389	Morgan Stanley Capital Trust, Series 2006-HE5-A2C (Secured Overnight Financing Rate 1 Month + 0.39%, 0.28% Floor)		5.71	%		08/25/2036		3,859,955
	19,538	Morgan Stanley Mortgage Loan Trust, Series 2004-1-1A1		5.00	%		11/25/2033		14,189
	447,631	Morgan Stanley Mortgage Loan Trust, Series 2005-7-7A4		5.50	%		11/25/2035		395,766
	1,631,491	Morgan Stanley Mortgage Loan Trust, Series 2006-7-3A		5.22	%(d)		06/25/2036		1,033,144
	26,116,763	Morgan Stanley Mortgage Loan Trust, Series 2007-2AX-2A2 (Secured Overnight Financing Rate 1 Month + 0.43%, 0.32% Floor)		5.75	%		12/25/2036		9,747,557
	7,758,446	Morgan Stanley Mortgage Loan Trust, Series 2007-7AX-2A1 (Secured Overnight Financing Rate 1 Month + 0.35%, 0.24% Floor)		5.67	%		04/25/2037		2,136,897
	158,166	Morgan Stanley Re-Remic Trust, Series 2010-R6-5C		5.75	%(a)(d)		05/26/2037		139,318
	2,126,957	Morgan Stanley Residential Mortgage Loan Trust, Series 2020-RPL1-A1		2.69	%(a)(d)		10/25/2060		2,060,094
	14,930,204	MortgageIT Securities Corp Mortgage Loan Trust, Series 2007-1-2A11 (Secured Overnight Financing Rate 1 Month + 0.55%, 0.44% Floor)		5.87	%		06/25/2047		11,315,311
	6,000,000	New Century Home Equity Loan Trust, Series 2005-B-M2 (Secured Overnight Financing Rate 1 Month + 0.85%, 0.74% Floor)		6.17	%		10/25/2035		4,962,391
	164,058	Nomura Asset Acceptance Corporation, Series 2006-AP1-A2		5.52	%(d)		01/25/2036		50,532
	505,002	Nomura Home Equity Loan, Inc., Series 2006-AF1-A2		6.30	%(i)		10/25/2036		119,503
	851,760	Nomura Home Equity Loan, Inc., Series 2007-1-1A1		6.56	%(i)		02/25/2037		226,810
	6,562,423	NRPL Trust, Series 2019-3A-A1		6.00	%(a)(i)		07/25/2059		6,531,957
	3,455,304	NRZ Excess Spread-Collateralized Notes, Series 2020-PLS1-A		3.84	%(a)		12/25/2025		3,226,351
	29,921	Option One Mortgage Loan Trust, Series 2004-3-M3 (Secured Overnight Financing Rate 1 Month + 1.09%, 0.98% Floor)		6.41	%		11/25/2034		29,654
	17,610,816	Option One Mortgage Loan Trust, Series 2007-6-1A1 (Secured Overnight Financing Rate 1 Month + 0.30%, 0.19% Floor)		5.62	%		07/25/2037		14,905,728
	1,721,359	PMT Credit Risk Transfer Trust, Series 2019-3R-A (Secured Overnight Financing Rate 30 Day Average + 3.81%, 2.70% Floor)		9.13	%(a)		10/27/2024		1,714,387
	3,757,132	PMT Credit Risk Transfer Trust, Series 2020-1R-A (Secured Overnight Financing Rate 30 Day Average + 3.46%, 2.35% Floor)		8.78	%(a)		02/27/2025		3,722,871


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	15,000,000	PMT Credit Risk Transfer Trust, Series 2021-FT1-A (1 Month LIBOR USD + 3.00%, 3.00% Floor)		8.43	%(a)		03/25/2026		14,646,729
	5,239,865	PR Mortgage Loan Trust, Series 2014-1-APT		5.85	%(a)(d)		10/25/2049		4,682,923
	4,932,093	Pretium Mortgage Credit Partners LLC, Series 2021-RN2-A1		1.74	%(a)(i)		07/25/2051		4,598,374
	3,404,000	Progress Residential Trust, Series 2021-SFR6-E2		2.53	%(a)		07/17/2038		2,946,156
	4,666,000	Progress Residential Trust, Series 2021-SFR6-F		3.42	%(a)		07/17/2038		4,039,227
	5,100,000	Progress Residential Trust, Series 2021-SFR8-F		3.18	%(a)		10/17/2038		4,324,065
	3,151,296	PRPM LLC, Series 2021-3-A1		1.87	%(a)(i)		04/25/2026		2,970,845
	3,136,852	PRPM LLC, Series 2021-7-A1		1.87	%(a)(i)		08/25/2026		2,895,232
	1,747,628	PRPM LLC, Series 2021-9-A1		2.36	%(a)(i)		10/25/2026		1,636,817
	11,500,000	RAMP Trust, Series 2006-NC1-M2 (Secured Overnight Financing Rate 1 Month + 0.51%, 0.40% Floor, 14.00% Cap)		6.03	%		01/25/2036		9,296,484
	6,174,466	RBSGC Mortgage Loan Trust, Series 2005-A-3A		6.00	%		04/25/2035		2,530,727
	20,425,847	Redwood Funding Trust, Series 2019-1-PT		4.97	%(a)(i)		09/27/2024		20,058,888
	120,405	Residential Accredit Loans, Inc., Series 2005-QS14-3A3		6.00	%		09/25/2035		102,682
	160,330	Residential Accredit Loans, Inc., Series 2006-QS10-A4		5.75	%		08/25/2036		126,719
	1,749,521	Residential Accredit Loans, Inc., Series 2006-QS10-A9		6.50	%		08/25/2036		1,441,999
	1,768,292	Residential Accredit Loans, Inc., Series 2006-QS4-A10		6.00	%		04/25/2036		1,386,240
	350,665	Residential Accredit Loans, Inc., Series 2006-QS6-1A15		6.00	%		06/25/2036		272,298
	1,509	Residential Accredit Loans, Inc., Series 2006-QS6-2A1		6.00	%		12/25/2023		—
	19,596,436	Residential Accredit Loans, Inc., Series 2007-QH5-AII (Secured Overnight Financing Rate 1 Month + 0.57%, 0.46% Floor)		5.89	%		06/25/2037		7,857,720
	601,844	Residential Accredit Loans, Inc., Series 2007-QS3-A4		6.25	%		02/25/2037		477,902
	2,164,745	Residential Accredit Loans, Inc., Series 2007-QS9-A33		6.50	%		07/25/2037		1,648,457
	155,644	Residential Asset Securitization Trust, Series 2005-A10-A3		5.50	%		09/25/2035		75,429
	223,529	Residential Asset Securitization Trust, Series 2005-A11-2A4		6.00	%		10/25/2035		102,966
	1,626,254	Residential Asset Securitization Trust, Series 2006-A6-1A1		6.50	%		07/25/2036		478,779
	111,173	Residential Asset Securitization Trust, Series 2006-R1-A1 (-4 x Secured Overnight Financing Rate 1 Month + 27.94%, 28.40% Cap)		6.66	%(b)(j)		01/25/2046		118,036
	39,891	Residential Funding Mortgage Securities Trust, Series 2006-S10-1A2		6.00	%		10/25/2036		29,359
	394,514	Residential Funding Mortgage Securities Trust, Series 2007-S2-A4		6.00	%		02/25/2037		282,136
	303,615	Residential Funding Mortgage Securities Trust, Series 2007-S3-1A4		6.00	%		03/25/2037		209,667
	5,154,000	Residential Mortgage Loan Trust, Series 2020-1-M1		3.24	%(a)(d)		01/26/2060		4,378,241
	7,695,758	Saxon Asset Securities Trust, Series 2005-2-M4 (Secured Overnight Financing Rate 1 Month + 1.06%, 0.95% Floor, 11.50% Cap)		6.38	%		10/25/2035		4,990,031


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	14,811,909	Securitized Asset Backed Receivables LLC Trust, Series 2007-BR3-A1 (Secured Overnight Financing Rate 1 Month + 0.27%, 0.16% Floor, 100.00% Cap)		5.59	%(a)		04/25/2037		10,210,487
	19,196,253	Securitized Asset Backed Receivables LLC Trust, Series 2007-BR3-A2A (Secured Overnight Financing Rate 1 Month + 0.18%, 0.07% Floor)		5.50	%		04/25/2037		12,944,985
	13,616,797	Securitized Asset Backed Receivables LLC Trust, Series 2007-BR3-A2B (Secured Overnight Financing Rate 1 Month + 0.33%, 0.22% Floor)		5.65	%		04/25/2037		9,182,257
	2,449,434	Securitized Asset Backed Receivables LLC Trust, Series 2007-BR3-A2C (Secured Overnight Financing Rate 1 Month + 0.39%, 0.28% Floor)		5.71	%		04/25/2037		1,651,718
	19,869,162	Securitized Asset Backed Receivables LLC Trust, Series 2007-HE1-A2C (Secured Overnight Financing Rate 1 Month + 0.43%, 0.32% Floor)		5.75	%		12/25/2036		4,518,394
	23,445,121	Securitized Mortgage Asset Loan Trust, Series 2015-1-PC		3.99	%(a)(d)		02/25/2054		19,124,767
	3,266,859	Sequoia Mortgage Trust, Series 2007-3-2AA1		3.92	%(d)		07/20/2037		2,602,681
	6,555,442	Soundview Home Loan Trust, Series 2007-OPT4-1A1 (Secured Overnight Financing Rate 1 Month + 1.11%, 1.00% Floor)		6.43	%		09/25/2037		4,436,180
	5,910,000	Starwood Mortgage Residential Trust, Series 2020-1-B1		3.73	%(a)(d)		02/25/2050		4,500,456
	10,682,331	Structured Asset Investment Loan Trust, Series 2006-BNC3-A1 (Secured Overnight Financing Rate 1 Month + 0.29%, 0.18% Floor)		5.61	%		09/25/2036		6,581,930
	748,208	Structured Asset Securities Corporation, Series 2005-RF1-A (Secured Overnight Financing Rate 1 Month + 0.46%, 0.35% Floor)		5.78	%(a)		03/25/2035		638,724
	748,208	Structured Asset Securities Corporation, Series 2005-RF1-AIO		0.00	%(a)(d)(h)		03/25/2035		7
	5,244,807	VCAT LLC, Series 2021-NPL4-A1		1.87	%(a)(i)		08/25/2051		4,917,443
	6,770,260	VCAT LLC, Series 2021-NPL6-A1		1.92	%(a)(i)		09/25/2051		6,257,716
	1,007,473	Velocity Commercial Capital Loan Trust, Series 2018-1-M1		3.91	%(a)		04/25/2048		888,508
	530,470	Velocity Commercial Capital Loan Trust, Series 2018-1-M2		4.26	%(a)		04/25/2048		462,943
	324,272	Velocity Commercial Capital Loan Trust, Series 2018-1-M3		4.41	%(a)		04/25/2048		260,356
	1,801,682	Velocity Commercial Capital Loan Trust, Series 2019-1-M1		3.94	%(a)(d)		03/25/2049		1,544,457
	754,041	Velocity Commercial Capital Loan Trust, Series 2019-1-M2		4.01	%(a)(d)		03/25/2049		631,216
	689,775	Velocity Commercial Capital Loan Trust, Series 2019-1-M3		4.12	%(a)(d)		03/25/2049		543,634
	2,775,024	VOLT LLC, Series 2021-CF1-A1		1.99	%(a)(i)		08/25/2051		2,584,167
	1,697,003	VOLT LLC, Series 2021-CF2-A1		2.49	%(a)(i)		11/27/2051		1,549,079
	6,372,543	VOLT LLC, Series 2021-NP12-A1		2.73	%(a)(i)		12/26/2051		5,772,202
	1,025,558	VOLT LLC, Series 2021-NPL1-A1		1.89	%(a)(i)		02/27/2051		968,698
	3,438,813	VOLT LLC, Series 2021-NPL5-A1		2.12	%(a)(i)		03/27/2051		3,269,725
	3,490,078	VOLT LLC, Series 2021-NPL6-A1		2.24	%(a)(i)		04/25/2051		3,266,919
	72,502	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2005-1-2A		6.00	%		03/25/2035		58,094
	377,585	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-1-3A1		5.75	%		02/25/2036		326,459
	1,123,685	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-2-4CB		6.00	%		03/25/2036		1,032,561
	7,185,730	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-8-A5		4.16	%(i)		10/25/2036		2,549,478


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	3,193,403	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-8-A6		4.16	%(i)		10/25/2036		1,133,903
	4,423,051	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-AR13-1A (12 Month US Treasury Average + 0.88%, 0.88% Floor)		5.51	%		10/25/2046		3,646,890
	1,401,443	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-AR19-2A (12 Month US Treasury Average + 1.25%, 1.25% Floor)		5.88	%		01/25/2047		1,227,700
	6,984,057	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-2-1A2		6.00	%		04/25/2037		5,374,598
	4,898,193	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-2-1A3		6.00	%		04/25/2037		3,769,416
	649,646	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-3-A6		6.00	%		04/25/2037		539,067
	51,544	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-5-A11 (-6 x Secured Overnight Financing Rate 1 Month + 38.79%, 39.48% Cap)		6.87	%(j)		06/25/2037		46,650
	6,296,212	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-5-A3		7.00	%		06/25/2037		4,917,290
	4,446,337	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-HY7-2A1		3.77	%(d)		07/25/2037		3,696,844
	328,426	Wells Fargo Alternative Loan Trust, Series 2007-PA5-1A1		6.25	%		11/25/2037		275,500
	8,119	Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR14-A6		5.95	%(d)		08/25/2035		7,729
	404,464	Wells Fargo Mortgage Backed Securities Trust, Series 2006-7-2A1		6.00	%		06/25/2036		331,922
	18,900	Wells Fargo Mortgage Backed Securities Trust, Series 2007-7-A1		6.00	%		06/25/2037		16,403

	Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $964,332,761)								776,702,765

	US Corporate Bonds—15.8%
	12,386,000	AbbVie, Inc.		4.70	%		05/14/2045		10,564,241
	1,865,000	Academy Ltd.		6.00	%(a)		11/15/2027		1,764,859
	2,050,000	Acuris Finance, Inc.		5.00	%(a)		05/01/2028		1,688,769
	200,000	Acushnet Company		7.38	%(a)		10/15/2028		201,750
	1,670,000	AdaptHealth LLC		5.13	%(a)		03/01/2030		1,295,548
	1,235,000	Advanced Drainage Systems, Inc.		5.00	%(a)		09/30/2027		1,155,039
	610,000	Advanced Drainage Systems, Inc.		6.38	%(a)		06/15/2030		586,567
	1,105,000	AEP Transmission Company LLC		5.40	%		03/15/2053		1,029,458
	765,000	Aethon United Finance Corporation		8.25	%(a)		02/15/2026		759,699
	3,245,000	Agree LP		2.60	%		06/15/2033		2,375,994
	3,596,000	Air Lease Corporation		1.88	%		08/15/2026		3,196,895
	286,000	Air Methods Corporation		8.00	%(a)(f)		05/15/2025		2,145
	4,870,000	Alexandria Real Estate Equities, Inc.		3.00	%		05/18/2051		2,755,319
	1,215,000	Alexandria Real Estate Equities, Inc.		5.15	%		04/15/2053		1,015,721


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	1,125,000	Alliant Holdings Intermediate LLC		6.75	%(a)		10/15/2027		1,047,439
	1,120,000	Allied Universal Holdco LLC		6.63	%(a)		07/15/2026		1,062,779
	975,000	Allied Universal Holdco LLC		6.00	%(a)		06/01/2029		728,342
	385,000	AMC Entertainment Holdings, Inc.		7.50	%(a)		02/15/2029		268,027
	1,990,000	American Airlines, Inc.		5.75	%(a)		04/20/2029		1,852,442
	600,000	American Axle & Manufacturing, Inc.		5.00	%		10/01/2029		486,083
	11,385,000	American Express Company		3.95	%		08/01/2025		11,016,911
	2,850,000	American Tower Corporation		5.55	%		07/15/2033		2,718,844
	5,780,000	Amgen, Inc.		5.25	%		03/02/2030		5,649,271
	4,485,000	Amgen, Inc.		5.75	%		03/02/2063		4,141,165
	1,040,000	AmWINS Group, Inc.		4.88	%(a)		06/30/2029		912,635
	989,000	Antero Midstream Partners LP		5.75	%(a)		03/01/2027		944,840
	995,000	Antero Resources Corporation		5.38	%(a)		03/01/2030		917,264
	4,650,000	Anthem, Inc.		2.38	%		01/15/2025		4,442,920
	300,000	Ardagh Packaging Finance, Inc.		5.25	%(a)		04/30/2025		292,749
	4,720,000	Arrow Electronics, Inc.		3.88	%		01/12/2028		4,308,202
	845,000	Ashton Woods Finance Company		4.63	%(a)		04/01/2030		692,638
	885,000	ASP Unifrax Holdings, Inc.		5.25	%(a)		09/30/2028		631,633
	1,015,000	AssuredPartners, Inc.		5.63	%(a)		01/15/2029		879,945
	3,240,000	AT&T, Inc.		2.75	%		06/01/2031		2,593,587
	15,295,000	AT&T, Inc.		3.50	%		09/15/2053		9,458,395
	11,705,000	Athene Global Funding		5.91	%(a)(e)		08/19/2024		11,591,785
	9,305,000	Aviation Capital Group LLC		1.95	%(a)		09/20/2026		8,129,994
	3,700,000	Bank Leumi (Secured Overnight Financing Rate + 1.75%)		4.83	%		07/22/2026		3,608,368
	13,470,000	Bank of America Corporation (5 Year CMT Rate + 1.20%)		2.48	%		09/21/2036		9,810,901
	3,195,000	Bank of America Corporation (Secured Overnight Financing Rate + 1.11%)		3.84	%		04/25/2025		3,150,240
	4,985,000	Bank of America Corporation (Secured Overnight Financing Rate + 1.21%)		2.57	%		10/20/2032		3,832,988
	1,500,000	Bausch & Lomb Escrow Corporation		8.38	%(a)		10/01/2028		1,506,330
	585,000	Bausch Health Companies, Inc.		6.13	%(a)		02/01/2027		364,775
	1,290,000	Bausch Health Companies, Inc.		4.88	%(a)		06/01/2028		735,779


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	467,000	Bausch Health Companies, Inc.		11.00	%(a)		09/30/2028		318,004
	93,000	Bausch Health Companies, Inc.		14.00	%(a)		10/15/2030		55,363
	1,140,000	BCPE Empire Holdings, Inc.		7.63	%(a)		05/01/2027		1,084,106
	1,135,000	Beacon Roofing Supply, Inc.		6.50	%(a)		08/01/2030		1,101,154
	5,260,000	Becton Dickinson & Company		4.69	%		02/13/2028		5,101,865
	4,540,000	Berkshire Hathaway Finance Corporation		2.85	%		10/15/2050		2,828,927
	3,190,000	Berkshire Hathaway Finance Corporation		3.85	%		03/15/2052		2,381,563
	3,650,000	Berry Global, Inc.		1.65	%		01/15/2027		3,141,189
	9,560,000	BlackRock, Inc.		4.75	%		05/25/2033		8,979,358
	6,384,000	Boeing Company		2.95	%		02/01/2030		5,376,374
	4,155,000	Boeing Company		3.75	%		02/01/2050		2,827,431
	125,000	Boxer Parent Company, Inc.		7.13	%(a)		10/02/2025		124,528
	5,755,000	BP Capital Markets America, Inc.		4.89	%		09/11/2033		5,405,984
	3,510,000	BP Capital Markets America, Inc.		2.94	%		06/04/2051		2,146,822
	2,115,000	Brighthouse Financial Global Funding		1.00	%(a)		04/12/2024		2,058,609
	3,135,000	Brighthouse Financial Global Funding		2.00	%(a)		06/28/2028		2,595,567
	10,145,000	Broadcom, Inc.		3.42	%(a)		04/15/2033		8,118,618
	7,675,000	Broadcom, Inc.		3.19	%(a)		11/15/2036		5,513,642
	9,980,000	Brooklyn Union Gas Company		4.49	%(a)		03/04/2049		7,055,966
	1,270,000	Builders FirstSource, Inc.		4.25	%(a)		02/01/2032		1,042,969
	3,965,000	Burlington Northern Santa Fe LLC		5.20	%		04/15/2054		3,638,098
	1,495,000	Caesars Entertainment, Inc.		4.63	%(a)		10/15/2029		1,268,111
	70,000	Caesars Entertainment, Inc.		7.00	%(a)		02/15/2030		68,189
	1,100,000	Callon Petroleum Company		7.50	%(a)		06/15/2030		1,067,937
	890,000	Calpine Corporation		4.50	%(a)		02/15/2028		803,017
	555,000	Calpine Corporation		5.13	%(a)		03/15/2028		494,829
	600,000	Calpine Corporation		4.63	%(a)		02/01/2029		503,260
	2,635,000	Capital One Financial Corporation (Secured Overnight Financing Rate + 2.16%)		4.99	%		07/24/2026		2,557,707
	1,915,000	Carnival Corporation		5.75	%(a)		03/01/2027		1,735,161
	1,465,000	Carnival Corporation		9.88	%(a)		08/01/2027		1,530,471


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	830,000	Carnival Corporation		7.00	%(a)		08/15/2029		819,224
	349,000	Castle US Holding Corporation		9.50	%(a)		02/15/2028		188,793
	650,000	Catalent Pharma Solutions, Inc.		3.50	%(a)		04/01/2030		536,013
	2,520,000	CCO Holdings LLC		4.75	%(a)		03/01/2030		2,118,555
	1,275,000	CCO Holdings LLC		4.50	%(a)		08/15/2030		1,048,201
	1,200,000	CCO Holdings LLC		4.75	%(a)		02/01/2032		961,338
	565,000	CCO Holdings LLC		4.25	%(a)		01/15/2034		416,590
	1,830,000	Cedar Fair LP		5.25	%		07/15/2029		1,592,613
	86,000	Cengage Learning, Inc.		9.50	%(a)		06/15/2024		86,587
	9,845,000	Centene Corporation		2.50	%		03/01/2031		7,574,631
	910,000	Central Parent LLC / CDK Global II LLC / CDK Financing Company, Inc.		8.00	%(a)		06/15/2029		907,452
	6,180,000	CF Industries, Inc.		5.38	%		03/15/2044		5,293,507
	5,701,000	Charter Communications Operating LLC		4.91	%		07/23/2025		5,572,609
	6,490,000	Charter Communications Operating LLC		3.50	%		03/01/2042		4,014,822
	6,090,000	Cheniere Energy, Inc.		4.63	%		10/15/2028		5,605,031
	1,219,000	Chesapeake Energy Corporation		5.88	%(a)		02/01/2029		1,148,130
	2,165,000	Citigroup, Inc. (Secured Overnight Financing Rate + 0.69%)		2.01	%		01/25/2026		2,045,105
	2,255,000	Citigroup, Inc. (Secured Overnight Financing Rate + 1.28%)		3.07	%		02/24/2028		2,046,319
	770,000	Civitas Resources, Inc.		8.38	%(a)		07/01/2028		784,437
	1,245,000	Clarios Global LP		6.75	%(a)		05/15/2028		1,216,819
	770,000	Clarivate Science Holdings Corporation		4.88	%(a)		07/01/2029		657,247
	460,000	Clean Harbors, Inc.		5.13	%(a)		07/15/2029		423,720
	410,000	Clear Channel Outdoor Holdings, Inc.		9.00	%(a)		09/15/2028		406,482
	465,000	Clear Channel Outdoor Holdings, Inc.		7.50	%(a)		06/01/2029		356,262
	1,265,000	Clearway Energy Operating LLC		4.75	%(a)		03/15/2028		1,132,706
	1,185,000	CNX Midstream Partners LP		4.75	%(a)		04/15/2030		987,834
	1,210,000	CNX Resources Corporation		6.00	%(a)		01/15/2029		1,131,790
	3,305,000	Comcast Corporation		3.95	%		10/15/2025		3,207,454
	6,015,000	Comcast Corporation		3.40	%		04/01/2030		5,308,662
	725,000	CommScope Technologies LLC		5.00	%(a)		03/15/2027		412,630


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	855,000	CommScope, Inc.		4.75	%(a)		09/01/2029		630,015
	805,000	Community Health Systems, Inc.		6.00	%(a)		01/15/2029		650,976
	1,110,000	Community Health Systems, Inc.		4.75	%(a)		02/15/2031		787,101
	745,000	Consolidated Communications, Inc.		5.00	%(a)		10/01/2028		554,183
	3,495,000	Constellation Brands, Inc.		3.15	%		08/01/2029		3,064,716
	2,995,000	Constellation Brands, Inc.		2.88	%		05/01/2030		2,515,884
	763,000	Cornerstone Building Brands, Inc.		6.13	%(a)		01/15/2029		579,326
	4,595,000	Corporate Office Properties LP		2.90	%		12/01/2033		3,227,847
	740,000	Coty, Inc.		6.50	%(a)		04/15/2026		737,044
	1,240,000	Coty, Inc.		5.00	%(a)		04/15/2026		1,192,545
	590,000	Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC		6.63	%(a)		07/15/2030		576,707
	3,085,000	CQP Holdco LP		5.50	%(a)		06/15/2031		2,737,947
	11,945,000	Crown Castle International Corporation		3.65	%		09/01/2027		10,974,721
	1,185,000	CSC Holdings LLC		6.50	%(a)		02/01/2029		983,065
	1,315,000	CSC Holdings LLC		5.75	%(a)		01/15/2030		738,722
	1,050,000	CSI Compressco LP		7.50	%(a)		04/01/2025		1,022,322
	14,115,000	CSX Corporation		3.80	%		11/01/2046		10,346,490
	680,000	CVR Nitrogen Finance Corporation		6.13	%(a)		06/15/2028		611,822
	3,105,000	CVS Health Corporation		5.13	%		02/21/2030		2,987,661
	5,655,000	CVS Health Corporation		5.30	%		06/01/2033		5,359,847
	5,825,000	CVS Health Corporation		5.88	%		06/01/2053		5,391,277
	410,000	Dana, Inc.		5.38	%		11/15/2027		379,780
	965,000	Dana, Inc.		5.63	%		06/15/2028		884,340
	285,000	Dana, Inc.		4.25	%		09/01/2030		229,083
	547,000	Dealer Tire LLC		8.00	%(a)		02/01/2028		513,474
	3,000,000	Digital Realty Trust LP		3.60	%		07/01/2029		2,652,989
	860,000	DirectTV Financing LLC		5.88	%(a)		08/15/2027		761,487
	390,000	DISH DBS Corporation		5.88	%		11/15/2024		363,629
	1,275,000	DISH DBS Corporation		5.75	%(a)		12/01/2028		982,547
	660,000	DISH DBS Corporation		5.13	%		06/01/2029		366,877


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	3,180,000	Dollar General Corporation		4.25	%		09/20/2024		3,126,191
	10,358,000	Dollar Tree, Inc.		4.00	%		05/15/2025		10,029,494
	1,570,000	Dollar Tree, Inc.		3.38	%		12/01/2051		929,264
	905,000	Dornoch Debt Merger Sub, Inc.		6.63	%(a)		10/15/2029		749,260
	5,585,000	DTE Energy Company		4.22	%(i)		11/01/2024		5,482,910
	11,800,000	DTE Energy Company		4.88	%		06/01/2028		11,412,243
	4,400,000	DTE Energy Company		2.95	%		03/01/2030		3,691,337
	1,265,000	Duke Energy Carolinas LLC		2.85	%		03/15/2032		1,033,500
	1,805,000	Duke Energy Corporation		4.30	%		03/15/2028		1,712,692
	7,600,000	Duke Energy Corporation		3.95	%		08/15/2047		5,371,070
	2,075,000	Dun & Bradstreet Corporation		5.00	%(a)		12/15/2029		1,791,488
	3,000,000	Eaton Corporation		4.35	%		05/18/2028		2,888,437
	1,435,000	Elevance Health, Inc.		4.55	%		05/15/2052		1,162,865
	596,000	Embarq Corporation		8.00	%		06/01/2036		336,683
	620,000	Encompass Health Corporation		4.50	%		02/01/2028		565,615
	215,000	Encompass Health Corporation		4.75	%		02/01/2030		190,515
	1,430,000	Encompass Health Corporation		4.63	%		04/01/2031		1,213,968
	495,000	Endo Luxembourg Finance Company SARL		6.13	%(a)		04/01/2029		352,410
	520,000	Energizer Holdings, Inc.		6.50	%(a)		12/31/2027		490,038
	5,905,000	Energy Transfer LP		4.75	%		01/15/2026		5,747,705
	3,390,000	Energy Transfer LP		4.40	%		03/15/2027		3,214,717
	6,675,000	Energy Transfer LP		5.00	%		05/15/2044		5,226,838
	3,785,000	Entergy Corporation		2.80	%		06/15/2030		3,143,585
	1,235,000	EQM Midstream Partners LP		4.75	%(a)		01/15/2031		1,064,439
	6,285,000	Equinix, Inc.		1.80	%		07/15/2027		5,431,565
	485,000	EverArc Escrow SARL		5.00	%(a)		10/30/2029		389,256
	3,710,000	Exelon Corporation		5.15	%		03/15/2028		3,643,339
	2,330,000	Exelon Corporation		4.10	%		03/15/2052		1,688,530
	2,635,000	Expedia Group, Inc.		5.00	%		02/15/2026		2,581,574
	5,261,000	Expedia Group, Inc.		3.80	%		02/15/2028		4,810,125


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	1,529,000	Expedia Group, Inc.		3.25	%		02/15/2030		1,294,209
	968,000	Expedia Group, Inc.		2.95	%		03/15/2031		780,658
	5,580,000	Exxon Mobil Corporation		4.23	%		03/19/2040		4,758,055
	990,000	Ferrellgas LP		5.38	%(a)		04/01/2026		929,045
	1,085,000	Fertitta Entertainment LLC		6.75	%(a)		01/15/2030		885,680
	4,065,000	Ford Motor Company		3.25	%		02/12/2032		3,136,730
	1,600,000	Ford Motor Credit Company LLC		4.39	%		01/08/2026		1,511,839
	1,200,000	Ford Motor Credit Company LLC		4.95	%		05/28/2027		1,127,728
	1,670,000	Ford Motor Credit Company LLC		3.63	%		06/17/2031		1,351,193
	6,550,000	Fortinet, Inc.		1.00	%		03/15/2026		5,848,834
	1,295,000	Fortrea Holdings, Inc.		7.50	%(a)		07/01/2030		1,261,673
	845,000	Fortress Transportation and Infrastructure Investors LLC		5.50	%(a)		05/01/2028		766,987
	390,000	Frontier Communications Holdings LLC		5.88	%(a)		10/15/2027		355,063
	800,000	Frontier Communications Holdings LLC		5.00	%(a)		05/01/2028		684,054
	515,392	Frontier Communications Holdings LLC		5.88	%		11/01/2029		376,985
	430,000	Full House Resorts, Inc.		8.25	%(a)		02/15/2028		376,813
	980,000	Gap, Inc.		3.88	%(a)		10/01/2031		689,713
	6,415,000	General Motors Financial Company, Inc.		2.40	%		10/15/2028		5,322,144
	7,365,000	General Motors Financial Company, Inc.		3.10	%		01/12/2032		5,702,779
	6,360,000	Georgia Power Company		2.20	%		09/15/2024		6,135,551
	14,594,000	Georgia Power Company		3.25	%		03/15/2051		9,272,904
	3,415,000	Gilead Sciences, Inc.		5.55	%		10/15/2053		3,285,846
	1,955,000	Global Access, Inc.		5.00	%(a)		07/15/2029		1,684,975
	5,670,000	Global Payments, Inc.		4.95	%		08/15/2027		5,452,768
	4,340,000	Goldman Sachs Group, Inc. (Secured Overnight Financing Rate + 0.82%)		6.17	%		09/10/2027		4,262,521
	13,448,000	Goldman Sachs Group, Inc. (Secured Overnight Financing Rate 3 Month + 1.43%)		6.80	%		05/15/2026		13,535,911
	1,160,000	Goodyear Tire & Rubber Company		5.25	%		07/15/2031		960,985
	470,000	GrafTech Finance, Inc.		4.63	%(a)		12/15/2028		363,907
	1,105,000	Griffon Corporation		5.75	%		03/01/2028		1,004,295
	695,000	Group 1 Automotive, Inc.		4.00	%(a)		08/15/2028		604,074


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	635,971	Gulfport Energy Corporation		8.00	%(a)		05/17/2026		637,329
	2,450,000	Halliburton Company		4.85	%		11/15/2035		2,205,768
	8,750,000	HCA, Inc.		5.38	%		02/01/2025		8,661,959
	5,520,000	HCA, Inc.		4.13	%		06/15/2029		4,999,727
	4,805,000	Health Care Service Corporation and Mutual Legal Reserve Company		3.20	%(a)		06/01/2050		3,072,813
	1,580,000	Helios Software Holdings, Inc.		4.63	%(a)		05/01/2028		1,363,840
	370,000	Hertz Corporation		5.00	%(a)		12/01/2029		290,193
	1,075,000	Hess Midstream Operations LP		5.13	%(a)		06/15/2028		989,962
	1,710,000	Hess Midstream Operations LP		4.25	%(a)		02/15/2030		1,443,938
	1,355,000	Hess Midstream Operations LP		5.50	%(a)		10/15/2030		1,232,759
	4,410,000	Hewlett Packard Enterprise Company		5.90	%		10/01/2024		4,407,636
	760,000	H-Food Holdings LLC		8.50	%(a)		06/01/2026		190,908
	975,000	Hightower Holding LLC		6.75	%(a)		04/15/2029		838,330
	1,282,000	Hilcorp Energy LP		6.25	%(a)		11/01/2028		1,203,433
	315,000	Hilcorp Energy LP		5.75	%(a)		02/01/2029		284,783
	7,239,000	Host Hotels & Resorts LP		2.90	%		12/15/2031		5,569,826
	670,000	HUB International Ltd.		7.25	%(a)		06/15/2030		669,504
	11,610,000	Hyundai Capital America		2.65	%(a)		02/10/2025		11,094,235
	1,045,000	Icahn Enterprises LP		5.25	%		05/15/2027		919,762
	230,000	iHeartCommunications, Inc.		8.38	%		05/01/2027		165,313
	595,000	iHeartCommunications, Inc.		5.25	%(a)		08/15/2027		472,458
	865,000	II-VI, Inc.		5.00	%(a)		12/15/2029		751,175
	960,000	Illuminate Buyer LLC		9.00	%(a)		07/01/2028		907,847
	1,435,000	Installed Building Products, Inc.		5.75	%(a)		02/01/2028		1,322,693
	5,645,000	Intuit, Inc.		5.50	%		09/15/2053		5,420,036
	7,655,000	Invitation Homes Operating Partnership LP		5.45	%		08/15/2030		7,296,096
	5,111,000	Invitation Homes Operating Partnership LP		2.70	%		01/15/2034		3,738,985
	1,175,000	Iron Mountain, Inc.		7.00	%(a)		02/15/2029		1,150,258
	735,000	Iron Mountain, Inc.		4.50	%(a)		02/15/2031		605,345
	4,165,000	Jacobs Engineering Group, Inc.		5.90	%		03/01/2033		3,950,926


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	700,000	JELD-WEN, Inc.		4.88	%(a)		12/15/2027		618,422
	5,850,000	John Deere Capital Corporation		4.70	%		06/10/2030		5,628,327
	4,420,000	JPMorgan Chase & Company (Secured Overnight Financing Rate + 0.92%)		2.60	%		02/24/2026		4,209,397
	5,210,000	JPMorgan Chase & Company (Secured Overnight Financing Rate + 1.02%)		2.07	%		06/01/2029		4,392,830
	7,100,000	JPMorgan Chase & Company (Secured Overnight Financing Rate + 1.26%)		2.96	%		01/25/2033		5,654,641
	1,295,000	JPMorgan Chase & Company (Secured Overnight Financing Rate + 1.99%)		4.85	%		07/25/2028		1,248,646
	7,900,000	JPMorgan Chase & Company (Secured Overnight Financing Rate + 2.04%)		2.52	%		04/22/2031		6,407,332
	7,365,000	JPMorgan Chase & Company (Secured Overnight Financing Rate 3 Month + 1.25%)		2.58	%		04/22/2032		5,813,174
	9,444,000	Kinder Morgan Energy Partners LP		6.95	%		01/15/2038		9,731,048
	1,300,000	Leeward Renewable Energy Operations LLC		4.25	%(a)		07/01/2029		1,070,111
	745,000	Legacy LifePoint Health LLC		4.38	%(a)		02/15/2027		641,609
	1,015,000	Legends Hospitality Holding Company LLC		5.00	%(a)		02/01/2026		995,832
	530,000	Level 3 Financing, Inc.		3.75	%(a)		07/15/2029		296,989
	799,000	Level 3 Financing, Inc.		10.50	%(a)		05/15/2030		804,979
	870,000	LFS Topco LLC		5.88	%(a)		10/15/2026		746,517
	375,000	LifePoint Health, Inc.		5.38	%(a)		01/15/2029		262,315
	335,000	Lions Gate Capital Holdings LLC		5.50	%(a)		04/15/2029		221,364
	3,760,000	Lowe’s Companies, Inc.		4.40	%		09/08/2025		3,676,973
	3,775,000	Lowe’s Companies, Inc.		5.63	%		04/15/2053		3,434,407
	975,000	LSF9 Atlantis Holdings LLC		7.75	%(a)		02/15/2026		886,764
	535,000	Lumen Technologies, Inc.		4.00	%(a)		02/15/2027		353,006
	1,235,000	M/I Homes, Inc.		4.95	%		02/01/2028		1,114,550
	565,000	Macy’s Retail Holdings LLC		5.88	%(a)		04/01/2029		495,248
	1,030,000	Madison IAQ LLC		4.13	%(a)		06/30/2028		890,086
	1,010,000	Madison IAQ LLC		5.88	%(a)		06/30/2029		814,547
	4,829,000	Marathon Petroleum Corporation		5.13	%		12/15/2026		4,754,215
	5,880,000	Marriott International, Inc.		3.13	%		06/15/2026		5,499,744
	7,175,000	Marriott International, Inc.		2.75	%		10/15/2033		5,418,207
	13,901,000	Marvell Technology, Inc.		2.95	%		04/15/2031		11,256,310
	6,750,000	Massachusetts Mutual Life Insurance Company		3.20	%(a)		12/01/2061		3,808,303


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	1,085,000	Match Group Holdings LLC		5.00	%(a)		12/15/2027		1,001,967
	6,465,000	McDonald’s Corporation		4.45	%		03/01/2047		5,273,363
	1,085,000	McGraw-Hill Education, Inc.		5.75	%(a)		08/01/2028		937,505
	1,700,000	Medline Borrower LP		5.25	%(a)		10/01/2029		1,471,361
	4,105,000	Merck & Company, Inc.		4.50	%		05/17/2033		3,843,493
	6,260,000	Meta Platforms, Inc.		3.85	%		08/15/2032		5,556,940
	6,820,000	Meta Platforms, Inc.		4.45	%		08/15/2052		5,403,225
	1,130,000	Metis Merger Sub LLC		6.50	%(a)		05/15/2029		955,908
	5,880,000	MetLife, Inc.		5.25	%		01/15/2054		5,256,666
	830,000	Michaels Companies, Inc.		5.25	%(a)		05/01/2028		663,822
	660,000	Michaels Companies, Inc.		7.88	%(a)		05/01/2029		431,793
	1,238,000	Midwest Gaming Borrower LLC		4.88	%(a)		05/01/2029		1,055,469
	1,055,000	Minerva Merger Sub, Inc.		6.50	%(a)		02/15/2030		883,713
	1,480,000	ModivCare Escrow Issuer, Inc.		5.00	%(a)		10/01/2029		1,064,386
	3,960,000	Monongahela Power Company		5.40	%(a)		12/15/2043		3,508,507
	2,430,000	Morgan Stanley (Secured Overnight Financing Rate + 1.29%)		2.94	%		01/21/2033		1,914,482
	13,579,000	Morgan Stanley (Secured Overnight Financing Rate + 1.36%)		2.48	%		09/16/2036		9,873,612
	4,590,000	Morgan Stanley (Secured Overnight Financing Rate + 1.61%)		4.21	%		04/20/2028		4,317,388
	4,330,000	Morgan Stanley (Secured Overnight Financing Rate + 1.67%)		4.68	%		07/17/2026		4,219,133
	342,000	Moss Creek Resources Holdings, Inc.		7.50	%(a)		01/15/2026		331,684
	940,000	Murphy Oil USA, Inc.		4.75	%		09/15/2029		848,632
	1,020,000	Nabors Industries Ltd.		7.25	%(a)		01/15/2026		986,748
	1,460,000	Nationstar Mortgage Holdings, Inc.		5.75	%(a)		11/15/2031		1,209,759
	955,000	Navient Corporation		5.00	%		03/15/2027		859,419
	1,185,000	NCL Corporation Ltd.		5.88	%(a)		03/15/2026		1,095,418
	830,000	NCL Corporation Ltd.		8.38	%(a)		02/01/2028		842,672
	6,163,000	NetApp, Inc.		1.88	%		06/22/2025		5,766,167
	2,670,000	Netflix, Inc.		4.88	%		04/15/2028		2,589,880
	505,000	News Corporation		5.13	%(a)		02/15/2032		441,754
	4,950,000	NextEra Energy Capital Holdings, Inc.		4.26	%		09/01/2024		4,871,709


