DoubleLine Flexible Income Fund Class N (DLINX) NPORT-P DoubleLine Real Estate and Income Fund (Jun 2022 report)

DoubleLine Real Estate and Income Fund

Schedule of Investments

June 30, 2022 (Unaudited)

Principal Amount $/Shares	Security Description	Rate			Maturity	Value $
Collateralized Loan Obligations - 30.3%
500,000	AIG LLC, Series 2021-2A-A (3 Month LIBOR USD + 1.17%, 1.17% Floor)		2.23	% (a)	07/20/2034		485,529
500,000	Bridge Street Ltd., Series 2021-1A-A1A (3 Month LIBOR USD + 1.23%, 1.23% Floor)		2.29	% (a)	07/20/2034		486,430
461,834	CFIP Ltd., Series 2013-1A-AR (3 Month LIBOR USD + 1.34%)		2.40	% (a)	04/20/2029		458,532
1,000,000	Jamestown Ltd., Series 2016-9A-A1RR (3 Month LIBOR USD + 1.24%, 1.24% Floor)		2.42	% (a)	07/25/2034		973,153
500,000	Ocean Trails, Series 2020-10A-AR (3 Month LIBOR USD + 1.22%, 1.22% Floor)		2.26	% (a)	10/15/2034		484,327
1,000,000	Wellfleet Ltd., Series 2020-2A-AR (3 Month LIBOR USD + 1.22%, 1.22% Floor)		2.26	% (a)	07/15/2034		973,251
Total Collateralized Loan Obligations (Cost $3,961,373)							3,861,222
Foreign Corporate Bonds - 4.5%
15,000	Avolon Holdings Funding Ltd.		5.13	% (a)	10/01/2023		14,856
85,000	Bank of Montreal (Secured Overnight Financing Rate + 0.71%)		2.14	%	03/08/2024		84,456
50,000	Bank of Nova Scotia		0.65	%	07/31/2024		46,909
90,000	BAT International Finance PLC		1.67	%	03/25/2026		79,791
90,000	Canadian Pacific Railway Company		1.35	%	12/02/2024		84,767
80,000	Glencore Funding LLC		4.13	% (a)	05/30/2023		79,876
10,000	Glencore Funding LLC		4.13	% (a)	03/12/2024		9,957
40,000	Macquarie Bank Ltd.		2.10	% (a)	10/17/2022		39,884
55,000	Macquarie Group Ltd. (3 Month LIBOR USD + 1.33%)		4.15	% (a)	03/27/2024		55,032
85,000	Toronto-Dominion Bank		0.70	%	09/10/2024		79,850
Total Foreign Corporate Bonds (Cost $606,147)							575,378
Non-Agency Commercial Mortgage Backed Obligations - 21.0%
724,275	BANK, Series 2021-BN36-XA		1.02	% (b) (c)	09/15/2064		38,238
100,000	BSPRT Issuer Ltd., Series 2022-FL8-A (Secured Overnight Financing Rate 30 Day Average + 1.50%, 1.50% Floor)		2.28	% (a)	02/15/2037		96,893
525,000	BX Trust, Series 2018-EXCL-C (1 Month LIBOR USD + 1.98%, 1.98% Floor)		3.30	% (a)	09/15/2037		492,275
100,000	BXHPP Trust, Series 2021-FILM-D (1 Month LIBOR USD + 1.50%, 1.50% Floor)		2.82	% (a)	08/15/2036		92,788
277,000	CLNC Ltd., Series 2019-FL1-D (Secured Overnight Financing Rate 1 Month + 3.01%, 2.90% Floor)		4.52	% (a)	08/20/2035		270,987
172,000	Commercial Mortgage Pass-Through Trust, Series 2015-CR25-C		4.68	% (b)	08/10/2048		158,891
100,000	Commercial Mortgage Pass-Through Trust, Series 2015-LC21-B		4.48	% (b)	07/10/2048		96,518
99,388	Extended Stay America Trust, Series 2021-ESH-D (1 Month LIBOR USD + 2.25%, 2.25% Floor)		3.58	% (a)	07/15/2038		96,164
187,000	GS Mortgage Securities Corporation Trust, Series 2019-SMP-E (1 Month LIBOR USD + 2.60%, 2.60% Floor)		3.92	% (a)	08/15/2032		173,966
195,527	HPLY Trust, Series 2019-HIT-F (1 Month LIBOR USD + 3.15%, 3.15% Floor)		4.47	% (a)	11/15/2036		180,384
500,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2011-C3-D		5.71	% (a)(b)	02/15/2046		371,562

