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

As filed with the Securities and Exchange Commission on June 7, 2013

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)

(213) 633-8200

Registrant’s telephone number, including area code

Date of fiscal year end: March 31

Date of reporting period:  March 31, 2013

Item 1. Reports to Stockholders.

Annual Report

March 31, 2013

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 Floating Rate Fund

DBFRX (I-share)

DLFRX (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
Financial Markets Highlights		5
Management Discussion of Fund Performance		7
Schedules of Investments		11
Statements of Assets and Liabilities		46
Statements of Operations		47
Statements of Changes in Net Assets		48
Financial Highlights		51
Notes to Financial Statements		57
Report of Independent Registered Public Accounting Firm		70
Shareholder Expenses		71
Growth of Investment		72
Evaluation of Advisory Agreements by the Board of Trustees		78
Federal Tax Information		81
Trustees and Officers		82
Information About Proxy Voting		84
Information About the Portfolio Holdings		84
Householding		84
Privacy Notice		85

Annual Report March 31, 2013 3

President’s Letter  

Dear Shareholder:

On behalf of the DoubleLine Funds, I am pleased to deliver this Annual Report. On the following pages you will find specific information regarding each Fund’s operations and holdings. In addition, we discuss each Fund’s total return investment performance and the main drivers of that performance during the reporting period.

Investor assets in the DoubleLine Funds grew to over $44 billion as of March 31, 2013. As the DoubleLine Funds mark their three-year anniversary on April 6, 2013, we continue to enhance our overall lineup of investment strategies available to investors. On February 1, 2013 we launched the DoubleLine Floating Rate Fund (DBFRX/DLFRX). The Fund is currently available only to advisory clients of DoubleLine Capital LP and its affiliates; employees and officers of DoubleLine Capital and its affiliates and their family members; and DoubleLine Capital and its affiliates. However, we anticipate opening the Fund more broadly in the future. In addition, on January 1, 2013, DoubleLine Equity LP joined the DoubleLine Group to add an equity portfolio management team led by Brendt Stallings and Husam Nazer. Over the course of the last few months, we have built out the equity team and platform. With a goal to offer our shareholders timely and differentiated investment strategies, we launched a growth equity fund on April 1, 2013 through the DoubleLine Equity Funds.

If you have any questions regarding the DoubleLine Funds please don’t hesitate to call us at 877-DLine11 (877-354-6311), or visit our website www.doublelinefunds.com to hear our investment management team offer deeper insights and analysis on relevant capital market activity impacting investors today. We value the trust that you have placed with us, and we will continue to strive to offer thoughtful investment solutions to our shareholders.

Sincerely,

Ronald R. Redell, CFA

President

DoubleLine Funds

May 1, 2013

4 DoubleLine Funds

Financial Markets Highlights

Financial Markets Highlights:

· Agency Mortgage Backed Securities (Agency MBS): Lower-coupon pass-throughs were the best-performing portion of the Barclays Capital U.S. MBS Index for the one-year period ending March 31, 2013, with higher coupons underperforming. Longer-duration Agency Collateralized Mortgage Obligations (Agency CMOs) outperformed over shorter-duration Agency CMOs as government interest rates fell across the curve. These securities also benefitted from high income streams over the period.

· Non-Agency Mortgage Backed Securities (non-Agency MBS): For the year ending March 31, 2013, overall non-Agency MBS prices were up substantially with subprime securities being the best performing collateral, followed by alt-A securities, on both a price and total return basis. These sectors continued to generate sizable income due to their lower dollar prices and fixed rate coupon payments.

· Emerging Markets (EM) Debt: EM corporate bonds were the best performing EM subsector for the one year period ending March 31, 2013, followed closely by external sovereign bonds (sovereign bonds denominated in U.S. dollars) as measured by the JP Morgan Corporate Emerging Markets Bond Index Broad Diversified (CEMBI) and JP Morgan Emerging Markets Bond Index Global Diversified (EMBI), respectively. Throughout the 2012 calendar year, within both the EM corporate and sovereign debt markets, high yield outperformed investment grade bonds. EM high yield assets benefited from historically low rates in developed markets, engineered by central bank policies to fuel growth in their economies. As a result, investors searched globally for higher yielding assets, and EM fixed income was a suitable alternative with attractive credit metrics. EM Europe was the best performing region driven by improving risk sentiment towards the European debt crisis. Starting the year for 2013, performance between EM corporate and sovereign debt began to diverge. EM corporate debt has significantly outperformed sovereign debt over the first quarter 2013, as many investors saw sovereign spreads enter the year at historically tight spreads. Conversely, EM corporate debt remained in demand by a growing, diversified investor base. Government local currency bonds were the weakest performing EM subsector and experienced tremendous volatility over the one-year period. Local currencies sold off and rallied along with shifting global risk sentiment and headlines emanating from developed markets.

· Treasuries: The Funds’ year ending March 31, 2013 bore marked similarities to the year-earlier period. The Treasury market was again driven by the Federal Reserve (the “Fed”) and the evolving European sovereign debt and banking crisis. Most economic forecasters started 2012, like 2011, on an optimistic note, only to be disappointed by flagging growth in the spring and summer. Slowing growth and an increasingly assertive Fed response drove yields down sharply to new all-time lows in July 2012. The 10-year Treasury yield reached 1.38% on July 25, breaching the 1.71% level of the previous September. The seeming containment of the eurozone crisis and a brighter domestic economic outlook set yields on a gradual, halting rise through the second half of 2012. The Fed capped the rise in yields by launching a new open-ended asset purchase program in December 2012, bringing combined MBS and Treasury purchases to $85 billion per month. Further, ongoing political stumbles in Europe and the prospect of another eurozone recession supported ongoing flight-to-quality buying.

· Corporates: Excess returns for both investment grade and high yield corporate bonds, as measured by the Barclays Capital U.S. Credit Index and Barclays Capital U.S. Corporate High Yield Index, respectively, were positive in 2012 as corporate credit outpaced the returns posted by U.S. Treasury securities. The Barclays Capital U.S. Credit Index returned 7.00% for the twelve months ending March 31, 2013 and the Barclays Capital U.S. Corporate High Yield Index returned 13.13% for the same period. The first quarter of 2013 began to show some signs of moderating investment grade credit performance. The lack of spread tightening has been driven by low U.S. Treasury yields and concerns about balance sheet leveraging and leveraged buy outs (LBOs). The high yield market continues to see strong issuance activity driven by inflows into the asset class. High yield issuance for the twelve months ended March 31, 2013 totaled $229 billion, making it the busiest period in market history.

· Bank Loans: The leveraged loan market has experienced strong inflows into the asset class driven by investor demand for floating rate products as well as very strong Collateralized Loan Obligations (CLO) new issuance. LBO activity, while cited as a concern in the Investment Grade portfolio, has been disappointingly light for leveraged finance investors looking for additional supply. The return for the 12-month period ending March 31, 2013 on the Credit Suisse Leveraged Loan Index was 8.27%.

· Global Equities: Following dismal second quarter performance, the global equity markets, as measured by the Morgan Stanley Capital International All Country World Index (MSCI ACWI), experienced solid positive returns in the following three quarters. The MSCI ACWI returned 11.22% for the one-year period ending March 31, 2013. The broad-based rally reflected the global markets’ response to continued accommodative monetary policies from the major central banks, including the Fed, the European Central Bank, and the Bank of Japan and improving market sentiment, most notably in the U.S. housing sector. Most U.S. equity markets outperformed the MSCI ACWI over the one year period ending March 31, 2013, as reflected in the three major U.S. equity indices’

Annual Report March 31, 2013 5

Financial Markets Highlights  (Cont.)

returns: the S&P 500 Index returned 13.96%, the NASDAQ Composite Index returned 7.36%, and the Dow Jones Industrial Index returned 13.31%. Developed ex-U.S. equities as represented by the MSCI EAFE (Europe, Australia, and the Far East) Index returned 11.75% for the one-year period ending March 31, 2013. In emerging markets, the MSCI EM Index returned a modest 2.25%. The underperformance reflected the weak economic data out of the BRICs (Brazil, Russia, India and China) and many other EM countries. Going forward, we believe the global equity markets will focus on the recession in Europe, the Bank of Japan’s efforts to end deflation, the ability of the U.S. to sustain moderate growth, and the slowdown in the Chinese economy.

· Commodities: As measured by the Standard & Poor’s Goldman Sachs Commodity Excess Return Index, the broad-based commodities market posted a 5.05% loss for the one-year period ending March 31, 2013. Performance was largely negative with only 6 of 24 commodities posting a positive return for the period. Natural gas was the best performer returning over 37% on hotter than forecasted temperatures during the summer as well as unexpected winter storms late in the season that affected many regions across the country, because natural gas is consumed by both air conditioning and heating systems alike. Agriculture was the lone positive sector in the complex, driven entirely by corn and soybeans, returning 0.28% as drought-like conditions in the Midwestern U.S. resulted in lower crop yields. Industrial metals were the worst performing sector returning -11.5% on fears of weakening global economic growth, particularly in China.

6 DoubleLine Funds

Management Discussion of Fund Performance

Management Discussion of Fund Performance:

DoubleLine Total Return Bond Fund

The DoubleLine Total Return Bond Fund outperformed the Barclays Capital U.S. Aggregate Bond Index over the 12 months ending March 31, 2013. Agency and non-Agency mortgage-backed securities (MBS) outperformed on a total return basis. The Agency MBS holdings in the Fund were up slightly in price with the Agency passthroughs being the worst performer. The long duration Agency Collateralized Mortgage Obligations (CMOs) in the Fund outperformed as expected given the fall in interest rates over the year. These securities also continued to generate income as prepayment speeds remained relatively muted given the current interest rate environment. The non-Agency securities in the portfolio continued to outperform as all three sectors of the market performed well. The alt-A holdings were the best performers as their prices rose the most. The prime and subprime holdings were also up in price substantially over the previous twelve months. All three sectors continued to generate high income streams due to their lower dollar prices.

Period Ended 3-31-13	1 year (Annualized)
I-Share		7.37%
N-Share		7.11%
Barclays Capital U.S. Aggregate Bond Index		3.77%

DoubleLine Core Fixed Income Fund

The DoubleLine Core Fixed Income Fund outperformed the Barclays Capital U.S. Aggregate Bond Index over the 12 months ending March 31, 2013. The outperformance was driven by both the security selection within each respective sector as well as the asset allocation between sectors in the portfolio. The MBS sector continued to drive much of the outperformance as the non-Agency MBS holdings were up substantially in price. The Fund continued to be overweight this sector as well. The Fund was underweight the U.S. Government sector versus the Index which helped returns as this sector underperformed the U.S. Credit subsector. The credit portion of the portfolio underperformed the respective sector in the index as the Fund pared back risk in this sector. The allocation to non-Index sector such as emerging markets fixed income sector helped the Fund outperform as this sector performed very well over the period.

Period Ended 3-31-13	1 year (Annualized)
I-Share		6.53%
N-Share		6.27%
Barclays Capital U.S. Aggregate Bond Index		3.77%

DoubleLine Emerging Markets Fixed Income Fund

Over the one-year period ending March 31, 2013, the DoubleLine Emerging Markets Fixed Income Fund returned 8.04%. Returns were driven by strong performance from the Emerging Market (EM) corporate holdings in the portfolio. EM corporate debt benefited from strong inflows to the asset class and attractive fundamentals relative to similarly rated developed market corporate debt. The Fund underperformed the JP Morgan Emerging Markets Bond Global Diversified Index (the “index”) by 207 basis points over the fiscal year. Due to slowing global growth and the European debt and banking crisis, the Fund started the 12-month period defensively positioned with an overweight position in high-grade securities and a shorter duration relative to the index. As the year progressed, quantitative easing from U.S. policy makers helped 10-year U.S. Treasury yields fall from 2.21% to 1.85%, for the 12-month period ending March 31, 2013. Similarly, through actions taken by the European Central Bank (ECB), the European Commission (EC), and the International Monetary Fund (IMF) (which is being called the “Troika” in the marketplace) to support the Euro area’s struggling banking system, investor concerns for the European Union’s survival dissipated, and high-yield assets outperformed.

Period Ended 3-31-13	1 year (Annualized)
I-Share		8.04%
N-Share		7.78%
JP Morgan Emerging Markets Bond Global Diversified Index		10.11%

Annual Report March 31, 2013 7

Management Discussion of Fund Performance  (Cont.)

DoubleLine Multi-Asset Growth Fund

The DoubleLine Multi-Asset Growth Fund turned in positive performance for the twelve months ending March 31, 2013. The fixed income allocations in the Fund contributed positively as both the U.S. and the International sectors turned in positive performance for the period. The equity allocations, on the other hand, had mixed performance with the U.S. allocation detracting from the Fund’s performance while the International allocation helped. The real asset allocation turned in negative performance over the period; however, that sector continued to offer diversification benefits to the rest of the portfolio.

Period Ended 3-31-13	1 year (Annualized)
I-Share		2.49%
A-Share
No Load		2.19%
With Load		-2.15%
S&P 500 Index		13.96%
Blended Benchmark*		4.38%

* Blended Benchmark: 60% Barclays U.S. Aggregate Index/25% Morgan Stanley Capital International All Country World Index/15% S&P Goldman Sachs Commodity Index Total Return

DoubleLine Low Duration Bond Fund

The DoubleLine Low Duration Bond Fund outperformed the Bank of America/Merrill Lynch 1-3 Year U.S. Treasury Index over the 12-month period ending March 31, 2013. All sectors of the Fund outperformed the Index with both the MBS and EM fixed income being the best performing sectors over the period. The U.S. Treasury and U.S. Investment Grade Corporate sectors underperformed the other riskier subsector asset classes, but still outperformed the Index. Finally, both the commercial MBS (CMBS) and the collateralized loan obligation (CLO) sectors slightly outperformed the Index, while continuing to add to the income generated by the Fund.

Period Ended 3-31-13	1 year (Annualized)
I-Share		2.88%
N-Share		2.64%
BofA Merrill Lynch 1-3 Year U.S. Treasury Index		0.64%

DoubleLine Floating Rate Fund

The DoubleLine Floating Rate Fund was launched on February 1, 2013. Due to the Fund’s short-term performance history and the significant weighting in cash, the Fund’s since inception performance (February 1, 2013 - March 31, 2013) was up 0.80% versus 1.24% for the Credit Suisse Leveraged Loan Index.

Period Ended 3-31-13	Since Inception (2-1-13 to 3-31-13)
I-Share		0.80%
N-Share		0.80%
CS Leveraged Loan Index		1.24%

Past Performance is not a guarantee of future results.

Opinions expressed herein are as of March 31, 2013 and are subject to change at any time, are not guaranteed and should not be considered investment advice.

The performance shown assumes the reinvestment of all dividends and distributions and does not reflect any reductions for taxes. 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 Schedules 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.

Shares of the DoubleLine Floating Rate Fund are only available for purchase by advisory clients of DoubleLine Capital LP (“DoubleLine Capital”) and its affiliates; employees and officers of DoubleLine Capital and its affiliates and their family members; and DoubleLine Capital and its affiliates.

8 DoubleLine Funds

Mutual fund investing involves risk. Principal loss is possible. Investments in debt securities typically decrease when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in lower rated and non-rated securities present a great risk of loss to principal and interest than higher rated securities.

The Emerging Markets, the Core Fixed Income Fund, the Multi-Asset Growth Fund, Total Return Bond Fund and the Low Duration Bond Fund may invest in Asset-Backed and Mortgage-Backed 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.

The Emerging Markets Fund is non-diversified meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund.

The Emerging Markets, the Core Fixed Income Fund, the Multi-Asset Growth Fund and the Low Duration Bond Fund will also 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. 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 lose more than the amount invested.

The Total Return Bond Fund, Low Duration Bond Fund and Core Fixed Income Fund may also invest in securities related to real estate, which may decline in value as a result of factors affecting the real estate industry.

The Multi-Asset Growth Fund may experience equity risk. Equities may decline in value due to both real and perceived general market, economic, and industry conditions.

In order to achieve its investment objectives, the Low Duration Bond Fund, Total Return Bond Fund, Core Fixed Income Fund, Emerging Markets Fixed Income Fund and Multi-Asset Growth Fund may use certain types of exchange traded funds or investment derivatives. Derivatives involve risks different from, and in certain cases, greater than the risks presented by more traditional investments. 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. ETF investments involve additional risks such as the market price trading at a discount to its net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a fund’s ability to sell its shares.

The DoubleLine Floating Rate Fund invests primarily in floating rate loans and other floating rate investments, which are subject to credit risk, interest rate risk, counterparty risk and financial services risks, among others.

Additional risks for the Funds can be found in the prospectus.

Diversification does not assure a profit or protect against loss in a declining market.

ABX Index—The ABX Index consists of the 20 most liquid credit default swaps (CDS) on U.S. home equity asset-backed securities (ABS) and is used to hedge asset-backed exposure or to take a position in the subprime mortgage asset class. The ABX Index has four series (06-1, 06-2, 07-1 and 07-2) with five tranches per series. The ABX 07-1 AAA Index references underlying collateral of that 2007 vintage and AAA credit quality type, just as the ABX 06-2 AAA Index references underlying collateral of the 2006 vintage and AAA credit quality type.

Barclays Capital U.S. Aggregate Bond Index—The Barclays Capital U.S. Aggregate Bond 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.

Barclays Capital U.S. Corporate High Yield Index—This index covers the universe of fixed rate, non-investment grade debt. Eurobonds and debt issuer from countries designated as emerging markets (e.g. Argentina, Brazil, Venezuela, etc.) are excluded, but Canadian and global bonds (SEC registered) of issuers in non-EMG countries are included. Original issue zeros, step-up coupon structures, 144-As and pay-in-kind (PIK, as of October 1, 2009) are also included.

Barclays Capital U.S. Credit Index—This index is the US Credit component of the US Government/Credit Index and consists of publically issued US corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity, and quality requirements. To qualify, bonds must be SEC-registered. The US Credit Index is the same as the former US Corporate Investment Grade Index.

Barclays Capital U.S. MBS Index—The Barclays Capital U.S. MBS Index measures the performance of investment grade fixed-rate mortgage-backed pass-through securities of the Government-Sponsored Enterprises (GSEs): Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC).

Basis Point—A basis point (bps) is equal to 0.01%.

BofA/Merrill Lynch 1-3 Year U.S. Treasury Index—The BofA Merrill Lynch 1-3 Year Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one years and less than three years. It is not possible to invest directly in an unmanaged index.

Credit Suisse Leveraged Loan Index—Credit Suisse Leveraged Loan is an index designed to mirror the investable universe of the U.S.-denominated leveraged loan market.

Dow Jones Industrial Average (DJIA)—Invented back in 1896, the Dow Jones Industrial Average is a price-weighted average of 30 significant stocks traded on the New York Stock Exchange (NYSE) and the Nasdaq.

Duration—A measure of the sensitivity of a price of a fixed income investment to a change in interest rates, expressed as a number of years.

JP Morgan Corporate Emerging Markets Bond Broad Diversified Index (CEMBI)—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 Global Diversified Index (EMBI)—JP Morgan Emerging Markets Bond Global Diversified Index is a uniquely-weighted version of the EMBI Global. It limits the weights of those index countries with larger debt stocks 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 in by EMBI Global.

Morgan Stanley Capital International All Country World Index (MSCI AC)—The MSCI All Country (AC) World Index is a market-capitalization-weighted index designed to provide a broad measure of stock performance throughout the world, including both developed and emerging markets.

Morgan Stanley Capital International EAFE Index (MSCI EAFE)—The MSCI EAFE (Europe, Australasia and Far East) is a market-capitalization weighted stock market index designed to measure equity market performance of developed markets outside of the U.S. and Canada. This index includes a selection of stocks from 22 developed markets, excluding the U.S. and Canada.

Morgan Stanley Capital International Emerging Markets Index (MSCI EM)—The MSCI Emerging Markets Index is a float-adjusted market capitalization index designed to measure equity market performance in global emerging markets. It consists of indices in 21 emerging economies, including but not limited to, Brazil, China, India, Poland, Thailand, and Turkey.

Annual Report March 31, 2013 9

Management Discussion of Fund Performance  (Cont.)

NASDAQ—The NASDAQ, or National Association of Securities Dealers Automated Quotation, is an electronic trading system that provides price quotations to market participants on the more actively traded common stock issues; approximately 4000 common stock issues are included in the system.

NASDAQ Composite Index—The NASDAQ Composite Index is a broad-based capitalization-weighted index of stocks in all three NASDAQ tiers: Global Select, Global Market and Capital Market.

PrimeX—The PrimeX index is a synthetic credit default swap (CDS) index which references non-Agency, prime residential mortgage-backed securities (RMBS). There are 20 prime RMBS deals referenced from the 2005, 2006, and 2007 vintages. The vintages separate the PrimeX into four sub indices by cut-off dates and collateral type. The PrimeX Fixed-Rate Mortgage (FRM) 1 and FRM 2 are two of these sub indices that contain specific underlying collateral and vintage types.

S&P 500 Index—Standard & Poor’s US 500 Index, a capitalized-weighted index of 500 stocks.

S&P/Goldman Sachs Commodity Excess Return Index (S&P GSCI)—Standard & Poor’s/Goldman Sachs Commodity Index, or GSCI, is a composite index of commodity sector returns which represents a broadly diversified, unleveraged, long-only position in commodity futures. The 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. The S&P GSCI Excess Return Index (SPSCI ER) is one of the three S&P GSCI Indices published, measuring the return accrued from investing in uncollateralized nearby commodity futures. This Excess Return Index includes an Energy component, which was referenced in this commentary.

S&P/Goldman Sachs Commodity Index Total Return—The S&P GSCI Total Return index measures a fully collateralized commodity futures investment that is rolled forward from the fifth to the ninth business day of each month. Currently the S&P GSCI includes 24 commodity nearby futures contracts.

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.

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.

10 DoubleLine Funds

Schedule of Investments  DoubleLine Total Return Bond Fund March 31, 2013

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	COLLATERALIZED LOAN OBLIGATIONS 2.0%
		ALM Loan Funding,
$	3,750,000	Series 2012-6A-C		5.03%	#^		06/14/2023		3,793,125
	25,000,000	Series 2012-7A-A1		1.72%	#^		10/19/2024		25,087,351
	17,000,000	Series 2012-7A-A2		2.60%	#^		10/19/2024		17,085,043
		ARES Ltd.,
	847,798	Series 2006-5RA-A2		0.54%	#^		02/24/2018		844,164
	17,253,766	Series 2006-6RA-A2		0.56%	#		03/12/2018		17,048,383
	25,000,000	Series 2013-1A-B		2.06%	#^		04/15/2025		24,727,500
	6,500,000	Series 2013-1A-D		4.06%	#^		04/15/2025		5,980,000
		Atrium Corporation,
	1,314,583	Series 3A-A1		0.62%	#^		10/27/2016		1,313,091
		Avenue Ltd.,
	3,391,342	Series 2004-1A-A1L		0.64%	#^		02/15/2017		3,393,817
		Black Diamond Ltd.,
	891,959	Series 2005-1A-A1		0.55%	#^		06/20/2017		891,368
		BlueMountain Ltd.,
	25,000,000	Series 2012-2A-A1		1.73%	#^		11/20/2024		25,007,643
	19,000,000	Series 2012-2A-B1		2.37%	#^		11/20/2024		18,977,307
	16,150,000	Series 2012-2A-C		3.06%	#^		11/20/2024		16,057,392
		Canyon Capital Ltd.,
	2,119,700	Series 2004-1A-A1A		0.68%	#^		10/15/2016		2,118,382
	9,500,000	Series 2012-1A-B1		2.25%	#^		01/15/2024		9,374,416
		Centurion Ltd.,
	1,968,750	Series 2004-7A-A2		0.70%	#^		01/30/2016		1,964,902
	2,500,000	Series 2004-7A-B2		1.70%	#^		01/30/2016		2,510,997
	2,500,000	Series 2005-8X-C		2.28%	#		03/08/2017		2,363,077
	3,000,000	Series 2005-10A-D		2.03%	#^		12/15/2017		2,793,816
		Crown Point Ltd.,
	10,500,000	Series 2012-1A-A1LB		1.79%	#^		11/21/2022		10,518,640
		Dryden Leveraged Loan,
	3,060,494	Series 2005-8A-A		0.54%	#^		05/22/2017		3,027,866
		Dryden Senior Loan Fund,
	4,000,000	Series 2012-24A-D		5.04%	#^		11/15/2023		4,039,877
	10,000,000	Series 2012-25A-B1		2.58%	#^		01/15/2025		10,117,867
		Fortress Credit Ltd.,
	10,000,000	Series 2013-1A-A		1.54%	#^		01/19/2025		10,000,000
	10,000,000	Series 2013-1A-B		2.26%	#^		01/19/2025		9,938,000
		Galaxy Ltd.,
	31,559,571	Series 2005-5A-A1		0.56%	#^		10/20/2017		31,503,794
	13,000,000	Series 2013-15A-B		2.13%	#^		04/15/2025		13,000,000
	13,100,000	Series 2013-15A-C		2.88%	#^		04/15/2025		12,838,000
	6,125,000	Series 2013-15A-D		3.68%	#^		04/15/2025		5,880,000
		GSC Partners Fund Ltd.,
	222,039	Series 2004-5A-A1		0.67%	#^		11/20/2016		222,309
		ICE Global Credit Ltd.,
	30,000,000	Series 2013-1A-A1		2.08%	#^		04/20/2024		30,000,000
	25,000,000	Series 2013-1A-B2		2.88%	#^		04/20/2024		24,000,000
	9,000,000	Series 2013-1A-X		1.33%	#^		04/20/2015		9,000,000
		Kingsland I Ltd.,
	4,500,000	Series 2005-1A-C1		2.08%	#^		06/13/2019		4,248,376
	500,000	Series 2005-1A-C2		6.13%	^		06/13/2019		497,102
		KKR Financial Corporation,
	3,387,116	Series 2006-1A-A1		0.57%	#^		08/25/2018		3,311,676
	19,845,770	Series 2007-AA-A		1.05%	#^		10/15/2017		19,789,918
		KVK Ltd.,
	20,000,000	Series 2013-1A-A		1.70%	#^		04/14/2025		20,036,492
		Landmark III Ltd.,
	458,774	Series 2003-3A-A2L		1.30%	#^		01/15/2016		459,210
		LCM LP,
	3,650,000	Series 11A-D2		4.25%	#^		04/19/2022		3,590,933
	20,000,000	Series 12A-A		1.77%	#^		10/19/2022		20,086,828
	12,600,000	Series 13A-C		3.14%	#^		01/19/2023		12,454,155
		Marathon Ltd.,
	17,000,000	Series 2013-5A-A2A		2.64%	#^		02/21/2025		17,105,674

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Marea Ltd.,
$	2,000,000	Series 2012-1A-D		4.85%	#^		10/16/2023		2,038,584
		Nomad Ltd.,
	9,000,000	Series 2013-1A-B		3.23%	#^		01/15/2025		9,000,000
	3,500,000	Series 2013-1A-C		3.78%	#^		01/15/2025		3,386,670
		Northwoods Capital Corporation,
	30,000,000	Series 2012-9A-A		1.79%	#^		01/18/2024		30,105,417
		Oak Hill Credit Partners,
	25,000,000	Series 2012-7A-A		1.71%	#^		11/20/2023		25,048,088
	18,000,000	Series 2012-7A-B1		2.54%	#^		11/20/2023		18,025,701
		OCP Ltd.,
	35,000,000	Series 2012-2A-A2		1.77%	#^		11/22/2023		35,262,842
	3,508,547	Series 2012-2A-X2		1.77%	#^		11/22/2023		3,538,350
	10,000,000	Series 2013-3A-B		3.03%	#^		01/17/2025		9,706,500
		Race Point Ltd.,
	25,000,000	Series 2012-7A-A		1.71%	#^		11/08/2024		25,049,517
	24,000,000	Series 2012-7A-B		2.54%	#^		11/08/2024		24,035,998
	5,500,000	Series 2013-8A-B		2.19%	#^		02/20/2025		5,500,000
	3,000,000	Series 2013-8A-X		1.29%	#^		02/20/2025		3,000,000
		Saturn Ltd.,
	3,200,000	Series 2007-1A-D		4.29%	#^		05/13/2022		2,814,270
		Suffield Ltd.,
	495,176	Series 4-A		2.35%	#^		09/26/2014		497,572
		Symphony Ltd.,
	25,000,000	Series 2013-11A-B1		2.46%	#^		01/17/2025		25,062,085
		WhiteHorse Ltd.,
	2,000,000	Series 2006-1A-B1L		2.15%	#^		05/01/2018		1,865,742
	50,000,000	Series 2012-1A-A1L		1.73%	#^		02/03/2025		50,251,028
		Wind River Ltd.,
	59,000,000	Series 2012-1A-A		1.96%	#^		01/15/2024		59,001,643
	17,000,000	Series 2012-1A-B1		2.66%	#^		01/15/2024		16,870,008
	13,750,000	Series 2012-1A-C1		3.61%	#^		01/15/2024		13,655,213
		Total Collateralized Loan Obligations (Cost $817,185,716)							820,713,719
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 5.4%
		Banc of America Commercial Mortgage, Inc.,
	262,078	Series 2002-2-G		5.85%	^		07/11/2043		262,332
	19,741,000	Series 2006-4-AM		5.68%			07/10/2046		22,402,067
	93,964,769	Series 2006-4-XP		0.61%	# I/O		07/10/2046		163,875
	8,915,000	Series 2007-1-AMFX		5.48%	#		01/15/2049		9,829,746
	11,700,000	Series 2007-2-AM		5.81%	#		04/10/2049		13,211,459
	52,650,000	Series 2007-5-AM		5.77%	#		02/10/2051		59,139,139
	308,295,242	Series 2007-5-XW		0.53%	#^ I/O		02/10/2051		3,643,125
		Banc of America Large Loan Trust,
	1,711,184	Series 2007-BMB1-A2		0.95%	#^		08/15/2029		1,686,708
		Bear Stearns Commercial Mortgage Securities, Inc.,
	1,047,561	Series 2001-TOP2-C		6.83%	#		02/15/2035		1,046,058
	189,948	Series 2002-TOP8-A2		4.83%			08/15/2038		189,947
	17,015,440	Series 2004-PWR3-A4		4.72%			02/11/2041		17,322,347
	12,151,136	Series 2004-PWR4-A3		5.47%	#		06/11/2041		12,641,125
	16,143,902	Series 2004-T14-A4		5.20%	#		01/12/2041		16,613,706
	12,500,000	Series 2005-T18-AJ		5.01%	#		02/13/2042		13,375,469
	19,225,000	Series 2006-PW14-AM		5.24%			12/11/2038		21,702,593
	30,900,000	Series 2007-PW16-AM		5.72%	#		06/11/2040		35,468,271
	12,815,000	Series 2007-PW17-AMFL		0.87%	#^		06/11/2050		12,298,453
		Capital Trust,
	8,008,799	Series 2005-3A-A2		5.16%	^		06/25/2035		8,033,626
		CD Commercial Mortgage Trust,
	162,998	Series 2005-CD1-A2FL		0.32%	#		07/15/2044		162,940
	5,160,811	Series 2006-CD2-AAB		5.33%	#		01/15/2046		5,283,504
	37,500,000	Series 2006-CD2-AM		5.35%	#		01/15/2046		40,980,694
	4,160,468	Series 2007-CD4-ASB		5.28%			12/11/2049		4,346,963
	513,889,208	Series 2007-CD5-XP		0.17%	# ^I/O		11/15/2044		1,703,029
	28,540,000	Series 2007-CS4-AMFX		5.37%	#		12/11/2049		30,795,473

The accompanying notes are an integral part of these financial statements Annual Report March 31, 2013 11

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Citigroup Commercial Mortgage Trust,
$	14,503,000	Series 2005-C3-AM		4.83%	#		05/15/2043		15,561,400
	6,228,771	Series 2006-C4-ASB		5.74%	#		03/15/2049		6,507,188
	14,140,000	Series 2007-C6-AM		5.70%	#		12/10/2049		15,997,027
	11,250,000	Series 2008-C7-AM		6.05%	#		12/10/2049		13,053,741
	305,992,795	Series 2012-GC8-XA		2.26%	#^ I/O		09/10/2045		41,103,400
		COBALT Commercial Mortgage Trust,
	22,750,000	Series 2007-C2-AMFX		5.53%	#		04/15/2047		25,886,906
		Commercial Mortgage Pass-Through Certificates,
	96,216,432	Series 2002-LC4-XA		2.52%	#^ I/O		12/10/2044		14,985,132
	4,700,000	Series 2006-C8-AM		5.35%			12/10/2046		5,290,245
	128,729	Series 2007-C9-A2		5.81%	#		12/10/2049		128,578
	8,494,191	Series 2007-C9-AJFL		0.89%	#^		12/10/2049		7,253,980
	4,075,000	Series 20111-THL-B		4.55%	^		06/09/2028		4,189,852
	40,661,815	Series 2012-CR2-XA		1.97%	# I/O		08/15/2045		5,145,183
	190,479,004	Series 2012-CR3-XA		2.22%	# I/O		11/15/2045		27,182,402
	12,200,000	Series 2012-FL2-GP1		3.70%	#^		09/17/2029		12,200,000
	18,793,013	Series 2012-MVP-A		2.14%	#^		11/17/2026		19,102,477
	3,500,000	Series 2012-MVP-B		1.80%	#^		11/17/2026		3,509,926
	3,200,000	Series 2012-MVP-C		2.35%	#^		11/17/2026		3,208,325
	94,661,102	Series 2012-MVP-XACP		1.77%	#^ I/O		12/17/2014		3,020,778
	70,506,326	Series 2012-MVP-XBCP		1.42%	#^ I/O		12/17/2014		1,831,402
		Credit Suisse First Boston Mortgage Securities Corporation,
	3,050,000	Series 1998-C2-F		6.75%	#^		11/15/2030		3,224,599
	7,887,000	Series 2001-CF2-F		6.56%	^		02/15/2034		7,743,488
	1,235,000	Series 2001-CF2-G		6.93%	^		02/15/2034		1,197,636
	9,923,360	Series 2004-C1-A4		4.75%	#		01/15/2037		10,125,460
	7,675,000	Series 2005-C6-AM		5.23%	#		12/15/2040		8,474,862
		Credit Suisse Mortgage Capital Certificates,
	2,135,663	Series 2006-C3-AM		5.80%	#		06/15/2038		2,402,196
	51,221,320	Series 2006-C5-AM		5.34%			12/15/2039		56,554,663
	24,753,631	Series 2006-TF2A-A2		0.37%	#^		10/15/2021		24,296,345
	5,963,456	Series 2006-TF2A-SVA1		0.43%	#^		10/15/2021		5,896,182
	1,153,445,986	Series 2007-C1-ASP		0.38%	# I/O		02/15/2040		4,574,567
	8,000,000	Series 2007-TFLA-B		0.35%	#^		02/15/2022		7,774,440
	24,000,000	Series 2007-TFLA-C		0.37%	#^		02/15/2022		22,976,820
	16,900,000	Series 2009-RR2-IQB		5.69%	#^		04/16/2049		18,703,990
	8,800,000	Series 2010-RR1-1B		5.69%	#^		04/16/2049		9,962,902
	5,150,000	Series 2010-RR2-3B		5.34%	#^		12/15/2043		5,803,561
	10,000,000	Series 2010-RR5-2B		5.34%	#^		12/18/2043		11,269,050
		Crest Ltd.,
	504,668	Series 2003-2A-A1		0.76%	#^		12/28/2018		502,750
		DBRR Trust,
	14,554,963	Series 2011-C32-A3B		5.73%	#^		06/17/2049		16,257,537
	3,912,948	Series 2012-EZ1-A		0.95%	^		09/25/2045		3,923,474
		DBUBS Mortgage Trust,
	202,672,512	Series 2011-LC2A-XA		1.43%	#^ I/O		07/10/2044		13,661,343
		DDR Corporation,
	15,835,276	Series 2009-DDR1-A		3.81%	^		10/14/2022		16,444,815
		Del Coronado Trust,
	8,000,000	Series 2013-HDC-D		2.15%	#^		03/15/2026		8,000,000
	9,550,000	Series 2013-HDC-E		2.85%	#^		03/15/2026		9,550,000
		Extended Stay American Trust,
	3,500,000	Series 2013-ESFL-DFL		3.34%	#^		12/05/2031		3,590,151
	8,000,000	Series 2013-ESH5-A15		1.28%	^		12/05/2031		7,991,200
	7,500,000	Series 2013-ESHM-M		7.63%	^		12/05/2019		8,030,716
		Fontainebleau Miami Beach Trust,
	13,175,000	Series 2012-FBLU-C		4.27%	^		05/05/2027		13,815,430
	5,000,000	Series 2012-FBLU-E		5.25%	^		05/05/2027		5,279,278
		GE Capital Commercial Mortgage Corporation,
	7,000,000	Series 2004-C3-B		5.51%	#		07/10/2039		7,327,148
	11,781,000	Series 2005-C2-B		5.11%	#		05/10/2043		12,200,245
		GMAC Commercial Mortgage Securities, Inc.,
	3,500,000	Series 2003-C2-E		5.61%	#		05/10/2040		3,540,974
	4,114,884	Series 2004-C3-A4		4.55%			12/10/2041		4,129,006
	23,800,000	Series 2006-C1-AJ		5.35%	#		11/10/2045		21,855,004
		Greenwich Capital Commercial Funding Corporation,
	6,575,000	Series 2003-C2-B		5.03%			01/05/2036		6,693,919
	4,000,000	Series 2003-C2-C		5.07%	#		01/05/2036		4,074,410
	7,936,000	Series 2004-FL2A-D		0.51%	#^		11/05/2019		7,847,248

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Greenwich Capital Commercial Funding Corporation, (Cont.)
$	6,500,000	Series 2004-FL2A-G		0.68%	#^		11/05/2019		5,926,807
	20,540,000	Series 2005-GG5-AM		5.31%	#		04/10/2037		22,391,722
	7,000,000	Series 2006-GG7-AM		5.87%	#		07/10/2038		7,856,947
	8,350,000	Series 2007-GG11-AM		5.87%	#		12/10/2049		9,483,550
	43,194,500	Series 2007-GG9-AM		5.48%			03/10/2039		47,793,678
	21,460,000	Series 2007-GG9-AMFX		5.48%			03/10/2039		23,413,064
		GS Mortgage Securities Corporation II,
	12,100,000	Series 2006-GG6-AJ		5.64%	#		04/10/2038		12,035,428
	9,055,000	Series 2006-GG6-AM		5.62%	#		04/10/2038		10,030,463
	194,833,207	Series 2006-GG6-XC		0.09%	#^ I/O		04/10/2038		313,292
	54,400,000	Series 2006-GG8-AJ		5.62%			11/10/2039		53,342,546
	25,000,000	Series 2006-GG8-AM		5.59%			11/10/2039		28,278,525
	43,200,000	Series 2007-EOP-A2		1.26%	#^		03/06/2020		43,290,655
	35,612,699	Series 2011-GC3-X		1.12%	#^ I/O		03/10/2044		1,747,551
	116,930,330	Series 2012-GC6-XA		2.19%	#^ I/O		01/10/2045		15,976,074
	3,855,730	Series 2012-GCJ7-A1		1.14%			05/10/2045		3,891,795
	1,500,000	Series 2013-KYO-A		2.80%	#^		11/08/2029		1,513,429
	3,700,000	Series 2013-KYO-D		1.05%	#^		11/08/2029		3,724,366
	19,500,000	Series 2013-KYO-E		3.80%	#^		11/08/2029		19,655,200
		JP Morgan Chase Commercial Mortgage Securities Corporation,
	2,752,400	Series 2001-CIB2-C		6.74%	#		04/15/2035		2,766,316
	2,000,000	Series 2003-LN1-D		5.02%	#		10/15/2037		2,035,670
	1,125,000	Series 2004-C3-A4		4.66%			01/15/2042		1,126,779
	1,213,321	Series 2004-CB8-A1A		4.16%	^		01/12/2039		1,240,024
	22,768,786	Series 2004-CBX-A5		4.65%			01/12/2037		23,225,926
	22,714,010	Series 2004-CBX-X1		0.69%	#^ I/O		01/12/2037		244,039
	5,000,000	Series 2004-LN2-A2		5.12%			07/15/2041		5,238,300
	20,580,000	Series 2005-CIBC12-AJ		4.99%	#		09/12/2037		21,861,980
	102,711,739	Series 2005-LDP4-X1		0.21%	#^ I/O		10/15/2042		550,329
	287,337,691	Series 2006-CB16-X2		0.10%	# I/O		05/12/2045		770,927
	9,704,000	Series 2006-LDP7-AM		5.87%	#		04/15/2045		11,027,888
	160,609,090	Series 2006-LDP8-X		0.54%	# I/O		05/15/2045		2,405,442
	9,570,157	Series 2007-C1-ASB		5.86%			02/15/2051		10,486,361
	24,000,000	Series 2007-CB18-AMFX		5.40%			06/12/2047		26,962,596
	175,286,169	Series 2007-CB18-X		0.27%	# I/O		06/12/2047		1,836,473
	21,380,000	Series 2007-CB20-AM		5.88%	#		02/12/2051		25,284,309
	2,485,712	Series 2007-CB20-ASB		5.69%			02/12/2051		2,710,377
	1,271,368,140	Series 2007-CB20-X1		0.13%	#^ I/O		02/12/2051		12,028,414
	6,900,000	Series 2007-CIBC18-AM		5.47%	#		06/12/2047		7,771,211
	15,000,000	Series 2007-CIBC19-AM		5.71%	#		02/12/2049		16,793,325
	34,390,000	Series 2007-LD12-AM		6.00%	#		02/15/2051		39,460,238
	11,336,000	Series 2009-RR2-GEB		5.54%	^		12/17/2049		12,702,889
	2,117,564	Series 2011-CCHP-A		2.60%	#^		07/15/2028		2,118,781
	5,000,000	Series 2011-CCHP-B		3.50%	#^		07/15/2028		5,018,460
	3,850,035	Series 2011-PLSD-A1		2.19%	^		11/13/2044		3,955,281
	230,113,670	Series 2012-C6-XA		2.01%	# I/O		05/15/2045		27,355,108
	493,846,260	Series 2012-C8-XA		2.22%	# I/O		10/15/2045		65,534,139
	200,678,022	Series 2012-CBX-XA		2.04%	# I/O		06/15/2045		23,016,264
	16,350,000	Series 2012-PHH-A		1.87%	#^		10/15/2025		16,584,990
	19,700,000	Series 2012-PHH-B		2.07%	#^		10/15/2025		19,976,509
	9,700,000	Series 2012-PHH-C		2.57%	#^		10/15/2025		9,845,927
	1,550,000	Series 2012-PHH-E		3.47%	#^		10/15/2025		1,538,972
		LB Commercial Mortgage Trust,
	7,550,000	Series 2007-C3-AMFL		5.86%	#^		07/15/2044		8,734,984
		LB-UBS Commercial Mortgage Trust,
	5,614,000	Series 2004-C7-B		4.84%	#		10/15/2036		5,900,903
	4,350,000	Series 2005-C3-AM		4.79%			07/15/2040		4,697,502
	20,600,000	Series 2005-C7-AJ		5.32%	#		11/15/2040		22,108,198
	175,718,749	Series 2006-C7-XCL		0.28%	#^ I/O		11/15/2038		3,033,345
	4,978,429	Series 2006-LLFA-D		0.43%	#^		09/15/2021		4,929,462
	30,000,000	Series 2007-C1-AJ		5.48%			02/15/2040		29,584,560
	38,308,952	Series 2007-C1-AM		5.46%			02/15/2040		43,429,863
		Merrill Lynch Mortgage Investors Trust,
	187,843,666	Series 1998-C1-IO		0.68%	# I/O		11/15/2026		4,360,227
		Merrill Lynch Mortgage Trust,
	15,013,683	Series 2003-KEY1-A4		5.24%	#		11/12/2035		15,240,727
	10,000,000	Series 2004-KEY2-A4		4.86%	#		08/12/2039		10,517,095
	299,263,719	Series 2005-MCP1-XP		0.63%	# I/O		06/12/2043		390,539
	9,912,000	Series 2006-C2-AJ		5.80%	#		08/12/2043		9,692,831
		Merrill Lynch/Countrywide Commercial Mortgage Trust,
	895,002	Series 2006-4-A2FL		0.32%	#		12/12/2049		893,464
	42,850,000	Series 2007-5-AM		5.42%			08/12/2048		46,528,030

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

March 31, 2013

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Morgan Stanley Capital, Inc.,
$	1,485,000	Series 1999-LIFE-G		6.67%	#^		04/15/2033		1,486,895
	2,449,955	Series 2003-T11-A4		5.15%			06/13/2041		2,457,258
	354,050,158	Series 2006-HQ10-X1		0.51%	#^ I/O		11/12/2041		5,666,573
	1,500,000	Series 2006-HQ8-AJ		5.50%	#		03/12/2044		1,558,558
	3,400,000	Series 2007-HQ11-AJ		5.51%	#		02/12/2044		3,464,886
	6,948,771	Series 2007-HQ12-A2FL		0.45%	#		04/12/2049		6,781,014
	13,897,541	Series 2007-HQ12-A2FX		5.57%	#		04/12/2049		14,506,414
	4,372,000	Series 2007-IQ13-AM		5.41%			03/15/2044		4,877,589
	9,527,153	Series 2008-T29-AAB		6.28%	#		01/11/2043		10,259,219
		Morgan Stanley Re-Remic Trust,
	5,022,000	Series 2010-HQ4-AJ		4.97%	^		04/15/2040		5,234,152
		Multi Security Asset Trust,
	3,458,786	Series 2005-RR4A-A3		5.00%	^		11/28/2035		3,471,756
		RREF LLC,
	10,000,000	Series 2013-LT2-A		2.83%	^		05/22/2028		10,000,000
		SMA Issuer LLC,
	4,006,726	Series 2012-LV1-A		3.50%	^		08/20/2025		4,026,996
		TIAA Seasoned Commercial Mortgage Trust,
	16,746,000	Series 2007-C4-AJ		5.54%	#		08/15/2039		18,416,924
		UBS-Barclays Commercial Mortgage Trust,
	109,116,747	Series 2012-C3-XA		2.20%	#^ I/O		08/10/2049		15,342,033
		Wachovia Bank Commercial Mortgage Trust,
	5,840,000	Series 2005-C22-AM		5.33%	#		12/15/2044		6,436,495
	78,550,000	Series 2006-C28-AJ		5.63%	#		10/15/2048		70,500,039
	19,500,000	Series 2006-C28-AM		5.60%	#		10/15/2048		21,923,606
	10,000,000	Series 2007-30-AJ		0.40%	#^		12/15/2043		9,272,780
	27,058,000	Series 2007-C30-AMFL		5.41%	#		12/15/2043		26,420,229
	3,516,700	Series 2007-C33-AJ		5.93%	#		02/15/2051		3,443,853
	9,250,000	Series 2007-C33-AM		5.93%	#		02/15/2051		10,343,873
		WF-RBS Commercial Mortgage Trust,
	89,445,050	Series 2011-C4-XA		0.84%	#^ I/O		06/15/2044		3,273,242
	118,854,820	Series 2012-C6-XA		2.48%	#^ I/O		04/15/2045		16,895,569
	138,422,654	Series 2012-C8-XA		2.25%	#^ I/O		08/15/2045		18,655,152
	55,109,984	Series 2012-C9-XA		2.28%	#^ I/O		11/15/2045		7,833,691
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $2,118,954,743)							2,159,885,862
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 25.9%
		ACE Securities Corporation,
	29,709,907	Series 2006-HE1-A2C		0.39%	#		02/25/2036		28,966,298
	8,747,347	Series 2006-NC1-A2C		0.40%	#		12/25/2035		8,602,084
		Adjustable Rate Mortgage Trust,
	17,328,059	Series 2005-10-3A31		5.05%	#		01/25/2036		16,279,304
	6,200,000	Series 2005-2-6M2		1.18%	#		06/25/2035		3,287,287
	9,101,482	Series 2005-7-3A1		3.33%	#		10/25/2035		8,295,045
	42,211,950	Series 2006-1-2A1		3.29%	#		03/25/2036		33,106,642
	40,208,687	Series 2006-2-3A1		3.06%	#		05/25/2036		34,542,680
	37,928,743	Series 2007-1-3A1		5.59%	#		03/25/2037		30,853,136
	6,212,219	Series 2007-3-1A1		3.44%	#^		11/25/2037		4,294,190
		Aegis Asset Backed Securities Trust,
	591,022	Series 2003-2-M2		2.75%	#		11/25/2033		475,792
	3,614,498	Series 2004-1-M2		2.23%	#		04/25/2034		3,009,167
	758,054	Series 2004-2-M2		2.15%	#		06/25/2034		496,626
		American General Mortgage Loan Trust,
	12,000,000	Series 2010-1-A3		5.65%	#^		03/25/2058		12,695,070
	12,000,000	Series 2010-1-A4		5.65%	#^		03/25/2058		12,786,012
		American Home Mortgage Investment Trust,
	6,465,046	Series 2005-1-7A2		2.45%	#		06/25/2045		5,546,747
	14,046,044	Series 2005-4-3A1		0.50%	#		11/25/2045		10,574,916
	2,832,530	Series 2006-2-3A4		6.60%	#		06/25/2036		1,766,621
	12,179,763	Series 2007-A-13A1		6.10%	#^		01/25/2037		8,428,438
		Amortizing Residential Collateral Trust,
	17,348,418	Series 2002-BC7-M1		1.40%	#		10/25/2032		12,371,955

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Argent Securities, Inc.,
$	572,650	Series 2004-W6-M1		0.75%	#		05/25/2034		562,057
		Asset Backed Securities Corporation Home Equity Loan Trust,
	7,304,114	Series 2003-HE6-M1		1.18%	#		11/25/2033		6,635,484
	1,144,980	Series 2004-HE3-M2		1.88%	#		06/25/2034		875,647
		Banc of America Alternative Loan Trust,
	7,000,174	Series 2005-10-4A1		5.75%			11/25/2035		6,423,475
	7,157,019	Series 2005-5-2CB1		6.00%			06/25/2035		6,373,350
	12,497,385	Series 2005-6-2CB2		6.00%			07/25/2035		11,874,509
	5,550,667	Series 2005-6-4CB1		6.50%			07/25/2035		5,258,463
	4,573,927	Series 2005-8-2CB1		6.00%			09/25/2035		3,701,249
	3,772,948	Series 2006-5-CB14		6.00%	#		06/25/2046		3,207,343
	7,228,931	Series 2006-6-CB3		6.00%			07/25/2046		6,099,978
	22,255,566	Series 2006-7-A4		6.00%	#		10/25/2036		17,971,036
	11,092,430	Series 2006-8-1A1		6.30%	# I/F I/O		11/25/2036		2,521,431
	3,953,277	Series 2006-8-1A2		0.65%	#		11/25/2036		2,413,319
	18,144,761	Series 2006-9-1CB1		6.00%			01/25/2037		15,230,531
	2,957,065	Series 2007-2-2A1		6.00%			06/25/2037		2,363,309
		Banc of America Funding Corporation,
	114,868	Series 2005-6-2A9		5.50%			10/25/2035		115,195
	21,735,032	Series 2006-2-3A1		6.00%			03/25/2036		22,378,063
	736,188	Series 2006-2-4A1		22.19%	# I/F		03/25/2036		1,124,840
	3,748,245	Series 2006-2-6A2		5.50%			03/25/2036		3,836,642
	20,596,208	Series 2006-3-1A1		6.00%			03/25/2036		20,277,791
	5,380,734	Series 2006-3-6A1		6.33%	#		03/25/2036		5,574,390
	19,729,000	Series 2006-6-1A7		6.25%			08/25/2036		19,635,583
	4,256,987	Series 2006-7-T2A5		6.04%	#		10/25/2036		3,253,515
	20,064,446	Series 2006-7-T2A8		5.91%	#		10/25/2036		15,212,381
	4,207,987	Series 2006-8T2-A8		6.10%	#		10/25/2036		3,462,879
	2,291,450	Series 2006-B-7A1		5.54%	#		03/20/2036		2,050,058
	22,354,730	Series 2006-D-6A1		5.10%	#		05/20/2036		18,876,658
	2,237,767	Series 2006-G-2A1		0.42%	#		07/20/2036		2,027,397
	1,153,528	Series 2006-H-3A1		5.96%	#		09/20/2046		916,979
	2,775,577	Series 2007-1-TA10		5.84%	#		01/25/2037		2,211,995
	3,737,858	Series 2007-3-TA1B		5.83%	#		04/25/2037		3,058,641
	5,480,378	Series 2007-5-1A1		5.50%			07/25/2037		4,564,678
	6,657,530	Series 2009-R14-3A		16.10%	#^ I/F		06/26/2035		8,420,175
	6,107,936	Series 2009-R15A-4A2		5.75%	^		12/26/2036		5,407,618
	3,960,090	Series 2010-R1-3A		13.96%	#^ I/F		07/26/2036		3,600,633
	210,260,078	Series 2012-R4-A		0.46%	#^		03/04/2039		206,536,635
	70,617,451	Series 2012-R5-A		0.46%	#^		10/03/2039		68,996,671
		Banc of America Mortgage Securities, Inc.,
	3,522,703	Series 2004-K-4A1		5.29%	#		12/25/2034		3,467,078
	13,846,879	Series 2006-1-A9		6.00%			05/25/2036		12,549,960
	3,441,179	Series 2007-1-2A5		5.75%			01/25/2037		3,509,902
		BCAP LLC Trust,
	7,372,620	Series 2007-AA2-2A7		6.00%			04/25/2037		6,189,259
	7,981,870	Series 2007-AA2-2A8		5.75%			04/25/2037		6,618,703
	18,000,000	Series 2008-RR3-A1B		6.63%	#		10/25/2036		12,780,090
	7,172,441	Series 2010-RR10-5A1		7.68%	#^		04/27/2037		7,867,924
	13,064,826	Series 2010-RR12-3A15		7.08%	#^		08/26/2037		14,715,397
	3,350,000	Series 2010-RR5-2A3		6.10%	#^		04/26/2037		3,199,661
	6,472,973	Series 2011-RR12-2A5		2.61%	#^		12/26/2036		6,510,041
	14,267,379	Series 2012-RR1-3A3		3.50%	#^		10/26/2035		14,524,106
		Bear Stearns Adjustable Rate Mortgage Trust,
	23,893,059	Series 2005-12-13A1		5.36%	#		02/25/2036		23,586,822
	19,031,251	Series 2006-4-4A1		5.41%	#		10/25/2046		17,838,324
	18,046,030	Series 2007-1-2A1		2.80%	#		02/25/2047		14,306,252
		Bear Stearns Alt-A Trust,
	6,558,372	Series 2004-11-2A3		2.72%	#		11/25/2034		6,060,382
	25,366,889	Series 2006-6-2A1		4.71%	#		11/25/2036		20,359,009
		Bear Stearns Asset Backed Securities Trust,
	16,566,428	Series 2004-AC4-A2		5.50%	#		08/25/2034		17,112,201
	42,855,593	Series 2005-AC2-1A		5.25%	#		04/25/2035		41,928,026
	13,456,262	Series 2005-AC2-2A1		5.25%	#		04/25/2035		13,675,451
	19,159,039	Series 2005-AC7-A4		5.50%	#		10/25/2035		18,326,761
	22,737,752	Series 2006-AC1-1A1		5.75%	#		02/25/2036		18,449,492
	2,833,615	Series 2007-SD1-1A2A		6.00%			10/25/2036		2,205,054
	1,792,839	Series 2007-SD1-1A3A		6.50%			10/25/2036		1,447,488
	9,311,200	Series 2007-SD1-23A1		5.10%	#		10/25/2036		7,217,847