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	795,000	NGL Energy Operating LLC		7.50	%(a)		02/01/2026		786,977
	410,000	NGL Energy Partners LP		7.50	%		04/15/2026		396,673
	2,988,000	NGPL PipeCo LLC		3.25	%(a)		07/15/2031		2,379,442
	2,400,000	Northern States Power Company		5.10	%		05/15/2053		2,153,051
	1,000,000	Novelis Corporation		4.75	%(a)		01/30/2030		866,790
	3,545,000	NRG Energy, Inc.		2.00	%(a)		12/02/2025		3,209,711
	1,765,000	NRG Energy, Inc.		3.63	%(a)		02/15/2031		1,341,030
	1,650,000	NuStar Logistics LP		6.00	%		06/01/2026		1,602,501
	1,260,000	Oasis Petroleum, Inc.		6.38	%(a)		06/01/2026		1,236,703
	5,450,000	Occidental Petroleum Corporation		6.63	%		09/01/2030		5,528,153
	860,000	Olympus Water US Holding Corporation		4.25	%(a)		10/01/2028		701,992
	550,000	Olympus Water US Holding Corporation		6.25	%(a)		10/01/2029		425,668
	850,000	OneMain Finance Corporation		6.88	%		03/15/2025		844,070
	280,000	OneMain Finance Corporation		7.13	%		03/15/2026		274,511
	825,000	OneMain Finance Corporation		5.38	%		11/15/2029		691,928
	3,330,000	ONEOK, Inc.		3.40	%		09/01/2029		2,892,039
	3,265,000	Oracle Corporation		6.25	%		11/09/2032		3,307,114
	2,280,000	Oracle Corporation		3.80	%		11/15/2037		1,740,542
	8,865,000	Oracle Corporation		3.85	%		04/01/2060		5,641,970
	1,455,000	Organon & Company		5.13	%(a)		04/30/2031		1,167,991
	1,320,000	Owens & Minor, Inc.		6.63	%(a)		04/01/2030		1,173,058
	6,272,000	Owens Corning		4.40	%		01/30/2048		4,796,306
	5,980,000	Pacific Gas and Electric Company		6.10	%		01/15/2029		5,845,479
	7,693,000	Pacific Gas and Electric Company		2.50	%		02/01/2031		5,858,225
	6,122,000	Packaging Corporation of America		3.40	%		12/15/2027		5,648,543
	1,015,000	Pactiv Evergreen Group Issuer LLC		4.38	%(a)		10/15/2028		881,776
	875,000	Park Intermediate Holdings LLC		4.88	%(a)		05/15/2029		741,261
	2,725,000	Parker-Hannifin Corporation		4.25	%		09/15/2027		2,604,611
	525,000	PBF Holding Company LLC		6.00	%		02/15/2028		495,645
	230,000	PECF USS Intermediate Holding Corporation		8.00	%(a)		11/15/2029		125,097


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	385,000	Penn National Gaming, Inc.		5.63	%(a)		01/15/2027		362,474
	470,000	Penn National Gaming, Inc.		4.13	%(a)		07/01/2029		384,648
	1,575,000	PennyMac Financial Services, Inc.		4.25	%(a)		02/15/2029		1,275,784
	4,190,000	Penske Truck Leasing Company LP		5.75	%(a)		05/24/2026		4,130,463
	5,300,000	Penske Truck Leasing Company LP		4.20	%(a)		04/01/2027		4,939,847
	3,555,000	PepsiCo, Inc.		3.60	%		02/18/2028		3,366,508
	1,175,000	Performance Food Group, Inc.		4.25	%(a)		08/01/2029		1,016,455
	1,220,000	Permian Resources Operating LLC		7.00	%(a)		01/15/2032		1,204,436
	1,345,000	PetSmart, Inc.		7.75	%(a)		02/15/2029		1,254,863
	4,390,000	Pfizer Investment Enterprises Pte Ltd.		4.75	%		05/19/2033		4,151,529
	12,835,000	Philip Morris International, Inc.		5.50	%		09/07/2030		12,486,832
	1,465,000	Phillips 66		4.95	%		12/01/2027		1,436,501
	1,200,000	Pike Corporation		5.50	%(a)		09/01/2028		1,051,045
	430,000	Post Holdings, Inc.		5.50	%(a)		12/15/2029		390,311
	303,000	Post Holdings, Inc.		4.63	%(a)		04/15/2030		259,838
	690,000	Premier Entertainment Sub LLC		5.63	%(a)		09/01/2029		532,125
	545,000	Prime Security Services Borrower LLC		6.25	%(a)		01/15/2028		505,389
	340,000	Radiate Holdco LLC		4.50	%(a)		09/15/2026		258,815
	330,000	Radiology Partners, Inc.		9.25	%(a)		02/01/2028		130,843
	725,000	Realogy Group LLC		5.25	%(a)		04/15/2030		504,308
	2,865,000	Regal Rexnord Corporation		6.05	%(a)		02/15/2026		2,834,342
	530,000	RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc.		9.75	%(a)		12/01/2026		513,853
	445,000	Rent-A-Center, Inc.		6.38	%(a)		02/15/2029		395,434
	985,000	Roller Bearing Company of America, Inc.		4.38	%(a)		10/15/2029		848,491
	1,475,000	Royal Caribbean Cruises Ltd.		5.50	%(a)		08/31/2026		1,393,529
	205,000	Royal Caribbean Cruises Ltd.		7.25	%(a)		01/15/2030		203,410
	7,545,000	Royalty Pharma PLC		2.15	%		09/02/2031		5,650,144
	8,060,000	Royalty Pharma PLC		3.30	%		09/02/2040		5,283,457
	580,000	RP Escrow Issuer LLC		5.25	%(a)		12/15/2025		421,617
	700,000	Ryan Specialty LLC		4.38	%(a)		02/01/2030		610,451


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	5,975,000	Ryder System, Inc.		5.65	%		03/01/2028		5,919,140
	4,293,000	Sabine Pass Liquefaction LLC		5.00	%		03/15/2027		4,166,808
	1,595,000	Sabra Health Care LP		3.20	%		12/01/2031		1,195,116
	1,705,000	San Diego Gas & Electric Company		5.35	%		04/01/2053		1,552,484
	2,360,000	Santander Holdings USA, Inc. (Secured Overnight Financing Rate + 1.25%)		2.49	%		01/06/2028		2,050,534
	3,025,000	Santander Holdings USA, Inc. (Secured Overnight Financing Rate + 2.36%)		6.50	%		03/09/2029		2,952,217
	880,000	Schweitzer-Mauduit International, Inc.		6.88	%(a)		10/01/2026		804,065
	1,535,000	Scientific Games Holdings LP		6.63	%(a)		03/01/2030		1,325,948
	625,000	Scientific Games International, Inc.		7.25	%(a)		11/15/2029		613,187
	870,000	Scotts Miracle-Gro Company		4.50	%		10/15/2029		712,243
	580,000	Scripps Escrow, Inc.		3.88	%(a)		01/15/2029		436,820
	1,075,000	Select Medical Corporation		6.25	%(a)		08/15/2026		1,051,206
	1,100,000	Sirius XM Radio, Inc.		5.50	%(a)		07/01/2029		974,227
	690,000	Sirius XM Radio, Inc.		4.13	%(a)		07/01/2030		553,221
	245,000	Sitio Royalties Operating Partnership LP / Sitio Finance Corporation		7.88	%(a)		11/01/2028		245,766
	10,808,000	Smithfield Foods, Inc.		4.25	%(a)		02/01/2027		9,996,117
	1,640,000	Sonic Automotive, Inc.		4.63	%(a)		11/15/2029		1,361,698
	4,765,000	Southern Company (5 Year CMT Rate + 2.92%)		3.75	%		09/15/2051		4,167,932
	4,595,000	Southwestern Electric Power Company		3.25	%		11/01/2051		2,766,285
	1,350,000	Southwestern Energy Company		4.75	%		02/01/2032		1,160,147
	1,230,000	Spectrum Brands, Inc.		5.00	%(a)		10/01/2029		1,115,961
	975,000	SRS Distribution, Inc.		4.63	%(a)		07/01/2028		843,598
	745,000	SRS Distribution, Inc.		6.13	%(a)		07/01/2029		635,209
	1,480,000	Standard Industries, Inc.		4.38	%(a)		07/15/2030		1,227,281
	580,000	Staples, Inc.		7.50	%(a)		04/15/2026		477,870
	305,000	Staples, Inc.		10.75	%(a)		04/15/2027		179,500
	950,000	Station Casinos LLC		4.63	%(a)		12/01/2031		760,939
	1,135,000	Suburban Propane Partners LP		5.00	%(a)		06/01/2031		948,832
	1,550,000	SunCoke Energy, Inc.		4.88	%(a)		06/30/2029		1,318,988
	635,000	Sunoco LP		6.00	%		04/15/2027		616,124


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	475,000	Sunoco LP		4.50	%		05/15/2029		417,426
	510,000	SWF Escrow Issuer Corporation		6.50	%(a)		10/01/2029		326,907
	9,915,000	Synchrony Financial		3.95	%		12/01/2027		8,722,110
	950,000	Tenet Healthcare Corporation		6.25	%		02/01/2027		920,140
	835,000	Tenet Healthcare Corporation		6.13	%		10/01/2028		784,633
	1,500,000	Tenet Healthcare Corporation		6.13	%		06/15/2030		1,408,199
	1,710,000	Texas Instruments, Inc.		5.00	%		03/14/2053		1,550,972
	4,310,000	The Interpublic Group of Companies, Inc.		5.40	%		10/01/2048		3,680,925
	6,395,000	T-Mobile USA, Inc.		2.25	%		02/15/2026		5,892,703
	2,885,000	T-Mobile USA, Inc.		4.75	%		02/01/2028		2,768,179
	6,410,000	T-Mobile USA, Inc.		3.40	%		10/15/2052		4,007,449
	945,000	Townsquare Media, Inc.		6.88	%(a)		02/01/2026		893,593
	1,720,000	TransDigm, Inc.		5.50	%		11/15/2027		1,612,233
	2,050,000	TransDigm, Inc.		6.88	%(a)		12/15/2030		2,012,524
	1,248,750	Transocean Poseidon Ltd.		6.88	%(a)		02/01/2027		1,230,731
	665,000	Trident TPI Holdings, Inc.		12.75	%(a)		12/31/2028		695,756
	595,000	Triton Water Holdings, Inc.		6.25	%(a)		04/01/2029		487,115
	5,290,000	Truist Financial Corporation (Secured Overnight Financing Rate + 1.44%)		4.87	%		01/26/2029		4,967,686
	1,255,000	United Airlines, Inc.		4.63	%(a)		04/15/2029		1,080,022
	770,000	United Natural Foods, Inc.		6.75	%(a)		10/15/2028		588,011
	7,215,000	UnitedHealth Group, Inc.		5.05	%		04/15/2053		6,461,061
	2,645,000	UnitedHealth Group, Inc.		4.95	%		05/15/2062		2,283,926
	430,000	Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC		10.50	%(a)		02/15/2028		421,584
	1,000,000	Univision Communications, Inc.		4.50	%(a)		05/01/2029		815,309
	1,260,000	US Foods, Inc.		7.25	%(a)		01/15/2032		1,260,302
	940,000	Venture Global LNG, Inc.		8.13	%(a)		06/01/2028		931,421
	600,000	Venture Global LNG, Inc.		8.38	%(a)		06/01/2031		590,425
	4,425,000	Veralto Corporation		5.35	%(a)		09/18/2028		4,377,130
	2,420,000	Verizon Communications, Inc.		3.88	%		03/01/2052		1,705,168
	3,650,000	Viatris, Inc.		1.65	%		06/22/2025		3,372,967


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	820,000	Victoria’s Secret Company		4.63	%(a)		07/15/2029		595,468
	1,415,000	Viking Cruises Ltd.		5.88	%(a)		09/15/2027		1,292,928
	1,210,000	Viking Cruises Ltd.		9.13	%(a)		07/15/2031		1,211,791
	2,525,000	Virginia Electric and Power Company		3.75	%		05/15/2027		2,384,771
	315,000	Virtusa Corporation		7.13	%(a)		12/15/2028		254,761
	765,000	Vistra Operations Company LLC		7.75	%(a)		10/15/2031		754,297
	635,000	VT Topco, Inc.		8.50	%(a)		08/15/2030		629,637
	1,660,000	WASH Multifamily Acquisition, Inc.		5.75	%(a)		04/15/2026		1,551,934
	755,000	Weatherford International Ltd.		6.50	%(a)		09/15/2028		755,819
	940,000	Weatherford International Ltd.		8.63	%(a)		04/30/2030		948,028
	5,720,000	Wells Fargo & Company (Secured Overnight Financing Rate + 1.98%)		4.81	%		07/25/2028		5,459,617
	5,375,000	Wells Fargo & Company (Secured Overnight Financing Rate 3 Month + 1.43%)		3.20	%		06/17/2027		4,993,273
	6,085,000	Wells Fargo & Company (Secured Overnight Financing Rate 3 Month + 1.43%)		2.88	%		10/30/2030		5,068,471
	365,000	Wheel Pros, Inc.		6.50	%(a)		05/15/2029		122,731
	10,811,000	Willis North America, Inc.		4.50	%		09/15/2028		10,149,930
	6,210,000	Workday, Inc.		3.70	%		04/01/2029		5,635,955
	1,020,000	WR Grace Holdings LLC		5.63	%(a)		08/15/2029		826,067
	10,322,000	WRKCo, Inc.		3.75	%		03/15/2025		10,025,043
	1,215,000	Wyndham Hotels & Resorts, Inc.		4.38	%(a)		08/15/2028		1,092,343
	1,270,000	XHR LP		4.88	%(a)		06/01/2029		1,080,865
	1,510,000	XPO, Inc.		7.13	%(a)		06/01/2031		1,488,922

	Total US Corporate Bonds (Cost $1,196,824,104)								1,043,451,278

	US Government and Agency Mortgage Backed Obligations—19.3%
	18,187,231	Federal National Mortgage Association, Pool MA5086		5.00	%		07/01/2043		17,332,576
	245,619	Federal Home Loan Mortgage Corporation Pass-Thru, Pool G01840		5.00	%		07/01/2035		241,155
	132,726	Federal Home Loan Mortgage Corporation Pass-Thru, Pool G04817		5.00	%		09/01/2038		130,147
	5,300,904	Federal Home Loan Mortgage Corporation Pass-Thru, Pool G08537		3.00	%		07/01/2043		4,541,608
	2,874,871	Federal Home Loan Mortgage Corporation Pass-Thru, Pool G08622		3.00	%		01/01/2045		2,440,146
	2,772,027	Federal Home Loan Mortgage Corporation Pass-Thru, Pool G08686		3.00	%		01/01/2046		2,349,058


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	10,325,327	Federal Home Loan Mortgage Corporation Pass-Thru, Pool G08701		3.00	%		04/01/2046		8,725,108
	677,290	Federal Home Loan Mortgage Corporation Pass-Thru, Pool G08737		3.00	%		12/01/2046		573,090
	6,247,605	Federal Home Loan Mortgage Corporation Pass-Thru, Pool G61645		4.00	%		10/01/2048		5,661,995
	920,409	Federal Home Loan Mortgage Corporation Pass-Thru, Pool N70081		5.50	%		07/01/2038		891,794
	5,100,173	Federal Home Loan Mortgage Corporation Pass-Thru, Pool Q33789		3.50	%		06/01/2045		4,499,573
	11,989,758	Federal Home Loan Mortgage Corporation Pass-Thru, Pool QE7537		4.50	%		08/01/2052		11,020,602
	25,098,145	Federal Home Loan Mortgage Corporation Pass-Thru, Pool RA7672		4.50	%		07/01/2052		23,076,263
	15,120,666	Federal Home Loan Mortgage Corporation Pass-Thru, Pool SD0035		3.00	%		04/01/2047		12,846,109
	8,035,043	Federal Home Loan Mortgage Corporation Pass-Thru, Pool SD0699		2.00	%		11/01/2050		6,303,615
	28,639,627	Federal Home Loan Mortgage Corporation Pass-Thru, Pool SD1966		4.00	%		11/01/2052		25,534,795
	60,923,996	Federal Home Loan Mortgage Corporation Pass-Thru, Pool SD7538		2.00	%		04/01/2051		47,638,963
	797,295	Federal Home Loan Mortgage Corporation Pass-Thru, Pool T60854		3.50	%		09/01/2042		684,142
	139,287	Federal Home Loan Mortgage Corporation Pass-Thru, Pool U60299		4.00	%		11/01/2040		127,149
	3,589,873	Federal Home Loan Mortgage Corporation Pass-Thru, Pool V83144		4.00	%		04/01/2047		3,263,763
	11,006,538	Federal Home Loan Mortgage Corporation Pass-Thru, Pool ZT1827		3.00	%		07/01/2047		9,304,026
	30,157	Federal Home Loan Mortgage Corporation REMICS, Series 2692-SC (-2 x Secured Overnight Financing Rate 30 Day Average + 13.06%, 13.29% Cap)		2.43	%(j)		07/15/2033		28,020
	808,277	Federal Home Loan Mortgage Corporation REMICS, Series 2722-PS (-1 x Secured Overnight Financing Rate 30 Day Average + 9.76%, 9.89% Cap)		3.86	%(j)		12/15/2033		776,891
	33,072	Federal Home Loan Mortgage Corporation REMICS, Series 2750-ZT		5.00	%		02/15/2034		32,313
	75,609	Federal Home Loan Mortgage Corporation REMICS, Series 3002-SN (-1 x Secured Overnight Financing Rate 30 Day Average + 6.39%, 6.50% Cap)		1.07	%(h)(j)		07/15/2035		4,149
	37,373	Federal Home Loan Mortgage Corporation REMICS, Series 3045-DI (-1 x Secured Overnight Financing Rate 30 Day Average + 6.62%, 6.73% Cap)		1.30	%(h)(j)		10/15/2035		2,449
	122,220	Federal Home Loan Mortgage Corporation REMICS, Series 3116-Z		5.50	%		02/15/2036		120,504
	8,674	Federal Home Loan Mortgage Corporation REMICS, Series 3117-ZN		4.50	%		02/15/2036		8,001
	137,358	Federal Home Loan Mortgage Corporation REMICS, Series 3203-ZC		5.00	%		07/15/2036		132,659
	37,415	Federal Home Loan Mortgage Corporation REMICS, Series 3275-SC (-1 x Secured Overnight Financing Rate 30 Day Average + 5.97%, 6.08% Cap)		0.65	%(h)(j)		02/15/2037		1,830
	90,707	Federal Home Loan Mortgage Corporation REMICS, Series 3382-SB (-1 x Secured Overnight Financing Rate 30 Day Average + 5.89%, 6.00% Cap)		0.57	%(h)(j)		11/15/2037		3,902
	114,296	Federal Home Loan Mortgage Corporation REMICS, Series 3384-S (-1 x Secured Overnight Financing Rate 30 Day Average + 6.28%, 6.39% Cap)		0.96	%(h)(j)		11/15/2037		4,672
	55,978	Federal Home Loan Mortgage Corporation REMICS, Series 3417-SX (-1 x Secured Overnight Financing Rate 30 Day Average + 6.07%, 6.18% Cap)		0.75	%(h)(j)		02/15/2038		2,656
	14,255	Federal Home Loan Mortgage Corporation REMICS, Series 3423-GS (-1 x Secured Overnight Financing Rate 30 Day Average + 5.54%, 5.65% Cap)		0.22	%(h)(j)		03/15/2038		525
	14,255	Federal Home Loan Mortgage Corporation REMICS, Series 3423-SG (-1 x Secured Overnight Financing Rate 30 Day Average + 5.54%, 5.65% Cap)		0.22	%(h)(j)		03/15/2038		507
	57,036	Federal Home Loan Mortgage Corporation REMICS, Series 3524-LB		3.35	%(d)(h)(k)		06/15/2038		52,045


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	32,876	Federal Home Loan Mortgage Corporation REMICS, Series 3562-WS (-1 x Secured Overnight Financing Rate 30 Day Average + 4.84%, 4.95% Cap)		0.00	%(h)(j)		08/15/2039		859
	104,971	Federal Home Loan Mortgage Corporation REMICS, Series 3582-SA (-1 x Secured Overnight Financing Rate 30 Day Average + 5.89%, 6.00% Cap)		0.57	%(h)(j)		10/15/2049		6,322
	84,831	Federal Home Loan Mortgage Corporation REMICS, Series 3616-SG (-1 x Secured Overnight Financing Rate 30 Day Average + 6.24%, 6.35% Cap)		0.92	%(h)(j)		03/15/2032		2,910
	412,595	Federal Home Loan Mortgage Corporation REMICS, Series 3626-AZ		5.50	%		08/15/2036		406,771
	156,553	Federal Home Loan Mortgage Corporation REMICS, Series 3666-SC (-1 x Secured Overnight Financing Rate 30 Day Average + 5.66%, 5.77% Cap)		0.34	%(h)(j)		05/15/2040		7,795
	107,046	Federal Home Loan Mortgage Corporation REMICS, Series 3666-VZ		5.50	%		08/15/2036		105,580
	1,211,091	Federal Home Loan Mortgage Corporation REMICS, Series 3779-DZ		4.50	%		12/15/2040		1,131,866
	505,695	Federal Home Loan Mortgage Corporation REMICS, Series 3779-YA		3.50	%		12/15/2030		479,565
	162,797	Federal Home Loan Mortgage Corporation REMICS, Series 3786-SG (-2 x Secured Overnight Financing Rate 30 Day Average + 9.27%, 9.50% Cap)		0.00	%(j)		01/15/2041		98,879
	101,340	Federal Home Loan Mortgage Corporation REMICS, Series 3792-SE (-2 x Secured Overnight Financing Rate 30 Day Average + 9.63%, 9.86% Cap)		0.00	%(j)		01/15/2041		57,268
	411,965	Federal Home Loan Mortgage Corporation REMICS, Series 3806-CZ		5.50	%		07/15/2034		406,130
	328,779	Federal Home Loan Mortgage Corporation REMICS, Series 3808-DB		3.50	%		02/15/2031		311,523
	520,067	Federal Home Loan Mortgage Corporation REMICS, Series 3818-CZ		4.50	%		03/15/2041		494,281
	421,865	Federal Home Loan Mortgage Corporation REMICS, Series 3819-ZU		5.50	%		07/15/2034		415,888
	1,131,081	Federal Home Loan Mortgage Corporation REMICS, Series 3824-EY		3.50	%		03/15/2031		1,071,701
	251,282	Federal Home Loan Mortgage Corporation REMICS, Series 3828-SW (-3 x Secured Overnight Financing Rate 30 Day Average + 12.86%, 13.20% Cap)		0.00	%(j)		02/15/2041		158,000
	706,499	Federal Home Loan Mortgage Corporation REMICS, Series 3863-ZA		5.50	%		08/15/2034		696,521
	1,956,700	Federal Home Loan Mortgage Corporation REMICS, Series 3889-VZ		4.00	%		07/15/2041		1,809,511
	1,862,017	Federal Home Loan Mortgage Corporation REMICS, Series 3910-GZ		5.00	%		08/15/2041		1,814,223
	737,940	Federal Home Loan Mortgage Corporation REMICS, Series 3972-AZ		3.50	%		12/15/2041		635,886
	8,124,138	Federal Home Loan Mortgage Corporation REMICS, Series 4165-ZT		3.00	%(l)		02/15/2043		6,101,813
	2,213,456	Federal Home Loan Mortgage Corporation REMICS, Series 4291-MS (-1 x Secured Overnight Financing Rate 30 Day Average + 5.79%, 5.90% Cap)		0.47	%(h)(j)		01/15/2054		129,641
	7,906,128	Federal Home Loan Mortgage Corporation REMICS, Series 4413-AZ		3.50	%		11/15/2044		7,005,150
	1,999,209	Federal Home Loan Mortgage Corporation REMICS, Series 4471-BA		3.00	%		12/15/2041		1,920,413
	10,978,112	Federal Home Loan Mortgage Corporation REMICS, Series 4471-GA		3.00	%		02/15/2044		9,913,098
	12,575,020	Federal Home Loan Mortgage Corporation REMICS, Series 4542-AC		2.70	%		01/15/2045		11,421,853
	34,934,000	Federal Home Loan Mortgage Corporation REMICS, Series 5138-HM		2.00	%		04/25/2051		24,969,076
	9,626,647	Federal Home Loan Mortgage Corporation REMICS, Series 5148-BZ		2.50	%(l)		10/25/2051		4,908,653
	14,111,166	Federal Home Loan Mortgage Corporation REMICS, Series 5195-ZN		2.50	%(l)		02/25/2052		7,755,834
	159,051	Federal Home Loan Mortgage Corporation REMICS, Series R003-ZA		5.50	%		10/15/2035		157,007


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	46,852	Federal National Mortgage Association Pass-Thru, Pool 555743		5.00	%		09/01/2033		45,937
	38,835	Federal National Mortgage Association Pass-Thru, Pool 735382		5.00	%		04/01/2035		38,075
	327,720	Federal National Mortgage Association Pass-Thru, Pool 735383		5.00	%		04/01/2035		321,314
	164,213	Federal National Mortgage Association Pass-Thru, Pool 735402		5.00	%		04/01/2035		161,003
	224,894	Federal National Mortgage Association Pass-Thru, Pool 735484		5.00	%		05/01/2035		220,498
	49,985	Federal National Mortgage Association Pass-Thru, Pool 931104		5.00	%		05/01/2039		49,167
	277,822	Federal National Mortgage Association Pass-Thru, Pool 995203		5.00	%		07/01/2035		270,843
	236,010	Federal National Mortgage Association Pass-Thru, Pool AB2123		4.00	%		01/01/2031		219,277
	23,725	Federal National Mortgage Association Pass-Thru, Pool AB2370		4.50	%		09/01/2035		22,426
	4,481	Federal National Mortgage Association Pass-Thru, Pool AD2177		4.50	%		06/01/2030		4,275
	391,556	Federal National Mortgage Association Pass-Thru, Pool AH7309		4.00	%		02/01/2031		363,829
	4,282,440	Federal National Mortgage Association Pass-Thru, Pool AL9238		3.00	%		10/01/2041		3,648,497
	1,011,627	Federal National Mortgage Association Pass-Thru, Pool AL9445		3.00	%		07/01/2031		943,752
	6,139,301	Federal National Mortgage Association Pass-Thru, Pool AS4645		3.00	%		03/01/2045		5,201,283
	7,589,360	Federal National Mortgage Association Pass-Thru, Pool AS7661		3.00	%		08/01/2046		6,320,959
	3,609,126	Federal National Mortgage Association Pass-Thru, Pool AS7724		2.50	%		08/01/2046		2,922,521
	11,588,352	Federal National Mortgage Association Pass-Thru, Pool BC9081		3.00	%		12/01/2046		9,800,391
	7,927,233	Federal National Mortgage Association Pass-Thru, Pool BD8013		2.50	%		09/01/2046		6,423,264
	1,940,884	Federal National Mortgage Association Pass-Thru, Pool BM4094		3.00	%		03/01/2043		1,660,946
	11,334,229	Federal National Mortgage Association Pass-Thru, Pool BM6089		3.50	%		12/01/2044		9,993,008
	26,952,899	Federal National Mortgage Association Pass-Thru, Pool CB3127		3.50	%		03/01/2052		23,408,676
	9,327,638	Federal National Mortgage Association Pass-Thru, Pool CB4613		4.50	%		09/01/2052		8,575,702
	49,514,692	Federal National Mortgage Association Pass-Thru, Pool CB4794		4.50	%		10/01/2052		45,523,216
	10,586,349	Federal National Mortgage Association Pass-Thru, Pool FM1000		3.00	%		04/01/2047		8,950,892
	16,741,059	Federal National Mortgage Association Pass-Thru, Pool FM4575		2.50	%		10/01/2050		13,523,709
	10,699,847	Federal National Mortgage Association Pass-Thru, Pool FM6061		2.00	%		02/01/2051		8,277,362
	29,175,695	Federal National Mortgage Association Pass-Thru, Pool FM8214		4.00	%		05/01/2049		26,452,446
	6,940,074	Federal National Mortgage Association Pass-Thru, Pool FM8664		3.00	%		10/01/2046		5,873,662
	23,096,318	Federal National Mortgage Association Pass-Thru, Pool FM8972		4.00	%		06/01/2049		20,974,320
	5,804,947	Federal National Mortgage Association Pass-Thru, Pool FM9846		2.50	%		12/01/2051		4,620,647


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	40,209,032	Federal National Mortgage Association Pass-Thru, Pool FS1472		3.50	%		11/01/2050		35,101,044
	10,580,209	Federal National Mortgage Association Pass-Thru, Pool FS3708		5.00	%		01/01/2053		9,998,703
	164,968	Federal National Mortgage Association Pass-Thru, Pool MA0264		4.50	%		12/01/2029		161,073
	112,101	Federal National Mortgage Association Pass-Thru, Pool MA0353		4.50	%		03/01/2030		109,452
	4,478	Federal National Mortgage Association Pass-Thru, Pool MA0468		5.00	%		07/01/2040		4,201
	2,259,522	Federal National Mortgage Association Pass-Thru, Pool MA2151		3.50	%		01/01/2045		1,937,881
	1,030,665	Federal National Mortgage Association Pass-Thru, Pool MA2248		3.00	%		04/01/2045		872,232
	1,780,996	Federal National Mortgage Association Pass-Thru, Pool MA2621		3.50	%		05/01/2046		1,526,222
	3,886,813	Federal National Mortgage Association Pass-Thru, Pool MA2649		3.00	%		06/01/2046		3,236,301
	1,567,453	Federal National Mortgage Association Pass-Thru, Pool MA2711		3.00	%		08/01/2046		1,305,479
	10,157,509	Federal National Mortgage Association Pass-Thru, Pool MA2806		3.00	%		11/01/2046		8,619,738
	13,684,882	Federal National Mortgage Association Pass-Thru, Pool MA4709		5.00	%		07/01/2052		12,928,440
	851,335	Federal National Mortgage Association REMICS, Series 2005-20-QH		5.00	%		03/25/2035		832,437
	150,762	Federal National Mortgage Association REMICS, Series 2006-101-SA (-1 x Secured Overnight Financing Rate 30 Day Average + 6.47%, 6.58% Cap)		1.15	%(h)(j)		10/25/2036		11,567
	61,973	Federal National Mortgage Association REMICS, Series 2006-56-SM (-1 x Secured Overnight Financing Rate 30 Day Average + 6.64%, 6.75% Cap)		1.32	%(h)(j)		07/25/2036		4,099
	47,864	Federal National Mortgage Association REMICS, Series 2007-116-BI (-1 x Secured Overnight Financing Rate 30 Day Average + 6.14%, 6.25% Cap)		0.82	%(h)(j)		05/25/2037		2,170
	627,034	Federal National Mortgage Association REMICS, Series 2007-30-FS (-5 x Secured Overnight Financing Rate 30 Day Average + 29.30%, 29.83% Cap)		4.68	%(j)		04/25/2037		579,752
	243,812	Federal National Mortgage Association REMICS, Series 2007-30-OI (-1 x Secured Overnight Financing Rate 30 Day Average + 6.33%, 6.44% Cap)		1.01	%(h)(j)		04/25/2037		17,422
	36,874	Federal National Mortgage Association REMICS, Series 2008-29-ZA		4.50	%		04/25/2038		35,323
	13,016	Federal National Mortgage Association REMICS, Series 2008-62-SC (-1 x Secured Overnight Financing Rate 30 Day Average + 5.89%, 6.00% Cap)		0.57	%(h)(j)		07/25/2038		541
	166,094	Federal National Mortgage Association REMICS, Series 2009-111-EZ		5.00	%		01/25/2040		161,830
	4,577	Federal National Mortgage Association REMICS, Series 2009-111-SE (-1 x Secured Overnight Financing Rate 30 Day Average + 6.14%, 6.25% Cap)		0.82	%(h)(j)		01/25/2040		337
	22,514	Federal National Mortgage Association REMICS, Series 2009-16-MZ		5.00	%		03/25/2029		21,999
	22,448	Federal National Mortgage Association REMICS, Series 2009-48-WS (-1 x Secured Overnight Financing Rate 30 Day Average + 5.84%, 5.95% Cap)		0.52	%(h)(j)		07/25/2039		1,237
	46,179	Federal National Mortgage Association REMICS, Series 2009-62-PS (-1 x Secured Overnight Financing Rate 30 Day Average + 5.99%, 6.10% Cap)		0.67	%(h)(j)		08/25/2039		1,085
	420,558	Federal National Mortgage Association REMICS, Series 2009-77-ZA		4.50	%		10/25/2039		403,073
	99,051	Federal National Mortgage Association REMICS, Series 2009-83-Z		4.50	%		10/25/2039		93,206
	31,927	Federal National Mortgage Association REMICS, Series 2010-101-ZH		4.50	%		07/25/2040		30,355
	146,345	Federal National Mortgage Association REMICS, Series 2010-112-ZA		4.00	%		10/25/2040		135,006
	63,750	Federal National Mortgage Association REMICS, Series 2010-121-SD (-1 x Secured Overnight Financing Rate 30 Day Average + 4.39%, 4.50% Cap)		0.00	%(h)(j)		10/25/2040		1,594


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	28,356	Federal National Mortgage Association REMICS, Series 2010-137-VS (-3 x Secured Overnight Financing Rate 30 Day Average + 14.66%, 15.00% Cap)		0.00	%(j)		12/25/2040		23,810
	19,774	Federal National Mortgage Association REMICS, Series 2010-31-SA (-1 x Secured Overnight Financing Rate 30 Day Average + 4.89%, 5.00% Cap)		0.00	%(h)(j)		04/25/2040		428
	13,244	Federal National Mortgage Association REMICS, Series 2010-34-PS (-1 x Secured Overnight Financing Rate 30 Day Average + 4.82%, 4.93% Cap)		0.00	%(h)(j)		04/25/2040		334
	71,839	Federal National Mortgage Association REMICS, Series 2010-35-SP (-1 x Secured Overnight Financing Rate 30 Day Average + 6.24%, 6.35% Cap)		0.92	%(h)(j)		04/25/2050		4,878
	4,799	Federal National Mortgage Association REMICS, Series 2010-35-SV (-1 x Secured Overnight Financing Rate 30 Day Average + 6.34%, 6.45% Cap)		1.02	%(h)(j)		04/25/2040		66
	519,064	Federal National Mortgage Association REMICS, Series 2010-37-MY		4.50	%		04/25/2040		494,575
	101,858	Federal National Mortgage Association REMICS, Series 2010-59-SC (-1 x Secured Overnight Financing Rate 30 Day Average + 4.89%, 5.00% Cap)		0.00	%(h)(j)		01/25/2040		1,982
	188,423	Federal National Mortgage Association REMICS, Series 2010-60-VZ		5.00	%		10/25/2039		183,198
	78,870	Federal National Mortgage Association REMICS, Series 2010-64-EZ		5.00	%		06/25/2040		77,115
	121,012	Federal National Mortgage Association REMICS, Series 2010-7-PE		5.00	%		02/25/2040		117,894
	36,060	Federal National Mortgage Association REMICS, Series 2010-90-GS (-1 x Secured Overnight Financing Rate 30 Day Average + 5.89%, 6.00% Cap)		0.57	%(h)(j)		08/25/2040		1,975
	24,585	Federal National Mortgage Association REMICS, Series 2010-99-SG (-5 x Secured Overnight Financing Rate 30 Day Average + 24.43%, 25.00% Cap)		0.00	%(j)		09/25/2040		23,523
	1,065,437	Federal National Mortgage Association REMICS, Series 2011-141-PZ		4.00	%		01/25/2042		981,565
	182,963	Federal National Mortgage Association REMICS, Series 2011-25-KY		3.00	%		04/25/2026		177,803
	316,913	Federal National Mortgage Association REMICS, Series 2011-29-AL		3.50	%		04/25/2031		299,891
	468,497	Federal National Mortgage Association REMICS, Series 2011-59-MA		4.50	%		07/25/2041		437,811
	18,135,368	Federal National Mortgage Association REMICS, Series 2013-6-ZB		3.00	%(l)		02/25/2043		15,412,320
	5,854,455	Federal National Mortgage Association REMICS, Series 2017-46-ZL		3.50	%(l)		06/25/2057		4,281,323
	780,979	Federal National Mortgage Association REMICS, Series 2017-86-MA		3.00	%		04/25/2046		718,320
	10,103,580	Federal National Mortgage Association REMICS, Series 2018-21-IO		3.00	%(h)		04/25/2048		1,544,759
	15,896,291	Federal National Mortgage Association REMICS, Series 2018-21-PO		0.00	%(k)		04/25/2048		11,631,033
	8,119,241	Federal National Mortgage Association REMICS, Series 2018-35-IO		3.00	%(h)		05/25/2048		1,405,240
	31,147,483	Federal National Mortgage Association REMICS, Series 2018-35-PO		0.00	%(k)		05/25/2048		21,410,188
	33,080,140	Federal National Mortgage Association REMICS, Series 2020-49-ZD		2.00	%(l)		07/25/2050		19,045,977
	17,999,756	Federal National Mortgage Association REMICS, Series 2021-48-NS (-1 x Secured Overnight Financing Rate 30 Day Average + 3.65%, 3.65% Cap)		0.00	%(h)(j)		08/25/2051		360,191
	9,616,967	Federal National Mortgage Association REMICS, Series 2022-12-MZ		3.00	%(l)		03/25/2052		5,745,631
	26,048,597	Federal National Mortgage Association REMICS, Series 2022-28-Z		2.50	%(l)		02/25/2052		16,960,379
	15,278,010	Federal National Mortgage Association REMICS, Series 2022-31-GZ		2.00	%(l)		03/25/2052		9,705,772
	67,573,140	Federal National Mortgage Association REMICS, Series 2022-3-ZW		2.00	%(l)		02/25/2052		35,068,703
	23,282,883	Federal National Mortgage Association REMICS, Series 2022-40-AZ		2.00	%(l)		08/25/2050		13,889,797


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	17,450,500	Federal National Mortgage Association, Pool BL2643		3.39	%		07/01/2034		14,780,822
	28,707,000	Federal National Mortgage Association, Pool BL4425		2.14	%		10/01/2029		24,294,777
	32,930,000	Federal National Mortgage Association, Pool BL4592		2.28	%		11/01/2029		27,845,162
	18,090,000	Federal National Mortgage Association, Pool BL5484		2.26	%		01/01/2030		15,187,381
	4,837,019	Federal National Mortgage Association, Pool BL9284		2.23	%		12/01/2050		3,140,930
	36,599,790	Federal National Mortgage Association, Pool BS4941		2.46	%		04/01/2032		29,585,741
	131,529	Federal National Mortgage Association, Series 2003-W17-1A7		5.75	%		08/25/2033		129,770
	96,987	Federal National Mortgage Association, Series 400-S4 (-1 x Secured Overnight Financing Rate 30 Day Average + 5.34%, 5.45% Cap)		0.02	%(h)(j)		11/25/2039		4,664
	7,663,106	Federal Seasoned Credit Risk Transfer Trust, Series 2018-2-HV		3.00	%(d)		11/25/2057		6,526,217
	40,190,829	Federal Home Loan Mortgage Corporation, Pool RA9843		5.50	%		09/01/2053		38,985,415
	26,269,956	Federal Home Loan Mortgage Corporation, Pool SD2912		5.00	%		05/01/2053		24,879,552
	29,826,297	Federal Home Loan Mortgage Corporation, Pool SD3721		5.00	%		07/01/2053		28,284,959
	20,155,208	Federal Home Loan Mortgage Corporation, Pool SD3892		5.50	%		09/01/2053		19,545,436
	26,360,856	Federal Home Loan Mortgage Corporation, Pool SD7564		5.00	%		06/01/2053		25,113,835
	12,520,938	Federal Home Loan Mortgage Corporation REMICS, Series 4717-GZ		3.00	%(l)		01/15/2047		9,563,332
	28,848,092	Government National Mortgage Association Pass-Thru, Pool 779384		3.50	%		06/15/2042		25,952,433
	11,237,657	Government National Mortgage Association Pass-Thru, Pool 784415		3.50	%		04/20/2047		10,024,156
	43,879,615	Government National Mortgage Association Pass-Thru, Pool 785662		2.50	%		10/20/2051		35,252,009
	27,597,549	Government National Mortgage Association Pass-Thru, Pool 785713		2.50	%		10/20/2051		22,493,330
	12,900,619	Government National Mortgage Association Pass-Thru, Pool 785764		2.50	%		11/20/2051		10,437,470
	33,224,705	Government National Mortgage Association Pass-Thru, Pool 786009		3.00	%		02/20/2052		28,041,879
	10,572,377	Government National Mortgage Association Pass-Thru, Pool 786227		3.00	%		04/20/2052		8,918,166
	4,620,288	Government National Mortgage Association Pass-Thru, Pool 786540		3.50	%		02/20/2050		4,125,738
	11,690,031	Government National Mortgage Association Pass-Thru, Pool 786718		3.50	%		07/20/2051		10,413,020
	29,101,534	Government National Mortgage Association Pass-Thru, Pool MA5076		3.00	%		03/20/2048		24,976,870
	83,182	Government National Mortgage Association, Series 2003-67-SP (-1 x Secured Overnight Financing Rate 1 Month + 6.99%, 7.10% Cap)		1.66	%(h)(j)		08/20/2033		1,396
	44,360	Government National Mortgage Association, Series 2008-82-SM (-1 x Secured Overnight Financing Rate 1 Month + 5.94%, 6.05% Cap)		0.61	%(h)(j)		09/20/2038		833
	595,183	Government National Mortgage Association, Series 2009-32-ZE		4.50	%		05/16/2039		572,862
	651,140	Government National Mortgage Association, Series 2009-35-DZ		4.50	%		05/20/2039		620,409
	634,592	Government National Mortgage Association, Series 2009-75-GZ		4.50	%		09/20/2039		612,719