Principal Amount $/Shares	Security Description	Rate			Maturity	Value $
279,000	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-MINN-E (1 Month LIBOR USD + 2.75%, 3.50% Floor)		4.07	% (a)	11/15/2035		245,296
100,000	KREF Ltd., Series 2021-FL2-B (1 Month LIBOR USD + 1.65%, 1.65% Floor)		3.17	% (a)	02/15/2039		94,367
96,459	SMR Mortgage Trust, Series 2022-IND-A (Secured Overnight Financing Rate 1 Month + 1.65%, 1.65% Floor)		2.93	% (a)	02/15/2039		93,436
100,000	Soho Trust, Series 2021-SOHO-B		2.79	% (a)(b)	08/10/2038		82,316
100,000	Wells Fargo Commercial Mortgage Trust, Series 2017-RC1-C		4.59	%	01/15/2060		94,157
Total Non-Agency Commercial Mortgage Backed Obligations (Cost $2,974,097)							2,678,238
US Corporate Bonds - 25.8%
40,000	American Express Company		3.38	%	05/03/2024		39,749
40,000	American Express Company (Secured Overnight Financing Rate + 0.93%)		2.33	%	03/04/2025		39,651
85,000	Athene Global Funding (Secured Overnight Financing Rate + 0.70%)		2.00	% (a)	05/24/2024		82,555
55,000	Bank of America Corporation (3 Month LIBOR USD + 0.79%)		2.40	%	03/05/2024		54,677
30,000	Bank of America Corporation (Secured Overnight Financing Rate + 0.69%)		1.68	%	04/22/2025		29,270
80,000	Boeing Company		4.51	%	05/01/2023		80,220
40,000	Brighthouse Financial Global Funding		0.60	% (a)	06/28/2023		38,740
85,000	Capital One Financial Corporation		3.90	%	01/29/2024		84,932
85,000	Charles Schwab Corporation (Secured Overnight Financing Rate + 1.05%)		2.44	%	03/03/2027		83,691
65,000	Citigroup, Inc. (3 Month LIBOR USD + 1.02%)		2.60	%	06/01/2024		64,588
25,000	Citigroup, Inc. (Secured Overnight Financing Rate + 0.53%)		1.28	%	11/03/2025		23,232
85,000	Conagra Brands, Inc.		4.30	%	05/01/2024		85,383
80,000	Dollar Tree, Inc.		4.00	%	05/15/2025		79,573
30,000	Elevance Health, Inc.		3.30	%	01/15/2023		30,047
30,000	Elevance Health, Inc.		3.50	%	08/15/2024		29,916
60,000	Energy Transfer LP		5.88	%	01/15/2024		61,219
20,000	Energy Transfer LP		4.50	%	04/15/2024		20,023
5,000	Energy Transfer LP		4.05	%	03/15/2025		4,930
100,000	Entergy Louisiana LLC		0.95	%	10/01/2024		93,985
80,000	Expedia Group, Inc.		6.25	% (a)	05/01/2025		82,493
80,000	General Motors Financial Company, Inc.		5.25	%	03/01/2026		80,223
80,000	Goldman Sachs Group, Inc.		3.50	%	04/01/2025		78,525
80,000	HCA, Inc.		5.00	%	03/15/2024		80,431
70,000	Hyatt Hotels Corporation		1.30	%	10/01/2023		67,819
80,000	Hyundai Capital America		2.85	% (a)	11/01/2022		79,807
5,000	Hyundai Capital America		1.00	% (a)	09/17/2024		4,645
25,000	JPMorgan Chase & Company		3.90	%	07/15/2025		25,074
40,000	JPMorgan Chase & Company (Secured Overnight Financing Rate + 1.32%)		2.31	%	04/26/2026		39,388
85,000	Keurig Dr Pepper, Inc.		0.75	%	03/15/2024		80,902
65,000	Magallanes, Inc.		3.79	% (a)	03/15/2025		63,068
85,000	Marriott International, Inc.		3.60	%	04/15/2024		84,268
80,000	Marsh & McLennan Companies, Inc.		3.88	%	03/15/2024		80,226
85,000	Microchip Technology, Inc.		0.97	%	02/15/2024		80,774

