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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22378

DoubleLine Funds Trust

(Exact name of Registrant as specified in charter)

2002 North Tampa Street, Suite 200

Tampa, FL 33602

(Address of principal executive offices) (Zip code)

Ronald R. Redell

President

DoubleLine Funds Trust

2002 North Tampa Street, Suite 200

Tampa, FL 33602

(Name and address of agent for service)

(813) 791-7333

Registrant’s telephone number, including area code

Date of fiscal year end: March 31

Date of reporting period: March 31, 2024

Item 1. Reports to Stockholders.

(a)

Annual Report March 31, 2024

	Class		Class		Class
		I		N		R6
	Shares		Shares		Shares
DoubleLine Total Return Bond Fund	DBLTX		DLTNX		DDTRX
DoubleLine Core Fixed Income Fund	DBLFX		DLFNX		DDCFX
DoubleLine Emerging Markets Fixed Income Fund	DBLEX		DLENX		–
DoubleLine Low Duration Bond Fund	DBLSX		DLSNX		DDLDX
DoubleLine Floating Rate Fund	DBFRX		DLFRX		–
DoubleLine Shiller Enhanced CAPE®	DSEEX		DSENX		DDCPX
DoubleLine Flexible Income Fund	DFLEX		DLINX		DFFLX
DoubleLine Low Duration Emerging Markets Fixed Income Fund	DBLLX		DELNX		–
DoubleLine Long Duration Total Return Bond Fund	DBLDX		DLLDX		–
DoubleLine Strategic Commodity Fund	DBCMX		DLCMX		–
DoubleLine Global Bond Fund	DBLGX		DLGBX		–
DoubleLine Infrastructure Income Fund	BILDX		BILTX		–
DoubleLine Shiller Enhanced International CAPE®	DSEUX		DLEUX		–
DoubleLine Emerging Markets Local Currency Bond Fund	DBELX		DLELX		–
DoubleLine Income Fund	DBLIX		DBLNX		–
DoubleLine Multi-Asset Trend Fund	DBMOX		DLMOX		–

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

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

Table of Contents    

	Page
President’s Letter		4
Management’s Discussion of Fund Performance		6
Standardized Performance Summary		17
Growth of Investment		20
Schedules of Investments / Schedules of Investments - Summary		36
Statements of Assets and Liabilities		109
Statements of Operations		112
Statements of Changes in Net Assets		115
Financial Highlights		123
Notes to Financial Statements		131
Report of Independent Registered Public Accounting Firm		162
Shareholder Expenses		163
Evaluation of Advisory Agreement by the Board of Trustees		165
Statement Regarding the Fund’s Liquidity Risk Management Program		170
Federal Tax Information		171
Trustees and Officers		173
Information About Proxy Voting		178
Information About Portfolio Holdings		178
Householding — Important Notice Regarding Delivery of Shareholder Documents		178
Privacy Policy		179

Annual Report _| March 31, 2024 3

President’s Letter (Unaudited) March 31, 2024

Dear Shareholder,

On behalf of the DoubleLine Funds, I am pleased to deliver the Annual Report for the 12-month period ended March 31, 2024. On the following pages, you will find specific information regarding each Fund’s operation and holdings. In addition, we discuss each Fund’s investment performance and main drivers of that performance during the reporting period.

Over the 12-month period, financial markets, including many of the asset classes and sectors in which the DoubleLine Funds invest, experienced strong returns amid improved risk sentiment. Stocks rallied while bond returns were muted, as represented respectively by the S&P 500^® Index’s 29.88% return and Bloomberg US Aggregate Bond Index’s 1.70% return. A broad trend in fixed income was lower-rated credit and floating-rate sectors outperforming traditional sectors, driven primarily by high interest income and lower interest-rate sensitivity, with large return dispersion across subsectors.

The Federal Reserve continued to tighten monetary policy at the beginning of the period, including what appears to have been the last increase in this hiking cycle in July, which raised the federal funds rate to a range of 5.25% to 5.50%. At the start of the period, market participants’ expectations for the path of monetary policy, as tracked by the Bloomberg World Interest Rate Probability function, were largely at odds with the Fed’s forecast published in its quarterly Summary of Economic Projections (SEP). However, by the close of the period, market expectations ultimately converged with those of the SEP, in which the median projection for the federal funds rate was for three cuts of 25 basis points (bps) each by year-end 2024.

Broadly speaking, economic fundamentals were largely resilient during the reporting period. U.S. gross domestic product (GDP) was positive on a year-over-year (YoY) and quarter-over-quarter (QoQ) basis across the final three quarters of 2023, with the strongest YoY print at a 3.1% seasonally adjusted annualized rate for the fourth quarter. Domestic growth was buoyed by a robust labor

market across the 12-month period, as the U-3 unemployment rate finished the period at 3.8%, just 0.4% above the measure’s lowest reading in over 50 years. The labor market still appeared tight by historical standards, as Job Openings and Labor Turnover Survey data for February showed the ratio of vacancies per unemployed jobseeker to be 1.45. A strong labor market and relatedly strong consumer have contributed to higher growth estimates, with first quarter real GDP forecast to grow at a seasonally adjusted annualized rate of 2.0% QoQ. Survey-based measures of economic activity similarly show resilience, with the ISM Services PMI and ISM Manufacturing PMI registering in expansionary territory as of March. One outlier is the Conference Board Leading Economic Index, which has been negative for some time and at a level historically associated with recession.

Over the 12-month period, the two-year U.S. Treasury yield rose 59 bps, the five-year yield rose 64 bps, the 10-year yield rose 73 bps, and the 30-year yield rose 69 bps. Traditional fixed-income sectors, including Treasuries and Agency mortgage-backed securities (MBS) were impacted by rising interest rates across the Treasury curve. Disparate returns throughout the fixed income universe were largely attributable to duration risk, as Treasuries and Agency MBS experienced muted positive returns while corporate bonds outperformed, driven by spread tightening amid strong corporate earnings. Sovereign bonds from developed markets (DMs) posted negative returns while sovereign bonds from emerging markets (EMs) were among the best-performing sectors in the global fixed-income landscape.

The European Central Bank hiked its deposit facility rate 100 bps over the period, with the most recent hike in September pushing the rate to 4.00% from 3.75%. Most of the DM countries, absent Japan, followed similar tightening paths during the period. Monetary policy and inflation differentiation between EM and DM countries became an increasingly relevant theme. EM central banks broadly moved earlier and more aggressively in raising rates in response to inflationary pressure.

4 DoubleLine Funds Trust

(Unaudited)

March 31, 2024

Disinflation subsequently allowed EM central banks to ease rates, which should bode well for EM growth. While geopolitical tensions remained a risk across the period, any threat of escalation seemed to be brushed off by markets generally.

In China, weak consumer demand and a prolonged slowdown in the property sector continued to hamper confidence during the period in the world’s second largest economy despite piecemeal stimulus measures from policymakers in the second half of 2023 and first quarter of 2024. In March, the People’s Bank of China announced an ambitious economic growth target of 5%, citing further stimulus measures in monetary, fiscal and regulatory policy. The Bank of Japan at its March meeting delivered on a well-telegraphed message and removed its negative interest-rate policy and ended its yield curve control.

As we look toward the remainder of 2024 and beyond, we believe the Fed and other DM central banks will eye the second half of the year for an opening to relax monetary policy. The conditions that could permit the start of a cutting cycle still seem tied to the degree of confidence the Fed, and other central banks, will have that inflation will not reaccelerate.

The DoubleLine investment team strives to deliver attractive risk-adjusted returns to our investors through full economic cycles and variable interest-rate

environments using a time-tested process. We are confident in our ability to take advantage of future opportunities by drawing upon the extensive experience of our team.

If you have any questions regarding the DoubleLine Funds, please don’t hesitate to call us at 1 (877) DLINE 11 / 1 (877) 354-6311 or visit our website www.doubleline.com, where our investment management team offers deeper insights and analysis on relevant capital market activity impacting investors today.

Thank you for your continued support and entrusting DoubleLine with your investments. We deeply value your trust, and we will continue to work diligently to meet your broad investment needs.

Sincerely,

Ronald R. Redell, CFA

President

DoubleLine Funds Trust

May 1, 2024

Annual Report _| March 31, 2024 5

Management’s Discussion of Fund Performance (Unaudited) March 31, 2024

DoubleLine Total Return Bond Fund

For the 12-month period ended March 31, 2024, the DoubleLine Total Return Bond Fund’s Class I shares outperformed the benchmark Bloomberg US Aggregate Bond Index return of 1.70%. The biggest contributor to Fund performance was the Fund’s overweight relative to the index to securitized credit, including non-Agency residential mortgage-backed securities (MBS), non-Agency commercial MBS, asset-backed securities and collateralized loan obligations, all of which outperformed investment grade corporate bonds in the index. The Fund’s government-backed exposure, including U.S. Treasuries and Agency MBS, which generally exhibited longer durations than the Treasuries and Agency MBS in the index, detracted from performance, as Treasury rates rose in the period.

12-Month Period Ended 3-31-24	12-months
I Share		1.75%
N Share		1.50%
R6 Share		1.81%
Bloomberg US Aggregate Bond Index*		1.70%

* Reflects no deduction for fees, expenses, or taxes.

For additional performance information, please refer to the “Standardized Performance Summary.”

DoubleLine Core Fixed Income Fund

For the 12-month period ended March 31, 2024, the DoubleLine Core Fixed Income Fund outperformed the benchmark Bloomberg US Aggregate Bond Index return of 1.70%. The biggest contributor to Fund performance was its overweight relative to the index to credit-sensitive debt. Non-Agency residential mortgage-backed securities (MBS), non-Agency commercial MBS, asset-backed securities, collateralized loan obligations, bank loans, high yield and investment grade (IG) corporate bonds, and emerging markets debt all outperformed IG corporate bonds within the index. The Fund’s average duration in the period was slightly shorter than the index’s, which contributed to the Fund’s relative outperformance. During the period, U.S. Treasury rates rose in the period, which resulted in Treasuries and Agency MBS in the Fund detracting from performance.

12-Month Period Ended 3-31-24	12 months
I Share		2.60%
N Share		2.46%
R6 Share		2.74%
Bloomberg US Aggregate Bond Index*		1.70%

* Reflects no deduction for fees, expenses, or taxes.

For additional performance information, please refer to the “Standardized Performance Summary.”

DoubleLine Emerging Markets Fixed Income Fund

For the 12-month period ended March 31, 2024, the DoubleLine Emerging Markets Fixed Income Fund outperformed the benchmark J.P. Morgan Emerging Markets Bond Global Diversified Index return of 11.28%. The strong index performance was primarily driven by spread tightening, particularly within the high yield subsector as default risk in several frontier market economies subsided after policymakers undertook significant policy adjustments. The biggest contributor to Fund performance was the Fund’s overweight relative to the index to India, Brazil and Colombia. The biggest detractor was the Fund’s underweight to Argentina and the region of Africa, the best-performing region in the index.

12-Month Period Ended 3-31-24	12 months
I Share		11.78%
N Share		11.37%
J.P. Morgan Emerging Markets Bond Global Diversified Index*		11.28%

* Reflects no deduction for fees, expenses, or taxes.

For additional performance information, please refer to the “Standardized Performance Summary.”

6 DoubleLine Funds Trust

(Unaudited)

March 31, 2024

DoubleLine Low Duration Bond Fund

For the 12-month period ended March 31, 2024, the DoubleLine Low Duration Bond Fund outperformed the benchmark ICE BofA 1-3 Year U.S. Treasury Index return of 2.97% as all holdings within the Fund contributed to performance. The biggest contributor was the Fund’s overweight relative to the index to nontraditional credit sectors, which outperformed U.S. Treasuries in the index. Those nontraditional sectors included non-Agency residential mortgage-backed securities (MBS), non-Agency commercial MBS, asset-backed securities, collateralized loan obligations, bank loans and emerging markets debt. The Fund’s allocations to Treasuries and Agency MBS were the laggards to performance, but they outperformed Treasuries in the index. Treasury rates rose across the yield curve in the period, benefiting relative performance of the Fund, as the Fund’s average duration was less than the index’s average duration.

12-Month Period Ended 3-31-24	12 months
I Share		6.16%
N Share		5.90%
R6 Share		6.20%
ICE BofA 1-3 Year U.S. Treasury Index*, **		2.97%
Bloomberg US Aggregate 1-3 Year Bond Index**		3.56%

* Beginning in July 2022, transaction costs were incorporated into the calculation of total return for ICE fixed income indices.

** Reflects no deduction for fees, expenses, or taxes.

For additional performance information, please refer to the “Standardized Performance Summary.”

DoubleLine Floating Rate Fund

For the 12-month period ended March 31, 2024, the DoubleLine Floating Rate Fund posted positive performance but underperformed the benchmark Morningstar LSTA US Leveraged Loan TR USD Index return of 12.47%. Risk markets rebounded from depressed levels in the period as economic growth indicators remained resilient and the Federal Reserve ended its hiking campaign. Accordingly, the riskiest segments of the markets rebounded the most. The biggest contributor to Fund performance was its underweight relative to the index to the telecommunication services and media and entertainment sectors. Among the biggest detractors to Fund performance was the Fund’s underweight to bank loans rated CCC, which returned 18.97% in the period. Also detracting was the Fund’s exposure to certain software names that experienced competitive pressure and certain healthcare providers that struggled with inflationary costs.

12-Month Period Ended 3-31-24	12 months
I Share*		9.61%
N Share*		9.43%
Morningstar LSTA US Leveraged Loan TR USD Index**		12.47%

* The Floating Rate Fund imposes a 1.00% redemption fee on all share classes if shares are sold within 90 days of purchase. Performance data does not reflect the redemption fee. If it had, returns would be reduced.

** Reflects no deduction for fees, expenses, or taxes.

For additional performance information, please refer to the “Standardized Performance Summary.”

DoubleLine Shiller Enhanced CAPE^®

For the 12-month period ended March 31, 2024, the DoubleLine Shiller Enhanced CAPE^® posted positive performance but underperformed the benchmark S&P 500^® Index return of 29.88%. During the period, the Shiller Barclays CAPE^® U.S. Sector Total Return USD Index, to which the Fund gained exposure through the use of swap contracts, was allocated to seven sectors: communication services, consumer discretionary, consumer staples, financials, healthcare, materials and real estate. The communication services and financials allocations were the biggest contributors to Fund performance while real estate and consumer staples were the biggest detractors. The Fund’s fixed income portfolio increased in value during the period, with all holdings contributing to Fund performance. The biggest

Annual Report _| March 31, 2024 7

Management’s Discussion of Fund Performance (Cont.)

contributor by sector to portfolio performance was collateralized loan obligations; the biggest laggard was commercial mortgage-backed securities.

12-Month Period Ended 3-31-24	12 months
I Share		23.36%
N Share		23.07%
R6 Share		23.41%
S&P 500® Index*		29.88%
Shiller Barclays CAPE® U.S. Sector Total Return USD Index*		24.68%

* Reflects no deduction for fees, expenses, or taxes.

For additional performance information, please refer to the “Standardized Performance Summary.”

DoubleLine Flexible Income Fund

For the 12-month period ended March 31, 2024, the DoubleLine Flexible Income Fund outperformed the benchmark ICE BofA 1-3 Year Eurodollar Index return of 4.56%. Overall risk-on sentiment in the markets benefited credit-sensitive debt in the form of credit spread compression. All sectors of the Fund contributed to performance. U.S. Treasury yields increased across the curve in the period, which benefited the two floating-rate security types in the Fund, bank loans and collateralized loan obligations. Non-Agency residential mortgage-backed securities, in conjunction with the floating-rate sectors, were the biggest contributors by sector to Fund performance. Non-Agency commercial mortgage-backed securities provided positive returns over the period but contributed the least to Fund performance.

12-Month Period Ended 3-31-24	12 months
I Share		8.69%
N Share		8.42%
R6 Share		8.73%
ICE BofA 1-3 Year Eurodollar Index*		4.56%
ICE BofA SOFR Overnight Rate Index*		5.44%

* Reflects no deduction for fees or taxes. Beginning in July 2022, transaction costs were incorporated into the calculation of total return for ICE fixed income indexes.

For additional performance information, please refer to the “Standardized Performance Summary.”

DoubleLine Low Duration Emerging Markets Fixed Income Fund

For the 12-month period ended March 31, 2024, the DoubleLine Low Duration Emerging Markets Fixed Income Fund posted positive performance but underperformed the benchmark J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified 1-3 Year Index return of 8.45%. The strong performance of the index was driven by spread tightening. The biggest contributor to Fund performance was its overweight relative to the index to Latin America, which was among the best-performing regions in the index, and underweight to the Middle East, a laggard among its regional peers. The biggest detractors to Fund performance, relative to the index, were its longer duration and overweight to investment grade credits, which significantly underperformed their high yield counterparts in a period of risk-on sentiment.

12-Month Period Ended 3-31-24	12 months
I Share		8.23%
N Share		8.07%
J.P. Morgan CEMBI Broad Diversified 1-3 Year Index *		8.45%

* Reflects no deduction for fees, expenses, or taxes.

For additional performance information, please refer to the “Standardized Performance Summary.”

8 DoubleLine Funds Trust

(Unaudited)

March 31, 2024

DoubleLine Long Duration Total Return Bond Fund

For the 12-month period ended March 31, 2024, the DoubleLine Long Duration Total Return Bond Fund underperformed the benchmark Bloomberg US Long Government/Credit Index return of negative 1.15%. The best-performing sector in the index was long-duration corporate bonds, which the Fund did not own, as it utilizes long-duration Agency mortgage-backed securities in lieu of corporate bonds. The biggest contributor by sector to Fund performance was Agency mortgage-backed securities, which generated a modest positive return. The biggest detractors were its allocation to U.S. Treasuries that were longer in duration than those in the index and lack of exposure to corporate bonds. The Fund’s average duration was 14.2 years for the period, slightly shorter than the index’s 14.4 years, which benefited Fund performance in a period of rising interest rates.

12-Month Period Ended 3-31-24	12 months
I Share		-4.39%
N Share		-4.63%
Bloomberg US Long Government/Credit Index*		-1.15%

* Reflects no deduction for fees, expenses, or taxes.

For additional performance information, please refer to the “Standardized Performance Summary.”

DoubleLine Strategic Commodity Fund

For the 12-month period ended March 31, 2024, the DoubleLine Strategic Commodity Fund posted positive performance and outperformed the benchmark Bloomberg Commodity (BCOM) Index Total Return return of negative 0.56%. During the period, the Fund was allocated to the Morgan Stanley Backwardation Focused Multi-Commodity Index (MSBFMCI beta exposure) and the DoubleLine Commodity Long Short Strategy (DCLSS alpha exposure), which the Fund gained exposure to through the use of swap contracts. The Fund’s MSBFMCI exposure decreased in value during the period, detracting from Fund performance. The DCLSS increased in value, contributing to Fund performance. The Fund’s outperformance relative to the BCOM Index Total Return was driven by the positive return of the DCLSS and the less-negative performance of the MSBFMCI relative to the BCOM Index Total Return. The Fund’s use of derivative instruments to gain exposure to commodities facilitated investment of the Fund’s remaining assets in U.S. Treasuries, which increased in value during the period.

12-Month Period Ended 3-31-24	12 months
I Share		6.72%
N Share		6.50%
Bloomberg Commodity Index Total Return*		-0.56%

* Reflects no deduction for fees, expenses, or taxes.

For additional performance information, please refer to the “Standardized Performance Summary.”

DoubleLine Global Bond Fund

For the 12-month period ended March 31, 2024, the DoubleLine Global Bond Fund’s Class I shares performed in line with the benchmark FTSE World Government Bond Index return of negative 0.83%. The negative performance of the Fund and index was driven by a continued rise in global bond yields and foreign exchange market depreciation against the U.S. dollar, as measured by the U.S. Dollar Index. The dollar strengthened in the period against its G-10 peers as upside surprises in U.S. economic data led investors to curb bets for when the Federal Reserve might begin easing monetary policy. The biggest contributors to Fund performance were its shorter duration and overweight to Mexico relative to the index, and its cash balance. The biggest detractor was the Fund’s underweight to developed Europe, in particular a lack of exposure to Italy.

12-Month Period Ended 3-31-24	12 months
I Share		-0.83%
N Share		-1.19%
FTSE World Government Bond Index*		-0.83%

* Reflects no deduction for fees, expenses, or taxes.

For additional performance information, please refer to the “Standardized Performance Summary.”

Annual Report _| March 31, 2024 9

Management’s Discussion of Fund Performance (Cont.)

DoubleLine Infrastructure Income Fund

For the 12-month period ended March 31, 2024, the DoubleLine Infrastructure Income Fund outperformed the Bloomberg US Aggregate Bond Index return of 1.70%. The biggest contributor to Fund performance was duration positioning, as the Fund tactically maintained a lower duration than the index in a period of rising interest rates. The biggest contributors to Fund performance by sector were securitized infrastructure exposures, including senior aviation securitizations. Despite contributing positively to Fund performance, corporate infrastructure exposures lagged their securitized counterparts. However, income and spread return on these holdings overcame the adverse duration impacts of rising interest rates, generating strong relative and absolute performance.

12-Month Period Ended 3-31-24	12 months
I Share		5.68%
N Share		5.42%
Bloomberg US Aggregate Bond Index*		1.70%

* Reflects no deduction for fees, expenses, or taxes.

For additional performance information, please refer to the “Standardized Performance Summary.”

DoubleLine Shiller Enhanced International CAPE^®

For the 12-month period ended March 31, 2024, DoubleLine Shiller Enhanced International CAPE^® posted positive performance but underperformed the broad European equity market as measured by the benchmark MSCI Europe Net Total Return USD Index return of 14.11%. During the period, the Shiller Barclays CAPE^® Europe Sector Net TR NoC USD Index, which the Fund gained exposure to through the use of swap contracts, was allocated to eight sectors: consumer discretionary, consumer staples, financials and real estate, healthcare, information technology, materials, communication services and utilities. Healthcare was the biggest contributor to Fund performance while communication services was the biggest detractor. The Fund’s fixed income portfolio increased in value during the period, contributing to Fund performance. The biggest contributor by sector to portfolio performance was collateralized loan obligations while the biggest laggard was U.S. government securities, but both contributed to portfolio performance.

12-Month Period Ended 3-31-24	12 months
I Share		8.88%
N Share		8.59%
MSCI Europe Net Total Return USD Index*		14.11%

* Reflects no deduction for fees, expenses, or taxes.

For additional performance information, please refer to the “Standardized Performance Summary.”

DoubleLine Emerging Markets Local Currency Bond Fund

For the 12-month period ended March 31, 2024, the DoubleLine Emerging Markets Local Currency Bond Fund outperformed the benchmark J.P. Morgan Government Bond Index Emerging Markets Global Diversified return of 4.91%. The performance of the index was driven primarily by its Latin America exposure. Among the biggest contributors to Fund performance was its shorter duration relative to the index in a period of rising interest rates. Also contributing was the Fund’s underweight relative to the index to emerging Asia, and security selection in Central and Eastern Europe, in particular, its lack of exposure to Turkey. The biggest detractor was the Fund’s underweight relative to the index to Colombia.

12-Month Period Ended 3-31-24	12 months
I Share		5.21%
N Share		5.10%
J.P. Morgan GBI-EM GD*		4.91%

* Reflects no deduction for fees, expenses, or taxes.

For additional performance information, please refer to the “Standardized Performance Summary.”

10 DoubleLine Funds Trust

(Unaudited)

March 31, 2024

DoubleLine Income Fund

For the 12-month period ended March 31, 2024, the DoubleLine Income Fund outperformed the Bloomberg US Aggregate Bond Index return of 1.70%. The biggest contributors to Fund performance were asset allocation and duration positioning. The Fund’s diversified mix of subordinated, short-duration securitized credit outperformed the various components of the index. The biggest contributor to Fund performance by sector was collateralized loan obligations, as the asset class experienced spread compression and high interest income due to its coupons that reference short-term interest rates. The biggest laggard was Agency mortgage-backed securities, which generated a positive return but was the only Fund asset class to underperform the index.

12-Month Period Ended 3-31-24	12 months
I Share		11.67%
N Share		11.38%
Bloomberg US Aggregate Bond Index*		1.70%

* Reflects no deduction for fees, expenses, or taxes.

For additional performance information, please refer to the “Standardized Performance Summary.”

DoubleLine Multi-Asset Trend Fund

For the 12-month period ended March 31, 2024, the DoubleLine Multi-Asset Trend Fund posted positive performance and outperformed the benchmark Credit Suisse Managed Futures Liquid Total Return U.S. Dollar Index return of negative 1.07%. During the period, the Fund’s exposure to trend-following investments was obtained through the use of swap contracts referencing the BNP Paribas Multi-Asset Trend Index, which returned negative 0.08%. The biggest contributors to index performance were its equity exposures; the biggest detractors were commodity exposures. The Fund’s fixed income portfolio was the main contributor to Fund performance. The biggest contributor by sector to portfolio performance was bank loans while the biggest laggard was U.S. government securities, but both contributed to portfolio performance.

12-Month Period Ended 3-31-24	12 months
I Share		6.37%
N Share		5.97%
Credit Suisse Managed Futures Liquid Total Return USD Index*		-1.07%

* Reflects no deduction for fees, expenses, or taxes.

For additional performance information, please refer to the “Standardized Performance Summary.”

Past Performance is not a guarantee of future results.

Opinions expressed herein are as of March 31, 2024, and are subject to change at any time, are not guaranteed and should not be considered investment advice. 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.

A Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. You can obtain a Fund’s current prospectus and certain other regulatory filings by calling 1 (877) DLINE 11 / 1 (877) 354-6311, or visiting www.doubleline.com. You should read the prospectus and other filings carefully before investing.

The performance information shown assumes the reinvestment of all dividends and distributions. Investment performance reflects management fees and other fund expenses, including any applicable fee waivers that are in effect with respect to a particular Fund. In the absence of such waivers, total return would be reduced. Returns over 1 year are average annual returns. Performance data quoted represents past performance; past performance does not guarantee future results and does not reflect the deduction of any taxes a shareholder would pay on fund distributions or the sale of fund shares. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Current performance of the Fund may be lower or higher than the performance quoted. The Funds’ gross and net expense ratios shown are from the most recent prospectus and may change over time. See the financial highlights section of the financial statements for more recent expense ratios. The Funds’ gross and net expense ratios also include “acquired fund fees and expenses,” which are expenses incurred indirectly as a result of a Fund’s investments in one or more underlying funds, including ETFs and money market funds. Because these costs are indirect, the expense ratios will not correlate to the expense ratios in the Funds’ financial statements, since financial statements only include direct costs of the Funds and not indirect costs of investing in the underlying funds. Performance data current to the most recent month-end may be obtained by calling 1 (877) DLINE 11 / 1 (877) 354-6311 or by visiting www.doubleline.com.

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 as of period end.

Mutual fund investing involves risk. Principal loss is possible.

Investments in securities related to real estate may decline in value as a result of factors affecting the real estate industry. Investments in debt securities typically decline in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in asset-backed and mortgage-backed securities include additional risks that investors should be aware of including credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to

Annual Report _| March 31, 2024 11

Management’s Discussion of Fund Performance (Cont.)

adverse economic developments. The Funds may invest in foreign securities (or derivatives which give exposure to foreign securities) which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater for investments in emerging markets. Investments in lower rated and non-rated securities present a greater risk of loss to principal and interest than higher rated securities. Commodity-linked derivative instruments may involve additional costs and risks such as changes in commodity index volatility or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. Investing in derivatives could result in losing more than the amount invested. 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. Equities may decline in value due to both real and perceived general market, economic, and industry conditions. Exchange-traded fund 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. Floating rate loans and other floating rate investments are subject to credit risk, interest rate risk, counterparty risk and financial services risks, among others. In addition, the Funds may invest in other asset classes and investments such as, among others, REITs, credit default swaps, short sales, derivatives and smaller companies which include additional risks. 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. Additional principal risks for the Funds can be found in the prospectus.

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

Earnings growth is not representative of a fund’s future performance.

Credit ratings from Moody’s Investor Services, Inc. (“Moody’s”) range from the highest rating of Aaa for bonds of the highest quality that offer the lowest degree of investment risk to the lowest rating of C for the lowest rated class of bonds. Credit ratings from S&P Global Ratings (“S&P”) range from the highest rating of AAA for bonds of the highest quality that offer the lowest degree of investment risk to the lowest rating of D for bonds that are in default. In limited situations when the rating agency has not issued a formal rating, the rating agency will classify the security as nonrated.

Credit ratings are determined from the highest available credit rating from any Nationally Recognized Statistical Rating Organization (“NRSRO”, generally S&P, Moody’s and Fitch Ratings, Inc.). DoubleLine chooses to display credit ratings using S&P’s rating convention, although the rating itself might be sourced from another NRSRO.

The reference and link to any websites in this Annual Report have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this Annual Report.

Index Disclaimers

Shiller Barclays CAPE^® Index Disclaimers

Barclays Capital Inc. and its affiliates (“Barclays”) is not the issuer, sponsor or promoter of DoubleLine Shiller Enhanced CAPE^® or DoubleLine Shiller Enhanced International CAPE^® (together, in this paragraph, the “Funds”) and Barclays has no responsibilities, obligations or duties to investors in the Funds. The Shiller Barclays CAPE^® US Sector TR USD Index and Shiller Barclays CAPE^® Europe Sector Net TR NoC USD Index (each an “Index” and together the “Indices”) consist of the respective trademarks of Barclays Bank PLC and trademarks owned by or licensed to RSBB-I, LLC and Barclays Bank PLC and that are licensed for use by DoubleLine Funds Trust as the issuer of the Funds (the “Issuer”). Barclays’ only relationship with the Issuer in respect of the Indices is the licensing of these trademarks and the Indices which are determined, composed and calculated by Barclays without regard to the Issuer or the Funds or the owners of the Funds. Additionally, DoubleLine Capital LP may for the Funds execute transaction(s) with Barclays in or relating to the Funds’ respective Index; Fund investors acquire interests solely in the respective Fund; Fund investors neither acquire any interest in that Fund’s respective Index nor enter into any relationship of any kind whatsoever with Barclays upon making an investment in that Fund. The Funds are not sponsored, endorsed, sold or promoted by Barclays. Barclays does not make any representation or warranty, express or implied regarding the advisability of investing in the Funds or the advisability of investing in securities generally or the ability of the Indices to track corresponding or relative market performance. Barclays has not passed on the legality or suitability of the Funds’ names or the Indices with respect to any person or entity. Barclays is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of the shares of the Funds to be issued. Barclays has no obligation to take the needs of the Issuer or the owners of the Funds or any other third party into consideration in determining, composing or calculating the Indices. Barclays has no obligation or liability in connection with administration, marketing or trading of the Funds. The licensing agreement between DoubleLine Funds Trust and Barclays is solely for the benefit of the Funds and Barclays and not for the benefit of the owners of the Funds, investors or other third parties.

BARCLAYS SHALL HAVE NO LIABILITY TO THE ISSUER, INVESTORS OR TO OTHER THIRD PARTIES FOR THE USE OF THE DOUBLELINE SHILLER ENHANCED CAPE^® AND DOUBLELINE SHILLER ENHANCED INTERNATIONAL CAPE^® NAMES, OR THE QUALITY, ACCURACY AND/OR COMPLETENESS OF THE SHILLER BARCLAYS CAPE^® US SECTOR TR USD INDEX OR SHILLER BARCLAYS CAPE^® EUROPE SECTOR NET TR NOC USD INDEX OR ANY DATA INCLUDED THEREIN OR FOR INTERRUPTIONS IN THE DELIVERY OF THE SHILLER BARCLAYS CAPE^® US SECTOR TR USD INDEX OR SHILLER BARCLAYS CAPE^® EUROPE SECTOR NET TR NOC USD INDEX. BARCLAYS MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER, THE INVESTORS OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE SHILLER BARCLAYS CAPE^® US SECTOR TR USD INDEX OR SHILLER BARCLAYS CAPE^® EUROPE SECTOR NET TR NOC USD INDEX OR ANY DATA INCLUDED THEREIN. BARCLAYS MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO DOUBLELINE SHILLER ENHANCED CAPE^® AND DOUBLELINE SHILLER ENHANCED INTERNATIONAL CAPE^® NAMES, THE SHILLER BARCLAYS CAPE^® US SECTOR TR USD INDEX OR SHILLER BARCLAYS CAPE^® EUROPE SECTOR NET TR NOC USD INDEX OR ANY DATA INCLUDED THEREIN. BARCLAYS RESERVES THE RIGHT TO CHANGE THE METHODS OF CALCULATION OR PUBLICATION, OR TO CEASE THE CALCULATION OR PUBLICATION OF THE SHILLER BARCLAYS CAPE^® US SECTOR TR USD INDEX AND SHILLER BARCLAYS CAPE^® EUROPE SECTOR NET TR NOC USD INDEX, AND BARCLAYS SHALL NOT BE LIABLE FOR ANY MISCALCULATION OF OR ANY INCORRECT, DELAYED OR INTERRUPTED PUBLICATION WITH RESPECT TO ANY OF THE SHILLER BARCLAYS CAPE^® US SECTOR TR USD INDEX AND SHILLER BARCLAYS CAPE^® EUROPE SECTOR NET TR NOC USD INDEX. BARCLAYS SHALL NOT BE LIABLE FOR ANY DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, OR ANY LOST PROFITS AND EVEN IF ADVISED OF THE POSSIBILITY OF SUCH, RESULTING FROM THE USE OF THE SHILLER BARCLAYS CAPE^® US SECTOR TR USD INDEX OR SHILLER BARCLAYS CAPE^® EUROPE SECTOR NET TR NOC USD INDEX OR ANY DATA INCLUDED THEREIN OR WITH RESPECT TO THE DOUBLELINE SHILLER ENHANCED CAPE^® OR DOUBLELINE SHILLER ENHANCED INTERNATIONAL CAPE^®.

None of the information supplied by Barclays Bank PLC and used in this publication may be reproduced in any manner without the prior written permission of Barclays Capital, the investment banking division of Barclays Bank PLC. Barclays Bank PLC is registered in England No. 1026167. Registered office 1 Churchill Place London E14 5HP.

THE SHILLER BARCLAYS INDICES HAVE BEEN DEVELOPED IN PART BY RSBB-I, LLC, THE RESEARCH PRINCIPAL OF WHICH IS ROBERT J. SHILLER. RSBB-I, LLC IS NOT AN INVESTMENT ADVISOR, AND DOES NOT GUARANTEE THE ACCURACY OR COMPLETENESS OF THE SHILLER BARCLAYS INDICES OR ANY DATA OR METHODOLOGY EITHER INCLUDED THEREIN OR UPON WHICH IT IS BASED. NEITHER RSBB-I, LLC NOR ROBERT J. SHILLER OR ANY OF THEIR RESPECTIVE PARTNERS, EMPLOYEES, SUBCONTRACTORS, AGENTS, SUPPLIERS AND VENDORS (COLLECTIVELY, THE “PROTECTED PARTIES”), SHALL HAVE ANY LIABILITY, WHETHER CAUSED BY THE NEGLIGENCE OF A PROTECTED PARTY OR OTHERWISE, FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN, AND MAKE NO WARRANTIES, EXPRESS OR IMPLIED, AS TO PERFORMANCE OR RESULTS EXPERIENCED BY ANY PARTY FROM THE USE OF ANY INFORMATION INCLUDED THEREIN OR UPON WHICH IT IS BASED, AND EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT THERETO, AND SHALL NOT BE LIABLE FOR ANY CLAIMS OR LOSSES OF ANY NATURE IN CONNECTION WITH THE USE OF SUCH INFORMATION, INCLUDING BUT NOT LIMITED TO, LOST PROFITS OR PUNITIVE OR CONSEQUENTIAL DAMAGES, EVEN IF RSBB-I, LLC, ROBERT J. SHILLER OR ANY PROTECTED PARTY IS ADVISED OF THE POSSIBILITY OF SAME.

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LSTA Morningstar Disclaimer

The DoubleLine Floating Rate Fund is not sponsored, endorsed, sold or promoted by Morningstar, Inc., or any of its affiliated companies (all such entities, collectively, “Morningstar Entities”) or the Loan Syndications and Trading Association (“LSTA”). The Morningstar Entities and LSTA make no representation or warranty, express or implied, to the owners of the DoubleLine Floating Rate Fund or any member of the public regarding the advisability of investing in leveraged loans generally or in the DoubleLine Floating Rate Fund in particular or the ability of the LSTA/Morningstar Leveraged Loan Index to track general leveraged loan market performance. The Morningstar Entities’ only relationship to the DoubleLine Floating Rate Fund is the licensing of certain service marks and service names of Morningstar and of the LSTA/Morningstar Leveraged Loan Index which is determined, composed and calculated by the Morningstar Entities without regard to DoubleLine or the DoubleLine Floating Rate Fund. The Morningstar Entities have no obligation to take the needs of DoubleLine or the owners of the DoubleLine Floating Rate Fund into consideration in determining, composing or calculating the LSTA/Morningstar Leveraged Loan Index. The Morningstar Entities and LSTA are not responsible for and have not participated in the determination of the prices and amount of the DoubleLine Floating Rate Fund or the timing of the issuance or sale of the DoubleLine Floating Rate Fund or in the determination or calculation of the equation by which the DoubleLine Floating Rate Fund is converted into cash. The Morningstar Entities and LSTA have no obligation or liability in connection with the administration, marketing or trading of the DoubleLine Floating Rate Fund.

THE MORNINGSTAR ENTITIES AND LSTA DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE LSTA/MORNINGSTAR LEVERAGED LOAN INDEX OR ANY DATA INCLUDED THEREIN AND HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. THE MORNINGSTAR ENTITIES AND LSTA MAKE NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY DOUBLELINE, OWNERS OR USERS OF THE DOUBLELINE FLOATING RATE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE LSTA/ MORNINGSTAR LEVERAGED LOAN INDEX OR ANY DATA INCLUDED THEREIN. THE MORNINGSTAR ENTITIES AND LSTA MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE LSTA/MORNINGSTAR LEVERAGED LOAN INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL THE MORNINGSTAR ENTITIES OR LSTA HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

Morgan Stanley Index Disclaimers

NOTHING IN THE FOLLOWING DISCLAIMER IS INTENDED TO MODIFY THE OBLIGATIONS OF ANY MORGAN STANLEY AFFILIATE, INCLUDING WITHOUT LIMITATION, MORGAN STANLEY SMITH BARNEY LLC (“MSSB”), UNDER ANY APPLICABLE AGREEMENT BETWEEN ANY SUCH AFFILIATE AND ITS RESPECTIVE CLIENTS WHO PURCHASE FUND SHARES THROUGH SUCH AFFILIATE.

THIS FUND IS NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY MORGAN STANLEY CAPITAL GROUP INC. (“MORGAN STANLEY”). NEITHER MORGAN STANLEY NOR ANY OF ITS OR ITS AFFILIATES’ AGENTS (INCLUDING CALCULATION AGENTS), DATA PROVIDERS (WHICH FOR PURPOSES OF THIS DISCLAIMER INCLUDES WITHOUT LIMITATION ICE DATA, LLP, CHICAGO MERCANTILE EXCHANGE INC., AND THE LONDON METAL EXCHANGE) OR ANY THIRD PARTY PROVIDING SERVICES IN CONNECTION WITH THE INDEX MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, REGARDING THE ADVISABILITY OF INVESTING IN THIS FUND OR THE ABILITY OF THE MORGAN STANLEY BFMCISM (THE “INDEX”) TO TRACK MARKET PERFORMANCE. THE INDEX IS THE EXCLUSIVE PROPERTY OF MORGAN STANLEY. MORGAN STANLEY AND THE INDEX ARE SERVICE MARKS OF MORGAN STANLEY AND/OR A MORGAN STANLEY AFFILIATE AND HAVE BEEN LICENSED TO DOUBLELINE ALTERNATIVES LP FOR USE FOR CERTAIN PURPOSES BY DOUBLELINE ALTERNATIVES LP (“LICENSEE”). MORGAN STANLEY HAS NO OBLIGATION TO TAKE THE NEEDS OF THE LICENSEE, ISSUER OR OWNERS OF THIS FUND INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE INDEX. NEITHER MORGAN STANLEY NOR ANY OF ITS OR ITS AFFILIATES’ AGENTS (INCLUDING CALCULATION AGENTS), DATA PROVIDERS OR ANY THIRD PARTY PROVIDING SERVICES IN CONNECTION WITH THE INDEX IS RESPONSIBLE FOR AND HAS NOT PARTICIPATED IN THE DETERMINATION OF THE TIMING OF, PRICES AT, OR QUANTITIES OF THIS FUND OR ITS ASSETS OR IN THE DETERMINATION OR CALCULATION OF THE EQUATION BY WHICH THIS FUND IS REDEEMABLE. NEITHER MORGAN STANLEY NOR ANY OF ITS OR ITS AFFILIATES’ AGENTS (INCLUDING CALCULATION AGENTS), DATA PROVIDERS OR ANY THIRD PARTY PROVIDING SERVICES IN CONNECTION WITH THE INDEX HAS OR WILL HAVE ANY OBLIGATION OR LIABILITY TO OWNERS OF THIS FUND IN CONNECTION WITH THE ADMINISTRATION, MARKETING OR TRADING OF THIS FUND.

ALTHOUGH MORGAN STANLEY OR ITS AGENTS OR SERVICE PROVIDERS SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE INDEX FROM SOURCES WHICH MORGAN STANLEY CONSIDERS RELIABLE, NEITHER MORGAN STANLEY NOR ANY OF ITS OR ITS AFFILIATES’ AGENTS (INCLUDING CALCULATION AGENTS), DATA PROVIDERS OR ANY THIRD PARTY PROVIDING SERVICES IN CONNECTION WITH THE INDEX GUARANTEES THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN. NEITHER MORGAN STANLEY NOR ANY OF ITS OR ITS AFFILIATES’ AGENTS (INCLUDING CALCULATION AGENTS), DATA PROVIDERS OR ANY THIRD PARTY PROVIDING SERVICES IN CONNECTION WITH THE INDEX MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, LICENSEE’S CUSTOMERS AND COUNTERPARTIES, OWNERS OF OR INVESTORS IN THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN IN CONNECTION WITH THE RIGHTS LICENSED HEREUNDER OR FOR ANY OTHER USE. NEITHER MORGAN STANLEY NOR ANY OF ITS OR ITS AFFILIATES’ AGENTS (INCLUDING CALCULATION AGENTS), DATA PROVIDERS OR ANY THIRD PARTY PROVIDING SERVICES IN CONNECTION WITH THE INDEX MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND DO HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL MORGAN STANLEY OR ANY AGENT OF MORGAN STANLEY OR ANY MORGAN STANLEY AFFILIATE (INCLUDING CALCULATION AGENTS), DATA PROVIDERS OR ANY THIRD PARTY PROVIDING SERVICES IN CONNECTION WITH THE INDEX HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

NO PURCHASER, SELLER OR HOLDER OF THIS SECURITY, OR ANY OTHER PERSON OR ENTITY, SHOULD USE OR REFER TO ANY MORGAN STANLEY TRADE NAME, TRADEMARK OR SERVICE MARK TO SPONSOR, ENDORSE, MARKET OR PROMOTE THIS PRODUCT WITHOUT FIRST CONTACTING MORGAN STANLEY TO DETERMINE WHETHER MORGAN STANLEY’S PERMISSION IS REQUIRED. UNDER NO CIRCUMSTANCES MAY ANY PERSON OR ENTITY CLAIM ANY AFFILIATION WITH MORGAN STANLEY WITHOUT THE PRIOR WRITTEN PERMISSION OF MORGAN STANLEY.

BNP Paribas Multi-Asset Trend Index Disclaimers

This material is confidential and distributed to intended recipients only and may not be reproduced (in whole or in part) or transmitted to any other person. The information contained in this material is for general reference purposes only and should not be construed or used as an offer, solicitation or recommendation to buy or sell any securities or investment.

The BNP Paribas Multi-Asset Trend Index (the “Index”) is the exclusive property of BNP Paribas, the Index sponsor and Index calculation agent (the “Index Sponsor” and the “Index Calculation Agent”). The Index Sponsor does not guarantee the accuracy and/or completeness of the composition, calculation, publication and adjustment of the Index, any data included therein, or any data on which it is based, and the Index Sponsor shall have no liability for any errors, omissions, or interruptions therein. The Index Sponsor makes no warranty, express or implied, as to results to be obtained from the use of the Index. The Index Sponsor makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the Index or any data included therein. Without limiting any of the foregoing, in no event shall the Index Sponsor have any liability for any special, punitive, indirect, or consequential damages (including lost profits), even if notified of the possibility of such damages.

For the avoidance of doubt the Index and/or any account, transaction or product using the information relating to the Index, is not sponsored, endorsed, sold, or promoted by any provider of the underlying data (the “Reference Assets”) comprised in the Index (each a “Reference Asset Sponsor”) and no Reference Asset Sponsor makes any representation whatsoever, whether express or implied, either as to the results to be obtained from the use of the relevant Reference Asset or the index and/or the levels at which the relevant Reference Asset or the Index stands at any particular time on any particular date or otherwise. No Reference Asset Sponsor shall be liable (whether in negligence or otherwise) to any person for any error in a Reference Asset and/or in the Index and a Reference Asset Sponsor is under no

Annual Report _| March 31, 2024 13

Management’s Discussion of Fund Performance (Cont.)

obligation to advise any person of any error therein. No Reference Asset Sponsor is making any representation whatsoever, whether express or implied, as to the advisability of purchasing or assuming any risk in connection with the DoubleLine Multi-Asset Trend Fund managed by DoubleLine; or any product or investment strategy referencing the DoubleLine Multi-Asset Trend Fund managed by DoubleLine. No Reference Asset Sponsor shall have any liability for any act or failure to act by the Index Sponsor in connection with the calculation, adjustment or maintenance of the Index. None of the Reference Asset Sponsors or their affiliates have any affiliation with or control over the Index or the Index Sponsor or any control over the computation, composition or dissemination of the Index.

The Index Sponsor and the Index Calculation Agent shall not be held liable for any modification or change in the methodology used in calculating the index or any index components thereof (the “BNP Paribas Indices”). The Index Sponsor and the Index Calculation Agent are under no obligation to continue the calculation, publication or dissemination of the BNP Paribas Indices and shall not be held liable for any suspension or interruption in the calculation of any BNP Paribas Indices. The Index Sponsor and the Index Calculation Agent decline any liability in connection with the level of any BNP Paribas Index at any given time. None of BNP Paribas, the Index Sponsor, the Index Calculation Agent nor any of their affiliates shall be held liable for any loss whatsoever, directly or indirectly related to any BNP Paribas Index.

BNP Paribas, the Index Sponsor and the Index Calculation Agent do not guarantee the accuracy or completeness of the methodology or rules of the BNP Paribas Indices (the “BNP Paribas Index Rules”) or the calculation methods, any errors or omissions in computing or disseminating the BNP Paribas Indices, or for any use thereof, and the Index Sponsor and the Index Calculation Agent shall have no liability for any errors or omissions therein.

The BNP Paribas Index Rules are based on certain assumptions, certain pricing models and calculation methods adopted by the Index Sponsor and have certain inherent limitations. Information prepared on the basis of different models, calculation methods or assumptions may yield different results. Numerous factors may affect the analysis, which may or may not be taken into account. Therefore, the analysis of information may vary significantly from analysis obtained from other sources or market participants.

BNP Paribas, the Index Sponsor and Index Calculation Agent do not make any representation whatsoever, either as to the results to be obtained from the use of the BNP Paribas Indices, the levels of any BNP Paribas Index at any time or any use of any Index Component or the price, level or rate of any Index Component at any time.

The market data used to calculate the level of any BNP Paribas Index may be furnished by third party sources and is believed to be reliable; however, BNP Paribas, the Index Sponsor and the Index Calculation Agent make no representation or guarantee with respect to, and are under no obligation to verify, the accuracy and completeness thereof.

Index Descriptions and Other Definitions

An investment cannot be made directly 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 index descriptions provided herein are based on information provided on the respective index provider’s website or from other third-party sources. The Funds and DoubleLine have not verified these index descriptions and disclaim responsibility for their accuracy and completeness.

Agency—Refers to mortgage-backed securities (MBS) whose principal and interest are guaranteed by a U.S. government agency such as Fannie Mae (FNMA) or Freddie Mac (FHLMC).

Alpha—Term used in investing to describe a strategy’s ability to beat the market, or its “edge.” Alpha is thus also often referred to as “excess return” or “abnormal rate of return,” which refers to the idea that markets are efficient, and so there is no way to systematically earn returns that exceed the broad market as a whole.

Asset-Backed Securities (ABS)—Investment securities, such as bond or notes, that are collateralized by a pool of assets, such as loans, leases, credit card debt, royalties or receivables.

Basis Points (bps)—Basis points (or basis point (bp)) refer to a common unit of measure for interest rates and other percentages in finance. One basis point is equal to 1/100th of 1%, or 0.01% or 0.0001, and is used to denote the percentage change in a financial instrument. The relationship between percentage changes and basis points can be summarized as: 1% change = 100 basis points; 0.01% = 1 basis point.

Beta Exposure—Beta is the return generated from a portfolio that can be attributed to overall market returns. Beta exposure is equivalent to exposure to systematic risk.

Bloomberg Commodity (BCOM) Index Total Return—The BCOM Index Total Return tracks the performance of the BCOM on a total return basis. The BCOM is calculated on an excess return basis and reflects the price movements of commodity futures. It rebalances annually, weighted two-thirds by trading volume and one-third by world production, and weight caps are applied at the commodity, sector and group levels for diversification. The roll period typically occurs from the sixth to 10th business day based on the roll schedule.

Bloomberg US Aggregate Bond Index—This index (the “Agg”) represents securities that are SEC registered, taxable and U.S. dollar denominated. It covers the U.S. investment grade, fixed-rate bond market, with 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.

Bloomberg US Aggregate 1-3 Year Bond Index—This index tracks the one- to three-year component of the Bloomberg US Aggregate Bond Index, which represents securities that are SEC registered, taxable and dollar denominated in the U.S. investment grade, fixed-rate bond market.

Bloomberg US Long Government/Credit Index—This index tracks the market for investment grade, U.S. dollar-denominated, fixed-rate U.S. Treasuries, and government-related and corporate securities.

Bloomberg World Interest Rate Probability (WIRP) Function—Statistical function developed by Bloomberg that uses fed funds futures and options to assess the probability of future Federal Open Market Committee (FOMC) decisions. It seeks to calculate the chances of a rate hike at each of the FOMC meetings using futures trading data.

BNP Paribas Multi-Asset Trend Index—This index has been designed to seek investment exposure to trends in price movements of a broad universe of assets across different markets, including domestic, foreign and emerging markets equities; sovereign bonds and other debt securities; interest rates; currencies; and commodities (e.g., energy and metals). The index was selected, in significant part, because it reflects trend-following strategies using a broadly diversified set of investments.

Collateralized Loan Obligation (CLO)—Single security backed by a pool of debt.

Conference Board Leading Economic Index (LEI)—This index tracks a group of composite indexes (manufacturers’ orders, initial unemployment insurance claims, et al.) as a means of gauging the strength of a particular industry or the economy.

Credit Suisse Managed Futures Liquid Total Return U.S. Dollar Index—This index measures on a total return, U.S. dollar-denominated basis the performance of the Credit Suisse Managed Futures Liquid Index, which is designed to provide exposure to both up and down price trends in four broad asset classes: equities, fixed income, commodities and currencies.

Duration—Measure of the sensitivity of the price of a bond or other debt instrument to a change in interest rates.

Federal Funds Rate—Target interest rate, set by the Federal Reserve at its Federal Open Market Committee (FOMC) meetings, at which commercial banks borrow and lend their excess reserves to each other overnight. The Fed sets a target federal funds rate eight times a year, based on prevailing economic conditions.

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FTSE World Government Bond Index (FTSE WGBI)—This broad index measures the performance of fixed-rate, local currency, investment grade sovereign bonds. It is a widely used benchmark comprising sovereign debt from more than 20 countries that is denominated in a variety of currencies.

G-10 (Group of Ten)—The G-10 comprises 11 industrialized nations that meet on an annual basis, or more frequently as needed, to consult each other, debate and cooperate on international financial matters. The member countries are: Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, the United Kingdom and the United States.

High Yield (HY)—Bonds that pay higher interest rates because they have lower credit ratings than investment grade (IG) bonds. HY bonds are more likely to default, so they must pay a higher yield than IG bonds to compensate investors.

ICE BofA 1-3 Year Eurodollar Index—This index includes all securities with a remaining term to final maturity of three years or less on the ICE BofA Eurodollar Index, which tracks the performance of U.S. dollar-denominated, investment grade, quasi-government, corporate, securitized and collateralized debt publicly issued in the eurobond markets.

ICE BofA 1-3 Year U.S. Treasury Index—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.

ICE BofA SOFR Overnight Rate Index—This index tracks the performance of a synthetic asset paying the Secured Overnight Financing Rate (SOFR) to a stated maturity. The index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following business day (priced at a yield equal to the current-day fixing rate) and rolled into a new instrument.

Investment Grade (IG)—Rating that signifies a municipal or corporate bond presents a relatively low risk of default. Bonds below this designation are considered to have a high risk of default and are commonly referred to as high yield (HY) or “junk bonds.” The higher the bond rating the more likely the bond will return 100 cents on the U.S. dollar.

ISM Manufacturing PMI—This index (which used to be called the ISM Manufacturing Purchasing Managers Index) is compiled by the Institute for Supply Management and tracks the economic health of the manufacturing sector. The index is based on five major indicators: new orders, inventory levels, production, supplier deliveries and employment environment. A number below 50 is considered a contractionary signal for the economy; a number above 50 is considered expansionary.

ISM Services PMI—This index (which used to be called the ISM Non-Manufacturing Purchasing Managers Index) is compiled by the Institute for Supply Management and tracks the economic health of the services (formerly nonmanufacturing) sector. A number below 50 is considered a contractionary signal for the economy; a number above 50 is considered expansionary.

Job Openings and Labor Turnover Survey (JOLTS)—Conducted by the U.S. Bureau of Labor Statistics, JOLTS involves the monthly collection, processing and dissemination of job openings and labor turnover data. The data, collected from sampled establishments on a voluntary basis, includes employment, job openings, hires, quits, layoffs, discharges and other separations. The number of unfilled jobs—used to calculate the job openings rate—is an important measure of the unmet demand for labor, providing a more complete picture of the U.S. labor market than by looking solely at the unemployment rate.

J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified (CEMBI BD) 1-3 Year Index—This index tracks corporate bonds with a maturity of one to three years and includes smaller issues and a wider array of bonds than the CEMBI, which is a market capitalization-weighted index consisting of U.S. dollar-denominated corporate bonds from emerging markets. The CEMBI is a liquid global corporate benchmark representing Asia, Latin America, Europe and the Middle East/Africa.

J.P. Morgan Emerging Markets Bond Global Diversified Index (EMBI GD)—This index is a uniquely weighted version of the EMBI. The EMBI tracks bonds from emerging markets (EM), and comprises sovereign debt and EM corporate bonds. The EMBI GD limits the weights of index countries with larger debt stocks by only including specified portions of those countries’ eligible current face amounts of debt outstanding.

J.P. Morgan Government Bond Index Emerging Markets Global Diversified (GBI-EM GD)—This custom-weighted index tracks local currency bonds issued by emerging market governments, excluding China and India, and has a broader roster of countries than the base GBI-EM, which limits inclusion to countries that are readily accessible and where no impediments exist for foreign investors.

Morgan Stanley Backwardation Focused Multi-Commodity Index (MSBFMCI)—This index comprises futures contracts selected based on the contracts’ historical backwardation relative to other commodity-related futures contracts and the contracts’ historical liquidity. The sectors represented in the index (industrial metals, energy and agricultural/livestock) have been selected to provide diversified exposure. The index is typically rebalanced annually in January.

Morningstar LSTA US Leveraged Loan TR USD Index—This index tracks the market-weighted performance of institutional weighted loans based on market weightings, spreads and interest payments.

Mortgage-Backed Securities (MBS)—Investment similar to a bond that is made up of a bundle of home loans bought from the banks that issued them. Investors in MBS receive periodic payments similar to bond coupon payments.

MSCI Europe Index—This index is U.S. dollar denominated and represents the performance of large- and mid-cap equities across 15 developed countries in Europe. It covers approximately 85% of the free float-adjusted market capitalization in each country.

MSCI Europe Net Total Return USD Index—This index is a component of the MSCI Europe Index and measures performance on a net total return basis.

S&P 500^® Index—This unmanaged capitalization-weighted index of the stocks of the 500 largest publicly traded U.S. companies is designed to measure performance of the broad domestic economy through changes in the aggregate market value of the 500 stocks, which represent all major industries.

Shiller Barclays CAPE^® Europe Sector Net TR NoC USD Index (European CAPE Index)—This index incorporates the principles of long-term investing distilled by Dr. Robert Shiller and expressed through the CAPE^® (Cyclically Adjusted Price Earnings) Ratio (the “CAPE^® Ratio”). The classic CAPE^® Ratio assesses equity market valuations and averages 10 years of inflation-adjusted earnings to account for earnings and market cycles.

Shiller Barclays CAPE^® U.S. Sector Total Return USD Index—This index incorporates the principles of long-term investing distilled by Dr. Robert Shiller and expressed through the CAPE^® (Cyclically Adjusted Price Earnings) Ratio (the “CAPE^® Ratio”). It aims to identify undervalued sectors based on a modified CAPE^® Ratio, and then uses a momentum factor to seek to mitigate the effects of potential value traps.

Spread—Difference between yields on differing debt instruments, calculated by deducting the yield of one instrument from another. The higher the yield spread, the greater the difference between the yields offered by each instrument. The spread can be measured between debt instruments of differing maturities, credit ratings or risk.

U-3 Unemployment Rate—Officially recognized rate of unemployment, compiled and released monthly by the U.S. Bureau of Labor Statistics, measuring the number of unemployed people as a percentage of the labor force.

U.S. Dollar Index (DXY)—A weighted geometric mean of the U.S. dollar’s value relative to a basket of six major foreign currencies: the euro, Japanese yen, British pound, Canadian dollar, Swedish krona and Swiss franc.

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Management’s Discussion of Fund Performance (Cont.)

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.

The DoubleLine Funds are distributed by Quasar Distributors, LLC.

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

16 DoubleLine Funds Trust

Standardized Performance Summary (Unaudited) March 31, 2024

The performance information shown assumes the reinvestment of all dividends and distributions. Returns over 1 year are average annual returns. Performance data quoted represents past performance; past performance does not guarantee future results and does not reflect the deduction of any taxes a shareholder would pay on fund distributions or the sale of fund shares. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Current performance of the Fund may be lower or higher than the performance quoted. The Funds’ gross and net expense ratios shown are from the most recent prospectus and may change over time. See the financial highlights section of the financial statements for more recent expense ratios. The Funds’ gross and net expense ratios also include “acquired fund fees and expenses,” which are expenses incurred indirectly as a result of a Fund’s investments in one or more underlying funds, including ETFs and money market funds. Because these costs are indirect, the expense ratios will not correlate to the expense ratios in the Funds’ financial statements, since financial statements only include direct costs of the Funds and not indirect costs of investing in the underlying funds. Performance data current to the most recent month-end may be obtained by calling (877) 354-6311 or by visiting www.doubleline.com.

DBLTX/DLTNX/DDTRX
DoubleLine Total Return Bond Fund Returns as of March 31, 2024	1-Year			3-Years Annualized		5-Years Annualized		10-Years Annualized		Since Inception Annualized (4-6-10 to 3-31-24)		Expense Ratio
I Share (DBLTX)		1.75%			-2.20%		-0.09%		1.57%		3.72%	0.49%
N Share (DLTNX)		1.50%			-2.44%		-0.34%		1.32%		3.47%	0.74%
R6 Share (DDTRX)1		1.81%			-2.11%		-0.02%		1.60%		3.75%	0.44%
Bloomberg US Aggregate Bond Index2		1.70%			-2.46%		0.36%		1.54%		2.31%
DBLFX/DLFNX/DDCFX
DoubleLine Core Fixed Income Fund Returns as of March 31, 2024	1-Year			3-Years Annualized		5-Years Annualized		10-Years Annualized		Since Inception Annualized (6-1-10 to 3-31-24)		Gross Expense Ratio	Net Expense Ratio3
I Share (DBLFX)		2.60%			-1.92%		0.46%		1.85%		3.36%	0.51%	0.48%
N Share (DLFNX)		2.46%			-2.14%		0.23%		1.61%		3.11%	0.76%	0.73%
R6 Share (DDCFX)4		2.74%			-1.89%		0.51%		1.88%		3.38%	0.48%	0.45%
Bloomberg US Aggregate Bond Index2		1.70%			-2.46%		0.36%		1.54%		2.15%
DBLEX/DLENX
DoubleLine Emerging Markets Fixed Income Fund Returns as of March 31, 2024	1-Year			3-Years Annualized		5-Years Annualized		10-Years Annualized		Since Inception Annualized (4-6-10 to 3-31-24)		Expense Ratio
I Share (DBLEX)		11.78%	11		-0.70%		1.81%		3.09%		4.21%	0.90%
N Share (DLENX)		11.37%	11		-0.96%		1.54%		2.83%		3.95%	1.15%
J.P. Morgan Emerging Markets Bond Global Diversified Index2		11.28%			-1.40%		0.71%		3.05%		4.28%
DBLSX/DLSNX/DDLDX
DoubleLine Low Duration Bond Fund Returns as of March 31, 2024	1-Year			3-Years Annualized		5-Years Annualized		10-Years Annualized		Since Inception Annualized (9-30-11 to 3-31-24)		Expense Ratio
I Share (DBLSX)		6.16%			1.84%		2.17%		2.15%		2.27%	0.43%
N Share (DLSNX)		5.90%			1.59%		1.91%		1.90%		2.01%	0.67%
R6 Share (DDLDX)5		6.20%			1.88%		2.20%		2.17%		2.28%	0.39%
ICE BofA 1-3 Year U.S. Treasury Index2,6		2.97%			0.08%		1.16%		1.07%		0.94%
Bloomberg US Aggregate 1-3 Year Bond Index2		3.56%			0.26%		1.31%		1.27%		1.22%
DBFRX/DLFRX
DoubleLine Floating Rate Fund Returns as of March 31, 2024	1-Year			3-Years Annualized		5-Years Annualized		10-Years Annualized		Since Inception Annualized (2-1-13 to 3-31-24)		Expense Ratio
I Share (DBFRX)7		9.61%			4.38%		4.12%		3.54%		3.52%	0.69%
N Share (DLFRX)7		9.43%			4.14%		3.86%		3.29%		3.29%	0.93%
Morningstar LSTA US Leveraged Loan TR USD Index2		12.47%			5.99%		5.47%		4.54%		4.56%
DSEEX/DSENX/DDCPX
DoubleLine Shiller Enhanced CAPE® Returns as of March 31, 2024	1-Year			3-Years Annualized		5-Years Annualized		10-Years Annualized		Since Inception Annualized (10-31-13 to 3-31-24)		Expense Ratio
I Share (DSEEX)		23.36%			6.38%		11.35%		12.78%		13.06%	0.55%
N Share (DSENX)		23.07%			6.11%		11.07%		12.50%		12.78%	0.80%
R6 Share (DDCPX)8		23.41%			6.45%		11.41%		12.81%		13.09%	0.50%
S&P 500® Index2		29.88%			11.49%		15.05%		12.96%		13.20%
Shiller Barclays CAPE® U.S. Sector Total Return USD Index2		24.68%			8.99%		13.24%		13.41%		13.55%

Annual Report _| March 31, 2024 17

Standardized Performance Summary (Cont.)

DFLEX/DLINX/DFFLX
DoubleLine Flexible Income Fund Returns as of March 31, 2024	1-Year		3-Years Annualized		5-Years Annualized		Since Inception Annualized (4-7-14 to 3-31-24)		Expense Ratio
I Share (DFLEX)		8.69%		1.12%		2.38%		2.86%	0.75%
N Share (DLINX)		8.42%		0.87%		2.14%		2.61%	1.00%
R6 Share (DFFLX)9		8.73%		1.17%		2.44%		2.89%	0.71%
ICE BofA 1-3 Year Eurodollar Index2		4.56%		0.70%		1.86%		1.77%
ICE BofA SOFR Overnight Rate Index2		5.44%		2.73%		2.02%		1.37%
DBLLX/DELNX
DoubleLine Low Duration Emerging Markets Fixed Income Fund Returns as of March 31, 2024	1-Year		3-Years Annualized		5-Years Annualized		Since Inception Annualized (4-7-14 to 3-31-24)		Gross Expense Ratio	Net Expense Ratio10
I Share (DBLLX)		8.23%		1.33%		2.29%		2.60%	0.69%	0.59%
N Share (DELNX)		8.07%		1.10%		2.05%		2.35%	0.93%	0.84%
J.P. Morgan CEMBI Broad Diversified 1-3 Year Index2		8.45%		1.00%		2.70%		3.08%
DBLDX/DLLDX
DoubleLine Long Duration Total Return Bond Fund Returns as of March 31, 2024	1-Year		3-Years Annualized		5-Years Annualized		Since Inception Annualized (12-15-14 to 3-31-24)		Gross Expense Ratio	Net Expense Ratio10
I Share (DBLDX)		-4.39%		-8.19%		-3.25%		-0.46%	0.59%	0.50%
N Share (DLLDX)		-4.63%		-8.52%		-3.55%		-0.74%	0.83%	0.75%
Bloomberg US Long Government/Credit Index2		-1.15%		-6.04%		-0.62%		1.31%
DBCMX/DLCMX
DoubleLine Strategic Commodity Fund Returns as of March 31, 2024	1-Year		3-Years Annualized		5-Years Annualized		Since Inception Annualized (5-18-15 to 3-31-24)		Expense Ratio
I Share (DBCMX)		6.72%		11.74%		6.84%		4.28%	1.03%
N Share (DLCMX)		6.50%		11.46%		6.60%		4.01%	1.28%
Bloomberg Commodity Index Total Return2		-0.56%		9.11%		6.38%		1.01%
DBLGX/DLGBX
DoubleLine Global Bond Fund Returns as of March 31, 2024	1-Year		3-Years Annualized		5-Years Annualized		Since Inception Annualized (12-17-15 to 3-31-24)		Expense Ratio
I Share (DBLGX)		-0.83%		-5.99%		-3.25%		-1.29%	0.66%
N Share (DLGBX)		-1.19%		-6.24%		-3.50%		-1.54%	0.92%
FTSE World Government Bond Index2		-0.83%		-6.11%		-2.20%		-0.13%
BILDX/BILTX
DoubleLine Infrastructure Income Fund Returns as of March 31, 2024	1-Year		3-Years Annualized		5-Years Annualized		Since Inception Annualized (4-1-16 to 3-31-24)		Expense Ratio
I Share (BILDX)		5.68%		-0.75%		1.49%		2.21%	0.57%
N Share (BILTX)		5.42%		-0.99%		1.24%		1.96%	0.82%
Bloomberg US Aggregate Bond Index2		1.70%		-2.46%		0.36%		0.99%
DSEUX/DLEUX
DoubleLine Shiller Enhanced International CAPE® Returns as of March 31, 2024	1-Year		3-Years Annualized		5-Years Annualized		Since Inception Annualized (12-23-16 to 3-31-24)		Gross Expense Ratio	Net Expense Ratio3,10
I Share (DSEUX)		8.88%		3.35%		7.77%		7.73%	1.00%	0.68%
N Share (DLEUX)		8.59%		3.06%		7.49%		7.46%	1.27%	0.93%
MSCI Europe Net Total Return USD Index2		14.11%		6.19%		7.96%		8.07%
DBELX/DLELX
DoubleLine Emerging Markets Local Currency Bond Fund Returns as of March 31, 2024	1-Year		3-Years Annualized				Since Inception Annualized (6-28-19 to 3-31-24)		Gross Expense Ratio	Net Expense Ratio10
I Share (DBELX)		5.21%		-0.28%				-0.86%	2.46%	0.91%
N Share (DLELX)		5.10%		-0.47%				-1.10%	2.67%	1.16%
J.P. Morgan GBI-EM GD2		4.91%		-1.60%				-1.01%

18 DoubleLine Funds Trust

(Unaudited)

March 31, 2024

DBLIX/DBLNX
DoubleLine Income Fund Returns as of March 31, 2024	1-Year		3-Years Annualized		Since Inception Annualized (9-3-19 to 3-31-24)		Gross Expense Ratio	Net Expense Ratio10
I Share (DBLIX)		11.67%		0.05%		-0.20%	0.84%	0.66%
N Share (DBLNX)		11.38%		-0.24%		-0.43%	1.09%	0.91%
Bloomberg US Aggregate Bond Index2		1.70%		-2.46%		-0.91%
DBMOX/DLMOX
DoubleLine Multi-Asset Trend Fund Returns as of March 31, 2024	1-Year		3-Years Annualized		Since Inception Not Annualized (2-26-21 to 3-31-24)		Gross Expense Ratio	Net Expense Ratio3,10
I Share (DBMOX)		6.37%		1.21%		0.80%	2.48%	0.72%
N Share (DLMOX)		5.97%		0.96%		0.55%	2.77%	0.98%
Credit Suisse Managed Futures Liquid Total Return USD Index2		-1.07%		4.95%		5.17%

1 The inception date of the Class I shares of DoubleLine Total Return Bond Fund (DBLTX) was 4/6/2010, while the inception date of the R6 Class (DDTRX) was 7/31/2019. The returns of DDTRX shown for periods prior to its inception date reflect the returns of DBLTX.

2 Reflects no deduction for fees, expenses, or taxes.

3 The Adviser has contractually agreed to waive fees incurred from investments made in other Doubleline Funds through August 1, 2025. For additional information regarding these expense limitation arrangements, please see Note 3 in the Notes to the Financial Statements.

4 The inception date of the Class I shares of DoubleLine Core Fixed Income Fund (DBLFX) was 6/1/2010, while the inception date of the R6 Class (DDCFX) was 7/31/2019. The returns of DDCFX shown for periods prior to its inception date reflect the returns of DBLFX.

5 The inception date of the Class I shares of DoubleLine Low Duration Bond Fund (DBLSX) was 9/30/2011, while the inception date of the R6 Class (DDLDX) was 7/31/2019. The returns of DDLDX shown for periods prior to its inception date reflect the returns of DBLSX.

6 Reflects no deduction for fees or taxes. Beginning in July 2022, transaction costs were incorporated into the calculation of total return for ICE fixed income indices.

7 The Floating Rate Fund imposes a 1.00% redemption fee on all share classes if shares are sold within 90 days of purchase. Performance data does not reflect the redemption fee. If it had, returns would be reduced.

8 The inception date of the Class I shares of DoubleLine Shiller Enhanced CAPE^® (DSEEX) was 10/31/2013, while the inception date of the R6 Class (DDCPX) was 7/31/2019. The returns of DDCPX shown for periods prior to its inception date reflect the returns of DSEEX.

9 The inception date of the Class I shares of DoubleLine Flexible Income Fund (DFLEX) was 4/7/2014, while the inception date of the R6 Class (DFFLX) was 7/31/2019. The returns of DFFLX shown for periods prior to its inception date reflect the returns of DFLEX.

10 The Adviser has contractually agreed to waive fees and reimburse expenses through August 1, 2025. For additional information regarding these expense limitation arrangements, please see Note 3 in the Notes to the Financial Statements.

11 The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the Financial Highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns.

Mutual fund investing involves risk. Principal loss is possible.

Annual Report _| March 31, 2024 19

Growth of Investment (Unaudited) March 31, 2024

DoubleLine Total Return Bond Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2024

	1 Year		5 Years		10 Years		Since Inception (4-6-10)
DoubleLine Total Return Bond Fund Class I		1.75%		-0.09%		1.57%		3.72%
Bloomberg US Aggregate Bond Index		1.70%		0.36%		1.54%		2.31%
DoubleLine Total Return Bond Fund Class R6		1.81%		-0.02%		1.60%		3.75%
DoubleLine Total Return Bond Fund Class N		1.50%		-0.34%		1.32%		3.47%

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. 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. Performance data current to the most recent month-end may be obtained by calling (877) 354-6311 or by visiting www.doubleline.com.

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.

³  Bloomberg US Aggregate Bond Index—This index (the “Agg”) represents securities that are SEC registered, taxable and U.S. dollar denominated. It covers the U.S. investment grade, fixed-rate bond market, with 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. Index performance reflects no deduction for fees, expenses or taxes.

  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 indices at any given time. Please note that an investor cannot invest directly in an index.

20 DoubleLine Funds Trust

(Unaudited)

March 31, 2024

DoubleLine Core Fixed Income Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2024

	1 Year		5 Years		10 Years		Since Inception (6-1-10)
DoubleLine Core Fixed Income Fund Class I		2.60%		0.46%		1.85%		3.36%
Bloomberg US Aggregate Bond Index		1.70%		0.36%		1.54%		2.15%
DoubleLine Core Fixed Income Fund Class R6		2.74%		0.51%		1.88%		3.38%
DoubleLine Core Fixed Income Fund Class N		2.46%		0.23%		1.61%		3.11%

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. 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. Performance data current to the most recent month-end may be obtained by calling (877) 354-6311 or by visiting www.doubleline.com.

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.

³  Bloomberg US Aggregate Bond Index—This index (the “Agg”) represents securities that are SEC registered, taxable and U.S. dollar denominated. It covers the U.S. investment grade, fixed-rate bond market, with 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. Index performance reflects no deduction for fees, expenses or taxes.

  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 indices at any given time. Please note that an investor cannot invest directly in an index.

Annual Report _| March 31, 2024 21

Growth of Investment (Cont.)

DoubleLine Emerging Markets Fixed Income Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2024

	1 Year			5 Years		10 Years		Since Inception (4-6-10)
DoubleLine Emerging Markets Fixed Income Fund Class I		11.78%	4		1.81%		3.09%		4.21%
J.P. Morgan Emerging Markets Bond Global Diversified Index		11.28%			0.71%		3.05%		4.28%
DoubleLine Emerging Markets Fixed Income Fund Class N		11.37%	4		1.54%		2.83%		3.95%

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. 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. Performance data current to the most recent month-end may be obtained by calling (877) 354-6311 or by visiting www.doubleline.com.

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.

³  .J.P. Morgan Emerging Markets Bond Global Diversified Index (EMBI GD)—This index is a uniquely weighted version of the EMBI. The EMBI tracks bonds from emerging markets (EM), and comprises sovereign debt and EM corporate bonds. The EMBI GD limits the weights of index countries with larger debt stocks by only including specified portions of those countries’ eligible current face amounts of debt outstanding. Index performance reflects no deduction for fees, expenses or taxes.

⁴  The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

  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 indices at any given time. Please note that an investor cannot invest directly in an index.

22 DoubleLine Funds Trust

(Unaudited)

March 31, 2024

DoubleLine Low Duration Bond Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2024

	1 Year		5 Years		10 Years		Since Inception (9-30-11)
DoubleLine Low Duration Bond Fund Class I		6.16%		2.17%		2.15%		2.27%
ICE BofA 1-3 Year U.S. Treasury Index		2.97%		1.16%		1.07%		0.94%
Bloomberg US Aggregate 1-3 Year Bond Index		3.56%		1.31%		1.27%		1.22%
DoubleLine Low Duration Bond Fund Class R6		6.20%		2.20%		2.17%		2.28%
DoubleLine Low Duration Bond Fund Class N		5.90%		1.91%		1.90%		2.01%

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. 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. Performance data current to the most recent month-end may be obtained by calling (877) 354-6311 or by visiting www.doubleline.com.

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.

³  ICE BofA 1-3 Year U.S. Treasury Index—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. Index performance reflects no deduction for fees, expenses or taxes.

⁴  Bloomberg US Aggregate 1-3 Year Bond Index—This index tracks the one- to three-year component of the Bloomberg US Aggregate Bond Index, which represents securities that are SEC registered, taxable and dollar denominated in the U.S. investment grade, fixed-rate bond market. Index performance reflects no deduction for fees, expenses or taxes.

  The Fund’s investments likely will divergewidely from the components of the indices, which could lead to performance dispersion between the Fund and each applicable index, meaning that the Fund could outperform or underperform the indices at any given time. Please note that an investor cannot invest directly in an index.

Annual Report _| March 31, 2024 23

Growth of Investment (Cont.)

DoubleLine Floating Rate Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2024

	1 Year		5 Years		10 Years		Since Inception (2-1-13)
DoubleLine Floating Rate Fund Class I		9.61%		4.12%		3.54%		3.52%
Morningstar LSTA US Leveraged Loan TR USD Index		12.47%		5.47%		4.54%		4.56%
DoubleLine Floating Rate Fund Class N		9.43%		3.86%		3.29%		3.29%

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. 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. Performance data current to the most recent month-end may be obtained by calling (877) 354-6311 or by visiting www.doubleline.com.

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.

³  Morningstar LSTA US Leveraged Loan TR USD Index—This index tracks the market-weighted performance of institutional weighted loans based on market weightings, spreads and interest payments. Index performance reflects no deduction for fees, expenses or taxes.

  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 indices at any given time. Please note that an investor cannot invest directly in an index.

24 DoubleLine Funds Trust

(Unaudited)

March 31, 2024

DoubleLine Shiller Enhanced CAPE^®

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2024

	1 Year		5 Years		10 Years		Since Inception (10-31-13)
DoubleLine Shiller Enhanced CAPE® Class I		23.36%		11.35%		12.78%		13.06%
S&P 500® Index		29.88%		15.05%		12.96%		13.20%
Shiller Barclays CAPE® U.S. Sector Total Return USD Index		24.68%		13.24%		13.41%		13.55%
DoubleLine Shiller Enhanced CAPE® Class R6		23.41%		11.41%		12.81%		13.09%
DoubleLine Shiller Enhanced CAPE® Class N		23.07%		11.07%		12.50%		12.78%

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. 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. Performance data current to the most recent month-end may be obtained by calling (877) 354-6311 or by visiting www.doubleline.com.

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.

³  Shiller Barclays CAPE^® U.S. Sector Total Return USD Index—The Index incorporates the principles of long-term investing distilled by Dr. Robert Shiller and expressed through the CAPE^® (Cyclically Adjusted Price Earnings) ratio (the “CAPE^® Ratio”). It aims to identify undervalued sectors based on a modified CAPE^® Ratio, and then uses a momentum factor to seek to mitigate the effects of potential value traps. Index performance reflects no deduction for fees, expenses or taxes.

⁴  S&P 500^® Index—This unmanaged capitalization-weighted index of the stocks of the 500 largest publicly traded U.S. companies is designed to measure performance of the broad domestic economy through changes in the aggregate market value of the 500 stocks, which represent all major industries. Index performance reflects no deduction for fees, expenses or taxes.

  The Fund’s investments likely will divergewidely from the components of the indices, which could lead to performance dispersion between the Fund and each applicable index, meaning that the Fund could outperform or underperform the indices at any given time. Please note that an investor cannot invest directly in an index.

Annual Report _| March 31, 2024 25

Growth of Investment (Cont.)

DoubleLine Flexible Income Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2024

	1 Year		5 Years		Since Inception (4-7-14)
DoubleLine Flexible Income Fund Class I		8.69%		2.38%		2.86%
ICE BofA SOFR Overnight Rate Index		5.44%		2.02%		1.37%
ICE BofA 1-3 Year Eurodollar Index		4.56%		1.86%		1.77%
DoubleLine Flexible Income Fund Class R6		8.73%		2.44%		2.89%
DoubleLine Flexible Income Fund Class N		8.42%		2.14%		2.61%

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. 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. Performance data current to the most recent month-end may be obtained by calling (877) 354-6311 or by visiting www.doubleline.com.

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.

³  ICE BofA SOFR Overnight Rate Index—This index tracks the performance of a synthetic asset paying the Secured Overnight Financing Rate (SOFR) to a stated maturity. The index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following business day (priced at a yield equal to the current-day fixing rate) and rolled into a new instrument. Index performance reflects no deduction for fees, expenses or taxes.

⁴  ICE BofA 1-3 Year Eurodollar Index—This index includes all securities with a remaining term to final maturity of three years or less on the ICE BofA Eurodollar Index, which tracks the performance of U.S. dollar-denominated, investment grade, quasi-government, corporate, securitized and collateralized debt publicly issued in the eurobond markets. Index performance reflects no deduction for fees, expenses or taxes.

  The Fund’s investments likely will divergewidely 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 indices at any given time. Please note that an investor cannot invest directly in an index.

26 DoubleLine Funds Trust

(Unaudited)

March 31, 2024

DoubleLine Low Duration Emerging Markets Fixed Income Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2024

	1 Year		5 Years		Since Inception (4-7-14)
DoubleLine Low Duration Emerging Markets Fixed Income Fund Class I		8.23%		2.29%		2.60%
J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified 1-3 Year		8.45%		2.70%		3.08%
DoubleLine Low Duration Emerging Markets Fixed Income Fund Class  N		8.07%		2.05%		2.35%

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. 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. Performance data current to the most recent month-end may be obtained by calling (877) 354-6311 or by visiting www.doubleline.com.

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.

³  J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified (CEMBI BD) 1-3 Year Index—This index tracks corporate bonds with a maturity of one to three years and includes smaller issues and a wider array of bonds than the CEMBI, which is a market capitalization-weighted index consisting of U.S. dollar-denominated corporate bonds from emerging markets. The CEMBI is a liquid global corporate benchmark representing Asia, Latin America, Europe and the Middle East/Africa. Index performance reflects no deduction for fees, expenses or taxes.

  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 indices at any given time. Please note that an investor cannot invest directly in an index.

Annual Report _| March 31, 2024 27

Growth of Investment (Cont.)

DoubleLine Long Duration Total Return Bond Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2024

	1 Year		5 Years		Since Inception (12-15-14)
DoubleLine Long Duration Total Return Bond Fund Class I		-4.39%		-3.25%		-0.46%
Bloomberg US Long Government/Credit Index		-1.15%		-0.62%		1.31%
DoubleLine Long Duration Total Return Bond Fund Class N		-4.63%		-3.55%		-0.74%

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. 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. Performance data current to the most recent month-end may be obtained by calling (877) 354-6311 or by visiting www.doubleline.com.

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.

³  Bloomberg US Long Government/Credit Index—This index tracks the market for investment grade, U.S. dollar-denominated, fixed-rate U.S. Treasuries, and government-related and corporate securities. Index performance reflects no deduction for fees, expenses or taxes.

  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 indices at any given time. Please note that an investor cannot invest directly in an index.

28 DoubleLine Funds Trust

(Unaudited)

March 31, 2024

DoubleLine Strategic Commodity Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2024

	1 Year		5 Years		Since Inception (5-18-15)
DoubleLine Strategic Commodity Fund Class I		6.72%		6.84%		4.28%
Bloomberg Commodity Index Total Return		-0.56%		6.38%		1.01%
DoubleLine Strategic Commodity Fund Class N		6.50%		6.60%		4.01%

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. 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. Performance data current to the most recent month-end may be obtained by calling (877) 354-6311 or by visiting www.doubleline.com.

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.

³  Bloomberg Commodity (BCOM) Index Total Return—The BCOM Index Total Return tracks the performance of the BCOM on a total return basis. The BCOM is calculated on an excess return basis and reflects the price movements of commodity futures. It rebalances annually, weighted two-thirds by trading volume and one-third by world production, and weight caps are applied at the commodity, sector and group levels for diversification. The roll period typically occurs from the sixth to 10th business day based on the roll schedule. Index performance reflects no deduction for fees, expenses or taxes.

  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 indices at any given time. Please note that an investor cannot invest directly in an index.

Annual Report _| March 31, 2024 29

Growth of Investment (Cont.)

DoubleLine Global Bond Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2024

	1 Year		5 Years		Since Inception (12-17-15)
DoubleLine Global Bond Fund Class I		-0.83%		-3.25%		-1.29%
FTSE World Government Bond Index		-0.83%		-2.20%		-0.13%
DoubleLine Global Bond Fund Class N		-1.19%		-3.50%		-1.54%

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. 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. Performance data current to the most recent month-end may be obtained by calling (877) 354-6311 or by visiting www.doubleline.com.

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.

³  FTSE World Government Bond Index—This broad index measures the performance of fixed-rate, local currency, investment grade sovereign bonds. It is a widely used benchmark comprising sovereign debt from more than 20 countries that is denominated in a variety of currencies. Index performance reflects no deduction for fees, expenses or taxes.

  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 indices at any given time. Please note that an investor cannot invest directly in an index.

30 DoubleLine Funds Trust

(Unaudited)

March 31, 2024

DoubleLine Infrastructure Income Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2024

	1 Year		5 Years		Since Inception (4-1-16)
DoubleLine Infrastructure Income Fund Class I		5.68%		1.49%		2.21%
Bloomberg US Aggregate Bond Index		1.70%		0.36%		0.99%
DoubleLine Infrastructure Income Fund Class N		5.42%		1.24%		1.96%

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. 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. Performance data current to the most recent month-end may be obtained by calling (877) 354-6311 or by visiting www.doubleline.com.

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.

³  Bloomberg US Aggregate Bond Index—This index represents securities that are SEC registered, taxable and dollar denominated. It covers the U.S. investment grade, fixed-rate bond market, with components for government and corporate securities, mortgage pass-through securities and asset-backed securities. These major sectors are subdivided into more specific indexes that are calculated and reported on a regular basis. Index performance reflects no deduction for fees, expenses or taxes.

  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 indices at any given time. Please note that an investor cannot invest directly in an index.

Annual Report _| March 31, 2024 31

Growth of Investment (Cont.)

DoubleLine Shiller Enhanced International CAPE^®

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2024

	1 Year		5 Years		Since Inception (12-23-16)
DoubleLine Shiller Enhanced International CAPE® Class I		8.88%		7.77%		7.73%
MSCI Europe Net Total Return USD Index		14.11%		7.96%		8.07%
DoubleLine Shiller Enhanced International CAPE® Class N		8.59%		7.49%		7.46%

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. 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. Performance data current to the most recent month-end may be obtained by calling (877) 354-6311 or by visiting www.doubleline.com.

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.

³  MSCI Europe Net Total Return USD Index—This index is a component of the MSCI Europe Index and measures performance on a net total return basis. Index performance reflects no deduction for fees, expenses or taxes.

  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 indices at any given time. Please note that an investor cannot invest directly in an index.

32 DoubleLine Funds Trust

(Unaudited)

March 31, 2024

DoubleLine Emerging Markets Local Currency Bond

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2024

	1 Year		Since Inception (6-28-19)
DoubleLine Emerging Markets Local Currency Bond Fund Class I		5.21%		-0.86%
J.P. Morgan Government Bond Index Emerging Markets Global Diversified		4.91%		-1.01%
DoubleLine Emerging Markets Local Currency Bond Fund Class N		5.10%		-1.10%

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. 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. Performance data current to the most recent month-end may be obtained by calling (877) 354-6311 or by visiting www.doubleline.com.

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.

³  J.P. Morgan Government Bond Index Emerging Markets Global Diversified (GBI-EM GD)—This custom-weighted index tracks local currency bonds issued by emerging market governments, excluding China and India, and has a broader roster of countries than the base GBI-EM, which limits inclusion to countries that are readily accessible and where no impediments exist for foreign investors. Index performance reflects no deduction for fees, expenses or taxes.

  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 indices at any given time. Please note that an investor cannot invest directly in an index.

Annual Report _| March 31, 2024 33

Growth of Investment (Cont.)

DoubleLine Income Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2024

	1 Year		Since Inception (9-3-19)
DoubleLine Income Fund Class I		11.67%		-0.20%
Bloomberg US Aggregate Bond Index		1.70%		-0.91%
DoubleLine Income Fund Class N		11.38%		-0.43%

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. 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. Performance data current to the most recent month-end may be obtained by calling (877) 354-6311 or by visiting www.doubleline.com.

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.

³  Bloomberg US Aggregate Bond Index—This index represents securities that are SEC registered, taxable and dollar denominated. It covers the U.S. investment grade, fixed-rate bond market, with 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. Index performance reflects no deduction for fees, expenses or taxes.

  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 indices at any given time. Please note that an investor cannot invest directly in an index.

34 DoubleLine Funds Trust

(Unaudited)

March 31, 2024

DoubleLine Multi-Asset Trend Fund

Value of a $100,000 Investment

Class I Shares¹

Average Annual Total Returns¹

As of March 31, 2024

	1 Year		Since Inception (2-26-21)
DoubleLine Mult-Asset Trend Fund Class I		6.37%		0.80%
Credit Suisse Managed Futures Liquid Total Return U.S. Dollar Index		-1.07%		5.17%
DoubleLine Mult-Asset Trend Fund Class N		5.97%		0.55%

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. 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. Performance data current to the most recent month-end may be obtained by calling (877) 354-6311 or by visiting www.doubleline.com.

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.

³  Credit Suisse Managed Futures Liquid Total Return U.S. Dollar Index—This index measures on a total return, U.S. dollar-denominated basis the performance of the Credit Suisse Managed Futures Liquid Index, which is designed to provide exposure to both up and down price trends in four broad asset classes: equities, fixed income, commodities and currencies. Index performance reflects no deduction for fees, expenses or taxes.

  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 indices at any given time. Please note that an investor cannot invest directly in an index.

Annual Report _| March 31, 2024 35

Schedule of Investments - Summary DoubleLine Total Return Bond Fund March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $		% OF NET ASSETS
	ASSET BACKED OBLIGATIONS(a)
		Total Asset Backed Obligations (Cost $1,485,593,013)							1,354,418,733		4.4%
	COLLATERALIZED LOAN OBLIGATIONS(a)
		Total Collateralized Loan Obligations ($1,054,721,412)							1,056,643,143		3.4%
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS
		BX Trust
	173,184,000	Series 2019-OC11-E		3.94%	(b)(c)		12/09/2041		149,938,082		0.5%
	Other Non-Agency Commercial Mortgage Backed Obligations(a)								2,117,534,778		6.8%
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $3,087,645,564)							2,267,472,860		7.3%
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS
		CAFL Issuer LLC
	100,200,000	Series 2021-RTL1-A1		2.24%	(b)(d)		03/28/2029		96,476,046		0.3%
		Citigroup Mortgage Loan Trust, Inc.
	104,146,978	Series 2019-A-PT1		3.92%	(b)		10/25/2058		85,918,340		0.3%
	161,032,680	Series 2019-D-PT1		3.51%	(b)(c)		04/25/2064		133,470,647		0.4%
	200,104,707	Series 2020-RP1-A1		1.50%	(b)(c)		08/25/2064		172,951,658		0.6%
	260,347,108	Series 2021-RP2-A1		1.75%	(b)(c)		03/25/2065		229,306,286		0.7%
	167,433,597	Citigroup Mortgage Loan Trust, Inc.		3.25% – 5.88%	(b)(c)		03/25/2065		136,514,948		0.4%
		Credit Suisse Mortgage Capital Certificates
	171,649,437	Series 2019-RPL6-PT1		4.14%	(b)(c)		11/25/2058		146,805,583		0.5%
	169,008,354	Series 2020-RPL1-PT1		3.33%	(b)(c)		10/25/2069		132,435,012		0.4%
		Freddie Mac Structured Agency Credit Risk Debt Notes
	75,600,000	Series 2022-DNA3-M1B (US 30 Day Average Secured Overnight Financing Rate + 2.90%)		8.22%	(b)		04/25/2042		78,276,194		0.3%
		GS Mortgage-Backed Securities Trust
	100,027,730	Series 2020-RPL2-A1		1.75%	(b)(c)		05/25/2060		88,061,262		0.3%
		Legacy Mortgage Asset Trust
	117,230,912	Series 2019-RPL3-PT1		0.00%	(b)		06/25/2058		98,383,861		0.3%
		PR Mortgage Loan Trust
	108,539,570	Series 2014-1-APT		5.86%	(b)(c)		10/25/2049		100,352,885		0.3%
		PRPM LLC
	163,073,784	Series 2021-10-A1		2.49%	(b)(d)		10/25/2026		160,714,757		0.5%
	79,221,114	Series 2021-11-A1		2.49%	(b)(d)		11/25/2026		77,829,903		0.3%
		Securitized Mortgage Asset Loan Trust
	181,516,151	Series 2015-1-PC		2.41%	(b)(c)		02/25/2054		151,109,780		0.5%
	Other Non-Agency Residential Collateralized Mortgage Obligations(a)								6,203,244,892		20.0%
		Total Non-Agency Residential Collateralized Mortgage Obligations ($10,173,071,346)							8,091,852,054		26.1%
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS
	82,615,238	Federal Home Loan Mortgage Corp.		3.00%			06/15/2044		77,067,413		0.3%
		Series 4533-AB
		Series 4483-CA
	189,715,229	Federal Home Loan Mortgage Corp.		3.00%	(g)		09/15/2044		165,065,508		0.5%
		Series 4384-ZY
		Series 4390-NZ
		Federal Home Loan Mortgage Corp.
	146,362,699	Pool U69911		4.00%			04/01/2045		139,258,790		0.4%
	134,028,074	Federal Home Loan Mortgage Corp.		3.00%			04/01/2045		119,507,239		0.4%
		Pool G08635
		Pool Z40117
		Federal Home Loan Mortgage Corp.
	135,726,045	Pool G08675		3.00%			11/01/2045		120,317,853		0.4%
		Federal Home Loan Mortgage Corp.
	84,862,774	Pool Z40256		3.00%			12/01/2046		75,655,966		0.2%
		Federal Home Loan Mortgage Corp.
	194,462,606	Pool SD7534		2.50%			02/01/2051		164,456,510		0.5%

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $		% OF NET ASSETS
	114,714,802	Federal Home Loan Mortgage Corp.		2.00%			09/01/2051		90,444,951		0.3%
		Pool SD0715
		Pool SE9043
		Pool QU7965
		Pool QU7970
	87,080,512	Federal Home Loan Mortgage Corp.		2.50%			03/01/2052		72,835,580		0.2%
		Pool SD2971
		Pool SD3093
		Federal Home Loan Mortgage Corp.
	89,059,981	Pool RA7939		5.00%			09/01/2052		87,053,037		0.3%
	880,939,902	Federal Home Loan Mortgage Corp.		2.50% – 5.00%			03/01/2028 – 06/01/2048		797,046,300		2.6%
	1,118,363,267	Federal Home Loan Mortgage Corp.		1.50% – 6.50%			12/01/2029 – 02/01/2054		1,014,180,600		3.3%
	3,281,402,253	Federal Home Loan Mortgage Corp.		0.00% – 6.42%	(c)(e)(f)(h)		12/15/2030 – 11/15/2056		2,090,839,261		6.7%
	159,468,000	Federal National Mortgage Association		4.33%			12/01/2032		153,764,993		0.5%
		Pool BS6912
		Federal National Mortgage Association
	170,877,863	Pool BM6831		1.93%	(c)		10/01/2033		135,754,556		0.4%
		Federal National Mortgage Association
	77,485,000	Pool BZ0107		4.94%			12/01/2033		78,839,841		0.3%
	193,203,757	Federal National Mortgage Association		3.00%	(g)		10/25/2044		169,492,978		0.5%
		Series 2014-60-EZ
		Series 2014-61-ZV
		Series 2014-64-NZ
		Series 2014-67-DZ
		Series 2016-32-LA
	109,367,071	Federal National Mortgage Association		3.00%			03/01/2045		97,077,633		0.3%
		Pool AS4625
		Pool AS4645
		Pool AY3974
		Pool AY5471
	84,834,513	Federal National Mortgage Association		3.00%			11/01/2046		74,544,365		0.2%
		Pool AS8269
		Pool AS8356
		Pool BC9003
		Pool MA2806
		Federal National Mortgage Association
	81,933,657	Series 2022-4-EA		2.50%			10/25/2047		72,918,111		0.2%
		Federal National Mortgage Association
	217,500,000	Pool AN6680		3.37%			11/01/2047		169,271,053		0.5%
		Federal National Mortgage Association
	146,422,881	Series 2022-3-AB		2.00%			11/25/2047		126,542,328		0.4%
	115,681,316	Federal National Mortgage Association		2.50%			11/01/2050		97,156,792		0.3%
		Pool FM4752
		Pool FM4792
		Pool FM4913
	173,141,809	Federal National Mortgage Association		2.50%			03/01/2051		146,102,072		0.5%
		Pool FM8215
		Pool FM8533
	227,127,168	Federal National Mortgage Association		2.50%			04/01/2051		189,433,816		0.6%
		Pool FS2320
		Pool FS5987
		Pool MA4306
	165,536,067	Federal National Mortgage Association		2.50%			09/01/2051		139,180,104		0.4%
		Pool FM8435
		Pool FM8769
		Pool FM8780
	142,361,635	Federal National Mortgage Association		2.00%	(g)		02/25/2052		78,188,657		0.3%
		Series 2022-3-NZ
		Series 2022-3-Z
	142,499,982	Federal National Mortgage Association		5.00%			08/01/2052		140,086,270		0.5%
		Pool CB4291
		Pool CB4347
	83,280,497	Federal National Mortgage Association		4.50%			08/01/2052		79,408,900		0.3%
		Pool BV8021
		Pool CB4391
		Pool FS2588

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 37

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

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $		% OF NET ASSETS
	4,357,289,119	Federal National Mortgage Association		1.20% – 6.50%	(c)		04/01/2026 – 02/01/2054		3,793,283,322		12.2%
	2,626,830,284	Federal National Mortgage Association		0.00% – 6.00%	(c)(e)(f)(h)		01/25/2026 – 09/25/2060		1,729,263,594		5.6%
	204,108,043	Ginnie Mae II Pool		2.50%			03/20/2051		173,341,535		0.6%
		Pool CB2017
		Pool CB4182
		Pool CB5487
		Pool MA7255
		Pool 785374
		Pool 785412
		Pool 785595
	95,871,270	Ginnie Mae II Pool		2.50%			08/20/2051		81,427,234		0.3%
		Pool 785609
		Pool 785638
		Pool 785639
	324,562,606	Ginnie Mae II Pool		2.00% – 3.50%			01/20/2045 – 02/20/2052		272,920,963		0.9%
	493,014,210	Government National Mortgage Association		3.00%	(e)		08/20/2051		78,799,546		0.3%
		Series 2021-135-GI
		Series 2021-136-EI
		Series 2021-138-IL
		Series 2021-138-KI
		Series 2021-140-IJ
		Series 2021-142-IO
		Series 2021-142-XI
		Series 2022-207-IO
	371,623,691	Government National Mortgage Association		2.50%	(e)		11/20/2051		133,515,207		0.4%
		Series 2021-196-IO
		Series 2021-205-DI
		Series 2022-83-IO
		Series 2024-20-LA
		Series 2024-20-LB
		Series 2024-20-LI
	15,520,302,548	Government National Mortgage Association		0.00% – 6.32%	(c)(e)(f)(h)		08/20/2033 – 08/16/2065		1,920,115,792		6.2%
	Other US Government and Agency Mortgage Backed Obligations(a)								562,256,306		1.8%
		Total US Government and Agency Mortgage Backed Obligations (Cost $17,418,671,129)							15,706,414,976		50.6%
	US GOVERNMENT AND AGENCY OBLIGATIONS
	780,000,000	United States Treasury Note/Bond		4.38%			08/15/2043		770,981,250		2.5%
	950,000,000	United States Treasury Note/Bond		4.75%			11/15/2043		985,773,437		3.2%
	Other US Government and Agency Obligations(a)								48,221,341		0.1%
		Total US Government and Agency Obligations (Cost $1,728,792,504)							1,804,976,028		5.8%
	SHORT TERM INVESTMENTS
	211,153,380	First American Government Obligations Fund-U		5.26%	(i)				211,153,380		0.7%
	211,153,380	JPMorgan US Government Money Market Fund-IM		5.25%	(i)				211,153,380		0.7%
	211,153,380	MSILF Government Portfolio-Institutional		5.22%	(i)				211,153,380		0.6%
		Total Short Term Investments (Cost $633,460,140)							633,460,140		2.0%
		Total Investments (Cost $35,581,955,108)							30,915,237,934		99.6%
		Other Assets in Excess of Liabilities							120,173,498		0.4%
		NET ASSETS						$	31,035,411,432		100.0%

SECURITY TYPE BREAKDOWN as a % of Net Assets:
US Government and Agency Mortgage Backed Obligations	50.6%
Non-Agency Residential Collateralized Mortgage Obligations	26.1%
Non-Agency Commercial Mortgage Backed Obligations	7.3%
US Government and Agency Obligations	5.8%
Asset Backed Obligations	4.4%
Collateralized Loan Obligations	3.4%
Short Term Investments	2.0%
Other Assets and Liabilities	0.4%
Net Assets	100.0%

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

March 31, 2024

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

(b) Includes securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers.

(c) Includes securities where coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of period end.

(d) Step Bond; Coupon rate changes based on a predetermined schedule or event. The interest rate shown is the rate in effect as of period end.

(e) Includes interest only securities

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

(g) Security accrues interest which is added to the outstanding principal balance. The interest payment will be deferred until all other tranches in the structure are paid off. The rate disclosed is as of period end.

(h) Includes principal only securities

(i) Seven-day yield as of period end

Futures Contracts

Description	Long/ Short	Contract Quantity			Expiration Date		Notional Amount(1)				Unrealized Appreciation (Depreciation)/ Value
U.S. Treasury Long Bonds	Long		20,000			6/18/2024		$	2,408,750,000			$	34,869,762
U.S. Treasury 5 Year Note	Long		25,000			6/28/2024			2,675,390,625				3,267,313
U.S. Treasury Ultra Bonds	Long		1,925			6/18/2024			248,325,000				2,477,172
10 Year U.S. Ultra Treasury Notes	Short		(30,000	)		6/18/2024			(3,438,281,250	)			(21,744,764	)
U.S. Treasury 2 Year Notes	Long		57,500			6/28/2024			11,757,851,620				(34,191,550	)
												$	(15,322,067	)

(1) Notional Amount is determined based on the number of contracts multiplied by the contract size and the quoted daily settlement price in US dollars.

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 39

Schedule of Investments - Summary DoubleLine Core Fixed Income Fund March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $		% OF NET ASSETS
	ASSET BACKED OBLIGATIONS
		Primrose Holdings, Inc.
	19,350,000	Series 2019-1A-A2		4.48%	(b)		07/30/2049		18,572,183		0.3%
		Upstart Securitization Trust
	16,882,150	Series 2021-2-C		3.61%	(b)		06/20/2031		16,461,620		0.2%
	Other Asset Backed Obligations(a)								204,183,388		3.0%
		Total Asset Backed Obligations (Cost $259,326,979)							239,217,191		3.5%
	BANK LOANS(a)
		Total Bank Loans (Cost $222,908,471)							221,605,026		3.2%
	COLLATERALIZED LOAN OBLIGATIONS(a)
		Total Collateralized Loan Obligations (Cost $235,243,052)							231,116,271		3.3%
	FOREIGN CORPORATE BONDS(a)
		Total Foreign Corporate Bonds (Cost $470,702,420)							427,157,930		6.2%
	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS(a)
		Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $59,093,612)							49,771,887		0.7%
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS(a)
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $505,557,469)							368,566,209		5.3%
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS
		Citigroup Mortgage Loan Trust, Inc.
	24,669,540	Series 2019-A-PT1		3.92%	(b)		10/25/2058		20,351,680		0.3%
	43,209,655	Series 2021-RP2-A1		1.75%	(b)(c)		03/25/2065		38,057,829		0.5%
		Credit Suisse Mortgage Capital Certificates
	29,191,592	Series 2020-RPL1-PT1		3.33%	(b)(c)		10/25/2069		22,874,543		0.3%
		Impac Secured Assets CMN Owner Trust
	22,560,658	Series 2006-5-1A1C (CME Term SOFR 1 Month + 0.65%, 0.54% Floor, 11.50% Cap)		5.98%			02/25/2037		20,122,503		0.3%
		Legacy Mortgage Asset Trust
	22,274,727	Series 2019-RPL3-PT1		0.00%	(b)		06/25/2058		18,693,650		0.3%
		Redwood Funding Trust
	19,816,111	Series 2019-1-PT		4.97%	(b)(e)		09/27/2024		19,830,662		0.3%
		Securitized Mortgage Asset Loan Trust
	22,764,250	Series 2015-1-PC		2.41%	(b)(c)		02/25/2054		18,950,935		0.3%
	Other Non-Agency Residential Collateralized Mortgage Obligations(a)								600,582,242		8.7%
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $934,032,904)							759,464,044		11.0%
	US CORPORATE BONDS(a)
		Total US Corporate Bonds (Cost $1,107,461,242)							1,050,592,366		15.2%
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS
		Federal Home Loan Mortgage Corp.
	25,540,886	Pool SD2912		5.00%			05/01/2053		25,121,924		0.4%
	42,284,674	Pool SD2969		2.50%			05/01/2052		35,575,158		0.5%
	29,054,504	Pool SD3721		5.00%			07/01/2053		28,623,062		0.4%
	59,028,207	Federal Home Loan Mortgage Corp.		5.50%			09/01/2053		59,040,291		0.9%
		Pool SD3892
		Pool RA9843

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

March 31, 2024

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $		% OF NET ASSETS
		Federal Home Loan Mortgage Corp.
	21,112,781	Pool SD4888		6.00%			02/01/2054		21,542,905		0.3%
	58,541,938	Pool SD7538		2.00%			04/01/2051		47,777,786		0.7%
	25,491,364	Pool SD7564		5.00%			06/01/2053		25,258,824		0.4%
	34,934,000	Series 5138-HM		2.00%			04/25/2051		25,930,757		0.4%
	64,646,920	Federal Home Loan Mortgage Corp.		2.00% – 5.50%			04/01/2047 – 05/01/2053		56,933,955		0.8%
	82,860,604	Federal Home Loan Mortgage Corp.		0.00% – 5.50%	(c)(d)(f)		12/15/2030 – 01/15/2054		64,378,323		0.9%
		Federal National Mortgage Association
	28,707,000	Pool BL4425		2.14%			10/01/2029		25,317,202		0.4%
	32,930,000	Pool BL4592		2.28%			11/01/2029		29,045,266		0.4%
	18,090,000	Pool BL5484		2.26%			01/01/2030		15,883,691		0.2%
	45,476,877	Pool BR2217		2.50%			08/01/2051		38,228,736		0.5%
	36,599,790	Pool BS4941		2.46%			04/01/2032		31,078,816		0.4%
	25,824,171	Pool CB3127		3.50%			03/01/2052		23,346,984		0.3%
	24,274,416	Pool CB6266		6.00%			05/01/2053		24,651,583		0.4%
	37,828,363	Pool CB7272		6.00%			10/01/2053		38,429,836		0.6%
	27,849,189	Pool FM8214		4.00%			05/01/2049		26,265,215		0.4%
	21,989,497	Pool FM8972		4.00%			06/01/2049		20,773,359		0.3%
	38,327,270	Pool FS1472		3.50%			11/01/2050		34,842,494		0.5%
	62,178,488	Federal National Mortgage Association		2.50%			04/01/2052		51,867,649		0.7%
		Pool FS5417
		Pool FS5875
		Federal National Mortgage Association
	17,302,793	Pool MA5086		5.00%			07/01/2043		17,151,559		0.2%
	18,060,879	Series 2013-6-ZB		3.00%			02/25/2043		15,900,063		0.2%
	29,250,926	Series 2018-35-PO		0.00%	(g)		05/25/2048		20,917,253		0.3%
	33,412,323	Series 2020-49-ZD		2.00%	(h)		07/25/2050		21,197,883		0.3%
	68,251,692	Series 2022-3-ZW		2.00%	(h)		02/25/2052		39,274,343		0.6%
	26,375,905	Series 2022-28-Z		2.50%	(h)		02/25/2052		18,466,639		0.3%
	190,216,340	Federal National Mortgage Association		2.00% – 6.00%			10/01/2029 – 12/01/2053		168,659,971		2.4%
	119,943,957	Federal National Mortgage Association		0.00% – 5.88%	(d)(f)(g)		04/25/2026 – 06/25/2057		66,118,565		1.0%
		Ginnie Mae I Pool
	27,779,371	Pool 779384		3.50%			06/15/2042		25,912,147		0.4%
		Ginnie Mae II Pool
	27,372,013	Pool MA5076		3.00%			03/20/2048		24,435,434		0.4%
	29,920,728	Pool MA5191		3.50%			05/20/2048		27,571,920		0.4%
	26,215,508	Pool 785713		2.50%			10/20/2051		22,246,421		0.3%
	31,897,248	Pool 786009		3.00%			02/20/2052		27,990,493		0.4%
	48,676,090	Ginnie Mae II Pool		2.50% – 3.50%			04/20/2047 – 04/20/2052		43,543,970		0.6%
		Government National Mortgage Association
	20,029,595	Series 2020-62-KF (CME Term SOFR 1 Month + 0.46%, 0.35% Floor, 6.50% Cap)		5.79%			05/20/2050		19,543,928		0.3%
	143,432,300	Government National Mortgage Association		0.16% – 6.05%	(d)(f)		08/20/2033 – 05/20/2052		68,449,704		1.0%
	Other US Government and Agency Mortgage Backed Obligations(a)								58,764,465		0.9%
		Total US Government and Agency Mortgage Backed Obligations (Cost $1,579,751,186)							1,436,058,574		20.8%
	US GOVERNMENT AND AGENCY OBLIGATIONS
	250,000,000	United States Treasury Note/Bond		4.63%			02/28/2026		249,814,453		3.7%
	620,000,000	United States Treasury Note/Bond		4.00%			01/31/2029		613,703,125		8.9%
	600,000,000	United States Treasury Note/Bond		4.75%			11/15/2043		622,593,749		9.0%
		Total US Government and Agency Obligations (Cost $1,477,825,023)							1,486,111,327		21.6%
	COMMON STOCKS(a)(i)
		Total Common Stocks (Cost $1,405,753)							741,433		0.0%
	WARRANTS(a)(i)
		Total Warrants (Cost $—)							5,881		0.0%
	AFFILIATED MUTUAL FUNDS
	12,929,742	DoubleLine Global Bond Fund - Class I							108,480,538		1.6%
	32,972,257	DoubleLine Infrastructure Income Fund - Class I							304,004,213		4.4%
	5,000,000	DoubleLine Long Duration Total Return Bond Fund - Class I							32,900,000		0.4%
		Total Affiliated Mutual Funds (Cost $504,557,903)							445,384,751		6.4%

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 41

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

SHARES		SECURITY DESCRIPTION	RATE			VALUE $		% OF NET ASSETS
	SHORT TERM INVESTMENTS
	51,996,608	First American Government Obligations Fund-U		5.26%	(j)		51,996,608		0.8%
	51,996,608	JPMorgan US Government Money Market Fund-IM		5.25%	(j)		51,996,608		0.8%
	51,996,608	MSILF Government Portfolio-Institutional		5.22%	(j)		51,996,608		0.7%
		Total Short Term Investments (Cost $155,989,824)					155,989,824		2.3%
		Total Investments (Cost $7,513,855,838)					6,871,782,714		99.5%
		Other Assets in Excess of Liabilities					33,496,677		0.5%
		NET ASSETS				$	6,905,279,391		100.0%

SECURITY TYPE BREAKDOWN as a % of Net Assets:
US Government and Agency Obligations	21.6%
US Government and Agency Mortgage Backed Obligations	20.8%
US Corporate Bonds	15.2%
Non-Agency Residential Collateralized Mortgage Obligations	11.0%
Affiliated Mutual Funds	6.4%
Foreign Corporate Bonds	6.2%
Non-Agency Commercial Mortgage Backed Obligations	5.3%
Asset Backed Obligations	3.5%
Collateralized Loan Obligations	3.3%
Bank Loans	3.2%
Short Term Investments	2.3%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	0.7%
Common Stocks	0.0%	(i)
Warrants	0.0%	(i)
Other Assets and Liabilities	0.5%
Net Assets	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:
US Government and Agency Obligations	21.6%
US Government and Agency Mortgage Backed Obligations	20.8%
Non-Agency Residential Collateralized Mortgage Obligations	11.0%
Affiliated Mutual Funds	6.4%
Non-Agency Commercial Mortgage Backed Obligations	5.3%
Banking	3.9%
Asset Backed Obligations	3.5%
Collateralized Loan Obligations	3.3%
Energy	2.4%
Short Term Investments	2.3%
Utilities	1.9%
Technology	1.8%
Healthcare	1.5%
Transportation	1.1%
Finance	0.9%
Telecommunications	0.9%
Mining	0.8%
Media	0.8%
Insurance	0.7%
Real Estate	0.7%
Pharmaceuticals	0.7%
Retailers (other than Food/Drug)	0.6%
Hotels/Motels/Inns and Casinos	0.6%
Automotive	0.5%
Electronics/Electric	0.5%
Commercial Services	0.5%
Food Products	0.4%
Chemicals/Plastics	0.4%
Consumer Products	0.4%
Construction	0.4%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	0.4%
Aerospace & Defense	0.3%
Industrial Equipment	0.3%
Containers and Glass Products	0.3%
Diversified Manufacturing	0.3%
Pulp & Paper	0.3%
Leisure	0.2%
Beverage and Tobacco	0.2%
Building and Development (including Steel/Metals)	0.2%
Business Equipment and Services	0.2%
Food Service	0.1%
Chemical Products	0.1%
Environmental Control	0.0%	(i)
Financial Intermediaries	0.0%	(i)
Conglomerates	0.0%	(i)
Other Assets and Liabilities	0.5%
Net Assets	100.0%

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

March 31, 2024

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

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers.

(c) Includes securities where coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of period end.

(d) Includes interest only securities

(e) Step Bond; Coupon rate changes based on a predetermined schedule or event. The interest rate shown is the rate in effect as of period end.

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

(g) Includes principal only securities

(h) Security accrues interest which is added to the outstanding principal balance. The interest payment will be deferred until all other tranches in the structure are paid off. The rate disclosed is as of period end.

(i) Represents less than 0.05% of net assets

(j) Seven-day yield as of period end

Futures Contracts
Description	Long/ Short	Contract Quantity			Expiration Date		Notional Amount(1)				Unrealized Appreciation (Depreciation)/ Value
U.S. Treasury Ultra Bonds	Short		(1,025	)		6/18/2024		$	(132,225,000	)		$	1,123,584
10 Year U.S. Ultra Treasury Notes	Short		(500	)		6/18/2024			(57,304,688	)			(559,679	)
U.S. Treasury 2 Year Notes	Long		18,150			6/28/2024			3,711,391,424				(7,890,162	)
												$	(7,326,257	)

(1) Notional Amount is determined based on the number of contracts multiplied by the contract size and the quoted daily settlement price in US dollars.

Affiliated Mutual Funds

A summary of the DoubleLine Core Fixed Income Fund’s investments in affiliated mutual funds for the period ended March 31, 2024 is as follows:

Fund	Value at March 31, 2023			Gross Purchases			Gross Sales			Net Realized Gain (Loss) for the Period Ended March 31, 2024			Change in Unrealized for the Period Ended March 31, 2024				Value at March 31, 2024			Shares Held at March 31, 2024		Dividend Income Earned for the Period Ended March 31, 2024
DoubleLine Infrastructure Income Fund (Class I)		$	298,398,929		$	—		$	—		$	—		$	5,605,284			$	304,004,213		32,972,257		$	10,926,500
DoubleLine Global Bond Fund (Class I)			109,385,620			—			—			—			(905,082	)			108,480,538		12,929,742			—
DoubleLine Long Duration Total Return Bond Fund (Class I)			35,750,000			—			—			—			(2,850,000	)			32,900,000		5,000,000			1,257,559
		$	443,534,549		$	—		$	—		$	—		$	1,850,202			$	445,384,751		50,901,999		$	12,184,059

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 43

Schedule of Investments DoubleLine Emerging Markets Fixed Income Fund March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN CORPORATE BONDS 80.9%
	BRAZIL 13.5%
	505,000	Banco do Estado do Rio Grande do Sul SA (5 Year CMT Rate + 4.93%)		5.38%	(a)		01/28/2031		488,406
	2,300,000	Banco do Estado do Rio Grande do Sul SA (5 Year CMT Rate + 4.93%)		5.38%			01/28/2031		2,224,423
	500,000	Braskem Netherlands Finance BV		7.25%			02/13/2033		481,275
	7,700,000	Braskem Netherlands Finance BV (5 Year CMT Rate + 8.22%)		8.50%			01/23/2081		7,727,990
	7,200,000	Cosan Overseas Ltd.		8.25%	(b)		05/05/2024		7,375,499
	4,350,000	CSN Resources SA		5.88%			04/08/2032		3,808,728
	11,511,830	Guara Norte SARL		5.20%			06/15/2034		10,512,259
	1,929,352	Invepar Holdings		0.00%	(c)(d)		12/30/2028		—
	1,700,000	Itau Unibanco Holding SA/Cayman Island (5 Year CMT Rate + 3.22%)		4.63%	(b)		02/27/2025		1,600,783
	7,846,000	MARB BondCo PLC		3.95%			01/29/2031		6,475,192
	1,426,127	MC Brazil Downstream Trading SARL		7.25%			06/30/2031		1,292,032
	5,500,000	Minerva Luxembourg SA		4.38%			03/18/2031		4,601,685
	1,100,000	Minerva Luxembourg SA		8.88%	(a)		09/13/2033		1,158,058
	1,600,000	Minerva Luxembourg SA		8.88%			09/13/2033		1,684,448
	1,000,000	Movida Europe SA		5.25%			02/08/2031		885,757
	6,773,424	MV24 Capital BV		6.75%			06/01/2034		6,378,575
	7,475,184	Prumo Participacoes e Investimentos S/A		7.50%			12/31/2031		7,471,225
	975,000	Simpar Europe SA		5.20%			01/26/2031		853,112
	850,000	Unigel Luxembourg SA		8.75%	(c)		10/01/2026		264,946
									65,284,393
	CHILE 7.2%
	4,803,000	AES Andes SA (5 Year Swap Rate USD + 4.64%)		7.13%			03/26/2079		4,758,884
	4,800,000	AES Andes SA (5 Year Swap Rate USD + 4.64%)		7.13%	(a)		03/26/2079		4,755,912
	578,000	AES Andes SA (5 Year CMT Rate + 4.92%)		6.35%			10/07/2079		564,258
	1,000,000	Agrosuper SA		4.60%	(a)		01/20/2032		864,584
	1,000,000	Agrosuper SA		4.60%			01/20/2032		864,584
	6,000,000	CAP SA		3.90%			04/27/2031		4,716,986
	2,900,000	CAP SA		3.90%	(a)		04/27/2031		2,279,877
	12,017,073	Chile Electricity PEC SpA		0.00%	(a)		01/25/2028		9,451,429
	2,629,000	Empresa Electrica Angamos SA		4.88%			05/25/2029		2,382,728
	3,061,912	Empresa Electrica Cochrane SpA		5.50%			05/14/2027		2,966,269
	388,320	GNL Quintero SA		4.63%			07/31/2029		380,156
	1,000,000	Inversiones La Construccion SA		4.75%			02/07/2032		855,000
	200,000	Mercury Chile Holdco LLC		6.50%			01/24/2027		194,012
									35,034,679
	COLOMBIA 10.2%
	1,196,248	AI Candelaria Spain SA		7.50%			12/15/2028		1,172,456
	7,100,000	AI Candelaria Spain SA		5.75%			06/15/2033		5,767,749
	3,800,000	AI Candelaria Spain SA		5.75%	(a)		06/15/2033		3,086,964
	2,850,000	Banco Davivienda SA (10 Year CMT Rate + 5.10%)		6.65%	(a)(b)		04/22/2031		2,005,688

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	2,300,000	Banco de Bogota SA		6.25%			05/12/2026		2,300,986
	10,100,000	Bancolombia SA (5 Year CMT Rate + 2.94%)		4.63%			12/18/2029		9,851,686
	5,213,000	Canacol Energy Ltd.		5.75%			11/24/2028		2,311,284
	7,000,000	Empresas Publicas de Medellin ESP		4.25%			07/18/2029		6,083,897
	4,392,000	Empresas Publicas de Medellin ESP		4.38%			02/15/2031		3,673,389
	1,203,020	Fideicomiso PA Pacifico Tres		8.25%			01/15/2035		1,143,714
	5,684,000	Geopark Ltd.		5.50%			01/17/2027		5,167,037
	7,139,000	Gran Tierra Energy, Inc.		9.50%	(a)		10/15/2029		6,676,700
									49,241,550
	DOMINICAN REPUBLIC 0.8%
	4,000,000	AES Espana BV		5.70%	(a)		05/04/2028		3,692,040
									3,692,040
	GUATEMALA 3.5%
	3,850,000	Banco Industrial SA/Guatemala (5 Year CMT Rate + 4.44%)		4.88%			01/29/2031		3,691,149
	5,700,000	CT Trust		5.13%			02/03/2032		5,057,397
	3,974,400	Millicom International Cellular SA		6.63%			10/15/2026		3,959,714
	1,890,000	Millicom International Cellular SA		5.13%			01/15/2028		1,794,279
	2,700,000	Millicom International Cellular SA		6.25%			03/25/2029		2,638,620
									17,141,159
	INDIA 10.8%
	3,390,000	Adani Electricity Mumbai Ltd.		3.95%			02/12/2030		2,885,274
	2,200,000	Adani Electricity Mumbai Ltd.		3.87%			07/22/2031		1,812,851
	3,891,500	Adani International Container Terminal Pvt Ltd.		3.00%			02/16/2031		3,320,288
	2,752,000	Adani International Container Terminal Pvt Ltd.		3.00%	(a)		02/16/2031		2,348,049
	2,400,000	Adani Ports & Special Economic Zone Ltd.		4.00%			07/30/2027		2,204,659
	2,300,000	Adani Ports & Special Economic Zone Ltd.		4.20%			08/04/2027		2,126,601
	900,000	Adani Ports & Special Economic Zone Ltd.		4.38%			07/03/2029		803,293
	4,450,000	Adani Ports & Special Economic Zone Ltd.		3.10%			02/02/2031		3,547,792
	2,300,000	Adani Transmission Step-One Ltd.		4.00%			08/03/2026		2,163,575
	1,491,500	Adani Transmission Step-One Ltd.		4.25%			05/21/2036		1,266,249
	322,000	JSW Hydro Energy Ltd.		4.13%			05/18/2031		285,668
	3,200,000	JSW Steel Ltd.		5.05%			04/05/2032		2,821,582
	4,960,000	Network i2i Ltd. (5 Year CMT Rate + 4.27%)		5.65%	(b)		01/15/2025		4,930,907
	4,000,000	Reliance Industries Ltd.		4.13%			01/28/2025		3,948,829
	250,000	Reliance Industries Ltd.		3.67%			11/30/2027		237,093
	8,000,000	UPL Corp. Ltd.		4.63%			06/16/2030		6,444,769
	2,400,000	Vedanta Resources Finance II PLC		9.25%	(a)		04/23/2026		1,960,737
	10,246,000	Vedanta Resources Ltd.		13.88%			12/09/2028		8,976,372
									52,084,588
	INDONESIA 7.2%
	1,000,000	Adaro Indonesia PT		4.25%			10/31/2024		987,448
	2,500,000	Freeport Indonesia PT		4.76%			04/14/2027		2,447,208

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

(Unaudited)

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	3,100,000	Freeport Indonesia PT		5.32%	(a)		04/14/2032		3,035,483
	2,400,000	Freeport Indonesia PT		5.32%			04/14/2032		2,350,051
	200,000	Freeport-McMoRan, Inc.		4.38%			08/01/2028		192,389
	4,500,000	Freeport-McMoRan, Inc.		4.63%			08/01/2030		4,327,023
	3,251,640	LLPL Capital Pte Ltd.		6.88%			02/04/2039		3,255,736
	6,580,700	LLPL Capital Pte Ltd.		6.88%	(a)		02/04/2039		6,588,989
	3,254,300	Minejesa Capital BV		4.63%			08/10/2030		3,096,722
	9,500,000	Minejesa Capital BV		5.63%			08/10/2037		8,650,358
									34,931,407
	JAMAICA 0.1%
	1,260,282	Digicel Group Holdings Ltd.		0.00%	(a)(d)		12/31/2030		194,710
	32,500	Digicel Group Holdings Ltd.		0.00%	(a)(d)		12/31/2030		26,251
	251,431	Digicel Group Holdings Ltd.		0.00%	(a)(d)		12/31/2030		232,178
	3,187,632	Digicel Group Holdings Ltd.		0.00%	(a)(d)		12/31/2030		36,606
									489,745
	KUWAIT 0.2%
	1,000,000	MEGlobal Canada ULC		5.00%			05/18/2025		988,666
									988,666
	MEXICO 8.9%
	4,400,000	Banco Mercantil del Norte SA/Grand Cayman (10 Year CMT Rate + 5.35%)		7.63%	(b)		01/10/2028		4,407,510
	5,000,000	Banco Mercantil del Norte SA/Grand Cayman (10 Year CMT Rate + 5.47%)		7.50%	(a)(b)		06/27/2029		4,991,027
	1,000,000	Banco Mercantil del Norte SA/Grand Cayman (10 Year CMT Rate + 5.03%)		6.63%	(b)		01/24/2032		914,375
	10,200,000	BBVA Bancomer SA/Texas (5 Year CMT Rate + 2.65%)		5.13%			01/18/2033		9,485,896
	2,300,000	BBVA Bancomer SA/Texas (5 Year CMT Rate + 4.31%)		5.88%			09/13/2034		2,178,080
	200,000	BBVA Bancomer SA/Texas (5 Year CMT Rate + 4.66%)		8.45%			06/29/2038		211,322
	2,400,000	Braskem Idesa SAPI		6.99%			02/20/2032		1,864,585
	2,200,000	Buffalo Energy Mexico Holdings / Buffalo Energy Infrastructure / Buffalo Energy		7.88%	(a)		02/15/2039		2,383,295
	9,800,000	Cemex SAB de CV (5 Year CMT Rate + 4.53%)		5.13%	(b)		06/08/2026		9,477,410
	300,000	Cemex SAB de CV (5 Year CMT Rate + 5.16%)		9.13%	(a)(b)		03/14/2028		326,094
	401,000	Cometa Energia SAB de CV		6.38%			04/24/2035		404,515
	5,200,000	Credito Real SAB de CV SOFOM ER (5 Year CMT Rate + 7.03%)		9.13%	(b)(c)		11/29/2027		13,520
	375,738	Fermaca Enterprises S de RL de CV		6.38%			03/30/2038		367,832
	2,000,000	KUO SAB De CV		5.75%			07/07/2027		1,886,972
	4,600,000	Mexarrend SAPI de CV		10.25%	(a)(c)		07/24/2024		966,000
	2,078,411	Mexico Generadora de Energia S de RL		5.50%			12/06/2032		2,047,729

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	1,239,397	Tierra Mojada Luxembourg II SARL		5.75%			12/01/2040		1,139,702
	16,033,000	Unifin Financiera SAB de CV (5 Year CMT Rate + 6.31%)		8.88%	(b)(c)		01/29/2025		81,768
									43,147,632
	PANAMA 1.0%
	200,000	Banistmo SA		4.25%			07/31/2027		186,670
	4,683,862	UEP Penonome II SA		6.50%	(a)		10/01/2038		3,665,122
	1,342,648	UEP Penonome II SA		6.50%			10/01/2038		1,050,622
									4,902,414
	PARAGUAY 1.5%
	2,224,000	Frigorifico Concepcion SA		7.70%			07/21/2028		1,950,715
	7,729,166	Rutas 2 & 7 Finance Ltd.		0.00%			09/30/2036		5,277,804
									7,228,519
	PERU 10.5%
	1,300,000	Banco de Credito del Peru SA		5.85%	(a)		01/11/2029		1,315,919
	8,000,000	Banco de Credito del Peru SA (5 Year CMT Rate + 3.00%)		3.13%			07/01/2030		7,666,866
	2,600,000	Banco de Credito del Peru SA (5 Year CMT Rate + 2.45%)		3.25%			09/30/2031		2,403,082
	12,172,000	Banco Internacional del Peru SAA Interbank (5 Year CMT Rate + 3.71%)		4.00%			07/08/2030		11,698,560
	7,950,000	Cia de Minas Buenaventura SAA		5.50%			07/23/2026		7,674,788
	6,804,000	Inkia Energy Ltd.		5.88%			11/09/2027		6,664,119
	1,672,000	InRetail Consumer		3.25%			03/22/2028		1,503,222
	1,641,000	InRetail Shopping Malls		5.75%			04/03/2028		1,602,316
	300,000	Intercorp Financial Services, Inc.		4.13%			10/19/2027		282,268
	6,100,000	Minsur SA		4.50%			10/28/2031		5,350,284
	1,425,000	Nexa Resources SA		5.38%			05/04/2027		1,392,281
	2,310,000	Orazul Energy Peru SA		5.63%			04/28/2027		2,189,510
	995,000	Southern Copper Corp.		3.88%			04/23/2025		975,829
									50,719,044
	SINGAPORE 3.4%
	7,900,000	Oversea-Chinese Banking Corp. Ltd. (5 Year CMT Rate + 1.58%)		1.83%			09/10/2030		7,469,831
	7,000,000	United Overseas Bank Ltd. (5 Year CMT Rate + 1.52%)		1.75%			03/16/2031		6,500,145
	2,500,000	United Overseas Bank Ltd. (5 Year CMT Rate + 1.23%)		2.00%			10/14/2031		2,291,205
									16,261,181
	SOUTH AFRICA 1.6%
	1,200,000	Gold Fields Orogen Holdings BVI Ltd.		5.13%			05/15/2024		1,196,253
	1,200,000	Sasol Financing USA LLC		4.38%			09/18/2026		1,135,861
	6,500,000	Sasol Financing USA LLC		5.50%			03/18/2031		5,481,541
									7,813,655

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 45

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	VIETNAM 0.5%
	2,536,298	Mong Duong Finance Holdings BV		5.13%			05/07/2029		2,426,667
									2,426,667
		Total Foreign Corporate Bonds (Cost $434,801,128)							391,387,339
	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS 18.4%
	BRAZIL 1.3%
	6,400,000	Banco do Brasil SA/Cayman (10 Year CMT Rate + 4.40%)		6.25%	(b)		10/15/2024		6,435,846
	COLOMBIA 3.2%
	2,000,000	Colombia Government International Bond		5.00%			06/15/2045		1,456,041
	3,000,000	Colombia Government International Bond		4.13%			05/15/2051		1,869,291
	800,000	Ecopetrol SA		5.88%			05/28/2045		597,925
	5,000,000	Ecopetrol SA		4.63%			11/02/2031		4,162,897
	10,300,000	Ecopetrol SA		5.88%			11/02/2051		7,421,174
									15,507,328
	INDONESIA 2.1%
	3,200,000	Bank Negara Indonesia Persero Tbk PT		3.75%			03/30/2026		3,058,275
	4,600,000	Indonesia Asahan Aluminium PT / Mineral Industri Indonesia Persero PT		5.45%			05/15/2030		4,548,857
	2,800,000	Indonesia Asahan Aluminium PT / Mineral Industri Indonesia Persero PT		4.75%			05/15/2025		2,766,171
									10,373,303
	MEXICO 6.1%
	8,000,000	Banco Nacional de Comercio Exterior SNC/Cayman Islands (5 Year CMT Rate + 2.00%)		2.72%			08/11/2031		7,246,394
	2,500,000	Comision Federal de Electricidad		3.35%			02/09/2031		2,093,560
	11,000,000	Mexico Government International Bond		4.40%			02/12/2052		8,430,596
	7,000,000	Mexico Government International Bond		6.34%			05/04/2053		6,923,682
	7,400,000	Petroleos Mexicanos		6.75%			09/21/2047		4,926,772
									29,621,004
	PANAMA 1.9%
	1,500,000	Panama Government International Bond		4.30%			04/29/2053		976,731
	13,700,000	Panama Government International Bond		3.87%			07/23/2060		7,979,840
									8,956,571
	PARAGUAY 0.7%
	4,468,861	Bioceanico Sovereign Certificate Ltd.		0.00%			06/05/2034		3,285,318

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	PERU 2.3%
	4,000,000	Corp. Financiera de Desarrollo SA (3 Month LIBOR USD + 5.61%)		5.25%	(e)		07/15/2029		3,996,680
	1,528,648	Lima Metro Line 2 Finance Ltd.		5.88%			07/05/2034		1,517,706
	2,800,000	Petroleos del Peru SA		5.63%			06/19/2047		1,883,447
	4,700,000	Petroleos del Peru SA		4.75%			06/19/2032		3,720,458
									11,118,291
	SOUTH AFRICA 0.8%
	4,200,000	Republic of South Africa Government International Bond		4.30%			10/12/2028		3,779,117
		Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $103,874,968)							89,076,778
	SHORT TERM INVESTMENTS 0.8%
	1,309,764	First American Government Obligations Fund - U		5.26%	(f)				1,309,764
	1,309,764	JPMorgan US Government Money Market Fund - IM		5.25%	(f)				1,309,764
	1,309,763	MSILF Government Portfolio -  Institutional		5.22%	(f)				1,309,763
		Total Short Term Investments (Cost $3,929,291)							3,929,291
		Total Investments 100.1% (Cost $542,605,387)							484,393,408
		Other Liabilities in Excess of Assets (0.1)%							(257,349	)
		NET ASSETS 100.0%						$	484,136,059

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Foreign Corporate Bonds	80.9%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	18.4%
Short Term Investments	0.8%
Other Assets and Liabilities	(0.1)%
Net Assets	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:
Banking	21.0%
Utilities	18.7%
Energy	12.3%
Mining	11.4%
Transportation	9.4%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	7.6%
Consumer Products	4.9%
Telecommunications	3.9%
Building and Development (including Steel/Metals)	3.4%
Chemicals/Plastics	2.7%
Chemical Products	2.4%
Short Term Investments	0.8%
Retailers (other than Food/Drug)	0.6%
Finance	0.4%
Conglomerates	0.4%
Food Products	0.2%
Other Assets and Liabilities	(0.1)%
Net Assets	100.0%

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

March 31, 2024

COUNTRY BREAKDOWN as a % of Net Assets:
Mexico	15.0%
Brazil	14.8%
Colombia	13.4%
Peru	12.8%
India	10.8%
Indonesia	9.3%
Chile	7.2%
Guatemala	3.5%
Singapore	3.4%
Panama	2.9%
South Africa	2.4%
Paraguay	2.2%
United States	0.8%
Dominican Republic	0.8%
Vietnam	0.5%
Kuwait	0.2%
Jamaica	0.1%
Other Assets and Liabilities	(0.1)%
Net Assets	100.0%

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers.

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

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

(d) Value determined using significant unobservable inputs.

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

(f) Seven-day yield as of period end.

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 47

Schedule of Investments DoubleLine Low Duration Bond Fund March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 7.5%
		AccessLex Institute
	1,930,263	Series 2007-A-B (CME Term SOFR 3 Month + 0.81%)		6.14%			02/25/2037		1,868,919
		ACHV Trust
	695,214	Series 2023-1PL-B		6.80%	(a)		03/18/2030		696,255
	59,530	Series 2023-3PL-A		6.60%	(a)		08/19/2030		59,545
	2,750,000	Series 2023-3PL-C		7.35%	(a)		08/19/2030		2,789,413
	2,530,477	Series 2023-4CP-A		6.81%	(a)		11/25/2030		2,534,376
		Affirm, Inc.
	759,685	Series 2021-Z1-A		1.07%	(a)		08/15/2025		754,503
	16,550,029	Series 2023-X1-A		7.11%	(a)		11/15/2028		16,630,767
	5,300,000	Series 2024-A-A		5.61%	(a)		02/15/2029		5,291,314
		Aqua Finance Trust
	1,889,253	Series 2020-AA-A		1.90%	(a)		07/17/2046		1,755,703
		Arivo Acceptance Auto Loan Receivables Trust
	393,380	Series 2021-1A-A		1.19%	(a)		01/15/2027		389,654
		CAI International, Inc.
	7,551,875	Series 2020-1A-A		2.22%	(a)		09/25/2045		6,846,249
		Carvana Auto Receivables Trust
	7,656,700	Series 2023-N3-A		6.41%	(a)		09/10/2027		7,689,330
	12,000,000	Series 2024-N1-A2		5.76%	(a)		04/12/2027		12,005,759
		Citizens Auto Receivables Trust
	14,665,961	Series 2023-2-A2A		6.09%	(a)		10/15/2026		14,697,751
		Commonbond Student Loan Trust
	999,605	Series 2017-BGS-A1		2.68%	(a)		09/25/2042		910,769
	919,323	Series 2020-AGS-A		1.98%	(a)		08/25/2050		800,534
		Compass Datacenters LLC
	15,000,000	Series 2024-1A-A1		5.25%	(a)		02/25/2049		14,721,720
		CPS Auto Trust
	882,569	Series 2022-D-A		6.09%	(a)		01/15/2027		883,425
	4,749,559	Series 2024-A-A		5.71%	(a)		09/15/2027		4,748,339
		DataBank Issuer
	1,599,000	Series 2021-1A-A2		2.06%	(a)		02/27/2051		1,466,719
	10,000,000	Series 2023-1A-A2		5.12%	(a)		02/25/2053		9,515,057
		Diamond Resorts Owner Trust
	1,636,034	Series 2021-1A-B		2.05%	(a)		11/21/2033		1,543,324
		Exeter Automobile Receivables Trust
	4,100,000	Series 2023-3A-A3		6.04%			07/15/2026		4,102,771
	17,663,612	Series 2023-5A-A2		6.20%			04/15/2026		17,686,535
		ExteNet LLC
	4,250,000	Series 2019-1A-B		4.14%	(a)		07/25/2049		4,205,323
		Foundation Finance Trust
	271,789	Series 2019-1A-A		3.86%	(a)		11/15/2034		270,371
		Global Sea Containers Two SRL
	3,049,255	Series 2020-1A-A		2.17%	(a)		10/17/2040		2,816,537
		GLS Auto Receivables Trust
	1,128,200	Series 2021-1A-D		1.68%	(a)		01/15/2027		1,098,983
	2,895,951	Series 2021-2A-C		1.08%	(a)		06/15/2026		2,869,350
	19,000,000	Series 2023-4A-A2		6.40%	(a)		12/15/2026		19,061,855
		Hertz Global Holdings, Inc.
	10,200,000	Series 2021-1A-B		1.56%	(a)		12/26/2025		9,956,195
		Hilton Grand Vacations, Inc.
	672,051	Series 2018-AA-A		3.54%	(a)		02/25/2032		658,677
	359,255	Series 2020-AA-A		2.74%	(a)		02/25/2039		342,528
		LAD Auto Receivables Trust
	15,000,000	Series 2024-1A-A2		5.44%	(a)		11/16/2026		14,980,955
		Laurel Road Prime Student Loan Trust
	389,134	Series 2019-A-A1FX		2.34%	(a)		10/25/2048		379,364
		Lendbuzz Securitization Trust
	8,042,983	Series 2023-1A-A2		6.92%	(a)		08/15/2028		8,105,366
	3,642,139	Series 2023-2A-A2		7.09%	(a)		10/16/2028		3,679,387
		Lendingpoint Asset Securitization Trust
	4,111,705	Series 2022-C-A		6.56%	(a)		02/15/2030		4,110,338

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Loanpal Solar Loan Ltd.
	8,069,391	Series 2020-3GS-A		2.47%	(a)		12/20/2047		6,263,204
		Marlette Funding Trust
	411,412	Series 2019-4A-C		3.76%	(a)		12/17/2029		410,931
	1,039,205	Series 2022-1A-B		2.34%	(a)		04/15/2032		1,028,987
	3,043,204	Series 2022-2A-B		5.50%	(a)		08/15/2032		3,033,789
		MVW Owner Trust
	465,816	Series 2018-1A-C		3.90%	(a)		01/21/2036		461,123
		Navient Student Loan Trust
	2,683,189	Series 2020-FA-A		1.22%	(a)		07/15/2069		2,431,779
	1,521,476	Series 2020-GA-A		1.17%	(a)		09/16/2069		1,372,643
		NP Railcar Holdings LLC
	2,338,162	Series 2019-1A-A1		2.57%	(a)		09/20/2049		2,245,267
		Oxford Finance Funding Trust
	3,386,780	Series 2020-1A-A2		3.10%	(a)		02/15/2028		3,291,209
		Pagaya AI Debt Selection Trust
	3,294,028	Series 2021-HG1-A		1.22%	(a)		01/16/2029		3,220,904
	4,860,635	Series 2022-1-A		2.03%	(a)		10/15/2029		4,813,585
	6,101,971	Series 2022-3-A		6.06%	(a)		03/15/2030		6,095,271
	10,674,361	Series 2023-1-A		7.56%	(a)		07/15/2030		10,724,951
	5,061,135	Series 2023-3-A		7.60%	(a)		12/16/2030		5,096,977
	8,137,103	Series 2023-5-A		7.18%	(a)		04/15/2031		8,159,326
	4,445,962	Series 2023-5-B		7.63%	(a)		04/15/2031		4,488,485
	8,307,357	Series 2023-7-A		7.23%	(a)		07/15/2031		8,340,901
		Prosper Marketplace Issuance Trust
	4,007,127	Series 2023-1A-A		7.06%	(a)		07/16/2029		4,020,990
	3,750,000	Series 2024-1A-A		6.12%	(a)		08/15/2029		3,759,176
		Santander Consumer USA Holdings, Inc.
	2,618,430	Series 2023-4-A2		6.18%			02/16/2027		2,623,518
		Santander Consumer USA, Inc.
	2,259,001	Series 2021-3-C		1.47%			01/15/2027		2,225,310
		Santander Drive Auto Receivables LLC
	2,690,854	Series 2020-4-D		1.48%			01/15/2027		2,644,133
		SFS Auto Receivables Securitization Trust
	5,000,000	Series 2024-1A-A2		5.35%	(a)		06/21/2027		4,993,669
		Sierra Timeshare Conduit Receivables Funding LLC
	1,246,985	Series 2021-2A-C		1.95%	(a)		09/20/2038		1,163,109
		SLM Student Loan Trust
	4,795,029	Series 2006-A-A5 (CME Term SOFR 3 Month + 0.55%)		5.88%			06/15/2039		4,652,595
	2,857,377	Series 2006-B-A5 (CME Term SOFR 3 Month + 0.53%)		5.86%			12/15/2039		2,783,672
		SOFI Alternative Trust
	5,025,051	Series 2021-1-PT1		9.72%	(a)(b)		05/25/2030		4,975,615
	7,066,076	Series 2021-2-A		1.25%	(a)		08/15/2030		6,854,072
	13,538,380	Series 2021-3-A		1.50%	(a)		11/15/2030		13,080,512
		SoFi Consumer Loan Program Trust
	452,759	Series 2022-1S-A		6.21%	(a)		04/15/2031		452,812
	922,783	Series 2023-1S-A		5.81%	(a)		05/15/2031		922,376
		SoFi Professional Loan Program LLC
	975,346	Series 2018-D-A2FX		3.60%	(a)		02/25/2048		946,008
	3,787,595	Series 2020-C-AFX		1.95%	(a)		02/15/2046		3,454,082
		TAL Advantage LLC
	3,162,500	Series 2020-1A-A		2.05%	(a)		09/20/2045		2,879,129
		Tesla Auto Lease Trust
	12,250,000	Series 2021-B-B		0.91%	(a)		09/22/2025		12,142,356
		UPCL
	25,000,000	Series 2023-1-A		7.65%	(c)		04/22/2030		25,130,000
		Upgrade Master Pass-Thru Trust
	1,074,833	Series 2021-PT3-A		13.84%	(a)(b)		07/15/2027		984,899
		Upstart Pass-Through Trust Series
	699,572	Series 2020-ST5-A		3.00%	(a)		12/20/2026		694,516
	884,139	Series 2021-ST5-A		2.00%	(a)		07/20/2027		860,270
	2,503,806	Series 2021-ST6-A		1.85%	(a)		08/20/2027		2,437,500

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Upstart Securitization Trust
	540,905	Series 2021-3-B		1.66%	(a)		07/20/2031		538,126
	1,431,432	Series 2023-1-A		6.59%	(a)		02/20/2033		1,430,975
	7,943,105	Series 2023-2-A		6.77%	(a)		06/20/2033		7,959,835
	7,696,218	Series 2023-3-A		6.90%	(a)		10/20/2033		7,736,250
		Westgate Resorts LLC
	4,847,811	Series 2022-1A-C		2.49%	(a)		08/20/2036		4,625,255
		Westlake Automobile Receivables Trust
	16,025,000	Series 2023-4A-A2		6.23%	(a)		01/15/2027		16,106,240
	7,150,000	Series 2024-1A-A2A		5.62%	(a)		03/15/2027		7,148,995
		Total Asset Backed Obligations (Cost $429,517,785)							424,629,287
	BANK LOANS 3.5%
		1011778 BC ULC
	5,884,222	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.25%)		7.58%			09/23/2030		5,887,899
		American Builders & Contractors Supply Co., Inc.
	560,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.00%)		7.33%			01/31/2031		560,787
		APi Group DE, Inc.
	3,470,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.61%)		7.94%			01/03/2029		3,481,572
		Aramark Services T/L B-8 (03/24)- Target 2
	368,150	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.00%)		7.33%			06/24/2030		364,469
		Asplundh Tree Expert LLC
	5,953,667	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 1.85%)		7.18%			09/06/2027		5,961,942
		Avantor Funding T/L (03/24)
	3,775,000	Senior Secured Term Loan		7.43%	(d)		11/08/2027		3,775,000
		Avantor Funding, Inc.
	2,797,938	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.35%, 0.50% Floor)		7.68%			11/08/2027		2,805,409
		Axalta Coating Systems US Holdings, Inc.
	3,586,073	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.00%)		7.33%			12/20/2029		3,595,665
		Beacon Roofing Supply, Inc.
	2,705,000	Senior Secured Term Loan (CME Term SOFR 1 Month + 2.00%)		7.32%			05/19/2028		2,710,843
		Berry Global, Inc.
	7,141,267	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 1.86%)		7.18%			07/02/2029		7,146,409

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		Buckeye Partners LP
	950,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.00%)		7.33%		11/02/2026		952,841
		Calpine Corp.
	1,895,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.00%)		7.33%		01/31/2031		1,886,510
	5,420,773	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.00%)		7.33%		12/16/2027		5,421,857
	300,000	Senior Secured Term Loan (CME Term SOFR 1 Month + 2.00%)		7.33%		01/31/2031		298,515
		Catalent Pharma Solutions, Inc.
	2,884,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.11%, 0.50% Floor)		7.44%		02/22/2028		2,885,802
		Clean Harbors, Inc.
	1,820,000	Senior Secured Term Loan (CME Term SOFR 1 Month + 1.75%)		7.19%		10/10/2028		1,825,688
		Element Solutions, Inc.
	2,927,663	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.00%)		7.33%		12/18/2030		2,933,767
		Energizer Holdings, Inc.
	4,123,222	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.36%, 0.50% Floor)		7.69%		12/22/2027		4,126,314
		FleetCor Technologies Operating Co. LLC
	7,458,706	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 1.85%)		7.18%		05/01/2028		7,461,279
		Flutter Financing BV
	8,393,963	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.25%, 0.50% Floor)		7.56%		11/29/2030		8,412,680
		Focus Financial Partners LLC
	2,487,623	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.50%, 0.50% Floor)		7.83%		06/30/2028		2,481,105
		Gen Digital, Inc.
	5,375,556	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.10%, 0.50% Floor)		7.43%		09/12/2029		5,379,883
		Generac Power Systems, Inc.
	890,307	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 1.85%)		7.18%		12/14/2026		890,726
		Go Daddy Operating Co. LLC
	7,221,900	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.00%)		7.33%		11/12/2029		7,225,691
		Grifols Worldwide Operations USA, Inc.
	9,458,635	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.15%)		7.46%		11/15/2027		9,178,991

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 49

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		HB Fuller Co.
	2,665,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.00%, 0.50% Floor)		7.33%			02/15/2030		2,674,328
		Hilton Domestic Operating Co., Inc.
	2,050,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.10%)		7.43%			11/08/2030		2,056,581
		ICON Luxembourg SARL
	1,158,294	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.00%, 0.50% Floor)		7.33%			07/03/2028		1,162,441
	4,648,972	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.00%, 0.50% Floor)		7.33%			07/03/2028		4,665,615
		Ingersoll-Rand Services Co.
	2,777,269	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 1.85%)		7.18%			03/01/2027		2,786,239
		Installed Building Products T/L B (03/24)
	890,000	Senior Secured Term Loan		7.33%	(d)		03/21/2031		893,062
		IQVIA, Inc.
	5,835,375	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.00%)		7.31%			01/02/2031		5,870,300
		Iron Mountain, Inc.
	5,782,312	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 1.86%)		7.19%			01/02/2026		5,784,712
		KFC Holding Co.
	6,735,868	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 1.86%)		7.19%			03/15/2028		6,740,381
		Lamar Media Corp.
	4,880,263	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 1.60%)		6.93%			02/08/2027		4,880,263
		Marriott Ownership Resorts, Inc.
	3,968,960	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 1.85%)		7.18%			09/02/2025		3,963,007
	4,595,000	Senior Secured Term Loan (CME Term SOFR 1 Month + 2.25%)		7.57%			03/17/2031		4,583,513
		Mileage Plus Holdings LLC
	1,978,744	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 5.40%, 1.00% Floor)		10.73%			06/21/2027		2,040,124
		NRG Energy T/L B (03/24)
	4,860,000	Senior Secured Term Loan		7.33%	(d)		03/27/2031		4,856,986
		Resideo Funding, Inc.
	3,027,403	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.36%, 0.50% Floor)		7.68%			02/14/2028		3,032,141

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Resideo Funding, Inc. (Cont.)
	1,407,824	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.36%, 0.50% Floor)		7.69%			02/14/2028		1,410,027
	1,282,923	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.36%, 0.50% Floor)		7.69%			02/14/2028		1,284,931
		Reynolds Consumer Products LLC
	5,454,497	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 1.85%)		7.18%			02/04/2027		5,470,288
		SS&C Technologies, Inc.
	4,043,252	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 1.86%)		7.19%			04/16/2025		4,048,266
		Standard Industries, Inc./NJ
	4,793,740	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.36%, 0.50% Floor)		7.69%			09/22/2028		4,801,338
		Trans Union LLC
	5,983,454	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 1.85%)		7.18%			11/16/2026		5,987,882
		US Foods, Inc.
	4,553,833	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.11%)		7.44%			09/14/2026		4,568,611
		Vestis Corp.
	1,040,000	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.25%)		7.58%			02/24/2031		1,041,300
		Vistra Operations Co. LLC
	5,991,205	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.00%)		7.33%			12/20/2030		5,992,163
		WMG Acquisition Corp.
	6,011,326	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.00%)		7.33%			01/24/2031		6,011,326
		Wyndham Hotels & Resorts, Inc.
	1,151,300	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.35%)		7.68%			05/28/2030		1,156,700
		Total Bank Loans (Cost $194,835,081)							195,414,169
	COLLATERALIZED LOAN OBLIGATIONS 13.9%
		Allegro CLO Ltd.
	9,500,000	Series 2019-1A-AR (CME Term SOFR 3 Month + 1.41%, 1.15% Floor)		6.73%	(a)		07/20/2032		9,501,900

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Battalion CLO Ltd.
	30,000,000	Series 2017-11A-AR (CME Term SOFR 3 Month + 1.41%, 1.15% Floor)		6.73%	(a)		04/24/2034		30,080,934
	22,000,000	Series 2021-20A-A (CME Term SOFR 3 Month + 1.44%, 1.18% Floor)		6.76%	(a)		07/15/2034		22,009,350
		BlueMountain CLO Ltd.
	22,000,000	Series 2021-31A-A1 (CME Term SOFR 3 Month + 1.41%, 1.15% Floor)		6.72%	(a)		04/19/2034		21,993,442
		Bridge Street CLO Ltd.
	20,000,000	Series 2021-1A-A1A (CME Term SOFR 3 Month + 1.49%, 1.23% Floor)		6.81%	(a)		07/20/2034		20,019,002
		Capital Four US CLO Ltd.
	15,000,000	Series 2021-1A-A (CME Term SOFR 3 Month + 1.47%, 1.21% Floor)		6.77%	(a)		01/18/2035		15,025,893
		Carlyle Global Market Strategies
	25,000,000	Series 2016-1A-A1R2 (CME Term SOFR 3 Month + 1.40%, 1.14% Floor)		6.72%	(a)		04/20/2034		25,037,908
		CarVal CLO
	42,000,000	Series 2019-1A-ANR (CME Term SOFR 3 Month + 1.37%, 1.37% Floor)		6.69%	(a)		04/20/2032		42,026,581
		Cathedral Lake CLO Ltd.
	21,422,893	Series 2018-5A-A1 (CME Term SOFR 3 Month + 1.46%, 1.20% Floor)		6.78%	(a)		10/21/2030		21,417,148
		CBAM Ltd.
	10,000,000	Series 2017-2A-AR (CME Term SOFR 3 Month + 1.45%, 1.19% Floor)		6.77%	(a)		07/17/2034		10,008,999
	10,500,000	Series 2019-10A-A1R (CME Term SOFR 3 Month + 1.38%, 1.12% Floor)		6.70%	(a)		04/20/2032		10,502,100
		CFIP CLO Ltd.
	20,000,000	Series 2021-1A-A (CME Term SOFR 3 Month + 1.48%, 1.22% Floor)		6.80%	(a)		01/20/2035		20,020,536
		Clover CLO
	20,000,000	Series 2018-1A-A1R (CME Term SOFR 3 Month + 1.38%, 1.38% Floor)		6.70%	(a)		04/20/2032		20,034,090
	10,000,000	Series 2021-2A-A (CME Term SOFR 3 Month + 1.43%, 1.17% Floor)		6.75%	(a)		07/20/2034		10,003,123
		CQS US CLO
	25,000,000	Series 2021-1A-A (CME Term SOFR 3 Month + 1.48%, 1.22% Floor)		6.80%	(a)		01/20/2035		25,073,788
		Crown City CLO
	18,000,000	Series 2021-1A-A1A (CME Term SOFR 3 Month + 1.43%, 1.17% Floor)		6.75%	(a)		07/20/2034		17,948,318
		Generate CLO Ltd.
	10,000,000	Series 6A-A1R (CME Term SOFR 3 Month + 1.46%, 1.20% Floor)		6.78%	(a)		01/22/2035		10,009,143
	14,000,000	Series 8A-AR (CME Term SOFR 3 Month + 1.46%, 1.20% Floor)		6.78%	(a)		10/20/2034		14,018,395
	46,500,000	Series 9A-A (CME Term SOFR 3 Month + 1.46%, 1.20% Floor)		6.78%	(a)		10/20/2034		46,461,730
		Halsey Point CLO Ltd.
	52,000,000	Series 2021-5A-A1A (CME Term SOFR 3 Month + 1.47%, 1.21% Floor)		6.79%	(a)		01/30/2035		52,015,599

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Harbourview CLO VII LLC
	6,595,858	Series 7RA-A1 (CME Term SOFR 3 Month + 1.39%, 1.13% Floor)		6.69%	(a)		07/18/2031		6,603,312
		Hayfin US
	19,256,327	Series 2018-8A-A (CME Term SOFR 3 Month + 1.38%, 1.12% Floor)		6.70%	(a)		04/20/2031		19,262,365
		Invesco CLO Ltd.
	10,000,000	Series 2023-3A-A (CME Term SOFR 3 Month + 1.80%, 1.80% Floor)		7.22%	(a)		07/15/2036		10,074,403
		Jackson Financial, Inc.
	20,000,000	Series 2021-5A-A (CME Term SOFR 3 Month + 1.46%, 1.20% Floor)		6.76%	(a)		10/18/2034		20,018,928
		Jefferson Mill CLO Ltd.
	9,426,006	Series 2015-1A-AR (CME Term SOFR 3 Month + 1.44%)		6.75%	(a)		10/20/2031		9,450,189
		Katayma CLO Ltd.
	20,000,000	Series 2024-2A-A1 (CME Term SOFR 3 Month + 1.65%, 1.65% Floor)		6.94%	(a)		04/20/2037		20,000,000
		Marathon CLO Ltd.
	19,786,930	Series 2018-12A-A1 (CME Term SOFR 3 Month + 1.44%)		6.74%	(a)		04/18/2031		19,809,010
		Marble Point CLO
	35,000,000	Series 2021-2A-A (CME Term SOFR 3 Month + 1.46%, 1.20% Floor)		6.79%	(a)		07/25/2034		34,991,303
		MP CLO Ltd.
	15,000,000	Series 2015-2A-ARR (CME Term SOFR 3 Month + 1.46%, 1.20% Floor)		6.78%	(a)		04/28/2034		15,022,652
		Ocean Trails CLO
	22,322,569	Series 2014-5A-ARR (CME Term SOFR 3 Month + 1.54%, 1.28% Floor)		6.86%	(a)		10/13/2031		22,304,877
		OCP CLO Ltd.
	3,000,000	Series 2020-20A-A1R (CME Term SOFR 3 Month + 1.53%, 1.53% Floor)		0.00%	(a)		04/18/2037		3,000,000
		Palmer Square CLO Ltd.
	8,700,000	Series 2021-2A-A (CME Term SOFR 3 Month + 1.41%, 1.41% Floor)		6.73%	(a)		07/15/2034		8,707,782
		Romark LLC
	12,929,228	Series 2018-1A-A1 (CME Term SOFR 3 Month + 1.29%)		6.61%	(a)		04/20/2031		12,952,692
		Shackleton CLO Ltd.
	19,506,967	Series 2015-7RA-AR (CME Term SOFR 3 Month + 1.41%, 1.15% Floor)		6.73%	(a)		07/15/2031		19,541,412
		Sound Point CLO Ltd.
	16,000,000	Series 2014-2RA-A (CME Term SOFR 3 Month + 1.51%, 1.25% Floor)		6.83%	(a)		10/20/2031		16,035,480
	25,000,000	Series 2020-1A-AR (CME Term SOFR 3 Month + 1.43%, 1.43% Floor)		6.75%	(a)		07/20/2034		25,009,453
		Steele Creek CLO Ltd.
	900,000	Series 2019-1A-BR (CME Term SOFR 3 Month + 2.06%, 1.80% Floor)		7.38%	(a)		04/15/2032		897,598
	18,000,000	Series 2019-2A-AR (CME Term SOFR 3 Month + 1.43%, 1.17% Floor)		6.75%	(a)		07/15/2032		18,035,915

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 51

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Symphony CLO Ltd.
	12,925,000	Series 2014-15A-AR3 (CME Term SOFR 3 Month + 1.34%, 1.08% Floor)		6.66%	(a)		01/17/2032		12,918,129
		Trestles CLO LLC
	20,000,000	Series 2021-4A-A (CME Term SOFR 3 Month + 1.43%, 1.17% Floor)		6.75%	(a)		07/21/2034		20,004,000
		Trimaran CAVU LLC
	5,750,000	Series 2021-1A-A (CME Term SOFR 3 Month + 1.47%, 1.21% Floor)		6.79%	(a)		04/23/2032		5,760,033
	10,000,000	Series 2021-3A-A (CME Term SOFR 3 Month + 1.47%, 1.21% Floor)		6.77%	(a)		01/18/2035		10,021,792
		Wellfleet CLO Ltd.
	4,242,619	Series 2017-2A-A1R (CME Term SOFR 3 Month + 1.32%)		6.64%	(a)		10/20/2029		4,243,659
	4,596,606	Series 2018-1A-A (CME Term SOFR 3 Month + 1.36%, 1.10% Floor)		6.68%	(a)		07/17/2031		4,599,664
	5,000,000	Series 2021-2A-A1 (CME Term SOFR 3 Month + 1.46%, 1.20% Floor)		6.78%	(a)		07/15/2034		5,006,709
		Total Collateralized Loan Obligations (Cost $786,748,472)							787,479,336
	FOREIGN CORPORATE BONDS 8.7%
	2,575,700	Adani International Container Terminal Pvt Ltd.		3.00%			02/16/2031		2,197,627
	610,000	Adani Ports & Special Economic Zone Ltd.		3.38%			07/24/2024		604,088
	7,300,000	Adani Ports & Special Economic Zone Ltd.		4.00%			07/30/2027		6,705,838
	4,300,000	Adani Transmission Step-One Ltd.		4.00%			08/03/2026		4,044,944
	5,600,000	Adaro Indonesia PT		4.25%			10/31/2024		5,529,707
	4,897,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust		6.45%	(a)		04/15/2027		5,029,904
	3,000,000	AES Andes SA (5 Year Swap Rate USD + 4.64%)		7.13%			03/26/2079		2,972,445
	2,800,000	AES Andes SA (5 Year Swap Rate USD + 4.64%)		7.13%	(a)		03/26/2079		2,774,282
	7,315,263	AI Candelaria Spain SA		7.50%			12/15/2028		7,169,773
	800,000	Algonquin Power & Utilities Corp.		5.37%	(e)		06/15/2026		795,907
	1,900,000	AngloGold Ashanti Holdings PLC		3.38%			11/01/2028		1,711,401
	5,455,000	Avolon Holdings Funding Ltd.		2.13%	(a)		02/21/2026		5,084,624
	3,500,000	Axiata SPV2 Bhd		4.36%			03/24/2026		3,431,587
	6,285,000	BAE Systems PLC		5.00%	(a)		03/26/2027		6,274,027
	400,000	Banco Bilbao Vizcaya Argentaria Colombia SA		4.88%			04/21/2025		393,208
	2,300,000	Banco BTG Pactual SA/Cayman Islands		4.50%			01/10/2025		2,270,796
	3,000,000	Banco Continental SAECA		2.75%	(a)		12/10/2025		2,830,519
	400,000	Banco Continental SAECA		2.75%			12/10/2025		377,403
	6,000,000	Banco de Bogota SA		6.25%			05/12/2026		6,002,573
	500,000	Banco de Credito del Peru SA		5.85%	(a)		01/11/2029		506,123

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	3,050,000	Banco de Credito del Peru SA (5 Year CMT Rate + 3.00%)		3.13%			07/01/2030		2,922,993
	1,800,000	Banco de Credito del Peru SA (5 Year CMT Rate + 2.45%)		3.25%			09/30/2031		1,663,672
	9,350,000	Banco de Credito del Peru SA (5 Year CMT Rate + 2.45%)		3.25%	(a)		09/30/2031		8,641,853
	3,177,000	Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa		4.38%			04/11/2027		3,064,378
	3,801,000	Banco Industrial SA/Guatemala (5 Year CMT Rate + 4.44%)		4.88%			01/29/2031		3,644,171
	8,750,000	Banco Internacional del Peru SAA Interbank (5 Year CMT Rate + 3.71%)		4.00%			07/08/2030		8,409,661
	2,000,000	Banco Latinoamericano de Comercio Exterior SA		2.38%	(a)		09/14/2025		1,899,420
	2,900,000	Banco Latinoamericano de Comercio Exterior SA		2.38%			09/14/2025		2,754,159
	4,400,000	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand (5 Year CMT Rate + 3.00%)		7.53%			10/01/2028		4,579,507
	3,200,000	Bancolombia SA (5 Year CMT Rate + 2.93%)		6.91%			10/18/2027		3,216,326
	11,800,000	Bancolombia SA (5 Year CMT Rate + 2.94%)		4.63%			12/18/2029		11,509,892
	2,605,000	Bank of Montreal		1.50%			01/10/2025		2,528,428
	2,688,000	Bank of Nova Scotia/The		4.75%			02/02/2026		2,669,254
	1,965,000	BAT Capital Corp.		2.79%			09/06/2024		1,940,407
	3,380,000	BAT International Finance PLC		1.67%			03/25/2026		3,148,045
	6,221,000	BBVA Bancomer SA/Texas (5 Year CMT Rate + 3.00%)		5.35%			11/12/2029		6,167,754
	6,150,000	BBVA Bancomer SA/Texas (5 Year CMT Rate + 2.65%)		5.13%			01/18/2033		5,719,437
	600,000	Bharti Airtel Ltd.		4.38%			06/10/2025		590,366
	3,990,000	BHP Billiton Finance USA Ltd.		5.25%			09/08/2026		4,014,863
	2,510,000	BMW US Capital LLC (Secured Overnight Financing Rate + 0.62%)		5.96%	(a)		08/11/2025		2,520,135
	5,185,000	BPCE SA		2.38%	(a)		01/14/2025		5,049,219
	8,800,000	Braskem Netherlands Finance BV (5 Year CMT Rate + 8.22%)		8.50%			01/23/2081		8,831,988
	1,127,000	BRF GmbH		4.35%			09/29/2026		1,071,950
	1,750,000	Camposol SA		6.00%			02/03/2027		1,350,740
	3,065,000	Canadian Imperial Bank of Commerce		3.95%			08/04/2025		3,011,141
	5,225,000	Canadian Pacific Railway Co.		1.35%			12/02/2024		5,081,423
	1,100,000	Cencosud SA		5.15%			02/12/2025		1,093,634
	11,883,385	Chile Electricity PEC SpA		0.00%	(a)		01/25/2028		9,346,283
	3,600,000	Cia de Minas Buenaventura SAA		5.50%			07/23/2026		3,475,376
	4,920,000	Commonwealth Bank of Australia (US Secured Overnight Financing Rate + 0.40%)		5.75%	(a)		07/07/2025		4,924,553
	8,100,000	Cosan Luxembourg SA		7.00%			01/20/2027		8,160,126
	1,400,000	Credicorp Ltd.		2.75%			06/17/2025		1,348,121
	3,320,000	Daimler Truck Finance North America LLC		1.63%	(a)		12/13/2024		3,230,619

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	2,185,000	Daimler Truck Finance North America LLC		5.15%	(a)		01/16/2026		2,177,939
	13,000,000	DBS Group Holdings Ltd. (5 Year CMT Rate + 1.10%)		1.82%			03/10/2031		12,103,331
	686,381	Digicel Group Holdings Ltd.		0.00%	(a)(c)		12/31/2030		106,044
	1,961	Digicel Group Holdings Ltd.		0.00%	(a)(c)		12/31/2030		1,584
	192,410	Digicel Group Holdings Ltd.		0.00%	(a)(c)		12/31/2030		2,210
	136,935	Digicel Group Holdings Ltd.		0.00%	(a)(c)		12/31/2030		126,449
	2,055,400	Empresa Electrica Angamos SA		4.88%			05/25/2029		1,862,860
	2,909,865	Empresa Electrica Cochrane SpA		5.50%			05/14/2027		2,818,971
	5,195,000	Enbridge, Inc.		2.50%			02/14/2025		5,061,215
	7,000,000	Enel Generacion Chile SA		4.25%			04/15/2024		6,997,988
	9,126,471	Fenix Power Peru SA		4.32%			09/20/2027		8,794,496
	1,350,000	Freeport Indonesia PT		4.76%	(a)		04/14/2027		1,321,492
	3,700,000	Freeport Indonesia PT		4.76%			04/14/2027		3,621,867
	5,950,000	Freeport-McMoRan, Inc.		5.00%			09/01/2027		5,908,417
	5,500,000	Freeport-McMoRan, Inc.		4.13%			03/01/2028		5,265,605
	9,569,680	Galaxy Pipeline Assets Bidco Ltd.		1.75%			09/30/2027		8,987,673
	3,990,000	Glencore Funding LLC		4.00%	(a)		04/16/2025		3,926,385
	3,985,000	Glencore Funding LLC (Secured Overnight Financing Rate + 1.06%)		6.41%	(a)		04/04/2027		3,987,441
	3,779,000	Global Bank Corp. (3 Month LIBOR USD + 3.30%)		5.25%	(f)		04/16/2029		3,478,063
	6,407,280	GNL Quintero SA		4.63%			07/31/2029		6,272,575
	6,400,000	Gold Fields Orogen Holdings BVI Ltd.		5.13%			05/15/2024		6,380,018
	3,615,000	Grupo de Inversiones Suramericana SA		5.50%			04/29/2026		3,545,158
	8,053,826	Guara Norte SARL		5.20%			06/15/2034		7,354,512
	748,920	Hunt Oil Co. of Peru LLC Sucursal Del Peru		6.38%	(a)		06/01/2028		741,926
	3,000,000	Industrias Penoles SAB de CV		4.15%			09/12/2029		2,807,516
	7,334,000	Inkia Energy Ltd.		5.88%			11/09/2027		7,183,223
	1,200,000	Intercorp Financial Services, Inc.		4.13%			10/19/2027		1,129,073
	627,775	Interoceanica IV Finance Ltd. Series 2007		0.00%			11/30/2025		592,463
	8,000,000	Itau Unibanco Holding SA/Cayman Island (5 Year CMT Rate + 3.45%)		3.88%			04/15/2031		7,648,212
	500,000	JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.		2.50%			01/15/2027		461,208
	900,000	JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.		3.00%			02/02/2029		797,539
	2,615,000	JDE Peet’s NV		0.80%	(a)		09/24/2024		2,550,550
	2,696,750	JSW Hydro Energy Ltd.		4.13%			05/18/2031		2,392,466
	1,000,000	Kallpa Generacion SA		4.88%			05/24/2026		976,575
	3,500,000	KT Corp.		1.00%			09/01/2025		3,294,404
	2,000,000	KT Corp.		2.50%			07/18/2026		1,883,283
	4,600,000	LG Chem Ltd.		3.25%			10/15/2024		4,539,636
	3,638,740	LLPL Capital Pte Ltd.		6.88%			02/04/2039		3,643,323
	2,485,000	Macquarie Bank Ltd. (US Secured Overnight Financing Rate + 1.20%)		6.55%	(a)		12/07/2026		2,512,102
	5,525,000	Magna International, Inc.		5.05%			03/14/2029		5,526,383
	300,000	MEGlobal BV		4.25%			11/03/2026		289,190
	11,800,000	MEGlobal Canada ULC		5.00%	(a)		05/18/2025		11,666,259
	200,000	MEGlobal Canada ULC		5.00%			05/18/2025		197,733
	2,000,000	Mercury Chile Holdco LLC		6.50%	(a)		01/24/2027		1,940,121
	1,300,000	Mercury Chile Holdco LLC		6.50%			01/24/2027		1,261,079
	4,117,630	Mexico Generadora de Energia S de RL		5.50%			12/06/2032		4,056,845

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	3,235,500	Millicom International Cellular SA		6.63%			10/15/2026		3,223,544
	6,570,000	Millicom International Cellular SA		5.13%			01/15/2028		6,237,256
	10,692,700	Minejesa Capital BV		4.63%			08/10/2030		10,174,942
	3,130,000	Minerva Luxembourg SA		5.88%			01/19/2028		3,030,279
	6,405,000	Mitsubishi UFJ Financial Group, Inc.		3.78%			03/02/2025		6,309,827
	2,496,000	Mizuho Financial Group, Inc. (US Secured Overnight Financing Rate + 0.96%)		6.30%			05/22/2026		2,505,862
	1,614,008	Mong Duong Finance Holdings BV		5.13%			05/07/2029		1,544,243
	800,000	Multibank, Inc.		7.75%	(a)		02/03/2028		808,042
	7,083,873	MV24 Capital BV		6.75%			06/01/2034		6,670,927
	7,100,000	NBM US Holdings, Inc.		7.00%			05/14/2026		7,132,788
	4,035,000	Nutrien Ltd.		4.90%			03/27/2028		4,015,849
	2,579,000	NXP BV / NXP Funding LLC / NXP USA, Inc.		4.40%			06/01/2027		2,529,683
	5,400,000	Orazul Energy Peru SA		5.63%			04/28/2027		5,118,336
	9,000,000	Oversea-Chinese Banking Corp. Ltd. (5 Year CMT Rate + 1.58%)		1.83%	(a)		09/10/2030		8,509,935
	500,000	Oversea-Chinese Banking Corp. Ltd. (5 Year CMT Rate + 1.58%)		1.83%			09/10/2030		472,774
	1,180,292	Prumo Participacoes e Investimentos S/A		7.50%			12/31/2031		1,179,667
	10,000,000	Reliance Industries Ltd.		4.13%			01/28/2025		9,872,072
	2,390,000	Royal Bank of Canada (Secured Overnight Financing Rate + 0.53%)		5.87%			01/20/2026		2,390,163
	3,100,000	Sasol Financing USA LLC		4.38%			09/18/2026		2,934,308
	6,400,000	Sociedad Quimica y Minera de Chile SA		4.38%			01/28/2025		6,323,610
	1,900,000	Southern Copper Corp.		3.88%			04/23/2025		1,863,393
	3,200,000	St Marys Cement, Inc. Canada		5.75%			01/28/2027		3,221,600
	3,000,000	Suzano International Finance BV		4.00%			01/14/2025		2,956,141
	3,601,000	Telefonica Celular del Paraguay SA		5.88%			04/15/2027		3,502,605
	2,585,000	Toronto-Dominion Bank/The		0.70%			09/10/2024		2,531,823
	3,700,000	Transportadora de Gas del Peru SA		4.25%			04/30/2028		3,600,950
	5,400,000	United Overseas Bank Ltd. (5 Year CMT Rate + 1.52%)		1.75%			03/16/2031		5,014,397
	200,000	United Overseas Bank Ltd. (5 Year CMT Rate + 1.23%)		2.00%			10/14/2031		183,296
	940,000	Vedanta Resources Ltd.		13.88%			12/09/2028		823,520
	3,765,000	Westpac Banking Corp. (US Secured Overnight Financing Rate + 0.72%)		6.06%			11/17/2025		3,779,964
		Total Foreign Corporate Bonds (Cost $498,661,813)							490,941,868

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 53

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS 1.8%
	7,486,000	Banco Nacional de Comercio Exterior SNC/Cayman Islands (5 Year CMT Rate + 2.00%)		2.72%			08/11/2031		6,780,813
	2,363,724	Bioceanico Sovereign Certificate Ltd.		0.00%			06/05/2034		1,737,710
	17,400,000	Colombia Government International Bond		4.50%			01/28/2026		17,048,252
	6,336,000	Corp. Financiera de Desarrollo SA (3 Month LIBOR USD + 5.61%)		5.25%	(f)		07/15/2029		6,330,741
	2,000,000	Dominican Republic International Bond		5.50%			01/27/2025		1,990,000
	3,700,000	Indonesia Asahan Aluminium PT / Mineral Industri Indonesia Persero PT		4.75%			05/15/2025		3,655,297
	3,000,000	Korea Development Bank/The		1.00%			09/09/2026		2,731,688
	5,000,000	Korea Development Bank/The		0.80%			04/27/2026		4,599,660
	4,000,000	Korea East-West Power Co. Ltd.		1.75%	(a)		05/06/2025		3,846,773
	2,000,000	Korea East-West Power Co. Ltd.		1.75%			05/06/2025		1,923,387
	4,200,000	Korea Hydro & Nuclear Power Co. Ltd.		1.25%	(a)		04/27/2026		3,874,458
	7,000,000	Korea Southern Power Co. Ltd.		0.75%	(a)		01/27/2026		6,459,986
	1,834,377	Lima Metro Line 2 Finance Ltd.		5.88%			07/05/2034		1,821,247
	1,000,000	Oleoducto Central SA		4.00%			07/14/2027		935,153
	900,000	ONGC Videsh Ltd.		4.63%			07/15/2024		896,413
	2,000,000	Panama Government International Bond		3.75%			03/16/2025		1,950,231
	6,100,000	Paraguay Government International Bond		4.70%			03/27/2027		5,949,838
	9,000,000	Pertamina Persero PT		1.40%			02/09/2026		8,358,426
	1,400,000	Perusahaan Perseroan Persero PT Perusahaan Listrik Negara		4.13%			05/15/2027		1,349,690
	3,634,000	Petrobras Global Finance BV		7.38%			01/17/2027		3,780,229
	1,800,000	Republic of South Africa Government International Bond		4.88%			04/14/2026		1,755,169
	1,000,000	SingTel Group Treasury Pte Ltd.		2.38%			10/03/2026		939,050
	11,500,000	TNB Global Ventures Capital Bhd		3.24%			10/19/2026		10,944,248
		Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $103,663,401)							99,658,459
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 14.2%
		ACREC Trust
	13,965,699	Series 2021-FL1-A (CME Term SOFR 1 Month + 1.26%, 1.15% Floor)		6.59%	(a)		10/16/2036		13,930,520
		Arbor Multifamily Mortgage Securities Trust
	14,340,000	Series 2021-MF2-A2		2.02%	(a)		06/15/2054		13,389,413
		Arbor Realty Trust, Inc.
	5,000,000	Series 2021-FL1-AS (CME Term SOFR 1 Month + 1.31%, 1.20% Floor)		6.64%	(a)		12/15/2035		4,944,345
	11,840,000	Series 2021-FL3-A (CME Term SOFR 1 Month + 1.18%, 1.18% Floor)		6.51%	(a)		08/15/2034		11,791,124

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		AREIT Trust
	4,591,074	Series 2022-CRE6-A (US 30 Day Average Secured Overnight Financing Rate + 1.25%, 1.25% Floor)		6.57%	(a)		01/20/2037		4,576,874
		Ares Commercial Real Estate Corp.
	5,000,000	Series 2021-FL4-AS (CME Term SOFR 1 Month + 1.21%, 1.10% Floor)		6.54%	(a)		12/18/2037		4,927,810
		Atrium Hotel Portfolio Trust
	2,579,000	Series 2018-ATRM-A (CME Term SOFR 1 Month + 1.25%, 0.95% Floor)		6.57%	(a)		06/15/2035		2,567,340
		Banc of America Merrill Lynch Commercial Mortgage, Inc.
	30,754,958	Series 2016-UB10-XA		1.73%	(b)(g)		07/15/2049		759,986
		BANK
	72,076,720	Series 2017-BNK5-XA		0.94%	(b)(g)		06/15/2060		1,647,083
	89,810,102	Series 2017-BNK6-XA		0.77%	(b)(g)		07/15/2060		1,693,666
	21,237,776	Series 2019-BN20-XA		0.81%	(b)(g)		09/15/2062		754,311
	189,622,214	Series 2020-BN26-XA		1.21%	(b)(g)		03/15/2063		9,994,740
		BANK5
	4,044,982	Series 2023-5YR2-A1		6.20%			07/15/2056		4,101,604
		BBCMS Trust
	78,960,988	Series 2017-C1-XA		1.45%	(b)(g)		02/15/2050		2,610,750
	17,989,000	Series 2018-TALL-A (CME Term SOFR 1 Month + 0.92%, 0.87% Floor)		6.25%	(a)		03/15/2037		17,290,958
	117,780,924	Series 2020-C6-XA		1.04%	(b)(g)		02/15/2053		5,339,221
	59,000,000	Series 2020-C6-XB		0.67%	(b)(g)		02/15/2053		2,152,261
	1,691,564	Series 2023-C22-A1		6.36%			11/15/2056		1,735,647
		BDS Ltd.
	1,619,073	Series 2021-FL7-A (CME Term SOFR 1 Month + 1.18%, 1.07% Floor)		6.51%	(a)		06/16/2036		1,605,177
	3,832,100	Series 2021-FL8-A (CME Term SOFR 1 Month + 1.03%, 0.92% Floor)		6.36%	(a)		01/18/2036		3,831,380
		Benchmark Mortgage Trust
	88,154,251	Series 2018-B1-XA		0.52%	(b)(g)		01/15/2051		1,362,424
	174,366,345	Series 2020-B16-XA		1.04%	(b)(g)		02/15/2053		7,206,439
	35,720,000	Series 2020-IG1-XB		0.13%	(b)(g)		09/15/2043		301,227
	2,187,067	Series 2023-B39-A1		6.04%			07/15/2056		2,207,373
	1,573,352	Series 2023-V2-A1		5.85%			05/15/2055		1,575,056
		Blackstone Mortgage Trust, Inc.
	19,256,970	Series 2021-FL4-A (CME Term SOFR 1 Month + 1.16%, 1.05% Floor)		6.49%	(a)		05/15/2038		18,384,553
		BMO Mortgage Trust
	2,286,912	Series 2023-C5-A1		5.74%			06/15/2056		2,300,955
		BPR Trust
	8,789,000	Series 2021-TY-A (CME Term SOFR 1 Month + 1.16%, 1.05% Floor)		6.49%	(a)		09/15/2038		8,741,181
		BRSP Ltd.
	13,927,976	Series 2021-FL1-A (CME Term SOFR 1 Month + 1.26%, 1.15% Floor)		6.59%	(a)		08/19/2038		13,776,119
		BSPRT Co.-Issuer LLC
	17,471,695	Series 2021-FL6-A (CME Term SOFR 1 Month + 1.21%, 1.10% Floor)		6.54%	(a)		03/15/2036		17,365,223
	13,021,318	Series 2021-FL7-A (CME Term SOFR 1 Month + 1.43%, 1.43% Floor)		6.76%	(a)		12/15/2038		12,974,272
	6,259,484	Series 2022-FL8-A (US 30 Day Average Secured Overnight Financing Rate + 1.50%, 1.50% Floor)		6.82%	(a)		02/15/2037		6,236,392