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	828,057	Government National Mortgage Association, Series 2009-75-HZ		5.00	%		09/20/2039		802,944
	2,134,494	Government National Mortgage Association, Series 2010-113-SM (-1 x Secured Overnight Financing Rate 1 Month + 5.94%, 6.05% Cap)		0.61	%(h)(j)		09/20/2040		173,363
	4,810,147	Government National Mortgage Association, Series 2010-115-AF (Secured Overnight Financing Rate 1 Month + 0.56%, 0.45% Floor, 6.50% Cap)		5.89	%		09/20/2040		4,697,312
	90,621	Government National Mortgage Association, Series 2010-25-ZB		4.50	%		02/16/2040		86,796
	1,133,348	Government National Mortgage Association, Series 2011-45-GZ		4.50	%		03/20/2041		1,091,567
	7,904,759	Government National Mortgage Association, Series 2011-70-QF (Secured Overnight Financing Rate 1 Month + 0.72%, 0.61% Floor, 6.50% Cap)		6.06	%		05/16/2041		7,766,618
	3,700,296	Government National Mortgage Association, Series 2011-71-ZA		4.50	%		02/20/2041		3,562,237
	2,249,282	Government National Mortgage Association, Series 2013-117-MS (-1 x Secured Overnight Financing Rate 1 Month + 6.04%, 6.15% Cap)		0.71	%(h)(j)		02/20/2043		86,481
	1,964,676	Government National Mortgage Association, Series 2013-122-SB (-1 x Secured Overnight Financing Rate 1 Month + 5.99%, 6.10% Cap)		0.65	%(h)(j)		08/16/2043		141,334
	6,750,187	Government National Mortgage Association, Series 2013-150-FT (Secured Overnight Financing Rate 1 Month + 0.55%, 0.44% Floor, 6.50% Cap)		5.88	%		02/20/2040		6,429,591
	2,864,217	Government National Mortgage Association, Series 2014-102-TS (-1 x Secured Overnight Financing Rate 1 Month + 5.49%, 5.60% Cap)		0.16	%(h)(j)		07/20/2044		184,346
	2,420,884	Government National Mortgage Association, Series 2014-118-PS (-1 x Secured Overnight Financing Rate 1 Month + 6.09%, 6.20% Cap)		0.76	%(h)(j)		08/20/2044		215,163
	2,118,273	Government National Mortgage Association, Series 2014-118-SA (-1 x Secured Overnight Financing Rate 1 Month + 6.09%, 6.20% Cap)		0.76	%(h)(j)		08/20/2044		188,267
	5,861,710	Government National Mortgage Association, Series 2017-52-FH (Secured Overnight Financing Rate 1 Month + 0.46%, 0.35% Floor, 6.50% Cap)		5.79	%		04/20/2047		5,641,382
	16,004,226	Government National Mortgage Association, Series 2020-61-IA		3.00	%(h)		05/20/2050		2,219,786
	20,684,733	Government National Mortgage Association, Series 2020-62-KF (Secured Overnight Financing Rate 1 Month + 0.46%, 0.35% Floor, 6.50% Cap)		5.79	%		05/20/2050		19,833,167
	11,502,369	Government National Mortgage Association, Series 2021-117-ID		3.50	%(h)		06/20/2051		1,785,188
	25,216,817	Government National Mortgage Association, Series 2021-155-UI		4.50	%(h)		09/20/2051		3,979,362
	19,294,625	Government National Mortgage Association, Series 2021-214-IG		2.50	%(h)		12/20/2051		2,653,144
	18,629,206	Government National Mortgage Association, Series 2022-188-LA		5.00	%		04/20/2050		18,013,427
	17,560,977	Government National Mortgage Association, Series 2022-83-GZ		3.00	%(l)		05/20/2052		12,817,425
	13,595,395	Seasoned Credit Risk Transfer Trust, Series 2019-4-M55D		4.00	%		02/25/2059		12,580,989

	Total US Government and Agency Mortgage Backed Obligations (Cost $1,495,195,978)								1,280,964,166

	US Government and Agency Obligations—21.9%
	58,700,000	United States Treasury Notes		4.50	%		11/30/2024		58,118,733
	3,300,000	United States Treasury Notes		4.63	%		02/28/2025		3,270,480
	122,100,000	United States Treasury Notes		3.88	%		03/31/2025		119,686,618
	5,800,000	United States Treasury Notes		5.00	%		08/31/2025		5,788,672
	222,350,000	United States Treasury Notes		3.63	%		05/15/2026		215,549,216


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	7,300,000	United States Treasury Notes		4.63	%		09/15/2026		7,264,641
	208,600,000	United States Treasury Notes		4.00	%		06/30/2028		203,054,989
	5,300,000	United States Treasury Notes		4.38	%		08/31/2028		5,247,828
	4,850,000	United States Treasury Notes		3.63	%		03/31/2030		4,575,482
	178,500,000	United States Treasury Notes		3.75	%		05/31/2030		169,491,328
	5,850,000	United States Treasury Notes		3.75	%		06/30/2030		5,553,387
	76,800,000	United States Treasury Notes		3.50	%		02/15/2033		70,476,000
	121,200,000	United States Treasury Notes		3.88	%		08/15/2033		114,534,000
	56,300,000	United States Treasury Notes		2.25	%		05/15/2041		38,651,270
	85,000,000	United States Treasury Notes		3.88	%		05/15/2043		73,910,156
	46,800,000	United States Treasury Notes		2.88	%		05/15/2052		33,193,265
	50,400,000	United States Treasury Notes		4.00	%		11/15/2052		44,682,750
	6,900,000	United States Treasury Notes		3.63	%		05/15/2053		5,714,602
	300,000,000	United States Treasury Notes		4.13	%		08/15/2053		272,390,625

	Total US Government and Agency Obligations (Cost $1,521,988,819)								1,451,154,042

	Affiliated Mutual Funds—6.4%
	12,929,742	DoubleLine Global Bond Fund (Class I) (m)							103,437,938
	32,972,257	DoubleLine Infrastructure Income Fund (Class I)							290,155,865
	5,000,000	DoubleLine Long Duration Total Return Bond Fund (Class I)							30,650,000

	Total Affiliated Mutual Funds (Cost $504,557,903)								424,243,803

	Common Stocks—0.0% (o)
	4,329	Bright Bidco B.V. (b)(m)							2,814
	37,440	Flame Aggregator—Class R (b)(m)							206,294
	3,720	Flame Aggregator—Class U (b)(m)							20,497
	14,854	Intelsat Emergence S.A. (b)(m)							337,929

	Total Common Stocks (Cost $1,618,803)								567,534


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $

	Escrow Notes—0.0% (o)
	1,585,000	GCB Intelsat Jackson (b)(m)							—
	1,695,000	Gulfport Energy Corporation (m)							3,187

	Total Escrow Notes (Cost $-)								3,187

	Rights—0.0% (o)
	1,555	Intelsat Jackson Holdings Ltd.—Series A (b)(m)							12,440
	1,555	Intelsat Jackson Holdings Ltd.—Series B (b)(m)							10,885

	Total Rights (Cost $-)								23,325

	Warrants—0.0% (o)
	31,063	Avation PLC, Expiration 10/21/2026, Strike Price GBP 0.54 (m)							18,950

	Total Warrants (Cost $-)								18,950

	Short Term Investments—0.7%
	15,281,937	First American Government Obligations Fund—Class U		5.28	%(n)				15,281,937
	15,281,937	JP Morgan U.S. Government Money Market Fund—Institutional Share Class		5.27	%(n)				15,281,937
	15,281,937	Morgan Stanley Institutional Liquidity Funds Government Portfolio—Institutional Share Class		5.27	%(n)				15,281,937
	1,350,000	United States Treasury Bills		0.00	%		01/18/2024		1,328,536

	Total Short Term Investments (Cost $47,174,328)								47,174,347

	Total Investments—99.7% (Cost $7,625,288,131)								6,609,719,397
	Other Assets in Excess of Liabilities—0.3%								20,490,109

	NET ASSETS—100.0%							$	6,630,209,506

SECURITY TYPE BREAKDOWN as a % of Net Assets:


US Government and Agency Obligations	21.9	%
US Government and Agency Mortgage Backed Obligations	19.3	%
US Corporate Bonds	15.8	%
Non-Agency Residential Collateralized Mortgage Obligations	11.7	%
Affiliated Mutual Funds	6.4	%
Foreign Corporate Bonds	5.9	%
Non-Agency Commercial Mortgage Backed Obligations	5.3	%
Collateralized Loan Obligations	4.0	%
Asset Backed Obligations	3.8	%
Bank Loans	3.7	%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	1.1	%
Short Term Investments	0.7	%
Municipal Bonds	0.1	%
Common Stocks	0.0	%(o)
Rights	0.0	%(o)
Warrants	0.0	%(o)
Escrow Notes	0.0	%(o)
Other Assets and Liabilities	0.3	%

	100.0	%

INVESTMENT BREAKDOWN as a % of Net Assets:


US Government and Agency Obligations	21.9	%
US Government and Agency Mortgage Backed Obligations	19.3	%
Non-Agency Residential Collateralized Mortgage Obligations	11.7	%
Affiliated Mutual Funds	6.4	%
Non-Agency Commercial Mortgage Backed Obligations	5.3	%
Banking	4.4	%
Collateralized Loan Obligations	4.0	%
Asset Backed Obligations	3.8	%
Utilities	2.2	%
Energy	2.0	%
Technology	1.8	%
Healthcare	1.5	%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	1.1	%
Media	1.0	%
Telecommunications	1.0	%
Transportation	0.9	%
Pharmaceuticals	0.9	%
Insurance	0.8	%
Short Term Investments	0.7	%
Retailers (other than Food/Drug)	0.7	%
Automotive	0.7	%
Finance	0.7	%
Mining	0.5	%
Hotels/Motels/Inns and Casinos	0.5	%
Food Products	0.5	%
Real Estate	0.5	%
Aerospace & Defense	0.5	%
Electronics/Electric	0.4	%
Business Equipment and Services	0.4	%
Diversified Manufacturing	0.4	%
Chemicals/Plastics	0.4	%
Commercial Services	0.4	%
Construction	0.3	%
Consumer Products	0.3	%
Leisure	0.3	%
Pulp & Paper	0.2	%
Industrial Equipment	0.2	%
Beverage and Tobacco	0.2	%
Containers and Glass Products	0.2	%
Building and Development (including Steel/Metals)	0.2	%
Food Service	0.2	%
Financial Intermediaries	0.1	%
Municipal Bonds	0.1	%
Chemical Products	0.1	%
Cosmetics/Toiletries	0.0	%(o)
Environmental Control	0.0	%(o)
Other Assets and Liabilities	0.3	%

	100.0	%

(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.

(b)	Value determined using significant unobservable inputs.

(c)	Security pays interest at rates that represent residual cashflows available after more senior tranches have been paid. The interest rate disclosed reflects the estimated rate in effect as of period end.

(d)

(e)	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.

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

(g)	Perpetual maturity. The date disclosed is the next call date of the security.

(h)	Interest only security

(i)	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.

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

(k)	Principal only security

(l)	This security accrues interest which is added to the outstanding principal balance. The interest payment will be deferred until all other tranches in the structure are paid off. The rate disclosed is as of period end.

(m)	Non-income producing security

(n)	Seven-day yield as of period end

(o)	Represents less than 0.05% of net assets

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

GBP	British Pound

FUTURES CONTRACTS


Description	Long/ Short		Contract Quantity		Expiration Date		Notional Amount (1)		Unrealized Appreciation (Depreciation)/ Value
10-Year US Treasury Ultra Note Future		Long		1,800		12/19/2023	$	200,812,500	$	(5,759,749	)
US Treasury Ultra Long Bond Future		Long		2,100		12/19/2023		249,243,750		(19,071,634	)

									$	(24,831,383	)

(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.

AFFILIATED MUTUAL FUNDS

A summary of the DoubleLine Core Fixed Income Fund’s investments in affiliated mutual funds for the period ended September 30, 2023 is as follows:


Fund	Value at March 31, 2023		Gross Purchases		Gross Sales		Net Realized Gain (Loss) for the Period Ended September 30, 2023		Change in Unrealized for the Period Ended September 30, 2023			Value at September 30, 2023		Shares Held at September 30, 2023		Dividend Income Earned for the Period Ended September 30, 2023
DoubleLine Infrastructure Income Fund (Class I)	$	298,398,929	$	—	$	—		—	$	(8,243,064	)	$	290,155,865		32,972,257	$	5,129,125
DoubleLine Global Bond Fund (Class I)		109,385,620		—		—		—		(5,947,682	)		103,437,938		12,929,742		—
DoubleLine Long Duration Total Return Bond Fund (Class I)		35,750,000		—		—		—		(5,100,000	)		30,650,000		5,000,000		543,966

	$	443,534,549	$	—	$	—		—	$	(19,290,746	)	$	424,243,803		50,901,999	$	5,673,091

DoubleLine Shiller Enhanced CAPE^®

Schedule of Investments

September 30, 2023 (Unaudited)


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $

	Asset Backed Obligations—6.6%
	6,000,000	Aligned Data Centers Issuer LLC, Series 2021-1A-A2		1.94	%(a)		08/15/2046		5,255,535
	4,000,000	Amur Equipment Finance Receivables LLC, Series 2021-1A-D		2.30	%(a)		11/22/2027		3,769,445
	960,696	Arivo Acceptance Auto Loan Receivables Trust, Series 2021-1A-A		1.19	%(a)		01/15/2027		939,636
	2,914,527	Business Jet Securities LLC, Series 2021-1A-A		2.16	%(a)		04/15/2036		2,620,492
	5,401,250	CAL Funding Ltd., Series 2020-1A-A		2.22	%(a)		09/25/2045		4,709,530
	2,891,984	Castlelake Aircraft Structured Trust, Series 2019-1A-A		3.97	%(a)		04/15/2039		2,582,440
	790,595	College Avenue Student Loans LLC, Series 2017-A-B		4.50	%(a)		11/26/2046		742,259
	1,472,792	Credit Suisse ABS Trust, Series 2020-AT1-A		2.61	%(a)		10/15/2026		1,455,256
	1,729,252	Diamond Resorts Owner Trust, Series 2021-1A-C		2.70	%(a)		11/21/2033		1,584,135
	1,166,696	DRB Prime Student Loan Trust, Series 2017-A-B		3.10	%(a)(b)		05/27/2042		1,150,811
	5,000,000	Exeter Automobile Receivables Trust, Series 2021-1A-D		1.08	%		11/16/2026		4,817,786
	10,000,000	Exeter Automobile Receivables Trust, Series 2021-1A-E		2.21	%(a)		02/15/2028		9,366,303
	2,490,000	ExteNet LLC, Series 2019-1A-A2		3.20	%(a)		07/25/2049		2,394,626
	759,632	Foundation Finance Trust, Series 2019-1A-A		3.86	%(a)		11/15/2034		750,653
	10,000,000	Genesis Sales Finance Master Trust, Series 2021-AA-C		1.65	%(a)		12/21/2026		8,974,197
	3,328,016	Global SC Finance SRL, Series 2020-1A-A		2.17	%(a)		10/17/2040		2,967,015
	774,313	HERO Funding Trust, Series 2016-1A-A		4.05	%(a)		09/20/2041		695,163
	16,782,431	Horizon Aircraft Finance Ltd., Series 2019-2-A		3.43	%(a)		11/15/2039		13,284,201
	4,402,125	Jack in the Box Funding LLC, Series 2019-1A-A2II		4.48	%(a)		08/25/2049		4,104,856
	11,430,000	Jimmy Johns Funding LLC, Series 2017-1A-A2II		4.85	%(a)		07/30/2047		10,542,715
	515,396	Laurel Road Prime Student Loan Trust, Series 2017-B-CFX		3.61	%(a)		08/25/2042		461,195
	4,971,290	Lendbuzz Securitization Trust, Series 2022-1A-A		4.22	%(a)		05/17/2027		4,822,824
	6,859,511	Loanpal Solar Loan Ltd., Series 2020-3GS-A		2.47	%(a)		12/20/2047		5,183,279
	4,323,778	Loanpal Solar Loan Ltd., Series 2021-1GS-A		2.29	%(a)		01/20/2048		3,256,921
	7,700,000	ME Funding LLC, Series 2019-1-A2		6.45	%(a)		07/30/2049		7,557,085
	669,272	Mosaic Solar Loan Trust, Series 2017-1A-A		4.45	%(a)		06/20/2042		627,482
	5,252,126	Mosaic Solar Loan Trust, Series 2020-2A-B		2.21	%(a)		08/20/2046		4,088,737
	4,408,570	Navient Private Education Loan Trust, Series 2018-A-B		3.68	%(a)		02/18/2042		4,153,782
	4,287,870	Pagaya AI Debt Selection Trust, Series 2021-2-NOTE		3.00	%(a)		01/25/2029		4,143,701


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	7,499,116	Pagaya AI Debt Selection Trust, Series 2021-5-B		2.63	%(a)		08/15/2029		7,234,128
	8,498,998	Pagaya AI Debt Selection Trust, Series 2021-5-C		3.93	%(a)		08/15/2029		7,417,295
	16,647,798	Pagaya AI Debt Selection Trust, Series 2022-1-B		3.34	%(a)		10/15/2029		15,736,147
	7,511,985	Purewest Funding LLC, Series 2021-1-A1		4.09	%(a)		12/22/2036		7,129,848
	6,519,304	Santander Drive Auto Receivables Trust, Series 2020-4-D		1.48	%		01/15/2027		6,351,301
	15,375,758	Sapphire Aviation Finance Ltd., Series 2020-1A-A		3.23	%(a)		03/15/2040		12,947,603
	1,573,479	Sierra Timeshare Receivables Funding LLC, Series 2021-2A-C		1.95	%(a)		09/20/2038		1,438,615
	10,513,616	SoFi Alternative Consumer Loan Program, Series 2021-2-A		1.25	%(a)		08/15/2030		10,054,392
	8,293,662	SoFi Alternative Trust, Series 2021-1-PT1		9.72	%(a)(b)		05/25/2030		8,134,025
	17,614,539	SoFi Alternative Trust, Series 2021-3-A		1.50	%(a)		11/15/2030		16,815,913
	2,350,702	Start Ltd., Series 2018-1-A		4.09	%(a)		05/15/2043		2,081,925
	5,895,000	Taco Bell Funding LLC, Series 2021-1A-A2I		1.95	%(a)		08/25/2051		5,113,213
	3,151,000	TAL Advantage LLC, Series 2020-1A-A		2.05	%(a)		09/20/2045		2,772,452
	7,324,681	Theorem Funding Trust, Series 2021-1A-B		1.84	%(a)		12/15/2027		7,196,318
	9,458,086	Thunderbolt Aircraft Lease Ltd., Series 2018-A-A		4.15	%(a)(c)		09/15/2038		8,019,208
	5,925,000	TIF Funding LLC, Series 2021-1A-A		1.65	%(a)		02/20/2046		4,914,829
	2,412,315	Upgrade Master Pass-Thru Trust, Series 2021-PT3-A		13.88	%(a)(b)		07/15/2027		2,208,368
	1,420,425	Upstart Pass-Through Trust, Series 2020-ST5-A		3.00	%(a)		12/20/2026		1,391,398
	2,564,945	Upstart Pass-Through Trust, Series 2020-ST6-A		3.00	%(a)		01/20/2027		2,514,146
	1,191,207	Upstart Pass-Through Trust, Series 2021-ST3-A		2.00	%(a)		05/20/2027		1,151,264
	107,885	Upstart Securitization Trust, Series 2021-1-B		1.89	%(a)		03/20/2031		107,563
	4,748,917	Upstart Securitization Trust, Series 2021-2-B		1.75	%(a)		06/20/2031		4,691,516
	3,000,000	Upstart Securitization Trust, Series 2021-3-B		1.66	%(a)		07/20/2031		2,936,855
	6,079,399	Willis Engine Structured Trust, Series 2020-A-A		3.23	%(a)		03/15/2045		5,121,553

	Total Asset Backed Obligations (Cost $287,165,390)								260,481,935

	Bank Loans—5.6%
	7,085,000	1011778 B.C. Unlimited Liability Company, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.25%)		7.57	%		09/12/2030		7,066,579
	7,498,933	Ali Group North America Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.11%)		7.43	%		07/30/2029		7,504,145
	339,500	American Airlines, Inc., Senior Secured First Lien Term Loan (6 Month Secured Overnight Financing Rate + 1.85%)		7.32	%		01/29/2027		334,407


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	694,713	Aramark Services, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 1.86%)		7.18	%		01/15/2027		694,452
	384,038	Aramark Services, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.61%)		7.93	%		06/24/2030		384,277
	7,874,552	Asplundh Tree Expert LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 1.85%)		7.17	%		09/07/2027		7,875,064
	4,038,115	Avantor Funding, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.35%, 0.50% Floor)		7.67	%		11/08/2027		4,042,476
	4,508,949	Axalta Coating Systems US Holdings, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.50%, 0.50% Floor)		7.81	%		12/20/2029		4,522,341
	5,495,487	Berry Global, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.01%)		7.29	%		07/01/2026		5,501,560
	153,600	Calpine Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.11%)		7.43	%		08/12/2026		153,731
	2,888,309	Calpine Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.11%)		7.43	%		04/06/2026		2,889,969
	4,458,840	Calpine Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.61%)		7.93	%		12/16/2027		4,462,273
	4,403,378	Catalent Pharma Solutions, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.11%, 0.50% Floor)		7.44	%		02/22/2028		4,316,015
	11,053,694	Charter Communications Operating LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 1.75%)		7.12	%		02/01/2027		11,054,412
	429,425	Connect US Finco LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.50%, 1.00% Floor)		8.82	%		12/11/2026		422,178
	1,156,142	Cyxtera DC Holdings, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.00%, 1.00% Floor)		8.31	%(d)		05/01/2024		683,049
	1,741,116	Element Solutions, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.00%)		7.32	%		01/30/2026		1,741,481
	5,050,933	Energizer Holdings, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.36%, 0.50% Floor)		7.69	%		12/22/2027		5,047,144
	587,214	Exgen Renewables LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.76%, 1.00% Floor)		8.18	%		12/15/2027		586,480
	109,406	Flame Newco LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.10%, 4.00% PIK, 1.00% Floor)		7.43	%		06/30/2028		102,158
	7,287,367	Fleetcor Technologies Operating Company LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 1.85%)		7.17	%		04/28/2028		7,273,704
	3,751,944	Focus Financial Partners LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.50%, 0.50% Floor)		7.82	%		06/30/2028		3,745,622
	1,707,638	Froneri US, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.35%)		7.67	%		01/29/2027		1,698,220
	383,133	Generac Power Systems, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 1.85%)		7.18	%		12/11/2026		383,451
	7,864,744	Go Daddy Operating Company LLC (1 Month Secured Overnight Financing Rate + 2.50%)		7.82	%		11/09/2029		7,881,535
	986,850	Go Daddy Operating Company LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.11%)		7.43	%		08/10/2027		987,161
	1,420,886	Hilton Worldwide Finance LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 1.85%)		7.17	%		06/22/2026		1,422,022
	10,075,216	Horizon Therapeutics USA, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 1.86%, 0.50% Floor)		7.18	%		03/15/2028		10,078,642
	7,110,547	ICON Luxembourg SARL, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.51%, 0.50% Floor)		7.90	%		07/03/2028		7,116,591
	663,931	IHeartCommunications, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.11%)		8.43	%		05/01/2026		598,869
	7,895,697	IQVIA, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 1.75%)		7.29	%		06/11/2025		7,926,687
	7,175,269	Iron Mountain Information Management LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 1.86%)		7.18	%		01/02/2026		7,173,475
	4,610,573	KFC Holding Company, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 1.86%)		7.20	%		03/15/2028		4,615,507


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	423,741	Lions Gate Capital Holdings LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.35%)		7.67	%		03/24/2025		423,741
	262,786	Maravai Intermediate Holdings LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.00%, 0.50% Floor)		8.32	%		10/19/2027		256,545
	2,048,872	Marriott Ownership Resorts, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 1.85%)		7.17	%		08/29/2025		2,048,872
	216,929	Nascar Holdings LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.61%)		7.93	%		10/19/2026		217,554
	463,447	NCR Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.61%)		7.93	%		08/28/2026		463,910
	7,379,832	NortonLifeLock, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.10%, 0.50% Floor)		7.42	%		09/12/2029		7,365,552
	481,378	PCI Gaming Authority, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.61%)		7.93	%		05/29/2026		481,650
	7,862,304	Pilot Travel Centers LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.40%)		7.42	%		08/04/2028		7,862,304
	443,625	PointClickCare Technologies, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.11%, 0.75% Floor)		8.76	%		12/29/2027		443,070
	1,771,597	PRA Health Sciences, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.51%, 0.50% Floor)		7.90	%		07/03/2028		1,773,103
	112,512	Rentpath, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.50%)		8.00	%		04/25/2024		1,688
	6,839,527	Reynolds Consumer Products LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 1.85%)		7.17	%		02/04/2027		6,838,296
	10,365,000	Setanta Aircraft Leasing DAC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.26%)		7.65	%		11/06/2028		10,373,137
	548,250	SkyMiles IP Ltd., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.86%, 1.00% Floor)		9.08	%		10/20/2027		568,297
	1,381,536	SMG US Midco, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.11%)		8.13	%		01/23/2025		1,382,185
	1,867,775	Sound Inpatient Physicians, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.26%)		8.63	%		06/27/2025		863,650
	7,202,104	Standard Industries, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.61%, 0.50% Floor)		7.94	%		09/22/2028		7,212,835
	9,460,894	Stars Group Holdings B.V., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.51%)		7.90	%		07/21/2026		9,466,807
	390,926	Sunshine Luxembourg SARL, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.11%, 0.75% Floor)		9.24	%		10/01/2026		390,764
	6,745,478	Trans Union LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 1.85%)		7.17	%		11/13/2026		6,748,277
	3,689,310	Trans Union LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.36%, 0.50% Floor)		7.68	%		12/01/2028		3,692,096
	1,960,000	US Foods, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.11%)		7.43	%		09/14/2026		1,962,185
	8,952,900	Vistra Operations Company LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 1.86%)		7.18	%		12/31/2025		8,959,884
	2,171,325	Walker & Dunlop, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.11%, 0.50% Floor)		7.67	%		12/15/2028		2,169,968
	7,892,057	WMG Acquisition Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.51%)		7.56	%		01/20/2028		7,898,963
	1,219,113	Wyndham Hotels & Resorts, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.35%)		7.67	%		05/24/2030		1,221,509
	235,000	Ziggo Financing Partnership, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.00%)		7.95	%		04/28/2028		230,054

	Total Bank Loans (Cost $222,239,649)								221,602,573


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $

	Collateralized Loan Obligations—17.3%
	27,000,000	37 Capital, Series 2021-1A-A (Secured Overnight Financing Rate 3 Month + 1.46%, 1.20% Floor)		6.77	%(a)		10/15/2034		26,783,978
	1,913,080	Anchorage Capital Ltd., Series 2014-3RA-A (Secured Overnight Financing Rate 3 Month + 1.31%)		6.68	%(a)		01/28/2031		1,907,615
	23,000,000	Anchorage Capital Ltd., Series 2021-19A-A (Secured Overnight Financing Rate 3 Month + 1.47%, 1.21% Floor)		6.78	%(a)		10/15/2034		22,850,792
	2,000,000	Atlas Senior Loan Fund Ltd., Series 2018-11A-B (Secured Overnight Financing Rate 3 Month + 1.91%)		7.26	%(a)		07/26/2031		1,966,000
	10,000,000	Bain Capital Credit Ltd., Series 2019-1A-AR (Secured Overnight Financing Rate 3 Month + 1.39%)		6.71	%(a)		04/19/2034		9,921,035
	29,500,000	Battalion Ltd., Series 2017-11A-AR (Secured Overnight Financing Rate 3 Month + 1.41%, 1.15% Floor)		6.76	%(a)		04/24/2034		29,284,538
	10,000,000	Battalion Ltd., Series 2021-20A-A (Secured Overnight Financing Rate 3 Month + 1.44%, 1.18% Floor)		6.75	%(a)		07/15/2034		9,947,500
	14,000,000	Benefit Street Partners Ltd., Series 2021-24A-A (Secured Overnight Financing Rate 3 Month + 1.43%, 1.17% Floor)		6.76	%(a)		10/20/2034		13,931,737
	10,500,000	Bridge Street Ltd., Series 2021-1A-A1A (Secured Overnight Financing Rate 3 Month + 1.49%, 1.23% Floor)		6.82	%(a)		07/20/2034		10,414,985
	9,850,000	Cathedral Lake Ltd., Series 2021-7RA-A (Secured Overnight Financing Rate 3 Month + 1.57%, 1.31% Floor)		6.88	%(a)		01/15/2032		9,789,382
	20,000,000	Cathedral Lake Ltd., Series 2021-8A-A1 (Secured Overnight Financing Rate 3 Month + 1.48%, 1.22% Floor)		6.82	%(a)		01/20/2035		19,769,168
	20,000,000	CBAM Ltd., Series 2017-2A-AR (Secured Overnight Financing Rate 3 Month + 1.45%, 1.19% Floor)		6.76	%(a)		07/17/2034		19,860,608
	10,350,000	CFIP Ltd., Series 2017-1A-AR (Secured Overnight Financing Rate 3 Month + 1.49%, 1.23% Floor)		6.80	%(a)		10/18/2034		10,275,044
	1,800,000	CIFC Funding Ltd., Series 2014-5A-BR2 (Secured Overnight Financing Rate 3 Month + 2.06%, 1.80% Floor)		7.37	%(a)		10/17/2031		1,786,657
	25,000,000	CQS Ltd., Series 2021-1A-A (Secured Overnight Financing Rate 3 Month + 1.48%, 1.22% Floor)		6.81	%(a)		01/20/2035		24,755,217
	11,000,000	CQS Ltd., Series 2021-1A-B (Secured Overnight Financing Rate 3 Month + 2.14%, 1.88% Floor)		7.47	%(a)		01/20/2035		10,951,600
	25,000,000	Dryden Ltd., Series 2020-85A-AR (Secured Overnight Financing Rate 3 Month + 1.41%, 1.15% Floor)		6.72	%(a)		10/15/2035		24,750,408
	20,000,000	Elevation Ltd., Series 2018-9A-A1 (Secured Overnight Financing Rate 3 Month + 1.38%, 1.38% Floor)		6.69	%(a)		07/15/2031		19,934,040
	13,500,000	Gulf Stream Meridian Ltd., Series 2021-IIIA-A1 (Secured Overnight Financing Rate 3 Month + 1.58%, 1.32% Floor)		6.89	%(a)		04/15/2034		13,375,125
	74,945	Halcyon Loan Advisors Funding Ltd., Series 2013-2A-D (Secured Overnight Financing Rate 3 Month + 4.06%)		9.43	%(a)		08/01/2025		47,978
	9,466,870	Hayfin Ltd., Series 2018-8A-A (Secured Overnight Financing Rate 3 Month + 1.38%, 1.12% Floor)		6.71	%(a)		04/20/2031		9,441,443
	6,500,000	Hayfin Ltd., Series 2018-8A-B (Secured Overnight Financing Rate 3 Month + 1.74%, 1.48% Floor)		7.07	%(a)		04/20/2031		6,419,918
	15,000,000	Jamestown Ltd., Series 2016-9A-A1RR (Secured Overnight Financing Rate 3 Month + 1.50%, 1.24% Floor)		6.85	%(a)		07/25/2034		14,916,309
	10,000,000	LCM LP, Series 17A-A2RR (Secured Overnight Financing Rate 3 Month + 1.41%, 1.15% Floor)		6.72	%(a)		10/15/2031		9,901,938
	14,000,000	Logan Ltd., Series 2022-1A-B (Secured Overnight Financing Rate 3 Month + 2.05%, 2.05% Floor)		7.38	%(a)		04/21/2035		13,946,800
	3,000,000	Madison Park Funding Ltd., Series 2017-26A-BR (Secured Overnight Financing Rate 3 Month + 1.86%)		7.23	%(a)		07/29/2030		2,984,400
	8,625,000	Marathon Ltd., Series 2017-9A-A2 (Secured Overnight Financing Rate 3 Month + 2.01%)		7.32	%(a)		04/15/2029		8,588,775
	25,000,000	Marble Point Ltd., Series 2018-2A-A1R (Secured Overnight Financing Rate 3 Month + 1.54%, 1.28% Floor)		6.87	%(a)		01/20/2032		24,874,598
	29,500,000	Marble Point Ltd., Series 2020-1A-A (Secured Overnight Financing Rate 3 Month + 1.56%, 1.30% Floor)		6.89	%(a)		04/20/2033		29,238,571
	25,000,000	Marble Point Ltd., Series 2021-2A-A (Secured Overnight Financing Rate 3 Month + 1.46%, 1.20% Floor)		6.81	%(a)		07/25/2034		24,747,178


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	23,000,000	Marble Point Ltd., Series 2021-3A-A1 (Secured Overnight Financing Rate 3 Month + 1.50%, 1.24% Floor)		6.81	%(a)		10/17/2034		22,729,258
	20,534,556	MKS Ltd., Series 2017-1A-AR (Secured Overnight Financing Rate 3 Month + 1.26%, 1.00% Floor)		6.59	%(a)		07/20/2030		20,478,928
	5,753,663	MKS Ltd., Series 2017-2A-A (Secured Overnight Financing Rate 3 Month + 1.45%, 1.19% Floor)		6.78	%(a)		01/20/2031		5,733,294
	10,000,000	MP Ltd., Series 2015-2A-ARR (3 Month LIBOR USD + 1.20%, 1.20% Floor)		6.83	%(a)		04/28/2034		9,922,650
	22,600,000	Nassau Ltd., Series 2018-IA-A (Secured Overnight Financing Rate 3 Month + 1.41%)		6.72	%(a)		07/15/2031		22,416,393
	8,369,387	Northwoods Capital Ltd., Series 2017-16A-A (Secured Overnight Financing Rate 3 Month + 1.53%)		6.90	%(a)		11/15/2030		8,370,698
	15,000,000	OFSI Fund Ltd., Series 2018-1A-A (Secured Overnight Financing Rate 3 Month + 1.41%, 1.15% Floor)		6.72	%(a)		07/15/2031		14,909,757
	14,000,000	Sandstone Peak Ltd., Series 2021-1A-A1 (Secured Overnight Financing Rate 3 Month + 1.48%, 1.22% Floor)		6.79	%(a)		10/15/2034		13,945,872
	25,000,000	Sound Point Ltd., Series 2019-2A-AR (Secured Overnight Financing Rate 3 Month + 1.43%, 1.17% Floor)		6.74	%(a)		07/15/2034		24,662,278
	11,000,000	Steele Creek Ltd., Series 2019-1A-BR (Secured Overnight Financing Rate 3 Month + 2.06%, 1.80% Floor)		7.37	%(a)		04/15/2032		10,816,300
	18,000,000	Steele Creek Ltd., Series 2019-2A-AR (Secured Overnight Financing Rate 3 Month + 1.43%, 1.17% Floor)		6.74	%(a)		07/15/2032		17,868,182
	9,000,000	Steele Creek Ltd., Series 2019-2A-BR (Secured Overnight Financing Rate 3 Month + 2.11%, 1.85% Floor)		7.42	%(a)		07/15/2032		8,870,400
	20,000,000	Trimaran CAVU LLC, Series 2021-3A-A (Secured Overnight Financing Rate 3 Month + 1.47%, 1.21% Floor)		6.78	%(a)		01/18/2035		19,831,544
	10,000,000	Venture Ltd., Series 2018-34A-A (Secured Overnight Financing Rate 3 Month + 1.49%, 1.23% Floor)		6.80	%(a)		10/15/2031		9,956,169
	15,990,000	Wellfleet Ltd., Series 2020-2A-AR (Secured Overnight Financing Rate 3 Month + 1.48%, 1.22% Floor)		6.79	%(a)		07/15/2034		15,843,560
	25,000,000	Whitebox Ltd., Series 2021-3A-A1 (Secured Overnight Financing Rate 3 Month + 1.48%, 1.22% Floor)		6.79	%(a)		10/15/2034		24,806,250

	Total Collateralized Loan Obligations (Cost $683,404,103)								678,524,870

	Foreign Corporate Bonds—5.4%
	1,605,825	Adani International Container Terminal Private Ltd.		3.00	%		02/16/2031		1,211,472
	2,600,000	Adani Ports & Special Economic Zone Ltd.		3.38	%		07/24/2024		2,522,069
	1,500,000	Adani Ports & Special Economic Zone Ltd.		4.00	%		07/30/2027		1,267,239
	1,300,000	Adani Transmission Step-One Ltd.		4.00	%		08/03/2026		1,137,544
	3,905,000	AerCap Global Aviation Trust		1.75	%		10/29/2024		3,724,121
	4,151,663	AI Candelaria Spain S.A.		7.50	%		12/15/2028		3,789,114
	3,900,000	Avolon Holdings Funding Ltd.		2.13	%(a)		02/21/2026		3,495,787
	3,100,000	Banco Bilbao Vizcaya Argentaria Colombia S.A.		4.88	%		04/21/2025		2,994,956
	1,000,000	Banco Continental SAECA		2.75	%		12/10/2025		909,541
	1,850,000	Banco Continental SAECA		2.75	%(a)		12/10/2025		1,682,651
	1,800,000	Banco de Bogota S.A.		6.25	%		05/12/2026		1,718,623


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	5,700,000	Banco de Credito del Peru S.A. (5 Year CMT Rate + 2.45%)		3.25	%(a)		09/30/2031		5,013,092
	200,000	Banco de Credito del Peru S.A. (5 Year CMT Rate + 2.45%)		3.25	%		09/30/2031		175,898
	500,000	Banco Inbursa S.A. Institucion De Banca Multiple Grupo Financiero Inbursa		4.38	%		04/11/2027		467,856
	4,250,000	Banco Internacional del Peru S.A.A. Interbank (5 Year CMT Rate + 3.71%)		4.00	%		07/08/2030		3,915,200
	1,700,000	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand (5 Year CMT Rate + 3.00%)		5.95	%		10/01/2028		1,680,451
	1,800,000	Bancolombia S.A. (5 Year CMT Rate + 2.93%)		6.91	%		10/18/2027		1,673,522
	3,580,000	Bancolombia S.A. (5 Year CMT Rate + 2.94%)		4.63	%		12/18/2029		3,086,409
	4,800,000	Bank Hapoalim B.M.		3.26	%(a)(b)		01/21/2032		4,109,971
	4,050,000	Bank Leumi (5 Year CMT Rate + 1.63%)		3.28	%(a)		01/29/2031		3,625,362
	1,805,000	Bank of Montreal		1.50	%		01/10/2025		1,706,806
	1,715,000	Bank of Nova Scotia		4.75	%		02/02/2026		1,674,645
	3,750,000	Barclays PLC (1 Year CMT Rate + 0.80%)		1.01	%		12/10/2024		3,709,407
	2,080,000	BAT Capital Corporation		2.79	%		09/06/2024		2,018,897
	1,670,000	BAT International Finance PLC		1.67	%		03/25/2026		1,505,193
	1,650,000	BBVA Banco Continental S.A. (5 Year CMT Rate + 2.75%)		5.25	%		09/22/2029		1,611,310
	3,730,000	BBVA Bancomer S.A. (5 Year CMT Rate + 3.00%)		5.35	%		11/12/2029		3,595,573
	2,715,000	BHP Billiton Finance USA Ltd.		5.25	%		09/08/2026		2,698,376
	1,845,000	BMW US Capital LLC		5.97	%(a)(e)		08/11/2025		1,849,181
	3,580,000	BNP Paribas S.A. (Secured Overnight Financing Rate 3 Month + 2.50%)		4.71	%(a)		01/10/2025		3,562,508
	3,755,000	BPCE S.A.		2.38	%(a)		01/14/2025		3,559,614
	4,800,000	Braskem Netherlands Finance B.V. (5 Year CMT Rate + 8.22%)		8.50	%		01/23/2081		4,730,001
	1,000,000	Camposol S.A.		6.00	%		02/03/2027		583,267
	2,125,000	Canadian Imperial Bank of Commerce		3.95	%		08/04/2025		2,052,471
	3,780,000	Canadian Pacific Railway Company		1.35	%		12/02/2024		3,584,602
	700,000	Cencosud S.A.		5.15	%		02/12/2025		688,076
	5,600,000	Chile Electricity PEC S.p.A.		0.00	%(a)		01/25/2028		4,356,786
	3,475,000	Commonwealth Bank of Australia (Secured Overnight Financing Rate + 0.40%)		5.68	%(a)		07/07/2025		3,464,119
	3,000,000	Cosan Overseas Ltd.		7.00	%		01/20/2027		2,992,448
	2,700,000	Credicorp Ltd.		2.75	%		06/17/2025		2,531,974
	1,300,000	CSN Steel S.L.		7.63	%		04/17/2026		1,301,702


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	1,560,000	Daimler Truck Finance North America LLC		5.15	%(a)		01/16/2026		1,540,062
	2,095,000	Daimler Trucks Finance North America LLC		1.63	%(a)		12/13/2024		1,991,243
	4,700,000	DBS Group Holdings Ltd. (5 Year CMT Rate + 1.10%)		1.82	%		03/10/2031		4,271,744
	383,611	Digicel Group Holdings Ltd. (5.00% + 3.00% PIK)		8.00	%(a)(d)		04/01/2025		84,394
	208,640	Digicel Group Holdings Ltd. (7.00% PIK)		7.00	%(a)(d)(g)		10/16/2023		12,286
	1,151,994	Empresa Electrica Angamos S.A.		4.88	%		05/25/2029		1,039,081
	2,042,720	Empresa Electrica Cochrane S.p.A.		5.50	%		05/14/2027		1,911,155
	100,000	Enbridge, Inc.		4.00	%		10/01/2023		100,000
	1,649,000	Enbridge, Inc.		0.55	%		10/04/2023		1,648,732
	1,960,000	Enbridge, Inc.		2.50	%		02/14/2025		1,868,249
	100,000	Enbridge, Inc.		5.97	%		03/08/2026		99,543
	1,300,000	Equate Petrochemical B.V.		4.25	%		11/03/2026		1,236,755
	2,326,471	Fenix Power Peru S.A.		4.32	%		09/20/2027		2,153,870
	2,000,000	Freeport Indonesia PT		4.76	%		04/14/2027		1,908,264
	950,000	Freeport Indonesia PT		4.76	%(a)		04/14/2027		906,425
	4,500,000	Freeport-McMoRan, Inc.		4.13	%		03/01/2028		4,128,142
	3,282,165	Galaxy Pipeline Assets Bidco Ltd.		1.75	%		09/30/2027		3,034,331
	3,611,000	Glencore Funding LLC		4.00	%(a)		04/16/2025		3,505,633
	1,500,000	Global Bank Corporation (3 Month LIBOR USD + 3.30%)		5.25	%		04/16/2029		1,362,668
	423,600	GNL Quintero S.A.		4.63	%		07/31/2029		404,877
	275,000	Gold Fields Orogen Holdings BVI Ltd.		5.13	%		05/15/2024		272,475
	2,000,000	Grupo de Inversiones Suramericana S.A.		5.50	%		04/29/2026		1,905,211
	1,812,733	Guara Notre SARL		5.20	%		06/15/2034		1,544,582
	3,695,000	HSBC Holdings PLC (Secured Overnight Financing Rate + 0.58%)		1.16	%		11/22/2024		3,660,408
	1,000,000	Industrias Penoles SAB de CV		4.15	%		09/12/2029		877,461
	2,836,000	Inkia Energy Ltd.		5.88	%		11/09/2027		2,726,105
	422,077	Interoceanica Finance Ltd.		0.00	%		11/30/2025		391,477
	35,034	Invepar Holdings		0.00	%(d)(m)		12/30/2028		–
	3,100,000	Itau Unibanco Holding S.A. (5 Year CMT Rate + 3.45%)		3.88	%		04/15/2031		2,854,540
	1,200,000	JBS USA LUX SA / JBS USA Food Company / JBS USA Finance, Inc.		2.50	%		01/15/2027		1,061,028


