DoubleLine Global Bond Fund - Class N (DLGBX) N-CSRS Certified semi-annual shareholder report (management investment company)

As filed with the Securities and Exchange Commission on December 6, 2011

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)

333 South Grand Avenue, Suite 1800

Los Angeles, CA 90071

(Address of principal executive offices) (Zip code)

Ronald R. Redell

President

DoubleLine Funds Trust

333 South Grand Avenue, Suite 1800

Los Angeles, CA 90071

(Name and address of agent for service)

Registrant’s telephone number, including area code (213) 633-8200

Date of fiscal year end: March 31

Date of reporting period: September 30, 2011

Item 1. Reports to Stockholders.

Semi-Annual Report

September 30, 2011

DoubleLine Total Return Bond Fund

DBLTX (I-share)

DLTNX (N-share)

DoubleLine Core Fixed Income Fund

DBLFX (I-share)

DLFNX (N-share)

DoubleLine Emerging Markets Fixed Income Fund

DBLEX (I-share)

DLENX (N-share)

DoubleLine Multi-Asset Growth Fund

DMLIX (I-share)

DMLAX (A-share)

DoubleLine Low Duration Bond Fund

DBLSX (I-share)

DLSNX (N-share)

DoubleLine Capital LP 333 S. Grand Avenue 18th Floor Los Angeles, California 90071   doubleline.com

Table of Contents

	Page
President’s Letter		4
Schedules of Investments		9
Statements of Assets and Liabilities		27
Statements of Operations		28
Statements of Changes in Net Assets		29
Financial Highlights		31
Notes to Financial Statements		35
Shareholder Expenses		46
Evaluation of Advisory Agreement by the Board of Trustees		47
Federal Tax Information		48
Information About Proxy Voting		49
Information About the Portfolio Holdings		49
Householding		49
Privacy Notice		50

Semi-Annual Report September 30, 2011 3

President’s Letter  

November 29, 2011

Dear DoubleLine Funds Shareholder:

On behalf of the team at DoubleLine, I am pleased to deliver this Semi-Annual Report. On the following pages, you will find specific information regarding each Fund’s operations and holdings. Investor assets in the DoubleLine Funds grew to $12.63 billion as of September 30, 2011. In this challenging economic and market environment, DoubleLine continues to strive to deliver superior risk-adjusted returns while working to avoid crossing the double line of risk on the road to successful investing.

Highlights of Financial Markets through our Semi-Annual reporting period

· Agency Mortgage-Backed Securities (Agency MBS): Lower-coupon pass-through holdings along with longer-duration Agency Collateralized Mortgage Obligations (Agency CMO) outperformed over the time period as Government interest rates fell across the curve. These lower dollar price securities also benefitted from higher income streams over this period.

· Non-Agency MBS: Overall non-Agency MBS were flat over the period with lower credit quality collateral underperforming higher credit quality collateral. All non-Agency mortgage-backed securities continued to benefit from high income cash flows due to their low dollar prices.

· Treasuries: Treasury yields declined sharply during the period. The rate slide was largely contrary to expectations. The consensus forecast prevailing at the end of the first quarter called for modest but sustained economic growth and gradually rising interest rates. Economic data came in consistently below expectations, with Treasury yields falling in response. The rate decline was boosted by the steadily worsening sovereign debt crisis in Europe. The Treasury rally was steady and gradual through July and became explosive in August as the eurozone crisis intensified. September was a month of dramatically increased volatility, with yields moving sharply in both directions before ending the month near all time lows. The 10-year Treasury yield fell by 155 basis points over the period to end September at 1.92%.

· Corporates: Credit markets exhibited tremendous volatility during the second and third quarters of 2011 as U.S. economic growth appeared to decelerate and concern mounted that Europe’s debt crisis will spill over into worldwide credit markets. Spreads also widened on the conclusion of QE2, the purpose of which was to inflate the economy. High yield bonds in particular demonstrated this sector’s correlation to the economy during the period, with high yield default forecasts seeing an uptick for the first time in several years. The spread widening experienced in both investment grade and high yield, although material, did not come close to that of the 2008-2009 sell-off. DoubleLine is maintaining a defensive posture in corporate credit markets as we head into the fourth quarter and continues to favor investment grade over high yield issuers.

· Emerging Markets Debt: The JPMorgan Emerging Markets Bond Index-Global Diversified returned 1.69% over the period due to a solid bid for risk assets. Strong returns from April 1^st through August 30th of 6.84% were nearly offset in September due to an escalation of negative news out of Europe, leading to a negative 4.37%

4 DoubleLine Funds

return for the last month of this reporting period. Despite all the negative noise coming from the developed markets, credit fundamentals remained strong for emerging market countries and companies.

· Global Equities: The Morgan Stanley Capital International All Country World Index fell 18.3% during this six month period, the majority of the losses coming in early August as the European debt and currency crisis took center stage. Within the eurozone, the EURO STOXX 50 Index of 50 European blue-chip stocks lost 25.1%. In the United States, the S&P 500 fell 14.7%. The banking sectors in both developed-sectors led their equity markets to the downside. In the U.S., the KBW Bank Index declined 31.9%. The EURO STOXX Banks Index fell 38.8%.

· Commodities: As measured by the Standard & Poor’s Goldman Sachs Excess Return Index, the broad-based commodities market posted an 18.7% decline for this six month period. Much of the decline came in the third quarter as the market reassessed forward-looking global growth estimates in light of the mounting European debt crisis. Gold was the lone shining star, returning 12.4% as investors sought protection from the possibility of a currency debasement.

Performance:

DoubleLine Total Return Bond Fund

For the six month reporting period ending September 30, 2011, the DoubleLine Total Return Bond Fund “I” share has outperformed the Barclay’s Capital U.S. Aggregate Bond Index by .17% (6.37% versus 6.20%).

Period Ending: 9-30-11	6 Months
I-Share		6.37%
N-Share		6.25%
Barclay’s Capital U.S. Aggregate Bond Index		6.20%

DoubleLine Core Fixed Income Fund

For the six month reporting period ending September 30, 2011, the DoubleLine Core Fixed Income Fund “I” share has outperformed the Barclay’s Capital U.S. Aggregate Bond Index by .90% (7.10% versus 6.20%). The Fund’s outperformance during the six-month period ended September 30, 2011 in part benefited from the fund’s allocation to long-duration Agency MBS and securities selection in corporate credit.

Period Ending: 9-30-11	6 Months
I-Share		7.10%
N-Share		6.89%
Barclay’s Capital U.S. Aggregate Bond Index		6.20%

DoubleLine Emerging Markets Fixed Income Fund

For the six month reporting period ending September 30, 2011, the DoubleLine Emerging Markets Fixed Income Fund “I” share has underperformed the JP Morgan Emerging Markets Bond Global Diversified Index by 3.37% (-1.68% versus 1.69%). Fund performance was negatively affected by its overweight exposure to emerging market (EM) corporate credits relative to the benchmark, which is comprised of sovereign and quasi-sovereign issuers. The sovereign index, represented by the EMBI, outperformed its corporate EM counterpart, represented by the JP Morgan Corporate EMBI Broad Diversified Index (CEMBI) by 4.93% over the six month period.

Semi-Annual Report September 30, 2011 5

President’s Letter  (Cont.)

Period Ending: 9-30-11	6 Months
I-Share		-1.68%
N-Share		-1.71%
JP Morgan Emerging Markets Bond Global Diversified Index		1.69%

DoubleLine Multi-Asset Growth Fund

For the six month reporting period ending September 30, 2011, the DoubleLine Multi-Asset Growth Fund “I” share has outperformed the Blended Benchmark 1 (60% Barclay’s U.S. Capital Aggregate /25% S&P 500/15% S&P 500 Goldman Sachs Commodity Index) by 3.43% (.53% versus -2.90%) and the Blended Benchmark 2 (60% Barclays U.S. Capital Aggregate/25% Morgan Stanley Capital International All Country World Index/15% S&P 500 Goldman Sachs Commodity Total Return Index) by 4.27% (.53% versus -3.74%). The outperformance was partly due to a large cash position throughout the reporting period, and an underweight in global equities.

Period Ending: 9-30-11	6 Months
I-Share		0.53%
A-Share
No Load		0.43%
With Load		-3.83%
Blended Benchmark 1 a		-2.90%
Blended Benchmark 2 b		-3.74%

a Blended Benchmark 1: 60% Barclays Capital U.S. Aggregate/25% S&P 500/15% S&P 500 Goldman Sachs Commodity Index.

b Blended Benchmark 2: 60% Barclays Capital U.S. Aggregate/25% Morgan Stanley Capital International All Country World Index/15% S&P 500 Goldman Sachs Commodity Index. The Adviser believes that Blended Benchmark 2 provides a more helpful reference point by which to evaluate the Fund’s performance because it includes an equity securities index with greater exposure to foreign equity investments than Blended Benchmark 1. In the future, the Fund intends to compare its performance against Blended Benchmark 2 instead of Blended Benchmark 1.

DoubleLine Low Duration Bond Fund

The DoubleLine Low Duration Bond Fund launched as of September 30, 2011. As such, there is no performance information to report for the fund.

On behalf of the team at DoubleLine, we thank you for your support of the Funds. We value the trust you have placed in us and if you have any questions please do not hesitate to call 877-DLINE11 (354-6311) or visit our website at www.doublelinefunds.com.

Sincerely,

Ronald R. Redell

6 DoubleLine Funds

Past Performance is not a guarantee of future results.

Opinions expressed herein are as of September 30, 2011 and are subject to change at any time, are not guaranteed and should not be considered investment advice.

Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.

Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security. Please refer to the Schedule of Investments for a complete list of fund holdings.

This report is for the information of shareholders of the Funds. It may also be used as sales literature when preceded or accompanied by the current prospectus.

Investments in debt securities typically decrease when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in Asset-Backed and Mortgage-Backed securities include additional risks that investors should be aware of including credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. Investments in lower rated and non-rated securities present a greater risk of loss to principal and interest than higher rated securities. The Emerging Markets Fixed Income Fund and the Multi-Asset Growth Fund are non-diversified meaning each may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, these Funds may be more susceptible to any single economic, political or regulatory event than a more diversified fund, and a decline in the market value of one of the Fund’s investments may affect that Fund’s value more than if the Fund were a diversified fund. The Core Fixed Income Fund, Emerging Markets Fixed Income Fund and Multi-Asset Growth Fund may invest in foreign securities, which involve political, economic, and currency risks, greater volatility, and differences in accounting methods. These risks are greater for investments in emerging markets. The Multi-Asset Growth Fund may invest in securities related to real estate, which may decline in value as a result of factors affecting the real estate industry. Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested. Commodity-linked derivative instruments may involve additional costs and risks such as changes in commodity index volatility or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. Investing in derivatives could result in losses greater than the amount invested. Equities may decline in value due to both real and perceived general market, economic, and industry conditions. For more details regarding the risks of the Funds, please consult the current prospectus.

JP Morgan Emerging Markets Bond (EMBI) Global Diversified Index—This index is an uniquely-weighted version of the EMBI Global. It limits the weights of those index countries with larger debt supplies by only including specified portions of these countries’ eligible current face amounts of debt outstanding. The countries covered in the EMBI Global Diversified are identical to those covered by EMBI Global.

Morgan Stanley Capital International All Country World Index —This index is designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.-based companies. The MSCI All Country World Index Ex-U.S. includes both developed and emerging markets.

EURO STOXX 50—This index is a market capitalization-weighted stock index of 50 large, blue-chip European companies operating within eurozone nations.

S&P 500 Index—This Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks.

KBW Bank Index—This Index is an economic index consisting of the stocks of 24 banking companies.

EURO STOXX Banks Index—This Index offers exposure to the eurozone Banks sector as defined by the Industry Classification Benchmark. It is a sub index of the EURO STOXX Index.

Standard & Poor’s Goldman Sachs Excess Return Index—This Index measures the returns accrued from investing in uncollateralized nearby commodity futures.

JP Morgan Corporate Emerging Markets Bond Index—Broad Diversified (CEMBI GD)—This index is a market capitalization weighted index consisting of US-denominated Emerging Market corporate bonds. It is a liquid global corporate benchmark representing Asia, Latin America, Europe and the Middle East/Africa.

JP Morgan Emerging Markets Bond Index—Global Diversified (EMBI GD)—This index tracks total returns for US dollar denominated debt instruments issued by emerging market sovereign entities, including Brady bonds, loans and Eurobonds, and quasi-sovereign entities.

Barclay’s Capital U.S. Aggregate Bond Index—This index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the US investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis.

Semi-Annual Report September 30, 2011 7

President’s Letter  (Cont.)

Standard & Poor’s/Goldman Sachs Commodity Total Return Index (GSCI)—This is a composite index of commodity sector returns which represents a broadly diversified, unleveraged, long-only position in commodity futures. This index’s components qualify for inclusion in the index based on liquidity measures and are weighted in relation to their global production levels, making the index a valuable economic indicator and commodities market benchmark.

A direct investment cannot be made in an index. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses applicable to mutual fund investments.

A basis point (bps) equals 0.01%.

Duration is a commonly used measure of the potential volatility of the price of a debt security, or the aggregate market value of a portfolio of debt securities, prior to maturity. Securities with a longer duration generally have more volatile prices than securities of comparable quality with a shorter duration.

Correlation is a statistical measure of how two securities move in relation to each other.

The DoubleLine Funds are distributed by Quasar Distributors, LLC.

DoubleLine^® is a registered trademark of DoubleLine Capital LP.

This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to a Fund and market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein.

DoubleLine has no obligation to provide revised assessments in the event of changed circumstances. While we have gathered this information from sources believed to be reliable, DoubleLine cannot guarantee the accuracy of the information provided. Securities discussed are not recommendations and are presented as examples of issue selection or portfolio management processes. They have been picked for comparison or illustration purposes only. No security presented within is either offered for sale or purchase. DoubleLine reserves the right to change its investment perspective and outlook without notice as market conditions dictate or as additional information becomes available.

Investment strategies may not achieve the desired results due to implementation lag, other timing factors, portfolio management decision-making, economic or market conditions or other unanticipated factors. The views and forecasts expressed in this material are as of the date indicated, are subject to change without notice, may not come to pass and do not represent a recommendation or offer of any particular security, strategy, or investment. Past performance is no guarantee of future results.

8 DoubleLine Funds

Schedule of Investments  DoubleLine Total Return Bond Fund (Unaudited) September 30, 2011

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS 38.6%
		Adjustable Rate Mortgage Trust,
$	6,200,000	Series 2005-2-6M2		1.21%	#		06/25/2035		2,883,623
	7,178,253	Series 2007-3-1A1		3.53%	#^		11/25/2037		3,043,457
		Aegis Asset Backed Securities Trust,
	704,295	Series 2003-2-M2		2.78%	#		11/25/2033		485,975
	7,400,180	Series 2004-1-M2		2.26%	#		04/25/2034		5,141,308
	1,087,415	Series 2004-2-M2		1.53%	#		06/25/2034		544,941
		American Home Mortgage Investment Trust,
	8,529,226	Series 2005-1-7A2		2.54%	#		06/25/2045		6,172,601
	3,215,585	Series 2006-2-3A4		6.60%	#		06/25/2036		1,898,980
	14,902,472	Series 2007-A-13A1		6.10%	#^		01/25/2037		8,954,799
		Argent Securities, Inc.,
	780,768	Series 2004-W6-M1		0.78%	#		05/25/2034		584,465
		Asset Backed Securities Corporation,
	8,773,131	Series 2003-HE6-M1		1.21%	#		11/25/2033		6,728,325
	2,221,262	Series 2004-HE3-M2		1.35%	#		06/25/2034		1,544,472
		Banc of America Alternative Loan Trust,
	10,435,392	Series 2005-10-4A1		5.75%			11/25/2035		8,995,589
	8,594,693	Series 2005-5-2CB1		6.00%			06/25/2035		6,319,351
	15,106,263	Series 2005-6-2CB2		6.00%			07/25/2035		12,898,830
	5,935,132	Series 2005-6-4CB1		6.50%			07/25/2035		4,884,376
	5,754,813	Series 2005-8-2CB1		6.00%			09/25/2035		4,328,831
	4,945,660	Series 2006-5-CB14		6.00%	#		06/25/2046		3,449,558
	8,141,626	Series 2006-6-CB3		6.00%			06/25/2046		6,390,435
	13,981,404	Series 2006-8-1A1		6.27%	# I/F I/O		11/25/2036		2,717,484
	4,753,677	Series 2006-8-1A2		0.68%	#		11/25/2036		2,614,254
	21,287,884	Series 2006-9-1CB1		6.00%			01/25/2037		14,738,443
	3,628,374	Series 2007-2-2A1		6.00%			06/25/2037		2,476,267
		Banc of America Commercial Mortgage, Inc.,
	5,303,000	Series 2002-2-G		5.85%	^		07/11/2043		5,214,594
	134,979,650	Series 2004-6-XP		0.60%	# I/O		12/10/2042		124,721
	265,526,524	Series 2005-4-XP		0.35%	# I/O		07/10/2045		637,795
	270,005,033	Series 2006-1-XP		0.34%	# I/O		09/10/2045		826,215
	112,417,817	Series 2006-4-XP		0.61%	# I/O		07/10/2046		932,618
	351,332,401	Series 2007-5-XW		0.59%	#^ I/O		02/10/2051		5,773,797
		Banc of America Funding Corporation,
	482,025	Series 2005-6-2A9		5.50%			10/25/2035		479,057
	28,272,611	Series 2006-2-3A1		6.00%			03/25/2036		28,258,588
	990,926	Series 2006-2-4A1		22.14%	# I/F		03/25/2036		1,300,184
	4,316,605	Series 2006-2-6A2		5.50%			03/25/2036		3,938,902
	10,496,826	Series 2006-3-6A1		6.32%	#		03/25/2036		10,766,884
	5,320,697	Series 2006-7-T2A5		6.04%	#		10/25/2036		3,365,809
	5,448,640	Series 2006-7-T2A8		5.91%	#		10/25/2036		3,422,313
	5,047,925	Series 2006-8T2-A8		6.10%	#		10/25/2036		3,331,325
	2,734,694	Series 2006-B-7A1		5.65%	#		03/20/2036		2,087,277
	2,922,348	Series 2006-G-2A1		0.45%	#		07/20/2036		2,260,314
	1,515,921	Series 2006-H-3A1		5.99%	#		09/20/2046		1,201,302
	3,340,229	Series 2007-1-TA10		5.84%	#		01/25/2037		2,163,243
	4,752,632	Series 2007-3-TA1B		5.83%	#		04/25/2037		3,265,476
	6,205,508	Series 2007-5-1A1		5.50%			07/25/2037		4,811,515
	6,658,071	Series 2009-R14-3A		16.06%	#^ I/F		06/26/2035		7,844,964
	6,107,936	Series 2009-R15A-4A2		5.75%	^		12/26/2036		4,458,793
	5,042,476	Series 2010-R1-3A		13.92%	#^ I/F		07/26/2036		4,538,229
		Banc of America Large Loan,
	2,478,147	Series 2006-BIX1-C		0.41%	#^		10/15/2019		2,475,015
		Banc of America Mortgage Securities,
	5,633,231	Series 2004-K-4A1		5.25%	#		12/25/2034		5,152,328
	22,227,389	Series 2006-1-A9		6.00%			05/25/2036		19,624,384
	8,000,000	Series 2007-1-2A5		5.75%			01/25/2037		7,660,952
		BCAP LLC Trust,
	9,016,727	Series 2007-AA2-2A7		6.00%			04/25/2037		6,251,933
	9,761,842	Series 2007-AA2-2A8		5.75%			04/25/2037		6,647,668
	18,000,000	Series 2008-RR3-A1B		6.62%	#		10/25/2036		14,272,623
	14,058,764	Series 2010-RR12-3A15		7.51%	#^		08/26/2037		13,004,357
	3,350,000	Series 2010-RR5-2A3		5.50%	#^		04/26/2037		3,065,250
		BCRR Trust,
	10,500,000	Series 2010-LEAF-32A		4.23%	^		12/22/2032		10,492,634
		Bear Stearns Adjustable Rate Mortgage Trust,
	24,403,685	Series 2006-4-4A1		5.74%	#		10/25/2046		19,128,230

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Bear Stearns Alt-A Trust,
$	32,908,306	Series 2006-6-2A1		5.06%	#		11/25/2036		18,569,844
		Bear Stearns Asset Backed Securities Trust,
	51,062,048	Series 2005-AC2-1A		5.25%	#		04/25/2035		46,341,668
	16,615,927	Series 2005-AC2-2A1		5.25%	#		04/25/2035		15,132,706
	6,587,763	Series 2006-AC1-1A1		5.75%	#		02/25/2036		4,691,726
	3,634,392	Series 2007-SD1-1A2A		6.00%			10/25/2036		2,556,375
	1,911,360	Series 2007-SD1-1A3A		6.50%			10/25/2036		1,412,949
	11,642,881	Series 2007-SD1-23A1		5.49%	#		10/25/2036		8,182,332
		Bear Stearns Commercial Mortgage Securities, Inc.,
	327,586	Series 2000-WF1-F		8.18%	#		02/15/2032		327,182
	4,000,000	Series 2001-TOP2-C		6.83%	#		02/15/2035		3,985,864
	1,500,000	Series 2002-TOP8-A2		4.83%			08/15/2038		1,530,047
	10,000,000	Series 2004-BA5A-G		0.93%	#^		09/15/2019		9,920,400
	11,000,000	Series 2004-BA5A-H		1.18%	#^		09/15/2019		10,885,650
	42,492,952	Series 2004-PWR5-X2		1.03%	# I/O		07/11/2042		357,706
	110,784,572	Series 2004-PWR6-X2		0.80%	# I/O		11/11/2041		881,956
	92,744,349	Series 2004-T16-X2		0.94%	# I/O		02/13/2046		841,099
	750,000	Series 2005-PW10-AM		5.45%	#		12/11/2040		717,522
	21,647,397	Series 2005-PWR7-X2		0.36%	# I/O		02/11/2041		79,359
	10,000,000	Series 2007-PW17-AM		5.92%	#		06/11/2050		9,182,115
	12,815,000	Series 2007-PW17-AMFL		0.92%	#^		06/11/2050		9,098,221
		Capital Trust,
	11,151,466	Series 2005-3A-A2		5.16%	^		06/25/2035		11,151,466
		CD Commercial Mortgage Trust,
	4,796,103	Series 2005-CD1-A2FL		0.35%	#		07/15/2044		4,738,149
	7,990,919	Series 2006-CD2-AAB		5.56%	#		01/15/2046		8,260,221
	3,650,000	Series 2007-CD4-ASB		5.28%			12/11/2049		3,819,471
		Centex Home Equity,
	2,750,000	Series 2004-A-AF5		4.93%	#		01/25/2034		2,728,635
		Chase Funding Mortgage Loan,
	4,088,871	Series 2003-4-2M1		1.13%	#		03/25/2033		2,329,450
		Chase Mortgage Finance Corporation,
	10,000,000	Series 2007-S3-1A5		6.00%			05/25/2037		8,147,065
	6,235,163	Series 2007-S3-2A1		5.50%			05/25/2037		6,058,378
	12,518,584	Series 2007-S5-1A18		6.00%			07/25/2037		10,209,237
		Chaseflex Trust,
	2,406,557	Series 2006-1-2A2		5.94%	#		06/25/2036		2,350,771
	8,751,610	Series 2006-1-A5		6.16%	#		06/25/2036		8,079,539
	14,094,745	Series 2006-2-A2B		0.43%	#		09/25/2036		9,763,980
	11,271,491	Series 2007-1-1A1		6.50%			02/25/2037		7,002,092
	22,500,000	Series 2007-M1-2F4		6.35%	#		08/25/2037		17,226,326
		Citi Mortgage Alternative Loan Trust,
	13,855,071	Series 2006-A2-A2		6.00%			05/25/2036		9,438,462
	9,468,519	Series 2006-A5-3A3		6.00%			10/25/2036		6,287,693
	14,743,875	Series 2007-A1-1A5		6.00%			01/25/2037		10,130,509
	7,188,615	Series 2007-A1-1A7		6.00%			01/25/2037		4,939,293
	18,392,993	Series 2007-A1-1A9		5.17%	# I/F I/O		01/25/2037		2,758,291
	16,427,252	Series 2007-A3-1A1		6.00%	#		03/25/2037		11,328,044
	37,382,192	Series 2007-A3-1A3		5.17%	# I/F I/O		03/25/2037		5,665,133
	14,815,675	Series 2007-A3-1A4		5.75%			03/25/2037		10,138,574
	3,906,842	Series 2007-A5-1A11		6.00%			05/25/2037		2,706,097
	2,055,779	Series 2007-A8-A1		6.00%			10/25/2037		1,599,728
		Citicorp Mortgage Securities, Inc.,
	34,431,293	Series 2005-1-1A4		5.50%			02/25/2035		34,125,474
		Citicorp Residential Mortgage Securities, Inc.,
	6,594,000	Series 2006-2-A5		6.04%	#		09/25/2036		5,410,825
		Citigroup Commercial Mortgage Trust,
	135,172,231	Series 2004-C2-XP		1.10%	#^ I/O		10/15/2041		231,685
	9,304,881	Series 2006-C4-ASB		5.92%	#		03/15/2049		9,764,947
	5,275,222	Series 2006-C5-AMP3		5.68%	#^		10/15/2049		4,922,668
	7,000,000	Series 2009-RR1-CA4B		5.32%	#^		12/17/2049		6,497,897
		Citigroup Mortgage Loan Trust, Inc.,
	6,314,723	Series 2005-5-2A2		5.75%			08/25/2035		5,031,218
	2,920,764	Series 2005-9-21A1		5.50%			11/25/2035		2,304,598
	7,747,813	Series 2006-FX1-A6		5.85%	#		10/25/2036		4,931,808
	3,825,000	Series 2006-WF1-A2D		5.92%	#		03/25/2036		2,196,581
	21,282,978	Series 2006-WF2-A2D		6.16%	#		05/25/2036		11,472,047
	2,216,483	Series 2007-12-2A1		6.50%	^		10/25/2036		1,510,442

See Accompanying Notes Semi-Annual Report September 30, 2011 9

Schedule of Investments  DoubleLine Total Return Bond Fund(Contd.)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Citigroup Mortgage Loan Trust, Inc., (Cont.)
$	2,771,127	Series 2007-2-2A		6.00%			11/25/2036		2,628,720
	2,973,065	Series 2007-9-2A2		6.50%	^		05/25/2037		1,516,263
	20,000,000	Series 2008-AR4-1A1B		5.20%	#^		11/25/2038		12,400,000
	4,679,389	Series 2010-2-5A1		5.50%	#^		12/25/2035		4,781,816
	205,000,000	Series 2010-8-5A4		12.10%	#^		11/25/2036		157,747,499
	36,000,000	Series 2010-8-6A4		10.09%	#^		12/25/2036		26,820,000
		Commercial Mortgage Acceptance Corporation,
	9,875,137	Series 1998-C2-F		5.44%	#^		09/15/2030		10,190,411
		Commercial Mortgage Pass-Through Certificates,
	2,500,000	Series 2006-CN2A-A2FX		5.45%	^		02/05/2019		2,485,533
	1,499,414	Series 2007-C9-A2		5.81%	#		12/10/2049		1,510,776
		Countrywide Alternative Loan Trust,
	14,953,899	Series 2005-20CB-2A1		0.73%	#		07/25/2035		9,761,756
	30,530,877	Series 2005-20CB-2A2		4.77%	# I/F I/O		07/25/2035		4,352,668
	5,292,130	Series 2005-20CB-4A1		5.25%			07/25/2020		4,745,214
	10,687,216	Series 2005-26CB-A11		12.62%	# I/F		07/25/2035		11,339,451
	15,435,981	Series 2005-28CB-1A2		0.98%	#		08/25/2035		10,751,092
	3,561,627	Series 2005-28CB-3A6		6.00%			08/25/2035		2,490,334
	1,967,256	Series 2005-60T1-A7		34.21%	# I/F		12/25/2035		3,223,058
	2,828,323	Series 2005-64CB-1A14		5.50%			12/25/2035		2,209,108
	7,513,665	Series 2005-73CB-1A5		1.03%	#		01/25/2036		4,904,992
	18,902,828	Series 2005-73CB-1A6		4.47%	# I/F I/O		01/25/2036		2,209,924
	4,131,725	Series 2005-79CB-A5		5.50%			01/25/2036		2,742,922
	8,871,659	Series 2005-85CB-2A6		20.77%	# I/F		02/25/2036		11,268,978
	5,665,171	Series 2005-86CB-A5		5.50%			02/25/2036		3,754,408
	12,099,886	Series 2005-J10-1A11		5.50%			10/25/2035		9,730,722
	3,110,041	Series 2005-J10-1A13		0.93%	#		10/25/2035		1,916,979
	1,917,025	Series 2005-J10-1A15		5.50%			10/25/2035		1,758,234
	5,484,900	Series 2005-J11-1A3		5.50%			11/25/2035		4,979,803
	3,683,449	Series 2005-J11-6A1		6.50%			09/25/2032		3,538,645
	5,417,423	Series 2005-J13-2A5		0.71%	#		11/25/2035		3,552,545
	10,834,845	Series 2005-J13-2A6		4.79%	# I/F I/O		11/25/2035		1,584,464
	4,560,362	Series 2005-J2-1A5		0.73%	#		04/25/2035		3,148,921
	14,031,883	Series 2005-J2-1A6		4.77%	# I/F I/O		04/25/2035		1,906,661
	11,310,874	Series 2006-12CB-A3		5.75%	#		05/25/2036		6,550,619
	5,337,364	Series 2006-15CB-A1		6.50%			06/25/2036		2,931,822
	4,341,720	Series 2006-18CB-A12		0.83%	#		07/25/2036		2,172,977
	4,341,720	Series 2006-18CB-A13		5.27%	# I/F I/O		07/25/2036		684,148
	4,078,441	Series 2006-19CB-A15		6.00%			08/25/2036		3,291,735
	6,713,875	Series 2006-24CB-A11		5.75%			06/25/2036		4,511,882
	18,260,646	Series 2006-24CB-A14		6.92%	# I/F I/O		06/25/2036		3,783,683
	15,757,293	Series 2006-24CB-A22		6.00%			06/25/2036		10,780,691
	16,912,310	Series 2006-24CB-A5		0.83%	#		06/25/2036		9,320,839
	6,434,408	Series 2006-26CB-A17		6.25%			09/25/2036		3,823,608
	7,858,654	Series 2006-26CB-A9		6.50%			09/25/2036		5,221,023
	17,921,523	Series 2006-29T1-1A2		6.25%			10/25/2036		12,879,867
	2,286,682	Series 2006-29T1-2A12		44.63%	# I/F		10/25/2036		4,081,742
	1,400,641	Series 2006-29T1-2A23		32.35%	# I/F		10/25/2036		2,248,641
	15,359,877	Series 2006-30T1-1A2		6.25%			11/25/2036		11,484,188
	9,713,077	Series 2006-32CB-A1		0.90%	#		11/25/2036		5,119,991
	16,201,412	Series 2006-32CB-A2		5.10%	# I/F I/O		11/25/2036		2,821,641
	6,464,598	Series 2006-36T2-2A1		6.25%			12/25/2036		4,126,150
	5,731,099	Series 2006-39CB-1A10		6.00%			01/25/2037		3,692,647
	28,022,177	Series 2006-39CB-2A2		6.32%	# I/F I/O		01/25/2037		4,472,076
	9,542,874	Series 2006-39CB-2A4		0.68%	#		01/25/2037		2,163,751
	10,094,433	Series 2006-40T1-1A11		6.00%			01/25/2037		6,827,698
	15,235,761	Series 2006-40T1-1A4		5.22%	# I/F I/O		01/25/2037		2,475,767
	10,902,769	Series 2006-45T1-1A4		0.83%	#		02/25/2037		5,233,329
	10,902,769	Series 2006-45T1-1A5		5.17%	# I/F I/O		02/25/2037		1,833,726
	4,814,722	Series 2006-6CB-1A4		5.50%			05/25/2036		3,485,833
	30,657,053	Series 2006-J1-1A3		5.50%			02/25/2036		21,975,160
	4,802,366	Series 2006-J4-2A2		6.00%			07/25/2036		3,152,244
	2,866,877	Series 2007-11T1-A24		38.49%	# I/F		05/25/2037		4,792,552
	29,603,243	Series 2007-17CB-1A10		28.82%	# I/F		08/25/2037		47,456,687
	4,886,156	Series 2007-18CB-2A25		6.00%			08/25/2037		3,416,439
	2,697,920	Series 2007-19-1A10		37.59%	# I/F		08/25/2037		4,545,421
	63,879,476	Series 2007-19-2A1		6.50%			08/25/2037		36,005,794
	14,045,927	Series 2007-21CB-2A2		27.46%	# I/F		09/25/2037		21,185,750
	24,641,450	Series 2007-4CB-2A1		7.00%			03/25/2037		9,571,897
	1,242,532	Series 2007-8CB-A12		38.79%	# I/F		05/25/2037		2,189,916
	1,326,384	Series 2007-8CB-A8		38.67%	# I/F		05/25/2037		2,313,124
	1,836,710	Series 2007-9T1-1A4		0.73%	#		05/25/2037		869,933
	1,836,710	Series 2007-9T1-1A5		5.27%	# I/F I/O		05/25/2037		280,426
	5,108,667	Series 2007-9T1-2A1		6.00%			05/25/2037		3,257,074
	6,919,892	Series 2007-9T1-3A1		5.50%			05/25/2022		5,578,800