The accompanying notes are an integral part of these financial statements Annual Report March 31, 2013 13

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Belle Haven Ltd.,
$	1,146,707,248	Series 2006-1A-A1		0.56%	#^		07/05/2046		98,616,823
		Centex Home Equity,
	2,750,000	Series 2004-A-AF5		5.43%	#		01/25/2034		2,820,419
		Chase Funding Mortgage Loan Asset-Backed Certificates,
	3,432,491	Series 2003-4-2M1		1.10%	#		03/25/2033		2,626,405
		Chase Mortgage Finance Corporation,
	19,580,360	Series 2005-A1-2A4		2.90%	#		12/25/2035		18,185,132
	28,952,139	Series 2006-S2-1A9		6.25%			10/25/2036		27,099,998
	16,783,203	Series 2006-S3-1A2		6.00%			11/25/2036		14,422,151
	47,377,735	Series 2006-S4-A8		6.00%			12/25/2036		43,122,386
	22,112,321	Series 2007-A2-6A4		3.01%	#		07/25/2037		20,348,310
	8,180,932	Series 2007-S3-1A5		6.00%			05/25/2037		7,261,575
	3,902,122	Series 2007-S3-2A1		5.50%			05/25/2037		3,949,322
	9,497,711	Series 2007-S5-1A18		6.00%			07/25/2037		8,623,266
		Chaseflex Trust,
	1,106,213	Series 2006-1-A2A		5.56%	#		06/25/2036		1,118,066
	7,525,163	Series 2006-1-A5		5.56%	#		06/25/2036		7,467,945
	10,628,505	Series 2006-2-A2B		0.40%	#		09/25/2036		7,504,309
	9,204,300	Series 2007-1-1A1		6.50%			02/25/2037		6,021,476
	20,302,647	Series 2007-M1-2F4		5.17%	#		08/25/2037		16,940,397
	21,116,558	Series 2007-M1-2F5		5.17%	#		08/25/2037		17,617,935
		Citicorp Mortgage Securities, Inc.,
	25,574,870	Series 2005-1-1A4		5.50%			02/25/2035		26,873,792
	5,714,067	Series 2006-7-1A1		6.00%			12/25/2036		5,618,960
		Citicorp Residential Mortgage Securities, Inc.,
	6,594,000	Series 2006-2-A5		6.04%	#		09/25/2036		6,230,166
		Citigroup Mortgage Loan Trust, Inc.,
	5,680,553	Series 2005-5-2A2		5.75%			08/25/2035		4,710,559
	2,746,736	Series 2005-9-21A1		5.50%			11/25/2035		2,325,295
	6,930,361	Series 2006-FX1-A6		5.85%	#		10/25/2036		5,615,318
	3,457,034	Series 2006-WF1-A2D		5.89%	#		03/25/2036		2,443,328
	19,981,978	Series 2006-WF2-A2D		6.04%	#		05/25/2036		13,076,846
	1,773,638	Series 2007-12-2A1		6.50%	^		10/25/2036		1,232,744
	1,890,922	Series 2007-2-2A		6.00%			11/25/2036		1,903,463
	50,790,995	Series 2007-9-1A1		5.75%	^		04/25/2047		40,048,481
	2,400,736	Series 2007-9-2A2		6.50%	^		05/25/2037		1,713,498
	8,458,101	Series 2007-OPX1-A3A		5.97%	#		01/25/2037		5,681,941
	86,028,242	Series 2007-WFH3-A2		0.36%	#		06/25/2037		77,673,867
	20,000,000	Series 2008-AR4-1A1B		2.94%	#^		11/25/2038		13,959,380
	3,366,529	Series 2010-12-3A1		4.00%	^		04/25/2037		3,489,910
	3,112,137	Series 2010-2-5A1		5.50%	#^		12/25/2035		3,291,247
	205,000,000	Series 2010-8-5A4		9.85%	#^		11/25/2036		165,334,653
	27,764,470	Series 2010-8-5A6		4.00%	^		11/25/2036		28,857,252
	163,394,794	Series 2010-8-6A4		8.73%	#^		12/25/2036		127,689,976
	120,026,759	Series 2010-8-76I2		1.00%	^ I/O		06/25/2037		2,408,853
	143,948,130	Series 2010-8-7A4		8.77%	#^		06/25/2037		114,785,534
	6,846,612	Series 2011-12-1A1		3.50%	#^		04/25/2036		6,968,406
	9,266,932	Series 2011-12-3A1		5.59%	^		09/25/2047		9,359,935
		Citimortgage Alternative Loan Trust,
	11,311,486	Series 2006-A2-A2		6.00%			05/25/2036		9,454,599
	3,061,349	Series 2006-A5-2A1		5.50%			10/25/2021		3,032,844
	7,925,226	Series 2006-A5-3A3		6.00%			10/25/2036		6,416,453
	11,917,738	Series 2007-A1-1A5		6.00%			01/25/2037		10,086,262
	5,810,686	Series 2007-A1-1A7		6.00%			01/25/2037		4,917,720
	14,867,386	Series 2007-A1-1A9		5.20%	# I/F I/O		01/25/2037		2,708,265
	13,379,248	Series 2007-A3-1A1		6.00%	#		03/25/2037		11,537,688
	30,789,935	Series 2007-A3-1A3		5.20%	# I/F I/O		03/25/2037		6,239,349
	12,065,915	Series 2007-A3-1A4		5.75%			03/25/2037		10,238,454
	3,167,261	Series 2007-A5-1A11		6.00%			05/25/2037		2,773,597
	1,532,866	Series 2007-A8-A1		6.00%			10/25/2037		1,368,578
		Countrywide Alternative Loan Trust,
	52,812,011	Series 2004-36CB-1A1		6.00%			02/25/2035		53,061,680
	12,939,628	Series 2005-20CB-2A1		0.70%	#		07/25/2035		9,369,953
	26,418,407	Series 2005-20CB-2A2		4.80%	# I/F I/O		07/25/2035		3,152,310
	3,841,292	Series 2005-20CB-4A1		5.25%			07/25/2020		3,880,331
	9,158,988	Series 2005-26CB-A11		12.68%	# I/F		07/25/2035		9,673,196
	12,656,985	Series 2005-28CB-1A2		0.95%	#		08/25/2035		9,598,348
	3,844,092	Series 2005-28CB-3A6		6.00%			08/25/2035		3,065,229
	8,257,342	Series 2005-54CB-3A4		5.50%			11/25/2035		7,115,682

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Countrywide Alternative Loan Trust, (Cont.)
$	1,716,740	Series 2005-60T1-A7		34.44%	# I/F		12/25/2035		2,772,036
	2,323,424	Series 2005-64CB-1A14		5.50%			12/25/2035		2,048,881
	33,721,602	Series 2005-64CB-1A4		5.50%			12/25/2035		29,736,940
	5,923,955	Series 2005-73CB-1A5		1.00%	#		01/25/2036		4,101,207
	14,903,445	Series 2005-73CB-1A6		4.50%	# I/F I/O		01/25/2036		2,003,254
	127,339,757	Series 2005-77T1-1A1		6.00%			02/25/2036		103,996,151
	3,219,954	Series 2005-79CB-A5		5.50%			01/25/2036		2,852,799
	6,939,056	Series 2005-85CB-2A6		20.88%	# I/F		02/25/2036		9,423,589
	4,246,064	Series 2005-86CB-A5		5.50%			02/25/2036		3,432,383
	9,208,686	Series 2005-J10-1A11		5.50%			10/25/2035		8,500,529
	2,095,682	Series 2005-J10-1A13		0.90%	#		10/25/2035		1,601,073
	981,709	Series 2005-J10-1A15		5.50%			10/25/2035		906,215
	2,226,985	Series 2005-J11-1A3		5.50%			11/25/2035		1,930,837
	2,563,375	Series 2005-J11-6A1		6.50%			09/25/2032		2,428,368
	4,063,962	Series 2005-J13-2A5		0.68%	#		11/25/2035		2,899,610
	8,127,924	Series 2005-J13-2A6		4.82%	# I/F I/O		11/25/2035		1,357,095
	3,891,000	Series 2005-J1-5A3		5.50%			02/25/2035		3,388,195
	5,652,132	Series 2005-J1-7A1		5.50%			01/25/2020		5,557,999
	3,347,899	Series 2005-J2-1A5		0.70%	#		04/25/2035		2,769,700
	10,301,229	Series 2005-J2-1A6		4.80%	# I/F I/O		04/25/2035		1,578,040
	8,569,675	Series 2006-12CB-A3		5.75%	#		05/25/2036		6,936,556
	4,022,092	Series 2006-15CB-A1		6.50%			06/25/2036		2,870,434
	3,288,510	Series 2006-18CB-A12		0.80%	#		07/25/2036		2,179,151
	3,288,510	Series 2006-18CB-A13		5.30%	# I/F I/O		07/25/2036		594,260
	16,543,755	Series 2006-19CB-A12		0.60%	#		08/25/2036		10,504,573
	22,434,324	Series 2006-19CB-A13		5.40%	# I/F I/O		08/25/2036		4,503,803
	3,454,082	Series 2006-19CB-A15		6.00%			08/25/2036		2,879,523
	5,148,832	Series 2006-24CB-A11		5.75%			06/25/2036		4,256,944
	15,070,001	Series 2006-24CB-A14		6.95%	# I/F I/O		06/25/2036		4,081,582
	12,084,178	Series 2006-24CB-A22		6.00%			06/25/2036		10,146,541
	12,969,953	Series 2006-24CB-A5		0.80%	#		06/25/2036		8,511,558
	4,874,869	Series 2006-26CB-A17		6.25%			09/25/2036		3,993,532
	6,257,309	Series 2006-26CB-A9		6.50%			09/25/2036		5,212,204
	11,829,506	Series 2006-29T1-1A2		6.25%			10/25/2036		10,144,026
	1,717,071	Series 2006-29T1-2A12		44.82%	# I/F		10/25/2036		3,229,428
	1,051,742	Series 2006-29T1-2A23		32.48%	# I/F		10/25/2036		1,616,424
	11,247,215	Series 2006-30T1-1A2		6.25%			11/25/2036		9,603,727
	7,604,658	Series 2006-32CB-A1		0.87%	#		11/25/2036		5,302,279
	12,684,570	Series 2006-32CB-A2		5.13%	# I/F I/O		11/25/2036		2,370,981
	4,983,139	Series 2006-36T2-2A1		6.25%			12/25/2036		3,846,545
	4,493,547	Series 2006-39CB-1A10		6.00%			01/25/2037		3,658,898
	22,338,396	Series 2006-39CB-2A2		6.35%	# I/F I/O		01/25/2037		5,951,719
	7,607,278	Series 2006-39CB-2A4		0.65%	#		01/25/2037		2,104,572
	7,131,617	Series 2006-40T1-1A11		6.00%			01/25/2037		6,083,918
	12,135,587	Series 2006-40T1-1A4		5.25%	# I/F I/O		01/25/2037		2,006,668
	9,236,884	Series 2006-45T1-1A4		0.80%	#		02/25/2037		5,310,594
	9,236,884	Series 2006-45T1-1A5		5.20%	# I/F I/O		02/25/2037		1,803,058
	3,798,376	Series 2006-6CB-1A4		5.50%			05/25/2036		3,250,730
	23,953,334	Series 2006-J1-1A3		5.50%			02/25/2036		20,032,377
	3,778,926	Series 2006-J4-2A2		6.00%			07/25/2036		3,051,246
	2,239,254	Series 2007-11T1-A24		38.67%	# I/F		05/25/2037		4,288,129
	23,351,571	Series 2007-16CB-2A1		0.65%	#		08/25/2037		13,658,416
	6,762,031	Series 2007-16CB-2A2		52.88%	# I/F		08/25/2037		16,693,606
	22,053,705	Series 2007-17CB-1A10		28.96%	# I/F		08/25/2037		38,529,586
	3,712,552	Series 2007-18CB-2A25		6.00%			08/25/2037		3,107,440
	1,986,905	Series 2007-19-1A10		37.77%	# I/F		08/25/2037		3,637,537
	57,633,044	Series 2007-19-2A1		6.50%			08/25/2037		40,361,227
	11,144,500	Series 2007-21CB-2A2		27.58%	# I/F		09/25/2037		18,129,360
	42,785,906	Series 2007-22-2A16		6.50%			09/25/2037		33,599,451
	26,969,142	Series 2007-23CB-A3		0.70%	#		09/25/2037		16,346,320
	38,274,803	Series 2007-23CB-A4		6.30%	# I/F I/O		09/25/2037		9,371,031
	19,704,280	Series 2007-4CB-2A1		7.00%			03/25/2037		7,477,134
	13,876,289	Series 2007-5CB-1A18		5.45%	# I/F I/O		04/25/2037		2,828,515
	13,876,289	Series 2007-5CB-1A23		0.75%	#		04/25/2037		8,056,386
	966,447	Series 2007-8CB-A12		38.97%	# I/F		05/25/2037		1,794,373
	1,031,668	Series 2007-8CB-A8		38.85%	# I/F		05/25/2037		1,909,533
	1,346,255	Series 2007-9T1-1A4		0.70%	#		05/25/2037		762,376
	1,346,255	Series 2007-9T1-1A5		5.30%	# I/F I/O		05/25/2037		238,806
	36,875,757	Series 2007-9T1-1A6		6.00%			05/25/2037		27,816,361
	3,996,929	Series 2007-9T1-2A1		6.00%			05/25/2037		3,183,100
	4,114,876	Series 2007-9T1-3A1		5.50%			05/25/2022		3,915,524

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

March 31, 2013

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Countrywide Alternative Loan Trust, (Cont.)
$	17,969,365	Series 2007-HY5R-2A1A		5.20%	#		03/25/2047		17,420,832
	13,076,628	Series 2007-HY5R-2A1B		5.20%	#		03/25/2047		10,669,861
		Countrywide Asset-Backed Certificates,
	4,716,461	Series 2003-BC6-M1		1.03%	#		11/25/2033		4,606,195
	3,255,725	Series 2005-13-AF3		5.24%	#		04/25/2036		2,806,030
	2,664,255	Series 2006-2-2A2		0.39%	#		06/25/2036		2,565,468
		Countrywide Home Loans,
	6,483,943	Series 2002-32-2A6		5.00%			01/25/2018		6,685,334
	10,619,136	Series 2003-60-4A1		5.36%	#		02/25/2034		10,754,965
	8,701,566	Series 2004-R2-1AF1		0.62%	#^		11/25/2034		7,428,135
	8,807,979	Series 2004-R2-1AS		5.76%	#^ I/O		11/25/2034		1,481,348
	18,977,616	Series 2005-20-A5		5.50%			10/25/2035		18,396,237
	13,395,101	Series 2005-20-A8		5.25%			10/25/2035		13,370,200
	38,285,376	Series 2005-23-A1		5.50%			11/25/2035		36,722,586
	10,834,582	Series 2005-24-A8		5.50%			11/25/2035		10,446,937
	2,841,965	Series 2005-27-2A1		5.50%			12/25/2035		2,643,050
	5,841,653	Series 2005-28-A7		5.25%			01/25/2019		5,683,929
	51,749,303	Series 2005-HYB1-4A1		2.80%	#		03/25/2035		48,484,258
	5,397,847	Series 2005-HYB8-1A1		2.79%	#		12/20/2035		4,639,987
	13,090,256	Series 2005-J3-2A4		4.50%			09/25/2035		12,887,194
	9,700,000	Series 2005-J4-A5		5.50%			11/25/2035		9,586,689
	2,565,094	Series 2005-R1-1AF1		0.56%	#^		03/25/2035		2,240,355
	2,599,953	Series 2005-R1-1AS		5.75%	#^ I/O		03/25/2035		482,026
	5,506,503	Series 2006-J3-A4		5.50%			05/25/2036		5,575,928
	64,469,059	Series 2007-11-A1		6.00%			08/25/2037		59,817,100
	55,016,888	Series 2007-12-A9		5.75%			08/25/2037		53,652,084
	24,808,486	Series 2007-13-A110		6.00%			08/25/2037		23,140,314
	2,390,764	Series 2007-15-1A16		6.25%			09/25/2037		2,246,080
	10,506,472	Series 2007-15-1A29		6.25%			09/25/2037		10,060,136
	2,701,260	Series 2007-18-1A1		6.00%			11/25/2037		2,535,485
	8,306,433	Series 2007-3-A1		6.00%			04/25/2037		7,596,287
	21,567,570	Series 2007-3-A12		6.00%			04/25/2037		19,723,683
	15,399,367	Series 2007-4-1A39		6.00%			05/25/2037		13,681,737
	8,373,012	Series 2007-5-A2		5.75%			05/25/2037		7,940,960
	32,720,036	Series 2007-7-A1		6.00%			06/25/2037		30,727,206
	9,808,349	Series 2007-7-A2		5.75%			06/25/2037		9,173,607
	20,592,860	Series 2007-8-1A4		6.00%			01/25/2038		18,551,367
	25,091,714	Series 2007-8-1A9		6.00%	#		01/25/2038		22,601,299
	5,469,602	Series 2007-9-A11		5.75%			07/25/2037		5,210,042
	52,458,466	Series 2007-J1-2A1		6.00%			02/25/2037		40,453,110
	2,339,746	Series 2007-J3-A1		0.70%	#		07/25/2037		1,539,749
	11,698,732	Series 2007-J3-A2		5.30%	# I/F I/O		07/25/2037		1,776,072
		Credit Suisse First Boston Mortgage Backed Trust,
	6,841,055	Series 2006-3-A4B		6.11%	#		11/25/2036		4,292,827
	4,762,391	Series 2006-4-A6A		5.68%	#		12/25/2036		3,315,879
	15,436,832	Series 2007-1-1A1A		5.90%	#		05/25/2037		10,626,815
		Credit Suisse First Boston Mortgage Securities Corporation,
	455,918	Series 2004-AR8-2A1		2.80%	#		09/25/2034		465,133
	5,722,942	Series 2005-10-5A4		5.50%			11/25/2035		5,017,232
	1,698,613	Series 2005-10-5A5		5.50%			11/25/2035		1,489,153
	14,838,708	Series 2005-12-7A1		7.00%			01/25/2036		9,367,580
	287,709	Series 2005-5-2A11		5.00%			07/25/2035		287,514
	16,000,000	Series 2005-8-3A10		5.50%			09/25/2035		16,454,304
		Credit Suisse Mortgage Capital Certificates,
	7,244,415	Series 2005-1R-2A5		5.75%	^		12/26/2035		6,226,973
	36,066,206	Series 2006-1-2A1		6.00%			02/25/2036		27,321,179
	5,371,769	Series 2006-2-3A1		6.50%			03/25/2036		3,640,000
	6,717,436	Series 2006-2-5A1		0.90%	#		03/25/2036		3,839,183
	37,547,381	Series 2006-2-5A2		5.10%	# I/F I/O		03/25/2036		7,614,609
	7,821,067	Series 2006-2-5A3		6.25%			03/25/2036		6,174,998
	21,166,936	Series 2006-2-5A4		6.00%			03/25/2036		16,389,389
	4,865,922	Series 2006-3-4A3		5.50%			04/25/2036		4,596,248
	10,538,060	Series 2006-3-4A4		5.50%			04/25/2036		9,945,473
	8,229,001	Series 2006-4-1A8		6.00%	#		05/25/2036		6,258,118
	31,824,420	Series 2006-4-4A1		7.00%			05/25/2036		17,249,886
	28,843,770	Series 2006-4-6A1		6.00%			05/25/2036		27,989,821
	24,236,313	Series 2006-6-1A4		6.00%			07/25/2036		18,845,430
	15,230,809	Series 2006-6-3A1		7.00%			07/25/2036		6,200,287
	970,714	Series 2006-7-3A11		6.00%			08/25/2036		858,518
	10,069,125	Series 2006-7-7A5		6.00%			08/25/2036		8,761,952
	3,082,692	Series 2006-9-2A1		5.50%			11/25/2036		3,103,183
	42,117,770	Series 2006-9-3A1		6.00%			11/25/2036		42,975,835

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Credit Suisse Mortgage Capital Certificates, (Cont.)
$	10,456,450	Series 2006-9-4A1		6.00%			11/25/2036		10,526,017
	3,726,131	Series 2006-9-6A15		38.67%	# I/F		11/25/2036		7,200,426
	14,620,067	Series 2007-1-1A4		6.13%	#		02/25/2037		9,688,923
	23,574,784	Series 2007-1-3A1		6.00%			02/25/2022		19,844,829
	15,828,077	Series 2007-1-5A14		6.00%			02/25/2037		14,566,627
	1,214,631	Series 2007-2-2A1		5.00%			03/25/2037		1,202,020
	9,825,062	Series 2007-5-2A5		5.00%			08/25/2037		8,903,874
	71,212,496	Series 2007-5-3A19		6.00%			08/25/2037		72,640,520
	32,094,392	Series 2007-5-3A9		6.00%			08/25/2037		32,413,523
	5,125,847	Series 2009-1R-4A2		3.67%	#^		07/20/2035		4,198,387
	93,898,000	Series 2010-17R-6A1		4.00%	#^		06/26/2037		78,040,881
	5,366,402	Series 2010-1R-5A1		5.00%	#^		01/27/2036		5,574,237
	58,374,029	Series 2010-2R-4A17		7.33%	#^		03/26/2037		47,171,702
	94,036,243	Series 2010-4R-3A17		8.24%	#^		06/26/2037		70,275,259
	46,427,777	Series 2010-4R-8A17		8.24%	#^		06/26/2037		35,632,855
	10,124,609	Series 2010-6R-2A6A		6.25%	^		07/26/2037		10,771,050
	32,376,796	Series 2010-7R-4A17		7.60%	#^		04/26/2037		25,370,668
	42,506,182	Series 2011-16R-6A1		2.49%	#^		09/27/2035		42,527,697
		Credit-Based Asset Servicing and Securitization LLC,
	1,204,661	Series 2005-CB6-A4		4.71%	#		07/25/2035		1,178,207
	9,750,000	Series 2007-MX1-A3		5.83%	#^		12/25/2036		7,711,685
		Deutsche ALT-A Securities, Inc. Mortgage Loan Trust,
	40,086,607	Series 2005-4-A5		5.50%	#		09/25/2035		32,927,179
	3,151,102	Series 2005-5-1A6		34.44%	# I/F		11/25/2035		5,429,444
	2,915,859	Series 2005-5-2A1		0.40%	#		11/25/2035		1,682,722
	8,800,381	Series 2005-5-2A2		5.10%	# I/F I/O		11/25/2035		1,645,244
	2,090,297	Series 2006-AB2-A2		6.16%	#		06/25/2036		1,612,713
	4,233,576	Series 2006-AB4-A1A		6.01%	#		10/25/2036		3,209,597
	4,211,472	Series 2006-AB4-A3		5.90%	#		10/25/2036		3,172,504
	6,214,360	Series 2006-AB4-A3A1		5.90%	#		10/25/2036		4,681,405
	12,398,440	Series 2006-AB4-A6A1		5.87%	#		10/25/2036		9,321,333
	18,458,579	Series 2006-AF1-A3		0.38%	#		04/25/2036		17,833,147
	126,936,221	Series 2007-1-1A3A		0.41%	#		08/25/2037		97,358,431
	28,757,466	Series 2007-OA5-A1B		0.42%	#		08/25/2047		24,696,049
		Deutsche Mortgage Securities, Inc.,
	36,028,908	Series 2006-PR1-3A1		11.84%	#^ I/F		04/15/2036		38,603,876
	10,948,611	Series 2006-PR1-4AI1		11.83%	#^ I/F		04/15/2036		12,463,871
	17,946,936	Series 2006-PR1-4AI2		14.22%	#^ I/F		04/15/2036		20,785,316
	857,361	Series 2006-PR1-5AI1		18.74%	#^ I/F		04/15/2036		1,010,583
	7,445,993	Series 2006-PR1-5AI3		12.29%	#^ I/F		04/15/2036		7,588,364
	123,280,980	Series 2006-PR1-5AI4		11.84%	#^ I/F		04/15/2036		135,560,013
	29,583,363	Series 2009-RS2-4A2		0.33%	#^		04/26/2037		25,256,796
		Ellington Loan Acquisition Trust,
	1,277,768	Series 2007-1-A2A2		1.00%	#^		05/27/2037		1,264,169
		First Franklin Mortgage Loan Trust,
	17,755,042	Series 2006-FF1-2A3		0.44%	#		01/25/2036		17,139,066
	24,114,334	Series 2006-FF3-A2B		0.40%	#		02/25/2036		22,124,190
		First Horizon Alternative Mortgage Securities,
	20,222,489	Series 2005-AA4-1A1		2.59%	#		05/25/2035		17,273,828
	12,933,606	Series 2005-FA5-1A4		5.50%			08/25/2035		12,964,646
	3,082,512	Series 2005-FA8-2A1		5.00%			11/25/2020		3,129,431
	8,230,874	Series 2006-FA1-1A12		6.00%			04/25/2036		7,245,255
	853,618	Series 2006-FA1-1A6		0.95%	#		04/25/2036		849,534
	5,580,767	Series 2006-FA2-1A5		6.00%			05/25/2036		4,828,073
	1,589,810	Series 2006-FA7-A8		6.25%			12/25/2036		1,351,652
	7,470,425	Series 2006-FA8-1A5		6.00%			02/25/2037		6,455,710
	17,534,370	Series 2006-RE1-A1		5.50%			05/25/2035		15,403,970
	2,329,034	Series 2007-FA3-A4		6.00%			06/25/2037		1,956,651
	2,459,158	Series 2007-FA4-1A13		6.25%			08/25/2037		2,151,082
	3,566,965	Series 2007-FA4-1A5		6.25%			08/25/2037		3,120,107
		First Horizon Asset Securities, Inc.,
	227,927	Series 2005-6-1A1		5.50%			11/25/2035		229,037
	15,390,159	Series 2007-1-A3		6.00%			03/25/2037		13,690,300
	7,618,473	Series 2007-4-1A1		6.00%			08/25/2037		7,318,195
		GMAC Mortgage Corporation Loan Trust,
	25,488,860	Series 2005-J1-A14		5.50%			12/25/2035		25,764,356
		GS Mortgage Securities Corporation,
	2,543,565	Series 2008-2R-1A1		7.50%	#^		09/25/2036		2,216,440
		GSAA Home Equity Trust,
	1,235,951	Series 2005-12-AF3		5.07%	#		09/25/2035		1,186,594
	33,513,099	Series 2005-7-AF2		4.48%	#		05/25/2035		33,196,333

The accompanying notes are an integral part of these financial statements Annual Report March 31, 2013 15

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		GSAA Home Equity Trust, (Cont.)
$	45,361,000	Series 2005-7-AF3		4.75%	#		05/25/2035		43,163,781
	14,772,027	Series 2006-10-AF3		5.98%	#		06/25/2036		9,297,691
	10,572,593	Series 2006-10-AF4		6.30%	#		06/25/2036		6,652,085
	20,786,545	Series 2006-15-AF4		5.96%	#		09/25/2036		12,807,889
	3,445,261	Series 2006-18-AF3A		5.77%	#		11/25/2036		2,194,140
	7,176,572	Series 2006-18-AF6		5.68%	#		11/25/2036		4,163,987
	3,210	Series 2006-4-4A1		0.30%	#		03/25/2036		3,208
	13,739,005	Series 2007-10-A1A		6.00%			11/25/2037		12,267,454
	6,109,733	Series 2007-10-A2A		6.50%			11/25/2037		4,914,733
		GSMPS Mortgage Loan Trust,
	23,858,218	Series 2005-RP2-1AF		0.55%	#^		03/25/2035		20,055,755
	23,858,218	Series 2005-RP2-1AS		5.14%	#^ I/O		03/25/2035		4,521,490
	13,327,272	Series 2005-RP3-1AF		0.55%	#^		09/25/2035		11,520,667
	13,327,272	Series 2005-RP3-1AS		5.00%	#^ I/O		09/25/2035		2,249,723
	50,781,884	Series 2006-RP1-1AS		4.84%	#^ I/O		01/25/2036		8,256,093
	50,781,884	Series 2006-RP1-AF1		0.55%	#^		01/25/2036		42,135,557
		GSR Mortgage Loan Trust,
	7,274,636	Series 2005-1F-1A2		5.50%			02/25/2035		7,299,065
	13,718,174	Series 2005-1F-3A3		6.00%			01/25/2035		13,750,042
	2,212,588	Series 2005-6F-3A5		6.00%			07/25/2035		2,281,615
	22,544,383	Series 2005-6F-3A9		6.70%	# I/F I/O		07/25/2035		4,538,072
	2,474,132	Series 2005-6F-4A1		0.70%	#		07/25/2035		1,868,670
	1,993,773	Series 2005-7F-3A1		0.70%	#		09/25/2035		1,736,807
	8,161,222	Series 2005-8F-4A1		6.00%			11/25/2035		8,055,485
	5,201,989	Series 2006-1F-1A2		5.50%			02/25/2036		5,286,056
	3,377,694	Series 2006-2F-2A3		5.75%			02/25/2036		3,341,441
	8,981,443	Series 2006-2F-3A3		6.00%			02/25/2036		8,347,475
	32,691,888	Series 2006-6F-2A3		6.00%			07/25/2036		30,370,175
	36,350,295	Series 2006-7F-2A1		6.00%			08/25/2036		33,638,635
	15,428,095	Series 2006-7F-3A4		6.25%			08/25/2036		13,510,699
	31,208,649	Series 2006-9F-2A1		6.00%			10/25/2036		28,885,742
	51,719,489	Series 2006-9F-4A1		6.50%			10/25/2036		47,034,737
	581,744	Series 2006-9F-8A1		5.50%			08/25/2021		567,494
	59,854,688	Series 2006-OA1-2A1		0.39%	#		08/25/2046		56,993,724
	8,112,025	Series 2007-1F-2A2		5.50%			01/25/2037		8,168,716
	8,578,960	Series 2007-4F-1A1		5.00%			07/25/2037		8,098,358
	95,281,320	Series 2007-4F-3A11		6.00%			07/25/2037		90,887,184
		Harborview Mortgage Loan Trust,
	5,284,998	Series 2005-14-3A1A		2.97%	#		12/19/2035		4,550,468
	13,265,543	Series 2006-10-2A1A		0.38%	#		11/19/2036		10,942,468
		Home Equity Asset Trust,
	2,559,176	Series 2003-3-M1		1.49%	#		08/25/2033		2,356,040
	3,846,134	Series 2004-7-M2		1.19%	#		01/25/2035		3,822,244
		Homebanc Mortgage Trust,
	3,364,555	Series 2005-1-M2		0.69%	#		03/25/2035		2,611,788
	53,543,492	Series 2005-3-A1		0.44%	#		07/25/2035		49,037,834
	6,551,863	Series 2006-1-3A1		4.64%	#		04/25/2037		5,640,355
		HSI Asset Loan Obligation Trust,
	3,653,810	Series 2006-2-2A1		5.50%			12/25/2021		3,513,584
	77,488,520	Series 2007-2-3A6		6.00%			09/25/2037		73,534,978
	12,143,394	Series 2007-AR1-3A1		6.06%	#		01/25/2037		10,702,234
		IMPAC Trust,
	2,225,326	Series 2002-9F-A1		5.22%	#		12/25/2032		2,267,895
		Indymac Mortgage Loan Trust,
	47,121,156	Series 2006-AR3-1A1		2.91%	#		12/25/2036		39,879,411
	14,804,433	Series 2007-A1-A1		6.00%			08/25/2037		13,124,907
	10,838,001	Series 2007-A1-A7		6.00%			08/25/2037		9,608,457
	46,476,292	Series 2007-A3-A1		6.25%			11/25/2037		41,207,158
	17,997,692	Series 2007-AR3-3A1		5.71%	#		07/25/2037		16,620,455
	1,149,404	Series 2007-F2-1A2		6.00%			07/25/2037		959,315
	35,454,398	Series 2007-F2-2A1		6.50%			07/25/2037		22,144,090
		Jefferies & Company, Inc.,
	9,884,356	Series 2010-R1-1A1		6.00%	#^		03/26/2037		10,682,948
	2,006,406	Series 2010-R6-1A2		6.00%	^		09/26/2037		2,089,780
		JP Morgan Alternative Loan Trust,
	26,702,076	Series 2005-S1-2A11		6.00%			12/25/2035		24,103,257
	8,560,116	Series 2005-S1-2A9		6.00%			12/25/2035		7,726,185
	8,445,960	Series 2006-S1-1A8		5.75%			03/25/2036		7,371,203
	6,500,000	Series 2006-S2-A4		6.19%	#		05/25/2036		4,473,524
	15,069,000	Series 2006-S4-A3A		5.78%	#		12/25/2036		14,302,237

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		JP Morgan Mortgage Acquisition Corporation,
$	16,000,000	Series 2006-CH2-AF3		5.46%	#		10/25/2036		12,344,696
	5,865,358	Series 2006-WF1-A5		6.41%	#		07/25/2036		3,812,806
	15,000,000	Series 2007-CH1-AF5		5.48%	#		11/25/2036		13,484,835
		JP Morgan Mortgage Trust,
	5,062,817	Series 2005-A6-5A1		5.27%	#		08/25/2035		5,059,142
	5,958,280	Series 2005-S2-2A13		5.50%			09/25/2035		6,193,107
	4,989,835	Series 2006-S2-3A3		6.00%			07/25/2036		4,482,778
	16,991,599	Series 2006-S3-1A2		6.00%			08/25/2036		15,639,365
	13,688,944	Series 2006-S3-1A21		0.58%	#		08/25/2036		8,690,912
	13,688,945	Series 2006-S3-1A22		6.92%	# I/F I/O		08/25/2036		3,423,016
	7,917,521	Series 2006-S3-1A9		6.00%			08/25/2036		7,287,425
	19,028,508	Series 2006-S4-A8		0.58%	#		01/25/2037		12,136,478
	19,028,508	Series 2006-S4-A9		6.42%	# I/F I/O		01/25/2037		4,747,451
	5,098,034	Series 2007-A2-2A1		2.88%	#		04/25/2037		4,332,873
	24,311,784	Series 2007-S1-2A6		6.00%			03/25/2037		22,014,758
	11,332,492	Series 2007-S3-1A1		5.50%			08/25/2037		10,151,963
	18,314,759	Series 2007-S3-1A35		6.00%			08/25/2037		15,993,821
	3,096,792	Series 2007-S3-1A9		6.00%			08/25/2037		2,696,721
	16,887,123	Series 2007-S3-1A96		6.00%			08/25/2037		14,754,178
	19,230,441	Series 2007-S3-1A97		6.00%			08/25/2037		16,900,625
	9,221,637	Series 2007-S3-2A2		5.50%			08/25/2022		8,968,424
		JP Morgan Resecuritization Trust,
	24,472,579	Series 2010-1-1A4		6.00%	^		02/26/2037		16,300,600
	19,848,397	Series 2010-2-3A9		6.00%	^		07/26/2036		10,110,635
	7,419,727	Series 2010-8-2A3		4.50%	#^		11/26/2034		7,522,490
	7,229,050	Series 2012-2-3A3		2.76%	#^		10/26/2036		7,279,410
		Lehman Mortgage Trust,
	8,407,277	Series 2005-2-3A5		5.50%			12/25/2035		7,288,782
	9,388,678	Series 2005-2-5A5		5.75%			12/25/2035		8,794,220
	14,224,976	Series 2005-3-2A1		6.00%			01/25/2036		14,091,276
	1,282,066	Series 2005-3-2A3		5.50%			01/25/2036		1,158,018
	6,719,541	Series 2005-3-2A7		6.00%			01/25/2036		6,182,048
	4,167,098	Series 2006-1-1A1		0.95%	#		02/25/2036		2,546,497
	12,501,294	Series 2006-1-1A2		4.55%	# I/F I/O		02/25/2036		2,191,546
	19,924,900	Series 2006-1-3A1		0.95%	#		02/25/2036		16,050,244
	19,924,900	Series 2006-1-3A2		4.55%	# I/F I/O		02/25/2036		3,450,813
	7,558,569	Series 2006-1-3A4		5.50%			02/25/2036		7,148,849
	8,602,927	Series 2006-4-1A3		5.20%	# I/F I/O		08/25/2036		1,461,741
	5,467,834	Series 2006-4-1A4		6.00%			08/25/2036		4,391,040
	13,176,727	Series 2006-5-2A1		0.55%	#		09/25/2036		5,655,840
	27,446,978	Series 2006-5-2A2		6.95%	# I/F I/O		09/25/2036		8,809,615
	24,595,953	Series 2006-6-3A9		5.50%			10/25/2036		17,897,270
	16,344,251	Series 2006-6-4A5		6.00%			12/25/2036		16,490,663
	6,418,599	Series 2006-7-2A2		0.65%	#		11/25/2036		3,024,537
	19,244,218	Series 2006-7-2A5		6.35%	# I/F I/O		11/25/2036		5,180,592
	6,552,724	Series 2006-9-1A19		29.74%	# I/F		01/25/2037		10,087,212
	7,279,427	Series 2006-9-1A5		0.80%	#		01/25/2037		3,807,300
	21,622,594	Series 2006-9-1A6		4.95%	# I/F I/O		01/25/2037		4,002,883
	8,430,889	Series 2006-9-2A1		0.58%	#		01/25/2037		3,882,580
	18,533,556	Series 2006-9-2A2		6.42%	# I/F I/O		01/25/2037		4,811,079
	20,253,934	Series 2007-10-2A1		6.50%			01/25/2038		19,078,740
	5,798,798	Series 2007-2-1A1		5.75%			02/25/2037		4,427,347
	5,609,985	Series 2007-4-2A11		0.53%	#		05/25/2037		2,327,207
	19,729,826	Series 2007-4-2A8		6.47%	# I/F I/O		05/25/2037		5,929,730
	2,192,324	Series 2007-4-2A9		0.53%	#		05/25/2037		1,223,941
	27,018,914	Series 2007-5-11A1		5.68%	#		06/25/2037		19,814,996
	17,225,368	Series 2007-5-3A4		5.00%			12/25/2035		16,232,653
	4,299,022	Series 2007-5-4A3		38.85%	# I/F		08/25/2036		6,827,410
	1,638,709	Series 2007-5-7A3		7.50%			10/25/2036		1,398,345
	1,515,742	Series 2007-6-1A8		6.00%			07/25/2037		1,320,122
	12,811,269	Series 2008-2-1A6		6.00%			03/25/2038		12,842,145
		Lehman XS Trust,
	3,273,579	Series 2005-10-2A3B		5.55%	#		01/25/2036		2,680,329
	16,274,217	Series 2005-4-2A3A		5.00%	#		10/25/2035		11,442,980
	1,880,500	Series 2006-11-2A1		0.33%	#		06/25/2046		1,864,201
	6,132,076	Series 2006-5-2A4A		5.89%	#		04/25/2036		5,596,718
		Long Beach Mortgage Loan Trust,
	12,170,986	Series 2006-WL1-2A3		0.44%	#		01/25/2046		10,957,703
		MASTR Adjustable Rate Mortgages Trust,
	6,997,845	Series 2005-2-2A1		2.47%	#		03/25/2035		5,460,758
	9,552,774	Series 2005-6-5A1		2.82%	#		07/25/2035		8,393,115
	11,260,893	Series 2007-2-A2		0.31%	#		03/25/2047		10,892,358

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

March 31, 2013

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		MASTR Alternative Loans Trust,
$	3,587,216	Series 2005-2-3A1		6.00%			03/25/2035		3,641,250
	1,708,126	Series 2005-5-2A3		5.50%			07/25/2025		1,702,760
	10,030,307	Series 2005-6-1A5		5.50%			12/25/2035		9,635,439
	5,481,004	Series 2006-3-1A2		6.25%			07/25/2036		4,537,879
	12,974,245	Series 2007-1-1A5		5.75%			10/25/2036		11,965,803
	11,538,173	Series 2007-1-2A7		6.00%			10/25/2036		10,405,943
		MASTR Asset Backed Securities Trust,
	4,975,000	Series 2003-OPT1-M3		4.33%	#		12/25/2032		4,007,997
	28,738,100	Series 2006-AM2-A3		0.37%	#		06/25/2036		19,533,473
	7,228,741	Series 2006-NC1-A3		0.39%	#		01/25/2036		7,067,981
		MASTR Asset Securitization Trust,
	802,431	Series 2003-1-30B2		5.75%			02/25/2033		802,980
	959,187	Series 2007-1-1A1		5.50%			11/25/2037		970,607
	8,997,869	Series 2007-1-1A3		6.25%			11/25/2037		8,146,351
		MASTR Seasoned Securitization Trust,
	1,557,446	Series 2005-2-1A4		6.00%			10/25/2032		1,445,448
	2,996,477	Series 2005-2-2A1		0.60%	#		10/25/2032		2,585,263
		Merrill Lynch Mortgage Investors Trust,
	15,974,208	Series 2006-3-1A		2.51%	#		10/25/2036		15,666,281
	6,011,612	Series 2006-F1-1A2		6.00%			04/25/2036		5,913,854
		Morgan Stanley Capital, Inc.,
	1,731,404	Series 2003-NC6-M2		3.13%	#		06/25/2033		1,460,165
		Morgan Stanley Mortgage Loan Trust,
	4,609,378	Series 2005-10-1A1		0.90%	#		12/25/2035		3,543,914
	11,549,595	Series 2005-10-1A6		5.75%			12/25/2035		11,062,502
	13,144,299	Series 2005-10-2A1		5.62%	#		12/25/2035		13,329,095
	1,873,298	Series 2005-6AR-1A1		0.48%	#		11/25/2035		1,766,373
	7,498,383	Series 2006-11-1A6		6.23%	#		08/25/2036		4,201,426
	20,934,427	Series 2006-11-2A1		6.00%			08/25/2036		16,799,459
	11,011,547	Series 2006-17XS-A3A		5.65%	#		10/25/2046		7,416,756
	3,342,149	Series 2006-17XS-A6		5.58%	#		10/25/2046		2,063,971
	1,358,583	Series 2006-2-2A3		5.75%			02/25/2036		1,313,886
	68,200,801	Series 2006-7-3A		5.57%	#		06/25/2036		52,456,851
	5,439,991	Series 2006-7-4A4		6.00%			06/25/2036		4,557,029
	5,506,149	Series 2006-7-4A7		6.00%			06/25/2036		4,612,449
	7,621,820	Series 2007-13-6A1		6.00%			10/25/2037		6,101,179
	27,761,467	Series 2007-14AR-2A3		2.63%	#		10/25/2037		22,338,945
	5,142,923	Series 2007-1XS-2A3		5.92%	#		09/25/2046		3,267,080
	3,846,629	Series 2007-1XS-2A4A		6.08%	#		09/25/2046		2,630,083
	2,785,478	Series 2007-3XS-1A2A		5.62%	#		01/25/2047		2,647,442
	11,599,049	Series 2007-3XS-2A3S		5.86%	#		01/25/2047		8,586,271
	6,784,349	Series 2007-3XS-2A4S		5.96%	#		01/25/2047		5,020,110
		Morgan Stanley Re-Remic Trust,
	4,157,526	Series 2010-R9-1A		4.00%	#^		08/26/2036		4,239,741
	7,845,553	Series 2010-R9-1B		7.08%	#^		08/26/2036		5,185,150
	64,509,025	Series 2010-R9-3C		7.64%	#^		11/26/2036		51,177,713
	9,218,012	Series 2011-R1-1A		5.94%	#^		02/26/2037		9,402,464
		MSDWCC Heloc Trust,
	44,492,691	Series 2007-1-A		0.30%	#		12/25/2031		38,362,593
		New York Mortgage Trust,
	1,834,169	Series 2005-2-A		0.53%	#		08/25/2035		1,750,526
		Newcastle Mortgage Securities Trust,
	42,981,447	Series 2006-1-A3		0.38%	#		03/25/2036		42,192,608
		Nomura Asset Acceptance Corporation,
	2,059,989	Series 2005-AP1-2A5		4.86%	#		02/25/2035		1,971,637
	21,018,696	Series 2006-AF1-1A2		6.16%	#		05/25/2036		12,333,476
	4,271,374	Series 2006-AF1-1A3		6.41%	#		05/25/2036		2,522,178
	20,889,290	Series 2006-AP1-A2		5.52%	#		01/25/2036		14,718,144
	4,533,868	Series 2006-AP1-A3		5.65%	#		01/25/2036		3,225,686
	2,294,027	Series 2006-WF1-A2		5.76%	#		06/25/2036		1,396,321
		Nomura Home Equity Loan, Inc.,
	22,466,503	Series 2006-AF1-A2		5.80%	#		10/25/2036		12,599,967
	4,127,431	Series 2007-1-1A1		6.06%	#		02/25/2037		2,677,265
	20,572,070	Series 2007-1-1A3		5.99%	#		02/25/2037		13,282,655
		Option One Mortgage Loan Trust,
	1,309,092	Series 2002-2-A		0.74%	#		06/25/2032		1,163,245
	1,770,692	Series 2004-3-M3		0.85%	#		11/25/2034		1,597,199

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		PHH Alternative Mortgage Trust,
$	2,188,912	Series 2007-2-3A1		6.00%			05/25/2037		1,821,520
	41,594,179	Series 2007-3-A2		0.39%	#		07/25/2037		35,489,131
		Popular ABS Mortgage Pass-Thru Trust,
	1,313,628	Series 2005-5-AF6		5.12%	#		11/25/2035		1,296,300
		Prime Mortgage Trust,
	2,924,434	Series 2006-1-2A5		6.00%			06/25/2036		2,881,434
	5,129,908	Series 2006-DR1-2A1		5.50%	^		05/25/2035		4,922,027
	7,838,212	Series 2006-DR1-2A2		6.00%	^		05/25/2035		7,803,560
		RAAC Series,
	10,381,727	Series 2007-SP2-A1		0.40%	#		06/25/2047		10,253,808
		RBSGC Structured Trust,
	65,216,083	Series 2008-B-A1		6.00%	^		06/25/2037		53,123,913
		Renaissance Home Equity Loan Trust,
	1,932,417	Series 2006-1-AF6		5.75%	#		05/25/2036		1,425,787
	11,179,864	Series 2006-4-AF4		5.47%	#		01/25/2037		6,828,717
	22,015,428	Series 2006-4-AF5		5.69%	#		01/25/2037		13,923,338
	18,336,238	Series 2007-2-AF2		5.68%	#		06/25/2037		10,491,564
	9,916,840	Series 2007-2-AF5		6.20%	#		06/25/2037		6,063,469
		Residential Accredit Loans, Inc.,
	12,630,094	Series 2004-QS15-A1		5.25%			11/25/2034		12,980,465
	1,273,689	Series 2005-QS12-A11		48.90%	# I/F		08/25/2035		2,800,567
	5,723,544	Series 2005-QS13-1A6		5.50%			09/25/2035		5,122,149
	10,188,988	Series 2005-QS13-2A1		0.90%	#		09/25/2035		7,266,353
	41,774,849	Series 2005-QS13-2A2		4.85%	# I/F I/O		09/25/2035		7,173,306
	17,452,288	Series 2005-QS14-2A1		6.00%			09/25/2035		13,380,224
	8,826,396	Series 2005-QS15-2A		6.00%			10/25/2035		6,775,556
	9,001,625	Series 2005-QS15-3A		6.00%			10/25/2035		7,774,798
	9,820,741	Series 2005-QS16-A1		0.90%	#		11/25/2035		7,019,384
	9,819,043	Series 2005-QS16-A2		4.60%	# I/F I/O		11/25/2035		1,473,205
	4,584,634	Series 2005-QS17-A1		6.00%			12/25/2035		4,120,765
	3,176,916	Series 2005-QS17-A10		6.00%			12/25/2035		2,855,478
	13,287,239	Series 2005-QS17-A11		6.00%			12/25/2035		11,942,849
	9,444,150	Series 2005-QS17-A2		1.05%	#		12/25/2035		6,690,444
	9,444,150	Series 2005-QS17-A4		4.95%	# I/F I/O		12/25/2035		1,543,727
	7,599,056	Series 2005-QS17-A6		6.00%			12/25/2035		6,830,191
	5,481,838	Series 2005-QS1-A5		5.50%			01/25/2035		5,413,600
	4,176,345	Series 2005-QS5-A3		5.70%			04/25/2035		3,711,838
	3,683,750	Series 2005-QS9-A1		0.70%	#		06/25/2035		3,093,044
	9,209,374	Series 2005-QS9-A4		4.80%	# I/F I/O		06/25/2035		1,635,539
	3,714,243	Series 2006-QS10-A4		5.75%			08/25/2036		3,065,331
	3,781,270	Series 2006-QS12-1A1		6.50%			09/25/2036		2,766,303
	9,364,472	Series 2006-QS12-2A18		5.75%			09/25/2036		7,544,801
	14,776,761	Series 2006-QS14-A18		6.25%			11/25/2036		12,201,726
	8,063,654	Series 2006-QS15-A1		6.50%			10/25/2036		6,633,053
	2,937,610	Series 2006-QS16-A10		6.00%			11/25/2036		2,300,159
	10,445,675	Series 2006-QS16-A11		6.00%			11/25/2036		8,179,000
	3,049,209	Series 2006-QS16-A7		6.00%			11/25/2036		2,387,542
	3,295,031	Series 2006-QS16-A8		6.00%			11/25/2036		2,580,020
	1,303,905	Series 2006-QS16-A9		6.00%			11/25/2036		1,020,963
	7,240,991	Series 2006-QS17-A4		6.00%			12/25/2036		6,055,500
	40,227,817	Series 2006-QS17-A5		6.00%			12/25/2036		33,641,739
	4,040,444	Series 2006-QS1-A6		41.29%	# I/F		01/25/2036		7,948,993
	27,625,541	Series 2006-QS3-1A11		6.00%			03/25/2036		23,614,285
	5,832,163	Series 2006-QS4-A8		1.30%	# I/F		04/25/2036		5,529,867
	17,699,226	Series 2006-QS5-A3		6.00%			05/25/2036		14,822,305
	22,715,573	Series 2006-QS8-A1		6.00%			08/25/2036		18,508,683
	39,392,121	Series 2006-QS8-A5		5.35%	# I/F I/O		08/25/2036		7,245,865
	13,464,907	Series 2006-QS9-1A6		5.10%	# I/F I/O		07/25/2036		2,448,230
	11,781,399	Series 2007-QS11-A1		7.00%			10/25/2037		9,378,630
	40,661,020	Series 2007-QS1-1A2		5.25%	# I/F I/O		01/25/2037		8,682,998
	4,092,963	Series 2007-QS1-1A4		6.00%			01/25/2037		3,375,475
	10,264,202	Series 2007-QS1-2A10		6.00%			01/25/2037		8,689,443
	1,812,359	Series 2007-QS2-A6		6.25%			01/25/2037		1,441,202
	66,715,789	Series 2007-QS3-A1		6.50%			02/25/2037		54,901,590
	10,638,248	Series 2007-QS3-A4		6.25%			02/25/2037		8,614,460
	7,986,703	Series 2007-QS5-A1		5.50%			03/25/2037		6,112,056
	3,294,840	Series 2007-QS5-A5		0.50%	#		03/25/2037		1,907,520
	10,942,918	Series 2007-QS5-A8		6.50%	# I/F I/O		03/25/2037		2,706,796
	9,038,684	Series 2007-QS6-A102		5.75%			04/25/2037		6,892,557
	2,906,200	Series 2007-QS6-A13		53.30%	# I/F		04/25/2037		7,286,218