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	1,012,000	JBS USA LUX SA / JBS USA Food Company / JBS USA Finance, Inc.		3.00	%		02/02/2029		850,047
	1,850,000	JDE Peet’s NV		0.80	%(a)		09/24/2024		1,756,420
	400,000	MEGlobal Canada ULC		5.00	%		05/18/2025		390,644
	4,400,000	MEGlobal Canada ULC		5.00	%(a)		05/18/2025		4,297,080
	600,000	Mercury Chile Holdco LLC		6.50	%		01/24/2027		552,543
	1,500,000	Mercury Chile Holdco LLC		6.50	%(a)		01/24/2027		1,381,357
	810,000	Millicom International Cellular S.A.		6.63	%		10/15/2026		762,977
	2,565,000	Millicom International Cellular S.A.		5.13	%		01/15/2028		2,170,119
	4,700,000	Minejesa Capital B.V.		4.63	%		08/10/2030		4,193,575
	4,570,000	Mitsubishi UFJ Financial Group, Inc.		3.78	%		03/02/2025		4,432,134
	1,715,000	Mizuho Financial Group, Inc. (Secured Overnight Financing Rate + 0.96%)		6.31	%		05/22/2026		1,715,230
	750,000	Mong Duong Finance Holdings B.V.		5.13	%		05/07/2029		681,383
	800,000	Multibank, Inc.		7.75	%(a)		02/03/2028		807,316
	2,101,475	MV24 Capital B.V.		6.75	%		06/01/2034		1,855,787
	2,600,000	NBM US Holdings, Inc.		7.00	%		05/14/2026		2,580,412
	1,975,000	NXP B.V.		4.40	%		06/01/2027		1,874,478
	1,993,000	Orazul Energy Peru S.A.		5.63	%		04/28/2027		1,817,506
	200,000	Oversea-Chinese Banking Corporation Ltd. (5 Year CMT Rate + 1.58%)		1.83	%(a)		09/10/2030		184,087
	4,500,000	Oversea-Chinese Banking Corporation Ltd. (5 Year CMT Rate + 1.58%)		1.83	%		09/10/2030		4,141,965
	1,725,000	Royal Bank of Canada		5.84	%(e)		01/20/2026		1,709,190
	2,392,000	Sable International Finance Ltd.		5.75	%		09/07/2027		2,173,192
	1,650,000	Sasol Financing USA LLC		4.38	%		09/18/2026		1,464,317
	2,900,000	Sociedad Quimica y Minera de Chile S.A.		4.38	%		01/28/2025		2,823,770
	600,000	St Marys Cement, Inc.		5.75	%		01/28/2027		583,736
	3,535,000	Sumitomo Mitsui Trust Bank Ltd.		5.65	%(a)		03/09/2026		3,526,434
	1,100,000	Telefonica Celular del Paraguay S.A.		5.88	%		04/15/2027		1,002,408
	1,810,000	Toronto-Dominion Bank		0.70	%		09/10/2024		1,724,347
	2,520,000	TransCanada PipeLines Ltd.		6.20	%		03/09/2026		2,517,297
	4,700,000	United Overseas Bank Ltd. (5 Year CMT Rate + 1.52%)		1.75	%		03/16/2031		4,238,831
	1,000,000	UPL Corporation Ltd.		4.50	%		03/08/2028		864,617


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	200,000	Vedanta Resources Ltd.		6.13	%		08/09/2024		126,324
	2,525,000	Volkswagen Group of America Finance LLC		0.88	%(a)		11/22/2023		2,508,116
	1,700,000	VTR Comunicaciones S.p.A.		5.13	%		01/15/2028		958,686
	500,000	VTR Finance NV		6.38	%		07/15/2028		189,118

	Total Foreign Corporate Bonds (Cost $225,420,958)								213,334,018

	Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations—0.9%
	2,700,000	Banco Nacional de Comercio Exterior (5 Year CMT Rate + 2.00%)		2.72	%		08/11/2031		2,237,524
	725,819	Bioceanico Sovereign Certificate Ltd.		0.00	%		06/05/2034		508,717
	6,000,000	Colombia Government International Bond		4.50	%		01/28/2026		5,756,474
	2,850,000	Corporacion Financiera de Desarrollo S.A. (3 Month LIBOR USD + 5.61%)		5.25	%		07/15/2029		2,782,342
	400,000	Dominican Republic International Bond		5.50	%		01/27/2025		394,814
	3,000,000	Ecopetrol S.A.		4.13	%		01/16/2025		2,898,336
	1,200,000	Indonesia Asahan Aluminium Persero PT		4.75	%		05/15/2025		1,174,002
	1,000,000	Korea Development Bank		0.80	%		04/27/2026		887,031
	3,800,000	Korea Development Bank		1.00	%		09/09/2026		3,336,253
	2,300,000	Korea Hydro & Nuclear Power Company Ltd.		1.25	%(a)		04/27/2026		2,059,108
	1,000,000	Korea Southern Power Company Ltd.		0.75	%(a)		01/27/2026		892,387
	677,422	Lima Metro Finance Ltd.		5.88	%		07/05/2034		654,172
	750,000	ONGC Videsh Ltd.		4.63	%		07/15/2024		740,591
	700,000	ONGC Videsh Vankorneft Pte Ltd.		3.75	%		07/27/2026		662,991
	700,000	Perusahaan Perseroan Persero PT Perusahaan Listrik Negara		4.13	%		05/15/2027		658,875
	1,500,000	Petrobras Global Finance B.V.		7.38	%		01/17/2027		1,547,309
	1,500,000	Republic of South Africa Government Bond		4.88	%		04/14/2026		1,432,950
	6,000,000	TNB Global Ventures Capital BHD		3.24	%		10/19/2026		5,601,509

	Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $36,854,119)								34,225,385

	Non-Agency Commercial Mortgage Backed Obligations—11.9%
	2,000,000	Alen Mortgage Trust, Series 2021-ACEN-B (Secured Overnight Financing Rate 1 Month + 1.76%, 1.65% Floor)		7.10	%(a)		04/15/2034		1,637,935
	40,902,000	Arbor Multifamily Mortgage Securities Trust, Series 2020-MF1-XD		0.59	%(a)(b)(f)		05/15/2053		1,161,625


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	112,782,233	Arbor Multifamily Mortgage Securities Trust, Series 2021-MF2-XA		1.23	%(a)(b)(f)		06/15/2054		6,748,325
	12,000,000	AREIT Trust, Series 2019-CRE3-C (Secured Overnight Financing Rate 1 Month + 2.01%, 2.01% Floor)		7.35	%(a)		09/14/2036		11,351,316
	1,251,000	AREIT Trust, Series 2019-CRE3-D (Secured Overnight Financing Rate 1 Month + 2.76%, 2.76% Floor)		8.10	%(a)		09/14/2036		1,159,671
	2,878,921	AREIT Trust, Series 2022-CRE6-A (Secured Overnight Financing Rate 30 Day Average + 1.25%, 1.25% Floor)		6.56	%(a)		01/20/2037		2,838,823
	15,176,000	BBCMS Mortgage Trust, Series 2018-TALL-F (Secured Overnight Financing Rate 1 Month + 3.43%, 3.39% Floor)		8.77	%(a)		03/15/2037		7,673,453
	11,001,000	BBCMS Mortgage Trust, Series 2019-BWAY-E (Secured Overnight Financing Rate 1 Month + 2.96%, 2.85% Floor)		8.30	%(a)		11/15/2034		2,557,255
	29,456,500	BBCMS Mortgage Trust, Series 2021-C10-XB		1.15	%(b)(f)		07/15/2054		1,721,927
	21,205,000	BBCMS Mortgage Trust, Series 2021-C10-XD		1.82	%(a)(b)(f)		07/15/2054		1,990,978
	6,409,314	BB-UBS Trust, Series 2012-TFT-TE		3.68	%(a)(b)(m)		06/05/2030		5,045,385
	8,000,000	BDS Ltd., Series 2021-FL10-A (Secured Overnight Financing Rate 1 Month + 1.46%, 1.46% Floor)		6.80	%(a)		12/16/2036		7,889,296
	6,193,000	BDS Ltd., Series 2021-FL9-A (Secured Overnight Financing Rate 1 Month + 1.18%, 1.07% Floor)		6.52	%(a)		11/16/2038		6,050,115
	157,277,074	Benchmark Mortgage Trust, Series 2020-IG1-XA		0.61	%(b)(f)		09/15/2043		3,620,833
	165,041,500	BHMS Mortgage Trust, Series 2018-ATLS-XCP		0.00	%(a)(b)(f)		07/15/2035		1,650
	3,000,000	BPR Trust, Series 2021-TY-C (Secured Overnight Financing Rate 1 Month + 1.81%, 1.70% Floor)		7.15	%(a)		09/15/2038		2,807,152
	8,040,000	BRSP Ltd., Series 2021-FL1-A (Secured Overnight Financing Rate 1 Month + 1.26%, 1.15% Floor)		6.59	%(a)		08/19/2038		7,859,398
	13,968,000	BRSP Ltd., Series 2021-FL1-AS (Secured Overnight Financing Rate 1 Month + 1.71%, 1.60% Floor)		7.04	%(a)		08/19/2038		13,312,370
	8,577,000	BSPRT Issuer Ltd., Series 2022-FL8-A (Secured Overnight Financing Rate 30 Day Average + 1.50%, 1.50% Floor)		6.81	%(a)		02/15/2037		8,503,359
	12,467,074	BSREP Commercial Mortgage Trust, Series 2021-DC-D (Secured Overnight Financing Rate 1 Month + 2.01%, 1.90% Floor)		7.35	%(a)		08/15/2038		10,057,465
	8,062,487	BX Commercial Mortgage Trust, Series 2020-VKNG-A (Secured Overnight Financing Rate 1 Month + 1.04%, 0.93% Floor)		6.38	%(a)		10/15/2037		7,984,788
	6,029,069	Carbon Capital Commercial Mortgage Trust, Series 2019-FL2-B (Secured Overnight Financing Rate 1 Month + 2.96%, 2.85% Floor)		8.30	%(a)		10/15/2035		5,227,285
	44,787,794	CD Commercial Mortgage Trust, Series 2017-CD3-XA		1.11	%(b)(f)		02/10/2050		1,081,961
	52,923,703	CD Commercial Mortgage Trust, Series 2017-CD4-XA		1.38	%(b)(f)		05/10/2050		1,743,481
	2,950,000	CD Commercial Mortgage Trust, Series 2017-CD6-C		4.37	%(b)		11/13/2050		2,318,549
	19,306,457	CFCRE Commercial Mortgage Trust, Series 2016-C4-XA		1.76	%(b)(f)		05/10/2058		574,583
	16,201,000	CFCRE Commercial Mortgage Trust, Series 2017-C8-XB		1.06	%(b)(f)		06/15/2050		445,897
	3,000,000	CHCP Ltd., Series 2021-FL1-AS (Secured Overnight Financing Rate 1 Month + 1.41%, 1.30% Floor)		6.75	%(a)		02/15/2038		2,931,549
	6,531,567	Citigroup Commercial Mortgage Trust, Series 2014-GC25-XA		1.09	%(b)(f)		10/10/2047		36,513
	4,360,749	Citigroup Commercial Mortgage Trust, Series 2015-GC27-XA		1.45	%(b)(f)		02/10/2048		49,226
	10,750,000	Citigroup Commercial Mortgage Trust, Series 2015-GC31-C		4.17	%(b)		06/10/2048		8,345,972
	17,423,182	Citigroup Commercial Mortgage Trust, Series 2016-GC36-XA		1.37	%(b)(f)		02/10/2049		383,756


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	11,524,762	Citigroup Commercial Mortgage Trust, Series 2016-P3-XA		1.82	%(b)(f)		04/15/2049		307,076
	2,519,000	Citigroup Commercial Mortgage Trust, Series 2016-P4-B		3.38	%		07/10/2049		2,197,066
	11,797,848	Citigroup Commercial Mortgage Trust, Series 2016-P4-XA		2.05	%(b)(f)		07/10/2049		455,359
	10,992,285	Citigroup Commercial Mortgage Trust, Series 2017-P7-XA		1.26	%(b)(f)		04/14/2050		321,608
	19,958,000	CLNC Ltd., Series 2019-FL1-D (Secured Overnight Financing Rate 1 Month + 3.01%, 2.90% Floor)		8.34	%(a)		08/20/2035		18,930,163
	5,939,721	COMM Mortgage Trust, Series 2014-UBS5-A3		3.57	%		09/10/2047		5,850,624
	8,063,987	Commercial Mortgage Pass-Through Trust, Series 2013-CR12-XA		0.99	%(b)(f)		10/10/2046		396
	2,136,327	Commercial Mortgage Pass-Through Trust, Series 2014-CR17-XA		1.10	%(b)(f)		05/10/2047		4,184
	14,588,365	Commercial Mortgage Pass-Through Trust, Series 2015-CR22-XA		0.95	%(b)(f)		03/10/2048		120,563
	29,977,274	Commercial Mortgage Pass-Through Trust, Series 2015-CR25-XA		0.94	%(b)(f)		08/10/2048		350,353
	34,162,616	Commercial Mortgage Pass-Through Trust, Series 2015-CR27-XA		1.05	%(b)(f)		10/10/2048		481,351
	5,373,000	Commercial Mortgage Pass-Through Trust, Series 2015-DC1-C		4.44	%(b)		02/10/2048		4,474,107
	7,796,862	Commercial Mortgage Pass-Through Trust, Series 2015-DC1-XA		1.12	%(b)(f)		02/10/2048		64,600
	9,657,000	Commercial Mortgage Pass-Through Trust, Series 2015-LC21-B		4.47	%(b)		07/10/2048		8,962,634
	40,743,020	Commercial Mortgage Pass-Through Trust, Series 2015-LC21-XA		0.78	%(b)(f)		07/10/2048		341,011
	12,750,422	Commercial Mortgage Pass-Through Trust, Series 2016-DC2-XA		1.08	%(b)(f)		02/10/2049		209,279
	11,396,000	Commercial Mortgage Pass-Through Trust, Series 2018-HCLV-D (Secured Overnight Financing Rate 1 Month + 2.32%, 2.18% Floor)		7.80	%(a)		09/15/2033		8,128,490
	25,152,640	CSAIL Commercial Mortgage Trust, Series 2015-C1-XA		0.95	%(b)(f)		04/15/2050		158,087
	2,878,035	CSAIL Commercial Mortgage Trust, Series 2016-C6-XA		2.02	%(b)(f)		01/15/2049		100,696
	122,570,373	CSAIL Commercial Mortgage Trust, Series 2021-C20-XA		1.12	%(b)(f)		03/15/2054		6,345,064
	9,873,828	CSMC Trust, Series 2014-USA-X1		0.69	%(a)(b)(f)		09/15/2037		72,451
	3,350,000	CSMC Trust, Series 2021-ADV-C (Secured Overnight Financing Rate 1 Month + 2.41%, 2.30% Floor)		7.75	%(a)		07/15/2038		2,782,611
	16,215,566	DBJPM Mortgage Trust, Series 2016-C1-XA		1.52	%(b)(f)		05/10/2049		403,305
	5,438,325	FS Rialto, Series 2021-FL2-A (Secured Overnight Financing Rate 1 Month + 1.33%, 1.33% Floor)		6.67	%(a)		05/16/2038		5,352,899
	10,700,000	Greystone Commercial Real Estate Notes, Series 2021-FL3-C (Secured Overnight Financing Rate 1 Month + 2.11%, 2.00% Floor)		7.45	%(a)		07/15/2039		10,090,432
	2,314,000	GS Mortgage Securities Corporation Trust, Series 2018-GS10-WLSD		5.07	%(a)(b)		03/10/2033		1,949,053
	2,893,000	GS Mortgage Securities Corporation Trust, Series 2018-GS10-WLSE		5.07	%(a)(b)		03/10/2033		2,381,770
	5,000,000	GS Mortgage Securities Corporation Trust, Series 2018-TWR-E (Secured Overnight Financing Rate 1 Month + 2.40%, 2.10% Floor)		7.73	%(a)		07/15/2031		2,075,000
	5,000,000	GS Mortgage Securities Corporation Trust, Series 2018-TWR-F (Secured Overnight Financing Rate 1 Month + 3.10%, 2.80% Floor)		8.43	%(a)		07/15/2031		1,470,000
	5,000,000	GS Mortgage Securities Corporation Trust, Series 2018-TWR-G (Secured Overnight Financing Rate 1 Month + 4.22%, 3.93% Floor)		9.55	%(a)		07/15/2031		433,125


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	7,578,700	GS Mortgage Securities Corporation Trust, Series 2021-ARDN-E (Secured Overnight Financing Rate 1 Month + 3.46%, 3.35% Floor)		8.80	%(a)		11/15/2036		7,045,179
	3,223,463	GS Mortgage Securities Trust, Series 2014-GC24-XA		0.82	%(b)(f)		09/10/2047		12,979
	28,807,121	GS Mortgage Securities Trust, Series 2015-GC32-XA		0.84	%(b)(f)		07/10/2048		283,871
	8,460,914	GS Mortgage Securities Trust, Series 2015-GS1-XA		0.90	%(b)(f)		11/10/2048		110,293
	14,099,486	GS Mortgage Securities Trust, Series 2016-GS2-XA		1.88	%(b)(f)		05/10/2049		466,958
	24,549,717	GS Mortgage Securities Trust, Series 2016-GS3-XA		1.32	%(b)(f)		10/10/2049		657,488
	14,505,000	GSCG Trust, Series 2019-600C-E		4.12	%(a)(b)		09/06/2034		2,792,833
	6,339,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2014-C20-B		4.40	%(b)		07/15/2047		5,823,899
	14,063,192	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2015-JP1-XA		1.04	%(b)(f)		01/15/2049		219,815
	31,045,489	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4-XA		0.71	%(b)(f)		12/15/2049		427,881
	336,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-WPT-CFX		4.95	%(a)		07/05/2033		272,160
	4,216,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-UES-C		4.34	%(a)		05/05/2032		4,054,354
	4,314,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-UES-D		4.60	%(a)(b)		05/05/2032		4,137,113
	5,040,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-UES-E		4.60	%(a)(b)		05/05/2032		4,829,343
	5,287,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-UES-F		4.60	%(a)(b)		05/05/2032		5,045,278
	5,775,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-UES-G		4.60	%(a)(b)		05/05/2032		5,449,076
	11,575,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2020-NNN-EFX		3.97	%(a)		01/16/2037		9,219,331
	6,153,490	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2022-NLP-A (Secured Overnight Financing Rate 1 Month + 0.60%, 0.60% Floor)		5.93	%(a)		04/15/2037		5,673,797
	3,812,627	JPMBB Commercial Mortgage Securities Trust, Series 2014-C18-XA		0.81	%(b)(f)		02/15/2047		147
	1,500,000	JPMBB Commercial Mortgage Securities Trust, Series 2014-C23-B		4.63	%(b)		09/15/2047		1,423,606
	500,000	JPMBB Commercial Mortgage Securities Trust, Series 2014-C23-C		4.63	%(b)		09/15/2047		455,096
	15,761,641	JPMBB Commercial Mortgage Securities Trust, Series 2014-C25-XA		0.95	%(b)(f)		11/15/2047		92,035
	5,287,890	JPMBB Commercial Mortgage Securities Trust, Series 2015-C27-D		3.94	%(a)(b)		02/15/2048		3,233,117
	2,828,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C29-B		4.12	%(b)		05/15/2048		2,595,451
	12,850,520	JPMBB Commercial Mortgage Securities Trust, Series 2015-C29-XA		0.69	%(b)(f)		05/15/2048		87,999
	21,378,260	JPMBB Commercial Mortgage Securities Trust, Series 2015-C30-XA		0.56	%(b)(f)		07/15/2048		132,729
	9,158,063	JPMBB Commercial Mortgage Securities Trust, Series 2015-C31-XA		0.96	%(b)(f)		08/15/2048		112,018
	14,015,765	JPMBB Commercial Mortgage Securities Trust, Series 2015-C32-XA		1.26	%(b)(f)		11/15/2048		171,598
	7,942,000	KREF Ltd., Series 2021-FL2-B (Secured Overnight Financing Rate 1 Month + 1.76%, 1.65% Floor)		7.10	%(a)		02/15/2039		7,515,110
	3,506,000	KREF Ltd., Series 2022-FL3-A (Secured Overnight Financing Rate 1 Month + 1.45%, 1.45% Floor)		6.78	%(a)		02/17/2039		3,455,794


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	10,000,000	LCCM Trust, Series 2017-LC26-C		4.71	%(a)		07/12/2050		8,205,239
	6,367,000	LCCM Trust, Series 2021-FL3-AS (Secured Overnight Financing Rate 1 Month + 1.91%, 1.91% Floor)		7.25	%(a)		11/15/2038		6,246,282
	2,400,000	LCCM Trust, Series 2021-FL3-B (Secured Overnight Financing Rate 1 Month + 2.31%, 2.31% Floor)		7.65	%(a)		11/15/2038		2,349,278
	1,000,000	LoanCore Issuer Ltd., Series 2018-CRE1-C (1 Month LIBOR USD + 2.55%, 2.55% Floor)		8.00	%(a)		05/15/2028		977,700
	2,000,000	LoanCore Issuer Ltd., Series 2019-CRE2-B (Secured Overnight Financing Rate 1 Month + 1.81%, 1.70% Floor)		7.15	%(a)		05/15/2036		1,987,200
	7,970,000	LoanCore Issuer Ltd., Series 2021-CRE5-A (1 Month LIBOR USD + 1.30%, 1.30% Floor)		6.75	%(a)		07/15/2036		7,878,640
	8,100,000	LoanCore Issuer Ltd., Series 2021-CRE6-A (Secured Overnight Financing Rate 1 Month + 1.41%, 1.30% Floor)		6.75	%(a)		11/15/2038		7,945,412
	5,735,000	LoanCore Issuer Ltd., Series 2022-CRE7-A (Secured Overnight Financing Rate 30 Day Average + 1.55%, 1.55% Floor)		6.86	%(a)		01/17/2037		5,686,597
	6,098,193	LSTAR Commercial Mortgage Trust, Series 2016-4-XA		1.84	%(a)(b)(f)		03/10/2049		98,516
	63,472,396	LSTAR Commercial Mortgage Trust, Series 2017-5-X		0.96	%(a)(b)(f)		03/10/2050		1,082,084
	3,890,000	MF1 Ltd., Series 2022-FL8-A (Secured Overnight Financing Rate 1 Month + 1.35%, 1.35% Floor)		6.68	%(a)		02/19/2037		3,845,885
	12,550,000	MF1 Ltd., Series 2022-FL8-AS (Secured Overnight Financing Rate 1 Month + 1.75%, 1.75% Floor)		7.08	%(a)		02/19/2037		12,323,858
	11,933,000	MFT Trust, Series 2020-ABC-D		3.59	%(a)(b)		02/10/2042		4,866,591
	10,038,615	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-CKSV-CK		4.09	%(a)(b)		10/15/2030		5,621,625
	580,305	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C12-XA		0.68	%(b)(f)		10/15/2046		14
	2,545,028	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C14-XA		1.04	%(b)(f)		02/15/2047		132
	500,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C18-C		4.62	%(b)		10/15/2047		467,698
	16,059,988	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C28-XA		1.30	%(b)(f)		01/15/2049		313,414
	711,000	Morgan Stanley Capital Trust, Series 2019-NUGS-F (Secured Overnight Financing Rate 1 Month + 2.96%, 4.34% Floor)		8.29	%(a)(m)		12/15/2036		149,310
	13,327,000	Morgan Stanley Capital Trust, Series 2019-PLND-E (Secured Overnight Financing Rate 1 Month + 2.26%, 2.15% Floor)		7.60	%(a)		05/15/2036		9,910,397
	1,331,000	Morgan Stanley Capital Trust, Series 2019-PLND-F (Secured Overnight Financing Rate 1 Month + 2.91%, 2.80% Floor)		8.25	%(a)		05/15/2036		752,201
	9,940,000	Natixis Commercial Mortgage Securities Trust, Series 2018-FL1-C (Secured Overnight Financing Rate 1 Month + 2.31%, 2.20% Floor)		7.65	%(a)		06/15/2035		4,567,556
	8,191,000	Natixis Commercial Mortgage Securities Trust, Series 2020-2PAC-AMZ1		3.62	%(a)(b)		01/15/2037		6,582,569
	4,742,000	Natixis Commercial Mortgage Securities Trust, Series 2020-2PAC-AMZ2		3.62	%(a)(b)		01/15/2037		3,540,540
	4,260,541	Ready Capital Mortgage Financing LLC, Series 2021-FL7-A (Secured Overnight Financing Rate 1 Month + 1.31%, 1.20% Floor)		6.63	%(a)		11/25/2036		4,212,797
	1,500,000	SFO Commercial Mortgage Trust, Series 2021-555-C (Secured Overnight Financing Rate 1 Month + 1.91%, 1.80% Floor)		7.25	%(a)		05/15/2038		1,219,601
	168,062,650	SLG Office Trust, Series 2021-OVA-X		0.26	%(a)(b)(f)		07/15/2041		2,381,397
	15,697,103	SMR Mortgage Trust, Series 2022-IND-A (Secured Overnight Financing Rate 1 Month + 1.65%, 1.65% Floor)		6.98	%(a)		02/15/2039		14,815,695
	459,000	STWD Ltd., Series 2019-FL1-C (Secured Overnight Financing Rate 1 Month + 2.06%, 2.06% Floor)		7.40	%(a)		07/15/2038		424,139
	8,744,000	STWD Ltd., Series 2019-FL1-D (Secured Overnight Financing Rate 1 Month + 2.46%, 2.46% Floor)		7.80	%(a)		07/15/2038		8,032,885


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	6,400,000	STWD Ltd., Series 2021-FL2-A (Secured Overnight Financing Rate 1 Month + 1.31%, 1.20% Floor)		6.65	%(a)		04/18/2038		6,281,062
	11,630,000	TRTX Issuer Ltd., Series 2022-FL5-A (Secured Overnight Financing Rate 30 Day Average + 1.65%, 1.65% Floor)		6.96	%(a)		02/15/2039		11,423,602
	1,500,000	UBS Commercial Mortgage Trust, Series 2017-C4-C		4.69	%(b)		10/15/2050		1,237,196
	68,195,035	UBS Commercial Mortgage Trust, Series 2018-C13-XA		0.95	%(b)(f)		10/15/2051		1,879,783
	6,009,000	UBS Commercial Mortgage Trust, Series 2018-C8-C		4.84	%(b)		02/15/2051		4,829,635
	1,067,000	UBS Commercial Mortgage Trust, Series 2018-C9-C		5.11	%(b)		03/15/2051		765,900
	1,990,000	VMC Finance LLC, Series 2022-FL5-A (Secured Overnight Financing Rate 30 Day Average + 1.90%, 1.90% Floor)		7.21	%(a)		02/18/2039		1,948,262
	540,000	Wells Fargo Commercial Mortgage Trust, Series 2014-LC18-B		3.96	%		12/15/2047		499,193
	9,436,723	Wells Fargo Commercial Mortgage Trust, Series 2015-C27-XA		0.98	%(b)(f)		02/15/2048		76,158
	48,778,560	Wells Fargo Commercial Mortgage Trust, Series 2015-C30-XA		1.03	%(b)(f)		09/15/2058		629,214
	22,679,938	Wells Fargo Commercial Mortgage Trust, Series 2015-NXS2-XA		0.74	%(b)(f)		07/15/2058		179,906
	10,241,527	Wells Fargo Commercial Mortgage Trust, Series 2016-C33-XA		1.73	%(b)(f)		03/15/2059		298,802
	20,819,161	Wells Fargo Commercial Mortgage Trust, Series 2016-NXS6-XA		1.73	%(b)(f)		11/15/2049		679,702
	66,200,686	Wells Fargo Commercial Mortgage Trust, Series 2017-C38-XA		1.09	%(b)(f)		07/15/2050		1,719,947
	22,269,412	Wells Fargo Commercial Mortgage Trust, Series 2019-C52-XA		1.75	%(b)(f)		08/15/2052		1,393,707
	62,636,060	Wells Fargo Commercial Mortgage Trust, Series 2021-C59-XA		1.66	%(b)(f)		04/15/2054		4,771,891
	5,250,000	Wells Fargo Commercial Mortgage Trust, Series 2022-ONL-A		3.86	%(a)		12/15/2039		4,629,735
	1,870,059	WF-RBS Commercial Mortgage Trust, Series 2014-C19-XA		1.11	%(b)(f)		03/15/2047		2,768
	6,169,976	WF-RBS Commercial Mortgage Trust, Series 2014-C21-XA		1.15	%(b)(f)		08/15/2047		41,884

	Total Non-Agency Commercial Mortgage Backed Obligations (Cost $616,334,411)								465,495,195

	Non-Agency Residential Collateralized Mortgage Obligations—11.5%
	4,800,649	ACE Securities Corporation Home Equity Loan Trust, Series 2006-CW1-A2D (Secured Overnight Financing Rate 1 Month + 0.63%, 0.52% Floor)		5.95	%		07/25/2036		3,698,119
	7,166,850	ACE Securities Corporation Home Equity Loan Trust, Series 2007-WM1-A2B (Secured Overnight Financing Rate 1 Month + 0.23%, 0.12% Floor)		5.55	%		11/25/2036		2,967,360
	4,837,867	Adjustable Rate Mortgage Trust, Series 2006-1-6A1 (Secured Overnight Financing Rate 1 Month + 0.37%, 0.26% Floor)		5.69	%		03/25/2036		2,868,367
	4,328,245	AJAX Mortgage Loan Trust, Series 2021-C-A		2.12	%(a)(c)		01/25/2061		4,083,246
	2,206,537	American Home Mortgage Investment Trust, Series 2004-2-M1 (Secured Overnight Financing Rate 1 Month + 1.01%, 0.90% Floor, 11.00% Cap)		6.33	%		02/25/2044		2,008,420
	2,361,102	Angel Oak Mortgage Trust LLC, Series 2020-2-A1A		2.53	%(a)(b)		01/26/2065		2,150,807
	418,040	Angel Oak Mortgage Trust LLC, Series 2020-6-A3		1.78	%(a)(b)		05/25/2065		368,398
	7,406,106	Angel Oak Mortgage Trust, Series 2021-7-A1		1.98	%(a)(b)		10/25/2066		6,023,743


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	1,040,248	Arroyo Mortgage Trust, Series 2019-1-A1		3.81	%(a)(b)		01/25/2049		962,405
	546,762	Arroyo Mortgage Trust, Series 2019-2-A2		3.50	%(a)(b)		04/25/2049		500,696
	4,149,080	Arroyo Mortgage Trust, Series 2019-3-A3		3.42	%(a)(b)		10/25/2048		3,773,984
	1,025,365	Banc of America Funding Trust, Series 2006-7-T2A1		5.88	%(b)		10/25/2036		850,637
	10,104,205	Banc of America Funding Trust, Series 2015-R2-4A2 (Secured Overnight Financing Rate 1 Month + 0.28%, 0.17% Floor)		3.97	%(a)		09/29/2036		7,298,696
	2,027,216	Banc of America Funding Trust, Series 2015-R2-9A2		4.43	%(a)(e)		03/27/2036		1,576,788
	1,063,291	Banc of America Mortgage Trust, Series 2005-I-2A5		4.41	%(b)		10/25/2035		985,430
	2,319,744	Banc of America Mortgage Trust, Series 2007-3-1A1		6.00	%		09/25/2037		1,817,257
	6,760,972	BCAP LLC Trust, Series 2009-RR4-7A2		6.00	%(a)(b)		03/26/2037		2,710,725
	1,318,328	BCAP LLC Trust, Series 2012-RR1-3A4		5.50	%(a)(b)(m)		10/26/2035		846,477
	16,246,049	BRAVO Residential Funding Trust, Series 2021-B-A1		2.12	%(a)(c)		04/01/2069		15,749,413
	2,465,924	BRAVO Residential Funding Trust, Series 2021-NQM2-A3		1.44	%(a)(b)		03/25/2060		2,242,225
	8,462,364	BRAVO Residential Funding Trust, Series 2022-RPL1-A1		2.75	%(a)(b)		09/25/2061		7,380,439
	740,891	CHL Mortgage Pass-Through Trust, Series 2005-10-A2		5.50	%		05/25/2035		589,779
	9,902,219	CHL Mortgage Pass-Through Trust, Series 2006-20-1A18 (Secured Overnight Financing Rate 1 Month + 0.76%, 0.65% Floor, 6.00% Cap)		6.00	%		02/25/2037		3,732,390
	1,576,432	CHL Mortgage Pass-Through Trust, Series 2006-21-A10		5.75	%		02/25/2037		707,867
	545,366	CHL Mortgage Pass-Through Trust, Series 2007-14-A15		6.50	%		09/25/2037		295,070
	1,671,357	Citigroup Mortgage Loan Trust, Series 2020-EXP1-A1A		1.80	%(a)(b)		05/25/2060		1,497,078
	609,698	CitiMortgage Alternative Loan Trust, Series 2007-A5-1A10		5.75	%		05/25/2037		515,457
	148,195	COLT Mortgage Loan Trust, Series 2020-3-A3		2.38	%(a)(b)		04/27/2065		139,494
	3,020,562	COLT Mortgage Loan Trust, Series 2021-1R-A1		0.86	%(a)(b)		05/25/2065		2,525,470
	5,449,790	COLT Mortgage Loan Trust, Series 2021-5-A1		1.73	%(a)(b)		11/26/2066		4,490,421
	5,970,795	COLT Mortgage Loan Trust, Series 2022-2-A1		2.99	%(a)(c)		02/25/2067		5,210,153
	301,470	Countrywide Alternative Loan Trust, Series 2005-23CB-A15		5.50	%		07/25/2035		247,407
	1,017,584	Countrywide Alternative Loan Trust, Series 2005-28CB-1A6		5.50	%		08/25/2035		848,748
	4,059,672	Countrywide Alternative Loan Trust, Series 2005-49CB-A6		5.50	%		11/25/2035		2,670,171
	1,540,790	Countrywide Alternative Loan Trust, Series 2005-61-1A2 (Secured Overnight Financing Rate 1 Month + 0.85%, 0.74% Floor)		6.17	%		12/25/2035		1,332,455
	7,311,163	Countrywide Alternative Loan Trust, Series 2005-62-1A1 (Secured Overnight Financing Rate 1 Month + 0.71%, 0.60% Floor)		6.03	%		12/25/2035		5,481,168
	7,653,602	Countrywide Alternative Loan Trust, Series 2006-16CB-A5		6.00	%		06/25/2036		4,141,829
	1,475,806	Countrywide Alternative Loan Trust, Series 2006-32CB-A21		5.50	%		11/25/2036		832,761


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	2,254,448	Countrywide Alternative Loan Trust, Series 2006-34-A6		6.25	%		11/25/2046		1,072,783
	5,678,316	Countrywide Alternative Loan Trust, Series 2006-36T2-1A3		5.75	%		12/25/2036		2,338,104
	1,364,234	Countrywide Alternative Loan Trust, Series 2006-J4-2A9		6.00	%		07/25/2036		808,438
	1,512,152	Countrywide Alternative Loan Trust, Series 2006-J6-A5		6.00	%		09/25/2036		760,140
	2,455,916	Countrywide Alternative Loan Trust, Series 2006-OA12-A1B (Secured Overnight Financing Rate 1 Month + 0.30%, 0.19% Floor)		5.63	%		09/20/2046		2,442,884
	3,771,167	Countrywide Alternative Loan Trust, Series 2006-OA21-A1 (Secured Overnight Financing Rate 1 Month + 0.30%, 0.19% Floor)		5.63	%		03/20/2047		3,052,331
	10,908,460	Countrywide Alternative Loan Trust, Series 2007-12T1-A11		6.00	%		06/25/2037		5,033,817
	9,786,683	Countrywide Alternative Loan Trust, Series 2007-12T1-A5		6.00	%		06/25/2037		4,516,162
	290,729	Countrywide Alternative Loan Trust, Series 2007-15CB-A7		6.00	%		07/25/2037		173,287
	4,272,861	Countrywide Alternative Loan Trust, Series 2007-8CB-A1		5.50	%		05/25/2037		2,283,671
	10,799,547	Countrywide Alternative Loan Trust, Series 2007-9T1-1A6		6.00	%		05/25/2037		5,423,483
	2,452	Credit Suisse First Boston Mortgage Securities Corporation, Series 2004-8-6A1		4.50	%		11/25/2034		2,124
	1,067,990	Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-11-2A1		6.00	%		12/25/2035		745,435
	51,034	Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-11-8A5		6.00	%		12/25/2035		38,794
	456,339	Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-9-5A9		5.50	%		10/25/2035		244,789
	21,485,735	Credit Suisse Mortgage-Backed Trust, Series 2019-RP10-A1		3.06	%(a)(b)		12/26/2059		21,238,567
	8,642,853	CSMC Trust, Series 2009-8R-8A2		6.00	%(a)(b)		03/26/2037		3,451,785
	429,078	CSMC Trust, Series 2011-12R-3A5		4.77	%(a)(b)		07/27/2036		415,760
	394,082	CSMC Trust, Series 2021-JR1-A1		2.47	%(a)(b)		09/27/2066		382,434
	17,697,623	CSMC Trust, Series 2022-NQM1-A1		2.27	%(a)(b)		11/25/2066		14,602,574
	6,738,279	Deutsche ALT-A Securities, Inc. Mortgage Loan Trust, Series 2006-AR4-A1 (Secured Overnight Financing Rate 1 Month + 0.37%, 0.26% Floor)		5.69	%		12/25/2036		2,253,034
	4,471,266	Deutsche ALT-A Securities, Inc. Mortgage Loan Trust, Series 2006-AR4-A2 (Secured Overnight Financing Rate 1 Month + 0.49%, 0.38% Floor, 10.50% Cap)		5.81	%		12/25/2036		1,486,461
	200,452	Deutsche ALT-A Securities, Inc. Mortgage Loan Trust, Series 2007-OA2-A1 (12 Month US Treasury Average + 0.77%, 0.77% Floor)		5.40	%		04/25/2047		177,542
	380,960	Deutsche ALT-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB4-A1A		6.01	%(b)		10/25/2036		299,209
	335,249	Deutsche Mortgage & Asset Receiving Corporation, Series 2014-RS1-1A2		6.50	%(a)(b)		07/27/2037		260,694
	3,229,246	GCAT Trust, Series 2020-NQM2-A1		1.56	%(a)(c)		04/25/2065		2,915,247
	7,097,053	GCAT Trust, Series 2021-NQM4-A3		1.56	%(a)(b)		08/25/2066		5,381,584
	5,271,967	GSAA Home Equity Trust, Series 2006-19-A3A (Secured Overnight Financing Rate 1 Month + 0.59%, 0.48% Floor)		5.91	%		12/25/2036		2,036,356
	324,777	GSR Mortgage Loan Trust, Series 2006-2F-3A4		6.00	%		02/25/2036		147,370
	2,308,342	Harborview Mortgage Loan Trust, Series 2006-1-2A1A (Secured Overnight Financing Rate 1 Month + 0.59%, 0.48% Floor)		5.92	%		03/19/2036		1,999,498