Principal Amount $/Shares	Security Description	Rate			Maturity	Value $
75,000	Morgan Stanley (Secured Overnight Financing Rate + 0.46%)		0.53	%	01/25/2024		73,541
25,000	Nissan Motor Acceptance Company LLC		1.13	% (a)	09/16/2024		22,996
80,000	Omnicom Group, Inc.		3.65	%	11/01/2024		79,366
55,000	Pacific Gas and Electric Company		3.25	%	02/16/2024		53,603
30,000	Pacific Gas and Electric Company		4.95	%	06/08/2025		29,447
75,000	Parker-Hannifin Corporation		3.65	%	06/15/2024		74,565
85,000	Penske Truck Leasing Company LP		2.70	% (a)	11/01/2024		81,668
85,000	Pioneer Natural Resources Company		0.55	%	05/15/2023		82,873
85,000	Republic Services, Inc.		2.50	%	08/15/2024		82,369
80,000	Royalty Pharma PLC		0.75	%	09/02/2023		77,070
85,000	Schlumberger Holdings Corporation		3.75	% (a)	05/01/2024		84,699
95,000	Southern California Edison Company (Secured Overnight Financing Rate + 0.83%)		2.35	%	04/01/2024		94,029
85,000	Southwest Airlines Company		4.75	%	05/04/2023		85,710
95,000	Triton Container International Ltd.		0.80	% (a)	08/01/2023		90,059
20,000	UnitedHealth Group, Inc.		3.70	%	05/15/2027		19,945
75,000	Verizon Communications, Inc. (3 Month LIBOR USD + 1.10%)		2.51	%	05/15/2025		74,593
80,000	Wells Fargo & Company (Secured Overnight Financing Rate + 1.60%)		1.65	%	06/02/2024		78,172
75,000	Welltower, Inc.		3.63	%	03/15/2024		74,454
90,000	Zimmer Biomet Holdings, Inc.		1.45	%	11/22/2024		84,801
Total US Corporate Bonds (Cost $3,432,745)							3,297,984
US Government and Agency Obligations - 19.1%
2,350,000	United States Treasury Notes		1.25	% (e)	11/30/2026		2,176,274
270,000	United States Treasury Notes		2.50	% (e)	03/31/2027		263,461
Total US Government and Agency Obligations (Cost $2,481,915)							2,439,735
Short Term Investments - 3.5%
148,182	First American Government Obligations Fund - Class U		1.31	% (d)			148,182
148,183	JP Morgan U.S. Government Money Market Fund - Institutional Share Class		1.35	% (d)			148,183
148,182	Morgan Stanley Institutional Liquidity Funds Government Portfolio - Institutional Share Class		1.38	% (d)			148,182
Total Short Term Investments (Cost $444,547)							444,547
Total Investments - 104.2% (Cost $13,900,824)							13,297,104
Liabilities in Excess of Other Assets - (4.2)%							(530,082	)
NET ASSETS - 100.0%						$	12,767,022

(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) 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.

(c) Interest only security

(d) Seven-day yield as of period end

(e) All or a portion of this security has been pledged as collateral.