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		BSREP Commercial Mortgage Trust
	12,366,617	Series 2021-DC-A (CME Term SOFR 1 Month + 1.06%, 0.95% Floor)		6.39%	(a)		08/15/2038		11,859,963
		BX Trust
	6,893,217	Series 2020-VKNG-A (CME Term SOFR 1 Month + 1.04%, 0.93% Floor)		6.37%	(a)		10/15/2037		6,885,337
	3,908,430	Series 2021-21M-A (CME Term SOFR 1 Month + 0.84%, 0.73% Floor)		6.17%	(a)		10/15/2036		3,879,375
	7,752,000	Series 2021-VIEW-A (CME Term SOFR 1 Month + 1.39%, 1.28% Floor)		6.72%	(a)		06/15/2036		7,543,675
	16,787,000	Series 2021-VOLT-B (CME Term SOFR 1 Month + 1.06%, 0.95% Floor)		6.39%	(a)		09/15/2036		16,612,774
	5,474,293	Series 2021-XL2-B (CME Term SOFR 1 Month + 1.11%, 1.00% Floor)		6.44%	(a)		10/15/2038		5,427,753
		BXMT Ltd.
	827,376	Series 2020-FL2-A (CME Term SOFR 1 Month + 1.01%, 1.01% Floor)		6.34%	(a)		02/15/2038		797,295
		CFCRE Commercial Mortgage Trust
	42,452,000	Series 2017-C8-XB		0.89%	(b)(g)		06/15/2050		1,031,554
		CFK Trust
	116,365,000	Series 2020-MF2-X		0.77%	(a)(b)(g)		03/15/2039		2,245,007
		Citigroup Commercial Mortgage Trust
	3,814,591	Series 2014-GC23-A3		3.36%			07/10/2047		3,798,614
	3,099,807	Series 2015-P1-A4		3.46%			09/15/2048		3,032,060
	29,967,430	Series 2016-GC36-XA		1.21%	(b)(g)		02/10/2049		504,981
	7,054,738	Series 2016-P3-A3		3.06%			04/15/2049		6,797,167
	50,867,473	Series 2016-P3-XA		1.65%	(b)(g)		04/15/2049		1,030,829
	6,330,745	Series 2017-P7-A3		3.44%			04/14/2050		6,014,468
	9,000,000	Series 2018-TBR-A (CME Term SOFR 1 Month + 1.19%, 0.83% Floor)		6.52%	(a)		12/15/2036		8,946,845
		Citigroup/Deutsche Bank Commercial Mortgage Trust
	700,000	Series 2016-C3-A5		2.89%			08/10/2049		657,850
	20,392,332	Series 2017-CD4-XA		1.22%	(b)(g)		05/10/2050		576,100
		CLNC Ltd.
	16,347,927	Series 2019-FL1-AS (CME Term SOFR 1 Month + 1.66%, 1.55% Floor)		6.99%	(a)		08/20/2035		16,173,070
		Commercial Mortgage Pass Through Certificates
	10,354,714	Series 2013-CR12-XA		0.56%	(b)(g)		10/10/2046		674
	225,000	Series 2014-CR18-AM		4.10%			07/15/2047		223,886
	9,391,290	Series 2014-UBS5-A3		3.57%			09/10/2047		9,344,122
	135,328,113	Series 2015-CR25-XA		0.79%	(b)(g)		08/10/2048		1,073,910
	6,818,000	Series 2015-DC1-A5		3.35%			02/10/2048		6,678,146
	11,308,000	Series 2018-HCLV-A (CME Term SOFR 1 Month + 1.30%, 1.00% Floor)		6.62%	(a)		09/15/2033		10,650,985
		Computershare Corporate Trust
	23,662,763	Series 2015-LC22-XA		0.73%	(b)(g)		09/15/2058		195,152
	156,349,497	Series 2019-C51-XA		1.28%	(b)(g)		06/15/2052		8,272,311
	11,851,000	Series 2021-C60-A2		2.04%			08/15/2054		11,062,123
	3,201,089	Series 2021-SAVE-A (CME Term SOFR 1 Month + 1.26%, 1.15% Floor)		6.59%	(a)		02/15/2040		3,182,722
	4,472,000	Series 2021-SAVE-B (CME Term SOFR 1 Month + 1.56%, 1.45% Floor)		6.89%	(a)		02/15/2040		4,430,399
		Cross Harbor Capital Partners
	2,175,240	Series 2021-FL1-A (CME Term SOFR 1 Month + 1.16%, 1.05% Floor)		6.49%	(a)		02/15/2038		2,169,707
	4,590,000	Series 2021-FL1-AS (CME Term SOFR 1 Month + 1.41%, 1.30% Floor)		6.74%	(a)		02/15/2038		4,552,247

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		CSAIL Commercial Mortgage Trust
	2,435,663	Series 2015-C3-A3		3.45%			08/15/2048		2,382,629
	87,124,477	Series 2017-C8-XA		1.07%	(b)(g)		06/15/2050		2,303,815
	12,851,276	Series 2017-CX9-XA		0.61%	(b)(g)		09/15/2050		142,284
		DBCG Mortgage Trust
	12,925,000	Series 2017-BBG-B (Prime Rate + 0.00%)		8.50%	(a)		06/15/2034		12,925,248
		EQUS Mortgage Trust
	18,292,633	Series 2021-EQAZ-A (CME Term SOFR 1 Month + 0.87%, 0.76% Floor)		6.20%	(a)		10/15/2038		18,202,786
		Extended Stay America Trust
	5,101,547	Series 2021-ESH-A (CME Term SOFR 1 Month + 1.19%, 1.08% Floor)		6.52%	(a)		07/15/2038		5,103,222
		FS Rialto
	4,941,817	Series 2019-FL1-A (CME Term SOFR 1 Month + 1.31%, 1.20% Floor)		6.64%	(a)		12/16/2036		4,919,381
	18,205,050	Series 2021-FL2-A (CME Term SOFR 1 Month + 1.33%, 1.33% Floor)		6.66%	(a)		05/16/2038		18,034,432
	8,822,378	Series 2021-FL3-A (CME Term SOFR 1 Month + 1.36%, 1.36% Floor)		6.69%	(a)		11/16/2036		8,807,027
		Granite Point Mortgage Trust, Inc.
	13,069,720	Series 2021-FL3-A (CME Term SOFR 1 Month + 1.36%, 1.36% Floor)		6.69%	(a)		07/16/2035		12,926,633
	12,166,663	Series 2021-FL4-A (CME Term SOFR 1 Month + 1.46%, 1.35% Floor)		6.79%	(a)		12/15/2036		11,922,746
		Great Wolf Trust
	4,694,828	Series 2019-WOLF-A (CME Term SOFR 1 Month + 1.35%, 1.12% Floor)		6.67%	(a)		12/15/2036		4,694,490
	13,500,000	Series 2024-WOLF-A (CME Term SOFR 1 Month + 1.54%, 1.54% Floor)		6.84%	(a)		03/15/2039		13,542,873
		Greystone Commercial Real Estate Notes
	14,146	Series 2019-FL2-A (CME Term SOFR 1 Month + 1.29%, 1.18% Floor)		6.62%	(a)		09/15/2037		14,086
	14,933,000	Series 2021-FL3-A (CME Term SOFR 1 Month + 1.13%, 1.02% Floor)		6.46%	(a)		07/15/2039		14,861,501
		GS Mortgage Securities Corp. II
	2,404,561	Series 2013-GC13-AS		3.84%	(a)(b)		07/10/2046		2,294,463
	1,860,000	Series 2014-GC26-A5		3.63%			11/10/2047		1,830,308
	105,538,323	Series 2017-GS6-XA		1.01%	(b)(g)		05/10/2050		2,648,136
	125,585,323	Series 2017-GS7-XA		1.08%	(b)(g)		08/10/2050		3,380,041
	135,711,056	Series 2017-GS8-XA		0.93%	(b)(g)		11/10/2050		3,562,293
	2,615,000	Series 2018-TWR-A (CME Term SOFR 1 Month + 1.20%, 0.90% Floor)		6.52%	(a)		07/15/2031		2,174,046
	51,226,802	Series 2019-GC42-XA		0.81%	(b)(g)		09/10/2052		1,745,835
	9,296,000	Series 2021-IP-A (CME Term SOFR 1 Month + 1.06%, 0.95% Floor)		6.39%	(a)		10/15/2036		9,174,163
		HGI CRE CLO Ltd.
	2,169,370	Series 2021-FL1-A (CME Term SOFR 1 Month + 1.16%, 1.16% Floor)		6.49%	(a)		06/16/2036		2,148,694
		JP Morgan Chase Commercial Mortgage Securities
	2,829,088	Series 2014-C20-XA		0.59%	(b)(g)		07/15/2047		174
	55,597,276	Series 2016-JP4-XA		0.57%	(b)(g)		12/15/2049		643,372
	24,647,037	Series 2019-COR5-XA		1.47%	(b)(g)		06/13/2052		1,294,901
	59,178,200	Series 2020-ACE-XA		0.34%	(a)(b)(g)		01/10/2037		137,175
	117,285,000	Series 2020-MKST-XCP		0.00%	(a)(b)(g)		12/15/2036		1,173

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 55

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		JPMBB Commercial Mortgage Securities Trust
	309,335	Series 2014-C18-A5		4.08%			02/15/2047		308,527
	2,654,342	Series 2014-C21-A5		3.77%			08/15/2047		2,638,744
	2,550,000	Series 2014-C25-B		4.35%	(b)		11/15/2047		2,346,190
	1,183,810	Series 2015-C30-A4		3.55%			07/15/2048		1,146,331
	49,866,549	Series 2015-C32-XA		1.09%	(b)(g)		11/15/2048		431,261
	8,970,000	Series 2015-C33-AS		4.02%			12/15/2048		8,573,345
	425,336	Series 2016-C1-A5		3.58%			03/17/2049		409,612
		KREF
	11,569,000	Series 2021-FL2-A (CME Term SOFR 1 Month + 1.18%, 1.07% Floor)		6.51%	(a)		02/15/2039		11,394,620
	11,380,000	Series 2021-FL2-B (CME Term SOFR 1 Month + 1.76%, 1.65% Floor)		7.09%	(a)		02/15/2039		10,835,285
		Ladder Capital Commercial Mortgage Securities LLC
	746,971	Series 2017-LC26-A3		3.29%	(a)		07/12/2050		707,834
	12,365,500	Series 2021-FL2-A (CME Term SOFR 1 Month + 1.31%, 1.31% Floor)		6.64%	(a)		12/13/2038		12,210,572
	9,891,367	Series 2021-FL3-A (CME Term SOFR 1 Month + 1.56%, 1.56% Floor)		6.89%	(a)		11/15/2038		9,780,861
		Life Mortgage Trust US
	5,652,078	Series 2021-BMR-A (CME Term SOFR 1 Month + 0.81%, 0.70% Floor)		6.14%	(a)		03/15/2038		5,592,693
		LoanCore
	6,274,833	Series 2021-CRE5-A (CME Term SOFR 1 Month + 1.41%, 1.41% Floor)		6.74%	(a)		07/15/2036		6,246,301
	14,503,161	Series 2021-CRE6-A (CME Term SOFR 1 Month + 1.41%, 1.30% Floor)		6.74%	(a)		11/15/2038		14,431,733
		LSTAR Commercial Mortgage Trust
	48,180,356	Series 2017-5-X		0.83%	(a)(b)(g)		03/10/2050		720,214
		Lument Finance Trust, Inc.
	15,250,763	Series 2021-FL1-A (CME Term SOFR 1 Month + 1.28%, 1.28% Floor)		6.61%	(a)		06/15/2039		15,187,441
		Mcp Holding Co. LLC
	6,615,000	Series 2023-SHIP-A		4.32%	(a)(b)		09/10/2038		6,431,791
		Med Trust
	965,367	Series 2021-MDLN-A (CME Term SOFR 1 Month + 1.06%, 0.95% Floor)		6.39%	(a)		11/15/2038		963,634
		Merit 2020
	5,302,858	Series 2022-MHIL-A (CME Term SOFR 1 Month + 0.81%, 0.82% Floor)		6.14%	(a)		01/15/2027		5,260,346
		MF1 Multifamily Housing Mortgage Loan Trust
	1,060,093	Series 2021-FL5-A (CME Term SOFR 1 Month + 0.96%, 0.96% Floor)		6.29%	(a)		07/15/2036		1,058,572
	10,343,000	Series 2021-FL5-AS (CME Term SOFR 1 Month + 1.31%, 1.31% Floor)		6.64%	(a)		07/15/2036		10,212,844
	13,849,370	Series 2021-FL6-A (CME Term SOFR 1 Month + 1.21%, 1.10% Floor)		6.54%	(a)		07/16/2036		13,785,649
	9,267,792	Series 2021-FL7-A (CME Term SOFR 1 Month + 1.19%, 1.08% Floor)		6.52%	(a)		10/16/2036		9,222,917
	9,222,443	Series 2022-FL8-A (CME Term SOFR 1 Month + 1.35%, 1.35% Floor)		6.68%	(a)		02/19/2037		9,169,705
		Morgan Stanley ABS Capital I, Inc.
	18,374,239	Series 2021-ILP-A (CME Term SOFR 1 Month + 0.89%, 0.78% Floor)		6.22%	(a)		11/15/2036		18,249,672

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Morgan Stanley Bank of America Merrill Lynch Trust
	1,137,799	Series 2014-C16-A5		3.89%			06/15/2047		1,133,370
	13,698,806	Series 2014-C19-LNCX		0.60%	(a)(b)(g)		12/15/2046		16,229
	2,425,000	Series 2015-C23-AS		4.00%	(b)		07/15/2050		2,352,513
	227,944	Series 2015-C26-A3		3.21%			10/15/2048		227,345
		Morgan Stanley Capital I, Inc.
	1,117,410	Series 2006-HQ10-X1		0.21%	(a)(b)(g)		11/12/2041		14,626
	56,538,031	Series 2017-H1-XA		1.30%	(b)(g)		06/15/2050		1,438,865
	7,895,000	Series 2019-PLND-D (CME Term SOFR 1 Month + 1.86%, 1.75% Floor)		7.19%	(a)		05/15/2036		6,222,556
	344,614	Series 2021-L5-A1		0.79%			05/15/2054		326,358
	14,862,000	Series 2021-L6-A2		2.13%	(b)		06/15/2054		12,908,999
		Natixis Commercial Mortgage Securities Trust
	1,862,886	Series 2018-FL1-A (Prime Rate + 0.00%)		8.50%	(a)		06/15/2035		1,724,997
		PFP III Ltd.
	2,460,519	Series 2021-8-A (CME Term SOFR 1 Month + 1.11%, 1.00% Floor)		6.44%	(a)		08/09/2037		2,444,701
		Ready Capital Corp.
	1,923,568	Series 2021-FL6-A (CME Term SOFR 1 Month + 1.06%, 0.95% Floor)		6.39%	(a)		07/25/2036		1,913,161
		SREIT Trust
	9,380,127	Series 2021-MFP-A (CME Term SOFR 1 Month + 0.85%, 0.73% Floor)		6.17%	(a)		11/15/2038		9,318,820
		Starwood Property Mortgage Trust
	12,887,000	Series 2019-FL1-AS (CME Term SOFR 1 Month + 1.51%, 1.51% Floor)		6.84%	(a)		07/15/2038		12,726,711
	11,811,982	Series 2021-FL2-A (CME Term SOFR 1 Month + 1.31%, 1.20% Floor)		6.64%	(a)		04/18/2038		11,672,128
		TPG Real Estate Finance Issuer Ltd.
	11,517,706	Series 2021-FL4-A (CME Term SOFR 1 Month + 1.31%, 1.20% Floor)		6.64%	(a)		03/15/2038		11,419,092
	3,680,000	Series 2022-FL5-A (US 30 Day Average Secured Overnight Financing Rate + 1.65%, 1.65% Floor)		6.97%	(a)		02/15/2039		3,661,751
		TTAN
	4,551,276	Series 2021-MHC-A (CME Term SOFR 1 Month + 0.96%, 0.85% Floor)		6.29%	(a)		03/15/2038		4,546,968
		UBS Commercial Mortgage Trust
	50,824,021	Series 2017-C1-XA		1.52%	(b)(g)		06/15/2050		1,814,819
	85,536,586	Series 2017-C3-XA		1.11%	(b)(g)		08/15/2050		2,134,796
	424,779	Series 2018-C13-A3		4.07%			10/15/2051		410,511
	93,736,830	Series 2018-C8-XA		0.81%	(b)(g)		02/15/2051		2,509,316
		WB Commercial Mortgage Trust
	7,445,000	Series 2024-HQ-A		6.13%	(a)(b)		03/15/2040		7,512,355
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $918,149,389)							805,312,133
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 13.0%
		Angel Oak Mortgage Trust LLC
	14,953,151	Series 2021-7-A1		1.98%	(a)(b)		10/25/2066		12,554,968
		Arroyo Mortgage Trust
	4,836,510	Series 2019-3-A2		3.21%	(a)(b)		10/25/2048		4,483,503
	2,613,888	Series 2019-3-A3		3.42%	(a)(b)		10/25/2048		2,428,209

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Banc of America Mortgage Securities, Inc.
	325,788	Series 2005-E-2A1		4.57%	(b)		06/25/2035		281,907
		BCAP LLC Trust
	508,418	Series 2011-RR1-8A3		15.48%	(a)(b)(c)		09/30/2056		383,779
		Bear Stearns Adjustable Rate Mortgage Trust
	1,249,050	Series 2003-9-4A1		5.80%	(b)		02/25/2034		1,229,957
		Bear Stearns Asset Backed Securities Trust
	156,990	Series 2004-AC2-2A		5.00%			05/25/2034		129,744
		BRAVO Residential Funding Trust
	3,939,972	Series 2020-RPL1-A1		2.50%	(a)(b)		05/26/2059		3,773,424
	12,025,781	Series 2021-A-A1		4.99%	(a)(e)		10/25/2059		11,867,117
	15,873,646	Series 2021-B-A1		5.12%	(a)(e)		04/01/2069		15,682,086
	6,701,361	Series 2022-RPL1-A1		2.75%	(a)(b)		09/25/2061		6,047,978
		Carrington Mortgage Loan Trust
	1,930,473	Series 2006-NC3-A3 (CME Term SOFR 1 Month + 0.26%, 0.15% Floor, 12.50% Cap)		5.59%			08/25/2036		1,839,413
		Chase Funding Mortgage Loan Asset-Backed Certificates
	1,783,453	Series 2004-2-1A5		6.20%	(e)		02/26/2035		1,751,309
		Citigroup Mortgage Loan Trust, Inc.
	334,488	Series 2006-AR1-2A1 (1 Year CMT Rate + 2.40%, 2.40% Floor, 9.87% Cap)		7.86%			03/25/2036		301,941
	1,911,382	Series 2020-EXP1-A1A		1.80%	(a)(b)		05/25/2060		1,728,793
		COLT Funding LLC
	5,070,811	Series 2021-1R-A1		0.86%	(a)(b)		05/25/2065		4,316,162
	5,179,433	Series 2021-5-A1		1.73%	(a)(b)		11/26/2066		4,449,009
	14,671,105	Series 2021-RPL1-A1		1.67%	(a)(b)		09/25/2061		12,893,451
	3,585,228	Series 2023-2-A1		6.60%	(a)(e)		07/25/2068		3,614,220
		Countrywide Home Loan Mortgage Pass Through Trust
	259,772	Series 2004-HYB9-1A1		5.08%	(b)		02/20/2035		258,905
	3,637,085	Series 2005-3-1A2 (CME Term SOFR 1 Month + 0.69%, 0.58% Floor)		6.02%			04/25/2035		3,311,187
		Credit Suisse Management LLC
	26,475	Series 2005-11-5A1		5.25%			06/25/2026		17,266
		Credit Suisse Mortgage Capital Certificates
	10,483,258	Series 2020-RPL3-A1		4.08%	(a)(b)		03/25/2060		10,448,723
	1,811,908	Series 2021-NQM1-A2		0.99%	(a)(b)		05/25/2065		1,546,796
	3,019,846	Series 2021-NQM1-A3		1.20%	(a)(b)		05/25/2065		2,592,096
	7,215,594	Series 2021-NQM5-A3		1.35%	(a)(b)		05/25/2066		5,832,587
	4,890,492	Series 2021-RPL4-A1		1.80%	(a)(b)		12/27/2060		4,755,332
	17,138,319	Series 2022-NQM1-A1		2.27%	(a)(b)		11/25/2066		15,026,826
	2,867,019	Series 2022-NQM5-A1		5.17%	(a)(b)		05/25/2067		2,843,592
	8,552,262	Series 2022-RPL4-A1		3.90%	(a)(b)		04/25/2062		7,996,928
		Cross Mortgage Trust
	4,878,517	Series 2024-H1-A1		6.09%	(a)(e)		12/25/2068		4,876,749
		CSMCM Trust
	29,463,364	Series 2019-RP10-A1		3.14%	(a)(b)		12/26/2059		29,724,515
		Ellington Financial Mortgage Trust
	936,118	Series 2020-1-A1		2.01%	(a)(b)		05/25/2065		907,978
		Fannie Mae Connecticut Avenue Securities
	7,462,405	Series 2023-R08-1M1 (US 30 Day Average Secured Overnight Financing Rate + 1.50%)		6.82%	(a)		10/25/2043		7,499,116
	14,465,918	Series 2024-R01-1M1 (US 30 Day Average Secured Overnight Financing Rate + 1.05%, 1.05% Floor)		6.37%	(a)		01/25/2044		14,476,800
	16,868,240	Series 2024-R02-1M1 (US 30 Day Average Secured Overnight Financing Rate + 1.10%, 1.10% Floor)		6.42%	(a)		02/25/2044		16,882,195

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		First Horizon Asset Securities, Inc.
	1,807,397	Series 2007-AR2-1A1		5.81%	(b)		08/25/2037		620,763
		FirstKey Homes Trust
	7,252,226	Series 2020-SFR2-A		1.27%	(a)		10/19/2037		6,789,145
		Freddie Mac Structured Agency Credit Risk Debt Notes
	2,030,072	Series 2022-DNA2-M1A (US 30 Day Average Secured Overnight Financing Rate + 1.30%)		6.62%	(a)		02/25/2042		2,035,413
		GCAT
	5,185,438	Series 2022-NQM4-A1		5.27%	(a)(e)		08/25/2067		5,128,100
		GSR Mortgage Loan Trust
	2,406,879	Series 2005-9F-2A2		6.00%			01/25/2036		1,110,980
		HOMES Trust
	13,518,876	Series 2023-NQM2-A1		6.46%	(a)(e)		02/25/2068		13,542,153
		Homeward Opportunities Fund I Trust
	12,024,515	Series 2022-1-A1		5.08%	(a)(e)		07/25/2067		11,882,885
		JP Morgan Alternative Loan Trust
	16,725	Series 2006-S4-A6		6.21%	(e)		12/25/2036		16,323
		Legacy Mortgage Asset Trust
	236,068	Series 2020-SL1-A		5.73%	(a)(e)		01/25/2060		236,184
	911,134	Series 2021-GS1-A1		4.89%	(a)(e)		10/25/2066		900,189
	10,016,989	Series 2021-GS2-A1		1.75%	(a)(e)		04/25/2061		9,735,743
	17,934,240	Series 2021-GS3-A1		1.75%	(a)(e)		07/25/2061		17,395,095
	23,303,309	Series 2021-GS4-A1		1.65%	(a)(e)		11/25/2060		22,608,387
	2,513,645	Series 2021-SL1-A		4.99%	(a)(b)		09/25/2060		2,515,565
		Mastr Adjustable Rate Mortgages Trust
	1,748,770	Series 2006-2-2A1		6.17%	(b)		04/25/2036		929,592
		MFRA Trust
	1,640,680	Series 2021-NPL1-A1		5.36%	(a)(e)		03/25/2060		1,626,373
	9,948,850	Series 2021-NQM2-A1		1.03%	(a)(b)		11/25/2064		8,597,934
	1,291,432	Series 2021-NQM2-A2		1.32%	(a)(b)		11/25/2064		1,112,899
		Mill City Mortgage Trust
	1,735,938	Series 2017-3-A1		2.75%	(a)(b)		01/25/2061		1,706,461
		MLCC Mortgage Investors, Inc.
	399,861	Series 2005-3-2A		5.28%	(b)		11/25/2035		384,593
		Morgan Stanley Mortgage Loan Trust
	7,105	Series 2004-1-1A1		5.00%			11/25/2033		5,193
		New Residential Mortgage Loan Trust
	9,000,000	Series 2024-NQM1-A1		6.13%	(a)(e)		03/25/2064		9,044,532
		OBX Trust
	13,000,000	Series 2024-NQM5-A1		5.99%	(a)(e)		03/25/2028		13,096,187
		Onslow Bay Mortgage Loan Trust
	1,205,257	Series 2018-1-A2 (CME Term SOFR 1 Month + 0.76%)		6.09%	(a)		06/25/2057		1,162,081
	10,038,204	Series 2022-NQM1-A1		2.31%	(a)(b)		11/25/2061		8,655,116
	2,539,732	Series 2022-NQM7-A1		5.11%	(a)(e)		08/25/2062		2,508,275
	8,703,404	Series 2023-NQM5-A1A		6.57%	(a)(e)		06/25/2063		8,786,085
	11,500,000	Series 2024-NQM4-A1		6.07%	(a)(e)		01/25/2064		11,516,461
		Pretium Mortgage Credit Partners LLC
	7,857,611	Series 2021-NPL1-A1		5.24%	(a)(e)		09/27/2060		7,775,020
	3,085,458	Series 2021-NPL2-A1		1.99%	(a)(e)		06/27/2060		2,999,093
	24,790,149	Series 2021-NPL3-A1		1.87%	(a)(e)		07/25/2051		23,998,639
	14,438,395	Series 2021-RN1-A1		1.99%	(a)(e)		02/25/2061		14,113,359
	4,791,539	Series 2021-RN2-A1		1.74%	(a)(e)		07/25/2051		4,644,966
	17,090,081	Series 2021-RN3-A1		1.84%	(a)(e)		09/25/2051		16,364,983
		PRPM LLC
	6,319,103	Series 2020-4-A1		5.61%	(a)(e)		10/25/2025		6,311,158
	8,862,777	Series 2021-2-A1		5.12%	(a)(b)		03/25/2026		8,785,539
	8,635,371	Series 2021-3-A1		1.87%	(a)(e)		04/25/2026		8,499,847
	13,444,954	Series 2021-4-A1		1.87%	(a)(e)		04/25/2026		13,143,016
	9,880,226	Series 2021-5-A1		1.79%	(a)(e)		06/25/2026		9,681,309
	11,927,012	Series 2021-6-A1		1.79%	(a)(e)		07/25/2026		11,610,095
	22,522,084	Series 2021-7-A1		1.87%	(a)(e)		08/25/2026		21,850,270
		Securitized Asset Backed Receivables LLC
	3,792,276	Series 2006-NC1-A3 (CME Term SOFR 1 Month + 0.65%, 0.54% Floor)		5.98%			03/25/2036		3,409,077

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 57

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Starwood Mortgage Residential Trust
	544,878	Series 2020-3-A1		1.49%	(a)(b)		04/25/2065		515,677
	24,639,750	Series 2021-5-A1		1.92%	(a)(b)		09/25/2066		20,316,185
		Structured Asset Securities Corp.
	86,865	Series 2003-24A-1A3		6.92%	(b)		07/25/2033		84,355
		Terwin Mortgage Trust
	684,312	Series 2003-4HE-M1 (CME Term SOFR 1 Month + 1.24%, 1.13% Floor)		6.57%			09/25/2034		693,022
		VCAT Asset Securitization LLC
	6,918,566	Series 2021-NPL1-A1		5.29%	(a)(e)		12/26/2050		6,876,188
	4,599,455	Series 2021-NPL3-A1		1.74%	(a)(e)		05/25/2051		4,468,359
	15,136,947	Series 2021-NPL4-A1		1.87%	(a)(e)		08/25/2051		14,688,831
	6,869,528	Series 2021-NPL5-A1		1.87%	(a)(e)		08/25/2051		6,712,416
	9,379,771	Series 2021-NPL6-A1		1.92%	(a)(e)		09/25/2051		9,116,946
		Velocity Commercial Capital Loan Trust
	2,111,424	Series 2019-2-A		3.13%	(a)(b)		07/25/2049		1,960,956
	5,100,252	Series 2021-1-M1		1.79%	(a)(b)		05/25/2051		4,046,081
	19,385,051	Series 2021-2-A		1.52%	(a)(b)		08/25/2051		16,295,099
	4,521,946	Series 2021-2-M1		1.82%	(a)(b)		08/25/2051		3,720,693
		Vericrest Opportunity Loan Transferee
	7,067,509	Series 2021-NP10-A1		1.99%	(a)(e)		05/25/2051		6,814,545
	15,905,572	Series 2021-NP11-A1		1.87%	(a)(e)		08/25/2051		15,393,195
	8,146,806	Series 2021-NPL1-A1		4.89%	(a)(e)		02/27/2051		7,964,660
	5,359,786	Series 2021-NPL3-A1		5.24%	(a)(e)		02/27/2051		5,248,515
	4,217,135	Series 2021-NPL5-A1		5.12%	(a)(e)		03/27/2051		4,134,413
	4,030,549	Series 2021-NPL6-A1		5.24%	(a)(e)		04/25/2051		3,972,662
	17,049,293	Series 2021-NPL8-A1		5.12%	(a)(e)		04/25/2051		16,630,274
	2,832,986	Series 2021-NPL9-A1		1.99%	(a)(e)		05/25/2051		2,738,666
		Verus Securitization Trust
	626,037	Series 2020-2-A1		2.23%	(a)(b)		05/25/2060		618,974
	186,122	Series 2020-INV1-A1		1.98%	(a)(b)		03/25/2060		185,195
	8,010,319	Series 2021-4-A3		1.35%	(a)(b)		07/25/2066		6,375,744
	7,271,949	Series 2021-7-A1		1.83%	(a)(b)		10/25/2066		6,325,419
	12,725,040	Series 2022-INV1-A1		5.04%	(a)(e)		08/25/2067		12,554,575
	424,169	Series 2022-INV1-A2		5.80%	(a)(e)		08/25/2067		420,777
	19,416,165	Series 2023-4-A1		5.81%	(a)(e)		05/25/2068		19,321,016
		WaMu Mortgage Pass Through Certificates
	139,001	Series 2002-AR16-A		6.33%	(b)		12/25/2032		130,322
		Wells Fargo Mortgage Backed Securities Trust
	211,741	Series 2007-7-A36		6.00%			06/25/2037		188,757
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $772,917,128)							734,102,156
	US CORPORATE BONDS 7.0%
	2,515,000	AbbVie, Inc.		2.60%			11/21/2024		2,470,182
	1,205,000	AGCO Corp.		5.45%			03/21/2027		1,210,910
	1,370,000	American Electric Power Co., Inc.		5.20%			01/15/2029		1,374,012
	5,015,000	American Express Co. (Secured Overnight Financing Rate + 1.00%)		6.34%			02/16/2028		5,033,520
	2,670,000	Amgen, Inc.		5.51%			03/02/2026		2,667,521
	2,625,000	Arrow Electronics, Inc.		6.13%			03/01/2026		2,624,228
	2,995,000	AT&T, Inc.		5.54%			02/20/2026		2,993,466
	7,500,000	Athene Global Funding (Secured Overnight Financing Rate + 0.70%)		6.04%	(a)		05/24/2024		7,504,047
	1,625,000	Avery Dennison Corp.		0.85%			08/15/2024		1,594,142
	4,200,000	Aviation Capital Group LLC		1.95%	(a)		09/20/2026		3,839,243
	2,605,000	Boeing Co.		4.88%			05/01/2025		2,576,463
	5,050,000	BP Capital Markets America, Inc.		4.70%			04/10/2029		5,039,704

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	2,775,000	Bristol-Myers Squibb Co. (US Secured Overnight Financing Rate + 0.49%)		5.83%			02/20/2026		2,784,954
	2,465,000	Broadcom Corp. / Broadcom Cayman Finance Ltd.		3.88%			01/15/2027		2,390,262
	2,615,000	Broadcom, Inc.		3.15%			11/15/2025		2,530,748
	5,030,000	Brown & Brown, Inc.		4.20%			09/15/2024		4,995,099
	5,245,000	Campbell Soup Co.		3.95%			03/15/2025		5,166,660
	2,015,000	Campbell Soup Co.		5.20%			03/19/2027		2,020,518
	7,110,000	Cardinal Health, Inc.		3.08%			06/15/2024		7,069,644
	1,760,000	Carrier Global Corp.		5.80%			11/30/2025		1,772,340
	2,370,000	Charles Schwab Corp. (Secured Overnight Financing Rate + 1.05%)		6.40%			03/03/2027		2,377,980
	1,505,000	Charter Communications Operating LLC / Charter Communications Operating Capital		6.15%			11/10/2026		1,517,154
	5,587,000	Citigroup, Inc. (CME Term SOFR 3 Month + 1.16%)		3.35%			04/24/2025		5,577,810
	3,150,000	Citigroup, Inc. (US Secured Overnight Financing Rate + 1.53%)		3.29%			03/17/2026		3,079,122
	2,665,000	Constellation Brands, Inc.		3.60%			05/09/2024		2,658,733
	2,570,000	Crown Castle, Inc.		4.80%			09/01/2028		2,521,251
	2,705,000	CVS Health Corp.		5.00%			02/20/2026		2,696,799
	2,425,000	Dell International LLC / EMC Corp.		4.00%			07/15/2024		2,413,131
	2,635,000	Dell International LLC / EMC Corp.		5.85%			07/15/2025		2,648,944
	2,645,000	Dollar General Corp.		4.15%			11/01/2025		2,595,565
	4,620,000	Dollar Tree, Inc.		4.00%			05/15/2025		4,543,167
	7,664,000	Elevance Health, Inc.		3.50%			08/15/2024		7,603,180
	2,770,000	Eli Lilly & Co.		5.00%			02/27/2026		2,767,241
	5,115,000	Energy Transfer LP		6.05%			12/01/2026		5,219,115
	5,415,000	Entergy Corp.		0.90%			09/15/2025		5,077,950
	5,430,000	Equinix, Inc.		1.25%			07/15/2025		5,138,379
	2,525,000	Exelon Corp.		5.15%			03/15/2029		2,531,779
	5,060,000	Expedia Group, Inc.		6.25%	(a)		05/01/2025		5,083,037
	5,385,000	Ford Motor Co.		4.35%			12/08/2026		5,244,440
	2,690,000	General Mills, Inc.		4.00%			04/17/2025		2,651,490
	2,020,000	General Mills, Inc.		5.24%			11/18/2025		2,014,439
	5,035,000	General Motors Financial Co., Inc.		4.00%			01/15/2025		4,969,456
	5,225,000	General Motors Financial Co., Inc.		5.25%			03/01/2026		5,211,235
	2,475,000	Georgia Power Co.		5.00%			02/23/2027		2,479,182
	2,690,000	Gilead Sciences, Inc.		3.65%			03/01/2026		2,622,172
	3,210,000	Goldman Sachs Bank USA/New York NY (US Secured Overnight Financing Rate + 0.77%)		6.12%			03/18/2027		3,210,027
	5,080,000	HCA, Inc.		5.38%			02/01/2025		5,066,509
	3,760,000	Hewlett Packard Enterprise Co.		5.90%			10/01/2024		3,766,243
	4,205,000	Hyatt Hotels Corp.		5.75%			01/30/2027		4,271,845
	5,245,000	Hyundai Capital America		1.00%	(a)		09/17/2024		5,131,920
	2,515,000	Hyundai Capital America		5.30%	(a)		03/19/2027		2,516,102
	2,490,000	Intuit, Inc.		5.25%			09/15/2026		2,513,868
	2,087,000	JPMorgan Chase & Co. (CME Term SOFR 3 Month + 0.54%)		0.82%			06/01/2025		2,069,004
	1,642,000	JPMorgan Chase & Co. (CME Term SOFR 3 Month + 0.58%)		0.97%			06/23/2025		1,623,015
	5,254,000	JPMorgan Chase & Co.		3.90%			07/15/2025		5,169,073
	4,308,000	JPMorgan Chase & Co. (US Secured Overnight Financing Rate + 0.49%)		0.77%			08/09/2025		4,227,032
	2,706,000	Kinder Morgan, Inc.		4.30%			06/01/2025		2,668,324
	2,505,000	Kinder Morgan, Inc.		5.00%			02/01/2029		2,496,250
	1,535,000	Lowe’s Cos., Inc.		4.40%			09/08/2025		1,516,668
	5,030,000	Marriott International, Inc./MD		3.60%			04/15/2024		5,025,278
	2,574,000	McDonald’s Corp.		3.38%			05/26/2025		2,520,003

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	2,850,000	McDonald’s Corp.		1.45%			09/01/2025		2,705,546
	2,705,000	McKesson Corp.		5.25%			02/15/2026		2,698,583
	1,645,000	Meta Platforms, Inc.		4.60%			05/15/2028		1,644,866
	4,494,000	Microchip Technology, Inc.		0.98%			09/01/2024		4,403,279
	675,000	Microchip Technology, Inc.		4.25%			09/01/2025		664,166
	1,005,000	Microchip Technology, Inc.		5.05%			03/15/2029		1,005,565
	5,135,000	Morgan Stanley (US Secured Overnight Financing Rate + 0.53%)		0.79%			05/30/2025		5,087,624
	5,140,000	Morgan Stanley		3.88%			01/27/2026		5,022,775
	5,075,000	Motorola Solutions, Inc.		5.00%			04/15/2029		5,052,049
	2,120,000	New York Life Global Funding		3.60%	(a)		08/05/2025		2,076,016
	1,550,000	NextEra Energy Capital Holdings, Inc.		4.20%			06/20/2024		1,544,749
	950,000	NextEra Energy Capital Holdings, Inc.		4.26%			09/01/2024		943,774
	2,480,000	NiSource, Inc.		5.25%			03/30/2028		2,498,285
	3,954,000	Northrop Grumman Corp.		2.93%			01/15/2025		3,881,182
	5,140,000	NVIDIA Corp.		0.58%			06/14/2024		5,089,268
	3,835,000	Omnicom Group, Inc. / Omnicom Capital, Inc.		3.65%			11/01/2024		3,788,681
	5,037,000	Oracle Corp.		5.80%			11/10/2025		5,080,448
	2,405,000	O’Reilly Automotive, Inc.		5.75%			11/20/2026		2,445,208
	2,555,000	Pacific Gas and Electric Co.		4.95%			06/08/2025		2,534,991
	2,760,000	Pacific Gas and Electric Co.		2.10%			08/01/2027		2,486,168
	1,786,000	Packaging Corp. of America		3.65%			09/15/2024		1,768,533
	5,140,000	Parker-Hannifin Corp.		3.65%			06/15/2024		5,117,911
	4,581,000	Penske Truck Leasing Co. LP / PTL Finance Corp.		4.00%	(a)		07/15/2025		4,487,815
	5,235,000	Penske Truck Leasing Co. LP / PTL Finance Corp.		4.40%	(a)		07/01/2027		5,099,108
	1,505,000	PepsiCo, Inc. (Secured Overnight Financing Rate + 0.40%)		5.74%			11/12/2024		1,507,018
	995,000	Pfizer Investment Enterprises Pte Ltd.		4.65%			05/19/2025		988,849
	5,035,000	Philip Morris International, Inc.		4.88%			02/13/2026		5,017,327
	1,442,000	Phillips 66		3.85%			04/09/2025		1,420,467
	1,260,000	Phillips 66		1.30%			02/15/2026		1,172,920
	3,240,000	PNC Financial Services Group, Inc. (US Secured Overnight Financing Rate + 1.32%)		5.81%			06/12/2026		3,251,770
	3,698,000	Public Service Enterprise Group, Inc.		5.85%			11/15/2027		3,789,106
	5,220,000	Republic Services, Inc.		2.50%			08/15/2024		5,158,824
	5,635,000	Royalty Pharma PLC		1.75%			09/02/2027		5,033,912
	5,014,000	Ryder System, Inc.		5.25%			06/01/2028		5,039,508
	2,464,000	Sabine Pass Liquefaction LLC		5.63%			03/01/2025		2,462,475
	4,110,000	Simon Property Group LP		2.00%			09/13/2024		4,045,596
	3,475,000	Solventum Corp.		5.45%	(a)		02/25/2027		3,487,864
	1,920,000	Southern California Edison Co. (Secured Overnight Financing Rate + 0.83%)		6.18%			04/01/2024		1,920,000
	1,655,000	Southern California Edison Co.		4.90%			06/01/2026		1,647,250
	2,665,000	Southern Co.		5.15%			10/06/2025		2,661,475
	3,480,000	Stryker Corp.		4.85%			12/08/2028		3,482,777
	5,093,000	Synchrony Financial		4.25%			08/15/2024		5,060,711
	4,995,000	Take-Two Interactive Software, Inc.		4.95%			03/28/2028		4,977,767
	2,410,000	Truist Financial Corp. (US Secured Overnight Financing Rate + 0.40%)		5.75%			06/09/2025		2,404,469
	5,007,000	Union Pacific Corp.		4.75%			02/21/2026		5,003,121
	1,420,000	UnitedHealth Group, Inc.		0.55%			05/15/2024		1,411,676
	2,680,000	Veralto Corp.		5.50%	(a)		09/18/2026		2,691,432
	2,695,000	Viatris, Inc.		1.65%			06/22/2025		2,563,603
	5,260,000	VICI Properties LP / VICI Note Co., Inc.		4.25%	(a)		12/01/2026		5,061,001
	2,525,000	WEC Energy Group, Inc.		4.75%			01/09/2026		2,502,782

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
	9,275,000	Wells Fargo & Co. (CME Term SOFR 3 Month + 1.09%)		2.41%		10/30/2025		9,099,585
	5,153,000	Welltower OP LLC		4.00%		06/01/2025		5,066,893
	2,765,000	Workday, Inc.		3.50%		04/01/2027		2,648,336
	5,260,000	Zimmer Biomet Holdings, Inc.		1.45%		11/22/2024		5,120,019
		Total US Corporate Bonds (Cost $397,880,592)						395,516,698
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS 2.6%
		Federal Home Loan Mortgage Corp.
	455,070	Pool 840632 (Refinitiv USD IBOR Consumer Cash Fallbacks Term 1 Year + 1.62%, 1.62% Floor, 7.67% Cap)		5.55%		05/01/2045		464,088
	104,437	Pool N70081		5.50%		07/01/2038		102,405
	14,197,100	Pool SC0321		3.50%		10/01/2042		13,023,948
	3,828,236	Series 276-F5 (US 30 Day Average Secured Overnight Financing Rate + 0.61%, 0.50% Floor, 6.50% Cap)		5.93%		09/15/2042		3,801,139
	2,489,476	Series 339-F5 (US 30 Day Average Secured Overnight Financing Rate + 0.56%, 0.45% Floor, 6.50% Cap)		5.88%		11/15/2044		2,449,761
	10,980	Series 3872-BA		4.00%		06/15/2041		10,566
	4,522,912	Series 4068-UF (US 30 Day Average Secured Overnight Financing Rate + 0.61%, 0.50% Floor, 6.50% Cap)		5.93%		06/15/2042		4,462,351
	348,911	Series 4203-NB		2.00%		10/15/2040		339,066
	4,713,448	Series 4211-AP		1.60%		03/15/2043		4,321,736
	2,379,038	Series 4484-CD		1.75%		07/15/2030		2,221,785
	7,129,840	Series 4631-FA (US 30 Day Average Secured Overnight Financing Rate + 0.61%, 0.50% Floor, 6.50% Cap)		5.93%		11/15/2046		7,005,540
	2,786,743	Series 4851-PF (US 30 Day Average Secured Overnight Financing Rate + 0.51%, 0.40% Floor, 6.50% Cap)		5.83%		08/15/2057		2,700,342
	2,681,546	Series 4878-FA (US 30 Day Average Secured Overnight Financing Rate + 0.51%, 0.40% Floor, 6.50% Cap)		5.83%		05/15/2049		2,635,909
	1,975,703	Series 4939-CF (US 30 Day Average Secured Overnight Financing Rate + 0.61%, 0.50% Floor, 6.50% Cap)		5.93%		12/25/2049		1,944,574
	3,959,231	Series 4987-BF (US 30 Day Average Secured Overnight Financing Rate + 0.51%, 0.40% Floor, 6.50% Cap)		5.83%		06/25/2050		3,886,785
		Federal National Mortgage Association
	17,723	Pool AB3850		4.00%		11/01/2041		16,612
	794,060	Pool AL2987 (Refinitiv USD IBOR Consumer Cash Fallbacks Term 1 Year + 1.62%, 1.62% Floor, 7.31% Cap)		5.87%		11/01/2042		811,497
	241,577	Pool AL4292		4.50%		04/01/2026		238,746

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 59

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal National Mortgage Association (Cont.)
	739,336	Pool BM3520 (Refinitiv USD IBOR Consumer Cash Fallbacks Term 1 Year + 1.56%, 1.56% Floor, 7.00% Cap)		5.51%			05/01/2045		749,481
	3,000,000	Pool BS7662		4.90%			03/01/2028		2,994,029
	4,168,266	Pool MA5112		5.00%			08/01/2043		4,131,830
	2,530,235	Series 2010-57-FA (US 30 Day Average Secured Overnight Financing Rate + 0.66%, 0.55% Floor, 7.00% Cap)		5.98%			06/25/2040		2,521,687
	2,537,195	Series 2010-68-FJ (US 30 Day Average Secured Overnight Financing Rate + 0.56%, 0.45% Floor, 7.00% Cap)		5.88%			07/25/2040		2,520,671
	1,002,383	Series 2011-134-FT (US 30 Day Average Secured Overnight Financing Rate + 0.61%, 0.50% Floor, 6.50% Cap)		5.93%			12/25/2041		990,126
	39,467	Series 2011-64-DB		4.00%			07/25/2041		37,968
	1,897,681	Series 2016-62-FB (US 30 Day Average Secured Overnight Financing Rate + 0.51%, 0.40% Floor, 6.50% Cap)		5.83%			09/25/2046		1,877,665
	3,976,776	Series 2016-84-FT (US 30 Day Average Secured Overnight Financing Rate + 0.61%, 0.50% Floor, 6.50% Cap)		5.93%			11/25/2046		3,934,853
	7,559,258	Series 2018-72-FB (US 30 Day Average Secured Overnight Financing Rate + 0.46%, 0.35% Floor, 6.50% Cap)		5.78%			10/25/2058		7,352,551
	2,888,588	Series 2018-85-FE (US 30 Day Average Secured Overnight Financing Rate + 0.41%, 0.30% Floor, 6.50% Cap)		5.73%			12/25/2048		2,833,291
	1,062,658	Series 2019-14-FA (US 30 Day Average Secured Overnight Financing Rate + 0.51%, 0.40% Floor, 6.50% Cap)		5.83%			04/25/2049		1,053,632
	11,200,462	Series 2019-43-FD (US 30 Day Average Secured Overnight Financing Rate + 0.51%, 0.40% Floor, 6.50% Cap)		5.83%			08/25/2049		10,986,929
	4,713,356	Series 2019-49-FB (US 30 Day Average Secured Overnight Financing Rate + 0.59%, 0.48% Floor, 6.50% Cap)		5.91%			09/25/2049		4,651,403
	2,230,997	Series 2019-M21-3A1		2.10%			06/25/2034		2,102,660
	11,704,121	Series 2020-M49-1A1		1.26%	(b)		11/25/2030		10,454,245
	9,209,597	Series 2021-21-HG		2.00%			11/25/2047		8,043,004
	15,792,501	Series 2021-M7-A1		1.73%	(b)		03/25/2031		14,182,588
		Government National Mortgage Association
	4,031,878	Series 2013-116-WU		3.00%			12/20/2042		3,890,365
	3,798,101	Series 2016-16-DF (CME Term SOFR 1 Month + 0.41%, 0.30% Floor, 6.50% Cap)		5.74%			02/16/2046		3,738,302
	4,914,861	Series 2022-183-B		5.00%			04/20/2047		4,877,068

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Government National Mortgage Association (Cont.)
	4,161,236	Series 2024-25-AF (US 30 Day Average Secured Overnight Financing Rate + 0.51%, 0.51% Floor, 6.50% Cap)		5.83%			02/20/2049		4,077,739
		Total US Government and Agency Mortgage Backed Obligations (Cost $153,873,906)							148,438,937
	US GOVERNMENT AND AGENCY OBLIGATIONS 23.2%
	123,700,000	United States Treasury Note/Bond		4.00%			01/15/2027		122,235,894
	165,900,000	United States Treasury Note/Bond		4.25%			01/31/2026		164,610,386
	137,200,000	United States Treasury Note/Bond		4.25%			05/31/2025		136,098,649
	73,700,000	United States Treasury Note/Bond		4.63%			06/30/2025		73,443,778
	53,700,000	United States Treasury Note/Bond		4.63%			11/15/2026		53,882,496
	112,000,000	United States Treasury Note/Bond		4.13%			02/15/2027		111,068,125
	176,000,000	United States Treasury Note/Bond		4.88%			11/30/2025		176,281,875
	192,900,000	United States Treasury Note/Bond		4.25%			12/31/2025		191,332,689
	108,500,000	United States Treasury Note/Bond		4.38%			12/15/2026		108,249,941
	181,200,000	United States Treasury Note/Bond		4.63%			02/28/2026		181,065,515
		Total US Government and Agency Obligations (Cost $1,324,565,131)							1,318,269,348
	SHORT TERM INVESTMENTS 4.0%
	55,661,756	First American Government Obligations Fund - U		5.26%	(h)				55,661,756
	55,661,756	JPMorgan US Government Money Market Fund - IM		5.25%	(h)				55,661,756
	55,661,756	MSILF Government Portfolio - Institutional		5.22%	(h)				55,661,756
	56,400,000	United States Treasury Bill		0.00%			05/16/2024		56,031,716
		Total Short Term Investments (Cost $223,030,348)							223,016,984
		Total Investments 99.4% (Cost $5,803,843,046)							5,622,779,375
		Other Assets in Excess of Liabilities 0.6%							33,419,545
		NET ASSETS 100.0%						$	5,656,198,920

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

March 31, 2024

SECURITY TYPE BREAKDOWN as a % of Net Assets:
US Government and Agency Obligations	23.2%
Non-Agency Commercial Mortgage Backed Obligations	14.2%
Collateralized Loan Obligations	13.9%
Non-Agency Residential Collateralized Mortgage Obligations	13.0%
Foreign Corporate Bonds	8.7%
Asset Backed Obligations	7.5%
US Corporate Bonds	7.0%
Short Term Investments	4.0%
Bank Loans	3.5%
US Government and Agency Mortgage Backed Obligations	2.6%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	1.8%
Other Assets and Liabilities	0.6%
Net Assets	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:
US Government and Agency Obligations	23.2%
Non-Agency Commercial Mortgage Backed Obligations	14.2%
Collateralized Loan Obligations	13.9%
Non-Agency Residential Collateralized Mortgage Obligations	13.0%
Asset Backed Obligations	7.5%
Banking	4.2%
Short Term Investments	4.0%
US Government and Agency Mortgage Backed Obligations	2.6%
Utilities	2.5%
Energy	1.4%
Transportation	1.2%
Healthcare	1.0%
Mining	1.0%
Technology	0.9%
Hotels/Motels/Inns and Casinos	0.8%
Automotive	0.7%
Pharmaceuticals	0.6%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	0.5%
Telecommunications	0.5%
Chemicals/Plastics	0.5%
Electronics/Electric	0.4%
Consumer Products	0.4%
Media	0.4%
Finance	0.4%
Food Products	0.4%
Chemical Products	0.3%
Building and Development (including Steel/Metals)	0.3%
Real Estate	0.3%
Insurance	0.3%
Commercial Services	0.3%
Containers and Glass Products	0.3%
Aerospace & Defense	0.2%
Retailers (other than Food/Drug)	0.2%
Beverage and Tobacco	0.2%
Food Service	0.2%
Diversified Manufacturing	0.1%
Business Equipment and Services	0.1%
Environmental Control	0.1%
Pulp & Paper	0.1%
Construction	0.1%
Industrial Equipment	0.1%
Other Assets and Liabilities	0.6%
Net Assets	100.0%

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers.

(b) Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of period end.

(c) Value determined using significant unobservable inputs.

(d) Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of period end.

(e) Step Bond; Coupon rate changes based on a predetermined schedule or event. The interest rate shown is the rate in effect as of period end.

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

(g) Interest only security

(h) Seven-day yield as of period end.

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 61

Schedule of Investments DoubleLine Floating Rate Fund March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
	BANK LOANS 86.1%
	AEROSPACE & DEFENSE 1.6%
		Dynasty Acquisition Co., Inc.
	826,565	Senior Secured Term Loan (CME Term SOFR 1 Month + 3.50%)		8.83%		08/24/2028		828,710
		Standard Aero Ltd.
	318,702	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.50%)		8.82%		08/24/2028		319,529
		TransDigm, Inc.
	1,796,425	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.75%)		8.06%		08/24/2028		1,794,063
								2,942,302
	AUTOMOTIVE 0.8%
		Clarios Global LP
	1,007,475	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.00%)		8.33%		05/06/2030		1,011,253
		Dexko Global, Inc.
	342,074	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.01%, 0.50% Floor)		9.32%		10/04/2028		339,294
								1,350,547
	BEVERAGE AND TOBACCO 0.6%
		Triton Water Holdings, Inc.
	1,153,896	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.51%, 0.50% Floor)		8.86%		03/31/2028		1,143,229
	BUILDING AND DEVELOPMENT (INCLUDING STEEL/METALS) 0.8%
		Cornerstone Building Brands, Inc.
	415,714	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.35%, 0.50% Floor)		8.68%		04/12/2028		414,299
		LBM Acquisition LLC
	783,463	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.85%, 0.75% Floor)		9.18%		12/20/2027		782,977
		MIWD Holdco II LLC
	160,000	Senior Secured Term Loan (CME Term SOFR 1 Month + 3.50%)		8.83%		03/28/2031		160,950
								1,358,226
	BUSINESS EQUIPMENT AND SERVICES 3.4%
		Camelot US Acquisition LLC
	14,027	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.75%)		8.08%		01/31/2031		14,038
	165,028	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.75%)		8.08%		01/31/2031		165,152

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		Camelot US Acquisition LLC (Cont.)
	707,971	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.75%)		8.08%		01/31/2031		708,502
		CoreLogic, Inc.
	1,008,131	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.61%, 0.50% Floor)		8.94%		06/02/2028		988,206
		Deerfield Dakota Holding LLC
	1,003,072	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.75%, 1.00% Floor)		9.06%		04/09/2027		999,381
		Dun & Bradstreet Corp.
	247,143	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.75%)		8.08%		01/18/2029		247,375
		EAB Global, Inc.
	765,215	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.61%, 0.50% Floor)		8.94%		08/16/2028		766,554
		Eisner Advisory Group LLC
	550,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.00%, 0.50% Floor)		9.33%		02/28/2031		552,923
		Element Materials Technology Group US Holdings, Inc.
	183,987	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.35%, 0.50% Floor)		9.66%		06/25/2029		184,370
	398,638	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.35%, 0.50% Floor)		9.66%		06/25/2029		399,469
		First Advantage Holdings LLC
	745,013	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.86%)		8.19%		01/29/2027		745,247
		VT Topco, Inc.
	294,263	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.25%, 0.50% Floor)		9.58%		08/12/2030		295,419
								6,066,636
	CHEMICALS/PLASTICS 3.8%
		Charter Next Generation, Inc.
	680,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.50%, 0.75% Floor)		8.83%		12/01/2027		682,009
		Ecovyst Catalyst Technologies LLC
	464,294	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.60%, 0.50% Floor)		7.91%		06/09/2028		464,656
	1,207,164	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.60%, 0.50% Floor)		7.91%		06/09/2028		1,208,106
		Hexion Holdings Corp.
	701,223	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.50%, 0.50% Floor)		9.98%		03/15/2029		691,459

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		INEOS US Finance LLC
	896,857	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.60%)		8.93%		02/19/2030		897,979
	215,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.75%)		9.08%		01/31/2031		215,538
		INEOS US Petrochem LLC
	880,000	Senior Secured Term Loan (CME Term SOFR 1 Month + 4.25%)		9.68%		03/29/2029		879,454
		Nouryon USA LLC
	149,453	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.10%)		9.42%		04/03/2028		150,106
	575,756	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.10%)		9.42%		04/03/2028		578,275
		Olympus Water US Holding Corp.
	539,024	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 4.25%)		9.57%		11/09/2028		541,385
	180,625	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.01%, 0.50% Floor)		9.32%		11/09/2028		180,953
		Polar US Borrower LLC
	124,196	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.85%)		10.16%		10/15/2025		94,622
	145,319	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.85%)		10.16%		10/15/2025		110,716
		Vantage Specialty Chemicals, Inc.
	128,375	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.75%, 0.50% Floor)		10.07%		10/26/2026		127,171
								6,822,429
	COMMERCIAL SERVICES 3.3%
		Allied Universal Holdco LLC
	371,492	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.85%, 0.50% Floor)		9.18%		05/15/2028		371,456
		Ascend Learning LLC
	285,000	Senior Secured Second Lien Term Loan (1 Month US Secured Overnight Financing Rate + 5.85%, 0.50% Floor)		11.18%		12/10/2029		282,240
	432,466	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.60%, 0.50% Floor)		8.93%		12/10/2028		430,630
	418,879	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.60%, 0.50% Floor)		8.93%		12/10/2028		417,101

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Cengage Learning, Inc.
	395,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.25%, 1.00% Floor)		9.58%			03/24/2031		395,061
		Coherent Corp. T/L B (03/24)
	125,000	Senior Secured Term Loan		7.83%	(a)		07/02/2029		125,000
		Flame Newco LLC
	7,996	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.10%, 1.00% Floor)		7.43%			06/30/2028		7,536
	259,722	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.10%, 1.00% Floor)		7.43%			06/30/2028		244,788
		Garda World Security Corp.
	1,029,476	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.35%)		9.58%			02/01/2029		1,032,698
		Mister Car Wash Holdings T/L (03/24)
	155,000	Senior Secured Term Loan		8.33%	(a)		03/21/2031		155,549
		OMNIA Partners LLC
	438,900	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.75%)		9.07%			07/25/2030		441,437
		Packers Holdings LLC
	303,035	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.35%, 0.75% Floor)		8.68%			03/09/2028		194,700
		PECF USS Intermediate Holding III Corp.
	495,370	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.51%, 0.50% Floor)		9.82%			12/15/2028		379,580
		Vestis Corp.
	270,000	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.25%)		7.58%			02/24/2031		270,338
		Viad Corp.
	554,619	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 5.11%, 0.50% Floor)		10.44%			07/31/2028		556,874
		Wand NewCo 3, Inc.
	480,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.75%)		9.08%			01/30/2031		481,913
									5,786,901
	CONSTRUCTION 1.5%
		Artera Services LLC
	660,000	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.50%)		9.81%			02/10/2031		663,299

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 63

Schedule of Investments DoubleLine Floating Rate Fund (Cont.)

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		Brand Industrial Services, Inc.
	502,699	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 5.50%, 0.50% Floor)		10.81%		08/01/2030		505,482
		Quikrete Holdings, Inc.
	125,000	Senior Secured Term Loan (CME Term SOFR 1 Month + 2.50%)		7.94%		03/25/2031		125,209
	395,960	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.86%)		8.19%		03/19/2029		396,613
		Tamko Building Products LLC
	398,000	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.50%)		8.83%		09/20/2030		398,498
		Tecta America Corp.
	560,746	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.11%, 0.75% Floor)		9.44%		04/10/2028		562,894
								2,651,995
	CONSUMER PRODUCTS 2.1%
		APX Group, Inc.
	612,563	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.69%		07/10/2028		614,789
	1,687	Senior Secured First Lien Term Loan (Prime Rate + 2.25%, 0.50% Floor)		10.75%		07/10/2028		1,693
		Energizer Holdings, Inc.
	311,871	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.36%, 0.50% Floor)		7.69%		12/22/2027		312,105
		Hunter Douglas, Inc.
	618,964	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.50%, 0.50% Floor)		8.82%		02/26/2029		612,920
	227,276	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.50%, 0.50% Floor)		8.82%		02/26/2029		225,056
		Kronos Acquisition Holdings, Inc.
	514,127	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.01%, 0.50% Floor)		9.36%		12/22/2026		515,381
	219,176	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.01%, 0.50% Floor)		9.36%		12/22/2026		219,711
		RH
	482,637	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.61%, 0.50% Floor)		7.94%		10/20/2028		471,665

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		SWF Holdings I Corp.
	798,272	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.11%, 0.75% Floor)		9.44%		10/06/2028		736,737
								3,710,057
	CONTAINERS AND GLASS PRODUCTS 3.1%
		Clydesdale Acquisition Holdings, Inc.
	738,122	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.78%, 0.50% Floor)		9.11%		04/13/2029		739,967
		Graham Packaging Co., Inc.
	1,051,214	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.11%, 0.75% Floor)		8.44%		08/04/2027		1,052,202
		Kloeckner Pentaplast of America, Inc.
	267,928	Senior Secured First Lien Term Loan (6 Month US Secured Overnight Financing Rate + 4.98%, 0.50% Floor)		10.27%		02/09/2026		252,857
		Pregis TopCo LLC
	989,528	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.75%)		9.08%		07/31/2026		992,175
		Pretium PKG Holdings, Inc.
	174,026	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.50%, 1.00% Floor) 2.50% PIK		10.31%		10/02/2028		176,746
	386,326	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.20%, 1.00% Floor) 1.40% PIK		9.90%		10/02/2028		347,210
	1,477	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.50%, 1.00% Floor) 2.50% PIK		7.81%		10/02/2028		1,500
	155,000	Senior Secured Second Lien Term Loan (3 Month US Secured Overnight Financing Rate + 7.01%, 0.50% Floor)		12.33%		10/01/2029		96,924
	3,085	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.20%, 1.00% Floor) 1.40% PIK		8.50%		10/02/2028		2,773
		TricorBraun Holdings, Inc.
	793,878	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.69%		03/03/2028		785,974
		Trident TPI Holdings, Inc.
	1,131,546	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.26%, 0.50% Floor)		9.57%		09/18/2028		1,133,351
								5,581,679

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
	ELECTRONICS/ELECTRIC 13.9%
		Access CIG LLC
	1,024,850	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 5.00%, 0.50% Floor)		10.33%		08/18/2028		1,027,253
		Applied Systems, Inc.
	235,000	Senior Secured Second Lien Term Loan (3 Month US Secured Overnight Financing Rate + 5.25%)		10.56%		02/23/2032		243,740
	650,000	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.50%)		8.81%		02/24/2031		654,644
		Astra Acquisition Corp.
	514,876	Senior Secured Second Lien Term Loan (3 Month US Secured Overnight Financing Rate + 8.99%, 0.75% Floor)		14.48%		10/25/2029		159,290
	747,411	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 5.36%, 0.50% Floor)		10.86%		10/25/2028		316,716
		Asurion LLC
	135,000	Senior Secured Second Lien Term Loan (1 Month US Secured Overnight Financing Rate + 5.36%)		10.69%		02/03/2028		122,428
	114,399	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.35%)		9.68%		08/19/2028		110,681
	697,666	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%)		8.69%		07/31/2027		672,128
	420,985	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%)		8.69%		12/23/2026		413,466
	500,000	Senior Secured Second Lien Term Loan (1 Month US Secured Overnight Financing Rate + 5.36%)		10.69%		01/20/2029		449,728
		Boost Newco Borrower LLC
	915,000	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.00%)		8.31%		01/31/2031		919,387
		Boxer Parent Co., Inc.
	1,266,825	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.25%)		9.58%		12/29/2028		1,276,458
		Castle US Holding Corp.
	240,725	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.01%)		9.35%		01/29/2027		170,442
		Central Parent, Inc.
	904,975	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.00%)		9.31%		07/06/2029		908,694
		Chariot Buyer LLC
	315,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.75%, 0.50% Floor)		9.08%		11/03/2028		316,051

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Conservice Midco LLC
	448,763	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.00%)		9.33%			05/13/2027		450,802
		Constant Contact, Inc.
	599,236	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.26%, 0.75% Floor)		9.59%			02/10/2028		583,827
		Cornerstone OnDemand, Inc.
	525,053	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.01%, 0.50% Floor)		9.19%			10/16/2028		516,085
		Cyxtera DC Holdings, Inc.
	288,397	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.00%, 1.00% Floor)		10.50%	(b)		05/01/2024		14,805
		Dcert Buyer, Inc.
	285,000	Senior Secured Second Lien Term Loan (1 Month US Secured Overnight Financing Rate + 7.00%)		12.33%			02/16/2029		258,837
	677,161	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.00%)		9.33%			10/16/2026		674,839
		DG Investment Intermediate Holdings 2, Inc.
	378,056	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.86%, 0.75% Floor)		9.19%			03/31/2028		378,461
	150,000	Senior Secured Second Lien Term Loan (1 Month US Secured Overnight Financing Rate + 6.86%, 0.75% Floor)		12.19%			03/31/2029		140,813
	253,073	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.75%, 0.75% Floor)		10.08%			03/31/2028		253,864
		Ellucian Holdings, Inc.
	1,122,563	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.60%, 0.50% Floor)		8.93%			10/29/2029		1,128,737
		Gainwell Acquisition Corp.
	1,388,521	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.10%, 0.75% Floor)		9.41%			10/01/2027		1,330,723
		Genesys Cloud Services Holdings II T/L B
	673,396	Senior Secured Term Loan		0.00%			12/01/2027		666,558
		Helios Software Holdings, Inc.
	577,440	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.75%)		9.07%			07/15/2030		573,473
		Informatica LLC
	1,048,600	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.86%)		8.19%			10/30/2028		1,050,697

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 65

Schedule of Investments DoubleLine Floating Rate Fund (Cont.)

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		ION Trading Finance Ltd.
	333,598	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.85%)		10.20%		04/03/2028		333,598
		Ivanti Software, Inc.
	313,184	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.51%, 0.75% Floor)		9.84%		12/01/2027		294,001
		McAfee Corp.
	766,365	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.85%, 0.50% Floor)		9.18%		03/01/2029		766,740
		Mirion Technologies US, Inc.
	656,965	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.01%, 0.50% Floor)		8.36%		10/20/2028		659,428
		Mitchell International, Inc.
	130,000	Senior Secured Second Lien Term Loan (1 Month US Secured Overnight Financing Rate + 6.61%, 0.50% Floor)		11.94%		10/15/2029		130,081
	816,035	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.86%, 0.50% Floor)		9.19%		10/15/2028		817,292
		Newfold Digital Holdings Group, Inc.
	790,152	Senior Secured First Lien Term Loan (6 Month US Secured Overnight Financing Rate + 3.93%, 0.75% Floor)		9.42%		02/10/2028		772,966
		Polaris Newco LLC
	553,182	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.11%, 0.50% Floor)		9.57%		06/05/2028		548,472
		Proofpoint, Inc.
	1,055,686	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.69%		08/31/2028		1,057,412
		RealPage, Inc.
	1,040,169	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.11%, 0.50% Floor)		8.44%		04/24/2028		1,013,369
		Travelport Finance Luxembourg SARL
	97,804	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 8.26%, 1.00% Floor)		13.61%		09/29/2028		91,581
	338,888	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 8.26%, 1.00% Floor)		13.61%		09/29/2028		317,328

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		UKG, Inc.
	150,690	Senior Secured Second Lien Term Loan (3 Month US Secured Overnight Financing Rate + 5.35%, 0.50% Floor)		10.68%			05/03/2027		152,291
	870,122	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.50%)		8.81%			02/10/2031		875,695
		Ultra Clean Holdings T/L (03/24)
	240,000	Senior Secured Term Loan		8.82%	(a)		02/29/2028		240,601
		Ultra Clean Holdings, Inc.
	283,961	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.86%)		9.19%			08/27/2025		284,673
		Wec US Holdings Ltd.
	900,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.75%)		8.08%			01/27/2031		900,000
									25,039,155
	ENERGY 2.9%
		BCP Renaissance Parent LLC
	527,442	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.50%, 1.00% Floor)		8.83%			10/31/2028		529,586
		Buckeye Partners LP
	415,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.00%)		7.33%			11/02/2026		416,241
		Compass Power Generation LLC
	912,417	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.36%, 1.00% Floor)		9.69%			04/14/2029		919,132
		Delek US Holdings, Inc.
	313,186	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.60%, 0.50% Floor)		8.93%			11/19/2029		313,438
		Freeport LNG Investments LLLP
	509,428	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.76%, 0.50% Floor)		9.08%			12/21/2028		506,621
		GIP II Blue Holding LP
	259,132	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.61%, 1.00% Floor)		9.94%			09/29/2028		260,306
		GIP Pilot Acquisition Partners LP
	350,000	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.00%)		8.33%			10/04/2030		351,575
		NRG Energy T/L B (03/24)
	420,000	Senior Secured Term Loan		7.33%	(a)		03/27/2031		419,740

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		Oryx Midstream Services Permian Basin LLC
	728,175	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.11%, 0.50% Floor)		8.44%		10/05/2028		731,754
		Par Petroleum LLC
	237,600	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.35%, 0.50% Floor)		9.69%		02/28/2030		238,268
		Traverse Midstream Partners LLC
	248,027	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.60%, 0.50% Floor)		8.82%		02/16/2028		248,957
		WhiteWater DBR HoldCo LLC
	315,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.75%)		8.08%		03/03/2031		315,918
								5,251,536
	FINANCE 2.9%
		Allspring Buyer LLC
	748,340	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.51%, 0.50% Floor)		8.89%		11/01/2028		748,751
		Edelman Financial Engines Center LLC/The
	675,400	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.61%, 0.75% Floor)		8.94%		04/07/2028		676,309
	413,234	Senior Secured Second Lien Term Loan (1 Month US Secured Overnight Financing Rate + 6.86%)		12.19%		07/20/2026		415,947
		Focus Financial Partners LLC
	666,273	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.50%, 0.50% Floor)		7.83%		06/30/2028		664,527
	683,288	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.75%, 0.50% Floor)		8.08%		06/30/2028		681,900
		Hightower Holding LLC
	905,502	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.26%, 0.75% Floor)		9.59%		04/21/2028		907,766
		Minotaur Acquisition, Inc.
	1,021,627	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.85%)		10.18%		03/30/2026		1,023,926
								5,119,126
	FINANCIAL INTERMEDIARIES 0.3%
		Greystone Select Financial LLC
	221,508	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 5.26%, 0.75% Floor)		10.57%		06/17/2028		221,508

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		Walker & Dunlop, Inc.
	356,788	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.50%, 0.50% Floor)		7.68%		12/18/2028		356,341
								577,849
	FOOD PRODUCTS 1.0%
		CHG PPC Parent LLC
	834,858	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.11%, 0.50% Floor)		8.44%		12/08/2028		836,946
		H-Food Holdings LLC
	220,206	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.95%)		9.29%		05/30/2025		161,164
		Monogram Food Solutions LLC
	830,875	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.11%, 0.50% Floor)		9.44%		08/27/2028		832,952
								1,831,062
	HEALTHCARE 10.4%
		ADMI Corp.
	410,776	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.86%, 0.50% Floor)		9.19%		12/23/2027		397,683
	532,325	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 5.75%)		11.08%		12/23/2027		533,491
		Air Methods Corp.
	13,321	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 9.10%)		14.41%		12/28/2028		13,554
		AthenaHealth Group, Inc.
	1,144,564	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.25%, 0.50% Floor)		8.58%		02/15/2029		1,136,609
		Aveanna Healthcare LLC
	581,925	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.85%, 0.50% Floor)		9.19%		07/17/2028		561,037
	376,650	Senior Secured Second Lien Term Loan (3 Month US Secured Overnight Financing Rate + 7.15%, 0.50% Floor)		12.49%		12/10/2029		324,861
		Bausch + Lomb Corp.
	278,600	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.00%)		9.33%		09/29/2028		278,950
	1,145,211	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.35%, 0.50% Floor)		8.68%		05/10/2027		1,134,618

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 67

Schedule of Investments DoubleLine Floating Rate Fund (Cont.)

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Catalent Pharma Solutions, Inc.
	569,133	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.11%, 0.50% Floor)		7.44%			02/22/2028		569,488
		CHG Healthcare Services, Inc.
	539,138	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.75%, 0.50% Floor)		9.09%			10/02/2028		541,162
	49,387	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.75%, 0.50% Floor)		9.08%			10/02/2028		49,573
	549,365	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.69%			09/29/2028		550,453
		CNT Holdings I Corp.
	124,688	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.50%, 0.75% Floor)		8.82%			11/08/2027		125,067
		Cotiviti, Inc.
	805,000	Senior Secured Term Loan (CME Term SOFR 1 Month + 3.25%)		8.58%			02/24/2031		803,994
		FinThrive Software Intermediate Holdings, Inc.
	301,805	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.11%, 0.50% Floor)		9.42%			12/18/2028		254,743
		Fortrea Holdings, Inc.
	143,913	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.75%, 0.50% Floor)		9.08%			07/01/2030		144,512
		LifePoint Health, Inc.
	1,152,031	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 5.50%)		11.09%			11/16/2028		1,156,455
		Maravai Intermediate Holdings LLC
	493,569	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.00%, 0.50% Floor)		8.31%			10/19/2027		485,753
		Medline Borrower LP
	847,287	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 2.86%)		8.19%			10/23/2028		850,080
		Outcomes Group Holdings, Inc.
	307,648	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.51%)		8.69%			10/24/2025		308,079
		Pacific Dental Services T/L B (02/24)
	640,000	Senior Secured Term Loan		8.58%	(a)		03/07/2031		640,934
		Packaging Coordinators Midco, Inc.
	1,075,299	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.76%, 0.75% Floor)		9.07%			11/30/2027		1,078,810

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		Phoenix Newco, Inc.
	1,515,668	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.69%		11/15/2028		1,520,835
		PointClickCare Technologies, Inc.
	287,140	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.26%, 0.75% Floor)		8.57%		12/29/2027		288,039
		Radiology Partners T/L
	458,150	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.50%)		9.09%		01/31/2029		443,750
	4,721	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.50%)		9.09%		01/31/2029		4,572
		Select Medical Corp.
	987,679	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.00%)		8.33%		03/05/2027		990,459
		Sotera Health Holdings LLC
	972,650	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.75%, 0.50% Floor)		9.08%		12/14/2026		972,047
		Sound Inpatient Physicians Holdings LLC
	300,000	Senior Secured Second Lien Term Loan (3 Month US Secured Overnight Financing Rate + 7.01%)		12.32%		06/29/2026		21,000
		Southern Veterinary Partners LLC
	1,220,800	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.11%, 1.00% Floor)		9.44%		10/05/2027		1,223,546
		Team Health Holdings, Inc.
	242,916	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 5.25%, 1.00% Floor)		10.56%		03/02/2027		216,195
		Verscend Holding Corp.
	960,796	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.11%)		9.44%		08/27/2025		961,997
								18,582,346
	HOTELS/MOTELS/INNS AND CASINOS 7.4%
		Alterra Mountain Co.
	825,209	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.61%, 0.50% Floor)		8.94%		08/17/2028		829,682
	397,750	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.85%)		9.18%		05/31/2030		400,236
	105,000	Senior Secured Term Loan (CME Term SOFR 1 Month + 3.50%)		8.83%		05/31/2030		105,656

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		Bally’s Corp.
	766,667	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.51%, 0.50% Floor)		8.83%		10/02/2028		721,782
		Caesars Entertainment, Inc.
	267,300	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.35%, 0.50% Floor)		8.66%		02/06/2030		268,396
	650,000	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.75%, 0.50% Floor)		8.04%		02/06/2031		651,320
		Carnival Corp.
	455,229	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%, 0.75% Floor)		8.69%		10/18/2028		456,415
	114,138	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.00%, 0.75% Floor)		8.32%		08/09/2027		114,447
		ClubCorp Holdings, Inc.
	23,191	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 5.26%)		10.61%		09/18/2026		23,265
	643,291	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 5.26%)		10.61%		09/18/2026		645,362
		Fertitta Entertainment LLC/NV
	1,662,371	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.75%, 0.50% Floor)		9.08%		01/29/2029		1,668,263
		Flutter Financing BV
	224,438	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.25%, 0.50% Floor)		7.56%		11/29/2030		224,938
		Hilton Grand Vacations Borrower LLC
	445,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.75%)		8.08%		01/17/2031		446,322
		MIC Glen LLC
	681,466	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.69%		07/21/2028		681,412
		Motion Finco SARL
	1,015,000	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.76%)		9.07%		11/30/2029		1,014,618
		Ontario Gaming GTA LP
	943,115	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.25%, 0.50% Floor)		9.56%		08/01/2030		947,496

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Playa Resorts Holding BV
	938,944	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.25%, 0.50% Floor)		8.58%			01/05/2029		942,789
		Scientific Games Holdings LP
	783,311	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.75%, 0.50% Floor)		8.58%			04/04/2029		784,067
		SMG US Midco 2, Inc.
	338,578	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.76%)		8.07%			01/23/2025		338,879
	918,269	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.76%)		8.07%			01/23/2025		919,086
		Station Casinos LLC
	265,000	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 2.25%)		7.82%			03/14/2031		264,970
		Whatabrands LLC
	876,359	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.69%			08/03/2028		877,897
									13,327,298
	INDUSTRIAL EQUIPMENT 6.4%
		AI Aqua Merger Sub, Inc.
	1,132,843	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.75%, 0.50% Floor)		9.07%			07/31/2028		1,136,150
		BCPE Empire Holdings, Inc.
	1,003,959	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.00%, 0.50% Floor)		9.33%			12/25/2028		1,006,218
		Castlelake Aviation One DAC
	905,840	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.50%, 0.50% Floor)		7.83%			10/22/2026		907,027
	570	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.50%, 0.50% Floor)		7.83%	(c)		10/22/2026		571
		Columbus McKinnon Corp./NY
	484,335	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.50%)		7.81%			05/15/2028		486,152
		Crosby US Acquisition Corp.
	219,450	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.00%, 0.50% Floor)		9.32%			08/16/2029		220,936
		Gates Global LLC
	290,575	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.00%, 0.50% Floor)		8.33%			11/16/2029		291,872

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 69

Schedule of Investments DoubleLine Floating Rate Fund (Cont.)

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Lummus Technology Holdings V LLC
	1,007,132	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.61%)		8.94%			12/31/2029		1,009,549
		Madison IAQ LLC
	1,016,148	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.69%			06/21/2028		1,015,884
		Restaurant Technologies, Inc.
	65,458	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.25%, 0.50% Floor)		9.57%			04/02/2029		64,988
	65,458	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.25%, 0.50% Floor)		9.60%			04/02/2029		64,988
	693,753	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.25%, 0.50% Floor)		9.60%			04/02/2029		688,768
		Spin Holdco, Inc.
	278,570	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.26%, 0.75% Floor)		9.59%			03/06/2028		258,701
		SRS Distribution, Inc.
	1,136,715	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.61%, 0.50% Floor)		8.94%			06/05/2028		1,145,860
		Titan Acquisition Ltd./Canada
	845,000	Senior Secured Term Loan (CME Term SOFR 1 Month + 5.00%)		10.33%			02/01/2029		848,257
	1,218,114	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.11%)		8.44%			03/28/2025		1,218,620
		TK Elevator US Newco, Inc.
	1,131,086	Senior Secured Term Loan (CME Term SOFR 1 Month + 3.50%)		8.83%			04/15/2030		1,136,192
									11,500,733
	INSURANCE 2.1%
		Acrisure LLC
	439,875	Senior Secured First Lien Term Loan (1 Month Synthetic LIBOR + 4.25%, 0.50% Floor)		9.69%	(c)		02/15/2027		441,799
	699,847	Senior Secured First Lien Term Loan (1 Month Synthetic LIBOR + 3.50%)		8.94%	(c)		02/15/2027		700,285
		Alliant Holdings Intermediate LLC
	805,950	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.50%, 0.50% Floor)		8.83%			11/06/2030		810,154

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		AssuredPartners, Inc.
	367,500	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.50%, 0.50% Floor)		8.83%			02/12/2027		368,248
	801,182	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.61%)		8.94%			02/12/2027		802,912
	30,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.50%, 0.50% Floor)		8.82%			02/14/2031		30,075
		Cross Financial Corp.
	537,245	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.50%, 0.75% Floor)		8.83%			09/15/2027		537,916
									3,691,389
	MEDIA 3.2%
		Acuris Finance US, Inc.
	1,231,458	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.10%, 0.50% Floor)		9.50%			02/16/2028		1,231,649
		AMC Entertainment Holdings, Inc.
	218,098	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.11%)		8.44%			04/22/2026		183,475
		Century DE Buyer LLC
	155,000	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.00%)		9.32%			10/30/2030		155,756
		Charter Communications Operating LLC
	1,004,950	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.00%)		7.33%			12/09/2030		996,081
	2,525	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.00%)		7.32%			12/09/2030		2,503
		CMG Media Corp.
	647,032	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.60%)		8.91%			12/17/2026		565,865
		CSC Holdings LLC
	711,295	Senior Secured First Lien Term Loan (1 Month Synthetic LIBOR + 2.50%)		7.94%	(c)		04/15/2027		644,992
		Directv Financing LLC
	428,339	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 5.26%, 0.75% Floor)		10.44%			08/02/2027		429,410
		iHeartCommunications, Inc.
	311,103	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.11%)		8.44%			05/01/2026		273,271

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Nascar Holdings LLC
	241,084	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.61%)		7.94%			10/19/2026		242,399
		NEP Group, Inc.
	24,105	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%) 1.50% PIK		8.69%			08/19/2026		23,043
	491,285	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%) 1.50% PIK		8.69%			08/19/2026		469,639
		Sinclair Television Group, Inc.
	298,606	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.61%)		7.94%			09/30/2026		285,206
		Univision Communications, Inc.
	206,325	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.25%, 0.50% Floor)		9.56%			06/24/2029		207,021
									5,710,310
	MINING 0.4%
		Foresight Energy LLC
	387,201	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 8.10%, 1.50% Floor)		13.41%	(d)		06/30/2027		387,201
		Vibrantz Technologies, Inc.
	266,038	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.40%, 0.50% Floor)		9.72%			04/23/2029		263,736
									650,937
	PHARMACEUTICALS 2.1%
		Curium Bidco SARL
	107,800	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.50%)		9.81%			07/31/2029		108,474
	242,615	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.50%)		9.81%			07/31/2029		244,131
	369,147	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.50%)		9.81%			07/31/2029		371,454
		Grifols Worldwide Operations USA, Inc.
	596,073	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.15%)		7.46%			11/15/2027		578,450
		Jazz Financing Lux SARL
	1,126,847	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.11%, 0.50% Floor)		8.44%			05/05/2028		1,133,891

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		Organon & Co.
	665,982	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.11%, 0.50% Floor)		8.43%		06/02/2028		669,175
		Perrigo Investments LLC
	710,986	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.35%, 0.50% Floor)		7.68%		04/20/2029		709,803
								3,815,378
	REAL ESTATE 0.8%
		Iron Mountain, Inc.
	842,888	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.25%)		7.58%		01/31/2031		837,969
		Starwood Property Mortgage LLC
	508,563	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.25%, 0.50% Floor)		8.58%		11/18/2027		509,198
								1,347,167
	RETAILERS (OTHER THAN FOOD/DRUG) 3.3%
		American Tire Distributors, Inc.
	174,390	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 6.51%, 0.75% Floor)		11.83%		10/23/2028		152,156
		EG America LLC
	85,881	Senior Secured First Lien Term Loan (Daily US Secured Overnight Financing Rate + 4.36%, 0.50% Floor)		10.10%		03/31/2026		85,988
	498,747	Senior Secured First Lien Term Loan (Daily US Secured Overnight Financing Rate + 5.93%, 0.50% Floor)		11.24%		02/07/2028		497,500
		Great Outdoors Group LLC
	967,392	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.86%, 0.75% Floor)		9.19%		03/05/2028		969,138
		HomeServe USA Corp.
	685,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.00%)		8.33%		10/21/2030		687,483
		Mavis Tire Express Services Topco Corp.
	667,883	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.75%, 0.75% Floor)		9.08%		05/04/2028		669,780
		Michaels Cos., Inc.
	644,095	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.51%, 0.75% Floor)		9.82%		04/15/2028		579,541

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 71

Schedule of Investments DoubleLine Floating Rate Fund (Cont.)

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		PetSmart LLC
	1,270,992	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.85%, 0.75% Floor)		9.18%		02/12/2028		1,269,670
		StubHub Holdco Sub LLC
	655,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.75%)		10.08%		03/12/2030		656,772
		Upbound Group, Inc.
	369,015	Senior Secured First Lien Term Loan (6 Month US Secured Overnight Financing Rate + 3.68%, 0.50% Floor)		9.12%		02/17/2028		369,552
								5,937,580
	TECHNOLOGY 0.4%
		CommScope, Inc.
	182,793	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%)		8.69%		04/06/2026		166,342
		Tiger Acquisition LLC
	569,683	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.35%, 0.50% Floor)		8.68%		06/01/2028		565,612
								731,954
	TELECOMMUNICATIONS 2.8%
		Altice France SA/France
	721,063	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 5.50%)		10.81%		08/31/2028		577,077
		Aventiv Technologies LLC
	456,727	First Lien Term Loan (CME Term SOFR 3 Month + 5.35%)		10.70%		07/31/2025		342,432
		Connect Finco SARL
	573,012	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.50%, 1.00% Floor)		8.83%		12/11/2026		573,146
		Gogo Intermediate Holdings LLC
	846,514	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.86%, 0.75% Floor)		9.19%		04/28/2028		846,281
		Level 3 Financing, Inc.
	132,180	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 6.67%)		12.00%		04/15/2029		131,395
	132,180	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 6.67%)		12.00%		04/15/2030		131,395
		Telesat LLC
	139,852	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.86%)		8.35%		12/07/2026		85,092

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		Virgin Media Bristol LLC
	1,120,000	Senior Secured First Lien Term Loan (6 Month US Secured Overnight Financing Rate + 3.35%)		8.79%		03/31/2031		1,104,908
		Zayo Group Holdings, Inc.
	948,773	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.11%)		8.44%		03/09/2027		835,191
		Ziggo Financing Partnership
	470,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.61%)		7.94%		04/30/2028		463,831
								5,090,748
	TRANSPORTATION 3.9%
		AAdvantage Loyalty IP Ltd.
	756,500	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 5.01%, 0.75% Floor)		10.33%		04/20/2028		786,919
		Air Canada
	320,000	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.50%)		7.83%		03/21/2031		321,002
		American Airlines, Inc.
	842,885	Senior Secured First Lien Term Loan (6 Month US Secured Overnight Financing Rate + 3.50%)		8.77%		06/04/2029		846,573
		ASP LS Acquisition Corp.
	433,875	Senior Secured First Lien Term Loan (6 Month US Secured Overnight Financing Rate + 4.76%, 0.75% Floor)		10.07%		05/07/2028		405,348
		Brown Group Holding LLC
	855,000	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 2.75%)		8.18%		06/07/2028		855,389
		Echo Global Logistics, Inc.
	384,427	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.60%, 0.50% Floor)		8.93%		11/23/2028		379,897
		Kenan Advantage Group, Inc.
	600,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.75%)		9.08%		01/25/2029		601,314
		Lasership, Inc.
	135,000	Senior Secured Second Lien Term Loan (6 Month US Secured Overnight Financing Rate + 7.93%, 0.75% Floor)		13.07%		05/07/2029		111,780
		Mileage Plus Holdings LLC
	292,500	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 5.40%, 1.00% Floor)		10.73%		06/21/2027		301,573

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		SkyMiles IP Ltd.
	277,500	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.75%, 1.00% Floor)		9.07%			10/20/2027		286,548
		United Airlines, Inc.
	805,000	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.75%)		8.08%			02/24/2031		807,262
		WestJet Airlines Ltd.
	66,569	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.10%, 1.00% Floor)		8.43%			12/11/2026		66,637
		WestJet Loyalty LP
	985,000	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.75%)		9.08%			02/14/2031		986,230
		WWEX Uni Topco Holdings LLC
	203,276	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.26%, 0.75% Floor)		9.57%			07/26/2028		202,572
									6,959,044
	UTILITIES 0.9%
		CQP Holdco LP
	693,263	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.00%, 0.50% Floor)		8.35%			12/31/2030		696,184
		PG&E Corp.
	200,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.50%, 0.50% Floor)		7.83%			06/23/2027		200,562
		Vistra Zero Operating Co. LLC
	290,000	Senior Secured Term Loan (CME Term SOFR 1 Month + 2.75%)		8.07%			03/26/2031		290,363
		WaterBridge Midstream Operating LLC
	324,272	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 6.01%, 1.00% Floor)		11.34%			06/21/2026		325,033
	54,399	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 6.01%, 1.00% Floor)		11.34%			06/21/2026		54,527
									1,566,669
		Total Bank Loans (Cost $155,456,786)							154,144,282
	COLLATERALIZED LOAN OBLIGATIONS 2.2%
		Bridge Street CLO Ltd.
	2,000,000	Series 2024-1A-A (CME Term SOFR 3 Month + 1.60%, 1.60% Floor)		0.00%	(e)		04/20/2037		2,000,000

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Katayma CLO Ltd.
	2,000,000	Series 2023-1A-A1 (CME Term SOFR 3 Month + 2.00%, 2.00% Floor)		7.32%	(e)		10/20/2036		2,016,975
		Total Collateralized Loan Obligations (Cost $4,000,000)							4,016,975
	US CORPORATE BONDS 3.8%
	298,000	Allied Universal Holdco LLC / Allied Universal Finance Corp.		6.63%	(e)		07/15/2026		298,054
	2,000,000	American Express Co. (Secured Overnight Financing Rate + 1.00%)		6.34%			02/16/2028		2,007,386
	1,000,000	Carnival Corp.		4.00%	(e)		08/01/2028		932,170
	2,000,000	Charles Schwab Corp. (Secured Overnight Financing Rate + 1.05%)		6.40%			03/03/2027		2,006,734
	1,000,000	IRB Holding Corp.		7.00%	(e)		06/15/2025		1,000,733
	252,000	Six Flags Theme Parks, Inc.		7.00%	(e)		07/01/2025		252,521
	400,000	Univision Communications, Inc.		7.38%	(e)		06/30/2030		395,867
		Total US Corporate Bonds (Cost $6,847,323)							6,893,465
	COMMON STOCKS 0.1%
	22,003	Flame Aggregator - Series R(d)(f)							185,925
	2,186	Flame Aggregator - Series U(d)(f)							18,472
		Total Common Stocks (Cost $49,603)							204,397
	SHORT TERM INVESTMENTS 12.3%
	7,373,011	First American Government Obligations Fund - U		5.26%	(g)				7,373,011
	7,373,011	JPMorgan US Government Money Market Fund - IM		5.25%	(g)				7,373,011
	7,373,011	MSILF Government Portfolio - Institutional		5.22%	(g)				7,373,011
		Total Short Term Investments (Cost $22,119,033)							22,119,033
		Total Investments 104.5% (Cost $188,472,745)							187,378,152
		Other Liabilities in Excess of Assets (4.5)%							(8,038,719	)
		NET ASSETS 100.0%						$	179,339,433

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Bank Loans	86.1%
Short Term Investments	12.3%
US Corporate Bonds	3.8%
Collateralized Loan Obligations	2.2%
Common Stocks	0.1%
Other Assets and Liabilities	(4.5)%
Net Assets	100.0%

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 73

Schedule of Investments DoubleLine Floating Rate Fund (Cont.)

INVESTMENT BREAKDOWN as a % of Net Assets:
Electronics/Electric	14.0%
Short Term Investments	12.3%
Healthcare	10.4%
Hotels/Motels/Inns and Casinos	7.4%
Industrial Equipment	6.4%
Finance	4.0%
Transportation	3.9%
Chemicals/Plastics	3.8%
Media	3.4%
Commercial Services	3.4%
Business Equipment and Services	3.4%
Retailers (other than Food/Drug)	3.3%
Containers and Glass Products	3.1%
Energy	2.8%
Telecommunications	2.8%
Collateralized Loan Obligations	2.2%
Pharmaceuticals	2.1%
Insurance	2.1%
Consumer Products	2.1%
Aerospace & Defense	1.6%
Construction	1.5%
Banking	1.1%
Food Products	1.0%
Utilities	0.9%
Building and Development (including Steel/Metals)	0.8%
Automotive	0.8%
Real Estate	0.8%
Leisure	0.7%
Beverage and Tobacco	0.6%
Food Service	0.6%
Mining	0.5%
Technology	0.4%
Financial Intermediaries	0.3%
Other Assets and Liabilities	(4.5)%
Net Assets	100.0%

(a) Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of period end.

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

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

(d) Value determined using significant unobservable inputs.

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers.

(f) Non-income producing security.

(g) Seven-day yield as of period end.

PIK A payment-in-kind security in which the issuer may make interest or dividend payments in cash or additional securities. These additional securities generally have the same terms as the original holdings.

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

Schedule of Investments - Summary DoubleLine Shiller Enhanced CAPE^® March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $		% OF NET ASSETS
	ASSET BACKED OBLIGATIONS
		GLS Auto Receivables Trust
	11,500,000	Series 2023-4A-A2		6.40%	(b)		12/15/2026		11,537,439		0.3%
		Horizon Aircraft Finance Ltd.
	15,771,008	Series 2019-2-A		3.43%	(b)		11/15/2039		12,671,075		0.3%
		Pagaya AI Debt Selection Trust
	16,647,798	Series 2022-1-B		3.34%	(b)		10/15/2029		16,226,973		0.4%
		Sapphire Aviation Finance Ltd.
	14,280,740	Series 2020-1A-A		3.23%	(b)		03/15/2040		12,581,204		0.3%
	Other Asset Backed Obligations(a)								239,570,331		5.7%
		Total Asset Backed Obligations (Cost $310,458,849)							292,587,022		7.0%
	BANK LOANS(a)
		Total Bank Loans (Cost $205,887,043)							206,500,952		4.9%
	COLLATERALIZED LOAN OBLIGATIONS
		37 Capital CLO
	27,000,000	Series 2021-1A-A (CME Term SOFR 3 Month + 1.46%, 1.20% Floor)		6.78%	(b)		10/15/2034		27,005,400		0.6%
		Anchorage Capital CLO Ltd.
	23,000,000	Series 2021-19A-A (CME Term SOFR 3 Month + 1.47%, 1.21% Floor)		6.79%	(b)		10/15/2034		23,029,688		0.5%
		ArrowMark Colorado Holdings
	18,223,916	Series 2018-9A-A1(CME Term SOFR 3 Month +1.38%, 1.38% Floor)		6.70%	(b)		07/15/2031		18,254,671		0.4%
		Battalion CLO Ltd.
	29,500,000	Series 2017-11A-AR (CME Term SOFR 3 Month + 1.41%, 1.15% Floor)		6.73%	(b)		04/24/2034		29,579,585		0.7%
		CQS US CLO
	25,000,000	Series 2021-1A-A (CME Term SOFR 3 Month + 1.48%, 1.22% Floor)		6.80%	(b)		01/20/2035		25,073,788		0.6%
		Dryden Senior Loan Fund
	25,000,000	Series 2020-85A-AR (CME Term SOFR 3 Month + 1.41%, 1.15% Floor)		6.73%	(b)		10/15/2035		24,991,310		0.6%
		Jamestown CLO Ltd.
	15,000,000	Series 2016-9A-A1RR (CME Term SOFR 3 Month + 1.50%, 1.24% Floor)		6.83%	(b)		07/25/2034		14,993,946		0.4%
		Logan CLO
	14,000,000	Series 2022-1A-B (CME Term SOFR 3 Month + 2.05%, 2.05% Floor)		7.37%	(b)		04/21/2035		14,033,909		0.3%
		Marble Point CLO
	29,500,000	Series 2020-1A-A (CME Term SOFR 3 Month + 1.56%, 1.30% Floor)		6.88%	(b)		04/20/2033		29,476,701		0.7%
	25,000,000	Series 2021-2A-A (CME Term SOFR 3 Month + 1.46%, 1.20% Floor)		6.79%	(b)		07/25/2034		24,993,788		0.6%
	23,000,000	Series 2021-3A-A1 (CME Term SOFR 3 Month + 1.50%, 1.24% Floor)		6.82%	(b)		10/17/2034		22,977,064		0.5%
		Nassau Global Credit LLC
	20,728,857	Series 2018-IA-A (CME Term SOFR 3 Month + 1.41%)		6.73%	(b)		07/15/2031		20,727,802		0.5%
		Sandstone Peak Ltd.
	14,000,000	Series 2021-1A-A1 (CME Term SOFR 3 Month + 1.48%, 1.22% Floor)		6.80%	(b)		10/15/2034		14,002,800		0.3%
		Sound Point CLO Ltd.
	25,000,000	Series 2019-2A-AR (CME Term SOFR 3 Month + 1.43%, 1.17% Floor)		6.75%	(b)		07/15/2034		24,941,640		0.6%
		Steele Creek CLO Ltd.
	18,000,000	Series 2019-2A-AR (CME Term SOFR 3 Month + 1.43%, 1.17% Floor)		6.75%	(b)		07/15/2032		18,035,915		0.4%
		Trimaran CAVU LLC
	20,000,000	Series 2021-3A-A (CME Term SOFR 3 Month + 1.47%, 1.21% Floor)		6.77%	(b)		01/18/2035		20,043,584		0.5%
		Wellfleet CLO Ltd.
	15,990,000	Series 2020-2A-AR (CME Term SOFR 3 Month + 1.48%, 1.22% Floor)		6.80%	(b)		07/15/2034		15,980,718		0.4%
		Whitebox CLO Ltd.
	25,000,000	Series 2021-3A-A1 (CME Term SOFR 3 Month + 1.48%, 1.22% Floor)		6.80%	(b)		10/15/2034		25,009,038		0.6%
	Other Collateralized Loan Obligations(a)								149,981,603		3.7%
		Total Collateralized Loan Obligations (Cost $542,563,286)							543,132,950		12.9%
	FOREIGN CORPORATE BONDS(a)
		Total Foreign Corporate Bonds (Cost $218,136,408)							214,839,365		5.1%
	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS(a)
		Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $29,176,564)							28,147,187		0.7%

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 75

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $		% OF NET ASSETS
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS
		BRSP Ltd.
	13,968,000	Series 2021-FL1-AS (CME Term SOFR 1 Month + 1.71%, 1.60% Floor)		7.04%	(b)		08/19/2038		13,663,888		0.3%
		CLNC Ltd.
	19,958,000	Series 2019-FL1-D (CME Term SOFR 1 Month + 3.01%, 2.90% Floor)		8.34%	(b)		08/20/2035		19,139,322		0.5%
	20,416,000	JP Morgan Chase Commercial Mortgage Securities		4.45%	(b)(c)		05/05/2032		20,271,619		0.5%
		Series 2019-UES-D									0.0%
		Series 2019-UES-E									0.0%
		Series 2019-UES-F									0.0%
		Series 2019-UES-G									0.0%
		MF1 Multifamily Housing Mortgage Loan Trust
	12,550,000	Series 2022-FL8-AS (CME Term SOFR 1 Month + 1.75%, 1.75% Floor)		7.08%	(b)		02/19/2037		12,361,340		0.3%
		TPG Real Estate Finance Issuer Ltd.
	11,630,000	Series 2022-FL5-A (US 30 Day Average Secured Overnight Financing Rate + 1.65%, 1.65% Floor)		6.97%	(b)		02/15/2039		11,572,327		0.3%
	Other Non-Agency Commercial Mortgage Backed Obligations(a)								410,196,568		9.7%
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $632,068,131)							487,205,064		11.6%
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS
		BRAVO Residential Funding Trust
	14,881,543	Series 2021-B-A1		5.12%	(b)(d)		04/01/2069		14,701,956		0.3%
		Credit Suisse Mortgage Capital Certificates
	17,138,319	Series 2022-NQM1-A1		2.27%	(b)(c)		11/25/2066		15,026,825		0.4%
		JP Morgan Alternative Loan Trust
	32,547,741	Series 2005-S1-1A4		6.00%			12/25/2035		11,876,140		0.3%
		CSMCM Trust
	20,624,355	Series 2019-RP10-A1		3.14%	(b)(c)		12/26/2059		20,807,160		0.5%
		Pretium Mortgage Credit Partners LLC
	24,790,149	Series 2021-NPL3-A1		1.87%	(b)(d)		07/25/2051		23,998,639		0.6%
		Vericrest Opportunity Loan Transferee
	17,455,373	Series 2021-NPL8-A1		5.12%	(b)(d)		04/25/2051		17,026,373		0.4%
		Verus Securitization Trust
	14,481,360	Series 2021-7-A1		1.83%	(b)(c)		10/25/2066		12,596,440		0.3%
	Other Non-Agency Residential Collateralized Mortgage Obligations(a)								319,659,415		7.6%
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $530,592,042)							435,692,948		10.4%
	US CORPORATE BONDS(a)
		Total US Corporate Bonds (Cost $264,305,520)							262,815,736		6.2%
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS
		Federal National Mortgage Association
	21,360,020	Series 2020-M49-1A1		1.26%	(c)		11/25/2030		19,078,996		0.5%
	Other US Government and Agency Mortgage Backed Obligations(a)								82,876,085		1.9%
		Total US Government and Agency Mortgage Backed Obligations (Cost $106,974,498)							101,955,081		2.4%
	US GOVERNMENT AND AGENCY OBLIGATIONS
	103,600,000	United States Treasury Note/Bond		4.25%			05/31/2025		102,768,368		2.4%
	55,600,000	United States Treasury Note/Bond		4.63%			06/30/2025		55,406,703		1.3%
	132,800,000	United States Treasury Note/Bond		4.88%			11/30/2025		133,012,687		3.2%
	145,500,000	United States Treasury Note/Bond		4.25%			12/31/2025		144,317,813		3.4%
	125,100,000	United States Treasury Note/Bond		4.25%			01/31/2026		124,127,543		3.0%
	136,700,000	United States Treasury Note/Bond		4.63%			02/28/2026		136,598,542		3.2%
	40,500,000	United States Treasury Note/Bond		4.63%			11/15/2026		40,637,637		1.0%
	81,800,000	United States Treasury Note/Bond		4.38%			12/15/2026		81,611,476		1.9%
	93,400,000	United States Treasury Note/Bond		4.00%			01/15/2027		92,294,523		2.2%
	84,500,000	United States Treasury Note/Bond		4.13%			02/15/2027		83,796,934		2.0%
		Total US Government and Agency Obligations (Cost $999,238,965)							994,572,226		23.6%

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

March 31, 2024

SHARES/ PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $		% OF NET ASSETS
	COMMON STOCKS(a)(e)
		Total Common Stocks (Cost $20,580)							84,804		0.0%
	SHORT TERM INVESTMENTS
	41,236,706	First American Government Obligations Fund-U		5.26%	(f)				41,236,706		1.0%
	41,236,706	JPMorgan US Government Money Market Fund-IM		5.25%	(f)				41,236,706		1.0%
	41,236,706	MSILF Government Portfolio-Institutional		5.22%	(f)				41,236,706		1.0%
	42,600,000	United States Treasury Bill		0.00%			05/16/2024		42,321,829		1.0%
	75,000,000	United States Treasury Bill		0.00%			06/27/2024		74,055,234		1.7%
		Total Short Term Investments (Cost $240,097,484)							240,087,181		5.7%
		Total Investments (Cost $4,079,519,370)							3,807,620,516		90.5%
		Other Assets in Excess of Liabilities							397,681,224		9.5%
		NET ASSETS						$	4,205,301,740		100.0%

SECURITY TYPE BREAKDOWN as a % of Net Assets:
US Government and Agency Obligations	23.6%
Collateralized Loan Obligations	12.9%
Non-Agency Commercial Mortgage Backed Obligations	11.6%
Non-Agency Residential Collateralized Mortgage Obligations	10.4%
Asset Backed Obligations	7.0%
US Corporate Bonds	6.2%
Short Term Investments	5.7%
Foreign Corporate Bonds	5.1%
Bank Loans	4.9%
US Government and Agency Mortgage Backed Obligations	2.4%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	0.7%
Common Stocks	0.0%	(e)
Other Assets and Liabilities	9.5%
Net Assets	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:
US Government and Agency Obligations	23.6%
Collateralized Loan Obligations	12.9%
Non-Agency Commercial Mortgage Backed Obligations	11.6%
Non-Agency Residential Collateralized Mortgage Obligations	10.4%
Asset Backed Obligations	7.0%
Short Term Investments	5.7%
Banking	2.9%
US Government and Agency Mortgage Backed Obligations	2.4%
Utilities	1.5%
Healthcare	1.2%
Hotels/Motels/Inns and Casinos	1.0%
Energy	0.9%
Technology	0.8%
Transportation	0.8%
Mining	0.6%
Automotive	0.6%
Industrial Equipment	0.5%
Electronics/Electric	0.5%
Pharmaceuticals	0.5%
Media	0.5%
Finance	0.4%
Chemicals/Plastics	0.4%
Commercial Services	0.4%
Containers and Glass Products	0.4%
Food Products	0.3%
Consumer Products	0.3%
Real Estate	0.2%
Insurance	0.2%
Telecommunications	0.2%
Chemical Products	0.2%
Aerospace & Defense	0.2%
Building and Development (including Steel/Metals)	0.2%
Retailers (other than Food/Drug)	0.2%
Beverage and Tobacco	0.2%
Diversified Manufacturing	0.1%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	0.1%
Food Service	0.1%
Construction	0.1%
Environmental Control	0.1%
Pulp & Paper	0.1%
Business Equipment and Services	0.1%
Financial Intermediaries	0.1%
Other Assets and Liabilities	9.5%
Net Assets	100.0%

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 77

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

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

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers.

(c) Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of period end.

(d) Step Bond; Coupon rate changes based on a predetermined schedule or event. The interest rate shown is the rate in effect as of period end.

(e) Represents less than 0.05% of net assets

(f) Seven-day yield as of period end

Excess Return Swaps
Reference Entity	Counterparty	Long/ Short	Financing Rate			Payment Frequency		Termination Date		Notional Amount		Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Barclays Capital, Inc.	Long		0.40	%		Termination		06/13/2024		100,000,000		$	18,069,097		$	—		$	18,069,097
Shiller Barclays CAPE® US Sector II ER USD Index(1)	BNP Paribas Securities Corp.	Long		0.39	%		Termination		05/01/2024		80,000,000			17,245,235			—			17,245,235
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Barclays Capital, Inc.	Long		0.40	%		Termination		05/09/2024		70,000,000			15,090,852			—			15,090,852
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Canadian Imperial Bank Of Commerce	Long		0.40	%		Termination		05/21/2024		69,000,000			13,795,726			—			13,795,726
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Barclays Capital, Inc.	Long		0.40	%		Termination		10/17/2024		85,000,000			13,196,826			—			13,196,826
Shiller Barclays CAPE® US Sector II ER USD Index(1)	BNP Paribas Securities Corp.	Long		0.39	%		Termination		06/05/2024		65,000,000			12,866,764			—			12,866,764
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Canadian Imperial Bank Of Commerce	Long		0.40	%		Termination		04/23/2024		75,000,000			12,749,539			—			12,749,539
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Barclays Capital, Inc.	Long		0.40	%		Termination		06/27/2024		86,000,000			12,343,935			—			12,343,935
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Barclays Capital, Inc.	Long		0.40	%		Termination		12/05/2024		80,000,000			12,304,821			—			12,304,821
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Bank of America Securities, Inc.	Long		0.38	%		Termination		04/16/2024		64,000,000			11,964,636			—			11,964,636
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Bank of America Securities, Inc.	Long		0.38	%		Termination		06/18/2024		80,000,000			11,749,744			—			11,749,744
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Canadian Imperial Bank Of Commerce	Long		0.40	%		Termination		05/28/2024		62,000,000			11,665,158			—			11,665,158
Shiller Barclays CAPE® US Sector II ER USD Index(1)	BNP Paribas Securities Corp.	Long		0.39	%		Termination		10/09/2024		75,000,000			11,660,288			—			11,660,288
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Bank of America Securities, Inc.	Long		0.38	%		Termination		11/19/2024		75,000,000			10,769,052			—			10,769,052
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Barclays Capital, Inc.	Long		0.40	%		Termination		11/14/2024		55,000,000			10,666,821			—			10,666,821
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Bank of America Securities, Inc.	Long		0.38	%		Termination		10/22/2024		72,000,000			10,360,560			—			10,360,560
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Canadian Imperial Bank Of Commerce	Long		0.40	%		Termination		11/07/2024		60,000,000			10,212,266			—			10,212,266
Shiller Barclays CAPE® US Sector II ER USD Index(1)	BNP Paribas Securities Corp.	Long		0.39	%		Termination		10/30/2024		65,000,000			10,035,515			—			10,035,515
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Bank of America Securities, Inc.	Long		0.38	%		Termination		12/10/2024		100,000,000			9,971,262			—			9,971,262
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Barclays Capital, Inc.	Long		0.40	%		Termination		07/11/2024		88,000,000			9,895,971			—			9,895,971
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Canadian Imperial Bank Of Commerce	Long		0.40	%		Termination		07/16/2024		96,000,000			9,828,593			—			9,828,593
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Barclays Capital, Inc.	Long		0.40	%		Termination		09/12/2024		100,000,000			9,801,542			—			9,801,542
Shiller Barclays CAPE® US Sector II ER USD Index(1)	BNP Paribas Securities Corp.	Long		0.39	%		Termination		10/02/2024		80,000,000			8,940,236			—			8,940,236
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Canadian Imperial Bank Of Commerce	Long		0.40	%		Termination		09/19/2024		88,000,000			8,860,191			—			8,860,191
Shiller Barclays CAPE® US Sector II ER USD Index(1)	BNP Paribas Securities Corp.	Long		0.39	%		Termination		12/18/2024		83,000,000			7,850,222			—			7,850,222

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

March 31, 2024

Excess Return Swaps
Reference Entity	Counterparty	Long/Short	Financing Rate			Payment Frequency		Termination Date		Notional Amount		Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Shiller Barclays CAPE® US Sector II ER USD Index(1)	BNP Paribas Securities Corp.	Long		0.39	%		Termination		08/14/2024		95,000,000		$	7,766,310		$	—		$	7,766,310
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Bank of America Securities, Inc.	Long		0.38	%		Termination		11/26/2024		65,000,000			7,268,213			—			7,268,213
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Barclays Capital, Inc.	Long		0.40	%		Termination		08/08/2024		95,000,000			7,227,053			—			7,227,053
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Barclays Capital, Inc.	Long		0.40	%		Termination		08/22/2024		65,000,000			6,964,274			—			6,964,274
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Barclays Capital, Inc.	Long		0.40	%		Termination		09/26/2024		77,000,000			6,652,296			—			6,652,296
Shiller Barclays CAPE® US Sector II ER USD Index(1)	BNP Paribas Securities Corp.	Long		0.39	%		Termination		07/24/2024		80,000,000			6,418,678			—			6,418,678
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Bank of America Securities, Inc.	Long		0.38	%		Termination		09/03/2024		55,000,000			6,284,773			—			6,284,773
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Bank of America Securities, Inc.	Long		0.38	%		Termination		07/30/2024		80,000,000			6,088,122			—			6,088,122
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Bank of America Securities, Inc.	Long		0.38	%		Termination		08/13/2024		85,000,000			5,823,829			—			5,823,829
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Canadian Imperial Bank Of Commerce	Long		0.40	%		Termination		02/18/2025		85,000,000			5,206,277			—			5,206,277
Shiller Barclays CAPE® US Sector II ER USD Index(1)	BNP Paribas Securities Corp.	Long		0.39	%		Termination		01/08/2025		100,000,000			5,178,196			—			5,178,196
Shiller Barclays CAPE® US Sector II ER USD Index(1)	BNP Paribas Securities Corp.	Long		0.39	%		Termination		08/28/2024		50,000,000			4,889,887			—			4,889,887
Shiller Barclays CAPE® US Sector II ER USD Index(1)	BNP Paribas Securities Corp.	Long		0.39	%		Termination		02/12/2025		86,000,000			4,278,962			—			4,278,962
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Morgan Stanley	Long		0.36	%		Termination		01/07/2025		54,000,000			4,263,947			—			4,263,947
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Morgan Stanley	Long		0.36	%		Termination		03/04/2025		78,000,000			4,210,285			—			4,210,285
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Bank of America Securities, Inc.	Long		0.38	%		Termination		02/25/2025		80,000,000			4,113,706			—			4,113,706
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Canadian Imperial Bank Of Commerce	Long		0.40	%		Termination		01/09/2025		97,000,000			3,959,411			—			3,959,411
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Canadian Imperial Bank Of Commerce	Long		0.40	%		Termination		03/11/2025		75,000,000			2,862,792			—			2,862,792
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Morgan Stanley	Long		0.36	%		Termination		02/04/2025		47,000,000			2,701,762			—			2,701,762
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Canadian Imperial Bank Of Commerce	Long		0.40	%		Termination		03/20/2025		65,000,000			2,274,129			—			2,274,129
Shiller Barclays CAPE® US Sector II ER USD Index(1)	BNP Paribas Securities Corp.	Long		0.39	%		Termination		01/29/2025		64,000,000			2,206,275			—			2,206,275
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Morgan Stanley	Long		0.36	%		Termination		01/14/2025		50,000,000			1,727,556			—			1,727,556
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Bank of America Securities, Inc.	Long		0.38	%		Termination		04/08/2025		91,000,000			1,470,335			—			1,470,335
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Canadian Imperial Bank Of Commerce	Long		0.40	%		Termination		04/01/2025		93,000,000			1,449,460			—			1,449,460
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Bank of America Securities, Inc.	Long		0.38	%		Termination		03/25/2025		62,000,000			887,246			—			887,246
													$	404,068,626		$	—		$	404,068,626

(1) Shiller Barclays CAPE^® US Sector II ER USD Index aims to provide notional long exposure to the top four United States equity sectors that are relatively undervalued, as defined by a modified version of the classic CAPE^® Ratio (the “Relative CAPE^® Indicator”) and that possess relatively strong price momentum over the prior twelve months. Each U.S. equity sector is represented by an index of equity securities of companies in the relevant sector. Information on the sector constituents as of March 31, 2024, is available on the Barclays Capital, Inc. website at https://indices.cib.barclays/IM/12/en/indices/details.app;ticker=BXIICS2E.

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 79

Schedule of Investments - Summary DoubleLine Flexible Income Fund March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $		% OF NET ASSETS
	ASSET BACKED OBLIGATIONS
		ExteNet LLC
	6,250,000	Series 2019-1A-C		5.22%	(b)		07/25/2049		6,184,799		0.7%
		Pagaya AI Debt Selection Trust
	5,499,701	Series 2021-3-C		3.27%	(b)		05/15/2029		4,790,280		0.5%
		Vivant Solar Financing V Parent LLC
	4,405,395	Series 2018-1A-A		4.73%	(b)		04/30/2048		4,113,898		0.4%
	Other Asset Backed Obligations(a)								29,944,968		3.1%
		Total Asset Backed Obligations (Cost $55,337,606)							45,033,945		4.7%
	BANK LOANS(a)
		Total Bank Loans (Cost $84,182,300)							84,004,315		8.8%
	COLLATERALIZED LOAN OBLIGATIONS
		BlueMountain CLO Ltd.
	3,770,000	Series 2013-2A-DR (CME Term SOFR 3 Month + 3.16%)		8.48%	(b)		10/22/2030		3,704,186		0.4%
		Cathedral Lake CLO Ltd.
	3,500,000	Series 2021-8A-C (CME Term SOFR 3 Month + 2.88%, 2.62% Floor)		8.20%	(b)		01/20/2035		3,544,197		0.4%
		LCM LP
	5,000,000	Series 26A-D (CME Term SOFR 3 Month + 2.76%, 2.50% Floor)		8.08%	(b)		01/20/2031		4,682,638		0.5%
		Madison Park Funding Ltd.
	4,500,000	Series 2015-18A-BR (CME Term SOFR 3 Month + 1.86%)		7.18%	(b)		10/21/2030		4,503,055		0.5%
		Neuberger Berman CLO Ltd.
	4,000,000	Series 2017-16SA-DR (CME Term SOFR 3 Month + 3.16%, 2.90% Floor)		8.48%	(b)		04/15/2034		3,991,812		0.4%
		Octagon Investment Partners Ltd.
	4,500,000	Series 2012-1A-CRR (CME Term SOFR 3 Month + 4.16%, 3.90% Floor)		9.48%	(b)		07/15/2029		4,516,974		0.5%
	4,000,000	Series 2018-1A-C (CME Term SOFR 3 Month + 2.86%, 2.60% Floor)		8.18%	(b)		01/20/2031		3,848,878		0.4%
		RR Ltd./Cayman Islands
	4,000,000	Series 2018-4A-C (CME Term SOFR 3 Month + 3.21%, 0.26% Floor)		8.53%	(b)		04/15/2030		3,972,471		0.4%
		Sound Point CLO Ltd.
	6,000,000	Series 2019-2A-DR (CME Term SOFR 3 Month + 3.56%, 3.30% Floor)		8.88%	(b)		07/15/2034		5,689,881		0.6%
	5,000,000	Series 2020-2A-DR (CME Term SOFR 3 Month + 3.61%, 3.35% Floor)		8.94%	(b)		10/25/2034		4,750,979		0.5%
		Steele Creek CLO Ltd.
	5,000,000	Series 2019-2A-BR (CME Term SOFR 3 Month + 2.11%, 1.85% Floor)		7.43%	(b)		07/15/2032		5,002,069		0.5%
		Wind River CLO Ltd.
	4,000,000	Series 2014-2A-DR (CME Term SOFR 3 Month + 3.16%, 2.90% Floor)		8.48%	(b)		01/15/2031		3,874,644		0.4%
		Trimaran CAVU LLC
	6,000,000	Series 2019-1A-B (CME Term SOFR 3 Month + 2.46%, 2.20% Floor)		7.78%	(b)		07/20/2032		6,004,896		0.6%
		ING Investment Management CLO Ltd.
	3,900,000	Series 2013-1A-CR (CME Term SOFR 3 Month + 3.21%)		8.53%	(b)		10/15/2030		3,810,414		0.4%
	Other Collateralized Loan Obligations(a)								105,337,990		11.1%
		Total Collateralized Loan Obligations (Cost $170,880,163)							167,235,084		17.6%
	FOREIGN CORPORATE BONDS(a)
		Total Foreign Corporate Bonds (Cost $54,911,347)							49,092,640		5.2%
	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS(a)
		Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $12,110,775)							10,083,658		1.1%
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS
	3,708,000	JP Morgan Chase Commercial Mortgage Securities		4.45%	(b)(e)		05/05/2032		3,681,777		0.4%
		Series 2019-UES-D
		Series 2019-UES-E
		Series 2019-UES-F
		Series 2019-UES-G
	Other Non-Agency Commercial Mortgage Backed Obligations (a)								84,041,113		8.8%
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $116,446,593)							87,722,890		9.2%

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $		% OF NET ASSETS
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS
		AMSR Trust
	5,122,000	Series 2021-SFR3-G		3.80%	(b)		10/17/2038		4,564,472		0.5%
		APS Resecuritization Trust
	7,765,840	Series 2015-3-1MZ (12 Month US Treasury Average + 0.96%, 0.96% Floor)		4.47%	(b)		10/27/2046		6,633,234		0.7%
		Credit Suisse Mortgage Capital Certificates
	7,700,000	Series 2020-RPL6-A2		3.40%	(b)(e)		03/25/2059		7,088,264		0.7%
		Fannie Mae Connecticut Avenue Securities
	6,200,000	Series 2024-R01-1M2 (US 30 Day Average Secured Overnight Financing Rate + 1.80%, 1.80% Floor)		7.12%	(b)		01/25/2044		6,241,917		0.7%
		FirstKey Homes Trust
	6,452,000	Series 2021-SFR1-F1		3.24%	(b)		08/17/2038		5,822,276		0.6%
		FMC GMSR Issuer Trust
	8,000,000	Series 2021-GT1-A		3.62%	(b)(e)		07/25/2026		7,057,253		0.7%
		Freddie Mac Structured Agency Credit Risk Debt Notes
	4,300,000	Series 2024-DNA1-M2 (US 30 Day Average Secured Overnight Financing Rate + 1.95%)		7.27%	(b)		02/25/2044		4,318,757		0.5%
	9,000,000	Series 2024-HQA1-M2 (US 30 Day Average Secured Overnight Financing Rate + 2.00%)		7.32%	(b)		03/25/2044		9,024,646		0.9%
		Home Partners of America Trust
	6,435,698	Series 2019-2-F		3.87%	(b)		10/19/2039		5,668,209		0.6%
		Morgan Stanley Resecuritization Trust
	7,380,795	Series 2013-R7-8B (12 Month US Treasury Average + 0.96%, 0.96% Floor)		6.04%	(b)(c)		12/26/2046		6,848,140		0.7%
		Novastar Home Equity Loan
	9,679,231	Series 2006-3-A2C (CME Term SOFR 1 Month + 0.43%, 0.32% Floor, 11.00% Cap)		5.76%			10/25/2036		5,095,863		0.5%
		Progress Residential Trust
	7,500,000	Series 2021-SFR2-F		3.40%	(b)		04/19/2038		6,862,486		0.7%
	8,100,000	Series 2021-SFR3-F		3.44%	(b)		05/17/2026		7,423,958		0.8%
		Residential Mortgage Loan Trust
	5,750,000	Series 2020-1-B1		3.95%	(b)(e)		01/26/2060		4,908,327		0.5%
		Structured Asset Securities Corp.
	7,454,445	Series 2007-OSI-A4 (CME Term SOFR 1 Month + 0.31%, 0.20% Floor)		5.64%			06/25/2037		4,809,154		0.5%
	5,092,983	Series 2007-RF1-1A (CME Term SOFR 1 Month + 0.30%, 0.19% Floor)		5.63%	(b)		03/25/2037		4,111,514		0.4%
		Toorak Mortgage Corp.
	6,600,000	Series 2021-1-A2		5.10%	(b)(d)		06/25/2024		6,430,118		0.7%
		Tricon American Homes Trust
	5,000,000	Series 2019-SFR1-F		3.75%	(b)		03/17/2038		4,732,995		0.5%
		Verus Securitization Trust
	5,000,000	Series 2021-7-B1		4.14%	(b)(e)		10/25/2066		3,794,417		0.4%
	Other Non-Agency Residential Collateralized Mortgage Obligations(a)								62,497,937		6.6%
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $208,214,860)							173,933,937		18.2%
	US CORPORATE BONDS(a)
		Total US Corporate Bonds (Cost $38,461,245)							36,688,390		3.9%
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS
		Federal Home Loan Mortgage Corp.
	13,164,956	Series 4851-PF (US 30 Day Average Secured Overnight Financing Rate + 0.51%, 0.40% Floor, 6.50% Cap)		5.83%			08/15/2057		12,756,786		1.3%
	10,948,609	Series 4944-F (US 30 Day Average Secured Overnight Financing Rate + 0.56%, 0.45% Floor, 6.50% Cap)		5.88%			01/25/2050		10,806,690		1.1%
	7,450,128	Series KF89-AS (US 30 Day Average Secured Overnight Financing Rate + 0.37%)		5.69%			09/25/2030		7,376,978		0.8%
	16,829,178	Federal Home Loan Mortgage Corp.		1.02% – 5.93%	(f)(g)		04/15/2040 – 09/25/2051		7,421,504		0.8%
		Federal National Mortgage Association
	6,014,737	Series 2013-12-FT (US 30 Day Average Secured Overnight Financing Rate + 0.46%, 0.35% Floor, 6.50% Cap)		5.78%			02/25/2043		5,888,144		0.6%
	3,988,130	Series 2018-86-MF (US 30 Day Average Secured Overnight Financing Rate + 0.41%, 0.30% Floor, 6.50% Cap)		5.73%			12/25/2048		3,924,196		0.4%
	5,207,911	Series 2022-43-FA (US 30 Day Average Secured Overnight Financing Rate + 0.55%, 0.55% Floor, 6.00% Cap)		5.87%			07/25/2052		4,917,245		0.5%
	24,438,448	Federal National Mortgage Association		0.62% – 3.00%	(f)(g)		05/25/2046 – 08/25/2050		2,927,554		0.3%

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 81

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

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $			% OF NET ASSETS
		Government National Mortgage Association
	35,285,790	Series 2020-146-IJ		2.50%	(f)		10/20/2050		4,169,390			0.4%
	298,811,144	Government National Mortgage Association		0.00% – 1.03%	(e)(f)(g)		10/20/2049 – 10/16/2065		17,304,889			1.8%
	Other US Government and Agency Mortgage Backed Obligations(a)								6,414,977			0.8%
		Total US Government and Agency Mortgage Backed Obligations (Cost $92,446,027)							83,908,353			8.8%
	US GOVERNMENT AND AGENCY OBLIGATIONS
	10,000,000	United States Treasury Note/Bond		3.13%			08/15/2025		9,773,633			1.0%
	50,000,000	United States Treasury Note/Bond		4.63%			02/28/2025		49,799,073			5.2%
		Total US Government and Agency Obligations (Cost $59,641,079)							59,572,706			6.3%
	COMMON STOCKS(a)(i)
		Total Common Stocks (Cost $341,010)							180,092			0.0%
	WARRANTS(a)(i)
		Total Warrants (Cost $—)							663			0.0%
	SHORT TERM INVESTMENTS
	7,763,728	First American Government Obligations Fund-U		5.26%	(h)				7,763,728			0.8%
	7,763,728	JPMorgan US Government Money Market Fund-IM		5.25%	(h)				7,763,728			0.8%
	7,763,728	MSILF Government Portfolio-Institutional		5.22%	(h)				7,763,728			0.8%
	140,000,000	United States Treasury Bill		0.00%			05/02/2024		139,364,130			14.6%
		Total Short Term Investments (Cost $162,658,736)							162,655,314			17.0%
		Total Investments (Cost $1,055,631,741)							960,111,987			100.8%
		Liabilities in Excess of Other Assets							(7,747,596	)		(0.8)%
		NET ASSETS						$	952,364,391			100.0%

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Non-Agency Residential Collateralized Mortgage Obligations	18.2%
Collateralized Loan Obligations	17.6%
Short Term Investments	17.0%
Non-Agency Commercial Mortgage Backed Obligations	9.2%
Bank Loans	8.8%
US Government and Agency Mortgage Backed Obligations	8.8%
US Government and Agency Obligations	6.3%
Foreign Corporate Bonds	5.2%
Asset Backed Obligations	4.7%
US Corporate Bonds	3.9%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	1.1%
Common Stocks	0.0%	(i)
Warrants	0.0%	(i)
Other Assets and Liabilities	(0.8)%
Net Assets	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:
Non-Agency Residential Collateralized Mortgage Obligations	18.2%
Collateralized Loan Obligations	17.6%
Short Term Investments	17.0%
Non-Agency Commercial Mortgage Backed Obligations	9.2%
US Government and Agency Mortgage Backed Obligations	8.8%
US Government and Agency Obligations	6.3%
Asset Backed Obligations	4.7%
Energy	1.6%
Utilities	1.4%
Electronics/Electric	1.4%
Healthcare	1.4%
Transportation	1.1%
Banking	1.1%
Hotels/Motels/Inns and Casinos	1.0%
Industrial Equipment	0.8%
Mining	0.7%
Media	0.6%
Chemicals/Plastics	0.6%
Retailers (other than Food/Drug)	0.6%
Consumer Products	0.6%
Telecommunications	0.6%
Commercial Services	0.6%
Finance	0.6%
Insurance	0.5%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	0.5%
Construction	0.4%
Business Equipment and Services	0.4%

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

March 31, 2024

INVESTMENT BREAKDOWN as a % of Net Assets: (Cont.)
Containers and Glass Products	0.3%
Aerospace & Defense	0.3%
Technology	0.3%
Leisure	0.3%
Building and Development (including Steel/Metals)	0.2%
Automotive	0.2%
Pharmaceuticals	0.2%
Food Products	0.2%
Diversified Manufacturing	0.2%
Chemical Products	0.1%
Real Estate	0.1%
Beverage and Tobacco	0.1%
Pulp & Paper	0.0%	(i)
Environmental Control	0.0%	(i)
Conglomerates	0.0%	(i)
Food Service	0.0%	(i)
Financial Intermediaries	0.0%	(i)
Other Assets and Liabilities	(0.8)%
Net Assets	100.0%

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

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers.

(c) Value determined using significant unobservable inputs.

(d) Step Bond; Coupon rate changes based on a predetermined schedule or event. The interest rate shown is the rate in effect as of period end.

(e) Includes securities where coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of period end.

(f) Includes interest only securities

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

(h) Seven-day yield as of period end

(i) Represents less than 0.05% of net assets

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 83

Schedule of Investments DoubleLine Low Duration Emerging Markets Fixed Income Fund March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN CORPORATE BONDS 84.3%
	BRAZIL 13.2%
	3,800,000	Braskem Netherlands Finance BV (5 Year CMT Rate + 8.22%)		8.50%			01/23/2081		3,813,814
	376,000	BRF GmbH		4.35%			09/29/2026		357,634
	3,100,000	Cosan Luxembourg SA		7.00%			01/20/2027		3,123,012
	2,870,247	Guara Norte SARL		5.20%			06/15/2034		2,621,023
	105,102	Invepar Holdings		0.00%	(a)(b)		12/30/2028		—
	550,000	Itau Unibanco Holding SA/Cayman Island (5 Year CMT Rate + 3.45%)		3.88%			04/15/2031		525,815
	1,200,000	JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.		2.50%			01/15/2027		1,106,899
	400,000	JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.		3.00%			02/02/2029		354,462
	1,300,000	Minerva Luxembourg SA		5.88%			01/19/2028		1,258,582
	2,552,129	MV24 Capital BV		6.75%			06/01/2034		2,403,356
	2,800,000	NBM US Holdings, Inc.		7.00%			05/14/2026		2,812,930
	708,175	Prumo Participacoes e Investimentos S/A		7.50%			12/31/2031		707,800
	1,200,000	St Marys Cement, Inc. Canada		5.75%			01/28/2027		1,208,100
	600,000	Suzano International Finance BV		4.00%			01/14/2025		591,228
									20,884,655
	CHILE 9.4%
	4,802,868	Chile Electricity PEC SpA		0.00%	(c)		01/25/2028		3,777,456
	478,000	Empresa Electrica Angamos SA		4.88%			05/25/2029		433,223
	1,520,470	Empresa Electrica Cochrane SpA		5.50%			05/14/2027		1,472,976
	4,500,000	Enel Generacion Chile SA		4.25%			04/15/2024		4,498,707
	1,553,280	GNL Quintero SA		4.63%			07/31/2029		1,520,624
	700,000	Mercury Chile Holdco LLC		6.50%	(c)		01/24/2027		679,042
	900,000	Mercury Chile Holdco LLC		6.50%			01/24/2027		873,054
	1,588,000	Sociedad Quimica y Minera de Chile SA		4.38%			01/28/2025		1,569,046
									14,824,128
	COLOMBIA 7.2%
	3,832,119	AI Candelaria Spain SA		7.50%			12/15/2028		3,755,903
	2,100,000	Banco de Bogota SA		6.25%			05/12/2026		2,100,900
	4,600,000	Bancolombia SA (5 Year CMT Rate + 2.94%)		4.63%			12/18/2029		4,486,906
	1,100,000	Grupo de Inversiones Suramericana SA		5.50%			04/29/2026		1,078,748
									11,422,457
	GUATEMALA 2.7%
	1,100,000	Banco Industrial SA/Guatemala (5 Year CMT Rate + 4.44%)		4.88%			01/29/2031		1,054,614
	1,350,000	Millicom International Cellular SA		6.63%			10/15/2026		1,345,011
	1,936,800	Millicom International Cellular SA		5.13%			01/15/2028		1,838,709
									4,238,334
	INDIA 6.6%
	1,204,000	Adani International Container Terminal Pvt Ltd.		3.00%			02/16/2031		1,027,271
	336,000	Adani Ports & Special Economic Zone Ltd.		3.38%			07/24/2024		332,744
	3,100,000	Adani Ports & Special Economic Zone Ltd.		4.00%			07/30/2027		2,847,684
	2,400,000	Adani Transmission Step-One Ltd.		4.00%			08/03/2026		2,257,643

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	200,000	Bharti Airtel Ltd.		4.38%			06/10/2025		196,789
	644,000	JSW Hydro Energy Ltd.		4.13%			05/18/2031		571,335
	3,150,000	Reliance Industries Ltd.		4.13%			01/28/2025		3,109,703
									10,343,169
	INDONESIA 8.6%
	2,000,000	Adaro Indonesia PT		4.25%			10/31/2024		1,974,895
	400,000	Freeport Indonesia PT		4.76%	(c)		04/14/2027		391,553
	1,800,000	Freeport Indonesia PT		4.76%			04/14/2027		1,761,989
	4,900,000	Freeport-McMoRan, Inc.		4.13%			03/01/2028		4,691,176
	967,750	LLPL Capital Pte Ltd.		6.88%			02/04/2039		968,969
	3,998,140	Minejesa Capital BV		4.63%			08/10/2030		3,804,544
									13,593,126
	JAMAICA 0.0%(d)
	56,495	Digicel Group Holdings Ltd.		0.00%	(b)(c)		12/31/2030		649
	40,275	Digicel Group Holdings Ltd.		0.00%	(b)(c)		12/31/2030		37,191
	201,875	Digicel Group Holdings Ltd.		0.00%	(b)(c)		12/31/2030		31,189
	576	Digicel Group Holdings Ltd.		0.00%	(b)(c)		12/31/2030		465
									69,494
	KOREA 1.9%
	3,000,000	LG Chem Ltd.		3.25%			10/15/2024		2,960,632
									2,960,632
	KUWAIT 2.3%
	400,000	MEGlobal BV		4.25%			11/03/2026		385,587
	3,400,000	MEGlobal Canada ULC		5.00%			05/18/2025		3,361,464
									3,747,051
	MALAYSIA 0.8%
	1,244,000	Axiata SPV2 Bhd		4.36%			03/24/2026		1,219,684
									1,219,684
	MEXICO 5.9%
	1,200,000	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand (5 Year CMT Rate + 3.00%)		7.53%			10/01/2028		1,248,956
	1,800,000	BBVA Bancomer SA/Texas (5 Year CMT Rate + 3.00%)		5.35%			11/12/2029		1,784,594
	2,450,000	BBVA Bancomer SA/Texas (5 Year CMT Rate + 2.65%)		5.13%			01/18/2033		2,278,475
	2,000,000	Industrias Penoles SAB de CV		4.15%			09/12/2029		1,871,677
	2,168,172	Mexico Generadora de Energia S de RL		5.50%			12/06/2032		2,136,165
									9,319,867
	PANAMA 1.6%
	1,877,000	Global Bank Corp. (3 Month LIBOR USD + 3.30%)		5.25%	(e)		04/16/2029		1,727,527
	800,000	Multibank, Inc.		7.75%	(c)		02/03/2028		808,042
									2,535,569
	PARAGUAY 1.5%
	1,050,000	Banco Continental SAECA		2.75%			12/10/2025		990,682
	1,482,000	Telefonica Celular del Paraguay SA		5.88%			04/15/2027		1,441,505
									2,432,187

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	PERU 11.9%
	200,000	Banco de Credito del Peru SA		5.85%	(c)		01/11/2029		202,449
	2,100,000	Banco de Credito del Peru SA (5 Year CMT Rate + 3.00%)		3.13%			07/01/2030		2,012,552
	2,000,000	Banco de Credito del Peru SA (5 Year CMT Rate + 2.45%)		3.25%	(c)		09/30/2031		1,848,525
	1,400,000	Banco Internacional del Peru SAA Interbank (5 Year CMT Rate + 3.71%)		4.00%			07/08/2030		1,345,546
	500,000	Camposol SA		6.00%			02/03/2027		385,926
	1,200,000	Cia de Minas Buenaventura SAA		5.50%			07/23/2026		1,158,459
	2,675,000	Fenix Power Peru SA		4.32%			09/20/2027		2,577,697
	316,000	Hunt Oil Co. of Peru LLC Sucursal Del Peru		6.38%	(c)		06/01/2028		313,049
	2,355,000	Inkia Energy Ltd.		5.88%			11/09/2027		2,306,585
	240,000	Intercorp Financial Services, Inc.		4.13%			10/19/2027		225,815
	118,262	Interoceanica IV Finance Ltd. Series 2007		0.00%			11/30/2025		111,610
	2,300,000	Kallpa Generacion SA		4.88%			05/24/2026		2,246,123
	1,885,000	Orazul Energy Peru SA		5.63%			04/28/2027		1,786,678
	658,000	Southern Copper Corp.		3.88%			04/23/2025		645,322
	1,600,000	Transportadora de Gas del Peru SA		4.25%			04/30/2028		1,557,168
									18,723,504
	SINGAPORE 6.7%
	4,000,000	DBS Group Holdings Ltd. (5 Year CMT Rate + 1.10%)		1.82%			03/10/2031		3,724,101
	3,500,000	Oversea-Chinese Banking Corp. Ltd. (5 Year CMT Rate + 1.58%)		1.83%			09/10/2030		3,309,419
	3,800,000	United Overseas Bank Ltd. (5 Year CMT Rate + 1.52%)		1.75%			03/16/2031		3,528,650
									10,562,170
	SOUTH AFRICA 3.2%
	650,000	AngloGold Ashanti Holdings PLC		3.38%			11/01/2028		585,479
	2,300,000	Gold Fields Orogen Holdings BVI Ltd.		5.13%			05/15/2024		2,292,820
	2,300,000	Sasol Financing USA LLC		4.38%			09/18/2026		2,177,068
									5,055,367
	UNITED ARAB EMIRATES 0.2%
	323,300	Galaxy Pipeline Assets Bidco Ltd.		1.75%			09/30/2027		303,638
									303,638
	VIETNAM 0.6%
	922,290	Mong Duong Finance Holdings BV		5.13%			05/07/2029		882,424
									882,424
		Total Foreign Corporate Bonds (Cost $135,263,202)							133,117,456

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS 14.0%
	BRAZIL 0.7%
	1,100,000	Petrobras Global Finance BV		7.38%			01/17/2027		1,144,263
	COLOMBIA 2.4%
	1,500,000	Colombia Government International Bond		4.50%			01/28/2026		1,469,677
	2,500,000	Oleoducto Central SA		4.00%			07/14/2027		2,337,881
									3,807,558
	DOMINICAN REPUBLIC 0.4%
	700,000	Dominican Republic International Bond		5.50%			01/27/2025		696,500
	INDIA 1.9%
	1,000,000	ONGC Videsh Ltd.		4.63%			07/15/2024		996,014
	2,000,000	ONGC Videsh Vankorneft Pte Ltd.		3.75%			07/27/2026		1,927,682
									2,923,696
	INDONESIA 0.8%
	1,300,000	Indonesia Asahan Aluminium PT / Mineral Industri Indonesia Persero PT		4.75%			05/15/2025		1,284,294
	KOREA 0.9%
	500,000	Korea Hydro & Nuclear Power Co. Ltd.		1.25%	(c)		04/27/2026		461,245
	1,000,000	Korea Southern Power Co. Ltd.		0.75%	(c)		01/27/2026		922,855
									1,384,100
	MALAYSIA 1.8%
	3,000,000	TNB Global Ventures Capital Bhd		3.24%			10/19/2026		2,855,022
	MEXICO 2.0%
	3,400,000	Banco Nacional de Comercio Exterior SNC/Cayman Islands (5 Year CMT Rate + 2.00%)		2.72%			08/11/2031		3,079,717
	PARAGUAY 0.5%
	824,353	Bioceanico Sovereign Certificate Ltd.		0.00%			06/05/2034		606,030
	200,000	Paraguay Government International Bond		4.70%			03/27/2027		195,077
									801,107
	PERU 1.8%
	1,959,000	Corp. Financiera de Desarrollo SA (3 Month LIBOR USD + 5.61%)		5.25%	(e)		07/15/2029		1,957,374
	917,189	Lima Metro Line 2 Finance Ltd.		5.88%			07/05/2034		910,624
									2,867,998
	SOUTH AFRICA 0.8%
	1,300,000	Republic of South Africa Government International Bond		4.88%			04/14/2026		1,267,621
		Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $22,401,826)							22,111,876

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 85

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

SHARES		SECURITY DESCRIPTION	RATE			VALUE $
	SHORT TERM INVESTMENTS 0.9%
	492,515	First American Government Obligations Fund - U		5.26%	(f)		492,515
	492,515	JPMorgan US Government Money Market Fund - IM		5.25%	(f)		492,515
	492,515	MSILF Government Portfolio -Institutional		5.22%	(f)		492,515
		Total Short Term Investments (Cost $1,477,545)					1,477,545
		Total Investments 99.2% (Cost $159,142,573)					156,706,877
		Other Assets in Excess of Liabilities 0.8%					1,201,437
		NET ASSETS 100.0%				$	157,908,314

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Foreign Corporate Bonds	84.3%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	14.0%
Short Term Investments	0.9%
Other Assets and Liabilities	0.8%
Net Assets	100.0%
INVESTMENT BREAKDOWN as a % of Net Assets:
Banking	24.2%
Utilities	22.5%
Mining	10.5%
Transportation	10.0%
Energy	7.9%
Consumer Products	4.8%
Chemical Products	4.8%
Chemicals/Plastics	4.3%
Telecommunications	3.9%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	2.3%
Food Products	1.2%
Short Term Investments	0.9%
Building and Development (including Steel/Metals)	0.8%
Finance	0.7%
Pulp & Paper	0.4%
Other Assets and Liabilities	0.8%
Net Assets	100.0%

COUNTRY BREAKDOWN as a % of Net Assets:
Brazil	13.9%
Peru	13.7%
Colombia	9.6%
Chile	9.4%
Indonesia	9.4%
India	8.5%
Mexico	7.9%
Singapore	6.7%
South Africa	4.0%
Korea	2.8%
Guatemala	2.7%
Malaysia	2.6%
Kuwait	2.3%
Paraguay	2.0%
Panama	1.6%
United States	0.9%
Vietnam	0.6%
Dominican Republic	0.4%
United Arab Emirates	0.2%
Jamaica	0.0%	(d)
Other Assets and Liabilities	0.8%
Net Assets	100.0%

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

(b) Value determined using significant unobservable inputs.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers.

(d) Represents less than 0.05% of net assets.

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

(f) Seven-day yield as of period end.

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

Schedule of Investments DoubleLine Long Duration Total Return Bond Fund March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS 77.2%
		Federal Home Loan Mortgage Corp.
	1,373,487	Series 4057-ZB		3.50%			06/15/2042		1,267,561
	1,386,928	Series 4194-ZL		3.00%	(a)		04/15/2043		1,207,127
	2,190,391	Series 4206-LZ		3.50%	(a)		05/15/2043		1,937,967
	2,977,608	Series 4390-NZ		3.00%	(a)		09/15/2044		2,588,195
	1,061,513	Series 4460-KB		3.50%			03/15/2045		928,148
	575,542	Series 4839-WO		0.00%	(b)		08/15/2056		403,112
	2,000,000	Series 4994-AV		2.00%			12/25/2045		1,542,116
	1,841,303	Series 5105-GZ		2.50%	(a)		05/25/2051		1,160,751
	1,283,335	Series 5145-HZ		3.00%	(a)		09/25/2051		766,961
	1,884,504	Series 5155-JZ		3.00%	(a)		10/25/2051		1,120,836
	1,716,439	Series 5155-KZ		3.00%	(a)		10/25/2051		1,057,158
	1,531,494	Series 5160-ZY		3.00%	(a)		10/25/2050		1,059,109
	1,844,556	Series 5171-Z		2.00%	(a)		12/25/2051		978,964
	1,376,636	Series 5319-PO		0.00%	(b)		08/25/2050		950,950
	358,278	Series 5326-UO		0.00%	(b)		10/25/2050		241,200
		Federal National Mortgage Association
	1,000,000	Pool AN7330		3.26%			12/01/2037		845,373
	1,500,000	Pool BL2643		3.39%			07/01/2034		1,327,249
	967,000	Pool BS7220		5.23%			11/01/2032		997,844
	1,274,553	Series 2012-103-ZP		3.00%	(a)		09/25/2042		945,729
	1,260,000	Series 2012-128-UC		2.50%			11/25/2042		933,649
	641,186	Series 2013-66-ZK		3.00%	(a)		07/25/2043		461,500
	1,648,366	Series 2013-74-ZH		3.50%			07/25/2043		1,509,090
	1,548,033	Series 2014-42-BZ		3.00%	(a)		07/25/2044		1,323,487
	379,115	Series 2014-68-TD		3.00%			11/25/2044		339,142
	487,742	Series 2014-80-KL		2.00%			05/25/2043		324,940
	761,813	Series 2016-64-SA (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.89%, 6.00% Cap)		0.57%	(c)(d)		09/25/2046		74,203
	228,495	Series 2018-21-PO		0.00%	(b)		04/25/2048		173,011
	2,791,538	Series 2019-68-ZL		2.50%	(a)		11/25/2049		2,089,523
	1,604,000	Series 2020-57-LJ		2.00%			08/25/2050		1,145,766
	1,806,807	Series 2021-17-SB (-1 x US 30 Day Average Secured Overnight Financing Rate + 3.30%, 3.30% Cap)		0.00%	(c)(d)		04/25/2051		31,538
	1,781,808	Series 2021-93-Z		3.00%	(a)		08/25/2051		1,168,976
	3,178,000	Series 2023-M1-2A2		3.95%	(e)		07/25/2040		2,850,824
		Government National Mortgage Association
	240,018	Series 2013-180-LO		0.00%	(b)		11/16/2043		182,498
	3,813,977	Series 2015-53-EZ		2.00%	(a)		04/16/2045		2,322,101
	3,484,011	Series 2015-79-VZ		2.50%	(a)		05/20/2045		2,889,569
	345,147	Series 2016-12-MZ		3.00%	(a)		01/20/2046		267,172
	1,177,857	Series 2017-122-CZ		3.00%	(a)		08/20/2047		900,476
	1,608,685	Series 2021-105-JS (-1 x US 30 Day Average Secured Overnight Financing Rate + 3.65%, 3.65% Cap)		0.00%	(c)(d)		06/20/2051		39,057
	1,357,117	Series 2021-223-EZ		3.00%	(a)		12/20/2051		982,223
	757,957	Series 2021-42-SB (-1 x CME Term SOFR 1 Month + 6.24%, 6.35% Cap)		0.91%	(c)(d)		03/20/2051		102,043
	1,663,924	Series 2021-89-SA (-1 x CME Term SOFR 1 Month + 3.64%, 3.75% Cap)		0.00%	(c)(d)		05/20/2051		40,268
	364,280	Series 2022-160-DZ		4.50%	(a)		09/20/2052		282,620
	1,764,513	Series 2022-9-MZ		3.50%	(a)		01/20/2052		1,299,456
	1,052,000	Series 2022-99-QG		3.50%			01/20/2052		889,901
	858,585	Series 2023-140-PO		0.00%	(b)		06/20/2048		537,551
	1,292,000	Series 2023-81-YJ		3.50%			06/20/2053		1,106,906
		Seasoned Credit Risk Transfer Trust
	1,005,000	Series 2021-2-MBU		2.50%			11/25/2060		672,939
		Total US Government and Agency Mortgage Backed Obligations (Cost $51,120,493)							46,266,779

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	US GOVERNMENT AND AGENCY OBLIGATIONS 19.0%
	6,700,000	United States Treasury Note/Bond		4.25%			02/15/2054		6,590,601
	2,000,000	United States Treasury Note/Bond		4.13%			02/15/2027		1,983,359
	2,800,000	United States Treasury Note/Bond		4.50%			02/15/2044		2,816,187
		Total US Government and Agency Obligations (Cost $11,337,792)							11,390,147
	SHORT TERM INVESTMENTS 2.0%
	390,092	First American Government Obligations Fund - U		5.26%	(f)				390,092
	390,092	JPMorgan US Government Money Market Fund - IM		5.25%	(f)				390,092
	390,092	MSILF Government Portfolio - Institutional		5.22%	(f)				390,092
		Total Short Term Investments (Cost $1,170,276)							1,170,276
		Total Investments 98.2% (Cost $63,628,561)							58,827,202
		Other Assets in Excess of Liabilities 1.8%							1,093,195
		NET ASSETS 100.0%						$	59,920,397

SECURITY TYPE BREAKDOWN as a % of Net Assets:
US Government and Agency Mortgage Backed Obligations	77.2%
US Government and Agency Obligations	19.0%
Short Term Investments	2.0%
Other Assets and Liabilities	1.8%
Net Assets	100.0%

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 87

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

(a) This security accrues interest which is added to the outstanding principal balance. The interest payment will be deferred until all other tranches in the structure are paid off. The rate disclosed is as of period end.

(b) Principal only security

(c) Interest only security

(d) Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. Interest rate may also be subject to a cap or floor.

(e) Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of period end.

(f) Seven-day yield as of period end.

Futures Contracts
Description	Long/Short	Contract Quantity			Expiration Date		Notional Amount(1)			Unrealized Appreciation (Depreciation) / Value
U.S. Treasury Long Bonds	Long		216			06/18/2024	$	26,014,500		$	330,088
U.S. Treasury Ultra Bonds	Long		113			06/18/2024		14,577,000			143,648
U.S. Treasury 5 Year Note	Short		(68	)		06/28/2024		(7,277,063	)		(9,707	)
U.S. Treasury 2 Year Notes	Long		83			06/28/2024		16,972,203			(19,235	)
10 Year U.S. Ultra Treasury Notes	Short		(348	)		06/18/2024		(39,884,062	)		(210,138	)
										$	234,656

(1) Notional Amount is determined based on the number of contracts multiplied by the contract size and the quoted daily settlement price in US dollars.

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

Schedule of Investments DoubleLine Strategic Commodity Fund (Consolidated) March 31, 2024

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	SHORT TERM INVESTMENTS 102.6%
	4,531,912	First American Government Obligations Fund - U		5.26%	(a)(b)				4,531,912
	4,531,912	JPMorgan US Government Money Market Fund - IM		5.25%	(a)(b)				4,531,912
	4,531,912	MSILF Government Portfolio - Institutional		5.22%	(a)(b)				4,531,912
	6,000,000	United States Treasury Bill		0.00%	(a)		04/04/2024		5,997,407
	16,500,000	United States Treasury Bill		0.00%			04/18/2024		16,459,025
	4,500,000	United States Treasury Bill		0.00%	(a)(c)		04/23/2024		4,485,521
	10,000,000	United States Treasury Bill		0.00%			05/02/2024		9,954,581
	52,000,000	United States Treasury Bill		0.00%	(a)		06/25/2024		51,365,648
	42,000,000	United States Treasury Bill		0.00%	(a)(c)		07/09/2024		41,401,017

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
	10,000,000	United States Treasury Bill		0.00%		07/30/2024		9,828,152
		Total Short Term Investments (Cost $153,071,254)						153,087,087
		Total Investments 102.6% (Cost $153,071,254)						153,087,087
		Other Liabilities in Excess of Assets (2.6)%						(3,938,692	)
		NET ASSETS 100.0%					$	149,148,395

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Short Term Investments	102.6%
Other Assets and Liabilities	(2.6)%
Net Assets	100.0%

(a) All or a portion of this security is owned by DoubleLine Strategic Commodity Ltd., which is a wholly owned subsidiary of the DoubleLine Strategic Commodity Fund.

(b) Seven-day yield as of period end.

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

Excess Return Swaps
Reference Entity	Counterparty	Long/Short		Financing Rate			Payment Frequency		Termination Date		Notional Amount			Value				Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Long Commodity Basket Swap(1)(2)	Bank of America Securities, Inc.		Long		0.20	%		Termination		04/02/2024		14,800,000			$	1,956,716			$	—		$	1,956,716
Long Commodity Basket Swap(1)(3)	Canadian Imperial Bank Of Commerce		Long		0.20	%		Termination		04/02/2024		13,900,000				1,900,585				—			1,900,585
Commodity Beta Basket Swap(1)(4)	Barclays Capital, Inc.		Long		0.20	%		Termination		04/02/2024		47,200,000				927,519				—			927,519
Commodity Beta Basket Swap(1)(4)	Bank of America Securities, Inc.		Long		0.23	%		Termination		04/02/2024		20,600,000				372,288				—			372,288
Commodity Beta Basket Swap(1)(4)	Canadian Imperial Bank Of Commerce		Long		0.21	%		Termination		04/02/2024		18,000,000				353,567				—			353,567
Short Commodity Basket Swap(1)(5)	Canadian Imperial Bank Of Commerce		Short		0.00	%		Termination		04/02/2024		(13,900,000	)			(216,336	)			—			(216,336	)
Short Commodity Basket Swap(1)(6)	Bank of America Securities, Inc.		Short		0.00	%		Termination		04/02/2024		(14,800,000	)			(222,789	)			—			(222,789	)
															$	5,071,550			$	—		$	5,071,550

(1) All or a portion of this security is owned by DoubleLine Strategic Commodity Ltd., which is a wholly owned subsidiary of the DoubleLine Strategic Commodity Fund.

(2) Long Commodity Basket Swap represents a swap on a basket of commodity sub-indices of the S&P GSCI index. At March 31, 2024, all constituents and their weightings were as follows:

Sub-Index	Ticker		Contract Value(7)		Value of Index			Weightings
S&P GSCI 2 Month Forward Cocoa ER		SG2MCCP		0.24		$	56		27.4	%
S&P GSCI 2 Month Forward Brent Crude ER		SG2MBRP		0.03			38		18.5	%
S&P GSCI 2 Month Forward Crude Oil ER		SG2MCLP		0.06			38		18.5	%
S&P GSCI 2 Month Forward Unleaded Gas ER		SG2MHUP		0.02			38		18.4	%
S&P GSCI 2 Month Forward Cotton ER		SG2MCTP		0.68			36		17.2	%
						$	206		100.0	%

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 89

Schedule of Investments DoubleLine Strategic Commodity Fund (Consolidated) (Cont.)

(3) Long Commodity Basket Swap represents a swap on a basket of commodity sub-indices of the S&P GSCI index. At March 31, 2024, all constituents and their weightings were as follows:

Sub-Index	Ticker		Contract Value(7)		Value of Index			Weightings
S&P GSCI 2 Month Forward Cocoa ER		SG2MCCP		0.18		$	43		27.4	%
S&P GSCI 2 Month Forward Brent Crude ER		SG2MBRP		0.02			29		18.5	%
S&P GSCI 2 Month Forward Crude Oil ER		SG2MCLP		0.05			29		18.5	%
S&P GSCI 2 Month Forward Unleaded Gas ER		SG2MHUP		0.02			29		18.4	%
S&P GSCI 2 Month Forward Cotton ER		SG2MCTP		0.52			28		17.2	%
						$	158		100.0	%

(4) Commodity Beta Basket Swap represents a swap on a basket of commodity indices designed to approximate the broad commodity market. At March 31, 2024, all constituents and their weightings were as follows:

Index	Ticker	Contract Value(7)		Value of Index		Weightings
Electrolytic Copper Future	LP1		0.22	$	141		20.1	%
Soybean Future	S1		0.35		136		19.3	%
Nickel Future	LN1		0.28		90		12.8	%
Crude Oil Future	CL1		0.10		72		10.3	%
Brent Crude Future	CO1		0.10		72		10.3	%
Gasoline RBOB Future	XB1		0.06		38		5.4	%
Low Sulphur Gas Oil Future	QS1		0.08		35		5.0	%
Live Cattle Future	LC1		0.18		34		4.9	%
Sugar No. 11 Future	SB1		0.16		34		4.8	%
Cotton No. 2 Future	CT1		0.40		29		4.2	%
NY Harbor ULSD Heating Oil Future	HO1		0.06		20		2.9	%
				$	701		100.0	%

(5) Short Commodity Basket Swap represents a swap on a basket of commodity sub-indices of the S&P GSCI index. At March 31, 2024, all constituents and their weightings were as follows:

Sub-Index	Ticker	Contract Value(7)		Value of Index		Weightings
S&P GSCI 2 Month Forward Kansas Wheat ER	SG2MKWP		1.63	$	43		20.6	%
S&P GSCI 2 Month Forward Corn ER	SG2MCNP		1.51		43		20.5	%
S&P GSCI 2 Month Forward Soybeans ER	SG2MSOP		0.11		43		20.4	%
S&P GSCI 2 Month Forward Wheat ER	SG2MWHP		4.42		43		20.2	%
S&P GSCI 2 Month Forward Natural Gas ER	SG2MNGP		7.51		39		18.3	%
				$	211		100.0	%

(6) Short Commodity Basket Swap represents a swap on a basket of commodity sub-indices of the S&P GSCI index. At March 31, 2024, all constituents and their weightings were as follows:

Sub-Index	Ticker	Contract Value(7)		Value of Index		Weightings
S&P GSCI 2 Month Forward Kansas Wheat ER	SG2MKWP		1.49	$	40		20.6	%
S&P GSCI 2 Month Forward Corn ER	SG2MCNP		1.38		40		20.5	%
S&P GSCI 2 Month Forward Soybeans ER	SG2MSOP		0.10		39		20.4	%
S&P GSCI 2 Month Forward Wheat ER	SG2MWHP		4.04		39		20.2	%
S&P GSCI 2 Month Forward Natural Gas ER	SG2MNGP		6.87		35		18.3	%
				$	193		100.0	%

(7) Contract value represents the number of units of the underlying constituent’s index in one unit of the custom basket index at creation. The contract value is calculated by multiplying each constituent’s weight by the starting price of the custom basket index and dividing by the starting price of the constituent’s index. The contract value will differ depending on the date the swap is initiated.

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

Schedule of Investments DoubleLine Global Bond Fund March 31, 2024

PRINCIPAL AMOUNT				SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS 56.6%
	AUSTRALIA 3.2%
	1,050,000		AUD	Australia Government Bond		2.75%			04/21/2024		683,703
	1,300,000		AUD	Australia Government Bond		1.00%			12/21/2030		708,800
	5,817,000		AUD	Australia Government Bond		1.50%			06/21/2031		3,240,878
											4,633,381
	BELGIUM 3.8%
	3,126,000		EUR	Kingdom of Belgium Government Bond		0.90%	(a)		06/22/2029		3,095,203
	2,300,000		EUR	Kingdom of Belgium Government Bond		1.00%	(a)		06/22/2026		2,384,659
											5,479,862
	CANADA 1.7%
	3,800,000		CAD	Canadian Government Bond		1.50%			06/01/2031		2,459,150
	FRANCE 5.8%
	2,460,000		EUR	French Republic Government Bond OAT		3.00%	(a)		05/25/2033		2,704,076
	3,377,461		EUR	French Republic Government Bond OAT		0.70%	(a)		07/25/2030		3,725,111
	1,290,000		EUR	French Republic Government Bond OAT		2.00%	(a)		11/25/2032		1,314,217
	660,000		EUR	French Republic Government Bond OAT		0.00%	(a)		11/25/2029		615,456
											8,358,860
	GERMANY 7.3%
	1,630,000		EUR	Bundesrepublik Deutschland Bundesanleihe		1.70%			08/15/2032		1,687,184
	2,500,000		EUR	Bundesrepublik Deutschland Bundesanleihe		0.00%			02/15/2031		2,319,613
	4,390,000		EUR	Bundesrepublik Deutschland Bundesanleihe		0.00%			08/15/2030		4,117,846
	2,650,000		EUR	Bundesrepublik Deutschland Bundesanleihe		1.00%			05/15/2038		2,372,020
											10,496,663
	IRELAND 2.5%
	1,020,000		EUR	Ireland Government Bond		1.00%			05/15/2026		1,060,214
	680,000		EUR	Ireland Government Bond		0.90%			05/15/2028		687,440
	1,910,000		EUR	Ireland Government Bond		1.10%			05/15/2029		1,919,528
											3,667,182
	JAPAN 9.6%
	361,000,000		JPY	Japan Government Ten Year Bond		0.10%			12/20/2026		2,378,994
	812,500,000		JPY	Japan Government Ten Year Bond		0.10%			12/20/2027		5,337,955
	500,000,000		JPY	Japan Government Twenty Year Bond		1.90%			03/20/2031		3,628,852
	418,000,000		JPY	Japan Government Twenty Year Bond		0.50%			03/20/2038		2,565,941
											13,911,742

PRINCIPAL AMOUNT				SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	MEXICO 4.6%
	273,000		MXN	Mexican Bonos		7.75%	(b)		11/23/2034		1,469,581
	220,000		MXN	Mexican Bonos		7.50%	(b)		05/26/2033		1,179,156
	276,800		MXN	Mexican Bonos		7.75%	(b)		05/29/2031		1,531,545
	120,000		MXN	Mexican Bonos		8.00%	(b)		09/05/2024		712,149
	295,000		MXN	Mexican Bonos		5.00%	(b)		03/06/2025		1,688,284
											6,580,715
	NEW ZEALAND 2.0%
	5,800,000		NZD	New Zealand Government Bond		1.50%			05/15/2031		2,847,782
	PERU 1.4%
	8,100,000		PEN	Peru Government Bond		6.15%			08/12/2032		2,047,309
	POLAND 2.4%
	5,000,000		PLN	Republic of Poland Government Bond		6.00%			10/25/2033		1,303,142
	11,100,000		PLN	Republic of Poland Government Bond		1.75%			04/25/2032		2,131,301
											3,434,443
	PORTUGAL 2.1%
	1,420,000		EUR	Portugal Obrigacoes do Tesouro OT		0.48%	(a)		10/18/2030		1,337,374
	1,590,000		EUR	Portugal Obrigacoes do Tesouro OT		1.95%	(a)		06/15/2029		1,663,977
											3,001,351
	ROMANIA 3.2%
	21,250,000		RON	Romania Government Bond		3.70%			11/25/2024		4,554,978
	SOUTH AFRICA 2.4%
	38,190,000		ZAR	Republic of South Africa Government Bond		8.00%			01/31/2030		1,794,164
	38,570,000		ZAR	Republic of South Africa Government Bond		8.88%			02/28/2035		1,626,090
											3,420,254
	SPAIN 4.6%
	4,440,000		EUR	Spain Government Bond		0.60%	(a)		10/31/2029		4,246,379
	970,000		EUR	Spain Government Bond		0.50%	(a)		04/30/2030		911,365
	1,470,000		EUR	Spain Government Bond		1.30%	(a)		10/31/2026		1,523,493
											6,681,237
				Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $91,770,590)							81,574,909
	US GOVERNMENT AND AGENCY OBLIGATIONS 37.5%
	UNITED STATES 37.5%
	2,140,000		USD	United States Treasury Note/Bond		3.75%			06/30/2030		2,083,825
	2,450,000		USD	United States Treasury Note/Bond		4.13%			08/15/2053		2,355,445
	2,780,000		USD	United States Treasury Note/Bond		4.38%			11/30/2028		2,795,150
	2,220,000		USD	United States Treasury Note/Bond		4.63%			11/15/2026		2,227,545
	3,000,000		USD	United States Treasury Note/Bond		3.88%			02/15/2043		2,774,180
	1,740,000		USD	United States Treasury Note/Bond		4.00%			07/31/2030		1,717,604
	1,800,000		USD	United States Treasury Note/Bond		3.38%			05/15/2033		1,686,551
	2,200,000		USD	United States Treasury Note/Bond		4.38%			08/15/2026		2,191,879
	2,300,000		USD	United States Treasury Note/Bond		4.00%			02/28/2030		2,272,867

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 91

Schedule of Investments DoubleLine Global Bond Fund (Cont.)

PRINCIPAL AMOUNT/ SHARES			SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	2,190,000	USD	United States Treasury Note/Bond		4.13%			09/30/2027		2,173,404
	2,230,000	USD	United States Treasury Note/Bond		4.38%			11/30/2030		2,248,859
	2,270,000	USD	United States Treasury Note/Bond		4.13%			10/31/2027		2,252,443
	2,500,000	USD	United States Treasury Note/Bond		4.13%			07/31/2028		2,484,814
	2,300,000	USD	United States Treasury Note/Bond		4.00%			02/29/2028		2,273,496
	2,260,000	USD	United States Treasury Note/Bond		3.88%			12/31/2027		2,223,981
	670,000	USD	United States Treasury Note/Bond		4.13%			01/31/2025		664,574
	2,190,000	USD	United States Treasury Note/Bond		4.75%			07/31/2025		2,186,493
	1,860,000	USD	United States Treasury Note/Bond		3.88%			05/15/2043		1,717,230
	2,250,000	USD	United States Treasury Note/Bond		4.75%			11/15/2043		2,334,727
	2,280,000	USD	United States Treasury Note/Bond		4.63%			06/30/2025		2,272,073
	2,790,000	USD	United States Treasury Note/Bond		4.88%			11/30/2025		2,794,468
	1,690,000	USD	United States Treasury Note/Bond		4.13%			06/15/2026		1,673,628
	2,290,000	USD	United States Treasury Note/Bond		3.88%			11/30/2027		2,253,369
	2,390,000	USD	United States Treasury Note/Bond		4.75%			11/15/2053		2,551,885
	1,860,000	USD	United States Treasury Note/Bond		4.50%			11/15/2033		1,901,705
			Total US Government and Agency Obligations (Cost $54,181,449)							54,112,195
	SHORT TERM INVESTMENTS 4.6%
	1,627,023	USD	First American Government Obligations Fund - U		5.26%	(c)				1,627,023
	1,627,023	USD	JPMorgan US Government Money Market Fund - IM		5.25%	(c)				1,627,023
	1,627,023	USD	MSILF Government Portfolio - Institutional		5.22%	(c)				1,627,023
	1,700,000	USD	United States Treasury Bill		0.00%			06/18/2024		1,680,917
			Total Short Term Investments (Cost $6,561,852)							6,561,986
			Total Investments 98.7% (Cost $152,513,891)							142,249,090
			Other Assets in Excess of Liabilities 1.3%							1,912,018
			NET ASSETS 100.0%						$	144,161,108

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	56.6%
US Government and Agency Obligations	37.5%
Short Term Investments	4.6%
Other Assets and Liabilities	1.3%
Net Assets	100.0%

COUNTRY BREAKDOWN as a % of Net Assets:
United States	42.1%
Japan	9.6%
Germany	7.3%
France	5.8%
Spain	4.6%
Mexico	4.6%
Belgium	3.8%
Australia	3.2%
Romania	3.2%
Ireland	2.5%
Poland	2.4%
South Africa	2.4%
Portugal	2.1%
New Zealand	2.0%
Canada	1.7%
Peru	1.4%
Other Assets and Liabilities	1.3%
Net Assets	100.0%

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers.

(b) Principal amount is stated in 100 Mexican Peso Units.

(c) Seven-day yield as of period end.

AUD Australian Dollar

CAD Canadian Dollar

EUR Euro

JPY Japanese Yen

MXN Mexican Peso

NZD New Zealand Dollar

PEN Peruvian Sol

PLN Polish Zloty

RON Romanian Leu

ZAR South African Rand

USD US Dollar

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

Schedule of Investments DoubleLine Infrastructure Income Fund March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 39.5%
		American Airlines Group, Inc.
	1,682,108	Series 2016-3		3.25%			10/15/2028		1,518,103
	1,798,489	Series B		3.85%			02/15/2028		1,668,098
		Blackbird Capital Aircraft
	3,451,076	Series 2016-1A-B		5.68%	(a)(b)		12/16/2041		3,377,975
		Blue Stream Communications LLC
	2,000,000	Series 2023-1A-C		8.90%	(a)		05/20/2053		1,863,907
		Cologix Data Centers US Issuer LLC
	2,250,000	Series 2021-1A-B		3.79%	(a)		12/26/2051		2,031,062
		Compass Datacenters LLC
	5,000,000	Series 2024-1A-A2		5.75%	(a)		02/25/2049		4,950,255
		CyrusOne Data Centers Issuer I LLC
	2,000,000	Series 2023-1A-A2		4.30%	(a)		04/20/2048		1,884,835
	1,399,095	Series 2023-1A-B		5.45%	(a)		04/20/2048		1,304,809
		DataBank Issuer
	6,900,000	Series 2021-1A-A2		2.06%	(a)		02/27/2051		6,329,182
	2,100,000	Series 2021-1A-C		4.43%	(a)		02/27/2051		1,754,861
	6,000,000	Series 2021-2A-A2		2.40%	(a)		10/25/2051		5,371,516
		Diamond Infrastructure Funding LLC
	2,250,000	Series 2021-1A-B		2.36%	(a)		04/15/2049		2,010,558
		Falcon Aerospace Ltd.
	1,905,086	Series 2017-1-A		4.58%	(a)		02/15/2042		1,851,201
		Falko Regional Aircraft Ltd.
	3,583,979	Series 2021-1A-A		5.75%			04/15/2041		3,304,414
		GAIA Aviation Ltd.
	2,562,511	Series 2019-1-A		3.97%	(a)(b)		12/15/2044		2,337,074
		Goodgreen Trust
	3,286,064	Series 2020-1A-A		2.63%	(a)		04/15/2055		2,708,909
		GoodLeap Sustainable Home Solutions Trust
	3,314,491	Series 2021-3CS-B		2.41%	(a)		05/20/2048		2,399,057
		Helios Issuer LLC
	2,424,111	Series 2018-1A-A		4.87%	(a)		07/20/2048		2,297,044
	7,158,291	Series 2020-2A-A		2.73%	(a)		11/01/2055		5,445,188
	2,413,167	Series 2021-B-B		2.01%	(a)		07/20/2048		2,001,597
		HERO Funding Trust
	11,917	Series 2015-2A-A		3.99%	(a)		09/20/2040		10,893
	346,396	Series 2016-3A-A2		3.91%	(a)		09/20/2042		314,368
	853,387	Series 2016-4A-A2		4.29%	(a)		09/20/2047		780,407
		Horizon Aircraft Finance Ltd.
	3,700,057	Series 2019-1-A		3.72%	(a)		07/15/2039		3,290,290
		ITE Rail Fund LP
	3,451,359	Series 2021-1A-A		2.25%	(a)		02/28/2051		3,072,105
	2,219,737	Series 2021-3A-A		2.21%	(a)		06/28/2051		2,003,294
		JOL Air Ltd.
	3,197,859	Series 2019-1-A		3.97%	(a)		04/15/2044		2,957,895
		Kestrel Aircraft Funding USA LLC
	1,189,638	Series 2018-1A-A		4.25%	(a)		12/15/2038		1,112,136
		Loanpal Solar Loan Ltd.
	5,023,745	Series 2020-3GS-A		2.47%	(a)		12/20/2047		3,899,271
		Mosaic Solar Loans LLC
	1,486,812	Series 2018-1A-A		4.01%	(a)		06/22/2043		1,393,158
	2,065,567	Series 2019-2A-B		3.28%	(a)		09/20/2040		1,836,247
	2,126,111	Series 2020-1A-A		2.10%	(a)		04/20/2046		1,846,110
	2,889,738	Series 2020-2A-B		2.21%	(a)		08/20/2046		2,335,513
	3,095,777	Series 2021-3A-B		1.92%	(a)		06/20/2052		2,336,528
	2,091,444	Series 2022-1A-B		3.16%	(a)		01/20/2053		1,707,556
		NP Railcar Holdings LLC
	60,159	Series 2016-1A-A1		4.16%	(a)		04/20/2046		58,933
	1,253,664	Series 2017-1A-A1		3.37%	(a)		10/21/2047		1,201,928
	3,978,883	Series 2021-1A-A1		2.23%	(a)		03/19/2051		3,623,222
		Purewest Funding LLC
	2,432,498	Series 2021-1-A1		4.09%	(a)		12/22/2036		2,356,003
		Retained Vantage Data Centers Issuer LLC
	6,250,000	Series 2023-1A-B		5.75%	(a)		09/15/2048		5,869,500

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Shenton Aircraft Investment Ltd.
	102,559	Series 2015-1A-A		4.75%	(a)		10/15/2042		95,229
		Signal Rail
	4,509,493	Series 2021-1-A		2.23%	(a)		08/17/2051		4,000,252
		Start/Bermuda
	886,034	Series 2018-1-A		4.09%	(a)		05/15/2043		817,781
		Sunnova Energy International, Inc.
	2,070,779	Series 2020-AA-A		2.98%	(a)		06/20/2047		1,909,874
	3,928,114	Series 2021-A-A		1.80%	(a)		02/20/2048		3,436,589
		Sunrun, Inc.
	5,297,208	Series 2021-2A-A		2.27%	(a)		01/30/2057		4,332,935
		Switch ABS Issuer LLC
	4,000,000	Series 2024-1A-B		6.50%	(a)		03/25/2054		3,889,832
		Thunderbolt Aircraft Lease
	1,000,386	Series 2017-A-A		6.21%	(a)(b)		05/17/2032		987,711
	1,184,532	Series 2017-A-B		7.75%	(a)(b)		05/17/2032		1,129,227
	1,218,567	Series 2018-A-A		4.15%	(a)(b)		09/15/2038		1,033,217
	2,678,571	Series 2018-A-B		5.07%	(a)(b)		09/15/2038		1,893,646
		Trinity Industries Leasing Co.
	2,763,806	Series 2010-1A-A		5.19%	(a)		10/16/2040		2,725,703
		United Airlines, Inc.
	1,229,375	Series 2016-1B		3.65%			01/07/2026		1,177,127
	3,888,889	Series 2016-2B		3.65%			10/07/2025		3,752,778
		Vantage Data Centers Holding LLC
	4,558,678	Series 2019-1A-A2		3.19%	(a)		07/15/2044		4,516,194
		Vault DI Issuer LLC
	5,000,000	Series 2021-1A-A2		2.80%	(a)		07/15/2046		4,376,638
		Vivant Solar Financing V Parent LLC
	4,405,395	Series 2018-1A-A		4.73%	(a)		04/30/2048		4,113,898
		WAVE USA
	1,821,106	Series 2017-1A-A		3.84%	(a)		11/15/2042		1,613,391
		Total Asset Backed Obligations (Cost $159,725,179)							144,217,024
	FOREIGN CORPORATE BONDS 10.5%
	3,650,000	Adani Ports & Special Economic Zone Ltd.		4.00%	(a)		07/30/2027		3,352,919
	5,500,000	APA Infrastructure Ltd.		4.25%	(a)		07/15/2027		5,392,566
	2,000,000	Emirates Semb Corp. Water & Power Co. PJSC		4.45%	(a)		08/01/2035		1,879,000
	2,005,053	Energia Eolica SA		6.00%	(c)		08/30/2034		1,969,965
	2,532,475	Fermaca Enterprises S de RL de CV		6.38%	(a)		03/30/2038		2,479,190
	1,379,710	Fermaca Enterprises S de RL de CV		6.38%			03/30/2038		1,350,680
	492,760	Interoceanica IV Finance Ltd. Series 2007		0.00%	(a)		11/30/2025		465,043
	1,133,347	Interoceanica IV Finance Ltd. Series 2007		0.00%			11/30/2025		1,069,596
	4,216,000	Sydney Airport Finance Co. Pty Ltd.		3.38%	(a)		04/30/2025		4,115,181
	2,440,000	Sydney Airport Finance Co. Pty Ltd.		3.63%	(a)		04/28/2026		2,353,262
	8,299,000	TransCanada PipeLines Ltd.		4.63%			03/01/2034		7,839,862
	500,000	Transelec SA		4.25%	(a)		01/14/2025		493,815
	6,000,000	Transelec SA		3.88%	(a)		01/12/2029		5,678,930
		Total Foreign Corporate Bonds (Cost $39,508,633)							38,440,009
	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS 1.8%
	3,640,000	Israel Electric Corp. Ltd.		5.00%	(a)		11/12/2024		3,623,520

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 93

Schedule of Investments DoubleLine Infrastructure Income Fund (Cont.)

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	152,865	Lima Metro Line 2 Finance Ltd.		5.88%			07/05/2034		151,771
	2,838,917	Lima Metro Line 2 Finance Ltd.		5.88%	(a)		07/05/2034		2,818,596
		Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $6,770,836)							6,593,887
	US CORPORATE BONDS 37.5%
	4,000,000	Ameren Illinois Co.		3.85%			09/01/2032		3,667,198
	1,500,000	Ameren Illinois Co.		4.95%			06/01/2033		1,485,697
	11,015,000	AT&T, Inc.		4.30%			12/15/2042		9,456,000
	3,500,000	Cheniere Energy, Inc.		5.65%	(a)		04/15/2034		3,527,180
	8,000,000	Crown Castle, Inc.		5.10%			05/01/2033		7,806,133
	10,250,000	Dominion Energy, Inc.		3.38%			04/01/2030		9,320,973
	5,000,000	Duke Energy Florida LLC		5.88%			11/15/2033		5,286,194
	6,655,000	Duquesne Light Holdings, Inc.		3.62%	(a)		08/01/2027		6,250,527
	8,000,000	Energy Transfer LP		5.75%			02/15/2033		8,132,525
	8,500,000	Eversource Energy		5.13%			05/15/2033		8,332,832
	7,688,000	Exelon Corp.		4.05%			04/15/2030		7,254,352
	5,750,000	Flex Intermediate Holdco LLC		4.32%	(a)		12/30/2039		4,204,277
	2,000,000	Foundry JV Holdco LLC		5.88%	(a)		01/25/2034		2,005,235
	7,500,000	ITC Holdings Corp.		5.40%	(a)		06/01/2033		7,507,571
	8,000,000	MPLX LP		5.00%			03/01/2033		7,769,222
	9,900,000	NiSource, Inc.		3.60%			05/01/2030		9,124,648
	8,500,000	Ohio Power Co.		5.00%			06/01/2033		8,345,865
	3,500,000	ONEOK, Inc.		6.63%			09/01/2053		3,859,967
	5,000,000	Sempra		5.50%			08/01/2033		5,016,745
	10,000,000	Southern Co.		3.70%			04/30/2030		9,277,503
	4,500,000	T-Mobile USA, Inc.		5.50%			01/15/2055		4,494,701
	5,000,000	Venture Global Calcasieu Pass LLC		6.25%	(a)		01/15/2030		5,034,064
		Total US Corporate Bonds (Cost $141,769,659)							137,159,409
	US GOVERNMENT AND AGENCY OBLIGATIONS 8.7%
	20,000,000	United States Treasury Note/Bond		4.25%			02/28/2029		20,029,687
	12,100,000	United States Treasury Note/Bond		4.25%			02/15/2054		11,902,430
		Total US Government and Agency Obligations (Cost $31,615,953)							31,932,117

SHARES		SECURITY DESCRIPTION	RATE			MATURITY	VALUE $
	SHORT TERM INVESTMENTS 1.5%
	1,879,065	First American Government Obligations Fund - U		5.26%	(d)			1,879,065
	1,879,065	JPMorgan US Government Money Market Fund - IM		5.25%	(d)			1,879,065
	1,879,064	MSILF Government Portfolio - Institutional		5.22%	(d)			1,879,064
		Total Short Term Investments (Cost $5,637,194)						5,637,194
		Total Investments 99.5% (Cost $385,027,454)						363,979,640
		Other Assets in Excess of Liabilities 0.5%						1,903,689
		NET ASSETS 100.0%					$	365,883,329

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Asset Backed Obligations	39.5%
US Corporate Bonds	37.5%
Foreign Corporate Bonds	10.5%
US Government and Agency Obligations	8.7%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	1.8%
Short Term Investments	1.5%
Other Assets and Liabilities	0.5%
Net Assets	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:
Asset Backed Obligations	39.5%
Utilities	22.0%
Energy	16.4%
US Government and Agency Obligations	8.7%
Telecommunications	5.8%
Transportation	5.0%
Short Term Investments	1.5%
Technology	0.6%
Other Assets and Liabilities	0.5%
Net Assets	100.0%

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers.

(b) Step Bond; Coupon rate changes based on a predetermined schedule or event. The interest rate shown is the rate in effect as of period end.

(c) Value determined using significant unobservable inputs.

(d) Seven-day yield as of period end.