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	730,816	Impac Secured Assets Trust, Series 2006-5-1A1C (Secured Overnight Financing Rate 1 Month + 0.65%, 0.54% Floor, 11.50% Cap)		5.97	%		02/25/2037		647,583
	648,020	IndyMac INDX Mortgage Loan Trust, Series 2006-AR5-2A1		3.43	%(b)		05/25/2036		591,602
	32,547,772	JP Morgan Alternative Loan Trust, Series 2005-S1-1A4		6.00	%		12/25/2035		12,150,135
	3,498,009	JP Morgan Alternative Loan Trust, Series 2007-S1-A2 (Secured Overnight Financing Rate 1 Month + 0.79%, 0.68% Floor, 11.50% Cap)		6.11	%		04/25/2047		3,304,669
	11,303,530	JP Morgan Mortgage Acquisition Trust, Series 2006-WMC2-A5 (Secured Overnight Financing Rate 1 Month + 0.61%, 0.50% Floor)		5.93	%		07/25/2036		4,782,054
	5,915,464	JP Morgan Resecuritization Trust, Series 2014-4-1C		0.00	%(a)(b)(m)		01/26/2036		1,754,533
	635,167	Legacy Mortgage Asset Trust, Series 2020-SL1-A		5.73	%(a)(c)		01/25/2060		634,615
	2,723,255	Legacy Mortgage Asset Trust, Series 2021-GS1-A1		1.89	%(a)(c)		10/25/2066		2,533,519
	189,910	Lehman Mortgage Trust, Series 2006-1-1A3		5.50	%		02/25/2036		93,131
	9,177,633	Lehman Mortgage Trust, Series 2007-15N-3A1 (Secured Overnight Financing Rate 1 Month + 0.36%, 0.25% Floor)		5.68	%		08/25/2047		7,564,486
	16,165,942	Long Beach Mortgage Loan Trust, Series 2006-11-2A2 (Secured Overnight Financing Rate 1 Month + 0.31%, 0.20% Floor)		5.63	%		12/25/2036		5,802,104
	9,776,646	Long Beach Mortgage Loan Trust, Series 2006-2-2A3 (Secured Overnight Financing Rate 1 Month + 0.49%, 0.38% Floor)		5.81	%		03/25/2046		3,525,266
	68,916	MASTR Adjustable Rate Mortgages Trust, Series 2006-2-2A1		4.96	%(b)		04/25/2036		37,687
	1,530,208	MASTR Adjustable Rate Mortgages Trust, Series 2006-OA2-4A1A (12 Month US Treasury Average + 0.85%, 0.85% Floor)		5.48	%		12/25/2046		1,326,223
	338,049	Merrill Lynch Alternative Note Asset Trust, Series 2007-F1-2A6		6.00	%		03/25/2037		125,503
	1,190,319	Merrill Lynch Mortgage Investors Trust, Series 2006-AF1-AF2C		6.25	%		08/25/2036		494,440
	35,749,597	Merrill Lynch Mortgage Investors Trust, Series 2006-RM2-A1A (Secured Overnight Financing Rate 1 Month + 0.48%, 0.37% Floor)		5.80	%		05/25/2037		10,011,367
	4,454,619	Merrill Lynch Mortgage Investors Trust, Series 2007-HE2-A2A (Secured Overnight Financing Rate 1 Month + 0.35%, 0.24% Floor)		5.67	%		02/25/2037		1,342,480
	6,888,161	Merrill Lynch Mortgage Investors Trust, Series 2007-HE2-A2B (Secured Overnight Financing Rate 1 Month + 0.53%, 0.42% Floor)		5.85	%		02/25/2037		2,075,960
	5,019,104	MFA Trust, Series 2021-NQM2-A3		1.47	%(a)(b)		11/25/2064		4,166,029
	228,689	Morgan Stanley Mortgage Loan Trust, Series 2006-2-7A1		5.46	%(b)		02/25/2036		129,509
	472,657	Morgan Stanley Residential Mortgage Loan Trust, Series 2020-RPL1-A1		2.69	%(a)(b)		10/25/2060		457,799
	4,055,349	Nomura Resecuritization Trust, Series 2015-8R-4A4		7.51	%(a)(b)		11/25/2047		3,209,415
	451,964	OBX Trust, Series 2020-EXP2-A3		2.50	%(a)(b)		05/25/2060		358,705
	3,101,881	OBX Trust, Series 2021-NQM2-A3		1.56	%(a)(b)		05/25/2061		2,336,955
	6,417,196	OBX Trust, Series 2022-NQM1-A1		2.31	%(a)(b)		11/25/2061		5,340,473
	2,206,874	Pretium Mortgage Credit Partners LLC, Series 2021-NPL1-A1		2.24	%(a)(c)		09/27/2060		2,136,674
	3,010,438	Pretium Mortgage Credit Partners LLC, Series 2021-NPL2-A1		1.99	%(a)(c)		06/27/2060		2,800,576
	27,141,700	Pretium Mortgage Credit Partners LLC, Series 2021-NPL3-A1		1.87	%(a)(c)		07/25/2051		25,230,433
	5,308,973	Pretium Mortgage Credit Partners LLC, Series 2021-RN1-A1		1.99	%(a)(c)		02/25/2061		5,031,182


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	5,419,882	Pretium Mortgage Credit Partners LLC, Series 2021-RN2-A1		1.74	%(a)(c)		07/25/2051		5,053,158
	5,335,353	PRPM LLC, Series 2021-6-A1		1.79	%(a)(c)		07/25/2026		5,018,739
	602,422	RBSSP Resecuritization Trust, Series 2009-2-3A2 (Secured Overnight Financing Rate 1 Month + 0.61%, 0.50% Floor)		5.12	%(a)		04/26/2035		541,813
	512,907	Residential Accredit Loans, Inc., Series 2006-QS12-2A3		6.00	%		09/25/2036		399,389
	1,346,745	Residential Accredit Loans, Inc., Series 2007-QS4-3A4		6.00	%		03/25/2037		1,079,329
	1,677,028	Residential Accredit Loans, Inc., Series 2007-QS4-3A9		6.00	%		03/25/2037		1,343,997
	1,128,388	Residential Accredit Loans, Inc., Series 2007-QS8-A3 (Secured Overnight Financing Rate 1 Month + 0.71%, 0.60% Floor, 6.00% Cap)		6.00	%		06/25/2037		775,060
	713,608	Residential Accredit Loans, Inc., Series 2007-QS9-A33		6.50	%		07/25/2037		543,414
	4,301,657	Residential Asset Securities Corporation, Series 2004-KS7-A2A (Secured Overnight Financing Rate 1 Month + 0.69%, 0.58% Floor)		5.38	%		08/25/2034		3,960,689
	689,367	Residential Asset Securitization Trust, Series 2006-A2-A11		6.00	%		01/25/2046		286,011
	2,112,470	Residential Asset Securitization Trust, Series 2006-A6-1A4		6.00	%		07/25/2036		593,558
	4,198,790	Residential Funding Mortgage Securities Trust, Series 2007-S1-A1 (Secured Overnight Financing Rate 1 Month + 0.71%, 0.60% Floor, 6.00% Cap)		6.00	%		01/25/2037		3,001,052
	5,394,000	Residential Mortgage Loan Trust, Series 2019-2-M1		3.86	%(a)(b)		05/25/2059		5,100,534
	5,890,003	Securitized Asset Backed Receivables LLC Trust, Series 2006-WM3-A1 (Secured Overnight Financing Rate 1 Month + 0.21%, 0.10% Floor)		5.53	%		10/25/2036		2,004,072
	1,336,813	Soundview Home Loan Trust, Series 2007-OPT3-2A3 (Secured Overnight Financing Rate 1 Month + 0.29%, 0.18% Floor)		5.61	%		08/25/2037		1,287,312
	8,000,000	Starwood Mortgage Residential Trust, Series 2020-2-M1E		3.00	%(a)		04/25/2060		7,606,674
	1,093,982	Structured Adjustable Rate Mortgage Loan Trust, Series 2005-22-4A1		4.38	%(b)		12/25/2035		971,515
	10,489,615	VCAT LLC, Series 2021-NPL4-A1		1.87	%(a)(c)		08/25/2051		9,834,886
	5,784,213	VCAT LLC, Series 2021-NPL5-A1		1.87	%(a)(c)		08/25/2051		5,475,632
	2,846,441	Velocity Commercial Capital Loan Trust, Series 2020-1-M2		2.98	%(a)(b)		02/25/2050		2,252,919
	2,550,078	Velocity Commercial Capital Loan Trust, Series 2021-1-M2		2.26	%(a)(b)		05/25/2051		1,965,747
	1,952,186	Velocity Commercial Capital Loan Trust, Series 2021-2-M2		2.20	%(a)(b)		08/25/2051		1,541,682
	252,523	Verus Securitization Trust, Series 2020-4-A3		2.32	%(a)(c)		05/25/2065		232,554
	1,500,000	Verus Securitization Trust, Series 2020-INV1-A2		3.04	%(a)(b)		03/25/2060		1,435,006
	15,142,448	Verus Securitization Trust, Series 2021-7-A1		1.83	%(a)(b)		10/25/2066		12,686,696
	2,094,764	Verus Securitization Trust, Series 2021-R1-A3		1.26	%(a)(b)		10/25/2063		1,879,509
	4,334,608	VOLT LLC, Series 2021-NP10-A1		1.99	%(a)(c)		05/25/2051		3,979,603
	6,567,318	VOLT LLC, Series 2021-NP11-A1		1.87	%(a)(c)		08/25/2051		6,103,572
	9,378,353	VOLT LLC, Series 2021-NPL1-A1		1.89	%(a)(c)		02/27/2051		8,858,385
	921,487	VOLT LLC, Series 2021-NPL2-A1		1.89	%(a)(c)		02/27/2051		860,407


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	4,076,317	VOLT LLC, Series 2021-NPL5-A1		2.12	%(a)(c)		03/27/2051		3,875,883
	2,436,894	VOLT LLC, Series 2021-NPL6-A1		2.24	%(a)(c)		04/25/2051		2,281,077
	22,017,305	VOLT LLC, Series 2021-NPL8-A1		2.12	%(a)(c)		04/25/2051		20,587,222
	6,334,701	Washington Mutual Asset-Backed Certificates Trust, Series 2006-HE5-2A2 (Secured Overnight Financing Rate 1 Month + 0.47%, 0.36% Floor)		4.01	%		10/25/2036		2,290,819
	2,326,406	Washington Mutual Asset-Backed Certificates Trust, Series 2006-HE5-2A3 (Secured Overnight Financing Rate 1 Month + 0.57%, 0.46% Floor)		4.01	%		10/25/2036		841,298
	987,725	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2005-8-2CB3 (Secured Overnight Financing Rate 1 Month + 0.52%, 0.41% Floor, 5.50% Cap)		5.50	%		10/25/2035		901,695
	2,899,104	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2005-AR4-A5		3.91	%(b)		04/25/2035		2,712,382
	2,893,484	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-AR10-2A1		4.22	%(b)		09/25/2036		2,467,426
	10,363,962	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-AR18-1A1		3.17	%(b)		01/25/2037		8,714,088
	1,659,452	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-HE4-2A3 (Secured Overnight Financing Rate 1 Month + 0.28%, 0.28% Floor)		5.60	%		07/25/2047		973,047
	497,975	Wells Fargo Alternative Loan Trust, Series 2007-PA5-1A1		6.25	%		11/25/2037		417,726
	1,759,859	Wells Fargo Mortgage Backed Securities Trust, Series 2007-15-A1		6.00	%		11/25/2037		1,459,621
	6,371,457	Wells Fargo Mortgage Backed Securities Trust, Series 2007-AR6-A2		5.99	%(b)		10/25/2037		5,795,578

	Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $557,306,599)								452,091,590

	US Corporate Bonds—6.7%
	1,860,000	AbbVie, Inc.		2.60	%		11/21/2024		1,793,799
	3,630,000	Amazon.com, Inc.		4.60	%		12/01/2025		3,584,540
	595,000	American Express Company		5.99	%(e)		11/04/2026		589,877
	2,890,000	American Express Company (Secured Overnight Financing Rate + 0.93%)		6.28	%		03/04/2025		2,902,347
	1,710,000	Amgen, Inc.		5.51	%		03/02/2026		1,700,130
	1,710,000	Arrow Electronics, Inc.		6.13	%		03/01/2026		1,703,711
	2,115,000	AT&T, Inc.		5.54	%		02/20/2026		2,098,436
	5,425,000	Athene Global Funding		6.05	%(a)(e)		05/24/2024		5,403,204
	1,075,000	Avery Dennison Corporation		0.85	%		08/15/2024		1,028,914
	3,015,000	Aviation Capital Group LLC		1.95	%(a)		09/20/2026		2,634,275
	9,070,000	Bank of America Corporation (Secured Overnight Financing Rate 3 Month + 1.23%)		3.46	%		03/15/2025		8,950,207
	425,000	Boeing Company		4.88	%		05/01/2025		417,766
	1,821,000	Broadcom, Inc.		3.15	%		11/15/2025		1,721,835
	90,000	Broadcom, Inc.		3.88	%		01/15/2027		84,594


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	3,700,000	Campbell Soup Company		3.95	%		03/15/2025		3,595,843
	1,935,000	Capital One Financial Corporation (Secured Overnight Financing Rate + 2.16%)		4.99	%		07/24/2026		1,878,240
	5,097,000	Cardinal Health, Inc.		3.08	%		06/15/2024		4,991,674
	2,470,000	Caterpillar Financial Services Corporation		3.65	%		08/12/2025		2,393,731
	1,115,000	Caterpillar Financial Services Corporation		4.35	%		05/15/2026		1,090,325
	1,756,000	Charles Schwab Corporation		6.40	%(e)		03/03/2027		1,738,500
	2,280,000	Citigroup, Inc. (Secured Overnight Financing Rate + 1.53%)		3.29	%		03/17/2026		2,182,557
	3,975,000	Citigroup, Inc. (Secured Overnight Financing Rate 3 Month + 1.16%)		3.35	%		04/24/2025		3,904,891
	1,960,000	Constellation Brands, Inc.		3.60	%		05/09/2024		1,931,765
	1,970,000	Crown Castle, Inc.		4.80	%		09/01/2028		1,871,615
	1,730,000	CVS Health Corporation		5.00	%		02/20/2026		1,703,472
	1,762,000	Dell International LLC		4.00	%		07/15/2024		1,735,081
	1,900,000	Dollar General Corporation		4.15	%		11/01/2025		1,831,240
	3,293,000	Dollar Tree, Inc.		4.00	%		05/15/2025		3,188,562
	1,970,000	DTE Energy Company		4.88	%		06/01/2028		1,905,264
	5,500,000	Elevance Health, Inc.		3.50	%		08/15/2024		5,388,255
	2,095,000	Eli Lilly & Company		5.00	%		02/27/2026		2,087,661
	3,525,000	Energy Transfer LP		5.88	%		01/15/2024		3,523,188
	3,990,000	Entergy Corporation		0.90	%		09/15/2025		3,625,062
	3,840,000	Equinix, Inc.		1.25	%		07/15/2025		3,533,926
	3,559,000	Expedia Group, Inc.		6.25	%(a)		05/01/2025		3,566,594
	1,740,000	General Mills, Inc.		4.00	%		04/17/2025		1,692,876
	1,375,000	General Mills, Inc.		5.24	%		11/18/2025		1,363,073
	3,590,000	General Motors Financial Company, Inc.		5.25	%		03/01/2026		3,508,454
	1,835,000	Gilead Sciences, Inc.		3.65	%		03/01/2026		1,757,309
	3,705,000	Goldman Sachs Group, Inc.		3.50	%		04/01/2025		3,568,438
	3,562,000	HCA, Inc.		5.00	%		03/15/2024		3,544,290
	2,575,000	Hewlett Packard Enterprise Company		5.90	%		10/01/2024		2,573,620
	3,005,000	Hyatt Hotels Corporation		5.75	%		01/30/2027		2,987,142
	3,665,000	Hyundai Capital America		1.00	%(a)		09/17/2024		3,492,484


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	1,535,000	Intel Corporation		4.88	%		02/10/2026		1,516,924
	1,700,000	Intuit, Inc.		5.25	%		09/15/2026		1,696,335
	3,555,000	John Deere Capital Corporation		4.75	%		01/20/2028		3,492,334
	3,640,000	JPMorgan Chase & Company		3.90	%		07/15/2025		3,526,487
	1,710,000	JPMorgan Chase & Company (Secured Overnight Financing Rate + 0.42%)		0.56	%		02/16/2025		1,671,953
	5,635,000	JPMorgan Chase & Company (Secured Overnight Financing Rate 3 Month + 1.42%)		3.22	%		03/01/2025		5,561,933
	3,600,000	Keurig Dr Pepper, Inc.		0.75	%		03/15/2024		3,515,578
	1,730,000	Kinder Morgan, Inc.		4.30	%		06/01/2025		1,686,169
	1,110,000	Lowe’s Companies, Inc.		4.40	%		09/08/2025		1,085,489
	3,520,000	Marriott International, Inc.		3.60	%		04/15/2024		3,477,182
	3,590,000	Marsh & McLennan Companies, Inc.		3.88	%		03/15/2024		3,556,619
	985,000	McDonald’s Corporation		3.38	%		05/26/2025		951,554
	1,885,000	McDonald’s Corporation		1.45	%		09/01/2025		1,746,017
	1,730,000	McKesson Corporation		5.25	%		02/15/2026		1,711,205
	1,170,000	Meta Platforms, Inc.		4.60	%		05/15/2028		1,144,931
	3,666,000	Microchip Technology, Inc.		0.97	%		02/15/2024		3,598,965
	3,460,000	Morgan Stanley (Secured Overnight Financing Rate + 0.46%)		5.79	%		01/25/2024		3,459,651
��	3,825,000	Morgan Stanley (Secured Overnight Financing Rate + 0.53%)		0.79	%		05/30/2025		3,674,848
	2,801,000	Mosaic Company		4.25	%		11/15/2023		2,794,080
	1,755,000	New York Life Global Funding		3.60	%(a)		08/05/2025		1,696,812
	1,050,000	NextEra Energy Capital Holdings, Inc.		4.20	%		06/20/2024		1,036,296
	685,000	NextEra Energy Capital Holdings, Inc.		4.26	%		09/01/2024		674,166
	1,690,000	NiSource, Inc.		5.25	%		03/30/2028		1,657,391
	3,050,000	Northrop Grumman Corporation		2.93	%		01/15/2025		2,942,228
	710,000	Northrop Grumman Corporation		3.25	%		01/15/2028		651,571
	3,720,000	NVIDIA Corporation		0.58	%		06/14/2024		3,591,979
	2,780,000	Omnicom Group, Inc.		3.65	%		11/01/2024		2,713,382
	3,605,000	Oracle Corporation		5.80	%		11/10/2025		3,619,313
	1,055,000	Pacific Gas and Electric Company		3.25	%		02/16/2024		1,042,771
	2,800,000	Pacific Gas and Electric Company		4.95	%		06/08/2025		2,735,315


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	3,630,000	Parker-Hannifin Corporation		3.65	%		06/15/2024		3,574,446
	3,735,000	Penske Truck Leasing Company LP		4.40	%(a)		07/01/2027		3,502,496
	710,000	Pfizer Investment Enterprises Pte Ltd.		4.65	%		05/19/2025		700,448
	3,605,000	Philip Morris International, Inc.		4.88	%		02/13/2026		3,546,703
	1,515,000	Phillips 66		3.85	%		04/09/2025		1,474,187
	510,000	Phillips 66		1.30	%		02/15/2026		461,322
	2,235,000	PNC Financial Services Group, Inc. (Secured Overnight Financing Rate + 1.32%)		5.81	%		06/12/2026		2,217,787
	2,675,000	Public Service Enterprise Group, Inc.		0.84	%		11/08/2023		2,660,370
	1,710,000	Raytheon Technologies Corporation		5.00	%		02/27/2026		1,689,846
	3,632,000	Republic Services, Inc.		2.50	%		08/15/2024		3,528,886
	3,535,000	Ryder System, Inc.		5.25	%		06/01/2028		3,443,476
	1,810,000	Sabine Pass Liquefaction LLC		5.63	%		03/01/2025		1,799,070
	2,869,000	Simon Property Group LP		2.00	%		09/13/2024		2,762,978
	2,365,000	Southern California Edison Company		6.18	%(e)		04/01/2024		2,365,206
	1,175,000	Southern California Edison Company		4.90	%		06/01/2026		1,154,664
	1,685,000	Southern Company		5.15	%		10/06/2025		1,668,617
	445,000	Synchrony Financial		4.38	%		03/19/2024		439,621
	3,295,000	Synchrony Financial		4.25	%		08/15/2024		3,218,694
	3,340,000	Thermo Fisher Scientific, Inc.		4.95	%		08/10/2026		3,306,840
	1,405,000	T-Mobile USA, Inc.		4.75	%		02/01/2028		1,348,108
	2,190,000	T-Mobile USA, Inc.		4.80	%		07/15/2028		2,105,796
	1,753,000	Truist Financial Corporation (Secured Overnight Financing Rate + 0.40%)		5.75	%		06/09/2025		1,714,586
	3,575,000	Union Pacific Corporation		4.75	%		02/21/2026		3,531,669
	315,000	UnitedHealth Group, Inc.		0.55	%		05/15/2024		305,141
	1,885,000	UnitedHealth Group, Inc.		3.70	%		05/15/2027		1,787,623
	1,830,000	Veralto Corporation		5.50	%(a)		09/18/2026		1,822,383
	2,072,000	Viatris, Inc.		1.65	%		06/22/2025		1,914,736
	1,725,000	WEC Energy Group, Inc.		4.75	%		01/09/2026		1,690,344
	6,580,000	Wells Fargo & Company (Secured Overnight Financing Rate 3 Month + 1.09%)		2.41	%		10/30/2025		6,307,878
	3,615,000	Welltower, Inc.		3.63	%		03/15/2024		3,574,187


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	1,945,000	Workday, Inc.		3.50	%		04/01/2027		1,815,563
	3,735,000	Zimmer Biomet Holdings, Inc.		1.45	%		11/22/2024		3,548,445
	Total US Corporate Bonds (Cost $270,469,359)								263,980,361
	US Government and Agency Mortgage Backed Obligations—2.6%
	4,835,930	Federal National Mortgage Association, Pool MA5086		5.00	%		07/01/2043		4,608,680
	4,655,845	Federal National Mortgage Association, Pool MA5112		5.00	%		08/01/2043		4,437,045
	468,185	Federal Home Loan Mortgage Corporation Pass-Thru, Pool G08626		3.00	%		02/01/2045		397,389
	461,507	Federal Home Loan Mortgage Corporation Pass-Thru, Pool G08631		3.00	%		03/01/2045		391,577
	259,510	Federal Home Loan Mortgage Corporation REMICS, Series 3417-SM (-1 x Secured Overnight Financing Rate 30 Day Average + 6.17%, 6.28% Cap)		0.85	%(f)(h)		02/15/2038		17,484
	611,776	Federal Home Loan Mortgage Corporation REMICS, Series 4471-GA		3.00	%		02/15/2044		552,426
	8,386,847	Federal Home Loan Mortgage Corporation REMICS, Series 4954-LB		2.50	%		02/25/2050		6,978,023
	5,801,639	Federal Home Loan Mortgage Corporation REMICS, Series 5105-NH		2.00	%		02/25/2037		4,988,475
	908,140	Federal Home Loan Mortgage Corporation, Series 2021-MN1-M1 (Secured Overnight Financing Rate 30 Day Average + 2.00%)		7.31	%(a)		01/25/2051		881,638
	613,930	Federal National Mortgage Association Pass-Thru, Pool AS4645		3.00	%		03/01/2045		520,128
	166,948	Federal National Mortgage Association Pass-Thru, Pool MA1200		3.00	%		10/01/2032		150,156
	758,824	Federal National Mortgage Association Pass-Thru, Pool MA2270		3.00	%		05/01/2045		631,879
	10,225,182	Federal National Mortgage Association Pass-Thru, Pool MA4176		2.00	%		11/01/2040		8,306,285
	169,672	Federal National Mortgage Association REMICS, Series 2012-32-DA		2.00	%		11/25/2026		167,252
	1,423,105	Federal National Mortgage Association REMICS, Series 2016-72-PA		3.00	%		07/25/2046		1,235,993
	6,671,344	Federal National Mortgage Association REMICS, Series 2019-25-SB (-1 x Secured Overnight Financing Rate 30 Day Average + 5.94%, 6.05% Cap)		0.62	%(f)(h)		06/25/2049		483,325
	5,313,316	Federal National Mortgage Association REMICS, Series 2020-39-MH		3.00	%		06/25/2040		4,593,917
	4,283,795	Federal National Mortgage Association REMICS, Series 2021-21-HG		2.00	%		11/25/2047		3,661,752
	8,097,072	Federal National Mortgage Association REMICS, Series 2021-29-CG		1.25	%		05/25/2041		6,842,610
	904,001	Federal National Mortgage Association, Pool AL2987		4.41	%(e)		11/01/2042		903,537
	2,586,975	Federal National Mortgage Association, Pool AP7870		5.95	%(e)		07/01/2042		2,611,162
	687,466	Federal National Mortgage Association, Pool BM3520		5.30	%(e)		05/01/2045		681,098
	2,674,680	Federal National Mortgage Association, Pool BM4513		5.56	%(e)		05/01/2044		2,719,612
	5,243,889	Federal National Mortgage Association, Series 2019-43-FD (Secured Overnight Financing Rate 30 Day Average + 0.51%, 0.40% Floor, 6.50% Cap)		5.83	%		08/25/2049		5,058,408
	22,137,903	Federal National Mortgage Association, Series 2020-M49-1A1		1.30	%(b)		11/25/2030		19,059,849


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	8,362,741	Federal National Mortgage Association, Series 2022-M1S-A1		2.15	%(b)		11/25/2031		7,303,488
	2,980,795	Federal National Mortgage Association, Series 2023-M4-A1		3.89	%(b)		06/25/2032		2,799,709
	2,433,468	FREMF Mortgage Trust, Series 2016-KF18-B (Secured Overnight Financing Rate 30 Day Average + 5.61%, 5.50% Floor)		10.93	%(a)		05/25/2026		2,332,974
	124,762,277	FREMF Mortgage Trust, Series 2017-K67-X2B		0.10	%(a)(f)		09/25/2049		406,538
	1,401,628	FREMF Mortgage Trust, Series 2017-KF27-B (Secured Overnight Financing Rate 30 Day Average + 4.46%, 4.35% Floor)		9.78	%(a)		12/25/2026		1,380,643
	2,481,119	FREMF Mortgage Trust, Series 2017-KF30-B (Secured Overnight Financing Rate 30 Day Average + 3.36%, 3.25% Floor)		8.68	%(a)		03/25/2027		2,421,230
	845,940	FREMF Mortgage Trust, Series 2018-KF44-B (Secured Overnight Financing Rate 30 Day Average + 2.26%, 2.15% Floor)		7.58	%(a)		02/25/2025		826,183
	878,676	FREMF Mortgage Trust, Series 2019-KF69-B (Secured Overnight Financing Rate 30 Day Average + 2.41%, 2.30% Floor)		7.73	%(a)		08/25/2029		803,533
	3,043,851	Government National Mortgage Association, Series 2022-183-B		5.00	%		04/20/2047		2,942,494
	1,423,258	Merchants Bank of Indiana Multifamily Housing Mortgage Loan Trust, Series 2021-Q015-B (Secured Overnight Financing Rate 30 Day Average + 2.85%)		8.16	%(a)		08/25/2024		1,421,880

	Total US Government and Agency Mortgage Backed Obligations (Cost $117,613,122)								103,518,372

	US Government and Agency Obligations—18.7%
	70,900,000	United States Treasury Notes		4.25	%		12/31/2024		69,951,435
	36,300,000	United States Treasury Notes		4.13	%		01/31/2025		35,742,738
	44,700,000	United States Treasury Notes		3.88	%		03/31/2025		43,816,477
	123,700,000	United States Treasury Notes		3.88	%		04/30/2025		121,194,591
	187,700,000	United States Treasury Notes		4.25	%		05/31/2025		184,928,493
	35,600,000	United States Treasury Notes		4.63	%		06/30/2025		35,298,234
	63,300,000	United States Treasury Notes		3.88	%		01/15/2026		61,818,879
	108,300,000	United States Treasury Notes		3.63	%		05/15/2026		104,987,543
	76,200,000	United States Treasury Notes		4.13	%		06/15/2026		74,795,063

	Total US Government and Agency Obligations (Cost $742,937,447)								732,533,453

	Common Stocks—0.0% (l)
	9,129	Flame Aggregator—Class R (i)(m)							50,301
	907	Flame Aggregator—Class U (i)(m)							4,997

	Total Common Stocks (Cost $20,580)								55,298


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	Short Term Investments—11.0%
	70,960,505	First American Government Obligations Fund—Class U		5.28	%(j)				70,960,505
	70,960,505	JP Morgan U.S. Government Money Market Fund—Institutional Share Class		5.27	%(j)				70,960,505
	70,960,505	Morgan Stanley Institutional Liquidity Funds Government Portfolio—Institutional Share Class		5.27	%(j)				70,960,505
	70,000,000	United States Treasury Bills		0.00	%		10/05/2023		69,969,287
	152,800,000	United States Treasury Bills		0.00	%(k)		05/16/2024		147,733,734

	Total Short Term Investments (Cost $430,902,288)								430,584,536

	Total Investments—98.2% (Cost $4,190,668,025)								3,856,427,586
	Other Assets in Excess of Liabilities—1.8%								70,522,879

	NET ASSETS—100.0%							$	3,926,950,465

SECURITY TYPE BREAKDOWN as a % of Net Assets:


US Government and Agency Obligations	18.7	%
Collateralized Loan Obligations	17.3	%
Non-Agency Commercial Mortgage Backed Obligations	11.9	%
Non-Agency Residential Collateralized Mortgage Obligations	11.5	%
Short Term Investments	11.0	%
US Corporate Bonds	6.7	%
Asset Backed Obligations	6.6	%
Bank Loans	5.6	%
Foreign Corporate Bonds	5.4	%
US Government and Agency Mortgage Backed Obligations	2.6	%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	0.9	%
Common Stocks	0.0	%(l)
Other Assets and Liabilities	1.8	%

	100.0	%

INVESTMENT BREAKDOWN as a % of Net Assets:


US Government and Agency Obligations	18.7	%
Collateralized Loan Obligations	17.3	%
Non-Agency Commercial Mortgage Backed Obligations	11.9	%
Non-Agency Residential Collateralized Mortgage Obligations	11.5	%
Short Term Investments	11.0	%
Asset Backed Obligations	6.6	%
Banking	3.5	%
US Government and Agency Mortgage Backed Obligations	2.6	%
Utilities	1.5	%
Healthcare	1.1	%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	0.9	%
Business Equipment and Services	0.9	%
Technology	0.7	%
Hotels/Motels/Inns and Casinos	0.7	%
Transportation	0.7	%
Pharmaceuticals	0.7	%
Electronics/Electric	0.5	%
Energy	0.5	%
Retailers (other than Food/Drug)	0.5	%
Finance	0.5	%
Telecommunications	0.5	%
Automotive	0.5	%
Food Service	0.4	%
Aerospace & Defense	0.4	%
Media	0.4	%
Food Products	0.4	%
Mining	0.4	%
Chemicals/Plastics	0.4	%
Containers and Glass Products	0.3	%
Insurance	0.2	%
Chemical Products	0.2	%
Leisure	0.2	%
Building and Development (including Steel/Metals)	0.2	%
Consumer Products	0.2	%
Beverage and Tobacco	0.2	%
Construction	0.2	%
Real Estate	0.2	%
Financial Intermediaries	0.2	%
Diversified Manufacturing	0.2	%
Commercial Services	0.1	%
Environmental Control	0.1	%
Conglomerates	0.0	%(l)
Industrial Equipment	0.0	%(l)
Other Assets and Liabilities	1.8	%

	100.0	%

(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.

(b)

(c)	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.

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

(e)	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.

(f)	Interest only security

(g)	Perpetual maturity. The date disclosed is the next call date of the security.

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

(i)	Non-income producing security

(j)	Seven-day yield as of period end

(k)	All or a portion of this security has been pledged as collateral.

(l)	Represents less than 0.05% of net assets

(m)	Value determined using significant unobservable inputs.

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.

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^® US Sector II ER USD Index(1)	BNP Paribas		Long		0.39	%		Termination		11/29/2023	$	70,000,000	$	8,960,900	$	—	$	8,960,900
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	Barclays Capital, Inc.		Long		0.40	%		Termination		12/07/2023		60,000,000		8,145,296		—		8,145,296
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	Bank of America Merrill Lynch		Long		0.38	%		Termination		11/21/2023		100,000,000		7,423,079		—		7,423,079
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		01/16/2024		75,000,000		7,187,371		—		7,187,371
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	BNP Paribas		Long		0.39	%		Termination		01/31/2024		65,000,000		7,180,697		—		7,180,697
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	Bank of America Merrill Lynch		Long		0.38	%		Termination		01/23/2024		70,000,000		6,833,749		—		6,833,749
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	BNP Paribas		Long		0.39	%		Termination		01/10/2024		70,000,000		5,460,049		—		5,460,049
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		02/20/2024		85,000,000		5,045,126		—		5,045,126
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		01/04/2024		50,000,000		4,696,873		—		4,696,873
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	Bank of America Merrill Lynch		Long		0.38	%		Termination		03/26/2024		75,000,000		4,665,646		—		4,665,646
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		02/06/2024		50,000,000		4,539,126		—		4,539,126
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	BNP Paribas		Long		0.39	%		Termination		05/01/2024		80,000,000		4,527,002		—		4,527,002
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	Barclays Capital, Inc.		Long		0.40	%		Termination		05/09/2024		70,000,000		3,965,689		—		3,965,689
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	BNP Paribas		Long		0.39	%		Termination		12/27/2023		100,000,000		3,471,270		—		3,471,270
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	BNP Paribas		Long		0.39	%		Termination		12/20/2023		90,000,000		3,384,113		—		3,384,113
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	Bank of America Merrill Lynch		Long		0.38	%		Termination		11/14/2023		70,000,000		3,057,928		—		3,057,928
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		05/21/2024		69,000,000		2,973,190		—		2,973,190
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	BNP Paribas		Long		0.39	%		Termination		06/05/2024		65,000,000		2,686,904		—		2,686,904
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	Barclays Capital, Inc.		Long		0.40	%		Termination		06/13/2024		100,000,000		2,640,507		—		2,640,507
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	Barclays Capital, Inc.		Long		0.40	%		Termination		11/09/2023		80,000,000		2,322,870		—		2,322,870
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		12/21/2023		80,000,000		2,260,147		—		2,260,147
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	Bank of America Merrill Lynch		Long		0.38	%		Termination		10/10/2023		85,000,000		2,242,342		—		2,242,342
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		05/28/2024		62,000,000		2,037,681		—		2,037,681
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	Bank of America Merrill Lynch		Long		0.38	%		Termination		04/16/2024		64,000,000		2,028,072		—		2,028,072
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	Bank of America Merrill Lynch		Long		0.38	%		Termination		03/12/2024		80,000,000		1,817,955		—		1,817,955


Reference Entity	Counterparty	Long/ Short		Financing Rate			Payment Frequency		Termination Date		Notional Amount		Value			Upfront Premiums Paid/ (Received)		Unrealized Appreciation (Depreciation)
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	Bank of America Merrill Lynch		Long		0.38	%		Termination		11/07/2023		85,000,000		1,538,763			—		1,538,763
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		03/19/2024		90,000,000		1,529,305			—		1,529,305
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	Bank of America Merrill Lynch		Long		0.38	%		Termination		12/12/2023		50,000,000		1,406,928			—		1,406,928
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		04/23/2024		75,000,000		1,279,321			—		1,279,321
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	BNP Paribas		Long		0.39	%		Termination		10/18/2023		75,000,000		1,142,609			—		1,142,609
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	Barclays Capital, Inc.		Long		0.40	%		Termination		10/26/2023		65,000,000		847,589			—		847,589
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	BNP Paribas		Long		0.39	%		Termination		10/09/2024		75,000,000		348,171			—		348,171
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		02/29/2024		55,000,000		316,174			—		316,174
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		10/24/2023		70,000,000		(224,945	)		—		(224,945	)
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	Bank of America Merrill Lynch		Long		0.38	%		Termination		06/18/2024		80,000,000		(241,608	)		—		(241,608	)
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	Barclays Capital, Inc.		Long		0.40	%		Termination		06/27/2024		86,000,000		(501,868	)		—		(501,868	)
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	Bank of America Merrill Lynch		Long		0.38	%		Termination		09/03/2024		55,000,000		(1,716,764	)		—		(1,716,764	)
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	BNP Paribas		Long		0.39	%		Termination		08/28/2024		50,000,000		(2,273,849	)		—		(2,273,849	)
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	Barclays Capital, Inc.		Long		0.40	%		Termination		08/22/2024		65,000,000		(2,425,944	)		—		(2,425,944	)
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	BNP Paribas		Long		0.39	%		Termination		10/02/2024		80,000,000		(2,665,158	)		—		(2,665,158	)
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	Barclays Capital, Inc.		Long		0.40	%		Termination		07/11/2024		88,000,000		(2,883,984	)		—		(2,883,984	)
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	Barclays Capital, Inc.		Long		0.40	%		Termination		10/12/2023		90,000,000		(3,660,715	)		—		(3,660,715	)
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		09/19/2024		88,000,000		(3,774,386	)		—		(3,774,386	)
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	Canadian Imperial Bank of Commerce		Long		0.40	%		Termination		07/16/2024		96,000,000		(3,984,838	)		—		(3,984,838	)
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	Barclays Capital, Inc.		Long		0.40	%		Termination		09/26/2024		77,000,000		(4,257,488	)		—		(4,257,488	)
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	Barclays Capital, Inc.		Long		0.40	%		Termination		09/12/2024		100,000,000		(4,522,443	)		—		(4,522,443	)
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	BNP Paribas		Long		0.39	%		Termination		07/24/2024		80,000,000		(4,860,980	)		—		(4,860,980	)
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	Bank of America Merrill Lynch		Long		0.38	%		Termination		07/30/2024		80,000,000		(5,150,514	)		—		(5,150,514	)
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	BNP Paribas		Long		0.39	%		Termination		08/14/2024		95,000,000		(5,644,495	)		—		(5,644,495	)
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	Bank of America Merrill Lynch		Long		0.38	%		Termination		08/13/2024		85,000,000		(6,031,291	)		—		(6,031,291	)
Shiller Barclays CAPE^® US Sector II ER USD Index(1)	Barclays Capital, Inc.		Long		0.40	%		Termination		08/08/2024		95,000,000		(6,110,402	)		—		(6,110,402	)

													$	57,030,770		$	—	$	57,030,770

(1)

DoubleLine Flexible Income Fund

Schedule of Investments

September 30, 2023 (Unaudited)


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	Asset Backed Obligations—5.0%
	2,143,988	American Airlines, Inc.		5.25	%		1/15/2024		2,154,879
	650,000	Amur Equipment Finance Receivables LLC, Series 2021-1A-E		4.13	%(a)		3/20/2028		617,917
	513,000	Arivo Acceptance Auto Loan Receivables Trust, Series 2021-1A-C		3.77	%(a)		3/15/2027		486,396
	745,000	CAL Funding Ltd., Series 2020-1A-B		3.50	%(a)		9/25/2045		650,013
	2,468,915	Castlelake Aircraft Securitization Trust, Series 2018-1-B		5.30	%(a)		6/15/2043		1,825,745
	751,849	Diamond Resorts Owner Trust, Series 2021-1A-D		3.83	%(a)		11/21/2033		679,334
	6,250,000	ExteNet LLC, Series 2019-1A-C		5.22	%(a)		7/25/2049		5,935,119
	1,855,212	Jersey Mike’s Funding, Series 2019-1A-A2		4.43	%(a)		2/15/2050		1,709,033
	1,087,916	JOL Air Ltd., Series 2019-1-B		4.95	%(a)		4/15/2044		833,190
	1,750,000	Lendingpoint Asset Securitization Trust, Series 2022-C-B		7.46	%(a)		2/15/2030		1,746,698
	1,089,373	Loanpal Solar Loan Ltd., Series 2021-1GS-C		3.50	%(a)		1/20/2048		712,806
	2,945,237	Lunar Structured Aircraft Portfolio Notes, Series 2021-1-C		5.68	%(a)(b)		10/15/2046		2,612,873
	914,836	Mosaic Solar Loan Trust, Series 2018-1A-C		0.00	%(a)(c)		6/22/2043		853,735
	5,499,701	Pagaya AI Debt Selection Trust, Series 2021-3-C		3.27	%(a)		5/15/2029		4,762,994
	1,350,000	Pagaya AI Debt Selection Trust, Series 2021-5-CERT		0.00	%(a)(b)(d)		8/15/2029		193,664
	3,855,334	Regional Ltd., Series 2021-1A-A		5.75	%		4/15/2041		3,458,382
	2,000,000	Retained Vantage Data Centers Issuer LLC, Series 2023-1A-B		5.75	%(a)		9/15/2048		1,783,380
	1,243,354	Textainer Marine Containers Ltd., Series 2020-2A-A		2.10	%(a)		9/20/2045		1,091,670
	1,750,000	Upstart Securitization Trust, Series 2021-3-C		3.28	%(a)		7/20/2031		1,598,466
	4,484,158	Vivint Solar Financing LLC, Series 2018-1A-A		4.73	%(a)		4/30/2048		4,029,247
	10,260,547	WAVE LLC, Series 2019-1-C		6.41	%(a)(b)		9/15/2044		1,391,217
	1,025,681	Willis Engine Structured Trust, Series 2018-A-A		4.75	%(a)(e)		9/15/2043		869,184
	1,717,472	Zephyrus Capital Aviation Partners Ltd., Series 2018-1-A		4.61	%(a)		10/15/2038		1,496,368

	Total Asset Backed Obligations (Cost $55,512,040)								41,492,310

	Bank Loans—9.4%
	505,000	1011778 B.C. Unlimited Liability Company, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.25%)		7.57	%		9/12/2030		503,687
	213,750	AAdvantage Loyalty IP Ltd., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 5.01%, 0.75% Floor)		10.34	%		4/20/2028		220,577
	365,000	Access CIG LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.00%, 0.50% Floor)		10.32	%		8/15/2028		360,894