The accompanying notes are an integral part of these financial statements Annual Report March 31, 2013 17

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Residential Accredit Loans, Inc., (Cont.)
$	12,942,687	Series 2007-QS6-A45		5.75%			04/25/2037		9,869,601
	20,626,644	Series 2007-QS6-A6		6.25%			04/25/2037		16,258,457
	1,424,617	Series 2007-QS6-A77		54.13%	# I/F		04/25/2037		3,633,006
	14,466,047	Series 2007-QS7-2A1		6.75%			06/25/2037		9,547,186
	12,039,520	Series 2007-QS9-A33		6.50%			07/25/2037		9,757,543
		Residential Asset Mortgage Products, Inc.,
	619,787	Series 2004-RS4-AI6		5.07%	#		04/25/2034		643,421
	3,503,273	Series 2004-RS5-AI6		5.55%	#		05/25/2034		3,404,868
	6,591,859	Series 2004-RS7-AI6		5.22%	#		07/25/2034		6,419,001
	756,506	Series 2004-RS8-AI4		5.06%	#		06/25/2032		763,733
	1,382,736	Series 2004-RS9-AI4		4.77%	#		10/25/2032		1,310,357
	1,782,658	Series 2004-RS9-AI6		4.72%	#		07/25/2034		1,610,132
	3,725,996	Series 2004-RZ2-AI4		5.35%	#		02/25/2033		3,549,364
	7,550,000	Series 2005-RS1-AI5		5.41%	#		01/25/2035		6,617,311
	8,899,164	Series 2006-RS5-A3		0.37%	#		09/25/2036		8,112,558
	12,760,000	Series 2006-RX5-A3		0.45%	#		08/25/2046		10,111,394
		Residential Asset Securities Corporation,
	718,284	Series 2002-KS1-AI6		6.08%	#		06/25/2032		662,329
	3,335,298	Series 2003-KS11-MI1		5.13%	#		01/25/2034		3,258,875
	5,560,054	Series 2005-AHL3-A2		0.44%	#		11/25/2035		5,439,523
	23,620,336	Series 2006-EMX5-A3		0.36%	#		07/25/2036		19,243,606
	1,982,823	Series 2006-KS4-A3		0.35%	#		06/25/2036		1,943,104
		Residential Asset Securitization Trust,
	9,963,706	Series 2005-A11-2A4		6.00%			10/25/2035		7,081,265
	8,135,872	Series 2005-A12-A7		4.80%	# I/F I/O		11/25/2035		1,259,783
	6,151,271	Series 2005-A12-A8		0.75%	#		11/25/2035		4,669,249
	22,407,258	Series 2005-A15-5A3		5.75%			02/25/2036		18,752,668
	5,446,422	Series 2005-A7-A3		5.50%			06/25/2035		5,066,662
	10,325,932	Series 2005-A8CB-A11		6.00%			07/25/2035		9,602,735
	10,777,781	Series 2005-A8CB-A2		4.80%	# I/F I/O		07/25/2035		1,840,096
	9,175,298	Series 2006-A10-A5		6.50%			09/25/2036		6,992,655
	1,740,898	Series 2006-A1-1A3		6.00%			04/25/2036		1,486,947
	13,340,146	Series 2006-A12-A1		6.25%			11/25/2036		10,238,709
	13,854,081	Series 2006-A13-A1		6.25%			12/25/2036		10,530,064
	27,387,849	Series 2006-A1-3A2		6.00%			04/25/2036		23,330,982
	21,879,218	Series 2006-A14C-2A6		0.65%	#		12/25/2036		8,360,749
	48,284,153	Series 2006-A14C-2A7		6.35%	#I/F I/O		12/25/2036		15,562,948
	13,448,225	Series 2006-A2-A11		6.00%			01/25/2046		11,081,943
	1,654,649	Series 2006-A4-2A5		6.00%			05/25/2036		1,408,507
	7,672,568	Series 2006-A8-1A1		6.00%			08/25/2036		6,815,504
	10,748,136	Series 2006-R1-A1		27.58%	# I/F		01/25/2046		14,555,319
	69,365,661	Series 2007-A2-1A2		6.00%			04/25/2037		62,494,576
	1,809,101	Series 2007-A3-1A2		44.82%	# I/F		04/25/2037		4,354,182
	31,150,896	Series 2007-A5-1A4		5.90%	# I/F I/O		05/25/2037		7,274,575
	8,044,615	Series 2007-A5-1A6		0.60%	#		05/25/2037		2,720,178
	16,715,094	Series 2007-A5-2A3		6.00%			05/25/2037		15,421,647
	7,325,372	Series 2007-A5-2A5		6.00%			05/25/2037		6,758,520
	27,152,017	Series 2007-A6-1A2		6.00%			06/25/2037		24,105,982
	15,548,638	Series 2007-A7-A1		6.00%			07/25/2037		12,772,265
	30,303,449	Series 2007-A7-A6		6.00%			07/25/2037		24,892,450
		Residential Funding Mortgage Securities Trust,
	9,454,881	Series 2003-S16-A1		4.75%			09/25/2018		9,715,216
	5,304,021	Series 2005-S4-A1		5.50%			05/25/2035		5,375,215
	9,678,383	Series 2005-S9-A10		6.25%			12/25/2035		9,608,215
	24,509,635	Series 2005-S9-A6		5.75%			12/25/2035		24,956,397
	1,821,609	Series 2005-S9-A8		5.50%			12/25/2035		1,833,854
	31,678,429	Series 2006-S10-1A1		6.00%			10/25/2036		29,470,221
	23,207,298	Series 2006-S11-A1		6.00%			11/25/2036		22,122,926
	660,809	Series 2006-S5-A15		6.00%			06/25/2036		615,895
	13,213,211	Series 2007-S1-A7		6.00%			01/25/2037		11,868,793
	11,370,476	Series 2007-S2-A1		6.00%			02/25/2037		10,671,488
	12,810,094	Series 2007-S2-A4		6.00%			02/25/2037		12,022,606
	23,914,980	Series 2007-S2-A5		6.00%			02/25/2037		22,444,830
	3,737,114	Series 2007-S2-A9		6.00%			02/25/2037		3,507,379
	10,306,149	Series 2007-S3-1A4		6.00%			03/25/2037		9,778,010
	3,291,670	Series 2007-S4-A1		6.00%			04/25/2037		3,035,669
	76,420,421	Series 2007-S5-A1		6.00%			05/25/2037		71,901,873
	12,256,787	Series 2007-S6-2A4		6.00%			06/25/2037		11,095,279
	55,193,448	Series 2007-S7-A20		6.00%			07/25/2037		53,130,096
	24,810,201	Series 2007-S8-1A1		6.00%			09/25/2037		21,812,372
	11,496,698	Series 2007-SA1-4A		6.01%	#		02/25/2037		10,924,214
	22,621,629	Series 2007-SA2-2A1		3.22%	#		04/25/2037		19,568,026

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Saxon Asset Securities Trust,
$	72,440,000	Series 2006-3-A3		0.37%	#		10/25/2046		53,807,345
		Sequoia Mortgage Trust,
	551,276	Series 2003-4-2A1		0.55%	#		07/20/2033		545,810
		Soundview Home Equity Loan Trust,
	35,957,767	Series 2007-NS1-A2		0.35%	#		01/25/2037		33,333,659
		STARM Mortgage Loan Trust,
	30,837,717	Series 2007-2-1A1		2.97%	#		04/25/2037		25,942,754
	17,017,254	Series 2007-3-1A1		3.15%	#		06/25/2037		15,323,603
		Structured Adjustable Rate Mortgage Loan Trust,
	23,503,725	Series 2004-12-8A		4.30%	#		09/25/2034		22,589,030
	5,920,641	Series 2006-1-8A1		5.50%	#		02/25/2036		5,069,295
		Structured Asset Securities Corporation,
	523,317	Series 2003-18XS-A6		4.54%	#		06/25/2033		531,689
	6,685,260	Series 2003-24A-1A3		2.60%	#		07/25/2033		6,600,391
	23,289,136	Series 2003-35-1A1		5.16%	#		12/25/2033		23,536,129
	11,769,596	Series 2004-11XS-2A2		5.40%	#		06/25/2034		12,427,440
	5,967,570	Series 2004-15-2A1		4.75%			09/25/2019		6,068,064
	25,427,016	Series 2004-22-A2		5.32%	#		01/25/2035		25,270,728
	46,955,416	Series 2005-10-1A1		5.75%			06/25/2035		47,303,027
	9,596,404	Series 2005-10-6A1		5.00%			06/25/2020		10,075,303
	11,792,429	Series 2005-13-3A1		6.00%			09/25/2035		11,004,765
	5,736,037	Series 2005-14-1A1		0.50%	#		07/25/2035		5,153,600
	1,619,257	Series 2005-14-1A4		23.62%	# I/F		07/25/2035		2,024,008
	71,854,947	Series 2005-14-4A1		5.75%			07/25/2035		73,837,174
	7,603,906	Series 2005-15-1A1		5.50%			08/25/2035		7,934,132
	16,437,205	Series 2005-16-1A2		5.50%			09/25/2035		16,817,398
	12,500,000	Series 2005-3-1A6		5.75%			03/25/2035		11,754,319
	6,263,748	Series 2005-6-4A1		5.00%			05/25/2035		6,365,681
		Suntrust Alternative Loan Trust,
	2,044,000	Series 2005-1F-2A3		5.75%			12/25/2035		1,864,800
	3,581,852	Series 2006-1F-1A3		6.00%			04/25/2036		2,614,132
		Thornburg Mortgage Securities Trust,
	2,302,178	Series 2003-6-A2		1.20%	#		12/25/2033		1,989,053
	18,894,929	Series 2004-4-5A		4.82%	#		12/25/2044		18,780,473
	29,901,772	Series 2007-1-A1		2.06%	#		03/25/2037		27,002,840
	8,757,603	Series 2007-1-A2A		5.80%	#		03/25/2037		7,961,777
		Washington Mutual Mortgage Pass-Through Certificates,
	11,813,203	Series 2005-1-2A		6.00%			03/25/2035		10,832,288
	6,909,493	Series 2005-4-5A1		5.50%			06/25/2035		6,725,366
	2,517,416	Series 2005-5-CB12		48.35%	# I/F		07/25/2035		5,870,461
	8,152,009	Series 2005-5-CB6		0.80%	#		07/25/2035		5,902,128
	2,758,218	Series 2005-6-2A7		5.50%			08/25/2035		2,661,766
	2,506,399	Series 2005-7-3CB		6.50%			08/25/2035		1,891,705
	6,856,212	Series 2005-9-CX		5.50%	I/O		11/25/2035		1,249,541
	1,800,239	Series 2005-AR14-1A1		2.53%	#		12/25/2035		1,787,426
	10,964,785	Series 2006-1-3A1		5.75%			02/25/2036		9,443,415
	5,543,692	Series 2006-1-3A2		5.75%			02/25/2036		4,774,502
	4,711,042	Series 2006-1-3A7		5.75%			02/25/2036		4,057,382
	5,803,810	Series 2006-5-1A8		5.75%			07/25/2036		4,510,138
	10,193,746	Series 2006-5-2CB1		6.00%			07/25/2036		7,312,208
	18,516,133	Series 2006-5-2CB6		6.00%			07/25/2036		13,282,048
	9,313,126	Series 2006-5-3A5		6.45%	#		07/25/2036		5,238,405
	6,266,177	Series 2006-9-A7		5.93%	#		10/25/2036		4,959,156
	22,356,634	Series 2006-AR10-1A1		2.67%	#		09/25/2036		18,762,537
	32,166,598	Series 2006-AR15-1A		1.02%	#		11/25/2046		24,992,562
	3,365,285	Series 2006-AR6-2A3		5.04%	#		08/25/2036		3,087,878
	22,783,839	Series 2007-3-A3		6.00%			04/25/2037		19,611,702
	23,024,938	Series 2007-4-1A1		5.50%			06/25/2037		21,048,512
	961,073	Series 2007-5-A11		38.25%	# I/F		06/25/2037		1,752,972
	24,026,824	Series 2007-5-A6		6.00%			06/25/2037		20,057,857
	45,523,858	Series 2007-HY3-4A1		2.70%	#		03/25/2037		41,921,419
	41,958,456	Series 2007-HY5-1A1		2.43%	#		05/25/2037		36,405,212
	39,348,085	Series 2007-HY6-2A3		5.01%	#		06/25/2037		35,741,263
		Wells Fargo Alternative Loan Trust,
	4,741,283	Series 2007-PA1-A10		6.00%			03/25/2037		4,140,017
	20,817,928	Series 2007-PA1-A3		6.00%			03/25/2037		18,178,007
	17,949,608	Series 2007-PA1-A5		6.00%			03/25/2037		15,673,418
	145,430,336	Series 2007-PA2-1A1		6.00%			06/25/2037		134,520,298
	19,382,705	Series 2007-PA2-3A1		0.55%	#		06/25/2037		10,493,903

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

March 31, 2013

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Wells Fargo Alternative Loan Trust, (Cont.)
$	28,553,726	Series 2007-PA2-3A2		6.45%	# I/F I/O		06/25/2037		6,848,297
	2,053,528	Series 2007-PA3-1A4		5.75%			07/25/2037		1,837,568
	9,840,825	Series 2007-PA3-2A1		6.00%			07/25/2037		9,325,564
	20,488,865	Series 2007-PA3-2A4		6.00%			07/25/2037		19,383,808
	19,667,036	Series 2007-PA3-4A3		6.50%			07/25/2037		15,776,779
	254,898,052	Series 2007-PA5-1A1		6.25%			11/25/2037		243,898,564
	2,889,596	Series 2007-PA5-2A1		6.00%			11/25/2022		3,011,912
		Wells Fargo Mortgage Backed Securities Trust,
	38,936,867	Series 2004-Y-3A3		2.73%	#		11/25/2034		39,835,919
	33,047,766	Series 2005-12-1A5		5.50%			11/25/2035		34,024,956
	1,471,969	Series 2005-4-A7		23.08%	# I/F		04/25/2035		2,464,796
	8,258,653	Series 2005-8-A1		5.50%			10/25/2035		8,552,566
	6,344,162	Series 2005-AR16-6A4		2.67%	#		10/25/2035		3,141,458
	19,075,724	Series 2006-12-A3		6.00%			10/25/2036		18,514,316
	21,544,607	Series 2006-14-A1		6.00%			10/25/2036		21,518,904
	26,469,815	Series 2006-15-A1		6.00%			11/25/2036		26,442,802
	9,787,789	Series 2006-16-A2		5.00%			11/25/2036		10,043,852
	257,881	Series 2006-2-1A4		18.83%	# I/F		03/25/2036		370,658
	4,912,194	Series 2006-2-3A1		5.75%			03/25/2036		4,943,355
	5,745,075	Series 2006-3-A6		5.50%			03/25/2036		5,764,778
	1,808,820	Series 2006-4-1A8		5.75%			04/25/2036		1,827,927
	863,869	Series 2006-4-2A2		5.50%			04/25/2036		861,694
	12,110,405	Series 2006-6-2A1		0.60%	#		05/25/2036		9,162,164
	12,110,405	Series 2006-6-2A2		6.90%	# I/F I/O		05/25/2036		3,206,157
	5,643,406	Series 2006-9-2A1		0.00%	P/O		08/25/2036		3,323,752
	5,643,406	Series 2006-9-2A2		6.00%	I/O		08/25/2036		662,008
	26,389,236	Series 2006-AR12-1A1		3.04%	#		09/25/2036		23,440,252
	12,873,659	Series 2006-AR13-A2		2.61%	#		09/25/2036		11,588,623
	16,237,562	Series 2006-AR4-2A1		5.58%	#		04/25/2036		15,995,240
	5,703,197	Series 2007-10-1A18		6.00%			07/25/2037		5,756,288
	9,355,129	Series 2007-10-2A11		6.00%			07/25/2037		9,067,907
	11,797,261	Series 2007-11-A36		6.00%			08/25/2037		11,809,147
	8,384,141	Series 2007-11-A96		6.00%			08/25/2037		8,392,438
	69,700,980	Series 2007-14-1A1		6.00%			10/25/2037		71,687,319
	63,200,859	Series 2007-2-1A1		6.00%			03/25/2037		62,009,965
	3,657,629	Series 2007-2-1A18		5.75%			03/25/2037		3,549,160
	8,237,947	Series 2007-2-1A9		6.00%			03/25/2037		8,082,720
	6,041,553	Series 2007-2-3A2		5.25%			03/25/2037		6,374,313
	5,794,697	Series 2007-3-1A3		6.00%			04/25/2037		5,576,822
	6,437,483	Series 2007-4-A11		6.50%			04/25/2037		6,362,489
	24,732,173	Series 2007-4-A15		6.00%			04/25/2037		23,774,172
	15,384,829	Series 2007-4-A8		6.00%			04/25/2037		14,879,768
	5,142,339	Series 2007-5-1A6		23.63%	# I/F		05/25/2037		6,973,096
	18,832,215	Series 2007-6-A4		6.00%			05/25/2037		18,417,322
	8,998,948	Series 2007-6-A6		6.00%			05/25/2037		8,719,000
	12,543,858	Series 2007-7-A1		6.00%			06/25/2037		12,299,824
	2,071,577	Series 2007-7-A32		5.75%			06/25/2037		2,011,064
	67,076,498	Series 2007-7-A34		6.00%			06/25/2037		65,771,558
	8,600,526	Series 2007-7-A36		6.00%			06/25/2037		8,675,574
	6,178,508	Series 2007-7-A43		0.70%	#		06/25/2037		4,981,490
	16,879,552	Series 2007-7-A49		6.00%			06/25/2037		16,551,169
	7,145,909	Series 2007-7-A8		0.70%	#		06/25/2037		5,761,468
	3,223,645	Series 2007-7-A9		37.77%	# I/F		06/25/2037		6,144,506
	4,568,353	Series 2007-8-1A13		0.57%	#		07/25/2037		3,764,880
	4,568,353	Series 2007-8-1A14		38.55%	# I/F		07/25/2037		8,094,084
	3,806,960	Series 2007-8-1A16		6.00%			07/25/2037		3,776,927
	49,800,528	Series 2007-8-1A2		6.00%			07/25/2037		49,138,579
	7,040,349	Series 2007-8-1A20		6.00%			07/25/2037		6,877,410
	4,464,887	Series 2007-8-2A2		6.00%			07/25/2037		4,392,688
	11,539,562	Series 2007-9-1A5		5.50%			07/25/2037		12,055,525
	121,562,257	Series 2007-AR9-A1		5.99%	#		12/28/2037		122,426,321
		Wells Fargo Mortgage Loan Trust,
	42,835,774	Series 2012-RR1-A1		2.85%	#^		08/27/2037		43,641,834
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $9,735,692,478)							10,310,098,577

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	US GOVERNMENT / AGENCY MORTGAGE BACKED OBLIGATIONS 45.8%
		Federal Home Loan Mortgage Corporation,
$	29,506,853	Pool C03490		4.50%			08/01/2040		31,594,155
	123,404,549	Pool C91388		3.50%			02/01/2032		131,318,188
	64,335,203	Pool C91403		3.50%			03/01/2032		68,460,866
	67,522,492	Pool C91413		3.50%			12/01/2031		71,852,549
	32,441,949	Pool C91417		3.50%			01/01/2032		34,522,374
	122,820,543	Pool C91447		3.50%			05/01/2032		130,696,732
	121,511,696	Pool C91594		3.00%			01/01/2033		126,906,302
	34,733,850	Pool C91596		3.00%			02/01/2033		36,275,886
	20,736,790	Pool D98901		3.50%			01/01/2032		21,840,560
	62,047,032	Pool D98923		3.50%			01/01/2032		65,349,648
	44,582,386	Pool D99724		3.00%			11/01/2032		46,561,656
	88,236,736	Pool G01840		5.00%			07/01/2035		95,360,938
	24,359,919	Pool G04817		5.00%			09/01/2038		26,204,930
	69,206,663	Pool G06172		5.50%			12/01/2038		74,964,694
	49,875,341	Pool G06871		6.00%			06/01/2038		54,601,679
	94,148,139	Pool G06954		6.00%			05/01/2040		102,952,217
	122,931,892	Pool G07011		6.00%			05/01/2040		134,427,625
	210,230,400	Pool J22834		2.50%			03/01/2028		218,140,916
	185,539,621	Pool Q16672		3.00%			03/01/2043		190,743,668
	23,538,557	Pool T60392		4.00%			10/01/2041		24,585,778
	19,853,142	Pool T60681		4.00%			05/01/2042		20,736,400
	50,052,781	Pool T60782		3.50%			07/01/2042		51,604,548
	76,666,525	Pool T60853		3.50%			09/01/2042		79,043,388
	70,762,328	Pool T60854		3.50%			09/01/2042		72,956,145
	8,422,780	Pool T65110		3.50%			10/01/2042		8,683,908
	28,181,704	Pool T69016		5.00%			06/01/2041		29,739,332
	1,269,148	Pool U60299		4.00%			11/01/2040		1,389,069
	7,179,551	Series 2519-ZD		5.50%			11/15/2032		8,053,077
	4,702,599	Series 2596-ZL		5.00%			04/15/2033		5,176,172
	88,768,257	Series 267-30		3.00%			08/15/2042		92,464,872
	2,357,490	Series 2684-ZN		4.00%			10/15/2033		2,548,391
	161,819,997	Series 269-30		3.00%			08/15/2042		168,687,958
	239,852,143	Series 272-30		3.00%			08/15/2042		249,942,589
	70,875,806	Series 274-30		3.00%			08/15/2042		74,287,780
	13,306,788	Series 2750-ZT		5.00%			02/15/2034		14,427,060
	194,395,223	Series 280-30		3.00%			09/15/2042		202,628,846
	12,067,075	Series 2825-PZ		5.50%			07/15/2034		14,158,220
	48,310,936	Series 284-300		3.00%			10/15/2042		50,355,917
	21,130,137	Series 2898-JZ		5.00%			12/15/2034		23,379,736
	26,962,199	Series 2899-AZ		5.00%			12/15/2034		30,262,466
	21,582,926	Series 2909-Z		5.00%			12/15/2034		24,286,198
	57,651,914	Series 2932-Z		5.00%			02/15/2035		64,114,174
	5,151,389	Series 2990-JL		6.45%	# I/F I/O		03/15/2035		705,513
	17,136,536	Series 3002-SN		6.30%	# I/F I/O		07/15/2035		3,193,080
	12,392,666	Series 3030-SL		5.90%	# I/F I/O		09/15/2035		2,181,824
	3,559,773	Series 3045-DI		6.53%	# I/F I/O		10/15/2035		709,994
	25,075,884	Series 3116-Z		5.50%			02/15/2036		28,576,214
	6,389,044	Series 3117-ZN		4.50%			02/15/2036		7,060,944
	7,688,511	Series 3174-PZ		5.00%			01/15/2036		8,748,341
	4,183,939	Series 3187-JZ		5.00%			07/15/2036		4,603,768
	5,758,467	Series 3188-ZK		5.00%			07/15/2036		6,499,293
	14,617,740	Series 3203-SE		6.30%	# I/F I/O		08/15/2036		2,674,592
	19,721,803	Series 3203-Z		5.00%			07/15/2036		22,691,670
	31,249,335	Series 3203-ZC		5.00%			07/15/2036		35,955,110
	15,609,134	Series 3261-SA		6.23%	# I/F I/O		01/15/2037		2,590,710
	28,093,719	Series 3267-BA		5.80%			11/15/2036		31,176,611
	27,150,202	Series 3275-SC		5.88%	# I/F I/O		02/15/2037		3,107,360
	14,178,305	Series 3315-HZ		6.00%			05/15/2037		16,341,014
	61,884,313	Series 3326-GS		6.45%	# I/F I/O		06/15/2037		9,456,059
	3,341,191	Series 3351-ZC		5.50%			07/15/2037		3,857,572
	36,428,940	Series 3355-BI		5.85%	# I/F I/O		08/15/2037		5,627,379
	3,450,664	Series 3369-Z		6.00%			09/15/2037		4,027,275
	11,950,128	Series 3405-ZG		5.50%			01/15/2038		13,645,875
	24,801,682	Series 3417-SI		5.98%	# I/F I/O		02/15/2038		3,445,365
	40,206,843	Series 3423-GS		5.45%	# I/F I/O		03/15/2038		4,714,289
	6,602,387	Series 3423-SG		5.45%	# I/F I/O		03/15/2038		774,136
	6,131,220	Series 3451-S		5.83%	# I/F I/O		02/15/2037		816,219
	10,943,237	Series 3455-SC		5.86%	# I/F I/O		06/15/2038		1,411,296
	6,875,125	Series 3473-SM		5.87%	# I/F I/O		07/15/2038		901,838
	25,904,720	Series 3484-SE		5.65%	# I/F I/O		08/15/2038		3,663,650
	16,304,136	Series 3519-SD		5.35%	# I/F I/O		02/15/2038		2,220,630
	7,805,257	Series 3524-LB		5.17%	#  I/O		06/15/2038		8,255,956

The accompanying notes are an integral part of these financial statements Annual Report March 31, 2013 19

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal Home Loan Mortgage Corporation, (Cont.)
$	823,983	Series 3530-GZ		4.50%			05/15/2039		857,175
	35,743,098	Series 3541-EI		6.55%	# I/F I/O		06/15/2039		5,753,524
	14,024,464	Series 3545-SA		5.95%	# I/F I/O		06/15/2039		1,822,208
	5,834,149	Series 3549-SA		5.60%	# I/F I/O		07/15/2039		708,442
	40,117,672	Series 3577-LS		7.00%	# I/F I/O		08/15/2035		5,972,643
	10,612,553	Series 3582-SA		5.80%	# I/F I/O		10/15/2049		1,183,832
	11,140,980	Series 3583-GB		4.50%			10/15/2039		11,984,815
	55,351,064	Series 3606-CS		6.15%	# I/F I/O		12/15/2039		10,033,410
	14,921,876	Series 3616-SG		6.15%	# I/F I/O		03/15/2032		2,956,395
	29,744,510	Series 3626-AZ		5.50%			08/15/2036		34,151,129
	14,914,480	Series 3631-SE		6.20%	# I/F I/O		05/15/2039		1,629,155
	6,863,521	Series 3641-SB		6.30%	# I/F I/O		10/15/2034		120,860
	25,936,869	Series 3641-Z		5.50%			02/15/2036		29,905,029
	20,219,433	Series 3654-ZB		5.50%			11/15/2037		23,733,550
	40,506,004	Series 3666-VZ		5.50%			08/15/2036		47,292,785
	15,433,282	Series 3667-SB		6.25%	# I/F I/O		05/15/2040		2,323,701
	39,269,806	Series 3688-CM		4.00%			07/15/2029		40,289,544
	29,874,105	Series 3702-SG		5.85%	# I/F I/O		08/15/2032		5,876,168
	11,383,254	Series 3704-EI		5.00%	I/O		12/15/2036		1,599,403
	3,741,293	Series 3712-SG		23.98%	# I/F		08/15/2040		6,752,255
	29,804,623	Series 3724-CM		5.50%			06/15/2037		33,173,782
	213,391,152	Series 3725-CS		5.80%	# I/F I/O		05/15/2040		26,791,921
	90,684,518	Series 3726-SA		5.85%	# I/F I/O		09/15/2040		11,843,135
	98,000,000	Series 3738-BP		4.00%			12/15/2038		106,218,966
	9,942,310	Series 3741-SC		9.59%	# I/F		10/15/2040		10,300,553
	2,730,559	Series 3745-SY		9.59%	# I/F		10/15/2040		2,773,207
	46,810,786	Series 3752-BS		9.59%	# I/F		11/15/2040		49,992,674
	6,591,655	Series 3758-SM		9.59%	# I/F		11/15/2040		6,691,804
	13,425,729	Series 3768-ZX		5.00%			12/15/2040		15,583,351
	18,900,000	Series 3771-AL		4.00%			12/15/2030		20,663,200
	18,761,630	Series 3779-BY		3.50%			12/15/2030		20,050,385
	25,977,095	Series 3779-DZ		4.50%			12/15/2040		26,490,021
	24,250,000	Series 3779-LB		4.00%			12/15/2030		26,543,953
	5,027,487	Series 3779-SH		9.39%	# I/F		12/15/2040		5,138,405
	3,500,000	Series 3779-YA		3.50%			12/15/2030		3,721,370
	15,000,000	Series 3783-AC		4.00%			01/15/2031		16,448,333
	18,941,535	Series 3786-SG		9.09%	# I/F		01/15/2041		19,507,741
	11,731,674	Series 3788-AY		3.50%			01/15/2031		12,583,235
	10,292,533	Series 3790-Z		4.00%			01/15/2041		11,103,286
	3,610,496	Series 3793-SA		9.39%	# I/F		01/15/2041		3,665,247
	10,903,759	Series 3795-VZ		4.00%			01/15/2041		11,780,007
	1,032,014	Series 3798-SD		9.19%	# I/F		12/15/2040		1,070,991
	17,055,574	Series 3800-VZ		4.50%			02/15/2041		19,794,443
	11,786,928	Series 3803-ZM		4.00%			02/15/2041		12,635,940
	63,903,414	Series 3806-CZ		5.50%			07/15/2034		75,562,815
	18,000,000	Series 3808-DB		3.50%			02/15/2031		19,339,830
	15,277,557	Series 3812-EY		3.50%			02/15/2031		16,408,799
	12,033,891	Series 3818-CZ		4.50%			03/15/2041		13,219,663
	17,855,961	Series 3819-ZU		5.50%			07/15/2034		20,794,855
	35,500,000	Series 3824-EY		3.50%			03/15/2031		38,064,999
	9,829,828	Series 3828-SW		12.59%	# I/F		02/15/2041		10,831,116
	14,080,858	Series 3829-VZ		4.00%			03/15/2041		15,217,282
	5,501,783	Series 3843-PZ		5.00%			04/15/2041		6,786,639
	3,473,184	Series 3843-SC		12.74%	# I/F		04/15/2041		3,626,986
	5,739,384	Series 3845-LS		12.74%	# I/F		03/15/2041		6,052,694
	65,546,048	Series 3863-ZA		5.50%			08/15/2034		77,294,095
	10,229,000	Series 3870-PB		4.50%			06/15/2041		11,754,164
	67,264,875	Series 3871-LZ		5.50%			06/15/2041		81,264,210
	101,283,872	Series 3872-BA		4.00%			06/15/2041		107,898,823
	30,000,000	Series 3877-EY		4.50%			06/15/2041		33,124,305
	12,378,000	Series 3877-GY		4.50%			06/15/2041		14,119,417
	49,401,394	Series 3877-ZU		4.50%			06/15/2041		55,995,665
	28,323,746	Series 3888-ZG		4.00%			07/15/2041		30,374,640
	17,243,727	Series 3888-ZU		4.50%			06/15/2041		19,669,549
	42,975,076	Series 3900-SB		5.77%	# I/F I/O		07/15/2041		5,474,556
	37,870,062	Series 3901-VZ		4.00%			07/15/2041		40,438,296
	19,479,720	Series 3910-GZ		5.00%			08/15/2041		22,865,432
	8,657,654	Series 3910-ZE		5.00%			10/15/2034		9,918,541
	12,330,000	Series 3919-KL		4.50%			09/15/2041		14,120,735
	25,603,786	Series 3919-ZJ		4.00%			09/15/2041		28,291,544
	5,735,007	Series 3924-US		9.15%	# I/F		09/15/2041		5,843,161
	10,815,649	Series 3942-JZ		4.00%			10/15/2041		11,673,589
	10,582,033	Series 3944-AZ		4.00%			10/15/2041		11,442,754

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal Home Loan Mortgage Corporation, (Cont.)
$	30,493,346	Series 3946-SM		14.09%	# I/F		10/15/2041		33,371,266
	7,333,911	Series 3957-DZ		3.50%			11/15/2041		7,769,321
	10,000,000	Series 3964-VM		4.00%			11/15/2034		11,002,895
	74,697,370	Series 3969-AB		4.00%			10/15/2033		81,359,629
	10,416,166	Series 3982-AZ		3.50%			01/15/2042		11,015,012
	52,334,983	Series 3990-ZA		3.50%			01/15/2042		54,464,860
	43,856,849	Series 3999-ZB		4.00%			02/15/2042		49,767,831
	24,866,758	Series 4016-KZ		4.00%			03/15/2042		27,567,213
	43,494,847	Series 4050-BC		2.00%			05/15/2041		43,904,938
	61,824,187	Series 4057-ZA		4.00%			06/15/2042		69,987,978
	61,598,252	Series 4084-TZ		4.00%			07/15/2042		68,069,118
	19,013,501	Series 4097-TG		2.00%			05/15/2039		19,256,313
	35,155,073	Series 4097-ZA		3.50%			08/15/2042		37,092,399
	97,063,000	Series 4109-GE		4.50%			10/15/2041		114,397,627
	70,300,000	Series 4109-KD		3.00%			05/15/2032		72,985,144
	5,924,624	Series 4121-AV		3.00%			12/15/2035		6,231,283
	26,554,900	Series 4162-ZJ		3.00%			02/15/2033		26,163,481
	88,301,470	Series 4179-AZ		4.00%			01/15/2041		95,144,834
	217,680,534	Series R003-ZA		5.50%			10/15/2035		247,885,776
		Federal National Mortgage Association,
	3,517,086	Series 2002-70-QZ		5.50%			11/25/2032		3,948,305
	5,170,720	Series 2002-75-ZG		5.50%			11/25/2032		5,785,919
	7,594,863	Series 2003-117-KS		6.90%	# I/F I/O		08/25/2033		806,466
	33,225,576	Series 2003-129-ZT		5.50%			01/25/2034		39,075,271
	13,979,564	Series 2003-29-ZL		5.00%			04/25/2033		15,348,282
	8,464,225	Series 2003-64-ZG		5.50%			07/25/2033		9,446,008
	20,567,300	Series 2003-84-PZ		5.00%			09/25/2033		23,517,443
	56,459,255	Series 2003-92-PZ		5.00%			09/25/2033		63,551,187
	19,500,000	Series 2003-W17-1A7		5.75%			08/25/2033		21,671,530
	14,780,028	Series 2004-46-PJ		5.80%	# I/F I/O		03/25/2034		2,241,447
	10,555,242	Series 2004-51-XP		7.50%	# I/F I/O		07/25/2034		1,832,793
	5,000,000	Series 2004-W10-A6		5.75%			08/25/2034		5,530,875
	7,000,000	Series 2004-W4-A5		5.50%			06/25/2034		7,646,331
	1,225,838	Series 2005-107-EG		4.50%			01/25/2026		1,337,691
	2,140,520	Series 2005-37-ZK		4.50%			05/25/2035		2,356,508
	28,974,173	Series 2005-87-SE		5.85%	# I/F I/O		10/25/2035		4,318,957
	23,563,333	Series 2005-87-SG		6.50%	# I/F I/O		10/25/2035		4,376,425
	17,490,275	Series 2006-101-SA		6.38%	# I/F I/O		10/25/2036		2,822,271
	6,743,201	Series 2006-123-LI		6.12%	# I/F I/O		01/25/2037		1,276,660
	10,841,673	Series 2006-16-HZ		5.50%			03/25/2036		12,146,274
	31,531,658	Series 2006-56-SM		6.55%	# I/F I/O		07/25/2036		5,312,640
	29,775,680	Series 2006-60-YI		6.37%	# I/F I/O		07/25/2036		7,026,045
	6,822,220	Series 2006-93-SN		6.40%	# I/F I/O		10/25/2036		709,810
	11,237,644	Series 2007-109-VZ		5.00%			10/25/2035		13,553,060
	7,666,582	Series 2007-116-BI		6.05%	# I/F I/O		05/25/2037		1,166,596
	37,822,055	Series 2007-14-PS		6.61%	# I/F I/O		03/25/2037		7,047,584
	2,767,228	Series 2007-2-SH		31.82%	# I/F		08/25/2036		3,490,262
	13,037,169	Series 2007-30-OI		6.24%	# I/F I/O		04/25/2037		2,052,581
	5,209,912	Series 2007-30-SI		5.91%	# I/F I/O		04/25/2037		514,909
	17,483,273	Series 2007-32-SG		5.90%	# I/F I/O		04/25/2037		2,643,406
	15,084,092	Series 2007-57-SX		6.42%	# I/F I/O		10/25/2036		2,565,184
	14,181,849	Series 2007-60-VZ		6.00%			07/25/2037		16,615,589
	13,049,684	Series 2007-71-GZ		6.00%			07/25/2047		15,288,109
	14,464,483	Series 2007-75-ID		5.67%	# I/F I/O		08/25/2037		2,193,011
	6,294,454	Series 2007-93-SB		3.95%	# I/F I/O		01/25/2036		243,246
	9,271,209	Series 2007-9-SD		6.45%	# I/F I/O		03/25/2037		1,478,896
	8,307,544	Series 2008-27-B		5.50%			04/25/2038		9,242,325
	18,025,860	Series 2008-29-ZA		4.50%			04/25/2038		19,425,379
	22,551,974	Series 2008-48-BE		5.00%			06/25/2034		25,707,841
	11,672,630	Series 2008-48-SD		5.80%	# I/F I/O		06/25/2037		1,227,416
	14,268,148	Series 2008-53-LI		5.95%	# I/F I/O		07/25/2038		2,037,691
	12,885,459	Series 2008-57-SE		5.80%	# I/F I/O		02/25/2037		1,681,196
	9,994,790	Series 2008-5-MS		6.05%	# I/F I/O		02/25/2038		1,566,828
	9,182,781	Series 2008-61-SC		5.80%	# I/F I/O		07/25/2038		745,444
	11,495,576	Series 2008-62-SC		5.80%	# I/F I/O		07/25/2038		1,258,699
	14,207,121	Series 2008-65-SA		5.80%	# I/F I/O		08/25/2038		1,867,177
	18,884,887	Series 2008-81-LP		5.50%			09/25/2038		20,854,014
	32,841,551	Series 2009-106-EZ		4.50%			01/25/2040		35,980,677
	16,788,293	Series 2009-111-SE		6.05%	# I/F I/O		01/25/2040		1,713,030
	3,197,056	Series 2009-16-MZ		5.00%			03/25/2029		3,558,451
	35,004,852	Series 2009-42-SI		5.80%	# I/F I/O		06/25/2039		3,578,241
	16,539,466	Series 2009-42-SX		5.80%	# I/F I/O		06/25/2039		2,153,480
	13,993,402	Series 2009-47-SA		5.90%	# I/F I/O		07/25/2039		1,476,412

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

March 31, 2013

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal National Mortgage Association, (Cont.)
$	6,784,062	Series 2009-48-WS		5.75%	# I/F I/O		07/25/2039		675,007
	29,368,712	Series 2009-49-S		6.55%	# I/F I/O		07/25/2039		4,052,063
	7,481,905	Series 2009-51-BZ		4.50%			07/25/2039		8,026,636
	4,778,094	Series 2009-54-EZ		5.00%			07/25/2039		5,404,521
	15,115,291	Series 2009-70-SA		5.60%	# I/F I/O		09/25/2039		1,356,891
	10,000,000	Series 2009-80-PM		4.50%			10/25/2039		11,398,220
	21,064,248	Series 2009-83-Z		4.50%			10/25/2039		22,587,161
	36,221,046	Series 2009-85-ES		7.03%	# I/F I/O		01/25/2036		9,779,871
	20,241,985	Series 2009-90-IB		5.52%	# I/F I/O		04/25/2037		2,176,412
	5,950,063	Series 2009-94-BC		5.00%			11/25/2039		6,735,245
	42,241,368	Series 2010-101-SA		4.28%	# I/F I/O		09/25/2040		5,457,268
	19,481,244	Series 2010-101-ZC		4.50%			09/25/2040		21,610,154
	55,028,590	Series 2010-101-ZH		4.50%			07/25/2040		61,331,785
	32,975,929	Series 2010-10-SA		6.15%	# I/F I/O		02/25/2040		4,490,609
	12,786,818	Series 2010-10-ZA		4.50%			02/25/2040		13,833,048
	10,844,308	Series 2010-111-S		5.75%	# I/F I/O		10/25/2050		1,214,454
	12,120,604	Series 2010-116-Z		4.00%			10/25/2040		13,121,560
	16,865,263	Series 2010-117-SA		4.30%	# I/F I/O		10/25/2040		1,635,472
	20,000,000	Series 2010-120-KD		4.00%			10/25/2040		21,583,100
	97,631,517	Series 2010-121-SD		4.30%	# I/F I/O		10/25/2040		10,271,031
	498,128	Series 2010-126-SU		52.76%	# I/F		11/25/2040		761,174
	178,693	Series 2010-126-SX		14.39%	# I/F		11/25/2040		201,344
	12,093,164	Series 2010-128-HZ		4.00%			11/25/2040		13,107,460
	12,372,691	Series 2010-132-Z		4.50%			11/25/2040		13,707,135
	88,008	Series 2010-137-VS		14.39%	# I/F		12/25/2040		109,211
	6,470,000	Series 2010-142-AV		4.00%			11/25/2029		7,027,709
	16,874,285	Series 2010-142-AZ		4.00%			12/25/2040		18,434,886
	29,538,284	Series 2010-150-ZA		4.00%			01/25/2041		32,332,384
	4,674,000	Series 2010-153-VB		4.00%			05/25/2027		4,959,004
	1,271,514	Series 2010-155-SA		9.59%	# I/F		01/25/2041		1,277,441
	44,570,560	Series 2010-16-SA		5.25%	# I/F I/O		03/25/2040		5,908,483
	3,198,730	Series 2010-21-DZ		5.00%			03/25/2040		3,872,651
	16,488,727	Series 2010-21-KS		4.75%	# I/F I/O		03/25/2040		1,595,461
	5,944,681	Series 2010-2-GS		6.25%	# I/F I/O		12/25/2049		641,760
	14,472,384	Series 2010-2-MS		6.05%	# I/F I/O		02/25/2050		1,998,347
	27,462,072	Series 2010-31-SA		4.80%	# I/F I/O		04/25/2040		2,078,357
	22,039,716	Series 2010-31-VZ		4.00%			04/25/2040		23,647,117
	28,448,740	Series 2010-34-PS		4.73%	# I/F I/O		04/25/2040		2,955,215
	6,940,501	Series 2010-35-ES		6.25%	# I/F I/O		04/25/2040		766,958
	11,925,234	Series 2010-35-SV		6.25%	# I/F I/O		04/25/2040		1,817,945
	12,232,726	Series 2010-46-MS		4.75%	# I/F I/O		05/25/2040		1,154,549
	22,078,195	Series 2010-49-ZW		4.50%			05/25/2040		24,516,302
	9,772,592	Series 2010-4-SK		6.03%	# I/F I/O		02/25/2040		1,609,862
	7,928,456	Series 2010-58-ES		11.95%	# I/F		06/25/2040		9,274,238
	25,596,017	Series 2010-59-MS		5.57%	# I/F I/O		06/25/2040		3,844,138
	60,336,562	Series 2010-59-PS		6.25%	# I/F I/O		03/25/2039		9,044,378
	32,573,507	Series 2010-59-SC		4.80%	# I/F I/O		01/25/2040		3,902,120
	9,019,013	Series 2010-60-VZ		5.00%			10/25/2039		9,842,043
	5,000,000	Series 2010-61-EL		4.50%			06/25/2040		5,338,985
	12,539,705	Series 2010-64-EZ		5.00%			06/25/2040		14,411,381
	36,876,903	Series 2010-76-ZK		4.50%			07/25/2040		41,678,626
	22,321,478	Series 2010-79-CZ		4.00%			07/25/2040		23,480,733
	33,045,658	Series 2010-79-VZ		4.50%			07/25/2040		37,329,813
	22,544,877	Series 2010-84-ZC		4.50%			08/25/2040		24,673,857
	45,089,753	Series 2010-84-ZD		4.50%			08/25/2040		49,347,714
	40,995,604	Series 2010-84-ZG		4.50%			08/25/2040		44,297,029
	8,419,214	Series 2010-90-SA		5.65%	# I/F I/O		08/25/2040		1,035,380
	6,273,112	Series 2010-94-Z		4.50%			08/25/2040		6,881,735
	8,668,587	Series 2010-99-SG		23.98%	# I/F		09/25/2040		16,088,998
	19,989,636	Series 2010-9-DS		5.10%	# I/F I/O		02/25/2040		1,415,920
	520,021	Series 2011-110-LS		9.69%	# I/F		11/25/2041		622,414
	7,137,734	Series 2011-111-EZ		5.00%			11/25/2041		8,595,067
	14,814,846	Series 2011-111-VZ		4.00%			11/25/2041		15,862,759
	773,194	Series 2011-123-SC		9.39%	# I/F		12/25/2041		774,866
	14,511,620	Series 2011-127-PM		4.00%			12/25/2041		14,385,841
	30,000,000	Series 2011-131-PB		4.50%			12/25/2041		35,455,995
	29,500,000	Series 2011-16-AL		3.50%			03/25/2031		31,474,774
	38,800,000	Series 2011-17-NY		3.50%			03/25/2031		41,153,899
	10,845,095	Series 2011-17-SA		6.27%	# I/F I/O		03/25/2041		1,606,411
	11,000,000	Series 2011-25-KY		3.00%			04/25/2026		11,690,420
	4,744,126	Series 2011-27-BS		8.59%	# I/F		04/25/2041		5,023,425
	56,000,000	Series 2011-29-AL		3.50%			04/25/2031		59,747,408
	16,355,639	Series 2011-2-GZ		4.00%			02/25/2041		17,737,527

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal National Mortgage Association, (Cont.)
$	10,000,000	Series 2011-2-VD		4.00%			07/25/2027		10,642,590
	18,758,702	Series 2011-36-VZ		4.50%			05/25/2041		20,604,680
	26,688,454	Series 2011-37-Z		4.50%			05/25/2041		30,126,394
	7,187,948	Series 2011-38-BZ		4.00%			05/25/2041		7,598,093
	8,748,233	Series 2011-39-CB		3.00%			05/25/2026		9,286,131
	17,291,311	Series 2011-40-LZ		4.50%			05/25/2041		18,970,764
	23,810,700	Series 2011-42-MZ		4.50%			05/25/2041		26,522,631
	16,165,099	Series 2011-45-ZA		4.00%			05/25/2031		17,604,932
	25,735,879	Series 2011-45-ZB		4.50%			05/25/2041		29,084,786
	11,000,000	Series 2011-48-SC		8.79%	# I/F		06/25/2041		11,685,348
	39,291,577	Series 2011-58-SA		6.35%	# I/F I/O		07/25/2041		8,910,010
	11,767,009	Series 2011-59-MA		4.50%			07/25/2041		12,830,440
	13,969,748	Series 2011-60-EL		3.00%			07/25/2026		14,830,697
	16,085,750	Series 2011-63-ZE		4.00%			08/25/2038		16,838,217
	102,479,054	Series 2011-64-DB		4.00%			07/25/2041		109,110,268
	21,915,398	Series 2011-72-LZ		5.50%			04/25/2037		26,105,688
	12,000,000	Series 2011-74-KL		5.00%			06/25/2040		14,011,686
	3,179,658	Series 2011-77-CZ		4.00%			08/25/2041		3,176,106
	22,131,855	Series 2011-77-Z		3.50%			08/25/2041		23,048,512
	232,693	Series 2011-87-US		13.34%	# I/F		09/25/2041		233,324
	21,787,531	Series 2011-8-AV		4.00%			01/25/2030		23,438,525
	21,393,904	Series 2011-99-CZ		4.50%			10/25/2041		25,383,621
	96,994,459	Series 2011-99-DZ		5.00%			10/25/2041		114,274,992
	10,513,543	Series 2012-104-Z		3.50%			09/25/2042		11,009,672
	20,000,000	Series 2012-111-LB		3.50%			05/25/2041		21,223,800
	95,000,000	Series 2012-111-MJ		4.00%			04/25/2042		99,821,820
	52,219,409	Series 2012-114-DC		2.00%			08/25/2039		53,208,653
	185,867,034	Series 2012-122-AD		2.00%			02/25/2040		185,298,281
	125,208,402	Series 2012-122-DB		3.00%			11/25/2042		128,017,265
	134,263,663	Series 2012-125-LA		3.00%			11/25/2042		141,425,555
	23,356,906	Series 2012-133-PB		6.50%			04/25/2042		25,936,151
	134,860,349	Series 2012-144-PT		4.43%	#		11/25/2049		144,476,094
	8,875,791	Series 2012-14-BZ		4.00%			03/25/2042		9,652,099
	19,240,445	Series 2012-15-PZ		4.00%			03/25/2042		21,983,065
	15,578,810	Series 2012-20-ZT		3.50%			03/25/2042		16,264,340
	46,833,369	Series 2012-30-DZ		4.00%			04/25/2042		53,106,020
	38,507,437	Series 2012-31-Z		4.00%			04/25/2042		41,765,243
	32,311,481	Series 2012-63-EB		2.00%			08/25/2040		32,492,748
	27,665,789	Series 2012-74-Z		4.00%			07/25/2042		31,287,158
	20,684,362	Series 2012-86-ZC		3.50%			08/25/2042		21,769,101
	28,818,735	Series 2012-96-VZ		3.50%			09/25/2042		30,340,493
	79,112,222	Series 2012-98-BG		4.50%			08/25/2040		89,086,098
	120,171,762	Series 2012-99-QE		3.00%			09/25/2042		127,424,789
	32,619,954	Series 2013-6-ZH		1.50%			02/25/2043		32,583,468
	27,190,396	Series 2013-6-ZT		4.50%			02/25/2043		27,402,576
	38,942,992	Series 400-S4		5.25%	# I/F I/O		11/25/2039		4,333,512
	185,634,836	Series 412-A3		3.00%			08/25/2042		194,881,841
		Federal National Mortgage Association Pass-Thru,
	44,069,459	Pool 555743		5.00%			09/01/2033		48,026,986
	47,903,697	Pool 735141		5.50%			01/01/2035		52,856,740
	17,599,096	Pool 735230		5.50%			02/01/2035		19,418,769
	32,829,831	Pool 735382		5.00%			04/01/2035		35,716,461
	54,760,625	Pool 735402		5.00%			04/01/2035		59,572,848
	39,663,758	Pool 735484		5.00%			05/01/2035		43,074,752
	14,269,353	Pool 735667		5.00%			07/01/2035		15,522,819
	13,087,341	Pool 735893		5.00%			10/01/2035		14,212,735
	33,336,750	Pool 745275		5.00%			02/01/2036		36,203,579
	4,996,423	Pool 745571		4.00%			01/01/2019		5,361,520
	1,613,966	Pool 888695		5.00%			08/01/2037		1,748,816
	5,552,357	Pool 888968		5.00%			08/01/2035		6,040,560
	19,568,628	Pool 889509		6.00%			05/01/2038		21,463,524
	50,329,444	Pool 889662		6.00%			06/01/2038		55,203,012
	65,562,266	Pool 890385		6.00%			12/01/2039		71,910,879
	8,838,413	Pool 929321		5.50%			03/01/2038		9,641,788
	3,347,365	Pool 931104		5.00%			05/01/2039		3,599,769
	5,252,038	Pool 961410		6.00%			01/01/2038		5,760,611
	1,579,049	Pool 975116		5.00%			05/01/2038		1,710,982
	12,881,870	Pool 982036		6.00%			05/01/2038		14,129,264
	24,390,670	Pool 985190		6.00%			08/01/2038		26,752,500
	7,759,421	Pool 986864		6.50%			08/01/2038		8,701,625
	10,775,954	Pool 987316		6.50%			09/01/2038		12,095,559
	79,831,605	Pool 995023		5.50%			08/01/2037		87,586,913
	30,234,809	Pool 995070		5.50%			08/01/2037		33,360,962