SECURITY TYPE BREAKDOWN as a % of Net Assets:

Collateralized Loan Obligations	30.3%
US Corporate Bonds	25.8%
Non-Agency Commercial Mortgage Backed Obligations	21.0%
US Government and Agency Obligations	19.1%
Foreign Corporate Bonds	4.5%
Short Term Investments	3.5%
Other Assets and Liabilities	(4.2)%
	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:

Collateralized Loan Obligations	30.3%
Non-Agency Commercial Mortgage Backed Obligations	21.0%
US Government and Agency Obligations	19.1%
Banking	7.3%
Short Term Investments	3.5%
Utilities	2.1%
Energy	2.0%
Transportation	2.0%
Healthcare	1.9%
Insurance	1.6%
Automotive	1.5%
Food Products	1.3%
Aerospace & Defense	1.3%
Hotels/Motels/Inns and Casinos	1.2%
Media	1.1%
Finance	0.8%
Mining	0.7%
Commercial Services	0.7%
Environmental Control	0.6%
Technology	0.6%
Beverage and Tobacco	0.6%
Retailers (other than Food/Drug)	0.6%
Pharmaceuticals	0.6%
Telecommunications	0.6%
Diversified Manufacturing	0.6%
Real Estate	0.6%
Other Assets and Liabilities	(4.2)%
	100.0%

EXCESS RETURN SWAPS

Reference Entity	Counterparty		Long/Short		Financing Rate			Payment Frequency		Termination Date		Notional Amount		Unrealized Appreciation (Depreciation)/ Value
DigitalBridge Fundamental US Real Estate Index Excess Return(1)		Barclays Capital, Inc.		Long		0.45	%		Termination		08/25/2022		13,400,000	$	(527,935	)
														$	(527,935	)

⁽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 June 30, 2022, is available on the Barclays Capital, Inc. website at https://indices.barclays/IM/33/en/indices/details.app;ticker=BXIICCRE.

Notes to Schedule of Investments

June 30, 2022 (Unaudited)

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 20 funds, 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 Selective Credit Fund, DoubleLine Long Duration Total Return Bond Fund, DoubleLine Strategic Commodity Fund, DoubleLine Global Bond Fund, DoubleLine Infrastructure Income Fund, DoubleLine Ultra Short Bond Fund, DoubleLine Shiller Enhanced International CAPE^®, DoubleLine Real Estate and Income Fund (formerly known as DoubleLine Colony 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”).

Each Fund is classified as a diversified fund under the 1940 Act, except the DoubleLine Global Bond Fund, the DoubleLine Emerging Markets Local Currency Bond Fund and the DoubleLine Income 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		4/6/2010		—		7/31/2019
DoubleLine Core Fixed Income Fund	Maximize current income and total return		6/1/2010		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		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		9/30/2011		—		7/31/2019
DoubleLine Floating Rate Fund	Seek a high level of current income		2/1/2013		2/1/2013		—		—
DoubleLine Shiller Enhanced CAPE®	Seek total return which exceeds the total return of its benchmark index		10/31/2013		10/31/2013		—		7/31/2019
DoubleLine Flexible Income Fund	Seek long-term total return while striving to generate current income		4/7/2014		4/7/2014		—		7/31/2019
DoubleLine Low Duration Emerging Markets Fixed Income Fund	Seek long-term total return		4/7/2014		4/7/2014		—		—
DoubleLine Long Duration Total Return Bond Fund	Seek long-term total return		12/15/2014		12/15/2014		—		—
DoubleLine Strategic Commodity Fund (Consolidated)	Seek long-term total return		5/18/2015		5/18/2015		—		—
DoubleLine Global Bond Fund	Seek long-term total return		12/17/2015		12/17/2015		—		—
DoubleLine Infrastructure Income Fund	Seek long-term total return while striving to generate current income		4/1/2016		4/1/2016		—		—
DoubleLine Ultra Short Bond Fund	Seek to provide a level of current income consistent with limited price volatility		6/30/2016		6/30/2016		—		—
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		12/23/2016		—		—
DoubleLine Real Estate and Income Fund	Seek total return which exceeds the total return of its benchmark index over a full market cycle		12/17/2018		12/17/2018		—		—
DoubleLine Emerging Markets Local Currency Bond Fund	Seek high total return from current income and capital appreciation		6/28/2019		6/28/2019		—		—