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

Schedule of Investments DoubleLine Shiller Enhanced International CAPE^® March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 7.3%
		Bridgecrest Lending Auto Securitization Trust
	250,000	Series 2024-1-A2		5.82%			09/15/2026		249,960
		Commonbond Student Loan Trust
	371,462	Series 2017-BGS-B		3.26%	(a)		09/25/2042		330,483
		Diamond Resorts Owner Trust
	314,622	Series 2021-1A-A		1.51%	(a)		11/21/2033		294,998
		Marlette Funding Trust
	500,000	Series 2022-3A-B		5.95%	(a)		11/15/2032		499,160
		Mosaic Solar Loans LLC
	385,252	Series 2021-3A-A		1.44%	(a)		06/20/2052		312,834
		National Collegiate Student Loan Trust
	402,085	Series 2006-1-A5 (CME Term SOFR 1 Month + 0.46%)		5.79%			03/25/2033		389,158
		Navient Student Loan Trust
	412,867	Series 2018-A-B		3.68%	(a)		02/18/2042		393,698
		Pagaya AI Debt Selection Trust
	150,131	Series 2023-5-A		7.18%	(a)		04/15/2031		150,541
	250,000	Series 2024-1-A		6.66%	(a)		07/15/2031		250,938
		Retained Vantage Data Centers Issuer LLC
	500,000	Series 2023-1A-A2A		5.00%	(a)		09/15/2048		484,513
		Total Asset Backed Obligations (Cost $3,390,009)							3,356,283
	COLLATERALIZED LOAN OBLIGATIONS 13.9%
		Allegro CLO Ltd.
	500,000	Series 2019-1A-AR (CME Term SOFR 3 Month + 1.41%, 1.15% Floor)		6.73%	(a)		07/20/2032		500,100
		CBAM Ltd.
	500,000	Series 2017-2A-AR (CME Term SOFR 3 Month + 1.45%, 1.19% Floor)		6.77%	(a)		07/17/2034		500,450
		CFIP CLO Ltd.
	500,000	Series 2021-1A-A (CME Term SOFR 3 Month + 1.48%, 1.22% Floor)		6.80%	(a)		01/20/2035		500,513
		Highbridge Loan Management Ltd.
	500,000	Series 3A-2014-CR (CME Term SOFR 3 Month + 3.86%)		9.16%	(a)		07/18/2029		501,363
		Logan CLO
	500,000	Series 2022-1A-B (CME Term SOFR 3 Month + 2.05%, 2.05% Floor)		7.37%	(a)		04/21/2035		501,211
		Palmer Square CLO Ltd.
	500,000	Series 2021-2A-A (CME Term SOFR 3 Month + 1.41%, 1.41% Floor)		6.73%	(a)		07/15/2034		500,447
		RR Ltd./Cayman Islands
	500,000	Series 2021-14A-A1 (CME Term SOFR 3 Month + 1.38%, 1.38% Floor)		6.70%	(a)		04/15/2036		500,300
		Shackleton CLO Ltd.
	487,674	Series 2015-7RA-AR (CME Term SOFR 3 Month + 1.41%, 1.15% Floor)		6.73%	(a)		07/15/2031		488,535
		Sound Point CLO Ltd.
	500,000	Series 2019-2A-AR (CME Term SOFR 3 Month + 1.43%, 1.17% Floor)		6.75%	(a)		07/15/2034		498,833
	1,000,000	Series 2020-1A-AR (CME Term SOFR 3 Month + 1.43%, 1.43% Floor)		6.75%	(a)		07/20/2034		1,000,378
		Venture CDO Ltd.
	401,880	Series 2017-29A-AR (CME Term SOFR 3 Month + 1.25%, 0.99% Floor)		6.56%	(a)		09/07/2030		402,081

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Wellfleet CLO Ltd.
	500,000	Series 2020-2A-AR (CME Term SOFR 3 Month + 1.48%, 1.22% Floor)		6.80%	(a)		07/15/2034		499,710
		Total Collateralized Loan Obligations (Cost $6,381,726)							6,393,921
	FOREIGN CORPORATE BONDS 5.1%
	177,500	Adani International Container Terminal Pvt Ltd.		3.00%			02/16/2031		151,445
	10,000	Algonquin Power & Utilities Corp.		5.37%	(b)		06/15/2026		9,949
	85,000	Avolon Holdings Funding Ltd.		2.13%	(a)		02/21/2026		79,229
	200,000	Bancolombia SA (5 Year CMT Rate + 2.94%)		4.63%			12/18/2029		195,083
	45,000	Bank of Montreal		1.50%			01/10/2025		43,677
	80,000	Bank of Nova Scotia/The		4.75%			02/02/2026		79,442
	200,000	BBVA Bancomer SA/Texas (5 Year CMT Rate + 2.65%)		5.13%			01/18/2033		185,998
	200,000	Braskem Netherlands Finance BV (5 Year CMT Rate + 8.22%)		8.50%			01/23/2081		200,727
	80,000	Canadian Pacific Railway Co.		1.35%			12/02/2024		77,802
	80,000	Commonwealth Bank of Australia (US Secured Overnight Financing Rate + 0.63%)		5.98%	(a)		09/12/2025		80,312
	95,600	Empresa Electrica Angamos SA		4.88%			05/25/2029		86,645
	75,000	Enbridge, Inc.		5.90%			11/15/2026		76,414
	80,000	Glencore Funding LLC		1.63%	(a)		09/01/2025		75,748
	60,000	Glencore Funding LLC (Secured Overnight Financing Rate + 1.06%)		6.41%	(a)		04/04/2027		60,037
	200,000	Inkia Energy Ltd.		5.88%			11/09/2027		195,888
	180,000	Millicom International Cellular SA		5.13%			01/15/2028		170,884
	200,000	Multibank, Inc.		7.75%	(a)		02/03/2028		202,010
	80,000	NXP BV / NXP Funding LLC / NXP USA, Inc.		4.40%			06/01/2027		78,470
	200,000	Sasol Financing USA LLC		4.38%			09/18/2026		189,310
	50,000	Southern Copper Corp.		3.88%			04/23/2025		49,037
	80,000	Toronto-Dominion Bank/The		0.70%			09/10/2024		78,354
		Total Foreign Corporate Bonds (Cost $2,318,791)							2,366,461
	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS 0.8%
	200,000	Banco Nacional de Comercio Exterior SNC/Cayman Islands (5 Year CMT Rate + 2.00%)		2.72%			08/11/2031		181,160
	130,161	Bioceanico Sovereign Certificate Ltd.		0.00%			06/05/2034		95,689
	87,351	Lima Metro Line 2 Finance Ltd.		5.88%			07/05/2034		86,726
		Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $359,073)							363,575

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 95

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 11.8%
		Arbor Multifamily Mortgage Securities Trust
	1,629,822	Series 2021-MF2-XA		1.11%	(a)(c)(d)		06/15/2054		95,038
		AREIT Trust
	89,407	Series 2022-CRE6-A (US 30 Day Average Secured Overnight Financing Rate + 1.25%, 1.25% Floor)		6.57%	(a)		01/20/2037		89,131
		BANK
	2,739,185	Series 2021-BN36-XA		0.90%	(c)(d)		09/15/2064		110,696
		BB-UBS Trust
	3,844,000	Series 2012-SHOW-XB		0.14%	(a)(c)(d)		11/05/2036		2,769
		BDS Ltd.
	96,376	Series 2021-FL10-A (CME Term SOFR 1 Month + 1.46%, 1.46% Floor)		6.79%	(a)		12/16/2036		95,739
		Benchmark Mortgage Trust
	4,719,649	Series 2018-B2-XA		0.45%	(c)(d)		02/15/2051		58,392
	2,271,000	Series 2021-B26-XB		0.64%	(a)(c)(d)		06/15/2054		82,080
	1,792,356	Series 2021-B28-XA		1.27%	(c)(d)		08/15/2054		115,069
		BRSP Ltd.
	82,614	Series 2021-FL1-A (CME Term SOFR 1 Month + 1.26%, 1.15% Floor)		6.59%	(a)		08/19/2038		81,714
		BSPRT Co.-Issuer LLC
	99,992	Series 2022-FL8-A (US 30 Day Average Secured Overnight Financing Rate + 1.50%, 1.50% Floor)		6.82%	(a)		02/15/2037		99,623
		BX Trust
	99,393	Series 2020-VKNG-A (CME Term SOFR 1 Month + 1.04%, 0.93% Floor)		6.37%	(a)		10/15/2037		99,280
	100,000	Series 2021-CIP-A (CME Term SOFR 1 Month + 1.04%, 0.92% Floor)		6.36%	(a)		12/15/2038		99,027
		Citigroup Commercial Mortgage Trust
	2,638,093	Series 2016-C1-XA		1.82%	(c)(d)		05/10/2049		76,773
	100,000	Series 2016-P3-A4		3.33%			04/15/2049		95,355
		Citigroup/Deutsche Bank Commercial Mortgage Trust
	165,000	Series 2016-C1-B		4.20%	(c)		05/10/2049		150,065
	250,000	Series 2017-CD6-C		4.23%	(c)		11/13/2050		204,870
		Commercial Mortgage Pass Through Certificates
	72,072	Series 2014-UBS5-A3		3.57%			09/10/2047		71,710
	5,863,094	Series 2015-CR27-XA		0.90%	(c)(d)		10/10/2048		58,558
	5,899,257	Series 2015-LC21-XD		1.07%	(a)(c)(d)		07/10/2048		66,882
		Commercial Mortgage Trust
	2,400,000	Series 2021-PF1-XD		1.11%	(a)(c)(d)		11/15/2054		157,744
		Computershare Corporate Trust
	5,658,382	Series 2015-NXS2-XA		0.58%	(c)(d)		07/15/2058		27,534
	3,457,209	Series 2015-P2-XA		0.92%	(c)(d)		12/15/2048		41,985
	2,482,335	Series 2018-C48-XA		0.93%	(c)(d)		01/15/2052		83,748
	850,184	Series 2021-C59-XA		1.52%	(c)(d)		04/15/2054		63,019
		Credit Suisse Mortgage Capital Certificates
	164,000	Series 2017-TIME-A		3.65%	(a)		11/13/2039		107,717
	99,752	Series 2019-ICE4-A (CME Term SOFR 1 Month + 1.03%, 0.98% Floor)		6.35%	(a)		05/15/2036		99,755
		Cross Harbor Capital Partners
	100,000	Series 2021-FL1-C (CME Term SOFR 1 Month + 2.21%, 2.10% Floor)		7.54%	(a)		02/15/2038		97,858
		Extended Stay America Trust
	109,711	Series 2021-ESH-A (CME Term SOFR 1 Month + 1.19%, 1.08% Floor)		6.52%	(a)		07/15/2038		109,747

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		FS Rialto
	88,805	Series 2021-FL2-A (CME Term SOFR 1 Month + 1.33%, 1.33% Floor)		6.66%	(a)		05/16/2038		87,973
	94,977	Series 2021-FL3-A (CME Term SOFR 1 Month + 1.36%, 1.36% Floor)		6.69%	(a)		11/16/2036		94,811
		Granite Point Mortgage Trust, Inc.
	43,441	Series 2021-FL3-A (CME Term SOFR 1 Month + 1.36%, 1.36% Floor)		6.69%	(a)		07/16/2035		42,965
		Great Wolf Trust
	100,000	Series 2024-WOLF-A (CME Term SOFR 1 Month + 1.54%, 1.54% Floor)		6.84%	(a)		03/15/2039		100,318
		Greystone Commercial Real Estate Notes
	100,000	Series 2021-FL3-A (CME Term SOFR 1 Month + 1.13%, 1.02% Floor)		6.46%	(a)		07/15/2039		99,521
		GS Mortgage Securities Corp. II
	4,199,173	Series 2016-GS4-XA		0.56%	(c)(d)		11/10/2049		48,456
	186,000	Series 2020-UPTN-F		3.25%	(a)(c)		02/10/2037		170,375
		JPMBB Commercial Mortgage Securities Trust
	200,000	Series 2015-C27-C		4.30%	(c)		02/15/2048		161,887
		KREF
	100,000	Series 2021-FL2-A (CME Term SOFR 1 Month + 1.18%, 1.07% Floor)		6.51%	(a)		02/15/2039		98,493
		Ladder Capital Commercial Mortgage Securities LLC
	125,000	Series 2021-FL3-AS (CME Term SOFR 1 Month + 1.91%, 1.91% Floor)		7.24%	(a)		11/15/2038		122,396
	125,000	Series 2021-FL3-B (CME Term SOFR 1 Month + 2.31%, 2.31% Floor)		7.64%	(a)		11/15/2038		121,331
		LoanCore
	65,705	Series 2021-CRE5-A (CME Term SOFR 1 Month + 1.41%, 1.41% Floor)		6.74%	(a)		07/15/2036		65,406
	93,750	Series 2021-CRE6-A (CME Term SOFR 1 Month + 1.41%, 1.30% Floor)		6.74%	(a)		11/15/2038		93,289
		Lument Finance Trust, Inc.
	87,497	Series 2021-FL1-A (CME Term SOFR 1 Month + 1.28%, 1.28% Floor)		6.61%	(a)		06/15/2039		87,134
		Med Trust
	119,427	Series 2021-MDLN-A (CME Term SOFR 1 Month + 1.06%, 0.95% Floor)		6.39%	(a)		11/15/2038		119,212
		MF1 Multifamily Housing Mortgage Loan Trust
	150,000	Series 2021-FL6-C (CME Term SOFR 1 Month + 1.96%, 1.85% Floor)		7.29%	(a)		07/16/2036		144,932
	97,181	Series 2022-FL8-A (CME Term SOFR 1 Month + 1.35%, 1.35% Floor)		6.68%	(a)		02/19/2037		96,625
	100,000	Series 2024-FL14-A (CME Term SOFR 1 Month + 1.74%, 1.74% Floor)		7.06%	(a)		03/19/2039		100,316
		MFT Trust
	186,000	Series 2020-ABC-D		3.48%	(a)(c)		02/10/2042		98,833
		Morgan Stanley Bank of America Merrill Lynch Trust
	90,000	Series 2015-C23-AS		4.00%	(c)		07/15/2050		87,310
	4,953,748	Series 2017-C34-XE		0.87%	(a)(c)(d)		11/15/2052		131,309
		Morgan Stanley Capital I, Inc.
	15,277,000	Series 2017-ASHF-XCP		0.00%	(a)(c)(d)		11/15/2024		15

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Ready Capital Corp.
	69,155	Series 2021-FL7-A (CME Term SOFR 1 Month + 1.31%, 1.20% Floor)		6.64%	(a)		11/25/2036		69,054
		SG Commercial Mortgage Securities LLC
	2,147,569	Series 2016-C5-XA		1.85%	(c)(d)		10/10/2048		60,636
		SLG Office Trust
	18,169,000	Series 2021-OVA-X		0.26%	(a)(c)(d)		07/15/2041		263,346
		TPG Real Estate Finance Issuer Ltd.
	67,751	Series 2021-FL4-A (CME Term SOFR 1 Month + 1.31%, 1.20% Floor)		6.64%	(a)		03/15/2038		67,171
	100,000	Series 2022-FL5-A (US 30 Day Average Secured Overnight Financing Rate + 1.65%, 1.65% Floor)		6.97%	(a)		02/15/2039		99,504
		UBS Commercial Mortgage Trust
	5,378,000	Series 2017-C3-XB		0.43%	(c)(d)		08/15/2050		76,777
		VMC Finance LLC
	99,347	Series 2022-FL5-A (US 30 Day Average Secured Overnight Financing Rate + 1.90%, 1.90% Floor)		7.22%	(a)		02/18/2039		97,730
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $7,219,604)							5,449,003
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 12.8%
		AJAX Mortgage Loan Trust
	238,679	Series 2021-C-A		2.12%	(a)(b)		01/25/2061		232,128
		Chase Mortgage Finance Corp.
	663,671	Series 2006-A1-2A2		5.12%	(c)		09/25/2036		575,054
		Citigroup Mortgage Loan Trust, Inc.
	54,787	Series 2006-AR2-1A2		5.31%	(c)		03/25/2036		51,125
		COLT Funding LLC
	474,370	Series 2021-HX1-A1		1.11%	(a)(c)		10/25/2066		394,597
		Countrywide Alternative Loan Trust
	310,980	Series 2007-9T1-1A6		6.00%			05/25/2037		151,589
		Credit Suisse Mortgage Capital Certificates
	678,745	Series 2022-NQM1-A1		2.27%	(a)(c)		11/25/2066		595,122
		Deutsche ALT-A Securities, Inc.
	323,751	Series 2006-AR6-A6 (CME Term SOFR 1 Month + 0.49%, 0.38% Floor, 10.50% Cap)		5.82%			02/25/2037		275,436
		Lehman XS Trust
	143,788	Series 2007-6-2A1 (CME Term SOFR 1 Month + 0.53%, 0.42% Floor)		5.86%			05/25/2037		106,697
		Merrill Lynch Alternative Note Asset
	792,731	Series 2007-OAR5-1A1		3.53%	(c)		10/25/2047		239,262
		Merrill Lynch Mortgage Backed Securities Trust
	936,021	Series 2007-2-1A1 (1 Year CMT Rate + 2.40%, 2.40% Floor)		7.40%			08/25/2036		810,068
		Onslow Bay Mortgage Loan Trust
	183,479	Series 2020-EXP2-A3		2.50%	(a)(c)		05/25/2060		150,488
		PRPM LLC
	306,124	Series 2021-4-A1		1.87%	(a)(b)		04/25/2026		299,249
		RALI Trust
	679,021	Series 2007-QS8-A3 (CME Term SOFR 1 Month + 0.71%, 0.60% Floor, 6.00% Cap)		6.00%			06/25/2037		486,783

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Starwood Mortgage Residential Trust
	500,000	Series 2020-2-M1E		3.00%	(a)		04/25/2060		481,504
	346,064	Series 2021-5-A1		1.92%	(a)(c)		09/25/2066		285,340
		Velocity Commercial Capital Loan Trust
	214,841	Series 2018-2-A		4.05%	(a)(c)		10/26/2048		202,605
	463,672	Series 2021-2-M2		2.20%	(a)(c)		08/25/2051		381,035
		Vericrest Opportunity Loan Transferee
	203,670	Series 2021-NPL1-A1		4.89%	(a)(b)		02/27/2051		199,116
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $6,827,417)							5,917,198
	US CORPORATE BONDS 6.8%
	20,000	AGCO Corp.		5.45%			03/21/2027		20,098
	80,000	American Electric Power Co., Inc.		5.20%			01/15/2029		80,234
	78,000	American Express Co. (Secured Overnight Financing Rate + 1.00%)		6.34%			02/16/2028		78,288
	80,000	Amgen, Inc.		5.51%			03/02/2026		79,926
	70,000	Athene Global Funding (Secured Overnight Financing Rate + 0.70%)		6.04%	(a)		05/24/2024		70,037
	10,000	Athene Global Funding		1.72%	(a)		01/07/2025		9,697
	80,000	Boeing Co.		4.88%			05/01/2025		79,124
	78,000	BP Capital Markets America, Inc.		4.70%			04/10/2029		77,841
	45,000	Bristol-Myers Squibb Co. (US Secured Overnight Financing Rate + 0.49%)		5.83%			02/20/2026		45,161
	81,000	Broadcom, Inc.		3.15%			11/15/2025		78,390
	30,000	Campbell Soup Co.		5.20%			03/19/2027		30,082
	55,000	Carrier Global Corp.		5.80%			11/30/2025		55,386
	110,000	Citigroup, Inc. (CME Term SOFR 3 Month + 1.16%)		3.35%			04/24/2025		109,820
	10,000	Citigroup, Inc. (US Secured Overnight Financing Rate + 1.53%)		3.29%			03/17/2026		9,775
	80,000	Constellation Brands, Inc.		5.00%			02/02/2026		79,512
	80,000	Dollar Tree, Inc.		4.00%			05/15/2025		78,670
	80,000	Elevance Health, Inc.		3.50%			08/15/2024		79,365
	75,000	Energy Transfer LP		6.05%			12/01/2026		76,527
	80,000	Entergy Louisiana LLC		0.95%			10/01/2024		78,200
	40,000	Exelon Corp.		5.15%			03/15/2029		40,107
	78,000	Expedia Group, Inc.		6.25%	(a)		05/01/2025		78,355
	80,000	Ford Motor Co.		4.35%			12/08/2026		77,912
	80,000	General Motors Financial Co., Inc.		5.25%			03/01/2026		79,789
	50,000	Goldman Sachs Bank USA/New York NY (US Secured Overnight Financing Rate + 0.77%)		6.12%			03/18/2027		50,000
	80,000	HCA, Inc.		5.38%			02/01/2025		79,788
	5,000	JPMorgan Chase & Co. (CME Term SOFR 3 Month + 0.54%)		0.82%			06/01/2025		4,957
	80,000	JPMorgan Chase & Co.		3.90%			07/15/2025		78,707
	10,000	JPMorgan Chase & Co. (US Secured Overnight Financing Rate + 0.49%)		0.77%			08/09/2025		9,812
	70,000	Marriott International, Inc./MD		3.60%			04/15/2024		69,934
	10,000	Marriott International, Inc./MD		5.00%			10/15/2027		9,973
	70,000	Microchip Technology, Inc.		0.98%			09/01/2024		68,587

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 97

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	10,000	Microchip Technology, Inc.		4.25%			09/01/2025		9,840
	80,000	Morgan Stanley		3.88%			01/27/2026		78,175
	77,000	Oracle Corp.		5.80%			11/10/2025		77,664
	65,000	Pacific Gas and Electric Co.		4.95%			06/08/2025		64,491
	15,000	Pacific Gas and Electric Co.		2.10%			08/01/2027		13,512
	40,000	Packaging Corp. of America		3.65%			09/15/2024		39,609
	78,000	Parker-Hannifin Corp.		3.65%			06/15/2024		77,665
	80,000	Penske Truck Leasing Co. LP / PTL Finance Corp.		4.40%	(a)		07/01/2027		77,923
	40,000	PNC Financial Services Group, Inc. (US Secured Overnight Financing Rate + 1.32%)		5.81%			06/12/2026		40,145
	80,000	Republic Services, Inc.		2.50%			08/15/2024		79,062
	87,000	Royalty Pharma PLC		1.75%			09/02/2027		77,720
	77,000	Ryder System, Inc.		5.25%			06/01/2028		77,392
	75,000	Take-Two Interactive Software, Inc.		4.95%			03/28/2028		74,741
	85,000	Truist Financial Corp. (US Secured Overnight Financing Rate + 1.46%)		4.26%			07/28/2026		83,643
	80,000	Veralto Corp.		5.50%	(a)		09/18/2026		80,341
	80,000	VICI Properties LP / VICI Note Co., Inc.		4.25%	(a)		12/01/2026		76,974
	80,000	Wells Fargo & Co. (CME Term SOFR 3 Month + 1.09%)		2.41%			10/30/2025		78,487
	80,000	Welltower OP LLC		4.00%			06/01/2025		78,663
	80,000	Zimmer Biomet Holdings, Inc.		1.45%			11/22/2024		77,871
		Total US Corporate Bonds (Cost $3,136,181)							3,127,972
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS 3.1%
		Federal Home Loan Mortgage Corp.
	42,372	Series 2021-MN1-M1 (US 30 Day Average Secured Overnight Financing Rate + 2.00%)		7.32%	(a)		01/25/2051		41,535
		Federal National Mortgage Association
	1,409,467	Series 2013-92-FA (US 30 Day Average Secured Overnight Financing Rate + 0.66%, 0.55% Floor, 6.50% Cap)		5.98%			09/25/2043		1,392,669
		Total US Government and Agency Mortgage Backed Obligations (Cost $1,406,252)							1,434,204
	US GOVERNMENT AND AGENCY OBLIGATIONS 23.8%
	1,600,000	United States Treasury Note/Bond		4.25%			12/31/2025		1,587,000
	1,140,000	United States Treasury Note/Bond		4.25%			05/31/2025		1,130,849
	610,000	United States Treasury Note/Bond		4.63%			06/30/2025		607,879
	450,000	United States Treasury Note/Bond		4.63%			11/15/2026		451,529
	1,030,000	United States Treasury Note/Bond		4.00%			01/15/2027		1,017,809
	1,510,000	United States Treasury Note/Bond		4.63%			02/28/2026		1,508,879
	1,380,000	United States Treasury Note/Bond		4.25%			01/31/2026		1,369,273

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	930,000	United States Treasury Note/Bond		4.13%			02/15/2027		922,262
	900,000	United States Treasury Note/Bond		4.38%			12/15/2026		897,926
	1,460,000	United States Treasury Note/Bond		4.88%			11/30/2025		1,462,338
		Total US Government and Agency Obligations (Cost $11,004,089)							10,955,744
	AFFILIATED MUTUAL FUNDS 5.1%
	259,675	DoubleLine Floating Rate Fund - Class I							2,347,465
		Total Affiliated Mutual Funds (Cost $2,472,710)							2,347,465
	SHORT TERM INVESTMENTS 2.0%
	152,786	First American Government Obligations Fund - U		5.26%	(e)				152,786
	152,786	JPMorgan US Government Money Market Fund - IM		5.25%	(e)				152,786
	152,786	MSILF Government Portfolio - Institutional		5.22%	(e)				152,786
	470,000	United States Treasury Bill		0.00%			05/16/2024		466,930
		Total Short Term Investments (Cost $925,308)							925,288
		Total Investments 92.5% (Cost $45,441,160)							42,637,114
		Other Assets in Excess of Liabilities 7.5%							3,474,444
		NET ASSETS 100.0%						$	46,111,558

SECURITY TYPE BREAKDOWN as a % of Net Assets:
US Government and Agency Obligations	23.8%
Collateralized Loan Obligations	13.9%
Non-Agency Residential Collateralized Mortgage Obligations	12.8%
Non-Agency Commercial Mortgage Backed Obligations	11.8%
Asset Backed Obligations	7.3%
US Corporate Bonds	6.8%
Foreign Corporate Bonds	5.1%
Affiliated Mutual Funds	5.1%
US Government and Agency Mortgage Backed Obligations	3.1%
Short Term Investments	2.0%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	0.8%
Other Assets and Liabilities	7.5%
Net Assets	100.0%

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

March 31, 2024

INVESTMENT BREAKDOWN as a % of Net Assets:
US Government and Agency Obligations	23.8%
Collateralized Loan Obligations	13.9%
Non-Agency Residential Collateralized Mortgage Obligations	12.8%
Non-Agency Commercial Mortgage Backed Obligations	11.8%
Asset Backed Obligations	7.3%
Affiliated Mutual Funds	5.1%
Banking	3.6%
US Government and Agency Mortgage Backed Obligations	3.1%
Short Term Investments	2.0%
Utilities	1.2%
Transportation	1.2%
Technology	0.7%
Healthcare	0.5%
Energy	0.5%
Diversified Manufacturing	0.5%
Pharmaceuticals	0.4%
Chemical Products	0.4%
Chemicals/Plastics	0.4%
Mining	0.4%
Telecommunications	0.4%
Automotive	0.3%
Hotels/Motels/Inns and Casinos	0.3%
Food Products	0.2%
Insurance	0.2%
Finance	0.2%
Aerospace & Defense	0.2%
Environmental Control	0.2%
Retailers (other than Food/Drug)	0.2%
Real Estate	0.2%
Commercial Services	0.2%
Media	0.2%
Pulp & Paper	0.1%
Construction	0.0%	(f)
Other Assets and Liabilities	7.5%
Net Assets	100.0%

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers.

(b) Step Bond; Coupon rate changes based on a predetermined schedule or event. The interest rate shown is the rate in effect as of period end.

(c) Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of period end.

(d) Interest only security

(e) Seven-day yield as of period end.

(f) Represents less than 0.05% of net assets.

Swap Agreements
Excess Return Swaps
Reference Entity	Counterparty	Long/Short		Financing Rate		Payment Frequency		Termination Date		Notional Amount			Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Shiller Barclays CAPE® Europe Sector Net ER NoC Index(1)	BNP Paribas Securities Corp.		Long		0.20%		Termination		04/17/2024		14,000,000	EUR		$	1,621,164		$	—		$	1,621,164
Shiller Barclays CAPE® Europe Sector Net ER NoC Index(1)	Barclays Capital, Inc.		Long		0.20%		Termination		09/19/2024		6,400,000	EUR			571,779			—			571,779
Shiller Barclays CAPE® Europe Sector Net ER NoC Index(1)	BNP Paribas Securities Corp.		Long		0.20%		Termination		01/08/2025		10,000,000	EUR			517,739			—			517,739
Shiller Barclays CAPE® Europe Sector Net ER NoC Index(1)	Barclays Capital, Inc.		Long		0.20%		Termination		02/05/2025		9,500,000	EUR			491,852			—			491,852
														$	3,202,534		$	—		$	3,202,534

(1) Shiller Barclays CAPE^® Europe Sector Net ER NoC Index aims to provide notional long exposure to the top four European equity sectors that are relatively undervalued, as defined by a modified version of the classic CAPE^® Ratio (the “Relative CAPE^® Indicator”) and that possess relatively strong price momentum over the prior twelve months. Each European sector is represented by an index of equity securities of companies in the relevant sector. Information on the sector constituents as of March 31, 2024, is available on the Barclays Capital, Inc. website at https://indices.barclays/IM/12/en/indices/details.app;ticker=BXIIESAE.

EUR Euro

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 99

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

Forward Currency Exchange Contracts
Settlement Date	Counterparty	Currency to be Delivered			Value		Currency to be Received			Value		Unrealized Appreciation (Depreciation)
10/09/2024	J.P. Morgan Securities, Inc.		11,566,760	USD	$	11,566,760		10,700,000	EUR	$	11,643,629	$	76,869
10/09/2024	Goldman Sachs		3,227,897	USD		3,227,897		3,000,000	EUR		3,264,569		36,672
02/05/2025	Barclays Capital, Inc.		9,383,377	USD		9,383,377		8,600,000	EUR		9,414,536		31,160
06/04/2024	J.P. Morgan Securities, Inc.		2,400,000	EUR		2,596,405		2,619,793	USD		2,619,793		23,388
02/05/2025	Goldman Sachs		5,675,472	USD		5,675,472		5,200,000	EUR		5,692,510		17,038
06/04/2024	Barclays Capital, Inc.		800,000	EUR		865,468		873,181	USD		873,181		7,712
10/09/2024	J.P. Morgan Securities, Inc.		1,000,000	EUR		1,088,190		1,094,907	USD		1,094,907		6,718
10/09/2024	Barclays Capital, Inc.		322,692	USD		322,692		300,000	EUR		326,457		3,765
06/04/2024	Goldman Sachs		3,000,000	EUR		3,245,506		3,241,258	USD		3,241,258		(4,248	)
06/04/2024	Barclays Capital, Inc.		330,194	USD		330,194		300,000	EUR		324,551		(5,644	)
06/04/2024	J.P. Morgan Securities, Inc.		2,951,849	USD		2,951,849		2,700,000	EUR		2,920,956		(30,893	)
06/04/2024	Goldman Sachs		17,772,543	USD		17,772,543		16,300,000	EUR		17,633,917		(138,626	)
												$	23,911

EUR Euro

USD US Dollar

Affiliated Mutual Funds

A summary of the DoubleLine Shiller Enhanced International CAPE^®’s investments in affiliated mutual funds for the period ended March 31, 2024 is as follows:

Fund	Value at March 31, 2023			Gross Purchases			Gross Sales				Net Realized Gain (Loss) for the Period Ended March 31, 2024				Change in Unrealized for the Period Ended March 31, 2024			Value at March 31, 2024			Shares Held at March 31, 2024		Dividend Income Earned for the Period Ended March 31, 2024
DoubleLine Floating Rate Fund (Class I)		$	3,931,367		$	—		$	(1,600,000	)		$	(115,270	)		$	131,368		$	2,347,465		259,675		$	233,788

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

Schedule of Investments DoubleLine Emerging Markets Local Currency Bond Fund March 31, 2024

PRINCIPAL AMOUNT				SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN CORPORATE BONDS 21.0%
	BRAZIL 0.7%
	550,000		BRL	Simpar Finance SARL		10.75%	(a)		02/12/2028		91,294
											91,294
	CHINA 4.6%
	2,000,000		CNY	European Bank for Reconstruction & Development		2.75%			04/27/2032		279,739
	2,210,000		CNY	International Bank for Reconstruction & Development		2.00%			02/18/2026		303,207
											582,946
	COLOMBIA 1.5%
	833,000,000		COP	Empresas Publicas de Medellin ESP		8.38%	(a)		11/08/2027		191,644
											191,644
	INDIA 2.8%
	11,500,000		INR	Asian Development Bank		6.20%			10/06/2026		136,252
	18,000,000		INR	International Bank for Reconstruction & Development		6.85%			04/24/2028		215,891
											352,143
	INDONESIA 2.3%
	4,800,000,000		IDR	European Bank for Reconstruction & Development		4.25%			02/07/2028		284,397
											284,397
	MEXICO 5.2%
	4,500,000		MXN	America Movil SAB de CV		10.30%			01/30/2034		271,362
	6,900,000		MXN	International Finance Corp.		7.50%			01/18/2028		391,998
											663,360
	PERU 0.7%
	325,000		PEN	Banco de Credito del Peru SA		4.65%	(a)		09/17/2024		86,390
											86,390
	POLAND 3.2%
	1,840,000		PLN	European Investment Bank		3.00%			11/25/2029		406,203
											406,203
				Total Foreign Corporate Bonds (Cost $2,705,132)							2,658,377
	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS 75.1%
	BRAZIL 13.0%
	2,000		BRL	Brazil Notas de Tesouro Nacional - Serie F		10.00%	(b)		01/01/2031		382,584
	1,000		BRL	Brazil Notas de Tesouro Nacional - Serie F		10.00%	(b)		01/01/2025		199,355
	1,500		BRL	Brazil Notas de Tesouro Nacional - Serie F		10.00%	(b)		01/01/2035		280,386
	2,000		BRL	Brazil Notas de Tesouro Nacional - Serie F		10.00%	(b)		01/01/2029		389,850

PRINCIPAL AMOUNT				SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	2,000		BRL	Brazil Notas de Tesouro Nacional - Serie F		10.00%	(b)		01/01/2027		397,078
											1,649,253
	CHILE 2.1%
	95,000,000		CLP	Bonos de la Tesoreria de la Republica en pesos		2.50%			03/01/2025		94,361
	90,000,000		CLP	Bonos de la Tesoreria de la Republica en pesos		4.50%			03/01/2026		90,050
	75,000,000		CLP	Bonos de la Tesoreria de la Republica en pesos		5.80%	(a)		06/01/2024		76,433
											260,844
	COLOMBIA 1.4%
	350,000,000		COP	Colombian TES		7.50%			08/26/2026		87,471
	350,000,000		COP	Colombian TES		6.25%			11/26/2025		88,092
											175,563
	CZECH REPUBLIC 4.4%
	2,700,000		CZK	Czech Republic Government Bond		4.90%			04/14/2034		124,046
	10,600,000		CZK	Czech Republic Government Bond		2.75%			07/23/2029		431,073
											555,119
	HUNGARY 3.3%
	90,000,000		HUF	Hungary Government Bond		2.50%			10/24/2024		240,575
	64,000,000		HUF	Hungary Government Bond		3.00%			06/26/2024		173,757
											414,332
	INDONESIA 9.6%
	6,065,000,000		IDR	Indonesia Treasury Bond		8.25%			05/15/2029		410,454
	1,800,000,000		IDR	Indonesia Treasury Bond		7.00%			02/15/2033		116,214
	6,170,000,000		IDR	Indonesia Treasury Bond		8.38%			03/15/2034		436,395
	3,662,000,000		IDR	Indonesia Treasury Bond		7.50%			06/15/2035		244,942
											1,208,005
	MALAYSIA 5.0%
	1,300,000		MYR	Malaysia Government Bond		3.58%			07/15/2032		269,660
	1,700,000		MYR	Malaysia Government Bond		3.50%			05/31/2027		359,244
											628,904
	MEXICO 7.9%
	58,000		MXN	Mexican Bonos		7.50%	(c)		05/26/2033		310,868
	66,000		MXN	Mexican Bonos		7.75%	(c)		11/23/2034		355,283
	59,800		MXN	Mexican Bonos		7.75%	(c)		05/29/2031		330,876
											997,027
	PERU 1.9%
	1,030,000		PEN	Peru Government Bond		5.40%			08/12/2034		238,556
	PHILIPPINES 2.4%
	4,500,000		PHP	Philippine Government Bond		6.88%			01/10/2029		82,195
	13,000,000		PHP	Philippine Government International Bond		6.25%			01/14/2036		218,691
											300,886

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 101

Schedule of Investments DoubleLine Emerging Markets Local Currency Bond Fund (Cont.)

PRINCIPAL AMOUNT/ SHARES				SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	POLAND 5.6%
	1,160,000		PLN	Republic of Poland Government Bond		3.25%			07/25/2025		283,484
	2,200,000		PLN	Republic of Poland Government Bond		1.75%			04/25/2032		422,420
											705,904
	ROMANIA 4.4%
	1,600,000		RON	Romania Government Bond		8.00%			04/29/2030		376,101
	830,000		RON	Romania Government Bond		3.70%			11/25/2024		177,912
											554,013
	SOUTH AFRICA 9.6%
	10,120,000		ZAR	Republic of South Africa Government Bond		8.50%			01/31/2037		394,808
	5,300,000		ZAR	Republic of South Africa Government Bond		8.00%			01/31/2030		248,994
	4,060,000		ZAR	Republic of South Africa Government Bond		8.25%			03/31/2032		179,013
	9,360,000		ZAR	Republic of South Africa Government Bond		8.88%			02/28/2035		394,613
											1,217,428
	THAILAND 4.5%
	8,000,000		THB	Thailand Government Bond		1.59%			12/17/2035		196,746
	6,150,000		THB	Thailand Government Bond		3.85%			12/12/2025		173,296
	7,000,000		THB	Thailand Government Bond		3.35%			06/17/2033		204,707
											574,749
				Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $10,414,360)							9,480,583
	SHORT TERM INVESTMENTS 2.2%
	91,889		USD	BlackRock Liquidity FedFund - Institutional		5.20%	(d)				91,889
	91,890		USD	Fidelity Government Portfolio - Institutional		5.21%	(d)				91,890
	91,889		USD	MSILF Government Portfolio - Institutional		5.22%	(d)				91,889
				Total Short Term Investments (Cost $275,668)							275,668
				Total Investments 98.3% (Cost $13,395,160)							12,414,628
				Other Assets in Excess of Liabilities 1.7%							220,471
				NET ASSETS 100.0%						$	12,635,099

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	75.1%
Foreign Corporate Bonds	21.0%
Short Term Investments	2.2%
Other Assets and Liabilities	1.7%
Net Assets	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	75.1%
Finance	16.0%
Short Term Investments	2.2%
Telecommunications	2.1%
Utilities	1.5%
Transportation	0.7%
Banking	0.7%
Other Assets and Liabilities	1.7%
Net Assets	100.0%

COUNTRY BREAKDOWN as a % of Net Assets:
Brazil	13.7%
Mexico	13.1%
Indonesia	11.9%
South Africa	9.6%
Poland	8.8%
Malaysia	5.0%
China	4.6%
Thailand	4.5%
Czech Republic	4.4%
Romania	4.4%
Hungary	3.3%
Colombia	2.9%
India	2.8%
Peru	2.6%
Philippines	2.4%
United States	2.2%
Chile	2.1%
Other Assets and Liabilities	1.7%
Net Assets	100.0%

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers.

(b) Principal amount is stated in 1,000 Brazilian Real Units.

(c) Principal amount is stated in 100 Mexican Peso Units.

(d) Seven-day yield as of period end.

BRL Brazilian Real

CLP Chilean Peso

CNY Chinese Yuan Renminbi

COP Colombian Peso

CZK Czech Republic Koruna

HUF Hungarian Forint

IDR Indonesian Rupiah

INR Indian Rupee

MXN Mexican Peso

MYR Malaysian Ringgit

PEN Peruvian Sol

PHP Philippine Peso

PLN Polish Zloty

RON Romanian Leu

THB Thai Baht

USD United States Dollar

ZAR South African Rand

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

Schedule of Investments DoubleLine Income Fund March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS 9.2%
		Affirm, Inc.
	500,000	Series 2023-B-D		8.78%	(a)		09/15/2028		513,401
		APL Finance DAC
	548,000	Series 2023-1A-C		8.50%	(a)(b)		07/21/2031		547,559
		Bojangles Issuer LLC
	245,625	Series 2020-1A-A2		3.83%	(a)		10/20/2050		231,971
		Business Jet Securities LLC
	419,509	Series 2021-1A-C		5.07%	(a)(b)		04/15/2036		395,573
		Compass Datacenters LLC
	500,000	Series 2024-1A-B		7.00%	(a)		02/25/2049		500,531
		Flagship Credit Auto Trust
	9,500	Series 2018-4-R		0.00%	(a)(b)(c)		03/16/2026		466,847
		Hardee’s Funding
	500,000	Series 2024-1A-A2		7.25%	(a)		03/20/2054		505,888
		Helios Issuer LLC
	1,125,693	Series 2019-AA-B		4.49%	(a)		06/20/2046		996,702
		Hotwire Funding LLC
	1,000,000	Series 2021-1-B		2.66%	(a)		11/20/2051		884,982
		Lunar Structured Aircraft Portfolio Notes
	734,351	Series 2021-1-C		5.68%	(a)(b)		10/15/2046		646,543
		Retained Vantage Data Centers Issuer LLC
	500,000	Series 2023-1A-B		5.75%	(a)		09/15/2048		469,560
		Start Ltd./Bermuda
	314,042	Series 2019-1-C		6.41%	(a)(b)		03/15/2044		282,999
		Switch ABS Issuer LLC
	500,000	Series 2024-1A-B		6.50%	(a)		03/25/2054		486,229
		WAVE USA
	2,421,481	Series 2019-1-C		6.41%	(a)(b)		09/15/2044		768,198
		Total Asset Backed Obligations (Cost $9,447,835)							7,696,983
	COLLATERALIZED LOAN OBLIGATIONS 22.1%
		Aimco CDO
	700,000	Series 2021-15A-E (CME Term SOFR 3 Month + 6.21%, 5.95% Floor)		11.53%	(a)		10/17/2034		698,485
		Bain Capital CLO 2024-1 Ltd.
	500,000	Series 2024-1A-D1 (CME Term SOFR 3 Month + 3.85%, 3.85% Floor)		9.17%	(a)		04/16/2037		506,500
		Canyon Capital CLO Ltd.
	500,000	Series 2021-1A-E (CME Term SOFR 3 Month + 6.67%, 6.41% Floor)		11.99%	(a)		04/15/2034		493,097
		Canyon CLO
	500,000	Series 2021-3A-E (CME Term SOFR 3 Month + 6.46%, 6.20% Floor)		11.78%	(a)		07/15/2034		488,398
		Carlyle Global Market Strategies
	500,000	Series 2024-2A-D (CME Term SOFR 3 Month + 3.85%, 3.85% Floor)		0.00%	(a)		04/25/2037		500,000
		CarVal CLO
	500,000	Series 2024-1A-B (CME Term SOFR 3 Month + 2.10%, 2.10% Floor)		7.42%	(a)		04/20/2037		500,560
	1,000,000	Series 2024-1A-D (CME Term SOFR 3 Month + 3.90%, 3.90% Floor)		9.22%	(a)		04/20/2037		1,004,457
		CIFC Funding Ltd.
	500,000	Series 2021-4A-E (CME Term SOFR 3 Month + 6.26%, 6.00% Floor)		11.58%	(a)		07/15/2033		500,915

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Empower CLO Ltd.
	500,000	Series 2024-1A-A1 (CME Term SOFR 3 Month + 1.60%, 1.60% Floor)		6.91%	(a)		04/25/2037		500,206
	500,000	Series 2024-1A-D1 (CME Term SOFR 3 Month + 3.75%, 3.75% Floor)		9.06%	(a)		04/25/2037		505,240
		Goldentree Loan Opportunities Ltd.
	500,000	Series 2024-19A-D (CME Term SOFR 3 Month + 3.40%, 3.40% Floor)		8.72%	(a)		04/20/2037		501,895
		Harvest US CLO
	500,000	Series 2024-1A-D (CME Term SOFR 3 Month + 4.50%, 4.50% Floor)		9.81%	(a)		04/18/2037		508,088
		Highbridge Loan Management Ltd.
	1,000,000	Series 12A-18-C (CME Term SOFR 3 Month + 3.01%, 2.75% Floor)		8.31%	(a)		07/18/2031		992,459
		Katayma CLO Ltd.
	1,000,000	Series 2023-1A-D (CME Term SOFR 3 Month + 5.25%, 5.25% Floor)		10.57%	(a)		10/20/2036		1,033,673
	500,000	Series 2024-2A-A1 (CME Term SOFR 3 Month + 1.65%, 1.65% Floor)		6.94%	(a)		04/20/2037		500,000
	500,000	Series 2024-2A-D (CME Term SOFR 3 Month + 4.50%, 4.50% Floor)		9.79%	(a)		04/20/2037		502,600
		Octagon Investment Partners Ltd.
	1,000,000	Series 2012-1A-CRR (CME Term SOFR 3 Month + 4.16%, 3.90% Floor)		9.48%	(a)		07/15/2029		1,003,772
	500,000	Series 2018-2A-C (CME Term SOFR 3 Month + 3.11%)		8.44%	(a)		07/25/2030		486,049
	500,000	Series 2021-1A-E (CME Term SOFR 3 Month + 6.76%, 6.50% Floor)		12.08%	(a)		04/15/2034		494,173
		Point Au Roche Park CLO
	500,000	Series 2021-1A-E (CME Term SOFR 3 Month + 6.36%, 6.10% Floor)		11.68%	(a)		07/20/2034		493,671
		Rockford Tower CLO Ltd.
	1,000,000	Series 2024-1A-A1 (CME Term SOFR 3 Month + 1.61%, 1.61% Floor)		0.00%	(a)		04/20/2037		1,000,000
		RR Ltd./Cayman Islands
	1,000,000	Series 2017-2A-DR (CME Term SOFR 3 Month + 6.06%, 5.80% Floor)		11.38%	(a)		04/15/2036		981,738
		Sound Point CLO Ltd.
	1,000,000	Series 2020-1A-ER (CME Term SOFR 3 Month + 7.12%, 7.12% Floor)		12.44%	(a)		07/20/2034		930,183
	500,000	Series 2021-3A-D (CME Term SOFR 3 Month + 3.51%, 3.25% Floor)		8.84%	(a)		10/25/2034		485,979
		Steele Creek CLO Ltd.
	940,000	Series 2014-1RA-D (CME Term SOFR 3 Month + 3.06%, 2.80% Floor)		8.38%	(a)		04/21/2031		888,917
		Trimaran CAVU LLC
	2,000,000	Series 2019-2A-C (CME Term SOFR 3 Month + 4.98%, 4.72% Floor)		10.28%	(a)		11/26/2032		2,006,672
		Total Collateralized Loan Obligations (Cost $18,491,192)							18,507,727

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 103

Schedule of Investments DoubleLine Income Fund (Cont.)

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS 16.9%
		Alen Mortgage Trust
	1,000,000	Series 2021-ACEN-F (CME Term SOFR 1 Month + 5.11%, 5.00% Floor)		10.44%	(a)		04/15/2034		420,115
		Benchmark Mortgage Trust
	236,962	Series 2020-B16-A2		2.88%			02/15/2053		227,856
		BLP Commercial Mortgage Trust
	180,000	Series 2024-IND2-A (CME Term SOFR 1 Month + 1.34%, 1.34% Floor)		6.67%	(a)		03/15/2041		180,087
		BX Trust
	404,949	Series 2021-21M-A (CME Term SOFR 1 Month + 0.84%, 0.73% Floor)		6.17%	(a)		10/15/2036		401,938
	400,000	Series 2021-CIP-A (CME Term SOFR 1 Month + 1.04%, 0.92% Floor)		6.36%	(a)		12/15/2038		396,108
	181,399	Series 2021-VINO-A (CME Term SOFR 1 Month + 0.77%, 0.77% Floor)		6.09%	(a)		05/15/2038		180,140
	156,386	Series 2021-XL2-A (CME Term SOFR 1 Month + 0.80%, 0.69% Floor)		6.13%	(a)		10/15/2038		155,315
	500,000	Series 2024-MF-A (CME Term SOFR 1 Month + 1.44%, 1.44% Floor)		6.77%	(a)		02/15/2039		501,984
		CEDR Commercial Mortgage Trust
	350,000	Series 2022-SNAI-A (CME Term SOFR 1 Month + 0.99%, 0.99% Floor)		6.31%	(a)		02/15/2039		333,125
		Commercial Mortgage Pass Through Certificates
	300,000	Series 2014-CR18-B		4.46%	(d)		07/15/2047		294,941
		Computershare Corporate Trust
	180,000	Series 2015-C28-A4		3.54%			05/15/2048		175,276
	539,000	Series 2015-LC22-A4		3.84%			09/15/2058		523,985
		Credit Suisse Mortgage Capital Certificates
	510,000	Series 2017-PFHP-A (CME Term SOFR 1 Month + 1.00%, 0.95% Floor)		6.32%	(a)		12/15/2030		488,566
	498,759	Series 2019-ICE4-B (CME Term SOFR 1 Month + 1.28%, 1.23% Floor)		6.60%	(a)		05/15/2036		498,441
		Extended Stay America Trust
	457,128	Series 2021-ESH-A (CME Term SOFR 1 Month + 1.19%, 1.08% Floor)		6.52%	(a)		07/15/2038		457,278
		FS Rialto
	355,220	Series 2021-FL2-A (CME Term SOFR 1 Month + 1.33%, 1.33% Floor)		6.66%	(a)		05/16/2038		351,891
	474,883	Series 2021-FL3-A (CME Term SOFR 1 Month + 1.36%, 1.36% Floor)		6.69%	(a)		11/16/2036		474,057
		Granite Point Mortgage Trust, Inc.
	300,000	Series 2021-FL4-B (CME Term SOFR 1 Month + 2.06%, 1.95% Floor)		7.39%	(a)		12/15/2036		280,656
		Great Wolf Trust
	144,318	Series 2019-WOLF-F (CME Term SOFR 1 Month + 3.45%, 3.33% Floor)		8.77%	(a)		12/15/2036		143,209
	250,000	Series 2024-WOLF-C (CME Term SOFR 1 Month + 2.39%, 2.39% Floor)		7.69%	(a)		03/15/2039		250,924
		JP Morgan Chase Commercial Mortgage Securities
	1,000,000	Series 2019-UES-G		4.45%	(a)(d)		05/05/2032		990,849

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		JPMBB Commercial Mortgage Securities Trust
	300,000	Series 2014-C23-UH5		4.71%	(a)		09/15/2047		288,805
	417,195	Series 2015-C31-A3		3.80%			08/15/2048		403,954
	250,000	Series 2015-C33-AS		4.02%			12/15/2048		238,945
		LFT CRE Ltd.
	300,000	Series 2021-FL1-B (CME Term SOFR 1 Month + 1.86%, 1.86% Floor)		7.19%	(a)		06/15/2039		294,367
		LoanCore
	281,251	Series 2021-CRE6-A (CME Term SOFR 1 Month + 1.41%, 1.30% Floor)		6.74%	(a)		11/15/2038		279,866
		Lument Finance Trust, Inc.
	437,486	Series 2021-FL1-A (CME Term SOFR 1 Month + 1.28%, 1.28% Floor)		6.61%	(a)		06/15/2039		435,670
		Med Trust
	447,851	Series 2021-MDLN-A (CME Term SOFR 1 Month + 1.06%, 0.95% Floor)		6.39%	(a)		11/15/2038		447,047
		MF1 Multifamily Housing Mortgage Loan Trust
	435,515	Series 2021-FL6-A (CME Term SOFR 1 Month + 1.21%, 1.10% Floor)		6.54%	(a)		07/16/2036		433,511
	300,000	Series 2024-FL14-A (CME Term SOFR 1 Month + 1.74%, 1.74% Floor)		7.06%	(a)		03/19/2039		300,947
		MHC Commercial Mortgage Trust
	301,996	Series 2021-MHC-A (CME Term SOFR 1 Month + 0.92%, 0.80% Floor)		6.24%	(a)		04/15/2038		300,806
		Morgan Stanley Capital I, Inc.
	300,000	Series 2016-UB11-AS		2.98%			08/15/2049		276,026
		Ready Capital Corp.
	484,084	Series 2021-FL7-A (CME Term SOFR 1 Month + 1.31%, 1.20% Floor)		6.64%	(a)		11/25/2036		483,379
	180,870	Series 2022-FL9-A (CME Term SOFR 1 Month + 2.47%, 2.47% Floor)		7.80%	(a)		06/25/2037		181,753
		SREIT Trust
	500,000	Series 2021-MFP2-A (CME Term SOFR 1 Month + 0.94%, 0.82% Floor)		6.26%	(a)		11/15/2036		497,691
		Starwood Property Mortgage Trust
	222,113	Series 2021-FL2-A (CME Term SOFR 1 Month + 1.31%, 1.20% Floor)		6.64%	(a)		04/18/2038		219,483
		STWD Ltd.
	400,000	Series 2022-FL3-B (US 30 Day Average Secured Overnight Financing Rate + 1.95%, 1.95% Floor)		7.27%	(a)		11/15/2038		386,540
		TPG Real Estate Finance Issuer Ltd.
	300,000	Series 2021-FL4-B (CME Term SOFR 1 Month + 1.96%, 1.85% Floor)		7.29%	(a)		03/15/2038		284,840
		UBS-Barclays Commercial Mortgage Trust
	562,000	Series 2013-C5-D		3.69%	(a)(d)		03/10/2046		398,661
		WB Commercial Mortgage Trust
	300,000	Series 2024-HQ-A		6.13%	(a)(d)		03/15/2040		302,714
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $14,824,587)							14,181,746

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS 25.1%
		Credit Suisse Mortgage Capital Certificates
	1,372,000	Series 2021-NQM4-B2		4.18%	(a)(d)		05/25/2066		981,394
		Cross Mortgage Trust
	1,219,629	Series 2024-H1-A1		6.09%	(a)(e)		12/25/2068		1,219,187
		Fannie Mae Connecticut Avenue Securities
	1,250,000	Series 2021-R01-1M2 (US 30 Day Average Secured Overnight Financing Rate + 1.55%)		6.87%	(a)		10/25/2041		1,255,883
	1,300,000	Series 2022-R01-1M2 (US 30 Day Average Secured Overnight Financing Rate + 1.90%)		7.22%	(a)		12/25/2041		1,310,649
	1,250,000	Series 2023-R01-1M2 (US 30 Day Average Secured Overnight Financing Rate + 3.75%)		9.07%	(a)		12/25/2042		1,338,490
	1,300,000	Series 2024-R01-1M2 (US 30 Day Average Secured Overnight Financing Rate + 1.80%, 1.80% Floor)		7.12%	(a)		01/25/2044		1,308,789
	1,000,000	Series 2024-R02-1B1 (US 30 Day Average Secured Overnight Financing Rate + 2.50%, 2.50% Floor)		7.82%	(a)		02/25/2044		1,009,137
		Freddie Mac Structured Agency Credit Risk Debt Notes
	1,200,000	Series 2024-DNA1-M2 (US 30 Day Average Secured Overnight Financing Rate + 1.95%)		7.27%	(a)		02/25/2044		1,205,235
	1,000,000	Series 2024-HQA1-M2 (US 30 Day Average Secured Overnight Financing Rate + 2.00%)		7.32%	(a)		03/25/2044		1,002,739
		Onslow Bay Mortgage Loan Trust
	1,225,485	Series 2024-NQM2-A1		5.88%	(a)(e)		12/25/2063		1,223,954
		Pretium Mortgage Credit Partners LLC
	1,228,066	Series 2024-NPL2-A1		7.02%	(a)(e)		02/25/2054		1,225,168
		Progress Residential Trust
	500,000	Series 2020-SFR3-H		6.23%	(a)		10/17/2027		485,231
	1,200,000	Series 2024-SFR2-D		3.40%	(a)(d)		04/17/2041		1,057,063
		SGR Residential Mortgage Trust
	1,250,000	Series 2021-1-B2		4.30%	(a)(d)		07/25/2061		888,254
		Velocity Commercial Capital Loan Trust
	175,510	Series 2019-1-M4		4.61%	(a)(d)		03/25/2049		146,850
	95,107	Series 2019-1-M5		5.70%	(a)(d)		03/25/2049		81,285
	161,763	Series 2019-1-M6		6.79%	(a)(d)		03/25/2049		115,526
		Vericrest Opportunity Loan Transferee
	1,108,866	Series 2021-NPL5-A2		4.83%	(a)(e)(f)		03/27/2051		1,002,541
		Verus Securitization Trust
	1,400,000	Series 2020-5-B2		4.71%	(a)(d)		05/25/2065		1,221,812
	1,500,000	Series 2021-3-B2		3.96%	(a)(d)		06/25/2066		1,040,460
	993,557	Series 2023-1-A1		5.85%	(a)(e)		12/25/2067		988,678
	1,000,000	Series 2024-1-M1		6.67%	(a)(d)		01/25/2069		999,883
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $22,516,555)							21,108,208
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS 7.8%
		Federal Home Loan Mortgage Corp.
	1,229,328	Series 5004-LS (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.04%, 6.15% Cap)		0.72%	(g)(h)		07/25/2050		138,478

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Federal Home Loan Mortgage Corp. (Cont.)
	4,124,636	Series 5112-SC (-1 x US 30 Day Average Secured Overnight Financing Rate + 2.50%, 2.50% Cap)		0.00%	(g)(h)		06/25/2051		25,813
	3,795,259	Series 5166-DI		3.00%	(g)		09/15/2048		497,474
		Federal National Mortgage Association
	1,062,836	Pool CB3168		3.00%			03/01/2052		916,130
	1,107,888	Series 2020-54-AS (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.04%, 6.15% Cap)		0.72%	(g)(h)		08/25/2050		141,751
	1,250,415	Series 2020-77-S (-1 x US 30 Day Average Secured Overnight Financing Rate + 4.15%, 4.15% Cap)		0.00%	(g)(h)		11/25/2050		47,302
	2,215,162	Series 2020-77-SB (-1 x US 30 Day Average Secured Overnight Financing Rate + 4.10%, 4.10% Cap)		0.00%	(g)(h)		11/25/2050		85,233
	965,219	Series 2020-M10-X2		1.72%	(d)(g)		12/25/2030		66,362
	1,930,675	Series 2020-M17-X1		1.36%	(d)(g)		01/25/2028		63,358
		Government National Mortgage Association
	1,348,654	Series 2015-124-AF (CME Term SOFR 1 Month + 0.36%, 0.25% Floor, 6.50% Cap)		5.69%			09/20/2045		1,322,325
	2,277,974	Series 2020-138-IL		3.50%	(g)		09/20/2050		393,735
	1,659,912	Series 2020-142-SD (-1 x CME Term SOFR 1 Month + 6.19%, 6.30% Cap)		0.86%	(g)(h)		09/20/2050		203,005
	982,293	Series 2020-189-SP (-1 x CME Term SOFR 1 Month + 6.19%, 6.30% Cap)		0.86%	(g)(h)		12/20/2050		117,394
	2,351,976	Series 2020-196-DI		2.50%	(g)		12/20/2050		303,440
	3,711,338	Series 2021-125-AS (-1 x US 30 Day Average Secured Overnight Financing Rate + 3.25%, 3.25% Cap)		0.00%	(g)(h)		07/20/2051		46,739
	2,792,484	Series 2021-15-PI		3.00%	(g)		01/20/2051		430,177
	2,203,346	Series 2021-189-IO		0.88%	(d)(g)		06/16/2061		145,380
	1,835,698	Series 2021-197-IB		3.50%	(g)		11/20/2051		320,034
	2,430,361	Series 2021-2-IO		0.88%	(d)(g)		06/16/2063		154,777
	2,791,792	Series 2021-46-ES (-1 x CME Term SOFR 1 Month + 2.69%, 2.80% Cap)		0.00%	(g)(h)		03/20/2051		21,534
	4,338,519	Series 2021-59-S (-1 x US 30 Day Average Secured Overnight Financing Rate + 2.60%, 2.60% Cap)		0.00%	(g)(h)		04/20/2051		38,094
	3,362,157	Series 2021-80-IO		0.90%	(d)(g)		12/16/2062		228,610
	1,598,034	Series 2021-98-SB (-1 x CME Term SOFR 1 Month + 6.19%, 6.30% Cap)		0.86%	(g)(h)		06/20/2051		176,581
	2,519,209	Series 2023-79-JI		2.50%	(g)		02/20/2051		316,730
	2,023,627	Series 2024-13-IA		3.00%	(g)		05/20/2051		314,426
		Total US Government and Agency Mortgage Backed Obligations (Cost $7,862,718)							6,514,882
	SHORT TERM INVESTMENTS 21.8%
	5,407,682	First American Government Obligations Fund - U		5.26%	(i)				5,407,682
	5,407,682	JPMorgan US Government Money Market Fund - IM		5.25%	(i)				5,407,682
	5,407,682	MSILF Government Portfolio - Institutional		5.22%	(i)				5,407,682

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 105

Schedule of Investments DoubleLine Income Fund (Cont.)

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
	2,000,000	United States Treasury Bill		0.00%		07/02/2024		1,973,380
		Total Short Term Investments (Cost $18,196,482)						18,196,426
		Total Investments 102.9% (Cost $91,339,369)						86,205,972
		Other Liabilities in Excess of Assets (2.9)%						(2,450,064	)
		NET ASSETS 100.0%					$	83,755,908

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Non-Agency Residential Collateralized Mortgage Obligations	25.1%
Collateralized Loan Obligations	22.1%
Short Term Investments	21.8%
Non-Agency Commercial Mortgage Backed Obligations	16.9%
Asset Backed Obligations	9.2%
US Government and Agency Mortgage Backed Obligations	7.8%
Other Assets and Liabilities	(2.9)%
Net Assets	100.0%

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers.

(b) Value determined using significant unobservable inputs.

(c) Security pays interest at rates that represent residual cashflows available after more senior tranches have been paid. The interest rate disclosed reflects the estimated rate in effect as of period end.

(d) Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of period end.

(e) Step Bond; Coupon rate changes based on a predetermined schedule or event. The interest rate shown is the rate in effect as of period end.

(f) This security accrues interest which is added to the outstanding principal balance. The interest payment will be deferred until all other tranches in the structure are paid off. The rate disclosed is as of period end.

(g) Interest only security

(h) Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. Interest rate may also be subject to a cap or floor.

(i) Seven-day yield as of period end.

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

Schedule of Investments DoubleLine Multi-Asset Trend Fund (Consolidated) March 31, 2024

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	US GOVERNMENT AND AGENCY OBLIGATIONS 6.4%
	140,000	United States Treasury Note/Bond		0.75%	(a)(b)		11/15/2024		136,205
	700,000	United States Treasury Note/Bond		4.38%			11/30/2028		703,814
		Total US Government and Agency Obligations (Cost $853,058)							840,019
	AFFILIATED MUTUAL FUNDS 75.0%
	215,135	DoubleLine Floating Rate Fund - Class I							1,944,818
	176,467	DoubleLine Income Fund - Class I							1,376,443
	689,286	DoubleLine Low Duration Bond Fund - Class R6							6,603,356
		Total Affiliated Mutual Funds (Cost $10,303,410)							9,924,617
	SHORT TERM INVESTMENTS 10.8%
	474,484	First American Government Obligations Fund - U		5.26%	(a)(c)				474,484

SHARES		SECURITY DESCRIPTION	RATE			MATURITY	VALUE $
	474,484	JPMorgan US Government Money Market Fund - IM		5.25%	(a)(c)			474,484
	474,484	MSILF Government Portfolio - Institutional		5.22%	(a)(c)			474,484
		Total Short Term Investments (Cost $1,423,452)						1,423,452
		Total Investments 92.2% (Cost $12,579,920)						12,188,088
		Other Assets in Excess of Liabilities 7.8%						1,033,967
		NET ASSETS 100.0%					$	13,222,055

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Affiliated Mutual Funds	75.0%
Short Term Investments	10.8%
US Government and Agency Obligations	6.4%
Other Assets and Liabilities	7.8%
Net Assets	100.0%

(a) All or a portion of this security is owned by DoubleLine Multi-Asset Trend Ltd., which is a wholly owned subsidiary of the DoubleLine Multi-Asset Trend Fund.

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

(c) Seven-day yield as of period end.

Swap Agreements
Excess Return Swaps
Reference Entity	Counterparty	Long/Short		Financing Rate			Payment Frequency		Termination Date		Notional Amount			Value				Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
BNP Paribas Multi-Asset Trend Index ER USD ex-Commodity Sub-Basket(1)(2)(3)	BNP Paribas Securities Corp.		Long		0.00	%		Termination		04/17/2024		$	9,408,567		$	652,144			$	—		$	652,144
BNP Paribas Multi-Asset Trend Index ER USD Commodity Sub-Basket(2)(3)(4)(5)	BNP Paribas Securities Corp.		Long		0.00	%		Termination		04/17/2024			3,791,430			(737,874	)			—			(737,874	)
															$	(85,730	)		$	—		$	(85,730	)

(1) The BNP Paribas Multi-Asset Trend Index aims to generate excess return by using a trend following strategy and to offer diversification in a multi-asset class universe. Ex-Commodity Sub-Basket Swap represents a swap on a basket of indices without commodities. Information on the sector constituents as of March 31, 2024, is available on the BNP Paribas website https://marketing-indx.bnpparibas.com/multi-asset-trend/.

(2) Entry fee incurs when the Fund puts on new swap exposure. It is a trading cost and incorporated in the cost of the swap. The entry fee is 0.05%.

(3) Exit fee incurs when the Fund terminates the swap exposure. It is incorporated into daily valuation of the swap. The exit fee is 0.05%.

(4) The BNP Paribas Multi-Asset Trend Index aims to generate excess return by using a trend following strategy and to offer diversification in a multi-asset class universe. Commodity Sub-Basket Swap represents a swap on a basket of commodity indices. Information on the sector constituents as of March 31, 2024, is available on the BNP Paribas website https://marketing-indx.bnpparibas.com/multi-asset-trend/.

(5) All or a portion of this security is owned by DoubleLine Multi-Asset Trend Ltd., which is a wholly-owned subsidiary of the DoubleLine Multi-Asset Trend Fund.

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 107

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

Affiliated Mutual Funds

A summary of the DoubleLine Multi-Asset Trend Fund’s investments in affiliated mutual funds for the period ended March 31, 2024 is as follows:

Fund	Value at March 31, 2023			Gross Purchases			Gross Sales			Net Realized Gain (Loss) for the Period Ended March 31, 2024			Change in Unrealized for the Period Ended March 31, 2024			Value at March 31, 2024			Shares Held at March 31, 2024		Dividend Income Earned for the Period Ended March 31, 2024
DoubleLine Low Duration Bond Fund (Class R6)		$	6,520,642		$	—		$	—		$	—		$	82,714		$	6,603,356		689,286		$	311,485
DoubleLine Floating Rate Fund (Class I)			1,929,758			—			—			—			15,060			1,944,818		215,135			162,792
Doubleline Income Fund (Class I)			1,328,797			—			—			—			47,646			1,376,443		176,467			100,485
		$	9,779,197		$	—		$	—		$	—		$	145,420		$	9,924,617		1,080,888		$	574,762

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

Statements of Assets and Liabilities March 31, 2024

	DoubleLine Total Return Bond Fund				DoubleLine Core Fixed Income Fund				DoubleLine Emerging Markets Fixed Income Fund				DoubleLine Low Duration Bond Fund				DoubleLine Floating Rate Fund				DoubleLine Shiller Enhanced CAPE®
ASSETS
Investments in Unaffiliated Securities, at Value *		$	30,281,777,794			$	6,270,408,139			$	480,464,117			$	5,399,762,391			$	165,259,119			$	3,567,533,335
Investments in Affiliated Mutual Funds, at Value *			—				445,384,751				—				—				—				—
Short Term Investments *			633,460,140				155,989,824				3,929,291				223,016,984				22,119,033				240,087,181
Cash			17,711,498				2,173,178				439,746				1,335,293				1,296,822				1,454,032
Foreign Currency, at Value *			—				—				—				—				—				—
Interest and Dividends Receivable			152,761,673				50,743,820				7,189,404				41,835,904				1,008,338				28,621,398
Deposit at Broker for Futures			138,853,752				21,130,620				—				—				—				—
Receivable for Fund Shares Sold			62,857,867				16,774,850				654,734				14,986,072				299,925				5,993,420
Receivable for Investments Sold			35,110,510				2,690,844				667,349				35,264,271				1,409,356				3,847,032
Prepaid Expenses and Other Assets			433,670				123,517				51,406				76,267				27,887				38,003
Net Unrealized Appreciation on Swaps			—				—				—				—				—				404,068,626
Variation Margin Receivable			—				—				—				—				—				—
Net Unrealized Appreciation on Forward Currency Exchange Contracts			—				—				—				—				—				—
Due from Advisor (See Note 3)			—				—				—				—				—				—
Total Assets			31,322,966,904				6,965,419,543				493,396,047				5,716,277,182				191,420,480				4,251,643,027
LIABILITIES
Payable for Investments Purchased			156,601,355				36,784,984				1,224,417				42,950,029				11,124,227				27,046,400
Payable for Fund Shares Redeemed			70,305,534				6,935,789				6,945,192				8,358,044				103,769				6,719,087
Distribution Payable			31,270,394				8,549,435				572,620				5,060,774				647,104				9,758,662
Investment Advisory Fees Payable			10,519,518				2,144,407				299,673				1,674,711				75,636				1,587,600
Variation Margin Payable			9,175,736				4,174,982				—				—				—				—
Sub-Transfer Agent Expenses Payable			2,158,270				214,195				47,211				222,484				6,933				349,193
Administration, Fund Accounting and Custodian Fees Payable			2,105,892				546,521				37,156				516,074				45,951				320,435
Distribution Fees Payable			1,867,933				38,880				1,831				694,909				4,852				53,644
Trustees Fees Payable (See Note 8)			1,489,086				279,652				25,645				181,596				9,474				157,833
Transfer Agent Expenses Payable			1,270,279				258,037				14,063				231,543				6,590				157,620
Professional Fees Payable			415,385				164,926				79,282				131,925				50,188				122,595
Accrued Expenses			376,090				48,344				12,898				56,173				1,156				68,218
Interest Expense Payable			—				—				—				—				5,167				—
Net Unrealized Depreciation on Forward Currency Exchange Contracts			—				—				—				—				—				—
Payable to Broker			—				—				—				—				—				—
Net Unrealized Depreciation on Swaps			—				—				—				—				—				—
Total Liabilities			287,555,472				60,140,152				9,259,988				60,078,262				12,081,047				46,341,287
Commitments and Contingencies (See Note 2)
Net Assets		$	31,035,411,432			$	6,905,279,391			$	484,136,059			$	5,656,198,920			$	179,339,433			$	4,205,301,740
NET ASSETS CONSIST OF:
Paid-in Capital		$	42,203,768,157			$	8,586,276,309			$	706,379,085			$	6,097,534,224			$	237,549,703			$	4,872,739,773
Total Distributable Earnings (Loss) (See Note 6)			(11,168,356,725	)			(1,680,996,918	)			(222,243,026	)			(441,335,304	)			(58,210,270	)			(667,438,033	)
Net Assets		$	31,035,411,432			$	6,905,279,391			$	484,136,059			$	5,656,198,920			$	179,339,433			$	4,205,301,740
*Identified Cost:
Investments in Unaffiliated Securities		$	34,948,494,968			$	6,853,308,111			$	538,676,096			$	5,580,812,698			$	166,353,712			$	3,839,421,886
Investments in Affiliated Mutual Funds			—				504,557,903				—				—				—				—
Short Term Investments			633,460,140				155,989,824				3,929,291				223,030,348				22,119,033				240,097,484
Foreign Currency (Due to Custodian)			—				—				—				—				—				—
Class I (unlimited shares authorized):
Net Assets		$	25,498,119,051			$	6,346,592,813			$	461,232,182			$	4,788,703,180			$	162,268,995			$	3,905,581,805
Shares Outstanding			2,922,466,169				689,477,247				51,773,721				500,042,349				17,947,485				262,835,645
Net Asset Value, Offering and Redemption Price per Share		$	8.72			$	9.20			$	8.91			$	9.58			$	9.04			$	14.86
Class N (unlimited shares authorized):
Net Assets		$	4,269,591,612			$	235,339,442			$	22,903,877			$	739,659,426			$	17,070,438			$	281,125,068
Shares Outstanding			489,586,235				25,590,786				2,568,627				77,295,367				1,883,086				18,937,291
Net Asset Value, Offering and Redemption Price per Share		$	8.72			$	9.20			$	8.92			$	9.57			$	9.07			$	14.85
Class R6 (unlimited shares authorized):
Net Assets		$	1,267,700,769			$	323,347,136			$	—			$	127,836,314			$	—			$	18,594,867
Shares Outstanding			145,273,090				35,115,362				—				13,343,461				—				1,250,519
Net Asset Value, Offering and Redemption Price per Share		$	8.73			$	9.21			$	—			$	9.58			$	—			$	14.87

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 109

Statements of Assets and Liabilities (Cont.)

	DoubleLine Flexible Income Fund				DoubleLine Low Duration Emerging Markets Fixed Income Fund				DoubleLine Long Duration Total Return Bond Fund				DoubleLine Strategic Commodity Fund (Consolidated)			DoubleLine Global Bond Fund				DoubleLine Infrastructure Income Fund
ASSETS
Investments in Unaffiliated Securities, at Value *		$	797,456,673			$	155,229,332			$	57,656,926			$	—		$	135,687,104			$	358,342,446
Investments in Affiliated Mutual Funds, at Value *			—				—				—				—			—				—
Short Term Investments *			162,655,314				1,477,545				1,170,276				153,087,087			6,561,986				5,637,194
Cash			687,301				8,118				—				—			10				19,844
Foreign Currency, at Value *			—				—				—				—			464,553				—
Interest and Dividends Receivable			6,938,460				2,006,391				206,569				66,901			1,602,851				3,128,773
Deposit at Broker for Futures			—				—				919,110				—			—				—
Receivable for Fund Shares Sold			3,829,925				154,720				38,626				920,141			—				86,354
Receivable for Investments Sold			1,120,597				38,500				—				—			—				—
Prepaid Expenses and Other Assets			57,142				33,274				31,276				58,725			26,028				17,689
Net Unrealized Appreciation on Swaps			—				—				—				5,071,550			—				—
Variation Margin Receivable			—				—				92,641				—			—				—
Net Unrealized Appreciation on Forward Currency Exchange Contracts			—				—				—				—			—				—
Due from Advisor (See Note 3)			—				—				—				—			—				—
Total Assets			972,745,412				158,947,880				60,115,424				159,204,404			144,342,532				367,232,300
LIABILITIES
Payable for Investments Purchased			17,665,388				535,137				—				9,827,863			—				—
Payable for Fund Shares Redeemed			621,368				251,209				21,883				69,236			—				4,220
Distribution Payable			1,220,123				124,596				131,168				—			—				1,098,658
Investment Advisory Fees Payable			494,369				39,396				6,013				103,794			71,653				154,490
Variation Margin Payable			—				—				—				—			—				—
Sub-Transfer Agent Expenses Payable			43,217				14,127				51				10,794			1,431				7,798
Administration, Fund Accounting and Custodian Fees Payable			149,248				19,056				5,358				2,467			18,960				28,723
Distribution Fees Payable			50,075				—				4,210				1,490			—				1,617
Trustees Fees Payable (See Note 8)			28,826				5,932				2,049				5,037			17,694				10,778
Transfer Agent Expenses Payable			33,148				7,191				—				5,825			20,428				11,581
Professional Fees Payable			58,632				35,084				23,993				28,874			30,432				27,890
Accrued Expenses			16,627				7,025				302				629			20,826				3,216
Interest Expense Payable			—				813				—				—			—				—
Net Unrealized Depreciation on Forward Currency Exchange Contracts			—				—				—				—			—				—
Payable to Broker			—				—				—				—			—				—
Net Unrealized Depreciation on Swaps			—				—				—				—			—				—
Total Liabilities			20,381,021				1,039,566				195,027				10,056,009			181,424				1,348,971
Commitments and Contingencies (See Note 2)															—
Net Assets		$	952,364,391			$	157,908,314			$	59,920,397			$	149,148,395		$	144,161,108			$	365,883,329
NET ASSETS CONSIST OF:
Paid-in Capital		$	1,156,699,555			$	175,354,445			$	82,611,248			$	143,435,813		$	185,879,677			$	415,889,572
Total Distributable Earnings (Loss) (See Note 6)			(204,335,164	)			(17,446,131	)			(22,690,851	)			5,712,582			(41,718,569	)			(50,006,243	)
Net Assets		$	952,364,391			$	157,908,314			$	59,920,397			$	149,148,395		$	144,161,108			$	365,883,329
*Identified Cost:
Investments in Unaffiliated Securities		$	892,973,005			$	157,665,028			$	62,458,285			$	—		$	145,952,039			$	379,390,260
Investments in Affiliated Mutual Funds			—				—				—				—			—				—
Short Term Investments			162,658,736				1,477,545				1,170,276				153,071,254			6,561,852				5,637,194
Foreign Currency (Due to Custodian)			—				—				—				—			457,214				—
Class I (unlimited shares authorized):
Net Assets		$	802,933,371			$	153,250,049			$	47,884,276			$	136,093,645		$	144,005,419			$	358,912,578
Shares Outstanding			93,327,636				16,280,692				7,277,392				17,475,344			17,171,225				38,912,234
Net Asset Value, Offering and Redemption Price per Share		$	8.60			$	9.41			$	6.58			$	7.79		$	8.39			$	9.22
Class N (unlimited shares authorized):
Net Assets		$	69,796,124			$	4,658,265			$	12,036,121			$	13,054,750		$	155,689			$	6,970,751
Shares Outstanding			8,118,287				494,029				1,833,966				1,700,026			18,726				754,904
Net Asset Value, Offering and Redemption Price per Share		$	8.60			$	9.43			$	6.56			$	7.68		$	8.31			$	9.23
Class R6 (unlimited shares authorized):
Net Assets		$	79,634,896			$	—			$	—			$	—		$	—			$	—
Shares Outstanding			9,250,339				—				—				—			—				—
Net Asset Value, Offering and Redemption Price per Share		$	8.61			$	—			$	—			$	—		$	—			$	—

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

March 31, 2024

	DoubleLine Shiller Enhanced International CAPE®				DoubleLine Emerging Markets Local Currency Bond Fund				DoubleLine Income Fund				DoubleLine Multi-Asset Trend Fund (Consolidated)
ASSETS
Investments in Unaffiliated Securities, at Value *		$	39,364,361			$	12,138,960			$	68,009,546			$	840,019
Investments in Affiliated Mutual Funds, at Value *			2,347,465				—				—				9,924,617
Short Term Investments *			925,288				275,668				18,196,426				1,423,452
Cash			—				11,445				—				—
Foreign Currency, at Value *			—				281				—				—
Interest and Dividends Receivable			371,653				265,320				589,746				60,226
Deposit at Broker for Futures and Swaps			—				—				—				1,055,000
Receivable for Fund Shares Sold			30,650				9,500				202,014				4,395
Receivable for Investments Sold			135,949				—				—				—
Prepaid Expenses and Other Assets			37,358				24,882				39,879				40,679
Net Unrealized Appreciation on Swaps			3,202,534				—				—				—
Variation Margin Receivable			—				—				—				—
Net Unrealized Appreciation on Forward Currency Exchange Contracts			113,075				—				—				—
Due from Advisor (See Note 3)			—				14,713				—				8,622
Total Assets			46,528,333				12,740,769				87,037,611				13,357,010
LIABILITIES
Payable for Investments Purchased			138,193				—				3,056,563				—
Payable for Fund Shares Redeemed			119,816				29,033				105,101				496
Distribution Payable			11,035				2,122				31,747				791
Investment Advisory Fees Payable			1,766				—				20,441				—
Variation Margin Payable			—				—				—				—
Sub-Transfer Agent Expenses Payable			4,317				—				4,208				1,779
Administration, Fund Accounting and Custodian Fees Payable			13,369				2,541				18,235				3,058
Distribution Fees Payable			1,282				464				1,221				334
Trustees Fees Payable (See Note 8)			1,539				325				1,403				202
Transfer Agent Expenses Payable			—				—				1,636				289
Professional Fees Payable			36,294				28,415				32,383				39,936
Accrued Expenses			—				40,200				8,765				2,340
Interest Expense Payable			—				—				—				—
Net Unrealized Depreciation on Forward Currency Exchange Contracts			89,164				—				—				—
Payable to Broker			—				2,570				—				—
Net Unrealized Depreciation on Swaps			—				—				—				85,730
Total Liabilities			416,775				105,670				3,281,703				134,955
Commitments and Contingencies (See Note 2)
Net Assets		$	46,111,558			$	12,635,099			$	83,755,908			$	13,222,055
NET ASSETS CONSIST OF:
Paid-in Capital		$	61,627,325			$	13,960,437			$	106,471,810			$	15,452,861
Total Distributable Earnings (Loss) (See Note 6)			(15,515,767	)			(1,325,338	)			(22,715,902	)			(2,230,806	)
Net Assets		$	46,111,558			$	12,635,099			$	83,755,908			$	13,222,055
*Identified Cost:
Investments in Unaffiliated Securities		$	42,043,142			$	13,119,492			$	73,142,887			$	853,058
Investments in Affiliated Mutual Funds			2,472,710				—				—				10,303,410
Short Term Investments			925,308				275,668				18,196,482				1,423,452
Foreign Currency (Due to Custodian)			—				271				—				—
Class I (unlimited shares authorized):
Net Assets		$	36,996,233			$	11,674,829			$	79,772,279			$	12,997,280
Shares Outstanding			2,994,850				1,342,837				10,229,254				1,606,397
Net Asset Value, Offering and Redemption Price per Share		$	12.35			$	8.69			$	7.80			$	8.09
Class N (unlimited shares authorized):
Net Assets		$	9,115,325			$	960,270			$	3,983,629			$	224,775
Shares Outstanding			738,061				110,692				509,942				27,881
Net Asset Value, Offering and Redemption Price per Share		$	12.35			$	8.68			$	7.81			$	8.09
Class R6 (unlimited shares authorized):
Net Assets		$	—			$	—			$	—			$	—
Shares Outstanding			—				—				—				—
Net Asset Value, Offering and Redemption Price per Share		$	—			$	—			$	—			$	—

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 111

Statements of Operations For the Year Ended March 31, 2024

	DoubleLine Total Return Bond Fund				DoubleLine Core Fixed Income Fund				DoubleLine Emerging Markets Fixed Income Fund				DoubleLine Low Duration Bond Fund				DoubleLine Floating Rate Fund				DoubleLine Shiller Enhanced CAPE®
INVESTMENT INCOME
Income:
Interest		$	1,520,900,154			$	336,738,413			$	31,888,224			$	299,279,510			$	17,451,181			$	219,714,626
Dividends from Affiliated Mutual Funds			—				12,184,059				—				—				—				—
Dividends from Unaffiliated Securities			—				27,822				—				—				—				—
Non-Cash Interest			—				—				—				—				—				—
Total Investment Income			1,520,900,154				348,950,294				31,888,224				299,279,510				17,451,181				219,714,626
Expenses:
Investment Advisory Fees			129,728,145				27,740,380				3,654,869				20,365,392				960,871				18,693,748
Distribution Fees - Class N			11,881,019				627,216				63,507				1,984,864				43,641				761,109
Sub-Transfer Agent Expenses - Class I			16,348,603				1,835,813				369,449				1,889,285				53,750				2,070,600
Sub-Transfer Agent Expenses - Class N			2,946,943				71,242				20,337				304,307				5,374				164,618
Administration, Fund Accounting and Custodian Fees			4,114,090				1,058,658				99,331				940,872				125,910				557,217
Transfer Agent Expenses			3,061,336				649,638				44,024				546,551				17,507				331,550
Professional Fees			1,167,780				353,370				154,246				287,407				106,004				265,763
Trustees Fees			902,546				185,967				13,091				162,635				4,986				103,922
Shareholder Reporting Expenses			897,469				113,161				34,478				182,766				11,705				75,165
Insurance Expenses			664,059				148,073				12,873				125,408				7,060				89,473
Registration Fees			661,240				229,608				49,710				114,427				34,159				57,750
Miscellaneous Expenses			285,083				71,375				26,166				65,940				25,903				49,075
Interest Expense			—				—				27,285				—				61,000				—
Total Expenses			172,658,313				33,084,501				4,569,366				26,969,854				1,457,870				23,219,990
Less: Investment Advisory Fees (Waived)			—				(2,141,067	)			—				—				—				—
Less: Other Fees (Reimbursed)/Recouped			—				—				(7,486	)			—				(41	)			—
Net Expenses			172,658,313				30,943,434				4,561,880				26,969,854				1,457,829				23,219,990
Net Investment Income (Loss)			1,348,241,841				318,006,860				27,326,344				272,309,656				15,993,352				196,494,636
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments in Unaffiliated Securities			(821,166,267	)			(262,369,398	)			(46,652,386	)			(36,768,752	)			(7,312,322	)			(41,143,118	)
Investments in Affiliated Mutual Funds			—				—				—				—				—				—
Foreign Currency			—				—				—				—				—				—
Forwards			—				—				—				—				—				—
Futures			(255,921,521	)			(42,991,361	)			—				—				—				—
Swaps			—				—				—				—				—				205,787,691
Net Change in Unrealized Appreciation (Depreciation) on:
Investments in Unaffiliated Securities			324,017,220				192,502,773				69,334,543				107,051,610				8,427,864				37,463,179
Investments in Affiliated Mutual Funds			—				1,850,202				—				—				—				—
Short Term Investments			—				(36,243	)			—				(25,271	)			—				(17,046	)
Unfunded Loan Commitments			—				2,277				—				—				1,372				456
Foreign Currency			—				—				—				—				—				—
Forwards			—				—				—				—				—				—
Futures			(136,401,869	)			(25,912,923	)			—				—				—				—
Swaps			—				—				—				—				—				473,173,658
Translation of Other Assets and Liabilities Denominated in Foreign Currency			—				—				—				—				—				—
Net Realized and Unrealized Gain (Loss) on Investments			(889,472,437	)			(136,954,673	)			22,682,157				70,257,587				1,116,914				675,264,820
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	458,769,404			$	181,052,187			$	50,008,501			$	342,567,243			$	17,110,266			$	871,759,456

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

For the Year Ended March 31, 2024

	DoubleLine Flexible Income Fund				DoubleLine Low Duration Emerging Markets Fixed Income Fund				DoubleLine Long Duration Total Return Bond Fund				DoubleLine Strategic Commodity Fund (Consolidated)				DoubleLine Global Bond Fund				DoubleLine Infrastructure Income Fund
INVESTMENT INCOME
Income:
Interest		$	59,318,401			$	8,053,946			$	1,090,317			$	8,420,511			$	4,563,696			$	14,916,913
Dividends from Affiliated Mutual Funds			—				—				—				—				—				—
Dividends from Unaffiliated Securities			6,670				—				—				—				—				—
Non-Cash Interest			—				—				1,250,759				—				—				—
Total Investment Income			59,325,071				8,053,946				2,341,076				8,420,511				4,563,696				14,916,913
Expenses:
Investment Advisory Fees			5,484,944				870,441				184,922				1,478,304				710,177				1,737,855
Distribution Fees - Class N			166,414				11,061				14,846				37,577				437				6,232
Sub-Transfer Agent Expenses - Class I			301,919				134,952				7,422				97,131				—				—
Sub-Transfer Agent Expenses - Class N			27,860				3,534				1,363				9,785				—				—
Administration, Fund Accounting and Custodian Fees			341,601				50,298				28,512				31,176				20,141				76,445
Transfer Agent Expenses			79,219				17,163				2,226				15,999				3,162				30,132
Professional Fees			116,937				81,663				65,067				84,877				61,339				68,559
Trustees Fees			24,694				4,721				1,457				3,712				2,759				7,946
Shareholder Reporting Expenses			25,722				23,988				1,303				6,530				1,447				533
Insurance Expenses			22,674				5,498				2,022				5,209				4,298				9,006
Registration Fees			53,980				36,705				28,718				33,843				29,135				29,940
Miscellaneous Expenses			28,855				46,148				7,253				11,430				9,217				22,795
Interest Expense			—				6,065				324				—				—				789
Total Expenses			6,674,819				1,292,237				345,435				1,815,573				842,112				1,990,232
Less: Investment Advisory Fees (Waived)			—				—				—				—				—				—
Less: Other Fees (Reimbursed)/Recouped			—				(254,449	)			(66,826	)			(18,057	)			10,628				—
Net Expenses			6,674,819				1,037,788				278,609				1,797,516				852,740				1,990,232
Net Investment Income (Loss)			52,650,252				7,016,158				2,062,467				6,622,995				3,710,956				12,926,681
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments in Unaffiliated Securities			(25,409,554	)			(5,773,678	)			(2,334,345	)			(6,521	)			(4,511,766	)			(14,357,550	)
Investments in Affiliated Mutual Funds			—				—				—				—				—				—
Foreign Currency			—				—				—				—				33,126				—
Forwards			—				—				—				—				57,081				—
Futures			—				—				(1,151,402	)			—				—				—
Swaps			—				—				—				(5,463,047	)			—				—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments in Unaffiliated Securities			46,390,325				12,240,679				26,372				—				(466,934	)			20,920,412
Investments in Affiliated Mutual Funds			—				—				—				—				—				—
Short Term Investments			91,306				—				(2,483	)			113,940				(8,143	)			—
Unfunded Loan Commitments			561				—				—				—				—				—
Foreign Currency			—				—				—				—				(5,839	)			—
Forwards			—				—				—				—				—				—
Futures			—				—				(446,892	)			—				—				—
Swaps			—				—				—				7,442,550				—				—
Translation of Other Assets and Liabilities Denominated in Foreign Currency			—				—				—				—				(12,928	)			—
Net Realized and Unrealized Gain (Loss) on Investments			21,072,638				6,467,001				(3,908,750	)			2,086,922				(4,915,403	)			6,562,862
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	73,722,890			$	13,483,159			$	(1,846,283	)		$	8,709,917			$	(1,204,447	)		$	19,489,543

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 113

Statements of Operations (Cont.)

	DoubleLine Shiller Enhanced International CAPE®				DoubleLine Emerging Markets Local Currency Bond Fund				DoubleLine Income Fund				DoubleLine Multi-Asset Trend Fund (Consolidated)
INVESTMENT INCOME
Income:
Interest		$	2,659,616			$	736,978			$	3,551,057			$	145,799
Dividends from Affiliated Mutual Funds			233,788				—				—				574,762
Dividends from Unaffiliated Securities			—				—				—				—
Non-Cash Interest			—				—				—				—
Total Investment Income			2,893,404				736,978				3,551,057				720,561
Expenses:
Investment Advisory Fees			248,102				88,777				261,872				64,741
Distribution Fees - Class N			21,290				2,745				8,041				638
Sub-Transfer Agent Expenses - Class I			25,571				927				30,134				—
Sub-Transfer Agent Expenses - Class N			5,287				93				1,931				—
Administration, Fund Accounting and Custodian Fees			47,034				23,028				52,915				18,122
Transfer Agent Expenses			2,425				570				3,335				1,002
Professional Fees			72,008				77,556				69,188				66,112
Trustees Fees			1,441				190				1,353				551
Shareholder Reporting Expenses			7,747				2,253				905				367
Insurance Expenses			2,833				711				2,265				868
Registration Fees			30,164				27,041				33,638				24,762
Miscellaneous Expenses			12,461				57,152				659				6,014
Interest Expense			83				—				2,374				—
Total Expenses			476,446				281,043				468,610				183,177
Less: Investment Advisory Fees (Waived)			(14,135	)			—				—				(39,275	)
Less: Other Fees (Reimbursed)/Recouped			(132,622	)			(171,745	)			(120,118	)			(99,735	)
Net Expenses			329,689				109,298				348,492				44,167
Net Investment Income (Loss)			2,563,715				627,680				3,202,565				676,394
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments in Unaffiliated Securities			(647,609	)			(152,381	)			(4,967,822	)			(7,142	)
Investments in Affiliated Mutual Funds			(115,270	)			—				—				—
Foreign Currency			1,817				(11,176	)			—				—
Forwards			(2,946,571	)			—				—				—
Futures			—				—				—				—
Swaps			1,398,491				—				—				(1,359,164	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments in Unaffiliated Securities			887,595				97,492				7,428,252				(16,275	)
Investments in Affiliated Mutual Funds			131,368				—				—				145,420
Short Term Investments			9,193				—				(56	)			2,528
Unfunded Loan Commitments			—				—				—				—
Foreign Currency			—				(3	)			—				—
Forwards			1,635,110				—				—				—
Futures			—				—				—				—
Swaps			999,098				—				—				1,343,495
Translation of Other Assets and Liabilities Denominated in Foreign Currency			—				(2,829	)			—				—
Net Realized and Unrealized Gain (Loss) on Investments			1,353,222				(68,897	)			2,460,374				108,862
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	3,916,937			$	558,783			$	5,662,939			$	785,256

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

Statements of Changes in Net Assets    

	DoubleLine Total Return Bond Fund								DoubleLine Core Fixed Income Fund
	Year Ended March 31, 2024				Year Ended March 31, 2023				Year Ended March 31, 2024				Year Ended March 31, 2023
OPERATIONS
Net Investment Income (Loss)		$	1,348,241,841			$	1,186,218,807			$	318,006,860			$	305,039,769
Net Realized Gain (Loss) on Investments			(1,077,087,788	)			(1,493,804,927	)			(305,360,759	)			(560,681,990	)
Net Change in Unrealized Appreciation (Depreciation) on Investments			187,615,351				(1,938,176,230	)			168,406,086				(293,016,454	)
Net Increase (Decrease) in Net Assets Resulting from Operations			458,769,404				(2,245,762,350	)			181,052,187				(548,658,675	)
DISTRIBUTIONS TO SHAREHOLDERS
From Earnings
Class I			(1,197,790,386	)			(1,133,672,670	)			(309,961,556	)			(310,579,203	)
Class N			(202,590,572	)			(176,439,753	)			(11,384,179	)			(13,631,858	)
Class R6			(60,800,302	)			(48,939,575	)			(11,086,461	)			(4,129,937	)
Total Distributions to Shareholders			(1,461,181,260	)			(1,359,051,998	)			(332,432,196	)			(328,340,998	)
NET SHARE TRANSACTIONS
Class I			(1,190,480,589	)			(6,854,848,412	)			(396,428,497	)			(2,128,401,225	)
Class N			(681,077,905	)			556,592,256				(33,074,677	)			(126,447,238	)
Class R6			91,081,992				(361,855,711	)			203,954,115				34,352,610
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			(1,780,476,502	)			(6,660,111,867	)			(225,549,059	)			(2,220,495,853	)
Total Increase (Decrease) in Net Assets		$	(2,782,888,358	)		$	(10,264,926,215	)		$	(376,929,068	)		$	(3,097,495,526	)
NET ASSETS
Beginning of Period		$	33,818,299,790			$	44,083,226,005			$	7,282,208,459			$	10,379,703,985
End of Period		$	31,035,411,432			$	33,818,299,790			$	6,905,279,391			$	7,282,208,459

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 115

Statements of Changes in Net Assets (Cont.)    

	DoubleLine Emerging Markets Fixed Income Fund								DoubleLine Low Duration Bond Fund
	Year Ended March 31, 2024				Year Ended March 31, 2023				Year Ended March 31, 2024				Year Ended March 31, 2023
OPERATIONS
Net Investment Income (Loss)		$	27,326,344			$	28,304,571			$	272,309,656			$	192,805,910
Net Realized Gain (Loss) on Investments			(46,652,386	)			(70,584,947	)			(36,768,752	)			(125,179,923	)
Net Change in Unrealized Appreciation (Depreciation) on Investments			69,334,543				(21,120,187	)			107,026,339				(34,718,469	)
Net Increase (Decrease) in Net Assets Resulting from Operations			50,008,501				(63,400,563	)			342,567,243				32,907,518
DISTRIBUTIONS TO SHAREHOLDERS
From Earnings
Class I			(26,668,163	)			(28,239,825	)			(230,720,953	)			(170,179,376	)
Class N			(1,410,031	)			(1,431,212	)			(35,174,928	)			(25,550,460	)
Class R6			—				—				(4,914,904	)			(1,755,927	)
Total Distributions to Shareholders			(28,078,194	)			(29,671,037	)			(270,810,785	)			(197,485,763	)
NET SHARE TRANSACTIONS
Class I			(52,388,152	)			(139,814,008	)			(527,964,125	)			(827,959,245	)
Class N			(5,980,257	)			(6,328,453	)			(116,480,695	)			(174,619,414	)
Class R6			—				—				72,153,985				13,776,622
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			(58,368,409	)			(146,142,461	)			(572,290,835	)			(988,802,037	)
Total Increase (Decrease) in Net Assets		$	(36,438,102	)		$	(239,214,061	)		$	(500,534,377	)		$	(1,153,380,282	)
NET ASSETS
Beginning of Period		$	520,574,161			$	759,788,222			$	6,156,733,297			$	7,310,113,579
End of Period		$	484,136,059			$	520,574,161			$	5,656,198,920			$	6,156,733,297

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

 

 

	DoubleLine Floating Rate Fund								DoubleLine Shiller Enhanced CAPE®
	Year Ended March 31, 2024				Year Ended March 31, 2023				Year Ended March 31, 2024				Year Ended March 31, 2023
OPERATIONS
Net Investment Income (Loss)		$	15,993,352			$	17,350,887			$	196,494,636			$	199,664,900
Net Realized Gain (Loss) on Investments			(7,312,322	)			(10,471,808	)			164,644,573				(923,040,150	)
Net Change in Unrealized Appreciation (Depreciation) on Investments			8,429,236				(6,853,536	)			510,620,247				(372,891,957	)
Net Increase (Decrease) in Net Assets Resulting from Operations			17,110,266				25,543				871,759,456				(1,096,267,207	)
DISTRIBUTIONS TO SHAREHOLDERS
From Earnings
Class I			(14,530,183	)			(15,628,546	)			(190,008,198	)			(650,038,241	)
Class N			(1,403,828	)			(1,768,371	)			(14,327,670	)			(51,023,171	)
Class R6			—				—				(705,957	)			(1,612,841	)
Total Distributions to Shareholders			(15,934,011	)			(17,396,917	)			(205,041,825	)			(702,674,253	)
NET SHARE TRANSACTIONS
Class I			(38,987,841	)			(118,075,555	)			(699,748,123	)			(2,166,818,800	)
Class N			(3,655,586	)			(22,626,454	)			(79,320,566	)			(131,268,786	)
Class R6			—				—				8,235,469				(3,700,587	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			(42,643,427	)			(140,702,009	)			(770,833,220	)			(2,301,788,173	)
Total Increase (Decrease) in Net Assets		$	(41,467,172	)		$	(158,073,383	)		$	(104,115,589	)		$	(4,100,729,633	)
NET ASSETS
Beginning of Period		$	220,806,605			$	378,879,988			$	4,309,417,329			$	8,410,146,962
End of Period		$	179,339,433			$	220,806,605			$	4,205,301,740			$	4,309,417,329

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 117

Statements of Changes in Net Assets (Cont.)    

	DoubleLine Flexible Income Fund								DoubleLine Low Duration Emerging Markets Fixed Income Fund
	Year Ended March 31, 2024				Year Ended March 31, 2023				Year Ended March 31, 2024				Year Ended March 31, 2023
OPERATIONS
Net Investment Income (Loss)		$	52,650,252			$	48,462,923			$	7,016,158			$	6,918,266
Net Realized Gain (Loss) on Investments			(25,409,554	)			(29,811,153	)			(5,773,678	)			(9,229,837	)
Net Change in Unrealized Appreciation (Depreciation) on Investments			46,482,192				(66,340,683	)			12,240,679				(1,099,992	)
Net Increase (Decrease) in Net Assets Resulting from Operations			73,722,890				(47,688,913	)			13,483,159				(3,411,563	)
DISTRIBUTIONS TO SHAREHOLDERS
From Earnings
Class I			(45,496,140	)			(38,406,012	)			(6,726,859	)			(6,405,153	)
Class N			(3,945,038	)			(4,735,103	)			(165,152	)			(428,580	)
Class R6			(5,259,414	)			(6,781,634	)			—				—
Total Distributions to Shareholders			(54,700,592	)			(49,922,749	)			(6,892,011	)			(6,833,733	)
NET SHARE TRANSACTIONS
Class I			60,598,970				(168,776,775	)			(35,190,518	)			(47,129,892	)
Class N			(26,706,309	)			(36,501,181	)			(853,185	)			(16,377,784	)
Class R6			(47,199,504	)			23,412,123				—				—
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			(13,306,843	)			(181,865,833	)			(36,043,703	)			(63,507,676	)
Total Increase (Decrease) in Net Assets		$	5,715,455			$	(279,477,495	)			(29,452,555	)		$	(73,752,972	)
NET ASSETS
Beginning of Period		$	946,648,936			$	1,226,126,431			$	187,360,869			$	261,113,841
End of Period		$	952,364,391			$	946,648,936			$	157,908,314			$	187,360,869

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

 

 

	DoubleLine Long Duration Total Return Bond Fund								DoubleLine Strategic Commodity Fund (Consolidated)
	Year Ended March 31, 2024				Year Ended March 31, 2023				Year Ended March 31, 2024				Year Ended March 31, 2023
OPERATIONS
Net Investment Income (Loss)		$	2,062,467			$	1,443,592			$	6,622,995			$	1,336,306
Net Realized Gain (Loss) on Investments			(3,485,747	)			(7,721,335	)			(5,469,568	)			(12,670,604	)
Net Change in Unrealized Appreciation (Depreciation) on Investments			(423,003	)			(3,556,796	)			7,556,490				(17,431,981	)
Net Increase (Decrease) in Net Assets Resulting from Operations			(1,846,283	)			(9,834,539	)			8,709,917				(28,766,279	)
DISTRIBUTIONS TO SHAREHOLDERS
From Earnings
Class I			(1,791,604	)			(1,395,538	)			(4,156,315	)			(59,541,258	)
Class N			(247,566	)			(48,695	)			(401,257	)			(5,999,114	)
Total Distributions to Shareholders			(2,039,170	)			(1,444,233	)			(4,557,572	)			(65,540,372	)
NET SHARE TRANSACTIONS
Class I			2,917,726				4,497,689				(26,162,286	)			20,462,781
Class N			10,336,015				(2,928,587	)			(4,199,172	)			1,496,327
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			13,253,741				1,569,102				(30,361,458	)			21,959,108
Total Increase (Decrease) in Net Assets		$	9,368,288			$	(9,709,670	)		$	(26,209,113	)		$	(72,347,543	)
NET ASSETS
Beginning of Period		$	50,552,109			$	60,261,779			$	175,357,508			$	247,705,051
End of Period		$	59,920,397			$	50,552,109			$	149,148,395			$	175,357,508

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 119

Statements of Changes in Net Assets (Cont.)    

	DoubleLine Global Bond Fund								DoubleLine Infrastructure Income Fund
	Year Ended March 31, 2024				Year Ended March 31, 2023				Year Ended March 31, 2024				Year Ended March 31, 2023
OPERATIONS
Net Investment Income (Loss)		$	3,710,956			$	1,622,078			$	12,926,681			$	12,750,009
Net Realized Gain (Loss) on Investments			(4,421,559	)			(20,226,964	)			(14,357,550	)			(14,491,616	)
Net Change in Unrealized Appreciation (Depreciation) on Investments			(493,844	)			6,094,281				20,920,412				(17,544,166	)
Net Increase (Decrease) in Net Assets Resulting from Operations			(1,204,447	)			(12,510,605	)			19,489,543				(19,285,773	)
DISTRIBUTIONS TO SHAREHOLDERS
From Earnings
Class I			—				—				(12,689,557	)			(13,587,479	)
Class N			—				—				(93,327	)			(20,057	)
Total Distributions to Shareholders			—				—				(12,782,884	)			(13,607,536	)
NET SHARE TRANSACTIONS
Class I			751,040				(119,629,668	)			6,061,598				(142,837,231	)
Class N			(81,847	)			(137,882	)			6,286,861				(1,124,509	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			669,193				(119,767,550	)			12,348,459				(143,961,740	)
Total Increase (Decrease) in Net Assets		$	(535,254	)		$	(132,278,155	)		$	19,055,118			$	(176,855,049	)
NET ASSETS
Beginning of Period		$	144,696,362			$	276,974,517			$	346,828,211			$	523,683,260
End of Period		$	144,161,108			$	144,696,362			$	365,883,329			$	346,828,211

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

 

 

	DoubleLine Shiller Enhanced International CAPE®								DoubleLine Emerging Markets Local Currency Bond Fund
	Year Ended March 31, 2024				Year Ended March 31, 2023				Year Ended March 31, 2024				Year Ended March 31, 2023
OPERATIONS
Net Investment Income (Loss)		$	2,563,715			$	2,512,563			$	627,680			$	373,748
Net Realized Gain (Loss) on Investments			(2,309,142	)			(14,293,448	)			(163,557	)			(213,661	)
Net Change in Unrealized Appreciation (Depreciation) on Investments			3,662,364				4,877,553				94,660				(315,586	)
Net Increase (Decrease) in Net Assets Resulting from Operations			3,916,937				(6,903,332	)			558,783				(155,499	)
DISTRIBUTIONS TO SHAREHOLDERS
From Earnings
Class I			(2,310,834	)			(2,446,375	)			(387,741	)			(182,403	)
Class N			(451,256	)			(317,577	)			(38,071	)			(2,547	)
Total Distributions to Shareholders			(2,762,090	)			(2,763,952	)			(425,812	)			(184,950	)
NET SHARE TRANSACTIONS
Class I			(9,215,887	)			(38,995,905	)			2,126,583				524,065
Class N			(427,180	)			2,809,445				743,979				83,359
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			(9,643,067	)			(36,186,460	)			2,870,562				607,424
Total Increase (Decrease) in Net Assets		$	(8,488,220	)		$	(45,853,744	)		$	3,003,533			$	266,975
NET ASSETS
Beginning of Period		$	54,599,778			$	100,453,522			$	9,631,566			$	9,364,591
End of Period		$	46,111,558			$	54,599,778			$	12,635,099			$	9,631,566

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 121

Statements of Changes in Net Assets (Cont.)    

	DoubleLine Income Fund								DoubleLine Multi-Asset Trend Fund (Consolidated)
	Year Ended March 31, 2024				Year Ended March 31, 2023				Year Ended March 31, 2024				Year Ended March 31, 2023
OPERATIONS
Net Investment Income (Loss)		$	3,202,565			$	3,498,791			$	676,394			$	474,865
Net Realized Gain (Loss) on Investments			(4,967,822	)			(8,161,598	)			(1,366,306	)			(597,318	)
Net Change in Unrealized Appreciation (Depreciation) on Investments			7,428,196				(2,250,669	)			1,475,168				(1,555,238	)
Net Increase (Decrease) in Net Assets Resulting from Operations			5,662,939				(6,913,476	)			785,256				(1,677,691	)
DISTRIBUTIONS TO SHAREHOLDERS
From Earnings
Class I			(3,693,184	)			(2,942,942	)			(610,034	)			(2,306,129	)
Class N			(229,194	)			(416,205	)			(11,310	)			(89,716	)
Total Distributions to Shareholders			(3,922,378	)			(3,359,147	)			(621,344	)			(2,395,845	)
NET SHARE TRANSACTIONS
Class I			27,417,772				(30,180,303	)			(14,960	)			2,990,773
Class N			671,994				(8,191,153	)			(140,392	)			330,542
Increase (Decrease) in Net Assets Resulting from Net Share Transactions			28,089,766				(38,371,456	)			(155,352	)			3,321,315
Total Increase (Decrease) in Net Assets		$	29,830,327			$	(48,644,079	)		$	8,560			$	(752,221	)
NET ASSETS
Beginning of Period		$	53,925,581			$	102,569,660			$	13,213,495			$	13,965,716
End of Period		$	83,755,908			$	53,925,581			$	13,222,055			$	13,213,495

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

Financial Highlights    

				Income (Loss) from Investment Operations:								Less Distributions:																		Ratios to Average Net Assets:
For the Year or Period Ended	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(a)		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period			Total Return(c)			Net Assets, End of Period (000’s)			Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped(d)			Expenses After Investment Advisory Fees (Waived)(d)			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped(d)			Net Investment Income (Loss)(d)
DoubleLine Total Return Bond Fund - Class I:
3/31/2024		$	8.97		0.36		(0.21	)		0.15			(0.40	)		—			(0.40	)		$	8.72		1.75	%		$	25,498,119		0.50	%		0.50	%		0.50	%		4.19	%
3/31/2023		$	9.82		0.30		(0.80	)		(0.50	)		(0.35	)		—			(0.35	)		$	8.97		(5.08	)%		$	27,489,784		0.49	%		0.49	%		0.49	%		3.28	%
3/31/2022		$	10.46		0.29		(0.60	)		(0.31	)		(0.33	)		—			(0.33	)		$	9.82		(3.14	)%		$	37,399,379		0.48	%		0.48	%		0.48	%		2.75	%
3/31/2021		$	10.46		0.31		0.04			0.35			(0.35	)		—			(0.35	)		$	10.46		3.32	%		$	42,909,929		0.49	%		0.49	%		0.49	%		2.95	%
3/31/2020		$	10.53		0.34		(0.03	)		0.31			(0.38	)		—			(0.38	)		$	10.46		2.97	%		$	44,623,760		0.49	%		0.48	%		0.48	%		3.28	%
DoubleLine Total Return Bond Fund - Class N:
3/31/2024		$	8.97		0.34		(0.21	)		0.13			(0.38	)		—			(0.38	)		$	8.72		1.50	%		$	4,269,591		0.75	%		0.75	%		0.75	%		3.94	%
3/31/2023		$	9.82		0.28		(0.80	)		(0.52	)		(0.33	)		—			(0.33	)		$	8.97		(5.32	)%		$	5,109,737		0.74	%		0.74	%		0.74	%		3.08	%
3/31/2022		$	10.46		0.26		(0.60	)		(0.34	)		(0.30	)		—			(0.30	)		$	9.82		(3.38	)%		$	4,972,381		0.73	%		0.73	%		0.73	%		2.50	%
3/31/2021		$	10.46		0.29		0.03			0.32			(0.32	)		—			(0.32	)		$	10.46		3.06	%		$	5,239,001		0.74	%		0.74	%		0.74	%		2.70	%
3/31/2020		$	10.53		0.32		(0.03	)		0.29			(0.36	)		—			(0.36	)		$	10.46		2.71	%		$	6,552,760		0.73	%		0.73	%		0.73	%		3.03	%
DoubleLine Total Return Bond Fund - Class R6:
3/31/2024		$	8.98		0.37		(0.22	)		0.15			(0.40	)		—			(0.40	)		$	8.73		1.81	%		$	1,267,701		0.44	%		0.44	%		0.44	%		4.27	%
3/31/2023		$	9.83		0.31		(0.81	)		(0.50	)		(0.35	)		—			(0.35	)		$	8.98		(5.02	)%		$	1,218,779		0.44	%		0.44	%		0.44	%		3.35	%
3/31/2022		$	10.46		0.29		(0.59	)		(0.30	)		(0.33	)		—			(0.33	)		$	9.83		(2.99	)%		$	1,711,466		0.43	%		0.43	%		0.43	%		2.81	%
3/31/2021		$	10.46		0.31		0.05			0.36			(0.36	)		—			(0.36	)		$	10.46		3.38	%		$	2,071,388		0.44	%		0.44	%		0.44	%		2.89	%
3/31/2020(b)		$	10.66		0.24		(0.18	)		0.06			(0.26	)		—			(0.26	)		$	10.46		0.52	%		$	65,403		0.45	%		0.45	%		0.45	%		3.33	%
																											For the Year or Period Ended
																											3/31/2024			3/31/2023			3/31/2022			3/31/2021			3/31/2020
Portfolio turnover rate for all share classes																													36%		37%			89%			91%			31%
(a)  Calculated based on average shares outstanding during the period. (b)  Commencement of operations on July 31, 2019. Total return is based on operations for a period that is less than a year. (c)  Not annualized for periods less than one year. (d)  Annualized for periods less than one year.
				Income (Loss) from Investment Operations:								Less Distributions:																		Ratios to Average Net Assets:
For the Year or Period Ended	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(a)		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period			Total Return(c)			Net Assets, End of Period (000’s)			Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped(d)			Expenses After Investment Advisory Fees (Waived)(d)			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped(d)			Net Investment Income (Loss)(d)
DoubleLine Core Fixed Income Fund - Class I:
3/31/2024		$	9.41		0.42		(0.19	)		0.23			(0.44	)		—			(0.44	)		$	9.20		2.60	%		$	6,346,593		0.47	%		0.44	%		0.44	%		4.59	%
3/31/2023		$	10.33		0.36		(0.88	)		(0.52	)		(0.40	)		—			(0.40	)		$	9.41		(5.03	)%		$	6,889,213		0.47	%		0.44	%		0.44	%		3.75	%
3/31/2022		$	11.01		0.28		(0.62	)		(0.34	)		(0.31	)		(0.03	)		(0.34	)		$	10.33		(3.19	)%		$	9,843,189		0.46	%		0.42	%		0.42	%		2.55	%
3/31/2021		$	10.62		0.32		0.42			0.74			(0.33	)		(0.02	)		(0.35	)		$	11.01		6.94	%		$	10,772,238		0.47	%		0.42	%		0.42	%		2.83	%
3/31/2020		$	10.83		0.36		(0.20	)		0.16			(0.37	)		—			(0.37	)		$	10.62		1.42	%		$	10,724,409		0.47	%		0.41	%		0.41	%		3.30	%
DoubleLine Core Fixed Income Fund - Class N:
3/31/2024		$	9.40		0.40		(0.18	)		0.22			(0.42	)		—			(0.42	)		$	9.20		2.46	%		$	235,339		0.72	%		0.69	%		0.69	%		4.34	%
3/31/2023		$	10.32		0.33		(0.88	)		(0.55	)		(0.37	)		—			(0.37	)		$	9.40		(5.27	)%		$	274,332		0.72	%		0.69	%		0.69	%		3.48	%
3/31/2022		$	11.00		0.25		(0.61	)		(0.36	)		(0.29	)		(0.03	)		(0.32	)		$	10.32		(3.43	)%		$	443,006		0.71	%		0.67	%		0.67	%		2.30	%
3/31/2021		$	10.61		0.29		0.42			0.71			(0.30	)		(0.02	)		(0.32	)		$	11.00		6.67	%		$	544,493		0.72	%		0.66	%		0.66	%		2.58	%
3/31/2020		$	10.82		0.34		(0.20	)		0.14			(0.35	)		—			(0.35	)		$	10.61		1.17	%		$	706,970		0.72	%		0.66	%		0.66	%		3.05	%
DoubleLine Core Fixed Income Fund - Class R6:
3/31/2024		$	9.41		0.43		(0.19	)		0.24			(0.44	)		—			(0.44	)		$	9.21		2.74	%		$	323,347		0.44	%		0.41	%		0.41	%		4.70	%
3/31/2023		$	10.33		0.37		(0.89	)		(0.52	)		(0.40	)		—			(0.40	)		$	9.41		(5.00	)%		$	118,663		0.44	%		0.41	%		0.41	%		3.88	%
3/31/2022		$	11.01		0.28		(0.61	)		(0.33	)		(0.32	)		(0.03	)		(0.35	)		$	10.33		(3.16	)%		$	93,509		0.44	%		0.39	%		0.39	%		2.58	%
3/31/2021		$	10.62		0.32		0.42			0.74			(0.33	)		(0.02	)		(0.35	)		$	11.01		6.94	%		$	104,731		0.44	%		0.38	%		0.38	%		2.88	%
3/31/2020(b)		$	11.05		0.24		(0.42	)		(0.18	)		(0.25	)		—			(0.25	)		$	10.62		(1.72	)%		$	112,911		0.45	%		0.39	%		0.39	%		3.26	%
																											For the Year or Period Ended
																											3/31/2024			3/31/2023			3/31/2022			3/31/2021			3/31/2020
Portfolio turnover rate for all share classes																													119%		119%			177%			155%			43%
(a)  Calculated based on average shares outstanding during the period. (b)  Commencement of operations on July 31, 2019. Total return is based on operations for a period that is less than a year. (c)  Not annualized for periods less than one year. (d)  Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 123

Financial Highlights (Cont.)    

				Income (Loss) from Investment Operations:								Less Distributions:																	Ratios to Average Net Assets:
For the Year or Period Ended	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(a)		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain		Total Distributions			Net Asset Value, End of Period			Total Return			Net Assets, End of Period (000’s)			Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped			Expenses After Investment Advisory Fees (Waived)			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped			Net Investment Income (Loss)
DoubleLine Emerging Markets Fixed Income Fund - Class I:
3/31/2024		$	8.46		0.48		0.47			0.95			(0.50	)		—		(0.50	)		$	8.91		11.65	%		$	461,232		0.92	%		0.92	%		0.92	%		5.62	%
3/31/2023		$	9.71		0.42		(1.22	)		(0.80	)		(0.45	)		—		(0.45	)		$	8.46		(8.22	)%		$	492,903		0.90	%		0.90	%		0.90	%		4.80	%
3/31/2022		$	10.55		0.39		(0.84	)		(0.45	)		(0.39	)		—		(0.39	)		$	9.71		(4.46	)%		$	721,060		0.87	%		0.87	%		0.87	%		3.76	%
3/31/2021		$	8.83		0.41		1.75			2.16			(0.44	)		—		(0.44	)		$	10.55		24.72	%		$	799,879		0.89	%		0.89	%		0.89	%		4.06	%
3/31/2020		$	10.34		0.49		(1.51	)		(1.02	)		(0.49	)		—		(0.49	)		$	8.83		(10.43	)%		$	755,648		0.90	%		0.90	%		0.90	%		4.69	%
DoubleLine Emerging Markets Fixed Income Fund - Class N:
3/31/2024		$	8.46		0.46		0.48			0.94			(0.48	)		—		(0.48	)		$	8.92		11.49	%		$	22,904		1.17	%		1.17	%		1.17	%		5.37	%
3/31/2023		$	9.71		0.40		(1.23	)		(0.83	)		(0.42	)		—		(0.42	)		$	8.46		(8.45	)%		$	27,671		1.15	%		1.15	%		1.15	%		4.56	%
3/31/2022		$	10.55		0.37		(0.85	)		(0.48	)		(0.36	)		—		(0.36	)		$	9.71		(4.70	)%		$	38,728		1.12	%		1.12	%		1.12	%		3.51	%
3/31/2021		$	8.83		0.39		1.74			2.13			(0.41	)		—		(0.41	)		$	10.55		24.38	%		$	44,972		1.14	%		1.14	%		1.14	%		3.86	%
3/31/2020		$	10.34		0.47		(1.51	)		(1.04	)		(0.47	)		—		(0.47	)		$	8.83		(10.68	)%		$	122,727		1.15	%		1.15	%		1.15	%		4.46	%
																										For the Year or Period Ended
																										3/31/2024			3/31/2023			3/31/2022			3/31/2021			3/31/2020
Portfolio turnover rate for all share classes																												49%		34%			51%			81%			37%
(a)  Calculated based on average shares outstanding during the period.
				Income (Loss) from Investment Operations:								Less Distributions:																	Ratios to Average Net Assets:
For the Year or Period Ended	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(a)		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain		Total Distributions			Net Asset Value, End of Period			Total Return(c)			Net Assets, End of Period (000’s)			Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped(d)			Expenses After Investment Advisory Fees (Waived)(d)			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped(d)			Net Investment Income (Loss)(d)
DoubleLine Low Duration Bond Fund - Class I:
3/31/2024		$	9.46		0.45		0.12			0.57			(0.45	)		—		(0.45	)		$	9.58		6.16	%		$	4,788,703		0.43	%		0.43	%		0.43	%		4.71	%
3/31/2023		$	9.67		0.28		(0.19	)		0.09			(0.30	)		—		(0.30	)		$	9.46		0.94	%		$	5,256,310		0.43	%		0.43	%		0.43	%		2.98	%
3/31/2022		$	9.97		0.15		(0.29	)		(0.14	)		(0.16	)		—		(0.16	)		$	9.67		(1.42	)%		$	6,224,937		0.41	%		0.41	%		0.41	%		1.55	%
3/31/2021		$	9.51		0.20		0.47			0.67			(0.21	)		—		(0.21	)		$	9.97		7.08	%		$	5,689,932		0.42	%		0.42	%		0.42	%		2.05	%
3/31/2020		$	9.97		0.30		(0.45	)		(0.15	)		(0.31	)		—		(0.31	)		$	9.51		(1.59	)%		$	5,296,795		0.42	%		0.41	%		0.41	%		3.05	%
DoubleLine Low Duration Bond Fund - Class N:
3/31/2024		$	9.45		0.42		0.12			0.54			(0.42	)		—		(0.42	)		$	9.57		5.90	%		$	739,660		0.68	%		0.68	%		0.68	%		4.46	%
3/31/2023		$	9.67		0.26		(0.21	)		0.05			(0.27	)		—		(0.27	)		$	9.45		0.58	%		$	846,389		0.67	%		0.67	%		0.67	%		2.73	%
3/31/2022		$	9.96		0.13		(0.28	)		(0.15	)		(0.14	)		—		(0.14	)		$	9.67		(1.57	)%		$	1,043,811		0.66	%		0.66	%		0.66	%		1.30	%
3/31/2021		$	9.50		0.18		0.46			0.64			(0.18	)		—		(0.18	)		$	9.96		6.82	%		$	1,194,295		0.67	%		0.67	%		0.67	%		1.83	%
3/31/2020		$	9.96		0.28		(0.45	)		(0.17	)		(0.29	)		—		(0.29	)		$	9.50		(1.84	)%		$	1,483,316		0.67	%		0.66	%		0.66	%		2.80	%
DoubleLine Low Duration Bond Fund - Class R6:
3/31/2024		$	9.46		0.46		0.11			0.57			(0.45	)		—		(0.45	)		$	9.58		6.20	%		$	127,836		0.39	%		0.39	%		0.39	%		4.83	%
3/31/2023		$	9.67		0.30		(0.21	)		0.09			(0.30	)		—		(0.30	)		$	9.46		0.97	%		$	54,035		0.39	%		0.39	%		0.39	%		3.13	%
3/31/2022		$	9.97		0.15		(0.29	)		(0.14	)		(0.16	)		—		(0.16	)		$	9.67		(1.39	)%		$	41,366		0.39	%		0.39	%		0.39	%		1.53	%
3/31/2021		$	9.51		0.20		0.47			0.67			(0.21	)		—		(0.21	)		$	9.97		7.12	%		$	8,840		0.40	%		0.39	%		0.39	%		2.05	%
3/31/2020(b)		$	10.03		0.20		(0.52	)		(0.32	)		(0.20	)		—		(0.20	)		$	9.51		(3.25	)%		$	369		0.39	%		0.38	%		0.38	%		2.98	%
																										For the Year or Period Ended
																										3/31/2024			3/31/2023			3/31/2022			3/31/2021			3/31/2020
Portfolio turnover rate for all share classes																												76%		72%			80%			71%			60%
(a)  Calculated based on average shares outstanding during the period. (b)  Commencement of operations on July 31, 2019. Total return is based on operations for a period that is less than a year. (c)  Not annualized for periods less than one year. (d)  Annualized for periods less than one year.

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

 

 

				Income (Loss) from Investment Operations:								Less Distributions:																		Ratios to Average Net Assets:
For the Year or Period Ended	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(a)		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period			Total Return			Net Assets, End of Period (000’s)			Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped			Expenses After Investment Advisory Fees (Waived)			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped			Net Investment Income (Loss)
DoubleLine Floating Rate Fund - Class I:
3/31/2024		$	8.97		0.75		0.08			0.83			(0.76	)		—			(0.76	)		$	9.04		9.61	%		$	162,269		0.74	%		0.74	%		0.74	%		8.34	%
3/31/2023		$	9.42		0.53		(0.42	)		0.11			(0.56	)		—			(0.56	)		$	8.97		1.31	%		$	200,203		0.68	%		0.68	%		0.68	%		5.81	%
3/31/2022		$	9.51		0.32		(0.09	)		0.23			(0.32	)		—			(0.32	)		$	9.42		2.40	%		$	333,518		0.64	%		0.64	%		0.64	%		3.37	%
3/31/2021		$	8.44		0.34		1.07			1.41			(0.34	)		—			(0.34	)		$	9.51		16.95	%		$	240,442		0.72	%		0.72	%		0.72	%		3.69	%
3/31/2020		$	9.65		0.47		(1.20	)		(0.73	)		(0.48	)		—			(0.48	)		$	8.44		(7.99	)%		$	150,892		0.70	%		0.70	%		0.70	%		4.84	%
DoubleLine Floating Rate Fund - Class N:
3/31/2024		$	8.99		0.73		0.08			0.81			(0.73	)		—			(0.73	)		$	9.07		9.43	%		$	17,070		0.99	%		0.99	%		0.99	%		8.10	%
3/31/2023		$	9.44		0.48		(0.40	)		0.08			(0.53	)		—			(0.53	)		$	8.99		1.04	%		$	20,603		0.92	%		0.92	%		0.92	%		5.32	%
3/31/2022		$	9.53		0.30		(0.10	)		0.20			(0.29	)		—			(0.29	)		$	9.44		2.15	%		$	45,362		0.90	%		0.90	%		0.90	%		3.16	%
3/31/2021		$	8.45		0.32		1.08			1.40			(0.32	)		—			(0.32	)		$	9.53		16.73	%		$	18,339		0.98	%		0.98	%		0.98	%		3.54	%
3/31/2020		$	9.67		0.44		(1.20	)		(0.76	)		(0.46	)		—			(0.46	)		$	8.45		(8.32	)%		$	51,646		0.95	%		0.95	%		0.95	%		4.59	%
																											For the Year or Period Ended
																											3/31/2024			3/31/2023			3/31/2022			3/31/2021			3/31/2020
Portfolio turnover rate for all share classes																													50%		17%			40%			76%			58%
(a)  Calculated based on average shares outstanding during the period.
				Income (Loss) from Investment Operations:								Less Distributions:																		Ratios to Average Net Assets:
For the Year or Period Ended	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(a)		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period			Total Return(c)			Net Assets, End of Period (000’s)			Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped(d)			Expenses After Investment Advisory Fees (Waived)(d)			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped(d)			Net Investment Income (Loss)(d)
DoubleLine Shiller Enhanced CAPE® - Class I:
3/31/2024		$	12.66		0.64		2.23			2.87			(0.67	)		—			(0.67	)		$	14.86		23.36	%		$	3,905,582		0.54	%		0.54	%		0.54	%		4.75	%
3/31/2023		$	16.79		0.49		(2.60	)		(2.11	)		(0.54	)		(1.48	)		(2.02	)		$	12.66		(12.06	)%		$	3,988,448		0.55	%		0.55	%		0.55	%		3.48	%
3/31/2022		$	19.62		0.26		2.00			2.26			(0.30	)		(4.79	)		(5.09	)		$	16.79		10.96	%		$	7,828,188		0.54	%		0.53	%		0.53	%		1.29	%
3/31/2021		$	11.69		0.27		7.95			8.22			(0.29	)		—			(0.29	)		$	19.62		70.87	%		$	8,169,623		0.55	%		0.54	%		0.54	%		1.64	%
3/31/2020		$	14.81		0.42		(2.72	)		(2.30	)		(0.43	)		(0.39	)		(0.82	)		$	11.69		(16.78	)%		$	4,633,848		0.55	%		0.54	%		0.54	%		2.70	%
DoubleLine Shiller Enhanced CAPE® - Class N:
3/31/2024		$	12.65		0.60		2.24			2.84			(0.64	)		—			(0.64	)		$	14.85		23.07	%		$	281,125		0.79	%		0.79	%		0.79	%		4.50	%
3/31/2023		$	16.78		0.46		(2.61	)		(2.15	)		(0.50	)		(1.48	)		(1.98	)		$	12.65		(12.29	)%		$	312,867		0.80	%		0.80	%		0.80	%		3.26	%
3/31/2022		$	19.61		0.21		1.99			2.20			(0.24	)		(4.79	)		(5.03	)		$	16.78		10.69	%		$	566,561		0.79	%		0.78	%		0.78	%		1.03	%
3/31/2021		$	11.68		0.24		7.93			8.17			(0.24	)		—			(0.24	)		$	19.61		70.45	%		$	705,156		0.80	%		0.79	%		0.79	%		1.56	%
3/31/2020		$	14.80		0.38		(2.72	)		(2.34	)		(0.39	)		(0.39	)		(0.78	)		$	11.68		(17.00	)%		$	1,246,723		0.80	%		0.79	%		0.79	%		2.46	%
DoubleLine Shiller Enhanced CAPE® - Class R6:
3/31/2024		$	12.67		0.65		2.23			2.88			(0.68	)		—			(0.68	)		$	14.87		23.41	%		$	18,595		0.48	%		0.48	%		0.48	%		4.82	%
3/31/2023		$	16.80		0.50		(2.60	)		(2.10	)		(0.55	)		(1.48	)		(2.03	)		$	12.67		(12.00	)%		$	8,103		0.50	%		0.50	%		0.50	%		3.58	%
3/31/2022		$	19.62		0.27		2.01			2.28			(0.31	)		(4.79	)		(5.10	)		$	16.80		11.07	%		$	15,398		0.49	%		0.49	%		0.49	%		1.35	%
3/31/2021		$	11.70		0.27		7.95			8.22			(0.30	)		—			(0.30	)		$	19.62		70.82	%		$	12,333		0.51	%		0.51	%		0.51	%		1.47	%
3/31/2020 (b)		$	15.69		0.27		(3.59	)		(3.32	)		(0.28	)		(0.39	)		(0.67	)		$	11.70		(22.15	)%		$	124		0.49	%		0.48	%		0.48	%		2.60	%
																											For the Year or Period Ended
																											3/31/2024			3/31/2023			3/31/2022			3/31/2021			3/31/2020
Portfolio turnover rate for all share classes																													75%		77%			110%			69%			62%
(a)  Calculated based on average shares outstanding during the period. (b)  Commencement of operations on July 31, 2019. Total return is based on operations for a period that is less than a year. (c)  Not annualized for periods less than one year. (d)  Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 125

Financial Highlights (Cont.)    

				Income (Loss) from Investment Operations:								Less Distributions:																		Ratios to Average Net Assets:
For the Year or Period Ended	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(a)		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period			Total Return(c)			Net Assets, End of Period (000’s)			Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped(d)			Expenses After Investment Advisory Fees (Waived)(d)			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped(d)			Net Investment Income (Loss)(d)
DoubleLine Flexible Income Fund - Class I:
3/31/2024		$	8.42		0.50		0.21			0.71			(0.53	)		—			(0.53	)		$	8.60		8.69	%		$	802,933		0.74	%		0.74	%		0.74	%		5.97	%
3/31/2023		$	9.21		0.41		(0.78	)		(0.37	)		(0.42	)		—			(0.42	)		$	8.42		(3.99	)%		$	726,230		0.74	%		0.74	%		0.74	%		4.74	%
3/31/2022		$	9.65		0.35		(0.43	)		(0.08	)		(0.36	)		—			(0.36	)		$	9.21		(0.91	)%		$	971,543		0.73	%		0.71	%		0.71	%		3.65	%
3/31/2021		$	8.40		0.35		1.28			1.63			(0.38	)		—			(0.38	)		$	9.65		19.59	%		$	1,086,763		0.76	%		0.73	%		0.73	%		3.71	%
3/31/2020		$	9.65		0.39		(1.22	)		(0.83	)		(0.42	)		—			(0.42	)		$	8.40		(9.06	)%		$	874,594		0.73	%		0.69	%		0.69	%		4.12	%
DoubleLine Flexible Income Fund - Class N:
3/31/2024		$	8.42		0.48		0.20			0.68			(0.50	)		—			(0.50	)		$	8.60		8.42	%		$	69,796		0.99	%		0.99	%		0.99	%		5.70	%
3/31/2023		$	9.20		0.39		(0.77	)		(0.38	)		(0.40	)		—			(0.40	)		$	8.42		(4.13	)%		$	95,069		0.99	%		0.99	%		0.99	%		4.47	%
3/31/2022		$	9.65		0.33		(0.44	)		(0.11	)		(0.34	)		—			(0.34	)		$	9.20		(1.26	)%		$	142,205		0.98	%		0.96	%		0.96	%		3.39	%
3/31/2021		$	8.39		0.32		1.29			1.61			(0.35	)		—			(0.35	)		$	9.65		19.43	%		$	155,408		1.01	%		0.97	%		0.97	%		3.49	%
3/31/2020		$	9.64		0.37		(1.22	)		(0.85	)		(0.40	)		—			(0.40	)		$	8.39		(9.30	)%		$	230,033		0.98	%		0.94	%		0.94	%		3.83	%
DoubleLine Flexible Income Fund - Class R6:
3/31/2024		$	8.43		0.51		0.20			0.71			(0.53	)		—			(0.53	)		$	8.61		8.73	%		$	79,635		0.70	%		0.70	%		0.70	%		5.98	%
3/31/2023		$	9.21		0.42		(0.78	)		(0.36	)		(0.42	)		—			(0.42	)		$	8.43		(3.84	)%		$	125,350		0.70	%		0.70	%		0.70	%		4.86	%
3/31/2022		$	9.66		0.34		(0.43	)		(0.09	)		(0.36	)		—			(0.36	)		$	9.21		(0.98	)%		$	112,378		0.70	%		0.68	%		0.68	%		3.55	%
3/31/2021		$	8.40		0.32		1.32			1.64			(0.38	)		—			(0.38	)		$	9.66		19.78	%		$	758		0.72	%		0.70	%		0.70	%		3.42	%
3/31/2020(b)		$	9.74		0.25		(1.32	)		(1.07	)		(0.27	)		—			(0.27	)		$	8.40		(11.26	)%		$	89		0.68	%		0.65	%		0.65	%		3.91	%
																											For the Year or Period Ended
																											3/31/2024			3/31/2023			3/31/2022			3/31/2021			3/31/2020
Portfolio turnover rate for all share classes																													32%		13%			41%			46%			41%
(a)  Calculated based on average shares outstanding during the period. (b)  Commencement of operations on July 31, 2019. Total return is based on operations for a period that is less than a year. (c)  Not annualized for periods less than one year. (d)  Annualized for periods less than one year.
				Income (Loss) from Investment Operations:								Less Distributions:																		Ratios to Average Net Assets:
For the Year or Period Ended	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(a)		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period			Total Return			Net Assets, End of Period (000’s)			Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped			Expenses After Investment Advisory Fees (Waived)			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped			Net Investment Income (Loss)
DoubleLine Low Duration Emerging Markets Fixed Income Fund - Class I:
3/31/2024		$	9.05		0.37		0.36			0.73			(0.37	)		—			(0.37	)		$	9.41		8.23	%		$	153,250		0.74	%		0.74	%		0.59	%		4.04	%
3/31/2023		$	9.40		0.26		(0.35	)		(0.09	)		(0.26	)		—			(0.26	)		$	9.05		(0.90	)%		$	182,023		0.69	%		0.69	%		0.59	%		2.81	%
3/31/2022		$	9.90		0.16		(0.45	)		(0.29	)		(0.17	)		(0.04	)		(0.21	)		$	9.40		(3.00	)%		$	238,613		0.68	%		0.68	%		0.59	%		1.67	%
3/31/2021		$	9.36		0.22		0.56			0.78			(0.24	)		—			(0.24	)		$	9.90		8.33	%		$	215,744		0.66	%		0.66	%		0.59	%		2.21	%
3/31/2020		$	9.80		0.32		(0.36	)		(0.04	)		(0.32	)		(0.08	)		(0.40	)		$	9.36		(0.62	)%		$	180,730		0.63	%		0.63	%		0.59	%		3.24	%
DoubleLine Low Duration Emerging Markets Fixed Income Fund - Class N:
3/31/2024		$	9.06		0.35		0.37			0.72			(0.35	)		—			(0.35	)		$	9.43		8.07	%		$	4,658		0.99	%		0.99	%		0.84	%		3.82	%
3/31/2023		$	9.41		0.23		(0.34	)		(0.11	)		(0.24	)		—			(0.24	)		$	9.06		(1.18	)%		$	5,337		0.93	%		0.93	%		0.84	%		2.51	%
3/31/2022		$	9.91		0.14		(0.46	)		(0.32	)		(0.14	)		(0.04	)		(0.18	)		$	9.41		(3.24	)%		$	22,501		0.93	%		0.93	%		0.84	%		1.42	%
3/31/2021		$	9.38		0.19		0.55			0.74			(0.21	)		—			(0.21	)		$	9.91		7.94	%		$	25,849		0.91	%		0.91	%		0.84	%		1.95	%
3/31/2020		$	9.81		0.30		(0.36	)		(0.06	)		(0.29	)		(0.08	)		(0.37	)		$	9.38		(0.77	)%		$	16,922		0.88	%		0.88	%		0.84	%		3.03	%
																											For the Year or Period Ended
																											3/31/2024			3/31/2023			3/31/2022			3/31/2021			3/31/2020
Portfolio turnover rate for all share classes																													29%		37%			39%			72%			65%
(a)  Calculated based on average shares outstanding during the period.

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

 

 

				Income (Loss) from Investment Operations:									Less Distributions:																		Ratios to Average Net Assets:
For the Year or Period Ended	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(a)			Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period			Total Return			Net Assets, End of Period (000’s)			Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped			Expenses After Investment Advisory Fees (Waived)			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped			Net Investment Income (Loss)
DoubleLine Long Duration Total Return Bond Fund - Class I:
3/31/2024		$	7.15		0.26			(0.58	)		(0.32	)		(0.25	)		—			(0.25	)		$	6.58		(4.39	)%		$	47,884		0.62	%		0.62	%		0.50	%		3.88	%
3/31/2023		$	8.84		0.22			(1.69	)		(1.47	)		(0.22	)		—			(0.22	)		$	7.15		(16.66	)%		$	48,859		0.59	%		0.59	%		0.50	%		2.97	%
3/31/2022		$	9.37		0.28			(0.53	)		(0.25	)		(0.28	)		—			(0.28	)		$	8.84		(2.89	)%		$	54,898		0.54	%		0.54	%		0.50	%		2.87	%
3/31/2021		$	11.75		0.29			(1.62	)		(1.33	)		(0.29	)		(0.76	)		(1.05	)		$	9.37		(12.24	)%		$	71,267		0.55	%		0.55	%		0.51	%		2.56	%
3/31/2020		$	9.88		0.28			2.11			2.39			(0.27	)		(0.25	)		(0.52	)		$	11.75		24.85	%		$	87,469		0.68	%		0.68	%		0.65	%		2.55	%
DoubleLine Long Duration Total Return Bond Fund - Class N:
3/31/2024		$	7.13		0.26			(0.59	)		(0.33	)		(0.24	)		—			(0.24	)		$	6.56		(4.63	)%		$	12,036		0.92	%		0.92	%		0.75	%		4.07	%
3/31/2023		$	8.81		0.21			(1.69	)		(1.48	)		(0.20	)		—			(0.20	)		$	7.13		(16.83	)%		$	1,693		0.83	%		0.83	%		0.75	%		2.73	%
3/31/2022		$	9.37		0.25			(0.56	)		(0.31	)		(0.25	)		—			(0.25	)		$	8.81		(3.48	)%		$	5,364		0.77	%		0.77	%		0.75	%		2.59	%
3/31/2021		$	11.74		0.26			(1.61	)		(1.35	)		(0.26	)		(0.76	)		(1.02	)		$	9.37		(12.38	)%		$	11,234		0.80	%		0.80	%		0.76	%		2.29	%
3/31/2020		$	9.88		0.24			2.11			2.35			(0.24	)		(0.25	)		(0.49	)		$	11.74		24.44	%		$	20,225		0.93	%		0.93	%		0.90	%		2.31	%
																												For the Year or Period Ended
																												3/31/2024			3/31/2023			3/31/2022			3/31/2021			3/31/2020
Portfolio turnover rate for all share classes																														146%		227%			95%			89%			40%
(a)  Calculated based on average shares outstanding during the period.
				Income (Loss) from Investment Operations:									Less Distributions:																		Ratios to Average Net Assets:
For the Year or Period Ended	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(a)			Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period			Total Return			Net Assets, End of Period (000’s)			Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped			Expenses After Investment Advisory Fees (Waived)			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped			Net Investment Income (Loss)
DoubleLine Strategic Commodity Fund (Consolidated) - Class I:
3/31/2024		$	7.54		0.31			0.18			0.49			(0.24	)		—			(0.24	)		$	7.79		6.72	%		$	136,093		1.08	%		1.08	%		1.07	%		4.05	%
3/31/2023		$	12.56		0.07			(1.47	)		(1.40	)		(3.62	)		—			(3.62	)		$	7.54		(11.83	)%		$	158,615		1.02	%		1.02	%		1.02	%		0.64	%
3/31/2022		$	9.61		(0.11	)		4.41			4.30			(1.35	)		—			(1.35	)		$	12.56		48.24	%		$	223,799		1.04	%		1.04	%		1.10	%		(0.97	)%
3/31/2021		$	6.91		(0.05	)		2.75			2.70			—			—			—			$	9.61		39.07	%		$	151,565		1.14	%		1.14	%		1.10	%		(0.66	)%
3/31/2020		$	9.72		0.07			(2.78	)		(2.71	)		(0.10	)		—			(0.10	)		$	6.91		(28.25	)%		$	116,739		1.09	%		1.09	%		1.10	%		1.00	%
DoubleLine Strategic Commodity Fund (Consolidated) - Class N:
3/31/2024		$	7.43		0.28			0.19			0.47			(0.22	)		—			(0.22	)		$	7.68		6.50	%		$	13,055		1.33	%		1.33	%		1.32	%		3.81	%
3/31/2023		$	12.42		0.04			(1.44	)		(1.40	)		(3.59	)		—			(3.59	)		$	7.43		(12.02	)%		$	16,743		1.27	%		1.27	%		1.27	%		0.40	%
3/31/2022		$	9.52		(0.13	)		4.35			4.22			(1.32	)		—			(1.32	)		$	12.42		47.78	%		$	23,906		1.29	%		1.29	%		1.35	%		(1.22	)%
3/31/2021		$	6.87		(0.07	)		2.72			2.65			—			—			—			$	9.52		38.57	%		$	20,205		1.39	%		1.39	%		1.34	%		(0.88	)%
3/31/2020		$	9.65		0.07			(2.78	)		(2.71	)		(0.07	)		—			(0.07	)		$	6.87		(28.28	)%		$	25,421		1.34	%		1.34	%		1.35	%		0.75	%
																												For the Year or Period Ended
																												3/31/2024			3/31/2023			3/31/2022			3/31/2021			3/31/2020
Portfolio turnover rate for all share classes																														0%		0%			0%			0%			0%
(a)  Calculated based on average shares outstanding during the period.

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 127

Financial Highlights (Cont.)    

				Income (Loss) from Investment Operations:								Less Distributions:																					Ratios to Average Net Assets:
For the Year or Period Ended	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(a)		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Distribution in Excess			Total Distributions			Net Asset Value, End of Period			Total Return			Net Assets, End of Period (000’s)			Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped			Expenses After Investment Advisory Fees (Waived)			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped			Net Investment Income (Loss)
DoubleLine Global Bond Fund - Class I:
3/31/2024		$	8.46		0.22		(0.29	)		(0.07	)		—			—			—			—			$	8.39		(0.83	)%		$	144,005		0.59	%		0.59	%		0.60	%		2.61	%
3/31/2023		$	9.26		0.11		(0.91	)		(0.80	)		—			—			—			—			$	8.46		(8.64	%)		$	144,457		0.66	%		0.66	%		0.65	%		1.26	%
3/31/2022		$	10.21		0.04		(0.88	)		(0.84	)		(0.03	)		(0.08	)		—	(b)		(0.11	)		$	9.26		(8.29	%)		$	276,559		0.56	%		0.56	%		0.56	%		0.37	%
3/31/2021		$	10.21		0.05		0.12			0.17			—			(0.17	)		—			(0.17	)		$	10.21		1.59	%		$	787,064		0.55	%		0.55	%		0.55	%		0.50	%
3/31/2020		$	10.28		0.15		(0.10	)		0.05			(0.12	)		—	(b)		—			(0.12	)		$	10.21		0.43	%		$	1,217,100		0.55	%		0.55	%		0.55	%		1.34	%
DoubleLine Global Bond Fund - Class N:
3/31/2024		$	8.41		0.19		(0.29	)		(0.10	)		—			—			—			—			$	8.31		(1.19	)%		$	156		0.84	%		0.84	%		0.85	%		2.34	%
3/31/2023		$	9.23		0.08		(0.90	)		(0.82	)		—			—			—			—			$	8.41		(8.88	)%		$	240		0.92	%		0.92	%		0.91	%		0.95	%
3/31/2022		$	10.18		0.01		(0.87	)		(0.86	)		(0.01	)		(0.08	)		—	(b)		(0.09	)		$	9.23		(8.45	)%		$	416		0.81	%		0.81	%		0.81	%		0.12	%
3/31/2021		$	10.21		0.03		0.11			0.14			—			(0.17	)		—			(0.17	)		$	10.18		1.30	%		$	815		0.80	%		0.80	%		0.80	%		0.29	%
3/31/2020		$	10.26		0.12		(0.10	)		0.02			(0.07	)		—	(b)		—			(0.07	)		$	10.21		0.23	%		$	2,407		0.80	%		0.80	%		0.80	%		1.13	%
																														For the Year or Period Ended
																														3/31/2024			3/31/2023			3/31/2022			3/31/2021			3/31/2020
Portfolio turnover rate for all share classes (b)																																49%		112%			83%			63%			21%
(a)  Calculated based on average shares outstanding during the period. (b)  Less than $0.005 per share.

				Income (Loss) from Investment Operations:								Less Distributions:																		Ratios to Average Net Assets:
For the Year or Period Ended	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(a)		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period			Total Return			Net Assets, End of Period (000’s)			Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped			Expenses After Investment Advisory Fees (Waived)			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped			Net Investment Income (Loss)
DoubleLine Infrastructure Income Fund - Class I:
3/31/2024		$	9.05		0.34		0.16			0.50			(0.33	)		—			(0.33	)		$	9.22		5.68	%		$	358,912		0.57	%		0.57	%		0.57	%		3.72	%
3/31/2023		$	9.67		0.28		(0.60	)		(0.32	)		(0.27	)		(0.03	)		(0.30	)		$	9.05		(3.24	)%		$	346,227		0.57	%		0.57	%		0.57	%		3.02	%
3/31/2022		$	10.46		0.27		(0.71	)		(0.44	)		(0.28	)		(0.07	)		(0.35	)		$	9.67		(4.39	)%		$	521,889		0.57	%		0.57	%		0.57	%		2.63	%
3/31/2021		$	9.56		0.29		0.92			1.21			(0.31	)		—			(0.31	)		$	10.46		12.73	%		$	566,994		0.56	%		0.56	%		0.56	%		2.82	%
3/31/2020		$	10.11		0.33		(0.54	)		(0.21	)		(0.34	)		—			(0.34	)		$	9.56		(2.32	)%		$	503,146		0.56	%		0.56	%		0.56	%		3.19	%
DoubleLine Infrastructure Income Fund - Class N:
3/31/2024		$	9.06		0.33		0.15			0.48			(0.31	)		—			(0.31	)		$	9.23		5.42	%		$	6,971		0.83	%		0.83	%		0.83	%		3.60	%
3/31/2023		$	9.68		0.25		(0.59	)		(0.34	)		(0.25	)		(0.03	)		(0.28	)		$	9.06		(3.49	)%		$	601		0.82	%		0.82	%		0.82	%		2.74	%
3/31/2022		$	10.46		0.25		(0.71	)		(0.46	)		(0.25	)		(0.07	)		(0.32	)		$	9.68		(4.60	)%		$	1,794		0.82	%		0.82	%		0.82	%		2.38	%
3/31/2021		$	9.56		0.27		0.92			1.19			(0.29	)		—			(0.29	)		$	10.46		12.45	%		$	9,700		0.81	%		0.81	%		0.81	%		2.58	%
3/31/2020		$	10.11		0.30		(0.54	)		(0.24	)		(0.31	)		—			(0.31	)		$	9.56		(2.55	)%		$	9,784		0.81	%		0.81	%		0.81	%		2.93	%
																											For the Year or Period Ended
																											3/31/2024			3/31/2023			3/31/2022			3/31/2021			3/31/2020
Portfolio turnover rate for all share classes																													49%		8%			23%			39%			10%
(a)  Calculated based on average shares outstanding during the period.

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

 

 

				Income (Loss) from Investment Operations:								Less Distributions:																	Ratios to Average Net Assets:
For the Year or Period Ended	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(a)		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain		Total Distributions			Net Asset Value, End of Period			Total Return			Net Assets, End of Period (000’s)			Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped			Expenses After Investment Advisory Fees (Waived)			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped			Net Investment Income (Loss)
DoubleLine Shiller Enhanced International CAPE® - Class I:
3/31/2024		$	12.01		0.62		0.39			1.01			(0.67	)		—		(0.67	)		$	12.35		8.88	%		$	36,996		0.92	%		0.89	%		0.62	%		5.23	%
3/31/2023		$	13.07		0.48		(0.99	)		(0.51	)		(0.55	)		—		(0.55	)		$	12.01		(3.48	)%		$	45,489		0.93	%		0.89	%		0.61	%		4.17	%
3/31/2022		$	12.75		0.26		0.39			0.65			(0.33	)		—		(0.33	)		$	13.07		5.05	%		$	94,443		0.79	%		0.75	%		0.61	%		1.91	%
3/31/2021		$	7.88		0.21		4.88			5.09			(0.22	)		—		(0.22	)		$	12.75		65.24	%		$	40,292		0.93	%		0.91	%		0.62	%		1.96	%
3/31/2020		$	10.17		0.29		(2.29	)		(2.00	)		(0.29	)		—		(0.29	)		$	7.88		(20.29	)%		$	27,523		0.80	%		0.77	%		0.62	%		2.84	%
DoubleLine Shiller Enhanced International CAPE® - Class N:
3/31/2024		$	12.01		0.58		0.40			0.98			(0.64	)		—		(0.64	)		$	12.35		8.59	%		$	9,116		1.17	%		1.14	%		0.87	%		4.88	%
3/31/2023		$	13.07		0.47		(1.01	)		(0.54	)		(0.52	)		—		(0.52	)		$	12.01		(3.73	)%		$	9,111		1.20	%		1.16	%		0.86	%		4.13	%
3/31/2022		$	12.76		0.22		0.39			0.61			(0.30	)		—		(0.30	)		$	13.07		4.70	%		$	6,011		1.03	%		0.99	%		0.86	%		1.59	%
3/31/2021		$	7.88		0.19		4.88			5.07			(0.19	)		—		(0.19	)		$	12.76		64.90	%		$	6,002		1.18	%		1.16	%		0.87	%		1.85	%
3/31/2020		$	10.17		0.27		(2.29	)		(2.02	)		(0.27	)		—		(0.27	)		$	7.88		(20.50	)%		$	13,044		1.05	%		1.02	%		0.87	%		2.61	%
																										For the Year or Period Ended
																										3/31/2024			3/31/2023			3/31/2022			3/31/2021			3/31/2020
Portfolio turnover rate for all share classes																												85%		91%			125%			97%			48%
(a)  Calculated based on average shares outstanding during the period.
				Income (Loss) from Investment Operations:								Less Distributions:																	Ratios to Average Net Assets:
For the Year or Period Ended	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(a)		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain		Total Distributions			Net Asset Value, End of Period			Total Return(b)			Net Assets, End of Period (000’s)			Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped(d)			Expenses After Investment Advisory Fees (Waived)(d)			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped(d)			Net Investment Income (Loss)(d)
DoubleLine Emerging Markets Local Currency Bond Fund - Class I:
3/31/2024		$	8.55		0.46		(0.02	)		0.44			(0.30	)		—		(0.30	)		$	8.69		5.21	%		$	11,675		2.34	%		2.34	%		0.90	%		5.32	%
3/31/2023		$	8.91		0.35		(0.54	)		(0.19	)		(0.17	)		—		(0.17	)		$	8.55		(1.92	)%		$	9,423		2.45	%		2.45	%		0.90	%		4.21	%
3/31/2022		$	9.38		0.32		(0.68	)		(0.36	)		(0.11	)		—		(0.11	)		$	8.91		(3.90	)%		$	9,238		2.75	%		2.75	%		0.90	%		3.51	%
3/31/2021		$	8.64		0.30		0.61			0.91			(0.17	)		—		(0.17	)		$	9.38		10.60	%		$	9,604		2.57	%		2.57	%		0.90	%		3.11	%
3/31/2020(b)		$	10.00		0.25		(1.49	)		(1.24	)		(0.12	)		—		(0.12	)		$	8.64		(12.52	)%		$	8,664		6.23	%		6.23	%		0.90	%		3.45	%
DoubleLine Emerging Markets Local Currency Bond Fund - Class N:
3/31/2024		$	8.53		0.45		(0.02	)		0.43			(0.28	)		—		(0.28	)		$	8.68		5.10	%		$	960		2.70	%		2.70	%		1.15	%		5.16	%
3/31/2023		$	8.90		0.33		(0.54	)		(0.21	)		(0.16	)		—		(0.16	)		$	8.53		(2.21	)%		$	209		2.66	%		2.66	%		1.15	%		3.99	%
3/31/2022		$	9.37		0.30		(0.68	)		(0.38	)		(0.09	)		—		(0.09	)		$	8.90		(4.08	)%		$	127		2.90	%		2.90	%		1.15	%		3.27	%
3/31/2021		$	8.64		0.27		0.61			0.88			(0.15	)		—		(0.15	)		$	9.37		10.24	%		$	96		2.82	%		2.82	%		1.15	%		2.86	%
3/31/2020(b)		$	10.00		0.23		(1.49	)		(1.26	)		(0.10	)		—		(0.10	)		$	8.64		(12.69	)%		$	87		6.48	%		6.48	%		1.15	%		3.19	%
																										For the Year or Period Ended
																										3/31/2024			3/31/2023			3/31/2022			3/31/2021			3/31/2020
Portfolio turnover rate for all share classes (c)																												31%		20%			36%			20%			13%
(a)  Calculated based on average shares outstanding during the period. (b)  Commencement of operations on June 28, 2019. Total return is based on operations for a period that is less than a year. (c)  Not annualized for periods less than one year. (d)  Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 129

Financial Highlights (Cont.)    

				Income (Loss) from Investment Operations:								Less Distributions:																				Ratios to Average Net Assets:
For the Year or Period Ended	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(a)		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain		Distribution in Excess			Total Distributions			Net Asset Value, End of Period			Total Return(c)			Net Assets, End of Period (000’s)			Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped(d)			Expenses After Investment Advisory Fees (Waived)(d)			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped(d)			Net Investment Income (Loss)(d)
DoubleLine Income Fund - Class I:
3/31/2024		$	7.53		0.46		0.38			0.84			(0.57	)		—		—			(0.57	)		$	7.80		11.67	%		$	79,772		0.88	%		0.88	%		0.65	%		6.13	%
3/31/2023		$	8.62		0.40		(1.09	)		(0.69	)		(0.40	)		—		—			(0.40	)		$	7.53		(8.10	)%		$	50,732		0.83	%		0.83	%		0.65	%		5.01	%
3/31/2022		$	9.28		0.42		(0.63	)		(0.21	)		(0.44	)		—		(0.01	)		(0.45	)		$	8.62		(2.42	)%		$	89,732		0.72	%		0.72	%		0.65	%		4.55	%
3/31/2021		$	8.05		0.36		1.20			1.56			(0.33	)		—		—			(0.33	)		$	9.28		19.70	%		$	136,369		0.74	%		0.74	%		0.65	%		4.07	%
3/31/2020(b)		$	10.00		0.24		(1.94	)		(1.70	)		(0.25	)		—		—			(0.25	)		$	8.05		(17.35	)%		$	69,580		1.13	%		1.13	%		0.65	%		4.07	%
DoubleLine Income Fund - Class N:
3/31/2024		$	7.54		0.45		0.37			0.82			(0.55	)		—		—			(0.55	)		$	7.81		11.38	%		$	3,984		1.13	%		1.13	%		0.90	%		5.92	%
3/31/2023		$	8.63		0.38		(1.09	)		(0.71	)		(0.38	)		—		—			(0.38	)		$	7.54		(8.35	)%		$	3,194		1.08	%		1.08	%		0.90	%		4.73	%
3/31/2022		$	9.30		0.39		(0.63	)		(0.24	)		(0.42	)		—		(0.01	)		(0.43	)		$	8.63		(2.75	)%		$	12,838		1.03	%		1.03	%		0.90	%		4.30	%
3/31/2021		$	8.05		0.34		1.22			1.56			(0.31	)		—		—			(0.31	)		$	9.30		19.67	%		$	2,676		0.99	%		0.99	%		0.90	%		3.84	%
3/31/2020(b)		$	10.00		0.23		(1.94	)		(1.71	)		(0.24	)		—		—			(0.24	)		$	8.05		(17.46	)%		$	592		1.26	%		1.26	%		0.90	%		4.13	%
																													For the Year or Period Ended
																													3/31/2024			3/31/2023			3/31/2022			3/31/2021			3/31/2020
Portfolio turnover rate for all share classes (c)																															66%		23%			14%			30%			33%
(a)  Calculated based on average shares outstanding during the period. (b)  Commencement of operations on September 3, 2019. Total return is based on operations for a period that is less than a year. (c)  Not annualized for periods less than one year (d)  Annualized for periods less than one year

				Income (Loss) from Investment Operations:								Less Distributions:																		Ratios to Average Net Assets:
For the Year or Period Ended	Net Asset Value, Beginning of Period			Net Investment Income (Loss)(a)		Net Gain (Loss) on Investments (Realized and Unrealized)			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain			Total Distributions			Net Asset Value, End of Period			Total Return(c)			Net Assets, End of Period (000’s)			Expenses Before Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped(d)			Expenses After Investment Advisory Fees (Waived)(d)			Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/ Recouped(d)			Net Investment Income (Loss)(d)
DoubleLine Multi-Asset Trend Fund (Consolidated) - Class I:
3/31/2024		$	7.98		0.41		0.08			0.49			(0.38	)		—			(0.38	)		$	8.09		6.37	%		$	12,996		1.41	%		1.11	%		0.34	%		5.23	%
3/31/2023		$	10.56		0.29		(1.25	)		(0.96	)		(1.62	)		—			(1.62	)		$	7.98		(10.67	)%		$	12,849		2.14	%		1.87	%		0.38	%		3.21	%
3/31/2022		$	9.87		0.17		0.73			0.90			(0.20	)		(0.01	)		(0.21	)		$	10.56		9.12	%		$	13,761		5.51	%		5.21	%		0.35	%		1.68	%
3/31/2021(b)		$	10.00		0.01		(0.13	)		(0.12	)		(0.01	)		—			(0.01	)		$	9.87		(1.15	)%		$	10,547		11.70	%		11.39	%		0.34	%		1.61	%
DoubleLine Multi-Asset Trend Fund (Consolidated) - Class N:
3/31/2024		$	7.99		0.38		0.08			0.46			(0.36	)		—			(0.36	)		$	8.09		5.97	%		$	226		1.64	%		1.34	%		0.57	%		4.84	%
3/31/2023		$	10.56		0.27		(1.24	)		(0.97	)		(1.60	)		—			(1.60	)		$	7.99		(10.78	)%		$	365		2.43	%		2.17	%		0.64	%		2.98	%
3/31/2022		$	9.87		0.14		0.73			0.87			(0.17	)		(0.01	)		(0.18	)		$	10.56		8.85	%		$	205		6.04	%		5.74	%		0.60	%		1.33	%
3/31/2021(b)		$	10.00		0.01		(0.13	)		(0.12	)		(0.01	)		—			(0.01	)		$	9.87		(1.17	)%		$	130		12.06	%		11.75	%		0.58	%		1.52	%
																														For the Year or Period Ended
																														3/31/2024			3/31/2023			3/31/2022			3/31/2021
Portfolio turnover rate for all share classes(c)																															17%			119%			183%			0%
(a)  Calculated based on average shares outstanding during the period. (b)  Commenced operations on February 26, 2021. Total return is based on operations for a period that is less than one year. (c)  Not annualized for periods less than one year. (d)  Annualized for periods less than one year.

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

Notes to Financial Statements March 31, 2024

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 17 funds, the DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund, DoubleLine Emerging Markets Fixed Income Fund, DoubleLine Low Duration Bond Fund, DoubleLine Floating Rate Fund, DoubleLine Shiller Enhanced CAPE^®, DoubleLine Flexible Income Fund, DoubleLine Low Duration Emerging Markets Fixed Income Fund, DoubleLine Long Duration Total Return Bond Fund, DoubleLine Strategic Commodity Fund, DoubleLine Global Bond Fund, DoubleLine Infrastructure Income Fund, DoubleLine Shiller Enhanced International CAPE^®, DoubleLine Emerging Markets Local Currency Bond Fund, DoubleLine Income Fund and DoubleLine Multi-Asset Trend Fund (each, a “Fund” and, collectively, the “Funds”), along with DoubleLine Selective Credit Fund. For financial information related to the DoubleLine Selective Credit Fund, please refer to the DoubleLine Selective Credit Fund’s separate annual report.

Each Fund is classified as a diversified fund under the 1940 Act, except the DoubleLine Global Bond Fund and the DoubleLine Emerging Markets Local Currency Bond Fund, which are classified as non-diversified funds. Currently under the 1940 Act, a diversified fund generally may not, with respect to 75% of its total assets, invest more than 5% of its total assets in the securities of any one issuer or own more than 10% of the outstanding voting securities of such issuer (except, in each case, U.S. Government securities, cash, cash items and the securities of other investment companies). The remaining 25% of a fund’s total assets is not subject to this limitation.

The Funds’ investment objectives and dates each share class commenced operations are as follows:

		Commencement of Operations
Fund Name	Investment Objective	I Shares		N Shares		R6 Shares
DoubleLine Total Return Bond Fund	Maximize total return		4/6/2010		4/6/2010		7/31/2019
DoubleLine Core Fixed Income Fund	Maximize current income and total return		6/1/2010		6/1/2010		7/31/2019
DoubleLine Emerging Markets Fixed Income Fund	Seek high total return from current income and capital appreciation		4/6/2010		4/6/2010		—
DoubleLine Low Duration Bond Fund	Seek current income		9/30/2011		9/30/2011		7/31/2019
DoubleLine Floating Rate Fund	Seek a high level of current income		2/1/2013		2/1/2013		—
DoubleLine Shiller Enhanced CAPE®	Seek total return which exceeds the total return of its benchmark index over a full market cycle		10/31/2013		10/31/2013		7/31/2019
DoubleLine Flexible Income Fund	Seek long-term total return while striving to generate current income		4/7/2014		4/7/2014		7/31/2019
DoubleLine Low Duration Emerging Markets Fixed Income Fund	Seek long-term total return		4/7/2014		4/7/2014		—
DoubleLine Long Duration Total Return Bond Fund	Seek long-term total return		12/15/2014		12/15/2014		—
DoubleLine Strategic Commodity Fund (Consolidated)	Seek long-term total return		5/18/2015		5/18/2015		—
DoubleLine Global Bond Fund	Seek long-term total return		12/17/2015		12/17/2015		—
DoubleLine Infrastructure Income Fund	Seek long-term total return while striving to generate current income		4/1/2016		4/1/2016		—
DoubleLine Shiller Enhanced International CAPE®	Seek total return which exceeds the total return of its benchmark index over a full market cycle		12/23/2016		12/23/2016		—
DoubleLine Emerging Markets Local Currency Bond Fund	Seek high total return from current income and capital appreciation		6/28/2019		6/28/2019		—
DoubleLine Income Fund	Maximize total return through investment principally in income-producing securities		9/3/2019		9/3/2019		—
DoubleLine Multi-Asset Trend Fund (Consolidated)	Seek total return (capital appreciation and current income) which exceeds the total return of its benchmark index over a full market cycle		2/26/2021		2/26/2021		—

The fiscal year end for the Funds is March 31, and the period covered by these financial statements is for the period ended March 31, 2024 (the “period end”).

Annual Report _| March 31, 2024 131

Notes to Financial Statements (Cont.)

2. Significant Accounting Policies

Each Fund is an investment company that applies the accounting and reporting guidance issued in Topic 946, “Financial Services— Investment Companies”, by the Financial Accounting Standards Board (“FASB”). The following is a summary of the significant accounting policies of the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America (“US GAAP”).

A. Security Valuation. The Funds have adopted US GAAP fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:

• Level 1—Unadjusted quoted market prices in active markets for identical securities

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

• Level 3—Significant unobservable inputs (including the reporting entity’s estimates and assumptions)

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

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

Investments in registered open-end management investment companies will be valued based upon the net asset value (“NAV”) of such investments and are categorized as Level 1 of the fair value hierarchy.

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

Over-the-counter financial derivative instruments, such as forward currency exchange contracts, options contracts, or swap agreements, derive their values from underlying asset prices, indices, reference rates, other inputs or a combination of these factors. These instruments are normally valued on the basis of valuations obtained from counterparties, published index closing levels or evaluated prices supplied by independent pricing services, some or all of which may be based on market data from trading on exchanges that closed significantly before the time as of which a Fund calculates its NAV. Forward foreign currency contracts are generally valued based on rates provided by independent data providers. Exchange traded futures and options on futures are generally valued at the settlement price determined by the relevant exchange on which they principally trade, and exchange traded options are generally valued at the last trade price on the exchange on which they principally trade. A Fund does not normally take into account trading, clearances or settlements that take place after the close of the principal exchange or market on which such securities are traded. Depending on the instrument and the terms of the transaction, the value of the derivative instruments can be estimated by a pricing service provider using a series of techniques, such as simulation pricing models. The pricing models use issuer details and other inputs that are observed from actively quoted markets such as indices, spreads, interest

132 DoubleLine Funds Trust

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rates, curves, dividends and exchange rates. Derivatives that use similar valuation techniques and inputs as described above are normally categorized as Level 2 of the fair value hierarchy.

The Board of Trustees (the “Board”) has adopted a pricing and valuation policy for use by each Fund and its Valuation Designee (as defined below) in calculating each Fund’s NAV. Pursuant to Rule 2a-5 under the 1940 Act, each Fund has designated its primary investment adviser, either DoubleLine Capital LP (“DoubleLine Capital”) or DoubleLine Alternatives LP (“DoubleLine Alternatives”) (each, an “Adviser” and collectively, the “Advisers”), as applicable, as the “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. Each Adviser, as Valuation Designee, is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

The following is a summary of the fair valuations according to the inputs used to value the Funds’ investments as of March 31, 2024:

Category	DoubleLine Total Return Bond Fund				DoubleLine Core Fixed Income Fund				DoubleLine Emerging Markets Fixed Income Fund			DoubleLine Low Duration Bond Fund			DoubleLine Floating Rate Fund			DoubleLine Shiller Enhanced CAPE®
Investments in Securities
Level 1
Short Term Investments		$	633,460,140			$	155,989,824			$	3,929,291		$	166,985,268		$	22,119,033		$	123,710,118
Affiliated Mutual Funds			—				445,384,751				—			—			—			—
Warrants			—				5,881				—			—			—			—
Total Level 1			633,460,140				601,380,456				3,929,291			166,985,268			22,119,033			123,710,118
Level 2
US Government and Agency Mortgage Backed Obligations			15,706,414,976				1,436,058,574				—			148,438,937			—			101,955,081
Non-Agency Residential Collateralized Mortgage Obligations			7,852,786,685				758,805,812				—			733,718,377			—			425,871,039
Non-Agency Commercial Mortgage Backed Obligations			2,267,472,860				368,566,209				—			805,312,133			—			480,357,115
US Government and Agency Obligations			1,804,976,028				1,486,111,327				—			1,318,269,348			—			994,572,226
Asset Backed Obligations			1,339,098,286				238,587,993				—			399,499,287			—			292,587,022
Collateralized Loan Obligations			1,056,190,836				228,620,105				—			787,479,336			4,016,975			543,082,857
US Corporate Bonds			—				1,050,592,366				—			395,516,698			6,893,465			262,815,736
Foreign Corporate Bonds			—				426,881,852				390,897,594			490,705,581			—			214,735,867
Bank Loans			—				221,121,496				—			195,414,169			153,757,081			206,500,952
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations			—				49,771,887				89,076,778			99,658,459			—			28,147,187
Short Term Investments			—				—				—			56,031,716			—			116,377,063
Total Level 2			30,026,939,671				6,265,117,621				479,974,372			5,430,044,041			164,667,521			3,667,002,145
Level 3
Non-Agency Residential Collateralized Mortgage Obligations			239,065,369				658,232				—			383,779			—			9,821,909
Asset Backed Obligations			15,320,447				629,198				—			25,130,000			—			—
Collateralized Loan Obligations			452,307				2,496,166				—			—			—			50,093
Common Stocks			—				741,433				—			—			204,397			84,804
Bank Loans			—				483,530				—			—			387,201			—
Foreign Corporate Bonds			—				276,078				489,745			236,287			—			103,498
Non-Agency Commercial Mortgage Backed Obligations			—				—				—			—			—			6,847,949
Total Level 3			254,838,123				5,284,637				489,745			25,750,066			591,598			16,908,253
Total		$	30,915,237,934			$	6,871,782,714			$	484,393,408		$	5,622,779,375		$	187,378,152		$	3,807,620,516
Other Financial Instruments
Level 1
Futures Contracts		$	(15,322,067	)		$	(7,326,257	)		$	—		$	—		$	—		$	—
Total Level 1			(15,322,067	)			(7,326,257	)			—			—			—			—
Level 2
Excess Return Swaps			—				—				—			—			—			404,068,626
Total Level 2			—				—				—			—			—			404,068,626
Level 3			—				—				—			—			—			—
Total		$	(15,322,067	)		$	(7,326,257	)		$	—		$	—		$	—		$	404,068,626

Annual Report _| March 31, 2024 133

Notes to Financial Statements (Cont.)

Category	DoubleLine Flexible Income Fund			DoubleLine Low Duration Emerging Markets Fixed Income Fund			DoubleLine Long Duration Total Return Bond Fund			DoubleLine Strategic Commodity Fund (Consolidated)			DoubleLine Global Bond Fund			DoubleLine Infrastructure Income Fund
Investments in Securities
Level 1
Short Term Investments		$	23,291,184		$	1,477,545		$	1,170,276		$	13,595,736		$	4,881,069		$	5,637,194
Warrants			663			—			—			—			—			—
Total Level 1			23,291,847			1,477,545			1,170,276			13,595,736			4,881,069			5,637,194
Level 2
Non-Agency Residential Collateralized Mortgage Obligations			167,085,797			—			—			—			—			—
Collateralized Loan Obligations			162,498,800			—			—			—			—			—
Short Term Investments			139,364,130			—			—			139,491,351			1,680,917			—
Non-Agency Commercial Mortgage Backed Obligations			85,624,537			—			—			—			—			—
US Government and Agency Mortgage Backed Obligations			83,908,353			—			46,266,779			—			—			—
Bank Loans			83,898,589			—			—			—			—			—
US Government and Agency Obligations			59,572,706			—			11,390,147			—			54,112,195			31,932,117
Foreign Corporate Bonds			49,021,625			133,047,962			—			—			—			36,470,044
Asset Backed Obligations			39,023,284			—			—			—			—			144,217,024
US Corporate Bonds			36,688,390			—			—			—			—			137,159,409
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations			10,083,658			22,111,876			—			—			81,574,909			6,593,887
Total Level 2			916,769,869			155,159,838			57,656,926			139,491,351			137,368,021			356,372,481
Level 3
Non-Agency Residential Collateralized Mortgage Obligations			6,848,140			—			—			—			—			—
Asset Backed Obligations			6,010,661			—			—			—			—			—
Collateralized Loan Obligations			4,736,284			—			—			—			—			—
Non-Agency Commercial Mortgage Backed Obligations			2,098,353			—			—			—			—			—
Common Stocks			180,092			—			—			—			—			—
Bank Loans			105,726			—			—			—			—			—
Foreign Corporate Bonds			71,015			69,494			—			—			—			1,969,965
Total Level 3			20,050,271			69,494			—			—			—			1,969,965
Total		$	960,111,987		$	156,706,877		$	58,827,202		$	153,087,087		$	142,249,090		$	363,979,640
Other Financial Instruments
Level 1
Futures Contracts		$	—		$	—		$	234,656		$	—		$	—		$	—
Total Level 1			—			—			234,656			—			—			—
Level 2
Excess Return Swaps			—			—			—			5,071,550			—			—
Total Level 2			—			—			—			5,071,550			—			—
Level 3			—			—			—			—			—			—
Total		$	—		$	—		$	234,656		$	5,071,550		$	—		$	—

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Category	DoubleLine Shiller Enhanced International CAPE®			Doubleline Emerging Markets Local Currency Bond Fund			Doubleline Income Fund			DoubleLine Multi-Asset Trend Fund (Consolidated)
Investments in Securities
Level 1
Affiliated Mutual Funds		$	2,347,465		$	—		$	—		$	9,924,617
Short Term Investments			458,358			275,668			16,223,046			1,423,452
Total Level 1			2,805,823			275,668			16,223,046			11,348,069
Level 2
US Government and Agency Obligations			10,955,744			—			—			840,019
Collateralized Loan Obligations			6,393,921			—			18,507,727			—
Non-Agency Residential Collateralized Mortgage Obligations			5,917,198			—			21,108,208			—
Non-Agency Commercial Mortgage Backed Obligations			5,449,003			—			14,181,746			—
Asset Backed Obligations			3,356,283			—			4,589,264			—
US Corporate Bonds			3,127,972			—			—			—
Foreign Corporate Bonds			2,366,461			2,658,377			—			—
US Government and Agency Mortgage Backed Obligations			1,434,204			—			6,514,882			—
Short Term Investments			466,930			—			1,973,380			—
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations			363,575			9,480,583			—			—
Total Level 2			39,831,291			12,138,960			66,875,207			840,019
Level 3
Asset Backed Obligations			—			—			3,107,719			—
Total Level 3			—			—			3,107,719			—
Total		$	42,637,114		$	12,414,628		$	86,205,972		$	12,188,088
Other Financial Instruments
Level 1		$	—		$	—		$	—		$	—
Level 2
Excess Return Swaps			3,202,534			—			—			(85,730	)
Forward Currency Exchange Contracts			23,911			—			—			—
Total Level 2			3,226,445			—			—			(85,730	)
Level 3			—			—			—			—
Total		$	3,226,445		$	—		$	—		$	(85,730	)

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

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Notes to Financial Statements (Cont.)

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

DoubleLine Flexible Income Fund	Fair Value as of March 31, 2023			Net Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)(c)				Net Accretion (Amortization)			Purchases(a)			Sales(b)				Transfers Into Level 3(d)			Transfers Out of Level 3(d)			Fair Value as of March 31, 2024			Net Change in Unrealized Appreciation (Depreciation) on securities held at March 31, 2024(c)
Investments in Securities
Non-Agency Residential Collateralized Mortgage Obligations		$	7,119,685		$	29,772			$	4,546			$	60,857		$	—		$	(366,720	)		$	—		$	—		$	6,848,140		$	6,314
Asset Backed Obligations			8,405,530			(1,663,268	)			(775,120	)			—			672,041			(628,522	)			—			—			6,010,661			(927,984	)
Collateralized Loan Obligations			1,520,905			—				192,565				673			24,669			—				2,997,472			—			4,736,284			211,257
Non-Agency Commercial Mortgage Backed Obligations			983,389			2,243				100,300				7,329			—			(100,038	)			1,105,130			—			2,098,353			78,475
Common Stocks			290,300			(86,829	)			140,439				—			20,803			(184,621	)			—			—			180,092			(4,620	)
Bank Loans			107,055			380				(5,335	)			4,954			—			(1,328	)			—			—			105,726			(4,918	)
Foreign Corporate Bonds			—			(156,987	)			(116,016	)			—			394,450			(50,432	)			—			—			71,015			—
Rights			6,138			6,966				(6,138	)			—			—			(6,966	)			—			—			—			—
Escrow Notes			—			—				—				—			—			—				—			—			—			—
Warrants			—			—				—				—			—			—				—			—			—			—
Total		$	18,433,002		$	(1,867,723	)		$	(464,759	)		$	73,813		$	1,111,963		$	(1,338,627	)		$	4,102,602		$	—		$	20,050,271		$	(641,476	)

DoubleLine Income Fund	Fair Value as of March 31, 2023			Net Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)(c)			Net Accretion (Amortization)			Purchases(a)			Sales(b)				Transfers Into Level 3(d)			Transfers Out of Level 3(d)			Fair Value as of March 31, 2024			Net Change in Unrealized Appreciation (Depreciation) on securities held at March 31, 2024(c)
Investments in Securities
Asset Backed Obligations		$	4,079,163		$	(2,048,798	)		$	2,359,690		$	1,914		$	1,357,435		$	(2,641,685	)		$	—		$	—		$	3,107,719		$	(18,007	)

^(a)  Purchases include all purchases of securities, payups and corporate actions.

^(b)  Sales include all sales of securities, maturities, and paydowns.

^(c) Any difference between Net Change in Unrealized Appreciation (Depreciation) and Net Change in Unrealized Appreciation (Depreciation) on securities held at March 31, 2024 may be due to a security that was not held or categorized as Level 3 at either period end.

^(d)  Transfers into or out of Level 3 can be attributed to changes in the availability of pricing sources and/or in the observability of significant inputs used to measure the fair value of those instruments.

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

DoubleLine Flexible Income Fund	Fair Value as of March 31, 2024			Valuation Techniques	Unobservable Input	Unobservable Input Values (Weighted Average)(e)			Impact to valuation from an increase to input
Non-Agency Residential Collateralized Mortgage Obligations		$	6,848,140	Market Comparables	Market Quotes		$92.78 ($92.78	)	Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security
Asset Backed Obligations		$	6,010,661	Market Comparables	Market Quotes		$4.71-$88.04 ($55.67	)	Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security
Collateralized Loan Obligations		$	4,736,284	Market Comparables	Market Quotes		$20.50-$94.27 ($88.26	)	Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security
Non-Agency Commercial Mortgage Backed Obligations		$	2,098,353	Market Comparables	Market Quotes		$10.29-$82.94 ($58.39	)	Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security
Common Stocks		$	180,092	Market Comparables	Market Quotes		$8.45-$26.50 ($17.91	)	Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security
Bank Loans		$	105,726	Market Comparables	Market Quotes		$100.00 ($100.00	)	Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security
Foreign Corporate Bonds		$	71,015	Market Comparables	Market Quotes		$0.00-$92.34 ($55.11	)	Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security
DoubleLine Income Fund	Fair Value as of March 31, 2024			Valuation Techniques	Unobservable Input	Unobservable Input Values (Weighted Average)(e)			Impact to valuation from an increase to input
Asset Backed Obligations		$	3,107,719	Market Comparables	Market Quotes		$31.72-$4,914.18 ($802.19	)	Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security

^(e)  Unobservable inputs were weighted by the relative fair value of the instruments.

B. Federal Income Taxes. Each Fund has elected to be taxed as a “regulated investment company” and intends to distribute substantially all of its taxable income to its shareholders and otherwise comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies. Therefore, no provision for U.S. federal income taxes has been made.

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

The Funds have adopted financial reporting rules that require the Funds to analyze all open tax years, as defined by the applicable statute of limitations, for all major jurisdictions. Open tax years 2021-2023 (Federal) and 2020-2023 (CA/DE/FL) for the Funds, are those that are open for exam by taxing authorities to the extent that each Fund operated within those respective tax years. As of March 31, 2024, 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, 2024. The Funds identify their major tax jurisdictions as U.S. Federal, the State of Delaware and the State of Florida. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Each Fund’s tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances.

C. Security Transactions, Investment Income. Investment securities transactions are accounted for on trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Interest income, including non-cash interest,

Annual Report _| March 31, 2024 137

Notes to Financial Statements (Cont.)

is recorded on an accrual basis. Discounts/premiums on debt securities purchased, which may include residual and subordinate notes, are accreted/amortized over the life of the respective securities using the effective interest method except for certain deep discount bonds where management does not expect the par value above the bond’s cost to be fully realized. Dividend income and corporate action transactions, if any, are recorded on the ex-date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of securities received. Paydown gains and losses on mortgage-related and other asset-backed securities are recorded as components of interest income on the Statements of Operations. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income on the Statements of Operations.

D. Foreign Currency Translation. The Funds’ books and records are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation. Investment securities transactions, income and expense items denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not isolate changes in the exchange rates from the changes in the market prices of investments held or sold for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statement of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments.

E. Dividends and Distributions to Shareholders. With the exception of the DoubleLine Strategic Commodity Fund, the DoubleLine Global Bond Fund and the DoubleLine Emerging Markets Local Currency Bond Fund, dividends from net investment income will be declared and paid monthly. Dividends from the net investment income of the DoubleLine Global Bond Fund and the DoubleLine Emerging Markets Local Currency Bond Fund will be declared and paid quarterly. Dividends from the net investment income of the DoubleLine Strategic Commodity Fund will be declared and paid annually. The Funds will distribute any net realized long or short-term capital gains at least annually. Distributions are recorded on the ex-dividend date.

Income and capital gain distributions are determined in accordance with income tax regulations which may differ from US GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications between paid-in capital, undistributed (accumulated) net investment income (loss), and/or undistributed (accumulated) realized gain (loss). Undistributed (accumulated) net investment income or loss may include temporary book and tax basis differences which will reverse in a subsequent period. Any taxable income or capital gain remaining at fiscal year end is distributed in the following year.

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

F. Use of Estimates. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates.

G. Share Valuation. The NAV per share of a class of shares of a Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, attributable to that class, minus all liabilities (including estimated accrued expenses), attributable to that class by the total number of shares of that class outstanding, rounded to the nearest cent. The Funds’ NAV is typically calculated on days when the New York Stock Exchange opens for regular trading.

H. Unfunded Loan Commitments. The Funds may enter into certain credit agreements, of which all or a portion may be unfunded. The Funds are obligated to fund these commitments at the borrower’s discretion.

When unfunded loan commitments are outstanding at the end of the period, the Funds maintain with their custodian liquid investments having an aggregate value at least equal to the par value of their respective unfunded loan commitments and bridge loans.

As of March 31, 2024, there were no unfunded loan commitments outstanding by the Funds.

I. Guarantees and Indemnifications. Under the Trust’s organizational documents, each Trustee and officer of the Funds is indemnified, to the extent permitted by the 1940 Act, against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification

138 DoubleLine Funds Trust

March 31, 2024

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.

J. Basis for Consolidation. The DoubleLine Strategic Commodity Fund and the DoubleLine Multi-Asset Trend Fund may invest up to 25% of their total assets in the DoubleLine Strategic Commodity, Ltd. and the DoubleLine Multi-Asset Trend Fund, Ltd. (each, a

“Subsidiary” and, collectively, the “Subsidiaries”), respectively. The Subsidiaries, which are organized under the laws of the Cayman Islands, are wholly-owned and controlled by each respective Fund. Each Subsidiary invests in commodity-related investments and other investments. The consolidated financial statements include the accounts and balances of each Fund and its respective Subsidiary. Intercompany balances and transactions have been eliminated in consolidation.

As of March 31, 2024, the relationship of the Subsidiary to each respective Fund was as follows:

	DoubleLine Strategic Commodity Fund (Consolidated)				DoubleLine Multi-Asset Trend Fund (Consolidated)
Commencement of Operations			5/18/2015				2/26/2021
Fund Net Assets		$	149,148,395			$	13,222,055
Subsidiary % of Fund Net Assets			21.49%				10.73%
Subsidiary Financial Statement Information
Net Assets		$	32,051,547			$	1,418,990
Total Income			1,925,632				82,965
Net Realized Gain/(Loss)			(5,470,800	)			(936,189	)

K. Other. Each share class of a Fund is charged for those expenses that are directly attributable to that share class. Expenses that are not directly attributable to a Fund are allocated among all appropriate Funds in proportion to their respective net assets or in such a manner as the Funds’ Board may in its sole discretion consider fair and equitable to each Fund. Investment income, Fund expenses which are not class-specific, and realized and unrealized gains and losses are allocated directly to each class based upon the relative net assets of the classes.

3. Related and Other Party Transactions

The Advisers provide the Funds with investment management services under Investment Management Agreements (the “Agreements”). Under the Agreements, each Adviser manages the investment of the assets of the applicable Fund, places orders for the purchase and sale of its portfolio securities and is responsible for providing certain resources to assist with the day-to-day management of the Trust’s business affairs. As compensation for its services, each Adviser is entitled to a monthly fee at the annual rates of the average daily net assets of the Funds (the “Advisory Fee”) in the following table. Each Adviser has arrangements with DoubleLine Group LP to provide personnel and other resources to the Funds. On February 18, 2021, DoubleLine Alternatives, the investment adviser of the DoubleLine Multi-Asset Trend Fund, engaged DoubleLine Capital to serve as sub-adviser to the DoubleLine Multi-Asset Trend Fund to manage its investment in debt instruments. Effective as of July 29, 2022, DoubleLine Alternatives became the investment adviser to DoubleLine Shiller Enhanced CAPE^® and DoubleLine Capital became the sub-adviser to the Fund. Prior to July 29, 2022, DoubleLine Capital was the sole investment adviser to DoubleLine Shiller Enhanced CAPE^®.

Each Adviser has contractually agreed to limit certain of the Funds’ ordinary operating expenses so that its ratio of such expenses to average net assets will not exceed the following ratios (the “Expense Caps”). For the purposes of the expense limitation agreement between each Adviser and the applicable Funds, “ordinary operating expenses” excludes taxes, commissions, mark-ups, litigation expenses, indemnification expenses, interest expenses, acquired fund fees and expenses, and any extraordinary expenses. Each

Annual Report _| March 31, 2024 139

Notes to Financial Statements (Cont.)

applicable Fund’s expense limitation is expected to apply until at least August 1, 2025. Each applicable expense limitation may be terminated during the term only by a majority vote of the disinterested Trustees of the Board.