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Countrywide Asset-Backed Certificates,
$	3,997,384	Series 2005-13-AF3		5.43%	#		04/25/2036		3,136,681
		Countrywide Home Loans,
	11,938,335	Series 2002-32-2A6		5.00%			01/25/2018		12,286,021
	49,065,053	Series 2005-23-A1		5.50%			11/25/2035		43,483,903
	4,218,329	Series 2005-27-2A1		5.50%			12/25/2035		3,746,220
	7,305,450	Series 2005-28-A7		5.25%			01/25/2019		6,209,103
	5,696,519	Series 2005-HYB8-1A1		2.60%	#		12/20/2035		4,114,994
	9,700,000	Series 2005-J4-A5		5.50%			11/25/2035		8,806,208
	3,394,089	Series 2005-R1-1AF1		0.59%	#^		03/25/2035		2,769,595
	3,440,262	Series 2005-R1-1AS		5.71%	#^ I/O		03/25/2035		547,510
	3,000,000	Series 2007-15-1A16		6.25%			09/25/2037		2,529,494
	3,783,457	Series 2007-18-1A1		6.00%			11/25/2037		3,384,482
	15,767,248	Series 2007-7-A2		5.75%			06/25/2037		13,571,674
	7,000,000	Series 2007-9-A11		5.75%			07/25/2037		5,973,937
	3,542,264	Series 2007-J3-A1		0.73%	#		07/25/2037		2,448,184
	17,711,318	Series 2007-J3-A2		5.27%	# I/F I/O		07/25/2037		2,620,664
		Credit Suisse First Boston Mortgage Backed Trust,
	7,682,619	Series 2006-3-A4B		6.11%	#		11/25/2036		4,120,346
	5,691,050	Series 2006-4-A6A		5.68%	#		12/25/2036		3,330,787
	17,835,315	Series 2007-1-1A1A		5.90%	#		05/25/2037		9,750,014
		Credit Suisse First Boston Mortgage Securities Corporation,
	7,887,000	Series 2001-CF2-F		6.56%	^		02/15/2034		7,861,529
	1,235,000	Series 2001-CF2-G		6.93%	^		02/15/2034		1,230,612
	384,089	Series 2001-CK3-E		7.29%	#^		06/15/2034		383,432
	740,869	Series 2002-34-CB2		5.86%	#		01/25/2033		674,482
	1,817,789	Series 2002-CKN2-A3		6.13%			04/15/2037		1,834,012
	5,100,000	Series 2003-CPN1-A2		4.60%			03/15/2035		5,222,668
	567,809	Series 2004-AR8-2A1		2.65%	#		09/25/2034		538,936
	6,990,248	Series 2005-10-5A4		5.50%			11/25/2035		5,174,985
	2,113,377	Series 2005-10-5A5		5.50%			11/25/2035		1,595,085
	16,711,292	Series 2005-12-7A1		7.00%			01/25/2036		7,560,514
	4,158,724	Series 2005-5-2A11		5.00%			07/25/2035		4,163,606
	336,816,143	Series 2005-C1-ASP		0.49%	#^ I/O		02/15/2038		565,851
	197,168,344	Series 2005-C2-ASP		0.70%	#^ I/O		04/15/2037		686,146
	10,810,255	Series 2005-C4-A3		5.12%	#		08/15/2038		10,937,687
	57,164,307	Series 2005-C4-ASP		0.40%	#^ I/O		08/15/2038		141,882
		Credit Suisse Mortgage Capital Certificates,
	9,076,902	Series 2005-1R-2A5		5.75%	^		12/26/2035		7,362,888
	39,164,764	Series 2006-1-2A1		6.00%			02/25/2036		27,152,148
	6,780,278	Series 2006-2-3A1		6.50%			03/25/2036		4,410,378
	7,821,749	Series 2006-2-5A1		0.93%	#		03/25/2036		4,172,054
	43,719,979	Series 2006-2-5A2		5.07%	# I/F I/O		03/25/2036		6,685,843
	24,646,672	Series 2006-2-5A4		6.00%			03/25/2036		15,558,212
	10,253,081	Series 2006-4-1A8		6.00%	#		05/25/2036		6,511,496
	34,758,051	Series 2006-4-4A1		7.00%			05/25/2036		14,965,896
	29,249,883	Series 2006-6-1A4		6.00%			07/25/2036		17,613,665
	17,865,543	Series 2006-6-3A1		7.00%			07/25/2036		6,955,887
	1,268,254	Series 2006-7-3A11		6.00%			08/25/2036		1,008,546
	3,499,787	Series 2006-9-2A1		5.50%			11/25/2036		3,058,620
	11,800,307	Series 2006-9-4A1		6.00%			11/25/2036		10,605,059
	5,425,872	Series 2006-9-6A15		38.49%	# I/F		11/25/2036		8,867,667
	5,963,456	Series 2006-TF2A-SVA1		0.46%	#^		10/15/2021		5,608,217
	15,948,434	Series 2007-1-1A4		6.13%	#		02/25/2037		8,515,180
	41,340,738	Series 2007-1-3A1		6.00%			02/25/2022		31,511,853
	6,889,665	Series 2007-2-2A1		5.00%			03/25/2037		6,636,115
	11,398,958	Series 2007-5-2A5		5.00%			08/25/2037		10,491,054
	1,461,744,416	Series 2007-C1-ASP		0.60%	# I/O		02/15/2040		13,285,795
	5,125,847	Series 2009-1R-4A2		4.86%	#^		07/20/2035		3,242,098
		Credit-Based Asset Servicing and Securitization,
	1,351,912	Series 2005-CB6-A4		5.16%	#		07/25/2035		1,225,338
	9,750,000	Series 2007-MX1-A3		5.83%	#^		12/25/2036		7,491,778
		Deutsche ALT-A Securities, Inc. Mortgage Loan Trust,
	40,759,000	Series 2005-4-A5		5.50%	#		09/25/2035		30,122,409
	3,626,687	Series 2005-5-1A6		34.21%	# I/F		11/25/2035		5,399,028
	3,453,505	Series 2005-5-2A1		0.43%	#		11/25/2035		1,978,898
	10,423,054	Series 2005-5-2A2		5.07%	# I/F I/O		11/25/2035		1,535,139
	2,500,000	Series 2006-AB2-A2		6.16%	#		06/25/2036		1,461,805
	5,250,629	Series 2006-AB4-A1A		6.01%	#		10/25/2036		2,914,060
	5,223,216	Series 2006-AB4-A3		5.90%	#		10/25/2036		2,874,542
	7,724,578	Series 2006-AB4-A3A1		5.90%	#		10/25/2036		4,251,179
	2,571,316	Series 2006-AB4-A6A1		5.87%	#		10/25/2036		1,450,518
	30,388,344	Series 2006-AF1-A3		0.41%	#		04/25/2036		24,622,687
	8,912,869	Series 2007-1-1A2		0.39%	#		08/25/2037		8,207,772

10 DoubleLine Funds See Accompanying Notes

(Unaudited)

September 30, 2011

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Deutsche Mortgage Securities, Inc.,
$	21,485,341	Series 2006-PR1-4A12		14.17%	#^ I/F		04/15/2036		24,291,863
	13,099,670	Series 2006-PR1-4AI1		11.79%	#^ I/F		04/15/2036		14,090,332
	997,410	Series 2006-PR1-5AI1		18.66%	#^ I/F		04/15/2036		1,189,129
	8,607,529	Series 2006-PR1-5AI3		12.25%	#^ I/F		04/15/2036		8,916,797
	142,471,248	Series 2006-PR1-5AI4		11.80%	#^ I/F		04/15/2036		150,351,759
		DLJ Commercial Mortgage Corporation,
	1,408,253	Series 1998-CF1-B4		7.60%	#^		02/15/2031		1,430,143
	4,000,000	Series 2000-CKP1-B1		7.95%	#		11/10/2033		3,995,388
		Ellington Loan Acquisition Trust,
	3,422,520	Series 2007-1-A2A2		1.03%	#^		05/27/2037		3,078,519
		Extended Stay American Trust,
	287,549,070	Series 2010-ESHA-XA1		3.13%	#^ I/O		01/05/2013		10,556,789
	102,500,000	Series 2010-ESHA-XB1		1.17%	#^ I/O		01/05/2016		1,475,078
		First Horizon Alternative Mortgage Securities,
	4,815,892	Series 2005-FA8-2A1		5.00%			11/25/2020		4,527,326
	1,151,933	Series 2006-FA1-1A6		0.98%	#		04/25/2036		911,494
	6,939,552	Series 2006-FA2-1A5		6.00%			05/25/2036		5,083,166
	2,013,381	Series 2006-FA7-A8		6.25%			12/25/2036		1,456,388
	23,971,970	Series 2006-RE1-A1		5.50%			05/25/2035		20,738,391
	2,778,196	Series 2007-FA3-A4		6.00%			06/25/2037		1,706,004
	2,976,218	Series 2007-FA4-1A13		6.25%			08/25/2037		1,949,964
	4,316,952	Series 2007-FA4-1A5		6.25%			08/25/2037		2,828,344
		First Horizon Mortgage Pass-Through Trust,
	88,617	Series 2005-2-1A6		22.96%	# I/F		05/25/2035		91,151
	1,012,736	Series 2005-6-1A1		5.50%			11/25/2035		1,000,480
		First Union Commercial Mortgage Securities, Inc.,
	8,000,000	Series 2000-C2-G		8.69%	#		10/15/2032		7,977,820
	1,500,000	Series 2001-C1-F		6.84%			03/15/2033		1,503,892
	2,500,000	Series 2001-C4-H		7.04%	#^		12/12/2033		2,497,590
	3,988,000	Series 2001-C4-K		6.00%	^		12/12/2033		3,968,572
		GMAC Commercial Mortgage Securities, Inc.,
	9,243,362	Series 2001-C1-D		7.03%	#		04/15/2034		9,192,265
	238,309	Series 2003-C3-A3		4.65%			04/10/2040		241,054
	5,961,977	Series 2004-C3-A4		4.55%			12/10/2041		5,990,711
	99,757,250	Series 2004-C3-X2		0.76%	# I/O		12/10/2041		124,497
		GMAC Mortgage Corporation Loan Trust,
	2,322,591	Series 2004-J2-A6		16.31%	# I/F		06/25/2034		2,479,797
		Greenwich Capital Commercial Funding Corporation,
	7,936,000	Series 2004-FL2A-D		0.54%	#^		11/05/2019		7,775,074
	6,500,000	Series 2004-FL2A-G		0.71%	#^		11/05/2019		6,172,589
		GS Mortgage Securities Corporation,
	3,106,224	Series 2008-2R-1A1		7.50%	#^		09/25/2036		2,453,917
		GS Mortgage Securities Corporation II,
	226,267,001	Series 2006-GG6-XC		0.14%	#^ I/O		04/10/2038		395,967
	36,506,513	Series 2011-GC3-X		1.34%	#^ I/O		03/10/2044		2,166,260
		GSAA Home Equity Trust,
	2,113,958	Series 2005-12-AF3		5.07%	#		09/25/2035		1,968,390
	9,499,666	Series 2005-7-AF2		4.48%	#		05/25/2035		9,103,886
	45,361,000	Series 2005-7-AF3		4.75%	#		05/25/2035		36,302,885
	16,191,976	Series 2006-10-AF3		5.98%	#		06/25/2036		9,050,124
	11,588,875	Series 2006-10-AF4		6.30%	#		06/25/2036		6,478,413
	22,981,565	Series 2006-15-AF4		5.96%	#		09/25/2036		12,752,631
	3,740,640	Series 2006-18-AF3A		5.77%	#		11/25/2036		2,390,587
	7,721,546	Series 2006-18-AF6		5.68%	#		11/25/2036		4,281,323
	3,709,863	Series 2006-4-4A1		0.33%	#		03/25/2036		3,428,077
	16,834,829	Series 2007-10-A1A		6.00%			11/25/2037		14,369,982
	7,938,906	Series 2007-10-A2A		6.50%			11/25/2037		5,616,696
		GSMPS Mortgage Loan Trust,
	28,233,769	Series 2005-RP2-1AF		0.58%	#^		03/25/2035		22,922,094
	28,233,769	Series 2005-RP2-1AS		5.36%	#^ I/O		03/25/2035		4,239,828
	15,418,355	Series 2005-RP3-1AF		0.58%	#^		09/25/2035		12,482,507
	15,418,355	Series 2005-RP3-1AS		5.20%	#^ I/O		09/25/2035		2,838,559
		GSR Mortgage Loan Trust,
	12,540,279	Series 2005-1F-3A3		6.00%			01/25/2035		12,304,541
	1,042,630	Series 2005-6F-3A16		5.50%			07/25/2035		1,040,199
	2,688,337	Series 2005-6F-3A5		6.00%			07/25/2035		2,670,395
	32,575,676	Series 2005-6F-3A9		6.67%	# I/F I/O		07/25/2035		6,501,567

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		GSR Mortgage Loan Trust, (Cont.)
$	3,364,341	Series 2005-6F-4A1		0.73%	#		07/25/2035		2,856,426
	3,371,735	Series 2005-7F-3A1		0.73%	#		09/25/2035		2,861,111
	9,662,940	Series 2005-8F-4A1		6.00%			11/25/2035		7,981,516
	18,632,308	Series 2006-1F-1A2		5.50%			02/25/2036		18,536,958
	4,163,461	Series 2006-2F-2A3		5.75%			02/25/2036		3,548,016
	1,166,654	Series 2006-9F-8A1		5.50%			08/25/2021		1,086,907
		Gulf Stream Compass Ltd.,
	1,425,488	Series 2002-1A-A		0.93%	#^		12/19/2014		1,400,542
		Harborview Mortgage Loan Trust,
	6,768,111	Series 2005-14-3A1A		2.82%	#		12/19/2035		4,583,074
		Home Equity Asset Trust,
	2,905,958	Series 2003-3-M1		1.52%	#		08/25/2033		2,197,978
	5,830,005	Series 2004-7-M2		1.22%	#		01/25/2035		4,936,982
		Homebanc Mortgage Trust,
	3,816,063	Series 2005-1-M2		0.72%	#		03/25/2035		2,418,636
	8,231,754	Series 2006-1-3A1		5.70%	#		04/25/2037		6,373,769
		HSI Asset Loan Obligation,
	7,214,611	Series 2006-2-2A1		5.50%			12/25/2021		6,593,134
		IMPAC Trust,
	2,762,144	Series 2002-9F-A1		5.22%	#		12/25/2032		2,796,152
		Indymac Mortgage Loan Trust,
	1,489,070	Series 2007-F2-1A2		6.00%			07/25/2037		1,141,119
	42,365,696	Series 2007-F2-2A1		6.50%			07/25/2037		20,818,482
		Jefferies & Company Research Trust,
	13,182,514	Series 2010-R1-1A1		6.00%	#^		03/26/2037		13,884,127
	3,020,632	Series 2010-R6-1A2		6.00%	^		09/26/2037		3,017,510
		JP Morgan Alternative Loan Trust,
	15,680,832	Series 2005-S1-2A11		6.00%			12/25/2035		12,845,275
	10,271,536	Series 2005-S1-2A9		6.00%			12/25/2035		8,367,645
	557,015	Series 2006-A6-1A2		0.30%	#		11/25/2036		542,722
	10,072,939	Series 2006-S1-1A8		5.75%			03/25/2036		7,268,748
	6,500,000	Series 2006-S2-A4		6.19%	#		05/25/2036		3,319,696
	14,745,000	Series 2006-S4-A3A		5.78%	#		12/25/2036		12,605,464
		JP Morgan Chase Commercial Mortgage Securities Corporation,
	6,000,000	Series 2001-C1-F		7.07%	#^		10/12/2035		5,992,407
	5,000,000	Series 2001-CIB2-C		6.74%	#		04/15/2035		4,987,758
	4,819,689	Series 2001-CIBC-E		7.18%	#		03/15/2033		4,810,090
	10,000,000	Series 2001-CIBC-F		7.65%	#		03/15/2033		9,964,870
	1,125,000	Series 2004-C3-A4		4.66%			01/15/2042		1,131,199
	29,447,000	Series 2004-CBX-A5		4.65%			01/12/2037		29,969,331
	26,553,444	Series 2004-CBX-X1		0.42%	#^ I/O		01/12/2037		473,368
	268,446,470	Series 2005-LDP3-X2		0.30%	# I/O		08/15/2042		517,296
	131,365,298	Series 2005-LDP4-X1		0.15%	#^ I/O		10/15/2042		968,819
	317,841,349	Series 2006-CB14-X2		0.16%	# I/O		12/12/2044		370,921
	102,593,384	Series 2006-CB16-X2		0.70%	# I/O		05/12/2045		986,435
	10,000,000	Series 2007-C1-ASB		5.86%			02/15/2051		10,696,690
	191,221,897	Series 2007-CB18-X		0.43%	# I/O		06/12/2047		2,586,085
	5,000,000	Series 2011-CCHP-A		2.60%	#^		07/15/2028		4,929,170
	5,000,000	Series 2011-CCHP-B		3.50%	#^		07/15/2028		4,943,595
		JP Morgan Commercial Mortgage Finance Corporation,
	623,882	Series 1997-C5-F		7.56%			09/15/2029		638,919
		JP Morgan Mortgage Acquisition Corporation,
	16,000,000	Series 2006-CH2-AF3		5.46%	#		10/25/2036		8,507,416
	6,575,031	Series 2006-WF1-A5		6.41%	#		07/25/2036		3,466,504
		JP Morgan Mortgage Trust,
	840,806	Series 2003-A1-4A2		4.50%	#		10/25/2033		827,034
	6,091,659	Series 2005-S2-2A13		5.50%			09/25/2035		5,605,267
	6,385,011	Series 2006-S2-3A3		6.00%			07/25/2036		5,430,525
	23,824,048	Series 2006-S4-A8		0.61%	#		01/25/2037		15,226,401
	23,824,048	Series 2006-S4-A9		6.39%	# I/F I/O		01/25/2037		4,453,332
	8,279,425	Series 2007-A2-2A1		4.64%	#		04/25/2037		6,356,889
	4,000,000	Series 2007-S3-1A9		6.00%			08/25/2037		3,340,962
	21,881,883	Series 2007-S3-2A2		5.50%			08/25/2022		20,859,748
		JP Morgan Research Trust,
	27,546,803	Series 2010-1-1A4		6.00%	^		02/26/2037		14,030,096
	20,452,000	Series 2010-2-3A9		6.00%	^		07/26/2036		9,946,278
	10,865,888	Series 2010-8-2A3		4.50%	#^		11/26/2034		10,951,728

See Accompanying Notes Semi-Annual Report September 30, 2011 11

Schedule of Investments  DoubleLine Total Return Bond Fund(Contd.)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		LB-UBS Commercial Mortgage Trust,
$	54,376,003	Series 2005-C1-XCP		0.87%	# I/O		02/15/2040		124,032
	120,192,562	Series 2005-C2-XCP		0.47%	# I/O		04/15/2040		240,145
	53,494,286	Series 2005-C5-XCP		0.61%	# I/O		09/15/2040		233,931
	193,498,750	Series 2006-C7-XCL		0.38%	#^ I/O		11/15/2038		2,729,784
		Lehman Mortgage Trust,
	9,680,594	Series 2005-2-3A5		5.50%			12/25/2035		7,331,307
	3,359,080	Series 2005-3-2A3		5.50%			01/25/2036		3,105,243
	5,059,021	Series 2006-1-1A1		0.98%	#		02/25/2036		2,751,462
	15,177,062	Series 2006-1-1A2		4.52%	# I/F I/O		02/25/2036		2,205,359
	6,961,474	Series 2006-1-3A4		5.50%			02/25/2036		6,084,015
	11,806,685	Series 2006-4-1A3		5.17%	# I/F I/O		08/25/2036		1,865,775
	7,504,073	Series 2006-4-1A4		6.00%			08/25/2036		5,071,864
	15,642,819	Series 2006-5-2A1		0.58%	#		09/25/2036		5,914,925
	32,583,821	Series 2006-5-2A2		6.92%	# I/F I/O		09/25/2036		7,868,990
	30,677,430	Series 2006-6-3A9		5.50%			10/25/2036		19,497,853
	7,659,003	Series 2006-7-2A2		0.68%	#		11/25/2036		3,227,113
	22,556,502	Series 2006-7-2A5		6.32%	# I/F I/O		11/25/2036		4,819,652
	8,084,174	Series 2006-9-1A19		29.60%	# I/F		01/25/2037		12,151,343
	8,860,805	Series 2006-9-1A5		0.83%	#		01/25/2037		4,331,356
	26,422,580	Series 2006-9-1A6		4.92%	# I/F I/O		01/25/2037		3,634,296
	9,962,404	Series 2006-9-2A1		0.61%	#		01/25/2037		3,769,345
	22,622,501	Series 2006-9-2A2		6.39%	# I/F I/O		01/25/2037		3,943,392
	25,956,075	Series 2007-10-2A1		6.50%			01/25/2038		21,701,900
	7,213,667	Series 2007-2-1A1		5.75%			02/25/2037		5,114,270
	6,698,842	Series 2007-4-2A11		0.56%	#		05/25/2037		2,365,529
	22,513,481	Series 2007-4-2A8		6.44%	# I/F I/O		05/25/2037		5,570,549
	2,725,927	Series 2007-4-2A9		0.56%	#		05/25/2037		1,075,145
	35,033,014	Series 2007-5-11A1		6.04%	#		06/25/2037		22,002,397
	5,313,152	Series 2007-5-4A3		38.67%	# I/F		08/25/2036		9,234,033
	1,828,101	Series 2007-5-7A3		7.50%			10/25/2036		1,772,892
	1,888,692	Series 2007-6-1A8		6.00%			07/25/2037		1,471,032
		Lehman XS Trust,
	4,109,296	Series 2005-10-2A3B		5.55%	#		01/25/2036		3,046,564
	16,500,000	Series 2005-4-2A3A		5.00%	#		10/25/2035		10,634,696
	6,890,241	Series 2006-5-2A4A		5.89%	#		04/25/2036		5,854,538
		Marathon Financing B.V.,
	864,112	Series 2006-1A-A1		0.62%	#^		10/05/2026		854,348
		MASTR Adjustable Rate Mortgages Trust,
	8,345,139	Series 2005-2-2A1		2.38%	#		03/25/2035		4,776,320
		MASTR Alternative Loans Trust,
	4,234,060	Series 2005-2-3A1		6.00%			03/25/2035		4,251,557
	3,234,235	Series 2005-5-2A3		5.50%			07/25/2025		3,152,180
	11,554,771	Series 2005-6-1A5		5.50%			12/25/2035		9,235,509
	5,945,950	Series 2006-3-1A2		6.25%			07/25/2036		4,607,529
	15,000,000	Series 2007-1-1A5		5.75%			10/25/2036		12,425,993
	14,124,672	Series 2007-1-2A7		6.00%			10/25/2036		11,758,719
		MASTR Asset Backed Securities Trust,
	4,975,000	Series 2003-OPT1-M3		4.36%	#		12/25/2032		3,465,737
		MASTR Asset Securitization Trust,
	1,286,318	Series 2003-1-30B2		5.75%			02/25/2033		1,284,745
	1,615,505	Series 2007-1-1A1		5.50%			11/25/2037		1,431,138
	13,297,702	Series 2007-1-1A3		6.25%			11/25/2037		11,715,156
		MASTR Seasoned Securitization Trust,
	1,424,173	Series 2005-2-1A4		6.00%			10/25/2032		1,266,063
	4,298,289	Series 2005-2-2A1		0.63%	#		10/25/2032		3,673,999
		Merrill Lynch Mortgage Trust,
	340,566,884	Series 2004-BPC1-XP		0.93%	#^ I/O		10/12/2041		1,806,367
	354,656,792	Series 2005-MCP1-XP		0.83%	# I/O		06/12/2043		3,834,549
		ML-CFC Commercial Mortgage Trust,
	7,172,395	Series 2006-4-A2FL		0.35%	#		12/12/2049		7,090,236
		Morgan Stanley Capital, Inc.,
	1,485,000	Series 1999-LIFE-G		7.05%	#^		04/15/2033		1,480,128
	2,000,000	Series 2002-HQ-F		7.13%	#^		04/15/2034		2,016,558
	1,993,611	Series 2003-NC6-M2		3.16%	#		06/25/2033		1,699,382
	176,337,301	Series 2004-HQ4-X2		0.51%	#^ I/O		04/14/2040		711,697
	3,195,066	Series 2004-IQ8-A4		4.90%			06/15/2040		3,225,753
	4,482,794	Series 2005-IQ10-AAB		5.18%	#		09/15/2042		4,638,652
	184,920,380	Series 2005-IQ9-X2		1.21%	#^ I/O		07/15/2056		728,401
	1,359,167	Series 2005-RR6-A2FL		0.45%	#^		05/24/2043		1,277,617