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	669,444	Acrisure LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.50%)		8.93	%		2/16/2027		661,435
	186,675	Acrisure LLC, Senior Secured First Lien Term Loan (1 Month LIBOR USD + 4.25%, 0.50% Floor)		9.68	%		2/15/2027		186,617
	115,104	Acuris Finance, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.10%, 0.50% Floor)		9.54	%		2/16/2028		113,838
	204,461	ADMI Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.11%)		8.43	%		4/30/2025		201,321
	184,860	ADMI Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.86%, 0.50% Floor)		9.18	%		12/23/2027		172,910
	509,677	AI Aqua Merger Sub, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.75%, 0.50% Floor)		9.06	%		7/31/2028		505,337
	232,063	Air Canada, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.76%, 0.75% Floor)		9.13	%		8/11/2028		232,546
	94,711	Air Methods Corporation, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.50%, 1.00% Floor)		9.23	%		4/22/2024		29,243
	384,711	AlixPartners LLP, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.86%, 0.50% Floor)		8.18	%		2/4/2028		384,903
	849,175	Alliant Holdings Intermediate LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.50%, 0.50% Floor)		8.83	%		11/5/2027		848,776
	523,342	Allied Universal Holdco LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.85%, 0.50% Floor)		9.17	%		5/12/2028		506,362
	338,691	Alterra Mountain Company, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.61%, 0.50% Floor)		8.93	%		8/17/2028		338,833
	104,738	Alterra Mountain Company, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.85%)		9.17	%		5/31/2030		104,999
	189,525	Altice France S.A., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 5.50%)		10.81	%		8/15/2028		172,112
	82,006	AMC Entertainment Holdings, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.11%)		8.43	%		4/22/2026		66,314
	308,717	American Airlines, Inc., Senior Secured First Lien Term Loan (6 Month Secured Overnight Financing Rate + 1.85%)		7.32	%		1/29/2027		304,087
	222,188	American Tire Distributors, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 6.51%, 0.75% Floor)		11.81	%		10/20/2028		195,258
	119,578	American Trailer World Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.85%, 0.75% Floor)		9.17	%		3/3/2028		115,193
	356,629	AmWINS Group, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.36%, 0.75% Floor)		7.70	%		2/22/2028		354,928
	441,317	Applied Systems, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.50%, 0.50% Floor)		9.89	%		9/19/2026		443,166
	315,000	Applied Systems, Inc., Senior Secured Second Lien Term Loan (3 Month Secured Overnight Financing Rate + 6.75%, 0.75% Floor)		12.14	%		9/17/2027		316,969
	161,700	APX Group, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.69	%		7/10/2028		161,879
	260,000	Arches Buyer, Inc., Senior Secured First Lien Term Loan		8.57	%(f)		12/6/2027		255,085
	423,925	Ascend Learning LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.60%, 0.50% Floor)		8.92	%		12/11/2028		405,412
	103,216	Ascend Learning LLC, Senior Secured Second Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.85%, 0.50% Floor)		11.17	%		12/10/2029		89,239
	25,000	AssuredPartners, Inc., Senior Secured First Lien Term Loan		9.07	%(f)		2/12/2027		25,047
	142,825	AssuredPartners, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.50%, 0.50% Floor)		8.82	%		2/12/2027		142,601
	277,696	AssuredPartners, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.61%)		8.95	%		2/12/2027		277,328
	234,126	Astra Acquisition Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 5.36%, 0.50% Floor)		10.90	%		10/25/2028		176,882
	263,748	Asurion LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.25%)		8.68	%		7/30/2027		255,374


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	29,925	Asurion LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.35%)		9.67	%		8/21/2028		29,124
	144,275	Asurion LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.36%)		9.67	%		12/23/2026		141,570
	50,000	Asurion LLC, Senior Secured Second Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.36%)		10.68	%		1/31/2028		45,223
	165,000	Asurion LLC, Senior Secured Second Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.36%)		10.68	%		1/22/2029		146,967
	862,949	Athenahealth Group, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.25%, 0.50% Floor)		8.57	%		2/15/2029		849,198
	163,881	Aveanna Healthcare LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.85%, 0.50% Floor)		9.27	%		7/17/2028		148,020
	118,610	Aveanna Healthcare LLC, Senior Secured Second Lien Term Loan (3 Month Secured Overnight Financing Rate + 7.15%, 0.50% Floor)		12.57	%		12/10/2029		78,283
	216,246	Axalta Coating Systems US Holdings, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.50%, 0.50% Floor)		7.81	%		12/20/2029		216,888
	350,632	Bally’s Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.51%, 0.50% Floor)		8.84	%		10/2/2028		344,396
	185,000	Bausch & Lomb Corporation, Senior Secured First Lien Term Loan		9.32	%(f)		9/29/2028		182,919
	403,776	Bausch & Lomb Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.35%, 0.50% Floor)		8.76	%		5/10/2027		393,233
	271,382	BCP Renaissance Parent LLC, Term Loan		8.83	%(f)		10/31/2028		271,298
	338,601	BCPE Empire Holdings, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.75%, 0.50% Floor)		10.07	%		12/11/2028		338,982
	388,868	Blackstone CQP Holdco LP, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.60%, 0.50% Floor)		8.99	%		6/5/2028		389,708
	268,367	Boxer Parent Company, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.86%)		9.18	%		10/2/2025		268,404
	145,000	Brand Industrial Services, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 5.50%, 0.50% Floor)		10.87	%		7/25/2030		141,658
	38,262	Bright Bidco B.V., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 1.00% + 1.00% PIK, 1.00% Floor)		13.32	%		10/29/2027		15,496
	389,628	Brookfield WEC Holdings, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.86%, 0.50% Floor)		8.18	%		8/1/2025		389,854
	140,676	Brown Group Holding LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.85%, 0.50% Floor)		8.17	%		6/7/2028		139,679
	99,500	Caesars Entertainment, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.35%, 0.50% Floor)		8.67	%		2/6/2030		99,656
	48,000	Calpine Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.11%)		7.43	%		8/12/2026		48,041
	400,459	Camelot US Acquisition Company, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.11%)		8.43	%		10/30/2026		400,710
	79,800	Carnival Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.00%, 0.75% Floor)		8.33	%		8/9/2027		79,733
	477,839	Carnival Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.36%, 0.75% Floor)		8.68	%		10/18/2028		476,245
	523,468	Castle US Holding Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.01%)		9.43	%		1/29/2027		414,005
	389,650	Castlelake Aviation LLC, Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.75%, 0.50% Floor)		8.42	%		10/22/2026		389,716
	867,739	Catalent Pharma Solutions, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.11%, 0.50% Floor)		7.44	%		2/22/2028		850,523
	424,206	Cengage Learning, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 5.01%, 1.00% Floor)		10.32	%		7/14/2026		422,880
	233,238	Central Parent, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.25%, 0.50% Floor)		9.64	%		7/6/2029		233,570
	265,000	Chariot Buyer LLC, Senior Secured First Lien Term Loan		8.83	%(f)		10/23/2028		261,419


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	195,000	Charter Next Generation, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.86%, 0.75% Floor)		9.18	%		12/1/2027		193,497
	847,355	CHG Healthcare Services, Inc, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.68	%		9/29/2028		844,902
	334,141	CHG PPC Parent LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.11%, 0.50% Floor)		8.45	%		12/8/2028		332,679
	340,000	Clarios Global LP, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.75%)		9.07	%		5/6/2030		339,842
		Clear Channel Outdoor Holdings, Inc., Senior Secured First Lien Term Loan
	353,334	(3 Month Secured Overnight Financing Rate + 3.76%)		9.13	%		8/21/2026		343,984
	920	(1 Month Secured Overnight Financing Rate + 3.61%)		8.93	%		8/21/2026		896
	127,484	ClubCorp Holdings, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 2.75%)		8.18	%		9/18/2024		125,771
	339,141	Clydesdale Acquisition Holdings, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.28%, 0.50% Floor)		9.59	%		4/13/2029		335,016
	240,723	CMG Media Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.60%)		8.99	%		12/17/2026		221,264
	840,250	CNT Holdings Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.50%, 0.75% Floor)		8.80	%		11/8/2027		838,524
	20,961	Columbus McKinnon Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.86%, 0.50% Floor)		8.42	%		5/15/2028		21,000
	79,792	CommScope, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.36%)		8.68	%		4/6/2026		73,050
	344,412	Compass Power Generation LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.36%, 1.00% Floor)		9.68	%		4/16/2029		343,940
	70,775	Conair Holdings LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.86%, 0.50% Floor)		9.18	%		5/17/2028		68,002
	101,811	Connect US Finco LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.50%, 1.00% Floor)		8.82	%		12/11/2026		100,093
	135,800	Conservice Midco LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.35%)		9.72	%		5/13/2027		136,097
	193,784	Constant Contact, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.26%, 0.75% Floor)		9.56	%		2/10/2028		187,940
	456,924	Corelogic, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.61%, 0.50% Floor)		8.93	%		6/2/2028		423,891
	149,235	Cornerstone Building Brands, Inc, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.35%, 0.50% Floor)		8.68	%		4/12/2028		146,017
	199,990	Cornerstone Building Brands, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.01%, 0.50% Floor)		9.18	%		10/16/2028		190,459
	189,515	Cross Financial Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.11%, 0.75% Floor)		9.43	%		9/15/2027		190,137
	320,000	CSC Holdings LLC, Senior Secured First Lean Term Loan		7.93	%(f)		4/15/2027		290,800
	254,363	Curium BidCo SARL, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.50%)		9.89	%		7/31/2029		254,363
	356,320	Cyxtera DC Holdings, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.00%, 1.00% Floor)		8.31	%(g)		5/1/2024		210,514
	277,577	DCert Buyer, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.00%)		9.33	%		10/16/2026		276,285
	95,000	DCert Buyer, Inc., Senior Secured Second Lien Term Loan (3 Month Secured Overnight Financing Rate + 7.00%)		12.32	%		2/16/2029		89,142
	436,223	Deerfield Dakota Holding LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.75%, 1.00% Floor)		9.14	%		4/9/2027		426,319
	415,000	Delta 2 SARL, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.00%, 0.50% Floor)		8.32	%		1/15/2030		415,467
	244,333	DexKo Global, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.01%, 0.50% Floor)		9.40	%		10/4/2028		238,988


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	385,596	DG Investment Intermediate Holdings, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.86%, 0.75% Floor)		9.18	%		3/31/2028		379,692
	45,000	DG Investment Intermediate Holdings, Inc., Senior Secured Second Lien Term Loan (1 Month Secured Overnight Financing Rate + 6.86%, 0.75% Floor)		12.18	%		3/29/2029		39,994
	121,344	Diamond Sports Group LLC, Senior Secured Second Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.40%)		10.57	%(g)		8/24/2026		2,912
	365,485	DirectTV Financing LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.11%, 0.75% Floor)		10.43	%		8/2/2027		358,023
	116,846	Dynasty Acquisition Company, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.00%)		9.32	%		8/24/2028		116,749
	272,641	Dynasty Acquisition Company, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.00%)		9.32	%		8/24/2028		272,415
	269,315	EAB Global, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.50%, 0.50% Floor)		8.87	%		8/16/2028		267,800
	136,507	Echo Global Logistics, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.60%, 0.50% Floor)		8.92	%		11/24/2028		132,224
		EG Group Limited, Senior Secured First Lien Term Loan
	149,952	(Daily Secured Overnight Financing Rate + 4.11%)		9.41	%		2/6/2025		148,514
	20,016	(Daily Secured Overnight Financing Rate + 4.11%)		9.16	%		2/6/2025		19,824
	64,855	EG Group Ltd., Senior Secured First Lien Term Loan (Daily Secured Overnight Financing Rate + 4.36%)		9.66	%		3/31/2026		62,139
	33,109	EG Group Ltd., Senior Secured First Lien Term Loan (Daily Secured Overnight Financing Rate + 4.36%)		9.66	%		3/31/2026		33,109
	210,702	Eisner Advisory Group LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.36%, 0.75% Floor)		10.68	%		7/28/2028		210,658
	67,386	Element Materials Technology Group US Holdings, Inc., Senior Secured First Lien Delayed-Draw Term Loan (3 Month Secured Overnight Financing Rate + 4.35%, 0.50% Floor)		9.74	%		6/22/2029		66,768
	146,002	Element Materials Technology Group US Holdings, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.35%, 0.50% Floor)		9.74	%		6/22/2029		144,664
	281,047	Endurance International Group, Inc., Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.50%, 0.75% Floor)		8.79	%		2/10/2028		273,788
	162,692	Energizer Holdings, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.36%, 0.50% Floor)		7.69	%		12/22/2027		162,570
	201,367	Envision Healthcare Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.75%, 1.00% Floor)		8.99	%(g)		3/31/2027		906
	82,392	Envision Healthcare Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.25%, 1.00% Floor)		9.49	%(g)		3/31/2027		19,208
	131,963	Everi Holdings, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.61%, 0.50% Floor)		7.93	%		8/3/2028		132,045
	330,617	EW Scripps Company, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.68%, 0.75% Floor)		7.99	%		5/1/2026		326,621
	126,142	Exgen Renewables LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.76%, 1.00% Floor)		8.18	%		12/15/2027		125,985
	848,950	Fertitta Entertainment LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.00%, 0.50% Floor)		9.32	%		1/29/2029		841,831
	290,575	FINThrive Software Intermediate Holdings, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.11%, 0.50% Floor)		9.43	%		12/18/2028		238,635
	187,311	First Advantage Holdings LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.86%)		8.18	%		1/29/2027		187,692
	110,589	Flame Newco LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.10%, 4.00% PIK, 1.00% Floor)		7.43	%		6/30/2028		103,262
	410,000	Fluidra Finco SL, Term Loan		7.42	%(f)		1/27/2029		408,155
	60,000	Focus Financial Partners, Term Loan (1 Month Secured Overnight Financing Rate + 3.50%, 0.50% Floor)		8.82	%		6/30/2028		60,016
	106,390	Foresight Energy LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 8.10%, 1.50% Floor)		13.49	%(b)		6/30/2027		106,390


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	49,875	Fortrea Holdings, Inc., Term Loan (1 Month Secured Overnight Financing Rate + 3.75%, 0.50% Floor)		9.07	%		7/1/2030		49,771
	283,244	Freeport LNG Investments LLP, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.76%, 0.50% Floor)		9.09	%		12/21/2028		281,032
	180,000	Garda World Security Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.35%)		9.75	%		10/30/2026		180,177
	222,750	Garda World Security Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.35%)		9.65	%		2/1/2029		222,994
	94,050	Gates Global LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.50%, 0.50% Floor)		8.93	%		11/16/2029		94,212
	160,333	Getty Images, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.60%)		9.99	%		2/19/2026		160,975
	121,178	GIP II Blue Holding LP, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.61%, 1.00% Floor)		9.93	%		9/29/2028		121,733
	155,000	GIP Pilot Acquisition Partners LP, Term Loan		8.33	%(f)		9/30/2030		154,806
	84,364	Go Daddy Operating Company LLC (1 Month Secured Overnight Financing Rate + 2.50%)		7.82	%		11/9/2029		84,544
	460,774	Gogo Intermediate Holdings LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.86%, 0.75% Floor)		9.18	%		4/28/2028		460,322
	171,986	Grab Holdings, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.61%, 1.00% Floor)		9.93	%		1/29/2026		173,330
	450,137	Graham Packaging Company, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.11%, 0.75% Floor)		8.43	%		8/4/2027		449,774
	202,069	Gray Television, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.61%)		7.94	%		1/2/2026		201,185
	305,000	GRCR W Merger Sub LLC, Senior Secured First Lean Term Loan		8.33	%(f)		9/20/2030		305,111
	500,975	Great Outdoors Group LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.86%, 0.75% Floor)		9.40	%		3/6/2028		500,574
	448,047	Greeneden US Holdings LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.11%, 0.75% Floor)		9.43	%		12/1/2027		448,939
	67,846	Greystone Select Financial LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 5.26%, 0.75% Floor)		10.58	%		6/16/2028		67,168
	870,000	Grifols Worldwide Operations USA, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.15%)		7.42	%		11/15/2027		856,515
	169,564	Harbor Freight Tools USA, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.86%, 0.50% Floor)		8.18	%		10/19/2027		168,533
	160,000	Helios Software Holdings, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.35%)		9.66	%		7/18/2030		159,520
	69,647	Hexion Holdings Corporation, Term Loan (3 Month Secured Overnight Financing Rate + 4.50%, 0.50% Floor)		10.03	%		3/15/2029		66,387
	212,447	H-Food Holdings LLC, Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.69%)		9.27	%		5/23/2025		186,216
	274,848	Hightower Holding LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.26%, 0.75% Floor)		9.61	%		4/21/2028		274,848
	75,000	HUB International Ltd., Term Loan (3 Month Secured Overnight Financing Rate + 4.25%, 0.75% Floor)		9.58	%		6/20/2030		75,289
	438,916	Hunter Douglas Holding B.V., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.50%, 0.50% Floor)		8.89	%		2/26/2029		428,492
	147,386	ICON Luxembourg SARL, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.51%, 0.50% Floor)		7.90	%		7/3/2028		147,511
	190,769	IHeartCommunications, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.11%)		8.43	%		5/1/2026		172,075
	324,188	Ineos US Finance LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.60%)		8.92	%		2/19/2030		322,161
	418,878	Intelsat Jackson Holdings S.A., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.50%, 0.50% Floor)		9.77	%		2/1/2029		418,474
	295,920	ION Trading Technologies SARL, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.85%)		10.24	%		3/31/2028		292,498


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	834,433	IRB Holding Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.10%, 0.75% Floor)		8.42	%		12/15/2027		832,384
	580,432	Iron Mountain Information Management LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 1.86%)		7.18	%		1/2/2026		580,286
	115,930	Ivanti Software, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.51%, 0.75% Floor)		9.76	%		12/1/2027		100,642
	389,577	Jazz Pharmaceuticals, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.61%, 0.50% Floor)		8.93	%		5/5/2028		389,713
	387,100	Jo-Ann Stores LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 5.01%, 0.75% Floor)		10.36	%		7/7/2028		129,679
	402,707	Kenan Advantage Group, Inc., Senior Secured First Lien Term Loan (6 Month Secured Overnight Financing Rate + 4.18%, 0.75% Floor)		9.30	%		3/24/2026		402,231
	250,744	Kestrel Bidco, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.10%, 1.00% Floor)		8.42	%		12/11/2026		246,042
	122,813	KKR Apple Bidco LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.86%, 0.50% Floor)		8.18	%		9/22/2028		122,168
	120,000	Kleopatra Finco SARL, Senior Secured First Lien Term Loan		10.17	%(f)		2/12/2026		115,875
	203,719	Kronos Acquisition Holdings, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.01%, 0.50% Floor)		9.40	%		12/22/2026		203,095
	149,618	LaserShip, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.76%, 0.75% Floor)		10.40	%		5/8/2028		139,669
	276,455	LBM Acquisition LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.85%, 0.75% Floor)		9.18	%		12/17/2027		270,486
	203,728	Leslie’s Poolmart, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.86%, 0.50% Floor)		8.18	%		3/9/2028		200,997
	165,000	Level 3 Financing, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 1.86%)		7.18	%		3/1/2027		156,163
	510,000	LifePoint Health, Inc., Term Loan		10.82	%(f)		11/16/2028		494,700
	181,869	LogMeIn, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.90%)		10.27	%		8/31/2027		121,646
	888,948	Lummus Technology Holdings LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.61%)		8.93	%		6/30/2027		887,899
	858,978	Madison IAQ LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.69	%		6/21/2028		846,471
	167,623	Maravai Intermediate Holdings LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.00%, 0.50% Floor)		8.32	%		10/19/2027		163,642
	422,332	Mavis Tire Express Services Topco Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.11%, 0.75% Floor)		9.43	%		5/4/2028		421,804
	341,696	McAfee Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.85%, 0.50% Floor)		9.18	%		3/1/2029		334,327
	510,303	Medline Borrower LP, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.68	%		10/23/2028		509,520
	254,241	Messer Industries GMBH, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.76%)		8.15	%		3/2/2026		254,355
	237,267	MIC Glen LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.68	%		7/21/2028		235,297
	134,193	Michaels Stores, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.51%, 0.75% Floor)		9.90	%		4/14/2028		122,847
	474,319	Milano Acquisition Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.10%, 0.75% Floor)		9.49	%		10/1/2027		463,944
	112,500	Mileage Plus Holdings LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 5.40%, 1.00% Floor)		10.80	%		6/21/2027		117,051
	379,125	Minotaur Acquisition, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.85%)		10.17	%		3/27/2026		378,284
	280,361	Mirion Technologies (US), Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.01%, 0.50% Floor)		8.40	%		10/20/2028		280,509
	287,803	Mitchell International, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.86%, 0.50% Floor)		9.18	%		10/16/2028		283,569


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	55,000	Mitchell International, Inc., Senior Secured Second Lien Term Loan (1 Month Secured Overnight Financing Rate + 6.61%, 0.50% Floor)		11.93	%		10/15/2029		50,815
	348,788	Monogram Food Solutions LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.11%, 0.50% Floor)		9.43	%		8/28/2028		343,992
	53,126	Nascar Holdings LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.61%)		7.93	%		10/19/2026		53,279
	134,639	NCR Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.61%)		7.93	%		8/28/2026		134,774
	195,887	NEP Group, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.36%)		8.68	%		10/20/2025		189,980
	279,600	Nouryon Finance B.V., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.10%)		9.43	%		4/3/2028		276,687
	275,250	Olympus Water US Holding Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.01%, 0.50% Floor)		9.40	%		11/9/2028		272,006
	141,690	OMNIA Partners LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.25%)		9.60	%		7/25/2030		142,029
	497,971	OneDigital Borrower LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.50%, 0.50% Floor)		9.67	%		11/16/2027		498,177
	325,018	Ontario Gaming GTA LP, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.25%, 0.50% Floor)		9.64	%		8/1/2030		325,661
	397,138	Organon & Company, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.11%, 0.50% Floor)		8.44	%		6/2/2028		397,038
	332,353	Oryx Midstream Services Permian Basin LLC (1 Month Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.69	%		10/5/2028		332,665
	95,250	Outcomes Group Holdings, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.76%)		9.13	%		10/24/2025		94,978
	508,185	Packaging Coordinators Midco, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.76%, 0.75% Floor)		9.15	%		11/30/2027		506,795
	200,552	Packers Holdings LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.35%, 0.75% Floor)		8.67	%		3/6/2028		120,761
	250,000	Pactiv Evergreen Group Holdings, Inc., Senior Secured First Lien Term Loan		8.93	%(f)		9/20/2028		250,000
	84,575	Par Petroleum, LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.35%, 0.50% Floor)		9.77	%		2/28/2030		84,592
	847,848	Parexel International, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.68	%		11/15/2028		842,935
	200,385	Park River Holdings, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.25%, 0.75% Floor)		8.52	%		12/28/2027		194,101
	101,130	PCI Gaming Authority, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.61%)		7.93	%		5/29/2026		101,187
	176,954	PECF USS Intermediate Holding Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.51%, 0.50% Floor)		9.88	%		12/15/2028		142,701
	392,077	Penn National Gaming, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.85%, 0.50% Floor)		8.17	%		5/3/2029		392,077
	399,609	Peraton Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.85%, 0.75% Floor)		9.17	%		2/1/2028		399,278
	252,409	Perrigo Investments LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.35%, 0.50% Floor)		7.67	%		4/20/2029		251,857
	403,504	Petco Health and Wellness Company, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.51%, 0.75% Floor)		8.90	%		3/3/2028		399,659
	850,800	PetSmart, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.85%, 0.75% Floor)		9.17	%		2/11/2028		849,507
	513,619	PetVet Care Centers LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.60%, 0.75% Floor)		8.92	%		2/14/2025		512,013
	333,788	PG&E Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.11%, 0.50% Floor)		8.43	%		6/23/2025		334,554
	327,962	Playa Resorts Holding BV, Senior Secured First Lien Term Loan (6 Month Secured Overnight Financing Rate + 3.43%, 0.50% Floor)		9.58	%		1/5/2029		328,465
	212,850	PMHC, Inc., Senior Secured First Lien Term Loan (6 Month Secured Overnight Financing Rate + 4.85%, 0.50% Floor)		9.70	%		4/23/2029		201,457


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	97,599	PointClickCare Technologies, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.11%, 0.75% Floor)		8.76	%		12/29/2027		97,477
		Polar US Borrower LLC, Senior Secured First Lien Term Loan
	99,846	(3 Month Secured Overnight Financing Rate + 4.85%)		10.15	%		10/15/2025		80,688
	116,828	(6 Month Secured Overnight Financing Rate + 4.85%)		9.82	%		10/15/2025		94,412
	260,376	Polaris Newco LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.51%, 0.50% Floor)		9.43	%		6/2/2028		249,961
	217,943	PQ Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.75%, 0.50% Floor)		7.97	%		6/9/2028		217,562
	36,721	PRA Health Sciences, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.51%, 0.50% Floor)		7.90	%		7/3/2028		36,753
	329,519	Pregis Topco LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.11%)		9.07	%		7/31/2026		329,400
		Pretium PKG Holdings, Inc., Senior Secured First Lien Term Loan
	223,136	(3 Month Secured Overnight Financing Rate + 4.26%, 0.50% Floor)		9.53	%		10/2/2028		138,430
	71,614	(1 Month Secured Overnight Financing Rate + 4.11%, 0.50% Floor)		9.44	%		10/2/2028		44,428
		Pretium PKG Holdings, Inc., Senior Secured Second Lien Term Loan
	32,500	(3 Month Secured Overnight Financing Rate + 7.01%, 0.50% Floor)		12.28	%		9/30/2029		10,423
	32,500	(1 Month Secured Overnight Financing Rate + 6.86%, 0.50% Floor)		12.19	%		9/30/2029		10,423
	328,316	Prime Security Services Borrower, LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.61%, 0.75% Floor)		8.19	%		9/23/2026		328,205
	857,319	Proofpoint, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.86%, 0.50% Floor)		8.68	%		8/31/2028		851,304
	257,572	Pug LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.36%)		8.93	%		2/12/2027		243,888
	277,873	Pug LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.36%, 0.50% Floor)		9.68	%		2/13/2027		264,674
	154,608	QUIKRETE Holdings, Inc., Senior Secured First Lien Term Loan (6 Month Secured Overnight Financing Rate + 4.68%)		8.18	%		3/19/2029		154,819
	220,404	Radiate Holdco LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.11%, 0.75% Floor)		8.68	%		9/25/2026		181,112
	187,924	Radiology Partners, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.51%)		10.18	%		7/9/2025		142,374
	858,741	RealPage, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.61%, 0.50% Floor)		8.43	%		4/24/2028		849,973
	307,636	RegionalCare Hospital Partners Holdings, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.61%)		9.38	%		11/14/2025		307,476
	130,837	Rent-A-Center, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.10%, 0.50% Floor)		8.88	%		2/17/2028		130,735
	25,601	Rentpath, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.50%)		8.00	%		4/25/2024		384
	225,000	Restoration Hardware, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.50%, 0.50% Floor)		7.93	%		10/20/2028		216,750
	116,853	Reynolds Consumer Products LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 1.85%)		7.17	%		2/4/2027		116,832
	313,417	Scientific Games Holdings LP, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.61%, 0.50% Floor)		8.77	%		4/4/2029		312,046
	232,063	Scientific Games International, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.00%, 0.50% Floor)		8.43	%		4/16/2029		232,353
	156,995	Securus Technologies Holdings, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.75%, 1.00% Floor)		10.23	%		11/1/2024		141,874


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	364,088	Select Medical Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.76%)		8.32	%		3/6/2027		363,632
	70,000	Simon & Schuster, Term Loan		9.32	%(f)		9/19/2030		69,650
	112,620	Sinclair Television Group, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.60%)		7.93	%		9/30/2026		97,980
	123,250	SkyMiles IP Ltd., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.86%, 1.00% Floor)		9.08	%		10/20/2027		127,757
	302,670	SMG US Midco, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.11%)		8.13	%		1/23/2025		302,812
	391,359	Sophia LP, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.26%, 0.50% Floor)		8.92	%		10/7/2027		390,952
	395,000	Sotera Health Holdings LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.25%, 0.50% Floor)		8.18	%		12/11/2026		392,679
	467,087	Sound Inpatient Physicians, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.26%)		8.63	%		6/27/2025		215,979
	521,703	Southern Veterinary Partners LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.61%, 1.00% Floor)		9.43	%		10/5/2027		519,176
	281,882	Spin Holdco, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 5.00%, 0.75% Floor)		9.66	%		3/6/2028		244,731
	129,025	Spirit AeroSystems, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.51%, 0.50% Floor)		9.62	%		1/15/2027		128,993
	854,294	SRS Distribution, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.35%, 0.50% Floor)		8.93	%		6/2/2028		846,951
	288,998	Staples, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.85%)		10.63	%		4/16/2026		248,611
	159,076	Stars Group Holdings B.V., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.51%)		7.90	%		7/21/2026		159,175
	99,746	Starwood Property Mortgage LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.50%, 0.75% Floor)		8.67	%		7/27/2026		99,808
	457,275	Sunshine Luxembourg SARL, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.11%, 0.75% Floor)		9.24	%		10/1/2026		457,085
	356,240	SWF Holdings Corporation, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.86%, 0.75% Floor)		9.43	%		10/6/2028		304,065
	250,000	Syneos Health, Term Loan		9.31	%(f)		9/18/2030		244,809
	420,000	TAMKO Building Products LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.00%)		8.90	%		9/13/2030		418,690
	110,000	Team Health, Term Loan		10.58	%(f)		3/2/2027		84,123
	196,498	Tecta America Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.61%, 0.75% Floor)		9.43	%		4/6/2028		196,393
	145,676	Telesat Canada, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 6.86%)		8.43	%		12/7/2026		107,512
	206,333	Tempo Acquisition LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.35%, 0.50% Floor)		8.32	%		8/31/2028		206,720
	93,575	The Dun & Bradstreet Corporation, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.00%)		8.32	%		1/18/2029		93,552
	311,090	The Edelman Financial Engines Centre LLC, Senior Secured First Lien Term Loan (6 Month LIBOR USD + 3.00%, 0.75% Floor)		8.93	%		4/7/2028		308,329
	154,180	The Edelman Financial Engines Centre LLC, Senior Secured Second Lien Term Loan (6 Month Secured Overnight Financing Rate + 3.93%)		12.18	%		7/20/2026		153,987
	199,772	Tiger Acquisition LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.25%, 0.50% Floor)		8.67	%		6/1/2028		197,680
	509,168	Titan Acquisition Ltd, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 7.10%)		8.73	%		3/28/2025		505,795
	326,426	TK Elevator Midco GMBH, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.85%, 0.50% Floor)		9.38	%		7/30/2027		326,099
	338,300	Transdigm, Inc., Senior Secured First Lien Term Loan (3 Month LIBOR USD + 4.00%)		8.49	%		8/24/2028		338,855


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	219,804	Travelport Finance (Luxembourg) SARL, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.51%, 1.00% Floor)		12.33	%		2/28/2025		209,508
	87,539	Traverse Midstream Partners LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.75%, 0.50% Floor)		9.22	%		2/16/2028		87,642
	342,130	TricorBraun Holdings, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.60%, 0.50% Floor)		8.68	%		3/3/2028		336,280
	502,401	Trident TPI Holdings, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.01%, 0.50% Floor)		9.65	%		9/15/2028		501,424
	516,474	Triton Water Holdings, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.85%, 0.50% Floor)		8.75	%		3/31/2028		504,422
	218,350	Uber Technologies, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.60%)		8.16	%		3/4/2030		218,524
	381,091	UFC Holdings LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 5.35%, 0.75% Floor)		8.37	%		4/29/2026		381,112
	114,713	UKG, Inc., Senior Secured First Lien Term Loan (1 Month LIBOR USD + 3.75%, 0.50% Floor)		10.02	%		5/4/2026		115,214
	288,771	UKG, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.86%)		9.22	%		5/4/2026		288,817
	95,000	UKG, Inc., Senior Secured Second Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.25%, 0.50% Floor)		10.62	%		5/3/2027		95,093
	92,368	Ultra Clean Holdings, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.75%)		9.18	%		8/27/2025		92,729
	455,510	United Airlines, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.11%, 0.75% Floor)		9.18	%		4/21/2028		456,933
	198,433	Univision Communications, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 5.11%, 0.50% Floor)		9.64	%		6/24/2029		198,482
	444,267	US Foods, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.11%)		7.43	%		9/14/2026		444,762
	39,700	Vantage Specialty Chemicals, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		10.08	%		10/26/2026		38,995
	459,262	Verscend Holding Corporation, Senior Secured First Lien Term Loan (6 Month Secured Overnight Financing Rate + 3.35%)		9.43	%		8/27/2025		459,960
		Viad Corporation, Senior Secured First Lien Term Loan
	42,093	(Prime Rate + 4.00%, 0.50% Floor)		12.50	%		7/31/2028		41,392
	193,629	(1 Month Secured Overnight Financing Rate + 5.11%, 0.50% Floor)		10.43	%		7/31/2028		190,401
	245,000	Victoria’s Secret & Company, Senior secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.50%, 0.50% Floor)		8.90	%		8/2/2028		240,100
	500,000	Virgin Media Bristol LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.85%)		8.31	%		10/15/2031		488,930
	105,000	VT Topco, Inc., Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 6.01%, 0.50% Floor)		9.66	%		8/9/2030		105,186
	326,306	Wand NewCo, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.24%)		8.17	%		2/5/2026		326,152
	146,454	WaterBridge Midstream Operating LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 4.26%, 1.00% Floor)		11.36	%		6/22/2026		146,844
	838,788	Whatabrands LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 3.11%, 0.50% Floor)		8.43	%		8/3/2028		836,691
	72,854	WWEX UNI TopCo Holdings LLC, Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 2.61%, 0.75% Floor)		9.65	%		7/26/2028		71,860
	421,026	Zayo Group Holdings, Inc., Senior Secured First Lien Term Loan (1 Month Secured Overnight Financing Rate + 4.28%)		8.43	%		3/9/2027		345,052
	268,067	Zebra Buyer LLC, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 3.50%, 0.50% Floor)		8.95	%		11/1/2028		265,889
	235,000	Ziggo Financing Partnership, Senior Secured First Lien Term Loan (3 Month Secured Overnight Financing Rate + 2.00%)		7.95	%		4/28/2028		230,054

	Total Bank Loans (Cost $80,153,794)								78,248,283


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	Collateralized Loan Obligations—20.0%
	2,000,000	AIMCO Ltd., Series 2021-15A-D (Secured Overnight Financing Rate 3 Month + 3.16%, 2.90% Floor)		8.47	%(a)		10/17/2034		1,933,901
	2,000,000	Apidos, Series 2013-12A-DR (Secured Overnight Financing Rate 3 Month + 2.86%)		8.17	%(a)		4/15/2031		1,942,781
	500,000	Bain Capital Credit Ltd., Series 2017-2A-DR2 (Secured Overnight Financing Rate 3 Month + 3.36%, 3.10% Floor)		8.71	%(a)		7/25/2034		485,857
	1,250,000	Bain Capital Credit Ltd., Series 2021-7A-D (Secured Overnight Financing Rate 3 Month + 3.51%, 3.25% Floor)		8.86	%(a)		1/22/2035		1,227,534
	1,737,500	Barings Ltd., Series 2015-2A-ER (Secured Overnight Financing Rate 3 Month + 6.71%)		12.04	%(a)		10/20/2030		1,507,447
	1,000,000	Barings Ltd., Series 2021-1A-E (Secured Overnight Financing Rate 3 Month + 6.56%, 6.30% Floor)		11.91	%(a)		4/25/2034		952,141
	3,770,000	BlueMountain Ltd., Series 2013-2A-DR (Secured Overnight Financing Rate 3 Month + 3.16%)		8.51	%(a)		10/22/2030		3,498,243
	500,000	BlueMountain Ltd., Series 2015-3A-CR (Secured Overnight Financing Rate 3 Month + 2.86%)		8.19	%(a)		4/20/2031		465,679
	1,000,000	BlueMountain Ltd., Series 2016-3A-DR (Secured Overnight Financing Rate 3 Month + 3.36%, 3.10% Floor)		8.73	%(a)		11/15/2030		907,889
	1,000,000	BlueMountain Ltd., Series 2017-2A-C (Secured Overnight Financing Rate 3 Month + 3.26%)		8.59	%(a)		10/20/2030		919,360
	1,000,000	Canyon Capital Ltd., Series 2012-1RA-D (Secured Overnight Financing Rate 3 Month + 3.26%)		8.57	%(a)		7/15/2030		971,629
	2,000,000	Canyon Capital Ltd., Series 2014-1A-CR (Secured Overnight Financing Rate 3 Month + 3.01%, 2.75% Floor)		8.38	%(a)		1/30/2031		1,883,650
	3,000,000	Canyon Capital Ltd., Series 2020-2A-DR (Secured Overnight Financing Rate 3 Month + 3.41%, 3.15% Floor)		8.72	%(a)		10/15/2034		2,945,467
	2,500,000	Canyon Capital Ltd., Series 2021-4A-D (Secured Overnight Financing Rate 3 Month + 3.31%, 3.05% Floor)		8.62	%(a)		10/15/2034		2,478,401
	1,000,000	Canyon Capital Ltd., Series 2021-4A-E (Secured Overnight Financing Rate 3 Month + 6.56%, 6.30% Floor)		11.87	%(a)		10/15/2034		940,398
	500,000	Carlyle Global Market Strategies Ltd., Series 2020-2A-CR (Secured Overnight Financing Rate 3 Month + 3.46%, 3.20% Floor)		8.81	%(a)		1/25/2035		478,698
	3,500,000	Cathedral Lake Ltd., Series 2021-8A-C (Secured Overnight Financing Rate 3 Month + 2.88%, 2.62% Floor)		8.22	%(a)		1/20/2035		3,399,716
	3,500,000	Cathedral Lake Ltd., Series 2021-8A-D1 (Secured Overnight Financing Rate 3 Month + 3.68%, 3.42% Floor)		9.02	%(a)		1/20/2035		3,456,951
	1,500,000	Chenango Park Ltd., Series 2018-1A-C (Secured Overnight Financing Rate 3 Month + 3.26%, 3.00% Floor)		8.57	%(a)		4/15/2030		1,385,843
	500,000	CIFC Funding Ltd., Series 2018-3A-D (Secured Overnight Financing Rate 3 Month + 3.11%)		8.42	%(a)		7/18/2031		493,347
	1,000,000	CIFC Funding Ltd., Series 2019-3A-CR (Secured Overnight Financing Rate 3 Month + 3.31%, 3.05% Floor)		8.62	%(a)		10/16/2034		983,337
	1,000,000	Dryden Ltd., Series 2019-68A-DR (Secured Overnight Financing Rate 3 Month + 3.61%, 3.35% Floor)		8.92	%(a)		7/15/2035		958,786
	900,000	Dryden Ltd., Series 2020-77A-DR (Secured Overnight Financing Rate 3 Month + 3.26%, 3.26% Floor)		8.64	%(a)		5/20/2034		866,973
	2,500,000	Dryden Senior Loan Fund, Series 2013-28A-B1LR (Secured Overnight Financing Rate 3 Month + 3.41%)		8.78	%(a)		8/15/2030		2,455,888
	3,000,000	Dryden Senior Loan Fund, Series 2015-37A-DR (Secured Overnight Financing Rate 3 Month + 2.76%, 2.50% Floor)		8.07	%(a)		1/15/2031		2,837,368
	1,000,000	Dryden Senior Loan Fund, Series 2016-45A-DR (Secured Overnight Financing Rate 3 Month + 3.41%, 3.15% Floor)		8.72	%(a)		10/15/2030		988,518
	1,000,000	Dryden Senior Loan Fund, Series 2017-50A-D (Secured Overnight Financing Rate 3 Month + 3.51%, 3.25% Floor)		8.82	%(a)		7/15/2030		979,229
	1,500,000	Greenwood Park Ltd., Series 2018-1A-D (Secured Overnight Financing Rate 3 Month + 2.76%)		8.07	%(a)		4/15/2031		1,407,868


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	301,280	Halcyon Loan Advisors Funding Ltd., Series 2014-2A-D (Secured Overnight Financing Rate 3 Month + 5.26%)		10.63	%(a)(b)		4/28/2025		70,805
	500,000	Halcyon Loan Advisors Funding Ltd., Series 2018-1A-A2 (Secured Overnight Financing Rate 3 Month + 2.06%, 1.80% Floor)		7.39	%(a)		7/21/2031		492,450
	2,000,000	Hayfin Ltd., Series 2018-8A-B (Secured Overnight Financing Rate 3 Month + 1.74%, 1.48% Floor)		7.07	%(a)		4/20/2031		1,975,359
	1,500,000	Highbridge Loan Management Ltd., Series 13A-18-D (Secured Overnight Financing Rate 3 Month + 3.26%, 3.00% Floor)		8.57	%(a)		10/15/2030		1,475,732
	2,000,000	Highbridge Loan Management Ltd., Series 2013-2A-CR (Secured Overnight Financing Rate 3 Month + 3.16%)		8.49	%(a)		10/20/2029		1,921,129
	3,175,000	LCM LP, Series 14A-DR (Secured Overnight Financing Rate 3 Month + 3.01%)		8.34	%(a)		7/20/2031		2,783,272
	1,250,000	LCM LP, Series 19A-E2 (Secured Overnight Financing Rate 3 Month + 5.96%, 5.70% Floor)		11.27	%(a)		7/15/2027		1,218,292
	5,000,000	LCM LP, Series 26A-D (Secured Overnight Financing Rate 3 Month + 2.76%, 2.50% Floor)		8.09	%(a)		1/20/2031		4,475,106
	1,500,000	LCM LP, Series 27A-D (Secured Overnight Financing Rate 3 Month + 3.21%)		8.52	%(a)		7/16/2031		1,312,673
	4,500,000	Madison Park Funding Ltd., Series 2015-18A-BR (Secured Overnight Financing Rate 3 Month + 1.86%)		7.20	%(a)		10/21/2030		4,474,350
	3,500,000	Magnetite Ltd., Series 2018-20A-D (Secured Overnight Financing Rate 3 Month + 2.76%)		8.09	%(a)		4/20/2031		3,400,867
	1,750,000	Magnetite Ltd., Series 2019-23A-DR (Secured Overnight Financing Rate 3 Month + 3.31%, 3.05% Floor)		8.66	%(a)		1/25/2035		1,729,152
	1,000,000	Marathon Ltd., Series 2017-9A-A2 (Secured Overnight Financing Rate 3 Month + 2.01%)		7.32	%(a)		4/15/2029		995,800
	3,500,000	Marble Point Ltd., Series 2021-3A-D1 (Secured Overnight Financing Rate 3 Month + 3.76%, 3.50% Floor)		9.07	%(a)		10/17/2034		3,454,597
	1,000,000	Myers Park Ltd., Series 2018-1A-D (Secured Overnight Financing Rate 3 Month + 3.31%, 3.05% Floor)		8.64	%(a)		10/20/2030		982,623
	1,000,000	Neuberger Berman Loan Advisers Ltd., Series 2016-21A-DR2 (Secured Overnight Financing Rate 3 Month + 3.56%, 3.30% Floor)		8.89	%(a)		4/20/2034		990,245
	4,000,000	Neuberger Berman Loan Advisers Ltd., Series 2017-16SA-DR (Secured Overnight Financing Rate 3 Month + 3.16%, 2.90% Floor)		8.47	%(a)		4/15/2034		3,878,884
	1,500,000	Neuberger Berman Loan Advisers Ltd., Series 2017-25A-DR (Secured Overnight Financing Rate 3 Month + 3.11%, 2.85% Floor)		8.42	%(a)		10/18/2029		1,469,840
	1,000,000	Neuberger Berman Loan Advisers Ltd., Series 2017-26A-D (Secured Overnight Financing Rate 3 Month + 2.91%, 2.65% Floor)		8.22	%(a)		10/18/2030		976,999
	1,500,000	Neuberger Berman Loan Advisers Ltd., Series 2018-28A-D (Secured Overnight Financing Rate 3 Month + 3.11%)		8.44	%(a)		4/20/2030		1,464,973
	1,000,000	Neuberger Berman Loan Advisers Ltd., Series 2020-38A-DR (Secured Overnight Financing Rate 3 Month + 3.26%, 3.00% Floor)		8.59	%(a)		10/20/2035		982,165
	4,500,000	Octagon Investment Partners Ltd., Series 2012-1A-CRR (Secured Overnight Financing Rate 3 Month + 4.16%, 3.90% Floor)		9.47	%(a)		7/15/2029		4,321,505
	500,000	Octagon Investment Partners Ltd., Series 2014-1A-CR3 (Secured Overnight Financing Rate 3 Month + 3.01%, 2.75% Floor)		8.38	%(a)		2/14/2031		479,812
	1,250,000	Octagon Investment Partners Ltd., Series 2017-1A-D (Secured Overnight Financing Rate 3 Month + 6.46%)		11.79	%(a)		3/17/2030		1,044,948
	2,000,000	Octagon Investment Partners Ltd., Series 2017-1A-DR (Secured Overnight Financing Rate 3 Month + 3.66%, 3.40% Floor)		8.99	%(a)		7/20/2030		1,932,020
	4,000,000	Octagon Investment Partners Ltd., Series 2018-1A-C (Secured Overnight Financing Rate 3 Month + 2.86%, 2.60% Floor)		8.19	%(a)		1/20/2031		3,744,856
	3,000,000	Octagon Investment Partners Ltd., Series 2018-2A-C (Secured Overnight Financing Rate 3 Month + 3.11%)		8.46	%(a)		7/25/2030		2,812,669
	500,000	Octagon Investment Partners Ltd., Series 2019-1A-ER (Secured Overnight Financing Rate 3 Month + 7.26%, 7.00% Floor)		12.59	%(a)		1/20/2035		448,511
	1,000,000	Octagon Investment Partners Ltd., Series 2020-2A-DR (Secured Overnight Financing Rate 3 Month + 3.56%, 3.30% Floor)		8.87	%(a)		7/15/2036		945,016
	2,500,000	OHA Credit Funding Ltd., Series 2021-16A-E (Secured Overnight Financing Rate 3 Month + 6.36%, 6.10% Floor)		11.67	%(a)		10/18/2034		2,457,361