The accompanying notes are an integral part of these financial statements Annual Report March 31, 2013 21

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		Federal National Mortgage Association Pass-Thru, (Cont.)
$	112,042,552	Pool 995112		5.50%		07/01/2036		123,627,285
	57,173,280	Pool 995203		5.00%		07/01/2035		62,195,134
	6,880,839	Pool 995581		6.00%		01/01/2039		7,550,200
	97,765,338	Pool 995849		5.00%		08/01/2036		106,544,863
	57,144,754	Pool AB2123		4.00%		01/01/2031		61,387,755
	1,093,421	Pool AB2370		4.50%		09/01/2035		1,140,996
	9,725,440	Pool AB3713		4.00%		10/01/2031		10,447,554
	27,957,656	Pool AB3796		3.50%		11/01/2031		29,864,019
	17,893,235	Pool AB3850		4.00%		11/01/2041		18,528,446
	39,697,214	Pool AB3923		4.00%		11/01/2041		41,106,468
	83,352,981	Pool AB4167		3.50%		01/01/2032		89,036,612
	81,285,705	Pool AB4261		3.50%		01/01/2032		86,828,374
	16,402,473	Pool AB5084		3.50%		05/01/2032		17,502,464
	30,634,726	Pool AB5156		3.50%		05/01/2032		32,723,632
	52,135,373	Pool AB5212		3.50%		05/01/2032		55,690,354
	24,629,330	Pool AB5243		4.00%		05/01/2042		25,503,673
	27,020,808	Pool AB6349		3.00%		10/01/2032		28,379,165
	79,705,039	Pool AB6750		3.00%		10/01/2032		83,393,053
	39,183,524	Pool AB6751		3.00%		10/01/2032		40,996,576
	150,438,263	Pool AB7077		3.00%		11/01/2042		155,336,509
	122,938,959	Pool AB7344		3.00%		12/01/2032		128,627,440
	29,825,497	Pool AB8418		3.00%		02/01/2033		31,205,546
	46,058,664	Pool AB8703		3.00%		03/01/2038		47,814,237
	1,772,461	Pool AC1032		5.00%		06/01/2040		1,872,088
	121,509,186	Pool AD0189		5.50%		02/01/2039		133,313,296
	48,320,279	Pool AD0500		5.50%		09/01/2036		53,210,694
	2,531,928	Pool AD2177		4.50%		06/01/2030		2,732,293
	4,871,122	Pool AD6438		5.00%		06/01/2040		5,351,197
	491,801	Pool AD7018		5.00%		04/01/2040		519,444
	3,113,750	Pool AD7859		5.00%		06/01/2040		3,442,705
	8,157,246	Pool AH1140		4.50%		12/01/2040		8,512,171
	27,316,992	Pool AH4437		4.00%		01/01/2041		28,286,747
	6,432,673	Pool AH7309		4.00%		02/01/2031		6,910,299
	36,069,054	Pool AH9323		4.00%		04/01/2026		38,625,782
	10,842,786	Pool AI8889		4.00%		08/01/2041		11,227,705
	27,461,104	Pool AI9831		4.00%		09/01/2041		28,435,975
	10,394,098	Pool AJ1265		4.00%		09/01/2041		10,763,089
	12,770,207	Pool AJ1399		4.00%		09/01/2041		13,223,550
	48,110,861	Pool AJ1467		4.00%		10/01/2041		49,818,799
	18,124,039	Pool AJ3392		4.00%		10/01/2041		18,767,443
	16,325,740	Pool AJ3854		4.00%		10/01/2041		16,905,305
	124,262,962	Pool AJ4118		4.00%		11/01/2041		128,674,304
	35,874,426	Pool AJ4131		4.00%		10/01/2041		37,147,970
	13,568,204	Pool AJ5172		4.00%		11/01/2041		14,049,876
	53,590,364	Pool AJ7677		3.50%		12/01/2041		55,502,870
	14,185,252	Pool AJ8334		4.00%		12/01/2041		14,688,829
	81,527,363	Pool AK0713		3.50%		01/01/2032		87,086,510
	30,079,744	Pool AK4039		4.00%		02/01/2042		31,147,577
	20,485,051	Pool AK4763		4.00%		02/01/2042		21,212,272
	25,180,897	Pool AK9438		4.00%		03/01/2042		26,074,821
	36,026,176	Pool AK9439		4.00%		03/01/2042		37,305,107
	5,282,913	Pool AK9446		4.50%		03/01/2042		5,512,775
	38,844,416	Pool AL1485		6.00%		01/01/2040		42,654,406
	21,405,584	Pool AL1548		6.00%		07/01/2039		23,638,900
	42,402,070	Pool AL1554		6.00%		01/01/2040		46,561,006
	89,369,784	Pool AL1690		6.00%		05/01/2041		98,023,758
	85,899,465	Pool AL1691		6.00%		06/01/2041		94,324,771
	126,473,628	Pool AL1744		6.00%		10/01/2040		138,720,490
	40,759,649	Pool AL1745		6.00%		03/01/2040		44,706,541
	42,571,447	Pool AL1793		6.00%		01/01/2041		46,693,782
	151,028,389	Pool AL3038		3.00%		01/01/2033		158,016,591
	106,244,627	Pool AO2980		4.00%		05/01/2042		110,016,316
	144,708,233	Pool AP4787		3.50%		09/01/2042		149,872,508
	146,569,881	Pool AP4789		3.50%		09/01/2042		151,800,594
	9,979,213	Pool MA0264		4.50%		12/01/2029		10,775,159
	233,700	Pool MA0315		4.50%		01/01/2025		244,499
	39,532,375	Pool MA0353		4.50%		03/01/2030		42,767,525
	9,049,107	Pool MA0406		4.50%		05/01/2030		9,765,212
	959,022	Pool MA0445		5.00%		06/01/2040		1,012,927
	3,335,569	Pool MA0459		4.00%		07/01/2020		3,570,966
	3,403,756	Pool MA0468		5.00%		07/01/2040		3,595,076
	10,709,374	Pool MA0502		4.00%		08/01/2020		11,465,153
	4,684,363	Pool MA0517		4.00%		09/01/2020		5,019,631
	11,478,083	Pool MA0534		4.00%		10/01/2030		12,330,331

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal National Mortgage Association Pass-Thru, (Cont.)
$	26,896,965	Pool MA0536		4.00%			10/01/2020		28,795,131
	32,279,482	Pool MA0580		4.00%			11/01/2020		34,557,502
	2,230,175	Pool MA0587		4.00%			12/01/2030		2,395,766
	54,358,601	Pool MA0616		4.00%			01/01/2031		58,394,730
	25,707,136	Pool MA0871		4.00%			10/01/2041		26,619,741
	29,353,683	Pool MA0896		4.00%			11/01/2041		30,395,740
	338,222,939	Pool MA0919		3.50%			12/01/2031		361,285,516
	142,231,438	Pool MA0949		3.50%			01/01/2032		151,929,844
	161,985,150	Pool MA0976		3.50%			02/01/2032		172,701,683
	77,991,792	Pool MA1010		3.50%			03/01/2032		83,309,857
	25,781,681	Pool MA1039		3.50%			04/01/2042		26,701,765
	100,279,859	Pool MA1059		3.50%			05/01/2032		107,117,692
	15,061,263	Pool MA1068		3.50%			05/01/2042		15,598,761
	221,484,320	Pool MA1084		3.50%			06/01/2032		236,586,782
	35,250,892	Pool MA1093		3.50%			06/01/2042		36,508,909
	44,578,589	Pool MA1094		4.00%			06/01/2042		46,161,131
	130,570,785	Pool MA1107		3.50%			07/01/2032		139,474,081
	343,412,702	Pool MA1117		3.50%			07/01/2042		355,668,243
	386,764,370	Pool MA1136		3.50%			08/01/2042		400,570,891
	85,795,376	Pool MA1138		3.50%			08/01/2032		91,645,548
	109,007,279	Pool MA1179		3.50%			09/01/2042		112,897,477
	345,156,036	Pool MA1200		3.00%			10/01/2032		361,126,675
	17,231,534	Pool MA1201		3.50%			10/01/2032		18,406,509
	241,869,446	Pool MA1209		3.50%			10/01/2042		251,429,941
	486,690,965	Pool MA1237		3.00%			11/01/2032		509,210,535
	14,206,685	Pool MA1242		3.50%			11/01/2042		14,713,686
	365,209,803	Pool MA1275		3.00%			12/01/2032		382,108,345
	48,544,198	Pool MA1338		3.00%			02/01/2033		50,790,375
	160,032,845	Pool MA1366		3.00%			03/01/2033		167,437,690
	100,000,000	Pool MA1401		3.00%			04/01/2033		104,627,078
	28,663,049	Pool MA3894		4.00%			09/01/2031		30,791,282
		Government National Mortgage Association,
	14,700,000	Series 2003-67-SP		6.90%	# I/F I/O		08/20/2033		5,008,799
	15,037,767	Series 2003-86-ZK		5.00%			10/20/2033		17,286,522
	6,077,696	Series 2004-49-Z		6.00%			06/20/2034		7,134,456
	6,500,000	Series 2004-80-PH		5.00%			07/20/2034		7,164,339
	20,342,078	Series 2004-83-CS		5.88%	# I/F I/O		10/20/2034		3,153,724
	2,981,171	Series 2005-21-Z		5.00%			03/20/2035		3,491,196
	19,512,194	Series 2005-39-ZB		5.00%			07/20/2034		22,729,286
	1,282,441	Series 2006-24-CX		38.48%	# I/F		05/20/2036		2,585,121
	35,773,445	Series 2007-26-SJ		4.49%	# I/F I/O		04/20/2037		3,838,827
	14,376,145	Series 2008-2-SM		6.30%	# I/F I/O		01/16/2038		2,592,700
	27,569,868	Series 2008-42-AI		7.49%	# I/F I/O		05/16/2038		6,512,640
	13,655,690	Series 2008-43-SH		6.13%	# I/F I/O		05/20/2038		2,108,914
	15,300,836	Series 2008-51-SC		6.05%	# I/F I/O		06/20/2038		2,419,576
	8,642,179	Series 2008-51-SE		6.05%	# I/F I/O		06/16/2038		1,415,386
	6,150,656	Series 2008-82-SM		5.85%	# I/F I/O		09/20/2038		951,763
	8,676,929	Series 2008-83-SD		6.36%	# I/F I/O		11/16/2036		1,568,043
	13,938,100	Series 2009-106-VZ		4.50%			11/20/2039		16,034,669
	16,252,505	Series 2009-10-NS		6.45%	# I/F I/O		02/16/2039		3,683,671
	11,464,541	Series 2009-24-SN		5.90%	# I/F I/O		09/20/2038		1,514,474
	26,133,547	Series 2009-32-ZE		4.50%			05/16/2039		28,631,496
	65,333,868	Series 2009-35-DZ		4.50%			05/20/2039		74,280,035
	1,275,723	Series 2009-41-ZQ		4.50%			06/16/2039		1,311,516
	15,072,006	Series 2009-48-Z		5.00%			06/16/2039		17,235,238
	5,645,900	Series 2009-50-KP		4.50%			06/20/2039		6,051,408
	15,367,426	Series 2009-69-TS		6.00%	# I/F I/O		04/16/2039		1,976,002
	9,361,888	Series 2009-75-GZ		4.50%			09/20/2039		10,625,312
	22,281,746	Series 2009-87-IG		6.54%	# I/F I/O		03/20/2037		3,075,581
	6,645,981	Series 2010-166-SJ		9.39%	# I/F		12/20/2040		6,762,481
	45,880,892	Series 2010-1-SA		5.55%	# I/F I/O		01/16/2040		5,687,643
	5,437,997	Series 2010-25-ZB		4.50%			02/16/2040		5,662,020
	108,071,747	Series 2010-26-QS		6.05%	# I/F I/O		02/20/2040		19,854,552
	12,767,000	Series 2010-42-AY		5.00%			11/20/2039		14,743,842
	25,612,626	Series 2010-42-ES		5.48%	# I/F I/O		04/20/2040		4,277,239
	9,587,007	Series 2010-61-AS		6.35%	# I/F I/O		09/20/2039		1,400,499
	76,691,510	Series 2010-62-SB		5.55%	# I/F I/O		05/20/2040		12,072,708
	7,744,564	Series 2010-62-ZG		5.50%			05/16/2040		9,374,303
	5,561,390	Series 2011-12-PO		0.00%	P/O		12/20/2040		5,523,175
	2,707,923	Series 2011-14-SM		9.29%	# I/F		08/16/2040		2,755,775
	7,833,334	Series 2011-18-SN		9.09%	# I/F		12/20/2040		8,797,193
	8,333,334	Series 2011-18-YS		9.09%	# I/F		12/20/2040		9,358,549
	10,899,030	Series 2011-51-UZ		4.50%			04/20/2041		12,444,054
	13,169,162	Series 2011-69-OC		0.00%	P/O		05/20/2041		12,212,991

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

March 31, 2013

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Government National Mortgage Association, (Cont.)
$	105,729,814	Series 2011-69-SB		5.15%	# I/F I/O		05/20/2041		14,130,515
	22,658,035	Series 2011-71-ZA		4.50%			02/20/2041		26,049,648
	41,002,004	Series 2011-72-AS		5.18%	# I/F I/O		05/20/2041		5,986,772
	31,594,980	Series 2011-72-SK		5.95%	# I/F I/O		05/20/2041		4,948,703
	41,844,344	Series 2012-105-SE		6.00%	# I/F I/O		01/20/2041		8,431,422
	20,000,000	Stru, Series 3438-HS		5.15%	# I/F		03/20/2043		18,425,000
		Total US Government / Agency Mortgage Backed Obligations (Cost $17,672,956,095)							18,255,939,182
	US GOVERNMENT BONDS AND NOTES 5.1%
	1,325,000,000	United States Treasury Notes		1.63%			11/15/2022		1,301,709,150
	700,000,000	United States Treasury Notes		2.00%			02/15/2023		708,969,100
		Total US Government Bonds and Notes (Cost $1,989,202,260)							2,010,678,250
	SHORT TERM INVESTMENTS 17.0%
	25,167,000	Fannie Mae Discount Notes		0.00%			08/14/2013		25,160,406
	176,600,000	Fannie Mae Discount Notes		0.00%			08/15/2013		176,559,912
	100,000,000	Fannie Mae Discount Notes		0.00%			08/28/2013		99,975,200
	50,000,000	Fannie Mae Discount Notes		0.00%			09/18/2013		49,978,750
	100,000,000	Fannie Mae Discount Notes		0.00%			10/01/2013		99,959,400
	116,500,000	Federal Home Loan Bank Discount Notes		0.00%			04/01/2013		116,500,000
	31,000,000	Federal Home Loan Bank Discount Notes		0.00%			04/09/2013		30,999,380
	81,600,000	Federal Home Loan Bank Discount Notes		0.00%			04/10/2013		81,598,572
	134,000,000	Federal Home Loan Bank Discount Notes		0.00%			04/17/2013		133,994,938
	200,000,000	Federal Home Loan Bank Discount Notes		0.00%			04/19/2013		199,992,000
	54,900,000	Federal Home Loan Bank Discount Notes		0.00%			04/24/2013		54,895,265
	180,000,000	Federal Home Loan Bank Discount Notes		0.00%			04/26/2013		179,988,542
	62,250,000	Federal Home Loan Bank Discount Notes		0.00%			05/03/2013		62,243,449
	70,571,000	Federal Home Loan Bank Discount Notes		0.00%			05/15/2013		70,563,237
	50,000,000	Federal Home Loan Bank Discount Notes		0.00%			05/17/2013		49,994,569
	100,000,000	Federal Home Loan Bank Discount Notes		0.00%			05/22/2013		99,987,250
	79,100,000	Federal Home Loan Bank Discount Notes		0.00%			05/29/2013		79,094,938
	100,000,000	Federal Home Loan Bank Discount Notes		0.00%			05/31/2013		99,993,300
	100,000,000	Federal Home Loan Bank Discount Notes		0.00%			06/03/2013		99,993,000

PRINCIPAL AMOUNT/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
$	50,000,000	Federal Home Loan Bank Discount Notes		0.00%			06/05/2013		49,996,400
	50,000,000	Federal Home Loan Bank Discount Notes		0.00%			06/12/2013		49,996,000
	250,000,000	Federal Home Loan Bank Discount Notes		0.00%			06/21/2013		249,977,500
	50,000,000	Federal Home Loan Bank Discount Notes		0.00%			07/17/2013		49,992,550
	50,000,000	Federal Home Loan Bank Discount Notes		0.00%			07/31/2013		49,991,600
	50,000,000	Federal Home Loan Bank Discount Notes		0.00%			08/23/2013		49,988,000
	50,000,000	Federal Home Loan Bank Discount Notes		0.00%			09/20/2013		49,978,500
	85,000,000	Federal Home Loan Banks		0.15%	#		05/15/2013		85,012,580
	100,000,000	Federal Home Loan Banks		0.15%	#		05/28/2013		100,018,400
	100,000,000	Federal Home Loan Banks		0.15%	#		06/04/2013		100,020,000
	380,000,000	Federal Home Loan Banks		0.15%			06/14/2013		380,035,720
	25,450,000	Federal Home Loan Banks		3.88%			06/14/2013		25,649,782
	95,000,000	Federal Home Loan Banks		0.14%			06/20/2013		95,007,505
	25,000,000	Federal Home Loan Banks		1.88%			06/21/2013		25,101,300
	300,000,000	Federal Home Loan Banks		0.16%			06/27/2013		300,040,200
	265,000,000	Federal Home Loan Banks		0.14%			06/28/2013		265,019,610
	50,000,000	Federal Home Loan Banks		0.12%			07/18/2013		50,002,250
	100,000,000	Federal Home Loan Banks		0.11%			07/29/2013		100,001,700
	150,000,000	Federal Home Loan Banks		0.13%			09/13/2013		150,013,350
	199,000,000	Federal Home Loan Banks		0.15%			09/27/2013		199,034,228
	68,105,000	Federal Home Loan Banks		0.38%			11/27/2013		68,208,451
	54,350,000	Federal Home Loan Mortgage Corporation		0.16%	#		05/06/2013		54,358,696
	156,605,000	Federal Home Loan Mortgage Corporation		0.15%	#		05/16/2013		156,616,432
	50,000,000	Federal Home Loan Mortgage Corporation		3.50%			05/29/2013		50,284,450
	291,278,000	Federal Home Loan Mortgage Corporation		4.50%			07/15/2013		295,080,343
	100,000,000	Federal National Mortgage Association		0.20%	#		05/17/2013		100,020,400
	66,400,000	Federal National Mortgage Association		0.17%	#		11/08/2013		66,423,638
	536,904,667	Fidelity Institutional Government Portfolio		0.01%	¨				536,904,667
	100,000,000	Freddie Mac Discount Notes		0.00%			04/01/2013		100,000,000
	192,000,000	Freddie Mac Discount Notes		0.00%			04/09/2013		191,996,058
	120,000,000	Freddie Mac Discount Notes		0.00%			04/16/2013		119,995,500

The accompanying notes are an integral part of these financial statements Annual Report March 31, 2013 23

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
$	50,000,000	Freddie Mac Discount Notes		0.00%		05/01/2013		49,996,042
	100,000,000	Freddie Mac Discount Notes		0.00%		05/14/2013		99,988,056
	250,000,000	Freddie Mac Discount Notes		0.00%		06/04/2013		249,982,250
	75,000,000	Freddie Mac Discount Notes		0.00%		07/01/2013		74,990,550
	100,000,000	Freddie Mac Discount Notes		0.00%		07/09/2013		99,986,300
	75,000,000	Freddie Mac Discount Notes		0.00%		08/01/2013		74,984,775
	50,000,000	Freddie Mac Discount Notes		0.00%		08/30/2013		49,987,400
	100,000,000	Freddie Mac Discount Notes		0.00%		09/05/2013		99,965,100
		Total Short Term Investments (Cost $6,775,335,411)						6,776,118,391
		Total Investments 101.2% (Cost $39,109,326,703)						40,333,433,981
		Liabilities in Excess of Other Assets (1.2)%						(493,447,756	)
		NET ASSETS 100.0%					$	39,839,986,225

PORTFOLIO HOLDINGS as % of Net Assets
US Government / Agency Mortgage Backed Obligations	45.8%
Non-Agency Residential Collateralized Mortgage Obligations	25.9%
Short Term Investments	17.0%
Non-Agency Commercial Mortgage Backed Obligations	5.4%
US Government Bonds and Notes	5.1%
Collateralized Loan Obligations	2.0%
Other Assets and Liabilities	(1.2)%
	100.0%

# Variable rate security. Rate disclosed as of March 31, 2013.

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. As of March 31, 2013, the value of these securities amounted to $3,376,729,877 or 8.5% of net assets.

I/O Interest only security

P/O Principal only security

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

¨ Seven-day yield as of March 31, 2013

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

Schedule of Investments  DoubleLine Core Fixed Income Fund March 31, 2013

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	COLLATERALIZED LOAN OBLIGATIONS 1.3%
		Adirondack Park Ltd.,
$	500,000	Series 2013-1A-X		1.28%	#^		04/15/2016		500,000
		ALM Loan Funding,
	1,000,000	Series 2011-4A-C		3.05%	#^		07/18/2022		1,002,083
		ARES Ltd.,
	1,500,000	Series 2012-2A-D		5.38%	#^		10/12/2023		1,501,657
	2,000,000	Series 2013-1A-D		4.06%	#^		04/15/2025		1,840,000
		Canyon Capital Ltd.,
	2,000,000	Series 2012-1A-C		2.80%	#^		10/15/2016		2,000,976
		Centurion Ltd.,
	2,000,000	Series 2005-8X-C		2.28%	#		03/08/2017		1,890,461
		Dryden Senior Loan Fund,
	2,000,000	Series 2012-24A-D		5.04%	#^		11/15/2023		2,019,938
		Galaxy Ltd.,
	1,000,000	Series 2013-15A-B		2.13%	#^		04/15/2025		1,000,000
	1,000,000	Series 2013-15A-C		2.88%	#^		04/15/2025		980,000
	1,000,000	Series 2013-15A-D		3.68%	#^		04/15/2025		960,000
		ICE Global Credit Ltd.,
	1,000,000	Series 2013-1A-X		1.33%	#^		04/20/2015		1,000,000
		ING Investment Management Ltd.,
	2,000,000	Series 2012-1A-B		4.43%	#^		03/14/2022		2,022,000
		LCM LP,
	2,000,000	Series 11A-D2		4.25%	#^		04/19/2022		1,967,635
		Nomad Ltd.,
	1,500,000	Series 2013-1A-B		3.23%	#^		01/15/2025		1,500,000
	1,500,000	Series 2013-1A-C		3.78%	#^		01/15/2025		1,451,430
		N-Star Real Estate Ltd.,
	1,566	Series 2004-2A-A1		0.55%	#^		06/28/2039		1,536
		OCP Ltd.,
	2,000,000	Series 2013-3A-B		3.03%	#^		01/17/2025		1,941,300
		Race Point Ltd.,
	1,000,000	Series 2013-8A-B		2.19%	#^		02/20/2025		1,000,000
	500,000	Series 2013-8A-X		1.29%	#^		02/20/2025		500,000
		Saturn Ltd.,
	500,000	Series 2007-1A-D		4.29%	#^		05/13/2022		439,730
		Venture Ltd.,
	500,000	Series 2012-10A-C		3.55%	#^		07/20/2022		498,067
	2,000,000	Series 2012-10A-D		4.50%	#^		07/20/2022		1,985,000
		WhiteHorse Ltd.,
	2,000,000	Series 2006-1A-B1L		2.15%	#^		05/01/2018		1,865,742
	3,000,000	Wind River Ltd.		3.68%	#^		4/20/2025		2,769,180
		Total Collateralized Loan Obligations (Cost $32,705,983)							32,636,735
	FOREIGN CORPORATE BONDS 14.3%
	700,000	AES Andres Dominicana Ltd.		9.50%	^		11/12/2020		756,000
	4,300,000	AES Andres Dominicana Ltd.		9.50%			11/12/2020		4,644,000
	2,000,000	AES Gener S.A.		7.50%			03/25/2014		2,115,048
	4,700,000	Alfa Invest Ltd.		9.25%			06/24/2013		4,785,540
	3,600,000	Alfa MTN Issuance Ltd.		8.00%			03/18/2015		3,883,680
	900,000	ALROSA Finance S.A.		8.88%			11/17/2014		994,140
	2,100,000	Anadolu Efes Biracilik ve Malt Sanayii A.S.		3.38%	^		11/01/2022		2,010,750
	200,000	AngloGold Holdings PLC		6.50%			04/15/2040		199,362
	7,650,000	Australia and New Zealand Banking Group Ltd.		4.88%	^		01/12/2021		8,897,302

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
$	1,500,000	Axiata SPV1 Labuan Ltd.		5.38%			04/28/2020		1,709,028
	1,400,000	Banco Bradesco S.A.		5.75%	^		03/01/2022		1,498,000
	1,000,000	Banco Davivienda S.A.		2.95%	^		01/29/2018		983,700
	2,100,000	Banco de Bogota S.A.		5.00%	^		01/15/2017		2,254,875
	2,500,000	Banco de Bogota S.A.		5.38%	^		02/19/2023		2,587,500
	2,480,000	Banco de Chile		6.25%			06/15/2016		2,744,021
	1,400,000	Banco de Credito del Peru		4.75%			03/16/2016		1,512,000
	350,000	Banco de Credito del Peru		9.75%	#		11/06/2069		432,250
	503,000	Banco de Credito del Peru		9.75%	#^		11/06/2069		621,205
	4,800,000	Banco de Credito e Inversiones		3.00%	^		09/13/2017		4,880,947
	200,000	Banco de Credito e Inversiones		3.00%			09/13/2017		203,373
	4,650,000	Banco do Brasil S.A.		8.50%	#		04/20/2021		5,603,250
	1,000,000	Banco Internacional del Peru		5.75%			10/07/2020		1,093,500
	895,000	Banco Internacional del Peru		8.50%	#		04/23/2070		991,212
	250,000	Banco Latinoamericano de Comercio Exterior S.A.		3.75%	^		04/04/2017		258,250
	1,000,000	Banco Latinoamericano de Comercio Exterior S.A.		3.75%			04/04/2017		1,033,000
	1,000,000	Banco Mercantil del Norte		4.38%			07/19/2015		1,057,500
	1,750,000	Banco Mercantil del Norte		6.86%	#		10/13/2021		1,872,500
	650,000	Bancolombia S.A.		4.25%			01/12/2016		688,220
	900,000	Bank of Moscow		5.97%	#		11/25/2015		946,575
	300,000	BFF International Ltd.		7.25%			01/28/2020		357,000
	3,287,000	BP Capital Markets PLC		4.75%			03/10/2019		3,812,493
	1,000,000	BP Capital Markets PLC		2.50%			11/06/2022		975,399
	8,138,000	British Telecommunications PLC		5.95%			01/15/2018		9,711,629
	4,200,000	Celulosa Arauco y Constitucion S.A.		4.75%			01/11/2022		4,389,101
	2,000,000	Cemex Espana S.A.		9.25%			05/12/2020		2,230,000
	800,000	Cemex Finance LLC		9.50%			12/14/2016		870,000
	300,000	Cemex S.A.B. de C.V.		9.00%			01/11/2018		333,750
	1,000,000	Cemex S.A.B. de C.V.		5.88%	^		03/25/2019		1,012,500
	6,600,000	Cencosud S.A.		4.88%	^		01/20/2023		6,722,384
	600,000	CFR International S.A.		5.13%	^		12/06/2022		618,328
	8,100,000	Cielo S.A.		3.75%			11/16/2022		7,804,350
	600,000	Compania Minera Milpo S.A.A.		4.63%	^		03/28/2023		597,900
	9,600,000	Corpbanca S.A.		3.13%			01/15/2018		9,510,134
	3,500,000	CorpGroup Banking S.A.		6.75%	^		03/15/2023		3,679,375
	2,400,000	Corporacion GEO S.A. de C.V.		9.25%			06/30/2020		2,100,000
	1,800,000	Corporacion GEO S.A. de C.V.		8.88%			03/27/2022		1,557,000
	2,000,000	Corporacion Lindley S.A.		6.75%	^		11/23/2021		2,313,000
	700,000	Corporacion Lindley S.A.		6.75%			11/23/2021		809,550
	2,444,000	Corporacion Pesquera Inca S.A.C.		9.00%			02/10/2017		2,507,544
	800,000	Corporacion Pesquera Inca S.A.C.		9.00%	^		02/10/2017		820,800
	200,000	Cosan Luxembourg S.A.		5.00%	^		03/14/2023		201,700
	2,500,000	DBS Bank Ltd.		5.00%	#		11/15/2019		2,638,200
	1,086,000	Deutsche Telekom International Finance B.V.		8.75%	#		06/15/2030		1,541,733
	4,400,000	Diageo Capital PLC		1.50%			05/11/2017		4,465,116
	1,000,000	Digicel Ltd.		7.00%			02/15/2020		1,055,000
	1,400,000	Digicel Ltd.		6.00%	^		04/15/2021		1,396,500

The accompanying notes are an integral part of these financial statements Annual Report March 31, 2013 25

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
$	1,600,000	Dolphin Energy Ltd.		5.50%	^		12/15/2021		1,854,000
	4,195,000	EGE Haina Finance Company		9.50%			04/26/2017		4,362,800
	3,000,000	Embraer Overseas Ltd.		6.38%			01/24/2017		3,420,000
	1,500,000	Embraer Overseas Ltd.		6.38%			01/15/2020		1,749,450
	1,850,000	Empresas ICA S.A.B. de C.V.		8.38%			07/24/2017		1,984,125
	1,200,000	Empresas ICA S.A.B. de C.V.		8.38%	^		07/24/2017		1,287,000
	1,200,000	Empresas ICA S.A.B. de C.V.		8.90%			02/04/2021		1,300,560
	2,380,000	Empresas ICA S.A.B. de C.V.		8.90%			02/04/2021		2,579,444
	4,400,000	ESAL GmbH		6.25%	^		02/05/2023		4,444,000
	900,000	Fondo Mivivienda S.A.		3.50%	^		01/31/2023		877,050
	4,160,000	France Telecom S.A.		2.75%			09/14/2016		4,351,348
	1,300,000	Freeport-McMoRan Copper & Gold, Inc.		2.15%			03/01/2017		1,316,607
	2,600,000	Freeport-McMoRan Copper & Gold, Inc.		3.55%			03/01/2022		2,589,319
	4,600,000	Gazprombank OJSC		7.93%			06/28/2013		4,677,280
	4,400,000	Gazprombank OJSC		5.63%			05/17/2017		4,696,569
	2,500,000	Global Bank Corporation		4.75%			10/05/2017		2,562,500
	5,325,000	Globo Communicacao e Participacoes S.A.		6.25%	#		07/20/2015		5,713,725
	500,000	Globo Communicacao e Participacoes S.A.		5.31%	#^		05/11/2022		543,750
	1,500,000	Gruma S.A.B. DE C.V.		7.75%			09/03/2049		1,533,750
	2,100,000	Grupo Aval Ltd.		5.25%	^		02/01/2017		2,257,500
	3,313,000	Grupo Aval Ltd.		5.25%			02/01/2017		3,561,475
	3,200,000	Grupo Aval Ltd.		4.75%	^		09/26/2022		3,216,000
	1,800,000	Grupo KUO S.A.B. de C.V.		6.25%			12/04/2022		1,935,000
	2,200,000	Grupo KUO S.A.B. de C.V.		6.25%	^		12/04/2022		2,365,000
	3,192,507	IIRSA Norte Finance Ltd.		8.75%			05/30/2024		3,938,915
	2,200,000	Industrial Senior Trust		5.50%	^		11/01/2022		2,202,750
	2,200,000	Industrial Senior Trust		5.50%			11/01/2022		2,202,750
	1,100,000	Inkia Energy Ltd.		8.38%			04/04/2021		1,253,450
	400,000	Inkia Energy Ltd.		8.38%	^		04/04/2021		455,800
	2,300,000	Instituto Costarricense de Electricidad		6.95%			11/10/2021		2,630,050
	2,700,000	Instituto Costarricense de Electricidad		6.95%	^		11/10/2021		3,087,450
	125,000	Intelsat Ltd.		7.75%	^		06/01/2021		127,500
	500,000	Intercorp Retail Trust		8.88%	^		11/14/2018		571,875
	1,600,000	Inversiones CMPC S.A.		6.13%			11/05/2019		1,822,472
	2,700,000	Inversiones CMPC S.A.		4.50%	^		04/25/2022		2,765,993
	200,000	Inversiones CMPC S.A.		4.50%			04/25/2022		204,888
	2,000,000	IOI Investment BHD		4.38%			06/27/2022		2,070,746
	575,000	IOI Ventures BHD		5.25%			03/16/2015		614,401
	3,100,000	Itau Unibanco Holding S.A.		5.65%			03/19/2022		3,262,750
	500,000	Ixe Banco S.A.		9.25%			10/14/2020		611,250
	200,000	Ixe Banco S.A.		9.75%			12/29/2041		200,500
	800,000	JBS LLC		7.25%			06/01/2021		842,000
	8,100,000	Korea Development Bank		4.38%			08/10/2015		8,705,993
	1,000,000	Korea Development Bank		4.00%			09/09/2016		1,091,873
	700,000	LPG International, Inc.		7.25%			12/20/2015		780,500
	2,800,000	Malayan Banking BHD		3.25%	#		09/20/2022		2,833,662
	2,000,000	Mexichem S.A.B. de C.V.		4.88%	^		09/19/2022		2,125,000
	3,500,000	Minerva Luxenbourg S.A.		7.75%	^		01/31/2023		3,762,500
	1,650,000	NET Servicos de Comunicacao S.A.		7.50%			01/27/2020		1,856,250
	2,600,000	Novatek Finance Ltd.		5.33%			02/03/2016		2,795,650
	3,800,000	Oversea-Chinese Banking Corporation		4.25%	#		11/18/2019		3,960,520
	2,200,000	Pacific Rubiales Energy Corporation		7.25%			12/12/2021		2,511,300
	2,400,000	Pacific Rubiales Energy Corporation		7.25%			12/12/2021		2,739,600
	3,800,000	Pacific Rubiales Energy Corporation		7.25%	^		12/12/2021		4,337,700

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
$	7,650,000	Pemex Project Funding Master Trust		6.63%			06/15/2035		9,199,125
	1,800,000	Pesquera Exalmar S.A.A.		7.38%	^		01/31/2020		1,737,000
	1,200,000	Petroleos Mexicanos		3.50%	^		01/30/2023		1,200,000
	2,200,000	Phosagro Bond Funding Ltd.		4.20%	^		02/13/2018		2,197,250
	1,800,000	Prime Holdings Labuan Ltd.		5.38%			09/22/2014		1,886,947
	1,800,000	PTT Public Company Ltd.		3.38%			10/25/2022		1,793,702
	2,050,000	PTTEP Australia International Finance Ltd.		4.15%			07/19/2015		2,165,786
	600,000	Raizen Energy Finance Ltd.		7.00%			02/01/2017		685,500
	1,100,000	Raizen Fuels Finance Ltd.		9.50%			08/15/2014		1,203,400
	797,500	Ras Laffan Liquefied Natural Gas Company		5.30%			09/30/2020		891,206
	1,800,000	Ras Laffan Liquefied Natural Gas Company		5.84%			09/30/2027		2,151,000
	2,825,000	Royal KPN N.V.		8.38%			10/01/2030		3,709,197
	750,000	RSHB Capital S.A.		7.13%			01/14/2014		783,225
	3,300,000	Samarco Mineracao S.A.		4.13%	^		11/01/2022		3,219,150
	1,600,000	Samarco Mineracao S.A.		4.13%			11/01/2022		1,560,800
	1,000,000	Scotiabank Peru S.A.		4.50%	#		12/13/2027		969,000
	7,092,000	Scotiabank Peru S.A.		4.50%	#^		12/13/2027		6,872,148
	5,000,000	Sibur Securities Ltd.		3.91%	^		01/31/2018		4,937,500
	2,000,000	SMU S.A.		7.75%	^		02/08/2020		2,150,000
	300,000	STATS ChipPAC Ltd.		5.38%			03/31/2016		315,000
	4,000,000	Steel Funding Ltd.		4.45%	^		02/19/2018		4,010,000
	6,500,000	Tanner Servicios Financieros S.A.		4.38%	^		03/13/2018		6,597,500
	200,000	Telefonica Celular del Paraguay S.A.		6.75%	^		12/13/2022		217,000
	916,364	Tengizchevroil Finance Corporation		6.12%			11/15/2014		948,436
	4,600,000	Transocean, Inc.		6.00%			03/15/2018		5,215,623
	3,000,000	Transportadora de Gas Internacional S.A.		5.70%			03/20/2022		3,285,000
	6,400,000	Tupras Turkiye Petrol Rafinerileri A.S.		4.13%	^		05/02/2018		6,408,000
	2,100,000	Tupras Turkiye Petrol Rafinerileri A.S.		4.13%			05/02/2018		2,102,625
	200,000	TV Azteca S.A.B. de C.V.		7.50%			05/25/2018		218,000
	3,500,000	United Overseas Bank Ltd.		5.38%	#		09/03/2019		3,689,203
	900,000	VimpelCom Holdings B.V.		5.20%	^		02/13/2019		908,100
	4,000,000	VimpelCom Holdings B.V.		5.95%	^		02/13/2023		3,995,000
	7,300,000	VTB Capital S.A.		6.88%			05/29/2018		8,066,500
	100,000	WPE International Cooperatief U.A.		10.38%	^		09/30/2020		94,000
	3,100,000	WPE International Cooperatief U.A.		10.38%			09/30/2020		2,914,000
		Total Foreign Corporate Bonds (Cost $356,731,888)							365,127,477

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

March 31, 2013

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES 1.0%
$	190,000	Colombia Government International Bond		8.70%			02/15/2016		226,478
	8,540,000	Corporacion Andina de Fomento		3.75%			01/15/2016		9,076,602
	2,304,000	Costa Rica Government International Bond		6.55%			03/20/2014		2,413,440
	5,840,000	Mexico Government International Bond		5.63%			01/15/2017		6,745,200
	3,000,000	Penerbangan BHD		5.63%			03/15/2016		3,367,338
	3,000,000	Wakala Global Sukuk BHD		4.65%			07/06/2021		3,382,485
		Total Foreign Government Bonds and Notes, Supranationals and Foreign Agencies (Cost $24,474,934)							25,211,543
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 7.2%
		Banc of America Commercial Mortgage, Inc.,
	2,500,000	Series 2007-2-AM		5.81%	#		04/10/2049		2,822,961
	3,500,000	Series 2007-5-AM		5.77%	#		02/10/2051		3,931,377
		Banc of America Large Loan Trust,
	1,555,622	Series 2007-BMB1-A2		0.95%	#^		08/15/2029		1,533,371
		Banc of America Re-Remic Trust,
	500,000	Series 2012-CLRN-B		1.80%	#^		08/15/2029		506,548
	1,400,000	Series 2012-CLRN-D		2.90%	#^		08/15/2029		1,433,121
		Bear Stearns Commercial Mortgage Securities, Inc.,
	261,890	Series 2001-TOP2-C		6.83%	#		02/15/2035		261,515
	1,000,000	Series 2005-T18-AJ		5.01%	#		02/13/2042		1,070,038
	2,750,000	Series 2007-PW16-AM		5.72%	#		06/11/2040		3,156,561
		CD Commercial Mortgage Trust,
	4,902,000	Series 2006-CD3-AM		5.65%			10/15/2048		5,548,961
	109,084,729	Series 2007-CD5-XP		0.17%	#^ I/O		11/15/2044		361,507
	4,800,000	Series 2007-CS4-AMFX		5.37%	#		12/11/2049		5,179,337
		Citigroup Commercial Mortgage Trust,
	700,000	Series 2005-C3-AM		4.83%	#		05/15/2043		751,085
	2,000,000	Series 2007-C6-AM		5.70%	#		12/10/2049		2,262,663
	4,000,000	Series 2008-C7-AM		6.05%	#		12/10/2049		4,641,330
	11,923,784	Series 2012-GC8-XA		2.26%	#^ I/O		09/10/2045		1,601,698
		COBALT Commercial Mortgage Trust,
	3,500,000	Series 2007-C2-AMFX		5.53%	#		04/15/2047		3,982,601
		Commercial Mortgage Asset Trust,
	150,000	Series 1999-C1-B		7.23%	#		01/17/2032		150,886
		Commercial Mortgage Pass-Through Certificates,
	4,933,164	Series 2002-LC4-XA		2.52%	#^I/O		12/10/2044		768,311
	985,000	Series 2006-C7-AM		5.96%	#		06/10/2046		1,085,938
	2,500,000	Series 2006-C8-AM		5.35%			12/10/2046		2,813,960
	3,358,115	Series 2010-C1-XPA		2.37%	#^ I/O		07/10/2046		181,300
	400,000	Series 2011-THL-E		5.95%	^		06/09/2028		411,604
	29,856,111	Series 2012-CR3-XA		2.22%	#I/O		11/15/2045		4,260,631
	2,000,000	Series 2012-FL2-GP1		3.70%	#^		09/17/2029		2,000,000
		Credit Suisse First Boston Mortgage Securities Corporation,
	1,000,000	Series 1998-C2-F		6.75%	#^		11/15/2030		1,057,245
	325,000	Series 2001-CF2-G		6.93%	^		02/15/2034		315,167
	3,455,000	Series 2005-C6-AJ		5.23%	#		12/15/2040		3,715,873
		Credit Suisse Mortgage Capital Certificates,
	5,380,000	Series 2006-C3-AM		5.80%	#		06/15/2038		6,051,429
	3,750,000	Series 2006-C4-AM		5.51%			09/15/2039		4,140,405
	2,500,000	Series 2006-C5-AM		5.34%			12/15/2039		2,760,309
	1,971,149	Series 2006-TF2A-A2		0.37%	#^		10/15/2021		1,934,735
	2,800,000	Series 2007-TFLA-B		0.35%	#^		02/15/2022		2,721,054
	3,800,000	Series 2009-RR2-IQB		5.69%	#^		04/16/2049		4,205,631
	2,500,000	Series 2010-RR1-1B		5.69%	#^		04/16/2049		2,830,370
	1,500,000	Series 2010-RR2-3B		5.34%	#^		12/15/2043		1,690,357
		Crest Ltd.,
	137,026	Series 2003-2A-A1		0.76%	#^		12/28/2018		136,506

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		DBRR Trust,
$	3,800,000	Series 2011-C32-A3B		5.73%	#^		06/17/2049		4,244,507
	2,500,000	Series 2012-EZ1-B		1.39%	^		09/25/2045		2,503,378
		DBUBS Mortgage Trust,
	5,870,066	Series 2011-LC2A-XA		1.43%	#^ I/O		07/10/2044		395,678
		Extended Stay American Trust,
	1,000,000	Series 2013-ESFL-DFL		3.34%	#^		12/05/2031		1,025,757
	2,000,000	Series 2013-ESHM-M		7.63%	^		12/05/2019		2,141,524
		Fontainebleau Miami Beach Trust,
	2,500,000	Series 2012-FBLU-C		4.27%	^		05/05/2027		2,621,524
	1,150,000	Series 2012-FBLU-E		5.25%	^		05/05/2027		1,214,234
		GE Capital Commercial Mortgage Corporation,
	1,000,000	Series 2005-C2-B		5.11%	#		05/10/2043		1,035,586
		GMAC Commercial Mortgage Securities, Inc.,
	1,000,000	Series 2006-C1-AJ		5.35%	#		11/10/2045		918,277
	794,000	Series 2006-C1-AM		5.29%	#		11/10/2045		861,600
		Greenwich Capital Commercial Funding Corporation,
	300,000	Series 2004-FL2A-D		0.51%	#^		11/05/2019		296,645
	100,000	Series 2004-FL2A-F		0.60%	#^		11/05/2019		94,550
	3,500,000	Series 2007-GG11-AM		5.87%	#		12/10/2049		3,975,141
	4,000,000	Series 2007-GG9-AMFX		5.48%			03/10/2039		4,364,038
		GS Mortgage Securities Corporation II,
	1,600,000	Series 2006-GG6-AJ		5.64%	#		04/10/2038		1,591,462
	1,000,000	Series 2006-GG6-AM		5.62%	#		04/10/2038		1,107,726
	17,701,283	Series 2006-GG6-XC		0.09%	#^ I/O		04/10/2038		28,464
	4,905,100	Series 2011-GC5-XA		1.75%	#^ I/O		08/10/2044		414,567
	5,910,047	Series 2012-GC6-XA		2.19%	#^ I/O		01/10/2045		807,484
		JP Morgan Chase Commercial Mortgage Securities Corporation,
	640,000	Series 2003-LN1-D		5.02%	#		10/15/2037		651,414
	1,000,000	Series 2004-C3-A4		4.66%			01/15/2042		1,001,581
	710,580	Series 2006-CB16-X2		0.10%	# I/O		05/12/2045		1,906
	44,130,839	Series 2006-LDP8-X		0.54%	# I/O		05/15/2045		660,948
	1,000,000	Series 2007-CB18-AMFX		5.40%			06/12/2047		1,123,442
	1,800,000	Series 2007-CIBC18-AM		5.47%	#		06/12/2047		2,027,273
	4,450,000	Series 2007-CIBC19-AM		5.71%	#		02/12/2049		4,982,020
	3,750,000	Series 2007-LD12-AM		6.00%	#		02/15/2051		4,302,876
	12,050,000	Series 2009-IWST-XB		0.54%	# ^I/O		12/05/2027		277,608
	2,000,000	Series 2009-RR2-GEB		5.54%	^		12/17/2049		2,241,159
	12,684,552	Series 2011-C4-XA		1.59%	# ^I/O		07/15/2046		846,827
	600,000	Series 2011-PLSD-A2		3.36%	^		11/13/2044		642,338
	34,799,051	Series 2012-C8-XA		2.22%	# I/O		10/15/2045		4,617,886
	8,897,489	Series 2012-CBX-XA		2.04%	# I/O		06/15/2045		1,020,475
		LB Commercial Mortgage Trust,
	3,500,000	Series 2007-C3-AMFL		5.86%	#^		07/15/2044		4,049,330
		LB-UBS Commercial Mortgage Trust,
	33,698	Series 2004-C4-A3		5.36%	#		06/15/2029		34,413
	1,000,000	Series 2005-C3-AM		4.79%			07/15/2040		1,079,886
	3,900,000	Series 2006-C6-AM		5.41%			09/15/2039		4,414,985
	10,530,417	Series 2006-C7-XCL		0.28%	#^ I/O		11/15/2038		181,781
	8,492,628	Series 2006-C7-XW		0.64%	#^ I/O		11/15/2038		177,797
	1,600,000	Series 2007-C1-AJ		5.48%			02/15/2040		1,577,843
	2,500,000	Series 2007-C1-AM		5.46%			02/15/2040		2,834,185
		Merrill Lynch Mortgage Trust,
	680,000	Series 2005-CIP1-AM		5.11%	#		07/12/2038		732,907
	74,950,157	Series 2005-CIP1-XP		0.18%	# I/O		07/12/2038		84,694
	1,600,000	Series 2006-C2-AJ		5.80%	#		08/12/2043		1,564,622
		Merrill Lynch/Countrywide Commercial Mortgage Trust,
	223,750	Series 2006-4-A2FL		0.32%	#		12/12/2049		223,366
	4,000,000	Series 2007-5-AM		5.42%			08/12/2048		4,343,340
		Morgan Stanley Bank of America Merrill Lynch Trust,
	2,975,805	Series 2012-C5-XA		1.93%	#^ I/O		08/15/2045		331,121
		Morgan Stanley Capital, Inc.,
	325,000	Series 2005-HQ7-AM		5.21%	#		11/14/2042		359,547
	4,000,000	Series 2006-HQ8-AJ		5.50%	#		03/12/2044		4,156,154
	69,488	Series 2007-HQ12-A2FL		0.45%	#		04/12/2049		67,810
	3,700,000	Series 2007-IQ13-AM		5.41%			03/15/2044		4,127,877
	29,621,818	Series 2011-C1-XA		0.96%	#^ I/O		09/15/2047		931,043
		Morgan Stanley Re-Remic Trust,
	2,500,000	Series 2010-HQ4-AJ		4.97%	^		04/15/2040		2,605,611

The accompanying notes are an integral part of these financial statements Annual Report March 31, 2013 27

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		SMA Issuer LLC,
$	2,065,323	Series 2012-LV1-A		3.50%	^		08/20/2025		2,075,771
		TIAA Seasoned Commercial Mortgage Trust,
	1,000,000	Series 2007-C4-AJ		5.54%	#		08/15/2039		1,099,780
		UBS-Barclays Commercial Mortgage Trust,
	14,879,556	Series 2012-C3-XA		2.20%	#^ I/O		08/10/2049		2,092,095
		Wachovia Bank Commercial Mortgage Trust,
	500,000	Series 2005-C22-AM		5.33%	#		12/15/2044		551,070
	250,000	Series 2006-C25-AM		5.73%	#		05/15/2043		283,807
	103,944,603	Series 2006-C27-XC		0.06%	#^ I/O		07/15/2045		925,003
	18,190,938	Series 2006-C29-IO		0.38%	# I/O		11/15/2048		237,374
	1,600,000	Series 2007-C30-AMFL		5.41%	#		12/15/2043		1,562,287
	3,500,000	Series 2007-C33-AM		5.93%	#		02/15/2051		3,913,898
		WF-RBS Commercial Mortgage Trust,
	19,858,023	Series 2012-C9-XA		2.28%	#^ I/O		11/15/2045		2,822,748
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $180,650,684)							185,758,425
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 14.6%
		ACE Securities Corporation,
	3,717,622	Series 2006-NC1-A2C		0.40%	#		12/25/2035		3,655,886
		Adjustable Rate Mortgage Trust,
	139,685	Series 2007-3-1A1		3.44%	#^		11/25/2037		96,557
		American General Mortgage Loan Trust,
	4,000,000	Series 2010-1-A3		5.65%	#^		03/25/2058		4,231,690
		Banc of America Funding Corporation,
	4,903,850	Series 2005-G-A3		5.20%	#		10/20/2035		4,670,346
	2,453,040	Series 2006-2-6A2		5.50%			03/25/2036		2,510,892
	1,664,260	Series 2006-6-1A2		6.25%			08/25/2036		1,678,344
		Banc of America Mortgage Securities, Inc.,
	831,504	Series 2004-8-4A1		5.50%			09/25/2024		850,359
		BCAP LLC Trust,
	2,372,393	Series 2009-RR13-6A5		6.07%	#^		04/26/2037		2,496,020
		Bear Stearns Asset Backed Securities Trust,
	347,001	Series 2007-SD1-1A3A		6.50%			10/25/2036		280,159
		Chase Mortgage Finance Corporation,
	9,847,932	Series 2007-A2-6A4		3.01%	#		07/25/2037		9,062,313
	2,887,331	Series 2007-S3-2A1		5.50%			05/25/2037		2,922,256
		Citicorp Mortgage Securities, Inc.,
	308,979	Series 2005-1-1A4		5.50%			02/25/2035		324,671
		Citicorp Residential Mortgage Securities, Inc.,
	1,800,000	Series 2006-2-A5		6.04%	#		09/25/2036		1,700,682
		Citigroup Mortgage Loan Trust, Inc.,
	429,888	Series 2006-WF2-A2C		5.85%	#		05/25/2036		281,397
	4,928,000	Series 2008-AR4-2A1B		2.84%	#^		11/25/2038		2,766,917
	3,000,000	Series 2010-8-5A4		9.85%	#^		11/25/2036		2,419,532
	15,288,402	Series 2010-8-6A4		8.73%	#^		12/25/2036		11,947,600
	3,088,977	Series 2011-12-3A1		5.59%	^		09/25/2047		3,119,978
		Citimortgage Alternative Loan Trust,
	370,451	Series 2006-A2-A2		6.00%			05/25/2036		309,638
	179,903	Series 2006-A5-3A3		6.00%			10/25/2036		145,653
	355,756	Series 2007-A1-1A7		6.00%			01/25/2037		301,085
		Countrywide Alternative Loan Trust,
	471,596	Series 2005-20CB-1A1		5.50%			07/25/2035		413,436
	505,224	Series 2005-28CB-3A6		6.00%			08/25/2035		402,859
	2,657,745	Series 2005-46CB-A22		5.25%			10/25/2035		2,459,448
	523,920	Series 2005-J10-1A13		0.90%	#		10/25/2035		400,268
	856,417	Series 2006-26CB-A9		6.50%			09/25/2036		713,377
	3,109,835	Series 2007-12T1-A1		6.00%			06/25/2037		2,558,150
	3,258,359	Series 2007-16CB-2A1		0.65%	#		08/25/2037		1,905,825
	943,539	Series 2007-16CB-2A2		52.88%	# I/F		08/25/2037		2,329,340
	250,610	Series 2007-17CB-1A10		28.96%	# I/F		08/25/2037		437,836
	1,294,893	Series 2007-18CB-2A17		6.00%			08/25/2037		1,087,079
	5,280,387	Series 2007-23CB-A3		0.70%	#		09/25/2037		3,200,506