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Morgan Stanley Capital, Inc., (Cont.)
$	9,066,176	Series 2007-HQ12-A2FL		0.48%	#		04/12/2049		8,585,868
	18,132,352	Series 2007-HQ12-A2FX		5.77%	#		04/12/2049		18,459,097
	562,871,074	Series 2007-IQ16-X2		0.38%	#^ I/O		12/12/2049		4,616,669
		Morgan Stanley Mortgage Loan Trust,
	5,307,387	Series 2005-10-1A1		0.93%	#		12/25/2035		3,628,831
	2,469,590	Series 2005-6AR-1A1		0.51%	#		11/25/2035		1,998,391
	8,155,901	Series 2006-11-1A6		6.23%	#		08/25/2036		3,892,110
	23,985,905	Series 2006-11-2A1		6.00%			08/25/2036		17,153,028
	12,415,016	Series 2006-17XS-A3A		5.65%	#		10/25/2046		7,433,659
	3,717,018	Series 2006-17XS-A6		5.58%	#		10/25/2046		1,897,853
	1,852,742	Series 2006-2-2A3		5.75%			02/25/2036		1,542,524
	6,557,811	Series 2006-7-4A4		6.00%			06/25/2036		4,886,736
	6,999,306	Series 2006-7-4A7		6.00%			06/25/2036		5,031,497
	9,108,670	Series 2007-13-6A1		6.00%			10/25/2037		6,408,892
	5,665,386	Series 2007-1XS-2A3		5.92%	#		09/25/2046		2,990,358
	4,293,235	Series 2007-1XS-2A4A		6.08%	#		09/25/2046		2,664,523
	3,701,463	Series 2007-3XS-1A2A		5.62%	#		01/25/2047		3,100,366
	12,906,110	Series 2007-3XS-2A3S		5.86%	#		01/25/2047		7,213,541
	7,548,857	Series 2007-3XS-2A4S		5.96%	#		01/25/2047		4,256,555
		Morgan Stanley Re-Remic Trust,
	6,757,312	Series 2010-R9-1A		4.00%	#^		08/26/2036		6,918,305
	8,965,188	Series 2010-R9-1B		7.54%	#^		08/26/2036		4,572,246
	11,150,198	Series 2011-R1-1A		5.94%	#^		02/26/2037		9,951,552
		Multi Security Asset Trust,
	6,230,495	Series 2005-RR4A-A3		5.00%	^		11/28/2035		6,105,886
		New York Mortgage Trust,
	2,151,903	Series 2005-2-A		0.56%	#		08/25/2035		1,906,584
		Nomura Asset Acceptance Corporation,
	2,889,998	Series 2005-AP1-2A5		4.86%	#		02/25/2035		2,650,514
	22,492,166	Series 2006-AF1-1A2		6.16%	#		05/25/2036		11,478,821
	4,570,810	Series 2006-AF1-1A3		6.41%	#		05/25/2036		2,275,731
	23,485,653	Series 2006-AP1-A2		5.52%	#		01/25/2036		15,288,902
	5,000,000	Series 2006-AP1-A3		5.65%	#		01/25/2036		2,938,068
	2,540,472	Series 2006-WF1-A2		5.76%	#		06/25/2036		1,370,009
		Nomura Asset Securities Corporation,
	15,331,000	Series 1998-D6-A2		7.31%	#		03/15/2030		16,277,651
	4,115,000	Series 1998-D6-A3		7.52%	#		03/15/2030		4,409,148
		Nomura Home Equity Loan, Inc.,
	23,744,113	Series 2006-AF1-A2		5.80%	#		10/25/2036		9,768,186
	4,429,947	Series 2007-1-1A1		6.06%	#		02/25/2037		1,965,822
	18,142,887	Series 2007-1-1A3		5.99%	#		02/25/2037		7,999,525
		Option One Mortgage Loan Trust,
	1,483,013	Series 2002-2-A		0.77%	#		06/25/2032		1,162,665
	6,079,618	Series 2004-3-M3		0.88%	#		11/25/2034		4,698,787
		PHH Alternative Mortgage Trust,
	2,612,536	Series 2007-2-3A1		6.00%			05/25/2037		2,121,566
	52,723,936	Series 2007-3-A2		0.42%	#		07/25/2037		35,808,727
		Popular ABS Mortgage Pass-Thru Trust,
	1,547,798	Series 2005-5-AF6		5.33%	#		11/25/2035		1,260,303
		Prime Mortgage Trust,
	6,428,026	Series 2006-1-2A5		6.00%			06/25/2036		5,799,548
	6,023,989	Series 2006-DR1-2A1		5.50%	^		05/25/2035		5,214,016
		Prudential Commercial Mortgage Trust,
	2,032,647	Series 2003-PWR1-A1		3.67%			02/11/2036		2,043,641
		Prudential Mortgage Capital Funding, LLC,
	1,454,125	Series 2001-ROCK-F		8.12%	#^		05/10/2034		1,451,708
		RBSGC Structured Trust,
	75,752,388	Series 2008-B-A1		6.00%	^		06/25/2037		60,411,734
		Renaissance Home Equity Loan Trust,
	1,994,294	Series 2006-1-AF6		5.75%	#		05/25/2036		1,164,251
	11,300,000	Series 2006-4-AF4		5.47%	#		01/25/2037		4,953,734
	22,252,000	Series 2006-4-AF5		5.69%	#		01/25/2037		10,092,940
	18,490,000	Series 2007-2-AF2		5.68%	#		06/25/2037		8,007,724
	10,000,000	Series 2007-2-AF5		6.20%	#		06/25/2037		4,724,065
		Residential Accredit Loans, Inc.,
	18,520,039	Series 2004-QS15-A1		5.25%			11/25/2034		17,044,242
	1,437,869	Series 2005-QS12-A11		48.57%	# I/F		08/25/2035		2,672,269

12 DoubleLine Funds See Accompanying Notes

(Unaudited)

September 30, 2011

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Residential Accredit Loans, Inc., (Cont.)
$	6,818,838	Series 2005-QS13-1A6		5.50%			09/25/2035		4,803,548
	11,485,678	Series 2005-QS13-2A1		0.93%	#		09/25/2035		6,397,477
	47,091,279	Series 2005-QS13-2A2		4.82%	# I/F I/O		09/25/2035		7,644,172
	21,149,338	Series 2005-QS14-2A1		6.00%			09/25/2035		14,771,914
	10,751,815	Series 2005-QS15-2A		6.00%			10/25/2035		6,272,674
	11,193,440	Series 2005-QS15-3A		6.00%			10/25/2035		7,955,642
	12,069,327	Series 2005-QS16-A1		0.93%	#		11/25/2035		7,361,300
	12,069,088	Series 2005-QS16-A2		4.57%	# I/F I/O		11/25/2035		1,747,301
	5,430,523	Series 2005-QS17-A1		6.00%			12/25/2035		4,073,129
	3,990,538	Series 2005-QS17-A10		6.00%			12/25/2035		2,783,700
	16,690,162	Series 2005-QS17-A11		6.00%			12/25/2035		11,642,640
	11,862,841	Series 2005-QS17-A2		1.08%	#		12/25/2035		6,375,886
	11,862,841	Series 2005-QS17-A4		4.92%	# I/F I/O		12/25/2035		1,845,597
	9,545,209	Series 2005-QS17-A6		6.00%			12/25/2035		6,658,499
	7,504,620	Series 2005-QS1-A5		5.50%			01/25/2035		6,942,775
	4,885,772	Series 2005-QS9-A1		0.73%	#		06/25/2035		3,645,997
	12,214,429	Series 2005-QS9-A4		4.77%	# I/F I/O		06/25/2035		1,727,067
	4,503,583	Series 2006-QS10-A4		5.75%			08/25/2036		2,872,932
	5,036,137	Series 2006-QS12-1A1		6.50%			09/25/2036		3,016,825
	11,355,294	Series 2006-QS12-2A18		5.75%			09/25/2036		6,625,019
	9,626,853	Series 2006-QS15-A1		6.50%			10/25/2036		5,949,400
	3,568,877	Series 2006-QS16-A10		6.00%			11/25/2036		2,218,571
	12,690,359	Series 2006-QS16-A11		6.00%			11/25/2036		7,889,063
	3,704,458	Series 2006-QS16-A7		6.00%			11/25/2036		2,302,854
	4,003,104	Series 2006-QS16-A8		6.00%			11/25/2036		2,488,517
	1,584,103	Series 2006-QS16-A9		6.00%			11/25/2036		984,748
	9,102,092	Series 2006-QS17-A4		6.00%			12/25/2036		5,766,512
	4,970,134	Series 2006-QS1-A6		41.06%	# I/F		01/25/2036		8,274,531
	7,136,444	Series 2006-QS4-A8		1.32%	# I/F		04/25/2036		5,522,760
	21,990,895	Series 2006-QS5-A3		6.00%			05/25/2036		14,718,078
	27,770,474	Series 2006-QS8-A1		6.00%			08/25/2036		17,865,871
	48,158,057	Series 2006-QS8-A5		5.32%	# I/F I/O		08/25/2036		7,050,518
	16,735,770	Series 2006-QS9-1A6		5.07%	# I/F I/O		07/25/2036		2,630,085
	47,486,144	Series 2007-QS1-1A2		5.22%	# I/F I/O		01/25/2037		8,429,489
	4,992,480	Series 2007-QS1-1A4		6.00%			01/25/2037		3,109,391
	12,714,356	Series 2007-QS1-2A10		6.00%			01/25/2037		8,129,108
	2,130,436	Series 2007-QS2-A6		6.25%			01/25/2037		1,359,135
	12,613,306	Series 2007-QS3-A4		6.25%			02/25/2037		7,800,125
	9,965,636	Series 2007-QS5-A1		5.50%			03/25/2037		5,953,312
	4,111,231	Series 2007-QS5-A5		0.53%	#		03/25/2037		1,336,689
	13,654,338	Series 2007-QS5-A8		6.47%	# I/F I/O		03/25/2037		3,174,224
	3,634,780	Series 2007-QS6-A13		53.05%	# I/F		04/25/2037		7,547,473
	16,187,398	Series 2007-QS6-A45		5.75%			04/25/2037		9,753,449
	25,797,710	Series 2007-QS6-A6		6.25%			04/25/2037		16,218,440
	1,781,766	Series 2007-QS6-A77		53.88%	# I/F		04/25/2037		3,788,734
	17,353,068	Series 2007-QS7-2A1		6.75%			06/25/2037		9,863,510
	14,451,396	Series 2007-QS9-A33		6.50%			07/25/2037		8,973,775
		Residential Asset Mortgage Products, Inc.,
	1,373,875	Series 2004-RS4-AI6		5.07%	#		04/25/2034		1,280,275
	6,950,142	Series 2004-RS5-AI6		5.55%	#		05/25/2034		5,491,759
	14,660,381	Series 2004-RS7-AI6		5.22%	#		07/25/2034		12,762,060
	1,926,882	Series 2004-RS8-AI4		5.06%	#		06/25/2032		1,873,222
	1,927,817	Series 2004-RS9-AI4		4.77%	#		10/25/2032		1,629,881
	3,005,614	Series 2004-RS9-AI6		4.72%	#		07/25/2034		2,379,109
	4,363,465	Series 2004-RZ2-AI4		5.35%	#		02/25/2033		3,338,055
	7,550,000	Series 2005-RS1-AI5		5.41%	#		01/25/2035		5,561,258
		Residential Asset Securities Corporation,
	1,073,870	Series 2002-KS1-AI6		6.08%	#		06/25/2032		893,505
	4,243,269	Series 2003-KS11-MI1		5.13%	#		01/25/2034		3,317,368
	3,225,928	Series 2006-KS4-A3		0.38%	#		06/25/2036		2,824,334
		Residential Asset Securitization Trust,
	11,391,040	Series 2005-A11-2A4		6.00%			10/25/2035		6,102,607
	11,080,481	Series 2005-A12-A7		4.77%	# I/F I/O		11/25/2035		1,480,113
	8,407,406	Series 2005-A12-A8		0.78%	#		11/25/2035		5,911,499
	9,194,789	Series 2005-A15-5A3		5.75%			02/25/2036		6,218,735
	7,220,870	Series 2005-A7-A3		5.50%			06/25/2035		6,338,426
	12,118,999	Series 2005-A8CB-A11		6.00%			07/25/2035		10,412,771
	14,570,285	Series 2005-A8CB-A2		4.77%	# I/F I/O		07/25/2035		1,529,498
	11,237,215	Series 2006-A10-A5		6.50%			09/25/2036		7,345,953
	2,120,818	Series 2006-A1-1A3		6.00%			04/25/2036		1,588,321
	15,691,389	Series 2006-A12-A1		6.25%			11/25/2036		10,518,801
	30,869,902	Series 2006-A1-3A2		6.00%			04/25/2036		22,106,461
	25,507,081	Series 2006-A14C-2A6		0.68%	#		12/25/2036		8,080,937

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Residential Asset Securitization Trust, (Cont.)
$	56,290,302	Series 2006-A14C-2A7		6.32%	# I/F I/O		12/25/2036		14,224,655
	15,650,967	Series 2006-A2-A11		6.00%			01/25/2046		11,187,155
	2,227,165	Series 2006-A4-2A5		6.00%			05/25/2036		1,468,856
	4,304,028	Series 2006-A8-1A1		6.00%			08/25/2036		3,264,095
	12,934,021	Series 2006-R1-A1		27.46%	# I/F		01/25/2046		18,111,069
	2,141,892	Series 2007-A3-1A2		44.59%	# I/F		04/25/2037		3,874,847
	36,552,140	Series 2007-A5-1A4		5.87%	# I/F I/O		05/25/2037		8,319,698
	9,439,921	Series 2007-A5-1A6		0.63%	#		05/25/2037		2,496,670
	4,771,995	Series 2007-A5-2A3		6.00%			05/25/2037		3,781,302
	9,323,781	Series 2007-A5-2A5		6.00%			05/25/2037		7,388,113
	17,816,566	Series 2007-A7-A1		6.00%			07/25/2037		13,484,263
		Residential Funding Mortgage Securities Trust,
	30,242,909	Series 2005-S9-A6		5.75%			12/25/2035		28,729,312
	2,443,365	Series 2005-S9-A8		5.50%			12/25/2035		2,298,615
	876,500	Series 2006-S5-A15		6.00%			06/25/2036		704,787
	17,853,555	Series 2007-S1-A7		6.00%			01/25/2037		15,171,022
	4,688,000	Series 2007-S2-A9		6.00%			02/25/2037		3,823,901
	13,188,342	Series 2007-S3-1A4		6.00%			03/25/2037		10,676,240
	4,350,206	Series 2007-S4-A1		6.00%			04/25/2037		3,609,033
	18,647,154	Series 2007-SA1-4A		5.90%	#		02/25/2037		14,637,028
		Salomon Brothers Mortgage Securities,
	3,000,000	Series 2000-C3-F		7.60%	#		12/18/2033		2,986,767
		Sequoia Mortgage Trust,
	685,343	Series 2003-4-2A1		0.58%	#		07/20/2033		575,595
		Soundview Home Equity Loan Trust,
	5,500,749	Series 2007-1-2A1		0.32%	#		03/25/2037		5,238,132
		Structured Asset Securities Corporation,
	20,479,456	Series 2002-BC7-M1		1.43%	#		10/25/2032		12,872,997
	1,268,583	Series 2003-18XS-A6		4.04%	#		06/25/2033		1,281,405
	36,323,811	Series 2004-22-A2		4.86%	#		01/25/2035		35,950,475
	57,323,178	Series 2005-10-1A1		5.75%			06/25/2035		50,157,781
	8,997,860	Series 2005-14-1A1		0.53%	#		07/25/2035		8,020,976
	3,206,082	Series 2005-14-1A4		23.48%	# I/F		07/25/2035		3,750,425
	9,249,422	Series 2005-15-1A1		5.50%			08/25/2035		8,701,556
		Suntrust Alternative Loan Trust,
	2,331,176	Series 2005-1F-2A3		5.75%			12/25/2035		1,750,087
	4,638,402	Series 2006-1F-1A3		6.00%			04/25/2036		2,817,289
		Thornburg Mortgage Securities Trust,
	2,999,901	Series 2003-6-A2		1.23%	#		12/25/2033		2,270,720
		TIAA Real Estate CDO,
	10,000,000	Series 2002-1A-IIFL		1.55%	#^		05/22/2037		9,100,000
		Wachovia Bank Commercial Mortgage Trust,
	3,346,351	Series 2006-C23-APB		5.45%			01/15/2045		3,370,522
		Washington Mutual Mortgage Pass-Through Certificates,
	13,619,889	Series 2005-1-2A		6.00%			03/25/2035		11,056,544
	7,852,713	Series 2005-4-5A1		5.50%			06/25/2035		6,885,098
	2,518,380	Series 2005-5-CB12		48.02%	# I/F		07/25/2035		4,809,441
	8,155,133	Series 2005-5-CB6		0.83%	#		07/25/2035		4,884,815
	7,345,108	Series 2005-6-2A7		5.50%			08/25/2035		6,636,371
	2,854,330	Series 2005-7-3CB		6.50%			08/25/2035		2,029,213
	8,777,493	Series 2005-9-CX		5.50%	I/O		11/25/2035		1,514,644
	14,238,973	Series 2006-1-3A1		5.75%			02/25/2036		10,839,418
	7,001,954	Series 2006-1-3A2		5.75%			02/25/2036		5,677,258
	6,248,564	Series 2006-1-3A7		5.75%			02/25/2036		4,523,114
	6,725,275	Series 2006-5-1A8		5.75%			07/25/2036		4,440,601
	12,490,996	Series 2006-5-2CB1		6.00%			07/25/2036		7,466,355
	22,688,905	Series 2006-5-2CB6		6.00%			07/25/2036		12,494,394
	10,120,939	Series 2006-5-3A5		6.45%	#		07/25/2036		5,340,860
	7,233,081	Series 2006-9-A7		5.93%	#		10/25/2036		4,290,219
	1,658,025	Series 2007-4-1A4		6.00%			06/25/2037		102,990
	1,260,786	Series 2007-5-A11		38.07%	# I/F		06/25/2037		2,171,698
		Wells Fargo Alternative Loan Trust,
	5,918,746	Series 2007-PA1-A10		6.00%			03/25/2037		4,271,533
	22,407,262	Series 2007-PA1-A5		6.00%			03/25/2037		16,171,220
	2,652,410	Series 2007-PA3-1A4		5.75%			07/25/2037		1,930,331
	26,813,101	Series 2007-PA3-4A3		6.50%			07/25/2037		17,742,765
		Wells Fargo Mortgage Backed Securities Trust,
	2,170,718	Series 2005-4-A7		22.96%	# I/F		04/25/2035		2,517,174
	7,772,561	Series 2005-AR16-6A4		2.72%	#		10/25/2035		3,237,007

See Accompanying Notes Semi-Annual Report September 30, 2011 13

Schedule of Investments  DoubleLine Total Return Bond Fund(Contd.)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Wells Fargo Mortgage Backed Securities Trust, (Cont.)
$	357,161	Series 2006-2-1A4		18.74%	# I/F		03/25/2036		416,533
	6,614,198	Series 2006-2-3A1		5.75%			03/25/2036		6,467,320
	5,291,197	Series 2006-3-A6		5.50%			03/25/2036		4,639,618
	1,114,125	Series 2006-4-2A2		5.50%			04/25/2036		1,075,973
	16,959,696	Series 2006-6-2A1		0.63%	#		05/25/2036		11,532,593
	16,959,696	Series 2006-6-2A2		6.87%	# I/F I/O		05/25/2036		3,347,315
	6,761,630	Series 2006-9-2A1		0.00%	P/O		08/25/2036		5,817,700
	6,761,630	Series 2006-9-2A2		6.00%	I/O		08/25/2036		1,059,556
	22,743,396	Series 2006-AR4-2A1		5.62%	#		04/25/2036		20,515,123
	7,092,846	Series 2007-10-1A18		6.00%			07/25/2037		6,567,554
	12,093,000	Series 2007-10-2A11		6.00%			07/25/2037		10,926,177
	11,833,489	Series 2007-11-A96		6.00%			08/25/2037		10,843,399
	5,203,028	Series 2007-2-1A18		5.75%			03/25/2037		4,458,961
	6,041,553	Series 2007-2-3A2		5.25%			03/25/2037		5,781,096
	8,957,703	Series 2007-5-1A6		23.52%	# I/F		05/25/2037		11,645,014
	2,422,000	Series 2007-7-A32		5.75%			06/25/2037		2,166,698
	10,000,000	Series 2007-7-A36		6.00%			06/25/2037		9,077,625
	20,000,000	Series 2007-7-A49		6.00%			06/25/2037		17,972,170
	5,212,591	Series 2007-8-1A14		38.37%	# I/F		07/25/2037		9,121,283
	5,650,000	Series 2007-8-2A2		6.00%			07/25/2037		5,354,703
	164,867,862	Series 2007-AR9-A1		6.00%	#		12/28/2037		150,665,814
		WF-RBS Commercial Mortgage Trust,
	91,562,514	Series 2011-C4-XA		1.07%	#^ I/O		06/15/2044		3,913,611
		Total Non-Agency Collateralized Mortgage Obligations (Cost $4,652,500,569)							4,509,711,859
	US GOVERNMENT/AGENCY MORTGAGE BACKED SECURITIES 45.2%
		Federal Home Loan Mortgage Corporation,
	59,477,283	Pool #C03490		4.50%			08/01/2040		63,026,092
	173,230,608	Pool #G01840		5.00%			07/01/2035		186,766,054
	56,044,561	Pool #G04817		5.00%			09/01/2038		60,187,189
	139,840,254	Pool #G06172		5.50%			12/01/2038		151,800,958
	1,434,689	Pool #U60299		4.00%			11/01/2040		1,504,033
	13,758,437	Series 2519-ZD		5.50%			11/15/2032		15,047,915
	4,565,698	Series 2596-ZL		5.00%			04/15/2033		5,192,002
	2,455,562	Series 2684-ZN		4.00%			10/15/2033		2,634,484
	12,701,269	Series 2750-ZT		5.00%			02/15/2034		14,407,573
	11,113,595	Series 2825-PZ		5.50%			07/15/2034		13,319,166
	53,494,522	Series 2932-Z		5.00%			02/15/2035		60,938,627
	8,172,310	Series 2990-JL		6.42%	# I/F I/O		03/15/2035		921,839
	25,839,965	Series 3002-SN		6.27%	# I/F I/O		07/15/2035		4,702,768
	882,214	Series 3014-SJ		10.93%	# I/F		08/15/2035		904,708
	18,108,634	Series 3030-SL		5.87%	# I/F I/O		09/15/2035		2,426,934
	5,106,197	Series 3045-DI		6.50%	# I/F I/O		10/15/2035		944,653
	23,094,514	Series 3116-Z		5.50%			02/15/2036		26,518,181
	5,972,770	Series 3117-ZN		4.50%			02/15/2036		6,574,628
	7,134,077	Series 3174-PZ		5.00%			01/15/2036		7,905,904
	3,882,227	Series 3187-JZ		5.00%			07/15/2036		4,421,391
	5,343,212	Series 3188-ZK		5.00%			07/15/2036		6,086,665
	20,916,188	Series 3203-SE		6.27%	# I/F I/O		08/15/2036		2,840,441
	28,995,885	Series 3203-ZC		5.00%			07/15/2036		33,898,092
	24,201,560	Series 3261-SA		6.20%	# I/F I/O		01/15/2037		3,683,487
	46,807,733	Series 3275-SC		5.85%	# I/F I/O		02/15/2037		5,730,989
	12,960,902	Series 3315-HZ		6.00%			05/15/2037		15,590,620
	3,077,187	Series 3351-ZC		5.50%			07/15/2037		3,609,684
	52,067,234	Series 3355-BI		5.82%	# I/F I/O		08/15/2037		7,541,481
	3,154,377	Series 3369-Z		6.00%			09/15/2037		3,793,910
	52,777,218	Series 3417-SI		5.95%	# I/F I/O		02/15/2038		6,424,286
	52,400,445	Series 3423-GS		5.42%	# I/F I/O		03/15/2038		5,618,093
	13,997,379	Series 3423-SG		5.42%	# I/F I/O		03/15/2038		1,500,723
	13,365,978	Series 3451-S		5.80%	# I/F I/O		02/15/2037		1,532,003
	23,389,065	Series 3455-SC		5.83%	# I/F I/O		06/15/2038		2,914,380
	16,168,305	Series 3473-SM		5.84%	# I/F I/O		07/15/2038		1,860,007
	44,768,298	Series 3484-SE		5.62%	# I/F I/O		08/15/2038		4,966,004
	22,207,213	Series 3519-SD		5.32%	# I/F I/O		02/15/2038		3,429,160
	13,582,828	Series 3524-LB		6.00%	#		06/15/2038		14,459,311
	2,780,813	Series 3530-GZ		4.50%			05/15/2039		2,877,276
	29,347,389	Series 3545-SA		5.92%	# I/F I/O		06/15/2039		3,577,996
	12,208,454	Series 3549-SA		5.57%	# I/F I/O		07/15/2039		1,398,764
	41,519,378	Series 3577-LS		6.97%	# I/F I/O		08/15/2035		9,899,785
	20,654,063	Series 3582-SA		5.77%	# I/F I/O		10/15/2049		2,238,622

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal Home Loan Mortgage Corporation, (Cont.)
$	11,140,980	Series 3583-GB		4.50%			10/15/2039		12,116,932
	77,494,011	Series 3606-CS		6.12%	# I/F I/O		12/15/2039		9,975,711
	21,368,958	Series 3616-SG		6.12%	# I/F I/O		03/15/2032		3,757,421
	30,056,381	Series 3631-SE		6.17%	# I/F I/O		05/15/2039		2,901,478
	38,076,671	Series 3641-SB		6.27%	# I/F I/O		10/15/2034		2,948,852
	23,887,468	Series 3641-Z		5.50%			02/15/2036		28,362,897
	18,621,795	Series 3654-ZB		5.50%			11/15/2037		22,447,086
	37,305,423	Series 3666-VZ		5.50%			08/15/2036		45,238,585
	40,313,784	Series 3667-SB		6.22%	# I/F I/O		05/15/2040		5,147,893
	82,873,034	Series 3688-CM		4.00%			07/15/2029		86,242,411
	45,265,388	Series 3702-SG		5.82%	# I/F I/O		08/15/2032		7,966,337
	15,239,806	Series 3704-EI		5.00%	I/O		12/15/2036		2,162,769
	12,052,178	Series 3712-SG		24.89%	# I/F		08/15/2040		15,723,266
	16,319,838	Series 3741-SC		9.54%	# I/F		10/15/2040		16,600,344
	14,312,036	Series 3745-SY		9.54%	# I/F		10/15/2040		14,913,814
	17,691,077	Series 3747-KS		14.31%	# I/F		10/15/2040		19,174,169
	44,735,043	Series 3748-CS		9.56%	# I/F		10/15/2040		45,647,884
	51,700,000	Series 3752-BS		9.56%	# I/F		11/15/2040		51,748,495
	25,424,783	Series 3758-SL		5.39%	# I/F		05/15/2039		25,534,036
	21,463,422	Series 3758-SM		9.56%	# I/F		11/15/2040		21,876,462
	11,446,532	Series 3764-S		9.44%	# I/F		11/15/2040		11,792,875
	18,900,000	Series 3771-AL		4.00%			12/15/2030		20,223,000
	18,761,630	Series 3779-BY		3.50%			12/15/2030		18,931,667
	26,770,750	Series 3779-DZ		4.50%			12/15/2040		26,590,877
	24,250,000	Series 3779-LB		4.00%			12/15/2030		25,956,325
	14,781,997	Series 3779-SH		9.34%	# I/F		12/15/2040		14,972,222
	3,500,000	Series 3779-YA		3.50%			12/15/2030		3,634,533
	16,644,025	Series 3780-BS		9.44%	# I/F		12/15/2040		16,824,627
	15,000,000	Series 3783-AC		4.00%			01/15/2031		16,073,445
	26,446,794	Series 3786-SG		9.04%	# I/F		01/15/2041		26,556,826
	11,731,674	Series 3788-AY		3.50%			01/15/2031		11,837,998
	19,386,575	Series 3793-SA		9.34%	# I/F		01/15/2041		19,891,411
	10,269,799	Series 3795-VZ		4.00%			01/15/2041		10,601,153
	8,057,528	Series 3796-CS		9.44%	# I/F		01/15/2041		8,223,812
	11,676,766	Series 3798-SD		9.14%	# I/F		12/15/2040		11,990,130
	58,854,087	Series 3806-CZ		5.50%			07/15/2034		71,194,306
	18,000,000	Series 3808-DB		3.50%			02/15/2031		18,168,750
	15,277,557	Series 3812-EY		3.50%			02/15/2031		15,416,018
	11,249,832	Series 3818-CZ		4.50%			03/15/2041		11,834,935
	16,445,072	Series 3819-ZU		5.50%			07/15/2034		19,546,312
	35,500,000	Series 3824-EY		3.50%			03/15/2031		35,832,813
	37,311,981	Series 3828-SW		12.51%	# I/F		02/15/2041		38,250,366
	24,083,778	Series 3838-TS		8.40%	# I/F		04/15/2041		23,514,264
	10,215,829	Series 3843-SC		12.66%	# I/F		04/15/2041		10,446,813
	13,595,223	Series 3845-LS		12.66%	# I/F		03/15/2041		13,992,740
	63,144,505	Series 3863-ZA		5.50%			08/15/2034		74,017,287
	61,949,942	Series 3871-LZ		5.50%			06/15/2041		75,447,974
	46,182,683	Series 3877-ZU		4.50%			06/15/2041		47,344,099
	26,676,961	Series 3888-ZG		4.00%			07/15/2041		27,002,366
	8,033,333	Series 3910-EZ		5.00%			10/15/2034		9,189,667
	18,075,000	Series 3910-GZ		5.00%			08/15/2041		20,039,646
	24,115,144	Series 3919-ZJ		4.00%			09/15/2041		23,843,849
	17,000,000	Series 3924-US		9.14%	# I/F		09/15/2041		16,041,606
	200,480,510	Series R003-ZA		5.50%			10/15/2035		232,069,080
		Federal National Mortgage Association,
	3,262,336	Series 2002-70-QZ		5.50%			11/25/2032		3,698,203
	9,712,054	Series 2002-75-ZG		5.50%			11/25/2032		10,667,628
	13,613,047	Series 2003-117-KS		6.87%	# I/F I/O		08/25/2033		1,517,414
	30,600,258	Series 2003-129-ZT		5.50%			01/25/2034		35,261,751
	14,327,254	Series 2003-29-ZL		5.00%			04/25/2033		16,260,842
	11,794,300	Series 2003-64-ZG		5.50%			07/25/2033		13,221,460
	52,387,868	Series 2003-92-PZ		5.00%			09/25/2033		59,693,676
	19,500,000	Series 2003-W17-1A7		5.75%			08/25/2033		22,964,222
	20,683,581	Series 2004-46-PJ		5.77%	# I/F I/O		03/25/2034		2,971,130
	16,424,161	Series 2004-51-XP		7.47%	# I/F I/O		07/25/2034		2,488,891
	5,000,000	Series 2004-W10-A6		5.75%			08/25/2034		5,500,348
	7,000,000	Series 2004-W4-A5		5.50%			06/25/2034		7,835,321
	2,870,524	Series 2005-107-EG		4.50%			01/25/2026		3,093,220
	2,001,056	Series 2005-37-ZK		4.50%			05/25/2035		2,203,162
	46,016,100	Series 2005-87-SE		5.82%	# I/F I/O		10/25/2035		6,055,456
	37,422,732	Series 2005-87-SG		6.47%	# I/F I/O		10/25/2035		5,458,225
	24,480,766	Series 2006-101-SA		6.35%	# I/F I/O		10/25/2036		3,902,486
	9,434,079	Series 2006-123-LI		6.09%	# I/F I/O		01/25/2037		1,274,271
	47,011,386	Series 2006-56-SM		6.52%	# I/F I/O		07/25/2036		8,429,682

14 DoubleLine Funds See Accompanying Notes

(Unaudited)