			Expense Caps
	Advisory Fee		I Shares		N Shares		R6 Shares
DoubleLine Total Return Bond Fund		0.40%		N/A		N/A		N/A
DoubleLine Core Fixed Income Fund		0.40%		N/A		N/A		N/A
DoubleLine Emerging Markets Fixed Income Fund		0.75%		0.95%		1.20%		N/A
DoubleLine Low Duration Bond Fund		0.35%		0.47%		0.72%		0.42%
DoubleLine Floating Rate Fund		0.50%		0.75%		1.00%		N/A
DoubleLine Shiller Enhanced CAPE®		0.45%		0.65%		0.90%		0.60%
DoubleLine Flexible Income Fund		0.62%		0.82%		1.07%		0.77%
DoubleLine Low Duration Emerging Markets Fixed Income Fund		0.50%		0.59%		0.84%		N/A
DoubleLine Long Duration Total Return Bond Fund		0.35%		0.50%		0.75%		N/A
DoubleLine Strategic Commodity Fund (Consolidated)		0.90%		1.10%		1.35%		N/A
DoubleLine Global Bond Fund		0.50%		0.70%		0.95%		N/A
DoubleLine Infrastructure Income Fund		0.50%		0.65%		0.90%		N/A
DoubleLine Shiller Enhanced International CAPE®		0.50%		0.65%		0.90%		N/A
DoubleLine Emerging Markets Local Currency Bond Fund		0.75%		0.90%		1.15%		N/A
DoubleLine Income Fund		0.50%		0.65%		0.90%		N/A
DoubleLine Multi-Asset Trend Fund (Consolidated)		0.50%		0.65%		0.90%		N/A

Other than as described above, to the extent that an Adviser waives its investment advisory fee and/or reimburses a Fund for other ordinary operating expenses, it may seek reimbursement of a portion or all of such amounts at any time within three fiscal years after the fiscal year in which such amounts were waived or reimbursed. Each Fund must pay its current ordinary operating expenses before each Adviser is entitled to any recoupment. Any such recoupment would be subject to review by the Board and will be subject to the Fund’s expense limitations in place when the fees were waived or the expenses were reimbursed.

Each Adviser, as applicable, contractually waived a portion of its fees or reimbursed certain operating expenses and may recapture a portion of the amounts no later than the dates as stated in the following table:

	March 31,
	2025			2026			2027
DoubleLine Emerging Markets Fixed Income Fund		$	—		$	—		$	7,486
DoubleLine Floating Rate Fund		$	—		$	—		$	41
DoubleLine Low Duration Emerging Markets Fixed Income Fund		$	236,853		$	234,164		$	254,449
DoubleLine Long Duration Total Return Bond Fund		$	27,645		$	44,196		$	66,826
DoubleLine Strategic Commodity Fund (Consolidated)		$	—		$	—		$	18,057
DoubleLine Shiller Enhanced International CAPE®		$	120,695		$	170,757		$	132,622
DoubleLine Emerging Markets Local Currency Fund		$	182,623		$	137,372		$	171,745
DoubleLine Income Fund		$	100,221		$	129,356		$	120,118
DoubleLine Multi-Asset Trend Fund (Consolidated)		$	596,575		$	221,908		$	99,735

For the year ended March 31, 2024, each Adviser recouped the amounts shown from the following Funds:

DoubleLine Global Bond Fund $ 10,628

140 DoubleLine Funds Trust

March 31, 2024

If a Fund invested in other investment vehicles sponsored by an Adviser (“other DoubleLine Funds”) during the period, such Adviser waived its advisory fee to the Fund in an amount equal to the advisory fees paid to the Adviser by the other DoubleLine Funds in respect of Fund assets so invested. Accordingly, the Adviser waived the following fees for the year ended March 31, 2024:

DoubleLine Core Fixed Income Fund	$	2,141,067
DoubleLine Shiller Enhanced International CAPE®	$	14,135
DoubleLine Multi-Asset Trend Fund (Consolidated)	$	39,275

As of March 31, 2024, greater than 5% of the following DoubleLine Funds was held by other DoubleLine Funds as follows:

Affiliated Fund Held	% Owned		Significant Owner
DoubleLine Long Duration Total Return Bond Fund		55%	DoubleLine Core Fixed Income Fund
DoubleLine Global Bond Fund		75%	DoubleLine Core Fixed Income Fund
DoubleLine Infrastructure Income Fund		83%	DoubleLine Core Fixed Income Fund

DoubleLine Capital LP and certain DoubleLine affiliated advisers provide investment advisory, sub-advisory, or consulting services to a variety of investors, including investment program sponsors, separate accounts, and mutual funds sponsored by third parties

(collectively “third-party accounts”). Those services may result, directly or indirectly, in investments by the third-party accounts in one or more of the Funds. At times, the third-party accounts’ investments, individually or in the aggregate, may represent material interests in one or more of the Funds. The third-party accounts’ transaction activity in a Fund may cause a Fund to incur material transaction costs, to realize taxable gains distributable to shareholders, and/or to buy or sell assets at a time when the Fund might not otherwise do so, each of which may adversely affect a Fund’s performance. See the description of Large Shareholder Risk in the Principal Risks Note for more information. Records available to the Funds reflect that greater than 25% of the following Funds were held by third-party accounts as of March 31, 2024:

	% Owned
DoubleLine Shiller Enhanced CAPE®		51%

4. Distribution, Sales Charge and Redemption Fees

Class N shares of the Funds make payments under a distribution plan (the “Distribution Plan”) adopted pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, each Fund compensates the Fund’s distributor for distribution and related services at an annual rate equal to 0.25% of the average daily net assets of the Fund attributable to its Class N 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 shares.

The DoubleLine Floating Rate Fund imposes redemption fees. Redemption fees are paid to and retained by the Fund to limit the opportunity to market time the Fund and to help offset estimated portfolio transaction costs and other related costs incurred by the Fund as a result of short-term trading. Subject to the exceptions discussed in the Fund’s prospectus, the DoubleLine Floating Rate Fund will apply a redemption fee equal to 1% of the value of any shares redeemed within 90 calendar days of purchase.

Annual Report _| March 31, 2024 141

Notes to Financial Statements (Cont.)

5. Purchases and Sales of Securities

Investment transactions (excluding short-term investments) for the period ended March 31, 2024 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		$	5,907,198,613		$	6,900,493,241		$	5,353,208,984		$	6,032,532,422
DoubleLine Core Fixed Income Fund		$	1,591,438,281		$	1,864,306,363		$	6,434,276,758		$	6,395,735,672
DoubleLine Emerging Markets Fixed Income Fund		$	235,916,971		$	291,233,765		$	—		$	—
DoubleLine Low Duration Bond Fund		$	1,362,576,530		$	1,863,911,903		$	2,754,995,742		$	2,577,225,160
DoubleLine Floating Rate Fund		$	88,565,960		$	127,680,355		$	—		$	—
Doubleline Shiller Enhanced CAPE®		$	604,304,406		$	1,159,242,768		$	2,089,249,223		$	1,870,045,094
DoubleLine Flexible Income Fund		$	168,569,309		$	229,323,034		$	64,368,555		$	36,909,531
DoubleLine Low Duration Emerging Markets Fixed Income Fund		$	48,841,370		$	89,184,774		$	—		$	—
DoubleLine Long Duration Total Return Bond Fund		$	18,475,956		$	8,629,326		$	68,789,236		$	64,705,029
DoubleLine Strategic Commodity Fund (Consolidated)		$	—		$	—		$	—		$	—
DoubleLine Global Bond Fund		$	23,269,382		$	26,879,647		$	44,246,175		$	38,375,000
DoubleLine Infrastructure Income Fund		$	119,820,046		$	130,923,852		$	53,474,859		$	36,364,408
Doubleline Shiller Enhanced International CAPE®		$	9,606,385		$	15,052,171		$	26,908,073		$	24,592,060
DoubleLine Emerging Markets Local Currency Bond Fund		$	6,347,228		$	3,410,849		$	—		$	—
DoubleLine Income Fund		$	43,288,575		$	23,860,320		$	4,711,039		$	7,346,035
DoubleLine Multi-Asset Trend Fund (Consolidated)		$	—		$	—		$	1,913,132		$	2,824,697

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

6. Income Tax Information and Distributions to Shareholders

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

	Year Ended March 31, 2024						Year Ended March 31, 2023
	Ordinary Income			Long Term Capital Gain			Ordinary Income			Long Term Capital Gain
DoubleLine Total Return Bond Fund		$	1,461,181,260		$	—		$	1,359,051,998		$	—
DoubleLine Core Fixed Income Fund		$	332,432,196		$	—		$	328,340,998		$	—
DoubleLine Emerging Markets Fixed Income Fund		$	28,078,194		$	—		$	29,671,037		$	—
DoubleLine Low Duration Bond Fund		$	270,810,785		$	—		$	197,485,763		$	—
DoubleLine Floating Rate Fund		$	15,934,011		$	—		$	17,396,917		$	—
DoubleLine Shiller Enhanced CAPE®		$	205,041,825		$	—		$	210,196,101		$	492,478,152
DoubleLine Flexible Income Fund		$	54,700,592		$	—		$	49,922,749		$	—
DoubleLine Low Duration Emerging Markets Fixed Income Fund		$	6,892,011		$	—		$	6,833,733		$	—
DoubleLine Long Duration Total Return Bond Fund		$	2,039,170		$	—		$	1,444,233		$	—
DoubleLine Strategic Commodity Fund (Consolidated)		$	4,557,572		$	—		$	65,540,372		$	—
DoubleLine Global Bond Fund		$	—		$	—		$	—		$	—
DoubleLine Infrastructure Income Fund		$	12,782,884		$	—		$	12,311,480		$	1,296,056
DoubleLine Shiller Enhanced International CAPE®		$	2,762,090		$	—		$	2,763,952		$	—
DoubleLine Emerging Markets Local Currency Bond Fund		$	425,812		$	—		$	184,950		$	—
DoubleLine Income Fund		$	3,922,378		$	—		$	3,359,147		$	—
DoubleLine Multi-Asset Trend Fund (Consolidated)		$	621,344		$	—		$	2,395,845		$	—

142 DoubleLine Funds Trust

March 31, 2024

The Funds 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 Funds related to net capital gain to zero.

The cost basis of investments for U.S. federal income tax purposes as of March 31, 2024, was as follows:

	DoubleLine Total Return Bond Fund				DoubleLine Core Fixed Income Fund				DoubleLine Emerging Markets Fixed Income Fund				DoubleLine Low Duration Bond Fund				DoubleLine Floating Rate Fund				DoubleLine Shiller Enhanced CAPE®
Tax Cost of Investments		$	35,932,076,107			$	7,560,413,484			$	541,137,738			$	5,803,054,717			$	188,593,363			$	4,111,052,070
Gross Tax Unrealized Appreciation			324,651,786				55,791,164				14,507,783				13,423,430				1,984,292				411,818,481
Gross Tax Unrealized Depreciation			(5,356,812,026	)			(751,748,191	)			(71,252,113	)			(193,698,772	)			(3,199,503	)			(311,181,409	)
Net Tax Unrealized Appreciation (Depreciation)			(5,032,160,240	)			(695,957,027	)			(56,744,330	)			(180,275,342	)			(1,215,211	)			100,637,072
	DoubleLine Flexible Income Fund				DoubleLine Low Duration Emerging Markets Fixed Income Fund				DoubleLine Long Duration Total Return Bond Fund				DoubleLine Strategic Commodity Fund (Consolidated)				DoubleLine Global Bond Fund				DoubleLine Infrastructure Income Fund
Tax Cost of Investments		$	1,067,367,977			$	158,826,859			$	63,939,729			$	153,071,254			$	153,254,032			$	385,051,713
Gross Tax Unrealized Appreciation			3,087,106				1,906,805				1,170,581				5,551,924				1,400,451				2,125,009
Gross Tax Unrealized Depreciation			(110,343,096	)			(4,026,787	)			(6,048,452	)			(464,541	)			(12,405,393	)			(23,197,082	)
Net Tax Unrealized Appreciation (Depreciation)			(107,255,990	)			(2,119,982	)			(4,877,871	)			5,087,383				(11,004,942	)			(21,072,073	)
	DoubleLine Shiller Enhanced International CAPE®				DoubleLine Emerging Markets Local Currency Bond Fund				DoubleLine Income Fund				DoubleLine Multi-Asset Trend Fund (Consolidated)
Tax Cost of Investments		$	45,640,909			$	13,395,160			$	92,146,182			$	12,579,920
Gross Tax Unrealized Appreciation			3,543,065				184,941				873,633				652,144
Gross Tax Unrealized Depreciation			(3,320,415	)			(1,165,473	)			(6,813,843	)			(1,129,706	)
Net Tax Unrealized Appreciation (Depreciation)			222,650				(980,532	)			(5,940,210	)			(477,562	)

As of March 31, 2024, 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 Low Duration Bond Fund				DoubleLine Floating Rate Fund				DoubleLine Shiller Enhanced CAPE®
Net Tax Unrealized Appreciation (Depreciation)		$	(5,032,160,240	)		$	(695,957,027	)		$	(56,744,330	)		$	(180,275,342	)		$	(1,215,211	)		$	100,637,072
Undistributed Ordinary Income			57,868,222				13,747,954				1,807,898				7,813,955				794,062				11,887,581
Undistributed Long Term Capital Gains			—				—				—				—				—				—
Total Distributable Earnings			57,868,222				13,747,954				1,807,898				7,813,955				794,062				11,887,581
Other Accumulated Gains (Losses)			(6,194,064,707	)			(998,787,845	)			(167,306,594	)			(268,873,917	)			(57,789,121	)			(779,962,686	)
Total Distributable Earnings (Loss)			(11,168,356,725	)			(1,680,996,918	)			(222,243,026	)			(441,335,304	)			(58,210,270	)			(667,438,033	)
	DoubleLine Flexible Income Fund				DoubleLine Low Duration Emerging Markets Fixed Income Fund				DoubleLine Long Duration Total Return Bond Fund				DoubleLine Strategic Commodity Fund (Consolidated)				DoubleLine Global Bond Fund				DoubleLine Infrastructure Income Fund
Net Tax Unrealized Appreciation (Depreciation)		$	(107,255,990	)		$	(2,119,982	)		$	(4,877,871	)		$	5,087,383			$	(11,004,942	)		$	(21,072,073	)
Undistributed Ordinary Income			1,737,080				147,935				156,766				1,083,146				—				1,266,368
Undistributed Long Term Capital Gains			—				—				—				—				—				—
Total Distributable Earnings			1,737,080				147,935				156,766				1,083,146				—				1,266,368
Other Accumulated Gains (Losses)			(98,816,254	)			(15,474,084	)			(17,969,746	)			(457,947	)			(30,713,627	)			(30,200,538	)
Total Distributable Earnings (Loss)			(204,335,164	)			(17,446,131	)			(22,690,851	)			5,712,582				(41,718,569	)			(50,006,243	)

Annual Report _| March 31, 2024 143

Notes to Financial Statements (Cont.)

	DoubleLine Shiller Enhanced International CAPE®				DoubleLine Emerging Markets Local Currency Bond Fund				DoubleLine Income Fund				DoubleLine Multi-Asset Trend Fund (Consolidated)
Net Tax Unrealized Appreciation (Depreciation)		$	222,650			$	(980,532	)		$	(5,940,210	)		$	(477,562	)
Undistributed Ordinary Income			39,135				14,192				106,151				1,217
Undistributed Long Term Capital Gains			—				—				—				—
Total Distributable Earnings			39,135				14,192				106,151				1,217
Other Accumulated Gains (Losses)			(15,777,552	)			(358,998	)			(16,881,843	)			(1,754,461	)
Total Distributable Earnings (Loss)			(15,515,767	)			(1,325,338	)			(22,715,902	)			(2,230,806	)

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, 2024, the following capital loss carryforwards were available:

	Capital Loss Carryforward			Expires
DoubleLine Total Return Bond Fund		$	6,161,460,441		Indefinite
DoubleLine Core Fixed Income Fund			990,381,538		Indefinite
DoubleLine Emerging Markets Fixed Income Fund			167,343,056		Indefinite
DoubleLine Low Duration Bond Fund			263,662,018		Indefinite
DoubleLine Floating Rate Fund			57,133,234		Indefinite
DoubleLine Shiller Enhanced CAPE®			770,066,029		Indefinite
DoubleLine Flexible Income Fund			97,646,971		Indefinite
DoubleLine Low Duration Emerging Markets Fixed Income Fund			15,343,994		Indefinite
DoubleLine Long Duration Total Return Bond Fund			17,836,535		Indefinite
DoubleLine Strategic Commodity Fund (Consolidated)			453,221		Indefinite
DoubleLine Global Bond Fund			30,242,526		Indefinite
DoubleLine Infrastructure Income Fund			29,091,194		Indefinite
DoubleLine Shiller Enhanced International CAPE®			15,765,120		Indefinite
DoubleLine Emerging Markets Local Currency Bond Fund			355,936		Indefinite
DoubleLine Income Fund			16,848,901		Indefinite
DoubleLine Multi-Asset Trend Fund (Consolidated)			1,753,563		Indefinite

As of March 31, 2024, the following funds deferred, on a tax basis, losses of:

	Post-October Loss			Late-Year Loss
DoubleLine Global Bond Fund		$	—		$	454,963

144 DoubleLine Funds Trust

March 31, 2024

Additionally, US GAAP requires 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 NAV per share. The permanent differences primarily relate to paydown losses, accretion of discount on certain debt instruments, foreign currency gains (losses), consent fee income, prior period adjustments, net operating losses and deconsolidation of foreign subsidiaries. For the period ended March 31, 2024, the following table shows the reclassifications made:

	Paid-in Capital				Total Distributable Earnings (Loss)
DoubleLine Total Return Bond Fund		$	—			$	—
DoubleLine Core Fixed Income Fund			—				—
DoubleLine Emerging Markets Fixed Income Fund			—				—
DoubleLine Low Duration Bond Fund			—				—
DoubleLine Floating Rate Fund			—				—
DoubleLine Shiller Enhanced CAPE®			—				—
DoubleLine Flexible Income Fund			—				—
DoubleLine Low Duration Emerging Markets Fixed Income Fund			—				—
DoubleLine Long Duration Total Return Bond Fund			—				—
DoubleLine Strategic Commodity Fund (Consolidated)			(3,905,811	)			3,905,811
DoubleLine Global Bond Fund			—				—
DoubleLine Infrastructure Income Fund			—				—
DoubleLine Shiller Enhanced International CAPE®			—				—
DoubleLine Emerging Markets Local Currency Bond Fund			—				—
DoubleLine Income Fund			—				—
DoubleLine Multi-Asset Trend Fund (Consolidated)			(881,220	)			881,220

If a Fund estimates that a portion of its regular distributions to shareholders may be comprised of amounts from sources other than net investment income, as determined in accordance with such Fund’s policies and practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, each Fund estimates the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its expected tax character. It is important to note that differences exist between a Fund’s daily internal accounting records and practices, the Fund’s financial statements presented in accordance with US GAAP, and recordkeeping practices under income tax regulations. It is possible that a Fund may not issue a Section 19 Notice in situations where such Fund’s financial statements prepared later and in accordance with US GAAP might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit https://doubleline.com/mutual-funds/ for the most recent Section 19 Notice, if applicable. Information provided to you on a Section 19 notice is an estimate only and subject to change; final determination of a distribution’s tax character will be reported on Form 1099 DIV sent to shareholders for the calendar year.

Annual Report _| March 31, 2024 145

Notes to Financial Statements (Cont.)

7. Share Transactions

Transactions in each Fund’s shares were as follows:

	DoubleLine Total Return Bond Fund														DoubleLine Core Fixed Income Fund
	Year Ended March 31, 2024							Year Ended March 31, 2023							Year Ended March 31, 2024							Year Ended March 31, 2023
	Shares			Amount				Shares			Amount				Shares			Amount				Shares			Amount
Shares Sold
Class I		1,037,192,466			$	8,994,148,707			1,171,725,790			$	10,693,301,956			245,404,541			$	2,240,598,765			350,423,068			$	3,365,689,036
Class N		123,326,847				1,075,517,930			274,438,789				2,482,424,967			8,254,813				75,388,589			15,128,315				145,162,360
Class R6		103,288,915				895,978,547			53,181,967				486,371,241			25,820,572				233,956,504			6,913,054				65,426,487
Reinvested Dividends
Class I		99,792,522				866,710,755			92,280,941				838,310,245			23,487,961				214,965,761			22,599,033				214,003,885
Class N		21,487,899				186,448,636			17,775,176				160,921,176			1,153,080				10,539,919			1,355,076				12,839,905
Class R6		3,590,608				31,162,719			3,637,242				33,036,800			649,823				5,947,489			432,199				4,076,907
Shares Redeemed
Class I		(1,277,617,964	)			(11,051,340,051	)		(2,007,758,181	)			(18,386,460,613	)		(311,845,251	)			(2,851,993,023	)		(593,397,316	)			(5,708,094,146	)
Class N		(224,846,520	)			(1,943,044,471	)		(228,946,594	)			(2,086,753,887	)		(13,010,374	)			(119,003,185	)		(30,207,922	)			(284,449,503	)
Class R6		(97,395,109	)			(836,059,274	)		(95,210,530	)			(881,263,752	)		(3,967,611	)			(35,949,878	)		(3,782,783	)			(35,150,784	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		(211,180,336	)		$	(1,780,476,502	)		(718,875,400	)		$	(6,660,111,867	)		(24,052,446	)		$	(225,549,059	)		(230,537,276	)		$	(2,220,495,853	)
	DoubleLine Emerging Markets Fixed Income Fund														DoubleLine Low Duration Bond Fund
	Year Ended March 31, 2024							Year Ended March 31, 2023							Year Ended March 31, 2024							Year Ended March 31, 2023
	Shares			Amount				Shares			Amount				Shares			Amount				Shares			Amount
Shares Sold
Class I		20,761,731			$	179,367,709			35,747,836			$	308,847,991			137,528,826			$	1,307,406,882			267,961,761			$	2,542,655,473
Class N		1,171,461				10,097,139			2,051,383				17,712,348			9,090,846				86,309,602			10,474,023				99,179,098
Class R6		—				—			—				—			12,287,409				116,437,239			4,212,724				40,140,888
Reinvested Dividends
Class I		2,203,881				18,820,578			2,241,448				19,193,620			18,485,315				175,418,933			13,485,368				127,299,824
Class N		155,446				1,327,486			156,692				1,341,240			3,057,460				28,987,196			2,246,787				21,198,187
Class R6		—				—			—				—			38,611				366,499			34,618				326,721
Shares Redeemed
Class I		(29,482,200	)			(250,576,439	)		(53,968,673	)			(467,855,618	)		(211,875,833	)			(2,010,789,940	)		(369,014,298	)			(3,497,914,542	)
Class N		(2,028,171	)			(17,404,882	)		(2,924,590	)			(25,382,042	)		(24,432,758	)			(231,777,493	)		(31,124,498	)			(294,996,699	)
Class R6		—				—			—				—			(4,696,617	)			(44,649,753	)		(2,808,821	)			(26,690,987	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		(7,217,852	)		$	(58,368,409	)		(16,695,904	)		$	(146,142,461	)		(60,516,741	)		$	(572,290,835	)		(104,532,336	)		$	(988,802,037	)

146 DoubleLine Funds Trust

March 31, 2024

	DoubleLine Floating Rate Fund														DoubleLine Shiller Enhanced CAPE®
	Year Ended March 31, 2024							Year Ended March 31, 2023							Year Ended March 31, 2024							Year Ended March 31, 2023
	Shares			Amount				Shares			Amount				Shares			Amount				Shares			Amount
Shares Sold
Class I		3,838,600			$	34,614,125			6,795,806			$	61,845,213			53,994,166			$	726,034,021			90,409,831			$	1,248,654,538
Class N		401,801				3,631,464			1,209,455				11,202,825			3,431,972				46,521,811			7,902,683				105,974,145
Class R6		—				—			—				—			1,328,545				17,937,956			489,616				7,025,998
Reinvested Dividends
Class I		581,726				5,221,458			679,023				6,105,332			5,625,025				75,517,380			41,224,552				517,080,043
Class N		122,699				1,104,310			167,531				1,511,625			880,354				11,839,010			3,451,900				43,469,224
Class R6		—				—			—				—			20,429				274,080			114,045				1,437,113
Shares Redeemed
Class I		(8,786,410	)			(78,823,424	)(a)		(20,563,940	)			(186,026,100	)(b)		(111,715,045	)			(1,501,299,524	)		(282,818,689	)			(3,932,553,381	)
Class N		(932,201	)			(8,391,360	)(a)		(3,891,989	)			(35,340,904	)(b)		(10,101,326	)			(137,681,387	)		(20,390,208	)			(280,712,155	)
Class R6		—				—			—				—			(737,905	)			(9,976,567	)		(880,743	)			(12,163,698	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		(4,773,785	)		$	(42,643,427	)		(15,604,114	)		$	(140,702,009	)		(57,273,785	)		$	(770,833,220	)		(160,497,013	)		$	(2,301,788,173	)

^(a)  Net of redemption fees of $213,270 and $21,308 for Class I and Class N, respectively.

^(b)  Net of redemption fees of $91,678 and $10,897 for Class I and Class N, respectively.

	DoubleLine Flexible Income Fund														DoubleLine Low Duration Emerging Markets Fixed Income Fund
	Year Ended March 31, 2024							Year Ended March 31, 2023							Year Ended March 31, 2024							Year Ended March 31, 2023
	Shares			Amount				Shares			Amount				Shares			Amount				Shares			Amount
Shares Sold
Class I		24,211,167			$	204,978,594			28,200,508			$	242,025,623			3,187,104			$	29,295,766			13,406,902			$	122,332,808
Class N		2,122,918				17,942,241			6,847,879				58,591,923			130,739				1,212,653			848,737				7,730,071
Class R6		3,879,270				32,777,018			11,979,759				102,537,959			—				—			—				—
Reinvested Dividends
Class I		4,041,407				34,120,340			3,291,714				28,201,414			586,515				5,388,614			590,385				5,332,023
Class N		438,563				3,698,045			523,761				4,489,741			17,066				157,244			45,488				411,406
Class R6		94,475				797,727			74,770				639,326			—				—			—				—
Shares Redeemed
Class I		(21,145,407	)			(178,499,964	)		(50,737,988	)			(439,003,812	)		(7,612,312	)			(69,874,898	)		(19,274,905	)			(174,794,723	)
Class N		(5,737,509	)			(48,346,595	)		(11,526,147	)			(99,582,845	)		(242,720	)			(2,223,082	)		(2,696,281	)			(24,519,261	)
Class R6		(9,600,207	)			(80,774,249	)		(9,372,890	)			(79,765,162	)		—				—			—				—
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		(1,695,323	)		$	(13,306,843	)		(20,718,634	)		$	(181,865,833	)		(3,933,608	)		$	(36,043,703	)		(7,079,674	)		$	(63,507,676	)
	DoubleLine Long Duration Total Return Bond Fund														DoubleLine Strategic Commodity Fund (Consolidated)
	Year Ended March 31, 2024							Year Ended March 31, 2023							Year Ended March 31, 2024							Year Ended March 31, 2023
	Shares			Amount				Shares			Amount				Shares			Amount				Shares			Amount
Shares Sold
Class I		1,679,038			$	11,224,187			1,525,549			$	11,354,482			5,878,965			$	44,977,021			6,122,585			$	64,461,145
Class N		1,763,411				11,423,332			159,325				1,189,184			396,847				2,911,948			626,665				6,506,706
Reinvested Dividends
Class I		75,736				496,534			38,917				284,611			527,245				3,785,619			6,489,578				50,099,541
Class N		33,872				218,297			6,029				44,512			54,765				388,281			759,847				5,790,033
Shares Redeemed
Class I		(1,311,052	)			(8,802,995	)		(941,886	)			(7,141,404	)		(9,967,400	)			(74,924,926	)		(9,400,328	)			(94,097,905	)
Class N		(200,574	)			(1,305,614	)		(536,683	)			(4,162,283	)		(1,003,822	)			(7,499,401	)		(1,058,352	)			(10,800,412	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		2,040,431			$	13,253,741			251,251			$	1,569,102			(4,113,400	)		$	(30,361,458	)		3,539,995			$	21,959,108

Annual Report _| March 31, 2024 147

Notes to Financial Statements (Cont.)

	DoubleLine Global Bond Fund														DoubleLine Infrastructure Income Fund
	Year Ended March 31, 2024							Year Ended March 31, 2023							Year Ended March 31, 2024							Year Ended March 31, 2023
	Shares			Amount				Shares			Amount				Shares			Amount				Shares			Amount
Shares Sold
Class I		211,817			$	1,754,498			2,632,319			$	21,865,746			1,728,130			$	15,854,950			1,004,157			$	9,359,697
Class N		619				5,118			696				5,907			743,863				6,794,959			7,911				71,688
Reinvested Dividends
Class I		—				—			—				—			55,777				506,009			43,198				389,605
Class N		—				—			—				—			9,623				88,475			1,836				16,614
Shares Redeemed
Class I		(121,452	)			(1,003,458	)		(15,407,720	)			(141,495,414	)		(1,143,570	)			(10,299,361	)		(16,759,064	)			(152,586,533	)
Class N		(10,401	)			(86,965	)		(17,278	)			(143,789	)		(64,951	)			(596,573	)		(128,821	)			(1,212,811	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		80,583			$	669,193			(12,791,983	)		$	(119,767,550	)		1,328,872			$	12,348,459			(15,830,783	)		$	(143,961,740	)
	DoubleLine Shiller Enhanced International CAPE®														DoubleLine Emerging Markets Local Currency Bond Fund
	Year Ended March 31, 2024							Year Ended March 31, 2023							Year Ended March 31, 2024							Year Ended March 31, 2023
	Shares			Amount				Shares			Amount				Shares			Amount				Shares			Amount
Shares Sold
Class I		674,695			$	7,965,916			1,560,171			$	18,010,356			255,556			$	2,273,583			108,294			$	885,160
Class N		1,096,840				12,637,541			891,840				9,726,423			197,806				1,722,919			11,352				92,808
Reinvested Dividends
Class I		186,429				2,195,799			189,804				2,128,990			44,702				386,979			23,004				182,403
Class N		36,834				437,958			27,127				306,449			3,763				32,495			320				2,519
Shares Redeemed
Class I		(1,655,294	)			(19,377,602	)		(5,189,304	)			(59,135,251	)		(60,037	)			(533,979	)		(65,807	)			(543,498	)
Class N		(1,154,437	)			(13,502,679	)		(620,058	)			(7,223,427	)		(115,336	)			(1,011,435	)		(1,449	)			(11,968	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		(814,933	)		$	(9,643,067	)		(3,140,420	)		$	(36,186,460	)		326,454			$	2,870,562			75,714			$	607,424
	DoubleLine Income Fund														DoubleLine Multi Asset Trend Fund (Consolidated)
	Year Ended March 31, 2024							Year Ended March 31, 2023							Year Ended March 31, 2024							Year Ended March 31, 2023
	Shares			Amount				Shares			Amount				Shares			Amount				Shares			Amount
Shares Sold
Class I		9,173,207			$	69,774,529			4,938,495			$	38,578,899			35,616			$	280,900			242,165			$	2,332,953
Class N		240,101				1,828,558			764,876				6,331,745			8,592				68,074			99,558				982,674
Reinvested Dividends
Class I		445,731				3,369,022			303,925				2,392,781			76,207				600,576			248,242				2,269,903
Class N		27,668				209,192			48,549				389,110			1,431				11,294			9,202				84,198
Shares Redeemed
Class I		(6,126,281	)			(45,725,779	)		(8,917,631	)			(71,151,983	)		(114,593	)			(896,436	)		(184,450	)			(1,612,083	)
Class N		(181,153	)			(1,365,756	)		(1,877,788	)			(14,912,008	)		(27,805	)			(219,760	)		(82,483	)			(736,330	)
Increase (Decrease) in Net Assets Resulting from Net Share Transactions		3,579,273			$	28,089,766			(4,739,574	)		$	(38,371,456	)		(20,552	)		$	(155,352	)		332,234			$	3,321,315

8. Trustees Fees

Trustees who are not affiliated with each Adviser and its affiliates receive fees from the Trust. These trustees may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the Funds, are treated as if invested in shares of Funds designated by each Trustee or other funds managed by each Adviser and its affiliates. These amounts represent general unsecured liabilities of each Fund and vary according to the total returns of the selected funds. Trustees Fees in the Statements of Operations include current fees (either paid in cash or deferred) and any increase (decrease) in the value of the deferred amounts. Certain trustees and officers of the Funds are also officers of each Adviser; such trustees and officers are not compensated by the Funds.

148 DoubleLine Funds Trust

March 31, 2024

For the period ended March 31, 2024, the Trustees received as a group:

	Current Fees			Increase/(Decrease) in Value of Deferred Amount			Trustees Fees
DoubleLine Total Return Bond Fund		$	611,175		$	291,371		$	902,546
DoubleLine Core Fixed Income Fund		$	125,071		$	60,896		$	185,967
DoubleLine Emerging Markets Fixed Income Fund		$	8,587		$	4,504		$	13,091
DoubleLine Low Duration Bond Fund		$	112,034		$	50,601		$	162,635
DoubleLine Floating Rate Fund		$	3,329		$	1,657		$	4,986
DoubleLine Shiller Enhanced CAPE®		$	66,653		$	37,269		$	103,922
DoubleLine Flexible Income Fund		$	17,165		$	7,529		$	24,694
DoubleLine Low Duration Emerging Markets Fixed Income Fund		$	3,144		$	1,577		$	4,721
DoubleLine Long Duration Total Return Bond Fund		$	1,008		$	449		$	1,457
DoubleLine Strategic Commodity Fund (Consolidated)		$	2,217		$	1,495		$	3,712
DoubleLine Global Bond Fund		$	1,498		$	1,261		$	2,759
DoubleLine Infrastructure Income Fund		$	4,903		$	3,043		$	7,946
DoubleLine Shiller Enhanced International CAPE®		$	982		$	459		$	1,441
DoubleLine Emerging Markets Local Currency Bond Fund		$	76		$	114		$	190
DoubleLine Income Fund		$	932		$	421		$	1,353
DoubleLine Multi-Asset Trend Fund (Consolidated)		$	437		$	114		$	551

9. Additional Disclosures about Derivative Instruments

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

The average volume of derivative activity for the period ended March 31, 2024, is as follows:

	DoubleLine Total Return Bond Fund				DoubleLine Core Fixed Income Fund				DoubleLine Shiller Enhanced CAPE®			DoubleLine Long Duration Total Return Bond Fund				DoubleLine Strategic Commodity Fund (Consolidated)			DoubleLine Shiller Enhanced International CAPE®			DoubleLine Multi-Asset Trend Fund (Consolidated)
Average Market Value
Futures Contracts - Long		$	36,814,865			$	1,557,800			$	—		$	451,159			$	—		$	—		$	—
Futures Contracts - Short			(14,056,252	)			(95,236	)			—			(163,609	)			—			—			—
Average Notional Balance
Excess Return Swaps			—				—				4,000,200,000			—				134,960,000			44,000,000			13,619,997
Forward Currency Exchange Contracts			—				—				—			—				—			76,818,947			—

Options Contracts The Funds may purchase or sell put and call options. When a Fund purchases an option it pays a premium in return for the potential to profit from the change in value of an underlying investment or index during the term of the option. The option premium is included on the Funds’ Statements of Assets and Liabilities as an investment and marked-to-market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses and are recorded in net realized gain (loss) on investments on the Statements of Operations. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing options is limited to the loss of the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss and are recorded in net realized gain (loss) on investments on the Statements of Operations. When a Fund writes (i.e., sells) an option it receives a premium in return for bearing the risk of the change in value of an underlying instrument during the term off the option. Writing put options tends to increase a Fund’s exposure to the risk that the value of the underlying instrument will depreciate. Writing call options tends to decrease a Fund’s ability to benefit from appreciation in the

Annual Report _| March 31, 2024 149

Notes to Financial Statements (Cont.)

value in the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded as a liability on the Fund’s Statement of Assets and Liabilities and marked-to-market to reflect the current value of the option written. Premiums received from writing options which expire are treated as realized gains and are recorded in net realized gain (loss) on written options on the Statements of Operations. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying instrument to determine the realized gain or loss when the underlying instrument is sold and are recorded in net realized gain (loss) on written options on the Statements of Operations. A Fund as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put), and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk that the market for options contracts may be illiquid and that a Fund may not be able to close out or sell an option at a particular time or at an anticipated price.

Futures Contracts Futures contracts typically involve a contractual commitment to buy or sell a particular instrument or index unit at a specified price on a future date. Risks associated with the use of futures contracts include the potential for imperfect correlation between the change in market value of the securities held by the Funds and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices determined by the relevant exchange. Upon entering into a futures contract, a Fund is required to deposit with its futures broker an amount of cash in accordance with the initial margin requirements of the broker or exchange. Such collateral is recorded in deposit at broker for futures in the Statements of Assets and Liabilities. Futures contracts are marked-to-market daily and an appropriate payment reflecting the change in value (“variation margin”) is made or received by or for the accounts of the Funds. The variation margin is recorded on the Statements of Assets and Liabilities. The cumulative change in value of futures contracts is recorded in net unrealized appreciation (depreciation) on futures on the Statements of Assets and Liabilities. Gains or losses are recognized but not considered realized until the contracts expire or are closed and are recorded in net realized gain (loss) on futures on the Statements of Operations. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statements of Assets and Liabilities.

Forward Foreign Currency Contracts Forward foreign currency contracts are agreements between two parties to buy and sell a currency at a set exchange rate on a future date. Unless a Fund’s registration statement expressly states otherwise, each Fund may enter into forward foreign currency contracts for any investment purpose. The market value of a forward foreign currency contract fluctuates with the changes in foreign currency exchange rates. The contract is marked-to-market daily and the change in market value is recorded in net unrealized appreciation (depreciation) on forwards on the Statements of Assets and Liabilities. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed on the Statements of Operations. The use of foreign currency exchange contracts involves the risk that the value of a foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies and the risk that a counterparty to the contract does not perform its obligations under the agreement.

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

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

Credit default swaps are considered to have credit risk related contingent features since they require payment by the protection seller to the protection buyer upon occurrence of a defined credit event. A Fund’s maximum risk of loss from counterparty risk, as

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the protection buyer, is the fair value of the contract, which may be mitigated by the posting of collateral by the counterparty to a Fund to cover a Fund’s exposure to the counterparty. Upfront premiums (received) paid including accretion (amortization) less any collateral held at the counterparty are reflected in deposit at broker for swaps on the Statements of Assets and Liabilities. The marked-to-market value less a financing rate, if any, is included in net unrealized appreciation (depreciation) on swaps on the Statements of Assets and Liabilities. At termination or maturity of the swap, the cumulative marked-to-market on the value less a financing rate, if any, is recorded in realized gain (loss) on swaps on the Statements of Operations.

Interest Rate Swap Agreements The Funds may enter into interest rate swap agreements. Interest rate swap agreements involve an exchange with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spread locks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets. The value is marked-to-market and is recorded in net unrealized appreciation (depreciation) on swaps on the Statements of Assets and Liabilities. At termination or maturity date, the interest on the notional amount of principal is exchanged and is recorded in net realized gain (loss) on swaps on the Statements of Operations.

Excess Return Swap Agreements The Funds may enter into excess return swaps for investment purposes. Excess return swaps are agreements to exchange the return generated by one instrument for the return generated by another instrument. For example, the agreement to pay a predetermined or fixed interest rate in exchange for a market-linked return based on a notional amount. To the extent the total return of a referenced index or instrument exceeds the offsetting interest obligation, a Fund will receive a payment from the counterparty. To the extent it is less, a Fund will make a payment to the counterparty. The marked-to-market value less a financing rate, if any, is recorded in net unrealized appreciation (depreciation) on swaps on the Statements of Assets and Liabilities. At termination or maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any, and is recorded in net realized gain (loss) on swaps on the Statements of Operations. To the extent the marked-to- market value of an excess return swap appreciates to the benefit of a Fund and exceeds certain contractual thresholds, a Fund’s counterparty may be contractually required to provide collateral. If the marked-to-market value of an excess return swap depreciates in value to the benefit of a counterparty and exceeds certain contractual thresholds, a Fund would generally be required to provide collateral for the benefit of its counterparty. Assets provided by the Funds as collateral are reflected as a component of investments in unaffiliated securities at value on the Statements of Assets and Liabilities and are noted on the Schedules of Investments. Assets provided to a Fund by a counterparty as collateral are not assets of the Fund and are not a component of a Fund’s NAV.

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Notes to Financial Statements (Cont.)

The Funds’ derivative instrument holdings are summarized in the following tables.

The effect of derivative instruments on the Statements of Assets and Liabilities for the period ended March 31, 2024 was as follows:

	Derivatives not accounted for as hedging instruments
Statements of Assets and Liabilities Location		Commodity Risk			Equity Risk		Foreign Exchange Rate Risk		Interest Rate Risk			Total
Net Unrealized Appreciation (Depreciation) on:
Forwards
DoubleLine Shiller Enhanced International CAPE®		$	—		$	—	$	23,911	$	—		$	23,911
Futures
DoubleLine Total Return Bond Fund		$	—		$	—	$	—	$	(15,322,067	)	$	(15,322,067	)
DoubleLine Core Fixed Income Fund			—			—		—		(7,326,257	)		(7,326,257	)
DoubleLine Long Duration Total Return Bond Fund			—			—		—		234,656			234,656
Swaps
DoubleLine Shiller Enhanced CAPE®		$	—		$	404,068,626	$	—	$	—		$	404,068,626
DoubleLine Strategic Commodity Fund (Consolidated)			5,071,550			—		—		—			5,071,550
DoubleLine Shiller Enhanced International CAPE®			—			3,202,534		—		—			3,202,534
DoubleLine Multi-Asset Trend Fund (Consolidated)			(737,874	)		652,144		—		—			(85,730	)

The effect of derivative instruments on the Statements of Operations for the period ended March 31, 2024 was as follows:

	Derivatives not accounted for as hedging instruments
Statements of Operations Location		Commodity Risk			Equity Risk			Foreign Exchange Rate Risk			Interest Rate Risk			Total
Net Realized Gain (Loss) on:
Forwards
DoubleLine Global Bond Fund		$	—		$	—		$	57,081		$	—		$	57,081
DoubleLine Shiller Enhanced International CAPE®			—			—			(2,946,571	)		—			(2,946,571	)
Futures
DoubleLine Total Return Bond Fund		$	—		$	—		$	—		$	(255,921,521	)	$	(255,921,521	)
DoubleLine Core Fixed Income Fund			—			—			—			(42,991,361	)		(42,991,361	)
DoubleLine Long Duration Total Return Bond Fund			—			—			—			(1,151,402	)		(1,151,402	)
Swaps
DoubleLine Shiller Enhanced CAPE®		$	—		$	205,787,691		$	—		$	—		$	205,787,691
DoubleLine Strategic Commodity Fund (Consolidated)			(5,463,047	)		—			—			—			(5,463,047	)
DoubleLine Shiller Enhanced International CAPE®			—			1,398,491			—			—			1,398,491
DoubleLine Multi-Asset Trend Fund (Consolidated)			(935,887	)		(423,277	)		—			—			(1,359,164	)
Net Change in Unrealized Appreciation (Depreciation) on:
Forwards
DoubleLine Shiller Enhanced International CAPE®		$	—		$	—		$	1,635,110		$	—		$	1,635,110
Futures
DoubleLine Total Return Bond Fund		$	—		$	—		$	—		$	(136,401,869	)	$	(136,401,869	)
DoubleLine Core Fixed Income Fund			—			—			—			(25,912,923	)		(25,912,923	)
DoubleLine Long Duration Total Return Bond Fund			—			—			—			(446,892	)		(446,892	)
Swaps
DoubleLine Shiller Enhanced CAPE®		$	—		$	473,173,658		$	—		$	—		$	473,173,658
DoubleLine Strategic Commodity Fund (Consolidated)			7,442,550			—			—			—			7,442,550
DoubleLine Shiller Enhanced International CAPE®			—			999,098			—			—			999,098
DoubleLine Multi-Asset Trend Fund (Consolidated)			178,155			1,165,340			—			—			1,343,495

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10. Offsetting Assets and Liabilities

The Funds are subject to various Master Netting Arrangements, which govern the terms of certain transactions with select counterparties. The Master Netting Arrangements are intended to allow the Funds to close out and net their total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty. The Master Netting Arrangements also specify collateral posting arrangements at pre-arranged exposure levels. Under the Master Netting Arrangements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Netting Arrangement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of Master Netting Arrangement.

As of March 31, 2024, the Funds held the following derivative instruments that were subject to offsetting on the Statements of Assets and Liabilities:

DoubleLine Shiller Enhanced CAPE^®

Assets:

Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts presented in the Statement of Assets and Liabilities		Gross Amounts not offset in the Statement of Assets and Liabilities				Net Amount
							Financial Instruments		Cash Collateral Received
Swap Contracts	$	404,068,626	$	—	$	404,068,626	$	401,576,766	$	—	$	2,491,860

DoubleLine Strategic Commodity Fund (Consolidated)

Assets:

Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts presented in the Statement of Assets and Liabilities		Gross Amounts not offset in the Statement of Assets and Liabilities				Net Amount
								Financial Instruments		Cash Collateral Received
Swap Contracts	$	5,510,675	$	(439,125	)	$	5,071,550	$	645,461	$	—	$	4,426,089

Liabilities:

Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts presented in the Statement of Assets and Liabilities		Gross Amounts not offset in the Statement of Assets and Liabilities				Net Amount
								Financial Instruments		Cash Collateral Pledged
Swap Contracts	$	439,125	$	(439,125	)	$	—	$	—	$	—	$	—

DoubleLine Shiller Enhanced International CAPE^®

Assets:

Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts presented in the Statement of Assets and Liabilities		Gross Amounts not offset in the Statement of Assets and Liabilities				Net Amount
								Financial Instruments		Cash Collateral Received
Forwards	$	203,322	$	(90,247	)	$	113,075	$	36,993	$	10,000	$	66,082
Swap Contracts		3,202,534		—			3,202,534		3,094,940		—		107,594
	$	3,405,856	$	(90,247	)	$	3,315,609	$	3,131,933	$	10,000	$	173,676

Liabilities:

Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts presented in the Statement of Assets and Liabilities		Gross Amounts not offset in the Statement of Assets and Liabilities				Net Amount
								Financial Instruments		Cash Collateral Pledged
Forwards	$	179,411	$	(90,247	)	$	89,164	$	—	$	—	$	89,164

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Notes to Financial Statements (Cont.)

DoubleLine Multi-Asset Trend Fund (Consolidated)

Assets:

Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts presented in the Statement of Assets and Liabilities		Gross Amounts not offset in the Statement of Assets and Liabilities				Net Amount
								Financial Instruments		Cash Collateral Received
Swap Contracts	$	652,144	$	(652,144	)	$	—	$	—	$	—	$	—

Liabilities:

Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts presented in the Statement of Assets and Liabilities		Gross Amounts not offset in the Statement of Assets and Liabilities				Net Amount
								Financial Instruments		Cash Collateral Pledged
Swap Contracts	$	737,874	$	(652,144	)	$	85,730	$	85,730	$	—	$	—

11. Bank Loans

The Funds may make loans directly to borrowers and may acquire or invest in loans made by others (“loans”). The Funds may acquire a loan interest directly by acting as a member of the original lending syndicate. Alternatively, the Funds may acquire some or all of the interest of a bank or other lending institution in a loan to a particular borrower by means of a novation, an assignment or a participation. The loans in which the Funds may invest include those that pay fixed rates of interest and those that pay floating rates—i.e., rates that adjusted periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the Secured Overnight Financing Rate (SOFR) and secondarily, the prime rate offered by one or more United States banks (the Prime Rate). Base lending rates may be subject to a floor, or minimum rate. Rates for SOFR are generally 1 or 3 month tenors and may also be subject to a credit spread adjustment. The Funds may purchase and sell interests in bank loans on a when-issued and delayed delivery basis, with payment delivery scheduled for a future date.

Securities purchased on a delayed delivery basis are marked-to-market daily and no income accrues to the Funds prior to the date the Funds actually take delivery of such securities. These transactions are subject to market fluctuations and are subject, among other risks, to the risk that the value at delivery may be more or less than the trade purchase price.

12. Credit Facility

U.S. Bank, N.A. (the “Bank”) has made available to the Trust, excluding the DoubleLine Emerging Markets Local Currency Bond Fund, (the “DoubleLine Funds”) an uncommitted $500,000,000 credit facility for short term liquidity in connection with shareholder redemptions. Under the terms of the credit facility, borrowings for each DoubleLine Fund are limited to one-third of the total assets (including the amount borrowed) of such DoubleLine Fund. Fifty percent of the credit facility is available to all of the DoubleLine Funds, on a first come, first served basis. The remaining 50% of the credit facility is allocated among the DoubleLine Funds in accordance with procedures adopted by the Board. Borrowings under this credit facility bear interest at the greater of 0.00% or the Bank’s prime rate less 1.00%.

The Bank has also made available to the DoubleLine Floating Rate Fund a committed $50,000,000 credit facility. Borrowings under this credit facility bear interest at the greater of 0.00% or the Bank’s prime rate less 1.00%.

During the reporting period, State Street Bank and Trust Company made available to the DoubleLine Emerging Markets Local Currency Bond Fund an uncommitted $30,000,000 credit facility with an annual non-refundable facility fee of $50,000. Under the terms of the credit facility, borrowings are limited to 15% of the Fund’s total assets. Borrowings under this credit facility bore interest at 0.10% plus 1.25% plus the greater of the Federal Funds Rate or the Overnight Bank Funding Rate as in effect on that day. The credit facility was terminated effective as of December 14, 2023.

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For the period ended March 31, 2024, the Funds’ credit facility activity is as follows:

	Average Borrowings			Maximum Amount Outstanding			Interest Expense			Commitment Fee			Average Interest Rate
DoubleLine Emerging Markets Fixed Income Fund		$	2,020,954		$	22,740,000		$	27,285		$	—		7.47%
DoubleLine Floating Rate Fund		$	—		$	—		$	—		$	61,000		0.00%
DoubleLine Low Duration Emerging Markets Fixed Income Fund		$	395,919		$	2,863,000		$	6,065		$	—		7.42%
DoubleLine Long Duration Total Return Bond Fund		$	1,609,000		$	1,609,000		$	324		$	—		7.25%
DoubleLine Infrastructure Income Fund		$	783,400		$	1,941,000		$	789		$	—		7.25%
DoubleLine Shiller Enhanced International CAPE®		$	99,500		$	129,000		$	83		$	—		7.50%
DoubleLine Income Fund		$	5,697,500		$	8,433,000		$	2,374		$	—		7.50%

13. Significant Shareholder Holdings

As of March 31, 2024, shareholders affiliated with the Funds and/or Advisers (other than other DoubleLine Funds) owned shares of the Funds as follows:

	Shares		% of Total Outstanding Shares - Per Class		% of Total Outstanding Shares - Total Fund
DoubleLine Emerging Markets Local Currency Bond Fund - Class I		1,093,113		81%		76%
DoubleLine Emerging Markets Local Currency Bond Fund - Class N		10,931		10%		76%
DoubleLine Multi-Asset Trend Fund (Consolidated) - Class I		1,254,151		78%		78%
DoubleLine Multi-Asset Trend Fund (Consolidated) - Class N		12,572		45%		78%

Investment activities of these shareholders could have a material effect on each Fund. See the description of Large Shareholder Risk in the following Principal Risks Note. For information on greater than 5% holders of certain Funds by other DoubleLine Funds, see Note 3 on Related and Other Party Transactions.

14. To-Be-Announced Securities

The Funds may invest in to-be-announced securities (“TBAs”). TBAs is a term that is generally used to describe forward-settling mortgage-backed securities. These TBAs are generally issued by U.S. Government Agencies or U.S. Government Sponsored Entities such as Freddie Mac, Fannie Mae and Ginnie Mae. The actual mortgage-backed security that will be delivered to the buyer at the time TBAs trades are entered is not known, however, the terms of the acceptable pools of loans that will comprise the mortgage- backed security are determined at the time the trade is entered into (coupon rate, maturity, credit quality, etc.). Investment in TBAs will generally increase the Fund’s exposure to interest rate risk and could also expose the Fund to counterparty default risk. In order to mitigate counterparty default risk, the Fund only enters TBAs with counterparties for which the risk of default is determined to be remote.

15. Principal Risks:

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

• active management risk: the risk that a Fund will fail to meet its investment objective and that the Fund’s investment performance will depend, at least in part, on how its assets are allocated and reallocated among asset classes, sectors, underlying funds and/or investments and that such allocation will focus on asset classes, sectors, underlying funds, and/or investments that perform poorly or underperform other asset classes, sectors, underlying funds, and/or available investments. Any given investment strategy may fail to produce the intended results, and Fund’s portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the selection of investments, portfolio construction, risk assessments, and/or the outlook on market trends and opportunities.

• asset-backed securities investment risk: the risk that borrowers may default on the obligations that underlie the asset-backed security and that, during periods of falling interest rates, asset-backed securities may be called or prepaid, which may

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Notes to Financial Statements (Cont.)

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.

• cash position risk: the risk that to the extent that a Fund holds assets in cash, cash equivalents, and other short-term investments, the ability of the Fund to meet its objective may be limited.

• collateralized debt obligations risk: the risks of an investment in a collateralized debt obligation (“CDO”) depend largely on the quality and type of the collateral and the tranche of the CDO in which a Fund invests. Normally, collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other CDOs are privately offered and sold, and thus are not registered under the securities laws. As a result, investments in CDOs may be illiquid. In addition to the risks associated with debt instruments (e.g., interest rate risk and credit risk), CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility that a Fund may invest in CDOs that are subordinate to other classes of the issuer’s securities; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

• commodities risk: the risk that the value of a Fund’s shares may be affected by changes in the values of the Fund’s investment exposures to commodities or commodity-related instruments, which may be extremely volatile and difficult to value. The value of commodities and commodity-related instruments may be affected by, among other factors, market movements, commodity index volatility, changes in interest rates, or factors affecting supply, demand and/or other market fundamentals with respect to a particular sector, industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. A Fund will likely at times have significant exposure to particular sectors through its commodities-related investments, including, for example, the energy, industrial metals precious metals, and agricultural and livestock sectors and may be exposed to greater risk associated with events affecting those sectors.

• confidential information access risk: the risk that the intentional or unintentional receipt of material, non-public information (“Confidential Information”) by the Adviser could limit a Fund’s ability to sell certain investments held by the Fund or pursue certain investment opportunities on behalf of the Fund, potentially for a substantial period of time.

• counterparty risk: the risk that a Fund will be subject to credit risk with respect to the counterparties to the derivative contracts and other instruments entered into by the Fund; that the Fund’s counterparty will be unable or unwilling to perform its obligations; that the Fund will be unable to enforce contractual remedies if its counterparty defaults; that if a counterparty (or an affiliate of a counterparty) becomes bankrupt, the Fund may experience significant delays in obtaining any recovery or may obtain limited or no recovery in a bankruptcy or other insolvency proceeding. To the extent that a Fund enters into multiple transactions with a single or a small set of counterparties, it will be subject to increased counterparty risk.

• debt securities risks:

° credit risk: the risk that an issuer, counterparty or other obligor to a Fund will fail to pay its obligations to the Fund when they are due, which may reduce the Fund’s income and/or reduce, in whole or in part, the value of the Fund’s investment. Actual or perceived changes in the financial condition of an obligor, changes in economic, social or political conditions that affect a particular type of security, instrument, or obligor, and changes in economic, social or political conditions generally can increase the risk of default by an obligor, which can affect a security’s or other instrument’s credit quality or value and an obligor’s ability to honor its obligations when due. The values of lower-quality debt securities (commonly known as “junk bonds”), including floating rate loans, tend to be particularly sensitive to these changes. The values of securities or instruments also may decline for a number of other reasons that relate directly to the obligor, such as management performance, financial leverage, and reduced demand for the obligor’s goods and services, as well as the historical and prospective earnings of the obligor and the value of its assets.

° extension risk: the risk that if interest rates rise, repayments of principal on certain debt securities, including, but not limited to, floating rate loans and mortgage-related securities, may occur at a slower rate than expected and the expected maturity of those securities could lengthen as a result. Securities that are subject to extension risk generally have a greater potential for loss when prevailing interest rates rise, which could cause their values to fall sharply.

° interest rate risk: the risk that debt instruments will change in value because of changes in interest rates. The value of an instrument with a longer duration (whether positive or negative) will be more sensitive to changes in interest rates than a similar instrument with a shorter duration.

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° prepayment risk: the risk that the issuer of a debt security, including floating rate loans and mortgage-related securities, repays all or a portion of the principal prior to the security’s maturity. In times of declining interest rates, there is a greater likelihood that a Fund’s higher yielding securities will be pre-paid with the Fund being unable to reinvest the proceeds in an investment with as great a yield. Prepayments can therefore result in lower yields to shareholders of a Fund.

• defaulted securities risk: the significant risk of the uncertainty of repayment of defaulted securities (e.g., a security on which a principal or interest payment is not made when due) and obligations of distressed issuers.

• derivatives risk: the risk that an investment in derivatives will not perform as anticipated by an Adviser, may not be available at the time or price desired, cannot be closed out at a favorable time or price, will increase a Fund’s transaction costs, or will increase a Fund’s volatility; that derivatives may create investment leverage; that, when a derivative is used as a substitute for or alternative to a direct cash investment, the transaction may not provide a return that corresponds precisely or at all with that of the cash investment; that the positions may be improperly executed or constructed; that the Fund’s counterparty will be unable or unwilling to perform its obligations; or that, when used for hedging purposes, derivatives will not provide the anticipated protection, causing a Fund to lose money on both the derivatives transaction and the exposure the Fund sought to hedge. Recent changes in regulation relating to a Fund’s use of derivatives and related instruments could potentially limit or impact the Fund’s ability to invest in derivatives, limit the Fund’s ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund’s performance.

• emerging market country risk: the risk that investing in emerging markets, as compared to foreign developed markets, increases the likelihood that a Fund will lose money, due to more limited information about the issuer and/or the security; higher brokerage costs; different accounting, auditing and financial reporting standards; less developed legal systems; fewer investor protections; less regulatory oversight; thinner trading markets; the possibility of currency blockages or transfer restrictions; an emerging market country’s dependence on revenue from particular commodities or international aid; and expropriation, nationalization or other adverse political or economic developments.

• equity issuer risk: the risk that the market price of common stocks and other equity securities may go up or down, sometimes rapidly or unpredictably, including due to factors affecting equity securities markets generally, particular industries represented in those markets, or the issuer itself.

• financial services risk: the risk that an investment in issuers in the financial services sector or transactions with one or more counterparties in the financial services sector may be adversely affected by, among other things: (i) changes in governmental regulation, which may limit both the amounts and the types of loans and other financial commitments financial services companies can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain; (ii) fluctuations, including as a result of interest rate changes or increased competition, in the availability and cost of capital of funds on which the profitability of financial services companies is largely dependent; (iii) deterioration of the credit markets; (iv) credit losses resulting from financial difficulties of borrowers, especially when financial services companies are exposed to non-diversified or concentrated loan portfolios; (v) financial losses associated with investment activities, especially when financial services companies are exposed to financial leverage; (vi) the risk that any financial services company experiences substantial declines in the valuations of its assets, takes action to raise capital, or ceases operations; (vii) the risk that a market shock or other unexpected market, economic, political, regulatory, or other event might lead to a sudden decline in the values of most or all companies in the financial services sector; (viii) events leading to limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, leading to market-wide liquidity problems; and (ix) the interconnectedness or interdependence among financial services companies, including the risk that the financial distress or failure of one financial services company may materially and adversely affect a number of other financial services companies.

• focused investment risk: the risk that a Fund that invests a substantial portion of its assets in a particular market, industry, sector, group of industries or sectors, country, region, group of countries or asset class is, relative to a Fund that invests in a more diverse investment portfolio, more susceptible to any single economic, market, political, regulatory or other occurrence. This is because, for example, issuers in a particular market, industry, region, sector or asset class may react similarly to specific economic, market, regulatory, political or other developments. The particular markets, industries, regions, sectors or asset classes in which the Fund may focus its investments may change over time and the Fund may alter its focus at inopportune times.

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

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Notes to Financial Statements (Cont.)

• foreign investing risk: the risk that investments in foreign securities or in issuers with significant exposure to foreign markets, as compared to investments in U.S. securities or in issuers with predominantly domestic market exposure, may be more vulnerable to economic, political, and social instability and subject to less government supervision, less protective custody practices, lack of transparency, inadequate regulatory and accounting standards, delayed or infrequent settlement of transactions, and foreign taxes. If a Fund buys securities denominated in a foreign currency, receives income in foreign currencies, or holds foreign currencies from time to time, the value of the Fund’s assets, as measured in U.S. dollars, can be affected unfavorably by changes in exchange rates relative to the U.S. dollar or other foreign currencies. Foreign markets are also subject to the risk that a foreign government could restrict foreign exchange transactions or otherwise implement unfavorable currency regulations. In addition, foreign securities may be subject to currency exchange rates or regulations, the imposition of economic sanctions, tariffs or other government restrictions, higher transaction and other costs, reduced liquidity, and delays in settlement.

• high yield risk: the risk that debt instruments rated below investment grade or debt instruments that are unrated and of comparable or lesser quality are predominantly speculative. These instruments, commonly known as “junk bonds”, have a higher degree of default risk and may be less liquid than higher-rated bonds. These instruments may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of high yield investments generally, and less secondary market liquidity.

• index risk: the risk that the portion of a Fund invested in instruments based on an index or basket of commodities or that use an index or basket of commodities as the reference asset may not match or may underperform the return of the index or basket for a number of reasons, including, for example, (i) the performance of derivatives related to an index or basket in which a Fund invests may not correlate with the performance of the index or basket and/or may underperform the index or basket due to transaction costs, fees, or other aspects of the transaction’s pricing; (ii) the Fund may not be able to find counterparties willing to enter into derivative instruments whose returns are based on the return of the index or basket, or the Fund may be unable to find parties who are willing to do so at an acceptable cost or level of risk to the Fund; and (iii) errors may arise in carrying out an index’s methodology, or an index provider may incorrectly report information concerning the index. There can be no guarantee that any index, will be maintained indefinitely or that a Fund will be able to continue to utilize a specific index to implement the Fund’s principal investment strategies indefinitely.

• inflation-indexed bond risk: the risk that such bonds will change in value in response to actual or anticipated changes in inflation rates in a manner unanticipated by a Fund’s portfolio management team or investors generally. Inflation-indexed bonds are subject to debt securities risks.

• investment company and exchange-traded fund risk: the risk that an investment company or other pooled investment vehicle, including any exchange-traded funds (“ETFs”) or money market funds, in which a Fund invests will not achieve its investment objective or execute its investment strategies effectively or that significant purchase or redemption activity by shareholders of such an investment company might negatively affect the value of its shares. A Fund must pay its pro rata portion of an investment company’s fees and expenses. To the extent the Adviser determines to invest Fund assets in other investment companies, the Adviser will have an incentive to invest in other DoubleLine funds over investment companies sponsored or managed by others and to maintain such investments once made due to its own financial interest in those products and other business considerations.

• large shareholder risk: the risk that certain account holders, including an Adviser or funds or accounts over which an Adviser (or related parties of an Adviser) has investment discretion, may from time to time own or control a significant percentage of a Fund’s shares. A Fund is subject to the risk that a redemption by those shareholders of all or a portion of their Fund shares, including as a result of an asset allocation decision made by an Adviser (or related parties of an Adviser), will adversely affect the Fund’s performance if it is forced to sell portfolio securities or invest cash when the Adviser would not otherwise choose to do so. Redemptions of a large number of shares may affect the liquidity of a Fund’s portfolio, increase a Fund’s transaction costs, and accelerate the realization of taxable income and/or gains to shareholders.

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

• limited operating history risk: the risk that a recently formed fund has a limited operating history to evaluate and may not attract sufficient assets to achieve or maximize investment and operational efficiencies and remain viable. If a recently formed fund fails to achieve sufficient scale, it may be liquidated.

• liquidity risk: the risk that a Fund may be unable to sell a portfolio investment at a desirable time or at the value the Fund has placed on the investment.

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March 31, 2024

• loan risk: the risk that (i) if a Fund holds a loan through another financial institution, or relies on a financial institution to administer the loan, its receipt of principal and interest on the loan may be subject to the credit risk of that financial institution; (ii) any collateral securing a loan may be insufficient or unavailable to a Fund because, for example, the value of the collateral securing a loan can decline, be insufficient to meet the obligations of the borrower, or be difficult to liquidate, and the Fund’s rights to collateral may be limited by bankruptcy or insolvency laws; (iii) investments in highly leveraged loans or loans of stressed, distressed, or defaulted issuers may be subject to significant credit and liquidity risk; (iv) a bankruptcy or other court proceeding could delay or limit the ability of a Fund to collect the principal and interest payments on that borrower’s loans or adversely affect the Fund’s rights in collateral relating to a loan; (v) there may be limited public information available regarding the loan and the relevant borrower(s); (vi) the use of a particular interest rate benchmark may limit the Fund’s ability to achieve a net return to shareholders that consistently approximates the average published Prime Rate of U.S. banks; (vii) the prices of certain floating rate loans that include a feature that prevents their interest rates from adjusting if market interest rates are below a specified minimum level may appreciate less than other instruments in response to changes in interest rates should interest rates rise but remain below the applicable minimum level; (viii) if a borrower fails to comply with various restrictive covenants that may be found in loan agreements, the borrower may default in payment of the loan; (ix) if a Fund invests in loans that contain fewer or less restrictive constraints on the borrower than certain other types of loans (“covenant-lite” loans), it may have fewer rights against the borrowers of such loans, including fewer protections against the possibility of default and fewer remedies in the event of default; (x) the loan is unsecured; (xi) there is a limited secondary market; (xii) transactions in loans may settle on a delayed basis, and the Fund may not receive the proceeds from the sale of a loan for a substantial period of time after the sale, which may result in sale proceeds related to the sale of loans not being available to make additional investments or to meet a Fund’s redemption obligations until potentially a substantial period after the sale of the loans; and (xiii) loans may be difficult to value and may be illiquid, which may adversely affect an investment in the Fund.

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

• market risk: the risk that markets will perform poorly or that the returns from the securities in which a Fund invests will underperform returns from the general securities markets or other types of investments. Markets may, in response to governmental actions or intervention or general market conditions, including real or perceived adverse, political, economic or market conditions, tariffs and trade disruptions, inflation, recession, changes in interest or currency rates, lack of liquidity in the bond markets or adverse investor sentiments, or other external factors, experience periods of high volatility and reduced liquidity. During those periods, the Fund may experience high levels of shareholder redemptions, and may have to sell securities at times when the Fund would otherwise not do so, and potentially at unfavorable prices. Certain securities may be difficult to value during such periods. Market risk involves the risk that the value of the Fund’s investment portfolio will change, potentially frequently and in large amounts, as the prices of its investments go up or down. During periods of severe market stress, it is possible that the market for some or all of a Fund’s investments may become highly illiquid. Recently, there have been inflationary price movements. As such, fixed income securities markets may experience heightened levels of interest rate volatility and liquidity risk. The U.S. Federal Reserve has raised interest rates from historically low levels and may continue to do so. Any additional interest rate increases in the future could cause the value of a Fund’s holdings to decrease.

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

• operational and information security risks: an investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems

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Notes to Financial Statements (Cont.)

and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in investment losses to a Fund, a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on a Fund. While a Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

• portfolio turnover risk: the risk that frequent purchases and sales of portfolio securities may result in higher Fund expenses and may result in larger distributions of taxable capital gains to investors as compared to a fund that trades less frequently.

• real estate sector risk: the risk that real estate-related investments may decline in value as a result of factors affecting the real estate sector, such as the supply of real property in certain markets, changes in zoning laws, delays in completion of construction, changes in real estate values, changes in property taxes, levels of occupancy, and local, regional, and general market conditions. Along with the risks common to different types of real estate-related investments, real estate investment trusts (“REITs”), no matter the type, involve additional risk factors, including poor performance by the REIT’s manager, adverse changes to the tax laws, and the possible failure by the REIT to qualify for the favorable tax treatment available to REITs under the Internal Revenue Code, or the exemption from registration under the 1940 Act. REITs are not diversified and are heavily dependent on cash flow earned on the property interests they hold.

• restricted securities risk: the risk that a Fund may be prevented or limited by law or the terms of an agreement from selling a security (a “restricted security”). To the extent that a Fund is permitted to sell a restricted security, there can be no assurance that a trading market will exist at any particular time and a Fund may be unable to dispose of the security promptly at reasonable prices or at all. A Fund may have to bear the expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Also, restricted securities may be difficult to value because market quotations may not be readily available, and the values of restricted securities may have significant volatility.

• securities or sector selection risk: the risk that the securities held by a Fund will underperform securities held in other funds investing in similar asset classes or comparable benchmarks because of the portfolio managers’ choice of securities or sectors for investment. To the extent a Fund allocates a higher percentage of its investment portfolio to a particular sector or related sectors, the Fund will be more susceptible to events or factors affecting companies in that sector or related sectors.

• short position risk: the risk that an increase in the value of an instrument, index or interest rate with respect to which a Fund has established a short position will result in a loss to the Fund.

• sovereign debt obligations risk: the risk that investments in debt obligations of sovereign governments may lose value due to the government entity’s unwillingness or inability to repay principal and interest when due in accordance with the terms of the debt or otherwise in a timely manner.

• structured products and structured notes risk: the risk that an investment in a structured product, which includes, among other things, CDOs, mortgage-backed securities, other types of asset-backed securities and certain types of structured notes, may decline in value due to changes in the underlying instruments, indexes, interest rates or other factors on which the product is based (“reference measure”). Depending on the reference measure used and the use of multipliers or deflators (if any), changes in interest rates and movement of the reference measure may cause significant price and cash flow fluctuations. In addition to the general risks associated with fixed income securities discussed herein, structured products carry additional risks including, but not limited to: (i) the possibility that distributions from underlying investments will not be adequate to make interest or other payments; (ii) the quality of the underlying investments may decline in value or default; (iii) the possibility that the security may be subordinate to other classes of the issuer’s securities; (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results; and (v) because the structured products are generally privately offered and sold, they may be thinly traded or have a limited trading market, which may increase a Fund’s illiquidity and reduce the Fund’s income and the value of the investment, and the Fund may be unable to find qualified buyers for these securities.

• tax risk: in order to qualify as a regulated investment company under the Internal Revenue Code, a Fund must meet requirements regarding, among other things, the source of its income. Certain investments in commodity-linked derivatives do not give rise to qualifying income for this purpose, and it is possible that certain investments in other commodity-linked instruments, ETFs and other investment pools will not give rise to qualifying income. Any income a Fund derives from investments in instruments that do not generate qualifying income must be limited to a maximum of 10% of a Fund’s annual gross income. If a Fund were to earn non-qualifying income in excess of 10% of its annual gross income, it could fail to qualify as a regulated investment company for that year. If a Fund were to fail to qualify as a regulated investment company, the Fund would be subject to tax and shareholders of the Fund would be subject to the risk of diminished returns.

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• U.S. Government securities risk: the risk that debt securities issued or guaranteed by certain U.S. Government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. Government, and so investments in their securities or obligations issued by them involve credit risk greater than investments in other types of U.S. Government securities.

• valuation risk: the risk that a Fund will not value its investments in a manner that accurately reflects their market values or that the Fund will not be able to sell any investment at a price equal to the valuation ascribed to that investment for purposes of calculating the Fund’s NAV. The valuation of a Fund’s investments involves subjective judgment. Certain securities in which a Fund may invest may be more difficult to value accurately, especially during periods of market disruptions or extreme market volatility. Incorrect valuations of a Fund’s portfolio holdings could result in such Fund’s shareholder transactions being effected at an NAV that does not accurately reflect the underlying value of such Fund’s portfolio, resulting in the dilution of shareholder interests.

16. Recently Issued Accounting Pronouncements and Other Regulatory Matters

In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”). ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the London Interbank Offered Rate and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management did not adopt the optional guidance provided by ASU 2022-06 and does not intend to do so.

In October 2022, the Securities and Exchange Commission (the “SEC”) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment. The implementation of this rule will not have any impact on the financial statements.

17. Subsequent Events

In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. The Funds have determined there are no subsequent events that would need to be disclosed in the Funds’ financial statements.

Annual Report _| March 31, 2024 161

Report of Independent Registered Public Accounting Firm    

To the Board of Trustees of DoubleLine Funds Trust and Shareholders of each of the sixteen funds indicated in the table below

Opinions on the Financial Statements

We have audited the accompanying financial statements and financial highlights of each of the funds indicated in the table below (sixteen of the funds constituting DoubleLine Funds Trust, hereafter collectively referred to as the “Funds”) as of the date indicated in the table below and for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of the date indicated in the table below, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

DoubleLine Total Return Bond Fund ⁽¹⁾

DoubleLine Core Fixed Income Fund ⁽¹⁾

DoubleLine Emerging Markets Fixed Income Fund ⁽²⁾

DoubleLine Low Duration Bond Fund ⁽²⁾

DoubleLine Floating Rate Fund ⁽²⁾

DoubleLine Shiller Enhanced CAPE^{® (1)}

DoubleLine Flexible Income Fund ⁽¹⁾

DoubleLine Low Duration Emerging Markets Fixed Income Fund ⁽²⁾

DoubleLine Long Duration Total Return Bond Fund ⁽²⁾

DoubleLine Strategic Commodity Fund and its subsidiary ⁽³⁾

DoubleLine Global Bond Fund ⁽²⁾

DoubleLine Infrastructure Income Fund ⁽²⁾

DoubleLine Shiller Enhanced International CAPE^{® (2)}

DoubleLine Emerging Markets Local Currency Bond Fund ⁽²⁾

DoubleLine Income Fund ⁽²⁾

DoubleLine Multi-Asset Trend Fund and its subsidiary ⁽³⁾

(1)  The statement of assets and liabilities, including the schedule of investments – summary, as of March 31, 2024, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period ended March 31, 2024, including the related notes, and the financial highlights for each of the periods indicated therein.

(2)  The statement of assets and liabilities, including the schedule of investments, as of March 31, 2024, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period ended March 31, 2024, including the related notes, and the financial highlights for each of the periods indicated therein.

(3)  The consolidated statement of assets and liabilities, including the consolidated schedule of investments, as of March 31, 2024, the related consolidated statement of operations for the year then ended, the consolidated statement of changes in net assets for each of the two years in the period ended March 31, 2024, including the related notes, and the financial highlights for each of the periods indicated therein.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2024 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

Los Angeles, California

May 24, 2024

We have served as the auditor of one or more investment companies in the DoubleLine Investment Company Complex since 2010.

PricewaterhouseCoopers LLP, 601 South Figueroa Street, Los Angeles, California 90017

T: (213) 356 6000, www.pwc.com/us

162 DoubleLine Funds Trust

Shareholder Expenses (Unaudited) March 31, 2024

Example

As a shareholder of the Funds, you incur two basic types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution (12b-1) fees and other Fund expenses.

This Example is intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period October 1, 2023 through March 31, 2024. Expenses paid during the period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

Actual Expenses

The actual return columns in the following table provide information about account values based on actual returns and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the respective line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. In addition to the expenses shown below in the table, as a shareholder you will be assessed fees for outgoing wire transfers, returned checks and stop payment orders at prevailing rates charged by the funds’ transfer agent, U.S. Bancorp Fund Services, LLC (doing business as U.S. Bank Global Fund Services). Currently, if you request a redemption be made by wire, a $15.00 fee is charged by the Fund’s transfer agent. You will be charged a redemption fee equal to 1.00% of the net amount of the redemption if you redeem shares that have been held for 90 days or less in the DoubleLine Floating Rate Fund. An Individual Retirement Account (“IRA”) will be charged a $15.00 annual maintenance fee. The transfer agent charges a transaction fee of $25.00 on returned checks and stop payment orders. If you paid a transaction fee, you would add the fee amount to the expenses paid on your account this period to obtain your total expenses paid.

Hypothetical Example for Comparison Purposes

The hypothetical return columns in the following table provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect the transaction fees discussed above. Therefore, those columns are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

						Actual				Hypothetical (5% return before expenses)
		Fund’s Annualized Expense Ratio(b)		Beginning Account Value		Ending Account Value at 3/31/24		Expenses Paid During Period(a)(b)		Ending Account Value at 3/31/24		Expenses Paid During Period(a)(b)
DoubleLine Total Return Bond Fund	Class I		0.50%	$	1,000	$	1,062	$	2.58	$	1,023	$	2.53
	Class N		0.75%	$	1,000	$	1,062	$	3.87	$	1,021	$	3.79
	Class R6		0.44%	$	1,000	$	1,064	$	2.27	$	1,023	$	2.23
DoubleLine Core Fixed Income Fund	Class I		0.44%	$	1,000	$	1,063	$	2.27	$	1,023	$	2.23
	Class N		0.69%	$	1,000	$	1,063	$	3.56	$	1,022	$	3.49
	Class R6		0.41%	$	1,000	$	1,063	$	2.11	$	1,023	$	2.07
DoubleLine Emerging Markets Fixed Income Fund	Class I		0.95%	$	1,000	$	1,109	$	5.01	$	1,020	$	4.80
	Class N		1.19%	$	1,000	$	1,107	$	6.27	$	1,019	$	6.01
DoubleLine Low Duration Bond Fund	Class I		0.43%	$	1,000	$	1,041	$	2.19	$	1,023	$	2.17
	Class N		0.68%	$	1,000	$	1,039	$	3.47	$	1,022	$	3.44
	Class R6		0.39%	$	1,000	$	1,040	$	1.99	$	1,023	$	1.97
DoubleLine Floating Rate Fund	Class I		0.80%	$	1,000	$	1,047	$	4.09	$	1,021	$	4.04
	Class N		1.05%	$	1,000	$	1,047	$	5.37	$	1,020	$	5.30

Annual Report _| March 31, 2024 163

Shareholder Expenses (Cont.)

						Actual				Hypothetical (5% return before expenses)
		Fund’s Annualized Expense  Ratio(b)		Beginning Account Value		Ending Account Value at 3/31/24		Expenses Paid  During Period(a)(b)		Ending Account Value at 3/31/24		Expenses Paid  During Period(a)(b)
DoubleLine Shiller Enhanced CAPE®	Class I		0.53%	$	1,000	$	1,191	$	2.90	$	1,022	$	2.68
	Class N		0.78%	$	1,000	$	1,190	$	4.27	$	1,021	$	3.94
	Class R6		0.48%	$	1,000	$	1,191	$	2.63	$	1,023	$	2.43
DoubleLine Flexible Income Fund	Class I		0.73%	$	1,000	$	1,061	$	3.76	$	1,021	$	3.69
	Class N		0.98%	$	1,000	$	1,061	$	5.05	$	1,020	$	4.95
	Class R6		0.69%	$	1,000	$	1,063	$	3.56	$	1,022	$	3.49
DoubleLine Low Duration Emerging Markets Fixed Income Fund	Class I		0.59%	$	1,000	$	1,059	$	3.04	$	1,022	$	2.98
	Class N		0.84%	$	1,000	$	1,059	$	4.32	$	1,021	$	4.24
DoubleLine Long Duration Total Return Bond Fund	Class I		0.50%	$	1,000	$	1,097	$	2.62	$	1,023	$	2.53
	Class N		0.75%	$	1,000	$	1,095	$	3.93	$	1,021	$	3.79
DoubleLine Strategic Commodity Fund (Consolidated)	Class I		1.09%	$	1,000	$	1,014	$	5.49	$	1,020	$	5.50
	Class N		1.34%	$	1,000	$	1,012	$	6.74	$	1,018	$	6.76
DoubleLine Global Bond Fund	Class I		0.62%	$	1,000	$	1,049	$	3.18	$	1,022	$	3.13
	Class N		0.89%	$	1,000	$	1,047	$	4.55	$	1,021	$	4.50
DoubleLine Infrastructure Income Fund	Class I		0.58%	$	1,000	$	1,068	$	3.00	$	1,022	$	2.93
	Class N		0.84%	$	1,000	$	1,067	$	4.34	$	1,021	$	4.24
DoubleLine Shiller Enhanced International CAPE®	Class I		0.61%	$	1,000	$	1,150	$	3.28	$	1,022	$	3.08
	Class N		0.87%	$	1,000	$	1,148	$	4.67	$	1,021	$	4.39
DoubleLine Emerging Markets Local Currency Bond Fund	Class I		0.90%	$	1,000	$	1,059	$	4.63	$	1,021	$	4.55
	Class N		1.15%	$	1,000	$	1,059	$	5.92	$	1,019	$	5.81
DoubleLine Income Fund	Class I		0.65%	$	1,000	$	1,093	$	3.40	$	1,022	$	3.29
	Class N		0.90%	$	1,000	$	1,091	$	4.71	$	1,021	$	4.55
DoubleLine Multi-Asset Trend Fund (Consolidated)	Class I		0.34%	$	1,000	$	1,061	$	1.75	$	1,023	$	1.72
	Class N		0.59%	$	1,000	$	1,059	$	3.04	$	1,022	$	2.98

^(a) Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

^(b) Reflects fee waiver and expense limitation arrangements in effect during the period.

164 DoubleLine Funds Trust

Evaluation of Advisory Agreement by the Board of Trustees (Unaudited) March 31, 2024

At a meeting held in February 2024 (the “February Meeting”), the Boards of Trustees (the “Board” or the “Trustees”) of the DoubleLine open-end mutual funds (“mutual funds”), exchange-traded funds (“ETFs”), and closed-end funds (“CEFs”) listed above (collectively, the “Funds”) approved the continuation of the investment advisory and sub-advisory agreements, as applicable (the “Advisory Agreements”), between DoubleLine and those Funds. That included approval by the Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) of the Funds (the “Independent Trustees”) voting separately. When used in this summary, “DoubleLine” or “Management” refers to DoubleLine Capital LP, DoubleLine ETF Adviser LP, and/or to DoubleLine Alternatives LP, as appropriate in the context.

The Trustees’ determination to approve the continuation of each Advisory Agreement was made on the basis of each Trustee’s business judgment after an evaluation of all of the relevant information provided to the Trustees, including information provided for their consideration at their February Meeting and at meetings held in preparation for the February Meeting with management and representatives of ISS Market Intelligence, an independent third-party provider of investment company data (“ISS MI”), and additional information requested by the Independent Trustees. The Independent Trustees also met with Independent Trustee counsel outside the presence of management prior to the February Meeting to consider the materials and information related to the proposed continuation of the Advisory Agreements.

The Trustees also meet regularly with investment advisory, compliance, risk management, operational, and other personnel from DoubleLine and regularly review detailed information, presented both orally and in writing, regarding the services performed by DoubleLine for the benefit of the Funds, DoubleLine’s investment program for each Fund, the performance of each Fund, the fees and expenses of each Fund, and the operations of each Fund. In considering whether to approve the continuation of the Advisory Agreements, the Trustees took into account information presented to them over the course of the past year and not just that which was provided specifically in relation to the proposed renewal of the Advisory Agreements.

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 or controlling. In all their deliberations, the Independent Trustees were advised by independent counsel.

The Trustees considered the nature, extent, and quality of the services, including the expertise and experience of investment personnel, provided and expected to be provided by DoubleLine to each Fund. In this regard, the Trustees considered that DoubleLine provides a full investment program for each Fund, with a strong emphasis on risk management for the Funds. The Board considered, where applicable, the difficulty of managing debt-related portfolios, noting that managing such portfolios requires a portfolio management team to balance a number of factors, which may include, among others, securities of varying maturities and durations, actual and anticipated interest rate changes and market volatility, prepayments, collateral management, counterparty management, pay-downs, credit events, workouts, and net new issuances. In their evaluation of the services provided by DoubleLine and the Funds’ contractual relationships with DoubleLine, the Trustees considered generally the long-term performance record of the firm’s portfolio management personnel, including, among others, Mr. Jeffrey Gundlach, and the strong historical investor interest in products managed by DoubleLine.

The Trustees reviewed reports prepared by ISS MI (the “ISS MI Reports”) that compared, among other information, each Fund’s net management fee rate and net total expense ratio (Class I shares with respect to the mutual funds) against the net management fee rate and net total expense ratio of a group of peers selected by ISS MI, and each Fund’s performance records (Class I shares with respect to the mutual funds) for the one-year, three-year (where applicable), five-year (where applicable), and ten-year (where applicable) periods ended October 31, 2023, against the performance records of those funds in each Fund’s Morningstar category and the performance of the Fund’s benchmark index. In preparation for the February Meeting, the Independent Trustees met with ISS MI representatives in January 2024 to review the comparative information set out in the ISS MI Reports, the methodologies used by ISS MI in compiling those reports and selecting the peer groups used within those reports, and the considerations for evaluating the comparative information presented in those reports. The Independent Trustees also considered the information ISS MI provided regarding the challenges ISS MI encountered in selecting or assembling peer groups for certain of the Funds due to, among other factors, the limited number of possible peer funds with substantially similar principal investment strategies or investment approaches. Where applicable, the Trustees also received information from DoubleLine, including regarding factors to consider in evaluating a Fund’s performance or management fees relative to its peer groups and factors that contributed to the relative underperformance of certain Funds relative to their benchmark indices or the median of their peer groups.

Annual Report _| March 31, 2024 165

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

In respect of the mutual funds, the Trustees considered that a number of the mutual funds have achieved strong long-term performance relative to the median of their peers for the five-year and/or ten-year (where applicable) periods ended October 31, 2023, notwithstanding, in some cases, more recent periods of relative underperformance. Those Funds included DoubleLine Core Fixed Income Fund, DoubleLine Emerging Markets Fixed Income Fund, DoubleLine Floating Rate Fund, DoubleLine Flexible Income Fund, DoubleLine Infrastructure Income Fund, DoubleLine Low Duration Bond Fund, DoubleLine Low Duration Emerging Markets Fixed Income Fund, DoubleLine Shiller Enhanced CAPE^® and DoubleLine Shiller Enhanced International CAPE^®. The Trustees also considered that a number of the mutual funds had achieved strong relative performance more recently, such as over the one-year and/or three-year periods ended October 31, 2023, notwithstanding other periods of short-term or longer-term unfavorable relative performance. Those mutual funds included DoubleLine Long Duration Total Return Bond Fund, DoubleLine Emerging Markets Local Currency Bond Fund, DoubleLine Strategic Commodity Fund, DoubleLine Total Return Bond Fund, DoubleLine Income Fund and DoubleLine Selective Credit Fund. In each instance where a Fund exhibited relative underperformance over the one-year, three-year (as applicable), five-year (as applicable), or ten-year (as applicable) periods, the Trustees considered DoubleLine’s explanations for the periods of relative underperformance, including, in the cases of DoubleLine Long Duration Total Return Bond Fund, DoubleLine Global Bond Fund and DoubleLine Multi-Asset Trend Fund, differences in the Funds’ investment approach relative to their peer groups generally, as well as specifically in the case of DoubleLine Multi-Asset Trend Fund, that the Fund did not yet have three years of investment operations.

The Trustees considered the portion of the ISS MI Reports covering the Funds’ net management fees (where applicable) and net total expenses relative to their expense peer groups. The Trustees considered DoubleLine’s pricing policy for its advisory fees and that DoubleLine does not seek to be a low cost provider, nor does it have a policy to set its advisory fees below the median of a Fund’s peers, but rather seeks to set fees at a competitive level that reflects DoubleLine’s demonstrated significant expertise and experience in the investment strategies that if offers.

The Trustees also considered the relative net management fees and net total expenses of each of the mutual funds. They noted that all but five of the mutual funds had net management fees either below the median of their peer group or within five basis points of the median of their peer group. They noted that among those five mutual funds several, including DoubleLine Total Return Bond Fund, DoubleLine Emerging Markets Fixed Income Fund, DoubleLine Flexible Income Fund and DoubleLine Strategic Commodity Fund, had net total expense ratios either below or within five basis points of the median of their peer groups. In the case of DoubleLine Infrastructure Income Fund, the Trustees noted the very limited number of other mutual funds that invest principally in infrastructure-related debt as well as the information provided by ISS MI regarding challenges it encountered in constructing a peer group of funds with similar principal investment strategies. In all cases, the Trustees considered each Fund’s net management fees in light of that Fund’s historical performance net of expenses, that none of the mutual funds had the highest net management fee in its peer group, and that DoubleLine’s stated pricing philosophy for its advisory services did not include seeking to be a low-cost service provider. In light of all of the above and the other factors considered, The Trustees determined that neither the net management fees nor the net total expense ratios of any of the mutual funds appeared, on the basis of all of the information available to them, unreasonable or such as to call into question the continuation of the Funds’ Advisory Agreements.

In respect of the ETFs, the Trustees considered information in the ISS MI Reports regarding the ETFs’ performance records and net total expenses. The Trustees noted that DoubleLine Opportunistic Bond ETF and DoubleLine Shiller CAPE US Equities ETF commenced investment operations on March 31, 2022 and that DoubleLine Commercial Real Estate ETF and DoubleLine Mortgage ETF commenced investment operations on March 31, 2023. The Trustees noted that it was important to provide each Fund’s portfolio management team sufficient time to establish a more significant performance history. However, the Trustees considered that performance since inception for each ETF was within Management’s expectations and the Trustees considered Management’s explanation of any relative underperformance, including in respect of DoubleLine Opportunistic Bond ETF. In respect of DoubleLine Shiller CAPE Equities ETF, the Trustees noted that its performance was in line with, though below, its benchmark index. The Trustees noted also that its performance was shown relative to two peer groups and that the ETF compared more favorably against the peer group that was constructed using ISS MI’s more traditional approach. They noted that that ETF’s performance compared less favorably against the peer group that was constructed with just other active, non-transparent ETFs (the “ANT Group”). They noted that the ANT Group was comprised of ETFs with a broader spectrum of principal investment strategies and, consequently, with more dispersed performance records and they considered that in evaluating the ETF’s relative performance to date. On the basis of all of these factors, the Trustees determined that the performance records of the ETFs supported the continuance of the Advisory Agreement for each of the ETFs.

The Trustees considered the expenses of the ETFs. The Trustees noted that under the ETFs’ unitary fee structure, DoubleLine, in addition to providing investment management services, arranges for transfer agency, custody, fund administration and accounting, and other non-distribution related services necessary for the Funds to operate. The Trustees further noted that under the unitary

166 DoubleLine Funds Trust

(Unaudited)

March 31, 2024

fee structure, DoubleLine pays substantially all of the operating expenses of the Funds, except for, among other things, the management fees, taxes and transaction costs, distribution fees or expenses, and any extraordinary expenses (such as litigation). The Trustees considered DoubleLine’s pricing policy for its advisory fees and that DoubleLine does not seek to be a lowest cost provider, nor does it have a policy to set its advisory fees below the median of an ETF’s peers, but rather seeks to set fees at a competitive level that reflects DoubleLine’s demonstrated significant expertise and experience in the investment strategies that if offers.

The Trustees noted that DoubleLine Shiller CAPE US Equities ETF and DoubleLine Opportunistic Bond ETF each had a net total expense ratio at or below the median of its peer group, though with DoubleLine Shiller CAPE US Equities ETF comparing less favorably again to the median of the ANT Group. In considering the net total expense ratios of DoubleLine Commercial Real Estate ETF and DoubleLine Mortgage ETF, the Trustees noted that while each Fund had a net total expense ratio that was above the median of its peer group, in each case, there were several peer funds with significantly higher net total expense ratios and that the ETFs’ net total expense ratios were within four or seven basis points of the median. The Trustees determined that none of the net total expense ratios of any of the ETFs appeared, on the basis of all of the information available to them, unreasonable or such as to call into question the continuation of the ETFs’ Advisory Agreements.

In respect of the CEFs, the Trustees considered the information in the ISS MI Reports regarding the Funds’ performance records and net management fees and net total expenses, based on each Fund’s net assets (excluding the principal amount of borrowings) and, separately, on each Fund’s total managed assets (including the principal amount of borrowings).

As to DoubleLine Income Solutions Fund (“DSL”), the Trustees noted that the Fund’s net management fees were in the third quartile of its peer group on both a net assets and total managed assets basis, though the Fund’s net total expenses (excluding investment related expenses) was either at or below the median of its expense peer group on those bases. The Trustees considered DoubleLine’s explanations for the Fund’s longer term relative underperformance with the Fund falling in the fourth quartile of its peers for the three-year, five-year and ten-year periods ended October 31, 2023 and noted the Fund’s stronger more recent performance, with the Fund performing in the second quartile of its peer group for the one-year period ended October 31, 2023, and the Fund outperforming its benchmark for the one- and three-year and ten-year periods ended October 31, 2023.

As to DoubleLine Opportunistic Credit Fund (“DBL”), the Trustees noted that DBL’s net management fees were in the third quartile of the Fund’s expense group on a net assets basis and in the fourth quartile of the expense group on a total managed assets basis. The Trustees also noted that DBL’s net total expense ratio was shown in the ISS MI Report to be in the third quartile of the Fund’s expense group on a net assets basis and in the fourth quartile of the expense group on a total managed assets basis. The Trustees considered that the Fund’s relative performance had improved recently, with the Fund performing in the second quartile of its peer group for the one-year period ended October 31, 2023, though the Fund had performed in the third quartile for the ten-year period ended October 31, 2023 and in the fourth quartile for the three- and five-year periods ended October 31, 2023. In considering the Fund’s performance, the Trustees noted also that the Fund had outperformed its benchmark index for the one-, three-, five- and ten-year periods shown in the ISS MI Report.

As to DoubleLine Yield Opportunities Fund (“DLY”), the Trustees considered that the Fund’s relative performance improved for the one-year period ended October 31, 2023, with the Fund performing in the first quartile of its peer group. They noted that the Fund performed in the fourth quartile for the three-year period ended October 31, 2023, though it had outperformed its benchmark index over one- and three-year periods ended October 31, 2023. In considering the fees and expenses of the Fund, the Trustees took into account DoubleLine’s statement that the Fund’s terms at its initial offering differed from many closed-end funds that came to market before it in that DoubleLine, as the Fund’s sponsor, bore all of the Fund’s initial organizational and offering expenses and that the Fund has a limited life, and that funds offered pursuant to such arrangements tend to pay higher advisory fees than funds whose sponsors do not bear those organizational and offering expenses and the related risks. The Trustees considered that ISS MI had developed an expense group comprising Funds with similar fee and expense arrangements, as ISS MI reported that it had done for a number of other fund families. The Trustees noted that the Fund’s net management fees and net total expenses, though above the medians of its peers on a total managed assets basis, was in the second quartile and slightly below the median of its peer group on a net assets basis.

The Trustees noted that each of DSL, DBL, and DLY had employed leverage during some or all of the periods shown in the ISS MI Reports, and considered information from DoubleLine that they receive quarterly regarding the estimated spread earned in respect of that leverage, after taking into account expenses related to the leverage, including incremental management fees.

For all of the Funds, Trustees considered that DoubleLine provides a variety of other services to the Funds in addition to investment advisory services, including, among others, a number of back-office services, valuation services, derivatives risk management

Annual Report _| March 31, 2024 167

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

services, compliance services, liquidity monitoring services, certain forms of information technology services (such as internal reporting), assistance with accounting and distribution services, and supervision and monitoring of the Funds’ other service providers. The Trustees considered DoubleLine’s ongoing efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Trustees also considered the nature and structure of the Funds’ compliance program, including the policies and procedures of the Funds and their various service providers (including DoubleLine). The Trustees considered the quality of those non-investment advisory services and determined that their quality appeared to support the continuation of the Funds’ arrangements with DoubleLine.

The Trustees considered information provided by DoubleLine relating to its historical and continuing commitment to hire the necessary personnel and to invest in technology enhancements to support DoubleLine’s ability to provide services to the Funds. The Trustees concluded that it appeared that DoubleLine continued to have sufficient quality and depth of personnel, resources, and investment methods to continue to provide services of the same nature and quality as DoubleLine has historically provided to the Funds.

The Trustees considered materials relating to the fees charged by DoubleLine to non-Fund clients for which DoubleLine employs investment strategies substantially similar to one or more Funds’ investment strategies, including institutional separate accounts advised by DoubleLine and mutual funds for which DoubleLine serves as subadviser. The Trustees noted the information DoubleLine provided regarding certain institutional separate accounts advised by it and funds subadvised by it that are subject to fee schedules that differ from, and are in most cases lower than, the rates paid by a Fund with substantially similar investment strategies. The Trustees noted DoubleLine’s representations that administrative, compliance, operational, legal, and other burdens of providing investment advice to registered investment companies (mutual funds, ETFs and closed-end funds) exceed in many respects those required to provide advisory services to non-registered investment company clients, such as institutional accounts for retirement or pension plans, which may have differing contractual requirements. The Trustees noted DoubleLine’s representations that DoubleLine also bears substantially greater legal and other responsibilities and risks in managing and sponsoring registered investment companies than in managing private accounts or in sub-advising funds, including registered investment companies, sponsored by others, and that the services and resources required of DoubleLine when it sub-advises registered investment companies by others generally are less extensive than those required of DoubleLine to serve the Funds, because, where DoubleLine serves as a sub-adviser, many of the sponsorship, operational, and compliance responsibilities related to the advisory function are retained by the primary adviser. In respect of the ETFs, the Trustees also noted the substantial financial risks assumed by DoubleLine in respect of each ETF’s unitary fee and that DoubleLine would generally bear, with limited exceptions, any increase in each ETF’s ordinary operating expenses.

The Trustees reviewed information as to general estimates of DoubleLine’s profitability with respect to each Fund, taking into account, among other things, information about both the direct and the indirect benefits to DoubleLine from managing the Funds. The Trustees considered information provided by DoubleLine as to the methods it uses, and the assumptions it makes, in calculating its profitability. The Trustees considered representations from DoubleLine that its compensation program, which is comprised of several components, including base salary, discretionary bonus and potential equity participation in DoubleLine, enables DoubleLine to attract, retain, and motivate highly qualified and experienced employees. The Trustees noted that DoubleLine experienced significant profitability in respect of certain of the Funds, but noted that in those cases it would be appropriate to consider that profitability in light of various other considerations such as the nature, extent, and quality of the services provided by DoubleLine, the relative long-term performance of the relevant Funds, the consistency of the Funds’ investment operations over time, and the competitiveness of the management fees and total operating expenses of the Funds. The Trustees separately considered in this respect information provided by DoubleLine regarding its reinvestment in its business to accommodate changing regulatory requirements and to maintain its ability to provide high-quality services to the Funds.

In their evaluation of economies of scale, the Trustees considered, among other things, the pricing of the Funds and DoubleLine’s reported profitability, and that a number of the mutual funds had achieved significant size. They noted also that none of the Funds have breakpoints in their advisory fee schedules, though the Trustees considered management’s view that the fee schedules for the Funds remained consistent with DoubleLine’s original pricing philosophy of proposing an initial management fee rate that generally, when taking into account expense limitations (where applicable), reflects reasonably foreseeable economies of scale. In this regard, the Trustees noted also that the information provided by ISS MI supported the view that the net management fees of the largest mutual funds remained competitively priced. The Trustees separately noted that DoubleLine had agreed to continue in place the expense limitation arrangements (where applicable) for a number of the mutual funds at current levels for an additional one-year period, with the prospect of recouping any waived fees or reimbursed expenses at a later date. In evaluating economies of scale more generally, the Trustees also noted ongoing changes to the regulatory environment, which required DoubleLine to re-invest in its business and infrastructure. Based on these factors and others, the Trustees concluded that it was not necessary at

168 DoubleLine Funds Trust

(Unaudited)

March 31, 2024

the present time to implement breakpoints for any of the Funds, although they would continue to consider the question periodically in the future.

With regard to DSL, DBL, and DLY, the Trustees noted that these Funds have not increased in assets significantly from their initial offerings due principally to their status as closed-end investment companies and that there were therefore no substantial increases in economies of scale realized with respect to these Funds since their inception. The Trustees noted DoubleLine’s view that the levels of its profitability in respect of DSL, DBL, and DLY are appropriate in light of the investment it has made in these Funds, the quality of the investment management and other teams provided by it, and its continued investments in its own business.

With regard to the ETFs, the Trustees noted that the ETFs have only recently begun operations and that none of the ETFs has achieved significant scale or scale that exceeded expectations for the ETFs at the time of their launch. The Trustees noted also the significant investment DoubleLine has made in the launch of the ETFs and that it has not yet achieved sustained significant profitability in respect of any of the ETFs.

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 quality of the services provided to each Fund under its Advisory Agreement(s); that it appeared that the management fees paid by each Fund to DoubleLine were generally within the range of management fees paid by its peer funds, and generally reasonable in light of the services provided, the quality of the portfolio management teams, and each Fund’s performance to date; that the historical performance records of the Funds, and the factors cited by Management in respect of the underperforming Funds, were consistent with the continuance of the Advisory Agreement(s) for each of the Funds; that the fees paid by each Fund did not appear inappropriate in light of the fee schedules charged to DoubleLine’s other clients with substantially similar investment strategies (where applicable) in light of the differences in the services provided and the risks borne by DoubleLine; that the profitability of each Fund to DoubleLine did not appear excessive or such as to preclude continuation of the Fund’s Advisory Agreement(s); that absence of breakpoints in any Fund’s management fee did not render that Fund’s fee unreasonable or inappropriate under the circumstances, although the Trustees would continue to consider the topic over time; and that it would be appropriate to approve each Advisory Agreement for an additional one-year period.

Annual Report _| March 31, 2024 169

Statement Regarding the Fund’s Liquidity Risk Management Program (Unaudited) March 31, 2024

The Funds have adopted a liquidity risk management program. The program’s principal objectives include mitigating the risk that a Fund is unable to meet its redemption obligations timely and supporting each Fund’s compliance with its limits on investments in illiquid assets. For the calendar year ended December 31, 2023, the program administrator determined that the program supported each Fund’s ability to meet reasonably foreseeable redemption requests, reduced the risk of significant dilution from redemptions and supported the Adviser’s management of each Fund’s liquidity profile. The program includes a number of elements that support the assessment and management of liquidity risk, including the periodic classification and re-classification of a Fund’s investments into groupings based on the Adviser’s view of their liquidity. There can be no assurance that the program will achieve its objectives. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

170 DoubleLine Funds Trust

Federal Tax Information (Unaudited) March 31, 2024

For the fiscal year ended March 31, 2024, certain dividends paid by the Funds may be subject to a maximum tax rate of 15% (20% for taxpayers with taxable income greater than $492,300 for single individuals and $553,850 for married couples filing jointly), as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and The Tax Cuts and Jobs Act of 2017. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

Qualified Dividend Income
DoubleLine Total Return Bond Fund	0.00%
DoubleLine Core Fixed Income Fund	0.01%
DoubleLine Emerging Markets Fixed Income Fund	0.00%
DoubleLine Low Duration Bond Fund	0.00%
DoubleLine Floating Rate Fund	0.00%
DoubleLine Shiller Enhanced CAPE®	0.00%
DoubleLine Flexible Income Fund	0.01%
DoubleLine Low Duration Emerging Markets Fixed Income Fund	0.00%
DoubleLine Long Duration Total Return Bond Fund	0.00%
DoubleLine Strategic Commodity Fund (Consolidated)	0.00%
DoubleLine Global Bond Fund	0.00%
DoubleLine Infrastructure Income Fund	0.00%
DoubleLine Shiller Enhanced International CAPE®	0.00%
DoubleLine Emerging Markets Local Currency Bond Fund	0.00%
DoubleLine Income Fund	0.00%
DoubleLine Multi-Asset Trend Fund (Consolidated)	0.00%

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended March 31, 2024 was as follows:

Dividends Received Deduction
DoubleLine Total Return Bond Fund	0.00%
DoubleLine Core Fixed Income Fund	0.01%
DoubleLine Emerging Markets Fixed Income Fund	0.00%
DoubleLine Low Duration Bond Fund	0.00%
DoubleLine Floating Rate Fund	0.00%
DoubleLine Shiller Enhanced CAPE®	0.00%
DoubleLine Flexible Income Fund	0.01%
DoubleLine Low Duration Emerging Markets Fixed Income Fund	0.00%
DoubleLine Long Duration Total Return Bond Fund	0.00%
DoubleLine Strategic Commodity Fund (Consolidated)	0.00%
DoubleLine Global Bond Fund	0.00%
DoubleLine Infrastructure Income Fund	0.00%
DoubleLine Shiller Enhanced International CAPE®	0.00%
DoubleLine Emerging Markets Local Currency Bond Fund	0.00%
DoubleLine Income Fund	0.00%
DoubleLine Multi-Asset Trend Fund (Consolidated)	0.00%

Annual Report _| March 31, 2024 171

Federal Tax Information (Cont.)

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Code Section 871(k)(2)(c) for the fiscal year ended March 31, 2024 for each Fund was as follows:

Qualified Short- Term Gains
DoubleLine Total Return Bond Fund	0.00%
DoubleLine Core Fixed Income Fund	0.00%
DoubleLine Emerging Markets Fixed Income Fund	0.00%
DoubleLine Low Duration Bond Fund	0.00%
DoubleLine Floating Rate Fund	0.00%
DoubleLine Shiller Enhanced CAPE®	0.00%
DoubleLine Flexible Income Fund	0.00%
DoubleLine Low Duration Emerging Markets Fixed Income Fund	0.00%
DoubleLine Long Duration Total Return Bond Fund	0.00%
DoubleLine Strategic Commodity Fund (Consolidated)	0.00%
DoubleLine Global Bond Fund	0.00%
DoubleLine Infrastructure Income Fund	0.00%
DoubleLine Shiller Enhanced International CAPE®	0.00%
DoubleLine Emerging Markets Local Currency Bond Fund	0.00%
DoubleLine Income Fund	0.00%
DoubleLine Multi-Asset Trend Fund (Consolidated)	0.00%

The percentage of taxable ordinary income distributions that are designated as interest related dividends under Internal Revenue Code Section 871(k)(1)(c) for the fiscal year ended March 31, 2024 for each Fund was as follows:

Qualified Interest Income
DoubleLine Total Return Bond Fund	98.66%
DoubleLine Core Fixed Income Fund	86.30%
DoubleLine Emerging Markets Fixed Income Fund	13.32%
DoubleLine Low Duration Bond Fund	66.51%
DoubleLine Floating Rate Fund	99.10%
DoubleLine Shiller Enhanced CAPE®	73.16%
DoubleLine Flexible Income Fund	66.42%
DoubleLine Low Duration Emerging Markets Fixed Income Fund	18.48%
DoubleLine Long Duration Total Return Bond Fund	100.00%
DoubleLine Strategic Commodity Fund (Consolidated)	99.98%
DoubleLine Global Bond Fund	0.00%
DoubleLine Infrastructure Income Fund	58.29%
DoubleLine Shiller Enhanced International CAPE®	64.03%
DoubleLine Emerging Markets Local Currency Bond Fund	15.03%
DoubleLine Income Fund	63.31%
DoubleLine Multi-Asset Trend Fund (Consolidated)	10.02%

For the fiscal year ended March 31, 2024, each Fund earned foreign source income and paid foreign taxes, which each intend to pass through to its shareholders pursuant to Section 853 of the Internal Revenue Code as follows:

	Foreign Source Income Earned			Foreign Taxes Paid
DoubleLine Emerging Markets Local Currency Bond Fund		$	696,296		$	14,242

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

172 DoubleLine Funds Trust

Trustees and Officers (Unaudited) March 31, 2024

The name, year of birth, and principal occupations for the past five years of the Trustees and officers of the Funds are listed below, along with the number of portfolios in the fund complex overseen and the other directorships held by each Trustee. The business address for each Trustee is c/o DoubleLine Funds Trust, 2002 North Tampa Street, Suite 200, Tampa, Florida 33602. Unless otherwise indicated, the information below is as of March 31, 2024.

Name and Year of Birth	Position with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen  by Trustee(1)	Other Directorships Held by Trustee During Past 5 Years
Independent Trustees
Joseph J. Ciprari 1964	Trustee	Indefinite/Since March 2010	Executive Vice President, Pointivo, Inc., a software development firm. President, Remo Consultants, a real estate financial consulting firm. Formerly, Managing Director, UBS AG. Formerly, Managing Director, Ally Securities LLC.	26	None.
Yury Friedman 1956	Trustee	Indefinite/Since September 2023	Retired. Formerly, Managing Director, Institutional Fixed Income, Citibank.	26	None.
William A. Odell 1965	Trustee	Indefinite/Since September 2023	Retired. Formerly, Vice President and Regional Sales Manager, Fidelity Investments.	26(2)	None.
John C. Salter 1957	Trustee	Indefinite/Since March 2010	American Veterans Group, an investment bank and broker dealer specializing in financial services to American military veteran communities. Formerly, Partner, Stark Municipal Brokers. Formerly, Managing Director, Municipals, Tullet Prebon Financial Services LLC (d/b/a Chapdelaine). Formerly, Partner, Stark, Salter & Smith, a securities brokerage firm specializing in tax exempt bonds.	26	None.

(1) The term ‘“Fund Complex” as used herein includes the Funds, DoubleLine Opportunistic Credit Fund, DoubleLine Income Solutions Fund, DoubleLine Yield Opportunities Fund and each series of DoubleLine ETF Trust

(2) Information as of May 14, 2024.

Annual Report _| March 31, 2024 173

Trustees and Officers (Cont.)

Each of the following Trustees is an interested person of the Trust as defined in the 1940 Act because they are officers of affiliated entities or related parties of the Adviser and hold direct or indirect ownership interests in affiliated entities of the Adviser. Additionally, Mr. Redell is an officer of the Trust.

Name and Year of Birth	Position with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen  by Trustee(1)	Other Directorships Held by Trustee During Past 5 Years
Interested Trustees
Jeffrey E. Gundlach 1959	Trustee	Indefinite/Since January 2010	Chief Executive Officer and Chief Investment Officer, DoubleLine Capital LP (since December 2009).	23	None.

(1) The term “Fund Complex” as used herein includes the Funds, DoubleLine Opportunistic Credit Fund, DoubleLine Income Solutions Fund, DoubleLine Yield Opportunities Fund and each series of DoubleLine ETF Trust

174 DoubleLine Funds Trust

(Unaudited)

March 31, 2024

Officers

The officers of the Trust who are not also trustees of the Trust are included in the table below. The business address for each officer is c/o DoubleLine Funds, 2002 North Tampa Street, Suite 200, Tampa, Florida 33602.

Name and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Ronald R. Redell, 1970	President	Indefinite/Since Inception	Trustee, Chairman, President and Chief Executive Officer, DoubleLine Yield Opportunities Fund (since November 2019); Trustee, Chairman, President and Chief Executive Officer, DoubleLine Income Solutions Fund (since January 2013); President, DoubleLine Group LP (since January 2019) and Executive (from January 2013 to January 2019); Trustee, Chairman, President and Chief Executive Officer, DoubleLine Opportunistic Credit Fund (since July 2011); Executive, DoubleLine Capital LP (since July 2010); President, DoubleLine Funds Trust (since January 2010). Formerly, Interested Trustee, DoubleLine Funds Trust (January 2019 to September 2023).
Henry V. Chase, 1949	Treasurer and Principal Financial and Accounting Officer	Indefinite/Since January 2020	Treasurer and Principal Financial and Accounting Officer, DoubleLine ETF Adviser LP (since December 2021); Treasurer and Principal Financial and Accounting Officer, DoubleLine Funds Trust (since January 2020); Treasurer and Principal Financial and Accounting Officer, DoubleLine Yield Opportunities Fund (since January 2020); Treasurer and Principal Financial and Accounting Officer, DoubleLine Income Solutions Fund (since January 2020); Treasurer and Principal Financial and Accounting Officer, DoubleLine Opportunistic Credit Fund (since January 2020); Chief Financial Officer, DoubleLine Capital LP (since January 2013). Formerly, Vice President, DoubleLine Yield Opportunities Fund (since Inception); Vice President, DoubleLine Income Solutions Fund (since May 2019); Vice President, DoubleLine Funds Trust (since May 2019); Vice President, DoubleLine Opportunistic Credit Fund (since May 2019).
Youse Guia, 1972	Chief Compliance Officer	Indefinite/Since March 2018	Chief Compliance Officer, DoubleLine ETF Adviser LP (since December 2021); Chief Compliance Officer, DoubleLine Yield Opportunities Fund (since November 2019); Chief Compliance Officer, DoubleLine Capital LP (since March 2018); Chief Compliance Officer, DoubleLine Funds Trust (since March 2018); Chief Compliance Officer, DoubleLine Opportunistic Credit Fund (since March 2018); Chief Compliance Officer, DoubleLine Income Solutions Fund (since March 2018). Formerly, Executive Vice President and Deputy Chief Compliance Officer, Pacific Investment Management Company LLC (“PIMCO”) (from April 2014 to February 2018); Chief Compliance Officer, PIMCO Managed Accounts Trust (from September 2014 to February 2018); Chief Compliance Officer, PIMCO-sponsored closed-end funds (from September 2014 to February 2018); Chief Compliance Officer, PIMCO Flexible Credit Income Fund (from February 2017 to February 2018). Formerly, Head of Compliance, Allianz Global Investors U.S. Holdings LLC (from October 2012 to March 2014); Chief Compliance Officer, Allianz Funds, Allianz Multi-Strategy Trust, Allianz Global Investors Sponsored Closed-End Funds, Premier Multi-Series VIT and The Korea Fund, Inc. (from October 2004 to December 2013).
Winnie Han, 1988	Assistant Treasurer	Indefinite/Since May 2017	Assistant Treasurer, DoubleLine Yield Opportunities Fund (since November 2019); Assistant Treasurer, DoubleLine Income Solutions Fund (since May 2017); Assistant Treasurer, DoubleLine Funds Trust (since May 2017); Assistant Treasurer, DoubleLine Opportunistic Credit Fund (since May 2017); Assistant Treasurer, DoubleLine Group LP (since March 2017); Formerly, Investment Accounting Supervisor, Alexandria Real Estate Equities, Inc. (June 2016 to March 2017); Formerly, Manager, PricewaterhouseCoopers (January 2011 to June 2016).
Cris Santa Ana, 1965	Vice President and Secretary	Indefinite/Vice President Since April 2011; Indefinite/Secretary Since July 2018	Vice President and Secretary, DoubleLine Yield Opportunities Fund (since November 2019); Secretary, DoubleLine Income Solutions Fund (since July 2018); Secretary, DoubleLine Opportunistic Credit Fund (since July 2018); Secretary, DoubleLine Funds Trust (since July 2018); 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); Chief Risk Officer, DoubleLine Group LP (since June 2010). Formerly, Chief Operating Officer, DoubleLine Capital (from December 2009 through May 2010).

Annual Report _| March 31, 2024 175

Trustees and Officers (Cont.)

Name and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Earl A. Lariscy, 1966	Vice President	Indefinite/Since May 2012	Vice President, DoubleLine Yield Opportunities Fund (since November 2019); Vice President and Assistant Secretary, DoubleLine Income Solutions Fund (since January 2013); Vice President, DoubleLine Funds Trust (since May 2012); Vice President and Assistant Secretary, DoubleLine Opportunistic Credit Fund (since May 2012 and inception, respectively); General Counsel, DoubleLine Group LP (since April 2010).
David Kennedy, 1964	Vice President	Indefinite/Since May 2012	Vice President, DoubleLine Yield Opportunities Fund (since November 2019); Vice President, DoubleLine Income Solutions Fund (since January 2013); Vice President, DoubleLine Funds Trust (since May 2012); Vice President, DoubleLine Opportunistic Credit Fund (since May 2012); Manager, Trading and Settlements, DoubleLine Group LP (since December 2009).
Patrick A. Townzen, 1978	Vice President	Indefinite/Since September 2012	Vice President, DoubleLine Yield Opportunities Fund (since November 2019); Vice President, DoubleLine Income Solutions Fund (since January 2013); Vice President, DoubleLine Funds Trust (since September 2012); Vice President, DoubleLine Opportunistic Credit Fund (since September 2012); Chief Operating Officer, DoubleLine Group LP (since March 2023). Formerly, Director of Operations, DoubleLine Group LP (since March 2018), Manager of Operations, DoubleLine Group LP (from September 2012 to March 2018).
Brady J. Femling, 1987	Vice President	Indefinite/Since May 2017	Vice President, DoubleLine Yield Opportunities Fund (since November 2019); Vice President, DoubleLine Income Solutions Fund (since May 2017); Vice President, DoubleLine Opportunistic Credit Fund (since May 2017); Vice President, DoubleLine Funds Trust (since May 2017); Senior Fund Accountant, DoubleLine Group LP (since April 2013). Formerly, Fund Accounting Supervisor, ALPS Fund Services (From October 2009 to April 2013).
Neal L. Zalvan, 1973	Vice President	Indefinite/Vice President Since May 2016	Vice President, DoubleLine Yield Opportunities Fund (since November 2019); Vice President, DoubleLine Opportunistic Credit Fund (since May 2017); Vice President, DoubleLine Funds Trust (since May 2016); Vice President, DoubleLine Income Solutions Fund (since May 2016); Legal/Compliance, DoubleLine Group LP (since January 2013); Formerly, Anti-Money Laundering Officer, DoubleLine Capital LP, DoubleLine Opportunistic credit Fund, DoubleLine Incomes Solutions Fund.
Adam D. Rossetti, 1978	Vice President	Indefinite/Since February 2019	Vice President, DoubleLine Yield Opportunities Fund (since November 2019); Vice President, DoubleLine Funds Trust (since February 2019); Vice President, DoubleLine Income Solutions Fund (since February 2019); Vice President, DoubleLine Opportunistic Credit Fund (since February 2019); Chief Compliance Officer, DoubleLine Alternatives LP (since June 2015); Legal/Compliance, DoubleLine Group LP (since April 2015). Formerly, Chief Compliance Officer, DoubleLine Capital LP (from August 2017 to March 2018); Chief Compliance Officer, DoubleLine Funds Trust (from August 2017 to March 2018); Chief Compliance Officer, DoubleLine Income Solutions Fund (from August 2017 to March 2018); Chief Compliance Officer, DoubleLine Opportunistic Credit Fund (from August 2017 to March 2018); Vice President and Counsel, PIMCO (from April 2012 to April 2015).
Gheorghe Rotar, 1984	Vice President	Indefinite/Since February 2019	Vice President, DoubleLine Funds Trust (since February 2019); U.S. Funds Operations Manager, DoubleLine Group LP (since January 2018). Formerly, Operations Specialist, DoubleLine Group LP (from April 2014 to December 2017); Fund Operations, PIMCO (from September 2007 to April 2014).
Grace Walker, 1970	Assistant Treasurer	Indefinite/Since January 2020	Assistant Treasurer, DoubleLine Funds Trust (since January 2020); Assistant Treasurer, DoubleLine Income Solutions Fund (since January 2020); Assistant Treasurer, DoubleLine Opportunistic Credit Fund (since January 2020); Assistant Treasurer, DoubleLine Yield Opportunities Fund (since January 2020); Treasurer, DoubleLine Funds (Luxembourg) and DoubleLine Cayman Unit Trust (since March 2017). Formerly, Assistant Treasurer, DoubleLine Income Solutions Fund (from January 2013 to May 2017); Assistant Treasurer, DoubleLine Opportunistic Credit Fund (from March 2012 to May 2017); Assistant Treasurer, DoubleLine Funds Trust (from March 2012 to May 2017).

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Name and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Dawn Oswald, 1980	Vice President	Indefinite/Since January 2020	Vice President, DoubleLine Funds Trust (since January 2020); Vice President, DoubleLine Yield Opportunities Fund (since January 2020); Vice President, DoubleLine Income Solutions Fund (since January 2020); Vice President, DoubleLine Opportunistic Credit Fund (since January 2020); Pricing Manager, DoubleLine Capital (since January 2018). Formerly, Operations Specialist, DoubleLine Capital (from July 2016 to January 2018). Global Securities Fixed Income Valuation Senior Analyst, Capital Group (from April 2015 to July 2016). Global Securities Fair Valuation Analyst, Capital Group (from January 2010 to April 2015).
Lisa Chen, 1979	Anti-Money Laundering Compliance Officer	Indefinite/Since September 2023	Anti-Money Laundering Compliance Officer, DoubleLine Funds Trust (since September 2023); Anti-Money Laundering Compliance Officer, DoubleLine ETF Trust (Since September 2023); Compliance Manager, DoubleLine Group LP (Since March 2022). Formerly, Vice President, Senior Compliance Officer, PIMCO (From April 2016 – February 2022).

Annual Report _| March 31, 2024 177

Information About Proxy Voting (Unaudited) March 31, 2024

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

A description of the Funds’ proxy voting policies and procedures is available (i) without charge, upon request, by calling 877-DLine11 (877-354-6311); and (ii) on the SEC’s website at www.sec.gov.

Information About Portfolio Holdings

It is the policy of the Trust to provide certain unaudited information regarding the portfolio composition of the Funds as of each month-end to shareholders and others upon request to the Funds, beginning on the 15th calendar day after the end of the month (or, if not a business day, the next business day thereafter).

Shareholders and others who wish to obtain portfolio holdings for a particular month may make a request by contacting the Funds at no charge at 877-DLine11 (877-354-6311) between the hours of 7:00 a.m. and 5:00 p.m. Pacific time, Monday through Friday, beginning on the 15th day following the end of that month (or, if not a business day, the next business day thereafter). Requests for portfolio holdings may be made on a monthly basis pursuant to this procedure, or standing requests for portfolio holdings may be accepted.

The Trust is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Part F of Form N-PORT. When available, Part F of Form N-PORT is available on the SEC website at www.sec.gov.

This report includes summary Schedules of Investments for the DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund, DoubleLine Shiller Enhanced CAPE^® and DoubleLine Flexible Income Fund. A complete Schedule of Investments for each Fund may be obtained, without charge, upon request, by calling 877-DLine11 (877-354-6311) and on the SEC website at www.sec.gov.

Householding — Important Notice Regarding Delivery of Shareholder Documents

In an effort to conserve resources, the Funds intend to reduce the number of duplicate Prospectuses and Annual and Semi-Annual Reports you receive by sending only one copy of each to addresses where we reasonably believe two or more accounts are from the same family. If you would like to discontinue householding of your accounts, please call toll-free 877-DLine11 (877-354-6311) to request individual copies of these documents. We will begin sending individual copies thirty days after receiving your request to stop householding.

178 DoubleLine Funds Trust

Privacy Policy (Unaudited) March 31, 2024

What Does DoubleLine Do With Your Personal Information?

This notice provides information about how DoubleLine (“we,” “our” and “us”) collects, discloses, and protects your personal information, and how you might choose to limit our ability to disclose certain information about you. Please read this notice carefully.

Why We Need Your Personal Information

All financial companies need to disclose customers’ personal information to run their everyday businesses, to appropriately tailor the services offered (where applicable), and to comply with our regulatory obligations. Accordingly, information, confidential and proprietary, plays an important role in the success of our business. However, we recognize that you have entrusted us with your personal and financial data, and we recognize our obligation to keep this information secure. Maintaining your privacy is important to us, and we hold ourselves to a high standard in its safekeeping and use. Most importantly, DoubleLine does not sell its customers’ non-public personal information to any third parties. DoubleLine uses its customers’ non-public personal information primarily to complete financial transactions that its customers request (where applicable), to make its customers aware of other financial products and services offered by a DoubleLine affiliated company, and to satisfy obligations we owe to regulatory bodies.

Information We May Collect

We may collect various types of personal data about you, including:

• Your personal identification information, which may include your name and passport information, your IP address, politically exposed person (“PEP”) status, and such other information as may be necessary for us to provide our services to you and to complete our customer due diligence process and discharge anti-money laundering obligations;

• Your contact information, which may include postal address and e-mail address and your home and mobile telephone numbers;

• Your family relationships, which may include your marital status, the identity of your spouse and the number of children that you have;

• Your professional and employment information, which may include your level of education and professional qualifications, your employment, employer’s name and details of directorships and other offices which you may hold; and

• Financial information, risk tolerance, sources of wealth and your assets, which may include details of shareholdings and beneficial interests in financial instruments, your bank details and your credit history.

Where We Obtain Your Personal Information

• Information we receive about you on applications or other forms;

• Information you may give us orally;

• Information about your transactions with us or others;

• Information you submit to us in correspondence, including emails or other electronic communications; and

• Information about any bank account you use for transfers between your bank account and any DoubleLine investment account, including information provided when effecting wire transfers.

Information Collected From Websites

Websites maintained by DoubleLine or its service providers may use a variety of technologies to collect information that help DoubleLine and its service providers understand how the website is used. Information collected from your web browser (including small files stored on your device that are commonly referred to as “cookies”) allow the websites to recognize your web browser and help to personalize and improve your user experience and enhance navigation of the website. You can change your cookie preferences by changing the setting on your web browser to delete or reject cookies. If you delete or reject cookies, some website pages may not function properly. Our websites may contain links that are maintained or controlled by third parties with privacy policies that may differ, in some cases significantly, from the privacy policies described in this notice. Please read the privacy policies of such third parties and understand that accessing their websites is at your own risk. Please contact your DoubleLine representative if you would like to receive more information about the privacy policies of third parties.

We also use web analytics services, which currently include but are not limited to Google Analytics and Adobe Analytics. Such web analytics services use cookies and similar technologies to evaluate visitor’s use of the domain, compile statistical reports on domain activity, and provide other services related to our websites. For more information about Google Analytics, or to opt out of Google Analytics, please go to https://tools.google.com/dlpage/gaoptout. For more information about Adobe Analytics, or to opt out of Adobe Analytics, please go to: http://www.adobe.com/privacy/opt-out.html.

Annual Report _| March 31, 2024 179

Privacy Policy (Cont.)

How And Why We May Disclose Your Information

DoubleLine does not disclose any non-public personal information about our customers or former customers without the customer’s authorization, except that we may disclose the information listed above, as follows:

• It may be necessary for DoubleLine to provide information to nonaffiliated third parties in connection with our performance of the services we have agreed to provide to you. For example, it might be necessary to do so in order to process transactions and maintain accounts.

• DoubleLine will release any of the non-public information listed above about a customer if directed to do so by that customer or if DoubleLine is required or authorized by law to do so, such as for the purpose of compliance with regulatory requirements or in the case of a court order, legal investigation, or other properly executed governmental request.

• In order to alert a customer to other financial products and services offered by an affiliate, DoubleLine may disclose information to an affiliate, including companies using the DoubleLine name. Such products and services may include, for example, other investment products offered by a DoubleLine company. If you prefer that we not disclose non-public personal information about you to our affiliates for this purpose, you may direct us not to make such disclosures (other than disclosures permitted by law) by contacting us at Privacy@DoubleLine.com or at 1 (800) 285-1545. If you limit this sharing and you have a joint account, your decision will be applied to all owners of the account.

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

Notice Related To The California Consumer Privacy Act (CCPA) And To “Natural Persons” Residing In The State Of California

DoubleLine collects and uses information that identifies, describes, references, links or relates to, or is associated with, a particular consumer or device (“Personal Information”). Personal Information we collect from our customers and consumers is covered under the Gramm-Leach-Bliley Act (“GLBA”) and is therefore excluded from the scope of the California Consumer Privacy Act, as amended by the California Privacy Rights Act (together, “CCPA”).

However, for California residents who are not DoubleLine customers or consumers, as those terms are defined by GLBA, the personal information we collect about you is subject to the CCPA. As such, you have privacy rights with respect to your personal information. Please review the following applicable California privacy notice that is available at https://www.doubleline.com, or by contacting us at Privacy@DoubleLine.com or at 1 (800) 285-1545.

CA Privacy Notice for Website Visitors, Media Subscribers and Business Representatives CA Privacy Notice for Employees

Notice To “Natural Persons” Residing In The European Economic Area (The “EEA”)

If you reside in the EEA, we may transfer your personal information outside the EEA, and will ensure that it is protected and transferred in a manner consistent with legal requirements applicable to the information. This can be done in a number of different ways, for instance:

• the country to which we send the personal information may have been assessed by the European Commission as providing an “adequate” level of protection for personal data; or

• the recipient may have signed a contract based on standard contractual clauses approved by the European Commission.

In other circumstances, the law may permit us to otherwise transfer your personal information outside the EEA. In all cases, however, any transfer of your personal information will be compliant with applicable data protection law.

Notice To Investors In Cayman Islands Investment Funds

If you are a natural person, please review this notice as it applies to you directly. If you are a legal representative of a corporate or entity investor that provides us with any personal information about individuals (i.e., natural persons), you agree to furnish a copy of this notice to each such individual or otherwise advise them of its content.

Any international transfer of personal information will be compliant with the requirements of the Data Protection Act, 2017 of the Cayman Islands.

Privacy For Children

DoubleLine is concerned about the privacy of children. Our website and our services are not targeted at individuals under 18 years of age, and we do not knowingly collect any personal information from an individual under 18. If we learn that a child under the age of 13 (or such higher age as required by applicable law) has submitted personally identifiable information online without

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parental consent, we will take all reasonable measures to delete such information from its databases and to not use such information for any purpose (except where necessary to protect the safety of the child or others as required or allowed by law). If you become aware of any personally identifiable information, we have collected from children under 13 (or such higher age as required by applicable law), please contact us at Privacy@DoubleLine.com or at 1 (800) 285-1545. We do not sell or share any personal information and have no actual knowledge about selling or sharing personal information of individuals under the age of 16.

Retention Of Personal Information And Security

Your personal information will be retained for as long as required:

• for the purposes for which the personal information was collected;

• in order to establish or defend legal rights or obligations or to satisfy any reporting or accounting obligations; and/or

• as required by data protection laws and any other applicable laws or regulatory requirements, including, but not limited to, U.S. laws and regulations applicable to our business.

We will undertake commercially reasonable efforts to protect the personal information that we hold with appropriate security measures.

Access To And Control Of Your Personal Information

Depending on your country of domicile or applicable law, you may have the following rights in respect of the personal information about you that we process:

• the right to access and port personal information;

• the right to rectify personal information;

• the right to restrict the use of personal information;

• the right to request that personal information is erased; and

• the right to object to processing of personal information.

Although you have the right to request that your personal information be deleted at any time, applicable laws or regulatory requirements may prohibit us from doing so. In addition, if you invest in a DoubleLine fund through a financial intermediary, DoubleLine may not have access to personal information about you.

If you wish to exercise any of the rights set out above, please contact us at Privacy@DoubleLine.com or at 1 (800) 285-1545.

Changes To DoubleLine’s Privacy Policy

DoubleLine reserves the right to modify its privacy policy at any time, but in the event that there is a change that affects the content of this notice materially, DoubleLine will promptly inform its customers of such changes in accordance with applicable law.

Annual Report _| March 31, 2024 181

Investment Advisers:

DoubleLine Capital LP and DoubleLine Alternatives LP

2002 North Tampa Street

Suite 200

Tampa, FL 33602

Distributor:

Quasar Distributors, LLC

615 East Michigan Street

Milwaukee, WI 53202

Administrator and Transfer Agent:

U.S. Bancorp Fund Services, LLC

P.O. Box 701

Milwaukee, WI 53201

Custodians:

U.S. Bank, N.A.

1555 North River Center Drive

Suite 302

Milwaukee, WI 53212

State Street Bank and Trust Company

Channel Center

1 Iron Street

Boston, MA 02210

Independent Registered Public Accounting Firm:

PricewaterhouseCoopers LLP

601 South Figueroa Street

Los Angeles, CA 90017

Legal Counsel:

Ropes & Gray LLP

1211 Avenue of the

Americas

New York, NY 10036

Contact Information:

doubleline.com

fundinfo@doubleline.com

(877) DLine11 or (877) 354-6311

DL-ANNUAL-DFT

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

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

(b) Not applicable.

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.

Mr. Raymond Woolson, a former Trustee and member of the Board’s Audit Committee was determined to qualify as an audit committee financial expert during his tenure on the Audit Committee. Since the date of Mr. Woolson’s retirement, the Registrant has not had an “audit committee financial expert,” as defined under instructions to Item 3(a), serving on its Audit Committee; however, the Registrant has retained Mr. Woolson to serve as a consultant to the Board of Trustees of the Registrant, including to the Independent Trustees who serve on the Registrant’s Audit Committee. In addition, the Registrant’s Audit Committee members have substantial financial expertise and include members with considerable professional experience in the financial markets, the securities markets, and the investment banking and investment management industries.

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 3/31/2024		FYE 3/31/2023
(a) Audit Fees	$	1,130,636	$	1,152,812
(b) Audit-Related Fees		N/A	$	900
(c) Tax Fees	$	278,054	$	267,824
(d) All Other Fees		N/A		N/A

(e)(1) 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, including services provided to any entity affiliated with the Registrant.

1

(e)(2) The percentage of fees billed by PricewaterhouseCoopers LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

	FYE 3/31/2024			FYE 3/31/2023
Audit-Related Fees		0	%		0	%
Tax Fees		0	%		0	%
All Other Fees		0	%		0	%

(f) 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.

(g) 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.

Non-Audit Related Fees	FYE 3/31/2024		FYE 3/31/2023
Registrant	$	278,054	$	267,824
Registrant’s Investment Adviser	$	365,847	$	338,535

(h) 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.

(i) The Registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

(j) The Registrant is not a foreign issuer.

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) The information required by this Item 6 (except with respect to the DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund, DoubleLine Shiller Enhanced CAPE, and DoubleLine Flexible Income Fund) is included as part of the annual report to shareholders filed under Item 1 of this Form N-CSR.

Please note that the Registrant has included a summary schedule of portfolio securities of the DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund,

2

DoubleLine Shiller Enhanced CAPE, and DoubleLine Flexible Income Fund in its annual report to shareholders, a copy of which is included under Item 1, for this reporting period. The DoubleLine Total Return Bond Fund’s, DoubleLine Core Fixed Income Fund’s, DoubleLine Shiller Enhanced CAPE’s, and DoubleLine Flexible Income Fund’s complete schedule of investments in securities of unaffiliated issuers as of the close of this period as set forth in Section 210.12-12 of Regulation S-X is set forth below:

[Insert full Schedule of Investments for DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund, DoubleLine Shiller Enhanced CAPE, and DoubleLine Flexible Income Fund here]

[Insert N-CSR opinion letter here]

3

Schedule of Investments DoubleLine Total Return Bond Fund March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS - 4.4%
		Affirm, Inc.
	26,635,000	Series 2023-B-A		6.82%	(a)		09/15/2028		27,048,048
		Aligned Data Centers Issuer LLC
	12,950,000	Series 2021-1A-A2		1.94%	(a)		08/15/2046		11,781,139
	11,550,000	Series 2021-1A-B		2.48%	(a)		08/15/2046		10,336,346
		Apollo Aviation Securitization Equity Trust
	3,596,243	Series 2018-1A-B		5.44%	(a)(b)		01/16/2038		721,047
	10,731,073	Series 2020-1A-A		3.35%	(a)		01/16/2040		9,692,005
		Aqua Finance Trust
	315,865	Series 2017-A-A		3.72%	(a)		11/15/2035		314,997
		Bojangles Issuer LLC
	21,123,750	Series 2020-1A-A2		3.83%	(a)		10/20/2050		19,949,515
		Business Jet Securities LLC
	1,795,984	Series 2020-1A-A		2.98%	(a)		11/15/2035		1,736,249
		CAI International, Inc.
	12,237,550	Series 2020-1A-A		2.22%	(a)		09/25/2045		11,094,108
		Cajun Global LLC
	9,700,000	Series 2021-1-A2		3.93%	(a)		11/20/2051		8,807,073
		Carbon Level Mitigation Trust
	18,975,816	Series 2021-3-CERT		1.82%	(a)(c)		09/08/2051		11,681,360
	28,975,623	Series 2022-3-CERT		0.23%	(a)		11/21/2052		19,682,474
		Castlelake Aircraft Securitization Trust
	6,641,334	Series 2017-1R-A		2.74%	(a)		08/15/2041		6,157,254
		Coinstar Funding LLC
	11,931,338	Series 2017-1A-A2		5.22%	(a)		04/25/2047		10,708,225
		Commonbond Student Loan Trust
	1,905,133	Series 2016-A-A1		3.32%	(a)		05/25/2040		1,827,826
		Compass Datacenters LLC
	14,000,000	Series 2024-1A-A1		5.25%	(a)		02/25/2049		13,740,272
		Container Leasing International LLC
	4,823,646	Series 2020-1A-A		2.08%	(a)		09/18/2045		4,347,921
		Credit Suisse ABS Trust
	1,600,193	Series 2020-AT1-A		2.61%	(a)		10/15/2026		1,600,166
		CyrusOne Data Centers Issuer I LLC
	18,200,000	Series 2023-1A-A2		4.30%	(a)		04/20/2048		17,152,002
		DataBank Issuer
	39,300,000	Series 2021-1A-A2		2.06%	(a)		02/27/2051		36,048,816
	31,000,000	Series 2021-2A-A2		2.40%	(a)		10/25/2051		27,752,834
	3,350,000	Series 2021-2A-B		2.79%	(a)		10/25/2051		2,891,905
		DB Master Finance Parent LLC
	28,103,125	Series 2021-1A-A23		2.79%	(a)		11/20/2051		23,590,952
		Diamond Issuer
	6,000,000	Series 2021-1A-B		2.70%	(a)		11/20/2051		5,127,895
		Dividend Solar Loans LLC
	15,498,573	Series 2019-1-A		3.67%	(a)		08/22/2039		13,941,235
		ECAF Ltd.
	24,953,894	Series 2015-1A-A2		4.95%	(a)		06/15/2040		16,469,820
		Falcon Aerospace Ltd.
	1,270,058	Series 2017-1-A		4.58%	(a)		02/15/2042		1,234,134
		Falko Regional Aircraft Ltd.
	31,539,012	Series 2021-1A-A		5.75%			04/15/2041		29,078,843
		Foundation Finance Trust
	355,914	Series 2019-1A-A		3.86%	(a)		11/15/2034		354,057
		GAIA Aviation Ltd.
	9,353,166	Series 2019-1-A		3.97%	(a)(d)		12/15/2044		8,530,321
		Global Sea Containers Two SRL
	20,338,529	Series 2020-1A-A		2.17%	(a)		10/17/2040		18,786,301

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 1

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Helios Issuer LLC
	12,120,556	Series 2018-1A-A		4.87%	(a)		07/20/2048		11,485,221
	11,256,935	Series 2019-AA-A		3.75%	(a)		06/20/2046		10,341,323
	28,406,638	Series 2020-2A-A		2.73%	(a)		11/01/2055		21,608,438
	12,218,111	Series 2021-C-B		2.33%	(a)		10/20/2048		10,280,770
		HERO Funding Trust
	1,934,400	Series 2016-3A-A2		3.91%	(a)		09/20/2042		1,755,544
	5,120,324	Series 2016-4A-A2		4.29%	(a)		09/20/2047		4,682,442
		Horizon Aircraft Finance Ltd.
	12,445,645	Series 2019-1-A		3.72%	(a)		07/15/2039		11,067,339
		Jack in the Box, Inc.
	36,860,000	Series 2019-1A-A23		4.97%	(a)		08/25/2049		35,062,422
		Jersey Mike’s Funding
	4,565,500	Series 2019-1A-A2		4.43%	(a)		02/15/2050		4,375,360
		Jimmy Johns LLC
	20,468,000	Series 2017-1A-A2II		4.85%	(a)		07/30/2047		19,709,282
		JOL Air Ltd.
	7,852,022	Series 2019-1-A		3.97%	(a)		04/15/2044		7,262,815
		Labrador Aviation Finance Ltd.
	52,067,997	Series 2016-1A-A1		4.30%	(a)		01/15/2042		46,654,747
		Loanpal Solar Loan Ltd.
	1,439,499	Series 2021-1GS-B		2.84%	(a)		01/20/2048		1,097,563
		Lunar Aircraft Ltd.
	10,698,019	Series 2020-1A-A		3.38%	(a)		02/15/2045		9,534,042
		Lunar Structured Aircraft Portfolio Notes
	1,043,348	Series 2021-1-B		3.43%	(a)		10/15/2046		914,254
		ME Funding
	32,679,475	Series 2019-1-A2		6.45%	(a)		07/30/2049		32,520,019
	22,100,000	Series 2024-1A-A2		8.10%	(a)		04/30/2054		21,262,609
		Mosaic Solar Loans LLC
	11,665,788	Series 2017-2A-A		3.82%	(a)		06/22/2043		10,899,732
	6,988,017	Series 2018-1A-A		4.01%	(a)		06/22/2043		6,547,844
	9,159,871	Series 2018-2GS-A		4.20%	(a)		02/22/2044		8,527,400
	1,495,600	Series 2019-1A-A		4.37%	(a)		12/21/2043		1,406,196
		Navient Student Loan Trust
	21,622,892	Series 2017-A-B		3.91%	(a)		12/16/2058		20,887,722
	11,000,000	Series 2018-BA-B		4.13%	(a)		12/15/2059		10,191,388
		Navigator Aircraft ABS Ltd.
	10,939,733	Series 2021-1-B		3.57%	(a)(d)		11/15/2046		9,491,236
		Neighborly Issuer
	14,344,375	Series 2021-1A-A2		3.58%	(a)		04/30/2051		12,758,132
		Pagaya AI Debt Selection Trust
	8,167,129	Series 2023-5-A		7.18%	(a)		04/15/2031		8,189,434
	11,656,327	Series 2023-6-A		7.13%	(a)		06/16/2031		11,692,022
		Pioneer Aircraft Finance Ltd.
	31,835,831	Series 2019-1-A		3.97%	(a)		06/15/2044		29,555,876
		Primrose Holdings, Inc.
	12,529,125	Series 2019-1A-A2		4.48%	(a)		07/30/2049		12,025,488
		Project Silver
	25,146,701	Series 2019-1-A		3.97%	(a)		07/15/2044		21,835,358
		Purewest Funding LLC
	20,270,817	Series 2021-1-A1		4.09%	(a)		12/22/2036		19,633,360
		Raptor Aircraft Finance
	13,022,339	Series 2019-1-A		4.21%	(a)		08/23/2044		10,789,229
		Renew
	6,630,781	Series 2017-2A-A		3.22%	(a)		09/22/2053		5,792,696
		Research-Driven Pagaya Motor Asset Trust
	22,870,727	Series 2021-2A-A		2.65%	(a)		03/25/2030		21,956,165
		Sapphire Aviation Finance Ltd.
	32,052,328	Series 2020-1A-A		3.23%	(a)		03/15/2040		28,237,812
	7,634,060	Series 2020-1A-B		4.34%	(a)		03/15/2040		5,794,740
		SEB Funding LLC
	17,705,625	Series 2021-1A-A2		4.97%	(a)		01/30/2052		16,726,706
		ServiceMaster Funding LLC
	3,932,877	Series 2020-1-A2II		3.34%	(a)		01/30/2051		3,370,062

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Shenton Aircraft Investment Ltd.
	17,324,397	Series 2015-1A-A		4.75%	(a)		10/15/2042		16,086,275
		Sierra Timeshare Conduit Receivables Funding LLC
	1,558,731	Series 2021-2A-C		1.95%	(a)		09/20/2038		1,453,886
	1,870,477	Series 2021-2A-D		3.23%	(a)		09/20/2038		1,725,648
		SLM Student Loan Trust
	4,341,099	Series 2006-A-A5 (CME Term SOFR 3 Month + 0.55%)		5.88%			06/15/2039		4,212,149
	3,318,843	Series 2006-B-A5 (CME Term SOFR 3 Month + 0.53%)		5.86%			12/15/2039		3,233,235
		SOFI Alternative Trust
	5,609,753	Series 2021-1-PT2		9.72%	(a)(c)		05/25/2030		5,554,565
	22,091,640	Series 2021-2-A		1.25%	(a)		08/15/2030		21,428,824
	500,000	Series 2021-2-R1		0.00%	(a)(b)(e)		08/15/2030		4,194,652
	24,993,932	Series 2021-3-A		1.50%	(a)		11/15/2030		24,148,637
	950,000	Series 2021-3-R1		0.00%	(a)(b)(e)		11/15/2030		10,404,748
		SoFi Professional Loan Program LLC
	14,610,508	Series 2017-E-B		3.49%	(a)		11/26/2040		14,129,692
	13,000,000	Series 2017-E-C		4.16%	(a)		11/26/2040		11,962,237
	12,800,000	Series 2018-A-B		3.61%	(a)		02/25/2042		11,637,151
	18,000,000	Series 2018-B-BFX		3.83%	(a)		08/25/2047		16,462,930
		Sprite/KY
	18,237,165	Series 2021-1-A		3.75%	(a)		11/15/2046		17,042,741
		Stack Infrastructure Issuer LLC
	5,750,000	Series 2020-1A-A2		1.89%	(a)		08/25/2045		5,420,938
		Start/Bermuda
	14,176,540	Series 2018-1-A		4.09%	(a)		05/15/2043		13,084,493
		Stonepeak ABS
	2,631,835	Series 2021-1A-A		2.68%	(a)		02/28/2033		2,434,529
	5,088,328	Series 2021-1A-B		3.82%	(a)		02/28/2033		4,474,966
		Sunbird Engine Finance
	33,034,294	Series 2020-1A-A		3.67%	(a)		02/15/2045		28,898,466
		Taco Bell Corp.
	7,417,875	Series 2021-1A-A23		2.54%	(a)		08/25/2051		6,142,088
	5,207,250	Series 2021-1A-A2I		1.95%	(a)		08/25/2051		4,717,495
		TAL Advantage LLC
	12,650,000	Series 2020-1A-A		2.05%	(a)		09/20/2045		11,516,514
	2,688,125	Series 2020-1A-B		3.29%	(a)		09/20/2045		2,443,690
		Textainer Ltd.
	7,818,569	Series 2020-1A-A		2.73%	(a)		08/21/2045		7,317,859
	2,313,607	Series 2020-2A-B		3.34%	(a)		09/20/2045		2,094,037
		Upgrade Master Credit Pass-Thru Trust
	717,485	Series 2021-PT1-A		23.51%	(a)(c)		08/15/2027		583,167
		Upgrade Master Pass-Thru Trust
	1,915,827	Series 2021-PT1-A		13.12%	(a)(c)		04/15/2027		1,705,728
	2,149,665	Series 2021-PT3-A		13.84%	(a)(c)		07/15/2027		1,969,799
	1,447,122	Series 2021-PT4-A		11.83%	(a)(c)		08/15/2027		1,248,027
	3,987,813	Series 2021-PT5-A		16.50%	(a)(c)		10/15/2027		3,243,451
		Upstart Pass-Through Trust Series
	2,816,314	Series 2020-ST5-A		3.00%	(a)		12/20/2026		2,795,956
	2,418,567	Series 2021-ST1-A		2.75%	(a)		02/20/2027		2,390,223
		Upstart Securitization Trust
	614,714	Series 2020-2-A		2.31%	(a)		11/20/2030		609,967
	2,704,525	Series 2021-3-B		1.66%	(a)		07/20/2031		2,690,628
	7,500,000	Series 2021-3-C		3.28%	(a)		07/20/2031		7,156,802
		Vantage Data Centers Holding LLC
	32,425,000	Series 2020-2A-A2		1.99%	(a)		09/15/2045		28,593,260
		Vault DI Issuer LLC
	54,400,000	Series 2021-1A-A2		2.80%	(a)		07/15/2046		47,617,815
		Vivant Solar Financing V Parent LLC
	16,520,232	Series 2018-1A-A		4.73%	(a)		04/30/2048		15,427,116
		VR Funding LLC
	14,864,490	Series 2020-1A-A		2.79%	(a)		11/15/2050		13,344,685
		Waterfall Commercial Mortgage Trust
	5,899,650	Series 2015-SBC5-A		4.10%	(a)(c)		04/14/2024		5,696,621
		Wendy’s SPV Guarantor LLC
	18,847,012	Series 2019-1A-A2II		4.08%	(a)		06/15/2049		17,729,343

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 3

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Willis Lease Finance Corp.
	41,698,083	Series 2020-A-A		3.23%	(a)		03/15/2045		37,560,131
		Wingstop, Inc.
	10,342,500	Series 2020-1A-A2		2.84%	(a)		12/05/2050		9,404,647
		Zephyrus Capital Aviation Partners
	4,740,453	Series 2018-1-A		4.61%	(a)		10/15/2038		4,320,994
		Total Asset Backed Obligations (Cost $1,485,593,013)							1,354,418,733
	COLLATERALIZED LOAN OBLIGATIONS - 3.4%
		37 Capital CLO
	8,500,000	Series 2023-2A-B (CME Term SOFR 3 Month + 2.75%, 2.75% Floor)		8.12%	(a)		01/15/2034		8,544,668
		Anchorage Capital CLO Ltd.
	2,000,000	Series 2014-3RA-B (CME Term SOFR 3 Month + 1.76%)		7.08%	(a)		01/28/2031		2,001,823
		Apidos CLO
	3,000,000	Series 2013-12A-CR (CME Term SOFR 3 Month + 2.06%)		7.38%	(a)		04/15/2031		2,980,768
		ARES CLO
	7,000,000	Series 2017-44A-A3R1 (CME Term SOFR 3 Month + 1.91%, 1.65% Floor)		7.23%	(a)		04/15/2034		7,007,985
		Battalion CLO Ltd.
	3,000,000	Series 2017-11A-BR (CME Term SOFR 3 Month + 1.98%, 1.72% Floor)		7.30%	(a)		04/24/2034		2,986,142
	1,000,000	Series 2021-19A-B (CME Term SOFR 3 Month + 1.86%, 1.60% Floor)		7.18%	(a)		04/15/2034		997,923
		BlueMountain CLO Ltd.
	5,000,000	Series 2018-2A-B (CME Term SOFR 3 Month + 1.96%, 1.70% Floor)		7.27%	(a)		08/15/2031		5,006,234
		Bridge Street CLO Ltd.
	20,000,000	Series 2024-1A-A (CME Term SOFR 3 Month + 1.60%, 1.60% Floor)		0.00%	(a)		04/20/2037		20,000,000
		Canyon Capital CLO Ltd.
	20,000,000	Series 2019-2A-BR (CME Term SOFR 3 Month + 1.96%, 1.70% Floor)		7.28%	(a)		10/15/2034		19,905,694
	2,500,000	Series 2021-2A-B1 (CME Term SOFR 3 Month + 2.01%, 2.01% Floor)		7.33%	(a)		04/15/2034		2,489,467
		Capital Four US CLO Ltd.
	16,500,000	Series 2021-1A-A (CME Term SOFR 3 Month + 1.47%, 1.21% Floor)		6.77%	(a)		01/18/2035		16,528,482
	18,000,000	Series 2022-1A-BR (CME Term SOFR 3 Month + 2.65%, 2.65% Floor)		8.45%	(a)		01/20/2037		18,094,993
		Carlyle Global Market Strategies
	18,500,000	Series 2022-2A-A2 (CME Term SOFR 3 Month + 2.00%, 2.00% Floor)		7.32%	(a)		04/20/2035		18,568,554
		CarVal CLO
	5,000,000	Series 2024-1A-B (CME Term SOFR 3 Month + 2.10%, 2.10% Floor)		7.42%	(a)		04/20/2037		5,005,604
		CBAM Ltd.
	11,000,000	Series 2017-2A-BR (CME Term SOFR 3 Month + 2.11%, 1.85% Floor)		7.43%	(a)		07/17/2034		11,008,969
		Cedar Funding Ltd.
	2,000,000	Series 2022-15A-B (CME Term SOFR 3 Month + 1.80%, 1.80% Floor)		7.12%	(a)		04/20/2035		1,997,617
		CIFC Funding Ltd.
	11,500,000	Series 2022-3A-B (CME Term SOFR 3 Month + 2.00%, 2.00% Floor)		7.32%	(a)		04/21/2035		11,506,610
		Crown City CLO
	2,750,000	Series 2021-1A-A2 (CME Term SOFR 3 Month + 1.98%, 1.72% Floor)		7.30%	(a)		07/20/2034		2,753,867
		Dryden Senior Loan Fund
	3,500,000	Series 2017-53A-B (CME Term SOFR 3 Month + 1.66%)		6.98%	(a)		01/15/2031		3,501,285
		Empower CLO Ltd.
	9,000,000	Series 2023-3A-B (CME Term SOFR 3 Month + 2.55%, 2.55% Floor)		7.89%	(a)		01/20/2037		9,054,407

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Franklin Park Place CLO LLC
	13,000,000	Series 2022-1A-A (CME Term SOFR 3 Month + 1.40%, 1.40% Floor)		6.71%	(a)		04/14/2035		12,985,700
		Generate CLO Ltd.
	5,800,000	Series 3A-B2R (CME Term SOFR 3 Month + 2.60%, 2.60% Floor)		7.90%	(a)		10/20/2036		5,830,319
		Greywolf CLO Ltd.
	22,449,599	Series 2018-1A-A1 (CME Term SOFR 3 Month + 1.29%)		6.61%	(a)		04/26/2031		22,456,558
		Halcyon Loan Advisors Funding Ltd.
	2,206,374	Series 2014-2A-D (CME Term SOFR 3 Month + 5.26%)		10.58%	(a)(b)		04/28/2025		452,307
		Halsey Point CLO Ltd.
	13,000,000	Series 2019-1A-B1 (CME Term SOFR 3 Month + 2.46%, 2.20% Floor)		7.78%	(a)		01/20/2033		13,009,216
		Harbourview CLO VII LLC
	22,719,068	Series 7RA-A1 (CME Term SOFR 3 Month + 1.39%, 1.13% Floor)		6.69%	(a)		07/18/2031		22,744,742
		Harvest US CLO
	20,000,000	Series 2023-1A-B (CME Term SOFR 3 Month + 2.60%, 2.60% Floor)		7.91%	(a)		01/15/2037		20,102,730
		Jackson Financial, Inc.
	9,500,000	Series 2022-6RA-BR (CME Term SOFR 3 Month + 2.75%, 2.75% Floor)		8.10%	(a)		01/20/2037		9,550,616
		Jamestown CLO Ltd.
	6,000,000	Series 2018-11A-A2 (CME Term SOFR 3 Month + 1.96%)		7.28%	(a)		07/14/2031		6,005,532
	40,825,344	Series 2018-6RA-A1 (CME Term SOFR 3 Month + 1.41%, 1.15% Floor)		6.74%	(a)		04/25/2030		40,892,253
	5,000,000	Series 2018-6RA-A2A (CME Term SOFR 3 Month + 2.04%, 1.78% Floor)		7.37%	(a)		04/25/2030		5,015,405
		Katayma CLO Ltd.
	25,000,000	Series 2024-2A-A1 (CME Term SOFR 3 Month + 1.65%, 1.65% Floor)		6.94%	(a)		04/20/2037		25,000,000
		LCM LP
	14,305,304	Series 17A-A2RR (CME Term SOFR 3 Month + 1.41%, 1.15% Floor)		6.73%	(a)		10/15/2031		14,295,209
		Marble Point CLO
	55,000,000	Series 2021-2A-A (CME Term SOFR 3 Month + 1.46%, 1.20% Floor)		6.79%	(a)		07/25/2034		54,986,332
	50,000,000	Series 2021-4A-A1 (CME Term SOFR 3 Month + 1.47%, 1.21% Floor)		6.79%	(a)		01/22/2035		49,839,304
	20,000,000	Series 2022-2A-A1R (CME Term SOFR 3 Month + 1.93%, 1.93% Floor)		7.28%	(a)		10/20/2036		20,105,000
	11,400,000	Series 2022-2A-BR (CME Term SOFR 3 Month + 2.85%, 2.85% Floor)		8.20%	(a)		10/20/2036		11,472,267
		MidOcean Credit CLO
	42,713,462	Series 2018-9A-A1 (CME Term SOFR 3 Month + 1.41%, 1.15% Floor)		6.73%	(a)		07/20/2031		42,562,385
		MKS CLO Ltd.
	38,835,191	Series 2017-1A-AR (CME Term SOFR 3 Month + 1.26%, 1.00% Floor)		6.58%	(a)		07/20/2030		38,864,492
	39,865,644	Series 2017-2A-A (CME Term SOFR 3 Month + 1.45%, 1.19% Floor)		6.77%	(a)		01/20/2031		39,892,601
		MP CLO Ltd.
	25,181,658	Series 2013-1A-AR (CME Term SOFR 3 Month + 1.51%)		6.83%	(a)		10/20/2030		25,199,285
		Nassau Global Credit LLC
	27,516,182	Series 2018-IA-A (CME Term SOFR 3 Month + 1.41%)		6.73%	(a)		07/15/2031		27,514,782
		Ocean Trails CLO
	4,000,000	Series 2019-7A-BR (CME Term SOFR 3 Month + 1.86%, 1.60% Floor)		7.18%	(a)		04/17/2030		4,007,616
	10,150,000	Series 2020-10A-BR (CME Term SOFR 3 Month + 2.06%, 1.80% Floor)		7.38%	(a)		10/15/2034		10,172,435
		Octagon Investment Partners Ltd.
	1,500,000	Series 2019-1A-BR (CME Term SOFR 3 Month + 1.85%, 1.85% Floor)		7.16%	(a)		04/15/2035		1,487,851
		OFSI Fund Ltd.
	46,162,102	Series 2018-1A-A (CME Term SOFR 3 Month + 1.41%, 1.15% Floor)		6.73%	(a)		07/15/2031		46,251,108

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 5

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Park Blue CLO Ltd.
	7,400,000	Series 2023-4A-B (CME Term SOFR 3 Month + 2.70%, 2.70% Floor)		8.03%	(a)		01/25/2037		7,449,974
		Regatta Funding Ltd.
	2,500,000	Series 2018-1A-B (CME Term SOFR 3 Month + 1.91%)		7.23%	(a)		07/17/2031		2,503,728
		Rockford Tower CLO Ltd.
	2,525,000	Series 2018-2A-B (CME Term SOFR 3 Month + 2.06%, 1.80% Floor)		7.38%	(a)		10/20/2031		2,528,802
	10,000,000	Series 2024-1A-A1 (CME Term SOFR 3 Month + 1.61%, 1.61% Floor)		0.00%	(a)		04/20/2037		10,000,000
		Sound Point CLO Ltd.
	24,294,604	Series 2013-3RA-A (CME Term SOFR 3 Month + 1.41%, 1.15% Floor)		6.71%	(a)		04/18/2031		24,282,457
	18,000,000	Series 2018-2A-C (CME Term SOFR 3 Month + 2.21%)		7.54%	(a)		07/26/2031		17,742,978
	28,000,000	Series 2018-3A-A1A (CME Term SOFR 3 Month + 1.44%, 1.18% Floor)		6.77%	(a)		10/26/2031		28,061,418
	7,025,000	Series 2019-1A-BR (CME Term SOFR 3 Month + 1.96%, 1.70% Floor)		7.28%	(a)		01/20/2032		6,993,635
	25,250,000	Series 2020-2A-AR (CME Term SOFR 3 Month + 1.44%, 1.18% Floor)		6.77%	(a)		10/25/2034		25,251,278
	10,000,000	Series 2024-38A-A1 (CME Term SOFR 3 Month + 1.60%, 1.60% Floor)		6.92%	(a)		02/20/2037		10,000,000
		Steele Creek CLO Ltd.
	29,902,060	Series 2016-1A-AR (CME Term SOFR 3 Month + 1.38%, 1.12% Floor)		6.71%	(a)		06/15/2031		29,937,213
	10,000,000	Series 2019-1A-BR (CME Term SOFR 3 Month + 2.06%, 1.80% Floor)		7.38%	(a)		04/15/2032		9,973,315
		Symphony CLO Ltd.
	3,500,000	Series 2020-22A-B (CME Term SOFR 3 Month + 1.96%, 1.70% Floor)		7.26%	(a)		04/18/2033		3,500,207
		Trimaran CAVU LLC
	20,000,000	Series 2021-3A-A (CME Term SOFR 3 Month + 1.47%, 1.21% Floor)		6.77%	(a)		01/18/2035		20,043,584
		Unity-Peace Park CLO Ltd.
	15,000,000	Series 2022-1A-B (CME Term SOFR 3 Month + 2.00%, 2.00% Floor)		7.32%	(a)		04/20/2035		15,069,615
		Vibrant Clo X Ltd.
	60,500,000	Series 2018-10RA-A1 (CME Term SOFR 3 Month + 1.70%, 1.70% Floor)		7.01%	(a)		04/20/2036		60,510,538
		Wellfleet CLO Ltd.
	24,495,788	Series 2018-2A-A1 (CME Term SOFR 3 Month + 1.46%, 1.20% Floor)		6.78%	(a)		10/20/2031		24,500,687
		Wind River CLO Ltd.
	4,000,000	Series 2013-2A-CR (CME Term SOFR 3 Month + 2.26%)		7.56%	(a)		10/18/2030		3,992,589
	13,662,020	Series 2014-2A-AR (CME Term SOFR 3 Month + 1.40%, 1.14% Floor)		6.72%	(a)		01/15/2031		13,663,988
		Total Collateralized Loan Obligations (Cost $1,054,721,412)							1,056,643,143
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 7.3%
		20 Times Square Trust
	7,949,000	Series 2018-20TS-F		3.10%	(a)(c)		05/15/2035		6,067,926
	5,856,000	Series 2018-20TS-G		3.10%	(a)(c)		05/15/2035		4,358,956
		Alen Mortgage Trust
	11,551,000	Series 2021-ACEN-E (CME Term SOFR 1 Month + 4.11%, 4.00% Floor)		9.44%	(a)		04/15/2034		5,436,958
		Arbor Multifamily Mortgage Securities Trust
	21,947,000	Series 2021-MF3-XB		0.49%	(a)(c)(f)		10/15/2054		707,929
		Arbor Realty Trust, Inc.
	6,300,000	Series 2021-FL1-B (CME Term SOFR 1 Month + 1.61%, 1.50% Floor)		6.94%	(a)		12/15/2035		6,166,799
		Ares Commercial Real Estate Corp.
	2,010,000	Series 2021-FL4-B (CME Term SOFR 1 Month + 1.51%, 1.40% Floor)		6.84%	(a)		12/18/2037		1,959,559
		Atrium Hotel Portfolio Trust
	10,001,000	Series 2018-ATRM-A (CME Term SOFR 1 Month + 1.25%, 0.95% Floor)		6.57%	(a)		06/15/2035		9,955,784

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Banc of America Merrill Lynch Commercial Mortgage, Inc.
	43,281,895	Series 2015-UBS7-XA		0.74%	(c)(f)		09/15/2048		339,122
	2,121,000	Series 2016-UB10-C		4.82%	(c)		07/15/2049		1,990,033
		Banc of America Re-Remic Trust
	35,435,000	Series 2020-BOC-D		3.18%	(a)(c)		01/15/2032		15,812,582
	7,505,000	Series 2020-BOC-E		3.18%	(a)(c)		01/15/2032		2,973,795
		BANK
	3,554,000	Series 2017-BNK4-C		4.37%	(c)		05/15/2050		3,032,493
	31,828,541	Series 2017-BNK4-XA		1.34%	(c)(f)		05/15/2050		1,005,238
	4,916,000	Series 2017-BNK5-B		3.90%	(c)		06/15/2060		4,535,306
	1,960,000	Series 2017-BNK5-C		4.19%	(c)		06/15/2060		1,788,191
	72,040,036	Series 2017-BNK5-XA		0.94%	(c)(f)		06/15/2060		1,646,244
	143,145,919	Series 2018-BN10-XA		0.69%	(c)(f)		02/15/2061		3,196,720
	31,334,000	Series 2018-BN10-XD		1.72%	(a)(c)(f)		02/15/2061		1,830,889
	90,109,309	Series 2019-BN16-XA		0.94%	(c)(f)		02/15/2052		3,268,805
	13,119,665	Series 2019-BN16-XD		1.83%	(a)(c)(f)		02/15/2052		992,947
	11,541,000	Series 2019-BN17-XD		1.59%	(a)(c)(f)		04/15/2052		774,401
	43,097,000	Series 2019-BN19-AS		3.45%			08/15/2061		37,677,177
	17,013,666	Series 2019-BN19-XD		1.03%	(a)(c)(f)		08/15/2061		790,363
	1,099,000	Series 2019-BN20-AS		3.24%	(c)		09/15/2062		950,233
	5,000,000	Series 2019-BN21-C		3.52%	(c)		10/17/2052		3,725,225
	26,932,000	Series 2019-BN24-XD		1.02%	(a)(c)(f)		11/15/2062		1,336,670
	62,007,000	Series 2020-BN30-XB		0.72%	(c)(f)		12/15/2053		2,440,130
	112,743,000	Series 2021-BN35-XB		0.59%	(c)(f)		06/15/2064		4,173,678
	10,388,000	Series 2021-BN38-XD		0.72%	(a)(c)(f)		12/15/2064		468,110
	7,663,000	Series 2022-BNK40-XD		0.89%	(a)(c)(f)		03/15/2064		431,684
		BBCMS Trust
	45,454,000	Series 2018-CBM-A (CME Term SOFR 1 Month + 1.30%, 1.25% Floor)		6.62%	(a)		07/15/2037		44,920,406
	13,455,000	Series 2018-CBM-E (CME Term SOFR 1 Month + 3.85%, 3.55% Floor)		9.17%	(a)		07/15/2037		12,130,323
	5,775,000	Series 2018-TALL-F (CME Term SOFR 1 Month + 3.43%, 3.39% Floor)		8.76%	(a)		03/15/2037		3,771,077
	11,799,000	Series 2020-C6-F5TB		3.69%	(a)(c)		02/15/2053		8,251,614
	12,497,250	Series 2020-C6-F5TC		3.69%	(a)(c)		02/15/2053		8,344,882
	93,120,543	Series 2020-C6-XA		1.04%	(c)(f)		02/15/2053		4,221,322
	7,424,000	Series 2020-C6-XD		1.20%	(a)(c)(f)		02/15/2053		445,477
	34,040,000	Series 2021-C11-XB		0.96%	(c)(f)		09/15/2054		2,047,942
	135,082,853	Series 2021-C9-XA		1.60%	(c)(f)		02/15/2054		10,880,829
	68,467,000	Series 2021-C9-XB		0.99%	(c)(f)		02/15/2054		3,866,770
		Benchmark Mortgage Trust
	35,258,656	Series 2018-B7-XA		0.40%	(c)(f)		05/15/2053		498,832
	27,627,784	Series 2018-B8-XA		0.62%	(c)(f)		01/15/2052		610,306
	13,924,000	Series 2019-B11-XD		1.49%	(a)(c)(f)		05/15/2052		883,457
	13,870,000	Series 2019-B12-XD		1.10%	(a)(c)(f)		08/15/2052		680,222
	24,552,000	Series 2019-B15-XD		0.97%	(a)(c)(f)		12/15/2072		1,126,527
	76,747,879	Series 2019-B9-XA		1.02%	(c)(f)		03/15/2052		2,885,897
	74,845,135	Series 2020-B16-XA		1.04%	(c)(f)		02/15/2053		3,093,297
	75,139,634	Series 2020-B17-XA		1.41%	(c)(f)		03/15/2053		3,620,243
	13,462,000	Series 2020-B18-AGND		3.74%	(a)		07/15/2053		12,531,161
	2,432,000	Series 2020-B18-AGNE		3.76%	(a)		07/15/2053		2,236,901
	88,649,972	Series 2020-B18-XA		1.78%	(c)(f)		07/15/2053		5,536,678
	235,975,384	Series 2020-B19-XA		1.76%	(c)(f)		09/15/2053		14,816,965
	70,651,519	Series 2020-B22-XA		1.51%	(c)(f)		01/15/2054		5,450,609
	275,367,278	Series 2020-IG1-XA		0.51%	(c)(f)		09/15/2043		5,869,729
	232,245,848	Series 2021-B24-XA		1.15%	(c)(f)		03/15/2054		12,138,631
	120,708,622	Series 2021-B28-XA		1.27%	(c)(f)		08/15/2054		7,749,457
	59,609,000	Series 2021-B28-XB		0.95%	(c)(f)		08/15/2054		3,532,262
	66,420,000	Series 2021-B29-XB		0.70%	(c)(f)		09/15/2054		2,904,374
	363,472,249	Series 2021-B30-XA		0.81%	(c)(f)		11/15/2054		17,109,802
	13,067,000	Series 2022-B32-XD		1.52%	(a)(c)(f)		01/15/2055		1,165,972
	7,270,000	Series 2022-B34-XD		1.83%	(a)(c)(f)		04/15/2055		837,540

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 7

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		BHMS Mortgage Trust
	14,537,000	Series 2018-ATLS-A (CME Term SOFR 1 Month + 1.55%, 1.50% Floor)		6.87%	(a)		07/15/2035		14,525,386
		BPR Trust
	10,166,000	Series 2021-TY-A (CME Term SOFR 1 Month + 1.16%, 1.05% Floor)		6.49%	(a)		09/15/2038		10,110,689
		Braemar Hotels & Resorts Trust
	598,840	Series 2018-PRME-A (CME Term SOFR 1 Month + 0.99%, 0.95% Floor)		6.32%	(a)		06/15/2035		598,121
		BSPRT Co.-Issuer LLC
	9,241,653	Series 2021-FL6-A (CME Term SOFR 1 Month + 1.21%, 1.10% Floor)		6.54%	(a)		03/15/2036		9,185,335
		BX Trust
	5,160,000	Series 2019-IMC-F (CME Term SOFR 1 Month + 2.95%, 2.90% Floor)		8.27%	(a)		04/15/2034		5,139,919
	173,184,000	Series 2019-OC11-E		3.94%	(a)(c)		12/09/2041		149,938,082
	326,679,000	Series 2019-OC11-XB		0.18%	(a)(c)(f)		12/09/2041		3,441,531
	3,450,000	Series 2021-VIEW-F (CME Term SOFR 1 Month + 4.04%, 3.93% Floor)		9.37%	(a)		06/15/2036		3,067,908
	55,807,000	Series 2021-VOLT-E (CME Term SOFR 1 Month + 2.11%, 2.00% Floor)		7.44%	(a)		09/15/2036		55,087,541
	3,745,000	Series 2021-VOLT-F (CME Term SOFR 1 Month + 2.51%, 2.40% Floor)		7.84%	(a)		09/15/2036		3,713,503
	3,926,071	Series 2021-XL2-E (CME Term SOFR 1 Month + 1.96%, 1.85% Floor)		7.28%	(a)		10/15/2038		3,892,105
		California Housing Finance Agency
	62,906,456	Series 2021-2		0.82%	(c)(f)		03/25/2035		3,030,204
		Cantor Commercial Real Estate Lending LP
	10,105,250	Series 2019-CF2-XD		1.45%	(a)(c)(f)		11/15/2052		648,587
	11,514,000	Series 2019-CF3-XD		1.10%	(a)(c)(f)		01/15/2053		618,827
		CFCRE Commercial Mortgage Trust
	7,155,000	Series 2016-C4-C		4.84%	(c)		05/10/2058		6,685,668
	73,610,159	Series 2016-C4-XA		1.60%	(c)(f)		05/10/2058		1,665,776
	5,000,000	Series 2016-C6-C		4.17%	(c)		11/10/2049		4,334,403
		Citigroup Commercial Mortgage Trust
	21,787,929	Series 2014-GC21-XA		1.00%	(c)(f)		05/10/2047		1,987
	155,151,470	Series 2014-GC25-XA		0.94%	(c)(f)		10/10/2047		176,640
	9,978,000	Series 2015-GC27-C		4.42%	(c)		02/10/2048		9,517,844
	3,685,000	Series 2015-GC27-D		4.42%	(a)(c)		02/10/2048		3,323,295
	161,119,844	Series 2015-GC27-XA		1.30%	(c)(f)		02/10/2048		1,083,579
	14,310,000	Series 2015-GC33-C		4.57%	(c)		09/10/2058		11,887,739
	151,772,439	Series 2015-GC33-XA		0.87%	(c)(f)		09/10/2058		1,456,105
	93,581,983	Series 2016-C1-XA		1.82%	(c)(f)		05/10/2049		2,723,385
	189,640,948	Series 2016-GC36-XA		1.21%	(c)(f)		02/10/2049		3,195,640
	32,412,090	Series 2016-GC37-XA		1.65%	(c)(f)		04/10/2049		755,866
	88,857,652	Series 2016-P3-XA		1.65%	(c)(f)		04/15/2049		1,800,700
	51,823,526	Series 2016-P4-XA		1.88%	(c)(f)		07/10/2049		1,606,638
	84,035,642	Series 2016-P5-XA		1.37%	(c)(f)		10/10/2049		2,119,404
	219,467,257	Series 2017-B1-XA		0.73%	(c)(f)		08/15/2050		4,419,215
	37,322,490	Series 2017-P7-XA		1.08%	(c)(f)		04/14/2050		940,672
	3,625,000	Series 2020-420K-D		3.31%	(a)(c)		11/10/2042		3,016,221
	7,800,000	Series 2020-420K-E		3.31%	(a)(c)		11/10/2042		6,278,293
	23,804,000	Series 2020-555-E		3.50%	(a)(c)		12/10/2041		19,703,204
	4,175,000	Series 2020-555-F		3.50%	(a)(c)		12/10/2041		3,193,882
	2,853,000	Series 2020-GC46-B		3.15%	(c)		02/15/2053		2,430,587
		Citigroup/Deutsche Bank Commercial Mortgage Trust
	5,161,000	Series 2016-C1-B		4.20%	(c)		05/10/2049		4,693,860
	102,585,958	Series 2016-C1-XA		1.36%	(c)(f)		05/10/2049		1,954,078
	69,963,981	Series 2017-CD4-XA		1.22%	(c)(f)		05/10/2050		1,976,538
	5,723,000	Series 2017-CD6-B		3.91%	(c)		11/13/2050		4,927,223
	5,175,000	Series 2017-CD6-C		4.23%	(c)		11/13/2050		4,240,826
	42,096,113	Series 2017-CD6-XA		0.87%	(c)(f)		11/13/2050		896,976
	59,260,241	Series 2020-C9-XA		1.70%	(c)(f)		09/15/2053		3,204,930

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		CLNC Ltd.
	32,597,259	Series 2019-FL1-AS (CME Term SOFR 1 Month + 1.66%, 1.55% Floor)		6.99%	(a)		08/20/2035		32,248,599
	29,797,989	Series 2019-FL1-B (CME Term SOFR 1 Month + 2.01%, 1.90% Floor)		7.34%	(a)		08/20/2035		29,132,838
		Commercial Mortgage Pass Through Certificates
	18,283,950	Series 2013-CR12-XA		0.56%	(c)(f)		10/10/2046		1,190
	297,659	Series 2013-CR13-C		4.92%	(c)		11/10/2046		283,305
	4,345,000	Series 2014-CR16-C		4.90%	(c)		04/10/2047		4,058,969
	8,187,000	Series 2014-CR18-B		4.46%	(c)		07/15/2047		8,048,952
	7,635,000	Series 2014-CR19-C		4.62%	(c)		08/10/2047		7,138,382
	25,400,000	Series 2014-CR20-C		4.45%	(c)		11/10/2047		24,731,571
	10,585,000	Series 2014-LC17-AM		4.19%	(c)		10/10/2047		10,416,437
	53,783,295	Series 2014-UBS3-XA		0.99%	(c)(f)		06/10/2047		4,701
	833,000	Series 2015-3BP-F		3.24%	(a)(c)		02/10/2035		724,430
	144,950,249	Series 2015-CR22-XA		0.81%	(c)(f)		03/10/2048		603,095
	5,360,000	Series 2015-CR23-C		4.28%	(c)		05/10/2048		5,023,030
	72,922,774	Series 2015-CR26-XA		0.89%	(c)(f)		10/10/2048		639,387
	17,822,000	Series 2015-DC1-C		4.27%	(c)		02/10/2048		16,214,680
	238,692,755	Series 2015-DC1-XA		0.93%	(c)(f)		02/10/2048		959,258
	4,400,000	Series 2015-PC1-A5		3.90%			07/10/2050		4,311,716
	1,403,000	Series 2016-DC2-C		4.66%	(c)		02/10/2049		1,293,192
	5,524,000	Series 2017-PANW-E		3.81%	(a)(c)		10/10/2029		4,824,380
	15,800,000	Series 2018-COR3-XD		1.75%	(a)(c)(f)		05/10/2051		937,265
	18,570,000	Series 2018-HCLV-A (CME Term SOFR 1 Month + 1.30%, 1.00% Floor)		6.62%	(a)		09/15/2033		17,491,050
		Computershare Corporate Trust
	2,233,970	Series 2014-LC16-A5		3.82%			08/15/2050		2,219,475
	4,346,710	Series 2014-LC18-B		3.96%			12/15/2047		4,236,720
	11,460,000	Series 2015-C26-C		4.07%	(c)		02/15/2048		10,929,371
	297,636,576	Series 2015-C26-XA		1.15%	(c)(f)		02/15/2048		1,707,511
	3,187,500	Series 2015-C27-C		3.89%			02/15/2048		2,785,197
	167,525,473	Series 2015-C27-XA		0.81%	(c)(f)		02/15/2048		657,705
	9,701,000	Series 2015-C31-C		4.59%	(c)		11/15/2048		9,010,718
	116,496,220	Series 2015-C31-XA		0.95%	(c)(f)		11/15/2048		1,258,847
	212,603,228	Series 2015-LC20-XA		1.27%	(c)(f)		04/15/2050		1,636,854
	3,000,000	Series 2015-LC22-C		4.54%	(c)		09/15/2058		2,868,904
	8,438,000	Series 2015-NXS2-C		4.27%	(c)		07/15/2058		7,401,819
	81,184,276	Series 2015-P2-XA		0.92%	(c)(f)		12/15/2048		985,918
	10,085,000	Series 2016-C32-C		4.73%	(c)		01/15/2059		9,489,620
	4,250,000	Series 2016-C34-B		4.09%			06/15/2049		3,946,285
	5,888,000	Series 2016-C34-C		5.06%	(c)		06/15/2049		5,105,200
	5,890,000	Series 2016-LC24-C		4.43%	(c)		10/15/2049		5,202,650
	97,690,836	Series 2016-NXS6-XA		1.59%	(c)(f)		11/15/2049		2,585,691
	183,582,507	Series 2017-C39-XA		1.09%	(c)(f)		09/15/2050		5,223,124
	1,904,000	Series 2017-C42-C		4.30%	(c)		12/15/2050		1,603,232
	48,249,872	Series 2017-C42-XA		0.86%	(c)(f)		12/15/2050		1,257,228
	1,758,000	Series 2017-RC1-C		4.59%			01/15/2060		1,607,844
	139,829,841	Series 2018-C43-XA		0.58%	(c)(f)		03/15/2051		2,793,870
	4,335,668	Series 2019-C49-XD		2.13%	(a)(c)(f)		03/15/2052		382,383
	59,795,250	Series 2019-C50-XA		1.41%	(c)(f)		05/15/2052		3,060,799
	3,193,000	Series 2019-C51-B		3.84%	(c)		06/15/2052		2,831,464
	43,074,008	Series 2019-C51-XA		1.28%	(c)(f)		06/15/2052		2,279,007
	24,972,000	Series 2019-C52-AS		3.14%			08/15/2052		22,130,381
	74,508,243	Series 2019-C52-XA		1.59%	(c)(f)		08/15/2052		4,459,505
	5,000,000	Series 2019-C53-C		3.58%	(c)		10/15/2052		4,199,177
	140,497,331	Series 2019-C54-XA		0.82%	(c)(f)		12/15/2052		5,125,062
	28,088,000	Series 2020-C55-AS		2.94%			02/15/2053		24,695,899
	52,886,315	Series 2020-C55-XB		0.81%	(c)(f)		02/15/2053		2,112,549
	158,989,258	Series 2020-C56-XA		1.39%	(c)(f)		06/15/2053		8,908,041
	172,800,546	Series 2021-C61-XA		1.36%	(c)(f)		11/15/2054		11,442,023
	1,780,000	Series 2021-SAVE-C (CME Term SOFR 1 Month + 1.91%, 1.80% Floor)		7.24%	(a)		02/15/2040		1,753,609
	580,000	Series 2021-SAVE-D (CME Term SOFR 1 Month + 2.61%, 2.50% Floor)		7.94%	(a)		02/15/2040		570,329
	1,460,000	Series 2021-SAVE-E (CME Term SOFR 1 Month + 3.76%, 3.65% Floor)		9.09%	(a)		02/15/2040		1,430,378

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 9

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Credit Suisse Mortgage Capital Certificates
	147,561,481	Series 2014-USA-X1		0.54%	(a)(c)(f)		09/15/2037		672,423
	3,799,000	Series 2017-CALI-E		3.78%	(a)(c)		11/10/2032		937,961
	6,050,000	Series 2017-CALI-F		3.78%	(a)(c)		11/10/2032		1,016,963
	4,847,000	Series 2017-TIME-A		3.65%	(a)		11/13/2039		3,183,555
	16,496,958	Series 2019-ICE4-E (CME Term SOFR 1 Month + 2.20%, 2.15% Floor)		7.52%	(a)		05/15/2036		16,485,710
	31,304,939	Series 2020-NET-A		2.26%	(a)		08/15/2037		29,118,846
	3,894,000	Series 2020-NET-B		2.82%	(a)		08/15/2037		3,619,590
	138,591,707	Series 2020-NET-X		1.25%	(a)(c)(f)		08/15/2037		1,755,319
	5,903,500	Series 2021-B33-A1		3.05%	(a)		10/10/2043		5,377,461
	18,815,500	Series 2021-B33-A2		3.17%	(a)		10/10/2043		15,868,878
	2,887,333	Series 2021-B33-B		3.64%	(a)(c)		10/10/2043		2,468,378
	109,000,000	Series 2021-B33-X		0.50%	(a)(c)(f)		10/10/2043		3,028,761
		Cross Harbor Capital Partners
	5,275,000	Series 2021-FL1-B (CME Term SOFR 1 Month + 1.76%, 1.65% Floor)		7.09%	(a)		02/15/2038		5,204,695
		CSAIL Commercial Mortgage Trust
	4,606,000	Series 2015-C1-C		4.25%	(c)		04/15/2050		4,003,542
	13,360,000	Series 2015-C2-AS		3.85%	(c)		06/15/2057		12,933,803
	9,205,000	Series 2015-C3-B		4.10%	(c)		08/15/2048		8,514,973
	2,299,000	Series 2015-C4-C		4.56%	(c)		11/15/2048		2,182,920
	267,254,147	Series 2015-C4-XA		0.80%	(c)(f)		11/15/2048		2,331,338
	9,425,000	Series 2016-C5-C		4.64%	(c)		11/15/2048		8,797,212
	35,028,774	Series 2016-C6-XA		1.86%	(c)(f)		01/15/2049		943,640
	11,020,000	Series 2016-C7-B		4.32%	(c)		11/15/2049		10,166,923
	128,895,382	Series 2017-C8-XA		1.07%	(c)(f)		06/15/2050		3,408,355
	4,399,000	Series 2017-CX10-B		3.89%	(c)		11/15/2050		3,855,279
	3,356,000	Series 2017-CX10-C		4.17%	(c)		11/15/2050		2,671,323
	77,073,471	Series 2017-CX10-XA		0.75%	(c)(f)		11/15/2050		1,482,053
	1,886,000	Series 2018-C14-C		4.88%	(c)		11/15/2051		1,582,519
	15,894,000	Series 2019-C16-B		3.88%			06/15/2052		13,959,873
	25,314,080	Series 2019-C17-XA		1.32%	(c)(f)		09/15/2052		1,304,604
	7,924,000	Series 2019-C18-B		3.59%			12/15/2052		6,878,214
	224,065,663	Series 2019-C18-XA		1.00%	(c)(f)		12/15/2052		9,123,013
	195,383,443	Series 2020-C19-XA		1.10%	(c)(f)		03/15/2053		9,574,981
	81,465,000	Series 2020-C19-XB		0.08%	(c)(f)		03/15/2053		411,105
		CSWF
	878,416	Series 2018-TOP-G (CME Term SOFR 1 Month + 3.50%, 3.45% Floor)		8.82%	(a)		08/15/2035		836,325
		DBGS Mortgage Trust
	7,447,000	Series 2018-5BP-D (CME Term SOFR 1 Month + 1.60%, 1.35% Floor)		6.92%	(a)		06/15/2033		5,834,685
		DOLP Trust
	5,750,000	Series 2021-NYC-E		3.70%	(a)(c)		05/10/2041		3,898,445
	11,475,000	Series 2021-NYC-F		3.70%	(a)(c)		05/10/2041		7,250,293
		Fontainebleau Miami Beach Trust
	6,520,000	Series 2019-FBLU-G		3.96%	(a)(c)		12/10/2036		6,275,015
		FS Rialto
	778,656	Series 2019-FL1-A (CME Term SOFR 1 Month + 1.31%, 1.20% Floor)		6.64%	(a)		12/16/2036		775,121
		Granite Point Mortgage Trust, Inc.
	18,404,952	Series 2021-FL4-A (CME Term SOFR 1 Month + 1.46%, 1.35% Floor)		6.79%	(a)		12/15/2036		18,035,970
		Great Wolf Trust
	29,846,885	Series 2019-WOLF-E (CME Term SOFR 1 Month + 3.05%, 2.93% Floor)		8.37%	(a)		12/15/2036		29,789,018
	21,137,929	Series 2019-WOLF-F (CME Term SOFR 1 Month + 3.45%, 3.33% Floor)		8.77%	(a)		12/15/2036		20,975,546
	1,960,000	Series 2024-WOLF-C (CME Term SOFR 1 Month + 2.39%, 2.39% Floor)		7.69%	(a)		03/15/2039		1,967,246
	6,240,000	Series 2024-WOLF-E (CME Term SOFR 1 Month + 3.64%, 3.64% Floor)		8.94%	(a)		03/15/2039		6,271,823