		Commencement of Operations
Fund Name	Investment Objective	I Shares		N Shares		A Shares		R6 Shares
DoubleLine Income Fund	Maximize total return through investment principally in income-producing securities		9/3/2019		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		2/26/2021		—		—

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)

Market values for domestic and foreign fixed income securities are normally determined on the basis of valuations 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 evaluations provided by independent pricing services or broker dealer quotations. Depending on the instrument and the terms of the transaction, the value of the derivative instruments can be estimated by a pricing service provider using a series of techniques, such as simulation pricing models. The pricing models use issuer details and other inputs that are observed from actively quoted markets such as indices, spreads, interest rates, curves, dividends and exchange rates. Derivatives that use similar valuation techniques and inputs as described above are normally categorized as Level 2 of the fair value hierarchy.

Securities may be fair valued by DoubleLine Capital LP (“DoubleLine Capital”) or DoubleLine Alternatives LP (“DoubleLine Alternatives”, formerly DoubleLine Commodity LP) (each, an “Adviser” and, collectively, the “Advisers”) in accordance with the fair valuation procedures approved by the Board of Trustees (the “Board”). The Adviser’s valuation committee is generally responsible for overseeing the day to day valuation processes and reports periodically to the Board. The Adviser’s valuation committee and the pricing group are authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations or third party vendor prices are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are deemed to be unreliable indicators of market or fair value.

The following is a summary of the fair valuations according to the inputs used to value the Fund’s investments as of June 30, 2022:

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
Money Market Funds	$	1,662,763,276	$	90,884,664	$	7,066,023	$	3,865,179	$	343,915,047	$	21,782,424
Affiliated Mutual Funds		—		503,365,400		—		4,079,671		—		—
Common Stocks		—		1,450,535		1,561,309		—		610,378		17,742
Exchange Traded Funds		—		—		—		2,911,529		—		—
Real Estate Investment Trusts		—		—		—		875,130		—		—
Total Level 1		1,662,763,276		595,700,599		8,627,332		11,731,509		344,525,425		21,800,166
Level 2
US Government and Agency Mortgage Backed Obligations		16,010,175,667		1,511,616,048		—		3,003,330		195,478,990		—
Non-Agency Residential Collateralized Mortgage Obligations		10,263,018,721		998,163,419		—		5,148,597		1,020,162,871		—
Non-Agency Commercial Mortgage Backed Obligations		3,702,290,788		630,670,326		—		—		992,281,990		1,362,370
US Government and Agency Obligations		2,644,596,163		1,680,541,726		—		—		907,389,557		—
Asset Backed Obligations		2,106,925,137		394,857,488		—		—		479,853,728		—
Collateralized Loan Obligations		1,338,823,579		353,924,777		—		—		1,114,611,120		6,615,020
US Corporate Bonds		—		1,462,159,934		—		—		462,022,425		10,874,082
Foreign Corporate Bonds		—		597,195,302		396,936,445		—		696,771,806		661,073
Bank Loans		—		386,007,312		—		—		421,152,268		282,883,742
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations		—		133,290,691		196,711,037		—		126,962,478		—
Other Short Term Investments		—		6,708,880		—		4,882,789		103,816,236		—
Municipal Bonds		—		6,021,952		—		—		—		—
Total Level 2		36,065,830,055		8,161,157,855		593,647,482		13,034,716		6,520,503,469		302,396,287
Level 3
Non-Agency Residential Collateralized Mortgage Obligations		76,813,646		139,122		—		—		—		—
Asset Backed Obligations		72,037,938		7,587,452		—		—		—		—
Collateralized Loan Obligations		447,066		—		—		119,229		—		—
Common Stocks		—		2,142,453		—		—		—		1,138,845