September 30, 2011

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal National Mortgage Association, (Cont.)
$	13,317,963	Series 2006-93-SN		6.37%	# I/F I/O		10/25/2036		2,090,816
	11,413,729	Series 2007-116-BI		6.02%	# I/F I/O		05/25/2037		1,845,606
	7,408,483	Series 2007-2-SH		31.67%	# I/F		08/25/2036		10,079,039
	17,810,794	Series 2007-30-OI		6.21%	# I/F I/O		04/25/2037		2,959,990
	9,590,411	Series 2007-30-SI		5.88%	# I/F I/O		04/25/2037		1,217,109
	25,725,191	Series 2007-32-SG		5.87%	# I/F I/O		04/25/2037		3,560,338
	11,929,188	Series 2007-71-GZ		6.00%			07/25/2047		14,023,397
	19,702,275	Series 2007-75-ID		5.64%	# I/F I/O		08/25/2037		2,674,016
	14,324,803	Series 2007-93-SB		3.92%	# I/F I/O		01/25/2036		787,496
	14,656,173	Series 2007-9-SD		6.42%	# I/F I/O		03/25/2037		2,167,606
	16,851,398	Series 2008-29-ZA		4.50%			04/25/2038		18,344,892
	22,530,945	Series 2008-48-SD		5.77%	# I/F I/O		06/25/2037		2,578,921
	30,119,629	Series 2008-53-LI		5.92%	# I/F I/O		07/25/2038		3,876,770
	24,776,922	Series 2008-57-SE		5.77%	# I/F I/O		02/25/2037		2,744,200
	20,299,367	Series 2008-61-SC		5.77%	# I/F I/O		07/25/2038		2,151,152
	22,498,295	Series 2008-62-SC		5.77%	# I/F I/O		07/25/2038		2,385,206
	27,735,355	Series 2008-65-SA		5.77%	# I/F I/O		08/25/2038		3,165,849
	25,000,000	Series 2008-81-LP		5.50%			09/25/2038		28,475,418
	30,701,784	Series 2009-106-EZ		4.50%			01/25/2040		32,850,908
	38,818,803	Series 2009-111-SE		6.02%	# I/F I/O		01/25/2040		4,662,942
	2,966,510	Series 2009-16-MZ		5.00%			03/25/2029		3,331,687
	72,103,879	Series 2009-42-SI		5.77%	# I/F I/O		06/25/2039		7,707,941
	33,069,178	Series 2009-42-SX		5.77%	# I/F I/O		06/25/2039		3,696,063
	14,713,189	Series 2009-48-WS		5.72%	# I/F I/O		07/25/2039		1,749,306
	44,085,428	Series 2009-49-S		6.52%	# I/F I/O		07/25/2039		6,182,408
	7,412,503	Series 2009-51-BZ		4.50%			07/25/2039		8,034,603
	4,433,536	Series 2009-54-EZ		5.00%			07/25/2039		5,081,443
	32,922,562	Series 2009-70-SA		5.57%	# I/F I/O		09/25/2039		3,764,353
	10,000,000	Series 2009-80-PM		4.50%			10/25/2039		10,851,132
	19,691,822	Series 2009-83-Z		4.50%			10/25/2039		21,275,072
	36,221,046	Series 2009-85-ES		7.00%	# I/F I/O		01/25/2036		7,788,148
	5,950,063	Series 2009-94-BC		5.00%			11/25/2039		6,687,611
	51,381,981	Series 2010-101-SA		4.25%	# I/F I/O		09/25/2040		6,397,139
	18,211,958	Series 2010-101-ZC		4.50%			09/25/2040		18,610,193
	51,443,243	Series 2010-101-ZH		4.50%			07/25/2040		55,975,218
	11,953,702	Series 2010-10-ZA		4.50%			02/25/2040		12,459,870
	21,555,713	Series 2010-111-S		5.72%	# I/F I/O		10/25/2050		2,660,236
	36,468,089	Series 2010-117-SA		4.27%	# I/F I/O		10/25/2040		3,075,569
	137,442,931	Series 2010-121-SD		4.27%	# I/F I/O		10/25/2040		15,931,189
	10,209,069	Series 2010-126-SU		52.56%	# I/F		11/25/2040		13,867,168
	31,782,945	Series 2010-126-SX		14.34%	# I/F		11/25/2040		33,913,248
	11,566,557	Series 2010-132-Z		4.50%			11/25/2040		12,003,762
	2,439,379	Series 2010-137-VS		14.34%	# I/F		12/25/2040		2,575,691
	6,470,000	Series 2010-142-AV		4.00%			11/25/2029		6,678,245
	27,820,885	Series 2010-150-ZA		4.00%			01/25/2041		28,116,927
	4,674,000	Series 2010-153-VB		4.00%			05/25/2027		4,975,139
	12,052,903	Series 2010-155-SA		9.56%	# I/F		01/25/2041		12,464,725
	80,380,664	Series 2010-16-SA		5.22%	# I/F I/O		03/25/2040		9,972,540
	2,968,063	Series 2010-21-DZ		5.00%			03/25/2040		3,396,609
	41,498,649	Series 2010-21-KS		4.72%	# I/F I/O		03/25/2040		3,154,852
	12,158,980	Series 2010-2-GS		6.22%	# I/F I/O		12/25/2049		1,393,605
	28,701,595	Series 2010-2-MS		6.02%	# I/F I/O		02/25/2050		3,408,335
	63,441,065	Series 2010-31-SA		4.77%	# I/F I/O		04/25/2040		5,427,941
	20,758,294	Series 2010-31-VZ		4.00%			04/25/2040		21,248,632
	70,841,801	Series 2010-34-PS		4.70%	# I/F I/O		04/25/2040		5,910,757
	14,953,980	Series 2010-35-ES		6.22%	# I/F I/O		04/25/2040		1,842,193
	25,508,007	Series 2010-35-SV		6.22%	# I/F I/O		04/25/2040		2,954,962
	614,532	Series 2010-39-LS		19.06%	# I/F		05/25/2040		637,597
	32,027,284	Series 2010-46-MS		4.72%	# I/F I/O		05/25/2040		2,421,272
	20,639,707	Series 2010-49-ZW		4.50%			05/25/2040		22,156,593
	14,459,381	Series 2010-4-SK		6.00%	# I/F I/O		02/25/2040		2,269,505
	8,500,000	Series 2010-58-ES		11.87%	# I/F		06/25/2040		9,588,910
	35,805,843	Series 2010-59-MS		5.54%	# I/F I/O		06/25/2040		5,216,059
	80,586,418	Series 2010-59-PS		6.22%	# I/F I/O		03/25/2039		10,431,896
	52,843,909	Series 2010-59-SC		4.77%	# I/F I/O		01/25/2040		4,947,247
	8,368,634	Series 2010-60-VZ		5.00%			10/25/2039		9,515,339
	11,635,442	Series 2010-64-EZ		5.00%			06/25/2040		13,270,936
	30,892,592	Series 2010-79-VZ		4.50%			07/25/2040		33,064,743
	21,075,982	Series 2010-84-ZC		4.50%			08/25/2040		21,839,986
	42,151,963	Series 2010-84-ZD		4.50%			08/25/2040		45,421,071
	38,324,565	Series 2010-84-ZG		4.50%			08/25/2040		41,151,745
	15,921,060	Series 2010-90-SA		5.62%	# I/F I/O		08/25/2040		1,875,453
	33,372,682	Series 2010-99-SG		24.89%	# I/F		09/25/2040		43,835,745
	41,345,640	Series 2010-9-DS		5.07%	# I/F I/O		02/25/2040		3,925,049
	9,388,253	Series 2011-11-SC		9.03%	# I/F		03/25/2041		9,423,021

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal National Mortgage Association, (Cont.)
$	27,924,976	Series 2011-14-US		7.81%	# I/F		03/25/2041		27,712,498
	29,500,000	Series 2011-16-AL		3.50%			03/25/2031		29,771,961
	38,800,000	Series 2011-17-NY		3.50%			03/25/2031		39,139,500
	18,014,579	Series 2011-17-SA		6.24%	# I/F I/O		03/25/2041		2,570,441
	27,500,000	Series 2011-18-S		9.01%	# I/F		03/25/2041		27,202,013
	11,507,643	Series 2011-23-KS		8.83%	# I/F		02/25/2041		11,359,262
	11,000,000	Series 2011-25-KY		3.00%			04/25/2026		11,103,125
	19,856,166	Series 2011-27-BS		8.56%	# I/F		04/25/2041		19,938,323
	56,000,000	Series 2011-29-AL		3.50%			04/25/2031		56,516,264
	9,985,008	Series 2011-2-SC		9.16%	# I/F		02/25/2041		10,134,135
	10,000,000	Series 2011-2-VD		4.00%			07/25/2027		10,614,049
	21,027,529	Series 2011-35-SE		8.46%	# I/F		04/25/2041		20,900,256
	17,536,492	Series 2011-36-VZ		4.50%			05/25/2041		18,427,030
	14,376,246	Series 2011-38-SC		8.43%	# I/F		05/25/2041		14,233,046
	8,748,233	Series 2011-39-CB		3.00%			05/25/2026		9,012,250
	22,259,331	Series 2011-42-MZ		4.50%			05/25/2041		23,815,614
	11,000,000	Series 2011-48-SC		8.73%	# I/F		06/25/2041		10,521,381
	13,969,748	Series 2011-60-EL		3.00%			07/25/2026		14,057,059
	20,183,753	Series 2011-72-LZ		5.50%			04/25/2037		24,434,849
	14,093,489	Series 2011-77-CZ		4.00%			08/25/2041		13,830,452
	21,001,511	Series 2011-77-Z		3.50%			08/25/2041		20,167,467
	12,190,183	Series 2011-87-US		13.29%	# I/F		09/25/2041		12,131,135
	21,787,531	Series 2011-8-AV		4.00%			01/25/2030		23,491,811
	7,139,349	Series 2011-8-HS		9.13%	# I/F		02/25/2041		7,064,118
	90,000,000	Series 2011-99-DZ		5.00%			10/25/2041		99,618,749
	70,231,641	Series 400-S4		5.22%	# I/F I/O		11/25/2039		7,862,642
		Federal National Mortgage Association Pass-Thru,
	88,487,942	Pool #555743		5.00%			09/01/2033		95,648,090
	64,572,930	Pool #735382		5.00%			04/01/2035		69,777,777
	77,440,784	Pool #735484		5.00%			05/01/2035		83,622,334
	9,678,431	Pool #745571		4.00%			01/01/2019		10,308,468
	3,442,557	Pool #888695		5.00%			08/01/2037		3,715,200
	10,490,441	Pool #888968		5.00%			08/01/2035		11,336,014
	21,247,570	Pool #929321		5.50%			03/01/2038		23,094,779
	4,795,506	Pool #931104		5.00%			05/01/2039		5,213,679
	3,416,459	Pool #975116		5.00%			05/01/2038		3,679,562
	182,091,126	Pool #995849		5.00%			08/01/2036		196,825,332
	86,725,154	Pool #AB2123		4.00%			01/01/2031		91,801,285
	4,587,510	Pool #AB2370		4.50%			09/01/2035		4,792,753
	3,638,478	Pool #AC1032		5.00%			06/01/2040		3,822,600
	4,339,588	Pool #AD2177		4.50%			06/01/2030		4,620,531
	8,157,132	Pool #AD6438		5.00%			06/01/2040		8,790,414
	3,742,531	Pool #AD7018		5.00%			04/01/2040		3,931,919
	4,400,769	Pool #AD7859		5.00%			06/01/2040		4,742,425
	22,372,177	Pool #AH1140		4.50%			12/01/2040		23,373,098
	47,603,412	Pool #AH4437		4.00%			01/01/2041		49,333,499
	9,575,942	Pool #AH7309		4.00%			02/01/2031		10,136,434
	60,645,219	Pool #AH9323		4.00%			04/01/2026		64,062,394
	1,815,078	Pool #MA0315		4.50%			01/01/2025		1,918,203
	71,153,061	Pool #MA0353		4.50%			03/01/2030		75,759,477
	16,613,404	Pool #MA0406		4.50%			05/01/2030		17,688,948
	2,349,082	Pool #MA0445		5.00%			06/01/2040		2,467,955
	6,012,788	Pool #MA0459		4.00%			07/01/2020		6,357,227
	7,665,927	Pool #MA0468		5.00%			07/01/2040		8,053,854
	19,043,153	Pool #MA0502		4.00%			08/01/2020		20,134,031
	8,304,397	Pool #MA0517		4.00%			09/01/2020		8,785,923
	22,169,627	Pool #MA0534		4.00%			10/01/2030		23,467,243
	44,071,414	Pool #MA0536		4.00%			10/01/2020		46,596,022
	51,382,678	Pool #MA0580		4.00%			11/01/2020		54,326,108
	3,808,854	Pool #MA0587		4.00%			12/01/2030		4,031,791
	85,141,436	Pool #MA0616		4.00%			01/01/2031		90,124,870
	28,625,239	Pool #MA3894		4.00%			09/01/2031		30,300,710
		Government National Mortgage Association,
	14,700,000	Series 2003-67-SP		6.87%	# I/F I/O		08/20/2033		5,457,202
	13,953,364	Series 2003-86-ZK		5.00%			10/20/2033		15,916,480
	5,555,842	Series 2004-49-Z		6.00%			06/20/2034		6,724,518
	6,500,000	Series 2004-80-PH		5.00%			07/20/2034		7,388,848
	30,846,705	Series 2004-83-CS		5.85%	# I/F I/O		10/20/2034		4,618,199
	2,766,193	Series 2005-21-Z		5.00%			03/20/2035		3,163,534
	18,105,132	Series 2005-39-ZB		5.00%			07/20/2034		21,225,745
	1,905,585	Series 2006-24-CX		38.28%	#		05/20/2036		3,885,033
	59,698,101	Series 2007-26-SJ		4.46%	# I/F I/O		04/20/2037		5,686,358
	20,543,650	Series 2008-2-SM		6.27%	# I/F I/O		01/16/2038		3,296,220
	39,178,091	Series 2008-42-AI		7.46%	# I/F I/O		05/16/2038		6,910,784

See Accompanying Notes Semi-Annual Report September 30, 2011 15

Schedule of Investments  DoubleLine Total Return Bond Fund(Contd.)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Government National Mortgage Association, (Cont.)
$	21,004,995	Series 2008-43-SH		6.11%	# I/F I/O		05/20/2038		2,898,914
	23,791,101	Series 2008-51-SC		6.02%	# I/F I/O		06/20/2038		3,195,461
	12,384,733	Series 2008-51-SE		6.02%	# I/F I/O		06/16/2038		1,742,366
	9,239,202	Series 2008-82-SM		5.82%	# I/F I/O		09/20/2038		1,120,228
	11,439,215	Series 2008-83-SD		6.33%	# I/F I/O		11/16/2036		2,188,190
	21,478,899	Series 2009-10-NS		6.42%	# I/F I/O		02/16/2039		3,450,493
	12,500,000	Series 2009-24-SN		5.87%	# I/F I/O		09/20/2038		1,948,629
	1,812,324	Series 2009-31-ZM		4.50%			08/20/2038		1,873,928
	61,077,088	Series 2009-35-DZ		4.50%			05/20/2039		66,344,987
	4,405,995	Series 2009-41-ZQ		4.50%			06/16/2039		4,834,697
	13,985,134	Series 2009-48-Z		5.00%			06/16/2039		15,925,355
	23,801,762	Series 2009-69-TS		5.97%	# I/F I/O		04/16/2039		2,605,022
	8,751,921	Series 2009-75-GZ		4.50%			09/20/2039		9,538,159
	35,212,308	Series 2009-87-IG		6.51%	# I/F I/O		03/20/2037		4,917,927
	23,472,879	Series 2010-166-SJ		9.36%	# I/F		12/20/2040		23,590,243
	9,243,856	Series 2010-25-ZB		4.50%			02/16/2040		9,550,894
	35,984,226	Series 2010-42-ES		5.45%	# I/F I/O		04/20/2040		5,543,179
	16,696,228	Series 2010-61-AS		6.32%	# I/F I/O		09/20/2039		2,303,821
	7,132,627	Series 2010-62-ZG		5.50%			05/16/2040		8,415,586
	15,000,000	Series 2011-12-PO		0.00%	P/O		12/20/2040		11,529,012
	12,792,359	Series 2011-14-SM		9.24%	# I/F		08/16/2040		12,952,067
	7,833,334	Series 2011-18-SN		9.04%	# I/F		12/20/2040		8,158,539
	8,333,334	Series 2011-18-YS		9.04%	# I/F		12/20/2040		8,686,080
	55,129,626	Series 2011-72-SK		5.92%	# I/F I/O		05/20/2041		7,249,165
		Total US Government/Agency Mortgage Backed Securities (Cost $4,919,846,322)							5,287,199,492
	SHORT TERM INVESTMENTS 16.4%
	75,000,000	Fannie Discount Note		0.00%			11/02/2011		74,999,333
	50,000,000	Fannie Discount Note		0.00%			11/09/2011		49,996,425
	45,000,000	Fannie Discount Note		0.00%			11/16/2011		44,996,838
	50,000,000	Fannie Discount Note		0.00%			11/30/2011		49,999,200
	50,000,000	Fannie Discount Note		0.00%			12/01/2011		49,999,200
	50,000,000	Fannie Discount Note		0.00%			12/02/2011		49,999,150
	25,000,000	Fannie Discount Note		0.00%			12/07/2011		24,999,550
	50,000,000	Fannie Discount Note		0.00%			12/12/2011		49,999,050
	50,000,000	Fannie Discount Note		0.00%			12/14/2011		49,999,000
	50,000,000	Federal Home Loan Bank Bonds		0.63%			01/13/2012		50,063,850
	60,000,000	Federal Home Loan Bank Bonds		0.09%			01/23/2012		60,000,900
	25,000,000	Federal Home Loan Bank Bonds		0.13%			02/24/2012		25,004,400
	39,100,000	Federal Home Loan Bank Bonds		0.40%			08/17/2012		39,106,647
	50,000,000	Federal Home Loan Discount Note		0.00%			10/04/2011		49,999,792
	50,000,000	Federal Home Loan Discount Note		0.00%			10/07/2011		49,999,750
	23,000,000	Federal Home Loan Discount Note		0.00%			10/11/2011		22,999,994
	50,000,000	Federal Home Loan Discount Note		0.00%			10/19/2011		49,999,000
	50,000,000	Federal Home Loan Discount Note		0.00%			10/21/2011		49,998,667
	50,000,000	Federal Home Loan Discount Note		0.00%			10/26/2011		49,998,264
	25,000,000	Federal Home Loan Discount Note		0.00%			10/28/2011		24,999,981

PRINCIPAL AMOUNT / SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
$	35,000,000	Federal Home Loan Discount Note		0.00%			11/02/2011		34,999,720
	40,000,000	Federal Home Loan Discount Note		0.00%			11/04/2011		39,998,205
	100,000,000	Federal Home Loan Discount Note		0.00%			11/04/2011		99,995,486
	50,000,000	Federal Home Loan Discount Note		0.00%			11/14/2011		49,996,486
	50,000,000	Federal Home Loan Discount Note		0.00%			11/18/2011		49,998,333
	115,700,000	Federal Home Loan Discount Note		0.00%			12/16/2011		115,697,570
	30,000,000	Federal Home Loan Mortgage Corporation Notes		1.13%			12/15/2011		30,062,370
	70,250,000	Federal Home Loan Mortgage Corporation, Global Debt Facility		5.75%			01/15/2012		71,387,347
	25,000,000	Federal National Mortgage Association Discount Note		0.00%			10/05/2011		24,999,889
	50,000,000	Federal National Mortgage Association Notes		1.00%			11/23/2011		50,064,900
	25,000,000	Freddie Mac Discount Note		0.00%			10/05/2011		24,999,861
	25,000,000	Freddie Mac Discount Note		0.00%			10/13/2011		24,999,417
	75,000,000	Freddie Mac Discount Note		0.00%			11/09/2011		74,999,250
	50,000,000	Freddie Mac Discount Note		0.00%			11/21/2011		49,997,875
	25,000,000	Freddie Mac Discount Note		0.00%			12/02/2011		24,999,575
	50,000,000	Freddie Mac Discount Note		0.00%			12/05/2011		49,999,150
	55,000,000	Freddie Mac Discount Note		0.00%			12/12/2011		54,998,955
	129,540,863	Fidelity Institutional Government Portfolio		0.01%	1				129,540,863
		Total Short Term Investments (Cost $1,918,879,868)							1,918,894,243
		Total Investments 100.2% (Cost $11,491,226,759)							11,715,805,594
		Liabilities in Excess of Other Assets (0.2)%							(28,047,670	)
		NET ASSETS 100.0%						$	11,687,757,924

PORTFOLIO HOLDINGS as % of Net Assets
US Government/Agency Mortgage Backed Securities	45.2%
Non-Agency Collateralized Mortgage Obligations	38.6%
Short Term Investments	16.4%
Other Assets and Liabilities	(0.2)%
	100.0%

# Variable rate security. Rate disclosed as of September 30, 2011.

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities are determined to be liquid by the Advisor, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. At September 30, 2011, the value of these securities amounted to $854,609,011 or 7.3% of net assets.

1 Seven-day yield as of September 30, 2011

I/O Interest only security

I/F Inverse floating rate security whose interest rate moves in the opposite direction of prevailing interest rates

P/O Principal only security

16 DoubleLine Funds See Accompanying Notes

Schedule of Investments  DoubleLine Core Fixed Income Fund (Unaudited) September 30, 2011

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS 19.5%
		Adjustable Rate Mortgage Trust,
$	161,407	Series 2007-3-1A1		3.53%	#^		11/25/2037		68,434
		Banc of America Commercial Mortgage, Inc.,
	250,000	Series 2001-3-H		6.56%	^		04/11/2037		249,620
	400,000	Series 2007-1-A4		5.45%			01/15/2049		428,278
		Banc of America Funding Corporation,
	2,825,003	Series 2006-2-6A2		5.50%			03/25/2036		2,577,816
		Banc of America Mortgage Securities,
	1,839,559	Series 2004-8-4A1		5.50%			09/25/2024		1,872,403
		Bear Stearns Asset Backed Securities Trust,
	369,941	Series 2007-SD1-1A3A		6.50%			10/25/2036		273,474
		Bear Stearns Commercial Mortgage Securities, Inc.,
	1,000,000	Series 2001-TOP2-C		6.83%	#		02/15/2035		996,466
	440,000	Series 2005-PW10-AM		5.45%	#		12/11/2040		420,946
	375,000	Series 2006-PW13-AM		5.58%	#		09/11/2041		370,566
		CD Mortgage Trust,
	400,000	Series 2006-CD3-AM		5.65%			10/15/2048		351,980
	700,000	Series 2007-CD4-A4		5.32%			12/11/2049		724,452
		Citi Mortgage Alternative Loan Trust,
	453,754	Series 2006-A2-A2		6.00%			05/25/2036		309,110
	214,935	Series 2006-A5-3A3		6.00%			10/25/2036		142,731
	440,119	Series 2007-A1-1A7		6.00%			01/25/2037		302,406
		Citicorp Mortgage Securities, Inc.,
	415,976	Series 2005-1-1A4		5.50%			02/25/2035		412,281
		Citicorp Residential Mortgage Securities, Inc.,
	1,800,000	Series 2006-2-A5		6.04%	#		09/25/2036		1,477,022
		Citigroup Commercial Mortgage Trust,
	700,000	Series 2005-C3-AM		4.83%	#		05/15/2043		710,330
		Citigroup Mortgage Loan Trust, Inc.,
	809,980	Series 2006-WF2-A2C		5.85%	#		05/25/2036		580,572
	4,928,000	Series 2008-AR4-2A1B		5.55%	#^		11/25/2038		2,839,277
	3,000,000	Series 2010-8-5A4		12.10%	#^		11/25/2036		2,308,500
		Commercial Mortgage Asset Trust,
	150,000	Series 1999-C1-B		7.23%	#		01/17/2032		157,694
		Commercial Mortgage Pass-Through Certificates,
	315,000	Series 2006-C7-AM		5.97%	#		06/10/2046		301,554
	3,773,678	Series 2010-C1-XPA		2.62%	#^ I/O		07/10/2046		296,281
	400,000	Series 2011-THL-E		5.95%	^		06/09/2028		376,191
		Countrywide Alternative Loan Trust,
	628,234	Series 2005-20CB-1A1		5.50%			07/25/2035		504,515
	468,100	Series 2005-28CB-3A6		6.00%			08/25/2035		327,301
	2,750,895	Series 2005-46CB-A22		5.25%			10/25/2035		1,915,250
	777,510	Series 2005-J10-1A13		0.93%	#		10/25/2035		479,245
	1,075,588	Series 2006-26CB-A9		6.50%			09/25/2036		714,584
	4,089,123	Series 2007-12T1-A1		6.00%			06/25/2037		2,667,368
	336,400	Series 2007-17CB-1A10		28.82%	# I/F		08/25/2037		539,281
	1,704,231	Series 2007-18CB-2A17		6.00%			08/25/2037		1,191,612
	6,690,490	Series 2007-23CB-A3		0.73%	#		09/25/2037		3,312,294
	6,747,007	Series 2007-23CB-A4		6.27%	# I/F I/O		09/25/2037		1,536,875
	1,153,788	Series 2007-4CB-2A1		7.00%			03/25/2037		448,185
		Countrywide Asset-Backed Certificates,
	255,152	Series 2005-13-AF3		5.43%	#		04/25/2036		200,214
		Countrywide Home Loans,
	795,889	Series 2002-32-2A6		5.00%			01/25/2018		819,068
	1,588,141	Series 2005-28-A7		5.25%			01/25/2019		1,349,805
	1,245,000	Series 2007-15-1A16		6.25%			09/25/2037		1,049,740
	3,094,822	Series 2007-3-A17		6.00%			04/25/2037		2,497,731
		Credit Suisse First Boston Mortgage Securities Corporation,
	286,962	Series 2005-10-5A5		5.50%			11/25/2035		216,586
	4,738,466	Series 2005-8-9A4		5.50%			09/25/2035		3,718,909
		Credit Suisse Mortgage Capital Certificates,
	928,589	Series 2006-4-7A1		5.50%			05/25/2021		875,306
	480,000	Series 2006-C3-AM		6.01%	#		06/15/2038		437,990
	468,185	Series 2007-1-3A1		6.00%			02/25/2022		356,873
	2,711,844	Series 2007-2-2A1		5.00%			03/25/2037		2,612,044

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Deutsche Mortgage Securities, Inc.,
$	374,123	Series 2006-PR1-4A12		14.17%	#^ I/F		04/15/2036		422,993
	2,321,999	Series 2006-PR1-5AI4		11.80%	#^ I/F		04/15/2036		2,450,436
		First Horizon Alternative Mortgage Securities,
	1,131,147	Series 2006-FA2-1A5		6.00%			05/25/2036		828,556
	307,150	Series 2006-RE1-A1		5.50%			05/25/2035		265,718
		First Union Commercial Mortgage Securities, Inc.,
	235,000	Series 2000-C2-G		8.69%	#		10/15/2032		234,348
		GE Capital Commercial Mortgage Corporation,
	282,650,206	Series 2005-C3-XP		0.25%	# I/O		07/10/2045		389,775
		GMAC Commercial Mortgage Securities, Inc.,
	794,000	Series 2006-C1-AM		5.29%	#		11/10/2045		760,610
		Greenwich Capital Commercial Funding Corporation,
	300,000	Series 2004-FL2A-D		0.54%	#^		11/05/2019		293,917
	100,000	Series 2004-FL2A-F		0.63%	#^		11/05/2019		96,061
	770,000	Series 2007-GG9-A4		5.44%			03/10/2039		801,588
		GS Mortgage Securities Corporation II,
	250,000	Series 2006-GG6-AM		5.62%	#		04/10/2038		229,367
	20,557,154	Series 2006-GG6-XC		0.14%	#^ I/O		04/10/2038		35,975
		GS Mortgage Securities Trust,
	235,000	Series 2007-GG10-A4		5.98%	#		08/10/2045		245,157
		GSAA Home Equity Trust,
	2,336,663	Series 2005-7-AF5		4.61%	#		05/25/2035		2,091,840
	160,826	Series 2006-4-4A1		0.33%	#		03/25/2036		148,610
	2,981,749	Series 2007-10-A2A		6.50%			11/25/2037		2,109,557
		GSR Mortgage Loan Trust,
	31,347	Series 2005-6F-3A16		5.50%			07/25/2035		31,274
	731,536	Series 2006-2F-5A1		4.50%			01/25/2021		672,797
		HSI Asset Loan Obligation,
	624,517	Series 2006-2-2A1		5.50%			12/25/2021		570,720
		JP Morgan Alternative Loan Trust,
	500,000	Series 2006-S2-A4		6.19%	#		05/25/2036		255,361
	10,000,000	Series 2006-S3-A4		6.31%	#		08/25/2036		5,904,190
	3,543,678	Series 2006-S3-A6		6.12%	#		08/25/2036		3,108,164
		JP Morgan Chase Commercial Mortgage Securities Corporation,
	76,074	Series 2001-CIBC-E		7.18%	#		03/15/2033		75,923
	1,000,000	Series 2004-C3-A4		4.66%			01/15/2042		1,005,510
	874,572	Series 2006-CB16-X2		0.70%	# I/O		05/12/2045		8,409
	10,010,225	Series 2006-LDP8-X		0.74%	# I/O		05/15/2045		209,459
	750,000	Series 2007-C1-A4		5.72%			02/15/2051		796,783
	400,000	Series 2007-CIBC18-AM		5.47%	#		06/12/2047		358,976
	100,000	Series 2007-CIBC19-A4		5.93%	#		02/12/2049		106,418
	400,000	Series 2007-CIBC19-AM		5.93%	#		02/12/2049		351,092
	12,050,000	Series 2009-IWST-XB		0.54%	#^ I/O		12/05/2027		285,910
		JP Morgan Mortgage Trust,
	975,277	Series 2007-S3-1A7		6.00%			08/25/2037		814,568
		LB-UBS Commercial Mortgage Trust,
	209,491	Series 2004-C4-A3		5.35%	#		06/15/2029		212,828
		Leaf II Receivables Funding LLC,
	2,500,000	Series 2010-4-C		5.00%	^		01/20/2019		2,412,500
		Lehman Mortgage Trust,
	1,860,261	Series 2006-3-1A5		6.00%			07/25/2036		1,188,105
	122,256	Series 2006-9-1A19		29.60%	# I/F		01/25/2037		183,763
	2,257,050	Series 2007-10-2A1		6.50%			01/25/2038		1,887,122
	453,804	Series 2007-2-1A1		5.75%			02/25/2037		321,733
		MASTR Alternative Loans Trust,
	280,952	Series 2005-2-3A1		6.00%			03/25/2035		282,113
	123,381	Series 2007-1-2A7		6.00%			10/25/2036		102,714
		MASTR Asset Securitization Trust,
	828,541	Series 2003-2-30B2		5.75%			04/25/2033		828,375
	804,572	Series 2005-1-2A5		5.00%			05/25/2035		805,361
		ML-CFC Commercial Mortgage Trust,
	1,793,099	Series 2006-4-A2FL		0.35%	#		12/12/2049		1,772,559
		Morgan Stanley Capital, Inc.,
	10,751,783	Series 2004-HQ4-X2		0.51%	#^ I/O		04/14/2040		43,394
	29,321,372	Series 2005-IQ9-X2		1.21%	#^ I/O		07/15/2056		115,497
	90,662	Series 2007-HQ12-A2FL		0.48%	#		04/12/2049		85,859
	181,324	Series 2007-HQ12-A2FL		5.77%	#		04/12/2049		183,466
	42,321,133	Series 2007-IQ16-X2		0.38%	#^ I/O		12/12/2049		347,118