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Greystone Commercial Real Estate Notes
	25,725,000	Series 2019-FL2-B (CME Term SOFR 1 Month + 1.71%, 1.60% Floor)		7.04%	(a)		09/15/2037		25,448,816
	14,873,000	Series 2019-FL2-C (CME Term SOFR 1 Month + 2.11%, 2.00% Floor)		7.44%	(a)		09/15/2037		14,680,529
	6,250,000	Series 2021-FL3-B (CME Term SOFR 1 Month + 1.76%, 1.65% Floor)		7.09%	(a)		07/15/2039		6,073,300
		GS Mortgage Securities Corp. II
	4,000,000	Series 2015-GC28-C		4.31%	(c)		02/10/2048		3,746,623
	191,142,229	Series 2015-GC28-XA		0.96%	(c)(f)		02/10/2048		728,367
	189,365,508	Series 2015-GC32-XA		0.68%	(c)(f)		07/10/2048		1,253,770
	141,774,595	Series 2015-GC34-XA		1.19%	(c)(f)		10/10/2048		1,916,140
	62,974,352	Series 2015-GS1-XA		0.75%	(c)(f)		11/10/2048		600,788
	39,521,394	Series 2016-GS2-XA		1.73%	(c)(f)		05/10/2049		1,017,913
	253,664,900	Series 2016-GS3-XA		1.19%	(c)(f)		10/10/2049		5,566,727
	47,426,269	Series 2016-GS4-XA		0.56%	(c)(f)		11/10/2049		547,271
	179,481,393	Series 2017-GS7-XA		1.08%	(c)(f)		08/10/2050		4,830,616
	98,700,000	Series 2017-GS7-XB		0.33%	(c)(f)		08/10/2050		1,005,161
	3,443,000	Series 2018-GS10-WLSA		4.74%	(a)(c)		03/10/2033		3,222,030
	6,834,000	Series 2018-GS10-WLSB		4.74%	(a)(c)		03/10/2033		6,257,307
	9,287,000	Series 2018-GS10-WLSC		4.74%	(a)(c)		03/10/2033		8,324,105
	8,990,000	Series 2018-GS10-WLSD		4.74%	(a)(c)		03/10/2033		7,863,111
	11,236,750	Series 2018-GS10-WLSE		4.74%	(a)(c)		03/10/2033		9,615,514
	191,943,310	Series 2018-GS9-XA		0.41%	(c)(f)		03/10/2051		2,708,263
	12,875,000	Series 2018-LUAU-A (CME Term SOFR 1 Month + 1.30%, 1.25% Floor)		6.62%	(a)		11/15/2032		12,818,565
	15,571,000	Series 2018-TWR-A (CME Term SOFR 1 Month + 1.20%, 0.90% Floor)		6.52%	(a)		07/15/2031		12,945,340
	3,897,000	Series 2018-TWR-D (CME Term SOFR 1 Month + 1.90%, 1.60% Floor)		7.22%	(a)		07/15/2031		1,617,255
	11,950,000	Series 2018-TWR-E (CME Term SOFR 1 Month + 2.40%, 2.10% Floor)		7.72%	(a)		07/15/2031		3,764,250
	11,242,000	Series 2018-TWR-F (CME Term SOFR 1 Month + 3.10%, 2.80% Floor)		8.42%	(a)		07/15/2031		2,301,800
	4,648,000	Series 2018-TWR-G (CME Term SOFR 1 Month + 4.22%, 3.93% Floor)		9.55%	(a)		07/15/2031		195,216
	52,123,766	Series 2019-GC38-XA		1.01%	(c)(f)		02/10/2052		2,132,216
	15,248,885	Series 2019-GC39-XA		1.14%	(c)(f)		05/10/2052		632,394
	179,362,709	Series 2020-GC45-XA		0.66%	(c)(f)		02/13/2053		4,993,978
	55,388,305	Series 2020-GSA2-XA		1.71%	(a)(c)(f)		12/12/2053		4,497,647
	7,561,000	Series 2020-UPTN-D		3.25%	(a)(c)		02/10/2037		7,046,212
	6,760,500	Series 2020-UPTN-F		3.25%	(a)(c)		02/10/2037		6,192,590
	56,900,000	Series 2021-1HTL-A (CME Term SOFR 1 Month + 3.59%, 3.48% Floor)		8.91%	(a)		10/09/2024		56,477,403
	3,280,000	Series 2021-ARDN-E (CME Term SOFR 1 Month + 3.46%, 3.35% Floor)		8.79%	(a)		11/15/2036		3,155,421
	16,787,000	Series 2021-ARDN-G (CME Term SOFR 1 Month + 5.11%, 5.00% Floor)		10.44%	(a)		11/15/2036		15,764,678
		Hilton USA Trust
	5,692,000	Series 2016-SFP-A		2.83%	(a)		11/05/2035		4,937,289
		IMT Trust
	6,392,000	Series 2017-APTS-AFX		3.48%	(a)		06/15/2034		6,336,827
		JP Morgan Chase Commercial Mortgage Securities
	606,900	Series 2007-CB20-X1		0.00%	(a)(c)(f)		02/12/2051		1
	4,990,324	Series 2013-LC11-AS		3.22%			04/15/2046		4,621,001
	9,535,000	Series 2014-C20-B		4.40%	(c)		07/15/2047		9,037,986
	47,991,001	Series 2015-JP1-XA		0.88%	(c)(f)		01/15/2049		555,966
	1,725,000	Series 2017-JP5-C		3.75%	(c)		03/15/2050		1,402,087
	9,343,000	Series 2018-MINN-E (CME Term SOFR 1 Month + 2.80%, 3.50% Floor)		8.12%	(a)		11/15/2035		7,639,211

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 11

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	5,831,000	Series 2018-WPT-EFX		5.36%	(a)(c)		07/05/2033		4,334,795
	6,097,000	Series 2018-WPT-FFX		5.36%	(a)(c)		07/05/2033		4,097,717
	18,869,000	Series 2019-COR4-XD		2.01%	(a)(c)(f)		03/10/2052		1,564,008
	87,709,676	Series 2019-COR5-XA		1.47%	(c)(f)		06/13/2052		4,608,073
	7,366,000	Series 2020-ACE-C		3.69%	(a)(c)		01/10/2037		6,981,613
	40,424,000	Series 2020-NNN-EFX		3.97%	(a)		01/16/2037		19,216,765
		JPMBB Commercial Mortgage Securities Trust
	12,061,475	Series 2014-C18-XA		0.39%	(c)(f)		02/15/2047		514
	4,787,000	Series 2014-C21-C		4.62%	(c)		08/15/2047		4,444,579
	148,290,646	Series 2014-C25-XA		0.79%	(c)(f)		11/15/2047		256,484
	153,179,196	Series 2014-C26-XA		0.91%	(c)(f)		01/15/2048		325,215
	13,992,000	Series 2015-C27-C		4.30%	(c)		02/15/2048		11,325,596
	10,425,000	Series 2015-C27-D		3.80%	(a)(c)		02/15/2048		5,592,750
	10,663,088	Series 2015-C28-C		4.13%	(c)		10/15/2048		9,929,062
	28,201,641	Series 2015-C28-XA		0.91%	(c)(f)		10/15/2048		149,988
	27,445,443	Series 2015-C29-XA		0.54%	(c)(f)		05/15/2048		116,226
	118,393,554	Series 2015-C30-XA		0.42%	(c)(f)		07/15/2048		490,019
	17,628,000	Series 2015-C32-C		4.64%	(c)		11/15/2048		10,456,300
	53,007,002	Series 2015-C32-XA		1.09%	(c)(f)		11/15/2048		458,420
	7,394,000	Series 2016-C1-C		4.70%	(c)		03/17/2049		6,859,182
	16,940,209	Series 2016-C1-XA		1.16%	(c)(f)		03/17/2049		273,229
		JPMDB Commercial Mortgage Securities Trust
	103,446,056	Series 2016-C2-XA		1.48%	(c)(f)		06/15/2049		2,319,012
	135,776,561	Series 2017-C5-XA		0.87%	(c)(f)		03/15/2050		2,482,932
	178,448,925	Series 2017-C7-XA		0.83%	(c)(f)		10/15/2050		3,875,001
	1,844,000	Series 2018-C8-C		4.76%	(c)		06/15/2051		1,593,952
	13,604,000	Series 2019-COR6-AS		3.41%	(c)		11/13/2052		11,511,784
	1,435,000	Series 2020-COR7-B		3.29%	(c)		05/13/2053		986,955
	276,738,574	Series 2020-COR7-XA		1.64%	(c)(f)		05/13/2053		16,308,647
		Ladder Capital Commercial Mortgage Securities LLC
	13,564,032	Series 2021-FL3-A (CME Term SOFR 1 Month + 1.56%, 1.56% Floor)		6.89%	(a)		11/15/2038		13,412,494
		LFT CRE Ltd.
	10,800,000	Series 2021-FL1-B (CME Term SOFR 1 Month + 1.86%, 1.86% Floor)		7.19%	(a)		06/15/2039		10,597,198
		LSTAR Commercial Mortgage Trust
	1,360,000	Series 2015-3-D		3.13%	(a)(c)		04/20/2048		1,299,510
	15,322,042	Series 2017-5-X		0.83%	(a)(c)(f)		03/10/2050		229,038
		M360 LLC
	21,336,722	Series 2021-CRE3-A (CME Term SOFR 1 Month + 1.61%, 1.50% Floor)		6.94%	(a)		11/22/2038		21,145,737
	7,162,000	Series 2021-CRE3-B (CME Term SOFR 1 Month + 2.36%, 2.25% Floor)		7.69%	(a)		11/22/2038		6,941,539
		Manhattan West
	5,731,000	Series 2020-1MW-C		2.33%	(a)(c)		09/10/2039		5,008,936
		Med Trust
	6,070,865	Series 2021-MDLN-A (CME Term SOFR 1 Month + 1.06%, 0.95% Floor)		6.39%	(a)		11/15/2038		6,059,967
	16,653,078	Series 2021-MDLN-G (CME Term SOFR 1 Month + 5.36%, 5.25% Floor)		10.69%	(a)		11/15/2038		16,671,187
		MF1 Multifamily Housing Mortgage Loan Trust
	2,049,282	Series 2021-FL5-A (CME Term SOFR 1 Month + 0.96%, 0.96% Floor)		6.29%	(a)		07/15/2036		2,046,341
	10,000,000	Series 2021-FL5-AS (CME Term SOFR 1 Month + 1.31%, 1.31% Floor)		6.64%	(a)		07/15/2036		9,874,160
		MFT Trust
	9,417,000	Series 2020-ABC-A		3.36%	(a)		02/10/2042		6,493,157
	4,317,000	Series 2020-ABC-B		3.48%	(a)(c)		02/10/2042		2,806,938
		MHC Commercial Mortgage Trust
	3,540,060	Series 2021-MHC-A (CME Term SOFR 1 Month + 0.92%, 0.80% Floor)		6.24%	(a)		04/15/2038		3,526,117
		Morgan Stanley ABS Capital I, Inc.
	4,353,603	Series 2021-ILP-A (CME Term SOFR 1 Month + 0.89%, 0.78% Floor)		6.22%	(a)		11/15/2036		4,324,088
	17,326,703	Series 2021-ILP-D (CME Term SOFR 1 Month + 1.69%, 1.58% Floor)		7.02%	(a)		11/15/2036		17,153,724

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Morgan Stanley Bank of America Merrill Lynch Trust
	10,468,141	Series 2012-CKSV-CK		4.17%	(a)(c)		10/15/2030		6,397,421
	13,450,000	Series 2014-C18-C		4.46%	(c)		10/15/2047		12,988,778
	6,693,500	Series 2014-C19-C		4.00%			12/15/2047		6,359,232
	5,457,500	Series 2015-C20-C		4.45%	(c)		02/15/2048		5,169,003
	151,118,139	Series 2015-C20-XA		1.23%	(c)(f)		02/15/2048		499,521
	14,422,000	Series 2015-C27-C		4.49%	(c)		12/15/2047		13,466,544
	128,216,472	Series 2016-C28-XA		1.14%	(c)(f)		01/15/2049		1,852,331
	7,564,000	Series 2016-C31-C		4.26%	(c)		11/15/2049		6,312,924
	38,946,471	Series 2017-C33-XA		1.25%	(c)(f)		05/15/2050		1,062,608
		Morgan Stanley Capital I, Inc.
	15,643,738	Series 2006-HQ10-X1		0.21%	(a)(c)(f)		11/12/2041		204,766
	7,137,000	Series 2015-UBS8-B		4.32%	(c)		12/15/2048		6,404,549
	22,840,480	Series 2015-UBS8-XA		0.83%	(c)(f)		12/15/2048		226,911
	132,113,306	Series 2017-H1-XA		1.30%	(c)(f)		06/15/2050		3,362,218
	4,661,000	Series 2017-HR2-C		4.32%	(c)		12/15/2050		4,176,014
	8,000,000	Series 2018-MP-E		4.28%	(a)(c)		07/11/2040		5,042,484
	4,693,400	Series 2019-H6-XD		1.57%	(a)(c)(f)		06/15/2052		316,690
	5,305,000	Series 2019-H7-AS		3.52%			07/15/2052		4,803,539
	76,829,349	Series 2019-L2-XA		1.00%	(c)(f)		03/15/2052		2,969,124
	3,845,000	Series 2019-L3-AS		3.49%			11/15/2052		3,404,546
	147,339,960	Series 2019-L3-XA		0.61%	(c)(f)		11/15/2052		4,055,753
	3,355,000	Series 2019-NUGS-D (CME Term SOFR 1 Month + 1.91%, 3.30% Floor)		7.24%	(a)		12/15/2036		986,553
	1,315,000	Series 2019-PLND-B (CME Term SOFR 1 Month + 1.41%, 1.30% Floor)		6.74%	(a)		05/15/2036		1,170,771
	6,002,000	Series 2019-PLND-E (CME Term SOFR 1 Month + 2.26%, 2.15% Floor)		7.59%	(a)		05/15/2036		4,197,389
	2,200,000	Series 2020-HR8-B		2.70%			07/15/2053		1,762,581
	24,004,000	Series 2020-L4-B		3.08%			02/15/2053		19,292,132
	285,450,876	Series 2020-L4-XA		1.07%	(c)(f)		02/15/2053		14,407,419
	13,625,665	Series 2020-L4-XD		1.17%	(a)(c)(f)		02/15/2053		785,417
	10,779,000	Series 2021-L6-C		3.46%	(c)		06/15/2054		8,319,063
		MRCD Mortgage Trust
	7,794,000	Series 2019-PARK-F		2.72%	(a)		12/15/2036		4,519,324
	32,926,000	Series 2019-PARK-G		2.72%	(a)		12/15/2036		17,691,973
		Natixis Commercial Mortgage Securities Trust
	2,258,309	Series 2018-FL1-A (Prime Rate + 0.00%)		8.50%	(a)		06/15/2035		2,091,151
	13,188,800	Series 2020-2PAC-D		3.75%	(a)		12/15/2038		11,310,127
		NYT Mortgage Trust
	25,000,000	Series 2019-NYT-D (CME Term SOFR 1 Month + 2.30%, 2.00% Floor)		7.62%	(a)		12/15/2035		21,037,983
		OPG Trust
	7,067,421	Series 2021-PORT-D (CME Term SOFR 1 Month + 1.25%, 1.13% Floor)		6.57%	(a)		10/15/2036		6,938,813
		SLG Office Trust
	37,079,000	Series 2021-OVA-F		2.85%	(a)		07/15/2041		27,182,975
		SMR Mortgage Trust
	4,185,894	Series 2022-IND-G (CME Term SOFR 1 Month + 7.50%, 7.50% Floor)		12.83%	(a)		02/15/2039		3,528,659
		Soho Trust
	2,985,000	Series 2021-SOHO-B		2.70%	(a)(c)		08/10/2038		1,913,087
		SREIT Trust
	47,000,000	Series 2021-IND-G (CME Term SOFR 1 Month + 3.38%, 3.27% Floor)		8.71%	(a)		10/15/2038		44,040,269
	5,071,373	Series 2021-MFP-E (CME Term SOFR 1 Month + 2.14%, 2.03% Floor)		7.47%	(a)		11/15/2038		5,034,372
		TPG Real Estate Finance Issuer Ltd.
	13,076,662	Series 2021-FL4-A (CME Term SOFR 1 Month + 1.31%, 1.20% Floor)		6.64%	(a)		03/15/2038		12,964,700

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 13

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		UBS Commercial Mortgage Trust
	8,000,000	Series 2017-C1-C		4.44%			06/15/2050		6,987,051
	79,998,003	Series 2017-C1-XA		1.52%	(c)(f)		06/15/2050		2,856,561
	1,124,000	Series 2017-C2-C		4.30%	(c)		08/15/2050		986,516
	6,857,000	Series 2017-C3-B		4.09%	(c)		08/15/2050		6,326,272
	10,297,005	Series 2017-C3-XA		1.11%	(c)(f)		08/15/2050		256,990
	3,561,000	Series 2017-C4-B		4.24%	(c)		10/15/2050		3,271,287
	2,886,000	Series 2017-C6-C		4.62%	(c)		12/15/2050		2,491,764
	1,020,000	Series 2018-C11-B		4.71%	(c)		06/15/2051		890,451
	1,500,000	Series 2018-C9-C		4.95%	(c)		03/15/2051		1,077,391
	37,791,569	Series 2018-C9-XA		0.91%	(c)(f)		03/15/2051		1,145,239
	8,350,000	Series 2019-C17-AS		3.20%			10/15/2052		7,244,614
	12,767,000	Series 2019-C17-XD		1.76%	(a)(c)(f)		10/15/2052		1,036,592
	14,858,000	Series 2019-C18-AS		3.38%	(c)		12/15/2052		12,621,933
	9,705,000	Series 2019-C18-B		3.68%	(c)		12/15/2052		7,966,382
		UBS-Barclays Commercial Mortgage Trust
	6,117,000	Series 2019-C3-XD		1.77%	(a)(c)(f)		05/15/2052		470,851
	173,178,040	Series 2019-C4-XA		1.55%	(c)(f)		08/15/2052		10,469,755
	13,091,000	Series 2019-C4-XD		1.15%	(a)(c)(f)		08/15/2052		679,047
	70,679,910	Series 2019-C5-XA		0.87%	(c)(f)		11/15/2052		2,199,686
		WF-RBS Commercial Mortgage Trust
	10,000,000	Series 2014-C21-B		4.21%	(c)		08/15/2047		9,492,011
	3,147,000	Series 2014-C21-C		4.23%	(c)		08/15/2047		2,887,811
	156,103,301	Series 2014-C25-XA		0.78%	(c)(f)		11/15/2047		287,433
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $3,087,645,564)							2,267,472,860
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 26.1%
		Accredited Mortgage Loan Trust
	12,875,000	Series 2006-1-M2 (CME Term SOFR 1 Month + 0.45%, 0.34% Floor)		0.71%			04/25/2036		9,437,996
		ACE Securities Corp.
	1,534,119	Series 2007-ASP1-A2C (CME Term SOFR 1 Month + 0.63%, 0.52% Floor)		5.96%			03/25/2037		638,533
	10,113,222	Series 2007-HE1-A2B (CME Term SOFR 1 Month + 0.35%, 0.24% Floor)		5.68%			01/25/2037		6,046,440
	2,356,619	Series 2007-HE1-A2C (CME Term SOFR 1 Month + 0.45%, 0.34% Floor)		5.78%			01/25/2037		1,408,944
	2,209,330	Series 2007-HE1-A2D (CME Term SOFR 1 Month + 0.61%, 0.50% Floor)		5.94%			01/25/2037		1,320,855
	71,036,986	Series 2007-WM1-A1A (CME Term SOFR 1 Month + 0.39%, 0.28% Floor)		5.72%			11/25/2036		21,720,809
	3,896,542	Series 2007-WM1-A2A (CME Term SOFR 1 Month + 0.25%, 0.14% Floor)		5.58%			11/25/2036		1,621,416
	4,212,464	Series 2007-WM1-A2D (CME Term SOFR 1 Month + 0.55%, 0.44% Floor)		5.88%			11/25/2036		1,757,045
	2,720,955	Series 2007-WM2-A2C (CME Term SOFR 1 Month + 0.39%, 0.28% Floor)		5.72%			02/25/2037		1,150,655
	2,385,354	Series 2007-WM2-A2D (CME Term SOFR 1 Month + 0.48%, 0.37% Floor)		5.81%			02/25/2037		1,008,716
		Adjustable Rate Mortgage Trust
	2,555,977	Series 2004-4-CB1 (CME Term SOFR 1 Month + 1.26%, 1.15% Floor, 10.00% Cap)		6.59%			03/25/2035		2,113,870
	322,815	Series 2005-10-3A31		4.10%	(c)		01/25/2036		303,548
	17,960,372	Series 2005-11-4A1		4.76%	(c)		02/25/2036		9,572,231
	1,340,853	Series 2005-4-2A1		6.06%	(c)		08/25/2035		1,269,932
	128,954	Series 2005-7-3A1		4.70%	(c)		10/25/2035		123,771
	3,927,389	Series 2005-8-3A21		4.52%	(c)		11/25/2035		2,768,831
	10,790,844	Series 2006-1-2A1		5.61%	(c)		03/25/2036		5,636,893
	6,599,231	Series 2006-2-3A1		5.86%	(c)		05/25/2036		5,931,509
	9,923,581	Series 2006-2-5A1		5.28%	(c)		05/25/2036		2,301,363
	5,007,416	Series 2007-1-3A1		5.27%	(c)		03/25/2037		4,406,785
	857,259	Series 2007-3-1A1		4.99%	(a)(c)		11/25/2037		825,356

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Aegis Asset Backed Securities Trust
	191,819	Series 2003-2-M2 (CME Term SOFR 1 Month + 2.66%, 2.55% Floor)		7.99%			11/25/2033		169,063
	800,034	Series 2004-1-M2 (CME Term SOFR 1 Month + 2.14%, 2.03% Floor)		7.47%			04/25/2034		761,981
	617,792	Series 2004-2-M2 (CME Term SOFR 1 Month + 2.06%, 1.95% Floor)		7.39%			06/25/2034		585,123
	4,113,774	Series 2004-6-M2 (CME Term SOFR 1 Month + 1.11%, 1.00% Floor, 15.00% Cap)		6.44%			03/25/2035		3,848,316
	9,202,964	Series 2006-1-A2 (CME Term SOFR 1 Month + 0.28%, 0.17% Floor, 12.00% Cap)		5.61%			01/25/2037		6,785,314
		Ajax E Master Trust
	32,123,193	Series 2016-1-PC		4.18%	(a)(c)		01/01/2057		24,928,870
	32,496,259	Series 2016-2-PC		3.46%	(a)(b)(c)		10/25/2056		24,107,395
	42,350,841	Series 2017-1-PC		3.87%	(a)(b)(c)		06/25/2057		32,890,489
		AlphaFlow Transitional Mortgage Trust
	7,354,132	Series 2021-WL1-A1		3.28%	(a)(d)		01/25/2026		7,188,433
		American Home Mortgage Assets LLC
	2,768,145	Series 2006-2-2A1 (CME Term SOFR 1 Month + 0.49%, 0.38% Floor)		5.82%			09/25/2046		2,450,378
		American Home Mortgage Investment Trust
	2,717,611	Series 2005-4-3A1 (CME Term SOFR 1 Month + 0.71%, 0.60% Floor, 11.00% Cap)		6.04%			11/25/2045		1,882,682
	12,128,332	Series 2005-4-5A (CME Term SOFR 6 Month + 2.18%, 1.75% Floor, 11.00% Cap)		7.47%			11/25/2045		4,927,574
	2,146,383	Series 2006-2-3A4		7.10%	(d)		06/25/2036		321,903
	7,248,123	Series 2007-A-13A1		6.60%	(a)(d)		01/25/2037		1,106,870
		Ameriquest Mortgage Securities, Inc.
	4,794,197	Series 2004-FR1-M1		3.84%	(d)		05/25/2034		4,688,939
		Amortizing Residential Collateral Trust
	4,762,600	Series 2002-BC7-M1 (CME Term SOFR 1 Month + 1.31%, 1.20% Floor)		6.64%			10/25/2032		3,606,270
		AMSR Trust
	41,588,000	Series 2019-SFR1-E		3.47%	(a)		01/19/2039		38,725,556
	30,156,000	Series 2020-SFR4-G1		4.00%	(a)		11/17/2037		28,681,411
	10,000,000	Series 2020-SFR5-F		2.69%	(a)		11/17/2037		9,410,832
	6,500,000	Series 2021-SFR3-E1		2.33%	(a)		10/17/2038		5,842,855
	11,000,000	Series 2021-SFR3-E2		2.43%	(a)		10/17/2038		9,871,557
	18,500,000	Series 2021-SFR3-F		3.23%	(a)		10/17/2038		16,616,158
	6,500,000	Series 2021-SFR4-D		2.77%	(a)		12/17/2038		5,883,364
	10,500,000	Series 2021-SFR4-E1		2.97%	(a)		12/17/2038		9,391,639
		Angel Oak Mortgage Trust LLC
	3,788,870	Series 2019-2-M1		4.07%	(a)(c)		03/25/2049		3,753,538
	9,121,000	Series 2021-7-M1		3.26%	(a)(c)		10/25/2066		6,227,188
		Argent Securities, Inc. Asset-Backed Pass-Through Certificates
	9,652,851	Series 2004-W11-M6 (CME Term SOFR 1 Month + 1.99%, 1.88% Floor)		7.32%			11/25/2034		7,885,023
		Argent Securities, Inc. Asset-Backed Pass-Through Certificates Series 2003-W7
	103,496,385	Series 2006-M3-A1 (CME Term SOFR 1 Month + 0.29%, 0.18% Floor)		5.62%			10/25/2036		57,098,500
	11,800,432	Series 2006-W5-A1A (CME Term SOFR 1 Month + 0.41%, 0.30% Floor)		5.74%			06/25/2036		7,588,660
		Asset Backed Funding Certificates
	84,432,605	Series 2007-WMC1-A1A (CME Term SOFR 1 Month + 1.36%, 1.25% Floor)		6.69%			06/25/2037		57,763,520
		Asset Backed Securities Corp. Home Equity
	1,315,233	Series 2004-HE3-M2 (CME Term SOFR 1 Month + 1.79%, 1.68% Floor)		7.12%			06/25/2034		1,287,424
	18,087,004	Series 2006-HE7-A1 (CME Term SOFR 1 Month + 0.38%, 0.27% Floor)		4.03%			11/25/2036		16,148,502
		Banc of America Alternative Loan Trust
	442,625	Series 2005-10-4A1		5.75%			11/25/2035		308,748
	2,109,807	Series 2005-11-2CB1		6.00%			12/25/2035		1,876,633

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 15

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	1,329,297	Series 2006-2-1CB1		6.00%			03/25/2036		1,179,444
	1,702,712	Series 2006-2-3CB1		6.50%			03/25/2036		1,482,702
	450,438	Series 2006-5-CB14 (CME Term SOFR 1 Month + 1.21%, 6.00% Floor, 6.00% Cap)		6.00%			06/25/2046		388,883
	1,044,197	Series 2006-6-CB3		6.00%			07/25/2046		873,450
	7,925,101	Series 2006-7-A4		6.50%	(d)		10/25/2036		2,379,146
	1,425,781	Series 2006-8-1A1 (-1 x CME Term SOFR 1 Month + 6.39%, 6.50% Cap)		1.06%	(f)(g)		11/25/2036		106,387
	508,140	Series 2006-8-1A2 (CME Term SOFR 1 Month + 0.56%, 0.45% Floor, 7.00% Cap)		5.89%			11/25/2036		395,628
	2,423,699	Series 2006-9-1CB1		6.00%			01/25/2037		2,079,997
	396,428	Series 2007-2-2A1		6.00%			06/25/2037		325,437
		Banc of America Funding Corp.
	2,304,270	Series 2006-2-3A1		6.00%			03/25/2036		1,891,516
	68,102	Series 2006-2-4A1 (-3 x CME Term SOFR 1 Month + 22.46%, 22.80% Cap)		6.47%	(g)		03/25/2036		63,312
	82,358	Series 2006-2-6A2		5.50%			03/25/2036		78,718
	271,057	Series 2006-3-1A1		6.00%			03/25/2036		217,309
	186,594	Series 2006-3-6A1		6.37%	(c)		03/25/2036		184,676
	1,257,708	Series 2006-6-1A7		6.25%			08/25/2036		1,056,905
	470,999	Series 2006-7-T2A5		6.54%	(d)		10/25/2036		399,486
	2,219,967	Series 2006-7-T2A8		6.41%	(d)		10/25/2036		1,883,108
	548,637	Series 2006-8T2-A8		6.60%	(d)		10/25/2036		463,984
	229,658	Series 2006-B-7A1		4.32%	(c)		03/20/2036		190,629
	3,994,084	Series 2006-D-6A1		3.90%	(c)		05/20/2036		3,237,115
	102,830	Series 2006-H-3A1		4.48%	(c)		09/20/2046		82,386
	44,451,025	Series 2006-H-5A1 (CME Term SOFR 1 Month + 0.47%, 0.36% Floor, 10.50% Cap)		5.80%			10/20/2036		13,869,298
	466,986	Series 2007-1-TA10		6.34%	(d)		01/25/2037		418,399
	621,910	Series 2007-3-TA1B		5.83%	(c)		04/25/2037		518,960
	1,122,388	Series 2007-5-1A1		5.50%			07/25/2037		876,883
	685,269	Series 2009-R14A-3A (-2 x CME Term SOFR 1 Month + 16.30%, 5.50% Floor, 16.57% Cap)		5.50%	(a)(g)		06/26/2035		590,431
	1,044,308	Series 2009-R15A-4A2		5.75%	(a)(c)		12/26/2036		886,843
	566,249	Series 2010-R1-3A (-2 x CME Term SOFR 1 Month + 14.10%, 6.00% Floor, 14.28% Cap)		6.00%	(a)(g)		07/26/2036		526,662
	4,588,977	Series 2014-R6-3A2		5.71%	(a)(b)(c)(h)		10/26/2036		4,079,700
	11,702,849	Series 2014-R8-A2 (CME Term SOFR 1 Month + 0.35%, 0.24% Floor)		5.68%	(a)		06/26/2036		9,516,319
	19,191,276	Series 2015-R2-4A2 (CME Term SOFR 1 Month + 0.28%, 0.17% Floor)		3.97%	(a)(b)		09/29/2036		14,219,375
		Banc of America Mortgage Securities, Inc.
	1,001,984	Series 2006-1-A9		6.00%			05/25/2036		833,520
	153,531	Series 2007-1-2A5		5.75%			01/25/2037		125,283
	3,248,725	Series 2007-3-2A8		7.00%			09/25/2037		2,669,375
		BankUnited Trust
	5,305,831	Series 2005-1-2A1		4.97%	(c)		09/25/2045		4,705,205
		Barclays PLC
	6,401,243	Series 2010-RR6-7A10		4.64%	(a)(c)		02/26/2037		2,605,073
		Bayview Commercial Asset Trust
	698,229	Series 2007-3-A2 (CME Term SOFR 1 Month + 0.55%)		5.88%	(a)		07/25/2037		644,905
		Bayview Financial Acquisition Trust
	2,394,778	Series 2006-C-2A4 (CME Term SOFR 1 Month + 0.53%)		5.86%			11/28/2036		2,079,051
		BCAP LLC Trust
	21,249,557	Series 2007-AA2-11A (CME Term SOFR 1 Month + 0.49%, 0.38% Floor)		5.82%	(a)		05/25/2047		21,557,735
	1,985,365	Series 2007-AA2-2A7		6.00%			04/25/2037		905,544
	2,149,796	Series 2007-AA2-2A8		5.75%			04/25/2037		946,907
	10,183,486	Series 2008-RR3-A1B		6.70%	(a)(c)		10/25/2036		2,919,853
	1,449,557	Series 2009-RR13-18A2		5.75%	(a)(c)		07/26/2037		705,709
	2,565,661	Series 2009-RR4-4A2		5.75%	(a)(c)		02/26/2036		1,170,015
		Bear Stearns Adjustable Rate Mortgage Trust
	514,789	Series 2005-12-13A1		5.02%	(c)		02/25/2036		382,776
	2,213,374	Series 2006-4-4A1		4.69%	(c)		10/25/2046		1,844,675

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	2,661,520	Series 2007-1-2A1		5.70%	(c)		02/25/2047		2,234,220
	740,196	Series 2007-1-3A1		4.48%	(c)		02/25/2047		695,176
	8,596,789	Series 2007-2-2A1 (CME Term SOFR 12 Month + 2.59%, 1.88% Floor, 11.15% Cap)		8.06%			12/25/2046		6,940,160
		Bear Stearns Alt-A Trust
	195,236	Series 2004-11-2A3		5.48%	(c)		11/25/2034		192,715
	3,410,057	Series 2006-1-11A1 (CME Term SOFR 1 Month + 0.59%, 0.48% Floor, 11.50% Cap)		5.92%			02/25/2036		3,000,268
	10,082,053	Series 2006-3-21A1		4.47%	(c)		05/25/2036		7,315,361
	3,774,553	Series 2006-5-1A1 (CME Term SOFR 1 Month + 0.45%, 0.34% Floor, 11.50% Cap)		5.78%			08/25/2036		3,407,018
	6,178,605	Series 2006-6-2A1		4.20%	(c)		11/25/2036		2,831,058
	3,074,043	Series 2006-8-2A1		4.53%	(c)		08/25/2046		2,149,493
	4,954,923	Series 2007-1-1A1 (CME Term SOFR 1 Month + 0.43%, 0.32% Floor, 11.50% Cap)		5.76%			01/25/2047		3,977,239
		Bear Stearns Asset Backed Securities Trust
	2,392,374	Series 2004-AC4-A2		5.50%	(d)		08/25/2034		2,311,690
	5,510,072	Series 2005-AC2-1A		5.75%	(d)		04/25/2035		4,656,821
	1,791,581	Series 2005-AC2-2A1		5.75%	(d)		04/25/2035		1,655,653
	22,396,797	Series 2005-AC6-22A		5.14%	(c)		09/25/2035		17,589,215
	4,745,411	Series 2005-AC7-A4		6.00%	(d)		10/25/2035		3,048,157
	6,040,485	Series 2006-AC1-1A1		6.25%	(d)		02/25/2036		2,858,089
	912,086	Series 2006-AC5-A1		6.75%	(d)		12/25/2036		893,315
	873,946	Series 2007-HE2-2A3 (CME Term SOFR 1 Month + 0.27%, 0.16% Floor)		5.60%			02/25/2037		869,516
	21,653,115	Series 2007-HE4-2A (CME Term SOFR 1 Month + 0.33%, 0.22% Floor)		5.66%			05/25/2037		19,381,015
	11,789,999	Series 2007-HE6-2A (CME Term SOFR 1 Month + 1.16%, 1.05% Floor)		6.49%			08/25/2037		10,297,541
	967,152	Series 2007-SD1-1A2A		6.00%			10/25/2036		395,941
	1,320,163	Series 2007-SD1-1A3A		6.50%			10/25/2036		551,275
	1,315,799	Series 2007-SD1-23A1		5.68%	(c)		10/25/2036		725,243
		Bear Stearns Mortgage Funding Trust
	6,137,899	Series 2006-AR3-2A1 (CME Term SOFR 1 Month + 0.51%, 0.40% Floor, 10.50% Cap)		5.84%			11/25/2036		5,336,801
	2,814,737	Series 2006-AR4-A2 (CME Term SOFR 1 Month + 0.47%, 0.36% Floor, 10.50% Cap)		5.80%			12/25/2037		2,623,025
	6,144,262	Series 2007-AR3-22A1 (CME Term SOFR 1 Month + 0.43%, 0.32% Floor, 10.50% Cap)		5.76%			04/25/2037		6,045,924
		BNC Mortgage Loan Trust
	5,873,979	Series 2006-2-A4 (CME Term SOFR 1 Month + 0.43%, 0.32% Floor)		5.76%			11/25/2036		5,630,843
	5,078,067	Series 2007-1-A4 (CME Term SOFR 1 Month + 0.27%, 0.16% Floor)		5.60%			03/25/2037		4,792,141
	5,041,997	Series 2007-4-A4 (CME Term SOFR 1 Month + 1.61%, 1.50% Floor)		6.94%			11/25/2037		4,050,738
		BNP Paribas Mortgage Securities LLC
	23,677,812	Series 2009-1-B1		6.00%	(a)		08/27/2037		11,378,040
		CAFL Issuer LLC
	100,200,000	Series 2021-RTL1-A1		2.24%	(a)(d)		03/28/2029		96,476,046
	12,750,000	Series 2021-RTL1-A2		3.10%	(a)(d)		03/28/2029		12,261,926
		Carrington Mortgage Loan Trust
	3,958,590	Series 2006-FRE2-A2 (CME Term SOFR 1 Month + 0.23%, 0.12% Floor, 12.50% Cap)		5.56%			10/25/2036		3,115,107
	19,087,827	Series 2006-FRE2-A3 (CME Term SOFR 1 Month + 0.27%, 0.16% Floor, 12.50% Cap)		5.60%			10/25/2036		15,020,608
	5,875,088	Series 2006-FRE2-A4 (CME Term SOFR 1 Month + 0.36%, 0.25% Floor, 12.50% Cap)		5.69%			10/25/2036		4,623,194
	3,919,632	Series 2006-NC3-A3 (CME Term SOFR 1 Month + 0.26%, 0.15% Floor, 12.50% Cap)		5.59%			08/25/2036		3,734,744
	32,812,407	Series 2006-NC4-A3 (CME Term SOFR 1 Month + 0.27%, 0.16% Floor, 12.50% Cap)		5.60%			10/25/2036		31,842,606
	22,777,902	Series 2006-NC5-A3 (CME Term SOFR 1 Month + 0.26%, 0.15% Floor, 14.50% Cap)		5.59%			01/25/2037		19,732,262

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 17

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	11,509,783	Series 2007-RFC1-A3 (CME Term SOFR 1 Month + 0.25%, 0.14% Floor, 14.50% Cap)		5.58%			12/25/2036		11,129,110
		Cascade MH Asset Trust
	15,707,006	Series 2019-MH1-A		4.00%	(a)(c)		11/25/2044		15,125,674
		Centex Home Equity
	2,750,000	Series 2004-A-AF5		5.43%	(d)		01/25/2034		2,643,808
		Chase Mortgage Finance Corp.
	2,439,866	Series 2005-A1-2A4		4.90%	(c)		12/25/2035		2,253,846
	7,040,062	Series 2006-S1-A5		6.50%			05/25/2036		3,198,858
	6,655,830	Series 2006-S2-1A9		6.25%			10/25/2036		2,673,912
	4,617,039	Series 2006-S3-1A2		6.00%			11/25/2036		1,880,646
	13,246,483	Series 2006-S4-A8		6.00%			12/25/2036		5,690,749
	2,592,309	Series 2007-A2-6A4		5.31%	(c)		07/25/2037		2,269,670
	3,914,433	Series 2007-S1-A7		6.00%			02/25/2037		1,542,150
	2,272,371	Series 2007-S3-1A5		6.00%			05/25/2037		1,013,027
	1,061,910	Series 2007-S3-2A1		5.50%			05/25/2037		11
	2,182,617	Series 2007-S5-1A18		6.00%			07/25/2037		984,643
		Chaseflex Trust
	1,081,324	Series 2005-1-3A1		6.00%			02/25/2035		882,602
	92,439	Series 2006-1-A5		6.16%	(c)		06/25/2036		85,262
	2,134,962	Series 2006-2-A2B (CME Term SOFR 1 Month + 0.31%, 0.20% Floor, 11.50% Cap)		4.70%			09/25/2036		1,742,398
	3,197,061	Series 2007-1-1A1		6.50%			02/25/2037		1,149,261
	4,808,689	Series 2007-M1-2F4		4.23%	(d)		08/25/2037		3,737,377
	5,001,464	Series 2007-M1-2F5		4.23%	(d)		08/25/2037		3,886,832
		Citicorp Mortgage Securities, Inc.
	615,386	Series 2006-7-1A1		6.00%			12/25/2036		509,759
		Citigroup Financial Products, Inc.
	805,194	Series 2005-5-2A2		5.75%			08/25/2035		591,530
	1,459,579	Series 2007-AMC3-A2D (CME Term SOFR 1 Month + 0.46%, 0.35% Floor)		5.79%			03/25/2037		1,207,971
		Citigroup Mortgage Loan Trust, Inc.
	396,113	Series 2005-9-21A1		5.50%			11/25/2035		354,879
	942,396	Series 2006-4-2A1A		6.00%			12/25/2035		897,035
	4,256,144	Series 2006-AR3-1A1A		4.81%	(c)		06/25/2036		3,750,305
	2,190,230	Series 2006-FX1-A6		7.35%	(d)		10/25/2036		1,232,026
	8,792,526	Series 2006-WF1-A2D		4.57%	(d)		03/25/2036		7,011,249
	8,871,237	Series 2006-WF2-A2D		6.66%	(d)		05/25/2036		3,330,354
	1,540,698	Series 2007-10-1A1A		5.16%	(c)		04/25/2037		1,395,502
	515,928	Series 2007-12-2A1		6.50%	(a)(c)		10/25/2036		266,580
	14,510,381	Series 2007-9-1A1		5.75%	(a)		04/25/2047		7,811,906
	656,838	Series 2007-9-2A2		6.50%	(a)(c)		05/25/2037		588,190
	38,458,341	Series 2007-AMC2-A1 (CME Term SOFR 1 Month + 0.25%, 0.14% Floor)		5.58%	(a)		01/25/2037		34,282,065
	73,189	Series 2007-AR5-1A3A		5.13%	(c)		04/25/2037		73,674
	1,818,092	Series 2007-AR8-1A1A		3.84%	(c)		08/25/2047		1,545,155
	3,463,414	Series 2007-OPX1-A2 (CME Term SOFR 1 Month + 0.31%, 0.20% Floor)		5.64%			01/25/2037		1,420,793
	3,409,135	Series 2007-OPX1-A3A		5.97%	(d)		01/25/2037		1,387,120
	7,514,959	Series 2007-OPX1-A5A		5.76%	(d)		01/25/2037		3,058,890
	2,780,236	Series 2010-7-9A4		6.00%	(a)(c)		10/25/2037		2,362,677
	13,778,044	Series 2010-8-7A4		6.00%	(a)(c)		06/25/2037		12,282,626
	2,561,337	Series 2014-8-3A2		6.00%	(a)(c)		03/25/2037		2,195,612
	104,146,978	Series 2019-A-PT1		3.92%	(a)		10/25/2058		85,918,340
	161,032,680	Series 2019-D-PT1		3.51%	(a)(c)		04/25/2064		133,470,647
	200,104,707	Series 2020-RP1-A1		1.50%	(a)(c)		08/25/2064		172,951,658
	26,293,400	Series 2020-RP1-M1		2.00%	(a)(c)		08/25/2064		19,371,034
	22,116,950	Series 2020-RP1-M2		2.50%	(a)(c)		08/25/2064		15,922,220
	18,676,200	Series 2020-RP1-M3		2.75%	(a)(c)		08/25/2064		13,156,744
	49,012,437	Series 2020-RP1-PT5		6.92%	(a)(c)		08/25/2064		40,342,725
	15,108,854	Series 2021-JL1-A		2.75%	(a)(c)		02/27/2062		14,283,084
	260,347,108	Series 2021-RP2-A1		1.75%	(a)(c)		03/25/2065		229,306,286
	34,186,100	Series 2021-RP2-M1		3.25%	(a)(c)		03/25/2065		29,006,974

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	28,635,750	Series 2021-RP2-M2		3.40%	(a)(c)		03/25/2065		23,302,742
	26,589,300	Series 2021-RP2-M3		3.40%	(a)(c)		03/25/2065		20,866,296
	78,022,447	Series 2021-RP2-PT1		5.88%	(a)(c)		03/25/2065		63,338,935
		Citimortgage Alternative Loan Trust
	1,417,988	Series 2006-A1-1A5		5.50%			04/25/2036		1,270,907
	1,645,788	Series 2006-A2-A2		6.00%			05/25/2036		1,482,729
	1,704,668	Series 2006-A3-1A13		6.00%			07/25/2036		1,504,848
	1,332,333	Series 2006-A4-1A8		6.00%			09/25/2036		1,182,717
	1,465,444	Series 2006-A5-3A3		6.00%			10/25/2036		1,154,248
	3,944,283	Series 2006-A6-1A2 (1 Month LIBOR USD + 0.50%, 6.00% Floor, 6.00% Cap)		6.00%	(i)		11/25/2036		3,550,440
	2,023,464	Series 2007-A1-1A5		6.00%			01/25/2037		1,773,674
	986,573	Series 2007-A1-1A7		6.00%			01/25/2037		864,784
	2,675,133	Series 2007-A1-1A8 (CME Term SOFR 1 Month + 0.71%, 0.60% Floor, 6.00% Cap)		6.00%			01/25/2037		2,184,452
	2,524,285	Series 2007-A1-1A9 (-1 x CME Term SOFR 1 Month + 5.29%, 5.40% Cap)		0.00%	(f)(g)		01/25/2037		127,110
	2,143,103	Series 2007-A3-1A1		6.00%	(j)		03/25/2037		1,915,836
	4,931,966	Series 2007-A3-1A3 (-1 x CME Term SOFR 1 Month + 5.29%, 5.40% Cap)		0.00%	(f)(g)		03/25/2037		246,166
	1,932,732	Series 2007-A3-1A4		5.75%			03/25/2037		1,717,107
	3,368,167	Series 2007-A4-1A3 (CME Term SOFR 1 Month + 0.44%, 0.33% Floor, 7.00% Cap)		5.77%			04/25/2037		2,833,984
	3,368,167	Series 2007-A4-1A4 (-1 x CME Term SOFR 1 Month + 6.56%, 6.67% Cap)		1.23%	(f)(g)		04/25/2037		325,525
	3,567,062	Series 2007-A4-1A5		5.75%			04/25/2037		3,249,372
	468,692	Series 2007-A5-1A11		6.00%			05/25/2037		424,759
	6,179,366	Series 2007-A5-1A8		6.00%			05/25/2037		5,600,145
	196,224	Series 2007-A8-A1		6.00%			10/25/2037		171,904
		CitiMortgage, Inc.
	1,707,777	Series 2005-1-1A4		5.50%			02/25/2035		1,600,918
		Colony American Finance Ltd.
	9,000,000	Series 2020-3-D		2.95%	(a)(c)		08/15/2053		7,197,499
		COLT Funding LLC
	14,812,000	Series 2021-5-M1		3.26%	(a)(c)		11/26/2066		10,536,882
	4,294,000	Series 2021-HX1-B1		3.11%	(a)(c)		10/25/2066		3,079,836
	4,130,000	Series 2021-HX1-B2		3.86%	(a)(c)		10/25/2066		3,074,003
	6,000,000	Series 2021-HX1-M1		2.36%	(a)(c)		10/25/2066		4,171,465
	11,380,304	Series 2022-4-A1		4.30%	(a)(c)		03/25/2067		11,104,364
		Countrywide Alternative Loan Trust
	24,311,262	Series 2004-36CB-1A1		6.00%			02/25/2035		17,572,987
	5,113,987	Series 2005-13CB-A1 (CME Term SOFR 1 Month + 0.61%, 0.50% Floor, 5.50% Cap)		5.50%			05/25/2035		4,194,653
	2,335,865	Series 2005-13CB-A3		5.50%			05/25/2035		2,026,168
	2,153,260	Series 2005-20CB-2A1 (CME Term SOFR 1 Month + 0.61%, 0.50% Floor, 5.50% Cap)		5.50%			07/25/2035		1,298,716
	4,396,239	Series 2005-20CB-2A2 (-1 x CME Term SOFR 1 Month + 4.89%, 5.00% Cap)		0.00%	(f)(g)		07/25/2035		180,545
	1,349,435	Series 2005-26CB-A11 (-2 x CME Term SOFR 1 Month + 12.84%, 13.05% Cap)		3.18%	(g)		07/25/2035		924,413
	1,843,787	Series 2005-28CB-1A2 (CME Term SOFR 1 Month + 0.86%, 0.75% Floor, 5.50% Cap)		5.50%			08/25/2035		1,473,804
	920,112	Series 2005-28CB-3A6		6.00%			08/25/2035		386,062
	5,103,454	Series 2005-32T1-A9		5.50%			08/25/2035		2,895,942
	1,977,596	Series 2005-46CB-A14		5.50%			10/25/2035		1,425,211
	1,001,887	Series 2005-46CB-A20		5.50%			10/25/2035		722,039
	3,655,770	Series 2005-48T1-A2		5.50%			11/25/2035		2,113,189
	1,248,814	Series 2005-54CB-3A4		5.50%			11/25/2035		702,346
	27,575,261	Series 2005-55CB-1A1		5.50%			11/25/2035		18,383,139
	10,997,836	Series 2005-57CB-1A1		5.50%			12/25/2035		7,953,751
	297,913	Series 2005-60T1-A7 (-7 x CME Term SOFR 1 Month + 35.09%, 35.93% Cap)		0.00%	(g)		12/25/2035		160,642
	303,844	Series 2005-64CB-1A14		5.50%			12/25/2035		263,606
	4,409,909	Series 2005-64CB-1A4		5.50%			12/25/2035		3,825,905

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 19

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	898,820	Series 2005-73CB-1A5 (CME Term SOFR 1 Month + 0.91%, 0.80% Floor, 5.50% Cap)		5.50%			01/25/2036		813,984
	2,261,246	Series 2005-73CB-1A6 (-1 x CME Term SOFR 1 Month + 4.59%, 4.70% Cap)		0.00%	(f)(g)		01/25/2036		65,587
	29,540,861	Series 2005-77T1-1A1		6.00%			02/25/2036		14,720,905
	416,385	Series 2005-79CB-A5		5.50%			01/25/2036		239,066
	16,676,514	Series 2005-80CB-4A1		6.00%			02/25/2036		7,958,691
	18,802,178	Series 2005-85CB-1A1		6.00%			02/25/2036		8,024,992
	1,151,838	Series 2005-85CB-2A6 (-4 x CME Term SOFR 1 Month + 21.21%, 21.63% Cap)		1.67%	(g)		02/25/2036		852,851
	822,529	Series 2005-86CB-A5		5.50%			02/25/2036		475,655
	3,139,679	Series 2005-J1-5A3		5.50%			02/25/2035		2,946,308
	13,650	Series 2005-J1-7A1		5.50%			12/25/2024		11,683
	1,157,043	Series 2005-J10-1A11		5.50%			10/25/2035		791,224
	263,316	Series 2005-J10-1A13 (CME Term SOFR 1 Month + 0.81%, 0.70% Floor, 5.50% Cap)		5.50%			10/25/2035		161,823
	123,349	Series 2005-J10-1A15		5.50%			10/25/2035		84,350
	361,561	Series 2005-J11-1A3		5.50%			11/25/2035		204,969
	73,863	Series 2005-J11-6A1		6.50%			09/25/2032		68,844
	362,955	Series 2005-J13-2A5 (CME Term SOFR 1 Month + 0.59%, 0.48% Floor, 5.50% Cap)		5.50%			11/25/2035		236,270
	725,910	Series 2005-J13-2A6 (-1 x CME Term SOFR 1 Month + 4.91%, 5.02% Cap)		0.00%	(f)(g)		11/25/2035		30,359
	431,937	Series 2005-J2-1A5 (CME Term SOFR 1 Month + 0.61%, 0.50% Floor, 5.50% Cap)		5.50%			04/25/2035		334,317
	1,329,037	Series 2005-J2-1A6 (-1 x CME Term SOFR 1 Month + 4.89%, 5.00% Cap)		0.00%	(f)(g)		04/25/2035		39,604
	2,648,407	Series 2005-J3-2A8 (CME Term SOFR 1 Month + 0.41%, 0.30% Floor, 5.50% Cap)		5.50%			05/25/2035		1,899,845
	2,648,407	Series 2005-J3-2A9 (-1 x CME Term SOFR 1 Month + 5.09%, 5.20% Cap)		0.00%	(f)(g)		05/25/2035		114,055
	2,507,644	Series 2006-12CB-A3 (CME Term SOFR 1 Month + 5.75%, 5.75% Floor)		5.75%			05/25/2036		1,258,655
	3,090,607	Series 2006-12CB-A8		6.00%			05/25/2036		1,610,875
	10,739,144	Series 2006-13T1-A1		6.00%			05/25/2036		5,342,051
	27,227,591	Series 2006-15CB-A1		6.50%			06/25/2036		12,754,653
	2,584,040	Series 2006-16CB-A7		6.00%			06/25/2036		1,416,960
	683,549	Series 2006-18CB-A12 (CME Term SOFR 1 Month + 0.71%, 0.60% Floor, 6.00% Cap)		6.00%			07/25/2036		304,999
	683,549	Series 2006-18CB-A13 (-1 x CME Term SOFR 1 Month + 5.39%, 5.50% Cap)		0.06%	(f)(g)		07/25/2036		49,800
	3,337,922	Series 2006-19CB-A12 (CME Term SOFR 1 Month + 0.51%, 0.40% Floor, 6.00% Cap)		5.84%			08/25/2036		1,585,661
	4,526,423	Series 2006-19CB-A13 (-1 x CME Term SOFR 1 Month + 5.49%, 5.60% Cap)		0.16%	(f)(g)		08/25/2036		412,091
	696,741	Series 2006-19CB-A15		6.00%			08/25/2036		402,898
	4,099,493	Series 2006-23CB-2A3		6.50%			08/25/2036		1,288,289
	1,261,078	Series 2006-24CB-A11		5.75%			08/25/2036		687,318
	3,691,021	Series 2006-24CB-A14 (-1 x CME Term SOFR 1 Month + 7.04%, 7.15% Cap)		1.71%	(f)(g)		08/25/2036		591,602
	2,959,718	Series 2006-24CB-A22		6.00%			08/25/2036		1,667,388
	3,176,666	Series 2006-24CB-A5 (CME Term SOFR 1 Month + 0.71%, 0.06% Floor, 6.00% Cap)		6.00%			08/25/2036		1,530,903
	1,427,287	Series 2006-26CB-A17		6.25%			09/25/2036		719,404
	1,832,044	Series 2006-26CB-A9		6.50%			09/25/2036		959,052
	2,382,012	Series 2006-29T1-1A2		6.25%			10/25/2036		1,289,477
	368,036	Series 2006-29T1-2A12 (-7 x CME Term SOFR 1 Month + 45.41%, 46.15% Cap)		10.76%	(g)		10/25/2036		477,785
	225,430	Series 2006-29T1-2A23 (-4 x CME Term SOFR 1 Month + 32.87%, 33.37% Cap)		9.78%	(g)		10/25/2036		233,979
	1,868,298	Series 2006-2CB-A9		6.00%			03/25/2036		826,105
	2,425,276	Series 2006-30T1-1A2		6.25%			11/25/2036		1,811,443
	1,993,613	Series 2006-32CB-A1 (CME Term SOFR 1 Month + 0.78%, 0.67% Floor, 6.00% Cap)		6.00%			11/25/2036		999,282

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	3,325,346	Series 2006-32CB-A2 (-1 x CME Term SOFR 1 Month + 5.22%, 5.33% Cap)		0.00%	(f)(g)		11/25/2036		228,643
	7,365,208	Series 2006-36T2-2A1		6.25%			12/25/2036		3,148,453
	594,503	Series 2006-36T2-2A4		6.25%			12/25/2036		254,136
	760,624	Series 2006-39CB-1A10		6.00%			01/25/2037		603,630
	13,272,649	Series 2006-39CB-2A2 (-1 x CME Term SOFR 1 Month + 6.44%, 6.55% Cap)		1.11%	(f)(g)		01/25/2037		765,756
	4,519,963	Series 2006-39CB-2A4 (CME Term SOFR 1 Month + 0.56%, 0.45% Floor, 7.00% Cap)		5.89%			01/25/2037		569,866
	1,135,207	Series 2006-40T1-1A11		6.00%			01/25/2037		683,738
	1,932,229	Series 2006-40T1-1A4 (-1 x CME Term SOFR 1 Month + 5.34%, 5.45% Cap)		0.01%	(f)(g)		01/25/2037		132,585
	2,755,178	Series 2006-41CB-1A10		6.00%			01/25/2037		1,450,417
	6,738,266	Series 2006-41CB-1A15 (-1 x CME Term SOFR 1 Month + 5.29%, 5.40% Cap)		0.00%	(f)(g)		01/25/2037		614,202
	6,738,266	Series 2006-41CB-1A2 (CME Term SOFR 1 Month + 0.71%, 0.60% Floor, 6.00% Cap)		6.00%			01/25/2037		2,957,922
	2,901,261	Series 2006-41CB-1A9		6.00%			01/25/2037		1,527,321
	3,518,774	Series 2006-42-1A1 (CME Term SOFR 1 Month + 0.71%, 0.60% Floor, 6.00% Cap)		6.00%			01/25/2047		1,536,215
	3,518,774	Series 2006-42-1A2 (-1 x CME Term SOFR 1 Month + 5.29%, 5.40% Cap)		0.00%	(f)(g)		01/25/2047		320,699
	2,343,320	Series 2006-42-1A3		6.00%			01/25/2047		1,231,024
	2,634,036	Series 2006-43CB-1A12		5.75%			02/25/2037		1,397,427
	9,113,358	Series 2006-43CB-1A6		6.00%			02/25/2037		5,009,250
	9,706,694	Series 2006-45T1-1A1 (CME Term SOFR 1 Month + 0.61%, 6.00% Floor, 6.00% Cap)		6.00%			02/25/2037		3,745,358
	3,131,192	Series 2006-45T1-1A4 (CME Term SOFR 1 Month + 0.71%, 0.60% Floor, 6.00% Cap)		6.00%			02/25/2037		898,946
	3,131,192	Series 2006-45T1-1A5 (-1 x CME Term SOFR 1 Month + 5.29%, 5.40% Cap)		0.00%	(f)(g)		02/25/2037		221,260
	1,334,103	Series 2006-45T1-2A2		6.00%			02/25/2037		722,932
	5,334,846	Series 2006-4CB-1A1		6.00%			04/25/2036		2,653,921
	580,838	Series 2006-6CB-1A4		5.50%			05/25/2036		471,907
	4,123,700	Series 2006-7CB-1A14		6.00%			05/25/2036		2,235,600
	7,190,989	Series 2006-7CB-1A16		6.00%			05/25/2036		3,898,483
	2,203,319	Series 2006-7CB-1A6		6.00%			05/25/2036		1,210,195
	2,231,547	Series 2006-7CB-1A9		6.00%			05/25/2036		1,209,799
	812,226	Series 2006-9T1-A11		6.00%			05/25/2036		326,096
	1,752,231	Series 2006-J1-1A10		5.50%			02/25/2036		1,208,377
	3,555,210	Series 2006-J1-1A3		5.50%			02/25/2036		2,451,751
	786,194	Series 2006-J4-2A2		6.00%			07/25/2036		448,469
	1,017,190	Series 2006-J7-1A1		6.25%			11/25/2036		483,051
	27,885,489	Series 2006-OA21-A1 (CME Term SOFR 1 Month + 0.30%, 0.19% Floor)		5.63%			03/20/2047		22,529,676
	2,437,904	Series 2006-OA7-1A2 (12 Month US Treasury Average + 0.94%, 0.94% Floor)		6.03%			06/25/2046		2,055,084
	586,779	Series 2007-11T1-A24 (-6 x CME Term SOFR 1 Month + 39.21%, 39.90% Cap)		7.24%	(g)		05/25/2037		541,159
	9,193,259	Series 2007-12T1-A11		6.00%			06/25/2037		4,291,180
	8,504,795	Series 2007-15CB-A1		6.00%			07/25/2037		5,153,054
	5,072,612	Series 2007-15CB-A2		5.75%			07/25/2037		2,960,467
	6,085,296	Series 2007-15CB-A5		5.75%			07/25/2037		3,551,489
	7,233,503	Series 2007-16CB-2A1 (CME Term SOFR 1 Month + 0.56%, 0.45% Floor, 7.00% Cap)		5.89%			08/25/2037		2,537,262
	2,094,642	Series 2007-16CB-2A2 (-8 x CME Term SOFR 1 Month + 53.63%, 54.58% Cap)		9.22%	(g)		08/25/2037		2,705,322
	2,459,786	Series 2007-16CB-4A7		6.00%			08/25/2037		1,810,105
	4,738,873	Series 2007-17CB-1A10 (-5 x CME Term SOFR 1 Month + 29.37%, 29.90% Cap)		4.86%	(g)		08/25/2037		4,062,156
	711,607	Series 2007-18CB-2A25		6.00%			08/25/2037		438,821
	594,090	Series 2007-19-1A10 (-6 x 1 Month LIBOR USD + 39.00%, 39.00% Cap)		6.34%	(g)(i)		08/25/2037		602,134
	10,647,848	Series 2007-19-1A34		6.00%			08/25/2037		5,207,934

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 21

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	8,731,857	Series 2007-19-1A4		6.00%			08/25/2037		4,270,810
	27,035,329	Series 2007-19-2A1		6.50%			08/25/2037		11,354,160
	2,683,128	Series 2007-21CB-2A2 (-4 x CME Term SOFR 1 Month + 27.94%, 28.40% Cap)		6.62%	(g)		09/25/2037		1,998,586
	17,609,444	Series 2007-22-2A16		6.50%			09/25/2037		6,777,798
	6,767,458	Series 2007-23CB-A3 (CME Term SOFR 1 Month + 0.61%, 0.50% Floor, 7.00% Cap)		5.94%			09/25/2037		2,656,539
	9,604,426	Series 2007-23CB-A4 (-1 x CME Term SOFR 1 Month + 6.39%, 6.50% Cap)		1.06%	(f)(g)		09/25/2037		1,254,855
	971,785	Series 2007-24-A2 (-6 x CME Term SOFR 1 Month + 41.01%, 41.70% Cap)		9.04%	(g)		10/25/2037		866,568
	1,943,160	Series 2007-24-A3 (-1 x CME Term SOFR 1 Month + 6.84%, 6.95% Cap)		1.51%	(f)(g)		10/25/2037		286,870
	3,187,758	Series 2007-24-A4 (CME Term SOFR 1 Month + 0.81%, 0.70% Floor, 7.00% Cap)		6.14%			10/25/2037		770,161
	4,216,283	Series 2007-24-A6 (CME Term SOFR 1 Month + 1.11%, 1.00% Floor, 7.00% Cap)		6.44%			10/25/2037		1,087,898
	3,062,991	Series 2007-2CB-1A4 (CME Term SOFR 1 Month + 1.11%, 5.75% Floor, 100.00% Cap)		6.44%			03/25/2037		1,647,811
	14,795,333	Series 2007-4CB-2A1		7.00%			03/25/2037		1,387,404
	3,492,635	Series 2007-5CB-1A18 (-1 x CME Term SOFR 1 Month + 5.54%, 5.65% Cap)		0.21%	(f)(g)		04/25/2037		345,814
	3,492,635	Series 2007-5CB-1A23 (CME Term SOFR 1 Month + 0.66%, 0.55% Floor, 6.00% Cap)		5.99%			04/25/2037		1,542,099
	13,911,093	Series 2007-5CB-1A31		5.50%			04/25/2037		7,128,727
	5,708,808	Series 2007-5CB-2A1		6.00%			04/25/2037		2,546,836
	4,699,805	Series 2007-6-A1		5.75%			04/25/2047		2,556,161
	5,153,374	Series 2007-6-A4		5.75%			04/25/2047		2,802,851
	1,312,574	Series 2007-7T2-A8		6.00%			04/25/2037		593,625
	232,638	Series 2007-8CB-A12 (-6 x CME Term SOFR 1 Month + 39.51%, 40.20% Cap)		7.54%	(g)		05/25/2037		236,724
	248,337	Series 2007-8CB-A8 (-6 x CME Term SOFR 1 Month + 39.39%, 40.08% Cap)		7.42%	(g)		05/25/2037		250,989
	386,009	Series 2007-9T1-1A4 (CME Term SOFR 1 Month + 0.61%, 0.50% Floor, 6.00% Cap)		5.94%			05/25/2037		139,948
	386,009	Series 2007-9T1-1A5 (-1 x CME Term SOFR 1 Month + 5.39%, 5.50% Cap)		0.06%	(f)(g)		05/25/2037		29,415
	1,421,970	Series 2007-9T1-2A1		6.00%			05/25/2037		647,706
	18,155,811	Series 2007-HY2-1A		4.95%	(c)		03/25/2047		16,000,902
	15,746,098	Series 2007-HY4-4A1		4.15%	(c)		06/25/2037		14,391,584
		Countrywide Asset-Backed Certificates
	17,544,000	Series 2005-11-MF1		5.35%	(c)		02/25/2036		14,551,401
	65,766	Series 2005-4-AF5B		5.65%	(d)		10/25/2035		65,447
	18,774,012	Series 2006-25-1A (CME Term SOFR 1 Month + 0.25%, 0.14% Floor)		5.58%			06/25/2047		17,189,940
	5,360,527	Series 2006-26-1A (CME Term SOFR 1 Month + 0.25%, 0.14% Floor)		5.58%			06/25/2037		4,961,585
	21,331,069	Series 2007-4-A5		4.42%	(d)		04/25/2047		15,398,342
	10,202,347	Series 2007-BC1-1A (CME Term SOFR 1 Month + 0.39%, 0.28% Floor)		5.72%			05/25/2037		9,331,039
		Countrywide Home Loan Mortgage Pass Through Trust
	422,459	Series 2003-60-4A1		6.21%	(c)		02/25/2034		405,516
	708,015	Series 2004-R2-1AF1 (CME Term SOFR 1 Month + 0.53%, 0.42% Floor, 9.50% Cap)		5.86%	(a)		11/25/2034		634,347
	688,897	Series 2004-R2-1AS		0.68%	(a)(c)(f)		11/25/2034		30,088
	11,666,638	Series 2005-17-2A1		5.50%			09/25/2035		5,710,900
	2,453,470	Series 2005-18-A1		5.50%			10/25/2035		1,373,384
	1,863,710	Series 2005-20-A5		5.50%			10/25/2035		1,143,922
	1,366,101	Series 2005-20-A8		5.25%			10/25/2035		835,246
	6,025,532	Series 2005-23-A1		5.50%			11/25/2035		3,249,268
	1,328,083	Series 2005-24-A8		5.50%			11/25/2035		738,133
	2,073,891	Series 2005-26-1A12		5.50%			11/25/2035		1,268,817
	428,027	Series 2005-27-2A1		5.50%			12/25/2035		180,787
	759,224	Series 2005-28-A7		5.25%			01/25/2036		400,032

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	6,316,194	Series 2005-HYB1-4A1		4.80%	(c)		03/25/2035		5,724,810
	240,455	Series 2005-HYB8-1A1		4.57%	(c)		12/20/2035		218,131
	6,349,136	Series 2005-HYB8-4A1		4.55%	(c)		12/20/2035		5,544,878
	616,472	Series 2005-J3-2A4		4.50%			09/25/2035		530,699
	656,617	Series 2005-J4-A5		5.50%			11/25/2035		531,292
	218,446	Series 2005-R1-1AF1 (CME Term SOFR 1 Month + 0.47%, 0.36% Floor, 9.50% Cap)		5.80%	(a)		03/25/2035		207,452
	216,986	Series 2005-R1-1AS		0.80%	(a)(c)(f)		03/25/2035		8,792
	6,528,554	Series 2006-1-A2		6.00%			03/25/2036		3,534,025
	4,405,461	Series 2006-14-A5		6.25%			09/25/2036		1,934,144
	3,124,493	Series 2006-16-2A1		6.50%			11/25/2036		1,060,482
	1,340,175	Series 2006-20-1A21		6.00%			02/25/2037		667,702
	15,643,083	Series 2006-8-1A3		6.00%			05/25/2036		9,914,303
	181,372	Series 2006-J3-A4		5.50%			05/25/2036		176,180
	3,821,143	Series 2007-10-A7		6.00%			07/25/2037		1,757,496
	13,154,301	Series 2007-11-A1		6.00%			08/25/2037		5,725,728
	6,481,626	Series 2007-12-A9		5.75%			08/25/2037		3,411,163
	2,826,598	Series 2007-13-A1		6.00%			08/25/2037		1,437,883
	4,631,536	Series 2007-13-A10		6.00%			08/25/2037		2,356,050
	3,579,555	Series 2007-15-1A1		6.25%			09/25/2037		2,201,133
	499,982	Series 2007-15-1A16		6.25%			09/25/2037		307,448
	1,440,230	Series 2007-15-1A2		6.25%			09/25/2037		885,205
	1,758,955	Series 2007-15-1A29		6.25%			09/25/2037		1,081,565
	2,598,390	Series 2007-17-1A2		6.00%			10/25/2037		1,817,290
	388,613	Series 2007-18-1A1		6.00%			11/25/2037		170,547
	1,343,674	Series 2007-2-A2		6.00%			03/25/2037		574,359
	36,822,567	Series 2007-21-1A1		6.25%			02/25/2038		17,769,868
	3,495,729	Series 2007-3-A1		6.00%			04/25/2037		1,696,640
	1,346,329	Series 2007-3-A12		6.00%			04/25/2037		653,436
	3,149,200	Series 2007-4-1A39		6.00%			05/25/2037		1,379,295
	1,154,730	Series 2007-5-A2		5.75%			05/25/2037		597,373
	4,276,594	Series 2007-7-A1		6.00%			06/25/2037		2,184,567
	1,921,958	Series 2007-7-A11		5.50%			06/25/2037		907,010
	1,281,977	Series 2007-7-A2		5.75%			06/25/2037		629,945
	4,302,757	Series 2007-8-1A4		6.00%			01/25/2038		1,929,752
	2,258,071	Series 2007-8-1A5		5.44%			01/25/2038		940,598
	3,659,845	Series 2007-8-1A8		6.00%			01/25/2038		1,641,411
	5,242,766	Series 2007-8-1A9 (CME Term SOFR 1 Month + 6.00%, 4.00% Floor, 6.00% Cap)		6.00%			01/25/2038		2,363,279
	5,112,296	Series 2007-9-A1		5.75%			07/25/2037		2,583,424
	672,818	Series 2007-9-A11		5.75%			07/25/2037		339,999
	3,433,418	Series 2007-HY1-1A1		4.54%	(c)		04/25/2037		3,117,483
	7,902,126	Series 2007-HYB1-2A1		4.05%	(c)		03/25/2037		6,223,113
	15,659,671	Series 2007-J1-2A1		6.00%			02/25/2037		6,049,149
	388,043	Series 2007-J3-A1 (CME Term SOFR 1 Month + 0.61%, 0.50% Floor, 6.00% Cap)		5.94%			07/25/2037		121,971
	1,940,213	Series 2007-J3-A2 (-1 x CME Term SOFR 1 Month + 5.39%, 5.50% Cap)		0.06%	(f)(g)		07/25/2037		163,783
		Credit Suisse First Boston Mortgage Securities Corp.
	1,804,969	Series 2005-10-5A4		5.50%			11/25/2035		1,317,345
	380,003	Series 2005-10-5A5		5.50%			11/25/2035		277,389
		Credit Suisse Management LLC
	3,717,766	Series 2005-11-2A1		6.00%			12/25/2035		2,600,596
	5,264,816	Series 2005-12-5A1		5.25%			01/25/2036		4,515,467
	9,678,653	Series 2005-12-7A1		7.00%			01/25/2036		2,062,105
	2,415,361	Series 2005-8-3A10		5.50%			09/25/2035		2,052,683
	3,569,925	Series 2005-8-7A1		7.00%			09/25/2035		1,649,369
		Credit Suisse Mortgage Capital Certificates
	776,039	Series 2005-1R-2A5		5.75%	(a)		12/26/2035		545,498
	11,281,244	Series 2006-1-2A1		6.00%			02/25/2036		3,443,576
	2,311,924	Series 2006-2-5A1 (CME Term SOFR 1 Month + 0.81%, 0.70% Floor, 6.00% Cap)		6.00%			03/25/2036		786,961

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 23

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	12,922,594	Series 2006-2-5A2 (-1 x CME Term SOFR 1 Month + 5.19%, 5.30% Cap)		0.00%	(f)(g)		03/25/2036		900,222
	2,691,758	Series 2006-2-5A3		6.25%			03/25/2036		1,178,848
	7,284,975	Series 2006-2-5A4		6.00%			03/25/2036		3,069,979
	1,083,916	Series 2006-3-4A3		5.50%			04/25/2036		769,492
	655,255	Series 2006-3-4A4		5.50%			04/25/2036		465,178
	2,415,566	Series 2006-4-1A8 (CME Term SOFR 1 Month + 1.11%, 6.00% Floor, 6.00% Cap)		6.00%			05/25/2036		1,342,104
	20,336,525	Series 2006-4-4A1		7.00%			05/25/2036		5,435,310
	7,094,686	Series 2006-4-6A1		6.00%			05/25/2036		2,770,943
	6,685,957	Series 2006-6-1A4		6.00%			07/25/2036		3,201,810
	10,035,754	Series 2006-6-3A1		7.00%			07/25/2036		2,328,488
	113,130	Series 2006-7-3A11		6.00%			08/25/2036		44,116
	1,532,636	Series 2006-7-7A5		6.00%			08/25/2036		1,164,537
	2,032,527	Series 2006-9-2A1		5.50%			11/25/2036		1,713,168
	8,263,253	Series 2006-9-3A1		6.00%			11/25/2036		7,049,999
	3,339,843	Series 2006-9-4A1		6.00%			11/25/2036		2,022,477
	1,349,467	Series 2006-9-6A14		6.00%			11/25/2036		1,056,735
	219,243	Series 2006-9-6A15 (-6 x CME Term SOFR 1 Month + 39.21%, 39.90% Cap)		7.29%	(g)		11/25/2036		253,847
	8,235,786	Series 2007-1-1A4		6.13%	(c)		02/25/2037		1,981,081
	5,453,663	Series 2007-1-3A1		6.00%			02/25/2057		895,531
	2,853,480	Series 2007-1-5A14		6.00%			02/25/2037		1,580,725
	23,417	Series 2007-2-2A1		5.00%			03/25/2037		17,580
	5,166,866	Series 2007-3-2A10		6.00%			04/25/2037		1,916,138
	2,261,158	Series 2007-5-2A5		5.00%			08/25/2037		1,874,610
	21,616,181	Series 2007-5-3A19		6.00%			08/25/2037		15,994,141
	9,521,095	Series 2007-5-3A9		6.00%			08/25/2037		7,037,761
	2,173,447	Series 2008-2R-1A1		6.00%	(a)(b)		07/25/2037		1,719,092
	8,302,114	Series 2009-11R-4A1		7.00%	(a)(c)		09/26/2037		2,237,152
	5,756,289	Series 2009-12R-5A1		6.00%	(a)(b)		06/27/2036		2,845,384
	1,312,250	Series 2010-13R-1A2		5.50%	(a)(c)		12/26/2035		1,092,443
	19,302,475	Series 2010-17R-6A1		3.85%	(a)(b)(c)		06/26/2037		17,769,030
	6,131,933	Series 2010-4R-3A17		6.00%	(a)(b)(c)		06/26/2037		5,582,728
	3,027,485	Series 2010-4R-8A17		6.00%	(a)(b)(c)		06/26/2037		2,756,329
	8,338,203	Series 2010-7R-1A17		6.00%	(a)(c)		01/26/2037		4,582,649
	7,096,789	Series 2012-10R-4A2		4.53%	(a)(c)		08/26/2046		4,974,062
	8,144,789	Series 2013-9R-A1		3.00%	(a)(b)(c)		05/27/2043		7,014,621
	171,649,437	Series 2019-RPL6-PT1		4.14%	(a)(c)		11/25/2058		146,805,583
	4,227,000	Series 2020-AFC1-B1		3.45%	(a)(c)		02/25/2050		3,098,593
	169,008,354	Series 2020-RPL1-PT1		3.33%	(a)(c)		10/25/2069		132,435,012
	11,402,980	Series 2021-JR1-A1		2.47%	(a)(c)		09/27/2066		11,278,291
	9,131,218	Series 2021-JR2-A1		2.22%	(a)(c)		11/25/2061		8,924,088
	7,469,850	Series 2021-NQM1-B1		2.83%	(a)(c)		05/25/2065		4,812,608
	6,225,825	Series 2021-NQM5-M1		2.17%	(a)(c)		05/25/2066		3,629,866
	3,180,040	Series 2021-NQM6-B1		3.29%	(a)(c)		07/25/2066		2,109,230
	7,445,317	Series 2021-NQM6-M1		2.58%	(a)(c)		07/25/2066		4,985,538
	27,354,096	Series 2021-RPL9-A1		2.44%	(a)(c)		02/25/2061		26,505,462
		Credit-Based Asset Servicing and Securitization LLC
	7,942,246	Series 2006-CB4-AV3 (CME Term SOFR 1 Month + 0.41%, 0.30% Floor)		3.23%			05/25/2036		5,179,731
		CSAB Mortgage Backed Trust
	3,892,946	Series 2006-3-A4B		6.61%	(d)		11/25/2036		604,197
	2,218,252	Series 2006-4-A6A		6.18%	(d)		12/25/2036		400,783
	8,123,030	Series 2007-1-1A1A		5.90%	(c)		05/25/2037		1,928,049
		CSMCM Trust
	7,218,796	Series 2019-RPL6-CERT		0.00%	(a)(c)		11/25/2058		5,907,822
	8,895,752	Series 2020-RPL1-CERT		3.23%	(a)(c)		01/25/2046		6,807,088
		DB US Financial Markets Holding Corp.
	3,713,977	Series 2014-RS1-3A2 (CME Term SOFR 1 Month + 0.51%, 0.40% Floor, 7.00% Cap)		5.84%	(a)(b)		10/27/2036		2,785,406
		Deutsche ALT-A Securities, Inc.
	7,179,589	Series 2005-4-A5		5.50%	(c)		09/25/2035		6,166,420

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	195,135	Series 2005-5-1A6 (-7 x CME Term SOFR 1 Month + 35.09%, 35.93% Cap)		0.00%	(g)		11/25/2035		261,571
	471,187	Series 2005-5-2A1 (CME Term SOFR 1 Month + 0.31%, 0.20% Floor, 5.50% Cap)		5.50%			11/25/2035		204,418
	1,422,094	Series 2005-5-2A2 (-1 x CME Term SOFR 1 Month + 5.19%, 5.30% Cap)		0.00%	(f)(g)		11/25/2035		56,779
	4,549,054	Series 2005-6-2A1		5.50%			12/25/2035		3,742,090
	2,923,540	Series 2006-AB1-A1C		5.67%	(c)		02/25/2036		2,544,334
	390,027	Series 2006-AB2-A2		4.79%	(c)		06/25/2036		343,485
	658,396	Series 2006-AB4-A1A		6.01%	(c)		10/25/2036		548,730
	9,193,960	Series 2006-AB4-A2		5.65%	(c)		10/25/2036		7,664,823
	654,959	Series 2006-AB4-A3		5.90%	(c)		10/25/2036		545,913
	954,116	Series 2006-AB4-A3A1		5.90%	(c)		10/25/2036		794,468
	1,883,041	Series 2006-AB4-A6A1		6.37%	(d)		10/25/2036		1,566,661
	12,515,345	Series 2007-2-2A1 (CME Term SOFR 1 Month + 0.41%, 0.30% Floor)		5.74%			09/25/2047		10,412,719
	15,284,534	Series 2007-OA3-A2 (CME Term SOFR 1 Month + 0.36%, 0.25% Floor)		5.69%			07/25/2047		12,981,819
		Deutsche Mortgage Securities, Inc.
	4,102,348	Series 2006-PR1-3A1 (-1 x CME Term SOFR 1 Month + 11.96%, 12.12% Cap)		4.51%	(a)(g)		04/15/2036		3,688,399
	1,014,465	Series 2006-PR1-4AI1 (-1 x CME Term SOFR 1 Month + 11.95%, 12.11% Cap)		4.49%	(a)(g)		04/15/2036		910,751
	1,653,652	Series 2006-PR1-4AI2 (-2 x CME Term SOFR 1 Month + 14.39%, 14.61% Cap)		4.22%	(a)(g)		04/15/2036		1,471,252
	276,732	Series 2006-PR1-5AI1 (-3 x CME Term SOFR 1 Month + 19.01%, 19.35% Cap)		3.03%	(a)(g)		04/15/2036		238,874
	2,434,940	Series 2006-PR1-5AI3 (-1 x CME Term SOFR 1 Month + 12.41%, 12.57% Cap)		4.95%	(a)(g)		04/15/2036		2,080,794
	40,338,137	Series 2006-PR1-5AI4 (-1 x CME Term SOFR 1 Month + 11.96%, 12.12% Cap)		4.51%	(a)(g)		04/15/2036		34,417,782
		Equifirst Loan Securitization Trust
	8,925,805	Series 2007-1-A2B (CME Term SOFR 1 Month + 0.30%, 0.19% Floor)		5.63%			04/25/2037		7,985,517
		FBR Securitization Trust
	22,750,000	Series 2005-2-M4 (CME Term SOFR 1 Month + 1.04%, 0.93% Floor, 14.00% Cap)		6.37%			09/25/2035		19,613,050
	5,500,000	Series 2005-5-M3 (CME Term SOFR 1 Month + 0.85%, 0.74% Floor, 14.00% Cap)		6.18%			11/25/2035		4,970,373
		Fieldstone Mortgage Investment Corp.
	3,117,364	Series 2007-1-2A2 (CME Term SOFR 1 Month + 0.38%, 0.27% Floor, 12.25% Cap)		5.98%			04/25/2047		2,243,029
		Figure Line of Credit Trust
	16,476,716	Series 2020-1-A		4.04%	(a)(c)		09/25/2049		15,747,936
		First Franklin Mortgage Loan Asset Backed Certificates
	7,487,220	Series 2006-FF8-M1 (CME Term SOFR 1 Month + 0.49%, 0.38% Floor)		5.82%			07/25/2036		6,180,679
	4,000,000	Series 2006-FF9-2A4 (CME Term SOFR 1 Month + 0.61%, 0.50% Floor)		5.94%			06/25/2036		3,505,570
	17,456,596	Series 2007-FF2-A1 (CME Term SOFR 1 Month + 0.39%, 0.28% Floor)		5.72%			03/25/2037		9,132,050
	20,767,556	Series 2007-FF2-A2C (CME Term SOFR 1 Month + 0.41%, 0.30% Floor)		5.74%			03/25/2037		10,176,378
		First Horizon Alternative Mortgage Securities
	2,760,903	Series 2005-AA4-1A1		5.41%	(c)		05/25/2035		1,345,530
	3,341,316	Series 2005-FA8-1A4		5.50%			11/25/2035		1,640,121
	249,056	Series 2005-FA8-2A1		5.00%			02/25/2050		245,997
	947,303	Series 2006-AA3-A1		5.80%	(c)		06/25/2036		733,657
	1,876,406	Series 2006-FA1-1A12		6.00%			04/25/2036		877,432
	6,296,510	Series 2006-FA1-1A3		5.75%			04/25/2036		2,829,459
	1,204,844	Series 2006-FA2-1A5		6.00%			05/25/2036		507,291
	1,920,111	Series 2006-FA8-1A5		6.00%			02/25/2037		776,223
	2,714,123	Series 2006-RE1-A1		5.50%	(c)		05/25/2035		1,776,057
	10,551,180	Series 2007-FA3-A3		6.00%			06/25/2037		3,773,371
	542,912	Series 2007-FA3-A4		6.00%			06/25/2037		194,159

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 25

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	600,848	Series 2007-FA4-1A13		6.25%			08/25/2037		243,646
	1,854,864	Series 2007-FA4-1A4		6.25%			08/25/2037		752,153
	1,054,603	Series 2007-FA4-1A5		6.25%			08/25/2037		427,645
		First Horizon Asset Securities, Inc.
	903,734	Series 2006-1-1A2		6.00%			05/25/2036		414,470
	1,532,447	Series 2007-4-1A1		6.00%			08/25/2037		589,411
		FirstKey Homes Trust
	9,000,000	Series 2020-SFR1-E		2.79%	(a)		08/17/2037		8,527,712
	18,000,000	Series 2020-SFR2-D		1.97%	(a)		10/19/2037		16,801,211
	26,225,000	Series 2020-SFR2-E		2.67%	(a)		10/19/2037		24,769,625
	16,350,000	Series 2021-SFR1-E1		2.39%	(a)		08/17/2038		14,820,703
	11,500,000	Series 2021-SFR1-E2		2.49%	(a)		08/17/2038		10,354,687
	8,000,000	Series 2021-SFR2-D		2.06%	(a)		09/17/2038		7,226,555
	8,000,000	Series 2021-SFR2-E1		2.26%	(a)		09/17/2038		7,197,929
	8,000,000	Series 2021-SFR2-E2		2.36%	(a)		09/17/2038		7,192,501
	34,891,000	Series 2021-SFR3-B		2.44%	(a)		12/17/2038		32,088,370
	29,584,000	Series 2021-SFR3-C		2.54%	(a)		12/17/2038		27,145,207
	22,626,000	Series 2021-SFR3-D		2.79%	(a)		12/17/2038		20,713,675
	45,314,000	Series 2021-SFR3-E1		2.99%	(a)		12/17/2038		41,206,508
	25,293,000	Series 2021-SFR3-E2		3.08%	(a)		12/17/2038		23,004,606
	10,174,000	Series 2021-SFR3-F1		3.58%	(a)		12/17/2038		9,240,588
		FMC GMSR Issuer Trust
	62,350,000	Series 2020-GT1-A		4.45%	(a)(c)		01/25/2026		57,974,183
	72,500,000	Series 2021-GT1-A		3.62%	(a)(c)		07/25/2026		63,956,361
	64,820,000	Series 2021-GT2-A		3.85%	(a)(c)		10/25/2026		57,445,435
		Freddie Mac Structured Agency Credit Risk Debt Notes
	75,600,000	Series 2022-DNA3-M1B (US 30 Day Average Secured Overnight Financing Rate + 2.90%)		8.22%	(a)		04/25/2042		78,276,194
		Fremont Home Loan Trust
	111,763,618	Series 2006-D-1A1 (CME Term SOFR 1 Month + 0.25%, 0.14% Floor)		5.58%			11/25/2036		64,952,544
		FRTKL
	7,750,000	Series 2021-SFR1-E1		2.37%	(a)		09/17/2038		6,889,399
	6,650,000	Series 2021-SFR1-E2		2.52%	(a)		09/17/2038		5,900,258
		GCAT
	2,751,000	Series 2019-NQM3-M1		3.45%	(a)(c)		11/25/2059		2,255,854
	7,096,000	Series 2021-NQM2-M1		2.54%	(a)(c)		05/25/2066		4,759,856
	8,405,000	Series 2021-NQM6-B1		4.42%	(a)(c)		08/25/2066		6,476,630
		GE-WMC Mortgage Securities LLC
	31,642,268	Series 2006-1-A2B (CME Term SOFR 1 Month + 0.41%, 0.30% Floor)		5.74%			08/25/2036		13,392,558
		GMAC Mortgage Corp. Loan Trust
	1,661,094	Series 2005-AR5-3A1		4.27%	(c)		09/19/2035		1,301,584
		Greenpoint Mortgage Funding Trust
	20,852,716	Series 2005-AR3-2A1 (CME Term SOFR 1 Month + 0.63%, 0.52% Floor, 10.50% Cap)		5.96%			08/25/2045		7,245,349
	16,139,149	Series 2007-AR2-1A3 (CME Term SOFR 1 Month + 0.59%, 0.48% Floor)		5.92%			04/25/2047		13,760,747
		GS Mortgage Securities Corp.
	886,125	Series 2008-2R-1A1		3.35%	(a)(c)		09/25/2036		301,958
	16,282,487	Series 2014-3R-2B (CME Term SOFR 1 Month + 0.29%, 0.18% Floor)		5.62%	(a)		09/26/2036		8,621,176
		GS Mortgage-Backed Securities Trust
	100,027,730	Series 2020-RPL2-A1		1.75%	(a)(c)		05/25/2060		88,061,262
	12,540,000	Series 2020-RPL2-M1		2.25%	(a)(c)		05/25/2060		9,815,617
	10,237,000	Series 2020-RPL2-M2		2.75%	(a)(c)		05/25/2060		8,043,545
	9,341,000	Series 2020-RPL2-M3		3.00%	(a)(c)		05/25/2060		7,246,844
	31,739,285	Series 2020-RPL2-PT4		6.55%	(a)(j)		05/25/2060		27,448,547
		GSAA Trust
	105,154	Series 2005-12-AF3		5.07%	(c)		09/25/2035		67,727
	7,698,761	Series 2006-10-AF3		5.98%	(c)		06/25/2036		2,001,264
	5,510,135	Series 2006-10-AF4		6.80%	(d)		06/25/2036		1,417,551
	10,417,081	Series 2006-15-AF4		6.46%	(d)		09/25/2036		2,656,314
	1,632,898	Series 2006-18-AF3A		5.77%	(c)		11/25/2036		494,579

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	3,832,761	Series 2006-18-AF6		6.18%	(d)		11/25/2036		962,185
	7,226,352	Series 2006-19-A1 (CME Term SOFR 1 Month + 0.29%, 0.18% Floor)		5.62%			12/25/2036		1,956,321
	3,383,293	Series 2007-10-A1A		6.00%			11/25/2037		1,947,095
	2,508,874	Series 2007-10-A2A		6.50%			11/25/2037		1,025,936
	5,751,438	Series 2007-7-A5 (CME Term SOFR 1 Month + 0.67%, 0.56% Floor)		6.00%			07/25/2037		2,915,977
		GSAMP Trust
	15,493,239	Series 2006-HE6-A3 (CME Term SOFR 1 Month + 0.41%, 0.30% Floor)		5.74%			08/25/2036		12,153,332
	6,436,597	Series 2007-H1-A2B (CME Term SOFR 1 Month + 0.51%, 0.40% Floor)		5.84%			01/25/2047		3,377,593
		GSMPS Mortgage Loan Trust
	6,107,171	Series 2005-RP2-1AF (CME Term SOFR 1 Month + 0.46%, 0.35% Floor)		5.79%	(a)		03/25/2035		5,568,695
	6,107,171	Series 2005-RP2-1AS		0.00%	(a)(c)(f)		03/25/2035		46,505
	3,949,959	Series 2005-RP3-1AF (CME Term SOFR 1 Month + 0.46%, 0.35% Floor, 9.50% Cap)		5.79%	(a)		09/25/2035		3,335,958
	3,949,959	Series 2005-RP3-1AS		0.00%	(a)(c)(f)		09/25/2035		22,185
	14,832,507	Series 2006-RP1-1AF1 (CME Term SOFR 1 Month + 0.46%, 0.35% Floor, 9.15% Cap)		5.79%	(a)		01/25/2036		11,944,914
	14,832,507	Series 2006-RP1-1AS		0.00%	(a)(c)(f)		01/25/2036		63,384
		GSR Mortgage Loan Trust
	692,459	Series 2005-1F-1A2		5.50%			02/25/2035		650,367
	1,170,173	Series 2005-1F-3A3		6.00%			01/25/2035		1,033,435
	177,657	Series 2005-6F-3A5		6.00%			07/25/2035		166,110
	1,889,573	Series 2005-6F-3A9 (-1 x CME Term SOFR 1 Month + 6.79%, 6.90% Cap)		1.46%	(f)(g)		07/25/2035		145,381
	116,130	Series 2005-6F-4A1 (CME Term SOFR 1 Month + 0.61%, 0.50% Floor, 6.00% Cap)		5.94%			07/25/2035		111,907
	97,048	Series 2005-7F-3A1 (CME Term SOFR 1 Month + 0.61%, 0.50% Floor, 6.00% Cap)		5.94%			09/25/2035		95,038
	6,947,506	Series 2005-8F-3A5		6.00%			11/25/2035		2,696,752
	1,640,988	Series 2005-8F-4A1		6.00%			11/25/2035		636,113
	150,605	Series 2006-1F-1A2		5.50%			02/25/2036		247,574
	314,353	Series 2006-2F-2A3		5.75%			02/25/2036		257,402
	1,517,245	Series 2006-2F-3A3		6.00%			02/25/2036		696,968
	1,822,206	Series 2006-2F-3A6		6.00%			02/25/2036		837,002
	16,944,922	Series 2006-5F-3A1		6.50%			06/25/2036		7,776,245
	4,168,417	Series 2006-6F-2A3		6.00%			07/25/2036		2,376,291
	3,640,302	Series 2006-7F-3A4		6.25%			08/25/2036		1,229,115
	9,549,254	Series 2006-9F-4A1		6.50%			10/25/2036		4,063,276
	28,008,092	Series 2006-OA1-3A1 (Enterprise 11th District COFI Replacement Index + 1.50%, 1.50% Floor)		4.65%			08/25/2046		6,093,594
	137,396	Series 2007-1F-2A2		5.50%			01/25/2037		340,385
	466,221	Series 2007-4F-1A1		5.00%			07/25/2037		725,212
	12,065,872	Series 2007-4F-3A11		6.00%			07/25/2037		7,848,765
	40,283,421	Series 2007-OA1-1A1 (CME Term SOFR 1 Month + 0.34%, 0.23% Floor)		5.67%			05/25/2037		19,608,237
		Harborview Mortgage Loan Trust
	246,148	Series 2005-14-3A1A		6.39%	(c)		12/19/2035		232,950
	5,136,599	Series 2005-2-1A (CME Term SOFR 1 Month + 0.63%, 0.52% Floor)		5.96%			05/19/2035		1,632,069
	21,408,098	Series 2005-8-1A1A (CME Term SOFR 1 Month + 0.73%, 0.62% Floor, 11.00% Cap)		6.06%			09/19/2035		11,161,829
	40,114,335	Series 2005-8-2A1A (12 Month US Treasury Average + 1.55%, 1.55% Floor)		6.64%			09/19/2035		17,397,266
	3,402,782	Series 2006-10-2A1A (CME Term SOFR 1 Month + 0.47%, 0.36% Floor)		5.79%			11/19/2036		2,941,827
	3,564,988	Series 2006-11-A1A (CME Term SOFR 1 Month + 0.45%, 0.34% Floor)		5.78%			12/19/2036		3,288,972
	29,859,377	Series 2006-14-1A1A (CME Term SOFR 1 Month + 0.47%, 0.36% Floor)		5.80%			01/25/2047		27,818,880
	5,250,271	Series 2006-4-1A2A (CME Term SOFR 1 Month + 0.49%, 0.38% Floor)		5.82%			05/19/2046		2,648,427

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 27

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	54,650,124	Series 2006-8-1A1 (CME Term SOFR 1 Month + 0.51%)		5.83%			07/21/2036		26,468,394
	6,114,518	Series 2006-BU1-1A1A (CME Term SOFR 1 Month + 0.53%, 0.42% Floor, 10.50% Cap)		5.86%			02/19/2046		5,423,124
	12,893,808	Series 2007-7-1A1		6.44%			10/25/2037		9,790,827
		Home Equity Asset Trust
	323,011	Series 2003-3-M1 (CME Term SOFR 1 Month + 1.40%, 1.29% Floor)		6.73%			08/25/2033		315,283
		Home Partners of America Trust
	3,672,943	Series 2019-2-C		3.02%	(a)		10/19/2039		3,308,799
	3,907,386	Series 2019-2-D		3.12%	(a)		10/19/2039		3,487,665
	7,355,080	Series 2019-2-E		3.32%	(a)		10/19/2039		6,455,945
		Homebanc Mortgage Trust
	340,624	Series 2005-1-M2 (CME Term SOFR 1 Month + 0.85%, 0.74% Floor, 11.50% Cap)		6.18%			03/25/2035		278,804
	10,350,000	Series 2005-3-M5 (CME Term SOFR 1 Month + 1.96%, 1.85% Floor, 11.50% Cap)		7.29%			07/25/2035		8,811,395
		Homeward Opportunities Fund I Trust
	13,161,000	Series 2020-1-B1		5.74%	(a)(c)		11/25/2059		12,879,357
	13,276,000	Series 2020-1-B2		5.89%	(a)(c)		11/25/2059		13,268,272
	28,994,000	Series 2020-2-B2		5.47%	(a)(c)		05/25/2065		28,830,184
		HSBC Asset Loan Obligation
	17,917,892	Series 2007-2-3A6		6.00%			09/25/2037		5,524,061
	13,592,818	Series 2007-WF1-A3		4.49%	(d)		12/25/2036		4,631,783
		HSI Asset Securitization Corp.
	27,820,979	Series 2006-HE1-1A1 (CME Term SOFR 1 Month + 0.39%, 0.28% Floor)		5.72%			10/25/2036		9,035,453
	13,518,105	Series 2007-NC1-A2 (CME Term SOFR 1 Month + 0.39%, 0.28% Floor)		5.72%			04/25/2037		9,014,156
	58,605,316	Series 2007-NC1-A3 (CME Term SOFR 1 Month + 0.47%, 0.36% Floor)		5.80%			04/25/2037		39,145,831
		Impac CMB Trust
	106,499	Series 2002-9F-A1		5.22%	(d)		12/25/2032		104,512
		Impac Secured Assets CMN Owner Trust
	9,244,055	Series 2007-3-A1B (CME Term SOFR 1 Month + 0.59%, 0.48% Floor, 11.50% Cap)		5.92%			09/25/2037		7,782,821
		Imperial Fund Mortgage Trust
	24,441,941	Series 2021-NQM4-A1		2.09%	(a)(c)		01/25/2057		20,565,838
	12,653,599	Series 2021-NQM4-A2		2.30%	(a)(c)		01/25/2057		10,678,141
	9,643,556	Series 2021-NQM4-A3		2.45%	(a)(c)		01/25/2057		8,167,135
		Indymac IMJA Mortgage Loan Trust
	3,097,574	Series 2007-A1-A1		6.00%			08/25/2037		1,204,252
	2,267,666	Series 2007-A1-A7		6.00%			08/25/2037		881,607
	6,828,815	Series 2007-A2-1A1		6.00%			10/25/2037		3,027,237
	11,175,462	Series 2007-A2-2A3		6.50%			10/25/2037		5,773,684
	18,184,025	Series 2007-A2-3A1		7.00%			10/25/2037		5,303,625
	15,467,716	Series 2007-A3-A1		6.25%			11/25/2037		6,862,608
	12,712,283	Series 2007-A4-A1		6.25%			02/25/2038		4,006,901
		Indymac IMSC Mortgage Loan Trust
	29,132,971	Series 2007-F1-2A1		6.50%			06/25/2037		7,797,944
	257,696	Series 2007-F2-1A2		6.00%			07/25/2037		180,047
	25,241,038	Series 2007-F2-2A1		6.50%			07/25/2037		7,761,215
	2,868,685	Series 2007-HOA1-A11 (CME Term SOFR 1 Month + 0.47%, 0.36% Floor)		5.80%			07/25/2047		1,931,219
		Indymac INDA Mortgage Loan Trust
	752,797	Series 2006-AR2-1A1		4.40%	(c)		09/25/2036		503,626
	621,581	Series 2006-AR2-4A1		4.11%	(c)		09/25/2036		541,467
	7,557,999	Series 2006-AR3-1A1		4.22%	(c)		12/25/2036		5,890,297
	2,386,863	Series 2007-AR1-3A1		3.04%	(c)		03/25/2037		1,930,293
	2,245,391	Series 2007-AR3-3A1		3.66%	(c)		07/25/2037		1,973,084
		Indymac Index Mortgage Loan Trust
	5,344,585	Series 2005-AR15-A1		3.99%	(c)		09/25/2035		4,299,441
	2,191,263	Series 2006-AR7-3A1		3.87%	(c)		05/25/2036		1,875,042
	1,867,633	Series 2007-AR13-2A1		4.77%	(c)		07/25/2037		1,539,980
	4,376,067	Series 2007-AR21-8A1		4.52%	(c)		09/25/2037		4,269,972

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Indymac Residential Asset Backed Trust
	12,182,000	Series 2006-B-2A4 (CME Term SOFR 1 Month + 0.67%, 0.56% Floor)		6.00%			06/25/2036		10,604,163
	8,528,139	Series 2006-D-2A4 (CME Term SOFR 1 Month + 0.35%, 0.24% Floor)		5.68%			11/25/2036		6,631,082
	7,741,205	Series 2007-B-1A1 (CME Term SOFR 1 Month + 0.30%, 0.19% Floor)		5.63%			07/25/2037		3,162,556
	7,741,205	Series 2007-B-1A2 (CME Term SOFR 1 Month + 0.30%, 0.19% Floor)		5.63%			07/25/2037		3,162,556
		JP Morgan Alternative Loan Trust
	4,955,985	Series 2005-S1-2A11		6.00%			12/25/2035		3,323,253
	1,588,783	Series 2005-S1-2A9		6.00%			12/25/2035		1,065,364
	2,964,201	Series 2006-A2-1A1 (CME Term SOFR 1 Month + 0.47%, 0.36% Floor, 11.50% Cap)		5.80%			05/25/2036		2,308,808
	2,117,786	Series 2006-S1-1A8		5.75%			03/25/2036		1,111,226
	1,243,877	Series 2006-S2-A4		6.69%	(d)		05/25/2036		1,243,986
		JP Morgan Mortgage Acquisition Corp.
	2,179,200	Series 2005-WMC1-M4 (CME Term SOFR 1 Month + 1.01%, 0.90% Floor)		6.34%			09/25/2035		1,978,529
	5,416,148	Series 2006-CH2-AF3		5.46%	(d)		09/25/2029		3,288,547
	9,351,745	Series 2006-HE3-A1 (CME Term SOFR 1 Month + 0.39%, 0.28% Floor)		4.61%			11/25/2036		8,497,270
	22,043,602	Series 2006-RM1-A3 (CME Term SOFR 1 Month + 0.35%, 0.24% Floor)		5.68%			08/25/2036		9,816,867
	20,373,680	Series 2006-RM1-A4 (CME Term SOFR 1 Month + 0.47%, 0.36% Floor)		5.80%			08/25/2036		9,092,058
	2,880,635	Series 2006-WF1-A5		6.91%	(d)		07/25/2036		826,418
	4,131,374	Series 2006-WMC4-A1A (CME Term SOFR 1 Month + 0.24%, 0.13% Floor)		5.57%			12/25/2036		2,529,587
	35,550,679	Series 2006-WMC4-A1B (CME Term SOFR 1 Month + 0.34%, 0.23% Floor)		5.67%			12/25/2036		4,876,021
	13,274,167	Series 2007-CH1-AF5		4.55%	(d)		11/25/2036		12,843,435
	9,690,000	Series 2007-CH3-M2 (CME Term SOFR 1 Month + 0.43%, 0.32% Floor)		5.76%			03/25/2037		8,418,761
		JP Morgan Mortgage Trust
	64,812	Series 2005-A6-5A1		5.66%	(c)		08/25/2035		64,300
	3,322,334	Series 2005-S1-1A2		6.50%			01/25/2035		3,315,121
	339,364	Series 2005-S2-2A13		5.50%			09/25/2035		254,389
	930,695	Series 2006-S2-3A3		6.00%			07/25/2036		312,474
	3,400,001	Series 2006-S2-3A5		6.25%			07/25/2036		1,190,371
	1,786,083	Series 2006-S3-1A2		6.00%			08/25/2036		532,514
	7,213,983	Series 2006-S3-1A21 (CME Term SOFR 1 Month + 0.49%, 0.38% Floor, 7.50% Cap)		5.82%			08/25/2036		1,552,939
	7,213,983	Series 2006-S3-1A22 (-1 x CME Term SOFR 1 Month + 7.01%, 7.12% Cap)		1.68%	(f)(g)		08/25/2036		1,036,016
	832,268	Series 2006-S3-1A9		6.00%			08/25/2036		248,138
	5,703,391	Series 2006-S4-A3		6.00%			01/25/2037		2,269,269
	2,375,277	Series 2006-S4-A5		6.00%			01/25/2037		948,884
	5,571,164	Series 2006-S4-A8 (CME Term SOFR 1 Month + 0.49%, 0.38% Floor, 7.00% Cap)		5.82%			01/25/2037		1,673,869
	5,571,164	Series 2006-S4-A9 (-1 x CME Term SOFR 1 Month + 6.51%, 6.62% Cap)		1.18%	(f)(g)		01/25/2037		847,930
	607,062	Series 2007-A2-2A1		5.31%	(c)		04/25/2037		442,935
	2,121,430	Series 2007-A3-3A2M		4.43%	(c)		05/25/2037		1,863,786
	6,146,993	Series 2007-S1-2A6		6.00%			03/25/2037		2,491,236
	1,725,816	Series 2007-S3-1A1		5.50%			08/25/2037		759,542
	3,916,092	Series 2007-S3-1A35		6.00%			08/25/2037		1,881,393
	1,691,984	Series 2007-S3-1A64		7.50%			08/25/2037		591,551
	659,023	Series 2007-S3-1A9		6.00%			08/25/2037		315,033
	3,610,824	Series 2007-S3-1A96		6.00%			08/25/2037		1,726,835
	4,116,057	Series 2007-S3-1A97		6.00%			08/25/2037		1,968,567
		JP Morgan Reremic
	4,927,633	Series 2009-4-3A2		6.00%	(a)(c)		02/26/2037		2,412,826
	16,376,315	Series 2009-7-7A1		7.00%	(a)(c)		09/27/2037		7,347,249

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 29

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	7,722,824	Series 2010-1-1A4		6.00%	(a)		02/26/2037		3,530,495
	5,125,471	Series 2010-1-2A11		7.00%	(a)(c)		01/26/2037		2,323,363
		Legacy Mortgage Asset Trust
	117,230,912	Series 2019-RPL3-PT1		0.00%	(a)		06/25/2058		98,383,861
	28,844,714	Series 2020-GS1-A2		8.00%	(a)(d)(h)		10/25/2059		28,902,586
	28,151,733	Series 2020-GS2-A2		8.00%	(a)(d)(h)		03/25/2060		28,208,214
	24,000,000	Series 2021-GS4-A2		3.55%	(a)(d)		11/25/2060		22,882,980
		Lehman Brothers Holdings, Inc.
	18,277,627	Series 2007-1-1A1 (CME Term SOFR 1 Month + 0.32%, 0.21% Floor)		5.65%	(a)		06/25/2037		12,925,225
	5,603,322	Series 2007-1-2A4 (CME Term SOFR 1 Month + 0.41%, 0.30% Floor)		5.74%	(a)		06/25/2037		3,685,143
		Lehman Mortgage Trust
	1,478,018	Series 2005-2-3A5		5.50%			12/25/2035		768,617
	1,005,738	Series 2005-2-5A5		5.75%			12/25/2035		686,606
	1,741,874	Series 2005-3-2A1		6.00%			01/25/2036		1,436,406
	148,188	Series 2005-3-2A3		5.50%			01/25/2036		116,612
	796,092	Series 2005-3-2A7		6.00%			01/25/2036		656,423
	921,577	Series 2006-1-1A1 (CME Term SOFR 1 Month + 0.86%, 0.75% Floor, 5.50% Cap)		5.50%			02/25/2036		404,948
	2,764,731	Series 2006-1-1A2 (-1 x CME Term SOFR 1 Month + 4.64%, 4.75% Cap)		0.00%	(f)(g)		02/25/2036		130,905
	1,933,565	Series 2006-1-3A1 (CME Term SOFR 1 Month + 0.86%, 0.75% Floor, 5.50% Cap)		5.50%			02/25/2036		1,217,914
	1,933,565	Series 2006-1-3A2 (-1 x CME Term SOFR 1 Month + 4.64%, 4.75% Cap)		0.00%	(b)(f)(g)		02/25/2036		76,894
	1,245,780	Series 2006-1-3A4		5.50%			02/25/2036		870,980
	1,481,280	Series 2006-4-1A3 (-1 x CME Term SOFR 1 Month + 5.29%, 5.40% Cap)		0.00%	(f)(g)		08/25/2036		101,738
	941,470	Series 2006-4-1A4		6.00%			08/25/2036		738,411
	5,464,838	Series 2006-5-2A1 (CME Term SOFR 1 Month + 0.46%, 0.35% Floor, 7.50% Cap)		5.79%			09/25/2036		778,509
	11,383,198	Series 2006-5-2A2 (-1 x CME Term SOFR 1 Month + 7.04%, 7.15% Cap)		1.71%	(f)(g)		09/25/2036		1,092,869
	5,650,361	Series 2006-6-3A9		5.50%			10/25/2036		3,792,423
	158,763	Series 2006-6-4A5		6.00%			12/25/2036		149,915
	2,766,145	Series 2006-7-2A2 (CME Term SOFR 1 Month + 0.56%, 0.45% Floor, 7.00% Cap)		5.89%			11/25/2036		642,562
	10,217,736	Series 2006-7-2A5 (-1 x CME Term SOFR 1 Month + 6.44%, 6.55% Cap)		1.11%	(f)(g)		11/25/2036		949,130
	1,668,734	Series 2006-9-1A19 (-5 x CME Term SOFR 1 Month + 30.16%, 30.68% Cap)		5.64%	(g)		01/25/2037		1,472,654
	1,812,600	Series 2006-9-1A5 (CME Term SOFR 1 Month + 0.71%, 0.60% Floor, 5.75% Cap)		5.75%			01/25/2037		973,503
	5,419,500	Series 2006-9-1A6 (-1 x CME Term SOFR 1 Month + 5.04%, 5.15% Cap)		0.00%	(f)(g)		01/25/2037		304,124
	3,435,028	Series 2006-9-2A1 (CME Term SOFR 1 Month + 0.49%, 0.38% Floor, 7.00% Cap)		5.82%			01/25/2037		721,018
	6,196,517	Series 2006-9-2A2 (-1 x CME Term SOFR 1 Month + 6.51%, 6.62% Cap)		1.18%	(f)(g)		01/25/2037		531,331
	5,822,380	Series 2007-10-2A1		6.50%			01/25/2038		1,628,214
	1,410,944	Series 2007-2-1A1		5.75%			02/25/2037		947,455
	2,404,747	Series 2007-4-2A11 (CME Term SOFR 1 Month + 0.44%, 0.33% Floor, 7.00% Cap)		5.77%			05/25/2037		782,955
	10,866,647	Series 2007-4-2A8 (-1 x CME Term SOFR 1 Month + 6.56%, 6.67% Cap)		1.23%	(f)(g)		05/25/2037		987,609
	744,054	Series 2007-4-2A9 (CME Term SOFR 1 Month + 0.44%, 0.33% Floor, 7.00% Cap)		5.77%			05/25/2037		183,693
	6,435,089	Series 2007-5-11A1		4.53%	(c)		06/25/2037		3,570,043
	605,648	Series 2007-5-4A3 (-6 x CME Term SOFR 1 Month + 39.39%, 40.08% Cap)		7.42%	(g)		08/25/2036		678,561
	601,977	Series 2007-5-7A3		7.50%			10/25/2036		230,792
	64,515	Series 2007-6-1A8		6.00%			07/25/2037		57,432
	5,740,551	Series 2007-9-2A2		6.50%			10/25/2037		1,520,716
	3,212,717	Series 2008-2-1A6		6.00%			03/25/2038		1,013,354

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Lehman XS Trust
	4,611,944	Series 2005-2-2A3B		5.94%	(d)		08/25/2035		4,076,372
	78,351	Series 2005-4-2A3A		5.50%	(d)		10/25/2035		150,221
	6,807,151	Series 2005-9N-2A1 (12 Month US Treasury Average + 1.06%, 1.06% Floor)		6.15%			02/25/2036		5,831,174
	5,337,317	Series 2006-3-A3 (CME Term SOFR 1 Month + 0.71%, 0.60% Floor)		6.04%			03/25/2036		5,159,038
	6,352,369	Series 2006-5-1A1A (CME Term SOFR 1 Month + 0.53%, 0.42% Floor)		5.86%			04/25/2036		5,239,382
	32,652	Series 2006-5-2A4A		6.39%	(d)		04/25/2036		38,876
	7,638,726	Series 2006-GP3-1A1 (CME Term SOFR 1 Month + 0.51%, 0.40% Floor)		5.84%			06/25/2046		6,866,952
	4,311,098	Series 2007-1-2A1		7.00%	(c)		02/25/2037		4,233,323
	9,327,759	Series 2007-12N-1A3A (CME Term SOFR 1 Month + 0.51%, 0.40% Floor)		5.84%			07/25/2047		8,941,242
	9,157,581	Series 2007-15N-4A1 (CME Term SOFR 1 Month + 1.01%, 0.90% Floor)		6.34%			08/25/2047		7,481,507
		LHOME Mortgage Trust
	16,073,208	Series 2021-RTL2-A1		3.09%	(a)(d)		06/25/2026		16,047,391
		Long Beach Mortgage Loan Trust
	13,268,713	Series 2006-2-2A4 (CME Term SOFR 1 Month + 0.69%, 0.58% Floor)		6.02%			03/25/2046		4,807,018
	47,575,641	Series 2006-3-2A3 (CME Term SOFR 1 Month + 0.47%, 0.36% Floor)		5.80%			05/25/2046		14,817,657
	4,849,785	Series 2006-3-2A4 (CME Term SOFR 1 Month + 0.65%, 0.54% Floor)		5.98%			05/25/2046		1,510,415
	15,019,279	Series 2006-5-2A4 (CME Term SOFR 1 Month + 0.59%, 0.48% Floor)		5.92%			06/25/2036		7,123,459
	25,017,637	Series 2006-6-1A (CME Term SOFR 1 Month + 0.40%, 0.29% Floor)		5.73%			07/25/2036		17,249,838
	11,641,962	Series 2006-WL1-M2 (CME Term SOFR 1 Month + 0.79%, 0.68% Floor)		6.12%			01/25/2046		10,746,146
		Luminent Mortgage Trust
	1,471,535	Series 2005-1-A1 (CME Term SOFR 1 Month + 0.63%, 0.52% Floor, 11.50% Cap)		5.96%			11/25/2035		1,383,720
		Master Resecuritization Trust
	12,996,450	Series 2008-1-A1		6.00%	(a)(b)(c)		09/27/2037		8,921,769
	6,412,717	Series 2008-4-A1		6.00%	(a)(c)		06/27/2036		4,941,565
		Mastr Adjustable Rate Mortgages Trust
	2,235,216	Series 2005-2-2A1		3.86%	(c)		03/25/2035		1,907,935
	721,435	Series 2005-6-5A1		3.25%	(c)		07/25/2035		621,271
	4,717,793	Series 2007-1-2A1		4.62%	(c)		11/25/2036		2,529,444
		MASTR Alternative Loans Trust
	6,628,434	Series 2004-9-M2		6.26%	(d)		08/25/2034		5,354,398
	1,111,612	Series 2005-2-3A1		6.00%			03/25/2035		964,182
	46,782	Series 2005-5-2A3		5.50%			07/25/2025		43,902
	6,625,620	Series 2005-5-3A1		5.75%			08/25/2035		3,339,034
	1,433,229	Series 2005-6-1A5		5.50%			12/25/2035		949,098
	1,250,930	Series 2006-3-1A2		6.25%			07/25/2036		685,574
	719,700	Series 2007-1-1A5		5.75%			10/25/2036		671,947
	3,703,696	Series 2007-1-2A7		6.00%			10/25/2036		1,097,638
		Mastr Asset Backed Securities Trust
	1,948,466	Series 2003-OPT1-M3 (CME Term SOFR 1 Month + 4.24%, 4.13% Floor)		9.57%			12/25/2032		1,856,121
	6,026,698	Series 2006-AM2-A3 (CME Term SOFR 1 Month + 0.45%, 0.34% Floor)		5.78%			06/25/2036		5,403,263
	8,032,027	Series 2007-HE1-A3 (CME Term SOFR 1 Month + 0.32%, 0.21% Floor)		5.65%			05/25/2037		7,663,612
	13,101,948	Series 2007-WMC1-A1 (CME Term SOFR 1 Month + 0.40%, 0.29% Floor)		5.73%			01/25/2037		3,619,370
		MASTR Asset Securitization Trust
	1,307,272	Series 2006-1-1A4		5.75%			05/25/2036		785,265
	1,042,827	Series 2006-2-1A11 (CME Term SOFR 1 Month + 6.00%, 6.00% Floor)		6.00%			06/25/2036		622,400
	2,421,256	Series 2007-1-1A3		6.25%			11/25/2037		1,030,959

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 31

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Mastr Seasoned Securities Trust
	1,138,299	Series 2005-2-1A4		6.00%			10/25/2032		1,105,936
	451,983	Series 2005-2-2A1 (CME Term SOFR 1 Month + 0.51%, 0.40% Floor, 7.50% Cap)		5.84%			10/25/2032		411,788
		Merrill Lynch Alternative Note Asset
	19,809,731	Series 2007-A3-A2A (CME Term SOFR 1 Month + 0.33%, 0.22% Floor)		5.66%			04/25/2037		7,214,520
	10,158,808	Series 2007-A3-A2B (CME Term SOFR 1 Month + 0.53%, 0.42% Floor)		5.86%			04/25/2037		3,699,504
	14,080,227	Series 2007-A3-A2C (CME Term SOFR 1 Month + 0.75%, 0.64% Floor)		6.08%			04/25/2037		5,131,933
	12,927,876	Series 2007-F1-2A4 (CME Term SOFR 1 Month + 0.43%, 0.32% Floor, 7.00% Cap)		5.76%			03/25/2037		3,694,647
	12,927,876	Series 2007-F1-2A5 (-1 x CME Term SOFR 1 Month + 6.57%, 6.68% Cap)		1.24%	(f)(g)		03/25/2037		1,697,863
	28,554,161	Series 2007-OAR5-1A1		3.53%	(c)		10/25/2047		8,618,220
		Merrill Lynch First Franklin Mortgage Loan Trust
	2,078,927	Series 2007-H1-1A2 (CME Term SOFR 1 Month + 3.61%, 3.50% Floor)		8.94%			10/25/2037		1,906,808
		Merrill Lynch Mortgage Investors, Inc.
	16,566,095	Series 2005-AR1-M2 (CME Term SOFR 1 Month + 1.12%, 1.01% Floor)		6.45%			06/25/2036		12,871,591
	7,856,820	Series 2006-AR1-A2C (CME Term SOFR 1 Month + 0.43%, 0.32% Floor)		5.76%	(a)		03/25/2037		2,219,344
	694,491	Series 2006-F1-1A2		6.00%			04/25/2036		304,498
	22,043,764	Series 2006-FM1-A1 (CME Term SOFR 1 Month + 0.41%, 0.30% Floor)		4.60%			04/25/2037		12,889,233
	10,277,127	Series 2006-HE3-A4 (CME Term SOFR 1 Month + 0.61%, 0.50% Floor)		5.94%			06/25/2037		2,602,720
	7,512,307	Series 2006-HE4-A2B (CME Term SOFR 1 Month + 0.31%, 0.20% Floor)		5.64%			07/25/2037		1,767,498
	74,695,349	Series 2007-HE2-A1 (CME Term SOFR 1 Month + 0.61%, 0.50% Floor)		5.94%			02/25/2037		35,176,595
	8,338,649	Series 2007-HE3-A1 (CME Term SOFR 1 Month + 0.25%, 0.14% Floor)		5.58%			04/25/2047		3,412,471
	7,114,136	Series 2007-HE3-A3 (CME Term SOFR 1 Month + 0.49%, 0.38% Floor)		5.82%			04/25/2047		2,911,309
	2,979,822	Series 2007-HE3-A4 (CME Term SOFR 1 Month + 0.65%, 0.54% Floor)		5.98%			04/25/2047		1,219,429
	48,290,416	Series 2007-MLN1-A1 (CME Term SOFR 1 Month + 0.36%, 0.25% Floor)		5.69%			03/25/2037		35,819,431
		MFRA Trust
	13,500,028	Series 2021-NPL1-A1		5.36%	(a)(d)		03/25/2060		13,382,305
		Morgan Stanley ABS Capital I, Inc.
	16,640,916	Series 2006-HE7-A2C (CME Term SOFR 1 Month + 0.43%, 0.32% Floor)		5.76%			09/25/2036		7,170,562
	22,081,958	Series 2006-HE7-A2D (CME Term SOFR 1 Month + 0.57%, 0.46% Floor)		5.90%			09/25/2036		9,514,844
	13,143,728	Series 2006-NC2-M1 (CME Term SOFR 1 Month + 0.65%, 0.54% Floor)		5.98%			02/25/2036		11,975,602
	5,687,975	Series 2007-HE4-A1 (CME Term SOFR 1 Month + 0.24%, 0.13% Floor)		5.57%	(a)		02/25/2037		2,490,695
		Morgan Stanley Home Equity Loan Trust
	24,787,425	Series 2007-1-A4 (CME Term SOFR 1 Month + 0.33%, 0.22% Floor)		5.66%			12/25/2036		12,130,554
		Morgan Stanley IXIS Real Estate Capital Trust
	5,055,435	Series 2006-2-AFPT (CME Term SOFR 1 Month + 0.18%, 0.07% Floor)		5.51%			11/25/2036		1,646,850
		Morgan Stanley Mortgage Loan Trust
	590,783	Series 2005-10-1A1 (CME Term SOFR 1 Month + 0.81%, 0.70% Floor, 5.75% Cap)		5.75%			12/25/2035		355,149
	1,480,187	Series 2005-10-1A6		5.75%			12/25/2035		987,361
	1,809,760	Series 2005-10-2A1		5.28%	(c)		12/25/2035		1,646,562
	4,541,096	Series 2006-11-1A6		6.73%	(d)		08/25/2036		855,550
	6,631,957	Series 2006-11-2A1		6.00%			08/25/2036		2,800,860

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	6,608,790	Series 2006-16AX-2A2 (CME Term SOFR 1 Month + 0.45%, 0.34% Floor)		5.78%			11/25/2036		1,903,871
	5,171,467	Series 2006-17XS-A3A		6.15%	(d)		10/25/2046		1,540,163
	1,782,258	Series 2006-17XS-A6		6.08%	(d)		10/25/2046		435,594
	1,705,951	Series 2006-2-2A3		5.75%			02/25/2036		1,533,150
	14,655,303	Series 2006-7-3A		5.20%	(c)		06/25/2036		8,289,778
	1,412,419	Series 2006-7-4A4		6.00%			06/25/2036		663,856
	1,429,829	Series 2006-7-4A7		6.00%			06/25/2036		672,041
	2,857,280	Series 2007-13-6A1		6.00%			10/25/2037		1,534,778
	3,156,598	Series 2007-14AR-2A3		3.66%	(c)		10/25/2037		1,799,120
	2,849,666	Series 2007-1XS-2A3		6.42%	(d)		09/25/2046		616,294
	1,886,336	Series 2007-1XS-2A4A		6.58%	(d)		09/25/2046		495,801
	242,115	Series 2007-3XS-1A2A		6.12%	(d)		01/25/2047		219,821
	5,137,029	Series 2007-3XS-2A3S		6.36%	(d)		01/25/2047		1,864,145
	3,004,678	Series 2007-3XS-2A4S		6.46%	(d)		01/25/2047		1,077,316
		Morgan Stanley Reremic Trust
	3,370,241	Series 2010-R5-4B		4.11%	(a)(d)		06/26/2036		3,168,545
	5,804,254	Series 2010-R5-5B		3.35%	(a)(d)		01/26/2037		5,217,423
	9,441,793	Series 2010-R9-3C		6.00%	(a)(b)(c)		11/26/2036		7,295,740
	7,232,975	Series 2012-R4-1B (CME Term SOFR 1 Month + 0.11%)		3.34%	(a)		08/26/2036		5,307,837
	6,057,449	Series 2013-R2-1B		3.98%	(a)(b)(c)		10/26/2036		5,052,849
	1,273,065	Series 2014-R7-B1		4.17%	(a)(c)		01/26/2051		1,258,710
	5,018,402	Series 2014-R7-B2		4.17%	(a)(c)(h)		01/26/2051		4,654,080
		Morgan Stanley Residential Mortgage Loan Trust
	18,961,848	Series 2020-RPL1-A1		5.69%	(a)(c)		10/25/2060		18,789,924
		New Century Alternative Mortgage Loan Trust
	9,507,637	Series 2006-ALT1-AF3		6.17%	(c)		07/25/2036		2,008,143
	12,128,053	Series 2006-ALT2-AF5		4.69%	(d)		10/25/2036		2,392,012
		New Century Home Equity Loan Trust
	17,829,000	Series 2005-4-M5 (CME Term SOFR 1 Month + 1.13%, 1.02% Floor, 12.50% Cap)		6.46%			09/25/2035		16,535,365
	12,500,000	Series 2006-1-A2C (CME Term SOFR 1 Month + 0.67%, 0.56% Floor, 12.50% Cap)		6.00%			05/25/2036		11,217,569
		New York Mortgage Trust, Inc.
	219,832	Series 2005-2-A (CME Term SOFR 1 Month + 0.77%, 0.66% Floor, 10.50% Cap)		6.10%			08/25/2035		197,454
		Nomura Asset Acceptance Corp.
	20,468	Series 2005-AP1-2A5		5.36%	(d)		02/25/2035		19,954
	12,688,021	Series 2006-AF1-1A2		6.16%	(c)		05/25/2036		2,357,328
	2,578,432	Series 2006-AF1-1A3		6.41%	(c)		05/25/2036		478,568
	14,099,024	Series 2006-AP1-A2		5.52%	(c)		01/25/2036		4,278,817
	2,383,032	Series 2006-AP1-A3		5.65%	(c)		01/25/2036		722,961
	1,116,073	Series 2006-WF1-A2		5.76%	(c)		06/25/2036		293,968
		Nomura Home Equity Loan, Inc.
	14,713,946	Series 2006-AF1-A2		6.30%	(d)		10/25/2036		3,206,850
	2,521,275	Series 2007-1-1A1		6.56%	(d)		02/25/2037		683,631
	12,566,616	Series 2007-1-1A3		6.49%	(d)		02/25/2037		3,407,995
		Nomura Resecuritization Trust
	2,789,985	Series 2014-1R-6A7		6.36%	(a)(c)		08/26/2036		2,225,013
	4,166,681	Series 2014-2R-4A9		4.07%	(a)(d)		07/26/2036		3,643,487
	7,451,981	Series 2015-4R-5A2 (CME Term SOFR 1 Month + 0.54%, 0.43% Floor)		3.04%	(a)(h)		03/26/2036		5,182,744
		Novastar Home Equity Loan
	14,340,514	Series 2005-3-M4 (CME Term SOFR 1 Month + 1.00%, 0.89% Floor, 11.00% Cap)		6.33%			01/25/2036		11,777,496
	7,412,253	Series 2006-3-A2C (CME Term SOFR 1 Month + 0.43%, 0.32% Floor, 11.00% Cap)		5.76%			10/25/2036		3,902,359
		NRZ Excess Spread-Collateralized Notes
	37,277,614	Series 2020-PLS1-A		3.84%	(a)		12/25/2025		35,759,095
	28,078,524	Series 2021-FHT1-A		3.10%	(a)		07/25/2026		26,212,810
		Onslow Bay Mortgage Loan Trust
	9,694,000	Series 2021-NQM3-M1		2.33%	(a)(c)		07/25/2061		5,508,866

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 33

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Option One Mortgage Loan Trust
	721,028	Series 2004-3-M3 (CME Term SOFR 1 Month + 1.09%, 0.98% Floor)		6.42%			11/25/2034		714,032
	5,500,467	Series 2007-1-2A3 (CME Term SOFR 1 Month + 0.25%, 0.14% Floor)		5.58%			01/25/2037		3,237,619
	51,609,217	Series 2007-6-1A1 (CME Term SOFR 1 Month + 0.30%, 0.19% Floor)		5.63%			07/25/2037		44,439,097
		PennyMac Mortgage Investment Trust
	32,907,674	Series 2019-2R-A (CME Term SOFR 1 Month + 3.86%, 2.75% Floor)		9.20%	(a)		05/30/2025		32,956,779
	8,206,318	Series 2019-3R-A (US 30 Day Average Secured Overnight Financing Rate + 3.81%, 2.70% Floor)		9.14%	(a)		11/27/2031		8,222,370
	24,594,917	Series 2020-1R-A (US 30 Day Average Secured Overnight Financing Rate + 3.46%, 2.35% Floor)		8.79%	(a)		02/25/2025		24,524,536
	67,663,000	Series 2021-FT1-A (CME Term SOFR 1 Month + 3.11%, 3.12% Floor)		8.44%	(a)		03/25/2026		68,514,708
		People’s Choice Home Loan Securities Trust
	10,080,000	Series 2005-1-M5 (CME Term SOFR 1 Month + 1.61%, 1.50% Floor, 15.00% Cap)		6.94%			01/25/2035		7,244,980
		PHH Alternative Mortgage Trust
	2,827,736	Series 2007-1-1A1 (CME Term SOFR 1 Month + 0.43%, 0.32% Floor, 10.10% Cap)		5.76%			02/25/2037		2,063,945
	6,547,059	Series 2007-2-2A1		6.00%			05/25/2037		5,460,086
	3,054,964	Series 2007-2-2A2		6.00%			05/25/2037		2,547,765
	170,513	Series 2007-2-3A1		6.00%			05/25/2037		149,547
		PR Mortgage Loan Trust
	108,539,570	Series 2014-1-APT		5.86%	(a)(c)		10/25/2049		100,352,885
		Pretium Mortgage Credit Partners LLC
	41,137,130	Series 2021-NPL1-A1		5.24%	(a)(d)		09/27/2060		40,704,742
	23,400,798	Series 2021-NPL5-A1		2.49%	(a)(d)		10/25/2051		22,947,705
	14,674,089	Series 2021-RN2-A1		1.74%	(a)(d)		07/25/2051		14,225,207
	29,145,513	Series 2021-RN4-A1		2.49%	(a)(c)		10/25/2051		28,558,032
		Prime Mortgage Trust
	4,435,088	Series 2006-DR1-2A1		5.50%	(a)		05/25/2035		4,036,596
	2,495,811	Series 2006-DR1-2A2		6.00%	(a)		05/25/2035		2,124,782
		Progress Residential Trust
	56,990,150	Series 2021-SFR10-E1		3.57%	(a)		12/17/2040		50,636,113
	23,650,636	Series 2021-SFR10-E2		3.67%	(a)		12/17/2040		20,936,326
	12,810,761	Series 2021-SFR10-F		4.61%	(a)		12/17/2040		11,352,767
	29,000,000	Series 2021-SFR2-E1		2.55%	(a)		04/19/2038		26,652,467
	20,000,000	Series 2021-SFR2-E2		2.65%	(a)		04/19/2038		18,376,682
	62,271,000	Series 2021-SFR2-F		3.40%	(a)		04/19/2038		56,977,853
	7,000,000	Series 2021-SFR5-E1		2.21%	(a)		07/17/2038		6,348,689
	25,000,000	Series 2021-SFR8-E1		2.38%	(a)		10/17/2038		22,477,808
	23,900,000	Series 2021-SFR8-E2		2.53%	(a)		10/17/2038		21,443,011
	19,900,000	Series 2021-SFR8-F		3.18%	(a)		10/17/2038		17,840,251
		PRPM LLC
	5,714,963	Series 2020-4-A2		8.19%	(a)(d)(h)		10/25/2025		5,718,792
	163,073,784	Series 2021-10-A1		2.49%	(a)(d)		10/25/2026		160,714,757
	79,221,114	Series 2021-11-A1		2.49%	(a)(d)		11/25/2026		77,829,903
	65,168,612	Series 2021-2-A1		5.12%	(a)(c)		03/25/2026		64,600,674
	7,100,000	Series 2021-2-A2		6.77%	(a)(c)		03/25/2026		6,995,455
	40,770,810	Series 2021-6-A1		1.79%	(a)(d)		07/25/2026		39,687,476
	36,598,387	Series 2021-7-A1		1.87%	(a)(d)		08/25/2026		35,506,690
		Racers
	13,085,000	Series 2006-2-M2 (CME Term SOFR 1 Month + 0.40%, 0.29% Floor)		5.73%			09/25/2036		9,797,932
		RALI Trust
	14,333,350	Series 2005-QA11-4A1		5.37%	(c)		10/25/2035		10,465,916
	7,554,442	Series 2005-QA13-2A1		5.28%	(c)		12/25/2035		6,473,816
	5,542,772	Series 2005-QA3-CB1		4.29%	(c)		03/25/2035		2,295,987
	175,300	Series 2005-QS12-A11 (-11 x CME Term SOFR 1 Month + 49.89%, 51.15% Cap)		0.00%	(g)		08/25/2035		143,592
	716,453	Series 2005-QS13-1A6		5.50%			09/25/2035		581,777

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	1,468,662	Series 2005-QS13-2A1 (CME Term SOFR 1 Month + 0.81%, 0.70% Floor, 5.75% Cap)		5.75%			09/25/2035		1,157,235
	6,021,512	Series 2005-QS13-2A2 (-1 x CME Term SOFR 1 Month + 4.94%, 5.05% Cap)		0.00%	(f)(g)		09/25/2035		210,480
	4,891,923	Series 2005-QS14-2A1		6.00%			09/25/2035		1,634,625
	1,187,150	Series 2005-QS15-2A		6.00%			10/25/2035		985,096
	1,352,897	Series 2005-QS15-3A		6.00%			10/25/2035		1,124,546
	1,270,668	Series 2005-QS16-A1 (CME Term SOFR 1 Month + 0.81%, 0.70% Floor, 5.50% Cap)		5.50%			11/25/2035		1,025,888
	1,270,448	Series 2005-QS16-A2 (-1 x CME Term SOFR 1 Month + 4.69%, 4.80% Cap)		0.00%	(f)(g)		11/25/2035		26,629
	722,047	Series 2005-QS17-A1		6.00%			12/25/2035		625,474
	747,129	Series 2005-QS17-A10		6.00%			12/25/2035		647,201
	2,092,644	Series 2005-QS17-A11		6.00%			12/25/2035		1,812,755
	1,487,385	Series 2005-QS17-A2 (CME Term SOFR 1 Month + 0.96%, 0.85% Floor, 6.00% Cap)		6.00%			12/25/2035		1,223,766
	1,487,385	Series 2005-QS17-A4 (-1 x CME Term SOFR 1 Month + 5.04%, 5.15% Cap)		0.00%	(f)(g)		12/25/2035		50,939
	1,196,796	Series 2005-QS17-A6		6.00%			12/25/2035		1,036,726
	504,348	Series 2005-QS5-A3		5.70%			04/25/2035		491,774
	576,083	Series 2006-QS1-A6 (-8 x CME Term SOFR 1 Month + 41.98%, 42.86% Cap)		1.12%	(g)		01/25/2036		496,997
	1,875,432	Series 2006-QS10-A1		6.00%			08/25/2036		1,537,681
	576,714	Series 2006-QS10-A4		5.75%			08/25/2036		466,332
	4,307,718	Series 2006-QS11-1A1		6.50%			08/25/2036		3,462,073
	1,081,121	Series 2006-QS12-1A1		6.50%			09/25/2036		483,747
	1,683,102	Series 2006-QS12-2A18		5.75%			09/25/2036		1,345,221
	2,625,461	Series 2006-QS14-A18		6.25%			11/25/2036		2,097,599
	1,159,267	Series 2006-QS15-A1		6.50%			10/25/2036		971,884
	487,759	Series 2006-QS16-A10		6.00%			11/25/2036		366,648
	1,734,394	Series 2006-QS16-A11		6.00%			11/25/2036		1,303,915
	1,382,476	Series 2006-QS16-A7		6.00%			11/25/2036		1,039,205
	547,105	Series 2006-QS16-A8		6.00%			11/25/2036		411,258
	216,500	Series 2006-QS16-A9		6.00%			11/25/2036		162,743
	1,015,003	Series 2006-QS17-A4		6.00%			12/25/2036		820,929
	5,638,916	Series 2006-QS17-A5		6.00%			12/25/2036		4,560,726
	3,882,612	Series 2006-QS3-1A11		6.00%			03/25/2036		3,273,793
	964,615	Series 2006-QS4-A8 (-790 x CME Term SOFR 1 Month + 5,052.56%, 0.10% Floor, 8.00% Cap)		8.00%	(g)		04/25/2036		810,626
	3,815,268	Series 2006-QS4-A9		6.00%			04/25/2036		2,989,266
	2,276,224	Series 2006-QS5-A3		6.00%			05/25/2036		1,827,312
	6,784,004	Series 2006-QS5-A4		6.00%			05/25/2036		5,446,078
	1,188,435	Series 2006-QS6-1A16		6.00%			06/25/2036		903,437
	1,724,160	Series 2006-QS6-1A2		6.00%			06/25/2036		1,310,691
	3,367,814	Series 2006-QS8-A1		6.00%			08/25/2036		2,724,319
	5,840,282	Series 2006-QS8-A5 (-1 x CME Term SOFR 1 Month + 5.44%, 5.55% Cap)		0.11%	(f)(g)		08/25/2036		360,715
	2,104,887	Series 2006-QS9-1A6 (-1 x CME Term SOFR 1 Month + 5.19%, 5.30% Cap)		0.00%	(f)(g)		07/25/2036		90,158
	20,882,326	Series 2007-QA5-1A1		6.04%	(c)		09/25/2037		13,303,846
	24,439,844	Series 2007-QH5-AII (CME Term SOFR 1 Month + 0.57%, 0.46% Floor)		5.90%			06/25/2037		10,295,534
	9,453,675	Series 2007-QH7-2A1 (CME Term SOFR 1 Month + 0.71%, 0.60% Floor)		6.04%			08/25/2037		8,434,031
	7,238,529	Series 2007-QS1-1A2 (-1 x CME Term SOFR 1 Month + 5.34%, 5.45% Cap)		0.01%	(f)(g)		01/25/2037		332,815
	728,635	Series 2007-QS1-1A4		6.00%			01/25/2037		557,690
	1,757,620	Series 2007-QS1-2A10		6.00%			01/25/2037		1,322,721
	21,137,375	Series 2007-QS10-A1		6.50%			09/25/2037		16,726,171
	2,254,634	Series 2007-QS11-A1		7.00%			10/25/2037		1,739,114
	2,336,424	Series 2007-QS2-A6		6.25%			01/25/2037		1,893,568
	12,177,860	Series 2007-QS3-A1		6.50%			02/25/2037		9,803,015
	1,941,836	Series 2007-QS3-A4		6.25%			02/25/2037		1,537,411
	3,191,596	Series 2007-QS4-3A3		6.00%			03/25/2037		2,635,278

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 35

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	1,298,303	Series 2007-QS5-A1		5.50%			03/25/2037		997,631
	535,603	Series 2007-QS5-A5 (CME Term SOFR 1 Month + 0.41%, 0.30% Floor, 7.00% Cap)		5.74%			03/25/2037		386,551
	1,778,860	Series 2007-QS5-A8 (-1 x CME Term SOFR 1 Month + 6.59%, 6.70% Cap)		1.26%	(f)(g)		03/25/2037		218,752
	1,444,382	Series 2007-QS6-A102		5.75%			04/25/2037		1,126,028
	464,411	Series 2007-QS6-A13 (-8 x CME Term SOFR 1 Month + 54.05%, 55.00% Cap)		9.63%	(g)		04/25/2037		529,461
	2,068,242	Series 2007-QS6-A45		5.75%			04/25/2037		1,612,383
	3,296,138	Series 2007-QS6-A6		6.25%			04/25/2037		2,647,213
	227,654	Series 2007-QS6-A77 (-8 x CME Term SOFR 1 Month + 54.88%, 55.83% Cap)		10.47%	(g)		04/25/2037		267,101
	5,336,233	Series 2007-QS7-2A1		6.75%			06/25/2037		2,252,795
	12,443,453	Series 2007-QS9-A33		6.50%			07/25/2037		9,660,222
		RAMP Trust
	1,428,485	Series 2004-RS7-A3		5.53%	(c)		07/25/2034		1,224,832
	6,359,025	Series 2006-RS2-A3A (CME Term SOFR 1 Month + 0.41%, 0.30% Floor, 14.00% Cap)		6.04%			03/25/2036		6,193,042
	12,278,236	Series 2006-RS3-A4 (CME Term SOFR 1 Month + 0.41%, 0.30% Floor, 14.00% Cap)		6.04%			05/25/2036		10,221,522
	12,410,749	Series 2006-RS6-A4 (CME Term SOFR 1 Month + 0.65%, 0.54% Floor)		5.98%			11/25/2036		9,961,181
		RASC Trust
	3,860,296	Series 2005-KS4-M5 (CME Term SOFR 1 Month + 1.31%, 1.80% Floor)		7.24%			05/25/2035		3,782,943
	5,643,386	Series 2007-EMX1-A13 (CME Term SOFR 1 Month + 0.31%, 0.20% Floor, 14.00% Cap)		5.64%			01/25/2037		5,566,498
		RBSGC Mortgage Pass Through Certificates
	11,377,557	Series 2008-B-A1		6.00%	(a)		06/25/2037		9,788,512
		RBSSP Resecuritization Trust
	1,318,178	Series 2009-12-17A2		5.60%	(a)(c)		10/25/2035		1,292,116
	13,715,643	Series 2009-12-20A2		4.96%	(a)(b)(c)		12/25/2035		11,613,825
	2,904,675	Series 2010-4-7A2		6.00%	(a)		07/26/2037		1,442,880
		Redwood Funding Trust
	53,821,878	Series 2019-1-PT		4.97%	(a)(d)		09/27/2024		53,861,400
		Redwood Trust, Inc.
	37,936,601	Series 2020-1-PT		7.21%	(a)(d)		02/17/2025		36,438,560
	55,526,022	Series 2021-1-PT		4.75%	(a)(d)		06/19/2026		52,742,780
		Regional Management Issuance Trust
	66,658,473	Series 2017-RPL2-CERT		0.00%	(a)(b)(c)		02/25/2056		49,752,538
		Renaissance Home Equity Loan Trust
	5,355,649	Series 2006-1-AF6		5.75%	(d)		05/25/2036		2,556,774
	2,062,139	Series 2006-2-AF5		6.25%	(d)		08/25/2036		875,880
	17,385,181	Series 2006-3-AF3		5.59%	(d)		11/25/2036		5,914,159
	18,049,871	Series 2006-3-AF4		5.81%	(d)		11/25/2036		6,383,705
	2,933,947	Series 2006-3-AF5		6.12%	(d)		11/25/2036		1,091,794
	8,192,822	Series 2007-1-AF1		5.74%	(d)		04/25/2037		2,215,041
	5,779,950	Series 2007-1-AF1Z		5.35%	(d)		04/25/2037		1,475,445
	3,486,895	Series 2007-1-AF2		5.51%	(d)		04/25/2037		904,915
	5,072,268	Series 2007-1-AF3		5.61%	(d)		04/25/2037		1,340,229
	2,781,357	Series 2007-1-AF4		5.76%	(d)		04/25/2037		754,477
	8,232,817	Series 2007-1-AF5		5.91%	(d)		04/25/2037		2,290,988
		Renaissance NIM Trust
	10,257,172	Series 2006-4-AF4		5.47%	(d)		01/25/2037		3,466,939
	20,198,460	Series 2006-4-AF5		5.69%	(d)		01/25/2037		7,093,087
	17,696,892	Series 2007-2-AF2		5.68%	(d)		06/25/2037		4,559,247
	22,755,581	Series 2007-2-AF5		6.20%	(d)		06/25/2037		6,502,441
		Residential Asset Securitization Trust
	4,379,342	Series 2005-A11-2A4		6.00%			10/25/2035		1,916,744
	1,109,448	Series 2005-A12-A7 (-1 x CME Term SOFR 1 Month + 4.89%, 5.00% Cap)		0.00%	(f)(g)		11/25/2035		69,692
	1,405,296	Series 2005-A12-A8 (CME Term SOFR 1 Month + 0.66%, 0.55% Floor, 5.50% Cap)		5.50%			11/25/2035		710,548
	1,499,820	Series 2005-A15-1A7		6.00%			02/25/2036		1,400,481

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	6,927,257	Series 2005-A15-5A3		5.75%			02/25/2036		2,515,925
	7,093,234	Series 2005-A16-A1		5.00%			02/25/2036		2,742,592
	2,750,190	Series 2005-A8CB-A11		6.00%			07/25/2035		1,766,025
	2,780,470	Series 2005-A8CB-A2 (-1 x CME Term SOFR 1 Month + 4.89%, 5.00% Cap)		0.00%	(f)(g)		07/25/2035		127,937
	644,047	Series 2006-A1-1A3		6.00%			04/25/2036		278,244
	10,250,699	Series 2006-A1-3A2		6.00%			04/25/2036		4,743,024
	4,929,117	Series 2006-A10-A5		6.50%			09/25/2036		1,661,595
	6,991,296	Series 2006-A12-A1		6.25%			11/25/2036		2,578,089
	7,171,989	Series 2006-A13-A1		6.25%			12/25/2036		2,539,142
	14,025,993	Series 2006-A14C-2A6 (CME Term SOFR 1 Month + 0.56%, 0.45% Floor, 7.00% Cap)		5.89%			12/25/2036		3,096,499
	30,953,262	Series 2006-A14C-2A7 (-1 x CME Term SOFR 1 Month + 6.44%, 6.55% Cap)		1.11%	(f)(g)		12/25/2036		3,710,717
	5,471,283	Series 2006-A2-A11		6.00%			01/25/2046		2,253,777
	3,812,659	Series 2006-A2-A4		6.00%			01/25/2046		1,563,259
	3,168,681	Series 2006-A2-A9		6.00%			01/25/2046		1,299,217
	2,250,431	Series 2006-A8-1A1		6.00%			08/25/2036		1,242,481
	4,485,082	Series 2006-R1-A1 (-4 x CME Term SOFR 1 Month + 27.94%, 28.40% Cap)		6.62%	(b)(g)		01/25/2046		3,459,003
	19,262,060	Series 2007-A2-1A2		6.00%			04/25/2037		10,225,319
	716,817	Series 2007-A3-1A2 (-8 x CME Term SOFR 1 Month + 45.51%, 46.38% Cap)		4.65%	(g)		04/25/2037		774,810
	22,895,372	Series 2007-A5-1A4 (-1 x CME Term SOFR 1 Month + 5.99%, 6.10% Cap)		0.66%	(f)(g)		05/25/2037		1,041,298
	5,882,095	Series 2007-A5-1A6 (CME Term SOFR 1 Month + 0.51%, 0.40% Floor, 6.50% Cap)		5.84%			05/25/2037		829,012
	4,008,885	Series 2007-A5-2A3		6.00%			05/25/2037		2,041,627
	1,756,890	Series 2007-A5-2A5		6.00%			05/25/2037		894,741
	7,476,228	Series 2007-A6-1A2		6.00%			06/25/2037		3,836,998
	7,757,643	Series 2007-A7-A1		6.00%			07/25/2037		2,959,091
	34,123,095	Series 2007-A7-A2		6.00%			07/25/2037		13,015,985
	15,119,223	Series 2007-A7-A6		6.00%			07/25/2037		5,767,108
		Residential Mortgage Loan Trust
	6,300,000	Series 2020-2-M1		3.57%	(a)(c)		05/25/2060		5,570,105
		RFMSI Trust
	3,637,437	Series 2006-S10-1A1		6.00%			10/25/2036		2,733,551
	1,062,347	Series 2006-S5-A12		6.00%			06/25/2036		872,809
	72,733	Series 2006-S5-A15		6.00%			06/25/2036		59,756
	2,224,915	Series 2006-S9-A1		6.25%			09/25/2036		1,716,247
	2,593,752	Series 2007-S1-A7		6.00%			01/25/2037		1,944,327
	1,356,093	Series 2007-S2-A1		6.00%			02/25/2037		1,033,002
	1,527,788	Series 2007-S2-A4		6.00%			02/25/2037		1,163,791
	2,852,206	Series 2007-S2-A5		6.00%			02/25/2037		2,172,664
	445,705	Series 2007-S2-A9		6.00%			02/25/2037		339,515
	1,457,663	Series 2007-S3-1A4		6.00%			03/25/2037		1,041,160
	1,367,627	Series 2007-S4-A1		6.00%			04/25/2037		1,040,220
	765,911	Series 2007-S4-A2		6.00%			04/25/2037		582,552
	10,191,730	Series 2007-S5-A1		6.00%			05/25/2037		8,202,394
	2,953,604	Series 2007-S5-A8		6.00%			05/25/2037		2,377,689
	1,166,396	Series 2007-S6-2A4		6.00%			06/25/2037		857,789
	7,794,177	Series 2007-S7-A20		6.00%			07/25/2037		5,950,885
	3,940,901	Series 2007-S8-1A1		6.00%			09/25/2037		2,626,288
	221,604	Series 2007-SA1-4A		4.55%	(c)		02/25/2037		202,461
	2,635,424	Series 2007-SA2-2A1		5.39%	(c)		04/25/2037		2,206,447
		Rithm Capital Corp.
	62,504,400	Series 2020-RPL1-M1		3.25%	(a)(c)		11/25/2059		54,011,840
	16,345,550	Series 2020-RPL1-M2		3.50%	(a)(c)		11/25/2059		13,982,408
		Securitized Asset Backed Receivables LLC
	3,478,058	Series 2006-NC3-A2B (CME Term SOFR 1 Month + 0.41%, 0.30% Floor)		5.74%			09/25/2036		1,215,107
	5,365,070	Series 2007-BR3-A2A (CME Term SOFR 1 Month + 0.25%, 0.14% Floor)		5.58%			04/25/2037		3,556,736
	5,243,518	Series 2007-BR3-A2B (CME Term SOFR 1 Month + 0.55%, 0.44% Floor)		5.88%			04/25/2037		3,476,024
	14,336,405	Series 2007-BR4-A2B (CME Term SOFR 1 Month + 0.31%, 0.20% Floor)		5.64%			05/25/2037		8,772,170

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 37

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Securitized Mortgage Asset Loan Trust
	181,516,151	Series 2015-1-PC		2.41%	(a)(c)		02/25/2054		151,109,780
		Sequoia Mortgage Trust
	49,834	Series 2003-4-2A1 (CME Term SOFR 1 Month + 0.81%, 0.70% Floor, 11.50% Cap)		6.14%			07/20/2033		48,304
		SG Mortgage Securities Trust
	3,331,635	Series 2006-FRE1-A1A (CME Term SOFR 1 Month + 0.45%, 0.34% Floor)		5.78%			02/25/2036		3,218,728
	2,435,282	Series 2006-FRE1-A2C (CME Term SOFR 1 Month + 0.65%, 0.54% Floor)		5.98%			02/25/2036		1,235,934
		Soundview Home Equity Loan Trust
	11,267,178	Series 2007-NS1-M1 (CME Term SOFR 1 Month + 0.46%, 0.35% Floor)		5.79%			01/25/2037		10,311,324
	3,206,370	Series 2007-OPT1-2A2 (CME Term SOFR 1 Month + 0.26%, 0.15% Floor)		5.59%			06/25/2037		2,104,668
	5,670,639	Series 2007-OPT3-1A1 (CME Term SOFR 1 Month + 0.28%, 0.17% Floor)		5.61%			08/25/2037		4,743,775
	18,112,838	Series 2007-OPT4-1A1 (CME Term SOFR 1 Month + 1.11%, 1.00% Floor)		6.44%			09/25/2037		12,455,527
	41,937,282	Series 2007-WM1W-2A1 (CME Term SOFR 1 Month + 0.29%, 0.18% Floor)		4.45%	(b)		02/25/2037		33,072,231
		Specialty Underwriting & Residential Finance
	3,743,072	Series 2006-BC2-A2B		4.25%	(d)		02/25/2037		1,324,331
	12,916,570	Series 2007-AB1-A2C (CME Term SOFR 1 Month + 0.36%, 0.25% Floor)		5.69%			03/25/2037		7,079,586
		Spruce Hill Mortgage Loan Trust
	9,309,606	Series 2020-SH1-M1		3.22%	(a)(c)		01/28/2050		9,057,136
		Starwood Mortgage Residential Trust
	6,329,000	Series 2021-1-B2		4.52%	(a)(c)		05/25/2065		4,628,843
	5,000,000	Series 2021-2-B1		2.75%	(a)(c)		05/25/2065		3,814,892
	7,110,000	Series 2021-2-B2		3.00%	(a)(c)		05/25/2065		4,615,875
	9,103,000	Series 2021-5-M1		3.25%	(a)(c)		09/25/2066		6,382,985
		Structured Adjustable Rate Mortgage Loan Trust
	1,094,890	Series 2005-22-4A1		5.25%	(c)		12/25/2035		995,555
	7,403,522	Series 2006-1-8A1		5.34%	(c)		02/25/2036		4,315,826
	2,197,577	Series 2006-12-2A1		4.56%	(c)		01/25/2037		1,584,498
	1,113,462	Series 2006-8-4A4		4.76%	(c)		09/25/2036		991,139
	6,524,066	Series 2007-7-1A1 (CME Term SOFR 1 Month + 0.71%, 0.60% Floor)		6.04%			08/25/2037		5,608,949
		Structured Asset Investment Loan Trust
	68,036,902	Series 2006-3-A1 (CME Term SOFR 1 Month + 0.43%, 0.32% Floor)		5.76%			06/25/2036		42,529,330
	7,952,922	Series 2006-4-A1 (CME Term SOFR 1 Month + 0.29%, 0.17% Floor)		5.62%			07/25/2036		4,647,261
	20,800,000	Series 2006-4-A5 (CME Term SOFR 1 Month + 0.42%, 0.31% Floor)		5.75%			07/25/2036		6,984,596
		Structured Asset Mortgage Investments, Inc.
	8,392,474	Series 2006-AR3-12A2 (CME Term SOFR 1 Month + 0.51%, 0.40% Floor, 10.50% Cap)		5.84%			05/25/2036		6,541,359
		Structured Asset Securities Corp.
	735,013	Series 2003-24A-1A3		6.92%	(c)		07/25/2033		713,774
	8,489,615	Series 2005-5-3A1		6.00%			04/25/2035		4,553,876
	64,465,926	Series 2006-BC4-A1 (CME Term SOFR 1 Month + 0.43%, 0.32% Floor)		5.76%			12/25/2036		37,618,047
	10,108,551	Series 2006-BC4-A4 (CME Term SOFR 1 Month + 0.45%, 0.34% Floor)		5.78%			12/25/2036		9,689,863
	45,281,473	Series 2007-4-1A3 (-1 x CME Term SOFR 1 Month + 6.14%, 6.25% Cap)		0.81%	(a)(f)(g)		03/28/2045		2,367,397
	20,127,500	Series 2007-BC4-M1 (CME Term SOFR 1 Month + 0.61%, 0.50% Floor)		5.94%			11/25/2037		14,958,704
	12,370,712	Series 2007-MN1A-A4 (CME Term SOFR 1 Month + 0.35%, 0.24% Floor)		5.68%	(a)		01/25/2037		7,568,957
	14,607,692	Series 2007-RF1-1A (CME Term SOFR 1 Month + 0.30%, 0.19% Floor)		5.63%	(a)		03/25/2037		11,792,645

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Suntrust Adjustable Rate Mortgage Loan Trust
	3,365,515	Series 2007-2-1A1		6.06%	(c)		04/25/2037		1,335,181
	1,347,095	Series 2007-3-1A1		5.03%	(c)		06/25/2037		850,111
		Suntrust Alternative Loan Trust
	191,588	Series 2005-1F-2A3		5.75%			12/25/2035		172,293
	454,399	Series 2006-1F-1A3		6.00%			04/25/2036		171,708
		Terwin Mortgage Trust
	10,628,142	Series 2006-7-2A3 (CME Term SOFR 1 Month + 0.65%, 0.54% Floor)		5.98%	(a)		08/25/2037		4,572,392
		Thornburg Mortgage Securities Trust
	114,340	Series 2003-6-A2 (CME Term SOFR 1 Month + 1.11%, 1.00% Floor, 11.50% Cap)		6.44%			12/25/2033		108,158
	2,397,992	Series 2004-4-5A		3.05%	(c)		12/25/2044		2,067,968
	4,219,897	Series 2007-1-A1 (CME Term SOFR 12 Month + 2.02%, 0.11% Floor, 10.75% Cap)		7.05%			03/25/2037		3,575,920
	1,396,924	Series 2007-1-A2A (CME Term SOFR 12 Month + 2.02%, 0.11% Floor, 10.75% Cap)		7.05%			03/25/2037		1,050,246
		Toorak Mortgage Corp.
	13,625,043	Series 2021-1-A1		3.24%	(a)(d)		06/25/2024		13,495,243
		Tricon American Homes Trust
	5,000,000	Series 2019-SFR1-E		3.40%	(a)		03/17/2038		4,735,670
	8,900,000	Series 2020-SFR1-D		2.55%	(a)		07/17/2038		8,247,578
	1,600,000	Series 2020-SFR1-E		3.54%	(a)		07/17/2038		1,513,024
		Tricon Residential Trust
	16,000,000	Series 2021-SFR1-B		2.24%	(a)		07/17/2038		14,815,768
	13,250,000	Series 2021-SFR1-C		2.34%	(a)		07/17/2038		12,234,825
	5,250,000	Series 2021-SFR1-D		2.59%	(a)		07/17/2038		4,834,286
	10,000,000	Series 2021-SFR1-E2		2.89%	(a)		07/17/2038		9,125,726
	11,300,000	Series 2021-SFR1-F		3.69%	(a)		07/17/2038		10,338,947
		VCAT Asset Securitization LLC
	3,679,564	Series 2021-NPL3-A1		1.74%	(a)(d)		05/25/2051		3,574,687
	15,353,189	Series 2021-NPL4-A1		1.87%	(a)(d)		08/25/2051		14,898,672
	27,478,112	Series 2021-NPL5-A1		1.87%	(a)(d)		08/25/2051		26,849,663
	12,506,362	Series 2021-NPL6-A1		1.92%	(a)(d)		09/25/2051		12,155,927
		Velocity Commercial Capital Loan Trust
	5,673,551	Series 2017-2-AFX		3.07%	(a)(c)		11/25/2047		5,412,090
	8,837,501	Series 2018-2-A		4.05%	(a)(c)		10/26/2048		8,334,163
	21,707,471	Series 2019-1-A		3.76%	(a)(c)		03/25/2049		20,196,176
	2,351,839	Series 2019-1-M4		4.61%	(a)(c)		03/25/2049		1,967,785
	7,979,537	Series 2019-2-A		3.13%	(a)(c)		07/25/2049		7,410,886
	2,954,424	Series 2019-2-M1		3.26%	(a)(c)		07/25/2049		2,590,387
	1,999,174	Series 2020-1-M4		3.54%	(a)(c)		02/25/2050		1,613,803
		Vericrest Opportunity Loan Transferee
	12,861,136	Series 2021-CF1-A1		1.99%	(a)(d)		08/25/2051		12,426,183
	11,101,552	Series 2021-CF2-A1		2.49%	(a)(d)		11/27/2051		10,710,728
	13,637,346	Series 2021-NPL1-A1		4.89%	(a)(d)		02/27/2051		13,332,442
	4,857,920	Series 2021-NPL2-A1		4.89%	(a)(d)		02/27/2051		4,727,443
	41,238,033	Series 2021-NPL3-A1		5.24%	(a)(d)		02/27/2051		40,381,915
	5,359,043	Series 2021-NPL5-A1		5.12%	(a)(d)		03/27/2051		5,253,922
	18,729,337	Series 2021-NPL6-A1		5.24%	(a)(d)		04/25/2051		18,460,348
	1,539,741	Series 2021-NPL9-A1		1.99%	(a)(d)		05/25/2051		1,488,477
		Verus Securitization Trust
	6,100,000	Series 2021-3-M1		2.40%	(a)(c)		06/25/2066		4,224,685
	4,588,000	Series 2021-4-B1		3.05%	(a)(c)		07/25/2066		2,874,133
	2,300,000	Series 2021-4-B2		3.81%	(a)(c)		07/25/2066		1,467,912
	2,500,000	Series 2021-4-M1		2.20%	(a)(c)		07/25/2066		1,605,032
	6,651,000	Series 2021-5-B1		3.04%	(a)(c)		09/25/2066		4,504,881
	9,255,000	Series 2021-5-M1		2.33%	(a)(c)		09/25/2066		6,352,690
		Voyager OPTONE Delaware Trust
	6,019,965	Series 2009-1-SAC3		6.19%	(a)(b)(c)		02/25/2038		4,050,971

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 39

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		WAMU Asset-Backed Certificates
	7,544,316	Series 2007-HE1-2A2 (CME Term SOFR 1 Month + 0.22%, 0.22% Floor)		5.55%			01/25/2037		3,529,997
	13,971,611	Series 2007-HE4-1A (CME Term SOFR 1 Month + 0.28%, 0.28% Floor)		5.61%			07/25/2047		10,004,181
		WaMu Mortgage Pass Through Certificates
	4,683,301	Series 2005-AR19-B1 (CME Term SOFR 1 Month + 1.16%, 1.05% Floor, 10.50% Cap)		6.49%			12/25/2045		3,878,497
	5,282,066	Series 2006-AR10-1A1		4.44%	(c)		09/25/2036		4,344,413
	5,496,117	Series 2006-AR15-1A (12 Month US Treasury Average + 0.84%, 0.84% Floor)		5.93%			11/25/2046		4,632,384
	3,278,437	Series 2006-AR5-A12B (12 Month US Treasury Average + 0.98%, 0.98% Floor)		6.07%			06/25/2046		2,821,917
	432,813	Series 2006-AR6-2A3		4.71%	(c)		08/25/2036		370,854
	4,604,584	Series 2007-HY3-4A1		4.63%	(c)		03/25/2037		4,131,385
	7,245,391	Series 2007-HY5-1A1		3.69%	(c)		05/25/2037		6,168,567
		Washington Mutual Alternative Mortgage Pass-Through Certificates
	3,545,056	Series 2005-1-2A		6.00%			03/25/2035		2,914,924
	877,264	Series 2005-4-5A1		5.50%			06/25/2035		719,207
	367,055	Series 2005-5-CB12 (-11 x CME Term SOFR 1 Month + 49.34%, 50.60% Cap)		0.00%	(g)		07/25/2035		316,443
	1,188,613	Series 2005-5-CB6 (CME Term SOFR 1 Month + 0.71%, 0.60% Floor, 7.50% Cap)		6.04%			07/25/2035		1,015,071
	297,543	Series 2005-6-2A7		5.50%			08/25/2035		251,037
	3,448,962	Series 2005-7-2CB6 (CME Term SOFR 1 Month + 1.56%, 1.45% Floor, 6.00% Cap)		6.00%			08/25/2035		3,270,282
	313,542	Series 2005-7-2CB7 (-11 x CME Term SOFR 1 Month + 48.79%, 50.05% Cap)		0.00%	(g)		08/25/2035		250,501
	2,158,328	Series 2005-7-3CB		6.50%			08/25/2035		1,748,808
	4,626,001	Series 2005-8-1A2		5.50%			10/25/2035		4,073,918
	4,709,484	Series 2005-9-2A2		5.50%			11/25/2035		4,069,547
	1,096,113	Series 2005-9-CX		5.50%	(f)		11/25/2035		191,882
	4,139,085	Series 2006-1-2CB1		7.00%			02/25/2036		2,888,134
	1,452,631	Series 2006-1-3A1		5.75%			02/25/2036		1,305,947
	734,136	Series 2006-1-3A2		5.75%			02/25/2036		657,425
	623,954	Series 2006-1-3A7		5.75%			02/25/2036		559,053
	1,901,749	Series 2006-3-3CB4		6.00%			04/25/2036		1,570,080
	1,050,944	Series 2006-5-1A8		5.75%			07/25/2036		783,083
	2,433,584	Series 2006-5-2CB1		6.00%			07/25/2036		1,736,462
	4,420,412	Series 2006-5-2CB6		6.00%			07/25/2036		3,154,146
	12,892,756	Series 2006-5-3A3		6.72%	(d)		07/25/2036		3,080,863
	5,372,726	Series 2006-5-3A5		6.95%	(d)		07/25/2036		1,282,949
	7,643,639	Series 2006-8-A4		4.15%	(d)		10/25/2036		2,647,146
	2,832,740	Series 2006-9-A7		4.28%	(d)		10/25/2036		895,692
	3,648,135	Series 2006-AR10-A1 (CME Term SOFR 1 Month + 0.31%, 0.20% Floor)		5.64%			12/25/2036		1,749,165
	5,044,823	Series 2006-AR4-2A (12 Month US Treasury Average + 0.95%, 0.95% Floor)		3.79%			06/25/2046		3,454,301
	4,543,489	Series 2006-AR5-4A (12 Month US Treasury Average + 0.99%, 0.99% Floor)		6.08%			06/25/2046		3,519,424
	6,855,731	Series 2007-2-1A6		6.00%			04/25/2037		5,421,979
	2,864,606	Series 2007-3-A3		6.00%			04/25/2037		2,464,384
	2,181,085	Series 2007-4-1A1		5.50%			06/25/2037		2,029,929
	157,585	Series 2007-5-A11 (-6 x CME Term SOFR 1 Month + 38.79%, 39.48% Cap)		6.82%	(g)		06/25/2037		162,438
	3,939,629	Series 2007-5-A6		6.00%			06/25/2037		3,448,819
	5,373,544	Series 2007-OC1-A2 (CME Term SOFR 1 Month + 0.35%, 0.24% Floor)		5.68%			01/25/2047		4,842,069
		Washington Mutual Asset-Backed Certificates
	1,111,002	Series 2006-HE2-A4 (CME Term SOFR 1 Month + 0.59%, 0.48% Floor)		5.92%			05/25/2036		860,183
	19,195,148	Series 2007-HE2-2A2 (CME Term SOFR 1 Month + 0.33%, 0.22% Floor)		5.66%			02/25/2037		5,500,590

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Wells Fargo Alternative Loan Trust
	474,026	Series 2007-PA1-A10		6.00%			03/25/2037		410,889
	2,081,344	Series 2007-PA1-A3		6.00%			03/25/2037		1,804,122
	1,794,573	Series 2007-PA1-A5		6.00%			03/25/2037		1,555,547
	2,941,216	Series 2007-PA1-A6		6.00%			03/25/2037		2,549,464
	11,473,754	Series 2007-PA2-1A1		6.00%			06/25/2037		10,320,548
	1,961,885	Series 2007-PA2-3A1 (CME Term SOFR 1 Month + 0.46%, 0.35% Floor, 7.00% Cap)		5.79%			06/25/2037		1,304,450
	2,890,160	Series 2007-PA2-3A2 (-1 x CME Term SOFR 1 Month + 6.54%, 6.65% Cap)		1.21%	(f)(g)		06/25/2037		172,951
	233,691	Series 2007-PA3-1A4		5.75%			07/25/2037		197,140
	4,087,206	Series 2007-PA3-2A1		6.00%			07/25/2037		3,514,927
	1,623,873	Series 2007-PA3-2A4		6.00%			07/25/2037		1,396,503
	2,729,016	Series 2007-PA3-3A1		6.25%			07/25/2037		2,303,722
	21,350,026	Series 2007-PA5-1A1		6.25%			11/25/2037		18,264,170
	3,947,843	Series 2007-PA6-A1		5.67%	(c)		12/28/2037		3,502,211
		Wells Fargo Mortgage Backed Securities Trust
	1,415,953	Series 2006-AR12-1A1		6.11%	(c)		09/25/2036		1,261,350
	629,314	Series 2006-AR13-A2		6.24%	(c)		09/25/2036		591,415
	714,514	Series 2006-AR4-2A1		6.18%	(c)		04/25/2036		668,114
	1,094,872	Series 2007-7-A1		6.00%			06/25/2037		976,057
	76,146	Series 2007-7-A32		5.75%			06/25/2037		67,072
	2,465,572	Series 2007-7-A34		6.00%			06/25/2037		2,198,009
	667,797	Series 2007-7-A36		6.00%			06/25/2037		595,311
	227,107	Series 2007-7-A43 (CME Term SOFR 1 Month + 0.61%, 0.50% Floor, 7.00% Cap)		5.94%			06/25/2037		193,099
	620,452	Series 2007-7-A49		6.00%			06/25/2037		553,121
	262,667	Series 2007-7-A8 (CME Term SOFR 1 Month + 0.61%, 0.50% Floor, 7.00% Cap)		5.94%			06/25/2037		223,333
	118,493	Series 2007-7-A9 (-6 x CME Term SOFR 1 Month + 38.31%, 39.00% Cap)		6.34%	(g)		06/25/2037		121,042
	10,469,125	Series 2007-AR9-A1		6.03%	(c)		12/28/2037		9,186,709
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $10,173,071,346)							8,091,852,054
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 50.6%
		Fannie Mae Whole Loan
	4,807,214	Series 2003-W17-1A7		5.75%			08/25/2033		4,781,571
	1,442,014	Series 2004-W10-A6		5.75%			08/25/2034		1,455,444
		Federal Home Loan Mortgage Corp.
	1,866,064	Pool C03490		4.50%			08/01/2040		1,833,106
	12,583,263	Pool C91388		3.50%			02/01/2032		12,042,965
	6,504,029	Pool C91403		3.50%			03/01/2032		6,224,070
	6,535,148	Pool C91413		3.50%			12/01/2031		6,255,497
	3,355,459	Pool C91417		3.50%			01/01/2032		3,210,710
	13,470,849	Pool C91447		3.50%			05/01/2032		12,888,592
	5,226,417	Pool C91596		3.00%			02/01/2033		4,901,381
	2,489,492	Pool D98901		3.50%			01/01/2032		2,382,607
	5,300,017	Pool D98923		3.50%			01/01/2032		5,073,036
	6,555,699	Pool D99724		3.00%			11/01/2032		6,146,946
	6,064,990	Pool G01840		5.00%			07/01/2035		6,106,820
	1,269,310	Pool G04817		5.00%			09/01/2038		1,278,091
	5,027,752	Pool G07801		4.00%			10/01/2044		4,771,523
	10,712,841	Pool G07862		4.00%			01/01/2044		10,166,936
	11,837,267	Pool G07905		4.00%			01/01/2042		11,234,468
	23,827,471	Pool G08534		3.00%			06/01/2043		21,311,339
	7,712,402	Pool G08537		3.00%			07/01/2043		6,897,980
	14,131,983	Pool G08614		3.00%			11/01/2044		12,603,106
	16,505,725	Pool G08619		3.00%			12/01/2044		14,699,494
	21,102,066	Pool G08622		3.00%			01/01/2045		18,716,594

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 41

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
	39,715,458	Pool G08626		3.00%		02/01/2045		35,371,442
	20,286,482	Pool G08631		3.00%		03/01/2045		18,050,819
	57,328,569	Pool G08635		3.00%		04/01/2045		50,986,962
	17,509,498	Pool G08653		3.00%		07/01/2045		15,543,563
	10,153,874	Pool G08658		3.00%		08/01/2045		9,009,589
	11,516,070	Pool G08670		3.00%		10/01/2045		10,208,706
	135,726,045	Pool G08675		3.00%		11/01/2045		120,317,853
	55,961,194	Pool G08680		3.00%		12/01/2045		49,561,876
	23,380,092	Pool G08686		3.00%		01/01/2046		20,707,364
	52,006,024	Pool G08692		3.00%		02/01/2046		46,060,761
	16,541,524	Pool G08705		3.00%		05/01/2046		14,609,439
	19,186,792	Pool G08715		3.00%		08/01/2046		16,921,881
	1,010,853	Pool G08800		3.50%		02/01/2048		923,208
	9,718,300	Pool G16072		3.00%		02/01/2032		9,215,073
	22,884,962	Pool G60251		3.50%		10/01/2045		20,919,272
	59,008,824	Pool G60393		3.50%		01/01/2046		54,065,421
	6,804,437	Pool J22834		2.50%		03/01/2028		6,521,440
	20,913,651	Pool Q13637		3.00%		11/01/2042		18,716,517
	21,063,454	Pool Q13638		3.00%		11/01/2042		18,839,668
	36,137,587	Pool Q16672		3.00%		03/01/2043		32,321,664
	2,360,300	Pool Q23595		4.00%		12/01/2043		2,255,576
	2,681,632	Pool Q24052		4.00%		01/01/2044		2,562,657
	2,223,844	Pool Q24172		4.00%		01/01/2044		2,125,172
	2,477,275	Pool Q24979		4.00%		02/01/2044		2,360,417
	9,280,618	Pool Q31596		3.50%		02/01/2045		8,493,055
	4,077,254	Pool Q32861		3.50%		04/01/2045		3,725,979
	9,725,461	Pool Q32921		3.50%		04/01/2045		8,885,030
	10,894,247	Pool Q39502		3.50%		03/01/2046		9,979,794
	23,573,272	Pool Q44073		3.00%		09/01/2046		20,775,785
	25,092,444	Pool QH2160		6.00%		10/01/2053		25,731,476
	14,954,870	Pool QU7965		2.00%		09/01/2051		11,519,909
	14,090,706	Pool QU7970		2.00%		09/01/2051		10,854,089
	16,076,261	Pool RA2853		2.50%		06/01/2050		13,398,331
	48,248,537	Pool RA3515		2.50%		09/01/2050		40,004,570
	20,318,125	Pool RA4218		2.50%		12/01/2050		17,059,321
	15,557,145	Pool RA4968		2.50%		04/01/2046		13,228,270
	58,475,224	Pool RA5267		3.00%		05/01/2051		50,817,529
	8,871,940	Pool RA7554		4.00%		06/01/2052		8,232,705
	89,059,981	Pool RA7939		5.00%		09/01/2052		87,053,037
	73,092,318	Pool RB5089		1.50%		12/01/2040		60,106,192
	8,071,894	Pool RB5106		2.50%		03/01/2041		7,039,450
	83,684,600	Pool RB5110		1.50%		05/01/2041		68,616,556
	15,426,562	Pool SD0035		3.00%		04/01/2047		13,644,993
	31,951,822	Pool SD0699		2.00%		11/01/2050		25,938,302
	44,826,947	Pool SD0715		2.00%		09/01/2051		36,609,794
	63,842,560	Pool SD2120		3.00%		10/01/2051		55,445,339
	38,585,525	Pool SD2386		3.50%		06/01/2052		34,747,824
	56,796,995	Pool SD2692		4.50%		04/01/2053		54,126,734
	23,435,075	Pool SD2759		5.50%		05/01/2053		23,517,298
	28,561,442	Pool SD2839		3.00%		08/01/2052		24,752,397
	17,539,897	Pool SD2971		2.50%		03/01/2052		14,751,147
	14,715,279	Pool SD3033		5.50%		05/01/2053		15,002,024
	69,540,615	Pool SD3093		2.50%		03/01/2052		58,084,433
	54,366,191	Pool SD3454		5.50%		08/01/2053		54,541,827
	29,431,093	Pool SD4794		6.50%		01/01/2054		30,564,536
	26,377,334	Pool SD4888		6.00%		02/01/2054		26,914,711
	194,462,606	Pool SD7534		2.50%		02/01/2051		164,456,510
	23,834,426	Pool SD7564		5.00%		06/01/2053		23,617,001
	81,610,929	Pool SD8152		3.00%		06/01/2051		70,568,950
	3,130,366	Pool SD8168		3.00%		09/01/2051		2,704,227
	8,758,065	Pool SD8169		3.50%		09/01/2051		7,865,834
	40,842,279	Pool SE9043		2.00%		09/01/2051		31,461,159

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	958,051	Pool T60392		4.00%			10/01/2041		884,358
	1,338,940	Pool T60681		4.00%			05/01/2042		1,261,491
	5,407,023	Pool T60782		3.50%			07/01/2042		4,906,150
	6,155,011	Pool T60853		3.50%			09/01/2042		5,588,450
	6,205,927	Pool T60854		3.50%			09/01/2042		5,631,089
	1,018,299	Pool T65110		3.50%			10/01/2042		923,994
	6,803,220	Pool T65492		3.00%			06/01/2048		5,890,805
	544,499	Pool T69016		5.00%			06/01/2041		531,446
	10,386,813	Pool T69050		3.50%			05/01/2046		9,440,647
	132,835	Pool U60299		4.00%			11/01/2040		126,554
	146,362,699	Pool U69911		4.00%			04/01/2045		139,258,790
	1,263,345	Pool U99125		3.00%			01/01/2043		1,124,658
	48,218,471	Pool V81821		3.00%			08/01/2045		42,864,654
	13,724,516	Pool V82117		3.00%			12/01/2045		12,166,452
	11,447,681	Pool V82209		3.50%			02/01/2046		10,486,742
	6,552,937	Pool V82248		3.50%			03/01/2046		5,985,001
	10,500,000	Pool WN1221		4.80%			12/01/2029		10,467,924
	19,180,000	Pool WN1240		4.40%			12/01/2029		18,723,527
	40,000,000	Pool WN2184		2.50%			04/01/2032		34,050,591
	23,230,000	Pool WN2311		4.80%			01/01/2030		23,170,370
	16,361,000	Pool WN2312		4.60%			01/01/2030		16,206,093
	14,700,000	Pool WN2334		4.30%			01/01/2033		14,130,331
	45,015,000	Pool WN2358		4.30%			01/01/2030		43,923,430
	21,615,000	Pool WN2396		4.79%			03/01/2030		21,527,603
	15,225,000	Pool WN2423		4.19%			06/01/2030		14,769,319
	76,699,505	Pool Z40117		3.00%			04/01/2045		68,520,277
	67,611,113	Pool Z40206		3.50%			02/01/2047		61,757,380
	84,862,774	Pool Z40256		3.00%			12/01/2046		75,655,966
	12,391,264	Pool ZS4706		3.00%			03/01/2047		10,895,543
	6,481,234	Pool ZS4750		3.00%			01/01/2048		5,685,365
	11,698,944	Pool ZS4778		4.00%			07/01/2048		11,041,184
	9,502,281	Pool ZS4790		4.00%			09/01/2048		8,950,353
	14,151,392	Pool ZT1827		3.00%			07/01/2047		12,452,573
	1,228,799	Series 2021-MN1-M1 (US 30 Day Average Secured Overnight Financing Rate + 2.00%)		7.32%	(a)		01/25/2051		1,204,523
	1,250,000	Series 2021-MN1-M2 (US 30 Day Average Secured Overnight Financing Rate + 3.75%)		9.07%	(a)		01/25/2051		1,228,354
	365,092	Series 2519-ZD		5.50%			11/15/2032		360,371
	194,211	Series 2596-ZL		5.00%			04/15/2033		191,366
	11,226,423	Series 267-30		3.00%			08/15/2042		10,106,879
	137,245	Series 2684-ZN		4.00%			10/15/2033		130,744
	8,121,653	Series 274-30		3.00%			08/15/2042		7,234,706
	826,694	Series 2750-ZT		5.00%			02/15/2034		814,583
	32,088,689	Series 280-30		3.00%			09/15/2042		28,745,094
	2,440,052	Series 2825-PZ		5.50%			07/15/2034		2,428,587
	5,896,657	Series 284-300		3.00%			10/15/2042		5,365,702
	1,427,994	Series 2898-JZ		5.00%			12/15/2034		1,410,689
	3,597,435	Series 2899-AZ		5.00%			12/15/2034		3,555,960
	1,981,843	Series 2909-Z		5.00%			12/15/2034		1,959,137
	3,994,282	Series 2932-Z		5.00%			02/15/2035		3,950,640
	1,530,912	Series 3002-SN (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.39%, 6.50% Cap)		1.07%	(f)(g)		07/15/2035		100,447
	949,291	Series 3030-SL (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.99%, 6.10% Cap)		0.67%	(f)(g)		09/15/2035		59,157
	343,449	Series 3045-DI (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.62%, 6.73% Cap)		1.30%	(f)(g)		10/15/2035		26,835
	2,533,860	Series 3116-Z		5.50%			02/15/2036		2,521,804
	384,801	Series 3117-ZN		4.50%			02/15/2036		360,209
	1,252,630	Series 3174-PZ		5.00%			01/15/2036		1,240,280
	314,573	Series 3187-JZ		5.00%			07/15/2036		311,550
	881,644	Series 3188-ZK		5.00%			07/15/2036		871,998
	1,379,567	Series 3203-SE (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.39%, 6.50% Cap)		1.07%	(f)(g)		08/15/2036		101,904