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
Bank Loans	$	—	$	490,110		$	—	$	—		$	—	$	392,471
Foreign Corporate Bonds		—		—			—		—			—		—
Rights		—		12,028			—		—			—		—
Warrants		—		7,563			—		—			—		—
Total Level 3		149,298,650		10,378,728			—		119,229			—		1,531,316
Total	$	37,877,891,981	$	8,767,237,182		$	602,274,814	$	24,885,454		$	6,865,028,894	$	325,727,769
Other Financial Instruments
Level 1
Futures Contracts	$	—	$	—		$	—	$	(114,344	)	$	—	$	—
Total Level 1		—		—			—		(114,344	)		—		—
Level 2
Excess Return Swaps		—		—			—		(1,117,337	)		—		—
Unfunded Loan Commitments		—		(70,112	)		—		—			—		(64,282	)
Total Level 2		—		(70,112	)		—		(1,117,337	)		—		(64,282	)
Level 3		—		—			—		—			—		—
Total	$	—	$	(70,112	)	$	—	$	(1,231,681	)	$	—	$	(64,282	)
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
Money Market Funds	$	76,323,852	$	23,784,693		$	1,652,236	$	963,864		$	16,954,092	$	5,726,110
Common Stocks		21,715		43,050			145,185		—			—		—
Total Level 1		76,345,567		23,827,743			1,797,421		963,864			16,954,092		5,726,110
Level 2
Collateralized Loan Obligations		1,324,314,253		216,622,935			—		—			—		—
US Government and Agency Obligations		1,289,768,923		—			—		9,933,117			—		43,881,165
Non-Agency Residential Collateralized Mortgage Obligations		985,758,535		202,480,788			—		—			—		—
Non-Agency Commercial Mortgage Backed Obligations		951,173,046		162,420,499			—		—			—		—
Bank Loans		612,776,471		105,395,867			—		—			—		—
Asset Backed Obligations		520,867,600		56,279,785			—		—			—		—
Foreign Corporate Bonds		519,315,335		71,154,124			208,221,416		—			—		—
US Corporate Bonds		512,374,156		57,520,158			—		—			—		—
US Government and Agency Mortgage Backed Obligations		184,518,412		84,286,162			—		37,236,876			—		—
Other Short Term Investments		147,497,405		22,570,926			—		—			240,850,723		—

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
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	$	84,409,341		$	32,658,912		$	47,933,897	$	—		$	—		$	77,254,932
Total Level 2		7,132,773,477			1,011,390,156			256,155,313		47,169,993			240,850,723			121,136,097
Level 3
Non-Agency Commercial Mortgage Backed Obligations		5,255,409			996,980			—		—			—			—
Common Stocks		1,159,929			451,795			—		—			—			—
Asset Backed Obligations		—			17,612,133			—		—			—			—
Non-Agency Residential Collateralized Mortgage Obligations		—			8,156,055			—		—			—			—
Bank Loans		—			107,165			—		—			—			—
Collateralized Loan Obligations		—			63,867			—		—			—			—
Foreign Corporate Bonds		—			—			—		—			—			—
Rights		—			2,883			—		—			—			—
Warrants		—			852			—		—			—			—
Total Level 3		6,415,338			27,391,730			—		—			—			—
Total	$	7,215,534,382		$	1,062,609,629		$	257,952,734	$	48,133,857		$	257,804,815		$	126,862,207
Other Financial Instruments
Level 1
Futures Contracts	$	—		$	—		$	—	$	(236,853	)	$	—		$	—
Total Level 1		—			—			—		(236,853	)		—			—
Level 2
Excess Return Swaps		(1,063,550,627	)		—			—		—			(22,571,205	)		—
Forward Currency Exchange Contracts		—			—			—		—			—			52,493
Unfunded Loan Commitments		—			(23,108	)		—		—			—			—
Total Level 2		(1,063,550,627	)		(23,108	)		—		—			(22,571,205	)		52,493
Level 3		—			—			—		—			—			—
Total	$	(1,063,550,627	)	$	(23,108	)	$	—	$	(236,853	)	$	(22,571,205	)	$	52,493
Category	DoubleLine Infrastructure Income Fund			DoubleLine Ultra Short Bond Fund			DoubleLine Shiller Enhanced International CAPE®		Doubleline Real Estate and Income Fund			Doubleline Emerging Markets Local Currency Bond Fund			Doubleline Income Fund
Investments in Securities
Level 1
Money Market Funds	$	26,952,361		$	3,397,167		$	2,737,953	$	444,547		$	327,241		$	5,714,152
Affiliated Mutual Funds		—			—			5,953,243		—			—			—
Total Level 1		26,952,361			3,397,167			8,691,196		444,547			327,241			5,714,152
Level 2
Asset Backed Obligations		238,748,570			—			2,615,190		—			—			3,033,766
US Corporate Bonds		144,223,857			1,215,399			5,857,516		3,297,984			—			—
Foreign Corporate Bonds		56,326,570			994,974			4,318,210		575,378			1,347,609			—