See Accompanying Notes Semi-Annual Report September 30, 2011 17

Schedule of Investments  DoubleLine Core Fixed Income Fund(Contd.)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Morgan Stanley Mortgage Loan Trust,
$	3,485,269	Series 2005-7-7A4		5.50%			11/25/2035		3,024,117
		Nomura Asset Acceptance Corporation,
	347,462	Series 2006-AP1-A2		5.52%	#		01/25/2036		226,194
		Nomura Asset Securities Corporation,
	1,000,000	Series 1998-D6-A4		7.89%	#		03/15/2030		1,070,240
		Nomura Home Equity Loan, Inc.,
	802,128	Series 2006-AF1-A2		5.80%	#		10/25/2036		329,991
	1,476,649	Series 2007-1-1A1		6.06%	#		02/25/2037		655,274
		N-Star Real Estate CDO Ltd.,
	797,118	Series 2004-2A-A1		0.59%	#^		06/28/2039		753,277
		Option One Mortgage Loan Trust,
	361,440	Series 2004-3-M3		0.88%	#		11/25/2034		279,348
		Residential Accredit Loans, Inc.,
	1,049,753	Series 2004-QS15-A1		5.25%			11/25/2034		966,102
	1,163,280	Series 2005-QS14-3A3		6.00%			09/25/2035		973,118
	430,890	Series 2005-QS1-A5		5.50%			01/25/2035		398,631
	1,190,374	Series 2006-QS10-A4		5.75%			08/25/2036		759,365
	2,703,494	Series 2006-QS6-1A15		6.00%			06/25/2036		1,713,948
	1,113,093	Series 2006-QS6-2A1		6.00%			06/25/2021		974,481
	3,753,960	Series 2007-QS3-A4		6.25%			02/25/2037		2,321,466
		Residential Asset Mortgage Products, Inc.,
	550,000	Series 2005-RS1-AI5		5.41%	#		01/25/2035		405,125
		Residential Asset Securitization Trust,
	807,516	Series 2005-A10-A3		5.50%			09/25/2035		676,364
	569,552	Series 2005-A11-2A4		6.00%			10/25/2035		305,130
	223,326	Series 2005-A7-A3		5.50%			06/25/2035		196,034
	3,001,738	Series 2006-A6-1A1		6.50%			07/25/2036		1,840,544
	318,050	Series 2006-R1-A1		27.46%	# I/F		01/25/2046		445,354
		Residential Funding Mortgage Securities Trust,
	454,901	Series 2006-S10-1A2		6.00%			10/25/2036		372,473
	4,312,883	Series 2007-S2-A4		6.00%			02/25/2037		3,578,913
	2,637,668	Series 2007-S3-1A4		6.00%			03/25/2037		2,135,248
		Structured Adjustable Rate Mortgage Loan Trust,
	2,377,241	Series 2006-4-7A1		5.12%	#		05/25/2036		2,125,790
		Structured Asset Securities Corporation,
	5,289,434	Series 2005-10-1A1		5.75%			06/25/2035		4,628,254
	3,145,167	Series 2005-RF1-A		0.58%	#^		03/25/2035		2,550,826
	3,145,167	Series 2005-RF1-AIO		5.53%	#^ I/O		03/25/2035		470,525
		Wachovia Bank Commercial Mortgage Trust,
	250,000	Series 2006-C25-AM		5.92%	#		05/15/2043		233,496
	114,607,132	Series 2006-C27-XC		0.11%	#^ I/O		07/15/2045		945,967
	20,537,130	Series 2006-C29-IO		0.53%	# I/O		11/15/2048		338,123
		Washington Mutual Mortgage Pass-Through Certificates,
	270,413	Series 2005-1-2A		6.00%			03/25/2035		219,520
	3,661,769	Series 2006-1-3A1		5.75%			02/25/2036		2,787,522
	7,281,600	Series 2006-AR19-2A		2.60%	#		01/25/2047		4,842,846
	405,763	Series 2007-5-A11		38.07%	# I/F		06/25/2037		698,924
		Wells Fargo Mortgage Backed Securities Trust,
	2,079,816	Series 2005-17-1A1		5.50%			01/25/2036		1,942,334
	377,302	Series 2005-AR14-A6		5.36%	#		08/25/2035		244,826
	431,809	Series 2005-AR16-6A4		2.72%	#		10/25/2035		179,834
	802,085	Series 2006-11-A19		6.00%			09/25/2036		795,238
	2,134,181	Series 2006-2-3A1		5.75%			03/25/2036		2,086,788
	1,053,939	Series 2007-10-1A36		6.00%			07/25/2037		944,794
	755,329	Series 2007-11-A96		6.00%			08/25/2037		692,132
	2,748,907	Series 2007-4-A16		5.50%			04/25/2037		2,461,614
	677,538	Series 2007-7-A1		6.00%			06/25/2037		629,598
		Total Non-Agency Collateralized Mortgage Obligations (Cost $139,435,387)							137,271,417
	US CORPORATE BONDS 15.8%
	1,077,000	3M Company, Series D		5.70%			03/15/2037		1,414,107
	1,150,000	Alcoa, Inc.		6.15%			08/15/2020		1,166,904
	1,971,000	Altria Group, Inc.		9.25%			08/06/2019		2,587,414

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
$	1,400,000	American Airlines Pass-Through Trust		8.63%			10/15/2021		1,386,000
	2,350,000	American Express Credit Corporation		2.75%			09/15/2015		2,363,729
	1,100,000	Anheuser Busch Inbev Worldwide		5.38%			11/15/2014		1,230,035
	100,000	Arch Coal, Inc.		7.00%	^		06/15/2019		95,500
	1,550,000	Arrow Electronics, Inc.		3.38%			11/01/2015		1,535,539
	1,454,000	AT&T, Inc.		5.35%			09/01/2040		1,525,564
	200,000	BE Aerospace, Inc.		6.88%			10/01/2020		209,500
	2,375,000	Berkshire Hathaway, Inc.		3.20%			02/11/2015		2,498,993
	1,250,000	Biogen Idec, Inc.		6.88%			03/01/2018		1,533,351
	100,000	Blue Merger, Inc.		7.63%	^		02/15/2019		85,000
	1,075,000	Boeing Company		6.88%			03/15/2039		1,491,099
	1,650,000	Boston Properties Ltd. Partnership		4.13%			05/15/2021		1,588,609
	100,000	Calpine Corporation		7.88%	^		07/31/2020		97,000
	100,000	CCO Holdings LLC		6.50%			04/30/2021		95,000
	1,920,000	Celgene Corporation		3.95%			10/15/2020		1,948,719
	100,000	Cinemark USA, Inc.		7.38%			06/15/2021		95,000
	1,600,000	Citigroup, Inc.		6.00%			12/13/2013		1,681,453
	2,925,000	Coca-Cola Company		1.80%	^		09/01/2016		2,936,888
	2,000,000	Comcast Corporation		5.85%			11/15/2015		2,270,798
	1,450,000	ConocoPhillips Company		6.50%			02/01/2039		1,929,802
	100,000	Constellation Brands, Inc.		7.25%			05/15/2017		105,500
	100,000	Copano Energy LLC		7.13%			04/01/2021		98,250
	200,000	Credit Suisse USA, Inc.		4.88%			01/15/2015		210,764
	350,000	Credit Suisse USA, Inc.		5.38%			03/02/2016		374,912
	200,000	Crown Castle International Corporation		9.00%			01/15/2015		213,000
	1,900,000	Daimler Finance North America LLC		1.88%	^		09/15/2014		1,876,432
	100,000	Delphi Corporation		5.88%	^		05/15/2019		93,500
	2,890,000	Devon Energy Corporation		6.30%			01/15/2019		3,508,590
	100,000	DineEquity, Inc.		9.50%			10/30/2018		99,750
	1,400,000	DIRECTV Holdings LLC		5.00%			03/01/2021		1,483,664
	100,000	DISH DBS Corporation		7.75%			05/31/2015		103,000
	1,300,000	Duke Energy Corporation		3.55%			09/15/2021		1,299,615
	200,000	El Paso Corporation		7.00%			06/15/2017		225,033
	100,000	Equinix, Inc.		7.00%			07/15/2021		99,875
	100,000	Felcor Lodging LP		6.75%	^		06/01/2019		90,000
	125,000	First Data Corporation		11.25%			03/31/2016		85,000
	200,000	Forest Oil Corporation		7.25%			06/15/2019		198,000
	200,000	Frontier Communications Corporation		8.50%			04/15/2020		195,000
	3,200,000	General Electric CapitalCorporation, Series A		3.75%			11/14/2014		3,342,973
	1,000,000	Halliburton Company		6.15%			09/15/2019		1,213,061
	100,000	Hertz Corporation		7.50%			10/15/2018		96,000
	100,000	Huntsman International LLC		5.50%			06/30/2016		93,750
	1,300,000	IBM Corporation		1.95%			07/22/2016		1,312,919
	1,350,000	Illinois Tool Works, Inc.		3.38%	^		09/15/2021		1,386,233
	1,800,000	Intel Corporation		3.30%			10/01/2021		1,842,678
	200,000	Interbank Peru		8.50%	#		04/23/2070		204,000
	95,000	Interpublic Group of Companies, Inc.		10.00%			07/15/2017		108,538
	100,000	Iron Mountain, Inc.		7.75%			10/01/2019		99,750
	2,000,000	JP Morgan Chase & Company		4.95%			03/25/2020		2,118,596
	851,000	Kellogg Company		7.45%			04/01/2031		1,234,711
	1,100,000	Kinder Morgan Energy Partners, LP		6.95%			01/15/2038		1,230,107
	1,500,000	Kraft Foods, Inc.		5.38%			02/10/2020		1,700,480
	1,500,000	Kroger Company		5.50%			02/01/2013		1,580,038
	500,000	Kroger Company		7.50%			01/15/2014		565,914
	100,000	LINN Energy LLC		6.50%	^		05/15/2019		92,500
	1,800,000	Marathon Petroleum Corporation		5.13%	^		03/01/2021		1,877,985
	500,000	Metlife, Inc.		6.38%			06/15/2034		588,464
	750,000	Metlife, Inc.		5.70%			06/15/2035		804,416
	100,000	Michaels Stores, Inc.		7.75%			11/01/2018		94,000
	850,000	MidAmerican Energy Holdings Company		5.95%			05/15/2037		1,003,683

18 DoubleLine Funds See Accompanying Notes

(Unaudited)

September 30, 2011

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
$	650,000	MidAmerican Energy Holdings Company		6.50%			09/15/2037		815,764
	2,100,000	Motorola, Inc.		6.00%			11/15/2017		2,327,648
	1,813,000	National Rural Utilities Cooperative Finance Corporation		10.38%			11/01/2018		2,608,575
	2,150,000	News America, Inc.		6.65%			11/15/2037		2,370,904
	1,200,000	Novartis Capital Corporation		4.40%			04/24/2020		1,358,476
	1,300,000	Omnicom Group, Inc.		4.45%			08/15/2020		1,313,894
	1,325,000	Oneok Partners LP		6.13%			02/01/2041		1,470,725
	2,200,000	PNC Funding Corporation		4.38%			08/11/2020		2,285,333
	1,200,000	Procter & Gamble Company		5.55%			03/05/2037		1,550,754
	100,000	Reynolds Group Issuer LLC		7.88%	^		08/15/2019		97,000
	100,000	Safeway, Inc.		5.80%			08/15/2012		103,859
	1,177,000	Safeway, Inc.		6.25%			03/15/2014		1,310,710
	100,000	Service Corporation International		6.75%			04/01/2015		104,500
	100,000	SESI LLC		6.38%	^		05/01/2019		97,000
	1,210,000	Simon Property Group L.P.		5.65%			02/01/2020		1,329,135
	2,795,000	Southern Power Company, Series D		4.88%			07/15/2015		3,051,457
	875,000	Southwest Airlines Company		5.25%			10/01/2014		938,837
	200,000	Southwest Airlines Company		5.75%			12/15/2016		221,965
	1,325,000	Southwest Airlines Company		5.13%			03/01/2017		1,421,861
	1,000,000	Target Corporation		3.88%			07/15/2020		1,086,116
	2,650,000	Time Warner Cable, Inc.		5.00%			02/01/2020		2,819,852
	2,800,000	Transocean, Inc.		6.00%			03/15/2018		2,985,383
	100,000	United Parcel Service, Inc.		5.13%			04/01/2019		121,611
	1,900,000	United Parcel Service, Inc.		3.13%			01/15/2021		1,987,626
	100,000	United Rentals, Inc.		8.38%			09/15/2020		92,250
	100,000	Univision Communications, Inc.		6.88%	^		05/15/2019		89,500
	2,500,000	Valero Energy Corporation		6.13%			02/01/2020		2,778,671
	100,000	Vulcan Materials Company		6.50%			12/01/2016		92,275
	2,579,000	Wal-Mart Stores, Inc.		3.25%			10/25/2020		2,676,888
	2,080,000	Waste Management, Inc.		6.13%			11/30/2039		2,530,636
	2,150,000	Wellpoint, Inc.		5.25%			01/15/2016		2,395,491
	300,000	Wellpoint, Inc.		5.88%			06/15/2017		343,592
	200,000	Wynn Las Vegas LLC		7.88%			11/01/2017		210,500
	206,000	Xerox Corporation		5.50%			05/15/2012		211,735
	1,200,000	Xerox Corporation		4.25%			02/15/2015		1,270,330
		Total US Corporate Bonds (Cost $109,508,431)							111,187,538
	FOREIGN CORPORATE BONDS 10.4%
	500,000	ABH Financial Ltd.		8.20%			06/25/2012		504,250
	1,000,000	AES Andres Dominicana Ltd.		9.50%			11/12/2020		1,000,000
	1,000,000	AES Gener S.A.		5.25%	^		08/15/2021		972,981
	275,000	AES Panama S.A.		6.35%			12/21/2016		295,625
	250,000	America Movil S.A.B. de C.V.		6.13%			03/30/2040		262,500
	690,000	Anglogold Holdings PLC		6.50%			04/15/2040		657,510
	727,000	Arcelormittal S.A. Luxembourg		5.38%			06/01/2013		742,128

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
$	700,000	Arcelormittal S.A. Luxembourg		3.75%			08/05/2015		654,163
	2,150,000	Australia and New Zealand Banking Group		4.88%	^		01/12/2021		2,234,715
	700,000	Automotores Gildemeister S.A.		8.25%	^		05/24/2021		670,250
	400,000	Automotores Gildemeister S.A.		8.25%			05/24/2021		383,000
	889,000	Banco de Credito del Peru		4.75%			03/16/2016		866,775
	300,000	Banco de Credito del Peru		6.88%	#^		09/16/2026		297,000
	350,000	Banco de Credito del Peru		9.75%	#		11/06/2069		395,500
	200,000	Banco do Brazil S.A.		5.88%			01/26/2022		192,500
	800,000	Banco do Nordeste		3.63%			11/09/2015		796,000
	300,000	Banco International del Peru		8.50%	#		04/23/2070		306,000
	300,000	Banco Mercantil del Norte		4.38%			07/19/2015		301,500
	1,250,000	Banco Mercantil del Norte		6.86%	#		10/13/2021		1,237,500
	450,000	Bancolombia S.A.		5.95%	^		06/03/2021		439,875
	1,400,000	BP Capital Markets P.L.C.		4.75%			03/10/2019		1,549,003
	2,255,000	British Telecommunications P.L.C.		5.95%			01/15/2018		2,510,989
	100,000	BTA Bank		10.75%	#		07/01/2018		45,000
	250,000	C10 Capital Ltd.		6.72%	#		12/31/2016		118,750
	250,000	Cencosud S.A.		5.50%			01/20/2021		251,642
	200,000	Cencosud S.A.		5.50%	^		01/20/2021		201,313
	375,000	Continental Banco Trust		7.38%	#		10/07/2040		363,750
	150,000	Continental Banco Trust		7.38%	#^		10/07/2040		145,500
	1,600,000	Controladora Comercial Mexicana S.A.B. de C.V.		7.00%			06/30/2018		1,528,000
	440,000	Corporacion Pesquera Inca S.A.C.		9.00%			02/10/2017		444,400
	760,000	Corporacion Pesquera Inca S.A.C.		9.00%			02/10/2017		767,600
	1,800,000	Cosan Overseas Ltd.		8.25%			11/05/2015		1,709,999
	1,600,000	Covidien International Finance S.A.		2.80%			06/15/2015		1,660,233
	400,000	Covidien International Finance S.A.		6.00%			10/15/2017		475,593
	650,000	Credit Suisse AG		3.50%			03/23/2015		650,562
	1,100,000	Deutsche Bank Aktiengesellschaft		3.25%			01/11/2016		1,079,607
	500,000	Development Bank of Kazakhstan		6.00%			03/23/2026		438,160
	200,000	Digicel Group Ltd.		8.25%			09/01/2017		190,000
	700,000	Digicel Group Ltd.		8.25%	^		09/01/2017		665,000
	1,400,000	Drummond Company, Inc.		7.38%			02/15/2016		1,424,500
	1,300,000	Ege Haina Finance Company		9.50%			04/26/2017		1,319,500
	1,000,000	Empresas ICA Sociedad		8.90%			02/04/2021		890,000
	800,000	Eurasian Development Bank		7.38%			09/29/2014		817,984
	2,850,000	France Telecom S.A.		2.75%			09/14/2016		2,831,330
	750,000	Gaz Capital S.A.		5.09%			11/29/2015		742,500
	700,000	Globo Communicacao e Participacoes S.A.		6.25%	#		07/20/2015		719,250
	737,000	Globo Communicacao e Participacoes S.A.		7.25%			04/26/2022		766,480
	450,000	Gol Finance		9.25%			07/20/2020		378,000
	1,200,000	Gold Fields Orogen Holdings		4.88%			10/07/2020		1,106,770
	200,000	Gold Fields Orogen Holdings		4.88%	^		10/07/2020		184,462
	1,500,000	GRUMA S.A.B. de C.V.		7.75%			12/29/2041		1,500,000
	300,000	Grupo Famsa S.A.B. de C.V.		11.00%			07/20/2015		298,500
	200,000	Gruposura Finance		5.70%	^		05/18/2021		196,000
	200,000	Hongkong Electric Company Ltd.		4.25%			12/14/2020		199,387
	1,300,000	HSBC Holdings P.L.C.		5.10%			04/05/2021		1,341,188
	250,000	Hutchison Whampoa International Ltd.		6.00%	#		10/28/2015		240,625
	107,692	Iirsa Norte Finance Ltd.		8.75%			05/30/2024		124,384
	1,000,000	Industrial Bank of Korea		3.75%			09/29/2016		980,050
	700,000	Industrial Trust		8.25%	^		07/27/2021		721,000

See Accompanying Notes Semi-Annual Report September 30, 2011 19

Schedule of Investments  DoubleLine Core Fixed Income Fund(Contd.)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
$	200,000	Industry & Construction Bank		5.01%	#		09/29/2015		183,390
	800,000	Inkia Energy Ltd.		8.38%			04/04/2021		792,000
	400,000	Inkia Energy Ltd.		8.38%	^		04/04/2021		396,000
	500,000	Ixe Banco S.A.		9.25%			10/14/2020		557,500
	200,000	Ixe Banco S.A.		9.75%			12/29/2041		204,000
	300,000	JBS Finance II Ltd.		8.25%			01/29/2018		250,500
	500,000	JBS S.A.		10.50%			08/04/2016		480,000
	400,000	Kazkommertsbank JSC		8.50%	^		05/11/2018		324,000
	470,000	Kuznetski Capital S.A.		5.97%	#		11/25/2015		415,950
	300,000	Marfrig Holdings B.V.		8.38%	^		05/09/2018		192,000
	250,000	Marfrig Holdings B.V.		8.38%			05/09/2018		160,000
	375,000	MCE Finance Ltd.		10.25%			05/15/2018		399,375
	300,000	Minerva Overseas II Ltd.		10.88%			11/15/2019		240,000
	300,000	MMG Fiduc (AES El Salvador)		6.75%			02/01/2016		295,500
	1,000,000	National Copper Corporation		3.75%			11/04/2020		999,116
	200,000	Nova Chemicals Corporation		8.38%			11/01/2016		211,000
	400,000	Odebrecht Finance Ltd.		7.50%			09/14/2015		392,500
	100,000	Odebrecht Finance Ltd.		7.50%	^		12/31/2049		98,125
	500,000	OJSC Russ-Bank		6.00%	#^		06/03/2021		430,000
	1,000,000	Oversea-Chinese Banking Corporation		4.25%	#		11/18/2019		1,027,171
	1,500,000	Pacific Rubiales Energy		8.75%			11/10/2016		1,648,125
	1,200,000	Pan American Energy LLC		7.88%			05/07/2021		1,213,440
	250,000	Petrobras Energia S.A.		5.88%			05/15/2017		255,000
	1,000,000	Petrobras International Finance Company		3.88%			01/27/2016		1,002,000
	900,000	Pohang Iron and Steel Company		4.25%	^		10/28/2020		839,329
	900,000	Pohang Iron and Steel Company		5.25%	^		04/14/2021		892,994
	600,000	PTTEP Canada International Finance Ltd.		5.69%	^		04/05/2021		610,800
	300,000	PTTEP Canada International Finance Ltd.		5.69%			04/05/2021		305,400
	1,000,000	Qtel International Finance Ltd.		3.38%			10/14/2016		1,005,625
	1,000,000	Ras Laffan Liquefied Natural Gas Company		5.84%			09/30/2027		1,105,000
	2,000,000	Royal Bank of Canada		2.30%			07/20/2016		2,024,236
	1,175,000	Royal KPN N.V.		8.38%			10/01/2030		1,516,473
	1,450,000	Sanofi Aventis		2.63%			03/29/2016		1,501,745
	800,000	Sigma Alimentos S.A.		6.88%			12/16/2019		832,000
	500,000	Sociedad Quimica y Minera S.A.		5.50%			04/21/2020		525,821
	700,000	Southern Copper Corporation		6.75%			04/16/2040		694,750
	100,000	Telemovil Finance Company Ltd.		8.00%	^		10/01/2017		98,000
	500,000	Telemovil Finance Company Ltd.		8.00%			10/01/2017		490,000
	500,000	Transneft		5.67%			03/05/2014		503,500
	800,000	Vale Overseas Ltd.		4.63%			09/15/2020		779,760
	200,000	VimpelCom Ltd.		7.75%	^		02/02/2021		168,240
	200,000	VimpelCom Ltd.		7.75%			02/02/2021		168,240
	300,000	VimpelCom Ltd.		7.50%	^		03/01/2022		242,250
	200,000	Virgolino de Oliveira Finance Ltd.		10.50%			01/28/2018		185,000
	450,000	VTB Capital S.A.		6.55%			10/13/2020		418,793
	100,000	WPE International Cooperatief U.A.		10.38%	^		09/30/2020		91,000
	800,000	WPE International Cooperatief U.A.		10.38%			09/30/2020		728,000
	750,000	YPF Sociedad Anonima		10.00%			11/02/2028		836,250
		Total Foreign Corporate Bonds (Cost $76,058,050)							73,516,681

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES 2.5%
$	3,000,000	Corporacion Andina de Fomento		3.75%			01/15/2016		3,050,631
	1,000,000	Export-Import Bank of Korea		3.75%			10/20/2016		980,381
	100,000	Hydro-Quebec		8.00%			02/01/2013		109,549
	150,000	Hydro-Quebec		7.50%			04/01/2016		186,473
	1,100,000	Hydro-Quebec		2.00%			06/30/2016		1,123,877
	2,650,000	Korea Development Bank		8.00%			01/23/2014		2,945,295
	2,950,000	Pemex Project Funding Master Trust		6.63%			06/15/2035		3,193,375
	150,000	Province of Argentina		7.88%	^		04/26/2021		142,500
	500,000	Province of New Brunswick		2.75%			06/15/2018		523,635
	300,000	Province of Ontario		2.30%			05/10/2016		311,123
	200,000	Province of Ontario		4.95%			11/28/2016		232,273
	2,700,000	Republic of Chile		3.25%			09/14/2021		2,639,250
	1,950,000	United Mexican States		5.63%			01/15/2017		2,182,050
		Total Foreign Government Bonds and Notes, Supranationals and Foreign Agencies (Cost $17,638,070)							17,620,412
	US GOVERNMENT/ AGENCY MORTGAGE BACKED SECURITIES 23.1%
		Federal Home Loan Mortgage Corporation,
	6,485,481	Pool #G01840		5.00%			07/01/2035		6,992,228
	5,551,768	Pool #G04817		5.00%			09/01/2038		5,962,136
	1,476,004	Pool #U60299		4.00%			11/01/2040		1,547,344
	571,033	Series 2692-SC		12.83%	# I/F		07/15/2033		619,147
	5,300,000	Series 2722-PS		9.63%	# I/F		12/15/2033		6,211,708
	437,975	Series 2750-ZT		5.00%			02/15/2034		496,813
	1,174,544	Series 3002-SN		6.27%	# I/F I/O		07/15/2035		213,762
	501,684	Series 3045-DI		6.50%	# I/F I/O		10/15/2035		92,812
	1,039,253	Series 3116-Z		5.50%			02/15/2036		1,193,318
	128,503	Series 3117-ZN		4.50%			02/15/2036		141,452
	1,288,706	Series 3203-ZC		5.00%			07/15/2036		1,506,582
	955,260	Series 3275-SC		5.85%	# I/F I/O		02/15/2037		116,959
	1,435,629	Series 3423-GS		5.42%	# I/F I/O		03/15/2038		153,920
	1,435,629	Series 3423-SG		5.42%	# I/F I/O		03/15/2038		153,920
	1,119,434	Series 3524-LB		6.00%	#		06/15/2038		1,191,670
	4,995,496	Series 3562-WS		4.72%	# I/F I/O		08/15/2039		435,108
	2,694,008	Series 3582-SA		5.77%	# I/F I/O		10/15/2049		291,994
	2,214,115	Series 3606-CS		6.12%	# I/F I/O		12/15/2039		285,020
	1,304,975	Series 3616-SG		6.12%	# I/F I/O		03/15/2032		229,461
	2,804,654	Series 3666-SC		5.54%	# I/F I/O		05/15/2040		311,071
	537,954	Series 3666-VZ		5.50%			08/15/2036		652,353
	1,452,155	Series 3688-CM		4.00%			07/15/2029		1,511,195
	971,613	Series 3745-ST		9.54%	# I/F		10/15/2040		983,238
	3,004,879	Series 3745-SY		9.54%	# I/F		10/15/2040		3,131,225
	2,773,613	Series 3758-SL		5.39%	# I/F		05/15/2039		2,785,531
	2,406,256	Series 3779-DZ		4.50%			12/15/2040		2,390,088
	1,400,000	Series 3779-YA		3.50%			12/15/2030		1,453,813
	489,530	Series 3780-BS		9.44%	# I/F		12/15/2040		494,842
	1,050,569	Series 3780-YS		9.44%	# I/F		12/15/2040		1,067,983
	1,442,552	Series 3786-SG		9.04%	# I/F		01/15/2041		1,448,554
	2,907,986	Series 3793-SA		9.34%	# I/F		01/15/2041		2,983,712
	2,053,960	Series 3795-VZ		4.00%			01/15/2041		2,120,231
	1,459,596	Series 3798-SD		9.14%	# I/F		12/15/2040		1,498,766
	650,570	Series 3805-KS		9.04%	# I/F		02/15/2041		651,291
	1,548,792	Series 3806-CZ		5.50%			07/15/2034		1,873,534
	1,156,635	Series 3808-DB		3.50%			02/15/2031		1,167,478
	4,090,848	Series 3818-CZ		4.50%			03/15/2041		4,303,613
	2,040,180	Series 3819-ZU		5.50%			07/15/2034		2,424,920
	3,736,782	Series 3824-EY		3.50%			03/15/2031		3,771,814
	2,798,399	Series 3828-SW		12.51%	# I/F		02/15/2041		2,868,777
	4,073,839	Series 3863-ZA		5.50%			08/15/2034		4,775,309
	3,020,033	Series 3888-ZG		4.00%			07/15/2041		3,056,872
	2,182,635	Series 3910-GZ		5.00%			08/15/2041		2,419,874
	1,383,578	Series R003-ZA		5.50%			10/15/2035		1,601,581
		Federal National Mortgage Association,
	660,451	Series 2003-117-KS		6.87%	# I/F I/O		08/25/2033		73,619
	2,993,592	Series 2003-92-PZ		5.00%			09/25/2033		3,411,067

20 DoubleLine Funds See Accompanying Notes

(Unaudited)