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 43

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	1,770,045	Series 3203-Z		5.00%			07/15/2036		1,730,896
	2,804,649	Series 3203-ZC		5.00%			07/15/2036		2,812,978
	4,944,410	Series 326-300Pool S0-7094		3.00%			03/15/2044		4,445,555
	10,443,686	Series 326-F2Pool S0-7108 (US 30 Day Average Secured Overnight Financing Rate + 0.66%, 0.55% Floor, 6.50% Cap)		5.98%			03/15/2044		10,325,460
	1,810,299	Series 3261-SA (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.32%, 6.43% Cap)		1.00%	(f)(g)		01/15/2037		143,241
	1,504,461	Series 3275-SC (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.97%, 6.08% Cap)		0.65%	(f)(g)		02/15/2037		105,776
	370,331	Series 3315-HZ		6.00%			05/15/2037		384,660
	1,276,885	Series 3326-GS (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.54%, 6.65% Cap)		1.22%	(f)(g)		06/15/2037		102,653
	325,877	Series 3351-ZC		5.50%			07/15/2037		328,582
	4,121,064	Series 3355-BI (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.94%, 6.05% Cap)		0.62%	(f)(g)		08/15/2037		303,522
	188,532	Series 3369-Z		6.00%			09/15/2037		192,875
	520,998	Series 3405-ZG		5.50%			01/15/2038		508,762
	236,114	Series 3417-SI (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.07%, 6.18% Cap)		0.75%	(f)(g)		02/15/2038		14,716
	791,348	Series 3423-GS (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.54%, 5.65% Cap)		0.22%	(f)(g)		03/15/2038		40,141
	129,948	Series 3423-SG (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.54%, 5.65% Cap)		0.22%	(f)(g)		03/15/2038		6,396
	156,066	Series 3451-S (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.92%, 6.03% Cap)		0.60%	(f)(g)		02/15/2037		6,765
	149,849	Series 3455-SC (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.95%, 6.06% Cap)		0.63%	(f)(g)		06/15/2038		8,751
	66,270	Series 3473-SM (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.96%, 6.07% Cap)		0.64%	(f)(g)		07/15/2038		4,150
	1,486,076	Series 3484-SE (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.74%, 5.85% Cap)		0.42%	(f)(g)		08/15/2038		77,550
	2,068,902	Series 3519-SD (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.44%, 5.55% Cap)		0.12%	(f)(g)		02/15/2038		102,684
	646,405	Series 3524-LB		3.16%	(c)		06/15/2038		603,393
	59,862	Series 3530-GZ		4.50%	(h)		05/15/2039		54,992
	1,912,786	Series 3541-EI (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.64%, 6.75% Cap)		1.32%	(f)(g)		06/15/2039		173,330
	135,188	Series 3545-SA (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.04%, 6.15% Cap)		0.72%	(f)(g)		06/15/2039		8,828
	56,238	Series 3549-SA (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.69%, 5.80% Cap)		0.37%	(f)(g)		07/15/2039		3,545
	33,932,485	Series 357-200Pool S0-7745		2.00%			09/15/2047		28,691,248
	2,355,154	Series 3577-LS (-1 x US 30 Day Average Secured Overnight Financing Rate + 7.09%, 7.20% Cap)		1.77%	(f)(g)		08/15/2035		234,404
	13,143,698	Series 358-300Pool S0-7778		3.00%			10/15/2047		11,776,978
	792,077	Series 3582-SA (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.89%, 6.00% Cap)		0.57%	(f)(g)		10/15/2049		59,031
	732,335	Series 3583-GB		4.50%			10/15/2039		721,765
	1,225,721	Series 3616-SG (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.24%, 6.35% Cap)		0.92%	(f)(g)		03/15/2032		51,612
	2,128,881	Series 3626-AZ		5.50%			08/15/2036		2,122,492
	3,166,049	Series 3641-Z		5.50%			02/15/2036		3,156,821
	2,935,973	Series 3654-ZB		5.50%			11/15/2037		2,927,279
	6,897,509	Series 3666-VZ		5.50%			08/15/2036		6,877,576
	377,988	Series 3667-SB (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.34%, 6.45% Cap)		1.02%	(f)(g)		05/15/2040		24,469
	2,433,267	Series 3702-SG (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.94%, 6.05% Cap)		0.62%	(f)(g)		08/15/2032		96,335
	1,387,304	Series 3704-EI		5.00%	(f)		12/15/2036		188,987
	1,216,453	Series 3712-SG (-5 x US 30 Day Average Secured Overnight Financing Rate + 24.43%, 25.00% Cap)		0.00%	(g)		08/15/2040		1,192,193
	1,754,604	Series 3724-CM		5.50%			06/15/2037		1,788,823
	5,579,278	Series 3726-SA (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.94%, 6.05% Cap)		0.62%	(f)(g)		09/15/2040		458,448

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	186,682	Series 3741-SC (-2 x US 30 Day Average Secured Overnight Financing Rate + 9.77%, 10.00% Cap)		0.00%	(g)		10/15/2040		134,221
	4,674,509	Series 3752-BS (-2 x US 30 Day Average Secured Overnight Financing Rate + 9.77%, 10.00% Cap)		0.00%	(g)		11/15/2040		3,423,846
	12,525,510	Series 3768-ZX		5.00%			12/15/2040		12,413,171
	1,608,450	Series 3771-AL		4.00%			12/15/2030		1,572,148
	4,169,547	Series 3779-BY		3.50%			12/15/2030		4,018,440
	13,278,386	Series 3779-DZ		4.50%			12/15/2040		12,789,228
	4,745,436	Series 3779-LB		4.00%			12/15/2030		4,638,341
	1,128,093	Series 3779-YA		3.50%			12/15/2030		1,087,211
	3,959,492	Series 3783-AC		4.00%			01/15/2031		3,870,039
	2,984,617	Series 3786-SG (-2 x US 30 Day Average Secured Overnight Financing Rate + 9.27%, 9.50% Cap)		0.00%	(g)		01/15/2041		2,125,177
	3,294,787	Series 3788-AY		3.50%			01/15/2031		3,174,114
	464,192	Series 3790-Z		4.00%			01/15/2041		433,944
	9,964,500	Series 3800-VZ		4.50%			02/15/2041		9,617,294
	1,325,706	Series 3803-ZM		4.00%			02/15/2041		1,252,117
	14,341,533	Series 3806-CZ		5.50%			07/15/2034		14,267,392
	4,559,834	Series 3808-DB		3.50%			02/15/2031		4,392,225
	3,847,965	Series 3812-EY		3.50%			02/15/2031		3,706,787
	1,394,964	Series 3818-CZ		4.50%			03/15/2041		1,346,741
	3,124,176	Series 3819-ZU		5.50%			07/15/2034		3,108,134
	9,476,591	Series 3824-EY		3.50%			03/15/2031		9,128,217
	3,350,433	Series 3828-SW (-3 x US 30 Day Average Secured Overnight Financing Rate + 12.86%, 13.20% Cap)		0.00%	(g)		02/15/2041		2,418,759
	4,053,514	Series 3829-VZ		4.00%			03/15/2041		3,890,780
	7,127,933	Series 3843-PZ		5.00%			04/15/2041		7,121,421
	10,032,746	Series 3863-ZA		5.50%			08/15/2034		9,982,471
	3,444,489	Series 3870-PB		4.50%			06/15/2041		3,385,857
	15,644,369	Series 3871-LZ		5.50%			06/15/2041		15,629,081
	4,707,768	Series 3872-BA		4.00%			06/15/2041		4,530,467
	2,475,990	Series 3877-EY		4.50%			06/15/2041		2,401,642
	863,403	Series 3877-GY		4.50%			06/15/2041		846,175
	7,136,864	Series 3877-ZU		4.50%			06/15/2041		6,883,174
	2,073,879	Series 3900-SB (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.86%, 5.97% Cap)		0.54%	(f)(g)		07/15/2041		142,318
	8,755,359	Series 3901-VZ		4.00%			07/15/2041		8,407,420
	14,437,078	Series 3910-GZ		5.00%			08/15/2041		14,288,757
	2,038,456	Series 3910-ZE		5.00%			10/15/2034		2,014,636
	3,175,202	Series 3919-KL		4.50%			09/15/2041		3,111,162
	10,638,199	Series 3919-ZJ		4.00%			09/15/2041		10,021,797
	574,563	Series 3942-JZ		4.00%			10/15/2041		536,186
	3,557,034	Series 3944-AZ		4.00%			10/15/2041		3,355,161
	1,454,946	Series 3946-SM (-3 x US 30 Day Average Secured Overnight Financing Rate + 14.36%, 14.70% Cap)		0.00%	(g)		10/15/2041		1,108,784
	8,960,551	Series 3969-AB		4.00%			10/15/2033		8,680,635
	1,661,621	Series 3982-AZ		3.50%			01/15/2042		1,491,658
	41,523,923	Series 3990-ZA		3.50%			01/15/2042		38,249,010
	2,703,483	Series 3999-EZ		4.00%			02/15/2042		2,549,428
	347,607	Series 4050-ND		2.50%			09/15/2041		337,130
	39,952,999	Series 4097-ZA		3.50%			08/15/2042		36,885,403
	41,882,177	Series 4109-GE		4.50%			10/15/2041		40,987,632
	11,671,364	Series 4116-AP		1.35%			08/15/2042		9,887,825
	3,552,825	Series 4121-AV		3.00%			12/15/2035		3,370,426
	13,280,773	Series 4160-HP		2.50%			01/15/2033		12,433,134
	16,469,611	Series 4162-ZJ		3.00%			02/15/2033		15,373,845
	45,647,064	Series 4174-Z		3.50%			03/15/2043		41,934,953
	66,508,790	Series 4179-AZ		4.00%			01/15/2041		63,782,222
	9,720,159	Series 4183-ZB		3.00%	(h)		03/15/2043		7,535,204
	3,462,185	Series 4186-ZJ		3.00%	(h)		03/15/2033		3,134,739
	40,143,373	Series 4212-US (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.26%, 5.40% Cap)		0.00%	(g)		06/15/2043		25,885,230

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 45

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	19,309,604	Series 4223-US (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.29%, 5.43% Cap)		0.00%	(g)		07/15/2043		12,785,893
	5,572,998	Series 4229-TZ		3.00%			06/15/2043		5,078,014
	8,852,526	Series 4249-CS (-1 x US 30 Day Average Secured Overnight Financing Rate + 4.56%, 4.65% Cap)		0.57%	(g)		09/15/2043		6,313,284
	18,498,016	Series 4250-BZ		3.00%			09/15/2033		17,399,883
	8,948,853	Series 4267-BZ		4.00%			10/15/2040		8,582,781
	20,805,694	Series 4283-ZL		3.00%			08/15/2033		19,557,186
	11,010,181	Series 4341-AZ		3.00%			05/15/2044		9,709,745
	8,370,097	Series 4341-ZA		3.00%			05/15/2044		7,465,416
	17,990,267	Series 4376-GZ		3.00%	(h)		08/15/2044		15,551,241
	57,195,410	Series 4377-LZ		3.00%	(h)		08/15/2044		49,754,830
	1,406,527	Series 4379-KA		3.00%			08/15/2044		1,295,522
	31,263,960	Series 4384-ZY		3.00%	(h)		09/15/2044		27,336,575
	158,451,269	Series 4390-NZ		3.00%	(h)		09/15/2044		137,728,932
	11,629,449	Series 4408-PB		3.00%			04/15/2044		10,739,852
	12,141,430	Series 4427-CE		3.00%			02/15/2034		11,746,081
	6,570,541	Series 4427-PS (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.49%, 5.60% Cap)		0.17%	(f)(g)		07/15/2044		349,814
	5,777,548	Series 4429-HA		3.00%			04/15/2034		5,562,932
	985,460	Series 4438-B		3.00%			10/15/2043		937,934
	11,290,054	Series 4441-VZ		3.00%	(h)		02/15/2045		9,525,252
	32,819,924	Series 4444-CZ		3.00%	(h)		02/15/2045		28,223,947
	10,636,507	Series 4471-BA		3.00%			12/15/2041		10,314,319
	9,249,033	Series 4471-BC		3.00%			12/15/2041		8,968,873
	35,918,887	Series 4471-GA		3.00%			02/15/2044		33,673,231
	47,564,888	Series 4483-CA		3.00%			06/15/2044		44,354,990
	23,640,799	Series 4483-PA		2.50%			06/15/2045		22,114,889
	7,665,857	Series 4492-GZ		3.50%			07/15/2045		7,030,644
	198,933	Series 4498-PD		2.50%			08/15/2042		197,827
	5,420,518	Series 4500-GO		0.00%	(k)		08/15/2045		4,197,277
	9,632,841	Series 4504-CA		3.00%			04/15/2044		9,044,422
	17,156,346	Series 4527-GA		3.00%			02/15/2044		15,911,514
	35,050,351	Series 4533-AB		3.00%			06/15/2044		32,712,422
	31,419,169	Series 4543-HG		2.70%			04/15/2044		29,245,277
	49,367,488	Series 4573-CA		3.00%			11/15/2044		46,030,725
	10,148,331	Series 4573-DA		3.00%			03/15/2045		9,518,700
	10,398,497	Series 4588-DA		3.00%			02/15/2044		9,707,650
	5,916,428	Series 4629-KA		3.00%			03/15/2045		5,591,667
	13,540,579	Series 4632-MH		4.00%			11/15/2056		12,489,305
	35,962,756	Series 4636-DZ		3.50%			12/15/2046		32,772,176
	58,609,301	Series 4673-KZ		3.50%			03/15/2047		53,378,280
	26,294,659	Series 4679-VZ		3.50%			02/15/2047		23,945,988
	5,555,266	Series 4744-JA		3.00%			09/15/2047		4,973,238
	5,407,171	Series 4744-KA		3.00%			08/15/2046		5,075,350
	21,534,000	Series 4759-NL		3.00%			02/15/2048		18,109,907
	8,060,795	Series 4776-YP		3.50%			02/15/2048		7,220,064
	25,414,838	Series 4778-DZ		4.00%	(h)		04/15/2048		23,648,748
	5,436,555	Series 4791-IO		3.00%	(f)		05/15/2048		810,792
	28,425,365	Series 4791-JT		3.00%			05/15/2048		25,038,091
	4,439,196	Series 4791-LI		3.00%	(f)		05/15/2048		771,261
	4,439,196	Series 4791-LO		0.00%	(k)		05/15/2048		3,249,620
	17,537,274	Series 4791-PO		0.00%	(k)		05/15/2048		13,450,798
	12,075,559	Series 4792-A		3.00%			05/15/2048		10,636,410
	7,595,625	Series 4793-C		3.00%			06/15/2048		6,647,236
	7,255,978	Series 4795-AO		0.00%	(k)		05/15/2048		5,389,209
	6,201,607	Series 4801-OG		0.00%	(k)		06/15/2048		4,755,743
	25,080,044	Series 4857-J		3.40%			01/15/2049		23,095,056
	10,819,515	Series 4901-BD		3.00%			07/25/2049		9,937,338
	20,984,006	Series 4924-ST (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.89%, 6.00% Cap)		0.57%	(f)(g)		08/25/2048		1,902,567
	11,351,137	Series 5004-LS (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.04%, 6.15% Cap)		0.72%	(f)(g)		07/25/2050		1,278,649

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	39,587,669	Series 5007-IP		3.00%	(f)		07/25/2050		6,368,512
	17,550,777	Series 5010-KI		3.00%	(f)		09/25/2050		2,568,544
	27,847,345	Series 5017-VZ		2.00%	(h)		09/25/2050		18,062,509
	12,638,834	Series 5023-YI		3.00%	(f)		10/25/2050		1,900,708
	58,823,485	Series 5040-GI		2.00%	(f)		11/25/2050		7,093,306
	32,990,490	Series 5050-BN		3.00%			11/25/2050		28,325,203
	32,200,424	Series 5053-AI		3.00%	(f)		11/25/2050		5,297,710
	10,733,474	Series 5053-PI		3.00%	(f)		11/25/2050		1,728,231
	22,564,776	Series 5059-HI		3.00%	(f)		09/25/2050		3,605,899
	26,013,031	Series 5059-ID		3.00%	(f)		01/25/2051		3,709,666
	12,332,316	Series 5060-LT		2.00%			05/25/2050		9,882,167
	6,077,349	Series 5062-PA		1.25%			01/25/2051		4,477,812
	13,933,730	Series 5071-FP (US 30 Day Average Secured Overnight Financing Rate + 0.70%, 0.70% Floor, 4.00% Cap)		4.00%			02/25/2051		10,555,277
	30,853,466	Series 5077-CI		3.50%	(f)		02/25/2051		5,418,726
	12,658,095	Series 5081-MI		2.50%	(f)		03/25/2051		1,880,180
	11,613,055	Series 5086-IB		3.00%	(f)		03/25/2051		1,830,647
	15,193,728	Series 5086-IK		3.00%	(f)		03/25/2051		2,393,655
	7,835,291	Series 5112-SC (-1 x US 30 Day Average Secured Overnight Financing Rate + 2.50%, 2.50% Cap)		0.00%	(f)(g)		06/25/2051		49,035
	17,879,148	Series 5117-D		2.00%			06/25/2051		15,441,633
	18,286,854	Series 5118-PI		3.00%	(f)		03/25/2051		2,981,973
	38,666,559	Series 5126-AH		2.00%			02/25/2037		34,209,020
	107,125,666	Series 5129-GI		3.00%	(f)		08/25/2050		18,384,360
	67,120,973	Series 5130-IO		3.50%	(f)		08/25/2051		13,066,849
	34,211,255	Series 5140-AI		3.50%	(f)		09/25/2051		6,568,934
	11,737,631	Series 5140-B		2.00%			05/25/2040		10,123,158
	26,079,496	Series 5142-IP		3.00%	(f)		09/25/2051		4,432,894
	39,414,608	Series 5145-SB (-1 x US 30 Day Average Secured Overnight Financing Rate + 2.60%, 2.60% Cap)		0.00%	(f)(g)		09/25/2051		320,859
	17,370,913	Series 5149-CI		3.00%	(f)		12/25/2043		2,390,121
	21,709,576	Series 5150-AB		2.00%			04/25/2049		17,587,722
	44,527,358	Series 5157-EI		3.00%	(f)		10/25/2051		5,713,136
	14,595,825	Series 5157-P		1.50%			10/25/2051		11,508,154
	10,441,311	Series 5159-CD		1.50%			07/25/2041		8,858,283
	17,701,323	Series 5159-DI		3.00%	(f)		04/25/2048		2,718,734
	31,890,282	Series 5159-UI		3.50%	(f)		08/25/2050		6,136,513
	43,434,265	Series 5160-S (-1 x US 30 Day Average Secured Overnight Financing Rate + 3.74%, 3.74% Cap)		0.00%	(f)(g)		08/25/2050		1,224,460
	18,775,743	Series 5160-ZY		3.00%	(h)		10/25/2050		12,984,418
	30,543,540	Series 5171-GI		3.00%	(f)		12/25/2051		4,925,815
	26,500,099	Series 5175-CZ		2.50%	(h)		09/25/2051		14,765,111
	30,349,703	Series 5176-D		2.50%			01/25/2051		25,338,472
	26,836,904	Series 5181-IL		3.00%	(f)		01/25/2052		4,231,538
	16,756,097	Series 5187-LA		2.50%			10/25/2049		14,581,523
	22,056,787	Series 5196-PE		2.00%			02/25/2052		18,784,248
	37,655,284	Series 5201-MA		3.00%			10/25/2049		33,982,892
	27,355,406	Series 5201-MN		3.00%			04/25/2048		25,076,343
	16,730,125	Series 5202-AK		3.00%			10/25/2049		15,088,913
	23,492,064	Series 5202-DB		3.00%			05/25/2048		20,814,648
	19,440,886	Series 5202-HA		2.50%			09/25/2048		16,923,523
	63,000,929	Series 5209-IO		3.00%	(f)		10/25/2051		9,745,702
	77,469,038	Series 5223-GA		3.00%			04/25/2049		70,598,037
	74,598,599	Series 5279-IO		3.00%	(f)		03/25/2051		11,639,716
	21,499,663	Series 5299-ZA		3.00%	(h)		03/25/2052		15,441,086
	18,988,086	Series 5319-PO		0.00%	(k)		08/25/2050		13,116,552
	81,358,730	Series 5321-PO		0.00%	(k)		08/25/2050		56,693,180
	14,210,035	Series 5326-KO		0.00%	(k)		09/25/2050		9,469,763
	36,682,905	Series 5326-MO		0.00%	(k)		09/25/2050		25,056,471
	17,285,376	Series 5326-OP		0.00%	(k)		09/25/2050		11,528,046
	29,858,848	Series 5326-UO		0.00%	(k)		10/25/2050		20,101,577
	27,706,645	Series 5334-PO		0.00%	(k)		12/25/2050		19,809,623
	13,772,828	Series 5352-LO		0.00%	(k)		10/15/2046		10,111,447

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 47

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	21,861,034	Series 5365-PO		0.00%	(k)		02/25/2037		17,238,273
	25,819,828	Series 5385-ZA		2.00%	(h)		01/25/2051		13,139,951
	25,000,000	Series 5400-FB (US 30 Day Average Secured Overnight Financing Rate + 1.10%, 1.10% Floor, 7.00% Cap)		6.42%			04/25/2054		25,026,367
	21,405,428	Series R003-ZA		5.50%			10/15/2035		21,069,305
		Federal National Mortgage Association
	58,440,406	Pool 310227		4.00%			01/01/2044		55,606,549
	16,101,485	Pool 387898		3.71%			08/01/2030		15,202,929
	2,909,981	Pool 555743		5.00%			09/01/2033		2,926,335
	2,154,634	Pool 735382		5.00%			04/01/2035		2,166,770
	3,666,283	Pool 735402		5.00%			04/01/2035		3,686,934
	2,430,294	Pool 735484		5.00%			05/01/2035		2,443,984
	1,019,364	Pool 735667		5.00%			07/01/2035		1,025,100
	830,407	Pool 735893		5.00%			10/01/2035		835,089
	2,027,373	Pool 745275		5.00%			02/01/2036		2,038,813
	84,000	Pool 888695		5.00%			08/01/2037		84,475
	533,325	Pool 888968		5.00%			08/01/2035		536,329
	4,032,888	Pool 890549		4.00%			11/01/2043		3,849,154
	4,997,271	Pool 890565		3.00%			11/01/2043		4,464,526
	275,213	Pool 931104		5.00%			05/01/2039		273,982
	61,715	Pool 975116		5.00%			05/01/2038		62,063
	892,085	Pool 986864		6.50%			08/01/2038		946,334
	469,524	Pool 987316		6.50%			09/01/2038		493,503
	3,978,005	Pool 995203		5.00%			07/01/2035		4,000,383
	6,646,693	Pool 995849		5.00%			08/01/2036		6,684,104
	5,204,489	Pool AB2123		4.00%			01/01/2031		5,065,883
	110,738	Pool AB2370		4.50%			09/01/2035		108,411
	376,901	Pool AB3713		4.00%			10/01/2031		364,803
	2,808,396	Pool AB3796		3.50%			11/01/2031		2,687,461
	688,517	Pool AB3850		4.00%			11/01/2041		645,368
	528,634	Pool AB3923		4.00%			11/01/2041		486,348
	10,093,204	Pool AB4167		3.50%			01/01/2032		9,645,413
	8,292,942	Pool AB4261		3.50%			01/01/2032		7,925,018
	1,427,648	Pool AB5084		3.50%			05/01/2032		1,364,152
	3,668,284	Pool AB5156		3.50%			05/01/2032		3,502,902
	5,426,686	Pool AB5212		3.50%			05/01/2032		5,186,065
	3,172,767	Pool AB5243		4.00%			05/01/2042		2,918,935
	7,260,150	Pool AB5911		3.00%			08/01/2032		6,823,511
	2,970,812	Pool AB6280		3.00%			09/01/2042		2,641,366
	3,795,406	Pool AB6349		3.00%			10/01/2032		3,559,808
	10,482,863	Pool AB6750		3.00%			10/01/2032		9,821,359
	5,434,806	Pool AB6751		3.00%			10/01/2032		5,091,080
	30,601,068	Pool AB6854		3.00%			11/01/2042		27,335,147
	23,257,848	Pool AB7077		3.00%			11/01/2042		20,775,660
	10,153,682	Pool AB7776		3.00%			02/01/2043		9,027,412
	11,050,797	Pool AB7877		3.00%			02/01/2043		9,825,020
	4,811,896	Pool AB8418		3.00%			02/01/2033		4,503,030
	7,597,709	Pool AB8520		3.00%			02/01/2033		7,105,041
	9,592,561	Pool AB8703		3.00%			03/01/2038		8,675,025
	3,684,798	Pool AB8858		3.00%			04/01/2033		3,447,920
	8,136,088	Pool AB9020		3.00%			04/01/2038		7,356,790
	6,019,917	Pool AB9197		3.00%			05/01/2033		5,622,088
	3,491,306	Pool AB9409		3.00%			05/01/2033		3,261,169
	129,747	Pool AD2177		4.50%			06/01/2030		127,347
	292,198	Pool AD6438		5.00%			06/01/2040		291,690
	185,230	Pool AD7859		5.00%			06/01/2040		184,889
	2,425,804	Pool AH0607		4.00%			12/01/2040		2,299,610
	126,266	Pool AH1140		4.50%			12/01/2040		121,031
	1,763,302	Pool AH4437		4.00%			01/01/2041		1,652,816
	560,831	Pool AH7309		4.00%			02/01/2031		544,920
	632,700	Pool AH9323		4.00%			04/01/2026		621,958
	773,086	Pool AJ1265		4.00%			09/01/2041		734,660

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
	53,228	Pool AJ1399		4.00%		09/01/2041		49,891
	1,481,304	Pool AJ1467		4.00%		10/01/2041		1,388,474
	1,510,991	Pool AJ3392		4.00%		10/01/2041		1,416,286
	1,066,736	Pool AJ3854		4.00%		10/01/2041		981,411
	4,924,610	Pool AJ4118		4.00%		11/01/2041		4,616,025
	1,283,650	Pool AJ4131		4.00%		10/01/2041		1,203,195
	7,091,285	Pool AJ5322		4.00%		11/01/2041		6,721,584
	1,803,678	Pool AJ7677		3.50%		12/01/2041		1,634,811
	969,009	Pool AJ8334		4.00%		12/01/2041		891,481
	7,975,203	Pool AK0713		3.50%		01/01/2032		7,638,710
	1,408,404	Pool AK4039		4.00%		02/01/2042		1,295,737
	2,624,015	Pool AK4763		4.00%		02/01/2042		2,459,627
	1,093,294	Pool AK9438		4.00%		03/01/2042		1,024,770
	1,684,025	Pool AK9439		4.00%		03/01/2042		1,578,486
	473,681	Pool AK9446		4.50%		03/01/2042		462,528
	44,361,361	Pool AL3699		3.00%		06/01/2043		39,440,224
	24,215,696	Pool AL3883		3.00%		07/01/2043		21,529,839
	258,750	Pool AL4292		4.50%		04/01/2026		255,718
	3,883,035	Pool AL4312		4.00%		10/01/2043		3,706,084
	8,724,938	Pool AL6075		3.50%		09/01/2053		7,725,572
	16,806,271	Pool AL6076		3.00%		06/01/2053		14,509,048
	22,343,344	Pool AL6141		4.00%		04/01/2042		21,185,618
	20,932,449	Pool AL6325		3.00%		10/01/2044		18,700,417
	6,790,965	Pool AL6486		4.50%		02/01/2045		6,629,052
	20,454,903	Pool AL6538		4.50%		06/01/2044		20,068,637
	20,167,630	Pool AL8304		3.50%		03/01/2046		18,403,025
	10,138,664	Pool AL9220		3.00%		06/01/2045		9,057,638
	14,765,764	Pool AL9445		3.00%		07/01/2031		14,059,591
	24,437,329	Pool AM8510		3.15%		05/01/2035		21,732,928
	27,179,170	Pool AM8950		3.14%		06/01/2040		24,077,576
	4,404,934	Pool AN5480		3.43%		06/01/2037		4,091,300
	217,500,000	Pool AN6680		3.37%		11/01/2047		169,271,053
	5,500,000	Pool AN7330		3.26%		12/01/2037		4,649,554
	23,357,107	Pool AN7345		3.21%		11/01/2037		20,277,253
	10,026,000	Pool AN7452		3.12%		11/01/2032		8,985,234
	20,655,203	Pool AN8121		3.16%		01/01/2035		18,141,585
	3,783,150	Pool AN9452		3.75%		06/01/2030		3,521,527
	3,630,404	Pool AO2980		4.00%		05/01/2042		3,402,848
	12,979,953	Pool AP4787		3.50%		09/01/2042		11,764,625
	10,215,635	Pool AP4789		3.50%		09/01/2042		9,259,089
	6,136,503	Pool AQ5541		3.00%		12/01/2042		5,481,541
	6,012,540	Pool AR9856		3.00%		04/01/2043		5,370,742
	5,263,570	Pool AS1927		4.50%		03/01/2044		5,138,050
	6,787,213	Pool AS2038		4.50%		03/01/2044		6,625,366
	3,486,304	Pool AS2517		4.50%		05/01/2044		3,403,162
	1,688,010	Pool AS2551		4.50%		06/01/2044		1,648,083
	1,862,870	Pool AS2765		4.50%		07/01/2044		1,818,801
	8,703,551	Pool AS3201		3.00%		08/01/2034		8,073,313
	4,126,678	Pool AS3456		3.00%		10/01/2034		3,823,980
	8,164,645	Pool AS3666		3.00%		10/01/2034		7,584,300
	28,533,066	Pool AS3961		3.00%		12/01/2044		25,371,709
	11,083,327	Pool AS4154		3.00%		12/01/2044		9,846,233
	6,712,734	Pool AS4212		3.00%		01/01/2035		6,235,856
	9,891,366	Pool AS4281		3.00%		01/01/2035		9,150,631
	8,056,401	Pool AS4345		3.50%		01/01/2045		7,384,466
	9,630,301	Pool AS4360		3.00%		01/01/2035		8,941,919
	65,603,423	Pool AS4625		3.00%		03/01/2045		58,281,192
	25,453,728	Pool AS4645		3.00%		03/01/2045		22,612,758
	10,571,106	Pool AS4779		3.00%		04/01/2035		9,797,351
	8,585,032	Pool AS4780		3.00%		04/01/2035		7,961,405
	10,876,771	Pool AS4840		3.00%		04/01/2035		10,085,712
	7,361,126	Pool AS4881		3.00%		05/01/2035		6,824,386

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 49

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	13,136,819	Pool AS7473		3.00%			07/01/2046		11,363,649
	26,550,780	Pool AS7661		3.00%			08/01/2046		22,966,809
	17,910,346	Pool AS8056		3.00%			10/01/2046		15,762,994
	25,227,300	Pool AS8111		3.00%			10/01/2041		22,569,160
	15,466,436	Pool AS8269		3.00%			11/01/2046		13,643,988
	13,213,776	Pool AS8306		3.00%			11/01/2041		11,825,605
	15,523,049	Pool AS8356		3.00%			11/01/2046		13,427,695
	12,500,218	Pool AX9696		3.00%			07/01/2045		10,993,042
	15,608,036	Pool AY3974		3.00%			03/01/2045		13,846,484
	5,856,000	Pool AY4295		3.00%			02/01/2045		5,148,951
	411,444	Pool AY4296		3.00%			01/01/2045		355,905
	2,701,883	Pool AY5471		3.00%			03/01/2045		2,337,199
	4,925,541	Pool AZ0576		3.50%			04/01/2042		4,496,936
	8,014,249	Pool BC0785		3.50%			04/01/2046		7,310,787
	14,928,022	Pool BC9003		3.00%			11/01/2046		13,141,343
	7,600,954	Pool BC9081		3.00%			12/01/2046		6,692,819
	73,022,141	Pool BF0314		3.00%			01/01/2053		63,831,826
	62,759,854	Pool BF0353		3.00%			05/01/2053		54,860,367
	32,865,961	Pool BF0391		3.00%			09/01/2053		28,729,401
	20,281,759	Pool BK8257		1.50%			12/01/2050		15,105,880
	16,944,805	Pool BK8267		2.50%			12/01/2050		14,261,701
	9,000,000	Pool BL0357		3.89%			10/01/2038		8,231,490
	43,897,283	Pool BL0870		4.28%			12/01/2048		38,642,280
	5,000,000	Pool BL2303		3.36%			05/01/2031		4,631,057
	8,860,000	Pool BL4038		2.98%			09/01/2034		7,635,739
	8,190,000	Pool BL5840		2.73%			02/01/2035		6,726,487
	6,410,306	Pool BL6639		2.66%			05/01/2050		4,899,644
	16,589,434	Pool BL6689		2.19%			05/01/2032		13,953,220
	28,785,015	Pool BL6913		1.96%			05/01/2035		22,474,697
	36,488,000	Pool BL7110		1.76%			07/01/2035		27,794,758
	3,568,101	Pool BL7331		2.23%			07/01/2040		2,555,872
	20,400,000	Pool BL7424		1.65%			08/01/2035		15,134,711
	40,000,000	Pool BL8165		1.35%			09/01/2032		31,143,201
	32,000,000	Pool BL8269		1.51%			09/01/2035		23,883,813
	17,000,000	Pool BL8977		1.20%			11/01/2030		13,643,566
	10,712,297	Pool BL9284		2.23%			12/01/2050		7,467,448
	53,000,000	Pool BL9576		2.24%			12/01/2050		35,396,420
	17,415,150	Pool BM5299		3.00%			12/01/2046		15,330,783
	27,046,330	Pool BM5633		3.00%			07/01/2047		23,797,810
	4,012,562	Pool BM5834		3.00%			04/01/2048		3,470,844
	47,072,696	Pool BM6779		2.00%			08/01/2051		36,274,347
	170,877,863	Pool BM6831		1.93%	(c)		10/01/2033		135,754,556
	77,245,967	Pool BM6857		1.83%	(c)		12/01/2031		63,496,472
	21,383,052	Pool BM7154 (US 30 Day Average Secured Overnight Financing Rate + 2.28%, 2.28% Floor, 9.73% Cap)		4.74%			03/01/2053		20,799,821
	26,701,498	Pool BM7164 (US 30 Day Average Secured Overnight Financing Rate + 2.28%, 2.28% Floor, 9.55% Cap)		4.55%			03/01/2053		25,808,829
	8,147,279	Pool BQ6432		2.00%			08/01/2051		6,278,381
	16,143,394	Pool BQ6564		2.00%			09/01/2051		12,440,138
	15,596,758	Pool BR2181 (US 30 Day Average Secured Overnight Financing Rate + 2.13%, 2.13% Floor, 7.15% Cap)		2.14%			07/01/2051		13,716,397
	32,498,690	Pool BR2290 (US 30 Day Average Secured Overnight Financing Rate + 2.12%, 2.12% Floor, 7.01% Cap)		2.01%			08/01/2051		28,400,390
	48,883,000	Pool BS2496		1.88%			09/01/2033		38,566,609
	5,592,000	Pool BS2500		1.81%			06/01/2030		4,734,526
	14,906,452	Pool BS2568		2.20%			09/01/2046		11,357,912
	3,000,000	Pool BS2580		2.15%			08/01/2033		2,426,334
	22,000,000	Pool BS2805		1.81%			09/01/2033		17,443,518
	9,975,000	Pool BS2834		2.24%			08/01/2041		7,006,702
	39,850,000	Pool BS3020		1.96%			09/01/2033		31,494,464
	34,043,000	Pool BS3101		1.91%			09/01/2033		27,100,985
	2,595,000	Pool BS3163		1.75%			08/01/2030		2,183,571
	19,880,000	Pool BS3192		2.03%			09/01/2036		14,703,705

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
	16,125,000	Pool BS3314		1.83%		10/01/2033		12,775,736
	21,000,000	Pool BS3345		2.16%		10/01/2036		16,217,506
	25,042,000	Pool BS3426		1.76%		11/01/2031		20,236,374
	12,048,000	Pool BS3431		1.83%		11/01/2033		9,489,468
	6,536,000	Pool BS3434		1.83%		11/01/2033		5,148,005
	32,694,000	Pool BS3442		2.12%		10/01/2036		24,618,710
	11,900,000	Pool BS3514		2.08%		10/01/2033		9,452,324
	7,339,000	Pool BS3955		2.30%		12/01/2036		5,613,907
	46,000,000	Pool BS3974		1.94%		01/01/2032		37,778,478
	21,200,000	Pool BS4110		2.13%		01/01/2034		17,167,871
	48,972,000	Pool BS4111		1.98%		01/01/2032		40,606,031
	46,000,000	Pool BS4125		2.32%		12/01/2031		39,044,552
	20,931,784	Pool BS4177		1.94%		12/01/2031		17,493,192
	12,500,000	Pool BS4213		2.46%		12/01/2036		9,909,763
	18,199,000	Pool BS4225		2.36%		01/01/2037		14,120,258
	20,000,000	Pool BS4273		1.93%		12/01/2031		16,647,135
	33,675,000	Pool BS4276		2.03%		01/01/2032		28,102,056
	51,025,000	Pool BS4306		1.92%		01/01/2032		41,595,405
	27,223,552	Pool BS4319		2.35%		01/01/2039		20,778,625
	19,170,000	Pool BS4330		1.92%		01/01/2034		15,107,542
	30,761,000	Pool BS4333		1.89%		01/01/2032		25,180,022
	12,000,000	Pool BS4334		2.01%		01/01/2034		9,471,515
	18,191,357	Pool BS4359		1.99%		01/01/2032		15,277,406
	21,800,000	Pool BS4360		2.14%		01/01/2037		16,306,388
	53,950,000	Pool BS4453		1.96%		01/01/2032		44,398,925
	51,688,000	Pool BS4524		2.02%		01/01/2032		42,631,682
	41,850,000	Pool BS4736		2.00%		02/01/2032		34,136,858
	24,500,000	Pool BS4737		2.00%		02/01/2032		19,984,540
	20,155,000	Pool BS4951		2.63%		04/01/2032		17,235,965
	11,091,839	Pool BS5636		3.72%		06/01/2032		10,330,863
	6,814,923	Pool BS5685		4.20%		05/01/2052		6,022,692
	8,665,000	Pool BS6102		4.10%		08/01/2032		8,265,930
	4,200,000	Pool BS6131		3.89%		07/01/2032		3,942,723
	3,600,000	Pool BS6419		3.89%		09/01/2032		3,383,792
	24,762,678	Pool BS6649		3.89%		10/01/2032		23,225,039
	159,468,000	Pool BS6912		4.33%		12/01/2032		153,764,993
	4,131,000	Pool BS7305		5.22%		01/01/2032		4,252,741
	39,897,392	Pool BS7329		5.41%		12/01/2032		40,477,210
	7,863,000	Pool BS7410		5.48%		01/01/2033		8,017,721
	3,260,000	Pool BS7503		4.87%		04/01/2031		3,267,812
	3,315,320	Pool BS7824		4.99%		11/01/2039		3,310,522
	10,467,000	Pool BS8014		4.84%		03/01/2033		10,450,886
	8,333,000	Pool BS8657		5.10%		06/01/2030		8,439,143
	5,590,980	Pool BS8987		5.15%		07/01/2040		5,657,631
	18,443,561	Pool BS9321		5.27%		08/01/2040		19,019,039
	1,571,716	Pool BT6556		2.00%		07/01/2051		1,211,154
	11,092,947	Pool BV8021		4.50%		08/01/2052		10,574,577
	10,550,000	Pool BZ0079		5.21%		01/01/2034		10,933,671
	77,485,000	Pool BZ0107		4.94%		12/01/2033		78,839,841
	27,755,000	Pool BZ0115		5.27%		12/01/2033		28,856,591
	14,016,000	Pool BZ0452		5.36%		02/01/2054		14,482,075
	7,638,421	Pool CA0862		3.50%		09/01/2047		6,967,847
	5,095,666	Pool CA3898		3.00%		07/01/2034		4,793,830
	4,198,658	Pool CA4413		3.00%		10/01/2049		3,603,072
	36,200,411	Pool CA7235		2.50%		10/01/2050		30,344,198
	11,836,726	Pool CA7671		2.50%		11/01/2040		10,323,619
	20,922,627	Pool CA7789		2.50%		11/01/2040		18,248,621
	16,012,268	Pool CB0189		3.00%		04/01/2051		13,921,167
	14,145,151	Pool CB1055 (US 30 Day Average Secured Overnight Financing Rate + 2.22%, 2.22% Floor, 6.87% Cap)		1.87%		07/01/2051		12,294,382
	3,605,383	Pool CB1648		2.00%		09/01/2051		2,778,336
	13,351,005	Pool CB3332		3.50%		04/01/2052		12,070,195

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 51

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
	92,967,678	Pool CB4291		5.00%		08/01/2052		90,874,342
	49,532,304	Pool CB4347		5.00%		08/01/2052		49,211,927
	55,637,769	Pool CB4391		4.50%		08/01/2052		53,053,314
	66,015,877	Pool CB5221		5.00%		12/01/2052		64,529,322
	19,438,419	Pool CB6266		6.00%		05/01/2053		19,740,446
	39,636,320	Pool CB7272		6.00%		10/01/2053		40,266,541
	31,430,971	Pool CB7781		5.50%		01/01/2054		31,319,938
	44,917,016	Pool FM1000		3.00%		04/01/2047		39,531,620
	23,380,563	Pool FM4347		2.50%		09/01/2050		19,567,116
	42,004,688	Pool FM4752		2.50%		11/01/2050		35,390,807
	47,236,845	Pool FM4792		2.50%		11/01/2050		39,595,264
	26,439,783	Pool FM4913		2.50%		11/01/2050		22,170,722
	33,545,541	Pool FM5150		2.00%		12/01/2050		26,901,508
	4,995,863	Pool FM6864		1.50%		04/01/2041		4,106,103
	62,531,480	Pool FM7557		3.50%		03/01/2050		57,112,859
	27,681,261	Pool FM8158		2.50%		07/01/2051		23,500,500
	62,886,599	Pool FM8215		2.50%		03/01/2051		52,957,333
	46,052,284	Pool FM8304		4.00%		07/01/2049		43,265,875
	60,991,302	Pool FM8435		2.50%		09/01/2051		51,354,923
	110,255,210	Pool FM8533		2.50%		03/01/2051		93,144,737
	68,631,362	Pool FM8769		2.50%		09/01/2051		57,757,921
	35,913,403	Pool FM8780		2.50%		09/01/2051		30,067,260
	10,185,360	Pool FM9422		2.00%		01/01/2051		8,128,641
	29,204,182	Pool FM9490		2.00%		11/01/2051		23,535,138
	37,796,525	Pool FP0043		2.00%		10/01/2050		30,158,145
	31,832,343	Pool FP0088		2.00%		10/01/2051		25,334,880
	34,076,651	Pool FS0009		3.50%		11/01/2051		30,649,530
	52,946,897	Pool FS1472		3.50%		11/01/2050		48,132,882
	84,633,207	Pool FS2320		2.50%		04/01/2051		70,216,981
	16,549,782	Pool FS2588		4.50%		08/01/2052		15,781,009
	15,720,290	Pool FS2837		4.00%		09/01/2052		14,586,685
	16,102,890	Pool FS5618		5.50%		08/01/2053		16,427,780
	50,997,514	Pool FS5987		2.50%		04/01/2051		43,083,712
	37,140,883	Pool FS6232		2.00%		03/01/2052		29,981,197
	24,610,015	Pool FS6843		6.00%		01/01/2054		25,145,471
	49,366,484	Pool FS7114		5.50%		02/01/2054		49,632,701
	601,666	Pool MA0264		4.50%		12/01/2029		592,390
	2,134,099	Pool MA0353		4.50%		03/01/2030		2,100,720
	438,431	Pool MA0406		4.50%		05/01/2030		431,528
	35,634	Pool MA0445		5.00%		06/01/2040		34,636
	68,571	Pool MA0468		5.00%		07/01/2040		66,494
	666,698	Pool MA0534		4.00%		10/01/2030		648,860
	153,220	Pool MA0587		4.00%		12/01/2030		149,038
	3,974,950	Pool MA0616		4.00%		01/01/2031		3,864,745
	1,001,926	Pool MA0896		4.00%		11/01/2041		939,761
	13,242,606	Pool MA0949		3.50%		01/01/2032		12,657,480
	7,888,934	Pool MA1010		3.50%		03/01/2032		7,539,895
	1,695,237	Pool MA1039		3.50%		04/01/2042		1,537,258
	10,538,831	Pool MA1059		3.50%		05/01/2032		10,070,503
	1,083,488	Pool MA1068		3.50%		05/01/2042		982,051
	3,123,623	Pool MA1093		3.50%		06/01/2042		2,831,128
	1,908,544	Pool MA1094		4.00%		06/01/2042		1,788,916
	14,385,949	Pool MA1107		3.50%		07/01/2032		13,743,160
	26,591,345	Pool MA1117		3.50%		07/01/2042		24,100,411
	28,266,566	Pool MA1136		3.50%		08/01/2042		25,624,045
	9,966,985	Pool MA1138		3.50%		08/01/2032		9,503,822
	8,352,673	Pool MA1179		3.50%		09/01/2042		7,570,121
	1,926,196	Pool MA1201		3.50%		10/01/2032		1,839,648
	14,013,578	Pool MA1209		3.50%		10/01/2042		12,632,055
	12,905,233	Pool MA1237		3.00%		11/01/2032		12,098,410
	1,290,569	Pool MA1242		3.50%		11/01/2042		1,163,337
	7,388,054	Pool MA1338		3.00%		02/01/2033		6,919,388

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	4,002,538	Pool MA1490		3.00%			07/01/2033		3,736,791
	4,718,252	Pool MA2114		3.50%			12/01/2044		4,253,982
	3,570,384	Pool MA2151		3.50%			01/01/2045		3,219,350
	12,192,123	Pool MA2164		3.50%			02/01/2035		11,547,040
	9,839,017	Pool MA2166		3.50%			02/01/2045		8,868,447
	10,122,011	Pool MA2248		3.00%			04/01/2045		8,899,927
	14,417,818	Pool MA2270		3.00%			05/01/2045		12,677,055
	13,017,461	Pool MA2621		3.50%			05/01/2046		11,604,138
	15,545,914	Pool MA2649		3.00%			06/01/2046		13,447,414
	14,327,508	Pool MA2650		3.50%			06/01/2046		12,772,077
	4,805,271	Pool MA2673		3.00%			07/01/2046		4,156,611
	17,309,310	Pool MA2711		3.00%			08/01/2046		14,972,779
	1,682,536	Pool MA2743		3.00%			09/01/2046		1,455,402
	38,917,006	Pool MA2806		3.00%			11/01/2046		34,331,339
	12,506,320	Pool MA2833		3.00%			12/01/2046		11,006,880
	15,827,655	Pool MA2895		3.00%			02/01/2047		13,923,433
	7,138,556	Pool MA3357		4.00%			05/01/2048		6,738,909
	9,327,601	Pool MA3614		3.50%			03/01/2049		8,489,237
	1,932,803	Pool MA3894		4.00%			09/01/2031		1,876,469
	34,996,115	Pool MA4100		2.00%			08/01/2050		27,940,242
	75,267,673	Pool MA4191		2.00%			11/01/2050		58,188,482
	91,496,448	Pool MA4306		2.50%			04/01/2051		76,133,122
	259,410	Series 2002-70-QZ		5.50%			11/25/2032		259,109
	381,847	Series 2002-75-ZG		5.50%			11/25/2032		377,087
	5,472,062	Series 2003-129-ZT		5.50%			01/25/2034		5,449,170
	927,950	Series 2003-29-ZL		5.00%			04/25/2033		909,891
	438,355	Series 2003-64-ZG		5.50%			07/25/2033		432,880
	3,605,609	Series 2003-84-PZ		5.00%			09/25/2033		3,524,796
	483,368	Series 2004-46-PJ (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.89%, 6.00% Cap)		0.57%	(f)(g)		03/25/2034		5,501
	1,080,361	Series 2004-51-XP (-1 x US 30 Day Average Secured Overnight Financing Rate + 7.59%, 7.70% Cap)		2.27%	(f)(g)		07/25/2034		101,812
	20,311	Series 2005-107-EG		4.50%			01/25/2026		20,077
	205,709	Series 2005-37-ZK		4.50%			05/25/2035		197,769
	1,870,976	Series 2005-87-SG (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.59%, 6.70% Cap)		1.27%	(f)(g)		10/25/2035		133,613
	1,685,804	Series 2006-101-SA (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.47%, 6.58% Cap)		1.15%	(f)(g)		10/25/2036		154,781
	673,139	Series 2006-123-LI (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.21%, 6.32% Cap)		0.89%	(f)(g)		01/25/2037		61,255
	260,415	Series 2006-16-HZ		5.50%			03/25/2036		255,632
	2,619,880	Series 2006-56-SM (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.64%, 6.75% Cap)		1.32%	(f)(g)		07/25/2036		194,126
	243,498	Series 2006-93-SN (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.49%, 6.60% Cap)		1.17%	(f)(g)		10/25/2036		16,275
	3,525,529	Series 2007-109-VZ		5.00%			10/25/2035		3,478,099
	403,248	Series 2007-116-BI (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.14%, 6.25% Cap)		0.82%	(f)(g)		05/25/2037		24,363
	2,829,799	Series 2007-14-PS (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.70%, 6.81% Cap)		1.38%	(f)(g)		03/25/2037		261,814
	1,307,325	Series 2007-30-OI (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.33%, 6.44% Cap)		1.01%	(f)(g)		04/25/2037		116,692
	134,671	Series 2007-30-SI (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.00%, 6.11% Cap)		0.68%	(f)(g)		04/25/2037		8,029
	1,137,156	Series 2007-32-SG (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.99%, 6.10% Cap)		0.67%	(f)(g)		04/25/2037		81,186
	1,080,539	Series 2007-57-SX (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.51%, 6.62% Cap)		1.19%	(f)(g)		10/25/2036		92,852
	1,815,119	Series 2007-60-VZ		6.00%			07/25/2037		1,872,663
	1,119,370	Series 2007-71-GZ		6.00%			07/25/2047		1,167,240
	1,383,167	Series 2007-75-ID (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.76%, 5.87% Cap)		0.44%	(f)(g)		08/25/2037		110,305
	185,569	Series 2007-9-SD (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.54%, 6.65% Cap)		1.22%	(f)(g)		03/25/2037		10,282

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 53

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	1,403,772	Series 2008-29-ZA		4.50%			04/25/2038		1,361,822
	2,823,429	Series 2008-48-BE		5.00%			06/25/2034		2,823,440
	271,603	Series 2008-48-SD (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.89%, 6.00% Cap)		0.57%	(f)(g)		06/25/2037		16,429
	335,324	Series 2008-5-MS (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.14%, 6.25% Cap)		0.82%	(f)(g)		02/25/2038		20,211
	109,281	Series 2008-53-LI (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.04%, 6.15% Cap)		0.72%	(f)(g)		07/25/2038		7,448
	263,113	Series 2008-57-SE (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.89%, 6.00% Cap)		0.57%	(f)(g)		02/25/2037		15,142
	294,261	Series 2008-61-SC (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.89%, 6.00% Cap)		0.57%	(f)(g)		07/25/2038		16,869
	190,454	Series 2008-62-SC (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.89%, 6.00% Cap)		0.57%	(f)(g)		07/25/2038		10,134
	771,512	Series 2008-65-SA (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.89%, 6.00% Cap)		0.57%	(f)(g)		08/25/2038		54,573
	152,991	Series 2008-81-LP		5.50%			09/25/2038		153,583
	1,704,413	Series 2009-106-EZ		4.50%			01/25/2040		1,629,220
	240,293	Series 2009-111-SE (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.14%, 6.25% Cap)		0.82%	(f)(g)		01/25/2040		22,649
	165,790	Series 2009-16-MZ		5.00%			03/25/2029		162,965
	756,303	Series 2009-42-SI (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.89%, 6.00% Cap)		0.57%	(f)(g)		06/25/2039		37,316
	555,532	Series 2009-42-SX (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.89%, 6.00% Cap)		0.57%	(f)(g)		06/25/2039		38,806
	244,676	Series 2009-47-SA (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.99%, 6.10% Cap)		0.67%	(f)(g)		07/25/2039		13,988
	176,030	Series 2009-48-WS (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.84%, 5.95% Cap)		0.52%	(f)(g)		07/25/2039		12,391
	1,968,065	Series 2009-49-S (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.64%, 6.75% Cap)		1.32%	(f)(g)		07/25/2039		156,085
	212,720	Series 2009-51-BZ		4.50%			07/25/2039		204,984
	540,605	Series 2009-54-EZ		5.00%			07/25/2039		525,060
	216,443	Series 2009-70-SA (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.69%, 5.80% Cap)		0.37%	(f)(g)		09/25/2039		18,318
	1,172,193	Series 2009-80-PM		4.50%			10/25/2039		1,147,715
	1,089,132	Series 2009-83-Z		4.50%			10/25/2039		1,041,426
	4,507,321	Series 2009-85-ES (-1 x US 30 Day Average Secured Overnight Financing Rate + 7.12%, 7.23% Cap)		1.80%	(f)(g)		01/25/2036		349,652
	7,462,222	Series 2009-85-JS (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.64%, 6.75% Cap)		1.32%	(f)(g)		10/25/2039		781,254
	407,691	Series 2009-90-IB (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.61%, 5.72% Cap)		0.29%	(f)(g)		04/25/2037		19,671
	230,303	Series 2009-94-BC		5.00%			11/25/2039		229,569
	1,812,784	Series 2010-10-SA (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.24%, 6.35% Cap)		0.92%	(f)(g)		02/25/2040		149,544
	592,071	Series 2010-10-ZA		4.50%			02/25/2040		571,377
	5,468,446	Series 2010-101-SA (-1 x US 30 Day Average Secured Overnight Financing Rate + 4.37%, 4.48% Cap)		0.00%	(f)(g)		09/25/2040		227,615
	2,751,989	Series 2010-101-ZC		4.50%			09/25/2040		2,651,514
	5,545,365	Series 2010-101-ZH		4.50%			07/25/2040		5,354,320
	710,854	Series 2010-111-S (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.84%, 5.95% Cap)		0.52%	(f)(g)		10/25/2050		59,492
	961,881	Series 2010-116-Z		4.00%			10/25/2040		908,083
	224,265	Series 2010-117-SA (-1 x US 30 Day Average Secured Overnight Financing Rate + 4.39%, 4.50% Cap)		0.00%	(f)(g)		10/25/2040		6,278
	707,796	Series 2010-120-KD		4.00%			10/25/2040		674,297
	6,124,082	Series 2010-121-SD (-1 x US 30 Day Average Secured Overnight Financing Rate + 4.39%, 4.50% Cap)		0.00%	(f)(g)		10/25/2040		233,611
	242,685	Series 2010-126-SU (-11 x US 30 Day Average Secured Overnight Financing Rate + 53.74%, 55.00% Cap)		0.00%	(g)		11/25/2040		250,307
	178,693	Series 2010-126-SX (-3 x US 30 Day Average Secured Overnight Financing Rate + 14.66%, 15.00% Cap)		0.00%	(g)		11/25/2040		145,670
	1,073,261	Series 2010-128-HZ		4.00%			11/25/2040		1,012,622
	550,275	Series 2010-132-Z		4.50%			11/25/2040		523,818

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	83,252	Series 2010-137-VS (-3 x US 30 Day Average Secured Overnight Financing Rate + 14.66%, 15.00% Cap)		0.00%	(g)		12/25/2040		75,237
	4,115,518	Series 2010-142-AZ		4.00%			12/25/2040		3,893,809
	743,832	Series 2010-148-SA (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.54%, 6.65% Cap)		1.22%	(f)(g)		01/25/2026		7,174
	7,108,622	Series 2010-150-ZA		4.00%			01/25/2041		6,715,081
	3,072,270	Series 2010-16-SA (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.34%, 5.45% Cap)		0.02%	(f)(g)		03/25/2040		205,395
	763,520	Series 2010-2-MS (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.14%, 6.25% Cap)		0.82%	(f)(g)		02/25/2050		102,521
	1,189,133	Series 2010-21-DZ		5.00%			03/25/2040		1,175,427
	528,784	Series 2010-21-KS (-1 x US 30 Day Average Secured Overnight Financing Rate + 4.84%, 4.95% Cap)		0.00%	(f)(g)		03/25/2040		11,062
	610,771	Series 2010-31-SA (-1 x US 30 Day Average Secured Overnight Financing Rate + 4.89%, 5.00% Cap)		0.00%	(f)(g)		04/25/2040		21,645
	645,219	Series 2010-34-PS (-1 x US 30 Day Average Secured Overnight Financing Rate + 4.82%, 4.93% Cap)		0.00%	(f)(g)		04/25/2040		17,603
	176,720	Series 2010-35-ES (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.34%, 6.45% Cap)		1.02%	(f)(g)		04/25/2040		5,162
	77,471	Series 2010-35-SV (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.34%, 6.45% Cap)		1.02%	(f)(g)		04/25/2040		1,447
	802,993	Series 2010-4-SK (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.12%, 6.23% Cap)		0.80%	(f)(g)		02/25/2040		48,177
	526,579	Series 2010-46-MS (-1 x US 30 Day Average Secured Overnight Financing Rate + 4.84%, 4.95% Cap)		0.00%	(f)(g)		05/25/2040		19,694
	3,505,001	Series 2010-49-ZW		4.50%			05/25/2040		3,385,655
	288,927	Series 2010-58-ES (-3 x US 30 Day Average Secured Overnight Financing Rate + 12.18%, 12.47% Cap)		0.00%	(g)		06/25/2040		255,394
	2,334,177	Series 2010-59-MS (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.66%, 5.77% Cap)		0.34%	(f)(g)		06/25/2040		150,476
	2,762,426	Series 2010-59-SC (-1 x US 30 Day Average Secured Overnight Financing Rate + 4.89%, 5.00% Cap)		0.00%	(f)(g)		01/25/2040		78,091
	176,122	Series 2010-60-VZ		5.00%			10/25/2039		174,038
	181,659	Series 2010-61-EL		4.50%			06/25/2040		177,862
	2,631,556	Series 2010-64-EZ		5.00%			06/25/2040		2,600,531
	6,343,806	Series 2010-64-FC (US 30 Day Average Secured Overnight Financing Rate + 0.61%, 0.50% Floor, 7.00% Cap)		5.93%			06/25/2040		6,279,702
	7,915,513	Series 2010-76-ZK		4.50%			07/25/2040		7,648,225
	1,815,446	Series 2010-79-CZ		4.00%			07/25/2040		1,719,704
	6,990,983	Series 2010-79-VZ		4.50%			07/25/2040		6,748,347
	874,818	Series 2010-84-ZC		4.50%			08/25/2040		843,887
	1,749,633	Series 2010-84-ZD		4.50%			08/25/2040		1,687,771
	2,264,213	Series 2010-84-ZG		4.50%			08/25/2040		2,183,364
	385,010	Series 2010-9-DS (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.19%, 0.50% Floor, 5.30% Cap)		0.50%	(f)(g)		02/25/2040		17,449
	183,196	Series 2010-90-SA (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.74%, 5.85% Cap)		0.42%	(f)(g)		08/25/2040		10,865
	694,304	Series 2010-94-Z		4.50%			08/25/2040		670,058
	3,414,631	Series 2010-99-SG (-5 x US 30 Day Average Secured Overnight Financing Rate + 24.43%, 25.00% Cap)		0.00%	(g)		09/25/2040		3,322,565
	12,295,869	Series 2011-106-LZ		3.50%			10/25/2041		11,488,279
	520,021	Series 2011-110-LS (-2 x US 30 Day Average Secured Overnight Financing Rate + 9.87%, 10.10% Cap)		0.00%	(g)		11/25/2041		381,708
	1,480,150	Series 2011-111-CZ		4.00%			11/25/2041		1,395,345
	3,826,136	Series 2011-111-EZ		5.00%			11/25/2041		3,776,535
	843,342	Series 2011-111-VZ		4.00%			11/25/2041		794,664
	26,622,057	Series 2011-131-PB		4.50%			12/25/2041		26,196,253
	7,213,220	Series 2011-16-AL		3.50%			03/25/2031		6,940,252
	15,004,798	Series 2011-17-NY		3.50%			03/25/2031		14,435,929
	332,169	Series 2011-17-SA (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.36%, 6.47% Cap)		1.04%	(f)(g)		03/25/2041		18,050
	2,895,644	Series 2011-2-GZ		4.00%			02/25/2041		2,745,301
	913,345	Series 2011-25-KY		3.00%			04/25/2026		892,578

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 55

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	1,445,302	Series 2011-27-BS (-2 x US 30 Day Average Secured Overnight Financing Rate + 8.77%, 9.00% Cap)		0.00%	(g)		04/25/2041		1,178,916
	15,906,812	Series 2011-29-AL		3.50%			04/25/2031		15,302,118
	6,679,096	Series 2011-32-ZG		4.00%			04/25/2041		6,306,626
	1,195,006	Series 2011-36-VZ		4.50%			05/25/2041		1,151,411
	3,146,659	Series 2011-37-Z		4.50%			05/25/2041		3,002,984
	4,713,392	Series 2011-38-BZ		4.00%			05/25/2041		4,546,047
	842,089	Series 2011-39-CB		3.00%			05/25/2026		822,097
	3,529,936	Series 2011-39-ZD		4.00%			02/25/2041		3,335,285
	1,109,164	Series 2011-40-LZ		4.50%			05/25/2041		1,068,266
	1,297,569	Series 2011-42-MZ		4.50%			05/25/2041		1,249,597
	8,750,730	Series 2011-45-ZA		4.00%			05/25/2031		8,519,199
	2,712,385	Series 2011-45-ZB		4.50%			05/25/2041		2,583,698
	9,017,964	Series 2011-51-FJ (US 30 Day Average Secured Overnight Financing Rate + 0.56%, 0.45% Floor, 7.00% Cap)		5.88%			06/25/2041		8,902,601
	634,783	Series 2011-59-MA		4.50%			07/25/2041		622,964
	1,380,802	Series 2011-60-EL		3.00%			07/25/2026		1,349,063
	5,826,259	Series 2011-64-DB		4.00%			07/25/2041		5,605,017
	3,716,402	Series 2011-77-Z		3.50%			08/25/2041		3,427,888
	24,713,159	Series 2011-99-CZ		4.50%			10/25/2041		23,853,693
	13,607,620	Series 2012-104-Z		3.50%			09/25/2042		12,505,632
	1,933,593	Series 2012-111-LB		3.50%			05/25/2041		1,813,766
	13,808,654	Series 2012-111-MJ		4.00%			04/25/2042		12,894,130
	15,020,921	Series 2012-122-DB		3.00%			11/25/2042		13,462,585
	11,399,464	Series 2012-132-KH		1.75%			12/25/2032		10,316,065
	3,987,293	Series 2012-14-BZ		4.00%			03/25/2042		3,755,839
	11,811,755	Series 2012-144-PT		3.95%	(c)		11/25/2049		11,355,554
	28,440,525	Series 2012-15-PZ		4.00%	(h)		03/25/2042		26,446,574
	9,335,492	Series 2012-20-ZT		3.50%			03/25/2042		8,675,937
	17,281,478	Series 2012-31-Z		4.00%			04/25/2042		16,232,267
	7,301,448	Series 2012-70-FY (US 30 Day Average Secured Overnight Financing Rate + 0.56%, 0.45% Floor, 7.00% Cap)		5.88%			07/25/2042		7,197,316
	98,516	Series 2012-80-EA		2.00%			04/25/2042		95,925
	17,466,380	Series 2012-86-ZC		3.50%			08/25/2042		16,112,123
	30,310,450	Series 2012-96-VZ		3.50%			09/25/2042		27,875,081
	7,219,465	Series 2012-98-BG		4.50%			08/25/2040		7,070,073
	13,564,014	Series 2012-99-QE		3.00%			09/25/2042		12,105,507
	8,593,550	Series 2013-100-PJ		3.00%			03/25/2043		7,954,479
	19,802,556	Series 2013-130-ZE		3.00%			01/25/2044		17,477,702
	27,412,938	Series 2013-133-ZT		3.00%	(h)		01/25/2039		25,279,310
	6,981,001	Series 2013-41-ZH		3.00%	(h)		05/25/2033		6,433,878
	5,692,246	Series 2013-51-HS (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.26%, 5.40% Cap)		0.00%	(g)		04/25/2043		3,867,415
	994,109	Series 2013-58-SC (-2 x US 30 Day Average Secured Overnight Financing Rate + 5.83%, 6.00% Cap)		0.00%	(g)		06/25/2043		518,091
	1,804,797	Series 2013-81-ZQ		3.00%	(h)		08/25/2043		1,241,037
	5,826,407	Series 2013-82-SH (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.94%, 6.05% Cap)		0.62%	(f)(g)		12/25/2042		415,589
	21,963,555	Series 2014-12-GZ		3.50%			03/25/2044		20,137,496
	13,526,363	Series 2014-21-GZ		3.00%			04/25/2044		11,938,701
	34,044,653	Series 2014-37-ZY		2.50%	(h)		07/25/2044		28,674,177
	21,454,889	Series 2014-39-ZA		3.00%			07/25/2044		18,958,418
	110,867	Series 2014-46-NZ		3.00%	(h)		06/25/2043		75,934
	67,417,558	Series 2014-60-EZ		3.00%	(h)		10/25/2044		58,569,347
	47,589,107	Series 2014-61-ZV		3.00%	(h)		10/25/2044		41,303,019
	40,131,905	Series 2014-64-NZ		3.00%	(h)		10/25/2044		34,980,441
	14,131,177	Series 2014-67-DZ		3.00%	(h)		10/25/2044		12,413,228
	45,175,115	Series 2014-68-MZ		3.00%	(h)		11/25/2044		39,235,821
	25,501,826	Series 2014-77-VZ		3.00%	(h)		11/25/2044		22,271,153
	32,751,040	Series 2014-84-KZ		3.00%	(h)		12/25/2044		28,473,178
	50,846,811	Series 2014-M11-1A		3.08%	(c)		08/25/2024		50,254,329

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	4,672,494	Series 2015-11-A		3.00%			05/25/2034		4,491,920
	2,746,862	Series 2015-21-G		3.00%			02/25/2042		2,711,594
	4,561,150	Series 2015-42-CA		3.00%			03/25/2044		4,257,280
	19,370,486	Series 2015-49-A		3.00%			03/25/2044		17,967,310
	10,831,689	Series 2015-52-GZ		3.00%	(h)		07/25/2045		9,512,454
	4,767,569	Series 2015-88-AC		3.00%			04/25/2043		4,567,407
	36,641,511	Series 2015-88-BA		3.00%			04/25/2044		34,254,735
	2,575,214	Series 2015-94-MA		3.00%			01/25/2046		2,266,293
	9,860,366	Series 2016-2-JA		2.50%			02/25/2046		9,297,445
	23,934,011	Series 2016-32-LA		3.00%			10/25/2044		22,226,944
	17,881,399	Series 2016-72-PA		3.00%			07/25/2046		15,905,090
	1,278,435	Series 2016-74-PA		3.00%			12/25/2044		1,254,491
	1,617,779	Series 2016-79-EP		3.00%			01/25/2044		1,563,403
	4,733,779	Series 2016-81-PA		3.00%			02/25/2044		4,559,796
	8,989,752	Series 2016-95-AG		2.50%			06/25/2037		8,246,541
	12,332,084	Series 2017-57-BC		3.00%			08/25/2057		10,650,937
	9,681,975	Series 2018-21-IO		3.00%	(f)		04/25/2048		1,454,638
	15,991,372	Series 2018-21-PO		0.00%	(k)		04/25/2048		12,108,342
	39,883,695	Series 2018-27-AO		0.00%	(k)		05/25/2048		29,988,319
	11,656,844	Series 2018-33-A		3.00%			05/25/2048		10,276,632
	13,417,645	Series 2018-38-JB		3.00%			06/25/2048		11,741,300
	9,185,594	Series 2018-65-DA		3.00%			09/25/2048		8,017,543
	28,068,673	Series 2018-7-CD		3.00%			02/25/2048		24,873,501
	21,383,499	Series 2018-85-PO		0.00%	(k)		12/25/2048		15,875,022
	5,059,381	Series 2019-48-AZ		3.50%			09/25/2049		4,580,448
	5,102,730	Series 2019-64-D		2.50%			11/25/2049		4,362,988
	14,630,360	Series 2019-69-DS (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.89%, 6.00% Cap)		0.57%	(f)(g)		12/25/2049		1,783,698
	41,735,679	Series 2019-78-ZB		3.00%			01/25/2050		35,903,172
	205,866,497	Series 2019-M16-X		1.18%	(c)(f)		07/25/2031		10,917,759
	480,534,077	Series 2019-M18-X		0.71%	(c)(f)		08/25/2029		12,514,117
	211,539,284	Series 2019-M24-2XA		1.14%	(c)(f)		03/25/2031		11,452,483
	263,059,662	Series 2019-M24-XA		1.25%	(c)(f)		03/25/2029		12,335,473
	162,492,626	Series 2019-M7-X		0.33%	(c)(f)		04/25/2029		2,247,013
	32,487,413	Series 2020-47-GL		2.00%			05/25/2046		28,001,870
	9,101,097	Series 2020-53-CG		2.00%			08/25/2050		7,551,680
	50,244,347	Series 2020-54-AB		1.00%			08/25/2050		38,263,899
	11,147,211	Series 2020-54-AS (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.04%, 6.15% Cap)		0.72%	(f)(g)		08/25/2050		1,426,250
	12,985,214	Series 2020-59-QZ		3.00%			08/25/2040		11,556,155
	19,162,837	Series 2020-61-AI		3.00%	(f)		09/25/2050		2,759,565
	8,998,323	Series 2020-61-DC		1.50%			09/25/2060		6,737,552
	34,104,430	Series 2020-61-DI		3.00%	(f)		09/25/2060		5,389,117
	70,307,074	Series 2020-62-JD		1.25%			09/25/2050		51,550,974
	18,343,380	Series 2020-86-JA		2.00%			05/25/2041		16,755,059
	22,180,001	Series 2020-97-EI		2.00%	(f)		01/25/2051		2,843,452
	25,863,864	Series 2020-99-IQ		3.00%	(f)		01/25/2051		4,579,231
	349,885,595	Series 2020-M10-X2		1.72%	(c)(f)		12/25/2030		24,055,824
	186,084,843	Series 2020-M10-X8		0.72%	(c)(f)		12/25/2027		3,072,037
	75,483,145	Series 2020-M13-X2		1.23%	(c)(f)		09/25/2030		3,349,074
	479,334,600	Series 2020-M15-X1		1.45%	(c)(f)		09/25/2031		30,114,724
	17,943,918	Series 2020-M17-X1		1.36%	(c)(f)		01/25/2028		588,857
	116,354,962	Series 2020-M27-X1		0.88%	(c)(f)		03/25/2031		4,200,845
	160,148,957	Series 2020-M54-X		1.50%	(c)(f)		12/25/2033		11,044,096
	52,980,215	Series 2020-M7-X2		1.24%	(c)(f)		03/25/2031		2,982,828
	11,315,826	Series 2021-1-PA		1.00%			11/25/2050		8,429,507
	16,980,670	Series 2021-13-AK		2.00%			01/25/2049		14,548,418
	13,313,270	Series 2021-21-DK		2.00%			07/25/2043		11,363,612
	5,638,975	Series 2021-28-KF (US 30 Day Average Secured Overnight Financing Rate + 0.75%, 0.75% Floor, 4.00% Cap)		4.00%			05/25/2051		4,183,327
	23,081,869	Series 2021-28-LB		2.00%			04/25/2051		18,610,061
	13,235,757	Series 2021-29-BA		1.25%			05/25/2041		11,418,202

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 57

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	41,849,498	Series 2021-3-KI		2.50%	(f)		02/25/2051		6,069,144
	25,553,006	Series 2021-40-BA		3.00%			01/25/2051		22,083,838
	37,692,099	Series 2021-43-EI		3.00%	(f)		07/25/2051		6,209,883
	73,669,132	Series 2021-43-LI		3.00%	(f)		07/25/2051		12,599,359
	29,053,999	Series 2021-58-SA (-1 x US 30 Day Average Secured Overnight Financing Rate + 2.65%, 2.65% Cap)		0.00%	(f)(g)		09/25/2051		250,350
	6,602,867	Series 2021-61-KZ		2.50%	(h)		09/25/2051		3,861,176
	18,994,862	Series 2021-63-G		2.00%			06/25/2049		15,404,899
	86,142,027	Series 2021-70-S (-1 x US 30 Day Average Secured Overnight Financing Rate + 3.75%, 3.75% Cap)		0.00%	(f)(g)		10/25/2049		2,130,172
	21,822,652	Series 2021-73-JA		2.50%			05/25/2049		18,959,402
	19,267,912	Series 2021-85-C		2.50%			03/25/2049		16,752,295
	23,121,494	Series 2021-85-CJ		2.50%			03/25/2049		20,102,754
	23,121,494	Series 2021-85-CK		2.50%			03/25/2049		20,102,754
	26,893,264	Series 2021-85-DI		3.00%	(f)		12/25/2051		4,335,396
	52,408,393	Series 2021-86-MA		2.50%			11/25/2047		46,381,784
	25,045,113	Series 2021-88-LB		2.50%			03/25/2050		21,228,260
	32,985,612	Series 2021-9-CA		2.00%			03/25/2051		26,876,390
	24,410,534	Series 2021-92-M		2.50%			01/25/2049		21,257,691
	11,185,659	Series 2021-M12-2A1		2.13%	(c)		05/25/2033		9,816,074
	934,175,203	Series 2021-M14-X		0.98%	(c)(f)		10/25/2031		31,549,899
	175,878,721	Series 2021-M3-X2		0.93%	(c)(f)		08/25/2033		6,528,126
	21,875,285	Series 2021-M5-A1		1.46%	(c)		01/25/2033		19,521,319
	21,120,857	Series 2022-18-DK		3.00%			07/25/2046		19,441,327
	36,721,521	Series 2022-18-DZ		3.50%	(h)		04/25/2052		27,944,666
	24,999,960	Series 2022-19-LA		3.00%			02/25/2047		22,846,414
	146,422,881	Series 2022-3-AB		2.00%			11/25/2047		126,542,328
	2,568,728	Series 2022-3-EV		2.00%			08/25/2033		2,258,507
	85,431,210	Series 2022-3-EZ		2.00%	(h)		01/25/2052		47,305,653
	58,034,973	Series 2022-3-NZ		2.00%	(h)		02/25/2052		32,155,263
	84,326,662	Series 2022-3-Z		2.00%	(h)		02/25/2052		46,033,394
	81,933,657	Series 2022-4-EA		2.50%			10/25/2047		72,918,111
	15,282,473	Series 2022-4-LG		3.00%			02/25/2052		13,650,761
	30,662,816	Series 2022-6-M		2.50%			06/25/2050		26,585,247
	21,641,561	Series 2022-71-A		3.00%			12/25/2051		19,654,562
	713,376,822	Series 2022-M2-X		0.39%	(c)(f)		01/25/2032		16,150,495
	17,758,976	Series 2022-M4-A1X		2.46%	(c)		05/25/2030		16,103,184
	117,524,186	Series 2023-2-IO		3.00%	(f)		12/25/2051		18,514,114
	18,998,146	Series 2023-29-DO		0.00%	(k)		11/25/2050		12,539,626
	14,119,619	Series 2023-30-MO		0.00%	(k)		10/25/2050		9,516,095
	95,302,740	Series 2023-39-IO		3.00%	(f)		10/25/2052		16,143,989
	7,324,368	Series 2023-M1S-A1X		4.51%	(c)		07/25/2033		7,259,792
	18,569,490	Series 2024-8-PO		0.00%	(k)		08/25/2050		13,847,761
	2,684,359	Series 400-S4 (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.34%, 5.45% Cap)		0.02%	(f)(g)		11/25/2039		182,205
	27,099,849	Series 412-A3		3.00%			08/25/2042		23,820,712
	57,141,864	Series 427-C69		3.00%	(f)		03/25/2047		8,830,875
	33,346,295	Series 428-C17		3.00%	(f)		04/25/2050		5,021,484
	29,538,589	Series 432-C11		3.00%	(f)		08/25/2052		4,943,168
		Freddie Mac Whole Loan Securities Trust
	8,126,333	Series 2015-SC02-1A		3.00%			09/25/2045		7,043,528
	4,607,918	Series 2016-SC01-1A		3.00%			07/25/2046		3,985,306
		FREMF Mortgage Trust
	1,479,905	Series 2017-KF34-B (US 30 Day Average Secured Overnight Financing Rate + 2.81%, 2.55% Floor)		8.13%	(a)		08/25/2024		1,473,343
		Ginnie Mae II Pool
	26,645,058	Pool 785310		2.50%			02/20/2051		22,611,211
	41,241,435	Pool 785346		2.00%			03/20/2051		32,748,859
	12,604,534	Pool 785350		2.00%			01/20/2051		9,987,594
	24,020,904	Pool 785374		2.50%			03/20/2051		20,452,982
	86,731,997	Pool 785401		2.50%			10/20/2050		72,126,606
	120,870,350	Pool 785412		2.50%			03/20/2051		102,570,664
	27,361,347	Pool 785595		2.50%			03/20/2051		23,288,464

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	52,125,831	Pool 785609		2.50%			08/20/2051		44,304,791
	13,409,972	Pool 785638		2.50%			08/20/2051		11,379,712
	30,335,467	Pool 785639		2.50%			08/20/2051		25,742,731
	12,730,493	Pool 785680		2.50%			10/20/2051		10,803,057
	54,410,971	Pool 785717		3.00%			11/20/2051		47,732,700
	9,672,968	Pool CB2017		2.50%			03/20/2051		8,208,710
	9,264,231	Pool CB4182		2.50%			03/20/2051		7,861,683
	2,520,322	Pool CB5487		2.50%			03/20/2051		2,084,918
	8,064,017	Pool CB9135		2.50%			04/20/2051		6,902,971
	7,784,673	Pool CH0426		2.50%			02/20/2052		6,440,259
	6,278,820	Pool CI0294		2.50%			01/20/2052		5,163,489
	26,995,735	Pool CI6428		2.50%			01/20/2052		22,333,720
	558,737	Pool MA2511		3.50%			01/20/2045		504,875
	16,820,543	Pool MA5076		3.00%			03/20/2048		15,015,968
	10,397,921	Pool MA7255		2.50%			03/20/2051		8,874,111
		Government National Mortgage Association
	23,695,592	Pool 786510		3.00%			02/20/2052		20,549,653
	4,100,711	Series 2003-67-SP (-1 x CME Term SOFR 1 Month + 6.99%, 7.10% Cap)		1.66%	(f)(g)		08/20/2033		36,848
	1,725,288	Series 2003-86-ZK		5.00%			10/20/2033		1,713,777
	1,057,266	Series 2004-49-Z		6.00%			06/20/2034		1,070,664
	1,918,918	Series 2004-83-CS (-1 x CME Term SOFR 1 Month + 5.97%, 6.08% Cap)		0.64%	(f)(g)		10/20/2034		88,681
	498,133	Series 2005-21-Z		5.00%			03/20/2035		497,176
	5,270,832	Series 2005-39-ZB		5.00%			07/20/2034		5,258,141
	370,711	Series 2006-24-CX (-7 x CME Term SOFR 1 Month + 39.13%, 39.97% Cap)		0.05%	(g)		05/20/2036		394,375
	1,874,385	Series 2007-26-SJ (-1 x CME Term SOFR 1 Month + 4.58%, 4.69% Cap)		0.00%	(f)(g)		04/20/2037		10,933
	1,990,104	Series 2008-2-SM (-1 x CME Term SOFR 1 Month + 6.39%, 6.50% Cap)		1.06%	(f)(g)		01/16/2038		133,730
	3,478,328	Series 2008-42-AI (-1 x CME Term SOFR 1 Month + 7.58%, 7.69% Cap)		2.25%	(f)(g)		05/16/2038		396,061
	1,300,159	Series 2008-43-SH (-1 x CME Term SOFR 1 Month + 6.22%, 6.34% Cap)		0.89%	(f)(g)		05/20/2038		30,456
	1,511,529	Series 2008-51-SC (-1 x CME Term SOFR 1 Month + 6.14%, 6.25% Cap)		0.81%	(f)(g)		06/20/2038		81,573
	1,216,023	Series 2008-51-SE (-1 x CME Term SOFR 1 Month + 6.14%, 6.25% Cap)		0.81%	(f)(g)		06/16/2038		75,684
	419,264	Series 2008-82-SM (-1 x CME Term SOFR 1 Month + 5.94%, 6.05% Cap)		0.61%	(f)(g)		09/20/2038		9,085
	682,932	Series 2008-83-SD (-1 x CME Term SOFR 1 Month + 6.45%, 6.56% Cap)		1.12%	(f)(g)		11/16/2036		20,520
	2,586,239	Series 2009-10-NS (-1 x CME Term SOFR 1 Month + 6.54%, 6.65% Cap)		1.21%	(f)(g)		02/16/2039		197,798
	3,002,439	Series 2009-106-VZ		4.50%			11/20/2039		2,940,559
	500,940	Series 2009-24-SN (-1 x CME Term SOFR 1 Month + 5.99%, 6.10% Cap)		0.66%	(f)(g)		09/20/2038		12,387
	1,744,255	Series 2009-32-ZE		4.50%			05/16/2039		1,696,343
	9,687,646	Series 2009-35-DZ		4.50%			05/20/2039		9,366,143
	9,499	Series 2009-41-ZQ		4.50%	(h)		06/16/2039		9,346
	1,291,067	Series 2009-48-Z		5.00%			06/16/2039		1,281,688
	85,123	Series 2009-50-KP		4.50%			06/20/2039		84,126
	679,828	Series 2009-69-TS (-1 x CME Term SOFR 1 Month + 6.09%, 6.20% Cap)		0.76%	(f)(g)		04/16/2039		21,491
	1,371,882	Series 2009-75-GZ		4.50%			09/20/2039		1,343,681
	200,110	Series 2009-87-IG (-1 x CME Term SOFR 1 Month + 6.63%, 6.74% Cap)		1.30%	(f)(g)		03/20/2037		999
	2,782,901	Series 2010-1-SA (-1 x CME Term SOFR 1 Month + 5.64%, 5.75% Cap)		0.31%	(f)(g)		01/16/2040		162,950
	5,783,619	Series 2010-106-PS (-1 x CME Term SOFR 1 Month + 5.94%, 6.05% Cap)		0.61%	(f)(g)		03/20/2040		168,900
	2,543,620	Series 2010-25-ZB		4.50%			02/16/2040		2,478,328

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 59

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	20,341,664	Series 2010-26-QS (-1 x CME Term SOFR 1 Month + 6.14%, 6.25% Cap)		0.81%	(f)(g)		02/20/2040		1,848,366
	1,731,982	Series 2010-42-AY		5.00%			11/20/2039		1,734,952
	1,676,141	Series 2010-42-ES (-1 x CME Term SOFR 1 Month + 5.57%, 5.68% Cap)		0.24%	(f)(g)		04/20/2040		122,425
	474,213	Series 2010-61-AS (-1 x CME Term SOFR 1 Month + 6.44%, 6.55% Cap)		1.11%	(f)(g)		09/20/2039		22,459
	5,276,772	Series 2010-62-SB (-1 x CME Term SOFR 1 Month + 5.64%, 5.75% Cap)		0.31%	(f)(g)		05/20/2040		396,967
	6,156,657	Series 2010-62-ZG		5.50%			05/16/2040		6,147,459
	2,599,782	Series 2011-18-SN (-2 x CME Term SOFR 1 Month + 9.27%, 9.50% Cap)		0.00%	(g)		12/20/2040		2,113,413
	2,603,623	Series 2011-18-YS (-2 x CME Term SOFR 1 Month + 9.27%, 9.50% Cap)		0.00%	(g)		12/20/2040		2,095,798
	751,622	Series 2011-69-OC		0.00%	(k)		05/20/2041		576,600
	7,451,767	Series 2011-69-SB (-1 x CME Term SOFR 1 Month + 5.24%, 5.35% Cap)		0.00%	(f)(g)		05/20/2041		531,950
	11,882,196	Series 2011-70-PO		0.00%	(k)		05/16/2041		8,955,597
	7,358,365	Series 2011-71-ZA		4.50%			02/20/2041		7,192,294
	2,815,543	Series 2011-72-AS (-1 x CME Term SOFR 1 Month + 5.27%, 5.38% Cap)		0.00%	(f)(g)		05/20/2041		197,336
	2,157,865	Series 2011-72-SK (-1 x CME Term SOFR 1 Month + 6.04%, 6.15% Cap)		0.71%	(f)(g)		05/20/2041		147,333
	7,406,426	Series 2013-116-LS (-1 x CME Term SOFR 1 Month + 6.04%, 6.15% Cap)		0.71%	(f)(g)		08/20/2043		700,296
	10,381,329	Series 2013-136-CS (-1 x CME Term SOFR 1 Month + 6.09%, 6.20% Cap)		0.76%	(f)(g)		09/16/2043		789,946
	17,388,572	Series 2013-182-WZ		2.50%			12/20/2043		15,199,349
	53,601,178	Series 2013-182-ZW		2.50%			12/20/2043		47,377,111
	3,710,950	Series 2013-186-SG (-1 x CME Term SOFR 1 Month + 6.14%, 6.25% Cap)		0.81%	(f)(g)		02/16/2043		214,357
	5,092,495	Series 2013-26-MS (-1 x CME Term SOFR 1 Month + 6.14%, 6.25% Cap)		0.81%	(f)(g)		02/20/2043		470,127
	2,558,979	Series 2013-34-PL		3.00%			03/20/2042		2,480,034
	8,792,674	Series 2014-163-PS (-1 x CME Term SOFR 1 Month + 5.49%, 5.60% Cap)		0.16%	(f)(g)		11/20/2044		701,665
	9,491,747	Series 2014-167-SA (-1 x CME Term SOFR 1 Month + 5.49%, 5.60% Cap)		0.16%	(f)(g)		11/20/2044		779,142
	16,135,846	Series 2014-21-SE (-1 x CME Term SOFR 1 Month + 5.44%, 5.55% Cap)		0.11%	(f)(g)		02/20/2044		1,189,811
	10,151,423	Series 2014-30-EA		1.81%	(c)		02/16/2044		8,731,241
	9,671,875	Series 2014-39-SK (-1 x CME Term SOFR 1 Month + 6.09%, 6.20% Cap)		0.76%	(f)(g)		03/20/2044		944,968
	10,654,497	Series 2014-59-DS (-1 x CME Term SOFR 1 Month + 6.14%, 6.25% Cap)		0.81%	(f)(g)		04/16/2044		899,712
	10,066,431	Series 2016-108-SM (-1 x CME Term SOFR 1 Month + 5.99%, 6.10% Cap)		0.66%	(f)(g)		08/20/2046		1,154,394
	12,135,357	Series 2018-40-AZ		3.00%	(h)		10/20/2047		9,863,552
	22,797,628	Series 2019-122-IO		1.00%	(c)(f)		07/16/2061		1,450,613
	187,843,586	Series 2019-147-IO		0.40%	(c)(f)		06/16/2061		6,404,414
	10,073,489	Series 2019-153-GF (CME Term SOFR 1 Month + 0.56%, 0.45% Floor, 6.50% Cap)		5.89%			12/20/2049		9,901,278
	19,018,691	Series 2020-104-AI		3.00%	(f)		07/20/2050		3,027,673
	11,993,383	Series 2020-104-EI		3.00%	(f)		07/20/2050		1,910,288
	10,380,716	Series 2020-112-LS (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.20%, 6.20% Cap)		0.88%	(f)(g)		08/20/2050		1,477,843
	41,203,874	Series 2020-115-IG		2.50%	(f)		08/20/2050		5,692,946
	19,968,204	Series 2020-138-IC		3.50%	(f)		08/20/2050		3,607,661
	146,058,650	Series 2020-140-ES (-1 x CME Term SOFR 1 Month + 6.19%, 6.30% Cap)		0.86%	(f)(g)		09/20/2050		18,446,638
	37,367,436	Series 2020-140-SG (-1 x CME Term SOFR 1 Month + 6.24%, 6.35% Cap)		0.91%	(f)(g)		09/20/2050		4,596,856
	47,873,852	Series 2020-146-CI		2.50%	(f)		10/20/2050		6,137,437
	26,057,116	Series 2020-146-KI		2.50%	(f)		10/20/2050		3,433,627
	42,006,561	Series 2020-148-AI		2.50%	(f)		10/20/2050		5,308,415

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	36,367,385	Series 2020-148-JL		1.00%			10/20/2050		26,544,663
	149,435,433	Series 2020-151-MI		2.50%	(f)		10/20/2050		20,608,416
	64,427,708	Series 2020-152-IO		0.58%	(c)(f)		12/16/2062		2,914,916
	100,671,108	Series 2020-153-EI		2.50%	(f)		10/20/2050		13,160,482
	44,645,021	Series 2020-160-IA		2.50%	(f)		10/20/2050		5,762,927
	11,025,288	Series 2020-160-IM		2.50%	(f)		10/20/2050		1,506,697
	35,782,988	Series 2020-162-QS (-1 x CME Term SOFR 1 Month + 6.19%, 6.30% Cap)		0.86%	(f)(g)		10/20/2050		4,550,415
	50,806,634	Series 2020-166-SM (-1 x CME Term SOFR 1 Month + 6.19%, 6.30% Cap)		0.86%	(f)(g)		11/20/2050		6,333,596
	70,718,568	Series 2020-167-BI		2.50%	(f)		11/20/2050		9,144,696
	53,521,003	Series 2020-167-DI		2.50%	(f)		11/20/2050		6,699,358
	33,509,137	Series 2020-167-IA		2.50%	(f)		11/20/2050		4,637,986
	78,507,696	Series 2020-167-JI		2.50%	(f)		11/20/2050		10,607,434
	14,427,996	Series 2020-167-NS (-1 x CME Term SOFR 1 Month + 6.19%, 6.30% Cap)		0.86%	(f)(g)		11/20/2050		1,959,573
	27,886,229	Series 2020-167-YK		1.20%			11/20/2050		20,741,454
	127,377,773	Series 2020-173-MI		2.50%	(f)		11/20/2050		17,612,295
	40,845,643	Series 2020-175-MI		2.50%	(f)		11/20/2050		5,259,685
	38,069,970	Series 2020-175-SC (-1 x CME Term SOFR 1 Month + 6.19%, 6.30% Cap)		0.86%	(f)(g)		11/20/2050		4,852,996
	81,765,907	Series 2020-177-IO		0.82%	(c)(f)		06/16/2062		4,895,586
	28,396,367	Series 2020-181-AI		2.50%	(f)		12/20/2050		3,668,370
	48,573,057	Series 2020-181-BI		2.50%	(f)		12/20/2050		6,474,128
	30,209,664	Series 2020-181-SA (-1 x CME Term SOFR 1 Month + 6.19%, 6.30% Cap)		0.86%	(f)(g)		12/20/2050		3,859,828
	28,174,016	Series 2020-181-YM		1.17%			12/20/2050		20,905,551
	65,575,247	Series 2020-185-AI		2.50%	(f)		12/20/2050		8,496,578
	50,846,882	Series 2020-185-KI		2.50%	(f)		12/20/2050		6,197,737
	41,303,123	Series 2020-185-MI		2.50%	(f)		12/20/2050		5,436,317
	46,706,669	Series 2020-187-AI		2.50%	(f)		12/20/2050		5,995,553
	5,424,291	Series 2020-188-DI		2.50%	(f)		12/20/2050		730,736
	26,833,303	Series 2020-188-GI		2.00%	(f)		12/20/2050		2,857,768
	40,232,807	Series 2020-188-IQ		3.00%	(f)		10/20/2050		6,392,450
	90,160,905	Series 2020-188-KI		2.50%	(f)		12/20/2050		12,163,184
	36,428,149	Series 2020-188-NS (-1 x CME Term SOFR 1 Month + 6.19%, 6.30% Cap)		0.86%	(f)(g)		12/20/2050		4,603,968
	39,908,433	Series 2020-195-IX		1.13%	(c)(f)		12/16/2062		2,998,700
	5,258,423	Series 2020-4-H		2.50%			10/20/2049		4,492,759
	35,400,085	Series 2020-7-FM (CME Term SOFR 1 Month + 0.56%, 0.45% Floor, 6.50% Cap)		5.89%			01/20/2050		34,825,896
	8,452,171	Series 2020-79-KG		1.30%			06/20/2050		6,503,273
	89,548,223	Series 2020-89-IA		1.16%	(c)(f)		04/16/2062		7,274,907
	66,376,532	Series 2020-94-IO		0.97%	(c)(f)		03/16/2062		4,375,574
	17,626,063	Series 2020-98-SA (-1 x CME Term SOFR 1 Month + 6.04%, 6.15% Cap)		0.71%	(f)(g)		07/20/2050		2,171,189
	80,817,895	Series 2021-1-EI		2.00%	(f)		01/20/2051		6,555,180
	34,700,189	Series 2021-1-IA		2.50%	(f)		01/20/2051		4,571,538
	66,542,531	Series 2021-10-IO		0.99%	(c)(f)		05/16/2063		4,640,550
	117,139,292	Series 2021-100-IO		0.97%	(c)(f)		06/16/2063		7,803,222
	64,386,687	Series 2021-107-QI		2.50%	(f)		06/20/2051		8,673,795
	130,351,011	Series 2021-110-IO		0.87%	(c)(f)		11/16/2063		8,546,686
	24,630,310	Series 2021-114-SB (-1 x CME Term SOFR 1 Month + 2.49%, 2.60% Cap)		0.00%	(f)(g)		06/20/2051		246,059
	44,822,175	Series 2021-116-IA		2.50%	(f)		06/20/2051		6,004,074
	44,948,594	Series 2021-116-XI		3.50%	(f)		03/20/2051		8,041,744
	21,369,581	Series 2021-117-IJ		3.50%	(f)		06/20/2051		2,750,086
	16,542,157	Series 2021-117-SH (-1 x CME Term SOFR 1 Month + 6.19%, 6.30% Cap)		0.86%	(f)(g)		07/20/2051		1,606,983
	238,706,366	Series 2021-12-IO		0.95%	(c)(f)		03/16/2063		15,830,672
	115,161,852	Series 2021-122-SA (-1 x US 30 Day Average Secured Overnight Financing Rate + 2.60%, 2.60% Cap)		0.00%	(f)(g)		07/20/2051		1,077,305
	25,773,591	Series 2021-125-IO		3.00%	(f)		06/20/2051		3,690,402

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 61

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	61,496,908	Series 2021-135-GI		3.00%	(f)		08/20/2051		9,803,769
	77,619,998	Series 2021-135-SK (-1 x CME Term SOFR 1 Month + 6.19%, 6.30% Cap)		0.86%	(f)(g)		08/20/2051		7,623,689
	64,323,367	Series 2021-136-EI		3.00%	(f)		08/20/2051		10,255,390
	39,823,001	Series 2021-138-IL		3.00%	(f)		08/20/2051		6,367,555
	38,926,413	Series 2021-138-KI		3.00%	(f)		08/20/2051		6,256,638
	58,968,798	Series 2021-138-PS (-1 x US 30 Day Average Secured Overnight Financing Rate + 3.75%, 3.75% Cap)		0.00%	(f)(g)		08/20/2051		961,799
	15,358,356	Series 2021-139-BI		3.50%	(f)		08/20/2051		1,972,311
	48,790,636	Series 2021-140-IJ		3.00%	(f)		08/20/2051		7,855,346
	31,909,998	Series 2021-142-IO		3.00%	(f)		08/20/2051		5,132,621
	119,404,837	Series 2021-142-XI		3.00%	(f)		08/20/2051		19,133,873
	111,963,910	Series 2021-143-IO		0.97%	(c)(f)		10/16/2063		7,540,098
	85,232,202	Series 2021-144-IO		0.83%	(c)(f)		04/16/2063		5,152,585
	230,307,963	Series 2021-15-BI		2.50%	(f)		01/20/2051		30,238,583
	89,337,489	Series 2021-150-IO		1.03%	(c)(f)		11/16/2063		5,967,280
	68,492,543	Series 2021-151-IO		0.92%	(c)(f)		04/16/2063		4,659,342
	28,832,444	Series 2021-155-IE		3.00%	(f)		09/20/2051		4,654,456
	80,153,597	Series 2021-155-KI		4.00%	(f)		09/20/2051		10,762,993
	38,716,158	Series 2021-155-S (-1 x US 30 Day Average Secured Overnight Financing Rate + 3.20%, 3.20% Cap)		0.00%	(f)(g)		09/20/2051		723,520
	39,450,426	Series 2021-155-SG (-1 x CME Term SOFR 1 Month + 6.19%, 6.30% Cap)		0.86%	(f)(g)		09/20/2051		4,659,912
	23,496,222	Series 2021-157-IO		0.89%	(c)(f)		09/16/2063		1,489,273
	46,844,741	Series 2021-158-IO		3.00%	(f)		09/20/2051		7,448,979
	64,209,082	Series 2021-158-IV		2.50%	(f)		09/20/2051		8,688,856
	24,953,345	Series 2021-160-IA		3.00%	(f)		09/20/2051		3,978,741
	80,137,473	Series 2021-160-SQ (-1 x US 30 Day Average Secured Overnight Financing Rate + 2.65%, 3.00% Cap)		0.00%	(f)(g)		09/20/2051		779,337
	35,658,904	Series 2021-160-WI		2.50%	(f)		09/20/2051		4,427,545
	42,338,688	Series 2021-160-XI		3.00%	(f)		09/20/2051		6,754,257
	43,804,498	Series 2021-161-KI		3.50%	(f)		09/20/2051		7,076,639
	81,817,923	Series 2021-161-UI		3.00%	(f)		09/20/2051		13,068,662
	28,223,173	Series 2021-162-DI		3.00%	(f)		09/20/2051		4,504,946
	15,168,580	Series 2021-170-IO		0.99%	(c)(f)		05/16/2063		1,081,403
	40,523,941	Series 2021-175-IM		3.00%	(f)		10/20/2051		5,616,582
	15,411,483	Series 2021-175-IN		2.50%	(f)		07/20/2051		2,045,184
	52,620,299	Series 2021-175-IU		2.50%	(f)		09/20/2051		6,852,179
	44,535,380	Series 2021-176-TI		4.00%	(f)		10/20/2051		5,829,423
	118,898,546	Series 2021-177-IA		2.50%	(f)		10/20/2051		15,345,237
	57,798,163	Series 2021-180-IO		0.91%	(c)(f)		11/16/2063		3,986,466
	69,338,847	Series 2021-184-IO		0.88%	(c)(f)		12/16/2061		4,567,509
	27,590,709	Series 2021-188-IA		3.00%	(f)		10/20/2051		4,396,317
	48,523,664	Series 2021-188-IN		2.50%	(f)		10/20/2051		6,599,218
	34,055,616	Series 2021-188-IT		2.50%	(f)		10/20/2051		4,454,703
	23,092,502	Series 2021-188-IW		3.00%	(f)		10/20/2051		3,516,249
	157,497,997	Series 2021-189-IO		0.88%	(c)(f)		06/16/2061		10,391,923
	23,370,329	Series 2021-191-BI		2.50%	(f)		10/20/2051		3,158,026
	46,944,030	Series 2021-191-CI		2.50%	(f)		10/20/2051		6,002,719
	28,848,269	Series 2021-192-AI		3.00%	(f)		10/20/2051		4,650,520
	59,700,877	Series 2021-193-I		3.00%	(f)		06/20/2051		9,081,315
	4,347,525	Series 2021-193-SW (-1 x US 30 Day Average Secured Overnight Financing Rate + 2.55%, 2.55% Cap)		0.00%	(f)(g)		11/20/2051		45,456
	70,708,209	Series 2021-196-IO		2.50%	(f)		11/20/2051		9,507,249
	62,179,305	Series 2021-2-IO		0.88%	(c)(f)		06/16/2063		3,959,877
	31,825,088	Series 2021-20-IO		1.15%	(c)(f)		08/16/2062		2,458,533
	85,857,332	Series 2021-200-IO		0.88%	(c)(f)		11/16/2063		5,837,045
	25,802,169	Series 2021-205-DI		2.50%	(f)		11/20/2051		3,380,876
	180,241,565	Series 2021-208-IO		0.76%	(c)(f)		06/16/2064		9,848,255
	182,298,095	Series 2021-210-IO		0.98%	(c)(f)		05/16/2062		12,955,415
	52,200,744	Series 2021-211-IO		0.97%	(c)(f)		01/16/2063		3,621,990
	33,380,974	Series 2021-213-IH		3.00%	(f)		12/20/2051		5,349,268
	266,802,402	Series 2021-22-IO		0.98%	(c)(f)		05/16/2063		18,552,959

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	9,350,489	Series 2021-226-TI		2.50%	(f)		12/20/2051		1,270,610
	74,600,886	Series 2021-24-XI		2.00%	(f)		02/20/2051		7,456,650
	32,637,194	Series 2021-24-YD		1.20%			02/20/2051		24,962,108
	11,275,911	Series 2021-25-EI		2.50%	(f)		02/20/2051		1,465,388
	21,175,689	Series 2021-30-IB		2.50%	(f)		02/20/2051		2,882,140
	25,876,459	Series 2021-30-WI		2.50%	(f)		02/20/2051		3,483,629
	26,346,174	Series 2021-35-IO		1.03%	(c)(f)		12/16/2062		1,900,969
	76,553,465	Series 2021-35-IX		1.20%	(c)(f)		12/16/2062		6,265,572
	33,039,750	Series 2021-40-IO		0.82%	(c)(f)		02/16/2063		2,007,416
	594,586,186	Series 2021-45-IO		0.81%	(c)(f)		04/16/2063		35,976,864
	33,069,584	Series 2021-49-NI		2.50%	(f)		03/20/2051		3,953,925
	46,757,911	Series 2021-49-QI		2.50%	(f)		03/20/2049		4,458,661
	28,677,985	Series 2021-52-IO		0.72%	(c)(f)		04/16/2063		1,572,064
	73,010,804	Series 2021-57-JI		3.00%	(f)		03/20/2051		11,571,570
	8,170,904	Series 2021-58-HP		3.00%			08/20/2050		7,125,501
	101,177,085	Series 2021-58-IE		3.00%	(f)		07/20/2050		16,037,711
	205,728,803	Series 2021-60-IO		0.83%	(c)(f)		05/16/2063		12,348,460
	78,773,600	Series 2021-64-IG		3.00%	(f)		04/20/2051		12,490,728
	236,444,657	Series 2021-65-IO		0.88%	(c)(f)		08/16/2063		15,268,319
	40,606,931	Series 2021-7-IP		3.50%	(f)		07/20/2050		7,165,414
	90,104,569	Series 2021-7-KI		2.50%	(f)		01/20/2051		12,113,730
	53,156,103	Series 2021-7-MI		2.50%	(f)		01/20/2051		7,148,842
	179,204,922	Series 2021-70-IO		0.71%	(c)(f)		04/16/2063		9,730,809
	163,138,616	Series 2021-71-IO		0.87%	(c)(f)		10/16/2062		10,323,297
	159,321,183	Series 2021-72-IO		0.57%	(c)(f)		01/16/2061		7,124,302
	104,629,413	Series 2021-74-CI		3.00%	(f)		12/20/2050		16,520,315
	100,596,676	Series 2021-77-SJ (-1 x CME Term SOFR 1 Month + 3.64%, 3.75% Cap)		0.00%	(f)(g)		05/20/2051		1,957,199
	11,466,657	Series 2021-78-IC		4.00%	(f)		05/20/2051		2,138,682
	59,100,211	Series 2021-80-IO		0.90%	(c)(f)		12/16/2062		4,018,525
	311,684,974	Series 2021-85-IO		0.68%	(c)(f)		03/16/2063		16,422,744
	47,022,086	Series 2021-87-ET		2.00%			05/20/2051		38,171,833
	59,302,600	Series 2021-9-AI		2.00%	(f)		01/20/2051		5,851,109
	102,351,626	Series 2021-9-MI		2.50%	(f)		01/20/2051		13,744,196
	44,356,971	Series 2021-96-TS (-1 x US 30 Day Average Secured Overnight Financing Rate + 3.25%, 3.25% Cap)		0.00%	(f)(g)		06/20/2051		853,419
	41,842,524	Series 2021-97-NI		2.50%	(f)		08/20/2049		4,221,116
	34,031,003	Series 2021-97-SH (-1 x CME Term SOFR 1 Month + 3.64%, 3.75% Cap)		0.00%	(f)(g)		06/20/2051		727,756
	109,425,302	Series 2021-98-IG		3.00%	(f)		06/20/2051		17,605,185
	25,010,768	Series 2021-98-MI		2.50%	(f)		06/20/2051		3,367,800
	27,162,509	Series 2021-98-SB (-1 x CME Term SOFR 1 Month + 6.19%, 6.30% Cap)		0.86%	(f)(g)		06/20/2051		3,001,419
	69,547,974	Series 2021-98-ST (-1 x US 30 Day Average Secured Overnight Financing Rate + 2.73%, 2.73% Cap)		0.00%	(f)(g)		03/20/2051		461,353
	8,758,810	Series 2021-98-SW (-1 x CME Term SOFR 1 Month + 6.19%, 6.30% Cap)		0.86%	(f)(g)		06/20/2051		944,998
	41,418,584	Series 2021-99-IO		0.59%	(c)(f)		05/16/2061		1,906,547
	204,038,418	Series 2022-102-IO		0.48%	(c)(f)		06/16/2064		8,672,837
	65,736,048	Series 2022-137-DI		2.50%	(f)		02/20/2051		8,376,554
	66,757,448	Series 2022-137-EI		2.50%	(f)		06/20/2051		8,975,098
	114,515,307	Series 2022-14-IO		0.66%	(c)(f)		12/01/2061		5,784,340
	87,270,166	Series 2022-141-IO		0.78%	(c)(f)		06/16/2064		6,078,114
	96,377,970	Series 2022-158-IO		0.88%	(c)(f)		08/16/2064		7,399,515
	26,397,309	Series 2022-160-ZD		3.00%	(h)		11/20/2047		21,999,441
	61,799,885	Series 2022-167-IO		0.82%	(c)(f)		08/16/2065		4,099,613
	132,997,938	Series 2022-169-IO		0.89%	(c)(f)		01/16/2062		10,144,737
	14,521,180	Series 2022-183-B		5.00%			04/20/2047		14,409,518
	85,327,304	Series 2022-188-IO		2.50%	(f)		02/20/2051		11,450,327
	80,269,918	Series 2022-202-IO		0.72%	(c)(f)		10/16/2063		5,204,003
	84,028,469	Series 2022-207-EI		3.50%	(f)		02/20/2052		15,273,225
	88,339,051	Series 2022-207-IO		3.00%	(f)		08/20/2051		13,994,354
	74,352,646	Series 2022-21-IO		0.78%	(c)(f)		10/16/2063		4,530,812

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 63

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	55,516,325	Series 2022-218-IO		3.50%	(f)		01/20/2052		9,360,569
	13,358,898	Series 2022-23-BA		3.00%			05/20/2049		11,938,454
	145,119,095	Series 2022-27-IO		0.75%	(c)(f)		03/16/2064		8,226,772
	93,069,833	Series 2022-35-IO		0.55%	(c)(f)		10/16/2063		4,663,273
	143,235,588	Series 2022-38-IO		0.72%	(c)(f)		04/16/2064		8,035,674
	414,159,202	Series 2022-39-IO		0.62%	(c)(f)		01/16/2064		22,614,459
	122,499,176	Series 2022-42-IO		0.67%	(c)(f)		12/16/2063		6,584,196
	22,562,879	Series 2022-44-TY		2.00%			12/20/2051		17,382,546
	59,258,624	Series 2022-48-IO		0.70%	(c)(f)		01/16/2064		3,560,104
	66,476,670	Series 2022-49-IO		0.76%	(c)(f)		03/16/2064		3,805,018
	125,244,059	Series 2022-54-IO		0.59%	(c)(f)		10/16/2063		6,138,399
	33,880,881	Series 2022-56-HI		2.50%	(f)		01/20/2052		4,522,694
	78,661,751	Series 2022-62-IO		0.62%	(c)(f)		06/16/2064		4,093,974
	207,188,873	Series 2022-71-IO		0.55%	(c)(f)		06/16/2064		9,201,506
	275,169,449	Series 2022-72-DI		0.58%	(c)(f)		06/16/2064		13,206,620
	97,526,541	Series 2022-73-IO		0.56%	(c)(f)		07/16/2064		5,080,762
	5,944,000	Series 2022-78-HW		2.50%			04/20/2052		4,518,332
	191,173,550	Series 2022-8-IO		0.86%	(c)(f)		09/16/2063		12,362,276
	131,272,337	Series 2022-83-IO		2.50%	(f)		11/20/2051		18,260,901
	125,675,142	Series 2022-86-IO		0.53%	(c)(f)		10/16/2063		5,687,366
	59,944,491	Series 2022-9-EI		3.00%	(f)		01/20/2052		8,377,273
	97,392,392	Series 2022-91-IO		0.43%	(c)(f)		07/16/2064		4,284,174
	474,306,647	Series 2023-108-IO		0.70%	(c)(f)		08/16/2059		16,388,528
	51,055,703	Series 2023-118-IO		0.65%	(c)(f)		05/16/2065		2,766,438
	10,983,076	Series 2023-140-AS (-2 x US 30 Day Average Secured Overnight Financing Rate + 13.00%, 13.00% Cap)		2.36%	(g)		09/20/2053		10,433,605
	49,253,736	Series 2023-16-IO		0.90%	(c)(f)		07/16/2063		3,432,503
	23,178,926	Series 2023-164-BV		3.00%			01/20/2052		19,597,998
	39,365,985	Series 2023-173-GB		3.50%			11/20/2053		33,714,962
	11,060,354	Series 2023-187-ZP		3.00%	(h)		11/20/2051		6,660,037
	179,897,827	Series 2023-19-IO		2.50%	(f)		02/20/2051		24,445,740
	23,875,421	Series 2023-196-DZ		4.50%	(h)		12/20/2053		21,039,847
	32,401,481	Series 2023-24-IH		3.50%	(f)		07/20/2051		6,067,647
	73,255,784	Series 2023-50-IO		0.86%	(c)(f)		06/16/2064		4,999,092
	33,039,437	Series 2023-58-IO		2.50%	(f)		10/20/2050		4,249,850
	36,838,199	Series 2023-60-PT		4.00%			10/20/2049		34,061,328
	55,227,783	Series 2023-77-IO		0.70%	(c)(f)		04/16/2065		3,289,527
	49,938,770	Series 2023-81-YD		4.00%			06/20/2053		44,229,485
	31,927,906	Series 2023-81-YJ		3.50%			06/20/2053		27,353,854
	11,988,219	Series 2023-88-IO		0.92%	(c)(f)		03/16/2065		883,359
	11,847,441	Series 2024-1-CZ		3.00%	(h)		01/20/2050		8,772,295
	25,519,837	Series 2024-19-EZ		5.00%	(h)		12/20/2063		23,844,179
	95,715,642	Series 2024-20-LA		2.50%			11/20/2051		82,759,820
	24,151,839	Series 2024-20-LB		2.50%			11/20/2051		16,346,909
	23,973,496	Series 2024-20-LI		2.50%	(f)		11/20/2051		3,259,451
	53,464,814	Series 2024-24-BI		3.00%	(f)		12/20/2051		8,678,655
	25,000,000	Series 2024-40-FE (US 30 Day Average Secured Overnight Financing Rate + 1.00%, 1.00% Floor, 7.00% Cap)		6.32%			03/20/2054		24,995,117
		Seasoned Credit Risk Transfer Trust
	18,134,544	Series 2018-3-HA		3.00%			08/25/2057		16,462,552
	34,499,063	Series 2020-1-MB		2.50%			08/25/2059		24,557,144
	10,000,000	Series 2020-2-MB		2.00%			11/25/2059		6,865,175
	16,100,107	Series 2020-2-MT		2.00%			11/25/2059		12,672,385
	35,000,000	Series 2022-2-MB		3.00%			04/25/2062		23,909,256
		Total US Government and Agency Mortgage Backed Obligations (Cost $17,418,671,129)							15,706,414,976
	US GOVERNMENT AND AGENCY OBLIGATIONS - 5.8%
	54,900,000	Tennessee Valley Authority		4.25%			09/15/2065		48,221,341
	780,000,000	United States Treasury Note/Bond		4.38%			08/15/2043		770,981,250
	950,000,000	United States Treasury Note/Bond		4.75%			11/15/2043		985,773,437
		Total US Government and Agency Obligations (Cost $1,728,792,504)							1,804,976,028

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

March 31, 2024

SHARES		SECURITY DESCRIPTION	RATE			MATURITY	VALUE $
	SHORT TERM INVESTMENTS - 2.0%
	211,153,380	First American Government Obligations Fund - U		5.26%	(l)			211,153,380
	211,153,380	JPMorgan US Government Money Market Fund - IM		5.25%	(l)			211,153,380
	211,153,380	MSILF Government Portfolio - Institutional		5.22%	(l)			211,153,380
		Total Short Term Investments (Cost $633,460,140)						633,460,140
		Total Investments 99.6% ($35,581,955,108)						30,915,237,934
		Other Assets in Excess of Liabilities 0.4%						120,173,498
		NET ASSETS 100%					$	31,035,411,432

SECURITY TYPE BREAKDOWN as a % of Net Assets:
US Government and Agency Mortgage Backed Obligations	50.6%
Non-Agency Residential Collateralized Mortgage Obligations	26.1%
Non-Agency Commercial Mortgage Backed Obligations	7.3%
US Government and Agency Obligations	5.8%
Asset Backed Obligations	4.4%
Collateralized Loan Obligations	3.4%
Short Term Investments	2.0%
Other Assets and Liabilities	0.4%
Net Assets	100.0%

 

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers.

(b) Value determined using significant unobservable inputs.

(c) Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of period end.

(d) Step Bond; Coupon rate changes based on a predetermined schedule or event. The interest rate shown is the rate in effect as of period end.

(e) Security pays interest at rates that represent residual cashflows available after more senior tranches have been paid. The interest rate disclosed reflects the estimated rate in effect as of period end.

(f) Interest only security

(g) Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. Interest rate may also be subject to a cap or floor.

(h) This security accrues interest which is added to the outstanding principal balance. The interest payment will be deferred until all other tranches in the structure are paid off. The rate disclosed is as of period end.

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

(j) Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of period end.

(k) Principal only security

(l) Seven-day yield as of period end.

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 65

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

Futures Contracts

Description	Long/Short	Contract Quantity			Expiration Date		Notional Amount(1)				Unrealized Appreciation (Depreciation)/ Value
U.S. Treasury Long Bonds	Long		20,000			6/18/2024		$	2,408,750,000			$	34,869,762
U.S. Treasury 5 Year Note	Long		25,000			6/28/2024			2,675,390,625				3,267,313
U.S. Treasury Ultra Bonds	Long		1,925			6/18/2024			248,325,000				2,477,172
10 Year U.S. Ultra Treasury Notes	Short		(30,000	)		6/18/2024			(3,438,281,250	)			(21,744,764	)
U.S. Treasury 2 Year Notes	Long		57,500			6/28/2024			11,757,851,620				(34,191,550	)
												$	(15,322,067	)

(1) Notional Amount is determined based on the number of contracts multiplied by the contract size and the quoted daily settlement price in US dollars.

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

Schedule of Investments DoubleLine Core Fixed Income Fund March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS - 3.5%
		Aaset Trust
	2,798,325	Series 2021-2A-B		3.54%	(a)		01/15/2047		2,249,917
		American Airlines Group, Inc.
	1,980,850	Series B		3.95%			07/11/2030		1,822,382
		Business Jet Securities LLC
	2,146,201	Series 2020-1A-A		2.98%	(a)		11/15/2035		2,074,818
		Carbon Level Mitigation Trust
	19,647,558	Series 2021-5-CERT		0.61%	(a)		10/13/2051		12,161,937
		Castlelake Aircraft Securitization Trust
	5,078,847	Series 2021-1A-A		3.47%	(a)		01/15/2046		4,759,886
		Compass Datacenters LLC
	7,000,000	Series 2024-1A-A1		5.25%	(a)		02/25/2049		6,870,136
		Diamond Infrastructure Funding LLC
	3,000,000	Series 2021-1A-C		3.48%	(a)		04/15/2049		2,690,483
		Exeter Automobile Receivables Trust
	5,704,175	Series 2021-1A-D		1.08%			11/16/2026		5,563,598
	8,500,000	Series 2021-1A-E		2.21%	(a)		02/15/2028		8,046,766
		Hardee’s Funding
	3,500,000	Series 2024-1A-A2		7.25%	(a)		03/20/2054		3,541,215
		Helios Issuer LLC
	4,040,185	Series 2018-1A-A		4.87%	(a)		07/20/2048		3,828,407
	4,814,256	Series 2020-1A-A		3.35%	(a)		02/01/2055		4,186,140
		HERO Funding Trust
	1,230,534	Series 2016-1A-A		4.05%	(a)		09/20/2041		1,133,252
		Horizon Aircraft Finance Ltd.
	1,660,106	Series 2019-2-A		3.43%	(a)		11/15/2039		1,333,797
		ITE Rail Fund LP
	12,517,217	Series 2021-1A-A		2.25%	(a)		02/28/2051		11,141,755
		Lendingpoint Asset Securitization Trust
	4,987,865	Series 2021-A-C		2.75%	(a)		12/15/2028		4,903,397
		MACH 1 Cayman Ltd.
	9,330,285	Series 2019-1-A		3.47%	(a)		10/15/2039		8,216,211
		Mosaic Solar Loans LLC
	892,087	Series 2018-1A-A		4.01%	(a)		06/22/2043		835,895
	1,239,340	Series 2019-2A-B		3.28%	(a)		09/20/2040		1,101,748
		Navient Student Loan Trust
	6,193,005	Series 2018-A-B		3.68%	(a)		02/18/2042		5,905,473
		NP Railcar Holdings LLC
	3,549,377	Series 2016-1A-A1		4.16%	(a)		04/20/2046		3,477,067
	4,982,952	Series 2019-1A-A2		3.24%	(a)		09/20/2049		4,651,722
		Pagaya AI Debt Selection Trust
	3,859,463	Series 2021-2-NOTE		3.00%	(a)		01/25/2029		3,763,385
		Primrose Holdings, Inc.
	19,350,000	Series 2019-1A-A2		4.48%	(a)		07/30/2049		18,572,183
		Retained Vantage Data Centers Issuer LLC
	6,500,000	Series 2023-1A-A2A		5.00%	(a)		09/15/2048		6,298,669
		Sapphire Aviation Finance Ltd.
	2,856,148	Series 2020-1A-A		3.23%	(a)		03/15/2040		2,516,241
		SEB Funding LLC
	4,987,500	Series 2021-1A-A2		4.97%	(a)		01/30/2052		4,711,748
		SERVPRO Master Issuer LLC
	957,500	Series 2019-1A-A2		3.88%	(a)		10/25/2049		909,350
		Shenton Aircraft Investment Ltd.
	961,487	Series 2015-1A-A		4.75%	(a)		10/15/2042		892,773
		SOFI Alternative Trust
	2,362,638	Series 2021-1-PT1		9.72%	(a)(b)		05/25/2030		2,339,394
	3,248,771	Series 2021-2-A		1.25%	(a)		08/15/2030		3,151,298
	75,000	Series 2021-2-R1		0.00%	(a)(c)(d)		08/15/2030		629,198

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 1

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		SoFi Professional Loan Program LLC
	2,000,000	Series 2017-C-C		4.21%	(a)(b)		07/25/2040		1,849,820
		Start Ltd./Bermuda
	1,708,732	Series 2019-1-A		4.09%	(a)		03/15/2044		1,594,641
		Start/Bermuda
	2,215,084	Series 2018-1-A		4.09%	(a)		05/15/2043		2,044,452
		Sunrun, Inc.
	4,377,135	Series 2019-2-A		3.61%	(a)		02/01/2055		4,007,899
	10,147,942	Series 2020-1A-A		2.21%	(a)		07/31/2051		8,377,153
		Upgrade Master Credit Pass-Thru Trust
	172,846	Series 2021-ST3-A		2.50%	(a)		07/15/2027		172,376
		Upgrade Master Pass-Thru Trust
	537,416	Series 2021-PT3-A		13.84%	(a)(b)		07/15/2027		492,450
	2,523,801	Series 2021-PT4-A		11.83%	(a)(b)		08/15/2027		2,176,576
		Upstart Pass-Through Trust Series
	1,230,130	Series 2021-ST2-A		2.50%	(a)		04/20/2027		1,202,267
		Upstart Securitization Trust
	114,161	Series 2020-2-A		2.31%	(a)		11/20/2030		113,280
	16,882,150	Series 2021-2-C		3.61%	(a)		06/20/2031		16,461,620
	6,000,000	Series 2021-3-C		3.28%	(a)		07/20/2031		5,725,441
	9,729,217	Series 2021-4-B		1.84%	(a)		09/20/2031		9,557,892
	15,550,000	Series 2021-4-C		3.19%	(a)		09/20/2031		14,458,956
	8,599,126	Series 2023-3-A		6.90%	(a)		10/20/2033		8,643,855
		USASF Receivables LLC
	3,505,545	Series 2021-1A-C		2.20%	(a)		05/15/2026		3,219,941
		Vantage Data Centers Holding LLC
	8,000,000	Series 2020-2A-A2		1.99%	(a)		09/15/2045		7,054,621
		WAVE USA
	9,297,235	Series 2019-1-A		3.60%	(a)		09/15/2044		7,783,710
		Total Asset Backed Obligations (Cost $259,326,979)							239,217,191
	BANK LOANS - 3.2%
		AAdvantage Loyalty IP Ltd.
	1,117,750	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 5.01%, 0.75% Floor)		10.33%			04/20/2028		1,162,695
		Access CIG LLC
	1,383,050	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 5.00%, 0.50% Floor)		10.33%			08/18/2028		1,386,293
		Acrisure LLC
	788,837	Senior Secured First Lien Term Loan (1 Month Synthetic LIBOR + 3.50%)		8.94%	(e)		02/15/2027		789,330
	752,675	Senior Secured First Lien Term Loan (1 Month Synthetic LIBOR + 4.25%, 0.50% Floor)		9.69%	(e)		02/15/2027		755,968
		Acuris Finance US, Inc.
	1,052,083	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.10%, 0.50% Floor)		9.50%			02/16/2028		1,052,247
		ADMI Corp.
	549,351	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.86%, 0.50% Floor)		9.19%			12/23/2027		531,841
	741,275	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 5.75%)		11.08%			12/23/2027		742,898
		AI Aqua Merger Sub, Inc.
	1,535,225	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.75%, 0.50% Floor)		9.07%			07/31/2028		1,539,708
		Air Canada
	435,000	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.50%)		7.83%			03/21/2031		436,362
		Air Methods Corp.
	16,170	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 9.10%)		14.41%			12/28/2028		16,453
		AlixPartners LLP
	1,404,695	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.61%, 0.50% Floor)		7.94%			02/04/2028		1,408,032

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		Alliant Holdings Intermediate LLC
	1,120,636	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.50%, 0.50% Floor)		8.83%		11/06/2030		1,126,480
		Allied Universal Holdco LLC
	1,567,177	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.85%, 0.50% Floor)		9.18%		05/15/2028		1,567,028
		Allspring Buyer LLC
	1,021,492	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.51%, 0.50% Floor)		8.89%		11/01/2028		1,022,054
		Alterra Mountain Co.
	1,129,365	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.61%, 0.50% Floor)		8.94%		08/17/2028		1,135,486
	140,000	Senior Secured Term Loan (CME Term SOFR 1 Month + 3.50%)		8.83%		05/31/2030		140,875
	525,887	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.85%)		9.18%		05/31/2030		529,173
		Altice France SA/France
	989,600	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 5.50%)		10.81%		08/31/2028		791,992
		AMC Entertainment Holdings, Inc.
	262,472	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.11%)		8.44%		04/22/2026		220,805
		American Airlines, Inc.
	1,148,699	Senior Secured First Lien Term Loan (6 Month US Secured Overnight Financing Rate + 3.50%)		8.77%		06/04/2029		1,153,725
		American Tire Distributors, Inc.
	237,329	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 6.51%, 0.75% Floor)		11.83%		10/23/2028		207,069
		Apple Bidco LLC
	928,625	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.86%, 0.50% Floor)		8.19%		09/25/2028		928,918
		Applied Systems, Inc.
	330,000	Senior Secured Second Lien Term Loan (3 Month US Secured Overnight Financing Rate + 5.25%)		10.56%		02/23/2032		342,273
	905,000	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.50%)		8.81%		02/24/2031		911,466
		APX Group, Inc.
	1,050,107	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.69%		07/10/2028		1,053,924
	2,893	Senior Secured First Lien Term Loan (Prime Rate + 2.25%, 0.50% Floor)		10.75%		07/10/2028		2,903
		Artera Services LLC
	915,000	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.50%)		9.81%		02/10/2031		919,575
		Ascend Learning LLC
	356,328	Senior Secured Second Lien Term Loan (1 Month US Secured Overnight Financing Rate + 5.85%, 0.50% Floor)		11.18%		12/10/2029		352,877
	579,842	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.60%, 0.50% Floor)		8.93%		12/10/2028		577,380
	598,650	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.60%, 0.50% Floor)		8.93%		12/10/2028		596,109
		ASP LS Acquisition Corp.
	760,500	Senior Secured First Lien Term Loan (6 Month US Secured Overnight Financing Rate + 4.76%, 0.75% Floor)		10.07%		05/07/2028		710,497
		AssuredPartners, Inc.
	80,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.50%, 0.50% Floor)		8.82%		02/14/2031		80,200
	69,624	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.75%, 0.50% Floor)		9.08%		02/12/2027		69,784
	583,100	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.50%, 0.50% Floor)		8.83%		02/12/2027		584,287
	944,526	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.61%)		8.94%		02/12/2027		946,567
		Astra Acquisition Corp.
	894,785	Senior Secured Second Lien Term Loan (3 Month US Secured Overnight Financing Rate + 8.99%, 0.75% Floor)		14.48%		10/25/2029		276,824
	870,992	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 5.36%, 0.50% Floor)		10.86%		10/25/2028		369,083

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 3

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		Asurion LLC
	555,703	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%)		8.69%		07/31/2027		535,362
	1,007,646	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%)		8.69%		12/23/2026		989,650
	295,000	Senior Secured Second Lien Term Loan (1 Month US Secured Overnight Financing Rate + 5.36%)		10.69%		02/03/2028		267,528
	124,098	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.35%)		9.68%		08/19/2028		120,065
	485,000	Senior Secured Second Lien Term Loan (1 Month US Secured Overnight Financing Rate + 5.36%)		10.69%		01/20/2029		436,236
		AthenaHealth Group, Inc.
	1,168,146	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.25%, 0.50% Floor)		8.58%		02/15/2029		1,160,027
		Aveanna Healthcare LLC
	385,415	Senior Secured Second Lien Term Loan (3 Month US Secured Overnight Financing Rate + 7.15%, 0.50% Floor)		12.49%		12/10/2029		332,420
	749,496	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.85%, 0.50% Floor)		9.19%		07/17/2028		722,593
		Aventiv Technologies LLC
	538,074	First Lien Term Loan (CME Term SOFR 3 Month + 5.35%)		10.70%		07/31/2025		403,422
		Bally’s Corp.
	853,507	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.51%, 0.50% Floor)		8.83%		10/02/2028		803,539
		Bausch + Lomb Corp.
	557,200	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.00%)		9.33%		09/29/2028		557,899
	1,569,489	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.35%, 0.50% Floor)		8.68%		05/10/2027		1,554,971
		BCP Renaissance Parent LLC
	1,012,094	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.50%, 1.00% Floor)		8.83%		10/31/2028		1,016,208
		BCPE Empire Holdings, Inc.
	1,366,361	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.00%, 0.50% Floor)		9.33%		12/25/2028		1,369,435
		Boost Newco Borrower LLC
	1,285,000	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.00%)		8.31%		01/31/2031		1,291,162
		Boxer Parent Co., Inc.
	1,762,306	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.25%)		9.58%		12/29/2028		1,775,709
		Brand Industrial Services, Inc.
	711,799	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 5.50%, 0.50% Floor)		10.81%		08/01/2030		715,739
		Brown Group Holding LLC
	1,184,112	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.85%, 0.50% Floor)		8.18%		06/07/2028		1,184,650
		Buckeye Partners LP
	575,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.00%)		7.33%		11/02/2026		576,719
		Caesars Entertainment, Inc.
	326,700	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.35%, 0.50% Floor)		8.66%		02/06/2030		328,039
	980,000	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.75%, 0.50% Floor)		8.04%		02/06/2031		981,989
		Camelot US Acquisition LLC
	19,530	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.75%)		8.08%		01/31/2031		19,545
	985,702	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.75%)		8.08%		01/31/2031		986,442
	229,767	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.75%)		8.08%		01/31/2031		229,940

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Carnival Corp.
	302,713	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.00%, 0.75% Floor)		8.32%			08/09/2027		303,533
	1,555,794	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%, 0.75% Floor)		8.69%			10/18/2028		1,559,848
		Castle US Holding Corp.
	331,289	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.01%)		9.35%			01/29/2027		234,564
		Castlelake Aviation One DAC
	1,270,252	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.50%, 0.50% Floor)		7.83%			10/22/2026		1,271,916
	662	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 2.50%, 0.50% Floor)		7.83%	(e)		10/22/2026		663
		Catalent Pharma Solutions, Inc.
	2,588,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.11%, 0.50% Floor)		7.44%			02/22/2028		2,589,617
		Cengage Learning, Inc.
	545,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.25%, 1.00% Floor)		9.58%			03/24/2031		545,084
		Central Parent, Inc.
	1,268,363	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.00%)		9.31%			07/06/2029		1,273,575
		Century DE Buyer LLC
	405,000	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.00%)		9.32%			10/30/2030		406,974
		Chariot Buyer LLC
	440,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.75%, 0.50% Floor)		9.08%			11/03/2028		441,467
		Charter Communications Operating LLC
	1,407,925	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.00%)		7.33%			12/09/2030		1,395,501
	3,538	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.00%)		7.32%			12/09/2030		3,506
		Charter Next Generation, Inc.
	954,316	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.50%, 0.75% Floor)		8.83%			12/01/2027		957,136
		CHG Healthcare Services, Inc.
	1,234,911	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.69%			09/29/2028		1,237,356
		CHG PPC Parent LLC
	1,149,803	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.11%, 0.50% Floor)		8.44%			12/08/2028		1,152,677
		Clarios Global LP
	1,536,150	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.00%)		8.33%			05/06/2030		1,541,911
		ClubCorp Holdings, Inc.
	890,489	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 5.26%)		10.61%			09/18/2026		893,356
	32,080	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 5.26%)		10.61%			09/18/2026		32,183
		Clydesdale Acquisition Holdings, Inc.
	1,028,533	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.78%, 0.50% Floor)		9.11%			04/13/2029		1,031,104
		CMG Media Corp.
	773,229	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.60%)		8.91%			12/17/2026		676,232
		CNT Holdings I Corp.
	174,563	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.50%, 0.75% Floor)		8.82%			11/08/2027		175,094
		Coherent Corp. T/L B (03/24)
	175,000	Senior Secured Term Loan		7.83%	(f)		07/02/2029		175,000
		Columbus McKinnon Corp./NY
	121,084	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.50%)		7.81%			05/15/2028		121,538
		CommScope, Inc.
	256,949	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%)		8.69%			04/06/2026		233,823

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 5

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Compass Power Generation LLC
	1,227,043	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.36%, 1.00% Floor)		9.69%			04/14/2029		1,236,075
		Connect Finco SARL
	789,499	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.50%, 1.00% Floor)		8.83%			12/11/2026		789,685
		Conservice Midco LLC
	989,208	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.00%)		9.33%			05/13/2027		993,704
		Constant Contact, Inc.
	720,872	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.26%, 0.75% Floor)		9.59%			02/10/2028		702,334
		CoreLogic, Inc.
	1,131,274	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.61%, 0.50% Floor)		8.94%			06/02/2028		1,108,914
		Cornerstone Building Brands, Inc.
	559,235	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.35%, 0.50% Floor)		8.68%			04/12/2028		557,330
		Cornerstone OnDemand, Inc.
	712,339	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.01%, 0.50% Floor)		9.19%			10/16/2028		700,172
		Cotiviti, Inc.
	1,130,000	Senior Secured Term Loan (CME Term SOFR 1 Month + 3.25%)		8.58%			02/24/2031		1,128,588
		CQP Holdco LP
	972,987	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.00%, 0.50% Floor)		8.35%			12/31/2030		977,088
		Crosby US Acquisition Corp.
	309,225	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.00%, 0.50% Floor)		9.32%			08/16/2029		311,318
		Cross Financial Corp.
	722,040	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.50%, 0.75% Floor)		8.83%			09/15/2027		722,943
		CSC Holdings LLC
	969,948	Senior Secured First Lien Term Loan (1 Month Synthetic LIBOR + 2.50%)		7.94%	(e)		04/15/2027		879,534
		Curium Bidco SARL
	144,991	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.50%)		9.81%			07/31/2029		145,897
	326,317	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.50%)		9.81%			07/31/2029		328,357
	496,503	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.50%)		9.81%			07/31/2029		499,606
		Cyxtera DC Holdings, Inc.
	448,915	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.00%, 1.00% Floor)		10.50%	(g)		05/01/2024		23,045
		Dcert Buyer, Inc.
	979,607	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.00%)		9.33%			10/16/2026		976,247
	330,000	Senior Secured Second Lien Term Loan (1 Month US Secured Overnight Financing Rate + 7.00%)		12.33%			02/16/2029		299,706
		Deerfield Dakota Holding LLC
	1,220,490	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.75%, 1.00% Floor)		9.06%			04/09/2027		1,215,999
		Dexko Global, Inc.
	471,045	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.01%, 0.50% Floor)		9.32%			10/04/2028		467,217
		DG Investment Intermediate Holdings 2, Inc.
	250,000	Senior Secured Second Lien Term Loan (1 Month US Secured Overnight Financing Rate + 6.86%, 0.75% Floor)		12.19%			03/31/2029		234,688
	1,238,261	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.86%, 0.75% Floor)		9.19%			03/31/2028		1,239,586
		Directv Financing LLC
	574,948	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 5.26%, 0.75% Floor)		10.44%			08/02/2027		576,385

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Dun & Bradstreet Corp.
	773,088	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.75%)		8.08%			01/18/2029		773,810
		Dynasty Acquisition Co., Inc.
	1,142,980	Senior Secured Term Loan (CME Term SOFR 1 Month + 3.50%)		8.83%			08/24/2028		1,145,947
		EAB Global, Inc.
	1,032,081	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.61%, 0.50% Floor)		8.94%			08/16/2028		1,033,887
		Echo Global Logistics, Inc.
	518,262	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.60%, 0.50% Floor)		8.93%			11/23/2028		512,154
		Ecovyst Catalyst Technologies LLC
	656,636	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.60%, 0.50% Floor)		7.91%			06/09/2028		657,148
	252,552	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.60%, 0.50% Floor)		7.91%			06/09/2028		252,749
		Edelman Financial Engines Center LLC/The
	497,662	Senior Secured Second Lien Term Loan (1 Month US Secured Overnight Financing Rate + 6.86%)		12.19%			07/20/2026		500,929
	1,914,696	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.61%, 0.75% Floor)		8.94%			04/07/2028		1,917,271
		EG America LLC
	718,409	Senior Secured First Lien Term Loan (Daily US Secured Overnight Financing Rate + 5.93%, 0.50% Floor)		11.67%			02/07/2028		716,613
		Eisner Advisory Group LLC
	785,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.00%, 0.50% Floor)		9.33%			02/28/2031		789,172
		Element Materials Technology Group US Holdings, Inc.
	249,474	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.35%, 0.50% Floor)		9.66%			06/25/2029		249,994
	540,526	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.35%, 0.50% Floor)		9.66%			06/25/2029		541,653
		Ellucian Holdings, Inc.
	1,535,036	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.60%, 0.50% Floor)		8.93%			10/29/2029		1,543,479
		Everi Holdings, Inc.
	469,238	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.61%, 0.50% Floor)		7.94%			08/03/2028		470,795
		Fertitta Entertainment LLC/NV
	2,329,184	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.75%, 0.50% Floor)		9.08%			01/29/2029		2,337,442
		FinThrive Software Intermediate Holdings, Inc.
	427,821	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.11%, 0.50% Floor)		9.42%			12/18/2028		361,109
		First Advantage Holdings LLC
	1,127,777	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.86%)		8.19%			01/29/2027		1,128,132
		Flame Newco LLC
	441,954	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.10%, 1.00% Floor)		7.43%			06/30/2028		416,541
	13,606	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.10%, 1.00% Floor)		7.43%			06/30/2028		12,824
		Flutter Financing BV
	314,213	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.25%, 0.50% Floor)		7.56%			11/29/2030		314,913
		Focus Financial Partners LLC
	1,879,764	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.75%, 0.50% Floor)		8.08%			06/30/2028		1,875,948
		Foresight Energy LLC
	483,529	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 8.10%, 1.50% Floor)		13.41%	(d)		06/30/2027		483,530
		Fortrea Holdings, Inc.
	193,538	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.75%, 0.50% Floor)		9.08%			07/01/2030		194,344

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 7

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		Freeport LNG Investments LLLP
	705,182	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.76%, 0.50% Floor)		9.08%		12/21/2028		701,296
		Gainwell Acquisition Corp.
	1,911,983	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.10%, 0.75% Floor)		9.41%		10/01/2027		1,832,398
		Garda World Security Corp.
	1,551,425	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.35%)		9.58%		02/01/2029		1,556,281
		Gates Global LLC
	329,975	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.00%, 0.50% Floor)		8.33%		11/16/2029		331,448
		Genesys Cloud Services Holdings II T/L B
	950,726	Senior Secured Term Loan		0.00%		12/01/2027		932,294
		GIP II Blue Holding LP
	446,589	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.61%, 1.00% Floor)		9.94%		09/29/2028		448,612
		GIP Pilot Acquisition Partners LP
	465,000	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.00%)		8.33%		10/04/2030		467,093
		Gogo Intermediate Holdings LLC
	1,170,802	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.86%, 0.75% Floor)		9.19%		04/28/2028		1,170,480
		Graham Packaging Co., Inc.
	1,276,341	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.11%, 0.75% Floor)		8.44%		08/04/2027		1,277,540
		Great Outdoors Group LLC
	1,279,991	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.86%, 0.75% Floor)		9.19%		03/05/2028		1,282,302
		Greystone Select Financial LLC
	375,600	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 5.26%, 0.75% Floor)		10.57%		06/17/2028		375,600
		Grifols Worldwide Operations USA, Inc.
	833,777	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.15%)		7.46%		11/15/2027		809,126
		Helios Software Holdings, Inc.
	791,491	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.75%)		9.07%		07/15/2030		786,054
		Hexion Holdings Corp.
	989,934	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.50%, 0.50% Floor)		9.98%		03/15/2029		976,149
		H-Food Holdings LLC
	302,888	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.95%)		9.29%		05/30/2025		221,678
		Hightower Holding LLC
	1,432,786	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.26%, 0.75% Floor)		9.59%		04/21/2028		1,436,368
		Hilton Grand Vacations Borrower LLC
	620,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.75%)		8.08%		01/17/2031		621,841
		HomeServe USA Corp.
	925,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.00%)		8.33%		10/21/2030		928,353
		Hunter Douglas, Inc.
	862,712	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.50%, 0.50% Floor)		8.82%		02/26/2029		854,288
	316,777	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.50%, 0.50% Floor)		8.82%		02/26/2029		313,684
		iHeartCommunications, Inc.
	431,279	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.11%)		8.44%		05/01/2026		378,833
		INEOS US Finance LLC
	300,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.75%)		9.08%		01/31/2031		300,750
	1,156,014	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.60%)		8.93%		02/19/2030		1,157,459

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		INEOS US Petrochem LLC
	1,210,000	Senior Secured Term Loan (CME Term SOFR 1 Month + 4.25%)		9.68%		03/29/2029		1,209,251
		Informatica LLC
	1,827,700	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.86%)		8.19%		10/30/2028		1,831,356
		ION Trading Finance Ltd.
	477,303	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.85%)		10.20%		04/03/2028		477,303
		Iron Mountain, Inc.
	1,182,038	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.25%)		7.58%		01/31/2031		1,175,141
		Ivanti Software, Inc.
	371,844	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.51%, 0.75% Floor)		9.84%		12/01/2027		349,068
		Jazz Financing Lux SARL
	1,502,813	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.11%, 0.50% Floor)		8.44%		05/05/2028		1,512,207
		Kenan Advantage Group, Inc.
	835,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.75%)		9.08%		01/25/2029		836,829
		Kloeckner Pentaplast of America, Inc.
	364,062	Senior Secured First Lien Term Loan (6 Month US Secured Overnight Financing Rate + 4.98%, 0.50% Floor)		10.27%		02/09/2026		343,583
		Kronos Acquisition Holdings, Inc.
	278,363	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.01%, 0.50% Floor)		9.36%		12/22/2026		279,043
	652,964	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.01%, 0.50% Floor)		9.36%		12/22/2026		654,557
		Lasership, Inc.
	240,000	Senior Secured Second Lien Term Loan (6 Month US Secured Overnight Financing Rate + 7.93%, 0.75% Floor)		13.07%		05/07/2029		198,720
		LBM Acquisition LLC
	1,048,700	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.85%, 0.75% Floor)		9.18%		12/20/2027		1,048,050
		Level 3 Financing, Inc.
	182,946	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 6.67%)		12.00%		04/15/2029		181,860
	182,946	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 6.67%)		12.00%		04/15/2030		181,860
		LifePoint Health, Inc.
	1,521,188	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 5.50%)		11.09%		11/16/2028		1,527,029
		Lummus Technology Holdings V LLC
	1,416,978	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.61%)		8.94%		12/31/2029		1,420,379
		Madison IAQ LLC
	1,442,168	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.69%		06/21/2028		1,441,793
		Maravai Intermediate Holdings LLC
	647,260	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.00%, 0.50% Floor)		8.31%		10/19/2027		637,011
		Marriott Ownership Resorts, Inc.
	875,821	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 1.85%)		7.18%		09/02/2025		874,507
		Mavis Tire Express Services Topco Corp.
	939,041	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.75%, 0.75% Floor)		9.08%		05/04/2028		941,708
		McAfee Corp.
	1,006,642	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.85%, 0.50% Floor)		9.18%		03/01/2029		1,007,135
		Medline Borrower LP
	1,160,719	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 2.86%)		8.19%		10/23/2028		1,164,543
		MIC Glen LLC
	931,816	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.69%		07/21/2028		931,741

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 9

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Michaels Cos., Inc.
	887,110	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.51%, 0.75% Floor)		9.82%			04/15/2028		798,199
		Mileage Plus Holdings LLC
	705,250	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 5.40%, 1.00% Floor)		10.73%			06/21/2027		727,127
		Minotaur Acquisition, Inc.
	1,280,763	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.85%)		10.18%			03/30/2026		1,283,644
		Mister Car Wash Holdings T/L (03/24)
	220,000	Senior Secured Term Loan		8.33%	(f)		03/21/2031		220,780
		Mitchell International, Inc.
	1,044,961	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.86%, 0.50% Floor)		9.19%			10/15/2028		1,046,570
	3,413	Senior Secured First Lien Term Loan (3 Month LIBOR USD + 3.75%, 0.50% Floor)		8.94%	(e)		10/15/2028		3,418
	220,000	Senior Secured Second Lien Term Loan (1 Month US Secured Overnight Financing Rate + 6.61%, 0.50% Floor)		11.94%			10/15/2029		220,138
		MIWD Holdco II LLC
	220,000	Senior Secured Term Loan (CME Term SOFR 1 Month + 3.50%)		8.83%			03/28/2031		221,307
		Monogram Food Solutions LLC
	1,034,418	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.11%, 0.50% Floor)		9.44%			08/27/2028		1,037,004
		Motion Finco SARL
	1,395,000	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.76%)		9.07%			11/30/2029		1,394,478
		Nascar Holdings LLC
	222,015	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.61%)		7.94%			10/19/2026		223,226
		NEP Group, Inc.
	791,996	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%) 1.50% PIK		8.69%			08/19/2026		757,100
	15,271	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%) 1.50% PIK		8.69%			08/19/2026		14,598
		Newfold Digital Holdings Group, Inc.
	1,070,107	Senior Secured First Lien Term Loan (6 Month US Secured Overnight Financing Rate + 3.93%, 0.75% Floor)		9.42%			02/10/2028		1,046,832
		Nouryon USA LLC
	753,226	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.10%)		9.42%			04/03/2028		756,521
	195,519	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.10%)		9.42%			04/03/2028		196,375
		NRG Energy T/L B (03/24)
	580,000	Senior Secured Term Loan		7.33%	(f)		03/27/2031		579,640
		Olympus Water US Holding Corp.
	933,052	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.01%, 0.50% Floor)		9.32%			11/09/2028		934,746
		OMNIA Partners LLC
	603,488	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.75%)		9.07%			07/25/2030		606,976
		OneDigital Borrower LLC
	1,564,275	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.50%, 0.50% Floor)		9.68%			11/16/2027		1,566,230
		Ontario Gaming GTA LP
	1,268,374	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.25%, 0.50% Floor)		9.56%			08/01/2030		1,274,266
		Organon & Co.
	951,818	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.11%, 0.50% Floor)		8.43%			06/02/2028		956,382
		Oryx Midstream Services Permian Basin LLC
	1,021,550	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.11%, 0.50% Floor)		8.44%			10/05/2028		1,026,571
		Outcomes Group Holdings, Inc.
	379,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.51%)		8.69%			10/24/2025		379,531

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Pacific Dental Services T/L B (02/24)
	880,000	Senior Secured Term Loan		8.58%	(f)		03/07/2031		881,285
		Packaging Coordinators Midco, Inc.
	1,322,268	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.76%, 0.75% Floor)		9.07%			11/30/2027		1,326,585
		Packers Holdings LLC
	425,858	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.35%, 0.75% Floor)		8.68%			03/09/2028		273,614
		Pactiv Evergreen Group Holdings, Inc.
	509,393	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.69%			09/25/2028		511,748
	64,944	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.69%			09/25/2028		65,244
	112,143	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.69%			09/25/2028		112,662
		Par Petroleum LLC
	272,250	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.35%, 0.50% Floor)		9.69%			02/28/2030		273,015
		PECF USS Intermediate Holding III Corp.
	656,803	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.51%, 0.50% Floor)		9.82%			12/15/2028		503,278
		Peraton Corp.
	926,735	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.85%, 0.75% Floor)		9.18%			02/01/2028		927,680
		Perrigo Investments LLC
	967,719	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.35%, 0.50% Floor)		7.68%			04/20/2029		966,108
		PetSmart LLC
	2,401,159	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.85%, 0.75% Floor)		9.18%			02/12/2028		2,398,662
		PG&E Corp.
	290,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.50%, 0.50% Floor)		7.83%			06/23/2027		290,815
		Phoenix Newco, Inc.
	1,386,463	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.69%			11/15/2028		1,391,191
		Playa Resorts Holding BV
	1,270,574	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.25%, 0.50% Floor)		8.58%			01/05/2029		1,275,777
		PointClickCare Technologies, Inc.
	572,300	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.26%, 0.75% Floor)		8.57%			12/29/2027		574,091
		Polar US Borrower LLC
	174,912	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.85%)		10.16%			10/15/2025		133,262
	204,661	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.85%)		10.16%			10/15/2025		155,927
		Polaris Newco LLC
	566,664	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.11%, 0.50% Floor)		9.57%			06/05/2028		561,839
		Pregis TopCo LLC
	1,388,513	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.75%)		9.08%			07/31/2026		1,392,228
		Pretium PKG Holdings, Inc.
	275,000	Senior Secured Second Lien Term Loan (3 Month US Secured Overnight Financing Rate + 7.01%, 0.50% Floor)		12.33%			10/01/2029		171,962
	302,386	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.50%, 1.00% Floor) 2.50% PIK		7.81%			10/02/2028		307,111
	2,566	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.50%, 1.00% Floor) 2.50% PIK		7.81%			10/02/2028		2,606
	5,361	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.20%, 1.00% Floor) 1.40% PIK		8.50%			10/02/2028		4,818
	551,832	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.20%, 1.00% Floor) 1.40% PIK		8.50%			10/02/2028		495,959

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 11

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		Proofpoint, Inc.
	1,427,150	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.69%		08/31/2028		1,429,483
		Quikrete Holdings, Inc.
	175,000	Senior Secured Term Loan (CME Term SOFR 1 Month + 2.50%)		7.94%		03/25/2031		175,292
	591,107	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.86%)		8.19%		03/19/2029		592,083
		Radiology Partners T/L - TARGET
	6,147	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.50%)		9.09%		01/31/2029		5,954
	596,582	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.50%)		9.09%		01/31/2029		577,831
		RealPage, Inc.
	1,433,444	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.11%, 0.50% Floor)		8.44%		04/24/2028		1,396,511
		Restaurant Technologies, Inc.
	90,054	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.25%, 0.50% Floor)		9.57%		04/02/2029		89,407
	954,434	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.25%, 0.50% Floor)		9.60%		04/02/2029		947,576
	90,054	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.25%, 0.50% Floor)		9.60%		04/02/2029		89,407
		RH
	512,433	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.61%, 0.50% Floor)		7.94%		10/20/2028		500,783
		Scientific Games Holdings LP
	1,031,920	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.75%, 0.50% Floor)		8.58%		04/04/2029		1,032,916
		Sinclair Television Group, Inc.
	432,118	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.61%)		7.94%		09/30/2026		412,727
		SkyMiles IP Ltd.
	678,750	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.75%, 1.00% Floor)		9.07%		10/20/2027		700,881
		SMG US Midco 2, Inc.
	1,009,755	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.76%)		8.07%		01/23/2025		1,010,654
	372,310	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.76%)		8.07%		01/23/2025		372,642
		Sotera Health Holdings LLC
	1,545,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.86%)		8.19%		12/11/2026		1,542,420
		Southern Veterinary Partners LLC
	1,795,615	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.11%, 1.00% Floor)		9.44%		10/05/2027		1,799,655
		Spin Holdco, Inc.
	410,479	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.26%, 0.75% Floor)		9.59%		03/06/2028		381,201
		SRS Distribution, Inc.
	1,535,393	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.61%, 0.50% Floor)		8.94%		06/05/2028		1,547,745
		Standard Aero Ltd.
	440,704	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.50%)		8.82%		08/24/2028		441,847
		Starwood Property Mortgage LLC
	377,099	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.35%, 0.75% Floor)		8.68%		07/27/2026		378,513
		Station Casinos LLC
	370,000	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 2.25%)		7.82%		03/14/2031		369,957

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		StubHub Holdco Sub LLC
	905,883	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.75%)		10.08%			03/12/2030		908,334
		SWF Holdings I Corp.
	1,057,988	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.11%, 0.75% Floor)		9.44%			10/06/2028		976,432
		Tamko Building Products LLC
	527,350	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.50%)		8.83%			09/20/2030		528,009
		Team Health Holdings, Inc.
	332,151	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 5.25%, 1.00% Floor)		10.56%			03/02/2027		295,614
		Tecta America Corp.
	807,175	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.11%, 0.75% Floor)		9.44%			04/10/2028		810,266
		Telesat LLC
	193,821	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.86%)		8.35%			12/07/2026		117,928
		Tempo Acquisition LLC
	845,351	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.75%, 0.50% Floor)		8.08%			08/31/2028		848,982
		Tiger Acquisition LLC
	671,148	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.35%, 0.50% Floor)		8.68%			06/01/2028		666,353
		Titan Acquisition Ltd./Canada
	1,214,700	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.11%)		8.44%			03/28/2025		1,215,204
	1,170,000	Senior Secured Term Loan (CME Term SOFR 1 Month + 5.00%)		10.33%			02/01/2029		1,174,510
		TK Elevator US Newco, Inc.
	1,575,000	Senior Secured Term Loan (CME Term SOFR 1 Month + 3.50%)		8.83%			04/15/2030		1,582,112
		TransDigm, Inc.
	1,546,313	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.75%)		8.06%			08/24/2028		1,540,628
	453,863	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.25%)		8.60%			02/28/2031		456,597
		Travelport Finance Luxembourg SARL
	445,364	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 8.26%, 1.00% Floor)		13.61%			09/29/2028		417,030
	135,346	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 8.26%, 1.00% Floor)		13.61%			09/29/2028		126,735
		Traverse Midstream Partners LLC
	282,070	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.60%, 0.50% Floor)		8.82%			02/16/2028		283,128
		TricorBraun Holdings, Inc.
	1,135,973	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.69%			03/03/2028		1,124,665
		Trident TPI Holdings, Inc.
	1,044,943	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.26%, 0.50% Floor)		9.57%			09/18/2028		1,046,610
		Triton Water Holdings, Inc.
	1,568,825	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.51%, 0.50% Floor)		8.86%			03/31/2028		1,554,321
		UFC Holdings LLC
	929,411	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.01%, 0.75% Floor)		8.34%			04/29/2026		931,865
		UKG, Inc.
	1,205,000	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.50%)		8.81%			02/10/2031		1,212,718
	258,793	Senior Secured Second Lien Term Loan (3 Month US Secured Overnight Financing Rate + 5.35%, 0.50% Floor)		10.68%			05/03/2027		261,543
		Ultra Clean Holdings T/L (03/24)
	326,298	Senior Secured Term Loan		8.82%	(f)		02/29/2028		327,116
		Ultra Clean Holdings, Inc.
	530,061	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.86%)		9.19%			08/27/2025		531,389

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 13

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		United Airlines, Inc.
	1,130,000	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.75%)		8.08%		02/24/2031		1,133,175
		Univision Communications, Inc.
	750,301	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.25%, 0.50% Floor)		9.56%		06/24/2029		752,833
		Upbound Group, Inc.
	664,093	Senior Secured First Lien Term Loan (6 Month US Secured Overnight Financing Rate + 3.68%, 0.50% Floor)		9.12%		02/17/2028		665,059
		Vantage Specialty Chemicals, Inc.
	128,375	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.75%, 0.50% Floor)		10.07%		10/26/2026		127,171
		Verscend Holding Corp.
	2,365,168	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.11%)		9.44%		08/27/2025		2,368,125
		Vestis Corp.
	375,000	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.25%)		7.58%		02/24/2031		375,469
		Viad Corp.
	734,193	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 5.11%, 0.50% Floor)		10.44%		07/31/2028		737,177
		Vibrantz Technologies, Inc.
	352,741	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.40%, 0.50% Floor)		9.72%		04/23/2029		349,688
		Virgin Media Bristol LLC
	1,485,000	Senior Secured First Lien Term Loan (6 Month US Secured Overnight Financing Rate + 3.35%)		8.79%		03/31/2031		1,464,989
		Vistra Operations Co. LLC
	254,363	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.00%)		7.33%		12/20/2030		254,403
		Vistra Zero Operating Co. LLC
	400,000	Senior Secured Term Loan (CME Term SOFR 1 Month + 2.75%)		8.07%		03/26/2031		400,500
		VT Topco, Inc.
	399,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.25%, 0.50% Floor)		9.58%		08/12/2030		400,568
		Walker & Dunlop, Inc.
	615,825	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.50%, 0.50% Floor)		7.68%		12/18/2028		615,055
		Wand NewCo 3, Inc.
	670,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.75%)		9.08%		01/30/2031		672,670
		WaterBridge Midstream Operating LLC
	110,026	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 6.01%, 1.00% Floor)		11.34%		06/21/2026		110,284
	655,858	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 6.01%, 1.00% Floor)		11.34%		06/21/2026		657,396
		Wec US Holdings Ltd.
	1,255,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.75%)		8.08%		01/27/2031		1,255,000
		WestJet Airlines Ltd.
	89,259	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.10%, 1.00% Floor)		8.43%		12/11/2026		89,350
		WestJet Loyalty LP
	1,375,000	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.75%)		9.08%		02/14/2031		1,376,718
		Whatabrands LLC
	1,351,045	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.69%		08/03/2028		1,353,416
		WhiteWater DBR HoldCo LLC
	445,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.75%)		8.08%		03/03/2031		446,297
		WWEX Uni Topco Holdings LLC
	270,901	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.26%, 0.75% Floor)		9.57%		07/26/2028		269,962

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Zayo Group Holdings, Inc.
	1,257,145	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.11%)		8.44%			03/09/2027		1,106,646
		Ziggo Financing Partnership
	850,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.61%)		7.94%			04/30/2028		838,844
		Total Bank Loans (Cost $222,908,471)							221,605,026
	COLLATERALIZED LOAN OBLIGATIONS - 3.3%
		Aimco CDO
	1,000,000	Series 2018-AA-D (CME Term SOFR 3 Month + 2.81%)		8.13%	(a)		04/17/2031		996,536
		Anchorage Capital CLO Ltd.
	5,000,000	Series 2021-19A-A (CME Term SOFR 3 Month + 1.47%, 1.21% Floor)		6.79%	(a)		10/15/2034		5,006,454
		Apidos CLO
	1,000,000	Series 2013-12A-DR (CME Term SOFR 3 Month + 2.86%)		8.18%	(a)		04/15/2031		982,421
		Babson CLO Ltd./Cayman Islands
	2,000,000	Series 2018-1A-C (CME Term SOFR 3 Month + 2.86%)		8.18%	(a)		04/15/2031		1,940,932
		Bain Capital Credit CLO
	500,000	Series 2017-2A-DR2 (CME Term SOFR 3 Month + 3.36%, 3.10% Floor)		8.69%	(a)		07/25/2034		493,586
		Blackstone, Inc.
	3,250,000	Series 2018-1A-D (CME Term SOFR 3 Month + 2.86%)		8.18%	(a)		04/17/2030		3,155,654
		BlueMountain CLO Ltd.
	4,000,000	Series 2015-3A-CR (CME Term SOFR 3 Month + 2.86%)		8.18%	(a)		04/20/2031		3,852,780
	2,000,000	Series 2016-3A-DR (CME Term SOFR 3 Month + 3.36%, 3.10% Floor)		8.67%	(a)		11/15/2030		1,943,000
	2,400,000	Series 2017-2A-C (CME Term SOFR 3 Month + 3.26%)		8.58%	(a)		10/20/2030		2,346,137
		Buckhorn Park CLO Ltd.
	1,000,000	Series 2019-1A-DR (CME Term SOFR 3 Month + 3.36%, 3.10% Floor)		8.66%	(a)		07/18/2034		997,788
		Canyon Capital CLO Ltd.
	2,500,000	Series 2012-1RA-D (CME Term SOFR 3 Month + 3.26%)		8.58%	(a)		07/15/2030		2,496,840
	2,750,000	Series 2014-1A-CR (CME Term SOFR 3 Month + 3.01%, 2.75% Floor)		8.33%	(a)		01/30/2031		2,628,720
	3,000,000	Series 2016-1A-DR (CME Term SOFR 3 Month + 3.06%)		8.38%	(a)		07/15/2031		2,972,507
	2,500,000	Series 2021-1A-D (CME Term SOFR 3 Month + 3.36%, 3.10% Floor)		8.68%	(a)		04/15/2034		2,457,809
		Canyon CLO
	1,000,000	Series 2021-3A-D (CME Term SOFR 3 Month + 3.31%, 3.05% Floor)		8.63%	(a)		07/15/2034		974,723
		Carlyle Global Market Strategies
	5,000,000	Series 2016-3A-DRR (CME Term SOFR 3 Month + 3.56%, 3.30% Floor)		8.88%	(a)		07/20/2034		5,007,516
	9,000,000	Series 2021-9A-D (CME Term SOFR 3 Month + 3.46%, 3.20% Floor)		8.78%	(a)		10/20/2034		8,977,800
		Cathedral Lake CLO Ltd.
	6,000,000	Series 2021-8A-C (CME Term SOFR 3 Month + 2.88%, 2.62% Floor)		8.20%	(a)		01/20/2035		6,075,767
	5,000,000	Series 2021-8A-D1 (CME Term SOFR 3 Month + 3.68%, 3.42% Floor)		9.00%	(a)		01/20/2035		4,905,854
		Cent CLO
	9,500,000	Series 2018-27A-DR (CME Term SOFR 3 Month + 4.09%, 3.83% Floor)		9.42%	(a)		01/25/2035		9,270,051
		Dryden Senior Loan Fund
	3,000,000	Series 2015-40A-DR (CME Term SOFR 3 Month + 3.36%, 3.10% Floor)		8.67%	(a)		08/15/2031		2,961,134
	2,006,000	Series 2016-42A-DR (CME Term SOFR 3 Month + 3.19%)		8.51%	(a)		07/15/2030		1,961,706
	2,200,000	Series 2016-43A-DR3 (CME Term SOFR 3 Month + 3.51%, 3.25% Floor)		8.83%	(a)		04/20/2034		2,203,867
	2,000,000	Series 2018-57A-D (CME Term SOFR 3 Month + 2.81%, 2.55% Floor)		8.12%	(a)		05/15/2031		1,927,805
		Gilbert Park CLO
	4,000,000	Series 2017-1A-E (CME Term SOFR 3 Month + 6.66%)		11.98%	(a)		10/15/2030		3,982,850

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 15

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Hayfin US
	5,000,000	Series 2018-9A-BR (CME Term SOFR 3 Month + 2.06%, 1.80% Floor)		7.38%	(a)		04/28/2031		5,017,390
		ING Investment Management CLO Ltd.
	3,000,000	Series 2014-1A-CR2 (CME Term SOFR 3 Month + 3.06%)		8.36%	(a)		04/18/2031		2,951,094
		LCM LP
	2,000,000	Series 25A-D (CME Term SOFR 3 Month + 3.71%)		9.03%	(a)		07/20/2030		1,922,703
	3,250,000	Series 28A-D (CME Term SOFR 3 Month + 3.21%, 2.95% Floor)		8.53%	(a)		10/20/2030		3,005,141
	4,000,000	Series 30A-DR (CME Term SOFR 3 Month + 3.26%, 3.00% Floor)		8.58%	(a)		04/20/2031		3,782,173
		LCM XIII LP
	4,000,000	Series 14A-DR (CME Term SOFR 3 Month + 3.01%)		8.33%	(a)		07/20/2031		3,751,616
		Magnetite CLO Ltd.
	1,500,000	Series 2016-18A-DR (CME Term SOFR 3 Month + 2.96%)		8.27%	(a)		11/15/2028		1,488,078
	2,000,000	Series 2019-23A-DR (CME Term SOFR 3 Month + 3.31%, 3.05% Floor)		8.64%	(a)		01/25/2035		1,995,573
		Neuberger Berman CLO Ltd.
	2,000,000	Series 2019-32A-DR (CME Term SOFR 3 Month + 2.96%, 2.70% Floor)		8.27%	(a)		01/20/2032		1,986,484
		Octagon Investment Partners Ltd.
	5,600,000	Series 2012-1A-CRR (CME Term SOFR 3 Month + 4.16%, 3.90% Floor)		9.48%	(a)		07/15/2029		5,621,123
	2,000,000	Series 2013-1A-DR (CME Term SOFR 3 Month + 3.26%, 3.00% Floor)		8.58%	(a)		07/17/2030		1,950,251
	2,000,000	Series 2013-1A-DR2 (CME Term SOFR 3 Month + 2.76%)		8.09%	(a)		01/25/2031		1,959,391
	2,250,000	Series 2014-1A-CR3 (CME Term SOFR 3 Month + 3.01%, 2.75% Floor)		8.32%	(a)		02/14/2031		2,240,407
	10,000,000	Series 2016-1A-DR (CME Term SOFR 3 Month + 3.21%)		8.53%	(a)		07/15/2030		9,760,057
	5,460,000	Series 2017-1A-CR (CME Term SOFR 3 Month + 3.56%)		8.88%	(a)		03/17/2030		5,397,377
	1,760,000	Series 2017-1A-D (CME Term SOFR 3 Month + 6.46%)		11.78%	(a)(d)		03/17/2030		1,659,068
	1,500,000	Series 2018-18A-C (CME Term SOFR 3 Month + 2.96%)		8.28%	(a)		04/16/2031		1,455,466
	2,500,000	Series 2018-2A-C (CME Term SOFR 3 Month + 3.11%)		8.44%	(a)		07/25/2030		2,430,247
	3,500,000	Series 2019-1A-DR (CME Term SOFR 3 Month + 3.61%, 3.35% Floor)		8.93%	(a)		01/20/2035		3,490,103
		Octagon Investment Partners XXII LLC
	2,500,000	Series 2014-1A-ERR (CME Term SOFR 3 Month + 5.71%, 5.71% Floor)		11.03%	(a)		01/22/2030		2,414,387
		Race Point CLO Ltd.
	5,000,000	Series 2013-8A-DR2 (CME Term SOFR 3 Month + 3.76%, 3.50% Floor)		9.08%	(a)		02/20/2030		4,987,738
		Sound Point CLO Ltd.
	3,500,000	Series 2016-2A-DR (CME Term SOFR 3 Month + 4.11%, 3.85% Floor)		9.43%	(a)		10/20/2028		3,498,418
	1,000,000	Series 2018-2A-C (CME Term SOFR 3 Month + 2.21%)		7.54%	(a)		07/26/2031		985,721
	7,000,000	Series 2019-2A-DR (CME Term SOFR 3 Month + 3.56%, 3.30% Floor)		8.88%	(a)		07/15/2034		6,638,196
	7,000,000	Series 2019-3A-DR (CME Term SOFR 3 Month + 3.76%, 3.76% Floor)		9.09%	(a)		10/25/2034		6,606,593
	2,000,000	Series 2020-1A-DR (CME Term SOFR 3 Month + 3.61%, 3.61% Floor)		8.93%	(a)		07/20/2034		1,901,465
	4,000,000	Series 2020-3A-D (CME Term SOFR 3 Month + 3.91%, 3.65% Floor)		9.24%	(a)		01/25/2032		3,921,743
	1,250,000	Series 2021-3A-D (CME Term SOFR 3 Month + 3.51%, 3.25% Floor)		8.84%	(a)		10/25/2034		1,214,948
	1,000,000	Series 2021-4A-D (CME Term SOFR 3 Month + 3.66%, 3.66% Floor)		8.99%	(a)		10/25/2034		979,393
		Stewart Park CLO
	10,000,000	Series 2015-1A-DR (CME Term SOFR 3 Month + 2.86%, 2.60% Floor)		8.18%	(a)		01/15/2030		9,815,754
		Symphony CLO Ltd.
	3,000,000	Series 2015-16A-DR (CME Term SOFR 3 Month + 3.31%, 3.05% Floor)		8.63%	(a)		10/15/2031		2,944,595

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Trimaran CAVU LLC
	10,000,000	Series 2021-3A-D (CME Term SOFR 3 Month + 4.04%, 3.78% Floor)		9.34%	(a)		01/18/2035		10,045,185
		Upland CLO
	1,000,000	Series 2016-1A-CR (CME Term SOFR 3 Month + 3.16%)		8.48%	(a)		04/20/2031		981,742
		Voya CLO Ltd.
	3,000,000	Series 2017-3A-CR (CME Term SOFR 3 Month + 3.41%)		8.73%	(a)		04/20/2034		3,004,817
	4,000,000	Series 2018-2A-D (CME Term SOFR 3 Month + 3.01%, 2.75% Floor)		8.33%	(a)		07/15/2031		3,899,960
		Wellfleet CLO Ltd.
	4,992,463	Series 2019-XA-A1R (CME Term SOFR 3 Month + 1.43%)		6.75%	(a)		07/20/2032		4,992,234
		Wind River CLO Ltd.
	2,250,000	Series 2014-1A-DRR (CME Term SOFR 3 Month + 3.26%, 3.00% Floor)		8.56%	(a)		07/18/2031		2,113,793
	1,000,000	Series 2014-2A-ER (CME Term SOFR 3 Month + 6.01%, 5.75% Floor)		11.33%	(a)(d)		01/15/2031		837,098
	4,000,000	Series 2014-3A-DR2 (CME Term SOFR 3 Month + 3.66%, 3.40% Floor)		8.98%	(a)		10/22/2031		3,709,029
	3,000,000	Series 2017-1A-DR (CME Term SOFR 3 Month + 3.98%, 3.72% Floor)		9.28%	(a)		04/18/2036		2,953,767
	4,000,000	Series 2017-3A-DR (CME Term SOFR 3 Month + 4.11%, 3.85% Floor)		9.43%	(a)		04/15/2035		3,980,930
	4,000,000	Series 2018-1A-D (CME Term SOFR 3 Month + 3.16%)		8.48%	(a)		07/15/2030		3,894,044
	2,500,000	Series 2018-2A-D (CME Term SOFR 3 Month + 3.26%)		8.58%	(a)		07/15/2030		2,410,742
		Total Collateralized Loan Obligations (Cost $235,243,052)							231,116,271
	FOREIGN CORPORATE BONDS - 6.2%
	263,000	1375209 BC Ltd.		9.00%	(a)		01/30/2028		258,026
	1,919,000	Adani Electricity Mumbai Ltd.		3.95%			02/12/2030		1,633,286
	1,100,000	Adani Electricity Mumbai Ltd.		3.87%			07/22/2031		906,426
	1,331,250	Adani International Container Terminal Pvt Ltd.		3.00%	(a)		02/16/2031		1,135,843
	2,840,000	Adani International Container Terminal Pvt Ltd.		3.00%			02/16/2031		2,423,132
	1,000,000	Adani Ports & Special Economic Zone Ltd.		4.00%			07/30/2027		918,608
	1,614,000	Adani Ports & Special Economic Zone Ltd.		4.20%			08/04/2027		1,492,319
	1,700,000	Adani Ports & Special Economic Zone Ltd.		4.38%			07/03/2029		1,517,331
	700,000	Adani Ports & Special Economic Zone Ltd.		3.10%			02/02/2031		558,080
	1,000,000	Adani Transmission Step-One Ltd.		4.00%			08/03/2026		940,685
	1,169,650	Adani Transmission Step-One Ltd.		4.25%			05/21/2036		993,006
	900,000	Adaro Indonesia PT		4.25%			10/31/2024		888,703
	3,492,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust		5.10%			01/19/2029		3,473,171
	3,200,000	AES Espana BV		5.70%	(a)		05/04/2028		2,953,632
	2,350,000	Agrosuper SA		4.60%			01/20/2032		2,031,772
	1,031,248	AI Candelaria Spain SA		7.50%			12/15/2028		1,010,738
	3,200,000	AI Candelaria Spain SA		5.75%	(a)		06/15/2033		2,599,549
	1,650,000	AI Candelaria Spain SA		5.75%			06/15/2033		1,340,392
	6,560,000	AIB Group PLC (US Secured Overnight Financing Rate + 1.91%)		5.87%	(a)		03/28/2035		6,581,019
	800,000	Altice Financing SA		5.00%	(a)		01/15/2028		659,123
	1,305,000	Altice France Holding SA		6.00%	(a)		02/15/2028		372,787
	1,660,000	Altice France SA/France		5.50%	(a)		10/15/2029		1,128,448
	200,000	AngloGold Ashanti Holdings PLC		3.75%			10/01/2030		174,918
	340,000	ARD Finance SA 7.25% PIK		6.50%	(a)		06/30/2027		114,134
	1,305,000	Ardonagh Finco Ltd.		7.75%	(a)		02/15/2031		1,300,440
	6,322,000	Australia & New Zealand Banking Group Ltd. (5 Year CMT Rate + 1.70%)		2.57%	(a)		11/25/2035		5,188,224
	1,093,425	Avation Capital SA 9.00% PIK		8.25%	(a)		10/31/2026		940,548
	7,115,000	Avolon Holdings Funding Ltd.		5.75%	(a)		03/01/2029		7,085,502
	2,400,000	Banco Davivienda SA (10 Year CMT Rate + 5.10%)		6.65%	(a)(h)		04/22/2031		1,689,000
	200,000	Banco de Bogota SA		6.25%			05/12/2026		200,086
	400,000	Banco de Credito del Peru SA		5.85%	(a)		01/11/2029		404,898

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 17

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	500,000	Banco de Credito del Peru SA (5 Year CMT Rate + 3.00%)		3.13%	(a)		07/01/2030		479,179
	3,240,000	Banco de Credito del Peru SA (5 Year CMT Rate + 3.00%)		3.13%			07/01/2030		3,105,081
	1,200,000	Banco de Credito del Peru SA (5 Year CMT Rate + 2.45%)		3.25%			09/30/2031		1,109,115
	1,400,000	Banco do Estado do Rio Grande do Sul SA (5 Year CMT Rate + 4.93%)		5.38%			01/28/2031		1,353,997
	250,000	Banco GNB Sudameris SA (5 Year CMT Rate + 4.56%)		7.05%			04/03/2027		249,952
	2,050,000	Banco Industrial SA/Guatemala (5 Year CMT Rate + 4.44%)		4.88%			01/29/2031		1,965,417
	4,555,000	Banco Internacional del Peru SAA Interbank (5 Year CMT Rate + 3.71%)		4.00%			07/08/2030		4,377,829
	3,700,000	Banco Mercantil del Norte SA/Grand Cayman (10 Year CMT Rate + 5.35%)		7.63%	(h)		01/10/2028		3,706,316
	300,000	Banco Mercantil del Norte SA/Grand Cayman (10 Year CMT Rate + 5.47%)		7.50%	(h)		06/27/2029		299,462
	2,521,000	Banco Mercantil del Norte SA/Grand Cayman (10 Year CMT Rate + 5.47%)		7.50%	(a)(h)		06/27/2029		2,516,476
	700,000	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand (5 Year CMT Rate + 3.00%)		7.53%			10/01/2028		728,558
	4,600,000	Bancolombia SA (5 Year CMT Rate + 2.94%)		4.63%			12/18/2029		4,486,907
	500,000	Banistmo SA		4.25%			07/31/2027		466,675
	7,656,000	Bank of Montreal (5 Year Swap Rate USD + 1.43%)		3.80%			12/15/2032		7,145,967
	10,118,000	Bank of Nova Scotia/The (5 Year CMT Rate + 2.05%)		4.59%			05/04/2037		9,179,924
	6,664,000	BAT Capital Corp.		4.54%			08/15/2047		5,149,735
	4,000,000	BBVA Bancomer SA/Texas (5 Year CMT Rate + 2.65%)		5.13%			01/18/2033		3,719,959
	2,200,000	BBVA Bancomer SA/Texas (5 Year CMT Rate + 4.31%)		5.88%			09/13/2034		2,083,381
	10,125,000	BHP Billiton Finance USA Ltd.		5.25%			09/08/2030		10,301,695
	1,040,000	Bombardier, Inc.		8.75%	(a)		11/15/2030		1,111,787
	5,265,000	BPCE SA		1.00%	(a)		01/20/2026		4,882,458
	1,400,000	Braskem Idesa SAPI		6.99%			02/20/2032		1,087,675
	300,000	Braskem Netherlands Finance BV		7.25%			02/13/2033		288,765
	2,500,000	Braskem Netherlands Finance BV (5 Year CMT Rate + 8.22%)		8.50%			01/23/2081		2,509,087
	1,400,000	Buffalo Energy Mexico Holdings / Buffalo Energy Infrastructure / Buffalo Energy		7.88%	(a)		02/15/2039		1,516,642
	2,800,000	Canacol Energy Ltd.		5.75%			11/24/2028		1,241,434
	2,100,000	CAP SA		3.90%	(a)		04/27/2031		1,650,945
	2,900,000	CAP SA		3.90%			04/27/2031		2,279,877
	4,170,000	CCL Industries, Inc.		3.05%	(a)		06/01/2030		3,620,243
	5,200,000	Cemex SAB de CV (5 Year CMT Rate + 4.53%)		5.13%	(h)		06/08/2026		5,028,829
	300,000	Cemex SAB de CV (5 Year CMT Rate + 5.16%)		9.13%	(a)(h)		03/14/2028		326,094
	4,951,411	Chile Electricity PEC SpA		0.00%	(a)		01/25/2028		3,894,284
	4,325,000	CI Financial Corp.		4.10%			06/15/2051		2,705,084
	3,400,000	Cia de Minas Buenaventura SAA		5.50%			07/23/2026		3,282,299
	401,000	Cometa Energia SAB de CV		6.38%			04/24/2035		404,515
	4,356,000	Commonwealth Bank of Australia		4.32%	(a)		01/10/2048		3,552,003
	200,000	Cosan Luxembourg SA		7.50%	(a)		06/27/2030		207,502
	3,381,000	Cosan Overseas Ltd.		8.25%	(h)		05/05/2024		3,463,411
	5,010,000	Credit Agricole SA (US Secured Overnight Financing Rate + 1.69%)		5.34%	(a)		01/10/2030		4,997,259
	5,400,000	Credito Real SAB de CV SOFOM ER (5 Year CMT Rate + 7.03%)		9.13%	(g)(h)		11/29/2027		14,040
	2,200,000	CSN Resources SA		5.88%			04/08/2032		1,926,253
	3,000,000	CT Trust		5.13%			02/03/2032		2,661,788

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	2,500,000	DBS Group Holdings Ltd. (5 Year CMT Rate + 1.10%)		1.82%			03/10/2031		2,327,564
	1,788,649	Digicel Group Holdings Ltd.		0.00%	(a)(d)		12/31/2030		20,540
	710,927	Digicel Group Holdings Ltd.		0.00%	(a)(d)		12/31/2030		109,836
	141,832	Digicel Group Holdings Ltd.		0.00%	(a)(d)		12/31/2030		130,972
	18,236	Digicel Group Holdings Ltd.		0.00%	(a)(d)		12/31/2030		14,730
	400,000	eG Global Finance PLC		12.00%	(a)		11/30/2028		425,509
	4,846,000	Element Fleet Management Corp.		6.32%	(a)		12/04/2028		5,007,936
	1,887,480	Empresa Electrica Cochrane SpA		5.50%			05/14/2027		1,828,522
	5,000,000	Empresas Publicas de Medellin ESP		4.25%			07/18/2029		4,345,641
	2,000,000	Empresas Publicas de Medellin ESP		4.38%			02/15/2031		1,672,764
	187,869	Fermaca Enterprises S de RL de CV		6.38%			03/30/2038		183,916
	773,370	Fideicomiso PA Pacifico Tres		8.25%			01/15/2035		735,245
	2,800,000	Freeport Indonesia PT		4.76%			04/14/2027		2,740,872
	1,000,000	Freeport Indonesia PT		5.32%	(a)		04/14/2032		979,188
	2,300,000	Freeport Indonesia PT		5.32%			04/14/2032		2,252,132
	750,000	Freeport-McMoRan, Inc.		4.38%			08/01/2028		721,460
	300,000	Freeport-McMoRan, Inc.		5.25%			09/01/2029		300,399
	2,200,000	Freeport-McMoRan, Inc.		4.63%			08/01/2030		2,115,434
	1,031,000	Frigorifico Concepcion SA		7.70%			07/21/2028		904,311
	1,295,000	Garda World Security Corp.		4.63%	(a)		02/15/2027		1,241,792
	930,000	Garda World Security Corp.		6.00%	(a)		06/01/2029		833,507
	1,850,000	Geopark Ltd.		5.50%			01/17/2027		1,681,742
	1,040,000	GGAM Finance Ltd.		6.88%	(a)		04/15/2029		1,046,500
	5,018,000	Glencore Funding LLC		1.63%	(a)		04/27/2026		4,654,548
	11,090,000	Glencore Funding LLC		5.37%	(a)		04/04/2029		11,115,848
	1,983,292	Global Aircraft Leasing Co. Ltd. 7.25% PIK		6.50%	(a)		09/15/2024		1,888,418
	1,500,000	Global Bank Corp. (3 Month LIBOR USD + 3.30%)		5.25%	(e)		04/16/2029		1,380,549
	129,440	GNL Quintero SA		4.63%			07/31/2029		126,719
	800,000	Gold Fields Orogen Holdings BVI Ltd.		5.13%			05/15/2024		797,502
	4,150,000	Gran Tierra Energy, Inc.		9.50%	(a)		10/15/2029		3,881,259
	1,060,000	Grifols SA		4.75%	(a)		10/15/2028		878,338
	6,340,246	Guara Norte SARL		5.20%			06/15/2034		5,789,721
	10,805,000	HSBC Holdings PLC (CME Term SOFR 3 Month + 1.64%)		6.96%			09/12/2026		10,920,731
	1,505,000	Husky Injection Molding Systems Ltd. / Titan Co.-Borrower LLC		9.00%	(a)		02/15/2029		1,558,229
	1,300,000	INEOS Finance PLC		7.50%	(a)		04/15/2029		1,305,632
	3,815,000	ING Groep NV (US Secured Overnight Financing Rate + 1.44%)		5.34%			03/19/2030		3,807,047
	2,986,000	Inkia Energy Ltd.		5.88%			11/09/2027		2,924,612
	1,000,000	InRetail Consumer		3.25%			03/22/2028		899,056
	800,000	InRetail Shopping Malls		5.75%			04/03/2028		781,141
	885,000	Intelsat Jackson Holdings SA		6.50%	(a)		03/15/2030		824,440
	300,000	Intercorp Financial Services, Inc.		4.13%			10/19/2027		282,268
	689,863	Interoceanica IV Finance Ltd. Series 2007		0.00%			11/30/2025		651,058
	1,192,690	Invepar Holdings		0.00%	(d)(g)		12/30/2028		–
	500,000	Inversiones La Construccion SA		4.75%			02/07/2032		427,500
	2,300,000	Itau Unibanco Holding SA/Cayman Island (5 Year CMT Rate + 3.22%)		4.63%	(h)		02/27/2025		2,165,766
	500,000	JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.		3.75%			12/01/2031		432,629
	161,000	JSW Hydro Energy Ltd.		4.13%			05/18/2031		142,834
	1,046,500	JSW Hydro Energy Ltd.		4.13%	(a)		05/18/2031		928,420
	1,500,000	JSW Steel Ltd.		5.05%			04/05/2032		1,322,617
	300,000	Kallpa Generacion SA		4.13%			08/16/2027		285,405
	865,000	Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.		5.00%	(a)		12/31/2026		848,661
	500,000	KUO SAB De CV		5.75%			07/07/2027		471,743
	5,574,240	LLPL Capital Pte Ltd.		6.88%	(a)		02/04/2039		5,581,261