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	500,000	Park Avenue Institutional Advisers Ltd., Series 2021-2A-D (Secured Overnight Financing Rate 3 Month + 3.66%, 3.40% Floor)		8.97	%(a)		7/15/2034		489,355
	4,000,000	RR Ltd., Series 2018-4A-C (Secured Overnight Financing Rate 3 Month + 3.21%, 0.26% Floor)		8.52	%(a)		4/15/2030		3,845,876
	2,000,000	Sound Point Ltd., Series 2015-2A-DRRR (Secured Overnight Financing Rate 3 Month + 4.76%, 4.50% Floor)		10.09	%(a)		7/20/2032		1,800,936
	6,000,000	Sound Point Ltd., Series 2019-2A-DR (Secured Overnight Financing Rate 3 Month + 3.56%, 3.30% Floor)		8.87	%(a)		7/15/2034		5,666,134
	1,000,000	Sound Point Ltd., Series 2020-1A-DR (Secured Overnight Financing Rate 3 Month + 3.61%, 3.61% Floor)		8.94	%(a)		7/20/2034		955,397
	5,000,000	Sound Point Ltd., Series 2020-2A-DR (Secured Overnight Financing Rate 3 Month + 3.61%, 3.35% Floor)		8.96	%(a)		10/25/2034		4,765,350
	3,375,000	Sound Point Ltd., Series 2021-4A-D (Secured Overnight Financing Rate 3 Month + 3.66%, 3.66% Floor)		9.01	%(a)		10/25/2034		3,165,679
	5,000,000	Steele Creek Ltd., Series 2019-2A-BR (Secured Overnight Financing Rate 3 Month + 2.11%, 1.85% Floor)		7.42	%(a)		7/15/2032		4,928,000
	3,500,000	Steward Park Ltd., Series 2015-1A-DR (Secured Overnight Financing Rate 3 Month + 2.86%, 2.60% Floor)		8.17	%(a)		1/15/2030		3,303,986
	1,500,000	Symphony Ltd., Series 2015-16A-DR (Secured Overnight Financing Rate 3 Month + 3.31%, 3.05% Floor)		8.62	%(a)		10/15/2031		1,427,379
	2,000,000	THL Credit Wind River Ltd., Series 2013-2A-E1R (Secured Overnight Financing Rate 3 Month + 7.01%)		12.32	%(a)(b)		10/18/2030		1,610,757
	2,000,000	THL Credit Wind River Ltd., Series 2014-1A-DRR (Secured Overnight Financing Rate 3 Month + 3.26%, 3.00% Floor)		8.57	%(a)		7/18/2031		1,761,008
	4,000,000	THL Credit Wind River Ltd., Series 2014-2A-DR (Secured Overnight Financing Rate 3 Month + 3.16%, 2.90% Floor)		8.47	%(a)		1/15/2031		3,596,725
	2,000,000	THL Credit Wind River Ltd., Series 2014-2A-ER (Secured Overnight Financing Rate 3 Month + 6.01%, 5.75% Floor)		11.32	%(a)(b)		1/15/2031		1,537,075
	1,500,000	THL Credit Wind River Ltd., Series 2014-3A-DR2 (Secured Overnight Financing Rate 3 Month + 3.66%, 3.40% Floor)		9.01	%(a)		10/22/2031		1,339,914
	2,000,000	THL Credit Wind River Ltd., Series 2017-1A-DR (Secured Overnight Financing Rate 3 Month + 3.98%, 3.72% Floor)		9.29	%(a)		4/18/2036		1,886,974
	1,750,000	THL Credit Wind River Ltd., Series 2017-1A-ER (Secured Overnight Financing Rate 3 Month + 7.32%, 7.06% Floor)		12.63	%(a)		4/18/2036		1,542,546
	1,500,000	THL Credit Wind River Ltd., Series 2017-4A-D (Secured Overnight Financing Rate 3 Month + 2.91%)		8.29	%(a)		11/20/2030		1,466,362
	1,500,000	THL Credit Wind River Ltd., Series 2018-1A-D (Secured Overnight Financing Rate 3 Month + 3.16%)		8.47	%(a)		7/15/2030		1,413,119
	3,500,000	THL Credit Wind River Ltd., Series 2018-2A-D (Secured Overnight Financing Rate 3 Month + 3.26%)		8.57	%(a)		7/15/2030		3,254,361
	500,000	THL Credit Wind River Ltd., Series 2021-3A-D (Secured Overnight Financing Rate 3 Month + 3.61%, 3.35% Floor)		8.94	%(a)		7/20/2033		479,155
	1,000,000	THL Credit Wind River Ltd., Series 2021-4A-D (Secured Overnight Financing Rate 3 Month + 3.46%, 3.20% Floor)		8.79	%(a)		1/20/2035		963,223
	1,500,000	TIAA Ltd., Series 2017-2A-B (Secured Overnight Financing Rate 3 Month + 1.76%)		7.07	%(a)		1/16/2031		1,480,677
	6,000,000	Trimaran CAVU LLC, Series 2019-1A-B (Secured Overnight Financing Rate 3 Month + 2.46%, 2.20% Floor)		7.79	%(a)		7/20/2032		5,988,600
	500,000	Upland Ltd., Series 2016-1A-CR (Secured Overnight Financing Rate 3 Month + 3.16%)		8.49	%(a)		4/20/2031		478,694
	500,000	Vibrant Ltd., Series 2015-3A-A2RR (Secured Overnight Financing Rate 3 Month + 2.11%, 0.26% Floor)		7.44	%(a)		10/20/2031		493,300
	3,900,000	Voya Ltd., Series 2013-1A-CR (Secured Overnight Financing Rate 3 Month + 3.21%)		8.52	%(a)		10/15/2030		3,629,611
	1,500,000	Voya Ltd., Series 2017-3A-CR (Secured Overnight Financing Rate 3 Month + 3.41%)		8.74	%(a)		4/20/2034		1,457,325

	Total Collateralized Loan Obligations (Cost $176,055,415)								167,192,428


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	Foreign Corporate Bonds—4.7%
	44,000	1375209 B.C. Ltd.		9.00	%(a)		1/30/2028		43,545
	400,000	Adani Electricity Mumbai Ltd.		3.95	%		2/12/2030		294,141
	300,000	Adani Electricity Mumbai Ltd.		3.87	%		7/22/2031		209,641
	1,171,200	Adani International Container Terminal Private Ltd.		3.00	%		2/16/2031		883,581
	200,000	Adani Ports & Special Economic Zone Ltd.		4.00	%		7/30/2027		168,965
	200,000	Adani Ports & Special Economic Zone Ltd.		4.20	%		8/4/2027		169,755
	600,000	Adani Ports & Special Economic Zone Ltd.		4.38	%		7/3/2029		480,459
	400,000	Adani Ports & Special Economic Zone Ltd.		3.10	%		2/2/2031		276,643
	400,000	Adani Transmission Step-One Ltd.		4.00	%		8/3/2026		350,014
	600,000	AES Andes S.A. (5 Year Swap Rate USD + 4.64%)		7.13	%(a)		3/26/2079		566,553
	200,000	Agrosuper S.A.		4.60	%		1/20/2032		160,694
	441,666	AI Candelaria Spain S.A.		7.50	%		12/15/2028		403,097
	500,000	AI Candelaria Spain S.A.		5.75	%		6/15/2033		354,324
	500,000	AI Candelaria Spain S.A.		5.75	%(a)		6/15/2033		354,324
	200,000	Altice Financing S.A.		5.00	%(a)		1/15/2028		171,057
	200,000	Altice France Holding S.A.		6.00	%(a)		2/15/2028		99,188
	255,000	Altice France Holding S.A.		5.50	%(a)		10/15/2029		183,749
	200,000	ARD Finance S.A. (7.25% PIK)		6.50	%(a)		6/30/2027		151,208
	208,314	Avation Capital S.A. (9.00% PIK)		8.25	%(a)		10/31/2026		178,399
	600,000	Banco Davivienda S.A. (10 Year CMT Rate + 5.10%)		6.65	%(a)(h)		4/22/2031		406,500
	100,000	Banco GNB Sudameris S.A. (5 Year CMT Rate + 4.56%)		7.05	%		4/3/2027		94,171
	300,000	Banco GNB Sudameris S.A. (5 Year CMT Rate + 6.66%)		7.50	%		4/16/2031		245,103
	1,200,000	Banco Internacional del Peru S.A.A. Interbank (5 Year CMT Rate + 3.71%)		4.00	%		7/8/2030		1,105,468
	800,000	Banco Mercantil del Norte S.A. (10 Year CMT Rate + 5.35%)		7.63	%(h)		1/10/2028		737,088
	200,000	Banco Mercantil del Norte S.A. (10 Year CMT Rate + 5.47%)		7.50	%(a)(h)		6/27/2029		178,275
	200,000	Banco Mercantil del Norte S.A. (10 Year CMT Rate + 5.47%)		7.50	%(h)		6/27/2029		178,275
	200,000	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand (5 Year CMT Rate + 3.00%)		5.95	%		10/1/2028		197,700
	500,000	Bancolombia S.A. (5 Year CMT Rate + 2.94%)		4.63	%		12/18/2029		431,063
	700,000	Bank Hapoalim B.M.		3.26	%(a)(i)		1/21/2032		599,371


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	800,000	Bank Leumi (5 Year CMT Rate + 1.63%)		3.28	%(a)		1/29/2031		716,121
	900,000	BBVA Bancomer S.A. (5 Year CMT Rate + 2.65%)		5.13	%		1/18/2033		775,629
	200,000	BBVA Bancomer S.A. (5 Year CMT Rate + 4.31%)		5.88	%		9/13/2034		175,210
	195,000	Bombardier, Inc.		7.88	%(a)		4/15/2027		190,438
	200,000	Braskem Idesa SAPI		6.99	%		2/20/2032		120,446
	1,000,000	Braskem Netherlands Finance B.V. (5 Year CMT Rate + 8.22%)		8.50	%		1/23/2081		985,417
	200,000	BRF S.A.		4.88	%		1/24/2030		162,098
	200,000	Canacol Energy Ltd.		5.75	%		11/24/2028		158,807
	600,000	CAP S.A.		3.90	%(a)		4/27/2031		442,889
	700,000	CAP S.A.		3.90	%		4/27/2031		516,704
	650,000	Cemex S.A.B de C.V. (5 Year CMT Rate + 4.53%)		5.13	%(h)		6/8/2026		609,097
	2,000,000	Chile Electricity PEC S.p.A.		0.00	%(a)		1/25/2028		1,555,995
	800,000	Cosan Overseas Ltd.		8.25	%(h)		11/5/2023		798,596
	600,000	Credito Real S.A.B. de C.V. (5 Year CMT Rate + 7.03%)		9.13	%(g)(h)		11/29/2027		8,250
	400,000	CSN Resources S.A.		5.88	%		4/8/2032		324,800
	600,000	CT Trust		5.13	%		2/3/2032		468,671
	800,000	DBS Group Holdings Ltd. (5 Year CMT Rate + 1.10%)		1.82	%		3/10/2031		727,105
	247,717	Digicel Group Holdings Ltd. (5.00% + 3.00% PIK)		8.00	%(a)(g)		4/1/2025		54,498
	356,729	Digicel Group Holdings Ltd. (7.00% PIK)		7.00	%(a)(g)(h)		10/16/2023		21,006
	217,000	eG Global Finance PLC		8.50	%(a)		10/30/2025		213,815
	573,650	Empresa Electrica Angamos S.A.		4.88	%		5/25/2029		517,424
	720,960	Empresa Electrica Cochrane S.p.A.		5.50	%		5/14/2027		674,525
	400,000	Empresas Publicas de Medellin ESP		4.38	%		2/15/2031		307,113
	364,000	Fideicomiso P.A. Pacifico Tres		8.25	%		1/15/2035		330,148
	400,000	Freeport Indonesia PT		5.32	%(a)		4/14/2032		363,572
	200,000	Freeport-McMoRan, Inc.		4.63	%		8/1/2030		180,452
	400,000	Frigorifico Concepcion S.A.		7.70	%		7/21/2028		331,154
	532,260	Galaxy Pipeline Assets Bidco Ltd.		2.16	%(a)		3/31/2034		444,666
	230,000	Garda World Security Corporation		4.63	%(a)		2/15/2027		210,689
	180,000	Garda World Security Corporation		6.00	%(a)		6/1/2029		147,414


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	200,000	Geopark Ltd.		5.50	%		1/17/2027		171,676
	246,639	Global Aircraft Leasing Company (7.25% PIK)		6.50	%(a)		9/15/2024		235,307
	200,000	Global Bank Corporation (3 Month LIBOR USD + 3.30%)		5.25	%		4/16/2029		181,689
	400,000	Gran Tierra Energy International Holdings Ltd.		6.25	%		2/15/2025		377,628
	200,000	Gran Tierra Energy International Ltd.		7.75	%(a)		5/23/2027		171,766
	270,000	Grifols Escrow Issuer S.A.		4.75	%(a)		10/15/2028		230,527
	618,982	Guara Notre SARL		5.20	%		6/15/2034		527,418
	300,000	Indonesia Asahan Aluminium Persero PT		5.45	%		5/15/2030		280,584
	200,000	Industrias Penoles SAB de CV		4.15	%		9/12/2029		175,492
	400,000	Inkia Energy Ltd.		5.88	%		11/9/2027		384,500
	150,000	Intelsat Jackson Holdings S.A.		6.50	%(a)		3/15/2030		133,402
	35,079	Invepar Holdings		0.00	%(b)(g)		12/30/2028		–
	160,000	Kronos Acquisition Holdings, Inc.		5.00	%(a)		12/31/2026		146,060
	885,060	LLPL Capital Pte Ltd.		6.88	%(a)		2/4/2039		789,491
	804,600	LLPL Capital Pte Ltd.		6.88	%		2/4/2039		717,719
	600,000	MARB BondCo PLC		3.95	%		1/29/2031		445,496
	330,000	Mattamy Group Corporation		4.63	%(a)		3/1/2030		281,239
	289,875	MC Brazil Downstream Trading SARL		7.25	%		6/30/2031		222,681
	600,000	Mexarrend SAPI de C.V.		10.25	%(a)(g)		7/24/2024		136,063
	360,000	Millicom International Cellular S.A.		6.63	%		10/15/2026		339,101
	720,000	Millicom International Cellular S.A.		6.25	%		3/25/2029		611,993
	1,500,000	Minejesa Capital B.V.		5.63	%		8/10/2037		1,149,751
	500,000	Mong Duong Finance Holdings B.V.		5.13	%		5/7/2029		454,255
	924,649	MV24 Capital B.V.		6.75	%		6/1/2034		816,546
	200,000	NBM US Holdings, Inc.		6.63	%		8/6/2029		182,587
	200,000	Network i2i Ltd. (5 Year CMT Rate + 4.27%)		5.65	%(h)		1/15/2025		195,500
	200,000	Nexa Resources S.A.		5.38	%		5/4/2027		185,180
	135,000	Ontario Gaming GTA LP		8.00	%(a)		8/1/2030		135,127
	252,000	Orazul Energy Peru S.A.		5.63	%		4/28/2027		229,810
	800,000	Oversea-Chinese Banking Corporation Ltd. (5 Year CMT Rate + 1.58%)		1.83	%		9/10/2030		736,349


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	340,000	Parkland Corporation		4.63	%(a)		5/1/2030		290,283
	160,000	Primo Water Holdings, Inc.		4.38	%(a)		4/30/2029		136,973
	720,000	Rutas 2 and 7 Finance Ltd.		0.00	%		9/30/2036		462,366
	600,000	Sasol Financing USA LLC		5.50	%		3/18/2031		470,905
	155,000	Seaspan Corporation		5.50	%(a)		8/1/2029		124,583
	250,000	Superior Plus LP		4.50	%(a)		3/15/2029		217,533
	50,000	Telesat LLC		4.88	%(a)		6/1/2027		32,492
	151,000	Tervita Corporation		11.00	%(a)		12/1/2025		158,465
	165,000	Titan Acquisition Ltd.		7.75	%(a)		4/15/2026		161,910
	726,047	UEP Penonome S.A.		6.50	%		10/1/2038		550,182
	544,535	UEP Penonome S.A.		6.50	%(a)		10/1/2038		412,637
	2,800,000	Unifin Financiera S.A.B. de C.V. (5 Year CMT Rate + 6.31%)		8.88	%(g)(h)		1/29/2025		16,800
	400,000	Unigel Luxembourg S.A.		8.75	%		10/1/2026		135,000
	200,000	United Overseas Bank Ltd. (5 Year CMT Rate + 1.23%)		2.00	%		10/14/2031		177,472
	400,000	United Overseas Bank Ltd. (5 Year CMT Rate + 1.52%)		1.75	%		3/16/2031		360,752
	800,000	UPL Corporation Ltd.		4.63	%		6/16/2030		648,181
	300,000	Vedanta Resources Finance PLC		9.25	%(a)		4/23/2026		193,260
	1,300,000	Vedanta Resources Ltd.		6.13	%		8/9/2024		821,108
	300,000	VTR Comunicaciones S.p.A.		5.13	%		1/15/2028		169,180
	700,000	VTR Finance NV		6.38	%		7/15/2028		264,765
	325,000	VZ Secured Financing B.V.		5.00	%(a)		1/15/2032		255,651

	Total Foreign Corporate Bonds (Cost $48,242,918)								38,910,535

	Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations—1.2%
	400,000	Banco do Brasil S.A. (10 Year CMT Rate + 4.40%)		6.25	%(h)		4/15/2024		370,048
	500,000	Banco do Brasil S.A. (10 Year CMT Rate + 6.36%)		9.00	%(h)		6/18/2024		502,007
	1,300,000	Banco Nacional de Comercio Exterior (5 Year CMT Rate + 2.00%)		2.72	%		8/11/2031		1,077,326
	445,287	Bioceanico Sovereign Certificate Ltd.		0.00	%		6/5/2034		312,096
	2,000,000	Colombia Government International Bond		4.13	%		5/15/2051		1,121,502
	600,000	Corporacion Financiera de Desarrollo S.A. (3 Month LIBOR USD + 5.61%)		5.25	%		7/15/2029		585,756


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	1,500,000	Ecopetrol S.A.		5.88	%		11/2/2051		957,322
	180,646	Lima Metro Finance Ltd.		5.88	%		7/5/2034		174,446
	1,400,000	Mexico Government International Bond		6.34	%		5/4/2053		1,277,594
	2,300,000	Panama Government International Bond		3.87	%		7/23/2060		1,337,416
	900,000	Petroleos del Peru S.A.		4.75	%		6/19/2032		636,981
	400,000	Petroleos del Peru S.A.		5.63	%		6/19/2047		242,149
	900,000	Petroleos Mexicanos		6.75	%		9/21/2047		534,192
	700,000	Republic of South Africa Government Bond		4.30	%		10/12/2028		607,239
	600,000	Saudi Government International Bond		3.45	%		2/2/2061		368,991

	Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $13,328,406)								10,105,065

	Non-Agency Commercial Mortgage Backed Obligations—9.8%
	15,290,275	Arbor Multifamily Mortgage Securities Trust, Series 2020-MF1-XA		1.07	%(a)(i)(j)		5/15/2053		695,278
	10,194,000	Arbor Multifamily Mortgage Securities Trust, Series 2021-MF3-XD		1.29	%(a)(i)(j)		10/15/2054		717,291
	1,017,000	AREIT Trust, Series 2019-CRE3-D (Secured Overnight Financing Rate 1 Month + 2.76%, 2.76% Floor)		8.10	%(a)		9/14/2036		942,754
	1,500,000	BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY-C (Secured Overnight Financing Rate 1 Month + 1.40%, 1.35% Floor)		6.98	%(a)		9/15/2034		1,490,603
	9,756,174	BANK, Series 2017-BNK5-XA		1.08	%(i)(j)		6/15/2060		260,067
	58,942,957	BANK, Series 2018-BN11-XA		0.60	%(i)(j)		3/15/2061		1,062,965
	1,958,000	BBCMS Mortgage Trust, Series 2018-CBM-E (Secured Overnight Financing Rate 1 Month + 3.85%, 3.55% Floor)		9.18	%(a)		7/15/2037		1,789,371
	956,000	BBCMS Mortgage Trust, Series 2018-TALL-E (Secured Overnight Financing Rate 1 Month + 2.63%, 2.59% Floor)		7.97	%(a)		3/15/2037		550,198
	1,675,000	BBCMS Mortgage Trust, Series 2019-BWAY-E (Secured Overnight Financing Rate 1 Month + 2.96%, 2.85% Floor)		8.30	%(a)		11/15/2034		389,365
	1,215,882	BB-UBS Trust, Series 2012-TFT-TE		3.68	%(a)(b)(i)		6/5/2030		957,137
	908,000	BDS Ltd., Series 2021-FL10-A (Secured Overnight Financing Rate 1 Month + 1.46%, 1.46% Floor)		6.80	%(a)		12/16/2036		895,435
	56,245,121	Benchmark Mortgage Trust, Series 2022-B32-XA		0.56	%(a)(i)(j)		1/15/2055		1,157,913
	2,866,000	BPR Trust, Series 2021-TY-D (Secured Overnight Financing Rate 1 Month + 2.46%, 2.35% Floor)		7.80	%(a)		9/15/2038		2,677,493
	1,575,000	BX Trust, Series 2019-CALM-E (Secured Overnight Financing Rate 1 Month + 2.11%, 2.00% Floor)		7.45	%(a)		11/15/2032		1,549,572
	1,800,000	BX Trust, Series 2019-IMC-D (Secured Overnight Financing Rate 1 Month + 2.01%, 1.90% Floor)		7.35	%(a)		4/15/2034		1,773,382
	2,820,000	BX Trust, Series 2021-VIEW-E (Secured Overnight Financing Rate 1 Month + 3.71%, 3.60% Floor)		9.05	%(a)		6/15/2036		2,543,150
	1,119,631	Carbon Capital Commercial Mortgage Trust, Series 2019-FL2-B (Secured Overnight Financing Rate 1 Month + 2.96%, 2.85% Floor)		8.30	%(a)		10/15/2035		970,736
	8,685,471	CD Commercial Mortgage Trust, Series 2017-CD3-XA		1.11	%(i)(j)		2/10/2050		209,819


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	3,786,237	CFCRE Commercial Mortgage Trust, Series 2016-C4-XA		1.76	%(i)(j)		5/10/2058		112,683
	1,484,679	Citigroup Commercial Mortgage Trust, Series 2014-GC25-XA		1.09	%(i)(j)		10/10/2047		8,300
	6,365,980	Citigroup Commercial Mortgage Trust, Series 2016-C1-XA		1.98	%(i)(j)		5/10/2049		232,405
	2,181,846	Citigroup Commercial Mortgage Trust, Series 2016-P4-XA		2.05	%(i)(j)		7/10/2049		84,212
	1,216,000	CLNC Ltd., Series 2019-FL1-B (Secured Overnight Financing Rate 1 Month + 2.01%, 1.90% Floor)		7.34	%(a)		8/20/2035		1,188,686
	887,397	Commercial Mortgage Pass-Through Trust, Series 2014-CR17-XA		1.10	%(i)(j)		5/10/2047		1,738
	10,459,782	Commercial Mortgage Pass-Through Trust, Series 2015-CR25-XA		0.94	%(i)(j)		8/10/2048		122,247
	6,517,780	Commercial Mortgage Pass-Through Trust, Series 2015-CR27-XA		1.05	%(i)(j)		10/10/2048		91,835
	1,227,000	Commercial Mortgage Pass-Through Trust, Series 2015-DC1-C		4.44	%(i)		2/10/2048		1,021,725
	1,559,373	Commercial Mortgage Pass-Through Trust, Series 2015-DC1-XA		1.12	%(i)(j)		2/10/2048		12,920
	9,129,378	Commercial Mortgage Pass-Through Trust, Series 2015-LC21-XA		0.78	%(i)(j)		7/10/2048		76,411
	2,594,488	Commercial Mortgage Pass-Through Trust, Series 2016-DC2-XA		1.08	%(i)(j)		2/10/2049		42,585
	2,228,000	Commercial Mortgage Pass-Through Trust, Series 2018-HCLV-D (Secured Overnight Financing Rate 1 Month + 2.32%, 2.18% Floor)		7.80	%(a)		9/15/2033		1,589,178
	2,228,335	CSAIL Commercial Mortgage Trust, Series 2015-C1-XA		0.95	%(i)(j)		4/15/2050		14,005
	39,867,386	CSAIL Commercial Mortgage Trust, Series 2018-CX12-XA		0.69	%(i)(j)		8/15/2051		874,375
	31,886,749	CSAIL Commercial Mortgage Trust, Series 2021-C20-XA		1.12	%(i)(j)		3/15/2054		1,650,672
	18,269,000	CSAIL Commercial Mortgage Trust, Series 2021-C20-XD		1.58	%(a)(i)(j)		3/15/2054		1,527,751
	1,974,822	CSMC Trust, Series 2014-USA-X1		0.69	%(a)(i)(j)		9/15/2037		14,491
	1,768,000	ELP Commercial Mortgage Trust, Series 2021-ELP-C (Secured Overnight Financing Rate 1 Month + 1.43%, 1.32% Floor)		6.77	%(a)		11/15/2038		1,726,391
	2,187,072	Extended Stay America Trust, Series 2021-ESH-D (Secured Overnight Financing Rate 1 Month + 2.36%, 2.25% Floor)		7.70	%(a)		7/15/2038		2,155,291
	2,264,000	Fontainebleau Miami Beach Trust, Series 2019-FBLU-G		4.09	%(a)(i)		12/10/2036		2,107,493
	1,230,000	FS Rialto, Series 2021-FL3-A (Secured Overnight Financing Rate 1 Month + 1.36%, 1.25% Floor)		6.70	%(a)		11/16/2036		1,214,351
	1,450,000	FS Rialto, Series 2022-FL4-AS (Secured Overnight Financing Rate 30 Day Average + 2.40%, 2.40% Floor)		7.71	%(a)		1/19/2039		1,409,423
	442,000	GS Mortgage Securities Corporation Trust, Series 2018-GS10-WLSD		5.07	%(a)(i)		3/10/2033		372,291
	553,000	GS Mortgage Securities Corporation Trust, Series 2018-GS10-WLSE		5.07	%(a)(i)		3/10/2033		455,278
	1,509,000	GS Mortgage Securities Corporation Trust, Series 2018-RIVR-E (Secured Overnight Financing Rate 1 Month + 1.85%, 1.80% Floor)		7.18	%(a)		7/15/2035		557,696
	850,000	GS Mortgage Securities Corporation Trust, Series 2018-TWR-E (Secured Overnight Financing Rate 1 Month + 2.40%, 2.10% Floor)		7.73	%(a)		7/15/2031		352,750
	850,000	GS Mortgage Securities Corporation Trust, Series 2018-TWR-F (Secured Overnight Financing Rate 1 Month + 3.10%, 2.80% Floor)		8.43	%(a)		7/15/2031		249,900
	850,000	GS Mortgage Securities Corporation Trust, Series 2018-TWR-G (Secured Overnight Financing Rate 1 Month + 4.22%, 3.93% Floor)		9.55	%(a)		7/15/2031		73,631
	6,632,786	GS Mortgage Securities Trust, Series 2014-GC24-XA		0.82	%(i)(j)		9/10/2047		26,706


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	6,860,201	GS Mortgage Securities Trust, Series 2015-GS1-XA		0.90	%(i)(j)		11/10/2048		89,427
	5,279,662	GS Mortgage Securities Trust, Series 2016-GS2-XA		1.88	%(i)(j)		5/10/2049		174,856
	2,377,000	GSCG Trust, Series 2019-600C-E		4.12	%(a)(i)		9/6/2034		457,674
	1,376,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2014-C20-C		4.67	%(i)		7/15/2047		1,026,435
	4,988,433	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4-XA		0.71	%(i)(j)		12/15/2049		68,753
	1,957,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-WPT-EFX		5.54	%(a)(i)		7/5/2033		1,436,438
	766,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-UES-C		4.34	%(a)		5/5/2032		736,631
	784,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-UES-D		4.60	%(a)(i)		5/5/2032		751,854
	915,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-UES-E		4.60	%(a)(i)		5/5/2032		876,756
	960,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-UES-F		4.60	%(a)(i)		5/5/2032		916,109
	1,049,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-UES-G		4.60	%(a)(i)		5/5/2032		989,798
	1,685,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2020-NNN-EFX		3.97	%(a)		1/16/2037		1,342,080
	1,143,788	JPMBB Commercial Mortgage Securities Trust, Series 2014-C18-XA		0.81	%(i)(j)		2/15/2047		44
	2,973,000	JPMBB Commercial Mortgage Securities Trust, Series 2014-C21-C		4.80	%(i)		8/15/2047		2,665,704
	100,000	JPMBB Commercial Mortgage Securities Trust, Series 2014-C23-C		4.63	%(i)		9/15/2047		91,019
	1,115,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C29-C		4.33	%(i)		5/15/2048		981,374
	2,998,455	JPMBB Commercial Mortgage Securities Trust, Series 2015-C29-XA		0.69	%(i)(j)		5/15/2048		20,533
	4,019,372	JPMBB Commercial Mortgage Securities Trust, Series 2015-C31-XA		0.96	%(i)(j)		8/15/2048		49,163
	470,000	JPMBB Commercial Mortgage Securities Trust, Series 2015-C33-C		4.79	%(i)		12/15/2048		382,727
	1,780,000	KREF Ltd., Series 2021-FL2-A (Secured Overnight Financing Rate 1 Month + 1.18%, 1.07% Floor)		6.52	%(a)		2/15/2039		1,762,236
	2,532,000	LCCM Trust, Series 2017-LC26-C		4.71	%(a)		7/12/2050		2,077,566
	2,370,264	LSTAR Commercial Mortgage Trust, Series 2016-4-XA		1.84	%(a)(i)(j)		3/10/2049		38,291
	11,971,732	LSTAR Commercial Mortgage Trust, Series 2017-5-X		0.96	%(a)(i)(j)		3/10/2050		204,095
	2,200,000	MF1 Ltd., Series 2021-FL7-C (Secured Overnight Financing Rate 1 Month + 2.16%, 2.05% Floor)		7.50	%(a)		10/16/2036		2,109,213
	2,538,000	MFT Trust, Series 2020-ABC-D		3.59	%(a)(i)		2/10/2042		1,035,063
	100,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C18-C		4.62	%(i)		10/15/2047		93,540
	274,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27-C		4.64	%(i)		12/15/2047		237,184
	2,489,000	Morgan Stanley Capital Trust, Series 2019-NUGS-F (Secured Overnight Financing Rate 1 Month + 2.96%, 4.34% Floor)		8.29	%(a)(b)		12/15/2036		522,690
	2,284,679	MSCG Trust, Series 2018-SELF-F (Secured Overnight Financing Rate 1 Month + 3.10%, 3.05% Floor)		8.43	%(a)		10/15/2037		2,246,466
	1,919,000	Natixis Commercial Mortgage Securities Trust, Series 2018-FL1-C (Secured Overnight Financing Rate 1 Month + 2.31%, 2.20% Floor)		7.65	%(a)		6/15/2035		881,805


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	1,183,000	Natixis Commercial Mortgage Securities Trust, Series 2020-2PAC-AMZ1		3.62	%(a)(i)		1/15/2037		950,699
	685,000	Natixis Commercial Mortgage Securities Trust, Series 2020-2PAC-AMZ2		3.62	%(a)(i)		1/15/2037		511,445
	639,000	Natixis Commercial Mortgage Securities Trust, Series 2020-2PAC-AMZ3		3.62	%(a)(b)(i)		1/15/2037		420,653
	1,500,000	One New York Plaza Trust, Series 2020-1NYP-C (Secured Overnight Financing Rate 1 Month + 2.31%, 2.20% Floor)		7.65	%(a)		1/15/2036		1,288,693
	2,750,000	RLGH Trust, Series 2021-TROT-D (Secured Overnight Financing Rate 1 Month + 1.83%, 1.71% Floor)		7.16	%(a)		4/15/2036		2,616,193
	2,874,000	Soho Trust, Series 2021-SOHO-B		2.79	%(a)(i)		8/10/2038		1,896,686
	961,000	STWD Ltd., Series 2019-FL1-D (Secured Overnight Financing Rate 1 Month + 2.46%, 2.46% Floor)		7.80	%(a)		7/15/2038		882,846
	1,097,000	UBS Commercial Mortgage Trust, Series 2018-C8-C		4.84	%(i)		2/15/2051		881,696
	12,703,715	UBS Commercial Mortgage Trust, Series 2018-C8-XA		0.97	%(i)(j)		2/15/2051		373,967
	1,321,442	VMC Finance LLC, Series 2019-FL3-D (Secured Overnight Financing Rate 1 Month + 2.76%, 2.65% Floor)		8.10	%(a)		9/15/2036		1,252,602
	100,000	Wells Fargo Commercial Mortgage Trust, Series 2015-C27-C		3.89	%		2/15/2048		80,666
	400,000	Wells Fargo Commercial Mortgage Trust, Series 2015-C28-C		4.22	%(i)		5/15/2048		357,048
	9,365,056	Wells Fargo Commercial Mortgage Trust, Series 2015-C30-XA		1.03	%(i)(j)		9/15/2058		120,804
	4,864,167	Wells Fargo Commercial Mortgage Trust, Series 2015-C31-XA		1.10	%(i)(j)		11/15/2048		73,452
	1,766,190	Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1-XA		1.20	%(i)(j)		5/15/2048		17,745
	6,185,438	Wells Fargo Commercial Mortgage Trust, Series 2015-NXS2-XA		0.74	%(i)(j)		7/15/2058		49,065
	1,857,552	Wells Fargo Commercial Mortgage Trust, Series 2016-C33-XA		1.73	%(i)(j)		3/15/2059		54,195
	3,561,800	Wells Fargo Commercial Mortgage Trust, Series 2016-NXS6-XA		1.73	%(i)(j)		11/15/2049		116,285
	13,362,689	Wells Fargo Commercial Mortgage Trust, Series 2017-C38-XA		1.09	%(i)(j)		7/15/2050		347,173
	2,423,000	Wells Fargo Commercial Mortgage Trust, Series 2017-C41-C		4.64	%(i)		11/15/2050		1,868,246
	1,909,528	Wells Fargo Commercial Mortgage Trust, Series 2017-RC1-XA		1.54	%(i)(j)		1/15/2060		72,144
	2,267,000	Wells Fargo Commercial Mortgage Trust, Series 2018-C47-C		5.09	%(i)		9/15/2061		1,854,311
	1,000,000	Wells Fargo Commercial Mortgage Trust, Series 2021-SAVE-D (Secured Overnight Financing Rate 1 Month + 2.61%, 2.50% Floor)		7.95	%(a)		2/15/2040		900,714
	1,000,000	Wells Fargo Commercial Mortgage Trust, Series 2021-SAVE-E (Secured Overnight Financing Rate 1 Month + 3.76%, 3.65% Floor)		9.10	%(a)		2/15/2040		895,568
	2,622,240	WF-RBS Commercial Mortgage Trust, Series 2014-C21-XA		1.15	%(i)(j)		8/15/2047		17,801

	Total Non-Agency Commercial Mortgage Backed Obligations (Cost $112,464,183)								82,166,170

	Non-Agency Residential Collateralized Mortgage Obligations—18.4%
	2,825,330	ACE Securities Corporation Home Equity Loan Trust, Series 2007-HE1-A2A (Secured Overnight Financing Rate 1 Month + 0.29%, 0.18% Floor)		5.61	%		1/25/2037		1,656,114
	1,146,783	ACE Securities Corporation Home Equity Loan Trust, Series 2007-HE1-A2D (Secured Overnight Financing Rate 1 Month + 0.61%, 0.50% Floor)		5.93	%		1/25/2037		672,165


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	1,000,000	AMSR Trust, Series 2020-SFR4-E1		2.21	%(a)		11/17/2037		906,748
	5,122,000	AMSR Trust, Series 2021-SFR3-G		3.80	%(a)		10/17/2038		4,321,544
	7,938,935	APS Resecuritization Trust, Series 2015-3-1MZ (12 Month US Treasury Average + 0.96%, 0.96% Floor)		4.25	%(a)		10/27/2046		6,538,013
	1,600,856	Asset Backed Securities Corporation Home Equity Loan Trust, Series 2007-HE2-A4 (Secured Overnight Financing Rate 1 Month + 0.34%, 0.23% Floor)		5.66	%		5/25/2037		1,088,615
	1,017,114	Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-2-2A1		3.91	%(i)		7/25/2036		864,376
	698,695	Bear Stearns ALT-A Trust, Series 2006-4-22A1		4.00	%(i)		8/25/2036		509,697
	1,959,813	Chase Mortgage Finance Trust, Series 2007-S4-A4 (Secured Overnight Financing Rate 1 Month + 0.71%, 0.60% Floor, 6.00% Cap)		6.00	%		6/25/2037		593,372
	120,646	CHL Mortgage Pass-Through Trust, Series 2005-HYB9-3A2A		7.88	%(f)		2/20/2036		102,385
	249,310	CHL Mortgage Pass-Through Trust, Series 2007-14-A15		6.50	%		9/25/2037		134,889
	4,882,222	CHL Mortgage Pass-Through Trust, Series 2007-14-A19		6.00	%		9/25/2037		2,462,379
	3,005,098	CHL Mortgage Pass-Through Trust, Series 2007-9-A13		5.75	%		7/25/2037		1,462,966
	362,463	CHL Mortgage Pass-Through Trust, Series 2007-HY1-1A1		3.83	%(i)		4/25/2037		328,436
	609,698	CitiMortgage Alternative Loan Trust, Series 2007-A5-1A10		5.75	%		5/25/2037		515,457
	231,035	Countrywide Alternative Loan Trust, Series 2005-75CB-A3		5.50	%		1/25/2036		156,256
	528,500	Countrywide Alternative Loan Trust, Series 2006-23CB-2A2		6.50	%		8/25/2036		168,155
	3,309,904	Countrywide Alternative Loan Trust, Series 2006-6CB-2A10		6.00	%		5/25/2036		1,349,509
	1,993,556	Countrywide Alternative Loan Trust, Series 2006-OA6-1A1A (Secured Overnight Financing Rate 1 Month + 0.53%, 0.42% Floor)		5.85	%		7/25/2046		1,617,796
	290,729	Countrywide Alternative Loan Trust, Series 2007-15CB-A7		6.00	%		7/25/2037		173,287
	475,467	Countrywide Alternative Loan Trust, Series 2008-1R-2A3		6.00	%		8/25/2037		220,060
	417,272	Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-10-6A9		5.50	%		11/25/2035		174,887
	163,956	Credit Suisse First Boston Mortgage Securities Corporation, Series 2005-9-5A9		5.50	%		10/25/2035		87,949
	271,799	CSAB Mortgage Backed Trust, Series 2006-2-A5A		6.58	%(e)		9/25/2036		86,038
	643,617	CSMC Trust, Series 2011-12R-3A5		4.77	%(a)(i)		7/27/2036		623,640
	7,700,000	CSMC Trust, Series 2020-RPL6-A2		3.37	%(a)(i)		3/25/2059		6,739,892
	1,500,000	CSMC Trust, Series 2021-NQM6-B1		3.29	%(a)(i)		7/25/2066		770,035
	176,927	Deutsche ALT-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB4-A1A		6.01	%(i)		10/25/2036		138,960
	102,627	Deutsche Mortgage & Asset Receiving Corporation, Series 2014-RS1-1A2		6.50	%(a)(i)		7/27/2037		79,804
	6,452,000	FirstKey Homes Trust, Series 2021-SFR1-F1		3.24	%(a)		8/17/2038		5,587,749
	8,000,000	FMC GMSR Issuer Trust, Series 2021-GT1-A		3.62	%(a)(i)		7/25/2026		6,578,966
	500,000	GCAT Trust, Series 2019-NQM3-B1		3.95	%(a)(i)		11/25/2059		355,673