Category	DoubleLine Infrastructure Income Fund		DoubleLine Ultra Short Bond Fund		DoubleLine Shiller Enhanced International CAPE®			Doubleline Real Estate and Income Fund			Doubleline Emerging Markets Local Currency Bond Fund		Doubleline Income Fund
Commercial Paper	$	—	$	2,234,869	$	—		$	—		$	—	$	—
Collateralized Loan Obligations		—		—		14,568,794			3,861,222			—		16,409,660
Non-Agency Residential Collateralized Mortgage Obligations		—		—		10,842,402			—			—		19,521,988
Non-Agency Commercial Mortgage Backed Obligations		—		—		10,350,330			2,678,238			—		17,167,835
US Government and Agency Obligations		—		—		5,428,069			2,439,735			—		4,499,922
Other Short Term Investments		—		—		2,994,758			—			—		—
US Government and Agency Mortgage Backed Obligations		—		—		2,977,319			—			—		9,496,889
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations		—		—		773,365			—			6,797,609		—
Total Level 2		439,298,997		4,445,242		60,725,953			12,852,557			8,145,218		70,130,060
Level 3
Foreign Corporate Bonds		2,188,907		—		—			—			—		—
Asset Backed Obligations		—		—		—			—			—		7,405,547
Non-Agency Commercial Mortgage Backed Obligations		—		—		—			—			—		1,174,201
Total Level 3		2,188,907		—		—			—			—		8,579,748
Total	$	468,440,265	$	7,842,409	$	69,417,149		$	13,297,104		$	8,472,459	$	84,423,960
Other Financial Instruments
Level 1	$	—	$	—	$	—		$	—		$	—	$	—
Level 2
Forward Currency Exchange Contracts		—		—		(1,273,143	)		—			—		—
Excess Return Swaps		—		—		(1,289,040	)		(527,935	)		—		—
Total Level 2		—		—		(2,562,183	)		(527,935	)		—		—
Level 3		—		—		—			—			—		—
Total	$	—	$	—	$	(2,562,183	)	$	(527,935	)	$	—	$	—
Category	DoubleLine Multi-Asset Trend Fund (Consolidated)
Investments in Securities
Level 1
Affiliated Mutual Funds	$	9,896,982
Money Market Funds		3,048,543
Total Level 1		12,945,525
Level 2
US Government and Agency Obligations		1,235,403
Other Short Term Investments		984,307
Total Level 2		2,219,710
Level 3		—
Total	$	15,165,235

Category	DoubleLine Multi-Asset Trend Fund (Consolidated)
Other Financial Instruments
Level 1	$	—
Level 2
Excess Return Swaps		418,483
Total Level 2		418,483
Level 3		—
Total	$	418,483

See the Schedules of Investments for further disaggregation of investment categories.

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 3/31/2022		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 6/30/2022		Net Change in Unrealized Appreciation (Depreciation) on securities held at 6/30/2022(c)
Investments in Securities
Asset Backed Obligations	$	18,148,394	$	1	$	(672,913	)	$	—	$	252,285	$	(115,634	)	$	—	$	—	$	17,612,133	$	(611,394	)
Non-Agency Residential Collateralized Mortgage Obligations		8,647,146		27,297		(273,798	)		36,774		—		(281,364	)		—		—		8,156,055		(255,760	)
Non-Agency Commercial Mortgage Backed Obligations		1,134,911		2,051		(72,518	)		2,267		—		(69,731	)		—		—		996,980		(83,377	)
Common Stocks		502,597		—		(50,802	)		—		—		—			—		—		451,795		(50,802	)
Bank Loans		108,383		115		(2,047	)		1,046		—		(332	)		—		—		107,165		(1,929	)
Collateralized Loan Obligations		73,653		—		(13,089	)		305		2,998		—			—		—		63,867		(10,922	)
Rights		—		—		2,883			—		—		—			—		—		2,883		—
Warrants		1,287		—		(435	)		—		—		—			—		—		852		(435	)
Foreign Corporate Bonds		—		—		—			—		—		—			—		—		—		—
Escrow Notes		—		—		—			—		—		—			—		—		—		—
Total	$	28,616,371	$	29,464	$	(1,082,719	)	$	40,392	$	255,283	$	(467,061	)	$	—	$	—	$	27,391,730	$	(1,014,619	)