September 30, 2011

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal National Mortgage Association, (Cont.)
$	500,000	Series 2003-W17-1A7		5.75%			08/25/2033		588,826
	2,041,411	Series 2006-101-SA		6.35%	# I/F I/O		10/25/2036		325,422
	1,003,802	Series 2006-56-SM		6.52%	# I/F I/O		07/25/2036		179,993
	1,229,119	Series 2007-116-BI		6.02%	# I/F I/O		05/25/2037		198,749
	3,053,279	Series 2007-30-OI		6.21%	# I/F I/O		04/25/2037		507,427
	4,747,459	Series 2008-14-ZA		5.50%			03/25/2038		5,532,468
	409,583	Series 2008-29-ZA		4.50%			04/25/2038		445,883
	1,499,886	Series 2008-62-SC		5.77%	# I/F I/O		07/25/2038		159,014
	3,801,421	Series 2009-111-EZ		5.00%			01/25/2040		4,076,926
	685,038	Series 2009-111-SE		6.02%	# I/F I/O		01/25/2040		82,287
	341,272	Series 2009-16-MZ		5.00%			03/25/2029		383,283
	1,730,963	Series 2009-48-WS		5.72%	# I/F I/O		07/25/2039		205,801
	7,730,324	Series 2009-62-PS		5.87%	# I/F I/O		08/25/2039		951,375
	1,750,384	Series 2009-83-Z		4.50%			10/25/2039		1,891,118
	279,040	Series 2010-101-ZH		4.50%			07/25/2040		303,622
	1,744,400	Series 2010-109-BS		52.56%	# I/F		10/25/2040		2,607,315
	1,561,112	Series 2010-112-ZA		4.00%			10/25/2040		1,548,716
	1,382,059	Series 2010-121-SD		4.27%	# I/F I/O		10/25/2040		160,196
	813,126	Series 2010-137-VS		14.34%	# I/F		12/25/2040		858,564
	2,060,806	Series 2010-150-ZA		4.00%			01/25/2041		2,082,735
	1,865,914	Series 2010-31-SA		4.77%	# I/F I/O		04/25/2040		159,645
	1,371,132	Series 2010-34-PS		4.70%	# I/F I/O		04/25/2040		114,402
	1,616,105	Series 2010-35-SP		6.12%	# I/F I/O		04/25/2050		190,470
	1,174,943	Series 2010-35-SV		6.22%	# I/F I/O		04/25/2040		136,111
	1,250,000	Series 2010-59-PS		6.22%	# I/F I/O		03/25/2039		161,812
	1,773,286	Series 2010-59-SC		4.77%	# I/F I/O		01/25/2040		166,015
	320,637	Series 2010-64-EZ		5.00%			06/25/2040		365,707
	2,811,933	Series 2010-90-GS		5.77%	# I/F I/O		08/25/2040		327,734
	222,485	Series 2010-99-SG		24.89%	# I/F		09/25/2040		292,238
	2,000,000	Series 2011-18-S		9.01%	# I/F		03/25/2041		1,978,328
	1,533,918	Series 2011-25-KY		3.00%			04/25/2026		1,548,298
	1,000,000	Series 2011-29-AL		3.50%			04/25/2031		1,009,219
	2,018,375	Series 2011-72-LZ		5.50%			04/25/2037		2,443,485
	2,516,694	Series 2011-77-CZ		4.00%			08/25/2041		2,469,724
	1,923,905	Series 2011-87-US		13.29%	# I/F		09/25/2041		1,914,586
	2,479,585	Series 2011-88-SB		8.86%	# I/F		09/25/2041		2,363,122
	2,394,260	Series 400-S4		5.22%	# I/F I/O		11/25/2039		268,045
		Federal National Mortgage Association Pass-Thru,
	1,297,477	Pool #555743		5.00%			09/01/2033		1,402,465
	1,076,216	Pool #735382		5.00%			04/01/2035		1,162,963
	6,590,150	Pool #735484		5.00%			05/01/2035		7,116,196
	799,251	Pool #931104		5.00%			05/01/2039		868,947
	3,583,281	Pool #AB2123		4.00%			01/01/2031		3,793,015
	885,676	Pool #AB2370		4.50%			09/01/2035		925,300
	192,371	Pool #AC1032		5.00%			06/01/2040		202,106
	122,565	Pool #AD2177		4.50%			06/01/2030		130,499
	5,745,565	Pool #AH7309		4.00%			02/01/2031		6,081,860
	430,621	Pool #MA0282		5.00%			12/01/2039		466,945
	3,232,334	Pool #MA0353		4.50%			03/01/2030		3,441,594
	490,633	Pool #MA0468		5.00%			07/01/2040		515,461
		Government National Mortgage Association,
	271,875	Series 2003-67-SP		6.87%	# I/F I/O		08/20/2033		100,930
	923,920	Series 2008-82-SM		5.82%	# I/F I/O		09/20/2038		112,023
	3,886,724	Series 2009-35-DZ		4.50%			05/20/2039		4,221,954
	3,828,965	Series 2009-75-GZ		4.50%			09/20/2039		4,172,945
	4,419,765	Series 2009-75-HZ		5.00%			09/20/2039		5,027,919
	319,549	Series 2010-25-ZB		4.50%			02/16/2040		330,163
		Total US Government/ Agency Mortgage Backed Securities (Cost $152,729,714)							162,139,651

PRINCIPAL AMOUNT / SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	US GOVERNMENT BONDS AND NOTES 20.0%
$	12,500,000	United States Treasury Bonds		8.00%			11/15/2021		19,525,388
	4,000,000	United States Treasury Bonds		6.13%			11/15/2027		5,895,625
	12,800,000	United States Treasury Bonds		4.38%			11/15/2039		16,457,997
	15,329,544	United States Treasury Notes		3.00%			07/15/2012		15,765,486
	13,350,000	United States Treasury Notes		0.63%			02/28/2013		13,428,231
	11,650,000	United States Treasury Notes		1.88%			04/30/2014		12,095,065
	5,550,000	United States Treasury Notes		1.25%			10/31/2015		5,668,370
	17,250,000	United States Treasury Notes		1.50%			07/31/2016		17,716,388
	17,600,000	United States Treasury Notes		2.75%			11/30/2016		19,148,254
	6,000,000	United States Treasury Notes		2.38%			07/31/2017		6,403,594
	8,000,000	United States Treasury Notes		2.38%			05/31/2018		8,516,250
		Total US Government Note/Bond (Cost $137,835,187)							140,620,648
	SHORT TERM INVESTMENTS 7.4%
	7,600,000	Federal Home Loan Bank Bonds		0.30%			09/10/2012		7,601,847
	3,850,000	Federal Home Loan Mortgage Corporation Notes		0.63%			12/28/2012		3,865,454
	5,000,000	Federal National Mortgage Association Notes		5.25%			08/01/2012		5,207,480
	35,106,913	Fidelity Institutional Government Portfolio		0.01%	1				35,106,913
		Total Short Term Investments (Cost $51,772,978)							51,781,694
		Total Investments 98.7% (Cost $684,977,817)							694,138,041
		Other Assets in Excess of Liabilities 1.3%							9,371,284
		NET ASSETS 100.0%						$	703,509,325

PORTFOLIO HOLDINGS as % of Net Assets
US Government / Agency Mortgage Backed Securities	23.1%
US Government Bonds and Notes	20.0%
Non-Agency Collateralized Mortgage Obligations	19.5%
US Corporate Bonds	15.8%
Foreign Corporate Bonds	10.4%
Short Term Investments	7.4%
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	2.5%
Other Assets and Liabilities	1.3%
	100.0%

# Variable rate security. Rate disclosed as of September 30, 2011.

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities are determined to be liquid by the Advisor, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. At September 30, 2011, the value of these securities amounted to $37,530,571 or 5.3% of net assets.

1 Seven-day yield as of September 30, 2011

I/O Interest only security

I/F Inverse floating rate security whose interest rate moves in the opposite direction of prevailing interest rates

See Accompanying Notes Semi-Annual Report September 30, 2011 21

Schedule of Investments  DoubleLine Emerging Markets Fixed Income Fund (Unaudited) September 30, 2011

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN CORPORATE BONDS 90.1%
	ARGENTINA 8.7%
$	5,000,000	Pan American Energy LLC		7.88%			05/07/2021		5,056,000
	1,775,000	Petrobras Energia S.A.		5.88%			05/15/2017		1,810,500
	1,700,000	WPE International Cooperatief U.A.		10.38%	^		09/30/2020		1,547,000
	3,673,000	WPE International Cooperatief U.A.		10.38%			09/30/2020		3,342,430
	3,500,000	YPF Sociedad Anonima		10.00%			11/02/2028		3,902,500
									15,658,430
	BRAZIL 14.6%
	100,000	Banco do Brazil S.A.		5.88%			01/26/2022		96,250
	500,000	Banco do Nordeste		3.63%			11/09/2015		497,500
	7,700,000	Cosan Overseas Ltd.		8.25%			11/05/2015		7,315,000
	1,380,000	Globo Communicacao e Participacoes S.A.		6.25%	#		07/20/2015		1,417,950
	2,862,000	Globo Communicacao e Participacoes S.A.		7.25%			04/26/2022		2,976,480
	4,100,000	Gol Finance		9.25%			07/20/2020		3,444,000
	200,000	JBS Finance II Ltd.		8.25%	^		01/29/2018		167,000
	1,700,000	JBS Finance II Ltd.		8.25%			01/29/2018		1,419,500
	1,000,000	JBS S.A.		10.50%			08/04/2016		960,000
	2,400,000	Marfrig Holdings B.V.		8.38%	^		05/09/2018		1,536,000
	1,800,000	Minerva Overseas II Ltd.		10.88%			11/15/2019		1,440,000
	1,400,000	Odebrecht Finance Ltd.		7.50%			09/14/2015		1,373,750
	100,000	Petrobras International Finance Company		3.88%			01/27/2016		100,200
	200,000	Tam Capital 3, Inc.		8.38%	^		06/03/2021		186,000
	500,000	Vale Overseas Ltd.		4.63%			09/15/2020		487,350
	2,700,000	Virgolino de Oliveira Finance Ltd.		10.50%			01/28/2018		2,497,500
									25,914,480
	CHILE 6.6%
	5,700,000	AES Gener S.A.		5.25%	^		08/15/2021		5,545,992
	5,000,000	Automotores Gildemeister S.A.		8.25%	^		05/24/2021		4,787,500
	1,000,000	Automotores Gildemeister S.A.		8.25%			05/24/2021		957,500
	200,000	Cencosud S.A.		5.50%	^		01/20/2021		201,313
	200,000	National Copper Corporation		3.75%			11/04/2020		199,823
	100,000	Sociedad Quimica y Minera S.A.		5.50%			04/21/2020		105,164
									11,797,292
	CHINA 1.0%
	200,000	Hongkong Electric Company Ltd.		4.25%			12/14/2020		199,387
	500,000	Hutchison Whampoa International Ltd.		6.00%	#		10/28/2015		481,250
	1,000,000	MCE Finance Ltd.		10.25%			05/15/2018		1,065,000
									1,745,637
	COLOMBIA 3.8%
	500,000	Bancolombia S.A.		5.95%	^		06/03/2021		488,750
	1,100,000	Drummond Company, Inc.		7.38%			02/15/2016		1,119,250
	200,000	Gruposura Finance		5.70%	^		05/18/2021		196,000
	4,621,000	Pacific Rubiales Energy		8.75%			11/10/2016		5,077,324
									6,881,324
	DOMINICAN REPUBLIC 3.7%
	600,000	AES Andres Dominicana Ltd.		9.50%			11/12/2020		600,000
	5,935,000	Ege Haina Finance Company		9.50%			04/26/2017		6,024,025
									6,624,025

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	EL SALVADOR 1.6%
$	2,600,000	MMG Fiduc (AES El Salvador)		6.75%			02/01/2016		2,561,000
	400,000	Telemovil Finance Company Ltd.		8.00%	^		10/01/2017		392,000
									2,953,000
	GUATEMALA 0.5%
	875,000	Industrial Trust		8.25%	^		07/27/2021		901,250
									901,250
	INDIA 0.3%
	500,000	Reliance Industries Ltd.		8.25%			01/15/2027		575,717
									575,717
	JAMAICA 0.9%
	1,100,000	Digicel Group Ltd.		8.25%	^		09/01/2017		1,045,000
	600,000	Digicel Group Ltd.		8.25%			09/01/2017		570,000
									1,615,000
	KAZAKHSTAN 4.3%
	700,000	BTA Bank		10.75%	#		07/01/2018		315,000
	3,700,000	Development Bank of Kazakhstan		6.00%			03/23/2026		3,242,384
	2,500,000	Eurasian Development Bank		7.38%			09/29/2014		2,556,200
	2,000,000	Kazkommertsbank JSC		8.50%	^		05/11/2018		1,620,000
									7,733,584
	MEXICO 14.0%
	650,000	America Movil S.A.B. de C.V.		6.13%			03/30/2040		682,500
	500,000	Banco Mercantil del Norte		4.38%			07/19/2015		502,500
	4,800,000	Banco Mercantil del Norte		6.86%	#		10/13/2021		4,752,000
	1,500,000	C10 Capital Ltd.		6.72%	#		12/31/2016		712,500
	5,800,000	Controladora Comercial Mexicana S.A.B. de C.V.		7.00%			06/30/2018		5,539,000
	5,500,000	Empresas ICA Sociedad		8.90%			02/04/2021		4,895,000
	2,859,000	GRUMA S.A.B. de C.V.		7.75%			12/29/2041		2,859,000
	1,713,000	Grupo Famsa S.A.B. de C.V.		11.00%			07/20/2015		1,704,435
	1,550,000	Ixe Banco S.A.		9.25%			10/14/2020		1,728,250
	525,000	Ixe Banco S.A.		9.75%			12/29/2041		535,500
	1,150,000	Sigma Alimentos S.A.		6.88%			12/16/2019		1,196,000
									25,106,685
	PANAMA 0.1%
	100,000	AES Panama S.A.		6.35%			12/21/2016		107,500
									107,500
	PERU 13.6%
	1,000,000	Banco de Credito del Peru		4.75%			03/16/2016		975,000
	200,000	Banco de Credito del Peru		6.88%	#^		09/16/2026		198,000
	3,135,000	Banco de Credito del Peru		9.75%	#		11/06/2069		3,542,550
	300,000	Banco International del Peru		8.50%	#^		04/23/2070		306,000
	2,816,000	Banco International del Peru		8.50%	#		04/23/2070		2,872,320
	1,350,000	Continental Banco Trust		7.38%	#^		10/07/2040		1,309,500
	2,360,000	Continental Banco Trust		7.38%	#		10/07/2040		2,289,200
	5,555,000	Corporacion Pesquera Inca S.A.C.		9.00%			02/10/2017		5,610,550
	1,615,381	Iirsa Norte Finance Ltd.		8.75%			05/30/2024		1,865,765
	1,900,000	Inkia Energy Ltd.		8.38%	^		04/04/2021		1,881,000
	600,000	Inkia Energy Ltd.		8.38%			04/04/2021		594,000
	3,000,000	Southern Copper Corporation		6.75%			04/16/2040		2,977,500
									24,421,385

22 DoubleLine Funds See Accompanying Notes

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	QATAR 2.4%
$	500,000	Qtel International Finance Ltd.		3.38%			10/14/2016		502,813
	3,500,000	Ras Laffan Liquefied Natural Gas Company		5.84%			09/30/2027		3,867,500
									4,370,313
	RUSSIA 6.1%
	900,000	ABH Financial Ltd.		8.20%			06/25/2012		907,650
	750,000	Gaz Capital S.A.		5.09%			11/29/2015		742,500
	900,000	Industry & Construction Bank		5.01%	#		09/29/2015		825,255
	1,500,000	Kuznetski Capital S.A.		5.97%	#		11/25/2015		1,327,500
	2,200,000	OJSC Russ-Bank		6.00%	#^		06/03/2021		1,892,000
	1,300,000	Transneft		5.67%			03/05/2014		1,309,100
	1,200,000	VimpelCom Ltd.		7.75%	^		02/02/2021		1,009,440
	1,300,000	VimpelCom Ltd.		7.75%			02/02/2021		1,093,560
	2,100,000	VimpelCom Ltd.		7.50%	^		03/01/2022		1,695,750
	100,000	VTB Capital S.A.		6.55%			10/13/2020		93,065
									10,895,820
	SINGAPORE 0.3%
	500,000	Oversea-Chinese Banking Corporation		4.25%	#		11/18/2019		513,586
									513,586
	SOUTH AFRICA 5.9%
	4,330,000	Anglogold Holdings PLC		6.50%			04/15/2040		4,126,113
	2,000,000	Gold Fields Orogen Holdings		4.88%	^		10/07/2020		1,844,616
	5,000,000	Gold Fields Orogen Holdings		4.88%			10/07/2020		4,611,540
									10,582,269
	SOUTH KOREA 0.3%
	500,000	Industrial Bank of Korea		3.75%			09/29/2016		490,025
									490,025
	THAILAND 1.4%
	2,250,000	PTTEP Canada International Finance Ltd.		5.69%	^		04/05/2021		2,290,500
	250,000	PTTEP Canada International Finance Ltd.		5.69%			04/05/2021		254,500
									2,545,000
		Total Foreign Corporate Bonds (Cost $172,711,858)							161,432,322
	FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES 1.3%
	ARGENTINA 0.8%
	1,550,000	Province of Argentina		7.88%	^		04/26/2021		1,472,500
									1,472,500

PRINCIPAL AMOUNT/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	CHILE 0.3%
$	500,000	Republic of Chile		3.25%			09/14/2021		488,750
									488,750
	SOUTH KOREA 0.2%
	400,000	Export-Import Bank of Korea		3.75%			10/20/2016		392,152
									392,152
		Total Foreign Government Bonds and Notes, Supranationals and Foreign Agencies (Cost $2,476,540)							2,353,402
	SHORT TERM INVESTMENTS 7.1%
	12,777,887	Fidelity Institutional Government Portfolio		0.01%	1				12,777,887
		Total Short Term Investments (Cost $12,777,887)							12,777,887
		Total Investments 98.5% (Cost $187,966,285)							176,563,611
		Other Assets in Excess of Liabilities 1.5%							2,670,901
		NET ASSETS 100.0%						$	179,234,512

PORTFOLIO HOLDINGS as % of Net Assets
Argentina	9.5%
Brazil	14.6%
Chile	6.9%
China	1.0%
Colombia	3.8%
Dominican Republic	3.7%
El Salvador	1.6%
Guatemala	0.5%
India	0.3%
Jamaica	0.9%
Kazakhstan	4.3%
Mexico	14.0%
Panama	0.1%
Peru	13.6%
Qatar	2.4%
Russia	6.1%
Singapore	0.3%
South Africa	5.9%
South Korea	0.5%
Thailand	1.4%
	91.4%
Short Term Investments	7.1%
Other Assets and Liabilities	1.5%
	100.0%

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities are determined to be liquid by the Advisor, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. At September 30, 2011, the value of these securities amounted to $32,513,111 or 18.1% of net assets.

1 Seven-day yield as of September 30, 2011

# Variable rate security. Rate disclosed as of September 30, 2011.

See Accompanying Notes Semi-Annual Report September 30, 2011 23

Schedule of Investments (Consolidated)  DoubleLine Multi-Asset Growth Fund (Unaudited) September 30, 2011

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS 12.2%
		Banc of America Commercial Mortgage, Inc.,
$	1,823,766	Series 2004-5-XP		0.71%	# I/O		11/10/2041		1,344
		BCAP LLC Trust,
	94,519	Series 2007-AA2-2A5		6.00%			04/25/2037		65,493
	106,000	Series 2010-RR6-1A20		9.46%	#^		08/26/2022		106,133
		Bear Stearns Commercial Mortgage Securities, Inc.,
	500,000	Series 2002-TOP8-A2		4.83%			08/15/2038		510,016
	100,000	Series 2005-PW10-AM		5.45%	#		12/11/2040		95,670
		Chaseflex Trust,
	430,000	Series 2007-M1-2F4		6.35%	#		08/25/2037		329,214
		Citi Mortgage Alternative Loan Trust,
	617,356	Series 2007-A6-1A11		6.00%			06/25/2037		425,839
		Citicorp Residential Mortgage Securities, Inc.,
	63,298	Series 2006-2-A3		5.56%	#		09/25/2036		63,166
		Citigroup Commercial Mortgage Trust,
	560,881	Series 2004-C2-XP		1.10%	#^ I/O		10/15/2041		961
		Commercial Mortgage Asset Trust,
	100,000	Series 1999-C1-B		7.23%	#		01/17/2032		105,130
		Countrywide Alternative Loan Trust,
	213,243	Series 2006-32CB-A16		5.50%			11/25/2036		156,854
	53,824	Series 2007-17CB-1A10		28.82%	# I/F		08/25/2037		86,285
	35,115	Series 2007-21CB-2A2		27.46%	# I/F		09/25/2037		52,964
		Countrywide Home Loans,
	35,000	Series 2007-4-1A5		6.50%			05/25/2037		27,797
		Credit Suisse First Boston Mortgage Securities Corporation,
	88,252	Series 2002-CKS4-A2		5.18%			11/15/2036		89,919
		Credit Suisse Mortgage Capital Certificates,
	67,047	Series 2006-9-4A1		6.00%			11/25/2036		60,256
		Deutsche Mortgage Securities, Inc.,
	132,686	Series 2006-PR1-5AI4		11.80%	#^ I/F		04/15/2036		140,025
		First Horizon Alternative Mortgage Securities,
	125,264	Series 2007-FA2-1A3		6.00%			04/25/2037		86,282
		GMAC Commercial Mortgage Securities, Inc.,
	7,609	Series 2004-C2-A2		4.76%			08/10/2038		7,605
		GSAA Home Equity Trust,
	1,000,000	Series 2006-15-AF3B		5.93%	#		09/25/2036		234,038
		GSR Mortgage Loan Trust,
	449,529	Series 2006-2F-2A20		10.88%	# I/F		02/25/2036		442,892
		JP Morgan Alternative Loan Trust,
	74,278	Series 2005-S1-2A11		6.00%			12/25/2035		60,846
		JP Morgan Chase Commercial Mortgage Securities Corporation,
	37,190	Series 2002-CIB5-A1		4.37%			10/12/2037		37,298
		JP Morgan Mortgage Acquisition Corporation,
	200,000	Series 2006-CH2-AF3		5.46%	#		10/25/2036		106,343
		LB-UBS Commercial Mortgage Trust,
	6,742	Series 2005-C2-A3		4.91%			04/15/2030		6,762
	94,944	Series 2006-C7-A2		5.30%			11/15/2038		95,271
		Lehman Mortgage Trust,
	222,768	Series 2006-4-1A3		5.17%	# I/F I/O		08/25/2036		35,203
	13,922	Series 2006-4-1A4		6.00%			08/25/2036		9,410
	116,777	Series 2007-5-11A1		6.04%	#		06/25/2037		73,341
		Morgan Stanley Capital, Inc.,
	44,078	Series 2001-TOP5-A4		6.39%			10/15/2035		44,076
	364,365	Series 2004-HQ3-A3		4.49%			01/13/2041		366,897
	20,885,888	Series 2005-HQ6-X2		0.63%	# I/O		08/13/2042		193,194
	268,230	Series 2005-T17-A4		4.52%			12/13/2041		268,052
	390,238	Series 2006-IQ12-ANM		5.31%			12/15/2043		389,605
	63,481,700	Series 2007-IQ16-X2		0.38%	#^ I/O		12/12/2049		520,677
		Residential Accredit Loans, Inc.,
	9,314	Series 2006-QS13-1A8		6.00%			09/25/2036		5,511
	105,863	Series 2006-QS7-A4		0.63%	#		06/25/2036		46,661
	317,589	Series 2006-QS7-A5		5.37%	# I/F I/O		06/25/2036		45,331

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Residential Accredit Loans, Inc., (Cont.)
$	198,524	Series 2006-QS8-A4		0.68%	#		08/25/2036		95,209
	595,573	Series 2006-QS8-A5		5.32%	# I/F I/O		08/25/2036		87,194
		Residential Asset Mortgage Products, Inc.,
	4,275	Series 2004-RS9-AI4		4.77%	#		10/25/2032		3,614
		Residential Asset Securitization Trust,
	35,000	Series 2005-A12-A12		5.50%			11/25/2035		29,934
		Salomon Brothers Mortgage Securities,
	158,145	Series 2002-KEY2-A2		4.47%			03/18/2036		158,977
		Wachovia Bank Commercial Mortgage Trust,
	263,492	Series 2006-C23-APB		5.45%			01/15/2045		265,395
		WF-RBS Commercial Mortgage Trust,
	6,739,721	Series 2011-C3-XA		1.92%	#^ I/O		03/15/2044		616,550
		Total Non-Agency Collateralized Mortgage Obligations (Cost $6,724,937)							6,649,234
	FOREIGN CORPORATE BONDS 3.8%
	200,000	AES Andres Dominicana Ltd.		9.50%			11/12/2020		200,000
	100,000	Automotores Gildemeister S.A.		8.25%	^		05/24/2021		95,750
	100,000	BTA Bank		10.75%	#		07/01/2018		45,000
	100,000	C10 Capital Ltd.		6.72%	#		12/31/2016		47,500
	100,000	Continental Banco Trust		7.38%	#		10/07/2040		97,000
	100,000	Corporacion Pesquera Inca S.A.C.		9.00%			02/10/2017		101,000
	100,000	Cosan Overseas Ltd.		8.25%			11/05/2015		95,000
	100,000	Development Bank of Kazakhstan		6.00%			03/23/2026		87,632
	100,000	Ege Haina Finance Company		9.50%			04/26/2017		101,500
	100,000	Empresas ICA Sociedad		8.90%			02/04/2021		89,000
	150,000	GRUMA S.A.B. de C.V.		7.75%			12/29/2041		150,000
	100,000	Grupo Famsa S.A.B. de C.V.		11.00%			07/20/2015		99,500
	100,000	Industrial Sub Trust		8.25%	^		07/27/2021		103,000
	200,000	Marfrig Holdings B.V.		8.38%	^		05/09/2018		128,000
	100,000	Minerva Overseas Ltd		10.88%			11/15/2019		80,000
	200,000	Tam Capital 3, Inc.		8.38%	^		06/03/2021		186,000
	200,000	VimpelCom Ltd.		7.50%	^		03/01/2022		161,500
	100,000	WPE International Cooperatief U.A.		10.38%			09/30/2020		91,000
	80,000	YPF Sociedad Anonima		10.00%			11/02/2028		89,200
		Total Foreign Corporate Bonds (Cost $2,364,266)							2,047,582
	US GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES 3.5%
		Federal Home Loan Mortgage Corporation,
	242,016	Series 3261-SA		6.20%	# I/F I/O		01/15/2037		36,835
	486,610	Series 3355-BI		5.82%	# I/F I/O		08/15/2037		70,481
	499,550	Series 3562-WS		4.72%	# I/F I/O		08/15/2039		43,511
	141,013	Series 3738-MS		11.41%	# I/F		10/15/2040		149,869
	220,107	Series 3739-LS		9.54%	# I/F		10/15/2040		227,876
	75,484	Series 3779-DZ		4.50%			12/15/2040		74,977
	48,953	Series 3780-BS		9.44%	# I/F		12/15/2040		49,484
	98,955	Series 3780-YS		9.44%	# I/F		12/15/2040		100,595
	161,555	Series 3793-SB		9.92%	# I/F		01/15/2041		164,503
		Federal National Mortgage Association,
	425,294	Series 2006-101-SA		6.35%	# I/F I/O		10/25/2036		67,796
	207,550	Series 2006-123-LI		6.09%	# I/F I/O		01/25/2037		28,034
	67,877	Series 2009-49-S		6.52%	# I/F I/O		07/25/2039		9,519
	101,732	Series 2010-155-SA		9.56%	# I/F		01/25/2041		105,208
	232,708	Series 2011-14-US		7.81%	# I/F		03/25/2041		230,937
		Government National Mortgage Association,
	159,123	Series 2009-6-SM		5.72%	# I/FI/O		02/20/2038		19,775
	100,000	Series 2011-12-PO		0.00%	P/O		12/20/2040		76,860

24 DoubleLine Funds See Accompanying Notes

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Government National Mortgage Association, (Cont.)
$	157,016	Series 2011-14-SM		9.24%	# I/F		08/16/2040		158,977
	250,000	Series 2011-7-LS		9.42%	# I/F		12/20/2040		265,833
		Total US Government / Agency Mortgage Backed Securities (Cost $1,503,137)							1,881,070
	INVESTMENT COMPANIES AND EXCHANGE TRADED NOTES 20.8%
	25,000	Hugoton Royalty Trust							531,250
	5,700	iPath Dow Jones-UBS Agriculture Total Return Sub-Index ETN*							296,514
	17,450	iPath Dow Jones-UBS Commodity Index Total Return ETN*							728,363
	25,500	iShares Barclays 1-3 Year Trust							2,156,535
	11,000	Market Vectors Gold Miners ETF							607,090
	700	ProShares UltraShort Russell 2000*							40,859
	18,622	San Juan Basin Royalty Trust							427,747
	29,000	SPDR Dow Jones Industrial Average ETF							3,158,390
	6,350	SPDR Gold Trust*							1,003,808
	26,700	Vanguard Short-Term Bond ETF							2,173,914
	5,000	WisdomTree Asia Local Debt Fund							247,105
		Total Investment Companies and Exchange Traded Notes (Cost $12,049,717)							11,371,575
	MUTUAL FUNDS 29.3% (a)
	224,234	Doubleline Core Fixed Income Fund							2,448,634
	124,178	Doubleline Emerging Markets Fixed Income Fund							1,251,719
	1,093,204	Doubleline Total Return Bond Fund							12,243,882
		Total Mutual Funds (Cost $15,851,665)							15,944,235

CONTRACTS (100 SHARES PER CONTRACT)		SECURITY DESCRIPTION	RATE		MATURITY	VALUE $
	PURCHASED OPTIONS 0.1%
		Crude Oil Europe,
	5	Expiration 11/15/2013, Strike Price $130					16,000
		Total Purchased Options (Cost $22,518)					16,000
PRINCIPAL AMOUNT/ SHARES
	SHORT TERM INVESTMENTS 30.8%
	16,823,719	Fidelity Institutional Government Portfolio		0.01%1			16,823,719
		Total Short Term Investments (Cost $16,823,719)					16,823,719
		Total Investments 100.5% (Cost $55,339,959)					54,733,415
		Liabilities in Excess of Other Assets (0.5)%					(234,787	)
		NET ASSETS 100.0%				$	54,498,628

PORTFOLIO HOLDINGS as % of Net Assets
Short Term Investments	30.8%
Mutual Funds	29.3%
Investment Companies and Exchange Traded Notes	20.8%
Non-Agency Collateralized Mortgage Obligations	12.2%
Foreign Corporate Bonds	3.8%
US Government / Agency Mortgage Backed Securities	3.5%
Purchased Options	0.1%
Other Assets and Liabilities	(0.5)%
	100.0%

# Variable rate security. Rate disclosed as of September 30, 2011.

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities are determined to be liquid by the Advisor, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. At September 30, 2011, the value of these securities amounted to $2,058,596 or 3.8% of net assets.

1 Seven-day yield as of September 30, 2011

I/O Interest only security

I/F Inverse floating rate security whose interest rate moves in the opposite direction of prevailing interest rates

P/O Principal only security

* Non-Income producing

(a) Institutional class shares of each Fund

Futures Contracts
Contracts	Security Description	Type		Expiration Month		Unrealized Appreciation (Depreciation)
4	Copper Future		Sell		10/2011	$	114,788
10	Australian Future		Sell		12/2011		70,729
						$	185,517

See Accompanying Notes Semi-Annual Report September 30, 2011 25

(Unaudited)

September 30, 2011

Credit Default Swaps - Buy Protection
Reference Entity	Counterparty	Notional Amount		Termination Date		Unrealized Appreciation (Depreciation)
Markit MCDX Index	Goldman Sachs		10,000,000		12/20/2015	$	116,421
French Republic	Morgan Stanley		2,000,000		09/20/2016		67,592
Spain	Morgan Stanley		1,000,000		06/20/2016		43,067
Austria	Morgan Stanley		2,000,000		12/20/2016		(4,938	)
						$	222,142

Investment in Affiliates

Generally, an issuer is an affiliated person of a Fund under the Investment Company Act of 1940 if the Fund holds 5% or more of the outstanding voting securities of the issuer or if the issuer is under common control with the Fund.