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Countrywide Alternative Loan Trust, (Cont.)
$	5,187,082	Series 2007-23CB-A4		6.30%	# I/F I/O		09/25/2037		1,269,982
	922,615	Series 2007-4CB-2A1		7.00%			03/25/2037		350,102
		Countrywide Asset-Backed Certificates,
	207,812	Series 2005-13-AF3		5.24%	#		04/25/2036		179,108
		Countrywide Home Loans,
	432,263	Series 2002-32-2A6		5.00%			01/25/2018		445,689
	1,269,925	Series 2005-28-A7		5.25%			01/25/2019		1,235,637
	2,246,139	Series 2007-10-A5		6.00%			07/25/2037		2,037,332
	992,167	Series 2007-15-1A16		6.25%			09/25/2037		932,123
	2,594,982	Series 2007-3-A17		6.00%			04/25/2037		2,373,128
		Credit Suisse First Boston Mortgage Securities Corporation,
	230,644	Series 2005-10-5A5		5.50%			11/25/2035		202,203
	4,017,828	Series 2005-8-1A3		5.25%			09/25/2035		4,031,332
	4,079,526	Series 2005-8-9A4		5.50%			09/25/2035		3,988,100
		Credit Suisse Mortgage Capital Certificates,
	9,614,590	Series 2006-4-6A1		6.00%			05/25/2036		9,329,940
	509,146	Series 2006-4-7A1		5.50%			05/25/2021		523,255
	2,899,132	Series 2006-7-1A3		5.00%			08/25/2036		2,385,787
	266,985	Series 2007-1-3A1		6.00%			02/25/2022		224,743
	478,091	Series 2007-2-2A1		5.00%			03/25/2037		473,127
	5,359,216	Series 2007-2-2A5		5.00%			03/25/2037		5,035,591
	9,654,645	Series 2010-4R-3A17		8.24%	#^		06/26/2037		7,215,119
		Deutsche Mortgage Securities, Inc.,
	3,328,758	Series 2006-PR1-3A1		11.84%	#^ I/F		04/15/2036		3,566,663
	312,509	Series 2006-PR1-4AI2		14.22%	#^ I/F		04/15/2036		361,933
	2,009,236	Series 2006-PR1-5AI4		11.84%	#^ I/F		04/15/2036		2,209,360
		First Horizon Alternative Mortgage Securities,
	909,665	Series 2006-FA2-1A5		6.00%			05/25/2036		786,976
	224,666	Series 2006-RE1-A1		5.50%			05/25/2035		197,369
		GSAA Home Equity Trust,
	1,498,200	Series 2005-7-AF5		4.61%	#		05/25/2035		1,510,448
	139	Series 2006-4-4A1		0.30%	#		03/25/2036		139
	3,284,939	Series 2007-10-A1A		6.00%			11/25/2037		2,933,097
	2,294,735	Series 2007-10-A2A		6.50%			11/25/2037		1,845,909
		GSR Mortgage Loan Trust,
	426,425	Series 2006-2F-5A1		4.50%			01/25/2021		417,424
	13,844,775	Series 2006-3F-4A1		6.00%			03/25/2036		12,831,600
	3,366,490	Series 2007-1F-2A2		5.50%			01/25/2037		3,390,017
		HSI Asset Loan Obligation Trust,
	316,284	Series 2006-2-2A1		5.50%			12/25/2021		304,146
	8,911,180	Series 2007-2-3A6		6.00%			09/25/2037		8,456,523
		Indymac Mortgage Loan Trust,
	11,393,480	Series 2006-AR3-1A1		2.91%	#		12/25/2036		9,642,490
		JP Morgan Alternative Loan Trust,
	500,000	Series 2006-S2-A4		6.19%	#		05/25/2036		344,117
	10,000,000	Series 2006-S3-A4		6.31%	#		08/25/2036		7,078,685
	3,092,583	Series 2006-S3-A6		6.12%	#		08/25/2036		2,957,874
	3,528,811	Series 2006-S4-A6		5.71%	#		12/25/2036		3,389,130
		JP Morgan Mortgage Trust,
	755,058	Series 2007-S3-1A7		6.00%			08/25/2037		657,512
		JP Morgan Resecuritization Trust,
	7,756,728	Series 2011-2-2A3		3.50%	#^		07/26/2036		7,982,782
		Leaf II Receivables Funding LLC,
	2,165,309	Series 2010-4-C		5.00%	^		01/20/2019		2,155,349
		Lehman Mortgage Trust,
	4,807,407	Series 2005-1-2A4		5.50%			11/25/2035		4,846,088
	1,343,851	Series 2006-3-1A5		6.00%			07/25/2036		1,093,565
	99,096	Series 2006-9-1A19		29.74%	# I/F		01/25/2037		152,548
	1,761,212	Series 2007-10-2A1		6.50%			01/25/2038		1,659,021
	364,796	Series 2007-2-1A1		5.75%			02/25/2037		278,520
		MASTR Alternative Loans Trust,
	238,030	Series 2005-2-3A1		6.00%			03/25/2035		241,616
	100,788	Series 2007-1-2A7		6.00%			10/25/2036		90,897
		MASTR Asset Securitization Trust,
	454,149	Series 2003-2-30B2		5.75%			04/25/2033		453,957
	99,879	Series 2005-1-2A5		5.00%			05/25/2035		99,838

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

March 31, 2013

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Morgan Stanley Mortgage Loan Trust,
$	1,197,540	Series 2004-1-1A1		5.00%			11/25/2018		1,230,934
	3,041,697	Series 2005-7-7A4		5.50%			11/25/2035		3,103,070
	7,274,752	Series 2006-7-3A		5.57%	#		06/25/2036		5,595,397
		Morgan Stanley Re-Remic Trust,
	6,705,154	Series 2010-R6-5C		5.75%	#^		05/26/2037		5,598,271
		Nomura Asset Acceptance Corporation,
	309,050	Series 2006-AP1-A2		5.52%	#		01/25/2036		217,750
		Nomura Home Equity Loan, Inc.,
	758,967	Series 2006-AF1-A2		5.80%	#		10/25/2036		425,654
	1,375,810	Series 2007-1-1A1		6.06%	#		02/25/2037		892,422
		Option One Mortgage Loan Trust,
	105,270	Series 2004-3-M3		0.85%	#		11/25/2034		94,955
		PHH Alternative Mortgage Trust,
	2,935,022	Series 2007-2-4A1		6.00%			05/25/2022		2,859,212
		Residential Accredit Loans, Inc.,
	715,899	Series 2004-QS15-A1		5.25%			11/25/2034		735,759
	954,605	Series 2005-QS14-3A3		6.00%			09/25/2035		837,729
	314,749	Series 2005-QS1-A5		5.50%			01/25/2035		310,831
	981,738	Series 2006-QS10-A4		5.75%			08/25/2036		810,220
	2,217,300	Series 2006-QS6-1A15		6.00%			06/25/2036		1,840,091
	756,093	Series 2006-QS6-2A1		6.00%			06/25/2021		736,233
	3,166,145	Series 2007-QS3-A4		6.25%			02/25/2037		2,563,827
		Residential Asset Mortgage Products, Inc.,
	550,000	Series 2005-RS1-AI5		5.41%	#		01/25/2035		482,056
		Residential Asset Securitization Trust,
	488,743	Series 2005-A10-A3		5.50%			09/25/2035		465,450
	498,185	Series 2005-A11-2A4		6.00%			10/25/2035		354,063
	168,446	Series 2005-A7-A3		5.50%			06/25/2035		156,701
	2,541,536	Series 2006-A6-1A1		6.50%			07/25/2036		1,680,785
	264,298	Series 2006-R1-A1		27.58%	# I/F		01/25/2046		357,918
		Residential Funding Mortgage Securities Trust,
	337,706	Series 2006-S10-1A2		6.00%			10/25/2036		314,165
	1,686,606	Series 2006-S11-A3		6.00%			11/25/2036		1,607,798
	3,202,523	Series 2007-S2-A4		6.00%			02/25/2037		3,005,651
	2,061,230	Series 2007-S3-1A4		6.00%			03/25/2037		1,955,602
		Structured Adjustable Rate Mortgage Loan Trust,
	6,158,023	Series 2005-8XS-A3		0.76%	#		04/25/2035		6,126,660
	1,078,353	Series 2006-4-7A1		5.09%	#		05/25/2036		1,070,745
		Structured Asset Securities Corporation,
	3,246,364	Series 2003-35-1A1		5.16%	#		12/25/2033		3,280,794
	4,332,760	Series 2005-10-1A1		5.75%			06/25/2035		4,364,835
	5,277,154	Series 2005-14-1A1		0.50%	#		07/25/2035		4,741,312
	3,576,127	Series 2005-16-1A3		5.50%			09/25/2035		3,658,843
	2,710,132	Series 2005-RF1-A		0.55%	#^		03/25/2035		2,210,814
	2,726,992	Series 2005-RF1-AIO		5.41%	#^ I/O		03/25/2035		518,974
		Washington Mutual Mortgage Pass-Through Certificates,
	234,543	Series 2005-1-2A		6.00%			03/25/2035		215,067
	2,819,762	Series 2006-1-3A1		5.75%			02/25/2036		2,428,518
	6,925,230	Series 2006-8-A6		5.77%	#		10/25/2036		4,820,836
	6,115,511	Series 2006-AR19-2A		2.21%	#		01/25/2047		5,622,916
	4,932,815	Series 2007-3-A6		6.00%			04/25/2037		4,247,827
	309,305	Series 2007-5-A11		38.25%	# I/F		06/25/2037		564,164
		Wells Fargo Alternative Loan Trust,
	13,259,596	Series 2007-PA2-1A1		6.00%			06/25/2037		12,264,874
	16,339,619	Series 2007-PA5-1A1		6.25%			11/25/2037		15,634,523
		Wells Fargo Mortgage Backed Securities Trust,
	7,510,856	Series 2005-12-1A5		5.50%			11/25/2035		7,732,945
	4,817,603	Series 2005-17-1A1		5.50%			01/25/2036		5,019,557
	261,546	Series 2005-AR14-A6		5.33%	#		08/25/2035		222,768
	352,453	Series 2005-AR16-6A4		2.67%	#		10/25/2035		174,525
	1,585,001	Series 2006-2-3A1		5.75%			03/25/2036		1,595,056
	3,675,917	Series 2006-7-2A1		6.00%			06/25/2036		3,804,267
	754,911	Series 2007-10-1A36		6.00%			07/25/2037		743,224
	3,637,620	Series 2007-10-1A5		6.00%			07/25/2037		3,671,483
	3,867,993	Series 2007-10-2A11		6.00%			07/25/2037		3,749,238
	6,243,510	Series 2007-11-A96		6.00%			08/25/2037		6,249,688
	7,668,212	Series 2007-14-1A1		6.00%			10/25/2037		7,886,741
	1,823,407	Series 2007-4-A16		5.50%			04/25/2037		1,724,928

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Wells Fargo Mortgage Backed Securities Trust, (Cont.)
$	5,740,285	Series 2007-5-1A1		5.50%			05/25/2037		6,085,744
	487,286	Series 2007-7-A1		6.00%			06/25/2037		477,806
	8,941,628	Series 2007-8-2A2		6.00%			07/25/2037		8,797,037
		Wells Fargo Mortgage Loan Trust,
	11,065,908	Series 2012-RR1-A1		2.85%	#^		08/27/2037		11,274,140
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $350,931,865)							375,061,383
	US CORPORATE BONDS 15.4%
	4,770,000	ADT Corporation		3.50%	^		07/15/2022		4,764,572
	9,525,000	Altria Group, Inc.		2.85%			08/09/2022		9,383,039
	8,565,000	American Express Credit Corporation		2.75%			09/15/2015		8,960,643
	4,600,000	Arrow Electronics, Inc.		3.38%			11/01/2015		4,779,170
	125,000	Ashland, Inc.		4.75%	^		08/15/2022		127,188
	4,725,000	AT&T, Inc.		5.35%			09/01/2040		5,077,178
	125,000	Avis Budget Car Rental LLC		5.50%	^		04/01/2023		125,313
	9,275,000	Bank Of Montreal		1.40%			09/11/2017		9,298,883
	4,225,000	BB&T Corporation		1.60%			08/15/2017		4,270,546
	200,000	BE Aerospace, Inc.		6.88%			10/01/2020		222,250
	5,325,000	Becton Dickinson and Company		3.13%			11/08/2021		5,562,474
	5,550,000	Biogen Idec, Inc.		6.88%			03/01/2018		6,800,726
	3,052,000	Boeing Company		6.88%			03/15/2039		4,319,316
	835,000	Boeing Company		5.88%			02/15/2040		1,066,107
	725,000	Boston Properties LP		5.63%			11/15/2020		861,085
	3,300,000	Boston Properties LP		4.13%			05/15/2021		3,588,166
	400,000	Boston Properties LP		3.85%			02/01/2023		423,536
	4,325,000	Burlington Northern Santa Fe LLC		3.00%			03/15/2023		4,367,221
	100,000	CCO Holdings LLC		5.25%			09/30/2022		98,750
	4,725,000	Celgene Corporation		3.25%			08/15/2022		4,788,272
	100,000	Cinemark USA, Inc.		7.38%			06/15/2021		112,250
	4,375,000	Coca-Cola Company		1.80%			09/01/2016		4,526,563
	2,075,000	ConAgra Foods, Inc.		3.20%			01/25/2023		2,072,510
	3,375,000	ConocoPhillips Company		6.50%			02/01/2039		4,529,250
	100,000	Constellation Brands, Inc.		7.25%			05/15/2017		115,563
	6,492,000	Daimler Finance North America LLC		1.88%	^		09/15/2014		6,589,471
	100,000	DaVita, Inc.		5.75%			08/15/2022		104,375
	100,000	Delphi Corporation		5.00%			02/15/2023		106,250
	4,824,000	Devon Energy Corporation		6.30%			01/15/2019		5,831,160
	3,225,000	Devon Energy Corporation		4.00%			07/15/2021		3,447,977
	4,350,000	DIRECTV Holdings LLC		5.00%			03/01/2021		4,846,983
	4,675,000	Dow Chemical Company		3.00%			11/15/2022		4,604,122
	4,065,000	Duke Energy Corporation		3.55%			09/15/2021		4,329,522
	3,170,000	Ecolab, Inc.		2.38%			12/08/2014		3,257,410
	1,800,000	Ecolab, Inc.		1.00%			08/09/2015		1,805,805
	100,000	El Paso LLC		7.00%			06/15/2017		114,873
	100,000	Equinix, Inc.		7.00%			07/15/2021		111,375
	100,000	Felcor Lodging LP		6.75%			06/01/2019		109,000
	7,900,000	Ford Motor Company		7.45%			07/16/2031		10,030,756
	200,000	Frontier Communications Corporation		8.50%			04/15/2020		227,500
	8,425,000	General Electric Capital Corporation		2.90%			01/09/2017		8,899,723
	4,125,000	Goldman Sachs Group, Inc.		5.75%			01/24/2022		4,804,709
	3,650,000	Halliburton Company		6.15%			09/15/2019		4,600,084
	100,000	Hawk Acquisition Sub, Inc.		4.25%	^		10/15/2020		100,250
	100,000	IASIS Healthcare LLC		8.38%			05/15/2019		105,625
	5,270,000	Illinois Tool Works, Inc.		3.38%			09/15/2021		5,722,445
	100,000	Iron Mountain, Inc.		5.75%			08/15/2024		100,375

The accompanying notes are an integral part of these financial statements Annual Report March 31, 2013 29

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
$	6,425,000	JP Morgan Chase & Company		4.95%			03/25/2020		7,376,620
	1,750,000	JP Morgan Chase & Company		4.50%			01/24/2022		1,921,379
	3,703,000	Kellogg Company		7.45%			04/01/2031		5,032,221
	3,025,000	Kinder Morgan Energy Partners LP		6.95%			01/15/2038		3,809,500
	700,000	Kinder Morgan Energy Partners LP		6.50%			09/01/2039		847,691
	4,100,000	Kraft Foods, Inc.		5.38%			02/10/2020		4,885,232
	6,500,000	Kroger Company		3.40%			04/15/2022		6,784,395
	100,000	Lear Corporation		4.75%	^		01/15/2023		98,000
	5,685,000	Liberty Mutual Group, Inc.		6.50%	^		05/01/2042		6,500,365
	5,333,000	Life Technologies Corporation		6.00%			03/01/2020		5,991,887
	100,000	Linn Energy LLC		6.50%			05/15/2019		105,125
	5,275,000	Macy’s Retail Holdings, Inc.		2.88%			02/15/2023		5,116,001
	3,775,000	Marathon Petroleum Corporation		5.13%			03/01/2021		4,410,197
	4,600,000	Mattel, Inc.		2.50%			11/01/2016		4,800,716
	6,450,000	Medtronic, Inc.		1.38%			04/01/2018		6,457,753
	1,575,000	MetLife, Inc.		6.38%			06/15/2034		2,004,666
	2,775,000	MetLife, Inc.		5.70%			06/15/2035		3,258,702
	1,100,000	MetLife, Inc.		5.88%			02/06/2041		1,321,807
	3,350,000	MetLife, Inc.		4.13%			08/13/2042		3,148,859
	100,000	Michaels Stores, Inc.		7.75%			11/01/2018		109,750
	4,675,000	Microsoft Corporation		2.13%			11/15/2022		4,579,331
	1,015,000	MidAmerican Energy Holdings Company		5.95%			05/15/2037		1,255,158
	4,554,000	MidAmerican Energy Holdings Company		6.50%			09/15/2037		5,932,468
	4,375,000	Morgan Stanley		3.75%			02/25/2023		4,431,284
	5,986,000	Motorola, Inc.		6.00%			11/15/2017		7,013,670
	100,000	MPT Operating Partnership LP		6.38%			02/15/2022		108,000
	7,540,000	National Rural Utilities Cooperative Finance Corporation		10.38%			11/01/2018		11,016,581
	75,000	NCL Corporation Ltd.		5.00%	^		02/15/2018		76,781
	4,010,000	Novartis Capital Corporation		4.40%			04/24/2020		4,633,463
	4,000,000	ONEOK Partners LP		6.13%			02/01/2041		4,668,588
	4,725,000	Oracle Corporation		1.20%			10/15/2017		4,735,400
	4,100,000	Phillips 66		5.88%			05/01/2042		4,833,777
	950,000	PNC Funding Corporation		6.70%			06/10/2019		1,200,344
	5,100,000	PNC Funding Corporation		4.38%			08/11/2020		5,770,196
	2,350,000	PNC Funding Corporation		3.30%			03/08/2022		2,427,672
	100,000	Regal Entertainment Group		5.75%			02/01/2025		98,500
	100,000	Revlon Consumer Products Corporation		5.75%	^		02/15/2021		100,750
	100,000	Reynolds Group LLC		7.88%			08/15/2019		110,750
	100,000	RR Donnelley & Sons Company		7.88%			03/15/2021		104,750
	100,000	Sally Holdings LLC		5.75%			06/01/2022		104,875
	100,000	SBA Telecommunications, Inc.		5.75%	^		07/15/2020		104,375
	100,000	Service Corporation International		6.75%			04/01/2015		109,125
	100,000	SESI LLC		6.38%			05/01/2019		108,000
	3,927,000	Simon Property Group LP		5.65%			02/01/2020		4,744,346
	6,163,000	Southern Power Company, Series D		4.88%			07/15/2015		6,728,418
	296,000	Southwest Airlines Company		5.25%			10/01/2014		312,927
	1,854,000	Southwest Airlines Company		5.75%			12/15/2016		2,083,136
	4,675,000	Southwest Airlines Company		5.13%			03/01/2017		5,142,266
	100,000	Spectrum Brands Escrow Corporation		6.63%	^		11/15/2022		108,750
	5,100,000	Teck Resources Ltd.		5.40%			02/01/2043		4,856,812
	100,000	Terex Corporation		6.00%			05/15/2021		105,750
	4,500,000	Teva Pharmaceutical Finance Company B.V.		2.95%			12/18/2022		4,521,078

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
$	3,896,000	Time Warner Cable, Inc.		5.00%			02/01/2020		4,439,718
	4,925,000	Time Warner Cable, Inc.		4.50%			09/15/2042		4,494,412
	100,000	Toll Brothers Finance Corporation		5.88%			02/15/2022		112,005
	4,570,000	Tyson Foods, Inc.		4.50%			06/15/2022		4,995,581
	100,000	United Rentals, Inc.		8.38%			09/15/2020		112,000
	2,000,000	United Technologies Corporation		3.10%			06/01/2022		2,100,348
	100,000	Univision Communications, Inc.		6.88%	^		05/15/2019		107,500
	3,921,000	Valero Energy Corporation		6.13%			02/01/2020		4,771,100
	100,000	Viking Cruises Ltd.		8.50%	^		10/15/2022		110,500
	200,000	Virgin Media Finance PLC		4.88%			02/15/2022		203,500
	8,636,000	Wal-Mart Stores, Inc.		3.25%			10/25/2020		9,355,854
	6,425,000	Waste Management, Inc.		6.13%			11/30/2039		7,915,189
	6,185,000	WellPoint, Inc.		5.25%			01/15/2016		6,890,381
	2,140,000	WellPoint, Inc.		5.88%			06/15/2017		2,521,573
	7,325,000	Wells Fargo & Company		4.60%			04/01/2021		8,379,741
	1,000,000	Wells Fargo & Company		3.50%			03/08/2022		1,053,016
	4,225,000	Wynn Las Vegas LLC		7.75%			08/15/2020		4,758,406
	6,510,000	Xerox Corporation		4.25%			02/15/2015		6,860,349
		Total US Corporate Bonds (Cost $386,422,809)							395,379,721
	US GOVERNMENT / AGENCY MORTGAGE BACKED OBLIGATIONS 23.8%
		Federal Home Loan Mortgage Corporation,
	3,303,444	Pool G01840		5.00%			07/01/2035		3,570,163
	2,413,091	Pool G04817		5.00%			09/01/2038		2,595,858
	8,832,092	Pool G06871		6.00%			06/01/2038		9,669,047
	12,375,059	Pool G06954		6.00%			05/01/2040		13,532,288
	6,508,598	Pool N70081		5.50%			07/01/2038		7,050,117
	8,832,041	Pool T60854		3.50%			09/01/2042		9,105,857
	1,305,695	Pool U60299		4.00%			11/01/2040		1,429,070
	246,376	Series 2692-SC		12.88%	# I/F		07/15/2033		290,542
	29,301,497	Series 269-30		3.00%			08/15/2042		30,545,110
	5,300,000	Series 2722-PS		9.66%	# I/F		12/15/2033		6,403,746
	18,599,819	Series 272-30		3.00%			08/15/2042		19,382,303
	458,855	Series 2750-ZT		5.00%			02/15/2034		497,485
	14,398,050	Series 2890-ZA		5.00%			11/15/2034		16,036,441
	778,933	Series 3002-SN		6.30%	# I/F I/O		07/15/2035		145,140
	349,748	Series 3045-DI		6.53%	# I/F I/O		10/15/2035		69,757
	1,128,415	Series 3116-Z		5.50%			02/15/2036		1,285,930
	137,459	Series 3117-ZN		4.50%			02/15/2036		151,915
	1,388,859	Series 3203-ZC		5.00%			07/15/2036		1,598,005
	554,086	Series 3275-SC		5.88%	# I/F I/O		02/15/2037		63,415
	7,005,070	Series 3382-SB		5.80%	# I/F I/O		11/15/2037		675,093
	5,092,118	Series 3384-S		6.19%	# I/F I/O		11/15/2037		704,531
	5,332,362	Series 3417-SX		5.98%	# I/F I/O		02/15/2038		740,766
	677,168	Series 3423-GS		5.45%	# I/F I/O		03/15/2038		79,399
	677,168	Series 3423-SG		5.45%	# I/F I/O		03/15/2038		79,399
	643,273	Series 3524-LB		5.17%	# I/O		06/15/2038		680,418
	2,451,805	Series 3562-WS		4.75%	# I/F I/O		08/15/2039		244,805
	1,384,246	Series 3582-SA		5.80%	# I/F I/O		10/15/2049		154,413
	1,581,459	Series 3606-CS		6.15%	# I/F I/O		12/15/2039		286,669
	911,260	Series 3616-SG		6.15%	# I/F I/O		03/15/2032		180,543
	5,354,012	Series 3626-AZ		5.50%			08/15/2036		6,147,203
	7,000,000	Series 3641-TB		4.50%			03/15/2040		7,630,035
	1,794,387	Series 3666-SC		5.57%	# I/F I/O		05/15/2040		272,468
	584,108	Series 3666-VZ		5.50%			08/15/2036		681,975
	688,111	Series 3688-CM		4.00%			07/15/2029		705,979
	12,175,000	Series 3738-BD		4.00%			10/15/2030		13,396,274
	573,294	Series 3745-SY		9.59%	# I/F		10/15/2040		582,248
	2,334,919	Series 3779-DZ		4.50%			12/15/2040		2,381,023
	1,400,000	Series 3779-YA		3.50%			12/15/2030		1,488,548
	578,327	Series 3780-YS		9.49%	# I/F		12/15/2040		591,753
	1,033,175	Series 3786-SG		9.09%	# I/F		01/15/2041		1,064,059
	541,574	Series 3793-SA		9.39%	# I/F		01/15/2041		549,787

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

March 31, 2013

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
			Federal Home Loan Mortgage Corporation, (Cont.)
$	2,180,752		Series 3795-VZ		4.00%			01/15/2041		2,356,001
	129,002		Series 3798-SD		9.19%	# I/F		12/15/2040		133,874
	229,083		Series 3805-KS		9.09%	# I/F		02/15/2041		233,866
	1,681,669		Series 3806-CZ		5.50%			07/15/2034		1,988,495
	1,156,635		Series 3808-DB		3.50%			02/15/2031		1,242,729
	4,375,960		Series 3818-CZ		4.50%			03/15/2041		4,807,150
	6,630,808		Series 3818-JA		4.50%			01/15/2040		6,872,424
	2,215,215		Series 3819-ZU		5.50%			07/15/2034		2,579,815
	3,736,782		Series 3824-EY		3.50%			03/15/2031		4,006,778
	737,237		Series 3828-SW		12.59%	# I/F		02/15/2041		812,334
	4,228,777		Series 3863-ZA		5.50%			08/15/2034		4,986,716
	8,000,000		Series 3877-EY		4.50%			06/15/2041		8,833,148
	3,206,462		Series 3888-ZG		4.00%			07/15/2041		3,438,638
	2,352,261		Series 3910-GZ		5.00%			08/15/2041		2,761,100
	18,002,276		Series 3967-ZP		4.00%			09/15/2041		20,285,154
	5,223,273		Series 3972-AZ		3.50%			12/15/2041		5,497,706
	20,608,062		Series 4057-ZA		4.00%			06/15/2042		23,329,326
	7,625,151		Series 4096-DZ		3.50%			08/15/2042		8,087,311
	1,502,281		Series R003-ZA		5.50%			10/15/2035		1,710,737
			Federal National Mortgage Association,
	368,472		Series 2003-117-KS		6.90%	# I/F I/O		08/25/2033		39,126
	3,226,243		Series 2003-92-PZ		5.00%			09/25/2033		3,631,496
	500,000		Series 2003-W17-1A7		5.75%			08/25/2033		555,680
	5,000,000		Series 2005-20-QH		5.00%			03/25/2035		5,721,695
	1,458,485		Series 2006-101-SA		6.38%	# I/F I/O		10/25/2036		235,345
	5,000,000		Series 2006-50-PE		5.00%			06/25/2036		5,826,950
	673,274		Series 2006-56-SM		6.55%	# I/F I/O		07/25/2036		113,437
	825,597		Series 2007-116-BI		6.05%	# I/F I/O		05/25/2037		125,628
	2,234,943		Series 2007-30-OI		6.24%	# I/F I/O		04/25/2037		351,871
	5,154,763		Series 2008-14-ZA		5.50%			03/25/2038		5,858,682
	438,129		Series 2008-29-ZA		4.50%			04/25/2038		472,145
	766,372		Series 2008-62-SC		5.80%	# I/F I/O		07/25/2038		83,913
	4,096,853		Series 2009-111-EZ		5.00%			01/25/2040		4,516,166
	296,264		Series 2009-111-SE		6.05%	# I/F I/O		01/25/2040		30,230
	367,795	��	Series 2009-16-MZ		5.00%			03/25/2029		409,370
	798,125		Series 2009-48-WS		5.75%	# I/F I/O		07/25/2039		79,413
	4,187,698		Series 2009-62-PS		5.90%	# I/F I/O		08/25/2039		444,336
	3,510,708		Series 2009-77-ZA		4.50%			10/25/2039		3,873,633
	1,872,378		Series 2009-83-Z		4.50%			10/25/2039		2,007,748
	298,487		Series 2010-101-ZH		4.50%			07/25/2040		332,677
	224,778		Series 2010-109-BS		52.76%	# I/F		10/25/2040		403,351
	1,657,481		Series 2010-112-ZA		4.00%			10/25/2040		1,784,226
	981,735		Series 2010-121-SD		4.30%	# I/F I/O		10/25/2040		103,280
	29,336		Series 2010-137-VS		14.39%	# I/F		12/25/2040		36,404
	2,188,021		Series 2010-150-ZA		4.00%			01/25/2041		2,394,991
	807,708		Series 2010-31-SA		4.80%	# I/F I/O		04/25/2040		61,128
	550,621		Series 2010-34-PS		4.73%	# I/F I/O		04/25/2040		57,198
	831,037		Series 2010-35-SP		6.15%	# I/F I/O		04/25/2050		114,972
	549,297		Series 2010-35-SV		6.25%	#I/F I/O		04/25/2040		83,738
	10,189,237		Series 2010-37-MY		4.50%			04/25/2040		11,158,076
	935,898		Series 2010-59-PS		6.25%	# I/F I/O		03/25/2039		140,290
	1,093,071		Series 2010-59-SC		4.80%	# I/F I/O		01/25/2040		130,944
	8,062,974		Series 2010-60-VZ		5.00%			10/25/2039		8,798,761
	345,556		Series 2010-64-EZ		5.00%			06/25/2040		397,134
	1,981,753		Series 2010-7-PE		5.00%			02/25/2040		2,141,138
	1,609,316		Series 2010-90-GS		5.80%	# I/F I/O		08/25/2040		203,982
	57,791		Series 2010-99-SG		23.98%	# I/F		09/25/2040		107,260
	1,813,953		Series 2011-127-PM		4.00%			12/25/2041		1,798,230
	6,404,946		Series 2011-141-PZ		4.00%			01/25/2042		7,064,909
	13,693,093		Series 2011-18-UZ		4.00%			03/25/2041		15,008,548
	1,533,918		Series 2011-25-KY		3.00%			04/25/2026		1,630,195
	1,000,000		Series 2011-29-AL		3.50%			04/25/2031		1,066,918
	8,161,183		Series 2011-59-MA		4.50%			07/25/2041		8,898,742
	9,651,450		Series 2011-63-ZE		4.00%			08/25/2038		10,102,930
	2,191,540		Series 2011-72-LZ		5.50%			04/25/2037		2,610,569
	567,796		Series 2011-77-CZ		4.00%			08/25/2041		567,162
	36,725		Series 2011-87-US		13.34%	# I/F		09/25/2041		36,824
	1,386,589		Series 2011-88-SB		8.89%	# I/F		09/25/2041		1,420,485
	22,055,067		Series 2012-144-PT		4.43%	#		11/25/2049		23,627,626
	1,327,602		Series 400-S4		5.25%	# I/F I/O		11/25/2039		147,733
			Federal National Mortgage Association Pass-Thru,								��
	646,180		Pool 555743		5.00%			09/01/2033		704,208
	547,164		Pool 735382		5.00%			04/01/2035		595,274
	4,260,531		Pool 735383		5.00%			04/01/2035		4,635,147

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal National Mortgage Association Pass-Thru, (Cont.)
	2,281,693	Pool 735402		5.00%			04/01/2035		2,482,202
	3,375,355	Pool 735484		5.00%			05/01/2035		3,665,628
	3,510,049	Pool 889509		6.00%			05/01/2038		3,849,939
	4,195,985	Pool 890385		6.00%			12/01/2039		4,602,296
	557,894	Pool 931104		5.00%			05/01/2039		599,962
	7,814,658	Pool 995023		5.50%			08/01/2037		8,573,820
	3,921,489	Pool 995112		5.50%			07/01/2036		4,326,955
	3,669,154	Pool 995203		5.00%			07/01/2035		3,991,437
	2,361,088	Pool AB2123		4.00%			01/01/2031		2,536,399
	211,099	Pool AB2370		4.50%			09/01/2035		220,283
	11,210,657	Pool AB5459		4.00%			06/01/2042		11,608,635
	93,712	Pool AC1032		5.00%			06/01/2040		98,980
	71,510	Pool AD2177		4.50%			06/01/2030		77,169
	3,859,604	Pool AH7309		4.00%			02/01/2031		4,146,180
	3,192,552	Pool AJ1399		4.00%			09/01/2041		3,305,887
	12,857,173	Pool AJ4997		4.00%			10/01/2041		13,313,604
	10,609,441	Pool AK4039		4.00%			02/01/2042		10,986,077
	2,290,652	Pool AL1691		6.00%			06/01/2041		2,515,327
	6,048,778	Pool AL1745		6.00%			03/01/2040		6,634,501
	4,592,328	Pool AO2980		4.00%			05/01/2042		4,755,356
	2,395,011	Pool MA0264		4.50%			12/01/2029		2,586,038
	323,454	Pool MA0282		5.00%			12/01/2039		366,702
	1,795,873	Pool MA0353		4.50%			03/01/2030		1,942,839
	217,846	Pool MA0468		5.00%			07/01/2040		230,091
	2,178,571	Pool MA0871		4.00%			10/01/2041		2,255,910
	5,835,619	Pool MA0949		3.50%			01/01/2032		6,233,535
	1,964,513	Pool MA1068		3.50%			05/01/2042		2,034,621
	14,056,499	Pool MA1179		3.50%			09/01/2042		14,558,140
	9,660,023	Pool MA1200		3.00%			10/01/2032		10,107,000
	9,772,335	Pool MA1237		3.00%			11/01/2032		10,224,508
	9,843,930	Pool MA1275		3.00%			12/01/2032		10,299,416
		Government National Mortgage Association,
	1,697,062	Pool 752494		5.50%			09/20/2039		1,785,108
	271,875	Series 2003-67-SP		6.90%	# I/F I/O		08/20/2033		92,637
	615,066	Series 2008-82-SM		5.85%	# I/F I/O		09/20/2038		95,176
	8,315,220	Series 2009-32-ZE		4.50%			05/16/2039		9,110,022
	4,157,610	Series 2009-35-DZ		4.50%			05/20/2039		4,726,911
	4,095,826	Series 2009-75-GZ		4.50%			09/20/2039		4,648,574
	4,763,253	Series 2009-75-HZ		5.00%			09/20/2039		5,567,404
	187,985	Series 2010-25-ZB		4.50%			02/16/2040		195,729
	6,563,941	Series 2011-45-GZ		4.50%			03/20/2041		7,496,496
	10,858,311	Series 2011-71-ZA		4.50%			02/20/2041		12,483,659
		Total US Government / Agency Mortgage Backed Obligations (Cost $581,129,868)							608,775,946

The accompanying notes are an integral part of these financial statements Annual Report March 31, 2013 31

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

PRINCIPAL AMOUNT / SHARES		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
	US GOVERNMENT BONDS AND NOTES 19.4%
$	30,500,000	United States Treasury Bonds		4.25%		05/15/2039		37,486,422
	42,000,000	United States Treasury Bonds		3.75%		08/15/2041		47,505,948
	48,000,000	United States Treasury Notes		0.38%		06/30/2013		48,041,280
	47,000,000	United States Treasury Notes		0.38%		07/31/2013		47,049,585
	20,000,000	United States Treasury Notes		0.13%		08/31/2013		20,003,120
	44,000,000	United States Treasury Notes		2.38%		05/31/2018		47,513,136
	15,400,000	United States Treasury Notes		1.50%		08/31/2018		15,923,369
	43,700,000	United States Treasury Notes		1.25%		04/30/2019		44,294,058
	44,400,000	United States Treasury Notes		1.00%		08/31/2019		44,101,676
	18,800,000	United States Treasury Notes		1.25%		10/31/2019		18,941,000
	43,600,000	United States Treasury Notes		2.63%		11/15/2020		47,561,496
	67,000,000	United States Treasury Notes		1.75%		05/15/2022		67,204,149
	11,000,000	United States Treasury Notes		1.63%		08/15/2022		10,859,926
		Total US Government Bonds and Notes (Cost $500,106,719)						496,485,165
	AFFILIATED MUTUAL FUND 2.3% (a)
	5,792,028	Doubleline Floating Rate Fund		*				58,383,641
		Total Affiliated Mutual Fund (Cost $58,000,000)						58,383,641

PRINCIPAL AMOUNT / SHARES		SECURITY DESCRIPTION	RATE			MATURITY	VALUE $
	SHORT TERM INVESTMENTS 0.0%
	485,027	Fidelity Institutional Government Portfolio		0.01%	¨			485,027
		Total Short Term Investments (Cost $485,027)						485,027
		Total Investments 99.3% (Cost $2,471,639,777)						2,543,305,063
		Other Assets in Excess of Liabilities 0.7%						17,743,850
		NET ASSETS 100.0%					$	2,561,048,913

PORTFOLIO HOLDINGS as % of Net Assets
US Government / Agency Mortgage Backed Obligations	23.8%
US Government Bonds and Notes	19.4%
US Corporate Bonds	15.4%
Non-Agency Residential Collateralized Mortgage Obligations	14.6%
Foreign Corporate Bonds	14.3%
Non-Agency Commercial Mortgage Backed Obligations	7.2%
Affiliated Mutual Fund	2.3%
Collateralized Loan Obligations	1.3%
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	1.0%
Short Term Investments	0.0%
Other Assets and Liabilities	0.7%
	100.0%

# Variable rate security. Rate disclosed as of March 31, 2013.

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. As of March 31, 2013, the value of these securities amounted to $302,443,389 or 11.8% of net assets.

I/O Interest only security

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

(a) Institutional class shares at each Fund

* Non-Income Producing

¨ Seven-day yield as of March 31, 2013

Investments 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 Core Fixed Income Fund’s investment in affiliated mutual fund for the year ended March 31, 2013 is as follows:

Fund	Value as of March 31, 2012		Gross Purchases		Gross Sales		Shares Held as of March 31, 2013		Value as of March 31, 2013		Dividend Income Earned in the Year Ended March 31, 2013		Net Realized Gain (Loss) in the Year Ended March 31, 2013
DoubleLine Floating Rate Fund	$	—	$	58,000,000	$	—		5,792,028	$	58,383,641	$	—	$	—

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

Schedule of Investments  DoubleLine Emerging Markets Fixed Income Fund March 31, 2013

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN CORPORATE BONDS 94.6%
	ABU DHABI 1.2%
$	968,064	Dolphin Energy Ltd.		5.89%			06/15/2019		1,101,173
	7,000,000	Dolphin Energy Ltd.		5.50%	^		12/15/2021		8,111,250
									9,212,423
	ARGENTINA 0.8%
	1,700,000	WPE International Cooperatief U.A.		10.38%	^		09/30/2020		1,598,000
	5,123,000	WPE International Cooperatief U.A.		10.38%			09/30/2020		4,815,620
									6,413,620
	BRAZIL 14.8%
	800,000	Banco Bradesco S.A.		5.75%	^		03/01/2022		856,000
	9,400,000	Banco do Brasil S.A.		8.50%	#		04/20/2021		11,327,000
	4,400,000	BFF International Ltd.		7.25%			01/28/2020		5,236,000
	6,800,000	Cielo S.A.		3.75%			11/16/2022		6,551,800
	800,000	Cosan Luxembourg S.A.		5.00%	^		03/14/2023		806,800
	1,076,000	CSN Islands Corporation		10.00%			01/15/2015		1,202,968
	8,220,000	Embraer Overseas Ltd.		6.38%			01/24/2017		9,370,800
	2,284,000	Embraer Overseas Ltd.		6.38%			01/15/2020		2,663,829
	8,600,000	ESAL GmbH		6.25%	^		02/05/2023		8,686,000
	9,305,000	Globo Communicacao e Participacoes S.A.		6.25%	#		07/20/2015		9,984,265
	1,600,000	Globo Communicacao e Participacoes S.A.		5.31%	#^		05/11/2022		1,740,000
	4,000,000	Globo Communicacao e Participacoes S.A.		5.31%	#		05/11/2022		4,350,000
	4,900,000	Itau Unibanco Holding S.A.		5.65%			03/19/2022		5,157,250
	3,074,000	JBS LLC		7.25%			06/01/2021		3,235,385
	1,900,000	LPG International, Inc.		7.25%			12/20/2015		2,118,500
	8,100,000	Minerva Luxembourg S.A.		7.75%	^		01/31/2023		8,707,500
	7,380,000	NET Servicos de Comunicacao S.A.		7.50%			01/27/2020		8,302,500
	1,748,000	Raizen Energy Finance Ltd.		7.00%			02/01/2017		1,997,090
	6,100,000	Raizen Fuels Finance Ltd.		9.50%			08/15/2014		6,673,400
	13,700,000	Samarco Mineracao S.A.		4.13%	^		11/01/2022		13,364,350
	4,325,000	Samarco Mineracao S.A.		4.13%			11/01/2022		4,219,038
									116,550,475
	CHILE 14.9%
	1,615,000	AES Gener S.A.		7.50%			03/25/2014		1,707,901
	3,426,000	Banco de Chile		6.25%			06/15/2016		3,790,732
	12,700,000	Banco de Credito e Inversiones		3.00%	^		09/13/2017		12,914,173
	1,300,000	Banco de Credito e Inversiones		3.00%			09/13/2017		1,321,923
	3,500,000	Celulosa Arauco y Constitucion S.A.		5.00%			01/21/2021		3,723,608
	7,605,000	Celulosa Arauco y Constitucion S.A.		4.75%			01/11/2022		7,947,408
	15,700,000	Cencosud S.A.		4.88%	^		01/20/2023		15,991,125
	2,000,000	CFR International S.A.		5.13%	^		12/06/2022		2,061,094
	21,400,000	Corpbanca S.A.		3.13%			01/15/2018		21,199,674
	8,200,000	CorpGroup Banking S.A.		6.75%	^		03/15/2023		8,620,250
	1,700,000	Inversiones CMPC S.A.		4.75%	^		01/19/2018		1,804,922
	2,009,000	Inversiones CMPC S.A.		4.75%			01/19/2018		2,132,993
	3,900,000	Inversiones CMPC S.A.		6.13%			11/05/2019		4,442,276
	4,900,000	Inversiones CMPC S.A.		4.50%	^		04/25/2022		5,019,766
	2,800,000	Inversiones CMPC S.A.		4.50%			04/25/2022		2,868,438
	5,000,000	SMU S.A.		7.75%	^		02/08/2020		5,375,000

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
$	740,000	Sociedad Quimica y Minera S.A.		6.13%			04/15/2016		815,786
	16,500,000	Tanner Servicios Financieros S.A.		4.38%	^		03/13/2018		16,747,500
									118,484,569
	COLOMBIA 9.1%
	2,600,000	Banco Davivienda S.A.		2.95%	^		01/29/2018		2,557,620
	2,200,000	Banco de Bogota S.A.		5.00%	^		01/15/2017		2,362,250
	1,760,000	Banco de Bogota S.A.		5.00%			01/15/2017		1,889,800
	6,000,000	Banco de Bogota S.A.		5.38%	^		02/19/2023		6,210,000
	4,950,000	Bancolombia S.A.		4.25%			01/12/2016		5,241,060
	1,100,000	Grupo Aval Ltd.		5.25%	^		02/01/2017		1,182,500
	5,400,000	Grupo Aval Ltd.		5.25%			02/01/2017		5,805,000
	12,000,000	Grupo Aval Ltd.		4.75%	^		09/26/2022		12,060,000
	200,000	Grupo Aval Ltd.		4.75%			09/26/2022		201,000
	6,314,000	Pacific Rubiales Energy Corporation		7.25%	^		12/12/2021		7,207,431
	15,093,000	Pacific Rubiales Energy Corporation		7.25%			12/12/2021		17,228,660
	8,776,000	Transportadora de Gas Internacional S.A.		5.70%			03/20/2022		9,609,720
									71,555,041
	COSTA RICA 1.6%
	6,000,000	Instituto Costarricense de Electricidad		6.95%	^		11/10/2021		6,861,000
	4,775,000	Instituto Costarricense de Electricidad		6.95%			11/10/2021		5,460,213
									12,321,213
	DOMINICAN REPUBLIC 3.0%
	1,600,000	AES Andres Dominicana Ltd.		9.50%	^		11/12/2020		1,728,000
	11,463,000	AES Andres Dominicana Ltd.		9.50%			11/12/2020		12,380,040
	9,050,000	EGE Haina Finance Company		9.50%			04/26/2017		9,412,000
									23,520,040
	GUATEMALA 1.3%
	5,900,000	Industrial Senior Trust		5.50%	^		11/01/2022		5,907,375
	4,000,000	Industrial Senior Trust		5.50%			11/01/2022		4,005,000
									9,912,375
	INDIA 0.3%
	1,250,000	Reliance Holdings USA, Inc.		5.40%	^		02/14/2022		1,395,867
	500,000	Reliance Industries Ltd.		8.25%			01/15/2027		666,535
									2,062,402
	INDONESIA 1.9%
	2,900,000	Freeport-McMoRan Copper & Gold, Inc.		2.15%			03/01/2017		2,937,048
	11,957,000	Freeport-McMoRan Copper & Gold, Inc.		3.55%			03/01/2022		11,907,880
									14,844,928
	JAMAICA 0.8%
	2,700,000	Digicel Ltd.		7.00%			02/15/2020		2,848,500
	3,600,000	Digicel Ltd.		6.00%	^		04/15/2021		3,591,000
									6,439,500
	KAZAKHSTAN 0.0%
	286,364	Tengizchevroil Finance Corporation		6.12%			11/15/2014		296,386
									296,386

The accompanying notes are an integral part of these financial statements Annual Report March 31, 2013 33

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	MALAYSIA 3.4%
$	3,300,000	Axiata SPV1 Labuan Ltd.		5.38%			04/28/2020		3,759,862
	12,300,000	IOI Investment BHD		4.38%			06/27/2022		12,735,088
	1,100,000	IOI Ventures BHD		5.25%			03/16/2015		1,175,375
	6,330,000	Malayan Banking BHD		3.25%	#		09/20/2022		6,406,099
	2,950,000	Prime Holdings Labuan Ltd.		5.38%			09/22/2014		3,092,497
									27,168,921
	MEXICO 11.7%
	3,300,000	Alpek S.A. de C.V.		4.50%	^		11/20/2022		3,432,000
	500,000	Banco Mercantil del Norte		4.38%			07/19/2015		528,750
	5,900,000	Banco Mercantil del Norte		6.86%	#		10/13/2021		6,313,000
	4,900,000	Cemex Espana S.A.		9.25%			05/12/2020		5,463,500
	1,800,000	Cemex Finance LLC		9.50%			12/14/2016		1,957,500
	1,100,000	Cemex S.A.B. de C.V.		9.00%			01/11/2018		1,223,750
	4,000,000	Cemex S.A.B. de C.V.		5.88%	^		03/25/2019		4,050,000
	7,421,000	Corporacion GEO S.A. de C.V.		9.25%			06/30/2020		6,493,375
	4,930,000	Corporacion GEO S.A. de C.V.		8.88%			03/27/2022		4,264,450
	3,350,000	Empresas ICA S.A.B. de C.V.		8.38%	^		07/24/2017		3,592,875
	3,576,000	Empresas ICA S.A.B. de C.V.		8.38%			07/24/2017		3,835,260
	7,765,000	Empresas ICA S.A.B. de C.V.		8.90%			02/04/2021		8,415,706
	2,859,000	Gruma S.A.B. DE C.V.		7.75%			09/03/2049		2,923,328
	6,000,000	Grupo KUO S.A.B. de C.V.		6.25%	^		12/04/2022		6,450,000
	3,300,000	Grupo KUO S.A.B. de C.V.		6.25%			12/04/2022		3,547,500
	1,745,000	Ixe Banco S.A.		9.25%			10/14/2020		2,133,263
	525,000	Ixe Banco S.A.		9.75%			12/29/2041		526,313
	12,600,000	Mexichem S.A.B. de C.V.		4.88%	^		09/19/2022		13,387,500
	36,000	Pemex Project Funding Master Trust		5.75%			12/15/2015		40,140
	10,000,000	Petroleos Mexicanos		6.63%			09/28/2015		10,600,000
	2,700,000	Petroleos Mexicanos		3.50%	^		01/30/2023		2,700,000
	500,000	TV Azteca S.A.B. de C.V.		7.50%			05/25/2018		545,000
									92,423,210
	PANAMA 0.6%
	300,000	Banco Latinoamericano de Comercio Exterior S.A.		3.75%	^		04/04/2017		309,900
	4,595,000	Global Bank Corporation		4.75%			10/05/2017		4,709,875
									5,019,775
	PARAGUAY 0.1%
	400,000	Telefonica Celular del Paraguay S.A.		6.75%	^		12/13/2022		434,000
									434,000
	PERU 7.3%
	1,720,000	Banco de Credito del Peru		4.75%			03/16/2016		1,857,600
	3,135,000	Banco de Credito del Peru		9.75%	#		11/06/2069		3,871,725
	2,033,000	Banco Internacional del Peru		5.75%			10/07/2020		2,223,086
	1,773,000	Banco Internacional del Peru		8.50%	#		04/23/2070		1,963,598
	2,000,000	Compania Minera Milpo S.A.A.		4.63%	^		03/28/2023		1,993,000
	1,000,000	Corporacion Lindley S.A.		6.75%	^		11/23/2021		1,156,500
	2,655,000	Corporacion Lindley S.A.		6.75%			11/23/2021		3,070,508
	1,700,000	Corporacion Pesquera Inca S.A.C.		9.00%	^		02/10/2017		1,744,200
	6,305,000	Corporacion Pesquera Inca S.A.C.		9.00%			02/10/2017		6,468,930
	2,250,000	Fondo Mivivienda S.A.		3.50%	^		01/31/2023		2,192,625
	5,989,940	IIRSA Norte Finance Ltd.		8.75%			05/30/2024		7,390,387

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
$	600,000	Inkia Energy Ltd.		8.38%	^		04/04/2021		683,700
	1,900,000	Inkia Energy Ltd.		8.38%			04/04/2021		2,165,050
	1,250,000	Intercorp Retail Trust		8.88%	^		11/14/2018		1,429,688
	4,100,000	Pesquera Exalmar S.A.A.		7.38%	^		01/31/2020		3,956,500
	10,500,000	Scotiabank Peru S.A.		4.50%	#^		12/13/2027		10,174,499
	5,000,000	Scotiabank Peru S.A.		4.50%	#		12/13/2027		4,845,000
									57,186,596
	QATAR 1.1%
	646,400	Ras Laffan Liquefied Natural Gas Company		5.83%			09/30/2016		697,466
	2,193,125	Ras Laffan Liquefied Natural Gas Company		5.30%			09/30/2020		2,450,817
	4,775,000	Ras Laffan Liquefied Natural Gas Company		5.84%			09/30/2027		5,706,125
									8,854,408
	RUSSIA 14.8%
	500,000	Alfa Bank		6.30%	#		02/22/2017		522,650
	10,450,000	Alfa Invest Ltd.		9.25%			06/24/2013		10,640,190
	1,000,000	Alfa MTN Issuance Ltd.		8.00%			03/18/2015		1,078,800
	1,700,000	ALROSA Finance S.A.		8.88%			11/17/2014		1,877,820
	1,500,000	Bank of Moscow		5.97%	#		11/25/2015		1,577,625
	200,000	Bank of Moscow		6.02%	#		05/10/2017		208,380
	10,000,000	Gaz Capital S.A.		8.13%			07/31/2014		10,850,000
	4,400,000	Gaz Capital S.A.		4.95%			05/23/2016		4,718,296
	11,014,000	Gazprombank OJSC		7.93%			06/28/2013		11,199,035
	500,000	Gazprombank OJSC		5.63%			05/17/2017		533,701
	2,885,000	Industry & Construction Bank		5.01%	#		09/29/2015		2,964,338
	5,700,000	Novatek Finance Ltd.		5.33%			02/03/2016		6,128,925
	5,000,000	Phosagro Bond Funding Ltd.		4.20%	^		02/13/2018		4,993,750
	1,400,000	RSHB Capital S.A.		7.13%			01/14/2014		1,462,020
	13,100,000	Sibur Securities Ltd.		3.91%	^		01/31/2018		12,936,250
	14,600,000	Steel Funding Ltd.		4.45%	^		02/19/2018		14,636,500
	5,000,000	Steel Funding Ltd.		4.95%			09/26/2019		5,076,250
	2,200,000	VimpelCom Holdings B.V.		5.20%	^		02/13/2019		2,219,800
	8,100,000	VimpelCom Holdings B.V.		5.95%	^		02/13/2023		8,089,875
	5,700,000	VIP Finance Ltd.		8.38%			04/30/2013		5,732,775
	8,800,000	VTB Capital S.A.		6.88%			05/29/2018		9,724,000
									117,170,980
	SINGAPORE 1.7%
	1,000,000	DBS Bank Ltd.		5.00%	#		11/15/2019		1,055,280
	500,000	DBS Bank Ltd.		3.63%	#^		09/21/2022		524,355
	3,000,000	Oversea-Chinese Banking Corporation		4.25%	#		11/18/2019		3,126,726
	3,523,000	STATS ChipPAC Ltd.		5.38%			03/31/2016		3,699,150
	4,470,000	United Overseas Bank Ltd.		5.38%	#		09/03/2019		4,711,639
									13,117,150
	SOUTH AFRICA 0.2%
	670,000	AngloGold Holdings PLC		6.50%			04/15/2040		667,863
	500,000	Transnet Limited		4.50%			02/10/2016		525,582
									1,193,445
	THAILAND 0.9%
	3,000,000	PTT Public Company Ltd.		3.38%			10/25/2022		2,989,503
	4,144,000	PTTEP Australia International Finance Ltd.		4.15%			07/19/2015		4,378,057
									7,367,560

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

March 31, 2013

PRINCIPAL AMOUNT / SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	TURKEY 3.1%
$	5,700,000	Anadolu Efes Biracilik ve Malt Sanayii A.S.		3.38%	^		11/01/2022		5,457,750
	18,600,000	Tupras Turkiye Petrol Rafinerileri A.S.		4.13%	^		05/02/2018		18,623,250
									24,081,000
		Total Foreign Corporate Bonds (Cost $732,850,732)							745,630,017
	FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES 3.2%
	COLOMBIA 0.2%
	1,250,000	Colombia Government International Bond		8.70%			02/15/2016		1,489,988
									1,489,988
	COSTA RICA 1.5%
	11,128,000	Costa Rica Government International Bond		6.55%			03/20/2014		11,656,580
									11,656,580
	MALAYSIA 1.5%
	10,003,000	Penerbangan BHD		5.63%			03/15/2016		11,227,827
	1,000,000	Wakala Global Sukuk BHD		4.65%			07/06/2021		1,127,495
									12,355,322
		Total Foreign Government Bonds and Notes, Supranationals and Foreign Agencies (Cost $24,969,214)							25,501,890
	SHORT TERM INVESTMENTS 1.1%
	8,383,573	Fidelity Institutional Government Portfolio		0.01%	¨				8,383,573
		Total Short Term Investments (Cost $8,383,573)							8,383,573
		Total Investments 98.9% (Cost $766,203,519)							779,515,480
		Other Assets in Excess of Liabilities 1.1%							8,713,727
		NET ASSETS 100.0%						$	788,229,207

PORTFOLIO HOLDINGS as % of Net Assets
Chile	14.9%
Brazil	14.8%
Russia	14.8%
Mexico	11.7%
Colombia	9.3%
Peru	7.3%
Malaysia	4.9%
Costa Rica	3.1%
Turkey	3.1%
Dominican Republic	3.0%
Indonesia	1.9%
Singapore	1.7%
Guatemala	1.3%
Abu Dhabi	1.2%
Qatar	1.1%
Thailand	0.9%
Argentina	0.8%
Jamaica	0.8%
Panama	0.6%
India	0.3%
South Africa	0.2%
Paraguay	0.1%
Kazakhstan	0.0%
	97.8%
Short Term Investments	1.1%
Other Assets and Liabilities	1.1%
	100.0%

# Variable rate security. Rate disclosed as of March 31, 2013.

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. As of March 31, 2013, the value of these securities amounted to $288,635,290 or 36.6% of net assets.