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 19

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	975,000	Macquarie Airfinance Holdings Ltd.		6.40%	(a)		03/26/2029		991,151
	515,000	Macquarie Airfinance Holdings Ltd.		6.50%	(a)		03/26/2031		524,572
	13,564,000	Macquarie Group Ltd. (US Secured Overnight Financing Rate + 1.53%)		2.87%	(a)		01/14/2033		11,297,320
	4,000,000	MARB BondCo PLC		3.95%			01/29/2031		3,301,143
	1,340,000	Mattamy Group Corp.		4.63%	(a)		03/01/2030		1,219,362
	855,676	MC Brazil Downstream Trading SARL		7.25%			06/30/2031		775,219
	1,200,000	Mercury Chile Holdco LLC		6.50%	(a)		01/24/2027		1,164,072
	200,000	Mercury Chile Holdco LLC		6.50%			01/24/2027		194,012
	2,095,000	Merlin Entertainments Group US Holdings, Inc.		7.38%	(a)		02/15/2031		2,112,638
	2,550,000	Mexarrend SAPI de CV		10.25%	(a)(g)		07/24/2024		535,500
	1,517,088	Mexico Generadora de Energia S de RL		5.50%			12/06/2032		1,494,693
	810,000	Millicom International Cellular SA		6.63%			10/15/2026		807,007
	900,000	Millicom International Cellular SA		5.13%			01/15/2028		854,419
	1,800,000	Millicom International Cellular SA		6.25%			03/25/2029		1,759,080
	7,000,000	Minejesa Capital BV		5.63%			08/10/2037		6,373,946
	3,200,000	Minerva Luxembourg SA		4.38%			03/18/2031		2,677,344
	800,000	Minerva Luxembourg SA		8.88%			09/13/2033		842,224
	1,100,000	Minerva Luxembourg SA		8.88%	(a)		09/13/2033		1,158,058
	3,000,000	Minsur SA		4.50%			10/28/2031		2,631,287
	1,198,977	Mong Duong Finance Holdings BV		5.13%			05/07/2029		1,147,152
	972,000	Multibank, Inc.		7.75%	(a)		02/03/2028		981,771
	3,129,483	MV24 Capital BV		6.75%			06/01/2034		2,947,054
	7,315,000	National Australia Bank Ltd.		2.99%	(a)		05/21/2031		6,169,813
	5,084,000	NatWest Markets PLC		0.80%	(a)		08/12/2024		4,994,877
	600,000	NBM US Holdings, Inc.		7.00%			05/14/2026		602,771
	4,314,000	NBN Co. Ltd.		1.45%	(a)		05/05/2026		3,994,729
	2,150,000	Network i2i Ltd. (5 Year CMT Rate + 4.27%)		5.65%	(h)		01/15/2025		2,137,389
	500,000	Network i2i Ltd. (5 Year CMT Rate + 3.39%)		3.98%	(h)		03/03/2026		477,248
	1,000,000	Nexa Resources SA		5.38%			05/04/2027		977,039
	5,300,000	NXP BV / NXP Funding LLC / NXP USA, Inc.		3.88%			06/18/2026		5,146,482
	1,265,000	Ontario Gaming GTA LP/OTG Co.-Issuer, Inc.		8.00%	(a)		08/01/2030		1,303,921
	1,028,000	Orazul Energy Peru SA		5.63%			04/28/2027		974,380
	4,000,000	Oversea-Chinese Banking Corp. Ltd. (5 Year CMT Rate + 1.58%)		1.83%			09/10/2030		3,782,193
	500,000	Oversea-Chinese Banking Corp. Ltd. (5 Year CMT Rate + 1.58%)		1.83%	(a)		09/10/2030		472,774
	950,000	Parkland Corp.		4.63%	(a)		05/01/2030		876,644
	1,030,000	Primo Water Holdings, Inc.		4.38%	(a)		04/30/2029		948,152
	1,495,037	Prumo Participacoes e Investimentos S/A		7.50%			12/31/2031		1,494,245
	1,000,000	Reliance Industries Ltd.		3.67%			11/30/2027		948,370
	11,350,000	Renesas Electronics Corp.		2.17%	(a)		11/25/2026		10,388,575
	2,615,000	Royal Bank of Canada		5.15%			02/01/2034		2,618,722
	450,000	Rumo Luxembourg Sarl		4.20%			01/18/2032		382,684
	4,470,833	Rutas 2 & 7 Finance Ltd.		0.00%			09/30/2036		3,052,875
	400,000	Sasol Financing USA LLC		4.38%			09/18/2026		378,620
	3,900,000	Sasol Financing USA LLC		5.50%			03/18/2031		3,288,925
	1,010,000	Seaspan Corp.		5.50%	(a)		08/01/2029		882,141
	1,100,000	Simpar Europe SA		5.20%			01/26/2031		962,485
	5,475,000	Smurfit Kappa Treasury ULC		5.20%	(a)		01/15/2030		5,470,245
	250,000	Southern Copper Corp.		3.88%			04/23/2025		245,183
	1,455,000	Superior Plus LP / Superior General Partner, Inc.		4.50%	(a)		03/15/2029		1,346,440
	350,000	Sydney Airport Finance Co. Pty Ltd.		3.63%	(a)		04/28/2026		337,558
	130,000	Telesat Canada / Telesat LLC		4.88%	(a)		06/01/2027		67,717
	174,000	Telesat Canada / Telesat LLC		6.50%	(a)		10/15/2027		70,470
	723,736	Tierra Mojada Luxembourg II SARL		5.75%			12/01/2040		665,520
	1,000,000	Titan Acquisition Ltd. / Titan Co.-Borrower LLC		7.75%	(a)		04/15/2026		999,655
	800,000	TK Elevator US Newco, Inc.		5.25%	(a)		07/15/2027		773,780
	500,000	Transelec SA		3.88%			01/12/2029		473,244
	2,095,000	Triton Container International Ltd.		1.15%	(a)		06/07/2024		2,076,378

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	3,986,000	Triton Container International Ltd. / TAL International Container Corp.		3.25%			03/15/2032		3,241,364
	6,716,000	TSMC Global Ltd.		1.25%	(a)		04/23/2026		6,220,138
	6,640,000	UBS Group AG (1 Year CMT Rate + 1.52%)		5.43%	(a)		02/08/2030		6,651,947
	4,490,168	UEP Penonome II SA		6.50%	(a)		10/01/2038		3,513,557
	880,425	UEP Penonome II SA		6.50%			10/01/2038		688,933
	9,700,000	Unifin Financiera SAB de CV (5 Year CMT Rate + 6.31%)		8.88%	(g)(h)		01/29/2025		49,470
	400,000	Unigel Luxembourg SA		8.75%	(g)		10/01/2026		124,680
	3,100,000	United Overseas Bank Ltd. (5 Year CMT Rate + 1.52%)		1.75%			03/16/2031		2,878,636
	1,500,000	United Overseas Bank Ltd. (5 Year CMT Rate + 1.23%)		2.00%			10/14/2031		1,374,723
	300,000	UPL Corp. Ltd.		4.50%			03/08/2028		257,968
	3,350,000	UPL Corp. Ltd.		4.63%			06/16/2030		2,698,747
	4,000,000	Vedanta Resources Finance II PLC		9.25%	(a)		04/23/2026		3,267,895
	2,914,000	Vedanta Resources Ltd.		13.88%			12/09/2028		2,552,913
	6,680,000	Weir Group PLC/The		2.20%	(a)		05/13/2026		6,202,572
	6,295,000	Westpac Banking Corp. (5 Year CMT Rate + 1.53%)		3.02%			11/18/2036		5,176,930
		Total Foreign Corporate Bonds (Cost $470,702,420)							427,157,930
	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 0.7%
	3,800,000	Banco do Brasil SA/Cayman (10 Year CMT Rate + 4.40%)		6.25%	(h)		10/15/2024		3,821,284
	4,300,000	Banco Nacional de Comercio Exterior SNC/Cayman Islands (5 Year CMT Rate + 2.00%)		2.72%			08/11/2031		3,894,936
	1,400,000	Bank Negara Indonesia Persero Tbk PT		3.75%			03/30/2026		1,337,995
	2,559,833	Bioceanico Sovereign Certificate Ltd.		0.00%			06/05/2034		1,881,882
	1,000,000	Chile Government International Bond		3.10%			01/22/2061		633,283
	10,700,000	Colombia Government International Bond		4.13%			05/15/2051		6,667,136
	200,000	Comision Federal de Electricidad		3.35%			02/09/2031		167,485
	2,400,000	Corp. Financiera de Desarrollo SA (3 Month LIBOR USD + 5.61%)		5.25%	(e)		07/15/2029		2,398,008
	9,000,000	Ecopetrol SA		5.88%			11/02/2051		6,484,521
	237,000	Indonesia Asahan Aluminium PT / Mineral Industri Indonesia Persero PT		5.45%			05/15/2030		234,365
	500,000	Indonesia Asahan Aluminium PT / Mineral Industri Indonesia Persero PT		4.75%			05/15/2025		493,959
	2,598,701	Lima Metro Line 2 Finance Ltd.		5.88%			07/05/2034		2,580,099
	7,000,000	Mexico Government International Bond		6.34%			05/04/2053		6,923,683
	2,800,000	Mexico Government International Bond		4.40%			02/12/2052		2,145,970
	5,800,000	Panama Government International Bond		3.87%			07/23/2060		3,378,326
	200,000	Panama Government International Bond		2.25%			09/29/2032		143,290
	200,000	Panama Government International Bond		4.30%			04/29/2053		130,231
	1,200,000	Petroleos del Peru SA		5.63%			06/19/2047		807,192
	2,691,000	Petroleos del Peru SA		4.75%			06/19/2032		2,130,160
	1,500,000	Petroleos Mexicanos		6.75%			09/21/2047		998,670
	2,800,000	Republic of South Africa Government International Bond		4.30%			10/12/2028		2,519,412
		Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $59,093,612)							49,771,887
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 5.3%
		Arbor Multifamily Mortgage Securities Trust
	22,775,500	Series 2021-MF2-XB		0.75%	(a)(b)(i)		06/15/2054		1,064,121
		Banc of America Merrill Lynch Commercial Mortgage, Inc.
	5,515,000	Series 2015-UBS7-C		4.34%	(b)		09/15/2048		4,766,170
		Banc of America Re-Remic Trust
	2,638,666	Series 2016-ISQ-C		3.61%	(a)(b)		08/14/2034		1,213,157

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 21

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		BANK
	4,077,601	Series 2017-BNK8-XA		0.71%	(b)(i)		11/15/2050		85,020
	1,005,000	Series 2020-BN28-AS		2.14%			03/15/2063		825,877
	1,910,000	Series 2021-BN32-A4		2.35%			04/15/2054		1,636,085
	4,009,000	Series 2021-BN35-A5		2.29%			06/15/2064		3,336,225
	3,109,000	Series 2021-BN37-C		3.11%	(b)		11/15/2064		2,331,609
	11,034,000	Series 2022-BNK39-AS		3.18%			02/15/2055		9,451,273
	2,682,000	Series 2022-BNK39-E		2.50%	(a)		02/15/2055		1,562,944
		BBCMS Trust
	4,526,000	Series 2021-C12-A5		2.69%			11/15/2054		3,861,786
	5,364,000	Series 2022-C14-A5		2.95%	(b)		02/15/2055		4,621,900
	5,785,000	Series 2022-C16-A5		4.60%	(b)		06/15/2055		5,621,239
		Benchmark Mortgage Trust
	4,598,000	Series 2020-B18-AGNF		4.14%	(a)		07/15/2053		4,186,937
	4,549,000	Series 2020-B19-AS		2.15%			09/15/2053		3,618,081
	1,091,000	Series 2020-B19-C		3.21%			09/15/2053		761,469
	89,390,182	Series 2021-B28-XA		1.27%	(b)(i)		08/15/2054		5,738,823
	10,350,000	Series 2022-B32-AS		3.41%	(b)		01/15/2055		8,464,492
		BMO Mortgage Trust
	653,000	Series 2024-5C3-AS		6.29%	(b)		02/15/2057		669,723
		BX Trust
	11,798,000	Series 2019-OC11-E		3.94%	(a)(b)		12/09/2041		10,214,393
		CFCRE Commercial Mortgage Trust
	2,069,742	Series 2016-C6-A2		2.95%			11/10/2049		1,966,981
	3,267,000	Series 2017-C8-B		4.20%	(b)		06/15/2050		2,971,676
		Citigroup Commercial Mortgage Trust
	1,898,500	Series 2015-GC27-D		4.42%	(a)(b)		02/10/2048		1,712,151
	3,075,094	Series 2015-GC27-XA		1.30%	(b)(i)		02/10/2048		20,681
	4,470,000	Series 2016-GC36-D		2.85%	(a)		02/10/2049		1,864,331
	35,671,556	Series 2016-P3-XA		1.65%	(b)(i)		04/15/2049		722,884
	38,327,834	Series 2016-P4-XA		1.88%	(b)(i)		07/10/2049		1,188,243
	65,485,909	Series 2016-P5-XA		1.37%	(b)(i)		10/10/2049		1,651,574
	13,720,000	Series 2017-C4-B		4.10%	(b)		10/12/2050		12,501,523
	4,534,000	Series 2019-GC41-B		3.20%			08/10/2056		3,818,007
	8,478,000	Series 2020-555-F		3.50%	(a)(b)		12/10/2041		6,485,684
	7,003,000	Series 2020-555-G		3.50%	(a)(b)		12/10/2041		4,877,568
	10,383,000	Series 2022-GC48-A5		4.58%	(b)		05/15/2054		10,088,387
		Citigroup/Deutsche Bank Commercial Mortgage Trust
	50,806,076	Series 2016-C1-XA		1.36%	(b)(i)		05/10/2049		967,764
		Commercial Mortgage Pass Through Certificates
	1,815,000	Series 2014-CR16-B		4.58%			04/10/2047		1,739,353
	3,325,000	Series 2015-CR25-B		4.52%	(b)		08/10/2048		3,227,700
	49,020,248	Series 2015-CR26-XA		0.89%	(b)(i)		10/10/2048		429,810
	4,310,000	Series 2015-LC21-C		4.32%	(b)		07/10/2048		3,986,196
	41,666,320	Series 2016-DC2-XA		0.91%	(b)(i)		02/10/2049		512,192
		Computershare Corporate Trust
	4,891,000	Series 2015-C31-C		4.59%	(b)		11/15/2048		4,542,977
	34,557,588	Series 2015-NXS1-XA		1.06%	(b)(i)		05/15/2048		184,410
	48,829,063	Series 2015-P2-XA		0.92%	(b)(i)		12/15/2048		592,990
	7,687,000	Series 2016-C35-B		3.44%			07/15/2048		7,193,099
	57,332,936	Series 2016-NXS6-XA		1.59%	(b)(i)		11/15/2049		1,517,494
	2,638,000	Series 2018-C45-C		4.73%			06/15/2051		2,472,310
	7,228,000	Series 2018-C46-C		4.97%	(b)		08/15/2051		6,207,900
	5,000,000	Series 2018-C47-C		4.92%	(b)		09/15/2061		4,626,742
	6,546,000	Series 2018-C48-C		5.13%	(b)		01/15/2052		5,862,078
	19,802,236	Series 2019-C49-XA		1.25%	(b)(i)		03/15/2052		921,515
	10,776,000	Series 2019-C50-C		4.35%			05/15/2052		9,424,988
	2,705,000	Series 2020-C55-B		3.14%			02/15/2053		2,238,784
	1,018,000	Series 2020-C58-A3		1.81%			07/15/2053		859,137
	5,510,000	Series 2020-C58-B		2.70%			07/15/2053		4,351,470
	118,002,997	Series 2021-C59-XA		1.52%	(b)(i)		04/15/2054		8,746,819
	2,436,000	Series 2021-C61-C		3.31%			11/15/2054		1,853,359

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Credit Suisse Mortgage Capital Certificates
	6,269,000	Series 2020-NET-C		3.53%	(a)		08/15/2037		5,794,965
	7,968,667	Series 2021-B33-B		3.64%	(a)(b)		10/10/2043		6,812,406
	3,731,000	Series 2021-B33-C		3.64%	(a)(b)		10/10/2043		2,824,120
		CSAIL Commercial Mortgage Trust
	3,461,000	Series 2016-C6-D		4.92%	(a)(b)		01/15/2049		2,416,950
	35,092,895	Series 2016-C6-XA		1.86%	(b)(i)		01/15/2049		945,367
	6,000,000	Series 2018-C14-C		4.88%	(b)		11/15/2051		5,034,526
	400,000	Series 2018-CX12-B		4.61%	(b)		08/15/2051		366,933
	9,269,000	Series 2019-C16-B		3.88%			06/15/2052		8,141,064
	62,287,672	Series 2020-C19-XA		1.10%	(b)(i)		03/15/2053		3,052,476
		DOLP Trust
	4,550,000	Series 2021-NYC-D		3.70%	(a)(b)		05/10/2041		3,391,901
	5,000,000	Series 2021-NYC-E		3.70%	(a)(b)		05/10/2041		3,389,953
		GS Mortgage Securities Corp. II
	301,420	Series 2011-GC5-XA		0.00%	(a)(b)(i)		08/10/2044		2
	6,484,000	Series 2014-GC26-D		4.51%	(a)(b)		11/10/2047		4,611,575
	2,635,000	Series 2015-GC32-B		4.39%	(b)		07/10/2048		2,515,393
	90,172,044	Series 2015-GS1-XA		0.75%	(b)(i)		11/10/2048		860,259
	1,825,000	Series 2016-GS2-C		4.70%	(b)		05/10/2049		1,699,920
	43,800,623	Series 2016-GS2-XA		1.73%	(b)(i)		05/10/2049		1,128,129
	2,588,000	Series 2018-RIVR-C (CME Term SOFR 1 Month + 1.55%, 1.50% Floor)		6.87%	(a)		07/15/2035		1,490,625
	1,070,000	Series 2019-GC42-A3		2.75%			09/10/2052		951,015
		JP Morgan Chase Commercial Mortgage Securities
	47,448,217	Series 2015-JP1-XA		0.88%	(b)(i)		01/15/2049		549,678
	1,000,000	Series 2019-COR4-C		4.94%	(b)		03/10/2052		832,076
	7,958,000	Series 2020-LOOP-E		3.86%	(a)(b)		12/05/2038		2,075,232
		JPMBB Commercial Mortgage Securities Trust
	6,593,973	Series 2014-C18-XA		0.39%	(b)(i)		02/15/2047		281
	2,766,125	Series 2014-C23-C		4.48%	(b)		09/15/2047		2,670,200
	8,204,658	Series 2014-C23-D		3.98%	(a)(b)		09/15/2047		7,362,734
	39,076,477	Series 2014-C25-XA		0.79%	(b)(i)		11/15/2047		67,587
	1,684,000	Series 2015-C27-B		3.90%			02/15/2048		1,524,357
	12,131,110	Series 2015-C27-D		3.80%	(a)(b)		02/15/2048		6,508,035
	4,987,000	Series 2015-C29-C		4.19%	(b)		05/15/2048		4,528,957
	45,744,250	Series 2015-C30-XA		0.42%	(b)(i)		07/15/2048		189,331
	34,657,713	Series 2015-C31-XA		0.80%	(b)(i)		08/15/2048		291,797
		JPMDB Commercial Mortgage Securities Trust
	7,675,000	Series 2016-C2-AS		3.48%			06/15/2049		7,173,976
	44,030,373	Series 2016-C2-XA		1.48%	(b)(i)		06/15/2049		987,055
		LSTAR Commercial Mortgage Trust
	5,425,000	Series 2016-4-C		4.59%	(a)(b)		03/10/2049		4,564,606
		MF1 Multifamily Housing Mortgage Loan Trust
	5,830,000	Series 2024-FL14-A (CME Term SOFR 1 Month + 1.74%, 1.74% Floor)		7.06%	(a)		03/19/2039		5,848,394
		Morgan Stanley Bank of America Merrill Lynch Trust
	3,000,000	Series 2014-C18-C		4.46%	(b)		10/15/2047		2,897,125
	23,924,133	Series 2015-C20-XA		1.23%	(b)(i)		02/15/2048		79,081
	75,089,000	Series 2015-C23-XB		0.13%	(a)(b)(i)		07/15/2050		152,633
	40,408,987	Series 2016-C30-XA		1.28%	(b)(i)		09/15/2049		887,559
	6,364,000	Series 2017-C33-B		4.11%			05/15/2050		5,877,697
	3,943,000	Series 2017-C34-D		2.70%	(a)		11/15/2052		2,282,236
		Morgan Stanley Capital I, Inc.
	23,551,995	Series 2016-UB11-XA		1.44%	(b)(i)		08/15/2049		620,298
		Natixis Commercial Mortgage Securities Trust
	2,108,000	Series 2018-FL1-C (Prime Rate + 0.00%)		8.50%	(a)		06/15/2035		882,572
		NJ Trust
	2,300,000	Series 2023-GSP-A		6.48%	(a)(b)		01/06/2029		2,406,489
		SG Commercial Mortgage Securities LLC
	1,789,000	Series 2016-C5-B		3.93%			10/10/2048		1,605,154
	42,103,252	Series 2016-C5-XA		1.85%	(b)(i)		10/10/2048		1,188,781
		SLG Office Trust
	10,336,000	Series 2021-OVA-E		2.85%	(a)		07/15/2041		7,883,165
	9,660,000	Series 2021-OVA-F		2.85%	(a)		07/15/2041		7,081,840

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 23

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		UBS Commercial Mortgage Trust
	8,911,000	Series 2017-C1-B		4.04%			06/15/2050		8,010,125
	2,491,000	Series 2017-C6-B		4.15%	(b)		12/15/2050		2,206,954
	1,450,000	Series 2017-C7-B		4.29%	(b)		12/15/2050		1,328,484
	6,958,000	Series 2017-C7-C		4.59%	(b)		12/15/2050		6,284,557
	4,189,000	Series 2018-C11-C		4.88%	(b)		06/15/2051		3,442,702
	2,896,000	Series 2018-C12-C		5.03%	(b)		08/15/2051		2,545,022
		UBS-Barclays Commercial Mortgage Trust
	1,503,790	Series 2013-C5-B		3.65%	(a)(b)		03/10/2046		1,373,734
	7,795,924	Series 2013-C5-C		3.69%	(a)(b)		03/10/2046		6,475,397
	1,374,000	Series 2013-C5-D		3.69%	(a)(b)		03/10/2046		974,661
		Wachovia Bank Commercial Mortgage Trust
	9,546	Series 2006-C29-IO		0.30%	(b)(i)		11/15/2048		32
		WB Commercial Mortgage Trust
	5,000,000	Series 2024-HQ-A		6.13%	(a)(b)		03/15/2040		5,045,235
		WF-RBS Commercial Mortgage Trust
	49,647,987	Series 2014-C21-XA		0.97%	(b)(i)		08/15/2047		27,505
	38,310,216	Series 2014-C22-XA		0.76%	(b)(i)		09/15/2057		45,195
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $505,557,469)							368,566,209
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 11.0%
		Adjustable Rate Mortgage Trust
	6,085,890	Series 2007-1-4A1		5.67%	(b)		03/25/2037		3,886,170
	19,276	Series 2007-3-1A1		4.99%	(a)(b)		11/25/2037		18,559
		AlphaFlow Transitional Mortgage Trust
	1,838,533	Series 2021-WL1-A1		3.28%	(a)(j)		01/25/2026		1,797,108
		AMSR Trust
	3,100,000	Series 2019-SFR1-E		3.47%	(a)		01/19/2039		2,886,631
	10,000,000	Series 2021-SFR1-F		3.60%	(a)		06/17/2038		8,599,170
	3,000,000	Series 2021-SFR2-E1		2.48%	(a)		08/17/2038		2,715,179
	2,500,000	Series 2021-SFR2-E2		2.58%	(a)		08/17/2038		2,253,218
	4,500,000	Series 2021-SFR2-F1		3.28%	(a)		08/17/2038		4,073,549
	2,000,000	Series 2021-SFR2-F2		3.67%	(a)		08/17/2038		1,812,633
	8,900,000	Series 2023-SFR2-A		3.95%	(a)		06/17/2040		8,465,231
		Argent Securities, Inc. Asset-Backed Pass-Through Certificates Series 2003-W7
	10,888,205	Series 2006-M1-A2C (CME Term SOFR 1 Month + 0.41%, 0.30% Floor)		5.74%			07/25/2036		2,840,532
	13,864,669	Series 2006-M1-A2D (CME Term SOFR 1 Month + 0.59%, 0.48% Floor)		5.92%			07/25/2036		3,616,828
		Banc of America Funding Corp.
	130,737	Series 2005-G-A3		2.27%	(b)		10/20/2035		85,902
	53,899	Series 2006-2-6A2		5.50%			03/25/2036		51,517
	82,248	Series 2006-6-1A2		6.25%			08/25/2036		69,116
		Bear Stearns Asset Backed Securities Trust
	255,515	Series 2007-SD1-1A3A		6.50%			10/25/2036		106,698
		CAFL Issuer LLC
	9,100,000	Series 2021-RTL1-A1		2.24%	(a)(j)		03/28/2029		8,761,797
		Carrington Mortgage Loan Trust
	5,458,217	Series 2006-NC5-A3 (CME Term SOFR 1 Month + 0.26%, 0.15% Floor, 14.50% Cap)		5.59%			01/25/2037		4,728,397
		Chase Mortgage Finance Corp.
	1,154,510	Series 2007-A2-6A4		5.31%	(b)		07/25/2037		1,010,819
	785,749	Series 2007-S3-2A1		5.50%			05/25/2037		8
		CIM Trust
	6,953,000	Series 2020-R2-M2		3.00%	(a)(b)		10/25/2059		5,445,811
		Citigroup Mortgage Loan Trust, Inc.
	3,911,058	Series 2007-OPX1-A1A (CME Term SOFR 1 Month + 0.18%, 0.07% Floor)		5.51%			01/25/2037		1,703,593
	24,669,540	Series 2019-A-PT1		3.92%	(a)		10/25/2058		20,351,680

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	43,209,655	Series 2021-RP2-A1		1.75%	(a)(b)		03/25/2065		38,057,829
	5,674,000	Series 2021-RP2-M1		3.25%	(a)(b)		03/25/2065		4,814,400
	4,752,000	Series 2021-RP2-M2		3.40%	(a)(b)		03/25/2065		3,867,007
	4,413,000	Series 2021-RP2-M3		3.40%	(a)(b)		03/25/2065		3,463,159
	12,949,496	Series 2021-RP2-PT1		5.88%	(a)(b)		03/25/2065		10,512,452
		Citimortgage Alternative Loan Trust
	53,900	Series 2006-A2-A2		6.00%			05/25/2036		48,559
	33,266	Series 2006-A5-3A3		6.00%			10/25/2036		26,201
	221,476	Series 2007-A1-1A7		6.00%			01/25/2037		194,135
	6,749,652	Series 2007-A2-1A5		6.00%			02/25/2037		6,037,897
	3,218,424	Series 2007-A5-1A10		5.75%			05/25/2037		2,841,712
		CitiMortgage, Inc.
	20,632	Series 2005-1-1A4		5.50%			02/25/2035		19,341
		Colony American Finance Ltd.
	1,000,000	Series 2020-4-E		3.38%	(a)		12/15/2052		783,175
		Countrywide Alternative Loan Trust
	61,182	Series 2005-20CB-1A1		5.50%			07/25/2035		48,590
	120,929	Series 2005-28CB-3A6		6.00%			08/25/2035		50,740
	11,777,100	Series 2005-37T1-A5 (CME Term SOFR 1 Month + 0.56%, 0.45% Floor, 5.50% Cap)		5.50%			09/25/2035		7,075,649
	435,270	Series 2005-46CB-A22		5.25%			10/25/2035		307,541
	6,908,884	Series 2005-49CB-A2		5.50%			11/25/2035		4,542,560
	65,829	Series 2005-J10-1A13 (CME Term SOFR 1 Month + 0.81%, 0.70% Floor, 5.50% Cap)		5.50%			10/25/2035		40,456
	250,746	Series 2006-26CB-A9		6.50%			09/25/2036		131,262
	5,953,683	Series 2006-42-1A8		6.00%			01/25/2047		3,127,669
	938,025	Series 2007-12T1-A1		6.00%			06/25/2037		437,846
	5,939,513	Series 2007-12T1-A3		6.00%			06/25/2037		2,772,414
	1,009,326	Series 2007-16CB-2A1 (CME Term SOFR 1 Month + 0.56%, 0.45% Floor, 7.00% Cap)		5.89%			08/25/2037		354,037
	292,276	Series 2007-16CB-2A2 (-8 x CME Term SOFR 1 Month + 53.63%, 54.58% Cap)		9.22%	(k)		08/25/2037		377,487
	53,851	Series 2007-17CB-1A10 (-5 x CME Term SOFR 1 Month + 29.37%, 29.90% Cap)		4.86%	(k)		08/25/2037		46,161
	248,200	Series 2007-18CB-2A17		6.00%			08/25/2037		153,055
	1,325,025	Series 2007-23CB-A3 (CME Term SOFR 1 Month + 0.61%, 0.50% Floor, 7.00% Cap)		5.94%			09/25/2037		520,134
	1,301,612	Series 2007-23CB-A4 (-1 x CME Term SOFR 1 Month + 6.39%, 6.50% Cap)		1.06%	(i)(k)		09/25/2037		170,061
	692,763	Series 2007-4CB-2A1		7.00%			03/25/2037		64,963
	5,713,068	Series 2007-8CB-A1		5.50%			05/25/2037		3,045,952
	4,468,134	Series 2007-OA8-2A1 (CME Term SOFR 1 Month + 0.47%, 0.36% Floor)		5.80%			06/25/2047		3,334,596
		Countrywide Home Loan Mortgage Pass Through Trust
	143,597	Series 2005-28-A7		5.25%			01/25/2036		75,660
	404,837	Series 2007-10-A5		6.00%			07/25/2037		186,201
	163,810	Series 2007-15-1A16		6.25%			09/25/2037		100,730
	420,602	Series 2007-3-A17		6.00%			04/25/2037		204,137
		Credit Suisse First Boston Mortgage Securities Corp.
	51,598	Series 2005-10-5A5		5.50%			11/25/2035		37,665
		Credit Suisse Management LLC
	557,657	Series 2005-8-1A3		5.25%			09/25/2035		439,128
		Credit Suisse Mortgage Capital Certificates
	2,364,895	Series 2006-4-6A1		6.00%			05/25/2036		923,648
	19,564	Series 2006-4-7A1		5.50%			09/25/2056		10,705
	61,763	Series 2007-1-3A1		6.00%			02/25/2057		10,142
	9,217	Series 2007-2-2A1		5.00%			03/25/2037		6,920
	3,026,097	Series 2009-3R-19A2		6.00%	(a)		01/27/2038		1,370,566
	629,562	Series 2010-4R-3A17		6.00%	(a)(b)(d)		06/26/2037		573,175
	29,191,592	Series 2020-RPL1-PT1		3.33%	(a)(b)		10/25/2069		22,874,543
	9,035,400	Series 2020-RPL4-M1		2.50%	(a)		01/25/2060		6,708,805
	2,332,457	Series 2021-JR1-A1		2.47%	(a)(b)		09/27/2066		2,306,952

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 25

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Credit-Based Asset Servicing and Securitization LLC
	6,547,058	Series 2007-RP1-A (CME Term SOFR 1 Month + 0.42%, 0.31% Floor)		5.75%	(a)		05/25/2046		5,416,714
		Deutsche ALT-A Securities, Inc.
	4,278,543	Series 2005-6-2A1		5.50%			12/25/2035		3,519,566
	4,146,856	Series 2005-AR2-2A1		4.77%	(b)		10/25/2035		3,394,908
	6,681,859	Series 2007-OA1-A1 (CME Term SOFR 1 Month + 0.26%, 0.15% Floor)		5.59%			02/25/2047		3,759,424
		Deutsche Mortgage Securities, Inc.
	379,021	Series 2006-PR1-3A1 (-1 x CME Term SOFR 1 Month + 11.96%, 12.12% Cap)		4.51%	(a)(k)		04/15/2036		340,776
	28,795	Series 2006-PR1-4AI2 (-2 x CME Term SOFR 1 Month + 14.39%, 14.61% Cap)		4.22%	(a)(k)		04/15/2036		25,619
	657,432	Series 2006-PR1-5AI4 (-1 x CME Term SOFR 1 Month + 11.96%, 12.12% Cap)		4.51%	(a)(k)		04/15/2036		560,942
		First Franklin Mortgage Loan Asset Backed Certificates
	15,984,000	Series 2006-FF15-A6 (CME Term SOFR 1 Month + 0.42%, 0.31% Floor)		5.75%			11/25/2036		12,800,770
	10,456,021	Series 2007-FF2-A1 (CME Term SOFR 1 Month + 0.39%, 0.28% Floor)		5.72%			03/25/2037		5,469,847
		First Horizon Alternative Mortgage Securities
	196,390	Series 2006-FA2-1A5		6.00%			05/25/2036		82,688
	2,626,772	Series 2006-FA8-1A1		6.25%			02/25/2037		1,099,747
	34,776	Series 2006-RE1-A1		5.50%	(b)		05/25/2035		22,756
		FMC GMSR Issuer Trust
	16,440,000	Series 2021-GT2-A		3.85%	(a)(b)		10/25/2026		14,569,623
		GCAT
	6,944,000	Series 2021-NQM6-M1		3.41%	(a)(b)		08/25/2066		4,950,004
		GMAC Mortgage Corp. Loan Trust
	1,276,973	Series 2006-J1-A6		5.75%			04/25/2036		1,090,435
		GS Mortgage-Backed Securities Trust
	7,546,000	Series 2020-NQM1-M1		3.29%	(a)(b)		09/27/2060		6,690,370
		GSAA Trust
	4,964	Series 2005-7-AF5		5.11%	(j)		05/25/2035		4,804
	808,931	Series 2007-10-A1A		6.00%			11/25/2037		465,542
	942,300	Series 2007-10-A2A		6.50%			11/25/2037		385,328
		GSR Mortgage Loan Trust
	1,452,897	Series 2006-3F-4A1		6.00%			03/25/2036		1,129,860
	22,702,102	Series 2006-OA1-1A1 (CME Term SOFR 1 Month + 0.55%, 0.44% Floor)		5.88%			08/25/2046		5,313,738
	57,019	Series 2007-1F-2A2		5.50%			01/25/2037		141,260
		Harborview Mortgage Loan Trust
	10,219,206	Series 2005-7-2A1 (CME Term SOFR 1 Month + 0.68%, 0.57% Floor, 11.00% Cap)		6.01%			06/19/2045		5,979,123
		Home Partners of America Trust
	2,510,682	Series 2021-1-D		2.48%	(a)		09/17/2041		2,090,807
	1,154,063	Series 2021-1-E		2.58%	(a)		09/17/2041		924,970
	1,298,746	Series 2021-1-F		3.33%	(a)		09/17/2041		1,029,474
		Homeward Opportunities Fund I Trust
	5,250,000	Series 2020-2-M1		3.90%	(a)(b)		05/25/2065		4,900,127
		HSI Asset Securitization Corp.
	22,256,783	Series 2006-HE1-1A1 (CME Term SOFR 1 Month + 0.39%, 0.28% Floor)		5.72%			10/25/2036		7,228,362
	9,549,711	Series 2007-NC1-A3 (CME Term SOFR 1 Month + 0.47%, 0.36% Floor)		5.80%			04/25/2037		6,378,796
		Impac Secured Assets CMN Owner Trust
	22,560,658	Series 2006-5-1A1C (CME Term SOFR 1 Month + 0.65%, 0.54% Floor, 11.50% Cap)		5.98%			02/25/2037		20,122,503
		Imperial Fund Mortgage Trust
	2,728,000	Series 2021-NQM4-M1		3.45%	(a)(b)		01/25/2057		1,974,664
		Indymac IMSC Mortgage Loan Trust
	1,392,754	Series 2007-HOA1-A11 (CME Term SOFR 1 Month + 0.47%, 0.36% Floor)		5.80%			07/25/2047		937,612
	1,385,004	Series 2007-HOA1-A24 (CME Term SOFR 1 Month + 0.73%, 0.62% Floor)		6.06%			07/25/2047		993,020

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		JP Morgan Alternative Loan Trust
	2,618,081	Series 2005-A2-1M1 (CME Term SOFR 1 Month + 0.80%, 0.69% Floor, 11.50% Cap)		6.13%			01/25/2036		2,500,313
	31,894	Series 2006-S2-A4		6.69%	(j)		05/25/2036		31,897
	2,244,433	Series 2006-S3-A4		6.81%	(j)		08/25/2036		2,109,948
	26,779	Series 2006-S3-A6		6.62%	(j)		08/25/2036		25,435
	25,088	Series 2006-S4-A6		6.21%	(j)		12/25/2036		24,485
		JP Morgan Mortgage Acquisition Corp.
	13,470,641	Series 2006-WMC2-A5 (CME Term SOFR 1 Month + 0.61%, 0.50% Floor)		5.94%			07/25/2036		5,846,269
	15,451,526	Series 2006-WMC3-A4 (CME Term SOFR 1 Month + 0.41%, 0.30% Floor)		5.74%			08/25/2036		11,141,124
	12,765,808	Series 2006-WMC4-A5 (CME Term SOFR 1 Month + 0.32%, 0.21% Floor)		5.65%			12/25/2036		6,821,799
		JP Morgan Mortgage Trust
	2,036,011	Series 2006-S1-2A9		6.50%			04/25/2036		2,013,630
	160,683	Series 2007-S3-1A7		6.00%			08/25/2037		76,811
		Legacy Mortgage Asset Trust
	22,274,727	Series 2019-RPL3-PT1		0.00%	(a)		06/25/2058		18,693,650
	7,000,000	Series 2021-GS3-A2		3.25%	(a)(j)		07/25/2061		6,490,383
		Lehman Mortgage Trust
	367,637	Series 2006-3-1A5		6.00%			07/25/2036		186,413
	25,236	Series 2006-9-1A19 (-5 x CME Term SOFR 1 Month + 30.16%, 30.68% Cap)		5.64%	(k)		01/25/2037		22,271
	506,294	Series 2007-10-2A1		6.50%			01/25/2038		141,584
	88,761	Series 2007-2-1A1		5.75%			02/25/2037		59,603
		Lehman XS Trust
	3,199,186	Series 2005-9N-1A1 (CME Term SOFR 1 Month + 0.38%, 0.27% Floor)		5.71%			02/25/2036		2,855,339
	3,041,875	Series 2007-1-1A2 (CME Term SOFR 1 Month + 0.43%, 0.32% Floor)		5.76%			02/25/2037		2,948,081
	9,074,919	Series 2007-15N-3A1 (CME Term SOFR 1 Month + 0.36%, 0.25% Floor)		5.69%			08/25/2047		7,600,541
	8,458,526	Series 2007-3-2A3 (CME Term SOFR 1 Month + 0.59%, 0.48% Floor)		5.92%			03/25/2037		7,756,348
		Long Beach Mortgage Loan Trust
	34,223,350	Series 2006-2-2A3 (CME Term SOFR 1 Month + 0.49%, 0.38% Floor)		5.82%			03/25/2046		12,396,265
	13,348,293	Series 2006-3-2A3 (CME Term SOFR 1 Month + 0.47%, 0.36% Floor)		5.80%			05/25/2046		4,157,389
	15,434,013	Series 2006-6-2A3 (CME Term SOFR 1 Month + 0.41%, 0.30% Floor)		5.74%			07/25/2036		6,004,083
		MASTR Alternative Loans Trust
	73,761	Series 2005-2-3A1		6.00%			03/25/2035		63,978
	4,460,753	Series 2006-1-A5		6.00%			02/25/2036		2,053,277
	32,352	Series 2007-1-2A7		6.00%			10/25/2036		9,588
		Mastr Asset Backed Securities Trust
	11,402,906	Series 2005-NC2-A3 (CME Term SOFR 1 Month + 0.61%, 0.50% Floor)		5.94%			11/25/2035		6,596,401
		MASTR Asset Securitization Trust
	731,809	Series 2006-2-1A11 (CME Term SOFR 1 Month + 6.00%, 6.00% Floor)		6.00%			06/25/2036		436,772
		Merrill Lynch Alternative Note Asset
	1,640,090	Series 2007-F1-2A8		6.00%			03/25/2037		588,138
	8,328,893	Series 2007-OAR4-A1 (CME Term SOFR 1 Month + 0.61%, 0.50% Floor)		5.94%			08/25/2037		7,133,444
		Merrill Lynch Mortgage Investors, Inc.
	5,249,507	Series 2007-MLN1-A1 (CME Term SOFR 1 Month + 0.36%, 0.25% Floor)		5.69%			03/25/2037		3,893,823
		MFRA Trust
	2,026,841	Series 2021-NPL1-A1		5.36%	(a)(j)		03/25/2060		2,009,167
		Morgan Stanley ABS Capital I, Inc.
	7,444,041	Series 2006-HE5-A2C (CME Term SOFR 1 Month + 0.39%, 0.28% Floor)		5.72%			08/25/2036		3,788,755

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 27

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Morgan Stanley Mortgage Loan Trust
	19,538	Series 2004-1-1A1		5.00%			11/25/2033		14,282
	425,075	Series 2005-7-7A4		5.50%			11/25/2035		385,621
	1,563,232	Series 2006-7-3A		5.20%	(b)		06/25/2036		884,243
	25,658,557	Series 2007-2AX-2A2 (CME Term SOFR 1 Month + 0.43%, 0.32% Floor)		5.76%			12/25/2036		8,718,731
	7,707,893	Series 2007-7AX-2A1 (CME Term SOFR 1 Month + 0.35%, 0.24% Floor)		5.68%			04/25/2037		2,113,327
		Morgan Stanley Reremic Trust
	110,460	Series 2010-R6-5C		5.75%	(a)(b)		05/26/2037		101,834
		Morgan Stanley Residential Mortgage Loan Trust
	1,957,101	Series 2020-RPL1-A1		5.69%	(a)(b)		10/25/2060		1,939,356
		MortgageIT Trust
	14,026,636	Series 2007-1-2A11 (CME Term SOFR 1 Month + 0.55%, 0.44% Floor)		5.88%			06/25/2047		10,909,502
		New Century Home Equity Loan Trust
	6,000,000	Series 2005-B-M2 (CME Term SOFR 1 Month + 0.85%, 0.74% Floor)		6.18%			10/25/2035		5,052,458
		Nomura Asset Acceptance Corp.
	162,439	Series 2006-AP1-A2		5.52%	(b)		01/25/2036		49,297
		Nomura Home Equity Loan, Inc.
	497,069	Series 2006-AF1-A2		6.30%	(j)		10/25/2036		108,334
	840,425	Series 2007-1-1A1		6.56%	(j)		02/25/2037		227,877
		NRPL Trust
	6,116,994	Series 2019-3A-A1		7.00%	(a)(j)		07/25/2059		6,124,259
		NRZ Excess Spread-Collateralized Notes
	2,948,320	Series 2020-PLS1-A		3.84%	(a)		12/25/2025		2,828,219
		Option One Mortgage Loan Trust
	29,050	Series 2004-3-M3 (CME Term SOFR 1 Month + 1.09%, 0.98% Floor)		6.42%			11/25/2034		28,768
	16,950,695	Series 2007-6-1A1 (CME Term SOFR 1 Month + 0.30%, 0.19% Floor)		5.63%			07/25/2037		14,595,718
		PennyMac Mortgage Investment Trust
	1,609,937	Series 2019-3R-A (US 30 Day Average Secured Overnight Financing Rate + 3.81%, 2.70% Floor)		9.14%	(a)		11/27/2031		1,613,086
	3,523,627	Series 2020-1R-A (US 30 Day Average Secured Overnight Financing Rate + 3.46%, 2.35% Floor)		8.79%	(a)		02/25/2025		3,513,544
	15,000,000	Series 2021-FT1-A (CME Term SOFR 1 Month + 3.11%, 3.12% Floor)		8.44%	(a)		03/25/2026		15,188,813
		PR Mortgage Loan Trust
	4,928,436	Series 2014-1-APT		5.86%	(a)(b)		10/25/2049		4,556,704
		Pretium Mortgage Credit Partners LLC
	4,360,301	Series 2021-RN2-A1		1.74%	(a)(j)		07/25/2051		4,226,919
		Progress Residential Trust
	3,404,000	Series 2021-SFR6-E2		2.53%	(a)		07/17/2038		3,077,050
	4,666,000	Series 2021-SFR6-F		3.42%	(a)		07/17/2038		4,240,677
	5,100,000	Series 2021-SFR8-F		3.18%	(a)		10/17/2038		4,572,125
		PRPM LLC
	2,676,204	Series 2021-3-A1		1.87%	(a)(j)		04/25/2026		2,634,203
	2,871,566	Series 2021-7-A1		1.87%	(a)(j)		08/25/2026		2,785,909
	1,601,562	Series 2021-9-A1		2.36%	(a)(j)		10/25/2026		1,564,472
		RALI Trust
	117,959	Series 2005-QS14-3A3		6.00%			09/25/2035		96,680
	152,435	Series 2006-QS10-A4		5.75%			08/25/2036		123,259
	1,663,374	Series 2006-QS10-A9		6.50%			08/25/2036		1,401,425
	1,700,156	Series 2006-QS4-A10		6.00%			04/25/2036		1,332,074
	335,275	Series 2006-QS6-1A15		6.00%			06/25/2036		254,873
	1,509	Series 2006-QS6-2A1		6.00%			12/25/2024		–
	19,389,538	Series 2007-QH5-AII (CME Term SOFR 1 Month + 0.57%, 0.46% Floor)		5.90%			06/25/2037		8,168,041
	577,927	Series 2007-QS3-A4		6.25%			02/25/2037		457,563
	2,091,337	Series 2007-QS9-A33		6.50%			07/25/2037		1,623,567
		RAMP Trust
	11,500,000	Series 2006-NC1-M2 (CME Term SOFR 1 Month + 0.51%, 0.40% Floor, 14.00% Cap)		6.04%			01/25/2036		9,627,291

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		RBSGC Mortgage Pass Through Certificates
	6,164,766	Series 2005-A-3A		6.00%			04/25/2035		2,477,247
		Redwood Funding Trust
	19,816,111	Series 2019-1-PT		4.97%	(a)(j)		09/27/2024		19,830,662
		Residential Asset Securitization Trust
	154,629	Series 2005-A10-A3		5.50%			09/25/2035		75,637
	218,967	Series 2005-A11-2A4		6.00%			10/25/2035		95,837
	1,608,819	Series 2006-A6-1A1		6.50%			07/25/2036		489,990
	110,289	Series 2006-R1-A1 (-4 x CME Term SOFR 1 Month + 27.94%, 28.40% Cap)		6.62%	(d)(k)		01/25/2046		85,057
		Residential Mortgage Loan Trust
	5,154,000	Series 2020-1-M1		3.24%	(a)(b)		01/26/2060		4,597,075
		RFMSI Trust
	38,777	Series 2006-S10-1A2		6.00%			10/25/2036		29,141
	381,947	Series 2007-S2-A4		6.00%			02/25/2037		290,948
	291,533	Series 2007-S3-1A4		6.00%			03/25/2037		208,232
		Saxon Asset Securities Trust
	7,695,758	Series 2005-2-M4 (CME Term SOFR 1 Month + 1.06%, 0.95% Floor, 11.50% Cap)		6.39%			10/25/2035		4,998,411
		Securitized Asset Backed Receivables LLC
	14,613,457	Series 2007-BR3-A1 (CME Term SOFR 1 Month + 0.43%, 0.32% Floor, 100.00% Cap)		5.76%	(a)		04/25/2037		9,480,517
	18,648,005	Series 2007-BR3-A2A (CME Term SOFR 1 Month + 0.25%, 0.14% Floor)		5.58%			04/25/2037		12,362,565
	13,227,900	Series 2007-BR3-A2B (CME Term SOFR 1 Month + 0.55%, 0.44% Floor)		5.88%			04/25/2037		8,769,016
	2,379,477	Series 2007-BR3-A2C (CME Term SOFR 1 Month + 0.67%, 0.56% Floor)		6.00%			04/25/2037		1,577,375
	19,767,963	Series 2007-HE1-A2C (CME Term SOFR 1 Month + 0.43%, 0.32% Floor)		5.76%			12/25/2036		4,542,682
		Securitized Mortgage Asset Loan Trust
	22,764,250	Series 2015-1-PC		2.41%	(a)(b)		02/25/2054		18,950,935
		Sequoia Mortgage Trust
	3,219,854	Series 2007-3-2AA1		3.95%	(b)		07/20/2037		2,357,899
		Soundview Home Equity Loan Trust
	6,404,930	Series 2007-OPT4-1A1 (CME Term SOFR 1 Month + 1.11%, 1.00% Floor)		6.44%			09/25/2037		4,404,432
		Starwood Mortgage Residential Trust
	5,910,000	Series 2020-1-B1		3.73%	(a)(b)		02/25/2050		4,862,175
		Structured Asset Investment Loan Trust
	10,438,923	Series 2006-BNC3-A1 (CME Term SOFR 1 Month + 0.29%, 0.18% Floor)		5.62%			09/25/2036		6,385,524
		Structured Asset Securities Corp.
	715,878	Series 2005-RF1-A (CME Term SOFR 1 Month + 0.46%, 0.35% Floor)		5.79%	(a)		03/25/2035		618,984
	715,878	Series 2005-RF1-AIO		0.00%	(a)(b)(i)		03/25/2035		792
		VCAT Asset Securitization LLC
	4,324,842	Series 2021-NPL4-A1		1.87%	(a)(j)		08/25/2051		4,196,809
	6,253,181	Series 2021-NPL6-A1		1.92%	(a)(j)		09/25/2051		6,077,964
		Velocity Commercial Capital Loan Trust
	920,215	Series 2018-1-M1		3.91%	(a)		04/25/2048		830,128
	503,741	Series 2018-1-M2		4.26%	(a)		04/25/2048		444,993
	310,595	Series 2018-1-M3		4.41%	(a)		04/25/2048		269,590
	1,592,498	Series 2019-1-M1		3.94%	(a)(b)		03/25/2049		1,425,618
	720,777	Series 2019-1-M2		4.01%	(a)(b)		03/25/2049		633,064
	645,882	Series 2019-1-M3		4.12%	(a)(b)		03/25/2049		550,568
		Vericrest Opportunity Loan Transferee
	2,572,227	Series 2021-CF1-A1		1.99%	(a)(j)		08/25/2051		2,485,237
	1,544,703	Series 2021-CF2-A1		2.49%	(a)(j)		11/27/2051		1,490,323
	5,802,593	Series 2021-NP12-A1		2.73%	(a)(j)		12/26/2051		5,573,327
	754,802	Series 2021-NPL1-A1		4.89%	(a)(j)		02/27/2051		737,926
	2,637,777	Series 2021-NPL5-A1		5.12%	(a)(j)		03/27/2051		2,586,036
	2,886,241	Series 2021-NPL6-A1		5.24%	(a)(j)		04/25/2051		2,844,790

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 29

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		WaMu Mortgage Pass Through Certificates
	4,288,563	Series 2006-AR13-1A (12 Month US Treasury Average + 0.88%, 0.88% Floor)		5.97%			10/25/2046		3,558,802
	1,380,586	Series 2006-AR19-2A (12 Month US Treasury Average + 1.25%, 1.25% Floor)		6.34%			01/25/2047		1,213,579
	4,269,873	Series 2007-HY7-2A1		3.78%	(b)		07/25/2037		3,445,149
		Washington Mutual Alternative Mortgage Pass-Through Certificates
	70,385	Series 2005-1-2A		6.00%			03/25/2035		57,874
	373,566	Series 2006-1-3A1		5.75%			02/25/2036		335,844
	1,027,647	Series 2006-2-4CB		6.00%			03/25/2036		966,277
	7,092,949	Series 2006-8-A5		4.15%	(j)		10/25/2036		2,455,760
	3,152,170	Series 2006-8-A6		4.15%	(j)		10/25/2036		1,092,211
	6,696,620	Series 2007-2-1A2		6.00%			04/25/2037		5,295,529
	4,696,602	Series 2007-2-1A3		6.00%			04/25/2037		3,713,962
	607,386	Series 2007-3-A6		6.00%			04/25/2037		527,136
	50,716	Series 2007-5-A11 (-6 x CME Term SOFR 1 Month + 38.79%, 39.48% Cap)		6.82%	(k)		06/25/2037		52,278
	6,127,868	Series 2007-5-A3		7.00%			06/25/2037		4,691,436
		Wells Fargo Alternative Loan Trust
	315,917	Series 2007-PA5-1A1		6.25%			11/25/2037		270,255
		Wells Fargo Mortgage Backed Securities Trust
	7,886	Series 2005-AR14-A6		5.95%	(b)		08/25/2035		7,561
	395,299	Series 2006-7-2A1		6.00%			06/25/2036		339,470
	17,911	Series 2007-7-A1		6.00%			06/25/2037		15,968
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $934,032,904)							759,464,044
	US CORPORATE BONDS - 15.2%
	780,000	AAR Escrow Issuer LLC		6.75%	(a)		03/15/2029		786,976
	5,404,000	AbbVie, Inc.		4.70%			05/14/2045		5,057,323
	2,845,000	AbbVie, Inc.		5.50%			03/15/2064		2,928,227
	1,295,000	Academy Ltd.		6.00%	(a)		11/15/2027		1,276,699
	1,650,000	Acuris Finance US, Inc. / Acuris Finance SARL		5.00%	(a)		05/01/2028		1,500,817
	620,000	Acushnet Co.		7.38%	(a)		10/15/2028		643,029
	655,000	AdaptHealth LLC		5.13%	(a)		03/01/2030		571,819
	1,235,000	Advanced Drainage Systems, Inc.		5.00%	(a)		09/30/2027		1,199,158
	1,535,000	Advanced Drainage Systems, Inc.		6.38%	(a)		06/15/2030		1,544,371
	882,000	AEP Transmission Co. LLC		5.40%			03/15/2053		878,854
	765,000	Aethon United BR LP / Aethon United Finance Corp.		8.25%	(a)		02/15/2026		774,523
	1,810,000	AGCO Corp.		5.80%			03/21/2034		1,833,432
	2,492,000	Agree LP		2.60%			06/15/2033		1,958,450
	3,200,000	Air Lease Corp.		1.88%			08/15/2026		2,951,257
	4,870,000	Alexandria Real Estate Equities, Inc.		3.00%			05/18/2051		3,094,771
	984,000	Alexandria Real Estate Equities, Inc.		5.15%			04/15/2053		906,892
	1,125,000	Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer		6.75%	(a)		10/15/2027		1,109,299
	520,000	Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer		7.00%	(a)		01/15/2031		525,602
	1,220,000	Allied Universal Holdco LLC		7.88%	(a)		02/15/2031		1,237,137
	460,000	Allied Universal Holdco LLC / Allied Universal Finance Corp.		6.63%	(a)		07/15/2026		460,084
	615,000	Allied Universal Holdco LLC / Allied Universal Finance Corp.		6.00%	(a)		06/01/2029		529,859
	355,000	AMC Entertainment Holdings, Inc.		7.50%	(a)		02/15/2029		237,421
	1,290,000	American Airlines, Inc.		8.50%	(a)		05/15/2029		1,363,636
	600,000	American Axle & Manufacturing, Inc.		5.00%			10/01/2029		540,954
	9,560,000	American Express Co.		3.95%			08/01/2025		9,396,075
	8,197,000	American Homes 4 Rent LP		5.50%			02/01/2034		8,175,404
	2,409,000	American Tower Corp.		5.55%			07/15/2033		2,428,770
	3,936,000	Amgen, Inc.		5.75%			03/02/2063		4,017,658
	1,040,000	AmWINS Group, Inc.		4.88%	(a)		06/30/2029		971,727
	989,000	Antero Midstream Partners LP / Antero Midstream Finance Corp.		5.75%	(a)		03/01/2027		977,269

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	1,300,000	Antero Midstream Partners LP / Antero Midstream Finance Corp.		6.63%	(a)		02/01/2032		1,306,755
	995,000	Antero Resources Corp.		5.38%	(a)		03/01/2030		956,454
	685,000	Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.		5.25%	(a)		08/15/2027		432,286
	5,182,000	Ares Capital Corp.		3.25%			07/15/2025		5,007,361
	4,375,000	Arrow Electronics, Inc.		3.88%			01/12/2028		4,148,477
	375,000	Arsenal AIC Parent LLC		8.00%	(a)		10/01/2030		394,176
	580,000	Artera Services LLC		8.50%	(a)		02/15/2031		595,064
	845,000	Ashton Woods USA LLC / Ashton Woods Finance Co.		4.63%	(a)		04/01/2030		772,891
	355,000	ASP Unifrax Holdings, Inc.		5.25%	(a)		09/30/2028		229,313
	1,015,000	AssuredPartners, Inc.		5.63%	(a)		01/15/2029		936,135
	14,735,000	AT&T, Inc.		3.50%			09/15/2053		10,404,157
	1,015,000	AthenaHealth Group, Inc.		6.50%	(a)		02/15/2030		929,389
	4,973,000	Athene Global Funding (Secured Overnight Financing Rate + 0.56%)		5.90%	(a)		08/19/2024		4,976,318
	5,575,000	Athene Holding Ltd.		6.25%			04/01/2054		5,664,663
	7,710,000	Aviation Capital Group LLC		1.95%	(a)		09/20/2026		7,047,753
	2,934,000	Bank of America Corp. (US Secured Overnight Financing Rate + 1.11%)		3.84%			04/25/2025		2,930,009
	3,466,000	Bank of America Corp. (US Secured Overnight Financing Rate + 1.75%)		4.83%			07/22/2026		3,436,001
	4,215,000	Bank of America Corp. (US Secured Overnight Financing Rate + 1.21%)		2.57%			10/20/2032		3,498,281
	3,952,000	Bank of America Corp. (US Secured Overnight Financing Rate + 1.65%)		5.47%			01/23/2035		3,979,257
	11,482,000	Bank of America Corp. (5 Year CMT Rate + 1.20%)		2.48%			09/21/2036		9,189,970
	1,500,000	Bausch + Lomb Corp.		8.38%	(a)		10/01/2028		1,553,865
	485,000	Bausch Health Americas, Inc.		8.50%	(a)		01/31/2027		285,548
	1,080,000	Bausch Health Cos., Inc.		4.88%	(a)		06/01/2028		590,413
	300,000	Bausch Health Cos., Inc.		5.25%	(a)		01/30/2030		126,324
	93,000	Bausch Health Cos., Inc.		14.00%	(a)		10/15/2030		53,967
	1,140,000	BCPE Empire Holdings, Inc.		7.63%	(a)		05/01/2027		1,114,151
	1,135,000	Beacon Roofing Supply, Inc.		6.50%	(a)		08/01/2030		1,152,703
	4,540,000	Berkshire Hathaway Finance Corp.		2.85%			10/15/2050		3,067,674
	2,427,000	Berkshire Hathaway Finance Corp.		3.85%			03/15/2052		1,964,350
	4,044,000	Berry Global, Inc.		4.88%	(a)		07/15/2026		3,966,088
	2,930,000	Berry Global, Inc.		5.65%	(a)		01/15/2034		2,915,459
	3,120,000	BlackRock Funding, Inc.		5.25%			03/14/2054		3,138,276
	9,211,000	BlackRock, Inc.		4.75%			05/25/2033		9,166,716
	400,000	Boost Newco Borrower LLC		7.50%	(a)		01/15/2031		419,031
	125,000	Boxer Parent Co., Inc.		7.13%	(a)		10/02/2025		125,209
	5,245,000	BP Capital Markets America, Inc.		4.89%			09/11/2033		5,210,856
	2,941,000	BP Capital Markets America, Inc.		2.94%			06/04/2051		1,965,062
	740,000	Brand Industrial Services, Inc.		10.38%	(a)		08/01/2030		802,096
	1,911,000	Brighthouse Financial Global Funding		1.00%	(a)		04/12/2024		1,908,395
	2,838,000	Brighthouse Financial Global Funding		2.00%	(a)		06/28/2028		2,450,858
	1,880,000	Bristol-Myers Squibb Co.		5.50%			02/22/2044		1,925,178
	7,968,000	Bristol-Myers Squibb Co.		5.55%			02/22/2054		8,201,237
	6,670,000	Brixmor Operating Partnership LP		5.50%			02/15/2034		6,589,460
	8,836,000	Broadcom, Inc.		3.42%	(a)		04/15/2033		7,662,813
	6,378,000	Broadcom, Inc.		3.19%	(a)		11/15/2036		5,078,456
	1,270,000	Builders FirstSource, Inc.		4.25%	(a)		02/01/2032		1,139,850
	1,295,000	Builders FirstSource, Inc.		6.38%	(a)		06/15/2032		1,315,294
	1,595,000	Builders FirstSource, Inc.		6.38%	(a)		03/01/2034		1,603,578
	3,506,000	Burlington Northern Santa Fe LLC		5.20%			04/15/2054		3,478,054
	570,000	Caesars Entertainment, Inc.		4.63%	(a)		10/15/2029		520,222
	670,000	Caesars Entertainment, Inc.		6.50%	(a)		02/15/2032		676,319
	1,100,000	Callon Petroleum Co.		7.50%	(a)		06/15/2030		1,166,666
	890,000	Calpine Corp.		4.50%	(a)		02/15/2028		844,835
	555,000	Calpine Corp.		5.13%	(a)		03/15/2028		533,127
	600,000	Calpine Corp.		4.63%	(a)		02/01/2029		555,928
	2,700,000	Campbell Soup Co.		5.40%			03/21/2034		2,721,532

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 31

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	2,418,000	Cardinal Health, Inc.		5.13%			02/15/2029		2,423,774
	1,915,000	Carnival Corp.		5.75%	(a)		03/01/2027		1,896,540
	830,000	Carnival Corp.		7.00%	(a)		08/15/2029		866,350
	975,000	Carrier Global Corp.		6.20%			03/15/2054		1,074,411
	224,000	Castle US Holding Corp.		9.50%	(a)		02/15/2028		111,728
	305,000	Catalent Pharma Solutions, Inc.		3.50%	(a)		04/01/2030		290,747
	2,520,000	CCO Holdings LLC / CCO Holdings Capital Corp.		4.75%	(a)		03/01/2030		2,165,350
	1,275,000	CCO Holdings LLC / CCO Holdings Capital Corp.		4.50%	(a)		08/15/2030		1,069,307
	1,200,000	CCO Holdings LLC / CCO Holdings Capital Corp.		4.75%	(a)		02/01/2032		980,506
	1,830,000	Cedar Fair LP		5.25%			07/15/2029		1,741,089
	8,565,000	Centene Corp.		2.50%			03/01/2031		7,052,272
	910,000	Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc.		8.00%	(a)		06/15/2029		944,126
	5,314,000	CF Industries, Inc.		5.38%			03/15/2044		5,004,804
	5,176,000	Charter Communications Operating LLC / Charter Communications Operating Capital		4.91%			07/23/2025		5,114,408
	5,350,000	Cheniere Energy, Inc.		4.63%			10/15/2028		5,188,905
	1,219,000	Chesapeake Energy Corp.		5.88%	(a)		02/01/2029		1,210,057
	1,260,000	Chord Energy Corp.		6.38%	(a)		06/01/2026		1,266,188
	805,000	CHS/Community Health Systems, Inc.		6.00%	(a)		01/15/2029		704,208
	1,110,000	CHS/Community Health Systems, Inc.		4.75%	(a)		02/15/2031		857,644
	1,790,000	Citigroup, Inc. (US Secured Overnight Financing Rate + 0.69%)		2.01%			01/25/2026		1,735,880
	2,038,000	Citigroup, Inc. (US Secured Overnight Financing Rate + 1.28%)		3.07%			02/24/2028		1,917,466
	770,000	Civitas Resources, Inc.		8.38%	(a)		07/01/2028		811,551
	1,245,000	Clarios Global LP / Clarios US Finance Co.		6.75%	(a)		05/15/2028		1,262,969
	565,000	Clarivate Science Holdings Corp.		4.88%	(a)		07/01/2029		523,301
	460,000	Clean Harbors, Inc.		5.13%	(a)		07/15/2029		442,579
	410,000	Clear Channel Outdoor Holdings, Inc.		9.00%	(a)		09/15/2028		427,431
	465,000	Clear Channel Outdoor Holdings, Inc.		7.50%	(a)		06/01/2029		384,981
	1,265,000	Clearway Energy Operating LLC		4.75%	(a)		03/15/2028		1,203,373
	280,000	Cloud Software Group, Inc.		6.50%	(a)		03/31/2029		265,942
	280,000	Cloud Software Group, Inc.		9.00%	(a)		09/30/2029		268,820
	2,540,000	CNH Industrial Capital LLC		5.10%			04/20/2029		2,533,933
	1,185,000	CNX Midstream Partners LP		4.75%	(a)		04/15/2030		1,057,156
	1,210,000	CNX Resources Corp.		6.00%	(a)		01/15/2029		1,185,860
	565,000	Coherent Corp.		5.00%	(a)		12/15/2029		532,733
	3,125,000	Comcast Corp.		3.95%			10/15/2025		3,073,822
	400,000	CommScope Technologies LLC		5.00%	(a)		03/15/2027		155,496
	370,000	CommScope, Inc.		4.75%	(a)		09/01/2029		267,325
	745,000	Consolidated Communications, Inc.		5.00%	(a)		10/01/2028		621,653
	3,868,000	COPT Defense Properties LP		2.90%			12/01/2033		3,035,384
	763,000	Cornerstone Building Brands, Inc.		6.13%	(a)		01/15/2029		683,948
	740,000	Coty, Inc.		6.50%	(a)		04/15/2026		741,686
	1,240,000	Coty, Inc.		5.00%	(a)		04/15/2026		1,222,402
	1,015,000	Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC		6.63%	(a)		07/15/2030		1,031,535
	3,085,000	CQP Holdco LP / BIP-V Chinook Holdco LLC		5.50%	(a)		06/15/2031		2,918,151
	10,585,000	Crown Castle, Inc.		3.65%			09/01/2027		10,037,596
	1,185,000	CSC Holdings LLC		6.50%	(a)		02/01/2029		1,005,065
	1,315,000	CSC Holdings LLC		5.75%	(a)		01/15/2030		697,171
	1,050,000	CSI Compressco LP / CSI Compressco Finance, Inc.		7.50%	(a)		04/01/2025		1,050,000
	12,807,000	CSX Corp.		3.80%			11/01/2046		10,198,603
	2,410,000	Cummins, Inc.		5.45%			02/20/2054		2,465,707
	680,000	CVR Partners LP / CVR Nitrogen Finance Corp.		6.13%	(a)		06/15/2028		654,187
	5,205,000	CVS Health Corp.		5.30%			06/01/2033		5,219,413
	7,518,000	CVS Health Corp.		5.88%			06/01/2053		7,653,448
	410,000	Dana, Inc.		5.38%			11/15/2027		401,409
	965,000	Dana, Inc.		5.63%			06/15/2028		942,711
	285,000	Dana, Inc.		4.25%			09/01/2030		252,082
	547,000	Dealer Tire LLC / DT Issuer LLC		8.00%	(a)		02/01/2028		544,950
	3,000,000	Digital Realty Trust LP		3.60%			07/01/2029		2,765,925

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	1,390,000	Directv Financing LLC / Directv Financing Co.-Obligor, Inc.		5.88%	(a)		08/15/2027		1,315,859
	1,275,000	DISH DBS Corp.		5.75%	(a)		12/01/2028		878,641
	660,000	DISH DBS Corp.		5.13%			06/01/2029		275,829
	2,580,000	Dollar General Corp.		4.25%			09/20/2024		2,561,717
	9,413,000	Dollar Tree, Inc.		4.00%			05/15/2025		9,256,457
	905,000	Dornoch Debt Merger Sub, Inc.		6.63%	(a)		10/15/2029		805,330
	8,114,000	DTE Energy Co.		5.10%			03/01/2029		8,084,979
	4,400,000	DTE Energy Co.		2.95%			03/01/2030		3,888,889
	1,433,000	Duke Energy Corp.		4.30%			03/15/2028		1,400,615
	6,595,000	Duke Energy Corp.		3.95%			08/15/2047		5,124,363
	1,700,000	Duke Energy Corp.		5.00%			08/15/2052		1,540,469
	2,075,000	Dun & Bradstreet Corp.		5.00%	(a)		12/15/2029		1,917,065
	4,059,000	Elevance Health, Inc.		2.38%			01/15/2025		3,960,301
	1,435,000	Elevance Health, Inc.		4.55%			05/15/2052		1,262,692
	596,000	Embarq Corp.		8.00%			06/01/2036		324,463
	1,310,000	EMRLD Borrower LP / Emerald Co.-Issuer, Inc.		6.63%	(a)		12/15/2030		1,324,204
	215,000	Encompass Health Corp.		4.75%			02/01/2030		201,591
	1,430,000	Encompass Health Corp.		4.63%			04/01/2031		1,301,194
	520,000	Energizer Holdings, Inc.		6.50%	(a)		12/31/2027		517,638
	5,185,000	Energy Transfer LP		4.75%			01/15/2026		5,133,377
	3,180,000	Energy Transfer LP		4.40%			03/15/2027		3,113,176
	5,760,000	Energy Transfer LP		5.00%			05/15/2044		5,098,470
	2,660,000	Entergy Corp.		2.80%			06/15/2030		2,326,621
	1,235,000	EQM Midstream Partners LP		4.75%	(a)		01/15/2031		1,149,637
	5,556,000	Equinix, Inc.		1.80%			07/15/2027		4,984,423
	5,205,000	Essential Utilities, Inc.		5.38%			01/15/2034		5,181,060
	830,000	Everi Holdings, Inc.		5.00%	(a)		07/15/2029		822,871
	5,031,000	Eversource Energy		5.50%			01/01/2034		5,034,959
	2,575,000	Expedia Group, Inc.		5.00%			02/15/2026		2,561,227
	4,891,000	Expedia Group, Inc.		3.80%			02/15/2028		4,654,357
	1,409,000	Expedia Group, Inc.		3.25%			02/15/2030		1,268,778
	968,000	Expedia Group, Inc.		2.95%			03/15/2031		845,532
	5,069,000	Extra Space Storage LP		5.40%			02/01/2034		5,048,610
	4,971,000	Exxon Mobil Corp.		4.23%			03/19/2040		4,531,321
	990,000	Ferrellgas LP / Ferrellgas Finance Corp.		5.38%	(a)		04/01/2026		969,366
	900,000	Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.		6.75%	(a)		01/15/2030		808,859
	5,135,000	Fiserv, Inc.		5.45%			03/15/2034		5,202,760
	6,088,000	Ford Motor Co.		3.25%			02/12/2032		5,067,458
	5,640,000	Fortinet, Inc.		1.00%			03/15/2026		5,192,136
	1,295,000	Fortrea Holdings, Inc.		7.50%	(a)		07/01/2030		1,338,427
	1,555,000	Fortress Transportation and Infrastructure Investors LLC		7.88%	(a)		12/01/2030		1,634,541
	390,000	Frontier Communications Holdings LLC		5.88%	(a)		10/15/2027		377,881
	800,000	Frontier Communications Holdings LLC		5.00%	(a)		05/01/2028		743,150
	515,392	Frontier Communications Holdings LLC		5.88%			11/01/2029		436,053
	690,000	Full House Resorts, Inc.		8.25%	(a)		02/15/2028		659,974
	1,435,000	Gap, Inc.		3.88%	(a)		10/01/2031		1,215,338
	5,679,000	General Motors Financial Co., Inc.		2.40%			10/15/2028		5,028,521
	5,965,000	General Motors Financial Co., Inc.		3.10%			01/12/2032		5,054,860
	5,400,000	Georgia Power Co.		2.20%			09/15/2024		5,314,585
	11,165,000	Georgia Power Co.		3.25%			03/15/2051		7,847,858
	640,000	GFL Environmental, Inc.		6.75%	(a)		01/15/2031		656,680
	3,055,000	Gilead Sciences, Inc.		5.55%			10/15/2053		3,164,479
	5,205,000	Global Payments, Inc.		4.95%			08/15/2027		5,166,368
	11,303,000	Goldman Sachs Group, Inc. (CME Term SOFR 3 Month + 1.43%)		6.74%			05/15/2026		11,405,333
	3,280,000	Goldman Sachs Group, Inc. (US Secured Overnight Financing Rate + 0.82%)		6.17%			09/10/2027		3,283,076
	585,000	Goodyear Tire & Rubber Co.		5.25%			07/15/2031		533,647
	470,000	GrafTech Finance, Inc.		4.63%	(a)		12/15/2028		302,751
	1,105,000	Griffon Corp.		5.75%			03/01/2028		1,082,963
	695,000	Group 1 Automotive, Inc.		4.00%	(a)		08/15/2028		641,113
	635,971	Gulfport Energy Corp.		8.00%	(a)		05/17/2026		645,910

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 33

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	1,534	Gulfport Energy Corp.		8.00%			05/17/2026		1,558
	2,160,000	Halliburton Co.		4.85%			11/15/2035		2,102,137
	7,720,000	HCA, Inc.		5.38%			02/01/2025		7,699,499
	11,273,000	HCA, Inc.		5.25%			06/15/2049		10,297,275
	1,180,000	Helios Software Holdings, Inc. / ION Corporate Solutions Finance SARL		4.63%	(a)		05/01/2028		1,059,982
	1,075,000	Hess Midstream Operations LP		5.13%	(a)		06/15/2028		1,041,101
	1,355,000	Hess Midstream Operations LP		5.50%	(a)		10/15/2030		1,314,092
	4,065,000	Hewlett Packard Enterprise Co.		5.90%			10/01/2024		4,071,750
	760,000	H-Food Holdings LLC / Hearthside Finance Co., Inc.		8.50%	(a)		06/01/2026		57,000
	975,000	Hightower Holding LLC		6.75%	(a)		04/15/2029		917,196
	1,282,000	Hilcorp Energy I LP / Hilcorp Finance Co.		6.25%	(a)		11/01/2028		1,281,651
	315,000	Hilcorp Energy I LP / Hilcorp Finance Co.		5.75%	(a)		02/01/2029		307,100
	260,000	Hilcorp Energy I LP / Hilcorp Finance Co.		8.38%	(a)		11/01/2033		282,101
	6,094,000	Host Hotels & Resorts LP		2.90%			12/15/2031		5,068,303
	1,245,000	HUB International Ltd.		7.25%	(a)		06/15/2030		1,280,367
	10,119,000	Hyundai Capital America		5.30%	(a)		01/08/2029		10,136,865
	1,045,000	Icahn Enterprises LP / Icahn Enterprises Finance Corp.		5.25%			05/15/2027		945,135
	960,000	Illuminate Buyer LLC / Illuminate Holdings IV, Inc.		9.00%	(a)		07/01/2028		948,204
	1,435,000	Installed Building Products, Inc.		5.75%	(a)		02/01/2028		1,402,062
	4,790,000	Intuit, Inc.		5.50%			09/15/2053		4,975,985
	3,510,000	IQVIA, Inc.		6.25%			02/01/2029		3,647,399
	1,175,000	Iron Mountain, Inc.		7.00%	(a)		02/15/2029		1,198,678
	735,000	Iron Mountain, Inc.		4.50%	(a)		02/15/2031		663,891
	3,430,000	Jacobs Engineering Group, Inc.		5.90%			03/01/2033		3,475,127
	1,380,000	JELD-WEN, Inc.		4.88%	(a)		12/15/2027		1,321,654
	3,355,000	JPMorgan Chase & Co. (US Secured Overnight Financing Rate + 0.92%)		2.60%			02/24/2026		3,269,049
	1,295,000	JPMorgan Chase & Co. (US Secured Overnight Financing Rate + 1.99%)		4.85%			07/25/2028		1,284,501
	4,495,000	JPMorgan Chase & Co. (US Secured Overnight Financing Rate + 1.02%)		2.07%			06/01/2029		3,988,636
	6,940,000	JPMorgan Chase & Co. (US Secured Overnight Financing Rate + 2.04%)		2.52%			04/22/2031		6,000,442
	5,890,000	JPMorgan Chase & Co. (CME Term SOFR 3 Month + 1.25%)		2.58%			04/22/2032		4,981,371
	5,830,000	JPMorgan Chase & Co. (US Secured Overnight Financing Rate + 1.26%)		2.96%			01/25/2033		4,979,510
	8,367,000	Kinder Morgan Energy Partners LP		6.95%			01/15/2038		9,164,319
	1,285,000	Kodiak Gas Services LLC		7.25%	(a)		02/15/2029		1,309,740
	5,090,000	Kyndryl Holdings, Inc.		6.35%			02/20/2034		5,227,370
	425,000	LBM Acquisition LLC		6.25%	(a)		01/15/2029		398,891
	1,300,000	Leeward Renewable Energy Operations LLC		4.25%	(a)		07/01/2029		1,116,751
	1,305,000	Legacy LifePoint Health LLC		4.38%	(a)		02/15/2027		1,244,618
	1,015,000	Legends Hospitality Holding Co. LLC / Legends Hospitality Co.-Issuer, Inc.		5.00%	(a)		02/01/2026		1,006,191
	530,000	Level 3 Financing, Inc.		3.75%	(a)		07/15/2029		238,500
	420,000	Level 3 Financing, Inc.		4.50%	(a)		04/01/2030		262,500
	799,000	Level 3 Financing, Inc.		10.50%	(a)		05/15/2030		820,973
	870,000	LFS Topco LLC		5.88%	(a)		10/15/2026		812,488
	375,000	LifePoint Health, Inc.		5.38%	(a)		01/15/2029		309,409
	625,000	Light & Wonder International, Inc.		7.25%	(a)		11/15/2029		642,026
	335,000	Lions Gate Capital Holdings LLC		5.50%	(a)		04/15/2029		256,565
	620,000	Live Nation Entertainment, Inc.		6.50%	(a)		05/15/2027		627,188
	5,625,000	Lockheed Martin Corp.		5.20%			02/15/2064		5,566,590
	3,100,000	Lowe’s Cos., Inc.		4.40%			09/08/2025		3,062,978
	2,922,000	Lowe’s Cos., Inc.		5.63%			04/15/2053		2,954,429
	975,000	LSF9 Atlantis Holdings LLC / Victra Finance Corp.		7.75%	(a)		02/15/2026		967,080
	1,235,000	M/I Homes, Inc.		4.95%			02/01/2028		1,179,053
	805,000	Macy’s Retail Holdings LLC		5.88%	(a)		04/01/2029		790,524
	1,030,000	Madison IAQ LLC		4.13%	(a)		06/30/2028		953,558
	1,010,000	Madison IAQ LLC		5.88%	(a)		06/30/2029		925,054
	4,089,000	Marathon Petroleum Corp.		5.13%			12/15/2026		4,092,845

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	6,198,000	Marriott International, Inc./MD		2.75%			10/15/2033		5,041,329
	5,053,000	Marriott International, Inc./MD		5.30%			05/15/2034		4,999,702
	11,809,000	Marvell Technology, Inc.		2.95%			04/15/2031		10,206,820
	5,577,000	Massachusetts Mutual Life Insurance Co.		3.20%	(a)		12/01/2061		3,501,867
	1,040,000	Matador Resources Co.		6.50%	(a)		04/15/2032		1,042,561
	1,330,000	Match Group Holdings II LLC		5.00%	(a)		12/15/2027		1,275,606
	1,315,000	Mativ Holdings, Inc.		6.88%	(a)		10/01/2026		1,310,033
	1,130,000	Mavis Tire Express Services Topco Corp.		6.50%	(a)		05/15/2029		1,075,796
	425,000	McAfee Corp.		7.38%	(a)		02/15/2030		390,210
	5,804,000	McDonald’s Corp.		4.45%			03/01/2047		5,060,365
	1,085,000	McGraw-Hill Education, Inc.		5.75%	(a)		08/01/2028		1,024,156
	1,700,000	Medline Borrower LP		5.25%	(a)		10/01/2029		1,608,087
	565,000	Medline Borrower LP/Medline Co.-Issuer, Inc.		6.25%	(a)		04/01/2029		568,236
	3,700,000	Merck & Co., Inc.		4.50%			05/17/2033		3,620,031
	5,555,000	Meta Platforms, Inc.		3.85%			08/15/2032		5,208,065
	5,710,000	Meta Platforms, Inc.		4.45%			08/15/2052		5,080,367
	5,096,000	MetLife, Inc.		5.25%			01/15/2054		5,023,840
	830,000	Michaels Cos., Inc.		5.25%	(a)		05/01/2028		707,981
	660,000	Michaels Cos., Inc.		7.88%	(a)		05/01/2029		495,788
	1,238,000	Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp.		4.88%	(a)		05/01/2029		1,147,343
	260,000	Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC		6.75%	(a)		04/01/2032		261,051
	860,000	ModivCare Escrow Issuer, Inc.		5.00%	(a)		10/01/2029		624,376
	3,994,000	Morgan Stanley (US Secured Overnight Financing Rate + 1.67%)		4.68%			07/17/2026		3,952,389
	4,078,000	Morgan Stanley (US Secured Overnight Financing Rate + 1.61%)		4.21%			04/20/2028		3,964,162
	1,678,000	Morgan Stanley (US Secured Overnight Financing Rate + 1.29%)		2.94%			01/21/2033		1,426,654
	11,572,000	Morgan Stanley (US Secured Overnight Financing Rate + 1.36%)		2.48%			09/16/2036		9,157,340
	4,948,000	Mosaic Co.		5.38%			11/15/2028		5,011,225
	5,175,000	Motorola Solutions, Inc.		5.40%			04/15/2034		5,166,757
	940,000	Murphy Oil USA, Inc.		4.75%			09/15/2029		892,255
	395,000	Nabors Industries Ltd.		7.25%	(a)		01/15/2026		392,819
	835,000	Nabors Industries, Inc.		9.13%	(a)		01/31/2030		868,815
	1,460,000	Nationstar Mortgage Holdings, Inc.		5.75%	(a)		11/15/2031		1,348,027
	955,000	Navient Corp.		5.00%			03/15/2027		915,608
	1,185,000	NCL Corp. Ltd.		5.88%	(a)		03/15/2026		1,170,556
	830,000	NCL Corp. Ltd.		8.38%	(a)		02/01/2028		877,347
	5,398,000	NetApp, Inc.		1.88%			06/22/2025		5,164,668
	2,570,000	Netflix, Inc.		4.88%			04/15/2028		2,567,194
	505,000	News Corp.		5.13%	(a)		02/15/2032		474,751
	4,495,000	NextEra Energy Capital Holdings, Inc.		4.26%			09/01/2024		4,465,543
	3,155,000	NextEra Energy Capital Holdings, Inc.		5.55%			03/15/2054		3,136,811
	1,030,000	NGL Energy Operating LLC / NGL Energy Finance Corp.		8.13%	(a)		02/15/2029		1,055,582
	410,000	NGL Energy Partners LP / NGL Energy Finance Corp.		7.50%			04/15/2026		410,229
	2,256,000	NGPL PipeCo LLC		3.25%	(a)		07/15/2031		1,928,771
	5,175,000	NiSource, Inc.		5.35%			04/01/2034		5,148,940
	5,275,000	Northrop Grumman Corp.		5.20%			06/01/2054		5,141,535
	1,000,000	Novelis Corp.		4.75%	(a)		01/30/2030		923,458
	3,136,000	NRG Energy, Inc.		2.00%	(a)		12/02/2025		2,944,931
	915,000	NRG Energy, Inc.		3.63%	(a)		02/15/2031		790,531
	1,650,000	NuStar Logistics LP		6.00%			06/01/2026		1,643,757
	4,910,000	Occidental Petroleum Corp.		6.63%			09/01/2030		5,207,350
	550,000	Olympus Water US Holding Corp.		6.25%	(a)		10/01/2029		503,980
	850,000	OneMain Finance Corp.		6.88%			03/15/2025		859,490
	280,000	OneMain Finance Corp.		7.13%			03/15/2026		285,270
	825,000	OneMain Finance Corp.		5.38%			11/15/2029		776,343
	2,651,000	ONEOK, Inc.		3.40%			09/01/2029		2,443,174
	2,218,000	ONEOK, Inc.		6.63%			09/01/2053		2,446,116
	2,905,000	Oracle Corp.		6.25%			11/09/2032		3,109,551
	1,890,000	Oracle Corp.		3.80%			11/15/2037		1,585,781

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 35

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	2,515,000	O’Reilly Automotive, Inc.		5.75%			11/20/2026		2,557,047
	730,000	Organon & Co. / Organon Foreign Debt Co.-Issuer BV		5.13%	(a)		04/30/2031		649,581
	1,220,000	Outfront Media Capital LLC / Outfront Media Capital Corp.		7.38%	(a)		02/15/2031		1,278,858
	1,320,000	Owens & Minor, Inc.		6.63%	(a)		04/01/2030		1,311,234
	6,063,000	Pacific Gas and Electric Co.		2.50%			02/01/2031		5,046,394
	4,588,000	Pacific Gas and Electric Co.		6.75%			01/15/2053		5,004,464
	5,457,000	Packaging Corp. of America		3.40%			12/15/2027		5,190,802
	1,015,000	Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc.		4.38%	(a)		10/15/2028		947,945
	1,035,000	Panther Escrow Issuer LLC		7.13%	(a)		06/01/2031		1,053,123
	875,000	Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer		4.88%	(a)		05/15/2029		814,364
	525,000	PBF Holding Co. LLC / PBF Finance Corp.		6.00%			02/15/2028		517,079
	190,000	PECF USS Intermediate Holding III Corp.		8.00%	(a)		11/15/2029		100,312
	470,000	Penn Entertainment, Inc.		4.13%	(a)		07/01/2029		404,517
	690,000	PennyMac Financial Services, Inc.		4.25%	(a)		02/15/2029		631,415
	775,000	PennyMac Financial Services, Inc.		7.88%	(a)		12/15/2029		797,045
	3,580,000	Penske Truck Leasing Co. LP / PTL Finance Corp.		5.75%	(a)		05/24/2026		3,607,049
	4,636,000	Penske Truck Leasing Co. LP / PTL Finance Corp.		4.20%	(a)		04/01/2027		4,505,236
	1,175,000	Performance Food Group, Inc.		4.25%	(a)		08/01/2029		1,077,930
	1,220,000	Permian Resources Operating LLC		7.00%	(a)		01/15/2032		1,266,469
	1,345,000	PetSmart, Inc. / PetSmart Finance Corp.		7.75%	(a)		02/15/2029		1,310,477
	4,205,000	Pfizer Investment Enterprises Pte Ltd.		4.75%			05/19/2033		4,142,326
	5,080,000	Philip Morris International, Inc.		5.25%			02/13/2034		5,037,283
	12,065,000	Phillips 66		5.65%			06/15/2054		12,252,086
	1,200,000	Pike Corp.		5.50%	(a)		09/01/2028		1,149,846
	655,000	Pike Corp.		8.63%	(a)		01/31/2031		696,866
	430,000	Post Holdings, Inc.		5.50%	(a)		12/15/2029		415,892
	375,000	Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.		5.63%	(a)		09/01/2029		286,577
	545,000	Prime Security Services Borrower LLC / Prime Finance, Inc.		6.25%	(a)		01/15/2028		534,293
	3,070,000	Qorvo, Inc.		3.38%	(a)		04/01/2031		2,643,005
	210,000	Radiate Holdco LLC / Radiate Finance, Inc.		4.50%	(a)		09/15/2026		167,161
	304,781	Radiology Partners, Inc. (5.00% + 3.50% PIK)		8.50%	(a)		01/31/2029		283,157
	215,587	Radiology Partners, Inc. 9.87% PIK		9.78%	(a)		02/15/2030		173,817
	725,000	Realogy Group LLC / Realogy Co.-Issuer Corp.		5.25%	(a)		04/15/2030		493,768
	2,565,000	Regal Rexnord Corp.		6.05%	(a)		02/15/2026		2,579,600
	530,000	RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc.		9.75%	(a)		12/01/2026		531,119
	985,000	Roller Bearing Co. of America, Inc.		4.38%	(a)		10/15/2029		903,116
	1,475,000	Royal Caribbean Cruises Ltd.		5.50%	(a)		08/31/2026		1,462,949
	205,000	Royal Caribbean Cruises Ltd.		7.25%	(a)		01/15/2030		213,136
	775,000	Royal Caribbean Cruises Ltd.		6.25%	(a)		03/15/2032		781,661
	6,254,000	Royalty Pharma PLC		2.15%			09/02/2031		5,043,560
	5,065,000	Ryder System, Inc.		5.65%			03/01/2028		5,164,519
	4,123,000	Sabine Pass Liquefaction LLC		5.00%			03/15/2027		4,112,399
	2,519,000	Sabra Health Care LP		3.20%			12/01/2031		2,093,805
	1,423,000	San Diego Gas & Electric Co.		5.35%			04/01/2053		1,402,911
	1,535,000	Scientific Games Holdings LP/Scientific Games US FinCo, Inc.		6.63%	(a)		03/01/2030		1,485,105
	805,000	Sealed Air Corp./Sealed Air Corp. US		7.25%	(a)		02/15/2031		837,953
	1,075,000	Select Medical Corp.		6.25%	(a)		08/15/2026		1,077,850
	1,100,000	Sirius XM Radio, Inc.		5.50%	(a)		07/01/2029		1,048,482
	690,000	Sirius XM Radio, Inc.		4.13%	(a)		07/01/2030		603,607
	605,000	Sitio Royalties Operating Partnership LP / Sitio Finance Corp.		7.88%	(a)		11/01/2028		626,291
	305,000	SK Invictus Intermediate II SARL		5.00%	(a)		10/30/2029		272,179
	9,502,000	Smithfield Foods, Inc.		4.25%	(a)		02/01/2027		9,129,411
	1,640,000	Sonic Automotive, Inc.		4.63%	(a)		11/15/2029		1,472,295
	5,475,000	Southern Co. (5 Year CMT Rate + 2.92%)		3.75%			09/15/2051		5,125,317

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	3,724,000	Southwestern Electric Power Co.		3.25%			11/01/2051		2,474,796
	720,000	Southwestern Energy Co.		4.75%			02/01/2032		663,381
	1,230,000	Spectrum Brands, Inc.		5.00%	(a)		10/01/2029		1,206,428
	790,000	Spirit AeroSystems, Inc.		9.75%	(a)		11/15/2030		884,655
	975,000	SRS Distribution, Inc.		4.63%	(a)		07/01/2028		983,123
	420,000	SRS Distribution, Inc.		6.13%	(a)		07/01/2029		428,745
	1,480,000	Standard Industries, Inc./NJ		4.38%	(a)		07/15/2030		1,330,876
	420,000	Staples, Inc.		7.50%	(a)		04/15/2026		410,313
	305,000	Staples, Inc.		10.75%	(a)		04/15/2027		290,195
	850,000	Starwood Property Trust, Inc.		7.25%	(a)		04/01/2029		857,828
	950,000	Station Casinos LLC		4.63%	(a)		12/01/2031		854,758
	1,320,000	Station Casinos LLC		6.63%	(a)		03/15/2032		1,334,412
	1,135,000	Suburban Propane Partners LP/Suburban Energy Finance Corp.		5.00%	(a)		06/01/2031		1,035,612
	6,130,000	Sun Communities Operating LP		2.70%			07/15/2031		5,051,868
	1,550,000	SunCoke Energy, Inc.		4.88%	(a)		06/30/2029		1,404,994
	635,000	Sunoco LP / Sunoco Finance Corp.		6.00%			04/15/2027		632,937
	475,000	Sunoco LP / Sunoco Finance Corp.		4.50%			05/15/2029		441,953
	510,000	SWF Escrow Issuer Corp.		6.50%	(a)		10/01/2029		377,768
	7,629,000	Sysco Corp.		6.00%			01/17/2034		8,122,241
	10,171,000	Take-Two Interactive Software, Inc.		4.95%			03/28/2028		10,135,908
	1,205,000	Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.		7.38%	(a)		02/15/2029		1,213,040
	2,525,000	Tapestry, Inc.		7.05%			11/27/2025		2,578,084
	950,000	Tenet Healthcare Corp.		6.25%			02/01/2027		950,364
	835,000	Tenet Healthcare Corp.		6.13%			10/01/2028		832,705
	1,320,000	Tenet Healthcare Corp.		6.13%			06/15/2030		1,318,622
	1,600,000	Texas Instruments, Inc.		5.00%			03/14/2053		1,570,982
	5,056,000	T-Mobile USA, Inc.		5.15%			04/15/2034		5,041,025
	5,722,000	T-Mobile USA, Inc.		3.40%			10/15/2052		4,062,180
	945,000	Townsquare Media, Inc.		6.88%	(a)		02/01/2026		922,084
	1,290,000	TransDigm, Inc.		5.50%			11/15/2027		1,263,610
	1,235,000	TransDigm, Inc.		6.88%	(a)		12/15/2030		1,260,311
	668,250	Transocean Poseidon Ltd.		6.88%	(a)		02/01/2027		669,455
	515,000	Transocean, Inc.		8.00%	(a)		02/01/2027		511,526
	1,195,000	Trident TPI Holdings, Inc.		12.75%	(a)		12/31/2028		1,276,487
	735,000	Triton Water Holdings, Inc.		6.25%	(a)		04/01/2029		670,151
	655,000	UKG, Inc.		6.88%	(a)		02/01/2031		667,744
	1,255,000	United Airlines, Inc.		4.63%	(a)		04/15/2029		1,168,549
	770,000	United Natural Foods, Inc.		6.75%	(a)		10/15/2028		640,497
	6,150,000	UnitedHealth Group, Inc.		5.05%			04/15/2053		5,977,456
	2,056,000	UnitedHealth Group, Inc.		4.95%			05/15/2062		1,921,978
	625,000	Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC		10.50%	(a)		02/15/2028		648,543
	1,000,000	Univision Communications, Inc.		4.50%	(a)		05/01/2029		894,534
	445,000	Upbound Group, Inc.		6.38%	(a)		02/15/2029		432,426
	1,260,000	US Foods, Inc.		7.25%	(a)		01/15/2032		1,312,894
	940,000	Venture Global LNG, Inc.		8.13%	(a)		06/01/2028		959,562
	600,000	Venture Global LNG, Inc.		8.38%	(a)		06/01/2031		619,136
	615,000	Venture Global LNG, Inc.		9.88%	(a)		02/01/2032		663,197
	3,580,000	Veralto Corp.		5.35%	(a)		09/18/2028		3,628,530
	1,836,000	Verizon Communications, Inc.		3.88%			03/01/2052		1,444,689
	8,662,000	Verizon Communications, Inc.		5.50%			02/23/2054		8,761,861
	3,260,000	Viatris, Inc.		1.65%			06/22/2025		3,101,056
	1,415,000	Viking Cruises Ltd.		5.88%	(a)		09/15/2027		1,389,268
	1,210,000	Viking Cruises Ltd.		9.13%	(a)		07/15/2031		1,324,207
	760,000	Vistra Operations Co. LLC		7.75%	(a)		10/15/2031		796,488
	550,000	Vital Energy, Inc.		7.88%	(a)		04/15/2032		559,159
	635,000	VT Topco, Inc.		8.50%	(a)		08/15/2030		670,903
	790,000	Wand NewCo 3, Inc.		7.63%	(a)		01/30/2032		817,703
	1,065,000	WASH Multifamily Acquisition, Inc.		5.75%	(a)		04/15/2026		1,041,823
	478,000	Weatherford International Ltd.		6.50%	(a)		09/15/2028		493,395
	1,090,000	Weatherford International Ltd.		8.63%	(a)		04/30/2030		1,138,825

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 37

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	4,870,000	Wells Fargo & Co. (US Secured Overnight Financing Rate + 1.98%)		4.81%			07/25/2028		4,799,966
	4,980,000	Wells Fargo & Co. (CME Term SOFR 3 Month + 1.43%)		2.88%			10/30/2030		4,403,918
	7,465,000	Wells Fargo & Co. (US Secured Overnight Financing Rate + 2.06%)		6.49%			10/23/2034		8,010,293
	179,000	Wheel Pros, Inc.		6.50%	(a)		05/15/2029		54,819
	1,385,000	Whirlpool Corp.		5.75%			03/01/2034		1,390,238
	6,659,000	Williams Cos., Inc.		5.15%			03/15/2034		6,602,005
	9,231,000	Willis North America, Inc.		4.50%			09/15/2028		9,001,879
	5,500,000	Workday, Inc.		3.70%			04/01/2029		5,188,540
	1,020,000	WR Grace Holdings LLC		5.63%	(a)		08/15/2029		913,848
	9,407,000	WRKCo, Inc.		3.75%			03/15/2025		9,248,663
	1,215,000	Wyndham Hotels & Resorts, Inc.		4.38%	(a)		08/15/2028		1,130,542
	1,270,000	XHR LP		4.88%	(a)		06/01/2029		1,176,748
	1,510,000	XPO, Inc.		7.13%	(a)		06/01/2031		1,550,391
	2,935,000	Zimmer Biomet Holdings, Inc.		5.35%			12/01/2028		2,978,759
		Total US Corporate Bonds (Cost $1,107,461,242)							1,050,592,366
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 20.8%
		Fannie Mae Whole Loan
	123,262	Series 2003-W17-1A7		5.75%			08/25/2033		122,604
		Federal Home Loan Mortgage Corp.
	227,064	Pool G01840		5.00%			07/01/2035		228,630
	125,738	Pool G04817		5.00%			09/01/2038		126,608
	5,073,949	Pool G08537		3.00%			07/01/2043		4,538,144
	2,765,098	Pool G08622		3.00%			01/01/2045		2,452,519
	2,661,149	Pool G08686		3.00%			01/01/2046		2,356,936
	9,910,411	Pool G08701		3.00%			04/01/2046		8,733,330
	652,893	Pool G08737		3.00%			12/01/2046		575,146
	5,909,598	Pool G61645		4.00%			10/01/2048		5,556,951
	870,308	Pool N70081		5.50%			07/01/2038		853,376
	4,950,010	Pool Q33789		3.50%			06/01/2045		4,539,503
	8,188,021	Pool RA3722		2.50%			10/01/2050		6,898,957
	39,289,222	Pool RA9843		5.50%			09/01/2053		39,300,288
	14,458,440	Pool SD0035		3.00%			04/01/2047		12,788,677
	7,697,342	Pool SD0699		2.00%			11/01/2050		6,248,657
	12,944,524	Pool SD2759		5.50%			05/01/2053		12,989,940
	25,540,886	Pool SD2912		5.00%			05/01/2053		25,121,924
	42,284,674	Pool SD2969		2.50%			05/01/2052		35,575,158
	29,054,504	Pool SD3721		5.00%			07/01/2053		28,623,062
	19,738,985	Pool SD3892		5.50%			09/01/2053		19,740,001
	10,745,049	Pool SD4400		2.00%			02/01/2051		8,668,294
	5,849,124	Pool SD4658		5.00%			06/01/2053		5,788,318
	21,112,781	Pool SD4888		6.00%			02/01/2054		21,542,905
	58,541,938	Pool SD7538		2.00%			04/01/2051		47,777,786
	25,491,364	Pool SD7564		5.00%			06/01/2053		25,258,824
	774,579	Pool T60854		3.50%			09/01/2042		702,832
	136,660	Pool U60299		4.00%			11/01/2040		130,199
	3,439,917	Pool V83144		4.00%			04/01/2047		3,257,558
	10,613,544	Pool ZT1827		3.00%			07/01/2047		9,339,430
	28,441	Series 2692-SC (-2 x US 30 Day Average Secured Overnight Financing Rate + 13.06%, 13.29% Cap)		2.42%	(k)		07/15/2033		27,863
	742,890	Series 2722-PS (-1 x US 30 Day Average Secured Overnight Financing Rate + 9.76%, 9.89% Cap)		3.85%	(k)		12/15/2033		738,318
	28,507	Series 2750-ZT		5.00%			02/15/2034		28,089
	69,587	Series 3002-SN (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.39%, 6.50% Cap)		1.07%	(i)(k)		07/15/2035		4,566
	33,744	Series 3045-DI (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.62%, 6.73% Cap)		1.30%	(i)(k)		10/15/2035		2,637

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	114,024	Series 3116-Z		5.50%			02/15/2036		113,481
	8,279	Series 3117-ZN		4.50%			02/15/2036		7,750
	124,651	Series 3203-ZC		5.00%			07/15/2036		125,021
	30,703	Series 3275-SC (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.97%, 6.08% Cap)		0.65%	(i)(k)		02/15/2037		2,159
	84,159	Series 3382-SB (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.89%, 6.00% Cap)		0.57%	(i)(k)		11/15/2037		4,656
	104,061	Series 3384-S (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.28%, 6.39% Cap)		0.96%	(i)(k)		11/15/2037		5,499
	50,765	Series 3417-SX (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.07%, 6.18% Cap)		0.75%	(i)(k)		02/15/2038		3,268
	13,328	Series 3423-GS (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.54%, 5.65% Cap)		0.22%	(i)(k)		03/15/2038		676
	13,328	Series 3423-SG (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.54%, 5.65% Cap)		0.22%	(i)(k)		03/15/2038		656
	53,274	Series 3524-LB		3.16%	(b)		06/15/2038		49,729
	32,001	Series 3562-WS (-1 x US 30 Day Average Secured Overnight Financing Rate + 4.84%, 4.95% Cap)		0.00%	(i)(k)		08/15/2039		1,194
	103,314	Series 3582-SA (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.89%, 6.00% Cap)		0.57%	(i)(k)		10/15/2049		7,700
	74,853	Series 3616-SG (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.24%, 6.35% Cap)		0.92%	(i)(k)		03/15/2032		3,152
	383,199	Series 3626-AZ		5.50%			08/15/2036		382,049
	152,679	Series 3666-SC (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.66%, 5.77% Cap)		0.34%	(i)(k)		05/15/2040		9,659
	99,464	Series 3666-VZ		5.50%			08/15/2036		99,177
	1,193,511	Series 3779-DZ		4.50%			12/15/2040		1,149,544
	451,237	Series 3779-YA		3.50%			12/15/2030		434,884
	162,797	Series 3786-SG (-2 x US 30 Day Average Secured Overnight Financing Rate + 9.27%, 9.50% Cap)		0.00%	(k)		01/15/2041		115,919
	101,340	Series 3792-SE (-2 x US 30 Day Average Secured Overnight Financing Rate + 9.63%, 9.86% Cap)		0.00%	(k)		01/15/2041		61,813
	377,409	Series 3806-CZ		5.50%			07/15/2034		375,458
	293,004	Series 3808-DB		3.50%			02/15/2031		282,233
	507,260	Series 3818-CZ		4.50%			03/15/2041		489,724
	387,586	Series 3819-ZU		5.50%			07/15/2034		385,596
	997,520	Series 3824-EY		3.50%			03/15/2031		960,850
	251,282	Series 3828-SW (-3 x US 30 Day Average Secured Overnight Financing Rate + 12.86%, 13.20% Cap)		0.00%	(k)		02/15/2041		181,407
	647,274	Series 3863-ZA		5.50%			08/15/2034		644,030
	1,902,804	Series 3889-VZ		4.00%			07/15/2041		1,799,920
	1,743,340	Series 3910-GZ		5.00%			08/15/2041		1,725,429
	720,905	Series 3972-AZ		3.50%			12/15/2041		662,672
	8,246,764	Series 4165-ZT		3.00%	(l)		02/15/2043		6,667,021
	2,077,061	Series 4291-MS (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.79%, 5.90% Cap)		0.47%	(i)(k)		01/15/2054		157,515
	1,659,475	Series 4471-BA		3.00%			12/15/2041		1,609,209
	10,262,539	Series 4471-GA		3.00%			02/15/2044		9,620,923
	11,786,232	Series 4542-AC		2.70%			01/15/2045		10,837,915
	12,709,930	Series 4717-GZ		3.00%	(l)		01/15/2047		10,348,285
	34,934,000	Series 5138-HM		2.00%			04/25/2051		25,930,757
	9,747,608	Series 5148-BZ		2.50%	(l)		10/25/2051		5,812,765
	14,288,476	Series 5195-ZN		2.50%	(l)		02/25/2052		8,437,914
	147,726	Series R003-ZA		5.50%			10/15/2035		145,406
		Federal National Mortgage Association
	42,668	Pool 555743		5.00%			09/01/2033		42,908
	35,911	Pool 735382		5.00%			04/01/2035		36,113
	304,062	Pool 735383		5.00%			04/01/2035		305,774
	152,762	Pool 735402		5.00%			04/01/2035		153,622
	206,816	Pool 735484		5.00%			05/01/2035		207,981
	45,869	Pool 931104		5.00%			05/01/2039		45,664
	255,293	Pool 995203		5.00%			07/01/2035		256,729
	215,037	Pool AB2123		4.00%			01/01/2031		209,310
	21,379	Pool AB2370		4.50%			09/01/2035		20,930

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 39

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	3,664	Pool AD2177		4.50%			06/01/2030		3,597
	336,499	Pool AH7309		4.00%			02/01/2031		326,952
	4,062,428	Pool AL9238		3.00%			10/01/2041		3,654,570
	888,033	Pool AL9445		3.00%			07/01/2031		845,563
	5,962,664	Pool AS4645		3.00%			03/01/2045		5,297,152
	7,288,692	Pool AS7661		3.00%			08/01/2046		6,304,824
	3,438,941	Pool AS7724		2.50%			08/01/2046		2,931,907
	10,842,538	Pool BC9081		3.00%			12/01/2046		9,547,109
	7,768,128	Pool BD8013		2.50%			09/01/2046		6,639,663
	17,450,500	Pool BL2643		3.39%			07/01/2034		15,440,778
	28,707,000	Pool BL4425		2.14%			10/01/2029		25,317,202
	32,930,000	Pool BL4592		2.28%			11/01/2029		29,045,266
	18,090,000	Pool BL5484		2.26%			01/01/2030		15,883,691
	4,793,631	Pool BL9284		2.23%			12/01/2050		3,341,598
	1,861,685	Pool BM4094		3.00%			03/01/2043		1,671,879
	10,825,984	Pool BM6089		3.50%			12/01/2044		9,918,652
	45,476,877	Pool BR2217		2.50%			08/01/2051		38,228,736
	36,599,790	Pool BS4941		2.46%			04/01/2032		31,078,816
	25,824,171	Pool CB3127		3.50%			03/01/2052		23,346,984
	11,914,369	Pool CB4820		4.50%			10/01/2052		11,352,169
	24,274,416	Pool CB6266		6.00%			05/01/2053		24,651,583
	37,828,363	Pool CB7272		6.00%			10/01/2053		38,429,836
	10,170,434	Pool FM1000		3.00%			04/01/2047		8,951,034
	16,184,665	Pool FM4575		2.50%			10/01/2050		13,672,231
	10,268,794	Pool FM6061		2.00%			02/01/2051		8,289,148
	27,849,189	Pool FM8214		4.00%			05/01/2049		26,265,215
	6,709,257	Pool FM8664		3.00%			10/01/2046		5,913,164
	21,989,497	Pool FM8972		4.00%			06/01/2049		20,773,359
	5,704,538	Pool FM9846		2.50%			12/01/2051		4,732,843
	38,327,270	Pool FS1472		3.50%			11/01/2050		34,842,494
	10,209,774	Pool FS3708		5.00%			01/01/2053		9,978,559
	30,427,870	Pool FS5417		2.50%			04/01/2052		25,386,344
	31,750,618	Pool FS5875		2.50%			04/01/2052		26,481,305
	2,333,705	Pool FS6309		6.00%			12/01/2053		2,383,408
	6,691,482	Pool FS6476		2.50%			11/01/2051		5,629,731
	144,400	Pool MA0264		4.50%			12/01/2029		142,174
	96,948	Pool MA0353		4.50%			03/01/2030		95,431
	4,389	Pool MA0468		5.00%			07/01/2040		4,256
	2,042,023	Pool MA2151		3.50%			01/01/2045		1,841,255
	1,012,201	Pool MA2248		3.00%			04/01/2045		889,993
	1,626,781	Pool MA2621		3.50%			05/01/2046		1,450,160
	3,779,387	Pool MA2649		3.00%			06/01/2046		3,269,217
	1,505,015	Pool MA2711		3.00%			08/01/2046		1,301,857
	9,752,282	Pool MA2806		3.00%			11/01/2046		8,603,152
	13,262,712	Pool MA4709		5.00%			07/01/2052		12,956,914
	17,302,793	Pool MA5086		5.00%			07/01/2043		17,151,559
	779,213	Series 2005-20-QH		5.00%			03/25/2035		779,894
	140,576	Series 2006-101-SA (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.47%, 6.58% Cap)		1.15%	(i)(k)		10/25/2036		12,907
	55,940	Series 2006-56-SM (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.64%, 6.75% Cap)		1.32%	(i)(k)		07/25/2036		4,145
	43,425	Series 2007-116-BI (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.14%, 6.25% Cap)		0.82%	(i)(k)		05/25/2037		2,624
	576,373	Series 2007-30-FS (-5 x US 30 Day Average Secured Overnight Financing Rate + 29.30%, 29.83% Cap)		4.66%	(k)		04/25/2037		589,902
	224,113	Series 2007-30-OI (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.33%, 6.44% Cap)		1.01%	(i)(k)		04/25/2037		20,004
	34,119	Series 2008-29-ZA		4.50%			04/25/2038		33,100
	12,697	Series 2008-62-SC (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.89%, 6.00% Cap)		0.57%	(i)(k)		07/25/2038		676
	144,401	Series 2009-111-EZ		5.00%			01/25/2040		142,963
	4,240	Series 2009-111-SE (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.14%, 6.25% Cap)		0.82%	(i)(k)		01/25/2040		400

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	19,073	Series 2009-16-MZ		5.00%			03/25/2029		18,748
	20,709	Series 2009-48-WS (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.84%, 5.95% Cap)		0.52%	(i)(k)		07/25/2039		1,458
	43,450	Series 2009-62-PS (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.99%, 6.10% Cap)		0.67%	(i)(k)		08/25/2039		1,133
	394,164	Series 2009-77-ZA		4.50%			10/25/2039		387,825
	96,812	Series 2009-83-Z		4.50%			10/25/2039		92,571
	30,079	Series 2010-101-ZH		4.50%			07/25/2040		29,043
	125,103	Series 2010-112-ZA		4.00%			10/25/2040		117,411
	61,581	Series 2010-121-SD (-1 x US 30 Day Average Secured Overnight Financing Rate + 4.39%, 4.50% Cap)		0.00%	(i)(k)		10/25/2040		2,349
	27,751	Series 2010-137-VS (-3 x US 30 Day Average Secured Overnight Financing Rate + 14.66%, 15.00% Cap)		0.00%	(k)		12/25/2040		25,079
	17,964	Series 2010-31-SA (-1 x US 30 Day Average Secured Overnight Financing Rate + 4.89%, 5.00% Cap)		0.00%	(i)(k)		04/25/2040		637
	12,488	Series 2010-34-PS (-1 x US 30 Day Average Secured Overnight Financing Rate + 4.82%, 4.93% Cap)		0.00%	(i)(k)		04/25/2040		341
	70,340	Series 2010-35-SP (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.24%, 6.35% Cap)		0.92%	(i)(k)		04/25/2050		5,738
	3,568	Series 2010-35-SV (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.34%, 6.45% Cap)		1.02%	(i)(k)		04/25/2040		67
	496,800	Series 2010-37-MY		4.50%			04/25/2040		486,834
	92,699	Series 2010-59-SC (-1 x US 30 Day Average Secured Overnight Financing Rate + 4.89%, 5.00% Cap)		0.00%	(i)(k)		01/25/2040		2,621
	157,453	Series 2010-60-VZ		5.00%			10/25/2039		155,589
	72,518	Series 2010-64-EZ		5.00%			06/25/2040		71,663
	118,303	Series 2010-7-PE		5.00%			02/25/2040		118,678
	35,018	Series 2010-90-GS (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.89%, 6.00% Cap)		0.57%	(i)(k)		08/25/2040		2,381
	22,764	Series 2010-99-SG (-5 x US 30 Day Average Secured Overnight Financing Rate + 24.43%, 25.00% Cap)		0.00%	(k)		09/25/2040		22,150
	1,023,194	Series 2011-141-PZ		4.00%			01/25/2042		964,828
	127,363	Series 2011-25-KY		3.00%			04/25/2026		124,467
	284,050	Series 2011-29-AL		3.50%			04/25/2031		273,252
	440,263	Series 2011-59-MA		4.50%			07/25/2041		432,066
	5,822,019	Series 2012-56-FK (US 30 Day Average Secured Overnight Financing Rate + 0.56%, 0.45% Floor, 6.50% Cap)		5.88%			06/25/2042		5,729,934
	18,060,879	Series 2013-6-ZB		3.00%			02/25/2043		15,900,063
	2,794,977	Series 2016-3-FB (US 30 Day Average Secured Overnight Financing Rate + 0.46%, 0.35% Floor, 6.00% Cap)		5.78%			02/25/2046		2,751,493
	5,957,658	Series 2017-46-ZL		3.50%	(l)		06/25/2057		4,749,560
	698,140	Series 2017-86-MA		3.00%			04/25/2046		657,811
	9,681,975	Series 2018-21-IO		3.00%	(i)		04/25/2048		1,454,638
	15,232,967	Series 2018-21-PO		0.00%	(m)		04/25/2048		11,534,093
	7,624,864	Series 2018-35-IO		3.00%	(i)		05/25/2048		1,325,702
	29,250,926	Series 2018-35-PO		0.00%	(m)		05/25/2048		20,917,253
	33,412,323	Series 2020-49-ZD		2.00%	(l)		07/25/2050		21,197,883
	17,612,512	Series 2021-48-NS (-1 x US 30 Day Average Secured Overnight Financing Rate + 3.65%, 3.65% Cap)		0.00%	(i)(k)		08/25/2051		352,421
	9,762,126	Series 2022-12-MZ		3.00%	(l)		03/25/2052		6,535,041
	26,375,905	Series 2022-28-Z		2.50%	(l)		02/25/2052		18,466,639
	68,251,692	Series 2022-3-ZW		2.00%	(l)		02/25/2052		39,274,343
	15,431,428	Series 2022-31-GZ		2.00%	(l)		03/25/2052		10,767,149
	23,516,684	Series 2022-40-AZ		2.00%	(l)		08/25/2050		15,337,179
	91,512	Series 400-S4 (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.34%, 5.45% Cap)		0.02%	(i)(k)		11/25/2039		6,212
		Ginnie Mae I Pool
	27,779,371	Pool 779384		3.50%			06/15/2042		25,912,147
		Ginnie Mae II Pool
	10,746,972	Pool 784415		3.50%			04/20/2047		9,937,089
	26,215,508	Pool 785713		2.50%			10/20/2051		22,246,421
	12,349,214	Pool 785764		2.50%			11/20/2051		10,479,481
	31,897,248	Pool 786009		3.00%			02/20/2052		27,990,493

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 41

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	10,083,258	Pool 786227		3.00%			04/20/2052		8,844,838
	4,296,756	Pool 786540		3.50%			02/20/2050		3,979,736
	11,199,892	Pool 786718		3.50%			07/20/2051		10,302,826
	27,372,013	Pool MA5076		3.00%			03/20/2048		24,435,434
	29,920,728	Pool MA5191		3.50%			05/20/2048		27,571,920
		Government National Mortgage Association
	75,842	Series 2003-67-SP (-1 x CME Term SOFR 1 Month + 6.99%, 7.10% Cap)		1.66%	(i)(k)		08/20/2033		682
	41,926	Series 2008-82-SM (-1 x CME Term SOFR 1 Month + 5.94%, 6.05% Cap)		0.61%	(i)(k)		09/20/2038		909
	554,990	Series 2009-32-ZE		4.50%			05/16/2039		539,746
	616,487	Series 2009-35-DZ		4.50%			05/20/2039		596,027
	600,198	Series 2009-75-GZ		4.50%			09/20/2039		587,860
	788,827	Series 2009-75-HZ		5.00%			09/20/2039		775,891
	2,026,243	Series 2010-113-SM (-1 x CME Term SOFR 1 Month + 5.94%, 6.05% Cap)		0.61%	(i)(k)		09/20/2040		208,557
	4,570,519	Series 2010-115-AF (CME Term SOFR 1 Month + 0.56%, 0.45% Floor, 6.50% Cap)		5.89%			09/20/2040		4,519,770
	87,930	Series 2010-25-ZB		4.50%			02/16/2040		85,673
	1,107,727	Series 2011-45-GZ		4.50%			03/20/2041		1,084,809
	7,458,686	Series 2011-70-QF (CME Term SOFR 1 Month + 0.72%, 0.61% Floor, 6.50% Cap)		6.05%			05/16/2041		7,428,070
	3,526,317	Series 2011-71-ZA		4.50%			02/20/2041		3,446,732
	2,040,023	Series 2013-117-MS (-1 x CME Term SOFR 1 Month + 6.04%, 6.15% Cap)		0.71%	(i)(k)		02/20/2043		93,809
	1,855,515	Series 2013-122-SB (-1 x CME Term SOFR 1 Month + 5.99%, 6.10% Cap)		0.66%	(i)(k)		08/16/2043		182,913
	6,750,100	Series 2013-150-FT (CME Term SOFR 1 Month + 0.55%, 0.44% Floor, 6.50% Cap)		5.88%			02/20/2040		6,586,628
	2,714,150	Series 2014-102-TS (-1 x CME Term SOFR 1 Month + 5.49%, 5.60% Cap)		0.16%	(i)(k)		07/20/2044		229,366
	2,316,206	Series 2014-118-PS (-1 x CME Term SOFR 1 Month + 6.09%, 6.20% Cap)		0.76%	(i)(k)		08/20/2044		253,225
	2,026,680	Series 2014-118-SA (-1 x CME Term SOFR 1 Month + 6.09%, 6.20% Cap)		0.76%	(i)(k)		08/20/2044		221,571
	5,666,281	Series 2017-52-FH (CME Term SOFR 1 Month + 0.46%, 0.35% Floor, 6.50% Cap)		5.79%			04/20/2047		5,542,649
	12,411,956	Series 2019-86-FE (CME Term SOFR 1 Month + 0.51%, 0.40% Floor, 6.50% Cap)		5.84%			07/20/2049		12,227,775
	15,079,894	Series 2020-61-IA		3.00%	(i)		05/20/2050		2,344,074
	20,029,595	Series 2020-62-KF (CME Term SOFR 1 Month + 0.46%, 0.35% Floor, 6.50% Cap)		5.79%			05/20/2050		19,543,928
	11,090,335	Series 2021-117-ID		3.50%	(i)		06/20/2051		1,910,068
	23,443,254	Series 2021-155-UI		4.50%	(i)		09/20/2051		3,341,212
	18,756,171	Series 2021-214-IG		2.50%	(i)		12/20/2051		2,540,452
	17,826,043	Series 2022-83-GZ		3.00%	(l)		05/20/2052		13,701,237
		Seasoned Credit Risk Transfer Trust
	7,498,952	Series 2018-2-HV		3.00%	(b)		11/25/2057		6,574,929
	12,993,331	Series 2019-4-M55D		4.00%			02/25/2059		12,075,263
		Total US Government and Agency Mortgage Backed Obligations (Cost $1,579,751,186)							1,436,058,574

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

March 31, 2024

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	US GOVERNMENT AND AGENCY OBLIGATIONS - 21.6%
	600,000,000	United States Treasury Note/Bond		4.75%			11/15/2043		622,593,749
	620,000,000	United States Treasury Note/Bond		4.00%			01/31/2029		613,703,125
	250,000,000	United States Treasury Note/Bond		4.63%			02/28/2026		249,814,453
		Total US Government and Agency Obligations (Cost $1,477,825,023)							1,486,111,327
	COMMON STOCKS - 0.0%(n)
	37,440	Flame Aggregator - Series R(d)(o)							316,368
	3,720	Flame Aggregator - Series U(d)(o)							31,434
	14,854	Intelsat Emergence SA(d)(o)							393,631
		Total Common Stocks (Cost $1,405,753)							741,433
	WARRANTS - 0.0%(n)
	31,063	Avation PLC, Expires 10/31/2026 at GBP 1.15(o)							5,881
		Total Warrants (Cost $–)							5,881
	AFFILIATED MUTUAL FUNDS - 6.4%
	12,929,742	DoubleLine Global Bond Fund - Class I(o)							108,480,538
	32,972,257	DoubleLine Infrastructure Income Fund - Class I							304,004,213
	5,000,000	DoubleLine Long Duration Total Return Bond Fund - Class I							32,900,000
		Total Affiliated Mutual Funds (Cost $504,557,903)							445,384,751
	SHORT TERM INVESTMENTS - 2.3%
	51,996,608	First American Government Obligations Fund - U		5.26%	(p)				51,996,608
	51,996,608	JPMorgan US Government Money Market Fund - IM		5.25%	(p)				51,996,608
	51,996,608	MSILF Government Portfolio - Institutional		5.22%	(p)				51,996,608
		Total Short Term Investments (Cost $155,989,824)							155,989,824
		Total Investments 99.5% ($7,513,855,838)							6,871,782,714
		Other Assets in Excess of Liabilities 0.5%							33,496,677
		NET ASSETS 100%						$	6,905,279,391

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 43

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

SECURITY TYPE BREAKDOWN as a % of Net Assets:
US Government and Agency Obligations	21.6%
US Government and Agency Mortgage Backed Obligations	20.8%
US Corporate Bonds	15.2%
Non-Agency Residential Collateralized Mortgage Obligations	11.0%
Affiliated Mutual Funds	6.4%
Foreign Corporate Bonds	6.2%
Non-Agency Commercial Mortgage Backed Obligations	5.3%
Asset Backed Obligations	3.5%
Collateralized Loan Obligations	3.3%
Bank Loans	3.2%
Short Term Investments	2.3%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	0.7%
Common Stocks	0.0%	(n)
Warrants	0.0%	(n)
Other Assets and Liabilities	0.5%
Net Assets	100.0%
INVESTMENT BREAKDOWN as a % of Net Assets:
US Government and Agency Obligations	21.6%
US Government and Agency Mortgage Backed Obligations	20.8%
Non-Agency Residential Collateralized Mortgage Obligations	11.0%
Affiliated Mutual Funds	6.4%
Non-Agency Commercial Mortgage Backed Obligations	5.3%
Banking	3.9%
Asset Backed Obligations	3.5%
Collateralized Loan Obligations	3.3%
Energy	2.4%
Short Term Investments	2.3%
Utilities	1.9%
Technology	1.8%

INVESTMENT BREAKDOWN as a % of Net Assets: (Cont.)
Healthcare	1.5%
Transportation	1.1%
Finance	0.9%
Telecommunications	0.9%
Mining	0.8%
Media	0.8%
Insurance	0.7%
Real Estate	0.7%
Pharmaceuticals	0.7%
Retailers (other than Food/Drug)	0.6%
Hotels/Motels/Inns and Casinos	0.6%
Automotive	0.5%
Electronics/Electric	0.5%
Commercial Services	0.5%
Food Products	0.4%
Chemicals/Plastics	0.4%
Consumer Products	0.4%
Construction	0.4%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	0.4%
Aerospace & Defense	0.3%
Industrial Equipment	0.3%
Containers and Glass Products	0.3%
Diversified Manufacturing	0.3%
Pulp & Paper	0.3%
Leisure	0.2%
Beverage and Tobacco	0.2%
Building and Development (including Steel/Metals)	0.2%
Business Equipment and Services	0.2%
Food Service	0.1%
Chemical Products	0.1%
Environmental Control	0.0%	(n)
Financial Intermediaries	0.0%	(n)
Conglomerates	0.0%	(n)
Other Assets and Liabilities	0.5%
Net Assets	100.0%

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers.

(b) Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of period end.

(c) Security pays interest at rates that represent residual cashflows available after more senior tranches have been paid. The interest rate disclosed reflects the estimated rate in effect as of period end.

(d) Value determined using significant unobservable inputs.

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

(f) Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of period end.

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

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

(i) Interest only security

(j) Step Bond; Coupon rate changes based on a predetermined schedule or event. The interest rate shown is the rate in effect as of period end.

(k) Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. Interest rate may also be subject to a cap or floor.

(l) This security accrues interest which is added to the outstanding principal balance. The interest payment will be deferred until all other tranches in the structure are paid off. The rate disclosed is as of period end.

(m) Principal only security

(n) Represents less than 0.05% of net assets.

(o) Non-income producing security.

(p) Seven-day yield as of period end.

PIK A payment-in-kind security in which the issuer may make interest or dividend payments in cash or additional securities. These additional securities generally have the same terms as the original holdings.

GBP British Pound

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

March 31, 2024

Futures Contracts
Description	Long/Short	Contract Quantity			Expiration Date		Notional Amount(1)				Unrealized Appreciation (Depreciation)/ Value
U.S. Treasury Ultra Bonds	Short		(1,025	)		6/18/2024		$	(132,225,000	)		$	1,123,584
10 Year U.S. Ultra Treasury Notes	Short		(500	)		6/18/2024			(57,304,688	)			(559,679	)
U.S. Treasury 2 Year Notes	Long		18,150			6/28/2024			3,711,391,424				(7,890,162	)
												$	(7,326,257	)

(1) Notional Amount is determined based on the number of contracts multiplied by the contract size and the quoted daily settlement price in US dollars.

A summary of the DoubleLine Core Fixed Income Fund’s investments in affiliated mutual funds for the period ended March 31, 2024 is as follows:

Fund	Value at March 31, 2023			Gross Purchases			Gross Sales			Net Realized Gain (Loss) for the Period Ended March 31, 2024			Change in Unrealized for the Period Ended March 31, 2024				Value at March 31, 2024			Shares Held at March 31, 2024		Dividend Income Earned for the Period Ended March 31, 2024
DoubleLine Infrastructure Income Fund (Class I)		$	298,398,929		$	—		$	—		$	—		$	5,605,284			$	304,004,213		32,972,257		$	10,926,500
DoubleLine Global Bond Fund (Class I)			109,385,620			—			—			—			(905,082	)			108,480,538		12,929,742			—
DoubleLine Long Duration Total Return Bond Fund (Class I)			35,750,000			—			—			—			(2,850,000	)			32,900,000		5,000,000			1,257,559
		$	443,534,549		$	—		$	—		$	—		$	1,850,202			$	445,384,751		50,901,999		$	12,184,059

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 45

Schedule of Investments DoubleLine Shiller Enhanced CAPE® March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS - 7.0%
		Affirm, Inc.
	9,155,335	Series 2023-X1-A		7.11	%(a)		11/15/2028		9,199,999
	3,750,000	Series 2024-A-A		5.61	%(a)		02/15/2029		3,743,855
		Aligned Data Centers Issuer LLC
	6,000,000	Series 2021-1A-A2		1.94	%(a)		08/15/2046		5,458,443
		Amur Equipment Finance Receivables LLC
	4,000,000	Series 2021-1A-D		2.30	%(a)		11/22/2027		3,885,514
		Arivo Acceptance Auto Loan Receivables Trust
	417,966	Series 2021-1A-A		1.19	%(a)		01/15/2027		414,007
		Bridgecrest Lending Auto Securitization Trust
	9,500,000	Series 2024-1-A2		5.82	%		09/15/2026		9,498,478
		Business Jet Securities LLC
	2,507,436	Series 2021-1A-A		2.16	%(a)		04/15/2036		2,340,664
		CAI International, Inc.
	5,093,125	Series 2020-1A-A		2.22	%(a)		09/25/2045		4,617,238
		Castlelake Aircraft Securitization Trust
	2,823,778	Series 2019-1A-A		3.97	%(a)		04/15/2039		2,547,253
		College Avenue Student Loans LLC
	699,838	Series 2017-A-B		4.50	%(a)		11/26/2046		675,660
		Compass Datacenters LLC
	10,000,000	Series 2024-1A-A1		5.25	%(a)		02/25/2049		9,814,480
		Credit Suisse ABS Trust
	875,728	Series 2020-AT1-A		2.61	%(a)		10/15/2026		875,713
		Diamond Resorts Owner Trust
	1,447,261	Series 2021-1A-C		2.70	%(a)		11/21/2033		1,376,683
		DRB Prime Student Loan Trust
	575,810	Series 2017-A-B		3.10	%(a)(b)		05/27/2042		571,056
		Exeter Automobile Receivables Trust
	4,074,411	Series 2021-1A-D		1.08	%		11/16/2026		3,973,999
	10,000,000	Series 2021-1A-E		2.21	%(a)		02/15/2028		9,466,784
	9,567,790	Series 2023-5A-A2		6.20	%		04/15/2026		9,580,207
		ExteNet LLC
	2,490,000	Series 2019-1A-A2		3.20	%(a)		07/25/2049		2,461,968
		Foundation Finance Trust
	258,846	Series 2019-1A-A		3.86	%(a)		11/15/2034		257,496
		Genesis Sales Finance Master Trust
	10,000,000	Series 2021-AA-C		1.65	%(a)		12/21/2026		9,324,698
		Global Sea Containers Two SRL
	3,049,255	Series 2020-1A-A		2.17	%(a)		10/17/2040		2,816,537
		GLS Auto Receivables Trust
	11,500,000	Series 2023-4A-A2		6.40	%(a)		12/15/2026		11,537,439
		HERO Funding Trust
	738,321	Series 2016-1A-A		4.05	%(a)		09/20/2041		679,951
		Horizon Aircraft Finance Ltd.
	15,771,008	Series 2019-2-A		3.43	%(a)		11/15/2039		12,671,075
		Jack in the Box, Inc.
	4,379,550	Series 2019-1A-A2II		4.48	%(a)		08/25/2049		4,209,748
		Jimmy Johns LLC
	11,334,750	Series 2017-1A-A2II		4.85	%(a)		07/30/2047		10,914,588
		Laurel Road Prime Student Loan Trust
	515,396	Series 2017-B-CFX		3.61	%(a)		08/25/2042		484,517
		Lendbuzz Securitization Trust
	3,693,647	Series 2022-1A-A		4.22	%(a)		05/17/2027		3,632,722
		Loanpal Solar Loan Ltd.
	6,593,666	Series 2020-3GS-A		2.47	%(a)		12/20/2047		5,117,793
	4,134,612	Series 2021-1GS-A		2.29	%(a)		01/20/2048		3,326,643
		ME Funding
	7,660,000	Series 2019-1-A2		6.45	%(a)		07/30/2049		7,622,624

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 1

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Mosaic Solar Loans LLC
	610,475	Series 2017-1A-A		4.45	%(a)		06/20/2042		586,915
	4,888,473	Series 2020-2A-B		2.21	%(a)		08/20/2046		3,950,910
		Navient Student Loan Trust
	3,715,803	Series 2018-A-B		3.68	%(a)		02/18/2042		3,543,284
		Pagaya AI Debt Selection Trust
	2,596,035	Series 2021-2-NOTE		3.00	%(a)		01/25/2029		2,531,409
	6,412,856	Series 2021-5-B		2.63	%(a)		08/15/2029		6,344,280
	8,498,998	Series 2021-5-C		3.93	%(a)		08/15/2029		7,670,584
	16,647,798	Series 2022-1-B		3.34	%(a)		10/15/2029		16,226,973
	5,404,718	Series 2023-5-A		7.18	%(a)		04/15/2031		5,419,478
		Purewest Funding LLC
	6,081,245	Series 2021-1-A1		4.09	%(a)		12/22/2036		5,890,008
		Retained Vantage Data Centers Issuer LLC
	5,000,000	Series 2023-1A-A2A		5.00	%(a)		09/15/2048		4,845,130
		Santander Drive Auto Receivables LLC
	3,767,195	Series 2020-4-D		1.48	%		01/15/2027		3,701,787
		Sapphire Aviation Finance Ltd.
	14,280,740	Series 2020-1A-A		3.23	%(a)		03/15/2040		12,581,204
		Sierra Timeshare Conduit Receivables Funding LLC
	1,246,985	Series 2021-2A-C		1.95	%(a)		09/20/2038		1,163,109
		SOFI Alternative Trust
	5,315,935	Series 2021-1-PT1		9.72	%(a)(b)		05/25/2030		5,263,636
	6,944,247	Series 2021-2-A		1.25	%(a)		08/15/2030		6,735,899
	11,924,188	Series 2021-3-A		1.50	%(a)		11/15/2030		11,520,912
		Start/Bermuda
	2,215,084	Series 2018-1-A		4.09	%(a)		05/15/2043		2,044,452
		Taco Bell Corp.
	5,895,000	Series 2021-1A-A2I		1.95	%(a)		08/25/2051		5,340,560
		TAL Advantage LLC
	2,909,500	Series 2020-1A-A		2.05	%(a)		09/20/2045		2,648,798
		Theorem Funding Trust
	1,384,265	Series 2021-1A-B		1.84	%(a)		12/15/2027		1,381,165
		Thunderbolt Aircraft Lease
	8,682,292	Series 2018-A-A		4.15	%(a)(c)		09/15/2038		7,361,672
		TIF Funding LLC
	2,882,688	Series 2021-1A-A		1.65	%(a)		02/20/2046		2,507,783
		Upgrade Master Pass-Thru Trust
	1,343,541	Series 2021-PT3-A		13.84	%(a)(b)		07/15/2027		1,231,124
		Upstart Pass-Through Trust Series
	901,220	Series 2020-ST5-A		3.00	%(a)		12/20/2026		894,706
	1,650,625	Series 2020-ST6-A		3.00	%(a)		01/20/2027		1,632,690
	743,283	Series 2021-ST3-A		2.00	%(a)		05/20/2027		724,706
		Upstart Securitization Trust
	811,358	Series 2021-3-B		1.66	%(a)		07/20/2031		807,189
		Westlake Automobile Receivables Trust
	9,600,000	Series 2023-4A-A2		6.23	%(a)		01/15/2027		9,648,668
		Willis Lease Finance Corp.
	5,872,969	Series 2020-A-A		3.23	%(a)		03/15/2045		5,290,159
		Total Asset Backed Obligations (Cost $310,458,849)							292,587,022
	BANK LOANS - 4.9%
		1011778 BC ULC
	6,287,930	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.25%)		7.58	%		09/23/2030		6,291,860
		Ali Group North America Corp.
	6,843,998	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.11%)		7.44	%		07/23/2029		6,853,648
		American Builders & Contractors Supply Co., Inc.
	2,450,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.00%)		7.33	%		01/31/2031		2,453,442

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		APi Group DE, Inc.
	3,515,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.61%)		7.94	%		01/03/2029		3,526,723
		Aramark Services T/L B-8 (03/24)- Target 2
	383,075	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.00%)		7.33	%		06/24/2030		379,244
		Aramark Services, Inc.
	694,713	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 1.86%)		7.19	%		01/15/2027		695,320
		Asplundh Tree Expert LLC
	7,833,961	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 1.85%)		7.18	%		09/06/2027		7,844,850
		Avantor Funding T/L (03/24)
	3,924,480	Senior Secured Term Loan		7.43	%(d)		11/08/2027		3,924,480
		Avantor Funding, Inc.
	3,573,823	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.35%, 0.50% Floor)		7.68	%		11/08/2027		3,583,365
		Axalta Coating Systems US Holdings, Inc.
	4,191,399	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.00%)		7.33	%		12/20/2029		4,202,610
		Beacon Roofing Supply, Inc.
	2,805,000	Senior Secured Term Loan (CME Term SOFR 1 Month + 2.00%)		7.32	%		05/19/2028		2,811,059
		Berry Global, Inc.
	7,152,561	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 1.86%)		7.18	%		07/02/2029		7,157,711
		Buckeye Partners LP
	1,020,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.00%)		7.33	%		11/02/2026		1,023,050
		Calpine Corp.
	2,039,660	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.00%)		7.33	%		01/31/2031		2,030,522
	320,000	Senior Secured Term Loan (CME Term SOFR 1 Month + 2.00%)		7.33	%		01/31/2031		318,416
	4,458,840	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.00%)		7.33	%		12/16/2027		4,459,732
		Catalent Pharma Solutions, Inc.
	4,380,797	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.11%, 0.50% Floor)		7.44	%		02/22/2028		4,383,535
		Clean Harbors, Inc.
	1,890,000	Senior Secured Term Loan (CME Term SOFR 1 Month + 1.75%)		7.19	%		10/10/2028		1,895,906
		Connect Finco SARL
	428,313	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.50%, 1.00% Floor)		8.83	%		12/11/2026		428,413
		Cyxtera DC Holdings, Inc.
	401,916	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.00%, 1.00% Floor)		10.50	%(e)		05/01/2024		20,632
		Element Solutions, Inc.
	3,118,236	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.00%)		7.33	%		12/18/2030		3,124,738
		Energizer Holdings, Inc.
	4,325,697	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.36%, 0.50% Floor)		7.69	%		12/22/2027		4,328,941
		Flame Newco LLC
	107,762	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.10%, 1.00% Floor)		7.43	%		06/30/2028		101,566
	3,318	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.10%, 1.00% Floor)		7.43	%		06/30/2028		3,127
		FleetCor Technologies Operating Co. LLC
	7,250,129	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 1.85%)		7.18	%		05/01/2028		7,252,631
		Flutter Financing BV
	8,329,125	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.25%, 0.50% Floor)		7.56	%		11/29/2030		8,347,699

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 3

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Focus Financial Partners LLC
	3,732,753	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.50%, 0.50% Floor)		7.83	%		06/30/2028		3,722,973
		Gen Digital, Inc.
	5,527,146	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.10%, 0.50% Floor)		7.43	%		09/12/2029		5,531,595
		Generac Power Systems, Inc.
	383,133	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 1.85%)		7.18	%		12/14/2026		383,313
		Go Daddy Operating Co. LLC
	7,809,974	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.00%)		7.33	%		11/12/2029		7,814,074
		Grifols Worldwide Operations USA, Inc.
	4,740,247	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.15%)		7.46	%		11/15/2027		4,600,101
		HB Fuller Co.
	2,895,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.00%, 0.50% Floor)		7.33	%		02/15/2030		2,905,133
		Hilton Domestic Operating Co., Inc.
	2,035,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.10%)		7.43	%		11/08/2030		2,041,532
		ICON Luxembourg SARL
	1,201,703	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.00%, 0.50% Floor)		7.33	%		07/03/2028		1,206,005
	4,823,197	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.00%, 0.50% Floor)		7.33	%		07/03/2028		4,840,464
		Installed Building Products T/L B (03/24)
	920,000	Senior Secured Term Loan		7.33	%(d)		03/21/2031		923,165
		IQVIA, Inc.
	6,249,338	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.00%)		7.31	%		01/02/2031		6,286,740
		Iron Mountain, Inc.
	6,883,653	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 1.86%)		7.19	%		01/02/2026		6,886,510
		KFC Holding Co.
	4,586,929	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 1.86%)		7.19	%		03/15/2028		4,590,003
		Lamar Media Corp.
	4,879,350	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 1.60%)		6.93	%		02/08/2027		4,879,350
		Lions Gate Capital Holdings LLC
	420,532	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.35%)		7.68	%		03/24/2025		420,664
		Maravai Intermediate Holdings LLC
	261,449	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.00%, 0.50% Floor)		8.31	%		10/19/2027		257,309
		Marriott Ownership Resorts, Inc.
	4,770,000	Senior Secured Term Loan (CME Term SOFR 1 Month + 2.25%)		7.57	%		03/17/2031		4,758,075
	2,048,872	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 1.85%)		7.18	%		09/02/2025		2,045,798
		Mileage Plus Holdings LLC
	1,976,000	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 5.40%, 1.00% Floor)		10.73	%		06/21/2027		2,037,295
		Nascar Holdings LLC
	200,222	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.61%)		7.94	%		10/19/2026		201,315
		NRG Energy T/L B (03/24)
	5,045,000	Senior Secured Term Loan		7.33	%(d)		03/27/2031		5,041,872
		Reynolds Consumer Products LLC
	6,325,164	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 1.85%)		7.18	%		02/04/2027		6,343,476
		Setanta Aircraft Leasing DAC
	10,365,000	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.26%)		7.61	%		11/06/2028		10,398,116

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		SkyMiles IP Ltd.
	483,750	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.75%, 1.00% Floor)		9.07	%		10/20/2027		499,523
		SMG US Midco 2, Inc.
	1,004,125	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.76%)		8.07	%		01/23/2025		1,005,019
	370,234	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.76%)		8.07	%		01/23/2025		370,564
		Standard Industries, Inc./NJ
	7,144,279	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.36%, 0.50% Floor)		7.69	%		09/22/2028		7,155,602
		Trans Union LLC
	2,604,940	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 1.85%)		7.18	%		11/16/2026		2,606,868
		US Foods, Inc.
	1,946,875	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.11%)		7.44	%		09/14/2026		1,953,193
		Vestis Corp.
	1,130,000	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.25%)		7.58	%		02/24/2031		1,131,413
		Vistra Operations Co. LLC
	6,295,170	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.00%)		7.33	%		12/20/2030		6,296,177
		Walker & Dunlop, Inc.
	2,160,275	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.50%, 0.50% Floor)		7.68	%		12/18/2028		2,157,575
		WMG Acquisition Corp.
	6,316,312	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.00%)		7.33	%		01/24/2031		6,316,313
		Wyndham Hotels & Resorts, Inc.
	1,213,003	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.35%)		7.68	%		05/28/2030		1,218,691
		Ziggo Financing Partnership
	235,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.61%)		7.94	%		04/30/2028		231,916
		Total Bank Loans (Cost $205,887,043)							206,500,952
	COLLATERALIZED LOAN OBLIGATIONS - 12.9%
		37 Capital CLO
	27,000,000	Series 2021-1A-A (CME Term SOFR 3 Month + 1.46%, 1.20% Floor)		6.78	%(a)		10/15/2034		27,005,400
		Anchorage Capital CLO Ltd.
	23,000,000	Series 2021-19A-A (CME Term SOFR 3 Month + 1.47%, 1.21% Floor)		6.79	%(a)		10/15/2034		23,029,688
		ArrowMark Colorado Holdings
	18,223,916	Series 2018-9A-A1 (CME Term SOFR 3 Month + 1.38%, 1.38% Floor)		6.70	%(a)		07/15/2031		18,254,671
		Atlas Senior Loan Fund Ltd.
	2,000,000	Series 2018-11A-B (CME Term SOFR 3 Month + 1.91%)		7.24	%(a)		07/26/2031		2,000,793
		Battalion CLO Ltd.
	29,500,000	Series 2017-11A-AR (CME Term SOFR 3 Month + 1.41%, 1.15% Floor)		6.73	%(a)		04/24/2034		29,579,585
	10,000,000	Series 2021-20A-A (CME Term SOFR 3 Month + 1.44%, 1.18% Floor)		6.76	%(a)		07/15/2034		10,004,250
		Bridge Street CLO Ltd.
	10,500,000	Series 2021-1A-A1A (CME Term SOFR 3 Month + 1.49%, 1.23% Floor)		6.81	%(a)		07/20/2034		10,509,976
		Cathedral Lake CLO Ltd.
	9,850,000	Series 2021-7RA-A (CME Term SOFR 3 Month + 1.57%, 1.31% Floor)		6.89	%(a)		01/15/2032		9,872,434
		CBAM Ltd.
	4,500,000	Series 2017-2A-AR (CME Term SOFR 3 Month + 1.45%, 1.19% Floor)		6.77	%(a)		07/17/2034		4,504,050

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 5

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		CFIP CLO Ltd.
	10,350,000	Series 2017-1A-AR (CME Term SOFR 3 Month + 1.49%, 1.23% Floor)		6.79%	(a)		10/18/2034		10,364,089
		CIFC Funding Ltd.
	1,800,000	Series 2014-5A-BR2 (CME Term SOFR 3 Month + 2.06%, 1.80% Floor)		7.38%	(a)		10/17/2031		1,805,269
		CQS US CLO
	25,000,000	Series 2021-1A-A (CME Term SOFR 3 Month + 1.48%, 1.22% Floor)		6.80%	(a)		01/20/2035		25,073,788
	11,000,000	Series 2021-1A-B (CME Term SOFR 3 Month + 2.14%, 1.88% Floor)		7.46%	(a)		01/20/2035		10,983,742
		Dryden Senior Loan Fund
	25,000,000	Series 2020-85A-AR (CME Term SOFR 3 Month + 1.41%, 1.15% Floor)		6.73%	(a)		10/15/2035		24,991,310
		Halcyon Loan Advisors Funding Ltd.
	74,745	Series 2013-2A-D (CME Term SOFR 3 Month + 4.06%)		9.37%	(a)(f)		08/01/2025		50,093
		Hayfin US
	8,315,232	Series 2018-8A-A (CME Term SOFR 3 Month + 1.38%, 1.12% Floor)		6.70%	(a)		04/20/2031		8,317,840
	6,500,000	Series 2018-8A-B (CME Term SOFR 3 Month + 1.74%, 1.48% Floor)		7.06%	(a)		04/20/2031		6,503,520
		Jamestown CLO Ltd.
	15,000,000	Series 2016-9A-A1RR (CME Term SOFR 3 Month + 1.50%, 1.24% Floor)		6.83%	(a)		07/25/2034		14,993,946
		LCM LP
	9,536,869	Series 17A-A2RR (CME Term SOFR 3 Month + 1.41%, 1.15% Floor)		6.73%	(a)		10/15/2031		9,530,139
		Logan CLO
	14,000,000	Series 2022-1A-B (CME Term SOFR 3 Month + 2.05%, 2.05% Floor)		7.37%	(a)		04/21/2035		14,033,909
		Madison Park Funding Ltd.
	3,000,000	Series 2017-26A-BR (CME Term SOFR 3 Month + 1.86%)		7.18%	(a)		07/29/2030		3,002,499
		Marble Point CLO
	29,500,000	Series 2020-1A-A (CME Term SOFR 3 Month + 1.56%, 1.30% Floor)		6.88%	(a)		04/20/2033		29,476,701
	25,000,000	Series 2021-2A-A (CME Term SOFR 3 Month + 1.46%, 1.20% Floor)		6.79%	(a)		07/25/2034		24,993,788
	23,000,000	Series 2021-3A-A1 (CME Term SOFR 3 Month + 1.50%, 1.24% Floor)		6.82%	(a)		10/17/2034		22,977,064
		MKS CLO Ltd.
	9,089,087	Series 2017-1A-AR (CME Term SOFR 3 Month + 1.26%, 1.00% Floor)		6.58%	(a)		07/20/2030		9,095,945
	4,230,640	Series 2017-2A-A (CME Term SOFR 3 Month + 1.45%, 1.19% Floor)		6.77%	(a)		01/20/2031		4,233,500
		MP CLO Ltd.
	10,000,000	Series 2015-2A-ARR (CME Term SOFR 3 Month + 1.46%, 1.20% Floor)		6.78%	(a)		04/28/2034		10,015,101
		Nassau Global Credit LLC
	20,728,857	Series 2018-IA-A (CME Term SOFR 3 Month + 1.41%)		6.73%	(a)		07/15/2031		20,727,802
		OFSI Fund Ltd.
	9,232,420	Series 2018-1A-A (CME Term SOFR 3 Month + 1.41%, 1.15% Floor)		6.73%	(a)		07/15/2031		9,250,222
		Sandstone Peak Ltd.
	14,000,000	Series 2021-1A-A1 (CME Term SOFR 3 Month + 1.48%, 1.22% Floor)		6.80%	(a)		10/15/2034		14,002,800
		Sound Point CLO Ltd.
	25,000,000	Series 2019-2A-AR (CME Term SOFR 3 Month + 1.43%, 1.17% Floor)		6.75%	(a)		07/15/2034		24,941,640
		Steele Creek CLO Ltd.
	11,000,000	Series 2019-1A-BR (CME Term SOFR 3 Month + 2.06%, 1.80% Floor)		7.38%	(a)		04/15/2032		10,970,647
	18,000,000	Series 2019-2A-AR (CME Term SOFR 3 Month + 1.43%, 1.17% Floor)		6.75%	(a)		07/15/2032		18,035,915
	9,000,000	Series 2019-2A-BR (CME Term SOFR 3 Month + 2.11%, 1.85% Floor)		7.43%	(a)		07/15/2032		9,003,725

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Trimaran CAVU LLC
	20,000,000	Series 2021-3A-A (CME Term SOFR 3 Month + 1.47%, 1.21% Floor)		6.77%	(a)		01/18/2035		20,043,584
		Venture CDO Ltd.
	9,973,743	Series 2018-34A-A (CME Term SOFR 3 Month + 1.49%, 1.23% Floor)		6.81%	(a)		10/15/2031		9,963,769
		Wellfleet CLO Ltd.
	15,990,000	Series 2020-2A-AR (CME Term SOFR 3 Month + 1.48%, 1.22% Floor)		6.80%	(a)		07/15/2034		15,980,718
		Whitebox CLO Ltd.
	25,000,000	Series 2021-3A-A1 (CME Term SOFR 3 Month + 1.48%, 1.22% Floor)		6.80%	(a)		10/15/2034		25,009,038
		Total Collateralized Loan Obligations (Cost $542,563,286)							543,132,950
	FOREIGN CORPORATE BONDS—5.1%
	1,509,300	Adani International Container Terminal Pvt Ltd.		3.00%			02/16/2031		1,287,758
	324,000	Adani Ports & Special Economic Zone Ltd.		3.38%			07/24/2024		320,860
	3,300,000	Adani Ports & Special Economic Zone Ltd.		4.00%			07/30/2027		3,031,406
	1,600,000	Adani Transmission Step-One Ltd.		4.00%			08/03/2026		1,505,095
	2,100,000	Adaro Indonesia PT		4.25%			10/31/2024		2,073,640
	3,309,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust		6.45%	(a)		04/15/2027		3,398,805
	3,877,494	AI Candelaria Spain SA		7.50%			12/15/2028		3,800,375
	535,000	Algonquin Power & Utilities Corp.		5.37%	(c)		06/15/2026		532,263
	650,000	AngloGold Ashanti Holdings PLC		3.38%			11/01/2028		585,479
	3,585,000	Avolon Holdings Funding Ltd.		2.13%	(a)		02/21/2026		3,341,591
	4,150,000	BAE Systems PLC		5.00%	(a)		03/26/2027		4,142,754
	3,100,000	Banco Bilbao Vizcaya Argentaria Colombia SA		4.88%			04/21/2025		3,047,362
	1,850,000	Banco Continental SAECA		2.75%	(a)		12/10/2025		1,745,487
	1,850,000	Banco Continental SAECA		2.75%			12/10/2025		1,745,487
	2,400,000	Banco de Bogota SA		6.25%			05/12/2026		2,401,029
	100,000	Banco de Credito del Peru SA		5.85%	(a)		01/11/2029		101,225
	200,000	Banco de Credito del Peru SA (5 Year CMT Rate + 2.45%)		3.25%			09/30/2031		184,852
	5,700,000	Banco de Credito del Peru SA (5 Year CMT Rate + 2.45%)		3.25%	(a)		09/30/2031		5,268,295
	1,200,000	Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa		4.38%			04/11/2027		1,157,461
	1,350,000	Banco Industrial SA/Guatemala (5 Year CMT Rate + 4.44%)		4.88%			01/29/2031		1,294,299
	4,250,000	Banco Internacional del Peru SAA Interbank (5 Year CMT Rate + 3.71%)		4.00%			07/08/2030		4,084,693
	1,700,000	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand (5 Year CMT Rate + 3.00%)		7.53%			10/01/2028		1,769,355
	1,800,000	Bancolombia SA (5 Year CMT Rate + 2.93%)		6.91%			10/18/2027		1,809,184
	3,580,000	Bancolombia SA (5 Year CMT Rate + 2.94%)		4.63%			12/18/2029		3,491,984
	1,805,000	Bank of Montreal		1.50%			01/10/2025		1,751,943
	1,715,000	Bank of Nova Scotia/The		4.75%			02/02/2026		1,703,040
	2,080,000	BAT Capital Corp.		2.79%			09/06/2024		2,053,967
	1,485,000	BAT International Finance PLC		1.67%			03/25/2026		1,383,091
	3,730,000	BBVA Bancomer SA/Texas (5 Year CMT Rate + 3.00%)		5.35%			11/12/2029		3,698,075
	800,000	BBVA Bancomer SA/Texas (5 Year CMT Rate + 2.65%)		5.13%			01/18/2033		743,992
	200,000	Bharti Airtel Ltd.		4.38%			06/10/2025		196,789
	2,715,000	BHP Billiton Finance USA Ltd.		5.25%			09/08/2026		2,731,918
	1,705,000	BMW US Capital LLC (Secured Overnight Financing Rate + 0.62%)		5.96%	(a)		08/11/2025		1,711,885
	3,505,000	BPCE SA		2.38%	(a)		01/14/2025		3,413,214
	4,800,000	Braskem Netherlands Finance BV (5 Year CMT Rate + 8.22%)		8.50%			01/23/2081		4,817,449

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 7

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	600,000	BRF GmbH		4.35%			09/29/2026		570,692
	1,000,000	Camposol SA		6.00%			02/03/2027		771,851
	2,125,000	Canadian Imperial Bank of Commerce		3.95%			08/04/2025		2,087,659
	3,416,000	Canadian Pacific Railway Co.		1.35%			12/02/2024		3,322,132
	700,000	Cencosud SA		5.15%			02/12/2025		695,949
	5,545,580	Chile Electricity PEC SpA		0.00%	(a)		01/25/2028		4,361,600
	400,000	Cia de Minas Buenaventura SAA		5.50%			07/23/2026		386,153
	3,307,000	Commonwealth Bank of Australia (US Secured Overnight Financing Rate + 0.40%)		5.75%	(a)		07/07/2025		3,310,061
	3,000,000	Cosan Luxembourg SA		7.00%			01/20/2027		3,022,270
	2,000,000	Credicorp Ltd.		2.75%			06/17/2025		1,925,887
	2,095,000	Daimler Truck Finance North America LLC		1.63%	(a)		12/13/2024		2,038,599
	1,400,000	Daimler Truck Finance North America LLC		5.15%	(a)		01/16/2026		1,395,476
	4,500,000	DBS Group Holdings Ltd. (5 Year CMT Rate + 1.10%)		1.82%			03/10/2031		4,189,614
	199,263	Digicel Group Holdings Ltd.		0.00%	(a)(f)		12/31/2030		2,288
	2,031	Digicel Group Holdings Ltd.		0.00%	(a)(f)		12/31/2030		1,641
	58,645	Digicel Group Holdings Ltd.		0.00%	(a)(f)		12/31/2030		54,154
	293,954	Digicel Group Holdings Ltd.		0.00%	(a)(f)		12/31/2030		45,415
	1,055,902	Empresa Electrica Angamos SA		4.88%			05/25/2029		956,990
	1,782,620	Empresa Electrica Cochrane SpA		5.50%			05/14/2027		1,726,937
	3,406,000	Enbridge, Inc.		2.50%			02/14/2025		3,318,287
	2,202,941	Fenix Power Peru SA		4.32%			09/20/2027		2,122,809
	2,000,000	Freeport Indonesia PT		4.76%			04/14/2027		1,957,766
	950,000	Freeport Indonesia PT		4.76%	(a)		04/14/2027		929,939
	4,500,000	Freeport-McMoRan, Inc.		4.13%			03/01/2028		4,308,223
	1,939,800	Galaxy Pipeline Assets Bidco Ltd.		1.75%			09/30/2027		1,821,826
	3,351,000	Glencore Funding LLC		4.00%	(a)		04/16/2025		3,297,573
	110,000	Glencore Funding LLC		1.63%	(a)		09/01/2025		104,154
	2,680,000	Glencore Funding LLC (Secured Overnight Financing Rate + 1.06%)		6.41%	(a)		04/04/2027		2,681,641
	1,500,000	Global Bank Corp. (3 Month LIBOR USD + 3.30%)		5.25%	(g)		04/16/2029		1,380,549
	2,375,000	Gold Fields Orogen Holdings BVI Ltd.		5.13%			05/15/2024		2,367,585
	2,000,000	Grupo de Inversiones Suramericana SA		5.50%			04/29/2026		1,961,360
	2,698,889	Guara Norte SARL		5.20%			06/15/2034		2,464,544
	316,000	Hunt Oil Co. of Peru LLC Sucursal Del Peru		6.38%	(a)		06/01/2028		313,049
	1,000,000	Industrias Penoles SAB de CV		4.15%			09/12/2029		935,839
	2,836,000	Inkia Energy Ltd.		5.88%			11/09/2027		2,777,696
	295,655	Interoceanica IV Finance Ltd. Series 2007		0.00%			11/30/2025		279,025
	35,034	Invepar Holdings		0.00%	(e)(f)		12/30/2028		—
	3,000,000	Itau Unibanco Holding SA/Cayman Island (5 Year CMT Rate + 3.45%)		3.88%			04/15/2031		2,868,080
	1,012,000	JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.		3.00%			02/02/2029		896,789
	1,850,000	JDE Peet’s NV		0.80%	(a)		09/24/2024		1,804,404
	644,000	JSW Hydro Energy Ltd.		4.13%			05/18/2031		571,335
	1,386,592	LLPL Capital Pte Ltd.		6.88%			02/04/2039		1,388,339
	1,690,000	Macquarie Bank Ltd. (US Secured Overnight Financing Rate + 1.20%)		6.55%	(a)		12/07/2026		1,708,432
	3,315,000	Magna International, Inc.		5.05%			03/14/2029		3,315,828
	400,000	MEGlobal Canada ULC		5.00%			05/18/2025		395,466
	4,400,000	MEGlobal Canada ULC		5.00%	(a)		05/18/2025		4,350,130
	600,000	Mercury Chile Holdco LLC		6.50%			01/24/2027		582,036
	1,500,000	Mercury Chile Holdco LLC		6.50%	(a)		01/24/2027		1,455,091
	1,453,876	Mexico Generadora de Energia S de RL		5.50%			12/06/2032		1,432,414
	810,000	Millicom International Cellular SA		6.63%			10/15/2026		807,007
	2,565,000	Millicom International Cellular SA		5.13%			01/15/2028		2,435,092
	4,370,060	Minejesa Capital BV		4.63%			08/10/2030		4,158,455
	1,227,000	Minerva Luxembourg SA		5.88%			01/19/2028		1,187,908
	4,245,000	Mitsubishi UFJ Financial Group, Inc.		3.78%			03/02/2025		4,181,923

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	1,715,000	Mizuho Financial Group, Inc. (US Secured Overnight Financing Rate + 0.96%)		6.30%			05/22/2026		1,721,776
	691,718	Mong Duong Finance Holdings BV		5.13%			05/07/2029		661,818
	800,000	Multibank, Inc.		7.75%	(a)		02/03/2028		808,042
	2,580,352	MV24 Capital BV		6.75%			06/01/2034		2,429,933
	2,800,000	NBM US Holdings, Inc.		7.00%			05/14/2026		2,812,930
	2,750,000	Nutrien Ltd.		4.90%			03/27/2028		2,736,948
	1,750,000	NXP BV / NXP Funding LLC / NXP USA, Inc.		4.40%			06/01/2027		1,716,536
	1,993,000	Orazul Energy Peru SA		5.63%			04/28/2027		1,889,045
	200,000	Oversea-Chinese Banking Corp. Ltd. (5 Year CMT Rate + 1.58%)		1.83%	(a)		09/10/2030		189,110
	4,500,000	Oversea-Chinese Banking Corp. Ltd. (5 Year CMT Rate + 1.58%)		1.83%			09/10/2030		4,254,967
	629,489	Prumo Participacoes e Investimentos S/A		7.50%			12/31/2031		629,156
	1,725,000	Royal Bank of Canada (Secured Overnight Financing Rate + 0.53%)		5.87%			01/20/2026		1,725,117
	1,650,000	Sasol Financing USA LLC		4.38%			09/18/2026		1,561,809
	3,300,000	Sociedad Quimica y Minera de Chile SA		4.38%			01/28/2025		3,260,611
	700,000	Southern Copper Corp.		3.88%			04/23/2025		686,513
	1,200,000	St Marys Cement, Inc. Canada		5.75%			01/28/2027		1,208,100
	1,980,000	Suzano International Finance BV		4.00%			01/14/2025		1,951,053
	1,500,000	Telefonica Celular del Paraguay SA		5.88%			04/15/2027		1,459,014
	1,679,000	Toronto-Dominion Bank/The		0.70%			09/10/2024		1,644,460
	700,000	Transportadora de Gas del Peru SA		4.25%			04/30/2028		681,261
	4,700,000	United Overseas Bank Ltd. (5 Year CMT Rate + 1.52%)		1.75%			03/16/2031		4,364,382
	188,000	Vedanta Resources Ltd.		13.88%			12/09/2028		164,704
	2,520,000	Westpac Banking Corp. (US Secured Overnight Financing Rate + 0.72%)		6.06%			11/17/2025		2,530,016
		Total Foreign Corporate Bonds (Cost $218,136,408)							214,839,365
	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS—0.7%
	3,200,000	Banco Nacional de Comercio Exterior SNC/Cayman Islands (5 Year CMT Rate + 2.00%)		2.72%			08/11/2031		2,898,557
	1,058,643	Bioceanico Sovereign Certificate Ltd.		0.00%			06/05/2034		778,270
	4,500,000	Colombia Government International Bond		4.50%			01/28/2026		4,409,031
	2,850,000	Corp. Financiera de Desarrollo SA (3 Month LIBOR USD + 5.61%)		5.25%	(g)		07/15/2029		2,847,634
	400,000	Dominican Republic International Bond		5.50%			01/27/2025		398,000
	2,200,000	Indonesia Asahan Aluminium PT / Mineral Industri Indonesia Persero PT		4.75%			05/15/2025		2,173,420
	2,000,000	Korea Development Bank/The		1.00%			09/09/2026		1,821,125
	300,000	Korea Development Bank/The		0.80%			04/27/2026		275,980
	2,300,000	Korea Hydro & Nuclear Power Co. Ltd.		1.25%	(a)		04/27/2026		2,121,727
	1,000,000	Korea Southern Power Co. Ltd.		0.75%	(a)		01/27/2026		922,855
	655,135	Lima Metro Line 2 Finance Ltd.		5.88%			07/05/2034		650,445
	700,000	ONGC Videsh Vankorneft Pte Ltd.		3.75%			07/27/2026		674,689
	200,000	Paraguay Government International Bond		4.70%			03/27/2027		195,077
	700,000	Perusahaan Perseroan Persero PT Perusahaan Listrik Negara		4.13%			05/15/2027		674,845
	1,500,000	Petrobras Global Finance BV		7.38%			01/17/2027		1,560,358
	1,500,000	Republic of South Africa Government International Bond		4.88%			04/14/2026		1,462,641
	4,500,000	TNB Global Ventures Capital Bhd		3.24%			10/19/2026		4,282,533
		Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $29,176,564)							28,147,187

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 9

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS—11.6%
		Alen Mortgage Trust
	2,000,000	Series 2021-ACEN-B (CME Term SOFR 1 Month + 1.76%, 1.65% Floor)		7.09%	(a)		04/15/2034		1,701,221
		Arbor Multifamily Mortgage Securities Trust
	112,582,199	Series 2021-MF2-XA		1.11%	(a)(b)(h)		06/15/2054		6,564,859
		Arbor Realty Trust, Inc.
	40,902,000	Series 2020-MF1-XD		0.55%	(a)(b)(h)		05/15/2053		1,117,009
	6,610,000	Series 2021-FL3-A (CME Term SOFR 1 Month + 1.18%, 1.18% Floor)		6.51%	(a)		08/15/2034		6,582,714
		AREIT Trust
	12,000,000	Series 2019-CRE3-C (CME Term SOFR 1 Month + 2.01%, 2.01% Floor)		7.34%	(a)		09/14/2036		11,419,512
	1,251,000	Series 2019-CRE3-D (CME Term SOFR 1 Month + 2.76%, 2.76% Floor)		8.09%	(a)		09/14/2036		1,167,286
	2,878,921	Series 2022-CRE6-A (US 30 Day Average Secured Overnight Financing Rate + 1.25%, 1.25% Floor)		6.57%	(a)		01/20/2037		2,870,016
		BBCMS Trust
	15,176,000	Series 2018-TALL-F (CME Term SOFR 1 Month + 3.43%, 3.39% Floor)		8.76%	(a)		03/15/2037		9,909,934
	11,001,000	Series 2019-BWAY-E (CME Term SOFR 1 Month + 2.96%, 2.85% Floor)		8.29%	(a)		11/15/2034		1,039,479
	29,456,500	Series 2021-C10-XB		1.02%	(b)(h)		07/15/2054		1,797,639
	21,205,000	Series 2021-C10-XD		1.70%	(a)(b)(h)		07/15/2054		1,977,411
		BB-UBS Trust
	6,312,892	Series 2012-TFT-TE		3.56%	(a)(b)(f)		06/05/2030		5,235,607
		BDS Ltd.
	7,710,071	Series 2021-FL10-A (CME Term SOFR 1 Month + 1.46%, 1.46% Floor)		6.79%	(a)		12/16/2036		7,659,123
	1,200,462	Series 2021-FL8-A (CME Term SOFR 1 Month + 1.03%, 0.92% Floor)		6.36%	(a)		01/18/2036		1,200,236
	5,006,751	Series 2021-FL9-A (CME Term SOFR 1 Month + 1.18%, 1.07% Floor)		6.51%	(a)		11/16/2038		4,973,952
		Benchmark Mortgage Trust
	157,277,074	Series 2020-IG1-XA		0.51%	(b)(h)		09/15/2043		3,352,518
		BHMS Mortgage Trust
	165,041,500	Series 2018-ATLS-XCP		0.00%	(a)(b)(h)		07/15/2035		1,650
		BPR Trust
	3,000,000	Series 2021-TY-C (CME Term SOFR 1 Month + 1.81%, 1.70% Floor)		7.14%	(a)		09/15/2038		2,967,008
		BRSP Ltd.
	9,244,561	Series 2021-FL1-A (CME Term SOFR 1 Month + 1.26%, 1.15% Floor)		6.59%	(a)		08/19/2038		9,143,768
	13,968,000	Series 2021-FL1-AS (CME Term SOFR 1 Month + 1.71%, 1.60% Floor)		7.04%	(a)		08/19/2038		13,663,888
		BSPRT Co.-Issuer LLC
	1,939,358	Series 2021-FL6-A (CME Term SOFR 1 Month + 1.21%, 1.10% Floor)		6.54%	(a)		03/15/2036		1,927,540
	8,926,265	Series 2022-FL8-A (US 30 Day Average Secured Overnight Financing Rate + 1.50%, 1.50% Floor)		6.82%	(a)		02/15/2037		8,893,334
		BX Trust
	7,904,690	Series 2020-VKNG-A (CME Term SOFR 1 Month + 1.04%, 0.93% Floor)		6.37%	(a)		10/15/2037		7,895,654
		Carbon Capital VI Commercial Mortgage Trust
	6,029,069	Series 2019-FL2-B (CME Term SOFR 1 Month + 2.96%, 2.85% Floor)		8.29%	(a)		10/15/2035		5,460,160
		CFCRE Commercial Mortgage Trust
	18,611,212	Series 2016-C4-XA		1.60%	(b)(h)		05/10/2058		421,166
	16,201,000	Series 2017-C8-XB		0.89%	(b)(h)		06/15/2050		393,673
		Citigroup Commercial Mortgage Trust
	6,438,953	Series 2014-GC25-XA		0.94%	(b)(h)		10/10/2047		7,331
	4,305,849	Series 2015-GC27-XA		1.30%	(b)(h)		02/10/2048		28,958
	10,750,000	Series 2015-GC31-C		4.03%	(b)		06/10/2048		7,707,782
	17,242,345	Series 2016-GC36-XA		1.21%	(b)(h)		02/10/2049		290,551
	3,096,000	Series 2016-P3-A4		3.33%			04/15/2049		2,952,180
	11,211,966	Series 2016-P3-XA		1.65%	(b)(h)		04/15/2049		227,210
	2,519,000	Series 2016-P4-B		3.38%			07/10/2049		2,299,681

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Citigroup Commercial Mortgage Trust (Cont.)
	11,734,691	Series 2016-P4-XA		1.88%	(b)(h)		07/10/2049		363,800
	10,900,406	Series 2017-P7-XA		1.08%	(b)(h)		04/14/2050		274,733
		Citigroup/Deutsche Bank Commercial Mortgage Trust
	16,064,130	Series 2016-C1-XA		1.36%	(b)(h)		05/10/2049		305,993
	43,948,038	Series 2017-CD3-XA		0.95%	(b)(h)		02/10/2050		884,841
	52,382,313	Series 2017-CD4-XA		1.22%	(b)(h)		05/10/2050		1,479,842
	2,950,000	Series 2017-CD6-C		4.23%	(b)		11/13/2050		2,417,475
		CLNC Ltd.
	19,958,000	Series 2019-FL1-D (CME Term SOFR 1 Month + 3.01%, 2.90% Floor)		8.34%	(a)		08/20/2035		19,139,322
		Commercial Mortgage Pass Through Certificates
	2,399,715	Series 2013-CR12-XA		0.56%	(b)(h)		10/10/2046		156
	992,348	Series 2014-CR17-XA		0.77%	(b)(h)		05/10/2047		75
	4,281,936	Series 2014-UBS5-A3		3.57%			09/10/2047		4,260,430
	14,382,839	Series 2015-CR22-XA		0.81%	(b)(h)		03/10/2048		59,843
	29,571,752	Series 2015-CR25-XA		0.79%	(b)(h)		08/10/2048		234,670
	33,739,442	Series 2015-CR27-XA		0.90%	(b)(h)		10/10/2048		336,973
	7,241,523	Series 2015-DC1-XA		0.93%	(b)(h)		02/10/2048		29,102
	4,978,000	Series 2015-LC21-B		4.32%	(b)		07/10/2048		4,791,675
	38,660,631	Series 2015-LC21-XA		0.62%	(b)(h)		07/10/2048		196,330
	12,410,891	Series 2016-DC2-XA		0.91%	(b)(h)		02/10/2049		152,563
	11,396,000	Series 2018-HCLV-D (CME Term SOFR 1 Month + 2.47%, 2.18% Floor)		7.80%	(a)		09/15/2033		7,981,981
		Computershare Corporate Trust
	540,000	Series 2014-LC18-B		3.96%			12/15/2047		526,336
	8,728,684	Series 2015-C27-XA		0.81%	(b)(h)		02/15/2048		34,269
	47,764,658	Series 2015-C30-XA		0.87%	(b)(h)		09/15/2058		420,917
	22,413,468	Series 2015-NXS2-XA		0.58%	(b)(h)		07/15/2058		109,064
	10,114,630	Series 2016-C33-XA		1.56%	(b)(h)		03/15/2059		230,380
	20,592,624	Series 2016-NXS6-XA		1.59%	(b)(h)		11/15/2049		545,048
	65,768,635	Series 2017-C38-XA		0.93%	(b)(h)		07/15/2050		1,493,316
	21,665,889	Series 2019-C52-XA		1.59%	(b)(h)		08/15/2052		1,296,758
	62,379,774	Series 2021-C59-XA		1.52%	(b)(h)		04/15/2054		4,623,820
	5,250,000	Series 2022-ONL-A		3.86%	(a)		12/15/2039		4,904,459
		Credit Suisse Mortgage Capital Certificates
	9,873,828	Series 2014-USA-X1		0.54%	(a)(b)(h)		09/15/2037		44,994
	2,274,342	Series 2019-ICE4-A (CME Term SOFR 1 Month + 1.03%, 0.98% Floor)		6.35%	(a)		05/15/2036		2,274,421
	3,350,000	Series 2021-ADV-C (CME Term SOFR 1 Month + 2.41%, 2.30% Floor)		7.74%	(a)		07/15/2038		2,173,104
		Cross Harbor Capital Partners
	3,000,000	Series 2021-FL1-AS (CME Term SOFR 1 Month + 1.41%, 1.30% Floor)		6.74%	(a)		02/15/2038		2,975,325
		CSAIL Commercial Mortgage Trust
	24,861,974	Series 2015-C1-XA		0.80%	(b)(h)		04/15/2050		65,389
	2,847,424	Series 2016-C6-XA		1.86%	(b)(h)		01/15/2049		76,707
	122,348,900	Series 2021-C20-XA		0.99%	(b)(h)		03/15/2054		6,122,767
		FS Rialto
	8,551,933	Series 2021-FL2-A (CME Term SOFR 1 Month + 1.33%, 1.33% Floor)		6.66%	(a)		05/16/2038		8,471,784
	3,039,252	Series 2021-FL3-A (CME Term SOFR 1 Month + 1.36%, 1.36% Floor)		6.69%	(a)		11/16/2036		3,033,964
		Granite Point Mortgage Trust, Inc.
	3,507,848	Series 2021-FL3-A (CME Term SOFR 1 Month + 1.36%, 1.36% Floor)		6.69%	(a)		07/16/2035		3,469,444
	5,858,393	Series 2021-FL4-A (CME Term SOFR 1 Month + 1.46%, 1.35% Floor)		6.79%	(a)		12/15/2036		5,740,944
		Great Wolf Trust
	8,770,000	Series 2024-WOLF-A (CME Term SOFR 1 Month + 1.54%, 1.54% Floor)		6.84%	(a)		03/15/2039		8,797,852
		Greystone Commercial Real Estate Notes
	4,580,000	Series 2021-FL3-A (CME Term SOFR 1 Month + 1.13%, 1.02% Floor)		6.46%	(a)		07/15/2039		4,558,071
	10,700,000	Series 2021-FL3-C (CME Term SOFR 1 Month + 2.11%, 2.00% Floor)		7.44%	(a)		07/15/2039		10,163,684

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 11

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		GS Mortgage Securities Corp. II
	3,032,659	Series 2014-GC24-XA		0.67%	(b)(h)		09/10/2047		1,854
	28,002,402	Series 2015-GC32-XA		0.68%	(b)(h)		07/10/2048		185,401
	8,340,914	Series 2015-GS1-XA		0.75%	(b)(h)		11/10/2048		79,574
	14,009,246	Series 2016-GS2-XA		1.73%	(b)(h)		05/10/2049		360,822
	24,247,487	Series 2016-GS3-XA		1.19%	(b)(h)		10/10/2049		532,116
	2,314,000	Series 2018-GS10-WLSD		4.74%	(a)(b)		03/10/2033		2,023,942
	2,893,000	Series 2018-GS10-WLSE		4.74%	(a)(b)		03/10/2033		2,475,599
	5,000,000	Series 2018-TWR-E (CME Term SOFR 1 Month + 2.40%, 2.10% Floor)		7.72%	(a)		07/15/2031		1,575,000
	5,000,000	Series 2018-TWR-F (CME Term SOFR 1 Month + 3.10%, 2.80% Floor)		8.42%	(a)		07/15/2031		1,023,750
	5,000,000	Series 2018-TWR-G (CME Term SOFR 1 Month + 4.22%, 3.93% Floor)		9.55%	(a)		07/15/2031		210,000
		GSCG Trust
	14,505,000	Series 2019-600C-E		3.99%	(a)(b)(f)		09/06/2034		1,492,855
		JP Morgan Chase Commercial Mortgage Securities
	6,339,000	Series 2014-C20-B		4.40%	(b)		07/15/2047		6,008,578
	13,689,427	Series 2015-JP1-XA		0.88%	(b)(h)		01/15/2049		158,589
	30,749,302	Series 2016-JP4-XA		0.57%	(b)(h)		12/15/2049		355,831
	336,000	Series 2018-WPT-CFX		4.95%	(a)		07/05/2033		273,902
	4,216,000	Series 2019-UES-C		4.34%	(a)		05/05/2032		4,196,729
	4,314,000	Series 2019-UES-D		4.45%	(a)(b)		05/05/2032		4,290,950
	5,040,000	Series 2019-UES-E		4.45%	(a)(b)		05/05/2032		5,008,767
	5,287,000	Series 2019-UES-F		4.45%	(a)(b)		05/05/2032		5,249,743
	5,775,000	Series 2019-UES-G		4.45%	(a)(b)		05/05/2032		5,722,159
	11,575,000	Series 2020-NNN-EFX		3.97%	(a)		01/16/2037		5,502,525
	6,153,490	Series 2022-NLP-A (CME Term SOFR 1 Month + 0.60%, 0.60% Floor)		5.92%	(a)		04/15/2037		5,886,146
		JPMBB Commercial Mortgage Securities Trust
	824,247	Series 2014-C18-XA		0.39%	(b)(h)		02/15/2047		35
	500,000	Series 2014-C23-C		4.48%	(b)		09/15/2047		482,661
	15,550,816	Series 2014-C25-XA		0.79%	(b)(h)		11/15/2047		26,897
	5,287,890	Series 2015-C27-D		3.80%	(a)(b)		02/15/2048		2,836,820
	12,593,504	Series 2015-C29-XA		0.54%	(b)(h)		05/15/2048		53,331
	21,077,236	Series 2015-C30-XA		0.42%	(b)(h)		07/15/2048		87,237
	8,737,239	Series 2015-C31-XA		0.80%	(b)(h)		08/15/2048		73,562
	13,678,127	Series 2015-C32-XA		1.09%	(b)(h)		11/15/2048		118,293
	5,380,000	Series 2015-C33-AS		4.02%			12/15/2048		5,142,095
		KREF
	6,730,000	Series 2021-FL2-A (CME Term SOFR 1 Month + 1.18%, 1.07% Floor)		6.51%	(a)		02/15/2039		6,628,559
	7,942,000	Series 2021-FL2-B (CME Term SOFR 1 Month + 1.76%, 1.65% Floor)		7.09%	(a)		02/15/2039		7,561,848
	3,506,000	Series 2022-FL3-A (CME Term SOFR 1 Month + 1.45%, 1.45% Floor)		6.78%	(a)		02/17/2039		3,489,567
		Ladder Capital Commercial Mortgage Securities LLC
	10,000,000	Series 2017-LC26-C		4.71%	(a)		07/12/2050		8,599,501
	6,367,000	Series 2021-FL3-AS (CME Term SOFR 1 Month + 1.91%, 1.91% Floor)		7.24%	(a)		11/15/2038		6,234,363
	2,400,000	Series 2021-FL3-B (CME Term SOFR 1 Month + 2.31%, 2.31% Floor)		7.64%	(a)		11/15/2038		2,329,560
		LoanCore
	5,236,693	Series 2021-CRE5-A (CME Term SOFR 1 Month + 1.41%, 1.41% Floor)		6.74%	(a)		07/15/2036		5,212,882
	9,403,149	Series 2021-CRE6-A (CME Term SOFR 1 Month + 1.41%, 1.30% Floor)		6.74%	(a)		11/15/2038		9,356,838
	5,734,201	Series 2022-CRE7-A (US 30 Day Average Secured Overnight Financing Rate + 1.55%, 1.55% Floor)		6.87%	(a)		01/17/2037		5,729,029
		LSTAR Commercial Mortgage Trust
	6,031,719	Series 2016-4-XA		1.66%	(a)(b)(h)		03/10/2049		65,305
	60,350,277	Series 2017-5-X		0.83%	(a)(b)(h)		03/10/2050		902,134

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Lument Finance Trust, Inc.
	8,719,096	Series 2021-FL1-A (CME Term SOFR 1 Month + 1.28%, 1.28% Floor)		6.61%	(a)		06/15/2039		8,682,895
		MF1 Multifamily Housing Mortgage Loan Trust
	1,480,750	Series 2021-FL6-A (CME Term SOFR 1 Month + 1.21%, 1.10% Floor)		6.54%	(a)		07/16/2036		1,473,937
	3,016,982	Series 2021-FL7-A (CME Term SOFR 1 Month + 1.19%, 1.08% Floor)		6.52%	(a)		10/16/2036		3,002,374
	3,780,327	Series 2022-FL8-A (CME Term SOFR 1 Month + 1.35%, 1.35% Floor)		6.68%	(a)		02/19/2037		3,758,710
	12,550,000	Series 2022-FL8-AS (CME Term SOFR 1 Month + 1.75%, 1.75% Floor)		7.08%	(a)		02/19/2037		12,361,340
		MFT Trust
	8,933,000	Series 2020-ABC-D		3.48%	(a)(b)		02/10/2042		4,746,625
		Morgan Stanley Bank of America Merrill Lynch Trust
	9,732,681	Series 2012-CKSV-CK		4.17%	(a)(b)		10/15/2030		5,947,957
	500,000	Series 2014-C18-C		4.46%	(b)		10/15/2047		482,854
	7,513,000	Series 2015-C23-AS		4.00%	(b)		07/15/2050		7,288,425
	15,880,411	Series 2016-C28-XA-XA		1.14%	(b)(h)		01/15/2049		229,423
		Morgan Stanley Capital I, Inc.
	711,000	Series 2019-NUGS-F (CME Term SOFR 1 Month + 2.96%, 4.34% Floor)		8.28%	(a)(f)		12/15/2036		119,487
	13,327,000	Series 2019-PLND-E (CME Term SOFR 1 Month + 2.26%, 2.15% Floor)		7.59%	(a)		05/15/2036		9,319,995
	1,331,000	Series 2019-PLND-F (CME Term SOFR 1 Month + 2.91%, 2.80% Floor)		8.24%	(a)		05/15/2036		624,681
		Natixis Commercial Mortgage Securities Trust
	9,940,000	Series 2018-FL1-C (Prime Rate + 0.00%)		8.50%	(a)		06/15/2035		4,161,652
	8,191,000	Series 2020-2PAC-AMZ1		3.50%	(a)(b)		01/15/2037		6,875,469
	4,742,000	Series 2020-2PAC-AMZ2		3.50%	(a)(b)		01/15/2037		3,698,139
		OPG Trust
	4,937,649	Series 2021-PORT-A (CME Term SOFR 1 Month + 0.60%, 0.48% Floor)		5.92%	(a)		10/15/2036		4,876,136
		Ready Capital Corp.
	3,436,996	Series 2021-FL7-A (CME Term SOFR 1 Month + 1.31%, 1.20% Floor)		6.64%	(a)		11/25/2036		3,431,988
		SFO Commercial Mortgage Trust
	1,500,000	Series 2021-555-C (CME Term SOFR 1 Month + 1.91%, 1.80% Floor)		7.24%	(a)		05/15/2038		1,407,268
		SLG Office Trust
	168,062,650	Series 2021-OVA-X		0.26%	(a)(b)(h)		07/15/2041		2,435,950
		Starwood Property Mortgage Trust
	459,000	Series 2019-FL1-C (CME Term SOFR 1 Month + 2.06%, 2.06% Floor)		7.39%	(a)		07/15/2038		440,047
	8,744,000	Series 2019-FL1-D (CME Term SOFR 1 Month + 2.46%, 2.46% Floor)		7.79%	(a)		07/15/2038		8,235,178
	5,686,099	Series 2021-FL2-A (CME Term SOFR 1 Month + 1.31%, 1.20% Floor)		6.64%	(a)		04/18/2038		5,618,776
		TPG Real Estate Finance Issuer Ltd.
	11,630,000	Series 2022-FL5-A (US 30 Day Average Secured Overnight Financing Rate + 1.65%, 1.65% Floor)		6.97%	(a)		02/15/2039		11,572,327
		UBS Commercial Mortgage Trust
	1,500,000	Series 2017-C4-C		4.53%	(b)		10/15/2050		1,292,452
	65,981,920	Series 2018-C13-XA		0.76%	(b)(h)		10/15/2051		1,774,095
	6,009,000	Series 2018-C8-C		4.68%	(b)		02/15/2051		5,174,573
	1,067,000	Series 2018-C9-C		4.95%	(b)		03/15/2051		766,384
		VMC Finance LLC
	1,977,007	Series 2022-FL5-A (US 30 Day Average Secured Overnight Financing Rate + 1.90%, 1.90% Floor)		7.22%	(a)		02/18/2039		1,944,835
		WF-RBS Commercial Mortgage Trust
	5,544,288	Series 2014-C21-XA		0.97%	(b)(h)		08/15/2047		3,072
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $632,068,131)							487,205,064