A summary of DoubleLine Multi-Asset Growth Fund’s investments in affiliated mutual funds for the period ended September 30, 2011, is as follows:

Fund	Value at March 31, 2011		Gross Purchases		Gross Sales		Shares Held at September 30, 2011		Value at September 30, 2011		Dividend Income Earned in the Period Ended September 30, 2011
DoubleLine Total Return Bond Fund	$	4,026,705	$	8,066,189	$	—		1,093,204	$	12,243,882	$	369,024
DoubleLine Core Fixed Income Fund		794,960		1,606,126		—		224,234		2,448,634		39,006
DoubleLine Emerging Markets Fixed Income Fund		134,239		1,191,620		—		124,178		1,251,719		26,811
	$	4,955,904	$	10,863,935	$	—		1,441,616	$	15,944,235	$	434,841

26 DoubleLine Funds See Accompanying Notes

Statements of Assets and Liabilities (Unaudited) September 30, 2011

	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
ASSETS
Investments in Unaffiliated Securities, at Value*	$	10,232,640,786		$	659,031,127		$	163,785,724		$	21,958,462		$	—
Investments in Affiliated Securities, at Value*		—			—			—			15,944,233			—
Short-term Securities*		1,483,164,800			33,781,220			12,777,887			16,823,719			—
Cash		178,058,525			—			—			5,775			2,000,000
Receivable for Fund Shares Sold		157,598,728			28,075,359			2,131,308			153,473			—
Interest and Dividends Receivable		55,636,627			5,534,424			7,854,332			257,757			—
Prepaid Expenses and Other Assets		536,433			67,205			37,414			19,830			—
Receivable for Investments Sold		32,593			20,098,835			1,076,729			—			—
Swaps Premiums Paid		—			—			—			405,211			—
Unrealized Appreciation on Swaps		—			—			—			222,142			—
Deposit at Broker for Futures		—			—			—			51,060			—
Variation Margin Receivable		—			—			—			11,400			—
Total Assets		12,107,668,492			746,588,170			187,663,394			55,853,062			2,000,000
LIABILITIES
Payable for Investments Purchased		376,184,515			40,902,299			—			14,903			—
Distribution Payable		23,546,963			592,751			378,753			75,163			—
Payable for Fund Shares Redeemed		14,873,369			1,298,281			7,859,654			1,167,399			—
Investment Advisory Fees Payable		3,430,226			170,156			116,039			25,735			—
Accrued Expenses		897,999			50,279			40,902			49,077			—
Distribution Fees Payable		601,705			29,444			1,991			1,202			—
Administration Fees Payable		375,791			35,635			31,543			20,955			—
Total Liabilities		419,910,568			43,078,845			8,428,882			1,354,434			—
Net Assets	$	11,687,757,924		$	703,509,325		$	179,234,512		$	54,498,628		$	2,000,000
NET ASSETS CONSIST OF:
Paid-in Capital	$	11,498,007,692		$	691,157,725		$	187,981,834		$	55,086,224		$	2,000,000
Accumulated Net Realized Gain (Loss) on Investments		1,746,179			3,607,197			2,605,176			(522,060	)		—
Undistributed (Accumulated) Net Investment Income (Loss)		(36,574,782	)		(415,820	)		50,177			129,068			—
Net Unrealized Appreciation (Depreciation) on:
Investments in Unaffiliated Securities		224,578,835			9,160,223			(11,402,675	)		(694,829	)		—
Investments in Affiliated Securities		—			—			—			92,568			—
Futures		—			—			—			185,515			—
Swaps		—			—			—			222,142			—
Net Assets	$	11,687,757,924		$	703,509,325		$	179,234,512		$	54,498,628		$	2,000,000
*Identified Cost:
Investments in Unaffiliated Securities	$	10,008,061,951		$	649,870,904		$	175,188,399		$	22,653,291		$	—
Investments in Affiliated Securities		—			—			—			15,851,665			—
Short-term Securities		1,483,164,800			35,106,913			12,777,887			16,823,719			—
Class I (unlimited shares authorized):
Net Assets	$	8,304,010,610		$	490,733,091		$	141,829,951		$	31,992,562		$	1,900,000
Shares Outstanding		741,509,327			44,942,011			14,066,807			3,193,421			190,000
Net Asset Value, Offering and Redemption Price per Share	$	11.20		$	10.92		$	10.08		$	10.02		$	10.00
Class N (unlimited shares authorized):
Net Assets	$	3,383,747,314		$	212,776,234		$	37,404,561		$	—		$	100,000
Shares Outstanding		302,209,395			19,495,079			3,709,116			—			10,000
Net Asset Value, Offering and Redemption Price per Share	$	11.20		$	10.91		$	10.08		$	—		$	10.00
Class A (unlimited shares authorized):
Net Assets	$	—		$	—		$	—		$	22,506,066		$	—
Shares Outstanding		—			—			—			2,250,205			—
Net Asset Value, Offering and Redemption Price per Share	$	—		$	—		$	—		$	10.00		$	—

See Accompanying Notes Semi-Annual Report September 30, 2011 27

Statements of Operations (Unaudited) Six Months Ended September 30, 2011

	DoubleLine Total Return Bond Fund			DoubleLine Core Fixed Income Fund			DoubleLine Emerging Markets Fixed Income Fund			DoubleLine Multi-Asset Growth Fund (Consolidated)
INVESTMENT INCOME
Income:
Interest	$	346,781,691		$	9,876,545		$	6,623,529		$	483,443
Dividends from Unaffiliated Securities		—			—			—			114,354
Dividends from Affiliated Securities		—			—			—			434,841
Total Investment Income		346,781,691			9,876,545			6,623,529			1,032,638
Expenses:
Investment Advisory Fees		16,673,100			684,884			695,782			195,141
Distribution Fees - Class N		2,857,840			110,106			52,701			—
Distribution Fees - Class A		—			—			—			18,778
Transfer Agent Expenses		1,663,460			86,218			81,910			64,653
Administration, Fund Accounting and Custodian Fees		955,108			87,186			92,699			38,760
Registration Fees		677,408			49,121			38,733			33,651
Professional Fees		335,879			21,269			19,072			82,743
Insurance Expenses		256,050			5,900			5,858			1,110
Shareholder Reporting Expenses		162,946			5,154			3,811			14,932
Trustees’ Fees and Expenses		95,163			3,507			1,721			4,812
Miscellaneous Expenses		4,689			2,053			2,478			15,753
Total Expenses		23,681,643			1,055,398			994,765			469,753
Less: Fees Waived		(405,573	)		(106,309	)		(59,966	)		(220,698	)
Net Expenses		23,276,070			949,089			934,799			249,055
Net Investment Income		323,505,621			8,927,456			5,688,730			783,583
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments in Unaffiliated Securities		1,584,907			3,780,138			2,096,693			(131,667	)
Investments in Affiliated Securities		—			—			—			—
Futures		—			—			—			(292,300	)
Swaps		—			—			—			(85,539	)
Net Change in Unrealized Appreciation (Depreciation) of:
Investments in Unaffiliated Securities		174,315,426			7,919,885			(12,728,980	)		(782,364	)
Investments in Affiliated Securities		—			—			—			124,395
Futures		—			—			—			192,205
Swaps		—			—			—			239,106
Net Realized and Unrealized Gain (Loss) on Investments		175,900,333			11,700,023			(10,632,287	)		(736,164	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	499,405,954		$	20,627,479		$	(4,943,557	)	$	47,419

28 DoubleLine Funds See Accompanying Notes

Statements of Changes in Net Assets      (Unaudited)

	DoubleLine Total Return Bond Fund						DoubleLine Core Fixed Income Fund
	Six Months Ended September 30, 2011 (Unaudited)			Period Ended March 31, 20111			Six Months Ended September 30, 2011 (Unaudited)			Period Ended March 31, 20112
OPERATIONS
Net Investment Income	$	323,505,621		$	248,968,162		$	8,927,456		$	4,236,154
Net Realized Gain (Loss) on Investments		1,584,907			161,271			3,780,138			133,642
Net Change in Unrealized Appreciation (Depreciation) of Investments		174,315,426			50,263,409			7,919,885			1,249,229
Net Increase (Decrease) in Net Assets Resulting from Operations		499,405,954			299,392,842			20,627,479			5,619,025
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income
Class I		(255,793,099	)		(194,822,350	)		(6,924,511	)		(3,671,382	)
Class N		(95,429,143	)		(63,003,973	)		(2,373,220	)		(610,315	)
Class A		—			—			—			—
From Net Realized Gain
Class I		—			—			—			(264,504	)
Class N		—			—			—			(50,717	)
Total Distributions to Shareholders		(351,222,242	)		(257,826,323	)		(9,297,731	)		(4,596,918	)
NET SHARE TRANSACTIONS
Class I		3,863,659,286			4,295,933,080			323,929,576			157,034,815
Class N		1,865,905,719			1,472,509,608			179,621,731			30,571,602
Class A		—			—			—			—
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		5,729,565,005			5,768,442,688			503,551,307			187,606,417
Total Increase (Decrease) in Net Assets	$	5,877,748,717		$	5,810,009,207		$	514,881,055		$	188,628,524
NET ASSETS
Beginning of Period	$	5,810,009,207			—		$	188,628,270			—
End of Period	$	11,687,757,924		$	5,810,009,207		$	703,509,325		$	188,628,524
Accumulated (Undistributed) Net Investment Gain (Loss)	$	(36,574,782	)	$	13,919,090		$	(415,820	)	$	135,227

¹   Commencement of operations on April 6, 2010.

²   Commencement of operations on June 1, 2010.

See Accompanying Notes Semi-Annual Report September 30, 2011 29

Statements of Changes in Net Assets      (Unaudited)

	DoubleLine Emerging Markets Fixed Income Fund						DoubleLine Multi-Asset Growth Fund (Consolidated)
	Six Months Ended September 30, 2011 (Unaudited)			Period Ended March 31, 20111			Six Months Ended September 30, 2011 (Unaudited)			Period Ended March 31, 20112
OPERATIONS
Net Investment Income	$	5,688,730		$	3,330,162		$	783,583		$	70,964
Net Realized Gain (Loss) on Investments		2,096,693			776,327			(509,506	)		(11,583	)
Net Change in Unrealized Appreciation (Depreciation) of Investments		(12,728,980	)		1,310,372			(226,658	)		32,054
Net Increase (Decrease) in Net Assets Resulting from Operations		(4,943,557	)		5,416,861			47,419			91,435
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income
Class I		(4,420,970	)		(2,716,962	)		(432,804	)		(30,216	)
Class N		(1,237,575	)		(593,209	)					—
Class A		—			—			(256,341	)		(7,225	)
From Net Realized Gain
Class I		—			(206,130	)		—			—
Class N		—			(45,119	)					—
Class A								—
Total Distributions to Shareholders		(5,658,545	)		(3,561,420	)		(689,145	)		(37,441	)
NET SHARE TRANSACTIONS
Class I		43,859,541			104,635,717			10,234,676			22,086,396
Class N		13,473,807			26,012,770						—
Class A		—			—			16,705,988			6,059,300
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		57,333,348			130,648,487			26,940,664			28,145,696
Total Increase (Decrease) in Net Assets	$	46,731,246		$	132,503,928		$	26,298,938		$	28,199,690
NET ASSETS
Beginning of Period	$	132,503,266			—		$	28,199,690			—
End of Period	$	179,234,512		$	132,503,928		$	54,498,628		$	28,199,690
Accumulated (Undistributed) Net Investment Gain (Loss)	$	50,177		$	19,991		$	129,068		$	34,630

¹   Commencement of operations on April 6, 2010.

²   Commencement of operations on December 20, 2010.

30 DoubleLine Funds See Accompanying Notes

Financial Highlights     
(Unaudited)

	DoubleLine Total Return Bond Fund
	Six Months Ended September 30, 2011 (Unaudited)			Period Ended March 31, 20111			Six Months Ended September 30, 2011 (Unaudited)			Period Ended March 31, 20111
	Class I			Class I			Class N			Class N
Net Asset Value, Beginning of Period	$	10.96		$	10.00		$	10.96		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.43			1.02			0.41			0.99
Net Gain (Loss) on Investments (Realized and Unrealized)		0.26			0.87			0.26			0.87
Total from Investment Operations		0.69			1.89			0.67			1.86
Less Distributions:
Distributions from Net Investment Income		(0.45	)		(0.93	)		(0.43	)		(0.90	)
Distributions from Net Realized Gain		—			—			—			—
Total Distributions		(0.45	)		(0.93	)		(0.43	)		(0.90	)
Net Asset Value, End of Period	$	11.20		$	10.96		$	11.20		$	10.96
Total Return2		6.37	%		19.28	%		6.25	%		19.04	%
Supplemental Data:
Net Assets, End of Period (000’s)	$	8,304,011		$	4,330,408		$	3,383,747		$	1,479,601
Ratios to Average Net Assets:
Expenses Before Fees Waived3		0.50	%		0.53	%		0.75	%		0.78	%
Expenses After Fees Waived3		0.49	%		0.49	%		0.74	%		0.74	%
Net Investment Income (Loss)3		7.61	%		9.42	%		7.30	%		9.17	%
Portfolio Turnover Rate2		6	%		17	%		6	%		17	%

¹   Commencement of operations on April 6, 2010.

²   Not annualized.

³   Annualized.

⁴   Calculated based on average shares outstanding during the period.

See Accompanying Notes Semi-Annual Report September 30, 2011 31

Financial Highlights     
(Unaudited)

	DoubleLine Core Fixed Income Fund
	Six Months Ended September 30, 2011 (Unaudited)			Period Ended March 31, 20111			Six Months Ended September 30, 2011 (Unaudited)			Period Ended March 31, 20111
	Class I			Class I			Class N			Class N
Net Asset Value, Beginning of Period	$	10.46		$	10.00		$	10.46		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)		0.29			0.57			0.29			0.55
Net Gain (Loss) on Investments (Realized and Unrealized)		0.44			0.41			0.42			0.41
Total from Investment Operations		0.73			0.98			0.71			0.96
Less Distributions:
Distributions from Net Investment Income		(0.27	)		(0.48	)		(0.26	)		(0.46	)
Distributions from Net Realized Gain		—			(0.04	)		—			(0.04	)
Total Distributions		(0.27	)		(0.52	)		(0.26	)		(0.50	)
Net Asset Value, End of Period	$	10.92		$	10.46		$	10.91		$	10.46
Total Return2		7.10	%		9.90	%		6.89	%		9.71	%
Supplemental Data:
Net Assets, End of Period (000’s)	$	490,733		$	158,043		$	212,776		$	30,586
Ratios to Average Net Assets:
Expenses Before Fees Waived3		0.55	%		0.85	%		0.80	%		1.09	%
Expenses After Fees Waived3		0.49	%		0.49	%		0.74	%		0.74	%
Net Investment Income (Loss)3		5.46	%		6.56	%		5.30	%		6.38	%
Portfolio Turnover Rate2		45	%		84	%		45	%		84	%

¹   Commencement of operations on June 1, 2010.

²   Not annualized.

³   Annualized.

⁴   Calculated based on average shares outstanding during the period.

32 DoubleLine Funds See Accompanying Notes

Financial Highlights     
(Unaudited)

	DoubleLine Emerging Markets Fixed Income Fund
	Six Months Ended September 30, 2011 (Unaudited)			Period Ended March 31, 20111			Six Months Ended September 30, 2011 (Unaudited)			Period Ended March 31, 20111
	Class I			Class I			Class N			Class N
Net Asset Value, Beginning of Period	$	10.57		$	10.00		$	10.57		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.33			0.60			0.31			0.58
Net Gain (Loss) on Investments (Realized and Unrealized)		(0.50	)		0.52			(0.49	)		0.52
Total from Investment Operations		(0.17	)		1.12			(0.18	)		1.10
Less Distributions:
Distributions from Net Investment Income		(0.32	)		(0.52	)		(0.31	)		(0.50	)
Distributions from Net Realized Gain		—			(0.03	)		—			(0.03	)
Total Distributions		(0.32	)		(0.55	)		(0.31	)		(0.53	)
Net Asset Value, End of Period	$	10.08		$	10.57		$	10.08		$	10.57
Total Return2		-1.68	%		11.48	%		-1.71	%		11.25	%
Supplemental Data:
Net Assets, End of Period (000’s)	$	141,830		$	106,227		$	37,405		$	26,277
Ratios to Average Net Assets:
Expenses Before Fees Waived3		1.01	%		1.32	%		1.26	%		1.57	%
Expenses After Fees Waived3		0.95	%		0.95	%		1.20	%		1.20	%
Net Investment Income (Loss)3		6.09	%		5.85	%		5.77	%		5.66	%
Portfolio Turnover Rate2		95	%		109	%		95	%		109	%

¹   Commencement of operations on April 6, 2010.

²   Not annualized.

³   Annualized.

⁴   Calculated based on average shares outstanding during the period.

See Accompanying Notes Semi-Annual Report September 30, 2011 33

Financial Highlights     
(Unaudited)

	DoubleLine Multi-Asset Growth Fund (Consolidated)
	Six Months Ended September 30, 2011 (Unaudited)			Period Ended March 31, 20111			Six Months Ended September 30, 2011 (Unaudited)			Period Ended March 31, 20111
	Class I			Class I			Class A			Class A
Net Asset Value, Beginning of Period	$	10.11		$	10.00		$	10.09		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)5		0.19			0.10			0.19			0.10
Net Gain (Loss) on Investments (Realized and Unrealized)		(0.14	)		0.02			(0.15	)		—
Total from Investment Operations		0.05			0.12			0.04			0.10
Less Distributions:
Distributions from Net Investment Income		(0.14	)		(0.01	)		(0.13	)		(0.01	)
Distributions from Net Realized Gain		—			—			—			—
Total Distributions		(0.14	)		(0.01	)		(0.13	)		(0.01	)
Net Asset Value, End of Period	$	10.02		$	10.11		$	10.00		$	10.09
Total Return2,4		0.53	%		1.24	%		0.43	%		1.02	%6
Supplemental Data:
Net Assets, End of Period (000’s)	$	31,993		$	22,128		$	22,506		$	6,071
Ratios to Average Net Assets:
Expenses Before Fees Waived3		2.24	%		5.11	%		2.49	%		6.05	%
Expenses After Fees Waived3		1.20	%		1.18	%		1.45	%		1.43	%
Net Investment Income (Loss)3		2.81	%		3.57	%		2.53	%		3.57	%
Portfolio Turnover Rate2		41	%		19	%		41	%		19	%

¹   Commencement of operations on December 20, 2010.

²   Not annualized.

³   Annualized.

⁴   Total return does not include the effects of sales charges for Class A.

⁵   Calculated based on average shares outstanding during the period.

34 DoubleLine Funds See Accompanying Notes

Notes to Financial Statements (Unaudited) September 30, 2011

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 five funds, DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund, DoubleLine Emerging Markets Fixed Income Fund, DoubleLine Multi-Asset Growth Fund and DoubleLine Low Duration Bond Fund (each a “Fund” and collectively the “Funds”). The DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund, DoubleLine Emerging Markets Fixed Income Fund and the DoubleLine Low Duration Bond Fund each offer two classes of shares, Class N shares and Class I shares. The DoubleLine Multi-Asset Growth Fund currently offers two classes of shares, Class A shares and Class I shares. Class N shares and Class A shares make payments under a distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act. 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.

The DoubleLine Total Return Bond Fund and DoubleLine Emerging Markets Fixed Income Fund commenced operations on April 6, 2010. The DoubleLine Core Fixed Income Fund commenced operations on June 1, 2010. The DoubleLine Multi-Asset Growth Fund commenced operations on December 20, 2010. The DoubleLine Low Duration Bond Fund commenced operations on September 30, 2011. As a result of the DoubleLine Low Duration Bond Fund being in operation for one day and invested entirely in cash, there are no investments, income, gains or losses, or expenses to present. As of September 30, 2011 all of the shares outstanding of the DoubleLine Low Duration Bond were owned by a wholly owned subsidiary of DoubleLine Capital LP.

The DoubleLine Total Return Bond Fund’s investment objective is to seek to maximize total return. The DoubleLine Core Fixed Income Fund’s investment objective is to seek to maximize current income and total return. The DoubleLine Emerging Markets Fixed Income Fund’s investment objective is to seek high total return from current income and capital appreciation. The DoubleLine Multi-Asset Growth Fund’s investment objective is to seek long-term capital appreciation. The DoubleLine Low Duration Bond Fund’s investment objective is to seek current income.

2.  Significant Accounting Policies

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 in 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

• Level 2—Quoted prices for identical or similar assets in markets that are not active, or inputs derived from observable market data

• Level 3—Unobservable inputs developed using the reporting entity’s estimates and assumptions, which reflect those that market participants would use

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. Treasury obligations, sovereign issues, bank loans, convertible referred securities and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services or sources. Independent pricing services typically use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. The service providers’ internal models use inputs that are observable such as, among other things, issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis are typically marked to market daily until settlement at the forward settlement date.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities. These securities are also normally valued by pricing service providers that use broker dealer quotations or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows, market-based yield spreads for each tranche and current market data and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 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 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.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the close of the NYSE. The amount of the adjustment is generally determined on the basis of recommendations from pricing services that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Semi-Annual Report September 30, 2011 35

Notes to Financial Statements  (Cont.)

Investments in registered open-end management investment companies will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in privately held investment funds will be valued based upon the NAVs of such investments and are categorized as Level 2 of the fair value hierarchy.

Short-term investments having a maturity of 60 days or less are generally valued at amortized cost which approximates fair market value. These investments are categorized as Level 2 of the fair value hierarchy.

Over-the-counter financial derivative instruments, such as foreign currency contracts, options contracts, futures, or swaps 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 broker dealer quotations or pricing service valuations. 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 categorized as Level 2 of the fair value hierarchy.

Certain securities may be fair valued in accordance with the fair valuation procedures approved by the Board of Trustees. The Valuation Committee is generally responsible for overseeing the day to day valuation processes and reports periodically to the Board. The Valuation Committee 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. As of September 30, 2011, the Funds did not hold securities fair valued by the Valuation Committee.

The end of period timing recognition is used for the significant transfers between levels of the Funds’ assets and liabilities.

The following is a summary of the inputs used to value the Funds’ investments as of September 30, 2011¹:

Valuation Inputs	DoubleLine Total Return Bond Fund			DoubleLine Core Fixed Income Fund		DoubleLine Emerging Markets Fixed Income Fund		DoubleLine Multi-Asset Growth  Fund (Consolidated)
Investments in Securities
Level 1
Money Market Funds	$	129,540,863		$	35,106,913	$	12,777,887	$	16,823,719
Mutual Funds		—			—		—		15,944,235
Investment Companies and Exchange Traded Notes		—			—		—		11,371,575
Total Level 1		129,540,863			35,106,913		12,777,887		44,139,529
Level 2
US Government / Agency Mortgage Backed Securities		5,287,199,492			162,139,651		—		1,881,070
Non-Agency Collateralized Mortgage Obligations		4,509,711,859			137,271,417		—		6,649,234
Other Short Term Investments		1,789,353,380			16,674,781		—		—
US Government Bonds and Notes		—			140,620,648		—		—
US Corporate Bonds		—			111,187,538		—		—
Foreign Corporate Bonds		—			73,516,681		161,432,322		2,047,582
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies		—			17,620,412		2,353,402		—
Purchased Options		—	��		—		—		16,000
Total Level 2		11,586,264,731			659,031,128		163,776,724		10,593,886
Level 3		—			—		—		—
Total		11,715,805,594			694,138,041		176,563,611		54,733,415
Other Financial Instruments
Level 1		—			—		—		—
Level 2
Credit Default Swaps		—			—		—		226,100
Futures Contracts		—			—		—		11,400
Total Level 2		—			—		—		237,500
Level 3		—			—		—		—
Total		—			—		—		237,500

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

¹  There were no significant transfers into and out of Level 1, 2, and 3 during the period ended September 30, 2011.

36 DoubleLine Funds

(Unaudited)

September 30, 2011

B. Federal Income Taxes. Each Fund has elected to be taxed as a “regulated investment company” and intends to distribute substantially all taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. Therefore, no provision for federal income taxes or excise 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 intend to distribute their net investment income and capital gains as necessary to avoid this excise tax.

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, 2011 for the Funds, are those that are open for exam by taxing authorities. As of September 30, 2011 the Funds have no examinations in progress.

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-end March 31, 2012. The Funds identify their major tax jurisdictions as U.S. Federal and the State of California. 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.

C. Security Transactions, Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Interest income is recorded on an accrual basis. Discounts/premiums on debt securities purchased are accreted/amortized over the life of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Paydown gains and losses on mortgage-related and other asset-backed securities are recorded as components of interest income on the statements of operations.

D. Dividends and Distributions to Shareholders. Dividends from the net investment income of the DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund, DoubleLine Emerging Markets Fixed Income Fund and the DoubleLine Low Duration Bond Fund will be declared and paid monthly. Dividends from the net investment income of the DoubleLine Multi-Asset Growth Fund will be declared and paid quarterly. 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 accounting principles generally accepted in the United States of America. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications between paid-in capital, undistributed net investment income (loss), and/or undistributed accumulated realized gain (loss). Undistributed 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.

E. Use of Estimates. The preparation of financial statements in conformity with principles generally accepted in the United States of America 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.

F. Share Valuation. The net asset value (“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’ shares will not be priced on the days on which the NYSE is closed for trading.

G. Guarantees and Indemnifications. Under the Funds’ organizational documents, each Trustee and officer, of the Fund is indemnified, to the extent permitted by the 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.

H. Bases for Consolidation for the DoubleLine Multi-Asset Growth Fund. The DoubleLine Multi-Asset Growth Fund may invest up to 25% of its total assets in its Subsidiary. The Subsidiary, which is organized under the laws of the Cayman Islands, is wholly-owned and controlled by the DoubleLine Multi-Asset Growth Fund. The Subsidiary invests in commodity-related investments and other investments. As of September 30, 2011 net assets of the DoubleLine Multi-Asset Growth Fund were $54,498,628, of which $2,814,620, or approximately 5.16%, represented the DoubleLine Multi-Asset Growth Fund’s ownership of all issued shares and voting rights of the Subsidiary.

I. 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 on another reasonable basis. Net investment income, 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.

Semi-Annual Report September 30, 2011 37

Notes to Financial Statements  (Cont.)

3.  Related Party Transactions

DoubleLine Capital LP (the “Adviser”) provides the Funds with investment management services under an Investment Advisory and Management Agreement (the “Agreement”). Under the Agreement, the Adviser manages the investment of the assets of each Fund, places orders for the purchase and sale of its portfolio securities and is responsible for the day-to-day management of the Trust’s business affairs. As compensation for its services, the Adviser is entitled to a monthly fee at the annual rate of 0.40%, 0.40%, 0.75%, 1.00% and 0.35% of the average daily net assets of the DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund, DoubleLine Emerging Markets Fixed Income Fund, DoubleLine Multi-Asset Growth Fund and DoubleLine Low Duration Bond Fund, respectively.

The Adviser has contractually agreed to limit the DoubleLine Total Return Bond Fund’s and the DoubleLine Core Fixed Income Fund’s ordinary operating expenses so that their ratio of such expenses to average daily net assets will not exceed 0.49% for the Class I shares and 0.74% for the Class N shares. The Adviser has contractually agreed to limit the DoubleLine Emerging Markets Fixed Income Fund’s ordinary operating expenses so that its ratio of such expenses to average net assets will not exceed 0.95% for the Class I shares and 1.20% for the Class N shares. The Adviser has contractually agreed to limit the DoubleLine Multi-Asset Growth Fund’s ordinary operating expenses so that its ratio of such expenses to average net assets will not exceed 1.20% for the Class I shares and 1.45% for the Class A shares. The Adviser has contractually agreed to limit the DoubleLine Low Duration Bond Fund’s ordinary operating expenses so that its ratio of such expenses to average net assets will not exceed 0.47% for the Class I shares and 0.72% for the Class N shares. For the purposes of the expense limitation agreement between the Adviser and the Funds, “ordinary operating expenses” excludes taxes, commissions, mark-ups, litigation expenses, indemnification expenses, interest expenses, acquired fund fees and expenses, and any extraordinary expenses, except that the Adviser has agreed to bear all legal fees and other related expenses of the Trust and the Trustees related to a claim made by Trust Company of the West, as described in footnote 11 to these Notes to Financial Statements. Each Fund’s expense limitation may be terminated during its term only by a majority vote of the disinterested Trustees of the Board of Trustees.

The Adviser is permitted to be reimbursed for fee waivers and/or expense reimbursements it made to a Fund in the prior three fiscal years. Each Fund must pay its current ordinary operating expenses before the Adviser is entitled to any reimbursement of fees waived and/or expenses reimbursed. Any such reimbursement requested by the Adviser is subject to review and approval by the Board of Trustees and will be subject to the Fund’s expense limitations in place when the fees were waived or the expenses were reimbursed.

For the period ended September 30, 2011, the Adviser contractually waived a portion of its fees or reimbursed certain operating expenses of the DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund, DoubleLine Emerging Markets Fixed Income Fund, DoubleLine Multi-Asset Growth Fund and DoubleLine Low Duration Bond Fund in the amounts of $405,573, $106,309, $59,966, $220,698 and $0 respectively. The Adviser may recapture a portion of the amounts no later than the dates as stated below:

Year of Expiration	DoubleLine Total Return Bond Fund		DoubleLine Core Fixed Income Fund		DoubleLine Emerging Markets Fixed Income  Fund		DoubleLine Multi-Asset Growth  Fund (Consolidated)
March 31, 2014	$	1,235,309	$	231,152	$	210,883	$	79,472
March 31, 2015		405,573		106,309		59,966		197,728

If a Fund invests in an affiliated Fund the Adviser waives its management fee payable to the Fund in an amount equal to the investment advisory fees paid by the affiliated Fund; accordingly, the Adviser waived $22,970 in fees from the DoubleLine Multi-Asset Growth Fund for the period ended September 30, 2011. Class N and Class A shares are subject to fees imposed under a distribution plan (“Distribution Plan”) adopted pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, each Fund compensates the Funds’ distributor for distribution and related services at an annual rate equal to 0.25% of the average daily net assets of that 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.