DoubleLine Income Fund	Fair Value as of 3/31/2022		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 6/30/2022		Net Change in Unrealized Appreciation (Depreciation) on securities held at 6/30/2022(c)
Investments in Securities
Asset Backed Obligations	$	7,811,068	$	—	$	(456,647	)	$	(276	)	$	100,819	$	(49,417	)	$	—	$	—	$	7,405,547	$	(431,167	)
Non-Agency Commercial Mortgage Backed Obligations		1,157,833		—		13,384			2,984			—		—			—		—		1,174,201		13,384
Total	$	8,968,901	$	—	$	(443,263	)	$	2,708		$	100,819	$	(49,417	)	$	—	$	—	$	8,579,748	$	(417,783	)

^(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 June 30, 2022 may be due to a security that was not held or categorized as Level 3 at either period end.

^(a)  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.

The following is a summary of quantitative information about Level 3 Fair Value Measurements:    

DoubleLine Flexible Income Fund	Fair Value as of 6/30/2022		Valuation Techniques	Unobservable Input	Unobservable Input Values (Weighted Average)(e)		Impact to valuation from an increase to input
Asset Backed Obligations	$	17,612,133	Market Comparables	Market Quotes		$66.45 - $1,685.22 ($222.97)	Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security
Non-Agency Residential Collateralized Mortgage Obligations	$	8,156,055	Market Comparables	Market Quotes		$93.94 ($93.94)	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	$	996,980	Market Comparables	Market Quotes		$75.25 ($75.25)	Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security
Common Stocks	$	451,795	Market Comparables	Market Quotes		$0.50 - $27.00 ($21.30)	Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security
Bank Loans	$	107,165	Market Comparables	Market Quotes		$99.18 ($99.18)	Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security
Collateralized Loan Obligations	$	63,867	Market Comparables	Market Quotes		$23.15 ($23.15)	Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security
Rights	$	2,883	Intrinsic Value	Asset Sale Proceeds		$3.75 - $4.00 ($3.88)	Significant changes in asset sale proceeds would have resulted in direct changes in fair value of the security
Warrants	$	852	Market Comparables	Market Quotes		$0.20 ($0.20)	Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security
	$	—	Intrinsic Value	Underlying Equity Price		$0.00 ($0.00)	Significant changes in the Underlying Equity Price would have resulted in direct changes in the fair value of the security

DoubleLine Flexible Income Fund	Fair Value as of 6/30/2022		Valuation Techniques	Unobservable Input	Unobservable Input Values (Weighted Average)(e)		Impact to valuation from an increase to input
Foreign Corporate Bonds	$	—	Market Comparables	EBITDA Multiples		5.5x (5.5x)	Significant changes in the EBITDA multiple would have resulted in direct changes in the fair value of the security
Escrow Notes	$	—	Intrinsic Value	Reserve Account Value		$0.00 ($0.00)	Significant changes in reserve account value would have resulted in direct changes in fair value of the security
DoubleLine Income Fund	Fair Value as of 6/30/2022		Valuation Techniques	Unobservable Input	Unobservable Input Values (Weighted Average)(e)		Impact to valuation from an increase to input
Asset Backed Obligations	$	7,405,547	Market Comparables	Market Quotes		$61.11 - $8,337.34 ($1,634.58)	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	$	1,174,201	Market Comparables	Market Quotes		$78.28 ($78.28)	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.