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	6,456,524	Home Partners of America Trust, Series 2019-2-F		3.87	%(a)		10/19/2039		5,454,966
	730,816	Impac Secured Assets Trust, Series 2006-5-1A1C (Secured Overnight Financing Rate 1 Month + 0.65%, 0.54% Floor, 11.50% Cap)		5.97	%		2/25/2037		647,583
	3,740,286	IndyMac INDX Mortgage Loan Trust, Series 2006-AR19-2A1		3.68	%(i)		8/25/2036		3,324,872
	405,063	JP Morgan Mortgage Trust, Series 2005-S3-1A2		5.75	%		1/25/2036		186,405
	297,235	JP Morgan Mortgage Trust, Series 2007-A2-4A1M		3.87	%(i)		4/25/2037		238,771
	3,300,000	Legacy Mortgage Asset Trust, Series 2021-GS1-A2		3.84	%(a)(e)		10/25/2066		2,577,805
	108,520	Lehman Mortgage Trust, Series 2006-1-1A3		5.50	%		2/25/2036		53,218
	3,000,000	LoanDepot GMSR Master Trust, Series 2018-GT1-A (1 Month LIBOR USD + 2.80%, 2.80% Floor)		8.25	%(a)		10/16/2023		2,712,679
	68,916	MASTR Adjustable Rate Mortgages Trust, Series 2006-2-2A1		4.96	%(i)		4/25/2036		37,687
	263,607	Merrill Lynch Alternative Note Asset Trust, Series 2007-F1-2A7		6.00	%		3/25/2037		97,866
	547,693	Merrill Lynch Mortgage Investors Trust, Series 2006-AF1-AF2C		6.25	%		8/25/2036		227,503
	4,516,435	Morgan Stanley Mortgage Loan Trust, Series 2005-7-3A1		4.69	%(i)		11/25/2035		2,558,645
	76,554	Morgan Stanley Mortgage Loan Trust, Series 2005-7-4A1		5.50	%		11/25/2035		48,132
	285,861	Morgan Stanley Mortgage Loan Trust, Series 2006-2-7A1		5.46	%(i)		2/25/2036		161,886
	444,337	Morgan Stanley Mortgage Loan Trust, Series 2007-8XS-A1		5.75	%(i)		4/25/2037		209,827
	7,545,308	Morgan Stanley Resecuritization Trust, Series 2013-R7-8B (12 Month US Treasury Average + 0.96%, 0.96% Floor)		5.39	%(a)(b)		12/26/2046		6,743,649
	1,256,232	New Century Home Equity Loan Trust, Series 2006-1-A2B (Secured Overnight Financing Rate 1 Month + 0.47%, 0.36% Floor, 12.50% Cap)		5.79	%		5/25/2036		1,226,953
	2,697,109	New York Mortgage Trust, Series 2021-BPL1-A2		2.98	%(a)(e)		5/25/2026		2,672,340
	9,774,483	NovaStar Mortgage Funding Trust, Series 2006-3-A2C (Secured Overnight Financing Rate 1 Month + 0.43%, 0.32% Floor, 11.00% Cap)		5.75	%		10/25/2036		5,153,472
	394,054	PMT Credit Risk Transfer Trust, Series 2019-3R-A (Secured Overnight Financing Rate 30 Day Average + 3.81%, 2.70% Floor)		9.13	%(a)		10/27/2024		392,458
	500,000	PMT Credit Risk Transfer Trust, Series 2021-FT1-A (1 Month LIBOR USD + 3.00%, 3.00% Floor)		8.43	%(a)		3/25/2026		488,224
	3,100,000	Progress Residential Trust, Series 2019-SFR4-F		3.68	%(a)		10/17/2036		2,986,099
	1,100,000	Progress Residential Trust, Series 2021-SFR1-G		3.86	%(a)		4/17/2038		967,887
	7,500,000	Progress Residential Trust, Series 2021-SFR2-F		3.40	%(a)		4/19/2038		6,557,973
	8,100,000	Progress Residential Trust, Series 2021-SFR3-F		3.44	%(a)		5/17/2026		7,047,936
	3,000,000	PRPM LLC, Series 2021-2-A2		3.77	%(a)(i)		3/25/2026		2,708,289
	275,219	Residential Accredit Loans, Inc., Series 2006-QS12-2A3		6.00	%		9/25/2036		214,306
	1,497,685	Residential Asset Securitization Trust, Series 2005-A15-5A2		5.75	%		2/25/2036		570,470
	344,684	Residential Asset Securitization Trust, Series 2006-A2-A11		6.00	%		1/25/2046		143,006
	2,677,912	Residential Funding Mortgage Securities Trust, Series 2006-S8-A10		6.00	%		9/25/2036		1,940,507


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	5,750,000	Residential Mortgage Loan Trust, Series 2020-1-B1		3.95	%(a)(i)		1/26/2060		4,540,820
	4,512,469	Soundview Home Loan Trust, Series 2007-OPT1-2A2 (Secured Overnight Financing Rate 1 Month + 0.26%, 0.15% Floor)		5.58	%		6/25/2037		2,985,044
	1,116,000	Starwood Mortgage Residential Trust, Series 2019-INV1-B1		3.66	%(a)(i)		9/27/2049		934,191
	539,698	Structured Adjustable Rate Mortgage Loan Trust, Series 2005-22-4A1		4.38	%(i)		12/25/2035		479,281
	7,725,727	Structured Asset Securities Corporation, Series 2007-OSI-A4 (Secured Overnight Financing Rate 1 Month + 0.31%, 0.20% Floor)		5.63	%		6/25/2037		4,925,012
	5,283,464	Structured Asset Securities Corporation, Series 2007-RF1-1A (Secured Overnight Financing Rate 1 Month + 0.30%, 0.19% Floor)		5.62	%(a)		3/25/2037		4,231,353
	13,345,988	TBW Mortgage Backed Pass Through Trust, Series 2006-3-4A1 (Secured Overnight Financing Rate 1 Month + 0.51%, 0.40% Floor, 7.50% Cap)		5.83	%		7/25/2036		1,205,235
	13,346,075	TBW Mortgage Backed Pass Through Trust, Series 2006-3-4A3 (-1 x Secured Overnight Financing Rate 1 Month + 6.99%, 7.10% Cap)		1.67	%(j)(k)		7/25/2036		558,695
	6,600,000	Toorak Mortgage Corporation Ltd., Series 2021-1-A2		3.10	%(a)(e)		6/25/2024		6,372,860
	5,000,000	Tricon American Homes Trust, Series 2019-SFR1-F		3.75	%(a)		3/17/2038		4,567,105
	1,366,486	Velocity Commercial Capital Loan Trust, Series 2018-2-M2		4.51	%(a)(i)		10/26/2048		1,171,106
	347,003	Velocity Commercial Capital Loan Trust, Series 2018-2-M3		4.72	%(a)(i)		10/26/2048		283,933
	1,063,340	Velocity Commercial Capital Loan Trust, Series 2019-1-M5		5.70	%(a)(i)		3/25/2049		813,632
	1,534,150	Velocity Commercial Capital Loan Trust, Series 2019-2-M4		3.99	%(a)(i)		7/25/2049		1,280,943
	3,100,000	Verus Securitization Trust, Series 2019-INV3-B1		3.73	%(a)(i)		11/25/2059		2,420,444
	2,600,000	Verus Securitization Trust, Series 2021-3-B1		3.20	%(a)(i)		6/25/2066		1,536,527
	5,000,000	Verus Securitization Trust, Series 2021-7-B1		4.14	%(a)(i)		10/25/2066		3,174,771
	3,000,000	Verus Securitization Trust, Series 2021-R2-B1		3.25	%(a)(i)		2/25/2064		1,995,310
	510,766	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-2-4CB		6.00	%		3/25/2036		469,346
	775,575	Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-HY6-2A2		3.71	%(i)		6/25/2037		679,489
	237,131	Wells Fargo Alternative Loan Trust, Series 2007-PA5-1A1		6.25	%		11/25/2037		198,917
	4,534,286	Wells Fargo Home Equity Asset-Backed Securities Trust, Series 2007-2-A4 (Secured Overnight Financing Rate 1 Month + 0.71%, 0.60% Floor)		6.03	%		4/25/2037		3,034,819

	Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $194,949,238)								153,276,059

	US Corporate Bonds—3.8%
	425,000	Academy Ltd.		6.00	%(a)		11/15/2027		402,180
	275,000	Acuris Finance, Inc.		5.00	%(a)		5/1/2028		226,542
	30,000	Acushnet Company		7.38	%(a)		10/15/2028		30,262
	260,000	AdaptHealth LLC		5.13	%(a)		3/1/2030		201,702
	255,000	Advanced Drainage Systems, Inc.		6.38	%(a)		6/15/2030		245,204


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	130,000	Aethon United Finance Corporation		8.25	%(a)		2/15/2026		129,099
	55,000	Air Methods Corporation		8.00	%(a)(g)		5/15/2025		412
	185,000	Alliant Holdings Intermediate LLC		6.75	%(a)		10/15/2027		172,245
	170,000	Allied Universal Holdco LLC		6.63	%(a)		7/15/2026		161,315
	200,000	Allied Universal Holdco LLC		6.00	%(a)		6/1/2029		149,404
	70,000	AMC Entertainment Holdings, Inc.		7.50	%(a)		2/15/2029		48,732
	355,000	American Airlines, Inc.		5.75	%(a)		4/20/2029		330,461
	100,000	American Axle & Manufacturing, Inc.		5.00	%		10/1/2029		81,014
	185,000	AmWINS Group, Inc.		4.88	%(a)		6/30/2029		162,344
	239,000	Antero Midstream Partners LP		5.75	%(a)		3/1/2027		228,328
	230,000	Antero Resources Corporation		5.38	%(a)		3/1/2030		212,031
	145,000	Ashton Woods Finance Company		4.63	%(a)		4/1/2030		118,855
	170,000	ASP Unifrax Holdings, Inc.		5.25	%(a)		9/30/2028		121,331
	170,000	AssuredPartners, Inc.		5.63	%(a)		1/15/2029		147,380
	230,000	Bausch & Lomb Escrow Corporation		8.38	%(a)		10/1/2028		230,971
	100,000	Bausch Health Companies, Inc.		6.13	%(a)		2/1/2027		62,355
	220,000	Bausch Health Companies, Inc.		4.88	%(a)		6/1/2028		125,482
	78,000	Bausch Health Companies, Inc.		11.00	%(a)		9/30/2028		53,114
	15,000	Bausch Health Companies, Inc.		14.00	%(a)		10/15/2030		8,930
	250,000	BCPE Empire Holdings, Inc.		7.63	%(a)		5/1/2027		237,743
	180,000	Beacon Roofing Supply, Inc.		6.50	%(a)		8/1/2030		174,632
	25,000	Boxer Parent Company, Inc.		7.13	%(a)		10/2/2025		24,906
	195,000	Builders FirstSource, Inc.		4.25	%(a)		2/1/2032		160,141
	225,000	Caesars Entertainment, Inc.		4.63	%(a)		10/15/2029		190,853
	15,000	Caesars Entertainment, Inc.		7.00	%(a)		2/15/2030		14,612
	190,000	Callon Petroleum Company		7.50	%(a)		6/15/2030		184,462
	210,000	Calpine Corporation		4.50	%(a)		2/15/2028		189,476
	210,000	Calpine Corporation		4.63	%(a)		2/1/2029		176,141
	340,000	Carnival Corporation		5.75	%(a)		3/1/2027		308,070
	250,000	Carnival Corporation		9.88	%(a)		8/1/2027		261,173


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	130,000	Carnival Corporation		7.00	%(a)		8/15/2029		128,312
	60,000	Castle US Holding Corporation		9.50	%(a)		2/15/2028		32,457
	70,000	Catalent Pharma Solutions, Inc.		3.50	%(a)		4/1/2030		57,724
	355,000	CCO Holdings LLC		4.75	%(a)		3/1/2030		298,447
	295,000	CCO Holdings LLC		4.50	%(a)		8/15/2030		242,525
	200,000	CCO Holdings LLC		4.75	%(a)		2/1/2032		160,223
	180,000	CCO Holdings LLC		4.25	%(a)		1/15/2034		132,719
	235,000	Cedar Fair LP		5.25	%		7/15/2029		204,516
	145,000	Central Parent LLC / CDK Global II LLC / CDK Financing Company, Inc.		8.00	%(a)		6/15/2029		144,594
	270,000	Chesapeake Energy Corporation		5.88	%(a)		2/1/2029		254,303
	125,000	Civitas Resources, Inc.		8.38	%(a)		7/1/2028		127,344
	140,000	Clarios Global LP		6.75	%(a)		5/15/2028		136,831
	135,000	Clarivate Science Holdings Corporation		4.88	%(a)		7/1/2029		115,232
	110,000	Clean Harbors, Inc.		5.13	%(a)		7/15/2029		101,324
	60,000	Clear Channel Outdoor Holdings, Inc.		9.00	%(a)		9/15/2028		59,485
	95,000	Clear Channel Outdoor Holdings, Inc.		7.50	%(a)		6/1/2029		72,785
	305,000	Clearway Energy Operating LLC		4.75	%(a)		3/15/2028		273,103
	205,000	CNX Midstream Partners LP		4.75	%(a)		4/15/2030		170,891
	185,000	CNX Resources Corporation		6.00	%(a)		1/15/2029		173,042
	105,000	CommScope Technologies LLC		5.00	%(a)		3/15/2027		59,760
	135,000	CommScope, Inc.		4.75	%(a)		9/1/2029		99,476
	140,000	Community Health Systems, Inc.		6.00	%(a)		1/15/2029		113,213
	200,000	Community Health Systems, Inc.		4.75	%(a)		2/15/2031		141,820
	140,000	Consolidated Communications, Inc.		5.00	%(a)		10/1/2028		104,142
	120,000	Cornerstone Building Brands, Inc.		6.13	%(a)		1/15/2029		91,113
	285,000	Coty, Inc.		5.00	%(a)		4/15/2026		274,093
	95,000	Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC		6.63	%(a)		7/15/2030		92,860
	470,000	CQP Holdco LP		5.50	%(a)		6/15/2031		417,126
	230,000	CSC Holdings LLC		6.50	%(a)		2/1/2029		190,806
	245,000	CSC Holdings LLC		5.75	%(a)		1/15/2030		137,633


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	180,000	CSI Compressco LP		7.50	%(a)		4/1/2025		175,255
	115,000	CVR Nitrogen Finance Corporation		6.13	%(a)		6/15/2028		103,470
	100,000	Dana, Inc.		5.38	%		11/15/2027		92,629
	65,000	Dana, Inc.		4.25	%		9/1/2030		52,247
	85,000	Dealer Tire LLC		8.00	%(a)		2/1/2028		79,790
	165,000	DirectTV Financing LLC		5.88	%(a)		8/15/2027		146,099
	60,000	DISH DBS Corporation		5.88	%		11/15/2024		55,943
	200,000	DISH DBS Corporation		5.75	%(a)		12/1/2028		154,125
	110,000	DISH DBS Corporation		5.13	%		6/1/2029		61,146
	140,000	Dornoch Debt Merger Sub, Inc.		6.63	%(a)		10/15/2029		115,908
	250,000	Dun & Bradstreet Corporation		5.00	%(a)		12/15/2029		215,842
	115,000	Embarq Corporation		8.00	%		6/1/2036		64,964
	95,000	Endo Luxembourg Finance Company SARL		6.13	%(a)		4/1/2029		67,634
	85,000	Energizer Holdings, Inc.		6.50	%(a)		12/31/2027		80,102
	155,000	EQM Midstream Partners LP		4.75	%(a)		1/15/2031		133,594
	80,000	EverArc Escrow SARL		5.00	%(a)		10/30/2029		64,207
	180,000	Ferrellgas LP		5.38	%(a)		4/1/2026		168,917
	185,000	Fertitta Entertainment LLC		6.75	%(a)		1/15/2030		151,015
	630,000	Ford Motor Company		3.25	%		2/12/2032		486,135
	200,000	Ford Motor Credit Company LLC		4.39	%		1/8/2026		188,980
	200,000	Ford Motor Credit Company LLC		4.95	%		5/28/2027		187,955
	260,000	Ford Motor Credit Company LLC		3.63	%		6/17/2031		210,365
	200,000	Fortrea Holdings, Inc.		7.50	%(a)		7/1/2030		194,853
	170,000	Fortress Transportation and Infrastructure Investors LLC		5.50	%(a)		5/1/2028		154,305
	165,000	Frontier Communications Holdings LLC		5.00	%(a)		5/1/2028		141,086
	83,218	Frontier Communications Holdings LLC		5.88	%		11/1/2029		60,870
	70,000	Full House Resorts, Inc.		8.25	%(a)		2/15/2028		61,342
	165,000	Gap, Inc.		3.88	%(a)		10/1/2031		116,125
	320,000	Global Access, Inc.		5.00	%(a)		7/15/2029		275,802
	190,000	Goodyear Tire & Rubber Company		5.25	%		7/15/2031		157,403


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	80,000	GrafTech Finance, Inc.		4.63	%(a)		12/15/2028		61,942
	210,000	Griffon Corporation		5.75	%		3/1/2028		190,862
	112,043	Gulfport Energy Corporation		8.00	%(a)		5/17/2026		112,282
	315,000	Helios Software Holdings, Inc.		4.63	%(a)		5/1/2028		271,905
	70,000	Hertz Corporation		5.00	%(a)		12/1/2029		54,901
	365,000	Hess Midstream Operations LP		4.25	%(a)		2/15/2030		308,209
	450,000	Hess Midstream Operations LP		5.50	%(a)		10/15/2030		409,403
	130,000	H-Food Holdings LLC		8.50	%(a)		6/1/2026		32,655
	110,000	Hightower Holding LLC		6.75	%(a)		4/15/2029		94,581
	195,000	Hilcorp Energy LP		6.25	%(a)		11/1/2028		183,050
	100,000	HUB International Ltd.		7.25	%(a)		6/15/2030		99,926
	180,000	Icahn Enterprises LP		5.25	%		5/15/2027		158,428
	55,000	iHeartCommunications, Inc.		8.38	%		5/1/2027		39,531
	140,000	II-VI, Inc.		5.00	%(a)		12/15/2029		121,577
	165,000	Illuminate Buyer LLC		9.00	%(a)		7/1/2028		156,036
	335,000	Installed Building Products, Inc.		5.75	%(a)		2/1/2028		308,782
	195,000	Iron Mountain, Inc.		7.00	%(a)		2/15/2029		190,894
	115,000	Iron Mountain, Inc.		4.50	%(a)		2/15/2031		94,714
	120,000	JELD-WEN, Inc.		4.88	%(a)		12/15/2027		106,015
	200,000	Leeward Renewable Energy Operations LLC		4.25	%(a)		7/1/2029		164,632
	145,000	Legacy LifePoint Health LLC		4.38	%(a)		2/15/2027		124,877
	220,000	Legends Hospitality Holding Company LLC		5.00	%(a)		2/1/2026		215,845
	115,000	Level 3 Financing, Inc.		3.75	%(a)		7/15/2029		64,441
	135,000	Level 3 Financing, Inc.		10.50	%(a)		5/15/2030		136,010
	150,000	LFS Topco LLC		5.88	%(a)		10/15/2026		128,710
	75,000	LifePoint Health, Inc.		5.38	%(a)		1/15/2029		52,463
	55,000	Lions Gate Capital Holdings LLC		5.50	%(a)		4/15/2029		36,343
	195,000	LSF9 Atlantis Holdings LLC		7.75	%(a)		2/15/2026		177,353
	95,000	Lumen Technologies, Inc.		4.00	%(a)		2/15/2027		62,683
	285,000	M/I Homes, Inc.		4.95	%		2/1/2028		257,204


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	90,000	Macy’s Retail Holdings LLC		5.88	%(a)		4/1/2029		78,889
	160,000	Madison IAQ LLC		4.13	%(a)		6/30/2028		138,266
	160,000	Madison IAQ LLC		5.88	%(a)		6/30/2029		129,037
	200,000	McGraw-Hill Education, Inc.		5.75	%(a)		8/1/2028		172,812
	305,000	Medline Borrower LP		5.25	%(a)		10/1/2029		263,979
	200,000	Metis Merger Sub LLC		6.50	%(a)		5/15/2029		169,187
	150,000	Michaels Companies, Inc.		5.25	%(a)		5/1/2028		119,968
	130,000	Michaels Companies, Inc.		7.88	%(a)		5/1/2029		85,050
	160,000	Midwest Gaming Borrower LLC		4.88	%(a)		5/1/2029		136,410
	180,000	Minerva Merger Sub, Inc.		6.50	%(a)		2/15/2030		150,776
	230,000	ModivCare Escrow Issuer, Inc.		5.00	%(a)		10/1/2029		165,411
	60,000	Moss Creek Resources Holdings, Inc.		7.50	%(a)		1/15/2026		58,190
	225,000	Murphy Oil USA, Inc.		4.75	%		9/15/2029		203,130
	170,000	Nabors Industries Ltd.		7.25	%(a)		1/15/2026		164,458
	275,000	Nationstar Mortgage Holdings, Inc.		5.75	%(a)		11/15/2031		227,866
	150,000	Navient Corporation		5.00	%		3/15/2027		134,987
	255,000	NCL Corporation Ltd.		5.88	%(a)		3/15/2026		235,723
	155,000	NCL Corporation Ltd.		8.38	%(a)		2/1/2028		157,366
	85,000	News Corporation		5.13	%(a)		2/15/2032		74,355
	200,000	NGL Energy Operating LLC		7.50	%(a)		2/1/2026		197,982
	70,000	NGL Energy Partners LP		7.50	%		4/15/2026		67,725
	300,000	NRG Energy, Inc.		3.63	%(a)		2/15/2031		227,937
	160,000	Oasis Petroleum, Inc.		6.38	%(a)		6/1/2026		157,042
	60,000	OneMain Finance Corporation		7.13	%		3/15/2026		58,824
	220,000	OneMain Finance Corporation		6.63	%		1/15/2028		203,244
	200,000	Organon & Company		5.13	%(a)		4/30/2031		160,549
	225,000	Owens & Minor, Inc.		6.63	%(a)		4/1/2030		199,953
	170,000	Pactiv Evergreen Group Issuer LLC		4.38	%(a)		10/15/2028		147,687
	200,000	Park Intermediate Holdings LLC		4.88	%(a)		5/15/2029		169,431
	80,000	PBF Holding Company LLC		6.00	%		2/15/2028		75,527


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	40,000	PECF USS Intermediate Holding Corporation		8.00	%(a)		11/15/2029		21,756
	75,000	Penn National Gaming, Inc.		4.13	%(a)		7/1/2029		61,380
	255,000	PennyMac Financial Services, Inc.		4.25	%(a)		2/15/2029		206,556
	180,000	Performance Food Group, Inc.		4.25	%(a)		8/1/2029		155,712
	190,000	Permian Resources Operating LLC		7.00	%(a)		1/15/2032		187,576
	250,000	PetSmart, Inc.		7.75	%(a)		2/15/2029		233,246
	175,000	Pike Corporation		5.50	%(a)		9/1/2028		153,277
	105,000	Post Holdings, Inc.		5.50	%(a)		12/15/2029		95,308
	72,000	Post Holdings, Inc.		4.63	%(a)		4/15/2030		61,744
	130,000	Premier Entertainment Sub LLC		5.63	%(a)		9/1/2029		100,255
	95,000	Prime Security Services Borrower LLC		6.25	%(a)		1/15/2028		88,095
	70,000	Radiate Holdco LLC		4.50	%(a)		9/15/2026		53,285
	55,000	Radiology Partners, Inc.		9.25	%(a)		2/1/2028		21,807
	125,000	Realogy Group LLC		5.25	%(a)		4/15/2030		86,950
	100,000	RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc.		9.75	%(a)		12/1/2026		96,953
	90,000	Rent-A-Center, Inc.		6.38	%(a)		2/15/2029		79,975
	165,000	Roller Bearing Company of America, Inc.		4.38	%(a)		10/15/2029		142,133
	255,000	Royal Caribbean Cruises Ltd.		5.50	%(a)		8/31/2026		240,915
	40,000	Royal Caribbean Cruises Ltd.		7.25	%(a)		1/15/2030		39,690
	110,000	RP Escrow Issuer LLC		5.25	%(a)		12/15/2025		79,962
	165,000	Schweitzer-Mauduit International, Inc.		6.88	%(a)		10/1/2026		150,762
	220,000	Scientific Games Holdings LP		6.63	%(a)		3/1/2030		190,038
	220,000	Scientific Games International, Inc.		7.25	%(a)		11/15/2029		215,842
	100,000	Scripps Escrow, Inc.		3.88	%(a)		1/15/2029		75,314
	40,000	Sitio Royalties Operating Partnership LP / Sitio Finance Corporation		7.88	%(a)		11/1/2028		40,125
	215,000	Southwestern Energy Company		4.75	%		2/1/2032		184,764
	175,000	Spectrum Brands, Inc.		5.00	%(a)		10/1/2029		158,775
	110,000	SRS Distribution, Inc.		4.63	%(a)		7/1/2028		95,175
	250,000	Standard Industries, Inc.		4.38	%(a)		7/15/2030		207,311
	95,000	Staples, Inc.		7.50	%(a)		4/15/2026		78,272


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	50,000	Staples, Inc.		10.75	%(a)		4/15/2027		29,426
	145,000	Station Casinos LLC		4.63	%(a)		12/1/2031		116,143
	195,000	Suburban Propane Partners LP		5.00	%(a)		6/1/2031		163,015
	240,000	SunCoke Energy, Inc.		4.88	%(a)		6/30/2029		204,230
	115,000	Sunoco LP		6.00	%		4/15/2027		111,581
	100,000	Sunoco LP		4.50	%		5/15/2029		87,879
	90,000	SWF Escrow Issuer Corporation		6.50	%(a)		10/1/2029		57,690
	80,000	Tenet Healthcare Corporation		6.25	%		2/1/2027		77,485
	85,000	Tenet Healthcare Corporation		6.13	%		10/1/2028		79,873
	250,000	Tenet Healthcare Corporation		6.13	%		6/15/2030		234,700
	275,000	Townsquare Media, Inc.		6.88	%(a)		2/1/2026		260,040
	285,000	TransDigm, Inc.		5.50	%		11/15/2027		267,143
	198,750	Transocean Poseidon Ltd.		6.88	%(a)		2/1/2027		195,882
	115,000	Trident TPI Holdings, Inc.		12.75	%(a)		12/31/2028		120,319
	105,000	Triton Water Holdings, Inc.		6.25	%(a)		4/1/2029		85,961
	225,000	United Airlines, Inc.		4.63	%(a)		4/15/2029		193,630
	140,000	United Natural Foods, Inc.		6.75	%(a)		10/15/2028		106,911
	85,000	Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC		10.50	%(a)		2/15/2028		83,336
	160,000	Univision Communications, Inc.		4.50	%(a)		5/1/2029		130,449
	195,000	US Foods, Inc.		7.25	%(a)		1/15/2032		195,047
	155,000	Venture Global LNG, Inc.		8.13	%(a)		6/1/2028		153,585
	100,000	Venture Global LNG, Inc.		8.38	%(a)		6/1/2031		98,404
	135,000	Victoria’s Secret Company		4.63	%(a)		7/15/2029		98,034
	230,000	Viking Cruises Ltd.		5.88	%(a)		9/15/2027		210,158
	195,000	Viking Cruises Ltd.		9.13	%(a)		7/15/2031		195,289
	50,000	Virtusa Corporation		7.13	%(a)		12/15/2028		40,438
	115,000	Vistra Operations Company LLC		7.75	%(a)		10/15/2031		113,391
	100,000	VT Topco, Inc.		8.50	%(a)		8/15/2030		99,156
	230,000	WASH Multifamily Acquisition, Inc.		5.75	%(a)		4/15/2026		215,027
	120,000	Weatherford International Ltd.		6.50	%(a)		9/15/2028		120,130


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $

	240,000	Weatherford International Ltd.		8.63	%(a)		4/30/2030		242,050
	70,000	Wheel Pros, Inc.		6.50	%(a)		5/15/2029		23,538
	190,000	WR Grace Holdings LLC		5.63	%(a)		8/15/2029		153,875
	380,000	XHR LP		4.88	%(a)		6/1/2029		323,409
	215,000	XPO, Inc.		7.13	%(a)		6/1/2031		211,999

	Total US Corporate Bonds (Cost $36,661,206)								32,048,100

	US Government and Agency Mortgage Backed Obligations—9.0%
	7,643,176	Federal Home Loan Mortgage Corporation Pass-Thru, Series KF89-AS (Secured Overnight Financing Rate 30 Day Average + 0.37%)		5.68	%		9/25/2030		7,533,815
	592,090	Federal Home Loan Mortgage Corporation REMICS, Series 3926-HS (-1 x Secured Overnight Financing Rate 30 Day Average + 6.34%, 6.45% Cap)		1.02	%(j)(k)		9/15/2041		54,131
	219,562	Federal Home Loan Mortgage Corporation REMICS, Series 4471-GA		3.00	%		2/15/2044		198,262
	13,542,385	Federal Home Loan Mortgage Corporation REMICS, Series 4851-PF (Secured Overnight Financing Rate 30 Day Average + 0.51%, 0.40% Floor, 6.50% Cap)		5.83	%		8/15/2057		12,877,386
	2,007,884	Federal Home Loan Mortgage Corporation REMICS, Series 4942-FB (Secured Overnight Financing Rate 30 Day Average + 0.61%, 0.50% Floor, 6.00% Cap)		5.93	%		4/15/2040		1,941,062
	11,697,336	Federal Home Loan Mortgage Corporation REMICS, Series 4944-F (Secured Overnight Financing Rate 30 Day Average + 0.56%, 0.45% Floor, 6.50% Cap)		5.88	%		1/25/2050		11,389,816
	1,498,657	Federal Home Loan Mortgage Corporation REMICS, Series 4981-GF (Secured Overnight Financing Rate 30 Day Average + 0.51%, 0.40% Floor, 6.50% Cap)		5.83	%		6/25/2050		1,440,027
	11,004,235	Federal Home Loan Mortgage Corporation REMICS, Series 5142-QI		3.00	%(j)		9/25/2051		1,815,608
	6,445,578	Federal National Mortgage Association REMICS, Series 2013-12-FT (Secured Overnight Financing Rate 30 Day Average + 0.46%, 0.35% Floor, 6.50% Cap)		5.78	%		2/25/2043		6,207,063
	8,307,562	Federal National Mortgage Association REMICS, Series 2017-11-SK (-1 x Secured Overnight Financing Rate 30 Day Average + 5.94%, 6.05% Cap)		0.62	%(j)(k)		3/25/2047		734,432
	4,353,551	Federal National Mortgage Association REMICS, Series 2018-86-MF (Secured Overnight Financing Rate 30 Day Average + 0.41%, 0.30% Floor, 6.50% Cap)		5.73	%		12/25/2048		4,231,324
	7,967,982	Federal National Mortgage Association REMICS, Series 2020-54-AS (-1 x Secured Overnight Financing Rate 30 Day Average + 6.04%, 6.15% Cap)		0.72	%(j)(k)		8/25/2050		808,377
	9,171,876	Federal National Mortgage Association REMICS, Series 2021-32-AI		3.00	%(j)		5/25/2046		1,061,118
	5,405,248	Federal National Mortgage Association REMICS, Series 2022-43-FA (Secured Overnight Financing Rate 30 Day Average + 0.55%, 0.55% Floor, 6.00% Cap)		5.86	%		7/25/2052		5,129,470
	21,085,890	Federal National Mortgage Association, Series 2019-M7-X		0.44	%(i)(j)		4/25/2029		276,763
	22,002,265	Federal National Mortgage Association, Series 2021-M8-X		0.33	%(i)(j)		11/25/2035		443,748
	639,609	FREMF Mortgage Trust, Series 2016-KF18-B (Secured Overnight Financing Rate 30 Day Average + 5.61%, 5.50% Floor)		10.93	%(a)		5/25/2026		613,196
	372,621	FREMF Mortgage Trust, Series 2017-KF27-B (Secured Overnight Financing Rate 30 Day Average + 4.46%, 4.35% Floor)		9.78	%(a)		12/25/2026		367,042
	700,066	FREMF Mortgage Trust, Series 2017-KF30-B (Secured Overnight Financing Rate 30 Day Average + 3.36%, 3.25% Floor)		8.68	%(a)		3/25/2027		683,168
	1,479,905	FREMF Mortgage Trust, Series 2017-KF34-B (Secured Overnight Financing Rate 30 Day Average + 2.81%, 2.55% Floor)		8.13	%(a)		8/25/2024		1,462,381
	392,798	FREMF Mortgage Trust, Series 2018-KF44-B (Secured Overnight Financing Rate 30 Day Average + 2.26%, 2.15% Floor)		7.58	%(a)		2/25/2025		383,625
	2,246,470	FREMF Mortgage Trust, Series 2019-KF71-C (Secured Overnight Financing Rate 30 Day Average + 6.11%, 6.00% Floor)		11.43	%(a)		10/25/2029		2,138,030


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	22,949,101	Government National Mortgage Association, Series 2013-155-IB		0.18	%(i)(j)		9/16/2053		122,440
	7,742,075	Government National Mortgage Association, Series 2019-128-KS (-1 x Secured Overnight Financing Rate 1 Month + 2.74%, 2.85% Cap)		0.00	%(j)(k)		10/20/2049		38,093
	6,905,167	Government National Mortgage Association, Series 2020-104-SB (-1 x Secured Overnight Financing Rate 1 Month + 6.04%, 6.15% Cap)		0.71	%(j)(k)		7/20/2050		686,055
	20,140,425	Government National Mortgage Association, Series 2020-115-SA (-1 x Secured Overnight Financing Rate 1 Month + 4.09%, 4.20% Cap)		0.00	%(j)(k)		8/20/2050		465,602
	14,853,302	Government National Mortgage Association, Series 2020-115-YS (-1 x Secured Overnight Financing Rate 1 Month + 4.09%, 4.20% Cap)		0.00	%(j)(k)		8/20/2050		332,114
	30,742,872	Government National Mortgage Association, Series 2020-129-SA (-1 x Secured Overnight Financing Rate 1 Month + 3.64%, 3.75% Cap)		0.00	%(j)(k)		9/20/2050		332,158
	36,764,828	Government National Mortgage Association, Series 2020-146-IJ		2.50	%(j)		10/20/2050		4,404,360
	14,570,540	Government National Mortgage Association, Series 2020-189-SU (-1 x Secured Overnight Financing Rate 1 Month + 6.19%, 6.30% Cap)		0.86	%(j)(k)		12/20/2050		1,603,587
	12,209,864	Government National Mortgage Association, Series 2021-193-DS (-1 x Secured Overnight Financing Rate 30 Day Average + 2.60%, 2.60% Cap)		0.00	%(j)(k)		11/20/2051		50,735
	8,227,060	Government National Mortgage Association, Series 2021-1-SH (-1 x Secured Overnight Financing Rate 1 Month + 6.19%, 6.30% Cap)		0.86	%(j)(k)		1/20/2051		848,731
	27,577,583	Government National Mortgage Association, Series 2021-35-IO		1.03	%(i)(j)		12/16/2062		1,945,110
	24,699,242	Government National Mortgage Association, Series 2023-15-IO		0.92	%(i)(j)		8/16/2064		1,820,850
	836,554	Merchants Bank of Indiana Multifamily Housing Mortgage Loan Trust, Series 2021-Q015-B (Secured Overnight Financing Rate 30 Day Average + 2.85%)		8.16	%(a)		8/25/2024		835,745

	Total US Government and Agency Mortgage Backed Obligations (Cost $89,820,980)								75,275,424

	US Government and Agency Obligations—2.3%
	15,000,000	United States Treasury Notes		3.13	%		8/15/2025		14,473,242
	5,000,000	United States Treasury Notes		3.13	%		8/31/2027		4,719,727

	Total US Government and Agency Obligations (Cost $19,449,999)								19,192,969

	Common Stocks—0.0% (n)
	1,098	Bright Bidco B.V. (b)(l)							714
	9,228	Flame Aggregator—Class R (b)(l)							50,846
	917	Flame Aggregator—Class U (b)(l)							5,053
	3,561	Intelsat Emergence S.A. (b)(l)							81,013

	Total Common Stocks (Cost $395,053)								137,626

	Escrow Notes—0.0% (n)
	380,000	GCB Intelsat Jackson (b)(l)							—
	400,000	Gulfport Energy Corporation (l)							752


Principal Amount $/Shares		Security Description	Rate			Maturity		Value $
	Total Escrow Notes (Cost $-)								752

	Rights—0.0% (n)
	372	Intelsat Jackson Holdings Ltd.—Series A (b)(l)							2,976
	372	Intelsat Jackson Holdings Ltd.—Series B (b)(l)							2,604

	Total Rights (Cost $-)								5,580

	Warrants—0.0% (n)
	3,500	Avation PLC, Expiration 10/21/2026, Strike Price GBP 0.54 (l)							2,135

	Total Warrants (Cost $-)								2,135

	Short Term Investments—16.8%
	7,076,092	First American Government Obligations Fund—Class U		5.28	%(m)				7,076,092
	7,076,092	JP Morgan U.S. Government Money Market Fund—Institutional Share Class		5.27	%(m)				7,076,092
	7,076,092	Morgan Stanley Institutional Liquidity Funds Government Portfolio—Institutional Share Class		5.27	%(m)				7,076,092
	5,000,000	United States Treasury Bills		0.00	%		11/2/2023		4,977,246
	100,000,000	United States Treasury Bills		0.00	%		11/9/2023		99,441,611
	15,000,000	United States Treasury Bills		0.00	%		12/12/2023		14,843,061

	Total Short Term Investments (Cost $140,480,062)								140,490,194

	Total Investments—100.4% (Cost $967,513,294)								838,543,630
	Liabilities in Excess of Other Assets—(0.4)%								(3,391,038	)

	NET ASSETS—100.0%							$	835,152,592

SECURITY TYPE BREAKDOWN as a % of Net Assets:


Collateralized Loan Obligations	20.0	%
Non-Agency Residential Collateralized Mortgage Obligations	18.4	%
Short Term Investments	16.8	%
Non-Agency Commercial Mortgage Backed Obligations	9.8	%
Bank Loans	9.4	%
US Government and Agency Mortgage Backed Obligations	9.0	%
Asset Backed Obligations	5.0	%
Foreign Corporate Bonds	4.7	%
US Corporate Bonds	3.8	%
US Government and Agency Obligations	2.3	%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	1.2	%
Common Stocks	0.0	%(n)
Rights	0.0	%(n)
Warrants	0.0	%(n)
Escrow Notes	0.0	%(n)
Other Assets and Liabilities	(0.4	)%

	100.0	%

INVESTMENT BREAKDOWN as a % of Net Assets:


Collateralized Loan Obligations	20.0	%
Non-Agency Residential Collateralized Mortgage Obligations	18.4	%
Short Term Investments	16.8	%
Non-Agency Commercial Mortgage Backed Obligations	9.8	%
US Government and Agency Mortgage Backed Obligations	9.0	%
Asset Backed Obligations	5.0	%
US Government and Agency Obligations	2.3	%
Utilities	1.5	%
Healthcare	1.4	%
Energy	1.3	%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	1.2	%
Banking	1.0	%
Electronics/Electric	1.0	%
Business Equipment and Services	1.0	%
Media	0.9	%
Transportation	0.8	%
Telecommunications	0.7	%
Retailers (other than Food/Drug)	0.7	%
Hotels/Motels/Inns and Casinos	0.6	%
Chemicals/Plastics	0.6	%
Aerospace & Defense	0.5	%
Insurance	0.5	%
Leisure	0.4	%
Industrial Equipment	0.4	%
Mining	0.4	%
Automotive	0.4	%
Food Service	0.4	%
Pharmaceuticals	0.4	%
Consumer Products	0.3	%
Containers and Glass Products	0.3	%
Commercial Services	0.3	%
Technology	0.3	%
Construction	0.3	%
Financial Intermediaries	0.3	%
Building and Development (including Steel/Metals)	0.3	%
Food Products	0.2	%
Finance	0.2	%
Chemical Products	0.1	%
Cosmetics/Toiletries	0.1	%
Real Estate	0.1	%
Beverage and Tobacco	0.1	%
Diversified Manufacturing	0.1	%
Environmental Control	0.0	%(n)
Pulp & Paper	0.0	%(n)
Other Assets and Liabilities	-0.4	%

	100.0	%

(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.

(b)	Value determined using significant unobservable inputs.

(c)	Principal only security

(d)	Security pays interest at rates that represent residual cashflows available after more senior tranches have been paid. The interest rate disclosed reflects the estimated rate in effect as of period end.

(e)	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.

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

(h)	Perpetual maturity. The date disclosed is the next call date of the security.

(i)

(j)	Interest only security

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

(l)	Non-income producing security

(m)	Seven-day yield as of period end

(n)	Represents less than 0.05% of net assets

GBP British Pound

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.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees.

Item 11. Controls and Procedures.

(a)

The Registrant’s principal executive and principal financial officers have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b)

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

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a)	(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the Registrant intends to satisfy Item 2 requirements through filing an exhibit. Not applicable for semi-annual reports.

(2) A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons. Not applicable to open-end investment companies.

(4) Change in the Registrant’s independent public accountant. There was no change in the Registrant’s independent public accountant for the period covered by this report.

(b)	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

SIGNATURES

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


(Registrant) DoubleLine Funds Trust

By (Signature and Title)		/s/ Ronald R. Redell
		Ronald R. Redell, President

Date December 1, 2023

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


By (Signature and Title)		/s/ Ronald R. Redell
		Ronald R. Redell, President

Date December 1, 2023

By (Signature and Title)		/s/ Henry V. Chase
		Henry V. Chase, Treasurer and
		Principal Financial and Accounting Officer

Date December 1, 2023

DoubleLine Flexible Income Fund Class N (DLINX) N-CSRSCertified semi-annual shareholder report (management investment company)