4.  Purchases and Sales of Securities

Investment transactions (excluding short-term investments) for the six months ended September 30, 2011, were as follows:

	All Other				U.S. Government
	Purchases at Cost		Sales or Maturity Proceeds		Purchases at Cost		Sales or Maturity Proceeds
DoubleLine Total Return Bond Fund	$	4,692,070,811	$	429,928,808	$	—	$	—
DoubleLine Core Fixed Income Fund		439,982,373		76,405,010		160,620,666		77,694,905
DoubleLine Emerging Markets Fixed Income Fund		211,115,176		164,910,320		—		—
DoubleLine Multi-Asset Growth Fund (Consolidated)		35,755,973		12,491,656		—		127,500

38 DoubleLine Funds

(Unaudited)

September 30, 2011

5.  Income Tax Information

Distributions during the period were all characterized as ordinary income distributions for tax purposes.

The cost basis of investments for federal income tax purposes at September 30, 2011 was as follows:

	DoubleLine Total Return Bond Fund			DoubleLine Core Fixed Income Fund			DoubleLine Emerging Markets Fixed Income  Fund			DoubleLine Multi-Asset Growth Fund (Consolidated)
Tax cost of investments	$	11,491,226,759		$	685,100,353		$	187,966,822		$	55,339,950
Gross tax unrealized appreciation		479,351,558			16,877,177			525,827			747,493
Gross tax unrealized depreciation		(254,772,723	)		(7,839,489	)		(11,929,038	)		(1,354,028	)
Net tax unrealized appreciation	$	224,578,835		$	9,037,688		$	(11,403,211	)	$	(606,535	)

As of March 31, 2011, the components of accumulated earnings (losses) for income tax purposes were as follows:

	DoubleLine Total Return Bond Fund			DoubleLine Core Fixed Income Fund			DoubleLine Emerging Markets Fixed Income  Fund			DoubleLine Multi-Asset Growth Fund (Consolidated)
Net tax unrealized appreciation	$	50,263,409		$	1,126,693		$	1,309,835		$	55,717
Undistributed ordinary income		25,922,927			317,420			738,671			24,162
Total distributable earnings		25,922,927			317,420			738,671			24,162
Other accumulated gains/(losses)		(34,619,817	)		(422,006	)		(193,066	)		(25,749	)
Total accumulated earnings	$	41,566,519		$	1,022,107		$	1,855,440		$	54,130

At March 31, 2011, the following capital loss carryforwards were available:

	Capital Loss Carryforward		Expires
DoubleLine Total Return Bond Fund	$	3,709,758		3/31/2019

At March 31, 2011, the following Funds deferred, on a tax basis, post-October losses of:

DoubleLine Total Return Bond Fund	$	18,906,222
DoubleLine Core Fixed Income Fund		239,823
DoubleLine Multi-Asset Growth Fund (Consolidated)		19,244

Additionally, U.S. generally accepted accounting principles require that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended March 31, 2011, the following table shows the reclassifications made:

	Undistributed Net Investment Income/(Loss)		Accumulated Net Realized Gain/(Loss)			Paid In Capital
DoubleLine Total Return Bond Fund	$	22,777,251	$	(22,777,251	)	$	—
DoubleLine Core Fixed Income Fund		180,771		(180,771	)		—
DoubleLine Multi-Asset Growth Fund (Consolidated)		1,107		(971	)		(136	)

Semi-Annual Report September 30, 2011 39

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						DoubleLine Emerging Markets Fixed Income Fund						DoubleLine Multi-Asset Growth Fund (Consolidated)
	Class I						Class I						Class I						Class I
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares Sold		388,040,191		$	4,328,521,970			32,911,177		$	357,299,963			9,684,989		$	103,421,987			1,757,994		$	17,848,132
Reinvested Dividends		15,851,453			176,159,314			473,494			5,094,832			266,392			2,818,186			33,709			337,882
Shares Redeemed		(57,547,086	)		(641,021,998	)		(3,550,229	)		(38,465,219	)		(5,936,978	)		(62,380,632	)		(788,109	)		(7,951,338	)*
		346,344,558		$	3,863,659,286			29,834,442		$	323,929,576			4,014,403		$	43,859,541			1,003,594		$	10,234,676
Beginning Shares		395,164,769						15,107,569						10,052,404						2,189,828
Ending Shares		741,509,327						44,942,011						14,066,807						3,193,421
	Class N						Class N						Class N						Class A
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares Sold		192,564,221		$	2,148,572,400			17,966,436		$	194,739,532			4,501,975		$	48,196,420			1,822,492		$	18,467,977
Reinvested Dividends		6,455,481			71,756,114			191,914			2,069,222			108,443			1,147,890			22,298			223,043
Shares Redeemed		(31,838,791	)		(354,422,795	)		(1,587,745	)		(17,187,023	)		(3,387,491	)		(35,870,503	)		(196,075	)		(1,985,032	)*
		167,180,911		$	1,865,905,719			16,570,605		$	179,621,731			1,222,927		$	13,473,807			1,648,715		$	16,705,988
Beginning Shares		135,028,484						2,924,474						2,486,189						601,490
Ending Shares		302,209,395						19,495,079						3,709,116						2,250,205

* Net of redemption fees of $14,128 and $2,813 for Class I and A, respectively.

7.  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 and changes in unrealized gains and losses on the Statements of Operations, each categorized by type of derivative contract, are included in a table below. The derivative instruments outstanding as of period end as disclosed in the Notes to Schedules of Investments and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed in the Statements of Operations may serve as indicators of the volume of financial derivative activity for the Funds.

Futures Contracts  The Funds may use futures contracts to manage its exposure to the securities markets or to movements in interest rates or currency values. A Fund may also use future contracts to gain long or short market exposures as an alternative to cash investments. 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. 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. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statements of Assets and Liabilities.

Options Contracts  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 subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. 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.

Credit Default Swap Agreements  Credit default swap agreements 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 will generally 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 Funds would be subject to investment exposure on the notional amount of the swap.

40 DoubleLine Funds

(Unaudited)

September 30, 2011

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 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 underlying securities comprising 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 underlying securities comprising 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 Funds 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 underlying securities comprising 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 underlying securities comprising 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.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default some or all of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures typically designed to be representative of some part of the credit market as a whole. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are typically traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index.

The effect of derivative instruments on the Statements of Assets and Liabilities for the period ended September 30, 2011 is as follows:

Fund	Derivatives not accounted for as hedging instruments	Statement of Assets and Liabilities Location	Unrealized Appreciation (Depreciation)
DoubleLine Multi-Asset Growth Fund (Consolidated)*	Purchased Options
	Equity	Net Unrealized Appreciation (Depreciation) in Unaffiliated Securities	$	(6,518	)
	Futures contracts
	Commodity		$	114,788
	Exchange Rate			70,729
		Net Unrealized Appreciation (Depreciation) on Futures	$	185,517
	Credit Default Swap contracts	Net Unrealized Appreciation (Depreciation) on Swaps	$	222,142

* See the Schedule of Investments for further details.

Semi-Annual Report September 30, 2011 41

Notes to Financial Statements  (Cont.)

The effect of derivative instruments on the Statements of Operations for the period ended September 30, 2011:

Fund	Derivatives not accounted for as hedging instruments	Location of Gain (Loss) on Derivatives in Income	Realized Gain (Loss) on Derivatives			Change in Unrealized Appreciation (Depreciation) on Derivatives
DoubleLine Multi-Asset Growth Fund (Consolidated)	Purchased Options
	Equity	Realized and Unrealized Gain (Loss) on Investments	$	96,094		$	(108,751	)
	Futures contracts
	Commodity		$	10,890		$	121,476
	Exchange Rate			(303,190	)		70,729
		Realized and Unrealized Gain (Loss) on Investments	$	(292,300	)	$	192,205
	Credit Default Swap contracts	Realized and Unrealized Gain (Loss) on Investments		(85,539	)	$	239,106

8.  Credit Facility

U.S. Bank, N.A. has made available to the DoubleLine Total Return Fund, DoubleLine Core Fixed Income Fund, DoubleLine Emerging Markets Fixed Income Fund and DoubleLine Multi-Asset Growth Fund an uncommitted credit facility for short term liquidity in connection with shareholder redemptions. Borrowings under this credit facility bear interest at the bank’s prime rate less 0.50%. As of September 30, 2011 the maximum amounts available were $50,000,000, $5,000,000 and $500,000 for the DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund, and DoubleLine Emerging Markets Fixed Income Fund, respectively. Subsequent to September 30, 2011 the maximum amounts available were increased to $200,000,000, $30,000,000, $2,500,000 and $4,000,000 for the DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund, DoubleLine Emerging Markets Fixed Income Fund and DoubleLine Multi-Asset Growth Fund, respectively. For the period ending September 30, 2011, the average borrowings and interest rate were $27,174 and 2.75%, respectively for the DoubleLine Emerging Markets Fixed Income Fund. The maximum amount outstanding during the period ended September 30, 2011 was $500,000 for the DoubleLine Emerging Markets Fixed Income Fund. Interest expense amounted to $191 for the period ending September 30, 2011 for the DoubleLine Emerging Markets Fixed Income Fund. There were no borrowings under this credit facility for the period ending September 30, 2011 for the DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund and DoubleLine Multi-Asset Growth Fund, respectively.

9.  Principal Risks

Below are summaries of the principal risks of investing in one or more of the Funds, each of which could adversely affect a Fund’s net asset value, yield and total return. Each risk listed below does not necessarily apply to each Fund, and you should read a Fund’s prospectus carefully for a description of the principal risks associated with investing in a particular Fund.

• affiliated fund risk:  the risk that the Adviser may be subject to a potential conflict of interest in determining whether to invest in an underlying fund managed by the Adviser or in a fund managed by an unaffiliated manager, and may have an economic or other incentive to select the fund managed by it over another fund.

• asset allocation risk:  the risk that a Fund’s investment performance depends, at least in part, on how its assets are allocated and reallocated among asset classes and underlying funds and that such allocation will focus on asset classes, underlying funds, or investments that perform poorly or underperform other asset classes, underlying funds, or available investments.

• 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.

• commodities risk:  the risk that the value of a Fund’s shares may be affected by changes in the values of one or more commodities, which may be extremely volatile and difficult to value, risk of possible illiquidity, and the risks and costs associated with delivery, storage, and maintenance of precious metals or minerals or other commodity-related investments.

• debt securities risk:

( credit risk:  the risk that an issuer will default in the payment of principal and/or interest on a security.

( interest rate risk:  the risk that debt securities will decline in value because of increases in interest rates. The value of a security with a longer duration will be more sensitive to changes in interest rates than a similar security with a shorter duration.

42 DoubleLine Funds

(Unaudited)

September 30, 2011

• defaulted securities risk:  the risk of the uncertainty of repayment of defaulted securities and obligations of distressed issuers.

• derivatives risk:  the risk that an investment in derivatives will not perform as anticipated, cannot be closed out at a favorable time or price, or will increase a Fund’s volatility; that derivatives may create investment leverage; that, when a derivative is used as a substitute or alternative to a direct cash investment, the transaction may not provide a return that corresponds precisely with that of the cash investment; that a derivative will not perform in the manner anticipated by the Adviser; 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.

• emerging market country risk:  the risk that Fund share prices will decline due to the greater degree of economic, political and social instability of emerging market countries as compared to developed countries.

• equity issuer risk:  the risk that the value of a company’s stock will decline in value in response to factors affecting that company, that company’s industry, or the market generally.

• exchange-traded note risk:  the risk that the level of the particular market benchmark or strategy to which the note’s return is linked will fall in value; exchange-traded notes are subject to credit risk generally to the same extent as debt securities.

• financial services risk:  the risk associated with the financial services industry being subject to extensive government regulation, which may change frequently. In addition, the profitability of businesses in the financial services industry depends heavily on the availability and cost of money and may fluctuate significantly in response to changes in interest rates, as well as changes in general economic conditions. The financial services industry is exposed to risks that may impact the value of investments in the industry more severely than investments outside the industry. Businesses in the financial services industry often operate with substantial financial leverage.

• foreign currency risk:  the risk that fluctuations in exchange rates may adversely affect the value of a Fund’s foreign currency holdings and investments denominated in foreign currencies.

• foreign investing risk:  the risk that a Fund’s investments will be affected by the market conditions, currencies, and the economic and political climates in the foreign countries in which the Fund invests.

• inflation-indexed bond risk:  the risk that such bonds will change in value in response to changes in 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 risk generally to the same extent as other similar debt securities.

• investment company and exchange traded fund risk:  the risk that an investment company, including any exchange-traded fund (“ETF”), in which a Fund invests will not achieve its investment objective or execute its investment strategy effectively or that large purchase or redemption activity by shareholders of such an investment company might negatively affect the value of the investment company’s shares. A Fund must pay its pro rata portion of an investment company’s fees and expenses.

• junk bond risk:  the risk that these bonds have a higher degree of default risk and may be less liquid and subject to greater price volatility than investment grade bonds.

• leveraging risk:  the risk that certain investments by a Fund involving leverage may have the effect of increasing the volatility of the Fund’s portfolio, and the risk of loss in excess of invested capital.

• limited operating history risk:  the risk that a newly 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 low trading volume, lack of a market maker, or contractual or legal restrictions may limit or prevent a Fund from selling securities or closing derivative positions at desirable prices.

• litigation and investigation risk:  the risk that pending litigation against the Trust and the Adviser and four employees of the Adviser (including a portfolio manager) or other proceedings could have a material adverse effect on shareholder returns or may be more expensive than anticipated, or impair the Adviser’s ability to attract or retain talented personnel or otherwise effectively manage the Funds.

• 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 the overall market 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.

• mortgage-backed securities risk:  the risk that borrowers may default on their mortgage obligations or the guarantees underlying the mortgage-backed securities will default 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.

Semi-Annual Report September 30, 2011 43

Notes to Financial Statements  (Cont.)

• non-diversification risk:  the risk that, because a relatively higher percentage of a Fund’s assets may be invested in the securities of a limited number of issuers, the Fund may be more susceptible to any single economic, political or regulatory event than a more diversified fund. A decline in the market value of one of a Fund’s investments may affect the Fund’s value more than if the Fund were a diversified fund.

• portfolio management risk:  the risk that an investment strategy may fail to produce the intended results or that the securities held by a Fund will underperform other comparable funds because of the portfolio managers’ choice of investments.

• 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 short-term capital gains to investors as compared to a fund that trades less frequently.

• preferred securities risk:  the risk that: (i) certain preferred stocks contain provisions that allow an issuer under certain conditions to skip or defer distributions; (ii) preferred stocks may be subject to redemption, including at the issuer’s call, and, in the event of redemption, the Fund may not be able to reinvest the proceeds at comparable rates of return; (iii) preferred stocks are generally subordinated to bonds and other debt securities in an issuer’s capital structure in terms of priority for corporate income and liquidation payments; and (iv) preferred stocks may trade less frequently and in a more limited volume and may be subject to more abrupt or erratic price movements than many other securities.

• price volatility risk:  the risk that the value of a Fund’s investment portfolio will change as the prices of its investments go up or down.

• real estate risk:  the risk that real estate related investments may decline in value as a result of factors affecting the real estate industry, 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 and regional market conditions.

• reliance on the adviser:  the risk associated with each Fund’s ability to achieve its investment objective being dependent upon the Adviser’s ability to identify profitable investment opportunities for a Fund. While the portfolio managers of the Funds have considerable experience in managing other portfolios with investment objectives, policies and strategies that are similar and intend to use similar analytical methods to identify potential investments for the Funds, the past experience of the portfolio managers does not guarantee future results for the Adviser.

• securities or sector selection risk:  the risk that the securities held by a Fund will underperform other funds investing in similar asset classes or benchmarks that are representative of the asset class because of the portfolio managers’ choice of securities or sectors for investment.

• short sales risk:  the risk that a security a Fund has sold short increases in value.

• tax risk:  in order to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended (“Code”), a Fund must meet requirements regarding, among other things, the source of its income. It is possible that certain of a Fund’s investments in commodity-linked derivatives will not give rise to “qualifying income” for this purpose. Any income a Fund derives from investments in instruments that do not generate “qualifying income” must be limited to a maximum of 10% of the 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 involve credit risk greater than investments in other types of U.S. Government securities.

10.  Recently Issued Accounting Pronouncements

In May 2011, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2011-04 “ Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (”IFRS“)”. ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU 2011-04 will require reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity, and a narrative description of the sensitivity of the fair value measurement to changes in observable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. At this time, management is evaluating the implications of ASU 2011-04 and its impact on the financial statements.

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which changed various technical rules governing the tax treatment of regulated investment companies. The changes are generally effective for taxable years beginning after the date of enactment. One of the more prominent changes addresses capital loss carryforwards. Under the Act, each Fund will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under previous regulation.

44 DoubleLine Funds

(Unaudited)

September 30, 2011

11.  Legal Proceedings

On January 7, 2010, TCW commenced litigation against the Adviser in the Superior Court of the State of California, County of Los Angeles, Central District (the “Court”). The suit alleged that the Adviser and four employees of the Adviser who are former employees of TCW or its affiliates, including Jeffrey Gundlach (such four employees, the “Individuals”), misappropriated TCW’s confidential and proprietary information and trade secrets in founding and operating the Adviser and are using such information in competing for assets under management. The lawsuit also included claims against certain of the Individuals, but not the Adviser, for breach of fiduciary duty, breach of confidence, intentional interference with contractual relations, and civil conspiracy.

The Individuals (but not the Adviser) subsequently filed with the Court a cross-complaint against TCW for claims in connection with TCW’s termination of their employment and failure to pay amounts due.

On February 9, 2011, TCW asserted claims against the Trust and a number of John Doe defendants, setting out allegations substantially similar to the allegations contained in the litigation against the Adviser and the Individuals, and included among other things claims that the Trust aided and abetted, and conspired with, the Adviser and the Individuals to misappropriate TCW’s trade secrets. The Court issued an order staying any further proceedings against the Trust until TCW’s claims against the Adviser and the Individuals have been resolved. TCW’s claims against the Trust seek a variety of remedies, including compensatory damages for lost profits; disgorgement of certain management fees and any carried interest obtained or retained by the Trust; punitive damages; and certain injunctive relief. The remedies sought by TCW, if granted, could have a material adverse effect on shareholder returns for the Funds. There can be no assurance as to the outcome of any litigation.

On July 6, 2011, the Court issued summary adjudication in favor of the Adviser and the Individuals on the breach of confidence claim.

On September 16, 2011, a jury found for the Individuals in respect of their claim for unpaid wages and awarded damages to them under the California Labor Code. The jury found for TCW on the intentional interference with contractual relations and breach of fiduciary duty claims, but determined that TCW was not damaged on either claim. The jury found for TCW on the trade secret violation claim. Following hearings expected to be held in late 2011, the Court will rule on TCW’s claim of unfair competition. It will also determine the amounts of any reasonable royalties, if any, to be paid to TCW in respect of TCW’s trade secret violation claim. The Court also will be asked to award a penalty and attorney’s fees to the Individuals in respect of their claim for unpaid wages, as permitted by California law.

The trial is on-going, and no appeals have been filed in the case, although it is possible that some or all of the parties will appeal the decisions in the case.

The litigation should not impact the expenses of the Funds, as the Adviser has agreed to bear all legal fees and other related expenses of the Trust and the Trustees in connection with defending against the claim.

TCW raised a fund under the U.S. Treasury’s Legacy Securities Public Private Investment Program (the “PPIP”) in the fall of 2009 to be managed by Mr. Gundlach, as key person, and announced in January 2010, subsequent to the termination of Mr. Gundlach, that it had voluntarily withdrawn the fund from the PPIP and would conduct an orderly liquidation of the fund. The Adviser has advised the Trust that employees and former employees of the Adviser have been interviewed by representatives of the Special Inspector General of the Troubled Asset Relief Program, and by the office of the United States Attorney for the Southern District of New York, in connection with the PPIP and in connection with the same allegations of misappropriation of proprietary information made by TCW in its litigation against the Adviser. The Adviser understands that the inquiry stems at least in part from a federal grand jury inquiry. The Adviser has informed the Trust that it has cooperated with the inquiry and has voluntarily produced documents. The Trust and the Funds are not involved in any of these inquiries.

Litigation, and participation in any governmental inquiry or investigation, can be expensive and time consuming, and their results can be unpredictable. There can be no assurances as to the outcome of these matters. The litigation and any governmental inquiry or investigation could consume a material amount of the Adviser’s resources thereby potentially impairing the Adviser’s ability to attract or retain talented personnel or otherwise effectively manage the Funds. In the event of an adverse outcome or if expenses of the litigation and related matters are greater than anticipated, the Adviser’s ability to manage the Funds may be materially impaired, and shareholders, or the viability of the Funds, could be adversely affected.

12.  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 available to be issued. The Funds have determined there are no subsequent events that would need to be disclosed in the Funds’ financial statements.

Semi-Annual Report September 30, 2011 45

Shareholder Expenses (Unaudited)

Example

As a shareholder of DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund, DoubleLine Emerging Markets Fixed Income Fund, DoubleLine Multi-Asset Growth Fund and DoubleLine Low Duration Bond Fund (each a “Fund” and collectively the “Funds”), you incur two 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 covered by this report.

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 U.S. Bancorp Fund Services, LLC, the Fund’s transfer agent. 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 less than 90 days in the DoubleLine Multi-Asset Growth 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 the 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		Beginning Account Value		Ending Account Value 9/30/11		Expenses Paid During Period *1		Ending Account Value 9/30/11		Expenses Paid During Period *1
DoubleLine Total Return Bond Fund	Class I		0.49%	$	1,000	$	1,064	$	2.53	$	1,023	$	2.48
	Class N		0.74%	$	1,000	$	1,063	$	3.82	$	1,021	$	3.74
DoubleLine Core Fixed Income Fund	Class I		0.49%	$	1,000	$	1,071	$	2.54	$	1,023	$	2.48
	Class N		0.74%	$	1,000	$	1,069	$	3.83	$	1,021	$	3.74
DoubleLine Emerging Markets Fixed Income Fund	Class I		0.95%	$	1,000	$	983	$	4.71	$	1,020	$	4.80
	Class N		1.20%	$	1,000	$	983	$	5.95	$	1,019	$	6.06
DoubleLine Multi-Asset Growth Fund	Class I		1.20%	$	1,000	$	1,005	$	6.02	$	1,019	$	6.06
	Class A		1.45%	$	1,000	$	1,004	$	7.27	$	1,018	$	7.31
DoubleLine Low Duration Bond Fund	Class I		0.47%	$	1,000	$	1,000	$	0.01	$	1,000	$	0.01
	Class N		0.72%	$	1,000	$	1,000	$	0.02	$	1,000	$	0.02

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by 366 (to reflect the half-period) for DoubleLine Total Return Fund, DoubleLine Core Fixed Income Fund, DoubleLine Emerging Markets Fixed Income Fund and DoubleLine Multi-Asset Growth Fund and 1/366 (to reflect the period since inception) for DoubleLine Low Duration Bond Fund.

¹ Reflects fee waiver and expense limitation arrangements in effect during the period

46 DoubleLine Funds

Evaluation of Advisory Agreement by the Board of Trustees (Unaudited)

At the August 25, 2011 meeting of the Board of Trustees of the Trust (the “Meeting”), the Board of Trustees, including the Independent Trustees voting separately, approved an Investment Advisory Agreement (the “Agreement”) between the Trust, on behalf of DoubleLine Low Duration Bond Fund (the “Fund”), and DoubleLine Capital LP (the “Adviser”). This summary describes a number, but not necessarily all, of the most important factors considered by the Board and the Independent Trustees. In all of their deliberations, the Board of Trustees and the Independent Trustees were advised by independent counsel to the Independent Trustees and counsel to the Fund.

The Board considered a wide range of materials, including information previously provided to the Trustees in connection with the approval of advisory contracts between the Adviser and the other series of the Trust: DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund, DoubleLine Emerging Markets Fixed Income Fund and DoubleLine Multi-Asset Growth Fund. The Trustees’ determination to approve the Agreement was based on a comprehensive evaluation of all of the information provided to them. The Trustees did not identify any particular information or consideration that was all-important or controlling, and each Trustee attributed different weights to various factors.

In the process of considering the approval of the Agreement, the Trustees considered information regarding, for example, the proposed portfolio management team and the experience of the members of the team, the team’s anticipated investment strategy, and other information relating to the nature, extent, and quality of services to be provided by the Adviser. The Trustees also considered the detailed compliance policies and procedures developed by the Adviser and the Adviser’s commitment to the compliance process.

The Trustees noted that the Fund had not commenced operations at the time of the Board meeting and had no historical investment performance. However, the Trustees considered the expertise of the Fund’s proposed portfolio management team generally, the performance of the other DoubleLine funds to date, and the performance of the funds or accounts managed by the proposed portfolio managers while employed by their previous employer. The Trustees considered the financial position of the Adviser and the commitment that the Adviser has made to the DoubleLine Funds generally. The Board also considered the Adviser’s specific responsibilities in all aspects of day-to-day management of the Fund as well as the qualifications, experience and responsibilities of the other key personnel that would be involved in the day-to-day activities of the Fund. The Board concluded that the Adviser had the quality and depth of personnel, resources, investment methods and compliance policies and procedures required to perform its duties under the Agreement and that, in the Board’s view, the nature, overall quality, and extent of the investment management services to be provided were expected to be satisfactory.

The Trustees considered that the Fund’s proposed advisory fee under the Agreement was lower than that charged by most of the comparable funds presented to them for consideration and that the Adviser was proposing to cap the Fund’s Class I total expense ratio at a rate lower than the expenses paid by most of those comparable funds. The Trustees also noted the Adviser’s representation that it does not currently manage other funds or accounts with a similar investment strategy.

The Trustees discussed the likely overall profitability of the Adviser from managing the Fund. In assessing profitability, the Trustees reviewed the Adviser’s financial information provided both at the Meeting and at previous meetings of the Trustees and took into account both the likely direct and indirect benefits to the Adviser from managing the Fund. The Trustees concluded that the Adviser’s profit from managing the Fund would likely not be excessive in the start-up period. The Trustees noted that the Fund would be in its start-up phase for some time and that it did not appear appropriate at this time to consider the implementation of breakpoints in the investment advisory fee.

On the basis of these considerations, the Trustees determined to approve the Agreement for the proposed initial term.

Semi-Annual Report September 30, 2011 47

Federal Tax Information (Unaudited)

For the fiscal year ended March 31, 2011, certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

Qualified Dividend Income
DoubleLine Total Return Bond Fund	0%
DoubleLine Core Fixed Income Fund	0%
DoubleLine Emerging Markets Fixed Income Fund	0%
DoubleLine Multi-Asset Growth Fund	0%

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended March 31, 2011 was as follows:

Dividends Received Deduction
DoubleLine Total Return Bond Fund	0%
DoubleLine Core Fixed Income Fund	0%
DoubleLine Emerging Markets Fixed Income Fund	0%
DoubleLine Multi-Asset Growth Fund	0%

Non-Resident Alien (“NRA”) shareholders are normally subject to a 30% (or lower tax treaty rate depending on the country) NRA withholding tax on income and short-term capital gain dividends paid by a mutual fund, unless such dividends are designated as exempt from NRA withholding tax. The distributions that have been identified by the Funds as exempt from NRA withholding are disclosed in the table below. The information presented in the table below is applicable to NRA shareholders and their advisors and is not applicable to shareholders filing United States income tax returns.

Qualified Interest Income
DoubleLine Total Return Bond Fund	89.64%
DoubleLine Core Fixed Income Fund	82.21%
DoubleLine Emerging Markets Fixed Income Fund	29.34%
DoubleLine Multi-Asset Growth Fund	42.40%

The Percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for each Fund were as follows:

DoubleLine Total Return Bond Fund	0.00%
DoubleLine Core Fixed Income Fund	6.86%
DoubleLine Emerging Markets Fixed Income Fund	7.05%
DoubleLine Multi-Asset Growth Fund	0.00%

48 DoubleLine Funds

Information About Proxy Voting (Unaudited)

Information about how a Fund voted proxies relating to portfolio securities held during the most recent twelve month period ended June 30^th is available no later than the following August 31^st without charge, upon request, by calling 877-DLine11 (877-354-6311) and on the SEC’s website at http://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 commission’s web site at http://www.sec.gov.

Information About The Portfolio Holdings

It is the policy of the Trust to provide certain unaudited information regarding the portfolio composition of the Funds as of 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 U.S. Securities and Exchange Commission for its first and third fiscal quarters on Form N-Q. The Trust’s Forms N-Q are available on the U.S. Securities and Exchange Commission’s website at www.sec.gov. You can also review and obtain copies of the Forms N-Q at the U.S. Securities and Exchange Commission’s Public Reference Room in Washington, DC (information on the operation of Public Reference Room may be obtained by calling 1-800-SEC-0330).

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, 2011 49

Privacy Notice (Unaudited)

What Does DoubleLine Do With Your Personal Information

Financial companies choose how they share your personal information. This notice provides information about how we collect, share, and protect your personal information, and how you might choose to limit our ability to share certain information about you. Please read this notice carefully.

All financial companies need to share customers’ personal information to run their everyday businesses. 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 or to make its customers aware of other financial products and services offered by a DoubleLine affiliated company.

DoubleLine may collect non-public information about you from the following sources:

• 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 Fund account, including information provided when effecting wire transfers.

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 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 authorized by law to do so, such as 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 share information with 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 calling 877-DLine11(877-354-6311). If you limit this sharing and you have a joint account, your decision will be applied to all owners of the account.

50 DoubleLine Funds

DoubleLine Capital LP 333 South Grand Avenue 18th Floor Los Angeles, CA 90071   doubleline.com info@doubleline.com 1. 213. 633. 8200

Investment Adviser:

DoubleLine Capital LP

333 South Grand Avenue

18th Floor

Los Angeles, CA 90071

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

Custodian:

U.S. Bank, N.A.

1555 North River Center

Drive, Suite 302

Milwaukee, WI 53212

Independent Registered

Public Accounting Firm:

PricewaterhouseCoopers LLP

350 South Grand Avenue

Los Angeles, CA 90071

Legal Counsel:

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

Contact Information:

doublelinefunds.com

fundinfo@doubleline.com

1-877-DLine11 or

1-877-354-6311

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.

(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

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 President and Treasurer 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 second fiscal quarter of 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. 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.

(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    November 29, 2011

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    November 29, 2011

By (Signature and Title)*    /s/ Susan Nichols

                                             Susan Nichols, Treasurer

Date    November 29, 2011

* Print the name and title of each signing officer under his or her signature.