¨ Seven-day yield as of March 31, 2013

The accompanying notes are an integral part of these financial statements Annual Report March 31, 2013 35

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	COLLATERALIZED LOAN OBLIGATIONS 0.3%
		ARES Ltd.,
$	1,000,000	Series 2013-1A-D		4.06%	#^		04/15/2025		920,000
		Total Collateralized Loan Obligations (Cost $920,124)							920,000
	FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES 1.2%
	3,000,000	Venezuela Government International Bond		10.75%			09/19/2013		3,075,000
		Total Foreign Government Bonds and Notes, Supranationals and Foreign Agencies (Cost $3,068,524)							3,075,000
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 0.1%
		Bear Stearns Commercial Mortgage Securities, Inc.,
	19,735	Series 2002-TOP8-A2		4.83%			08/15/2038		19,735
		Commercial Mortgage Asset Trust,
	100,000	Series 1999-C1-B		7.23%	#		01/17/2032		100,590
		Morgan Stanley Capital, Inc.,
	19,278,132	Series 2005-HQ6-X2		0.44%	# I/O		08/13/2042		35,472
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $298,734)							155,797
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 5.8%
		Adjustable Rate Mortgage Trust,
	383,181	Series 2006-1-2A1		3.29%	#		03/25/2036		300,527
		Banc of America Alternative Loan Trust,
	688,316	Series 2006-7-A4		6.00%	#		10/25/2036		555,805
		BCAP LLC Trust,
	77,284	Series 2007-AA2-2A5		6.00%			04/25/2037		64,880
		BCAP LLC Trust,
	106,000	Series 2010-RR6-1A20		7.26%	#^		08/26/2022		104,263
		Chase Mortgage Finance Corporation,
	1,475,758	Series 2007-A1-12A3		5.24%	#		03/25/2037		1,245,119
		Chaseflex Trust,
	388,006	Series 2007-M1-2F4		5.17%	#		08/25/2037		323,750
		Citicorp Mortgage Securities, Inc.,
	219,284	Series 2007-2-3A1		5.50%			02/25/2037		221,437
		Citigroup Mortgage Loan Trust, Inc.,
	357,888	Series 2009-7-2A2		5.50%	^		10/25/2021		333,100
		Citimortgage Alternative Loan Trust,
	501,993	Series 2007-A6-1A11		6.00%			06/25/2037		435,568
		Countrywide Alternative Loan Trust,
	178,377	Series 2006-32CB-A16		5.50%			11/25/2036		152,786
	945,805	Series 2006-J1-2A1		7.00%			02/25/2036		460,882
	40,098	Series 2007-17CB-1A10		28.96%	# I/F		08/25/2037		70,054
	27,861	Series 2007-21CB-2A2		27.58%	# I/F		09/25/2037		45,323
		Countrywide Asset-Backed Certificates,
	841,344	Series 2006-2-2A2		0.39%	#		06/25/2036		810,148
		Countrywide Home Loans,
	535,618	Series 2007-10-A5		6.00%			07/25/2037		485,825
	27,211	Series 2007-4-1A5		6.50%			05/25/2037		24,951
		Credit Suisse First Boston Mortgage Securities Corporation,
	321,426	Series 2005-8-1A3		5.25%			09/25/2035		322,506
		Credit Suisse Mortgage Capital Certificates,
	866,338	Series 2006-2-6A8		5.75%			03/25/2036		832,530
	59,412	Series 2006-9-4A1		6.00%			11/25/2036		59,807
	462,526	Series 2010-7R-4A17		7.60%	#^		04/26/2037		362,438

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Deutsche Mortgage Securities, Inc.,
$	296,165	Series 2006-PR1-3A1		11.84%	#^ I/F		04/15/2036		317,332
	401,847	Series 2006-PR1-5AI4		11.84%	#^ I/F		04/15/2036		441,872
		First Horizon Alternative Mortgage Securities,
	96,826	Series 2007-FA2-1A3		6.00%			04/25/2037		80,881
		GSAA Home Equity Trust,
	1,000,000	Series 2006-15-AF3B		5.93%	#		09/25/2036		197,660
		GSR Mortgage Loan Trust,
	326,900	Series 2006-2F-2A20		10.90%	# I/F		02/25/2036		360,759
		JP Morgan Alternative Loan Trust,
	61,620	Series 2005-S1-2A11		6.00%			12/25/2035		55,623
	942,491	Series 2006-S1-1A3		5.50%			03/25/2036		809,110
		JP Morgan Mortgage Acquisition Corporation,
	200,000	Series 2006-CH2-AF3		5.46%	#		10/25/2036		154,309
		Lavender Trust,
	297,000	Series 2010-R12A-A3		6.00%	^		06/26/2037		273,877
		Lehman Mortgage Trust,
	162,319	Series 2006-4-1A3		5.20%	# I/F I/O		08/25/2036		27,580
	10,144	Series 2006-4-1A4		6.00%			08/25/2036		8,147
	90,063	Series 2007-5-11A1		5.68%	#		06/25/2037		66,050
		Lehman XS Trust,
	320,000	Series 2005-1-3A3A		5.11%	#		07/25/2035		284,544
		Long Beach Mortgage Loan Trust,
	431,242	Series 2005-WL2-M1		0.67%	#		08/25/2035		422,030
		MASTR Resecuritization Trust,
	521,219	Series 2008-4-A1		6.00%	#^		06/27/2036		467,599
		Morgan Stanley Mortgage Loan Trust,
	497,516	Series 2007-13-6A1		6.00%			10/25/2037		398,255
		Residential Accredit Loans, Inc.,
	423,427	Series 2006-QS10-A9		6.50%			08/25/2036		367,063
	7,480	Series 2006-QS13-1A8		6.00%			09/25/2036		5,680
	417,643	Series 2006-QS2-1A4		5.50%			02/25/2036		339,037
	84,032	Series 2006-QS7-A4		0.60%	#		06/25/2036		50,768
	252,095	Series 2006-QS7-A5		5.40%	# I/F I/O		06/25/2036		47,217
	162,388	Series 2006-QS8-A4		0.65%	#		08/25/2036		99,036
	487,164	Series 2006-QS8-A5		5.35%	# I/F I/O		08/25/2036		89,610
		Residential Asset Mortgage Products, Inc.,
	446,614	Series 2004-RS2-MII1		1.07%	#		02/25/2034		420,868
	3,066	Series 2004-RS9-AI4		4.77%	#		10/25/2032		2,905
		Residential Asset Securitization Trust,
	35,000	Series 2005-A12-A12		5.50%			11/25/2035		32,077
	973,855	Series 2006-A16-1A3		6.00%			02/25/2037		730,970
	726,408	Series 2007-A1-A8		6.00%			03/25/2037		566,421
	758,935	Series 2007-A5-2A5		6.00%			05/25/2037		700,207
		Washington Mutual Mortgage Pass-Through Certificates,
	407,366	Series 2006-8-A6		5.77%	#		10/25/2036		283,579
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $13,937,459)							15,312,765
	US GOVERNMENT / AGENCY MORTGAGE BACKED OBLIGATIONS 2.9%
		Federal Home Loan Mortgage Corporation,
	952,028	Series 2890-ZA		5.00%			11/15/2034		1,060,362
	156,091	Series 3261-SA		6.23%	# I/F I/O		01/15/2037		25,907
	256,510	Series 3317-DS		14.49%	# I/F		05/15/2037		324,862
	340,457	Series 3355-BI		5.85%	# I/F I/O		08/15/2037		52,592
	477,386	Series 3384-S		6.19%	# I/F I/O		11/15/2037		66,050
	793,682	Series 3384-SG		6.11%	# I/F I/O		08/15/2036		114,558
	496,034	Series 3417-SX		5.98%	# I/F I/O		02/15/2038		68,908	��
	846,460	Series 3423-GS		5.45%	# I/F I/O		03/15/2038		99,248
	8,628,174	Series 3423-TG		0.35%	# I/F I/O		03/15/2038		65,485
	943,944	Series 3500-SA		5.32%	# I/F I/O		01/15/2039		111,735
	899,213	Series 3523-SM		5.80%	# I/F I/O		04/15/2039		119,259
	245,180	Series 3562-WS		4.75%	# I/F I/O		08/15/2039		24,480
	500,000	Series 3641-TB		4.50%			03/15/2040		545,002
	690,692	Series 3728-SV		4.25%	# I/F I/O		09/15/2040		79,142
	14,913	Series 3739-LS		9.59%	# I/F		10/15/2040		15,010

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

March 31, 2013

PRINCIPAL AMOUNT / SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal Home Loan Mortgage Corporation, (Cont.)
$	820,305	Series 3758-S		5.83%	# I/F I/O		11/15/2040		101,527
	73,246	Series 3779-DZ		4.50%			12/15/2040		74,693
	54,474	Series 3780-YS		9.49%	# I/F		12/15/2040		55,738
	30,088	Series 3793-SB		9.99%	# I/F		01/15/2041		30,686
	921,027	Series 3815-ST		5.65%	# I/F I/O		02/15/2041		113,289
	457,182	Series 3900-SB		5.77%	# I/F I/O		07/15/2041		58,240
	354,569	Series 3923-CZ		5.00%			09/15/2041		425,662
	522,327	Series 3972-AZ		3.50%			12/15/2041		549,771
	1,047,691	Series 3982-TZ		4.00%			01/15/2042		1,189,774
		Federal National Mortgage Association,
	303,851	Series 2006-101-SA		6.38%	# I/F I/O		10/25/2036		49,030
	148,350	Series 2006-123-LI		6.12%	# I/F I/O		01/25/2037		28,087
	1,065,078	Series 2007-39-AI		5.92%	# I/F I/O		05/25/2037		194,077
	641,876	Series 2007-57-SX		6.42%	# I/F I/O		10/25/2036		109,157
	45,218	Series 2009-49-S		6.55%	# I/F I/O		07/25/2039		6,239
	901,704	Series 2009-86-CI		5.60%	# I/F I/O		09/25/2036		134,456
	649,853	Series 2009-90-IA		5.55%	# I/F I/O		03/25/2037		70,376
	607,260	Series 2009-90-IB		5.52%	# I/F I/O		04/25/2037		65,292
	10,732	Series 2010-155-SA		9.59%	# I/F		01/25/2041		10,782
	1,019,163	Series 2010-39-SL		5.47%	# I/F I/O		05/25/2040		132,609
	8,314	Series 2011-123-SC		9.39%	# I/F		12/25/2041		8,332
	1,122,024	Series 2011-5-PS		6.20%	# I/F I/O		11/25/2040		126,713
	311,182	Series 2012-30-DZ		4.00%			04/25/2042		352,860
		Government National Mortgage Association,
	100,496	Series 2009-6-SM		5.75%	# I/F I/O		02/20/2038		14,469
	37,076	Series 2011-12-PO		0.00%	P/O		12/20/2040		36,821
	33,238	Series 2011-14-SM		9.29%	# I/F		08/16/2040		33,825
	546,995	Series 2011-45-GZ		4.50%			03/20/2041		624,708
	250,000	Series 2011-7-LS		9.47%	# I/F		12/20/2040		288,272
		Total US Government / Agency Mortgage Backed Obligations (Cost $7,013,345)							7,658,085
	AFFILIATED MUTUAL FUND 20.7% (a)
	4,844,275	DoubleLine Total Return Bond Fund							54,934,079
		Total Affiliated Mutual Fund (Cost $54,446,221)							54,934,079
	EXCHANGE TRADED FUNDS AND COMMON STOCK 20.7%
	300,000	First Trust ISE-Revere Natural Gas Index Fund							5,046,000
	300,000	iShares FTSE China 25 Index Fund							11,070,000
	265,000	iShares MSCI Hong Kong Index Fund							5,257,600
	1,120,000	iShares MSCI Japan Index Fund							12,096,000
	255,000	Japan Equity Fund, Inc.		*					1,596,300
	140,000	Morgan Stanley China A Share Fund, Inc.							3,305,400
	100,000	Pioneer Floating Rate Trust							1,382,000
	525,000	PowerShares Senior Loan Portfolio ETF Trust							13,182,750
	98,600	Ultra Petroleum Corporation		*					1,981,860
		Total Exchange Traded Funds and Common Stock (Cost $52,668,764)							54,917,910

PRINCIPAL AMOUNT / CONTRACTS / SHARES		SECURITY DESCRIPTION	RATE	MATURITY	VALUE $
	PURCHASED OPTIONS 0.4%
	12,000	CBOE Volatility Index Call, Expiration April 2013, Strike Price $18.00				516,000
	10	Gold London PM Fix Call, Expiration December 2014, Strike Price $2,000.00				44,186
	5	Crude Oil European Call, Expiration December 2013, Strike Price $130.00				800
	158,676	Dow Jones—UBS Commodity Index Call, Expiration April 2013, Strike Price $141.48				13,040
	158,676	Dow Jones—UBS Commodity Index Put, Expiration April 2013, Strike Price $141.48				646,504
	137,704	S&P GSCI Grains Official Close Index Call, Expiration May 2013, Strike Price $52.65				5,255
		Total Purchased Options (Cost $3,894,607)				1,225,785

	SHORT TERM INVESTMENTS 45.7%
	101,486,836	Fidelity Institutional Government Portfolio	0.01%	¨			101,486,836
	1,990,000	Morgan Stanley Institutional Liquidity Funds	0.05%	¨			1,990,000
$	3,000,000	United States Treasury Bills	0.00%		04/18/2013		2,999,893
	14,450,000	United States Treasury Bills	0.00%		01/24/2013		14,449,542
		Total Short Term Investments (Cost $126,926,271)					120,926,271
		Total Investments 97.8% (Cost $257,174,049)					259,125,692
		Other Assets in Excess of Liabilities 2.2%					5,702,222
		NET ASSETS 100.0%				$	264,827,914

PORTFOLIO HOLDINGS as % of Net Assets
Short Term Investments		45.7%
Affiliated Mutual Fund		20.7%
Exchange Traded Funds and Common Stock		20.7%
Non-Agency Residential Collateralized Mortgage Obligations		5.8%
US Government / Agency Mortgage Backed Obligations		2.9%
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies		1.2%
Purchased Options		0.4%
Collateralized Loan Obligations		0.3%
Non-Agency Commercial Mortgage Backed Obligations		0.1%
Other Assets and Liabilities		2.2%
	��
		100.0%

The accompanying notes are an integral part of these financial statements Annual Report March 31, 2013 37

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

# Variable rate security. Rate disclosed as of March 31, 2013.

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. As of March 31, 2013, the value of these securities amounted to $3,220,481 or 1.2% of net assets.

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

(a) Institutional class shares held at each Fund

* Non-Income Producing

¨ Seven-day yield as of March 31, 2013

Written Options
Contracts	Security Description	Value
4,000	CBOE Volatility Index Call, Expiration April 2013, Strike Price $24.00	$	(60,000	)
5	Crude Oil Europe Call, Expiration December 2013, Strike Price $180.00		(100	)
Total Written Options (Premiums Received $294,684)		$	(60,100	)

Futures Contracts - Long
Contracts	Security Description	Expiration Month		Unrealized Appreciation (Depreciation)
525	Nikkei-225 Stock Average Future		6/2013	$	1,249,655
196	Corn Future		5/2013		(304,051	)
145	Silver Future		5/2013		(2,147,487	)
				$	(1,201,883	)

Futures Contracts - Short
Contracts	Security Description	Expiration Month		Unrealized Appreciation (Depreciation)
100	British Pound Future		6/2013	$	(39,373	)
200	Canadian Dollar Future		6/2013		(217,270	)
				$	(256,643	)

Credit Default Swaps - Sell Protection
Reference Entity	Counterparty	Notional Amount		Termination Date		Unrealized Appreciation (Depreciation)
Markit CMBX .NA.BB Series 6	Morgan Stanley		2,000,000		05/11/2063	$	(152,742	)
Markit CMBX .NA.BB Series 6	Morgan Stanley		2,000,000		05/11/2063		(113,977	)
						$	(266,719	)

Total Return Swaps - Long
Reference Entity	Counterparty	Notional Amount		Termination Date		Unrealized Appreciation (Depreciation)
S&P GSCI Brent Crude Official Close Index	Morgan Stanley		1,425,000		04/04/2013	$	—
S&P GSCI Corn Official Close Index	Morgan Stanley		1,425,000		04/04/2013		—
S&P GSCI Heating Oil Official Close Index	Morgan Stanley		1,425,000		04/04/2013		—
S&P GSCI Soybeans Official Close Index	Morgan Stanley		1,425,000		04/04/2013		—
S&P GSCI Sugar Official Close Index	Morgan Stanley		1,425,000		04/04/2013		—
S&P GSCI Unleaded Gasoline Official Close Index	Morgan Stanley		1,425,000		04/04/2013		—
						$	—

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

March 31, 2013

Total Return Swaps - Short
Reference Entity	Counterparty	Notional Amount		Termination Date		Unrealized Appreciation (Depreciation)
S&P GSCI Aluminum Official Close Index	Morgan Stanley		1,425,000		04/04/2013	$	—
S&P GSCI Coffee Official Close Index	Morgan Stanley		1,425,000		04/04/2013		—
S&P GSCI Cotton Official Close Index	Morgan Stanley		1,425,000		04/04/2013		—
S&P GSCI Kansas Wheat Official Close Index	Morgan Stanley		1,425,000		04/04/2013		—
S&P GSCI Natural Gas Official Close Index	Morgan Stanley		1,425,000		04/04/2013		—
S&P GSCI Zinc Official Close Index	Morgan Stanley		1,425,000		04/04/2013		—
						$	—

Investments 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 (Consolidated) investments in affiliated mutual funds for the year ended March 31, 2013 is as follows:

Fund	Value as of March 31, 2012		Gross Purchases		Gross Sales		Shares Held as of March 31, 2013		Value as of March 31, 2013		Dividend Income Earned in the Year Ended March 31, 2013		Net Realized Gain (Loss) in the Year Ended March 31, 2013
DoubleLine Total Return Bond Fund		$24,203,882		$30,400,000		$—		4,844,275		$54,934,079		$1,867,562		$—
DoubleLine Core Fixed Income Fund		3,866,013		—		3,918,445		—		—		26,103		135,489
DoubleLine Emerging Markets Fixed Income Fund		6,863,366		—		6,824,881		—		—		21,186		79,392
DoubleLine Low Duration Bond Fund		4,003,271		9,980,000		12,915,381		—		—		145,308		50,381
		$38,936,532		$40,380,000		$23,658,707		4,844,275		$54,934,079		$2,060,159		$265,262

The accompanying notes are an integral part of these financial statements Annual Report March 31, 2013 39

Schedule of Investments  DoubleLine Low Duration Bond Fund

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	COLLATERALIZED LOAN OBLIGATIONS 11.7%
		ACA Ltd.,
$	917,202	Series 2006-1A-A1		0.55%	#^		07/25/2018		908,156
		Adirondack Park Ltd.,
	2,000,000	Series 2013-1A-X		1.28%	#^		04/15/2016		2,000,000
		ALM Loan Funding,
	532,749	Series 2012-7A-X		1.30%	#^		10/19/2024		533,286
		ARES Ltd.,
	847,798	Series 2006-5RA-A2		0.54%	#^		02/24/2018		844,164
	2,750,819	Series 2006-6RA-A1B		0.51%	#^		03/12/2018		2,728,035
	1,500,328	Series 2006-6RA-A2		0.56%	#		03/12/2018		1,482,468
		Atrium Corporation,
	876,389	Series 3A-A1		0.62%	#^		10/27/2016		875,394
	239,235	Series 4A-A2		0.53%	#^		06/08/2019		237,302
	1,818,182	Series 4X-A1A		0.53%	#		06/08/2019		1,803,495
		Avalon Capital Ltd.,
	2,111,605	Series 2005-A1-A1		0.56%	#^		02/24/2019		2,103,767
		Avenue Ltd.,
	199,491	Series 2004-1A-A1L		0.64%	#^		02/15/2017		199,636
		Ballyrock Ltd.,
	1,418,758	Series 2006-1A-A		0.51%	#^		08/28/2019		1,407,959
		Black Diamond Ltd.,
	477,198	Series 2005-1A-A1		0.55%	#^		06/20/2017		476,882
		Canyon Capital Ltd.,
	2,119,700	Series 2004-1A-A1A		0.68%	#^		10/15/2016		2,118,382
	1,500,000	Series 2012-1A-C		2.80%	#^		10/15/2016		1,500,732
	3,000,000	Series 2012-1A-X		1.30%	#^		01/15/2015		3,003,428
		Centurion Ltd.,
	1,158,088	Series 2004-7A-A2		0.70%	#^		01/30/2016		1,155,825
	2,500,000	Series 2004-7A-B2		1.70%	#^		01/30/2016		2,510,997
		Dryden Senior Loan Fund,
	250,000	Series 2012-25A-D		4.33%	#^		01/15/2025		250,620
	3,000,000	Series 2013-26A-X		1.33%	#^		07/15/2016		3,004,115
		FriedbergMilstein Private Capital Fund,
	37,028	Series 2004-1A-B2		5.41%	^		01/15/2019		37,099
		Galaxy Ltd.,
	471,038	Series 2005-5A-A1		0.56%	#^		10/20/2017		470,206
		Gannett Peak CLO Ltd.,
	780,000	Series 2006-1A-A1A		0.55%	#^		10/27/2020		770,215
		GSC Partners Fund Ltd.,
	222,039	Series 2004-5A-A1		0.67%	#^		11/20/2016		222,309
		Gulf Stream-Sextant Ltd.,
	1,453,136	Series 2006-1A-A2		0.54%	#^		08/21/2020		1,433,256
		ICE Global Credit Ltd.,
	5,250,000	Series 2013-1A-X		1.33%	#^		04/20/2015		5,250,000
		ING Investment Management Ltd.,
	2,000,000	Series 2012-1A-B		4.43%	#^		03/14/2022		2,022,000
		KKR Financial Corporation,
	2,208,988	Series 2006-1A-A1		0.57%	#^		08/25/2018		2,159,788
	4,050,157	Series 2007-AA-A		1.05%	#^		10/15/2017		4,038,759
		Landmark III Ltd.,
	163,848	Series 2003-3A-A2L		1.30%	#^		01/15/2016		164,004
	3,000,000	Series 2003-3A-A3L		2.05%	#^		01/15/2016		2,998,466
		LCM LP,
	3,250,000	Series 13A-X		1.24%	#^		01/19/2016		3,251,613
		Madison Park Funding Ltd.,
	4,000,000	Series 2012-10A-X		1.37%	#^		01/20/2025		4,004,043
		Monument Park Ltd.,
	78,139	Series 2003-1A-A1		0.85%	#^		01/20/2016		78,208
		Mountain Capital Ltd.,
	960,645	Series 2005-4A-A1L		0.53%	#^		03/15/2018		953,150
		Northwoods Capital Corporation,
	5,000,000	Series 2012-9A-X		1.37%	#^		01/18/2016		5,012,683

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Oak Hill Credit Partners,
$	1,674,827	Series 2012-7A-X		1.29%	#^		11/20/2023		1,676,393
		OCP Ltd.,
	3,750,000	Series 2012-2A-X1		1.29%	#^		11/22/2013		3,764,628
		OHA Loan Funding Ltd.,
	2,000,000	Series 2012-1A-X		1.30%	#^		01/23/2025		1,999,901
		Pacifica Ltd.,
	76,035	Series 2004-3A-A1		0.67%	#^		05/13/2016		75,956
		Race Point Ltd.,
	549,165	Series 2012-7A-X		1.29%	#^		11/08/2024		549,718
		Regatta Funding Ltd.,
	80,000	Series 2007-1A-X		0.53%	#^		06/15/2013		79,928
		Sagamore Ltd.,
	893,190	Series 2003-1A-A2		0.84%	#^		10/15/2015		893,888
		Suffield Ltd.,
	87,384	Series 4-A		2.35%	#^		09/26/2014		87,807
		Venture Ltd.,
	109,661	Series 2003-1A-A1		0.80%	#^		01/21/2016		109,732
	98,512	Series 2004-1A-A1		0.64%	#^		08/15/2016		98,373
		Wind River Ltd.,
	132,612	Series 2004-1A-A1		0.61%	#^		12/19/2016		132,213
		Total Collateralized Loan Obligations (Cost $71,217,504)							71,478,979
	FOREIGN CORPORATE BONDS 18.9%
	400,000	Abu Dhabi National Energy Company		6.60%			08/01/2013		407,600
	1,200,000	Abu Dhabi National Energy Company		4.75%			09/15/2014		1,261,008
	2,318,000	AES Gener S.A.		7.50%			03/25/2014		2,451,341
	1,600,000	AK Transneft OJSC		5.67%			03/05/2014		1,666,560
	1,200,000	Alfa Invest Ltd.		9.25%			06/24/2013		1,221,840
	1,050,000	Australia and New Zealand Banking Group Ltd.		2.13%	^		01/10/2014		1,064,001
	2,900,000	Banco Bradesco S.A.		2.39%	#		05/16/2014		2,936,537
	1,500,000	Banco Davivienda S.A.		2.95%	^		01/29/2018		1,475,550
	200,000	Banco de Bogota S.A.		5.00%	^		01/15/2017		214,750
	800,000	Banco de Bogota S.A.		5.00%			01/15/2017		859,000
	2,635,000	Banco de Chile		6.25%			06/15/2016		2,915,522
	2,749,000	Banco de Credito del Peru		4.75%			03/16/2016		2,968,920
	600,000	Banco de Credito e Inversiones		3.00%			09/13/2017		610,118
	800,000	Banco de Credito e Inversiones		3.00%	^		09/13/2017		813,491
	2,900,000	Banco do Brasil S.A.		4.50%			01/22/2015		3,030,500
	300,000	Banco Latinoamericano de Comercio Exterior S.A.		3.75%	^		04/04/2017		309,900
	200,000	Banco Latinoamericano de Comercio Exterior S.A.		3.75%			04/04/2017		206,600
	3,153,000	Banco Mercantil del Norte		4.38%			07/19/2015		3,334,298
	600,000	Banco Safra S.A.		3.50%			05/16/2014		611,250
	2,500,000	Bancolombia S.A.		4.25%			01/12/2016		2,647,000
	850,000	BP Capital Markets PLC		3.63%			05/08/2014		878,350
	700,000	BP Capital Markets PLC		3.13%			10/01/2015		739,562
	1,550,000	British Telecommunications PLC		2.00%			06/22/2015		1,586,650
	1,822,000	Celulosa Arauco y Constitucion S.A.		5.13%			07/09/2013		1,840,528
	1,070,000	Celulosa Arauco y Constitucion S.A.		5.63%			04/20/2015		1,149,506
	2,500,000	Corpbanca S.A.		3.13%			01/15/2018		2,476,598
	300,000	CSN Islands Corporation		10.00%			01/15/2015		335,400
	900,000	CSN Islands VIII Corporation		9.75%			12/16/2013		947,700

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

March 31, 2013

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
$	1,500,000	Diageo Capital PLC		7.38%			01/15/2014		1,578,558
	1,890,750	Dolphin Energy Ltd.		5.89%			06/15/2019		2,150,728
	2,500,000	Embraer Overseas Ltd.		6.38%			01/24/2017		2,850,000
	300,000	Export-Import Bank of Korea		4.13%			09/09/2015		322,659
	145,000	France Telecom S.A.		4.38%			07/08/2014		151,371
	650,000	France Telecom S.A.		2.13%			09/16/2015		667,337
	800,000	Freeport-McMoRan Copper & Gold, Inc.		2.15%			03/01/2017		810,220
	300,000	Gaz Capital S.A.		7.34%			04/11/2013		300,795
	300,000	Gaz Capital S.A.		7.51%			07/31/2013		306,930
	1,800,000	Gaz Capital S.A.		8.13%			07/31/2014		1,953,000
	1,200,000	Gazprombank OJSC		7.93%			06/28/2013		1,220,160
	1,000,000	Gazprombank OJSC		6.50%			09/23/2015		1,084,100
	1,240,000	Global Bank Corporation		4.75%			10/05/2017		1,271,000
	200,000	Grupo Aval Ltd.		5.25%	^		02/01/2017		215,000
	2,300,000	Grupo Aval Ltd.		5.25%			02/01/2017		2,472,500
	2,600,000	Hutchison Whampoa International Ltd.		4.63%			09/11/2015		2,810,353
	700,000	Hyundai Capital America		3.75%			04/06/2016		742,848
	150,000	Industrial Bank of Korea		7.13%			04/23/2014		160,043
	1,500,000	Industry & Construction Bank		5.01%	#		09/29/2015		1,541,250
	1,368,000	Inversiones CMPC S.A.		4.88%			06/18/2013		1,378,447
	1,200,000	Inversiones CMPC S.A.		4.75%			01/19/2018		1,274,063
	1,005,000	IOI Ventures BHD		5.25%			03/16/2015		1,073,866
	150,000	KazMunayGas National Company		8.38%			07/02/2013		152,650
	1,175,000	Korea Development Bank		4.38%			08/10/2015		1,262,906
	800,000	Korea Development Bank		3.25%			03/09/2016		848,372
	2,775,000	LPG International, Inc.		7.25%			12/20/2015		3,094,125
	1,200,000	Lukoil International Finance BV		6.38%			11/05/2014		1,290,360
	100,000	MTR Corporation		4.50%			08/14/2013		101,261
	400,000	MTR Corporation		4.75%			01/21/2014		412,577
	1,450,000	National Australia Bank Ltd.		1.60%			08/07/2015		1,476,170
	2,500,000	Novatek Finance Ltd.		5.33%			02/03/2016		2,688,125
	1,850,000	PCCW-HKT Capital No. 3 Ltd.		5.25%			07/20/2015		2,004,547
	660,000	Pemex Project Funding Master Trust		5.75%			12/15/2015		735,900
	2,366,864	Peru Enhanced Pass-Through Finance Ltd.		0.00%			05/31/2018		2,159,763
	363,000	Petronas Global Sukuk Ltd.		4.25%	^		08/12/2014		379,753
	1,000,000	Petronas Global Sukuk Ltd.		4.25%			08/12/2014		1,046,152
	700,000	Prime Holdings Labuan Ltd.		5.38%			09/22/2014		733,813
	2,586,000	PTTEP Australia International Finance Ltd.		4.15%			07/19/2015		2,732,060
	600,000	Qtel International Finance Ltd.		6.50%			06/10/2014		639,240
	2,000,000	Qtel International Finance Ltd.		3.38%			10/14/2016		2,112,000
	1,000,000	Raizen Energy Finance Ltd.		7.00%			02/01/2017		1,142,500
	1,900,000	Raizen Fuels Finance Ltd.		9.50%			08/15/2014		2,078,600
	250,000	Ras Laffan Liquefied Natural Gas Company		5.50%			09/30/2014		266,563
	646,400	Ras Laffan Liquefied Natural Gas Company		5.83%			09/30/2016		697,466
	1,865,000	Royal Bank of Canada		1.00%	#		10/30/2014		1,882,085
	1,000,000	RSHB Capital S.A.		7.13%			01/14/2014		1,044,300
	600,000	Russian Agricultural Bank		7.18%			05/16/2013		605,385
	1,300,000	Sberbank of Russia		6.47%			07/02/2013		1,320,020
	1,720,000	Sociedad Quimica y Minera S.A.		6.13%			04/15/2016		1,896,152
	1,618,000	Southern Copper Corporation		6.38%			07/27/2015		1,779,679
	1,000,000	Tanner Servicios Financieros S.A.		4.38%	^		03/13/2018		1,015,000
	1,000,000	Telefonos de Mexico S.A.B.		5.50%			01/27/2015		1,075,000
	114,545	Tengizchevroil Finance Corporation		6.12%			11/15/2014		118,555
	820,000	TM Global, Inc.		5.25%			09/22/2014		865,585
	500,000	TNK-BP Finance S.A.		6.25%			02/02/2015		535,450
	800,000	Transnet Limited		4.50%			02/10/2016		840,931
	800,000	Tupras Turkiye Petrol Rafinerileri A.S.		4.13%			05/02/2018		801,000
	2,000,000	Tupras Turkiye Petrol Rafinerileri A.S.		4.13%	^		05/02/2018		2,002,500

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
$	718,000	United Overseas Bank Ltd.		4.50%			07/02/2013		724,883
	600,000	Vale Overseas Ltd.		9.00%			08/15/2013		618,750
	1,000,000	VTB Capital S.A.		6.47%			03/04/2015		1,072,500
	1,900,000	WPP Finance UK		8.00%			09/15/2014		2,086,572
		Total Foreign Corporate Bonds (Cost $114,732,164)							115,634,558
	FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES 2.4%
	566,000	Colombia Government International Bond		2.09%	#		11/16/2015		571,613
	2,184,000	Colombia Government International Bond		8.70%			02/15/2016		2,603,306
	1,500,000	Corporacion Andina de Fomento		3.75%			01/15/2016		1,594,251
	2,490,000	Costa Rica Government International Bond		6.55%			03/20/2014		2,608,275
	3,900,000	Panama Government International Bond		7.25%			03/15/2015		4,358,250
	600,000	South Africa Government International Bond		6.50%			06/02/2014		639,600
	2,400,000	State of Qatar		4.00%			01/20/2015		2,535,600
		Total Foreign Government Bonds and Notes, Supranationals and Foreign Agencies (Cost $14,739,976)							14,910,895
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 16.8%
		Asset Securitization Corporation,
	6,360,128	Series 1997-D4-PS1		0.83%	# I/O		04/14/2029		337,475
		Banc of America Large Loan Trust,
	2,333,433	Series 2007-BMB1-A2		0.95%	#^		08/15/2029		2,300,056
		Banc of America Re-Remic Trust,
	1,176,707	Series 2011-STRP-A2		2.15%	#^		08/17/2038		1,177,909
	2,000,000	Series 2012-CLRN-A		1.35%	#^		08/15/2029		2,019,533
		Bank of America Commercial Mortgage, Inc.,
	71,630	Series 2003-2-A4		5.06%	#		03/11/2041		72,112
		Bear Stearns Commercial Mortgage Securities, Inc.,
	32,891	Series 2002-TOP8-A2		4.83%			08/15/2038		32,891
	900,687	Series 2004-PWR3-A4		4.72%			02/11/2041		916,933
	1,860,299	Series 2004-PWR4-A3		5.47%	#		06/11/2041		1,935,315
	807,195	Series 2004-T14-A4		5.20%	#		01/12/2041		830,685
	3,000,000	Series 2005-PWR8-A4		4.67%			06/11/2041		3,209,929
	156,025	Series 2005-PWR8-AAB		4.58%			06/11/2041		156,030
	1,300,000	Series 2005-T18-AJ		5.01%	#		02/13/2042		1,391,049
	1,263,773	Series 2006-PW12-AAB		5.69%	#		09/11/2038		1,265,548
	774,094	Series 2007-PW17-AAB		5.70%			06/11/2050		810,044
		Capital Trust,
	655,814	Series 2005-3A-A2		5.16%	^		06/25/2035		657,847
		CD Commercial Mortgage Trust,
	13,985,222	Series 2007-CD5-XP		0.17%	#^ I/O		11/15/2044		46,347
		Citigroup Commercial Mortgage Trust,
	615,000	Series 2005-C3-AM		4.83%	#		05/15/2043		659,881
		Commercial Mortgage Pass-Through Certificates,
	9,917,516	Series 2012-CR2-XA		1.97%	# I/O		08/15/2045		1,254,923
	99,434	Series 2012-MVP-A		2.14%	#^		11/17/2026		101,071
	29,830,179	Series 2012-MVP-XACP		1.77%	#^ I/O		12/17/2014		951,926
	30,000,000	Series 2012-MVP-XBCP		1.42%	#^  I/O		12/17/2014		779,250
		Credit Suisse First Boston Mortgage Securities Corporation,
	500,000	Series 1998-C2-F		6.75%	#^		11/15/2030		528,623
	2,000,000	Series 2003-C4-B		5.25%	#		08/15/2036		2,024,765
	3,229,603	Series 2004-C1-A4		4.75%	#		01/15/2037		3,295,377
	2,000,000	Series 2005-C6-AM		5.23%	#		12/15/2040		2,208,433
		Credit Suisse Mortgage Capital Certificates,
	1,971,149	Series 2006-TF2A-A2		0.37%	#^		10/15/2021		1,934,735
	1,000,000	Series 2007-TFLA-B		0.35%	#^		02/15/2022		971,805
		Crest Ltd.,
	432,592	Series 2003-2A-A1		0.76%	#^		12/28/2018		430,948

The accompanying notes are an integral part of these financial statements Annual Report March 31, 2013 41

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		DBRR Trust,
$	3,912,948	Series 2012-EZ1-A		0.95%	^		09/25/2045		3,923,474
	687,000	Series 2012-EZ1-B		1.39%	^		09/25/2045		687,928
		DDR Corporation,
	2,779,907	Series 2009-DDR1-A		3.81%	^		10/14/2022		2,886,912
		Del Coronado Trust,
	2,100,000	Series 2013-HDC-A		1.00%	#^		04/15/2013		2,100,000
	2,500,000	Series 2013-HDC-B		1.50%	#^		04/15/2013		2,500,000
		Extended Stay American Trust,
	5,000,000	Series 2013-ESH5-A15		1.28%	^		12/05/2031		4,994,500
		GE Capital Commercial Mortgage Corporation,
	487,000	Series 2004-C3-B		5.51%	#		07/10/2039		509,760
	1,000,000	Series 2005-C2-B		5.11%	#		05/10/2043		1,035,587
		GMAC Commercial Mortgage Securities, Inc.,
	514,626	Series 2004-C3-AAB		4.70%			12/10/2041		526,788
		GS Mortgage Securities Corporation II,
	4,670,000	Series 2007-EOP-A2		1.26%	#^		03/06/2020		4,679,800
	637,000	Series 2007-EOP-A3		1.46%	#^		03/06/2020		638,688
	1,071,036	Series 2012-GCJ7-A1		1.14%			05/10/2045		1,081,054
	5,000,000	Series 2013-KYO-D		1.05%	#^		11/08/2029		5,032,928
		JP Morgan Chase Commercial Mortgage Securities Corporation,
	494,428	Series 2004-CB8-A1A		4.16%	^		01/12/2039		505,310
	2,856,000	Series 2004-LN2-A2		5.12%			07/15/2041		2,992,117
	136,459	Series 2006-CB14-ASB		5.51%	#		12/12/2044		143,849
	496,898	Series 2006-CB15-ASB		5.79%	#		06/12/2043		528,056
	110,094,789	Series 2006-CB16-X2		0.10%	# I/O		05/12/2045		295,384
	2,249,745	Series 2006-CB17-ASB		5.42%			12/12/2043		2,402,153
	552,066	Series 2007-CB19-ASB		5.70%	#		02/12/2049		602,347
	414,285	Series 2007-CB20-ASB		5.69%			02/12/2051		451,729
	1,107,501	Series 2007-LD11-ASB		5.81%	#		06/15/2049		1,208,569
	680,609	Series 2007-LDP12-ASB		5.83%	#		02/15/2051		744,458
	3,920,441	Series 2010-C1-A1		3.85%	^		06/15/2043		4,151,351
	770,007	Series 2011-PLSD-A1		2.19%	^		11/13/2044		791,056
	4,000,000	Series 2012-PHH-A		1.87%	#^		10/15/2025		4,057,490
	1,000,000	Series 2012-PHH-B		2.07%	#^		10/15/2025		1,014,036
	1,000,000	Series 2012-PHH-C		2.57%	#^		10/15/2025		1,015,044
		LB-UBS Commercial Mortgage Trust,
	2,000,000	Series 2004-C6-A6		5.02%	#		08/15/2029		2,079,399
	1,878,653	Series 2006-LLFA-D		0.43%	#^		09/15/2021		1,860,174
		Merrill Lynch Mortgage Trust,
	1,020,000	Series 2004-KEY2-A4		4.86%	#		08/12/2039		1,072,744
	500,000	Series 2005-CIP1-AM		5.11%	#		07/12/2038		538,903
		Merrill Lynch/Countrywide Commercial Mortgage Trust,
	129,999	Series 2006-4-A2FL		0.32%	#		12/12/2049		129,776
		Morgan Stanley Bank of America Merrill Lynch Trust,
	3,967,740	Series 2012-C5-XA		1.93%	#^ I/O		08/15/2045		441,494
		Morgan Stanley Capital, Inc.,
	832,985	Series 2003-T11-A4		5.15%			06/13/2041		835,468
	420,869	Series 2005-HQ6-AAB		4.97%			08/13/2042		433,795
	1,741,225	Series 2005-T17-A5		4.78%			12/13/2041		1,832,664
	25,289,297	Series 2006-HQ10-X1		0.51%	#^ I/O		11/12/2041		404,755
	1,237,096	Series 2007-T25-AAB		5.51%			11/12/2049		1,289,728
		Morgan Stanley Re-Remic Trust,
	1,430,930	Series 2012-IO-AXA		1.00%	^		03/27/2051		1,417,508
		RREF LLC,
	2,050,000	Series 2013-LT2-A		2.83%	^		05/22/2028		2,050,000
		SMA Issuer LLC,
	826,129	Series 2012-LV1-A		3.50%	^		08/20/2025		830,308
		UBS Commercial Mortgage Trust,
	1,273,638	Series 2012-C1-A1		1.03%			05/10/2045		1,281,433
		Wachovia Bank Commercial Mortgage Trust,
	991,285	Series 2004-C14-A3		4.93%			08/15/2041		1,002,925
	1,000,000	Series 2005-C17-A4		5.08%	#		03/15/2042		1,070,931
	1,069	Series 2006-C25-APB1		5.64%	#		05/15/2043		1,069
	60,128	Series 2006-C26-APB		6.00%			06/15/2045		64,426

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		WF-RBS Commercial Mortgage Trust,
$	334,836	Series 2011-C3-A1		1.99%	^		03/15/2044		341,547
	3,475,272	Series 2012-C8-XA		2.25%	#^ I/O		08/15/2045		468,361
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $103,838,364)							103,249,216
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 21.8%
		ACE Securities Corporation,
	963,520	Series 2006-NC1-A2C		0.40%	#		12/25/2035		947,519
		Banc of America Funding Corporation,
	2,629,903	Series 2005-E-6A1		4.97%	#		05/20/2035		2,637,882
	2,213,264	Series 2012-R4-A		0.46%	#^		03/04/2039		2,174,070
	6,984,143	Series 2012-R5-A		0.46%	#^		10/03/2039		6,823,847
		Banc of America Mortgage Securities, Inc.,
	777,333	Series 2005-2-2A1		5.00%			03/25/2020		785,417
		BCAP LLC Trust,
	63,848	Series 2009-RR13-6A5		6.07%	#^		04/26/2037		67,175
	1,563,143	Series 2011-RR12-2A5		2.61%	#^		12/26/2036		1,572,094
		Bear Stearns Asset Backed Securities Trust,
	2,504,563	Series 2004-AC2-2A		5.00%			05/25/2034		2,525,704
	622,716	Series 2005-3-A1		0.65%	#		09/25/2035		621,685
		Chase Funding Mortgage Loan Asset-Backed Certificates,
	107,110	Series 2003-5-1A6		4.60%			01/25/2015		107,937
	165,607	Series 2003-6-1A6		4.59%			11/25/2034		165,764
		Citigroup Mortgage Loan Trust, Inc.,
	5,000,000	Series 2007-WFHE2-A3		0.38%	#		03/25/2037		4,561,500
	1,015,085	Series 2010-12-3A1		4.00%	^		04/25/2037		1,052,287
	3,021,725	Series 2010-8-5A6		4.00%	^		11/25/2036		3,140,657
	1,945,060	Series 2011-12-1A1		3.50%	#^		04/25/2036		1,979,661
	1,183,696	Series 2011-12-3A1		5.59%	^		09/25/2047		1,195,576
		Countrywide Alternative Loan Trust,
	976,399	Series 2007-HY5R-2A1A		5.20%	#		03/25/2047		946,593
		Countrywide Asset-Backed Certificates,
	1,121,792	Series 2006-2-2A2		0.39%	#		06/25/2036		1,080,197
		Countrywide Home Loans,
	627,136	Series 2005-5-A1		5.50%			03/25/2035		634,764
		Credit Suisse First Boston Mortgage Securities Corporation,
	3,070,895	Series 2005-11-5A1		5.25%			12/25/2020		3,155,009
		Credit Suisse Mortgage Capital Certificates,
	2,039,992	Series 2009-13R-2A1		6.00%	^		01/26/2037		2,109,221
	12,344,000	Series 2010-18R-4A2		3.22%	#^		04/26/2038		12,353,585
	77,774	Series 2010-1R-5A1		5.00%	#^		01/27/2036		80,786
	4,370,486	Series 2011-16R-6A1		2.49%	#^		09/27/2035		4,372,698
	10,173,815	Series 2013-3R-1A1		1.49%	#^		04/27/2035		9,258,172
		Deutsche ALT-A Securities, Inc. Mortgage Loan Trust,
	495,568	Series 2007-BAR1-A2		0.33%	#		03/25/2037		492,652
		Deutsche Mortgage Securities, Inc.,
	1,348,471	Series 2005-WF1-1A2		5.23%	#^		06/26/2035		1,362,565
		First Franklin Mortgage Loan Trust,
	9,535,236	Series 2005-FF12-A2B		0.46%	#		11/25/2036		9,264,778
	1,528,433	Series 2006-FF1-2A3		0.44%	#		01/25/2036		1,475,407
		Greenpoint Mortgage Funding Trust,
	43	Series 2006-AR8-1A1A		0.28%	#		01/25/2047		43
	1,234,394	Series 2007-AR2-1A1		0.33%	#		04/25/2047		1,208,837
		GSR Mortgage Loan Trust,
	928,101	Series 2006-AR1-2A2		2.78%	#		01/25/2036		920,792
		Jefferies & Company, Inc.,
	960,907	Series 2010-R7-5A1		1.20%	#^		09/26/2035		911,751
		JP Morgan Alternative Loan Trust,
	2,352,541	Series 2006-S4-A6		5.71%	#		12/25/2036		2,259,420
		JP Morgan Mortgage Acquisition Corporation,
	5,421,339	Series 2006-NC1-A4		0.37%	#		04/25/2036		5,078,542