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 13

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS—10.4%
		ACE Securities Corp.
	4,659,832	Series 2006-CW1-A2D (CME Term SOFR 1 Month + 0.63%, 0.52% Floor)		5.96%			07/25/2036		3,753,888
	7,041,555	Series 2007-WM1-A2B (CME Term SOFR 1 Month + 0.35%, 0.24% Floor)		5.68%			11/25/2036		2,933,917
		Adjustable Rate Mortgage Trust
	4,569,992	Series 2006-1-6A1 (CME Term SOFR 1 Month + 0.37%, 0.26% Floor)		5.70%			03/25/2036		2,630,262
		AJAX Mortgage Loan Trust
	3,866,601	Series 2021-C-A		2.12%	(a)(c)		01/25/2061		3,760,472
		American Home Mortgage Investment Trust
	2,110,989	Series 2004-2-M1 (CME Term SOFR 1 Month + 1.01%, 0.90% Floor, 11.00% Cap)		6.34%			02/25/2044		1,928,864
		Angel Oak Mortgage Trust LLC
	2,156,208	Series 2020-2-A1A		2.53%	(a)(b)		01/26/2065		1,999,940
	395,909	Series 2020-6-A3		1.78%	(a)(b)		05/25/2065		354,914
	7,139,793	Series 2021-7-A1		1.98%	(a)(b)		10/25/2066		5,994,714
		Arroyo Mortgage Trust
	905,171	Series 2019-1-A1		3.81%	(a)(b)		01/25/2049		862,863
	496,576	Series 2019-2-A2		3.50%	(a)(b)		04/25/2049		464,710
	3,814,235	Series 2019-3-A3		3.42%	(a)(b)		10/25/2048		3,543,287
		Banc of America Funding Corp.
	977,462	Series 2006-7-T2A1-T2A1		5.88%	(b)		10/25/2036		829,532
	9,708,242	Series 2015-R2-4A2 (CME Term SOFR 1 Month + 0.28%, 0.17% Floor)		3.97%	(a)(f)		09/29/2036		7,193,119
	1,947,375	Series 2015-R2-9A2		4.83%	(a)(d)		03/27/2036		1,586,308
		Banc of America Mortgage Securities, Inc.
	986,184	Series 2005-I-2A5		4.68%	(b)		10/25/2035		906,054
	2,274,920	Series 2007-3-1A1		6.00%			09/25/2037		1,830,505
		BCAP LLC Trust
	6,711,985	Series 2009-RR4-7A2		6.00%	(a)(b)		03/26/2037		2,477,557
	1,285,134	Series 2012-RR1-3A4		6.37%	(a)(b)(f)		10/26/2035		829,293
		BRAVO Residential Funding Trust
	14,881,543	Series 2021-B-A1		5.12%	(a)(c)		04/01/2069		14,701,956
	2,173,870	Series 2021-NQM2-A3		1.44%	(a)(b)		03/25/2060		2,017,139
	8,122,862	Series 2022-RPL1-A1		2.75%	(a)(b)		09/25/2061		7,330,882
		Citigroup Mortgage Loan Trust, Inc.
	1,576,211	Series 2020-EXP1-A1A		1.80%	(a)(b)		05/25/2060		1,425,639
		Citimortgage Alternative Loan Trust
	585,168	Series 2007-A5-1A10		5.75%			05/25/2037		516,675
		COLT Funding LLC
	118,997	Series 2020-3-A3		2.38%	(a)(b)		04/27/2065		113,750
	2,774,166	Series 2021-1R-A1		0.86%	(a)(b)		05/25/2065		2,361,308
	4,891,687	Series 2021-5-A1		1.73%	(a)(b)		11/26/2066		4,201,842
	5,706,947	Series 2022-2-A1		2.99%	(a)(c)		02/25/2067		5,185,288
		Countrywide Alternative Loan Trust
	283,833	Series 2005-23CB-A15		5.50%			07/25/2035		229,152
	979,781	Series 2005-28CB-1A6-1A6		5.50%			08/25/2035		829,582
	3,936,466	Series 2005-49CB-A6		5.50%			11/25/2035		2,588,209
	1,503,845	Series 2005-61-1A2 (CME Term SOFR 1 Month + 0.85%, 0.74% Floor)		5.81%			12/25/2035		1,301,267
	7,049,109	Series 2005-62-1A1 (CME Term SOFR 1 Month + 0.71%, 0.60% Floor)		6.04%			12/25/2035		5,263,335
	7,440,408	Series 2006-16CB-A5		6.00%			06/25/2036		4,079,954
	1,443,843	Series 2006-32CB-A21		5.50%			11/25/2036		800,970
	2,254,254	Series 2006-34-A6		6.25%			11/25/2046		1,096,217
	5,640,643	Series 2006-36T2-1A3		5.75%			12/25/2036		2,184,917
	1,354,540	Series 2006-J4-2A9		6.00%			07/25/2036		772,670
	1,512,152	Series 2006-J6-A5		6.00%			09/25/2036		769,077
	2,066,958	Series 2006-OA12-A1B (CME Term SOFR 1 Month + 0.30%, 0.19% Floor)		5.63%			09/20/2046		2,097,145

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Countrywide Alternative Loan Trust (Cont.)
	3,641,306	Series 2006-OA21-A1 (CME Term SOFR 1 Month + 0.30%, 0.19% Floor)		5.63%			03/20/2047		2,941,940
	10,903,028	Series 2007-12T1-A11		6.00%			06/25/2037		5,089,256
	9,781,810	Series 2007-12T1-A5		6.00%			06/25/2037		4,565,900
	288,951	Series 2007-15CB-A7		6.00%			07/25/2037		173,921
	4,201,612	Series 2007-8CB-A1		5.50%			05/25/2037		2,240,111
	10,573,310	Series 2007-9T1-1A6		6.00%			05/25/2037		5,154,015
		Countrywide Home Loan Mortgage Pass Through Trust
	682,650	Series 2005-10-A2		5.50%			05/25/2035		551,317
	9,775,639	Series 2006-20-1A18 (CME Term SOFR 1 Month + 0.76%, 0.65% Floor, 6.00% Cap)		6.00%			02/25/2037		3,842,263
	1,576,531	Series 2006-21-A10		5.75%			02/25/2037		700,060
	542,671	Series 2007-14-A15		6.50%			09/25/2037		314,909
		Credit Suisse First Boston Mortgage Securities Corp.
	2,452	Series 2004-8-6A1		4.50%			11/25/2034		2,009
	445,970	Series 2005-9-5A9		5.50%			10/25/2035		237,138
		Credit Suisse Management LLC
	1,017,333	Series 2005-11-2A1		6.00%			12/25/2035		711,629
	51,034	Series 2005-11-8A5		6.00%			12/25/2035		39,103
		Credit Suisse Mortgage Capital Certificates
	8,580,231	Series 2009-8R-8A2		6.00%	(a)(b)		03/26/2037		3,365,845
	402,843	Series 2011-12R-3A5		5.27%	(a)(b)		07/27/2036		391,128
	339,678	Series 2021-JR1-A1		2.47%	(a)(b)		09/27/2066		335,964
	17,138,319	Series 2022-NQM1-A1		2.27%	(a)(b)		11/25/2066		15,026,825
		CSMCM Trust
	20,624,355	Series 2019-RP10-A1		3.14%	(a)(b)		12/26/2059		20,807,160
		DB US Financial Markets Holding Corp.
	323,881	Series 2014-RS1-1A2		6.50%	(a)(b)		07/27/2037		265,381
		Deutsche ALT-A Securities, Inc.
	366,794	Series 2006-AB4-A1A		6.01%	(b)		10/25/2036		305,699
	6,596,910	Series 2006-AR4-A1 (CME Term SOFR 1 Month + 0.37%, 0.26% Floor)		5.70%			12/25/2036		2,201,381
	4,377,459	Series 2006-AR4-A2 (CME Term SOFR 1 Month + 0.49%, 0.38% Floor, 10.50% Cap)		5.82%			12/25/2036		1,412,554
	190,446	Series 2007-OA2-A1 (12 Month US Treasury Average + 0.77%, 0.77% Floor)		5.86%			04/25/2047		162,212
		Fannie Mae Connecticut Avenue Securities
	5,304,170	Series 2024-R01-1M1 (US 30 Day Average Secured Overnight Financing Rate + 1.05%, 1.05% Floor)		6.37%	(a)		01/25/2044		5,308,160
		GCAT
	3,063,001	Series 2020-NQM2-A1		1.56%	(a)(c)		04/25/2065		2,830,807
	6,728,502	Series 2021-NQM4-A3		1.56%	(a)(b)		08/25/2066		5,422,692
		GSAA Trust
	5,218,200	Series 2006-19-A3A (CME Term SOFR 1 Month + 0.59%, 0.48% Floor)		5.92%			12/25/2036		1,854,657
		GSR Mortgage Loan Trust
	323,240	Series 2006-2F-3A4		6.00%			02/25/2036		148,485
		Harborview Mortgage Loan Trust
	2,219,813	Series 2006-1-2A1A (CME Term SOFR 1 Month + 0.59%, 0.48% Floor)		5.92%			03/19/2036		2,034,217
		Impac Secured Assets CMN Owner Trust
	694,174	Series 2006-5-1A1C (CME Term SOFR 1 Month + 0.65%, 0.54% Floor, 11.50% Cap)		5.98%			02/25/2037		619,154
		Indymac Index Mortgage Loan Trust
	638,647	Series 2006-AR5-2A1		3.44%	(b)		05/25/2036		584,037
		JP Morgan Alternative Loan Trust
	32,547,741	Series 2005-S1-1A4		6.00%			12/25/2035		11,876,140
	3,343,653	Series 2007-S1-A2 (CME Term SOFR 1 Month + 0.79%, 0.68% Floor, 11.50% Cap)		6.12%			04/25/2047		3,184,648
		JP Morgan Mortgage Acquisition Corp.
	11,137,526	Series 2006-WMC2-A5 (CME Term SOFR 1 Month + 0.61%, 0.50% Floor)		5.94%			07/25/2036		4,833,695
		JP Morgan Reremic
	5,806,574	Series 2014-4-1C		0.00%	(a)(b)(f)		01/26/2036		1,799,497

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 15

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Legacy Mortgage Asset Trust
	180,536	Series 2020-SL1-A		5.73%	(a)(c)		01/25/2060		180,625
	2,593,229	Series 2021-GS1-A1		4.89%	(a)(c)		10/25/2066		2,562,076
		Lehman Mortgage Trust
	185,568	Series 2006-1-1A3		5.50%			02/25/2036		90,243
		Lehman XS Trust
	8,893,084	Series 2007-15N-3A1 (CME Term SOFR 1 Month + 0.36%, 0.25% Floor)		5.69%			08/25/2047		7,448,248
		Long Beach Mortgage Loan Trust
	15,890,797	Series 2006-11-2A2 (CME Term SOFR 1 Month + 0.31%, 0.20% Floor)		5.64%			12/25/2036		5,626,126
	9,654,616	Series 2006-2-2A3 (CME Term SOFR 1 Month + 0.49%, 0.38% Floor)		5.82%			03/25/2046		3,497,062
		Mastr Adjustable Rate Mortgages Trust
	68,579	Series 2006-2-2A1		6.17%	(b)		04/25/2036		36,455
	1,411,448	Series 2006-OA2-4A1A (12 Month US Treasury Average + 0.85%, 0.85% Floor)		5.94%			12/25/2046		1,301,304
		Merrill Lynch Alternative Note Asset
	335,599	Series 2007-F1-2A6		6.00%			03/25/2037		120,346
		Merrill Lynch Mortgage Investors, Inc.
	1,172,773	Series 2006-AF1-AF2C		6.25%			08/25/2036		473,237
	35,318,148	Series 2006-RM2-A1A (CME Term SOFR 1 Month + 0.48%, 0.37% Floor)		5.81%			05/25/2037		9,819,367
	4,372,048	Series 2007-HE2-A2A (CME Term SOFR 1 Month + 0.35%, 0.24% Floor)		5.68%			02/25/2037		1,281,567
	6,760,482	Series 2007-HE2-A2B (CME Term SOFR 1 Month + 0.53%, 0.42% Floor)		5.86%			02/25/2037		1,981,740
		MFRA Trust
	4,653,687	Series 2021-NQM2-A3		1.47%	(a)(b)		11/25/2064		4,007,584
		Morgan Stanley Mortgage Loan Trust
	223,305	Series 2006-2-7A1		5.47%	(b)		02/25/2036		125,953
		Morgan Stanley Residential Mortgage Loan Trust
	434,911	Series 2020-RPL1-A1		5.69%	(a)(b)		10/25/2060		430,968
		Nomura Resecuritization Trust
	3,894,927	Series 2015-8R-4A4		4.51%	(a)(b)		11/25/2047		3,192,588
		Onslow Bay Mortgage Loan Trust
	428,118	Series 2020-EXP2-A3		2.50%	(a)(b)		05/25/2060		351,139
	3,010,708	Series 2021-NQM2-A3		1.56%	(a)(b)		05/25/2061		2,418,132
	6,206,828	Series 2022-NQM1-A1		2.31%	(a)(b)		11/25/2061		5,351,637
		Pretium Mortgage Credit Partners LLC
	1,963,011	Series 2021-NPL1-A1		5.24%	(a)(c)		09/27/2060		1,942,378
	2,836,706	Series 2021-NPL2-A1		1.99%	(a)(c)		06/27/2060		2,757,303
	24,790,149	Series 2021-NPL3-A1		1.87%	(a)(c)		07/25/2051		23,998,639
	4,812,798	Series 2021-RN1-A1		1.99%	(a)(c)		02/25/2061		4,704,453
	4,791,539	Series 2021-RN2-A1		1.74%	(a)(c)		07/25/2051		4,644,966
		PRPM LLC
	4,680,603	Series 2021-6-A1		1.79%	(a)(c)		07/25/2026		4,556,233
		RALI Trust
	486,510	Series 2006-QS12-2A3		6.00%			09/25/2036		395,322
	1,269,994	Series 2007-QS4-3A4		6.00%			03/25/2037		1,048,625
	1,581,454	Series 2007-QS4-3A9		6.00%			03/25/2037		1,305,766
	1,086,434	Series 2007-QS8-A3 (CME Term SOFR 1 Month + 0.71%, 0.60% Floor, 6.00% Cap)		6.00%			06/25/2037		778,853
	689,409	Series 2007-QS9-A33		6.50%			07/25/2037		535,209
		RASC Trust
	4,181,979	Series 2004-KS7-A2A (CME Term SOFR 1 Month + 0.69%, 0.58% Floor)		6.02%			08/25/2034		4,004,002
		RBSSP Resecuritization Trust
	560,840	Series 2009-2-3A2 (CME Term SOFR 1 Month + 0.61%, 0.50% Floor)		5.09%	(a)		04/26/2035		516,924
		Residential Asset Securitization Trust
	689,773	Series 2006-A2-A11		6.00%			01/25/2046		284,137
	2,099,655	Series 2006-A6-1A4		6.00%			07/25/2036		608,099
		Residential Mortgage Loan Trust
	5,394,000	Series 2019-2-M1		3.86%	(a)(b)		05/25/2059		5,238,084

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		RFMSI Trust
	3,989,658	Series 2007-S1-A1 (CME Term SOFR 1 Month + 0.71%, 0.60% Floor, 6.00% Cap)		6.00%			01/25/2037		2,847,313
		Securitized Asset Backed Receivables LLC
	5,835,109	Series 2006-WM3-A1 (CME Term SOFR 1 Month + 0.21%, 0.10% Floor)		5.54%			10/25/2036		1,989,168
		Soundview Home Equity Loan Trust
	1,145,426	Series 2007-OPT3-2A3 (CME Term SOFR 1 Month + 0.29%, 0.18% Floor)		5.62%			08/25/2037		1,111,720
		Starwood Mortgage Residential Trust
	8,000,000	Series 2020-2-M1E		3.00%	(a)		04/25/2060		7,704,056
		Structured Adjustable Rate Mortgage Loan Trust
	1,043,388	Series 2005-22-4A1		5.25%	(b)		12/25/2035		948,726
		VCAT Asset Securitization LLC
	8,649,684	Series 2021-NPL4-A1		1.87%	(a)(c)		08/25/2051		8,393,618
	5,152,146	Series 2021-NPL5-A1		1.87%	(a)(c)		08/25/2051		5,034,312
		Velocity Commercial Capital Loan Trust
	2,722,511	Series 2020-1-M2		2.98%	(a)(b)		02/25/2050		2,270,774
	2,372,947	Series 2021-1-M2		2.26%	(a)(b)		05/25/2051		1,867,947
	1,854,686	Series 2021-2-M2		2.20%	(a)(b)		08/25/2051		1,524,139
		Vericrest Opportunity Loan Transferee
	3,653,808	Series 2021-NP10-A1		1.99%	(a)(c)		05/25/2051		3,523,029
	5,301,857	Series 2021-NP11-A1		1.87%	(a)(c)		08/25/2051		5,131,065
	6,902,381	Series 2021-NPL1-A1		4.89%	(a)(c)		02/27/2051		6,748,058
	722,406	Series 2021-NPL2-A1		4.89%	(a)(c)		02/27/2051		703,003
	3,126,782	Series 2021-NPL5-A1		5.12%	(a)(c)		03/27/2051		3,065,448
	2,015,274	Series 2021-NPL6-A1		5.24%	(a)(c)		04/25/2051		1,986,331
	17,455,373	Series 2021-NPL8-A1		5.12%	(a)(c)		04/25/2051		17,026,373
		Verus Securitization Trust
	209,536	Series 2020-4-A3		2.32%	(a)(c)		05/25/2065		200,365
	1,500,000	Series 2020-INV1-A2		3.04%	(a)(b)		03/25/2060		1,466,921
	14,481,360	Series 2021-7-A1		1.83%	(a)(b)		10/25/2066		12,596,440
	1,885,853	Series 2021-R1-A3		1.26%	(a)(b)		10/25/2063		1,721,552
		WAMU Asset-Backed Certificates
	1,625,851	Series 2007-HE4-2A3 (CME Term SOFR 1 Month + 0.28%, 0.28% Floor)		5.61%			07/25/2047		967,514
		WaMu Mortgage Pass Through Certificates
	2,499,537	Series 2005-AR4-A5		4.25%	(b)		04/25/2035		2,391,190
	2,761,446	Series 2006-AR10-2A1		4.17%	(b)		09/25/2036		2,342,980
	10,121,115	Series 2006-AR18-1A1		3.73%	(b)		01/25/2037		8,504,702
		Washington Mutual Alternative Mortgage Pass-Through Certificates
	935,489	Series 2005-8-2CB3 (CME Term SOFR 1 Month + 0.52%, 0.41% Floor, 5.50% Cap)		5.50%			10/25/2035		862,516
		Washington Mutual Asset-Backed Certificates
	6,209,595	Series 2006-HE5-2A2 (CME Term SOFR 1 Month + 0.47%, 0.36% Floor)		4.48%			10/25/2036		2,223,942
	2,280,461	Series 2006-HE5-2A3 (CME Term SOFR 1 Month + 0.57%, 0.46% Floor)		4.48%			10/25/2036		816,738
		Wells Fargo Alternative Loan Trust
	479,007	Series 2007-PA5-1A1		6.25%			11/25/2037		409,773
		Wells Fargo Mortgage Backed Securities Trust
	1,607,766	Series 2007-15-A1		6.00%			11/25/2037		1,425,590
	5,700,522	Series 2007-AR6-A2		6.01%	(b)		10/25/2037		5,191,173
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $530,592,042)							435,692,948
	US CORPORATE BONDS—6.2%
	1,635,000	AbbVie, Inc.		2.60%			11/21/2024		1,605,864
	795,000	AGCO Corp.		5.45%			03/21/2027		798,899
	960,000	American Electric Power Co., Inc.		5.20%			01/15/2029		962,811

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 17

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	3,401,000	American Express Co. (Secured Overnight Financing Rate + 1.00%)		6.34%			02/16/2028		3,413,560
	1,710,000	Amgen, Inc.		5.51%			03/02/2026		1,708,412
	1,710,000	Arrow Electronics, Inc.		6.13%			03/01/2026		1,709,497
	1,973,000	AT&T, Inc.		5.54%			02/20/2026		1,971,990
	5,185,000	Athene Global Funding (Secured Overnight Financing Rate + 0.70%)		6.04%	(a)		05/24/2024		5,187,798
	1,075,000	Avery Dennison Corp.		0.85%			08/15/2024		1,054,586
	2,715,000	Aviation Capital Group LLC		1.95%	(a)		09/20/2026		2,481,796
	1,651,000	Boeing Co.		4.88%			05/01/2025		1,632,914
	3,427,000	BP Capital Markets America, Inc.		4.70%			04/10/2029		3,420,013
	1,885,000	Bristol-Myers Squibb Co. (US Secured Overnight Financing Rate + 0.49%)		5.83%			02/20/2026		1,891,762
	1,470,000	Broadcom Corp. / Broadcom Cayman Finance Ltd.		3.88%			01/15/2027		1,425,430
	1,695,000	Broadcom, Inc.		3.15%			11/15/2025		1,640,389
	3,337,000	Brown & Brown, Inc.		4.20%			09/15/2024		3,313,846
	3,365,000	Campbell Soup Co.		3.95%			03/15/2025		3,314,741
	1,325,000	Campbell Soup Co.		5.20%			03/19/2027		1,328,628
	4,683,000	Cardinal Health, Inc.		3.08%			06/15/2024		4,656,419
	1,175,000	Carrier Global Corp.		5.80%			11/30/2025		1,183,238
	1,634,000	Charles Schwab Corp. (Secured Overnight Financing Rate + 1.05%)		6.40%			03/03/2027		1,639,502
	1,010,000	Charter Communications Operating LLC / Charter Communications Operating Capital		6.15%			11/10/2026		1,018,156
	3,975,000	Citigroup, Inc. (CME Term SOFR 3 Month + 1.16%)		3.35%			04/24/2025		3,968,462
	1,825,000	Citigroup, Inc. (US Secured Overnight Financing Rate + 1.53%)		3.29%			03/17/2026		1,783,935
	1,750,000	Constellation Brands, Inc.		3.60%			05/09/2024		1,745,885
	1,755,000	Crown Castle, Inc.		4.80%			09/01/2028		1,721,710
	1,730,000	CVS Health Corp.		5.00%			02/20/2026		1,724,755
	1,762,000	Dell International LLC / EMC Corp.		4.00%			07/15/2024		1,753,376
	1,660,000	Dell International LLC / EMC Corp.		5.85%			07/15/2025		1,668,784
	1,630,000	Dollar General Corp.		4.15%			11/01/2025		1,599,535
	3,027,000	Dollar Tree, Inc.		4.00%			05/15/2025		2,976,660
	5,163,000	Elevance Health, Inc.		3.50%			08/15/2024		5,122,027
	1,925,000	Eli Lilly & Co.		5.00%			02/27/2026		1,923,083
	3,340,000	Energy Transfer LP		6.05%			12/01/2026		3,407,986
	3,550,000	Entergy Corp.		0.90%			09/15/2025		3,329,034
	3,515,000	Equinix, Inc.		1.25%			07/15/2025		3,326,225
	1,705,000	Exelon Corp.		5.15%			03/15/2029		1,709,577
	3,398,000	Expedia Group, Inc.		6.25%	(a)		05/01/2025		3,413,470
	3,505,000	Ford Motor Co.		4.35%			12/08/2026		3,413,512
	1,740,000	General Mills, Inc.		4.00%			04/17/2025		1,715,090
	1,375,000	General Mills, Inc.		5.24%			11/18/2025		1,371,214
	3,315,000	General Motors Financial Co., Inc.		4.00%			01/15/2025		3,271,847
	3,420,000	General Motors Financial Co., Inc.		5.25%			03/01/2026		3,410,990
	1,680,000	Georgia Power Co.		5.00%			02/23/2027		1,682,839
	1,684,000	Gilead Sciences, Inc.		3.65%			03/01/2026		1,641,538
	2,215,000	Goldman Sachs Bank USA/New York NY (US Secured Overnight Financing Rate + 0.77%)		6.12%			03/18/2027		2,215,019
	3,345,000	HCA, Inc.		5.38%			02/01/2025		3,336,117
	2,575,000	Hewlett Packard Enterprise Co.		5.90%			10/01/2024		2,579,276
	2,860,000	Hyatt Hotels Corp.		5.75%			01/30/2027		2,905,464
	3,415,000	Hyundai Capital America		1.00%	(a)		09/17/2024		3,341,374
	1,660,000	Hyundai Capital America		5.30%	(a)		03/19/2027		1,660,727
	1,700,000	Intuit, Inc.		5.25%			09/15/2026		1,716,296
	1,410,000	JPMorgan Chase & Co. (CME Term SOFR 3 Month + 0.54%)		0.82%			06/01/2025		1,397,842
	1,105,000	JPMorgan Chase & Co. (CME Term SOFR 3 Month + 0.58%)		0.97%			06/23/2025		1,092,224
	3,365,000	JPMorgan Chase & Co.		3.90%			07/15/2025		3,310,607

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	2,910,000	JPMorgan Chase & Co. (US Secured Overnight Financing Rate + 0.49%)		0.77%			08/09/2025		2,855,307
	1,730,000	Kinder Morgan, Inc.		4.30%			06/01/2025		1,705,913
	1,735,000	Kinder Morgan, Inc.		5.00%			02/01/2029		1,728,939
	1,035,000	Lowe’s Cos., Inc.		4.40%			09/08/2025		1,022,639
	3,319,000	Marriott International, Inc./MD		3.60%			04/15/2024		3,315,885
	1,735,000	McDonald’s Corp.		3.38%			05/26/2025		1,698,604
	1,712,000	McDonald’s Corp.		1.45%			09/01/2025		1,625,226
	1,730,000	McKesson Corp.		5.25%			02/15/2026		1,725,896
	905,000	Meta Platforms, Inc.		4.60%			05/15/2028		904,926
	3,055,000	Microchip Technology, Inc.		0.98%			09/01/2024		2,993,328
	460,000	Microchip Technology, Inc.		4.25%			09/01/2025		452,617
	665,000	Microchip Technology, Inc.		5.05%			03/15/2029		665,374
	3,355,000	Morgan Stanley (US Secured Overnight Financing Rate + 0.53%)		0.79%			05/30/2025		3,324,046
	3,475,000	Morgan Stanley		3.88%			01/27/2026		3,395,748
	3,350,000	Motorola Solutions, Inc.		5.00%			04/15/2029		3,334,850
	1,755,000	New York Life Global Funding		3.60%	(a)		08/05/2025		1,718,589
	1,050,000	NextEra Energy Capital Holdings, Inc.		4.20%			06/20/2024		1,046,443
	685,000	NextEra Energy Capital Holdings, Inc.		4.26%			09/01/2024		680,511
	1,690,000	NiSource, Inc.		5.25%			03/30/2028		1,702,460
	2,699,000	Northrop Grumman Corp.		2.93%			01/15/2025		2,649,294
	3,355,000	NVIDIA Corp.		0.58%			06/14/2024		3,321,886
	2,610,000	Omnicom Group, Inc. / Omnicom Capital, Inc.		3.65%			11/01/2024		2,578,477
	3,385,000	Oracle Corp.		5.80%			11/10/2025		3,414,198
	1,605,000	O’Reilly Automotive, Inc.		5.75%			11/20/2026		1,631,833
	2,800,000	Pacific Gas and Electric Co.		4.95%			06/08/2025		2,778,073
	710,000	Pacific Gas and Electric Co.		2.10%			08/01/2027		639,558
	1,240,000	Packaging Corp. of America		3.65%			09/15/2024		1,227,873
	3,330,000	Parker-Hannifin Corp.		3.65%			06/15/2024		3,315,690
	3,020,000	Penske Truck Leasing Co. LP / PTL Finance Corp.		4.00%	(a)		07/15/2025		2,958,568
	3,506,000	Penske Truck Leasing Co. LP / PTL Finance Corp.		4.40%	(a)		07/01/2027		3,414,990
	1,010,000	PepsiCo, Inc. (Secured Overnight Financing Rate + 0.40%)		5.74%			11/12/2024		1,011,354
	710,000	Pfizer Investment Enterprises Pte Ltd.		4.65%			05/19/2025		705,611
	3,430,000	Philip Morris International, Inc.		4.88%			02/13/2026		3,417,961
	1,515,000	Phillips 66		3.85%			04/09/2025		1,492,377
	142,000	Phillips 66		1.30%			02/15/2026		132,186
	2,235,000	PNC Financial Services Group, Inc. (US Secured Overnight Financing Rate + 1.32%)		5.81%			06/12/2026		2,243,119
	2,510,000	Public Service Enterprise Group, Inc.		5.85%			11/15/2027		2,571,838
	3,367,000	Republic Services, Inc.		2.50%			08/15/2024		3,327,541
	3,825,000	Royalty Pharma PLC		1.75%			09/02/2027		3,416,985
	3,395,000	Ryder System, Inc.		5.25%			06/01/2028		3,412,271
	1,595,000	Sabine Pass Liquefaction LLC		5.63%			03/01/2025		1,594,013
	2,692,000	Simon Property Group LP		2.00%			09/13/2024		2,649,816
	2,345,000	Solventum Corp.		5.45%	(a)		02/25/2027		2,353,681
	1,235,000	Southern California Edison Co. (Secured Overnight Financing Rate + 0.83%)		6.18%			04/01/2024		1,235,000
	1,175,000	Southern California Edison Co.		4.90%			06/01/2026		1,169,497
	1,685,000	Southern Co.		5.15%			10/06/2025		1,682,771
	2,370,000	Stryker Corp.		4.85%			12/08/2028		2,371,891
	3,360,000	Synchrony Financial		4.25%			08/15/2024		3,338,698
	3,425,000	Take-Two Interactive Software, Inc.		4.95%			03/28/2028		3,413,184
	1,753,000	Truist Financial Corp. (US Secured Overnight Financing Rate + 0.40%)		5.75%			06/09/2025		1,748,977
	3,410,000	Union Pacific Corp.		4.75%			02/21/2026		3,407,359
	845,000	UnitedHealth Group, Inc.		0.55%			05/15/2024		840,047
	1,700,000	Veralto Corp.		5.50%	(a)		09/18/2026		1,707,252
	1,724,000	Viatris, Inc.		1.65%			06/22/2025		1,639,945
	3,540,000	VICI Properties LP / VICI Note Co., Inc.		4.25%	(a)		12/01/2026		3,406,072
	1,725,000	WEC Energy Group, Inc.		4.75%			01/09/2026		1,709,822

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 19

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

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	6,265,000	Wells Fargo & Co. (CME Term SOFR 3 Month + 1.09%)		2.41%			10/30/2025		6,146,511
	3,390,000	Welltower OP LLC		4.00%			06/01/2025		3,333,353
	1,660,000	Workday, Inc.		3.50%			04/01/2027		1,589,960
	3,413,000	Zimmer Biomet Holdings, Inc.		1.45%			11/22/2024		3,322,172
		Total US Corporate Bonds (Cost $264,305,520)							262,815,736
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS—2.4%
		Federal Home Loan Mortgage Corp.
	446,763	Pool G08626		3.00%			02/01/2045		397,897
	444,230	Pool G08631		3.00%			03/01/2045		395,273
	813,549	Series 2021-MN1-M1 (US 30 Day Average Secured Overnight Financing Rate + 2.00%)		7.32%	(a)		01/25/2051		797,477
	2,294,966	Series 3072-FB (US 30 Day Average Secured Overnight Financing Rate + 0.66%, 0.55% Floor, 7.00% Cap)		5.98%			11/15/2035		2,283,371
	239,278	Series 3417-SM (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.17%, 6.28% Cap)		0.85%	(h)(i)		02/15/2038		21,181
	571,900	Series 4471-GA		3.00%			02/15/2044		536,144
	3,857,661	Series 4631-FA (US 30 Day Average Secured Overnight Financing Rate + 0.61%, 0.50% Floor, 6.50% Cap)		5.93%			11/15/2046		3,790,408
	1,877,236	Series 4917-FE (US 30 Day Average Secured Overnight Financing Rate + 0.56%, 0.45% Floor, 6.50% Cap)		5.88%			10/25/2049		1,838,379
	7,670,208	Series 5020-KA		2.00%			04/25/2040		7,149,692
		Federal National Mortgage Association
	794,440	Pool AL2987 (Refinitiv USD IBOR Consumer Cash Fallbacks Term 1 Year + 1.62%, 1.62% Floor, 7.31% Cap)		5.87%			11/01/2042		811,885
	2,364,871	Pool AP7870 (Refinitiv USD IBOR Consumer Cash Fallbacks Term 1 Year + 1.70%, 1.70% Floor, 7.53% Cap)		5.95%			07/01/2042		2,434,728
	596,266	Pool AS4645		3.00%			03/01/2045		529,715
	637,359	Pool BM3520 (Refinitiv USD IBOR Consumer Cash Fallbacks Term 1 Year + 1.56%, 1.56% Floor, 7.00% Cap)		5.51%			05/01/2045		646,104
	2,331,357	Pool BM4513 (Refinitiv USD IBOR Consumer Cash Fallbacks Term 1 Year + 1.70%, 1.70% Floor, 7.84% Cap)		6.38%			05/01/2044		2,393,281
	2,000,000	Pool BS7662		4.90%			03/01/2028		1,996,019
	152,260	Pool MA1200		3.00%			10/01/2032		143,087
	735,605	Pool MA2270		3.00%			05/01/2045		646,790
	4,600,760	Pool MA5086		5.00%			07/01/2043		4,560,548
	4,399,837	Pool MA5112		5.00%			08/01/2043		4,361,376
	1,367,376	Series 2016-72-PA		3.00%			07/25/2046		1,216,249
	1,710,634	Series 2016-8-FA (US 30 Day Average Secured Overnight Financing Rate + 0.56%, 0.45% Floor, 6.50% Cap)		5.88%			03/25/2046		1,681,656
	6,551,076	Series 2017-82-FG (US 30 Day Average Secured Overnight Financing Rate + 0.36%, 0.25% Floor, 6.50% Cap)		5.68%			11/25/2032		6,471,287
	6,237,721	Series 2019-25-SB (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.94%, 6.05% Cap)		0.62%	(h)(i)		06/25/2049		589,788
	4,933,311	Series 2019-43-FD (US 30 Day Average Secured Overnight Financing Rate + 0.51%, 0.40% Floor, 6.50% Cap)		5.83%			08/25/2049		4,839,260
	2,840,526	Series 2019-49-FB (US 30 Day Average Secured Overnight Financing Rate + 0.59%, 0.48% Floor, 6.50% Cap)		5.91%			09/25/2049		2,803,190
	21,360,020	Series 2020-M49-1A1		1.26%	(b)		11/25/2030		19,078,996
	4,094,438	Series 2021-21-HG		2.00%			11/25/2047		3,575,789
	8,096,836	Series 2022-M1S-A1		2.08%	(b)		11/25/2031		7,265,502
	2,947,656	Series 2023-M4-A1		3.77%	(b)		06/25/2032		2,864,007
		FREMF Mortgage Trust
	2,433,468	Series 2016-KF18-B (US 30 Day Average Secured Overnight Financing Rate + 5.61%, 5.50% Floor)		10.93%	(a)		05/25/2026		2,356,020
	124,762,277	Series 2017-K67-X2B		0.10%	(a)(h)		09/25/2049		359,902
	1,401,628	Series 2017-KF27-B (US 30 Day Average Secured Overnight Financing Rate + 4.46%, 4.35% Floor)		9.78%	(a)		12/25/2026		1,389,980

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

March 31, 2024

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		FREMF Mortgage Trust (Cont.)
	2,481,119	Series 2017-KF30-B (US 30 Day Average Secured Overnight Financing Rate + 3.36%, 3.25% Floor)		8.68%	(a)		03/25/2027		2,436,397
	845,940	Series 2018-KF44-B (US 30 Day Average Secured Overnight Financing Rate + 2.26%, 2.15% Floor)		7.58%	(a)		02/25/2025		833,701
	878,676	Series 2019-KF69-B (US 30 Day Average Secured Overnight Financing Rate + 2.41%, 2.30% Floor)		7.73%	(a)		08/25/2029		812,534
		Government National Mortgage Association
	1,968,285	Series 2016-121-JF (CME Term SOFR 1 Month + 0.51%, 0.40% Floor, 6.50% Cap)		5.84%			09/20/2046		1,932,346
	2,904,236	Series 2022-183-B		5.00%			04/20/2047		2,881,904
	2,891,232	Series 2024-25-AF (US 30 Day Average Secured Overnight Financing Rate + 0.51%, 0.51% Floor, 6.50% Cap)		5.83%			02/20/2049		2,833,218
		Total US Government and Agency Mortgage Backed Obligations (Cost $106,974,498)							101,955,081
	US GOVERNMENT AND AGENCY OBLIGATIONS—23.6%
	125,100,000	United States Treasury Note/Bond		4.25%			01/31/2026		124,127,543
	40,500,000	United States Treasury Note/Bond		4.63%			11/15/2026		40,637,637
	132,800,000	United States Treasury Note/Bond		4.88%			11/30/2025		133,012,687
	93,400,000	United States Treasury Note/Bond		4.00%			01/15/2027		92,294,523
	145,500,000	United States Treasury Note/Bond		4.25%			12/31/2025		144,317,813
	84,500,000	United States Treasury Note/Bond		4.13%			02/15/2027		83,796,934
	103,600,000	United States Treasury Note/Bond		4.25%			05/31/2025		102,768,368
	81,800,000	United States Treasury Note/Bond		4.38%			12/15/2026		81,611,476
	55,600,000	United States Treasury Note/Bond		4.63%			06/30/2025		55,406,703
	136,700,000	United States Treasury Note/Bond		4.63%			02/28/2026		136,598,542
		Total US Government and Agency Obligations (Cost $999,238,965)							994,572,226
	COMMON STOCKS—0.0%(j)
	9,129	Flame Aggregator - Series R(f)(k)							77,140
	907	Flame Aggregator - Series U(f)(k)							7,664
		Total Common Stocks (Cost $20,580)							84,804
	SHORT TERM INVESTMENTS—5.7%
	41,236,706	First American Government Obligations Fund - U		5.26%	(l)				41,236,706
	41,236,706	JPMorgan US Government Money Market Fund - IM		5.25%	(l)				41,236,706
	41,236,706	MSILF Government Portfolio - Institutional		5.22%	(l)				41,236,706
	42,600,000	United States Treasury Bill		0.00%			05/16/2024		42,321,829
	75,000,000	United States Treasury Bill		0.00%			06/27/2024		74,055,234
		Total Short Term Investments (Cost $240,097,484)							240,087,181
		Total Investments 90.5% ($4,079,519,370)							3,807,620,516
		Other Assets in Excess of Liabilities 9.5%							397,681,224
		NET ASSETS 100%						$	4,205,301,740

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 21

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

SECURITY TYPE BREAKDOWN as a % of Net Assets:
US Government and Agency Obligations	23.6%
Collateralized Loan Obligations	12.9%
Non-Agency Commercial Mortgage Backed Obligations	11.6%
Non-Agency Residential Collateralized Mortgage Obligations	10.4%
Asset Backed Obligations	7.0%
US Corporate Bonds	6.2%
Short Term Investments	5.7%
Foreign Corporate Bonds	5.1%
Bank Loans	4.9%
US Government and Agency Mortgage Backed Obligations	2.4%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	0.7%
Common Stocks	0.0%	(j)
Other Assets and Liabilities	9.5%
Net Assets	100.0%

INVESTMENT BREAKDOWN as a % of Net Assets:
US Government and Agency Obligations	23.6%
Collateralized Loan Obligations	12.9%
Non-Agency Commercial Mortgage Backed Obligations	11.6%
Non-Agency Residential Collateralized Mortgage Obligations	10.4%
Asset Backed Obligations	7.0%
Short Term Investments	5.7%
Banking	2.9%
US Government and Agency Mortgage Backed Obligations	2.4%
Utilities	1.5%
Healthcare	1.2%
Hotels/Motels/Inns and Casinos	1.0%
Energy	0.9%
Technology	0.8%
Transportation	0.8%
Mining	0.6%
Automotive	0.6%
Industrial Equipment	0.5%
Electronics/Electric	0.5%
Pharmaceuticals	0.5%
Media	0.5%
Finance	0.4%
Chemicals/Plastics	0.4%
Commercial Services	0.4%
Containers and Glass Products	0.4%
Food Products	0.3%
Consumer Products	0.3%
Real Estate	0.2%
Insurance	0.2%
Telecommunications	0.2%
Chemical Products	0.2%
Aerospace & Defense	0.2%
Building and Development (including Steel/Metals)	0.2%
Retailers (other than Food/Drug)	0.2%
Beverage and Tobacco	0.2%
Diversified Manufacturing	0.1%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	0.1%
Food Service	0.1%
Construction	0.1%
Environmental Control	0.1%
Pulp & Paper	0.1%
Business Equipment and Services	0.1%
Financial Intermediaries	0.1%
Other Assets and Liabilities	9.5%
Net Assets	100.0%

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

March 31, 2024

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers.

(b) Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of period end.

(c) Step Bond; Coupon rate changes based on a predetermined schedule or event. The interest rate shown is the rate in effect as of period end.

(d) Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of period end.

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

(f) Value determined using significant unobservable inputs.

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

(h) Interest only security

(i) Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. Interest rate may also be subject to a cap or floor.

(j) Represents less than 0.05% of net assets.

(k) Non-income producing security.

(l) Seven-day yield as of period end.

Excess Return Swaps
Reference Entity	Counterparty	Long/Short		Financing Rate		Payment Frequency		Termination Date		Notional Amount		Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Barclays Capital, Inc.		Long		0.40%		Termination		06/13/2024		100,000,000		$	18,069,097		$	—		$	18,069,097
Shiller Barclays CAPE® US Sector II ER USD Index(1)	BNP Paribas Securities Corp.		Long		0.39%		Termination		05/01/2024		80,000,000			17,245,235			—			17,245,235
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Barclays Capital, Inc.		Long		0.40%		Termination		05/09/2024		70,000,000			15,090,852			—			15,090,852
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Canadian Imperial Bank Of Commerce		Long		0.40%		Termination		05/21/2024		69,000,000			13,795,726			—			13,795,726
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Barclays Capital, Inc.		Long		0.40%		Termination		10/17/2024		85,000,000			13,196,826			—			13,196,826
Shiller Barclays CAPE® US Sector II ER USD Index(1)	BNP Paribas Securities Corp.		Long		0.39%		Termination		06/05/2024		65,000,000			12,866,764			—			12,866,764
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Canadian Imperial Bank Of Commerce		Long		0.40%		Termination		04/23/2024		75,000,000			12,749,539			—			12,749,539
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Barclays Capital, Inc.		Long		0.40%		Termination		06/27/2024		86,000,000			12,343,935			—			12,343,935

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 23

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

Reference Entity	Counterparty	Long/Short		Financing Rate		Payment Frequency		Termination Date		Notional Amount		Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Barclays Capital, Inc.		Long		0.40%		Termination		12/05/2024		80,000,000		$	12,304,821		$	—		$	12,304,821
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Bank of America Securities, Inc.		Long		0.38%		Termination		04/16/2024		64,000,000			11,964,636			—			11,964,636
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Bank of America Securities, Inc.		Long		0.38%		Termination		06/18/2024		80,000,000			11,749,744			—			11,749,744
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Canadian Imperial Bank Of Commerce		Long		0.40%		Termination		05/28/2024		62,000,000			11,665,158			—			11,665,158
Shiller Barclays CAPE® US Sector II ER USD Index(1)	BNP Paribas Securities Corp.		Long		0.39%		Termination		10/09/2024		75,000,000			11,660,288			—			11,660,288
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Bank of America Securities, Inc.		Long		0.38%		Termination		11/19/2024		75,000,000			10,769,052			—			10,769,052
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Barclays Capital, Inc.		Long		0.40%		Termination		11/14/2024		55,000,000			10,666,821			—			10,666,821
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Bank of America Securities, Inc.		Long		0.38%		Termination		10/22/2024		72,000,000			10,360,560			—			10,360,560
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Canadian Imperial Bank Of Commerce		Long		0.40%		Termination		11/07/2024		60,000,000			10,212,266			—			10,212,266
Shiller Barclays CAPE® US Sector II ER USD Index(1)	BNP Paribas Securities Corp.		Long		0.39%		Termination		10/30/2024		65,000,000			10,035,515			—			10,035,515
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Bank of America Securities, Inc.		Long		0.38%		Termination		12/10/2024		100,000,000			9,971,262			—			9,971,262
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Barclays Capital, Inc.		Long		0.40%		Termination		07/11/2024		88,000,000			9,895,971			—			9,895,971
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Canadian Imperial Bank Of Commerce		Long		0.40%		Termination		07/16/2024		96,000,000			9,828,593			—			9,828,593
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Barclays Capital, Inc.		Long		0.40%		Termination		09/12/2024		100,000,000			9,801,542			—			9,801,542
Shiller Barclays CAPE® US Sector II ER USD Index(1)	BNP Paribas Securities Corp.		Long		0.39%		Termination		10/02/2024		80,000,000			8,940,236			—			8,940,236
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Canadian Imperial Bank Of Commerce		Long		0.40%		Termination		09/19/2024		88,000,000			8,860,191			—			8,860,191
Shiller Barclays CAPE® US Sector II ER USD Index(1)	BNP Paribas Securities Corp.		Long		0.39%		Termination		12/18/2024		83,000,000			7,850,222			—			7,850,222
Shiller Barclays CAPE® US Sector II ER USD Index(1)	BNP Paribas Securities Corp.		Long		0.39%		Termination		08/14/2024		95,000,000			7,766,310			—			7,766,310
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Bank of America Securities, Inc.		Long		0.38%		Termination		11/26/2024		65,000,000			7,268,213			—			7,268,213
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Barclays Capital, Inc.		Long		0.40%		Termination		08/08/2024		95,000,000			7,227,053			—			7,227,053
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Barclays Capital, Inc.		Long		0.40%		Termination		08/22/2024		65,000,000			6,964,274			—			6,964,274
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Barclays Capital, Inc.		Long		0.40%		Termination		09/26/2024		77,000,000			6,652,296			—			6,652,296
Shiller Barclays CAPE® US Sector II ER USD Index(1)	BNP Paribas Securities Corp.		Long		0.39%		Termination		07/24/2024		80,000,000			6,418,678			—			6,418,678
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Bank of America Securities, Inc.		Long		0.38%		Termination		09/03/2024		55,000,000			6,284,773			—			6,284,773
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Bank of America Securities, Inc.		Long		0.38%		Termination		07/30/2024		80,000,000			6,088,122			—			6,088,122

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

March 31, 2024

Reference Entity	Counterparty	Long/Short		Financing Rate		Payment Frequency		Termination Date		Notional Amount		Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Bank of America Securities, Inc.		Long		0.38%		Termination		08/13/2024		85,000,000		$	5,823,829		$	—		$	5,823,829
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Canadian Imperial Bank Of Commerce		Long		0.40%		Termination		02/18/2025		85,000,000			5,206,277			—			5,206,277
Shiller Barclays CAPE® US Sector II ER USD Index(1)	BNP Paribas Securities Corp.		Long		0.39%		Termination		01/08/2025		100,000,000			5,178,196			—			5,178,196
Shiller Barclays CAPE® US Sector II ER USD Index(1)	BNP Paribas Securities Corp.		Long		0.39%		Termination		08/28/2024		50,000,000			4,889,887			—			4,889,887
Shiller Barclays CAPE® US Sector II ER USD Index(1)	BNP Paribas Securities Corp.		Long		0.39%		Termination		02/12/2025		86,000,000			4,278,962			—			4,278,962
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Morgan Stanley		Long		0.36%		Termination		01/07/2025		54,000,000			4,263,947			—			4,263,947
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Morgan Stanley		Long		0.36%		Termination		03/04/2025		78,000,000			4,210,285			—			4,210,285
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Bank of America Securities, Inc.		Long		0.38%		Termination		02/25/2025		80,000,000			4,113,706			—			4,113,706
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Canadian Imperial Bank Of Commerce		Long		0.40%		Termination		01/09/2025		97,000,000			3,959,411			—			3,959,411
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Canadian Imperial Bank Of Commerce		Long		0.40%		Termination		03/11/2025		75,000,000			2,862,792			—			2,862,792
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Morgan Stanley		Long		0.36%		Termination		02/04/2025		47,000,000			2,701,762			—			2,701,762
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Canadian Imperial Bank Of Commerce		Long		0.40%		Termination		03/20/2025		65,000,000			2,274,129			—			2,274,129
Shiller Barclays CAPE® US Sector II ER USD Index(1)	BNP Paribas Securities Corp.		Long		0.39%		Termination		01/29/2025		64,000,000			2,206,275			—			2,206,275
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Morgan Stanley		Long		0.36%		Termination		01/14/2025		50,000,000			1,727,556			—			1,727,556
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Bank of America Securities, Inc.		Long		0.38%		Termination		04/08/2025		91,000,000			1,470,335			—			1,470,335
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Canadian Imperial Bank Of Commerce		Long		0.40%		Termination		04/01/2025		93,000,000			1,449,460			—			1,449,460
Shiller Barclays CAPE® US Sector II ER USD Index(1)	Bank of America Securities, Inc.		Long		0.38%		Termination		03/25/2025		62,000,000			887,246			—			887,246
													$	404,068,626		$	—		$	404,068,626

(1) Shiller Barclays CAPE^® US Sector II ER USD Index aims to provide notional long exposure to the top four United States equity sectors that are relatively undervalued, as defined by a modified version of the classic CAPE^® Ratio (the “Relative CAPE^® Indicator”) and that possess relatively strong price momentum over the prior twelve months. Each U.S. equity sector is represented by an index of equity securities of companies in the relevant sector. Information on the sector constituents as of March 31, 2024, is available on the Barclays Capital, Inc. website at https://indices.cib.barclays/IM/12/en/indices/details.app;ticker=BXIICS2E.

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 25

Schedule of Investments DoubleLine Flexible Income Fund March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	ASSET BACKED OBLIGATIONS - 4.7%
		Amur Equipment Finance Receivables LLC
	650,000	Series 2021-1A-E		4.13%	(a)		03/20/2028		634,541
		Arivo Acceptance Auto Loan Receivables Trust
	513,000	Series 2021-1A-C		3.77%	(a)		03/15/2027		499,017
		CAI International, Inc.
	702,500	Series 2020-1A-B		3.50%	(a)		09/25/2045		633,043
		Castlelake Aircraft Securitization Trust
	2,468,915	Series 2018-1-B		5.30%	(a)		06/15/2043		1,965,328
		Compass Datacenters LLC
	1,500,000	Series 2024-1A-B		7.00%	(a)		02/25/2049		1,501,593
		Diamond Resorts Owner Trust
	629,244	Series 2021-1A-D		3.83%	(a)		11/21/2033		578,102
		ExteNet LLC
	6,250,000	Series 2019-1A-C		5.22%	(a)		07/25/2049		6,184,799
		Falko Regional Aircraft Ltd.
	3,583,979	Series 2021-1A-A		5.75%			04/15/2041		3,304,414
		Jersey Mike’s Funding
	1,855,212	Series 2019-1A-A2		4.43%	(a)		02/15/2050		1,777,947
		JOL Air Ltd.
	1,015,322	Series 2019-1-B		4.95%	(a)		04/15/2044		874,110
		Lendingpoint Asset Securitization Trust
	1,750,000	Series 2022-C-B		7.46%	(a)		02/15/2030		1,746,205
		Loanpal Solar Loan Ltd.
	1,041,713	Series 2021-1GS-C		3.50%	(a)		01/20/2048		654,861
		Lunar Structured Aircraft Portfolio Notes
	2,937,402	Series 2021-1-C		5.68%	(a)(b)		10/15/2046		2,586,171
		Mosaic Solar Loans LLC
	612,999	Series 2018-1A-C		0.00%	(a)(c)		06/22/2043		568,777
		Pagaya AI Debt Selection Trust
	5,499,701	Series 2021-3-C		3.27%	(a)		05/15/2029		4,790,280
	1,350,000	Series 2021-5-CERT		0.00%	(a)(b)(d)		08/15/2029		63,624
	2,050,000	Series 2024-1-A		6.66%	(a)		07/15/2031		2,057,692
		Retained Vantage Data Centers Issuer LLC
	2,000,000	Series 2023-1A-B		5.75%	(a)		09/15/2048		1,878,240
		Switch ABS Issuer LLC
	1,500,000	Series 2024-1A-B		6.50%	(a)		03/25/2054		1,458,687
		Upstart Securitization Trust
	1,750,000	Series 2021-3-C		3.28%	(a)		07/20/2031		1,669,920
		Vivant Solar Financing V Parent LLC
	4,405,395	Series 2018-1A-A		4.73%	(a)		04/30/2048		4,113,898
		WAVE USA
	10,593,979	Series 2019-1-C		6.41%	(a)(b)		09/15/2044		3,360,866
		Willis Lease Finance Corp.
	984,771	Series 2018-A-A		4.75%	(a)(e)		09/15/2043		943,557
		Zephyrus Capital Aviation Partners
	1,303,625	Series 2018-1-A		4.61%	(a)		10/15/2038		1,188,273
		Total Asset Backed Obligations (Cost $55,337,606)							45,033,945

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 1

Schedule of Investments DoubleLine Flexible Income Fund (Cont.)

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	BANK LOANS - 8.8%
		AAdvantage Loyalty IP Ltd.
	191,250	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 5.01%, 0.75% Floor)		10.33%			04/20/2028		198,940
		Access CIG LLC
	527,761	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 5.00%, 0.50% Floor)		10.33%			08/18/2028		528,999
		Acrisure LLC
	664,806	Senior Secured First Lien Term Loan (1 Month Synthetic LIBOR + 3.50%)		8.94%	(f)		02/15/2027		665,222
	185,725	Senior Secured First Lien Term Loan (1 Month Synthetic LIBOR + 4.25%, 0.50% Floor)		9.69%	(f)		02/15/2027		186,538
		Acuris Finance US, Inc.
	415,104	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.10%, 0.50% Floor)		9.50%			02/16/2028		415,169
		ADMI Corp.
	183,779	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.86%, 0.50% Floor)		9.19%			12/23/2027		177,921
	273,625	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 5.75%)		11.08%			12/23/2027		274,224
		AI Aqua Merger Sub, Inc.
	874,834	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.75%, 0.50% Floor)		9.07%			07/31/2028		877,388
		Air Canada
	175,000	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.50%)		7.83%			03/21/2031		175,548
		Air Methods Corp.
	4,768	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 9.10%)		14.41%			12/28/2028		4,852
		AlixPartners LLP
	382,738	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.61%, 0.50% Floor)		7.94%			02/04/2028		383,647
		Alliant Holdings Intermediate LLC
	412,925	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.50%, 0.50% Floor)		8.83%			11/06/2030		415,078
		Allied Universal Holdco LLC
	520,672	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.85%, 0.50% Floor)		9.18%			05/15/2028		520,624
		Allspring Buyer LLC
	266,706	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.51%, 0.50% Floor)		8.89%			11/01/2028		266,853
		Alterra Mountain Co.
	159,213	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.85%)		9.18%			05/31/2030		160,208
	55,000	Senior Secured Term Loan (CME Term SOFR 1 Month + 3.50%)		8.83%			05/31/2030		55,344
	336,963	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.61%, 0.50% Floor)		8.94%			08/17/2028		338,789
		Altice France SA/France
	393,575	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 5.50%)		10.81%			08/31/2028		314,984
		AMC Entertainment Holdings, Inc.
	81,577	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.11%)		8.44%			04/22/2026		68,627
		American Airlines, Inc.
	434,547	Senior Secured First Lien Term Loan (6 Month US Secured Overnight Financing Rate + 3.50%)		8.77%			06/04/2029		436,448
		American Tire Distributors, Inc.
	95,323	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 6.51%, 0.75% Floor)		11.83%			10/23/2028		83,169
		Apple Bidco LLC
	122,188	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.86%, 0.50% Floor)		8.19%			09/25/2028		122,226
		Applied Systems, Inc.
	125,000	Senior Secured Second Lien Term Loan (3 Month US Secured Overnight Financing Rate + 5.25%)		10.56%			02/23/2032		129,649
	345,000	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.50%)		8.81%			02/24/2031		347,465
		APX Group, Inc.
	160,433	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.69%			07/10/2028		161,016
	442	Senior Secured First Lien Term Loan (Prime Rate + 2.25%, 0.50% Floor)		10.75%			07/10/2028		444

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		Artera Services LLC
	360,000	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.50%)		9.81%		02/10/2031		361,800
		Ascend Learning LLC
	214,249	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.60%, 0.50% Floor)		8.93%		12/10/2028		213,340
	118,216	Senior Secured Second Lien Term Loan (1 Month US Secured Overnight Financing Rate + 5.85%, 0.50% Floor)		11.18%		12/10/2029		117,071
	207,518	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.60%, 0.50% Floor)		8.93%		12/10/2028		206,637
		ASP LS Acquisition Corp.
	148,855	Senior Secured First Lien Term Loan (6 Month US Secured Overnight Financing Rate + 4.76%, 0.75% Floor)		10.07%		05/07/2028		139,068
		AssuredPartners, Inc.
	142,100	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.50%, 0.50% Floor)		8.83%		02/12/2027		142,389
	24,866	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.75%, 0.50% Floor)		9.08%		02/12/2027		24,923
	925,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.50%, 0.50% Floor)		8.82%		02/14/2031		927,312
	276,253	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.61%)		8.94%		02/12/2027		276,850
		Astra Acquisition Corp.
	234,126	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 5.36%, 0.50% Floor)		10.86%		10/25/2028		99,211
		Asurion LLC
	50,000	Senior Secured Second Lien Term Loan (1 Month US Secured Overnight Financing Rate + 5.36%)		10.69%		02/03/2028		45,344
	274,774	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.35%)		9.68%		08/19/2028		265,844
	143,533	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%)		8.69%		12/23/2026		140,969
	165,000	Senior Secured Second Lien Term Loan (1 Month US Secured Overnight Financing Rate + 5.36%)		10.69%		01/20/2029		148,410
	262,396	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%)		8.69%		07/31/2027		252,791
		AthenaHealth Group, Inc.
	857,700	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.25%, 0.50% Floor)		8.58%		02/15/2029		851,739
		Aveanna Healthcare LLC
	277,459	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.85%, 0.50% Floor)		9.19%		07/17/2028		267,499
	118,610	Senior Secured Second Lien Term Loan (3 Month US Secured Overnight Financing Rate + 7.15%, 0.50% Floor)		12.49%		12/10/2029		102,301
		Aventiv Technologies LLC
	159,344	First Lien Term Loan (CME Term SOFR 3 Month + 5.35%)		10.70%		07/31/2025		119,469
		Bally’s Corp.
	348,645	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.51%, 0.50% Floor)		8.83%		10/02/2028		328,234
		Bausch + Lomb Corp.
	601,731	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.35%, 0.50% Floor)		8.68%		05/10/2027		596,165
	184,075	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.00%)		9.33%		09/29/2028		184,306
		BCP Renaissance Parent LLC
	269,758	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.50%, 1.00% Floor)		8.83%		10/31/2028		270,855
		BCPE Empire Holdings, Inc.
	487,753	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.00%, 0.50% Floor)		9.33%		12/25/2028		488,850
		Boost Newco Borrower LLC
	430,000	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.00%)		8.31%		01/31/2031		432,062
		Boxer Parent Co., Inc.
	653,063	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.25%)		9.58%		12/29/2028		658,029

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 3

Schedule of Investments DoubleLine Flexible Income Fund (Cont.)

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		Brand Industrial Services, Inc.
	273,949	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 5.50%, 0.50% Floor)		10.81%		08/01/2030		275,466
		Brown Group Holding LLC
	469,906	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.85%, 0.50% Floor)		8.18%		06/07/2028		470,120
		Buckeye Partners LP
	215,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.00%)		7.33%		11/02/2026		215,643
		Caesars Entertainment, Inc.
	365,000	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.75%, 0.50% Floor)		8.04%		02/06/2031		365,741
	99,000	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.35%, 0.50% Floor)		8.66%		02/06/2030		99,406
		Camelot US Acquisition LLC
	363,153	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.75%)		8.08%		01/31/2031		363,426
	7,195	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.75%)		8.08%		01/31/2031		7,201
	84,651	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.75%)		8.08%		01/31/2031		84,715
		Carnival Corp.
	79,400	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.00%, 0.75% Floor)		8.32%		08/09/2027		79,615
	475,407	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%, 0.75% Floor)		8.69%		10/18/2028		476,646
		Castle US Holding Corp.
	131,197	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.01%)		9.35%		01/29/2027		92,892
		Castlelake Aviation One DAC
	387,662	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.50%, 0.50% Floor)		7.83%		10/22/2026		388,169
		Catalent Pharma Solutions, Inc.
	862,806	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.11%, 0.50% Floor)		7.44%		02/22/2028		863,344
		Cengage Learning, Inc.
	215,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.25%, 1.00% Floor)		9.58%		03/24/2031		215,033
		Central Parent, Inc.
	428,238	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.00%)		9.31%		07/06/2029		429,998
		Century DE Buyer LLC
	135,000	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.00%)		9.32%		10/30/2030		135,658
		Chariot Buyer LLC
	262,982	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.35%, 0.50% Floor)		8.68%		11/03/2028		262,934
		Charter Communications Operating LLC
	472,625	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.00%)		7.33%		12/09/2030		468,454
	1,188	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.00%)		7.32%		12/09/2030		1,177
		Charter Next Generation, Inc.
	350,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.50%, 0.75% Floor)		8.83%		12/01/2027		351,034
		CHG Healthcare Services, Inc.
	1,707,732	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.69%		09/29/2028		1,711,113
		CHG PPC Parent LLC
	332,422	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.11%, 0.50% Floor)		8.44%		12/08/2028		333,253
		Clarios Global LP
	513,713	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.00%)		8.33%		05/06/2030		515,639

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		ClubCorp Holdings, Inc.
	352,696	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 5.26%)		10.61%			09/18/2026		353,832
	12,705	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 5.26%)		10.61%			09/18/2026		12,746
		Clydesdale Acquisition Holdings, Inc.
	379,036	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.78%, 0.50% Floor)		9.11%			04/13/2029		379,983
		CMG Media Corp.
	239,485	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.60%)		8.91%			12/17/2026		209,443
		CNT Holdings I Corp.
	341,593	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.50%, 0.75% Floor)		8.82%			11/08/2027		342,633
		Coherent Corp. T/L B (03/24)
	70,000	Senior Secured Term Loan		7.83%	(g)		07/02/2029		70,000
		Columbus McKinnon Corp./NY
	19,530	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.50%)		7.81%			05/15/2028		19,603
		CommScope, Inc.
	99,026	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%)		8.69%			04/06/2026		90,113
		Compass Power Generation LLC
	330,358	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.36%, 1.00% Floor)		9.69%			04/14/2029		332,789
		Connect Finco SARL
	261,133	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.50%, 1.00% Floor)		8.83%			12/11/2026		261,194
		Conservice Midco LLC
	259,799	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.00%)		9.33%			05/13/2027		260,980
		Constant Contact, Inc.
	267,507	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.26%, 0.75% Floor)		9.59%			02/10/2028		260,629
		CoreLogic, Inc.
	454,175	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.61%, 0.50% Floor)		8.94%			06/02/2028		445,198
		Cornerstone Building Brands, Inc.
	148,469	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.35%, 0.50% Floor)		8.68%			04/12/2028		147,964
		Cornerstone OnDemand, Inc.
	278,771	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.01%, 0.50% Floor)		9.19%			10/16/2028		274,010
		Cotiviti, Inc.
	435,000	Senior Secured Term Loan (CME Term SOFR 1 Month + 3.25%)		8.58%			02/24/2031		434,456
		CQP Holdco LP
	359,100	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.00%, 0.50% Floor)		8.35%			12/31/2030		360,613
		Crosby US Acquisition Corp.
	119,700	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.00%, 0.50% Floor)		9.32%			08/16/2029		120,510
		Cross Financial Corp.
	189,031	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.50%, 0.75% Floor)		8.83%			09/15/2027		189,267
		CSC Holdings LLC
	318,342	Senior Secured First Lien Term Loan (1 Month Synthetic LIBOR + 2.50%)		7.94%	(f)		04/15/2027		288,668
		Curium Bidco SARL
	37,916	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.50%)		9.81%			07/31/2029		38,153
	85,334	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.50%)		9.81%			07/31/2029		85,867
	129,838	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.50%)		9.81%			07/31/2029		130,649

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 5

Schedule of Investments DoubleLine Flexible Income Fund (Cont.)

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Cyxtera DC Holdings, Inc.
	123,869	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.00%, 1.00% Floor)		10.50%	(h)		05/01/2024		6,359
		Dcert Buyer, Inc.
	95,000	Senior Secured Second Lien Term Loan (1 Month US Secured Overnight Financing Rate + 7.00%)		12.33%			02/16/2029		86,279
	370,892	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.00%)		9.33%			10/16/2026		369,620
		Deerfield Dakota Holding LLC
	927,558	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.75%, 1.00% Floor)		9.06%			04/09/2027		924,144
		Dexko Global, Inc.
	187,435	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.01%, 0.50% Floor)		9.32%			10/04/2028		185,912
		DG Investment Intermediate Holdings 2, Inc.
	45,000	Senior Secured Second Lien Term Loan (1 Month US Secured Overnight Financing Rate + 6.86%, 0.75% Floor)		12.19%			03/31/2029		42,244
	383,623	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.86%, 0.75% Floor)		9.19%			03/31/2028		384,034
		Directv Financing LLC
	167,472	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 5.26%, 0.75% Floor)		10.44%			08/02/2027		167,891
		Dun & Bradstreet Corp.
	238,338	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.75%)		8.08%			01/18/2029		238,560
		Dynasty Acquisition Co., Inc.
	391,705	Senior Secured Term Loan (CME Term SOFR 1 Month + 3.50%)		8.83%			08/24/2028		392,723
		EAB Global, Inc.
	267,944	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.61%, 0.50% Floor)		8.94%			08/16/2028		268,413
		Echo Global Logistics, Inc.
	135,814	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.60%, 0.50% Floor)		8.93%			11/23/2028		134,214
		Ecovyst Catalyst Technologies LLC
	253,286	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.60%, 0.50% Floor)		7.91%			06/09/2028		253,483
	658,542	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.60%, 0.50% Floor)		7.91%			06/09/2028		659,057
		Edelman Financial Engines Center LLC/The
	154,180	Senior Secured Second Lien Term Loan (1 Month US Secured Overnight Financing Rate + 6.86%)		12.19%			07/20/2026		155,192
	733,409	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.61%, 0.75% Floor)		8.94%			04/07/2028		734,396
		EG America LLC
	278,991	Senior Secured First Lien Term Loan (Daily US Secured Overnight Financing Rate + 5.93%, 0.50% Floor)		11.67%			02/07/2028		278,294
		Eisner Advisory Group LLC
	300,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.00%, 0.50% Floor)		9.33%			02/28/2031		301,595
		Element Materials Technology Group US Holdings, Inc.
	67,046	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.35%, 0.50% Floor)		9.66%			06/25/2029		67,186
	145,266	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.35%, 0.50% Floor)		9.66%			06/25/2029		145,569
		Ellucian Holdings, Inc.
	516,902	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.60%, 0.50% Floor)		8.93%			10/29/2029		519,745
		Energizer Holdings, Inc.
	139,332	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.36%, 0.50% Floor)		7.69%			12/22/2027		139,437
		Everi Holdings, Inc.
	130,613	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.61%, 0.50% Floor)		7.94%			08/03/2028		131,046
		Fertitta Entertainment LLC/NV
	1,713,705	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.75%, 0.50% Floor)		9.08%			01/29/2029		1,719,779

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		FinThrive Software Intermediate Holdings, Inc.
	164,418	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.11%, 0.50% Floor)		9.42%			12/18/2028		138,780
		First Advantage Holdings LLC
	187,311	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.86%)		8.19%			01/29/2027		187,370
		Flame Newco LLC
	3,353	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.10%, 1.00% Floor)		7.43%			06/30/2028		3,161
	108,927	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.10%, 1.00% Floor)		7.43%			06/30/2028		102,663
		Flutter Financing BV
	124,688	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.25%, 0.50% Floor)		7.56%			11/29/2030		124,966
		Focus Financial Partners LLC
	738,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.75%, 0.50% Floor)		8.08%			06/30/2028		736,502
		Foresight Energy LLC
	105,726	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 8.10%, 1.50% Floor)		13.41%	(b)		06/30/2027		105,726
		Fortrea Holdings, Inc.
	49,625	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.75%, 0.50% Floor)		9.08%			07/01/2030		49,832
		Freeport LNG Investments LLLP
	279,170	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.76%, 0.50% Floor)		9.08%			12/21/2028		277,632
		Gainwell Acquisition Corp.
	766,250	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.10%, 0.75% Floor)		9.41%			10/01/2027		734,354
		Garda World Security Corp.
	466,625	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.35%)		9.58%			02/01/2029		468,086
		Gates Global LLC
	93,575	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.00%, 0.50% Floor)		8.33%			11/16/2029		93,993
		Genesys Cloud Services Holdings II T/L B
	365,086	Senior Secured Term Loan		0.00%			12/01/2027		365,715
		GIP II Blue Holding LP
	110,269	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.61%, 1.00% Floor)		9.94%			09/29/2028		110,768
		GIP Pilot Acquisition Partners LP
	155,000	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.00%)		8.33%			10/04/2030		155,698
		Gogo Intermediate Holdings LLC
	502,703	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.86%, 0.75% Floor)		9.19%			04/28/2028		502,564
		Graham Packaging Co., Inc.
	520,137	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.11%, 0.75% Floor)		8.44%			08/04/2027		520,626
		Great Outdoors Group LLC
	497,963	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.86%, 0.75% Floor)		9.19%			03/05/2028		498,862
		Greystone Select Financial LLC
	67,415	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 5.26%, 0.75% Floor)		10.57%			06/17/2028		67,415
		Grifols Worldwide Operations USA, Inc.
	330,463	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.15%)		7.46%			11/15/2027		320,693
		Harbor Freight Tools USA, Inc.
	165,788	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.86%, 0.50% Floor)		8.19%			10/19/2027		165,872
		Helios Software Holdings, Inc.
	229,026	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.75%)		9.07%			07/15/2030		227,453

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 7

Schedule of Investments DoubleLine Flexible Income Fund (Cont.)

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		Hexion Holdings Corp.
	363,256	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.50%, 0.50% Floor)		9.98%		03/15/2029		358,197
		H-Food Holdings LLC
	109,088	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.95%)		9.29%		05/30/2025		79,839
		Hightower Holding LLC
	417,884	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.26%, 0.75% Floor)		9.59%		04/21/2028		418,928
		Hilton Grand Vacations Borrower LLC
	230,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.75%)		8.08%		01/17/2031		230,683
		HomeServe USA Corp.
	305,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.00%)		8.33%		10/21/2030		306,106
		Hunter Douglas, Inc.
	319,411	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.50%, 0.50% Floor)		8.82%		02/26/2029		316,291
	117,284	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.50%, 0.50% Floor)		8.82%		02/26/2029		116,138
		iHeartCommunications, Inc.
	160,836	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.11%)		8.44%		05/01/2026		141,277
		INEOS US Finance LLC
	110,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.75%)		9.08%		01/31/2031		110,275
	322,563	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.60%)		8.93%		02/19/2030		322,966
		INEOS US Petrochem LLC
	480,000	Senior Secured Term Loan (CME Term SOFR 1 Month + 4.25%)		9.68%		03/29/2029		479,702
		ION Trading Finance Ltd.
	183,827	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.85%)		10.20%		04/03/2028		183,827
		Iron Mountain, Inc.
	438,900	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.25%)		7.58%		01/31/2031		436,339
		Ivanti Software, Inc.
	115,341	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.51%, 0.75% Floor)		9.84%		12/01/2027		108,277
		Jazz Financing Lux SARL
	387,365	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.11%, 0.50% Floor)		8.44%		05/05/2028		389,787
		Kenan Advantage Group, Inc.
	310,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.75%)		9.08%		01/25/2029		310,679
		Kloeckner Pentaplast of America, Inc.
	144,015	Senior Secured First Lien Term Loan (6 Month US Secured Overnight Financing Rate + 4.98%, 0.50% Floor)		10.27%		02/09/2026		135,914
		Kronos Acquisition Holdings, Inc.
	243,234	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.01%, 0.50% Floor)		9.36%		12/22/2026		243,827
	103,692	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.01%, 0.50% Floor)		9.36%		12/22/2026		103,945
		LBM Acquisition LLC
	275,039	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.85%, 0.75% Floor)		9.18%		12/20/2027		274,868
		Level 3 Financing, Inc.
	68,130	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 6.67%)		12.00%		04/15/2029		67,725
	68,130	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 6.67%)		12.00%		04/15/2030		67,725
		LifePoint Health, Inc.
	523,725	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 5.50%)		11.09%		11/16/2028		525,736

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Light & Wonder International, Inc.
	231,475	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.75%, 0.50% Floor)		8.08%			04/16/2029		232,262
		Lummus Technology Holdings V LLC
	546,810	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.61%)		8.94%			12/31/2029		548,122
		Madison IAQ LLC
	560,100	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.69%			06/21/2028		559,954
		Maravai Intermediate Holdings LLC
	166,770	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.00%, 0.50% Floor)		8.31%			10/19/2027		164,129
		Mavis Tire Express Services Topco Corp.
	364,716	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.75%, 0.75% Floor)		9.08%			05/04/2028		365,751
		McAfee Corp.
	339,539	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.85%, 0.50% Floor)		9.18%			03/01/2029		339,705
		Medline Borrower LP
	444,018	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 2.86%)		8.19%			10/23/2028		445,482
		MIC Glen LLC
	381,052	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.69%			07/21/2028		381,022
		Michaels Cos., Inc.
	322,624	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.51%, 0.75% Floor)		9.82%			04/15/2028		290,289
		Mileage Plus Holdings LLC
	97,500	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 5.40%, 1.00% Floor)		10.73%			06/21/2027		100,524
		Minotaur Acquisition, Inc.
	377,141	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.85%)		10.18%			03/30/2026		377,989
		Mirion Technologies US, Inc.
	280,361	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.01%, 0.50% Floor)		8.36%			10/20/2028		281,412
		Mister Car Wash Holdings T/L (03/24)
	85,000	Senior Secured Term Loan		8.33%	(g)		03/21/2031		85,301
		Mitchell International, Inc.
	390,809	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.86%, 0.50% Floor)		9.19%			10/15/2028		391,411
	55,000	Senior Secured Second Lien Term Loan (1 Month US Secured Overnight Financing Rate + 6.61%, 0.50% Floor)		11.94%			10/15/2029		55,034
		MIWD Holdco II LLC
	90,000	Senior Secured Term Loan (CME Term SOFR 1 Month + 3.50%)		8.83%			03/28/2031		90,535
		Monogram Food Solutions LLC
	347,013	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.11%, 0.50% Floor)		9.44%			08/27/2028		347,881
		Motion Finco SARL
	555,000	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.76%)		9.07%			11/30/2029		554,792
		Nascar Holdings LLC
	49,034	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.61%)		7.94%			10/19/2026		49,301
		NEP Group, Inc.
	234,120	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%) 1.50% PIK		8.69%			08/19/2026		223,805
	33,885	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%) 1.50% PIK		8.69%			08/19/2026		32,392
		Newfold Digital Holdings Group, Inc.
	279,609	Senior Secured First Lien Term Loan (6 Month US Secured Overnight Financing Rate + 3.93%, 0.75% Floor)		9.42%			02/10/2028		273,528
		Nouryon USA LLC
	288,180	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.10%)		9.42%			04/03/2028		289,441
	74,805	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.10%)		9.42%			04/03/2028		75,132

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 9

Schedule of Investments DoubleLine Flexible Income Fund (Cont.)

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		NRG Energy T/L B (03/24)
	230,000	Senior Secured Term Loan		7.33%	(g)		03/27/2031		229,857
		Olympus Water US Holding Corp.
	344,672	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.01%, 0.50% Floor)		9.32%			11/09/2028		345,298
		OMNIA Partners LLC
	154,613	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.75%)		9.07%			07/25/2030		155,506
		OneDigital Borrower LLC
	495,437	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.50%, 0.50% Floor)		9.68%			11/16/2027		496,056
		Ontario Gaming GTA LP
	428,943	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.25%, 0.50% Floor)		9.56%			08/01/2030		430,935
		Organon & Co.
	365,505	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.11%, 0.50% Floor)		8.43%			06/02/2028		367,258
		Oryx Midstream Services Permian Basin LLC
	374,063	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.11%, 0.50% Floor)		8.44%			10/05/2028		375,901
		Outcomes Group Holdings, Inc.
	94,750	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.51%)		8.69%			10/24/2025		94,883
		Pacific Dental Services T/L B (02/24)
	350,000	Senior Secured Term Loan		8.58%	(g)		03/07/2031		350,511
		Packaging Coordinators Midco, Inc.
	505,350	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.76%, 0.75% Floor)		9.07%			11/30/2027		507,000
		Packers Holdings LLC
	143,255	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.35%, 0.75% Floor)		8.68%			03/09/2028		92,041
		Pactiv Evergreen Group Holdings, Inc.
	23,941	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.69%			09/25/2028		24,052
	187,784	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.69%			09/25/2028		188,653
	41,341	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.69%			09/25/2028		41,532
		Par Petroleum LLC
	84,150	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.35%, 0.50% Floor)		9.69%			02/28/2030		84,386
		PECF USS Intermediate Holding III Corp.
	176,054	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.51%, 0.50% Floor)		9.82%			12/15/2028		134,902
		Penn Entertainment, Inc.
	390,092	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.85%, 0.50% Floor)		8.18%			05/03/2029		390,946
		Peraton Corp.
	372,581	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.85%, 0.75% Floor)		9.18%			02/01/2028		372,961
		Perrigo Investments LLC
	251,770	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.35%, 0.50% Floor)		7.68%			04/20/2029		251,351
		PetSmart LLC
	846,459	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.85%, 0.75% Floor)		9.18%			02/12/2028		845,579
		PG&E Corp.
	95,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.50%, 0.50% Floor)		7.83%			06/23/2027		95,267
		Phoenix Newco, Inc.
	843,544	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.69%			11/15/2028		846,421

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		Playa Resorts Holding BV
	326,222	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.25%, 0.50% Floor)		8.58%		01/05/2029		327,558
		PointClickCare Technologies, Inc.
	97,099	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.26%, 0.75% Floor)		8.57%		12/29/2027		97,403
		Polar US Borrower LLC
	76,389	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.85%)		10.16%		10/15/2025		58,199
	65,285	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.85%)		10.16%		10/15/2025		49,739
		Polaris Newco LLC
	258,383	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.11%, 0.50% Floor)		9.57%		06/05/2028		256,183
		Pregis TopCo LLC
	516,820	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.75%)		9.08%		07/31/2026		518,203
		Pretium PKG Holdings, Inc.
	1,313	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.20%, 1.00% Floor) 1.40% PIK		8.50%		10/02/2028		1,180
	628	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.50%, 1.00% Floor) 2.50% PIK		7.81%		10/02/2028		638
	213,154	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.20%, 1.00% Floor) 1.40% PIK		8.50%		10/02/2028		191,572
	65,000	Senior Secured Second Lien Term Loan (3 Month US Secured Overnight Financing Rate + 7.01%, 0.50% Floor)		12.33%		10/01/2029		40,645
	74,054	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.50%, 1.00% Floor) 2.50% PIK		7.81%		10/02/2028		75,211
		Proofpoint, Inc.
	1,719,772	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.69%		08/31/2028		1,722,582
		Quikrete Holdings, Inc.
	153,823	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.86%)		8.19%		03/19/2029		154,077
	70,000	Senior Secured Term Loan (CME Term SOFR 1 Month + 2.50%)		7.94%		03/25/2031		70,117
		Radiology Partners T/L - TARGET
	168,006	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.50%)		9.09%		01/31/2029		162,725
		RealPage, Inc.
	854,360	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.11%, 0.50% Floor)		8.44%		04/24/2028		832,346
		Restaurant Technologies, Inc.
	35,705	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.25%, 0.50% Floor)		9.60%		04/02/2029		35,448
	378,413	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.25%, 0.50% Floor)		9.60%		04/02/2029		375,694
	35,705	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.25%, 0.50% Floor)		9.57%		04/02/2029		35,448
		RH
	223,282	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.61%, 0.50% Floor)		7.94%		10/20/2028		218,206
		Scientific Games Holdings LP
	311,834	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.75%, 0.50% Floor)		8.58%		04/04/2029		312,135
		Sinclair Television Group, Inc.
	112,012	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.61%)		7.94%		09/30/2026		106,986
		SkyMiles IP Ltd.
	108,750	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.75%, 1.00% Floor)		9.07%		10/20/2027		112,296

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 11

Schedule of Investments DoubleLine Flexible Income Fund (Cont.)

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE		MATURITY		VALUE $
		SMG US Midco 2, Inc.
	219,986	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.76%)		8.07%		01/23/2025		220,182
	81,112	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.76%)		8.07%		01/23/2025		81,184
		Sotera Health Holdings LLC
	395,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.86%)		8.19%		12/11/2026		394,340
		Southern Veterinary Partners LLC
	578,866	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.11%, 1.00% Floor)		9.44%		10/05/2027		580,169
		Spin Holdco, Inc.
	152,885	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.26%, 0.75% Floor)		9.59%		03/06/2028		141,981
		SRS Distribution, Inc.
	1,737,659	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.61%, 0.50% Floor)		8.94%		06/05/2028		1,751,639
		Standard Aero Ltd.
	151,031	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.50%)		8.82%		08/24/2028		151,423
		Starwood Property Mortgage LLC
	99,237	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.35%, 0.75% Floor)		8.68%		07/27/2026		99,609
		Station Casinos LLC
	145,000	Senior Secured First Lien Term Loan (CME Term SOFR 1 Month + 2.25%)		7.82%		03/14/2031		144,983
		StubHub Holdco Sub LLC
	360,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.75%)		10.08%		03/12/2030		360,974
		SWF Holdings I Corp.
	354,431	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.11%, 0.75% Floor)		9.44%		10/06/2028		327,111
		Tamko Building Products LLC
	417,900	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.50%)		8.83%		09/20/2030		418,422
		Team Health Holdings, Inc.
	109,064	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 5.25%, 1.00% Floor)		10.56%		03/02/2027		97,067
		Tecta America Corp.
	195,366	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.11%, 0.75% Floor)		9.44%		04/10/2028		196,114
		Telesat LLC
	70,676	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.86%)		8.35%		12/07/2026		43,002
		Tempo Acquisition LLC
	205,299	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.75%, 0.50% Floor)		8.08%		08/31/2028		206,180
		Tiger Acquisition LLC
	198,752	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.35%, 0.50% Floor)		8.68%		06/01/2028		197,333
		Titan Acquisition Ltd./Canada
	506,474	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.11%)		8.44%		03/28/2025		506,684
	465,000	Senior Secured Term Loan (CME Term SOFR 1 Month + 5.00%)		10.33%		02/01/2029		466,793
		TK Elevator US Newco, Inc.
	625,000	Senior Secured Term Loan (CME Term SOFR 1 Month + 3.50%)		8.83%		04/15/2030		627,822
		TransDigm, Inc.
	507,023	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.75%)		8.06%		08/24/2028		506,177
	149,625	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.25%)		8.60%		02/28/2031		150,526
		Travelport Finance Luxembourg SARL
	150,713	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 8.26%, 1.00% Floor)		13.61%		09/29/2028		141,125
	42,996	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 8.26%, 1.00% Floor)		13.61%		09/29/2028		40,261

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Traverse Midstream Partners LLC
	87,539	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.60%, 0.50% Floor)		8.82%			02/16/2028		87,867
		TricorBraun Holdings, Inc.
	340,329	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.69%			03/03/2028		336,941
		Trident TPI Holdings, Inc.
	499,295	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.26%, 0.50% Floor)		9.57%			09/18/2028		500,091
		Triton Water Holdings, Inc.
	513,566	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.51%, 0.50% Floor)		8.86%			03/31/2028		508,818
		Uber Technologies, Inc.
	173,443	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.75%)		8.08%			03/04/2030		174,389
		UFC Holdings LLC
	378,932	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.01%, 0.75% Floor)		8.34%			04/29/2026		379,932
		UKG, Inc.
	445,000	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.50%)		8.81%			02/10/2031		447,850
	62,241	Senior Secured Second Lien Term Loan (3 Month US Secured Overnight Financing Rate + 5.35%, 0.50% Floor)		10.68%			05/03/2027		62,903
		Ultra Clean Holdings T/L (03/24)
	130,000	Senior Secured Term Loan		8.82%	(g)		02/29/2028		130,325
		Ultra Clean Holdings, Inc.
	90,868	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.86%)		9.19%			08/27/2025		91,095
		United Airlines, Inc.
	435,000	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.75%)		8.08%			02/24/2031		436,222
		Univision Communications, Inc.
	197,428	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.25%, 0.50% Floor)		9.56%			06/24/2029		198,094
		Upbound Group, Inc.
	130,133	Senior Secured First Lien Term Loan (6 Month US Secured Overnight Financing Rate + 3.68%, 0.50% Floor)		9.12%			02/17/2028		130,323
		Vantage Specialty Chemicals, Inc.
	39,500	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.75%, 0.50% Floor)		10.07%			10/26/2026		39,130
		Verscend Holding Corp.
	456,912	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.11%)		9.44%			08/27/2025		457,484
		Vestis Corp.
	145,000	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 2.25%)		7.58%			02/24/2031		145,181
		Viad Corp.
	192,426	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 5.11%, 0.50% Floor)		10.44%			07/31/2028		193,209
		Vibrantz Technologies, Inc.
	138,781	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.40%, 0.50% Floor)		9.72%			04/23/2029		137,580
		Virgin Media Bristol LLC
	500,000	Senior Secured First Lien Term Loan (6 Month US Secured Overnight Financing Rate + 3.35%)		8.79%			03/31/2031		493,263
		Vistra Operations Co. LLC
	94,763	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.00%)		7.33%			12/20/2030		94,778
		Vistra Zero Operating Co. LLC
	160,000	Senior Secured Term Loan (CME Term SOFR 1 Month + 2.75%)		8.07%			03/26/2031		160,200
		VT Topco, Inc.
	104,738	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 4.25%, 0.50% Floor)		9.58%			08/12/2030		105,149

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 13

Schedule of Investments DoubleLine Flexible Income Fund (Cont.)

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Wand NewCo 3, Inc.
	250,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.75%)		9.08%			01/30/2031		250,996
		WaterBridge Midstream Operating LLC
	20,930	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 6.01%, 1.00% Floor)		11.34%			06/21/2026		20,979
	124,761	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 6.01%, 1.00% Floor)		11.34%			06/21/2026		125,054
		Wec US Holdings Ltd.
	465,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.75%)		8.08%			01/27/2031		465,000
		WestJet Airlines Ltd.
	23,350	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.10%, 1.00% Floor)		8.43%			12/11/2026		23,374
		WestJet Loyalty LP
	925,000	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 3.75%)		9.08%			02/14/2031		926,156
		Whatabrands LLC
	873,180	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.36%, 0.50% Floor)		8.69%			08/03/2028		874,712
		WhiteWater DBR HoldCo LLC
	170,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.75%)		8.08%			03/03/2031		170,496
		WWEX Uni Topco Holdings LLC
	72,483	Senior Secured First Lien Term Loan (3 Month US Secured Overnight Financing Rate + 4.26%, 0.75% Floor)		9.57%			07/26/2028		72,232
		Zayo Group Holdings, Inc.
	421,026	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 3.11%)		8.44%			03/09/2027		370,623
		Ziggo Financing Partnership
	235,000	Senior Secured First Lien Term Loan (1 Month US Secured Overnight Financing Rate + 2.61%)		7.94%			04/30/2028		231,916
		Total Bank Loans (Cost $84,182,300)							84,004,315
	COLLATERALIZED LOAN OBLIGATIONS - 17.6%
		Aimco CDO
	2,000,000	Series 2021-15A-D (CME Term SOFR 3 Month + 3.16%, 2.90% Floor)		8.48%	(a)		10/17/2034		1,994,332
		Apidos CLO
	2,000,000	Series 2013-12A-DR (CME Term SOFR 3 Month + 2.86%)		8.18%	(a)		04/15/2031		1,964,842
		Babson CLO Ltd./Cayman Islands
	1,737,500	Series 2015-2A-ER (CME Term SOFR 3 Month + 6.71%)		12.03%	(a)		10/20/2030		1,726,592
		Bain Capital Credit CLO
	500,000	Series 2017-2A-DR2 (CME Term SOFR 3 Month + 3.36%, 3.10% Floor)		8.69%	(a)		07/25/2034		493,586
	1,250,000	Series 2021-7A-D (CME Term SOFR 3 Month + 3.51%, 3.25% Floor)		8.83%	(a)		01/22/2035		1,224,648
		Blackstone, Inc.
	1,500,000	Series 2018-1A-D (CME Term SOFR 3 Month + 2.76%)		8.08%	(a)		04/15/2031		1,480,780
		BlueMountain CLO Ltd.
	3,770,000	Series 2013-2A-DR (CME Term SOFR 3 Month + 3.16%)		8.48%	(a)		10/22/2030		3,704,186
	500,000	Series 2015-3A-CR (CME Term SOFR 3 Month + 2.86%)		8.18%	(a)		04/20/2031		481,597
	1,000,000	Series 2016-3A-DR (CME Term SOFR 3 Month + 3.36%, 3.10% Floor)		8.67%	(a)		11/15/2030		971,500
	1,000,000	Series 2017-2A-C (CME Term SOFR 3 Month + 3.26%)		8.58%	(a)		10/20/2030		977,557
		Canyon Capital CLO Ltd.
	1,000,000	Series 2012-1RA-D (CME Term SOFR 3 Month + 3.26%)		8.58%	(a)		07/15/2030		998,736
	2,000,000	Series 2014-1A-CR (CME Term SOFR 3 Month + 3.01%, 2.75% Floor)		8.33%	(a)		01/30/2031		1,911,797
		Canyon CLO
	3,000,000	Series 2020-2A-DR (CME Term SOFR 3 Month + 3.41%, 3.15% Floor)		8.73%	(a)		10/15/2034		2,929,534
	1,000,000	Series 2021-4A-B (CME Term SOFR 3 Month + 1.96%, 1.70% Floor)		7.28%	(a)		10/15/2034		999,797

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	2,500,000	Series 2021-4A-D (CME Term SOFR 3 Month + 3.31%, 3.05% Floor)		8.63%	(a)		10/15/2034		2,444,238
	1,000,000	Series 2021-4A-E (CME Term SOFR 3 Month + 6.56%, 6.30% Floor)		11.88%	(a)		10/15/2034		990,580
		Carlyle Global Market Strategies
	500,000	Series 2020-2A-CR (CME Term SOFR 3 Month + 3.46%, 3.20% Floor)		8.79%	(a)		01/25/2035		498,252
	1,000,000	Series 2024-2A-D (CME Term SOFR 3 Month + 3.85%, 3.85% Floor)		0.00%	(a)		04/25/2037		1,000,000
		Cathedral Lake CLO Ltd.
	3,500,000	Series 2021-8A-C (CME Term SOFR 3 Month + 2.88%, 2.62% Floor)		8.20%	(a)		01/20/2035		3,544,197
	3,500,000	Series 2021-8A-D1 (CME Term SOFR 3 Month + 3.68%, 3.42% Floor)		9.00%	(a)		01/20/2035		3,434,097
		Chenango Park CLO
	1,500,000	Series 2018-1A-C (CME Term SOFR 3 Month + 3.26%, 3.00% Floor)		8.58%	(a)		04/15/2030		1,472,533
		CIFC Funding Ltd.
	1,000,000	Series 2019-3A-CR (CME Term SOFR 3 Month + 3.31%, 3.05% Floor)		8.63%	(a)		10/16/2034		1,010,729
		Dryden Senior Loan Fund
	2,500,000	Series 2013-28A-B1LR (CME Term SOFR 3 Month + 3.41%)		8.72%	(a)		08/15/2030		2,500,635
	3,000,000	Series 2015-37A-DR (CME Term SOFR 3 Month + 2.76%, 2.50% Floor)		8.08%	(a)		01/15/2031		2,918,057
	1,000,000	Series 2016-45A-DR (CME Term SOFR 3 Month + 3.41%, 3.15% Floor)		8.73%	(a)		10/15/2030		988,519
	1,000,000	Series 2017-50A-D (CME Term SOFR 3 Month + 3.51%, 3.25% Floor)		8.83%	(a)		07/15/2030		993,522
	1,000,000	Series 2019-68A-DR (CME Term SOFR 3 Month + 3.61%, 3.35% Floor)		8.93%	(a)		07/15/2035		1,001,090
	900,000	Series 2020-77A-DR (CME Term SOFR 3 Month + 3.26%, 3.26% Floor)		8.58%	(a)		05/20/2034		900,132
		Halcyon Loan Advisors Funding Ltd.
	315,196	Series 2014-2A-D (CME Term SOFR 3 Month + 5.26%)		10.58%	(a)(b)		04/28/2025		64,615
	500,000	Series 2018-1A-A2 (CME Term SOFR 3 Month + 2.06%, 1.80% Floor)		7.38%	(a)		07/21/2031		500,965
		Hayfin US
	2,000,000	Series 2018-8A-B (CME Term SOFR 3 Month + 1.74%, 1.48% Floor)		7.06%	(a)		04/20/2031		2,001,083
		Highbridge Loan Management Ltd.
	1,500,000	Series 13A-18-D (CME Term SOFR 3 Month + 3.26%, 3.00% Floor)		8.58%	(a)		10/15/2030		1,477,932
	2,000,000	Series 2013-2A-CR (CME Term SOFR 3 Month + 3.16%, 2.90% Floor)		8.48%	(a)		10/20/2029		1,995,622
		ING Investment Management CLO Ltd.
	3,900,000	Series 2013-1A-CR (CME Term SOFR 3 Month + 3.21%)		8.53%	(a)		10/15/2030		3,810,414
		LCM LP
	56,442	Series 19A-E2 (CME Term SOFR 3 Month + 5.96%, 5.70% Floor)		11.28%	(a)		07/15/2027		56,438
	5,000,000	Series 26A-D (CME Term SOFR 3 Month + 2.76%, 2.50% Floor)		8.08%	(a)		01/20/2031		4,682,638
	1,500,000	Series 27A-D (CME Term SOFR 3 Month + 3.21%)		8.53%	(a)		07/16/2031		1,410,189
		LCM XIII LP
	3,175,000	Series 14A-DR (CME Term SOFR 3 Month + 3.01%)		8.33%	(a)		07/20/2031		2,977,846
		Madison Park Funding Ltd.
	4,500,000	Series 2015-18A-BR (CME Term SOFR 3 Month + 1.86%)		7.18%	(a)		10/21/2030		4,503,055
		Magnetite CLO Ltd.
	3,500,000	Series 2018-20A-D (CME Term SOFR 3 Month + 2.76%)		8.08%	(a)		04/20/2031		3,486,984
	1,750,000	Series 2019-23A-DR (CME Term SOFR 3 Month + 3.31%, 3.05% Floor)		8.64%	(a)		01/25/2035		1,746,127
		Marble Point CLO
	3,500,000	Series 2021-3A-D1 (CME Term SOFR 3 Month + 3.76%, 3.50% Floor)		9.08%	(a)		10/17/2034		3,483,464

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 15

Schedule of Investments DoubleLine Flexible Income Fund (Cont.)

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Myers Park CLO
	1,000,000	Series 2018-1A-D (CME Term SOFR 3 Month + 3.31%, 3.05% Floor)		8.63%	(a)		10/20/2030		997,265
		Neuberger Berman CLO Ltd.
	1,000,000	Series 2016-21A-DR2 (CME Term SOFR 3 Month + 3.56%, 3.30% Floor)		8.88%	(a)		04/20/2034		1,002,013
	4,000,000	Series 2017-16SA-DR (CME Term SOFR 3 Month + 3.16%, 2.90% Floor)		8.48%	(a)		04/15/2034		3,991,812
	1,500,000	Series 2017-25A-DR (CME Term SOFR 3 Month + 3.11%, 2.85% Floor)		8.41%	(a)		10/18/2029		1,503,816
	1,000,000	Series 2017-26A-D (CME Term SOFR 3 Month + 2.91%, 2.65% Floor)		8.21%	(a)		10/18/2030		1,002,010
	1,500,000	Series 2018-28A-D (CME Term SOFR 3 Month + 3.11%)		8.43%	(a)		04/20/2030		1,503,861
	1,000,000	Series 2020-38A-DR (CME Term SOFR 3 Month + 3.26%, 3.00% Floor)		8.58%	(a)		10/20/2035		1,000,946
		Oak Hill Credit Partners
	2,500,000	Series 2021-16A-E (CME Term SOFR 3 Month + 6.36%, 6.10% Floor)		11.66%	(a)		10/18/2034		2,520,640
		Octagon Investment Partners Ltd.
	4,500,000	Series 2012-1A-CRR (CME Term SOFR 3 Month + 4.16%, 3.90% Floor)		9.48%	(a)		07/15/2029		4,516,974
	500,000	Series 2014-1A-CR3 (CME Term SOFR 3 Month + 3.01%, 2.75% Floor)		8.32%	(a)		02/14/2031		497,868
	1,250,000	Series 2017-1A-D (CME Term SOFR 3 Month + 6.46%)		11.78%	(a)(b)		03/17/2030		1,178,316
	4,000,000	Series 2018-1A-C (CME Term SOFR 3 Month + 2.86%, 2.60% Floor)		8.18%	(a)		01/20/2031		3,848,878
	3,000,000	Series 2018-2A-C (CME Term SOFR 3 Month + 3.11%)		8.44%	(a)		07/25/2030		2,916,297
	500,000	Series 2019-1A-ER (CME Term SOFR 3 Month + 7.26%, 7.00% Floor)		12.58%	(a)		01/20/2035		481,715
	1,000,000	Series 2020-2A-DR (CME Term SOFR 3 Month + 3.56%, 3.30% Floor)		8.88%	(a)		07/15/2036		998,967
		Park Avenue Institutional Advisers CLO Ltd.
	500,000	Series 2021-2A-D (CME Term SOFR 3 Month + 3.66%, 3.40% Floor)		8.98%	(a)		07/15/2034		492,813
		RR Ltd./Cayman Islands
	4,000,000	Series 2018-4A-C (CME Term SOFR 3 Month + 3.21%, 0.26% Floor)		8.53%	(a)		04/15/2030		3,972,471
		Sound Point CLO Ltd.
	2,000,000	Series 2015-2A-DRRR (CME Term SOFR 3 Month + 4.76%, 4.50% Floor)		10.08%	(a)		07/20/2032		1,905,500
	6,000,000	Series 2019-2A-DR (CME Term SOFR 3 Month + 3.56%, 3.30% Floor)		8.88%	(a)		07/15/2034		5,689,881
	1,000,000	Series 2020-1A-DR (CME Term SOFR 3 Month + 3.61%, 3.61% Floor)		8.93%	(a)		07/20/2034		950,732
	5,000,000	Series 2020-2A-DR (CME Term SOFR 3 Month + 3.61%, 3.35% Floor)		8.94%	(a)		10/25/2034		4,750,979
	3,375,000	Series 2021-4A-D (CME Term SOFR 3 Month + 3.66%, 3.66% Floor)		8.99%	(a)		10/25/2034		3,305,452
		Steele Creek CLO Ltd.
	5,000,000	Series 2019-2A-BR (CME Term SOFR 3 Month + 2.11%, 1.85% Floor)		7.43%	(a)		07/15/2032		5,002,069
		Stewart Park CLO
	3,500,000	Series 2015-1A-DR (CME Term SOFR 3 Month + 2.86%, 2.60% Floor)		8.18%	(a)		01/15/2030		3,435,514
		Symphony CLO Ltd.
	1,500,000	Series 2015-16A-DR (CME Term SOFR 3 Month + 3.31%, 3.05% Floor)		8.63%	(a)		10/15/2031		1,472,297
		TIAA CLO Ltd.
	1,500,000	Series 2017-2A-B (CME Term SOFR 3 Month + 1.76%)		7.08%	(a)		01/16/2031		1,501,526
		Trimaran CAVU LLC
	6,000,000	Series 2019-1A-B (CME Term SOFR 3 Month + 2.46%, 2.20% Floor)		7.78%	(a)		07/20/2032		6,004,896
		Upland CLO
	500,000	Series 2016-1A-CR (CME Term SOFR 3 Month + 3.16%)		8.48%	(a)		04/20/2031		490,871
		Vibrant CLO Ltd.
	500,000	Series 2015-3A-A2RR (CME Term SOFR 3 Month + 2.11%, 0.26% Floor)		7.43%	(a)		10/20/2031		501,301

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Voya CLO Ltd.
	1,500,000	Series 2017-3A-CR (CME Term SOFR 3 Month + 3.41%)		8.73%	(a)		04/20/2034		1,502,408
		Wind River CLO Ltd.
	2,000,000	Series 2013-2A-E1R (CME Term SOFR 3 Month + 7.01%)		12.31%	(a)(b)		10/18/2030		1,819,156
	2,000,000	Series 2014-1A-DRR (CME Term SOFR 3 Month + 3.26%, 3.00% Floor)		8.56%	(a)		07/18/2031		1,878,927
	4,000,000	Series 2014-2A-DR (CME Term SOFR 3 Month + 3.16%, 2.90% Floor)		8.48%	(a)		01/15/2031		3,874,644
	2,000,000	Series 2014-2A-ER (CME Term SOFR 3 Month + 6.01%, 5.75% Floor)		11.33%	(a)(b)		01/15/2031		1,674,197
	1,500,000	Series 2014-3A-DR2 (CME Term SOFR 3 Month + 3.66%, 3.40% Floor)		8.98%	(a)		10/22/2031		1,390,886
	2,000,000	Series 2017-1A-DR (CME Term SOFR 3 Month + 3.98%, 3.72% Floor)		9.28%	(a)		04/18/2036		1,969,178
	1,750,000	Series 2017-1A-ER (CME Term SOFR 3 Month + 7.32%, 7.06% Floor)		12.62%	(a)		04/18/2036		1,645,127
	1,500,000	Series 2018-1A-D (CME Term SOFR 3 Month + 3.16%)		8.48%	(a)		07/15/2030		1,460,266
	3,500,000	Series 2018-2A-D (CME Term SOFR 3 Month + 3.26%)		8.58%	(a)		07/15/2030		3,375,038
	500,000	Series 2021-3A-D (CME Term SOFR 3 Month + 3.61%, 3.35% Floor)		8.93%	(a)		07/20/2033		487,067
	1,000,000	Series 2021-4A-D (CME Term SOFR 3 Month + 3.46%, 3.20% Floor)		8.78%	(a)		01/20/2035		967,073
		Total Collateralized Loan Obligations (Cost $170,880,163)							167,235,084
	FOREIGN CORPORATE BONDS - 5.2%
	44,000	1375209 BC Ltd.		9.00%	(a)		01/30/2028		43,168
	349,000	Adani Electricity Mumbai Ltd.		3.95%			02/12/2030		297,039
	1,136,000	Adani International Container Terminal Pvt Ltd.		3.00%			02/16/2031		969,252
	200,000	Adani Ports & Special Economic Zone Ltd.		4.00%			07/30/2027		183,722
	200,000	Adani Ports & Special Economic Zone Ltd.		4.20%			08/04/2027		184,922
	600,000	Adani Ports & Special Economic Zone Ltd.		4.38%			07/03/2029		535,529
	400,000	Adani Ports & Special Economic Zone Ltd.		3.10%			02/02/2031		318,903
	400,000	Adani Transmission Step-One Ltd.		4.00%			08/03/2026		376,274
	250,000	Adaro Indonesia PT		4.25%			10/31/2024		246,862
	600,000	AES Andes SA (5 Year Swap Rate USD + 4.64%)		7.13%	(a)		03/26/2079		594,489
	200,000	Agrosuper SA		4.60%			01/20/2032		172,917
	412,499	AI Candelaria Spain SA		7.50%			12/15/2028		404,295
	500,000	AI Candelaria Spain SA		5.75%	(a)		06/15/2033		406,180
	500,000	AI Candelaria Spain SA		5.75%			06/15/2033		406,180
	200,000	Altice Financing SA		5.00%	(a)		01/15/2028		164,781
	200,000	Altice France Holding SA		6.00%	(a)		02/15/2028		57,132
	255,000	Altice France SA/France		5.50%	(a)		10/15/2029		173,346
	200,000	ARD Finance SA 7.25% PIK		6.50%	(a)		06/30/2027		67,138
	215,000	Ardonagh Finco Ltd.		7.75%	(a)		02/15/2031		214,249
	210,918	Avation Capital SA 9.00% PIK		8.25%	(a)		10/31/2026		181,428
	600,000	Banco Davivienda SA (10 Year CMT Rate + 5.10%)		6.65%	(a)(i)		04/22/2031		422,250
	300,000	Banco de Credito del Peru SA		5.85%	(a)		01/11/2029		303,674
	600,000	Banco de Credito del Peru SA (5 Year CMT Rate + 3.00%)		3.13%			07/01/2030		575,015
	140,000	Banco de Credito del Peru SA (5 Year CMT Rate + 2.45%)		3.25%			09/30/2031		129,397
	100,000	Banco GNB Sudameris SA (5 Year CMT Rate + 4.56%)		7.05%			04/03/2027		99,981
	300,000	Banco GNB Sudameris SA (5 Year CMT Rate + 6.66%)		7.50%			04/16/2031		261,624
	300,000	Banco Industrial SA/Guatemala (5 Year CMT Rate + 4.44%)		4.88%			01/29/2031		287,622
	1,200,000	Banco Internacional del Peru SAA Interbank (5 Year CMT Rate + 3.71%)		4.00%			07/08/2030		1,153,324

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 17

Schedule of Investments DoubleLine Flexible Income Fund (Cont.)

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	800,000	Banco Mercantil del Norte SA/Grand Cayman (10 Year CMT Rate + 5.35%)		7.63%	(i)		01/10/2028		801,366
	200,000	Banco Mercantil del Norte SA/Grand Cayman (10 Year CMT Rate + 5.47%)		7.50%	(i)		06/27/2029		199,641
	200,000	Banco Mercantil del Norte SA/Grand Cayman (10 Year CMT Rate + 5.47%)		7.50%	(a)(i)		06/27/2029		199,641
	500,000	Bancolombia SA (5 Year CMT Rate + 2.94%)		4.63%			12/18/2029		487,707
	1,300,000	BBVA Bancomer SA/Texas (5 Year CMT Rate + 2.65%)		5.13%			01/18/2033		1,208,986
	200,000	BBVA Bancomer SA/Texas (5 Year CMT Rate + 4.31%)		5.88%			09/13/2034		189,398
	170,000	Bombardier, Inc.		7.88%	(a)		04/15/2027		170,225
	165,000	Bombardier, Inc.		8.75%	(a)		11/15/2030		176,389
	200,000	Braskem Idesa SAPI		6.99%			02/20/2032		155,382
	1,000,000	Braskem Netherlands Finance BV (5 Year CMT Rate + 8.22%)		8.50%			01/23/2081		1,003,635
	400,000	Buffalo Energy Mexico Holdings / Buffalo Energy Infrastructure / Buffalo Energy		7.88%	(a)		02/15/2039		433,326
	600,000	Canacol Energy Ltd.		5.75%			11/24/2028		266,022
	900,000	CAP SA		3.90%			04/27/2031		707,548
	600,000	CAP SA		3.90%	(a)		04/27/2031		471,699
	900,000	Cemex SAB de CV (5 Year CMT Rate + 4.53%)		5.13%	(i)		06/08/2026		870,374
	1,980,564	Chile Electricity PEC SpA		0.00%	(a)		01/25/2028		1,557,713
	600,000	Cia de Minas Buenaventura SAA		5.50%			07/23/2026		579,229
	160,400	Cometa Energia SAB de CV		6.38%			04/24/2035		161,806
	800,000	Cosan Overseas Ltd.		8.25%	(i)		05/05/2024		819,499
	600,000	Credito Real SAB de CV SOFOM ER (5 Year CMT Rate + 7.03%)		9.13%	(h)(i)		11/29/2027		1,560
	600,000	CSN Resources SA		5.88%			04/08/2032		525,342
	600,000	CT Trust		5.13%			02/03/2032		532,358
	600,000	DBS Group Holdings Ltd. (5 Year CMT Rate + 1.10%)		1.82%			03/10/2031		558,615
	189,821	Digicel Group Holdings Ltd.		0.00%	(a)(b)		12/31/2030		29,327
	37,870	Digicel Group Holdings Ltd.		0.00%	(a)(b)		12/31/2030		34,970
	340,696	Digicel Group Holdings Ltd.		0.00%	(a)(b)		12/31/2030		3,912
	3,474	Digicel Group Holdings Ltd.		0.00%	(a)(b)		12/31/2030		2,806
	525,800	Empresa Electrica Angamos SA		4.88%			05/25/2029		476,546
	629,160	Empresa Electrica Cochrane SpA		5.50%			05/14/2027		609,507
	400,000	Empresas Publicas de Medellin ESP		4.38%			02/15/2031		334,553
	187,869	Fermaca Enterprises S de RL de CV		6.38%			03/30/2038		183,916
	343,720	Fideicomiso PA Pacifico Tres		8.25%			01/15/2035		326,776
	400,000	Freeport Indonesia PT		4.76%			04/14/2027		391,553
	400,000	Freeport Indonesia PT		5.32%			04/14/2032		391,675
	400,000	Freeport Indonesia PT		5.32%	(a)		04/14/2032		391,675
	200,000	Freeport-McMoRan, Inc.		4.63%			08/01/2030		192,312
	400,000	Frigorifico Concepcion SA		7.70%			07/21/2028		350,848
	230,000	Garda World Security Corp.		4.63%	(a)		02/15/2027		220,550
	180,000	Garda World Security Corp.		6.00%	(a)		06/01/2029		161,324
	700,000	Geopark Ltd.		5.50%			01/17/2027		636,335
	180,000	GGAM Finance Ltd.		6.88%	(a)		04/15/2029		181,125
	255,580	Global Aircraft Leasing Co. Ltd. 7.25% PIK		6.50%	(a)		09/15/2024		243,354
	200,000	Gold Fields Orogen Holdings BVI Ltd.		5.13%			05/15/2024		199,376
	300,000	Gran Tierra Energy, Inc.		9.50%	(a)		10/15/2029		280,573
	856,790	Guara Norte SARL		5.20%			06/15/2034		782,395
	320,000	Husky Injection Molding Systems Ltd. / Titan Co.-Borrower LLC		9.00%	(a)		02/15/2029		331,318
	210,000	INEOS Finance PLC		7.50%	(a)		04/15/2029		210,910
	600,000	Inkia Energy Ltd.		5.88%			11/09/2027		587,665
	200,000	InRetail Consumer		3.25%			03/22/2028		179,811
	100,000	InRetail Shopping Malls		5.75%			04/03/2028		97,643
	150,000	Intelsat Jackson Holdings SA		6.50%	(a)		03/15/2030		139,735

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	35,079	Invepar Holdings		0.00%	(b)(h)		12/30/2028		–
	400,000	Itau Unibanco Holding SA/Cayman Island (5 Year CMT Rate + 3.22%)		4.63%	(i)		02/27/2025		376,655
	241,500	JSW Hydro Energy Ltd.		4.13%			05/18/2031		214,251
	200,000	Kallpa Generacion SA		4.13%			08/16/2027		190,270
	160,000	Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.		5.00%	(a)		12/31/2026		156,978
	200,000	KUO SAB De CV		5.75%			07/07/2027		188,697
	774,200	LLPL Capital Pte Ltd.		6.88%			02/04/2039		775,175
	851,620	LLPL Capital Pte Ltd.		6.88%	(a)		02/04/2039		852,693
	85,000	Macquarie Airfinance Holdings Ltd.		6.50%	(a)		03/26/2031		86,580
	800,000	MARB BondCo PLC		3.95%			01/29/2031		660,229
	330,000	Mattamy Group Corp.		4.63%	(a)		03/01/2030		300,291
	200,000	Mercury Chile Holdco LLC		6.50%			01/24/2027		194,012
	335,000	Merlin Entertainments Group US Holdings, Inc.		7.38%	(a)		02/15/2031		337,820
	600,000	Mexarrend SAPI de CV		10.25%	(a)(h)		07/24/2024		126,000
	442,484	Mexico Generadora de Energia S de RL		5.50%			12/06/2032		435,952
	360,000	Millicom International Cellular SA		6.63%			10/15/2026		358,670
	720,000	Millicom International Cellular SA		6.25%			03/25/2029		703,631
	1,500,000	Minejesa Capital BV		5.63%			08/10/2037		1,365,845
	600,000	Minerva Luxembourg SA		4.38%			03/18/2031		502,002
	400,000	Minerva Luxembourg SA		8.88%			09/13/2033		421,112
	600,000	Minsur SA		4.50%			10/28/2031		526,257
	461,145	Mong Duong Finance Holdings BV		5.13%			05/07/2029		441,212
	886,996	MV24 Capital BV		6.75%			06/01/2034		835,289
	400,000	Network i2i Ltd. (5 Year CMT Rate + 4.27%)		5.65%	(i)		01/15/2025		397,654
	400,000	Nexa Resources SA		5.38%			05/04/2027		390,816
	135,000	Ontario Gaming GTA LP/OTG Co.-Issuer, Inc.		8.00%	(a)		08/01/2030		139,154
	252,000	Orazul Energy Peru SA		5.63%			04/28/2027		238,856
	800,000	Oversea-Chinese Banking Corp. Ltd. (5 Year CMT Rate + 1.58%)		1.83%			09/10/2030		756,439
	340,000	Parkland Corp.		4.63%	(a)		05/01/2030		313,746
	160,000	Primo Water Holdings, Inc.		4.38%	(a)		04/30/2029		147,286
	629,489	Prumo Participacoes e Investimentos S/A		7.50%			12/31/2031		629,156
	500,000	Reliance Industries Ltd.		3.67%			11/30/2027		474,185
	200,000	Rumo Luxembourg Sarl		4.20%			01/18/2032		170,082
	1,040,000	Rutas 2 & 7 Finance Ltd.		0.00%			09/30/2036		710,155
	1,000,000	Sasol Financing USA LLC		5.50%			03/18/2031		843,314
	155,000	Seaspan Corp.		5.50%	(a)		08/01/2029		135,378
	200,000	Simpar Europe SA		5.20%			01/26/2031		174,997
	200,000	Southern Copper Corp.		3.88%			04/23/2025		196,147
	250,000	Superior Plus LP / Superior General Partner, Inc.		4.50%	(a)		03/15/2029		231,347
	25,000	Telesat Canada / Telesat LLC		4.88%	(a)		06/01/2027		13,023
	180,934	Tierra Mojada Luxembourg II SARL		5.75%			12/01/2040		166,380
	165,000	Titan Acquisition Ltd. / Titan Co.-Borrower LLC		7.75%	(a)		04/15/2026		164,943
	528,255	UEP Penonome II SA		6.50%	(a)		10/01/2038		413,360
	704,340	UEP Penonome II SA		6.50%			10/01/2038		551,146
	2,800,000	Unifin Financiera SAB de CV (5 Year CMT Rate + 6.31%)		8.88%	(h)(i)		01/29/2025		14,280
	400,000	Unigel Luxembourg SA		8.75%	(h)		10/01/2026		124,680
	400,000	United Overseas Bank Ltd. (5 Year CMT Rate + 1.52%)		1.75%			03/16/2031		371,437
	800,000	UPL Corp. Ltd.		4.63%			06/16/2030		644,477
	1,222,000	Vedanta Resources Ltd.		13.88%			12/09/2028		1,070,576
	325,000	VZ Secured Financing BV		5.00%	(a)		01/15/2032		279,361
		Total Foreign Corporate Bonds (Cost $54,911,347)							49,092,640

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 19

Schedule of Investments DoubleLine Flexible Income Fund (Cont.)

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 1.1%
	600,000	Banco do Brasil SA/Cayman (10 Year CMT Rate + 4.40%)		6.25%	(i)		10/15/2024		603,361
	800,000	Banco Nacional de Comercio Exterior SNC/Cayman Islands (5 Year CMT Rate + 2.00%)		2.72%			08/11/2031		724,639
	200,000	Bank Negara Indonesia Persero Tbk PT		3.75%			03/30/2026		191,142
	564,031	Bioceanico Sovereign Certificate Ltd.		0.00%			06/05/2034		414,652
	2,000,000	Colombia Government International Bond		4.13%			05/15/2051		1,246,194
	600,000	Corp. Financiera de Desarrollo SA (3 Month LIBOR USD + 5.61%)		5.25%	(f)		07/15/2029		599,502
	1,500,000	Ecopetrol SA		5.88%			11/02/2051		1,080,754
	200,000	Indonesia Asahan Aluminium PT / Mineral Industri Indonesia Persero PT		4.75%			05/15/2025		197,584
	300,000	Indonesia Asahan Aluminium PT / Mineral Industri Indonesia Persero PT		5.45%			05/15/2030		296,664
	262,054	Lima Metro Line 2 Finance Ltd.		5.88%			07/05/2034		260,178
	1,400,000	Mexico Government International Bond		6.34%			05/04/2053		1,384,736
	1,500,000	Panama Government International Bond		3.87%			07/23/2060		873,705
	900,000	Petroleos del Peru SA		4.75%			06/19/2032		712,428
	400,000	Petroleos del Peru SA		5.63%			06/19/2047		269,064
	900,000	Petroleos Mexicanos		6.75%			09/21/2047		599,202
	700,000	Republic of South Africa Government International Bond		4.30%			10/12/2028		629,853
		Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $12,110,775)							10,083,658
	NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 9.2%
		Arbor Multifamily Mortgage Securities Trust
	10,194,000	Series 2021-MF3-XD		1.18%	(a)(j)(k)		10/15/2054		727,946
		Arbor Realty Trust, Inc.
	15,206,956	Series 2020-MF1-XA		0.95%	(a)(j)(k)		05/15/2053		666,112
		AREIT Trust
	1,017,000	Series 2019-CRE3-D (CME Term SOFR 1 Month + 2.76%, 2.76% Floor)		8.09%	(a)		09/14/2036		948,944
		Banc of America Re-Remic Trust
	1,500,000	Series 2018-DSNY-C (CME Term SOFR 1 Month + 1.65%, 1.60% Floor)		6.97%	(a)		09/15/2034		1,492,950
		BANK
	9,610,389	Series 2017-BNK5-XA		0.94%	(j)(k)		06/15/2060		219,615
	58,287,168	Series 2018-BN11-XA		0.45%	(j)(k)		03/15/2061		950,973
		BBCMS Trust
	1,675,000	Series 2019-BWAY-E (CME Term SOFR 1 Month + 2.96%, 2.85% Floor)		8.29%	(a)		11/15/2034		158,270
		BB-UBS Trust
	1,197,590	Series 2012-TFT-TE		3.56%	(a)(b)(j)		06/05/2030		993,223
		BDS Ltd.
	875,093	Series 2021-FL10-A (CME Term SOFR 1 Month + 1.46%, 1.46% Floor)		6.79%	(a)		12/16/2036		869,310
		Benchmark Mortgage Trust
	56,222,725	Series 2022-B32-XA		0.46%	(a)(j)(k)		01/15/2055		1,106,424
		BLP Commercial Mortgage Trust
	750,000	Series 2024-IND2-D (CME Term SOFR 1 Month + 2.59%, 2.59% Floor)		7.92%	(a)		03/15/2041		752,579
		BPR Trust
	2,866,000	Series 2021-TY-D (CME Term SOFR 1 Month + 2.46%, 2.35% Floor)		7.79%	(a)		09/15/2038		2,829,546
		BX Trust
	1,575,000	Series 2019-CALM-E (CME Term SOFR 1 Month + 2.11%, 2.00% Floor)		7.44%	(a)		11/15/2032		1,566,359
	1,800,000	Series 2019-IMC-D (CME Term SOFR 1 Month + 1.95%, 1.90% Floor)		7.27%	(a)		04/15/2034		1,796,169
	1,484,812	Series 2021-21M-A (CME Term SOFR 1 Month + 0.84%, 0.73% Floor)		6.17%	(a)		10/15/2036		1,473,774
	1,028,000	Series 2021-CIP-B (CME Term SOFR 1 Month + 1.39%, 1.27% Floor)		6.71%	(a)		12/15/2038		1,016,332

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Carbon Capital VI Commercial Mortgage Trust
	1,119,631	Series 2019-FL2-B (CME Term SOFR 1 Month + 2.96%, 2.85% Floor)		8.29%	(a)		10/15/2035		1,013,982
		CFCRE Commercial Mortgage Trust
	3,649,890	Series 2016-C4-XA		1.60%	(j)(k)		05/10/2058		82,596
		Citigroup Commercial Mortgage Trust
	1,463,627	Series 2014-GC25-XA		0.94%	(j)(k)		10/10/2047		1,666
	6,268,224	Series 2016-C1-XA		1.82%	(j)(k)		05/10/2049		182,415
	2,170,166	Series 2016-P4-XA		1.88%	(j)(k)		07/10/2049		67,280
		Citigroup/Deutsche Bank Commercial Mortgage Trust
	8,522,621	Series 2017-CD3-XA		0.95%	(j)(k)		02/10/2050		171,593
	1,670,650	Series 2020-C9-A2		1.90%			08/15/2053		1,583,475
		CLNC Ltd.
	1,216,000	Series 2019-FL1-B (CME Term SOFR 1 Month + 2.01%, 1.90% Floor)		7.34%	(a)		08/20/2035		1,188,856
		Commercial Mortgage Pass Through Certificates
	412,206	Series 2014-CR17-XA		0.77%	(j)(k)		05/10/2047		31
	10,318,286	Series 2015-CR25-XA		0.79%	(j)(k)		08/10/2048		81,882
	6,437,044	Series 2015-CR27-XA		0.90%	(j)(k)		10/10/2048		64,290
	1,227,000	Series 2015-DC1-C		4.27%	(j)		02/10/2048		1,116,340
	1,448,305	Series 2015-DC1-XA		0.93%	(j)(k)		02/10/2048		5,820
	8,662,773	Series 2015-LC21-XA		0.62%	(j)(k)		07/10/2048		43,992
	2,525,399	Series 2016-DC2-XA		0.91%	(j)(k)		02/10/2049		31,044
	2,228,000	Series 2018-HCLV-D (CME Term SOFR 1 Month + 2.47%, 2.18% Floor)		7.80%	(a)		09/15/2033		1,560,535
		Computershare Corporate Trust
	100,000	Series 2015-C27-C		3.89%			02/15/2048		87,379
	400,000	Series 2015-C28-C		4.08%	(j)		05/15/2048		363,359
	9,170,396	Series 2015-C30-XA		0.87%	(j)(k)		09/15/2058		80,812
	4,802,100	Series 2015-C31-XA		0.95%	(j)(k)		11/15/2048		51,891
	1,681,458	Series 2015-NXS1-XA		1.06%	(j)(k)		05/15/2048		8,973
	6,112,764	Series 2015-NXS2-XA		0.58%	(j)(k)		07/15/2058		29,745
	1,834,536	Series 2016-C33-XA		1.56%	(j)(k)		03/15/2059		41,785
	3,523,044	Series 2016-NXS6-XA		1.59%	(j)(k)		11/15/2049		93,248
	13,275,479	Series 2017-C38-XA		0.93%	(j)(k)		07/15/2050		301,428
	1,886,831	Series 2017-RC1-XA		1.38%	(j)(k)		01/15/2060		61,887
	2,267,000	Series 2018-C47-C		4.92%	(j)		09/15/2061		2,097,765
	1,000,000	Series 2021-SAVE-D (CME Term SOFR 1 Month + 2.61%, 2.50% Floor)		7.94%	(a)		02/15/2040		983,325
	1,000,000	Series 2021-SAVE-E (CME Term SOFR 1 Month + 3.76%, 3.65% Floor)		9.09%	(a)		02/15/2040		979,711
		Credit Suisse Mortgage Capital Certificates
	1,974,822	Series 2014-USA-X1		0.54%	(a)(j)(k)		09/15/2037		8,999
	1,396,526	Series 2019-ICE4-D (CME Term SOFR 1 Month + 1.65%, 1.60% Floor)		6.97%	(a)		05/15/2036		1,396,004
		CSAIL Commercial Mortgage Trust
	2,202,585	Series 2015-C1-XA		0.80%	(j)(k)		04/15/2050		5,793
	39,185,686	Series 2018-CX12-XA		0.54%	(j)(k)		08/15/2051		797,609
	31,829,133	Series 2021-C20-XA		0.99%	(j)(k)		03/15/2054		1,592,841
	18,269,000	Series 2021-C20-XD		1.46%	(a)(j)(k)		03/15/2054		1,490,169
		ELP Commercial Mortgage Trust
	1,765,944	Series 2021-ELP-C (CME Term SOFR 1 Month + 1.43%, 1.32% Floor)		6.76%	(a)		11/15/2038		1,749,142
		Fontainebleau Miami Beach Trust
	2,264,000	Series 2019-FBLU-G		3.96%	(a)(j)		12/10/2036		2,178,932
		FS Rialto
	1,168,212	Series 2021-FL3-A (CME Term SOFR 1 Month + 1.36%, 1.36% Floor)		6.69%	(a)		11/16/2036		1,166,180
	1,450,000	Series 2022-FL4-AS (US 30 Day Average Secured Overnight Financing Rate + 2.40%, 2.40% Floor)		7.72%	(a)		01/19/2039		1,430,496
		Granite Point Mortgage Trust, Inc.
	1,000,000	Series 2021-FL4-B (CME Term SOFR 1 Month + 2.06%, 1.95% Floor)		7.39%	(a)		12/15/2036		935,520

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 21

Schedule of Investments DoubleLine Flexible Income Fund (Cont.)

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Great Wolf Trust
	1,450,000	Series 2024-WOLF-A (CME Term SOFR 1 Month + 1.54%, 1.54% Floor)		6.84%	(a)		03/15/2039		1,454,605
		GS Mortgage Securities Corp. II
	6,240,176	Series 2014-GC24-XA		0.67%	(j)(k)		09/10/2047		3,814
	6,762,903	Series 2015-GS1-XA		0.75%	(j)(k)		11/10/2048		64,519
	5,245,871	Series 2016-GS2-XA		1.73%	(j)(k)		05/10/2049		135,113
	442,000	Series 2018-GS10-WLSD		4.74%	(a)(j)		03/10/2033		386,596
	553,000	Series 2018-GS10-WLSE		4.74%	(a)(j)		03/10/2033		473,213
	1,509,000	Series 2018-RIVR-E (CME Term SOFR 1 Month + 1.85%, 1.80% Floor)		7.17%	(a)		07/15/2035		396,112
	850,000	Series 2018-TWR-E (CME Term SOFR 1 Month + 2.40%, 2.10% Floor)		7.72%	(a)		07/15/2031		267,750
	850,000	Series 2018-TWR-F (CME Term SOFR 1 Month + 3.10%, 2.80% Floor)		8.42%	(a)		07/15/2031		174,038
	850,000	Series 2018-TWR-G (CME Term SOFR 1 Month + 4.22%, 3.93% Floor)		9.55%	(a)		07/15/2031		35,700
		GSCG Trust
	2,377,000	Series 2019-600C-E		3.99%	(a)(b)(j)		09/06/2034		244,641
		IMT Trust
	2,271,000	Series 2017-APTS-CFX		3.50%	(a)(j)		06/15/2034		2,245,959
		JP Morgan Chase Commercial Mortgage Securities
	1,376,000	Series 2014-C20-C		4.48%	(j)		07/15/2047		1,103,537
	4,940,842	Series 2016-JP4-XA		0.57%	(j)(k)		12/15/2049		57,175
	1,957,000	Series 2018-WPT-EFX		5.36%	(a)(j)		07/05/2033		1,454,844
	766,000	Series 2019-UES-C		4.34%	(a)		05/05/2032		762,499
	784,000	Series 2019-UES-D		4.45%	(a)(j)		05/05/2032		779,811
	915,000	Series 2019-UES-E		4.45%	(a)(j)		05/05/2032		909,330
	960,000	Series 2019-UES-F		4.45%	(a)(j)		05/05/2032		953,235
	1,049,000	Series 2019-UES-G		4.45%	(a)(j)		05/05/2032		1,039,402
	1,685,000	Series 2020-NNN-EFX		3.97%	(a)		01/16/2037		801,015
		JPMBB Commercial Mortgage Securities Trust
	247,274	Series 2014-C18-XA		0.39%	(j)(k)		02/15/2047		11
	2,973,000	Series 2014-C21-C		4.62%	(j)		08/15/2047		2,760,337
	100,000	Series 2014-C23-C		4.48%	(j)		09/15/2047		96,532
	1,115,000	Series 2015-C29-C		4.19%	(j)		05/15/2048		1,012,590
	2,938,484	Series 2015-C29-XA		0.54%	(j)(k)		05/15/2048		12,444
	3,834,677	Series 2015-C31-XA		0.80%	(j)(k)		08/15/2048		32,286
	470,000	Series 2015-C33-C		4.64%	(j)		12/15/2048		418,400
		KREF
	1,780,000	Series 2021-FL2-A (CME Term SOFR 1 Month + 1.18%, 1.07% Floor)		6.51%	(a)		02/15/2039		1,753,170
		Ladder Capital Commercial Mortgage Securities LLC
	2,532,000	Series 2017-LC26-C		4.71%	(a)		07/12/2050		2,177,394
		LFT CRE Ltd.
	1,470,000	Series 2021-FL1-B (CME Term SOFR 1 Month + 1.86%, 1.86% Floor)		7.19%	(a)		06/15/2039		1,442,396
		LSTAR Commercial Mortgage Trust
	2,344,427	Series 2016-4-XA		1.66%	(a)(j)(k)		03/10/2049		25,383
	11,382,859	Series 2017-5-X		0.83%	(a)(j)(k)		03/10/2050		170,154
		Lument Finance Trust, Inc.
	1,828,692	Series 2021-FL1-A (CME Term SOFR 1 Month + 1.28%, 1.28% Floor)		6.61%	(a)		06/15/2039		1,821,099
		Merit 2020
	670,000	Series 2021-STOR-C (CME Term SOFR 1 Month + 1.16%, 1.05% Floor)		6.49%	(a)		07/15/2038		662,645
		MF1 Multifamily Housing Mortgage Loan Trust
	2,200,000	Series 2021-FL7-C (CME Term SOFR 1 Month + 2.16%, 2.05% Floor)		7.49%	(a)		10/16/2036		2,118,268
	1,380,000	Series 2024-FL14-A (CME Term SOFR 1 Month + 1.74%, 1.74% Floor)		7.06%	(a)		03/19/2039		1,384,354
		MFT Trust
	2,538,000	Series 2020-ABC-D		3.48%	(a)(j)		02/10/2042		1,348,588

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Morgan Stanley Bank of America Merrill Lynch Trust
	100,000	Series 2014-C18-C		4.46%	(j)		10/15/2047		96,571
	274,000	Series 2015-C27-C		4.49%	(j)		12/15/2047		255,848
		Morgan Stanley Capital I, Inc.
	2,489,000	Series 2019-NUGS-F (CME Term SOFR 1 Month + 2.96%, 4.34% Floor)		8.28%	(a)(b)		12/15/2036		418,288
		Natixis Commercial Mortgage Securities Trust
	1,919,000	Series 2018-FL1-C (Prime Rate + 0.00%)		8.50%	(a)		06/15/2035		803,442
	1,183,000	Series 2020-2PAC-AMZ1		3.50%	(a)(j)		01/15/2037		993,002
	685,000	Series 2020-2PAC-AMZ2		3.50%	(a)(j)		01/15/2037		534,210
	639,000	Series 2020-2PAC-AMZ3		3.50%	(a)(b)(j)		01/15/2037		442,201
		One New York Plaza Trust
	1,500,000	Series 2020-1NYP-C (CME Term SOFR 1 Month + 2.31%, 2.20% Floor)		7.64%	(a)		01/15/2036		1,384,268
		RLGH Trust
	2,750,000	Series 2021-TROT-D (CME Term SOFR 1 Month + 1.83%, 1.71% Floor)		7.15%	(a)		04/15/2036		2,698,067
		Soho Trust
	2,874,000	Series 2021-SOHO-B		2.70%	(a)(j)		08/10/2038		1,841,947
		Starwood Property Mortgage Trust
	961,000	Series 2019-FL1-D (CME Term SOFR 1 Month + 2.46%, 2.46% Floor)		7.79%	(a)		07/15/2038		905,078
		TPG Real Estate Finance Issuer Ltd.
	1,160,000	Series 2021-FL4-B (CME Term SOFR 1 Month + 1.96%, 1.85% Floor)		7.29%	(a)		03/15/2038		1,101,381
		UBS Commercial Mortgage Trust
	1,097,000	Series 2018-C8-C		4.68%	(j)		02/15/2051		944,667
	12,629,950	Series 2018-C8-XA		0.81%	(j)(k)		02/15/2051		338,101
		VMC Finance LLC
	1,321,442	Series 2019-FL3-D (CME Term SOFR 1 Month + 2.76%, 2.65% Floor)		8.09%	(a)		09/15/2036		1,288,239
		WF-RBS Commercial Mortgage Trust
	2,356,322	Series 2014-C21-XA		0.97%	(j)(k)		08/15/2047		1,305
		Total Non-Agency Commercial Mortgage Backed Obligations (Cost $116,446,593)							87,722,890
	NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 18.2%
		ACE Securities Corp.
	2,721,565	Series 2007-HE1-A2A (CME Term SOFR 1 Month + 0.29%, 0.18% Floor)		5.62%			01/25/2037		1,627,169
	1,104,665	Series 2007-HE1-A2D (CME Term SOFR 1 Month + 0.61%, 0.50% Floor)		5.94%			01/25/2037		660,428
		AMSR Trust
	1,000,000	Series 2020-SFR4-E1		2.21%	(a)		11/17/2037		934,144
	5,122,000	Series 2021-SFR3-G		3.80%	(a)		10/17/2038		4,564,472
		APS Resecuritization Trust
	7,765,840	Series 2015-3-1MZ (12 Month US Treasury Average + 0.96%, 0.96% Floor)		4.47%	(a)		10/27/2046		6,633,234
		Asset Backed Securities Corp. Home Equity
	1,561,905	Series 2007-HE2-A4 (CME Term SOFR 1 Month + 0.34%, 0.23% Floor)		5.67%			05/25/2037		1,089,713
		Bear Stearns Adjustable Rate Mortgage Trust
	939,610	Series 2006-2-2A1		4.19%	(j)		07/25/2036		792,866
		Bear Stearns Alt-A Trust
	681,658	Series 2006-4-22A1		4.16%	(j)		08/25/2036		492,402
		Chase Mortgage Finance Corp.
	1,961,983	Series 2007-S4-A4 (CME Term SOFR 1 Month + 0.71%, 0.60% Floor, 6.00% Cap)		6.00%			06/25/2037		641,831
		Citimortgage Alternative Loan Trust
	585,168	Series 2007-A5-1A10		5.75%			05/25/2037		516,675
		Countrywide Alternative Loan Trust
	223,929	Series 2005-75CB-A3		5.50%			01/25/2036		154,699
	526,386	Series 2006-23CB-2A2		6.50%			08/25/2036		165,420
	3,295,554	Series 2006-6CB-2A10		6.00%			05/25/2036		1,367,990
	1,937,072	Series 2006-OA6-1A1A (CME Term SOFR 1 Month + 0.53%, 0.42% Floor)		5.86%			07/25/2046		1,705,696
	288,951	Series 2007-15CB-A7		6.00%			07/25/2037		173,921
	474,001	Series 2008-1R-2A3		6.00%			08/25/2037		247,327

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 23

Schedule of Investments DoubleLine Flexible Income Fund (Cont.)

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Countrywide Home Loan Mortgage Pass Through Trust
	114,364	Series 2005-HYB9-3A2A (CME Term SOFR 12 Month + 2.47%, 1.75% Floor, 11.00% Cap)		7.88%			02/20/2036		96,371
	248,078	Series 2007-14-A15		6.50%			09/25/2037		143,958
	4,858,100	Series 2007-14-A19		6.00%			09/25/2037		2,619,867
	2,983,437	Series 2007-9-A13		5.75%			07/25/2037		1,507,637
	351,795	Series 2007-HY1-1A1		4.54%	(j)		04/25/2037		319,423
		Credit Suisse First Boston Mortgage Securities Corp.
	387,999	Series 2005-10-6A9		5.50%			11/25/2035		143,884
	160,231	Series 2005-9-5A9		5.50%			10/25/2035		85,200
		Credit Suisse Mortgage Capital Certificates
	604,264	Series 2011-12R-3A5		5.27%	(a)(j)		07/27/2036		586,692
	7,700,000	Series 2020-RPL6-A2		3.40%	(a)(j)		03/25/2059		7,088,264
	1,500,000	Series 2021-NQM6-B1		3.29%	(a)(j)		07/25/2066		994,907
		CSAB Mortgage Backed Trust
	265,891	Series 2006-2-A5A		6.58%	(e)		09/25/2036		79,736
		DB US Financial Markets Holding Corp.
	99,147	Series 2014-RS1-1A2		6.50%	(a)(j)		07/27/2037		81,239
		Deutsche ALT-A Securities, Inc.
	170,348	Series 2006-AB4-A1A		6.01%	(j)		10/25/2036		141,974
		Fannie Mae Connecticut Avenue Securities
	6,200,000	Series 2024-R01-1M2 (US 30 Day Average Secured Overnight Financing Rate + 1.80%, 1.80% Floor)		7.12%	(a)		01/25/2044		6,241,917
		FirstKey Homes Trust
	6,452,000	Series 2021-SFR1-F1		3.24%	(a)		08/17/2038		5,822,276
		FMC GMSR Issuer Trust
	8,000,000	Series 2021-GT1-A		3.62%	(a)(j)		07/25/2026		7,057,253
		Freddie Mac Structured Agency Credit Risk Debt Notes
	4,300,000	Series 2024-DNA1-M2 (US 30 Day Average Secured Overnight Financing Rate + 1.95%)		7.27%	(a)		02/25/2044		4,318,757
	9,000,000	Series 2024-HQA1-M2 (US 30 Day Average Secured Overnight Financing Rate + 2.00%)		7.32%	(a)		03/25/2044		9,024,646
		GCAT
	500,000	Series 2019-NQM3-B1		3.95%	(a)(j)		11/25/2059		391,196
		Home Partners of America Trust
	6,435,698	Series 2019-2-F		3.87%	(a)		10/19/2039		5,668,209
		Impac Secured Assets CMN Owner Trust
	694,174	Series 2006-5-1A1C (CME Term SOFR 1 Month + 0.65%, 0.54% Floor, 11.50% Cap)		5.98%			02/25/2037		619,154
		Indymac Index Mortgage Loan Trust
	3,456,866	Series 2006-AR19-2A1		3.73%	(j)		08/25/2036		3,110,422
		JP Morgan Mortgage Trust
	404,992	Series 2005-S3-1A2		5.75%			01/25/2036		184,555
	291,283	Series 2007-A2-4A1M		4.46%	(j)		04/25/2037		230,466
		Legacy Mortgage Asset Trust
	3,337,749	Series 2021-GS1-A2		6.84%	(a)(e)		10/25/2066		3,343,170
		Lehman Mortgage Trust
	106,039	Series 2006-1-1A3		5.50%			02/25/2036		51,567
		LoanDepot GMSR Master Trust
	3,000,000	Series 2018-GT1-A (CME Term SOFR 1 Month + 3.66%, 2.80% Floor)		8.99%	(a)		10/16/2025		2,926,267
		Mastr Adjustable Rate Mortgages Trust
	68,579	Series 2006-2-2A1		6.17%	(j)		04/25/2036		36,455
		Merrill Lynch Alternative Note Asset
	261,697	Series 2007-F1-2A7		6.00%			03/25/2037		93,845
		Merrill Lynch Mortgage Investors, Inc.
	539,620	Series 2006-AF1-AF2C		6.25%			08/25/2036		217,747
		Morgan Stanley Mortgage Loan Trust
	4,489,702	Series 2005-7-3A1		4.67%	(j)		11/25/2035		2,582,785
	71,361	Series 2005-7-4A1		5.50%			11/25/2035		44,076
	279,132	Series 2006-2-7A1		5.47%	(j)		02/25/2036		157,441
	434,634	Series 2007-8XS-A1		5.75%	(j)		04/25/2037		209,220

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		Morgan Stanley Resecuritization Trust
	7,380,795	Series 2013-R7-8B (12 Month US Treasury Average + 0.96%, 0.96% Floor)		6.04%	(a)(b)		12/26/2046		6,848,140
		New Century Home Equity Loan Trust
	1,099,894	Series 2006-1-A2B (CME Term SOFR 1 Month + 0.47%, 0.36% Floor, 12.50% Cap)		5.80%			05/25/2036		1,082,130
		New York Mortgage Trust, Inc.
	1,457,149	Series 2021-BPL1-A2		2.98%	(a)(e)		05/25/2026		1,438,849
		Novastar Home Equity Loan
	9,679,231	Series 2006-3-A2C (CME Term SOFR 1 Month + 0.43%, 0.32% Floor, 11.00% Cap)		5.76%			10/25/2036		5,095,863
		PennyMac Mortgage Investment Trust
	368,547	Series 2019-3R-A (US 30 Day Average Secured Overnight Financing Rate + 3.81%, 2.70% Floor)		9.14%	(a)		11/27/2031		369,268
	500,000	Series 2021-FT1-A (CME Term SOFR 1 Month + 3.11%, 3.12% Floor)		8.44%	(a)		03/25/2026		506,294
		Progress Residential Trust
	1,100,000	Series 2021-SFR1-G		3.86%	(a)		04/17/2038		1,003,318
	7,500,000	Series 2021-SFR2-F		3.40%	(a)		04/19/2038		6,862,486
	8,100,000	Series 2021-SFR3-F		3.44%	(a)		05/17/2026		7,423,958
		PRPM LLC
	3,000,000	Series 2021-2-A2		6.77%	(a)(j)		03/25/2026		2,955,826
		RALI Trust
	261,054	Series 2006-QS12-2A3		6.00%			09/25/2036		212,124
		Residential Asset Securitization Trust
	1,488,826	Series 2005-A15-5A2		5.75%			02/25/2036		540,730
	344,887	Series 2006-A2-A11		6.00%			01/25/2046		142,069
		Residential Mortgage Loan Trust
	5,750,000	Series 2020-1-B1		3.95%	(a)(j)		01/26/2060		4,908,327
		RFMSI Trust
	2,511,079	Series 2006-S8-A10		6.00%			09/25/2036		1,837,065
		Soundview Home Equity Loan Trust
	4,366,567	Series 2007-OPT1-2A2 (CME Term SOFR 1 Month + 0.26%, 0.15% Floor)		5.59%			06/25/2037		2,866,223
		Starwood Mortgage Residential Trust
	1,116,000	Series 2019-INV1-B1		3.66%	(a)(j)		09/27/2049		996,134
		Structured Adjustable Rate Mortgage Loan Trust
	514,738	Series 2005-22-4A1		5.25%	(j)		12/25/2035		468,038
		Structured Asset Securities Corp.
	7,454,445	Series 2007-OSI-A4 (CME Term SOFR 1 Month + 0.31%, 0.20% Floor)		5.64%			06/25/2037		4,809,154
	5,092,983	Series 2007-RF1-1A (CME Term SOFR 1 Month + 0.30%, 0.19% Floor)		5.63%	(a)		03/25/2037		4,111,514
		TBW Mortgage Backed Pass Through Certificates
	13,354,142	Series 2006-3-4A1 (CME Term SOFR 1 Month + 0.51%, 0.40% Floor, 7.50% Cap)		5.84%			07/25/2036		1,218,707
	13,354,229	Series 2006-3-4A3 (-1 x CME Term SOFR 1 Month + 6.99%, 7.10% Cap)		1.66%	(k)(l)		07/25/2036		622,722
		Toorak Mortgage Corp.
	6,600,000	Series 2021-1-A2		5.10%	(a)(e)		06/25/2024		6,430,118
		Tricon American Homes Trust
	5,000,000	Series 2019-SFR1-F		3.75%	(a)		03/17/2038		4,732,995
		Velocity Commercial Capital Loan Trust
	1,272,726	Series 2018-2-M2		4.51%	(a)(j)		10/26/2048		1,108,040
	323,342	Series 2018-2-M3		4.72%	(a)(j)		10/26/2048		273,364
	1,030,325	Series 2019-1-M5		5.70%	(a)(j)		03/25/2049		880,588
	1,411,970	Series 2019-2-M4		3.99%	(a)(j)		07/25/2049		1,210,111
		Verus Securitization Trust
	3,100,000	Series 2019-INV3-B1		3.73%	(a)(j)		11/25/2059		2,715,221
	2,600,000	Series 2021-3-B1		3.20%	(a)(j)		06/25/2066		1,799,922
	5,000,000	Series 2021-7-B1		4.14%	(a)(j)		10/25/2066		3,794,417
	3,000,000	Series 2021-R2-B1		3.25%	(a)(j)		02/25/2064		2,227,392

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 25

Schedule of Investments DoubleLine Flexible Income Fund (Cont.)

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		WaMu Mortgage Pass Through Certificates
	734,975	Series 2007-HY6-2A2		3.69%	(j)		06/25/2037		628,823
		Washington Mutual Alternative Mortgage Pass-Through Certificates
	467,112	Series 2006-2-4CB		6.00%			03/25/2036		439,217
		Wells Fargo Alternative Loan Trust
	228,099	Series 2007-PA5-1A1		6.25%			11/25/2037		195,130
		Wells Fargo Home Equity Trust
	4,534,286	Series 2007-2-A4 (CME Term SOFR 1 Month + 0.71%, 0.60% Floor)		6.04%			04/25/2037		3,191,097
		Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $208,214,860)							173,933,937
	US CORPORATE BONDS - 3.9%
	215,000	AAR Escrow Issuer LLC		6.75%	(a)		03/15/2029		216,923
	425,000	Academy Ltd.		6.00%	(a)		11/15/2027		418,995
	275,000	Acuris Finance US, Inc. / Acuris Finance SARL		5.00%	(a)		05/01/2028		250,136
	90,000	Acushnet Co.		7.38%	(a)		10/15/2028		93,343
	110,000	AdaptHealth LLC		5.13%	(a)		03/01/2030		96,031
	255,000	Advanced Drainage Systems, Inc.		6.38%	(a)		06/15/2030		256,557
	130,000	Aethon United BR LP / Aethon United Finance Corp.		8.25%	(a)		02/15/2026		131,618
	185,000	Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer		6.75%	(a)		10/15/2027		182,418
	80,000	Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer		7.00%	(a)		01/15/2031		80,862
	200,000	Allied Universal Holdco LLC		7.88%	(a)		02/15/2031		202,809
	70,000	Allied Universal Holdco LLC / Allied Universal Finance Corp.		6.63%	(a)		07/15/2026		70,013
	200,000	Allied Universal Holdco LLC / Allied Universal Finance Corp.		6.00%	(a)		06/01/2029		172,312
	60,000	AMC Entertainment Holdings, Inc.		7.50%	(a)		02/15/2029		40,127
	205,000	American Airlines, Inc.		8.50%	(a)		05/15/2029		216,702
	215,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd.		5.75%	(a)		04/20/2029		211,506
	100,000	American Axle & Manufacturing, Inc.		5.00%			10/01/2029		90,159
	185,000	AmWINS Group, Inc.		4.88%	(a)		06/30/2029		172,855
	239,000	Antero Midstream Partners LP / Antero Midstream Finance Corp.		5.75%	(a)		03/01/2027		236,165
	205,000	Antero Midstream Partners LP / Antero Midstream Finance Corp.		6.63%	(a)		02/01/2032		206,065
	230,000	Antero Resources Corp.		5.38%	(a)		03/01/2030		221,090
	60,000	Arsenal AIC Parent LLC		8.00%	(a)		10/01/2030		63,068
	95,000	Artera Services LLC		8.50%	(a)		02/15/2031		97,467
	145,000	Ashton Woods USA LLC / Ashton Woods Finance Co.		4.63%	(a)		04/01/2030		132,626
	60,000	ASP Unifrax Holdings, Inc.		5.25%	(a)		09/30/2028		38,757
	170,000	AssuredPartners, Inc.		5.63%	(a)		01/15/2029		156,791
	165,000	AthenaHealth Group, Inc.		6.50%	(a)		02/15/2030		151,083
	230,000	Bausch + Lomb Corp.		8.38%	(a)		10/01/2028		238,259
	75,000	Bausch Health Americas, Inc.		8.50%	(a)		01/31/2027		44,157
	175,000	Bausch Health Cos., Inc.		4.88%	(a)		06/01/2028		95,669
	50,000	Bausch Health Cos., Inc.		5.25%	(a)		01/30/2030		21,054
	15,000	Bausch Health Cos., Inc.		14.00%	(a)		10/15/2030		8,704
	250,000	BCPE Empire Holdings, Inc.		7.63%	(a)		05/01/2027		244,330
	180,000	Beacon Roofing Supply, Inc.		6.50%	(a)		08/01/2030		182,807
	25,000	Boxer Parent Co., Inc.		7.13%	(a)		10/02/2025		25,042
	115,000	Brand Industrial Services, Inc.		10.38%	(a)		08/01/2030		124,650
	195,000	Builders FirstSource, Inc.		4.25%	(a)		02/01/2032		175,016
	200,000	Builders FirstSource, Inc.		6.38%	(a)		06/15/2032		203,134
	265,000	Builders FirstSource, Inc.		6.38%	(a)		03/01/2034		266,426
	95,000	Caesars Entertainment, Inc.		4.63%	(a)		10/15/2029		86,704
	210,000	Caesars Entertainment, Inc.		6.50%	(a)		02/15/2032		211,981
	210,000	Calpine Corp.		4.50%	(a)		02/15/2028		199,343
	210,000	Calpine Corp.		4.63%	(a)		02/01/2029		194,575
	340,000	Carnival Corp.		5.75%	(a)		03/01/2027		336,724
	130,000	Carnival Corp.		7.00%	(a)		08/15/2029		135,693

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	40,000	Castle US Holding Corp.		9.50%	(a)		02/15/2028		19,951
	50,000	Catalent Pharma Solutions, Inc.		3.50%	(a)		04/01/2030		47,663
	355,000	CCO Holdings LLC / CCO Holdings Capital Corp.		4.75%	(a)		03/01/2030		305,040
	295,000	CCO Holdings LLC / CCO Holdings Capital Corp.		4.50%	(a)		08/15/2030		247,408
	200,000	CCO Holdings LLC / CCO Holdings Capital Corp.		4.75%	(a)		02/01/2032		163,418
	235,000	Cedar Fair LP		5.25%			07/15/2029		223,582
	145,000	Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc.		8.00%	(a)		06/15/2029		150,438
	270,000	Chesapeake Energy Corp.		5.88%	(a)		02/01/2029		268,019
	160,000	Chord Energy Corp.		6.38%	(a)		06/01/2026		160,786
	140,000	CHS/Community Health Systems, Inc.		6.00%	(a)		01/15/2029		122,471
	200,000	CHS/Community Health Systems, Inc.		4.75%	(a)		02/15/2031		154,530
	125,000	Civitas Resources, Inc.		8.38%	(a)		07/01/2028		131,745
	140,000	Clarios Global LP / Clarios US Finance Co.		6.75%	(a)		05/15/2028		142,021
	90,000	Clarivate Science Holdings Corp.		4.88%	(a)		07/01/2029		83,358
	110,000	Clean Harbors, Inc.		5.13%	(a)		07/15/2029		105,834
	60,000	Clear Channel Outdoor Holdings, Inc.		9.00%	(a)		09/15/2028		62,551
	95,000	Clear Channel Outdoor Holdings, Inc.		7.50%	(a)		06/01/2029		78,652
	305,000	Clearway Energy Operating LLC		4.75%	(a)		03/15/2028		290,142
	45,000	Cloud Software Group, Inc.		6.50%	(a)		03/31/2029		42,741
	45,000	Cloud Software Group, Inc.		9.00%	(a)		09/30/2029		43,203
	205,000	CNX Midstream Partners LP		4.75%	(a)		04/15/2030		182,884
	185,000	CNX Resources Corp.		6.00%	(a)		01/15/2029		181,309
	90,000	Coherent Corp.		5.00%	(a)		12/15/2029		84,860
	65,000	CommScope Technologies LLC		5.00%	(a)		03/15/2027		25,268
	65,000	CommScope, Inc.		4.75%	(a)		09/01/2029		46,963
	140,000	Consolidated Communications, Inc.		5.00%	(a)		10/01/2028		116,821
	120,000	Cornerstone Building Brands, Inc.		6.13%	(a)		01/15/2029		107,567
	285,000	Coty, Inc.		5.00%	(a)		04/15/2026		280,955
	195,000	Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC		6.63%	(a)		07/15/2030		198,177
	470,000	CQP Holdco LP / BIP-V Chinook Holdco LLC		5.50%	(a)		06/15/2031		444,580
	230,000	CSC Holdings LLC		6.50%	(a)		02/01/2029		195,076
	245,000	CSC Holdings LLC		5.75%	(a)		01/15/2030		129,891
	180,000	CSI Compressco LP / CSI Compressco Finance, Inc.		7.50%	(a)		04/01/2025		180,000
	115,000	CVR Partners LP / CVR Nitrogen Finance Corp.		6.13%	(a)		06/15/2028		110,635
	100,000	Dana, Inc.		5.38%			11/15/2027		97,905
	65,000	Dana, Inc.		4.25%			09/01/2030		57,492
	85,000	Dealer Tire LLC / DT Issuer LLC		8.00%	(a)		02/01/2028		84,681
	220,000	Directv Financing LLC / Directv Financing Co.-Obligor, Inc.		5.88%	(a)		08/15/2027		208,265
	200,000	DISH DBS Corp.		5.75%	(a)		12/01/2028		137,826
	110,000	DISH DBS Corp.		5.13%			06/01/2029		45,972
	140,000	Dornoch Debt Merger Sub, Inc.		6.63%	(a)		10/15/2029		124,581
	250,000	Dun & Bradstreet Corp.		5.00%	(a)		12/15/2029		230,972
	115,000	Embarq Corp.		8.00%			06/01/2036		62,606
	320,000	EMRLD Borrower LP / Emerald Co.-Issuer, Inc.		6.63%	(a)		12/15/2030		323,470
	85,000	Energizer Holdings, Inc.		6.50%	(a)		12/31/2027		84,614
	155,000	EQM Midstream Partners LP		4.75%	(a)		01/15/2031		144,286
	320,000	Everi Holdings, Inc.		5.00%	(a)		07/15/2029		317,250
	180,000	Ferrellgas LP / Ferrellgas Finance Corp.		5.38%	(a)		04/01/2026		176,248
	145,000	Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.		6.75%	(a)		01/15/2030		130,316
	375,000	Ford Motor Co.		3.25%			02/12/2032		312,138
	200,000	Fortrea Holdings, Inc.		7.50%	(a)		07/01/2030		206,707
	245,000	Fortress Transportation and Infrastructure Investors LLC		7.88%	(a)		12/01/2030		257,533
	165,000	Frontier Communications Holdings LLC		5.00%	(a)		05/01/2028		153,275
	83,218	Frontier Communications Holdings LLC		5.88%			11/01/2029		70,407
	115,000	Full House Resorts, Inc.		8.25%	(a)		02/15/2028		109,996
	240,000	Gap, Inc.		3.88%	(a)		10/01/2031		203,262
	105,000	GFL Environmental, Inc.		6.75%	(a)		01/15/2031		107,737
	95,000	Goodyear Tire & Rubber Co.		5.25%			07/15/2031		86,661
	80,000	GrafTech Finance, Inc.		4.63%	(a)		12/15/2028		51,532
	210,000	Griffon Corp.		5.75%			03/01/2028		205,812

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 27

Schedule of Investments DoubleLine Flexible Income Fund (Cont.)

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	112,043	Gulfport Energy Corp.		8.00%	(a)		05/17/2026		113,794
	362	Gulfport Energy Corp.		8.00%			05/17/2026		368
	315,000	Helios Software Holdings, Inc. / ION Corporate Solutions Finance SARL		4.63%	(a)		05/01/2028		282,961
	450,000	Hess Midstream Operations LP		5.50%	(a)		10/15/2030		436,414
	130,000	H-Food Holdings LLC / Hearthside Finance Co., Inc.		8.50%	(a)		06/01/2026		9,750
	110,000	Hightower Holding LLC		6.75%	(a)		04/15/2029		103,479
	195,000	Hilcorp Energy I LP / Hilcorp Finance Co.		6.25%	(a)		11/01/2028		194,947
	40,000	Hilcorp Energy I LP / Hilcorp Finance Co.		8.38%	(a)		11/01/2033		43,400
	195,000	HUB International Ltd.		7.25%	(a)		06/15/2030		200,539
	180,000	Icahn Enterprises LP / Icahn Enterprises Finance Corp.		5.25%			05/15/2027		162,798
	165,000	Illuminate Buyer LLC / Illuminate Holdings IV, Inc.		9.00%	(a)		07/01/2028		162,973
	335,000	Installed Building Products, Inc.		5.75%	(a)		02/01/2028		327,311
	195,000	Iron Mountain, Inc.		7.00%	(a)		02/15/2029		198,930
	115,000	Iron Mountain, Inc.		4.50%	(a)		02/15/2031		103,874
	225,000	JELD-WEN, Inc.		4.88%	(a)		12/15/2027		215,487
	320,000	Kodiak Gas Services LLC		7.25%	(a)		02/15/2029		326,161
	70,000	LBM Acquisition LLC		6.25%	(a)		01/15/2029		65,700
	200,000	Leeward Renewable Energy Operations LLC		4.25%	(a)		07/01/2029		171,808
	215,000	Legacy LifePoint Health LLC		4.38%	(a)		02/15/2027		205,052
	220,000	Legends Hospitality Holding Co. LLC / Legends Hospitality Co.-Issuer, Inc.		5.00%	(a)		02/01/2026		218,091
	115,000	Level 3 Financing, Inc.		3.75%	(a)		07/15/2029		51,750
	75,000	Level 3 Financing, Inc.		4.50%	(a)		04/01/2030		46,875
	135,000	Level 3 Financing, Inc.		10.50%	(a)		05/15/2030		138,713
	150,000	LFS Topco LLC		5.88%	(a)		10/15/2026		140,084
	75,000	LifePoint Health, Inc.		5.38%	(a)		01/15/2029		61,882
	220,000	Light & Wonder International, Inc.		7.25%	(a)		11/15/2029		225,993
	55,000	Lions Gate Capital Holdings LLC		5.50%	(a)		04/15/2029		42,123
	95,000	Live Nation Entertainment, Inc.		6.50%	(a)		05/15/2027		96,101
	195,000	LSF9 Atlantis Holdings LLC / Victra Finance Corp.		7.75%	(a)		02/15/2026		193,416
	285,000	M/I Homes, Inc.		4.95%			02/01/2028		272,090
	135,000	Macy’s Retail Holdings LLC		5.88%	(a)		04/01/2029		132,572
	160,000	Madison IAQ LLC		4.13%	(a)		06/30/2028		148,126
	160,000	Madison IAQ LLC		5.88%	(a)		06/30/2029		146,543
	180,000	Matador Resources Co.		6.50%	(a)		04/15/2032		180,443
	210,000	Match Group Holdings II LLC		5.00%	(a)		12/15/2027		201,412
	220,000	Mativ Holdings, Inc.		6.88%	(a)		10/01/2026		219,169
	190,000	Mavis Tire Express Services Topco Corp.		6.50%	(a)		05/15/2029		180,886
	70,000	McAfee Corp.		7.38%	(a)		02/15/2030		64,270
	200,000	McGraw-Hill Education, Inc.		5.75%	(a)		08/01/2028		188,784
	345,000	Medline Borrower LP		5.25%	(a)		10/01/2029		326,347
	95,000	Medline Borrower LP/Medline Co.-Issuer, Inc.		6.25%	(a)		04/01/2029		95,544
	150,000	Michaels Cos., Inc.		5.25%	(a)		05/01/2028		127,948
	130,000	Michaels Cos., Inc.		7.88%	(a)		05/01/2029		97,655
	160,000	Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp.		4.88%	(a)		05/01/2029		148,283
	45,000	Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC		6.75%	(a)		04/01/2032		45,182
	150,000	ModivCare Escrow Issuer, Inc.		5.00%	(a)		10/01/2029		108,903
	225,000	Murphy Oil USA, Inc.		4.75%			09/15/2029		213,572
	65,000	Nabors Industries Ltd.		7.25%	(a)		01/15/2026		64,641
	130,000	Nabors Industries, Inc.		9.13%	(a)		01/31/2030		135,265
	275,000	Nationstar Mortgage Holdings, Inc.		5.75%	(a)		11/15/2031		253,909
	150,000	Navient Corp.		5.00%			03/15/2027		143,813
	255,000	NCL Corp. Ltd.		5.88%	(a)		03/15/2026		251,892
	155,000	NCL Corp. Ltd.		8.38%	(a)		02/01/2028		163,842
	85,000	News Corp.		5.13%	(a)		02/15/2032		79,909
	165,000	NGL Energy Operating LLC / NGL Energy Finance Corp.		8.13%	(a)		02/15/2029		169,098
	70,000	NGL Energy Partners LP / NGL Energy Finance Corp.		7.50%			04/15/2026		70,039
	300,000	NRG Energy, Inc.		3.63%	(a)		02/15/2031		259,190
	200,000	Olympus Water US Holding Corp.		9.75%	(a)		11/15/2028		213,293
	60,000	OneMain Finance Corp.		7.13%			03/15/2026		61,129
	220,000	OneMain Finance Corp.		6.63%			01/15/2028		220,871

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

March 31, 2024

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	190,000	Outfront Media Capital LLC / Outfront Media Capital Corp.		7.38%	(a)		02/15/2031		199,166
	225,000	Owens & Minor, Inc.		6.63%	(a)		04/01/2030		223,506
	170,000	Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc.		4.38%	(a)		10/15/2028		158,769
	170,000	Panther Escrow Issuer LLC		7.13%	(a)		06/01/2031		172,977
	200,000	Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer		4.88%	(a)		05/15/2029		186,140
	80,000	PBF Holding Co. LLC / PBF Finance Corp.		6.00%			02/15/2028		78,793
	35,000	PECF USS Intermediate Holding III Corp.		8.00%	(a)		11/15/2029		18,478
	75,000	Penn Entertainment, Inc.		4.13%	(a)		07/01/2029		64,551
	110,000	PennyMac Financial Services, Inc.		4.25%	(a)		02/15/2029		100,660
	120,000	PennyMac Financial Services, Inc.		7.88%	(a)		12/15/2029		123,413
	180,000	Performance Food Group, Inc.		4.25%	(a)		08/01/2029		165,130
	190,000	Permian Resources Operating LLC		7.00%	(a)		01/15/2032		197,237
	250,000	PetSmart, Inc. / PetSmart Finance Corp.		7.75%	(a)		02/15/2029		243,583
	175,000	Pike Corp.		5.50%	(a)		09/01/2028		167,686
	100,000	Pike Corp.		8.63%	(a)		01/31/2031		106,392
	105,000	Post Holdings, Inc.		5.50%	(a)		12/15/2029		101,555
	60,000	Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.		5.63%	(a)		09/01/2029		45,852
	95,000	Prime Security Services Borrower LLC / Prime Finance, Inc.		6.25%	(a)		01/15/2028		93,134
	35,000	Radiate Holdco LLC / Radiate Finance, Inc.		4.50%	(a)		09/15/2026		27,860
	49,302	Radiology Partners, Inc. (5.00% + 3.50% PIK)		8.50%	(a)		01/31/2029		45,804
	36,807	Radiology Partners, Inc. 9.87% PIK		9.78%	(a)		02/15/2030		29,676
	125,000	Realogy Group LLC / Realogy Co.-Issuer Corp.		5.25%	(a)		04/15/2030		85,132
	100,000	RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc.		9.75%	(a)		12/01/2026		100,211
	165,000	Roller Bearing Co. of America, Inc.		4.38%	(a)		10/15/2029		151,283
	255,000	Royal Caribbean Cruises Ltd.		5.50%	(a)		08/31/2026		252,918
	40,000	Royal Caribbean Cruises Ltd.		7.25%	(a)		01/15/2030		41,587
	130,000	Royal Caribbean Cruises Ltd.		6.25%	(a)		03/15/2032		131,117
	220,000	Scientific Games Holdings LP/Scientific Games US FinCo, Inc.		6.63%	(a)		03/01/2030		212,849
	125,000	Sealed Air Corp./Sealed Air Corp. US		7.25%	(a)		02/15/2031		130,117
	105,000	Sirius XM Radio, Inc.		5.50%	(a)		07/01/2029		100,082
	90,000	Sitio Royalties Operating Partnership LP / Sitio Finance Corp.		7.88%	(a)		11/01/2028		93,167
	55,000	SK Invictus Intermediate II SARL		5.00%	(a)		10/30/2029		49,081
	120,000	Southwestern Energy Co.		4.75%			02/01/2032		110,564
	175,000	Spectrum Brands, Inc.		5.00%	(a)		10/01/2029		171,646
	125,000	Spirit AeroSystems, Inc.		9.75%	(a)		11/15/2030		139,977
	110,000	SRS Distribution, Inc.		4.63%	(a)		07/01/2028		110,916
	250,000	Standard Industries, Inc./NJ		4.38%	(a)		07/15/2030		224,810
	70,000	Staples, Inc.		7.50%	(a)		04/15/2026		68,386
	50,000	Staples, Inc.		10.75%	(a)		04/15/2027		47,573
	140,000	Starwood Property Trust, Inc.		7.25%	(a)		04/01/2029		141,289
	145,000	Station Casinos LLC		4.63%	(a)		12/01/2031		130,463
	220,000	Station Casinos LLC		6.63%	(a)		03/15/2032		222,402
	195,000	Suburban Propane Partners LP/Suburban Energy Finance Corp.		5.00%	(a)		06/01/2031		177,925
	240,000	SunCoke Energy, Inc.		4.88%	(a)		06/30/2029		217,548
	115,000	Sunoco LP / Sunoco Finance Corp.		6.00%			04/15/2027		114,626
	100,000	Sunoco LP / Sunoco Finance Corp.		4.50%			05/15/2029		93,043
	90,000	SWF Escrow Issuer Corp.		6.50%	(a)		10/01/2029		66,665
	190,000	Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.		7.38%	(a)		02/15/2029		191,268
	80,000	Tenet Healthcare Corp.		6.25%			02/01/2027		80,031
	85,000	Tenet Healthcare Corp.		6.13%			10/01/2028		84,766
	220,000	Tenet Healthcare Corp.		6.13%			06/15/2030		219,770
	275,000	Townsquare Media, Inc.		6.88%	(a)		02/01/2026		268,332
	205,000	TransDigm, Inc.		5.50%			11/15/2027		200,806

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 29

Schedule of Investments DoubleLine Flexible Income Fund (Cont.)

PRINCIPAL AMOUNT $		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
	104,625	Transocean Poseidon Ltd.		6.88%	(a)		02/01/2027		104,814
	80,000	Transocean, Inc.		8.00%	(a)		02/01/2027		79,460
	200,000	Trident TPI Holdings, Inc.		12.75%	(a)		12/31/2028		213,638
	115,000	Triton Water Holdings, Inc.		6.25%	(a)		04/01/2029		104,854
	210,000	UKG, Inc.		6.88%	(a)		02/01/2031		214,086
	225,000	United Airlines, Inc.		4.63%	(a)		04/15/2029		209,501
	140,000	United Natural Foods, Inc.		6.75%	(a)		10/15/2028		116,454
	95,000	Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC		10.50%	(a)		02/15/2028		98,578
	160,000	Univision Communications, Inc.		4.50%	(a)		05/01/2029		143,125
	90,000	Upbound Group, Inc.		6.38%	(a)		02/15/2029		87,457
	195,000	US Foods, Inc.		7.25%	(a)		01/15/2032		203,185
	155,000	Venture Global LNG, Inc.		8.13%	(a)		06/01/2028		158,226
	100,000	Venture Global LNG, Inc.		8.38%	(a)		06/01/2031		103,189
	90,000	Venture Global LNG, Inc.		9.88%	(a)		02/01/2032		97,053
	230,000	Viking Cruises Ltd.		5.88%	(a)		09/15/2027		225,817
	195,000	Viking Cruises Ltd.		9.13%	(a)		07/15/2031		213,405
	115,000	Vistra Operations Co. LLC		7.75%	(a)		10/15/2031		120,521
	90,000	Vital Energy, Inc.		7.88%	(a)		04/15/2032		91,499
	100,000	VT Topco, Inc.		8.50%	(a)		08/15/2030		105,654
	120,000	Wand NewCo 3, Inc.		7.63%	(a)		01/30/2032		124,208
	170,000	WASH Multifamily Acquisition, Inc.		5.75%	(a)		04/15/2026		166,300
	75,000	Weatherford International Ltd.		6.50%	(a)		09/15/2028		77,416
	240,000	Weatherford International Ltd.		8.63%	(a)		04/30/2030		250,751
	30,000	Wheel Pros, Inc.		6.50%	(a)		05/15/2029		9,188
	190,000	WR Grace Holdings LLC		5.63%	(a)		08/15/2029		170,227
	380,000	XHR LP		4.88%	(a)		06/01/2029		352,098
	215,000	XPO, Inc.		7.13%	(a)		06/01/2031		220,751
		Total US Corporate Bonds (Cost $38,461,245)							36,688,390
	US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 8.8%
		Federal Home Loan Mortgage Corp.
	552,085	Series 3926-HS (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.34%, 6.45% Cap)		1.02%	(k)(l)		09/15/2041		59,850
	205,251	Series 4471-GA		3.00%			02/15/2044		192,418
	2,294,757	Series 4631-FA (US 30 Day Average Secured Overnight Financing Rate + 0.61%, 0.50% Floor, 6.50% Cap)		5.93%			11/15/2046		2,254,751
	13,164,956	Series 4851-PF (US 30 Day Average Secured Overnight Financing Rate + 0.51%, 0.40% Floor, 6.50% Cap)		5.83%			08/15/2057		12,756,786
	1,875,302	Series 4942-FB (US 30 Day Average Secured Overnight Financing Rate + 0.61%, 0.50% Floor, 6.00% Cap)		5.93%			04/15/2040		1,817,555
	10,948,609	Series 4944-F (US 30 Day Average Secured Overnight Financing Rate + 0.56%, 0.45% Floor, 6.50% Cap)		5.88%			01/25/2050		10,806,690
	1,420,762	Series 4981-GF (US 30 Day Average Secured Overnight Financing Rate + 0.51%, 0.40% Floor, 6.50% Cap)		5.83%			06/25/2050		1,391,217
	10,481,022	Series 5142-QI		3.00%	(k)		09/25/2051		1,705,713
	7,450,128	Series KF89-AS (US 30 Day Average Secured Overnight Financing Rate + 0.37%)		5.69%			09/25/2030		7,376,978
		Federal National Mortgage Association
	6,014,737	Series 2013-12-FT (US 30 Day Average Secured Overnight Financing Rate + 0.46%, 0.35% Floor, 6.50% Cap)		5.78%			02/25/2043		5,888,144
	7,947,597	Series 2017-11-SK (-1 x US 30 Day Average Secured Overnight Financing Rate + 5.94%, 6.05% Cap)		0.62%	(k)(l)		03/25/2047		907,714
	3,988,130	Series 2018-86-MF (US 30 Day Average Secured Overnight Financing Rate + 0.41%, 0.30% Floor, 6.50% Cap)		5.73%			12/25/2048		3,924,196
	21,015,540	Series 2019-M7-X		0.33%	(j)(k)		04/25/2029		290,611
	7,591,418	Series 2020-54-AS (-1 x US 30 Day Average Secured Overnight Financing Rate + 6.04%, 6.15% Cap)		0.72%	(k)(l)		08/25/2050		971,298
	8,899,433	Series 2021-32-AI		3.00%	(k)		05/25/2046		1,048,542
	21,947,240	Series 2021-M8-X		0.25%	(j)(k)		11/25/2035		434,222
	5,207,911	Series 2022-43-FA (US 30 Day Average Secured Overnight Financing Rate + 0.55%, 0.55% Floor, 6.00% Cap)		5.87%			07/25/2052		4,917,245

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

March 31, 2024

PRINCIPAL AMOUNT $/ SHARES		SECURITY DESCRIPTION	RATE			MATURITY		VALUE $
		FREMF Mortgage Trust
	639,609	Series 2016-KF18-B (US 30 Day Average Secured Overnight Financing Rate + 5.61%, 5.50% Floor)		10.93%	(a)		05/25/2026		619,253
	372,621	Series 2017-KF27-B (US 30 Day Average Secured Overnight Financing Rate + 4.46%, 4.35% Floor)		9.78%	(a)		12/25/2026		369,524
	700,066	Series 2017-KF30-B (US 30 Day Average Secured Overnight Financing Rate + 3.36%, 3.25% Floor)		8.68%	(a)		03/25/2027		687,447
	1,479,905	Series 2017-KF34-B (US 30 Day Average Secured Overnight Financing Rate + 2.81%, 2.55% Floor)		8.13%	(a)		08/25/2024		1,473,343
	392,798	Series 2018-KF44-B (US 30 Day Average Secured Overnight Financing Rate + 2.26%, 2.15% Floor)		7.58%	(a)		02/25/2025		387,116
	2,245,874	Series 2019-KF71-C (US 30 Day Average Secured Overnight Financing Rate + 6.11%, 6.00% Floor)		11.43%	(a)		10/25/2029		2,153,460
		Government National Mortgage Association
	19,396,213	Series 2013-155-IB		0.18%	(j)(k)		09/16/2053		123,823
	7,559,046	Series 2019-128-KS (-1 x CME Term SOFR 1 Month + 2.74%, 2.85% Cap)		0.00%	(k)(l)		10/20/2049		78,576
	6,641,350	Series 2020-104-SB (-1 x CME Term SOFR 1 Month + 6.04%, 6.15% Cap)		0.71%	(k)(l)		07/20/2050		813,813
	14,342,774	Series 2020-115-YS (-1 x CME Term SOFR 1 Month + 4.09%, 4.20% Cap)		0.00%	(k)(l)		08/20/2050		421,844
	28,483,592	Series 2020-129-SA (-1 x CME Term SOFR 1 Month + 3.64%, 3.75% Cap)		0.00%	(k)(l)		09/20/2050		544,715
	35,285,790	Series 2020-146-IJ		2.50%	(k)		10/20/2050		4,169,390
	14,131,187	Series 2020-189-SU (-1 x CME Term SOFR 1 Month + 6.19%, 6.30% Cap)		0.86%	(k)(l)		12/20/2050		1,858,922
	7,930,791	Series 2021-1-SH (-1 x CME Term SOFR 1 Month + 6.19%, 6.30% Cap)		0.86%	(k)(l)		01/20/2051		1,012,046
	11,649,456	Series 2021-193-DS (-1 x US 30 Day Average Secured Overnight Financing Rate + 2.60%, 2.60% Cap)		0.00%	(k)(l)		11/20/2051		86,731
	27,280,731	Series 2021-35-IO		1.03%	(j)(k)		12/16/2062		1,968,400
	47,072,886	Series 2022-192-IO		0.67%	(j)(k)		09/16/2064		2,853,794
	24,575,893	Series 2023-15-IO		0.92%	(j)(k)		08/16/2064		1,834,586
	47,072,940	Series 2024-15-BI		0.74%	(j)(k)		10/16/2065		2,853,797
	42,674,285	Series 2024-35-IB		0.80%	(j)(k)		07/16/2065		2,853,843
		Total US Government and Agency Mortgage Backed Obligations (Cost $92,446,027)							83,908,353
	US GOVERNMENT AND AGENCY OBLIGATIONS - 6.3%
	10,000,000	United States Treasury Note/Bond		3.13%			08/15/2025		9,773,633
	50,000,000	United States Treasury Note/Bond		4.63%			02/28/2025		49,799,073
		Total US Government and Agency Obligations (Cost $59,641,079)							59,572,706
	COMMON STOCKS - 0.0%(m)
	9,228	Flame Aggregator - Series R(b)(n)							77,976
	917	Flame Aggregator - Series U(b)(n)							7,749
	3,561	Intelsat Emergence SA(b)(n)							94,367
		Total Common Stocks (Cost $341,010)							180,092
	WARRANTS - 0.0%(m)
	3,500	Avation PLC, Expires 10/31/2026 at GBP 1.15(n)							663
		Total Warrants (Cost $—)							663
	SHORT TERM INVESTMENTS - 17.0%
	7,763,728	First American Government Obligations Fund - U		5.26%	(o)				7,763,728
	7,763,728	JPMorgan US Government Money Market Fund - IM		5.25%	(o)				7,763,728
	7,763,728	MSILF Government Portfolio - Institutional		5.22%	(o)				7,763,728
	140,000,000	United States Treasury Bill		0.00%			05/02/2024		139,364,130
		Total Short Term Investments (Cost $162,658,736)							162,655,314
		Total Investments 100.8% ($1,055,631,741)							960,111,987
		Other Liabilities in Excess of Assets (0.8)%							(7,747,596	)
		NET ASSETS 100%						$	952,364,391

The accompanying notes are an integral part of these financial statements. Annual Report _| March 31, 2024 31

Schedule of Investments DoubleLine Flexible Income Fund (Cont.)

SECURITY TYPE BREAKDOWN as a % of Net Assets:
Non-Agency Residential Collateralized Mortgage Obligations	18.2%
Collateralized Loan Obligations	17.6%
Short Term Investments	17.0%
Non-Agency Commercial Mortgage Backed Obligations	9.2%
Bank Loans	8.8%
US Government and Agency Mortgage Backed Obligations	8.8%
US Government and Agency Obligations	6.3%
Foreign Corporate Bonds	5.2%
Asset Backed Obligations	4.7%
US Corporate Bonds	3.9%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	1.1%
Common Stocks	0.0%	(m)
Warrants	0.0%	(m)
Other Assets and Liabilities	(0.8)%
Net Assets	100.0%
INVESTMENT BREAKDOWN as a % of Net Assets:
Non-Agency Residential Collateralized Mortgage Obligations	18.2%
Collateralized Loan Obligations	17.6%
Short Term Investments	17.0%
Non-Agency Commercial Mortgage Backed Obligations	9.2%
US Government and Agency Mortgage Backed Obligations	8.8%
US Government and Agency Obligations	6.3%
Asset Backed Obligations	4.7%
Energy	1.6%
Utilities	1.4%
Electronics/Electric	1.4%
Healthcare	1.4%
Transportation	1.1%
Banking	1.1%
Hotels/Motels/Inns and Casinos	1.0%
Industrial Equipment	0.8%

INVESTMENT BREAKDOWN as a % of Net Assets: (Cont.)
Mining	0.7%
Media	0.6%
Chemicals/Plastics	0.6%
Retailers (other than Food/Drug)	0.6%
Consumer Products	0.6%
Telecommunications	0.6%
Commercial Services	0.6%
Finance	0.6%
Insurance	0.5%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations	0.5%
Construction	0.4%
Business Equipment and Services	0.4%
Containers and Glass Products	0.3%
Aerospace & Defense	0.3%
Technology	0.3%
Leisure	0.3%
Building and Development (including Steel/Metals)	0.2%
Automotive	0.2%
Pharmaceuticals	0.2%
Food Products	0.2%
Diversified Manufacturing	0.2%
Chemical Products	0.1%
Real Estate	0.1%
Beverage and Tobacco	0.1%
Pulp & Paper	0.0%	(m)
Environmental Control	0.0%	(m)
Conglomerates	0.0%	(m)
Food Service	0.0%	(m)
Financial Intermediaries	0.0%	(m)
Other Assets and Liabilities	(0.8)%
Net Assets	100.0%

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers.

(b) Value determined using significant unobservable inputs.

(c) Principal only security

(d) Security pays interest at rates that represent residual cashflows available after more senior tranches have been paid. The interest rate disclosed reflects the estimated rate in effect as of period end.

(e) Step Bond; Coupon rate changes based on a predetermined schedule or event. The interest rate shown is the rate in effect as of period end.

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

(g) Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of period end.

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

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

(j) Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of period end.

(k) Interest only security

(l) Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. Interest rate may also be subject to a cap or floor.

(m) Represents less than 0.05% of net assets.

(n) Non-income producing security.

(o) Seven-day yield as of period end.

PIK A payment-in-kind security in which the issuer may make interest or dividend payments in cash or additional securities. These additional securities generally have the same terms as the original holdings.

GBP British Pound

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

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of DoubleLine Funds Trust and Shareholders of DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund, DoubleLine Shiller Enhanced CAPE^®, and DoubleLine Flexible Income Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments – summary, of DoubleLine Total Return Bond Fund, DoubleLine Core Fixed Income Fund, DoubleLine Shiller Enhanced CAPE^®, and DoubleLine Flexible Income Fund (four of the funds constituting DoubleLine Funds Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2024, the related statements of operations for the year ended March 31, 2024, the statements of changes in net assets for each of the two years in the period ended March 31, 2024, including the related notes, and the financial highlights for each of the periods indicated therein (included in Item 1 of this Form N-CSR) and the schedule of investments (included in Item 6 of this Form N-CSR) as of March 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2024 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2024 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

Los Angeles, California

May 24, 2024

We have served as the auditor of one or more investment companies in the DoubleLine Investment Company Complex since 2010.

PricewaterhouseCoopers LLP, 601 South Figueroa Street, Los Angeles, California 90017

T: (213) 356 6000, www.pwc.com/us

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees.

Item 11. Controls and Procedures.

(a) The Registrant’s principal executive and principal financial officers have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

1

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a) (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the Registrant intends to satisfy Item 2 requirements through filing an exhibit. 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.

(4) Change in the Registrant’s independent public accountant. There was no change in the Registrant’s independent public accountant for the period covered by this report.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

2

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 06/04/24

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 06/04/24

By (Signature and Title)	/s/ Henry V. Chase
	Henry V. Chase, Treasurer and
	Principal Financial and Accounting Officer

Date 06/04/24

3