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

March 31, 2013

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		JP Morgan Mortgage Trust,
$	568,859	Series 2007-S1-1A1		5.00%			03/25/2022		562,665
	548,907	Series 2007-S3-2A2		5.50%			08/25/2022		533,835
		JP Morgan Resecuritization Trust,
	943,547	Series 2009-7-8A1		5.36%	#^		01/27/2047		957,660
	646,394	Series 2011-2-2A3		3.50%	#^		07/26/2036		665,232
	1,318,192	Series 2012-2-3A3		2.76%	#^		10/26/2036		1,327,375
		Lehman XS Trust,
	560,620	Series 2006-11-2A1		0.33%	#		06/25/2046		555,761
	3,841,532	Series 2007-1-1A1		0.28%	#		02/25/2037		3,728,418
		MASTR Adjustable Rate Mortgages Trust,
	5,140,842	Series 2007-2-A2		0.31%	#		03/25/2047		4,972,598
		MASTR Asset Backed Securities Trust,
	282,898	Series 2006-NC1-A3		0.39%	#		01/25/2036		276,607
		Morgan Stanley Capital, Inc.,
	3,112,487	Series 2005-WMC3-M3		0.91%	#		03/25/2035		3,094,623
		Morgan Stanley Mortgage Loan Trust,
	435,469	Series 2004-1-1A1		5.00%			11/25/2018		447,612
		RAAC Series,
	5,413,759	Series 2007-SP2-A1		0.40%	#		06/25/2047		5,347,053
		Residential Asset Securitization Trust,
	3,376,990	Series 2005-A5-A1		0.50%	#		05/25/2035		3,272,134
	3,376,990	Series 2005-A5-A2		5.00%	# I/F I/O		05/25/2035		192,075
		Residential Funding Mortgage Securities Trust,
	402,335	Series 2003-S16-A1		4.75%			09/25/2018		413,413
	2,496,010	Series 2005-S4-A1		5.50%			05/25/2035		2,529,513
	2,094,646	Series 2005-S6-A1		5.00%			08/25/2035		2,102,134
		Soundview Home Equity Loan Trust,
	9,561,202	Series 2007-NS1-A2		0.35%	#		01/25/2037		8,863,449
		Structured Adjustable Rate Mortgage Loan Trust,
	782,301	Series 2006-5-5A3		5.05%	#		06/25/2036		787,326
		Structured Asset Securities Corporation,
	790,070	Series 2003-24A-1A3		2.60%	#		07/25/2033		780,040
	562,978	Series 2004-15-2A1		4.75%			09/25/2019		572,459
	1,330,875	Series 2005-10-6A1		5.00%			06/25/2020		1,397,290
		Washington Mutual Mortgage Pass-Through Certificates,
	200,027	Series 2005-AR14-1A1		2.53%	#		12/25/2035		198,603
		Wells Fargo Alternative Loan Trust,
	1,339,312	Series 2007-PA5-2A1		6.00%			11/25/2022		1,396,005
		Wells Fargo Mortgage Backed Securities Trust,
	204,881	Series 2005-9-1A8		5.50%			10/25/2035		205,574
	30,930	Series 2006-13-A10		6.00%			10/25/2036		30,879
	278,727	Series 2006-4-1A8		5.75%			04/25/2036		281,671
		Wells Fargo Mortgage Loan Trust,
	1,070,894	Series 2012-RR1-A1		2.85%	#^		08/27/2037		1,091,046
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $131,690,990)							133,907,637
	US CORPORATE BONDS 12.1%
	1,000,000	Altria Group, Inc.		4.13%			09/11/2015		1,079,613
	1,650,000	American Express Credit Corporation		1.75%			06/12/2015		1,686,846
	850,000	Amgen, Inc.		1.88%			11/15/2014		867,117
	380,000	Amgen, Inc.		4.85%			11/18/2014		405,620
	750,000	Anheuser-Busch InBev Worldwide, Inc.		5.38%			11/15/2014		806,122
	1,500,000	AT&T, Inc.		2.50%			08/15/2015		1,558,902
	1,000,000	BB&T Corporation		3.20%			03/15/2016		1,064,159
	2,019,000	Berkshire Hathaway,  Inc.		3.20%			02/11/2015		2,119,898
	971,000	Boeing Capital Corporation		3.25%			10/27/2014		1,013,379
	525,000	Boeing Company		5.00%			03/15/2014		547,253
	1,700,000	Caterpillar Financial Services Corporation		1.10%			05/29/2015		1,720,335
	1,237,000	Comcast Corporation		6.50%			01/15/2015		1,365,059

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
$	577,000	ConocoPhillips Company		4.75%			02/01/2014		597,851
	1,000,000	ConocoPhillips Company		4.60%			01/15/2015		1,071,747
	500,000	Daimler Finance North America LLC		1.95%	^		03/28/2014		505,385
	950,000	Daimler Finance North America LLC		1.88%	^		09/15/2014		964,263
	1,315,000	Devon Energy Corporation		5.63%			01/15/2014		1,366,645
	1,400,000	DIRECTV Holdings LLC		4.75%			10/01/2014		1,481,535
	1,314,000	Duke Energy Corporation		6.30%			02/01/2014		1,374,895
	1,445,000	eBay, Inc.		0.70%			07/15/2015		1,452,505
	550,000	Ecolab, Inc.		2.38%			12/08/2014		565,166
	1,050,000	Ecolab, Inc.		1.00%			08/09/2015		1,053,386
	1,500,000	Express Scripts Holding Company		2.10%			02/12/2015		1,533,063
	1,695,000	General Electric Capital Corporation		1.63%			07/02/2015		1,724,895
	1,650,000	General Mills, Inc.		5.20%			03/17/2015		1,793,246
	1,600,000	Gilead Sciences, Inc.		2.40%			12/01/2014		1,644,808
	600,000	Hewlett-Packard Company		2.63%			12/09/2014		615,407
	1,440,000	John Deere Capital Corporation		0.88%			04/17/2015		1,449,153
	1,500,000	JP Morgan Chase & Company		1.10%			10/15/2015		1,503,066
	1,565,000	Kellogg Company		1.13%			05/15/2015		1,580,565
	1,350,000	Kinder Morgan Energy Partners LP		3.50%			03/01/2016		1,443,008
	1,400,000	Kraft Foods, Inc.		4.13%			02/09/2016		1,525,132
	598,000	Kroger Company		7.50%			01/15/2014		630,087
	400,000	Kroger Company		4.95%			01/15/2015		428,066
	1,700,000	KT Corporation		5.88%			06/24/2014		1,794,437
	1,950,000	Life Technologies Corporation		3.50%			01/15/2016		2,036,580
	579,000	Marriott International, Inc.		5.81%			11/10/2015		638,951
	800,000	MetLife Institutional Funding		1.63%	^		04/02/2015		813,514
	750,000	Metropolitan Life Global Funding		5.13%	^		06/10/2014		790,772
	200,000	Metropolitan Life Global Funding		2.00%	^		01/09/2015		205,016
	1,700,000	Morgan Stanley		1.75%			02/25/2016		1,714,445
	844,000	National Rural Utilities Cooperative Finance Corporation		3.88%			09/16/2015		911,823
	780,000	National Rural Utilities Cooperative Finance Corporation		1.90%			11/01/2015		802,432
	1,237,000	ONEOK Partners LP		3.25%			02/01/2016		1,307,675
	1,425,000	Phillips 66		1.95%			03/05/2015		1,456,991
	1,800,000	PNC Funding Corporation		4.25%			09/21/2015		1,952,251
	1,000,000	Procter & Gamble Company		3.15%			09/01/2015		1,064,150
	1,524,000	Simon Property Group LP		6.75%			05/15/2014		1,603,384
	1,675,000	Southern Power Company, Series D		4.88%			07/15/2015		1,828,671
	1,328,000	Southwest Airlines Company		5.25%			10/01/2014		1,403,942
	800,000	Time Warner Cable, Inc.		3.50%			02/01/2015		836,886
	1,040,000	Toyota Motor Credit Corporation		1.00%			02/17/2015		1,049,268
	1,251,000	Valero Energy Corporation		4.50%			02/01/2015		1,333,131
	1,650,000	Verizon Wireless Capital LLC		5.55%			02/01/2014		1,715,286
	120,000	Wal-Mart Stores, Inc.		3.00%			02/03/2014		122,734
	1,031,000	Wal-Mart Stores, Inc.		1.63%			04/15/2014		1,045,180
	648,000	Wellpoint, Inc.		5.00%			12/15/2014		694,644
	898,000	WellPoint, Inc.		5.25%			01/15/2016		1,000,414
	1,812,000	Wells Fargo & Company		1.50%			07/01/2015		1,842,958

The accompanying notes are an integral part of these financial statements Annual Report March 31, 2013 43

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
$	2,000,000	Westpac Banking Corporation		1.13%		09/25/2015		2,016,358
	1,365,000	Xerox Corporation		4.25%		02/15/2015		1,438,460
		Total US Corporate Bonds (Cost $73,633,106)						73,958,530
	US GOVERNMENT / AGENCY MORTGAGE BACKED OBLIGATIONS 3.8%
		Federal Home Loan Mortgage Corporation,
	519,535	Pool G06871		6.00%		06/01/2038		568,767
	1,196,743	Pool G06954		6.00%		05/01/2040		1,308,654
	781,032	Pool N70081		5.50%		07/01/2038		846,014
	331,231	Series 3267-BA		5.80%		11/15/2036		367,579
	947,258	Series 3818-JA		4.50%		01/15/2040		981,775
	236,220	Series 3872-BA		4.00%		06/15/2041		251,648
	8,519,047	Series 4050-BC		2.00%		05/15/2041		8,599,369
		Federal National Mortgage Association,
	694,185	Series 2011-64-DB		4.00%		07/25/2041		739,104
	4,671,381	Series 2012-133-PB		6.50%		04/25/2042		5,187,230
		Federal National Mortgage Association Pass-Thru,
	140,053	Pool 995112		5.50%		07/01/2036		154,534
	460,587	Pool AB3850		4.00%		11/01/2041		476,937
	509,595	Pool AD0189		5.50%		02/01/2039		559,100
	1,118,797	Pool AL1690		6.00%		05/01/2041		1,227,134
	892,757	Pool AL1691		6.00%		06/01/2041		980,322
	1,193,584	Pool AL1744		6.00%		10/01/2040		1,309,162
		Total US Government / Agency Mortgage Backed Obligations (Cost $23,377,482)						23,557,329

PRINCIPAL AMOUNT / SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	US GOVERNMENT BONDS AND NOTES 6.9%
$	10,000,000	United States Treasury Notes		0.75%			08/15/2013		10,025,000
	7,000,000	United States Treasury Notes		0.25%			05/31/2014		7,006,020
	7,000,000	United States Treasury Notes		0.25%			02/15/2015		7,000,819
	12,000,000	United States Treasury Notes		1.25%			10/31/2015		12,287,820
	6,000,000	United States Treasury Notes		0.88%			12/31/2016		6,082,032
		Total US Government Bonds and Notes (Cost $42,343,101)							42,401,691
	SHORT TERM INVESTMENTS 5.1%
	31,459,444	Fidelity Institutional Government Portfolio		0.01%	¨				31,459,444
		Total Short Term Investments (Cost $31,459,444)							31,459,444
		Total Investments 99.5% (Cost $607,032,131)							610,558,279
		Other Assets in Excess of Liabilities 0.5%							3,008,459
		NET ASSETS 100.0%						$	613,566,738

PORTFOLIO HOLDINGS as % of Net Assets
Non-Agency Residential Collateralized Mortgage Obligations	21.8%
Foreign Corporate Bonds	18.9%
Non-Agency Commercial Mortgage Backed Obligations	16.8%
US Corporate Bonds	12.1%
Collateralized Loan Obligations	11.7%
US Government Bonds and Notes	6.9%
Short Term Investments	5.1%
US Government / Agency Mortgage Backed Obligations	3.8%
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies	2.4%
Other Assets and Liabilities	0.5%
	100.0%

# Variable rate security. Rate disclosed as of March 31, 2013.

^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities are determined to be liquid by the Adviser, unless otherwise noted, under procedures established by the Fund’s Board of Trustees. As of March 31, 2013, the value of these securities amounted to $190,150,083 or 31.0% of net assets.

I/O Interest only security

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

¨ Seven-day yield as of March 31, 2013

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

Schedule of Investments  DoubleLine Floating Rate Fund March 31, 2013

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	BANK LOAN OBLIGATIONS 46.3%
$	1,000,000	Ai Chem & Cy SCA		4.50%	#		09/12/2019		1,013,750
	3,000,000	American Renal Holdings, Inc.		4.50%	#		08/20/2019		3,013,140
	2,000,000	Asurion LLC		4.50%	#		05/24/2019		2,024,880
	2,000,000	Avis Budget Car Rental LLC		3.75%	#		03/15/2019		2,026,460
	3,000,000	Calpine Corporation		4.00%	#		04/01/2018		3,043,755
	2,500,000	Continental Airlines, Inc.		4.00%	#		04/01/2019		2,530,213
	3,000,000	Duff & Phelps LLC		4.50%	#		03/14/2020		3,039,390
	3,000,000	H.J. Heinz Company		3.50%	#		03/27/2020		3,029,370
	1,000,000	Huntsman International LLC		2.74%	#		04/19/2017		1,008,910
	1,500,000	KAR Auction Services, Inc.		3.75%	#		05/19/2017		1,522,095
	1,500,000	Protection One, Inc.		4.25%	#		03/21/2019		1,514,535
	2,500,000	Realogy Group LLC		4.50%	#		03/05/2020		2,538,550
	2,000,000	Ruby Western Pipeline Holdings LLC		3.50%	#		03/27/2020		2,027,500
	1,000,000	Telesat Canada		3.50%	#		03/28/2019		1,011,250
		Total Bank Loan Obligations (Cost $28,922,458)							29,343,798

PRINCIPAL AMOUNT / SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	SHORT TERM INVESTMENTS 93.8%
$	12,500,000	Federal Farm Credit Bank		0.36%	#		11/18/2013		12,512,499
	6,000,000	Federal Home Loan Banks		0.18%	#		06/13/2013		6,000,786
	7,500,000	Federal Home Loan Banks		0.00%	#		04/01/2014		7,501,088
	33,552,836	Fidelity Institutional Government Portfolio		0.01%	¨				33,552,836
		Total Short Term Investments (Cost $59,569,232)							59,567,209
		Total Investments 140.1% (Cost $88,491,690)							88,911,007
		Liabilities in Excess of Other Assets (40.1)%							(25,465,125	)
		NET ASSETS 100.0%						$	63,445,882

PORTFOLIO HOLDINGS as % of Net Assets
Bank Loan Obligations	46.3%
Short Term Investments	93.8%
Other Assets and Liabilities	(40.1)%
	100.0%

# Variable rate security. Rate disclosed as of March 31, 2013.

¨ Seven-day yield as of March 31, 2013

The accompanying notes are an integral part of these financial statements Annual Report March 31, 2013 45

Statements of Assets and Liabilities March 31, 2013

	DoubleLine Total Return Bond Fund			DoubleLine Core Fixed Income Fund		DoubleLine Emerging Markets Fixed Income Fund		DoubleLine Multi-Asset Growth Fund (Consolidated)			DoubleLine Low Duration Bond Fund			DoubleLine Floating Rate Fund
ASSETS
Investments in Unaffiliated Securities, at Value*	$	33,557,315,590		$	2,484,436,395	$	771,131,907	$	83,265,342		$	579,098,835		$	29,343,798
Investments in Affiliated Securities, at Value*		—			58,383,641		—		54,934,079			—			—
Short-term Securities*		6,776,118,391			485,027		8,383,573		120,926,271			31,459,444			59,567,209
Receivable for Fund Shares Sold		181,234,181			8,975,568		3,019,168		2,798,293			9,697,860			—
Interest and Dividends Receivable		137,742,161			16,257,397		10,716,927		362,981			2,615,307			45,921
Receivable for Investments Sold		19,512,642			9,038,686		—		282,941			849,720			—
Cash		2,776,306			—		165,625		63,045			(47,462	)		—
Prepaid Expenses and Other Assets		551,199			40,249		53,877		47,261			48,820			—
Deposit at Broker for Futures		—			—		—		4,698,780			—			—
Investment Advisory Fees Receivable		—			—		—		—			—			32,547
Total Assets		40,675,250,470			2,577,616,963		793,471,077		267,378,993			623,722,524			88,989,475
LIABILITIES
Payable for Investments Purchased		582,535,877			7,148,021		—		—			8,676,676			25,472,500
Payable for Fund Shares Redeemed		179,570,942			5,311,100		3,591,320		457,519			857,539			—
Distribution Payable		49,910,341			2,411,506		833,498		546,471			203,287			—
Investment Advisory Fees Payable		13,459,080			868,481		516,690		216,219			156,113			—
Transfer Agent Expenses Payable		2,907,380			285,176		70,843		43,138			67,759			4,024
Registration Fees Payable		2,421,460			76,807		55,600		20,280			57,795			10,273
Distribution Fees Payable		2,200,001			159,998		30,615		36,660			48,460			—
Accrued Expenses		1,188,807			205,858		108,589		65,828			55,796			49,004
Administration, Fund Accounting and Custodian Fees Payable		1,070,357			101,103		34,715		14,851			32,361			7,792
Variation Margin Payable		—			—		—		799,025			—			—
Unrealized Depreciation on Swaps		—			—		—		266,719			—			—
Written Option Contracts, at value (Premiums received $294,684)		—			—		—		60,100			—			—
Swaps Premiums Received		—			—		—		24,269			—			—
Total Liabilities		835,264,245			16,568,050		5,241,870		2,551,079			10,155,786			25,543,593
Net Assets	$	39,839,986,225		$	2,561,048,913	$	788,229,207	$	264,827,914		$	613,566,738		$	63,445,882
NET ASSETS CONSIST OF:
Paid-in Capital	$	39,282,049,767		$	2,484,202,859	$	767,185,995	$	267,951,867		$	611,177,373		$	63,026,565
Undistributed (Accumulated) Net Investment Income (Loss)		13,667,741			704,511		190,376		(118,514	)		55,235			—
Accumulated Net Realized Gain (Loss) on Investments		(679,838,561	)		4,476,257		7,540,875		(3,466,421	)		(1,192,018	)		—
Net Unrealized Appreciation (Depreciation) on:
Investments in Unaffiliated Securities		1,223,324,298			71,281,645		13,311,961		1,463,785			3,526,148			421,340
Investments in Affiliated Securities		—			383,641		—		487,858			—			—
Short-term Securities		782,980			—		—		—			—			(2,023	)
Futures		—			—		—		(1,458,526	)		—			—
Swaps		—			—		—		(266,719	)		—			—
Written Options		—			—		—		234,584			—			—
Net Assets	$	39,839,986,225		$	2,561,048,913	$	788,229,207	$	264,827,914		$	613,566,738		$	63,445,882
*Identified Cost:
Investments in Unaffiliated Securities	$	32,333,991,292		$	2,413,154,750	$	757,819,946	$	81,801,557		$	575,572,687		$	28,922,458
Investments in Affiliated Securities		—			58,000,000		—		54,446,221			—			—
Short-term Securities		6,775,335,411			485,027		8,383,573		120,926,271			31,459,444			59,569,232
Class I (unlimited shares authorized):
Net Assets	$	30,398,069,058		$	1,829,092,338	$	620,479,163	$	105,113,841		$	375,839,925		$	63,435,805
Shares Outstanding		2,680,820,882			161,981,131		56,277,717		10,549,551			36,808,536			6,291,546
Net Asset Value, Offering and Redemption Price per Share	$	11.34		$	11.29	$	11.03	$	9.96		$	10.21		$	10.08
Class N (unlimited shares authorized):
Net Assets	$	9,441,917,167		$	731,956,575	$	167,750,044	$	—		$	237,726,813		$	10,077
Shares Outstanding		833,011,610			64,861,459		15,214,952		—			23,299,703			1,000
Net Asset Value, Offering and Redemption Price per Share	$	11.33		$	11.28	$	11.03	$	—		$	10.20		$	10.08
Class A (unlimited shares authorized):
Net Assets	$	—		$	—	$	—	$	159,714,073		$	—		$	—
Shares Outstanding		—			—		—		16,059,082			—			—
Net Asset Value, Offering Price per Share	$	—		$	—	$	—	$	10.37		$	—		$	—
Net Asset Value, Redemption Price per Share	$	—		$	—	$	—	$	9.95		$	—		$	—

46 DoubleLine Funds The accompanying notes are an integral part of these financial statements

Statements of Operations Period ended March 31, 2013

	DoubleLine Total Return Bond Fund			DoubleLine Core Fixed Income Fund			DoubleLine Emerging Markets Fixed Income Fund			DoubleLine Multi-Asset Growth Fund (Consolidated)			DoubleLine Low Duration Bond Fund			DoubleLine Floating Rate Fund1
INVESTMENT INCOME
Income:
Interest	$	1,452,501,475		$	94,905,365		$	27,791,116		$	3,500,414		$	10,452,228		$	39,797
Dividends from Unaffiliated Securities		—			—			—			758,940			—			—
Dividends from Affiliated Securities		—			—			—			2,060,159			—			—
Total Investment Income		1,452,501,475			94,905,365			27,791,116			6,319,513			10,452,228			39,797
Expenses:
Investment Advisory Fees		129,522,833			10,402,028			4,696,862			1,836,133			1,505,174			32,153
Distribution Fees - Class N		20,248,507			1,756,057			311,941			—			400,517			—
Distribution Fees - Class A		—			—			—			217,122			—			—
Transfer Agent Expenses		12,238,053			1,359,972			397,410			151,565			316,708			4,024
Administration, Fund Accounting and Custodian Fees		5,646,338			595,773			187,724			72,319			151,553			8,792
Registration Fees		3,668,921			310,459			203,533			112,581			173,677			15,204
Shareholder Reporting Expenses		1,559,133			161,154			41,484			15,503			29,663			16,221
Professional Fees		1,168,122			293,726			143,870			85,751			72,483			49,900
Insurance Expenses		710,708			68,900			13,812			4,314			5,263			153
Trustees’ Fees and Expenses		631,070			50,032			12,379			6,919			8,629			307
Miscellaneous Expenses		194,854			20,195			13,977			6,485			4,596			2,304
Total Expenses		175,588,539			15,018,296			6,022,992			2,508,692			2,668,263			129,058
Less: Fees Waived		(12,622	)		(203,659	)		(11,145	)		(391,977	)		(246,512	)		(80,826	)
Net Expenses		175,575,917			14,814,637			6,011,847			2,116,715			2,421,751			48,232
Net Investment Income		1,276,925,558			80,090,728			21,779,269			4,202,798			8,030,477			(8,435	)
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments in Unaffiliated Securities		4,484,908			33,274,675			15,854,005			(3,287,654	)		277,382			—
Investments in Affiliated Securities		—			—			—			265,262			—			—
Futures		—			—			—			1,269,129			—			—
Swaps		—			—			—			(1,031,370	)		—			—
Written Options		—			—			—			835,540			—			—
Net Change in Unrealized Appreciation (Depreciation) of:
Investments in Unaffiliated Securities		907,541,862			43,086,726			6,102,561			2,163,694			2,755,237			419,317
Investments in Affiliated Securities		—			383,641			—			110,991			—			—
Futures		—			—			—			(1,477,024	)		—			—
Swaps		—			—			—			(169,884	)		—			—
Written Options		—			—			—			264,555			—			—
Net Realized and Unrealized Gain (Loss) on Investments		912,026,770			76,745,042			21,956,566			(1,056,761	)		3,032,619			419,317
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,188,952,328		$	156,835,770		$	43,735,835		$	3,146,037		$	11,063,096		$	410,882

¹  Commencement of operations on February 1, 2013.

The accompanying notes are an integral part of these financial statements Annual Report March 31, 2013 47

Statements of Changes in Net Assets

	DoubleLine Total Return Bond Fund						DoubleLine Core Fixed Income Fund
	Year Ended March 31, 2013			Year Ended March 31, 2012			Year Ended March 31, 2013			Year Ended March 31, 2012
OPERATIONS
Net Investment Income	$	1,276,925,558		$	840,072,116		$	80,090,728		$	40,810,521
Net Realized Gain (Loss) on Investments		4,484,908			1,666,979			33,274,675			9,794,979
Net Change in Unrealized Appreciation (Depreciation) of Investments		907,541,862			266,302,007			43,470,367			26,945,690
Net Increase (Decrease) in Net Assets Resulting from Operations		2,188,952,328			1,108,041,102			156,835,770			77,551,190
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income
Class I		(1,369,454,321	)		(707,169,191	)		(73,833,620	)		(32,668,808	)
Class N		(435,657,389	)		(268,342,590	)		(25,573,765	)		(11,470,441	)
From Net Realized Gain
Class I		—			—			(8,259,212	)		(2,506,764	)
Class N		—			—			(3,270,018	)		(980,385	)
Total Distributions to Shareholders		(1,805,111,710	)		(975,511,781	)		(110,936,615	)		(47,626,398	)
NET SHARE TRANSACTIONS
Class I		13,889,037,951			11,798,073,342			249,977,552			1,363,914,858
Class N		3,224,760,062			4,601,735,724			181,860,465			500,843,567
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		17,113,798,013			16,399,809,066			431,838,017			1,864,758,425
Total Increase (Decrease) in Net Assets	$	17,497,638,631		$	16,532,338,387		$	477,737,172		$	1,894,683,217
NET ASSETS
Beginning of Period	$	22,342,347,594		$	5,810,009,207		$	2,083,311,741		$	188,628,524
End of Period	$	39,839,986,225		$	22,342,347,594		$	2,561,048,913		$	2,083,311,741
Undistributed (Accumulated) Net Investment Income (Loss)	$	13,667,741		$	3,690,569		$	704,511		$	210,819

48 DoubleLine Funds The accompanying notes are an integral part of these financial statements

	DoubleLine Emerging Markets Fixed Income Fund						DoubleLine Multi-Asset Growth Fund (Consolidated)
	Year Ended March 31, 2013			Year Ended March 31, 2012			Year Ended March 31, 2013			Year Ended March 31, 2012
OPERATIONS
Net Investment Income	$	21,779,269		$	12,675,234		$	4,202,798		$	2,810,824
Net Realized Gain (Loss) on Investments		15,854,005			2,118,974			(1,949,093	)		(225,391	)
Net Change in Unrealized Appreciation (Depreciation) of Investments		6,102,561			5,899,028			892,332			(463,404	)
Net Increase (Decrease) in Net Assets Resulting from Operations		43,735,835			20,693,236			3,146,037			2,122,029
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income
Class I		(17,525,904	)		(10,225,912	)		(2,646,441	)		(1,875,262	)
Class N		(4,075,759	)		(2,456,543	)		—			—
Class A		—			—			(2,688,413	)		(956,064	)
From Net Realized Gain
Class I		(6,946,690	)		(1,904,354	)		—			—
Class N		(1,698,083	)		(408,055	)		—			—
Class A		—			—			—			—
Total Distributions to Shareholders		(30,246,436	)		(14,994,864	)		(5,334,854	)		(2,831,326	)
NET SHARE TRANSACTIONS
Class I		259,941,421			238,564,644			21,098,152			63,368,833
Class N		83,389,248			54,642,195			—			—
Class A		—			—			118,585,276			36,474,077
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		343,330,669			293,206,839			139,683,428			99,842,910
Total Increase (Decrease) in Net Assets	$	356,820,068		$	298,905,211		$	137,494,611		$	99,133,613
NET ASSETS
Beginning of Period	$	431,409,139		$	132,503,928		$	127,333,303		$	28,199,690
End of Period	$	788,229,207		$	431,409,139		$	264,827,914		$	127,333,303
Undistributed (Accumulated) Net Investment Income (Loss)	$	190,376		$	12,770		$	(118,514	)	$	76,940

The accompanying notes are an integral part of these financial statements Annual Report March 31, 2013 49

Statements of Changes in Net Assets

	DoubleLine Low Duration Bond Fund						DoubleLine Floating Rate Fund
	Year Ended March 31, 2013			Period Ended March 31, 20121			Period Ended March 31, 20132
OPERATIONS
Net Investment Income	$	8,030,477		$	871,624		$	(8,435	)
Net Realized Gain (Loss) on Investments		277,382			262,486			—
Net Change in Unrealized Appreciation (Depreciation) of Investments		2,755,237			770,911			419,317
Net Increase (Decrease) in Net Assets Resulting from Operations		11,063,096			1,905,021			410,882
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income
Class I		(6,198,894	)		(706,448	)		—
Class N		(3,234,539	)		(264,005	)		—
From Net Realized Gain
Class I		(106,019	)		—			—
Class N		(68,847	)		—			—
Total Distributions to Shareholders		(9,608,299	)		(970,453	)		—
NET SHARE TRANSACTIONS
Class I		242,735,409			131,391,285			63,025,000
Class N		151,916,322			85,134,357			10,000
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		394,651,731			216,525,642			63,035,000
Total Increase (Decrease) in Net Assets	$	396,106,528		$	217,460,210		$	63,445,882
NET ASSETS
Beginning of Period	$	217,460,210		$	—		$	—
End of Period	$	613,566,738		$	217,460,210		$	63,445,882
Undistributed (Accumulated) Net Investment Income (Loss)	$	55,235		$	—		$	—

¹  Commencement of operations on September 30, 2011.

²  Commencement of operations on February 1, 2013.

50 DoubleLine Funds The accompanying notes are an integral part of these financial statements

Financial Highlights

	DoubleLine Total Return Bond Fund
	Year Ended March 31, 2013			Year Ended March 31, 2012			Period Ended March 31, 20111			Year Ended March 31, 2013			Year Ended March 31, 2012			Period Ended March 31, 20111
	Class I			Class I			Class I			Class N			Class N			Class N
Net Asset Value, Beginning of Period	$	11.17		$	10.96		$	10.00		$	11.16		$	10.96		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.46			0.77			1.02			0.44			0.73			0.99
Net Gain (Loss) on Investments (Realized and Unrealized)		0.34			0.31			0.87			0.34			0.31			0.87
Total from Investment Operations		0.80			1.08			1.89			0.78			1.04			1.86
Less Distributions:
Distributions from Net Investment Income		(0.63	)		(0.87	)		(0.93	)		(0.61	)		(0.84	)		(0.90	)
Distributions from Net Realized Gain		—			—			—			—			—			—
Total Distributions		(0.63	)		(0.87	)		(0.93	)		(0.61	)		(0.84	)		(0.90	)
Net Asset Value, End of Period	$	11.34		$	11.17		$	10.96		$	11.33		$	11.16		$	10.96
Total Return		7.37%			10.18%			19.28%	2		7.11%			9.83%			19.04%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	30,398,069		$	16,226,569		$	4,330,408		$	9,441,917		$	6,115,779		$	1,479,601
Ratios to Average Net Assets:
Expenses Before Fees Waived		0.48%			0.50%			0.53%	3		0.73%			0.75%			0.78%	3
Expenses After Fees Waived		0.48%			0.49%			0.49%	3		0.73%			0.74%			0.74%	3
Net Investment Income (Loss)		4.02%			6.86%			9.42%	3		3.76%			6.58%			9.17%	3
Portfolio Turnover Rate		23%			15%			17%	2		23%			15%			17%	2

¹  Commencement of operations on April 6, 2010.

²  Not annualized.

³  Annualized.

⁴  Calculated based on average shares outstanding during the period.

The accompanying notes are an integral part of these financial statements Annual Report March 31, 2013 51

Financial Highlights

	DoubleLine Core Fixed Income Fund
	Year Ended March 31, 2013			Year Ended March 31, 2012			Period Ended March 31, 20111			Year Ended March 31, 2013			Year Ended March 31, 2012			Period Ended March 31, 20111
	Class I			Class I			Class I			Class N			Class N			Class N
Net Asset Value, Beginning of Period	$	11.06		$	10.46		$	10.00		$	11.05		$	10.46		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.36			0.50			0.57			0.33			0.47			0.55
Net Gain (Loss) on Investments (Realized and Unrealized)		0.36			0.65			0.41			0.36			0.65			0.41
Total from Investment Operations		0.72			1.15			0.98			0.69			1.12			0.96
Less Distributions:
Distributions from Net Investment Income		(0.44	)		(0.52	)		(0.48	)		(0.41	)		(0.50	)		(0.46	)
Distributions from Net Realized Gain		(0.05	)		(0.03	)		(0.04	)		(0.05	)		(0.03	)		(0.04	)
Total Distributions		(0.49	)		(0.55	)		(0.52	)		(0.46	)		(0.53	)		(0.50	)
Net Asset Value, End of Period	$	11.29		$	11.06		$	10.46		$	11.28		$	11.05		$	10.46
Total Return		6.53%			11.19%			9.9%	2		6.27%			10.85%			9.71%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	1,829,092		$	1,544,169		$	158,043		$	731,957		$	539,143		$	30,586
Ratios to Average Net Assets:
Expenses Before Fees Waived		0.51%			0.54%			0.85%	3		0.76%			0.79%			1.09%	3
Expenses After Fees Waived		0.50%			0.49%			0.49%	3		0.75%			0.74%			0.74%	3
Net Investment Income (Loss)		3.14%			4.51%			6.56%	3		2.91%			4.22%			6.38%	3
Portfolio Turnover Rate		83%			81%			84%	2		83%			81%			84%	2

¹  Commencement of operations on June 1, 2010.

²  Not annualized.

³  Annualized.

⁴  Calculated based on average shares outstanding during the period.

52 DoubleLine Funds The accompanying notes are an integral part of these financial statements

	DoubleLine Emerging Markets Fixed Income Fund
	Year Ended March 31, 2013			Year Ended March 31, 2012			Period Ended March 31,  20111			Year Ended March 31, 2013				Year Ended March 31, 2012			Period Ended March 31, 20111
	Class I			Class I			Class I			Class N			��	Class N			Class N
Net Asset Value, Beginning of Period	$	10.70		$	10.57		$	10.00		$	10.70			$	10.57		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.38			0.58			0.60			0.36				0.55			0.58
Net Gain (Loss) on Investments (Realized and Unrealized)		0.46			0.23			0.52			0.46				0.23			0.52
Total from Investment Operations		0.84			0.81			1.12			0.82				0.78			1.10
Less Distributions:
Distributions from Net Investment Income		(0.38	)		(0.58	)		(0.52	)		(0.36	)			(0.55	)		(0.50	)
Distributions from Net Realized Gain		(0.13	)		(0.10	)		(0.03	)		(0.13	)			(0.10	)		(0.03	)
Total Distributions		(0.51	)		(0.68	)		(0.55	)		(0.49	)			(0.65	)		(0.53	)
Net Asset Value, End of Period	$	11.03		$	10.70		$	10.57		$	11.03			$	10.70		$	10.57
Total Return		8.04%			7.96%			11.48%	2		7.78%				7.71%			11.25%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	620,479		$	349,926		$	106,227		$	167,750			$	81,484		$	26,277
Ratios to Average Net Assets:
Expenses Before Fees Waived		0.91%			0.95%			1.32%	3		1.16%				1.20%			1.57%	3
Expenses After Fees Waived		0.91%			0.95%			0.95%	3		1.16%				1.20%			1.20%	3
Net Investment Income (Loss)		3.53%			5.47%			5.85%	3		3.30%				5.26%			5.66%	3
Portfolio Turnover Rate		105%			177%			109%	2		105%				177%			109%	2

¹  Commencement of operations on April 6, 2010.

²  Not annualized.

³  Annualized.

⁴  Calculated based on average shares outstanding during the period.

The accompanying notes are an integral part of these financial statements Annual Report March 31, 2013 53

Financial Highlights

	DoubleLine Multi-Asset Growth Fund (Consolidated)
	Year Ended March 31, 2013			Year Ended March 31, 2012			Period Ended March 31,  20111			Year Ended March 31, 2013			Year Ended March 31, 2012			Period Ended March 31,  20111
	Class I			Class I			Class I			Class A			Class A			Class A
Net Asset Value, Beginning of Period	$	10.03		$	10.11		$	10.00		$	10.02		$	10.09		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.31			0.42			0.10			0.29			0.41			0.10
Net Gain (Loss) on Investments (Realized and Unrealized)		(0.06	)		(0.16	)		0.02			(0.06	)		(0.16	)		—
Total from Investment Operations		0.25			0.26			0.12			0.23			0.25			0.10
Less Distributions:
Distributions from Net Investment Income		(0.32	)		(0.34	)		(0.01	)		(0.30	)		(0.32	)		(0.01	)
Distributions from Net Realized Gain		—			—			—			—			—			—
Total Distributions		(0.32	)		(0.34	)		(0.01	)		(0.30	)		(0.32	)		(0.01	)
Net Asset Value, End of Period	$	9.96		$	10.03		$	10.11		$	9.95		$	10.02		$	10.09
Total Return5		2.49%			2.67%			1.24%	2		2.19%			2.57%			1.02%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	105,114		$	85,073		$	22,128		$	159,714		$	42,261		$	6,071
Ratios to Average Net Assets:
Expenses Before Fees Waived		1.35%			1.51%			5.11%	3		1.60%			1.76%			6.05%	3
Expenses After Fees Waived		1.10%			1.09%			1.18%	3		1.35%	��		1.34%			1.43%	3
Net Investment Income (Loss)		3.11%			4.14%			3.57%	3		2.48%			3.88%			3.57%	3
Portfolio Turnover Rate		88%			48%			19%	2		88%			48%			19%	2

¹  Commencement of operations on December 20, 2010.

²  Not annualized.

³  Annualized.

⁴  Calculated based on average shares outstanding during the period.

⁵  Total return does not include the effects of sales charges for Class A.

54 DoubleLine Funds The accompanying notes are an integral part of these financial statements

	DoubleLine Low Duration Bond Fund
	Year Ended March 31, 2013			Period Ended March 31,  20121			Year Ended March 31, 2013			Period Ended March 31,  20121
	Class I			Class I			Class N			Class N
Net Asset Value, Beginning of Period	$	10.16		$	10.00		$	10.15		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		0.20			0.11			0.17			0.09
Net Gain (Loss) on Investments (Realized and Unrealized)		0.09			0.13			0.09			0.13
Total from Investment Operations		0.29			0.24			0.26			0.22
Less Distributions:
Distributions from Net Investment Income		(0.24	)		(0.08	)		(0.21	)		(0.07	)
Distributions from Net Realized Gain		—			—			—			—
Total Distributions		(0.24	)		(0.08	)		(0.21	)		(0.07	)
Net Asset Value, End of Period	$	10.21		$	10.16		$	10.20		$	10.15
Total Return		2.88%			2.44%	2		2.64%			2.25%	2
Supplemental Data:
Net Assets, End of Period (000’s)	$	375,840		$	132,117		$	237,727		$	85,343
Ratios to Average Net Assets:
Expenses Before Fees Waived		0.53%			0.94%	3		0.78%			1.19%	3
Expenses After Fees Waived		0.47%			0.47%	3		0.72%			0.72%	3
Net Investment Income (Loss)		1.98%			2.10%	3		1.70%			1.74%	3
Portfolio Turnover Rate		71%			46%	2		71%			46%	2

¹  Commencement of operations on September 30, 2011.

²  Not annualized.

³  Annualized.

⁴  Calculated based on average shares outstanding during the period.

The accompanying notes are an integral part of these financial statements Annual Report March 31, 2013 55

Financial Highlights

	DoubleLine Floating Rate Fund
	Period Ended March 31, 20131			Period Ended March 31, 20131
	Class I			Class N
Net Asset Value, Beginning of Period	$	10.00		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss)4		—			—
Net Gain (Loss) on Investments (Realized and Unrealized)		0.08			0.08
Total from Investment Operations		0.08			0.08
Less Distributions:
Distributions from Net Investment Income		—			—
Distributions from Net Realized Gain		—			—
Total Distributions		—			—
Net Asset Value, End of Period	$	10.08		$	10.08
Total Return2		0.80	%		0.80	%
Supplemental Data:
Net Assets, End of Period (000’s)	$	63,436		$	10
Ratios to Average Net Assets:
Expenses Before Fees Waived3		2.01	%		2.26	%
Expenses After Fees Waiver3		0.75	%		1.00	%
Net Investment Income (Loss)3		(0.13	)%		(0.13	)%
Portfolio Turnover Rate2		20	%		20	%

¹  Commencement of operations on February 1, 2013.

²  Not annualized.

³  Annualized.

⁴  Calculated based on average shares outstanding during the period.

56 DoubleLine Funds The accompanying notes are an integral part of these financial statements

Notes to Financial Statements March 31, 2013

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 six funds, DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund, DoubleLine Emerging Markets Fixed Income Fund, DoubleLine Multi-Asset Growth Fund, DoubleLine Low Duration Bond Fund and DoubleLine Floating Rate 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, DoubleLine Low Duration Bond Fund and DoubleLine Floating Rate 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. Shares of the DoubleLine Floating Rate Fund are only available for purchase by advisory clients of DoubleLine Capital LP and its affiliates; employees and officers of DoubleLine Capital LP and its affiliates and their family members; and DoubleLine Capital LP and its affiliates.

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. The DoubleLine Floating Rate Fund commenced operations on February 1, 2013.

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. The DoubleLine Floating Rate Fund’s investment objective is to seek a high level of 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—Significant unobservable inputs (including the reporting entity’s estimates and assumptions)

Assets and liabilities may be transferred between levels. The Funds use end of period timing recognition to account for any transfers.

Market values for domestic and foreign fixed income securities are normally determined on the basis of valuations provided by independent pricing services. Vendors typically value such securities based on one or more inputs described in the following table which is not intended to be a complete list. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed income securities, in which the Fund is authorized to invest. However, these classifications are not exclusive, and any of the inputs may be used to value any other class of fixed-income securities. Securities that use similar valuation techniques and inputs as described in the following table are categorized as Level 2 of the fair value hierarchy. To the extent the significant inputs are unobservable, the values generally would be categorized as Level 3.

Fixed-income class	Examples of Standard Inputs
All	Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”)
Corporate bonds and notes; convertible securities	Standard inputs and underlying equity of the issuer
Bonds and notes of government and government agencies	Standard inputs and interest rate volatilities
Mortgage-backed; asset-backed obligations (including collateralized loan obligations)	Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information, trustee reports
Bank loan obligations	Quotations from dealers and trading systems

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 typically will be valued based upon the NAVs of such investments and are categorized as Level 2 of the fair value hierarchy. As of March 31, 2013, the Funds did not hold any investments in privately held investment funds.

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.

Annual Report March 31, 2013 57

Notes to Financial Statements  (Cont.)

Common stocks, exchange-traded funds and financial derivative instruments, such as futures contracts or options contracts that are traded on a national securities or commodities exchange, are typically valued at the last reported sales price, in the case of common stocks and exchange-traded funds, or, in the case of futures contracts or options contracts, the settlement price determined by the relevant exchange. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Over-the-counter financial derivative instruments, such as 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 normally 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 deemed to be unreliable indicators of market value. As of March 31, 2013, the Funds did not hold securities fair valued by the Valuation Committee.

The following is a summary of the inputs used to value the Funds’ investments as of March 31, 2013¹:

Valuation Inputs	DoubleLine Total Return Bond Fund		DoubleLine Core Fixed Income Fund		DoubleLine Emerging Markets Fixed Income Fund		DoubleLine Multi-Asset Growth Fund (Consolidated)			DoubleLine Low Duration Bond Fund		DoubleLine Floating Rate Fund
Investments in Securities
Level 1
Money Market Funds	$	536,904,667	$	485,027	$	8,383,573	$	103,476,836		$	31,459,444	$	33,552,836
Affiliated Mutual Funds		—		58,383,641		—		54,934,079			—		—
Exchange Traded Funds and Common Stock		—		—		—		54,917,910			—		—
Purchased Options		—		—		—		516,800			—		—
Total Level 1		536,904,667		58,868,668		8,383,573		213,845,625			31,459,444		33,552,836
Level 2
US Government / Agency Mortgage Backed Obligations		18,255,939,182		608,775,946		—		7,658,085			23,557,329		—
Non-Agency Residential Collateralized Mortgage Obligations		9,540,796,316		350,712,216		—		14,378,464			133,907,637		—
Other Short Term Investments		6,239,213,724		—		—		17,449,435			—		26,014,373
Non-Agency Commercial Mortgage Backed Obligations		2,159,885,862		185,758,425		—		155,797			103,249,216		—
US Government Bonds and Notes		2,010,678,250		496,485,165		—		—			42,401,691		—
Collateralized Loan Obligations		820,713,719		32,636,735		—		920,000			71,478,979		—
US Corporate Bonds		—		395,379,721		—		—			73,958,530		—
Foreign Corporate Bonds		—		365,127,477		745,630,017		—			115,634,558		—
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies		—		25,211,543		25,501,890		3,075,000			14,910,895		—
Purchased Options		—		—		—		708,985			—		—
Bank Loan Obligations		—		—		—		—			—		29,343,798
Total Level 2		39,027,227,053		2,460,087,228		771,131,907		44,345,766			579,098,835		55,358,171
Level 3		—		—		—		—			—		—
Non-Agency Residential Collateralized Mortgage Obligations		769,302,261		24,349,167		—		934,301			—		—
Total Level 3		769,302,261		24,349,167		—		934,301			—		—
Total		40,333,433,981		2,543,305,063		779,515,480		259,125,692			610,558,279		88,911,007
Other Financial Instruments
Level 1
Futures Contracts		—		—		—		(1,458,526	)		—		—
Written Options		—		—		—		(60,100	)		—		—
Total Level 1		—		—		—		(1,518,626	)		—		—
Level 2
Swaps		—		—		—		(266,719	)		—		—
Total Level 2		—		—		—		(266,719	)		—		—
Level 3		—		—		—		—			—		—
Total		—		—		—		(1,785,345	)		—		—

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

¹  There were no transfers between Level 1 and 2 during the period ended March 31, 2013.

58 DoubleLine Funds

March 31, 2013

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

DoubleLine Total Return Bond Fund	Balance as of 3/31/2012		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Net Accretion (Amortization)		Purchases		Sales1		Transfers Into Level 32		Transfers Out of Level 32		Balance as of 3/31/2013
Investments in Securities
Non-Agency Residential Collateralized Mortgage Obligations	$	—	$	—	$	12,902,415	$	4,104,766	$	61,033,700	$	—	$	691,261,380	$	—	$	769,302,261
Total	$	—	$	—	$	12,902,415	$	4,104,766	$	61,033,700	$	—	$	691,261,380	$	—	$	769,302,261

¹  Sales include all sales of securities, maturities, and paydowns.

²  Transfers between Level 2 and Level 3 were due to a change in observable and/or unobservable inputs.

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

DoubleLine Total Return Bond Fund	Fair Value as of 3/31/2013*		Valuation Techniques	Unobservable Input		Input Values
Non-Agency Residential Collateralized Mortgage Obligations	$	769,302,261	Market Comparables, Discounted Cash Flow		Market Quotes	$	50.94 - $126.48

* Level 3 securities are typically valued by pricing vendors. The appropriateness of fair values for these securities is monitored on an ongoing basis, by the Adviser, which may include back testing, results of vendor due diligence, unchanged price review and consideration of market and/or sector events.

B. Federal Income Taxes. Each Fund has elected to be taxed as a “regulated investment company” and intends to distribute substantially all of its taxable income to its shareholders and otherwise comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no provision for federal income taxes has been made.

The Funds may be subject to a nondeductible 4% excise tax calculated as a percentage of certain undistributed amounts of net investment income and net capital gains.

The Funds have adopted financial reporting rules that require the Funds to analyze all open tax years, as defined by the applicable statute of limitations, for all major jurisdictions. Open tax years, 2012 and 2011 for the Funds, are those that are open for exam by taxing authorities. As of March 31, 2013 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-ended March 31, 2013. 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 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, DoubleLine Low Duration Bond Fund and DoubleLine Floating Rate 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.

Distributions from investment companies will be classified as investment income or realized gains in the Statements of Operations based on the U.S. income tax characteristics of the distribution if such information is available. In cases where the tax characteristics are not available, such distributions are generally classified as investment income.

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.

Annual Report March 31, 2013 59

Notes to Financial Statements  (Cont.)

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’ net asset value will not be calculated on the days on which the NYSE is closed for trading.

G. Guarantees and Indemnifications. Under the Trust’s organizational documents, each Trustee and officer of the Fund is indemnified, to the extent permitted by the 1940 Act, against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts.

H. Basis 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 DoubleLine Cayman Multi-Asset Growth Fund I, Ltd. (the “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 March 31, 2013 net assets of the DoubleLine Multi-Asset Growth Fund were $264,827,914 of which $45,925,174, or approximately 17.34%, represented the DoubleLine Multi-Asset Growth Fund’s ownership of the Subsidiary. Intercompany balances and transactions have been eliminated in consolidation.

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. 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.

3.  Related Party Transactions

DoubleLine Capital LP (the “Adviser”) provides the Funds with investment management services under an Investment 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%, 0.35% and 0.50% 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, DoubleLine Low Duration Bond Fund and DoubleLine Floating Rate Fund, respectively.

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. The Adviser has contractually agreed to limit the DoubleLine Floating Rate Fund’s ordinary operating expenses so that its ratio of such expenses to average net assets will not exceed 0.75% for the Class I shares and 1.00% 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. 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.

The Adviser contractually waived a portion of its fees or reimbursed certain operating expenses and may recapture a portion of the amounts no later than the dates as stated 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)		DoubleLine Low Duration Bond Fund		DoubleLine Floating Rate Fund
March 31, 2014	$	1,235,309	$	231,152	$	210,883	$	79,472	$	—	$	—
March 31, 2015		1,594,218		461,517		—		270,424		206,049		—
March 31, 2016		12,622		172,424		11,145		225,268		246,512		80,826

If a Fund invested in an affiliate Fund sponsored by the Adviser during the period covered by this report the Adviser agreed to not charge a management fee to the Fund in an amount equal to the investment advisory fees paid by the affiliated Fund in respect of the Fund’s investment in the affiliated fund to avoid duplicate charge of the investment advisory fees to the investors; accordingly, the Adviser did not charge $31,235 and $166,709 in fees to the DoubleLine Core Fixed Income Fund and DoubleLine Multi-Asset Growth Fund, respectively, for the period ended March 31, 2013.

60 DoubleLine Funds

March 31, 2013

As of March 31, 2013, 92% of the outstanding shares of the DoubleLine Floating Rate Fund were owned by the DoubleLine Core Fixed Income Fund.

4.  Distribution, Sales Charge and Redemption Fees

Class N shares and Class A shares of the Funds make payments 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 Fund’s distributor for distribution and related services at an annual rate equal to 0.25% of the average daily net assets of the Fund attributable to its Class N and Class A shares. The fees may be used to pay the Fund’s distributor for distribution services and sales support services provided in connection with Class N and Class A shares.

The Class A shares of DoubleLine Multi-Asset Growth Fund have a maximum sales charge imposed on purchases of 4.25% of the offering price and a maximum contingent deferred sales charge of 0.75% that applies to purchases of $1 million or more of Class A shares if the shares are redeemed within 18 months of purchase.

The DoubleLine Multi-Asset Growth Fund and the DoubleLine Floating Rate Fund each impose redemption fees. Redemption fees are paid to and retained by the Funds to limit the opportunity to market time the Funds and to help offset estimated portfolio transaction costs and other related costs incurred by the Funds as a result of short-term trading. The Funds will apply a redemption fee equal to 1% of the value of any shares redeemed within 90 days of purchase.

5.  Purchases and Sales of Securities

Investment transactions (excluding short-term investments) for the period ended March 31, 2013, were as follows:

	All Other				U.S. Government1
	Purchases at Cost		Sales or Maturity Proceeds		Purchases at Cost		Sales or Maturity Proceeds
DoubleLine Total Return Bond Fund	$	19,194,853,071	$	6,125,016,882	$	1,988,417,969	$	—
DoubleLine Core Fixed Income Fund		1,388,265,537		1,018,319,044		930,414,597		968,115,298
DoubleLine Emerging Markets Fixed Income Fund		924,903,808		619,506,495		—		—
DoubleLine Multi-Asset Growth Fund (Consolidated)		129,202,639		93,292,843		—		—
DoubleLine Low Duration Bond Fund		580,350,957		218,078,022		58,664,232		58,773,165
DoubleLine Floating Rate Fund		32,917,500		3,995,000		—		—

¹  U.S. Government transactions are defined as those involving U.S. Treasury bills, bonds, and notes.

6.  Income Tax Information

The tax character of distributions for the Funds were as follows:

	DoubleLine Total Return Bond Fund				DoubleLine Core Fixed Income Fund				DoubleLine Emerging Markets Fixed Income Fund
	Year Ended March 31, 2013		Year Ended March 31, 2012		Year Ended March 31, 2013		Year Ended March 31, 2012		Year Ended March 31, 2013		Year Ended March 31, 2012
Distributions Paid From:
Ordinary Income	$	1,805,111,710	$	975,511,781	$	110,936,615	$	47,531,469	$	30,246,436	$	14,886,794
Long Term Capital Gain		—		—		—		94,929		—		108,070
Total Distributions Paid	$	1,805,111,710	$	975,511,781	$	110,936,615	$	47,626,398	$	30,246,436	$	14,994,864

	DoubleLine Multi-Asset Growth Fund (Consolidated)				DoubleLine Low Duration Bond Fund				DoubleLine Floating Rate Fund
	Year Ended March 31, 2013		Year Ended March 31, 2012		Year Ended March 31, 2013		Period Ended March 31, 2012		Period Ended March 31, 2013
Distributions Paid From:
Ordinary Income	$	5,334,854	$	2,831,326	$	9,608,299	$	970,453	$	—
Long Term Capital Gain		—		—		—		—		—
Total Distributions Paid	$	5,334,854	$	2,831,326	$	9,608,299	$	970,453	$	—

Each Fund designated as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Fund related to net capital gain to zero.

Annual Report March 31, 2013 61

Notes to Financial Statements  (Cont.)

The cost basis of investments for federal income tax purposes as of March 31, 2013 is as follows:

	DoubleLine Total Return Bond Fund			DoubleLine Core Fixed Income Fund			DoubleLine Emerging Markets Fixed Income  Fund			DoubleLine Multi- Asset Growth Fund (Consolidated)			DoubleLine Low Duration Bond Fund			DoubleLine Floating Rate Fund
Tax cost of investments	$	39,182,522,652		$	2,474,439,294		$	766,271,422		$	257,470,423		$	607,038,392		$	88,491,690
Gross tax unrealized appreciation		1,435,247,388			83,475,716			18,587,459			9,882,277			5,175,089			422,727
Gross tax unrealized depreciation		(284,336,059	)		(14,609,947	)		(5,343,401	)		(8,227,008	)		(1,655,202	)		(3,410	)
Net tax unrealized appreciation (depreciation)	$	1,150,911,329		$	68,865,769		$	13,244,058		$	1,655,269		$	3,519,887		$	419,317

As of March 31, 2013, 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)			DoubleLine Low Duration Bond Fund			DoubleLine Floating Rate Fund
Net Tax Unrealized Appreciation (Depreciation)	$	1,150,911,329		$	68,865,769		$	13,244,058		$	1,655,269		$	3,519,887		$	419,317
Undistributed Ordinary Income		63,578,082			4,602,118			7,402,715			201,277			258,522			—
Undistributed Long Term Capital Gain		—			5,789,673			1,229,937			—			—			—
Total Distributable Earnings		63,578,082			10,391,791			8,632,652			201,277			258,522			—
Other Accumulated Gains (Losses)		(656,552,953	)		(2,411,506	)		(833,498	)		(4,980,499	)		(1,389,044	)		—
Total Accumulated Earnings (Losses)	$	557,936,458		$	76,846,054		$	21,043,212		$	(3,123,953	)	$	2,389,365		$	419,317

Under the Regulated Investment Company Modernization Act of 2010, capital losses incurred by the Funds after January 1, 2011 will not be subject to expiration. In addition, such losses must be utilized prior to the losses incurred in the years preceding enactment.

As of March 31, 2013, the following capital loss carryforwards were available:

	Capital Loss Carryforward		Expires
DoubleLine Total Return Bond Fund	$	3,709,758		3/31/2019
DoubleLine Total Return Bond Fund		379,994,159		Indefinite
DoubleLIne Multi-Asset Growth Fund (Consolidated)		1,384,991		Indefinite
DoubleLine Low Duration Bond Fund		165,886		Indefinite

As of March 31, 2013, the following Funds deferred, on a tax basis qualified late-year losses of:

DoubleLine Total Return Bond Fund	$	222,938,695
DoubleLine Core Fixed Income Fund		—
DoubleLine Emerging Markets Fixed Income Fund		—
DoubleLine Multi-Asset Growth Fund (Consolidated)		792,043
DoubleLine Low Duration Bond Fund		1,019,871
DoubleLine Floating Rate Fund		—

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. The permanent differences primarily relate to differences in the treatment of paydown losses, accretion of discount on certain debt instruments and foreign currency gains (losses). For the period ended March 31, 2013, 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	$	538,163,324	$	(538,163,324	)	$	—
DoubleLine Core Fixed Income Fund		19,810,349		(19,810,349	)		—
DoubleLine Emerging Markets Fixed Income Fund		—		—			—
DoubleLine Multi-Asset Growth Fund (Consolidated)		936,602		(1,010,008	)		73,406
DoubleLine Low Duration Bond Fund		1,458,191		(1,458,191	)		—
DoubleLine Floating Rate Fund		8,435		—			(8,435	)

62 DoubleLine Funds

March 31, 2013

7.  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
	Class I						Class I						Class I
	Shares			Amount			Shares			Amount			Shares			Amount
Shares Sold		1,778,166,858		$	20,131,686,434			104,558,418		$	1,180,273,168			46,720,515		$	512,780,814
Reinvested Dividends		78,448,695			887,256,580			4,605,037			52,118,831			1,448,523			15,942,854
Shares Redeemed		(628,750,469	)		(7,129,905,063	)		(86,827,480	)		(982,414,447	)		(24,609,798	)��		(268,782,247	)
		1,227,865,084		$	13,889,037,951			22,335,975		$	249,977,552			23,559,240		$	259,941,421
Beginning Shares		1,452,955,798						139,645,156						32,718,477
Ending Shares		2,680,820,882						161,981,131						56,277,717
	Class N						Class N						Class N
	Shares			Amount			Shares			Amount			Shares			Amount
Shares Sold		488,761,842		$	5,533,030,576			44,395,670		$	501,821,233			14,275,040		$	156,616,577
Reinvested Dividends		30,161,160			340,903,493			2,189,926			24,780,654			476,976			5,248,587
Shares Redeemed		(233,699,047	)		(2,649,174,007	)		(30,506,362	)		(344,741,422	)		(7,155,319	)		(78,475,916	)
		285,223,955		$	3,224,760,062			16,079,234		$	181,860,465			7,596,697		$	83,389,248
Beginning Shares		547,787,655						48,782,225						7,618,255
Ending Shares		833,011,610						64,861,459						15,214,952
	DoubleLine Multi-Asset Growth Fund (Consolidated)						DoubleLine Low Duration Bond Fund						DoubleLine Floating Rate Fund
	Class I						Class I						Class I
	Shares			Amount			Shares			Amount			Shares			Amount
Shares Sold		7,474,186		$	74,738,820			48,770,730		$	497,596,443			6,291,546		$	63,025,000
Reinvested Dividends		198,825			1,946,146			505,183			5,149,859			—			—
Shares Redeemed		(5,604,179	)		(55,586,814	)*		(25,468,125	)		(260,010,893	)		—			—
		2,065,832		$	21,098,152			23,807,788		$	242,735,409			6,291,546		$	63,025,000
Beginning Shares		8,483,719						13,000,748						—
Ending Shares		10,549,551						36,808,536						6,291,546
	Class A						Class N						Class N
	Shares			Amount			Shares			Amount			Shares			Amount
Shares Sold		16,529,445		$	165,299,833			27,629,374		$	281,776,346			1,000		$	10,000
Reinvested Dividends		221,311			2,203,059			280,843			2,860,451			—			—
Shares Redeemed		(4,910,724	)		(48,917,616	)*		(13,014,742	)		(132,720,475	)		—			—
		11,840,032		$	118,585,276			14,895,475		$	151,916,322			1,000		$	10,000
Beginning Shares		4,219,050						8,404,228						—
Ending Shares		16,059,082						23,299,703						1,000

* Net of redemption fees of $40,161 and $11,470 for Class I and A, respectively

8.  Additional Disclosures about Derivative Instruments

The following disclosures provide information on the Funds’ use of derivatives and certain related risks. The location and fair value amounts of these instruments on the Statements of Assets and Liabilities and the realized and changes in unrealized gains and losses on the Statements of Operations, each categorized by type of derivative contract, are included in the following tables. 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 for the period covered by this report.

Futures Contracts  The Funds may use futures contracts for hedging purposes or otherwise to gain, or reduce, long or short exposure to one or more asset classes or issuers. 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

Annual Report March 31, 2013 63

Notes to Financial Statements  (Cont.)

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  The Funds may purchase or sell put and call options. When a Fund purchases an option it pays a premium in return for the potential to profit from the change in value of an underlying investment or index during the term of the option. The option premium is included on the Funds’ Statements of Assets and Liabilities as an investment and 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. When a Fund writes or sells an option it receives a premium in return for bearing the risk of the change in value of an underlying instrument during the term off the option. Writing put options tends to increase a Fund’s exposure to the underlying instrument. Writing call options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding on the Statements of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying instrument to determine the realized gain or loss when the underlying instrument is sold. A Fund as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk a Fund may not be able to enter into a closing transaction because of an illiquid market.

The activity in written options during the year ended March 31, 2013, is as follows:

DoubleLine Multi-Asset Growth Fund (Consolidated)	Number of Contracts			Premium Amount
Outstanding, Beginning of Period		15,003,080		$	340,602
Options Written		18,070			1,216,475
Options Expired		(15,003,706	)		(263,879	)
Options Exercised		(1,729	)		(101,961	)
Options Closed		(11,710	)		(896,553	)
Outstanding, End of Period		4,005		$	294,684

Credit Default Swap Agreements  Credit default swap agreements often involve one party making a stream of payments (generally referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a default or other credit event in respect of a referenced entity, obligation or index. As a seller of protection on credit default swap agreements, a Fund generally will receive from the buyer of protection a fixed rate of income throughout the term of the swap. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap.

If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or the affected securities in the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or the affected securities in the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund typically will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or the affected securities in the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or the affected securities in the referenced index. Recovery values are typically estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. An index credit default swap references all the names in the index, and if there is a default with respect to a single name in the index, the credit event is settled based on that name’s weight in the index.

Credit Default Swaps are considered to have credit risk related contingent features since they require payment by the protection seller to the protection buyer upon occurrence of a defined credit event. A Fund’s maximum risk of loss from counterparty risk, as the protection buyer, is the fair value of the contract, which may be mitigated by the posting of collateral by the counterparty to a Fund to cover a Fund’s exposure to the counterparty.

Total Return Swap AgreementsThe Funds may enter into total return swaps for investment purposes. Total return swaps are agreements to exchange the return generated by one instrument for the return generated by another instrument. For example, the agreement to pay a predetermined or fixed interest rate in exchange for a market-linked return based on a notional amount. To the extent the total return of a referenced index or instrument exceeds the offsetting interest obligation, a Fund will receive a payment from the counterparty. To the extent it is less, a Fund will make a payment to the counterparty. Payments received or made at the termination of the swap are recorded as realized gain or loss on the Statement of Operations.

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March 31, 2013

The Funds’ derivative instrument holdings and their primary risk exposures are summarized in the following tables.

The effect of derivative instruments on the Statements of Assets and Liabilities for the period ended March 31, 2013 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) on Investments in Unaffiliated Securities	$	(2,668,822	)
	Written Options
	Commodity		$	4,883
	Exchange Rate			—
	Index			229,701
		Net Unrealized Appreciation (Depreciation) on Written Options	$	234,584
	Futures contracts
	Commodity		$	(2,451,538	)
	Exchange Rate			(256,643	)
	Index			1,249,655
		Net Unrealized Appreciation (Depreciation) on Futures	$	(1,458,526	)
	Swap contracts
	Credit Default		$	(266,719	)
	Total Return			—
		Net Unrealized Appreciation (Depreciation) on Swaps	$	(266,719	)

The effect of derivative instruments on the Statements of Operations for the period ended March 31, 2013 is as follows:

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	Net Realized and Unrealized Gain (Loss) on Investments in Unaffiliated Securities	$	174,247		$	(2,305,073	)
	Written Options
	Commodity		$	252,348		$	83,904
	Exchange Rate			150,000			(49,050	)
	Index			433,192			229,701
		Net Realized and Unrealized Gain (Loss) on Written Options	$	835,540		$	264,555
	Futures contracts
	Commodity		$	(261,584	)	$	(2,424,520	)
	Exchange Rate			1,152,547			(302,159	)
	Index			378,166			1,249,655
		Net Realized and Unrealized Gain (Loss) on Futures	$	1,269,129		$	(1,477,024	)

Annual Report March 31, 2013 65

Notes to Financial Statements  (Cont.)

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)	Swap contracts
	Credit Default		$	(117,835	)	$	(222,275	)
	Total Return			(913,535	)		52,391
		Net Realized and Unrealized Gain (Loss) on Swaps	$	(1,031,370	)	$	(169,884	)

9.  Bank Loans

The DoubleLine Floating Rate Fund may invest in first and second lien senior floating-rate loans (“bank loans”). These loans may include loans made by banks and other large financial institutions to various companies that are senior in the borrowing companies’ capital structure. Coupon rates are floating, not fixed and are tied to a benchmark lending rate. The Fund records an investment when the borrower withdraws money and records the interest as earned. The Fund may purchase and sell interests in bank loans on a when-issued and delayed delivery basis, with payment delivery scheduled for a future date. Securities purchased on a delayed delivery basis are marked to market daily and no income accrues to the Fund prior to the date the Fund actually takes delivery of such securities. These transactions are subject to market fluctuations and are subject, among other risks, to the risk that the value at delivery may be more or less than the trade purchase price.

10.  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, DoubleLine Multi-Asset Growth Fund (Consolidated), DoubleLine Low Duration Bond Fund and DoubleLine Floating Rate 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%. For the year ended March 31, 2013, the interest rate was 2.75% for the DoubleLine Core Fixed Income Fund, DoubleLine Emerging Markets Fixed Income Fund and DoubleLine Low Duration Bond Fund. There were no borrowings under this credit facility for the year ended March 31, 2013 for the DoubleLine Total Return Bond Fund, DoubleLine Multi-Asset Growth Fund (Consolidated), and DoubleLine Floating Rate Fund, respectively.

As of March 31, 2013, the Funds’ credit facility activity is as follows:

	Maximum Amount Available		Average Borrowings		Maximum Amount Outstanding		Interest Expense
DoubleLine Total Return Bond Fund	$	300,000,000	$	—	$	—	$	—
DoubleLine Core Fixed Income Fund		100,000,000		8,083,000		8,083,000		617
DoubleLine Emerging Markets Fixed Income Fund		25,000,000		1,341,692		4,880,000		1,332
DoubleLine Multi-Asset Growth Fund (Consolidated)		10,000,000		—		—		—
DoubleLine Low Duration Bond Fund		20,000,000		769,600		943,000		294
DoubleLine Floating Rate Fund		15,000,000		—		—		—

11.  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 each 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.

66 DoubleLine Funds

March 31, 2013

• 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.

• confidential information access risk:  the risk that receipt of confidential information about the issuers of floating rate loans or other investments being considered for acquisition by a Fund or held in a Fund’s portfolio would restrict one or more of the Adviser’s clients, including, potentially, a Fund, from trading in securities they hold or in which they may invest.

• 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.

• 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.

• 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 strategies 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, extreme market volatility, unusually high and unanticipated levels of redemptions, 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 times or prices.

• loan risk:  includes, among other risks, the risk that (i) if a Fund holds a loan through another financial institution, or relies on a financial institution to administer the loan, its receipt of principal and interest on the loan may be subject to the credit risk of that financial institution; (ii) it is possible that any collateral securing a loan may be insufficient or unavailable to a Fund; (iii) investments in highly leveraged loans or loans of stressed, distressed, or defaulted issuers may be subject to significant credit and liquidity risk; (iv) a bankruptcy or other court proceeding could delay or limit

Annual Report March 31, 2013 67

Notes to Financial Statements  (Cont.)

the ability of a Fund to collect the principal and interest payments on that borrower’s loans or adversely affect the Fund’s rights in collateral relating to a loan; (v) if a borrower fails to comply with various restrictive covenants that are typically in loan agreements, the borrower may default in payment of the loan; (vi) transactions in loans may settle on a delayed basis; and (vii) loans may be difficult to value and may be illiquid, which may adversely affect an investment in a Fund.

• market capitalization risk:  the risk that investing substantially in issuers in one market capitalization category (large, medium or small) may adversely affect a Fund because of unfavorable market conditions particular to that category of issuers, such as larger, more established companies being unable to respond quickly to new competitive challenges or attain the high growth rates of successful smaller companies, or, conversely, stocks of smaller companies being more volatile than those of larger companies due to, among other things, narrower product lines, more limited financial resources, fewer experienced managers and there typically being less publicly available information about small capitalization companies.

• market risk:  the risk that 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 or otherwise fail and that, during periods of falling interest rates, mortgage-backed securities will be called or prepaid, which may result in a Fund having to reinvest proceeds in other investments at a lower interest rate. During periods of rising interest rates, the average life of a mortgage-backed security may extend, which may lock in a below-market interest rate, increase the security’s duration, and reduce the value of the security. Enforcing rights against the underlying assets or collateral may be difficult, or the underlying assets or collateral may be insufficient if the issuer defaults. The values of certain types of mortgage-backed securities, such as inverse floaters and interest-only and principal-only securities, may be extremely sensitive to changes in interest rates and prepayment rates.

• 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 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.

• prepayment risk:  the risk that the issuer of a debt security, including floating rate loans and mortgage-related securities, repays all or a portion of the principal prior to the security’s maturity.

• 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 securities held in other funds investing in similar asset classes or comparable benchmarks because of the portfolio managers’ choice of securities or sectors for investment.

• 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.

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12.  Recently Issued Accounting Pronouncements

Financial Accounting Standards Board (“FASB”) Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities

In December 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-11 (“ASU No. 2011-11”) to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting (“netting”) on the Statement of Assets and Liabilities. This information will enable users of the entity’s financial statements to evaluate the effect or potential effect of netting arrangements on the entity’s financial position. ASU No. 2011-11 is effective prospectively during interim or annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidance and the impact it will have to the financial statements amounts and footnote disclosures, if any.

13.  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.

Annual Report March 31, 2013 69

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of DoubleLine Funds Trust

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of 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, and DoubleLine Floating Rate Fund (constituting DoubleLine Funds Trust, hereafter referred to as the “Funds”) at March 31, 2013, and the results of its operations for the period then ended, the changes in its net assets and the financial highlights for the periods presented for 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 and for the period from February 1, 2013 (Commencement of Operations) to March 31, 2013 for DoubleLine Floating Rate Fund in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Los Angeles, California

May 28, 2013

70 DoubleLine Funds

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 (Consolidated), DoubleLine Low Duration Bond Fund and DoubleLine Floating Rate Fund (each a “Fund” and collectively the “Funds”), you incur two basic types of costs: (1) transaction costs , including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution (12b-1) fees and other Fund expenses.

This Example is intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period 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 and the DoubleLine Floating Rate Fund. An Individual Retirement Account (“IRA”) will be charged a $15.00 annual maintenance fee. The transfer agent charges a transaction fee of $25.00 on returned checks and stop payment orders. If you paid a transaction fee, you would add the fee amount to the expenses paid on your account this period to obtain your total expenses paid.

Hypothetical Example for Comparison Purposes

The hypothetical return columns in the following table provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in 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*1		Beginning Account Value		Ending Account Value 3/31/13		Expenses Paid During Period *1		Ending Account Value 3/31/13		Expenses Paid During Period *1
DoubleLine Total Return Bond Fund	Class I		0.48%	$	1,000	$	1,021	$	2.42	$	1,023	$	2.42
	Class N		0.73%	$	1,000	$	1,019	$	3.68	$	1,021	$	3.68
DoubleLine Core Fixed Income Fund	Class I		0.51%	$	1,000	$	1,013	$	2.56	$	1,022	$	2.57
	Class N		0.76%	$	1,000	$	1,012	$	3.81	$	1,021	$	3.83
DoubleLine Emerging Markets Fixed Income Fund	Class I		0.91%	$	1,000	$	1,024	$	4.59	$	1,020	$	4.58
	Class N		1.16%	$	1,000	$	1,023	$	5.85	$	1,019	$	5.84
DoubleLine Multi-Asset Growth Fund	Class I		1.11%	$	1,000	$	997	$	5.53	$	1,019	$	5.59
	Class A		1.36%	$	1,000	$	995	$	6.76	$	1,018	$	6.84
DoubleLine Low Duration Bond Fund	Class I		0.47%	$	1,000	$	1,010	$	2.36	$	1,023	$	2.37
	Class N		0.72%	$	1,000	$	1,009	$	3.61	$	1,021	$	3.63
DoubleLine Floating Rate Fund	Class I		0.75%	$	1,000	$	1,008	$	1.22	$	1,021	$	3.78
	Class N		1.00%	$	1,000	$	1,008	$	1.62	$	1,020	$	5.04

* The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the average account value during the period, multiplied by the number of days in the most recent six-month period and divided by the number of days in the most recent twelve month period for 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. The actual dollar amounts shown as expenses paid during the period for the Floating Rate Fund (the “Fund”) are calculated for the period from the date of the Fund’s inception (February 1, 2013) through March 31, 2013.

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

Annual Report March 31, 2013 71

(Unaudited)

DoubleLine Total Return Bond Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2013

	1 Year		Since Inception (4/6/2010)
DoubleLine Total Return Bond Fund Class I		7.37		12.24%
Barclays Capital U.S. Aggregate Bond Index*		3.77		5.75%
DoubleLine Total Return Bond Fund Class N		7.11		11.95%

¹  Past performance is not an indication of future results. Returns represent past performance and reflect changes in share prices, the reinvestment of all dividends and capital gains, expense limitations and the effects of compounding. The prospectus contains more complete information on the investment objectives, risks, charges and expenses of the investment company, which investors should read and consider carefully before investing. To obtain a prospectus, contact a registered representative or visit www.doubleline.com. The Fund’s adviser waived a portion of its management fee and/or reimbursed Fund expenses during the period shown. Had the adviser not done so, the Fund’s total returns would have been lower. The returns shown do not reflect taxes a shareholder would pay on distributions or redemptions. Total investment return and principal value of your investment will fluctuate, and your shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Call 877-DLine11 or visit www.doubleline.com for performance results current to the most recent month-end.

²  Performance of other classes will be greater or less than the line shown based on the differences in loads and fees paid by shareholders investing in the different classes.

* 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. The Fund’s investments likely will diverge widely from the components of the benchmark Index which could lead to performance dispersion between the Fund and the benchmark Index, meaning that the Fund could outperform or underperform the Index at any given time.

72 DoubleLine Funds

(Unaudited)

March 31, 2013

DoubleLine Core Fixed Income Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns1 As of March 31, 2013
	1 Year		Since Inception (6/1/2010)
DoubleLine Core Fixed Income Fund Class I		6.53		9.76%
Barclays Capital U.S. Aggregate Bond Index*		3.77		5.16%
DoubleLine Core Fixed Income Fund Class N		6.27		9.49%

¹  Past performance is not an indication of future results. Returns represent past performance and reflect changes in share prices, the reinvestment of all dividends and capital gains, expense limitations and the effects of compounding. The prospectus contains more complete information on the investment objectives, risks, charges and expenses of the investment company, which investors should read and consider carefully before investing. To obtain a prospectus, contact a registered representative or visit www.doubleline.com. The Fund’s adviser waived a portion of its management fee and/or reimbursed Fund expenses during the period shown. Had the adviser not done so, the Fund’s total returns would have been lower. The returns shown do not reflect taxes a shareholder would pay on distributions or redemptions. Total investment return and principal value of your investment will fluctuate, and your shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Call 877-DLine11 or visit www.doubleline.com for performance results current to the most recent month-end.

²  Performance of other classes will be greater or less than the line shown based on the differences in loads and fees paid by shareholders investing in the different classes.

* 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. The Fund’s investments likely will diverge widely from the components of the benchmark Index which could lead to performance dispersion between the Fund and the benchmark Index, meaning that the Fund could outperform or underperform the Index at any given time.

Annual Report March 31, 2013 73

(Unaudited)

DoubleLine Emerging Markets Fixed Income Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns1 As of March 31, 2013
	1 Year		Since Inception (4/6/2010)
DoubleLine Emerging Markets Fixed Income Fund Class I		8.04		9.20%
JP Morgan EMBI Global Diversified Index**		10.11		9.85%
DoubleLine Emerging Markets Fixed Income Fund Class N		7.78		8.95%

¹  Past performance is not an indication of future results. Returns represent past performance and reflect changes in share prices, the reinvestment of all dividends and capital gains, expense limitations and the effects of compounding. The prospectus contains more complete information on the investment objectives, risks, charges and expenses of the investment company, which investors should read and consider carefully before investing. To obtain a prospectus, contact a registered representative or visit www.doubleline.com. The Fund’s adviser waived a portion of its management fee and/or reimbursed Fund expenses during the period shown. Had the adviser not done so, the Fund’s total returns would have been lower. The returns shown do not reflect taxes a shareholder would pay on distributions or redemptions. Total investment return and principal value of your investment will fluctuate, and your shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Call 877-DLine11 or visit www.doubleline.com for performance results current to the most recent month-end.

²  Performance of other classes will be greater or less than the line shown based on the differences in loads and fees paid by shareholders investing in the different classes.

** 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. The Fund’s investments likely will diverge widely from the components of the benchmark Index which could lead to performance dispersion between the Fund and the benchmark Index, meaning that the Fund could outperform or underperform the Index at any given time.

74 DoubleLine Funds

(Unaudited)

March 31, 2013

DoubleLine Multi-Asset Growth Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2013

	1 Year			Since Inception (12/20/2010)
DoubleLine Multi-Asset Growth Fund Class I		2.49			2.82%
S&P 500® Index***		13.96			13.04%
Blended Benchmark****		4.38			5.51%
DoubleLine Multi-Asset Growth Fund (with load) Class A		(2.15	)		0.61%

¹  Past performance is not an indication of future results. Returns represent past performance and reflect changes in share prices, the reinvestment of all dividends and capital gains, expense limitations and the effects of compounding. The prospectus contains more complete information on the investment objectives, risks, charges and expenses of the investment company, which investors should read and consider carefully before investing. To obtain a prospectus, contact a registered representative or visit www.doubleline.com. The Fund’s adviser waived a portion of its management fee and/or reimbursed Fund expenses during the period shown. Had the adviser not done so, the Fund’s total returns would have been lower. The returns shown do not reflect taxes a shareholder would pay on distributions or redemptions. Total investment return and principal value of your investment will fluctuate, and your shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Call 877-DLine11 or visit www.doubleline.com for performance results current to the most recent month-end.

²  Performance of other classes will be greater or less than the line shown based on the differences in loads and fees paid by shareholders investing in the different classes.

*** The S&P 500^® Index is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

**** Blended Benchmark: 60% Barclays Capital U.S. Aggregate Bond Index/ 25% Morgan Stanley Capital International All Country World Index/ 15% S&P Goldman Sachs Commodity Total Return Index. The Barclays Capital U.S. Aggregate Bond 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. The Standard & Poor’s/Goldman Sachs Commodity Total Return Index 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. The Morgan Stanley Capital International All Country World 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. The Fund’s investments likely will diverge widely from the components of the benchmark Index which could lead to performance dispersion between the Fund and the benchmark Index, meaning that the Fund could outperform or underperform the Index at any given time.

Annual Report March 31, 2013 75

(Unaudited)

DoubleLine Low Duration Bond Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns1 As of March 31, 2013
	1 Year		Since Inception (9/30/2011)
DoubleLine Low Duration Bond Fund Class I		2.88		3.56%
BofA Merrill Lynch 1-3 year Treasury Index*****		0.64		0.50%
DoubleLine Low Duration Bond Fund Class N		2.64		3.27%

¹  Past performance is not an indication of future results. Returns represent past performance and reflect changes in share prices, the reinvestment of all dividends and capital gains, expense limitations and the effects of compounding. The prospectus contains more complete information on the investment objectives, risks, charges and expenses of the investment company, which investors should read and consider carefully before investing. To obtain a prospectus, contact a registered representative or visit www.doubleline.com. The Fund’s adviser waived a portion of its management fee and/or reimbursed Fund expenses during the period shown. Had the adviser not done so, the Fund’s total returns would have been lower. The returns shown do not reflect taxes a shareholder would pay on distributions or redemptions. Total investment return and principal value of your investment will fluctuate, and your shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Call 877-DLine11 or visit www.doubleline.com for performance results current to the most recent month-end.

²  Performance of other classes will be greater or less than the line shown based on the differences in loads and fees paid by shareholders investing in the different classes.

***** The BofA Merrill Lynch 1-3 Year US Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years. The Fund’s investments likely will diverge widely from the components of the benchmark Index which could lead to performance dispersion between the Fund and the benchmark Index, meaning that the Fund could outperform or underperform the Index at any given time.

76 DoubleLine Funds

(Unaudited)

March 31, 2013

DoubleLine Floating Rate Fund

Value of a $100,000 Investment

Class I Shares¹

Total Returns1 As of March 31, 2013
	Since Inception (2/1/2013)
DoubleLine Floating Rate Fund Class I		0.80%
Credit Suisse Leveraged Loan Index******		1.24%
DoubleLine Floating Rate Fund Class N		0.80%

¹  Past performance is not an indication of future results. Returns represent past performance and reflect changes in share prices, the reinvestment of all dividends and capital gains, expense limitations and the effects of compounding. The prospectus contains more complete information on the investment objectives, risks, charges and expenses of the investment company, which investors should read and consider carefully before investing. To obtain a prospectus, contact a registered representative or visit www.doubleline.com. The Fund’s adviser waived a portion of its management fee and/or reimbursed Fund expenses during the period shown. Had the adviser not done so, the Fund’s total returns would have been lower. The returns shown do not reflect taxes a shareholder would pay on distributions or redemptions. Total investment return and principal value of your investment will fluctuate, and your shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Call 877-DLine11 or visit www.doubleline.com for performance results current to the most recent month-end.

²  Performance of other classes will be greater or less than the line shown based on the differences in loads and fees paid by shareholders investing in the different classes.

****** This index tracks the investable market of the U.S. dollar denominated leveraged loan market. It consists of issues rated “5B” or lower, meaning that the highest rated issues included in this index are Moody’s/S&P ratings of Baa1/BB+ or Ba1/BBB+. All loans are funded term loans with a tenor of at least one year and are made by issuers domiciled in developed countries. The Fund’s investments will likely diverge widely from the components of the benchmark index which could lead to performance dispersion between the Fund and the benchmark Index, meaning that the Fund could outperform or underperform the Index at any given time.

Annual Report March 31, 2013 77

Evaluation of Advisory Agreement by the Board of Trustees

DoubleLine Total Return Bond Fund

DoubleLine Core Fixed Income Fund

DoubleLine Emerging Markets Fixed Income Fund

DoubleLine Multi-Asset Growth Fund

DoubleLine Low Duration Bond Fund

At the February 27, 2013 meeting (the “Meeting”) of the Board of Trustees of DoubleLine Funds Trust (the “Trust”), the Board of Trustees, including the Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the Trust (“Independent Trustees”) voting separately, approved the renewal of the Investment Advisory and Management Agreements (the “Advisory Agreements”) between DoubleLine Capital LP (“DoubleLine” or the “Adviser”) and the Trust, in respect of the DoubleLine Total Return Bond Fund, the DoubleLine Core Fixed Income Fund, the DoubleLine Emerging Markets Fixed Income Fund, the DoubleLine Multi-Asset Growth Fund and the DoubleLine Low Duration Bond Fund (each, a “Fund” and, collectively, the “Funds”), for an additional one-year period through March 24, 2014.

The Trustees meet over the course of the year with investment advisory personnel from DoubleLine and regularly review detailed information, presented both orally and in writing, regarding the investment program and performance of each Fund. The Trustees’ determination to approve the continuance of the Advisory Agreements was made on the basis of each Trustee’s business judgment after an evaluation of all of the information provided to the Trustees, both at the February 27, 2013 meeting and at prior meetings. This summary describes a number, but not necessarily all, of the most important factors considered by the Board and the Independent Trustees. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. No single factor was determined to be decisive. In all of their deliberations, the Board of Trustees and the Independent Trustees were advised by counsel to the Funds and the Independent Trustees.

The Trustees considered the nature, extent, and quality of the services provided and expected to be provided by DoubleLine, including the expertise and experience of its investment personnel. In this regard, the Trustees considered that DoubleLine provides a full investment program for each of the Funds, and noted DoubleLine’s representation that it seeks to provide attractive returns with a strong emphasis on risk management. The Board considered the difficulty of managing debt-related funds, noting that managing such funds requires a portfolio management team to balance a number of factors, which may include, among others, varying maturities, prepayments, collateral management, counter-party management, pay-downs, credit events, workouts and net new issuances. The Trustees reviewed reports provided by Lipper, Inc., (the “Lipper Reports”) that compared the Funds’ management fee rates, total expense ratios (Class I shares), and performance records (Class I shares) for the one-year period and, where applicable, performance records (Class I shares) for the two-year period ending December 31, 2012 against a group of each Fund’s peer funds. The Trustees noted in particular that the DoubleLine Total Return Bond Fund and the DoubleLine Core Fixed Income Fund had experienced quite favorable investment results since inception, and that the DoubleLine Low Duration Bond Fund had achieved performance in line with its peers. The Trustees considered DoubleLine’s explanation that, although the DoubleLine Emerging Markets Fixed Income Fund’s and the DoubleLine Multi-Asset Growth Fund’s performance records were below their respective peer group’s averages, DoubleLine believes that the difference is the result of the firm’s focus on downside risk—so that neither Fund should be expected to outperform in a rising market but the Funds might be expected to outperform in more volatile markets.

The Trustees considered that DoubleLine provides a variety of other services in addition to investment advisory services, including, among others, a number of back-office services, valuation services, compliance services, and assistance with accounting and distribution services. The Trustees also considered the structure of the Funds’ compliance program, including the policies and procedures of the Funds and their various service providers (including the Adviser). The Trustees also considered DoubleLine’s reports, provided at the Board’s regular meetings, that it had continued to hire additional resources, including investment personnel, to support those services, and intends to continue to do so in the coming year.

The Trustees considered DoubleLine’s representation that it has attempted to set its management fees at rates that reflect competitive market levels, and that further reflect the experience and expertise DoubleLine brings to managing the Funds. The Trustees noted that the rapid growth of certain of the Funds created some difficulties in comparing expenses in the Lipper Reports in some cases, since the asset bases of the Funds had changed so much over the measuring period. Specifically, with respect to the DoubleLine Emerging Markets Fixed Income Fund, the Trustees noted that a peer group comparison is made challenging by virtue of the fact that many of the funds in the peer group are relatively small and have implemented substantial fee waivers in light of their small sizes.

The Trustees noted the Lipper Reports showed the contractual management fees paid by the DoubleLine Total Return Bond Fund are approximately at the median of its peers (slightly above the median if administrative fees paid to U.S. Bank, N.A. are included), and that the contractual and net management fees paid by the DoubleLine Core Fixed Income Fund were below the median of its peers. The Trustees further noted that the materials indicated that the performance of each of those two Funds remained quite favorable compared to its peers. The Trustees noted that the contractual management fees paid by the DoubleLine Emerging Markets Fixed Income Fund were approximately at the median of its peers assuming a common asset level of $775 million, although the net management fee paid by the DoubleLine Emerging Markets Fixed Income Fund was relatively high compared to its expense group peers, though not the highest of the peer funds. In this regard the Trustees considered the statements of a representative of Lipper Inc. concerning the challenges in developing effective peer group expenses analysis for that Fund. The Trustees also noted that, although the DoubleLine Multi-Asset Growth Fund’s contractual management fee was among the highest of its peers, the Fund’s net management fee compared favorably to the Fund’s peer group median, due principally to the substantial fee waivers incurred by DoubleLine. The Trustees considered that a portion of that waiver was intended to offset the amounts of advisory fees paid indirectly to DoubleLine through the DoubleLine Multi-Asset Growth Fund’s investments in other funds advised by DoubleLine. The Trustees noted that both the net and contractual management fees paid by the DoubleLine Low Duration Bond Fund were below peer medians.

78 DoubleLine Funds

(Unaudited)

The Trustees considered information relating to the fees charged by DoubleLine to clients other than the Funds, including institutional separate accounts and mutual funds for which DoubleLine serves as sub-adviser. The Trustees took into account DoubleLine’s representation that certain large institutional separate accounts and funds sub-advised by DoubleLine are subject to fee schedules that differ from, including some that are lower than, the rates paid by the Funds. The Trustees considered that DoubleLine had also explained that administrative, compliance, operational, reporting, legal, and other burdens of providing investment advice to mutual funds exceed those required to provide advisory services to non-mutual fund clients, such as institutional accounts for retirement or pension plans, which may have differing contractual requirements. The Trustees also took into account DoubleLine’s representation that there are substantially greater legal and other responsibilities and risks to DoubleLine in managing public mutual funds than in managing private accounts or in sub-advising mutual funds sponsored by others, and that the services and resources required of DoubleLine when it sub-advises mutual funds sponsored by others generally are less than in the case of the Funds because many of the administrative and compliance responsibilities related to the management function are retained by the primary adviser. The Trustees concluded that the fees paid by the Funds to DoubleLine were generally reasonable in light of the services provided, the quality of the portfolio management teams, and the Fund’s performance to date.

The Trustees reviewed financial information regarding DoubleLine for 2012, including information as to the Adviser’s operating costs and profitability with respect to the Funds. The Trustees also reviewed information concerning the profitability to DoubleLine of its service arrangements with the Funds, both before and after distribution expenses, and took into account both the direct and indirect benefits to the Adviser from managing the Funds. The Trustees considered the compensation practices and considered DoubleLine’s representation that those compensation and incentive policies and practices enable DoubleLine to retain, motivate, and attract highly qualified and experienced employees. The Trustees also took into account DoubleLine’s representation that it was continuing to invest in its business to maintain its ability to provide high quality services for the Funds and it does not engage in contractual soft dollar arrangements.

The Trustees discussed with DoubleLine whether economies of scale would likely be realized as the Funds grow and whether a reduction in the advisory fees paid by the Funds by means of breakpoints would be appropriate. The Trustees considered DoubleLine’s statement that it did not believe that implementation of breakpoints or fee reductions would be appropriate at this time, for a number of reasons. The Trustees considered DoubleLine’s representation that each of the DoubleLine Total Return Bond Fund, the DoubleLine Core Fixed Income Fund, and the DoubleLine Low Duration Bond Fund already pay net management fees that are approximately at or below their peer medians, and that the levels of profitability of those Funds to DoubleLine are reasonable and in line with or below what DoubleLine understands to be industry norms. In addition, the Trustees observed that DoubleLine was still heavily subsidizing the expenses incurred by the DoubleLine Multi-Asset Growth Fund, and that, although DoubleLine’s profitability was higher in respect of DoubleLine Emerging Markets Fixed Income Fund as compared to the other Funds based on the expense allocation methodology used, DoubleLine Emerging Markets Fixed Income Fund’s profitability was reasonable nonetheless. The Trustees also noted that DoubleLine’s rapid growth required DoubleLine to re-invest significantly in its business. After considering the information provided, the Trustees concluded that the profitability of the Funds to DoubleLine did not appear excessive or such as to preclude renewal of the Advisory Agreements and that, for the reasons noted, it did not appear that implementation of breakpoints for any of the Funds would be appropriate at this time.

On the basis of these considerations as well as others and in the exercise of their business judgment, the Trustees determined that they were satisfied with the nature, extent and the quality of the services provided to the Funds under the Advisory Agreements; that it appeared that the management fees paid by the Funds to DoubleLine were generally within the range of management fees paid by their peer funds, and in some cases lower than the median management fees paid by their peer funds, and generally reasonable in light of the quality of the portfolio management teams and the Funds’ performance to date; that the fees paid by the Reviewed Funds did not appear inconsistent with the fee schedules charged to DoubleLine’s other clients, in light of the nature of the services provided and the risks borne by DoubleLine; and that it would be appropriate to approve the Advisory Agreements for an additional one-year period.

DoubleLine Floating Rate Fund

At the November 16, 2012 meeting of the Board of Trustees (the “Meeting”) of DoubleLine Funds Trust (the “Trust”), the Board of Trustees, including the Independent Trustees voting separately, approved an Investment Advisory Agreement (the “Agreement”) between the Trust, on behalf of the DoubleLine Floating Rate 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.

The Trustees 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. The Trustees’ determination to approve the Agreement was based on an evaluation of all of the information provided to them. This summary describes a number, but not necessarily all, of the most important factors considered by the Board and the Independent Trustees. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. No single factor was determined to be decisive. In all of their deliberations, the Board of Trustees and the Independent Trustees were advised by counsel to the Trust and counsel to the Independent Trustees.

In the process of considering the approval of the Agreement, the Trustees considered the terms of the proposed Agreement between the Adviser and the Trust, with respect to the Fund, and noted that the proposed Agreement, with the exception of the rate of the advisory fees payable, had the same terms as the advisory agreements between the Adviser and the other series of the Trust. The Trustees 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 portfolio managers, including with respect to investment in loans, including those generally known as bank loans, and other key personnel that would be involved in the day-to-day activities of the Fund. The Board considered the difficulty of managing debt-related funds, noting that managing such funds requires a portfolio management team to balance a

Annual Report March 31, 2013 79

Evaluation of Advisory Agreement by the Board of Trustees  (Cont.)

number of factors, which may include, among others, varying maturities, prepayments, counter-party management, credit events, and workouts. The Trustees also considered the Adviser’s statements regarding additional resources it intended to retain over time to support the Fund. The Trustees considered the performance of the other series of the Trust, and considered the possible effect of an additional fund to the Trust on the capacities of the Adviser. The Trustees reviewed the proposed services the Adviser would provide to the Fund as investment adviser. The Trustees considered that DoubleLine would provide a variety of other services in addition to investment advisory services, including, among others, a number of back-office services, valuation services, compliance services, and assistance with accounting and distribution services. The Trustees also considered the structure of the compliance procedures and the trading capabilities of the Adviser. The Trustees concluded that it appeared the Adviser would have, or have available to it, sufficient quality and depth of personnel, resources, investment methods, and would have compliance policies and procedures essential to performing its duties under the proposed Agreement and that, in the Trustees’ view, the nature, overall quality, and extent of the management services to be provided appeared likely to be satisfactory and reliable.

The Board then turned to the anticipated cost of the proposed services, and the proposed structure and level of the advisory fees to be paid under the Agreement. The Trustees considered that the Adviser anticipated launching the Fund with two classes and noted the overall fee structure and expense caps proposed for the Fund. The Trustees considered information extracted from a Morningstar database that the Fund’s proposed advisory fee under the Agreement was lower than that charged by most of the peer funds presented to them for consideration, and that the information showed that the Fund’s anticipated net expense ratio for Class I shares was near the median of the peer funds presented.

The Trustees discussed information provided by the Adviser as to the estimated 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, which would likely last for some time. The Trustees noted that the Adviser had represented that it does not currently manage other funds or accounts with a similar investment strategy, and concluded 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 and others and in the exercise of their business judgment, the Trustees determined to approve the Agreement for the proposed initial term.

80 DoubleLine Funds

Federal Tax Information (Unaudited)

For the fiscal year ended March 31, 2013, 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 is as follows:

Qualified Dividend Income
DoubleLine Total Return Bond Fund	0.00%
DoubleLine Core Fixed Income Fund	0.00%
DoubleLine Emerging Markets Fixed Income Fund	0.00%
DoubleLine Multi-Asset Growth Fund (Consolidated)	0.93%
DoubleLine Low Duration Bond Fund	0.00%
DoubleLine Floating Rate Fund	n/a

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended March 31, 2013 is as follows:

Dividends Received Deduction
DoubleLine Total Return Bond Fund	0.00%
DoubleLine Core Fixed Income Fund	0.00%
DoubleLine Emerging Markets Fixed Income Fund	0.00%
DoubleLine Multi-Asset Growth Fund (Consolidated)	0.90%
DoubleLine Low Duration Bond Fund	0.00%
DoubleLine Floating Rate Fund	n/a

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	10.39%
DoubleLine Emerging Markets Fixed Income Fund	28.58%
DoubleLine Multi-Asset Growth Fund (Consolidated)	0.00%
DoubleLine Low Duration Bond Fund	1.82%
DoubleLine Floating Rate Fund	n/a

Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Funds.

Annual Report March 31, 2013 81

Trustees and Officers

Name, Address, and Year of Birth(1)	Position with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen(2)	Other Directorships Held by Trustee
Independent Trustees
Joseph J. Ciprari, 1964	Trustee	Indefinite/Since Inception	President of Remo Consultants (real estate financial consulting firm). Formerly, Managing Director, UBS AG. Formerly, Managing Director, Ally Securities, LLC.	11	None
John C. Salter, 1957	Trustee	Indefinite/Since Inception	California Desk Manager/Broker of Chapdelaine & Co. Formerly, Partner at Stark, Salter & Smith, a securities brokerage firm specializing in tax exempt bonds.	11	None
Raymond B. Woolson, 1958	Trustee	Indefinite/Since Inception	President of Apogee Group, Inc., a company providing financial consulting services.	11	None

(1) The address of each Independent Trustee is c/o DoubleLine Capital LP, 333 South Grand Avenue, Suite 1800, Los Angeles, CA 90071.

(2) Includes each series of the Trust and the following registered investment companies: DoubleLine Opportunistic Credit Fund, DoubleLine Income Solutions Fund, and each series of DoubleLine Equity Funds.

The following Trustees are “interested persons” of the Trust as defined in the 1940 Act because they are officers of the Adviser, and indirect shareholders in the Adviser.

Name, Address, and Year of Birth(1)	Position with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios Overseen	Other Directorships Held by Trustee
Interested Trustees
Jeffrey E. Gundlach, 1959	Trustee	Indefinite/Since Inception	Chief Executive Officer of DoubleLine Capital LP (since December 2009) Chief Executive Officer of DoubleLine Equity Funds (since February 2013); prior thereto, Chief Investment Officer, Group Managing Director and President of TCW Group.	9	None
Philip A. Barach, 1952	Trustee	Indefinite/Since Inception	President of DoubleLine Capital LP (since December 2009); prior thereto, Group Managing Director of TCW Group.	6	None

(1) The address of each Interested Trustee is DoubleLine Capital LP, 333 South Grand Avenue, Suite 1800, Los Angeles, CA 90071.

Officers

The officers of the Trust who are not also Trustees of the Trust are:

Name, Address, and Year of Birth(1)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Ronald R. Redell, 1970	President	Indefinite/Since Inception	Trustee, President and Chief Executive Officer, DoubleLine Income Solutions Fund (since January 2013); Trustee, President and Chief Executive Officer, DoubleLine Opportunistic Credit Fund (since July 2011); President, DoubleLine Funds Trust (since January 2010); President, DoubleLine Equity Funds (since February 2013); executive of DoubleLine Capital LP (since July 2010); Secretary of Eco-Earth Enrichment (children’s health non-profit) (since September 2010). Formerly, President and CEO of TCW Funds, Inc. and TCW Strategic Income Fund, Inc.
Susan Nichols, 1962	Treasurer and Principal Financial and Accounting Officer	Indefinite/Since October 2011	Treasurer and Principal Financial and Accounting Officer, DoubleLine Income Solutions Fund (since January 2013); Treasurer and Principal Financial and Accounting Officer, DoubleLine Opportunistic Credit Fund (since July 2011); Treasurer and Principal Financial and Accounting Officer, DoubleLine Funds Trust (since October 2011); Treasurer and Principal Financial and Accounting Officer, DoubleLine Equity Funds (since February 2013); Director of Mutual Funds Operations, DoubleLine. Formerly, Southern Wholesaler, DoubleLine Capital LP. Formerly, Assistant Treasurer of DoubleLine Funds Trust. Formerly, Senior Vice President of TCW.

82 DoubleLine Funds

(Unaudited)

Name, Address, and Year of Birth(1)	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Keith T. Kirk, 1963	Chief Compliance Officer	Indefinite/Since May 2012	Chief Compliance Officer, DoubleLine Income Solutions Fund (since January 2013); Chief Compliance Officer, DoubleLine Opportunistic Credit Fund (since May 2012); Chief Compliance Officer, DoubleLine Funds Trust (since May 2012); Chief Compliance Officer, DoubleLine Equity Funds (since February 2013); Deputy General Counsel and Chief Compliance Officer, DoubleLine (since January 2012). Formerly, Independent Compliance Consultant (from September 2009 through December 2011). Formerly, Chief Compliance Officer, Metropolitan West Asset Management LLC and Metropolitan West Funds (September 2004 through August 2009).
Louis C. Lucido, 1948	Secretary	Indefinite/Since Inception	Secretary, DoubleLine Income Solutions Fund (since January 2013); Secretary, DoubleLine Opportunistic Credit Fund (since July 2011); Secretary, DoubleLine Equity Funds (since February 2013); Secretary, DoubleLine Funds Trust (since April 2010); Chief Operating Officer, DoubleLine (since June 2010); Secretary, DoubleLine Funds Trust (since January 2010); Member of Dean’s Executive Board, Stern School of Business at New York University (since June 2007); Member of the Advisory Board for Tanenbaum Landscape & Design Inc. (since January 2013); Member of the Board of Directors of CASA of Los Angeles (since February 2013). Formerly, Executive Vice President, DoubleLine (from December 2009 through May 2010). Formerly, Group Managing Director, TCW.
Grace Walker, 1970	Assistant Treasurer	Indefinite/Since March 2012	Assistant Treasurer, DoubleLine Income Solutions Fund (since January 2013); Assistant Treasurer, DoubleLine Opportunistic Credit Fund (since March 2012); Assistant Treasurer, DoubleLine Funds Trust (since March 2012); Assistant Treasurer of DoubleLine Equity Funds (since February 2013). Formerly, Assistant Treasurer of the private funds, Western Asset Management Company (from December 2004 through March 2012).
Cris Santa Ana, 1965	Vice President	Indefinite/Since April 2011	Vice President, DoubleLine Income Solutions Fund (since January 2013); Vice President, DoubleLine Opportunistic Credit Fund (since July 2011); Vice President, DoubleLine Funds Trust (since April 2011); Vice President, DoubleLine Equity Funds (since February 2013); Chief Risk Officer, DoubleLine (since June 2010). Formerly, Chief Operating Officer, DoubleLine (from December 2009 through May 2010). Formerly, Managing Director, TCW.
Earl A. Lariscy, 1966	Vice President	Indefinite/Since May 2012	Vice President and Assistant Secretary, DoubleLine Income Solutions Fund (since January 2013); Vice President and Assistant Secretary, DoubleLine Opportunistic Credit Fund (since May 2012 and inception, respectively); Vice President, DoubleLine Equity Funds (since February 2013); Vice President, DoubleLine Funds Trust (since May, 2012); General Counsel, DoubleLine (since April 2010). Formerly, Director, Barclays Capital and Agency. Formerly, General Manager, Barclays Bank PLC’s California-based banking operations. Formerly, Vice President/Associate General Counsel, TCW. Formerly, Attorney, Linklaters.
David Kennedy, 1964	Vice President	Indefinite/Since May 2012	Vice President, DoubleLine Income Solutions Fund (since January 2013); Vice President, DoubleLine Opportunistic Credit Fund (since May 2012); Vice President, DoubleLine Funds Trust (since May 2012); Vice President, DoubleLine Equity Funds (since February 2013); Director, Trading and Settlements, DoubleLine (since December 2009). Formerly, Senior Vice President, TCW.
Patrick A. Townzen, 1978	Vice President	Indefinite/Since September 2012	Vice President, DoubleLine Income Solutions Fund (since January 2013); Vice President, DoubleLine Opportunistic Credit Fund (since September 2012); Vice President, DoubleLine Funds Trust (since September 2012); Vice President, DoubleLine Equity Funds (since February 2013); Director of Operations, DoubleLine (since September 2012). Formerly, Manager, Western Asset Management Company.

(1) The address of each officer is DoubleLine Capital LP, 333 South Grand Avenue, Suite 1800, Los Angeles, CA 90071.

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 877-DLine11 (877-354-6311).

Annual Report March 31, 2013 83

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 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.

84 DoubleLine Funds

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.

The types of personal information DoubleLine collects and shares depend on the product or service you have with us. This information may include:

• Social Security Number;

• account balances;

• transaction or loss history;

• assets;

• investment experience;

• account transactions;

• risk tolerance.

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.

We will limit access to your personal account information to those agents and vendors who need to know that information to provide products and services to you. Your information is not provided by us to nonaffiliated third parties for marketing purposes. We maintain physical, electronic, and procedural safeguards to guard your non-public personal information.

As required by federal law, DoubleLine will notify customers of DoubleLine’s Privacy Policy annually. DoubleLine reserves the right to modify this policy at any time, but in the event that there is a change, DoubleLine will promptly inform its customers of that change.

Annual Report March 31, 2013 85

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.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report. A copy of the registrant’s Code of Ethics is filed herewith.

Item 3. Audit Committee Financial Expert.

The registrant’s board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Raymond B. Woolson is the “audit committee financial expert” and is considered to be “independent” as each term is defined in Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. “Audit services” refer to performing an audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no “Other services” provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

	FYE  3/31/2013	FYE  3/31/2012
Audit Fees	$611,385	$303,500
Audit-Related Fees	$3,439	$2,500
Tax Fees	$88,179	$55,500
All Other Fees	N/A	N/A

The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, as well as certain services provided to the Adviser or any control affiliate of the registrant.

The percentage of fees billed by PricewaterhouseCoopers LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

	FYE  3/31/2013	FYE  3/31/2012
Audit-Related Fees	0%	0%
Tax Fees	0%	0%
All Other Fees	0%	0%

All of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed by full-time permanent employees of the principal accountant. (If more than 50 percent of the accountant’s hours were spent to audit the registrant’s financial statements for the most recent fiscal year, state how many hours were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.)

The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years. The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser is compatible with maintaining the principal accountant’s independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.

Non-Audit Related Fees	FYE  3/31/2013		FYE  3/31/2012
Registrant		$88,179		$55,500
Registrant’s Investment Adviser		$478,800		$209,350

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. Filed herewith.

(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 Redell
	Ronald R. Redell, President

Date June 7, 2013

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 Redell
	Ronald R. Redell, President

Date June 7, 2013

By (Signature and Title)*	/s/ Susan Nichols
	Susan Nichols, Treasurer and Principal Financial and Accounting Officer

Date June 7, 2013

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